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Monthly Investment Bulletin - Investment bulletin

VIEWS: 30 PAGES: 28

									Investment bulletin
            January 2011




                       Zurich International Life
 This investment bulletin should be read in conjunction with the principal brochure(s) for the
relevant product(s).


• For fund performance in fund currency please refer to pages 3 - 13

• For fund performance in US dollars please refer to pages 14 - 24
(For the purpose of this bulletin, fund performance exchange rates into US dollars have been sourced by Financial
Express)

For details of the available range of funds and their charges, please refer to the ‘Investments-your guide’ and ‘Mirror
funds-your guide’ booklets, copies of which are available on request.

 For full details of the products, please refer to the individual product brochure and individual policy terms and
conditions, copies of which are available on request.

 Past performance is not a guide to future performance. The value of any investment and the income from it can
fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally
invested.
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Low risk funds
Eagle Money Market1                                    SEEGL                0.75             13.53         01/03/1988                                 2.90%                8.33%              40.74%               38.75%                6.77%
Euro Money Market                                      SEEUR                0.75              0.87         01/10/1995                                 0.00%                0.00%               2.23%                7.54%                1.46%
Japanese yen Money Market                               SEJPY               0.75            131.93         01/10/1995                                 0.00%                0.00%               0.99%                1.59%                0.32%
Sterling Money Market                                  SEGBP                0.75              3.00         01/03/1988                                 0.00%                0.00%               -1.28%               7.10%                1.38%
Swiss franc Money Market                               SECHF                0.75              1.24         31/12/2002                                 0.00%                0.00%               0.00%                0.81%                0.16%
US dollar Money Market                                 SEUSD                0.75              2.09         01/03/1988                                 0.00%                0.00%               1.41%               10.95%                2.10%
Dynamic Growth (Closed to New Business)2               PGUSD                1.80              0.95         01/09/2006                                 0.85%               -0.32%              -12.05%              -5.10%†              -1.20%†


Managed funds
Eagle Adventurous1                                     ADEGL                1.50            20.43          01/03/1988                               11.71%               15.90%               11.52%                31.20%              5.58%
Eagle Blue Chip1                                       BCEGL                1.50            23.71          01/03/1988                                6.80%               11.80%               24.97%                38.94%              6.80%
Eagle Performance1                                     PFEGL                1.50            22.53          01/03/1988                                9.79%               14.36%               18.30%                36.01%              6.34%
Euro Adventurous                                       ADEUR                1.50             2.05          31/12/2002                               10.82%               21.40%                -3.53%                9.69%              1.87%
Euro Blue Chip                                         BCEUR                1.50             2.07          31/12/2002                                4.80%               12.78%                1.82%                15.87%              2.99%
Euro Cautious                                          CAEUR                1.50             1.89          31/12/2002                                2.05%                9.44%                6.72%                15.46%              2.92%
Euro Defensive                                         DEEUR                1.50             1.76          31/12/2002                               -0.34%                7.91%               12.68%                15.72%              2.96%
Euro Performance                                       PFEUR                1.50             2.14          31/12/2002                                7.99%               16.16%                -1.70%               13.38%              2.54%
Sterling Adventurous                                   ADGBP                1.50             3.63          01/03/1988                               10.86%               15.85%                7.47%                31.63%              5.65%
Sterling Blue Chip                                     BCGBP                1.50             4.12          01/03/1988                                4.49%               11.39%               10.02%                28.02%              5.06%
Sterling Cautious                                      CAGBP                1.50             2.05          03/03/2003                                2.14%               10.61%               12.43%                25.11%              4.58%
Sterling Defensive                                     DEGBP                1.50             1.81          03/03/2003                               -0.11%                7.63%               12.32%                20.33%              3.77%
Sterling Performance                                   PFGBP                1.50             4.34          01/03/1988                                7.97%               15.75%               11.55%                33.05%              5.88%
US dollar Adventurous                                  ADUSD                1.50             3.09          01/03/1988                                8.73%               11.64%               -14.03%               20.25%              3.76%
US dollar Adventurous - Series B3                      KBUSD                1.50             1.38          01/07/2006                                9.44%               12.10%                -9.98%              10.49%†              2.24%†
US dollar Blue Chip                                    BCUSD                1.50             3.98          01/03/1988                                5.15%                7.98%                -0.65%               21.45%              3.96%
US dollar Blue Chip - Series B3                        KCUSD                1.50             1.38          01/07/2006                                5.17%               10.29%                -3.22%              10.73%†              2.29%†
US dollar Cautious                                     CTUSD                1.50             1.83          01/04/2003                                2.00%                6.14%                1.50%                17.35%              3.25%
US dollar Cautious - Series B3                         KDUSD                1.50             1.43          01/07/2006                                2.59%                9.35%                1.35%               14.25%†              3.01%†
US dollar Defensive                                    DFUSD                1.50             1.74          01/04/2003                               -1.02%                4.68%                6.08%                20.03%              3.72%
US dollar Defensive - Series B3                        KEUSD                1.50             1.49          01/07/2006                                0.20%                9.79%                8.20%               19.38%†              4.02%†
US dollar Performance                                  PFUSD                1.50             3.80          01/03/1988                                8.00%               10.06%                -6.02%               21.83%              4.03%
US dollar Performance - Series B3                      KFUSD                1.50             1.38          01/07/2006                                7.92%               11.96%                -6.52%              10.17%†              2.18%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 3 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds
 Money market
 ZI Zurich Emirates Islamic Money Market12             3LUSD                0.50             1.26          09/08/2010                                0.56%                    -                    -               0.88%†                2.25%†
 ZI Fidelity Currency EUR                              DVEUR                1.00             1.23          09/04/2009                                -0.08%               -0.64%                   -               -1.20%†              -0.70%†
 ZI Fidelity Currency GBP                              BXGBP                1.00             1.23          09/04/2009                                -0.08%               -0.64%                   -               -1.20%†              -0.70%†
 ZI Fidelity Currency USD                              OYUSD                1.00             1.23          09/04/2009                                -0.08%               -0.64%                   -               -1.28%†              -0.74%†
 ZI Nordea 1 SEK Reserve fund                          AGSEK                0.13             1.25          05/05/2010                                0.00%                    -                    -               -0.08%†              -0.12%†
 Global bond
 ZI BlackRock Global Government Bond4                  ALEUR                0.90             1.37          10/07/2008                                -2.76%               2.85%                  -                  9.76%†               3.83%†
 ZI BlackRock Global Government Bond                   BPUSD                0.90             1.37          10/07/2008                                -2.76%               3.23%                  -                  9.84%†               3.87%†
 ZI Fidelity International Bond                        FCUSD                0.75             1.63          15/12/2003                                -2.62%               6.52%               14.92%                25.23%               4.60%
 ZI HSBC MultiAlpha Global Aggregate Bond              3GUSD                0.90             1.25          09/08/2010                                -2.80%                  -                   -                 -1.34%†              -3.37%†
 ZI Invesco Bond                                       OPUSD                0.75             1.39          07/04/2009                                -3.80%               2.96%                  -                 11.36%†               6.42%†
 ZI Invesco Global Bond                                OQUSD                0.75             1.36          07/04/2009                                -3.56%               2.65%                  -                  8.40%†               4.77%†
 ZI Invesco Global Bond - EUR                          DNEUR                0.90             1.36          09/04/2009                                -1.09%              11.11%                  -                  8.89%†               5.04%†
 ZI Loomis Sayles Multisector Income                   X7USD                1.80             1.33          01/06/2010                                0.99%                   -                   -                  6.82%†              11.25%†
 ZI Morgan Stanley Investment Funds Global
 Bond                                                  DBUSD                0.80             2.06          01/11/1998                                -2.05%               5.22%               17.97%               31.73%                5.67%
 ZI Schroder ISF Global Convertible Bond                R3USD               1.25             1.42          11/11/2009                                 4.19%               8.33%                    -               13.08%†              11.25%†
 ZI Schroder ISF Global Convertible Bond                FXEUR               1.25             1.41          05/11/2009                                 4.14%               7.72%                    -               12.44%†              10.71%†
 ZI Schroder ISF Global Inflation Linked Bond
 EUR                                                    BLEUR               0.75             1.44          01/12/2008                                -2.51%               2.14%                    -               14.80%†              6.86%†
 ZI Schroder ISF Global Inflation Linked Bond
 USD4                                                  GAUSD                0.75             1.44          01/12/2008                                -2.51%               2.21%                    -               14.80%†              6.86%†
 ZI Templeton Global Bond                              TEUSD                1.25             2.07          21/02/2006                                0.83%               10.62%               38.11%               65.05%†              10.86%†
 ZI Templeton Global Total Return                      TDUSD                1.05             2.24          21/02/2006                                1.50%               14.44%               46.08%               77.66%†              12.55%†
 ZI Threadneedle Global Bond                           IBUSD                0.75             2.17          01/10/1996                                -5.08%              -0.87%                6.79%                21.17%               3.92%
 Sterling bond
 ZI Threadneedle Sterling Bond                         BNGBP                1.00             2.56          01/10/1995                                -3.10%               4.11%               10.25%               12.63%                2.41%
 US dollar bond
 ZI Allianz PIMCO Bondselect USD                       BUUSD                0.80             1.61          21/02/2006                                -6.18%               5.03%               18.83%               28.51%†              5.30%†
 ZI Franklin US Government                             TCUSD                0.95             1.71          01/11/2001                                0.06%                4.41%               14.27%                22.29%              4.11%
 ZI Threadneedle US Dollar Bond                        BNUSD                1.00             2.11          01/10/1995                                -2.54%               5.72%                8.44%                12.49%              2.38%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 4 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Euro bond
 ZI BlackRock ICS Euro Government                      DLEUR                0.20             1.23          09/04/2009                                -0.08%               -0.48%                  -                -1.20%†              -0.70%†
 ZI Invesco European Bond                              IEUSD                0.75             2.28          01/11/2001                                -5.01%               -4.13%               0.53%               20.17%                3.74%
 ZI Legg Mason WA Euro Core Bond                       CKEUR                1.00             1.22          01/11/2007                                -3.65%                3.05%              -1.06%               -2.72%†              -0.87%†
 ZI Threadneedle European Bond                         BNEUR                1.00             1.61          01/10/1995                                -3.36%                3.74%              17.62%               12.83%                2.44%
 ZI UBS Swiss Franc Bond                               UBCHF                0.90             1.38          31/12/2002                                -1.29%                2.69%              10.89%                7.51%                1.46%
 Protected
 ZI Invesco Capital Shield 90 (EUR)                     ICEUR               1.00             1.15          01/04/2007                                 2.23%               3.43%                -7.28%              -8.39%†              -2.31%†
 High yield and Corporate bond
 ZI Baring GUF High Yield Bond                         NBUSD                1.00             2.69          01/11/1998                                 3.15%              13.15%               20.51%               33.72%                5.98%
 ZI Fidelity Funds European High Yield
 Hedged fund                                            AFSEK               1.00             1.29          05/05/2010                                 0.94%                   -                    -               2.63%†               4.01%†
 Investec GSF Investment Grade Corporate
 Bond                                                  G3USD                0.75             1.34          11/11/2009                                -0.96%               5.53%                    -                   -                    -
 Investec GSF Investment Grade Corporate
 Bond4                                                  FTEUR               0.75             1.30          11/11/2009                                -1.52%               2.21%                    -               3.85%†               3.34%†
 ZI Invesco Euro Corporate Bond                        DMEUR                1.00             1.61          09/04/2009                                -1.34%               5.42%                    -               29.12%†              15.92%†
 ZI Invesco Global High Income                         ORUSD                1.00             1.87          07/04/2009                                -1.99%              11.60%                    -               49.36%†              26.09%†
 Asian bond
 ZI Aberdeen GF Asian Bond                             OMUSD                1.25             1.48          07/04/2009                                0.07%               10.60%                   -                18.57%†              10.35%†
 ZI Schroder ISF Asian Bond Absolute Return            CBUSD                1.25             1.50          15/03/2004                                -4.66%               4.40%                1.29%                12.58%               2.40%
 ZI Schroder ISF Asian Convertible Bond                P3USD                1.25             1.43          11/11/2009                                3.03%               10.88%                   -                14.43%†              12.41%†
 ZI Schroder ISF Asian Convertible Bond                FVEUR                1.25             1.42          11/11/2009                                3.04%               10.49%                   -                14.03%†              12.07%†
 ZI Templeton Asian Bond                               4QUSD                0.75            105.32         01/12/2010                                8.24%               20.92%                8.72%                5.32%†               1.60%†
 ZI UBS Australian Dollar Bond                         UCAUD                0.90             1.74          15/12/2003                                -0.55%               5.73%               22.70%                24.97%               4.56%
 Emerging markets bond
 ZI BNPPL1 Bond Best Selection World
 Emerging                                              KAUSD                1.50             1.86          17/03/2004                                 4.74%              14.64%                -6.07%              14.43%                2.73%
 ZI HSBC GIF Global Emerging Market Bond               NUUSD                1.00             1.73          07/04/2009                                -2.43%              11.34%                  -                 38.35%†              20.67%†
 ZI Threadneedle Emerging Markets Bond                 EBUSD                1.50             4.77          01/11/1998                                -2.93%               6.41%               20.51%                43.60%               7.51%
 Property
 ZI Aviva Investors Property Trust                     DMGBP                1.25             1.09          04/05/2005                                 1.12%              10.01%               -19.47%              -21.05%               -4.62%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 5 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Property continued
 ZI Henderson Horizon Asia Pacific Property
 Equities                                               EFUSD               1.20             1.01          01/11/2007                                 9.18%              23.29%                -6.04%             -19.12%†              -6.49%†
 ZI Henderson Horizon Global Property
 Equities USD                                          BAUSD                1.20             1.09          01/11/2006                                 6.97%              20.58%               -11.53%             -12.73%†              -3.22%†
 ZI Morgan Stanley Investment Funds Asian
 Property                                              DCUSD                1.40             3.08          01/11/2001                                 5.04%              15.25%               -15.86%              24.47%                4.47%
 ZI Morgan Stanley Investment Funds
 European Property                                     DDUSD                1.40             2.68          01/11/2001                                 0.30%               4.69%               -32.16%              -18.19%               -3.94%
 ZI Aviva Investors International Property EUR          CPEUR               1.75             0.87          01/11/2007                                 4.68%              14.59%               -30.35%             -30.24%†             -10.75%†
 ZI Aviva Investors International Property
 USD                                                   COUSD                1.75             0.86          01/11/2007                                 2.25%               9.80%               -31.07%             -30.96%†             -11.05%†

 Managed adventurous
 ZI HSBC International Select fund-
 Adventurous                                           DYEUR                1.25             1.09          01/11/2007                               11.61%               19.08%                -7.65%             -13.12%†              -4.35%†
 ZI HSBC International Select fund-
 Adventurous                                           DZUSD                1.25             1.00          01/11/2007                                 8.37%               9.80%               -16.43%             -20.18%†              -6.87%†
 ZI Emirates Active Managed11                          K4USD                1.60             1.27          22/01/2010                                 1.27%               1.35%                    -               0.87%†               0.81%†
 Managed balanced
 ZI BlackRock Global Funds Global Allocation
 EUR4                                                   BHEUR               1.50             1.64          28/11/2008                                 7.40%              15.89%                    -               31.28%†              13.97%†
 ZI BlackRock Global Funds Global Allocation
 SGD                                                   ALSGD                1.50             1.69          28/11/2008                                 4.91%               7.19%                    -               34.62%†              15.36%†
 ZI BlackRock Global Funds Global Allocation
 USD                                                    ERUSD               1.50             1.72          28/11/2008                                 5.08%               7.92%                    -               37.36%†              16.48%†
 ZI Emirates Balanced Managed11                        L4USD                1.60             1.27          22/01/2010                                 0.72%               1.28%                   -                 0.64%†               0.59%†
 ZI Fidelity Multi Asset Navigator                     P2USD                1.25             1.33          11/11/2009                                 2.23%               3.66%                   -                 5.97%†               5.17%†
 ZI HSBC International Select fund-Balanced            DQEUR                1.25             1.25          01/11/2007                                 8.43%              17.51%                4.61%               -0.16%†              -0.05%†
 ZI HSBC International Select fund-Balanced            DRUSD                1.25             1.15          01/11/2007                                 5.33%               9.14%               -5.05%               -8.32%†              -2.71%†
 ZI HSBC Open Global Distribution                      DPGBP                1.25             1.35          01/11/2007                                 2.66%               7.82%                9.93%                8.08%†               2.49%†
 ZI HSBC Open Global Return                            DOGBP                1.25             1.40          01/11/2007                                 5.28%               8.46%               10.61%               11.76%†               3.58%†
 ZI Jupiter Merlin Balanced Managed EUR                GYEUR                1.50             1.36          09/08/2010                                 7.33%                  -                    -                 7.92%†              21.34%†
 ZI Jupiter Merlin Balanced Managed USD                Y9USD                1.50             1.41          09/08/2010                                 4.45%                  -                    -                 8.55%†              23.14%†
 ZI JPMorgan Global Capital Preservation5              APEUR                1.25             1.27          10/07/2008                                 0.56%               1.36%                   -                 1.36%†               0.55%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 6 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Managed balanced continued
 ZI JPMorgan Global Capital Preservation5              CKUSD                1.25             1.28          10/07/2008                                 0.47%               2.16%                    -               2.08%†               0.84%†
 Managed cautious
 ZI HSBC International Select fund-Cautious            DUEUR                1.25             1.41          01/11/2007                                3.68%               15.14%               15.61%               12.56%†               3.81%†
 ZI HSBC International Select fund-Cautious            DVUSD                1.25             1.29          01/11/2007                                0.62%                6.09%                5.22%                3.12%†               0.98%†
 ZI Emirates Conservative Managed11                    M4USD                1.50             1.20          22/01/2010                                -1.96%              -3.23%                   -                -4.39%†              -4.09%†
 Managed growth
 ZI BNPPL1 Opportunities USA                           KKUSD                1.50             1.65          01/04/2007                               13.73%               18.14%                8.28%               31.52%†               7.59%†
 ZI Jupiter Merlin International Equity EUR            GZEUR                1.50             1.43          09/08/2010                               10.71%                  -                     -                13.08%†              36.60%†
 ZI Jupiter Merlin International Equity USD            Z9USD                1.50             1.48          09/08/2010                                7.89%                  -                     -                13.79%†              39.42%†
 Global equity
 ZI Aberdeen Global Technology                         ATUSD                1.75             0.58          01/11/2000                               13.09%               20.12%                4.51%               28.67%                5.17%
 ZI BlackRock Global Funds Global Enhanced
 Equity Yield                                           FIUSD               1.50             1.02          01/11/2007                                 7.36%               6.80%               -15.34%             -18.32%†              -6.19%†
 ZI Fidelity International                              FAUSD               1.50             1.61          01/11/1998                                9.10%               10.60%               -19.77%               2.10%                0.42%
 ZI Fidelity World                                      FEEUR               1.50             1.21          03/10/2005                               10.07%               15.63%               -18.04%               -8.87%               -1.84%
 ZI Franklin Templeton Mutual Global
 Discovery                                              R2USD               1.50             1.38          11/11/2009                                 4.30%               8.05%                    -               9.42%†               8.15%†
 ZI Harris Associates Global Value12                   4EUSD                2.70             1.25          01/12/2010                                   -                    -                    -                0.16%†                1.59%†
 ZI MultiAplha Global Equity                            3IUSD               1.90             1.48          09/08/2010                                8.22%                   -                    -               11.91%†               33.04%†
 ZI Investec Global Strategic Equity                   GMUSD                1.50             1.30          03/10/2005                                9.34%                9.15%               -27.82%               1.01%                0.20%
 ZI JPMorgan Global Dynamic                            CJUSD                1.50             0.93          01/11/2007                                9.43%               12.08%               -21.95%             -25.76%†              -8.98%†
 ZI M&G Global Basics EUR                              FQEUR                1.50             1.84          11/11/2009                               15.93%               33.12%                   -               44.73%†               37.82%†
 ZI M&G Global Basics USD                              M3USD                1.50             1.67          11/11/2009                               12.87%               22.95%                   -               29.85%†               25.44%†
 ZI M&G Global Leaders EUR                              FREUR               1.50             1.64          11/11/2009                               11.51%               20.01%                   -               30.02%†               25.58%†
 ZI M&G Global Leaders USD                             N3USD                1.50             1.48          11/11/2009                                8.65%               11.01%                   -               16.69%†               14.33%†
 ZI Threadneedle Global Select                         GSUSD                1.50             1.74          01/11/2000                                8.35%               10.91%               -15.75%              17.27%                3.24%
 UK equity
 ZI BlackRock Global Funds United Kingdom              CHGBP                1.50             1.29          01/11/2007                                 9.26%              19.18%                9.17%               2.88%†                0.90%†
 ZI Invesco Perpetual Income                           CIGBP                1.50             1.19          01/11/2007                                 4.31%               9.93%                -3.66%              -5.20%†              -1.67%†
 ZI Threadneedle UK                                    EQGBP                1.00             3.33          01/10/1995                                 8.39%              18.69%                6.35%               32.25%                5.75%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 7 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 North american equity
 ZI BlackRock Global Funds US Flexible
 Equity                                                MAUSD                1.50             1.20          01/11/1998                                 9.70%               6.86%               -22.29%               -8.47%               -1.76%
 ZI MultiAplha North American Equity                   3HUSD                1.50             1.47          09/08/2010                               10.05%                   -                     -              12.85%†               35.87%†
 ZI Investec GSF American Equity                       CGUSD                1.50             1.02          01/11/2007                               11.39%                7.73%               -13.96%             -18.64%†              -6.31%†
 ZI Threadneedle American                              EQUSD                1.00             3.77          01/10/1995                               11.81%               13.06%                -7.85%              17.32%                3.25%
 European equity
 ZI Baring GUF Eastern Europe                          NAUSD                1.50             8.98          01/11/1998                                 7.93%              12.23%               -30.27%              38.42%                6.72%
 ZI BlackRock Global Funds European Small
 and Midcap Opportunities                              MBUSD                1.50             2.27          01/11/1998                                    -                -1.43%              -26.59%               7.79%                1.51%
 ZI Fidelity European Growth                           FDEUR                1.50             1.68          18/10/2004                                9.29%               16.63%               -19.70%              -3.72%                -0.76%
 ZI Fidelity Nordic                                     FFSEK               1.50            10.82          01/04/2007                                6.83%               16.93%               -20.36%             -14.38%†              -4.06%†
 ZI Gartmore SICAV Continental European                CFEUR                1.50             1.01          01/11/2007                                6.46%                7.02%               -16.86%             -19.52%†              -6.63%†
 ZI HSBC MultiAlpha Europe Equity                      HBEUR                1.50             1.41          09/08/2010                                5.31%                   -                     -               6.43%†               17.12%†
 ZI Invesco Pan European Equity                         IVUSD               1.50             1.20          01/11/2000                                5.44%                7.23%               -20.40%              17.38%                3.26%
 ZI Threadneedle Pan European                          EQEUR                1.00             2.82          01/10/1995                               10.06%               25.02%                -0.63%              23.71%                4.35%
 ZI UBS Swiss Equity                                   CMCHF                1.50             0.94          01/11/2007                                3.53%                1.08%               -19.97%             -24.96%†              -8.67%†
 Far eastern equity
 ZI Aberdeen Global Asia Pacific Equity                ARUSD                1.75             2.84          04/05/2005                                6.90%               26.03%               12.62%               80.70%                12.56%
 ZI Aberdeen Global Chinese Equity                     ASUSD                1.75             3.00          15/03/2004                                4.68%               27.97%                5.12%               96.14%                14.42%
 ZI Absolute Asia Pacific Rim Equities12               4HUSD                2.40             1.32          01/12/2010                                   -                    -                     -               5.60%†              71.31%†
 ZI Allianz RCM Oriental Income                        KNUSD                1.50             2.31          18/10/2004                                7.69%                8.70%                -3.87%              23.06%                4.24%
 ZI Allianz RCM Thailand                               KMUSD                1.75             2.84          18/10/2004                                2.34%               68.03%               45.69%              105.65%                15.51%
 ZI Allianz RCM Total Return Asian Equity              BZUSD                1.75             1.94          16/02/2006                                9.51%               22.39%                -9.75%             54.06%†                9.30%†
 ZI Baring Hong Kong China                             BXUSD                1.25             1.20          20/03/2008                                0.17%                2.12%                    -              14.59%†                5.02%†
 ZI Amundi ASEAN New Markets C                         EXUSD                1.60             0.89          01/11/2007                                6.08%               32.44%               -23.74%             -28.80%†             -10.18%†
 ZI Fidelity China Focus                               FKUSD                1.50             1.33          20/03/2008                               -1.85%                6.00%                    -              21.43%†                7.23%†
 ZI Fidelity India Focus                               FGUSD                1.50             1.21          20/03/2008                                1.08%               26.35%                    -              10.27%†                3.58%†
 ZI Fidelity Korea                                     FBUSD                1.50             4.85          23/07/2001                                8.89%               22.30%               -16.01%              30.14%                5.41%
 ZI Fidelity Pacific                                   EMUSD                1.50             1.00          01/11/2007                               10.63%               29.57%               -12.29%             -20.08%†              -6.84%†
 ZI Fidelity Singapore                                 EGSGD                1.50             1.12          01/11/2007                                3.81%               15.13%                -2.89%             -10.52%†              -3.45%†
 ZI First State Asian Equity Plus                      FOUSD                1.50             2.67          03/10/2005                                4.82%               22.28%               18.91%              104.20%                15.35%
 ZI First State China Growth                           FNUSD                2.00             4.03          03/10/2005                               -1.49%               13.58%                1.66%              214.43%                25.75%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 8 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Far eastern equity continued
 ZI First State Hong Kong Growth                       FMUSD                1.50             2.95          27/09/2005                                2.72%               26.23%               11.66%              130.47%                18.17%
 ZI HSBC Chinese Equity                                HBUSD                1.50             5.56          01/11/1998                                0.98%                1.22%               -28.11%              96.75%                14.49%
 ZI HSBC Hong Kong Equity                              HAUSD                1.00             3.93          01/11/1998                                3.67%                9.29%               -13.26%              71.36%                11.37%
 ZI HSBC Indian Equity                                 HCUSD                1.50            11.36          23/07/2001                               -3.29%               11.38%               -23.61%              93.86%                14.16%
 ZI HSBC Thai Equity                                   HGUSD                1.50             2.09          27/09/2005                                5.87%               49.14%               20.66%               69.45%                11.12%
 ZI JF ASEAN                                           JCUSD                1.50             5.62          01/11/1998                                8.06%               35.40%                -0.12%             132.67%                18.40%
 ZI JF Asia Domestic Opportunities                     APUSD                1.50             0.96          01/11/2007                                1.27%               15.84%               -16.48%             -23.36%†              -8.06%†
 ZI JF Eastern                                         JBUSD                1.50             5.51          01/11/1998                                9.72%               18.29%                -8.61%              58.15%                9.60%
 ZI JF Indonesia                                       JRUSD                1.50             1.78          20/03/2008                                3.07%               49.83%                    -              68.28%†               20.58%†
 ZI JF Korea                                            JEUSD               1.50             4.13          18/10/2004                               14.37%               30.77%                4.24%               65.37%                10.58%
 ZI JF Malaysia                                        DIUSD                1.50             1.40          01/11/2007                                6.37%               40.58%               10.73%              12.24%†                3.72%†
 ZI JF Pacific Securities                              JAUSD                1.50             5.89          01/11/1998                                7.92%               16.50%                1.62%               37.81%                6.62%
 ZI JPMorgan JF India                                    JIUSD              1.50             1.81          01/11/2006                                1.80%               25.29%               -17.59%             43.77%†                9.11%†
 ZI JPMorgan JF Singapore                              CZUSD                1.50             1.02          01/11/2007                                6.37%               23.69%                -8.86%             -18.56%†              -6.28%†
 ZI JPMorgan JF Taiwan                                  IYUSD               1.50             1.52          01/11/2006                               15.20%               19.84%                4.41%              22.46%†                4.99%†
 ZI Threadneedle Asia                                  PBUSD                1.00             3.19          01/10/1995                                7.12%               12.52%               -12.53%              81.82%                12.70%
 ZI UBS Australia Equity                               UDAUD                1.50             2.19          15/12/2003                                3.15%               -3.98%               -16.73%              12.88%                2.45%
 Japanese equity
 ZI BlackRock Global Funds Japan Small and
 MidCap Opportunities6                                 MCUSD                1.50             1.02          01/11/2000                                 9.29%              16.12%                -5.89%              -43.01%              -10.64%
 ZI Invesco Nippon Select Equity                        IDJPY               1.50            47.86          21/02/2006                                 6.85%               -7.36%              -53.04%             -60.30%†             -17.31%†
 ZI Threadneedle Japan                                  EQJPY               1.00            63.24          01/10/1995                                 9.03%               -3.13%              -41.90%              -55.15%              -14.82%
 Emerging markets equity
 ZI Aberdeen Global Emerging Markets
 Smaller Companies                                      AFUSD               1.75             1.90          20/03/2008                                 5.86%              42.20%                    -               63.68%†              19.38%†
 ZI BlackRock Global Funds Emerging
 Europe6                                               MKUSD                1.75             1.49          21/02/2006                               11.25%               22.08%               -30.62%              15.47%†              3.00%†
 ZI BlackRock Global Funds Latin American6             MIUSD                1.75             3.11          27/09/2005                                 8.45%              17.38%               12.90%               130.93%              18.22%
 ZI Emirates MENA Top Companies12                      3MUSD                1.75             1.29          09/08/2010                                 3.29%                 -                    -                  3.20%†              8.32%†
 ZI Fidelity Emerging Europe, Middle East
 and Africa6                                            FBEUR               1.50             1.63          20/03/2008                               16.49%               39.49%                    -               40.93%†              13.13%†
 ZI BNPPL1 Equity Brazil                               HMUSD                1.75             1.99          01/04/2007                                 4.08%               6.42%                3.48%               54.74%†              12.35%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                    Investment bulletin Page 9 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Emerging markets equity continued
 ZI BNPPL1 Equity Russia                               KHEUR                1.75             1.40          01/11/2006                               20.73%               40.08%                -9.40%              11.84%†               2.72%†
 ZI Franklin MENA EUR                                  BOEUR                2.00             1.40          01/12/2008                                7.70%               27.53%                    -               11.74%†               5.48%†
 ZI Franklin MENA USD                                  GCUSD                2.00             1.46          01/12/2008                                5.11%               18.11%                    -               16.88%†               7.78%†
 ZI Hansberger Emerging Latin American12               4FUSD                2.70             1.25          01/12/2010                                   -                   -                      -                0.16%†               1.59%†
 ZI HSBC GIF Brazil Equity A USD                       Z6USD                1.75             1.38          05/05/2010                                7.29%                  -                      -               14.47%†              22.74%†
 ZI HSBC MultiAlpha Global Emerging
 Markets Equity                                         3FUSD               1.50             1.50          09/08/2010                                 6.99%                   -                    -               12.61%†              35.16%†
 ZI JPMorgan Africa Equity13                            EPUSD               1.50             2.98          01/12/2008                               12.56%               38.24%                   -               139.34%†              52.11%†
 ZI JPMorgan Emerging Middle East Equity                JGUSD               1.50             2.19          04/05/2005                                2.00%               26.62%               -16.96%              26.98%                4.89%
 ZI Morgan Stanley Investment Funds
 Emerging Markets Equity                               CUUSD                1.60             0.94          01/11/2007                                 5.96%              17.29%               -18.78%             -24.56%†              -8.52%†
 ZI Schroder ISF BRIC                                  CCUSD                1.50             1.76          01/11/2006                                 3.78%               6.10%               -20.74%              41.66%†              8.72%†
 ZI Templeton Emerging Markets                         TBUSD                2.10             4.20          01/11/1998                                 7.75%              15.30%                -8.76%               45.87%              7.84%
 ZI Templeton BRIC                                     TFUSD                2.10             1.79          01/09/2006                                 9.14%              11.52%               -20.04%              43.28%†              8.67%†
 ZI Threadneedle Latin America                         LAUSD                1.00             8.56          01/10/1996                                 8.77%              19.70%               11.98%               126.50%              17.76%
 Specialist
 ZI BlackRock Global Funds New Energy                  MEUSD                1.75             1.21          01/11/2001                                2.28%               -13.21%              -52.77%              -3.51%               -0.71%
 ZI BlackRock Global Funds World Energy                MHUSD                1.75             2.11          04/05/2005                               20.98%               16.69%               -15.90%              25.07%                4.58%
 ZI BlackRock Global Funds World Financials            MJUSD                1.50             0.73          01/04/2007                                4.71%                2.80%               -38.78%             -41.47%†             -13.32%†
 ZI BlackRock Global Funds World Gold                  MDUSD                1.75            10.05          01/11/2001                               10.39%               36.03%               30.67%              117.91%               16.86%
 ZI BlackRock Global Funds World Gold -
 SGD hedged                                            AOSGD                1.75             2.33          09/04/2009                                 9.83%              34.29%                    -               86.19%†              43.22%†
 ZI BlackRock Global Funds World
 Healthscience6                                        ONUSD                1.50             1.67          07/04/2009                                 2.90%               1.21%                    -               33.36%†              18.10%†
 ZI BlackRock Global Funds World Mining
 SGD hedged                                            AASGD                1.75             3.24          28/11/2008                               21.36%               28.21%                    -              160.00%†              58.28%†
 ZI BlackRock Global Funds World Mining
 USD                                                   MGUSD                1.75             4.02          18/10/2004                               21.89%               30.23%                -7.74%              111.76%              16.19%
 ZI BlackRock Global Funds World
 Technology                                             FLEUR               1.75             1.81          11/11/2009                               15.32%               23.43%                    -               41.84%†              35.52%†
 ZI BlackRock Global Funds World
 Technology                                            K2USD                1.75             1.63          11/11/2009                               12.90%               14.89%                    -               26.89%†              23.01%†
 ZI Amundi Volatility World Equities                   N2USD                1.00             1.28          11/11/2009                                -1.24%               3.40%                    -               1.92%†               1.67%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 10 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Specialist continued
 ZI Celsius Funds Dynamic Golden
 Allocation6                                            4JUSD               1.50             1.25          01/12/2010                                    -                    -                    -               0.32%†               3.20%†
 ZI DWS Global Agribusiness                            EVUSD                1.50             1.16          01/11/2007                               10.13%               16.07%                -6.36%              -6.96%†              -2.25%†
 ZI DWS Global Thematic                                ESUSD                1.50             0.93          01/11/2007                                9.25%               11.74%               -19.57%             -25.36%†              -8.83%†
 ZI BNPPL1Equity World Utilities                       KGEUR                1.50             0.93          01/11/2006                                3.45%                1.42%               -35.08%             -25.68%†              -6.88%†
 ZI First State Global Resources                       4LUSD                1.50             0.96          01/12/2010                                   -                    -                     -               0.31%†                3.15%†
 ZI Invesco Asia Consumer Demand                       CFUSD                1.50             1.81          10/07/2008                                2.15%               21.05%                    -              44.48%†              16.03%†
 ZI Invesco Asia Infrastructure                        DLUSD                1.50             0.87          01/11/2007                                7.26%               17.68%               -24.44%             -30.24%†             -10.75%†
 ZI Investec GSF Global Energy                         GNUSD                1.50             1.58          21/02/2006                               13.45%                9.21%               -12.00%             25.56%†                4.79%†
 ZI JF Five Elements5                                  CHUSD                1.50             1.51          10/07/2008                               11.28%               23.69%                    -              20.72%†                7.91%†
 ZI JPMorgan Global Natural Resources                   ILEUR               1.50             1.61          01/04/2007                               23.45%               50.84%                8.05%              28.26%†                6.87%†
 ZI JPMorgan Global Natural Resources                  CIUSD                1.50             1.29          10/07/2008                               20.94%               40.61%                    -               3.04%†                1.22%†
 ZI JPMorgan JF Pacific Technology                     IMUSD                1.50             1.46          01/04/2007                               11.47%               12.33%                -4.83%             15.90%†                4.02%†
 ZI Jupiter Ecology                                    GDGBP                1.50             2.40          18/10/2004                               11.86%               11.60%                -1.44%              40.39%                7.02%
 ZI Jupiter Global Financials                          FOEUR                1.50             1.48          11/11/2009                                5.79%               16.16%                    -              15.88%†              13.64%†
 ZI Jupiter Global Financials                          K3USD                1.50             1.34          11/11/2009                                3.08%                7.37%                    -               4.04%†                3.49%†
 ZI Schroder AS Commodities                            CNUSD                1.50             1.23          01/11/2007                               14.89%               12.98%                -7.88%              -1.84%†              -0.59%†
 ZI Schroder AS Gold and Metals                        L7USD                1.50             1.36          05/05/2010                                9.35%                   -                     -              10.69%†              16.65%†
 ZI Schroder ISF Global Climate Change
 Equity                                                 CLUSD               1.50             1.10          10/07/2008                                 8.70%               3.87%                    -              -11.93%†              -5.00%†

 Islamic
 ZI DWS Noor Precious Metals Securities                ITUSD                1.50             1.83          01/04/2007                                5.91%               29.62%               22.18%               45.51%†              10.52%†
 ZI Emirates Islamic Balanced11                        N4USD                1.60             1.24          22/01/2010                                1.73%               -0.88%                   -                -1.75%†              -1.63%†
 ZI HSBC Amanah Asia Pacific ex Japan                  X2USD                1.50             1.54          11/11/2009                                8.97%               15.06%                   -                20.92%†              17.97%†
 ZI HSBC Amanah Europe Equity                          Y2USD                1.50             1.38          11/11/2009                                7.07%                5.11%                   -                 8.24%†               7.13%†
 ZI HSBC Amanah Global Equity                          Z2USD                1.50             1.53          11/11/2009                               11.05%               12.69%                   -                18.65%†              16.03%†
 ZI Islamic Global Equity Index                        HFUSD                0.75             1.47          18/10/2004                                8.51%                4.64%               -17.78%                5.39%               1.06%
 Smaller companies
 ZI JF Japan OTC                                        JFJPY               1.75            43.45          04/05/2005                                 5.49%              -2.05%               -42.99%              -77.33%              -25.68%
 ZI JF Pacific Smaller Companies                       JDUSD                1.50             1.96          15/03/2004                                 3.65%              18.50%               -12.15%              20.62%                3.82%
 ZI Templeton Global Smaller Companies                 TAUSD                1.50             2.66          01/11/1998                                 9.33%              26.13%                -8.15%              12.47%                2.38%
 ZI Threadneedle American Smaller
 Companies                                             SCUSD                1.00             3.41          01/10/1996                               14.22%               26.78%               15.66%               43.52%                7.49%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 11 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Smaller companies continued
 ZI Threadneedle European Smaller
 Companies                                              SCEUR               1.00             5.15          01/10/1996                               14.65%               35.44%                6.52%               48.49%                8.23%
 ZI Threadneedle Japanese Smaller
 Companies                                              SCJPY               1.00            73.40          01/10/1996                                 8.69%               -0.23%              -34.22%              -60.61%              -17.00%
 ZI Threadneedle UK Smaller Companies                   SCGBP               1.00             4.14          01/11/1998                               14.81%               36.69%               21.88%               43.67%                7.52%
 Alternative investments
 ZI ASG Laser12                                        4GUSD                2.70             1.27          01/12/2010                                    -                   -                     -                1.60%†              16.98%†
 ZI Henderson Horizon China7                           T2USD                1.20             1.33          11/11/2009                                 2.54%               1.68%                    -                5.71%†               4.95%†
 ZI HSBC GIF New World Income                          HXUSD                1.00             1.57          20/03/2008                                 0.45%               7.61%                    -               25.92%†               8.64%†
 ZI Insight Investment Global Diversified
 Return                                                BWUSD                1.50             1.17          10/07/2008                                 2.19%               5.43%                    -               -6.72%†              -2.77%†
 ZI Insight Investment Global Diversified
 Return                                                AOEUR                1.50             1.17          10/07/2008                                 2.37%               3.64%                    -               -6.64%†              -2.74%†
 ZI Invesco Pan European 130/30 Equity7                 ICUSD               1.50             1.06          20/03/2008                                 8.42%               6.02%                    -              -14.36%†              -5.42%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral EUR5                                           BIEUR               1.50             1.20          01/12/2008                                 0.67%               -3.78%                   -               -3.86%†              -1.87%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral GBP4,5                                        AHGBP                1.50             1.19          01/12/2008                                 0.51%               -3.48%                   -               -4.02%†              -1.95%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral SEK4                                           ADSEK               1.50             1.20          11/11/2009                                 0.84%               -3.62%                   -                   -                    -
 ZI JPMorgan Highbridge Statistical Market
 Neutral USD4,5                                        FQUSD                1.50             1.19          01/12/2008                                 0.76%               -3.56%                   -               -4.26%†              -2.07%†
 ZI Legg Mason Permal Global Absolute fund
 USD                                                   O7USD                1.25             1.25          05/05/2010                                 1.05%                   -                    -               -0.08%†              -0.12%†
 ZI Legg Mason Permal Global Absolute fund
 SGD                                                   ATSGD                1.25             1.23          05/05/2010                                 0.60%                   -                    -               -1.28%†              -1.93%†
 ZI Morgan Stanley Investment Funds FX
 Alpha Plus RC 4005,7                                  AQEUR                1.20             1.23          10/07/2008                                -0.48%               1.90%                    -               -1.28%†              -0.52%†
 ZI Newton Phoenix Multi-asset                          LNGBP               1.50             1.67          18/10/2004                                 3.40%              10.35%                1.95%               11.53%                2.21%
 ZI Pictet Funds Absolute Return Global
 Conservative                                          DOEUR                0.80             1.28          09/04/2009                                 0.79%               2.49%                    -               2.32%†               1.34%†
 ZI Pictet Funds Absolute Return Global
 Diversified                                            DPEUR               1.10             1.29          09/04/2009                                 1.97%               3.94%                    -               3.44%†               1.97%†
 ZI Schroder ISF Emerging Markets Debt
 Absolute Return5                                      OSUSD                1.50             1.48          09/04/2009                                -1.40%               0.34%                    -               18.48%†              10.30%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 12 of 28
Fund performance in fund currency to 31 December 2010
 Fund name                                            Fund code           AMC (%)         Current bid Launch date                FE Crown              3 months                1 year               3 years              5 years           5 years AGR
                                                                                            price                                 rating


Mirror funds continued
 Alternative investments continued
 ZI Schroder ISF Emerging Markets Debt
 Absolute Return - EUR hedged4                           DREUR                1.50              1.47          09/04/2009                                 -1.48%                0.00%                    -                17.61%†               9.83%†

 Closed to new business
 ZI HSBC GIF BRIC Freestyle8                             HIUSD                1.00              2.38          27/09/2005                                 6.62%                12.14%               -14.49%               79.25%                12.38%
 ZI Morgan Stanley Investment Funds US
 Property9                                               DEUSD                1.40              2.91          01/11/2001                                 7.77%                26.17%                -2.71%                8.21%                 1.59%
 ZI Schroder (SISF) US Smaller Companies10               CAUSD                1.50              3.76          01/11/1998                                 12.75%               17.69%                -0.79%               29.75%                 5.35%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deductions of the additional mirror fund charge
of 0.75%. You should note that investing in some of these markets could result in the possibility of large and sudden falls in the price of units. The shortfalls on cancellation or loss on realisation could be considerable. Details of the individual fund
performances are available on request. Mirror fund performance may not completely reflect the underlying fund performance due to some management charges incurred. The charges, expenses and taxation of the underlying fund are different and
performance may differ. Please refer to the Mirror funds - your guide booklet for details.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.


 Financial Express Crown Ratings is a quant-based ratings system founded on historical performance, volatility and consistency, and funds are ranked within their peer groups. Peer groups are deemed to be the sectors as
defined by Financial Express. The lowest rated funds in a sector carry a single crown, and the highest are awarded three crowns. Funds without a three-year track record are not rated. FE (Financial Express) Crown Ratings
are produced solely by Financial Express and its accuracy or completeness cannot be guaranteed.

1
  For the Eagle funds, the fund price and performance is shown in sterling.
2 This fund was closed to new business 27 January 2009. Existing investments in this fund are unaffected. The Dynamic Growth fund is available in US dollars. Its reference price as at 31 December 2010 is 0.908. For further details about the fund and
  its reference price please refer to the 'Investments-Your guide' brochure.
3
  These funds are only available in US dollars and are advised upon by BlackRock Investment Management (UK) Limited. All other managed funds are advised upon by Threadneedle Asset Management Limited.
4 This fund is a hedged share class which aims to provide investors with a return correlated to the base currency performance of the fund, by reducing the effect of exchange rate fluctuations between the base and hedged currency. It is important to
  note that the hedge is not perfect - it aims to reduce not eliminate currency risk.
5
  The manager of this fund may deduct a performance based fee from this fund. This charge is additional to the total annual management charge. For further information please refer to the manager's literature.
6
  This fund is not available in the Middle East region.
7 As the fund employs both long and short strategies, extreme market conditions could theoretically expose the fund to unlimited losses. Such extreme conditions could result in little or no growth and may result in losses to your original investment.
  Only investors seeking long term growth over a 5-10 year horizon with at least moderate volatility should consider this fund. With every investment, there is a risk to your capital and you may not get back what you originally invested.
8
  The ZI HSBC BRIC Freestyle fund was closed to new business on 26 May 2006. Existing investments in this fund are unaffected.
9
     The ZI Morgan Stanley Investment Funds US Property fund was closed to new business on 1 May 2007. Existing investments in this fund are unaffected.
10
   The ZI Schroder (SISF) US Smaller Companies fund was closed to new business on 1 August 2002. Existing investments in this fund are unaffected.
11 For investments into the Emirates funds, Emirates may at its discretion make payments based on the value of holdings in the funds to certain financial adviser firms. In the case of the Emirates funds, a distributor fee may be paid from the fund charges
   disclosed to you and rebated to the introducing broker via a commission sharing arrangement. Irrespective of any such arrangement, the fee paid by investors into the relevant share class of the underlying fund is the same and all investors rank equally
   with each other. Stated fund prices are inclusive of all such fees and relevant fund related charges. If these charges are relevant in your case, your financial adviser will make these clear to you. Applications are subject to compliance with local
   regulations.
12
   This fund is only available in the Middle East region
13
     The ZI JPMorgan Africa Equity fund was closed to new business on 19 November 2010. Existing investments in this fund are unaffected.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                        Investment bulletin Page 13 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Low risk funds
Eagle Money Market1                                    SEEGL                0.75             13.53         01/03/1988                                2.24%                5.03%               10.70%               26.53%                4.82%
Euro Money Market                                      SEEUR                0.75              0.87         01/10/1995                                -1.73%              -6.50%                -6.19%              22.31%                4.11%
Japanese yen Money Market                               SEJPY               0.75            131.93         01/10/1995                                3.00%               14.78%               39.10%               47.84%                8.13%
Sterling Money Market                                  SEGBP                0.75              3.00         01/03/1988                                -0.64%              -3.05%               -22.36%               -2.33%               -0.47%
Swiss franc Money Market                               SECHF                0.75              1.24         31/12/2002                                4.81%               10.91%               21.46%               42.54%                7.35%
US dollar Money Market                                 SEUSD                0.75              2.09         01/03/1988                                0.00%                0.00%                1.41%               10.95%                2.10%
Dynamic Growth (Closed to New Business)2               PGUSD                1.80              0.95         01/09/2006                                0.85%               -0.32%               -12.05%              -5.10%†              -1.20%†


Managed funds
Eagle Adventurous1                                     ADEGL                1.50            20.43          01/03/1988                               10.99%               12.37%               -12.29%               19.65%              3.65%
Eagle Blue Chip1                                       BCEGL                1.50            23.71          01/03/1988                                6.11%                8.39%                -1.71%               26.71%              4.85%
Eagle Performance1                                     PFEGL                1.50            22.53          01/03/1988                                9.08%               10.88%                -6.95%               24.04%              4.40%
Euro Adventurous                                       ADEUR                1.50             2.05          31/12/2002                                8.90%               13.51%               -11.48%               24.76%              4.52%
Euro Blue Chip                                         BCEUR                1.50             2.07          31/12/2002                                2.98%                5.45%                -6.58%               31.78%              5.67%
Euro Cautious                                          CAEUR                1.50             1.89          31/12/2002                                0.28%                2.33%                -2.08%               31.31%              5.60%
Euro Defensive                                         DEEUR                1.50             1.76          31/12/2002                               -2.07%                0.90%                3.40%                31.62%              5.65%
Euro Performance                                       PFEUR                1.50             2.14          31/12/2002                                6.12%                8.61%                -9.81%               28.95%              5.22%
Sterling Adventurous                                   ADGBP                1.50             3.63          01/03/1988                               10.14%               12.32%               -15.47%               20.04%              3.72%
Sterling Blue Chip                                     BCGBP                1.50             4.12          01/03/1988                                3.82%                8.00%               -13.47%               16.75%              3.15%
Sterling Cautious                                      CAGBP                1.50             2.05          03/03/2003                                1.48%                7.24%               -11.57%               14.10%              2.67%
Sterling Defensive                                     DEGBP                1.50             1.81          03/03/2003                               -0.75%                4.35%               -11.66%                9.74%              1.88%
Sterling Performance                                   PFGBP                1.50             4.34          01/03/1988                                7.27%               12.22%               -12.26%               21.34%              3.94%
US dollar Adventurous                                  ADUSD                1.50             3.09          01/03/1988                                8.73%               11.64%               -14.03%               20.25%              3.76%
US dollar Adventurous - Series B3                      KBUSD                1.50             1.38          01/07/2006                                9.44%               12.10%                -9.98%              10.49%†              2.24%†
US dollar Blue Chip                                    BCUSD                1.50             3.98          01/03/1988                                5.15%                7.98%                -0.65%               21.45%              3.96%
US dollar Blue Chip - Series B3                        KCUSD                1.50             1.38          01/07/2006                                5.17%               10.29%                -3.22%              10.73%†              2.29%†
US dollar Cautious                                     CTUSD                1.50             1.83          01/04/2003                                2.00%                6.14%                1.50%                17.35%              3.25%
US dollar Cautious - Series B3                         KDUSD                1.50             1.43          01/07/2006                                2.59%                9.35%                1.35%               14.25%†              3.01%†
US dollar Defensive                                    DFUSD                1.50             1.74          01/04/2003                               -1.02%                4.68%                6.08%                20.03%              3.72%
US dollar Defensive - Series B3                        KEUSD                1.50             1.49          01/07/2006                                0.20%                9.79%                8.20%               19.38%†              4.02%†
US dollar Performance                                  PFUSD                1.50             3.80          01/03/1988                                8.00%               10.06%                -6.02%               21.83%              4.03%
US dollar Performance - Series B3                      KFUSD                1.50             1.38          01/07/2006                                7.92%               11.96%                -6.52%              10.17%†              2.18%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 14 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds
 Money market
 ZI Zurich Emirates Islamic Money Market12             3LUSD                0.50             1.26          09/08/2010                                0.56%                    -                    -               0.88%†                2.25%†
 ZI Fidelity Currency EUR                              DVEUR                1.00             1.23          09/04/2009                                -1.81%               -7.10%                   -               0.18%†                0.11%†
 ZI Fidelity Currency GBP                              BXGBP                1.00             1.23          09/04/2009                                -0.72%               -3.67%                   -               5.63%†                3.22%†
 ZI Fidelity Currency USD                              OYUSD                1.00             1.23          09/04/2009                                -0.08%               -0.64%                   -               -1.28%†              -0.74%†
 ZI Nordea 1 SEK Reserve fund                          AGSEK                0.13             1.25          05/05/2010                                0.11%                    -                    -               9.52%†               14.78%†
 Global bond
 ZI BlackRock Global Government Bond4                  ALEUR                0.90             1.37          10/07/2008                                -4.45%               -3.83%                 -                 -6.77%†              -2.79%†
 ZI BlackRock Global Government Bond                   BPUSD                0.90             1.37          10/07/2008                                -2.76%                3.23%                 -                  9.84%†               3.87%†
 ZI Fidelity International Bond                        FCUSD                0.75             1.63          15/12/2003                                -2.62%                6.52%              14.92%                25.23%               4.60%
 ZI HSBC MultiAlpha Global Aggregate Bond              3GUSD                0.90             1.25          09/08/2010                                -2.80%                   -                  -                 -1.34%†              -3.37%†
 ZI Invesco Bond                                       OPUSD                0.75             1.39          07/04/2009                                -3.80%                2.96%                 -                 11.36%†               6.42%†
 ZI Invesco Global Bond                                OQUSD                0.75             1.36          07/04/2009                                -3.56%                2.65%                 -                  8.40%†               4.77%†
 ZI Invesco Global Bond - EUR                          DNEUR                0.90             1.36          09/04/2009                                -2.80%                3.89%                 -                 10.41%†               5.89%†
 ZI Loomis Sayles Multisector Income                   X7USD                1.80             1.33          01/06/2010                                0.99%                    -                  -                  6.82%†              11.25%†
 ZI Morgan Stanley Investment Funds Global
 Bond                                                  DBUSD                0.80             2.06          01/11/1998                                -2.05%               5.22%               17.97%               31.73%                5.67%
 ZI Schroder ISF Global Convertible Bond                R3USD               1.25             1.42          11/11/2009                                 4.19%               8.33%                    -               13.08%†              11.25%†
 ZI Schroder ISF Global Convertible Bond                FXEUR               1.25             1.41          05/11/2009                                 2.33%               0.72%                    -                1.32%†               1.14%†
 ZI Schroder ISF Global Inflation Linked Bond
 EUR                                                    BLEUR               0.75             1.44          01/12/2008                                -4.20%               -4.50%                   -               22.27%†              10.15%†
 ZI Schroder ISF Global Inflation Linked Bond
 USD4                                                  GAUSD                0.75             1.44          01/12/2008                                -2.51%               2.21%                    -               14.80%†              6.86%†
 ZI Templeton Global Bond                              TEUSD                1.25             2.07          21/02/2006                                0.83%               10.62%               38.11%               65.05%†              10.86%†
 ZI Templeton Global Total Return                      TDUSD                1.05             2.24          21/02/2006                                1.50%               14.44%               46.08%               77.66%†              12.55%†
 ZI Threadneedle Global Bond                           IBUSD                0.75             2.17          01/10/1996                                -5.08%              -0.87%                6.79%                21.17%               3.92%
 Sterling bond
 ZI Threadneedle Sterling Bond                         BNGBP                1.00             2.56          01/10/1995                                -3.73%               0.94%               -13.29%               2.71%                0.54%
 US dollar bond
 ZI Allianz PIMCO Bondselect USD                       BUUSD                0.80             1.61          21/02/2006                                -6.18%               5.03%               18.83%               28.51%†              5.30%†
 ZI Franklin US Government                             TCUSD                0.95             1.71          01/11/2001                                0.06%                4.41%               14.27%                22.29%              4.11%
 ZI Threadneedle US Dollar Bond                        BNUSD                1.00             2.11          01/10/1995                                -2.54%               5.72%                8.44%                12.49%              2.38%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 15 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Euro bond
 ZI BlackRock ICS Euro Government                      DLEUR                0.20             1.23          09/04/2009                                -1.81%              -6.95%                   -                0.18%†                0.11%†
 ZI Invesco European Bond                              IEUSD                0.75             2.28          01/11/2001                                -5.01%              -4.13%                0.53%               20.17%                3.74%
 ZI Legg Mason WA Euro Core Bond                       CKEUR                1.00             1.22          01/11/2007                                -5.31%              -3.64%               -9.21%               -9.59%†              -3.13%†
 ZI Threadneedle European Bond                         BNEUR                1.00             1.61          01/10/1995                                -5.04%              -3.00%                7.92%               28.33%                5.12%
 ZI UBS Swiss Franc Bond                               UBCHF                0.90             1.38          31/12/2002                                3.46%               13.89%               34.69%               52.01%                8.74%
 Protected
 ZI Invesco Capital Shield 90 (EUR)                     ICEUR               1.00             1.15          01/04/2007                                 0.46%               -3.29%              -14.92%              -8.11%†              -2.23%†
 High yield and Corporate bond
 ZI Baring GUF High Yield Bond                         NBUSD                1.00             2.69          01/11/1998                                 3.15%              13.15%               20.51%               33.72%                5.98%
 ZI Fidelity Funds European High Yield
 Hedged fund                                            AFSEK               1.00             1.29          05/05/2010                                 1.06%                   -                    -               12.49%†              19.53%†
 Investec GSF Investment Grade Corporate
 Bond                                                  G3USD                0.75             1.34          11/11/2009                                -0.96%               5.53%                    -                   -                    -
 Investec GSF Investment Grade Corporate
 Bond4                                                  FTEUR               0.75             1.30          11/11/2009                                -3.23%               -4.43%                   -               -6.32%†              -5.52%†
 ZI Invesco Euro Corporate Bond                        DMEUR                1.00             1.61          09/04/2009                                -3.05%              -1.43%                    -               30.93%†              16.85%†
 ZI Invesco Global High Income                         ORUSD                1.00             1.87          07/04/2009                                -1.99%              11.60%                    -               49.36%†              26.09%†
 Asian bond
 ZI Aberdeen GF Asian Bond                             OMUSD                1.25             1.48          07/04/2009                                0.07%               10.60%                   -                18.57%†              10.35%†
 ZI Schroder ISF Asian Bond Absolute Return            CBUSD                1.25             1.50          15/03/2004                                -4.66%               4.40%                1.29%                12.58%               2.40%
 ZI Schroder ISF Asian Convertible Bond                P3USD                1.25             1.43          11/11/2009                                3.03%               10.88%                   -                14.43%†              12.41%†
 ZI Schroder ISF Asian Convertible Bond                FVEUR                1.25             1.42          11/11/2009                                1.26%                3.31%                   -                 2.75%†               2.38%†
 ZI Templeton Asian Bond                               4QUSD                0.75            105.32         01/12/2010                                7.71%               28.29%                3.89%                0.73%†               0.22%†
 ZI UBS Australian Dollar Bond                         UCAUD                0.90             1.74          15/12/2003                                5.29%               20.51%               43.25%                74.63%               11.80%
 Emerging markets bond
 ZI BNPPL1 Bond Best Selection World
 Emerging                                              KAUSD                1.50             1.86          17/03/2004                                 4.74%              14.64%                -6.07%              14.43%                2.73%
 ZI HSBC GIF Global Emerging Market Bond               NUUSD                1.00             1.73          07/04/2009                                -2.43%              11.34%                  -                 38.35%†              20.67%†
 ZI Threadneedle Emerging Markets Bond                 EBUSD                1.50             4.77          01/11/1998                                -2.93%               6.41%               20.51%                43.60%               7.51%
 Property
 ZI Aviva Investors Property Trust                     DMGBP                1.25             1.09          04/05/2005                                 0.46%               6.66%               -36.66%              -27.99%               -6.36%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 16 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Property continued
 ZI Henderson Horizon Asia Pacific Property
 Equities                                               EFUSD               1.20             1.01          01/11/2007                                 9.18%              23.29%                -6.04%             -19.12%†              -6.49%†
 ZI Henderson Horizon Global Property
 Equities USD                                          BAUSD                1.20             1.09          01/11/2006                                 6.97%              20.58%               -11.53%             -12.73%†              -3.22%†
 ZI Morgan Stanley Investment Funds Asian
 Property                                              DCUSD                1.40             3.08          01/11/2001                                 5.04%              15.25%               -15.86%              24.47%                4.47%
 ZI Morgan Stanley Investment Funds
 European Property                                     DDUSD                1.40             2.68          01/11/2001                                 0.30%               4.69%               -32.16%              -18.19%               -3.94%
 ZI Aviva Investors International Property EUR          CPEUR               1.75             0.87          01/11/2007                                 2.87%               7.14%               -36.09%             -35.16%†             -12.80%†
 ZI Aviva Investors International Property
 USD                                                   COUSD                1.75             0.86          01/11/2007                                 2.25%               9.80%               -31.07%             -30.96%†             -11.05%†

 Managed adventurous
 ZI HSBC International Select fund-
 Adventurous                                           DYEUR                1.25             1.09          01/11/2007                                 9.68%              11.34%               -15.26%             -19.25%†              -6.53%†
 ZI HSBC International Select fund-
 Adventurous                                           DZUSD                1.25             1.00          01/11/2007                                 8.37%               9.80%               -16.43%             -20.18%†              -6.87%†
 ZI Emirates Active Managed11                          K4USD                1.60             1.27          22/01/2010                                 1.27%               1.35%                    -               0.87%†               0.81%†
 Managed balanced
 ZI BlackRock Global Funds Global Allocation
 EUR4                                                   BHEUR               1.50             1.64          28/11/2008                                 5.53%               8.36%                    -               39.83%†              17.48%†
 ZI BlackRock Global Funds Global Allocation
 SGD                                                   ALSGD                1.50             1.69          28/11/2008                                 7.72%              17.47%                    -               60.90%†              25.68%†
 ZI BlackRock Global Funds Global Allocation
 USD                                                    ERUSD               1.50             1.72          28/11/2008                                 5.08%               7.92%                    -               37.36%†              16.48%†
 ZI Emirates Balanced Managed11                        L4USD                1.60             1.27          22/01/2010                                0.72%                 1.28%                   -               0.64%†                0.59%†
 ZI Fidelity Multi Asset Navigator                     P2USD                1.25             1.33          11/11/2009                                2.23%                 3.66%                   -               5.97%†                5.17%†
 ZI HSBC International Select fund-Balanced            DQEUR                1.25             1.25          01/11/2007                                6.55%                 9.88%               -4.01%              -7.21%†              -2.34%†
 ZI HSBC International Select fund-Balanced            DRUSD                1.25             1.15          01/11/2007                                5.33%                 9.14%               -5.05%              -8.32%†              -2.71%†
 ZI HSBC Open Global Distribution                      DPGBP                1.25             1.35          01/11/2007                                2.00%                 4.54%              -13.54%             -18.71%†              -6.34%†
 ZI HSBC Open Global Return                            DOGBP                1.25             1.40          01/11/2007                                4.60%                 5.16%              -13.00%             -15.95%†              -5.34%†
 ZI Jupiter Merlin Balanced Managed EUR                GYEUR                1.50             1.36          09/08/2010                                5.47%                    -                    -               9.31%†               25.34%†
 ZI Jupiter Merlin Balanced Managed USD                Y9USD                1.50             1.41          09/08/2010                                4.45%                    -                    -               8.55%†               23.14%†
 ZI JPMorgan Global Capital Preservation5              APEUR                1.25             1.27          10/07/2008                                -1.19%               -5.22%                   -              -13.90%†              -5.87%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 17 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Managed balanced continued
 ZI JPMorgan Global Capital Preservation5              CKUSD                1.25             1.28          10/07/2008                                 0.47%               2.16%                    -               2.08%†               0.84%†
 Managed cautious
 ZI HSBC International Select fund-Cautious            DUEUR                1.25             1.41          01/11/2007                                1.89%                 7.66%               6.08%               4.61%†                1.44%†
 ZI HSBC International Select fund-Cautious            DVUSD                1.25             1.29          01/11/2007                                0.62%                 6.09%               5.22%               3.12%†                0.98%†
 ZI Emirates Conservative Managed11                    M4USD                1.50             1.20          22/01/2010                                -1.96%               -3.23%                  -                -4.39%†              -4.09%†
 Managed growth
 ZI BNPPL1 Opportunities USA                           KKUSD                1.50             1.65          01/04/2007                               13.73%               18.14%                8.28%               31.52%†               7.59%†
 ZI Jupiter Merlin International Equity EUR            GZEUR                1.50             1.43          09/08/2010                                8.80%                  -                     -                14.54%†              41.11%†
 ZI Jupiter Merlin International Equity USD            Z9USD                1.50             1.48          09/08/2010                                7.89%                  -                     -                13.79%†              39.42%†
 Global equity
 ZI Aberdeen Global Technology                         ATUSD                1.75             0.58          01/11/2000                               13.09%               20.12%                4.51%               28.67%                5.17%
 ZI BlackRock Global Funds Global Enhanced
 Equity Yield                                           FIUSD               1.50             1.02          01/11/2007                                 7.36%               6.80%               -15.34%             -18.32%†              -6.19%†
 ZI Fidelity International                              FAUSD               1.50             1.61          01/11/1998                                 9.10%              10.60%               -19.77%               2.10%                0.42%
 ZI Fidelity World                                      FEEUR               1.50             1.21          03/10/2005                                 8.17%               8.12%               -24.80%               3.65%                0.72%
 ZI Franklin Templeton Mutual Global
 Discovery                                              R2USD               1.50             1.38          11/11/2009                                 4.30%               8.05%                    -               9.42%†               8.15%†
 ZI Harris Associates Global Value12                   4EUSD                2.70             1.25          01/12/2010                                   -                    -                    -                0.16%†                1.59%†
 ZI MultiAplha Global Equity                            3IUSD               1.90             1.48          09/08/2010                                8.22%                   -                    -               11.91%†               33.04%†
 ZI Investec Global Strategic Equity                   GMUSD                1.50             1.30          03/10/2005                                9.34%                9.15%               -27.82%               1.01%                0.20%
 ZI JPMorgan Global Dynamic                            CJUSD                1.50             0.93          01/11/2007                                9.43%               12.08%               -21.95%             -25.76%†              -8.98%†
 ZI M&G Global Basics EUR                              FQEUR                1.50             1.84          11/11/2009                               13.92%               24.47%                   -               30.41%†               25.91%†
 ZI M&G Global Basics USD                              M3USD                1.50             1.67          11/11/2009                               12.87%               22.95%                   -               29.85%†               25.44%†
 ZI M&G Global Leaders EUR                              FREUR               1.50             1.64          11/11/2009                                9.58%               12.22%                   -               17.16%†               14.73%†
 ZI M&G Global Leaders USD                             N3USD                1.50             1.48          11/11/2009                                8.65%               11.01%                   -               16.69%†               14.33%†
 ZI Threadneedle Global Select                         GSUSD                1.50             1.74          01/11/2000                                8.35%               10.91%               -15.75%              17.27%                3.24%
 UK equity
 ZI BlackRock Global Funds United Kingdom              CHGBP                1.50             1.29          01/11/2007                                 8.56%              15.55%               -14.14%             -22.62%†              -7.78%†
 ZI Invesco Perpetual Income                           CIGBP                1.50             1.19          01/11/2007                                 3.64%               6.58%               -24.23%             -28.70%†             -10.14%†
 ZI Threadneedle UK                                    EQGBP                1.00             3.33          01/10/1995                                 7.69%              15.07%               -16.36%              20.61%                3.82%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 18 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 North american equity
 ZI BlackRock Global Funds US Flexible
 Equity                                                MAUSD                1.50             1.20          01/11/1998                                 9.70%               6.86%               -22.29%               -8.47%               -1.76%
 ZI MultiAplha North American Equity                   3HUSD                1.50             1.47          09/08/2010                               10.05%                   -                     -              12.85%†               35.87%†
 ZI Investec GSF American Equity                       CGUSD                1.50             1.02          01/11/2007                               11.39%                7.73%               -13.96%             -18.64%†              -6.31%†
 ZI Threadneedle American                              EQUSD                1.00             3.77          01/10/1995                               11.81%               13.06%                -7.85%              17.32%                3.25%
 European equity
 ZI Baring GUF Eastern Europe                          NAUSD                1.50             8.98          01/11/1998                                 7.93%              12.23%               -30.27%              38.42%                6.72%
 ZI BlackRock Global Funds European Small
 and Midcap Opportunities                              MBUSD                1.50             2.27          01/11/1998                                    -                -1.43%              -26.59%               7.79%                1.51%
 ZI Fidelity European Growth                           FDEUR                1.50             1.68          18/10/2004                                 7.39%               9.06%               -26.32%               9.50%                1.83%
 ZI Fidelity Nordic                                     FFSEK               1.50            10.82          01/04/2007                                 6.95%              24.19%               -23.44%             -10.84%†              -3.02%†
 ZI Gartmore SICAV Continental European                CFEUR                1.50             1.01          01/11/2007                                 4.61%               0.07%               -23.71%             -25.20%†              -8.77%†
 ZI HSBC MultiAlpha Europe Equity                      HBEUR                1.50             1.41          09/08/2010                                 3.49%                  -                     -               7.80%†               20.99%†
 ZI Invesco Pan European Equity                         IVUSD               1.50             1.20          01/11/2000                                 5.44%               7.23%               -20.40%              17.38%                3.26%
 ZI Threadneedle Pan European                          EQEUR                1.00             2.82          01/10/1995                                 8.15%              16.90%                -8.82%              40.70%                7.07%
 ZI UBS Swiss Equity                                   CMCHF                1.50             0.94          01/11/2007                                 8.51%              12.10%                -2.79%              -6.65%†              -2.15%†
 Far eastern equity
 ZI Aberdeen Global Asia Pacific Equity                ARUSD                1.75             2.84          04/05/2005                                6.90%               26.03%               12.62%               80.70%                12.56%
 ZI Aberdeen Global Chinese Equity                     ASUSD                1.75             3.00          15/03/2004                                4.68%               27.97%                5.12%               96.14%                14.42%
 ZI Absolute Asia Pacific Rim Equities12               4HUSD                2.40             1.32          01/12/2010                                   -                    -                     -               5.60%†              71.31%†
 ZI Allianz RCM Oriental Income                        KNUSD                1.50             2.31          18/10/2004                                7.69%                8.70%                -3.87%              23.06%                4.24%
 ZI Allianz RCM Thailand                               KMUSD                1.75             2.84          18/10/2004                                2.34%               68.03%               45.69%              105.65%                15.51%
 ZI Allianz RCM Total Return Asian Equity              BZUSD                1.75             1.94          16/02/2006                                9.51%               22.39%                -9.75%             54.06%†                9.30%†
 ZI Baring Hong Kong China                             BXUSD                1.25             1.20          20/03/2008                                0.17%                2.12%                    -              14.59%†                5.02%†
 ZI Amundi ASEAN New Markets C                         EXUSD                1.60             0.89          01/11/2007                                6.08%               32.44%               -23.74%             -28.80%†             -10.18%†
 ZI Fidelity China Focus                               FKUSD                1.50             1.33          20/03/2008                               -1.85%                6.00%                    -              21.43%†                7.23%†
 ZI Fidelity India Focus                               FGUSD                1.50             1.21          20/03/2008                                1.08%               26.35%                    -              10.27%†                3.58%†
 ZI Fidelity Korea                                     FBUSD                1.50             4.85          23/07/2001                                8.89%               22.30%               -16.01%              30.14%                5.41%
 ZI Fidelity Pacific                                   EMUSD                1.50             1.00          01/11/2007                               10.63%               29.57%               -12.29%             -20.08%†              -6.84%†
 ZI Fidelity Singapore                                 EGSGD                1.50             1.12          01/11/2007                                6.58%               26.18%                9.12%               1.28%†                0.40%†
 ZI First State Asian Equity Plus                      FOUSD                1.50             2.67          03/10/2005                                4.82%               22.28%               18.91%              104.20%                15.35%
 ZI First State China Growth                           FNUSD                2.00             4.03          03/10/2005                               -1.49%               13.58%                1.66%              214.43%                25.75%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 19 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Far eastern equity continued
 ZI First State Hong Kong Growth                       FMUSD                1.50             2.95          27/09/2005                                2.72%               26.23%               11.66%              130.47%                18.17%
 ZI HSBC Chinese Equity                                HBUSD                1.50             5.56          01/11/1998                                0.98%                1.22%               -28.11%              96.75%                14.49%
 ZI HSBC Hong Kong Equity                              HAUSD                1.00             3.93          01/11/1998                                3.67%                9.29%               -13.26%              71.36%                11.37%
 ZI HSBC Indian Equity                                 HCUSD                1.50            11.36          23/07/2001                               -3.29%               11.38%               -23.61%              93.86%                14.16%
 ZI HSBC Thai Equity                                   HGUSD                1.50             2.09          27/09/2005                                5.87%               49.14%               20.66%               69.45%                11.12%
 ZI JF ASEAN                                           JCUSD                1.50             5.62          01/11/1998                                8.06%               35.40%                -0.12%             132.67%                18.40%
 ZI JF Asia Domestic Opportunities                     APUSD                1.50             0.96          01/11/2007                                1.27%               15.84%               -16.48%             -23.36%†              -8.06%†
 ZI JF Eastern                                         JBUSD                1.50             5.51          01/11/1998                                9.72%               18.29%                -8.61%              58.15%                9.60%
 ZI JF Indonesia                                       JRUSD                1.50             1.78          20/03/2008                                3.07%               49.83%                    -              68.28%†               20.58%†
 ZI JF Korea                                            JEUSD               1.50             4.13          18/10/2004                               14.37%               30.77%                4.24%               65.37%                10.58%
 ZI JF Malaysia                                        DIUSD                1.50             1.40          01/11/2007                                6.37%               40.58%               10.73%              12.24%†                3.72%†
 ZI JF Pacific Securities                              JAUSD                1.50             5.89          01/11/1998                                7.92%               16.50%                1.62%               37.81%                6.62%
 ZI JPMorgan JF India                                    JIUSD              1.50             1.81          01/11/2006                                1.80%               25.29%               -17.59%             43.77%†                9.11%†
 ZI JPMorgan JF Singapore                              CZUSD                1.50             1.02          01/11/2007                                6.37%               23.69%                -8.86%             -18.56%†              -6.28%†
 ZI JPMorgan JF Taiwan                                  IYUSD               1.50             1.52          01/11/2006                               15.20%               19.84%                4.41%              22.46%†                4.99%†
 ZI Threadneedle Asia                                  PBUSD                1.00             3.19          01/10/1995                                7.12%               12.52%               -12.53%              81.82%                12.70%
 ZI UBS Australia Equity                               UDAUD                1.50             2.19          15/12/2003                                9.20%                9.44%                -2.79%              57.74%                9.54%
 Japanese equity
 ZI BlackRock Global Funds Japan Small and
 MidCap Opportunities6                                 MCUSD                1.50             1.02          01/11/2000                                 9.29%              16.12%                -5.89%              -43.01%              -10.64%
 ZI Invesco Nippon Select Equity                        IDJPY               1.50            47.86          21/02/2006                               10.06%                6.34%               -35.31%             -42.10%†             -10.64%†
 ZI Threadneedle Japan                                  EQJPY               1.00            63.24          01/10/1995                               12.31%               11.20%               -19.97%              -34.72%              -8.18%
 Emerging markets equity
 ZI Aberdeen Global Emerging Markets
 Smaller Companies                                      AFUSD               1.75             1.90          20/03/2008                                 5.86%              42.20%                    -               63.68%†              19.38%†
 ZI BlackRock Global Funds Emerging
 Europe6                                               MKUSD                1.75             1.49          21/02/2006                               11.25%               22.08%               -30.62%              15.47%†              3.00%†
 ZI BlackRock Global Funds Latin American6             MIUSD                1.75             3.11          27/09/2005                                 8.45%              17.38%               12.90%               130.93%              18.22%
 ZI Emirates MENA Top Companies12                      3MUSD                1.75             1.29          09/08/2010                                 3.29%                 -                    -                  3.20%†              8.32%†
 ZI Fidelity Emerging Europe, Middle East
 and Africa6                                            FBEUR               1.50             1.63          20/03/2008                               14.47%               30.43%                    -               22.64%†              7.61%†
 ZI BNPPL1 Equity Brazil                               HMUSD                1.75             1.99          01/04/2007                                 4.08%               6.42%                3.48%               54.74%†              12.35%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 20 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Emerging markets equity continued
 ZI BNPPL1 Equity Russia                               KHEUR                1.75             1.40          01/11/2006                               18.63%               30.98%               -16.86%              17.47%†               3.94%†
 ZI Franklin MENA EUR                                  BOEUR                2.00             1.40          01/12/2008                                5.83%               19.25%                   -                19.02%†               8.73%†
 ZI Franklin MENA USD                                  GCUSD                2.00             1.46          01/12/2008                                5.11%               18.11%                   -                16.88%†               7.78%†
 ZI Hansberger Emerging Latin American12               4FUSD                2.70             1.25          01/12/2010                                   -                   -                     -                 0.16%†               1.59%†
 ZI HSBC GIF Brazil Equity A USD                       Z6USD                1.75             1.38          05/05/2010                                7.29%                  -                     -                14.47%†              22.74%†
 ZI HSBC MultiAlpha Global Emerging
 Markets Equity                                         3FUSD               1.50             1.50          09/08/2010                                 6.99%                   -                    -               12.61%†              35.16%†
 ZI JPMorgan Africa Equity13                            EPUSD               1.50             2.98          01/12/2008                               12.56%               38.24%                   -               139.34%†              52.11%†
 ZI JPMorgan Emerging Middle East Equity                JGUSD               1.50             2.19          04/05/2005                                2.00%               26.62%               -16.96%              26.98%                4.89%
 ZI Morgan Stanley Investment Funds
 Emerging Markets Equity                               CUUSD                1.60             0.94          01/11/2007                                 5.96%              17.29%               -18.78%             -24.56%†              -8.52%†
 ZI Schroder ISF BRIC                                  CCUSD                1.50             1.76          01/11/2006                                 3.78%               6.10%               -20.74%              41.66%†              8.72%†
 ZI Templeton Emerging Markets                         TBUSD                2.10             4.20          01/11/1998                                 7.75%              15.30%                -8.76%               45.87%              7.84%
 ZI Templeton BRIC                                     TFUSD                2.10             1.79          01/09/2006                                 9.14%              11.52%               -20.04%              43.28%†              8.67%†
 ZI Threadneedle Latin America                         LAUSD                1.00             8.56          01/10/1996                                 8.77%              19.70%               11.98%               126.50%              17.76%
 Specialist
 ZI BlackRock Global Funds New Energy                  MEUSD                1.75             1.21          01/11/2001                                2.28%               -13.21%              -52.77%              -3.51%               -0.71%
 ZI BlackRock Global Funds World Energy                MHUSD                1.75             2.11          04/05/2005                               20.98%               16.69%               -15.90%              25.07%                4.58%
 ZI BlackRock Global Funds World Financials            MJUSD                1.50             0.73          01/04/2007                                4.71%                2.80%               -38.78%             -41.47%†             -13.32%†
 ZI BlackRock Global Funds World Gold                  MDUSD                1.75            10.05          01/11/2001                               10.39%               36.03%               30.67%              117.91%               16.86%
 ZI BlackRock Global Funds World Gold -
 SGD hedged                                            AOSGD                1.75             2.33          09/04/2009                               12.77%               47.18%                    -              120.68%†              58.01%†
 ZI BlackRock Global Funds World
 Healthscience6                                        ONUSD                1.50             1.67          07/04/2009                                 2.90%               1.21%                    -               33.36%†              18.10%†
 ZI BlackRock Global Funds World Mining
 SGD hedged                                            AASGD                1.75             3.24          28/11/2008                               24.60%               40.51%                    -              210.76%†              72.45%†
 ZI BlackRock Global Funds World Mining
 USD                                                   MGUSD                1.75             4.02          18/10/2004                               21.89%               30.23%                -7.74%              111.76%              16.19%
 ZI BlackRock Global Funds World
 Technology                                             FLEUR               1.75             1.81          11/11/2009                               13.32%               15.41%                    -               27.95%†              23.91%†
 ZI BlackRock Global Funds World
 Technology                                            K2USD                1.75             1.63          11/11/2009                               12.90%               14.89%                    -               26.89%†              23.01%†
 ZI Amundi Volatility World Equities                   N2USD                1.00             1.28          11/11/2009                                -1.24%               3.40%                    -               1.92%†               1.67%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 21 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Specialist continued
 ZI Celsius Funds Dynamic Golden
 Allocation6                                            4JUSD               1.50             1.25          01/12/2010                                    -                    -                    -               0.32%†               3.20%†
 ZI DWS Global Agribusiness                            EVUSD                1.50             1.16          01/11/2007                               10.13%               16.07%                -6.36%              -6.96%†              -2.25%†
 ZI DWS Global Thematic                                ESUSD                1.50             0.93          01/11/2007                                9.25%               11.74%               -19.57%             -25.36%†              -8.83%†
 ZI BNPPL1Equity World Utilities                       KGEUR                1.50             0.93          01/11/2006                                1.66%               -5.17%               -40.43%             -21.94%†              -5.77%†
 ZI First State Global Resources                       4LUSD                1.50             0.96          01/12/2010                                   -                    -                     -               0.31%†                3.15%†
 ZI Invesco Asia Consumer Demand                       CFUSD                1.50             1.81          10/07/2008                                2.15%               21.05%                    -              44.48%†              16.03%†
 ZI Invesco Asia Infrastructure                        DLUSD                1.50             0.87          01/11/2007                                7.26%               17.68%               -24.44%             -30.24%†             -10.75%†
 ZI Investec GSF Global Energy                         GNUSD                1.50             1.58          21/02/2006                               13.45%                9.21%               -12.00%             25.56%†                4.79%†
 ZI JF Five Elements5                                  CHUSD                1.50             1.51          10/07/2008                               11.28%               23.69%                    -              20.72%†                7.91%†
 ZI JPMorgan Global Natural Resources                   ILEUR               1.50             1.61          01/04/2007                               21.31%               41.04%                -0.86%             28.66%†                6.95%†
 ZI JPMorgan Global Natural Resources                  CIUSD                1.50             1.29          10/07/2008                               20.94%               40.61%                    -               3.04%†                1.22%†
 ZI JPMorgan JF Pacific Technology                     IMUSD                1.50             1.46          01/04/2007                               11.47%               12.33%                -4.83%             15.90%†                4.02%†
 ZI Jupiter Ecology                                    GDGBP                1.50             2.40          18/10/2004                               11.14%                8.20%               -22.48%              28.03%                5.07%
 ZI Jupiter Global Financials                          FOEUR                1.50             1.48          11/11/2009                                3.95%                8.61%                    -               4.42%†                3.82%†
 ZI Jupiter Global Financials                          K3USD                1.50             1.34          11/11/2009                                3.08%                7.37%                    -               4.04%†                3.49%†
 ZI Schroder AS Commodities                            CNUSD                1.50             1.23          01/11/2007                               14.89%               12.98%                -7.88%              -1.84%†              -0.59%†
 ZI Schroder AS Gold and Metals                        L7USD                1.50             1.36          05/05/2010                                9.35%                   -                     -              10.69%†              16.65%†
 ZI Schroder ISF Global Climate Change
 Equity                                                 CLUSD               1.50             1.10          10/07/2008                                 8.70%               3.87%                    -              -11.93%†              -5.00%†

 Islamic
 ZI DWS Noor Precious Metals Securities                ITUSD                1.50             1.83          01/04/2007                                5.91%               29.62%               22.18%               45.51%†              10.52%†
 ZI Emirates Islamic Balanced11                        N4USD                1.60             1.24          22/01/2010                                1.73%               -0.88%                   -                -1.75%†              -1.63%†
 ZI HSBC Amanah Asia Pacific ex Japan                  X2USD                1.50             1.54          11/11/2009                                8.97%               15.06%                   -                20.92%†              17.97%†
 ZI HSBC Amanah Europe Equity                          Y2USD                1.50             1.38          11/11/2009                                7.07%                5.11%                   -                 8.24%†               7.13%†
 ZI HSBC Amanah Global Equity                          Z2USD                1.50             1.53          11/11/2009                               11.05%               12.69%                   -                18.65%†              16.03%†
 ZI Islamic Global Equity Index                        HFUSD                0.75             1.47          18/10/2004                                8.51%                4.64%               -17.78%                5.39%               1.06%
 Smaller companies
 ZI JF Japan OTC                                        JFJPY               1.75            43.45          04/05/2005                                 5.49%              -2.05%               -42.99%              -77.33%              -25.68%
 ZI JF Pacific Smaller Companies                       JDUSD                1.50             1.96          15/03/2004                                 3.65%              18.50%               -12.15%              20.62%                3.82%
 ZI Templeton Global Smaller Companies                 TAUSD                1.50             2.66          01/11/1998                                 9.33%              26.13%                -8.15%              12.47%                2.38%
 ZI Threadneedle American Smaller
 Companies                                             SCUSD                1.00             3.41          01/10/1996                               14.22%               26.78%               15.66%               43.52%                7.49%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 22 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                          Fund code           AMC (%)         Current bid Launch date              FE Crown              3 months               1 year              3 years              5 years           5 years AGR
                                                                                          price                               rating


Mirror funds continued
 Smaller companies continued
 ZI Threadneedle European Smaller
 Companies                                              SCEUR               1.00             5.15          01/10/1996                               12.67%               26.64%                -2.26%              68.88%               11.05%
 ZI Threadneedle Japanese Smaller
 Companies                                              SCJPY               1.00            73.40          01/10/1996                               11.96%               14.52%                -9.39%              -42.68%              -10.53%
 ZI Threadneedle UK Smaller Companies                   SCGBP               1.00             4.14          01/11/1998                               14.07%               32.53%                -4.14%              31.02%                5.55%
 Alternative investments
 ZI ASG Laser12                                        4GUSD                2.70             1.27          01/12/2010                                    -                   -                     -                1.60%†              16.98%†
 ZI Henderson Horizon China7                           T2USD                1.20             1.33          11/11/2009                                 2.54%               1.68%                    -                5.71%†               4.95%†
 ZI HSBC GIF New World Income                          HXUSD                1.00             1.57          20/03/2008                                 0.45%               7.61%                    -               25.92%†               8.64%†
 ZI Insight Investment Global Diversified
 Return                                                BWUSD                1.50             1.17          10/07/2008                                 2.19%               5.43%                    -               -6.72%†              -2.77%†
 ZI Insight Investment Global Diversified
 Return                                                AOEUR                1.50             1.17          10/07/2008                                 0.60%               -3.09%                   -              -20.70%†              -8.95%†
 ZI Invesco Pan European 130/30 Equity7                 ICUSD               1.50             1.06          20/03/2008                                 8.42%               6.02%                    -              -14.36%†              -5.42%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral EUR5                                           BIEUR               1.50             1.20          01/12/2008                                -1.07%              -10.03%                   -               2.40%†               1.15%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral GBP4,5                                        AHGBP                1.50             1.19          01/12/2008                                -0.14%               -6.42%                   -               1.26%†               0.60%†
 ZI JPMorgan Highbridge Statistical Market
 Neutral SEK4                                           ADSEK               1.50             1.20          11/11/2009                                 0.96%               2.36%                    -                   -                    -
 ZI JPMorgan Highbridge Statistical Market
 Neutral USD4,5                                        FQUSD                1.50             1.19          01/12/2008                                 0.76%               -3.56%                   -               -4.26%†              -2.07%†
 ZI Legg Mason Permal Global Absolute fund
 USD                                                   O7USD                1.25             1.25          05/05/2010                                 1.05%                   -                    -               -0.08%†              -0.12%†
 ZI Legg Mason Permal Global Absolute fund
 SGD                                                   ATSGD                1.25             1.23          05/05/2010                                 3.30%                   -                    -               6.22%†               9.58%†
 ZI Morgan Stanley Investment Funds FX
 Alpha Plus RC 4005,7                                  AQEUR                1.20             1.23          10/07/2008                                -2.21%               -4.72%                   -              -16.15%†              -6.87%†
 ZI Newton Phoenix Multi-asset                          LNGBP               1.50             1.67          18/10/2004                                 2.73%               6.99%               -19.82%               1.71%                0.34%
 ZI Pictet Funds Absolute Return Global
 Conservative                                          DOEUR                0.80             1.28          09/04/2009                                -0.96%               -4.17%                   -               3.76%†               2.15%†
 ZI Pictet Funds Absolute Return Global
 Diversified                                            DPEUR               1.10             1.29          09/04/2009                                 0.21%               -2.81%                   -               4.89%†               2.80%†
 ZI Schroder ISF Emerging Markets Debt
 Absolute Return5                                      OSUSD                1.50             1.48          09/04/2009                                -1.40%               0.34%                    -               18.48%†              10.30%†

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deduction of the additional mirror fund charge
of 0.75%.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                  Investment bulletin Page 23 of 28
Fund performance in US dollars to 31 December 2010
 Fund name                                            Fund code           AMC (%)         Current bid Launch date                FE Crown              3 months                1 year               3 years              5 years           5 years AGR
                                                                                            price                                 rating


Mirror funds continued
 Alternative investments continued
 ZI Schroder ISF Emerging Markets Debt
 Absolute Return - EUR hedged4                           DREUR                1.50              1.47          09/04/2009                                 -3.18%                -6.50%                   -                19.26%†              10.72%†

 Closed to new business
 ZI HSBC GIF BRIC Freestyle8                             HIUSD                1.00              2.38          27/09/2005                                 6.62%                12.14%               -14.49%               79.25%                12.38%
 ZI Morgan Stanley Investment Funds US
 Property9                                               DEUSD                1.40              2.91          01/11/2001                                 7.77%                26.17%                -2.71%                8.21%                 1.59%
 ZI Schroder (SISF) US Smaller Companies10               CAUSD                1.50              3.76          01/11/1998                                 12.75%               17.69%                -0.79%               29.75%                 5.35%

 Source: Zurich International Life. Figures based on bid prices on the last day of each month and include the deduction of the standard management charge. For the mirror funds, this also includes the deductions of the additional mirror fund charge
of 0.75%. You should note that investing in some of these markets could result in the possibility of large and sudden falls in the price of units. The shortfalls on cancellation or loss on realisation could be considerable. Details of the individual fund
performances are available on request. Mirror fund performance may not completely reflect the underlying fund performance due to some management charges incurred. The charges, expenses and taxation of the underlying fund are different and
performance may differ. Please refer to the Mirror funds - your guide booklet for details.


NB Performance data marked with a † is since launch performance. The currency of the fund is defined by the last three characters of the fund code.


 Financial Express Crown Ratings is a quant-based ratings system founded on historical performance, volatility and consistency, and funds are ranked within their peer groups. Peer groups are deemed to be the sectors as
defined by Financial Express. The lowest rated funds in a sector carry a single crown, and the highest are awarded three crowns. Funds without a three-year track record are not rated. FE (Financial Express) Crown Ratings
are produced solely by Financial Express and its accuracy or completeness cannot be guaranteed.

1
  For the Eagle funds, the fund price and performance is shown in sterling.
2 This fund was closed to new business 27 January 2009. Existing investments in this fund are unaffected. The Dynamic Growth fund is available in US dollars. Its reference price as at 31 December 2010 is 0.908. For further details about the fund and
  its reference price please refer to the 'Investments-Your guide' brochure.
3
  These funds are only available in US dollars and are advised upon by BlackRock Investment Management (UK) Limited. All other managed funds are advised upon by Threadneedle Asset Management Limited.
4 This fund is a hedged share class which aims to provide investors with a return correlated to the base currency performance of the fund, by reducing the effect of exchange rate fluctuations between the base and hedged currency. It is important to
  note that the hedge is not perfect - it aims to reduce not eliminate currency risk.
5
  The manager of this fund may deduct a performance based fee from this fund. This charge is additional to the total annual management charge. For further information please refer to the manager's literature.
6
  This fund is not available in the Middle East region.
7 As the fund employs both long and short strategies, extreme market conditions could theoretically expose the fund to unlimited losses. Such extreme conditions could result in little or no growth and may result in losses to your original investment.
  Only investors seeking long term growth over a 5-10 year horizon with at least moderate volatility should consider this fund. With every investment, there is a risk to your capital and you may not get back what you originally invested.
8
  The ZI HSBC BRIC Freestyle fund was closed to new business on 26 May 2006. Existing investments in this fund are unaffected.
9
     The ZI Morgan Stanley Investment Funds US Property fund was closed to new business on 1 May 2007. Existing investments in this fund are unaffected.
10
   The ZI Schroder (SISF) US Smaller Companies fund was closed to new business on 1 August 2002. Existing investments in this fund are unaffected.
11 For investments into the Emirates funds, Emirates may at its discretion make payments based on the value of holdings in the funds to certain financial adviser firms. In the case of the Emirates funds, a distributor fee may be paid from the fund charges
   disclosed to you and rebated to the introducing broker via a commission sharing arrangement. Irrespective of any such arrangement, the fee paid by investors into the relevant share class of the underlying fund is the same and all investors rank equally
   with each other. Stated fund prices are inclusive of all such fees and relevant fund related charges. If these charges are relevant in your case, your financial adviser will make these clear to you. Applications are subject to compliance with local
   regulations.
12
   This fund is only available in the Middle East region
13
     The ZI JPMorgan Africa Equity fund was closed to new business on 19 November 2010. Existing investments in this fund are unaffected.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                                                        Investment bulletin Page 24 of 28
Retirement investment strategies performance to 31 December 2010


                                                            Performance in strategy currency                                                                                 Performance in USD

                                    3 months             1 year             3 years             5 years          5 years AGR               3 months              1 year              3 years             5 years          5 years AGR

    Sterling strategies
    Strategy              1           7.79%             14.47%               9.87%               31.11%                5.57%                7.10%               10.99%              -13.59%              19.57%               3.64%
                          2           5.91%             12.01%               9.80%               27.88%                5.04%                5.23%                8.60%              -13.64%              16.62%               3.12%
                          3           4.03%              9.56%               9.73%               24.65%                4.50%                3.36%                6.22%              -13.70%              13.68%               2.60%
                          4           2.20%              5.49%               7.02%               17.77%                3.33%                1.54%                2.27%              -15.83%               7.41%               1.44%
                          5           1.27%              3.70%               6.57%               15.08%                2.85%                0.62%                0.54%              -16.18%               4.95%               0.97%
    Dollar strategies
    Strategy              1           7.36%              9.91%               -6.81%              21.24%                3.93%                7.36%                9.91%               -6.81%              21.24%               3.93%
                          2           5.84%              8.26%               -3.21%              19.73%                3.67%                5.84%                8.26%               -3.21%              19.73%               3.67%
                          3           4.32%              6.60%               0.38%               18.22%                3.40%                4.32%                6.60%               0.38%               18.22%               3.40%
                          4           2.31%              3.90%               2.38%               14.42%                2.73%                2.31%                3.90%               2.38%               14.42%               2.73%
                          5           1.33%              2.80%               3.97%               12.73%                2.43%                1.33%                2.80%               3.97%               12.73%               2.43%
    Eagle strategies 1
    Strategy              1           9.47%             14.06%               18.27%              35.44%                6.26%                8.76%               10.58%               -6.98%              23.52%               4.32%
                          2           7.90%             12.87%               24.03%              37.16%                6.52%                7.20%                9.43%               -2.45%              25.09%               4.58%
                          3           6.33%             11.68%               29.79%              38.88%                6.79%                5.64%                8.28%               2.08%               26.65%               4.84%
                          4           4.71%             10.42%               36.69%              39.40%                6.87%                4.04%                7.05%               7.51%               27.13%               4.92%
                          5           3.88%              9.84%               40.44%              39.95%                6.95%                3.21%                6.50%               10.46%              27.63%               5.00%
    Euro strategies
    Strategy              1           7.88%             16.72%               -1.20%              13.02%                2.48%                6.01%                9.14%               -9.34%              28.54%               5.15%
                          2           6.00%             13.46%               0.45%               13.02%                2.48%                4.16%                6.09%               -7.83%              28.54%               5.15%
                          3           4.11%             10.20%               2.09%               13.01%                2.48%                2.31%                3.04%               -6.33%              28.53%               5.15%
                          4           2.17%              5.68%               3.01%               10.42%                2.00%                0.40%               -1.19%               -5.48%              25.58%               4.66%
                          5           1.18%              3.71%               3.85%                9.49%                1.83%                -0.57%              -3.03%               -4.71%              24.52%               4.48%

Source: Zurich International Life. Figures based on bid prices on the last day of each month. The sterling, dollar and eagle strategies were launched 01/09/1989 and the euro strategies were launched31/12/2002. For the purpose of this
bulletin, strategy performance exchange rates into US dollars have been sourced by Financial Express.
1    Eagle strategy performance is shown in sterling.




    Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
    currency fluctuations and you may not get back the amount originally invested.                                                                                                                                Investment bulletin Page 25 of 28
Automatic investment strategies performance to 31 December 2010


                                                            Performance in strategy currency                                                                                 Performance in USD

                                   3 months              1 year             3 years             5 years          5 years AGR               3 months              1 year              3 years             5 years          5 years AGR

    Sterling strategies
    Strategy             1          10.28%              15.83%                8.29%              31.91%                5.70%                9.57%               12.30%              -14.83%              20.30%                3.77%
                         2           8.43%              14.92%                9.61%              31.47%                5.63%                7.73%               11.42%              -13.79%              19.90%                3.70%
                         3           4.95%              12.60%               11.35%              28.68%                5.17%                4.28%                9.17%              -12.42%              17.35%                3.25%
                         4           1.48%               9.28%               11.89%              23.30%                4.28%                0.83%                5.95%              -11.99%              12.45%                2.37%
                         5           -0.06%              3.82%                5.52%              13.72%                2.60%                -0.70%               0.65%              -17.01%               3.71%                0.73%
    Dollar strategies
    Strategy             1           8.59%              11.33%              -12.43%              20.57%                3.81%                8.59%               11.33%              -12.43%              20.57%                3.81%
                         2           7.72%              10.28%               -8.15%              21.12%                3.91%                7.72%               10.28%               -8.15%              21.12%                3.91%
                         3           5.04%               8.11%               -1.69%              20.64%                3.82%                5.04%                8.11%               -1.69%              20.64%                3.82%
                         4           1.12%               5.78%                3.36%              19.51%                3.63%                1.12%                5.78%                3.36%              19.51%                3.63%
                         5           -0.51%              2.34%                3.75%              15.49%                2.92%                -0.51%               2.34%                3.75%              15.49%                2.92%
    Dollar series B strategies 2
    Strategy             1           9.13%              12.08%               -9.29%                   -                   -                 9.13%               12.08%               -9.29%                   -                   -
                         2           7.98%              11.68%               -7.24%                   -                   -                 7.98%               11.68%               -7.24%                   -                   -
                         3           5.26%              10.72%               -2.48%                   -                   -                 5.26%               10.72%               -2.48%                   -                   -
                         4           1.91%               9.76%                3.86%                   -                   -                 1.91%                9.76%                3.86%                   -                   -
                         5           0.10%               4.90%                4.80%                   -                   -                 0.10%                4.90%                4.80%                   -                   -
    Euro strategies
    Strategy             1          10.26%              20.35%               -3.17%              10.43%                2.00%                8.35%               12.53%              -11.15%              25.60%                4.66%
                         2           8.49%              17.58%               -1.73%              12.40%                2.37%                6.61%                9.94%               -9.83%              27.84%                5.04%
                         3           5.01%              12.98%               2.48%               14.78%                2.79%                3.19%                5.64%               -5.97%              30.54%                5.47%
                         4           1.41%               9.34%                8.72%              15.67%                2.95%                -0.35%              2.24%                -0.24%              31.56%                5.64%
                         5           -0.17%              3.96%                7.46%              11.63%                2.23%                -1.90%              -2.80%               -1.40%              26.96%                4.89%

Source: Zurich International Life. Figures based on bid prices on the last day of each month. The sterling, dollar and euro strategies were launched 01/01/2005 and the dollar series B strategies were launched 01/07/2006. Automatic
investment strategies are available on policies issued after January 2005. For the purpose of this bulletin, strategy performance exchange rates into US dollars have been sourced by Financial Express.
2    These strategies are only available in US dollars and are advised upon by BlackRock Investment Management (UK) Limited. All other strategies are advised upon by Threadneedle Asset Management Limited.




    Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
    currency fluctuations and you may not get back the amount originally invested.                                                                                                                                Investment bulletin Page 26 of 28
The Eagle

The Eagle currency is a basket of four globally recognised currencies. Whilst the Eagle is designed to spread currency risk, it cannot remove volatility and the value of the Eagle exchange rate, like any currency, can change
daily. Each Eagle is made up of 1 sterling, 2 US dollars, approximately 2.05 euros plus 500 Japanese yen.

The Eagle is currently worth (buying price) as at 31 December 2010

   USD 12.44                     GBP    8.01

It must be remembered that the value of the Eagle can fluctuate and past performance is not a guide to future performance. The value of any investment and the income from it can fall as a result of
market and currency fluctuations and you may not get back the amount originally invested.




Past performance is not a guide to future performance. The value of any investment and the income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount originally invested.                                                                                                               Investment bulletin Page 27 of 28
Important information
a) The figures shown within this document include the deduction of the standard management charge.
b) The figures have been calculated on bid prices on the last day of each month.
c) Details of the individual fund performance are available on request.
Zurich International Life is a business name of Zurich International Life Limited.
Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 2008 and is regulated by Isle of Man Government Insurance and Pensions Authority which ensures that the company has
sound and professional management and provision has been made to protect policy owners.
For life assurance companies, the Isle of Man's Life Assurance (Compensation of Policyholders) Regulations 1991, ensure that in the event of a life assurance company being unable to meet its liabilities to its
policy owners, up to 90% of the liability to the protected policy owner will be met.
The protection applies to the solvency of Zurich International Life Limited and does not extend to protecting the value of the assets held within any unit-linked funds linked to your policy.
Zurich International Life is only able to give information on the products of Zurich International Life Limited.
Not for sale to residents or nationals of the United States.
Zurich Life Insurance Company Ltd and Zurich International Life Limited are registered (Registration Nos. 62 and 63) under UAE Federal Law Number 6 of 2007, and its activities in the UAE are governed by such
law.
Zurich International Life Limited is registered in Bahrain under Commercial Registration No. 17444.
Zurich International Life Limited is authorised by the Qatar Financial Centre Regulatory Authority.
This bulletin is not intended as an offer to invest.
The price of units can fall as well as rise, not only due to movements in the value of investments, but also on account of currency movements where investments are not held in the currency of the fund.
You should note that when investing into a mirror fund, the charges, expenses and taxation of the underlying fund are different and performance may differ.
Nothing contained in this report should be construed as guidance to the suitability of the markets mentioned. Anyone considering investing in these markets should seek professional guidance. The information
contained in this report is only a summary and may be subject to change without notice. It was obtained from what we believe to be reliable sources. However its accuracy or completeness cannot be
guaranteed. Neither Zurich International Life Limited, nor any companies in the Zurich group nor representatives, can accept responsibility for any errors or omissions.
The figures shown within this document include the deduction of the standard management charge of the underlying fund.
The figures have been calculated on bid prices on the last day of each month.
Details of the individual fund performance are available on request.
Calls may be recorded for training and quality purposes.

Zurich International Life Limited provides life assurance, investment and protection products and is authorised by the Isle of Man Government Insurance and Pensions Authority.
Registered in the Isle of Man number 20126C. Registered office: 43-51 Athol Street, Douglas, Isle of Man, IM99 1EF, British Isles. Telephone +44 1624 662266 Telefax +44 1624 662038
www.zurichinternational.com
Zurich International Life is part of the Zurich Financial Services Group which has a representation in more than 50 countries.




Zurich International Life Investment bulletin to 31 December 2010
For further information on our funds, please see our website at www.zurichinternational.com
MSP154 01/11

								
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