Merrill Lynch International Investment Funds Audited Annual Report ...

Merrill Lynch International 

Investment Funds 

Audited Annual Report and Accounts 

31 December 2006

Contents 

Chairman’s Letter 2 

Board of Directors 3 

Management and Administration 3 

Statement of Net Assets 4 

Three Year Asset Summary 16 

Statement of Operations and Changes in Net Assets 34 

Statement of Changes in Shares Outstanding 42 

Portfolio of Investments 

Asian Dragon Fund 60 

Asian Tiger Bond Fund 62 

Conservative Allocation Fund (Euro) 64 

Conservative Allocation Fund (US Dollar) 68 

Continental European Flexible Fund (1) 71 

Emerging Europe Fund 73 

Emerging Markets Fund 75 

Emerging Markets Bond Fund 77 

Euro Bond Fund 80 

Euro Corporate Bond Fund (1) 84 

Euro Reserve Fund 87 

Euro Short Duration Bond Fund (1) 89 

Euro-Markets Fund 91 

European Fund 92 

European Focus Fund 94 

European Growth Fund 95 

European Opportunities Fund 97 

European Value Fund 99 

Global Allocation Fund 100 

Global Bond Fund (Euro) 111 

Global Bond Fund (US Dollar) 114 

Global Capital Securities Absolute Return Fund (2) 117 

Global Dynamic Equity Fund (2) 121 

Global Enhanced Equity Yield Fund (2) 129 

Global Equity Fund (1) 134 

Global Focus Fund 136 

Global Fundamental Value Fund 137 

Global High Yield Bond Fund (Euro) 139 

Global Opportunities Fund 143 

Global SmallCap Fund 145 

India Fund (2) 148 

Japan Fund (3) 149 

Japan Opportunities Fund (3) 150 

Japan Value Fund (3) 151 

Latin American Fund 152 

New Energy Fund 154 

Pacific Equity Fund 156 

Sterling Reserve Fund 158 

Strategic Allocation Fund (Euro) 159 

Strategic Allocation Fund (US Dollar) 162 

UK Focus Fund 166 

United Kingdom Fund 167 

US Basic Value Fund 168 

US Dollar Core Bond Fund 170 

US Dollar High Yield Bond Fund 176 

US Dollar Low Duration Bond Fund 180 

US Dollar Reserve Fund 184 

US Flexible Equity Fund 186 

US Focused Value Fund 188 

US Government Mortgage Fund 189 

US Growth Fund 191 

US Opportunities Fund 192 

US SmallCap Value Fund 194 

World Bond Fund 196 

World Energy Fund 199 

World Financials Fund 201 

World Gold Fund 203 

World Healthscience Fund 205 

World Income Fund 206 

World Mining Fund 210 

World Technology Fund 212 

Notes to the Financial Statements 213 

General Information 220 

Independent Auditor’s Report to the Shareholders 222 

(1), (2) 

and (3) See notes section 

Subscriptions may be made only on the basis of the current Prospectus, of which the most recent audited annual report and accounts and unaudited interim report and accounts form an integral 

part. Copies are available from Investor Services, the Transfer Agent, the Manager or any of the Distributors. 

Audited Annual Report and Accounts 1

Chairman’s Letter 

Merrill Lynch International Investment Funds 

Annual Report and Accounts 

31 December 2006 

In the year to 31 December 2006, the Company’s total net assets rose in value from US$ 40 billion to US$ 67.8 billion. This increase 

included net subscriptions to the Company’s Funds of US$ 17.3 billion. 

The first six months of 2006 proved to be a turbulent period for equity investors. Global stock markets turned downwards from May 

to June due to a sharp rise in investor risk aversion. This was primarily driven by concerns about the inflation outlook. Since then, the 

markets have rallied and most have ended the year higher in US dollar terms. Gains proved strongest in Europe and emerging 

markets, with Japan underperforming as solid economic growth and strong corporate earnings failed to translate into gains. 

Commodities in particular, experienced high levels of volatility with an increase early in the year followed by a significant mid-year 

pullback. Oil prices set a new all-time high in the summer before falling back by the year end. Utility, telecoms and materials stocks 

were the strongest performers. The utility sector was a notable beneficiary of robust merger and acquisition activity, with markets 

rewarding both acquirers and their targets. The technology sector was the laggard: several high-profile tech names reported a 

difficult environment. 

In contrast to stocks, bond prices experienced a more modest advance with the yield on the 10-year US Treasury starting the year at 

4.39% and ending at 4.71% (yields move in the opposite direction of prices, therefore a fall). In this environment, the Lehman Brothers 

Aggregate Bond Index posted a 4.33% return for the year in US dollar terms. 

I am pleased to inform you that the merger of the MLIM Group with BlackRock was successfully completed on 29 September 2006. 

As a result, a new independent company operating under the BlackRock name has been created. The BlackRock Group currently 

employs over 4,000 staff who provide investment management services for institutional and retail clients. The BlackRock Group had 

in excess of US 1.1 trillion of assets under management at 31 December 2006. The Company is managed by investment management 

companies which form part of the BlackRock Group. 

A full list of the changes to the Fund range and all other changes made to the Company since beginning of this year can be found in 

the Notes at the end of this document. 

Robert Fairbairn 

Chairman 

18 April 2007 

2 Merrill Lynch International Investment Funds

Board of Directors 

Management 

and Administration continued 

Chairman 

Robert Fairbairn 

Chairman EMEA Australia 

BlackRock Investment Management (UK) Limited (formerly 

known as Merrill Lynch Investment Managers Limited) 

33 King William Street, London EC4R 9AS, UK 

Directors 

Donald Burke (appointed 20 June 2006)* 

Managing Director 

BlackRock Investment Management, LLC (formerly known as 

Merrill Lynch Investment Managers L.P.) 

800 Scudders Mill Road 

Plainsboro, New Jersey 08536, USA 

James Charrington 

Managing Director, Head of Retail Business, EMEA Pacific 

BlackRock Investment Management (UK) Limited (formerly 

known as Merrill Lynch Investment Managers Limited) 


Frank P. Le Feuvre 

Managing Director, 

BlackRock (Channel Islands) Limited (formerly known as 

Merrill Lynch Investment Managers (Channel Islands) Limited), 

Forum House, Grenville Street, St. Helier, Jersey JE1 0BR, 

Channel Islands 

Emilio Novela Berlin 

Independent Director 

Paseo de la Castellana 40 bis – 4a Planta, 28046 Madrid, Spain 6 

Geoffrey Radcliffe 

Director and General Manager 

BlackRock (Luxembourg) S.A. (formerly known as Merrill Lynch 

Investment Managers (Luxembourg) S.A.) 

6D route de Trèves, L-2633 Senningerberg, 

Grand-Duchy of Luxembourg 

Jean-Claude Wolter 

Avocat Honoraire 

232, rue Edith Cavell, B-1180 Brussels, Belgium 

Management and Administration 

Management Company 

BlackRock (Luxembourg) S.A. 



Investment Advisers 

BlackRock Financial Management, Inc., 

(from 29 September 2006) 

40 East 52nd Street, New York, NY 10022, USA 

BlackRock International, Ltd (from 29 September 2006) 

40 Torphichen Street, Edinburgh EH3 8JB, Scotland 

BlackRock Investment Management, LLC 

800 Scudders Mill Road, Plainsboro, NJ 08536, USA 

Investment Manager and Principal Distributor 

BlackRock (Channel Islands) Limited 

Forum House, Grenville Street, St. Helier, Jersey JE1 0BR, 

Channel Islands 

Investor Services 

Written Enquiries: BlackRock Investment 

Management (UK) Limited, 

c/o BlackRock (Luxembourg) S.A., 

P.O. Box 1058, L1010 Luxembourg 

All other enquiries: Telephone: + 44 207 743 3300, 

Fax: + 44 207 743 1143 

Custodian 

The Bank of New York Europe Limited, Luxembourg Branch 

Aerogolf Center, 1A Hoehenhof, L-1736 Senningerberg, 


Fund Accountant 

The Bank of New York Europe Limited, Luxembourg Branch 



Transfer Agent and Registrar 

J.P. Morgan Bank Luxembourg S.A. 

6C, route de Trèves, L-2633 Senningerberg, 


Independent Auditor 

PricewaterhouseCoopers S.à r.l. 

Réviseur d’entreprises 

400 route d’Esch, L-1471 Luxembourg 

Legal Advisers 

In Luxembourg 

Linklaters Loesch 

Avenue John F. Kennedy 35, L-1855 Luxembourg 

In India 

Nishith Desai Associates 

93-B Mittal Court, Nariman Point 

Mumbai-400 021, India 

Listing Agent 

J.P. Morgan Bank Luxembourg S.A. 

6C, route de Trèves, L-2633 Senningerberg, 


Paying Agents 

A list of Paying Agents is to be found on page 220 

Registered Office 

from 24 March 2006 



until 24 March 2006 



BlackRock Investment Management (UK) Limited 


*approved 18 July 2006 by CSSF; Andrew Donohue resigned effective 30 April 2006 


Statement of Net Assets as at 31 December 2006 

Merrill Lynch 

International Asian Conservative Conservative Continental 

Investment Funds Asian Tiger Allocation Allocation European Emerging 

Fund Name Notes Combined Dragon Bond (Euro) (US Dollar) Flexible (1) Europe 

US$ US$ US$ € US$ € € 

Assets 

Securities portfolio at cost 

Unrealised appreciation/(depreciation) 

Securities portfolio at market value 

Cash at bank 

Cash equivalents 

Interest and dividends receivable 

Receivable for investments sold 

Receivable for Fund shares subscribed 

Unrealised gain on: 

Futures contracts 

Swaps transactions 

Forward foreign exchange contracts 

Other Investment Values 

Market Value of Purchased Options/Swaptions 

Restructuring expenses 

Other assets 

Total assets 

Liabilities 

Cash owed to bank 

Income distribution payable 

Payable for investments purchased 

Payable for Fund shares redeemed 

Unrealised loss on: 




Engagement of Written Options/Swaptions 

Other liabilities 

Total liabilities 

Total net assets 

53,301,529,229 370,575,826 77,058,125 99,592,093 12,290,493 168,248,941 3,166,457,090 

12,539,741,500 90,574,721 2,386,504 1,962,775 483,135 19,621,127 1,219,709,072 

2(a) 65,841,270,730 461,150,547 79,444,629 101,554,868 12,773,628 187,870,068 4,386,166,162 

1,172,001,094 5,225,453 10,350,627 1,385,424 243,090 9,227 7,014,817 

653,880,193 17,100,000 – 5,008,451 – – 308,200,000 

2(a) 135,033,813 226,719 1,575,033 705,304 57,417 29,497 13,934,931 

2(a) 182,106,427 964,483 – 30,123 – 4,370,238 6,074,796 

2(a) 358,269,340 708,966 807,698 188,403 150,596 145,146 40,587,487 

2(c) 4,478,277 – – – 10,886 – – 

2(c) 1,325,712 – 73,728 310,980 23,212 – – 

2(c) 3,730,158 – 284,891 – – – – 

2(c) 264,193,110 – – – – – 200,416,893 

2(c) 23,907,828 – 61 – – – – 

2(f) 410,641 5,369 1,777 328 143 423 15,746 

2(a,c) 851,804 – – – 9,514 – 6,463 

68,641,459,127 485,381,537 92,538,444 109,183,881 13,268,486 192,424,599 4,962,417,295 

78,762,252 235,593 1,936,936 402,073 250,432 2,271,393 – 

2(a) 8,306,775 322,037 115,622 140 637 299,466 – 

2(a) 350,616,012 157,630 – – – – – 

2(a) 213,961,910 2,369,934 172,709 355,008 18,568 69,498 22,897,131 

2(c) 7,520,009 – 19,946 38,489 – – 5,650,315 

2(c) 396,624 – – – – – – 

2(c) 29,337,494 – – 111,020 22,644 – – 

2(c) 49,379,290 – – – – – – 

2(a,c) 116,664,704 963,884 307,190 249,416 47,824 306,298 9,485,609 

854,945,070 4,049,078 2,552,403 1,156,146 340,105 2,946,655 38,033,055 

67,786,514,057 481,332,459 89,986,041 108,027,735 12,928,381 189,477,944 4,924,384,240 

(1) Fund name changed, see Note 1, for further details. 

(2) New Shares activated, see Note 1, for further details. 


Emerging Euro Euro Short 

Emerging Markets Euro Corporate Euro Duration Euro- European European European European Global 

Markets Bond Bond Bond (1) Reserve Bond (1) Markets European Focus (2) Growth Opportunities Value Allocation 

US$ US$ € € € € € € € € € € US$ 

511,756,242 89,311,495 306,392,424 22,371,714 462,524,691 37,443,990 259,433,655 1,076,222,154 25,027,718 646,002,397 746,169,117 471,882,085 5,987,925,444 

114,136,546 4,208,150 (3,979,387) (321,739) (862,127) (388,658) 29,425,347 69,630,966 592,378 57,428,803 85,103,740 95,980,764 867,641,806 

625,892,788 93,519,645 302,413,037 22,049,975 461,662,564 37,055,332 288,859,002 1,145,853,120 25,620,096 703,431,200 831,272,857 567,862,849 6,855,567,250 

5,766,223 5,754,359 394,813 342,392 17,269,291 642,339 366,439 4,472,081 765,083 85,792 5,530,563 328,900 64,918,772 

13,700,000 – 9,000,000 – 28,000,000 – – – – – 58,000,000 – 7,382,349 

716,108 2,165,187 6,644,066 506,126 4,943,836 627,189 – 1,242,798 21,930 775,964 289,558 811,209 24,855,610 

1,373,322 104,185 – – – – 3,782,673 1,623,954 – 2,496,852 4,222,076 26,306,482 2,420,342 

7,170,110 61,055 899,875 35,489 1,783,937 316,560 185,944 3,493,076 23,774 2,992,767 7,273,344 1,709,113 41,042,611 

– – 221,933 20,949 – 11,910 – – – – – – 1,135,045 

– 61,645 353,060 19,744 – 9,029 – – – – – – 54,374 

23,918 – – – – – – 574 – 825 – – – 

– – – – – – – – – – – – – 

– 24,725 – – – – – – – – – – 393,980 

3,328 878 3,271 156 7,518 2,001 4,718 6,407 – 551 12,327 9,503 37,717 

– – 5,482 5,607 – 8,988 – 561 3,894 326 – 37,148 – 

654,645,797 101,691,679 319,935,537 22,980,438 513,667,146 38,673,348 293,198,776 1,156,692,571 26,434,777 709,784,277 906,600,725 597,065,204 6,997,808,050 

8 1,069,965 5,031,183 – – 30,150 – – – 8,272,533 – 12,900,063 10,964 

– 233,935 26,467 277 – 1,304 2,436 – – – – 103,782 – 

10,118,017 – – – – – 3,578,546 – – – 18,361,737 4,537,947 4,209,360 

4,126,181 98,008 2,578,999 – 2,191,354 23,837 355,201 2,939,407 243,343 652,958 2,398,670 9,445,225 15,583,892 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 404,170 298,327 2,123 – 51,638 – – – – – – 7,749,475 

– – – – – – – – – – – – 41,420,403 

1,091,172 197,855 376,127 38,526 479,054 64,052 533,760 1,815,748 50,429 1,068,187 1,823,813 1,048,755 12,442,665 

15,335,378 2,003,933 8,311,103 40,926 2,670,408 170,981 4,469,943 4,755,155 293,772 9,993,678 22,584,220 28,035,772 81,416,759 

639,310,419 99,687,746 311,624,434 22,939,512 510,996,738 38,502,367 288,728,833 1,151,937,416 26,141,005 699,790,599 884,016,505 569,029,432 6,916,391,291 

The notes on pages 213 to 219 form an integral part of these financial statements. 


Statement of Net Assets as at 31 December 2006 continued 

Asian Conservative Conservative Continental 

Asian Tiger Allocation Allocation European Emerging 

Fund Name Dragon Bond (Euro) (US Dollar) Flexible (1) Europe 

US$ US$ € US$ € € 

Net asset value per A class distributing (D) share 

Number of A class distributing (D) shares outstanding 

Net asset value per A class Euro hedged distributing share 

Number of A class Euro hedged distributing shares outstanding 

Net asset value per A class distributing (M) share 

Number of A class distributing (M) shares outstanding 

Net asset value per A class distributing (Q) share 

Number of A class distributing (Q) shares outstanding 

Net asset value per A class non-distributing share 

Number of A class non-distributing shares outstanding 

Net asset value per A class Euro hedged non-distributing share 

Number of A class Euro hedged non-distributing shares outstanding 

Net asset value per A class GBP hedged non-distributing share 

Number of A class GBP hedged non-distributing shares outstanding 

Net asset value per A class UK distributor status share 

Number of A class UK distributor status shares outstanding 

Net asset value per B class distributing (D) share 

Number of B class distributing (D) shares outstanding 

Net asset value per B class distributing (Q) share 

Number of B class distributing (Q) shares outstanding 

Net asset value per B class non-distributing share 

Number of B class non-distributing shares outstanding 

Net asset value per B class Euro hedged non-distributing share 

Number of B class Euro hedged non-distributing shares outstanding 

Net asset value per C class distributing (D) share 

Number of C class distributing (D) shares outstanding 

Net asset value per C class distributing (M) share 

Number of C class distributing (M) shares outstanding 

Net asset value per C class distributing (Q) share 

Number of C class distributing (Q) shares outstanding 

Net asset value per C class non-distributing share 

Number of C class non-distributing shares outstanding 

Net asset value per C class Euro hedged non-distributing share 

Number of C class Euro hedged non-distributing shares outstanding 

Net asset value per D class non-distributing share 

Number of D class non-distributing shares outstanding 

Net asset value per D class Euro hedged non-distributing share 

Number of D class Euro hedged non-distributing shares outstanding 

Net asset value per E class distributing (Q) share 

Number of E class distributing (Q) shares outstanding 

Net asset value per E class share 

Number of E class shares outstanding 

Net asset value per E class Euro hedged share 

Number of E class Euro hedged shares outstanding 

Net asset value per J class distributing (M) share 

Number of J class distributing (M) shares outstanding 

Net asset value per J class non-distributing share 

Number of J class non-distributing shares outstanding 

Net asset value per Q class distributing share 

Number of Q class distributing shares outstanding 

Net asset value per Q class non-distributing share 

Number of Q class non-distributing shares outstanding 

Net asset value per X class share 

Number of X class shares outstanding 

Net asset value per X class Euro hedged share 

Number of X class Euro hedged shares outstanding 

(1) Fund name changed, see Note 1, for further details. (2) New Shares activated, see Note 1, for further details. 

– 10.74 8.70 9.17 – – 

– 498,204 19,630 21,691 – – 

– – – – – – 

– – – – – – 

– 10.75 8.57 9.15 – – 

– 695,839 360 10,981 – – 

– – – – – – 

– – – – – – 

23.83 22.04 8.92 9.67 9.95 112.02 

11,843,473 2,026,027 2,269,994 396,905 12,297,748 37,542,416 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

£12.09 – – – £6.68 £75.43 

902,258 – – – 6,037,946 122,767 

– 10.88 8.14 8.63 – – 

– 552,755 55,713 42,236 – – 

– – – – – – 

– – – – – – 

21.49 20.44 8.28 8.96 9.84 102.11 

2,233,058 192,325 245,940 41,203 122,926 424,143 

– – – – – – 

– – – – – – 

– 10.89 7.93 8.61 – – 

– 260,353 11,187 11,275 – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

21.19 20.22 7.98 8.94 9.85 101.04 

2,099,041 130,676 971,621 195,973 167,981 621,611 

– – – – – – 

– – – – – – 

– – – – – 112.70 

– – – – – 354,035 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

23.29 21.57 8.64 9.36 9.88 107.65 

1,959,926 117,944 8,876,682 418,990 455,472 4,330,080 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – 113.58 

– – – – – 86,518 

– 10.76 8.05 – – – 

– 1,149,108 570 – – – 

21.93 20.83 8.20 8.89 – 101.14 

1,819,937 103,612 75,868 257,326 – 13,160 

– – – – – 116.44 

– – – – – 701,621 

– – – – – – 

– – – – – – 


Emerging Euro Euro Short 

Emerging Markets Euro Corporate Euro Duration Euro- European European European European Global 

Markets Bond Bond Bond (1) Reserve Bond (1) Markets European Focus (2) Growth Opportunities Value Allocation 

US$ US$ € € € € € € € € € € US$ 

– 8.45 14.49 10.47 – 10.65 17.27 – – – – 44.55 – 

– 1,911,226 322,147 668 – 39,849 5,446 – – – – 42,209 – 

– – – – – – – – – – – – €26.55 

– – – – – – – – – – – – 1,287,520 

– 8.76 14.52 10.46 – 10.62 – – – – – – – 

– 697,586 86,028 1,077 – 1,928 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

24.23 9.51 17.25 10.89 73.16 11.79 17.41 77.72 13.92 19.73 84.99 45.59 35.62 

22,314,769 2,733,054 14,410,054 1,847,604 5,613,285 1,880,874 14,100,082 12,683,918 1,816,845 32,197,357 9,374,789 8,449,922 79,180,529 

– – – – – – – – – – – – €26.55 

– – – – – – – – – – – – 27,164,318 

– – – – – – – – – – – – £19.57 

– – – – – – – – – – – – 1,039,121 

– – – – – – – – – – – £30.63 – 

– – – – – – – – – – – 122,443 – 

– 8.46 14.19 9.91 – 10.28 – – – – – – – 

– 1,060,760 579,027 11,223 – 14,263 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

22.56 9.29 15.70 10.52 73.15 10.80 15.97 70.87 13.85 19.06 77.80 40.03 32.44 

617,440 179,778 318,335 2,964 120,278 53,933 111,467 158,951 3,904 570,697 69,859 650,910 30,951,977 

– – – – – – – – – – – – €24.18 

– – – – – – – – – – – – 1,994,557 

– 8.45 14.19 – – 10.04 – – – – – – – 

– 760,615 246,208 – – 27,640 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

22.14 9.24 15.52 10.43 70.01 10.69 15.87 70.22 13.93 18.98 77.40 39.55 32.07 

598,843 174,332 141,266 23,049 116,944 67,161 65,796 162,436 6,080 614,944 133,170 812,756 27,431,739 

– – – – – – – – – – – – €23.91 

– – – – – – – – – – – – 4,970,407 

– – – – – – – – – 19.83 – – – 

– – – – – – – – – 1,027,783 – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

23.30 9.43 16.58 10.71 72.02 11.42 16.80 74.80 13.94 19.54 81.84 44.78 34.80 

3,022,552 1,103,464 1,893,587 225,322 1,138,577 1,209,888 2,158,772 1,706,446 50,628 1,098,404 555,309 482,202 8,472,685 

– – – – – – – – – – – – €27.01 

– – – – – – – – – – – – 3,406,137 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 8.45 14.16 – – – – – – – – – – 

– 2,643,934 104,100 – – – – – – – – – – 

21.87 – 15.42 – 73.16 10.67 16.00 71.16 – – 77.01 40.89 33.18 

43,334 – 350,006 – 18,624 31,760 258,265 223,259 – – 338,017 2,363,349 15,918,799 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – €26.69 

– – – – – – – – – – – – 358,021 




Global Capital 

Global 

Global Global Securities Global Enhanced Global 

Bond Bond Absolute Dynamic Equity Global Global Fundamental 

Fund Name Notes (Euro) (US Dollar) Return (2) Equity (2) Yield (2) Equity (1) Focus Value 

€ US$ € US$ US$ US$ US$ US$ 

Assets 




Cash at bank 












Other assets 

Total assets 

143,274,148 111,418,089 59,315,340 312,292,542 262,915,924 385,173,137 3,495,208 336,590,600 

(2,858,746) 2,299,547 (266,923) 32,830,000 11,694,003 37,507,392 364,656 66,475,325 

2(a) 140,415,402 113,717,636 59,048,417 345,122,542 274,609,927 422,680,529 3,859,864 403,065,925 

643,359 30,474,046 3,989,657 6,105,389 22,615,796 4,720,681 34,036 9,588,539 

– – 39,948,177 – – – – – 

2(a) 2,037,429 2,370,044 1,059,686 396,241 451,170 114,391 2,289 429,700 

2(a) – – – 145,312 – – – – 

2(a) 1,128,540 322,290 1,478,626 889,540 3,831,274 36,192 – 1,300,362 

2(c) 430,166 293,634 536,035 510,322 72,731 – – – 

2(c) – – – – – – – – 

2(c) – – – – – – – – 

2(c) – – – – – – – – 

2(c) – – – – – – – – 

2(f) 5,266 2,760 – – – 5,071 35 4,994 

2(a,c) 276 246 – – 43 2,764 1,225 12,220 

144,660,438 147,180,656 106,060,598 353,169,346 301,580,941 427,559,628 3,897,449 414,401,740 

Liabilities 













274,922 – 2,215,349 737,629 – – – – 

2(a) 2,261 11,397 – – 2,571,770 – – – 

2(a) 501,636 – 1,209,486 647,164 – 40,705 – 1,014,166 

2(a) 61,876 140,049 32,884 1,398,845 101,162 751,037 – 104,799 

2(c) – – – – – – – – 

2(c) 1,724 1,837 71,997 – – – – – 

2(c) 20,039 1,951,443 324,377 185,285 – – – – 

2(c) – – – 1,584,448 2,586,526 – – – 

2(a,c) 190,788 240,556 84,754 628,222 506,414 790,617 12,903 568,002 

1,053,246 2,345,282 3,938,847 5,181,593 5,765,872 1,582,359 12,903 1,686,967 

143,607,192 144,835,374 102,121,751 347,987,753 295,815,069 425,977,269 3,884,546 412,714,773 


(2) New Fund launched, see Note 1, for further details. 

(3) Base currency changed, see Note 1, for further details. 


Global Strategic Strategic 

High Yield Global Global Japan Japan Latin New Pacific Sterling Allocation Allocation 

Bond (Euro) Opportunities SmallCap India (2) Japan (3) Opportunities (3) Value (3) American Energy Equity Reserve (Euro) (US Dollar) 

€ US$ US$ US$ ¥ ¥ ¥ US$ US$ US$ £ € US$ 

160,525,098 132,403,717 310,756,705 365,298,718 25,212,442,856 114,124,577,268 111,198,595,298 2,596,404,630 2,549,997,546 241,752,075 38,013,149 33,023,373 54,938,334 

(13,962,662) 10,998,658 83,504,459 167,766,981 3,522,361,244 13,125,681,432 4,913,200,702 1,196,800,786 305,125,223 96,845,223 (33,894) 630,676 3,360,408 

146,562,436 143,402,375 394,261,164 533,065,699 28,734,804,100 127,250,258,700 116,111,796,000 3,793,205,416 2,855,122,769 338,597,298 37,979,255 33,654,049 58,298,742 

1,562,782 2,176,118 17,716,440 21,256,309 92,613,265 1,302,285,335 2,819,428,836 5,003,714 166,213,267 10,015,111 5,413,008 645,667 2,649,199 

– 6,000,000 – – – – – – – – 2,001,847 – – 

2,570,743 184,162 572,551 303,494 11,782,745 187,716,285 69,737,910 9,540,553 1,741,000 130,365 321,710 233,280 460,086 

– 31,012 710,856 82,363 – 358,436,052 178,637,559 814,946 – – – – 1,871,456 

1,068,513 176,376 412,400 1,083,624 101,148,585 525,755,432 300,934,260 71,148,728 11,550,860 1,379,105 1,070,639 71,141 72,747 

– – – – – – – – – – – – 18,381 

– – – – – – – – – – – 44,054 77,453 

2,089,594 – – – 445,208 169,655 73,329,629 – – – – 20,449 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – 18,197 30,474 

2,204 2,510 6,862 18,662 391,958 2,375,997 26,054 8,425 1,511 2,165 808 786 1,339 

– 290 16,792 165 33,438 – 4,630 – – 603 – – 15 

153,856,272 151,972,843 413,697,065 555,810,316 28,941,219,299 129,626,997,456 119,553,894,878 3,879,721,782 3,034,629,407 350,124,647 46,787,267 34,687,623 63,479,892 

860,570 – 22,545 45,916 – 11,084 – 857,879 – – – 588,411 – 

233,697 – – – – – 1,395,507 81,449 – – 48,530 – – 

2,800,000 655,029 901,401 254,401 – 176,443,300 – 42,437,394 – – – – – 

513,300 434,460 626,792 1,244,144 58,060,079 469,515,034 162,655,709 16,680,080 10,736,109 750,585 113,186 206,748 1,996,345 

– – – – – – – – – – – 744 – 

– – – – – – – – – – – – – 

– 455 – – – – – – – – – – 284,997 

– – – – – – – – – – – – – 

267,488 345,684 736,971 1,980,697 54,415,379 253,887,542 189,365,709 6,490,809 5,226,995 644,913 49,065 96,413 148,905 

4,675,055 1,435,628 2,287,709 3,525,158 112,475,458 899,856,960 353,416,925 66,547,611 15,963,104 1,395,498 210,781 892,316 2,430,247 

149,181,217 150,537,215 411,409,356 552,285,158 28,828,743,841 128,727,140,496 119,200,477,953 3,813,174,171 3,018,666,303 348,729,149 46,576,486 33,795,307 61,049,645 





Global 

Global Global Securities Global Enhanced Global 

Bond Bond Absolute Dynamic Equity Global Global Fundamental 

Fund Name (Euro) (US Dollar) Return (2) Equity (2) Yield (2) Equity (1) Focus Value 

€ US$ € US$ US$ US$ US$ US$ 

























































16.33 16.98 – – – 6.57 – – 

43,423 143,173 – – – 47,090 – – 

– – – – – – – – 

– – – – – – – – 

16.33 16.97 – – – – – – 

31,503 40,375 – – – – – – 

– – – – 10.41 – – – 

– – – – 9,549,020 – – – 

18.78 19.62 10.19 11.45 10.58 6.57 12.95 21.15 

6,466,507 5,633,092 8,591,922 17,457,495 6,417,942 46,659,212 300,000 14,096,540 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – £3.35 – – 

– – – – – 11,064,283 – – 

15.88 16.42 – – – – – – 

12,981 67,051 – – – – – – 

– – – – 10.41 – – – 

– – – – 4,572,387 – – – 

17.12 17.84 10.19 11.35 10.56 6.51 – 20.34 

6,841 214,329 3,118 5,693,525 1,728,438 522,259 – 276,510 

– – – – – – – – 

– – – – – – – – 

15.86 16.24 – – – – – – 

11,565 79,231 – – – – – – 

– 16.24 – – – – – – 

– 9,980 – – – – – – 

– – – – 10.41 – – – 

– – – – 2,423,516 – – – 

16.91 17.65 – 11.33 10.55 6.49 – 19.85 

4,866 25,288 – 7,267,701 3,546,070 44,122 – 358,076 

– – – – – – – – 

– – – – – – – – 

– – 10.22 – – – – – 

– – 589,391 – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

18.07 18.94 10.16 11.40 – 6.54 – 20.71 

1,072,768 739,632 833,884 101,191 – 5,777,700 – 376,942 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

15.84 16.38 – – – – – – 

1,000 95,161 – – – – – – 

16.82 17.56 – – – 6.52 – 20.71 

54,791 502,030 – – – 711,450 – 1,006,341 

– – – – – – – 22.01 

– – – – – – – 3,322,219 

– – – – – – – – 

– – – – – – – – 

(1) Fund name changed, see Note 1, for further details. (2) New Fund launched, see Note 1, for further details. (3) Base currency changed, see Note 1, for further details. 






6.27 – – – – – – – – – – – – 

136,407 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

6.31 – – – – – – – – – – – – 

8,342,015 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

10.15 31.68 56.13 20.12 2,902.00 6,193.00 1,513.00 61.90 10.28 27.16 183.42 10.67 25.02 

5,209,462 4,123,042 5,815,570 20,938,899 8,052,625 16,851,481 56,407,744 56,023,567 255,152,845 8,803,451 156,384 1,751,291 2,043,030 

– – – – €20.05 €43.33 €10.56 – – – – – – 

– – – – 5,371 933 1,740,981 – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – £10.27 – £26.53 £6.48 £31.27 £5.26 – £173.13 – – 

– – – 127,316 – 31,876 4,512,753 609,023 130,154 – 44,483 – – 

6.48 – – – – – – – – – – – – 

913,943 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.44 29.09 51.76 19.63 2,653.00 5,666.00 1,488.00 55.48 9.77 24.89 183.12 9.88 22.83 

120,691 28,714 640,237 2,430,391 485,905 872,088 4,910,614 295,012 2,940,441 1,009,382 889 69,469 172,510 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

6.44 – – – – – – – – – – – – 

448,143 – – – – – – – – – – – – 

6.44 – – – – – – – – – – – – 

653,273 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.42 28.87 51.28 19.55 2,644.00 5,606.00 1,479.00 55.36 9.65 24.79 183.42 10.57 22.71 

117,501 52,260 482,609 3,857,019 316,428 1,005,880 8,731,461 568,196 4,934,868 883,484 1,074 3,645 62,635 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – €40.12 – – 10.35 – – – – 

– – – – – 618,975 – – 405,256 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.78 30.55 54.93 20.06 2,798.00 5,953.00 1,504.00 60.54 10.00 26.59 180.37 10.27 24.08 

1,882,526 489,025 47,231 264,859 903,640 1,035,811 2,624,481 3,924,455 31,402,759 1,135,276 54,314 770,703 44,277 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – 62.63 – – – – – 

– – – – – – – 172,726 – – – – – 

6.05 – – – – – – – – – – – – 

48,925 – – – – – – – – – – – – 

9.19 28.72 52.83 – US$22.41 US$47.11 – 56.74 9.58 25.30 183.42 9.64 22.51 

40,786 91,070 463,640 – 295,778 341,909 – 212,694 26,705 1,282,027 186 672,026 155,398 

10.26 – – – – 6,348.00 – – – – – – – 

826,131 – – – – 253,020 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 




US US Dollar US Dollar US Dollar US 

UK United Basic Core High Yield Low Duration US Dollar Flexible 

Fund Name Notes Focus Kingdom Value Bond Bond Bond Reserve Equity 

£ £ US$ US$ US$ US$ US$ US$ 

Assets 




Cash at bank 












Other assets 

Total assets 

Liabilities 













1,742,236 331,259,070 1,730,707,720 242,085,309 121,433,639 169,621,078 276,306,603 7,379,639,761 

523,011 62,475,746 351,131,956 230,353 1,912,546 (2,950,849) 249,832 1,127,587,672 

2(a) 2,265,247 393,734,816 2,081,839,676 242,315,662 123,346,185 166,670,229 276,556,435 8,507,227,433 

9,583 1,736,210 37,958,505 4,511,302 5,229,414 15,073,432 5,112,398 3,965,266 

– – – – – – 15,000,000 – 

2(a) 2,996 672,529 2,278,577 856,595 2,285,743 1,084,645 2,096,393 6,645,476 

2(a) – 1,256,976 – 1,031,989 – – – 44,450,861 

2(a) – 461,691 6,282,807 459,729 1,773,062 1,014,512 3,329,695 23,923,429 

2(c) – – – 287,860 – 12,250 – – 

2(c) – – – – – – – – 

2(c) – – – – – – – – 

2(c) – – – – – – – – 

2(c) – – 376,250 – – – – – 

2(f) 19 5,097 34,926 2,006 3,266 2,473 4,504 23,728 

2(a,c) 266 – 32,005 616,492 – – – 7,603 

2,278,111 397,867,319 2,128,802,746 250,081,635 132,637,670 183,857,541 302,099,425 8,586,243,796 

– – – 5,621,905 – – – – 

2(a) – 1,117,834 60,522 155,239 368,543 21,704 – – 

2(a) – 600,000 – 18,501,004 – 18,381,172 – 53,714,507 

2(a) – 762,026 2,378,694 151,100 379,929 178,415 2,884,995 13,311,339 

2(c) – – – – – – – – 

2(c) – – – 184,492 – 26,944 – – 

2(c) – – 873,974 – 5,918 – – 15,961,048 

2(c) – – 3,787,913 – – – – – 

2(a,c) 3,928 637,354 3,256,712 395,364 246,732 242,999 285,427 12,842,129 

3,928 3,117,214 10,357,815 25,009,104 1,001,122 18,851,234 3,170,422 95,829,023 

2,274,183 394,750,105 2,118,444,931 225,072,531 131,636,548 165,006,307 298,929,003 8,490,414,773 


US US US 

Focused Government US US SmallCap World World World World World World World World 

Value Mortgage Growth Opportunities Value Bond Energy Financials Gold Healthscience Income Mining Technology 

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ 

916,265,645 156,734,082 121,349,452 134,040,483 146,117,664 24,665,146 5,054,557,819 223,890,170 3,610,966,031 115,855,919 255,400,965 4,560,418,525 119,768,275 

119,047,376 (1,913,683) 10,759,728 14,013,260 7,088,947 240,824 777,726,007 56,217,993 2,064,478,502 16,012,983 6,443,689 2,536,260,061 2,100,326 

1,035,313,021 154,820,399 132,109,180 148,053,743 153,206,611 24,905,970 5,832,283,826 280,108,163 5,675,444,533 131,868,902 261,844,654 7,096,678,586 121,868,601 

21,914,582 2,739,344 309,382 3,135,853 1,843,204 2,587,071 127,811,254 12,982,941 232,897,493 1,248,489 64,999,306 125,727,460 1,698,210 

– – – – – – – – – – – – – 

981,064 396,957 65,869 8,968 104,925 414,721 5,602,891 141,536 1,446,543 5,557 5,078,065 6,964,400 32,070 

– 40,761,297 – – – – – – 8,294,982 2,580,377 – 1,264,984 3,746,181 

3,362,217 322,898 356,095 438,346 200,710 – 10,760,787 1,007,766 43,605,289 244,747 1,874,276 21,706,664 1,094,790 

– 129,374 – – – 43,970 – – – – 354,289 – – 

– – – – – 1,385 – – – – 62,564 – – 

– – – – – – – – – – 15,750 – – 

– – – – – – – – – – – – – 

– – – – – – – 22,923,825 – – 134,525 – – 

19,967 2,335 1,541 2,201 4,069 653 15,173 4,318 28,306 1,384 – 25,753 1,487 

253 26,512 – 339 13 108 3,240 206 – – 563 29,081 49 

1,061,591,104 199,199,116 132,842,067 151,639,450 155,359,532 27,953,878 5,976,477,171 317,168,755 5,961,717,146 135,949,456 334,363,992 7,252,396,928 128,441,388 

– – – 15 – 4,644 – – 10 – 24,668,684 – – 

29 204,378 – – – 10,636 – – – – 735,761 228,709 – 

– 97,891,577 – – – – – – 46,877,256 1,503,426 – 9,404,809 393,616 

4,924,646 150,236 209,832 1,173,347 246,079 1,367 14,271,696 4,756,306 18,924,721 673,648 9,184 23,891,656 1,310,222 

– – – – – – – – – – – – – 

– 86,171 – – – – – – – – – – – 

665,452 134,148 – – – 33,993 – – – – – – – 

– – – – – – – – – – – – – 

1,639,542 162,845 287,613 328,746 323,896 45,081 9,994,513 660,331 10,007,781 325,991 486,976 12,201,944 314,081 

7,229,669 98,629,355 497,445 1,502,108 569,975 95,721 24,266,209 5,416,637 75,809,768 2,503,065 25,900,605 45,727,118 2,017,919 

1,054,361,435 100,569,761 132,344,622 150,137,342 154,789,557 27,858,157 5,952,210,962 311,752,118 5,885,907,378 133,446,391 308,463,387 7,206,669,810 126,423,469 






Fund Name Focus Kingdom Value Bond Bond Bond Reserve Equity 


























































– – 53.62 16.35 6.03 9.69 – – 

– – 46,530 679,256 580,030 329,240 – – 

– – – – – – – – 

– – – – – – – – 

– – – 16.42 6.09 9.73 – – 

– – – 494,182 6,403,295 66,369 – – 

– – – – – – – – 

– – – – – – – – 

15.16 58.58 53.62 21.98 17.59 11.02 149.31 18.61 

150,000 4,525,088 31,636,736 4,317,631 2,411,684 7,898,597 1,563,798 309,090,092 

– – €41.46 – – – – €14.32 

– – 1,332,835 – – – – 84,704,719 

– – – – – – – – 

– – – – – – – – 

– £58.41 £27.30 – – – – £9.48 

– 1,812,623 1,357,989 – – – – 9,106,502 

– – – 15.44 6.09 9.70 – – 

– – – 1,411,962 1,608,291 1,083,414 – – 

– – – – – – – – 

– – – – – – – – 

– 53.48 46.69 19.75 16.39 10.57 149.40 17.77 

– 26,994 1,146,601 995,893 260,599 1,272,823 69,483 5,437,263 

– – €35.96 – – – – €13.72 

– – 24,668 – – – – 96,981 

– – – 15.39 6.05 9.69 – – 

– – – 551,980 586,935 566,177 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 53.30 46.24 19.51 16.03 10.46 148.62 17.56 

– 21,309 613,053 1,370,344 450,506 1,126,797 60,550 4,272,955 

– – €35.61 – – – – €12.79 

– – 3,948 – – – – 392,074 

– – 53.67 – – – – 18.70 

– – 370,604 – – – – 5,989,877 

– – – – – – – €14.38 

– – – – – – – 1,342,650 

– – – – – – – – 

– – – – – – – – 

– 56.37 52.34 21.37 17.21 10.71 147.28 18.29 

– 388,452 466,413 921,137 166,926 2,080,480 301,720 17,494,425 

– – €37.75 – – – – €13.58 

– – 622,477 – – – – 17,805,727 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – 15.39 6.03 – – – 

– – – 400,756 2,850,671 – – – 

– 53.74 47.71 19.99 17.18 – 149.30 17.79 

– 8,346 2,420,445 291,847 107,666 – 10,893 800,244 

– – – 22.42 – 11.11 – – 

– – – 114,556 – 953,751 – – 

– – – – – – – – 

– – – – – – – – 


US US US 




– 9.51 – – – 47.20 – – – – 10.42 – – 

– 2,298,358 – – – 72,559 – – – – 850,217 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 9.51 – – – 47.07 – – – – – – – 

– 1,957,514 – – – 3,850 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

43.92 13.29 10.46 105.86 29.96 50.91 22.27 27.88 38.13 13.51 10.89 57.48 12.56 

20,688,800 1,137,816 7,653,369 1,277,586 3,845,563 450,524 226,728,524 8,443,383 144,705,418 7,356,664 1,654,124 112,396,648 5,579,537 

€33.97 €10.23 – – – – – – – – – – – 

1,014,577 1,000,000 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

£22.37 – – – – – £11.27 – – – – £29.19 – 

2,796 – – – – – 2,221,054 – – – – 316,646 – 

– 10.03 – – – 48.14 – – – – 10.42 – – 

– 829,644 – – – 12,178 – – – – 1,858,852 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

40.70 12.94 9.82 96.80 27.95 – 20.99 26.40 34.92 12.89 10.77 52.82 11.82 

192,558 69,625 1,774,117 7,196 333,840 – 1,719,744 505,816 1,036,039 661,073 1,814,429 992,921 162,619 

€33.81 – – – – – – – – – – – – 

775 – – – – – – – – – – – – 

– 10.03 – – – 47.74 – – – – 10.44 – – 

– 401,097 – – – 11,088 – – – – 2,458,088 – – 

– 9.49 – – – – – – – – – – – 

– 35,255 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

40.23 12.78 9.68 95.98 27.67 – 20.74 26.29 34.64 12.68 10.74 52.39 11.74 

113,677 204,356 1,562,268 22,189 266,083 – 3,722,253 560,699 1,611,801 600,879 3,701,824 1,539,811 118,448 

€30.27 – – – – – – – – – – – – 

4,700 – – – – – – – – – – – – 

– – – – – – 22.36 – 38.30 – – 57.74 – 

– – – – – – 1,427,784 – 449,691 – – 238,407 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

43.05 12.94 10.25 101.84 29.32 50.26 21.65 27.28 36.70 13.14 10.77 55.44 12.33 

975,583 159,187 1,323,722 93,604 128,714 3,976 14,693,455 731,742 5,924,434 1,299,690 43,483 7,331,379 2,854,948 

€35.01 – – – – – – – – – – – – 

655,130 – – – – – – – – – – – – 

– – – – – – – – – – 10.43 – – 

– – – – – – – – – – 16,943,655 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 10.01 – – – – – – – – – – – 

– 1,265,046 – – – – – – – – – – – 

41.65 13.08 10.04 95.58 28.58 – 20.74 27.22 34.71 12.60 – 52.60 12.07 

366,092 45,298 613,458 26,483 668,045 – 318,404 1,040,023 27,371 67,290 – 7,850 1,476,546 

– – – – – – 22.95 – 38.74 – – 59.12 – 

– – – – – – 16,733,575 – 1,033,058 – – 2,954,855 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 



Three Year Asset Summary as at 31 December 2006 

Classes A and B 


Asian Tiger Allocation Allocation European Emerging Emerging 

Fund Name Dragon Bond (Euro) (US Dollar) Flexible (1) Europe Markets 

US$ US$ € US$ € € US$ 























































481,332,459 89,986,041 108,027,735 12,928,381 189,477,944 4,924,384,240 639,310,419 

414,869,510 115,124,467 88,056,182 7,173,300 109,056,553 2,518,612,417 353,871,689 

298,486,298 94,313,222 13,586,461 8,666,379 – 781,750,253 231,722,135 

– 10.74 8.70 9.17 – – – 

– 10.54 8.76 8.91 – – – 

– 10.63 8.36 8.68 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– 10.75 8.57 9.15 – – – 

– 10.53 – 8.89 – – – 

– 10.62 7.98 8.67 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

23.83 22.04 8.92 9.67 9.95 112.02 24.23 

18.65 20.46 8.88 9.23 8.06 83.09 18.86 

15.79 19.57 8.41 8.92 – 48.85 13.95 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

£12.09 – – – £6.68 £75.43 – 

£10.78 – – – £5.54 £57.05 – 

– – – – – – – 

– 10.88 8.14 8.63 – – – 

– 10.68 8.22 8.39 – – – 

– 10.77 7.82 8.17 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

21.49 20.44 8.28 8.96 9.84 102.11 22.56 

16.98 19.16 8.33 8.66 8.06 76.50 17.73 

14.52 18.51 7.89 8.42 – 45.44 13.25 

– – – – – – – 

– – – – – – – 

– – – – – – – 


Emerging Euro Euro Short Global 

Markets Euro Corporate Euro Duration Euro- European European European European Global Bond 

Bond Bond Bond (1) Reserve Bond (1) Markets European Focus (2) Growth Opportunities Value Allocation (Euro) 

US$ € € € € € € € € € € US$ € 

99,687,746 311,624,434 22,939,512 510,996,738 38,502,367 288,728,833 1,151,937,416 26,141,005 699,790,599 884,016,505 569,029,432 6,916,391,291 143,607,192 

76,972,134 192,460,526 11,764,336 462,140,172 55,905,192 472,182,537 597,927,758 3,295,411 124,127,013 886,982,358 581,786,543 3,606,158,458 157,924,822 

55,343,591 193,280,150 9,076,145 402,558,244 135,295,197 292,472,883 445,701,867 – 25,759,465 790,881,221 582,154,138 2,149,771,476 351,297,361 

8.45 14.49 10.47 – 10.65 17.27 – – – – 44.55 – 16.33 

8.05 14.91 10.83 – 10.77 14.68 – – – – 37.52 – 16.81 

7.67 14.67 – – 10.81 11.53 – – – – 30.54 – 16.66 

– – – – – – – – – – – €26.55 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

8.76 14.52 10.46 – 10.62 – – – – – – – 16.33 

8.29 14.94 10.84 – 10.76 – – – – – – – 16.81 

– 14.69 – – 10.80 – – – – – – – 16.64 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.51 17.25 10.89 73.16 11.79 17.41 77.72 13.92 19.73 84.99 45.59 35.62 18.78 

8.61 17.29 10.91 71.70 11.68 14.79 64.44 10.98 16.21 69.56 38.40 31.17 18.83 

7.74 16.64 10.58 70.77 11.55 11.62 49.89 – 12.46 54.35 30.51 28.74 18.25 

– – – – – – – – – – – €26.55 – 

– – – – – – – – – – – €24.61 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – £19.57 – 

– – – – – – – – – – – £18.07 – 

– – – – – – – – – – – – – 

– – – – – – – – – – £30.63 – – 

– – – – – – – – – – £26.40 – – 

– – – – – – – – – – – – – 

8.46 14.19 9.91 – 10.28 – – – – – – – 15.88 

8.05 14.59 10.24 – 10.38 – – – – – – – 16.35 

7.68 14.35 10.22 – 10.43 – – – – – – – 16.20 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.29 15.70 10.52 73.15 10.80 15.97 70.87 13.85 19.06 77.80 40.03 32.44 17.12 

8.50 15.90 10.65 71.70 10.81 13.70 59.34 – 15.81 64.32 34.05 28.68 17.33 

7.72 15.45 10.43 70.77 10.80 10.87 46.40 – 12.27 50.77 27.33 26.71 16.95 

– – – – – – – – – – – €24.18 – 

– – – – – – – – – – – €22.64 – 

– – – – – – – – – – – – – 



Three Year Asset Summary as at 31 December 2006 continued 

Classes C, D, E and J 




US$ US$ € US$ € € US$ 

















Net asset value per C Euro class hedged non-distributing share 




















Net asset value per E class hedged share 












(1) 

Fund name changed, see Note 1, for further details. 


– 10.89 7.93 8.61 – – – 

– 10.68 8.03 8.37 – – – 

– 10.77 7.63 8.20 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

21.19 20.22 7.98 8.94 9.85 101.04 22.14 

16.79 19.00 8.05 8.65 – 75.88 17.44 

14.39 18.40 7.71 8.46 – 45.17 13.07 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – 112.70 – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

23.29 21.57 8.64 9.36 9.88 107.65 23.30 

18.32 20.13 8.64 8.98 8.06 80.24 18.22 

15.59 19.34 8.22 8.72 – 47.42 13.55 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – 113.58 – 

– – – – – – – 

– – – – – – – 





US$ € € € € € € € € € € US$ € 

8.45 14.19 – – 10.04 – – – – – – – 15.86 

8.05 14.60 – – 10.16 – – – – – – – 16.32 

7.67 14.36 10.23 – 10.20 – – – – – – – 16.18 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.24 15.52 10.43 70.01 10.69 15.87 70.22 13.93 18.98 77.40 39.55 32.07 16.91 

8.47 15.75 10.58 68.61 10.72 13.66 58.94 – 15.78 64.14 33.73 28.42 17.17 

7.72 15.35 10.39 67.72 10.73 10.86 46.11 – 12.28 50.74 27.12 26.54 16.84 

– – – – – – – – – – – €23.91 – 

– – – – – – – – – – – €22.44 – 

– – – – – – – – – – – – – 

– – – – – – – – 19.83 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.43 16.58 10.71 72.02 11.42 16.80 74.80 13.94 19.54 81.84 44.78 34.80 18.07 

8.58 16.71 10.78 70.76 11.37 14.35 62.33 – 16.12 67.31 37.91 30.61 18.21 

– 16.16 10.51 70.01 11.30 11.32 48.49 – 12.45 52.85 30.27 28.37 17.73 

– – – – – – – – – – – €27.01 – 

– – – – – – – – – – – €25.17 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 




Classes Q and X 




US$ US$ € US$ € € US$ 



– 10.76 8.05 – – – – 


– 10.56 8.14 8.62 – – – 


– 10.65 7.80 8.42 – – – 



21.93 20.83 8.20 8.89 – 101.14 21.87 


17.25 19.45 8.27 8.60 – 75.97 17.23 


14.68 18.70 7.93 8.41 – 45.22 12.91 



– – – – – 116.44 – 


– – – – – 84.64 – 


– – – – – 48.95 – 

Net asset value per X class hedged share 


– – – – – – – 


– – – – – – – 


– – – – – – – 







US$ € € € € € € € € € € US$ € 

8.45 14.16 – – – – – – – – – – 15.84 

8.04 14.56 – – – – – – – – – – 16.31 

7.67 14.32 – – 10.40 – – – – – – – 16.15 

– 15.42 – 73.16 10.67 16.00 71.16 – – 77.01 40.89 33.18 16.82 

– 15.69 – 71.70 10.71 13.72 59.52 – – 63.82 34.61 29.19 17.10 

– 15.32 – 70.77 10.72 10.87 46.49 – – 50.48 27.63 27.04 16.81 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – €26.69 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 






Global 

Global Securities Global Enhanced Global 

Bond Absolute Dynamic Equity Global Global Fundamental 

Fund Name (US Dollar) Return (2) Equity (2) Yield (2) Equity (1) Focus Value 

US$ € US$ US$ US$ US$ US$ 



144,835,374 102,121,751 347,987,753 295,815,069 425,977,269 3,884,546 412,714,773 


166,266,095 – – – 167,494,636 3,347,115 309,731,041 


174,299,122 – – – – – 328,023,032 



16.98 – – – 6.57 – – 


17.04 – – – – – – 


16.78 – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 



16.97 – – – – – – 


17.03 – – – – – – 


16.78 – – – – – – 



– – – 10.41 – – – 


– – – – – – – 


– – – – – – – 



19.62 10.19 11.45 10.58 6.57 12.95 21.15 


19.19 – – – 5.66 11.16 17.21 


18.51 – – – – – 16.06 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – £3.35 – – 


– – – – £3.29 – – 


– – – – – – – 



16.42 – – – – – – 


16.47 – – – – – – 


16.22 – – – – – – 



– – – 10.41 – – – 


– – – – – – – 


– – – – – – – 



17.84 10.19 11.35 10.56 6.51 – 20.34 


17.62 – – – – – 16.72 


17.17 – – – – – 15.75 



– – – – – – – 


– – – – – – – 


– – – – – – – 

(1) 









149,181,217 150,537,215 411,409,356 552,285,158 ¥28,828,743,841 ¥128,727,140,496 ¥119,200,477,953 3,813,174,171 3,018,666,303 348,729,149 46,576,486 33,795,307 61,049,645 

132,690,071 182,159,942 432,205,922 – US$340,384,497 US$2,039,429,255 US$413,494,407 2,034,704,104 553,484,493 245,305,918 37,074,728 53,997,049 66,346,200 

166,828,919 183,811,409 483,817,378 – US$249,122,045 US$1,379,448,316 – 493,657,283 111,662,094 154,081,694 51,159,061 46,626,682 102,495,515 

6.27 – – – – – – – – – – – – 

6.25 – – – – – – – – – – – – 

6.46 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

6.31 – – – – – – – – – – – – 

6.28 – – – – – – – – – – – – 

6.48 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

10.15 31.68 56.13 20.12 ¥2,902.00 ¥6,193.00 ¥1,513.00 61.90 10.28 27.16 183.42 10.67 25.02 

9.58 28.30 47.64 – US$25.20 US$65.15 US$12.42 42.54 7.81 23.76 176.70 10.47 22.86 

9.32 24.24 42.28 – US$19.89 US$47.73 – 27.58 6.45 18.74 169.81 9.23 21.69 

– – – – €20.05 €43.33 €10.56 – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – £10.27 – £26.53 £6.48 £31.27 £5.26 – £173.13 – – 

– – – – – £37.88 – £24.50 – – £173.68 – – 

– – – – – – – – – – – – – 

6.48 – – – – – – – – – – – – 

6.46 – – – – – – – – – – – – 

6.67 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.44 29.09 51.76 19.63 ¥2,653.00 ¥5,666.00 ¥1,488.00 55.48 9.77 24.89 183.12 9.88 22.83 

8.99 26.24 44.37 – US$23.27 US$60.20 US$12.33 38.51 7.50 21.99 176.36 9.79 21.07 

8.84 22.70 39.77 – US$18.55 US$44.53 – 25.22 6.26 17.51 169.48 8.72 20.19 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 






Global 







16.24 – – – – – – 


16.29 – – – – – – 


16.04 – – – – – – 



16.24 – – – – – – 


16.28 – – – – – – 


– – – – – – – 



– – – 10.41 – – – 


– – – – – – – 


– – – – – – – 



17.65 – 11.33 10.55 6.49 – 19.85 


17.47 – – – 5.66 – 16.36 


17.07 – – – – – 15.45 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– 10.22 – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 



18.94 10.16 11.40 – 6.54 – 20.71 


18.61 – – – 5.66 – 16.94 


18.04 – – – – – 15.88 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 


– – – – – – – 


– – – – – – – 









6.44 – – – – – – – – – – – – 

6.42 – – – – – – – – – – – – 

6.63 – – – – – – – – – – – – 

6.44 – – – – – – – – – – – – 

6.43 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.42 28.87 51.28 19.55 ¥2,644.00 ¥5,606.00 ¥1,479.00 55.36 9.65 24.79 183.42 10.57 22.71 

8.99 26.11 44.09 – US$23.25 US$59.72 US$12.29 38.53 7.43 21.96 156.79 10.14 21.01 

8.87 22.64 39.63 – US$18.58 US$44.29 – 25.29 6.21 17.53 – 8.86 20.18 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – ¥40.12 – – 10.35 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

9.78 30.55 54.93 20.06 ¥2,798.00 ¥5,953.00 ¥1,504.00 60.54 10.00 26.59 180.37 10.27 24.08 

9.27 27.42 46.85 – US$24.42 US$62.94 US$12.40 41.82 7.64 23.38 174.19 10.13 22.10 

9.07 23.61 41.79 – US$19.37 US$46.33 – 27.25 6.34 18.53 167.81 8.97 21.08 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – 62.63 – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 






Global 







16.38 – – – – – – 


16.43 – – – – – – 


16.18 – – – – – – 



17.56 – – – 6.52 – 20.71 


17.41 – – – – – 16.94 


17.03 – – – – – 15.88 



– – – – – – 22.01 


– – – – – – 17.64 


– – – – – – 16.21 



– – – – – – – 


– – – – – – – 


– – – – – – – 









6.05 – – – – – – – – – – – – 

6.03 – – – – – – – – – – – – 

6.24 – – – – – – – – – – – – 

9.19 28.72 52.83 – ¥22.41 ¥47.11 – 56.74 9.58 25.30 183.42 9.64 22.51 

8.78 25.98 45.06 – US$23.34 US$59.63 – 39.10 7.37 22.28 176.69 9.58 20.82 

8.65 22.53 40.19 – US$18.59 US$44.22 – 25.46 6.16 17.68 169.80 8.54 20.00 

10.26 – – – – ¥6,348.00 – – – – – – – 

– – – – – US$65.59 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 





























































2,274,183 394,750,105 2,118,444,931 225,072,531 131,636,548 165,006,307 298,929,003 8,490,414,773 

1,888,567 365,665,802 1,664,256,522 170,113,882 128,546,891 150,275,394 243,230,181 4,087,926,712 

– 285,198,970 2,469,246,038 92,788,059 238,388,243 178,899,704 235,387,868 710,701,465 

– – 53.62 16.35 6.03 9.69 – – 

– – 44.26 16.49 5.93 9.73 – – 

– – 43.22 16.65 6.33 9.94 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – 16.42 6.09 9.73 – – 

– – – 16.50 5.98 9.75 – – 

– – – 16.64 6.39 9.94 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

15.16 58.58 53.62 21.98 17.59 11.02 149.31 18.61 

12.59 50.56 44.24 21.36 16.33 10.58 143.33 16.51 

– 42.12 43.20 21.01 16.35 10.45 139.95 14.70 

– – €41.46 – – – – €14.32 

– – €35.12 – – – – €13.09 

– – €34.56 – – – – €11.75 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– £58.41 £27.30 – – – – £9.48 

– £50.42 £25.68 – – – – £9.59 

– – – – – – – – 

– – – 15.44 6.09 9.70 – – 

– – – 15.58 5.99 9.73 – – 

– – – 15.73 6.39 9.94 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 53.48 46.69 19.75 16.39 10.57 149.40 17.77 

– 46.63 38.91 19.39 15.37 10.25 143.42 15.92 

– 39.23 38.37 19.26 15.54 10.23 140.04 14.31 

– – €35.96 – – – – €13.72 

– – €30.75 – – – – €12.67 

– – €30.56 – – – – €11.49 


US US US 




1,054,361,435 100,569,761 132,344,622 150,137,342 154,789,557 27,858,157 5,952,210,962 311,752,118 5,885,907,378 133,446,391 308,463,387 7,206,669,810 126,423,469 

808,216,639 115,864,638 185,289,342 143,320,582 182,296,663 43,822,210 4,115,778,935 453,913,162 3,441,670,950 150,150,194 151,074,311 3,541,552,887 119,334,450 

1,608,547,546 132,509,692 106,148,036 179,157,781 330,287,452 41,733,403 809,492,984 326,091,113 2,094,587,134 82,635,805 – 1,750,665,846 120,901,528 

– 9.51 – – – 47.20 – – – – 10.42 – – 

– 9.57 – – – 46.16 – – – – 10.16 – – 

– 9.79 – – – 50.06 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 9.51 – – – 47.07 – – – – – – – 

– 9.53 – – – 46.04 – – – – – – – 

– 9.76 – – – 49.93 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

43.92 13.29 10.46 105.86 29.96 50.91 22.27 27.88 38.13 13.51 10.89 57.48 12.56 

36.45 12.83 9.86 95.24 26.78 48.31 20.60 26.22 29.91 13.43 10.18 40.04 12.26 

35.11 12.63 9.22 84.73 24.50 51.07 13.78 21.38 22.82 12.39 – 28.23 11.93 

€33.97 €10.23 – – – – – – – – – – – 

€28.95 – – – – – – – – – – – – 

€28.09 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

£22.37 – – – – – £11.27 – – – – £29.19 – 

£21.17 – – – – – £11.89 – – – – £23.18 – 

– – – – – – – – – – – – – 

– 10.03 – – – 48.14 – – – – 10.42 – – 

– 10.09 – – – 47.07 – – – – 10.16 – – 

– 10.32 – – – 51.06 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

40.70 12.94 9.82 96.80 27.95 – 20.99 26.40 34.92 12.89 10.77 52.82 11.82 

34.11 12.61 9.35 88.02 25.23 – 19.61 25.08 27.66 12.94 10.17 37.16 11.64 

33.19 12.54 8.82 79.00 23.31 – 13.25 20.66 21.31 12.04 – 26.47 11.44 

€33.81 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

























































– – – 15.39 6.05 9.69 – – 

– – – 15.52 5.95 9.73 – – 

– – – 15.67 6.35 9.94 – – 

– – – – – – – – 

– – – – – – – – 

– – – 15.67 6.35 – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 53.30 46.24 19.51 16.03 10.46 148.62 17.56 

– 46.62 38.63 19.20 15.07 10.17 142.67 15.77 

– 39.33 38.19 19.13 15.28 10.18 139.31 14.22 

– – €35.61 – – – – €12.79 

– – €30.53 – – – – €11.84 

– – €30.42 – – – – €10.76 

– – 53.67 – – – – 18.70 

– – – – – – – – 

– – – – – – – – 

– – – – – – – €14.38 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 56.37 52.34 21.37 17.21 10.71 147.28 18.29 

– 48.90 43.40 20.88 16.05 10.34 141.74 16.31 

– 40.95 42.62 20.63 16.15 10.27 138.75 14.59 

– – €37.75 – – – – €13.58 

– – €32.13 – – – – €12.47 

– – €31.77 – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 


US US US 




– 10.03 – – – 47.74 – – – – 10.44 – – 

– 10.10 – – – 46.69 – – – – 10.16 – – 

– 10.33 – – – 50.64 – – – – – – – 

– 9.49 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 10.33 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

40.23 12.78 9.68 95.98 27.67 – 20.74 26.29 34.64 12.68 10.74 52.39 11.74 

33.81 12.50 9.24 87.49 25.04 – 19.42 25.03 27.51 12.76 10.17 36.95 11.59 

32.97 12.45 8.75 78.72 23.20 – 13.15 20.67 21.25 11.91 – 26.39 11.41 

€30.27 – – – – – – – – – – – – 

€26.11 – – – – – – – – – – – – 

€25.65 – – – – – – – – – – – – 

– – – – – – 22.36 – 38.30 – – 57.74 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

43.05 12.94 10.25 101.84 29.32 50.26 21.65 27.28 36.70 13.14 10.77 55.44 12.33 

35.90 12.56 9.71 92.15 26.32 47.93 20.12 25.77 28.93 13.14 – 38.82 12.08 

34.76 12.42 9.12 82.30 24.20 50.91 13.53 21.13 22.18 12.17 – 27.51 11.81 

€35.01 – – – – – – – – – – – – 

€29.98 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – 10.43 – – 

– – – – – – – – – – 10.16 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 











– – – 15.39 6.03 – – – 


– – – 15.52 5.93 – – – 


– – – 15.68 6.33 – – – 



– 53.74 47.71 19.99 17.18 – 149.30 17.79 


– 46.80 39.56 19.58 15.94 – 143.33 15.93 


– 39.33 38.82 19.40 15.95 – 139.95 14.31 



– – – 22.42 – 11.11 – – 


– – 45.28 21.59 – – – – 


– – 43.53 21.04 – – – – 



– – – – – – – – 


– – – – – – – – 


– – – – – – – – 


US US US 




– 10.01 – – – – – – – – – – – 

– 10.07 – – – – – – – – – – – 

– 10.30 – – – – – – – – – – – 

41.65 13.08 10.04 95.58 28.58 – 20.74 27.22 34.71 12.60 – 52.60 12.07 

34.74 12.73 9.51 87.13 25.67 – 19.42 25.66 27.50 12.68 – 37.01 11.79 

33.63 12.62 8.93 78.40 23.60 – 13.15 20.99 21.19 11.83 – 26.36 11.51 

– – – – – – 22.95 – 38.74 – – 59.12 – 

– 13.18 10.04 – – – 20.85 – – – – 40.46 – 

– 12.83 9.24 – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 



Statement of Operations and Changes in Net Assets for the year ended 


Merrill Lynch 

International Asian Conservative Conservative 

Investment Funds US$ 

Asian Tiger Allocation Allocation 

Fund Name Notes equivalent 

Combined 

US$ 

Dragon 

US$ 

Bond 

US$ 

(Euro) 

€ 

(US Dollar) 

US$ 

Income 

Bank interest 

62,373,511 114,411 22,136 212,831 43,358 

Bond interest 

215,256,308 – 6,712,782 2,451,097 301,826 

Interest on cash equivalent 

18,072,165 412,149 – 64,426 23,021 

Dividends 

798,011,477 11,166,755 – 641,066 48,546 

Stock lending 

26,860,192 – – – – 

Total income 

2(b) 1,120,573,653 11,693,315 6,734,918 3,369,420 416,751 

Expenses 

Bank interest 

Custodian and Depositary fees 

Distribution fees 

Fund accounting fees 

Luxembourg tax 

Management fees 

Transfer agent fees 

Other charges 

Less Annual Management fee waiver 

Total expenses 

Net investment income/(deficit) 

Net profits/(losses) realised on: 

Investments 

Contract for difference 


Options contracts 



Foreign currencies on other transactions 

Net profit/(loss) for the year 

Net change in unrealised appreciation/(depreciation) on: 








Net receipts as a result of issue of shares 

Net payments as a result of repurchase of shares 

Dividends paid 

Foreign exchange valuation movement 

Change in total net assets for the year 

Net assets at the beginning of the year 

Net assets at end of the year 

8,141,891 7,431 37,477 77,315 223 

5 16,669,021 271,193 42,693 77,234 27,707 

4 72,896,424 1,667,667 407,589 682,224 72,478 

6 7,716,818 57,768 12,993 17,355 1,636 

8 29,262,802 217,646 48,258 71,713 6,706 

4 904,968,257 6,303,466 907,605 1,749,918 165,637 

7 16,555,226 216,765 69,149 68,522 40,091 

9 26,823,432 208,828 49,370 63,413 6,072 

4 (387,498) – – (110,826) (49,077) 

1,082,646,373 8,950,764 1,575,134 2,696,868 271,473 

37,927,280 2,742,551 5,159,784 672,552 145,278 

3,942,609,347 68,230,041 (374,019) (719,376) 93,276 

79,069,250 – – – – 

21,825,238 – (23,010) (3,362,910) (244,780) 

(28,574,325) – (5,934) – – 

(1,094,004) – (73,728) 292,530 236,839 

281,010,507 (245,324) 1,391,823 364,879 66,458 

(27,969,807) (536,586) 6,587 (18,749) (54,750) 

4,304,803,486 70,190,682 6,081,503 (2,771,074) 242,321 

5,348,547,053 27,862,749 (1,025,720) 1,319,243 242,463 

(53,921,784) – – – – 

(3,757,071) – (33,152) (108,383) (3,988) 

(3,243,408) – (18,647) – – 

1,072,631 – 73,728 357,765 27,491 

(35,683,062) – 267,242 (141,179) (29,385) 

(219,478,210) (15,652) (10,415) 25,759 2,884 

63,530,162,078 358,160,628 81,355,064 162,549,671 16,542,110 

(46,288,835,520) (389,413,421) (110,022,053) (141,255,528) (11,260,326) 

15 (33,401,123) (322,037) (1,805,976) (4,721) (8,489) 

1,231,707,046 

27,777,972,116 66,462,949 (25,138,426) 19,971,553 5,755,081 

40,008,541,941 414,869,510 115,124,467 88,056,182 7,173,300 

67,786,514,057 481,332,459 89,986,041 108,027,735 12,928,381 




Continental Emerging Euro Euro Short 

European Emerging Emerging Markets Euro Corporate Euro Duration Euro- European 

Flexible (1) Europe Markets Bond Bond Bond (1) Reserve Bond (1) Markets European Focus (2) 

€ € US$ US$ € € € € € € € 

78,829 2,752,409 320,493 14,362 112,890 12,567 216,425 40,680 108,049 292,628 1,305 

– – – 6,191,568 7,800,491 716,328 17,071,473 1,461,387 – – – 

– 8,762,204 973,831 – 106,963 – 1,093,792 – – – – 

3,307,595 61,340,004 9,276,060 – – – – – 8,526,933 22,915,533 133,031 

125,312 – – – – – – – 711,363 745,493 – 

3,511,736 72,854,617 10,570,384 6,205,930 8,020,344 728,895 18,381,690 1,502,067 9,346,345 23,953,654 134,336 

27,166 447,469 113,497 15,683 13,758 196 30,836 16,328 56,824 69,063 143 

93,639 4,177,612 333,091 46,187 62,088 8,316 84,734 8,545 118,887 189,474 11,043 

40,162 3,316,252 587,532 486,268 456,006 17,336 187,844 95,735 260,105 905,824 929 

21,893 517,353 77,003 12,206 28,152 2,119 76,987 5,889 49,045 109,000 764 

87,465 2,013,805 299,257 47,416 112,976 9,131 60,735 22,248 185,597 461,128 2,666 

2,510,236 76,991,960 8,503,222 1,043,142 1,840,752 175,138 4,481,391 452,609 5,721,495 12,387,050 105,581 

55,695 997,868 330,271 84,944 183,207 27,567 223,607 52,817 183,373 237,616 11,257 

79,440 1,846,008 267,383 43,480 104,021 9,371 120,592 9,239 199,105 393,513 2,397 

– – – – – (52,540) – – – – (12,067) 

2,915,696 90,308,327 10,511,256 1,779,326 2,800,960 196,634 5,266,726 663,440 6,774,431 14,752,668 122,713 

596,040 (17,453,710) 59,128 4,426,604 5,219,384 532,261 13,114,964 838,657 2,571,914 9,200,986 11,623 

15,828,259 431,536,698 82,619,108 2,918,980 (1,214,962) 12,657 (611,323) (643,016) 78,235,569 124,852,551 1,119,478 

– 63,038,039 – – – – – – – – – 

– 11,984,290 – (25,628) 864,031 (20,665) – (63,067) – – – 

– – – – – – – – – (2,182,077) (13,056) 

– – – (18,013) (931,391) 23 – (21,852) – – – 

(76,737) (706,219) 429,713 756,662 553,399 43,132 – 324,956 54,459 (257,918) (10,178) 

13,910 (2,964,339) (1,476,245) (210,350) 208,510 (17,970) 1,076 105,863 (112,458) (798,955) 8,043 

16,361,472 485,434,759 81,631,704 7,848,255 4,698,971 549,438 12,504,717 541,541 80,749,484 130,814,587 1,115,910 

9,774,559 597,533,928 36,003,938 738,712 (6,813,439) (571,903) (680,667) (156,774) (24,762,963) 28,647,372 423,361 

– (42,989,196) – – – – – – – – – 

– (5,650,315) – (13,945) 246,512 19,089 – 32,620 – – – 

– – – 7,314 – – – – – 881,520 5,851 

– – – 18,013 951,169 19,755 – 7,831 – – – 

– – 23,918 (582,380) (185,980) (2,118) – (126,927) – 574 – 

(7,116) 280,997 9,357 88,488 59,170 (51) – 1,809 4,192 (18,948) 163 

186,946,076 4,810,755,633 895,675,853 61,263,707 289,669,891 20,143,514 1,084,082,936 47,769,541 261,833,775 1,078,022,439 21,862,860 

(132,354,134) (3,439,593,983) (727,906,040) (43,837,771) (169,129,604) (8,979,975) (1,047,050,420) (65,457,587) (501,275,756) (684,337,886) (562,551) 

(299,466) – – (2,814,781) (332,782) (2,573) – (14,879) (2,436) – – 

80,421,391 2,405,771,823 285,438,730 22,715,612 119,163,908 11,175,176 48,856,566 (17,402,825) (183,453,704) 554,009,658 22,845,594 

109,056,553 2,518,612,417 353,871,689 76,972,134 192,460,526 11,764,336 462,140,172 55,905,192 472,182,537 597,927,758 3,295,411 

189,477,944 4,924,384,240 639,310,419 99,687,746 311,624,434 22,939,512 510,996,738 38,502,367 288,728,833 1,151,937,416 26,141,005 




31 December 2006 continued 

Global 

European European European Global Bond 

Fund Name Notes Growth Opportunities Value Allocation (Euro) 

€ € € US$ € 

Income 

Bank interest 

Bond interest 


Dividends 

Stock lending 

Total income 

Expenses 

Bank interest 







Other charges 



























160,125 102,766 241,038 4,019,030 186,188 

– – – 75,761,625 4,618,789 

– 1,458,434 – 527,618 – 

7,823,549 14,194,975 18,013,854 55,158,463 – 

284,802 541,397 827,975 2,256,636 6,508 

2(b) 8,268,476 16,297,572 19,082,867 137,723,372 4,811,485 

61,613 12,429 7,310 2,115,520 57,149 

5 157,024 403,874 135,544 1,059,900 20,668 

4 287,265 813,543 1,660,083 23,359,559 182,724 

6 56,758 117,615 73,621 725,022 15,809 

8 257,870 459,552 290,587 2,852,948 63,355 

4 6,333,472 16,177,788 8,215,430 77,063,289 1,273,207 

7 100,606 573,455 191,988 860,998 76,563 

9 189,827 446,204 285,106 2,484,295 64,046 

4 (78,485) – – – – 

7,365,950 19,004,460 10,859,669 110,521,531 1,753,521 

902,526 (2,706,888) 8,223,198 27,201,841 3,057,964 

28,411,748 157,013,246 97,893,430 154,899,140 (5,007,250) 

– – – – – 

– – – 10,595,141 (23,401) 

(138,819) – (935,088) 2,340,929 – 

– – – (31,252) (39,006) 

(384,846) (297,750) 257,211 48,349,594 3,936,669 

22,791 (542,206) (487,874) 1,071,024 1,734,724 

28,813,400 153,466,402 104,950,877 244,426,417 3,659,700 

47,665,578 10,564,417 (8,220,162) 485,680,460 (4,203,782) 

– – – – – 

– – – 283,937 327,396 

– – – (4,979,243) – 

– – – 31,252 (1,724) 

825 – – (7,071,563) (663,969) 

(486) 10,739 (152,514) 16,876,484 1,563 

888,439,461 677,207,469 412,671,812 4,464,351,824 125,523,965 

(389,255,192) (844,214,880) (521,903,342) (1,889,366,735) (138,919,338) 

15 – – (103,782) – (41,441) 

575,663,586 (2,965,853) (12,757,111) 3,310,232,833 (14,317,630) 

124,127,013 886,982,358 581,786,543 3,606,158,458 157,924,822 

699,790,599 884,016,505 569,029,432 6,916,391,291 143,607,192 





Global 

Global Securities Global Enhanced Global Global 

Bond Absolute Dynamic Equity Global Global Fundamental High Yield Global Global 

(US Dollar) Return (2) Equity (2) Yield (2) Equity (1) Focus Value Bond (Euro) Opportunities SmallCap India (2) 

US$ € US$ US$ US$ US$ US$ € US$ US$ US$ 

263,975 69,431 145,241 147,369 41,305 1,167 332,709 586,076 148,055 556,888 401,921 

4,990,692 1,024,683 229,943 – – – – 9,347,724 – – – 

– 280,602 – – – – – – 239,288 – – 

– – 3,753,779 960,436 2,557,023 50,612 7,119,479 – 1,809,627 5,062,275 4,023,351 

7,840 – – – 47,388 – 308,627 – 2,798 130,832 – 

5,262,507 1,374,716 4,128,963 1,107,805 2,645,716 51,779 7,760,815 9,933,800 2,199,768 5,749,995 4,425,272 

28,965 46,293 139,768 1,010 3,919 55 25,262 274,089 27,337 74,710 6,226 

26,049 10,201 102,303 16,893 60,138 14,297 83,791 20,296 111,147 210,974 162,840 

271,391 3,390 1,228,888 251,555 73,735 – 376,706 266,713 160,960 913,833 918,867 

18,837 3,799 29,699 6,089 29,862 434 44,374 17,074 24,634 53,250 73,628 

67,581 17,799 134,856 24,859 113,479 1,824 144,285 65,246 92,690 201,133 166,297 

1,405,912 226,032 3,367,020 675,707 3,371,849 62,478 3,949,914 1,742,767 2,776,152 5,937,011 4,399,230 

149,428 14,939 54,080 16,893 125,228 2,994 102,147 136,197 217,846 163,313 52,130 

71,303 12,039 101,475 16,283 125,563 1,716 159,425 64,749 89,410 196,615 295,945 

– – – – – (14,281) – – – – – 

2,039,466 334,492 5,158,089 1,009,289 3,903,773 69,517 4,885,904 2,587,131 3,500,176 7,750,839 6,075,163 

3,223,041 1,040,224 (1,029,126) 98,516 (1,258,057) (17,738) 2,874,911 7,346,669 (1,300,408) (2,000,844) (1,649,891) 

2,125,301 76,093 6,172,836 (17,458) 21,701,928 501,938 26,289,195 91,237 37,343,731 60,183,139 42,871,994 

– – – – – – – – – – – 

(900) (647,878) 304,596 150,798 – – – 6,544 – – – 

– – (108,874) 184,860 – – – – – – – 

27,653 (198,804) – – – – – (53,694) – – – 

(4,048,462) 607,740 (530,359) 31,523 (122,854) 2,382 70,982 5,726,079 (91,577) (450,119) 13,302 

184,416 232,798 (1,052,945) 485,993 4,068 (1,929) (21,742) (1,138,663) (68,540) (789,445) (1,142,772) 

1,511,049 1,110,173 3,756,128 934,232 20,325,085 484,653 29,213,346 11,978,172 35,883,206 56,942,731 40,092,633 

4,407,279 (266,923) 32,830,000 11,694,003 27,124,758 52,777 43,882,192 (5,832,133) (20,519,801) 5,746,423 167,766,981 

– – – – – – – – – – – 

142,746 536,035 510,322 72,731 – – – 7,724 – – – 

– – 170,606 (870,642) – – – – – – – 

(1,837) (71,997) – – – – – 53,694 – – – 

(3,361,783) (324,377) (185,285) – – – – 1,551,800 (455) – – 

46,719 (38,855) 45,334 (21,595) 2,767 1 (182) (33,538) (5,142) (54,104) 76,031 

95,980,638 108,743,890 406,087,942 293,049,283 330,800,580 – 150,528,726 134,308,239 142,324,091 144,393,541 626,081,379 

(120,013,958) (7,566,195) (95,227,294) (6,471,173) (119,770,557) – (120,640,350) (122,343,368) (189,304,626) (227,825,157) (281,731,866) 

(141,574) – – (2,571,770) – – – (3,199,444) – – – 

(21,430,721) 102,121,751 347,987,753 295,815,069 258,482,633 537,431 102,983,732 16,491,146 (31,622,727) (20,796,566) 552,285,158 

166,266,095 – – – 167,494,636 3,347,115 309,731,041 132,690,071 182,159,942 432,205,922 – 

144,835,374 102,121,751 347,987,753 295,815,069 425,977,269 3,884,546 412,714,773 149,181,217 150,537,215 411,409,356 552,285,158 





Japan Japan Latin New 

Fund Name Notes Japan (1) Opportunities (1) Value (1) American Energy 

¥ ¥ ¥ US$ US$ 

Income 

Bank interest 

Bond interest 


Dividends 

Stock lending 

Total income 

Expenses 

Bank interest 







Other charges 


























5,388,439 259,201,143 23,720 1,507,218 9,243,585 

– – – – – 

– – – – – 

335,301,137 1,865,416,364 1,125,389,712 70,917,787 11,630,007 

18,597,975 35,165,815 34,227,733 2,548 2,346,785 

2(b) 359,287,551 2,159,783,322 1,159,641,165 72,427,553 23,220,377 

594,634 745,894 3,707,024 556,233 138,355 

5 8,873,262 40,026,728 15,696,051 1,102,447 421,877 

4 48,442,239 225,626,457 197,961,616 1,656,387 2,076,006 

6 4,298,818 24,452,628 12,720,553 418,499 323,081 

8 16,605,744 91,262,432 51,292,555 1,597,623 1,284,995 

4 474,878,992 3,099,563,058 1,383,409,675 53,743,260 41,342,983 

7 23,082,999 67,779,882 20,281,061 884,286 706,626 

9 15,648,799 87,410,590 43,341,412 1,454,857 1,084,177 

4 – – – – – 

592,425,487 3,636,867,669 1,728,409,947 61,413,592 47,378,100 

(233,137,936) (1,477,084,347) (568,768,782) 11,013,961 (24,157,723) 

6,533,647,211 21,651,088,935 5,569,499,442 293,103,804 (10,332,971) 

– – – – – 

– – – – – 

– – – – – 

– – – – – 

510,917 309,863 138,242,906 (42,188) (863,747) 

(3,978,771) (29,404,660) (24,603,841) (3,402,428) (294,214) 

6,297,041,421 20,144,909,791 5,114,369,725 300,673,149 (35,648,655) 

(5,427,647,713) (53,903,538,294) 318,231,593 726,007,879 262,070,384 

– – – – – 

– – – – – 

– – – – – 

– – – – – 

445,208 169,655 73,329,629 – – 

(3,872,007,836) (23,210,430,765) (4,680,605,283) (13,547) 25,509 

38,932,205,844 150,662,772,600 115,440,660,435 4,176,733,140 3,872,846,394 

(47,126,425,318) (204,779,149,728) (45,686,092,969) (3,424,849,105) (1,634,111,822) 

15 2 – (1,395,507) (81,449) – 

(11,196,388,392) (111,085,266,741) 70,578,497,623 1,778,470,067 2,465,181,810 

40,025,132,233 239,812,407,237 48,621,980,330 2,034,704,104 553,484,493 


28,828,743,841 128,727,140,496 119,200,477,953 3,813,174,171 3,018,666,303 



Strategic Strategic US US Dollar US Dollar US Dollar 

Pacific Sterling Allocation Allocation UK United Basic Core High Yield Low Duration US Dollar 

Equity Reserve (Euro) (US Dollar) Focus Kingdom Value Bond Bond Bond Reserve 

US$ £ € US$ £ £ US$ US$ US$ US$ US$ 

766,682 53,487 86,675 143,059 1,639 233,413 1,983,258 60,213 99,685 30,058 319,173 

– 1,794,131 541,925 909,823 – – – 8,957,370 9,058,518 8,027,864 13,545,185 

– 189,953 – – – – – – – – 788,146 

4,410,628 – 408,819 579,942 38,842 10,471,090 24,442,021 – – – – 

75,210 – – – – – 3,013,596 20,328 – 121 – 

5,252,520 2,037,571 1,037,419 1,632,824 40,481 10,704,503 29,438,875 9,037,911 9,158,203 8,058,043 14,652,504 

90,273 12,176 65,171 56,923 10 2,010 89,655 26,251 28,761 4,947 3,857 

91,899 6,400 27,215 37,871 593 43,717 199,730 52,575 26,866 29,929 43,143 

967,031 20,379 149,308 94,920 – 103,134 2,190,637 822,734 441,169 491,748 94,941 

45,460 5,333 5,083 8,161 236 48,545 225,637 25,026 16,055 19,059 40,203 

177,184 4,404 19,531 31,524 1,048 202,525 828,907 97,773 62,945 66,829 32,109 

4,911,913 314,974 596,552 944,219 35,831 5,876,297 24,245,524 1,624,534 1,514,916 1,396,760 2,239,146 

186,426 28,776 54,698 67,008 1,525 140,089 346,308 131,428 95,006 99,453 154,473 

160,722 8,165 20,211 30,478 957 192,459 770,097 90,804 60,855 27,674 58,226 

– – – – (3,071) – – – – – – 

6,630,908 400,607 937,769 1,271,104 37,129 6,608,776 28,896,495 2,871,125 2,246,573 2,136,399 2,666,098 

(1,378,388) 1,636,964 99,650 361,720 3,352 4,095,727 542,380 6,166,786 6,911,630 5,921,644 11,986,406 

15,286,132 32 3,152,295 6,385,651 182,123 36,780,710 148,043,571 (391,832) (2,196,496) (1,753,815) (114,018) 

– – – – – – – – – – – 

– – (193,209) (325,628) – – 829,276 (185,873) – 332,309 – 

– – (192) – – – 1,503,521 108,480 – (35,525) – 

– – (44,054) (77,453) – – – (216,864) – 64,886 – 

(57,458) – 635,741 52,298 – (52,537) 5,288,209 (8,851) 100,038 (87) – 

(398,261) – 138,015 (60,691) (51) 60,948 (471,770) (31,191) (7,692) 15,446 – 

13,452,025 1,636,996 3,788,246 6,335,897 185,424 40,884,848 155,735,187 5,440,655 4,807,480 4,544,858 11,872,388 

26,757,998 (71,343) (3,232,568) (204,175) 200,192 15,610,563 194,540,242 (36,647) 4,073,179 768,646 395,595 

– – – – – – – – – – – 

– – (18,903) (13,642) – – – 430,646 – 130,413 – 

– – (28,212) (45,481) – – (6,516,289) 35,532 – 33,250 – 

– – 44,054 77,453 – – – (731,502) – (22,126) – 

– – (19,791) (563,597) – – (1,019,172) 2,552 (5,918) – – 

(76,826) – 3,358 10,468 – (4,599) 565,455 (52,561) (3) 675 – 

386,880,260 66,381,763 16,581,032 11,015,243 – 227,112,343 1,396,529,232 191,207,877 100,930,311 201,681,413 705,512,099 

(323,590,226) (57,999,156) (37,318,958) (21,908,721) – (253,401,018) (1,285,585,724) (140,185,370) (102,444,496) (191,600,520) (662,081,260) 

– (446,502) – – – (1,117,834) (60,522) (1,152,533) (4,270,896) (805,696) – 

103,423,231 9,501,758 (20,201,742) (5,296,555) 385,616 29,084,303 454,188,409 54,958,649 3,089,657 14,730,913 55,698,822 

245,305,918 37,074,728 53,997,049 66,346,200 1,888,567 365,665,802 1,664,256,522 170,113,882 128,546,891 150,275,394 243,230,181 

348,729,149 46,576,486 33,795,307 61,049,645 2,274,183 394,750,105 2,118,444,931 225,072,531 131,636,548 165,006,307 298,929,003 





US US US 

Flexible Focused Government US US 

Fund Name Notes Equity Value Mortgage Growth Opportunities 

US$ US$ US$ US$ US$ 

Income 

Bank interest 

Bond interest 


Dividends 

Stock lending 

Total income 

Expenses 

Bank interest 







Other charges 


























564,271 1,178,815 264,363 124,795 160,955 

– – 6,097,715 – – 

– – – – – 

70,090,476 11,266,917 – 1,319,193 685,827 

6,333,505 1,030,443 – 88,759 13,612 

2(b) 76,988,252 13,476,175 6,362,078 1,532,747 860,394 

427,323 299,355 311,024 77,006 76,636 

5 777,986 94,464 23,798 56,862 70,963 

4 4,437,535 531,768 359,945 474,439 131,904 

6 979,886 112,326 14,791 22,186 21,631 

8 3,935,359 418,047 48,351 83,823 83,772 

4 107,213,915 12,086,172 938,146 2,458,828 2,439,242 

7 1,061,026 202,631 73,390 96,931 195,214 

9 3,390,215 367,441 59,846 82,530 79,018 

4 – – – – – 

122,223,245 14,112,204 1,829,291 3,352,605 3,098,380 

(45,234,993) (636,029) 4,532,787 (1,819,858) (2,237,986) 

114,023,137 57,885,733 (239,612) 13,453,055 25,287,166 

– – – – – 

– – (235,897) – – 

– – – 38,023 – 

– – 86,171 – – 

213,063,293 3,785,769 362,603 (29,379) – 

(7,248,563) 106,899 (32,794) (16,944) (80,824) 

274,602,874 61,142,372 4,473,258 11,624,897 22,968,356 

717,695,602 104,693,412 (235,269) (5,487,612) (10,638,875) 

– – – – – 

– – 129,374 – – 

– – – – – 

– – (86,171) – – 

(23,082,603) (638,458) (134,148) – – 

33,873,881 250,288 65,978 1,788 – 

7,448,637,505 639,061,356 68,172,991 116,998,916 163,731,517 

(4,049,239,198) (558,364,145) (85,204,480) (176,082,709) (169,244,238) 

15 – (29) (2,476,410) – – 

4,402,488,061 246,144,796 (15,294,877) (52,944,720) 6,816,760 

4,087,926,712 808,216,639 115,864,638 185,289,342 143,320,582 


8,490,414,773 1,054,361,435 100,569,761 132,344,622 150,137,342 


US 

SmallCap World World World World World World World World Fund name – merged funds 

Value Bond Energy Financials Gold Healthscience Income Mining Technology Global Equity Diversified 

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ 

158,534 42,527 11,685,208 464,278 8,255,221 61,747 188,771 8,875,916 168,306 54,521 

– 1,187,281 – – – – 13,497,788 – – – 

– – – – – – – – – – 

1,330,944 – 39,302,118 10,872,701 66,071,984 767,682 – 159,406,133 398,172 3,440,155 

77,758 – 2,334,499 1,210,047 731,106 96,163 – 1,770,618 19,891 118,562 

1,567,236 1,229,808 53,321,825 12,547,026 75,058,311 925,592 13,686,559 170,052,667 586,369 3,613,238 

15,808 7,962 773,805 329,724 184,773 54,411 164,429 137,378 21,784 14,332 

100,080 15,245 917,170 158,154 843,298 66,736 196,405 987,768 52,348 52,535 

437,442 17,023 2,776,023 954,878 1,844,276 358,494 1,225,098 3,200,535 335,589 224,615 

23,373 4,036 747,438 58,523 657,252 22,343 35,171 830,057 16,223 24,886 

88,723 13,643 2,694,969 220,800 2,540,710 84,435 144,958 3,125,459 66,364 96,257 

2,548,431 251,798 89,785,806 7,394,506 83,789,965 2,898,482 1,291,548 104,288,249 1,963,542 2,898,070 

110,823 29,683 1,237,399 188,459 1,088,270 130,561 86,366 1,399,742 131,256 97,945 

86,720 14,524 2,657,298 214,219 2,271,076 80,745 124,590 2,852,990 59,785 97,033 

– – – – – – – – – – 

3,411,400 353,914 101,589,908 9,519,263 93,219,620 3,696,207 3,268,565 116,822,178 2,646,891 3,505,673 

(1,844,164) 875,894 (48,268,083) 3,027,763 (18,161,309) (2,770,615) 10,417,994 53,230,489 (2,060,522) 107,565 

26,854,380 (30,680) 320,199,165 45,757,611 271,067,109 10,108,863 3,390,914 511,628,791 9,244,302 56,247,271 

– – – – – – – – – – 

– (7,899) – – – – (53,760) – – – 

– – – (29,398,679) 91,570 – (2,873) 1,716,312 (905,504) – 

– 158,424 – – – – (1,063) – – – 

– (401,082) (395,152) 24,744 885,102 79,053 (2,429,292) 1,354,449 (41) 12,230 

(67,850) 100,058 (1,904,902) (613,552) (2,445,775) (342,992) 945,987 (3,146,578) (76,833) 29,346 

24,942,366 694,715 269,631,028 18,797,887 251,436,697 7,074,309 12,267,907 564,783,463 6,201,402 56,396,412 

(6,359,540) 805,654 54,795,974 (24,914,800) 855,023,345 (8,528,013) 4,754,841 1,342,903,100 (2,026,012) (37,651,392) 

– – – – – – – – – – 

– 33,341 – – – – 354,289 – – – 

– – – 7,931,220 (6,570) – (63,153) (56,102) 57,145 – 

– (82,782) – – – – 62,564 – – – 

– 63,745 – – – – (111,682) – – – 

– 5,064 478,776 (8,267) 398,929 5,307 160,195 144,656 15,947 (1,696) 

92,683,967 10,411,350 5,459,976,324 415,070,677 6,557,590,235 154,595,347 224,934,373 6,726,665,780 173,445,181 57,793,865 

(138,773,899) (27,753,186) (3,948,450,075) (559,037,761) (5,220,206,208) (169,850,753) (76,360,290) (4,969,095,265) (170,604,644) (375,333,334) 

– (141,954) – – – – (8,609,968) (228,709) – – 

(27,507,106) (15,964,053) 1,836,432,027 (142,161,044) 2,444,236,428 (16,703,803) 157,389,076 3,665,116,923 7,089,019 (298,796,145) 

182,296,663 43,822,210 4,115,778,935 453,913,162 3,441,670,950 150,150,194 151,074,311 3,541,552,887 119,334,450 298,796,145 

154,789,557 27,858,157 5,952,210,962 311,752,118 5,885,907,378 133,446,391 308,463,387 7,206,669,810 126,423,469 – 



Statement of Changes in Shares Outstanding as at 31 December 2006 





US$ US$ € US$ € € US$ 

A class distributing (D) shares 

Shares outstanding at the beginning of the year 

Shares issued 

Shares repurchased 

Shares outstanding at the end of the year 

A class Euro hedged distributing shares 


Shares issued 



A class distributing (M) shares 


Shares issued 



A class distributing (Q) shares 


Shares issued 



A class non-distributing shares 


Shares issued 



A class Euro hedged non-distributing shares 


Shares issued 



A class GBP hedged non-distributing shares 


Shares issued 



A class UK distributor status shares 


Shares issued 



B class distributing (D) shares 


Shares issued 



B class distributing (Q) shares 


Shares issued 



B class non-distributing shares 


Shares issued 



– 539,489 15,870 9,811 – – – 

– 125,177 51,388 26,338 – – – 

– (166,462) (47,628) (14,458) – – – 

– 498,204 19,630 21,691 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– 446,860 – 6,280 – – – 

– 623,198 690 8,239 – – – 

– (374,219) (330) (3,538) – – – 

– 695,839 360 10,981 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

12,880,727 2,548,397 4,169,796 127,404 2,315,719 24,912,932 15,994,420 

11,048,723 3,217,059 2,234,954 497,245 18,681,109 42,326,316 37,504,285 

(12,085,977) (3,739,429) (4,134,756) (227,744) (8,699,080) (29,696,832) (31,183,936) 

11,843,473 2,026,027 2,269,994 396,905 12,297,748 37,542,416 22,314,769 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

1,074,716 – – – 11,193,047 147,463 – 

1,606,450 – – – 459,347 116,005 – 

(1,778,908) – – – (5,614,448) (140,701) – 

902,258 – – – 6,037,946 122,767 – 

– 714,302 1 3,509 – – – 

– 128,510 55,713 55,990 – – – 

– (290,057) (1) (17,263) – – – 

– 552,755 55,713 42,236 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

2,979,740 374,221 1,089,121 1 2,500 515,360 730,838 

833,980 25,651 408,682 75,093 270,305 208,972 400,255 

(1,580,662) (207,547) (1,251,863) (33,891) (149,879) (300,189) (513,653) 

2,233,058 192,325 245,940 41,203 122,926 424,143 617,440 







US$ € € € € € € € € € € US$ € 

2,186,969 217,499 668 – 101,939 7,352 – – – – 220,775 – 40,485 

323,313 187,510 – – 2,795 20,421 – – – – 24,378 – 13,722 

(599,056) (82,862) – – (64,885) (22,327) – – – – (202,944) – (10,784) 

1,911,226 322,147 668 – 39,849 5,446 – – – – 42,209 – 43,423 

– – – – – – – – – – – – – 

– – – – – – – – – – – 1,295,084 – 

– – – – – – – – – – – (7,564) – 

– – – – – – – – – – – 1,287,520 – 

30,259 132,279 1,072 – 2,140 – – – – – – – 29,628 

829,503 52,703 3,731 – 4,402 – – – – – – – 62,503 

(162,176) (98,954) (3,726) – (4,614) – – – – – – – (60,628) 

697,586 86,028 1,077 – 1,928 – – – – – – – 31,503 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

1,662,127 7,893,970 698,440 5,632,437 3,354,774 29,218,784 7,940,464 300,000 6,814,543 11,313,618 10,673,031 46,698,133 5,870,038 

2,436,715 13,719,792 1,608,927 11,483,046 1,832,205 14,614,153 13,176,138 1,523,857 44,762,381 8,218,271 8,694,721 69,324,684 5,704,833 

(1,365,788) (7,203,708) (459,763) (11,502,198) (3,306,105) (29,732,855) (8,432,684) (7,012) (19,379,567) (10,157,100) (10,917,830) (36,842,288) (5,108,364) 

2,733,054 14,410,054 1,847,604 5,613,285 1,880,874 14,100,082 12,683,918 1,816,845 32,197,357 9,374,789 8,449,922 79,180,529 6,466,507 

– – – – – – – – – – – 6,341,985 – 

– – – – – – – – – – – 26,626,558 – 

– – – – – – – – – – – (5,804,225) – 

– – – – – – – – – – – 27,164,318 – 

– – – – – – – – – – – 1,471,580 – 

– – – – – – – – – – – 1,137,140 – 

– – – – – – – – – – – (1,569,599) – 

– – – – – – – – – – – 1,039,121 – 

– – – – – – – – – – 17,897 – – 

– – – – – – – – – – 105,055 – – 

– – – – – – – – – – (509) – – 

– – – – – – – – – – 122,443 – – 

895,795 429,345 8,531 – 24,937 – – – – – – – 24,149 

364,708 381,406 4,892 – – – – – – – – – 4,156 

(199,743) (231,724) (2,200) – (10,674) – – – – – – – (15,324) 

1,060,760 579,027 11,223 – 14,263 – – – – – – – 12,981 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

94,391 229,607 66,519 75,278 130,205 159,272 119,943 – 326,225 127,001 727,429 24,312,145 2,013 

354,364 267,495 4,168 266,126 27,540 153,062 138,252 3,904 383,339 26,985 231,238 11,040,676 6,417 

(268,977) (178,767) (67,723) (221,126) (103,812) (200,867) (99,244) – (138,867) (84,127) (307,757) (4,400,844) (1,589) 

179,778 318,335 2,964 120,278 53,933 111,467 158,951 3,904 570,697 69,859 650,910 30,951,977 6,841 



Statement of Changes in Shares Outstanding as at 31 December 2006 continued 

Classes B, C, D and E 




US$ US$ € US$ € € US$ 

B class Euro hedged non-distributing shares 


Shares issued 



C class distributing (D) shares 


Shares issued 



C class distributing (M) shares 


Shares issued 



C class distributing (Q) shares 


Shares issued 



C class non-distributing shares 


Shares issued 



C Euro class hedged non-distributing shares 


Shares issued 



D class non-distributing shares 


Shares issued 



D class Euro hedged non-distributing shares 


Shares issued 



E class distributing (Q) shares 


Shares issued 



E class shares 


Shares issued 



E class hedged shares 


Shares issued 





– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– 625,306 1 8,332 – – – 

– 61,104 16,131 14,944 – – – 

– (426,057) (4,945) (12,001) – – – 

– 260,353 11,187 11,275 – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

2,410,383 194,139 1,893,975 18,258 – 724,952 656,558 

1,707,109 78,952 2,259,777 271,997 236,584 573,142 614,445 

(2,018,451) (142,415) (3,182,131) (94,282) (68,603) (676,483) (672,160) 

2,099,041 130,676 971,621 195,973 167,981 621,611 598,843 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – 354,035 – 

– – – – – – – 

– – – – – 354,035 – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

877,953 98,294 2,881,565 281,052 12,407 3,492,017 1,455,728 

2,345,736 98,430 13,888,507 873,015 933,402 5,728,372 3,864,949 

(1,263,763) (78,780) (7,893,390) (735,077) (490,337) (4,890,309) (2,298,125) 

1,959,926 117,944 8,876,682 418,990 455,472 4,330,080 3,022,552 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 





US$ € € € € € € € € € € US$ € 

– – – – – – – – – – – 890,703 – 

– – – – – – – – – – – 1,555,475 – 

– – – – – – – – – – – (451,621) – 

– – – – – – – – – – – 1,994,557 – 

495,940 365,423 – – 27,301 – – – – – – – 31,919 

516,130 46,426 967 – 27,046 – – – – – – – 2,000 

(251,455) (165,641) (967) – (26,707) – – – – – – – (22,354) 

760,615 246,208 – – 27,640 – – – – – – – 11,565 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

195,591 317,411 74,165 56,962 119,689 37,477 52,007 – 205,109 155,867 654,977 16,660,416 13,498 

141,825 163,476 – 360,879 130,258 78,437 161,075 29,509 606,422 109,532 474,267 15,398,722 6,140 

(163,084) (339,621) (51,116) (300,897) (182,786) (50,118) (50,646) (23,429) (196,587) (132,229) (316,488) (4,627,399) (14,772) 

174,332 141,266 23,049 116,944 67,161 65,796 162,436 6,080 614,944 133,170 812,756 27,431,739 4,866 

– – – – – – – – – – – 2,733,170 – 

– – – – – – – – – – – 3,739,677 – 

– – – – – – – – – – – (1,502,440) – 

– – – – – – – – – – – 4,970,407 – 

– – – – – – – – – – – – – 

– – – – – – – – 1,027,783 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – 1,027,783 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

201,469 1,214,068 235,802 651,368 1,014,567 2,238,598 896,212 – 328,811 719,205 391,015 3,509,662 2,368,302 

1,972,363 2,255,782 244,336 2,948,243 2,136,769 1,824,915 1,875,639 61,489 2,512,743 524,611 415,949 8,666,872 977,250 

(1,070,368) (1,576,263) (254,816) (2,461,034) (1,941,448) (1,904,741) (1,065,405) (10,861) (1,743,150) (688,507) (324,762) (3,703,849) (2,272,784) 

1,103,464 1,893,587 225,322 1,138,577 1,209,888 2,158,772 1,706,446 50,628 1,098,404 555,309 482,202 8,472,685 1,072,768 

– – – – – – – – – – – 236,570 – 

– – – – – – – – – – – 4,028,254 – 

– – – – – – – – – – – (858,687) – 

– – – – – – – – – – – 3,406,137 – 




Classes J, Q and X 




US$ US$ € US$ € € US$ 

J class distributing (M) shares 


– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 

J class non-distributing shares 


– – – – – – – 

Shares issued 

– – – – – 172,490 – 


– – – – – (85,972) – 


– – – – – 86,518 – 

Q class distributing shares 


– 1,706,605 570 1 – – – 

Shares issued 

– 12,334 – – – – – 


– (569,831) – (1) – – – 


– 1,149,108 570 – – – – 

Q class non-distributing shares 


2,756,689 381,932 200,248 357,417 – 14,223 79,221 

Shares issued 

2,852 – – – – 230 – 


(939,604) (278,320) (124,380) (100,091) – (1,293) (35,887) 


1,819,937 103,612 75,868 257,326 – 13,160 43,334 

X class shares 


– – – – – 715,035 – 

Shares issued 

– – – – – 131,135 – 


– – – – – (144,549) – 


– – – – – 701,621 – 

X class hedged shares 


– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 

(1) 


(2) 

New Shares activated, see Note 1, for further details. 





US$ € € € € € € € € € € US$ € 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

3,657,572 144,384 – – – – – – – – – – 1,000 

61,782 246 – – – – – – – – – – – 

(1,075,420) (40,530) – – – – – – – – – – – 

2,643,934 104,100 – – – – – – – – – – 1,000 

– 519,799 – 40,463 76,670 373,085 339,467 – – 523,558 2,926,303 18,445,703 109,498 

– – – 4,732 – – 1,371 – – – 2,367 4,632 – 

– (169,793) – (26,571) (44,910) (114,820) (117,579) – – (185,541) (565,321) (2,531,536) (54,707) 

– 350,006 – 18,624 31,760 258,265 223,259 – – 338,017 2,363,349 15,918,799 54,791 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – 716,831 – 

– – – – – – – – – – – (358,810) – 

– – – – – – – – – – – 358,021 – 






Global 







196,144 – – – – – – 

Shares issued 

4,156 – – – 47,277 – – 


(57,127) – – – (187) – – 


143,173 – – – 47,090 – – 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



45,178 – – – – – – 

Shares issued 

77,210 – – – – – – 


(82,013) – – – – – – 


40,375 – – – – – – 



– – – – – – – 

Shares issued 

– – – 9,797,604 – – – 


– – – (248,584) – – – 


– – – 9,549,020 – – – 



6,791,470 – – – 14,851,571 300,000 11,649,991 

Shares issued 

4,266,777 9,324,323 23,013,689 6,426,554 38,506,884 – 7,511,675 


(5,425,155) (732,401) (5,556,194) (8,612) (6,699,243) – (5,065,126) 


5,633,092 8,591,922 17,457,495 6,417,942 46,659,212 300,000 14,096,540 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – 14,715,567 – – 

Shares issued 

– – – – 474,135 – – 


– – – – (4,125,419) – – 


– – – – 11,064,283 – – 



76,225 – – – – – – 

Shares issued 

14,461 – – – – – – 


(23,635) – – – – – – 


67,051 – – – – – – 



– – – – – – – 

Shares issued 

– – – 4,598,182 – – – 


– – – (25,795) – – – 


– – – 4,572,387 – – – 



104,925 – – – – – 264,147 

Shares issued 

160,461 3,118 6,817,633 1,739,940 609,865 – 45,914 


(51,057) – (1,124,108) (11,502) (87,606) – (33,551) 


214,329 3,118 5,693,525 1,728,438 522,259 – 276,510 









833,752 – – – – – – – – – – – – 

49,808 – – – – – – – – – – – – 

(747,153) – – – – – – – – – – – – 

136,407 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

6,418,161 – – – – – – – – – – – – 

8,180,961 – – – – – – – – – – – – 

(6,257,107) – – – – – – – – – – – – 

8,342,015 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

6,309,531 5,641,844 7,129,623 – 11,511,411 26,889,796 24,159,047 43,176,897 57,937,429 6,600,722 129,816 3,355,061 2,515,166 

4,501,843 4,135,591 2,475,751 33,548,908 11,845,176 17,567,567 56,801,210 73,638,986 334,416,601 13,092,757 183,664 928,336 262,889 

(5,601,912) (5,654,393) (3,789,804) (12,610,009) (15,303,962) (27,605,882) (24,552,513) (60,792,316) (137,201,185) (10,890,028) (157,096) (2,532,106) (735,025) 

5,209,462 4,123,042 5,815,570 20,938,899 8,052,625 16,851,481 56,407,744 56,023,567 255,152,845 8,803,451 156,384 1,751,291 2,043,030 

– – – – – – – – – – – – – 

– – – – 5,371 933 1,852,981 – – – – – – 

– – – – – – (112,000) – – – – – – 

– – – – 5,371 933 1,740,981 – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – 60,488 – 945,335 – – 43,789 – – 

– – – 135,961 – 148,421 5,369,884 599,271 1,615,947 – 112,520 – – 

– – – (8,645) – (177,033) (857,131) (935,583) (1,485,793) – (111,826) – – 

– – – 127,316 – 31,876 4,512,753 609,023 130,154 – 44,483 – – 

895,000 – – – – – – – – – – – – 

129,398 – – – – – – – – – – – – 

(110,455) – – – – – – – – – – – – 

913,943 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

96,296 33,813 807,186 – 594,851 1,329,508 3,826,451 367,189 1,477,978 978,304 3,834 5,743 38,679 

69,816 13,503 128,520 3,695,399 165,170 393,398 2,701,166 286,047 2,622,800 402,980 251 92,046 177,479 

(45,421) (18,602) (295,469) (1,265,008) (274,116) (850,818) (1,617,003) (358,224) (1,160,337) (371,902) (3,196) (28,320) (43,648) 

120,691 28,714 640,237 2,430,391 485,905 872,088 4,910,614 295,012 2,940,441 1,009,382 889 69,469 172,510 






Global 







– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



52,431 – – – – – – 

Shares issued 

42,904 – – – – – – 


(16,104) – – – – – – 


79,231 – – – – – – 



6,127 – – – – – – 

Shares issued 

6,924 – – – – – – 


(3,071) – – – – – – 


9,980 – – – – – – 



– – – – – – – 

Shares issued 

– – – 2,698,546 – – – 


– – – (275,030) – – – 


– – – 2,423,516 – – – 



25,692 – – – 4,481 – 410,208 

Shares issued 

12,965 – 9,612,436 3,610,894 39,643 – 120,789 


(13,369) – (2,344,735) (64,824) (2) – (172,921) 


25,288 – 7,267,701 3,546,070 44,122 – 358,076 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 

Shares issued 

– 589,391 – – – – – 


– – – – – – – 


– 589,391 – – – – – 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



621,849 – – – 3,143 – 344,713 

Shares issued 

450,145 846,508 252,725 – 6,817,670 – 220,233 


(332,362) (12,624) (151,534) – (1,043,113) – (188,004) 


739,632 833,884 101,191 – 5,777,700 – 376,942 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 









– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

572,129 – – – – – – – – – – – – 

146,579 – – – – – – – – – – – – 

(270,565) – – – – – – – – – – – – 

448,143 – – – – – – – – – – – – 

939,783 – – – – – – – – – – – – 

218,347 – – – – – – – – – – – – 

(504,857) – – – – – – – – – – – – 

653,273 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

237,024 58,236 541,775 – 228,151 1,111,286 4,312,687 466,694 1,727,011 614,220 224 3 62,334 

103,362 25,614 193,497 6,586,965 218,426 667,700 6,860,754 694,201 6,075,346 593,653 1,353 3,645 935 

(222,885) (31,590) (252,663) (2,729,946) (130,149) (773,106) (2,441,980) (592,699) (2,867,489) (324,389) (503) (3) (634) 

117,501 52,260 482,609 3,857,019 316,428 1,005,880 8,731,461 568,196 4,934,868 883,484 1,074 3,645 62,635 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – 618,975 – – 1,090,763 – – – – 

– – – – – – – – (685,507) – – – – 

– – – – – 618,975 – – 405,256 – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

772,200 596,121 79,668 – 882,760 1,620,048 1,077,181 2,762,555 10,054,032 685,905 33,220 892,359 59,349 

2,675,413 443,363 31,101 289,408 1,163,829 1,036,205 2,911,391 6,770,104 47,474,366 1,301,797 75,707 558,782 36,707 

(1,565,087) (550,459) (63,538) (24,549) (1,142,949) (1,620,442) (1,364,091) (5,608,204) (26,125,639) (852,426) (54,613) (680,438) (51,779) 

1,882,526 489,025 47,231 264,859 903,640 1,035,811 2,624,481 3,924,455 31,402,759 1,135,276 54,314 770,703 44,277 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 






Global 







– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 



159,718 – – – – – – 

Shares issued 

298 – – – – – – 


(64,855) – – – – – – 


95,161 – – – – – – 



755,348 – – – – – 1,464,093 

Shares issued 

– – – – 763,089 – – 


(253,318) – – – (51,639) – (457,752) 


502,030 – – – 711,450 – 1,006,341 



– – – – – – 3,822,219 

Shares issued 

– – – – – – – 


– – – – – – (500,000) 


– – – – – – 3,322,219 



– – – – – – – 

Shares issued 

– – – – – – – 


– – – – – – – 


– – – – – – – 









– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – 261,031 – – – – – 

– – – – – – – (88,305) – – – – – 

– – – – – – – 172,726 – – – – – 

56,925 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

(8,000) – – – – – – – – – – – – 

48,925 – – – – – – – – – – – – 

81,653 143,856 646,444 – 409,603 508,387 – 264,546 37,066 1,678,270 186 1,019,253 259,845 

– – 455 – 266 1 – – – 700 – – – 

(40,867) (52,786) (183,259) – (114,091) (166,479) – (51,852) (10,361) (396,943) – (347,227) (104,447) 

40,786 91,070 463,640 – 295,778 341,909 – 212,694 26,705 1,282,027 186 672,026 155,398 

– – – – – 74,461 – – – – – – – 

875,000 – – – – 178,559 – – – – – – – 

(48,869) – – – – – – – – – – – – 

826,131 – – – – 253,020 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 











Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 



– – 932,889 271,745 845,762 826,800 – – 

– – 550,234 568,377 27,260 170,086 – – 

– – (1,436,593) (160,866) (292,992) (667,646) – – 

– – 46,530 679,256 580,030 329,240 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – 28,211 7,526,303 4,647 – – 

– – – 605,609 4,722,609 370,240 – – 

– – – (139,638) (5,845,617) (308,518) – – 

– – – 494,182 6,403,295 66,369 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

150,000 4,988,069 29,935,118 4,581,107 1,626,828 9,304,085 1,331,834 177,173,666 

– 3,591,135 24,166,040 4,881,830 3,407,564 8,832,139 4,108,173 281,873,507 

– (4,054,116) (22,464,422) (5,145,306) (2,622,708) (10,237,627) (3,876,209) (149,957,081) 

150,000 4,525,088 31,636,736 4,317,631 2,411,684 7,898,597 1,563,798 309,090,092 

– – 759,329 – – – – 55,535,227 

– – 1,707,148 – – – – 115,226,954 

– – (1,133,642) – – – – (86,057,462) 

– – 1,332,835 – – – – 84,704,719 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 2,026,519 164,493 – – – – 2,498,616 

– 247,971 1,216,299 – – – – 7,286,531 

– (461,867) (22,803) – – – – (678,645) 

– 1,812,623 1,357,989 – – – – 9,106,502 

– – – 696,455 1,981,203 1,586,996 – – 

– – – 1,029,066 291,706 720,746 – – 

– – – (313,559) (664,618) (1,224,328) – – 

– – – 1,411,962 1,608,291 1,083,414 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 23,174 1,484,454 482,889 256,894 1,243,439 52,198 3,876,247 

– 10,226 179,791 652,868 106,400 1,722,144 221,713 2,776,398 

– (6,406) (517,644) (139,864) (102,695) (1,692,760) (204,428) (1,215,382) 

– 26,994 1,146,601 995,893 260,599 1,272,823 69,483 5,437,263 


US US US 




– 2,704,745 – – – 85,110 – – – – 361,987 – – 

– 31,977 – – – 6,837 – – – – 855,292 – – 

– (438,364) – – – (19,388) – – – – (367,062) – – 

– 2,298,358 – – – 72,559 – – – – 850,217 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 110,796 – – – 4,278 – – – – – – – 

– 2,271,896 – – – 150 – – – – – – – 

– (425,178) – – – (578) – – – – – – – 

– 1,957,514 – – – 3,850 – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

20,072,675 991,796 13,796,737 1,366,845 4,940,821 793,728 167,457,301 13,386,812 109,357,614 8,297,620 495,427 77,966,376 6,585,793 

13,155,207 2,059,095 8,806,796 1,413,387 2,999,618 163,324 211,901,884 11,949,810 175,035,878 9,196,418 1,884,765 120,666,871 11,041,195 

(12,539,082) (1,913,075) (14,950,164) (1,502,646) (4,094,876) (506,528) (152,630,661) (16,893,239) (139,688,074) (10,137,374) (726,068) (86,236,599) (12,047,451) 

20,688,800 1,137,816 7,653,369 1,277,586 3,845,563 450,524 226,728,524 8,443,383 144,705,418 7,356,664 1,654,124 112,396,648 5,579,537 

177,380 – – – – – – – – – – – – 

1,709,865 1,002,271 – – – – – – – – – – – 

(872,668) (2,271) – – – – – – – – – – – 

1,014,577 1,000,000 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

781 – – – – – 1,893,448 – – – – 896,903 – 

2,015 – – – – – 3,274,438 – – – – 1,330,192 – 

– – – – – – (2,946,832) – – – – (1,910,449) – 

2,796 – – – – – 2,221,054 – – – – 316,646 – 

– 1,479,594 – – – 12,506 – – – – 983,786 – – 

– 112,102 – – – 3,228 – – – – 1,473,015 – – 

– (762,052) – – – (3,556) – – – – (597,949) – – 

– 829,644 – – – 12,178 – – – – 1,858,852 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

275,916 120,681 1,528,731 8,834 409,246 – 1,538,165 446,387 1,084,575 856,074 936,170 997,592 224,516 

27,726 37,982 798,561 2,574 75,323 – 1,134,566 427,487 745,320 185,967 1,660,691 777,553 109,082 

(111,084) (89,038) (553,175) (4,212) (150,729) – (952,987) (368,058) (793,856) (380,968) (782,432) (782,224) (170,979) 

192,558 69,625 1,774,117 7,196 333,840 – 1,719,744 505,816 1,036,039 661,073 1,814,429 992,921 162,619 











Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 





Shares issued 



– – 18,400 – – – – 66,944 

– – 6,268 – – – – 96,192 

– – – – – – – (66,155) 

– – 24,668 – – – – 96,981 

– – – 389,166 638,373 373,359 – – 

– – – 340,275 972,568 978,888 – – 

– – – (177,461) (1,024,006) (786,070) – – 

– – – 551,980 586,935 566,177 – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 29,373 681,270 978,708 356,148 795,551 29,083 3,199,169 

– 19,109 295,774 808,309 233,535 1,603,459 168,716 2,785,758 

– (27,173) (363,991) (416,673) (139,177) (1,272,213) (137,249) (1,711,972) 

– 21,309 613,053 1,370,344 450,506 1,126,797 60,550 4,272,955 

– – 8,295 – – – – 176,823 

– – 3,228 – – – – 327,237 

– – (7,575) – – – – (111,986) 

– – 3,948 – – – – 392,074 

– – – – – – – – 

– – 370,604 – – – – 6,534,405 

– – – – – – – (544,528) 

– – 370,604 – – – – 5,989,877 

– – – – – – – – 

– – – – – – – 1,342,650 

– – – – – – – – 

– – – – – – – 1,342,650 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– – – – – – – – 

– 164,657 475,133 212,187 137,538 375,172 269,107 6,481,266 

– 358,091 301,216 866,445 99,786 3,765,353 345,580 30,189,134 

– (134,296) (309,936) (157,495) (70,398) (2,060,045) (312,967) (19,175,975) 

– 388,452 466,413 921,137 166,926 2,080,480 301,720 17,494,425 

– – 245,000 – – – – 1,381,216 

– – 659,316 – – – – 27,166,628 

– – (281,839) – – – – (10,742,117) 

– – 622,477 – – – – 17,805,727 


US US US 




– – – – – – – – – – – – – 

1,520 – – – – – – – – – – – – 

(745) – – – – – – – – – – – – 

775 – – – – – – – – – – – – 

– 1,101,831 – – – 8,792 – – – – 2,117,824 – – 

– 52,070 – – – 27,527 – – – – 1,964,393 – – 

– (752,804) – – – (25,231) – – – – (1,624,129) – – 

– 401,097 – – – 11,088 – – – – 2,458,088 – – 

– – – – – – – – – – – – – 

– 47,565 – – – – – – – – – – – 

– (12,310) – – – – – – – – – – – 

– 35,255 – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

142,160 29,379 1,047,484 7,300 358,905 – 2,626,727 470,061 1,354,300 741,807 3,093,959 1,278,887 95,480 

23,702 182,240 983,732 30,855 92,223 – 3,395,548 705,501 1,899,801 649,108 3,157,114 1,817,186 165,716 

(52,185) (7,263) (468,948) (15,966) (185,045) – (2,300,022) (614,863) (1,642,300) (790,036) (2,549,249) (1,556,262) (142,748) 

113,677 204,356 1,562,268 22,189 266,083 – 3,722,253 560,699 1,611,801 600,879 3,701,824 1,539,811 118,448 

3,800 – – – – – – – – – – – – 

1,900 – – – – – – – – – – – – 

(1,000) – – – – – – – – – – – – 

4,700 – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – 1,474,524 – 484,087 – – 267,629 – 

– – – – – – (46,740) – (34,396) – – (29,222) – 

– – – – – – 1,427,784 – 449,691 – – 238,407 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

1,057,994 56,527 1,342,732 83,753 163,793 7,353 9,853,609 1,742,152 3,537,241 1,287,069 – 4,025,069 680,588 

573,978 167,741 1,128,532 124,816 121,886 11,146 17,941,189 2,241,399 9,074,167 1,610,784 54,690 12,033,941 2,990,507 

(656,389) (65,081) (1,147,542) (114,965) (156,965) (14,523) (13,101,343) (3,251,809) (6,686,974) (1,598,163) (11,207) (8,727,631) (816,147) 

975,583 159,187 1,323,722 93,604 128,714 3,976 14,693,455 731,742 5,924,434 1,299,690 43,483 7,331,379 2,854,948 

7,550 – – – – – – – – – – – – 

913,013 – – – – – – – – – – – – 

(265,433) – – – – – – – – – – – – 

655,130 – – – – – – – – – – – – 











– – – – – – – – 

Shares issued 

– – – – – – – – 


– – – – – – – – 


– – – – – – – – 



– – – – – – – – 

Shares issued 

– – – – – – – – 


– – – – – – – – 


– – – – – – – – 



– – – 610,606 3,836,922 – – – 

Shares issued 

– – – 4,474 66,628 – – – 


– – – (214,324) (1,052,879) – – – 


– – – 400,756 2,850,671 – – – 



– 16,761 3,572,566 299,283 125,972 – 17,848 1,209,890 

Shares issued 

– – 13,815 – – – – 1,768 


– (8,415) (1,165,936) (7,436) (18,306) – (6,955) (411,414) 


– 8,346 2,420,445 291,847 107,666 – 10,893 800,244 



– – 75,107 114,556 – – – – 

Shares issued 

– – 18,742 – – 1,013,499 – – 


– – (93,849) – – (59,748) – – 


– – – 114,556 – 953,751 – – 



– – – – – – – – 

Shares issued 

– – – – – – – – 


– – – – – – – – 


– – – – – – – – 


US US US 




– – – – – – – – – – 6,876,655 – – 

– – – – – – – – – – 10,924,900 – – 

– – – – – – – – – – (857,900) – – 

– – – – – – – – – – 16,943,655 – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– 1,913,675 – – – – – – – – – – – 

– 22,631 – – – – – – – – – – – 

– (671,260) – – – – – – – – – – – 

– 1,265,046 – – – – – – – – – – – 

511,796 90,042 908,218 46,023 1,026,383 – 446,142 1,365,601 27,388 98,869 – 8,450 2,261,227 

– – – – 219 – 455 – 500 – – – 413 

(145,704) (44,744) (294,760) (19,540) (358,557) – (128,193) (325,578) (517) (31,579) – (600) (785,094) 

366,092 45,298 613,458 26,483 668,045 – 318,404 1,040,023 27,371 67,290 – 7,850 1,476,546 

– 2,059,677 355,789 – – – 16,312,691 – – – – 3,534,440 – 

– – 87,608 – – – 5,215,164 – 1,033,058 – – 1,470,081 – 

– (2,059,677) (443,397) – – – (4,794,280) – – – – (2,049,666) – 

– – – – – – 16,733,575 – 1,033,058 – – 2,954,855 – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 

– – – – – – – – – – – – – 



Asian Dragon Fund 

Portfolio of Investments 31 December 2006 

Transferable Securities Admitted to an Official Stock Exchange 

Listing or Dealt in on Another Regulated Market 

Holding Description Value (US$) % 

COMMON / PREFERRED STOCKS (SHARES) / WARRANTS & RIGHTS 

Bermuda 

15,364,000 Asia Standard International Group 367,654 0.08 

5,636,200 Bio-Treat Technology 2,224,767 0.46 

886,000 Esprit Holdings 9,899,792 2.06 

2,905,000 Ports Design 

___________ 

6,353,566 

______ 

1.32 

___________ 

18,845,779 

______ 

3.92 

Cayman Islands 

5,728,000 Chaoda Modern Agriculture 3,692,013 0.77 

1,835,000 China Shineway Pharmaceutical Group 1,062,358 0.22 

1,074,000 Kingboard Chemical Holdings 4,221,220 0.88 

1,509,000 Morgan Stanley Asian Products (Call 

Wts 21/3/2007 – Tenaga Nasional) 4,656,216 0.96 

3,930,500 Shui On Land 

___________ 

3,433,524 

______ 

0.71 

___________ 

17,065,331 

______ 

3.54 

China 

16,889,000 China Construction Bank 'H' 10,755,526 2.23 

1,144,500 China Merchants Bank 'H' 2,426,585 0.50 

10,434,000 China Petroleum & Chemical 'H' 9,665,089 2.01 

3,000,000 China Shenhua Energy 'H' 7,225,196 1.50 

11,198,000 China Telecom 6,137,232 1.28 

4,776,000 Harbin Power Equipment 'H' 5,480,897 1.14 

1,919,614 Shanghai Jin Jiang International 

Hotels Group 'H' 921,182 0.19 

1,470,000 Zhaojin Mining Industry 'H' 2,935,158 0.61 

1,173,000 Zhuzhou CSR Times Electric 'H' 1,623,801 0.34 

8,524,000 Zijin Mining Group 

___________ 

5,954,781 

______ 

1.24 

___________ 

53,125,447 

______ 

11.04 

Hong Kong 

3,733,000 BOC Hong Kong Holdings 10,133,581 2.11 

1,152,000 Cheung Kong Holdings 14,191,025 2.95 

1,066,000 China Mobile 9,216,138 1.91 

9,232,000 China Power International Development 5,071,614 1.05 

8,500,000 CITIC International Financial Holdings 7,633,028 1.59 

350,000 Hang Seng Bank 4,786,563 0.99 

1,487,000 Hopewell Holdings 5,222,713 1.09 

1,807,000 Hysan Development 4,730,914 0.98 

2,437,460 New World Development 4,910,795 1.02 

2,684,000 Singamas Container Holdings 

___________ 

1,225,839 

______ 

0.26 

___________ 

67,122,210 

______ 

13.95 

Indonesia 

2,813,000 Aneka Tambang 2,502,084 0.52 

3,990,000 Perusahaan Gas Negara 

___________ 

5,146,038 

______ 

1.07 

___________ 

7,648,122 

______ 

1.59 

Malaysia 

4,540,500 Bumiputra-Commerce Holdings 9,971,345 2.07 

1,051,000 Digi.Com 4,526,835 0.94 

464,000 IOI 2,419,269 0.50 

1,682,000 Tenaga Nasional 

___________ 

5,195,183 

______ 

1.08 

___________ 

22,112,632 

______ 

4.59 

Philippines 

4,843,820 Banco de Oro Universal Bank 4,546,332 0.94 

306,175 China Banking 4,248,092 0.88 

126,593,000 Filinvest Land 5,527,627 1.15 




5,584,000 First Gen 6,437,380 1.34 

26,518,800 Megaworld (Rights) 127,697 0.03 

34,464,000 PNOC Energy Development 

___________ 

3,410,537 

______ 

0.71 

___________ 

24,297,665 

______ 

5.05 

Singapore 

3,950,000 Banyan Tree Holdings 4,020,356 0.84 

1,046,000 Cerebos Pacific 2,388,595 0.50 

618,000 City Developments 5,120,767 1.06 

1,696,000 KS Energy Services 2,766,360 0.57 

3,628,370 MobileOne 5,089,708 1.06 

10,989,000 Pacific Shipping Trust (Unit) 4,642,853 0.96 

1,767,000 SembCorp Marine 3,919,749 0.81 

4,283,000 Suntec Real Estate Investment 

Trust (Reit) 5,085,835 1.06 

703,000 United Overseas Bank 8,898,154 1.85 

2,952,000 Yellow Pages (Singapore) 

___________ 

2,253,435 

______ 

0.47 

___________ 

44,185,812 

______ 

9.18 

South Korea 

267,800 Daegu Bank 4,580,500 0.95 

309,000 Daishin Securities (Pref) 5,251,952 1.09 

84,100 GS Engineering & Construction 7,517,997 1.56 

30,500 Hanil Cement Manufacturing 2,706,817 0.56 

16,000 KCC 4,982,803 1.04 

211,600 Kookmin Bank 17,049,146 3.54 

147,600 LG 4,739,536 0.99 

12,110 Lotte Shopping 5,028,478 1.04 

27,340 POSCO 9,087,871 1.89 

38,600 Samsung Electronics 25,453,817 5.29 

40,550 SK Telecom 

___________ 

9,705,681 

______ 

2.02 

___________ 

96,104,598 

______ 

19.97 

Taiwan 

5,515,920 Asia Cement 5,246,842 1.09 

4,614,480 Chunghwa Telecom 8,580,522 1.78 

3,742,380 D-Link 4,903,363 1.02 

2,111,000 Hung Poo Real Estate Development 2,493,832 0.52 

3,617,697 Lite-On Technology 4,889,860 1.02 

1,020,000 Novatek Microelectronics 4,616,475 0.96 

8,458,685 Shin Kong Financial Holding 9,110,208 1.89 

3,404,358 Siliconware Precision Industries 5,348,395 1.11 

4,555,000 Taiwan Mobile 4,724,147 0.98 

11,687,000 Taiwan Semiconductor Manufacturing 24,206,117 5.03 

4,999,000 Tatung 2,239,517 0.46 

6,912,313 Vanguard International Semiconductor 

___________ 

5,185,857 

______ 

1.08 

___________ 

81,545,135 

______ 

16.94 

Thailand 

2,702,500 Advanced Info Service 5,942,072 1.23 

3,360,400 Kiatnakin Bank – NVDR 

___________ 

2,581,280 

______ 

0.54 

___________ 

8,523,352 

______ 

1.77 

United Kingdom 

2,643,900 Astro All Asia Networks 4,158,018 0.86 

281,000 UBS London ELN (Call Wts 

4/9/2009 – Bharat Forge) 

___________ 

2,298,223 

______ 

0.48 

___________ 

6,456,241 

______ 

1.34 


Asian Dragon Fund continued 





United States 

458,500 Citigroup Global Markets Holdings 

(Call Wts 19/1/2009 – Pantaloon 

Retail India) 4,227,044 0.88 

247,900 MSDW Asia Securities Products 

(Call Wts 10/8/2007 – Bharti Airtel) 3,524,263 0.73 

4,067,000 MSDW Asia Securities Products 

(Call Wts 12/2/2007 – Chinatrust 

Financial Holding) 3,393,830 0.71 

2,204,000 MSDW Asia Securities Products (Call 

Wts 12/2/2007 – Lite-On Technology) 

___________ 

2,973,086 

______ 

0.61 

___________ 

14,118,223 

______ 

2.93 

Total Transferable Securities Admitted 

to an Official Stock Exchange Listing or 

Dealt in on Another Regulated Market 

___________ 

461,150,547 

______ 

95.81 

Unquoted Securities 


COMMON STOCKS (SHARES) 

Bermuda 

9,828,600 Euro-Asia Agricultural Holdings 

___________ 

0 

______ 

0.00 

Total Unquoted Securities 

___________ 

0 

______ 

0.00 

Total Portfolio 461,150,547 95.81 

Other Net Assets 

___________ 

20,181,912 

______ 

4.19 

Total Net Assets (US$) 

___________ 

481,332,459 

______ 

100.00 

Sector Breakdown as at 31 December 2006 

% of net 

assets 

Finance 32.9 

Information technology 17.5 

Telecommunication services 11.9 

Industrials 7.9 

Consumer discretionary 7.7 

Materials 5.9 

Utilities 5.5 

Energy 4.5 

Consumer staples 1.8 

Healthcare 0.2 

Other net assets 

___________ 

4.2 

___________ 

100.0 



Asian Tiger Bond Fund 





BONDS 

Bermuda 

US$1,850,000 AES China Generating 8.25% 

26/6/2010 

___________ 

1,851,108 

______ 

2.06 

British Virgin Islands 

US$260,000 CLP Power Hong Kong Financing 

EMTN 6.25% 8/5/2012 271,726 0.30 

US$1,850,000 CNOOC Finance 2002 5.5% 21/5/2033 1,748,242 1.94 

US$750,000 Cosco Pacific Finance 2003 5.875% 

3/10/2013 759,243 0.84 

US$1,625,000 Galaxy Entertainment Finance 9.875% 

15/12/2012 1,746,251 1.94 

US$1,100,000 Hutchison Whampoa International 

01/11 7% 16/2/2011 1,167,689 1.30 

US$1,000,000 JGSH Philippines 8% 18/1/2013 1,023,354 1.14 

US$1,700,000 PCCW HKT Capital 8% 15/11/2011 

___________ 

1,869,766 

______ 

2.08 

___________ 

8,586,271 

______ 

9.54 

Canada 

US$2,000,000 Sino-Forest 9.125% 17/8/2011 

___________ 

2,166,550 

______ 

2.41 


US$1,000,000 Chaoda Modern Agriculture 7.75% 

8/2/2010 1,003,750 1.12 

US$1,800,000 CKWH-UT2 9.125% 31/5/2012 

(Perpetual) 2,057,866 2.29 

US$850,000 CMHI Finance Caymans 5.375% 

9/3/2015 834,465 0.93 

US$500,000 Equus Cayman Finance 5.5% 

12/9/2008 498,566 0.55 

US$900,000 Hongkong Land Finance EMTN 5.5% 

28/4/2014 898,081 1.00 


03/13 6.5% 13/2/2013 2,989,995 3.32 


03/33 6.25% 24/1/2014 

___________ 

3,132,848 

______ 

3.48 

___________ 

11,415,571 

______ 

12.69 

Hong Kong 

US$900,000 Bangkok Bank (Hong Kong) 9.025% 

15/3/2029 1,146,817 1.28 

US$875,000 Wing Hang Financial Holdings 5.25% 

10/10/2013 

___________ 

865,584 

______ 

0.96 

___________ 

2,012,401 

______ 

2.24 

India 

US$525,000 Industrial Development Bank of India 

4.75% 3/3/2009 513,648 0.57 

US$750,000 Reliance Industries 10.375% 

24/6/2016 

___________ 

986,049 

______ 

1.10 

___________ 

1,499,697 

______ 

1.67 

Indonesia 

US$225,000 Republic of Indonesia 7.5% 15/1/2016 

___________ 

248,120 

______ 

0.27 

Malaysia 

US$500,000 Malayan Banking 6.125% 6/7/2012 501,286 0.56 

US$600,000 Malaysia Government International 

Bond 8.75% 1/6/2009 647,016 0.72 

US$1,000,000 MISC Capital 6.125% 1/7/2014 1,048,906 1.17 

US$450,000 Petronas Capital 7% 22/5/2012 485,616 0.54 

US$1,000,000 Petronas Capital '144A' 7% 22/5/2012 1,080,668 1.20 

US$1,200,000 RHB Bank 6.625% 25/1/2013 1,206,745 1.34 

US$1,250,000 Sarawak International 5.5% 3/8/2015 1,241,047 1.38 




US$500,000 TM Global 5.25% 22/9/2014 497,553 0.55 

US$500,000 TNB Capital L 5.25% 5/5/2015 

___________ 

488,263 

______ 

0.54 

___________ 

7,197,100 

______ 

8.00 

Mauritius 

US$200,000 MEI Euro Finance 8.75% 22/5/2010 198,289 0.22 

US$1,000,000 Tjiwi Kimia International Finance 

FRN 28/4/2015 

___________ 

165,000 

______ 

0.18 

___________ 

363,289 

______ 

0.40 

Netherlands 

US$490,000 ALB Finance '144A' 9.25% 25/9/2013 486,938 0.54 

US$475,000 Excelcomindo Finance 8% 27/1/2009 485,232 0.54 

US$1,050,000 Indosat Finance 7.75% 5/11/2010 1,077,494 1.20 

US$290,000 Kazkommerts International 8% 

3/11/2015 289,376 0.32 

US$100,000 Kazkommerts International 8.5% 

16/4/2013 107,111 0.12 

US$500,000 Paiton Energy Funding 9.34% 

15/2/2014 

___________ 

533,487 

______ 

0.59 

___________ 

2,979,638 

______ 

3.31 

Philippines 

US$1,000,000 National Power FRN 23/8/2011 1,129,049 1.25 

US$1,245,000 Philippine Long Distance Telephone 

11.375% 15/5/2012 1,546,912 1.72 

US$630,000 Philippine Long Distance Telephone 

EMTN 8.35% 6/3/2017 723,892 0.80 

US$1,100,000 Republic of Philippine 8.875% 

17/3/2015 1,307,625 1.45 

US$5,000,000 Republic of Philippine 9% 15/2/2013 5,800,000 6.45 

US$1,950,000 Republic of Philippine 9.5% 2/2/2030 2,605,687 2.90 


15/1/2019 

___________ 

2,060,613 

______ 

2.29 

___________ 

15,173,778 

______ 

16.86 

Singapore 

US$250,000 DBS Bank (Singapore) 7.125% 

15/5/2011 268,235 0.30 

US$500,000 DBS Bank (Singapore) 7.875% 

10/8/2009 530,137 0.59 

US$450,000 Oversea-Chinese Banking 7.75% 

6/9/2011 495,447 0.55 

US$2,600,000 Singapore Telecommunications 

7.375% 1/12/2031 3,166,721 3.52 

US$1,050,000 SP PowerAssets 5% 22/10/2013 1,034,393 1.15 

US$1,050,000 United Overseas Bank 4.5% 2/7/2013 

___________ 

999,403 

______ 

1.11 

___________ 

6,494,336 

______ 

7.22 

South Korea 

US$1,000,000 Export-Import Bank of Korea 

5.125% 16/3/2015 ‡ 980,786 1.09 

US$1,600,000 Export-Import Bank of Korea 

5.25% 10/2/2014 1,586,890 1.76 

US$1,000,000 GS Caltex 5.5% 25/8/2014 994,056 1.10 

US$1,000,000 GS Caltex 7.75% 25/7/2011 1,088,809 1.21 

US$500,000 Hana Funding 8.748% 17/12/2012 

(Perpetual) 565,422 0.63 

US$750,000 Hanarotelecom 7% 1/2/2012 749,215 0.83 

US$480,000 Industrial Bank of Korea 3.5% 

11/6/2008 466,893 0.52 

US$3,400,000 Korea Development Bank 5.75% 

10/9/2013 ‡ 3,490,787 3.88 

US$2,950,000 Republic of Korea 4.875% 22/9/2014 ‡ 2,868,045 3.19 

US$1,000,000 Woori Bank 5.75% 13/3/2014 

___________ 

1,005,081 

______ 

1.12 

___________ 

13,795,984 

______ 

15.33 

(‡) Securities given in guarantee, see Note 14 for further details. 


Asian Tiger Bond Fund continued 





Thailand 

US$600,000 Kasikornbank 8.25% 21/8/2016 697,554 0.78 

US$250,000 PTT 5.75% 1/8/2014 

___________ 

255,294 

______ 

0.28 

___________ 

952,848 

______ 

1.06 

US$900,000 

United States 

Freeport-McMoRan Copper & Gold 

6.875% 1/2/2014 

___________ 

925,875 

______ 

1.02 

Vietnam 

US$250,000 Socialist Republic of Vietnam 3.75/4% 

12/3/2028 (step-up coupon) 215,824 0.24 

US$1,650,000 Socialist Republic of Vietnam 6.875% 

15/1/2016 

___________ 

1,780,640 

______ 

1.98 

___________ 

1,996,464 

______ 

2.22 




___________ 

77,659,030 

______ 

86.30 



BONDS 


US$300,000 PCCW Capital No 2 6% 

15/7/2013 

___________ 

302,628 

______ 

0.34 

IDR12,000,000,000 

Indonesia 

Surabaya Agung Industri 

Pulp & Kertas 0% 9/12/1997 

___________ 

0 

______ 

0.00 

Malaysia 

US$1,250,000 Tenaga Nasional 7.5% 1/11/2025 

___________ 

1,482,971 

______ 

1.65 


___________ 

1,785,599 

______ 

1.99 



___________ 

10,541,412 

______ 

11.71 


___________ 

89,986,041 

______ 

100.00 

Open Forward Foreign Exchange Transactions 

as at 31 December 2006 

Purchases 

Sales Value date 

Unrealised 

profit/(loss) 

US$ 

THB48,596,730 US$1,327,054 10/1/2007 42,851 

SGD3,875,006 US$2,501,664 10/1/2007 27,411 

¥149,002,305 €1,005,000 11/1/2007 (70,257) 

PHP81,856,000 US$1,633,200 11/1/2007 36,534 

¥447,789,001 €3,020,000 11/1/2007 (210,776) 

€3,965,000 ¥593,292,497 11/1/2007 231,381 

US$2,168,911 MYR7,730,000 12/1/2007 (22,433) 

CNY46,704,400 US$5,992,353 12/1/2007 (7,424) 

PHP63,535,000 US$1,277,599 12/1/2007 18,375 

THB47,325,000 US$1,341,792 12/1/2007 (7,739) 

TWD107,984,000 US$3,262,357 12/1/2007 54,246 

US$2,547,037 MYR9,070,000 12/1/2007 (24,178) 

IDR23,946,000,000 US$2,600,000 12/1/2007 59,826 

KRW2,948,640,000 US$3,183,797 12/1/2007 (11,240) 

MYR20,435,100 US$5,610,843 12/1/2007 182,216 

PHP61,800,000 US$1,232,549 12/1/2007 28,036 

US$1,619,310 TWD53,000,000 12/1/2007 (8,524) 

US$1,000,000 CNY7,820,000 12/1/2007 (2,093) 

US$1,000,000 MYR3,638,000 12/1/2007 

_______ 

(31,321) 

Net unrealised profit 

_______ 

284,891 

Open Futures Contracts as at 31 December 2006 

Number 

Expiration Value 

of Contracts 

Contract/Description 

date US$ 

16 US Treasury 10 Year Note March 2007 

_________ 

1,721,500 

Total commitment 

_________ 

1,721,500 

Note: The net unrealised loss of US$19,946 attributed to this transaction is included in the 

Statement of Net Assets (see Note 2c). 

Call Options Purchased as at 31 December 2006 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

loss 

US$ 

23,050 OTC EUR/JPY Put Option 

strike price €148 

expiring on 7/2/2007 

___________ 

(18,647) 

______ 

61 

Total Purchased Call Options 

___________ 

(18,647) 

______ 

61 

Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2c). 

Value 

US$ 

Note: The net unrealised profit attributed to these transactions is included in the Statement of 

Net Assets (see Note 2c). 

Swap as at 31 December 2006 

Nominal 

Value 

Description 

Unrealised 

profit 

US$ 

US$3,000,000 

Credit Default Swaps (Citigroup) 

(Fund sells default protection on 

Republic of Indonesia 6.75% 10/3/2014; 

and receives Fixed 1.63%) (20/3//2011) 73,728 

_______ 

Note: The net unrealised profit attributed to this transaction is included in the Statement of Net Assets (see Note 2c). 



Conservative Allocation Fund (Euro) 




Holding Description Value (€) % 

FUNDS 

France 

55,000 LYXOR ETF Commodities CRB – ETF 

___________ 

1,188,550 

______ 

1.10 

Guernsey 

1,500,000 Rutley European Property 

___________ 

1,500,000 

______ 

1.39 

Ireland 

1,898 EETF – iShares DJ Euro STOXX 50 – ETF 78,596 0.07 

4,458 Ishares – iShares FTSE 100 – ETF 41,178 0.04 

3,824 iShares MSCI Japan Fund – ETF 41,159 0.04 

18,294 iShares S&P 500 Index Fund – ETF 

___________ 

197,515 

______ 

0.18 

___________ 

358,448 

______ 

0.33 

Luxembourg 

206,252 Goldman Sachs Global Currency 

Portfolio 'H' 2,087,268 1.93 

161,320 Morgan Stanley SICAV – Asian 

Property Fund 

___________ 

2,168,391 

______ 

2.01 

___________ 

4,255,659 

______ 

3.94 


375,000 JPMorgan Asian Investment Trust 844,657 0.78 

296,232 Scottish Mortgage Investment Trust 

___________ 

2,316,036 

______ 

2.15 

___________ 

3,160,693 

______ 

2.93 

United States 

52,500 iShares Dow Jones US Telecommunications 

Sector Index Fund – ETF 

___________ 

1,175,804 

______ 

1.09 

Total Funds 

___________ 

11,639,154 

______ 

10.78 


Belgium 

4,514 Delhaize Group 285,736 0.26 

11,332 InBev 565,353 0.52 

3,335 KBC Groep 

___________ 

308,321 

______ 

0.29 

___________ 

1,159,410 

______ 

1.07 

Bermuda 

3,000,000 Macquarie International Infrastructure 

Fund 1,462,509 1.35 

15,912 Weatherford International 

___________ 

503,926 

______ 

0.47 

___________ 

1,966,435 

______ 

1.82 

Brazil 

24,639 Cia Vale do Rio Doce ADR 

___________ 

473,791 

______ 

0.44 

Canada 

1,256 Suncor Energy 

___________ 

74,772 

______ 

0.07 


3,110 ACE 

___________ 

143,433 

______ 

0.13 

Denmark 

10,811 Danske Bank 

___________ 

363,306 

______ 

0.34 

Finland 

13,779 Fortum 

___________ 

297,075 

______ 

0.27 

France 

1,930 Air Liquide 349,716 0.32 

2,444 Assurances Generales de France 288,392 0.27 

38,453 AXA 1,182,814 1.09 




1,473 EDF – Electricite de France 81,310 0.08 

4,034 LVMH Moet Hennessy Louis Vuitton 322,317 0.30 

3,715 Societe Generale 481,092 0.45 

12,269 Total 

___________ 

672,955 

______ 

0.62 

___________ 

3,378,596 

______ 

3.13 

Germany 

6,475 Altana 304,325 0.28 

8,903 Bayer 361,996 0.34 

6,640 BMW – Bayerische Motoren Werke 288,906 0.27 

15,377 Deutsche Post 351,211 0.33 

3,371 Deutsche Postbank 215,643 0.20 

906 Fresenius Medical Care & Co 91,479 0.08 

9,162 Praktiker Bau- und Heimwerkermaerkte 248,015 0.23 

4,049 RWE 338,091 0.31 

9,927 SAP 399,661 0.37 

6,670 Siemens 

___________ 

501,184 

______ 

0.46 

___________ 

3,100,511 

______ 

2.87 

Greece 

2,491 Hellenic Telecommunications Organization 

___________ 

56,695 

______ 

0.05 

Guernsey 

20,165 Amdocs 

___________ 

595,023 

______ 

0.55 

Ireland 

55,298 Allied Irish Banks 

___________ 

1,244,205 

______ 

1.15 

Italy 

70,110 Banca Intesa 397,524 0.37 

18,669 ENI 476,806 0.44 

2,529 Fastweb 109,607 0.10 

31,291 Parmalat 101,618 0.10 

175,619 Telecom Italia 403,924 0.37 

72,235 UniCredito Italiano 

___________ 

480,854 

______ 

0.44 

___________ 

1,970,333 

______ 

1.82 

Japan 

7,800 Canon 333,603 0.31 

7,300 Credit Saison 191,059 0.18 

3,400 Denso 102,443 0.09 

83 KDDI 427,575 0.40 

68 Sumitomo Mitsui Financial Group 529,578 0.49 

8,000 Toyota Motor 

___________ 

406,503 

______ 

0.38 

___________ 

1,990,761 

______ 

1.85 

Netherlands 

7,500 ABN AMRO Holding 183,225 0.17 

20,318 Aegon 293,798 0.27 

6,493 Randstad Holdings 340,233 0.32 

25,581 STMicroelectronics 359,925 0.33 

29,039 TNT 943,767 0.87 

13,821 Unilever – CVA 

___________ 

287,615 

______ 

0.27 

___________ 

2,408,563 

______ 

2.23 

Norway 

24,370 DnB NOR 

___________ 

262,498 

______ 

0.24 

South Korea 

1,503 Kookmin Bank 

___________ 

91,860 

______ 

0.09 

Spain 

39,752 Banco Santander Central Hispano 559,311 0.52 

26,324 Telefonica 

___________ 

423,290 

______ 

0.39 

___________ 

982,601 

______ 

0.91 


Conservative Allocation Fund (Euro) continued 





Sweden 

14,524 Atlas Copco 'A' 371,891 0.34 

134,455 Telefonaktiebolaget LM Ericsson 'B' 

___________ 

410,454 

______ 

0.38 

___________ 

782,345 

______ 

0.72 

Switzerland 

8,737 Compagnie Financiere Richemont 'A' 386,023 0.36 

21,609 Credit Suisse Group 1,138,164 1.05 

5,034 Holcim 349,979 0.33 

534 Nestle 143,620 0.13 

11,538 Novartis 503,680 0.47 

987 Swisscom 282,333 0.26 

16,206 UBS 

___________ 

745,752 

______ 

0.69 

___________ 

3,549,551 

______ 

3.29 

Taiwan 

160,000 Taiwan Semiconductor Manufacturing 

___________ 

251,376 

______ 

0.23 


10,255 Anglo American 380,420 0.35 

33,683 Aviva 412,322 0.38 

36,996 BG Group 381,805 0.35 

37,742 British American Tobacco 803,177 0.74 

22,593 Cairn Energy 605,284 0.56 

21,974 Drax Group 267,026 0.25 

1,177 Enterprise Inns 23,715 0.02 

30,855 GlaxoSmithKline 617,559 0.57 

47,443 Home Retail Group 289,674 0.27 

49,284 Imperial Chemical Industries 331,740 0.31 

169,450 ITV 268,748 0.25 

35,411 Marks & Spencer Group 378,104 0.35 

5,106 NDS Group ADR 185,138 0.17 

14,146 Resolution 135,140 0.12 

14,015 Rio Tinto 567,279 0.52 

20,576 Royal Bank of Scotland Group 610,692 0.57 

19,817 Royal Dutch Shell 'B' 528,257 0.49 

14,061 Standard Chartered 312,420 0.29 

50,977 Tullow Oil 302,142 0.28 

300,424 Vodafone Group 633,060 0.59 

20,957 Xstrata 795,835 0.74 

103,102 Yell Group 

___________ 

875,177 

______ 

0.81 

___________ 

9,704,714 

______ 

8.98 

United States 

25,214 Abbott Laboratories 931,635 0.86 

17,873 Activision 238,343 0.22 

4,955 Capital One Financial 291,933 0.27 

30,846 Cisco Systems 643,688 0.60 

4,403 CIT Group 188,972 0.17 

12,052 ConocoPhillips 663,715 0.61 

6,479 Curtiss-Wright 185,873 0.17 

8,802 DR Horton 179,405 0.17 

7,179 DRS Technologies 285,842 0.26 

4,737 Eli Lilly & Co 186,347 0.17 

21,000 Hewlett-Packard 661,875 0.61 

24,372 International Game Technology 855,414 0.79 

4,771 Medco Health Solutions 193,294 0.18 

7,937 Morgan Stanley 491,404 0.46 

9,814 National Oilwell Varco 459,098 0.43 

2,833 Praxair 128,015 0.12 

36,240 Sprint Nextel 526,433 0.49 

15,442 United Technologies 737,252 0.68 

8,288 Wyeth 

___________ 

321,260 

______ 

0.30 

___________ 

8,169,798 

______ 

7.56 

Total Common Stocks (Shares) 

___________ 

43,017,652 

______ 

39.81 




BONDS 

Australia 

€500,000 National Australia Bank EMTN 

FRN 27/7/2009 500,300 0.46 

€500,000 St George Bank EMTN FRN 10/8/2009 500,710 0.47 

€800,000 Torrens Trust '2006-1E A1' FRN 14/9/2037 801,208 0.74 

€500,000 Westpac Banking EMTN FRN 22/1/2007 

___________ 

499,930 

______ 

0.46 

___________ 

2,302,148 

______ 

2.13 

Canada 

€625,000 Bombardier FRN 15/11/2013 

___________ 

626,920 

______ 

0.58 


€75,000 CAM International EMTN 5.75% 3/4/2012 

___________ 

75,319 

______ 

0.07 

Denmark 

€500,000 Danske Bank EMTN FRN 7/8/2007 499,933 0.46 

€850,000 FIH Erhvervsbank EMTN FRN 3/11/2009 849,958 0.79 

€1,000,000 Nykredit Realkredit FRN 20/9/2013 

___________ 

997,000 

______ 

0.92 

___________ 

2,346,891 

______ 

2.17 

France 

€200,000 Alcatel 4.375% 17/2/2009 200,087 0.19 

€200,000 Alstom 6.25% 3/3/2010 210,500 0.19 

€500,000 France Telecom EMTN FRN 28/11/2008 499,783 0.46 

€300,000 Gecina EMTN 3.625% 17/10/2007 298,344 0.28 

€350,000 Pernod-Ricard FRN 6/6/2011 350,080 0.32 

€250,000 RCI Banque EMTN FRN 6/7/2007 

___________ 

249,848 

______ 

0.23 

___________ 

1,808,642 

______ 

1.67 

Germany 

€523,000 Bundesobligation '141' 4.25% 15/2/2008 524,982 0.49 

€561,000 Bundesobligation '142' 3% 11/4/2008 555,054 0.51 

€2,413,000 Bundesrepublik Deutschland '05' 4% 

4/1/2037 2,386,829 2.21 

€508,000 Bundesrepublik Deutschland '98' 5.25% 

4/1/2008 514,772 0.48 

€1,800,000 Bundesschatzanweisungen 2% 15/6/2007 1,786,410 1.65 

€80,000 Commerzbank EMTN 6.125% 25/10/2010 85,414 0.08 


€170,000 Deutsche Bank 5.375% 27/3/2012 170,534 0.16 

€730,000 Landesbank Hessen-Thueringen 

Girozentrale '794' 4.75% 3/8/2007 

___________ 

733,249 

______ 

0.68 

___________ 

6,930,336 

______ 

6.42 

Guernsey 

€460,000 ABB International Finance 6.5% 

30/11/2011 500,802 0.47 

€500,000 HSH N Finance Guernsey EMTN FRN 

10/5/2007 

___________ 

500,151 

______ 

0.46 

___________ 

1,000,953 

______ 

0.93 

India 

US$600,000 ICICI Bank 7.25% 31/10/2016 (Perpetual) 

___________ 

471,680 

______ 

0.44 

Ireland 

€500,000 Bank of Ireland EMTN FRN 23/5/2007 499,946 0.46 

€500,000 GE Capital European Funding EMTN 

FRN 31/3/2008 500,075 0.46 

€500,000 Ulster Bank Finance FRN 27/6/2008 

___________ 

500,185 

______ 

0.47 

___________ 

1,500,206 

______ 

1.39 








Italy 

€700,000 Agrisecurities '2006-1 A2' FRN 

8/12/2023 700,151 0.65 

€2,015,000 Italy Buoni Poliennali Del Tesoro 3.75% 

1/8/2016 

___________ 

1,951,286 

______ 

1.81 

___________ 

2,651,437 

______ 

2.46 

Japan 

US$400,000 Aiful 4.45% 16/2/2010 291,416 0.27 

€200,000 Bank of Tokyo-Mitsubishi UFJ EMTN 

3.5% 16/12/2015 

___________ 

193,576 

______ 

0.18 

___________ 

484,992 

______ 

0.45 

Jersey 

US$210,000 Old Mutual Capital Funding 8% 

22/12/2008 (Perpetual) 

___________ 

166,320 

______ 

0.15 

Luxembourg 

€300,000 Fiat Finance & Trade EMTN 6.25% 

24/2/2010 315,300 0.29 

€940,000 HypoVereinsbank Luxembourg 6% 

18/12/2008 967,507 0.90 

US$550,000 VTB Capital SA for Vneshtorgbank FRN 

1/8/2008 

___________ 

417,583 

______ 

0.39 

___________ 

1,700,390 

______ 

1.58 

Netherlands 

€350,000 HeidelbergCement Finance EMTN 

6.375% 22/2/2007 351,033 0.33 

€500,000 ING Verzekeringen EMTN FRN 7/3/2008 500,253 0.46 

€300,000 LeasePlan 4.5% 8/11/2016 298,794 0.28 

€500,000 Popular Finance Europe EMTN FRN 

10/11/2008 499,873 0.46 

€500,000 Rabobank Nederland MTN1 FRN 

5/10/2009 

___________ 

500,525 

______ 

0.46 

___________ 

2,150,478 

______ 

1.99 

Norway 

€500,000 Den Norske Bank EMTN FRN 

23/5/2007 

___________ 

500,130 

______ 

0.46 

PLN15,040,000 

Poland 

Poland Government Bond '1015' 

6.25% 24/10/2015 

___________ 

4,210,190 

______ 

3.90 

South Africa 

ZAR29,000,000 Republic of South Africa 'R153' 13% 

31/8/2010 

___________ 

3,622,962 

______ 

3.35 

Spain 

€500,000 BBVA – Banco Bilbao Vizcaya Argentaria 

FRN 26/2/2009 500,235 0.47 

€500,000 Caja de Ahorros y Monte de Piedad de 

Madrid FRN 21/2/2008 500,060 0.46 

€500,000 Santander International Debt EMTN 

FRN 2/6/2008 500,075 0.46 

€500,000 Santander International Debt EMTN 

FRN 29/6/2009 

___________ 

500,070 

______ 

0.46 

___________ 

2,000,440 

______ 

1.85 

Sweden 

€270,000 Scandinavian Airlines System EMTN 6% 

20/6/2008 

___________ 

275,400 

______ 

0.25 

US$300,000 

United Arab Emirates 

Emirates Bank International EMTN 

FRN 7/12/2016 

___________ 

228,160 

______ 

0.21 





€500,000 Abbey National Treasury Services 

(London) FRN 14/5/2008 500,900 0.47 

DM1,500,000 AMP UK Finance Services EMTN 

4.875% 27/11/2008 772,756 0.72 

€500,000 ANZ National International (London) 

EMTN FRN 21/9/2009 500,878 0.46 

US$450,000 Aviva EMTN FRN 19/6/2017 341,560 0.32 

€260,000 BAA EMTN 4.5% 30/9/2014 258,554 0.24 

€500,000 HBOS Treasury Services EMTN FRN 

23/6/2009 500,318 0.46 

€500,000 Lehman Brothers UK Capital Funding II 

3.875% 22/2/2011 (Perpetual) 485,707 0.45 

€270,000 MBNA Europe Funding EMTN 6.5% 

27/3/2007 271,567 0.25 

€500,000 Nationwide Building Society EMTN FRN 

2/10/2007 500,500 0.46 

€500,000 Northern Rock EMTN FRN 13/7/2009 500,945 0.46 

€900,000 Rolls-Royce Group EMTN 6.375% 

14/6/2007 909,423 0.84 

€570,000 Royal Bank of Scotland EMTN 4.5% 

28/1/2016 

___________ 

575,671 

______ 

0.53 

___________ 

6,118,779 

______ 

5.66 

United States 

€500,000 Bank of America EMTN FRN 

20/11/2008 500,813 0.46 

€300,000 Citigroup EMTN FRN 10/11/2008 300,417 0.28 

€76,000 Dresdner Funding Trust II 5.79% 

30/6/2011 78,221 0.07 

€350,000 Fortune Brands 3.5% 30/1/2009 343,728 0.32 

€250,000 HSBC Bank USA NA (New York NY) 

EMTN FRN 9/7/2008 250,169 0.23 

€500,000 JPMorgan Chase & Co EMTN FRN 

2/3/2015 501,425 0.47 

US$2,000,000 US Treasury Bill 0% 15/3/2007 

___________ 

1,501,604 

______ 

1.39 

___________ 

3,476,377 

______ 

3.22 

Total Bonds 

___________ 

44,649,150 

______ 

41.33 

COMMERCIAL PAPER 

Europe 

€1,000,000 Bank of Ireland 0% 8/1/2007 

___________ 

998,993 

______ 

0.93 

Total Commercial Paper 

___________ 

998,993 

______ 

0.93 




___________ 

100,304,949 

______ 

92.85 


BONDS 

Belgium 

€1,250,000 B-Arena '2006-1 A' FRN 22/4/2044 

___________ 

1,249,919 

______ 

1.16 


___________ 

1,249,919 

______ 

1.16 



___________ 

6,472,867 

______ 

5.99 

Total Net Assets (€) 

___________ 

108,027,735 

______ 

100.00 



Swaps as at 31 December 2006 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

£1,278,000 Interest Rate Swaps (UBS Warburg) 

(Fund pays Floating GBP Libor 6-Month; 

and receives Fixed 3.9775%) (17/1/2036) 183,976 

€5,300,000 Interest Rate Swaps (Goldman Sachs) 

(Fund pays Fixed 3.89%; and receives 

Floating EUR Libor 6-Month) (23/5/2011) (56,682) 


(Fund pays Floating Eur Libor 6-Month; 


£3,000,000 Credit Default Swaps (Barclays) (Fund pays 

Fixed 1%; and receives default protection 

on iTraxx Europe HiVol Series 5 HI4) (20/6/2016) (62,268) 

£2,185,000 Interest Rate Swaps (Goldman Sachs) 

(Fund receives Fixed 3.185%; and pays Floating 

GBP 30 Yr Retail Price Index) (23/5/2011) 84,922 

£2,395,000 Interest Rate Swaps (Goldman Sachs) 


Floating GBP 6-Month Libor Index) (20/9/2036) 109,952 


(Fund receives Fixed 4.1%; and pays Floating 

Euribor 6-Month Telerate Index) (2/10/2036) (96,682) 

£2,185,000 Interest Rate Swaps (Barclays) 

(Fund pays Floating UK Retail Price Index All Items; 


ZAR26,280,000 Interest Rate Swaps (Barclays) (Fund pays 

Fixed 8.86%; and receives Floating US$ Libor 

BBA 3-Month) (12/10/2011) (37,022) 

€2,200,000 Credit Default Swaps (Citibank) (Fund pays 

Floating quarterly performance of iTraxx Europe 

6 V1; and receives Fixed 0.30%) (20/12/2011) 6,363 

€1,200,000 Credit Default Swaps (CitiBank) (Fund pays 

Fixed 0.50%; and receives Floating quarterly 

performance of iTraxx Europe 6 V1) (20/12/2016) (6,669) 

PLN45,265,000 Interest Rate Swaps (Goldman Sachs) 

(Fund pays Floating WIBOR 6-Month; 



(Fund receives Floating WIBOR 6-Month; 

and pays Fixed 5.06%) (10/11/2009) (30,439) 

€2,200,000 Credit Default Swaps (UBS) (Fund pays Floating 

quarterly performance of iTraxx Europe 6 V1; 


€1,250,000 Credit Default Swaps (UBS) (Fund pays Fixed 0.50%; 

and receives Floating quarterly performance 

of iTraxx Europe 6 V1) (20/12/2016) (7,186) 

€300,000 Credit Default Swaps (UBS) (Fund pays Floating 

quarterly coupon of Glitnir Banki hf. FRN, 

27/1/2010; and receives Fixed 0.51%) (20/12/2011) 2,964 

US$13,800,000 Interest Rate Swaps (Goldman Sachs) 

(Fund pays Floating US$ Libor BBA 3-Month; 


€800,000 Credit Default Swaps (Citibank) (Fund buys default 

protection on Mittal Steel Company N.V. 0%; 

and receives Fixed 0.505%) (20/12/2011) (773) 

€800,000 Credit Default Swaps (Citibank) (Fund sells default 

protection on Clariant AG 4.25% 15/3/2008; 

and pays Fixed 0.46%) (20/12/2011) (613) 

PLN15,040,000 Interest Rate Swaps (UBS) (Fund receives 

Floating WIBOR 6-Month; and receives 

Fixed 4.922%) (24/10/2015) 

__________ 

21,836 

__________ 

310,980 

Note: The net unrealised profit attributed to these transactions is included in the Statement of Net Assets (see Note 2c). 


% of net 

assets 

Fixed interest 43.4 

Finance 12.0 

Investment funds 10.8 

Energy 4.3 



Materials 3.5 





Utilities 0.9 


___________ 

6.0 

___________ 

100.0 


Number 


of Contracts 


date € 

12 Hang Seng January 2007 1,172,129 

(249) DJ Euro STOXX 50 March 2007 (10,353,420) 

132 Eurex Euro Bund March 2007 15,330,480 

(47) Eurex E-Schatz March 2007 (4,863,090) 

(34) Euro DTB BOBL March 2007 (3,700,560) 

(50) FTSE 100 March 2007 (4,628,444) 

(4) Japanese Government Bond (TSE) March 2007 (3,422,850) 

(95) S&P 500 E-Mini March 2007 (5,172,286) 

(120) US Treasury 5 Year Note March 2007 (9,560,608) 


_________ 

Total commitment (36,771,224) 

_________ 

Note: The net unrealised loss of €38,489 attributed to these transactions is included in the 




Purchases 


Unrealised 

profit/(loss) 

€ 

€3,454,345 US$4,605,000 12/3/2007 (28,224) 

€191,859 GBP130,000 12/3/2007 (1,210) 

€50,270 ¥7,617,000 12/3/2007 1,393 

€4,287,577 PLN16,445,000 12/3/2007 3,684 

€3,524,908 ZAR33,610,000 12/3/2007 

_______ 

(86,663) 

Net unrealised loss (111,020) 

_______ 


Note: The net unrealised loss attributed to these transactions is included in the Statement of 



Conservative Allocation Fund (US Dollar) 





FUNDS 

France 


___________ 

142,433 

______ 

1.11 

Ireland 

790 EETF – iShares DJ Euro STOXX 50 – ETF 43,124 0.33 




___________ 

106,857 

______ 

0.83 

___________ 

195,849 

______ 

1.51 

Luxembourg 

55,054 Goldman Sachs Global Currency 

Portfolio 'I' 565,406 4.37 

10,229 Morgan Stanley SICAV – Asian Property 

Fund 181,258 1.40 

96 UBS-ETF DJ Japan Titans 100 – ETF 

___________ 

6,053 

______ 

0.05 

___________ 

752,717 

______ 

5.82 


27,386 Scottish Mortgage Investment Trust 282,247 2.18 


Sector Index Fund – ETF 

___________ 

140,244 

______ 

1.09 

___________ 

422,491 

______ 

3.27 


___________ 

1,513,490 

______ 

11.71 


Belgium 

1,545 InBev 101,608 0.78 

455 KBC Groep 

___________ 

55,450 

______ 

0.43 

___________ 

157,058 

______ 

1.21 

Bermuda 


___________ 

86,297 

______ 

0.67 

Brazil 


___________ 

82,033 

______ 

0.63 

Canada 

1 Shoppers Drug Mart 43 0.00 

163 Suncor Energy 

___________ 

12,792 

______ 

0.10 

___________ 

12,835 

______ 

0.10 


400 ACE 

___________ 

24,320 

______ 

0.19 

France 

3,353 AXA 

___________ 

135,959 

______ 

1.05 

Germany 

117 Fresenius Medical Care & Co 

___________ 

15,573 

______ 

0.12 

Guernsey 

2,622 Amdocs 

___________ 

101,996 

______ 

0.79 

Ireland 


___________ 

146,312 

______ 

1.13 

Italy 

333 Fastweb 19,025 0.15 

4,266 Parmalat 

___________ 

18,262 

______ 

0.14 

___________ 

37,287 

______ 

0.29 




Japan 

1,000 Canon 56,382 0.44 

1,000 Credit Saison 34,502 0.27 

400 Denso 15,888 0.12 

11 KDDI 74,702 0.58 



___________ 

66,985 

______ 

0.52 

___________ 

340,858 

______ 

2.64 

Netherlands 

980 ABN AMRO Holding 31,560 0.25 

2,358 TNT 

___________ 

101,022 

______ 

0.78 

___________ 

132,582 

______ 

1.03 

Norway 

3,170 DnB NOR 

___________ 

45,013 

______ 

0.35 

South Korea 

192 Kookmin Bank 

___________ 

15,470 

______ 

0.12 

Switzerland 

1,655 Credit Suisse Group 114,910 0.89 

74 Nestle 26,236 0.20 

2,112 UBS 

___________ 

128,115 

______ 

0.99 

___________ 

269,261 

______ 

2.08 

Taiwan 

22,000 Taiwan Semiconductor Manufacturing 

___________ 

45,566 

______ 

0.35 



1,759 Cairn Energy 62,121 0.48 

669 NDS Group ADR 31,978 0.25 

745 Rio Tinto 39,751 0.31 

1,600 Xstrata 80,094 0.62 


___________ 

103,471 

______ 

0.80 

___________ 

455,097 

______ 

3.52 

United States 


2,318 Activision 40,750 0.32 

644 Capital One Financial 50,019 0.38 

4,007 Cisco Systems 110,233 0.85 

571 CIT Group 32,307 0.25 


846 Curtiss-Wright 31,996 0.25 

1,145 DR Horton 30,766 0.24 

933 DRS Technologies 48,973 0.38 

610 Eli Lilly & Co 31,635 0.24 



612 Medco Health Solutions 32,687 0.25 



370 Praxair 22,041 0.17 

4,943 Sprint Nextel 94,659 0.73 

2,009 United Technologies 126,446 0.98 

1,130 Wyeth 

___________ 

57,743 

______ 

0.45 

___________ 

1,410,480 

______ 

10.91 


___________ 

3,513,997 

______ 

27.18 


Conservative Allocation Fund (US Dollar) continued 




BONDS 


US$210,000 

Australia 

National Australia Bank EMTN FRN 

15/3/2007 

___________ 

210,142 

______ 

1.62 

Canada 


___________ 

66,113 

______ 

0.51 

France 

€30,000 Alcatel 4.375% 17/2/2009 39,564 0.31 

€50,000 Pernod-Ricard FRN 6/6/2011 

___________ 

65,926 

______ 

0.51 

___________ 

105,490 

______ 

0.82 

Germany 

€202,000 Bundesrepublik Deutschland '05' 4% 

4/1/2037 

___________ 

263,392 

______ 

2.04 

Guernsey 


30/11/2011 

___________ 

43,054 

______ 

0.33 

International 

¥60,600,000 European Investment Bank 1.4% 

20/6/2017 

___________ 

496,397 

______ 

3.84 

Italy 

€215,000 Italy Buoni Poliennali Del Tesoro 3.75% 

1/8/2016 

___________ 

274,455 

______ 

2.12 

Poland 

PLN1,670,000 Poland Government Bond '1015' 6.25% 

24/10/2015 

___________ 

616,293 

______ 

4.76 

South Africa 


31/8/2010 

___________ 

494,090 

______ 

3.82 




Sweden 

€20,000 Scandinavian Airlines System EMTN 6% 

20/6/2008 

___________ 

26,892 

______ 

0.21 


US$205,000 HBOS Treasury Services EMTN FRN 

1/10/2007 205,143 1.59 

US$210,000 Northern Rock EMTN FRN 10/11/2008 

___________ 

210,576 

______ 

1.63 

___________ 

415,719 

______ 

3.22 

United States 

US$210,000 Bank of America MTNK 5.48% 

18/9/2009 210,345 1.63 

US$210,000 Berkshire Hathaway Finance FRN 

11/1/2008 210,333 1.63 

US$200,000 Citigroup FRN 4/6/2007 200,112 1.55 

US$250,000 US Treasury Bill 0% 18/1/2007 249,340 1.93 

US$1,100,000 US Treasury Bill 0% 22/2/2007 1,091,883 8.44 




US$485,000 US Treasury Bond 4% 30/9/2007 481,363 3.72 

US$210,000 Wells Fargo (Old) MTN FRN 

10/3/2008 

___________ 

210,222 

______ 

1.63 

___________ 

4,734,104 

______ 

36.62 

Total Bonds 

___________ 

7,746,141 

______ 

59.91 



___________ 

154,753 

______ 

1.20 


___________ 

12,928,381 

______ 

100.00 


% of net 

assets 



Finance 7.7 



Energy 2.8 




Materials 1.7 



___________ 

1.2 

___________ 

100.0 


Number 


of Contracts 


date US$ 

1 Hang Seng January 2007 128,770 

3 Australian 3 Year Treasury Bond March 2007 222,624 

(4) DJ Euro STOXX 50 March 2007 (219,246) 


(5) Euro DTB BOBL March 2007 (717,374) 


(2) Nikkei 225 (SIMEX) March 2007 (145,289) 

(7) S&P 500 E-Mini March 2007 (502,425) 


(12) US Treasury 5 Year Note March 2007 

_________ 

(1,260,375) 


_________ 

(2,829,031) 

Note: The net unrealised profit of US$10,886 attributed to these transactions is included in the 




Conservative Allocation Fund (US Dollar) continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

£79,000 Interest Rate Swaps (UBS Warburg) 

(Fund pays Floating GBP LIBOR 6-Month; 


€300,000 Interest Rate Swaps (Goldman Sachs) 


Floating EUR LIBOR 6-Month) (23/5/2011) (4,229) 


(Fund pays Floating EUR LIBOR 6-Month; 


€200,000 Credit Default Swaps (Barclays) 

(Fund pays Fixed 1%; and receives 

default protection on iTraxx Europe 

HiVol Series 5 HI4) (20/6/2016) (5,472) 

£135,000 Interest Rate Swaps (Goldman Sachs) 

(Fund receives Fixed 3.185%; 

and pays Floating GBP 30 Yr Retail 

Price Index) (23/5/2011) 6,917 

£210,000 Interest Rate Swaps (Goldman Sachs) 

(Fund pays Fixed 4.38%; 

and receives Floating GBP 6-Month 

Libor Index) (20/9/2036) 12,709 



and pays Floating Eurobor 6-Month 

Telerate Index) (2/10/2036) (11,245) 

£135,000 Interest Rate Swaps (Barclays) 

(Fund pays Floating UK Retail 

Price Index All Items; 


ZAR2,720,000 Interest Rate Swaps (Barclays) 


and receives Floating US$ Libor 

BBA 3-Month) (12/10/2011) (13,011) 

€200,000 Credit Default Swaps (Citibank) 

(Fund pays Floating quarterly 

performance of iTraxx Europe 6 V1; 

and receives Fixed 0.30%) (20/12/2011) 763 

€100,000 Credit Default Swaps (CitiBank) 



of iTraxx Europe 6 V1) (20/12/2016) (67) 


(Fund pays Floating WIBOR 6-Month; 




and pays Fixed 5.06%) (10/11/2011) (4,201) 

€200,000 Credit Default Swaps (UBS) 



and receives Fixed 0.30%) (20/12/2011) 794 



Floating quarterly performance 

of iTraxx Europe 6 V1) (20/12/2016) (834) 

US$1,350,000 Interest Rate Swaps (Goldman Sachs) 



PLN1,670,000 Interest Rate Swaps (UBS) 


and receives Fixed 4.922%) (24/10/2015) 

__________ 

3,196 

__________ 

23,212 




Purchases 


Unrealised 

profit/(loss) 

US$ 

€150,000 US$198,081 22/1/2007 (180) 

US$47,468 £25,000 22/1/2007 (1,616) 

US$503,545 ¥58,945,000 22/1/2007 6,478 

US$1,202,045 €925,000 22/1/2007 (18,344) 

US$637,347 PLN1,826,000 22/1/2007 9,452 

US$478,227 ZAR3,478,000 22/1/2007 

_______ 

(18,434) 

Net unrealised loss 

_______ 

(22,644) 




Continental European Flexible Fund (1) 





COMMON & PREFERRED STOCKS (SHARES) 

Austria 

16,348 Bank Austria Creditanstalt 

___________ 

1,958,490 

______ 

1.03 

Belgium 

18,222 Umicore 

___________ 

2,348,816 

______ 

1.23 

Denmark 


___________ 

3,695,666 

______ 

1.95 

Finland 

154,795 Fortum 

___________ 

3,337,380 

______ 

1.76 

France 

74,103 Alten 2,087,482 1.10 

81,603 AXA 2,510,108 1.33 

125,662 Legrand 2,787,183 1.47 

40,931 Societe Generale 5,300,565 2.80 

95,228 Total 5,223,256 2.76 

14,962 Vallourec 

___________ 

3,305,106 

______ 

1.74 

___________ 

21,213,700 

______ 

11.20 

Germany 

30,837 Allianz SE 4,772,334 2.52 

34,337 Altana 1,613,839 0.85 

99,731 Bayer 4,055,062 2.14 

86,720 BMW – Bayerische Motoren Werke 3,773,187 1.99 

36,432 Deutsche Postbank 2,330,555 1.23 

45,022 E.ON 4,629,612 2.45 

22,776 Fresenius (Pref) 3,708,161 1.96 

62,297 Hypo Real Estate Holding 2,974,059 1.57 

22,399 Interhyp 1,467,135 0.77 

21,976 Muenchener Rueckversicherungs 2,866,110 1.51 

32,181 RWE 2,687,114 1.42 

129,227 Symrise 

___________ 

2,519,926 

______ 

1.33 

___________ 

37,397,094 

______ 

19.74 

Greece 

147,297 EFG Eurobank Ergasias 4,041,830 2.13 

87,226 Piraeus Bank 

___________ 

2,130,059 

______ 

1.13 

___________ 

6,171,889 

______ 

3.26 

Guernsey 

67,790 Eurocastle Investment 2,569,241 1.36 

191,372 KKR Private Equity Investors (Unit) 

___________ 

3,295,262 

______ 

1.74 

___________ 

5,864,503 

______ 

3.10 

Iceland 

290,360 Kaupthing Bank 

___________ 

2,609,389 

______ 

1.38 

Ireland 

186,978 Allied Irish Banks 4,207,005 2.22 

255,330 Anglo Irish Bank 4,011,234 2.12 

254,042 Grafton Group (Unit) 3,195,848 1.69 

173,786 Kingspan Group 3,493,099 1.84 

162,656 McInerney Holdings 

___________ 

2,407,309 

______ 

1.27 

___________ 

17,314,495 

______ 

9.14 




Italy 

598,272 Banca Intesa 3,392,202 1.79 

153,255 ENI 3,914,133 2.07 

139,074 Saipem 2,752,274 1.45 

1,510,476 Telecom Italia 3,474,095 1.83 


___________ 

5,868,039 

______ 

3.10 

___________ 

19,400,743 

______ 

10.24 

Netherlands 

119,125 Mittal Steel 

___________ 

3,816,765 

______ 

2.01 

Norway 

620,597 Acta Holding 2,476,637 1.31 

138,932 Statoil 

___________ 

2,784,842 

______ 

1.47 

___________ 

5,261,479 

______ 

2.78 

Spain 

85,745 Altadis 3,388,642 1.79 

265,452 BBVA – Banco Bilbao Vizcaya Argentaria 4,836,535 2.55 

70,671 Inditex 2,871,363 1.51 


___________ 

5,961,564 

______ 

3.15 

___________ 

17,058,104 

______ 

9.00 

Sweden 

149,188 Atlas Copco 'A' 3,820,002 2.02 

1,734,405 Telefonaktiebolaget LM Ericsson 'B' 

___________ 

5,294,663 

______ 

2.79 

___________ 

9,114,665 

______ 

4.81 

Switzerland 

85,921 Compagnie Financiere Richemont 'A' 3,796,211 2.00 


58,471 Holcim 4,065,082 2.15 

7,573 Nobel Biocare Holding (Bearer) 1,700,052 0.90 

166,001 Novartis 7,246,608 3.82 

124,556 UBS 5,731,698 3.02 

15,386 Zurich Financial Services 

___________ 

3,133,459 

______ 

1.66 

___________ 

31,306,890 

______ 

16.52 



___________ 

1,607,876 

______ 

0.85 


___________ 

189,477,944 

______ 

100.00 




Continental European Flexible Fund (1) continued 


% of net 

assets 

Finance 43.2 


Materials 8.7 

Energy 7.9 



Utilities 5.6 





___________ 

0.9 

___________ 

100.0 


Emerging Europe Fund 





FUNDS 


615,000 Ukraine Opportunity Trust 5,014,981 0.10 

39,352,650 Black Sea Property Fund 

___________ 

10,988,268 

______ 

0.22 


___________ 

16,003,249 

______ 

0.32 

COMMON / PREFERRED STOCKS (SHARES) & WARRANTS 

Austria 

2,025,000 SkyEurope Holding 

___________ 

5,771,250 

______ 

0.12 

Bermuda 

20,397,300 West Siberian Resources – SDR 

___________ 

16,469,267 

______ 

0.33 


4,082,802 Kingdom Hotel Investments GDR 

___________ 

26,944,078 

______ 

0.55 

Cyprus 

7,512,539 Urals Energy Public 38,597,557 0.78 

1,262,500 XXI Century Investments Public 

___________ 

13,348,846 

______ 

0.27 

___________ 

51,946,403 

______ 

1.05 

Egypt 

600,000 Commercial International Bank GDR 4,460,290 0.09 

256,814 Orascom Construction Industries GDR 

___________ 

18,759,909 

______ 

0.38 

___________ 

23,220,199 

______ 

0.47 

Georgia 

560,319 Bank of Georgia GDR 

___________ 

9,563,208 

______ 

0.19 

Hungary 

1,563,341 MOL Hungarian Oil & Gas 134,254,021 2.73 

140,630 MOL Hungarian Oil & Gas ADR 12,107,642 0.24 

8,588,147 OTP Bank 298,763,374 6.07 

262,180 OTP Bank GDR 

___________ 

18,237,052 

______ 

0.37 

___________ 

463,362,089 

______ 

9.41 

Israel 

1,149,002 Africa Israel Investments 65,852,960 1.34 

8,300,071 Bank Hapoalim 29,619,554 0.60 

2,000,000 Teva Pharmaceutical Industries ADR 

___________ 

47,227,490 

______ 

0.96 

___________ 

142,700,004 

______ 

2.90 

Jersey 

836,600 Trader Media East GDR 

___________ 

6,346,052 

______ 

0.13 

Kazakhstan 

2,000,000 Halyk Savings Bank Kazakhstan GDR 33,376,318 0.68 

2,668,080 Kazkommertsbank GDR 

___________ 

46,751,610 

______ 

0.95 

___________ 

80,127,928 

______ 

1.63 

Malaysia 

2,450,000 Steppe Cement 

___________ 

8,391,661 

______ 

0.17 

Poland 

234,000 Bank Pekao 13,766,941 0.28 

793,642 Bank Zachodni WBK 46,547,591 0.95 

314,454 BRE Bank 27,336,506 0.56 

2,640,130 Getin Holding 8,595,632 0.17 

271,757 Grupa Kety 14,118,160 0.29 

180,505 IDMSA.PL 3,350,112 0.07 




1,214,857 KGHM Polska Miedz 28,342,506 0.58 

5,150,468 Polski Koncern Naftowy Orlen 63,704,917 1.29 

5,000,000 Powszechna Kasa Oszczednosci 

Bank Polski 61,231,241 1.24 

9,579,286 Telekomunikacja Polska 

_____________ 

61,302,006 

_____ 

1.24 

_____________ 

328,295,612 

_____ 

6.67 

Russian Federation 

7,236,750 AFK Sistema GDR 175,662,596 3.57 

2,156,547 Evraz Group GDR 42,025,102 0.85 

445,558 Lebedyansky 'CLS' 27,038,337 0.55 

2,772,146 LUKOIL ADR 183,786,362 3.73 

457,447 MMC Norilsk Nickel 54,478,631 1.11 

1,971,219 MMC Norilsk Nickel ADR 236,253,206 4.80 

3,976,980 Mobile Telesystems ADR 152,225,147 3.09 

2,447,310 NLMK – Novolipetsk Steel GDR 43,161,615 0.88 

5,281,030 NovaTek OAO GDR 254,377,156 5.17 

9,231,500 OAO Gazprom 80,529,659 1.64 

3,138,890 OAO Gazprom ADR 109,526,618 2.22 

3,273,700 OAO Rosneft GDR 23,466,938 0.48 

90,000,000 OGK-3 'CLS' 8,363,043 0.17 

1,828,193 Polyus Gold ADR 67,258,864 1.37 

956,130 Polyus Gold 'CLS' 35,756,056 0.73 

67,910 Sberbank 177,720,928 3.61 

2,554,000 Sberbank 'CLS' (Pref) 111,009,785 2.25 

1,293,657 Seventh Continent 'CLS' 26,200,897 0.53 

108,110 Severstal GDR 914,380 0.02 

1,231,840 Sistema Hals GDR 12,427,727 0.25 

2,081,820 Surgutneftegaz ADR 121,596,101 2.47 

1,202,321 Surgutneftegaz ADR (Pref) 100,094,614 2.03 

4,400,000 TMK OAO 27,368,581 0.55 

258,500 TMK OAO GDR 6,863,005 0.14 

30,880 Transneft (Pref) 53,758,325 1.09 

910,800 Unified Energy System GDR 75,721,520 1.54 

2,728,033 Unified Energy System GDR 226,801,500 4.60 

727,910 Uralsvyazinform ADR 7,454,134 0.15 

2,265,640 Vimpel-Communications ADR 137,488,584 2.79 

850,000 Vozrozhdeniye Bank 'CLS' 36,751,878 0.75 

91,000 Vsmpo-Avisma 

_____________ 

20,225,290 

_____ 

0.41 

_____________ 

2,636,306,579 

_____ 

53.54 

Turkey 

4,194,650 Adana Cimento 'A' 17,567,797 0.36 

4,300,000 Aksigorta 12,352,340 0.25 

3,071,714 Alarko Holding 5,904,605 0.12 

21,814,080 Dogan Sirketler Grubu Holdings 26,119,736 0.53 

3,988,474 Dogus Otomotiv Servis ve Ticaret 12,206,993 0.25 

10,778,856 Enka Insaat ve Sanayi 87,392,996 1.77 

17,793,083 Haci Omer Sabanci Holding 53,023,843 1.08 

16,787,447 Is Gayrimenkul Yatirim Ortakligi 26,140,246 0.53 

400,000 Koza Davetiyeleri Imalat Ithalat ve Ihracat 2,598,797 0.05 

2,808,655 Petrol Ofisi 6,907,023 0.14 

5,034,973 Sekerbank TAS 12,868,594 0.26 

4,945,000 Trakya Cam Sanayi 10,355,186 0.21 

3,237,649 Tupras Turkiye Petrol Rafine 42,069,964 0.85 

4,172,023 Turk Hava Yollari 13,664,808 0.28 

20,580,500 Turkcell Iletisim Hizmet 79,011,258 1.60 

11,671,240 Turkiye Sinai Kalkinma Bankasi 16,168,276 0.33 

38,142,940 Turkiye Vakiflar Bankasi Tao 'D' 136,195,520 2.77 

8,547,437 Vestel Beyaz Esya Sanayi ve Ticaret 

_____________ 

9,867,369 

_____ 

0.20 

_____________ 

570,415,351 

_____ 

11.58 



Emerging Europe Fund continued 






123,000 Ukraine Opportunity Trust (Wts 30/4/2012) 

___________ 

303,232 

______ 

0.01 

Total Common / Preferred Stocks (Shares) & Warrants 4,370,162,913 

___________ ______ 

88.75 

Total Portfolio 4,386,166,162 89.07 


___________ 

538,218,078 

______ 

10.93 

Total Net Assets (€) 4,924,384,240 

___________ ______ 

100.00 


% of net 

assets 

Energy 25.9 

Finance 24.6 


Materials 11.6 

Utilities 6.3 







___________ 

10.9 

___________ 

100.0 


Number 


of Contracts 


date € 

23,509 WIG 20 Index March 2007 204,555,205 

__________ 

Total commitment 204,555,205 

__________ 

Note: The net unrealised loss of €5,650,315 attributed to this transaction is included in the 


Contract for Difference as at 31 December 2006 

Nominal 

Value 

Description 

Unrealised 

profit 

€ 

Value 

€ 

US$23,100,090 

Contract for Difference 

(Deutsche Securities) 

Gazprom (date of issuing 

12/1/2006) 

_________ 

13,337,383 

__________ 

200,416,893 


Emerging Markets Fund 






Bermuda 

8,362,400 Bio-Treat Technology 

___________ 

3,300,876 

______ 

0.52 

Brazil 

10 All America Latina Logistica (Pref) 17 0.00 

778,300 All America Latina Logistica (Unit) 8,081,926 1.26 

585,088 Banco Bradesco ADR 23,584,897 3.69 

619,000,000 CESP – Cia Energetica de Sao Paulo 

'B' (Pref) 7,248,244 1.13 

162,180 Companhia de Bebidas das Americas 

ADR (Pref) 7,971,147 1.25 

609,656 Cyrela Brazil Realty 5,822,429 0.91 

231,280 Duratex (Pref) 3,596,485 0.56 

142,351,000 Lojas Americanas (Pref) 7,967,656 1.25 

506,590 Lojas Renner 7,284,456 1.14 

208,718 LPS Brasil Consultoria de Imoveis 2,297,364 0.36 

226,740 Petroleo Brasileiro ADR 20,975,717 3.28 

156,275 Profarma Distribuidora de Produtos 

Farmaceuticos 2,151,984 0.34 

304,229 Vivax (Unit) 

___________ 

5,557,345 

______ 

0.87 

___________ 

102,539,667 

______ 

16.04 

China 

5,780,550 China Construction Bank 'H' 3,681,263 0.58 

1,492,000 China Merchants Bank 'H' 3,163,359 0.49 

9,046,000 China Petroleum & Chemical 'H' 8,379,374 1.31 


8,662,000 Harbin Power Equipment 'H' 9,940,438 1.55 

19,990,000 Huadian Power International 'H' 7,869,674 1.23 

8,350,000 Hunan Non-Ferrous Metal 'H' 4,834,165 0.76 

6,033,710 Industrial & Commercial Bank 

of China 'H' 

___________ 

3,749,333 

______ 

0.59 

___________ 

49,225,857 

______ 

7.70 

Egypt 

306,750 Commercial International Bank 3,116,044 0.49 

585,285 Commercial International Bank GDR 

___________ 

5,735,793 

______ 

0.89 

___________ 

8,851,837 

______ 

1.38 

Hong Kong 

1,326,700 China Mobile 

___________ 

11,470,029 

______ 

1.80 

Hungary 

180,020 OTP Bank 

___________ 

8,255,954 

______ 

1.29 

India 

150,818 Ansal Housing & Construct 1,196,688 0.19 

116,100 Bharat Heavy Electricals 6,035,593 0.94 

453,497 DS Kulkarni Developers 3,988,473 0.62 

895,690 IVRCL Infrastructures & Projects 7,795,513 1.22 

510,636 Nagarjuna Construction GDR 2,487,119 0.39 

481,100 Prajay Engineers Syndicate 

___________ 

3,193,552 

______ 

0.50 

___________ 

24,696,938 

______ 

3.86 

Indonesia 

4,408,500 Perusahaan Gas Negara 

___________ 

5,685,792 

______ 

0.89 




Israel 

98,060 Teva Pharmaceutical Industries 3,056,134 0.48 

195,779 Teva Pharmaceutical Industries ADR 

___________ 

6,094,600 

______ 

0.95 

___________ 

9,150,734 

______ 

1.43 

Kazakhstan 

153,570 Kazkommertsbank GDR 

___________ 

3,547,467 

______ 

0.56 

Luxembourg 

87,080 Tenaris ADR 

___________ 

4,342,680 

______ 

0.68 

Malaysia 

3,722,000 Bumiputra-Commerce Holdings 8,173,845 1.28 

782,000 Bursa Malaysia 1,783,820 0.28 


___________ 

6,690,111 

______ 

1.04 

___________ 

16,647,776 

______ 

2.60 

Mexico 

430,577 America Movil SA de CV 'L' ADR 19,427,634 3.04 

1,967,872 Corp GEO SA de CV 'B' 9,833,195 1.54 

1,575,973 Empresas ICA SAB de CV 5,920,354 0.93 

69,818 Fomento Economico Mexicano SA 

de CV ADR 8,141,477 1.27 

223,790 Grupo Televisa ADR 

___________ 

6,080,374 

______ 

0.95 

___________ 

49,403,034 

______ 

7.73 

Oman 

3,138,000 Bank Muscat 

___________ 

9,372,987 

______ 

1.47 

Philippines 

633,000 Ayala 7,620,282 1.19 

17,650,400 Robinsons Land 

___________ 

5,852,255 

______ 

0.92 

___________ 

13,472,537 

______ 

2.11 

Poland 

476,250 Powszechna Kasa Oszczednosci 

Bank Polski 

___________ 

7,688,737 

______ 

1.20 


444,383 AFK Sistema GDR 14,220,256 2.22 

19,600 MMC Norilsk Nickel 3,077,200 0.48 

1,340,240 OAO Gazprom 15,412,760 2.41 

440,231 OAO Gazprom ADR 20,250,626 3.17 

62,650 Polyus Gold ADR 3,038,525 0.48 

66,300 Polyus Gold 'CLS' 3,268,590 0.51 

51,510 Surgutneftegaz ADR (Pref) 5,653,222 0.88 

83,100 Unified Energy System GDR 

___________ 

9,107,760 

______ 

1.43 

___________ 

74,028,939 

______ 

11.58 

South Africa 

2,977,940 FirstRand 9,458,782 1.48 

211,380 Kumba Iron Ore 3,364,575 0.53 

372,630 Nedbank Group 7,117,466 1.11 

409,060 Sasol 15,146,100 2.37 

486,260 Standard Bank Group 6,574,560 1.03 

316,751 Super Group 523,439 0.08 

337,220 Tiger Brands 

___________ 

8,250,414 

______ 

1.29 

___________ 

50,435,336 

______ 

7.89 



Emerging Markets Fund continued 





South Korea 

303,440 Daishin Securities 7,670,891 1.20 

98,760 GS Engineering & Construction 8,828,507 1.38 

340,320 Industrial Bank of Korea 6,278,512 0.98 

20,789 KCC 6,474,218 1.01 

89,331 Kookmin Bank 7,197,624 1.13 

20,900 POSCO 6,947,202 1.09 



___________ 

7,556,310 

______ 

1.18 

___________ 

61,001,587 

______ 

9.54 

Taiwan 

16,165,000 Compal Electronics 14,409,209 2.25 

3,346,420 D-Link 4,384,566 0.69 


631,000 MediaTek 6,524,956 1.02 

1,283,000 Novatek Microelectronics 5,806,802 0.91 

5,970,375 Shin Kong Financial Holding 6,430,238 1.00 

8,286,000 Taiwan Semiconductor Manufacturing 

___________ 

17,161,965 

______ 

2.68 

___________ 

60,381,824 

______ 

9.44 

Turkey 

2,140,916 Dogan Sirketler Grubu Holdings 3,379,516 0.53 

691,772 Enka Insaat ve Sanayi 7,394,179 1.16 

55,000 Galatasaray Sportif Sinai ve Ticari 

Yatirimlar 2,783,677 0.43 

3,341,238 Hurriyet Gazetecilik 8,845,636 1.38 

1 Turkiye Is Bankasi 'C' 

___________ 

5 

______ 

0.00 

___________ 

22,403,013 

______ 

3.50 


510,430 Deutsche Bank (London) (Call Wts 

3/1/2008 – Nagarjuna Construction) 

___________ 

2,486,116 

______ 

0.39 

United States 

632,050 Citigroup Global Markets Holdings (Call 

Wts 19/1/2009 – Pantaloon Retail India) 5,827,052 0.91 


(Call Wts 11/4/2007 – Satyam 

Computer Services) 10,538,403 1.65 





(Call Wts 10/8/2007 – Bharti Airtel) 5,227,396 0.82 

1,207,000 MSDW Asia Securities Products (Call 

Wts 24/12/2008 – Hindustan Lever) 

___________ 

5,910,220 

______ 

0.92 

___________ 

27,503,071 

______ 

4.30 




___________ 

625,892,788 

______ 

97.90 


BONDS 

Brazil 

BRL28,000 Cia Vale do Rio Doce 0% (Perpetual) 

___________ 

0 

______ 

0.00 

Total Bonds 

___________ 

0 

______ 

0.00 


Botswana 

3,104 KYS – Kgolo Yo Sechaba 

___________ 

0 

______ 

0.00 

South Africa 

317,505 Macmed Health Care 

___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 



___________ 

13,417,631 

______ 

2.10 


___________ 

639,310,419 

______ 

100.00 


% of net 

assets 

Finance 21.2 




Energy 11.1 

Utilities 6.5 


Materials 4.8 




___________ 

2.1 

___________ 

100.0 



Unrealised 

profit/(loss) 

Purchases 

Sales Value date US$ 

ZAR58,277,167 US$8,312,840 2/1/2007 25,215 

US$377,405 ZAR2,647,118 3/1/2007 

_______ 

(1,297) 


_______ 

23,918 




Emerging Markets Bond Fund 





BONDS 

Argentina 

US$1,105,460 Republic of Argentina 0% 15/12/2035 150,564 0.15 

US$1,277,730 Republic of Argentina 1.33/2.5% 

31/12/2038 (step-up coupon) 692,849 0.69 

US$3,131,673 Republic of Argentina 8.28% 

31/12/2033 3,394,734 3.41 

US$412,500 Republic of Argentina FRN 3/8/2012 

___________ 

301,537 

______ 

0.30 

___________ 

4,539,684 

______ 

4.55 

Bermuda 

US$250,000 AES China Generating 8.25% 

26/6/2010 

___________ 

250,150 

______ 

0.25 

Brazil 

US$900,000 Brazilian Government International 

Bond 8% 15/1/2018 1,001,925 1.01 


Bond 10.125% 15/5/2027 562,580 0.56 


Bond 10.25% 17/6/2013 552,267 0.55 

US$4,525,000 Brazilian Government International 

Bond 10.5% 14/7/2014 5,770,506 5.79 

US$250,000 Caue Finance 8.875% 1/8/2015 282,000 0.28 

BRL1,900,000 Federative Republic of Brazil 12.5% 

5/1/2022 

___________ 

1,015,261 

______ 

1.02 

___________ 

9,184,539 

______ 

9.21 

Bulgaria 

US$100,000 Republic of Bulgaria 8.25% 15/1/2015 

___________ 

118,505 

______ 

0.12 

Canada 

US$875,000 Sino-Forest 9.125% 17/8/2011 

___________ 

947,866 

______ 

0.95 


US$450,000 Aes Dominicana Energia Finance 

11% 13/12/2015 472,500 0.47 

BRL1,100,000 Banco Bradesco (Cayman Islands) 

17.5% 10/12/2007 539,052 0.54 

US$400,000 CSN Islands IX 10.5% 15/1/2015 467,000 0.47 

US$1,550,000 Vale Overseas 6.875% 21/11/2036 1,587,307 1.59 

US$660,000 Vale Overseas 8.25% 17/1/2034 

___________ 

782,625 

______ 

0.79 

___________ 

3,848,484 

______ 

3.86 

Colombia 

US$650,000 Colombia Government International 

Bond 7.375% 27/1/2017 701,350 0.70 

US$1,005,000 Republic of Colombia 7.375% 

18/9/2037 1,084,395 1.09 

US$940,000 Republic of Colombia 11.75% 

25/2/2020 

___________ 

1,367,700 

______ 

1.37 

___________ 

3,153,445 

______ 

3.16 

US$808,803 

US$666,000 

US$700,000 

Dominican Republic 

Dominican Republic International 

Bond 9.04% 23/1/2018 

___________ 

930,933 

______ 

0.94 

Ecuador 

Ecuador Government International Bond 

10% 15/8/2030 (step-up coupon) 

___________ 

510,656 

______ 

0.52 

Germany 

Dresdner Bank AG for Kyivstar GSM 

7.75% 27/4/2012 

___________ 

729,337 

______ 

0.74 




Hungary 

HUF215,000,000 Government of Hungary '08/E' 6.5% 

12/8/2008 1,105,693 1.11 

HUF600,000,000 Government of Hungary '16/C' 5.5% 

12/2/2016 

___________ 

2,873,209 

______ 

2.88 

___________ 

3,978,902 

______ 

3.99 

Indonesia 

US$400,000 Republic of Indonesia 7.5% 15/1/2016 

___________ 

441,103 

______ 

0.44 

Luxembourg 

US$2,050,000 Gaz Capital for Gazprom '144A' 6.212% 

22/11/2016 2,065,463 2.07 

US$2,300,000 Gazprom International 7.201% 

1/2/2020 2,427,857 2.43 

US$750,000 Gazprom International '144A' 7.201% 

1/2/2020 790,875 0.79 

US$1,140,000 RSHB Capital for Russian Agricultural 

Bank 7.175% 16/5/2013 1,204,011 1.21 

US$820,000 UBS Luxembourg SA for Vimpel 

Communications 8.25% 23/5/2016 

___________ 

862,845 

______ 

0.87 

___________ 

7,351,051 

______ 

7.37 

Malaysia 

US$750,000 Tenaga Nasional 7.5% 1/11/2025 

___________ 

889,782 

______ 

0.89 

Mauritius 

US$250,000 MEI Euro Finance 8.75% 22/5/2010 

___________ 

247,861 

______ 

0.25 

Mexico 

MXN49,000,000 Mexican Fixed Rate Bonds 'M7' 8% 

24/12/2008 4,584,196 4.60 

US$1,200,000 United Mexican States 8.125% 

30/12/2019 1,465,800 1.47 

US$3,120,000 United Mexican States MTN 8.3% 

15/8/2031 4,001,400 4.01 

US$4,350,000 United Mexican States MTNA 6.75% 

27/9/2034 

___________ 

4,708,875 

______ 

4.73 

___________ 

14,760,271 

______ 

14.81 

Netherlands 

US$1,000,000 ALB Finance '144A' 9.25% 25/9/2013 993,750 1.00 



3/11/2015 449,033 0.45 

US$1,060,000 Kazkommerts International 8.5% 

16/4/2013 

___________ 

1,135,377 

______ 

1.14 

___________ 

2,833,545 

______ 

2.84 

Panama 

US$550,000 AES Panama '144A' 6.35% 21/12/2016 543,120 0.54 

US$620,000 Republic of Panama 7.25% 15/3/2015 676,420 0.68 

US$725,000 Republic of Panama 8.875% 30/9/2027 

___________ 

928,000 

______ 

0.93 

___________ 

2,147,540 

______ 

2.15 

Peru 

US$724,800 Republic of Peru 5% 7/3/2017 720,886 0.72 

US$710,000 Republic of Peru 8.75% 21/11/2033 937,200 0.94 

US$2,830,000 Republic of Peru 9.875% 6/2/2015 

___________ 

3,596,930 

______ 

3.61 

___________ 

5,255,016 

______ 

5.27 



Emerging Markets Bond Fund continued 





Philippines 


17/3/2015 1,616,700 1.62 

US$4,785,000 Republic of Philippine 9% 15/2/2013 5,550,600 5.57 

US$1,625,000 Republic of Philippine 9.5% 2/2/2030 

___________ 

2,171,406 

______ 

2.18 

___________ 

9,338,706 

______ 

9.37 

US$2,615,000 

US$850,000 

US$550,000 


Russia Government International 

Bond 5% 31/3/2030 2,955,408 2.97 


Bond 11% 24/7/2018 1,228,887 1.23 


Bond 12.75% 24/6/2028 

___________ 

997,018 

______ 

1.00 

___________ 

5,181,313 

______ 

5.20 

Turkey 

US$2,880,000 Republic of Turkey 6.875% 17/3/2036 2,779,200 2.79 

US$1,450,000 Republic of Turkey 7% 5/6/2020 1,463,514 1.46 

US$1,300,000 Republic of Turkey 11.5% 23/1/2012 1,592,500 1.60 

TRY1,250,000 Turkey Government Bond 15% 

10/2/2010 799,106 0.80 

TRY850,000 Turkey Government Bond 20% 

17/10/2007 

___________ 

606,264 

______ 

0.61 

___________ 

7,240,584 

______ 

7.26 

US$650,000 

Ukraine 

Ukraine Government International 

Bond '144A' 6.58% 21/11/2016 

___________ 

652,275 

______ 

0.65 

United States 

US$2,166,993 Citigroup Funding '144A' 0% 3/1/2012 2,298,382 2.31 

US$100,000 Freeport-McMoRan Copper & Gold 

6.875% 1/2/2014 

___________ 

102,875 

______ 

0.10 

___________ 

2,401,257 

______ 

2.41 




Uruguay 

US$914,722 Republic of Uruguay 7.875% 15/1/2033 1,023,803 1.03 

US$650,000 Republic of Uruguay 9.25% 17/5/2017 

___________ 

796,250 

______ 

0.80 

___________ 

1,820,053 

______ 

1.83 

Venezuela 

US$1,170,000 Republic of Venezuela 5.375% 

7/8/2010 1,154,497 1.16 

US$2,140,000 Venezuela Government International 

Bond 7.65% 21/4/2025 2,334,740 2.34 


Bond 9.25% 15/9/2027 

___________ 

1,277,550 

______ 

1.28 

___________ 

4,766,787 

______ 

4.78 




___________ 

93,519,645 

______ 

93.81 


BONDS 

Venezuela 

US$7,000 Republic of Venezuela 0% 15/4/2020 

___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 



___________ 

6,168,101 

______ 

6.19 


___________ 

99,687,746 

______ 

100.00 


Emerging Markets Bond Fund continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$3,000,000 Credit Default Swaps (Morgan Stanley) 

(Fund pays default protection on United 

Mexican State; and receives 0.78%) (20/6/2011) 48,684 

US$1,000,000 Credit Default Swaps (JP Morgan Chase) 

(Fund pays default default protection 

on Brasilian Government International 

Bond 12.25% 3/6/2030; 

and receives 1.65%) (20/3/2007) 3,433 


(Fund pays default protection on 

Republic of Turkey 11.875% 15/1/2030; 

and receives 1.17%) (20/3/2007) 1,986 

US$1,000,000 Credit Default Swaps (JP Morgan Chase) 

(Fund pays default protection on Russian 

Government International Bond 5% 31/3/2030; 

and receives 0.68%) (20/6/2007) 2,191 


(Fund pays default protection on Colombia 

Government International Bond 10.375% 28/1/2033; 

and receives 1.8%) (20/4/2007) 5,351 

_______ 

61,645 

_______ 




Purchases 


Unrealised 

profit/(loss) 

US$ 

€1,607,000 US$2,117,946 10/1/2007 1,152 

MXN7,034,000 US$645,645 10/1/2007 2,301 

TRY955,000 US$638,796 10/1/2007 35,624 

US$1,910,918 €1,435,000 10/1/2007 18,631 

US$3,596,978 HUF764,384,500 10/1/2007 (409,365) 

US$4,810,961 MXN53,173,500 10/1/2007 (87,185) 

US$2,457,690 TRY3,645,000 10/1/2007 (116,404) 

US$5,028,647 ZAR36,405,000 10/1/2007 (176,021) 

ZAR13,948,000 US$1,990,519 10/1/2007 3,567 

€3,740,000 US$4,731,928 11/1/2007 200,095 

MXN20,000,000 US$1,837,644 11/1/2007 4,617 

PHP52,439,000 US$1,046,269 11/1/2007 23,404 

TRY2,935,503 €1,505,000 11/1/2007 87,759 

US$2,823,081 €2,240,000 11/1/2007 (130,858) 

US$2,131,348 TRY3,180,000 11/1/2007 (113,701) 

BRL8,005,000 US$3,690,377 12/1/2007 51,941 

€2,265,000 ZAR22,056,117 12/1/2007 (165,628) 

IDR27,630,000,000 US$3,000,000 12/1/2007 69,030 

MYR9,640,500 US$2,636,054 12/1/2007 96,890 

PHP18,560,000 US$376,700 12/1/2007 1,884 

THB31,000,000 US$878,659 12/1/2007 (4,792) 

TRY1,401,840 US$935,215 12/1/2007 54,179 

US$4,694,830 BRL10,153,800 12/1/2007 (52,047) 

US$2,085,648 IDR19,250,533,187 12/1/2007 (52,624) 

US$2,712,688 MYR9,710,000 12/1/2007 (39,958) 

US$878,934 THB31,000,000 12/1/2007 5,067 

ZAR21,757,213 €2,265,000 12/1/2007 122,903 

ZAR22,763,243 US$3,088,369 12/1/2007 

_______ 

165,369 


_______ 

Put Options Purchased as at 31 December 2006 

Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

profit 

US$ 

15,900 OTC USD/TRY Put Option 

strike price $1.44 


___________ 

7,314 

______ 

24,725 

Total Purchased Put Options 

___________ 

7,314 

______ 

24,725 

Note: Purchased Put Options are included in the Statement of Net Assets (see Note 2c). 

Value 

US$ 





Euro Bond Fund 





BONDS 

Austria 

€875,000 Energie AG Oberoesterreich 4.5% 

4/3/2025 844,217 0.27 

DM1,000,000 Oesterreichische Kontrollbank 5.75% 

12/9/2007 517,584 0.17 

€5,600,000 Republic of Austria 3.5% 15/7/2015 5,416,619 1.74 



€6,438,000 Republic of Austria '2' 4.65% 

15/1/2018 6,809,987 2.19 

€3,000,000 Republic of Austria EMTN 5.5% 

20/10/2007 

___________ 

3,036,750 

______ 

0.97 

___________ 

31,948,345 

______ 

10.25 

Belgium 

€1,000,000 Belgium Government Bond '45' 3% 

28/3/2010 

___________ 

973,205 

______ 

0.31 

Canada 

€1,850,000 Bombardier FRN 15/11/2013 1,855,684 0.60 

€556,459 Government of Canada 4.875% 

7/7/2008 

___________ 

564,806 

______ 

0.18 

___________ 

2,420,490 

______ 

0.78 


€2,860,000 CAM International EMTN 5.75% 

3/4/2012 

___________ 

2,872,164 

______ 

0.92 

CZK80,000,000 

Czech Republic 

Czech Republic Government Bond 

'46' 3.75% 12/9/2020 

___________ 

2,831,659 

______ 

0.90 

Denmark 

€1,600,000 Danica Pension Livsforsikringsaktieselskab 

4.35% 6/10/2011 (Perpetual) 1,585,624 0.51 

€800,000 Dong Energy 3.5% 29/6/2012 

___________ 

767,744 

______ 

0.25 

___________ 

2,353,368 

______ 

0.76 

Finland 

€1,000,000 Republic of Finland '1' 2.75% 15/9/2010 

___________ 

961,305 

______ 

0.31 

France 

€600,000 Alcatel 4.375% 17/2/2009 600,261 0.19 

€600,000 Alstom 6.25% 3/3/2010 631,500 0.20 

€600,000 Banque Psa Finance EMTN 4.875% 

30/1/2007 600,402 0.19 

€1,255,000 BNP Paribas EMTN 5.25% 17/12/2012 1,324,546 0.43 

€1,000,000 Caisse d'Amortissement de la Dette 

Sociale 4% 25/10/2014 997,300 0.32 

€533,875 Caisse d'Amortissement de la Dette 

Sociale 5.125% 25/10/2008 544,510 0.17 

€500,000 Carrefour EMTN 3.625% 6/5/2013 480,208 0.15 

€620,000 Casino Guichard Perrachon EMTN 

4.75% 21/7/2011 621,535 0.20 

€2,350,000 CIF Euromortgage 4.625% 11/10/2012 2,415,495 0.78 

€650,000 Compagnie de Saint-Gobain 4.25% 

31/5/2011 645,632 0.21 

€2,980,000 France Government Bond OAT 3.75% 

25/4/2021 2,883,831 0.93 

€6,000,000 France Government Bond OAT 4% 

25/4/2014 6,017,281 1.93 




€7,960,000 France Government Bond OAT 4% 

25/4/2055 7,880,320 2.53 


25/4/2035 2,213,410 0.71 


25/4/2011 6,516,999 2.09 


25/10/2019 2,884,160 0.93 

€401,000 France Telecom EMTN 8.125% 

28/1/2033 544,965 0.17 

€900,000 Gecina EMTN 3.625% 17/10/2007 895,032 0.29 

€400,000 GIE Suez Alliance 5.5% 20/2/2009 410,400 0.13 

€750,000 Unibail EMTN 4% 29/10/2011 

___________ 

737,985 

______ 

0.24 

___________ 

39,845,772 

______ 

12.79 

Germany 

€533,875 Bayerische Hypo-und Vereinsbank 

'717' 4.75% 19/9/2007 536,731 0.17 


4/7/2012 8,413,026 2.70 

€1,000,000 Bundesrepublik Deutschland '04' 3.75% 

4/1/2015 987,011 0.31 


4/1/2037 21,429,034 6.88 


4/7/2016 9,027,950 2.90 

€15,000,000 Bundesschatzanweisungen 2.5% 

23/3/2007 14,964,750 4.80 

€500,000 DEPFA Deutsche Pfandbriefbank 

EMTN 3.25% 8/9/2009 491,355 0.16 

€4,000,000 Deutsche Bundesrepublik Inflation 

Linked 'I/L' 1.5% 15/4/2016 3,890,400 1.25 

DM1,000,000 Deutsche Postbank 5.75% 19/3/2009 528,713 0.17 

€870,000 HT1 Funding 6.352% 30/6/2017 

(Perpetual) 924,562 0.30 

€1,000,000 Kreditanstalt fuer Wiederaufbau 3.5% 

4/7/2015 962,993 0.31 

€1,000,000 State of Hesse Germany '0003' 5.75% 

4/1/2011 1,063,143 0.34 

€522,584 State of Hesse Germany '9701' 5.75% 

30/1/2008 

___________ 

531,980 

______ 

0.17 

___________ 

63,751,648 

______ 

20.46 

Greece 

€15,000,000 Republic of Greece 3.5% 20/4/2009 14,848,500 4.77 

€1,000,000 Republic of Greece 4.5% 20/9/2037 

___________ 

1,009,050 

______ 

0.32 

___________ 

15,857,550 

______ 

5.09 

Guernsey 


30/11/2011 1,045,152 0.33 

€1,000,000 Credit Suisse Group Finance 

Guernsey 3.625% 23/1/2018 

___________ 

958,895 

______ 

0.31 

___________ 

2,004,047 

______ 

0.64 

Hungary 

€1,250,000 MOL Hungarian Oil & Gas 3.875% 

5/10/2015 

___________ 

1,130,377 

______ 

0.36 

Iceland 

ISK131,000,000 Housing Financing Fund 3.75% 

15/9/2014 

___________ 

1,285,831 

______ 

0.41 


Euro Bond Fund continued 






€2,000,000 European Investment Bank 3.125% 

15/10/2015 1,864,600 0.60 

€1,000,000 European Investment Bank 3.625% 

15/10/2013 977,949 0.31 

€522,400 European Investment Bank 'EARN' 

5.75% 15/2/2007 523,450 0.17 

ITL4,965,000,000 International Bank for Reconstruction 

& Development EMTN 6.5% 

30/7/2007 

___________ 

2,599,656 

______ 

0.83 

___________ 

5,965,655 

______ 

1.91 

Ireland 

€450,000 Depfa ACS Bank 4.375% 15/1/2015 458,212 0.15 

€2,950,000 German Postal Pensions Securitisation 

'2' 4.25% 18/1/2017 

___________ 

2,969,145 

______ 

0.95 

___________ 

3,427,357 

______ 

1.10 

Italy 

€4,000,000 Cassa Depositi e Prestiti EMTN 3.75% 

31/1/2012 3,928,000 1.26 

€12,250,000 Republic of Italy 3% 15/1/2010 11,929,417 3.83 

€6,000,000 Republic of Italy 3.5% 15/3/2011 5,889,720 1.89 


€3,339,000 Republic of Italy 4.75% 1/2/2013 3,469,755 1.11 


€522,580 Republic of Italy 5.75% 10/7/2007 527,179 0.17 

€800,000 SanPaolo IMI EMTN 3.75% 9/6/2015 

___________ 

786,392 

______ 

0.25 

___________ 

35,743,700 

______ 

11.47 

Japan 

US$800,000 Aiful 4.45% 16/2/2010 582,833 0.19 


3.5% 16/12/2015 677,516 0.22 

€1,200,000 Resona Bank EMTN 3.75% 15/4/2015 1,176,210 0.37 

€1,500,000 Sumitomo Mitsui Banking 4.375% 

27/10/2014 

___________ 

1,502,325 

______ 

0.48 

___________ 

3,938,884 

______ 

1.26 

Jersey 

€665,000 ASIF III Jersey EMTN 5.125% 10/5/2007 667,824 0.21 

€361,000 Bawag Capital Finance Jersey 8.765% 

31/10/2010 (Perpetual) 397,893 0.13 


22/12/2008 (Perpetual) 768,241 0.25 

€500,000 UBS (Jersey Branch) EMTN 4.5% 

16/9/2019 

___________ 

503,645 

______ 

0.16 

___________ 

2,337,603 

______ 

0.75 

Luxembourg 


24/2/2010 945,900 0.30 

€1,000,000 Gaz Capital for Gazprom 5.03% 

25/2/2014 1,008,420 0.32 

€550,000 JP Morgan Bank Luxembourg SA for 

Swiss Life 5% 16/11/2015 (Perpetual) 542,850 0.18 

€1,405,000 Telecom Italia Finance EMTN 7.75% 

24/1/2033 1,673,678 0.54 

€300,000 Tyco International Group 6.125% 

4/4/2007 

___________ 

301,827 

______ 

0.10 

___________ 

4,472,675 

______ 

1.44 




Netherlands 

€400,000 Allianz Finance 'XW' 4.375% 

17/2/2017 (Perpetual) 378,842 0.12 

€1,000,000 Bank Nederlandse Gemeenten 

EMTN 4% 15/7/2014 996,435 0.32 

€600,000 British American Tobacco Holdings 

The Netherlands EMTN 4.375% 

15/9/2014 590,949 0.19 

€1,000,000 Deutsche Telekom International 

Finance 7.5% 29/5/2007 1,013,655 0.33 


Finance EMTN 4.75% 31/5/2016 1,237,338 0.39 

€440,000 International Endesa EMTN 5.375% 

21/2/2013 462,928 0.15 

DM1,000,000 LKB Baden-Wuert Finance 6.5% 

15/9/2008 530,489 0.17 

€440,000 Munich Re Finance 6.75% 21/6/2023 493,209 0.16 

€1,000,000 Nederlandse Waterschapsbank EMTN 

4% 12/3/2013 998,750 0.32 

€2,000,000 Netherlands Government 3% 

15/7/2007 1,991,420 0.64 

€500,000 Netherlands Government 3% 

15/1/2010 487,280 0.15 

€8,975,000 Netherlands Government 3.75% 

15/7/2014 8,865,805 2.85 

€6,070,000 Netherlands Government 5% 

15/7/2011 6,336,352 2.03 

€1,150,000 ThyssenKrupp Finance Nederland 

7% 19/3/2009 

___________ 

1,213,457 

______ 

0.39 

___________ 

25,596,909 

______ 

8.21 

PLN38,000,000 

Poland 

Poland Government Bond '1015' 

6.25% 24/10/2015 

___________ 

10,637,449 

______ 

3.41 

Portugal 

€5,000,000 Portugal Obrigacoes do Tesouro OT 

3.85% 15/4/2021 

___________ 

4,849,000 

______ 

1.56 

Spain 

€500,000 BBVA – Banco Bilbao Vizcaya 

Argentaria 4.5% 12/11/2015 503,500 0.16 

€875,000 Pastor Participaciones Preferentes S.A 

Unipersonal 4.564% 27/7/2010 

(Perpetual) 

___________ 

829,456 

______ 

0.27 

___________ 

1,332,956 

______ 

0.43 

Sweden 

€615,000 Scandinavian Airlines System 

EMTN 6% 20/6/2008 627,300 0.20 

€1,600,000 SKF 4.25% 13/12/2013 

___________ 

1,573,688 

______ 

0.51 

___________ 

2,200,988 

______ 

0.71 


DM2,348,000 AMP UK Finance Services EMTN 

4.875% 27/11/2008 1,209,621 0.39 

€575,000 Anglian Water Services Financing 

EMTN 4.625% 7/10/2013 582,561 0.19 

€500,000 Barclays Bank EMTN 4.5% 4/3/2019 504,223 0.16 

€650,000 Chester Asset Receivables Dealings 

No 11 'A' 6.125% 15/10/2010 693,925 0.22 

€105,000 EDF Energy EMTN 4.375% 15/12/2010 105,761 0.03 








€350,000 Legal & General Group EMTN 4% 

8/6/2025 335,281 0.11 

€750,000 Lloyds TSB Bank 5.625% 15/7/2009 

(Perpetual) 773,509 0.25 

€750,000 mmO2 EMTN 6.375% 25/1/2007 752,468 0.24 

€550,000 National Grid Electricity Transmission 

EMTN 4.125% 18/9/2008 549,813 0.17 

€1,340,000 Nationwide Building Society EMTN 

3.125% 26/1/2010 1,299,894 0.42 

€1,200,000 Old Mutual EMTN 5% 4/11/2015 

(Perpetual) 1,176,582 0.38 

€700,000 Prudential EMTN 5.75% 19/12/2021 741,650 0.24 

€750,000 Rolls-Royce Group EMTN 6.375% 

14/6/2007 757,852 0.24 


28/1/2016 611,020 0.20 

€600,000 WPP 2005 6% 18/6/2008 

___________ 

614,493 

______ 

0.20 

___________ 

10,708,653 

______ 

3.44 

United States 

€600,000 American Honda Finance EMTN 

3.75% 16/3/2011 587,745 0.19 

€700,000 Banca Popolare di Bergamo Capital 

Trust 8.364% 15/2/2011 

(Perpetual) (Pref) 795,337 0.26 

€750,000 Cargill EMTN 4.5% 29/9/2014 746,546 0.24 

€600,000 Citibank Credit Card Issuance Trust 

5.375% 11/4/2011 626,853 0.20 




€1,000,000 Citigroup 4.75% 10/2/2019 1,020,834 0.33 


€250,000 General Electric Capital EMTN 4.125% 

19/9/2035 234,087 0.07 


20/1/2010 504,132 0.16 

€710,000 Goldman Sachs Group 4.75% 28/1/2014 725,513 0.23 

€2,300,000 New York Life Global Funding GMTN 

3.75% 19/10/2009 2,277,307 0.73 

€1,000,000 Parker Hannifin 3.5% 11/11/2010 971,471 0.31 

€1,350,000 SES Global Americas Holdings Group 

4.25% 17/12/2007 1,350,729 0.43 


US$6,200,000 US Treasury Inflation Indexed Bonds 

2.5% 15/7/2016 4,735,236 1.52 

€2,750,000 WM Covered Bond Program EMTN 

4% 27/9/2016 2,698,822 0.87 

€300,000 Zurich Finance USA EMTN 4.5% 

17/9/2014 

___________ 

302,151 

______ 

0.10 

___________ 

22,965,447 

______ 

7.37 



___________ 

9,211,397 

______ 

2.96 


___________ 

311,624,434 

______ 

100.00 



Purchases 


Unrealised 

profit/(loss) 

€ 

CHF4,000,000 €2,528,445 12/3/2007 (34,135) 

CZK77,917,514 €2,800,874 12/3/2007 26,333 

DKr3,145,000 €421,729 12/3/2007 78 

€2,500,000 CHF3,985,888 12/3/2007 14,490 

€5,585,485 CZK155,835,029 12/3/2007 (68,929) 

€368,960 £250,000 12/3/2007 (2,346) 

€596,976 ISK56,265,000 12/3/2007 9,386 

€10,833,007 PLN41,550,000 12/3/2007 9,309 

€12,536,721 US$16,750,000 12/3/2007 (130,605) 

¥420,000,000 €2,771,875 12/3/2007 (76,826) 

NOK21,410,000 €2,641,579 12/3/2007 

_______ 

(45,082) 


_______ 


Number 


of Contracts 


date € 

220 Eurex E-Schatz March 2007 22,763,400 




(160) CME/IMM Eurodollar June 2008 (28,864,447) 

94 LIFFE 3 Month EURIBOR June 2007 22,547,075 

_________ 


_________ 

Note: The net unrealised profit of €221,933 attributed to these transactions is included in the 







Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

£3,000,000 Interest Rate Swaps (Barclays Bank) (Fund pays 

Fixed 4.18%; and receives Floating GBP Libor 

3-Month) (22/11/2055) 107,385 

£3,000,000 Interest Rate Swaps (Goldman Sachs) (Fund pays 

Fixed 4.3325%; and receives Floating GBP Libor 

6-Month) (5/4/2036) 176,925 

€1,250,000 Credit Default Swaps (Citigroup) (Fund receives 

Fixed 0.2675%; and pays default protection on 

Sanofi Aventis 4.25% 15/9/2010) (20/3/2011) 7,243 



Floating Wibor 6-Month) (18/9/2013) (304,305) 



Floating Wibor 6-Month) (18/9/2010) 353,236 

£4,000,000 Interest Rate Swaps (Barclays) 


Price Index All Items; 



Floating quarterly performance of iTraxx Europe 

6 V1; and receives Fixed 0.30%) (20/12/2011) 23,427 

€4,650,000 Credit Default Swaps (CitiBank) 

(Fund pays Fixed 0.50%; and receives Floating 

quarterly performance of iTraxx Europe 6 V1) 

(20/12/2016) (25,842) 

€8,100,000 Credit Default Swaps (UBS) 







CZK80,000,000 Interest Rate Swaps (Deutsche Bank) (Fund pays 

Fixed 3.867%; and receives Floating Pibor 

6-Month) (12/9/2020) (11,430) 

€1,350,000 Credit Default Swaps (Citigroup) (Fund pays Fixed 

0.25%; and receives default protection on 

Akzo 4.25% 14/6/2011) (20/6/2011) (1,925) 

€1,350,000 Credit Default Swaps (Citigroup) (Fund pays Fixed 

0.36%; and receives default protection on SCA 

Finans AB) (20/6/2011) (8,899) 


quarterly coupon of Glitnir Banki hf. FRN, 27/1/2010; 


£7,200,000 Interest Rate Swaps (Merrill Lynch Capital Markets 

Bank) (Fund pays Fixed 5.09%; and receives 

Floating GBP Libor 6-Month) (7/9/2011) (11,137) 

£3,600,000 Interest Rate Swaps (Merrill Lynch Capital Markets 

Bank) (Fund pays Fixed 4.47%; and receives 


US$26,475,000 Interest Rate Swaps (Goldman Sachs) (Fund pays 

Floating US$ Libor BBA 3-Month; and receives 

Fixed 5.205%) (24/10/2010) 62,708 

€4,200,000 Credit Default Swaps (Citibank) (Fund buys default 


and receives Fixed 0.505%) (20/12/2011) (4,058) 

€4,200,000 Credit Default Swaps (Citibank) (Fund sells default 


and pays Fixed 0.46%) (20/12/2011) (3,216) 

PLN38,000,000 Interest Rate Swaps (UBS) (Fund receives 

Floating WIBOR 6-Month; and receives 

Fixed 4.922%) (24/10/2015) 

_______ 

55,170 

_______ 

353,060 




Euro Corporate Bond Fund (1) 





BONDS 

Australia 

€150,000 National Australia Bank EMTN 3.875% 

4/6/2015 

___________ 

148,352 

______ 

0.65 

Austria 

€100,000 BAWAG PSK – Bank fuer Arbeit und 

Wirtschaft und Oesterreichische 

Postsparkasse EMTN 4.35% 28/5/2013 99,118 0.43 

€130,000 Energie AG Oberoesterreich 4.5% 4/3/2025 125,427 0.55 

€100,000 Erste Bank der Oesterreichischenrkassen 

EMTN 5.25% 14/12/2011 104,495 0.46 

€100,000 Telekom Finanzmanagement EMTN 3.375% 

27/1/2010 

___________ 

97,363 

______ 

0.42 

___________ 

426,403 

______ 

1.86 

Belgium 

€100,000 Elia System Operator 4.75% 13/5/2014 

___________ 

102,563 

______ 

0.45 

Canada 


___________ 

175,538 

______ 

0.76 


€290,000 Mizuho Financial Group (Cayman) 4.75% 

15/4/2014 

___________ 

292,819 

______ 

1.27 

Denmark 

€261,000 Danica Pension Livsforsikringsaktieselskab 

4.35% 6/10/2011 (Perpetual) 258,655 1.13 

€150,000 Dong Energy 3.5% 29/6/2012 

___________ 

143,952 

______ 

0.63 

___________ 

402,607 

______ 

1.76 

France 

€125,000 Alstom 6.25% 3/3/2010 131,563 0.57 

€100,000 Bouygues 4.75% 24/5/2016 100,921 0.44 



4.75% 21/7/2011 275,681 1.20 

€150,000 CNP Assurances 4.75% 22/12/2016 

(Perpetual) 146,990 0.64 

€200,000 Compagnie de Saint-Gobain 4.25% 

31/5/2011 198,656 0.87 

€150,000 Credit Logement 4.247% 5/4/2011 

(Perpetual) 148,977 0.65 

€66,000 France Telecom EMTN 3.625% 14/10/2015 61,418 0.27 

€100,000 France Telecom EMTN 7% 23/12/2009 107,706 0.47 

€37,000 France Telecom EMTN 8.125% 28/1/2033 50,284 0.22 

€90,000 Gecina EMTN 3.625% 17/10/2007 89,503 0.39 

€50,000 GIE Suez Alliance 5.5% 20/2/2009 51,300 0.22 

€100,000 Klepierre 4.25% 16/3/2016 96,697 0.42 

€100,000 Natixis EMTN 4.125% 20/1/2017 97,616 0.43 

€100,000 Pernod-Ricard 4.625% 6/12/2013 98,666 0.43 

€100,000 Societe Generale EMTN 5.625% 13/2/2012 106,369 0.46 

€110,000 Total Capital 'OCT' 3.875% 6/9/2011 108,746 0.48 

€40,000 TPSA Eurofinance France 4.625% 5/7/2011 40,123 0.17 

€135,000 Unibail EMTN 4% 29/10/2011 132,837 0.58 

€235,000 Veolia Environnement EMTN 4.875% 

28/5/2013 

___________ 

239,256 

______ 

1.04 

___________ 

2,379,351 

______ 

10.37 




Germany 

€200,000 Bertelsmann 4.375% 26/9/2012 198,697 0.87 


4/1/2037 578,655 2.52 


4/1/2017 492,149 2.14 


4/7/2016 75,317 0.33 


€500,000 DekaBank Deutsche Girozentrale '466' 

4.25% 23/1/2013 504,646 2.20 

€60,000 HT1 Funding 6.352% 30/6/2017 (Perpetual) 63,763 0.28 

€500,000 Muenchener Hypothekenbank '570' 

5.75% 3/9/2010 528,742 2.30 

€90,000 VW Financial Services EMTN 4.75% 

19/7/2011 

___________ 

91,187 

______ 

0.40 

___________ 

2,878,657 

______ 

12.55 

Greece 

€100,000 Public Power 4.5% 12/3/2009 

___________ 

100,476 

______ 

0.44 

Guernsey 

€300,000 Credit Suisse Group Finance Guernsey 

3.625% 23/1/2018 

___________ 

287,669 

______ 

1.25 

Hungary 

€150,000 MOL Hungarian Oil & Gas 3.875% 

5/10/2015 

___________ 

135,645 

______ 

0.59 

Ireland 

€200,000 GE Capital European Funding EMTN 

4.125% 27/10/2016 197,610 0.86 

€300,000 German Postal Pensions Securitisation 

'2' 4.25% 18/1/2017 301,947 1.32 

€20,000 Irish Life & Permanent EMTN 6.25% 

15/2/2011 

___________ 

21,408 

______ 

0.09 

___________ 

520,965 

______ 

2.27 

Italy 

€50,000 ACEA 4.875% 23/7/2014 50,981 0.22 

€200,000 SanPaolo IMI EMTN 3.75% 9/6/2015 196,598 0.86 

€250,000 UniCredito Italiano EMTN 4.5% 22/9/2019 

___________ 

250,267 

______ 

1.09 

___________ 

497,846 

______ 

2.17 

Japan 


3.5% 16/12/2015 96,788 0.42 

€275,000 Resona Bank EMTN 3.75% 15/4/2015 269,548 1.18 

€200,000 Sumitomo Mitsui Banking 4.375% 

27/10/2014 

___________ 

200,310 

______ 

0.87 

___________ 

566,646 

______ 

2.47 

Jersey 

€57,000 Bawag Capital Finance Jersey 8.765% 

31/10/2010 (Perpetual) 62,825 0.27 

€200,000 HSBC Capital Funding (Jersey Channel 

Islands) 5.369% 24/3/2014 (Perpetual) 207,858 0.91 


22/12/2008 (Perpetual) 257,400 1.12 

€170,000 UBS (Jersey Branch) EMTN 4.5% 

16/9/2019 

___________ 

171,239 

______ 

0.75 

___________ 

699,322 

______ 

3.05 



Euro Corporate Bond Fund (1) continued 





Luxembourg 


24/2/2010 105,100 0.46 

€150,000 Gaz Capital for Gazprom 5.03% 25/2/2014 151,263 0.66 


18/12/2008 298,486 1.30 

€150,000 JP Morgan Bank Luxembourg SA 

for Swiss Life 5% 16/11/2015 (Perpetual) 148,050 0.65 

€100,000 Merck Finanz 3.75% 7/12/2012 95,878 0.42 

€80,000 SES Global 4.5% 19/11/2008 79,632 0.35 

€100,000 Telecom Italia Finance EMTN 5.875% 

24/1/2008 101,739 0.44 


24/4/2012 282,800 1.23 


24/1/2033 

___________ 

232,290 

______ 

1.01 

___________ 

1,495,238 

______ 

6.52 

Netherlands 

€140,000 ABN Amro Bank EMTN 4.625% 28/10/2013 143,685 0.63 

€125,000 Adecco International Financial Services 

4.5% 25/4/2013 124,003 0.54 

€60,000 Aegon EMTN 4.625% 16/4/2008 60,400 0.26 

€90,000 Allianz Finance 'XW' 4.375% 17/2/2017 

(Perpetual) 85,239 0.37 

€140,000 British American Tobacco Holdings The 

Netherlands EMTN 4.375% 15/9/2014 137,888 0.60 

€215,000 DaimlerChrysler International Finance 

EMTN 7% 21/3/2011 234,487 1.02 

€140,000 Deutsche Telekom International Finance 

EMTN 4.75% 31/5/2016 138,582 0.60 

€130,000 E.ON International Finance EMTN 5.75% 

29/5/2009 134,515 0.59 

€215,000 ING Bank EMTN 4.625% 15/3/2019 217,694 0.95 

€50,000 ING Bank EMTN 5.875% 23/2/2011 53,285 0.23 

€80,000 ING Verzekeringen 6.25% 21/6/2021 85,899 0.38 

€175,000 Lanxess Finance 4.125% 21/6/2012 168,981 0.74 

€100,000 LeasePlan 4.5% 8/11/2016 99,598 0.44 


€100,000 Nuon Finance EMTN 4.125% 17/12/2014 98,521 0.43 

€150,000 Red Electrica de Espana Finance EMTN 

4.75% 18/9/2013 153,941 0.67 

€55,000 Telefonica Europe EMTN 5.125% 14/2/2013 56,344 0.25 

€90,000 ThyssenKrupp Finance Nederland 7% 

19/3/2009 94,966 0.41 

€155,000 Urenco Finance 3.375% 7/12/2010 

___________ 

149,962 

______ 

0.65 

___________ 

2,428,548 

______ 

10.59 

Norway 

€270,000 DnB NORBank 7.068% 19/11/2012 

(Perpetual) 

___________ 

303,761 

______ 

1.32 

Spain 

€100,000 BBVA – Banco Bilbao Vizcaya Argentaria 

4.5% 12/11/2015 100,700 0.44 


Unipersonal 4.564% 27/7/2010 

(Perpetual) 118,494 0.52 

€200,000 Telefonica Emisiones SAU EMTN 4.375% 

2/2/2016 

___________ 

192,906 

______ 

0.84 

___________ 

412,100 

______ 

1.80 




Sweden 

€200,000 If P&C Insurance 7.5% 30/3/2021 221,960 0.97 

€150,000 SKF 4.25% 13/12/2013 147,533 0.64 

€50,000 Vattenfall Treasury EMTN 6.125% 

21/9/2007 

___________ 

50,733 

______ 

0.22 

___________ 

420,226 

______ 

1.83 


DM300,000 AMP UK Finance Services EMTN 

4.875% 27/11/2008 154,551 0.67 

€230,000 Anglian Water Services Financing EMTN 

4.625% 7/10/2013 233,025 1.01 

€90,000 BAA EMTN 4.5% 30/9/2014 89,500 0.39 

€100,000 Bank of Scotland EMTN 5.5% 27/7/2009 103,170 0.45 



€470,000 Chester Asset Receivables Dealings 

No 11 'A' 6.125% 15/10/2010 501,761 2.19 

€65,000 EDF Energy EMTN 4.375% 15/12/2010 65,471 0.28 

€100,000 Hammerson 4.875% 19/6/2015 100,016 0.44 

€175,000 HBOS EMTN 4.5% 18/3/2030 169,266 0.74 

€295,000 HSBC Holdings 3.625% 29/6/2020 278,866 1.22 


8/6/2025 47,897 0.21 


3.875% 22/2/2011 (Perpetual) 242,854 1.06 

€100,000 Lloyds TSB Bank 5.625% 15/7/2009 

(Perpetual) 103,134 0.45 

€210,000 Nationwide Building Society EMTN 3.125% 

26/1/2010 203,715 0.89 

£100,000 Next 5.875% 12/10/2016 147,165 0.64 

€200,000 Old Mutual EMTN 5% 4/11/2015 

(Perpetual) 196,097 0.85 


€100,000 Rolls-Royce Group EMTN 4.5% 16/3/2011 100,732 0.44 


28/1/2016 327,224 1.42 

€150,000 Standard Chartered Bank EMTN 3.625% 

3/2/2017 144,661 0.63 

€80,000 Vodafone Group EMTN 5.125% 10/4/2015 81,484 0.36 

€120,000 WPP Group 4.375% 5/12/2013 

___________ 

118,132 

______ 

0.51 

___________ 

3,796,926 

______ 

16.55 

United States 

€100,000 American Honda Finance EMTN 3.75% 

16/3/2011 97,958 0.43 

€100,000 Banca Popolare di Bergamo Capital Trust 

8.364% 15/2/2011 (Perpetual) (Pref) 113,620 0.50 

€250,000 Bank of America EMTN 4% 28/3/2018 245,171 1.07 

€250,000 BNP Paribas Capital Trust IV 6.342% 

24/1/2012 (Perpetual) 270,373 1.18 

€160,000 Cargill EMTN 4.5% 29/9/2014 159,263 0.70 

€500,000 Citibank Credit Card Issuance Trust 5.375% 

11/4/2011 522,378 2.28 

€120,000 Citigroup 3.875% 21/5/2010 119,107 0.52 

€205,000 Citigroup 5% 2/8/2019 215,547 0.94 

US$100,000 Comcast 6.5% 15/11/2035 76,651 0.33 

US$100,000 DaimlerChrysler NA Holding 8.5% 

18/1/2031 90,146 0.39 



19/9/2035 18,727 0.08 



Euro Corporate Bond Fund (1) continued 





€200,000 Goldman Sachs Group 4.75% 28/1/2014 204,370 0.89 

€155,000 IntesaBci Capital Trust 6.988% 

12/7/2011 (Perpetual) 170,168 0.74 

€200,000 JPMorgan Chase & Co EMTN 4.375% 

12/11/2019 198,366 0.87 

€300,000 New York Life Global Funding GMTN 

3.75% 19/10/2009 297,040 1.29 

€100,000 Parker Hannifin 3.5% 11/11/2010 97,147 0.42 

€50,000 Procter & Gamble 4.125% 7/12/2020 48,370 0.21 

€250,000 SLM Student Loan Trust 2003-7 '03-7' 

3.8% 17/6/2010 246,832 1.08 

US$125,000 Teva Pharmaceutical Finance 6.15% 

1/2/2036 92,412 0.40 




€50,000 Unicredito Italiano Capital Trust III 

4.028% 27/10/2015 (Perpetual) 46,642 0.20 


17/9/2014 

___________ 

100,717 

______ 

0.44 

___________ 

3,578,317 

______ 

15.60 



___________ 

889,537 

______ 

3.88 


___________ 

22,939,512 

______ 

100.00 



Purchases 


Unrealised 

profit/(loss) 

€ 

US$100,000 €75,598 4/1/2007 251 

€563,549 US$745,000 4/1/2007 (1,526) 

€148,060 £100,000 4/1/2007 

_______ 

(848) 


_______ 

(2,123) 




Number 


of Contracts 


date € 



(1) Japanese Government Bond (TSE) March 2007 (855,712) 


(4) US Treasury 30 Year Bond March 2007 (337,556) 

6 LIFFE 3 Month EURIBOR June 2007 

_________ 

1,439,175 


_________ 

(2,688,921) 




Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

£75,000 Interest Rate Swaps (UBS Warburg) 

(Fund pays Floating GBP Libor 6-Month; 


€100,000 Credit Default Swaps (Citigroup) (Fund receives 

Fixed 0.2675%; and pays default protection on 

Sanofi Aventis 4.25% 15/9/2010) (20/3/2011) 579 

€700,000 Credit Default Swaps (Citibank) (Fund pays Floating 



€400,000 Credit Default Swaps (CitiBank) (Fund pays Fixed 0.50%; 







€400,000 Credit Default Swaps (UBS) (Fund pays Fixed 0.50%; 

and receives Floating quarterly performance of 

iTraxx Europe 6 V1) (20/12/2016) (2,299) 






and pays Fixed 0.46%) (20/12/2011) 2,156 




€710,000 Credit Default Swaps (UBS) (Fund pays Fixed 0.50%; 

and receives Floating quarterly performance of 

iTraxx Europe 6 V1) (20/12/2016) (4,082) 

€150,000 Credit Default Swaps (Citigroup) (Fund pays Fixed 0.25%; 

and receives default protection on Akzo 4.25% 14/6/2011) 

(20/6/2011) (214) 

€150,000 Credit Default Swaps (Citigroup) (Fund pays Fixed 0.36%; 

and receives default protection on SCA Finans AB) 

(20/6/2011) (989) 

€1,000,000 Credit Default Swaps (Citibank) (Fund Pays Fixed 0.40%; 

and receives Floating quarterly performance of iTraxx 

EUR.5.EU5) (20/6/2011) 7,592 


quarterly coupon of Glitnir Banki hf. FRN, 27/1/2010; 



protection on Pernod Ricard SA 4.625% 12/6/2013; 



protection on Imperial Tobacco Group PLC 6.25% 

12/4/2018; and receives Fixed 0.38%) (20/12/2011) (459) 

_______ 

19,744 

_______ 



Euro Reserve Fund 





BONDS 

Australia 

€10,000,000 Suncorp-Metway EMTN FRN 

20/10/2008 10,011,600 1.96 

€5,000,000 Torrens Trust '2006-1E A1' FRN 

14/9/2037 

___________ 

5,007,549 

______ 

0.98 

___________ 

15,019,149 

______ 

2.94 

Austria 

€6,000,000 Kommunalkredit Austria EMTN FRN 

14/9/2007 

___________ 

6,003,600 

______ 

1.17 


€5,000,000 BCP Finance Bank EMTN FRN 

6/7/2007 5,004,759 0.98 

€20,000,000 Caixa Geral de Depositos Finance 

(Cayman Islands) EMTN FRN 

24/4/2007 20,008,000 3.91 

€400,000 Pacific Life Funding EMTN 4.875% 

30/7/2007 

___________ 

401,720 

______ 

0.08 

___________ 

25,414,479 

______ 

4.97 

Denmark 

€5,000,000 FIH Erhvervsbank EMTN FRN 

3/11/2009 

___________ 

4,999,750 

______ 

0.97 

Finland 

€6,500,000 OKO Bank EMTN FRN 18/3/2008 

___________ 

6,499,675 

______ 

1.27 

France 

€5,000,000 Caisse Nationale des Caisses 

d'Epargne et de Prevoyance 

EMTN FRN 23/5/2008 4,997,848 0.98 

€5,000,000 Caisse Nationale des Caisses 

d'Epargne et de Prevoyance 

EMTN FRN 4/2/2009 5,000,750 0.98 

€5,000,000 Credit Agricole (London) EMTN FRN 

23/6/2008 4,998,350 0.98 

€2,450,000 Credit Agricole (London) EMTN FRN 

28/10/2009 2,446,301 0.47 

€5,000,000 Credit Agricole EMTN FRN 

11/7/2007 5,002,025 0.98 

€5,000,000 France Telecom EMTN 6% 

28/9/2007 

___________ 

5,069,200 

______ 

0.99 

___________ 

27,514,474 

______ 

5.38 

Germany 

€50,000 Deutsche Bank FRN 18/10/2010 

___________ 

50,219 

______ 

0.01 

Iceland 

€5,000,000 Glitnir Banki HF EMTN FRN 

31/5/2007 4,986,050 0.98 

€11,400,000 Kaupthing Bank EMTN FRN 

23/5/2007 

___________ 

11,397,891 

______ 

2.23 

___________ 

16,383,941 

______ 

3.21 




Ireland 

€10,000,000 GE Capital European Funding EMTN 

FRN 1/3/2010 

___________ 

9,993,169 

______ 

1.95 

Italy 

€5,000,000 Banca Intesa EMTN FRN 23/4/2008 5,012,250 0.98 

€4,466,923 SCIP – Societa Cartolarizzazione 

Immobili Pubblici '2 A5' FRN 

26/4/2025 

___________ 

4,467,960 

______ 

0.88 

___________ 

9,480,210 

______ 

1.86 

Japan 

€10,000,000 Japan Finance Corporation for 

Small and Medium Enterprise 

FRN 13/2/2009 10,046,603 1.97 

NLG14,670,000 Kansai Electric Power EMTN 5.75% 

30/5/2007 

___________ 

6,703,820 

______ 

1.31 

___________ 

16,750,423 

______ 

3.28 

Jersey 

€3,000,000 UBS (Jersey Branch) EMTN FRN 

17/11/2015 

___________ 

3,001,140 

______ 

0.59 

Luxembourg 

€10,000,000 IEB Finance 0% 11/10/2007 

___________ 

9,694,000 

______ 

1.90 

Netherlands 

€10,000,000 ABN Amro Bank EMTN FRN 

16/9/2011 10,012,300 1.96 

€5,000,000 Aegon EMTN 4.625% 16/4/2008 5,033,350 0.99 

€10,000,000 Allianz Finance II 4.625% 29/11/2007 10,058,800 1.97 


Finance 7.5% 29/5/2007 10,694,060 2.09 

€4,132,000 Diageo Capital EMTN 3.875% 

6/1/2009 4,109,832 0.80 

€5,205,000 ING Groep EMTN 6% 1/8/2007 5,263,973 1.03 

€2,306,744 Match '2002-1 A1' FRN 29/10/2034 2,312,169 0.45 

€10,000,000 NIBC Bank EMTN FRN 12/2/2008 9,996,400 1.96 

€7,000,000 Nomura Europe Finance EMTN FRN 

27/2/2009 6,996,500 1.37 

€5,000,000 Popular Finance Europe EMTN FRN 

10/11/2008 4,998,733 0.98 

€5,000,000 RWE Finance EMTN 5.375% 

18/4/2008 5,080,725 0.99 

€10,000,000 Toyota Motor Finance Netherlands 

EMTN FRN 10/11/2008 10,004,855 1.96 

DM10,000,000 Westlb Finance Curaco EMTN FRN 

29/10/2008 

___________ 

5,113,805 

______ 

1.00 

___________ 

89,675,502 

______ 

17.55 

New Zealand 

€10,000,000 Westpac Trust Securities NZ (London) 

EMTN FRN 7/9/2007 

___________ 

9,999,024 

______ 

1.96 



Euro Reserve Fund continued 





Spain 

€8,000,000 BBVA – Banco Bilbao Vizcaya 

Argentaria FRN 16/6/2008 8,007,440 1.57 

€5,000,000 BBVA Senior Finance SA Unipersonal 

EMTN FRN 28/9/2007 5,000,200 0.98 

€7,000,000 BPE Financiaciones '1' FRN 

30/7/2007 6,998,040 1.37 

€10,000,000 BPE Financiaciones DMTN FRN 

22/5/2009 9,995,527 1.95 

€12,000,000 Caja de Ahorros y Monte de Piedad 

de Madrid FRN 21/2/2008 12,001,440 2.35 

€5,000,000 Santander International Debt EMTN 

FRN 25/1/2010 

___________ 

4,994,850 

______ 

0.98 

___________ 

46,997,497 

______ 

9.20 

Sweden 

€10,000,000 Swedbank Hypotek EMTN FRN 

18/1/2008 9,996,000 1.96 

€10,000,000 Swedish Housing Finance EMTN FRN 

14/9/2007 9,998,712 1.96 

€3,240,000 Vattenfall Treasury EMTN 6.125% 

21/9/2007 

___________ 

3,287,482 

______ 

0.64 

___________ 

23,282,194 

______ 

4.56 


€700,000 Emirates Bank International EMTN 

FRN 15/6/2011 

___________ 

699,475 

______ 

0.14 


€5,000,000 Abbey National FRN 28/6/2012 5,009,800 0.98 

€1,498,000 Abbey National Treasury Services 

(London) FRN 14/5/2008 1,500,696 0.29 

€4,000,000 Abbey National Treasury Services 

(London) FRN 27/5/2009 4,006,600 0.78 

€5,000,000 Bank of Scotland EMTN 5.125% 

5/12/2013 5,085,250 1.00 

€7,500,000 HBOS FRN 26/8/2010 (Perpetual) 7,668,750 1.50 

€5,000,000 MBNA Europe Funding EMTN 4.5% 

23/1/2009 5,036,050 0.99 

€10,000,000 Rio Tinto Finance EMTN 5.125% 

10/5/2007 10,040,950 1.96 

€4,000,000 Royal Bank of Scotland MTN1 FRN 

7/10/2013 4,019,675 0.79 

€5,000,000 Tesco EMTN 5.25% 7/5/2008 

___________ 

5,073,875 

______ 

0.99 

___________ 

47,441,646 

______ 

9.28 




United States 

€10,000,000 American International Group 

EMTN FRN 26/4/2011 10,005,000 1.96 

€2,750,000 Bank of America EMTN FRN 

20/11/2008 2,754,469 0.54 

€15,000,000 Bank One NA (Columbus OH) EMTN 

FRN 27/5/2008 15,029,850 2.94 

€20,000,000 Citigroup 4.625% 14/11/2007 20,104,848 3.93 

€1,049,000 Coca-Cola Enterprises EMTN 

5.875% 8/3/2007 1,052,627 0.21 

€10,000,000 General Electric Capital EMTN 

5.125% 20/6/2007 10,050,250 1.97 

€2,000,000 Goldman Sachs Group 4.125% 

6/2/2008 2,003,893 0.39 

€7,000,000 Goldman Sachs Group EMTN FRN 

11/5/2011 7,009,450 1.37 

€5,000,000 HSBC Finance 5.875% 31/3/2008 

___________ 

5,106,961 

______ 

1.00 

___________ 

73,117,348 

______ 

14.31 

Total Bonds 

___________ 

442,016,915 

______ 

86.50 


France 

€2,000,000 Caixa Geral de Depositos (Paris) 

0% 13/12/2007 

___________ 

1,921,965 

______ 

0.38 

Jersey 

€5,000,000 Amstel Euro Funding 0% 6/6/2007 

___________ 

4,914,902 

______ 

0.96 


€8,000,000 Alliance & Leicester 0% 8/6/2007 7,862,130 1.54 

€5,000,000 Northern Rock 0% 10/4/2007 

___________ 

4,946,652 

______ 

0.97 

___________ 

12,808,782 

______ 

2.51 


___________ 

19,645,649 

______ 

3.85 



___________ 

49,334,174 

______ 

9.65 


___________ 

510,996,738 

______ 

100.00 


Euro Short Duration Bond Fund (1) 





BONDS 

Australia 

US$540,000 Australia & New Zealand Banking Group 

EMTN 5.5% 24/5/2011 414,614 1.08 

€500,000 Torrens Trust '2006-1E A1' FRN 

14/9/2037 

___________ 

500,755 

______ 

1.30 

___________ 

915,369 

______ 

2.38 


€450,000 CAM International EMTN 5.75% 

3/4/2012 

___________ 

451,914 

______ 

1.17 

Denmark 

€400,000 FIH Erhvervsbank EMTN FRN 

3/11/2009 

___________ 

399,980 

______ 

1.04 

France 

€3,450,000 French Treasury Note BTAN 3.5% 

12/9/2008 3,427,471 8.90 

€360,000 Gecina EMTN 3.625% 17/10/2007 

___________ 

358,013 

______ 

0.93 

___________ 

3,785,484 

______ 

9.83 

Germany 

€100,000 Bundesobligation '141' 4.25% 

15/2/2008 100,379 0.26 

€7,856,000 Bundesobligation '142' 3% 11/4/2008 7,772,740 20.19 


10/10/2008 99,348 0.26 

€400,000 Bundesrepublik Deutschland '05' 

4% 4/1/2037 

___________ 

395,662 

______ 

1.02 

___________ 

8,368,129 

______ 

21.73 

Greece 

€2,200,000 Hellenic Republic Government Bond 

2.9% 21/6/2008 2,168,100 5.63 

€3,500,000 Republic of Greece 3.4% 21/6/2009 

___________ 

3,452,925 

______ 

8.97 

___________ 

5,621,025 

______ 

14.60 

Iceland 


15/9/2014 

___________ 

186,495 

______ 

0.48 

Italy 

€782,000 Republic of Italy 3% 15/4/2009 767,596 2.00 

€5,000,000 Republic of Italy 3.75% 15/6/2009 

___________ 

4,979,350 

______ 

12.93 

___________ 

5,746,946 

______ 

14.93 

Japan 

US$200,000 Aiful 4.45% 16/2/2010 145,708 0.38 

€500,000 Resona Bank EMTN 3.75% 15/4/2015 

___________ 

490,087 

______ 

1.27 

___________ 

635,795 

______ 

1.65 




Jersey 


22/12/2008 (Perpetual) 

___________ 

253,440 

______ 

0.66 

Luxembourg 


18/12/2008 

___________ 

257,316 

______ 

0.67 

Netherlands 

€300,000 Deutsche Telekom International 

Finance 7.5% 29/5/2007 304,096 0.79 

€100,000 LeasePlan 4.5% 8/11/2016 99,598 0.26 


15/1/2008 4,734,875 12.30 

€400,000 Saint-Gobain Nederland 5.125% 

9/7/2008 

___________ 

405,328 

______ 

1.05 

___________ 

5,543,897 

______ 

14.40 



4.875% 27/11/2008 296,223 0.77 

€425,000 Nationwide Building Society EMTN 

3.125% 26/1/2010 412,280 1.07 

€700,000 Permanent Financing '4A1' 5.1% 

11/6/2007 703,328 1.83 

€160,000 Prudential EMTN 5.75% 19/12/2021 

___________ 

169,520 

______ 

0.44 

___________ 

1,581,351 

______ 

4.11 

United States 


US$260,000 ICI Wilmington 4.375% 1/12/2008 192,135 0.50 

€500,000 New York Life Global Funding 

GMTN 3.75% 19/10/2009 495,067 1.28 

€500,000 SES Global Americas Holdings 

Group 4.25% 17/12/2007 500,270 1.30 

US$2,000,000 US Treasury Inflation Indexed 

Bonds 2.5% 15/7/2016 1,527,496 3.97 

US$85,000 Weyerhaeuser 6.125% 15/3/2007 64,528 0.17 

US$300,000 Yum! Brands 7.65% 15/5/2008 

___________ 

234,071 

______ 

0.61 

___________ 

3,308,191 

______ 

8.59 



___________ 

1,447,035 

______ 

3.76 


___________ 

38,502,367 

______ 

100.00 

(1) 




Euro Short Duration Bond Fund (1) continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 



Floating Wibor 6-Month) (18/9/2013) (59,756) 



Floating Wibor 6-Month) (18/9/2010) 69,299 

£750,000 Interest Rate Swaps (Barclays) 


Price Index All Items; and receives 

Fixed 3.055%) (11/10/2036) 4,219 

€1,300,000 Credit Default Swaps (Citibank) 

(Fund pays Floating quarterly performance 

of iTraxx Europe 6 V1; and receives 

Fixed 0.30%) (20/12/2011) 3,760 

€700,000 Credit Default Swaps (CitiBank) 


Floating quarterly performance of iTraxx 

Europe 6 V1) (20/12/2016) (3,890) 

€1,300,000 Credit Default Swaps (UBS) 

(Fund pays Floating quarterly performance 

of iTraxx Europe 6 V1; and receives 

Fixed 0.30%) (20/12/2011) 3,917 




Europe 6 V1) (20/12/2016) (4,254) 

€646,000 Interest Rate Swaps (Deutsche Bank) 


Floating Euribor 6-Month) (1/12/2036) (33,899) 

£500,000 Interest Rate Swaps (RBS) 



£200,000 Credit Default Swaps (UBS) (Fund pays 

Floating quarterly coupon of Glitnir 

Banki hf. FRN, 27/1/2010; and receives 

Fixed 0.51%) (20/12/2011) 1,976 

£1,600,000 Interest Rate Swaps (Merrill Lynch 

Capital Markets Bank) 



£800,000 Interest Rate Swaps (Merrill Lynch Capital 

Markets Bank) 






€2,688,000 Interest Rate Swaps (Deutsche Bank) 


Floating Euribor 6-Month) (1/12/2011) 41,382 

_______ 

9,029 

_______ 




Purchases 


Unrealised 

profit/(loss) 

€ 

CHF670,000 €423,515 12/3/2007 (5,718) 

€400,000 CHF637,742 12/3/2007 2,318 

€86,419 ISK8,145,000 12/3/2007 1,359 

€2,993,844 US$4,000,000 12/3/2007 (31,189) 

¥60,000,000 €395,982 12/3/2007 (10,975) 

NOK3,530,000 €435,534 12/3/2007 

_______ 

(7,433) 


_______ 

(51,638) 




Number 


of Contracts 


date € 

71 Eurex E-Schatz March 2007 7,346,370 

8 Euro BUXL 30 Year Bond March 2007 788,480 





12 LIFFE 3 Month Euribor June 2007 2,878,350 

(17) June Eurodollar Future June 2007 (3,055,080) 

(20) CME/IMM Eurodollar June 2008 

_________ 

(3,608,056) 


_________ 

(3,432,683) 




Euro-Markets Fund 





FUNDS 

Luxembourg 

279,486 ProLogis European Properties ___________ 4,143,380 ______ 1.44 

Total Funds ___________ 4,143,380 ______ 1.44 

COMMON & PREFFERED STOCKS (SHARES) 

Austria 

383,755 Telekom Austria ___________ 7,790,226 ______ 2.70 

Belgium 

107,286 KBC Groep 9,918,591 3.43 

34,011 Umicore ___________ 4,384,018 ______ 1.52 

___________ 14,302,609 ______ 4.95 

Finland 

285,632 Fortum 6,158,226 2.13 

337,040 Nokia ___________ 5,247,713 ______ 1.82 

___________ 11,405,939 ______ 3.95 

France 

32,095 Assurances Generales de France 3,787,210 1.31 

439,038 AXA 13,504,809 4.68 

74,227 Cap Gemini 3,533,205 1.22 

46,156 Groupe Danone 5,317,171 1.84 

304,105 Legrand 6,745,049 2.34 

30,137 PPR 3,402,467 1.18 


94,486 Total 5,182,557 1.79 

55,044 Vinci 5,325,507 1.84 

290,205 Vivendi ___________ 8,621,991 ______ 2.99 

___________ 68,370,743 ______ 23.68 

Germany 

135,291 Altana 6,358,677 2.20 

167,095 Bayer 6,794,083 2.35 



80,774 E.ON 8,305,990 2.88 

62,502 Fresenius Medical Care & Co 6,310,827 2.19 

149,864 Hypo Real Estate Holding 7,154,507 2.48 

5,524 Porsche (Pref) 5,325,467 1.85 

80,923 RWE* 6,757,070 2.34 

131,878 Siemens 9,909,313 3.43 

269,192 Symrise ___________ 5,249,244 ______ 1.82 

___________ 71,793,501 ______ 24.87 




Greece 


361,066 Hellenic Telecommunications 

Organization 8,217,862 2.84 

130,783 Piraeus Bank ___________ 3,193,721 ______ 1.11 

___________ 19,144,641 ______ 6.63 

Ireland 

106,620 Allied Irish Banks ___________ 2,398,950 ______ 0.83 

Italy 

1,473,822 Banca Intesa 8,356,571 2.89 

776,648 Banca Intesa – RNC 4,263,798 1.48 

564,838 ENI 14,425,963 5.00 

1,310,577 UniCredito Italiano ___________ 8,724,863 ______ 3.02 

___________ 35,771,195 ______ 12.39 

Netherlands 

128,353 Koninklijke Numico 5,229,101 1.81 

204,896 Mittal Steel 6,564,868 2.27 

96,255 TomTom* ___________ 3,144,651 ______ 1.09 

___________ 14,938,620 ______ 5.17 

Spain 

204,342 Altadis 8,075,596 2.80 

251,408 BBVA – Banco Bilbao Vizcaya Argentaria 4,580,654 1.59 

78,512 Endesa ___________ 2,808,374 ______ 0.97 

___________ 15,464,624 ______ 5.36 

Sweden 

413,387 Assa Abloy 'B' ___________ 6,732,725 ______ 2.33 

Switzerland 

102,297 Holcim 7,111,998 2.46 

126,741 Novartis 5,532,752 1.92 

28,045 Syngenta ___________ 3,957,099 ______ 1.37 

___________ 16,601,849 ______ 5.75 

Total Common & Preferred Stocks (Shares) ___________ 284,715,622 ______ 98.61 


Other Net Liabilities ___________ (130,169) ______ (0.05) 

Total Net Assets (€) ___________ 288,728,833 ______ 100.00 

( * ) Securities lent, see Note 13 for further details. 


% of net 

assets 

Finance 31.5 



Utilities 8.3 


Energy 6.8 






Other Net Liabilities 

___________ 

(0.1) 

___________ 

100.0 



European Fund 






Belgium 

239,836 Delhaize Group 

___________ 

15,181,619 

______ 

1.32 

Denmark 


___________ 

19,585,523 

______ 

1.70 

Finland 


___________ 

15,668,363 

______ 

1.36 

France 

104,590 Air Liquide 18,951,708 1.65 


640,860 AXA 19,712,854 1.71 

350,421 Cap Gemini 16,680,040 1.45 

78,465 EDF – Electricite de France 4,331,268 0.37 

215,777 LVMH Moet Hennessy Louis Vuitton 17,240,582 1.50 


664,001 Total 

___________ 

36,420,455 

______ 

3.16 

___________ 

151,691,617 

______ 

13.17 

Germany 

339,898 Altana 15,975,206 1.39 

469,370 Bayer 19,084,584 1.66 


803,659 Deutsche Post 18,355,572 1.59 


452,607 Praktiker Bau- und 

Heimwerkermaerkte 12,252,071 1.06 

212,912 RWE 17,778,152 1.54 

528,580 SAP 21,280,631 1.85 

360,562 Siemens 

___________ 

27,092,629 

______ 

2.35 

___________ 

157,857,123 

______ 

13.70 

Greece 

130,995 Hellenic Telecommunications 

Organization 

___________ 

2,981,446 

______ 

0.26 

Ireland 


___________ 

21,203,415 

______ 

1.84 

Italy 

3,804,820 Banca Intesa 21,573,329 1.87 

1,003,161 ENI 25,620,732 2.22 

9,152,969 Telecom Italia* 21,051,829 1.83 

1,120,124 UniCredito Italiano 7,448,825 0.65 

2,926,511 UniCredito Italiano 

___________ 

19,490,563 

______ 

1.69 

___________ 

95,185,278 

______ 

8.26 

Netherlands 

1,106,971 Aegon 16,006,801 1.39 

330,774 Randstad Holdings 17,332,558 1.50 




1,379,400 STMicroelectronics 19,408,158 1.69 

590,407 TNT 19,188,227 1.67 


___________ 

14,989,651 

______ 

1.30 

___________ 

86,925,395 

______ 

7.55 

Spain 

2,126,946 Banco Santander Central Hispano 29,926,130 2.60 

1,422,834 Telefonica 

___________ 

22,879,171 

______ 

1.98 

___________ 

52,805,301 

______ 

4.58 

Sweden 

767,686 Atlas Copco 'A'* 19,656,824 1.71 


___________ 

22,870,833 

______ 

1.98 

___________ 

42,527,657 

______ 

3.69 

Switzerland 



260,763 Holcim 18,129,036 1.57 

625,792 Novartis 27,318,325 2.37 

49,913 Swisscom 

___________ 

14,277,707 

______ 

1.24 

___________ 

107,475,274 

______ 

9.33 


555,010 Anglo American 20,588,681 1.79 

1,829,639 Aviva 22,397,070 1.94 

1,913,321 BG Group 19,745,815 1.71 

440,039 Cairn Energy 11,788,982 1.02 

1,162,179 Drax Group 14,122,682 1.23 

63,477 Enterprise Inns 1,278,993 0.11 

1,620,645 GlaxoSmithKline 32,437,035 2.82 

2,478,718 Home Retail Group 15,134,391 1.31 

2,603,719 Imperial Chemical Industries 17,526,150 1.52 

8,102 Imperial Tobacco Group 242,517 0.02 

9,043,644 ITV 14,343,233 1.25 

1,921,280 Marks & Spencer Group 20,514,635 1.78 

764,618 Resolution 7,304,579 0.63 

449,605 Rio Tinto 18,198,457 1.58 

1,100,422 Royal Bank of Scotland Group 32,660,328 2.84 

1,079,602 Royal Dutch Shell 'B' 28,778,668 2.50 

760,014 Standard Chartered 16,886,685 1.47 

2,748,817 Tullow Oil 16,292,318 1.41 

16,288,893 Vodafone Group 34,324,324 2.98 

454,184 Xstrata 17,247,494 1.50 

1,761,459 Yell Group 

___________ 

14,952,072 

______ 

1.30 

___________ 

376,765,109 

______ 

32.71 


Other Net Asset 

___________ 

6,084,296 

______ 

0.53 

Total Net Assets (€) 1,151,937,416 

___________ ______ 

100.00 



European Fund continued 


% of net 

assets 

Finance 26.9 

Energy 12.0 







Utilities 4.5 



___________ 

0.5 

___________ 

100.0 



Purchases 


Unrealised 

profit 

€ 

€996,116 £668,558 4/1/2007 

_______ 

574 


_______ 

574 

Note: The net unrealised profit attributed to this transaction is included in the Statement of Net 

Assets (see Note 2c). 



European Focus Fund 






Belgium 

16,652 Delhaize Group 

___________ 

1,054,072 

______ 

4.03 

Denmark 


___________ 

1,080,912 

______ 

4.14 

France 

33,789 AXA 1,039,349 3.98 

4,737 EDF – Electricite de France 261,482 1.00 


7,977 Societe Generale 

___________ 

1,033,021 

______ 

3.95 

___________ 

3,369,356 

______ 

12.89 

Germany 

25,256 Bayer 1,026,909 3.93 

25,056 SAP 1,008,755 3.86 

14,007 Siemens 

___________ 

1,052,486 

______ 

4.02 

___________ 

3,088,150 

______ 

11.81 

Ireland 


___________ 

1,073,542 

______ 

4.11 

Italy 

316,812 Parmalat 1,028,847 3.94 



___________ 

1,004,648 

______ 

3.84 

___________ 

3,004,686 

______ 

11.49 




Netherlands 


73,530 STMicroelectronics 

___________ 

1,034,567 

______ 

3.96 

___________ 

2,056,891 

______ 

7.87 

Spain 

72,504 Banco Santander Central Hispano 1,020,131 3.90 


___________ 

842,528 

______ 

3.23 

___________ 

1,862,659 

______ 

7.13 

Sweden 

42,923 Atlas Copco 'A' 

___________ 

1,099,056 

______ 

4.20 

Switzerland 

18,953 Credit Suisse Group 

___________ 

998,271 

______ 

3.82 



99,351 BG Group 1,025,320 3.92 

76,305 Burren Energy 1,005,658 3.85 

149,884 Imperial Chemical Industries 1,008,899 3.86 

96,654 Marks & Spencer Group 1,032,032 3.95 

153,573 Tullow Oil 910,232 3.48 

456,847 Vodafone Group 

___________ 

962,678 

______ 

3.68 

___________ 

6,932,501 

______ 

26.52 



___________ 

520,909 

______ 

1.99 


___________ 

26,141,005 

______ 

100.00 


% of net 

assets 

Finance 27.7 



Energy 11.2 





Utilities 1.1 


___________ 

2.0 

___________ 

100.0 


European Growth Fund 






Finland 


___________ 

10,384,029 

______ 

1.49 

France 

31,758 Air Liquide 5,754,550 0.82 

251,496 Alten 7,084,642 1.01 


235,181 Cap Gemini 11,194,616 1.60 

118,038 Groupe Danone 13,597,978 1.94 



456,433 Total 25,035,350 3.58 

46,555 Vallourec* 

___________ 

10,284,000 

______ 

1.47 

___________ 

112,589,497 

______ 

16.09 

Germany 

69,378 Allianz SE 10,736,939 1.53 

284,126 Altana 13,353,922 1.91 

413,022 Bayer 16,793,475 2.40 


70,017 Fresenius (Pref) 11,399,468 1.63 

59,969 Interhyp 3,927,969 0.56 

187,453 RWE 15,652,325 2.24 

416,132 SAP 16,753,474 2.39 

320,482 Siemens 24,081,017 3.44 

302,450 Symrise 

___________ 

5,897,775 

______ 

0.84 

___________ 

128,293,448 

______ 

18.33 

Greece 


32,216 National Bank of Greece 

___________ 

1,124,338 

______ 

0.16 

___________ 

12,514,408 

______ 

1.79 

Guernsey 

253,625 Eurocastle Investment 

___________ 

9,612,387 

______ 

1.37 

Ireland 

619,808 Allied Irish Banks 13,945,680 1.99 

707,740 Anglo Irish Bank 11,076,131 1.58 

920,337 Grafton Group (Unit) 11,577,839 1.66 

612,510 Kingspan Group 12,311,451 1.76 

380,311 McInerney Holdings 

___________ 

5,628,603 

______ 

0.80 

___________ 

54,539,704 

______ 

7.79 

Italy 

300,218 Saipem 5,941,314 0.85 



___________ 

10,026,610 

______ 

1.43 

___________ 

35,681,838 

______ 

5.10 




Netherlands 


743,232 STMicroelectronics 10,457,274 1.49 

272,398 TNT 8,852,935 1.26 

249,586 TomTom* 8,153,975 1.17 


___________ 

12,655,352 

______ 

1.81 

___________ 

51,109,755 

______ 

7.30 

Norway 

2,247,749 Acta Holding 

___________ 

8,970,166 

______ 

1.29 

Spain 

288,340 Inditex* 11,715,254 1.67 

1,212,886 Telefonica 

___________ 

19,503,207 

______ 

2.79 

___________ 

31,218,461 

______ 

4.46 

Sweden 

505,846 Atlas Copco 'A' 12,952,334 1.85 


___________ 

20,441,605 

______ 

2.92 

___________ 

33,393,939 

______ 

4.77 

Switzerland 

772,364 ABB 10,470,453 1.50 


194,746 Holcim 13,539,334 1.93 

37,019 Nobel Biocare Holding (Bearer) 8,310,341 1.19 

710,250 Novartis 31,005,255 4.43 


___________ 

8,471,703 

______ 

1.21 

___________ 

85,861,814 

______ 

12.27 



1,278,443 BG Group 13,193,760 1.89 


1,628,394 GlaxoSmithKline 32,592,130 4.66 

1,310,889 Marks & Spencer Group 13,997,132 2.00 

1,904,659 Tesco 11,473,337 1.64 

1,762,746 Tullow Oil 10,447,847 1.49 


320,805 Xstrata 

___________ 

12,182,468 

______ 

1.74 

___________ 

129,261,754 

______ 

18.47 



___________ 

(3,640,601) 

______ 

(0.52) 


___________ 

699,790,599 

______ 

100.00 




European Growth Fund continued 


% of net 

assets 

Finance 19.9 





Energy 7.8 




Utilities 3.7 


___________ 

(0.5) 

___________ 

100.0 



Purchases 


Unrealised 

profit 

€ 

€1,443,554 £962,151 4/1/2007 

_______ 

825 


_______ 

825 

Note: The net unrealised profit attributed to this transaction is included in the Statement of Net 



European Opportunities Fund 





FUNDS 

Guernsey 

6,351,137 Puma Brandenburg 

___________ 

10,285,721 

______ 

1.16 


___________ 

10,285,721 

______ 

1.16 


Austria 

58,078 A-TEC Industries 5,952,995 0.67 

100,484 Palfinger 9,345,012 1.06 

577,988 Telekom Austria 11,733,156 1.33 

209,258 Wiener Staedtische Versicherung 

___________ 

11,132,526 

______ 

1.26 

___________ 

38,163,689 

______ 

4.32 

Belgium 

223,238 Ackermans & Van Haaren 14,030,508 1.59 

115,744 Icos Vision Systems 3,680,659 0.42 

141,412 KBC Groep 13,073,539 1.48 

100,038 Punch International 

___________ 

8,883,374 

______ 

1.00 

___________ 

39,668,080 

______ 

4.49 

Bermuda 

259,919 Aquarius Platinum (UK Listing) 4,292,631 0.49 

7,452,187 RC Group Holdings 

___________ 

9,433,148 

______ 

1.06 

___________ 

13,725,779 

______ 

1.55 


2,644,500 Orchid Developments 

___________ 

6,852,465 

______ 

0.77 

Denmark 

137,007 Vestas Wind Systems 

___________ 

4,392,782 

______ 

0.50 

France 

260,777 AXA 8,021,501 0.91 

82,212 Beneteau 6,749,605 0.76 

177,788 Compagnie de Saint-Gobain 11,351,764 1.28 

685,612 Eutelsat Communications 9,941,374 1.13 

788,526 Ingenico 15,289,519 1.73 

189,810 Meetic 4,551,644 0.52 

120,345 Sanofi-Aventis 8,466,271 0.96 

105,203 SeLoger.com 

___________ 

2,505,935 

______ 

0.28 

___________ 

66,877,613 

______ 

7.57 

Germany 

411,889 AWD Holding 13,188,686 1.49 


437,422 Carl Zeiss Meditec 6,911,268 0.78 

97,927 DaimlerChrysler 4,582,984 0.52 

461,374 Deutsche Post 10,537,782 1.19 

231,184 Duerr 4,852,552 0.55 

54,592 E.ON 5,613,695 0.64 

189,329 Kloeckner & Co 6,211,884 0.70 

113,522 Linde 8,884,232 1.01 

289,829 Petrotec 4,782,178 0.54 

7,629 Porsche (Pref) 7,354,814 0.83 

107,069 Software 6,396,302 0.72 

288,927 Symrise 5,634,076 0.64 

297,499 Technotrans 6,991,226 0.79 

267,883 Telegate 4,805,821 0.54 

256,397 Verbio 

___________ 

3,512,639 

______ 

0.40 

___________ 

107,935,912 

______ 

12.21 




Greece 

392,420 C Cardassilaris & Sons-Cardico 1,546,135 0.17 

561,210 Forthnet 6,061,068 0.69 

292,587 Hellenic Technodomiki Tev 2,475,286 0.28 

832,080 Sidenor Steel Production & 

Manufacturing 

___________ 

7,388,870 

______ 

0.84 

___________ 

17,471,359 

______ 

1.98 

Ireland 

1,787,942 EcoSecurities Group 

___________ 

6,017,497 

______ 

0.68 

Italy 

107,089 Engineering Ingegneria Informatica 3,598,190 0.41 

662,619 Fiat 9,574,845 1.08 

389,121 Gas Plus 3,564,348 0.40 

11,109 Marazzi Group 106,091 0.01 

89,952 Mariella Burani 1,809,834 0.21 

740,124 Polynt 1,911,370 0.22 

141,954 SAES Getters 4,086,856 0.46 


___________ 

14,027,891 

______ 

1.59 

___________ 

38,679,425 

______ 

4.38 

Luxembourg 

802,805 SES Global – FDR 

___________ 

10,853,924 

______ 

1.23 

Netherlands 

356,227 ASM International 5,656,885 0.64 

59,952 Completel Europe 1,423,860 0.16 

190,001 Koninklijke Vopak 6,754,536 0.76 

202,923 Nutreco Holding 10,042,659 1.14 

43,573 Stork 1,730,720 0.19 

267,848 Ten Cate 6,187,289 0.70 

361,282 Unilever – CVA 7,518,278 0.85 

469,456 Wegener – CVA 5,037,263 0.57 

346,640 Wolters Kluwer 

___________ 

7,574,084 

______ 

0.86 

___________ 

51,925,574 

______ 

5.87 

Norway 

990,700 Cermaq 10,845,414 1.23 

91,517 Fred Olsen Energy 3,219,263 0.36 

149,166 Petroleum Geo-Services 2,637,152 0.30 


___________ 

6,890,946 

______ 

0.78 

___________ 

23,592,775 

______ 

2.67 

Portugal 

735,138 Banco Espirito Santo 9,997,877 1.13 

1,715,438 Sonae Industria SGPS (New) 12,865,785 1.46 

6,182,049 Sonae SGPS 

___________ 

9,273,073 

______ 

1.05 

___________ 

32,136,735 

______ 

3.64 

Spain 

367,558 Altadis 14,525,892 1.64 

95,812 Cia de Distribucion Integral Logista 4,661,254 0.53 

218,455 Sogecable 5,834,933 0.66 

633,313 Telvent GIT 

___________ 

6,994,643 

______ 

0.79 

___________ 

32,016,722 

______ 

3.62 



European Opportunities Fund continued 





Sweden 

364,878 Aangpanneforeningen 'B' 5,932,582 0.67 

38,209 Acando 62,336 0.01 

701,902 BE Group 5,434,421 0.61 

880,481 rnb Retail and Brands 

___________ 

6,378,815 

______ 

0.72 

___________ 

17,808,154 

______ 

2.01 

Switzerland 

93,000 Arpida 1,717,617 0.19 

936 Bank Sarasin & Compagnie 'B' 2,223,444 0.25 

4,979 Banque Cantonale Vaudoise 1,806,633 0.20 

98,295 Basler Kantonalbank 6,766,530 0.76 

122,619 Compagnie Financiere Tradition 

(Bearer) 14,022,532 1.59 

20,085 Galenica Holding 4,209,095 0.48 

17,399 Gurit Holding (Bearer) 11,403,859 1.29 

129,321 Holcim 8,990,789 1.02 

43,659 Implenia 697,740 0.08 

71,074 Komax Holding 6,735,699 0.76 

266,912 Schindler Holding 12,705,748 1.44 

16,020 Schweiter Technologies (Bearer) 3,633,664 0.41 

5,401 SGS 4,577,802 0.52 

26,865 St Galler Kantonalbank 8,553,498 0.97 


___________ 

11,359,144 

______ 

1.28 

___________ 

99,403,794 

______ 

11.24 


264,310 Air Berlin 4,361,115 0.49 


8,675,838 Anite Group 10,529,870 1.19 

3,014,892 Blackstar Investors 4,632,127 0.52 

2,485,507 BTG 5,478,109 0.62 

690,105 Burren Energy 9,095,204 1.03 

986,646 Carphone Warehouse Group 4,613,654 0.52 

149,689 Dana Petroleum 2,793,154 0.32 

6,479,752 Dart Group 11,965,588 1.35 

680,159 Debt Free Direct Group 4,547,899 0.52 

2,117,427 Dignity 20,669,745 2.34 

1,443,086 Dyson Group 4,674,180 0.53 




380,433 Gallaher Group 6,495,405 0.73 

1,077,400 Global Energy Development 1,981,517 0.22 

2,575,894 Group 4 Securicor 7,211,736 0.82 

441,325 Ladbrokes 2,748,834 0.31 

2,434,581 Man Group 18,952,751 2.14 

8,288,350 Mecom Group 9,133,848 1.03 

3,634,350 Microgen 2,949,696 0.33 

940,676 Prostrakan Group 1,568,961 0.18 

2,392,789 Punch Graphix 4,596,720 0.52 

504,091 SDL 1,769,761 0.20 

899,379 Surfcontrol 6,968,011 0.79 

5,525,076 Umbro 11,004,898 1.25 

913,477 Unibet Group – SDR 19,702,029 2.23 

1,519,742 Vanco 9,844,941 1.11 

533,007 Vedanta Resources 9,691,758 1.10 

744,096 Venture Production 

___________ 

9,784,613 

______ 

1.11 

___________ 

213,464,857 

______ 

24.14 


___________ 

820,987,136 

______ 

92.87 




___________ 

831,272,857 

______ 

94.03 




1,667,134 BETonSPORTS 

___________ 

0 

______ 

0.00 

United States 

132,000 Capital Development & Investment 

___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 



___________ 

52,743,648 

______ 

5.97 


___________ 

884,016,505 

______ 

100.00 


% of net 

assets 

Finance 18.6 




Materials 9.2 


Energy 4.6 




Utilities 1.1 


___________ 

6.0 

___________ 

100.0 


European Value Fund 






Belgium 

343,487 AGFA-Gevaert 

___________ 

6,629,299 

______ 

1.17 

Denmark 


___________ 

9,850,563 

______ 

1.73 

Finland 


___________ 

11,414,338 

______ 

2.01 

France 

231,903 BNP Paribas 19,259,544 3.38 

384,555 Credit Agricole 12,282,687 2.16 


121,334 Renault 11,071,727 1.95 

283,636 Total 15,557,435 2.73 


___________ 

8,012,264 

______ 

1.41 

___________ 

75,831,568 

______ 

13.33 

Germany 

110,836 Allianz SE 17,152,979 3.01 

163,829 BASF 12,098,772 2.13 

196,993 Bayer 8,009,735 1.41 


465,041 Deutsche Post 10,621,536 1.87 

177,917 E.ON 18,295,205 3.21 

174,773 Hochtief 9,647,470 1.69 


115,040 RWE 

___________ 

9,605,840 

______ 

1.69 

___________ 

104,373,619 

______ 

18.34 

Guernsey 


___________ 

8,947,964 

______ 

1.57 

Hungary 

75,324 MOL Hungarian Oil & Gas 

___________ 

6,468,550 

______ 

1.14 

Ireland 


___________ 

12,526,110 

______ 

2.20 

Italy 

2,087,806 Banca Intesa 11,837,860 2.08 

956,804 Capitalia 6,850,717 1.20 




811,006 ENI 20,713,093 3.64 


4,694,222 Telecom Italia – RNC 9,031,683 1.59 


___________ 

12,978,702 

______ 

2.28 

___________ 

68,053,075 

______ 

11.96 

Netherlands 

460,791 ING Groep – CVA 15,547,088 2.73 


___________ 

11,154,630 

______ 

1.96 

___________ 

26,701,718 

______ 

4.69 

Norway 

408,879 Statoil* 

___________ 

8,195,832 

______ 

1.44 

Spain 

703,399 BBVA – Banco Bilbao Vizcaya* 

Argentaria 

___________ 

12,815,930 

______ 

2.25 

Sweden 

557,735 Investor 'B' 

___________ 

10,209,504 

______ 

1.79 

Switzerland 


176,368 Swiss Reinsurance 11,395,209 2.00 

279,082 UBS 

___________ 

12,842,527 

______ 

2.26 

___________ 

44,964,981 

______ 

7.90 


1,296,759 Aviva 15,873,952 2.79 

1,838,935 BAE Systems 11,659,368 2.05 

1,982,239 Barclays 21,549,285 3.79 

1,345,481 BP 11,370,968 2.00 

408,961 GlaxoSmithKline 8,185,310 1.44 

1,201,550 HBOS 20,255,467 3.56 

814,818 Prudential 8,487,940 1.49 


13,616,478 Vodafone Group 

___________ 

28,692,951 

______ 

5.04 

___________ 

160,879,798 

______ 

28.27 



___________ 

1,166,583 

______ 

0.21 


___________ 

569,029,432 

______ 

100.00 



% of net 

assets 

Finance 47.9 

Energy 16.9 

Utilities 8.6 



Materials 5.5 




___________ 

0.2 

___________ 

100.0 



Global Allocation Fund 





FUNDS 


7,222,500 Vietnam Enterprise Investments 'C' 8,233,650 0.12 

339,344 Vietnam Enterprise Investments 'R' 1,476,146 0.02 

6,100,000 Vietnam Opportunity Fund 

___________ 

23,393,500 

______ 

0.34 

___________ 

33,103,296 

______ 

0.48 

United States 

528,800 Consumer Staples Select Sector 

SPDR Fund – ETF 13,883,644 0.20 

530,000 Health Care Select Sector 

SPDR Fund – ETF 17,818,600 0.26 

214,800 iShares Dow Jones 

US Telecommunications 

Sector Index Fund – ETF 6,341,970 0.09 

22,000 iShares MSCI Brazil Index Fund – ETF 1,028,500 0.02 

100,000 iShares MSCI South Korea Index 

Fund – ETF 4,942,000 0.07 

28,745 Korea Fund 985,379 0.01 

63,700 Telecom HOLDRs Trust – ETF 2,242,877 0.03 

723,900 Utilities Select Sector SPDR 

Fund – ETF 

___________ 

26,617,803 

______ 

0.39 

___________ 

73,860,773 

______ 

1.07 


___________ 

106,964,069 

______ 

1.55 


Australia 

395,000 BHP Billiton 7,894,383 0.11 

313,500 Coca-Cola Amatil 1,921,763 0.03 

563,500 Great Southern Plantations 1,255,289 0.02 

1,155,000 Macquarie Airports Management 3,284,620 0.05 

185,000 Macquarie Bank 11,534,916 0.17 

3,182,000 Macquarie Infrastructure Group 8,697,148 0.13 

179,000 Newcrest Mining 3,725,926 0.05 

125,000 Rio Tinto 7,336,677 0.11 

2,604,000 Sydney Roads Group 2,715,286 0.04 

681,600 Transurban Group 4,102,845 0.06 

78,000 Woodside Petroleum 2,348,195 0.03 

298,700 Zinifex 

___________ 

4,433,662 

______ 

0.06 

___________ 

59,250,710 

______ 

0.86 

Austria 

48,200 Telekom Austria 

___________ 

1,289,823 

______ 

0.02 

Belgium 

222,174 AGFA-Gevaert* 5,652,463 0.08 

1,470,000 RHJ International 

___________ 

31,314,527 

______ 

0.45 

___________ 

36,966,990 

______ 

0.53 

Bermuda 

5,300 Accenture 'A' 197,584 0.00 

1,709,000 Cheung Kong Infrastructure Holdings 5,309,843 0.08 

343,700 Endurance Specialty Holdings 12,682,530 0.18 

30,100 Everest Re Group 2,973,880 0.04 

772,528 Foster Wheeler 42,404,062 0.61 

225,869 IPC Holdings 7,137,686 0.10 

218,100 Platinum Underwriters Holdings 6,730,566 0.10 

131,800 RenaissanceRe Holdings 7,939,632 0.12 

400,219 Tyco International † 12,310,736 0.18 


___________ 

3,335,825 

______ 

0.05 

___________ 

101,022,344 

______ 

1.46 




Brazil 

486,000 All America Latina Logistica (Unit) 5,046,660 0.07 

54,554,000 Cia Brasileira de Distribuicao Grupo 

Pao de Acucar (Pref) 1,915,650 0.03 

50,700 Cia Energetica de Minas Gerais ADR 2,486,328 0.04 

195,000 Cia Vale do Rio Doce ADR 4,943,250 0.07 

220,100 Companhia de Saneamento de Minas 

Gerais 2,582,438 0.04 

212,000 Cosan SA Industria e Comercio 4,438,595 0.07 

385,000 Datasul 3,552,459 0.05 

99,000 Localiza Rent A CAR 2,979,274 0.04 

209,600 Obrascon Huarte Lain Brasil 3,377,162 0.05 


4,900 Totvs 108,534 0.00 

29,700 Unibanco – Uniao de Bancos 

Brasileiros GDR 2,791,503 0.04 

105,600 Usinas Siderurgicas de Minas 

Gerais 'A' (Pref) 3,981,639 0.06 

870,700 Vivo Participacoes ADR 

___________ 

3,587,284 

______ 

0.05 

___________ 

87,639,438 

______ 

1.27 

Canada 

746,900 Alamos Gold 6,138,904 0.09 

117,628 Barrick Gold 3,605,530 0.05 

7,400 BCE 199,871 0.00 

2,936,300 Bema Gold 15,305,087 0.22 

317,000 Canadian Pacific Railway* 16,858,206 0.25 

457,400 Kinross Gold 5,446,083 0.08 

297,200 Nortel Networks 8,063,090 0.12 

57,800 Petro-Canada 2,366,379 0.04 

335,650 Rogers Communications 'B' 9,989,908 0.14 

3,700 Sun Life Financial 157,697 0.00 

80,100 Suncor Energy † 6,279,039 0.09 

47,700 Talisman Energy 

___________ 

812,055 

______ 

0.01 

___________ 

75,221,849 

______ 

1.09 


245,000 ACE 14,896,000 0.22 

4,284,800 Chaoda Modern Agriculture 2,761,791 0.04 

176,300 GlobalSantaFe 10,438,723 0.15 

49,600 Transocean 4,025,536 0.06 

82,000 XL Capital (Pref) 1,943,400 0.03 

322,800 XL Capital 'A' 

___________ 

23,341,668 

______ 

0.33 

___________ 

57,407,118 

______ 

0.83 

Chile 

136,100 Banco Santander Chile ADR 6,599,489 0.10 

131,500 Enersis (Chile) ADR 

___________ 

2,096,110 

______ 

0.03 

___________ 

8,695,599 

______ 

0.13 

China 

147,600 China Communications Services 'H' 84,312 0.00 

85,331 China Life Insurance ADR 4,403,090 0.06 


20,690,000 Guangshen Railway 'H' 14,107,786 0.21 

1,587,700 Hainan Meilan International Airport 'H' 921,229 0.01 

2,199,400 Jiangsu Express 'H' 1,383,680 0.02 

485,500 Ping An Insurance Group Company 

of China 'H' 2,688,963 0.04 

7,184,400 Shanghai Electric Group 'H' 3,022,461 0.04 

8,407,400 Xiamen International Port 'H' 2,120,022 0.03 

14,544,200 Yanzhou Coal Mining 'H' 

___________ 

11,750,923 

______ 

0.17 

___________ 

53,591,620 

______ 

0.77 


(†) Securities pledged, see Note 14 for further details. 


Global Allocation Fund continued 





Denmark 


___________ 

11,105,242 

______ 

0.16 

Finland 

479,457 Fortum 13,626,540 0.20 

83,700 Nokia ADR 

___________ 

1,717,524 

______ 

0.02 

___________ 

15,344,064 

______ 

0.22 

France 

9,780 Alcatel ADR 140,245 0.00 


180,580 BNP Paribas 19,769,535 0.29 



405,000 France Telecom* 11,227,458 0.16 

153,436 Peugeot 10,183,895 0.15 

131,920 Renault 15,868,310 0.23 

325,505 Total 23,535,393 0.34 

37,362 Vallourec 10,879,602 0.16 

102,970 Vinci* 

___________ 

13,132,543 

______ 

0.19 

___________ 

141,332,635 

______ 

2.04 

Germany 

87,294 Allianz SE 17,808,620 0.26 

162,029 BASF 15,773,585 0.23 

226,612 Bayer 12,146,116 0.18 


402,408 Deutsche Post 12,115,738 0.18 

134,003 E.ON 18,164,419 0.26 

145,954 Hochtief 10,620,433 0.15 


117,912 RWE 

___________ 

12,978,713 

______ 

0.19 

___________ 

120,135,677 

______ 

1.74 

Hong Kong 

7,433,100 Beijing Enterprises Holdings 15,893,645 0.23 

635,000 Cheung Kong Holdings 7,822,310 0.11 

2,653,000 Denway Motors 1,075,153 0.02 

1,336,000 Hutchison Whampoa 13,587,227 0.20 

3,010,000 Lenovo Group 1,223,703 0.02 

1,008,700 Shanghai Industrial Holdings 2,149,042 0.03 

757,000 Sun Hung Kai Properties 8,701,877 0.13 

5,247,500 Tianjin Development Holdings 3,726,611 0.05 

1,567,000 Wharf Holdings 

___________ 

5,796,013 

______ 

0.08 

___________ 

59,975,581 

______ 

0.87 

Hungary 


___________ 

8,529,727 

______ 

0.12 

India 

73,000 Bajaj Auto 4,322,807 0.06 

172,000 Container Corporation of India 8,264,975 0.12 

2,420,520 Gujarat Ambuja Cements 7,719,060 0.11 

109,600 Hindustan Petroleum 690,110 0.01 

303,000 Housing Development Finance 11,145,155 0.16 

218,000 Infosys Technologies 11,049,331 0.16 

407,000 Karnataka Bank 1,388,105 0.02 

85,750 Reliance Capital 1,176,904 0.02 

1,600,000 Reliance Communications 17,061,706 0.25 

115,762 Reliance Energy 1,361,112 0.02 

1,850,000 Reliance Industries 53,126,275 0.77 

1,815,900 Reliance Natural Resources 911,439 0.01 

218,000 State Bank of India 6,139,284 0.09 

312,955 Tata Motors 6,372,304 0.09 

81,700 Wockhardt 

___________ 

646,691 

______ 

0.01 

___________ 

131,375,258 

______ 

1.90 




Ireland 


___________ 

15,920,383 

______ 

0.23 

Israel 

951,400 ECI Telecom 8,267,666 0.12 

69,090 Ectel 334,396 0.00 


___________ 

2,472,127 

______ 

0.04 

___________ 

11,074,189 

______ 

0.16 

Italy 

2,014,737 Banca Intesa 15,058,738 0.22 

1,012,087 Capitalia 9,552,522 0.14 

771,197 ENI 25,964,107 0.37 




___________ 

16,518,205 

______ 

0.24 

___________ 

87,451,338 

______ 

1.26 

Japan 

2,900,200 Aioi Insurance 20,500,856 0.30 

534,600 Ajinomoto 7,076,564 0.10 

428,700 Asahi Glass 5,158,866 0.07 

1,020,000 Bank of Fukuoka* 7,450,487 0.11 

762,400 Bank of Yokohama 5,979,482 0.09 

285,000 Canon 16,068,836 0.23 

510 Coca-Cola Central Japan 3,974,165 0.06 

601,856 Coca-Cola West Holdings 13,953,365 0.20 

190,000 Credit Saison 6,555,446 0.09 

1,245 East Japan Railway 8,329,161 0.12 

26,500 Fanuc 2,613,595 0.04 

276,000 Hokkaido Coca-Cola Bottling 1,667,625 0.02 

110,000 Honda Motor 4,350,662 0.06 

76,700 House Foods 1,266,366 0.02 

2,070 Japan Tobacco 10,016,199 0.15 

508,000 JGC 8,742,221 0.13 

436,000 Kinden 3,533,276 0.05 

1,135,000 Kubota 10,525,488 0.15 

496,300 Mikuni Coca-Cola Bottling 4,807,113 0.07 

1,015,000 Millea Holdings 35,874,024 0.52 

61,400 Ministop 1,051,472 0.02 

687,000 Mitsubishi 12,949,993 0.19 

715 Mitsubishi UFJ Financial Group 8,844,803 0.13 

2,703,008 Mitsui Sumitomo Insurance 29,615,774 0.43 

155,000 Murata Manufacturing 10,500,074 0.15 

2,480,000 Nipponkoa Insurance 20,139,272 0.29 

405,000 Nomura Holdings 7,651,316 0.11 

11,050 NTT DoCoMo 17,481,750 0.25 

3,850 NTT Urban Development 7,451,665 0.11 

255 Okinawa Cellular Telephone 693,118 0.01 

1,445,000 Okumura 7,162,224 0.10 

89,000 Rinnai* 2,666,274 0.04 

215,950 Rohto Pharmaceutical 2,298,839 0.03 

385,000 Seven & I Holdings 11,987,461 0.17 

183,400 Shin-Etsu Chemical 12,300,490 0.18 

842,200 Shinsei Bank 4,961,101 0.07 

1,363,000 Sumitomo Chemical 10,586,742 0.15 

1,380 Sumitomo Mitsui Financial Group 14,167,841 0.21 

750,000 Suzuki Motor 21,206,320 0.31 

325,000 Takeda Pharmaceutical 22,344,476 0.32 

303,800 Tanabe Seiyaku 3,975,419 0.06 

471,300 Toho (Tokyo) 8,527,086 0.12 

2,560,000 Tokyo Gas 13,636,673 0.20 

200,000 Toyota Industries 

___________ 

9,206,236 

______ 

0.13 

___________ 

439,850,216 

______ 

6.36 









Malaysia 

465,000 British American Tobacco Malaysia 5,698,852 0.08 

1,874,300 IOI 9,772,491 0.14 

222,200 Malakoff 635,937 0.01 

1,110,900 Maxis Communications 3,210,876 0.05 

1,221,800 PLUS Expressways 972,870 0.01 

629,200 Telekom Malaysia 1,738,368 0.03 


___________ 

12,787,346 

______ 

0.18 

___________ 

34,816,740 

______ 

0.50 

Mexico 


de CV ADR 8,815,716 0.13 


___________ 

6,901,180 

______ 

0.10 

___________ 

15,716,896 

______ 

0.23 

Netherlands 

45,000 Chicago Bridge & Iron (NY Shares) † 1,236,150 0.02 

292,000 European Aeronautic Defence & Space 10,042,552 0.15 

373,966 ING Groep – CVA 16,632,761 0.24 

234,646 Mittal Steel 9,910,437 0.14 

1 Mittal Steel 'A' (NY Shares) 

___________ 

42 

______ 

0.00 

___________ 

37,821,942 

______ 

0.55 

Netherlands Antilles 

188,200 Schlumberger 

___________ 

11,905,532 

______ 

0.17 

New Zealand 

329,000 Contact Energy 1,924,409 0.03 

437,600 Telecom Corporation of New Zealand 

___________ 

1,495,174 

______ 

0.02 

___________ 

3,419,583 

______ 

0.05 

Norway 

440,354 Statoil 11,636,071 0.17 

137,500 Telenor 

___________ 

2,583,471 

______ 

0.04 

___________ 

14,219,542 

______ 

0.21 

Panama 

256,400 McDermott International † ___________ 

12,958,456 

______ 

0.19 

Puerto Rico 

18,686 Santander BanCorp 

___________ 

333,545 

______ 

0.00 

Singapore 

3,508,000 CapitaLand 14,190,383 0.21 

3,064,700 Fraser and Neave 8,997,945 0.13 

1,400,000 Keppel 16,076,205 0.23 

1,970,600 Keppel Land 8,871,364 0.13 

4,341,600 MobileOne 6,090,194 0.09 

1,125,000 Oversea-Chinese Banking 5,651,791 0.08 

3,360,000 Parkway Holdings 6,883,539 0.10 

10,136,250 Singapore Telecommunications 

___________ 

21,691,720 

______ 

0.31 

___________ 

88,453,141 

______ 

1.28 

South Africa 

195,600 Gold Fields ADR 3,659,676 0.05 

54,200 Sasol 

___________ 

2,006,842 

______ 

0.03 

___________ 

5,666,518 

______ 

0.08 

South Korea 

71,800 Cheil Industries 3,031,582 0.04 

65,900 CJ 7,939,782 0.12 

177,900 Daegu Bank 3,042,834 0.04 

131,000 Dongbu Insurance 3,487,801 0.05 




247,000 Fine DNC 1,232,878 0.02 

69,100 Hana Financial Group 3,634,897 0.05 

226,280 Interflex 1,920,562 0.03 

88,000 Kookmin Bank 7,090,382 0.10 

240,100 Korea Electric Power 10,951,237 0.16 

502,300 Korean Reinsurance 6,862,337 0.10 

800,000 KT ADR 20,232,000 0.29 

235,000 KT&G 14,283,066 0.21 

49,700 Lotte Shopping GDR 1,008,910 0.01 

126,900 LS Cable 5,242,012 0.08 

515,900 Meritz Fire & Marine Insurance 3,524,069 0.05 

6,800 Nong Shim 2,084,774 0.03 

347,641 Paradise 1,477,179 0.02 

43,940 POSCO 14,605,744 0.21 

150,000 POSCO ADR 12,444,000 0.18 

212,800 Pusan Bank 2,655,429 0.04 

208,300 Samsung Fine Chemicals 5,220,960 0.08 


___________ 

5,782,719 

______ 

0.08 

___________ 

137,755,154 

______ 

1.99 

Spain 

594,862 BBVA – Banco Bilbao Vizcaya 

Argentaria 14,287,353 0.21 

171,000 Cintra Concesiones de Infraestructuras 

de Transporte* 2,844,740 0.04 

14,547 Telefonica ADR 

___________ 

925,335 

______ 

0.01 

___________ 

18,057,428 

______ 

0.26 

Sweden 

760,927 Investor 'B' 18,362,192 0.27 

1,161,892 TeliaSonera 

___________ 

9,614,244 

______ 

0.14 

___________ 

27,976,436 

______ 

0.41 

Switzerland 


22,800 Nestle* 8,083,449 0.12 


256,461 UBS 

___________ 

15,557,106 

______ 

0.22 

___________ 

64,073,683 

______ 

0.93 

Taiwan 

3,059,540 Cathay Financial Holding 6,947,142 0.10 

5,342,080 Chinatrust Financial Holding 4,466,787 0.06 

1,827,000 Chunghwa Telecom 3,397,265 0.05 

792,886 Chunghwa Telecom ADR 15,461,277 0.23 

3,057,069 Delta Electronics 9,849,470 0.14 

3,782,100 Fubon Financial Holding 3,539,575 0.05 

3,660,069 SinoPac Financial Holdings 1,959,761 0.03 

2,923,887 Taishin Financial Holdings 

___________ 

1,713,611 

______ 

0.02 

___________ 

47,334,888 

______ 

0.68 

Thailand 

533,000 Airports of Thailand 878,943 0.01 

1,512,900 Bangkok Expressway 1,027,791 0.01 

3,036,000 Hana Microelectronics 2,396,279 0.03 

6,400,000 Land & Houses 1,244,820 0.02 

1,280,104 PTT 7,577,783 0.11 

1,700,900 PTT Exploration & Production 4,626,832 0.07 

855,900 Siam Cement 6,128,220 0.09 

133,600 Siam City Cement 956,572 0.01 

5,750,000 Siam Commercial Bank 9,400,987 0.14 

598,000 Thai Union Frozen Products 

___________ 

459,352 

______ 

0.01 

___________ 

34,697,579 

______ 

0.50 










1,191,583 Aviva 19,228,136 0.28 

1,736,068 BAE Systems 14,509,834 0.21 

1,830,191 Barclays 26,227,708 0.38 

312,400 Cadbury Schweppes ADR 13,436,324 0.19 

137,000 Diageo ADR 10,933,970 0.16 


13,530 Guinness Peat Group 22,311 0.00 

2,530,882 Guinness Peat Group 

(New Zealand Listing) 4,341,502 0.06 

1,302,540 HBOS 28,945,333 0.42 

415,931 HSBC Holdings 7,630,404 0.11 

1,265,810 Kesa Electricals 8,430,036 0.12 

975,253 Prudential 13,392,020 0.19 

415,000 RHM 3,081,542 0.05 

39,200 Royal Dutch Shell ADR 2,760,464 0.04 

796,392 Royal Dutch Shell 'B' 27,984,721 0.40 


267,048 Vodafone Group ADR † ___________ 

7,480,014 

______ 

0.11 

___________ 

250,750,329 

______ 

3.63 

United States 

2,135,300 3Com † 8,863,203 0.13 

112,305 Abbott Laboratories 5,470,377 0.08 

1,290 AboveNet (Call Wts 8/9/2008) 49,020 0.00 

1,519 AboveNet (Wts 8/9/2010) 39,494 0.00 

148,100 AES 3,258,200 0.05 

115,500 Aetna 5,026,560 0.07 

36,924 Agere Systems 726,664 0.01 

498,000 Alcoa 14,870,280 0.22 

95,144 Alliance One International 662,202 0.01 

128,050 Allstate 8,405,202 0.12 

164,700 Alltel 9,974,232 0.15 

120,090 Altria Group 10,327,740 0.15 

6,750 American Eagle Outfitters 211,410 0.00 

710,110 American International Group 50,907,786 0.74 

3,500 Ameriprise Financial 190,715 0.00 

42,700 AmerisourceBergen 1,921,927 0.03 

11,700 Amgen 801,684 0.01 

5,600 AMR 171,696 0.00 

80,400 Assurant 4,463,004 0.07 

333,900 AT&T 12,007,044 0.17 

16,300 Avaya 230,319 0.00 

106,400 Avon Products 3,539,928 0.05 

30,000 Baker Hughes 2,253,900 0.03 

261,952 Bank of America 14,064,203 0.20 

238,170 Bank of New York 9,474,403 0.14 

85,800 Bausch & Lomb † 4,538,820 0.07 

59,400 Baxter International 2,760,912 0.04 

1,100 Bear Stearns 180,279 0.00 

109,800 BellSouth 5,211,108 0.08 

10,000 Big Lots 233,900 0.00 

2,000 Boeing 178,180 0.00 

17,600 Borland Software 90,814 0.00 

97,400 Boston Scientific 1,667,488 0.03 

46,500 Bristol West Holdings 746,790 0.01 

154,000 Bristol-Myers Squibb 4,031,720 0.06 

937,350 CA † 21,484,062 0.31 

233,700 Career Education † 5,865,870 0.09 

79,600 Caremark Rx 4,540,384 0.07 

42,700 CBS 'B' † 1,348,466 0.02 

250,000 Chevron 18,480,000 0.27 

3,300 Chubb 175,758 0.00 

25,400 Cigna 3,360,420 0.05 

120,600 Cincinnati Bell 560,790 0.01 




113,700 Cirrus Logic † 798,174 0.01 

1,359,650 Cisco Systems † 37,403,972 0.54 

2,900 CIT Group 164,082 0.00 

478,842 Citigroup 26,762,479 0.39 

177,000 CMS Energy 2,964,750 0.04 

207,600 Coca-Cola 10,095,588 0.15 

308,740 Comcast 'A' 13,229,478 0.19 

978,400 Comverse Technology † 20,688,268 0.30 

178,500 ConAgra Foods 4,835,565 0.07 

205,900 ConocoPhillips 14,948,340 0.22 

58,000 Consol Energy 1,877,460 0.03 

144,300 Constellation Brands 'A' 4,181,814 0.06 

5,100 Continental Airlines 'B' 213,690 0.00 

5,500 Countrywide Financial 236,775 0.00 

87,000 Crown Holdings 1,835,700 0.03 

468,500 CSX 16,420,925 0.24 

1,500 Cummins 178,815 0.00 

71,300 CVS 2,226,699 0.03 

44,400 Darwin Professional Underwriters 1,031,856 0.02 

49,200 Devon Energy 3,298,368 0.05 

15,200 Discovery Holding 'A' 245,936 0.00 

339,600 Dynegy 'A' 2,482,476 0.04 

2,900 Eaton 218,747 0.00 

188,300 eBay † 5,673,479 0.08 

70,600 EI Du Pont de Nemours & Co 3,447,398 0.05 

2,051,600 El Paso † 31,102,256 0.45 

3,150 El Paso (Pref) 4,185,562 0.06 

86,100 Eli Lilly & Co 4,465,146 0.07 

24,332 Embarq 1,286,676 0.02 

102,100 ENSCO International 5,194,848 0.08 

227,900 Extreme Networks † 961,738 0.01 

601,070 Exxon Mobil 46,336,486 0.67 

7,600 Family Dollar Stores 225,948 0.00 

120,200 Fannie Mae † 7,207,192 0.11 

20,400 FedEx 2,212,788 0.03 

97,300 Fifth Third Bancorp* 3,989,300 0.06 

120,100 Foundation Coal Holdings 3,793,959 0.06 

106,900 Freeport-McMoRan Copper & Gold 'B' 5,945,778 0.09 

153,100 General Communication 'A' 2,446,538 0.04 

15,000 General Dynamics 1,124,850 0.02 

1,769,300 General Electric 66,242,592 0.96 

3,900 General Mills 225,147 0.00 

275,900 Genesis Microchip † 2,872,119 0.04 

6,300 Genworth Financial 'A' 217,224 0.00 

1,000 Goldman Sachs Group 201,800 0.00 

136,400 Halliburton 4,242,040 0.06 

18,037 Hanesbrands 433,068 0.01 

68,700 Hartford Financial Services Group 6,416,580 0.09 

24,000 Health Management Associates 'A' 509,040 0.01 

93,330 Healthsouth 2,113,924 0.03 

90,800 Hess 4,569,964 0.07 

178,334 Hewlett-Packard 7,409,778 0.11 

39,700 Humana 2,195,807 0.03 

6,100 IAC/InterActiveCorp 228,811 0.00 

188,440 IBM – International Business Machines 18,369,131 0.27 

30,518 Idearc 867,016 0.01 

294,000 Intel 6,015,240 0.09 

184,300 International Paper 6,284,630 0.09 

2,600 JC Penney 203,450 0.00 

90,125 JDS Uniphase 1,518,606 0.02 

409,030 Johnson & Johnson 27,073,696 0.39 

56,800 JPMorgan Chase & Co 2,769,568 0.04 

280,000 Key Energy Services 4,410,000 0.06 

17,200 King Pharmaceuticals 275,544 0.01 

305,500 Knight Capital Group 'A' † 5,978,635 0.09 


(†) 

Securities pledged, see Note 14 for further details. 








2,900 Kohl’s 200,361 0.00 

6,300 Kraft Foods 'A' 224,658 0.00 

9,300 Kroger 213,993 0.00 

11,800 Lehman Brothers Holdings 924,530 0.01 

140,100 Lexmark International 'A' † 10,371,603 0.15 

21,347 Liberty Global 'A' 623,332 0.01 

21,649 Liberty Global 'C' 607,254 0.01 

7,570 Liberty Media – Capital 'A' 738,529 0.01 

37,850 Liberty Media – Interactive 'A' 822,102 0.01 

6,400 Limited Brands 187,904 0.00 

2,700 Lincoln National 179,361 0.00 

2,400 Lockheed Martin 221,184 0.00 

5,400 Loews 224,424 0.00 

3,200 Loews – Carolina Group 207,040 0.00 

618,000 Macquarie Infrastructure 

Company Trust 21,945,180 0.32 

93,300 Manor Care 4,386,966 0.06 

70,600 Marathon Oil 6,559,446 0.10 

587 Marco Polo (Private Company) 601,982 0.01 

87,500 Marsh & McLennan 2,721,250 0.04 

10,800 Mattel † 244,404 0.00 

7,500 McAfee 213,975 0.00 

30,800 McDonald’s † 1,372,756 0.02 

2,700 McGraw-Hill 184,680 0.00 

4,000 McKesson 203,440 0.00 

32,475 McLeodUSA (Wts 16/4/2007) 32 0.00 

74,700 Medco Health Solutions 3,989,727 0.06 

15,500 Mellon Financial 659,215 0.01 

225,800 Merck & Co 9,777,140 0.14 

90,500 Metlife (Pref) 2,758,440 0.04 

1,824,400 Microsoft 54,877,952 0.79 

202,600 Mirant 6,321,120 0.09 

51,000 Molson Coors Brewing 'B' † 3,905,580 0.06 


764,900 Motorola † 15,886,973 0.23 

102,000 Murphy Oil † 5,187,720 0.08 

5,700 National City 210,102 0.00 

56,900 National Oilwell Varco 3,509,023 0.05 

821,300 Newmont Mining 37,188,464 0.54 

19,900 Noble 1,526,927 0.02 

58,700 Noble Energy 2,900,367 0.04 

4,000 Nordstrom 196,800 0.00 

135,500 Norfolk Southern † 6,867,140 0.10 

56,500 Northern Trust 3,445,370 0.05 

3,000 Northrop Grumman 204,630 0.00 

1,480,400 Novell † 9,370,932 0.14 

118,927 NTL 3,018,367 0.04 

2,800 Nucor 153,888 0.00 

204,100 Occidental Petroleum 10,000,900 0.15 

4,200 Office Depot 162,288 0.00 

2,200 Omnicom Group 228,888 0.00 

457,600 Panera Bread 'A' † 25,918,464 0.38 

6,700 Pepsi Bottling Group 207,834 0.00 

62,300 PepsiAmericas 1,315,776 0.02 

709,201 Pfizer † 18,474,686 0.27 

4,200 PG&E 199,080 0.00 

49,800 Pogo Producing † 2,453,148 0.04 

222,100 PPL 7,973,390 0.12 

74,300 Procter & Gamble 4,797,551 0.07 

40,700 Prudential Financial 3,497,351 0.05 

371,100 Qualcomm 14,083,245 0.20 

150,500 Quanta Services † 2,975,385 0.04 

22,800 Qwest Communications International 191,976 0.00 

4,100 Raytheon 217,546 0.00 

7,200 Safeway 251,856 0.00 

144,300 Sara Lee 2,453,100 0.04 




263,200 Schering-Plough 6,274,688 0.09 

1,100 Sears Holdings 185,460 0.00 

4,100 Sempra Energy 230,543 0.00 

162,600 Senomyx 2,165,832 0.03 

3,500 Sherwin-Williams 225,120 0.00 

224,100 Smurfit-Stone Container 2,406,834 0.04 

48,000 Southern Copper 2,575,200 0.04 

49,500 Spirit Aerosystems Holdings 'A' 1,590,435 0.02 

800,850 Sprint Nextel † 15,336,277 0.22 

3,500 SPX 217,070 0.00 

284,179 St Paul Travelers 15,374,084 0.22 

5,900 Staples 159,182 0.00 

70,000 Stone Energy 2,482,900 0.04 

1,171,500 Sun Microsystems 6,443,250 0.09 

69,710 Supervalu 2,521,411 0.04 

10,500 Symantec 223,230 0.00 

71,900 Tellabs † 750,636 0.01 

317,700 Tenet Healthcare † 2,239,785 0.03 

4,100 Terex 269,329 0.00 

346,400 TIBCO Software † 3,318,512 0.05 

54,848 Tim Hortons 1,601,013 0.02 

112,040 Time Warner 2,462,639 0.04 

7,100 TJX 204,693 0.00 

8,400 Total System Services 222,516 0.00 

48,450 Triad Hospitals 2,028,601 0.03 

30,361 Tronox 'B' 479,400 0.01 

134,100 TXU 7,264,197 0.11 

544,700 Unifi 1,252,810 0.02 

535,300 Union Pacific 49,327,895 0.71 

3,200 United States Steel 234,368 0.00 

117,800 UnitedHealth Group 6,334,106 0.09 

214,000 Valeant Pharmaceuticals International † 3,745,000 0.05 

35,088 Ventas (Reit) 1,473,696 0.02 

596,500 Verizon Communications 22,440,330 0.32 

75,933 Viacom 'B' 3,109,456 0.05 

98,200 Wachovia 5,625,878 0.08 

39,200 Walgreen 1,810,256 0.03 

57,030 Wal-Mart Stores 2,650,754 0.04 

48,100 Washington Mutual 2,209,714 0.03 

4,500 Waste Management 165,510 0.00 

59,900 Waters 2,936,298 0.04 

41,200 Watson Pharmaceuticals 1,076,556 0.02 

66,100 WellPoint 5,211,985 0.08 

317,800 Wells Fargo & Co 11,380,418 0.17 

40,500 Wendy's International † 1,357,155 0.02 

123,844 Windstream 1,752,393 0.03 

171,200 Wyeth 8,748,320 0.13 

12,600 Xerox 

___________ 

215,460 

______ 

0.00 

1,245,020,559 

___________ ______ 

18.00 

Total Common / Preferred Stocks 

(Shares) & Warrants 3,574,157,752 

___________ ______ 

51.68 

BONDS 

Australia 

US$101,700 National Australia Bank 7.875% 

19/3/2007 (Unit) 

___________ 

5,288,400 

______ 

0.08 

Bermuda 

SGD18,800,000 Bio-Treat Technology 0% 18/1/2013 13,001,892 0.19 

US$4,700,000 Hongkong Land CB 2005 2.75% 

21/12/2012 5,475,500 0.08 

US$19,600 IPC Holdings 7.25% 15/11/2008 571,340 0.01 

US$1,180,000 Noble Group 0.9% 20/4/2009 

___________ 

1,212,450 

______ 

0.01 

___________ 

20,261,182 

______ 

0.29 

(†) 








Brazil 

US$1,525,000 Banco Nacional de Desenvolvimento 

Economico e Social 5.873% 

16/6/2008 1,509,445 0.02 

US$2,450,000 Cosan SA Industria e Comercio 9% 

1/11/2009 

___________ 

2,603,125 

______ 

0.04 

___________ 

4,112,570 

______ 

0.06 


US$2,160,000 Brilliance China Finance 0% 7/6/2011 2,243,808 0.03 

US$5,525,000 Mandra Forestry Finance 12% 

15/5/2013 

___________ 

4,447,625 

______ 

0.07 

___________ 

6,691,433 

______ 

0.10 

Canada 

US$420,000 Bema Gold 3.25% 25/2/2011 515,550 0.01 

C$13,150,000 Government of Canada 4% 1/9/2010 11,331,183 0.16 

US$2,400,000 Rogers Wireless FRN 15/12/2010 

___________ 

2,454,000 

______ 

0.03 

___________ 

14,300,733 

______ 

0.20 


¥1,385,000,000 ASIF II EMTN 1.2% 20/3/2008 11,721,495 0.17 

US$3,278,000 Chaoda Modern Agriculture 7.75% 

8/2/2010 3,290,293 0.05 

HKD34,420,000 Chaoda Modern Agriculture 'CHAO' 0% 

8/5/2011 4,804,665 0.07 


03/33 5.45% 24/11/2010 3,781,706 0.05 

US$2,200,000 YTL Power Finance Cayman 0% 

9/5/2010 

___________ 

2,428,250 

______ 

0.04 

___________ 

26,026,409 

______ 

0.38 

US$7,467,061 

Chile 

Empresa Electrica del Norte Grande 

(Chile) 6/7% 5/11/2017 

(step-up coupon) 

___________ 

7,336,464 

______ 

0.11 

France 

€5,000,000 Caisse d’Amortissement de la Dette 

Sociale 4% 25/10/2014 6,573,293 0.09 

€26,200,000 ERAP EMTN 3.375% 25/4/2008 34,312,813 0.49 

€38,600 Infogrames Entertainment 'WW' 4% 

1/4/2009 396,888 0.01 

€26,200,000 Unedic 3.5% 18/9/2008 

___________ 

34,322,311 

______ 

0.50 

___________ 

75,605,305 

______ 

1.09 

Germany 


4/7/2016 90,348,155 1.31 

€15,000,000 Federal State of North Rhine 

Westphalia '387' 4.25% 16/2/2007 19,783,404 0.28 

€8,500,000 Kreditanstalt fuer Wiederaufbau 

4.25% 4/7/2014 11,363,941 0.16 

£4,250,000 Kreditanstalt fuer Wiederaufbau 

EMTN 4.5% 7/12/2008 8,215,970 0.12 

£2,500,000 Kreditanstalt fuer Wiederaufbau 

EMTN 5.375% 7/12/2007 4,910,379 0.07 

¥2,785,000,000 Norddeutsche Landesbank Girozentrale 

EMTN 0.45% 19/1/2009 

___________ 

23,262,100 

______ 

0.34 

___________ 

157,883,949 

______ 

2.28 

Iceland 

ISK311,000,000 Iceland Rikisbref 7.25% 17/5/2013 

___________ 

4,038,378 

______ 

0.06 




India 

US$1,600,000 Gujarat NRE Coke 0% 12/4/2011 1,352,000 0.02 

US$6,600,000 Housing Development Finance 0% 

27/9/2010 8,200,500 0.12 

US$2,900,000 Punj Lloyd 0% 8/4/2011 2,900,000 0.04 

US$4,250,000 Reliance Communications 0% 

10/5/2011 4,834,375 0.07 

US$1,375,000 Tata Motors '1' 0% 27/4/2009 2,083,125 0.03 

US$5,875,000 Tata Motors '2' 1% 27/4/2011 7,307,325 0.11 

US$8,060,000 ZEE Telefilms 0.5% 29/4/2009 

___________ 

11,223,550 

______ 

0.16 

___________ 

37,900,875 

______ 

0.55 


BRL28,496,545 European Investment Bank '144A' 

0% 12/9/2008 10,914,924 0.16 

BRL34,760,000 European Investment Bank '144A' 

0% 21/9/2010 10,496,169 0.15 

€30,500,000 European Investment Bank 

4% 15/1/2007 40,195,591 0.58 

BRL13,500,000 European Investment Bank EMTN 

0% 1/5/2008 5,399,387 0.08 

¥725,000,000 International Bank for Reconstruction & 

Development '670' 2% 

18/2/2008 6,208,098 0.09 

£825,000 International Bank for Reconstruction & 

Development EMTN 7.125% 

30/7/2007 

___________ 

1,634,773 

______ 

0.02 

___________ 

74,848,942 

______ 

1.08 

Japan 

¥555,000,000 Bank of Kyoto '1' 1.9% 30/9/2009 8,250,974 0.12 

¥113,000,000 Mie Bank '2' 1% 31/10/2011 

___________ 

1,149,502 

______ 

0.02 

___________ 

9,400,476 

______ 

0.14 

Malaysia 

US$8,000,000 Feringghi Capital 0% 22/12/2009 8,220,000 0.12 

US$800,000 IOI Capital 'IOI' 0% 18/12/2011 814,960 0.01 

US$2,000,000 IOI Investment 0% 18/9/2009 3,500,000 0.05 

US$15,100,000 Rafflesia Capital 1.25% 4/10/2011 

___________ 

16,232,500 

______ 

0.23 

___________ 

28,767,460 

______ 

0.41 

Mexico 

US$5,060,000 Vitro Envases Norteamerica 10.75% 

23/7/2011 

___________ 

5,566,000 

______ 

0.08 

Netherlands 

US$1,300,000 ASM International 4.25% 6/12/2011 1,506,700 0.02 

US$1,067,000 Fortis Insurance '144A' 7.75% 

26/1/2008 1,532,679 0.02 

€3,650,000 Infineon Technologies Holding 'IFX' 

4.25% 6/2/2007 4,815,103 0.07 


15/7/2014 

___________ 

6,836,443 

______ 

0.10 

___________ 

14,690,925 

______ 

0.21 

NZ$6,250,000 

New Zealand 

New Zealand Government Bond '216' 

4.5% 15/2/2016 

___________ 

6,016,326 

______ 

0.09 

Poland 

PLN36,000,000 Poland Government Bond 'CPI' 3% 

24/8/2016 

___________ 

12,463,918 

______ 

0.18 








Singapore 

SGD2,500,000 Somerset Global 0% 12/1/2009 

___________ 

1,940,204 

______ 

0.03 

South Korea 

US$3,725,000 LG Telecom 8.25% 15/7/2009 

___________ 

3,929,875 

______ 

0.06 

Sweden 

TRY9,250,000 Svensk Exportkredit EMTN 10.5% 

30/9/2015 5,074,503 0.08 

SEK179,750,000 Sweden Government Bond '3101' 4% 

1/12/2008 

___________ 

31,981,677 

______ 

0.46 

___________ 

37,056,180 

______ 

0.54 

Taiwan 

US$350,000 Shin Kong Financial Holding 0% 

17/6/2009 419,125 0.00 

US$5,000,000 Taiwan Cement 0% 3/3/2009 

___________ 

8,175,000 

______ 

0.12 

___________ 

8,594,125 

______ 

0.12 


BRL11,500,000 JPMorgan Chase Bank NA 0% 

16/8/2010 7,661,338 0.11 

BRL36,000,000 JPMorgan Chase Bank NA 0% 

17/8/2010 24,445,357 0.35 

BRL24,500,000 JPMorgan Chase Bank NA FRN 

17/8/2010 16,229,508 0.24 

£10,530,000 United Kingdom Gilt 4.25% 7/3/2011 

___________ 

20,061,159 

______ 

0.29 

___________ 

68,397,362 

______ 

0.99 

United States 

£437,000 AES 8.375% 1/3/2011 901,838 0.01 

US$2,090,000 Calpine '144A' 8.75% 15/7/2013 2,257,200 0.03 

US$6,490,000 Calpine Generating '1' 9.07% 1/4/2009 6,684,700 0.10 

US$3,600,000 Calpine Generating 11.07% 1/4/2010 3,816,000 0.06 

US$1,190,000 Cell Genesys 3.125% 1/11/2011 901,425 0.01 

US$3,450,000 Conexant Systems 4% 1/2/2007 3,454,313 0.05 

US$1,210,000 Crown Cork & Seal 7.5% 15/12/2096 1,004,300 0.02 

US$110 Fannie Mae 5.375% 5/1/2008 

(Perpetual) (Pref) 11,016,995 0.16 

US$2,400,000 Fannie Mae 5.4% 1/2/2008 2,404,080 0.04 

US$24,750,000 Freddie Mac MTN 5.48% 16/5/2008 24,753,316 0.36 

US$480,000 GenCorp 5.75% 15/4/2007 498,600 0.01 

¥2,600,000,000 General Electric Capital FRN 

15/1/2010 21,882,928 0.32 

US$975,000 Lucent Technologies 8% 1/8/2031 979,875 0.02 

US$4,640,000 McMoRan Exploration 5.25% 

6/10/2011 4,999,600 0.07 

US$1,325,000 McMoRan Exploration '144A' 5.25% 

6/10/2011 1,427,687 0.02 

US$1,000,000 Nabi Biopharmaceuticals 2.875% 

15/4/2025 903,750 0.01 

US$3,025,000 Nextel Communications 5.25% 

15/1/2010 2,975,844 0.04 

US$712,484 Northwest Airlines '1999-3 B' 9.485% 

1/10/2016 157,192 0.00 

US$2,200,000 Tenet Healthcare 9.25% 1/2/2015 2,205,500 0.03 

US$885,000 Triad Acquisition 'B' 11.125% 

1/5/2013 845,175 0.01 

US$17,550,000 US Treasury Bond 3.5% 31/5/2007 17,445,112 0.25 

US$26,500,000 US Treasury Bond 3.625% 30/4/2007* 26,386,143 0.38 

US$6,400,000 US Treasury Bond 4% 15/6/2009 6,293,501 0.09 













0.875% 15/4/2010 101,950,358 1.47 


1.875% 15/7/2015 ‡ 63,754,248 0.92 


2% 15/1/2016 223,596,527 3.23 


2.375% 15/4/2011 ‡ 225,081,875 3.26 


2.5% 15/7/2016 

___________ 

164,619,762 

______ 

2.38 

1,467,246,343 

___________ ______ 

21.21 

Total Bonds 2,098,363,834 

___________ ______ 

30.34 


Germany 

US$50,000,000 Depfa Bank 0% 27/2/2007 

___________ 

49,554,535 

______ 

0.71 

Ireland 

US$40,000,000 Bank of Ireland 0% 13/2/2007 39,726,780 0.58 

US$22,500,000 Irish Permanent Treasury 0% 

31/1/2007 

___________ 

22,389,748 

______ 

0.32 

___________ 

62,116,528 

______ 

0.90 

United States 

US$47,264,000 Atlantic Asset Securitization 0% 

20/2/2007 46,892,037 0.68 

US$24,575,000 Atlantis One Funding 0% 

11/12/2006 24,383,113 0.35 

US$18,768,000 BankAmerica 0% 17/1/2007 18,715,286 0.27 

US$18,044,000 BankAmerica 0% 20/3/2007 17,826,389 0.26 

US$52,000,000 Calyon North America 0% 

12/2/2007 51,652,536 0.75 

US$25,679,000 Chariot Funding 0% 12/2/2007 25,507,413 0.37 

US$31,100,000 Ciesco 0% 17/1/2007 31,012,649 0.45 

US$2,250,000 CRC Funding 0% 8/1/2007 2,246,679 0.03 

US$40,000,000 CRC Funding 0% 23/1/2007 39,853,996 0.58 

US$40,000,000 CRC Funding 0% 25/1/2007 39,840,344 0.58 

US$50,000,000 Danske 0% 31/1/2007 49,754,995 0.72 

US$52,000,000 Falson Asset Securitization 0% 

12/2/2007 51,652,536 0.75 

US$50,000,000 Gemini Securitization 0% 1/2/2007 49,747,570 0.72 

US$8,538,000 Greyhawk Funding 0% 22/1/2007 8,507,708 0.12 

US$25,000,000 Greyhawk Funding 0% 25/1/2007 24,900,215 0.36 

US$44,000,000 ING US Funding 0% 8/2/2007 43,732,128 0.63 

US$23,848,000 Stadshypotek Delaware 0% 

22/1/2007 23,763,390 0.34 

US$12,798,000 Victory Receivables 0% 15/2/2007 12,706,782 0.18 

US$37,929,000 Windmill Fund I 0% 2/3/2007 

___________ 

37,573,226 

______ 

0.54 

___________ 

600,268,992 

______ 

8.68 


___________ 

711,940,055 

______ 

10.29 



Dealt in on Another Regulated Market 6,491,425,710 

___________ ______ 

93.86 


(‡) Security given in guarantee, see Note 14 for further details. 




Unquoted Securitites 


COMMON STOCKS (SHARES) & WARRANTS 

China 

5,525 Mandra Forestry (Wts 15/5/2013) 

___________ 

0 

______ 

0.00 

Guernsey 


___________ 

8,743,404 

______ 

0.12 

United States 

4,980 NCB Warrant Holding 

___________ 

473,100 

______ 

0.01 

Total Common Stocks (Shares) & Warrants 

___________ 

9,216,504 

______ 

0.13 

BONDS 


US$5,845,000 Beijing Enterprises Investment 0% 

21/12/2010 

___________ 

7,101,675 

______ 

0.10 

Canada 

C$1,325,000 Rogers Wireless 7.625% 15/12/2011 

___________ 

1,260,641 

______ 

0.02 

Jersey 

US$12,400,000 UBS (Jersey Branch) EMTN 0% 

29/11/2010 

___________ 

12,202,220 

______ 

0.17 

Malaysia 

MYR8,600,000 Berjaya Land 8% 15/8/2011 2,549,538 0.04 

MYR46,250,000 Government of Malaysia '386X' 8.6% 

1/12/2007 13,695,452 0.20 

MYR97,550,000 Government of Malaysia '4/05' 3.756% 

28/4/2011 27,711,498 0.40 

MYR17,000,000 Johor 'P2' 1% 31/7/2009 5,395,296 0.08 

MYR5,050,000 Resorts World 0% 19/9/2008 

___________ 

1,584,833 

______ 

0.02 

___________ 

50,936,617 

______ 

0.74 

Unquoted Securitites 


United States 

US$24,500 Eksportfinans 19/10/2007 26,804,520 0.39 

US$460,000 General Nutrition Centers 

8.625% 15/1/2011 465,175 0.01 

US$32,185 Goldman Sachs Group 'S5XE' 0% 

20/6/2008 32,185,000 0.46 

US$17,285,000 Goldman Sachs Group 'TPX' 0% 

31/1/2007 19,172,436 0.28 

US$17,700,000 Goldman Sachs Group 'TPX' 0% 

16/2/2008 17,501,618 0.25 

US$32,185,000 JPMorgan Chase & Co 'SX5E' 0% 

17/6/2008 32,410,295 0.47 

US$2,350,000 Metromedia Fiber Network 10% 

15/12/2009 (Defaulted) 0 0.00 

US$110,434,000 Morgan Stanley Group 'SPX' 0% 

5/3/2008 97,016,269 1.40 

US$5,100,000 Preferred Term Securitites XXII 'AI' 

FRN 22/9/2036 4,998,000 0.07 

US$55,000,000 Rabobank Nederland (New York) 

'TPX' 0% 28/1/2008 50,885,560 0.74 

US$2,400,000 Uno Restaurant 10% 15/2/2011 

___________ 

1,985,010 

______ 

0.03 

___________ 

283,423,883 

______ 

4.10 

Total Bonds 

___________ 

354,925,036 

______ 

5.13 


___________ 

364,141,540 

______ 

5.26 



___________ 

60,824,041 

______ 

0.88 

Total Net Assets (US$) 6,916,391,291 

___________ ______ 

100.00 


Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 

84 S&P 500 Put Option 

strike price US$410 

expiring on 17/3/2007 (14,612) 172,200 



expiring on 17/3/2007 (4,181) 70,670 

Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 




_________ 

(7,081) 

_________ 

151,110 


_________ 

(25,874) 

_________ 

393,980 





Written Call Options as at 31 December 2006 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(7,100) 3 Com Call Option 


expiring on 19/1/2008 288,881 (337,250) 



expiring on 20/1/2007 914,569 (105,000) 

(700) Andrx Group Call Option 


expiring on 20/1/2007 (65,112) (350,000) 

(374) Bausch & Lomb Call Option 


expiring on 19/1/2008 (55,118) (461,890) 



expiring on 20/1/2007 77,351 (154,880) 

(590) Career Education Call Option 


expiring on 20/1/2007 406,792 (4,425) 

(1,120) Career Education Call Option 


expiring on 20/1/2007 500,624 (11,200) 



expiring on 20/1/2007 457,949 (41,000) 

(427) CBS Corporation Call Option 

strike price US$27.50 

expiring on 20/1/2007 (101,405) (179,340) 

(450) Chicago Bridge & Iron Call Option 


expiring on 20/1/2007 56,020 (118,125) 

(1,040) Cirrus Logic Call Option 


expiring on 20/1/2007 (91,525) (208,000) 

(1,019) Cisco Systems Call Option 


expiring on 20/1/2007 (741,844) (1,024,095) 

(1,010) Cisco Systems Call Option 


expiring on 20/1/2007 (356,537) (510,050) 

(530) CA Call Option 


expiring on 20/1/2007 174,627 (3,975) 

(9,304) Comverse Technology Call Option 


expiring on 19/1/2008 (2,023,373) (5,163,720) 

(180) Comverse Technology Call Option 


expiring on 19/1/2008 (26,294) (70,200) 

(2,930) Corinthian Colleges Call Option 


expiring on 20/1/2007 100,264 (410,200) 

(933) eBay Call Option 


expiring on 19/1/2008 (390,016) (1,114,935) 



expiring on 19/1/2008 144,371 (783,750) 

(459) El Paso Call Option 


expiring on 19/1/2008 (5,807) (89,505) 

(2,067) Extreme Networks Call Option 


expiring on 20/1/2007 116,786 (15,503) 

(266) Fannie Mae Call Option 


expiring on 20/1/2007 (131,144) (271,320) 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(2,117) Genesis Microchip Call Option 


expiring on 16/6/2007 (48,699) (317,550) 

(3,055) Knight Capital Call Option 


expiring on 20/1/2007 (3,252,230) (3,696,550) 

(1,271) Lexmark International Call Option 


expiring on 20/1/2007 (2,332,018) (3,069,465) 

(1,050) Mattel Call Option 


expiring on 20/1/2007 (638,097) (808,500) 

(313) McDermott J Ray Call Option 


expiring on 20/1/2007 (1,564,566) (1,671,420) 



expiring on 20/1/2007 (1,743,962) (2,166,375) 



expiring on 20/1/2007 (1,629,815) (1,962,000) 

(3,695) McDonalds Call Option 


expiring on 20/1/2007 (2,133,749) (3,584,150) 

(227) Molson Coors Brewing Call Option 


expiring on 20/1/2007 (220,878) (381,360) 

(2,853) Motorola Call Option 


expiring on 19/1/2008 204,436 (941,490) 

(4,448) Motorola Call Option 


expiring on 20/1/2007 1,020,012 (77,840) 

(500) Murphy Oil Call Option 


expiring on 20/1/2007 222,240 (91,250) 

(1,014) Norfolk Southern Call Option 


expiring on 20/1/2007 (497,365) (1,095,120) 

(1,101) Novell Call Option 


expiring on 20/1/2007 69,021 (148,635) 

(13,590) Novell Call Option 


expiring on 20/1/2007 1,310,454 (101,925) 

(1,090) Panera Bread Call Option 


expiring on 19/1/2008 427,818 (768,450) 

(1,085) Panera Bread Call Option 


expiring on 19/1/2008 (194,541) (1,356,250) 

(340) Panera Bread Call Option 


expiring on 19/1/2008 (36,729) (324,700) 

(1,408) Pfizer Call Option 


expiring on 20/1/2007 101,364 (176,000) 

(5) Pogo Producing Call Option 


expiring on 20/1/2007 2,693 (575) 

(784) Quanta Services Call Option 


expiring on 20/1/2007 (457,077) (572,320) 

(556) Quanta Services Call Option 


expiring on 20/1/2007 (452,024) (544,880) 




Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(2,970) Sprint Nextel Call Option 


expiring on 19/1/2008 513,220 (311,850) 

(801) Suncor Energy Call Option 


expiring on 20/1/2007 (1,546,306) (2,290,860) 

(719) Tellabs Call Option 


expiring on 20/1/2007 129,056 (5,393) 

(1,361) Tenet Healthcare Call Option 


expiring on 20/1/2007 220,920 (10,208) 

(3,142) TIBCO Software Call Option 


expiring on 20/1/2007 (284,287) (659,820) 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(750) Tyco International Call Option 


expiring on 20/1/2007 (103,771) (438,750) 

(2,140) Valeant Pharmaceuticals International Call Option 


expiring on 20/1/2007 28,950 (551,050) 

(1,047) Vodafone Group Call Option 


expiring on 20/1/2007 (683,696) (832,364) 

(367) Wendy's International Call Option 



_________ 

(768,142) 

_________ 

(1,034,940) 

Total Written Call Options (15,087,707) 

_________ 

(41,420,403) 

_________ 

Note: Written Call Options are included in the Statement of Net Assets (see Note 2c). 


% of net 

assets 


Finance 14.2 


Energy 6.7 



Materials 3.6 




Utilities 2.1 



___________ 

0.9 

___________ 

100.0 


Number 


of Contracts 


date US$ 

41 DAX (EURO) March 2007 8,988,680 

46 DJ Euro STOXX 50 March 2007 2,521,329 

101 FTSE 100 March 2007 12,324,617 


15 Nikkei 225 (OSAKA) March 2007 2,179,959 

115 S&P 500 IDX March 2007 41,267,750 

177 S&P/TSX 60 March 2007 22,761,282 

6 TSE TOPIX March 2007 849,515 

12 CME/IMM Euro dollar September 2008 142,717,500 

(12) CME/IMM Euro dollar September 2009 (142,612,500) 

__________ 


__________ 

(29,704,117) 

Note: The net unrealised profit of US$1,135,045 attributed to these transactions is included in 

the Statement of Net Assets (see Note 2c). 



Purchases 


Unrealised 

profit/(loss) 

US$ 

€26,824,818 US$35,460,478 12/1/2007 (84,470) 

CHF49,826,178 US$40,333,000 16/1/2007 555,432 

€120,927,006 US$159,500,000 19/1/2007 23,516 

¥6,238,592,055 US$53,870,348 31/1/2007 (1,212,844) 

IDR72,486,000,000 US$7,624,762 6/8/2007 262,802 

US$5,070,427 IDR47,447,000,000 6/8/2007 

________ 

(92,518) 


________ 

(548,082) 







Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$1,030,000 

US$1,300,000 

US$1,300,000 

Credit Default Swaps (CSFB) (Fund pays 

Fixed 1.12%; and receives default protection 

on United Mexican States 7.5% 8/4/2033) 

(20/5/2010) 25,755 

Credit Default Swaps (JPMorganChase) (Fund 

pays Fixed 0.53%; and receives default protection 

on J.C. Penney Company Inc. 8% 1/3/2010) 

(20/9/2011) 1,208 

Credit Default Swaps (JPMorganChase) (Fund 


on Whirlpool Corporation 7.75% 15/7/2016) 

(20/9/2011) 4,623 

US$1,300,000 Credit Default Swaps (JPMorganChase) (Fund 


on McDonalds Corporation 6% 15/4/2011) 

(20/9/2011) 1,586 

US$4,000,000 Credit Default Swaps (JPMorganChase) 

(Fund pays Fixed 0.25%; and receives default 

protection on Carnival Corporation 6.65% 15/1/2028) 

(20/9/2011) 15,700 

€2,100,000 Credit Default Swaps (JPMorganChase) (Fund pays 

Fixed 0.53%; and receives default protection on 

Daimler Chrysler 7.2% 1/9/2009) (20/6/2011) 

_______ 

5,502 

_______ 

54,374 


GBP Hedged Share Class 



Purchases 


Unrealised 

loss 

£ 

£12,676,000 US$24,924,753 15/3/2007 (15,457) 

US$987,347 £503,000 15/3/2007 

_______ 

(252) 


_______ 

(15,709) 

Note: The US$ equivalent – US$30,838 of the net unrealised loss attributed to these transactions 

is included in the Statement of Net Assets (see Note 2c). As at the 29 December 2006, the 

exchange rate used to convert from GBP is the year-end exchange rate of: 1 US$ = 0.5094 GBP 

(see Note 2e). 

EUR Hedged Share Class 



Unrealised 

profit/(loss) 

Purchases 


€ 

€620,448,000 US$827,812,630 15/3/2007 (5,511,012) 

US$14,508,074 €10,899,000 15/3/2007 

________ 

71,429 

Net unrealised loss (5,439,583) 

________ 

Note: The US$ equivalent – US$7,170,555 of the net unrealised loss attributed to these 

transactions is included in the Statement of Net Assets (see Note 2c). As at the 29 December 2006, 

the exchange rate used to convert from € is the year-end exchange rate of: 1 US$ = 0.7586 € 



Global Bond Fund (Euro) 





BONDS 

Australia 

A$850,000 New South Wales Treasury '10RG' 7% 

1/12/2010 

___________ 

521,341 

______ 

0.36 

Austria 

€392,000 Republic of Austria '2' 4.65% 

15/1/2018 

___________ 

414,650 

______ 

0.29 

Canada 

C$350,000 Canadian Government Bond 5% 

1/6/2037 263,478 0.18 

C$1,500,000 Government of Canada 4% 1/6/2016 972,819 0.68 

C$895,000 Government of Canada 4.5% 1/6/2015 

___________ 

601,638 

______ 

0.42 

___________ 

1,837,935 

______ 

1.28 



3/4/2012 

___________ 

542,297 

______ 

0.38 

Denmark 

DKK18,600,000 Nykredit Realkredit 4% 1/1/2008 2,490,746 1.73 

DKK10,700,000 Realkredit Danmark '83D' FRN 

1/10/2038 

___________ 

1,402,633 

______ 

0.98 

___________ 

3,893,379 

______ 

2.71 

France 

€2,140,000 France Government Bond OAT 

3.75% 25/4/2021 2,070,939 1.44 

€50,000 France Government Bond OAT 'OATE' 

2.25% 25/7/2020 56,168 0.04 

€1,000,000 France Treasury Bill BTF 0% 

28/12/2006 

___________ 

1,000,000 

______ 

0.70 

___________ 

3,127,107 

______ 

2.18 

Germany 


€7,785,000 Bundesobligation '147' 2.5% 

8/10/2010 7,409,628 5.16 

€4,740,000 Bundesobligation '148' 3.5% 8/4/2011 4,663,209 3.25 

€5,270,000 Bundesrepublik Deutschland '02' 

5% 4/7/2012 5,542,080 3.86 


4.75% 4/7/2034 6,278,746 4.37 


3.25% 4/7/2015 5,467,349 3.81 


4% 4/1/2037 3,734,057 2.60 


3.75% 4/1/2017 501,992 0.35 


4% 4/7/2016 10,283,227 7.16 

C$675,000 Kreditanstalt fuer Wiederaufbau 

4.7% 2/6/2037 

___________ 

448,768 

______ 

0.31 

___________ 

56,334,696 

______ 

39.23 



26/1/2026 

___________ 

5,249,480 

______ 

3.66 

Ireland 

£650,000 GE Capital UK Funding EMTN 4.625% 

18/1/2016 

___________ 

913,893 

______ 

0.64 




Japan 

US$600,000 Aiful 4.45% 16/2/2010 437,125 0.30 

£350,000 East Japan Railway EMTN 4.75% 

8/12/2031 510,515 0.36 

¥270,000,000 Japan Finance Corporation for 

Municipal Enterprises 2% 9/5/2016 1,773,450 1.24 



27/10/2014 

___________ 

350,542 

______ 

0.24 

___________ 

3,659,737 

______ 

2.55 

Jersey 


22/12/2008 (Perpetual) 

___________ 

491,041 

______ 

0.34 

Netherlands 


Finance 7.5% 29/5/2007 506,827 0.35 

£460,000 ICI Investments Netherlands EMTN 

7.625% 21/8/2007 

___________ 

691,034 

______ 

0.48 

___________ 

1,197,861 

______ 

0.83 

Portugal 

€15,000,000 Portugal Treasury Bill 0% 19/1/2007 

___________ 

14,999,250 

______ 

10.44 

Singapore 

SGD4,225,000 Singapore Government Bond 3.5% 

1/7/2012 

___________ 

2,141,963 

______ 

1.49 


US$850,000 Credit Suisse (London) 7.9% 1/5/2007 

(Perpetual) 649,473 0.45 

£550,000 MBNA Europe Funding EMTN 6% 

12/11/2010 831,234 0.58 

€500,000 mmO2 EMTN 6.375% 25/1/2007 501,645 0.35 

£950,000 UK Treasury 4% 7/3/2009 1,381,214 0.96 

£325,000 UK Treasury 5% 7/3/2025 514,158 0.36 

£875,000 United Kingdom Gilt 4% 7/9/2016 1,229,222 0.85 

£520,000 United Kingdom Gilt 4.25% 7/3/2011 751,526 0.52 

£735,000 United Kingdom Gilt 4.25% 7/6/2032 1,089,310 0.76 


£92,000 United Kingdom Gilt 5% 7/9/2014 

___________ 

138,401 

______ 

0.10 

___________ 

7,515,037 

______ 

5.23 

United States 

US$1,100,000 ASIF Global Financing XVIII 3.85% 

26/11/2007 823,644 0.57 

US$1,640,000 BA Credit Card Trust '2006-A16 A16' 

4.72% 15/5/2013 1,228,865 0.86 

US$1,065,000 Capco America Securitization 

'1998-D7 A1B' 6.26% 15/10/2030 817,833 0.57 

US$885,000 Chase Commercial Mortgage Securities 

'1999-2 A2' 7.198% 15/1/2032 701,059 0.49 

US$1,425,000 Citibank Credit Card Master Trust I 

'1998-2 A' 6.05% 15/1/2010 1,089,770 0.76 

US$1,175,000 CS First Boston Mortgage Securities 

'2002-CKS4 A2' 5.183% 15/11/2036 887,744 0.62 

US$960,000 CW Capital Cobalt Ltd '2006-C1 A4' 

5.223% 15/8/2048 720,405 0.50 

US$900,000 Daimler Chrysler Auto Trust 

'2006-C A4' 4.98% 8/11/2011 681,689 0.47 

US$3,000,000 Fannie Mae Interest Strip '360 2' 5% 

1/8/2035 545,921 0.38 



Global Bond Fund (Euro) continued 





US$775,000 Ford Credit Auto Owner Trust 

'2006-C A3' 5.16% 15/11/2010 587,511 0.41 

US$1,170,000 Ge Capital Commercial Mortgage 

'2005-C1 A2' 4.353% 10/6/2048 866,447 0.60 

US$1,200,000 Honda Auto Receivables Owner Trust 

'2006-3 A3' 5.12% 15/10/2010 909,125 0.63 

US$975,000 Keycorp '2000-C1 A2' 7.727% 

17/5/2032 783,325 0.55 

US$1,070,000 Morgan Stanley Capital I 

'2006-IQ12 A4' 5.332% 15/12/2043 809,738 0.56 

US$520,000 Raytheon 6.75% 15/8/2007 397,377 0.28 

US$560,000 Socgen Real Estate '144A' 7.64% 

30/9/2007 (Perpetual) (Pref) 431,526 0.30 

US$710,000 US Treasury Bond 3.5% 15/2/2010 520,017 0.36 









US$1,020,000 US Treasury Bond 4.875% 15/8/2016 784,151 0.55 





2% 15/1/2026 946,017 0.66 

US$810,000 US Treasury Inflation Indexed Bonds 

2.5% 15/7/2016 618,636 0.43 

US$1,120,000 Washington Mutual 4.375% 15/1/2008 840,658 0.59 

US$1,525,000 World Omni Auto Receivables Trust 

'2006-A A3' 5.01% 15/10/2010 1,154,583 0.80 

US$710,000 Yum! Brands 7.65% 15/5/2008 

___________ 

553,969 

______ 

0.39 

___________ 

37,575,735 

______ 

26.17 



___________ 

3,191,790 

______ 

2.22 


___________ 

143,607,192 

______ 

100.00 



Purchases 


Unrealised 

profit/(loss) 

€ 

C$747,700 €493,638 10/1/2007 (5,035) 

C$339,600 US$301,002 10/1/2007 (6,330) 

CHF16,906,000 €10,638,987 10/1/2007 (123,089) 

CZK100,889,500 €3,558,430 10/1/2007 110,528 

€549,740 A$924,000 10/1/2007 (3,575) 

€3,119,230 C$4,635,512 10/1/2007 90,039 

€3,533,636 CZK98,559,000 10/1/2007 (50,572) 

€4,519,768 DKr33,697,524 10/1/2007 (762) 

€9,767,916 £6,595,637 10/1/2007 (51,312) 

€10,957,333 ¥1,679,926,500 10/1/2007 228,092 

€2,188,678 SGD4,361,000 10/1/2007 30,301 

€61,438,803 US$80,555,467 10/1/2007 353,547 

£806,900 €1,200,042 10/1/2007 1,227 

¥125,826,500 €808,412 10/1/2007 (4,792) 

¥526,795,000 US$4,502,160 10/1/2007 (49,492) 

SKr31,987,000 €3,524,072 10/1/2007 14,297 

US$280,135 A$365,000 10/1/2007 (6,145) 

US$13,504,067 CHF16,690,000 10/1/2007 (141,401) 

US$15,339,600 €11,914,286 10/1/2007 (282,258) 

US$3,440,329 SKr24,295,000 10/1/2007 (78,684) 

¥173,693,234 €1,170,000 11/1/2007 (60,598) 

¥175,955,000 US$1,497,502 11/1/2007 (11,662) 

NOK9,839,609 €1,195,000 11/1/2007 (1,483) 

SKr4,487,846 €495,000 11/1/2007 1,448 

SGD2,375,000 US$1,513,684 11/1/2007 

_______ 

27,672 


_______ 

(20,039) 


Number 


of Contracts 


date € 

(27) Eurex Euro Bund March 2007 (3,135,780) 


11 Japanese Government Bond (TSE) March 2007 9,412,836 




89 Australian 90 Day Treasury Bill June 2007 11,991,145 

(70) MSE 3 Month Canadian Banker Acceptance June 2007 (10,952,225) 

_________ 


_________ 






Global Bond Fund (Euro) continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

US$8,100,000 Interest Rate Swaps (Barclays) 

(Fund pays Floating USD Libor BBA 3-Month; 


¥163,000,000 Interest Rate Swaps (Deutsche Bank) 

(Fund pays Floating JPM Fixing 

LIBOR 6-Month; and receives 

Fixed 1.505%) (18/12/2013) – 

¥52,000,000 Interest Rate Swaps (Deutsche Bank) (Fund 

pays Floating JPM Fixing LIBOR 6-Month; 

and receives Fixed 2.385%) (18/12/2036) – 

__________ 

(1,724) 

__________ 

Note: The net unrealised loss attributed to these transactions is included in the Statement of Net Assets (see Note 2c). 



Global Bond Fund (US Dollar) 





BONDS 

Australia 

A$775,000 New South Wales Treasury '10RG' 7% 

1/12/2010 

___________ 

626,627 

______ 

0.43 

Austria 

€2,725,000 Republic of Austria '2' 4.65% 

15/1/2018 

___________ 

3,799,697 

______ 

2.63 

Canada 


C$1,690,000 Government of Canada 4.5% 1/6/2015 

___________ 

1,497,609 

______ 

1.03 

___________ 

2,711,637 

______ 

1.87 



3/4/2012 

___________ 

728,103 

______ 

0.50 

Denmark 



1/10/2038 

___________ 

1,391,115 

______ 

0.96 

___________ 

4,268,586 

______ 

2.95 

France 

€2,030,000 France Government Bond OAT 

3.75% 25/4/2021 2,589,624 1.79 

€90,000 France Government Bond OAT 

'OATE' 2.25% 25/7/2020 

___________ 

133,274 

______ 

0.09 

___________ 

2,722,898 

______ 

1.88 

Germany 

€8,473,000 Bundesobligation '139' 4% 

16/2/2007 11,174,509 7.72 


8/10/2010 8,155,270 5.63 


8/4/2011 3,371,841 2.33 


5% 4/7/2012 7,580,152 5.23 


4.75% 4/7/2034 2,074,305 1.43 


3.25% 4/7/2015 2,102,558 1.45 


3.5% 4/1/2016 1,071,177 0.74 


4% 4/1/2037 6,724,318 4.64 


4% 4/7/2016 5,957,021 4.11 


3.75% 4/1/2009 591,862 0.41 

C$675,000 Kreditanstalt fuer Wiederaufbau 

4.7% 2/6/2037 

___________ 

591,592 

______ 

0.41 

___________ 

49,394,605 

______ 

34.10 



26/1/2026 

___________ 

4,047,058 

______ 

2.79 

Ireland 

£575,000 GE Capital UK Funding EMTN 

4.625% 18/1/2016 

___________ 

1,065,704 

______ 

0.74 




Japan 

US$500,000 Aiful 4.45% 16/2/2010 480,218 0.33 

¥75,000,000 Development Bank of Japan 1.7% 

20/9/2022 604,033 0.42 


8/12/2031 672,970 0.47 



27/10/2014 

___________ 

396,078 

______ 

0.27 

___________ 

2,863,945 

______ 

1.98 

Jersey 


22/12/2008 (Perpetual) 

___________ 

574,252 

______ 

0.40 

Netherlands 


Finance 7.5% 29/5/2007 788,369 0.55 


7.625% 21/8/2007 

___________ 

831,722 

______ 

0.57 

___________ 

1,620,091 

______ 

1.12 

Singapore 

SGD3,900,000 Singapore Government Bond 3.5% 

1/7/2012 

___________ 

2,606,463 

______ 

1.80 


US$760,000 Credit Suisse (London) 7.9% 

1/5/2007 (Perpetual) 765,543 0.53 

£310,000 MBNA Europe Funding EMTN 

6% 12/11/2010 617,603 0.42 

€500,000 mmO2 EMTN 6.375% 25/1/2007 661,277 0.46 

£700,000 UK Treasury 4% 7/3/2009 1,341,598 0.92 

£200,000 UK Treasury 5% 7/3/2025 417,091 0.29 

£325,000 UK Treasury 9% 12/7/2011 739,046 0.51 

£475,000 United Kingdom Gilt 4% 7/9/2016 879,636 0.61 

£585,000 United Kingdom Gilt 4.25% 7/6/2032 1,142,897 0.79 

£415,000 United Kingdom Gilt 4.75% 7/3/2020 

___________ 

823,189 

______ 

0.57 

___________ 

7,387,880 

______ 

5.10 

United States 

US$1,100,000 ASIF Global Financing XVIII 3.85% 

26/11/2007 1,085,810 0.75 


4.72% 15/5/2013 1,422,450 0.98 

US$955,000 Capco America Securitization 

'1998-D7 A1B' 6.26% 15/10/2030 966,791 0.67 


'1999-2 A2' 7.198% 15/1/2032 856,326 0.59 

US$1,275,000 Citibank Credit Card Master Trust I 

'1998-2 A' 6.05% 15/1/2010 1,285,418 0.89 

US$900,000 CS First Boston Mortgage Securities 

'2002-CKS4 A2' 5.183% 15/11/2036 896,410 0.62 


5.223% 15/8/2048 801,317 0.55 


'2006-C A4' 4.98% 8/11/2011 798,819 0.55 


1/8/2035 647,718 0.45 


'2006-C A3' 5.16% 15/11/2010 714,553 0.49 


'2005-C1 A2' 4.353% 10/6/2048 1,064,135 0.73 

US$1,125,000 Honda Auto Receivables Owner Trust 

'2006-3 A3' 5.12% 15/10/2010 1,123,594 0.78 


Global Bond Fund (US Dollar) continued 





US$898,278 Keycorp '2000-C1 A2' 7.727% 

17/5/2032 951,398 0.66 

US$830,000 Morgan Stanley Capital I '2006-IQ12 A4' 

5.332% 15/12/2043 828,044 0.57 

US$210,000 Raytheon 6.75% 15/8/2007 211,560 0.15 









US$850,000 US Treasury Bond 6.5% 15/11/2026 1,021,926 0.71 







2% 15/1/2026 895,499 0.62 


2.5% 15/7/2016 624,246 0.43 

US$1,000,000 Washington Mutual 4.375% 15/1/2008 989,500 0.68 


'2006-A A3' 5.01% 15/10/2010 1,422,278 0.98 

US$600,000 Yum! Brands 7.65% 15/5/2008 

___________ 

617,152 

______ 

0.43 

___________ 

29,300,090 

______ 

20.23 



___________ 

31,117,738 

______ 

21.48 


___________ 

144,835,374 

______ 

100.00 



Purchases 


Unrealised 

profit/(loss) 

US$ 

C$315,000 US$279,198 10/1/2007 (7,750) 

CHF16,051,000 US$12,984,218 10/1/2007 181,509 

CZK93,673,000 US$4,168,436 10/1/2007 323,770 

DKr16,879,300 US$2,965,850 10/1/2007 20,187 

€27,022,566 US$34,993,341 10/1/2007 640,420 

£1,291,398 US$2,496,758 10/1/2007 38,506 

HUF518,000 US$2,546 10/1/2007 169 

¥495,825,000 US$4,237,480 10/1/2007 (61,536) 

SKr31,366,000 US$4,444,234 10/1/2007 131,254 

US$907,753 A$1,175,000 10/1/2007 (20,119) 

US$3,837,609 C$4,337,694 10/1/2007 99,641 

US$12,783,001 CHF15,798,818 10/1/2007 (175,875) 

US$4,407,881 CZK96,132,000 10/1/2007 (202,250) 

US$7,216,877 DKr41,633,740 10/1/2007 (148,350) 

US$98,434,089 €76,556,814 10/1/2007 (2,518,841) 

US$10,940,912 £5,709,000 10/1/2007 (266,959) 

US$9,215,210 ¥1,069,758,500 10/1/2007 205,476 

US$3,224,379 SKr22,770,000 10/1/2007 (97,175) 

US$2,589,820 SGD4,026,000 10/1/2007 (37,803) 

¥161,074,496 €1,085,000 11/1/2007 (74,070) 

¥164,940,000 US$1,403,757 11/1/2007 (14,452) 

NOK9,098,552 €1,105,000 11/1/2007 (1,761) 

SKr3,989,196 €440,000 11/1/2007 1,716 

SGD2,140,000 US$1,363,909 11/1/2007 

________ 

32,850 


________ 


Number 


of Contracts 


date US$ 

16 Eurex Euro-Bund March 2007 2,449,565 


12 Japanese Government Bond (TSE) March 2007 13,536,701 





(65) MSE 3 Month Canadian Bankers Acceptance June 2007 (13,406,565) 

_________ 


_________ 







Global Bond Fund (US Dollar) continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$7,600,000 Interest Rate Swaps (Barclays) (Fund pays 

Floating USD Libor BBA 3-Month; and receives 

Fixed 5.089%) (10/11/2011) (2,133) 

¥43,000,000 Interest Rate Swaps (Citibank) (Fund pays 

Floating JPY Fixing Libor 6-Month; and receives 

Fixed 2.39%) (18/12/2036) (3,419) 


Fixed 1.51% and receives JPY Fixing 

Libor 6-Month) (18/12/2013) 3,715 

__________ 

(1,837) 

__________ 



Global Capital Securities Absolute Return Fund (1) 





BONDS 

Australia 

£290,000 Insurance Australia Group 5.625% 

21/12/2026 426,384 0.42 

€450,000 Macquarie Bank EMTN FRN 20/6/2013 453,548 0.44 

€200,000 National Australia Bank EMTN FRN 

23/9/2014 200,600 0.20 

US$1,050,000 National Capital Trust II '144A' 5.486% 

23/3/2015 (Perpetual) 771,963 0.75 

£150,000 Stockland Finance Pty EMTN 5.625% 

25/10/2013 

___________ 

221,292 

______ 

0.22 

___________ 

2,073,787 

______ 

2.03 

Austria 

€120,000 BAWAG PSK – Bank fuer Arbeit und 

Wirtschaft und Oesterreichische 

Postsparkasse EMTN 4.35% 

28/5/2013 

___________ 

118,916 

______ 

0.11 

Canada 

€550,000 Bombardier FRN 15/11/2013 551,690 0.54 

US$570,000 Royal Bank of Canada 5.65% 

20/7/2011 

___________ 

440,677 

______ 

0.43 

___________ 

992,367 

______ 

0.97 


€350,000 Mizuho Financial Group (Cayman) 

4.75% 15/4/2014 353,386 0.35 

€250,000 Norinchukin Finance (Cayman) EMTN 

4.25% 28/9/2016 247,987 0.24 

US$650,000 Santander Central Hispano Issuances 

7.625% 3/11/2009 523,226 0.51 

US$140,000 Santander Central Hispano Issuances 

7.625% 14/9/2010 

___________ 

114,879 

______ 

0.11 

___________ 

1,239,478 

______ 

1.21 

Denmark 

€743,000 Danica Pension Livsforsikringsaktieselskab 

4.35% 6/10/2011 (Perpetual) 736,153 0.72 

£300,000 Danske Bank EMTN 5.684% 

15/2/2017 (Perpetual) 440,857 0.43 

€150,000 FIH Erhvervsbank EMTN FRN 

3/11/2009 

___________ 

149,992 

______ 

0.15 

___________ 

1,327,002 

______ 

1.30 

France 

€230,000 Alcatel 4.375% 17/2/2009 232,024 0.23 

€220,000 Alstom 6.25% 3/3/2010 231,550 0.23 

US$1,000,000 AXA '144A' 6.463% 14/12/2018 

(Perpetual) 749,336 0.73 

£850,000 AXA EMTN 6.667% 6/7/2016 

(Perpetual) 1,302,444 1.27 

US$150,000 Caisse Nationale des Caisses 

d'Epargne et de Prevoyance 6.75% 

27/1/2012 (Perpetual) 116,481 0.11 

€100,000 Caisse Nationale des Caisses 

d'Epargne et de Prevoyance EMTN 

5.25% 30/7/2014 (Perpetual) 103,201 0.10 






4.75% 21/7/2011 230,496 0.23 

€500,000 CNP Assurances 4.75% 

22/12/2016 (Perpetual) 490,751 0.48 

€100,000 Compagnie de Saint-Gobain 

4.25% 31/5/2011 99,309 0.10 


28/1/2033 217,346 0.21 

€350,000 Pernod-Ricard 4.625% 6/12/2013 

___________ 

345,908 

______ 

0.34 

___________ 

4,311,037 

______ 

4.22 

Germany 

€1,000,000 Commerzbank EMTN 4.125% 

13/9/2016 986,895 0.97 

€750,000 HT1 Funding 6.352% 30/6/2017 

(Perpetual) 

___________ 

796,792 

______ 

0.78 

___________ 

1,783,687 

______ 

1.75 

Guernsey 


30/11/2011 163,395 0.16 

€400,000 Credit Suisse Group Finance 

Guernsey 3.625% 23/1/2018 

___________ 

383,476 

______ 

0.38 

___________ 

546,871 

______ 

0.54 

Hungary 

€475,000 MOL Hungarian Oil & Gas 3.875% 

5/10/2015 

___________ 

429,818 

______ 

0.42 

India 

US$2,010,000 ICICI Bank 7.25% 31/10/2016 

(Perpetual) 

___________ 

1,580,129 

______ 

1.54 

Ireland 

€100,000 Allied Irish Banks 7.5% 28/2/2011 

(Perpetual) 111,370 0.11 

€700,000 Anglo Irish Bank EMTN FRN 25/6/2014 704,375 0.69 

€750,000 Irish Life & Permanent EMTN FRN 

7/12/2015 748,135 0.73 

£200,000 Irish Nationwide Building Society 

EMTN 5.5% 10/1/2018 294,840 0.29 

£130,000 Lambay Capital Securities EMTN 

6.25% 16/6/2015 (Perpetual) 

___________ 

189,161 

______ 

0.19 

___________ 

2,047,881 

______ 

2.01 

Italy 

€300,000 SanPaolo IMI EMTN 3.75% 9/6/2015 

___________ 

294,996 

______ 

0.29 

Japan 

US$340,000 Aiful 4.45% 16/2/2010 247,996 0.24 


3.5% 16/12/2015 483,905 0.48 


€200,000 Shinsei Bank 3.75% 23/2/2016 194,108 0.19 


27/10/2014 

___________ 

500,755 

______ 

0.49 

___________ 

2,308,867 

______ 

2.26 




Global Capital Securities Absolute Return Fund (1) continued 





Jersey 

€90,000 Bawag Capital Finance Jersey 

8.765% 31/10/2010 (Perpetual) 99,198 0.10 

€250,000 HSBC Capital Funding 

(Jersey Channel Islands) 

5.3687% 24/3/2014 (Perpetual) 259,967 0.25 

€350,000 Lloyds TSB Capital 7.375% 

7/2/2012 (Perpetual) 394,860 0.39 

US$2,104,000 Old Mutual Capital Funding 8% 

22/12/2008 (Perpetual) 1,667,361 1.63 

€1,450,000 ProSecure Funding 4.668% 30/6/2016 

___________ 

1,418,297 

______ 

1.39 

___________ 

3,839,683 

______ 

3.76 

Luxembourg 


24/2/2010 157,687 0.15 


18/12/2008 102,926 0.10 


for Swiss Life 5% 

16/11/2015 (Perpetual) 345,355 0.34 

€150,000 Merck Finanz 3.75% 7/12/2012 143,780 0.14 


24/1/2033 333,382 0.33 

US$1,350,000 VTB Capital SA for Vneshtorgbank 

FRN 1/8/2008 

___________ 

1,024,977 

______ 

1.00 

___________ 

2,108,107 

______ 

2.06 

Mexico 

US$550,000 America Movil SA de CV 6.375% 

1/3/2035 

___________ 

408,136 

______ 

0.40 

Netherlands 

US$200,000 ABN Amro Bank EMTN FRN 9/3/2015 151,799 0.15 

€200,000 Allianz Finance 'XW' 4.375% 

17/2/2017 (Perpetual) 189,361 0.18 



15/9/2014 147,548 0.14 

€200,000 Generali Finance 5.317% 

16/6/2016 (Perpetual) 201,102 0.20 

£900,000 Generali Finance 6.214% 

16/6/2016 (Perpetual) 1,336,940 1.31 

£100,000 ING Groep 5.14% 17/3/2016 

(Perpetual) 142,315 0.14 

€80,000 Koninklijke Ahold EMTN 5.875% 

9/5/2008 81,340 0.08 

€200,000 LeasePlan 4.5% 8/11/2016 199,154 0.19 


€200,000 SNS Bank EMTN FRN 10/11/2015 

___________ 

200,014 

______ 

0.20 

___________ 

2,829,018 

______ 

2.77 

Norway 

€125,000 DnB NORBank 7.068% 

19/11/2012 (Perpetual) 

___________ 

140,596 

______ 

0.14 

Spain 


Unipersonal 4.564% 

27/7/2010 (Perpetual) 402,360 0.40 

€150,000 Santander Perpetual 4.375% 

10/12/2014 (Perpetual) 

___________ 

146,794 

______ 

0.14 

___________ 

549,154 

______ 

0.54 




Sweden 

€400,000 If P&C Insurance 7.5% 30/3/2021 444,065 0.43 

€550,000 SKF 4.25% 13/12/2013 

___________ 

540,128 

______ 

0.53 

___________ 

984,193 

______ 

0.96 

US$550,000 


Emirates Bank International 

EMTN FRN 7/12/2016 

___________ 

418,293 

______ 

0.41 


€130,000 AIB UK 1 4.781% 

17/12/2014 (Perpetual) 124,236 0.12 

€160,000 Allied Domecq Financial Services 

GMTN 5.875% 12/6/2009 165,365 0.16 

£100,000 Amlin 6.5% 19/12/2026 146,612 0.14 


4.875% 27/11/2008 489,412 0.48 

£70,000 Anglo Irish Asset Finance 8.536% 

28/6/2011 (Perpetual) 115,281 0.11 

€970,000 Aviva 4.729% 28/11/2014 (Perpetual) 948,932 0.93 

€750,000 Aviva 5.25% 2/10/2023 781,672 0.77 

US$1,000,000 Aviva EMTN FRN 19/6/2017 759,023 0.74 

US$1,000,000 Barclays Bank 7.375% 

15/12/2011 (Perpetual) 820,140 0.80 

€110,000 Barclays Bank EMTN 4.75% 

15/3/2020 (Perpetual) 97,931 0.10 

€450,000 Britannia Building Society EMTN FRN 

18/5/2016 449,492 0.44 

£130,000 British Airways 8.75% 23/8/2016 213,169 0.21 

£600,000 BUPA Finance 6.125% 

16/9/2020 (Perpetual) 888,476 0.87 

US$500,000 Credit Suisse (London) 7.9% 

1/5/2007 (Perpetual) 382,043 0.37 

US$1,180,000 HBOS '144A' 5.375% 

1/11/2013 (Perpetual) 881,575 0.86 

US$200,000 HBOS 5.92% 1/10/2015 



8/6/2025 114,921 0.11 

£900,000 Legal & General Group EMTN 5.875% 

1/4/2019 (Perpetual) 1,352,353 1.33 

€1,100,000 Lehman Brothers UK Capital Funding II 

3.875% 22/2/2011 (Perpetual) 1,068,479 1.05 

£80,000 Lend Lease Europe Finance 6.125% 

12/10/2021 117,197 0.12 

€400,000 Lloyds TSB Bank 5.625% 

15/7/2009 (Perpetual) 412,924 0.40 

€200,000 Nationwide Building Society EMTN 

3.125% 26/1/2010 194,003 0.19 

£50,000 Next 5.875% 12/10/2016 73,585 0.07 

€400,000 Old Mutual EMTN 5% 

4/11/2015 (Perpetual) 392,086 0.38 


£440,000 Resolution 6.5864% 

25/4/2016 (Perpetual) 646,623 0.63 

£95,000 RL Finance Bonds EMTN 6.125% 

15/12/2015 (Perpetual) 137,718 0.14 

£1,045,000 SL Finance 6.546% 

6/1/2020 (Perpetual) 1,572,289 1.54 

£70,000 Standard Chartered Bank 8.103% 

11/5/2016 (Perpetual) 119,646 0.12 

US$1,000,000 Standard Chartered Bank EMTN 

FRN 9/6/2016 

___________ 

760,316 

______ 

0.75 

___________ 

14,999,836 

______ 

14.69 







United States 

US$1,300,000 ABN Amro North American Holding 

Preferred Capital Repackage Trust I 

'144A' 6.523% 8/11/2012 (Perpetual) 1,034,182 1.01 

US$350,000 American Express 6.8% 1/9/2066 283,941 0.28 

US$320,000 ANZ Capital Trust II '144A' 5.36% 

15/12/2053 (Perpetual) 237,002 0.23 

US$350,000 AT&T 6.8% 15/5/2036 283,168 0.28 

€275,000 Banca Popolare di Bergamo Capital 

Trust 8.364% 15/2/2011 


€500,000 BNP Paribas Capital Trust IV 6.342% 

24/1/2012 (Perpetual) 540,580 0.53 

€100,000 CIT Group GMTN 4.25% 22/9/2011 99,246 0.10 

US$170,000 Citigroup 5.625% 27/8/2012 131,623 0.13 

US$380,000 Comcast 6.5% 15/11/2035 291,274 0.29 

£150,000 Commerzbank Capital Funding Trust I 

5.905% 12/4/2018 (Perpetual) 218,019 0.21 

US$170,000 COX Communications 5.45% 15/12/2014 125,752 0.12 


18/1/2031 308,236 0.30 

US$140,000 Deutsche Bank Financial 5.375% 

2/3/2015 105,684 0.10 

US$200,000 Enterprise Products Operating 8.375% 

1/8/2066 164,788 0.16 

US$330,000 General Electric Capital EMTN 6% 

2/2/2046 249,384 0.25 

US$330,000 General Electric Capital MTNA 6.75% 

15/3/2032 287,990 0.28 

US$550,000 Genworth Financial 6.15% 15/11/2066 417,870 0.41 

US$170,000 Goldman Sachs Group 5.15% 15/1/2014 127,296 0.13 

US$180,000 Goldman Sachs Group 6.345% 

15/2/2034 138,842 0.14 

US$100,000 ICI Wilmington 4.375% 1/12/2008 73,936 0.07 

€200,000 IntesaBci Capital Trust 6.988% 

12/7/2011 (Perpetual) 219,702 0.22 

US$410,000 JPMorgan Chase & Co 5.125% 

15/9/2014 306,626 0.30 

€150,000 Lehman Brothers Holdings EMTN 

FRN 4/5/2011 149,748 0.15 

€225,000 MPS Capital Trust I 7.99% 

7/2/2011 (Perpetual) 253,286 0.25 

US$170,000 New Cingular Wireless Services 

8.125% 1/5/2012 145,409 0.14 

€110,000 Pemex Project Funding Master 

Trust 6.625% 4/4/2010 117,307 0.12 

US$1,000,000 RBS Capital Trust I 4.709% 


US$390,000 RBS Capital Trust III 5.512% 

30/9/2014 (Perpetual) 289,481 0.28 




US$220,000 Sprint Capital 8.75% 15/3/2032 201,455 0.20 

US$250,000 Teva Pharmaceutical Finance 

6.15% 1/2/2036 185,310 0.18 

US$600,000 UBS (Stamford Branch) 5.875% 

15/7/2016 471,959 0.46 

US$200,000 UBS Preferred Funding Trust I 

8.622% 1/10/2010 (Perpetual) (Pref) 167,570 0.16 

US$1,200,000 Unicredito Italiano Capital Trust II 

'144A' 9.2% 5/10/2010 (Perpetual) 1,023,041 1.00 

€150,000 Unicredito Italiano Capital Trust III 

4.028% 27/10/2015 (Perpetual) 140,064 0.14 

US$150,000 Wachovia Bank NA (Old) 5.6% 

15/3/2016 115,265 0.11 

US$250,000 Wells Fargo & Co 5.125% 15/9/2016 185,933 0.18 

US$290,000 Westpac Capital Trust III '144A' 

5.819% 30/9/2013 (Perpetual) 218,314 0.21 

US$2,000,000 ZFS Finance USA Trust I '144A' 

6.45% 15/12/2065 1,551,805 1.52 


17/9/2014 

___________ 

554,301 

______ 

0.54 

___________ 

12,450,488 

______ 

12.20 




___________ 

57,782,340 

______ 

56.58 


BONDS 

France 

US$450,000 Societe Generale '144A' 5.75% 

20/4/2016 

___________ 

347,788 

______ 

0.34 

US$990,000 

Jersey 

HSBC Capital Funding 

(Jersey Channel Islands) '144A' 4.61% 

27/6/2013 (Perpetual) (Pref) 

___________ 

710,474 

______ 

0.70 

United States 

US$260,000 Swiss Re Capital I 6.854% 

25/5/2016 (Perpetual) (Pref) 

___________ 

207,815 

______ 

0.20 


___________ 

1,266,077 

______ 

1.24 



___________ 

43,073,334 

______ 

42.18 


___________ 

102,121,751 

______ 

100.00 





Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

€3,600,000 Credit Default Swaps (Goldman Sachs) (Fund 

pays Fixed 1%; and receives default protection 

on iTraxx Europe HiVol CDS) 

(20/6/2016) (74,726) 

€1,000,000 Credit Default Swaps (Barclays) (Fund pays 

Fixed 1%; and receives default protection 

on iTraxx Europe HiVol Series 5 HI4) 

(20/6/2016) (20,756) 


quarterly coupon of Glitnir Banki hf. FRN, 

27/1/2010; and receives Fixed 0.51%) 

(20/12/2011) 3,457 

US$7,750,000 Interest Rate Swaps (Goldman Sachs) (Fund 

pays Floating US$ Libor BBA 3-Month; 




Europe 6 V1; and receives Fixed 0.30%) 

(20/12/2011) 4,628 

€900,000 Credit Default Swaps (CitiBank) (Fund pays 


performance of iTraxx Europe 6 V1) 

(20/12/2016) (5,002) 

€5,350,000 Credit Default Swaps (UBS) (Fund pays 


Europe 6 V1; and receives Fixed 0.30%) 

(20/12/2011) 16,120 

€3,030,000 Credit Default Swaps (UBS) (Fund pays 


performance of iTraxx Europe 6 V1) 

(20/12/2016) (17,419) 

€1,800,000 Credit Default Swaps (Citibank) (Fund buys 

default protection on Perod Ricard SA 4.625% 

12/6/2013; and receives Fixed 0.51%) 

(20/12/2011) (1,739) 

€1,800,000 Credit Default Swaps (Citibank) (Fund sells 

default protection on Imperial Tobacco Group 

PLC 6.25% 12/4/2018; and receives Fixed 0.38%) 

(20/12/2011) (1,378) 







€1,800,000 Credit Default Swaps (Citibank) (Fund buys 

default protection on Mittal Steel Company N.V. 0%; 


€2,800,000 Credit Default Swaps (Citibank) (Fund sells default 


and pays Fixed 0.46%) (20/12/2011) 10,061 

_______ 

(71,997) 

_______ 




Purchases 


Unrealised 

profit/(loss) 

€ 

A$1,204,000 €710,119 12/3/2007 7,402 

CHF3,948,000 €2,495,575 12/3/2007 (33,691) 

CHF4,285,000 US$3,526,256 12/3/2007 5,270 

€1,508,652 C$2,307,000 12/3/2007 2,605 

€9,400,144 £6,367,877 12/3/2007 (57,571) 

€23,317,203 US$31,126,068 12/3/2007 (222,142) 

¥133,464,000 €880,823 12/3/2007 (24,413) 

US$5,689,020 €4,307,711 12/3/2007 (5,343) 

US$1,369,553 £695,000 12/3/2007 

________ 

3,506 


________ 

(324,377) 




Number 


of Contracts 


date € 

25 Eurex Euro-Bund March 2007 2,907,500 

(69) Eurex E-Schatz March 2007 (7,141,845) 

12 Euro BUXL 30 Year Bund March 2007 1,186,320 

47 Euro DTB BOBL March 2007 5,119,711 


(193) LIFFE Long Gilt March 2007 (31,075,443) 




(16) US Treasury 30 Year Bond March 2007 (1,353,637) 

40 LIFFE 3 Month Sterling September 2007 7,035,741 

45 LIFFE 3 Month Sterling March 2008 

_________ 

7,916,884 


_________ 




Global Dynamic Equity Fund (1) 





FUNDS 


441,600 Vietnam Enterprise Investments 'C' 

___________ 

503,424 

______ 

0.14 

United States 

39,000 Consumer Staples Select Sector 

SPDR Fund – ETF 1,023,945 0.29 

39,200 Health Care Select Sector 

SPDR Fund – ETF 1,317,904 0.38 


Sector Index Fund – ETF 466,495 0.13 

50,600 iShares MSCI Brazil Index Fund – ETF 2,365,550 0.68 

83,500 iShares MSCI South Korea Index 

Fund – ETF 4,126,570 1.19 

4,700 Telecom HOLDRs Trust – ETF 165,487 0.05 

53,300 Utilities Select Sector SPDR Fund – ETF 

___________ 

1,959,841 

______ 

0.56 

___________ 

11,425,792 

______ 

3.28 


___________ 

11,929,216 

______ 

3.42 


Australia 

32,000 BHP Billiton 639,545 0.18 

15,600 Coca-Cola Amatil 95,628 0.03 

45,800 Great Southern Plantations 102,027 0.03 

98,000 Macquarie Airports Management 278,695 0.08 

15,700 Macquarie Bank 978,909 0.28 

282,400 Macquarie Infrastructure Group 771,865 0.22 

13,600 Newcrest Mining 283,087 0.08 

10,700 Rio Tinto 628,020 0.18 

231,600 Sydney Roads Group 241,498 0.07 

62,000 Transurban Group 373,205 0.11 

6,800 Woodside Petroleum 204,714 0.06 

14,900 Zinifex 

___________ 

221,164 

______ 

0.06 

___________ 

4,818,357 

______ 

1.38 

Austria 


___________ 

115,067 

______ 

0.03 

Belgium 

21,500 AGFA-Gevaert 546,994 0.16 

124,500 RHJ International 

___________ 

2,652,149 

______ 

0.76 

___________ 

3,199,143 

______ 

0.92 

Bermuda 

500 Accenture 'A' 18,640 0.01 

144,000 Cheung Kong Infrastructure Holdings 447,406 0.13 

30,900 Endurance Specialty Holdings 1,140,210 0.33 

2,700 Everest Re Group 266,760 0.08 

37,500 Foster Wheeler 2,058,375 0.59 

20,300 IPC Holdings 641,500 0.18 

18,100 Platinum Underwriters Holdings 558,566 0.16 

11,900 RenaissanceRe Holdings 716,856 0.20 

33,900 Tyco International 1,042,764 0.30 


___________ 

263,025 

______ 

0.08 

___________ 

7,154,102 

______ 

2.06 

Brazil 

39,000 All America Latina Logistica (Unit) 404,979 0.12 

4,398,100 Cia Brasileira de Distribuicao Grupo 

Pao de Acucar (Pref) 154,438 0.04 

4,100 Cia Energetica de Minas Gerais ADR 201,064 0.06 




13,000 Cia Vale do Rio Doce ADR 329,550 0.09 

17,700 Companhia de Saneamento 

de Minas Gerais 207,674 0.06 

17,800 Cosan SA Industria e Comercio 372,674 0.11 

30,900 Datasul 285,119 0.08 

7,600 Localiza Rent A CAR 228,712 0.07 

16,900 Obrascon Huarte Lain Brasil 272,300 0.08 



400 Totvs 8,860 0.00 

2,400 Unibanco – Uniao de Bancos 

Brasileiros GDR 225,576 0.06 

8,100 Usinas Siderurgicas de Minas Gerais 

'A' (Pref) 305,410 0.09 

69,100 Vivo Participacoes ADR 

___________ 

284,692 

______ 

0.08 

___________ 

6,987,138 

______ 

2.01 

Canada 

61,000 Alamos Gold 501,370 0.14 

7,200 Barrick Gold 220,680 0.06 

700 BCE 18,907 0.01 

259,000 Bema Gold 1,350,004 0.39 

19,100 Canadian Pacific Railway 1,015,740 0.29 

37,000 Kinross Gold 440,229 0.13 

26,100 Nortel Networks † 658,663 0.19 

5,200 Petro-Canada 212,892 0.06 

25,600 Rogers Communications 'B' 755,840 0.22 

300 Sun Life Financial 12,786 0.00 

5,800 Suncor Energy 454,689 0.13 

3,900 Talisman Energy 

___________ 

66,394 

______ 

0.02 

___________ 

5,708,194 

______ 

1.64 


22,000 ACE 1,337,600 0.38 

367,400 Chaoda Modern Agriculture 236,810 0.07 

13,900 GlobalSantaFe 823,019 0.24 

1,550 Noble 118,932 0.03 

3,950 Transocean 320,582 0.09 


___________ 

2,096,990 

______ 

0.60 

___________ 

4,933,933 

______ 

1.41 

Chile 

11,700 Banco Santander Chile ADR 567,333 0.17 

9,200 Enersis (Chile) ADR 

___________ 

146,648 

______ 

0.04 

___________ 

713,981 

______ 

0.21 

China 


2,999 China Life Insurance ADR 154,748 0.05 

484,500 China Shenhua Energy 'H' 1,166,869 0.34 

1,709,300 Guangshen Railway 'H' 1,165,512 0.34 

80,700 Hainan Meilan International Airport 'H' 46,824 0.01 

170,000 Jiangsu Express 'H' 106,950 0.03 

25,200 Ping An Insurance Group Company 

of China 'H' 139,571 0.04 

366,200 Shanghai Electric Group 'H' 154,060 0.04 

745,200 Xiamen International Port 'H' 187,911 0.05 

1,277,500 Yanzhou Coal Mining 'H' 

___________ 

1,032,151 

______ 

0.30 

___________ 

4,161,508 

______ 

1.20 

Denmark 


___________ 

1,111,689 

______ 

0.32 


(†) 

Security pledged, see Note 14 for further details. 



Global Dynamic Equity Fund (1) continued 





Finland 

47,526 Fortum 

___________ 

1,350,726 

______ 

0.39 

France 

6,131 Assurances Generales de France 953,675 0.27 

18,003 BNP Paribas 1,970,932 0.57 



35,500 France Telecom 984,135 0.28 

15,659 Peugeot 1,039,323 0.30 

13,464 Renault 1,619,549 0.47 

32,541 Total 2,352,852 0.68 

3,722 Vallourec 1,083,825 0.31 

10,365 Vinci 

___________ 

1,321,927 

______ 

0.38 

___________ 

14,294,537 

______ 

4.11 

Germany 

8,843 Allianz SE 1,804,037 0.52 

16,211 BASF 1,578,147 0.46 

22,066 Bayer 1,182,710 0.34 


40,304 Deutsche Post 1,213,477 0.35 

13,379 E.ON 1,813,555 0.52 

14,894 Hochtief 1,083,771 0.31 


11,788 RWE 

___________ 

1,297,519 

______ 

0.37 

___________ 

12,026,909 

______ 

3.46 

Hong Kong 

732,200 Beijing Enterprises Holdings 1,565,609 0.45 

52,300 Cheung Kong Holdings 644,263 0.19 

147,500 Denway Motors 59,776 0.02 

110,700 Hutchison Whampoa 1,125,828 0.32 

2,570,000 Lenovo Group 1,044,823 0.30 

82,200 Shanghai Industrial Holdings 175,128 0.05 

63,600 Sun Hung Kai Properties 731,096 0.21 

4,513,200 Tianjin Development Holdings 3,205,134 0.92 

140,000 Wharf Holdings 

___________ 

517,831 

______ 

0.15 

___________ 

9,069,488 

______ 

2.61 

Hungary 


___________ 

869,241 

______ 

0.25 

India 

6,300 Bajaj Auto 373,064 0.11 

14,600 Container Corporation of India 701,562 0.20 

127,100 Gujarat Ambuja Cements 405,323 0.11 

8,900 Hindustan Petroleum 56,040 0.02 

23,600 Housing Development Finance 868,071 0.25 

17,800 Infosys Technologies 902,193 0.26 

30,700 Karnataka Bank 104,705 0.03 

50 Reliance Capital 686 0.00 

143,500 Reliance Communications 1,530,222 0.44 

75 Reliance Energy 882 0.00 

127,000 Reliance Industries 3,647,047 1.05 

1,000 Reliance Natural Resources 502 0.00 

16,900 State Bank of India 475,935 0.14 

44,200 Tata Motors 899,988 0.26 

6,550 Wockhardt 

___________ 

51,846 

______ 

0.01 

___________ 

10,018,066 

______ 

2.88 

Ireland 


___________ 

1,592,852 

______ 

0.45 




Israel 

53,500 ECI Telecom 464,915 0.13 

3,856 Ectel 18,663 0.01 


___________ 

217,132 

______ 

0.06 

___________ 

700,710 

______ 

0.20 

Italy 

201,788 Banca Intesa 1,508,223 0.43 

103,282 Capitalia 974,821 0.28 

76,998 ENI 2,592,313 0.75 


476,836 Telecom Italia – RNC 1,209,376 0.35 


___________ 

1,651,243 

______ 

0.47 

___________ 

8,787,494 

______ 

2.53 

Japan 

254,200 Aioi Insurance 1,796,882 0.52 

43,300 Ajinomoto 573,167 0.16 

30,200 Asahi Glass 363,419 0.10 

81,000 Bank of Fukuoka 591,656 0.17 

50,000 Bank of Kyoto 467,044 0.13 

55,300 Bank of Yokohama 433,716 0.12 

25,000 Canon 1,409,547 0.41 

42 Coca-Cola Central Japan 327,284 0.09 

54,077 Coca-Cola West Holdings 1,253,715 0.36 

16,000 Credit Saison 552,038 0.16 

100 East Japan Railway 669,009 0.19 

2,400 Fanuc 236,703 0.07 

16,000 Hokkaido Coca-Cola Bottling 96,674 0.03 

3,800 Hokuriku Electric Power 86,500 0.02 

7,600 Honda Motor 300,591 0.09 

5,500 House Foods 90,808 0.03 

165 Japan Tobacco 798,393 0.23 

48,123 JGC 828,153 0.24 

31,000 Kinden 251,219 0.07 

99,000 Kubota 918,082 0.26 

41,500 Mikuni Coca-Cola Bottling 401,965 0.12 

88,500 Millea Holdings 3,127,932 0.90 

4,200 Ministop 71,925 0.02 

55,200 Mitsubishi 1,040,523 0.30 

40 Mitsubishi UFJ Financial Group 494,814 0.14 

236,962 Mitsui Sumitomo Insurance 2,596,298 0.75 

10,600 Murata Manufacturing 718,070 0.21 

214,600 Nipponkoa Insurance 1,742,697 0.50 

33,100 Nomura Holdings 625,330 0.18 

880 NTT DoCoMo 1,392,212 0.40 

230 NTT Urban Development 445,164 0.13 

16 Okinawa Cellular Telephone 43,490 0.01 

126,000 Okumura 624,526 0.18 

7,200 Rinnai 215,699 0.06 

15,100 Rohto Pharmaceutical 160,743 0.05 


14,500 Shin-Etsu Chemical 972,503 0.28 

60,400 Shinsei Bank 355,795 0.10 

118,500 Sumitomo Chemical 920,417 0.26 

120 Sumitomo Mitsui Financial Group 1,231,986 0.35 

65,300 Suzuki Motor 1,846,364 0.53 


20,100 Tanabe Seiyaku 263,021 0.08 

39,000 Toho (Tokyo) 705,615 0.20 

212,000 Tokyo Gas 1,129,287 0.32 

17,200 Toyota Industries 

___________ 

791,736 

______ 

0.23 

___________ 

36,929,022 

______ 

10.61 







Malaysia 

36,600 British American Tobacco Malaysia 448,555 0.13 

173,200 IOI 903,055 0.26 

14,800 Malakoff 42,358 0.01 

66,600 Maxis Communications 192,496 0.06 

83,000 PLUS Expressways 66,090 0.02 

38,400 Telekom Malaysia 106,092 0.03 

251,925 Tenaga Nasional 

___________ 

778,119 

______ 

0.22 

___________ 

2,536,765 

______ 

0.73 

Mexico 


de CV ADR 746,304 0.22 


___________ 

1,222,650 

______ 

0.35 

___________ 

1,968,954 

______ 

0.57 

Netherlands 

2,400 Chicago Bridge & Iron (NY Shares) † 65,928 0.02 

24,600 European Aeronautic Defence & Space 846,051 0.24 

37,416 ING Groep – CVA 1,664,139 0.48 


___________ 

989,456 

______ 

0.28 

___________ 

3,565,574 

______ 

1.02 



___________ 

1,043,790 

______ 

0.30 

New Zealand 

16,500 Contact Energy 96,513 0.03 

29,600 Telecom Corporation of New Zealand 

___________ 

101,136 

______ 

0.03 

___________ 

197,649 

______ 

0.06 

Norway 

44,549 Statoil 1,177,179 0.34 

12,100 Telenor 

___________ 

227,345 

______ 

0.07 

___________ 

1,404,524 

______ 

0.41 

Panama 

5,850 McDermott International 

___________ 

295,659 

______ 

0.08 

Puerto Rico 

1,600 Santander BanCorp 

___________ 

28,560 

______ 

0.01 

Singapore 

320,000 CapitaLand 1,294,448 0.37 

290,500 Fraser and Neave 852,907 0.25 

121,600 Keppel 1,396,333 0.40 

158,000 Keppel Land 711,294 0.20 

331,900 MobileOne 465,574 0.13 

87,000 Oversea-Chinese Banking 437,072 0.13 

254,625 Parkway Holdings 521,643 0.15 

897,175 Singapore Telecommunications 

___________ 

1,919,967 

______ 

0.55 

___________ 

7,599,238 

______ 

2.18 

South Africa 

16,000 Gold Fields ADR 299,360 0.08 

4,400 Sasol 

___________ 

162,917 

______ 

0.05 

___________ 

462,277 

______ 

0.13 

South Korea 

4,100 Cheil Industries 173,113 0.05 

3,800 CJ 457,833 0.13 




16,000 Daegu Bank 273,667 0.08 

11,800 Dongbu Insurance 314,168 0.09 

21,000 Fine DNC 104,820 0.03 

6,200 Hana Financial Group 326,141 0.09 

18,019 Interflex 152,937 0.04 

7,700 Kookmin Bank 620,408 0.18 

17,100 Korea Electric Power 779,951 0.22 

45,100 Korean Reinsurance 616,149 0.18 

63,400 KT ADR 1,603,386 0.46 

18,900 KT&G 1,148,723 0.33 

7,200 LS Cable 297,419 0.09 

46,300 Meritz Fire & Marine Insurance 316,271 0.09 

300 Nong Shim 91,975 0.03 

30,392 Paradise 129,140 0.04 

3,200 POSCO 1,063,686 0.31 

10,100 POSCO ADR 837,896 0.24 

20,800 Pusan Bank 259,553 0.07 


___________ 

287,221 

______ 

0.08 

___________ 

9,854,457 

______ 

2.83 

Spain 


Argentaria 1,430,628 0.41 

14,200 Cintra Concesiones de Infraestructuras 

de Transporte 

___________ 

236,230 

______ 

0.07 

___________ 

1,666,858 

______ 

0.48 

Sweden 

69,809 Investor 'B' 1,684,585 0.48 

116,000 TeliaSonera 

___________ 

959,859 

______ 

0.28 

___________ 

2,644,444 

______ 

0.76 

Switzerland 



25,616 UBS 

___________ 

1,553,885 

______ 

0.44 

___________ 

5,654,221 

______ 

1.62 

Taiwan 

269,004 Cathay Financial Holding 610,814 0.18 

465,560 Chinatrust Financial Holding 389,279 0.11 

133,040 Chunghwa Telecom 247,385 0.07 

50,184 Chunghwa Telecom ADR 978,588 0.28 

243,045 Delta Electronics 783,059 0.23 

306,200 Fubon Financial Holding 286,565 0.08 

223,100 SinoPac Financial Holdings 119,457 0.03 

183,700 Taishin Financial Holdings 

___________ 

107,662 

______ 

0.03 

___________ 

3,522,809 

______ 

1.01 

Thailand 

173,800 Airports of Thailand 286,605 0.08 

73,300 Bangkok Expressway 49,796 0.01 

155,300 Hana Microelectronics 122,576 0.04 

481,000 Land & Houses 93,556 0.03 

66,600 PTT 394,249 0.11 

114,400 PTT Exploration & Production 311,194 0.09 

44,400 Siam Cement 317,903 0.09 

7,300 Siam City Cement 52,268 0.02 

463,600 Siam Commercial Bank 757,965 0.22 

48,900 Thai Union Frozen Products 

___________ 

37,562 

______ 

0.01 

___________ 

2,423,674 

______ 

0.70 

(†) 










118,680 Aviva 1,915,095 0.55 

173,771 BAE Systems 1,452,356 0.42 

183,000 Barclays 2,622,497 0.75 


11,400 Diageo ADR 909,834 0.26 


660 Guinness Peat Group 1,088 0.00 

53,130 Guinness Peat Group 

(New Zealand Listing) 91,140 0.03 

132,921 HBOS 2,953,800 0.85 

33,500 HSBC Holdings 614,174 0.18 

126,541 Kesa Electricals 842,737 0.24 

97,652 Prudential 1,340,942 0.39 

35,000 RHM 259,889 0.07 


1,067,700 Vodafone Group † 2,965,833 0.85 

117 Vodafone Group ADR † ___________ 

3,277 

______ 

0.00 

___________ 

22,121,748 

______ 

6.36 

United States 

187,800 3Com † 779,520 0.22 


14,600 AES 321,200 0.09 

9,300 Aetna 404,736 0.12 

3,000 Agere Systems 59,040 0.02 

35,800 Alcoa 1,068,988 0.31 

7,500 Alliance One International 52,200 0.02 

10,300 Allstate 676,092 0.19 

13,200 Alltel 799,392 0.23 

10,300 Altria Group 885,800 0.25 

600 American Eagle Outfitters 18,792 0.01 


400 Ameriprise Financial 21,796 0.01 

3,600 AmerisourceBergen 162,036 0.05 

1,400 Amgen 95,928 0.03 

400 AMR 12,264 0.00 

6,500 Assurant 360,815 0.10 

26,800 AT&T 963,728 0.28 

1,300 Avaya 18,369 0.01 

8,600 Avon Products 286,122 0.08 

2,350 Baker Hughes 176,556 0.05 


18,400 Bank of New York 731,952 0.21 

6,900 Bausch & Lomb † 365,010 0.10 

6,200 Baxter International 288,176 0.08 

100 Bear Stearns 16,389 0.00 

8,800 BellSouth 417,648 0.12 

800 Big Lots 18,712 0.01 

200 Boeing 17,818 0.01 

3,000 Borland Software 15,480 0.00 

7,850 Boston Scientific 134,392 0.04 

4,000 Bristol West Holdings 64,240 0.02 

12,475 Bristol-Myers Squibb 326,596 0.09 

68,300 CA 1,565,436 0.45 

14,000 Career Education † 351,400 0.10 

6,250 Caremark Rx 356,500 0.10 

19,800 Chevron 1,463,616 0.42 

300 Chubb 15,978 0.00 

1,950 Cigna 257,985 0.07 

9,500 Cincinnati Bell 44,175 0.01 




7,300 Cirrus Logic 51,246 0.01 

107,500 Cisco Systems 2,957,325 0.85 

200 CIT Group 11,316 0.00 

38,500 Citigroup 2,151,765 0.62 

15,900 CMS Energy 266,325 0.08 

15,600 Coca-Cola 758,628 0.22 

22,400 Comcast 'A' 959,838 0.28 

85,600 Comverse Technology † 1,810,012 0.52 

13,600 ConAgra Foods 368,424 0.11 


4,600 Consol Energy 148,902 0.04 

12,100 Constellation Brands 'A' 350,658 0.10 

400 Continental Airlines 'B' 16,760 0.00 

400 Countrywide Financial 17,220 0.00 

14,600 Crown Holdings 308,060 0.09 

29,100 CSX 1,019,955 0.29 

100 Cummins 11,921 0.00 

9,500 CVS 296,685 0.09 

3,600 Darwin Professional Underwriters 83,664 0.02 

3,950 Devon Energy 264,808 0.08 

1,600 Discovery Holding 'A' 25,888 0.01 

29,400 Dynegy 'A' 214,914 0.06 

300 Eaton 22,629 0.01 

15,900 eBay † 479,067 0.14 

7,100 EI Du Pont de Nemours & Co 346,693 0.10 

181,200 El Paso † 2,746,992 0.79 

7,500 Eli Lilly & Co 388,950 0.11 

1,985 Embarq 104,967 0.03 

8,100 ENSCO International 412,128 0.12 

13,900 Extreme Networks 58,658 0.02 

47,600 Exxon Mobil 3,669,484 1.05 

600 Family Dollar Stores 17,838 0.01 

9,500 Fannie Mae 569,620 0.16 

1,500 FedEx 162,705 0.05 

7,600 Fifth Third Bancorp 311,600 0.09 

9,500 Foundation Coal Holdings 300,105 0.09 

9,000 Freeport-McMoRan Copper & Gold 'B' 500,580 0.14 

17,500 General Communication 'A' 279,650 0.08 

2,200 General Dynamics 164,978 0.05 

149,300 General Electric 5,589,792 1.61 

400 General Mills 23,092 0.01 

23,100 Genesis Microchip † 240,471 0.07 

400 Genworth Financial 'A' 13,792 0.00 

100 Goldman Sachs Group 20,180 0.01 

10,700 Halliburton 332,770 0.10 

1,487 Hanesbrands 35,703 0.01 

5,600 Hartford Financial Services Group 523,040 0.15 

2,400 Health Management Associates 'A' 50,904 0.01 

6,780 Healthsouth 153,567 0.04 

7,150 Hess 359,860 0.10 


3,100 Humana 171,461 0.05 

500 IAC/InterActiveCorp 18,755 0.01 


2,316 Idearc 65,798 0.02 

22,500 Intel 460,350 0.13 

14,200 International Paper 484,220 0.14 

200 JC Penney 15,650 0.00 

7,550 JDS Uniphase 127,218 0.04 


4,800 JPMorgan Chase & Co 234,048 0.07 








21,600 Key Energy Services 340,200 0.10 

1,000 King Pharmaceuticals 16,020 0.00 

300 Kohl's 20,727 0.01 

400 Kraft Foods 'A' 14,264 0.00 

700 Kroger 16,107 0.00 

1,300 Lehman Brothers Holdings 101,855 0.03 

8,500 Lexmark International 'A' 629,255 0.18 

2,152 Liberty Global 'A' 62,838 0.02 

2,187 Liberty Global 'C' 61,345 0.02 

860 Liberty Media – Capital 'A' 83,902 0.02 

4,000 Liberty Media – Interactive 'A' 86,880 0.03 

400 Limited Brands 11,744 0.00 

200 Lincoln National 13,286 0.00 

200 Lockheed Martin 18,432 0.01 

400 Loews 16,624 0.01 

400 Loews – Carolina Group 25,880 0.01 

48,200 Macquarie Infrastructure Company Trust 1,711,582 0.49 

6,750 Manor Care 317,385 0.09 

5,575 Marathon Oil 517,973 0.15 

7,100 Marsh & McLennan 220,810 0.06 

10,600 Mattel 239,878 0.07 

600 McAfee 17,118 0.01 

19,900 McDonald's 886,943 0.26 

200 McGraw-Hill 13,680 0.00 

400 McKesson 20,344 0.01 



17,700 Merck & Co 766,410 0.22 

157,600 Microsoft 4,740,608 1.36 

16,400 Mirant 511,680 0.15 

4,700 Molson Coors Brewing 'B' 359,926 0.10 

200 Morgan Stanley 16,324 0.00 

62,400 Motorola † 1,296,048 0.37 

8,900 Murphy Oil † 452,654 0.13 

400 National City 14,744 0.00 



4,650 Noble Energy 229,757 0.07 

400 Nordstrom 19,680 0.01 

11,500 Norfolk Southern 582,820 0.17 

4,900 Northern Trust 298,802 0.09 

300 Northrop Grumman 20,463 0.01 

103,900 Novell † 657,687 0.19 

12,150 NTL 308,367 0.09 

200 Nucor 10,992 0.00 

16,100 Occidental Petroleum 788,900 0.23 

400 Office Depot 15,456 0.00 

200 Omnicom Group 20,808 0.01 

39,500 Panera Bread 'A' † 2,237,280 0.64 

400 Pepsi Bottling Group 12,408 0.00 

4,800 PepsiAmericas 101,376 0.03 

54,900 Pfizer 1,430,145 0.41 

300 PG&E 14,220 0.00 

4,400 Pogo Producing 216,744 0.06 

17,900 PPL 642,610 0.19 

6,200 Procter & Gamble 400,334 0.12 

3,200 Prudential Financial 274,976 0.08 

31,500 Qualcomm † 1,195,425 0.34 

12,300 Quanta Services 243,171 0.07 


400 Raytheon 21,224 0.01 




500 Safeway 17,490 0.01 

12,100 Sara Lee 205,700 0.06 

20,700 Schering-Plough 493,488 0.14 

100 Sears Holdings 16,860 0.01 

200 Sempra Energy 11,246 0.00 

13,400 Senomyx 178,488 0.05 

400 Sherwin-Williams 25,728 0.01 

19,200 Smurfit-Stone Container 206,208 0.06 

3,200 Southern Copper 171,680 0.05 

3,700 Spirit Aerosystems Holdings 'A' 118,881 0.03 

69,500 Sprint Nextel † 1,330,925 0.38 

400 SPX 24,808 0.01 


400 Staples 10,792 0.00 

5,550 Stone Energy 196,859 0.06 

93,400 Sun Microsystems 513,700 0.15 

5,691 Supervalu 205,843 0.06 

800 Symantec 17,008 0.01 

28,900 Tenet Healthcare 203,745 0.06 

400 Terex 26,276 0.01 

21,900 TIBCO Software 209,802 0.06 

3,527 Tim Hortons 102,953 0.03 

13,600 Time Warner 298,928 0.09 

500 TJX 14,415 0.00 

600 Total System Services 15,894 0.00 

4,200 Triad Hospitals 175,854 0.05 

2,176 Tronox 'B' 34,359 0.01 

10,500 TXU 568,785 0.16 

41,900 Unifi 96,370 0.03 

42,300 Union Pacific 3,897,945 1.12 

400 United States Steel 29,296 0.01 

9,350 UnitedHealth Group 502,750 0.14 

18,500 Valeant Pharmaceuticals International † 323,750 0.09 

3,500 Ventas (Reit) 147,000 0.04 


6,200 Viacom 'B' 253,890 0.07 

7,900 Wachovia 452,591 0.13 

4,800 Walgreen 221,664 0.06 

4,800 Wal-Mart Stores 223,104 0.06 

3,900 Washington Mutual 179,166 0.05 

400 Waste Management 14,712 0.00 

4,600 Waters 225,492 0.07 

3,100 Watson Pharmaceuticals 81,003 0.02 

4,875 WellPoint 384,394 0.11 

25,700 Wells Fargo & Co 920,317 0.26 

2,900 Wendy's International 97,179 0.03 

10,010 Windstream 141,642 0.04 

13,500 Wyeth 689,850 0.20 

500 Xerox 

___________ 

8,550 

______ 

0.00 

___________ 

100,673,125 

______ 

28.93 

Total Common & Preferred Stocks (Shares) 

___________ 

302,206,483 

______ 

86.85 

BONDS 

Bermuda 

SGD500,000 Bio-Treat Technology 0% 18/1/2013 345,795 0.10 

US$90,000 Noble Group 0.9% 20/4/2009 

___________ 

92,475 

______ 

0.03 

___________ 

438,270 

______ 

0.13 

(†) 










US$190,000 Brilliance China Finance 0% 7/6/2011 

___________ 

197,372 

______ 

0.06 

Canada 

US$30,000 Bema Gold 3.25% 25/2/2011 

___________ 

36,825 

______ 

0.01 


HKD3,090,000 Chaoda Modern Agriculture 

'CHAO' 0% 8/5/2011 431,331 0.13 

US$200,000 YTL Power Finance Cayman 0% 

9/5/2010 

___________ 

220,750 

______ 

0.06 

___________ 

652,081 

______ 

0.19 

India 

US$100,000 Gujarat NRE Coke 0% 12/4/2011 84,500 0.02 

US$600,000 Housing Development Finance 0% 

27/9/2010 745,500 0.21 

US$500,000 Tata Motors '1' 0% 27/4/2009 

___________ 

757,500 

______ 

0.22 

___________ 

1,587,500 

______ 

0.45 

Malaysia 

US$600,000 Feringghi Capital 0% 22/12/2009 

___________ 

616,500 

______ 

0.18 

Taiwan 

US$30,000 Shin Kong Financial Holding 0% 

17/6/2009 

___________ 

35,925 

______ 

0.01 

United States 

US$100,000 Cell Genesys 3.125% 1/11/2011 75,750 0.02 

US$1,100,000 Federal Home Loan Bank Discount 

Notes 0% 15/12/2006 1,100,000 0.32 

US$5,060,000 JPMorgan Chase & Co 'Sx5e' 0% 

17/6/2008 5,095,420 1.46 

US$500,000 McMoRan Exploration 5.25% 

6/10/2011 538,750 0.15 

US$5,500,000 US Treasury Bill 0% 18/1/2007 

___________ 

5,485,471 

______ 

1.58 

___________ 

12,295,391 

______ 

3.53 

Total Bonds 

___________ 

15,859,864 

______ 

4.56 




___________ 

329,995,563 

______ 

94.83 




Guernsey 


___________ 

768,963 

______ 

0.22 


___________ 

768,963 

______ 

0.22 

BONDS 


US$470,000 Beijing Enterprises Investment 0% 

21/12/2010 

___________ 

571,050 

______ 

0.17 

Malaysia 

MYR750,000 Berjaya Land 8% 15/8/2011 222,343 0.06 

MYR450,000 Resorts World 0% 19/9/2008 

___________ 

141,223 

______ 

0.04 

___________ 

363,566 

______ 

0.10 

Norway 

US$1,500 Eksportfinans 3.5% 19/10/2007 

___________ 

1,641,093 

______ 

0.47 

United States 

US$2,300 Goldman Sachs Group 'S5XE' 0% 

20/6/2008 2,300 0.00 

US$8,986,000 Morgan Stanley Group 'SPX' 0% 

5/3/2008 7,894,201 2.27 

US$4,200 Rabobank Nederland (New York) 

'TPX' 0% 28/1/2008 

___________ 

3,885,806 

______ 

1.12 

___________ 

11,782,307 

______ 

3.39 

Total Bonds 

___________ 

14,358,016 

______ 

4.13 


___________ 

15,126,979 

______ 

4.35 



___________ 

2,865,211 

______ 

0.82 


___________ 

347,987,753 

______ 

100.00 




Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 



expiring on 19/1/2008 70,864 (74,480) 

(838) 3 Com Call Option 


expiring on 20/1/2007 74,417 (8,380) 


strike price US$45 (3,464) (29,640) 




expiring on 20/1/2007 5,761 (11,520) 



expiring on 20/1/2007 28,607 (640) 

(24) Chicago Bridge & Iron Call Option 


expiring on 20/1/2007 2,988 (6,300) 



expiring on 19/1/2008 (178,510) (459,540) 



expiring on 19/1/2008 (1,461) (3,900) 



expiring on 19/1/2008 (36,368) (103,965) 



expiring on 19/1/2008 10,942 (59,400) 

(178) El Paso Call Option 


expiring on 19/1/2008 (2,713) (34,710) 

(173) Genesis Microchip Call Option 


expiring on 16/6/2007 (3,979) (25,950) 

(276) Motorola Call Option 


expiring on 19/1/2008 19,549 (91,080) 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(286) Motorola Call Option 


expiring on 20/1/2007 64,915 (5,005) 

(36) Murphy Oil Call Option 


expiring on 20/1/2007 16,001 (6,570) 

(130) Nortel Networks Call Option 


expiring on 19/1/2008 (38,092) (96,200) 

(950) Novell Call Option 


expiring on 20/1/2007 92,045 (7,125) 



expiring on 19/1/2008 52,616 (91,650) 



expiring on 19/1/2008 (18,289) (127,500) 



expiring on 19/1/2008 (3,781) (33,425) 

(315) Qualcomm Call Option 


expiring on 19/1/2008 630 (159,075) 

(269) Sprint Nextel Call Option 


expiring on 19/1/2008 46,484 (28,245) 

(137) Valeant Pharmaceuticals International 

Call Option 


expiring on 20/1/2007 1,840 (35,278) 

(60) Vodafone Group Call Option 



___________ 

(39,180) 

_________ 

(47,700) 

Total Written Call Options 

___________ 

161,820 (1,547,278) 

_________ 


Put Options Sold as at 31 December 2006 

Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

profit 

US$ 

Value 

US$ 

(3) S&P 500 Put Option 


expiring on 17/3/2007 752 (6,150) 



expiring on 17/3/2007 452 (7,640) 

Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

profit 

US$ 

Value 

US$ 



expiring on 17/3/2007 3,644 (12,460) 



expiring on 15/3/2007 3,939 (10,920) 

___________ _________ 

Total Put Options 

___________ 

8,786 

_________ 

(37,170) 

Note: Put Options are included in the Statement of Net Assets (see Note 2c). 





% of net 

assets 

Finance 25.0 


Energy 10.8 




Materials 5.9 




Utilities 3.8 



___________ 

0.8 

___________ 

100.0 


Number 


of Contracts 


date US$ 

3 Hang Seng January 2007 386,309 

20 SGX Singapore January 2007 958,309 

39 SGX TAIWAN January 2007 1,248,390 

8 DAX (EURO) March 2007 1,753,889 


8 FTSE 100 March 2007 976,207 

41 S&P 500 IDX March 2007 14,712,850 

24 S&P/TSX 60 March 2007 3,086,275 

10 SPI 200 March 2007 1,115,017 

48 TSE TOPIX March 2007 

_________ 

6,796,121 


_________ 





Purchases 


Unrealised 

profit/(loss) 

US$ 

€2,330,566 US$3,080,841 12/1/2007 (7,339) 

US$3,821,854 ¥440,800,000 31/1/2007 101,234 

¥1,830,100,000 US$15,726,335 31/1/2007 (279,180) 

_______ 


_______ 




Global Enhanced Equity Yield Fund (1) 






Australia 

20,974 AMP 167,341 0.06 

20,517 Australia & New Zealand Banking Group 457,212 0.15 

126,961 Brambles 1,286,760 0.44 

13,378 Coles Myer 147,952 0.05 

14,432 Commonwealth Bank of Australia 564,101 0.19 

364,960 Insurance Australia Group 1,830,710 0.62 

2,729 Macquarie Bank 170,156 0.06 

18,328 National Australia Bank 584,921 0.20 

9,015 QBE Insurance Group 205,453 0.07 

3,204 Rio Tinto 188,054 0.06 

459,309 Telstra 1,502,124 0.51 

16,798 Westfield Group 278,529 0.09 

20,549 Westpac Banking 393,481 0.13 

5,234 Woodside Petroleum 157,570 0.05 

13,255 Woolworths 

___________ 

250,252 

______ 

0.09 

___________ 

8,184,616 

______ 

2.77 

Belgium 

5,946 Dexia 162,484 0.05 

12,132 Fortis 519,120 0.18 


___________ 

231,673 

______ 

0.08 

___________ 

913,277 

______ 

0.31 

Bermuda 

8,500 Cooper Industries 'A' 773,755 0.26 

4,700 Marvell Technology Group 91,214 0.03 

17,800 Tyco International 

___________ 

547,528 

______ 

0.19 

___________ 

1,412,497 

______ 

0.48 

Canada 

3,700 Alcan 179,692 0.06 

97,337 ARC Energy Trust (Unit) 1,870,091 0.63 

5,000 Bank of Montreal 296,459 0.10 

10,000 Bank of Nova Scotia 449,470 0.15 

3,200 Canadian Imperial Bank 

of Commerce (USA) 272,332 0.09 

43,024 Enerplus Resources Fund (Unit) 1,863,743 0.63 

62,589 Penn West Energy Trust (Unit) 1,905,117 0.65 

62,346 Precision Drilling Trust (Unit) 1,449,207 0.49 

13,000 Royal Bank of Canada 620,824 0.21 

5,700 Sun Life Financial 242,939 0.08 

1,994 Teck Cominco 'B' 148,704 0.05 

5,000 TransCanada 175,110 0.06 

122,414 Yellow Pagesome Fund (Unit) 

___________ 

1,356,289 

______ 

0.46 

___________ 

10,829,977 

______ 

3.66 


156,000 ASM Pacific Technology 869,030 0.29 

3,300 Transocean 267,828 0.09 


___________ 

108,465 

______ 

0.04 

___________ 

1,245,323 

______ 

0.42 

Denmark 


___________ 

244,099 

______ 

0.08 

Finland 

69,965 Nokia 1,436,007 0.49 

20,112 Uponor 

___________ 

753,206 

______ 

0.25 

___________ 

2,189,213 

______ 

0.74 




France 

1,997 Accor 154,658 0.05 

1,163 Air Liquide 277,795 0.10 

16,120 AXA 653,640 0.22 

8,055 BNP Paribas 881,845 0.30 

5,800 Carrefour 352,236 0.12 

3,008 Compagnie de Saint-Gobain 253,178 0.09 

5,799 Credit Agricole 244,160 0.08 

16,377 France Telecom 454,005 0.15 

1,448 Lafarge 216,265 0.07 

1,792 Renault 215,555 0.07 

9,830 Sanofi-Aventis 911,601 0.31 

2,193 Schneider Electric 242,832 0.08 


9,843 Suez 508,888 0.17 

21,390 Total 1,546,588 0.52 

2,068 Vinci 263,748 0.09 

16,140 Vivendi 

___________ 

632,111 

______ 

0.22 

___________ 

9,276,351 

______ 

3.14 

Germany 

4,874 BASF 474,486 0.16 

6,892 Bayer 369,402 0.12 

36,196 DaimlerChrysler 2,233,025 0.75 

4,912 Deutsche Bank 656,185 0.22 

7,365 Deutsche Post 221,746 0.08 

26,904 Deutsche Telekom 490,840 0.17 

21,172 E.ON 2,869,914 0.97 

11,908 MLP 236,088 0.08 

1,851 Muenchener Rueckversicherungs 318,228 0.11 

4,222 RWE 464,721 0.16 

8,033 Siemens 795,676 0.27 

14,630 TUI 

___________ 

291,983 

______ 

0.10 

___________ 

9,422,294 

______ 

3.19 

Greece 

34,892 Motor Oil Hellas Corinth Refineries 897,827 0.30 

3,666 National Bank of Greece 168,657 0.06 

45,219 OPAP 

___________ 

1,745,337 

______ 

0.59 

___________ 

2,811,821 

______ 

0.95 

Hong Kong 

776,500 BOC Hong Kong Holdings 2,107,883 0.71 

17,000 Cheung Kong Holdings 209,416 0.07 

38,100 Hang Seng Bank 521,052 0.18 

24,000 Hutchison Whampoa 244,082 0.08 

15,000 Sun Hung Kai Properties 

___________ 

172,428 

______ 

0.06 

___________ 

3,254,861 

______ 

1.10 

Ireland 

10,049 Allied Irish Banks 299,642 0.10 

11,169 Bank of Ireland 

___________ 

257,656 

______ 

0.09 

___________ 

557,298 

______ 

0.19 

Italy 

9,353 Assicurazioni Generali 411,675 0.14 

38,212 Banca Intesa 285,608 0.10 

16,446 Capitalia 155,225 0.05 

42,185 Enel 435,419 0.15 

25,440 ENI 856,496 0.29 

143,676 Mediaset 1,702,672 0.58 

10,880 SanPaolo IMI 252,997 0.08 




Global Enhanced Equity Yield Fund (1) continued 





443,384 Telecom Italia 1,344,296 0.45 

58,890 Telecom Italia – RNC 149,360 0.05 


___________ 

669,661 

______ 

0.23 

___________ 

6,263,409 

______ 

2.12 

Japan 

1,600 Advantest 91,827 0.03 

73,000 Amada 774,645 0.26 

20,400 Astellas Pharma 928,736 0.31 

9,600 Canon 541,266 0.18 

5,800 Chubu Electric Power 173,757 0.06 

30,600 Daiichi Sankyo 957,920 0.32 

13,000 Daiwa Securities Group 146,046 0.05 

1,552 eAccess 877,659 0.30 

189,000 Ebara 725,256 0.25 

15,100 Eisai 831,035 0.28 

19,000 Fujitsu 149,336 0.05 

7,000 Furukawa Electric 44,062 0.01 

13,000 Ishikawajima-Harima Heavy Industries 44,087 0.02 

41,500 JFE Holdings 2,140,786 0.72 

6,800 Kansai Electric Power 183,687 0.06 

30,000 Kao 810,384 0.27 

15,000 Kawasaki Heavy Industries 56,424 0.02 

26,400 Konami 799,781 0.27 

49,100 Marui 573,503 0.19 

6,700 Millea Holdings 236,804 0.08 

11,900 Mitsubishi 224,316 0.08 

11,000 Mitsubishi Estate 285,107 0.10 


14,000 Mitsui & Co 209,707 0.07 

97 Mizuho Financial Group 693,834 0.23 

3,000 Nikon 65,891 0.02 

56,000 Nippon Steel 322,336 0.11 

78,700 Nissan Motor 949,043 0.32 


14 NTT Data 70,216 0.02 

166 NTT DoCoMo 262,622 0.09 

110,000 Obayashi 714,619 0.24 

16,300 Oracle (Japan) 755,795 0.26 

53,700 OSG 881,198 0.30 

68 Rakuten 31,759 0.01 

7,500 Seven & I Holdings 233,522 0.08 

3,400 Shin-Etsu Chemical 228,035 0.08 

7,700 Softbank 150,005 0.05 

8,900 Sony 381,966 0.13 

10,000 Sumitomo 149,875 0.05 

6,000 Sumitomo Heavy Industries 63,114 0.02 


3,000 Sumitomo Realty & Development 96,438 0.03 

64,200 Sumitomo Rubber Industries 830,374 0.28 

54,110 Takefuji 2,144,684 0.73 

11,000 Tokyo Electric Power 356,384 0.12 

1,700 Tokyo Electron 134,189 0.05 

11,000 Tokyu 70,536 0.02 

155,000 TonenGeneral Sekiyu 1,537,837 0.52 

6,900 Toyota Motor 462,197 0.16 

25,000 Trend Micro 734,227 0.25 

156 Yahoo! Japan 62,225 0.02 

900 Yamada Denki 

___________ 

76,494 

______ 

0.03 

___________ 

26,892,672 

______ 

9.09 




Luxembourg 

62,800 Stolt-Nielsen (Norvegian Listing) 

___________ 

1,897,948 

______ 

0.64 

Netherlands 

17,750 ABN AMRO Holding 571,622 0.19 

14,081 Aegon 268,404 0.09 

2,659 Akzo Nobel 161,973 0.05 

18,337 ING Groep – CVA 815,569 0.28 

18,943 Koninklijke KPN 269,687 0.09 

45,437 Mittal Steel 1,919,063 0.65 

4,048 TNT 173,425 0.06 


___________ 

2,145,630 

______ 

0.73 

___________ 

6,325,373 

______ 

2.14 



___________ 

759,120 

______ 

0.25 

New Zealand 

399,122 Sky City Entertainment Group 

___________ 

1,442,272 

______ 

0.48 

Norway 

7,393 Norsk Hydro 229,343 0.08 

6,900 Statoil 

___________ 

182,328 

______ 

0.06 

___________ 

411,671 

______ 

0.14 

Singapore 

335,000 ComfortDelgro 351,895 0.12 

19,000 DBS Group Holdings 280,159 0.09 

263,000 Singapore Press Holdings 

___________ 

734,416 

______ 

0.25 

___________ 

1,366,470 

______ 

0.46 

Spain 

8,104 Banco Popular Espanol 146,889 0.05 

56,609 Banco Santander Central Hispano 1,049,945 0.36 


Argentaria 775,971 0.26 

49,727 Endesa 2,344,760 0.79 

7,732 Iberdrola 338,594 0.12 

8,724 Repsol 

___________ 

302,338 

______ 

0.10 

___________ 

4,958,497 

______ 

1.68 

Sweden 

5,800 Hennes & Mauritz 'B' 292,186 0.10 

23,900 Nordea Bank 370,437 0.13 

5,800 Skandinaviska Enskilda Banken 'A' 184,361 0.06 

6,300 Svenska Handelsbanken 'A' 191,527 0.06 

290,000 TeliaSonera 2,399,647 0.81 

2,600 Volvo 'B' 

___________ 

178,936 

______ 

0.06 

___________ 

3,617,094 

______ 

1.22 

Switzerland 

20,077 ABB 358,782 0.12 

5,289 Ciba Specialty Chemicals 350,967 0.12 



358 Nestle 126,924 0.04 

11,377 Novartis 654,697 0.22 

6,987 Roche Holding (Genusscheine) 1,251,463 0.42 

701 SGS 783,231 0.27 

6,790 Swiss Reinsurance 

___________ 

578,311 

______ 

0.20 

___________ 

6,825,225 

______ 

2.31 








111,589 Alliance Boots 1,834,625 0.62 


15,554 AstraZeneca 837,852 0.28 

25,219 Aviva 406,950 0.14 

31,999 BAE Systems 267,444 0.09 

64,345 Barclays 922,101 0.31 

24,281 BHP Billiton 445,438 0.15 

197,621 BP 2,201,608 0.74 


82,608 BT Group 488,934 0.17 

20,720 Cadbury Schweppes 222,291 0.08 

36,000 Centrica 250,530 0.09 

27,844 Diageo 547,970 0.19 

344,095 Electrocomponents 1,980,877 0.67 


37,679 HBOS 837,311 0.28 

113,709 HSBC Holdings 2,078,192 0.70 

6,853 Imperial Tobacco Group 270,407 0.09 

4,653 Land Securities Group 212,189 0.07 

64,525 Legal & General Group 199,503 0.07 

231,517 Lloyds TSB Group 2,597,408 0.88 

17,351 Man Group 178,057 0.06 

16,683 Marks & Spencer Group 234,820 0.08 

13,182 National Express Group 292,416 0.10 

26,909 National Grid 389,319 0.13 

51,675 Old Mutual 176,764 0.06 

126,615 Provident Financial 1,743,628 0.59 

24,023 Prudential 329,880 0.11 

6,049 Reckitt Benckiser 277,157 0.09 

12,516 Reed Elsevier 137,715 0.05 

10,442 Rio Tinto 557,153 0.19 

17,542 Rolls-Royce Group 154,190 0.05 

31,664 Royal Bank of Scotland Group 1,238,837 0.42 

38,138 Royal Dutch Shell 'A' 1,336,402 0.45 

27,355 Royal Dutch Shell 'B' 961,238 0.32 

8,909 SABMiller 205,498 0.07 

8,526 Scottish & Southern Energy 260,098 0.09 

14,710 Scottish Power 216,001 0.07 

78,393 Tesco 622,496 0.21 

12,230 Unilever 342,843 0.12 

78,712 United Utilities 1,205,249 0.41 

521,748 Vodafone Group 1,449,300 0.49 

6,515 Wolseley 

___________ 

157,695 

______ 

0.05 

___________ 

33,575,175 

______ 

11.35 

United States 

17,200 3M † 1,343,836 0.45 

32,600 Abbott Laboratories ‡ 1,587,946 0.54 

6,100 Adobe Systems 252,662 0.09 

5,500 Advanced Micro Devices 113,850 0.04 

1,400 Akamai Technologies 75,642 0.03 

60,800 Allied Capital ‡ 1,988,160 0.67 

5,400 Allstate † 354,456 0.12 

35,100 Altria Group † 3,018,600 1.02 

3,200 Amazon.Com 128,064 0.04 

43,000 American Capital Strategies † 1,990,470 0.67 

3,400 American Electric Power † 144,806 0.05 

9,700 American Express † 593,737 0.20 

19,500 American International Group † 1,397,955 0.47 

11,900 Amgen † 815,388 0.28 

1,000 Amylin Pharmaceuticals 36,220 0.01 

25,300 Analog Devices 836,924 0.28 

25,100 Anheuser-Busch † 1,238,936 0.42 




24,700 Apartment Investment & Management 

'A' (Reit) 1,384,188 0.47 

8,600 Apple Computer 726,915 0.25 

11,900 Applied Materials 221,578 0.07 

64,000 AT&T ‡ 2,301,440 0.78 

4,100 Avon Products 136,407 0.05 

40,300 Bank of America † 2,163,707 0.73 


4,800 BB&T 211,968 0.07 

3,900 BEA Systems 49,101 0.02 

37,200 BellSouth † 1,765,512 0.60 

4,200 Best Buy 209,160 0.07 

5,800 Boeing 516,722 0.17 

85,400 Bristol-Myers Squibb † 2,235,772 0.76 

4,800 Broadcom 'A' 157,152 0.05 

4,200 CA 96,264 0.03 

2,200 Cablevision Systems 'A' 62,656 0.02 

20,300 Campbell Soup 793,730 0.27 

3,700 Cardinal Health 238,909 0.08 

5,800 Caterpillar 357,048 0.12 

29,100 CBS 'B' 918,978 0.31 

3,800 Celgene 218,272 0.07 

23,500 Chevron 1,737,120 0.59 

300 Chicago Mercantile Exchange 

Holdings 'A' 152,598 0.05 

1,400 Circuit City Stores 27,048 0.01 

62,000 Cisco Systems 1,705,620 0.58 

56,900 Citigroup † 3,180,141 1.08 

26,100 Clear Channel Communications 928,116 0.31 

3,900 Coach 170,625 0.06 

38,600 Coca-Cola 1,877,118 0.63 

1,400 Cognizant Technology Solutions 'A' 108,906 0.04 

20,700 Comcast 'A' 883,769 0.30 

4,500 ConAgra Foods 121,905 0.04 

15,800 Corning 296,724 0.10 

21,700 Crescent Real Estate Equities (Reit) 426,622 0.14 

1,500 Crown Castle International 48,675 0.02 

8,400 CVS 262,332 0.09 

22,200 Dell 558,552 0.19 

3,100 Dominion Resources (Virginia) 259,780 0.09 

25,700 Dow Chemical 1,030,827 0.35 

20,300 Dow Jones & Co 773,633 0.26 

29,700 DR Horton 798,039 0.27 

11,000 Duke Energy 365,530 0.12 

37,800 Duke Realty (Reit) 1,554,336 0.53 

31,200 Eastman Kodak 809,016 0.27 

10,400 Eaton 784,472 0.27 

10,800 eBay 325,404 0.11 

2,900 Edison International 132,878 0.04 


3,100 Electronic Arts 158,255 0.05 

25,200 Eli Lilly & Co 1,306,872 0.44 

24,200 EMC (Massachusetts) 322,586 0.11 

7,300 Emerson Electric 323,755 0.11 

1,900 Entergy 175,503 0.06 

3,200 Equity Office Properties Trust (Reit) 154,048 0.05 

2,600 Equity Residential (Reit) 131,950 0.04 

5,800 Exelon 358,150 0.12 

43,000 Exxon Mobil † 3,314,870 1.12 

2,600 FedEx 282,022 0.10 

72,800 Fidelity National Financial 'A' 1,741,376 0.59 

4,200 Fifth Third Bancorp 172,200 0.06 

3,000 FirstEnergy 180,810 0.06 

3,200 FPL Group 175,200 0.06 

(†) 


(‡) Securities given in guarantee, see Note 14 for further details. 








6,100 Freddie Mac 416,813 0.14 

14,100 Freeport-McMoRan Copper & Gold 'B' 784,242 0.27 

2,100 Gannett 127,953 0.04 

4,800 Genentech 390,960 0.13 

128,100 General Electric † 4,796,064 1.62 

3,000 General Mills 173,190 0.06 

30,300 General Motors 932,331 0.32 

4,600 Gilead Sciences 301,668 0.10 

2,200 Google 'A' 1,019,194 0.34 

8,900 Halliburton 276,790 0.09 

9,600 Harrah's Entertainment 795,072 0.27 

47,800 Health Care Property Investors (Reit) 1,739,442 0.59 


3,000 HJ Heinz 135,090 0.05 

18,100 Home Depot 722,914 0.24 

26,700 Honeywell International 1,211,379 0.41 


3,105 Idearc † 88,213 0.03 

51,000 Intel 1,043,460 0.35 

19,500 International Paper 664,950 0.22 

4,600 Interpublic Group of Companies 56,396 0.02 

31,400 iStar Financial (Reit) 1,506,258 0.51 

42,300 Johnson & Johnson † 2,799,837 0.95 

44,600 JPMorgan Chase & Co † 2,174,696 0.74 

3,400 Keycorp 129,948 0.04 

16,300 Kimberly-Clark 1,114,431 0.38 

3,100 Kohl's 214,179 0.07 

1,000 Las Vegas Sands 90,690 0.03 

26,800 Limited Brands 786,848 0.27 

13,100 Lincoln National 870,233 0.29 

15,000 Lowe's 468,150 0.16 

30,500 Marsh & McLennan 948,550 0.32 

25,700 Maxim Integrated Products 794,901 0.27 

31,400 McDonald's † 1,399,498 0.47 

2,500 Medimmune 81,000 0.03 

10,700 Medtronic 569,775 0.19 


1,800 MEMC Electronic Materials 71,478 0.02 

40,400 Merck & Co † 1,749,320 0.59 

25,300 Microchip Technology 833,888 0.28 

78,100 Microsoft † 2,349,248 0.79 

5,500 Monsanto 287,265 0.10 

1,100 Monster Worldwide 51,744 0.02 

21,800 Motorola 452,786 0.15 

5,400 National City 199,044 0.07 

3,800 Network Appliance 151,544 0.05 

95,400 New York Community Bancorp † 1,549,296 0.52 

16,100 Newell Rubbermaid 468,027 0.16 

16,100 News 'A' 347,760 0.12 

2,800 NTL 71,064 0.02 

3,400 Nvidia 128,180 0.04 

2,900 Office Depot 112,056 0.04 

43,500 Oracle 752,115 0.25 

104,200 Pfizer † 2,714,410 0.92 




3,100 PG&E 146,940 0.05 

16,500 Pitney Bowes 764,940 0.26 

7,300 Plum Creek Timber (Reit) 290,394 0.10 

12,300 Procter & Gamble 794,211 0.27 

2,100 Prologis (Reit) 127,512 0.04 

2,300 Public Service Enterprise Group 152,651 0.05 


4,100 Regions Financial 154,078 0.05 

10,800 Rohm & Haas 554,580 0.19 

6,300 RR Donnelley & Sons 225,036 0.08 

2,300 SanDisk 98,302 0.03 

56,500 Sara Lee † 960,500 0.32 

900 Sears Holdings 151,740 0.05 

1,900 Simon Property Group (Reit) 192,432 0.07 

13,000 Sirius Satellite Radio 47,072 0.02 

6,700 Southern 247,833 0.08 

24,900 Sprint Nextel 476,835 0.16 

6,100 St Paul Travelers 330,010 0.11 

7,500 Staples 202,350 0.07 

7,800 Starbucks 279,084 0.09 

35,700 Sun Microsystems 196,350 0.07 

3,000 SunTrust Banks 254,790 0.09 

22,100 Supervalu 799,357 0.27 

8,400 Target 483,084 0.16 

17,800 Temple-Inland 821,292 0.28 

15,800 Texas Instruments † 459,306 0.16 

21,300 Time Warner 468,174 0.16 

3,900 TXU 211,263 0.07 

12,400 UnitedHealth Group † 666,748 0.23 

15,600 US Bancorp 566,436 0.19 

75,800 Verizon Communications † 2,851,596 0.96 

1,300 Vertex Pharmaceuticals 48,841 0.02 

1,000 Vornado Realty Trust (Reit) 120,980 0.04 

17,000 Wachovia † 973,930 0.33 

10,300 Walgreen † 475,654 0.16 

18,300 Walt Disney 632,448 0.21 

47,000 Washington Mutual † 2,159,180 0.73 

25,700 Waste Management † 945,246 0.32 

28,000 Wells Fargo & Co † 1,002,680 0.34 

7,800 Western Union 174,876 0.06 

13,000 Weyerhaeuser † 922,870 0.31 

1,400 Whole Foods Market 65,800 0.02 

500 Wynn Resorts 46,923 0.02 

66,700 Xcel Energy † 1,538,102 0.52 

2,800 XM Satellite Radio Holdings 'A' 40,852 0.01 

12,800 Yahoo! † ___________ 

327,808 

______ 

0.11 

___________ 

129,933,374 

______ 

43.92 



___________ 

21,205,142 

______ 

7.17 


___________ 

295,815,069 

______ 

100.00 

(†) 





% of net 

assets 


Financials 26.0 




Energy 8.0 



Materials 5.1 

Utilities 4.8 


___________ 

7.2 

___________ 

100.0 


Number 


of Contracts 


date US$ 


52 FTSE 100 March 2007 6,345,347 

37 Nikkei 225 (SIMEX) March 2007 2,687,838 

30 S&P 500 IDX March 2007 10,765,500 

_________ 


_________ 




Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(100) DJ Euro Stoxx Call Option 

strike price €4,000 

expiring on 19/1/2007 (117,529) (200,435) 

(400) DJ Euro Stoxx Call Option 

strike price €4,100 

expiring on 19/1/2007 (133,850) (383,074) 

(125) Nikkei 225 Call Option 

strike price ¥16,500 

expiring on 12/1/2007 (488,877) (766,446) 

(50) Euro FTSE Call Option 

strike price £6,075 

expiring on 19/1/2007 (60,390) (168,335) 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(150) Euro FTSE Call Option 

strike price £6,225 

expiring on 19/1/2007 (21,803) (186,985) 

(125) S&P 500 Call Option 

strike price US$1,420 

expiring on 20/1/2007 (45,156) (216,250) 

(475) S&P 500 Call Option 



___________ 

(3,036) 

_________ 

(665,000) 


___________ 

(870,642) (2,586,526) 

_________ 




Global Equity Fund (1) 





FUNDS 

Ireland 

16,262 EETF – iShares DJ Euro STOXX 50 – ETF 887,700 0.21 




___________ 

1,976,244 

______ 

0.46 


___________ 

3,789,438 

______ 

0.89 


Belgium 

178,569 InBev 11,743,748 2.76 


___________ 

6,404,106 

______ 

1.50 

___________ 

18,147,854 

______ 

4.26 

Bermuda 


___________ 

10,279,059 

______ 

2.41 

Brazil 


___________ 

9,691,305 

______ 

2.28 

Canada 

19,700 Suncor Energy 

___________ 

1,546,027 

______ 

0.36 


48,300 ACE 

___________ 

2,936,640 

______ 

0.69 

France 

404,260 AXA 

___________ 

16,392,088 

______ 

3.85 

Germany 

14,200 Fresenius Medical Care & Co 

___________ 

1,890,026 

______ 

0.45 

Guernsey 

317,000 Amdocs 

___________ 

12,331,300 

______ 

2.89 

Ireland 


___________ 

17,686,198 

______ 

4.15 

Italy 

40,300 Fastweb 2,302,402 0.54 

490,386 Parmalat 

___________ 

2,099,299 

______ 

0.49 

___________ 

4,401,701 

______ 

1.03 

Japan 

122,000 Canon 6,878,590 1.62 

111,700 Credit Saison 3,853,912 0.90 

52,000 Denso 2,065,428 0.49 

1,287 KDDI 8,740,109 2.05 

1,070 Sumitomo Mitsui Financial Group 10,985,210 2.58 


___________ 

8,440,115 

______ 

1.98 

___________ 

40,963,364 

______ 

9.62 

Netherlands 

118,400 ABN AMRO Holding 3,812,961 0.89 

285,000 TNT 

___________ 

12,209,992 

______ 

2.87 

___________ 

16,022,953 

______ 

3.76 

Norway 

383,100 DnB NOR 

___________ 

5,439,864 

______ 

1.28 




South Korea 

23,000 Kookmin Bank 

___________ 

1,853,168 

______ 

0.44 

Switzerland 


8,900 Nestle 3,155,382 0.74 

255,200 UBS 

___________ 

15,480,613 

______ 

3.63 

___________ 

31,706,068 

______ 

7.44 

Taiwan 

2,533,000 Taiwan Semiconductor Manufacturing 

___________ 

5,246,350 

______ 

1.23 


593,200 British American Tobacco 16,640,809 3.91 

212,600 Cairn Energy 7,508,194 1.76 

80,800 NDS Group ADR 3,862,240 0.91 

89,400 Rio Tinto 4,770,106 1.12 

194,800 Xstrata 9,751,472 2.29 


___________ 

11,950,687 

______ 

2.80 

___________ 

54,483,508 

______ 

12.79 

United States 


280,100 Activision 4,924,158 1.16 

75,293 Capital One Financial 5,848,007 1.37 

468,771 Cisco Systems 12,895,890 3.03 

69,000 CIT Group 3,904,020 0.92 


102,200 Curtiss-Wright 3,865,204 0.91 

138,300 DR Horton 3,716,121 0.87 

112,700 DRS Technologies 5,915,623 1.39 

73,700 Eli Lilly & Co 3,822,082 0.90 


377,110 International Game Technology 17,448,880 4.10 

74,300 Medco Health Solutions 3,968,363 0.93 

124,300 Morgan Stanley 10,145,366 2.38 

154,759 National Oilwell Varco 9,543,988 2.24 

44,700 Praxair 2,662,779 0.62 

574,899 Sprint Nextel 11,009,316 2.58 

242,800 United Technologies 15,281,832 3.59 

130,597 Wyeth 

___________ 

6,673,507 

______ 

1.57 

___________ 

167,873,596 

______ 

39.41 


___________ 

418,891,069 

______ 

98.34 




___________ 

422,680,507 

______ 

99.23 



United States 

24,000 World Access (Restricted) 

___________ 

22 

______ 

0.00 


___________ 

22 

______ 

0.00 



___________ 

3,296,740 

______ 

0.77 


___________ 

425,977,269 

______ 

100.00 



Global Equity Fund (1) continued 


% of net 

assets 

Finance 27.7 



Energy 10.0 





Materials 3.9 



___________ 

0.8 

___________ 

100.0 



Global Focus Fund 






Belgium 

678 KBC Groep 

___________ 

82,627 

______ 

2.13 

Bermuda 


___________ 

97,403 

______ 

2.51 

Brazil 


___________ 

53,362 

______ 

1.37 

Canada 

1,710 Shoppers Drug Mart 

___________ 

73,530 

______ 

1.89 

Denmark 


___________ 

70,793 

______ 

1.82 

France 

2,871 AXA 116,414 3.00 

607 BNP Paribas 

___________ 

66,453 

______ 

1.71 

___________ 

182,867 

______ 

4.71 

Guernsey 

3,225 Amdocs 

___________ 

125,452 

______ 

3.23 

Ireland 


___________ 

175,705 

______ 

4.52 

Japan 

800 Canon 45,106 1.16 

2,000 Hoya 78,093 2.01 

11 KDDI 74,702 1.92 



___________ 

107,176 

______ 

2.76 

___________ 

376,943 

______ 

9.70 

Netherlands 

2,177 ING Groep – CVA 96,826 2.49 

2,301 TNT 98,580 2.54 


___________ 

99,085 

______ 

2.55 

___________ 

294,491 

______ 

7.58 

Spain 

3,049 BBVA – Banco Bilbao Vizcaya Argentaria 

___________ 

73,231 

______ 

1.89 




Switzerland 


1,814 Novartis 104,388 2.69 

1,309 UBS 

___________ 

79,405 

______ 

2.04 

___________ 

264,959 

______ 

6.82 

Taiwan 

67,000 Far EasTone Telecommunications 75,964 1.96 

5,400 Taiwan Semiconductor 

Manufacturing ADR 

___________ 

59,616 

______ 

1.53 

___________ 

135,580 

______ 

3.49 



729 Cairn Energy 25,745 0.66 

1,369 NDS Group ADR 65,438 1.69 

4,722 Tullow Oil 36,894 0.95 

1,734 Xstrata 86,802 2.23 


___________ 

79,010 

______ 

2.03 

___________ 

442,904 

______ 

11.40 

United States 


2,400 Activision 42,192 1.09 

969 Capital One Financial 75,262 1.94 



1,459 DR Horton 39,203 1.01 

1,964 Eli Lilly & Co 101,853 2.62 




771 Morgan Stanley 62,929 1.62 


2,372 Praxair 141,300 3.64 

6,340 Sprint Nextel 121,411 3.13 

1,884 United Technologies 

___________ 

118,579 

______ 

3.05 

___________ 

1,410,017 

______ 

36.30 



___________ 

24,682 

______ 

0.64 


___________ 

3,884,546 

______ 

100.00 


% of net 

assets 

Finance 27.1 



Energy 9.7 



Materials 7.2 




___________ 

0.6 

___________ 

100.0 


Global Fundamental Value Fund 






Australia 

79,072 Australia & New Zealand Banking Group 1,762,083 0.43 

496,100 Australian Worldwide Exploration 1,195,280 0.29 

205,446 Boral 1,238,291 0.30 

580,482 CSR 1,719,573 0.42 

186,149 Iluka Resources 977,874 0.24 

413,858 Multiplex Group 

___________ 

1,304,442 

______ 

0.31 

___________ 

8,197,543 

______ 

1.99 

Belgium 

83,304 AGFA-Gevaert 

___________ 

2,119,387 

______ 

0.52 

Bermuda 


___________ 

5,115,388 

______ 

1.24 

Canada 

9,300 Nortel Networks 

___________ 

252,123 

______ 

0.06 




___________ 

3,225,026 

______ 

0.78 

___________ 

8,388,138 

______ 

2.03 

Denmark 


___________ 

2,327,397 

______ 

0.56 

Finland 


___________ 

3,371,784 

______ 

0.82 

France 


38,098 BNP Paribas 4,170,892 1.01 


33,536 Peugeot 2,225,860 0.54 

24,425 Renault 2,938,019 0.71 

67,429 Total 4,875,403 1.18 


___________ 

3,223,521 

______ 

0.78 

___________ 

22,318,566 

______ 

5.41 

Germany 

14,339 Allianz SE 2,925,262 0.71 

28,499 BASF 2,774,389 0.67 

50,214 Bayer 2,691,407 0.65 


133,173 Deutsche Post 4,009,585 0.97 

30,057 E.ON 4,074,296 0.99 

33,785 Hochtief 2,458,387 0.60 


24,717 RWE 

___________ 

2,720,629 

______ 

0.66 

___________ 

27,589,847 

______ 

6.69 

Hungary 


___________ 

2,381,074 

______ 

0.58 

Ireland 


___________ 

4,203,757 

______ 

1.02 

Italy 

423,011 Banca Intesa 3,161,709 0.77 

204,005 Capitalia 1,925,489 0.47 




149,022 ENI 5,017,166 1.22 

822,558 Telecom Italia 2,493,914 0.60 



___________ 

3,606,523 

______ 

0.87 

___________ 

18,771,058 

______ 

4.55 

Japan 

214,600 Asahi Breweries 3,440,246 0.83 

40,300 Canon 2,272,190 0.55 

53,000 Honda Motor 2,096,228 0.51 

144 KDDI 977,914 0.24 


121,000 Mitsubishi UFJ Securities 1,346,113 0.33 

83,400 Namco Bandai Holdings 1,224,690 0.30 

184,000 Nippon Mining Holdings 1,325,429 0.32 

180,000 Nissan Motor 2,170,618 0.52 

159,000 Sekisui House 2,318,785 0.56 

331,000 Sojitz 1,008,327 0.24 

181,000 Sompo Japan Insurance 2,216,187 0.54 

372,000 Sumitomo Metal Industries 1,618,446 0.39 



50,800 Takefuji 2,013,490 0.49 

300,000 Tokyo Gas 1,598,048 0.39 


___________ 

3,429,634 

______ 

0.83 

___________ 

35,616,798 

______ 

8.63 

Netherlands 

96,869 ING Groep – CVA 4,308,410 1.04 

80,891 Mittal Steel 3,416,488 0.83 

161,400 Unilever (NY Shares) 

___________ 

4,422,360 

______ 

1.07 

___________ 

12,147,258 

______ 

2.94 

Norway 


___________ 

2,799,264 

______ 

0.68 

Singapore 

86,000 Keppel 987,538 0.24 

104,000 United Overseas Bank 

___________ 

1,316,370 

______ 

0.32 

___________ 

2,303,908 

______ 

0.56 

South Korea 

4,029 POSCO 

___________ 

1,339,248 

______ 

0.32 

Spain 


Argentaria 

___________ 

3,358,571 

______ 

0.81 

Sweden 

154,573 Investor 'B' 3,730,054 0.90 

288,926 TeliaSonera 

___________ 

2,390,760 

______ 

0.58 

___________ 

6,120,814 

______ 

1.48 

Switzerland 



59,211 UBS 

___________ 

3,591,781 

______ 

0.87 

___________ 

10,294,978 

______ 

2.49 



Global Fundamental Value Fund continued 





Taiwan 

1,185,000 Advanced Semiconductor Engineering 1,345,360 0.32 


1,057,000 Taiwan Mobile 1,096,251 0.26 

1,303,886 Vanguard International Semiconductor 

___________ 

978,221 

______ 

0.24 

___________ 

5,384,152 

______ 

1.30 


268,185 Aviva 4,327,602 1.05 

399,045 BAE Systems 3,335,167 0.81 

358,398 Barclays 5,136,053 1.24 


52,100 GlaxoSmithKline ADR 2,743,065 0.67 

216,178 HBOS 4,803,956 1.16 

265,611 Prudential 3,647,328 0.88 


2,728,284 Vodafone Group 

___________ 

7,578,567 

______ 

1.84 

___________ 

40,516,624 

______ 

9.82 

United States 

95,300 Alcoa 2,845,658 0.69 


89,100 Analog Devices 2,947,428 0.72 

145,200 AT&T 5,221,392 1.27 




630,120 Borland Software 3,251,356 0.79 

83,000 Chevron 6,135,360 1.49 

124,600 Citigroup 6,963,894 1.69 

123,500 Comcast 'A' 5,238,870 1.27 

19,200 Computer Sciences 1,026,624 0.25 

10,900 Consol Energy 352,833 0.09 


73,500 Exxon Mobil 5,666,115 1.37 

71,800 Foot Locker 1,565,240 0.38 

58,400 Gannett 3,558,312 0.86 




75,700 Gap 1,493,561 0.36 


65,700 General Mills 3,792,861 0.92 

83,000 Genworth Financial 'A' 2,861,840 0.69 


6,395 Idearc 181,682 0.04 

208,900 Interpublic Group of Companies 2,561,114 0.62 



170,700 Kroger 3,927,807 0.95 

414,300 LSI Logic 3,836,418 0.93 


45,600 Motorola 947,112 0.23 

42,400 Northrop Grumman 2,892,104 0.70 

202,300 Packaging of America 4,531,520 1.10 

251,898 Parametric Technology 4,566,911 1.11 

53,000 Peabody Energy 2,165,580 0.53 

154,900 Pfizer 4,035,145 0.98 

75,500 Raytheon 4,006,030 0.97 

155,800 Sprint Nextel 2,983,570 0.72 


318,000 Sun Microsystems 1,749,000 0.42 

205,200 Time Warner 4,510,296 1.09 

280,700 Topps 2,523,493 0.61 

65,500 UAP Holding 1,662,390 0.40 

792,400 Unisys 6,164,872 1.49 


55,500 Wachovia 3,179,595 0.77 

85,600 Waste Management 3,148,368 0.76 

303,800 Xerox 

___________ 

5,194,980 

______ 

1.26 

___________ 

178,148,248 

______ 

43.16 



___________ 

9,648,848 

______ 

2.34 


___________ 

412,714,773 

______ 

100.00 


% of net 

assets 

Finance 33.2 

Energy 10.5 





Materials 6.3 



Utilities 2.9 


___________ 

2.3 

___________ 

100.0 


Global High Yield Bond Fund (Euro) 





BONDS 

Belgium 

€925,000 Telenet Communications 9% 

15/12/2013 

___________ 

1,019,813 

______ 

0.69 

Bermuda 

€500,000 Central European Media Enterprises 

8.25% 15/5/2012 548,125 0.37 

€450,000 Central European Media Enterprises 

FRN 15/5/2012 469,294 0.31 

US$1,000,000 Intelsat Subsidiary Holding 8.625% 

15/1/2015 

___________ 

792,688 

______ 

0.53 

___________ 

1,810,107 

______ 

1.21 

Canada 

US$500,000 Abitibi-Consolidated FRN 15/6/2011 362,209 0.24 

US$540,000 Angiotech Pharmaceuticals '144A' 

FRN 1/12/2013 416,787 0.28 

€350,000 Bombardier 7.25% 15/11/2016 357,350 0.24 

€675,000 Bombardier '144A' FRN 15/11/2013 682,425 0.46 

US$320,000 Bowater Canada Finance 7.95% 

15/11/2011 239,096 0.16 

US$1,000,000 Catalyst Paper 'D' 8.625% 15/6/2011 771,827 0.52 

US$1,000,000 Domtar 7.125% 15/8/2015 747,174 0.50 

US$500,000 Jean Coutu Group 7.625% 1/8/2012 401,085 0.27 

US$1,000,000 Nortel Networks '144A' FRN 15/7/2011 803,118 0.54 

US$600,000 North American Energy Partners 

8.75% 1/12/2011 459,683 0.31 

US$1,065,000 Nova Chemicals FRN 15/11/2013 813,918 0.54 

US$165,826 PCI Chemicals Canada 10% 

31/12/2008 131,448 0.09 

US$500,000 Quebecor Media 7.75% 15/3/2016 389,232 0.26 

US$500,000 Quebecor World Capital 6.125% 

15/11/2013 329,022 0.22 

US$525,000 Quebecor World Capital '144A' 8.75% 

15/3/2016 383,306 0.25 

US$450,000 Rogers Wireless 7.5% 15/3/2015 372,070 0.25 

US$750,000 Rogers Wireless 8% 15/12/2012 610,161 0.41 

US$500,000 Rogers Wireless FRN 15/12/2010 

___________ 

387,810 

______ 

0.26 

___________ 

8,657,721 

______ 

5.80 


€750,000 BCM Ireland Finance FRN 15/8/2016 

___________ 

780,234 

______ 

0.52 

Denmark 

€700,000 FS Funding 8.875% 15/5/2016 729,838 0.49 

€1,000,000 ISS Global EMTN 4.75% 18/9/2010 970,000 0.65 

€750,000 Nordic Telephone Company 

Holdings FRN 1/5/2016 

___________ 

782,344 

______ 

0.52 

___________ 

2,482,182 

______ 

1.66 

France 

€1,350,000 Alcatel EMTN 6.375% 7/4/2014 1,453,815 0.98 

€350,000 Alstom FRN 13/3/2009 363,912 0.24 

€325,000 Ray Acquisition 9.375% 15/3/2015 371,312 0.25 

€600,000 Remy Cointreau 6.5% 1/7/2010 625,500 0.42 

€840,000 Rhodia FRN 15/10/2013 841,670 0.56 

€750,000 SPCM 8.25% 15/6/2013 

___________ 

810,000 

______ 

0.54 

___________ 

4,466,209 

______ 

2.99 




Germany 

€735,000 Cognis 9.5% 15/5/2014 809,419 0.54 

€335,000 Gildemeister 9.75% 19/7/2011 373,106 0.25 

€325,000 Grohe Holding 8.625% 1/10/2014 

___________ 

335,562 

______ 

0.23 

___________ 

1,518,087 

______ 

1.02 

Guernsey 

€1,100,000 ABB International Finance 6.5% 

30/11/2011 

___________ 

1,198,230 

______ 

0.80 


US$1,000,000 NXP/NXP Funding '144A' 9.5% 

15/10/2015 

___________ 

784,154 

______ 

0.53 

Ireland 

€475,000 Smurfit Kappa Funding 10.125% 

1/10/2012 

___________ 

517,750 

______ 

0.35 

Luxembourg 

€690,000 Basell 8.375% 15/8/2015 743,475 0.50 

€840,000 Basell '144A' 8.375% 15/8/2015 905,100 0.61 

€425,000 Cablecom Luxembourg 9.375% 

15/4/2014 472,281 0.32 

€500,000 Colt Telecom Group 7.625% 

15/12/2009 509,375 0.34 

€665,000 Fiat Finance & Trade 6.625% 

15/2/2013 719,364 0.48 

€575,000 Kloeckner Investment 10.5% 

15/5/2015 684,250 0.46 

€180,000 Kloeckner Pentaplast 9.375% 

15/2/2012 191,475 0.13 

€750,000 Lighthouse International 8% 

30/4/2014 824,063 0.55 

€520,000 Safilo Capital International 9.625% 

15/5/2013 575,900 0.38 

€250,000 Wind Acquisition Finance 9.75% 

1/12/2015 

___________ 

288,338 

______ 

0.19 

___________ 

5,913,621 

______ 

3.96 

Netherlands 

€750,000 Carmeuse Lime 10.75% 15/7/2012 816,563 0.55 

€1,760,000 Impress Holdings FRN 15/9/2013 

___________ 

1,797,422 

______ 

1.20 

___________ 

2,613,985 

______ 

1.75 

Portugal 

€5,000,000 Portugal Treasury Bill 0% 19/1/2007 

___________ 

4,991,750 

______ 

3.35 


£890,000 Ashtead Holdings 12% 1/5/2014 1,572,961 1.05 

€400,000 Avis Finance FRN 31/7/2013 401,098 0.27 

€1,000,000 Corus Group 7.5% 1/10/2011 1,086,000 0.73 

€710,000 Eco-Bat Finance 10.125% 31/1/2013 784,550 0.53 

€245,000 Ineos Group Holdings 7.875% 

15/2/2016 233,546 0.16 

US$870,000 Ineos Group Holdings '144A' 8.5% 

15/2/2016 633,543 0.42 

€220,000 Invensys 9.875% 15/3/2011 244,200 0.16 

€541,000 NTL Cable 8.75% 15/4/2014 583,339 0.39 

US$250,000 NTL Cable 9.125% 15/8/2016 

___________ 

201,254 

______ 

0.14 

___________ 

5,740,491 

______ 

3.85 



Global High Yield Bond Fund (Euro) continued 





United States 

US$400,000 Accellent 10.5% 1/12/2013 316,316 0.21 

£500,000 AES 8.375% 1/3/2011 782,762 0.52 

US$500,000 AES 8.875% 15/2/2011 408,670 0.27 

€975,000 AGCO 6.875% 15/4/2014 1,014,000 0.68 

€575,000 Ahold Finance USA EMTN 

5.875% 14/3/2012 604,641 0.41 

US$750,000 Allbritton Communications 

7.75% 15/12/2012 576,026 0.39 

US$750,000 Allied Waste North America 

7.875% 15/4/2013 589,538 0.40 

US$900,000 American Greetings 7.375% 1/6/2016 704,885 0.47 

US$1,000,000 American Real Estate Partners/ 

American Real Estate Finance 

7.125% 15/2/2013 766,138 0.51 

US$1,000,000 American Real Estate Partners/ 

American Real Estate Finance 

8.125% 1/6/2012 786,998 0.53 

US$500,000 American Tower 7.125% 15/10/2012 391,603 0.26 

US$250,000 Ashtead Capital '144A' 9% 15/8/2016 203,861 0.14 

US$1,000,000 Autonation 7% 15/4/2014 768,035 0.52 

US$250,000 Avis Budget Car Rental '144A' 

7.625% 15/5/2014 184,423 0.12 


FRN 15/5/2014 550,425 0.37 

US$225,000 BCP Crystal US Holdings 

9.625% 15/6/2014 189,449 0.13 

€500,000 BCP Crystal US Holdings 

10.375% 15/6/2014 578,750 0.39 

US$250,000 Berry Plastics Holding '144A' 

8.875% 15/9/2014 193,431 0.13 

US$1,000,000 Berry Plastics Holding '144A' 

FRN 15/9/2014 771,827 0.52 

US$750,000 Boise Cascade FRN 15/10/2012 573,181 0.38 

US$750,000 Bowater FRN 15/3/2010 577,448 0.39 

US$1,000,000 Boyd Gaming 7.75% 15/12/2012 787,947 0.53 

US$250,000 Building Materials Corporation 

of America 7.75% 1/8/2014 172,571 0.12 

US$885,000 Building Materials Corporation 

of America 8% 1/12/2008 703,207 0.47 

US$200,000 Cablevision Systems 'B' 8% 15/4/2012 150,193 0.10 

US$1,200,000 Cablevision Systems 'B' FRN 1/4/2009 964,879 0.65 

US$1,000,000 CBD Media 8.625% 1/6/2011 781,309 0.52 

US$250,000 CBD Media Holdings 9.25% 15/7/2012 198,409 0.13 

US$500,000 CCO Holdings 8.75% 15/11/2013 395,870 0.27 

US$500,000 CCO Holdings FRN 15/12/2010 388,758 0.26 

US$900,000 Centennial Communications/ 

Cellular Operating/Puerto Rico 

Operations 8.125% 1/2/2014 704,032 0.47 

US$2,435,000 Charter Communications Holdings II/ 

Charter Communications Holdings II 

Capital 10.25% 15/9/2010 1,941,738 1.30 

US$375,000 Chattem 7% 1/3/2014 281,613 0.19 

€320,000 Chesapeake 7% 15/12/2014 302,400 0.20 

£195,000 Chesapeake 10.375% 15/11/2011 308,181 0.21 

€650,000 Chesapeake Energy 6.25% 15/1/2017 667,875 0.45 

US$250,000 Chukchansi Economic Development 

Authority '144A' 8% 15/11/2013 197,935 0.13 

US$250,000 Chukchansi Economic Development 

Authority '144A' FRN 15/11/2012 195,801 0.13 

US$750,000 Church & Dwight 6% 15/12/2012 558,959 0.37 




US$1,500,000 Cincinnati Bell 7.25% 15/7/2013 1,183,342 0.79 

US$750,000 Communications & Power Industries 

8% 1/2/2012 580,293 0.39 

US$500,000 Constellation Brands 'B' 

8.125% 15/1/2012 395,396 0.27 

£450,000 Constellation Brands 'CEUR' 

8.5% 15/11/2009 713,701 0.48 

US$500,000 Copano Energy 8.125% 1/3/2016 394,447 0.26 

US$1,000,000 Corrections Corporation of America 

7.5% 1/5/2011 785,102 0.53 

US$17,964 Crown Castle International 

6.25% 15/8/2012 747,762 0.50 

US$850,000 Del Monte 8.625% 15/12/2012 683,456 0.46 

US$500,000 Dex Media 8% 15/11/2013 392,551 0.26 

US$140,000 Dex Media East Finance 9.875% 

15/11/2009 111,507 0.07 


15/11/2012 191,731 0.13 

US$439,000 Dex Media West Finance 'B' 9.875% 

15/8/2013 364,640 0.24 

US$240,000 DI Finance/DynCorp International 'B' 

9.5% 15/2/2013 193,886 0.13 

US$340,000 DirecTV Holdings/DirecTV Financing 

8.375% 15/3/2013 269,514 0.18 

US$1,700,000 Dobson Cellular Systems 

8.375% 1/11/2011 1,365,300 0.92 

US$250,000 DRS Technologies 6.625% 1/2/2016 192,009 0.13 


US$150,000 Dynegy Holdings 8.375% 1/5/2016 120,041 0.08 

US$1,000,000 Echostar DBS 7.125% 1/2/2016 761,397 0.51 

US$1,000,000 Edison Mission Energy 7.75% 

15/6/2016 807,859 0.54 

€340,000 El Paso 7.125% 6/5/2009 356,150 0.24 

US$1,000,000 El Paso Production Holding 

7.75% 1/6/2013 797,429 0.53 

US$750,000 Encore Acquisition 7.25% 1/12/2017 554,692 0.37 

US$250,000 Erico International 8.875% 1/3/2012 204,225 0.14 

US$1,045,000 ESI Tractebel Acquisition 'B' 

7.99% 30/12/2011 817,930 0.55 

US$1,000,000 Exco Resources (Old) 7.25% 15/1/2011 754,760 0.51 

US$700,000 Felcor Lodging 8.5% 1/6/2011 568,156 0.38 

US$195,000 Ferrellgas Partners Finance 

8.75% 15/6/2012 152,355 0.10 

US$200,000 Ford Motor 7.45% 16/7/2031 119,851 0.08 

US$750,000 Forest City Enterprises 

7.625% 1/6/2015 583,137 0.39 

US$2,400,000 Freescale Semiconductor '144A' 

9.125% 15/12/2014 1,811,424 1.21 

€500,000 Fresenius Medical Care Capital 

Trust V 7.375% 15/6/2011 551,250 0.37 

US$500,000 General Cable 9.5% 15/11/2010 403,929 0.27 

US$1,250,000 Geo Group 8.25% 15/7/2013 981,378 0.66 

US$1,000,000 Georgia-Pacific 8.125% 15/5/2011 800,273 0.54 

US$3,500,000 GMAC 6.875% 28/8/2012 2,734,808 1.83 

€1,005,000 GMAC EMTN 5.375% 6/6/2011 1,015,301 0.68 

US$400,000 Goodyear Tire & Rubber '144A' 

8.625% 1/12/2011 314,041 0.21 

US$250,000 Graham Packaging 9.875% 15/10/2014 192,483 0.13 

US$720,000 Graphic Packaging International 

9.5% 15/8/2013 576,197 0.39 

US$750,000 Houghton Mifflin 8.25% 1/2/2011 594,516 0.40 







€800,000 Huntsman International 

10.125% 1/7/2009 816,000 0.55 

US$1,150,000 Intelsat '144A' 9% 15/6/2016 927,947 0.62 

US$667,000 Intelsat 9% 15/8/2014 536,944 0.36 

US$1,000,000 ION Media Networks '144A' 

FRN 15/1/2012 771,827 0.52 

£550,000 Iron Mountain 7.25% 15/4/2014 814,966 0.55 

US$250,000 IWO Holdings FRN 15/1/2012 194,379 0.13 

€500,000 Johnsondiversey 9.625% 15/5/2012 525,000 0.35 

€500,000 Kronos International 6.5% 15/4/2013 483,750 0.32 

US$1,000,000 Lamar Media 6.625% 15/8/2015 755,708 0.51 

US$600,000 Lear '144A' 8.75% 1/12/2016 442,047 0.30 

€550,000 Levi Strauss & Co 8.625% 1/4/2013 581,281 0.39 

US$500,000 Liberty Media 0.75% 30/3/2023 486,896 0.33 

US$170,000 Loral Spacecom 14% 15/11/2015 148,619 0.10 

US$1,175,000 Lyondell Chemical 8.25% 15/9/2016 940,321 0.63 

US$370,000 Mac-Gray 7.625% 15/8/2015 286,278 0.19 

US$500,000 Mediacom 9.5% 15/1/2013 392,551 0.26 

US$500,000 Mediacom Broadband 8.5% 15/10/2015 385,914 0.26 

US$1,300,000 Michaels Stores '144A' 

11.375% 1/11/2016 1,032,959 0.69 

US$1,000,000 Millennium America 9.25% 15/6/2008 788,421 0.53 

US$600,000 Mirant Americas Generation 

8.3% 1/5/2011 468,786 0.31 

US$975,000 Mirant North America 

7.375% 31/12/2013 755,903 0.51 

US$1,000,000 Mission Energy Holding 

13.5% 15/7/2008 840,097 0.56 

US$200,000 MSW Energy Holdings/MSW Energy 

Finance 8.5% 1/9/2010 158,538 0.11 

US$250,000 MSW Energy Holdings II/MSW Energy 

Finance II 'B' 7.375% 1/9/2010 194,379 0.13 

US$800,000 Mylan Laboratories 6.375% 15/8/2015 603,808 0.40 

US$500,000 Nalco 7.75% 15/11/2011 389,706 0.26 

US$500,000 Nalco 8.875% 15/11/2013 403,455 0.27 

€800,000 Nalco 9% 15/11/2013 878,000 0.59 

US$488,000 Nevada Power 9% 15/8/2013 401,668 0.27 

US$800,000 NewPage 10% 1/5/2012 643,253 0.43 

US$750,000 Nexstar Finance 7% 15/1/2014 537,624 0.36 

US$250,000 Nexstar Finance Holdings 0/11.375% 

1/4/2013 (step-up coupon) 170,911 0.11 

US$550,000 NRG Energy 7.25% 1/2/2014 421,376 0.28 

US$500,000 NRG Energy 7.375% 1/2/2016 382,121 0.26 

€250,000 Owens-Brockway Glass Container 

6.75% 1/12/2014 251,875 0.17 

US$1,025,000 Owens-Brockway Glass Container 

8.75% 15/11/2012 828,055 0.56 

US$374,000 Owens-Brockway Glass Container 

8.875% 15/2/2009 291,500 0.20 

US$250,000 Parker Drilling 9.625% 1/10/2013 208,839 0.14 

US$1,000,000 Ply Gem Industries 9% 15/2/2012 648,563 0.43 

US$340,000 Pogo Producing 7.875% 1/5/2013 263,711 0.18 

US$250,000 PolyOne 10.625% 15/5/2010 201,965 0.14 

US$80,000 Poster Financial Group 8.75% 1/12/2011 63,263 0.04 

US$340,000 Premcor Refining Group 9.5% 1/2/2013 278,729 0.19 

US$1,500,000 Primedia 8% 15/5/2013 1,106,539 0.74 

US$2,200,000 Qwest 8.875% 15/3/2012 1,866,988 1.25 

US$750,000 Qwest FRN 15/6/2013 618,695 0.41 

US$250,000 Rainbow National Services '144A' 

8.75% 1/9/2012 200,305 0.13 




US$1,000,000 Rainbow National Services '144A' 

10.375% 1/9/2014 846,734 0.57 

US$350,000 RBS Global & Rexnord '144A' 

11.75% 1/8/2016 278,768 0.19 

US$135,000 Reliant Energy 9.5% 15/7/2013 110,341 0.07 

US$350,000 RH Donnelley 6.875% 15/1/2013 241,599 0.16 

US$250,000 RH Donnelley 'A-1' 6.875% 15/1/2013 182,764 0.12 

US$500,000 Rural Cellular 8.25% 15/3/2012 396,818 0.27 


US$1,000,000 Salem Communications 

7.75% 15/12/2010 773,724 0.52 

US$750,000 Sealy Mattress 8.25% 15/6/2014 597,360 0.40 

US$500,000 Select Medical 7.625% 1/2/2015 316,696 0.21 

US$1,000,000 SEMCO Energy 7.75% 15/5/2013 770,102 0.52 

US$1,600,000 Seneca Gaming 7.25% 1/5/2012 1,240,992 0.83 

US$350,000 Sierra Pacific Resources 8.625% 

15/3/2014 286,498 0.19 

US$1,000,000 Sinclair Broadcast Group 8% 

15/3/2012 786,998 0.53 

US$575,000 Smithfield Foods 'B' 8% 15/10/2009 457,976 0.31 

US$250,000 Southern Star Central 6.75% 1/3/2016 190,112 0.13 

US$800,000 Standard Aero Holdings 8.25% 1/9/2014 615,945 0.41 

US$1,000,000 Stanley-Martin Communities 

9.75% 15/8/2015 603,049 0.40 

US$375,000 Station Casinos 7.75% 15/8/2016 286,235 0.19 

US$500,000 Stone Energy '144A' FRN 15/7/2010 377,380 0.25 

US$535,000 Sungard Data Systems 9.125% 

15/8/2013 428,146 0.29 


15/8/2013 317,075 0.21 


15/8/2015 203,387 0.14 

US$65,000 Sungard Data Systems FRN 

15/8/2013 51,463 0.03 

US$1,000,000 Technical Olympic USA '144A' 

8.25% 1/4/2011 739,589 0.50 

US$235,000 Tenet Healthcare 6.875% 15/11/2031 143,499 0.10 

US$600,000 Tenneco 8.625% 15/11/2014 466,510 0.31 

US$1,000,000 Transcontinental Gas Pipe Line 'B' 

8.875% 15/7/2012 860,957 0.58 

US$1,000,000 Triad Hospitals 7% 15/11/2013 767,086 0.51 

US$250,000 Turning Stone Resort Casino Enterprise 

'144A' 9.125% 15/9/2014 194,853 0.13 

US$900,000 United Auto Group '144A' 

7.75% 15/12/2016 689,524 0.46 

US$105,000 United Rentals North America 

7.75% 15/11/2013 80,445 0.05 

US$600,000 Universal City Florida Holding I/II FRN 

1/5/2010 472,199 0.32 

US$1,000,000 Universal Compression 7.25% 

15/5/2010 766,138 0.51 

US$500,000 US Unwired 'B' 10% 15/6/2012 419,100 0.28 

US$750,000 Valor Telecommunications Enterprises 

7.75% 15/2/2015 615,139 0.41 

US$275,000 Vanguard Health Holding II 

9% 1/10/2014 212,253 0.14 

US$1,000,000 Verso Paper Holdings & Verson Paper 

'144A' 9.125% 1/8/2014 794,584 0.53 

US$200,000 Virgin River Casino/RBG LLC/B&BB 

9% 15/1/2012 157,779 0.11 








US$500,000 Vought Aircraft Industries 8% 15/7/2011 366,950 0.25 

US$500,000 Waste Services 9.5% 15/4/2014 397,292 0.27 

€350,000 WDAC Subsidiary 8.5% 1/12/2014 371,000 0.25 

US$1,000,000 Whiting Petroleum 7.25% 1/5/2013 758,553 0.51 

US$1,000,000 Wimar Opco '144A' 9.625% 15/12/2014 752,864 0.50 

US$1,000,000 Windstream '144A' 8.125% 1/8/2013 825,874 0.55 

US$1,175,000 Wynn Las Vegas/Wynn Las Vegas 

Capital 6.625% 1/12/2014 

___________ 

890,185 

______ 

0.60 

___________ 

94,640,918 

______ 

63.44 

Total Bonds 

___________ 

137,135,252 

______ 

91.92 



3,348 Ono Finance 'RCT' (Wts 1/5/2009) 

___________ 

74,493 

______ 

0.05 

United States 

14,085 Healthsouth (Wts 16/1/2014) 8,547 0.01 

21,253 Loral Space & Communications 662,917 0.44 

1,128 Loral Spacecom (Pref) 

___________ 

177,119 

______ 

0.12 

___________ 

848,583 

______ 

0.57 

Total Common / Preferred Stocks 

(Shares) & Warrants 

___________ 

923,076 

______ 

0.62 




___________ 

138,058,328 

______ 

92.54 


BONDS 

Canada 

C$250,000 Rogers Wireless 7.625% 15/12/2011 

___________ 

180,433 

______ 

0.12 

Ireland 

€540,000 BCM Ireland Preferred Equity '144A' 

10.597% 15/2/2017 

___________ 

540,000 

______ 

0.36 




Netherlands 

€4,200,000 Asset Repackaging Trust EMTN 

0% 21/12/2011 4,200,000 2.82 

€760,000 Impress Holdings '144A' 

9.25% 15/9/2014 

___________ 

782,800 

______ 

0.52 

___________ 

4,982,800 

______ 

3.34 

United States 

€1,150,000 Momentive Performance Materials 

'144A' 9% 1/12/2014 1,175,875 0.79 

€1,000,000 Nielsen Finance/Nielsen Finance 

'144A' 9% 1/8/2014 1,090,000 0.73 

€500,000 Rockwood Specialties Group 

7.625% 15/11/2014 535,000 0.36 

€13,830,000 WinStar Communications 

12.75% 15/4/2010 

___________ 

0 

______ 

0.00 

___________ 

2,800,875 

______ 

1.88 

Total Bonds 

___________ 

8,504,108 

______ 

5.70 

WARRANTS 

Luxembourg 

24,019 Avanti (Wts 14/6/2011) 0 0.00 

2,510 Carrier1 International (Wts 19/2/2009) 

___________ 

0 

______ 

0.00 

___________ 

0 

______ 

0.00 


33,600 Jazztel (Wts 15/7/2010) 

___________ 

0 

______ 

0.00 

Total Warrants 

___________ 

0 

______ 

0.00 


___________ 

8,504,108 

______ 

5.70 



___________ 

2,618,781 

______ 

1.76 


___________ 

149,181,217 

______ 

100.00 



Purchases 


Unrealised 

profit/(loss) 

€ 

€97,145,802 US$125,333,600 10/1/2007 2,105,261 

€7,545,219 £5,065,000 10/1/2007 4,721 

£2,904,000 €4,321,198 10/1/2007 2,121 

US$700,000 €553,319 10/1/2007 

________ 

(22,509) 

Net unrealised profit 2,089,594 

________ 




Global Opportunities Fund 





FUNDS 

Guernsey 

238,195 Puma Brandenburg 

___________ 

508,514 

______ 

0.34 


___________ 

508,514 

______ 

0.34 


Austria 

5,813 Palfinger 712,640 0.47 


___________ 

1,559,188 

______ 

1.04 

___________ 

2,271,828 

______ 

1.51 

Belgium 

12,268 Ackermans & Van Haaren 1,016,404 0.68 

15,653 Icos Vision Systems 656,163 0.44 

18,700 KBC Groep 2,278,955 1.51 

7,610 Punch International 

___________ 

890,809 

______ 

0.59 

___________ 

4,842,331 

______ 

3.22 

Bermuda 

26,122,000 Asia Standard International Group 625,089 0.41 

1,170,000 Bio-Treat Technology 

___________ 

461,832 

______ 

0.31 

___________ 

1,086,921 

______ 

0.72 

Brazil 

80,000 Petroleo Brasileiro (Pref) 1,866,042 1.24 

70,000 Porto Seguro 

___________ 

2,196,066 

______ 

1.46 

___________ 

4,062,108 

______ 

2.70 


54,800 UTi Worldwide 

___________ 

1,655,503 

______ 

1.10 

Canada 

30,300 Ultra Petroleum 

___________ 

1,448,340 

______ 

0.96 


170,000 Heng Tai Consumables Group 

___________ 

15,529 

______ 

0.01 

Denmark 

38,189 Vestas Wind Systems 

___________ 

1,614,143 

______ 

1.07 

France 

36,464 AXA 1,478,556 0.98 

25,034 Compagnie de Saint-Gobain 2,107,067 1.40 

81,212 Ingenico 

___________ 

2,075,798 

______ 

1.38 

___________ 

5,661,421 

______ 

3.76 

Germany 


12,439 Verbio 

___________ 

224,643 

______ 

0.15 

___________ 

2,113,709 

______ 

1.40 

Guernsey 

47,600 Amdocs 

___________ 

1,851,640 

______ 

1.23 

Indonesia 

133,000 International Nickel Indonesia 

___________ 

458,411 

______ 

0.31 

Italy 


___________ 

2,274,645 

______ 

1.51 




Japan 

57,000 ADEKA 597,665 0.40 

109,120 DCM Japan Holdings 1,124,877 0.75 

29,260 Goldcrest 1,511,846 1.00 

119,200 OMC Card 933,879 0.62 

193,000 Sanken Electric 2,385,854 1.59 

109,500 Sato 1,948,899 1.29 

4,124 SKY Perfect Communications 2,526,474 1.68 

2,400 Sumida 48,270 0.03 

68,000 Suruga Bank 

___________ 

843,473 

______ 

0.56 

___________ 

11,921,237 

______ 

7.92 

Luxembourg 

130,315 SES Global – FDR 

___________ 

2,322,514 

______ 

1.54 

Malaysia 

450,000 Gamuda 

___________ 

650,326 

______ 

0.43 

Mexico 

350,000 Corp GEO SA de CV 'B' 

___________ 

1,748,903 

______ 

1.16 

Netherlands 

11,671 Nutreco Holding 761,400 0.50 

64,751 Wolters Kluwer 

___________ 

1,865,027 

______ 

1.24 

___________ 

2,626,427 

______ 

1.74 

Norway 

104,214 Cermaq 1,503,960 1.00 

61,869 Petroleum Geo-Services 

___________ 

1,441,931 

______ 

0.96 

___________ 

2,945,891 

______ 

1.96 

Portugal 

204,898 Sonae Industria SGPS (New) 

___________ 

2,025,751 

______ 

1.35 

Singapore 

1,187,000 Banyan Tree Holdings 1,208,142 0.80 

534,000 KS Energy Services 871,012 0.58 

750,000 Yanlord Land Group 

___________ 

1,242,905 

______ 

0.83 

___________ 

3,322,059 

______ 

2.21 

South Korea 

53,690 Daishin Securities (Pref) 912,548 0.61 

57,685 Dasan Networks 905,985 0.60 

10,800 GS Engineering & Construction 965,450 0.64 

40,000 Joongang Construction 

___________ 

651,895 

______ 

0.43 

___________ 

3,435,878 

______ 

2.28 

Switzerland 

18,530 Holcim 

___________ 

1,698,216 

______ 

1.13 


304,563 Anite Group 487,277 0.32 

233,556 BTG 678,569 0.45 

172,841 Dignity 2,224,132 1.48 

217,748 Man Group 2,234,546 1.48 

724,633 Microgen 775,275 0.52 

89,474 Unibet Group – SDR 2,543,988 1.69 

103,819 United Utilities 1,589,690 1.06 

122,234 Vanco 1,043,812 0.69 

69,471 Venture Production 

___________ 

1,204,219 

______ 

0.80 

___________ 

12,781,508 

______ 

8.49 



Global Opportunities Fund continued 





United States 

34,400 Actuant 'A' 1,656,360 1.10 

33,000 Advanced Medical Optics 1,169,190 0.78 

34,300 Airgas 1,404,242 0.93 

39,300 American Tower 'A' 1,459,995 0.97 

30,100 Armor Holdings 1,656,102 1.10 

29,600 Atwood Oceanics 1,451,584 0.96 

71,500 Ceridian 2,017,730 1.34 

20,800 Corporate Executive Board 1,852,198 1.23 

17,700 Diamond Offshore Drilling 1,410,690 0.94 

34,900 Dick's Sporting Goods 1,718,476 1.14 

20,600 Digene 985,092 0.65 

25,600 GameStop 'A' 1,423,616 0.95 

37,500 Gardner Denver 1,421,250 0.94 

114,100 Gartner 2,286,564 1.52 

23,200 GFI Group 1,448,840 0.96 

49,900 Global Payments 2,341,807 1.56 

31,500 Goodrich 1,439,235 0.96 

52,500 IMS Health 1,449,525 0.96 

108,400 Integrated Device Technology 1,699,712 1.13 

26,000 Investment Technology Group 1,124,760 0.75 

38,300 Investors Financial Services 1,640,006 1.09 

24,100 Joy Global 1,183,310 0.79 

25,200 Kyphon 1,040,760 0.69 

28,500 Laureate Education 1,402,086 0.93 

21,150 Life Time Fitness 1,038,042 0.69 

59,800 Massey Energy 1,390,948 0.92 

101,000 Microsemi 1,984,650 1.32 

59,800 Mobile Mini 1,657,656 1.10 

400,900 Move 2,269,094 1.51 

31,900 Nuveen Investments 'A' 1,676,664 1.11 

34,300 Oshkosh Truck 1,655,661 1.10 

63,975 Range Resources 1,772,747 1.18 

45,550 Scientific Games 'A' 1,384,720 0.92 




53,300 Signature Bank (New York NY) 1,660,295 1.10 

170,200 SonicWALL 1,446,700 0.96 

21,250 Station Casinos 1,735,700 1.15 

50,200 Superior Energy Services 1,646,058 1.09 

14,091 Synthes 1,680,663 1.12 

50,900 Transaction Systems Architects 1,678,173 1.12 

24,950 Ventana Medical Systems 1,083,578 0.72 

45,100 WebEx Communications 1,619,090 1.08 

21,200 WellCare Health Plans 1,482,516 0.98 

64,200 Wright Medical Group 

___________ 

1,522,824 

______ 

1.01 

___________ 

67,068,909 

______ 

44.55 


___________ 

141,904,148 

______ 

94.26 




___________ 

142,412,662 

______ 

94.60 



Bermuda 

3,550,000 Euro-Asia Agricultural Holdings 

___________ 

0 

______ 

0.00 

Japan 

129,100 HS Securities 

___________ 

989,713 

______ 

0.66 


___________ 

989,713 

______ 

0.66 



___________ 

7,134,840 

______ 

4.74 


___________ 

150,537,215 

______ 

100.00 


% of net 

assets 


Finance 17.9 



Energy 9.1 


Materials 4.3 



Utilities 1.0 



___________ 

4.7 

___________ 

100.0 



Purchases 


Unrealised 

loss 

US$ 

¥77,838,760 US$655,484 9/1/2007 

________ 

(455) 


________ 

(455) 

Note: The net unrealised loss attributed to this transaction is included in the Statement of Net 



Global SmallCap Fund 





FUNDS 

Hong Kong 

333,220 iShares Asia Trust – iShares 

FTSE/Xinhua A50 China 

Tracker – ETF ___________ 4,799,297 ______ 1.17 

Total Funds ___________ 4,799,297 ______ 1.17 


Australia 

1,396,447 CFS Retail Property Trust (Unit) 2,570,283 0.63 

48,300 Cochlear 2,212,971 0.54 

449,700 Lion Nathan 2,898,769 0.70 

784,800 PaperlinX ___________ 2,436,420 ______ 0.59 

___________ 10,118,443 ______ 2.46 

Belgium 

109,500 AGFA-Gevaert ___________ 2,785,856 ______ 0.68 

Bermuda 

1,085,500 Clear Media 1,326,710 0.32 

47,800 Lazard 'A' 2,270,978 0.55 

251,640 Ports Design ___________ 550,365 ______ 0.14 

___________ 4,148,053 ______ 1.01 

Brazil 

170,600 Cia de Concessoes Rodoviarias 2,305,297 0.56 

280,400 Companhia de Saneamento 

de Minas Gerais 3,289,939 0.80 

142,400 Obrascon Huarte Lain Brasil ___________ 2,294,408 ______ 0.56 

___________ 7,889,644 ______ 1.92 

Canada 

3,800 Agnico-Eagle Mines 156,426 0.04 

68,100 Agnico-Eagle Mines 2,801,634 0.68 

86,800 AUR Resources 1,768,605 0.43 

103,800 Cinram International Income 

Fund (Unit)* 2,052,391 0.50 

2,800 Cognos 116,950 0.03 

64,825 Cognos 2,704,499 0.66 

813,400 Diagnocure 2,733,058 0.66 

163,300 Domtar 1,370,330 0.33 

310,700 Eldorado Gold 1,691,758 0.41 

262,700 Labopharm 1,520,930 0.37 

48,200 North American Energy Partners ___________ 784,023 ______ 0.19 

___________ 17,700,604 ______ 4.30 


105,600 Subsea 7 ___________ 1,941,890 ______ 0.47 

China 

5,582,500 Shenzhen Expressway 'H' 3,354,039 0.81 

196,800 Zhuzhou CSR Times Electric 'H' ___________ 272,433 ______ 0.07 

___________ 3,626,472 ______ 0.88 

Denmark 

42,700 TrygVesta 3,266,027 0.79 

95,200 Vestas Wind Systems ___________ 4,023,839 ______ 0.98 

___________ 7,289,866 ______ 1.77 




Finland 

531,600 M-real 'B' 3,356,662 0.82 

48,475 Stockmann 'B' 2,324,065 0.56 

114,800 YIT ___________ 3,165,853 ______ 0.77 

___________ 8,846,580 ______ 2.15 

France 

29,925 Eurofins Scientific 2,165,677 0.53 

1,205,500 SCOR 3,543,719 0.86 

48,994 Trigano ___________ 2,533,660 ______ 0.61 

___________ 8,243,056 ______ 2.00 

Germany 

67,100 Heidelberger Druckmaschinen 3,173,673 0.77 

160,000 Paion 1,740,047 0.42 

36,400 Petrotec ___________ 791,722 ______ 0.19 

___________ 5,705,442 ______ 1.38 

Hong Kong 

326,500 Hong Kong Exchanges and Clearing 3,591,466 0.87 

1,101,200 Industrial & Commercial Bank of China ___________ 2,125,103 ______ 0.52 

___________ 5,716,569 ______ 1.39 

India 

229,300 Pantaloon Retail India 2,120,880 0.52 

237,000 Satyam Computer Services (Demat) ___________ 2,590,226 ______ 0.63 

___________ 4,711,106 ______ 1.15 

Indonesia 

14,652,100 Surya Citra Media ___________ 1,303,263 ______ 0.32 

Ireland 

403,700 Greencore Group 2,447,957 0.59 

68,473 Ryanair Holdings ADR* ___________ 5,538,781 ______ 1.35 

___________ 7,986,738 ______ 1.94 

Israel 

89,200 Aladdin Knowledge Systems 1,691,232 0.41 

425,600 Frutarom ___________ 3,733,150 ______ 0.91 

___________ 5,424,382 ______ 1.32 

Italy 

248,800 Astaldi 1,856,325 0.45 

249,200 Milano Assicurazioni 2,026,844 0.50 

166,470 Permasteelisa 3,094,156 0.75 

88,900 Valentino Fashion Group ___________ 3,630,533 ______ 0.88 

___________ 10,607,858 ______ 2.58 

Japan 

536,000 Aioi Insurance 3,788,862 0.92 

254,700 Air Water 2,709,198 0.66 

102,300 Alpine Electronics 1,528,915 0.37 

218,500 Bank of Kyoto 2,040,982 0.50 

91,900 Capcom* 1,658,852 0.40 

2,875 Jupiter Telecommunications 2,322,597 0.56 

1,600 KK DaVinci Advisors 1,588,791 0.39 

122,800 Koito Manufacturing 1,852,864 0.45 

135,600 Komori 2,538,952 0.62 

85,600 Meitec* 2,600,433 0.63 

19,700 Point 1,296,396 0.31 

255,000 Taiyo Nippon Sanso 2,300,381 0.56 

398,000 Takuma 2,331,079 0.57 

294,500 Tokyu Land 2,780,628 0.68 

22,950 Yamada Denki ___________ 1,950,603 ______ 0.47 

___________ 33,289,533 ______ 8.09 

( 

* ) Securities lent, see Note 13 for further details. 



Global SmallCap Fund continued 





Luxembourg 

104,600 Acergy ___________ 2,002,950 ______ 0.49 

Malaysia 

7,889,310 AirAsia ___________ 3,375,704 ______ 0.82 

Mexico 

740,000 Embotelladoras Arca SA de CV 2,973,555 0.72 

684,100 Empresas ICA SAB de CV ___________ 2,569,913 ______ 0.62 

___________ 5,543,468 ______ 1.34 

Netherlands 

126,500 Endemol 2,870,062 0.70 

137,800 Koninklijke Wessanen – CVA 1,865,550 0.45 

83,500 Qiagen 1,268,365 0.31 

161,801 Tele Atlas ___________ 3,381,521 ______ 0.82 

___________ 9,385,498 ______ 2.28 

Norway 

1,280,400 DET Norske Oljeselskap 2,354,542 0.57 

388,700 Ocean RIG 2,865,355 0.70 

219,000 Prosafe ___________ 3,071,190 ______ 0.75 

___________ 8,291,087 ______ 2.02 

Philippines 

1,762,936 Bank of the Philippine Islands 2,284,155 0.55 

26,800 Philippine Long Distance Telephone ___________ 1,394,409 ______ 0.34 

___________ 3,678,564 ______ 0.89 

Singapore 

1,437,595 Parkway Holdings ___________ 2,945,161 ______ 0.72 

South Africa 

252,250 Massmart Holdings ___________ 2,533,580 ______ 0.62 

South Korea 

36,108 Dong-A Pharmaceutical 3,375,424 0.82 

2,357 Honam Petrochemical 176,218 0.04 

96,186 Kangwon Land ___________ 2,090,106 ______ 0.51 

___________ 5,641,748 ______ 1.37 

Spain 

25,540 Grupo Ferrovial* ___________ 2,491,379 ______ 0.60 

Sweden 

129,500 Boliden 3,332,714 0.81 

83,800 D Carnegie 1,771,722 0.43 

45,300 Rezidor Hotel Group ___________ 388,052 ______ 0.10 

___________ 5,492,488 ______ 1.34 

Switzerland 

138,900 Clariant 2,083,671 0.51 

22,600 Dufry Group 1,889,663 0.46 

15,936 Swiss Life Holding ___________ 3,990,858 ______ 0.97 

___________ 7,964,192 ______ 1.94 

Taiwan 

69 Waffer Technology ___________ 60 ______ 0.00 

Turkey 

104,500 Anadolu Efes Biracilik ve Malt Sanayii ___________ 3,236,267 ______ 0.79 


762,103 Amlin 4,865,999 1.18 

104,500 Dana Petroleum 2,570,446 0.63 




2,011,200 Game Group 4,481,178 1.09 

187,500 Great Portland Estates 2,552,635 0.62 

25,000 Intertek Group 409,060 0.10 

187,800 JJB Sports 867,294 0.21 

769,500 Northern Foods 1,733,414 0.42 

342,700 Premier Foods 2,030,030 0.49 

735,300 QinetiQ 2,764,231 0.67 

431,400 SSL International 3,131,334 0.76 

188,100 Surfcontrol ___________ 1,921,065 ______ 0.47 

___________ 27,326,686 ______ 6.64 

United States 

29,700 Abercrombie & Fitch 'A' 2,100,384 0.51 

177,217 Activision 3,115,475 0.76 

56,700 Alexion Pharmaceuticals 2,299,752 0.56 

160,500 Ashford Hospitality Trust (Reit)* 1,996,620 0.49 


270,800 BioMarin Pharmaceuticals 4,500,696 1.09 

41,393 Brush Engineered Materials 1,394,116 0.34 

87,800 Cadence Pharmaceuticals 1,104,524 0.27 

94,100 Cambrex 2,150,185 0.52 

121,500 Celanese 'A' 3,148,065 0.77 

69,275 Cheesecake Factory 1,729,728 0.42 

145,600 Cleco 3,704,064 0.90 

42,400 Cleveland-Cliffs 2,067,848 0.50 

116,200 Covanta Holding 2,544,780 0.62 

163,500 DiamondRock Hospitality (Reit) 2,944,635 0.72 

60,800 Digene 2,907,456 0.71 

40,100 Digital River 2,263,244 0.55 

43,100 Douglas Emmett (Reit) 1,124,479 0.27 

48,100 DSP Group 1,044,251 0.25 

452,400 Dynegy 'A' 3,307,044 0.80 

87,400 Emulex 1,731,394 0.42 

32,000 F5 Networks 2,398,400 0.58 

110,300 FTI Consulting 3,160,095 0.77 

22,700 GameStop 'A' 1,262,347 0.31 

40,300 Guitar Center 1,817,127 0.44 

173,600 Hanover Compressor 3,308,816 0.80 

30,500 Hansen Natural 1,031,510 0.25 

2,800 Heelys 91,689 0.02 

145,600 Human Genome Sciences 1,825,824 0.44 

58,800 Hyperion Solutions 2,145,024 0.52 

33,100 Iconix Brand Group 631,356 0.15 


138,350 Interline Brands 3,143,312 0.76 

106,300 Inverness Medical Innovations 4,124,440 1.00 

96,815 Irwin Financial 2,206,414 0.54 

114,700 Knight Capital Group 'A' 2,244,679 0.55 

90,700 LKQ 2,134,171 0.52 

54,200 Lone Star Technologies 2,660,136 0.65 

66,350 Marvel Entertainment 1,802,066 0.44 

258,800 MoSys 2,468,952 0.60 

39,450 NAVTEQ 1,388,640 0.34 

146,200 Nektar Therapeutics 2,273,410 0.55 

64,400 Northeast Utilities 1,807,064 0.44 

427,200 Novell 2,704,176 0.66 

85,400 OMI 1,825,852 0.44 


24,400 Panera Bread 'A' 1,382,016 0.34 

31,250 Polo Ralph Lauren 2,457,813 0.60 

111,700 Power Integrations 2,546,760 0.62 

100,700 Regal Entertainment Group 'A' 2,171,092 0.53 

87,400 SBA Communications 'A' 2,400,004 0.58 

39,700 Scotts Miracle-Gro 'A' 2,074,722 0.50 

105,900 Shaw Group 3,555,063 0.86 



Global SmallCap Fund continued 





56,100 Sterling Financial/WA 1,916,937 0.47 

53,300 Stifel Financial 2,136,797 0.52 

101,750 Stratasys 3,263,123 0.79 

562,500 SupportSoft 3,105,000 0.75 

152,475 Sybase 3,825,598 0.93 

103,300 Trident Microsystems 1,925,512 0.47 

165,400 UAP Holding 4,197,852 1.02 

169,150 Urban Outfitters 3,963,185 0.96 

115,800 Venoco 2,084,400 0.51 

21,800 Veritas DGC 1,857,360 0.45 





227,250 webMethods 1,720,283 0.42 

47,500 Witness Systems ___________ 851,675 ______ 0.21 

___________ 152,217,680 ______ 36.99 

Total Common Stocks (Shares) ___________ 389,461,867 ______ 94.66 


Other Net Assets ___________ 17,148,192 ______ 4.17 

Total Net Assets (US$) ___________ 411,409,356 ______ 100.00 


% of net 

assets 



Finance 14.5 



Materials 8.6 

Energy 7.3 


Utilities 2.9 




___________ 

4.2 

___________ 

100.0 



India Fund (1) 





COMMON STOCKS (SHARES) & RIGHTS 

India 

251,910 ACC 6,188,391 1.12 

239,076 Aditya Birla Nuvo 6,743,093 1.22 

28,126 Aditya Birla Nuvo (Rights) 793,288 0.14 

335,562 Amtek Auto 2,715,675 0.49 

1,661,338 Amtek India 6,039,857 1.09 

21,964 Bajaj Auto 1,300,632 0.24 

20,267 BF Utilities 1,321,249 0.24 

193,002 Bharat Electronics 5,872,963 1.06 

230,700 Bharat Heavy Electricals 11,993,206 2.17 

302,587 Bharat Petroleum 2,312,671 0.42 

40,451 Bharati Shipyard 340,399 0.06 

814,951 Bharti Airtel 11,607,006 2.10 

851,075 Birla 6,539,397 1.18 

53,794 BL Kashyap & Sons 1,750,280 0.32 

147,596 Bombay Dyeing & Manufacturing 2,559,485 0.46 

532,485 Century Textile & Industries 8,894,405 1.61 

786,790 Cipla (India) 4,471,161 0.81 

641,191 Colgate-Palmolive (India) 5,631,255 1.02 

2,244,557 Crompton Greaves 10,596,044 1.92 

873,759 DCM Shriram Consolidated 2,115,747 0.38 

164,692 Deccan Chronicle Holdings 2,850,736 0.52 

128,204 Dr Reddy's Laboratories 2,351,322 0.43 

1,840,871 Eveready Industries 2,674,109 0.48 

150,000 Geodesic Information Systems 611,123 0.11 

76,259 GlaxoSmithKline Pharmaceuticals 2,005,094 0.36 

2,556,560 Graphite India 3,401,614 0.62 

251,147 Grasim Industries 15,906,907 2.88 

4,324,919 Gujarat Ambuja Cements 13,792,205 2.50 

436,948 HCL Technologies 6,337,370 1.15 

154,067 HDFC Bank 3,720,002 0.67 

1,128,720 Hindalco Industries 4,445,463 0.80 

234,420 Hindalco Industries 'PP' 648,457 0.12 

1,763,122 Hindustan Construction 5,861,787 1.06 

2,823,334 Hindustan Lever 13,813,449 2.50 

341,432 Hindustan Petroleum 2,149,869 0.39 

247,781 Housing Development Finance 9,114,052 1.65 

599,199 ICICI Bank 12,077,445 2.19 

256,128 ICICI Bank ADR 10,703,589 1.94 

221,215 I-Flex Solutions 9,753,356 1.77 

1,733,211 India Cements 9,206,817 1.67 

413,283 Indian Oil 4,205,709 0.76 

370,882 Indian Petrochemicals 2,418,739 0.44 

314,569 Indoco Remedies 2,413,851 0.44 




33,176 Info Edge India 435,308 0.08 

730,165 Infosys Technologies 37,008,416 6.70 

77,250 Infosys Technologies ADR 4,225,575 0.77 

2,707,208 ITC 10,778,631 1.95 

554,706 Jaiprakash Associates 9,111,316 1.65 

639,177 Jindal Saw 5,592,613 1.01 

218,319 Kotak Mahindra Bank 1,973,408 0.36 

577,630 Lanco Infratech 3,313,893 0.60 

544,896 Larsen & Toubro 17,812,895 3.23 

100,675 Maharashtra Seamless 1,062,060 0.19 

243,137 Mahindra & Mahindra 4,993,841 0.90 

219,981 Maruti Udyog 4,621,437 0.84 

2,556,718 McLeod Russel India 5,670,671 1.03 

84,321 Nestle India 2,166,550 0.39 

209,590 Network 18 Fincap (Private Company) 124,990 0.02 

246,120 NRB Bearings 2,776,985 0.50 

2,500,810 NTPC 7,717,844 1.40 

463,993 Oil & Natural Gas 9,140,328 1.66 

221,365 Punjab National Bank 2,537,462 0.46 

185,561 Ranbaxy Laboratories 1,643,742 0.30 

2,275,710 Reliance Communications 24,267,184 4.39 

1,096,859 Reliance Industries 31,498,396 5.70 

2,307,519 S Kumars Nationwide 4,131,931 0.75 

1,312,002 Satyam Computer Services (Demat) 14,339,162 2.60 

1,295 Shree Renuka Sugars 13,070 0.00 

1,377,443 Steel Authority of India 2,773,257 0.50 

542,760 Sterlite Industries India 6,665,768 1.21 

93,289 Suzlon Energy 2,752,054 0.50 

444,738 Tata Consultancy Services 12,287,346 2.22 

501,686 Tata Motors 10,215,192 1.85 

244,522 Television Eighteen India 3,188,789 0.58 

720,871 Thermax 6,335,118 1.15 

903,007 Union Bank of India 2,505,061 0.45 

826,347 United Phosphorus 5,608,617 1.02 

496,579 UTI Bank 5,272,287 0.95 

2,118,611 Voltas 5,482,134 0.99 

688,469 Wipro 9,431,222 1.71 

812,379 Wire & Wireless India 1,383,045 0.25 

734,553 Zee News 1,175,483 0.21 

1,624,759 ZEE Telefilms 

___________ 

10,783,349 

______ 

1.95 



___________ 

19,219,459 

______ 

3.48 


___________ 

552,285,158 

______ 

100.00 



% of net 

assets 




Energy 8.9 

Finance 8.7 





Utilities 2.2 


___________ 

3.5 

___________ 

100.0 


Japan Fund (1) 




Holding Description Value (¥) % 


Japan 

97,700 Astellas Pharma 528,557,000 1.83 

149,000 Bank of Fukuoka 129,332,000 0.45 

754,000 Bank of Yokohama 702,728,000 2.44 

115,700 Benesse 524,121,000 1.82 

84,500 Canon 566,150,000 1.96 

238,600 Casio Computer 644,220,000 2.23 

79,000 Chiyoda 184,070,000 0.64 

224,000 COMSYS Holdings 295,232,000 1.02 

179,900 Credit Saison 737,590,000 2.56 

251,000 Dainippon Screen Manufacturing 268,319,000 0.93 

109,500 Don Quijote 249,112,500 0.86 

197,900 EDION 349,293,500 1.21 

103,100 FamilyMart 334,044,000 1.16 

616,000 Haseko 262,416,000 0.91 

366,000 Hiroshima Bank 252,540,000 0.88 

138,900 Hitachi Maxell 246,547,500 0.85 

130,800 Honda Motor 614,760,000 2.13 

215,300 Hoya 998,992,000 3.47 

398 Inpex Holdings 389,244,000 1.35 

113,000 Iyo Bank 126,673,000 0.44 

127,900 JS Group 320,389,500 1.11 

1,219,000 Kajima 636,318,000 2.21 

197,100 Kansai Electric Power 632,691,000 2.19 

485,000 Kansai Paint 456,870,000 1.58 

1,621 KDDI 1,308,147,000 4.54 

109,100 Kokuyo 205,217,100 0.71 

58,300 Makita 212,795,000 0.74 

1,161,000 Mitsubishi Electric 1,260,846,000 4.37 

968 Mitsubishi UFJ Financial Group 1,422,960,000 4.94 

166,000 Mitsubishi UFJ Securities 219,452,000 0.76 




421,000 Mitsui & Co 749,380,000 2.60 

3,016 Monex Beans Holdings 278,980,000 0.97 

1,175 NET One Systems* 184,475,000 0.64 

69,300 Nidec 637,560,000 2.21 

229,000 Nippon Electric Glass 572,500,000 1.99 

839 Nippon Paper Group 376,711,000 1.31 

1,135,000 Nippon Steel 776,340,000 2.69 

854,400 Nissan Motor 1,224,355,200 4.25 

750,000 Nisshin Steel 331,500,000 1.15 

426,000 NTN 454,542,000 1.58 

1,725 NTT Urban Development 396,750,000 1.38 

13,150 ORIX 453,017,500 1.57 

3,477 Rakuten 192,973,500 0.67 

4,919 SBI Holdings 197,251,900 0.68 

26,500 Shimamura 362,255,000 1.26 

28,100 Sumco 282,686,000 0.98 

313,800 Sumitomo Electric Industries 583,668,000 2.02 

1,281 Sumitomo Mitsui Financial Group 1,562,820,000 5.42 

34,950 T&D Holdings 275,056,500 0.95 


35,340 Takefuji 166,451,400 0.58 

76,400 Terumo 357,552,000 1.24 

434,000 Tokyu Land 486,948,000 1.69 

238,600 Toyota Motor 1,899,256,000 6.59 

224,000 Yokohama Rubber 160,832,000 0.56 

117,000 Zeon 

___________ 

150,462,000 

______ 

0.52 



___________ 

93,939,741 

______ 

0.33 

Total Net Assets (¥) 28,828,743,841 

___________ ______ 

100.00 


( * ) Security lent, see Note 13 for further details. 


% of net 

assets 

Finance 25.7 




Materials 7.3 



Utilities 2.2 

Energy 1.4 



___________ 

0.3 

___________ 

100.0 




Purchases 


Unrealised 

profit/(loss) 

€ 

€111,000 ¥16,846,814 15/3/2007 2,869 

¥463,242 €3,000 15/3/2007 

_______ 

(27) 


_______ 

2,842 

Note: The Yen equivalent – ¥445,208 of the net unrealised profit attributed to these transactions 


exchange rate used to convert from € is the year-end exchange rate of: 1 ¥ = 0.00638 € 




Japan Opportunities Fund (1) 






Japan 

2,104,200 ADEKA 2,621,833,200 2.04 

430,600 Agrex 652,359,000 0.51 

932,800 Aica Kogyo 1,555,910,400 1.21 

269,600 Alpha (Japan)* 645,692,000 0.50 

809,500 Alps Logistics 1,708,045,000 1.33 

37,000 Azuma Shipping 15,429,000 0.01 

1,253,600 Belc 1,439,132,800 1.12 

114,600 Central Sports 344,946,000 0.27 

85,500 Dai-ichi Seiko 350,550,000 0.27 

2,712,300 Daiichikosho 3,927,410,400 3.05 

2,772,400 DCM Japan Holdings* 3,396,190,000 2.64 

908,700 ESPEC 1,377,589,200 1.07 

6,400 Fast Retailing 72,704,000 0.06 

112,000 Ferrotec 100,128,000 0.08 

625,300 Fuji Electronics 1,193,697,700 0.93 

191 GCA 170,754,000 0.13 

895,400 Goldcrest* 5,497,756,000 4.27 

1,001,900 HS Securities 912,730,900 0.71 

776,500 Idec (Japan)* 1,434,972,000 1.11 

273,700 Iriso Electronics 1,228,913,000 0.95 

2,312,000 Japan Aviation Electronics Industry 3,900,344,000 3.03 

17,900 Kitagawa Industries 42,333,500 0.03 

2,747,000 Laox 725,208,000 0.56 

537,300 Macnica 1,993,383,000 1.55 

2,263,900 MISUMI Group 5,161,692,000 4.01 

705,900 Mitsui High-Tec 1,046,849,700 0.81 

558,000 N E Chemcat 2,075,760,000 1.61 

7,084,000 Nachi-Fujikoshi* 4,689,608,000 3.64 

179,000 Nagano Keiki 297,140,000 0.23 

335,800 NBC 670,928,400 0.52 

4,845,000 Nice 2,093,040,000 1.63 

4,500,500 OMC Card 4,189,965,500 3.25 

1,400,300 OSG* 2,730,585,000 2.12 

45,700 Otsuka* 552,970,000 0.43 

1,165,000 Paltek 563,860,000 0.44 

932,800 Pigeon 1,944,888,000 1.51 




1,225,400 Pocket Card 776,903,600 0.60 

77,400 Renaissance 116,254,800 0.09 

159,960 Resorttrust 502,274,400 0.39 

250,600 Riso Kagaku 587,657,000 0.46 

1,422,300 Roland 3,811,764,000 2.96 

267,000 Royal Holdings 418,389,000 0.33 

1,542,200 Saizeriya* 2,350,312,800 1.83 

4,198,000 Sanken Electric* 6,166,862,000 4.79 

4,679 Sanko Marketing Foods 856,257,000 0.67 

1,236,500 Sato* 2,615,197,500 2.03 

819,200 Sazaby League 2,457,600,000 1.91 

1,234,300 Seiren* 1,762,580,400 1.37 

616,000 SK Kaken 2,156,000,000 1.67 

80,720 SKY Perfect Communications* 5,876,416,000 4.56 

2,226,400 Sodick 2,426,776,000 1.89 

228,200 Sogo Medical 597,884,000 0.46 

8,214 SRI Sports 1,338,882,000 1.04 

560,000 Studio Alice 777,840,000 0.60 

631,900 Sumida 1,510,241,000 1.17 

1,452,000 Sumitomo Wiring Systems 3,484,800,000 2.71 

3,831,000 Suruga Bank 5,646,894,000 4.39 

2,724,000 T RAD 1,569,024,000 1.22 

11,854,000 Taiheiyo Cement 5,523,964,000 4.29 

240,300 Taiyo Kagaku 269,136,000 0.21 

1,802,000 Toda Kogyo 955,060,000 0.74 

389,000 Torishima Pump Manufacturing 385,888,000 0.30 

600,500 Toyo/Chuo-ku* 886,938,500 0.69 

1,583,300 Tsubaki Nakashima* 2,929,105,000 2.28 

3,013,000 Tsugami* 2,262,763,000 1.76 

92,700 VSN 340,209,000 0.26 

1,533,000 Yamato International 1,536,066,000 1.19 

787,800 Yokowo 1,090,315,200 0.85 

1,478,800 Zensho* 

_____________ 

1,938,706,800 

_____ 

1.51 



_____________ 

1,476,881,796 

_____ 

1.15 


_____________ 

100.00 

_____ 




% of net 

assets 





Finance 9.1 


Technology 0.1 


___________ 

1.2 

___________ 

100.0 




Purchases 


Unrealised 

profit 

€ 

€41,000 ¥6,219,056 15/3/2007 

_______ 

1,083 


_______ 

1,083 

Note: The Yen equivalent – ¥169,655 of the net unrealised profit attributed to this transaction is 

included in the Statement of Net Assets (see Note 2c). As at the 29 December 2006, the 

exchange rate used to convert from € is the year-end exchange rate of: 1 ¥ = 0.00638 € 



Japan Value Fund (1) 






Japan 

1,587,000 Alpine Electronics 2,818,512,000 2.36 

798,000 Aoyama Trading 2,848,860,000 2.39 

1,906,000 Asahi Breweries 3,630,930,000 3.05 

3,651,000 Bank of Yokohama 3,402,732,000 2.86 

514,000 Canon 3,443,800,000 2.89 

2,614,000 COMSYS Holdings 3,445,252,000 2.89 

853,000 Daio Paper* 803,526,000 0.67 

553,000 Denso 2,610,160,000 2.19 

43,000 eAccess* 2,889,600,000 2.42 

1,341,000 EDION 2,366,865,000 1.99 

379,000 Hakuhodo DY Holdings 2,929,670,000 2.46 

808,000 Honda Motor 3,797,600,000 3.19 

5,900 KDDI 4,761,300,000 3.99 

2,500 Mitsubishi UFJ Financial Group 3,675,000,000 3.08 

2,167,000 Mitsubishi UFJ Securities 2,864,774,000 2.40 

136,000 Musashino Bank 780,640,000 0.65 

1,484,000 Namco Bandai Holdings 2,589,580,000 2.17 

3,056,000 Nippon Mining Holdings 2,615,936,000 2.20 

3,979 Nippon Paper Group 1,786,571,000 1.50 

7,390,000 Nishimatsu Construction* 2,904,270,000 2.44 

2,630,000 Nissan Motor 3,768,790,000 3.16 




593,000 Sanyo Shinpan Finance 1,758,245,000 1.48 

1,042,000 Seiko Epson 3,016,590,000 2.53 

1,989,000 Sekisui House 3,446,937,000 2.89 

6,813,000 Sojitz 2,466,306,000 2.07 

2,302,000 Sompo Japan Insurance 3,349,410,000 2.81 

2,022,000 Sumitomo 3,601,182,000 3.02 

7,200,000 Sumitomo Metal Industries 3,722,400,000 3.12 

1,524,000 Sumitomo Metal Mining 2,327,148,000 1.95 

4,500 Sumitomo Mitsui Financial Group 5,490,000,000 4.61 

341,000 Sumitomo Real Estate Sales 3,086,050,000 2.59 

459,000 Takeda Pharmaceutical 3,750,030,000 3.15 

508,600 Takefuji 2,395,506,000 2.01 

5,584,000 Tokyo Gas 3,534,672,000 2.97 

715,100 Tokyo Ohka Kogyo 2,374,132,000 1.99 

3,015,000 Tosoh 1,585,890,000 1.33 

783,000 Toyota Industries 4,283,010,000 3.59 


_____________ 

5,189,920,000 

______ 

4.35 



_____________ 

3,088,681,953 

______ 

2.59 


_____________ ______ 

100.00 

(1) 

Base currency changed, see Note 1, for further details. 



% of net 

assets 


Finance 22.8 







Utilities 3.1 

Energy 2.2 


___________ 

2.6 

___________ 

100.0 




Unrealised 

profit/(loss) 

Purchases 

Sales Value date € 

€18,816,000 ¥2,858,024,729 15/3/2007 471,845 

¥55,972,362 €363,000 15/3/2007 

_______ 

(3,743) 


_______ 

468,102 

Note: The Yen equivalent – ¥73,329,629 of the net unrealised profit attributed to these transactions 


exchange rate used to convert from € is the year-end exchange rate of: 1 ¥ = 0.00638 € (see 

Note 2e). 



Latin American Fund 





FUNDS 


4,671,200 Merrill Lynch Latin American 

Investment Trust 

_____________ 

35,533,765 

_____ 

0.93 


_____________ 

35,533,765 

_____ 

0.93 


Argentina 

276,000 Banco Macro ADR 8,362,800 0.22 

270,831 Endesa Costanera 'B' 

_____________ 

326,263 

_____ 

0.01 

_____________ 

8,689,063 

_____ 

0.23 

Brazil 

6,455,000 All America Latina Logistica (Unit) 67,029,204 1.76 

7,370,000 Banco Bradesco ADR 297,084,700 7.79 

2,330,000 Banco Itau Holding Financeira ADR 84,579,000 2.22 

14,774,681 Brasil Telecom (Pref) 75,777 0.00 

2,265,000,000 CESP – Cia Energetica de Sao Paulo 

'B' (Pref) 26,522,248 0.70 

2,673,000 Cia de Concessoes Rodoviarias 36,119,930 0.95 

14,350,000 Cia Vale do Rio Doce ADR 363,772,500 9.54 

140,000 Companhia de Bebidas 

das Americas ADR 6,168,400 0.16 

3,140,000 Companhia de Bebidas 

das Americas ADR (Pref) 154,331,000 4.05 

1,295,000 Companhia de Saneamento 

de Minas Gerais 15,194,262 0.40 

480,000 Cosan SA Industria e Comercio 10,049,649 0.26 

483,000 CPFL Energia ADR 19,827,150 0.52 

5,230,000 Cyrela Brazil Realty 49,948,337 1.31 

1,580,000 Datasul 14,578,923 0.38 

685,000 Diagnosticos da America 14,646,487 0.38 

910,000 Duratex (Pref) 14,150,820 0.37 

1,020,000 EDP – Energias do Brasil 15,765,808 0.41 

13,077,643 Empresa Nacional de Comercio Redito 

e Participacoes (Pref) 79,630 0.00 

1,285,000 Equatorial Energia (Unit) 11,345,316 0.30 

1,235,000 Gafisa 18,475,831 0.48 

313,000 Guararapes Confeccoes 15,613,349 0.41 

2,439,000 Klabin Segall 20,448,759 0.54 

267,000 Localiza Rent A CAR 8,035,012 0.21 

568,000,000 Lojas Americanas (Pref) 31,792,037 0.83 

3,250,000 Lojas Renner 46,733,021 1.23 

1,200,000 LPS Brasil Consultoria de Imoveis 13,208,431 0.35 

1,300,000 Lupatech 19,484,778 0.51 

1,540,000 M Dias Branco 18,032,787 0.47 

5,020,000 Marcopolo (Pref) 13,990,164 0.37 

2,600,000 Natura Cosmeticos 36,716,628 0.96 

1,075,000 Obrascon Huarte Lain Brasil 17,320,843 0.45 

370,000 Odontoprev 5,926,932 0.16 

3,970,000 Petroleo Brasileiro ADR 367,264,700 9.63 

1,066,000 Porto Seguro 33,442,941 0.88 

1,111,000 Profarma Distribuidora de Produtos 

Farmaceuticos 15,299,016 0.40 

1,910,000 Suzano Papel e Celulose (Pref) 18,965,808 0.50 

860,000 Tam ADR 26,221,400 0.69 

1,560,000 Tele Norte Leste Participacoes 40,698,829 1.07 

1,400,000 Terna Participacoes (Unit) 15,803,279 0.41 

630,000 Totvs 13,954,426 0.37 




1,165,000 Unibanco – Uniao de Bancos 

Brasileiros GDR 109,498,350 2.87 

2,680,000 Usinas Siderurgicas de Minas Gerais 

'A' (Pref) 101,049,180 2.65 

880,000 Vivax (Unit) 16,074,941 0.42 

1,540,000 Votorantim Celulose e Papel ADR 30,507,400 0.80 

2,760,000 Weg (Pref) 

_____________ 

19,701,358 

_____ 

0.52 

_____________ 

2,275,529,341 

_____ 

59.68 

Chile 

970,000 Banco Santander Chile ADR 47,035,300 1.23 

11,500,000 CENCOSUD – Centros Comerciales 

Sudamericanos 35,973,527 0.94 

985,000 Empresa Nacional de Electricidad 

(Chile) ADR 36,297,250 0.95 

1,515,000 Enersis (Chile) ADR 24,149,100 0.63 

4,290,000 Inversiones Aguas Metropolitanas 5,223,233 0.14 

822,930 Inversiones Aguas Metropolitanas 

ADR 20,005,774 0.52 

2,800,000 La Polar 14,344,456 0.38 

560,000 Lan Airlines ADR 30,895,200 0.81 

1,350,000 Masisa ADR 13,567,500 0.36 

9,740,000 Ripley 

_____________ 

11,667,242 

_____ 

0.31 

_____________ 

239,158,582 

_____ 

6.27 

Colombia 

580,000 BanColombia ADR 

_____________ 

18,299,000 

_____ 

0.48 

Luxembourg 

2,025,000 Tenaris ADR 100,986,750 2.65 

635,000 Ternium ADR 

_____________ 

18,726,150 

_____ 

0.49 

_____________ 

119,712,900 

_____ 

3.14 

Mexico 

3,000,000 Alsea SAB de CV 16,170,942 0.42 

8,300,000 America Movil SA de CV 'L' ADR 374,496,000 9.82 

3,520,000 Cemex SAB de CV ADR 118,518,400 3.11 

4,910,000 Controladora Comercial Mexicana SA 

de CV 'UBC' (Unit) 12,314,813 0.32 

15,533,500 Corp GEO SA de CV 'B' 77,618,836 2.04 

950,000 Desarrolladora Homex SA de CV ADR 56,886,000 1.49 

5,900,000 Empresas ICA SAB de CV 22,164,142 0.58 


de CV ADR 107,864,250 2.83 

2,550,000 Grupo Famsa 'A' 11,677,632 0.31 

5,020,000 Grupo Televisa ADR 136,393,400 3.58 

3,035,000 Kimberly-Clark de Mexico SAB 

de CV 'A' 13,714,101 0.36 

29,156,374 Wal-Mart de Mexico SA de CV 'V' 

_____________ 

126,374,376 

_____ 

3.31 

_____________ 

1,074,192,892 

_____ 

28.17 

Panama 

477,000 Copa Holdings 'A' 

_____________ 

22,089,870 

_____ 

0.58 

Venezuela 

250,452 Sudamtex de Venezuela ADR 

_____________ 

3 

_____ 

0.00 


_____________ 

3,757,671,651 

_____ 

98.55 




_____________ 

3,793,205,416 

_____ 

99.48 


Latin American Fund continued 






29,318 International Briquettes Holding 

_____________ 

0 

_____ 

0.00 


_____________ 

0 

_____ 

0.00 



_____________ 

19,968,755 

_____ 

0.52 


_____________ 

3,813,174,171 100.00 

_____ 


% of net 

assets 


Finance 16.6 



Energy 12.3 


Utilities 6.8 






___________ 

0.5 

___________ 

100.0 



New Energy Fund 






Australia 

7,744,118 Ceramic Fuel Cells 3,462,407 0.11 

1,500,749 Novera Energy 

___________ 

1,481,899 

______ 

0.05 

___________ 

4,944,306 

______ 

0.16 

Belgium 

376,522 Umicore 

___________ 

63,977,967 

______ 

2.12 

Bermuda 

800,000 Clean Air Power 

___________ 

1,107,185 

______ 

0.04 

Brazil 

2,190,000 Cosan SA Industria e Comercio 

___________ 

45,851,522 

______ 

1.52 

Canada 

825,000 Algonquin Power Income Fund (Unit)* 7,001,163 0.23 

930,000 ATS Automation Tooling Systems 8,933,833 0.30 

16,395,706 Azure Dynamics 11,637,727 0.38 

1,940,000 Ballard Power Systems 11,081,416 0.37 

5,365,600 Canadian Hydro Developers 27,505,230 0.91 

2,684,400 Carmanah Technologies 6,868,845 0.23 

968,000 Dynetek Industries 1,384,406 0.05 

912,500 Polaris Geothermal 'A' 974,843 0.03 

1,931,500 Questair Technologies 2,163,307 0.07 

3,480,800 Railpower Technologies 4,888,174 0.16 

1,017,200 Western Geopower 148,983 0.00 

1,040,250 Xantrex Technology 

___________ 

7,438,679 

______ 

0.25 

___________ 

90,026,606 

______ 

2.98 


1,275,000 Suntech Power Holdings ADR 

___________ 

43,860,000 

______ 

1.45 

Denmark 

710,000 Novozymes 'B' 61,149,527 2.03 

6,018,058 Vestas Wind Systems* 

___________ 

254,366,586 

______ 

8.43 

___________ 

315,516,113 

______ 

10.46 

Finland 

1,702,000 Neste Oil* 

___________ 

51,804,877 

______ 

1.72 

France 

371,776 EDF Energies Nouvelles 19,843,409 0.66 

90,320 Sechilienne-Sidec 3,333,720 0.11 

137,356 Theolia 

___________ 

2,225,290 

______ 

0.07 

___________ 

25,402,419 

______ 

0.84 

Germany 

400,500 Conergy* 25,447,008 0.84 

1,300,000 GEA Group 29,252,571 0.97 

212,500 Norddeutsche Affinerie* 5,952,577 0.20 

1,228,306 Q-Cells* 55,165,285 1.83 

403,223 REpower Systems 41,592,670 1.38 

2,689,668 Solarworld* 

___________ 

168,769,044 

______ 

5.59 

___________ 

326,179,155 

______ 

10.81 

India 

3,921,811 Suzlon Energy 

___________ 

115,694,639 

______ 

3.83 




Isle of Man 

1,993,000 Trading Emissions 

___________ 

5,183,991 

______ 

0.17 

Jersey 

2,938,046 Camco International 

___________ 

3,056,860 

______ 

0.10 

Norway 

1,744,365 Renewable Energy* 

___________ 

32,077,326 

______ 

1.06 

South Africa 

3,150,000 Sasol 

___________ 

116,633,783 

______ 

3.86 

Spain 

878,000 Abengoa 32,395,492 1.07 

126,471 Acciona 23,365,292 0.78 

6,150,890 Gamesa Corporacion Tecnologica 

___________ 

169,380,559 

______ 

5.61 

___________ 

225,141,343 

______ 

7.46 


777,753 Ceres Power Holdings 3,358,965 0.11 

2,680,330 Climate Exchange 27,229,501 0.90 

11,946,930 Clipper Windpower 139,193,227 4.61 

410,000 CMR Fuel Cells 1,324,009 0.04 

4,715,768 D1 Oils 15,691,454 0.52 

2,267,307 Freeplay Energy 1,357,536 0.05 

2,866,667 Infinity Bio-Energy 15,279,335 0.51 

5,733,334 Infinity Bio-Energy (Wts 23/5/2010) 2,752,000 0.09 

525,000 ITM Power 1,288,280 0.04 

2,552,000 Johnson Matthey 70,588,300 2.34 

90,000 Ocean Power Delivery 1,766,785 0.06 

530,000 Porvair 1,284,943 0.04 

2,178,500 Renova Energy 

___________ 

8,510,434 

______ 

0.28 

___________ 

289,624,769 

______ 

9.59 

United States 

1,780,954 Active Power 4,719,528 0.16 

3,850,700 American Superconductor 37,736,860 1.25 

3,524,000 Archer-Daniels-Midland 113,895,680 3.77 

1,156,000 Cheniere Energy* 33,073,160 1.09 

2,317,100 Distributed Energy Systems* 8,480,586 0.28 

965,000 DTE Energy 46,889,350 1.55 

1,609,000 Energy Conversion Devices 55,253,060 1.83 

200,111 Enova Systems 838,706 0.03 

712,000 ESCO Technologies 32,410,240 1.07 

3,012,600 Evergreen Energy* 29,463,228 0.98 

4,183,400 Evergreen Solar* 31,752,006 1.05 

1,227,057 First Solar 36,774,898 1.22 

1,575,000 FPL Group 86,231,250 2.86 

10,162 Fuel Systems Solutions 226,511 0.01 

3,265,300 FuelCell Energy* 21,394,246 0.71 

775,000 Headwaters 18,724,000 0.62 

2,209,400 Itron 115,905,124 3.84 

2,586,597 Medis Technologies 45,601,705 1.51 

1,380,000 MEMC Electronic Materials 54,799,800 1.82 

1,070,400 Ocean Power Technologies 1,775,595 0.06 

1,518,433 Ormat Technologies 55,741,675 1.85 

6,489,900 Plug Power 25,051,014 0.83 

5,810,659 Polyfuel 5,532,331 0.18 

15,842,000 Rentech 60,358,020 2.00 



New Energy Fund continued 





808,031 SatCon Technology 945,396 0.03 

1,940,000 Shaw Group 65,125,800 2.16 

6,054,903 Solar Integrated Technologies 4,397,947 0.15 

1,847,000 Sunpower 'A'* 68,819,220 2.28 

1,303,300 Syntroleum 4,601,822 0.15 

1,259,100 VeraSun Energy* 

_____________ 

24,262,857 

_____ 

0.80 

_____________ 

1,090,781,615 

_____ 

36.14 


_____________ 

2,846,864,476 

_____ 

94.31 

BONDS 

Germany 

€19,555 Plambeck Neue Energien 6% 

15/3/2009 

_____________ 

23,844 

_____ 

0.00 

Total Bonds 

_____________ 

23,844 

_____ 

0.00 




_____________ 

2,846,888,320 

_____ 

94.31 




Canada 

455,000 Polaris Geothermal (Wts 30/12/2006) 0 0.00 

4,000,000 Western Geopower (Restricted) 585,853 0.02 

600,000 Western Geopower (Wts 4/5/2007) 0 0.00 

250,000 Western Geopower (Wts 22/4/2008) 

(Restricted) 0 0.00 

4,000,000 Western Geopower (Wts 30/12/2008) 

_____________ 

585,853 

_____ 

0.02 

_____________ 

1,171,706 

_____ 

0.04 


2,704,000 Vienco 2,654,103 0.09 

242,800 Vienco Oil & Gas (Wts 27/3/2009) 

_____________ 

0 

_____ 

0.00 

_____________ 

2,654,103 

_____ 

0.09 

United States 

115,000 Homeland Renewable Energy 4,003,150 0.13 

23,000 Medis Technologies (Restricted) 405,490 0.01 

202,008 SatCon Technology (Wts 14/8/2010) 

(Restricted) 

_____________ 

0 

_____ 

0.00 

_____________ 

4,408,640 

_____ 

0.14 


_____________ 

8,234,449 

_____ 

0.27 



_____________ 

163,543,534 

_____ 

5.42 


_____________ 

3,018,666,303 100.00 

_____ 



% of net 

assets 

Renewable energy 51.3 

Alternative fuels 22.3 

Enabling energy technology 8.6 

Automotive & Onsite energy generation 6.3 

Materials technology 5.9 

Energy storage 0.2 


___________ 

5.4 

___________ 

100.0 



Pacific Equity Fund 






Australia 

143,200 Billabong International 1,968,307 0.56 

205,800 Brambles 2,085,800 0.60 

75,900 Macquarie Bank 4,732,433 1.36 

24,100 Macquarie Capital Alliance Group 76,532 0.02 

769,900 Macquarie Capital Alliance Group 

(Wts 28/6/2007) 909,235 0.26 

51,800 Wesfarmers 

___________ 

1,536,118 

______ 

0.44 

___________ 

11,308,425 

______ 

3.24 

Bermuda 

4,679,800 Cofco International 4,732,301 1.36 

526,800 Esprit Holdings 5,886,242 1.69 

1,264,000 Li & Fung 

___________ 

3,935,364 

______ 

1.13 

___________ 

14,553,907 

______ 

4.18 


3,852,000 Chaoda Modern Agriculture 

___________ 

2,482,827 

______ 

0.71 

China 

776,700 Angang Steel 'H' 1,139,149 0.33 

969,000 China Coal Energy 'H' 629,561 0.18 



9,803,200 Dongfeng Motor Group 'H' 4,754,794 1.36 


of China 'H' 

___________ 

2,767,333 

______ 

0.79 

___________ 

14,831,588 

______ 

4.25 

Hong Kong 

12,438,000 Denway Motors 5,040,616 1.44 

318,246 Hutchison Whampoa 3,236,587 0.93 

996,300 Wharf Holdings 

___________ 

3,685,110 

______ 

1.06 

___________ 

11,962,313 

______ 

3.43 

India 

550,000 Infrastructure Development Finance 968,685 0.28 

690,100 NTPC 2,129,744 0.61 

312,700 Reliance Communications 3,334,497 0.95 

328,700 Reliance Industries 9,439,247 2.71 

27,459 Reliance Petroleum 39,019 0.01 

250,000 Tata Steel 

___________ 

2,725,806 

______ 

0.78 

___________ 

18,636,998 

______ 

5.34 

Japan 

1,022,800 Aioi Insurance 7,229,941 2.07 

242,400 Asahi Glass 2,916,980 0.84 

109,500 Canon 6,173,816 1.77 

65,000 Chiyoda Integre 1,531,568 0.44 

292,100 Chugai Pharmaceutical 6,034,591 1.73 

137,100 Daikin Industries 4,776,421 1.37 

200 Ebara 768 0.00 

19,000 Exedy 586,792 0.17 

160,900 Futaba Industrial 3,933,389 1.13 

143,000 Hisaka Works* 2,527,087 0.73 

101,000 Hisamitsu Pharmaceutical* 3,204,258 0.92 

132,000 Hitachi Plant Technologies 704,252 0.20 

216,000 Hitachi Transport System 2,263,017 0.65 

123,800 Honda Motor 4,896,472 1.40 

195,200 Hoya 7,621,888 2.19 

229,000 JGC 3,940,883 1.13 

183,000 Kandenko 1,065,668 0.31 

1,016,700 Kubota 9,428,426 2.70 




230,000 Millea Holdings 8,129,089 2.33 

216,600 Mitsuba 1,709,724 0.49 

476,600 Mitsubishi 8,983,940 2.58 

892,900 Mitsubishi Rayon 6,011,150 1.72 

741,700 Mitsui Sumitomo Insurance 8,126,509 2.33 

21,000 Miura 533,692 0.15 

470 Mizuho Financial Group 3,361,875 0.96 

90,700 Murata Manufacturing 6,144,237 1.76 

1,008,000 Okumura 4,996,209 1.43 

48,800 Rinnai 1,461,957 0.42 

48,200 Rohm 4,806,513 1.38 


178,000 Sharp 3,070,709 0.88 

153,450 Shin-Etsu Chemical 10,291,768 2.95 

494,200 Shinsei Bank 2,911,157 0.84 

909,600 Sumitomo Chemical 7,065,077 2.03 


230,000 Suzuki Motor 6,503,271 1.86 

221,000 Tadano 2,607,384 0.75 


198,000 Takuma 1,159,683 0.33 

203,200 Terumo 8,002,659 2.29 

703,600 Toda 2,990,074 0.86 

2,111,000 Tokyo Gas 11,244,929 3.22 

213,900 Toyota Industries 9,846,069 2.82 

10,200 Toyota Motor 683,247 0.20 

41,500 Trend Micro 1,218,816 0.35 

1,231,200 Ube Industries (Japan) 3,543,394 1.02 

190,000 Utoc 

___________ 

629,962 

______ 

0.18 

___________ 

218,556,206 

______ 

62.67 

Malaysia 

690,400 Bumiputra-Commerce Holdings 

___________ 

1,516,180 

______ 

0.43 

Singapore 

569,500 Keppel 6,539,571 1.88 

188,000 Oversea-Chinese Banking 944,477 0.27 

720,000 SIA Engineering 

___________ 

2,019,965 

______ 

0.58 

___________ 

9,504,013 

______ 

2.73 

South Korea 

47,000 Cheil Industries 1,984,461 0.57 

206,000 Halla Climate Control 2,736,777 0.79 

7,800 POSCO 2,592,736 0.74 



___________ 

4,547,668 

______ 

1.30 

___________ 

13,180,493 

______ 

3.78 

Taiwan 

905,567 Delta Electronics 2,917,616 0.84 

636,000 HON HAI Precision Industry 

___________ 

4,537,309 

______ 

1.30 

___________ 

7,454,925 

______ 

2.14 

Thailand 

544,600 PTT 

___________ 

3,223,848 

______ 

0.93 


6,637,230 Guinness Peat Group 

(New Zealand Listing) 

___________ 

11,385,575 

______ 

3.26 



___________ 

10,131,851 

______ 

2.91 


___________ 

348,729,149 

______ 

100.00 



Pacific Equity Fund continued 


% of net 

assets 


Finance 17.6 



Materials 9.6 


Energy 5.4 

Utilities 3.8 




___________ 

2.9 

___________ 

100.0 



Sterling Reserve Fund 




Holding Description Value (£) % 

BONDS 

Australia 

£1,400,000 Australia & New Zealand Banking 

Group EMTN FRN 27/2/2007 

___________ 

1,399,965 

______ 

3.00 

Canada 

£1,000,000 Bank of Nova Scotia EMTN FRN 7/7/2008 999,776 2.15 

£1,200,000 National Bank of Canada EMTN FRN 

14/4/2009 

___________ 

1,201,814 

______ 

2.58 

___________ 

2,201,590 

______ 

4.73 


£1,005,000 New York Life Funding EMTN 5% 

20/10/2008 

___________ 

996,024 

______ 

2.14 

France 

£1,500,000 Credit Agricole (London) EMTN FRN 

22/6/2009 

___________ 

1,500,076 

______ 

3.22 

Ireland 

£1,510,000 GE Capital UK Funding EMTN FRN 

22/6/2010 

___________ 

1,513,059 

______ 

3.25 

Italy 

£1,420,000 UniCredito Italiano EMTN FRN 

29/4/2009 

___________ 

1,420,419 

______ 

3.05 

Japan 

£400,000 Japan Bank for International 

Cooperation (Japan) 8% 5/2/2007 400,823 0.86 

£1,535,000 Kansai International Airport 7.375% 

24/9/2007 

___________ 

1,554,633 

______ 

3.34 

___________ 

1,955,456 

______ 

4.20 

Jersey 

£140,000 ASIF III Jersey EMTN 4.375% 

30/12/2008 

___________ 

136,723 

______ 

0.29 

Norway 

£92,000 Den Norske Bank EMTN FRN 8/7/2008 

___________ 

92,133 

______ 

0.19 

Switzerland 

£155,000 Union Bank Switzerland (London) 8% 

8/1/2007 

___________ 

155,046 

______ 

0.33 


£450,000 3i Group EMTN 6.875% 10/12/2007 455,103 0.98 

£260,000 Aire Valley Mortages '2004-1X 2A1' 

FRN 20/9/2034 260,112 0.56 

£2,000,000 Alliance & Leicester EMTN FRN 

10/10/2008 2,000,004 4.29 

£2,005,000 BP Capital Markets EMTN 5% 

27/12/2007 1,997,223 4.29 

£3,000,000 Clydesdale Bank EMTN FRN 31/3/2008 2,999,184 6.44 

£900,000 HSBC Bank EMTN FRN 23/3/2007 900,045 1.93 

£800,000 MBNA Europe Funding EMTN 4.5% 

12/9/2008 786,779 1.69 




£407,000 Nationwide Building Society EMTN 

5.625% 7/12/2007 407,427 0.87 

£2,100,000 Northern Rock EMTN FRN 16/1/2007 2,099,927 4.51 

£1,800,000 Royal Bank of Scotland EMTN FRN 

26/3/2007 (Perpetual) 1,800,900 3.87 

£1,300,000 United Kingdom Gilt 4.25% 7/3/2011 

___________ 

1,261,624 

______ 

2.71 

___________ 

14,968,328 

______ 

32.14 

United States 

£847,000 American Express Credit EMTN 5.5% 

24/9/2007 846,315 1.82 

£1,000,000 CIT Group EMTN 5.5% 15/12/2008 997,926 2.14 

£1,400,000 Citigroup EMTN FRN 26/3/2009 1,402,121 3.01 

£1,000,000 JPMorgan Chase & Co EMTN FRN 

7/12/2007 

___________ 

999,860 

______ 

2.15 

___________ 

4,246,222 

______ 

9.12 

Total Bonds 

___________ 

30,585,041 

______ 

65.66 


Australia 

£1,000,000 Macquarie Bank 0% 29/1/2007 

___________ 

995,474 

______ 

2.14 

Germany 

£1,900,000 Dresdner Bank 0% 11/1/2007 

___________ 

1,899,960 

______ 

4.08 


£1,500,000 UBS 0% 14/5/2007 

___________ 

1,499,015 

______ 

3.22 

United States 

£2,000,000 Lloyds Bank 0% 11/1/2007 

___________ 

1,999,965 

______ 

4.29 


___________ 

6,394,414 

______ 

13.73 




___________ 

36,979,455 

______ 

79.39 


BONDS 

United States 

£1,000,000 Wells Fargo & Co EMTN FRN 7/2/2011 

___________ 

999,800 

______ 

2.15 


___________ 

999,800 

______ 

2.15 



___________ 

8,597,231 

______ 

18.46 

Total Net Assets (£) 

___________ 

46,576,486 

______ 

100.00 


Strategic Allocation Fund (Euro) 





FUNDS 

France 


___________ 

767,155 

______ 

2.27 


400,000 Melchior Japan Investment Trust 442,293 1.31 


___________ 

721,396 

______ 

2.13 

___________ 

1,163,689 

______ 

3.44 


___________ 

1,930,844 

______ 

5.71 


Belgium 


___________ 

405,116 

______ 

1.20 

Bermuda 

1,094,000 Macquarie International 

Infrastructure Fund 533,328 1.58 


___________ 

478,179 

______ 

1.41 

___________ 

1,011,507 

______ 

2.99 

Brazil 


___________ 

262,634 

______ 

0.78 

Canada 


___________ 

357,306 

______ 

1.06 

Denmark 


___________ 

397,852 

______ 

1.18 

France 

18,570 AXA 571,213 1.69 

3,936 BNP Paribas 

___________ 

326,885 

______ 

0.97 

___________ 

898,098 

______ 

2.66 

Guernsey 

20,878 Amdocs 

___________ 

616,062 

______ 

1.82 

Ireland 


___________ 

862,785 

______ 

2.55 

Japan 

5,200 Canon 222,402 0.66 

13,100 Hoya 388,017 1.15 

71 KDDI 365,757 1.08 



___________ 

508,129 

______ 

1.50 

___________ 

1,834,761 

______ 

5.43 

Netherlands 

14,079 ING Groep – CVA 475,025 1.41 

14,903 TNT 484,347 1.43 


___________ 

486,725 

______ 

1.44 

___________ 

1,446,097 

______ 

4.28 

Spain 


Argentaria 

___________ 

359,590 

______ 

1.06 

Switzerland 


13,402 Novartis 585,051 1.73 

8,459 UBS 

___________ 

389,258 

______ 

1.15 

___________ 

1,372,079 

______ 

4.06 



Taiwan 




___________ 

293,105 

______ 

0.87 

___________ 

667,219 

______ 

1.97 



5,454 Cairn Energy 146,117 0.43 

8,842 NDS Group ADR 320,600 0.95 

30,292 Tullow Oil 179,542 0.53 

11,231 Xstrata 426,494 1.26 


___________ 

387,592 

______ 

1.15 

___________ 

2,192,338 

______ 

6.49 

United States 


15,475 Activision 206,365 0.61 




9,429 DR Horton 192,185 0.57 

12,578 Eli Lilly & Co 494,800 1.46 






15,366 Praxair 694,343 2.06 

40,963 Sprint Nextel 595,040 1.76 


___________ 

581,609 

______ 

1.72 

___________ 

6,893,651 

______ 

20.40 


___________ 

19,577,095 

______ 

57.93 

BONDS 


A$125,000 

Australia 

New South Wales Treasury 

'10RG' 7% 1/12/2010 

___________ 

76,668 

______ 

0.23 

Austria 


15/1/2018 

___________ 

420,996 

______ 

1.25 

Canada 

C$200,000 Government of Canada 4% 1/6/2016 129,709 0.38 


___________ 

174,777 

______ 

0.52 

___________ 

304,486 

______ 

0.90 

Denmark 

€1,050,000 Realkredit Danmark '83D' FRN 

1/10/2038 

___________ 

137,642 

______ 

0.41 

France 

€255,000 France Government Bond OAT 3.75% 

25/4/2021 246,771 0.73 


2.25% 25/7/2020 22,467 0.07 

€390,000 French Treasury Note BTAN 3% 

12/7/2008 

___________ 

384,778 

______ 

1.14 

___________ 

654,016 

______ 

1.94 



Strategic Allocation Fund (Euro) continued 





Germany 



8/10/2010 730,969 2.16 


5% 4/7/2012 837,096 2.48 


4.75% 4/7/2034 463,532 1.37 


3.25% 4/7/2015 418,735 1.24 


4% 4/1/2037 405,553 1.20 


4% 4/7/2016 

___________ 

607,554 

______ 

1.80 

___________ 

5,563,426 

______ 

16.46 



20/6/2017 

___________ 

149,130 

______ 

0.44 

Ireland 

C$100,000 Depfa ACS Bank EMTN 4.9% 

24/8/2035 67,194 0.20 


4.625% 18/1/2016 

___________ 

105,449 

______ 

0.31 

___________ 

172,643 

______ 

0.51 

Japan 

US$100,000 Aiful 4.45% 16/2/2010 72,854 0.21 


20/9/2022 329,905 0.98 


8/12/2031 72,931 0.22 





27/10/2014 

___________ 

50,078 

______ 

0.15 

___________ 

1,740,402 

______ 

5.15 

US$90,000 

Jersey 

Old Mutual Capital Funding 

8% 22/12/2008 (Perpetual) 

___________ 

71,280 

______ 

0.21 

Netherlands 


Finance 7.5% 29/5/2007 30,410 0.09 


7.625% 21/8/2007 

___________ 

105,157 

______ 

0.31 

___________ 

135,567 

______ 

0.40 

SGD550,000 

Singapore 

Singapore Government Bond 

3.5% 1/7/2012 

___________ 

278,835 

______ 

0.82 


£10,000 MBNA Europe Funding EMTN 

6% 12/11/2010 15,113 0.04 

€30,000 mmO2 EMTN 6.375% 25/1/2007 30,099 0.09 





___________ 

123,358 

______ 

0.37 

___________ 

432,272 

______ 

1.28 




United States 

US$210,000 BA Credit Card Trust '2006-A16 A16' 

4.72% 15/5/2013 157,355 0.46 


'1998-D7 A1B' 6.26% 15/10/2030 107,509 0.32 


'1999-2 A2' 7.198% 15/1/2032 95,059 0.28 

US$200,000 Citibank Credit Card Master Trust I 

'1998-2 A' 6.05% 15/1/2010 152,950 0.45 


'2002-CKS4 A2' 5.183% 15/11/2036 90,663 0.27 


5.223% 15/8/2048 67,538 0.20 


'2006-C A4' 4.98% 8/11/2011 94,679 0.28 

US$400,000 Fannie Mae Interest Strip '360 2' 5% 

1/8/2035 72,789 0.21 


'2006-C A3' 5.16% 15/11/2010 75,808 0.22 

US$160,000 Ge Capital Commercial Mortgage 

'2005-C1 A2' 4.353% 10/6/2048 118,488 0.35 

US$150,000 Honda Auto Receivables Owner Trust 

'2006-3 A3' 5.12% 15/10/2010 113,641 0.34 

US$125,000 Keycorp '2000-C1 A2' 7.727% 

17/5/2032 100,426 0.30 


5.332% 15/12/2043 68,109 0.20 

US$30,000 Raytheon 6.75% 15/8/2007 22,926 0.07 






2% 15/1/2026 85,355 0.25 


2.5% 15/7/2016 57,281 0.17 

US$30,000 Washington Mutual 4.375% 15/1/2008 22,518 0.07 

US$200,000 World Omni Auto Receivables Trust 

'2006-A A3' 5.01% 15/10/2010 151,421 0.45 

US$90,000 Yum! Brands 7.65% 15/5/2008 

___________ 

70,221 

______ 

0.21 

___________ 

2,008,745 

______ 

5.94 

Total Bonds 

___________ 

12,146,108 

______ 

35.94 




___________ 

33,654,047 

______ 

99.58 



United States 

3,300.00 World Access (Restricted) 

___________ 

2 

______ 

0.00 


___________ 

2 

______ 

0.00 



___________ 

141,258 

______ 

0.42 


___________ 

33,795,307 

______ 

100.00 


Strategic Allocation Fund (Euro) continued 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

€ 

US$1,100,000 Interest Rate Swaps (Barclays) (Fund pays 

Floating USD Libor BBA 3-Month; and 

receives Fixed 5.089%) (10/11/2011) (234) 


Floating JPY Fixing Libor 6-Month; and 

receives Fixed 2.39%) (18/12/2036) (362) 


Fixed 1.51% and receives JPY Fixing 

Libor 6-Month) (18/12/2013) 44,650 

_______ 

44,054 

_______ 



% of net 

assets 


Finance 17.0 




Energy 5.5 



Materials 4.1 




___________ 

0.4 

___________ 

100.0 


Number 


of Contracts 


date € 

29 SFE 3 Year Treasury Bond March 2007 1,632,466 


(2) Eurex Euro-Bund March 2007 (232,280) 


9 LIFFE Long Gilt March 2007 1,449,248 

(5) US Treasury 2 Year Note March 2007 (773,724) 



7 US Treasury 30 Year Bond March 2007 590,723 


(9) MSE 3 Month Canadian Banker Acceptance June 2007 

_________ 

(1,408,143) 


_________ 

(146,368) 

Note: The net unrealised loss of €744 attributed to these transactions is included in the 


Call Options as at 31 December 2006 

Par Value 

Subject 

to Call 

€ 

Issuer 

Unrealised 

profit 

€ 

Value 

€ 

7 S&P 100 Call Option 



___________ 

1,376 

______ 

7,115 

Total Call Options 

___________ 

1,376 

______ 

7,115 



Purchases 


Unrealised 

profit/(loss) 

€ 

C$50,000 US$44,317 10/1/2007 (932) 

CHF2,231,000 €1,403,974 10/1/2007 (16,243) 

CZK13,584,000 €479,308 10/1/2007 14,689 

€84,457 A$142,000 10/1/2007 (576) 

€429,232 C$638,274 10/1/2007 12,136 

€474,120 CZK13,224,000 10/1/2007 (6,785) 

€609,845 DKr4,546,752 10/1/2007 (103) 

€858,583 £581,000 10/1/2007 (6,379) 

€2,228,578 ¥343,680,510 10/1/2007 33,582 

€285,065 SGD568,000 10/1/2007 3,947 

€5,371,092 US$7,031,338 10/1/2007 39,225 

£105,000 US$200,131 10/1/2007 4,559 

¥71,040,000 US$607,131 10/1/2007 (6,674) 

SKr4,436,000 €488,723 10/1/2007 1,983 

US$34,537 A$45,000 10/1/2007 (758) 

US$1,800,273 CHF2,225,000 10/1/2007 (18,851) 

US$2,770,100 €2,117,523 10/1/2007 (16,954) 

US$463,761 SKr3,275,000 10/1/2007 (10,607) 

€35,000 ¥5,332,218 11/1/2007 942 

¥23,010,639 €155,000 11/1/2007 (8,028) 

¥23,730,000 US$201,959 11/1/2007 (1,573) 

NOK1,320,548 €160,000 11/1/2007 179 

SGD315,000 US$200,762 11/1/2007 

_______ 

3,670 


_______ 

20,449 



Purchased Put Options as at 31 December 2006 

Par Value 

Subject 

to Put 

€ 

Issuer 

Unrealised 

loss 

€ 

Value 

€ 

58 iShares Trust Russell Index Put Option 


expiring on 17/2/2007 (4,173) 8,469 




___________ 

(26,797) 

______ 

2,612 


___________ 

(29,588) 

______ 

11,082 


Note: Call Options are included in the Statement of Net Assets (see Note 2c). 



Strategic Allocation Fund (US Dollar) 





FUNDS 

France 


___________ 

1,210,684 

______ 

1.98 


500,000 Melchior Japan Investment Trust 728,799 1.19 


___________ 

1,031,799 

______ 

1.69 

___________ 

1,760,598 

______ 

2.88 


___________ 

2,971,282 

______ 

4.86 


Belgium 


___________ 

694,167 

______ 

1.14 

Bermuda 

1,120,000 Macquarie International 

Infrastructure Fund 719,776 1.18 


___________ 

815,962 

______ 

1.34 

___________ 

1,535,738 

______ 

2.52 

Brazil 


___________ 

450,140 

______ 

0.74 

Canada 


___________ 

613,308 

______ 

1.00 

Denmark 


___________ 

608,563 

______ 

1.00 

France 

24,140 AXA 978,838 1.60 


___________ 

559,980 

______ 

0.92 

___________ 

1,538,818 

______ 

2.52 

Guernsey 

27,843 Amdocs 

___________ 

1,083,093 

______ 

1.77 

Ireland 


___________ 

1,470,301 

______ 

2.41 

Japan 

7,100 Canon 400,311 0.65 

17,000 Hoya 663,791 1.09 

90 KDDI 611,196 1.00 



___________ 

877,504 

______ 

1.44 

___________ 

3,189,328 

______ 

5.22 

Netherlands 

18,303 ING Groep – CVA 814,056 1.33 

19,358 TNT 829,337 1.36 


___________ 

836,241 

______ 

1.37 

___________ 

2,479,634 

______ 

4.06 

Spain 


Argentaria 

___________ 

604,699 

______ 

0.99 

Switzerland 


15,541 Novartis 894,318 1.46 

11,004 UBS 

___________ 

667,510 

______ 

1.09 

___________ 

2,243,094 

______ 

3.67 



Taiwan 




___________ 

502,320 

______ 

0.82 

___________ 

1,127,038 

______ 

1.85 



6,874 Cairn Energy 242,763 0.40 

12,555 NDS Group ADR 600,129 0.98 

41,871 Tullow Oil 327,143 0.54 

14,615 Xstrata 731,611 1.20 


___________ 

665,560 

______ 

1.09 

___________ 

3,808,001 

______ 

6.24 

United States 


20,196 Activision 355,046 0.58 




12,261 DR Horton 329,453 0.54 

16,377 Eli Lilly & Co 849,311 1.39 






19,858 Praxair 1,182,941 1.94 

53,256 Sprint Nextel 1,019,852 1.67 


___________ 

1,048,455 

______ 

1.72 

___________ 

11,897,009 

______ 

19.49 


___________ 

33,342,931 

______ 

54.62 

BONDS 


A$175,000 

Australia 


'10RG' 7% 1/12/2010 

___________ 

141,496 

______ 

0.23 

Austria 


15/1/2018 

___________ 

705,558 

______ 

1.16 

Canada 

C$265,000 Government of Canada 4% 

1/6/2016 226,562 0.37 

C$320,000 Government of Canada 4.5% 

1/6/2015 

___________ 

283,571 

______ 

0.46 

___________ 

510,133 

______ 

0.83 

Denmark 

DKr2,900,000 Nykredit Realkredit 4% 1/1/2008 511,943 0.84 

DKr1,450,000 Realkredit Danmark '83D' FRN 

1/10/2038 

___________ 

250,573 

______ 

0.41 

___________ 

762,516 

______ 

1.25 

France 


3.75% 25/4/2021 369,946 0.61 


'OATE' 2.25% 25/7/2020 

___________ 

37,021 

______ 

0.06 

___________ 

406,967 

______ 

0.67 


Strategic Allocation Fund (US Dollar) continued 





Germany 



8/10/2010 1,282,259 2.10 


5% 4/7/2012 1,474,997 2.42 


4.75% 4/7/2034 894,626 1.46 


3.25% 4/7/2015 683,708 1.12 


4% 4/1/2037 864,499 1.42 


4% 4/7/2016 979,599 1.60 


3.75% 4/1/2009 

___________ 

1,236,334 

______ 

2.02 

___________ 

9,642,219 

______ 

15.79 



20/6/2017 868,284 1.42 


26/1/2026 

___________ 

492,543 

______ 

0.81 

___________ 

1,360,827 

______ 

2.23 

Ireland 


24/8/2035 106,295 0.18 


4.625% 18/1/2016 

___________ 

185,340 

______ 

0.30 

___________ 

291,635 

______ 

0.48 

Japan 

US$100,000 Aiful 4.45% 16/2/2010 96,044 0.16 


20/9/2022 185,237 0.30 


8/12/2031 96,139 0.16 





27/10/2014 

___________ 

66,013 

______ 

0.11 

___________ 

1,784,877 

______ 

2.92 

Jersey 


22/12/2008 (Perpetual) 

___________ 

93,969 

______ 

0.15 

Netherlands 


Finance 7.5% 29/5/2007 106,897 0.17 


7.625% 21/8/2007 

___________ 

138,620 

______ 

0.23 

___________ 

245,517 

______ 

0.40 

Singapore 

SGD700,000 Singapore Government Bond 3.5% 

1/7/2012 

___________ 

467,827 

______ 

0.77 






12/11/2010 59,768 0.10 

€100,000 mmO2 EMTN 6.375% 25/1/2007 132,255 0.22 





___________ 

245,902 

______ 

0.40 

___________ 

833,786 

______ 

1.37 

United States 

US$100,000 AIG SunAmerica Global Financing VII 

5.85% 1/8/2008 100,650 0.16 

US$250,000 BA Credit Card Trust '2006-A16 A16' 

4.72% 15/5/2013 246,953 0.40 


'1998-D7 A1B' 6.26% 15/10/2030 182,222 0.30 


'1999-2 A2' 7.198% 15/1/2032 156,645 0.26 


'1998-2 A' 6.05% 15/1/2010 252,043 0.41 


'2002-CKS4 A2' 5.183% 15/11/2036 159,362 0.26 


5.223% 15/8/2048 138,499 0.23 

US$150,000 Daimler Chrysler Auto Trust '2006-C A4' 

4.98% 8/11/2011 149,779 0.25 

US$500,000 Fannie Mae Interest Strip '360 2' 

5% 1/8/2035 119,948 0.20 


'2006-C A3' 5.16% 15/11/2010 129,919 0.21 


'2005-C1 A2' 4.353% 10/6/2048 195,254 0.32 

US$200,000 Honda Auto Receivables Owner Trust 

'2006-3 A3' 5.12% 15/10/2010 199,750 0.33 

US$150,000 Keycorp '2000-C1 A2' 7.727% 

17/5/2032 158,870 0.26 

US$150,000 Morgan Stanley Capital I 

'2006-IQ12 A4' 5.332% 15/12/2043 149,646 0.24 

US$90,000 Raytheon 6.75% 15/8/2007 90,668 0.15 











2% 15/1/2026 168,785 0.28 


2.5% 15/7/2016 110,753 0.18 

US$100,000 Washington Mutual 4.375% 15/1/2008 98,950 0.16 


'2006-A A3' 5.01% 15/10/2010 274,475 0.45 

US$105,000 Yum! Brands 7.65% 15/5/2008 

___________ 

108,002 

______ 

0.18 

___________ 

4,737,180 

______ 

7.76 

Total Bonds 

___________ 

21,984,507 

______ 

36.01 




___________ 

58,298,720 

______ 

95.49 








United States 


___________ 

22 

______ 

0.00 


___________ 

22 

______ 

0.00 



___________ 

2,750,903 

______ 

4.51 


___________ 

61,049,645 

______ 

100.00 


% of net 

assets 


Finance 15.7 



Energy 5.2 





Materials 3.9 



___________ 

4.5 

___________ 

100.0 


Number 


of Contracts 


date US$ 

41 SFE 3 Year Treasury Bond March 2007 3,042,531 


(6) E-Mini Russell 2000 March 2007 (481,200) 



12 LIFFE Long Gilt March 2007 2,547,232 







_________ 

(2,475,058) 


_________ 

(1,747,122) 



Purchases 


Unrealised 

profit/(loss) 

US$ 

C$55,000 US$48,749 10/1/2007 (1,353) 

CHF2,931,000 US$2,370,989 10/1/2007 33,144 

CZK17,546,000 US$780,933 10/1/2007 60,508 

DKr2,712,000 US$476,524 10/1/2007 3,243 

€4,366,395 US$5,635,235 10/1/2007 122,585 

£135,000 US$257,311 10/1/2007 7,720 

HUF96,000 US$472 10/1/2007 31 

¥91,740,000 US$784,040 10/1/2007 (11,386) 

SKr5,597,000 US$793,036 10/1/2007 23,421 

US$192,519 A$249,000 10/1/2007 (4,111) 

US$702,142 C$793,848 10/1/2007 18,051 

US$2,382,833 CHF2,945,000 10/1/2007 (32,784) 

US$742,946 CZK16,203,000 10/1/2007 (34,089) 

US$1,237,653 DKr7,139,100 10/1/2007 (25,292) 

US$17,254,357 €13,410,500 10/1/2007 (429,624) 

US$1,367,993 £719,000 10/1/2007 (43,543) 

US$3,632,874 ¥423,880,000 10/1/2007 62,866 

US$598,995 SKr4,230,000 10/1/2007 (18,052) 

US$477,612 SGD742,260 10/1/2007 (6,834) 

¥29,691,149 €200,000 11/1/2007 (13,653) 

¥30,640,000 US$260,768 11/1/2007 (2,685) 

NOK1,691,952 €205,000 11/1/2007 311 

SKr725,308 €80,000 11/1/2007 312 

SGD405,000 US$258,123 11/1/2007 

_______ 

6,217 


_______ 








Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 




¥84,000,000 Interest Rate Swaps (Citibank) 

(Fund pays Floating JPY Fixing Libor 6-Month; 



(Fund pays Fixed 1.51% and receives 

JPY Fixing Libor 6-Month) (18/12/2013) 78,482 

_______ 

77,453 

_______ 


Call Options as at 31 December 2006 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit 

US$ 

Value 

US$ 

9 S&P 100 Call Option 



___________ 

2,502 

______ 

12,060 


___________ 

2,502 

______ 

12,060 



Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 

74 iShares Trust Russell Index Put Option 

strike price $79 

expiring on 17/2/2007 (6,623) 14,245 




___________ 

(41,360) 

______ 

4,169 


___________ 

(47,983) 

______ 

18,414 




UK Focus Fund 






Bermuda 

4,300 Aquarius Platinum (UK Listing) 47,687 2.10 

20,000 Griffin Mining 

___________ 

21,500 

______ 

0.95 

___________ 

69,187 

______ 

3.05 


9,000 3i Group 90,855 4.00 

13,026 BAE Systems 55,458 2.44 

14,381 Barclays 104,981 4.62 

17,924 BG Group 124,212 5.46 

24,300 BP 137,903 6.06 


5,675 British Land 97,270 4.28 

3,100 Cairn Energy 55,769 2.45 

1,300 Carnival 33,644 1.48 

9,500 Charter 85,975 3.78 

7,607 Enterprise Inns 102,923 4.53 

10,421 HBOS 117,966 5.19 

10,000 Imprint 25,750 1.13 




3,800 Kazakhmys 42,180 1.85 

3,435 Land Securities Group 79,795 3.51 

36,473 Man Group 190,663 8.38 

10,400 Prudential 72,748 3.20 

3,126 Reckitt Benckiser 72,961 3.21 

4,250 Royal Bank of Scotland Group 84,702 3.72 

5,210 Scottish & Southern Energy 80,964 3.56 

19,800 St James's Place 85,090 3.74 

5,210 Standard Chartered 77,733 3.42 

8,000 Xstrata 204,000 8.97 


___________ 

77,218 

______ 

3.39 

___________ 

2,196,060 

______ 

96.56 



___________ 

8,936 

______ 

0.39 


___________ 

2,274,183 

______ 

100.00 


% of net 

assets 

Finance 44.1 

Energy 14.0 





Utilities 3.5 


___________ 

0.4 

___________ 

100.0 


United Kingdom Fund 






Canada 

2,831,158 Bankers Petroleum 849,347 0.22 

1,330,178 Oilexco 4,190,061 1.06 

2,356,484 Sterling Resources 

___________ 

1,985,714 

______ 

0.50 

___________ 

7,025,122 

______ 

1.78 


3,436,579 Charlemagne Capital 

___________ 

2,809,403 

______ 

0.71 

Isle of Man 

6,787,595 Dawnay Day Treveria 

___________ 

5,652,151 

______ 

1.43 

Jersey 

659,285 Experian Group 

___________ 

3,952,414 

______ 

1.00 


1,065,807 3i Group 10,759,322 2.73 

282,118 AstraZeneca 7,741,318 1.96 

1,586,235 Augean 2,149,348 0.55 

2,357,900 BAE Systems 10,038,759 2.54 

560,000 Barclays 4,088,000 1.04 

1,711,000 BG Group 11,857,230 3.00 

3,825,850 BP 21,711,699 5.50 


680,245 Cairn Energy 12,237,608 3.10 

287,200 Carnival 7,432,736 1.88 

212,101 Charter 1,919,514 0.49 

2,062,070 Chrysalis Group 2,495,105 0.63 

1,942,353 Concateno 2,185,147 0.55 

450,000 CSR 2,925,000 0.74 

1,858,585 Debenhams 3,526,665 0.89 


1,652,840 Evolution Group 2,123,899 0.54 


1,188,432 Group NBT 2,465,996 0.63 

1,924,062 HBOS 21,780,382 5.52 

2,681,550 Hogg Robinson Group 2,788,812 0.71 

610,000 Home Retail Group 2,501,000 0.63 

1,604,792 HSBC Holdings 14,940,614 3.78 

9,485,840 Innovation Group 2,964,325 0.75 

1,766,455 IP Group 2,543,695 0.65 

933,330 Kazakhmys 10,359,963 2.63 




217,186 Land Securities Group 5,045,231 1.28 

1,734,581 M&C Saatchi 2,411,068 0.61 

2,745,170 Man Group 14,350,376 3.64 

2,004,833 Melrose 3,598,675 0.91 

1,150,000 Morgan Crucible 2,932,500 0.74 

1,665,000 Prudential 11,646,675 2.95 

4,444,745 PuriCore 2,577,952 0.65 

1,688,644 QinetiQ 3,233,753 0.82 

1,239,805 Regal Petroleum 2,101,469 0.53 

6,481,134 Regus Group 8,069,012 2.05 

634,893 Resolution 4,072,839 1.03 

1,473,280 Reuters Group 6,559,779 1.66 

987,501 Royal Bank of Scotland Group 19,680,895 4.99 


1,760,734 Songbird Estates 'B' 6,153,765 1.56 

8,703,338 Spirent Communications 4,939,144 1.25 

2,703,118 St James's Place 11,616,650 2.94 

300,538 Standard Chartered 4,484,027 1.14 

1,409,712 Tullow Oil 5,610,654 1.42 


900,223 Wolseley 11,099,750 2.81 

902,977 Xstrata 23,025,913 5.83 


___________ 

10,223,520 

______ 

2.59 

___________ 

374,295,726 

______ 

94.82 




___________ 

393,734,816 

______ 

99.74 




747,203 Epic Brand Investments 

___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 



___________ 

1,015,289 

______ 

0.26 


___________ 

394,750,105 

______ 

100.00 


% of net 

assets 

Finance 36.5 

Energy 18.6 



Materials 8.5 






___________ 

0.3 

___________ 

100.0 



US Basic Value Fund 






Bermuda 

1,715,200 Tyco International 

___________ 

52,759,552 

______ 

2.49 

Canada 


___________ 

2,506,829 

______ 

0.12 




___________ 

23,804,452 

______ 

1.12 

___________ 

62,131,085 

______ 

2.93 

Japan 

360,300 Sony ADR 

___________ 

15,528,930 

______ 

0.74 

Netherlands 

663,600 Koninklijke Philips Electronics NV 

(NY Shares) 25,130,532 1.19 

1,450,300 Unilever (NY Shares) 

___________ 

39,738,220 

______ 

1.87 

___________ 

64,868,752 

______ 

3.06 



579,000 GlaxoSmithKline ADR 

___________ 

30,484,350 

______ 

1.44 

___________ 

34,755,243 

______ 

1.64 

United States 

1,129,200 Alcoa 33,717,912 1.59 

345,900 Allstate 22,704,876 1.07 


369,700 Applied Materials 6,883,814 0.33 

882,900 AT&T 31,749,084 1.50 


1,151,200 Bank of New York 45,794,736 2.16 

976,500 Baxter International † 45,387,720 2.14 

678,400 BellSouth 32,196,864 1.52 

427,500 BJ Services 12,483,000 0.59 

429,100 Chevron 31,719,072 1.50 

1,088,759 Citigroup 60,850,741 2.87 

1,273,700 Coca-Cola Enterprises 26,047,165 1.23 

863,200 Comcast 'A' † 36,616,944 1.73 

120,300 Consol Energy 3,894,111 0.18 

225,700 Deere & Co* 21,626,574 1.02 

122,700 Devon Energy 8,225,808 0.39 

197,100 Dominion Resources (Virginia) 16,516,980 0.78 


1,324,600 Exxon Mobil 102,113,414 4.82 




1,364,100 Fairchild Semiconductor International 23,230,623 1.10 

253,300 Gannett 15,433,569 0.73 

1,005,700 Gap † 19,842,461 0.94 


713,300 General Mills 41,178,809 1.94 


454,300 Halliburton 14,128,730 0.67 

341,300 Hartford Financial Services Group † 31,877,420 1.50 


652,500 Honeywell International 29,603,925 1.40 

696,300 IBM – International Business Machines † 67,875,324 3.20 

56,270 Idearc 1,598,631 0.08 

984,700 Intel 20,146,962 0.95 

2,310,800 Interpublic Group of Companies 28,330,408 1.34 


1,553,200 JPMorgan Chase & Co 75,734,032 3.57 

619,400 Kimberly-Clark 42,348,378 2.00 

389,300 Kraft Foods 'A' 13,882,438 0.66 

454,400 Kroger 10,455,744 0.49 

3,191,100 LSI Logic 29,549,586 1.40 

519,900 Marsh & McLennan 16,168,890 0.76 

427,500 McDonald's 19,053,675 0.90 


805,900 Motorola 16,738,543 0.79 

538,100 Northrop Grumman † 36,703,801 1.73 


1,633,000 Pfizer 42,539,650 2.01 

869,600 Raytheon* 46,140,976 2.18 

1,297,900 Schering-Plough 30,941,936 1.46 

532,800 Southern 19,708,272 0.93 

365,300 Sprint Nextel 6,995,495 0.33 



2,222,500 Time Warner 48,850,550 2.31 

3,892,700 Unisys 30,285,206 1.43 

880,100 Verizon Communications* 33,109,362 1.56 

805,900 Walt Disney 27,851,904 1.31 

1,631,000 Wells Fargo & Co † 58,406,110 2.76 

42,200 Wyeth 2,156,420 0.10 

1,668,200 Xerox 

___________ 

28,526,220 

______ 

1.35 

1,849,289,285 

___________ ______ 

87.29 



___________ 

36,605,255 

______ 

1.73 


___________ ______ 

100.00 




US Basic Value Fund continued 


Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(2,400) Baxter International Call Option 


expiring on 19/5/2007 25,943 (270,000) 

(3,649) Comcast Call Option 


expiring on 20/1/2007 (639,392) (1,112,945) 

(1,000) Deere Call Option 


expiring on 16/6/2007 (254,047) (790,000) 

(2,700) Gap Call Option 


expiring on 17/3/2007 138,861 (87,750) 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

(1,100) Hartford Financial Services Call Option 


expiring on 17/3/2007 (47,009) (277,750) 

(1,000) International Business Machines Call Option 


expiring on 20/1/2007 (553,298) (795,000) 

(751) Northrop Grumann Call Option 


expiring on 17/2/2007 2,566 (69,468) 

(3,500) Wells Fargo Call Option 



___________ 

247,905 

_________ 

(385,000) 


___________ 

(1,078,470) (3,787,913) 

_________ 



Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 

2,400 Baxter International Put Option 


expiring on 20/1/2007 (221,619) 78,000 

1,000 Deere Put Option 


expiring on 17/3/2007 (276,970) 95,000 

Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 

2,700 Gap Put Option 


expiring on 20/1/2007 (37,987) 195,750 

1,000 International Business Machines 



___________ 

(185,590) 

_________ 

7,500 


___________ 

(722,166) 

_________ 

376,250 



% of net 

assets 

Finance 26.1 




Energy 10.5 




Materials 3.3 

Utilities 1.7 


___________ 

1.7 

___________ 

100.0 




Unrealised 

loss 

Purchases 


€ 

€81,381,000 US$108,499,717 15/3/2007 (662,174) 

US$2,725,846 €2,062,000 15/3/2007 

_______ 

(823) 


_______ 



exchange rate used to convert from € is the year-end exchange rate of: 1 US$ = 0.7586 € 




US Dollar Core Bond Fund 




BONDS 


US$500,000 

Austria 

Oesterreichische Kontrollbank 

EMTN 6% 19/5/2009 

___________ 

513,555 

______ 

0.23 

Bermuda 

US$155,000 Weatherford International 5.5% 

15/2/2016 

___________ 

151,038 

______ 

0.07 

Canada 

US$260,000 Petro-Canada 5.95% 15/5/2035 247,396 0.11 

US$195,000 TELUS 7.5% 1/6/2007 

___________ 

196,495 

______ 

0.09 

___________ 

443,891 

______ 

0.20 


US$265,000 Hutchison Whampoa International 

03/33 '144A' 7.45% 24/11/2033 306,977 0.14 

US$1,000,000 Links Finance EMTN FRN 15/9/2010 1,000,030 0.44 

US$500,000 Sigma Finance '144A' FRN 31/3/2014 

___________ 

502,416 

______ 

0.22 

___________ 

1,809,423 

______ 

0.80 

US$500,000 

US$295,000 

US$500,000 

Germany 

L-Bank Landeskreditbank 

Baden-Wuerttemberg Foerderbank 

EMTN 4.875% 30/1/2007 

___________ 

499,752 

______ 

0.22 


Corporacion Andina de Fomento 

6.875% 15/3/2012 314,344 0.14 

International Bank for Reconstruction 

& Development EMTN 7.125% 

21/6/2010 

___________ 

534,950 

______ 

0.24 

___________ 

849,294 

______ 

0.38 

Italy 

US$1,000,000 Republic of Italy 4.5% 21/1/2015 

___________ 

972,000 

______ 

0.43 

US$500,000 

US$500,000 

US$500,000 

Japan 

Development Bank of Japan 

6.875% 30/11/2011 539,255 0.24 

Japan Bank for International 

Cooperation (Japan) 7% 4/11/2009 525,345 0.23 

Japan Finance Corporation for 

Municipal Enterprises 5.875% 

14/3/2011 

___________ 

517,485 

______ 

0.23 

___________ 

1,582,085 

______ 

0.70 

Luxembourg 

US$235,000 Telecom Italia Capital 6% 

30/9/2034 

___________ 

211,994 

______ 

0.09 

Netherlands 

US$500,000 Baden Wurt L-Finance 5.75% 

25/2/2008 502,773 0.22 

US$165,000 Deutsche Telekom International 

Finance 8.25% 15/6/2030 203,503 0.09 

US$500,000 Nederlandse Waterschapsbank EMTN 

6.125% 13/2/2008 

___________ 

504,647 

______ 

0.23 

___________ 

1,210,923 

______ 

0.54 

Norway 

US$2,100,000 Eksportfinans GMTN 5.125% 

26/10/2011 

___________ 

2,106,590 

______ 

0.94 





US$205,000 Barclays Bank '144A' 8.55% 


US$337,181 RMAC '2003-NS2A A2C' FRN 

12/9/2035 

___________ 

337,654 

______ 

0.15 

___________ 

567,256 

______ 

0.25 

United States 

US$600,000 ACE Securities '2005-ASP1 M1' 

FRN 25/9/2035 604,831 0.27 

US$1,450,000 ACE Securities '2005-HE6 A2B' 

FRN 25/10/2035 1,451,423 0.64 

US$1,875,000 ACE Securities '2006-NC3 A2A' 

FRN 25/12/2036 1,876,168 0.83 

US$1,595,274 Aegis Asset Backed Securities Trust 

'2006-1 A1' FRN 25/1/2037 1,596,130 0.71 

US$500,000 AIG SunAmerica Global Financing IX 

5.1% 17/1/2007 499,960 0.22 

US$140,000 Alabama Power Capital Trust V 5.5% 

1/10/2042 140,135 0.06 

US$25,000 Ameren 4.263% 15/5/2007 24,871 0.01 

US$124,962 American Airlines 'AMBC' 3.857% 

9/7/2010 121,354 0.05 

US$275,000 American International Group 6.25% 

1/5/2036 293,602 0.13 

US$650,000 Ameriquest Mortgage Securities 

'2003-7 M1' FRN 25/8/2033 655,728 0.29 

US$250,000 Ameriquest Mortgage Securities 

'2004-R1 M2' FRN 25/2/2034 250,841 0.11 

US$25,936 Argent Securities '2004-W11 A3' 

FRN 25/11/2034 25,954 0.01 

US$235,000 AT&T 6.45% 15/6/2034 239,289 0.11 

US$230,000 BAC CAP TRUST V 5.625% 8/3/2035 218,000 0.09 

US$175,000 Bank of America 4.875% 15/9/2012 172,419 0.08 

US$1,600,000 Bank of America Commercial 

Mortgage '2001-1 B' 6.674% 

15/4/2036 1,687,042 0.75 

US$1,405,000 Bank of America Commercial 

Mortgage '2003-2 A3' 4.873% 

11/3/2041 1,382,626 0.61 

US$1,950,000 Bank of America Securities Auto 

Trust '2006-G1 A3' 5.18% 

18/6/2010 1,950,609 0.87 

US$2,075,000 Bank One Issuance Trust 

'2004-A1 A1' 3.45% 17/10/2011 2,009,654 0.89 

US$13,417 Bear Stearns Asset Backed Securities 

'2004-HE9 1A2' FRN 25/3/2032 13,417 0.01 


'2005-4 A' FRN 25/1/2036 601,770 0.27 

US$1,500,000 Bear Stearns Asset Backed Securities 

'2005-HE10 A2' FRN 25/11/2035 1,504,604 0.67 


'2005-SD1 1A2' FRN 25/7/2027 551,743 0.25 

US$1,900,173 Bear Stearns Asset Backed Securities 

'2006-HE8 1A1' FRN 25/10/2036 1,901,392 0.84 

US$1,710,000 Bear Stearns Commercial Mortgage 

Securities '1998-C1 A2' 6.44% 

16/6/2030 1,730,929 0.77 

US$400,000 Bear Stearns Commercial Mortgage 

Securities '2002-FL1A D' FRN 

3/8/2014 400,000 0.18 

US$60,000 BellSouth 6% 15/11/2034 57,805 0.03 

US$350,000 Bristol-Myers Squibb 5.875% 

15/11/2036 346,093 0.15 


US Dollar Core Bond Fund continued 





US$1,525,000 Capco America Securitization 

'1998-D7 A1B' 6.26% 15/10/2030 1,543,829 0.69 

US$1,900,000 Carrington Mortgage Loan Trust 

'2006-NC5 A1' FRN 25/1/2037 1,901,046 0.84 

US$1,280,000 Chase Commercial Mortgage 

Securities '1999-2 A2' 7.198% 

15/1/2032 1,336,705 0.59 

US$300,000 Citigroup 5.625% 27/8/2012 306,210 0.14 

US$15,000 Comcast 5.85% 15/1/2010 15,228 0.01 

US$345,000 Comcast 6.5% 15/1/2017 361,110 0.16 

US$100,000 Consolidated Natural Gas 'A' 5% 

1/12/2014 96,407 0.04 

US$235,000 Continental Airlines '02-1' 6.563% 

15/2/2012 243,338 0.11 

US$1,767,372 Countrywide Alternative Loan Trust 

'2006-OC9 A1' FRN 25/9/2035 1,768,771 0.79 

US$50,059 Countrywide Asset-Backed Certificates 

'2003-BC3 A2' FRN 25/9/2033 50,091 0.02 


'2004-13 AF4' 4.583% 25/1/2033 296,073 0.13 


'2004-13 MF1' 5.071% 25/4/2035 293,827 0.13 


'2004-5 A' FRN 25/10/2034 113,150 0.05 

US$2,012,884 Countrywide Asset-Backed Certificates 

'2006-20 2A1' FRN 25/4/2037 2,014,137 0.89 


'2006-22 2A1' FRN 25/5/2037 1,425,887 0.63 


'2006-IM1 A1' FRN 25/4/2036 1,427,671 0.63 

US$185,000 COX Communications 7.125% 

1/10/2012 197,727 0.09 

US$206,292 Credit-Based Asset Servicing and 

Securitization '2005-CB2 AV2' 

FRN 25/4/2036 206,466 0.09 


'2002-CP5 A1' 4.106% 15/12/2035 1,451,230 0.64 

US$1,320,000 CW Capital Cobalt '2006-C1 A4' 

5.223% 15/8/2048 1,305,850 0.58 

US$1,900,000 Daimler Chrysler Auto Trust 

'2004-B A4' 3.71% 8/10/2009 1,875,234 0.83 


'2006-D A3' 4.98% 8/2/2011 1,770,008 0.79 

US$165,000 Developers Diversified Realty 

5.375% 15/10/2012 163,775 0.07 

US$105,000 Developers Diversified Realty MTN 

6.625% 15/1/2008 106,192 0.05 

US$1,318,704 DLJ Commercial Mortgage 

'1998-CG1 A1B' 6.41% 10/6/2031 1,331,485 0.59 

US$555,000 Fannie Mae 7.125% 15/1/2030 699,729 0.31 


1/8/2035 1,324,293 0.59 


1/7/2036 551,741 0.24 

US$6,100 Fannie Mae 'O' 7% 31/12/2007 

(Perpetual) 320,250 0.14 

US$24,885 Fannie Mae Pool '224275' 6% 

1/7/2008 24,951 0.01 

US$849,196 Fannie Mae Pool '256114' 4.5% 

1/1/2021 819,607 0.36 


1/3/2021 889,421 0.39 


1/4/2021 40,409 0.02 




US$6,887,920 Fannie Mae Pool '256271' 6.5% 

1/6/2036 7,018,073 3.12 

US$1,819,163 Fannie Mae Pool '256436' 6% 

1/10/2036 1,831,954 0.81 


1/2/2009 32,523 0.01 


1/8/2009 27,995 0.01 


1/7/2009 37,582 0.02 


1/6/2011 38,158 0.02 


1/6/2013 27,065 0.01 


1/2/2018 54,133 0.02 


1/11/2032 343,331 0.15 


1/7/2034 4,587,896 2.04 


1/8/2034 639,474 0.28 


1/8/2034 840,689 0.37 


1/1/2019 34,715 0.02 


1/12/2034 106,273 0.05 


1/8/2035 13,417 0.01 


1/7/2019 946,750 0.42 


1/9/2019 1,863,724 0.83 


1/1/2020 928,320 0.41 


1/11/2020 35,692 0.02 


1/11/2021 489,860 0.22 


1/5/2020 34,466 0.01 


1/6/2020 38,469 0.02 


1/8/2020 3,701,653 1.64 


1/9/2020 59,924 0.03 


1/10/2020 33,128 0.01 


1/11/2035 282,053 0.13 


1/12/2020 139,736 0.06 


1/12/2020 796,253 0.35 


1/1/2021 40,681 0.02 


1/1/2021 38,415 0.02 


1/6/2021 32,242 0.01 


1/3/2021 43,111 0.02 









1/9/2035 418,758 0.19 


1/2/2021 37,778 0.02 


1/12/2020 101,641 0.05 


1/1/2021 37,368 0.02 


1/10/2020 677,166 0.30 


1/2/2021 819,304 0.36 


1/4/2021 123,589 0.05 


1/11/2021 119,816 0.05 


1/5/2021 39,593 0.02 


1/2/2021 283,606 0.13 


1/4/2021 642,872 0.29 


1/5/2021 489,896 0.22 


1/8/2021 189,016 0.08 


1/9/2036 131,970 0.06 


1/3/2021 617,690 0.27 


1/3/2021 885,700 0.39 


1/9/2036 284,395 0.13 


1/11/2021 39,417 0.02 


1/7/2021 40,609 0.02 


1/8/2021 6,932,789 3.08 


1/8/2036 36,479 0.02 


1/9/2036 1,511,652 0.67 


1/10/2036 1,417,498 0.63 


1/10/2021 6,952,653 3.09 


1/11/2036 175,225 0.08 


1/11/2021 188,718 0.08 


1/10/2021 39,904 0.02 


1/11/2036 36,232 0.02 


1/12/2036 1,510,750 0.67 


1/12/2036 1,223,193 0.54 

US$2,709,245 Fannie Mae REMICS '2005-69 LE' 

5.5% 25/11/2033 2,713,851 1.21 

US$1,331,685 Fannie Mae REMICS '2006-53 BA' 

6% 25/2/2027 1,343,184 0.60 




US$950,000 Fannie Mae REMICS '2006-53 PA' 

5.5% 25/12/2026 952,676 0.42 

US$240,162 First Franklin Mortgage Loan Asset 

Backed Certificates '2004-FF10 A2' 

FRN 25/12/2032 240,729 0.11 

US$1,136,854 First Franklin Mortgage Loan Asset 

Backed Certificates '2005-FF10 A6M' 

FRN 25/11/2035 1,138,543 0.51 

US$1,312,305 First Union National Bank – Bank of 

America Commercial Mortgage Trust 

'2001-C1 A2' 6.136% 15/3/2033 1,347,893 0.60 

US$2,525,000 Ford Credit Auto Owner Trust 

'2005-C A3' 4.3% 15/8/2009 2,504,399 1.11 


'2006-B A4' 5.25% 15/9/2011 1,303,795 0.58 

US$463 Freddie Mac Gold Pool 'A20431' 6% 

1/1/2034 467 0.00 

US$131,179 Freddie Mac Gold Pool 'A26501' 5.5% 

1/9/2034 129,958 0.06 

US$1,632,729 Freddie Mac Gold Pool 'A30721' 5.5% 

1/12/2034 1,617,536 0.72 

US$919,729 Freddie Mac Gold Pool 'A35615' 6% 

1/6/2035 927,102 0.41 

US$3,043,931 Freddie Mac Gold Pool 'A40879' 5% 

1/12/2035 2,940,722 1.31 

US$39,892 Freddie Mac Gold Pool 'C62770' 7% 

1/1/2032 41,057 0.02 

US$238,895 Freddie Mac Gold Pool 'G02180' 5% 

1/4/2036 230,818 0.10 

US$782,899 Freddie Mac Gold Pool 'G08154' 5% 

1/7/2036 756,101 0.34 

US$1,566,565 Freddie Mac Non Gold Pool '1G1288' 

FRN 1/11/2036 1,583,194 0.70 


FRN 1/12/2036 1,665,211 0.74 


FRN 1/12/2036 1,736,185 0.77 

US$2,297,575 Freddie Mac REMICS '3020 MA' 5.5% 

15/4/2027 2,308,643 1.03 

US$730,896 Freddie Mac REMICS '3068 VA' 5.5% 

15/10/2016 732,695 0.33 

US$2,121,036 Freddie Mac REMICS '3087 VA' 5.5% 

15/3/2015 2,127,331 0.94 

US$1,270,392 Freddie Mac REMICS '3137 XP' 6% 

15/4/2036 1,295,665 0.58 

US$180,000 Freescale Semiconductor '144A' 

9.125% 15/12/2014 179,100 0.08 


FRN 15/12/2014 74,625 0.03 

US$1,600,000 Fremont Home Loan Trust 

'2005-E 2A2' FRN 25/1/2036 1,601,534 0.71 


'2005-C1 A2' 4.353% 10/6/2048 1,659,660 0.74 

US$97,558 Ginnie Mae I Pool '542852' 6.5% 

15/6/2031 100,263 0.04 

US$1,625,971 GMAC Commercial Mortgage 

Securities '1998-C2 A2' 6.42% 

15/5/2035 1,646,735 0.73 


Securities '2000-C3 A2' 6.957% 

15/9/2035 1,648,701 0.73 


Securities '2001-C1 B' 6.67% 

15/4/2034 1,358,797 0.60 








Securities '2004-C3 AAB' 4.702% 

10/12/2041 1,067,513 0.47 

US$1,350,000 GS Mortgage Securities II 

'2004-GG2 A5' 5.279% 10/8/2038 1,351,726 0.60 

US$950,000 GS Mortgage Securities II 

'2006-GG6 A2' 5.506% 10/4/2038 959,818 0.43 

US$1,680,308 Harborview Mortgage Loan Trust 

'2006-11 A1A' FRN 19/12/2036 1,684,717 0.75 

US$90,000 Harley-Davidson Motorcycle Trust 

'2006-2 A2' 5.35% 15/3/2013 90,517 0.04 

US$227,250 Home Equity Asset Trust 

'2005-1 A2' FRN 25/5/2035 227,835 0.10 

US$177,814 Home Equity Asset Trust 

'2005-3 1A2' FRN 25/8/2035 178,001 0.08 

US$1,750,000 Honda Auto Receivables Owner 

Trust '2006-3 A3' 5.12% 

15/10/2010 1,748,906 0.78 

US$215,000 Honeywell International 5.7% 

15/3/2036 214,829 0.10 

US$105,000 HSBC Finance 5.875% 1/2/2009 106,581 0.05 


US$1,740,185 HSI Asset Securitization Corporation 

Trust '2006-HE1 2A1' FRN 

25/10/2036 1,741,116 0.77 

US$231,993 Impac Secured Assets CMN Owner 

Trust '2004-3 1A4' FRN 25/11/2034 232,646 0.10 

US$350,000 Impac Secured Assets CMN Owner 

Trust '2004-3 M1' FRN 25/11/2034 351,301 0.16 

US$1,124,000 International Rectifier 4.25% 

15/7/2007 1,121,190 0.50 

US$400,697 Irwin Home Equity '2005-C 1A1' 

FRN 25/4/2030 401,074 0.18 

US$100,000 Jersey Central Power & Light 'WI' 

6.4% 15/5/2036 104,222 0.05 

US$1,375,000 JP Morgan Chase Commercial 

Mortgage Securities '2001-CIB2 A3' 

6.429% 15/4/2035 1,437,372 0.64 

US$1,200,000 JP Morgan Chase Commercial 

Mortgage Securities '2006-CB17 A4' 

5.429% 12/12/2043 1,207,319 0.54 

US$1,348,022 JP Morgan Mortgage Acquisition 

'2006-HE3 A2' FRN 25/11/2036 1,348,862 0.60 

US$425,538 JP Morgan Mortgage Trust 

'2005-A2 4A1' 5.209% 25/4/2035 417,826 0.19 


1/9/2015 127,570 0.06 

US$147,000 Kern River Funding '144A' 4.893% 

30/4/2018 142,932 0.06 

US$1,175,896 LB Commercial Conduit Mortgage 

Trust '1998-C4 A1B' 6.21% 

15/10/2035 1,189,706 0.53 

US$1,375,000 LB-UBS Commercial Mortgage 

Trust '2000-C3 A2' 7.95% 

15/5/2025 1,471,151 0.65 

US$500,000 LB-UBS Commercial Mortgage 

Trust '2005-C3 A5' 4.739% 

15/7/2030 481,155 0.21 


Trust '2006-C7 A2' 5.3% 

15/11/2038 1,384,962 0.62 

US$301,000 Lehman Brothers Holdings 7% 

1/2/2008 306,242 0.14 

US$85,000 MBNA 4.625% 15/9/2008 84,033 0.04 




US$100,000 MBNA MTN 5.625% 30/11/2007 100,223 0.04 

US$500,000 Metlife 6.4% 15/12/2036 504,051 0.22 

US$100,000 Momentive Performance Materials 

'144A' 10.125% 1/12/2014 101,500 0.04 

US$500,000 Morgan Stanley 6.75% 15/4/2011 529,379 0.23 

US$1 Morgan Stanley ABS Capital I 

'2004-WMC1 A3' FRN 25/6/2034 1 0.00 

US$232,443 Morgan Stanley ABS Capital I 

'2005-HE1 A2MZ' FRN 25/12/2034 233,049 0.10 


'2005-NC2 A1MZ' FRN 25/3/2035 88,535 0.04 


'2005-NC2 A2MZ' FRN 25/3/2035 91,816 0.04 

US$1,625,000 Morgan Stanley ABS Capital I 

'2006-HE8 A2A' FRN 25/10/2035 1,624,492 0.72 

US$1,280,000 Morgan Stanley Capital I 

'2006-IQ12 A4' 5.332% 

15/12/2043 1,280,000 0.57 

US$750,936 Morgan Stanley Mortgage Loan 

Trust '2006-3AR 2A3' 5.901% 

25/3/2036 758,031 0.34 

US$1,410,000 Mortgage Capital Funding 

'1998-MC1 E' 7.06% 18/3/2030 1,430,084 0.64 

US$140,000 Motiva Enterprises '144A' 5.2% 

15/9/2012 138,548 0.06 

US$1,630,597 Nationslink Funding '1999-1 A2' 

6.316% 20/1/2031 1,651,563 0.73 

US$150,000 Nationwide Health Properties MTNC 

6.59% 7/7/2038 151,306 0.07 

US$195,000 Nevada Power 'N' 6.65% 1/4/2036 203,575 0.09 

US$48,576 New Century Home Equity Loan 

Trust '2004-3 A3' FRN 

25/11/2034 48,622 0.02 

US$434,419 New Century Home Equity Loan 

Trust '2005-2 A2MZ' FRN 

25/6/2035 435,318 0.19 

US$1,563,929 New Century Home Equity Loan 

Trust '2005-3 A2B' FRN 

25/7/2035 1,565,077 0.70 

US$150,000 New Cingular Wireless Services 

8.75% 1/3/2031 195,528 0.09 

US$270,000 News America 6.4% 15/12/2035 268,756 0.12 


US$1,109,499 Nissan Auto Receivables Owner 

Trust '2005-A A3' 3.54% 

15/10/2008 1,103,082 0.49 

US$325,000 Northwest Pipeline 7% 15/6/2016 341,250 0.15 

US$157,332 Option One Mortgage Loan Trust 

'2003-4 A2' FRN 25/7/2033 157,746 0.07 

US$125,000 Panhandle Eastern Pipe Line 'B' 

2.75% 15/3/2007 124,251 0.05 

US$119,568 Park Place Securities 

'2005-WCH1 A1B' FRN 25/1/2036 119,828 0.05 

US$103,509 Park Place Securities 

'2005-WCH1 A3D' FRN 25/1/2036 103,746 0.05 

US$1,600,000 Peco Energy Transition Trust 

'2000-A A3' 7.625% 1/3/2010 1,680,040 0.75 

US$500,000 Pemex Project Funding Master 

Trust '144A' FRN 15/6/2010 514,500 0.23 

US$200,000 Progress Energy 5.625% 15/1/2016 199,850 0.09 

US$127,000 Public Service Company of New Mexico 

4.4% 15/9/2008 124,741 0.05 

US$1,009,490 RAAC Series '2005-SP2 2A' FRN 

25/6/2044 1,011,138 0.45 








US$500,000 Raytheon 8.3% 1/3/2010 543,500 0.24 

US$905,219 Residential Accredit Loans 

'2005-QS12 A8' FRN 25/8/2035 906,223 0.40 

US$1,878,208 Residential Accredit Loans 

'2006-QA9 A1' FRN 25/11/2036 1,881,969 0.84 

US$349,433 Residential Asset Mortgage 

Products '2004-RS11 A2' FRN 

25/12/2033 350,663 0.16 

US$439,389 Residential Asset Mortgage 

Products '2005-RS3 AIA2' FRN 

25/3/2035 440,533 0.20 

US$1,700,000 Residential Asset Mortgage 

Products '2006-EFC2 A1' FRN 

25/12/2036 1,700,915 0.76 

US$190,198 Residential Asset Securities 

'2003-KS5 AIIB' FRN 25/7/2033 190,359 0.08 

US$265,000 Sierra Pacific Power 'M' 6% 15/5/2016 267,206 0.12 

US$2,060,888 SLM Student Loan Trust 

'2002-1 A2' FRN 25/4/2017 2,066,855 0.92 

US$1,250,000 Soundview Home Equity Loan Trust 

'2005-OPT3 A4' FRN 25/11/2035 1,253,580 0.56 

US$245,000 Southern California Edison 5.625% 

1/2/2036 238,028 0.11 

US$286,000 Southwest Airlines 7.875% 1/9/2007 290,255 0.13 


US$172,363 Structured Asset Securities 

'2004-23XS 2A1' FRN 25/1/2035 172,883 0.08 


'2005-GEL2 A' FRN 25/4/2035 169,200 0.08 


'2005-OPT1 A4M' FRN 25/11/2035 540,476 0.24 

US$575,000 Time Warner 9.125% 15/1/2013 671,243 0.30 

US$165,000 UnitedHealth Group 5.8% 15/3/2036 163,040 0.07 



US$1,000,000 US Treasury Bond 5.25% 15/11/2028 ‡ 1,049,765 0.47 







Bonds 1.625% 15/1/2015 1,394,564 0.62 

US$680,840 US Treasury Inflation Indexed 

Bonds 2% 15/1/2026 640,362 0.28 


Bonds 2.5% 15/7/2016 2,564,827 1.14 

US$500,000 US Treasury Inflation Indexed 

Bonds 3.5% 15/1/2011 603,640 0.27 

US$1,725,000 USAA Auto Owner Trust '2006-4 A3' 

5.01% 15/6/2011 1,721,227 0.76 


4.98% 15/10/2012 1,472,234 0.65 

US$1,075,000 Wachovia Auto Owner Trust 

'2005-B A3' 4.79% 20/4/2010 1,070,690 0.48 

US$1,300,000 Wachovia Bank Commercial 

Mortgage Trust '2005-C20 A6A' 

5.11% 15/7/2042 1,288,787 0.57 



US$1,130,000 Wachovia Bank Commercial 

Mortgage Trust '2006-C28 A4' 

5.572% 15/10/2048 1,147,651 0.51 

US$140,570 Wells Fargo Home Equity Trust 

'2004-2 A32' FRN 25/5/2034 140,761 0.06 

US$16,608 Whole Auto Loan Trust '2004-1 D' 

5.6% 15/3/2011 16,591 0.01 

US$1,650,000 World Omni Auto Receivables 

Trust '2005-B A3' 4.4% 20/4/2009 1,643,591 0.73 

US$260,000 Wyeth 6% 15/2/2036 267,437 0.12 

US$120,000 Xcel Energy 6.5% 1/7/2036 127,233 0.06 

US$305,000 Xerox 6.4% 15/3/2016 

___________ 

313,006 

______ 

0.14 

___________ 

222,766,441 

______ 

98.98 




___________ 

233,684,242 

______ 

103.83 


BONDS 


US$600,000 


Sigma Finance EMTN FRN 

15/8/2011 

___________ 

600,000 

______ 

0.26 

United States 

US$1,639,580 Asset Backed Funding Certificates 

'2006-OPT3 A3A' FRN 25/11/2036 1,640,749 0.73 

US$600,000 Equifirst Mortgage Loan Trust 

'2004-2 M1' FRN 25/7/2034 603,335 0.27 

US$1,385,000 First Union National Bank 

Commercial Mortgage '1999-C4 D' 

7.936% 15/12/2031 1,480,610 0.66 

US$100,000 Popular ABS Mortgage Pass-Through 

Trust '2005-1 M2' 5.507% 25/5/2035 98,177 0.04 

US$987,000 Structured Asset Investment Loan 

Trust '2003-BC6 M1' FRN 25/7/2033 990,369 0.44 


Trust '2003-BC7 M1' FRN 

25/7/2033 953,300 0.42 


Trust '2004-8 M4' FRN 25/9/2034 180,948 0.08 

US$2,082,635 Structured Asset Securities 

'2006-BC3 A2' FRN 25/10/2036 

___________ 

2,083,932 

______ 

0.93 

___________ 

8,031,420 

______ 

3.57 


___________ 

8,631,420 

______ 

3.83 



___________ 

(17,243,131) 

______ 

(7.66) 


___________ 

225,072,531 

______ 

100.00 

(‡) Security given as guarantee, see Note 14 for further details. 




Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$13,100,000 

US$18,000,000 

US$900,000 

Floating Total Return Swaps (Lehman Brothers) 

(Fund pays Floating US$ Libor BBA 1-Month -0.13%; 

an Index Floating Amount is calculated as follow: 

((100 + Total Return of Lehman US Treasury Index 

taken on first calendar day of each Month) - 1) * 

Notional Value. If such value is positive Fund will 

receive cash. If such value is negative Fund will pay 

such value in addition of its Floating Amount) 

(1/12/2006) (106,975) 

Floating Total Return Swaps (UBS) (Fund pays 

Floating US$ Libor 1-Month -0.06%; an Index 

Floating Amount is calculated as follow: 

((100 + since inception Total Return of Lehman 

MBS Fixed Rate Index taken at the beginning 

of each month) - 1) * Notional Value. If such value 

is positive Fund will receive cash. If such value 

is negative Fund will pay such value in addition 

of its Floating Amount) (1/1/2007) (50,490) 

Floating Total Return Swaps (Lehman Brothers) 

(Fund pays Floating US$ Libor BBA 1-Month -0.13%; 

an Index Floating Amount is calculated as follow: 

((100 + Total Return of Lehman US Treasury Index 

taken on first calendar day of each Month) - 1) * 

Notional Value. If such value is positive Fund 

will receive cash. If such value is negative 

Fund will pay such value in addition of its 

Floating Amount) (3/1/2007) – 

US$6,800,000 

US$13,400,000 

US$2,900,000 

US$4,000,000 

US$10,000,000 

US$10,500,000 

US$475,000 

US$600,000 

Interest Rate Swaps (Lehman) 

(Fund pays USD Libor BBA 3-Month; 


Interest Rate Swaps (Morgan Stanley) 



Interest Rate Swaps (Citibank) 



Interest Rate Swaps (Morgan Stanley) 



Interest Rate Swaps (JP Morgan Chase) 






Credit Default Swaps (Morgan Stanley) 

(Fund pays default protection on Comcast 

Cable Communications 6.75% 30/1/2011; 


Total Return Swaps (Morgan Stanley) 

(Fund pays on TIP 15/1/2011; variable 

notional amount, Fixed interest rate 3.5%; 

and receives Fixed 4.17%) (15/1/2011) 

_______ 

– 

(184,492) 

_______ 



Number 


of Contracts 


date US$ 


109 US Treasury 10 Year Note March 2007 11,727,719 

15 US Treasury 30 Year Bond March 2007 1,672,969 

(104) CME/IMM Euro Dollar June 2007 (24,642,800) 

(171) CME/IMM Euro Dollar September 2007 (40,584,713) 

_________ 


_________ 





US Dollar High Yield Bond Fund 





BONDS 

Bermuda 

US$100,000 Intelsat Intermediate Holding 0/9.25% 

1/2/2015 (step-up coupon) 77,000 0.06 

US$500,000 Intelsat Subsidiary Holding 8.25% 

15/1/2013 510,000 0.38 

US$315,000 ProtoStar I '144A' 0% 15/10/2012 

___________ 

326,025 

______ 

0.25 

___________ 

913,025 

______ 

0.69 

Canada 

US$550,000 Abitibi-Consolidated 6% 20/6/2013 442,750 0.34 

US$210,000 Abitibi-Consolidated 8.55% 1/8/2010 200,550 0.15 


FRN 1/12/2013 712,250 0.54 

US$260,000 Bombardier '144A' 8% 15/11/2014 267,798 0.20 

US$1,380,000 Bowater Canada Finance 7.95% 

15/11/2011 1,359,300 1.03 

US$1,000,000 Catalyst Paper 'D' 8.625% 15/6/2011 1,017,500 0.77 

US$345,000 Compton Petroleum Finance 7.625% 

1/12/2013 334,650 0.26 

US$1,500,000 Domtar 7.125% 15/8/2015 1,477,500 1.12 

US$750,000 Jean Coutu Group 7.625% 1/8/2012 793,125 0.60 

US$810,000 Nortel Networks '144A' FRN 

15/7/2011 857,587 0.65 

US$300,000 North American Energy Partners 

8.75% 1/12/2011 303,000 0.23 

US$400,000 Nova Chemicals FRN 15/11/2013 403,000 0.31 

US$500,000 Novelis 'WI' 8.25% 15/2/2015 486,250 0.37 

US$535,000 OPTI Canada '144A' 8.25% 

15/12/2014 551,050 0.42 

US$1,000,000 Quebecor Media 7.75% 15/3/2016 1,026,250 0.78 

US$230,000 Quebecor World '144A' 9.75% 

15/1/2015 232,587 0.18 

US$500,000 Quebecor World Capital 6.125% 

15/11/2013 433,750 0.33 

US$280,000 Quebecor World Capital '144A' 

8.75% 15/3/2016 269,500 0.21 

US$1,000,000 Rogers Wireless 6.375% 1/3/2014 1,017,500 0.77 

US$500,000 Rogers Wireless FRN 15/12/2010 

___________ 

511,250 

______ 

0.39 

___________ 

12,697,147 

______ 

9.65 

US$500,000 

US$330,000 

Denmark 

Nordic Telephone Company 

Holdings '144A' 8.875% 

1/5/2016 

___________ 

537,500 

______ 

0.41 

France 

Compagnie Generale de Geophysique 

7.5% 15/5/2015 

___________ 

333,300 

______ 

0.25 


US$275,000 MagnaChip Semiconductor Finance 

FRN 15/12/2011 237,875 0.18 

US$660,000 NXP/NXP Funding '144A' 7.875% 

15/10/2014 676,385 0.51 

US$545,000 NXP/NXP Funding '144A' 9.5% 

15/10/2015 

___________ 

563,394 

______ 

0.43 

___________ 

1,477,654 

______ 

1.12 

Ireland 

US$500,000 Smurfit Kappa Funding 9.625% 

1/10/2012 

___________ 

532,500 

______ 

0.40 




US$340,000 

US$170,000 

Marshall Island 

Navios Maritime Holdings 

'144A' 9.5% 15/12/2014 

___________ 

337,674 

______ 

0.26 

Netherlands 

Impress Holdings '144A' FRN 

15/9/2013 

___________ 

171,275 

______ 

0.13 


US$160,000 Britannia Bulk '144A' 11% 1/12/2011 151,000 0.12 

US$685,000 Ineos Group Holdings '144A' 

8.5% 15/2/2016 657,600 0.50 

US$837,000 Inmarsat Finance 7.625% 30/6/2012 868,387 0.66 

US$750,000 NTL Cable 9.125% 15/8/2016 

___________ 

795,937 

______ 

0.60 

___________ 

2,472,924 

______ 

1.88 

United States 

US$295,000 Accellent 10.5% 1/12/2013 307,538 0.23 

US$57,000 AES 8.875% 15/2/2011 61,418 0.05 

US$225,000 AES '144A' 9% 15/5/2015 243,000 0.18 

US$246,543 AES Eastern Energy '99-A' 9% 

2/1/2017 276,282 0.21 

US$110,000 Affinion Group 10.125% 15/10/2013 117,150 0.09 

US$375,000 Affinion Group 11.5% 15/10/2015 398,438 0.30 

US$420,000 Aleris International '144A' 9% 

15/12/2014 423,675 0.32 

US$750,000 Allbritton Communications 7.75% 

15/12/2012 759,375 0.58 

US$675,000 Allied Waste North America 7.875% 

15/4/2013 699,469 0.53 

US$380,000 American Real Estate Partners 

7.125% 15/2/2013 383,800 0.29 

US$140,000 Amkor Technology 7.75% 15/5/2013 129,675 0.10 

US$53,869 Archibald Candy 10% 1/11/2007 3,431 0.00 

US$300,000 Argo-Tech 9.25% 1/6/2011 313,500 0.24 


US$1,000,000 Autonation 7% 15/4/2014 1,012,500 0.77 


7.625% 15/5/2014 486,250 0.37 

US$500,000 Avis Budget Car Rental '144A' FRN 

15/5/2014 483,750 0.37 

US$275,000 BCP Crystal US Holdings 9.625% 

15/6/2014 305,250 0.23 

US$275,000 Berry Petroleum 8.25% 1/11/2016 276,719 0.21 

US$175,000 Berry Plastics Holding '144A' 8.875% 

15/9/2014 178,500 0.14 

US$850,000 Berry Plastics Holding '144A' FRN 

15/9/2014 864,875 0.66 

US$1,000,000 Boise Cascade 7.125% 15/10/2014 972,500 0.74 

US$250,000 Boise Cascade FRN 15/10/2012 251,875 0.19 

US$125,000 Boyd Gaming 7.125% 1/2/2016 125,000 0.09 

US$600,000 Boyd Gaming 7.75% 15/12/2012 623,250 0.47 

US$300,000 Buffets Inc '144A' 12.5% 1/11/2014 303,750 0.23 

US$225,000 Building Materials Corporation of 

America 7.75% 1/8/2014 204,750 0.16 

US$250,000 Building Materials Corporation of 

America 8% 1/12/2008 261,875 0.20 

US$1,000,000 Building Materials Corporation of 

America 'B' 8% 15/10/2007 1,018,800 0.77 

US$140,000 Burlington Coat Factory Warehouse 

'144A' 11.125% 15/4/2014 137,200 0.10 

US$260,000 Cablevision Systems 'B' FRN 1/4/2009 275,600 0.21 

US$120,000 Caesars Entertainment 8.125% 

15/5/2011 126,000 0.10 


US Dollar High Yield Bond Fund continued 





US$900,000 CBD Media Holdings 9.25% 15/7/2012 941,625 0.72 

US$175,000 CCM Merger '144A' 8% 1/8/2013 171,938 0.13 

US$200,000 Centennial Communications 8.125% 

1/2/2014 206,250 0.16 

US$475,000 Chaparral Energy 8.5% 1/12/2015 475,594 0.36 

US$750,000 Charter Communications Holdings II 

10.25% 15/9/2010 788,438 0.60 

US$630,000 Charter Communications Holdings II 'B' 

10.25% 15/9/2010 660,713 0.50 

US$475,000 Church & Dwight 6% 15/12/2012 466,688 0.35 

US$85,000 Citizens Communications 6.25% 

15/1/2013 83,831 0.06 

US$1,525,000 Compass Minerals International 'B' 

0/12% 1/6/2013 (step-up coupon) 1,460,188 1.11 

US$250,000 Conexant Systems '144A' FRN 

15/11/2010 255,000 0.19 

US$750,000 Constellation Brands 'B' 8.125% 

15/1/2012 781,875 0.59 

US$125,000 Cooper-Standard Automotive 7% 

15/12/2012 112,813 0.09 


US$250,000 Corrections Corporation of America 

7.5% 1/5/2011 258,750 0.20 

US$440,000 Cricket Communications '144A' 9.375% 

1/11/2014 466,400 0.35 

US$1,500,000 CSC Holdings 7.25% 15/7/2008 1,520,625 1.15 

US$500,000 Del Monte 6.75% 15/2/2015 497,500 0.38 

US$400,000 Del Monte 8.625% 15/12/2012 424,000 0.32 

US$1,000,000 Dex Media 8% 15/11/2013 1,035,000 0.79 


15/11/2009 525,000 0.40 

US$500,000 Dex Media West Finance 'B' 9.875% 

15/8/2013 547,500 0.42 

US$205,000 DI Finance/DynCorp International 'B' 

9.5% 15/2/2013 218,325 0.17 

US$150,000 DirecTV Holdings/DirecTV Financing 

8.375% 15/3/2013 156,750 0.12 




US$800,000 Echostar DBS 7.125% 1/2/2016 803,000 0.61 

US$750,000 Edison Mission Energy 7.75% 

15/6/2016 798,750 0.61 

US$500,000 El Paso Performance-Linked Trust 

'144A' 7.75% 15/7/2011 531,250 0.40 

US$1,000,000 Encore Acquisition 7.25% 1/12/2017 975,000 0.74 

US$350,000 Erico International 8.875% 1/3/2012 376,922 0.29 

US$240,000 Esco '144A' 8.625% 15/12/2013 247,800 0.19 

US$1,093,000 ESI Tractebel Acquisition 'B' 7.99% 

30/12/2011 1,127,805 0.86 

US$500,000 Esterline Technologies 7.75% 

15/6/2013 512,500 0.39 

US$1,500,000 Felcor Lodging 8.5% 1/6/2011 1,605,000 1.22 

US$280,000 FiberTower '144A' 9% 15/11/2012 332,150 0.25 

US$745,000 Ford Motor 4.25% 15/12/2036 799,013 0.61 

US$860,000 Ford Motor 7.45% 16/7/2031 679,400 0.52 

US$140,000 Ford Motor Credit 5.7% 15/1/2010 134,374 0.10 

US$860,000 Ford Motor Credit 5.8% 12/1/2009 845,002 0.64 

US$590,000 Ford Motor Credit FRN 13/1/2012 585,468 0.44 

US$1,100,000 Forest City Enterprises 7.625% 

1/6/2015 1,127,500 0.86 

US$1,730,000 Freescale Semiconductor '144A' 

9.125% 15/12/2014 1,721,350 1.31 


FRN 15/12/2014 199,000 0.15 

US$535,000 General Motors 8.375% 15/7/2033 494,875 0.38 




US$1,000,000 Geo Group 8.25% 15/7/2013 1,035,000 0.79 

US$750,000 Georgia-Pacific 8.125% 15/5/2011 791,250 0.60 

US$140,000 GMAC 6.75% 1/12/2014 144,188 0.11 

US$140,000 Goodyear Tire & Rubber 4% 

15/6/2034 246,116 0.19 

US$110,000 Goodyear Tire & Rubber 7.857% 

15/8/2011 110,412 0.08 

US$995,000 Goodyear Tire & Rubber '144A' 

8.625% 1/12/2011 1,029,825 0.78 


8.5% 15/8/2011 832,000 0.63 


9.5% 15/8/2013 100,225 0.08 

US$455,000 Greektown Holdings '144A' 10.75% 

1/12/2013 477,750 0.36 

US$200,000 Harrah's Operating 5.75% 1/10/2017 167,366 0.13 

US$300,000 Host Marriott 'O' 6.375% 15/3/2015 297,375 0.23 

US$543,000 Huntsman International 9.875% 

1/3/2009 562,005 0.43 

US$885,000 Idearc '144A' 8% 15/11/2016 906,019 0.69 

US$290,000 Innophos 8.875% 15/8/2014 295,800 0.22 

US$250,000 Intelsat 9% 15/8/2014 265,312 0.20 

US$500,000 Intelsat '144A' 9% 15/6/2016 531,875 0.40 

US$1,000,000 ION Media Networks '144A' FRN 

15/1/2012 1,017,500 0.77 

US$250,000 K&F Acquisition 7.75% 15/11/2014 258,750 0.20 

US$500,000 Lamar Media 6.625% 15/8/2015 498,125 0.38 

US$570,000 Lear '144A' 8.75% 1/12/2016 553,613 0.42 

US$500,000 Levi Strauss & Co 8.875% 1/4/2016 525,000 0.40 

US$350,000 Liberty Media 0.75% 30/3/2023 449,313 0.34 

US$1,150,000 Lyondell Chemical 8.25% 15/9/2016 1,213,250 0.92 

US$555,000 Mac-Gray 7.625% 15/8/2015 566,100 0.43 

US$750,000 Mediacom 9.5% 15/1/2013 776,250 0.59 

US$60,000 Metaldyne 10% 1/11/2013 64,500 0.05 

US$620,000 MetroPCS Wireless '144A' 9.25% 

1/11/2014 651,000 0.49 

US$200,000 MGM Mirage 6% 1/10/2009 200,500 0.15 

US$550,000 Michaels Stores '144A' 10% 1/11/2014 574,750 0.44 

US$870,000 Michaels Stores '144A' 11.375% 

1/11/2016 911,325 0.69 

US$650,000 Millennium America 9.25% 15/6/2008 674,375 0.51 

US$1,000,000 Mirant North America 7.375% 

31/12/2013 1,022,059 0.78 


'144A' 10.125% 1/12/2014 776,475 0.59 


'144A' 11.5% 1/12/2016 327,525 0.25 

US$210,000 Mosaic Global Holdings '144A' 

7.625% 1/12/2016 218,662 0.17 

US$725,000 MSW Energy Holdings II/MSW Energy 

Finance II 'B' 7.375% 1/9/2010 743,125 0.56 

US$700,000 Mylan Laboratories 6.375% 15/8/2015 696,500 0.53 

US$1,125,000 Nalco 7.75% 15/11/2011 1,155,937 0.88 

US$40,000 NCO Group '144A' FRN 15/11/2013 39,900 0.03 

US$1,000,000 Neiman-Marcus Group 10.375% 

15/10/2015 1,120,000 0.85 

US$185,000 Network Communications 10.75% 

1/12/2013 187,775 0.14 

US$920,000 Nexstar Finance 7% 15/1/2014 869,400 0.66 

US$100,000 Nielsen Finance '144A' 0/12.5% 

1/8/2016 (step-up coupon) 69,375 0.05 

US$1,050,000 Nielsen Finance '144A' 10% 

1/8/2014 1,143,187 0.87 

US$125,000 Nortek (Old) 8.5% 1/9/2014 123,125 0.09 

US$525,000 NRG Energy 7.25% 1/2/2014 530,250 0.40 

US$500,000 NRG Energy 7.375% 1/2/2016 503,750 0.38 








US$950,000 Omnova Solutions 11.25% 

1/6/2010 1,026,000 0.78 

US$550,000 Overseas Shipholding Group 

8.25% 15/3/2013 580,937 0.44 

US$1,000,000 Owens-Brockway Glass Container 

8.25% 15/5/2013 1,038,750 0.79 

US$750,000 Ply Gem Industries 9% 15/2/2012 641,250 0.49 


US$85,000 Poster Financial Group 8.75% 

1/12/2011 88,612 0.07 

US$165,000 Pregis '144A' 12.375% 15/10/2013 179,438 0.14 

US$1,210,000 Primedia 8% 15/5/2013 1,176,725 0.89 

US$1,250,000 Quiksilver 6.875% 15/4/2015 1,237,500 0.94 

US$2,000,000 Qwest Communications International 

FRN 15/2/2009 2,035,000 1.55 

US$750,000 Rainbow National Services 

'144A' 8.75% 1/9/2012 792,187 0.60 

US$415,000 RBS Global & Rexnord '144A' 

11.75% 1/8/2016 435,750 0.33 





US$1,000,000 Rural Cellular 9.75% 15/1/2010 1,032,500 0.78 

US$345,000 Sabine Pass LNG '144A' 7.5% 

30/11/2016 344,569 0.26 

US$1,250,000 Salem Communications 7.75% 

15/12/2010 1,275,000 0.97 

US$750,000 Select Medical 7.625% 1/2/2015 626,250 0.48 

US$620,000 SemGroup '144A' 8.75% 15/11/2015 626,200 0.48 

US$200,000 Seneca Gaming 7.25% 1/5/2012 204,500 0.16 

US$500,000 Sierra Pacific Power 'A' 8% 

1/6/2008 516,511 0.39 

US$750,000 Sinclair Broadcast Group 8% 

15/3/2012 778,125 0.59 

US$250,000 Sinclair Broadcast Group 8.75% 

15/12/2011 261,563 0.20 

US$575,000 Smurfit-Stone Container 

Enterprises 9.75% 1/2/2011 595,844 0.45 

US$1,000,000 Southern Natural Gas 8.875% 

15/3/2010 1,054,313 0.80 

US$250,000 Southern Star Central 6.75% 

1/3/2016 250,625 0.19 

US$300,000 Standard Aero Holdings 8.25% 

1/9/2014 304,500 0.23 

US$1,225,000 Stanley-Martin Communities 9.75% 

15/8/2015 998,875 0.76 


US$720,000 Stone Energy '144A' FRN 15/7/2010 716,400 0.54 


15/8/2013 965,325 0.73 

US$785,000 Sungard Data Systems FRN 

15/8/2013 819,344 0.62 

US$250,000 Swift & Co 12.5% 1/1/2010 256,875 0.20 




US$1,000,000 Technical Olympic USA '144A' 

8.25% 1/4/2011 975,000 0.74 

US$488,618 Tenaska Alabama Partners '144A' 

7% 30/6/2021 488,209 0.37 



US$775,000 Tenneco 8.625% 15/11/2014 794,375 0.60 

US$240,000 Tennessee Gas Pipeline 7.625% 

1/4/2037 271,006 0.21 

US$60,000 Texas Industries 7.25% 15/7/2013 61,200 0.05 

US$100,000 Titan International '144A' 8% 

15/1/2012 101,125 0.08 

US$275,000 Transcontinental Gas Pipe Line 'B' 

8.875% 15/7/2012 312,125 0.24 

US$80,000 Travelport '144A' 9.875% 1/9/2014 80,800 0.06 

US$10,000 Travelport '144A' 11.875% 1/9/2016 10,300 0.01 

US$150,000 Travelport '144A' FRN 1/9/2014 147,000 0.11 

US$750,000 Triad Hospitals 7% 15/11/2013 758,438 0.58 

US$250,000 Turning Stone Resort Casino 

Enterprise '144A' 9.125% 

15/9/2014 256,875 0.19 

US$555,000 United Auto Group '144A' 7.75% 

15/12/2016 560,550 0.43 

US$135,000 United Rentals North America 

7.75% 15/11/2013 136,350 0.10 

US$400,000 Universal City Florida Holding I/II 

FRN 1/5/2010 415,000 0.32 

US$1,250,000 Valor Telecommunications 

Enterprises 7.75% 15/2/2015 1,351,562 1.03 

US$250,000 Verso Paper Holdings & Verson 

Paper '144A' 9.125% 1/8/2014 261,875 0.20 

US$600,000 Vought Aircraft Industries 8% 

15/7/2011 580,500 0.44 

US$500,000 Waste Services 9.5% 15/4/2014 523,750 0.40 

US$35,000 West 9.5% 15/10/2014 35,175 0.03 

US$1,030,000 West 11% 15/10/2016 1,045,450 0.79 

US$1,000,000 Windstream '144A' 8.125% 

1/8/2013 1,088,750 0.83 

US$1,125,000 Wynn Las Vegas/Wynn Las Vegas 

Capital 6.625% 1/12/2014 1,123,594 0.85 

US$445,000 Young Broadcasting 10% 1/3/2011 

___________ 

424,975 

______ 

0.32 

___________ 

103,039,803 

______ 

78.28 

Total Bonds 

___________ 

122,512,802 

______ 

93.07 

PREFERRED STOCKS (SHARES) 

United States 

2,625 Loral Spacecom (Pref) 

___________ 

543,375 

______ 

0.41 

Total Preferred Stocks (Shares) 

___________ 

543,375 

______ 

0.41 




___________ 

123,056,177 

______ 

93.48 






BONDS 

Australia 

US$8,136,860 Australis Media 15.75% 

15/5/2003 (Defaulted) 

___________ 

0 

______ 

0.00 

Canada 

US$4,000,000 Consolidated Hydro 0% 15/7/2003 

___________ 

0 

______ 

0.00 

Ireland 

€220,000 BCM Ireland Preferred Equity 

'144A' 10.597% 15/2/2017 

___________ 

290,008 

______ 

0.22 

United States 

US$4,500,000 Breed Technologies 9.25% 15/4/2008 0 0.00 

US$3,000,000 Mid-American Waste Systems 12.25% 

15/2/2003 0 0.00 

US$4,000,000 Wheeling Pittsburg 9.25% 15/11/2007 

___________ 

0 

______ 

0.00 

___________ 

0 

______ 

0.00 

Total Bonds 

___________ 

290,008 

______ 

0.22 




Australia 

8,000 Australis Media (Wts 4/6/2014) 

(Defaulted) 

___________ 

0 

______ 

0.00 

United States 

974 Archibald Candy 

___________ 

0 

______ 

0.00 


___________ 

0 

______ 

0.00 


___________ 

290,008 

______ 

0.22 



___________ 

8,290,363 

______ 

6.30 


___________ 

131,636,548 

______ 

100.00 



Purchases 


Unrealised 

loss 

US$ 

€497,400 US$661,823 10/1/2007 

_______ 

(5,918) 


_______ 

(5,918) 

Note: The net unrealised loss attributed to this transaction is included in the Statement of Net 




US Dollar Low Duration Bond Fund 





BONDS 

Bermuda 

US$70,000 Intelsat Bermuda '144A' 9.25% 

15/6/2016 

___________ 

75,600 

______ 

0.05 

Canada 

US$80,000 Compton Petroleum Finance 7.625% 

1/12/2013 77,600 0.05 

US$125,000 Rogers Wireless 7.5% 15/3/2015 

___________ 

136,250 

______ 

0.08 

___________ 

213,850 

______ 

0.13 


US$1,000,000 Links Finance EMTN FRN 15/9/2010 1,000,030 0.61 

US$30,000 Seagate Technology HDD Holdings 

6.8% 1/10/2016 30,300 0.02 

US$1,000,000 Sigma Finance EMTN FRN 15/8/2011 1,000,000 0.61 

US$500,000 Sigma Finance '144A' FRN 31/3/2014 502,416 0.30 

US$307,833 Systems 2001 Asset Trust '144A' 

6.664% 15/9/2013 

___________ 

322,780 

______ 

0.19 

___________ 

2,855,526 

______ 

1.73 

Luxembourg 

US$485,000 Telecom Italia Capital 4% 15/11/2008 472,610 0.29 

US$425,000 Tyco International Group 6.125% 

1/11/2008 430,530 0.26 

US$75,000 Wind Acquisition Finance '144A' 

10.75% 1/12/2015 

___________ 

85,688 

______ 

0.05 

___________ 

988,828 

______ 

0.60 

US$475,000 

US$240,000 

Netherlands 

Deutsche Telekom International 

Finance 3.875% 22/7/2008 

___________ 

464,873 

______ 

0.28 


HBOS Treasury Services '144A' 

3.5% 30/11/2007 

___________ 

236,135 

______ 

0.14 

United States 

US$1,493,026 ACE Securities '2006-FM2 A2A' 

FRN 25/8/2036 1,493,956 0.91 

US$1,071,233 Aegis Asset Backed Securities Trust 

'2006-1 A1' FRN 25/1/2037 1,071,808 0.65 

US$124,962 American Airlines 'AMBC' 3.857% 

9/7/2010 121,354 0.07 

US$280,000 American Electric Power 4.709% 

16/8/2007 278,596 0.17 

US$400,000 American Electric Power 'C' 5.375% 

15/3/2010 400,152 0.24 

US$45,000 American Real Estate Partners 8.125% 

1/6/2012 46,688 0.03 

US$110,000 Appalachian Power FRN 29/6/2007 110,140 0.07 

US$535,000 AT&T 4.125% 15/9/2009 520,153 0.32 


4.72% 15/5/2013 1,236,719 0.75 

US$686,705 Banc of America Mortgage Securities 

'2003-J 2A1' FRN 25/11/2033 674,574 0.41 

US$2,420,000 Bank of America Funding '2006-1 1A1' 

5.75% 25/1/2036 2,401,806 1.46 

US$325,000 Bank of New York 'BKNT' 3.8% 

1/2/2008 320,007 0.19 




US$435,000 BellSouth FRN 15/11/2007 435,582 0.26 

US$359,259 Capital One Auto Finance Trust 

'2003-A A4A' 2.47% 15/1/2010 357,465 0.22 

US$30,000 CC Funding Trust I 6.9% 16/2/2007 30,040 0.02 

US$210,000 Centex MTNE FRN 1/8/2007 210,200 0.13 

US$134,999 Chase Manhattan Auto Owner Trust 

'2003-A CTFS' 2.04% 15/12/2009 133,959 0.08 

US$1,489,236 Chase Manhattan Auto Owner Trust 

'2005-A A3' 3.87% 15/6/2009 1,475,127 0.89 

US$80,000 Chesapeake Energy 6.375% 15/6/2015 79,600 0.05 

US$55,000 Cincinnati Bell 7.25% 15/7/2013 57,200 0.04 

US$180,000 Cisco Systems FRN 20/2/2009 180,261 0.11 

US$1,625,000 Citibank Credit Card Issuance Trust 

'2003-A8 A8' 3.5% 16/8/2010 1,582,344 0.96 

US$240,000 Citigroup 3.5% 1/2/2008 235,596 0.14 

US$750,000 Citigroup 4.25% 29/7/2009 734,550 0.45 

US$225,000 Comcast Cable Communications 

6.2% 15/11/2008 228,744 0.14 

US$140,000 Comcast Cable Communications 

8.375% 1/5/2007 141,336 0.09 

US$260,000 Comcast FRN 14/7/2009 260,730 0.16 

US$904,364 Commercial Mortgage Acceptance 

'1999-C1 A2' 7.03% 15/6/2031 932,771 0.57 

US$305,160 Commercial Mortgage Pass Through 

Certificates '2004-LB4A A1' 3.566% 

15/10/2037 302,308 0.18 


'2005-16 2AF1' FRN 25/5/2036 1,458,009 0.88 

US$475,000 COX Communications 4.625% 

15/1/2010 465,504 0.28 

US$50,000 Crown Cork & Seal 7.375% 15/12/2026 47,000 0.03 


'2003-CPN1 ASP' 1.692137% 

15/3/2035 262,836 0.16 


'2004-C3 A2' 3.913% 15/7/2036 698,696 0.42 

US$1,000,000 CSX 7.45% 1/5/2007 1,006,297 0.61 


'2004-B A3' 3.18% 8/9/2008 818,109 0.50 


'2006-C A3' 5.02% 8/7/2010 1,423,233 0.86 


4/6/2008 376,958 0.23 


15/1/2008 679,049 0.41 

US$923,169 Deutsche ALT-A Securities 

Incorporation Alternate Loan Trust 

'2006-AF1 A1' FRN 25/4/2036 924,000 0.56 

US$530,000 Dominion Resources 'A' 5.687% 

15/5/2008 531,041 0.32 

US$400,000 Dominion Resources 'D' 5.125% 

15/12/2009 ‡ 397,906 0.24 

US$880,000 DR Horton 7.5% 1/12/2007 895,808 0.54 

US$500,000 Enterprise Products Operating 4.95% 

1/6/2010 492,106 0.30 

US$55,000 Equistar Chemicals 10.125% 1/9/2008 58,713 0.04 


1/8/2035 933,079 0.57 


1/10/2036 322,870 0.20 

(‡) Security given as guarantee, see Note 14 for further details. 


US Dollar Low Duration Bond Fund continued 






1/2/2033 76,374 0.05 

US$10,500,000 Fannie Mae Pool '5.5 1/07' 5.5% TBA 10,385,156 6.29 


1/11/2030 139,289 0.08 

US$4,800,000 Fannie Mae Pool '6 1/07' 6% TBA 4,869,000 2.95 

US$3,000,000 Fannie Mae Pool '6.5 1/07' 6.5% TBA 3,056,250 1.85 


1/7/2027 445,368 0.27 


1/12/2017 3,262,185 1.98 


1/9/2035 913,516 0.55 

US$1,424,650 Fannie Mae Pool '884781' FRN 

1/10/2036 1,434,100 0.87 


1/10/2036 1,705,720 1.03 


1/6/2035 3,055,781 1.85 


1/10/2036 1,113,658 0.68 

US$975,000 Fannie Mae Pool '907606' FRN 

1/12/2036 977,742 0.59 

US$1,329,287 Fannie Mae REMICS '2003-17 QR' 4.5% 

25/11/2025 1,318,945 0.80 

US$771,178 Fannie Mae REMICS '2003-67 GL' 3% 

25/1/2025 754,044 0.46 

US$784,550 Fannie Mae REMICS '2005-70 GA' 5.5% 

25/12/2034 784,940 0.48 

US$2,392,828 Fannie Mae REMICS '2006-106 PA' 5.5% 

25/6/2030 2,400,128 1.45 

US$975,000 Fannie Mae-Aces '2006-M2 A1A' 4.855% 

25/8/2016 966,454 0.59 

US$1,757,076 First Horizon Asset Back Trust 

'2004-HE4 A2' 4.07% 25/7/2019 1,727,866 1.05 

US$904,032 First Union National Bank – Bank 

of America Commercial Mortgage 

Trust '2001-C1 A2' 6.136% 

15/3/2033 928,548 0.56 

US$365,000 FleetBoston Financial 3.85% 

15/2/2008 359,546 0.22 


'2005-A A4' 3.72% 15/10/2009 1,353,440 0.82 


'2005-C A3' 4.3% 15/8/2009 1,636,538 0.99 

US$332,334 Freddie Mac Gold Pool 'B11523' 5.5% 

1/12/2018 332,869 0.20 

US$772,946 Freddie Mac Non Gold Pool '1G1186' 

FRN 1/9/2036 777,156 0.47 


FRN 1/12/2036 2,264,590 1.37 


FRN 1/11/2036 2,956,090 1.79 

US$1,700,000 Freddie Mac Non Gold Pool '1J0183' 

FRN 1/11/2036 1,709,668 1.04 

US$2,875,000 Freddie Mac Non Gold Pool '1J0223' 

FRN 1/12/2036 2,889,150 1.75 

US$1,100,000 Freddie Mac Non Gold Pool 'G1415' 

FRN 1/1/2037 1,109,453 0.67 

US$2,170,000 Freddie Mac REMICS '3063 YB' 5.5% 

15/6/2026 2,182,529 1.32 




US$1,100,000 Fremont Home Loan Trust 

'2005-E 2A2' FRN 25/1/2036 1,101,054 0.67 

US$907,698 GCO Slims Trust '2006-1A NOTE' 

5.72% 1/3/2022 913,938 0.55 


'2005-C1 A2' 4.353% 10/6/2048 1,142,236 0.69 

US$695,000 General Electric Capital MTNA 

3.75% 15/12/2009 671,127 0.41 

US$979,166 GMAC Commercial Mortgage 

Securities '1999-C1 A2' 6.175% 

15/5/2033 991,808 0.60 

US$865,000 Goldman Sachs Group 4.125% 

15/1/2008 855,471 0.52 

US$500,000 Goodrich 6.45% 15/4/2008 503,964 0.31 

US$6,280,852 Government National Mortgage 

Association '2002-94 XB' 

1.28226% 16/11/2007 52,526 0.03 

US$2,900,483 Greenwich Capital Commercial 

Funding '2002-C1 XP' 

2.156788% 11/1/2035 241,153 0.15 

US$900,033 Greenwich Capital Commercial 

Funding '2004-GG1 A2' 

3.835% 10/6/2036 893,575 0.54 

US$815,934 GSAA Trust '2004-10 AF2' 4.22% 

25/8/2034 808,808 0.49 

US$4,213,000 GSAA Trust '2005-12 AF2' 4.9716% 

25/9/2035 4,167,188 2.53 

US$1,650,000 GSAMP Trust '2005-AHL A3' FRN 

25/4/2035 1,667,899 1.01 

US$1,169,271 Harborview Mortgage Loan Trust 

'2006-11 A1A' FRN 19/12/2036 1,172,339 0.71 

US$757,164 Honda Auto Receivables Owner 

Trust '2004-3 A3' 2.91% 20/10/2008 750,156 0.45 

US$1,200,000 Honda Auto Receivables Owner 

Trust '2006-3 A3' 5.12% 15/10/2010 1,199,250 0.73 


US$1,000,000 Indymac Index Mortgage Loan Trust 

'2006-AR41 A3' FRN 25/2/2037 1,000,839 0.61 

US$145,000 Intelsat '144A' 9% 15/6/2016 154,244 0.09 

US$1,856,715 JP Morgan Mortgage Trust 

'2005-A2 4A1' 5.209318% 

25/4/2035 1,823,068 1.11 

US$1,205,395 JP Morgan Mortgage Trust 

'2006-A2 5A3' 3.753592% 

25/11/2033 1,189,477 0.72 


1/5/2008 684,115 0.41 


15/2/2008 353,037 0.21 

US$20,000 L-3 Communications 5.875% 

15/1/2015 19,400 0.01 

US$1,050,000 LB Commercial Conduit Mortgage 

Trust '1999-C1 A2' 6.78% 

15/6/2031 1,077,122 0.65 


Trust '2002-C4 XCP' 1.61766% 

15/10/2035 293,829 0.18 

US$952,613 LB-UBS Commercial Mortgage 

Trust '2004-C7 A1' 3.625% 

15/10/2029 930,667 0.56 








US$525,000 Lehman Brothers Holdings 3.6% 

13/3/2009 507,752 0.31 

US$250,000 Lehman Brothers Holdings 4% 

22/1/2008 246,661 0.15 

US$2,700,000 Luminent Mortgage Trust 

'2006-7 1A1' FRN 25/12/2036 2,700,000 1.64 

US$115,000 Lyondell Chemical 8.25% 15/9/2016 121,325 0.07 

US$220,000 MBNA MTN 5.625% 30/11/2007 220,490 0.13 

US$90,000 MGM Mirage 6% 1/10/2009 90,225 0.05 

US$490,000 Midamerican Energy Holdings 3.5% 

15/5/2008 477,963 0.29 

US$435,000 Midamerican Energy Holdings 4.625% 

1/10/2007 432,273 0.26 

US$95,000 Monumental Global Funding II '144A' 

3.85% 3/3/2008 93,280 0.06 

US$3,545,725 Morgan Stanley Mortgage Loan 

Trust '2006-3AR 2A3' 

5.900569% 25/3/2036 3,579,225 2.17 

US$3,200,000 National Collegiate Student Loan 

Trust '2005-2 AIO' 

7.73% 25/3/2012 726,560 0.44 

US$7,156,970 National Collegiate Student Loan 

Trust '2005-GT1 AIO' 

6.75% 25/12/2009 1,325,597 0.80 

US$100,000 Nationwide Health Properties MTNC 

7.6% 20/11/2028 108,512 0.07 



US$760,000 Nisource Finance FRN 23/11/2009 760,718 0.46 

US$877,522 Nissan Auto Receivables Owner 

Trust '2005-A A3' 3.54% 

15/10/2008 872,446 0.53 

US$1,389,606 Nomura Home Equity Loan 

'2006-WF1 A1' FRN 25/3/2036 1,390,621 0.84 

US$130,000 Norfolk Southern 7.35% 15/5/2007 130,922 0.08 

US$55,000 Northwest Pipeline 8.125% 1/3/2010 57,544 0.04 

US$1,058,075 Novastar Home Equity Loan 

'2005-4 A2A' FRN 25/1/2036 1,058,822 0.64 

US$830,000 Oracle FRN 13/1/2009 831,579 0.50 

US$1,000,000 Pemex Project Funding Master Trust 

'144A' FRN 15/6/2010 1,029,000 0.62 


Trust '2004-5 AF2' 3.735% 

25/12/2034 213,565 0.13 


Trust '2005-1 AF3' 4.142% 

25/5/2035 495,397 0.30 

US$300,000 Protective Life Secured Trust 2004-B 

MTN FRN 13/4/2007 300,120 0.18 

US$425,000 Prudential Financial MTN 3.75% 

1/5/2008 415,158 0.25 

US$500,000 Public Service Company of Colorado 'A' 

6.875% 15/7/2009 517,853 0.31 

US$440,000 Pulte Homes 4.875% 15/7/2009 433,643 0.26 

US$55,000 Qwest FRN 15/6/2013 59,813 0.04 

US$160,000 Raytheon 6.15% 1/11/2008 162,152 0.10 


US$990,324 Residential Accredit Loans 

'2005-QS12 A8' FRN 25/8/2035 991,422 0.60 




US$1,272,909 Residential Accredit Loans 

'2006-QA9 A1' FRN 25/11/2036 1,275,458 0.77 

US$2,177,065 Residential Asset Mortgage 

Products '2003-RZ3 A6' 3.4% 

25/3/2033 2,077,285 1.26 

US$845,000 Residential Capital 6.125% 

21/11/2008 849,723 0.52 

US$205,000 Rouse 3.625% 15/3/2009 195,096 0.12 

US$75,000 Seneca Gaming 7.25% 1/5/2012 76,687 0.05 

US$1,421,682 SLM Student Loan Trust '2002-1 A2' 

FRN 25/4/2017 1,425,798 0.86 


FRN 15/3/2017 1,649,931 1.00 

US$1,248,345 Soundview Home Equity Loan Trust 

'2003-2 A2' FRN 25/11/2033 1,258,853 0.76 

US$600,000 Southwest Airlines 7.875% 1/9/2007 608,926 0.37 


US$235,000 St Paul Travelers 5.01% 16/8/2007 234,138 0.14 

US$150,000 Targa Resources '144A' 8.5% 

1/11/2013 151,875 0.09 

US$240,000 Time Warner 6.15% 1/5/2007 240,289 0.15 

US$680,000 Time Warner 8.18% 15/8/2007 690,925 0.42 

US$40,000 Transcontinental Gas Pipe Line 'B' 

8.875% 15/7/2012 45,400 0.03 


Bonds 2.5% 15/7/2016 2,067,033 1.25 

US$350,000 Valero Energy 3.5% 1/4/2009 336,343 0.20 

US$70,000 Ventas Realty/Ventas Capital 6.625% 

15/10/2014 72,013 0.04 

US$250,000 Verizon Communications 5.35% 

15/2/2011 250,817 0.15 

US$280,000 Verizon Global Funding 4% 

15/1/2008 276,340 0.17 

US$485,000 Wachovia (Old) 6.15% 15/3/2009 494,550 0.30 

US$4,132,004 Washington Mutual '2004-AR3 A1' 

3.918% 25/6/2034 4,033,539 2.44 

US$340,000 WellPoint 3.75% 14/12/2007 334,757 0.20 

US$635,000 Wells Fargo & Co 4% 15/8/2008 622,353 0.38 

US$1,371,499 Wells Fargo Mortgage Backed 

Securities Trust '2004-3 A1' 

4.75% 25/4/2019 1,326,068 0.80 

US$47,090 WFS Financial Owner Trust 

'2003-2 B' 2.48% 20/12/2010 46,756 0.03 

US$318,876 WFS Financial Owner Trust 

'2003-4 B' 2.73% 20/5/2011 314,891 0.19 

US$2,200,000 WFS Financial Owner Trust 

'2004-4 A4' 3.44% 17/5/2012 2,151,402 1.30 

US$33,214 Whole Auto Loan Trust '2004-1 D' 

5.6% 15/3/2011 33,181 0.02 

US$40,000 Williams 7.625% 15/7/2019 43,000 0.03 

US$130,000 Xcel Energy 3.4% 1/7/2008 

___________ 

126,251 

______ 

0.08 

___________ 

155,277,158 

______ 

94.11 




___________ 

160,111,970 

______ 

97.04 






BONDS 

United States 

US$1,553,657 Asset Backed Funding Certificates 

'2006-OPT2 A3A' FRN 25/10/2036 1,554,495 0.94 

US$1,850,000 Capital Auto Receivables Asset Trust 

'2006-SN1A A2A' 5.4% 20/1/2009 1,851,688 1.12 

US$353,654 GSAA Trust '2006-8N N1' 6% 

26/10/2036 351,989 0.21 

US$1,772,236 Structured Asset Investment Loan 

Trust '2005-10 A3' FRN 

25/12/2035 1,773,616 1.08 



US$1,025,748 Structured Asset Investment Loan 

Trust '2005-HE3 A3' FRN 

25/9/2035 

___________ 

1,026,471 

______ 

0.62 


___________ 

6,558,259 

______ 

3.97 



___________ 

(1,663,922) 

______ 

(1.01) 


___________ 

165,006,307 

______ 

100.00 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$8,000,000 

Interest Rate Swaps (UBS SW) 

(Fund pays Floating USD LIBOR BBA 3-Months; 


_______ 

Note: The net unrealised loss attributed to this transaction is included in the Statement of Net Assets (see Note 2c). 


Number 


of Contracts 


date US$ 

302 US Treasury 2 Year Note March 2007 61,641,027 



(10) US Treasury 30 Year Bond March 2007 (1,115,313) 

(86) CME/IMM Euro Dollar December 2007 

__________ 

(20,440,050) 


__________ 

16,781,445 





US Dollar Reserve Fund 





BONDS 

Australia 

US$4,200,041 ARMS II 'G2 A' FRN 10/10/2034 4,205,495 1.41 

US$10,000,000 Commonwealth Bank of Australia 

EMTN FRN 13/6/2007 10,004,500 3.34 

US$2,000,000 National Australia Bank EMTN 

FRN 22/10/2008 1,998,200 0.67 

US$4,000,000 Westpac Banking FRN 25/5/2007 

___________ 

4,000,362 

______ 

1.34 

___________ 

20,208,557 

______ 

6.76 

US$10,000,000 

US$10,000,000 

Canada 

Bank of Nova Scotia EMTN FRN 

22/5/2008 

___________ 

9,995,550 

______ 

3.34 

France 

Credit Agricole (London) EMTN 

FRN 22/6/2011 

___________ 

9,996,121 

______ 

3.35 

Germany 

US$4,000,000 Deutsche Bank FRN 21/3/2007 3,990,800 1.34 

US$4,503,000 Deutsche Bank FRN 27/3/2012 

___________ 

4,508,435 

______ 

1.51 

___________ 

8,499,235 

______ 

2.85 

US$1,000,000 

US$7,000,000 


Council of Europe Development 

Bank EMTN 0% 19/2/2008 

___________ 

943,800 

______ 

0.32 

Ireland 

Irish Life & Permanent EMTN 

FRN 25/5/2010 

___________ 

7,003,209 

______ 

2.34 

Japan 

US$8,525,000 Hokuriku Electric Power 6.625% 

16/10/2007 8,590,557 2.87 

US$1,400,000 Kyushu Electric Power 7.25% 

16/5/2007 1,409,800 0.47 

US$6,305,000 Nippon Telegraph & Telephone 6% 

25/3/2008 

___________ 

6,363,517 

______ 

2.13 

___________ 

16,363,874 

______ 

5.47 

Netherlands 

US$10,000,000 Nomura Europe Finance EMTN FRN 

5/7/2011 9,986,951 3.34 

US$8,000,000 SNS Bank EMTN FRN 18/6/2008 

___________ 

8,019,120 

______ 

2.68 

___________ 

18,006,071 

______ 

6.02 

US$5,000,000 

US$8,000,000 

US$10,000,000 

US$3,000,000 


Westlb Finance Curaco EMTN FRN 

29/5/2007 

___________ 

5,000,270 

______ 

1.67 

New Zealand 

BNZ International Funding FRN 

30/3/2009 

___________ 

8,002,045 

______ 

2.68 

Norway 

Den Norske Bank EMTN FRN 

17/1/2007 10,000,450 3.35 

DnB NORBank '144A' FRN 

13/10/2009 

___________ 

3,000,844 

______ 

1.00 

___________ 

13,001,294 

______ 

4.35 




South Korea 

US$5,000,000 Export-Import Bank of Korea EMTN 

4.25% 27/11/2007 4,950,800 1.66 

US$2,000,000 Kookmin Bank EMTN 4.625% 

10/12/2007 

___________ 

1,985,730 

______ 

0.66 

___________ 

6,936,530 

______ 

2.32 


US$5,000,000 Alliance & Leicester EMTN FRN 

4/4/2007 5,003,400 1.67 

US$5,000,000 Alliance & Leicester EMTN FRN 

17/4/2008 5,009,449 1.68 

US$5,000,000 Diageo Capital 3.375% 20/3/2008 4,883,950 1.63 

US$80,000 HBOS Treasury Services EMTN FRN 

4/4/2007 

___________ 

80,013 

______ 

0.03 

___________ 

14,976,812 

______ 

5.01 

United States 

US$3,000,000 ACE Securities '2006-NC3 A2B' FRN 

25/12/2036 3,001,862 1.00 

US$3,690,000 AIG SunAmerica Global Financing IX 

5.1% 17/1/2007 3,689,705 1.23 

US$2,473,634 American Home Mortgage 

Investment Trust '2004-3 6A3' 

4.48% 25/10/2034 2,459,365 0.82 

US$1,700,000 ASIF Global Financing XXVI 2.5% 

30/1/2007 1,695,795 0.57 

US$3,247,000 Bank of America FRN 18/12/2008 3,246,643 1.09 

US$2,000,000 BMW Vehicle Owner Trust '2006-A A2' 

5.3% 26/5/2009 2,001,202 0.67 


'2006-B A2' 5.28% 15/10/2009 2,998,125 1.00 

US$3,000,000 Cisco Systems FRN 20/2/2009 3,004,352 1.01 

US$4,097,000 Citigroup Global Markets Holdings 

6.5% 15/2/2008 4,148,918 1.39 

US$2,952,190 Countrywide Asset-Backed 

Certificates '2006-20 2A1' FRN 

25/4/2037 2,954,029 0.99 

US$1,000,000 Countrywide Home Loans MTNE 

7.23% 17/10/2008 1,031,828 0.35 


'2005-A A4' 3.74% 8/2/2010 738,386 0.25 

US$4,000,000 Discover Card Master Trust I 

'2005-3 A' FRN 15/5/2011 4,004,045 1.34 

US$2,100,000 Federal Home Loan Bank Discount 

Notes 0% 4/1/2007 2,097,840 0.70 


'2006-B A2A' 5.42% 15/7/2009 3,003,754 1.01 

US$2,288,842 Harley-Davidson Motorcycle Trust 

'2006-2 A1' 5.36% 15/10/2010 2,290,939 0.77 

US$840,000 Home Depot FRN 16/12/2009 840,499 0.28 

US$250,000 HSBC Bank USA NA (New York NY) 

'BKNT' FRN 14/12/2009 250,926 0.08 



25/10/2036 4,047,966 1.35 



25/12/2036 1,786,500 0.60 

US$4,090,000 Hyundai Auto Receivables Trust 

'2005-A A3' 3.98% 16/11/2009 4,047,300 1.35 


US Dollar Reserve Fund continued 





US$2,590,494 JP Morgan Mortgage Acquisition 

'2006-HE3 A2' FRN 25/11/2036 2,592,108 0.87 

US$2,000,000 Lehman Brothers Holdings MTN FRN 

16/11/2009 2,001,254 0.67 

US$2,674,465 Nomura Asset Acceptance 

'2006-AR4 A1A' FRN 25/12/2036 2,679,739 0.90 

US$2,000,000 Pricoa Global Funding I '144A' FRN 

12/9/2008 2,000,098 0.67 

US$3,000,000 Residential Asset Mortgage Products 

'2006-RS6 A2' FRN 25/11/2036 3,001,864 1.00 

US$2,695,686 Securitized Asset Backed Receivables 

Trust '2006-NC3 A2A' FRN 

25/9/2036 2,697,134 0.90 

US$5,000,000 Stanfield Victoria Funding MTN FRN 

27/3/2008 5,003,097 1.67 

US$3,180,000 Textron Financial MTN FRN 

29/9/2009 3,182,569 1.06 


3.58% 15/2/2011 1,975,465 0.66 


5.47% 15/4/2009 3,005,229 1.01 

US$3,000,000 Volkswagen Auto Lease Trust 

'2006-A A2' 5.55% 20/11/2008 3,007,932 1.01 

US$3,000,000 Wachovia MTN FRN 1/12/2009 3,001,554 1.00 


'2006-B A2' 5.3% 15/7/2009 

___________ 

2,998,125 

______ 

1.00 

___________ 

90,486,147 

______ 

30.27 

Total Bonds 

___________ 

229,419,515 

______ 

76.75 



BONDS 

Iceland 

US$10,000,000 Glitnir Banki HF FRN 15/10/2008 

___________ 

9,975,455 

______ 

3.34 


US$1,300,000 Holmes Master Issuer '2006-1A 2A' 

FRN 15/7/2021 1,301,672 0.44 

US$40,000 Lloyds TSB Bank EMTN 3.4% 

15/12/2007 

___________ 

38,780 

______ 

0.01 

___________ 

1,340,452 

______ 

0.45 

United States 

US$2,000,000 First Tennessee Bank NA 'BKNT' 

FRN 18/5/2009 2,002,382 0.67 

US$2,770,000 Nationwide Life Global Funding I 

'144A' FRN 14/12/2010 2,771,561 0.93 

US$5,000,000 Toyota Motor Credit EMTN 2.85% 

18/9/2007 4,910,075 1.64 

US$3,000,000 Wachovia Auto Loan Owner Trust 

'2006-1 A2' 5.28% 20/4/2010 

___________ 

3,000,887 

______ 

1.00 

___________ 

12,684,905 

______ 

4.24 


___________ 

24,000,812 

______ 

8.03 



___________ 

22,372,568 

______ 

7.48 


___________ 

298,929,003 

______ 

100.00 


United States 

US$4,000,000 Bryant Park Funding 0% 20/2/2007 3,968,520 1.33 

US$3,000,000 CAFCO 0% 4/1/2007 2,997,343 1.00 

US$4,800,000 Fairway Finance 0% 9/1/2007 4,792,206 1.60 

US$2,300,000 PARCO – Park Avenue Receivables 0% 

31/1/2007 2,288,445 0.77 

US$3,400,000 Scaldis Capital 0% 25/1/2007 3,386,429 1.13 

US$1,220,000 Thunder Bay Funding 0% 5/1/2007 1,218,739 0.41 

US$2,500,000 Victory Receivables 0% 1/2/2007 2,487,378 0.83 

US$2,000,000 Victory Receivables 0% 8/1/2007 

___________ 

1,997,048 

______ 

0.67 


___________ 

23,136,108 

______ 

7.74 




___________ 

252,555,623 

______ 

84.49 



US Flexible Equity Fund 






United States 

1,230,000 Abercrombie & Fitch 'A' 86,985,600 1.02 

2,260,000 Aetna 98,355,200 1.15 

2,460,000 Agilent Technologies 87,034,800 1.03 

1,000,000 Allstate 65,640,000 0.77 

3,960,000 Altera 78,685,200 0.93 

260,000 Altria Group 22,360,000 0.26 

120,000 AMBAC Financial Group 10,762,800 0.13 

2,870,000 American Eagle Outfitters 89,888,400 1.06 


840,000 AmerisourceBergen 37,808,400 0.45 

2,900,000 AMR 88,914,000 1.05 

1,100,000 Anadarko Petroleum 48,235,000 0.57 

5,520,000 Applied Materials 102,782,400 1.21 

560,000 Automatic Data Processing 27,630,400 0.33 

630,000 Autozone 73,691,100 0.87 

2,650,000 Avaya 37,444,500 0.44 

140,000 Avnet 3,652,600 0.04 

1,140,000 Bank of America 61,206,600 0.72 


4,590,000 BEA Systems 57,788,100 0.68 

600,000 Bear Stearns 98,334,000 1.16 

130,000 Becton Dickinson & Co 9,154,600 0.11 

950,000 Biogen Idec 46,958,500 0.55 

870,000 BMC Software 28,275,000 0.33 

540,000 Brinker International 16,507,800 0.19 

770,000 Cadence Design Systems 13,890,800 0.16 

1,060,000 Campbell Soup* 41,446,000 0.49 

870,000 Cardinal Health* 56,175,900 0.66 

1,660,000 Caremark Rx* 94,686,400 1.12 

120,000 Carpenter Technology 12,325,200 0.14 

320,000 CenturyTel 14,080,000 0.17 

2,470,000 Chevron 182,582,400 2.15 

330,000 Chubb 17,575,800 0.21 

6,600,000 Cisco Systems 181,566,000 2.14 

4,420,000 Citigroup 247,033,800 2.91 

1,540,000 Compuware 13,151,600 0.15 

2,100,000 Continental Airlines 'B' 87,990,000 1.04 

1,250,000 Coventry Health Care 62,787,500 0.74 

2,020,000 CSX 70,801,000 0.83 

610,000 Cummins 72,718,100 0.86 

1,360,000 Devon Energy 91,174,400 1.07 


3,910,000 DIRECTV Group 97,632,700 1.15 

2,260,000 EI Du Pont de Nemours & Co 110,355,800 1.30 

2,050,000 Electronic Data Systems 56,539,000 0.67 

4,720,000 Exxon Mobil 363,864,800 4.29 

30,000 First Marblehead 1,641,600 0.02 

1,390,000 Forest Laboratories 70,653,700 0.83 

1,160,000 Freeport-McMoRan Copper & Gold 'B' 64,519,200 0.76 

1,331,000 Frontier Oil 38,425,970 0.45 


3,150,000 General Motors 96,925,500 1.14 

650,000 Goldman Sachs Group* 131,170,000 1.54 

1,290,000 Goodyear Tire & Rubber 25,916,100 0.30 

1,370,000 Harley-Davidson 96,557,600 1.14 

3,800,000 Hewlett-Packard 157,890,000 1.86 

1,520,000 HJ Heinz 68,445,600 0.81 

320,000 Holly 16,675,200 0.20 




1,440,000 Honeywell International 65,332,800 0.77 

1,089,957 Humana 60,285,522 0.71 

1,820,000 IBM – International Business Machines 177,413,600 2.09 


2,020,000 Intuit 62,074,600 0.73 

1,230,000 JC Penney 96,247,500 1.13 

2,970,000 Johnson & Johnson 196,584,300 2.32 

3,770,000 JPMorgan Chase & Co* 183,825,200 2.16 

1,430,000 Kohl's 98,798,700 1.16 

1,610,000 Kraft Foods 'A' 57,412,600 0.68 

960,000 Kroger 22,089,600 0.26 

370,000 Laboratory Corporation of America 

Holdings 27,346,700 0.32 

1,420,000 Lehman Brothers Holdings 111,257,000 1.31 

1,020,000 Lexmark International 'A' 75,510,600 0.89 

1,150,000 Lockheed Martin 105,984,000 1.25 

2,550,000 LSI Logic 23,613,000 0.28 

470,000 Lyondell Chemical 12,107,200 0.14 

760,000 Manitowoc 45,258,000 0.53 

1,140,000 Marathon Oil 105,917,400 1.25 

510,000 McAfee 14,550,300 0.17 

670,000 McKesson 34,076,200 0.40 

3,070,000 Merck & Co 132,931,000 1.57 

10,000 Meredith 566,600 0.01 

340,000 MGIC Investment 21,450,600 0.25 

2,480,000 Microsoft 74,598,400 0.88 

1,730,000 Morgan Stanley 141,202,600 1.66 

5,120,000 Motorola 106,342,400 1.25 

870,000 Mylan Laboratories* 17,391,300 0.20 

380,000 National Semiconductor 8,705,800 0.10 

520,000 NCR 22,334,000 0.26 

130,000 Noble Energy 6,423,300 0.08 

1,620,000 Nordstrom 79,704,000 0.94 

1,010,000 Northrop Grumman 68,892,100 0.81 

1,680,000 Novellus Systems 58,128,000 0.68 

1,620,000 Nucor* 89,035,200 1.05 

2,490,000 Nvidia 93,873,000 1.11 

2,110,000 Occidental Petroleum 103,390,000 1.22 

1,600,000 Office Depot 61,824,000 0.73 

790,000 Omnicom Group 82,191,600 0.97 

7,350,000 Oracle 127,081,500 1.50 

60,000 Pactiv 2,174,400 0.03 

1,640,000 Paychex 65,075,200 0.77 

7,620,000 Pfizer 198,501,000 2.34 

200,000 PMI Group 9,544,000 0.11 

710,000 Procter & Gamble 45,844,700 0.54 

1,040,000 Prudential Financial 89,367,200 1.05 

7,650,000 Qwest Communications International 64,413,000 0.76 

640,000 Raytheon 33,958,400 0.40 

870,000 Safeway* 30,432,600 0.36 

3,960,000 Schering-Plough 94,406,400 1.11 

90,000 Sherwin-Williams 5,788,800 0.07 

1,030,000 St Paul Travelers 55,723,000 0.66 

1,250,000 Sunoco 78,200,000 0.92 

2,810,000 Symantec 59,740,600 0.70 

730,000 Synopsys 19,673,500 0.23 

550,000 Tech Data 21,208,000 0.25 

310,000 Teradyne 4,696,500 0.06 

940,000 Tesoro 62,171,600 0.73 

1,760,000 TJX 50,740,800 0.60 

1,120,000 United States Steel 82,028,800 0.97 



US Flexible Equity Fund continued 





340,000 UST 19,866,200 0.23 

1,820,000 Valero Energy 93,238,600 1.10 

3,650,000 Walt Disney 126,144,000 1.49 


1,230,000 WellPoint 96,985,500 1.14 

28,100 World Access 25 0.00 

460,000 Xerox 7,866,000 0.09 

810,000 Xilinx 19,496,700 0.23 

130,000 Zimmer Holdings 

_____________ 

10,176,400 

_____ 

0.12 




_____________ 

8,507,226,917 100.20 

_____ 




United States 


_____________ 

516 

_____ 

0.00 


_____________ 

516 

_____ 

0.00 



_____________ 

(16,812,660) 

_____ 

(0.20) 


_____________ 

8,490,414,773 200.20 

_____ 


% of net 

assets 



Finance 14.8 


Energy 14.0 


Materials 4.4 




___________ 

(0.2) 

___________ 

100.0 




Purchases 


Unrealised 

profit/(loss) 

€ 

€1,692,927,000 US$2,257,410,498 15/3/2007 (14,037,105) 

US$296,121,162 €221,986,000 15/3/2007 

_________ 

1,929,054 


_________ 

Note: The US$ equivalent – US$15,961,048 of the net unrealised loss attributed to this transaction 






US Focused Value Fund 






Bermuda 


___________ 

26,576,640 

______ 

2.52 

Canada 


___________ 

1,726,907 

______ 

0.16 




___________ 

15,329,720 

______ 

1.45 

___________ 

42,595,925 

______ 

4.04 

Netherlands 

818,700 Unilever (NY Shares) 

___________ 

22,432,380 

______ 

2.13 


352,000 GlaxoSmithKline ADR 

___________ 

18,532,800 

______ 

1.76 

United States 

483,700 Alcoa 14,443,282 1.37 



755,100 AT&T 27,153,396 2.58 




3,402,830 Borland Software 17,558,263 1.67 

437,600 Chevron 32,347,392 3.07 

674,400 Citigroup 37,692,216 3.57 

21,623 Coca-Cola Enterprises 442,190 0.04 

626,600 Comcast 'A' 26,580,372 2.52 

97,400 Computer Sciences 5,207,978 0.49 

60,300 Consol Energy 1,951,911 0.18 


401,900 Exxon Mobil 30,982,471 2.94 

399,900 Foot Locker 8,717,820 0.83 

296,500 Gannett 18,065,745 1.71 




405,100 Gap 7,992,623 0.76 


341,100 General Mills 19,691,703 1.87 



32,370 Idearc 919,632 0.09 

824,500 Interpublic Group of Companies 10,108,370 0.96 



867,500 Kroger 19,961,175 1.89 

2,175,300 LSI Logic 20,143,278 1.91 


274,300 Motorola 5,697,211 0.54 



1,302,271 Parametric Technology 23,610,173 2.24 


826,800 Pfizer 21,538,140 2.04 

401,100 Raytheon 21,282,366 2.02 

791,400 Sprint Nextel 15,155,310 1.44 



1,084,500 Time Warner 23,837,310 2.26 

1,994,481 Topps 17,930,384 1.70 

339,791 UAP Holding 8,623,896 0.82 

4,350,600 Unisys 33,847,668 3.21 


380,600 Wachovia 21,804,574 2.07 


1,529,000 Xerox 

___________ 

26,145,900 

______ 

2.48 

___________ 

923,448,369 

______ 

87.58 



___________ 

19,048,414 

______ 

1.81 


___________ ______ 

100.00 


% of net 

assets 

Finance 25.8 



Energy 9.8 




Materials 5.7 



___________ 

1.8 

___________ 

100.0 




Purchases 


Unrealised 

loss 

€ 

€57,649,000 US$76,905,864 15/3/2007 (504,158) 

US$409,101 €310,000 15/3/2007 

________ 

(654) 


________ 

(504,812) 






US Government Mortgage Fund 





BONDS 

United States 

US$1,337,378 Fannie Mae Interest Strip 6% 25/5/2036 273,832 0.27 

Fannie Mae Pool 

US$921,657 4.5% 1/8/2035 865,123 0.86 

US$6,500,000 4.5% TBA 6,127,375 6.10 

US$5,496,970 5% 1/2/2018 5,419,506 5.39 

US$2,129,819 5% 1/4/2018 2,099,805 2.09 

US$111,733 5% 1/6/2018 110,159 0.11 

US$2,642,524 5% 1/5/2019 2,602,379 2.59 

US$2,585,302 5% 1/11/2019 2,546,027 2.53 

US$492,247 5% 1/11/2020 484,258 0.48 

US$1,500,000 5% 1/4/2034 1,451,488 1.44 

US$4,589,092 5% 1/5/2034 4,440,675 4.42 

US$100,000 5% TBA 98,344 0.10 

US$861,390 5.5% 1/11/2017 863,985 0.86 

US$1,754,495 5.5% 1/1/2018 1,759,780 1.75 

US$123,048 5.5% 1/11/2018 123,363 0.12 

US$3,416,666 5.5% 1/5/2033 3,385,375 3.37 

US$4,622,595 5.5% 1/7/2033 4,580,259 4.55 

US$455,912 5.5% 1/8/2033 451,736 0.45 

US$2,213,919 5.5% 1/4/2034 2,193,785 2.18 

US$2,131 5.5% 1/5/2036 2,108 0.00 

US$9,700,000 5.5% TBA 9,618,657 9.57 

US$20,186 6% 1/10/2008 20,239 0.02 

US$57,050 6% 1/11/2010 57,659 0.06 

US$1,552 6% 1/4/2011 1,575 0.00 

US$13,443 6% 1/5/2011 13,641 0.01 

US$3,481 6% 1/6/2011 3,518 0.00 

US$3,932 6% 1/10/2011 3,974 0.00 

US$59,049 6% 1/12/2011 59,922 0.06 

US$60,629 6% 1/3/2012 61,595 0.06 

US$7,500 6% 1/7/2012 7,620 0.01 

US$26,360 6% 1/11/2012 26,781 0.03 

US$31,418 6% 1/3/2013 31,928 0.03 

US$108,488 6% 1/4/2013 110,217 0.10 

US$27,604 6% 1/5/2013 28,053 0.03 

US$22,686 6% 1/6/2013 23,055 0.02 

US$264,467 6% 1/9/2013 268,762 0.27 

US$405,659 6% 1/6/2014 412,246 0.41 

US$502,256 6% 1/1/2018 510,022 0.51 

US$5,999,998 6% 1/11/2036 6,042,185 6.01 

US$4,622,202 6% 1/12/2036 4,654,702 4.63 

US$12,100,000 6% TBA 12,189,157 12.12 

US$6,927 6.5% 1/9/2025 7,101 0.01 

US$11,373 6.5% 1/1/2026 11,677 0.01 

US$35,793 6.5% 1/2/2026 36,725 0.03 

US$2,905 6.5% 1/10/2027 2,983 0.00 

US$5,973 6.5% 1/11/2027 6,133 0.01 

US$1,106 6.5% 1/2/2028 1,135 0.00 

US$502,845 6.5% 1/7/2032 514,799 0.51 

US$600,000 6.5% TBA 611,250 0.61 

US$57,147 7% 1/10/2014 58,821 0.06 

US$108,448 7% 1/2/2015 111,625 0.11 

US$14,439 7% 1/3/2027 14,920 0.01 

US$117,906 7% 1/9/2029 121,621 0.13 

US$38,411 7% 1/10/2029 39,621 0.04 

US$176,494 7% 1/7/2032 181,714 0.18 

US$1,634 7.5% 1/8/2025 1,708 0.00 

US$8,722 7.5% 1/10/2025 9,114 0.01 

Fannie Mae Pool 

US$53,082 7.5% 1/6/2026 55,446 0.06 

US$14,280 7.5% 1/8/2026 14,919 0.01 




US$7,381 7.5% 1/10/2026 7,711 0.01 

US$28,405 7.5% 1/2/2027 29,676 0.03 

US$7,051 7.5% 1/8/2027 7,366 0.01 

US$10,130 7.5% 1/9/2027 10,582 0.01 

US$7,161 7.5% 1/12/2027 7,481 0.01 

US$34,082 7.5% 1/7/2029 35,583 0.04 

US$3,764 7.5% 1/8/2029 3,930 0.00 

US$230,514 7.5% 1/10/2029 240,671 0.24 

US$27,566 8% 1/10/2022 29,112 0.03 

US$347 8% 1/10/2025 367 0.00 

US$2,636 8% 1/10/2026 2,792 0.00 

US$2,811 8% 1/3/2027 2,979 0.00 

US$8,640 8% 1/7/2027 9,157 0.01 

US$3,571 8% 1/5/2030 3,768 0.00 

US$1,015,507 FRN 1/9/2035 1,014,304 1.01 

US$3,515,412 FRN 1/11/2035 3,513,119 3.49 

US$5,544,308 Fannie Mae REMICS FRN 

25/6/2028 5,560,130 5.53 

US$300,000 FNCL 5% TBA 289,875 0.29 

Freddie Mac Gold Pool 

US$1,476,326 4.5% 1/9/2018 1,427,506 1.42 

US$1,788,149 4.5% 1/3/2019 1,726,434 1.72 

US$2,449,421 4.5% 1/6/2020 2,362,660 2.35 

US$355,401 4.5% 1/12/2020 342,813 0.34 

US$8,056,968 5% 1/5/2034 7,790,277 7.75 

US$122 5% 1/3/2036 118 0.00 

US$3,700,000 5% TBA 3,572,812 3.55 

US$4,744,551 5.5% 1/4/2033 4,702,473 4.68 

US$12,200,000 5.5% TBA 12,070,375 12.00 

US$10,268,659 6% 1/8/2034 10,356,764 10.30 

US$2,800,000 6% TBA 2,837,625 2.82 

US$1,708,484 6.5% 1/10/2029 1,751,802 1.74 

US$2,570 6.5% 1/7/2036 2,618 0.00 

Freddie Mac Non Gold Pool 

US$872,447 FRN 1/9/2036 883,534 0.88 

US$1,225,000 FRN 1/11/2036 1,231,966 1.23 

Ginnie Mae I Pool 

US$3,214,360 5.5% 15/7/2033 3,204,729 3.19 

US$4,700,000 6% TBA 4,766,094 4.74 

US$8,834 6.5% 15/3/2026 9,093 0.01 

US$126,489 6.5% 15/4/2026 130,191 0.13 

US$26,010 6.5% 15/2/2027 26,766 0.03 

US$14,224 6.5% 15/12/2027 14,631 0.01 

US$97,949 6.5% 15/1/2028 100,791 0.10 

US$135,665 6.5% 15/2/2028 139,603 0.14 

US$222,748 6.5% 15/3/2028 229,213 0.23 

US$23,252 6.5% 15/4/2028 23,927 0.03 

US$9,759 6.5% 15/5/2028 10,042 0.01 

US$157,499 6.5% 15/6/2028 162,071 0.16 

US$118,349 6.5% 15/7/2028 121,785 0.12 

US$406,967 6.5% 15/8/2028 418,780 0.42 

US$51,661 6.5% 15/9/2028 53,160 0.05 

US$19,530 7% 15/4/2024 20,190 0.02 

US$1,566 7% 15/5/2024 1,619 0.00 

US$20,592 7% 15/12/2025 21,298 0.02 

US$4,032 7% 15/1/2027 4,173 0.00 

US$24,758 7% 15/5/2027 25,624 0.03 

US$49,446 7% 15/8/2027 51,176 0.05 

US$18,088 7% 15/9/2027 18,721 0.02 

US$61,431 7% 15/10/2027 63,579 0.06 

US$115,794 7% 15/11/2027 119,846 0.11 

US$16,042 7% 15/12/2027 16,603 0.02 



US Government Mortgage Fund continued 






US$24,122 7% 15/1/2028 24,938 0.02 

US$8,152 7% 15/2/2028 8,428 0.01 

US$19,601 7% 15/3/2028 20,264 0.02 

US$79,919 7% 15/4/2028 82,622 0.08 

US$4,672 7% 15/5/2028 4,830 0.01 

US$185,208 7% 15/6/2028 191,471 0.18 

US$16,481 7% 15/7/2028 17,038 0.01 

US$28,706 7% 15/8/2028 29,677 0.03 

US$14,556 7% 15/9/2028 15,049 0.02 

US$45,320 7% 15/10/2028 46,853 0.04 

US$12,134 7% 15/11/2028 12,545 0.01 

US$1,238 7% 15/3/2029 1,280 0.00 

US$10,184 7% 15/5/2029 10,531 0.01 

US$5,765 7% 15/7/2029 5,961 0.01 

US$2,083 7% 15/8/2029 2,154 0.00 

US$4,330 7% 15/8/2029 4,478 0.00 

US$4,910 7% 15/8/2029 5,077 0.01 

US$28,444 7% 15/8/2029 29,413 0.03 

US$34,589 7% 15/8/2029 35,767 0.04 

US$219,615 7% 15/8/2029 227,097 0.23 





US$670,037 7% 15/11/2029 692,866 0.69 

US$15,876 7.5% 15/5/2029 16,571 0.02 

US$47,932 7.5% 15/8/2029 50,036 0.05 

US$73,560 7.5% 15/8/2030 76,793 0.07 

US$12,667 7.5% 15/1/2031 13,229 0.01 

US$13,198 7.5% 15/2/2031 13,783 0.01 

US$62,971 7.5% 15/6/2031 65,763 0.07 

US$184,373 8% 15/2/2031 195,468 0.19 

US$362,579 8% 15/3/2032 384,358 0.38 

US$1,500,000 Government National Mortgage 

Association 4.658% 16/3/2037 1,402,208 1.39 

US Treasury Bond 

US$2,900,000 4.5% 30/11/2011 2,876,664 2.86 

US$140,000 4.625% 30/9/2008 139,486 0.14 

US$700,000 4.875% 15/8/2016 

___________ 

709,434 

______ 

0.71 



___________ 

(54,250,638) 

______ 

(53.94) 


___________ 

100,569,761 

______ 

100.00 




Purchases 


Unrealised 

profit/(loss) 

€ 

€10,303,000 US$13,760,120 15/3/2007 (101,856) 

US$70,211 €53,000 15/3/2007 

_______ 

91 


_______ 


Number 


of Contracts 


date US$ 



_________ 


_________ 

Note: The net profit of $129,374 attributed to these transactions is included in the Statement of 







Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$10,500,000 

US$6,100,000 


(Fund receives Floating USD Libor BBA 3-Month; 

and pays Fixed 5.234%) (24/10/2011) 34,451 



and pays Fixed 4.95%) (12/12/2011) (37,430) 

US$18,300,000 



and pays Fixed 4.985%) (12/20/2011) (83,192) 

_______ 

(86,171) 

_______ 



US Growth Fund 






United States 

20,000 Abercrombie & Fitch 'A' 1,414,400 1.07 

37,000 Aetna 1,610,240 1.22 

45,000 Agilent Technologies 1,592,100 1.20 

70,000 Altera 1,390,900 1.05 

48,000 American Eagle Outfitters 1,503,360 1.14 

46,000 AMR 1,410,360 1.07 


92,000 Applied Materials 1,713,040 1.29 

13,000 Autozone 1,520,610 1.15 

102,000 Avaya 1,441,260 1.09 

21,000 Avery Dennison 1,442,070 1.09 

72,000 AVX 1,069,200 0.81 

33,000 Best Buy 1,643,400 1.24 

46,000 Brinker International 1,406,220 1.06 

36,000 Campbell Soup 1,407,600 1.06 

26,000 Cardinal Health 1,678,820 1.27 

30,000 Caremark Rx 1,711,200 1.29 

13,000 Carpenter Technology 1,335,230 1.01 

45,000 CB Richard Ellis Group 'A' 1,513,350 1.14 

161,000 Cisco Systems 4,429,110 3.35 

26,000 Citigroup 1,453,140 1.10 

6,000 Colgate-Palmolive 394,140 0.30 

151,000 Compuware 1,289,540 0.97 

35,000 Continental Airlines 'B' 1,466,500 1.11 

4,000 Convergys 95,840 0.07 

29,000 Coventry Health Care 1,456,670 1.10 

39,000 CSX 1,366,950 1.03 

12,000 Cummins 1,430,520 1.08 

13,000 Danaher 948,090 0.72 


69,000 DIRECTV Group 1,722,930 1.30 


56,000 Electronic Data Systems 1,544,480 1.17 

25,000 Exxon Mobil 1,927,250 1.46 

79,000 Fairchild Semiconductor International 1,345,370 1.02 

27,000 First Marblehead 1,477,440 1.12 

23,000 Freeport-McMoRan Copper & Gold 'B' 1,279,260 0.97 

45,000 Frontier Oil 1,299,150 0.98 


12,000 Goldman Sachs Group 2,421,600 1.83 

24,000 Harley-Davidson 1,691,520 1.28 


33,000 HJ Heinz 1,485,990 1.12 




24,000 Humana 1,327,440 1.00 



47,000 Intuit 1,444,310 1.09 

20,000 ITT Educational Services 1,346,400 1.02 

22,000 JC Penney 1,721,500 1.30 


26,000 Kohl's 1,796,340 1.36 

18,000 Lehman Brothers Holdings 1,410,300 1.06 

20,000 Lexmark International 'A' 1,480,600 1.12 

22,000 Lockheed Martin 2,027,520 1.53 

123,000 LSI Logic 1,138,980 0.86 

23,000 Manitowoc 1,369,650 1.03 

45,000 Marvel Entertainment 1,222,200 0.92 

49,000 McAfee 1,397,970 1.06 

41,000 Merck & Co 1,775,300 1.34 

101,000 Microsoft 3,038,080 2.29 


96,000 Motorola 1,993,920 1.51 

65,000 Mylan Laboratories 1,299,350 0.98 

58,000 National Semiconductor 1,328,780 1.00 

30,000 NCR 1,288,500 0.97 


42,000 Nvidia 1,583,400 1.20 

151,000 Oracle 2,610,790 1.97 

39,000 Paychex 1,547,520 1.17 

31,000 Pepsi Bottling Group 961,620 0.73 

72,000 Quanta Services 1,423,440 1.08 


21,000 Sunoco 1,313,760 0.99 

52,000 Synopsys 1,401,400 1.06 

72,000 Teradyne 1,090,800 0.82 

22,000 Terex 1,445,180 1.09 

24,000 UST 1,402,320 1.06 

24,000 Valero Energy 1,229,520 0.93 

97,000 Vishay Intertechnology 1,334,720 1.01 

56,000 Walt Disney 1,935,360 1.46 


22,000 WellPoint 1,734,700 1.31 

35,000 Xilinx 

___________ 

842,450 

______ 

0.64 



___________ 

235,442 

______ 

0.18 


___________ 

132,344,622 

______ 

100.00 


% of net 

assets 





Finance 7.5 

Energy 4.4 


Materials 3.4 


___________ 

0.2 

___________ 

100.0 



US Opportunities Fund 






Bermuda 

56,100 Orient-Express Hotels 'A' 

___________ 

2,659,701 

______ 

1.77 


43,600 UTi Worldwide 

___________ 

1,317,152 

______ 

0.88 

Canada 

44,500 Agrium 

___________ 

1,402,640 

______ 

0.93 

Ireland 

649,100 SkillSoft ADR 

___________ 

3,972,492 

______ 

2.65 

Israel 

96,000 Aladdin Knowledge Systems 

___________ 

1,820,160 

______ 

1.21 

United States 

34,700 Actuant 'A' 1,670,805 1.11 

93,400 Adeza Biomedical 1,413,142 0.94 

30,300 Advisory Board 1,625,595 1.08 

11,100 Affiliated Managers Group 1,164,834 0.78 

56,400 Airgas 2,309,016 1.54 

245,900 Align Technology 3,437,682 2.29 

30,800 Armor Holdings 1,694,616 1.13 


119,700 BE Aerospace 3,169,656 2.11 

90,100 Blackboard 2,730,931 1.82 

29,150 Bucyrus International 'A' 1,504,432 1.00 

22,200 CACI International 'A' 1,268,286 0.84 

33,200 Century Aluminum 1,493,004 0.99 

23,700 Childrens Place Retail Stores 1,546,188 1.03 

239,696 CKX 2,840,398 1.89 

65,475 Coldwater Creek 1,631,637 1.09 

31,400 Commvault Systems 613,870 0.41 

49,500 Comstock Resources 1,545,885 1.03 

82,400 Concur Technologies 1,317,576 0.88 

61,400 Cutera 1,646,134 1.10 

29,000 Cymer 1,301,810 0.87 

274,900 Diamondcluster International 3,422,505 2.28 


62,200 Digene 2,974,404 1.98 

19,400 Diodes 697,042 0.46 

9,800 Double-Take Software 126,224 0.08 

72,600 eFunds 2,037,882 1.36 

59,700 EMS Technologies 1,220,865 0.81 

11,900 Evercore Partners 'A' 432,565 0.29 

49,134 ExlService Holdings 1,016,091 0.68 

59,100 Forrester Research 1,615,203 1.08 

103,900 Foundry Networks 1,577,202 1.05 

86,100 Gardner Denver 3,263,190 2.17 

75,100 Gartner 1,505,004 1.00 

83,700 Golfsmith International Holdings 783,432 0.52 

22,000 Greenhill & Co 1,631,520 1.09 

53,000 Healthcare Services Group 1,539,120 1.03 

4,400 Heelys 144,082 0.10 




40,900 Hologic 1,938,251 1.29 

34,300 Home Diagnostics 370,011 0.25 

80,700 i2 Technologies 1,850,451 1.23 

70,800 IHS 'A' 2,810,052 1.87 

10,300 Intralase 231,235 0.15 

37,000 Investment Technology Group 1,600,620 1.07 

1,000 KBW 29,460 0.02 

46,500 Kyphon 1,920,450 1.28 

4,100 Ladish 149,240 0.10 

37,100 Laureate Education 1,825,171 1.22 

23,400 Life Time Fitness 1,148,472 0.76 

49,500 Massey Energy 1,151,370 0.77 

141,500 Micrel 1,552,255 1.03 

92,000 Microsemi 1,807,800 1.20 

440,600 Move 2,493,796 1.66 

58,000 Mueller Water Products 'A' 867,680 0.58 

31,700 Net 1 UEPS Technologies 935,150 0.62 

102,400 Noven Pharmaceuticals 2,643,958 1.76 

78,300 Occam Networks 1,195,641 0.80 

42,800 Oceaneering International 1,703,868 1.13 

30,400 Oshkosh Truck 1,467,408 0.98 

100,100 Outdoor Channel Holdings 1,276,275 0.85 

28,000 Panera Bread 'A' 1,585,920 1.06 

42,600 Parallel Petroleum 755,298 0.50 

50,300 Pediatrix Medical Group 2,462,688 1.64 

33,900 Pinnacle Entertainment 1,128,192 0.75 

50,200 Red Robin Gourmet Burgers 1,814,228 1.21 

172,500 Santarus 1,340,325 0.89 

74,000 Scientific Games 'A' 2,249,600 1.50 

39,900 Signature Bank (New York NY) 1,242,885 0.83 

358,800 SonicWALL 3,049,800 2.03 

34,500 SonoSite 1,088,130 0.72 

47,100 SRA International 'A' 1,262,751 0.84 

66,200 Standard Microsystems 1,886,865 1.26 

67,300 Superior Energy Services 2,206,767 1.47 

68,800 Symbion 1,290,688 0.86 

96,400 Transaction Systems Architects 3,178,308 2.12 

13,000 Tween Brands 522,080 0.35 

56,700 Ultimate Software Group 1,333,017 0.89 

37,100 UMB Financial 1,375,668 0.92 

41,900 Vail Resorts 1,888,014 1.26 

23,400 Varian Semiconductor Equipment 

Associates 1,082,250 0.72 

41,800 VeriFone Holdings 1,491,006 0.99 

35,700 Watson Wyatt Worldwide 'A' 1,622,565 1.08 


85,100 Wright Express 2,739,369 1.82 

112,700 Wright Medical Group 

___________ 

2,673,244 

______ 

1.78 

___________ 

136,881,598 

______ 

91.17 



___________ 

2,083,599 

______ 

1.39 


___________ 

150,137,342 

______ 

100.00 


US Opportunities Fund continued 


% of net 

assets 





Finance 6.7 

Energy 6.0 

Materials 3.4 


___________ 

1.4 

___________ 

100.0 



US SmallCap Value Fund 





FUNDS 

United States 

4,700 iShares Dow Jones US Real Estate Index 

Fund – ETF 392,920 0.25 

22,900 iShares Russell 2000 Index Fund – ETF 1,804,520 1.17 

39,100 iShares Russell Microcap Index 

Fund – ETF 2,306,313 1.49 

8,600 iShares S&P SmallCap 600 Index 

Fund – ETF 572,760 0.37 

10,500 iShares S&P SmallCap 600 Value Index 

Fund – ETF 798,630 0.52 

30,000 PowerShares Zacks Micro Cap 

Portfolio – ETF 

___________ 

539,700 

______ 

0.35 


___________ 

6,414,843 

______ 

4.15 


Bermuda 

17,400 IPC Holdings 549,857 0.36 

80,100 WP Stewart & Co 

___________ 

1,263,177 

______ 

0.81 

___________ 

1,813,034 

______ 

1.17 

Canada 

165,700 Angiotech Pharmaceuticals 1,375,683 0.89 

22,900 Vitran 

___________ 

391,687 

______ 

0.25 

___________ 

1,767,370 

______ 

1.14 

Netherlands 

46,400 Chicago Bridge & Iron (NY Shares) 

___________ 

1,274,608 

______ 

0.82 

United States 

54,000 1-800-FLOWERS.COM 'A' 331,020 0.21 

54,500 ADC Telecommunications 784,255 0.51 

48,900 Affymetrix 1,129,590 0.73 

234,600 Agile Software 1,440,444 0.93 

1,800 Allegiant Travel 50,472 0.03 

234,500 Allied Waste Industries 2,919,525 1.89 

13,300 Ambassadors Group 405,783 0.26 

20,600 Ambassadors International 946,570 0.61 

85,000 American Axle & Manufacturing Holdings 1,627,750 1.05 

5,900 American National Insurance 675,550 0.44 

15,100 Anchor Bancorp Wisconsin 441,826 0.29 

263,800 Andrew 2,735,606 1.77 

13,500 Anixter International 741,555 0.48 

28,700 Applera – Celera Genomics Group 404,670 0.26 

7,500 Banner 336,750 0.22 

178,300 BISYS Group 2,321,466 1.50 

16,800 BJ's Wholesale Club 531,048 0.34 

16,400 Bob Evans Farms 567,440 0.37 

124,800 Bottomline Technologies 1,448,928 0.94 

52,900 Brandywine Realty Trust (Reit) 1,758,925 1.14 

29,800 Cabot Oil & Gas 1,821,674 1.18 

400 Capella Education 9,620 0.01 

66,000 Casella Waste Systems 'A' 814,440 0.53 

48,200 Casey's General Stores 1,147,594 0.74 

113,200 CNET Networks 1,041,440 0.67 

93,500 Colonial BancGroup 2,421,650 1.56 

180,500 Conseco 3,646,100 2.36 

65,600 Convergys 1,571,776 1.02 




137,800 Corinthian Colleges 1,901,640 1.23 

187,700 Crescent Real Estate Equities (Reit) 3,690,182 2.38 


111,900 Denbury Resources 3,127,605 2.02 

31,500 DexCom 311,850 0.20 

33,600 Dime Community Bancshares 482,496 0.31 

137,900 Dresser-Rand Group 3,363,381 2.17 

34,200 Dycom Industries 732,906 0.47 

99,600 EDO 2,359,524 1.52 

81,533 Emdeon 1,024,870 0.66 

33,800 Exelixis 304,876 0.20 

254,900 Extreme Networks 1,075,678 0.69 

7,200 FelCor Lodging Trust (Reit) 157,752 0.10 

19,650 Fidelity Bankshares 785,018 0.51 

20,600 First Merchants 572,268 0.37 

95,500 First Midwest Bancorp/IL 3,724,548 2.41 

9,800 FirstFed Financial 668,556 0.43 

142,100 Foot Locker 3,097,780 2.00 

10,400 Forest Oil 341,224 0.22 

35,600 Franklin Bank (Houston TX) 744,595 0.48 

243,700 Friedman Billings Ramsey 

Group 'A' (Reit) 1,954,474 1.26 

103,300 Furniture Brands International* 1,709,615 1.10 

140,800 Genesis Microchip 1,465,728 0.95 

21,000 Greater Bay Bancorp 560,070 0.36 

17,300 Harleysville Group 614,842 0.40 

29,700 Harte-Hanks 817,047 0.53 

24,900 HCC Insurance Holdings 797,547 0.52 

16,100 Healthcare Realty Trust (Reit) 637,238 0.41 

1,700 Heelys 55,668 0.04 

10,500 Heidrick & Struggles International 444,780 0.29 

8,700 Hewitt Associates 'A' 223,155 0.14 

110,000 Hooper Holmes 352,000 0.23 

42,200 Human Genome Sciences 529,188 0.34 

46,400 Informatica 571,184 0.37 

94,100 Ingram Micro 'A' 1,954,457 1.26 

171,000 InterVoice 1,267,110 0.82 

2,000 Isilon Systems 50,500 0.03 

11,700 Kansas City Southern 341,055 0.22 

114,400 Key Energy Services 1,801,800 1.16 

40,600 Knight Capital Group 'A' 794,542 0.51 

43,200 Leapfrog Enterprises 411,264 0.27 

78,100 Lexington Corporate Properties 

Trust (Reit) 1,728,353 1.12 

19,800 LifePoint Hospitals 671,814 0.43 

28,100 Marten Transport 512,544 0.33 

87,800 Maxygen 939,460 0.61 

93,800 Medicis Pharmaceutical 'A' 3,312,078 2.14 

71,600 Merge Technologies 466,832 0.30 

10,850 MetroCorp Bancshares 235,554 0.15 

9,400 Neenah Paper 335,862 0.22 

96,500 Neurogen 562,595 0.36 

389,700 Novell 2,466,801 1.59 

61,300 NPS Pharmaceuticals 275,850 0.18 

15,700 O'Charleys 337,393 0.22 

10,200 Odyssey HealthCare 135,864 0.09 

33,400 OGE Energy 1,343,014 0.87 

49,585 Old National Bancorp (Indiana) 955,503 0.62 

11,600 Omega Healthcare Investors (Reit) 205,784 0.13 

239,700 OraSure Technologies 2,027,862 1.31 

43,500 Plains Exploration & Production 2,059,725 1.33 



US SmallCap Value Fund continued 





34,200 Playboy Enterprises 'B' 392,958 0.25 

41,100 Presidential Life 908,721 0.59 

8,900 Progress Software 251,247 0.16 

112,800 RadioShack 1,900,680 1.23 

32,400 Rayonier (Reit) 1,334,880 0.86 

18,300 Reliance Steel & Aluminum 723,948 0.47 

52,800 Rowan 1,756,656 1.14 

104,300 Sapient 576,779 0.38 

23,300 Scholastic 840,198 0.54 

51,100 Smithfield Foods 1,321,446 0.85 

252,900 Smurfit-Stone Container 2,716,146 1.76 

17,600 Spirit Aerosystems Holdings 'A' 565,488 0.37 

33,100 Steel Dynamics 1,083,363 0.70 

17,700 Sterling Financial/WA 604,809 0.39 

51,000 SupportSoft 281,520 0.18 

8,400 Swift Transportation 223,524 0.14 

232,800 Tellabs 2,430,432 1.57 

49,000 Tenet Healthcare 345,450 0.22 

59,900 Tetra Tech 1,095,571 0.71 

25,500 Texas Capital Bancshares 518,670 0.34 

90,300 Timken 2,698,164 1.74 

56,900 Triumph Group 3,008,303 1.94 




71,600 United Rentals 1,847,996 1.19 

65,100 Universal Technical Institute 1,460,844 0.94 

20,000 US Xpress Enterprises 'A' 335,800 0.22 

162,400 Valassis Communications 2,356,424 1.52 

16,400 Valspar 459,036 0.30 

91,400 Vical 573,078 0.37 

77,300 Wabash National 1,166,457 0.75 

51,700 Waddell & Reed Financial 'A' 1,418,131 0.92 

157,100 webMethods 1,189,247 0.77 

61,600 Webster Financial 3,022,712 1.95 

229,200 Westell Technologies 'A' 591,336 0.38 

68,500 Wright Medical Group 1,624,820 1.05 

62,000 Zoran 

___________ 

911,400 

______ 

0.59 

___________ 

141,936,756 

______ 

91.70 


___________ 

146,791,768 

______ 

94.83 



___________ 

1,582,946 

______ 

1.02 


___________ 

154,789,557 

______ 

100.00 


% of net 

assets 

Finance 24.7 





Energy 9.2 


Materials 3.4 


Utilities 0.9 


___________ 

1.0 

___________ 

100.0 



World Bond Fund 




BONDS 


A$225,000 

Australia 


'10RG' 7% 1/12/2010 

___________ 

181,924 

______ 

0.65 

Austria 

€100,000 BAWAG PSK – Bank fuer Arbeit 

und Wirtschaft und Oesterreichische 

Postsparkasse EMTN 4.35% 

28/5/2013 130,659 0.47 


15/1/2018 

___________ 

595,402 

______ 

2.14 

___________ 

726,061 

______ 

2.61 

Canada 

C$260,000 Government of Canada 4% 1/6/2016 222,287 0.80 


___________ 

323,448 

______ 

1.16 

___________ 

545,735 

______ 

1.96 



3/4/2012 

___________ 

172,097 

______ 

0.62 

US$120,000 

DKr1,450,000 

Chile 

CODELCO – Corporacion Nacional 

del Cobre de Chile 6.375% 

30/11/2012 

___________ 

125,596 

______ 

0.45 

Denmark 

Realkredit Danmark '83D' FRN 

1/10/2038 

___________ 

250,573 

______ 

0.90 

France 

£40,000 AXA EMTN 6.6666% 6/7/2016 

(Perpetual) 80,792 0.29 

€150,000 BNP Paribas EMTN 5.25% 17/12/2012 208,690 0.75 


€90,000 CIF Euromortgage EMTN 4.5% 

10/12/2013 121,438 0.44 

€105,000 France Government Bond OAT 3.75% 

25/4/2021 133,946 0.48 


2.25% 25/7/2020 37,021 0.13 


28/1/2033 188,105 0.67 

€100,000 Gecina EMTN 3.625% 17/10/2007 

___________ 

131,094 

______ 

0.47 

___________ 

964,388 

______ 

3.46 

Germany 

€364,000 Bundesobligation '139' 4% 16/2/2007 480,057 1.72 

€259,000 Bundesobligation '147' 2.5% 8/10/2010 324,956 1.17 

€1,120,000 Bundesobligation '148' 3.5% 8/4/2011 1,452,485 5.21 


4/7/2012 201,010 0.72 


4/7/2034 138,872 0.50 


4/1/2037 955,707 3.43 


4/7/2016 979,599 3.52 


4/1/2009 

___________ 

565,557 

______ 

2.03 

___________ 

5,098,243 

______ 

18.30 






26/1/2026 492,543 1.77 

US$440,000 European Investment Bank 4.125% 

15/9/2010 

___________ 

428,142 

______ 

1.53 

___________ 

920,685 

______ 

3.30 

Ireland 


24/8/2035 115,153 0.41 

£100,000 GE Capital UK Funding EMTN 5.125% 

3/3/2015 192,358 0.69 

€100,000 German Postal Pensions 

Securitisation '2' 4.25% 18/1/2017 

___________ 

132,677 

______ 

0.48 

___________ 

440,188 

______ 

1.58 

Japan 


8/12/2031 96,139 0.35 

¥70,000,000 Japan Finance Corporation 

for Municipal Enterprises 2% 

9/5/2016 606,118 2.18 



27/10/2014 

___________ 

66,013 

______ 

0.24 

___________ 

897,478 

______ 

3.23 

Jersey 

€200,000 ASIF III Jersey EMTN 5.125% 

10/5/2007 

___________ 

264,763 

______ 

0.95 

Luxembourg 

US$300,000 Europaische Hypothekenbank SA 

Luxembourg EMTN 4.25% 

13/5/2010 292,607 1.05 


for Swiss Life 5% 16/11/2015 

(Perpetual) 130,108 0.47 

€95,000 Merck Finanz 3.75% 7/12/2012 120,069 0.43 

€90,000 SES Global 4.5% 19/11/2008 118,094 0.42 


24/4/2012 124,264 0.45 

€150,000 Tyco International Group 6.125% 

4/4/2007 

___________ 

198,937 

______ 

0.71 

___________ 

984,079 

______ 

3.53 

Netherlands 

€100,000 Adecco International Financial 

Services 4.5% 25/4/2013 130,771 0.47 



15/9/2014 97,375 0.35 


7.625% 21/8/2007 

___________ 

99,014 

______ 

0.35 

___________ 

327,160 

______ 

1.17 

Singapore 

SGD675,000 Singapore Government Bond 3.5% 

1/7/2012 

___________ 

451,119 

______ 

1.62 


World Bond Fund continued 





Spain 


Unipersonal 4.564% 27/7/2010 

(Perpetual) 62,480 0.22 

£80,000 Telefonica Emisiones SAU EMTN 

5.375% 2/2/2018 

___________ 

149,419 

______ 

0.54 

___________ 

211,899 

______ 

0.76 


€110,000 Allied Domecq Financial Services 

GMTN 5.875% 12/6/2009 149,866 0.54 

€100,000 Anglian Water Services Financing 

EMTN 4.625% 7/10/2013 133,555 0.48 

£40,000 Emap 6.25% 9/12/2013 78,526 0.28 

US$500,000 Granite Master Issuer '2005-1 A3' 

FRN 20/12/2024 500,238 1.79 

US$71,681 Granite Mortgages '2002-1 1A2' FRN 

20/7/2019 71,697 0.26 


3.875% 22/2/2011 (Perpetual) 128,054 0.46 


12/11/2010 159,382 0.57 

€120,000 MBNA Europe Funding EMTN 6.5% 

27/3/2007 159,104 0.57 

€125,000 mmO2 EMTN 6.375% 25/1/2007 165,319 0.59 

£25,000 UK Treasury 5% 7/3/2025 52,136 0.19 

£35,000 United Kingdom Gilt 4.25% 7/6/2032 

___________ 

68,379 

______ 

0.25 

___________ 

1,666,256 

______ 

5.98 

United States 

US$80,000 BAE Systems Holdings '144A' 4.75% 

15/8/2010 77,943 0.28 

US$140,000 Banc of America Commercial Mortgage 

'2006-6 A4' 5.356% 10/10/2045 140,171 0.50 

US$45,000 Bristol-Myers Squibb 5.875% 

15/11/2036 44,498 0.16 


'1998-D7 A1B' 6.26% 15/10/2030 182,222 0.65 


'1999-2 A2' 7.198% 15/1/2032 156,645 0.56 


'1998-2 A' 6.05% 15/1/2010 252,043 0.90 

US$300,000 Citigroup 6% 21/2/2012 311,010 1.12 

US$350,000 Citigroup FRN 4/6/2007 350,196 1.26 

US$115,000 Comcast 6.5% 15/11/2035 116,206 0.42 


'2002-CKS4 A2' 5.183% 15/11/2036 174,302 0.62 

US$150,000 Daimler Chrysler Auto Trust '2006-C A4' 

4.98% 8/11/2011 149,779 0.54 


1/8/2036 502,572 1.80 


1/11/2036 495,139 1.78 


1/1/2037 503,583 1.81 


1/12/2036 503,583 1.81 

US$707,507 Freddie Mac Gold Pool 'G12454' 5.5% 

1/11/2021 707,212 2.54 

US$702,515 Freddie Mac Gold Pool 'J03831' 5% 

1/11/2021 690,367 2.48 





'2005-C1 A2' 4.353% 10/6/2048 195,254 0.70 

US$500,000 General Electric Capital MTNA FRN 

28/7/2008 501,088 1.80 

US$200,000 Honda Auto Receivables Owner 

Trust '2006-3 A3' 5.12% 15/10/2010 199,750 0.72 

US$500,000 HSBC Bank USA NA (New York NY) 

'BKNT' FRN 10/6/2009 501,893 1.80 


US$175,000 Keycorp '2000-C1 A2' 7.727% 

17/5/2032 185,349 0.66 


5.332% 15/12/2043 149,647 0.54 

US$170,000 Morgan Stanley Dean Witter Capital I 

'2000-LIFE A2' 7.57% 15/11/2036 178,918 0.64 

US$200,000 Pfizer 5.625% 15/4/2009 202,310 0.73 

US$110,000 Raytheon 6.75% 15/8/2007 110,817 0.40 

US$150,000 Salomon Brothers Mortgage 

Securities VII '2000-C1 A2' 7.52% 

18/12/2009 157,906 0.57 








2% 15/1/2026 168,785 0.61 


2.5% 15/7/2016 120,822 0.43 

US$400,000 Wells Fargo (Old) MTN FRN 10/3/2008 400,423 1.44 


'2006-A A3' 5.01% 15/10/2010 274,475 0.98 


17/9/2014 

___________ 

132,767 

______ 

0.48 

___________ 

10,501,336 

______ 

37.70 




___________ 

24,729,580 

______ 

88.77 


BONDS 

United States 

US$165,000 First Union National Bank Commercial 

Mortgage '1999-C4 D' 7.936% 

15/12/2031 

___________ 

176,390 

______ 

0.63 


___________ 

176,390 

______ 

0.63 



___________ 

2,952,187 

______ 

10.60 


___________ 

27,858,157 

______ 

100.00 



World Bond Fund continued 



Purchases 


Unrealised 

profit/(loss) 

US$ 

A$97,106 US$75,711 10/1/2007 971 

C$190,000 US$166,324 10/1/2007 (2,594) 

CHF3,703,000 US$3,081,781 10/1/2007 (44,418) 

DKr5,769,300 US$1,013,720 10/1/2007 6,900 

€6,326,200 US$8,206,277 10/1/2007 135,873 

£357,570 US$694,306 10/1/2007 7,673 

HUF7,314,000 US$37,908 10/1/2007 427 

¥473,663,000 US$4,059,469 10/1/2007 (70,179) 

MXN815,000 US$75,185 10/1/2007 (110) 

NOK319,000 US$52,016 10/1/2007 (990) 

PLN269,000 US$93,431 10/1/2007 (967) 

SKr8,392,000 US$1,227,685 10/1/2007 (3,509) 

SGD96,000 US$62,356 10/1/2007 299 

TWD4,223,000 US$131,149 10/1/2007 (1,469) 

US$145,574 A$187,000 10/1/2007 (2,096) 

US$311,737 C$353,582 10/1/2007 7,041 

US$2,961,347 CHF3,660,000 10/1/2007 (40,744) 

US$1,156,701 DKr6,520,713 10/1/2007 3,153 

US$9,138,110 €6,922,160 10/1/2007 10,087 

US$278,325 £145,500 10/1/2007 (7,319) 

US$686,105 ¥79,166,573 10/1/2007 19,347 

US$842,558 SKr5,950,000 10/1/2007 (25,393) 

US$448,362 SGD697,000 10/1/2007 (6,545) 

ZAR616,000 US$87,435 10/1/2007 632 

¥29,691,149 €200,000 11/1/2007 (13,653) 

¥61,615,000 US$523,864 11/1/2007 (4,876) 

NOK1,646,796 €200,000 11/1/2007 (319) 

SKr725,308 €80,000 11/1/2007 312 

SGD490,000 US$313,262 11/1/2007 6,556 

KRW361,114,451 US$395,525 12/1/2007 (6,988) 

THB2,103,000 US$59,189 12/1/2007 93 

US$58,094 THB2,103,000 12/1/2007 

_______ 

(1,188) 


_______ 

(33,993) 


Number 


of Contracts 


date US$ 





5 US Treasury 10 Year Note March 2007 537,188 



(5) CME/IMM Euro Dollar June 2007 (1,184,563) 


_________ 

(2,475,058) 


_________ 

(6,449,005) 






Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

€275,000 Credit Default Swaps (Citigroup) 


and pays default protection on 

Sanofi Aventis 4.25% 15/9/2010) 

(20/3/2011) 2,102 



and receives default protection 

on Akzo 4.25% 14/6/2011) (20/6/2011) (282) 



and receives default protection 

on SCA Finans AB) (20/6/2011) (1,303) 


(Fund receives Fixed 0.51%; and 

pays default protection on Gutnir 

Bank MF) (20/12/2011) 1,302 








(Fund pays Fixed 1.51% and receives 

JPY Fixing Libor 6-Month) (18/12/2013) 

_______ 

660 

_______ 

1,385 



World Energy Fund 






Bermuda 

71,000,000 Titan Petrochemicals Group 

_____________ 

4,658,553 

_____ 

0.08 


640,000 China Biodiesel International Holding 

_____________ 

1,237,534 

_____ 

0.02 

Canada 

1,300,000 Addax Petroleum 36,400,448 0.61 

1,235,000 Cameco 49,838,373 0.84 

2,126,200 Canadian Natural Resources 112,803,822 1.90 

1,836,700 Canadian Oil Sands Trust (Unit) 51,396,585 0.86 

1,700,000 Enbridge 58,936,848 0.99 

9,472,433 First Calgary Petroleums 56,250,706 0.94 

5,412,600 Nexen* 293,316,568 4.93 

2,528,667 Niko Resources 181,039,224 3.04 

2,000,000 OPTI Canada 33,617,644 0.56 

1,235,300 Petro-Canada 50,574,185 0.85 

2,832,800 Suncor Energy 222,313,907 3.73 

1,485,000 SXR Uranium One* 20,713,492 0.35 

2,300,000 Synenco Energy 'A' 27,722,064 0.47 

8,026,600 Talisman Energy* 136,646,520 2.30 

1,733,000 Ultra Petroleum 82,837,400 1.39 

14,116,000 UrAsia Energy 65,186,319 1.10 

8,046,450 Ur-Energy 27,036,405 0.45 

12,776,200 UTS Energy 49,422,881 0.83 

6,741,948 Win Energy 

_____________ 

5,692,349 

_____ 

0.10 

_____________ 

1,561,745,740 

_____ 

26.24 


1,074,369 Transocean 

_____________ 

87,195,788 

_____ 

1.47 

China 

69,099,500 China Shenhua Energy 'H' 

_____________ 

166,419,133 

_____ 

2.80 

France 

2,000,000 Total 

_____________ 

144,608,489 

_____ 

2.43 

Hungary 


_____________ 

62,662,808 

_____ 

1.05 

India 

12,745,952 Cairn India 46,107,852 0.77 

3,000,000 Reliance Industries 

_____________ 

86,150,716 

_____ 

1.45 

_____________ 

132,258,568 

_____ 

2.22 

Italy 

5,000,000 ENI 

_____________ 

168,336,409 

_____ 

2.83 


3,958,800 Schlumberger 

_____________ 

250,433,688 

_____ 

4.21 


6,437,000 OAO Rosneft GDR 

_____________ 

60,829,650 

_____ 

1.02 




South Africa 

2,000,000 Sasol* 

_____________ 

74,053,196 

_____ 

1.24 

Switzerland 

371,566 Petroplus Holdings 

_____________ 

22,661,292 

_____ 

0.38 


5,976,000 BG Group 81,298,940 1.37 

3,250,000 BHP Billiton 59,621,614 1.00 

7,500,000 BP 83,554,181 1.40 

3,353,914 Cairn Energy 118,447,022 1.99 


12,275,285 Sibir Energy 

_____________ 

103,619,406 

_____ 

1.74 

_____________ 

545,339,043 

_____ 

9.16 

United States 

2,495,000 Anadarko Petroleum 109,405,750 1.84 

1,482,000 Baker Hughes 111,342,660 1.87 

2,150,000 Chevron 158,928,000 2.67 

1,850,000 ConocoPhillips 134,310,000 2.26 

4,924,386 Denbury Resources 137,636,589 2.31 

2,474,000 Devon Energy 165,856,960 2.79 

3,030,000 Exxon Mobil 233,582,700 3.92 

2,618,000 Halliburton 81,419,800 1.37 

1,000,000 Hess 50,330,000 0.85 

21 Hugoton Royalty Trust 521 0.00 

1,608,200 Marathon Oil 149,417,862 2.51 

1,645,956 National Oilwell Varco 101,506,107 1.71 

2,290,000 Newfield Exploration 106,347,600 1.79 

6,046,341 Occidental Petroleum 296,270,709 4.98 

5,206,800 Peabody Energy 212,749,848 3.57 

1,187,000 Plains Exploration & Production 56,204,450 0.94 

2,351,000 Range Resources 65,146,210 1.09 

2,897,200 Southwestern Energy 102,966,488 1.73 

3,294,096 Valero Energy 168,756,538 2.83 

2,276,700 XTO Energy* 

_____________ 

107,665,143 

_____ 

1.81 

_____________ 

2,549,843,935 

_____ 

42.84 




_____________ 

5,832,283,826 

_____ 

97.99 


WARRANTS 

Canada 

415,625 Win Energy (Wts 19/7/2008) 

_____________ 

0 

_____ 

0.00 


_____________ 

0 

_____ 

0.00 



_____________ 

119,927,136 

_____ 

2.01 


_____________ 

5,952,210,962 100.00 

_____ 




World Energy Fund continued 


% of net 

assets 

Exploration & Production 48.6 

Integrated oil 21.8 

Oil services 10.7 

Coal & Uranium 9.1 

Refining & Marketing 5.7 

Distribution 1.1 

Diversified minerals 1.0 


___________ 

2.0 

___________ 

100.0 


World Financials Fund 






Belgium 

41,575 Fortis 1,778,967 0.57 


___________ 

524,038 

______ 

0.17 

___________ 

2,303,005 

______ 

0.74 

Bermuda 

12,700 Everest Re Group 1,254,760 0.40 

2,028,100 Hopson Development Holdings 5,740,300 1.84 

82,500 RenaissanceRe Holdings 

___________ 

4,969,800 

______ 

1.60 

___________ 

11,964,860 

______ 

3.84 


159,200 ACE 9,679,360 3.10 

4,959,000 China Resources Land 

___________ 

5,939,724 

______ 

1.91 

___________ 

15,619,084 

______ 

5.01 

China 

4,800,100 Beijing Capital Land 'H' 2,457,853 0.79 


of China 'H' 628,854 0.20 

11,343,900 Shanghai Forte Land 'H' 

___________ 

5,078,835 

______ 

1.63 

___________ 

8,165,542 

______ 

2.62 

Denmark 


___________ 

3,304,855 

______ 

1.06 

Egypt 

86,400 Commercial International Bank 

___________ 

877,673 

______ 

0.28 

France 

119,500 AXA 4,845,531 1.55 


___________ 

4,641,867 

______ 

1.49 

___________ 

9,487,398 

______ 

3.04 

Germany 

51,701 Hannover Rueckversicherung 

___________ 

2,390,813 

______ 

0.77 

India 

62,100 ICICI Bank 

___________ 

1,251,687 

______ 

0.40 

Indonesia 

2,280,200 Bank Central Asia 1,318,313 0.42 

3,014,500 Bank Mandiri Persero 

___________ 

971,976 

______ 

0.31 

___________ 

2,290,289 

______ 

0.73 

Ireland 


___________ 

3,130,899 

______ 

1.00 

Japan 

185,000 Daiichi Commodities 1,164,496 0.37 

117,600 Japan General Estate 3,384,529 1.08 




57,800 Sumitomo Real Estate Sales 4,401,910 1.41 

373 Sunwood 825,523 0.26 

254,000 Takagi Securities 1,049,494 0.34 

408,500 Toyo Securities 

___________ 

1,639,741 

______ 

0.53 

___________ 

15,866,745 

______ 

5.09 




Netherlands 

85,600 ING Groep – CVA 

___________ 

3,807,203 

______ 

1.22 

South Korea 

267,400 Daegu Bank 4,573,658 1.47 

226,900 Dongbu Insurance 6,041,084 1.94 

60,239 Hana Financial Group 3,168,778 1.02 

98,800 Industrial Bank of Korea 1,822,746 0.58 

57,600 Kookmin Bank 4,640,977 1.49 

532,612 Korean Reinsurance 7,276,454 2.33 

879,400 Meritz Fire & Marine Insurance 6,007,107 1.93 

108,000 Shinhan Financial Group 

___________ 

5,518,519 

______ 

1.77 

___________ 

39,049,323 

______ 

12.53 

Spain 

303,400 Banco Santander Central Hispano 

___________ 

5,627,258 

______ 

1.80 

Switzerland 

101,000 UBS 

___________ 

6,126,732 

______ 

1.97 

Turkey 

249,450 Akbank 

___________ 

1,518,560 

______ 

0.49 


341,300 Barclays 4,891,029 1.57 

247,100 HSBC Holdings 4,516,099 1.45 

250,300 Kensington Group 3,881,763 1.24 

277,200 Lloyds TSB Group 3,109,929 1.00 

162,800 Northern Rock 3,764,790 1.21 

290,800 Provident Financial 

___________ 

4,004,637 

______ 

1.28 

___________ 

24,168,247 

______ 

7.75 

United States 

58,800 Affiliated Managers Group 6,170,472 1.98 

71,090 Allstate 4,666,348 1.50 

74,242 American Express 4,544,353 1.46 

147,950 American Home Mortgage 

Investment (Reit) 5,209,319 1.67 



75,370 Capital One Financial 5,853,988 1.88 

299,443 Citigroup 16,735,869 5.37 

2,600 Equity Office Properties Trust (Reit) 125,164 0.04 

80,300 Fannie Mae 4,814,788 1.54 

89,061 Hartford Financial Services Group 8,318,297 2.67 


66,100 Lehman Brothers Holdings 5,178,935 1.66 

59,169 Prudential Financial 5,084,392 1.63 

205,246 Wachovia 

___________ 

11,758,543 

______ 

3.77 

___________ 

123,157,990 

______ 

39.51 



___________ 

31,643,955 

______ 

10.15 


___________ 

311,752,118 

______ 

100.00 



World Financials Fund continued 

Purchased Call Options as at 31 December 2006 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit 

US$ 

Value 

US$ 

889 Bear Stearns Call Option 


expiring on 19/1/2008 2,667,991 6,094,095 

750 Goldman Sachs Call Option 


expiring on 20/1/2007 3,077,371 6,528,750 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

profit 

US$ 

Value 

US$ 



expiring on 20/1/2007 3,219,924 5,450,970 




___________ 

2,723,538 

_________ 

4,850,010 

Total Purchased Call Options 

___________ 

11,688,825 22,923,825 

_________ 

Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2c). 


% of net 

assets 

Insurance 24.1 

Commercial banks 22.6 

Diversified financial services 16.8 

Real estate management & development 7.8 

Capital markets 7.1 

Consumer finance 4.6 

Thrifts & mortgage finance 4.0 

Real estate investment trusts 1.7 

Household durables 1.1 


___________ 

10.2 

___________ 

100.0 


World Gold Fund 





FUNDS 

Jersey 

1,850,000 Lyxor Gold Bullion Securities – ETF 

___________ 

116,365,000 

______ 

1.98 


___________ 

116,365,000 

______ 

1.98 


Australia 

60,000,000 Austindo Resources 1,374,516 0.02 

22,811,000 Ballarat Goldfields 5,045,485 0.09 

28,000,000 Bendigo Mining 17,252,548 0.29 

3,000,000 Bolnisi Gold 7,251,758 0.12 

12,000,000 Kimberley Diamond 8,768,465 0.15 

10,000,000 Mintails 2,527,846 0.04 

16,250,000 Newcrest Mining 338,247,492 5.75 

87,500,000 Oxiana* 219,112,884 3.72 

19,500,000 Perseverance* 5,699,502 0.10 

6,000,000 Sino Gold* 

___________ 

34,599,889 

______ 

0.59 

___________ 

639,880,385 

______ 

10.87 

Bermuda 

490,000 Aquarius Platinum (UK Listing) 

___________ 

10,667,648 

______ 

0.18 

Canada 

2,400,000 Aber Diamond* 87,402,430 1.48 

4,000,000 Agnico-Eagle Mines 164,659,257 2.80 

1,750,000 Banro 22,615,663 0.38 

15,750,000 Barrick Gold 482,737,500 8.20 

10,000,000 Bema Gold 52,123,718 0.89 

11,000,000 Centerra Gold 127,560,955 2.17 

7,250,000 Eldorado Gold 39,476,178 0.67 

850,000 First Quantum Minerals* 44,598,087 0.76 

14,700,000 Goldcorp* 417,937,452 7.10 

10,150,000 High River Gold Mines 18,276,471 0.31 

3,150,000 Iamgold 27,844,404 0.47 

1,850,000 Jaguar Mining 10,758,594 0.18 

137,500 Jaguar Mining (Wts 31/12/2007) 355,389 0.01 

18,000,000 Kinross Gold 214,318,946 3.64 

400,000 Linear Gold 2,136,642 0.04 

1,900,000 Meridian Gold 52,365,814 0.89 

3,300,000 Orezone Resources 4,691,135 0.08 

2,562,100 Teal Exploration & Mining 

___________ 

8,829,499 

______ 

0.15 

1,778,688,134 

___________ ______ 

30.22 

China 

6,150,000 Zhaojin Mining Industry 'H' 12,279,745 0.21 


___________ 

244,506,484 

______ 

4.15 

___________ 

256,786,229 

______ 

4.36 

Jersey 

3,000,000 Highland Gold Mining 9,422,850 0.16 

6,000,000 Randgold Resources ADR 

___________ 

139,040,000 

______ 

2.36 

___________ 

148,462,850 

______ 

2.52 

Mexico 

12,821,600 Industrias Penoles SA de CV 

___________ 

116,959,531 

______ 

1.99 

Papua New Guinea 

92,500,000 Lihir Gold 

___________ 

227,980,093 

______ 

3.88 




Peru 

6,250,000 Cia de Minas Buenaventura ADR 173,625,000 2.95 

740,658 Gold Fields La Cima 'I' 

___________ 

5,213,196 

______ 

0.09 

___________ 

178,838,196 

______ 

3.04 


2,085,425 Polyus Gold ADR 

___________ 

101,143,113 

______ 

1.72 

South Africa 

5,954,892 African Rainbow Minerals 86,052,121 1.46 

500,000 Anglo Platinum 61,238,608 1.04 

1,409,276 AngloGold Ashanti 66,536,990 1.13 

2,415,000 AngloGold Ashanti ADR* 112,635,600 1.91 

3,000,000 DRDGOLD ADR 2,730,000 0.05 

11,500,000 Gold Fields 218,423,161 3.71 

6,250,000 Gold Fields ADR 116,937,500 1.99 

11,670,000 Harmony Gold Mining 185,670,096 3.15 

4,580,000 Harmony Gold Mining ADR* 71,814,400 1.22 

14,000,000 Impala Platinum Holdings 368,563,376 6.26 

4,500,000 Mvelaphanda Resources 

___________ 

25,109,811 

______ 

0.43 

1,315,711,663 

___________ ______ 

22.35 


1,000,000 Anglo American 48,900,667 0.83 

15,438,975 Hochschild Mining 122,444,953 2.08 

2,000,000 Lonmin 118,178,249 2.01 

3,777,500 Peter Hambro Mining 

___________ 

74,971,584 

______ 

1.27 

___________ 

364,495,453 

______ 

6.19 

United States 


5,000,000 Newmont Mining 

___________ 

226,400,000 

______ 

3.85 

___________ 

404,384,000 

______ 

6.87 

Total Common Stocks (Shares) & Warrants 5,543,997,295 

___________ ______ 

94.19 

BONDS 


US$8,400,000 Peter Hambro Mining Group Finance 

7.125% 11/8/2010 

___________ 

13,939,800 

______ 

0.23 

Total Bonds 

___________ 

13,939,800 

______ 

0.23 




___________ ______ 

96.40 



Canada 

1,768,037 Silver Bear (Restricted) 1,142,438 0.02 

2,250,000 Thistle Mining (Wts 9/1/2009) 

___________ 

0 

______ 

0.00 


___________ 

1,142,438 

______ 

0.02 



___________ 

210,462,845 

______ 

3.58 


___________ ______ 

100.00 




World Gold Fund continued 


% of net 

assets 

Gold 77.4 

Platinum 9.5 

Silver 4.1 


Diamonds 1.6 

Diversified 1.0 

Copper 0.8 


___________ 

3.6 

___________ 

100.0 


World Healthscience Fund 






Austria 

50,000 Intercell 

___________ 

1,136,963 

______ 

0.85 

Bermuda 

16,000 Warner Chilcott 'A' 

___________ 

218,400 

______ 

0.16 


17,000 Mindray Medical International ADR 

___________ 

415,820 

______ 

0.31 

Denmark 

65,600 Genmab 

___________ 

4,437,528 

______ 

3.33 

France 

53,000 Sanofi-Aventis 

___________ 

4,915,041 

______ 

3.68 

Germany 

60,000 Bayer 

___________ 

3,215,924 

______ 

2.41 

India 

80,000 Glenmark Pharmaceuticals 1,090,119 0.81 

135,000 Sun Pharmaceuticals Industries 

___________ 

2,998,352 

______ 

2.25 

___________ 

4,088,471 

______ 

3.06 

Japan 

25,000 Chugai Pharmaceutical 516,483 0.39 

50,000 Kyorin 

___________ 

586,119 

______ 

0.44 

___________ 

1,102,602 

______ 

0.83 

Netherlands 

200,000 Pharming Group 

___________ 

1,107,303 

______ 

0.83 

Sweden 

51,000 Elekta 'B' 

___________ 

1,068,960 

______ 

0.80 

Switzerland 

125,000 Novartis 7,193,213 5.39 

30,000 Roche Holding (Genusscheine) 5,373,391 4.03 

4,000 Speedel Holding 

___________ 

521,354 

______ 

0.39 

___________ 

13,087,958 

______ 

9.81 


100,000 Shire 

___________ 

2,078,916 

______ 

1.56 

United States 


10,000 Aetna 435,200 0.33 

14,000 AmerisourceBergen 630,140 0.47 

9,000 Arthrocare 364,230 0.27 

15,000 Aspect Medical Systems 286,650 0.22 




34,000 Boston Scientific 582,080 0.44 

9,000 Cardinal Health 581,130 0.44 

25,000 Caremark Rx 1,426,000 1.07 

107,000 Celgene 6,146,080 4.61 

30,000 Cephalon 2,076,600 1.56 

90,000 Cerner 4,192,200 3.14 

6,000 Charles River Laboratories International 261,240 0.20 

87,600 Covance 5,203,440 3.90 

50,000 Cytyc 1,421,000 1.06 

15,000 DaVita 850,200 0.64 

100,000 DexCom 990,000 0.74 

42,000 Emageon 652,260 0.49 

408,100 Emdeon 5,129,817 3.84 

163,600 Exelixis 1,475,672 1.11 

19,000 Genentech 1,547,550 1.16 

43,300 Gen-Probe 2,258,528 1.69 

14,500 Gilead Sciences 950,910 0.71 

100,800 Hansen Medical 1,222,704 0.92 

35,000 HemoSense 148,750 0.11 

162,000 Hologic 7,677,180 5.75 

5,000 Human Genome Sciences 62,700 0.05 

86,000 Intuitive Surgical 8,345,440 6.25 

2,500 Laboratory Corporation of America 

Holdings 184,775 0.14 

115,500 Medarex 1,718,640 1.29 

45,000 Medimmune 1,458,000 1.09 

12,000 PDL BioPharma 243,480 0.18 

107,200 Progenics Pharmaceuticals 2,789,344 2.09 

3,000 Quest Diagnostics 160,080 0.12 


15,000 Somaxon Pharmaceuticals 210,000 0.16 

210,000 SonoSite 6,623,400 4.96 

20,000 St Jude Medical 733,400 0.55 

10,000 Stryker 551,600 0.41 

10,000 SuperGen 50,700 0.04 

54,000 Thermo Fisher Scientific 2,456,460 1.84 

25,000 Thoratec 445,250 0.33 

110,100 UnitedHealth Group 5,920,077 4.44 

4,000 Varian 184,080 0.14 

9,000 Ventana Medical Systems 390,870 0.29 

109,500 Vertex Pharmaceuticals 4,113,915 3.08 

39,100 Vical 245,157 0.18 

36,100 WebMD Health 'A'* 

___________ 

1,453,747 

______ 

1.09 

___________ 

94,995,016 

______ 

71.19 



___________ 

1,577,489 

______ 

1.18 


___________ 

133,446,391 

______ 

100.00 



% of net 

assets 

Pharmaceuticals 38.3 

Healthcare products 25.1 

Biotechnology 12.9 

Healthcare services 12.9 

Medical technolgy 9.6 


___________ 

1.2 

___________ 

100.0 



World Income Fund 





BONDS 

Argentina 

US$400,000 Republic of Argentina 0% 15/12/2035 54,480 0.02 

US$3,187,500 Republic of Argentina 1.33/2.5% 

31/12/2038 (step-up coupon) 1,728,422 0.56 

US$945,621 Republic of Argentina 8.28% 

31/12/2033 

___________ 

1,025,053 

______ 

0.33 

___________ 

2,807,955 

______ 

0.91 

A$580,000 

Australia 

New South Wales Treasury '10RG' 

7% 1/12/2010 

___________ 

468,960 

______ 

0.15 

Bermuda 

US$1,075,000 AES China Generating 8.25% 

26/6/2010 

___________ 

1,075,644 

______ 

0.35 

US$4,000,000 

US$250,000 

Brazil 

Brazilian Government International 

Bond 10.5% 14/7/2014 

___________ 

5,101,000 

______ 

1.65 


Galaxy Entertainment Finance FRN 

15/12/2010 

___________ 

265,373 

______ 

0.09 

Canada 

US$500,000 Ainsworth Lumber 7.25% 1/10/2012 396,250 0.13 


7.75% 1/4/2014 21,875 0.01 

C$1,275,000 Canadian Government Bond 5% 

1/6/2037 1,265,279 0.41 

US$750,000 Domtar 7.125% 15/8/2015 738,750 0.24 

US$375,000 Fairfax Financial Holdings 7.75% 

26/4/2012 371,250 0.12 


US$700,000 Nova Chemicals FRN 15/11/2013 705,250 0.23 

US$300,000 Quebecor Media 7.75% 15/3/2016 307,875 0.10 

US$175,000 Quebecor World Capital '144A' 

8.75% 15/3/2016 

___________ 

168,438 

______ 

0.05 

___________ 

11,117,730 

______ 

3.60 

US$620,000 

BRL3,300,000 


Aes Dominicana Energia Finance 

11% 13/12/2015 651,000 0.21 

Banco Bradesco (Cayman Islands) 

17.5% 10/12/2007 

___________ 

1,617,155 

______ 

0.53 

___________ 

2,268,155 

______ 

0.74 

Colombia 

US$1,000,000 Colombia Government International 

Bond 7.375% 27/1/2017 1,079,000 0.35 


18/9/2037 1,553,760 0.50 


21/5/2024 1,154,000 0.38 

US$810,000 Republic of Colombia 11.75% 

25/2/2020 

___________ 

1,178,550 

______ 

0.38 

___________ 

4,965,310 

______ 

1.61 

Denmark 

DKK10,550,000 Kingdom of Denmark 4% 15/11/2010 1,870,286 0.61 



1/10/2038 

___________ 

2,963,679 

______ 

0.96 

___________ 

10,853,705 

______ 

3.52 




US$704,686 

Dominican Republic 

Dominican Republic International 

Bond 9.04% 23/1/2018 

___________ 

811,093 

______ 

0.26 

France 


'OATE' 2.25% 25/7/2020 

___________ 

513,241 

______ 

0.17 

Germany 


9/10/2009 9,298,766 3.02 


4.75% 4/7/2034 23,228,124 7.53 


3.75% 4/1/2015 13,980,265 4.53 


3.5% 4/1/2016 1,963,824 0.64 


4% 4/7/2016 1,423,066 0.46 

US$500,000 Dresdner Bank AG for Kyivstar GSM 

7.75% 27/4/2012 520,955 0.17 

€11,200,000 Eurohypo '2194' 3.25% 26/10/2015 

___________ 

13,827,614 

______ 

4.48 

___________ 

64,242,614 

______ 

20.83 

Hungary 

HUF600,000,000 Government of Hungary '16/C' 

5.5% 12/2/2016 

___________ 

2,873,209 

______ 

0.93 

Iceland 


15/9/2014 

___________ 

1,370,270 

______ 

0.44 

Indonesia 

US$1,200,000 Republic of Indonesia 7.5% 

15/1/2016 

___________ 

1,323,309 

______ 

0.43 

Ireland 

€279,576 JSG Holding 11.5% 1/10/2015 

___________ 

385,605 

______ 

0.13 

Japan 

¥85,500,000 Japan Government Thirty Year Bond 

'20' 2.5% 20/9/2035 

___________ 

752,842 

______ 

0.24 

US$700,000 

Luxembourg 

Gaz Capital for Gazprom '144A' 

6.212% 22/11/2016 

___________ 

705,280 

______ 

0.23 

Mexico 

MXN77,000,000 Mexican Bonos 'MI10' 9% 20/12/2012 7,661,120 2.48 

MXN26,206,000 Mexican Fixed Rate Bonds 'MI10' 

9.5% 18/12/2014 2,716,511 0.88 

US$1,440,000 United Mexican States 6.625% 

3/3/2015 1,558,800 0.51 

US$2,040,000 United Mexican States MTN 8.3% 

15/8/2031 2,616,300 0.85 

US$5,000,000 United Mexican States MTNA 6.75% 

27/9/2034 

___________ 

5,412,500 

______ 

1.75 

___________ 

19,965,231 

______ 

6.47 

Netherlands 

US$760,000 ALB Finance '144A' 9.25% 25/9/2013 755,250 0.24 



3/11/2015 449,032 0.15 

US$150,000 Kazkommerts International 8.5% 

16/4/2013 

___________ 

160,666 

______ 

0.05 

___________ 

2,080,027 

______ 

0.67 


World Income Fund continued 





Norway 

NOK15,700,000 Norway Government Bond 5% 

15/5/2015 2,626,500 0.85 

NOK30,750,000 Norway Government Bond 6.5% 

15/5/2013 

___________ 

5,488,455 

______ 

1.78 

___________ 

8,114,955 

______ 

2.63 

Peru 

US$380,000 Republic of Peru 8.75% 21/11/2033 501,600 0.16 

US$2,510,000 Republic of Peru 9.875% 6/2/2015 

___________ 

3,190,210 

______ 

1.04 

___________ 

3,691,810 

______ 

1.20 

Philippines 

US$475,000 Republic of Philippine 7.75% 

14/1/2031 541,500 0.17 


17/3/2015 

___________ 

1,812,844 

______ 

0.59 

___________ 

2,354,344 

______ 

0.76 

US$2,060,000 

US$1,100,000 



Bond 12.75% 24/6/2028 3,734,286 1.21 


Bond '144A' 12.75% 24/6/2028 

___________ 

1,993,750 

______ 

0.65 

___________ 

5,728,036 

______ 

1.86 

South Africa 


31/8/2010 1,935,184 0.63 


28/2/2008 

___________ 

2,464,282 

______ 

0.80 

___________ 

4,399,466 

______ 

1.43 

Spain 

€1,510,000 Spain Government Bond 4.2% 

30/7/2013 2,018,874 0.66 

€4,075,000 Spain Government Bond 4.4% 

31/1/2015 

___________ 

5,527,357 

______ 

1.79 

___________ 

7,546,231 

______ 

2.45 

SEK21,550,000 

Sweden 

Sweden Government Bond '1049' 

4.5% 12/8/2015 

___________ 

3,302,586 

______ 

1.07 

Turkey 

US$850,000 Republic of Turkey 7% 5/6/2020 857,922 0.28 

TRY6,600,000 Turkey Government Bond 15% 

10/2/2010 

___________ 

4,219,281 

______ 

1.37 

___________ 

5,077,203 

______ 

1.65 


US$250,000 NTL Cable 9.125% 15/8/2016 265,313 0.08 

£400,000 UK Treasury 5% 7/3/2025 834,181 0.27 

£3,225,000 United Kingdom Gilt 4% 7/9/2016 5,972,264 1.94 


£3,900,000 United Kingdom Gilt 5% 7/9/2014 

___________ 

7,734,005 

______ 

2.51 

___________ 

15,393,525 

______ 

4.99 




United States 

US$250,000 Ahern Rentals 9.25% 15/8/2013 261,875 0.08 

US$250,000 Alliant Techsystems 6.75% 1/4/2016 250,625 0.08 

US$250,000 American Tire Distributors FRN 

1/4/2012 240,000 0.08 


US$350,000 Ashton Woods USA 9.5% 1/10/2015 316,750 0.10 

US$3,050,000 BA Credit Card Trust 

'2006-A16 A16' 4.72% 15/5/2013 3,012,828 0.98 


'2002-A5 A5' FRN 15/6/2010 3,205,565 1.04 


'2003-A10 A10' FRN 15/6/2011 3,785,903 1.23 

US$180,000 Barrington Broadcasting Group 

'144A' 10.5% 15/8/2014 183,825 0.06 

US$170,000 Berry Plastics Holding '144A' 

8.875% 15/9/2014 173,400 0.06 

US$900,000 Boyd Gaming 7.125% 1/2/2016 900,000 0.29 

US$75,000 Cablevision Systems 'B' 8% 15/4/2012 74,250 0.02 

US$4,525,000 Chase Issuance Trust '2005-A3 A' 

FRN 17/10/2011 4,531,557 1.47 


'2005-B A4' 4.88% 15/6/2012 2,191,743 0.71 

US$7,704,863 Citigroup Funding '144A' 0% 

3/1/2012 8,172,024 2.65 


US$250,000 Corrections Corporation of America 

6.75% 31/1/2014 253,750 0.08 


US$500,000 Dycom Industries 8.125% 15/10/2015 520,000 0.17 


US$150,000 Equistar Chemicals 10.625% 1/5/2011 160,500 0.05 

US$195,000 Ferrellgas Partners Finance 8.75% 

15/6/2012 200,850 0.07 


'2006-C A3' 5.16% 15/11/2010 2,943,159 0.95 


9.5% 15/8/2013 611,900 0.20 

US$750,000 Host Marriott 'Q' 6.75% 1/6/2016 754,688 0.24 

US$400,000 Indalex Holding '144A' 11.5% 

1/2/2014 420,000 0.14 

US$950,000 ION Media Networks '144A' FRN 

15/1/2012 966,625 0.31 

US$500,000 Levi Strauss & Co 8.875% 1/4/2016 525,000 0.17 

US$390,000 Little Traverse Bay Bands of 

Odawa Indians '144A' 

10.25% 15/2/2014 393,900 0.13 

US$185,000 Mac-Gray 7.625% 15/8/2015 188,700 0.06 

US$3,700,000 MBNA Credit Card Master Note Trust 

'2006-A4 A4' FRN 15/9/2011 3,704,763 1.20 

US$750,000 MGM Mirage 6.75% 1/4/2013 736,875 0.24 

US$700,000 Mirant North America 7.375% 

31/12/2013 714,677 0.23 

US$500,000 Nielsen Finance '144A' 10% 

1/8/2014 544,375 0.18 

US$300,000 NRG Energy 7.25% 1/2/2014 303,000 0.10 

US$250,000 NRG Energy 7.375% 1/2/2016 251,875 0.08 

US$550,000 Omnova Solutions 11.25% 1/6/2010 594,000 0.19 








US$435,000 Packaging Dynamics Finance '144A' 

10% 1/5/2016 437,175 0.14 

US$1,700,000 Peco Energy Transition Trust 

'2001-A A1' 6.52% 31/12/2010 1,775,660 0.58 

US$250,000 Ply Gem Industries 9% 15/2/2012 213,750 0.07 


US$500,000 Qwest 7.5% 1/10/2014 532,500 0.17 

US$275,000 RathGibson 11.25% 15/2/2014 292,875 0.09 


US$1,882,143 Residential Asset Mortgage Products 

'2006-RZ2 A1' FRN 25/5/2036 1,883,562 0.61 



US$250,000 San Pasqual Casino '144A' 8% 

15/9/2013 258,125 0.08 


FRN 27/4/2020 2,542,541 0.82 

US$250,000 Stanley-Martin Communities 9.75% 

15/8/2015 223,750 0.07 



US$550,000 Superior Essex Communications 9% 

15/4/2012 574,750 0.19 

US$180,000 Telcordia Technologies '144A' 10% 

15/3/2013 159,300 0.05 

US$250,000 Turning Stone Resort Casino 

Enterprise '144A' 9.125% 

15/9/2014 256,875 0.08 







US$800,000 US Treasury Bond 4.625% 

15/11/2016 794,437 0.26 


2% 15/1/2026 2,096,380 0.68 


2.5% 15/7/2016 1,328,748 0.43 

US$1,718,325 Wells Fargo Home Equity Trust 

'2006-2 A1' FRN 25/7/2036 

___________ 

1,719,279 

______ 

0.56 

___________ 

68,953,750 

______ 

22.35 

Uruguay 

US$1,815,000 Republic of Uruguay 9.25% 

17/5/2017 

___________ 

2,223,375 

______ 

0.72 

Venezuela 


Bond 7.65% 21/4/2025 

___________ 

1,112,820 

______ 

0.36 



___________ 

46,618,733 

______ 

15.11 


___________ 

308,463,387 

______ 

100.00 


Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

Nominal 

Value 

Description 

Unrealised 

profit/(loss) 

US$ 

US$2,500,000 Interest Rate Swaps (Citigroup) 

(Fund pays default protection on 

Republic of Indonesia 6.75% 10/3/2014; 

and receives Fixed 1.63%) (20/3//2011) 61,440 


(Fund receives Fixed 0.78%; and pays default 

protection on United Mexican States 

7.50% 8/4/2033) (20/6/2011) 16,228 





(Fund pays Fixed 1.51% and receives JPY 

Fixing Libor 6-Month) (18/12/2013) (9,625) 

US$1,000,000 Credit Default Swaps (Citibank) 

(Fund receives Fixed 0.46%; and pays 

default protection on United Mexican 

States 7.50% 8/4/2033) (20/10/2011) 

_______ 

2,769 

_______ 

62,564 


Call Options Purchased as at 31 December 2006 

Par Value 

Subject 

to Call 

US$ 

Issuer 

Unrealised 

loss 

US$ 

Value 

US$ 

29,525,165 OTC USD/KRW Call Option 

strike price $1,000 


___________ 

(10) 

_________ 

56,088 


___________ 

(10) 

_________ 

56,088 



Par Value 

Subject 

to Put 

US$ 

Issuer 

Unrealised 

profit/(loss) 

US$ 

Value 

US$ 

83,600 OTC EUR/JPY Put Option 

strike price €148 

expiring on 7/2/2007 (86,281) 220 

50,300 OTC USD/TRY Put Option 



___________ 

23,138 

_________ 

78,217 


___________ 

(63,143) 

_________ 

78,437 






Purchases 


Unrealised 

profit/(loss) 

US$ 

A$7,844,000 US$6,147,555 10/1/2007 46,683 

C$3,140,000 US$2,774,209 10/1/2007 (68,343) 

CZK14,361,500 US$664,442 10/1/2007 24,281 

€111,148,056 US$141,692,259 10/1/2007 4,874,993 

£7,312,000 US$14,348,175 10/1/2007 6,695 

HUF149,620,000 US$769,640 10/1/2007 14,559 

ISK19,985,000 US$282,913 10/1/2007 (2,696) 

¥345,474,822 €2,310,000 10/1/2007 (136,458) 

¥8,873,145,700 US$76,030,173 10/1/2007 (1,298,650) 

NZD445,000 US$291,287 10/1/2007 21,445 

PLN17,242,500 US$5,722,803 10/1/2007 203,980 

SKr4,150,000 US$603,896 10/1/2007 1,482 

SGD6,109,838 US$3,937,482 10/1/2007 50,186 

TRY1,200,000 US$809,116 10/1/2007 38,322 

US$5,506,460 A$7,083,000 10/1/2007 (86,833) 

US$5,993,831 C$6,790,000 10/1/2007 142,611 

US$3,008,837 DKr17,020,500 10/1/2007 (2,179) 

US$101,376,874 €78,800,546 10/1/2007 (2,534,788) 

US$11,601,710 £6,105,500 10/1/2007 (384,566) 

US$2,530,661 HUF544,625,000 10/1/2007 (323,864) 

US$2,000,444 ISK138,787,000 10/1/2007 54,459 

US$771,211 ¥91,104,500 10/1/2007 3,910 

US$8,644,926 MXN95,590,500 10/1/2007 (160,516) 

US$8,047,984 NOK53,000,000 10/1/2007 (429,695) 

US$3,995,592 PLN12,000,000 10/1/2007 (129,181) 

US$18,588,232 ZAR136,227,000 10/1/2007 (887,565) 

ZAR43,781,100 US$6,248,001 10/1/2007 11,197 

€3,605,000 ¥539,450,397 11/1/2007 210,157 

€11,495,000 US$14,543,720 11/1/2007 615,000 

IDR2,275,000,000 US$243,576 11/1/2007 9,145 

¥534,480,905 €3,605,000 11/1/2007 (252,016) 

¥520,000,000 US$4,462,075 11/1/2007 (82,069) 

MXN100,080,000 US$9,195,571 11/1/2007 23,104 

NOK18,974,422 €2,295,000 11/1/2007 8,728 

PHP155,163,000 US$3,113,037 11/1/2007 52,045 

SKr8,306,420 €915,000 11/1/2007 5,128 

TRY9,167,350 €4,700,000 11/1/2007 274,064 

US$8,765,414 €6,955,000 11/1/2007 (406,304) 

US$13,782,966 TRY20,510,000 11/1/2007 (696,899) 

BRL34,700,000 US$15,995,222 12/1/2007 226,945 

€7,005,000 ZAR68,213,289 12/1/2007 (512,240) 

IDR69,075,000,000 US$7,500,000 12/1/2007 172,575 

KRW2,377,627,500 US$2,542,041 12/1/2007 16,141 

MXN12,815,000 US$1,181,555 12/1/2007 (1,167) 

MYR32,780,000 US$8,961,635 12/1/2007 331,026 

PHP143,895,000 US$2,883,905 12/1/2007 51,238 

THB111,235,000 US$3,107,817 12/1/2007 27,814 

TRY1,361,250 US$908,136 12/1/2007 52,610 

US$17,975,928 BRL38,936,950 12/1/2007 (227,003) 

US$4,801,824 IDR44,306,136,000 12/1/2007 (119,525) 

US$9,210,136 MYR32,810,000 12/1/2007 (91,030) 

US$3,153,813 THB111,235,000 12/1/2007 18,182 

ZAR67,288,863 €7,005,000 12/1/2007 380,105 

ZAR73,010,116 US$9,923,127 12/1/2007 512,811 

TRY2,295,000 US$1,500,000 12/3/2007 86,594 

US$1,536,505 TRY2,295,000 12/3/2007 (50,089) 

US$6,207,460 DKr34,966,000 18/4/2007 (1,677) 

TRY8,481,200 US$5,200,000 21/8/2007 

________ 

332,888 


________ 

15,750 


Number 


of Contracts 


date US$ 

(53) Eurex Euro-Bund March 2007 (8,114,184) 

75 Euro DTB BOBL March 2007 10,760,612 






(140) MSE 3 Month Canadian Banker Acceptance June 2007 (28,875,678) 

(53) CME/IMM Euro Dollar June 2008 

__________ 

(12,604,725) 


__________ 

(50,609,301) 

Note: The net unrealised profit of U$354,289 attributed to these transactions is included in the 






World Mining Fund 






Australia 

45,000,000 Alumina 225,373,252 3.13 

3,600,000 Aquila Resources 9,612,134 0.13 

1,200,000 Energy Resources of Australia 19,717,197 0.27 

21,500,000 Gindalbie Metals 12,653,053 0.18 

8,000,000 Iluka Resources 42,025,436 0.58 

2,000,000 Minara Resources 9,242,436 0.13 

5,000,000 Murchison Metals 4,858,204 0.07 

32,500,000 Oxiana* 81,384,785 1.13 

1,500,000 Paladin Resources* 10,545,857 0.15 

2,000,000 Perilya 8,657,872 0.12 

5,275,605 Riversdale Mining 8,960,069 0.12 

4,000,000 Straits Resources 11,154,120 0.15 

16,000,000 Zinifex 

___________ 

237,491,113 

______ 

3.30 

___________ 

681,675,528 

______ 

9.46 

Bermuda 

7,658,000 Griffin Mining 

___________ 

16,160,876 

______ 

0.22 

Brazil 

1,000,000 Bradespar (Pref) 47,306,792 0.66 

2,057,500 Cia Vale do Rio Doce (Pref) 52,136,183 0.72 

22,700,000 Cia Vale do Rio Doce ADR 

___________ 

575,445,000 

______ 

7.98 

___________ 

674,887,975 

______ 

9.36 

Canada 

1,500,000 Aber Diamond* 54,626,518 0.76 

4,550,000 Alcan 220,720,500 3.06 

4,800,000 Amerigo Resources 8,891,186 0.12 

2,050,000 AUR Resources 41,770,053 0.58 

2,850,000 Barrick Gold 87,352,500 1.21 

2,270,000 Cameco 91,605,755 1.27 

6,500,000 Chariot Resources* 3,304,041 0.05 

1,560,000 First Quantum Minerals 81,850,607 1.14 

250,000 FNX Mining 3,879,125 0.05 

1,600,000 Goldcorp* 45,489,791 0.63 

380,000 Ivanhoe Mines 3,758,422 0.05 

2,600,000 Ivernia 3,225,640 0.05 

1,000,000 Kinross Gold 11,906,608 0.17 

2,500,000 LionOre Mining International* 28,280,348 0.39 

1,098,310 Platmin 5,411,775 0.08 

4,639,000 Spur Ventures 2,358,068 0.03 

752,000 Spur Ventures (Wts 28/7/2007) 129,577 0.00 

4,300,000 Teck Cominco 'B'* 320,675,454 4.45 

1,725,000 Uranium Participation 16,548,341 0.23 

275,000 Uranium Participation (Wts 14/9/2008) 971,397 0.01 

1,500,000 UrAsia Energy 

___________ 

6,926,854 

______ 

0.10 

1,039,682,560 

___________ ______ 

14.43 

China 


30,000,000 Jiangxi Copper 'H' 30,529,539 0.42 


___________ 

55,887,196 

______ 

0.78 

___________ 

230,920,646 

______ 

3.20 

France 

480,675 Eramet 

___________ 

76,352,936 

______ 

1.06 




Isle of Man 

800,000 Nikanor 

___________ 

9,579,898 

______ 

0.13 

Mexico 

17,000,000 Grupo Mexico SAB de CV 'B' 

___________ 

62,484,336 

______ 

0.87 

Peru 

2,750,000 Cia de Minas Buenaventura ADR 76,395,000 1.06 

5,043,364 Minsur 10,586,359 0.15 

1,300,000 Sociedad Minera Cerro Verde 

___________ 

18,525,000 

______ 

0.26 

___________ 

105,506,359 

______ 

1.47 


1,850,000 MMC Norilsk Nickel ADR 

___________ 

292,300,000 

______ 

4.06 

South Africa 

4,900,000 African Rainbow Minerals 70,808,235 0.98 

1,850,000 Anglo Platinum* 226,582,848 3.14 

250,000 AngloGold Ashanti 11,803,399 0.16 

331,943 AngloGold Ashanti ADR* 15,481,821 0.22 

6,850,905 Gold Fields 130,121,420 1.81 

4,149,095 Gold Fields ADR* 77,629,567 1.08 

4,812,162 Harmony Gold Mining 76,561,661 1.06 

4,187,838 Harmony Gold Mining ADR* 65,665,300 0.91 

16,000,000 Impala Platinum Holdings* 421,215,286 5.85 

3,000,000 Kumba Iron Ore 47,751,563 0.66 

2,400,000 Kumba Resources 19,229,394 0.27 

8,050,000 Metorex 18,658,521 0.26 

300,000 Palabora Mining 

___________ 

2,468,058 

______ 

0.03 

1,183,977,073 

___________ ______ 

16.43 


9,000,000 Anglo American 440,106,007 6.11 

6,000,000 Antofagasta 59,952,886 0.83 

2,015,000 Aquarius Platinum (UK Listing) 43,867,982 0.61 

18,000,000 Aricom 21,908,127 0.30 

23,000,000 BHP Billiton 421,937,574 5.86 

3,500,000 Kazakhmys 76,266,196 1.06 

2,521,066 Merrill Lynch World Mining Trust 

(Wts 27/2/2009) 2,412,681 0.03 

10,000,000 Rio Tinto 533,568,905 7.40 

3,800,000 Vedanta Resources 91,083,628 1.26 

8,000,000 Xstrata 

___________ 

400,471,142 

______ 

5.56 

2,091,575,128 

___________ ______ 

29.02 

United States 

9,150,000 Alcoa 273,219,000 3.79 



1,500,000 Peabody Energy 61,290,000 0.85 

2,300,000 Southern Copper 

___________ 

123,395,000 

______ 

1.71 

___________ 

600,840,000 

______ 

8.33 




___________ ______ 

98.04 



World Mining Fund continued 





Switzerland 

1,500,000 Highland African Mining 

(Convertible 1/1/2009) 

___________ 

1,500,000 

______ 

0.02 

United States 

1,206,346 GEM Diamond Mining 'B' 15,682,498 0.22 

1,042,521 GEM Diamond Mining 'Tranche 1' 

___________ 

13,552,773 

______ 

0.19 

___________ 

29,235,271 

______ 

0.41 


___________ 

30,735,271 

______ 

0.43 



BONDS 

Brazil 

BRL6,750 Cia Vale do Rio Doce 0% (Perpetual) 

___________ 

0 

______ 

0.00 


___________ 

30,735,271 

______ 

0.43 



___________ 

109,991,224 

______ 

1.53 


___________ ______ 

100.00 


% of net 

assets 

Diversified 41.6 

Gold 11.7 

Aluminium 10.0 

Platinum 9.6 

Copper 7.9 

Nickel 5.6 

Zinc 3.6 

Coal 3.1 

Uranium 2.0 

Iron ore 1.3 

Diamonds 1.2 

Industrial minerals 0.9 


___________ 

1.5 

___________ 

100.0 



World Technology Fund 





FUNDS 

United States 

1,000 Internet HOLDRs Trust – ETF 

___________ 

52,690 

______ 

0.04 


___________ 

52,690 

______ 

0.04 


Bermuda 

229,200 Marvell Technology Group 

___________ 

4,448,130 

______ 

3.52 

Canada 

44,100 Celestica 

___________ 

344,988 

______ 

0.27 


42,500 Garmin* 2,404,650 1.90 

34,400 Seagate Technology 

___________ 

917,104 

______ 

0.73 

___________ 

3,321,754 

______ 

2.63 

Germany 

69,600 Qimonda ADR 

___________ 

1,242,360 

______ 

0.98 

Netherlands 

30,700 STMicroelectronics (NY Shares) 

___________ 

570,406 

______ 

0.45 

South Korea 

1,100 Samsung Electronics 

___________ 

725,368 

______ 

0.58 

Taiwan 

23,300 AU Optronics ADR 

___________ 

324,802 

______ 

0.26 

United States 

44,900 Activision 789,342 0.62 

22,700 ADC Telecommunications 326,653 0.26 

31,900 Advanced Micro Devices 660,330 0.52 

7,700 Analog Devices 254,716 0.20 

10,800 Apple Computer 912,870 0.72 

105,700 aQuantive 2,611,847 2.07 

140,600 Avanex 268,546 0.21 

58,400 Brightpoint 791,904 0.63 

42,700 Broadcom 'A' 1,397,998 1.11 

66,300 Checkfree 2,691,780 2.13 

74,985 Ciena 2,141,572 1.69 

56,100 Circuit City Stores 1,083,852 0.86 

69,400 Cisco Systems 1,909,194 1.51 

78,000 Commvault Systems 1,524,900 1.21 




372,300 Corning 6,991,794 5.53 

109,300 Dell 2,749,988 2.18 

76,300 Directed Electronics 874,398 0.69 

118,700 eBay 3,576,431 2.83 

121,600 Electronic Arts 6,207,680 4.91 

248,100 EMC (Massachusetts) 3,307,173 2.62 

126,700 Foundry Networks 1,923,306 1.52 

66,800 Genesis Microchip 695,388 0.55 

136,100 Global Payments 6,387,173 5.05 

4,200 Google 'A' 1,945,734 1.54 

16,800 GSI Commerce 324,070 0.26 

288,800 Intel 5,908,848 4.67 

24,400 Jabil Circuit 597,068 0.47 

109,600 JDS Uniphase 1,846,760 1.46 

117,000 Juniper Networks 2,233,530 1.77 

68,300 Maxim Integrated Products 2,112,519 1.67 

110,000 MEMC Electronic Materials 4,368,100 3.46 

29,400 Microchip Technology 969,024 0.77 

66,700 Micron Technology 939,136 0.74 

14,200 Microsoft 427,136 0.34 

103,600 Monster Worldwide 4,873,344 3.85 

63,000 Motorola 1,308,510 1.04 

78,700 MRV Communications 274,663 0.22 

183,600 Novatel Wireless 1,784,592 1.41 

252,600 Novell 1,598,958 1.26 

25,900 Oracle 447,811 0.35 

51,700 Paychex 2,051,456 1.62 

199,200 Qualcomm 7,559,640 5.98 

152,100 Red Hat 3,477,006 2.75 

53,900 SanDisk 2,303,686 1.82 

33,200 Sirf Technology Holdings 865,192 0.68 

537,600 Sirius Satellite Radio 1,946,596 1.54 

42,700 Symantec 907,802 0.72 

122,400 Trident Microsystems 2,281,536 1.80 

12,800 Volterra Semiconductor 195,712 0.15 

65,600 Western Digital 1,374,320 1.09 

227,900 Yahoo! 

___________ 

5,836,519 

______ 

4.62 

___________ 

110,838,103 

______ 

87.67 


___________ 

121,815,911 

______ 

96.36 



___________ 

4,554,868 

______ 

3.60 


___________ 

126,423,469 

______ 

100.00 



% of net 

assets 

Semiconductors & Semiconductor 21.9 

Communications equipment 21.2 

Software 12.2 

Internet software & Services 11.1 

Computers & Peripherals 10.6 

IT services 8.8 

Commercial services & Supplies 3.9 

Household durables 2.6 

Electronic equipment & Instruments 1.6 

Media 1.5 

Specialty retail 0.8 

Internet & Catalog retail 0.2 


___________ 

3.6 

___________ 

100.0 


Notes to the Financial Statements 

1. Organisation 

Merrill Lynch International Investment Funds “the Company” is 

an open-ended investment company (Société d’Investissement 

à Capital Variable or SICAV) and formed under Part I of the 

Luxembourg Law dated 20 December 2002 (the “2002 Law”). 

The merger of the MLIM Group with BlackRock, Inc. (“BlackRock”) 

completed on 29 September 2006. As a result, a management 

company under the BlackRock name has been created. The 

Company is managed by investment companies which form part of 

the BlackRock Group. 

As at 29 December 2006, the Company offered shares in 

61 Funds. Each Fund is a separate pool of assets and is 

represented by separate shares of each Fund which are divided 

into share classes representing different charging structures: 

Classes of Shares 

Class ‘A’ – distributing (monthly and daily) – certain Funds only, 

and non-distributing; 

Class A UK Distributor Status Distributing shares (annual 

distribution) – for the following funds only: 

Asian Dragon, Continental European Flexible, Emerging Europe, 

European Value, Global Equity (28 April 2006), India (28 April 

2006) Japan Opportunities, Japan Value, Latin American, New 

Energy (28 February 2006), Sterling Reserve, United Kingdom, 

US Basic Value, US Flexible Equity, US Focused Value, World 

Energy and World Mining Funds; 

Class ‘B’ – distributing (daily) – certain Funds only, and nondistributing; 

Class ‘C’ – distributing (monthly and daily) – certain Funds only, 

and non-distributing – certain Funds only; 

Class ‘D’ – non-distributing – certain Funds only; 

Class ‘E’ – non-distributing; 

Class ‘J’ – distributing (monthly), and non-distributing (available 

to certain subscribers – certain Funds only); 

Class ‘Q’ (grandfathered share class available to investors 

previously holding shares in other Funds sponsored by entities 

within the BlackRock Group. Within the Company they are no 

longer available for subscription) – distributing and nondistributing 

– certain Funds only; and 

Class ‘X’ – non-distributing – (available to certain subscribers) – 

certain Funds only. 

Hedged share classes divided into Class A Shares, Class B 

Shares, Class C Shares, Class D Shares, Class E Shares and 

Class X (certain funds only) are available to holders of shares 

denominated in the additional dealing currency of the following 

funds only: Global Allocation, Global Enhanced Equity Yield 

(activated 15 December 2006), Japan, Japan Opportunities, Japan 

Value (Class X activated 29 May 2006 and Class E activated 

2 October 2006), US Basic Value, US Flexible Equity (Class D 

activated 22 June 2006), US Focused Value, US Government 

Mortgage (Classes A, B, C and E activated 29 May 2006) and 

Class X for US Government Mortgage (activated 16 August 2006). 

The classes of shares have similar right in the Company but 

carry different charging structures, which are more fully 

described in the Company’s Prospectus. 

India Fund 

Effective 28 April 2006, the India Fund of Merrill Lynch Specialist 

Investment Funds ('MLSIF') was merged with MLIIF India Fund 

of the Company. The ownership of Merrill Lynch India Equities 

Fund (Mauritius) Limited (the 'Subsidiary'), a wholly owned 

subsidiary of MLSIF transferred to the Company effective 

28 April 2006. 

The subsidiary was incorporated on 1 September 2004, under 

the laws of Mauritius as an open ended investment company 

with limited liability. Currently, the Subsidiary benefits from 

relief of India/Mauritius double tax treaty. This might change in 

the future. 

The MLIIF India Fund invests substantially all of its net assets in 

India through the Mauritian Subsidiary in accordance with its 

investment objectives and policies. 

All assets and liabilities, income and expenses of the Subsidiary 

are consolidated in the statement of net assets and operations 

of the Company. All investments held by the Subsidiary are 

disclosed in the Accounts of the Company. 

Share Class launches: 

• Effective 28 April 2006, the US Government Mortgage Fund 

launched Class A Euro hedged share class. 

• On 19 May 2006, Class D were launched (but not all activated) 

for the following Funds: 

Emerging Europe, Emerging Markets, Euro-Markets, European, 

European Growth, European Opportunities, Global Capital 

Securities Absolute Return (activated 1 December 2006), Japan, 

Japan Opportunities, Latin American, New Energy, Pacific Equity, 

US Flexible Equity, World Gold, World Mining and World Energy 

Funds, and US Flexible Equity Fund hedged share class. 

• Effective 29 May 2006, Japan, Japan Opportunities, and Japan 

Value Funds – Class A – hedged share classes were made 

available. 

• Effective 17 November 2006, the US Basic Fund launched 

Class D (non distributing) share class; 

• Effective 22 November 2006, the US Flexible Equity Fund 

launched Class X share class; 

• Effective 1 December 2006, the Japan Value Fund launched 

Euro hedged share version of Class E share class and, 


Notes to the Financial Statements continued 

• Effective 15 December 2006, the Global Enhanced Equity Yield 

Fund made available hedged share versions of Class A and E. 

Dealing Currency launches: 

• Effective 1 December 2006, the Asian Tiger Bond, US Dollar 

Core Bond, US Dollar High Yield Bond, US Government 

Mortgage and World Bond Funds launched Class E shares 

with a Euro dealing currency. 

Activation of new share classes 

Effective 29 May 2006, Classes A, B, C and E were activated for 

the European Focus Fund. Dealing currencies in Euro and US$ 

are available. 

Fund Launches 

• On 28 February 2006, Global Dynamic Equity Fund – 

denominated in USD, was launched; 

• On 28 April 2006, Global Capital Securities Absolute Return 

Fund – denominated in EUR, was launched; 

• On 2 May 2006, India Fund – denominated in USD, was 

launched. In normal market conditions, this Fund invests 

exclusively via the subsidiary – Merrill Lynch India Equities 

Fund (Mauritius) Limited; 

• On 13 October 2006, Global Enhanced Equity Yield Fund – 

denominated in USD, was launched. 

Fund Name Changes 

Effective 31 July 2006, the Corporate Bond Fund (Euro), changed 

its name to Euro Corporate Bond Fund; 

Effective 2 October 2006, the Short Duration Bond Fund (Euro) 

changed its name to Euro Short Duration Bond Fund, the Global 

Equity Core Fund changed its name to Global Equity Fund and 

Continental European Growth Fund changed its name to 

Continental European Flexible Fund. 

Fund Mergers 

Effective 8 September 2006, the following Funds from the MLB (S) 

(LUX) International Portfolios series merged into MLIIF: 

MLB(S) (LUX) Worldwide Equity Portfolio (USD) into MLIIF Global 

Equity Core Fund (renamed to Global Equity Fund); 

MLB(S) (LUX) Balanced Portfolio (Euro) into MLIIF Strategic 

Allocation (Euro) Fund; 

MLB(S) (LUX) Balanced Portfolio (USD) into MLIIF Strategic 

Allocation (US Dollar) Fund; 

MLB(S) (LUX) Fixed Income Portfolio (Euro) into MLIIF Euro 

Bond Fund; and 

MLB(S) (LUX) Fixed Income Portfolio (USD) into MLIIF US Dollar 

Core Bond Fund. 

Effective 29 September 2006, the Global Equity Diversified Fund 

merged into the Global Equity Core Fund (renamed to Global 

Equity Fund). 

Japanese Funds – Base Currency change 

With effect from 29 May 2006 the following Funds changed their 

base currency from US$ to Yen using an exchange rate of 1US$ 

= ¥111.8882 

• Japan, Japan Opportunities and Japan Value Funds. 

For the purposes of these accounts, the “net assets at the 

beginning of the period”, as documented in the Statement of 

Operations and Changes in Net Assets, have been restated 

using the 30 December 2005 year end exchange rate of 1US$ = 

¥117.588. 

2. Summary of Significant Accounting Policies 

The financial statements have been prepared in accordance with 

the format and regulations prescribed by the Luxembourg 

authorities for Luxembourg investment companies and the 

following significant accounting policies: 

(a) Valuation of Investments and Other Assets 

The Company’s investments and other assets are valued as 

follows: 

• the market values of quoted securities forming any particular 

Fund’s portfolio are determined by the last known prices 

upon close of the exchange on which those securities or 

assets are traded or admitted for trading. For quoted 

securities traded on markets closing after the time of the 

valuation pricing slots on 29 December 2006, last known 

prices as of this time or such other time may be used. Where 

such quoted securities are quoted or dealt in on or by more 

than one stock exchange or regulated market the Directors 

may in their discretion select one of such stock exchanges or 

regulated markets for such purposes; 

However, on the advice of the Manager, the Board of 

Directors has identified certain investments held by the 

Company, for which the quoted market values do not 

represent the fair market value due to market illiquidity or 

restrictions in the repatriation of capital. In recognition of 

this, the Board of Directors has on the advice of the Manager 

and local brokers, applied a discount to the market prices to 

reflect their estimated realisable value. The valuation of these 

investments and the discounts applied are subject to regular 

review by the Board; 

• securities lending: securities are delivered to a third party 

broker as per lending agent BlackRock Investment 

Management LLC instructions, the assets of which continue 

to be valued as part of the portfolio of the Fund; 

• the valuation of unquoted securities (securities not traded on 

or admitted to any official stock exchange or any regulated 

market), or in the case of securities so traded or admitted 



where the last known price is not considered to reflect their 

true value, the Directors will value the securities concerned 

with prudence and in good faith on the basis of their expected 

disposal or acquisition price; 

• contracts for difference are valued at nominal value and the 

market value is included in the Statement of Net Assets as 

Other Investment Values; 

• liquid assets and money market instruments may be valued 

at nominal values plus any accrued interest or on an 

amortised cost basis; 

• cash, bills payable on demand and other debts are valued at 

their nominal amount, unless it appears unlikely that such 

nominal amount is obtainable; 

• assets which include in particular interest and dividends 

receivable, receivable for investments sold, receivable for 

Fund shares subscribed and restructuring expenses, are 

valued at nominal value; and 

• liabilities, which include in particular income distribution 

payable, payable for investments purchased, payable for Fund 

shares redeemed are valued at nominal value. 

(b) Income from Investments 

The Company takes credit for income from its investments on 

the following basis: 

• on fixed deposits, bonds and mortgage backed securities on 

a time apportionment basis; 

• premiums on bonds and mortgage backed securities being 

amortised to maturity; 

• on other stocks on the basis of the dividends declared; and 

• securities lending: income is received from securities lending 

on a monthly basis. 

(c) Financial Instruments 

During the year, the Company has entered into a number of 

forward foreign exchange and futures contracts. Open forward 

foreign exchange and futures contracts are valued at the cost to 

close the contracts on the accounting date. Surpluses/deficits 

arising from these and closed unsettled contracts are taken to 

unrealised profit/loss and are included under assets or 

liabilities (as appropriate) in the Statement of Net Assets on 

pages 4 to 15. 

The Company can write call and put options and purchase call 

and put options. When the Company writes an option, an 

amount equal to the premium received by the Company is 

reflected as an asset and an equivalent liability. The amount of 

the liability is subsequently marked to market to reflect the 

current value of the option written (certain Funds only). For the 

Global Enhanced Equity Fund, the current market value is 

calculated on the mid price of the option, subject to approval by 

the Pricing Committee. When a security is sold through an 

exercise of an option, the related premium received (or paid) is 

deducted from (or added to) the basis of the security sold. When 

an option expires (or the Company enters into a closing 

transaction), the Company realises a gain or loss on the option 

to the extent of the premiums received or paid (or gain or loss to 

the extent the cost of the closing transaction exceeds the 

premium paid or received). 

The Company has entered into swap agreements to exchange 

the return generated by one instrument for the return generated 

by another investment. The swaps are marked to market daily 

based upon quotations from market makers and the change, if 

any, is recorded as unrealised appreciation or depreciation in 

the Statement of Operations and Changes in Net Assets. 

Realised gains or losses on maturity or termination of the 

swaps are presented in the Statement of Operations and 

Changes in Net Assets on pages 34 to 41. 

Securities repurchase (or reverse repurchase) transactions are 

treated as lending (or, respectively, borrowing) operations 

guaranteed by the underlying securities. These are operations 

by which the assignor assigns to another person (the assignee) 

ownership of the securities and by which the assignor 

undertakes irrevocably to repurchase the securities and the 

assignee undertakes irrevocably to resell them, at an agreed 

price and date. Securities repurchase agreements are valued at 

their purchase price expressed in the original currency and are 

presented in the Statement of Net Assets as Other Investment 

Values. 

(d) Foreign Exchange 

The cost of investments in currencies other than the currency of 

denomination of the respective Fund has been translated at the 

rates of exchange ruling at the time of purchase. The market 

value of investments and other assets in currencies other than 

the currency of denomination of the respective Fund has been 

translated at the exchange rate prevailing at 13:00 in 

Luxembourg on 29 December 2006. 

(e) Total Consolidated Figures 

The consolidated figures of the Company are expressed in US$ 

and include the total of the financial statements of the different 

Funds. For the Statement of Net Assets, the exchange rate 

prevailing at 13:00 in Luxembourg as at 29 December 2006: 

1 US$ = 0.7586 Euros = 0.5094 Sterling = 118.8325 Yen. For the 

Statement of Operations and Changes in Net Assets, the 

exchange rate is the average rate calculated over the year: 

1 US$ = 0.7973 Euros = 0.5437 Sterling = 116.548 Yen. These 

figures are presented for information purposes only. 

(f) Restructuring Expenses 

Restructuring expenses are being amortised over periods not 

exceeding five years. The amount of unamortised restructuring 



expenses as at 29 December 2006 was US$410,641 in the 

Statement of Net Assets on pages 4 to 15. 

The expenses incurred in the merger between Global Equity 

Diversified Fund and Global Equity Fund amounted to US$5,000. 

These expenses were borne by the surviving Fund. 

3. Management Company 

BlackRock (Luxembourg) S.A. has been appointed by the 

Company to act as its management company. The Management 

Company is authorised to act as a fund management company 

in accordance with Chapter 13 of the law of 20 December 2002. 

The Company has signed a management company agreement 

(the “Fund Management Agreement”) with the Management 

Company and the Investment Manager. Under this agreement, 

the Management Company is entrusted with the day-to-day 

management of the Company, with responsibility for performing 

directly or by way of delegation all operational functions relating 

to the Company’s investment management, administration, and 

the marketing of the Funds. 

In agreement with the Company, the Management Company has 

decided to delegate several of its functions as is further 

described in the Prospectus. 

The Directors of the Management Company are: Frank P. Le 

Feuvre, James Stratford and Geoffrey Radcliffe. 

BlackRock (Luxembourg) S.A. is a wholly owned subsidiary 

within the BlackRock Group. It is regulated by the Commission 

de Surveillance du Secteur Financier. 

4. Management and Distribution Fees 

During the year the Company paid Management and Distribution 

fees to BlackRock (Channel Islands) Limited who acted as 

Investment Manager and Principal Distributor. 

Out of its Management fees, BlackRock (Channel Islands) paid 

the fees of the Investment Advisers. 

The level of Management fees varies from 0.40% to 2.00% 

according to which Fund the investor buys and, with the exception 

of some Q shares and all D and X shares, is the same for all 

classes of Shares within each Fund. The level of Distribution fees 

varies from 0% to 1.25% according to which Fund and which 

Class the investors buy. The Management and Distribution fees 

per Share Class per Fund are disclosed in detail in the 

prospectus and simplified prospectus of the Company. 

The Investment Manager may rebate all or part of its 

Management fee as described in Appendix C of the current 

prospectus. 

During the year, the following Funds were subject to a 

Management Fee Waiver: Conservative Allocation (Euro), 

Conservative Allocation (US Dollar), Corporate Bond (Euro), 

European Growth, European Focus, Global Focus and UK Focus 

Funds. 

5. Custodian and Depository Fees 

Throughout the year the Custodian of the Company was The 

Bank of New York Europe Limited, Luxembourg Branch. The 

Company paid a combination of fees based upon net asset value, 

and the number and location of transactions. The total fees 

amounted to approximately 0.03% per annum of the Company’s 

average net asset value during the year. However, the actual 

level charged varies from time to time for each Fund according 

to the asset allocation and the level of transactions. 

6. Fund Accounting Fees 

Throughout the year, the Fund accountant of the Company was 

The Bank of New York Europe Limited, Luxembourg Branch. The 

Company paid Fund Accounting fees based on a tiered net asset 

value tariff, specific Fund Accounting functions and subject to 

minimum fee values. The total fees paid amounted to 

approximately 0.01% per annum of the Company’s average net 

asset value. 

7. Transfer Agent Fees 

Throughout the year, the Transfer Agent and Registrar was J.P. 

Morgan Bank Luxembourg S.A. The Company paid the Transfer 

Agent fees based on the volume of transactions, number of 

holdings and maintenance fees. The total fees paid amounted to 

approximately 0.03% per annum of the Company’s average net 

asset value. 

8. Tax Status 

Luxembourg 

The Company is registered under Luxembourg law as an 

investment company. Accordingly, no Luxembourg income or 

capital gains tax is at present payable by the Company. However, 

it is subject to an annual “taxe d’abonnement” calculated at an 

annual rate of 0.05%, and in the case of the Reserve Funds and 

all Class X shares, of 0.01% of the net asset value of each Fund 

at the end of each quarter. 


Distributor Status 

The Directors intend to apply in respect of each accounting 

period for certification of the UK Distributor Status Sterling 

Denominated Class A Shares in the United Kingdom as a 

distributing share class for United Kingdom tax purposes. 

However, no guarantee can be given that such certification will 

be obtained. In respect of the accounting year-end 31 December 

2005, certification as a distributing share class for United 

Kingdom tax purposes was granted by the United Kingdom 

Inland Revenue. 

9. Other Charges 

The Company pays certain expenses of the Management 

Company, the Paying Agents, the Fund Accountant, the 

Custodian, Principal Distributor, the Transfer Agent and the 

Investment Manager and other distributors and agents, and 

expenses incurred in operating the Investor Services. The 

Company pays all other expenses incurred in its operation (see 

prospectus) including fees and expenses of the Directors (see 

paragraph 6 of Appendix C of the prospectus) and exchange 

costs arising from the calculation of the dealing prices in the 



additional Dealing Currencies (such exchange costs being met 

by the relevant Fund). 

Each Fund is charged with all fees and expenses specifically 

attributable to it. If a fee or an expense is attributable solely to a 

particular class of Shares of a Fund, then these will be borne by 

Shares of that class only. Other expenses are allocated between 

the Funds on an equitable basis, normally pro rata to their 

respective Net Asset Values. Fees and expenses are normally 

charged first against investment income. 

In Italy, additional expenses incurred by the Paying Agents or 

other entities responsible for processing Share transactions for 

and on behalf of Italian Shareholders may be charged to those 

Shareholders directly. 

Throughout the year, the total “Other charges“ paid by the 

Company amounted to approximately 0.05% per annum of 

average net asset value. 

10. Investment Advice 

BlackRock (Channel Islands) Limited has delegated investment 

advice and management as follows. BlackRock (Channel 

Islands) Limited has delegated some management and 

investment advice to the Investment Advisers: BlackRock 

Financial Management, Inc., BlackRock International, Ltd, 

BlackRock Investment Management LLC, and BlackRock 

Investment Management (UK) Limited as described in the 

Prospectus. 

BlackRock Financial Management, Inc provides investment 

advice on the following Funds: 

Asian Tiger Bond Fund 

Emerging Markets Bond Fund 



Global High Yield Bond Fund (Euro) 

US Dollar Core Bond Fund 

US Dollar High Yield Bond Fund 

US Dollar Low Duration Bond Fund 

US Dollar Reserve Fund 

US Government Mortgage Fund 


World Income Fund 

BlackRock Investment Management LLC provides investment 

advice on the following Funds: 

Emerging Markets Fund 


Global Dynamic Equity Fund 

Global Enhanced Equity Yield Fund 


Latin American Fund 




US Focused Value Fund 

US Growth Fund 


World Financials Fund 



BlackRock International Ltd and BlackRock Investment 

Management (UK) Ltd provides investment advice to Global 

Opportunities Fund. 

BlackRock International Ltd provides investment advice to 

US Opportunities Fund. 

In the case of the following Funds, BlackRock Investment 

Management (UK) Limited has in turn sub-delegated some 

functions to BlackRock Japan Co., Ltd: 

Japan Fund 

Japan Opportunities Fund 

Japan Value Fund 

BlackRock Financial Management, Inc. has in turn subdelegated 

some functions to BlackRock Investment 

Management (UK) Ltd, BlackRock International Ltd, BlackRock 

Investment Management (Australia) and BlackRock Japan Co., 

Ltd for the following Funds: 




For the remaining Funds, BlackRock Investment Management 

(UK) Limited are the Investment Adviser. 

11. Transactions with Connected Persons 

The Company’s Management Company, BlackRock (Luxembourg) 

S.A., Investment Manager, BlackRock (Channel Islands) Limited 

and Investment Advisers and Investment Advisers BlackRock 

Financial Management, Inc., BlackRock International, Ltd, 

BlackRock Investment Management LLC, BlackRock Investment 

Management (UK), and BlackRock Investment Management 

(Australia) are subsidiaries of BlackRock, Inc, the principal 

shareholders of which are Merrill Lynch & Co., Inc. and the PNC 

Bank N.A.. When arranging transactions of securities for the 

Company, other BlackRock companies may have provided 

securities, brokerage, foreign exchange banking and other 

services or may have acted as principal on their usual terms and 

may benefit from them. Commission has been paid to brokers and 

agents in accordance with the relevant market practice and the 

benefit of any bulk or other commission discounts provided by 

brokers or agents has been passed on to the Company. The 

services of BlackRock companies (including broker dealers) were 

used by the Investment Advisers where it was considered 

appropriate to do so and provided that their commissions and 

other terms of business are generally comparable with those 

available from unassociated brokers and agents in the markets 

concerned, and that this is consistant with the above policy of 

obtaining best results. 



During the year there have been no transactions which were 

outside the ordinary course of business or which were not on 

normal commercial terms. The total aggregate value of 

transactions of the Company effected through BlackRock 

companies was US$6,948,698,862. The percentage of such 

transactions in value compared to the total transactions during 

the year amounted to 1.12% and the brokerage commission paid 

in relation to these transactions totalled US$14,318,421. The 

average rate of commission so paid was 0.21%. 

The following transactions were entered into by a Director of the 

Company during the course of the financial period under review: 

Mr James Charrington – purchased 1,463.85 shares of MLIIF 

European Focus Fund. 

All transactions were entered into in the ordinary course of 

business and under normal commercial terms. 

12. Soft Commission Arrangements 

The Investment Adviser, BlackRock Investment Management 

LLC, has entered into soft commission arrangements with 

brokers under which certain goods and services used to support 

investment decision making were received by the Investment 

Adviser. The Investment Adviser does not make direct payment 

for these services but transacts an agreed amount of business 

with the brokers on behalf of the Company. Commission is paid 

from the Company on these transactions. 

The goods and services utilised for the Company include 

computer hardware and software used for economic analysis 

and portfolio analysis including valuation and performance 

measurement, market analysis, and data and quotation 

services. 

13. Securities Lending 

The Company has entered into securities lending with 

BlackRock Investment Management, LLC. Under this agreement, 

the Company may lend portions of its securities portfolio to third 

parties, subject to certain conditions, including adequate 

collateral. Such lending may only be effected via recognised 

clearing houses, or through the intermediary of prime financial 

institutions that specialise in such activities, in the terms and 

conditions agreed with them, including collateral. Such 

transactions may not be entered into for longer than 30 days. If 

the loan of securities exceeds 50% of the securities portfolio of 

the Fund concerned, it may only be effected on condition that it 

is possible to terminate the loan contract with immediate effect. 

Under such agreement, the Company may direct the cash 

collateral to be invested in approved securities, resulting in 

income earned. 

The income earned from the securities lending program is shown 

in the specific Fund’s Statement of Operations and Changes in 

Net Assets on pages 34 to 41. As at 29 December 2006 the total 

valuation of securities on loan is US$1,836,263,628 and the 

market value of invested collateral is US$1,988,678,236. 

The collateral consists of cash which has been reinvested 44% 

in Corporate Bonds (with a rating of A-1 or equivalent) and 56% 

in commercial papers, and time deposits. This collateral is held 

by the Custodian and is not reflected in the financial statements. 

The table below provides the value of securities on loan which 

are evidenced by a “*“ in the relevant Fund’s portfolio, at a Fund 

level as at 29 December 2006: 

Euro-Markets Fund 

European Fund 

European Growth Fund 

European Value Fund 



Japan Fund 

Japan Opportunities Fund 

Japan Value Fund 

New Energy Fund 





World Energy Fund 

World Gold Fund 


World Mining Fund 


US$10,959,004 

US$18,878,547 

US$19,788,637 

US$14,892,043 

US$305,775,082 

US$12,789,187 

US$228,565 

US$45,508,421 

US$41,725,745 

US$411,608,419 

US$4,394,867 

US$79,714,400 

US$511,605,000 

US$1,357,100 

US$121,155,400 

US$109,395,570 

US$2,214,850 

US$122,122,751 

US$2,150,040 

14. Securities Pledged or Given in Guarantee 

Underlying securities of written call options which are pledged 

are evidenced by a “†“ in the portfolios of the Funds. As at 

29 December 2006, the value of these securities amounts to 

US$258,480,175. 

Securities which have been given as guarantee for futures 

transactions, are evidenced by a “‡“ in the portfolios of the 

Funds. As at 29 December 2006, the value of these securities 

amounts to US$10,139,871. 

15. Dividends 

The Directors’ current policy is to retain and reinvest all net 

income except for income from the Distributing Funds and 

income from the UK Distributor Status Funds. For the 

Distributing Funds and UK Distributor Status Funds, the policy 

is to distribute substantially all the investment income for the 

period after deduction of expenses. Effective 2 October 2006, the 

dividend policy was amended so that the Directors may also 

determine if and to what extent dividends may include 

distributions from both realized and unrealized capital gains. 

For those Funds which offer Distributing Shares, the frequency 

at which the dividend payment is made is determined by the 

Fund type, with dividends normally paid as follows: 

• Monthly on the Bond Distributing Funds where there is 

income to distribute. 



• Quarterly on the Global Enhanced Equity Yield Fund (and such 

other Funds as the Directors may determine from time to 

time) where there is income to distribute. 

• Annually on the Equity Distributing Funds, at the discretion of 

the Directors. UK Distributor Status Equity Funds will pay an 

annual dividend, if there is income to distribute. 

Those Distributing Shares which pay dividends monthly are 

further divided into Shares as follows: 

• Those Shares for which dividends are calculated daily are 

known as Distributing (D) Shares. 

• Those Shares for which dividends are calculated monthly are 

known as Distributing (M) Shares. 

Merrill Lynch Mexican Income Dollar Portfolio 

Merrill Lynch Mexican Income Peso Portfolio 

• Effective 22 February 2007, the European Focus Fund 

launched Class A UK Distributor Status shares; and 

• Effective 26 February 2007, the India Fund launched Class D 

– Euro Share Class. 

• Effective 14 March 2007, the US Focus Value Fund launched 

Class D. 

• Effective 20 March 2007, the UK Focus Fund launched Class A 

UK Distributor Status Distributing shares. 

Investors may choose to hold either Distributing (M) Shares or 

Distributing (D) Shares but may not hold both. 

Distributor Shares with quarterly dividend payment are known 

as Distributing (Q) Shares. 

Distributing Shares with annual dividend payment are known as 

Distributing (A) shares. 

The declaration and payments of dividends and the reinvestment 

options available to shareholders is set out in the Prospectus. 

16. Changes to Management Fees 

• Effective 29 May 2006, the Management fee for Euro Bond 

Fund was reduced from 1.00% to 0.75% 

(apart from Class Q where the fee remains at 1.15%). 

• Effective 29 May 2006, the European Focus Fund activated 

Classes A, B, C and E with a Management fee rate of 1.75%. 

• Effective 30 September 2006, the Management fee for Euro 

Short Duration Bond Fund was reduced from 1.00% to 0.75% 

(apart from Class Q where the fee remains at 1.00%) 

17. Change of Registered Office 

From 24 March 2006, the Registered Office of the Company has 

changed from 6D, route de Trèves, L-2633 Senningerberg, 

Grand-Duchy of Luxembourg to Aerogolf Center, 1A, Hoehenhof, 

L-1736, Senningerberg, Grand-Duchy of Luxembourg. 

18. Subsequent Events 

• Effective 31 January 2007 the Fixed Income Global 

Opportunities Fund, denominated in USD was launched; and 

• Effective 2 February 2007, the assets of the following Cayman 

Island funds were transferred to create Local Emerging 

Markets Short Duration Bond Fund, denominated in US$: 

Merrill Lynch Developing Limited Maturity Portfolio (Local 

Currency) 

Merrill Lynch Developing Limited Maturity Portfolio (USD) 


General Information 

Current Prospectus 

The Company’s Prospectus, and simplified prospectus dated October 2006, along with copies of the Application Form may be 

obtained from the Investor Service Centre, the Manager or any of the Representatives or Distributors. Copies of the Company’s 

Articles of Association and the Audited Annual and Annual Report and Accounts may also be obtained free of charge from any of these 

offices and from the Paying Agents. 

Representatives 

The representative in Hong Kong is BlackRock (Hong Kong) Limited, II/F York House No 15, Queens Road, Central Hong Kong. The 

representative in Switzerland is BlackRock Investment Management (UK) Limited (London), Zurich Branch, Dreikönigstrasse 31a, 

CH-8002, Zurich. The representative in Poland is Merrill Lynch Polska Sp. z o.o., al. Jerozolimskie 65/79, 00-697 Warsaw, Poland. 

Authorised Status 

The Company is an undertaking for collective investment in transferable securities (“UCITS”) under the Luxembourg law of 20 

December 2002. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares 

of the Company’s Funds in Austria, Bahrain, Belgium, Brunei, Chile (certain Funds only), Denmark, Finland, France, Germany, 

Gibraltar, Greece (certain Funds only), Guernsey, Hong Kong, Iceland, Ireland, Italy, Jersey, Korea, Macau, Malta (certain Funds only), 

Mauritius, Netherlands, Norway, Peru (certain Funds only), Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan (certain 

Funds only) and the United Kingdom. Shares in the Company may also be offered in Japan by private placement. 

Paying Agents 

Austria 

Raiffeisen Zentralbank 

Österreich AG 

Am Stadtpark 9 

A-1030 Vienna 

Belgium 

Citibank Bank nv/sa 

Boulevard General Jacques 

263g 

B-1050 Brussels 

Germany 

Commerzbank AG 

Kaiserplatz 

D-60261 Frankfurt am Main 

(and branches) 

Luxembourg 

Central Paying Agent 

J.P. Morgan Bank 

Luxembourg S.A. 

European Bank 

& Business Centre 

6C, route de Trèves 

L-2633, Senningerberg 


Italy 

Intesa Sanpaolo S.p.A. 

Piazza San Carlo 156 

I-10121 Turin 

Banca Popolare Commercio e 

Industria Spa 

Via della Moscova 33 

I-20121 Milan 

Poland 

Bank Handlowy w Warszawie 

S.A. 

ul. Senatorska 16 

PL-00-923 Warsaw 

Switzerland 

HSBC Private Bank (Suisse) 

S.A. 

Paradeplatz 5 

CH-8001 Zürich 


UBS Warburg 

(a financial services group 

of UBS A.G.) 

1, Finsbury Avenue 

London EC2M 2PP 

Attention: Corporate Action - 

Paying Agency 

BNP Paribas Securities 

Services 

Succursale di Milano – Via 

Ansperto 5 

I-20121 Milan 

2SBanca S.p.A. 

Via Alassio IIC 

I-10126 Turin 


General Information continued 

Mauritius Subsidiary 

Indian Investment Adviser 

DSP Merrill Lynch Fund Managers Limited 

Tulsiani Chambers, West Wing, 11th Floor 

Nariman Point 

Mumbai-400 021 

India 

Mauritian Administrator 

IFS International Financial Services Limited 

IFS Court 

Twenty Eight Cybercity 

Ebene 

Mauritius 

Investment Manager 

BlackRock Investment Management (UK) Limited 

33 King William Street 

London EC4R 9AS 

England 

Legal Adviser 

In Mauritius 

Navin Proag and Anupama Basanta Lala 

Citilaw Chambers 

Cathedral Square 

Port Louis 

Mauritius 

Publication of Prices and Notices to Shareholders 

Notices of General Meetings are given by publication in the Recueil Spécial du Mémorial and the d’Wort in Luxembourg, in the 

Financial Times in London, and also in newspapers in Frankfurt, Vienna and Zurich. Financial notices are given by publication in the 

Financial Times in London, and also in Luxembourg, Frankfurt, Vienna and Zurich. The previous Dealing Day’s prices for Shares may 

be obtained during business hours from the Investor Service Centre. They will also be published in such countries as required under 

applicable law and at the discretion of the Directors in a number of newspapers worldwide. The Company cannot accept any 

responsibility for error or delay in the publication or non-publication of prices. Historic dealing prices for all Shares are available from 

the Fund Accountant or the Investor Service Centre. 

Purchases and Sales 

A detailed list of investments purchased and sold for any Fund during the year is available upon request, free of charge, from the 

Registered office, or the offices of the Representatives as mentioned above. 

Disclosure Policy 

Details of month end holdings and valuations for all MLIIF Sub-Funds will be made available upon request from the Investor Service 

Centre to any MLIIF Shareholder no earlier than 20 calendar days after a given month end. MLIIF reserves the right to require 

Shareholders to sign an appropriate non-disclosure document prior to providing such information. 


Auditor’s Report to the Shareholders 

To the Shareholders of Merrill Lynch International Investment Funds 

We have audited the accompanying financial statements of Merrill Lynch International Investment Funds (the “SICAV”) and of each 

of its sub-funds, which comprise the statement of net assets and the portfolios of investments as at 31 December 2006 and the 

statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and 

other explanatory notes to the financial statements. 

Board of Directors of the SICAV responsibility for the financial statements 

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in 

accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This 

responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of 

financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate 

accounting policies; and making accounting estimates that are reasonable in the circumstances. 

Responsibility of the Auditor 

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance 

with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards require that we 

comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements 

are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The 

procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the 

financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant 

to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate 

in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. 

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates 

made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe 

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Opinion 

In our opinion, these financial statements give a true and fair view of the financial position of Merrill Lynch International Investment 

Funds and of each of its sub-funds as of 31 December 2006, and of the results of their operations and changes in their net assets for 

the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial 

statements. 

Other matter 

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject 

to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on 

such information. However, we have no observation to make concerning such information in the context of the financial statements 

taken as a whole. 

PricewaterhouseCoopers S.à r.l. Luxembourg, 18 April 2007 

Réviseur d’entreprises 

Represented by 

John Parkhouse 


FOR MORE INFORMATION 

Tel: +44 (0)20 7743 3000 

blackrock.com/international 

PRISMA 06/1306 MLIIF AR ENG 1206

Merrill Lynch International Investment Funds Audited Annual Report ...

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