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Thus, the study of mutual funds in emerging markets is overdue for those who need a fuller understanding of their investment conditions. In addition, this would allow an out-of- sample test to challenge existing asset pricing models and lead to the development of new empirical models. This study seeks to shed light on mutual fund investment in emerging markets and specifically focuses on three issues: performance, determinants of performance and the role of liquidity on performance and performance measure. Since mutual fund data from all emerging markets are segmented and hard to obtain and also that policies and. | r 1 Russell I 4Ú Investments 2011 ANNUAL REPORT Russell Investment Company II plc an umbrella fund with segregated liability between sub-funds 31 March 2011 Audited The Euro Fixed Income Fund The Global Bond Euro Hedged Fund The Pan European Equity Fund The U.K. Equity Plus Fund The U.S. Growth Fund The U.S. Quant Fund The U.S. Value Fund The World Equity Fund Russell Investment Company IIplc Contents Administration of the Company. 2 Background to the Company . 5 Directors Report . 6 Custodian and Trustee s Report . 8 Independent Auditors Report . 9 Combined Statements . 11 The Euro Fixed Income Fund . 15 The Global Bond Euro Hedged Fund . 35 The Pan European Equity Fund . 69 The U.K. Equity Plus Fund . 85 The U.S. Growth Fund . 95 The U.S. Quant Fund. 105 The U.S. Value Fund . 123 The World Equity Fund . 134 Notes to the Financial Statements . 160 Appendix I - Total Expense Ratio Unaudited . 218 .
