HSBC Global Investment Funds - PhillipCapitalinternetfileserver.phillip.com.sg/poems/unittrust/... · 2007. 8. 1. · 2 HSBC Global Investment Funds Information concerning the distribution

HSBC Global Investment Funds(

Annual Report & Financial Statements for Year Ended

31 March 2007Annual Reports & Financial Statements

for year ended 31 March 2007

Important Notice for Singapore Shareholders This Annual Report of HSBC Global Investment Funds (“the Company”) covers the complete range of sub-funds in the Company, which are available for distribution in various jurisdictions. Singapore shareholders are advised that the Monetary Authority of Singapore has only recognised the following sub-funds of the Company for distribution in Singapore pursuant to the Securities and Futures Act: Recognised Scheme 1) HSBC Global Emerging Markets Bond Fund 2) HSBC Global Core Plus Bond Fund * 3) HSBC Asia ex Japan Equity Fund 4) HSBC Asia Pacific ex Japan Equity High Dividend Fund 5) HSBC Global Equity Fund 6) HSBC Global Emerging Markets Equity Fund 7) HSBC Pan-European Equity Fund 8) HSBC Chinese Equity Fund 9) HSBC Indian Equity Fund 10) HSBC Japanese Equity Fund 11) HSBC Singapore Equity Fund 12) HSBC Thai Equity Fund 13) HSBC US Equity Fund 14) HSBC Asia Freestyle Fund 15) HSBC BRIC Freestyle Fund 16) HSBC Global Emerging Markets Equity Freestyle Fund

Restricted Recognised Scheme 1) HSBC US Dollar Reserve Fund 2) HSBC US Dollar Global Core Plus Bond Fund * 3) HSBC Euroland Equity Fund 4) HSBC Europe ex UK Equity Fund 5) HSBC Asia ex Jap Equity Smaller Companies Fund 6) HSBC UK Equity Fund 7) HSBC Brazil Equity Fund 8) HSBC Hong Kong Equity Fund 9) HSBC US Index 10) HSBC UK Freestyle Fund

* Please note that with effect from 21 May 2007: • HSBC Investment Grade Bond Fund has been renamed to HSBC Core Plus Bond Fund. • HSBC US Dollar Global Investment Grade Bond Fund has been renamed to HSBC US Dollar Global Core

Plus Bond Fund.

This document is prepared by HSBC Investments and should not be considered to be a recommendation by HSBC Investments (Singapore) Limited to any reader of this material to buy or sell securities, commodities, currencies or other investments referred to herein. It is published for information only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors may wish to seek advice from a financial advisor before purchasing units in the fund. In the event that the investor chooses not to seek advice from a financial advisor, he should consider whether the fund in question is suitable for him. Past performance and any forecast are not necessarily indicative of any future or likely performance of the Funds. The value of investments may rise as well as fall. Investors should read the prospectus available from our website www.hsbcinvestments.com.sg or our authorized agents before investing.

http://www.hsbcinvestments.com.sg/

1HSBC Global Investment Funds

Audited report for the year ended as at 31 March 2007

Société d'Investissement à Capital Variable (SICAV), Luxembourg


Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland orfrom Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211Geneva 3, is the legal representative of the Fund in Switzerland and the Fund's paying agent. The prospectus,simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free ofcharge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried outon behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, freeof charge, from the Fund's representative in Switzerland.

Information concerning the distribution of shares of HSBC Global Investment Funds in Germany orfrom Germany. HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legalrepresentative of the Fund in Germany and the Fund's paying agent. The prospectus, simplified prospectuses,articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from theHSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund ofHSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund'srepresentative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on thebasis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, ifpublished thereafter.

Audited report for the year ended as at 31 March 2007


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Table of Contents


Board of Directors

Marc-André Bechet, Managing Director, RBC Dexia Investor Services Bank S.A.,14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.(resigned on 19 May 2006)

Simeon Brown, Chief Operating Officer, HSBC Investments (Hong Kong) Limited,Level 22, HSBC Main Building, 1, Queen's Road Central, Hong Kong.

Sylvie Vigneaux, Head of Regulatory and Savings, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France.

Didier Deleage, Chief Operating Officer, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France.(since 19 May 2006)

Deshmukh-Rao Dhondee, Assistant Manager, HSBC Offshore Banking Unit,The Hong Kong and Shanghai Banking Corporation LimitedLes Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius.(resigned on 31 May 2007)

David Dibben, Chief Operating Officer, HSBC Group Investment Businesses Limited,8 Canada Square, London E14 5HQ, United Kingdom.(since 19 May 2006)

George Efthimiou, Global Chief Operating Officer, HSBC Group Investment Businesses Limited,8 Canada Square, London E14 5HQ, United Kingdom.

Laurent Facque, Chief Operating Officer, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France(resigned on 19 May 2006)

Bryan Greener, Head of Product Management - Global Products, HSBC Group Investment BusinessesLimited, Level 21, 8 Canada Square, London E14 5HQ, United Kingdom.

Thies Clemenz, Chief Operating Officer, HSBC Investments Deutschland GmbhKönigsallee 21/23, 40212 Düsseldorf, Germany.(since 28 July 2006)

Jennifer Hau Kau Fong, Vice President, HSBC Offshore Banking Unit, The Hong Kong and Shangai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius(since 31 May 2007)

Management and Administration

HSBC Global Investment Funds

5

Registered Office 69, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg (until 1 June 2006). 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg (since 1 June 2006).

Management Company HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

Custodian, Administration Agent, Transfer Agent and Central Paying Agent Dexia Banque Internationale à Luxembourg S.A., 69 route d’Esch, L-1470 Luxembourg (until 1 June 2006).

RBC Dexia Investor Services Bank S.A., 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg (RBC Dexia Investor Services Bank S.A. since 1 June 2006).

Investment Advisers Halbis Capital Management (Hong Kong) Limited (formerly HSBC Halbis Partners (Hong Kong) Limited), HSBC Main Building, 1, Queen’s Road Central, Hong Kong. HSBC Investments (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.), 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom (since 21 May 2007) HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. (until 21 May 2007) Halbis Capital Management (UK) Limited (formerly HSBC Halbis Partners (UK) Limited), 8, Canada Square, London E14 5HQ, United Kingdom. Halbis Capital Management (France) (formerly HSBC Halbis Partners (France)), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Investment FCP (France) (formerly HSBC FCP2 (France)), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. (since 1 August 2006). HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Investments Deutschland GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Share Distributor HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg. Austria and Germany Share Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong,

Management and Administration (continued)


6

Share Distributor (continued) United Kingdom Representative HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom, Tel: (44) 207 991 8888 Fax: (44) 207 024 1999 Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland. Jersey Representative HSBC Funds Nominee (Jersey) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands. Singapore Representative and Share Distributor HSBC Investments (Singapore) Limited, 21, Collyer Quay, #13-02 HSBC Building, Singapore 049320, Singapore. Swiss Representative HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland. Korea Representative and Share Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea. Share Distributor for Continental Europe HSBC Investments FCP (France) S.A., Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.

Auditor KPMG Audit S.à r.l., 31, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

Legal Advisers

Luxembourg Elvinger, Hoss & Prussen, 2, Place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg. United Kingdom Linklaters and Paines, Barrington House, 59-67, Gresham Street, London EC2V 7JA, United Kingdom.


Asia ex Japan EquityFor the year ending March 2007, the fund delivered a return of 25.53% (gross of fees, share class AC)outperforming the benchmark by 160 basis points in US dollar terms. Stock selection amongst the financial andconsumer sectors contributed positively, offsetting the negative impact of material stocks exposure. Wecontinue to expect strong growth for the region given attractive valuations. In terms of positioning, we continueto favour domestic consumption plays and interest rate sensitives such as bank and property stocks. We arecurrently underweight in cyclicals, given expectations for a moderation in global growth, and continue to fundour overweight positions through telecom and utility picks.

Asia ex Japan Equity Smaller CompaniesFor the year ending March 2007, the fund delivered a return of 36.70% (gross of fees, share class AC) stronglyoutperforming the benchmark by 1064 basis points in US dollar terms. Stock selection in the consumer sectorcontributed significantly, offsetting the negative impact of our telecom exposure. We continue to expect stronggrowth for the region given attractive valuations. In terms of positioning, we continue to favour domesticconsumption plays and interest rate sensitives such as bank and property stocks. We are underweight incyclicals, given expectations for a moderation in global growth, and continue to fund our overweight positionsthrough telecom and utility picks.

Asia Pacific ex Japan Equity High DividendFor the year ending March 2007, the fund delivered a return of 23.93% (gross of fees, share class AD) in USdollar terms. Stock selection in the technology sector and material stocks contributed positively during theperiod, offsetting the poor performance of some industrial stocks. We continue to expect strong growth for theregion given attractive valuations. The fund will maintain its strategy of selecting quality high yield andreasonable growth stocks.

Brazil EquityFor the year ending March 2007, the fund returned 30.90% (net of fees, share class AD) in US dollar terms. Afavourable outlook for the global economy as well as improving fundamentals in Brazil helped support equitymarkets. Inflation ended the period below the Central Bank's target at 4% and appears under control. As aresult interest rates have fallen, dropping from 19.75% in September 2005 to 12.75% at the end of March2007. These two factors have contributed to the recovery in consumption that benefits a good portion of listedcompanies, whilst the positive external scenario benefits exporting companies. We remain positive on Brazilianequity prospects that should continue to benefit from better fundamentals through stronger growth and lowerrisk perception, whilst the global economy remains stable.

BRIC MarketsFor the year ending March 2007, the fund generated a return of 29.2% (gross of fees, share class ZC) in USdollar terms. Over this same period, the official MSCI BRIC index rose 24.3%, whilst an equally weighted indexof MSCI BRIC countries gained 24.2%. China has been the strongest performing country index, rising 43.3%,while Russia has lagged all others with a gain of 16.2%. Our country allocation, in the last year, has generallybeen skewed in favour of Brazil & Russia, while allocation to China has varied between overweight and neutral.Fund exposure to India has been persistently underweight during this review period.

BRIC Markets EquitySince inception, on 1 June 2006, to the end of March 2007, the fund returned 26.4% (gross of fees, share classEC) in US dollar terms. Within the BRIC markets, China and India have posted the strongest returns. StrongChinese performance has been led by leading market-cap stocks, particularly China Mobile and China LifeInsurance, whilst strong inflows into the technology sector benefited the India economy. Russiaunderperformed the other BRIC markets, dampened by profit taking in energy stocks such as Gazprom &Surgutneftegaz. Positive country allocation in Brazil and China in the first quarter of 2007 added to fundperformance. We remain neutral on the outlook for the BRIC markets, with overweight positions in Brazil andIndia, and an underweight position in China.

Chinese EquityFor the year ending March 2007, the fund delivered a return of 44.92% (gross of fees, share class AD) in USdollar terms, underperforming the benchmark by 152 basis points. The single most important factor for ourunderperformance was our structural underweight in China Mobile, which represents about 17% of the entire

Directors' Report


benchmark, as the stock rose 5.7% for the first quarter 2007 while the index dropped 4.1%. Stock selection inthe financial sector and in consumer stocks contributed positively during the period, offsetting the poorperformance of some industrial stocks and our underweight in the telecoms sector. Our key overweightpositions remain in the financial sector and in domestic consumption plays.

Emerging Europe EquityFor the year ending March 2007, the fund returned 14.66% (net of fees, share class AD), slightlyunderperforming the market in euro terms. Our Underperformance was mainly a result of our zero weighting toRussian stocks as the fund had been structured as a European convergence fund until it changed in October2006. After the benchmark changed to include Russian and Turkish stocks, the fund began to outperform themarket thanks largely to positive stock selection in the energy sector & telecom stocks. As fundamentals inEastern Europe remain attractive in the long term and valuation levels are not excessive, we see further upsidefor the equity markets in the region.

Euroland EquityFor the year ending March 2007, the fund returned 14.42% (gross of fees, share class AC) in euro terms,underperforming the MSCI EMU index by 0.47%. There was a strong underperformance in the second quarter2006 followed by a steady improvement over the following three quarters. The poor performance was due inpart to positions in technology stocks, which underperformed as the upturn in corporate technology spendingcycle did not materialise. By the fourth quarter, we had started to buy companies that appear most resilient inthe face of a cyclical downturn because of their superior business models and these outperformed in early2007. Looking ahead, we are confident that attractively valued companies, that are improving profitabilitywithout jeopardizing long term prospects will eventually be rewarded by the market.

Euroland Equity Smaller CompaniesFor the year ending March 2007, the fund posted a return of 25.29% (gross of fees, share class AC),outperforming the benchmark return of 21.01%, and is ranked 1/19 in its peer group. The market was boostedby the strength of the global economy alongside strong growth in Eastern Europe, infrastructure investments inChina, and worries over the scarcity of natural resources. A strong overweight position in cyclical stocks was akey contributor to fund performance over the period, as was stock picking: we purchase stocks only after a duediligence process that involves meeting with the company management. We are highly confident on growthprospects as we believe Euroland smaller company earnings should grow by 17% to 19% in 2007 even afterrising by more than 22% in 2006.

Euroland Value CreationFor the year ending March 2007, the fund returned 8.73% (gross of fees, share class M1C) compared to thebenchmark return of 14.66%. Although the underperformance is significant, it is worth mentioning that 80% ofthe underperformance came about between April and July 2006 and that, in July, the fund's investmentphilosophy was significantly modified. Since that date, the fund has focused on companies that have highgrowth characteristics and has underperformed by less than 100 basis points. Since the change of philosophy,underperformance can be mainly blamed on the zero exposure to a number of restructuring companies thathave strongly outperformed since the beginning of 2007.

Sustainability LeadersFor the year ending March 2007, the fund has returned 14.19% (gross of fees, share class M1D) in euro terms,outperforming the MSCI Europe Index by 0.2%. The strategy of the fund is to focus on the best SRI-rankedstocks in the Pan European universe with an emphasis on environmental friendly small-caps. Stock selection inthe last six months was very beneficial to fund performance, especially in the renewable energy space.Solarworld, which develops and produces solar technologies, was one of the best contributors to returns.Finally, relative to its peer group, the fund has performed reasonably well over the period.

Europe ex UK EquityFor the year ending March 2007, the fund gained 11.2% (net of fees, share class AC) in euro terms,underperforming the FT S&P Europe ex UK Index, which rose by 15.6%. Basic materials, lifted by soliddemand and rising commodity prices, and restructuring in the industrials sector boosted returns. Marketsentiment was also helped by an improvement in the European economy led by Germany. The fund'sunderperformance came from a lack of holdings in a number of takeover candidates, such as ABN Amro,

Directors' Report (continued)


Arcelor and Endessa. The outlook remains positive but, with forecasts for 2007 growth in the high single digitsand market valuations on the expensive side of long term averages, equity markets may need further merger &acquisition activity for support.

Global Emerging Markets Elite FundThe Global Emerging Markets Elite Fund was launched on the 5th February 2007.

Global Emerging Markets EquityFor the year ending March 2007, the fund outperformed and returned 20.22% (net of fees, share class AC).Markets sold off heavily in May/June 2006 but recovered well moving to new highs. We saw a further setbackin February/March 2007, although most Emerging Markets ended March in positive territory and close to theirearlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows.With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at lowlevels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of thecarry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remainsupportive but selective markets, like India and Russia, look expensive.

Global EquityFor the year ending March 2007, the fund underperformed and returned 8.63% (net of fees, share class AD).Exposure to selective stocks within Emerging Markets hurt in the May/June 2006 correction and our overweightposition within global sectors in Japan detracted as Japan lagged. We closed this overweight in late 2006, andnow remain underweight in Japan which has helped recent performance. The rate of global economic growthmay slow, but the US should have a soft landing and consumer expenditure should remain supported by lowunemployment and consistent job creation. We remain underweight in the US and Japan within the globalsectors, and retain exposure to selective Emerging Market stocks where we see attractive risk/rewardopportunities. We will look to add selectively to our key stock positions where we have the greatest convictionin long-term value.

Global Equity SRIFor the year ending March 2007, the fund gained 18.86% (gross of fees, share class AC) in US dollar terms,slightly outperforming the MSCI World Index, which rose by 18.6%. Positive growth, rising inflation and the highlevel of energy prices were the prevailing global economic conditions over the period and should remain so inthe near term at least. These conditions provide a neutral background for global equity markets and in thisenvironment the portfolio will maintain exposure to stocks with good value and momentum.

Global Equity TechnologyFor the year ending March 2007, the fund gained 15.56% (gross of fees, share class AC) in US dollar terms,outperforming its customised benchmark, which rose by 12.92%. Positive growth, rising inflation and the highlevel of energy prices were the prevailing global economic conditions over the period and should remain so inthe near term at least. These conditions provide a neutral background for global equity markets and in thisenvironment the portfolio will maintain exposure to stocks with good value and momentum.

Global ex Euroland EquityFor the year ending March 2007, the fund returned 2.22% (gross of fees, share class AC) in euro terms,underperforming the benchmark, which rose 3.10%. Performance was slightly behind peer group as the fund isrestricted from investing in countries outside the OECD, and was therefore unable to benefit from theoutperformance of Emerging Markets. The fund suffered from its geographical allocation, notably its overweightpositions in Japan and North America, but saw positive contributions from stock selection in North America andEurope. This positive stock picking effect is due to a change in the fund's investment philosophy (low numberof holdings based on strong fundamental convictions, low turnover) reflecting Halbis' approach to investmentmanagement.

Hong Kong EquityFor the year ending March 2007, the fund posted a return of 29.31% (gross of fees, share class PD),outperforming the benchmark, the Hang Seng Index, which posted a gain of 28.55%. The Hong Kong equitymarket benefited from strong liquidity inflows and the robust economic growth in Hong Kong and China. Ourholdings in China-related consumer stocks, namely Nine Dragons and Peacemark, added most value as the



former continued to gain market share in the containerboard industry and the latter was re-rated on the back ofincreasing contribution from its watch retailing operations in China. In addition, our holdings in financial stocksin China contributed positively to performance as robust premium growth for insurers and strong loan growthfor banks provided positive earnings growth momentum.

Indian EquityFor the year ended 31 March, 2007, the fund returned 14.2% (gross of fees, share class AC), underperformingthe benchmark by 764 basis points. Underweight positions in the energy & IT services sectors and anoverweight position in industrials hurt performance. Significant underperformance came from significantoverweight positions in construction & cement after government's direct attempts to curb inflation. The outlookfor the economy remains robust although we expect the economy to slow with political uncertainty, highinflation, and possible further monetary tightening potential future factors. Floods of new paper are anotherissue to be mindful of, especially from the financial services sector, due to new capital adequacy requirements.The fund remains defensively positioned.

Japanese EquityFor the year ending March 2007, the fund returned 1.01% (net of fees, share class PD) in Japanese yen terms,outperforming its peer group average and ranking in the first quartile over the period. The positive alphagenerated by Sinopia's Quant strategy mainly derived from positive stock selection. Sector allocationgenerated negative results, main losses stemming from our underweight position in defensive stocks such ashealthcare and utilities which outperformed over the period. We remain positive on the Japanese equity marketthat will benefit from a sound macro economic environment and from the significant earnings growthanticipated for the remainder of 2007 and 2008.

Korean EquityFor the year to the end of March 2007, the fund rose by 15.05% (gross of fees, share class AC) in US dollarterms, outperforming the MSCI Korea by 4.9%. Outperformance came from a combination of stock selectionand sector allocation. In terms of sectors, an overweight in industrials and an underweight in technologycontributed positively to performance. Positive stock selection in the consumer discretionary and technologysectors contributed most to outperformance at the bottom-up level. The outlook for the Korean market ispositive, driven by cheap valuations, currently among the lowest in Asia, upward earnings revisions andimproving consumer and corporate sentiment ahead of presidential elections in December 2007.

Pan-European EquityFor the year ending March 2007, the fund gained 10.7% (net of fees, share class PD) in euro terms,underperforming the FT S&P Europe Index which rose 14.6%. The economic situation was positive withimproving economic growth, low inflation and low interest rates. While the ECB did raise interest rates duringthe period, the levels have not subdued economic activity. Fund underperformance came largely from notowning M&A target stocks and being underweight in the strong performing utilities sector. The outlook forEuropean equity markets remains positive, underpinned by continued growth in earnings and cash flows andreasonable market valuations. The forecast is for single digit growth for 2007, although in past years growthestimates from the start of the year have generally been exceeded.

Pan-European Equity High DividendFor the year ending March 2007, the fund returned 8.94% (net of fees, share class AC) in euro terms,underperforming the MSCI Europe index by 3.04%. The fund is strongly focused on companies with improvingdividend prospects and its distinct profile means returns can deviate strongly from the market. In fact the year'sentire underperformance came in the second quarter of 2006 from our relatively low exposure to defensivestocks, since these are generally characterised by low dividend yields and below average dividend growthrates. Looking ahead we believe that the strategy should prove resilient. With historically low pay-out ratios(38% of earnings), companies can boost dividend levels if necessary. We also believe that after rising stronglyfor over 4 years, the market will refocus on income, particularly given the high average dividend yield inEurope.

Singapore EquityFor the year ending March 2007, the fund returned 52.5% (share class PD) in US dollar terms, outperformingthe MSCI Singapore index, which rose 45.7%, and the peer group average. The fund's key strategy was a



large overweight in the niche luxury condominium developers and luxury hotels sectors, which heavilyoutperformed the index on the back of strong property sales and sharply higher prices. This was partly offsetby underperformance from several holdings in quality small-caps following disappointing earning results. Thefund remains overweight in luxury hotels, luxury condominium developers, cheap quality small-caps, and highyield shares - positions funded by underweighting most large-cap stocks, especially banks.

Thai EquityFor the year ending March 2007, the fund returned 4.0% (net of fees, share class AD) in US dollar terms,lagging the SET total return index, which rose 5.4%, but ahead of its peer group average. The surprise changein government in April 2006 resulted in the fund's holdings in construction companies, including Sino-ThaiEngineering and Italian-Thai Development, underperforming. Meanwhile, a price war in the telecoms sectorhurt another of our holdings True, whilst an Aapico issued a profit warning. Fund performance benefited heavilyfrom strong returns from Banyan Tree, an Asian hotel operator with a large Thai resort. Given the fallinginterest rate outlook, the fund remains overweight in banks, property, and hotels, funded by underweightpositions in materials and energy.

UK EquityFor the year ending March 2007, the fund gained 5.4% (net of fees, share class AC) in sterling terms,underperforming the FTSE All Share Index rise of 11.1%. Exposure to Daily Mail & General Trust was negativefollowing their downturn in cash flows, whilst under-exposure to stocks benefiting from the tremendous rise incommodity prices and in the strong performing utilities sector was negative. On the positive side, the managercorrectly identified a number of companies where cash flow returns were high, including Inchcape &Homeserve, and management could successfully reinvest in the asset base to grow future cash flow. Theoutlook for UK equities remains positive underpinned by continued growth in earnings and cash flows andreasonable market valuations with single digit growth predicted for 2007.

US EquityFor the year ending March 2007, the fund returned 10.20% (net of fees, share class PD) in US dollar terms,underperforming the S&P 500 Composite, which gained 11.8%. The fund benefited from a good industrialallocation based on our quantitative valuation of the market. Significant gains came from our overweightpositions in the energy and materials sectors. The end of period spike in oil prices after inventories declinedboosted energy stocks' performance. Successful stock picking also generated positive returns. The outlook forthe US remains positive despite the slowdown in company earnings. We expect future earnings to rebound andmarkets to be sustained by attractive valuations. We think individual companies could offer investors somepleasant surprises.

US IndexFor the year ending March 2007, the fund returned 10.90% (net of fees, share class PD) in US dollar terms,compared with an increase in the S&P500 Composite of 11.8% .The ex-ante BARRA tracking error was around0.05% over the year. The period saw the run of 17 consecutive interest rate rises in the US come to an endamid signs of slowing economic growth and moderating inflation. Declines in oil prices helped to ease inflationconcerns in the US over the year. The US was supported by buoyant merger & acquisition activity and theStandard and Poor's index boasted positive performance on strong earnings announcements. Exxon Mobilannounced the second highest quarterly earnings in US corporate history during the period.

Asia FreestyleFor the year ending March 2007, the fund delivered a return of 25.62% (gross of fees, share class AC), in USdollar terms, and managed to outperform the benchmark by 199 basis points. Stock selection amongstproperty and consumer stocks contributed positively to performance during the period, offsetting the negativeimpact of our technology sector exposure. We continue to expect strong growth for the region given attractivevaluations. In terms of positioning, we continue to favour domestic consumption plays and interest ratesensitives such as banks and property stocks. We are underweight in cyclicals, given expectations of amoderation in global growth, and continue to fund our overweight positions through telecom and utility stocks.

BRIC FreestyleFor the year ending March 2007, the fund gained 20.93% (net of fees, share class M2C). BRIC markets havebeen among the best performing Emerging Markets over the past 12 months. China was up almost 50% in the



12 months to end March 2007 while Emerging Markets overall grew 21%. The Indian equity market correctedsharply in the May/June sell-off and more recently has sold off on the back of monetary tightening and anegative Budget. India has been our lowest exposure in the portfolio over the past 12 months though, adding tofund performance. Country allocation and bottom-up stock selection elsewhere in the portfolio added value.

Global Emerging Markets Equity FreestyleFor the year ending March 2007 the fund gained 16.62% (net of fees, share class M1D). Markets sold offheavily in May/June 2006 but recovered well with markets moving to new highs. We saw a further setback inFebruary/March 2007 although most Emerging Markets ended March in positive territory and close to theirearlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows.With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at lowlevels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of thecarry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remainsupportive but selective markets, like India and Russia, look expensive.

Latin American FreestyleFor the year ending March 2007, the fund returned 41.47% (gross of fees, share class M1D) in US dollarterms. The positive performance was a consequence of good prospects for the global economy as well asimproving fundamentals in the region. The fund benefited from good stock picking across the region, inparticular among the smaller markets like Peru and Colombia. We believe the region should continue to benefitfrom a healthy global economy and the improving economic fundamentals.

UK FreestyleFor the year ending 31 March 2007, the fund gained 9.6% (net of fees, share class M1D). The aim of themanager was to identify undervalued investments where either cash returns were high and the company couldgrow, or where returns were too low but should improve through management action. The stronger performerswere in the former category. SIG enjoyed good demand growth for its insulation products, whileGlaxoSmithKline successfully developed profitable new drugs, and Inchcape acquired new franchises to furthergrow its profitable asset base. Holdings in Daily Mail, which was effected by a prolonged downturn in the UKadvertising, and EMI, which faced weak demand for its music products, were negatives. The outlook for UKequities remains positive, underpinned by continued growth in earnings and cash flows and reasonable marketvaluations, with high single digit growth predicted for 2007.

Brazil BondSince its inception in June 2006, the fund has returned 14.60% (net of fees, share class AC). Performance wasthe result of the high level of interest rates in the Brazilian local market combined with the currency'sappreciation, which has risen 9.0% since the fund's inception. The main portion of the portfolio is allocated tocertificates of deposit issued by AAA/AA rated Brazilian banks and local sovereign debt, resulting in a verysolid credit profile. The strong fundamentals of the Brazilian economy remain very supportive for inflation. Eventhough the downward path for Brazilian rates will be extended for some time, we believe their levels will remainattractive for investors.

Euro Corporate BondFor the year ending March 2007, the fund returned 4.48% (gross of fees, share class AC) against benchmarkreturns of 4.21%, ranking it 4th out of 58 funds in its peer group and placing it comfortably in the first quartileover the year and since inception. The ongoing recovery of the European economy and solid corporatefundamentals paired with the search for carry, lead to a further tightening of credit spreads. Our overweight insubordinated names, overweight in the 5-10 year part of the yield curve, and short-duration bias all added toperformance. Going forward we expect corporate fundamentals in the Eurozone to stay benign and supportiveof spreads. Although risks from inflation and the situation in the Middle East remain, our main focus will be toavoid LBO-candidates and stocks that we fear will return money to shareholders at the expense ofbondholders.

Euro Credit BondFor the year to the end of March 2007, the fund returned 1.90% (net of fees, share class AC) against a 2.62%rise for the benchmark. In terms of duration, the portfolio spent most of the year with a small underweightposition which proved beneficial as yields increased slightly over the period. On the credit side, the investment



strategy was focused on issuer selection. Credit quality remains well oriented for most investment gradeissuers but LBO-candidates is paramount. Recognising that most of these LBO targets carry an A credit ratingwe have maintained a barbell strategy of being overweight AAA/AA, underweight A, and overweight BBB.Since the beginning of 2007 we have also invested around 5% of the fund's assets in high yield issuers, whichhas contributed positively to performance.

Euro Investment Grade BondFor the year to the end of March 2007, the fund generated a return of 1.18% (net of fees, share class AC)compared with the benchmark return of 2.01%. Credit allocation of the fund has been neutral and is growingmore defensive as credit spreads tighten driven by the structured credit bid. In late 2006 we moved to a short A/ long BBB credit curve steepening position in view of likely M&A risks for single A-rated entities. BBB ratedHybrid credit and supportive first quarter fundamentals provided better tactical risk / reward. The flight to qualityin February 2007 served to validate our cautious overall stance. Our duration exposure has been positive forperformance. We do not expect a deep bond bear market as both the Federal Reserve and the ECB are atadvanced stages of monetary tightening.

Euro Investment Grade Corporate BondFor the period until its closure on 19 March 2007, the fund returned 4.04% (gross of fees) against benchmarkreturns of 3.14%, placing it comfortably in the second quartile of its respective peer group. The ongoingrecovery of the European economy and solid corporate fundamentals paired with the search for carry, lead to afurther tightening of credit spreads. This was supported by a still contained net issuance of corporate debt. Dueto our increased overweight in subordinated financial and non-financial investment grade issuers the fund faredwell over the period. In addition to the overweight in subordinated names, our curve positioning (overweight inthe 5-10 year part) and the short-duration bias over the period added to the fund's relative performance.

Euro High Yield BondFor the year to end March 2007, the fund returned 6.41% (net of fees, share class AC) against the benchmarkreturn of 7.57%. The fund maintained its focus on issuer selection over the period, except at the end of June2006 when we took advantage of the market sell-off to buy some lower rated bonds at discounted prices, andthis resulted in a slightly lower yield than the benchmark most of the time. However, this focus was more thancompensated for by our zero or strongly underweight positions in the worst performing bonds. Going forward,the economic outlook in Europe looks supportive for high yield bonds. Lower-rated issuance has picked uprecently and we expect a slight increase of default rates from their current very low levels. In this environmentwe will continue with our issuer focused strategy.

Global Emerging Markets BondFor the year ending March 2007, the fund returned 11.29% (gross of fees, share class AC), outperforming thebenchmark's return of 10.86%. The sector experienced some very volatile periods during the 12 month periodand we managed to weather this volatility without posting any significant (<1%) monthly losses. In the secondhalf of the fiscal year, the story was primarily of falling yields across local emerging markets. A rush of rate cutscombined with dollar weakness resulted in most of our second half performance attribution being generated bylocal positions.

Global Investment Grade BondFor the year ending March 2007, the fund returned 7.24% (gross of fees, share class AD), underperforming thebenchmark's return of 8.12% but outperforming its peer group. The global economy continued its steadygrowth despite higher fuel and energy prices. The fund's outperformance was primarily driven by emergingmarket local currencies positions. Exposures to the Mexican, Brazilian and Polish local currency bondscontributed particularly strongly to returns as interest rates fell and the currencies appreciated. In addition,sector and security selection within the credits added to the overall excess performance of the strategy.

Pan-European Government BondFor the year to the end March 2007, the fund returned 1.96% (net of fees, share class ID) against thebenchmark return of 1.95%. Primarily, the fund sources diversified excess returns from duration, yield curveand currency management. Last year, we implemented a new source of excess return, volatility. The fund alsoseeks returns from investment in EU/euro applicant countries' debt. The main drivers of performance over theperiod were a successful position in duration, good excess returns from our investments in Eastern European



countries, and intensive relatives value arbitrages.

Sterling Investment Grade BondFor the year ending March 2007, the fund returned 0.09% (net of fees, share class PD) underperformed itsbenchmark. Credit markets traded in a narrow range through-out the period but ended the period 4 basis pointswider. The fund retained, and benefited from, an underweight and defensive position in credit for much of theperiod. Buying some selected sectors in the summer sell-off also added value and these positions werereduced into the close of the year. The fund benefited from selective long positions in the first half andweathered the worst of the weakness with a neutral position; however it gave up some gains with a longposition in February and March which was neatly compensated for by our underweight position in credit.

US Dollar High Yield BondFor the year ending March 2007, the fund returned 10.57% (gross of fees, share class AC), outperforming thebenchmark's return of 10.42%. The sector posted strong returns as spreads tightened. Good earnings,declining defaults rates and robust liquidity were key factors. The healthy liquidity allowed the market to easilyabsorb an all-time high level of new issuance for the market. The fund's overweight position in the CCC qualitysector was a strong positive contributor to performance as they outperformed all other quality sectors in theindex. In addition, overweight positions in the wireless and cable sectors proved beneficial as the sectorsoutperformed the high yield market.

US Dollar Investment Grade BondFor the year ending March 2007, the fund returned 7.34% (gross of fees, share class PD), outperforming thebenchmark's return of 6.42%. All spread sectors in the Lehman Aggregate index outperformed treasuries.Allocations within corporate and mortgages over the period contributed positively to fund performance as bothsectors performed well. US Investment grade corporate bonds outperformed duration-adjusted treasuries by 87basis points, whilst US fixed rate mortgage-backed securities outperformed by 76 basis points. Stock selectionwithin high yield and emerging markets were strong positive contributors to performance.

Euro ReserveFor the year ending March 2007, the fund returned 2.59% (net of fees, share class AC), against a benchmarkreturn of 3.17%. Despite some fears over the US housing sector, the Euro economic outlook has been strong.Inflation risks were on the upside following the increase of German VAT and added pressure on energy prices.In this context, the European Central Bank continued its normalisation process and interest rates increased to3.75% in March 2007 from 2.50% in March 2006. As the pace of rate hikes was around every 3 months, weinvested in commercial paper in the 30-90 day range in order to take profit on the increases in yields and so asto avoid volatility. Going forward, the ECB should continue to raise rates slightly and yields should increase.

US Dollar ReserveFor the year ending March 2007, the fund returned 5.38% (gross of fees, share class PD) compared with thebenchmark's 4.91%. Performance was above benchmark for the year due to several subscriptions in the fundand as a result of keeping within our WAM target range of 40-45 days. The Federal Reserve had raisedinterest rates over the period and they reached 5.25% in June, where they remained whilst the Fed maintainedits "Inflation Risk" stance. Going forward, we continue to ladder maturities for the fund for 2007 as we expectthe economy to begin to show positive signs of picking up. We continue to invest in commercial paper in the30-90 day range. With this, yields should either remain stable or rise slightly for 2007.

Turkish ConvergenceFor the year ending March 2007, the fund returned -2.10% (net of fees, share class AC), underperforming theMSCI Emerging Market index. Turkey was one of the worst affected markets during the May/June sell-off.Nonetheless, Turkish markets started to recover in the second half of the 2006 and became one of the topperformers in the first three months of 2007. Going forward, Turkish debt and equity markets still offer hugepotential. Interest rates remain among the highest in emerging markets and from a fundamental perspectiveTurkish stocks are relatively undervalued and likely to be backed by strong M&A activity. Results of upcominggeneral elections will be crucial but as long as global environment stays supportive, Turkey is a candidate to beone of the best performing emerging markets in 2007.



To the Shareholders ofHSBC Global Investment Funds40, avenue MontereyL-2163 LuxembourgGrand Duchy of Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES

Following our appointment by the annual general meeting of the shareholders dated 28 July 2006, we haveaudited the accompanying financial statements of HSBC Global Investment Funds and each of its sub-funds,which comprise the statement of net assets and the statement of investments in securities and other net assetsas at 31 March 2007 and the statement of operations and the statement of changes in net assets for the yearthen ended, and a summary of significant accounting policies and other explanatory notes.

Responsibility of the board of directors of the SICAV for the financial statementsThe board of directors of the SICAV is responsible for the preparation and fair presentation of these financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparation offinancial statements. This responsibility includes: designing, implementing and maintaining internal controlrelevant to the preparation and fair presentation of financial statements that are free from materialmisstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; andmaking accounting estimates that are reasonable in the circumstances.

Responsibility of the Réviseur d'EntreprisesOur responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with International Standards on Auditing as adopted by the Institut des Réviseursd'Entreprises. Those standards require that we comply with ethical requirements and plan and perform theaudit 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 thefinancial statements. The procedures selected depend on the judgment of the Réviseur d'Entreprises, includingthe assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.In making those risk assessments, the Réviseur d'Entreprises considers internal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by the board of directors, as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of HSBC GlobalInvestment Funds and each of its sub-funds as of 31 March 2007, and of the results of its operations andchanges in its net assets for the year then ended in accordance with the Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements.

Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate buthas not been subject to specific audit procedures carried out in accordance with the standards describedabove. Consequently, we express no opinion on such information. However, we have no observation to makeconcerning such information in the context of the financial statements taken as a whole.

Luxembourg, 21 June 2007

KPMG Audit S.à r.l.Réviseurs d'Entreprises

R. Beegun

Auditor's Report


Portfolio at CostUnrealised Appreciation/(Depreciation)

Portfolio at Market Value

Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

Total Net Assets

CONSOLIDATEDUSD

16,650,944,530 4,796,096,499

21,447,041,029

647,602,376 (13,255,734)248,438,060

(272,271,084)222,063,613

(175,058,972)59,776,372

(151,795,792)

22,012,539,868

USD

ASIA EX JAPANEQUITY

Equity Sub-Funds

432,484,052 169,759,478

602,243,530

12,724,876 -

244,243 -

5,788,964 (9,405,253)1,813,151 (876,816)

612,532,695

USD

ASIA EX JAPANEQUITY SMALLER

COMPANIES

24,850,568 11,086,904

35,937,472

3,270,718 --

(89,039)2,092,311 (182,958)120,352 (60,715)

41,088,141

USD

ASIA PACIFIC EXJAPAN EQUITY

HIGH DIVIDEND

111,571,111 28,425,987

139,997,098

1,256,801 --

(107,713)674,101

(234,694)847,377

(224,029)

142,208,941

Statement of Net Assets as at 31 March 2007

The accompanying notes form an integral part of these financial statements.


USD

BRAZIL EQUITY

852,624,152 216,885,368

1,069,509,520

30,422,369 -

3,090,505 (40,421,907)25,974,763 (3,345,935)2,361,310

(1,582,930)

1,086,007,695

USD

BRIC MARKETS

403,062,977 57,376,400

460,439,377

-(12,440,113)

1,212,359 (1,335,565)13,334,997

-924,165

(450,653)

461,684,567

USD

BRIC MARKETSEQUITY

215,706,303 22,213,405

237,919,708

57,153,705 -

4,307,632 -

5,543,705 (448,559)845,114

(289,260)

305,032,045

USD

CHINESE EQUITY

2,800,599,760 1,520,416,838

4,321,016,598

22,576,549 -

60,273,045 (3,330,448)33,064,679

(40,553,054)1,518,969

(6,370,621)

4,388,195,717

EUR

EMERGINGEUROPE EQUITY

21,545,618 3,275,553

24,821,171

673,929 -

100,465 (586,134)159,268

(1,306)128,998 (35,592)

25,260,799

EUR

EUROLAND EQUITY

498,993,902 63,955,899

562,949,801

13,535,031 -

10,267,267 (9,037,020)2,333,075

(1,147,254)896,675

(812,614)

578,984,961






Total Net Assets

EUR

EUROLAND EQUITYSMALLER

COMPANIES

86,671,760 18,369,186

105,040,946

1,392,576 --

(3,312,639)1,274,647 (510,883)100,532

(113,144)

103,872,035

EUR

EUROLAND VALUECREATION

125,335,211 15,691,629

141,026,840

9,756,684 --

(79,716)22,047

(508,175)38,427

(295,559)

149,960,548

EUR

SUSTAINABILITYLEADERS

25,257,387 2,481,592

27,738,979

737,766 --

(24,747)14,903

-66,195

(113,146)

28,419,950

EUR

EUROPE EX UKEQUITY

66,037,100 18,458,479

84,495,579

2,638,763 --

(24,869)314,880

(200,836)178,991

(129,715)

87,272,793




USD

GLOBALEMERGING

MARKETS ELITEFUND

14,413,036 252,386

14,665,422

643,693 -

155,124 (363,045)

--

19,291 (15,875)

15,104,610

USD

GLOBALEMERGING

MARKETS EQUITY

235,294,706 45,713,214

281,007,920

14,658,213 -

2,145,043 (3,690,419)

474,198 (510,489)

1,122,848 (454,922)

294,752,392

USD

GLOBAL EQUITY

137,423,033 25,954,768

163,377,801

10,177,864 -

3,007,342 (973,691)370,848

(298,733)409,413

(108,921)

175,961,923

USD

GLOBAL EQUITYSRI

18,379,517 2,161,903

20,541,420

334,513 --

(292,494)149,528

-57,558

(13,168)

20,777,357

USD

GLOBAL EQUITYTECHNOLOGY

5,919,886 723,551

6,643,437

56,900 ----

(38,919)8,013

(10,284)

6,659,147

EUR

GLOBAL EXEUROLAND EQUITY

37,183,306 6,761,872

43,945,178

4,771,844 ---

23,245 (60,894)186,459 (25,565)

48,840,267






Total Net Assets

USD

HONG KONGEQUITY

152,866,172 53,434,929

206,301,101

3,914,726 --

(159,069)3,573,247 (395,211)515,073

(192,965)

213,556,902

USD

INDIAN EQUITY

4,004,275,906 1,340,292,828

5,344,568,734

80,207,003 -

60,234,478 (68,476,405)69,526,224

(34,248,129)6,985,210

(7,996,475)

5,450,800,640

JPY

JAPANESE EQUITY

26,815,452,490 4,911,640,950

31,727,093,440

4,800,855,867 ---

169,655,877 (515,588,260)307,701,927 (41,924,401)

36,447,794,450

USD

KOREAN EQUITY

126,830,791 25,246,497

152,077,288

845,861 --

(931,190)2,086,865

(1,287,667)1,042,550 (178,220)

153,655,487




EUR

PAN-EUROPEANEQUITY

628,226,365 96,858,005

725,084,370

9,647,332 --

(1,672,603)5,268,111

(6,340,425)2,413,425 (781,774)

733,618,436

EUR

PAN-EUROPEANEQUITY HIGH

DIVIDEND

78,177,743 4,640,232

82,817,975

-(519,824)134,392

(153,584)537,598

(141,432)106,186

(120,833)

82,660,478

USD

SINGAPOREEQUITY

82,542,751 20,100,747

102,643,498

7,028,550 --

(14,615,428)19,421,782 (2,181,263)

223,854 (103,850)

112,417,143

USD

THAI EQUITY

208,818,548 5,719,644

214,538,192

2,621,555 -

1,950,871 -

1,115,458 (3,506,142)1,172,698 (319,695)

217,572,937

GBP

UK EQUITY

84,827,684 11,942,210

96,769,894

896,271 --

(190,890)294,227

(320,667)575,161

(144,225)

97,879,771

USD

US EQUITY

161,251,346 19,848,823

181,100,169

17,320,906 ---

2,556,617 (5,738,175)

834,763 (143,096)

195,931,184






Total Net Assets

USD

US INDEX

34,090,119 9,643,438

43,733,557

960,749 -

593,845 (521,531)492,001

(1,479,326)74,254

(25,088)

43,828,461

USD

ASIA FREESTYLEFreestyle Sub-Funds

216,394,935 51,679,308

268,074,243

1,965,438 -

80,773 -

1,172,424 (1,426,142)

994,543 (538,336)

270,322,943

USD

BRIC FREESTYLE

2,001,649,056 690,392,280

2,692,041,336

180,049,146 -

19,089,922 (28,410,043)

7,728,286 (22,309,104)

6,156,467 (97,262,029)

2,757,083,981

USD

GLOBALEMERGING

MARKETS EQUITYFREESTYLE

737,404,478 96,177,296

833,581,774

36,033,576 -

31,472,227 (22,929,179)

1,555,029 (14,660,880)

4,094,746 (23,357,330)

845,789,963




USD

LATIN AMERICANFREESTYLE

31,249,487 6,020,770

37,270,257

896,332 -

466,318 -

3,775,308 (113,181)

26,914 (1,766,297)

40,555,651

GBP

UK FREESTYLE

11,150,619 1,731,898

12,882,517

25,360 -

522 -

2,922 (7,341)45,222

(14,326)

12,934,876

USD

BRAZIL BONDBond Sub-Funds

5,205,682 907,809

6,113,491

837,806 ---

16,863 -

3,140 (2,207)

6,969,093

EUR

EURO CORPORATEBOND

54,075,183 (1,265,135)

52,810,048

5,322,533 -

462,771 (749,016)

-(5,037)

1,300,955 (63,143)

59,079,111

EUR

EURO CREDITBOND

45,451,446 (938,143)

44,513,303

599,012 --

(1,860,832)98,818

(379,109)881,054 (49,788)

43,802,458

EUR

EUROINVESTMENT

GRADE BOND

160,461,501 (3,183,823)

157,277,678

2,214,977 -

95,625 (1,463,800)

456,520 (607,598)

2,765,423 (118,943)

160,619,882






Total Net Assets

EUR

EURO HIGH YIELDBOND

81,341,810 1,552,152

82,893,962

1,115,969 -

1,978,066 (415,304)125,447

(3,196,487)1,693,745

(98,499)

84,096,899

USD

GLOBALEMERGING

MARKETS BOND

115,634,941 5,816,682

121,451,623

7,933,419 -

202,519 (94,023)

2,577,276 (117,598)

2,053,213 (109,508)

133,896,921

USD

GLOBALINVESTMENT

GRADE BOND

89,011,171 2,031,291

91,042,462

24,982,963 -

13,530,112 (15,707,983)

246,115 (2,104,719)1,174,494

(4,344,549)

108,818,895




EUR

PAN-EUROPEANGOVERNMENT

BOND

139,856,834 (2,032,386)

137,824,448

-(91,816)315,188

(363,726)1,095,722 (751,399)

2,616,829 (123,452)

140,521,794

GBP

STERLINGINVESTMENT

GRADE BOND

26,320,620 (932,096)

25,388,524

609,275 -

3,711,691 (3,706,339)

-(38,027)354,362

(9,071)

26,310,415

USD

US DOLLAR HIGHYIELD BOND

5,420,759 163,893

5,584,652

166,650 --

(25,734)5,000

-116,622

(1,324)

5,845,866

USD

US DOLLARINVESTMENT

GRADE BOND

94,551,501 6,550

94,558,051

1,342,080 -

17,459,051 (34,415,129)

401,295 (129,454)513,097 (30,728)

79,698,263

EUR

EURO RESERVEReserve Sub-Funds

43,693,078 70,423

43,763,501

1,310,732 -

1,200,000 -

157,144 (3,711,122)

408,505 (255,641)

42,873,119






Total Net Assets

USD

US DOLLARRESERVE

19,077,026 83,943

19,160,969

40,336 ---

309,768 (315,882)

8,290 (7,363)

19,196,118

EUR

TURKISHCONVERGENCE

Other Sub-Funds

41,020,235 934,329

41,954,564

8,854,530 -

1,672,123 (1,052,805)

127,021 (1,136,493)

627,086 (67,575)

50,978,451




CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CONSOLIDATEDUSD

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

ASIA EX JAPANEQUITY

4,165,233.315 44.36

623,072.137 20.48

6,320,915.936 42.19

39,948.433 20.36

350.557 41.63

106,137.814 41.63

2,265,295.459 43.00

10,000.000 43.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

671,124.853 46.35

332,559.919 42.58

Equity Sub-Funds

USD


COMPANIES

273,634.852 29.12

N/AN/A

1,167,688.235 28.36

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


HIGH DIVIDEND

128,669.933 14.28

N/AN/A

7,331,271.036 13.45

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,800,000.000 13.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

226,190.973 13.57

Key Figures as at 31 March 2007


USDBRAZIL EQUITY

18,996,378.742 31.16

N/AN/A

8,120,894.128 31.03

N/AN/A

265,088.333 30.99

N/AN/A

3,086,647.833 31.49

4,087,457.437 31.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

243,820.000 32.65

N/AN/A

USDBRIC MARKETS

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

675.000 21.60

21,337,489.000 21.64

N/AN/A

USD

BRIC MARKETSEQUITY

6,763,408.460 12.69

N/AN/A

2,210,180.495 12.69

N/AN/A

552,440.975 12.64

N/AN/A

125,000.000 12.74

N/AN/A

14,286,661.134 12.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDCHINESE EQUITY

11,267,558.989 67.10

N/AN/A

49,732,281.707 66.18

N/AN/A

719,146.759 66.41

N/AN/A

1,861,226.317 68.06

171,696.251 68.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

204,272.000 68.20

2,067,519.401 68.19

EUR


940,830.271 14.99

N/AN/A

198,711.383 14.99

N/AN/A

772.791 14.99

N/AN/A

335,500.000 15.17

203,200.000 15.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREUROLAND EQUITY

14,882,192.874 33.63

N/AN/A

1,138,188.732 33.55

N/AN/A

459.103 33.58

7,994.310 33.27

1,178,488.612 33.71

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,798.935 35.88

N/AN/A




EUR


COMPANIES

1,623,219.586 48.58

N/AN/A

68,660.659 48.58

N/AN/A

643.359 48.55

N/AN/A

280,100.000 48.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

153,913.606 51.71

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,402,217.103 14.17

182,385.316 14.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

929,134.728 12.14

1,405,605.236 12.20

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

EUROPE EX UKEQUITY

22,933.498 22.29

N/AN/A

3,933,459.515 22.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A



USD

GLOBALEMERGING

MARKETS ELITEFUND

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500.000 10.09

1,499,500.000 10.07

N/AN/A

USD

GLOBALEMERGING

MARKETS EQUITY

1,747,514.895 16.93

N/AN/A

14,070,027.877 16.75

N/AN/A

308,157.366 16.33

4,099.410 16.25

1,026,362.595 17.07

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

408,565.361 16.91

USDGLOBAL EQUITY

54,984.486 26.79

N/AN/A

1,701,225.304 26.79

N/AN/A

N/AN/A

N/AN/A

4,459.624 26.80

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,458,643.563 28.89

USD

GLOBAL EQUITYSRI

463,132.998 15.82

N/AN/A

10,433.867 15.81

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50,001.627 16.51

N/AN/A

N/AN/A

760,200.502 16.39

N/AN/A

USD


19,792.000 23.99

N/AN/A

1,530,139.819 4.02

N/AN/A

N/AN/A

9,000.000 3.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


560,082.187 21.32

N/AN/A

2,157.962 21.32

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,621,840.274 22.72

N/AN/A




USD

HONG KONGEQUITY

59,992.956 98.79

N/AN/A

39,104.546 95.33

N/AN/A

103.688 98.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,675,108.051 94.36

N/AN/A

N/AN/A

N/AN/A

N/AN/A

463,129.969 98.95

USDINDIAN EQUITY

9,249,636.476 135.24

N/AN/A

28,583,743.981 135.24

N/AN/A

501,704.336 132.59

142.733 132.59

1,467,143.077 140.01

110,255.938 140.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

339,437.363 138.08

JPYJAPANESE EQUITY

1,677,125.211 9,989.22

N/AN/A

316,894.882 1,489.96

N/AN/A

447,330.314 1,455.26

161,467.790 1,455.26

134,548.718 10,057.59

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

11,336.102 9,976.79

7,855,741.532 1,523.27

N/AN/A

179,871.242 13,849.43

N/AN/A

212,650.000 10,205.62

161,218.686 1,503.79

USDKOREAN EQUITY

1,950,607.120 15.30

N/AN/A

4,135,058.862 15.30

N/AN/A

13,911.869 15.28

N/AN/A

2,784,592.233 15.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,106,464.962 15.61



EUR

PAN-EUROPEANEQUITY

6,093,677.081 41.44

N/AN/A

375,056.895 40.68

N/AN/A

5,754.492 41.35

145,710.095 40.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,535.140 42.30

7,981,872.555 40.49

N/AN/A

1,930,269.502 24.94

N/AN/A

N/AN/A

2,141,633.231 41.05

EUR


DIVIDEND

3,779,373.876 16.11

N/AN/A

1,229,755.524 16.11

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

116,126.000 16.78

N/AN/A

USD

SINGAPOREEQUITY

811,928.623 47.88

N/AN/A

486,783.639 44.42

N/AN/A

21,736.375 47.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

974,185.953 44.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

160,121.903 47.10

USDTHAI EQUITY

979,802.283 9.74

N/AN/A

19,203,016.175 9.44

N/AN/A

26,364.749 9.72

N/AN/A

2,479,467.699 9.84

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

211,460.836 9.76

GBPUK EQUITY

1,383,102.885 28.48

N/AN/A

2,133,133.302 27.24

N/AN/A

N/AN/A

16,451.279 20.10

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,926.000 29.17

N/AN/A

USDUS EQUITY

817,818.296 22.54

1,163,078.418 26.92

515,063.443 25.23

9,551.763 27.70

2,982.906 22.52

681.169 25.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

988,299.191 25.68

N/AN/A

276,148.459 147.87

N/AN/A

2,439,901.000 23.05

407,935.263 25.46




USDUS INDEX

1,388,428.991 10.27

N/AN/A

25,657.991 10.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,953,122.036 9.93

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDASIA FREESTYLE

3,503,449.900 16.08

41,937.472 17.91

10,700,673.394 15.94

1,186,124.745 17.72

257,911.516 15.85

N/AN/A

1,037,872.960 16.49

25,000.000 16.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Freestyle Sub-Funds

USDBRIC FREESTYLE

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

41,244,299.499 15.34

5,457,144.526 21.33

N/AN/A

79,590,695.466 20.54

18,289,850.517 20.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

GLOBALEMERGING


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

68,893,436.839 11.70

3,346,679.968 11.79

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A



USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,251,723.828 14.24

596,951.905 14.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

GBPUK FREESTYLE

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

966,563.447 13.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRAZIL BOND

39,720.255 12.02

N/AN/A

22,838.583 12.02

N/AN/A

13,067.400 12.01

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500,000.000 12.12

N/AN/A

Bond Sub-Funds

EUR

EURO CORPORATEBOND

182,175.000 10.39

N/AN/A

5,446,998.912 10.12

N/AN/A

N/AN/A

N/AN/A

197,556.497 10.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

EURO CREDITBOND

2,154,573.584 17.31

N/AN/A

25,808.022 15.34

N/AN/A

5,328.157 17.31

N/AN/A

163,931.320 17.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

51,997.276 17.74

126,471.149 17.27

EUR

EUROINVESTMENT

GRADE BOND

7,440,306.929 16.91

N/AN/A

10,219.386 16.16

N/AN/A

1,478.716 16.91

N/AN/A

2,007,060.619 17.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A




EUR

EURO HIGH YIELDBOND

3,125,423.658 21.60

N/AN/A

49,724.483 18.81

N/AN/A

10,006.482 21.58

N/AN/A

449,031.784 22.21

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

245,128.775 22.24

N/AN/A

USD

GLOBALEMERGING

MARKETS BOND

325,217.945 20.44

N/AN/A

4,789,394.235 17.33

N/AN/A

3,597.554 20.42

N/AN/A

90,000.000 20.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,024,895.235 20.91

N/AN/A

USD

GLOBALINVESTMENT

GRADE BOND

10,133.634 13.75

N/AN/A

4,519,438.829 13.60

N/AN/A

N/AN/A

N/AN/A

5,796.283 13.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

21,932.577 185.20

N/AN/A

N/AN/A

3,152,335.322 13.67



EUR


BOND

7,014,997.527 16.73

N/AN/A

88,916.557 13.34

N/AN/A

2,562.397 16.71

N/AN/A

1,203,084.615 17.05

93,076.481 15.21

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

GBP

STERLINGINVESTMENT

GRADE BOND

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,299.558 5.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,628,330.847 5.44

N/AN/A

123,764.323 96.76

N/AN/A

N/AN/A

N/AN/A

USD


3,184.332 11.25

N/AN/A

7,391.465 11.27

N/AN/A

1,743.052 11.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

499,500.000 11.43

N/AN/A

USD

US DOLLARINVESTMENT

GRADE BOND

173,478.778 12.39

N/AN/A

332,468.426 10.95

N/AN/A

3,051.857 12.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,424,861.231 10.72

159,249.493 14.26

792,198.189 10.80

N/AN/A

345,721.000 12.57

1,998,112.435 11.00

EUREURO RESERVE

2,582,114.984 16.06

N/AN/A

90,351.957 15.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Funds




USD

US DOLLARRESERVE

327,819.915 16.41

N/AN/A

93,800.051 8.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,523,040.266 8.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

TURKISHCONVERGENCE

3,246,914.480 14.67

N/AN/A

219,357.161 14.02

N/AN/A

19,165.418 14.66

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds



Statement of Operations and Changes in Net Assets

for the year ended 31 March 2007


CONSOLIDATEDUSD

Net Assets at the Beginning of the Year 19,254,376,617

INCOMEInvestment Income 492,733,684 Bank Interest 32,119,399 Other Income 8,994

Total Income 524,862,077

EXPENSESManagement Fees (note 4.2) 261,272,086 Performance Fees (note 4.3) 116,116,938 Operating, Administrative and ServicingFees (note 4.4)

80,073,715

Bank Interest Paid 1,448,159

Total Expenses 458,910,898

Net Investment Profit/(Loss) 65,951,179 Realised Profit/(Loss) on Sale ofInvestments

3,160,899,711

Realised Profit/(Loss) for the Year beforeForeign Currency Movement

3,226,850,890

Profit/(Loss) on Foreign Currency (41,802,825)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts

422,695,661

Change in Total Net Assets as a Result of Operations

3,607,743,726

Proceeds on Issue of Shares 13,955,244,434 Payments on Redemption of Shares (15,022,292,141)Dividends Paid (note 11) (55,847,304)Currency Translation 273,314,536

Net Assets as at 31 March 2007 22,012,539,868

USD

ASIA EX JAPANEQUITY

582,349,188

13,285,141 477,288

-

13,762,429

7,387,077 -

1,857,252 -

9,244,329

4,518,100

79,493,365

84,011,465

(2,309,680)

34,240,676

115,942,461

303,304,455 (387,628,529)

(1,434,880)-

612,532,695

Equity Sub-Funds

USD


COMPANIES

31,219,270

603,801 37,130

-

640,931

461,846 -

107,764 75

569,685

71,246

5,043,954

5,115,200

(92,891)

4,482,916

9,505,225

13,883,309 (13,308,733)

(210,930)-

41,088,141

USD


HIGH DIVIDEND

192,121,007

8,241,363 36,889

-

8,278,252

2,159,219 -

537,081 9,401

2,705,701

5,572,551

8,471,846

14,044,397

(430,466)

16,465,915

30,079,846

60,836,451 (138,399,634)

(2,428,729)-

142,208,941



USDBRAZIL EQUITY

351,102,078

10,339,638 1,891,245

-

12,230,883

10,496,833 -

2,575,283 -

13,072,116

(841,233)

35,687,495

34,846,262

(6,372,812)

177,688,346

206,161,796

1,245,904,544 (716,787,661)

(373,062)-

1,086,007,695

USDBRIC MARKETS

223,573,945

5,801,434 73,266

-

5,874,700

3,003,097 -

750,764 72,960

3,826,821

2,047,879

18,409,131

20,457,010

1,513,729

21,806,638

43,777,377

619,019,208 (424,685,963)

--

461,684,567

USD

BRIC MARKETSEQUITY

-

690,038 961,265

-

1,651,303

1,112,001 -

325,857 67,210

1,505,068

146,235

8,420,941

8,567,176

(430,495)

22,398,884

30,535,565

314,309,822 (39,813,342)

--

305,032,045

USDCHINESE EQUITY

2,891,006,873

83,430,118 6,198,217

-

89,628,335

53,575,491 -

14,764,670 790

68,340,951

21,287,384

507,270,430

528,557,814

(10,974,430)

825,433,496

1,343,016,880

2,832,429,870 (2,662,810,358)

(15,447,548)-

4,388,195,717

EUR


29,983,564

759,620 25,678

-

785,298

336,705 -

89,315 9,221

435,241

350,057

2,140,585

2,490,642

(497,081)

(22,495)

1,971,066

18,019,399 (24,713,230)

--

25,260,799

EUREUROLAND EQUITY

292,922,023

8,734,842 108,554

-

8,843,396

6,731,413 -

2,042,322 143,676

8,917,411

(74,015)

42,436,143

42,362,128

(181,846)

22,613,654

64,793,936

463,397,946 (242,128,944)

--

578,984,961





EUR


COMPANIES

Net Assets at the Beginning of the Year 88,517,699

INCOMEInvestment Income 1,285,552 Bank Interest 56,074 Other Income -


EXPENSESManagement Fees (note 4.2) 835,210 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)

233,294

Bank Interest Paid 2,862


Net Investment Profit/(Loss) 270,260 Realised Profit/(Loss) on Sale ofInvestments

14,768,541


15,038,801

Profit/(Loss) on Foreign Currency (237,086)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts

(792,058)


14,009,657

Proceeds on Issue of Shares 65,611,124 Payments on Redemption of Shares (64,266,445)Dividends Paid (note 11) -Currency Translation -

Net Assets as at 31 March 2007 103,872,035

EUR


28,902,712

826,418 140,480

-

966,898

1,244,102 -

344,097 7,482

1,595,681

(628,783)

3,816,292

3,187,509

(6,713)

12,485,704

15,666,500

126,540,575 (21,149,239)

--

149,960,548

EUR


9,830,322

362,198 11,954

-

374,152

198,650 46,985

47,673 6,678

299,986

74,166

566,055

640,221

(2,692)

1,735,756

2,373,285

16,497,972 (281,629)

--

28,419,950

EUR

EUROPE EX UKEQUITY

114,656,209

2,360,861 27,120

-

2,387,981

1,383,592 -

475,270 717

1,859,579

528,402

17,432,038

17,960,440

5,258

(9,209,100)

8,756,598

7,068,226 (42,682,065)

(526,175)-

87,272,793



USD

GLOBALEMERGING

MARKETS ELITEFUND

-

28,730 9,829

-

38,559

23,762 -

5,351 9

29,122

9,437

(150,043)

(140,606)

(6,230)

251,446

104,610

15,000,000 ---

15,104,610

USD

GLOBALEMERGING

MARKETS EQUITY

232,800,507

5,515,164 361,532

-

5,876,696

3,872,654 -

1,053,413 4,623

4,930,690

946,006

57,645,613

58,591,619

(704,590)

(6,211,119)

51,675,910

103,677,075 (92,249,344)

(1,151,756)-

294,752,392

USDGLOBAL EQUITY

164,972,157

2,809,546 210,482

-

3,020,028

1,106,305 -

578,174 564

1,685,043

1,334,985

18,982,314

20,317,299

(123,309)

(5,342,620)

14,851,370

115,589,920 (119,012,733)

(438,791)-

175,961,923

USD

GLOBAL EQUITYSRI

10,848,034

247,420 7,967

-

255,387

48,553 -

39,647 209

88,409

166,978

1,584,795

1,751,773

14,280

821,212

2,587,265

9,194,102 (1,852,019)

(25)-

20,777,357

USD


7,914,102

142,745 5,474

-

148,219

110,714 -

27,185 415

138,314

9,905

625,285

635,190

(7,999)

206,218

833,409

6,426,866 (8,515,230)

--

6,659,147

EUR


59,070,237

799,555 122,172

-

921,727

251,456 -

150,767 94,894

497,117

424,610

1,589,579

2,014,189

(298,043)

(800,419)

915,727

2,218,074 (13,363,771)

--

48,840,267





USD

HONG KONGEQUITY




EXPENSESManagement Fees (note 4.2) 1,871,715 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)

699,112

Bank Interest Paid 149


Net Investment Profit/(Loss) 2,711,595 Realised Profit/(Loss) on Sale ofInvestments

41,734,161


44,445,756


8,400,483


52,166,835

Proceeds on Issue of Shares 132,121,790 Payments on Redemption of Shares (161,029,770)Dividends Paid (note 11) (3,972,474)Currency Translation -


USDINDIAN EQUITY

6,029,705,648

82,011,218 4,951,450

-

86,962,668

80,979,389 -

21,823,618 554,311

103,357,318

(16,394,650)

1,340,514,597

1,324,119,947

(9,514,126)

(743,439,580)

571,166,241

2,399,094,465 (3,549,138,405)

(27,309)-

5,450,800,640

JPYJAPANESE EQUITY

32,542,790,513

411,668,062 6,227,752

-

417,895,814

408,296,582 -

117,850,880 7,848,174

533,995,636

(116,099,822)

3,952,232,651

3,836,132,829

(17,045,705)

(3,577,634,155)

241,452,969

35,874,405,149 (32,210,854,181)

--

36,447,794,450

USDKOREAN EQUITY

152,431,357

2,194,120 54,545

-

2,248,665

1,798,941 -

550,543 686

2,350,170

(101,505)

7,534,942

7,433,437

(531,515)

6,426,402

13,328,324

153,505,230 (165,577,953)

(31,471)-

153,655,487



EUR

PAN-EUROPEANEQUITY

568,630,360

17,080,298 206,492

-

17,286,790

7,543,961 -

3,628,184 354

11,172,499

6,114,291

80,505,611

86,619,902

(211,988)

(12,630,565)

73,777,349

479,142,427 (383,069,593)

(4,862,107)-

733,618,436

EUR


DIVIDEND

83,304,250

2,317,751 77,841

-

2,395,592

1,123,783 -

266,882 71,272

1,461,937

933,655

7,689,598

8,623,253

(44,601)

(3,330,806)

5,247,846

46,771,424 (52,663,042)

--

82,660,478

USD

SINGAPOREEQUITY

26,242,522

1,413,969 114,498

-

1,528,467

460,458 -

160,930 237

621,625

906,842

8,378,856

9,285,698

(435,450)

14,892,435

23,742,683

130,868,284 (67,304,121)

(1,132,225)-

112,417,143

USDTHAI EQUITY

264,861,559

6,985,913 302,834

-

7,288,747

3,386,928 -

809,146 28,641

4,224,715

3,064,032

(2,983,135)

80,897

(56,907)

1,675,291

1,699,281

210,886,261 (254,790,966)

(5,083,198)-

217,572,937

GBPUK EQUITY

164,915,960

4,918,587 66,161

-

4,984,748

2,161,682 -

531,227 18,572

2,711,481

2,273,267

15,086,940

17,360,207

(7,467)

(11,325,806)

6,026,934

36,815,894 (108,641,216)

(1,237,801)-

97,879,771

USDUS EQUITY

137,953,697

3,118,875 632,811

-

3,751,686

1,216,112 -

615,282 19,845

1,851,239

1,900,447

11,845,044

13,745,491

27,530

9,820,978

23,593,999

184,375,481 (149,884,512)

(107,481)-

195,931,184





USDUS INDEX





175,639


Total Expenses 415,412


9,353,664


10,163,949


(8,760,151)


1,395,606

Proceeds on Issue of Shares 26,426,978 Payments on Redemption of Shares (84,956,593)Dividends Paid (note 11) (792,232)Currency Translation -


USDASIA FREESTYLE

374,242,604

7,201,625 197,736

-

7,399,361

4,964,264 -

1,143,928 13,157

6,121,349

1,278,012

73,201,547

74,479,559

(982,780)

(14,146,222)

59,350,557

59,727,666 (221,427,127)

(1,570,757)-

270,322,943

Freestyle Sub-Funds

USDBRIC FREESTYLE

3,377,707,464

110,762,548 9,959,451

-

120,721,999

28,899,454 93,228,729

12,006,432 998

134,135,613

(13,413,614)

567,433,108

554,019,494

(1,946,288)

(5,370,932)

546,702,274

963,143,904 (2,130,469,661)

--

2,757,083,981

USD

GLOBALEMERGING


660,549,914

21,774,999 1,700,988

-

23,475,987

11,342,363 21,098,281

4,536,945 29,827

37,007,416

(13,531,429)

85,961,799

72,430,370

(5,256,517)

86,992,486

154,166,339

942,413,850 (911,340,140)

--

845,789,963



USD


-

116,134 47,465

-

163,599

159,254 1,726,672

63,701 927

1,950,554

(1,786,955)

3,962,082

2,175,127

(149,091)

6,020,857

8,046,893

49,816,519 (17,307,761)

--

40,555,651

GBPUK FREESTYLE

14,691,270

379,257 12,112

-

391,369

124,752 307

44,762 236

170,057

221,312

1,034,541

1,255,853

(83)

(218,311)

1,037,459

1,398,957 (4,192,810)

--

12,934,876

USDBRAZIL BOND

-

760,099 12,647

-

772,746

3,043 -

30,895 5,938

39,876

732,870

(523,944)

208,926

18,507

907,809

1,135,242

6,744,315 (910,464)

--

6,969,093

Bond Sub-Funds

EUR

EURO CORPORATEBOND

48,600,380

2,524,720 95,619

-

2,620,339

508,781 -

178,246 -

687,027

1,933,312

(663,740)

1,269,572

(194)

263,473

1,532,851

10,284,111 (1,338,231)

--

59,079,111

EUR

EURO CREDITBOND

90,422,134

2,439,609 25,723

-

2,465,332

500,225 -

182,831 1,695

684,751

1,780,581

(2,075,314)

(294,733)

(1,452)

1,214,652

918,467

11,010,407 (58,548,550)

--

43,802,458

EUR

EUROINVESTMENT

GRADE BOND

141,727,068

6,394,278 101,724

-

6,496,002

1,082,365 -

369,487 -

1,451,852

5,044,150

(2,430,770)

2,613,380

(844)

(241,494)

2,371,042

121,578,376 (105,056,604)

--

160,619,882





EUR

EUROINVESTMENT

GRADECORPORATE BOND*


INCOMEInvestment Income 458,841 Bank Interest 16,783 Other Income -

Total Income 475,624


19,797

Bank Interest Paid -



(486,200)


(67,446)

Profit/(Loss) on Foreign Currency (21)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts

403,253


335,786

Proceeds on Issue of Shares 46,116 Payments on Redemption of Shares (5,054,065)Dividends Paid (note 11) (5,972,489)Currency Translation -

Net Assets as at 31 March 2007 -

EUR

EURO HIGH YIELDBOND

124,271,638

5,955,197 18,458

-

5,973,655

1,028,503 -

306,623 876

1,336,002

4,637,653

1,488,268

6,125,921

13,214

(1,380,102)

4,759,033

106,683,176 (151,616,948)

--

84,096,899

USD

GLOBALEMERGING

MARKETS BOND

119,634,250

7,627,995 250,829

-

7,878,824

716,742 -

357,406 11,082

1,085,230

6,793,594

735,957

7,529,551

(30,505)

2,953,535

10,452,581

79,267,271 (75,457,181)

--

133,896,921

USD

GLOBALINVESTMENT

GRADE BOND

88,081,665

3,687,787 733,941

8,994

4,430,722

567,648 -

225,833 35,769

829,250

3,601,472

(1,090,041)

2,511,431

630,155

4,217,564

7,359,150

77,436,136 (62,949,781)

(1,108,275)-

108,818,895

* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007.



USD

GLOBALINVESTMENT

GRADE BOND (USDOLLAR-HEDGED)

453,246

1,634 817

-

2,451

612 -

153 -

765

1,686

(7,345)

(5,659)

6,434

6,640

7,415

12,748 (91,628)

(381,781)-

-

EUR


BOND

117,815,022

5,419,043 37,370

-

5,456,413

947,075 -

319,178 15,386

1,281,639

4,174,774

(2,876,153)

1,298,621

19,685

531,454

1,849,760

162,680,758 (141,823,746)

--

140,521,794

GBP

STERLINGINVESTMENT

GRADE BOND

21,583,331

1,676,990 30,566

-

1,707,556

85,356 -

42,872 106

128,334

1,579,222

(741,952)

837,270

(572)

(792,160)

44,538

29,897,940 (23,992,003)

(1,223,391)-

26,310,415

USD


5,172,610

424,105 1,673

-

425,778

325 -

13,496 -

13,821

411,957

40,433

452,390

149

89,987

542,526

175,572 (44,842)

--

5,845,866

USD

US DOLLARINVESTMENT

GRADE BOND

46,965,872

3,546,895 89,729

-

3,636,624

228,597 -

127,208 10,006

365,811

3,270,813

195,789

3,466,602

473

741,059

4,208,134

72,848,839 (44,324,582)

--

79,698,263

EUREURO RESERVE

47,661,285

1,295,428 53,776

-

1,349,204

218,736 -

65,625 -

284,361

1,064,843

(764)

1,064,079

94

16,844

1,081,017

83,519,875 (89,389,058)

--

42,873,119

Reserve Sub-Funds





USD

US DOLLARRESERVE


INCOMEInvestment Income 962,091 Bank Interest 75,571 Other Income -



29,591




8,210


943,712

Profit/(Loss) on Foreign Currency (349)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts

(9,122)


934,241

Proceeds on Issue of Shares 36,974,471 Payments on Redemption of Shares (41,385,423)Dividends Paid (note 11) -Currency Translation -


EUR

TURKISHCONVERGENCE

67,383,014

5,180,419 501,952

-

5,682,371

692,990 -

179,471 -

872,461

4,809,910

(6,868,629)

(2,058,719)

(662,536)

(658,305)

(3,379,560)

42,529,373 (55,423,466)

(130,910)-

50,978,451

Other Sub-Funds

Notes to the Financial Statements

HSBC Global Investment Funds 49

1. Basis of presentation The Company is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies. The Company is an officially registered investment fund under part I of the law of 20 December 2002 and has been certified as a UCITS fund under the directive 85/611/CEE of the Council of Europe enabling it to be freely marketed within member states of the European Community from 1 October 1989, subject to member states enacting enabling legislation and complying with local marketing regulations. The Company has been certified as a recognised collective investment scheme in the United Kingdom under the Financial Services and Markets Act 2000 (the “Act”). Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”. In the prospectus and in the reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund. Since 1 April 2006, the Company has proceeded to: 1) The opening of new sub-funds: on 1 June 2006, Brazil Bond, on 1 June 2006, BRIC Markets Equity, on 6 July 2006, Latin American Freestyle, on 05 February 2007, Global Emerging Markets Elite Fund. 2) Change in name for the following sub-fund: on 1 June 2006, Pan-European Equity Smaller Companies changed its name to Euroland Equity Smaller Companies. 3) On 3 April 2006, the following sub-funds of HSBC Institutional Client Funds merged into HSBC Global Investment Funds: (exchange ratio 1) - European Equity merged into Pan-European Equity class WD - Japanese Equity merged into Japanese Equity class WD - US Equity merged into US Equity class WD - UK Fixed Income merged into Sterling Investment Grade Bond class WD - US Dollar Opportunities Bond class D merged into US Dollar Investment Grade Bond class WD - US Dollar Opportunities Bond class C merged into US Dollar Investment Grade Bond class WC - International (Ex UK) Fixed Income merged into Global Investment Grade Bond class WD. 4) On 19 May 2006, Global Investment Grade Bond (US Dollar-Hedged) class AC merged into Global Investment Grade Bond class AC (exchange rate 1.218229913). Global Investment Grade Bond (US Dollar-Hedged) class AD merged into Global Investment Grade Bond class AD (exchange rate 1.122148803). 5) On 19 March 2007, the sub-fund Euro Investment Grade Corporate Bond was liquidated.

2. Accounting Policies The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements. a) Accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

Notes to the Financial Statements (continued)


2. Accounting Policies (continued) b) Assets and portfolio securities valuation The assets of each Class within each sub-fund are valued as at 11.00 a.m. (Luxembourg time) as at 31 March 2007. In addition, portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds shall be valued at their last available net asset value reduced by any applicable charges. c) Income and Expenses Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis. d) Foreign Exchange The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 31 March 2007. e) Realised Profit/(Loss) on Sale of Investments Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

3. Share capital The Company has issued either A, E, I, J, M, P, W, Y or Z Shares to investors in one or several sub-funds as detailed below. Within each sub-fund, the Company is entitled to create different share classes and/or sub-classes, distinguished by their distribution policy (Capital-Accumulation (C) and Distribution shares (D)), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors. All share classes are available as both Capital-Accumulation and Distribution Shares. Shares in existence before 2 October 2000 have been designated Class A Shares and are available to all investors. On 25 November 2002, all Shares in issue in Class A of the sub-funds Pan-European Equity, Hong Kong Equity, Japanese Equity, Singaporean Equity, North American Equity, US Index, US Dollar Bond and US Dollar Reserve were renamed Class P Shares. The rights and obligations relating to such Shares remain unchanged (except that the minimum initial investment amount was increased to USD 50,000).



3. Share capital (continued)

Description Minimum Initial

Investment Minimum

Holding Class A A Shares are available to all investors.

USD 5,000 USD 5,000

Class E E Shares will be available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Share Distributor. E Shares will incur annual management fees equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

USD 5,000 USD 5,000

Class I I Shares are available through specific distributors selected by the Share Distributor.

EUR 1,000,000 EUR 1,000,000

Class J J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

USD 100,000 USD 100,000

Class M M Shares are available to all investors.

USD 5,000 USD 5,000

Class P P Shares are available for subscription in certain jurisdictions or through certain selected distributors.

USD 50,000 USD 50,000

Class W W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Share Distributor provided (in addition) the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Services Expenses will be charged to Class W Shares. All the fees and charges allocated to this Class will be paid directly by members or affiliated entities of the HSBC Group.

USD 100,000 USD 100,000

Class Y Y shares are available to all investors in certain jurisdictions or through certain specific distributors approved by the Share Distributor.

USD 1,000 USD 1,000

Class Z Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Share Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 law.

USD 1,000,000 USD 1,000,000

The Board of Directors of the Company has authority to issue different Classes of Shares in the one or several sub-funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Board of Directors. In case of the creation of additional Classes of Shares, this Prospectus will be updated. The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of Shareholders. The minimum initial investment amount may be reduced at the discretion of the Company.



3. Share capital (continued)

Share Class Denominations: The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy, as defined above, would be identified as ADH whereas Class I Shares accumulating income would be identified as IC.

4. Charges and Expenses 1. Explanation of the Charging Structure Investment in the Company is currently offered via nine charging structures, as represented by the A, E, I, J, M, P, W, Y and Z Classes of Shares. The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see 2. “Management Fee” below). In addition, the Company pays to the Management Company a fee to cover operating administrative and servicing expenses. To preserve Shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The excess of such expenses above such annual rate will be borne directly by the Management Company (see 4. “Operating, Administrative and Servicing Expenses” below). 2. Management Fee The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or Share Class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table page 68. The maximum rate for Class E, I, J and M Shares is 3.5%. The maximum rate for Class A, P, Y and Z Shares is as stated in the prospectus. No Management Fee is currently charged for Class W Shares. The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. 3. Performance Fee For sub-funds issuing Classes J Shares, L Shares and M Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period. Each Dealing Day, the Performance Fee accrual will be calculated as 20% (10% in the case of Global Equity Freestyle) of the difference between the change in the Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund.



4. Charges and Expenses (continued)

The cumulative Performance Fee accruals from the beginning of the twelve months period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark. At the end of the twelve months period the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all Shareholders will participate (in proportion with their Shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance. The detailed Performance Fee information can be found in the Fund prospectus dated April 2007 on the pages 39-41. If there is a positive balance of the Performance Fee accrual, it will become payable to the Management Company on the following dates each year: BRIC Freestyle Class J1C 2 October Class M1C 31 March Class M1D 10 April Class M2C 31 March Euroland Value Creation Class M1C 31 March Class M1D 11 July Global Emerging Markets Equity Freestyle Class M1C 21 March Class M1D 21 March Sustainability Leaders Class M1C 2 February Class M1D 14 December Class L no shares issued UK Freestyle Class M1D 31 March Latin American Freestyle Class M1C 6 July Class M1D 6 July 4. Operating, Administrative and Servicing fees The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, the Administration Agent, the Registrar and the Transfer Agent. This fee is set, for each sub-fund and/or class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the prospectus. Such fee is accrued daily and payable monthly in arrears at the rates specified in the table below. No Operating, Administrative and Services Expenses will be charged to class W Shares. All the fees and charges allocated to such Class of Share will be paid directly by a member or an affiliated entity of HSBC Group.



4. Charges and Expenses (continued) The maximum rate for class A, E, I, J, M, P, Y and Z Shares is 1.0%. However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each class of Share. In the event of an increase in such expenses, the concerned Shareholders will be given at least three months prior notice of such increase. During this three months notice, such Shareholders may request the redemption of their shares, free of charge. Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent. Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiary (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under “Taxation” below; attendance fees and reasonable out-of-pocket expenses incurred by the Company’s Directors; legal, auditing fees and other expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s prospectus, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

5. Transaction expenses and extraordinary expenses The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments. Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes. The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

6. Indian Equity The Company wholly owns a subsidiary in Mauritius namely HSBC Global Investment Funds Mauritius Limited, 10, Frère Félix de Valois Street, Port Louis, Mauritius (“the Subsidiary”). The Subsidiary manages the Indian Equity sub-fund’s investments in India. The Subsidiary is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and the Subsidiary have been consolidated. The Subsidiary has appointed Multi Consult Limited, 10 Frère Félix de Valois Street, Port Louis, Mauritius, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records. The Subsidiary has appointed KPMG Mauritius of KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary in Mauritius to perform the auditor's duties required by Mauritius law.

7. Taxation Belgium The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. Until 1 January 2007, an annual tax of 0.07% has been charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total assets of those sub-funds.



7. Taxation (continued)

The tax increased to 0.08% as at 1 January 2007. The Company understands that the validity of this tax charge is being questioned on the basis that it is contrary to European law and further developments are awaited. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administration and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the sub-funds concerned to bear that tax charge for future periods. India On the basis that it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty. Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian sales tax. The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiary does not have a permanent establishment or its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union. The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position. Luxembourg The Company is not liable to any Luxembourg tax on profits or income nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the US Dollar Reserve and Euro Reserve sub-funds and Classes J Share, W Share and Z Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares. The Class or sub-funds may be exempted of this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003. No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company. The Company paid a tax of EUR 1,239.46 on its incorporation. Mauritius The Subsidiary is registered with the Mauritius Offshore Business Activities Authority as an offshore company. As a result it is subject to a reduced rate of Mauritian income tax on its income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiary’s investments in India and any dividends and redemption proceeds paid by the Subsidiary to the Indian Equity sub-fund will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiary by the Commissioner of Income Tax in Mauritius. On the basis that it is Mauritian tax resident, the Subsidiary will qualify for certain reliefs from Indian tax as set out in the Indian tax section below. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.



7. Taxation (continued)

Turkey A new tax system took effect from 1 January 2006 which charges a 10% withholding tax on dividends received by the Company and a 15% withholding tax on all other investment returns received by the Company from investments made in Turkey. The costs of this tax will be borne by shareholders in sub-funds investing in Turkey. Thailand Where possible Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favorable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the Net Asset Value. United Kingdom It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains. The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988. General Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. Investors and potential investors should note the paragraph concerning Emerging Markets in the “Risk Factors” section of the Prospectus.

8. Public and bank holidays in Hong Kong HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the Shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.

9. Forward foreign exchange contracts As at 31 March 2007, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which oblige the Company to deliver currencies at specified future dates. Open contracts are as follows: Contracts with a settlement date of 30 March 2007 still appear because they were open at the time of the preparation and publication of the net asset value of 30 March 2007. Sub-funds Contract

Date In exchange

for Settlement Contract to

deliver Unrealised

Gain/(loss) by Sub-Fund

Asia Ex Japan Equity

22/12/2006 USD 29,767,652 30/03/2007 EUR 22,467,000 29/12/2006 USD 440,359 30/03/2007 EUR 333,000 03/01/2007 USD 559,200 30/03/2007 EUR 420,000 05/01/2007 EUR 260,000 30/03/2007 USD 341,354 09/01/2007 EUR 640,000 30/03/2007 USD 836,800 11/01/2007 USD 6,501 30/03/2007 EUR 5,000 12/01/2007 EUR 371,000 30/03/2007 USD 480,779 12/01/2007 USD 22,030 30/03/2007 EUR 17,000 15/01/2007 USD 305,077 30/03/2007 EUR 235,000



9. Forward foreign exchange contracts

Sub-funds Contract

Date In exchange


deliver

Unrealised Gain/(loss) by

Sub-Fund 16/01/2007 USD 492,548 30/03/2007 EUR 379,000 22/01/2007 USD 6,506 30/03/2007 EUR 5,000 25/01/2007 USD 549,613 30/03/2007 EUR 422,000 26/01/2007 USD 20,704 30/03/2007 EUR 16,000 Asia Ex Japan Equity 29/01/2007 EUR 587,000 30/03/2007 USD 759,825

01/02/2007 USD 22,192 30/03/2007 EUR 17,000 02/02/2007 USD 6,524 30/03/2007 EUR 5,000 05/02/2007 USD 720,889 30/03/2007 EUR 555,000 06/02/2007 USD 22,047 30/03/2007 EUR 17,000 07/02/2007 EUR 6,000 30/03/2007 USD 7,799 14/02/2007 EUR 443,000 30/03/2007 USD 581,127 16/02/2007 USD 531,300 30/03/2007 EUR 404,000 27/02/2007 EUR 14,403,000 30/03/2007 USD 19,052,288 27/02/2007 USD 51,589 30/03/2007 EUR 39,000 28/02/2007 EUR 107,000 30/03/2007 USD 141,422 05/03/2007 EUR 1,257,000 30/03/2007 USD 1,653,081 06/03/2007 EUR 333,000 30/03/2007 USD 437,795 07/03/2007 USD 183,876 30/03/2007 EUR 140,000 09/03/2007 USD 274,898 30/03/2007 EUR 209,000 13/03/2007 USD 113,271 30/03/2007 EUR 86,000 14/03/2007 USD 10,561 30/03/2007 EUR 8,000 14/03/2007 EUR 371,000 30/03/2007 USD 489,757 15/03/2007 EUR 245,000 30/03/2007 USD 323,731 16/03/2007 USD 7,992 30/03/2007 EUR 6,000 19/03/2007 USD 101,194 30/03/2007 EUR 76,000 20/03/2007 USD 11,967 30/03/2007 EUR 9,000 21/03/2007 USD 115,784 30/03/2007 EUR 87,000 23/03/2007 USD 215,898 30/03/2007 EUR 162,000 26/03/2007 EUR 103,000 30/03/2007 USD 136,599 27/03/2007 EUR 6,993,000 30/03/2007 USD 9,331,460 27/03/2007 USD 9,365,026 29/06/2007 EUR 6,993,000 28/03/2007 USD 3,867,889 29/06/2007 EUR 2,890,000 29/03/2007 USD 8,024 29/06/2007 EUR 6,000 29/03/2007 EUR 126,000 29/06/2007 USD 168,512 USD 5,743 BRIC Markets 27/03/2007 EUR 9,999,999 30/03/2007 USD 13,340,998 USD 6,000 Global Emerging Markets Elite Fund 26/03/2007 USD 134,984 30/03/2007 ZAR 974,250

27/03/2007 USD 11,293 02/04/2007 ZAR 81,646 USD (941) Global Emerging Markets Equity 26/03/2007 USD 2,612,575 30/03/2007 ZAR 18,856,258

27/03/2007 EUR 26,035 30/03/2007 USD 34,734 27/03/2007 USD 19,498 30/03/2007 SGD 29,578 27/03/2007 USD 216,066 02/04/2007 ZAR 1,562,158 28/03/2007 EUR 101,841 02/04/2007 USD 135,998 29/03/2007 USD 816 03/04/2007 EUR 612 USD (18,003) Global Equity 27/03/2007 USD 64,667 30/03/2007 SGD 98,100 27/03/2007 JPY 214,194,479 02/04/2007 USD 1,813,670 28/03/2007 SGD 153,200 02/04/2007 USD 100,909 USD (4,575) Global Equity SRI 27/03/2007 GBP 1,785 30/03/2007 USD 3,507 28/03/2007 EUR 106,863 02/04/2007 USD 142,705 29/03/2007 USD 966 03/04/2007 EUR 725 29/03/2007 GBP 1,374 03/04/2007 USD 2,697 USD 188



9. Forward foreign exchange contracts (continued)

Sub-funds Contract Date

In exchange for

Settlement Contract to deliver


Sub-Fund

Global Ex Euroland Equity 01/03/2007 USD 2,590,000 01/06/2007 CAD 3,033,149

EUR 31,298

Pan-European Equity 27/03/2007 EUR 12,367 30/03/2007 SGD 25,000 28/03/2007 EUR 27,900 02/04/2007 SGD 56,567 29/03/2007 EUR 40,030 03/04/2007 SGD 81,000 EUR 89 UK Equity 27/03/2007 GBP 16,211 30/03/2007 EUR 23,875 28/03/2007 GBP 6,482 02/04/2007 EUR 9,543 29/03/2007 GBP 7,245 03/04/2007 EUR 10,668 GBP 19 US Equity 09/03/2007 USD 28,932,508 11/06/2007 EUR 21,973,000 13/03/2007 USD 17,214 11/06/2007 EUR 13,000 22/03/2007 USD 804,000 11/06/2007 EUR 600,000 USD 449,203 Asia Freestyle 22/12/2006 USD 18,131,941 30/03/2007 EUR 13,685,000 03/01/2007 USD 528,577 30/03/2007 EUR 397,000 09/01/2007 EUR 382,000 30/03/2007 USD 499,465 10/01/2007 EUR 255,000 30/03/2007 USD 332,158 11/01/2007 EUR 9,000 30/03/2007 USD 11,701 16/01/2007 USD 370,386 30/03/2007 EUR 285,000 17/01/2007 USD 7,779 30/03/2007 EUR 6,000 19/01/2007 EUR 11,000 30/03/2007 USD 14,314 22/01/2007 USD 188,662 30/03/2007 EUR 145,000 23/01/2007 USD 9,107 30/03/2007 EUR 7,000 25/01/2007 USD 217,501 30/03/2007 EUR 167,000 29/01/2007 EUR 361,000 30/03/2007 USD 467,285 31/01/2007 USD 15,565 30/03/2007 EUR 12,000 01/02/2007 EUR 6,000 30/03/2007 USD 7,832 02/02/2007 USD 233,550 30/03/2007 EUR 179,000 05/02/2007 USD 301,345 30/03/2007 EUR 232,000 06/02/2007 USD 1,888,286 30/03/2007 EUR 1,456,000 08/02/2007 USD 53,353 30/03/2007 EUR 41,000 09/02/2007 USD 228,043 30/03/2007 EUR 175,000 14/02/2007 EUR 415,000 30/03/2007 USD 544,397 15/02/2007 USD 235,698 30/03/2007 EUR 179,000 16/02/2007 USD 444,504 30/03/2007 EUR 338,000 28/02/2007 EUR 203,000 30/03/2007 USD 268,305 05/03/2007 EUR 550,000 30/03/2007 USD 723,305 06/03/2007 EUR 685,000 30/03/2007 USD 900,569 07/03/2007 USD 281,068 30/03/2007 EUR 214,000 09/03/2007 USD 466,932 30/03/2007 EUR 355,000 13/03/2007 USD 297,665 30/03/2007 EUR 226,000 15/03/2007 EUR 335,000 30/03/2007 USD 442,652 19/03/2007 USD 209,046 30/03/2007 EUR 157,000 20/03/2007 USD 219,393 30/03/2007 EUR 165,000 22/03/2007 USD 20,049 30/03/2007 EUR 15,000 23/03/2007 USD 574,393 30/03/2007 EUR 431,000 27/03/2007 EUR 15,655,000 30/03/2007 USD 20,890,032 27/03/2007 USD 20,965,176 29/06/2007 EUR 15,655,000 USD 163,004



9. Forward foreign exchange contracts (continued)

Sub-funds Contract

Date In exchange


deliver


Sub-Fund

BRIC Freestyle 27/03/2007 EUR 18,403 30/03/2007 USD 24,552 27/03/2007 SGD 136,115 30/03/2007 USD 89,727 28/03/2007 USD 424,916 03/04/2007 HKD 3,320,085 29/03/2007 USD 375,035 03/04/2007 EUR 281,178

29/03/2007 SGD 332,237 03/04/2007 USD 218,836 USD (345) Global Emerging Markets Equity Freestyle 26/03/2007 USD 7,939,986 30/03/2007 ZAR 57,306,848

27/03/2007 SGD 19,524 30/03/2007 USD 12,870 27/03/2007 USD 57,708 30/03/2007 EUR 43,256 27/03/2007 USD 664,837 02/04/2007 ZAR 4,806,773 28/03/2007 USD 83,946 02/04/2007 SGD 127,446 29/03/2007 USD 26,828 03/04/2007 EUR 20,114 29/03/2007 HUF 72,206,066 03/04/2007 USD 387,788 29/03/2007 PLN 1,103,982 03/04/2007 USD 380,395 29/03/2007 USD 48,831 03/04/2007 SGD 74,135 29/03/2007 ZAR 16,120,466 04/05/2007 USD 2,207,736 USD (59,666) Latin American Freestyle 27/03/2007 EUR 11,198 30/03/2007 USD 14,939

28/03/2007 EUR 46,290 02/04/2007 USD 61,815 29/03/2007 EUR 13,323 03/04/2007 USD 17,770 USD 88 Global Emerging Markets Bond 26/02/2007 EUR 269,010 30/03/2007 USD 354,663

29/03/2007 SGD 19,893 03/04/2007 USD 13,103 USD (4,079) Global Investment Grade Bond 14/02/2007 USD 728,563 15/05/2007 EUR 555,000

14/02/2007 EUR 414,000 15/05/2007 USD 543,677 07/03/2007 GBP 3,024,000 12/06/2007 USD 5,829,743 08/03/2007 GBP 610,000 12/06/2007 USD 1,178,569 09/03/2007 EUR 141,000 15/05/2007 USD 185,357 13/03/2007 USD 3,455,061 15/06/2007 JPY 400,000,000 14/03/2007 EUR 859,000 15/05/2007 USD 1,139,214 16/03/2007 EUR 1,004,000 15/05/2007 USD 1,339,888 16/03/2007 USD 384,387 15/05/2007 EUR 290,000 20/03/2007 USD 1,668,886 12/06/2007 GBP 854,000 22/03/2007 USD 2,081,426 15/05/2007 EUR 1,551,000 27/03/2007 EUR 470,000 15/05/2007 USD 628,397 27/03/2007 GBP 60,000 12/06/2007 USD 119,120 28/03/2007 GBP 60,000 12/06/2007 USD 117,920 09/03/2007 USD 5,265,380 18/06/2007 EUR 4,000,000 USD (69,734) US Dollar Investment Grade Bond

27/03/2007 EUR 8,713 30/03/2007 USD 11,625 USD 5



10. Futures As at 31 March 2007, the Company had entered into the following outstanding futures contracts: Number

of contracts

Currency Commitments Maturity Date

Unrealised gain (loss) in sub-fund currency

BRIC Markets Equity HSCEI - HKD China Ent 208 HKD 99,840,000 27/04/2007 185,477 USD 185,477 Euroland Value Creation Dow Jones Euro Stoxx 50 121 EUR 4,956,160 15/06/2007 700 EUR 700 Global Ex Euroland Equity S&P 500 Indices 2 USD 715,450 14/06/2007 8,830 Topix Index 26 JPY 446,290,000 07/06/2007 53,767 SP ASX 200 Finance Index 5 AUD 754,250 21/06/2007 15,366 EUR 77,963 Japanese Equity Topix Index (Tokyo) 310 JPY 5,321,150,000 07/06/2007 116,200,000 JPY 116,200,000 Pan-European Equity High Dividend Dow Jones Euro Stoxx 50 9 EUR 368,640 15/06/2007 5,850 EUR 5,850



10. Futures (continued)

Number of

contracts

Currency Commitments Maturity Date

Unrealised gain (loss) in sub-fund currency

US Equity S&P 500 Indices 40 USD 14,315,000 14/06/2007 121,000 USD 121,000 Euro Corporate Bond Euro Bund (40) EUR (4,604,800) 07/06/2007 24,560 EUR 24,560 Euro Credit Bond Euro Bund (3) EUR (345,360) 07/06/2007 430 Euro Schatz 35 EUR 3,616,900 07/06/2007 (9,100) Euro BOBL (9) EUR (974,700) 07/06/2007 3,810 EUR (4,860) Euro Investment Grade Bond Euro Bund (14) EUR (1,611,680) 07/06/2007 14,420 Euro Schatz 44 EUR 4,546,960 07/06/2007 (11,440) Euro BOBL (57) EUR (6,173,100) 07/06/2007 37,050 EUR 40,030 Global Investment Grade Bond Euro Bund 14 EUR 1,610,840 07/06/2007 (23,523) Euribor 3 Months 4 EUR 959,000 18/06/2007 (533) Long Gilt Sterling Future 8 GBP 863,520 27/06/2007 (4,239) 3 Months Euro Yen Future 4 JPY 99,305,000 15/06/2007 0 Japanese Gov. Bds Future 10 Y (2) JPY (268,360,000) 11/06/2007 849 10 Y Treasury Notes USA (19) USD (2,056,750) 20/06/2007 2,969 2 Y Treasury Notes USA 51 USD 10,451,813 29/06/2007 11,266 5 Y Treasury Notes USA 48 USD 5,081,250 29/06/2007 40,500 Treasury Bonds USA (10) USD (1,115,625) 20/06/2007 (3,048) USD 24,241 Pan-European Government Bond Euro Bund (15) EUR (1,726,800) 07/06/2007 4,210 Euro Schatz 3 EUR 310,020 07/06/2007 (480) Euro BOBL (3) EUR (324,900) 07/06/2007 1,390 Long Gilt Sterling Futures 8 GBP 863,040 27/06/2007 (19,574) EUR (14,454)

11. Dividends

At the Annual General Meeting held at the Company’s Registered Office, the following dividends were declared, out of the profits for the year ended 31 March 2006, for the classes of shares listed below. Name Currency Dividend

per share Ex-date Payment

date Number

of shares Total amount

paid

Asia Pacific ex Japan Equity High Dividend A D USD 0.029243 31/03/2006 18/04/2006 13,533,871 395,771 Asia Pacific ex Japan Equity High Dividend I D USD 0.057609 31/03/2006 18/04/2006 1,274,002 73,394 Euro Corporate Bond A D EUR 0.261782 31/03/2006 18/04/2006 4,818,335 1,261,353 Euro Credit Bond A D EUR 0.977134 31/03/2006 18/04/2006 14,329 14,001 Euro Credit Bond Z D EUR 0.458083 31/03/2006 18/04/2006 94,245 43,172



11. Dividends (continued)

Name Currency Dividend per share

Ex-date Payment date

Number of shares

Total amount paid

Euro High Yield Bond A D EUR 1.322955 31/03/2006 18/04/2006 12,226 16,175 Euro Investment Grade Bond A D EUR 0.743922 31/03/2006 18/04/2006 2,995 2,228 Euro Investment Grade Corporate Bond A D EUR 0.248188 31/03/2006 18/04/2006 572,684 142,133 Euro Reserve A D EUR 0.138249 31/03/2006 18/04/2006 35,631 4,926 Global Emerging Markets Bond A D USD 0.77723 31/03/2006 18/04/2006 4,004,930 3,112,752 Global Investment Grade Bond A D USD 0.232852 31/03/2006 18/04/2006 6,852,838 1,595,697 Global Investment Grade Bond (US Dollar-Hedged) A D USD 0.672651 31/03/2006 18/04/2006 6,916 4,652 Pan-European Government Bond A D EUR 0.15977 31/03/2006 18/04/2006 75,997 12,142 Pan-European Government Bond I D EUR 0.553959 31/03/2006 18/04/2006 297,136 164,601 Sterling Investment Grade Bond P D GBP 0.040186 31/03/2006 18/04/2006 3,835,067 154,116 US Dollar Investment Grade Bond A D USD 0.150535 31/03/2006 18/04/2006 445,471 67,059 US Dollar Investment Grade Bond P D USD 0.512539 31/03/2006 18/04/2006 3,671,527 1,881,801 US Dollar Reserve A D USD 0.724053 31/03/2006 18/04/2006 11,089 8,029 US Dollar Reserve P D USD 0.396575 31/03/2006 18/04/2006 1,316,931 522,262 Indian Equity ID USD 0.008111 01/08/2006 11/08/2006 158,048 1,282 Indian Equity ZD USD 0.293054 01/08/2006 11/08/2006 88,813 26,027 Turkish Convergence AD EUR 0.536702 01/08/2006 11/08/2006 243,916 130,910 Global Investment Grade Bond AD USD 0.145793 01/08/2006 11/08/2006 7,601,700 1,108,275 Global Equity ZD USD 0.265724 27/07/2006 11/08/2006 1,651,305 438,791 Chinese Equity AD USD 0.31558 27/07/2006 11/08/2006 48,938,107 15,443,888 Chinese Equity ZD USD 0.004917 27/07/2006 11/08/2006 744,452 3,660 Global Emerging Markets Equity AD USD 0.072614 27/07/2006 11/08/2006 15,858,210 1,151,528 Global Emerging Markets Equity ED USD 0.059201 27/07/2006 11/08/2006 3,850 228 Europe Ex UK Equity AD EUR 0.105715 27/07/2006 11/08/2006 4,977,299 526,175 Hong Kong Equity ZD USD 0.614326 27/07/2006 11/08/2006 36,300 22,300 Hong Kong Equtity AD USD 1.662342 27/07/2006 11/08/2006 46,330 77,016 Hong Kong Equity PD USD 1.755843 27/07/2006 11/08/2006 2,205,868 3,873,158 Pan-European Equity PD EUR 0.496405 27/07/2006 11/08/2006 9,545,231 4,738,300 Pan-European Equity AD EUR 0.216169 27/07/2006 11/08/2006 367,762 79,499 Pan-European Equity ED EUR 0.080845 27/07/2006 11/08/2006 548,068 44,309 Asia Ex Japan Equity Smaller Companies AD USD 0.162267 27/07/2006 11/08/2006 1,299,896 210,930 Global Equity SRI AD USD 0.003923 27/07/2006 11/08/2006 6,484 25 Asia Ex Japan Equity AD USD 0.200877 27/07/2006 11/08/2006 7,133,483 1,432,953 Asia Ex Japan Equity ED USD 0.022678 27/07/2006 11/08/2006 84,971 1,927 Singapore Equity PD USD 1.685429 27/07/2006 11/08/2006 597,349 1,006,790 Singapore Equity ZD USD 0.653734 27/07/2006 11/08/2006 75,085 49,086 Singapore Equity AD USD 1.588733 27/07/2006 11/08/2006 48,057 76,350 UK Equity ED GBP 0.158226 27/07/2006 11/08/2006 21,134 3,344 UK Equity AD GBP 0.285355 27/07/2006 11/08/2006 4,326,041 1,234,457 Korean Equity ZD USD 0.036574 27/07/2006 11/08/2006 860,482 31,471 Sterling Investment Grade Bond PD GBP 0.069367 30/06/2006 14/07/2006 3,165,144 219,555 Sterling Investment Grade Bond WD GBP 1.956263 30/06/2006 14/07/2006 136,119 266,285



Name Currency

Dividend per share Ex-date

Payment date

Number of shares

Total amount paid

US Equity PD USD 0.072289 27/07/2006 11/08/2006 1,486,826 107,481 Thai Equity ZD USD 0.127101 27/07/2006 11/08/2006 270,626 34,397 Thai Equity AD USD 0.228137 27/07/2006 11/08/2006 22,130,567 5,048,801 Brazil Equity ID USD 0.000444 27/07/2006 11/08/2006 1,130,244 502 Brazil Equity AD USD 0.069403 27/07/2006 11/08/2006 5,368,065 372,560 US Index AD USD 0.059308 27/07/2006 11/08/2006 43,954 2,607 US Index PD USD 0.311783 27/07/2006 11/08/2006 2,532,613 789,626 Asia Freestyle AD USD 0.10843 27/07/2006 11/08/2006 14,486,373 1,570,757 The following dividends have been declared by circular resolutions from the Board of Directors.

Sterling Investment Grade Bond PD GBP 0.06292 29/09/2006 13/10/2006 2,924,445 184,008 Sterling Investment Grade Bond WD GBP 1.212031 29/09/2006 13/10/2006 146,810 177,938 Sterling Investment Grade Bond ZD GBP 0.020072 29/09/2006 13/10/2006 54,347 1,091 Sterling Investment Grade Bond PD GBP 0.061878 29/12/2006 12/01/2007 2,860,865 177,025 Sterling Investment Grade Bond WD GBP 1.252325 29/12/2006 12/01/2007 154,843 193,914 Sterling Investment Grade Bond ZD GBP 0.082681 29/12/2006 12/01/2007 43,234 3,575 Asia Pacific Ex Japan Equity High Dividend AD USD 0.173451 01/08/2006 11/08/2006 12,377,450 2,146,881 Asia Pacific Ex Japan Equity High Dividend ID USD 0.197927 01/08/2006 11/08/2006 1,424,000 281,848 In total, these payments should exceed 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs for certain share classes. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for certain share classes, for the year ending 31 March 2007. The following dividends were declared out of the profits for the year ended 31 March 2007, for the classes of shares listed below. They will be approved by the next Annual General Meeting. Name Currency Dividend

per share Ex-date Payment

date Number

of shares Total amount

paid Global Investment Grade Bond – Class AD

USD 0.540506 02/04/2007 16/04/2007 4,518,782 2,442,429

Global Investment Grade Bond – Class WD

USD 7.101101 02/04/2007 16/04/2007 21,933 155,745

Global Investment Grade Bond – Class ZD

USD 0.313387 02/04/2007 16/04/2007 3,152,335 987,901

US Dollar Reserve – Class AD

USD 0.354383 02/04/2007 16/04/2007 93,800 33,241

US Dollar Reserve – Class PD

USD 0.346181 02/04/2007 16/04/2007 1,522,652 527,113

US Dollar Investment Grade Bond – Class AD

USD 0.71145 02/04/2007 16/04/2007 55,371 39,394

US Dollar Investment Grade Bond – Class PD

USD 0.474072 02/04/2007 16/04/2007 3,423,108 1,622,800

US Dollar Investment Grade Bond – Class WD

USD 0.57395 02/04/2007 16/04/2007 792,198 454,682

US Dollar Investment Grade Bond – Class ZD

USD 0.259968 02/04/2007 16/04/2007 1,998,112 519,445



Name Currency Dividend per share

Ex-date Payment date

Number of shares

Total amount paid

Global Emerging Markets Bond – Class AD

USD 0.750821 02/04/2007 16/04/2007 4,787,808 3,594,786

Euro Investment Grade Bond – Class AD

EUR 0.338822 02/04/2007 16/04/2007 10,308 3,493

Euro Credit Bond – Class AD

EUR 0.364685 02/04/2007 16/04/2007 25,808 9,412

Euro Credit Bond – Class ZD

EUR 0.635605 02/04/2007 16/04/2007 126,471 80,386

Euro High Yield Bond – Class AD

EUR 0.355756 02/04/2007 16/04/2007 49,724 17,690

Pan-European Government Bond – Class AD

EUR 0.371681 02/04/2007 16/04/2007 88,917 33,049

Pan-European Government Bond – Class ID

EUR 1.132748 02/04/2007 16/04/2007 93,076 105,432

Euro Reserve – Class AD EUR 0.271455 02/04/2007 16/04/2007 90,352 24,526 Brazil Bond – Class AD USD 0.576546 02/04/2007 16/04/2007 22,839 13,167 Sterling Investment Grade Bond – Class PD

GBP 0.065409 02/04/2007 16/04/2007 2,612,486 170,880

Sterling Investment Grade Bond - Class WD

GBP 1.461893 02/04/2007 16/04/2007 123,764 180,930

Euro Corporate Bond – Class AD

EUR 0.344748 02/04/2007 16/04/2007 5,421,199 1,868,947

Asia Pacific Ex Japan Equity High Dividend – Class AD

USD 0.245153 02/04/2007 16/04/2007 7,333,595 1,797,853

Asia Pacific Ex Japan Equity High Dividend – Class ID

USD 0.298695 02/04/2007 16/04/2007 2,800,000 836,346

Asia Pacific Ex Japan Equity High Dividend – Class ZD

USD 0.16089 02/04/2007 16/04/2007 226,591 36,456

US Dollar High Yield Bond – Class AD

USD 0.113482 02/04/2007 16/04/2007 4,918 558

12. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio) and Portfolio

Turnover Ratio (PTR) Please refer to table page 81.

13. Equalisation received/(paid) Equalisation is calculated for Bond and Reserve sub-funds only and is included in the profit/(loss) on investment. Name

Currency Total amount Received/(paid)

Brazil Bond USD 29,148 Euro Corporate Bond EUR 199,517 Euro Credit Bond EUR (310,263) Euro Investment Grade Bond EUR (52,328) Euro High Yield Bond EUR (366,172) Global Emerging Markets Bond USD 572,779 Global Investment Grade Bond USD (533,072) Pan-European Government Bond EUR 270,773 Sterling Investment Grade Bond GBP (304,113) US Dollar High Yield Bond USD 4,893 US Dollar Investment Grade Bond USD 13,601 Euro Reserve EUR 2,517 US Dollar Reserve USD (41,118) Turkish Convergence EUR (467,265)



Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the period.

14. Swaps Euro Reserve As at 31 March 2007, the Company entered into the following Eonia floating rate swaps: Eligible securities Currency Net notional amount Unrealised gain (loss) in EURHSBC France 3.76% 10/2007 EUR 1,004,269 (511)Société Générale 3.69% 04/2007 EUR 990,785 (136)Société Générale 3.68% 04/2007 EUR 990,988 (97)Bred 3.70% 04/2007 EUR 596,406 (32)Société Générale 3.80% 04/2007 EUR 996,924 (23) (799)

BRIC Markets Equity As at 31 March 2007, the Company entered into the following index swaps:

Eligible securities Currency Net notional amount Unrealised gain (loss) in USD

MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007

USD 9,993,663 913,613


USD 4,276,764 390,979


USD 3,756,570 343,423


USD 3,618,666 330,816


USD 2,182,023 199,479


USD 3,508,692 320,762


USD 1,658,337 151,604


USD 5,481,241 501,091


USD 8,859,011 809,884


USD 5,620,890 306,012


USD 2,147,110 39,968

4,307,631

15. Securities lending HSBC Global Investment Funds has entered an exclusive stock lending agreement with HSBC Bank plc. As at 31 March 2007, the value of securities lent is as follows: Euroland Equity 194,939,181 EUR Euroland Value Creation 33,563,122 EUR Europe Ex UK Equity 44,479,153 USD Global Emerging Markets Equity 13,600,000 USD Global Equity 13,834,929 USD Pan-European Equity 236,543,066 EUR Pan-European Equity High Dividend 7,141,835 EUR UK Equity 15,088,432 GBP US Equity 14,995,417 USD US Index 541,453 USD



16. Transactions with connected persons and soft commissions The following is a summary of transactions with connected persons for the period. All such transactions were entered into in the ordinary course of business and on normal commercial terms.

All the figures are expressed in USD. HSBC Bank plc ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period 56,548,412 Percentage of such transactions in value for the period 6.26% Total Brokerage commission paid 153,471 Average rate of commission 0.27% ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period 1,564,661 Percentage of such transactions in value for the period 2.75% Total Brokerage commission paid 3,229 Average rate of commission 0.21% ASIA FREESTYLE Total Aggregate value of transactions for the period 15,100,179 Percentage of such transactions in value for the period 2.02% Total Brokerage commission paid 37,355 Average rate of commission 0.25% ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period 3,569,153 Percentage of such transactions in value for the period 2.08% Total Brokerage commission paid 7,365 Average rate of commission 0.21% BRIC FREESTYLE Total Aggregate value of transactions for the period 133,411,330 Percentage of such transactions in value for the period 4.20% Total Brokerage commission paid 255,788 Average rate of commission 0.19% CHINESE EQUITY Total Aggregate value of transactions for the period 254,637,416 Percentage of such transactions in value for the period 5.63% Total Brokerage commission paid 509,275 Average rate of commission 0.20%



16. Transactions with connected persons and soft commissions (continued) HONG KONG EQUITY Total Aggregate value of transactions for the period 10,983,886 Percentage of such transactions in value for the period 3.45% Total Brokerage commission paid 21,968 Average rate of commission 0.20%

INDIAN EQUITY Total Aggregate value of transactions for the period 296,158,995 Percentage of such transactions in value for the period 3.58% Total Brokerage commission paid 508,179 Average rate of commission 0.17% KOREAN EQUITY Total Aggregate value of transactions for the period 9,488,856 Percentage of such transactions in value for the period 2.38% Total Brokerage commission paid 28,467 Average rate of commission 0.30%

The Investment Advisers and their connected persons have entered into soft commission arrangements with brokers for the Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle, Asia Pacific ex Japan Equity High Dividend, BRIC Freestyle, Chinese Equity, Thai Equity, Hong Kong Equity, Korean Equity sub-funds under which certain goods and services used to support investment decision making are received by it or its connected persons. It or its connected persons do not make direct payment for these services but transact an agreed amount of business with the brokers on behalf of the Fund. Commission is paid from the Fund on these transactions. The goods and services utilised for the Fund include the following: * research and advisory services, * economic and political analysis, * portfolio analysis, including valuation and performance measurement, * market analysis, data and quotation services, * computer hardware and software incidental to the above goods and services, * clearing and custodian services and investment related publications.



17. Subsequent events

On 16 April 2007 the name of the following sub-funds changed: Euro Credit Bond in Euro Core Credit Bond Euro Corporate Bond in Euro Strategic Credit Bond Euro Investment Grade Bond in Euro Core Bond Pan-European Government Bond in European Government Bond On 21 May 2007, the name of the following sub-funds changed: Global Investment Grade Bond in Gobal Core Plus Bond US Dollar Investment Grade Bond in US Dollar Core Plus Bond On 21 May 2007, the following Investment Advisers have been added as Advisers to the sub-funds listed: HSBC Investments (Singapore) Limited: Indian Equity, Singapore Equity, Thai Equity Sinopia Asset Management (UK) Limited: BRIC Markets, Global Equity SRI, US Index On 20 April 2007, the sub-fund Sterling Investment Grade Bond merged into the sub-fund Global Investment Grade Bond. On 25 May 2007, the sub-fund Global Equity Technology has been liquidated.

Charges and Expenses


69

Operating, Administration and Servicing Expenses Sub-fund Class A, E, M, P Class I, J,L,Y, Z RESERVE SUB-FUNDS Euro Reserve 0.15% 0.10% US Dollar Reserve 0.15% 0.10% BOND SUB-FUNDS Brazil Bond 0.35% 0.25% Euro Corporate Bond 0.35% 0.25% Euro Credit Bond 0.35% 0.25% Euro Investment Grade Bond 0.25% 0.15% Euro Investment Grade Corporate Bond 0.25% 0.15% Euro High Yield Bond 0.35% 0.25% Global Emerging Markets Bond 0.35% 0.25% Global Investment Grade Bond 0.25% 0.15% Pan-European Government Bond 0.25% 0.15% Sterling Investment Grade Bond 0.25% 0.15% US Dollar High Yield Bond 0.35% 0.25% US Dollar Investment Grade Bond 0.25% 0.15% EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity 0.35% 0.25% Asia Ex Japan Equity Smaller Companies 0.35% 0.25% Asia Pacific Ex Japan Equity High Dividend 0.35% 0.25% BRIC Markets - 0.25% BRIC Markets Equity 0.35% 0.25% Emerging Europe Equity 0.40% 0.30% Euroland Equity 0.35% 0.25% Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)

0.35% 0.25%

Euroland Value Creation 0.35% - Europe Ex UK Equity 0.35% 0.25% Global Emerging Markets Elite Fund - 0.25% Global Emerging Markets Equity 0.40% 0.30% Global Equity 0.35% 0.25% Global Equity SRI 0.35% 0.25% Global Equity Technology 0.35% 0.25% Global Ex Euroland Equity 0.35% 0.25% Pan-European Equity 0.35% 0.25% Pan-European Equity High Dividend 0.35% 0.25% Sustainability Leaders 0.30% 0.20% b) Market Specific sub-funds Brazil Equity 0.40% 0.30% Chinese Equity 0.40% 0.30% Hong Kong Equity 0.35% 0.25% Indian Equity 0.40% 0.30% Japanese Equity 0.35% 0.25% Korean Equity 0.40% 0.30% Singapore Equity 0.40% 0.30% Thai Equity 0.35% 0.25% UK Equity 0.31% 0.25% US Equity 0.35% 0.25% US Index 0.25% 0.15% FREESTYLE SUB-FUNDS Asia Freestyle 0.40% 0.30% BRIC Freestyle 0.40% 0.30% Global Emerging Markets Equity Freestyle 0.40% 0.30% Latin American Freestyle 0.40% - UK Freestyle 0.35% - OTHER SUB-FUNDS Turkish Convergence 0.35% 0.25%

Charges and Expenses (continued)


70

Management Fees Percentages Class A Class E

Dealing Currency Dealing Currency Sub-Fund name Base Currency EUR USD SGD GBP OTHER EUR USD GBP OTHER

RESERVE SUB-FUNDS Euro Reserve EUR 0.50 - - - - - - - US Dollar Reserve USD - 0.50 - - - - - - BOND SUB-FUNDS Brazil Bond USD 1.00 1.00 - - - 1.30 1.30 - Euro Corporate Bond EUR 1.00 1.00 1.00 - - 1.30 - - Euro Credit Bond EUR 1.00 1.00 1.00 - - 1.30 - - Euro Investment Grade Bond EUR 0.75 0.75 0.75 0.75 - 1.05 - - Euro Investment Grade Corporate Bond EUR 0.75 0.75 0.75 - - 1.05 - - Euro High Yield Bond EUR 1.20 1.20 1.20 1.20 - 1.50 1.50 - Global Emerging Markets Bond USD 1.00 1.00 1.00 1.00 - 1.30 1.30 - Global Investment Grade Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 - Pan -European Government Bond EUR 0.75 0.75 0.75 - - 1.05 - - Sterling Investment Grade Bond GBP 0.75 0.75 0.75 0.75 - 1.05 1.05 - US Dollar High Yield Bond USD 1.20 1.20 1.20 1.20 - 1.50 1.50 - US Dollar Investment Grade Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 -

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Asia Ex Japan Equity Smaller Companies USD 1.50 1.50 1.50 1.50 - 2.00 2.00 - Asia Pacific Ex Japan Equity High Dividend USD 1.50 1.50 1.50 1.50 - 2.00 2.00 - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Emerging Europe Equity EUR 1.75 1.75 1.75 1.75 - 2.25 2.25 - Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - - Euroland Equity Smaller Companies (formerly Pan-European Equity Smaller Companies)

EUR 1.50 1.50 1.50 - - 2.00 - -

Euroland Value Creation EUR - - - - - - - - Europe Ex UK Equity EUR 1.50 1.50 1.50 1.50 - 2.00 - - Global Emerging Markets Elite Fund USD - - - - - - - - - Global Emerging Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Global Equity USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity SRI USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity Technology USD 1.50 1.50 1.50 - - 2.00 2.00 - - Global ex Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - - Pan-European Equity EUR 1.50 1.50 - 1.50 - 2.00 - 2.00 - Pan-European Equity High Dividend EUR 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Sustainability Leaders EUR - - - - - - - - - b) Market Specific Equity sub-funds Brazil Equity USD 1.75 1.75 1.75 - - 2.25 2.25 - - Chinese Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Hong Kong Equity USD 1.50 1.50 1.50 - - 2.00 - - - Indian Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Japanese Equity JPY 1.50 1.50 - - JPY 1.50 2.00 2.00 - JPY 2.00 Korean Equity USD 1.50 1.50 1.50 - - 2.00 - - - Singapore Equity USD 1.50 1.50 1.50 - - 2.00 - - Thai Equity USD 1.50 1.50 1.50 - CAD 1.50 2.00 - - - UK Equity GBP 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - US Equity USD 1.50 1.50 - - - 2.00 2.00 - - US Index USD 0.75 0.75 0.75 - - 1.25 - - -

FREESTYLE SUB-FUNDS Asia Freestyle USD 1.75 1.75 1.75 1.75 - 2.25 2.25 2.25 SGD 2.25 BRIC Freestyle USD - - - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - - - Latin American Freestyle USD - - - - - - - - - UK Freestyle GBP - - - - - - - - - OTHER SUB-FUNDS Turkish Convergence EUR 1.35 1.35 1.35 - - 1.70 - -



71

Management Fees Percentages (continued) Class I Class M

Sub-Fund name Dealing Currency Dealing Currency

Base Currency EUR USD GBP OTHER EUR USD SGD GBP

RESERVE SUB-FUNDS Euro Reserve EUR 0.25 0.25 - - - - - - US Dollar Reserve USD 0.25 0.25 - - - - - - BOND SUB-FUNDS Brazil Bond USD 0.50 0.50 - - - - - - Euro Corporate Bond EUR 0.50 0.50 - - - - - - Euro Credit Bond EUR 0.50 0.50 - - - - - - Euro Investment Grade Bond EUR 0.375 0.375 0.375 - - - - - Euro Investment Grade Corporate Bond EUR 0.375 0.375 - - - - - - Euro High Yield Bond EUR 0.60 0.60 0.60 - - - - - Global Emerging Markets Bond USD 0.50 0.50 0.50 - - - - - Global Investment Grade Bond USD 0.375 0.375 0.375 - - - - - Pan-European Government Bond EUR 0.375 0.375 - - - - - - Sterling Investment Grade Bond GBP 0.375 - 0.375 - - - - - US Dollar High Yield Bond USD 0.60 0.60 0.60 - - - - - US Dollar Investment Grade Bond USD 0.375 0.375 0.375 - - - - -

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 0.75 0.75 0.75 - - - - - Asia Ex Japan Equity Smaller Companies USD 0.75 0.75 0.75 - - - - - Asia Pacific Ex Japan Equity High Dividend USD 0.75 0.75 0.75 - - - - - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 0.75 0.75 0.75 - - - - - Emerging Europe Equity EUR 0.875 0.875 0.875 - - - - - Euroland Equity EUR 0.75 0.75 - - - - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)

EUR 0.75 0.75 - -

- - - -

Euroland Value Creation EUR - - - - 1.25 1.25 1.25 1.25 Europe Ex UK Equity EUR 0.75 0.75 - - - - - - Global Emerging Markets Elite Fund USD - - - - - - - - Global Emerging Markets Equity USD 0.75 0.75 0.75 - - - - - Global Equity USD 0.75 0.75 0.75 - - - - - Global Equity SRI USD 0.75 0.75 0.75 - - - - - Global Equity Technology USD 0.75 0.75 - - - - - - Global Ex Euroland Equity EUR 0.75 0.75 - - - - - - Pan-European Equity EUR 0.75 0.75 0.75 - - - - - Pan-European Equity High Dividend EUR 0.75 0.75 0.75 - - - - - Sustainability Leaders EUR - - - - 1.25 1.25 1.25 1.25 b) Market Specific sub-funds Brazil Equity USD 0.875 0.875 - - - - - - Chinese Equity USD 0.75 0.75 0.75 - - - - - Hong Kong Equity USD 0.75 0.75 - - - - - - Indian Equity USD 0.75 0.75 0.75 - - - - - Japanese Equity JPY 0.75 0.75 - JPY 0.75 - - - - Korean Equity USD 0.75 0.75 - - - - - - Singapore Equity USD 0.75 0.75 - - - - - - Thai Equity USD 0.75 0.75 - CAD 0.75 - - - - UK Equity GBP 0.75 0.75 0.75 - - - - - US Equity USD 0.75 0.75 - - - - - - US Index USD 0.375 0.375 - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD 0.875 0.875 0.875 SGD

0.875 - - - -

BRIC Freestyle USD - - - - 1.00 1.00 1.00 1.00 Global Emerging Markets Equity Freestyle USD - - - - 1.00 1.00 1.00 1.00 Latin American Freestyle USD - - - - 1.00 1.00 1.00 1.00 UK Freestyle GBP - - - - 1.00 1.00 1.00 1.00 OTHER SUB-FUNDS Turkish Convergence EUR 0.675 0.675 - - - - - -



72

Sub-Fund name Base

Currency Class P Class Y Dealing Currency Dealing Currency

USD GBP OTHER EUR USD GBP OTHER RESERVE SUB-FUNDS Euro Reserve EUR - - - - - - - US Dollar Reserve USD 0.25 - EUR 0.25 - - - - BOND SUB-FUNDS Brazil Bond USD - - - - - - - Euro Corporate Bond EUR - - - - - - - Euro Credit Bond EUR - - - - - - - Euro Investment Grade Bond EUR 0.50 0.50 EUR 0.50 - - - - Euro Investment Grade Corporate Bond EUR - - - - - - - Euro High Yield Bond EUR - - - - - - - Global Emerging Markets Bond USD - - - - - - - Global Investment Grade Bond USD 0.50 0.50 EUR 0.50 - - - - Pan-European Government Bond EUR - - - - - - - Sterling Investment Grade Bond GBP 0.50 0.50 EUR 0.50 - - - - US Dollar High Yield Bond USD - - - - - - - US Dollar Investment Grade Bond USD 0.50 0.50 SGD 0.50

EUR 0.50 - - - -

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD - - - - - - - Asia Ex Japan Equity Smaller Companies USD - - - - - - - Asia Pacific Ex Japan Equity High Dividend USD - - - - - - - BRIC Markets USD - - - - - - - BRIC Markets Equity USD - - - - - - - Emerging Europe Equity EUR - - - - - - - Euroland Equity EUR - - - - - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)

EUR - - - - - - -

Euroland Value Creation EUR - - - - - - - Europe Ex UK Equity EUR - - - - - - - Global Emerging Markets Elite Fund USD - - - 1.50 1.50 - SGD 1.50 Global Emerging Markets Equity USD - - - - - - - Global Equity USD - - - - - - - Global Equity SRI USD - - - - - - - Global Equity Technology USD - - - - - - - Global Ex Euroland Equity EUR - - - - - - - Pan-European Equity EUR 1.00 1.00 EUR 1.00

SGD 1.00 - - - -

Pan-European Equity High Dividend EUR - - - - - - - Sustainability Leaders EUR - - - - - - - b) Market Specific sub-funds Brazil Equity USD - - - - - - - Chinese Equity USD - - - - - - -

Hong Kong Equity USD 1.00 - SGD 1.00EUR 1.00

- - - -

Indian Equity USD - - - - - - - Japanese Equity JPY 1.00 1.00 JPY 1.00

SGD 1.00EUR 1.00

- - - -

Korean Equity USD - - - - - - - Singapore Equity USD 1.00 - SGD 1.00

EUR 1.00 - - - -

Thai Equity USD - - - - - - - UK Equity GBP - - - - - - -

US Equity USD 1.00 1.00 SGD 1.00 EUR 1.00

- - - -

US Index USD 0.30 - SGD 0.30 EUR 0.30

- - - -

FREESTYLE SUB-FUNDS Asia Freestyle USD - - - - - - - BRIC Freestyle USD - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - Latin American Freestyle USD - - - - - - - UK Freestyle GBP - - - - - - - OTHER SUB-FUNDS Turkish Convergence EUR - - - - - - -



73

Sub-Fund name Base

Currency Class Z Dealing Currency

EUR USD GBP OTHER RESERVE SUB-FUNDS Euro Reserve EUR 0.00 - - - US Dollar Reserve USD - 0.00 - - BOND SUB-FUNDS Brazil Bond USD 0.00 0.00 - - Euro Corporate Bond EUR 0.00 - - - Euro Credit Bond EUR 0.00 - - - Euro Investment Grade Bond EUR 0.00 - - - Euro Investment Grade Corporate Bond EUR 0.00 - - - Euro High Yield Bond EUR 0.00 - 0.00 - Global Emerging Markets Bond USD - 0.00 0.00 - Global Investment Grade Bond USD - 0.00 0.00 - Pan-European Government Bond EUR 0.00 - - - Sterling Investment Grade Bond GBP 0.00 - 0.00 - US Dollar High Yield Bond USD - 0.00 0.00 - US Dollar Investment Grade Bond USD - 0.00 0.00 - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 0.00 0.00 0.00 - Asia Ex Japan Equity Smaller Companies USD - 0.00 0.00 - Asia Pacific Ex Japan Equity High Dividend USD 0.00 - 0.00 - BRIC Markets USD 1.00 1.00 - SGD 1.00

CAD 1.00 BRIC Markets Equity USD 0.00 0.00 - - Emerging Europe Equity EUR 0.00 - - - Euroland Equity EUR 0.00 - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)

EUR 0.00 0.00 - -

Euroland Value Creation EUR - - - - Europe Ex UK Equity EUR 0.00 - - - Global Emerging Markets Elite Fund USD 1.25 1.25 - SGD 1.25 Global Emerging Markets Equity USD - 0.00 0.00 - Global Equity USD - 0.00 0.00 - Global Equity SRI USD - 0.00 0.00 - Global Equity Technology USD - 0.00 - - Global Ex Euroland Equity EUR 0.00 - - - Pan-European Equity EUR 0.00 - 0.00 - Pan-European Equity High Dividend EUR 0.00 0.00 0.00 - Sustainability Leaders EUR - - - - b) Market Specific sub-funds Brazil Equity USD 0.00 0.00 - - Chinese Equity USD - 0.00 0.00 -

Hong Kong Equity USD - 0.00 - - Indian Equity USD - 0.00 0.00 - Japanese Equity JPY - 0.00 - JPY 0.00 Korean Equity USD - 0.00 - - Singapore Equity USD - 0.00 - -

Thai Equity USD - 0.00 - - UK Equity GBP - - 0.00 -

US Equity USD - 0.00 - - US Index USD - 0.00 - - FREESTYLE SUB-FUNDS Asia Freestyle USD 0.00 0.00 0.00 - BRIC Freestyle USD - - - - Global Emerging Markets Equity Freestyle USD - - - - Latin American Freestyle USD - - - - UK Freestyle GBP - - - - OTHER SUB-FUNDS Turkish Convergence EUR 0.00 0.00 - -

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)


74

TER excluding the performance fees

Asia ex Japan Equity Class AC 1.84 % Class ACH 1.85 % Class AD 1.84 % Class ADH 1.85 % Class EC 2.31 % Class ED 2.37 % Class IC 1.00 % Class ID 1.01 % Class ZC 0.25 % Class ZD 0.25 %

Asia ex Japan Equity Smaller Companies Class AC 1.83 % Class AD 1.84 %

Asia Pacific ex Japan Equity High Dividend Class AC 1.85 % Class AD 1.84 % Class ID 1.00 % Class ZD 0.25 %

Brazil Equity Class AC 2.14 % Class AD 2.14 % Class EC 2.62 % Class IC 1.17 % Class ID 1.17 % Class ZC 0.30 %

BRIC Markets Class ZC 1.23 % Class YC 1.73 %

BRIC Markets Equity Class AC 1.83 % Class AD 1.84 % Class EC 2.33 % Class IC 0.99 % Class J1C 0.84 % Class ZC 0.25 %

Chinese Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class IC 1.05 % Class ID 1.05 % Class ZC 0.30 % Class ZD 0.30 %



75

Emerging Europe Equity

Class AC 2.15 % Class AD 2.14 % Class EC 2.33 % Class IC 1.17 % Class ID 1.18 % Class ZC 0.32 %

Euroland Equity Class AC 1.85 % Class AD 1.85 % Class EC 2.35 % Class ED 2.35 % Class IC 0.99 % Class ZC 0.27 %

Euroland Equity Smaller Companies Class AC 1.85 % Class AD 1.85 % Class EC 2.30 % Class IC 1.00 % Class ZC 0.25 %

Euroland Value Creation Class M1C 1.60 % Class M1D 1.60 %

Sustainability Leaders Class M1C 1.54 % Class M1D 1.55 %

Europe ex UK Equity Class AC 1.85 % Class AD 1.85 %

Global Emerging Markets Elite Fund Class YC 0.25 % Class ZC 1.26 %

Global Emerging Markets Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.40 % Class ED 2.40 % Class IC 1.05 % Class ZD 0.30 %

Global Equity Class AC 1.85 % Class AD 1.84 % Class IC 1.05 % Class ZD 0.25 %

Global Equity SRI Class AC 1.84 % Class AD 1.85 % Class ZC 0.25 %

Global Equity Technology



76

Class AC 1.86 % Class AD 1.85 % Class ED 2.37 %

Global Ex Euroland Equity Class AC 1.85 % Class AD 1.84 % Class ZC 0.25 %

Hong Kong Equity Class AC 1.84 % Class AD 1.85 % Class EC 2.31 % Class PD 1.34 % Class ZD 0.25 %

Indian Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class ED 2.39 % Class IC 1.05 % Class ID 1.04 % Class ZD 0.30 %

Japanese Equity Class AC 1.84 % Class AD 1.85 % Class EC 2.34 % Class ED 2.35 % Class ID 1.00 % Class PC 1.32 % Class PD 1.34 % Class ZC 0.25 % Class ZD 0.25 %

Korean Equity Class AC 1.90 % Class AD 1.90 % Class EC 2.37 % Class IC 1.05 % Class ZD 0.30 %

Pan-European Equity Class AC 1.84 % Class AD 1.84 % Class EC 2.39 % Class ED 2.33 % Class PC 1.34 % Class PD 1.34 % Class ZD 0.25 %

Pan-European Equity High Dividend Class AC 1.85 % Class AD 1.85 % Class ZC 0.25 %



77

Singapore Equity

Class AC 1.89 % Class AD 1.87 % Class EC 2.35 % Class PD 1.39 % Class ZD 0.30 %

Thai Equity Class AC 1.86 % Class AD 1.84 % Class EC 2.33 % Class IC 1.00 % Class ZD 0.25 %

UK Equity Class AC 1.81 % Class AD 1.81 % Class ED 2.32 % Class ZC 0.25 %

US Equity Class AC 1.83 % Class ACH 1.83 % Class AD 1.83 % Class ADH 1.84 % Class EC 2.33 % Class ED 2.33 % Class PD 1.33 % Class ZC 0.25 % Class ZD 0.25 %

US Index Class AC 1.00 % Class AD 1.00 % Class PD 0.55 %

Asia Freestyle

Class AC 2.14 % Class ACH 2.14 % Class AD 2.14 % Class ADH 2.14 % Class EC 2.62 % Class IC 1.17 % Class ID 1.16 %

BRIC Freestyle Class J1C 0.90 % Class M1C 1.40 % Class M2C 1.40 % Class M2D 1.40 %

Global Emerging Markets Equity Freestyle Class M1C 1.40 % Class M1D 1.39 %



78

Latin American Freestyle Class M1C 1.39 % Class M1D 1.39 %

UK Freestyle Class M1D 1.35 %

Brazil Bond Class AC 1.35 % Class AD 1.35 % Class EC 1.63 % Class ZC 0.25 %

Euro Corporate Bond Class AC 1.35 % Class AD 1.35 % Class IC 0.75 %

Euro Credit Bond Class AC 1.35 % Class AD 1.35 % Class EC 1.61 % Class IC 0.76 % Class ZC 0.25 % Class ZD 0.25 %

Euro Investment Grade Bond Class AC 1.00 % Class AD 1.00 % Class EC 1.29 % Class IC 0.53 % Class ZC 0.11 %

Euro Investment Grade Corporate Bond

Class AC 0.97 % Class AD 0.97 % Class ZC 0.15 %

Euro High Yield Bond Class AC 1.55 % Class AD 1.55 % Class EC 1.84 % Class IC 0.85 % Class ZC 0.25 %

Global Emerging Markets Bond Class AC 1.34 % Class AD 1.34 % Class EC 1.61 % Class IC 0.75 % Class ZC 0.25 %

Global Investment Grade Bond Class AC 0.99 % Class AD 0.98 % Class IC 0.56 % Class ZD 0.15 %



79

Pan-European Government Bond

Class AC 1.00 % Class AD 1.00 % Class EC 1.27 % Class IC 0.52 % Class ID 0.53 %

Sterling Investment Grade Bond Class EC 1.28 % Class PD 0.74 % Class ZD 0.14 %

US Dollar High Yield Bond Class AC 1.53 % Class AD 1.53 % Class EC 1.83 % Class ZC 0.25 %

US Dollar Investment Grade Bond Class AC 0.98 % Class AD 0.99 % Class EC 1.27 % Class PD 0.74 % Class ZC 0.15 % Class ZD 0.15 %

Euro Reserve Class AC 0.65 % Class AD 0.66 %

US Dollar Reserve Class AC 0.65 % Class AD 0.64 % Class PD 0.40 %

Turkish Convergence Class AC 1.70 % Class AD 1.70 % Class EC 2.01 %



80

TER including the performance fees

BRIC Freestyle Class J1C 3.90 % Class M1C 5.25 % Class M2C 4.81 % Class M2D 5.14 %

Latin American Freestyle Class M1C 5.47 %

M1D 6.32 % Euroland Value Creation

Class M1C 1.60 % Class M1D 1.78 %

Sustainability Leaders Class M1C 1.94 % Class M1D 1.57 %

UK Freestyle Class M1D 1.35 %

Global Emerging Markets Equity Freestyle Class M1C 4.01 % Class M1D 1.40 %

Publication of PTR (Portfolio Turnover Ratio) - Information concerning the Swiss Investors


81

% Asia ex Japan Equity 81.08 Asia ex Japan Equity Smaller Companies 124.17 Asia Pacific ex Japan Equity High Dividend 44.31 Brazil Equity 124.59 BRIC Markets 5.30 BRIC Markets Equity* 45.27 Chinese Equity 64.67 Emerging Europe Equity 127.46 Euroland Equity 159.86 Euroland Equity Smaller Companies 173.24 Euroland Value Creation 74.86 Sustainability Leaders 132.43 Global Equity 149.90 Global Equity SRI 201.35 Global Equity Technology 70.56 Global ex Euroland Equity (4.44) Hong Kong Equity 81.12 Japanese Equity 56.91 Korean Equity 118.73 Pan-European Equity High Dividend 380.52 Singapore Equity 50.89 Thai Equity 11.06 UK Equity 91.22 US Index 24.63 Asia Freestyle 136.32 BRIC Freestyle 102.49 Global Emerging Markets Equity Freestyle 246.24 Latin American Freestyle* 482.67 UK Freestyle 157.22 Brazil Bond* 149.99 Euro Corporate Bond 114.39 Euro Credit Bond 243.73 Euro Investment Grade Bond 170.78 Euro High Yield Bond 219.39 Global Emerging Markets Bond 130.02 Global Investment Grade Bond 491.11 Pan-European Government Bond 223.86 Sterling Investment Grade Bond 287.80 US Dollar High Yield Bond 20.82 US Dollar Investment Grade Bond 875.39 Euro Reserve 936.18 US Dollar Reserve 1200.20 Turkish Convergence 1438.40 Global Emerging Markets Elite Fund * 413.60 Global Emerging Markets Equity 247.34 US Equity 60.96 Pan-European Equity 105.21 Europe ex UK Equity 111.99 Indian Equity 105.78

* The PTR have been annualised


ASIA EX JAPAN EQUITYUSD

CLASS A C 44.3635.9827.55

CLASS A C H 20.4815.54N/A

CLASS A D 42.1934.4226.53

CLASS A D H 20.36N/AN/A

CLASS E C 41.63N/AN/A

CLASS E D 41.6333.9726.17

CLASS I C 43.0034.59N/A

CLASS I D 43.0034.59N/A

CLASS Z C 46.3537.0027.89

CLASS Z D 42.58N/AN/A

Total Net Assets 354,554,804 582,349,188 612,532,695

Net Asset Value per Share

ASIA EX JAPAN EQUITY SMALLER COMPANIESUSD

CLASS A C 29.1221.5716.87

CLASS A D 28.3621.1716.67

Total Net Assets 32,023,474 31,219,270 41,088,141


ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDENDUSD

CLASS A C 14.2811.7110.17

CLASS A D 13.4511.2110.17

CLASS I D 13.8211.44N/A


Total Net Assets 234,747,567 192,121,007 142,208,941


BRAZIL EQUITYUSD

CLASS A C 31.1623.8012.30

CLASS A D 31.0323.7812.30

CLASS E C 30.9923.79N/A

CLASS I C 31.4923.82N/A

CLASS I D 31.4923.82N/A

CLASS Z C 32.6524.4912.42

Total Net Assets 39,199,791 351,102,078 1,086,007,695


Comparative Table of Net Assets

at 31 March 2005 at 31 March 2006 at 31 March 2007


BRIC MARKETSUSD

CLASS Y C 21.60N/AN/A

CLASS Z C 21.6416.75N/A

Total Net Assets N/A 223,573,945 461,684,567


BRIC MARKETS EQUITYUSD

CLASS A C 12.69N/AN/A

CLASS A D 12.69N/AN/A


CLASS I C 12.74N/AN/A

CLASS J 1 C 12.78N/AN/A

Total Net Assets N/A N/A 305,032,045


CHINESE EQUITYUSD

CLASS A C 67.1047.0433.90

CLASS A D 66.1846.7033.90

CLASS E C 66.4146.7933.89

CLASS I C 68.0647.31N/A

CLASS I D 68.0647.31N/A

CLASS Z C 68.2047.06N/A

CLASS Z D 68.1947.06N/A

Total Net Assets 1,545,556,575 2,891,006,873 4,388,195,717


EMERGING EUROPE EQUITYEUR

CLASS A C 14.9913.07N/A

CLASS A D 14.9913.07N/A


CLASS I C 15.1713.10N/A

CLASS I D 15.16N/AN/A

CLASS Z C N/A13.25N/A






EUROLAND EQUITYEUR

CLASS A C 33.6329.9922.07

CLASS A D 33.5529.9222.02


CLASS E D 33.2729.81N/A


CLASS Z C 35.8831.4722.80

Total Net Assets 50,171,277 292,922,023 578,984,961


EUROLAND EQUITY SMALLER COMPANIESEUR

CLASS A C 48.5839.5027.27

CLASS A D 48.5839.50N/A



CLASS Z C 51.7141.3728.11

Total Net Assets 60,907,458 88,517,699 103,872,035


EUROLAND VALUE CREATIONEUR

CLASS M 1 C 14.1713.189.92

CLASS M 1 D 14.2313.19N/A

Total Net Assets 5,702,275 28,902,712 149,960,548


SUSTAINABILITY LEADERSEUR

CLASS M 1 C 12.1410.84N/A

CLASS M 1 D 12.2010.85N/A



EUROPE EX UK EQUITYEUR

CLASS A C 22.2920.0515.22

CLASS A D 22.0619.9415.19

Total Net Assets 114,215,570 114,656,209 87,272,793





GLOBAL EMERGING MARKETS ELITE FUNDUSD

CLASS Y C 10.09N/AN/A

CLASS Z C 10.07N/AN/A



GLOBAL EMERGING MARKETS EQUITYUSD

CLASS A C 16.9314.089.45

CLASS A D 16.7514.019.41

CLASS E C 16.3313.65N/A

CLASS E D 16.2513.659.31



Total Net Assets 134,372,978 232,800,507 294,752,392


GLOBAL EQUITYUSD

CLASS A C 26.7924.66N/A

CLASS A D 26.7924.6619.81


CLASS Z D 28.8926.4421.10

Total Net Assets 144,629,801 164,972,157 175,961,923


GLOBAL EQUITY SRIUSD

CLASS A C 15.8213.5911.64

CLASS A D 15.8113.59N/A

CLASS W C 16.5113.9211.71

CLASS Z C 16.3913.8611.69

Total Net Assets 11,695,185 10,848,034 20,777,357





GLOBAL EQUITY TECHNOLOGYUSD

CLASS A C 23.9921.1719.48

CLASS A D 4.023.553.26

CLASS E D 3.903.463.20

Total Net Assets 9,044,946 7,914,102 6,659,147


GLOBAL EX EUROLAND EQUITYEUR

CLASS A C 21.3221.1717.24

CLASS A D 21.3221.17N/A

CLASS Z C 22.7222.2117.80

Total Net Assets 93,199,546 59,070,237 48,840,267


HONG KONG EQUITYUSD

CLASS A C 98.7977.9462.84

CLASS A D 95.3376.8362.70


CLASS P D 94.3675.7861.60

CLASS Z D 98.9577.42N/A

Total Net Assets 179,118,104 194,270,521 213,556,902


INDIAN EQUITYUSD

CLASS A C 135.24120.4970.41

CLASS A D 135.24120.4970.41

CLASS E C 132.59118.7269.72

CLASS E D 132.59N/AN/A

CLASS I C 140.01123.6971.66

CLASS I D 140.00123.69N/A

CLASS Z D 138.08121.42N/A

Total Net Assets 2,763,872,800 6,029,705,648 5,450,800,640





JAPANESE EQUITYJPY

CLASS A C 9,989.229,938.656,512.80

CLASS A D 1,489.961,482.43971.43

CLASS E C 1,455.261,455.23N/A

CLASS E D 1,455.261,455.23958.42

CLASS I C 10,057.59N/AN/A

CLASS P C 9,976.799,876.686,439.73

CLASS P D 1,523.271,507.99983.23

CLASS W D 13,849.43N/AN/A

CLASS Z C 10,205.629,992.50N/A

CLASS Z D 1,503.79N/AN/A

Total Net Assets 14,660,516,179 32,542,790,513 36,447,794,450


KOREAN EQUITYUSD

CLASS A C 15.3013.56N/A

CLASS A D 15.3013.56N/A


CLASS I C 15.4613.58N/A

CLASS Z D 15.6113.65N/A



PAN-EUROPEAN EQUITYEUR

CLASS A C 41.4437.6128.82

CLASS A D 40.6837.1528.70


CLASS E D 40.1236.6928.32

CLASS P C 42.3038.2029.13

CLASS P D 40.4937.0828.74

CLASS W D 24.94N/AN/A


Total Net Assets 497,242,491 568,630,360 733,618,436





PAN-EUROPEAN EQUITY HIGH DIVIDENDEUR

CLASS A C 16.1114.7911.25

CLASS A D 16.1114.79N/A

CLASS Z C 16.7815.1611.35

Total Net Assets 76,520,434 83,304,250 82,660,478


SINGAPORE EQUITYUSD

CLASS A C 47.8831.5524.08

CLASS A D 44.4231.0224.08


CLASS P D 44.4931.0223.98

CLASS Z D 47.1031.26N/A

Total Net Assets 20,725,989 26,242,522 112,417,143


THAI EQUITYUSD

CLASS A C 9.749.368.58

CLASS A D 9.449.328.58


CLASS I C 9.849.38N/A

CLASS Z D 9.769.37N/A

Total Net Assets 213,816,074 264,861,559 217,572,937


UK EQUITYGBP

CLASS A C 28.4827.0321.53

CLASS A D 27.2426.1421.48

CLASS E D 20.1019.34N/A

CLASS Z C 29.1727.25N/A

Total Net Assets 28,272,884 164,915,960 97,879,771





US EQUITYUSD

CLASS A C 22.5420.5618.99

CLASS A C H 26.9222.9322.89

CLASS A D 25.2323.0121.26

CLASS A D H 27.7023.62N/A


CLASS E D 25.0022.91N/A

CLASS P D 25.6823.3721.50


CLASS Z C 23.0520.69N/A


Total Net Assets 125,053,186 137,953,697 195,931,184


US INDEXUSD

CLASS A C 10.279.308.41

CLASS A D 10.129.238.38

CLASS P D 9.939.278.42

Total Net Assets 94,645,332 101,754,702 43,828,461


ASIA FREESTYLEUSD

CLASS A C 16.0812.9611.09

CLASS A C H 17.9113.54N/A

CLASS A D 15.9412.9611.09

CLASS A D H 17.7213.37N/A

CLASS E C 15.8512.8411.05

CLASS I C 16.4913.1611.15

CLASS I D 16.49N/AN/A

Total Net Assets 500,750,024 374,242,604 270,322,943


BRIC FREESTYLEUSD

CLASS J 1 C 15.3412.57N/A

CLASS M 1 C 21.3317.7010.24

CLASS M 2 C 20.5416.98N/A

CLASS M 2 D 20.4216.95N/A

Total Net Assets 155,889,576 3,377,707,464 2,757,083,981





GLOBAL EMERGING MARKETS EQUITY FREESTYLEUSD

CLASS M 1 C 11.7010.11N/A

CLASS M 1 D 11.7910.11N/A



LATIN AMERICAN FREESTYLEUSD

CLASS M 1 C 14.24N/AN/A

CLASS M 1 D 14.23N/AN/A



UK FREESTYLEGBP

CLASS M 1 D 13.3812.2110.06

Total Net Assets 5,308,976 14,691,270 12,934,876


BRAZIL BONDUSD

CLASS A C 12.02N/AN/A



CLASS Z C 12.12N/AN/A



EURO CORPORATE BONDEUR

CLASS A C 10.3910.08N/A

CLASS A D 10.129.82N/A







EURO CREDIT BONDEUR

CLASS A C 17.3116.9916.78

CLASS A D 15.3415.0516.21


CLASS I C 17.7317.3016.98

CLASS I D N/AN/A16.47

CLASS Z C 17.7417.2216.83

CLASS Z D 17.2716.77N/A

Total Net Assets 98,866,400 90,422,134 43,802,458


EURO INVESTMENT GRADE BONDEUR

CLASS A C 16.9116.7216.44

CLASS A D 16.1615.97N/A


CLASS I C 17.2416.9516.60

CLASS Z C N/A17.1516.72

Total Net Assets 125,768,237 141,727,068 160,619,882


EURO INVESTMENT GRADE CORPORATE BOND*EUR

CLASS A C 10.3210.01N/A

CLASS A D 10.069.76N/A

CLASS Z C 10.4910.09N/A

Total Net Assets N/A 10,644,652 N/A


EURO HIGH YIELD BONDEUR

CLASS A C 21.6020.3018.95

CLASS A D 18.8117.6718.69


CLASS I C 22.2120.7319.22

CLASS I D N/AN/A18.16

CLASS Z C 22.2420.6319.01

Total Net Assets 126,066,364 124,271,638 84,096,899




* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007.


GLOBAL EMERGING MARKETS BONDUSD

CLASS A C 20.4418.5916.08

CLASS A D 17.3315.7615.13


CLASS I C 20.5718.60N/A

CLASS Z C 20.9118.8116.09

Total Net Assets 45,943,698 119,634,250 133,896,921


GLOBAL INVESTMENT GRADE BONDUSD

CLASS A C 13.7513.2913.79

CLASS A D 13.6012.8213.79




Total Net Assets 109,990,135 88,081,665 108,818,895


GLOBAL INVESTMENT GRADE BOND (US DOLLAR-HEDGED)USD

CLASS A C N/A15.9715.88

CLASS A D N/A14.7115.51

CLASS E C N/AN/AN/A

CLASS E D N/AN/AN/A

CLASS I C N/AN/AN/A

CLASS I D N/AN/AN/A

CLASS Z C N/AN/AN/A

CLASS Z D N/AN/AN/A

Total Net Assets 20,535,844 453,246 N/A


PAN-EUROPEAN GOVERNMENT BONDEUR

CLASS A C 16.7316.4916.17

CLASS A D 13.3413.1515.74


CLASS I C 17.0516.7216.32

CLASS I D 15.2114.9215.65

Total Net Assets 78,232,337 117,815,022 140,521,794





STERLING INVESTMENT GRADE BONDGBP

CLASS A C N/A5.69N/A


CLASS P D 5.445.63N/A


CLASS Z D N/AN/AN/A



US DOLLAR HIGH YIELD BONDUSD

CLASS A C 11.2510.31N/A



CLASS Z C 11.4310.35N/A



US DOLLAR INVESTMENT GRADE BONDUSD

CLASS A C 12.3911.6811.46

CLASS A D 10.9510.3211.01


CLASS P D 10.7210.0810.87

CLASS W C 14.26N/AN/A


CLASS Z C 12.5711.75N/A


Total Net Assets 52,169,973 46,965,872 79,698,263


EURO RESERVEEUR

CLASS A C 16.0615.6615.42

CLASS A D 15.4215.0315.27

Total Net Assets 69,964,934 47,661,285 42,873,119





US DOLLAR RESERVEUSD

CLASS A C 16.4115.6715.20

CLASS A D 8.197.828.34

CLASS P D 8.578.168.33

Total Net Assets 51,859,445 22,672,829 19,196,118


TURKISH CONVERGENCEEUR

CLASS A C 14.6714.9810.14

CLASS A D 14.0214.98N/A


CLASS Z C N/AN/A10.15

Total Net Assets 7,252,084 67,383,014 50,978,451





Portfolio of Investments and Other Net Assets

ESPRIT HOLDINGS LTD 750,500 8,801,790 1.44HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

FIRST PACIFIC CO LTD 3,528,000 2,157,964 0.35HKD

10,959,754 1.79

NORSTAR FOUNDERS GROUPLTD

7,992,000 3,579,409 0.58HKD

CAYMAN ISLANDS

QIN JIA YUAN MEDIASERVICES CO

7,940,000 2,143,832 0.35HKD

XINYI GLASS HOLDING CO LTD 4,852,000 2,390,393 0.39HKD

8,113,634 1.32

AIR CHINA LTD 5,614,000 3,886,489 0.63HKD

CHINA

BANK OF COMMUNICATIONSCO LTD

5,262,000 5,406,973 0.88HKD

CHINA COMMUNICATIONSCONSTR-H-

1,592,000 1,919,030 0.31HKD

CHINA CONSTRUCTION BANKCORP

16,024,000 9,165,714 1.50HKD

CHINA LIFE INSURANCE COLTD-H-

3,064,000 8,802,234 1.44HKD

CHINA MENGNIU DAIRY COLTD

735,000 2,102,097 0.34HKD

CHINA PETROLEUM & CHEMCORP -H-

6,784,000 5,738,192 0.94HKD

CHINA SHENHUA ENERGY CO-H-

1,565,500 3,786,192 0.62HKD

CHINA SHIPPINGDEVELOPMENT -H-

1,860,000 2,837,115 0.46HKD

CHINA TELECOM CORP LTD -H-

6,788,000 3,335,499 0.54HKD

DATANG INT.POWERGENERATION-H-

4,566,000 4,323,699 0.71HKD

JIANGXI COPPER CO LTD -H- 1,197,000 1,449,016 0.24HKD

NINE DRAGONS PAPER HLDGSLTD

2,777,000 5,792,303 0.95HKD

PETROCHINA CO LTD /-H- 7,712,000 9,148,178 1.49HKD

PICC PROPERTY & CASUALTY-H-

4,260,000 2,442,167 0.40HKD

ZIJIN MINING GROUP -H- 3,570,000 2,078,583 0.34HKD

72,213,481 11.79

BANK OF EAST ASIA LTD 697,400 4,056,053 0.66HKD

HONG KONG

BEIJING ENTERPRISES HLD 702,000 1,787,631 0.29HKD

CHEUNG KONG HOLDINGS 894,000 11,314,142 1.85HKD

CHINA MERCHANTSHOLDINGS

394,000 1,658,746 0.27HKD

CHINA MOBILE LTD 2,314,500 21,043,069 3.44HKD

INVESTMENTS

ASIA EX JAPAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)

Description Quantity Currency Evaluation % netassets

CHINA OVERSEAS LAND ANDINVESTMENT

3,670,500 4,612,374 0.75HKD

CHINA RESOURCESENTERPRISE LTD

1,334,000 4,455,374 0.73HKD

CITIC INTL FIN.HLD 2,642,000 2,288,808 0.37HKD

CITIC PACIFIC LTD 486,000 1,797,306 0.29HKD

CNOOC LTD 4,519,000 3,961,145 0.65HKD

COSCO PACIFIC LTD 960,000 2,378,288 0.39HKD

DAH SING BANKING GROUPLTD

879,200 1,966,604 0.32HKD

GREAT EAGLE HOLDINGS LTD 1,610,604 5,461,632 0.89HKD

HONGKONG & CHINA GAS 1,249,000 2,790,580 0.46HKD

HONGKONG LAND HLDS LTD 398,000 1,854,680 0.30USD

HONGKONG+SHANGH.HOTELS 2,207,343 3,485,562 0.57HKD

HUTCHISON WHAMP 882,720 8,488,672 1.39HKD

IND & COM BOC -H- 14,391,000 8,065,901 1.32HKD

KINGBOARD CHEMICALSHOLDINGS

885,500 3,722,303 0.61HKD

MASS TRANSIT RAILWAYCORP

1,499,500 3,753,212 0.61HKD

NEW WORLD DEVELOPMENTCO. LTD

918,000 2,081,585 0.34HKD

SHANGHAI INDUSTRIALHOLDINGS

642,000 1,482,038 0.24HKD

SUN HUNG KAI PROPERTIESLTD

643,000 7,438,189 1.21HKD

WING HANG BANK 70,000 861,710 0.14HKD

110,805,604 18.09

BANK NIAGA TBK -A- 25,457,500 2,062,821 0.34IDR

INDONESIA

PT ASTRA INTERNATIONALTBK

1,771,000 2,559,803 0.42IDR

PT BANK MANDIRI PERSEROTBK

5,509,000 1,508,089 0.25IDR

TELKOM INDONESIA /S-B- 4,484,000 4,836,331 0.78IDR

UNITED TRACTORS 753,500 610,561 0.10IDR

11,577,605 1.89

COMMERCE ASSET-HOLDINGBHD/FOR.REG.

4,045,800 11,651,452 1.90MYR

MALAYSIA

GAMUDA BHD/FOR.REG. 3,243,200 7,509,591 1.23MYR

GENTING BERHAD/FOR.REG. 1,181,000 13,587,500 2.22MYR

32,748,543 5.35

AYALA LAND INC. 4,000,000 1,367,190 0.22PHP

PHILIPPINES

METROPOLITAN BANK &TRUST

1,607,000 2,080,563 0.34PHP

PHIL.LONG DISTANCE/SADR(1ACT)

22,700 1,198,560 0.20USD

UNIVERSAL ROBINA CORP. 2,358,179 842,657 0.14PHP

5,488,970 0.90

ALLGREEN PROPERTIES LTD 3,830,000 4,419,280 0.72SGD

SINGAPORE

BANYAN TREE HOLDINGS LTD 6,037,000 8,717,260 1.42SGD

CITY DEVELOPMENTS LTD 129,000 1,241,816 0.20SGD

INDOFOOD AGRI RESOURCESLTD

5,292 4,082 0.00SGD

KEPPEL CORP. LTD 236,000 2,956,516 0.48SGD

OVERSEA-CHINESE BK CORP 1,868,200 11,086,146 1.81SGD

SEMBCORP INDUSTRIES LTD 904,000 3,039,858 0.50SGD




SINGAPORE AIRLINES LTD 233,000 2,550,226 0.42SGD

SINGAPORE TELEC/BOARDLOT 1000

2,360,750 5,105,503 0.83SGD

UTD OVERSEAS BANK /LOCAL 494,000 6,840,076 1.12SGD

WING TAI HLDS 2,101,666 4,406,619 0.72SGD

50,367,382 8.22

CHEIL INDUSTRIAL INC 73,920 2,966,280 0.48KRW

SOUTH KOREA

DAELIM INDUSTRIAL CO LTD 27,333 2,617,854 0.43KRW

DAEWOO MOTORS SALESCORP

178,280 5,628,496 0.92KRW

DAISHIN SECURITIES CO LTD 118,930 2,774,976 0.45KRW

DONGBU INSURANCE CO LTD 170,270 4,832,620 0.79KRW

HOTEL SHILLA 268,670 4,269,663 0.70KRW

HYUNDAI DEPARTMENTSTORE CO

26,520 2,227,070 0.36KRW

HYUNDAIENGINEERING+CONSTR.CO

101,890 5,491,270 0.90KRW

KOOKMIN BANK 178,400 16,005,548 2.61KRW

KOREA INVESTMENTHOLDINGS CO

25,670 1,350,717 0.22KRW

KOREAN AIR 109,740 4,287,021 0.70KRW

KT& G CORP 144,660 9,457,075 1.54KRW

LG CORP 100,800 3,412,740 0.56KRW

LG PETROCHEMICAL CO LTD 63,250 1,865,764 0.30KRW

MEGASTUDY CO LTD 35,649 6,252,656 1.02KRW

NHN CORPORATION 42,040 6,167,016 1.01KRW

ORION CORPORATION 6,248 1,547,498 0.25KRW

POSCO 29,670 12,457,988 2.03KRW

SAMSUNG ELECTRONICS COLTD

57,343 34,318,009 5.61KRW

SAMSUNG ENGINEERING COLTD

114,600 7,138,640 1.17KRW

SAMSUNG TECHWIN CO LTD 33,990 1,295,310 0.21KRW

SHINHAN FINANCIAL GROUP 111,420 6,395,731 1.04KRW

SHINSEGAE CO LTD 5,892 3,382,126 0.55KRW

SK CORPORATION 44,590 4,379,683 0.72KRW

S-OIL CORP 35,480 2,443,948 0.40KRW

WOORI FINANCE HOLDINGSCO LTD

90,700 2,193,421 0.36KRW

WOORIINVESTMENT&SECURIT.CO

101,760 2,136,375 0.35KRW

157,295,495 25.68

ACER INC 301,000 577,820 0.09TWD

TAIWAN

ASIA CEMENT CORP 2,507,560 2,425,793 0.40TWD

ASUSTEK COMPUTER INC 1,003,515 2,366,306 0.39TWD

AU OPTRONICS CORP 3,926,504 5,614,611 0.92TWD

CATCHER TECHNOLOGY COLTD

370,213 2,909,896 0.48TWD

CATHAY FINANCIAL HOLDING 1,793,992 3,725,888 0.61TWD

CATHAY FIN.HLD/GDR REG-S 233,993 4,801,630 0.78USD

CHANG HWA COMMERCIALBANK

3,579,000 2,158,525 0.35TWD

CHINA STEEL 5,389,592 6,077,393 0.99TWD

CHUNGHWA TELECOM CO/SADR

125,300 2,498,482 0.41USD

FAR EASTERN TEXTILE LTD 3,769,000 3,247,308 0.53TWD

FAR EASTONE TELECOM. COLTD

1,786,000 2,030,120 0.33TWD

FIRST FINANCIAL HOLDINGCOMP.

5,087,303 3,568,027 0.58TWD


FORMOSA CHEMICALS &FIBER CO

2,575,000 4,943,146 0.81TWD

HON HAI PRECISION IND /GDR 445,421 5,968,641 0.97USD

HON HAI PRECISION IND.COLTD

1,269,284 8,518,524 1.39TWD

MEDIA TEK INCORPORATION 292,197 3,356,695 0.55TWD

NAN YA PLASTICS CORP. 2,580,860 4,837,363 0.79TWD

SILICONWARE PRECISIONINDUSTR.

3,144,000 5,892,868 0.96TWD

TAINAN SPINNING CO LTD 3,061,000 1,332,534 0.22TWD

TAIWAN CEMENT CORP 3,673,712 3,098,574 0.51TWD

TAIWAN FERTILIZER CO LTD 943,000 1,567,931 0.26TWD

TAIWANSEMICONDUCT.MANUF/SADR

481,859 5,204,077 0.85USD

TAIWAN SEMICONDUCTORMANUFACT.

7,073,476 14,519,618 2.36TWD

TRIPOD TECHNOLOGY CO LTD 319,723 1,314,514 0.21TWD

UNITED MICROELECTRONICSCORP.

7,934,731 4,581,610 0.75TWD

YANG MING MARINETRANSPORT

4,979,000 3,431,859 0.56TWD

110,569,753 18.05

AROMATICS THAILANDPUBLIC/FOR.

1,970,800 2,418,859 0.39THB

THAILAND

BANGKOK BANK PUBLIC /FOR.REG.

1,512,800 4,879,324 0.80THB

ITALIAN-THAI DEV. PUB. /FOR.REG.

5,432,100 759,737 0.12THB

THAI AIRWAYS INTL/FOR.REG. 2,534,800 3,165,347 0.52THB

THAI OIL PUBLIC CO/FOR.REG. 1,585,700 2,647,747 0.43THB

13,871,014 2.26

95.34TOTAL SHARES 584,011,235

MACQUARIE INTLINFRASTRUCTURE

12,068,000 8,832,283 1.44SGD

INVESTMENT COMPANIES

BERMUDA ISLANDS

8,832,283 1.44

1.44TOTAL INVESTMENT COMPANIES 8,832,283

96.78TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 592,843,518


GLORIA MAT.TECHNOLOGYCORP

1,644,000 2,494,928 0.41TWD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

CHINA

2,494,928 0.41

0.41TOTAL SHARES 2,494,928

0.41TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 2,494,928



SWIRE PACIFIC LTD - A- 481,500 5,403,606 0.88HKD

OTHER TRANSFERABLE SECURITES

SHARES

HONG KONG

5,403,606 0.88

ROAD BUILDERS M HLDS BHD 1,441,000 1,501,478 0.25MYR

MALAYSIA

1,501,478 0.25


1.13TOTAL OTHER TRANSFERABLE SECURITIES 6,905,084


98.32TOTAL INVESTMENTS 602,243,530

1.68OTHER NET ASSETS LESS LIABILITIES 10,289,165

100.00TOTAL NET ASSETS 612,532,695



%

Economic Division of Investment

(expressed as a percentage of net assets)

Electronics and electrical equipment 17.52Banks and financial institutions 16.56Holding companies 7.24Real estate companies 7.20News transmission 6.53Gastronomy 4.90Energy 4.63Transport 4.14Coal mines, heavy industries 3.98Construction, building materials 3.84Textile 3.13Insurance 2.63Chemicals 2.55Internet Software 2.03Mechanics, machinery 1.91Tobacco and spirits 1.54Investment companies 1.44Public services 1.17Forest products and paper industry 0.95Retail trade, department stores 0.91Food 0.73Miscellaneous 0.73Pharmaceuticals and cosmetics 0.56Automobile industry 0.52Office equipment and computers 0.39Graphic art and publishing 0.35Non-ferrous metals 0.24

Other net assets less liabilities 1.68

100.00Total Net Assets

ASIA EX JAPAN EQUITY



CHEN HSONG HOLDINGS 286,000 186,648 0.45HKD


SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD 45,000 527,756 1.29HKD

HONGGUO INTERNATIONALHOLDINGS

419,000 353,622 0.86SGD

MIDLAND HOLDINGS LTD 260,000 165,688 0.40HKD

PACIFIC BASIN SHIPPING LTD 485,000 415,819 1.01HKD

PEACE MARK(HOLDINGS)LIMITED

340,000 371,991 0.91HKD

SHANGHAI ZENDAI PROPERTYLTD

7,450,000 276,466 0.67HKD

TAI CHEUNG HOLDINGS LTD 299,000 183,654 0.45HKD

2,481,644 6.04

AAC ACOUSTICTECHNOLOGIES HLD

240,000 227,571 0.55HKD

CAYMAN ISLANDS

CHINA FLAVORS ANDFRAGANCES

586,000 259,455 0.63HKD

CHINA STATE CON INTLHLDGS

316,000 236,554 0.58HKD

CHINA WIRELESSTECHNOLOGIES

316,000 63,081 0.15HKD

HENGAN INTL GROUP CO LTD 62,000 181,683 0.44HKD

LIFESTYLE INTL HLD LTD 195,000 586,396 1.44HKD

NORSTAR FOUNDERS GROUPLTD

972,000 435,334 1.06HKD


1,008,000 272,164 0.66HKD

WIN HANVERKY HOLDINGSLTD

648,000 378,947 0.92HKD

2,641,185 6.43

ANGANG STEEL COMPANYLTD -H-

406,000 704,487 1.72HKD

CHINA

AWEA MECHANTRONIC COLTD

95,000 247,274 0.60TWD

BEIJING JINGKELONGSUPERMARKET

242,000 234,422 0.57HKD


380,000 217,360 0.53HKD


242,000 695,216 1.69HKD

CHINA SOUTHERN AIRLINES -H-

964,000 440,386 1.07HKD


318,000 663,289 1.61HKD

WEIFU HIGH TECHNOLOGY -B- 164,500 189,451 0.46HKD

ZHUZHOU CSR TIMESELECTRIC LTD

15,000 24,569 0.06HKD

3,416,454 8.31

INVESTMENTS

ASIA EX JAPAN EQUITY SMALLERCOMPANIES

Statement of investments as at 31 March 2007 (expressed in USD)


CHEUNG KONG HOLDINGS 34,000 430,292 1.05HKD

HONG KONG

CHINA EVERBRIGHT LTD 122,000 124,893 0.30HKD

CHINA INSURANCE INTLHLDGS CO

264,000 316,542 0.77HKD

CHINA RESOURCES POWERHOLDINGS

86,000 131,839 0.32HKD

CHINA TRAVEL INTL INVESTM. 1,044,000 487,620 1.19HKD

CHONG HING BANK LTD 122,000 322,380 0.78HKD

CITIC 1616 HOLDINGS LTD 267,000 88,149 0.21HKD

GIORDANO INTL LTD 278,000 135,181 0.33HKD

GREAT EAGLE HOLDINGS LTD 157,000 532,393 1.31HKD

HONGKONG LAND HLDS LTD 63,000 293,580 0.71USD

2,862,869 6.97

BANK INTL INDONESIA SERIES-A-

4,501,000 95,122 0.23IDR

INDONESIA

BANK NIAGA TBK -A- 3,646,000 295,435 0.72IDR

UNITED TRACTORS 808,500 655,128 1.59IDR

1,045,685 2.54

SARIN TECHNOLOGIES LTD 695,000 281,822 0.69SGD

ISRAEL

281,822 0.69


191,500 551,499 1.34MYR

MALAYSIA

GAMUDA BHD/FOR.REG. 340,500 788,424 1.92MYR

RESORTS WORLD 287,000 1,428,771 3.48MYR

UCHI TECHNOLOGIES BHD 29,000 26,524 0.06MYR

WCT ENGINEERING BHD 148,800 254,102 0.62MYR

3,049,320 7.42


PHILIPPINES

1,607,815 3.91

BANYAN TREE HOLDINGS LTD 114,000 164,613 0.40SGD

SINGAPORE

HO BEE INVESTMENT LTD 128,000 190,736 0.46SGD

HOTEL PROPERTIES 371,000 1,247,552 3.04SGD

INTER-ROLLER ENGINEERINGLTD

780,000 460,291 1.12SGD

WHEELOCKPROPERT(SINGAPORE) LTD

183,000 390,941 0.95SGD

2,454,133 5.97

AMOREPACIFICCORPORATION

1,480 217,107 0.53KRW

SOUTH KOREA

BANK OF PUSAN 17,860 265,793 0.65KRW

CJ HOME SHOPPING 1,816 128,372 0.31KRW

DAEGU BANK 15,640 284,293 0.69KRW

DAEWOO MOTORS SALESCORP

12,400 391,482 0.95KRW

DAISHIN SECURITIES CO LTD 7,440 173,596 0.42KRW

DAISHIN SECURITIES CO LTD-PF

14,650 205,563 0.50KRW




DONGBU INSURANCE CO LTD 11,400 323,556 0.79KRW

HANA TOUR SERVICE INC 3,073 237,808 0.58KRW

HOTEL SHILLA 37,890 602,142 1.47KRW


4,530 380,416 0.93KRW

HYUNDAI MIPO DOCKYARD COLTD

2,610 481,364 1.17KRW


7,380 388,325 0.95KRW

MEGASTUDY CO LTD 4,263 747,708 1.82KRW

MODETOUR NETWORK INC 16,589 703,601 1.71KRW

ORION CORPORATION 1,212 300,187 0.73KRW


17,240 1,073,910 2.61KRW

SAMSUNG TECHWIN CO LTD 5,200 198,164 0.48KRW

WOONG JIN COWAY CO LTD 7,400 207,668 0.51KRW

7,311,055 17.80

ASIA CEMENT CORP 293,760 284,181 0.69TWD

TAIWAN

AU OPTRONICS CORP 141,730 202,663 0.49TWD


20,955 164,708 0.40TWD

CHUNG HWA PULP CORP 375,000 163,814 0.40TWD

FAR EASTERN DEPARTMENTSTORES

219,918 146,596 0.36TWD

FORMOSA INTL HOTELS CORP 27,547 306,461 0.75TWD

GEM TEK TECHNOLOGY COLTD

83,000 205,752 0.50TWD

GOLDSUN DEVPT &CONSTRUCTION

316,700 164,676 0.40TWD

G-SHANK ENTERPRISE COLTD

122,000 241,207 0.59TWD


92,694 622,096 1.51TWD

HOTA INDUSTRIALMANUFACTURING

136,200 196,815 0.48TWD

SHIHLIN ELEC.&ENGINEERINGCORP

264,000 260,978 0.64TWD


262,695 492,375 1.20TWD

SINCERE NAVIGATION CORP 143,000 203,399 0.50TWD

TAINAN SPINNING CO LTD 556,000 242,041 0.59TWD

TAIWAN CEMENT CORP 196,370 165,627 0.40TWD

TAIWAN FERTILIZER CO LTD 43,000 71,496 0.17TWD


479,192 983,630 2.38TWD

TRIPOD TECHNOLOGY CO LTD 97,553 401,081 0.98TWD

YANG MING MARINETRANSPORT

501,000 345,323 0.84TWD

5,864,919 14.27


175,200 215,032 0.53THB

THAILAND

ASIAN PROPERTY DVPT P/FOR. REG.

818,500 103,262 0.25THB

BANGKOK EXPRESSWAY/FOR.REG.

226,200 149,143 0.36THB

QUALITY HOUSES PUBLIC/FOR.REG

3,041,800 107,659 0.26THB

THAI AIRWAYS INTL/FOR.REG. 77,200 96,404 0.23THB

UNIVANICH PALM OILPUBL.CO/FOR

75,900 76,908 0.19THB

748,408 1.82

82.17TOTAL SHARES 33,765,309



1,533,000 1,121,966 2.73SGD


BERMUDA ISLANDS

1,121,966 2.73





248,000 376,364 0.92TWD


SHARES

CHINA

376,364 0.92

JVM CO LTD 4,888 245,768 0.60KRW

SOUTH KOREA

245,768 0.60

INTL GAMES SYSTEM CO LTD 14,000 136,281 0.33TWD

TAIWAN

136,281 0.33

1.85TOTAL SHARES 758,413

1.85TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 758,413

SWIRE PACIFIC LTD - A- 26,000 291,784 0.71HKD


SHARES

HONG KONG

291,784 0.71


0.71TOTAL OTHER TRANSFERABLE SECURITIES 291,784






%



Electronics and electrical equipment 13.02Gastronomy 10.67Real estate companies 8.10Mechanics, machinery 7.38Banks and financial institutions 5.86Transport 5.72Construction, building materials 4.24Textile 3.66Insurance 3.25Retail trade, department stores 3.06Investment companies 2.73Internet Software 2.70Holding companies 2.41Forest products and paper industry 2.01Coal mines, heavy industries 1.72Other services 1.70Automobile industry 1.59Chemicals 1.23Consumer goods 1.01Clock and watch-making industry 0.91Food 0.73Precious metals 0.69Graphic art and publishing 0.66Pharmaceuticals and cosmetics 0.63Other business houses 0.48News transmission 0.46Office equipment and computers 0.33Public services 0.32Agriculture and fishing 0.19



ASIA EX JAPAN EQUITY SMALLER COMPANIES





SHARES

BERMUDA ISLANDS

1,811,961 1.27

CHINA COAL ENERGY CO LTD-H-

294,000 314,139 0.22HKD

CHINA


3,009,000 1,721,145 1.21HKD


562,000 857,236 0.60HKD


1,272,000 1,204,500 0.85HKD

JIANGSU EXPRESSWAY CO -H- 1,314,000 1,025,683 0.72HKD

MAANSHAN IRON & STEEL COH

2,484,000 1,630,635 1.15HKD



77,000 126,121 0.09HKD

8,995,686 6.33

ASM PACIFIC TECHNOLOGYLTD

169,000 996,955 0.70HKD

HONG KONG


CHINA AGRI INDUSTRIESHOLDINGS

42,000 36,976 0.03HKD


106,000 446,262 0.31HKD

CHINA MOBILE LTD 367,500 3,341,252 2.35HKD

CHINA TRAVEL INTL INVESTM. 982,000 458,661 0.32HKD


CITIC PACIFIC LTD 159,000 588,007 0.41HKD


CLP HOLDINGS LTD 379,500 2,770,481 1.95HKD

HANG LUNG PROPERTIES LTD 694,000 1,940,433 1.36HKD

HANG SENG BANK LTD 109,500 1,555,338 1.09HKD

HONG KONG EXCHANGES &CLEARING

190,500 1,856,319 1.31HKD

HONGKONG ELECTRICHOLDINGS LTD

558,500 2,865,863 2.02HKD

HOPEWELL HIGHWAYINFRASTR.

2,462,500 2,331,824 1.64HKD

HSBC HOLDINGS PLC 211,600 3,677,082 2.59HKD

IND & COM BOC -H- 2,148,000 1,203,916 0.85HKD

TELEVISION BROADCASTSLTD

164,000 1,025,171 0.72HKD

WING HANG BANK 143,500 1,766,505 1.24HKD

30,365,463 21.35

INVESTMENTS

ASIA PACIFIC EX JAPAN EQUITY HIGHDIVIDEND



BANK RAKYAT INDONESIA 1,438,000 795,178 0.57IDR

INDONESIA


253,500 366,409 0.26IDR

PT BANK MANDIRI PERSEROTBK

1,317,500 360,666 0.25IDR

TELKOM INDONESIA /S-B- 639,000 689,209 0.48IDR

2,211,462 1.56

BRITISH AMERICAN TOBACCO 243,400 3,240,641 2.28MYR

MALAYSIA


201,300 579,721 0.41MYR

MAXIS COMMUNICATIONS BHD 843,400 2,904,913 2.04MYR

RESORTS WORLD 151,200 752,719 0.53MYR

7,477,994 5.26

GLOBAL TELECOM INC 12,520 319,003 0.22PHP

PHILIPPINES

319,003 0.22


SINGAPORE

CHUAN HUP HOLDINGS LTD 1,282,000 287,397 0.20SGD

COMFORTDELGROCORPORATION LTD

1,368,000 1,794,956 1.26SGD

KEPPEL CORP. LTD 35,000 438,466 0.31SGD

MOBILEONE LTD 1,178,950 1,702,371 1.20SGD

PARKWAY HOLDINGS LTD 876,750 1,896,113 1.33SGD

SINGAPORE AIRPORTTERMIN.SERV.

975,000 1,767,877 1.24SGD

SINGAPORE EXCHANGE LTD 432,000 1,865,691 1.31SGD

SINGAPORE FOODINDUSTRIES

1,415,000 849,009 0.60SGD

SINGAPORE PETROLEUM COLTD

518,000 1,653,065 1.16SGD

SINGAPORE POST LTD 2,510,000 1,837,009 1.29SGD

SINGAPORE PRESS HOLDINGSLTD

236,000 684,667 0.48SGD


448,650 970,278 0.68SGD

SMRT CORPORATION LTDSMRT

1,197,000 1,175,967 0.83SGD

UNISTEEL TECHNOLOGY LTD 859,000 1,665,157 1.17SGD


YELLOW PAGES (SINGAPORE)LTD

3,930,000 3,342,697 2.36SGD

25,808,300 18.15

DAEGU BANK 35,350 642,568 0.45KRW

SOUTH KOREA


KOOKMIN BANK 16,630 1,491,997 1.05KRW

KOREA ELECTRIC POWERCORP.

12,550 500,941 0.35KRW

KT& G CORP 38,410 2,511,035 1.77KRW


POSCO 5,811 2,439,952 1.72KRW


5,895 3,527,974 2.47KRW

SK TELECOM CO LTD 4,248 864,742 0.61KRW




S-OIL CORP 20,690 1,425,177 1.00KRW

18,613,064 13.09

ACER INC 301,000 577,820 0.41TWD

TAIWAN

AU OPTRONICS CORP 641,000 916,583 0.64TWD

CHINA STEEL 1,591,216 1,794,281 1.26TWD

CHUNGHWA TELECOM CO LTD 456,120 883,873 0.62TWD

DELTA ELECTRONICINDUSTRIAL

640,551 2,072,001 1.46TWD

ELAN MICROELECTRONINCSCORP.

2,012,899 2,364,098 1.67TWD

FAR EASTERN TEXTILE LTD 415,000 357,557 0.25TWD


741,000 842,284 0.59TWD


992,000 1,904,311 1.34TWD

FU SHENG INDUSTRIAL COLTD

810,200 788,680 0.55TWD

FUBON FINANCIAL HOLDINGCO LTD

1,528,000 1,376,550 0.97TWD

GIANT MANUFACTURE CO LTD 1,132,000 1,755,563 1.23TWD

HIGH TECH COMPUTER CORP 45,000 693,801 0.49TWD


62,000 416,099 0.29TWD


MEGA FINANCIAL HOLDINGCOMPANY

1,376,000 898,514 0.63TWD

NAN YA PLASTICS CORP. 1,107,250 2,075,343 1.47TWD

PHOENIXTEC POWER 1,292,000 1,218,624 0.86TWD


309,000 579,166 0.41TWD


TAIWAN FERTILIZER CO LTD 232,000 385,748 0.27TWD

TAIWAN MOBILE CORP. 987,000 1,057,757 0.74TWD


956,749 1,963,904 1.38TWD

WISTRON CORP 1,062,423 1,612,329 1.13TWD

28,701,687 20.18

BANGKOK EXPRESSWAY/FOR.REG.

2,135,300 1,407,896 0.99THB

THAILAND

KIATNAKIN BANKPUBLIC/FOR.REG

1,643,700 1,348,839 0.95THB

KRUNG THAI BANK /FOR.REG. 3,499,000 1,208,451 0.85THB

THAI PLAST.&CHEMIC.PUB./FOR.REG.

4,991,900 2,493,466 1.75THB

6,458,652 4.54

91.95TOTAL SHARES 130,763,272


8,895,000 6,510,039 4.58SGD


BERMUDA ISLANDS

6,510,039 4.58

PROSPERITY REAL EST.INV.TRUST

1,278,603 289,599 0.20HKD

HONG KONG

THE LINK REIT 674,000 1,621,457 1.14HKD

1,911,056 1.34


CPN RETAIL GROWTHPROPERTY FD

2,905,500 812,731 0.57THB

THAILAND

812,731 0.57









%



Banks and financial institutions 18.69Electronics and electrical equipment 13.05News transmission 9.53Transport 8.68Chemicals 6.76Investment companies 6.49Public services 5.17Coal mines, heavy industries 4.35Tobacco and spirits 4.05Holding companies 3.96Energy 3.65Graphic art and publishing 2.84Textile 2.12Insurance 1.74Office equipment and computers 1.62Real estate companies 1.36Gastronomy 1.09Mechanics, machinery 0.81Photography and optics 0.72Food 0.60Construction, building materials 0.48Other services 0.32Automobile industry 0.26Internet Software 0.07Agriculture and fishing 0.03



ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND



DUFRY SOUTH AMERICA LTDA 1,016,200 17,469,906 1.61BRL


SHARES

BERMUDA ISLANDS

GP INVESTMENTS LTD /BDR 1,497,200 47,793,593 4.40BRL

65,263,499 6.01

ALL AMERICA LATINA /UNIT 6,867,799 81,972,312 7.56BRL

BRAZIL

AMBEV CIA DE BEDIDAS/PREF.

12,549,382 6,834,075 0.63BRL

ANHANGUERA EDUCACIONALPART.

1,000,000 11,051,618 1.02BRL

BANCO BRADESCO SA /PREF. 668,500 13,715,423 1.26BRL

BANCO BRADESCO /SADR 1,381,400 56,554,516 5.21USD

BRADESPAR SA BRASIL/PREF.

116,400 3,430,422 0.32BRL

BRASIL DISTR.PAO /ADR 100,000 2,935,000 0.27USD

BRASILAGRO 15,900 9,762,262 0.90BRL

CIA VALE DO RIO DOCEA/PREF

639,400 19,942,963 1.84BRL

CIA VALE RIODOCE/SADR(1ORDSH)

2,164,300 80,122,386 7.39USD

COMPANY SA 2,426,400 25,016,017 2.30BRL

CONTAX PARTICIPACOES SA 2,807,500 4,136,989 0.38BRL

CONTAX PARTICIPACOES/PFDSHS

9,218,334 8,829,383 0.81BRL

COSAN SA INDUSTRIA ECOMERCIO

1,053,800 19,358,563 1.78BRL

DATATSUL SA 2,065,000 22,821,590 2.10BRL

DIAGNOST DA AMERICA SABRL

738,300 16,210,026 1.49BRL

DURATEX SA /PRIV. 3,415,700 68,619,311 6.32BRL

EMBRAEREMPR.BRASIL.AERONAUT.

2,253,500 25,137,265 2.31BRL

EMBRAER PREF/SADR 97,500 4,372,875 0.40USD

GERDAU /PREF. 1,143,050 20,492,806 1.89BRL

GERDAU SA / SADR PFD SHS 170,000 3,046,400 0.28USD

GUARARAPES CONFECCOESSA

100 4,273 0.00BRL

GVT HOLDING SA 1,441,700 17,236,092 1.59BRL

INVESTIMENTOS ITAU /PREF. 2,394,900 13,292,576 1.22BRL

ITAU HOLDING /PFD SHS/SADR 518,000 18,202,520 1.68USD

ITAU HOLDING SA /PREF. 148,800 5,234,565 0.48BRL

JBS AS 10,100,000 35,222,733 3.24BRL

LA FONTEPARTICIPACOES/PREF.

2,568,000 1,387,494 0.13BRL

LOCALIZA RENTA A CAR 875,700 26,538,956 2.44BRL

LOJAS AMERICANAS SA /PRIV. 302,000,000 18,838,833 1.73BRL

LOJAS RENNER SA 2,212,000 28,987,735 2.67BRL

MARCOPOLO POMO /PREF. 9,094,900 28,099,067 2.59BRL

INVESTMENTS

BRAZIL EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


OBRASCON HUARTE LAINBRASIL SA

1,171,400 16,685,781 1.54BRL

ODONTOPREV S.A. 354,300 7,135,072 0.66BRL

P.ACUCAR-CBD /PREF. 373,724,500 11,014,027 1.01BRL

PERDIGAO SA 1,684,564 22,853,594 2.10BRL

PETROLEO BRASILEIRO/PREF.SHS

577,200 13,069,849 1.20BRL

PETROLEO BRASILEIRO /SADR 696,167 70,535,640 6.50USD

PROFAMA SA 1,380,400 23,052,986 2.12BRL

SADIA SA/PREF. 6,374,982 24,330,067 2.24BRL

SAO CARLOSEMPREENDIMENTOS

914,400 7,630,850 0.70BRL

SAO MARTINHO SA 3,032,300 40,214,184 3.70BRL

SARAIVA SA LIVREIROS /PRIV. 1,735,600 21,269,806 1.96BRL

SOUZA CRUZ 414,000 8,439,015 0.78BRL

UNIBANCO /ADR 117,900 10,464,804 0.96USD

UNIBANCO/UNIT(1UBBPN+1UBHDBN)

65,000 579,473 0.05BRL

USIMINAS /PREF.-A- 20,000 958,789 0.09BRL

975,640,983 89.84

95.85TOTAL SHARES 1,040,904,482

95.85TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 1,040,904,482


GAFISA SA /GDR 144A 50,000 1,288,595 0.12USD


SHARES

BRAZIL

SAO CARLOSEMPREENDIMENTOS/GDR

1,650,000 27,316,443 2.51USD

28,605,038 2.63



98.48TOTAL INVESTMENTS 1,069,509,520


100.00TOTAL NET ASSETS 1,086,007,695



%



Holding companies 12.33Coal mines, heavy industries 11.49Other services 9.91Energy 7.69Transport 7.56Retail trade, department stores 7.29Food 7.26Banks and financial institutions 6.47Automobile industry 5.03Miscellaneous 4.72Agriculture and fishing 3.00Other business houses 2.73Aerospace technology 2.71Construction, building materials 2.30Pharmaceuticals and cosmetics 2.12Graphic art and publishing 1.96News transmission 1.59Tobacco and spirits 1.41Insurance 0.66Real estate companies 0.25Textile 0.00



BRAZIL EQUITY



ALL AMERICA LATINA /UNIT 146,300 1,746,200 0.38BRL


SHARES

BRAZIL

AMBEV CIA DE BEBIDAS /ADR 82,800 4,499,352 0.97USD

ARACRUZ CEL.-B- PREF/SADR 19,400 1,014,814 0.22USD

BANCO BRADESCO /SADR 201,600 8,253,504 1.79USD

BANCO NOSSA CAIXA SA 18,300 277,749 0.06BRL

BRASIL DISTR.PAO /ADR 12,300 361,005 0.08USD

BRASIL TELECOMPARTICIPACOES

30,200,000 608,183 0.13BRL

BRASIL TELECOM PART./PFD/SADR

18,300 829,356 0.18USD

BRASKEM /SADR 41,500 619,180 0.13USD

CEMIG /SADR (1000 NV-PFD) 38,700 1,922,616 0.42USD

CIA DE CONCESSOESRODOVIARIAS

59,600 793,339 0.17BRL

CIA SIDERURG. NAC/SADR(REP.1SH)

51,300 2,167,938 0.47USD


24,386 760,602 0.16BRL

CIA VALE RIO DOCE/SADR 378,400 11,836,352 2.56USD


282,800 10,469,256 2.27USD

CIE ENERG.SAO PAULO/PREF.-B-

62,200,000 876,830 0.19BRL

COPEL /SADR 43,200 519,264 0.11USD


23,900 439,049 0.10BRL

CYRELA BRAZIL REALTY SA 74,900 684,287 0.15BRL


15,800 346,903 0.08BRL

DURATEX SA /PRIV. 33,300 668,977 0.14BRL

EDP ENERGIAS DO BRASIL SA 20,900 301,607 0.07BRL

ELETROBRAS /ADR (500 PFD B)

75,700 794,850 0.17USD

ELETROBRAS /SADR REP.500SH.

94,900 1,048,645 0.23USD

ELETROPAULO -B- /PREF. 8,830,000 418,968 0.09BRL

EMBRAER PREF/SADR 46,300 2,076,555 0.45USD

GAFISA SA 32,300 420,428 0.09BRL

GERDAU SA 24,500 384,847 0.08BRL


GOL LINHAS AEREAS /ADR 21,800 651,384 0.14USD

ITAU HOLDING /PFD SHS/SADR 217,000 7,625,380 1.65USD

KLABIN SA /SADR 23,300 625,605 0.14USD

LOJAS AMERICANAS SA /PRIV. 11,600,000 723,611 0.16BRL

LOJAS RENNER SA 51,300 672,274 0.15BRL

NATURA COSMETICOS SA 53,600 605,530 0.13BRL

PERDIGAO SA 549 7,448 0.00BRL

PERDIGAO /SADR 17,500 473,550 0.10USD

INVESTMENTS

BRIC MARKETSStatement of investments as at 31 March 2007 (expressed in USD)


PETROBRAS /SADR 165,400 15,010,051 3.24USD


SABESP /SADR 24,200 836,352 0.18USD

SADIA /ADR 20,000 767,800 0.17USD

SOUZA CRUZ 32,300 658,406 0.14BRL

TAM SA /SADR 28,900 770,474 0.17USD

TELE NORT.LESTE TNLP/PF.SADR

108,300 1,506,453 0.33USD

TELEMAR 27,600 803,638 0.17BRL

TIM PARTICIPACOES SA /SADR 26,600 874,608 0.19USD

TMCP/SPONS.ADR REP.20000PREF.

6,600 247,038 0.05USD

UNIBANCO /ADR 45,225 4,014,171 0.87USD

USIM.-A-/SADR(10000 PFD REGS)

47,700 2,282,445 0.49USD

USIMINAS /PREF.-A- 3,400 162,994 0.04BRL

VIVO PARTICIPACOES SA/SADR

213,780 767,470 0.17USD

VIVO PARTICIPACOES SA/PFDSHS

7,732 27,268 0.01BRL

VOTORANTIN CEL./SADR 39,600 712,008 0.15USD

WEG SA /PREF. 62,700 489,059 0.11BRL

110,926,306 24.03

AGILE PROPERTY HOLDINGSLTD

576,000 567,546 0.12HKD

CHINA

AIR CHINA LTD 830,000 574,597 0.12HKD

ALUMINUM CORP OF CHINALTD

1,080,000 1,113,901 0.24HKD


304,000 527,498 0.11HKD

ANHUI CONCH CEMENT COLTD

148,000 527,442 0.11HKD

BANK OF CHINA LTD-H 7,804,000 3,884,675 0.84HKD


1,973,000 2,027,358 0.44HKD

BEIJING CAP.INTL AIRPORT -H- 456,000 452,808 0.10HKD

BRILLIANCE CHINAAUTOMOTIVE

816,000 199,440 0.04HKD

BYD COMPANY LIMITED -H- 69,500 342,844 0.07HKD

CHAODA MODERNAGRICULT.HOLD.

678,000 475,443 0.10HKD


1,439,000 1,734,601 0.38HKD


8,458,000 4,837,968 1.05HKD

CHINA COSCO HOLDINGS -H- 740,500 726,789 0.16HKD

CHINA EASTERN AIRLINES -H- 726,000 218,319 0.05HKD


2,419,000 6,949,284 1.50HKD


304,000 869,439 0.19HKD


5,742,000 4,856,825 1.05HKD

CHINA RESOURCES LAND 398,000 479,758 0.10HKD

CHINA SHIPPING CONTAINERLINES

416,000 161,828 0.04HKD


444,000 677,247 0.15HKD


4,750,000 2,334,063 0.51HKD


490,000 463,997 0.10HKD

DONGFENG MOTOR -H- 978,000 533,134 0.12HKD

FU JI FOOD & CATERINGSERV.

78,000 245,038 0.05HKD

GOME ELECT APPLIANCESHOLDINGS

437,000 485,947 0.11HKD




GUANGSHEN RAILWAY COLTD -H-

586,000 371,935 0.08HKD

GUANGZHOU R&F PROP.-H-/NEW

315,800 703,152 0.15HKD

HUADIAN POWER INTL CORP -H-

490,000 175,567 0.04HKD

HUANENG POWER INTL H 1,046,000 910,182 0.20HKD

HUNAN NONFERROUSMETALS CORP-H

466,000 309,486 0.07HKD

JIANGSU EXPRESSWAY CO -H- 500,400 390,602 0.08HKD

JIANGXI COPPER CO LTD -H- 568,200 687,829 0.15HKD

LI NING COMPANY LTD 274,000 542,762 0.12HKD


710,000 466,083 0.10HKD


426,000 888,556 0.19HKD



828,000 474,675 0.10HKD

PING AN INSUR.(GRP)CO -H- 481,500 2,359,842 0.51HKD

SHANGHAI ELECTRIC GROUPCO -H-

966,000 451,188 0.10HKD

SHANGHAI FORTE LAND CO -H-

532,000 222,611 0.05HKD

SHENZHEN EXPRESSWAY H 256,000 160,846 0.03HKD

SHIMAO PROPERTY HLD LTD 262,000 518,991 0.11HKD

SINOFERT HOLDINGS LTD 504,000 278,613 0.06HKD

SINOPEC SHANGHAIPETROCHEM.-H-

954,000 496,856 0.11HKD

SINOTRANS LTD 520,000 208,274 0.05HKD

TPV TECHNOLOGY LTD 398,000 254,139 0.06HKD

TRAVELSKY TECHNOLOGYLTD -H-

96,000 169,035 0.04HKD

TSINGTAO BREWERY CO LTDH

154,000 258,943 0.06HKD

WEICHAI POWER CO LTD /-H- 59,000 306,525 0.07HKD

WEIQIAO TEXTILE COMPANYLTD

141,500 204,608 0.04HKD

YANZHOU COAL MINING CO -H-

670,000 641,304 0.14HKD

ZHEJIANG EXPRESSWAY COLTD -H-

588,000 471,020 0.10HKD

ZIJIN MINING GROUP -H- 1,370,000 797,664 0.17HKD

ZTE CORP H 54,800 257,356 0.06HKD

57,954,532 12.55

AFK SISTEMA /SGDR 66,050 1,892,333 0.41USD

FEDERATION OF RUSSIA

AK SBEREGATELNY BANKSBERBANK

3,378 12,110,130 2.62USD

COMSTAR /SGDR REP.REG.S 114,400 966,680 0.21USD

GAZPROM OAO/SADR 564,330 23,849,207 5.17USD

JSC SURGUTNEFTEGAZ /SADR 99,950 6,296,850 1.36USD

JSC SURGUTNEFTEGAZ /SADRPFD

48,110 4,068,213 0.88USD

LUKOIL /SADR 189,700 16,446,990 3.56USD

MECHEL OJSC /ADR 19,000 625,860 0.14USD

MMC NORILSK NICKEL /SADR 42,280 8,012,060 1.74USD

MOBILE TELESYSTEMSOJS/SADR

136,500 7,861,035 1.70USD

NOVATEK OAO /SGDR 51,980 3,061,622 0.66USD

NOVOLIPETSK STEEL GDRREGS

82,100 2,380,900 0.52USD

RAO UNIFIED ENER.SYS./GDR 56,190 7,726,125 1.67USD

ROSTELECOM /SADR REP.6SHS

42,400 2,229,816 0.48USD

SEVERSTAL CHEREPOVETSMET/SGDR

137,650 1,899,570 0.41USD


SIBIRTELECOM JSC 3,288,940 416,051 0.09USD

TATNEFT /SGDR REP.20 SHSREG.S

45,050 4,349,487 0.94USD

URALSVYAZINFORM/SADR(200ACT.)

40,100 521,300 0.11USD

VIMPELCOMMUNICATIONS/S.ADR

63,200 6,081,736 1.32USD

WIMM-BILL-DANN FODDS/SADR

15,000 1,180,500 0.26USD

111,976,465 24.25

BEIJING ENTERPRISES HLD 106,000 269,927 0.06HKD

HONG KONG


380,000 334,549 0.07HKD

CHINA EVERBRIGHT LTD 242,000 247,738 0.05HKD


357,939 1,506,929 0.33HKD



1,194,500 1,501,016 0.33HKD


400,000 1,335,944 0.29HKD


392,000 600,939 0.13HKD

CHINA TRAVEL INTL INVESTM. 1,166,000 544,602 0.12HKD


CNOOC LTD 5,190,000 4,549,312 0.99HKD

COFCO INTL LTD 258,000 193,136 0.04HKD

COSCO PACIFIC LTD 380,000 941,406 0.20HKD

DENWAY MOTORS LTD 1,672,000 729,589 0.16HKD

GLOBAL BIO-CHEMTECHNOLOGY

702,000 179,661 0.04HKD

GUANGDONG INVESTMENTLTD

824,000 439,695 0.10HKD

GUANGZHOU INVESTMENT COLTD

1,156,000 284,019 0.06HKD

HOPSON DEVELOPMENTHLDGS LTD

220,000 552,344 0.12HKD

IND & COM BOC -H- 9,948,000 5,575,678 1.21HKD

LENOVO GROUP LTD 1,166,000 426,729 0.09HKD

SEMICONDUC.MANUFACT.INTLCORP

4,095,000 565,934 0.12HKD


178,000 410,908 0.09HKD

SHENZHEN INVESTMENT LTD 514,000 262,436 0.06HKD

XINAO GAS HOLDINGS LTD 214,000 227,290 0.05HKD

38,580,972 8.36

ABB LTD/DEMAT. 6,000 489,391 0.11INR

INDIA

ASHOK LEYLAND LTD/DEMAT. 311,800 274,653 0.06INR

ASIAN PAINTS /DEMAT. 17,000 299,493 0.06INR

ASSOC.CEMENT /DEMAT. 31,000 529,757 0.11INR

BAJAJ AUTO LTD /GDR REG.S 18,000 1,005,065 0.22USD

BAJAJ HINDUSTHAN LTD 56,400 247,626 0.05INR

BANK OF BARODA /DEMAT. 57,900 285,265 0.06INR

BHARAT ELECTRONICS LTD/DEMAT.

10,800 365,152 0.08INR

BHARAT FORGE LTD /DEMAT. 68,520 496,467 0.11INR

BHARAT PETROL./DEMAT. 60,300 422,365 0.09INR

CIPLA LTD /DEMAT. 184,200 998,067 0.22INR

DISH TV INDIA LIMITED 83,030 421,721 0.09INR

DR REDDY SLABORATORIES/ADR

73,400 1,210,366 0.26USD

GAIL INDIA LTD /GDR REGS 28,100 1,039,192 0.23USD




GLAXOSMITHKLINEPHARMA./DEMAT.

12,000 309,007 0.07INR

GRASIM IND./GDR 144A 23,400 1,128,682 0.24USD

GUJARAT AMBUJA CEMENTS/GDR

322,000 789,515 0.17USD

HINDUSTAN PETR./DEMAT. 16,100 90,934 0.02INR

HOUSING DEVT.FIN.CORP/ADR

44,600 2,999,350 0.65USD

ICICI BK /SADR 195,660 7,726,613 1.68USD

INDIABULLS FINANCIALSERVICES /DEMAT.

91,000 849,658 0.18INR

INDIABULLS REAL ESTATE/DEMAT.

91,000 637,400 0.14INR

INDIAN HOTELS CO LTD/DEMAT.

178,300 596,696 0.13INR

INDIANPETROCHEM./DEMATERIALISED

63,200 392,233 0.08INR

INFOSYS TECHNOL./ SADR 251,400 12,610,224 2.74USD

INFRASTRUCTURE DVPTFIN/DEMAT.

182,400 355,692 0.08INR

ITC /GDR 686,900 2,398,961 0.52USD

JAIPRAKASH ASSOCIATES LTD 35,200 433,765 0.09INR

JINDAL STEEL & POWER/DEMAT.

7,300 399,063 0.09INR

KOTAK MAHINDRA BANKLTD/DEMAT.

67,600 744,599 0.16INR

LARSEN & TOUBRO /GDR 67,500 2,522,481 0.55USD

MAHANAGAR TELE.NIGAM/ADR

65,300 434,898 0.09USD

MAHINDRA&MAHINDRA/DEMAT.

83,800 1,507,120 0.33INR

MARUTI UDYOG LTD /DEMAT. 41,100 782,786 0.17INR

NESTLE INDIA /DEMAT. 13,700 292,648 0.06INR

RANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R

86,200 668,912 0.14USD

RELIANCE CAPITAL LTD/DEMAT.

66,290 1,020,076 0.22INR

RELIANCECOMMUNICATIONS/DEMAT

383,200 3,730,169 0.82INR

RELIANCE NATURALRESOURCES/ DEMAT.

129,800 66,037 0.01INR

SATYAM COMPUTER /ADR 135,400 3,100,660 0.68USD

SIEMENS LTD/DEMATERIALISED

24,000 602,991 0.13INR

STATE BK OF INDIA /GDR(REGS)

12,000 756,000 0.16USD

SUN PHARMACEUTICALIND.LTD /DEMAT.

27,800 674,935 0.15INR

TATA IRON & STEEL/DEMAT. 82,567 848,865 0.18INR

TATA MOTORS LTD /ADR 121,650 2,051,019 0.44USD

TATA POWER CO /DEMAT. 39,500 467,247 0.10INR

TATA TEA LTD / DEMAT. 22,400 312,819 0.07INR

ULTRA TECH CEMENT LTD/DEMAT.

18,400 329,207 0.07INR

UTI BANK LTD /GDR REGS 67,700 760,930 0.16USD

VIDESH SANCHARNIGAM/SADR

15,900 292,878 0.06USD

WIPRO LTD /SADR 105,000 1,683,150 0.36USD

ZEE NEWS LTD/DEMATERALISED

30,245 27,406 0.01INR

ZEE TELEFILMS LTD /DEMAT. 144,400 828,518 0.18INR

64,308,724 13.93

83.12TOTAL SHARES 383,746,999


LYXOR INTL.ETF RUSSIA -A- 161,000 8,686,499 1.88EUR

INDEX TRACKER

FRANCE

8,686,499 1.88

ISHARE MSCI CHINA TRACKER 1,536,000 9,984,877 2.16HKD

HONG KONG

9,984,877 2.16

ISHARES/MSCI BRAZIL /INDEXFD

295,500 14,574,060 3.16USD

UNITED STATES

14,574,060 3.16

7.20TOTAL INDEX TRACKER 33,245,436

MSDW ASIA SECURITIESPRODUCTS 04-09.12.07 /ONTATA CONSULTANCY 0.0001

41,500 2,344,742 0.51USD

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS

MSDW 05-22.08.08 /ONBHARAT HEAVY 0

34,600 1,808,605 0.39USD

4,153,347 0.90

DEUT.BK 04-8.10.07WRT/REL.EN. 0

73,695 833,085 0.18USD

GREAT BRITAIN

833,085 0.18

RIGHTS CITIC PACIFIC 07 376,000 0.00 0.00HKD

HONG KONG

0.00 0.00

DEUTSCHE BANK AG 04-27.08.07 /ON HINDUSTANLEVER LTD 0.00001

446,700 2,074,284 0.45USD

INDIA

MSDW ASIA 04-10.8.07 /ONHINDUSTAN PETROLEUM0.0001

42,500 240,514 0.05USD

2,314,798 0.50

MERR.LYN.INTL 06-02.05.11/WRT HERO 0

46,700 748,960 0.16USD

NETHERLANDS ANTILLES

748,960 0.16

MERRILL LYNCH INTL & CO 04-23.03.09 /ON OIL & NATURALGAS CORP. 0

144,750 2,906,474 0.63USD

UNITED STATES

2,906,474 0.63

2.37TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,956,664




ISHARES MSCI INDIA ETF 1,170,000 6,552,000 1.42USD


HONG KONG

6,552,000 1.42




TRACTEBEL /SADR 12,900 559,215 0.12USD


SHARES

BRAZIL

559,215 0.12

POLYUS GOLD /ADR 52,900 2,549,780 0.55USD


VOLGATELECOM JSC 58,950 361,364 0.08USD

2,911,144 0.63



SUBMARINO SA /SGDR -144A- 10,300 690,413 0.15USD


SHARES

BRAZIL

690,413 0.15

TRANSNEFT OJSC MOSCOW 1,067 2,246,035 0.49USD


UES /PREF. 1,349,500 1,619,400 0.35USD

URALSVYAZINFORM JSC 713,300 46,365 0.01USD

3,911,800 0.85

GLENMARKPHARMACEUTICALS/DEMAT

28,200 400,262 0.09INR

INDIA

HINDALCO IND./GDR 144A REG 288,100 859,585 0.19USD

RELIANCEENERGY/DEMATERIALISED

9,735 109,566 0.02INR

RELIANCE IND./GDR144A 195,400 12,310,199 2.67USD

WIRE AND WIRELESS INDIALTD

33,450 68,495 0.01INR

13,748,107 2.98


MS ASIA -19.12.08WRT/HOUS.144A 0

117,900 4,117,599 0.89USD


CAYMAN ISLANDS

4,117,599 0.89









%



Energy 16.56Banks and financial institutions 11.83Holding companies 10.79News transmission 10.52Investment companies 9.52Coal mines, heavy industries 8.43Public services 4.06Internet Software 3.77Chemicals 3.04Non-ferrous metals 2.81Transport 2.47Insurance 2.11Tobacco and spirits 1.69Automobile industry 1.42Miscellaneous 1.38Real estate companies 1.23Construction, building materials 1.14Pharmaceuticals and cosmetics 1.06Electronics and electrical equipment 0.71Forest products and paper industry 0.70Food 0.68Retail trade, department stores 0.66Other services 0.64Precious metals 0.55Mechanics, machinery 0.49Aerospace technology 0.45Agriculture and fishing 0.27Office equipment and computers 0.20Textile 0.19Photography and optics 0.18Gastronomy 0.18



BRIC MARKETS





SHARES

BRAZIL

AMBEV CIA DE BEDIDAS/PREF.

6,854,000 3,732,514 1.22BRL

ARACRUZ CELULOSE BPREF.NOM.

141,400 737,594 0.24BRL


BRASIL TELECOMPARTICIP./PREF

70,816,900 642,114 0.21BRL

CIA DE CONCESSOESRODOVIARIAS

6,300 83,860 0.03BRL

CIAENERGET.MIN.GERAIS/PRIV.

30,846,700 1,543,168 0.51BRL


269,000 8,390,141 2.75BRL

CIE ENERG.SAO PAULO/PREF.-B-

64,120,100 903,898 0.30BRL


3,800 69,807 0.02BRL

CYRELA BRAZIL REALTY SA 71,700 655,051 0.21BRL

ELETROB.EL.BRASIL./PREF. B 36,942,600 801,309 0.26BRL

ELETROBRAS.CENTR.ELETR.BRAS

43,226,700 973,285 0.32BRL

EMBRAEREMPR.BRASIL.AERONAUT.

136,600 1,523,741 0.50BRL

GERDAU /PREF. 88,800 1,592,022 0.52BRL

GOL LINHAS AEREASINTELIGENTES

19,100 570,401 0.19BRL

ITAU HOLDING SA /PREF. 114,800 4,038,495 1.32BRL

KLABIN RIOCELL SA /PREF. 188,000 517,117 0.17BRL


LOJAS RENNER SA 50,800 665,722 0.22BRL

NATURA COSMETICOS SA 105,000 1,186,207 0.39BRL

PETROBRAS.PETR.BRASILEIRO SA

317,000 8,020,364 2.63BRL

PETROLEO BRASILEIRO/PREF.SHS

436,800 9,890,696 3.24BRL

SABESP.CIASANEAM.BAS.ESTADO

5,827,300 812,169 0.27BRL

SADIA SA/PREF. 150,000 572,474 0.19BRL

SID NACIONAL 35,200 1,486,045 0.49BRL

SUBMARINO SA 16,500 557,510 0.18BRL

TAM SA 23,500 626,774 0.21BRL

TELEMAR 21,500 626,023 0.21BRL

TEMAR / PREF. 79,000 1,103,958 0.36BRL

TIM PARTICIPACOES SA/PREF. 195,858,522 646,480 0.21BRL

UNIBANCO/UNIT(1UBBPN+1UBHDBN)

316,100 2,818,022 0.92BRL

USIMINAS /PREF.-A- 32,000 1,534,063 0.50BRL

VALE RIO DOCE /NAM. 189,500 7,008,862 2.30BRL

VIVO PARTICIPACOES SA/PFDSHS

161,300 568,856 0.19BRL

INVESTMENTS

BRIC MARKETS EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


VOTORANTIM /PREF. 28,200 509,869 0.17BRL

73,088,500 23.97

AGILE PROPERTY HOLDINGSLTD

426,000 419,748 0.14HKD

CHINA

AIR CHINA LTD 756,000 523,368 0.17HKD


758,000 781,794 0.26HKD


234,000 406,035 0.13HKD

ANHUI CONCH CEMENT COLTD

114,000 406,273 0.13HKD



1,318,000 1,354,312 0.44HKD

BEIJING CAP.INTL AIRPORT -H- 462,000 458,766 0.15HKD


668,000 468,430 0.15HKD


1,064,000 1,282,568 0.42HKD


5,537,000 3,167,159 1.04HKD

CHINA COSCO HOLDINGS -H- 685,000 672,316 0.22HKD


1,578,000 4,533,266 1.49HKD


274,000 783,639 0.26HKD


3,880,000 3,281,867 1.08HKD

CHINA RESOURCES LAND 298,000 359,215 0.12HKD


400,000 610,132 0.20HKD


3,066,000 1,506,576 0.49HKD


438,000 414,757 0.14HKD

DONGFENG MOTOR -H- 754,000 411,025 0.13HKD

GOME ELECT APPLIANCESHOLDINGS

298,000 331,378 0.11HKD


248,000 552,190 0.18HKD

HUANENG POWER INTL H 812,000 706,566 0.23HKD

JIANGXI COPPER CO LTD -H- 245,000 296,582 0.10HKD

LI NING COMPANY LTD 186,000 368,444 0.12HKD


476,000 312,473 0.10HKD


304,000 634,087 0.21HKD



608,000 348,553 0.11HKD


SHANGHAI ELECTRIC GROUPCO -H-

964,000 450,254 0.15HKD

SHIMAO PROPERTY HLD LTD 195,500 387,263 0.13HKD

SINOPEC SHANGHAIPETROCHEM.-H-

634,000 330,196 0.11HKD


530,000 424,559 0.14HKD

ZIJIN MINING GROUP -H- 1,000,000 582,236 0.19HKD

36,803,931 12.07

AFK SISTEMA /SGDR 28,900 827,985 0.27USD




LUKOIL /SADR 70,800 6,138,360 2.02USD






39,400 2,269,046 0.74USD

NOVATEK OAO /SGDR 18,100 1,066,090 0.35USD


38,200 1,107,800 0.36USD



19,800 1,905,354 0.62USD

33,471,740 10.97


272,000 1,145,124 0.38HKD

HONG KONG



812,000 1,020,364 0.33HKD


282,000 941,841 0.31HKD


336,000 515,091 0.17HKD

CHINA TRAVEL INTL INVESTM. 794,000 370,852 0.12HKD


CNOOC LTD 3,515,000 3,081,085 1.01HKD

COSCO PACIFIC LTD 308,000 763,034 0.25HKD

DENWAY MOTORS LTD 1,248,000 544,574 0.18HKD

GUANGDONG INVESTMENTLTD

766,000 408,745 0.13HKD

GUANGZHOU INVESTMENT COLTD

466,000 114,492 0.04HKD

HOPSON DEVELOPMENTHLDGS LTD

160,000 401,705 0.13HKD

IND & COM BOC -H- 6,500,000 3,643,135 1.19HKD

LENOVO GROUP LTD 1,336,000 488,945 0.16HKD


4,397,000 607,670 0.20HKD


165,000 380,898 0.12HKD

25,514,686 8.36

BAJAJ AUTO LTD /DEMAT. 12,500 698,085 0.23INR

INDIA

BHARAT HEAVY EL./DEMAT. 23,600 1,234,263 0.40INR

CIPLA LTD /DEMAT. 160,200 868,026 0.28INR

DR REDDY S LABORATORIES/DEMAT.

58,100 978,188 0.32INR


28,300 466,667 0.15USD

GRASIM INDUST./DEMAT. 15,800 763,853 0.25INR

GUJARAT AMBUJA CEMENT/DEMAT.

280,200 690,252 0.23INR

H D F C BANK /DEMAT. 76,300 1,697,330 0.56INR

HERO HONDA MOTORS/DEMAT.

35,500 569,067 0.19INR

HINDALCO INDUSTRIES /DEMAT.

242,900 725,292 0.24INR

HINDUSTAN LEVER LTD/DEMAT.

312,100 1,449,496 0.48INR

HOUSING DEVT /DEMAT. 64,220 2,248,890 0.74INR

ICICI BK /SADR 102,900 4,063,521 1.34USD

INDIABULLS FINANCIALSERVICES /DEMAT.

53,000 494,856 0.16INR

INDIABULLS REAL ESTATE/DEMAT.

19,200 134,484 0.04INR

INDIAN HOTELS CO LTD/DEMAT.

149,200 499,310 0.16INR

INFOSYS TECH LTD /DEMAT. 145,800 6,777,632 2.23INR

INFOSYS TECHNOL./ SADR 10,800 541,728 0.18USD

ITC LTD /DEMAT. 430,400 1,504,133 0.49INR



51,200 563,957 0.18INR

LARSEN & TOUBRO LTD /DEMAT.

41,000 1,535,018 0.50INR


55,100 990,958 0.32INR

MARUTI UDYOG LTD /DEMAT. 30,900 588,518 0.19INR

OIL&NATURAL GAS/DEMAT. 99,000 1,991,509 0.65INR


46,300 712,468 0.23INR


237,400 2,310,914 0.76INR

RELIANCE INDUS./DEMAT. 210,800 6,627,545 2.18INR

SATYAM COMPUTER /ADR 14,600 334,340 0.11USD

SATYAM COMPUTERSERVICES /DEMAT.

189,700 2,039,179 0.67INR


22,200 557,767 0.18INR

SUN PHARMACEUTICALIND.LTD /DEMAT.

28,800 699,213 0.23INR

TATA CONSULTANCYSERV/DEMAT.

58,000 1,640,673 0.54INR

TATA IRON & STEEL/DEMAT. 70,300 722,749 0.24INR

TATA MOTORS LTD/DEMAT. 75,100 1,259,402 0.41INR

TATA POWER CO /DEMAT. 43,500 514,563 0.17INR

UTI BANK LTD /DEMAT. 50,000 562,741 0.18INR

WIPRO LTD /DEMAT. 67,700 875,466 0.29INR

50,932,053 16.70

72.07TOTAL SHARES 219,810,910

ISHARES/MSCI BRAZIL /INDEXFD

330,580 16,304,206 5.34USD

INDEX TRACKER

UNITED STATES

ISHARES/MSCI EMERG.MKTINDX

9,880 1,150,328 0.38USD

17,454,534 5.72


CHINA OVS LD 06-18.7.07 WRT4.5

10,750 7,112 0.00HKD


HONG KONG

7,112 0.00

0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 7,112



B2W COMPANHIA GLOBAL DOVAREJO

13,500 0.00 0.00BRL


SHARES

BRAZIL

0.00 0.00




57,500 647,152 0.21INR

INDIA

647,152 0.21









%



Energy 12.85Holding companies 9.20Banks and financial institutions 8.36Coal mines, heavy industries 7.58News transmission 7.35Investment companies 5.72Internet Software 4.02Public services 2.63Chemicals 2.29Transport 2.12Insurance 2.11Non-ferrous metals 2.02Pharmaceuticals and cosmetics 1.85Tobacco and spirits 1.71Automobile industry 1.52Real estate companies 1.11Construction, building materials 0.99Forest products and paper industry 0.79Retail trade, department stores 0.71Electronics and electrical equipment 0.53Aerospace technology 0.50Miscellaneous 0.50Food 0.47Office equipment and computers 0.27Textile 0.20Gastronomy 0.16Other services 0.16Agriculture and fishing 0.15Mechanics, machinery 0.13



BRIC MARKETS EQUITY



CHINA YURUN FOOD GROUPLTD

31,852,000 34,685,988 0.79HKD


SHARES

BERMUDA ISLANDS

34,685,988 0.79

AJISEN CHINA HOLDINGS LTD 2,218,000 2,015,151 0.05HKD

CAYMAN ISLANDS

LIFESTYLE INTL HLD LTD 9,184,000 27,617,703 0.63HKD

29,632,854 0.68

AIR CHINA LTD 121,324,000 83,990,814 1.91HKD

CHINA


30,000,000 30,941,695 0.71HKD



104,600,000 107,481,826 2.45HKD

BEIJING CAP.INTL AIRPORT -H- 22,010,000 21,855,944 0.50HKD

BYD COMPANY LIMITED -H- 7,000,000 34,531,085 0.79HKD


18,385,000 22,161,663 0.51HKD


267,000,000 152,723,754 3.48HKD

CHINA EASTERN AIRLINES -H- 80,000,000 24,057,232 0.55HKD

CHINA INTL MARINE -B- 9,999,987 21,920,205 0.50HKD


123,830,000 355,737,810 8.11HKD


24,681,000 70,587,546 1.61HKD


308,370,000 260,832,310 5.94HKD

CHINA RESOURCES LAND 25,000,000 30,135,522 0.69HKD


39,871,500 96,430,004 2.20HKD


51,916,000 79,189,078 1.80HKD

CHINA SOUTHERN AIRLINES -H-

47,150,000 21,539,604 0.49HKD


205,952,000 101,201,056 2.31HKD


39,188,000 37,108,434 0.85HKD

DONGFENG MOTOR -H- 114,074,000 62,184,776 1.42HKD

GUANGSHEN RAILWAY COLTD -H-

55,080,000 34,959,355 0.80HKD


27,568,000 61,382,181 1.40HKD

HARBIN POWER EQUIPMENTCO H

20,000,000 22,521,664 0.51HKD

HUANENG POWER INTL H 59,672,000 51,923,901 1.18HKD

JIANGSU EXPRESSWAY CO -H- 47,172,000 36,821,539 0.84HKD


INVESTMENTS

CHINESE EQUITYStatement of investments as at 31 March 2007 (expressed in USD)



81,102,000 53,239,839 1.21HKD


PING AN INSUR.(GRP)CO -H- 25,339,500 124,189,427 2.83HKD

SHENZHEN EXPRESSWAY H 21,992,000 13,817,645 0.31HKD

WEIQIAO TEXTILE COMPANYLTD

11,605,500 16,781,474 0.38HKD

YANZHOU COAL MINING CO -H-

30,000,000 28,715,122 0.65HKD


ZTE CORP H 6,000,000 28,177,673 0.64HKD

2,670,614,750 60.86


19,305,000 16,995,974 0.39HKD

HONG KONG

CHINA EVERBRIGHT LTD 30,000,000 30,711,360 0.70HKD



103,464,500 130,014,161 2.96HKD

CHINA POWER INTLDEVELOP.LTD

44,999,709 21,824,119 0.50HKD


45,286,000 151,248,918 3.45HKD


27,386,000 41,982,977 0.96HKD

CHINA TRAVEL INTL INVESTM. 100,000,000 46,706,860 1.06HKD

CITIC 1616 HOLDINGS LTD 9,987,000 3,297,179 0.08HKD

CNOOC LTD 219,000,000 191,965,195 4.37HKD

COFCO INTL LTD 18,000,000 13,474,609 0.31HKD

COSCO PACIFIC LTD 28,010,000 69,391,499 1.58HKD

HOPEWELL HOLDINGS 15,600,000 60,685,647 1.38HKD

IND & COM BOC -H- 460,176,000 257,920,512 5.87HKD

JIAN EPAYMENT SYSTEM LTD 7,800,000 1,197,743 0.03HKD

LENOVO GROUP LTD 56,000,000 20,494,714 0.47HKD


85,000,000 11,747,095 0.27HKD


15,284,000 35,282,664 0.80HKD

SHENZHEN INVESTMENT LTD 25,444,000 12,991,105 0.30HKD

TINGYI HLD CORP.(CAYMANISL.)

8,204,000 7,905,119 0.18HKD

1,538,607,087 35.06

97.39TOTAL SHARES 4,273,540,679



SHANGHAI ZHENHUA PORTMACH.-B-

31,608,468 47,475,919 1.08USD


SHARES

CHINA

47,475,919 1.08







100.00TOTAL NET ASSETS 4,388,195,717




%



Energy 17.73Banks and financial institutions 14.82News transmission 12.35Insurance 10.94Transport 7.15Real estate companies 6.73Coal mines, heavy industries 5.10Miscellaneous 3.45Mechanics, machinery 3.34Public services 2.99Food 2.94Non-ferrous metals 2.52Textile 2.18Electronics and electrical equipment 2.10Holding companies 1.50Other services 1.06Retail trade, department stores 0.63Office equipment and computers 0.47Agriculture and fishing 0.39Internet Software 0.08



CHINESE EQUITY



CENTRAL EUROP.MEDIA ENT.A

1,000 66,614 0.26USD


SHARES

BERMUDA ISLANDS

66,614 0.26

CEZ.CESKE ENERGETICKEZAVODY

26,700 892,621 3.54CZK

CZECH REPUBLIC

KOMERCNI BANKA AS 2,800 362,252 1.43CZK

TELEFONICA O2 CZECHREPUBLIC

11,500 223,501 0.88CZK

1,478,374 5.85

AFK SISTEMA /SGDR 9,000 193,363 0.77USD



613 1,647,998 6.52USD

COMSTAR /SGDR REP.REG.S 16,000 101,387 0.40USD


JSC SURGUTNEFTEGAZ /SADR 17,451 824,457 3.26USD

LUKOIL /SADR 37,900 2,464,138 9.76USD



25,620 1,106,454 4.38USD

NOVATEK OAO /SGDR 9,520 420,493 1.66USD


13,400 291,414 1.15USD

POLYUS GOLD OJSC 7,000 253,543 1.00USD


ROSNEFT OIL COMPANY OJSC/SGDR

15,000 93,813 0.37USD

ROSTELECOM /SADR REP.6SHS

5,700 224,794 0.89USD


12,000 124,184 0.49USD

SISTEMA HALS JSC /SGDR -REG S-

20,000 181,298 0.72USD


5,500 398,211 1.58USD


13,200 952,558 3.77USD

14,263,988 56.47

IMPERIAL ENERGYCORPORATION PLC

29,500 639,518 2.53GBP

GREAT BRITAIN

639,518 2.53

MOL MAGYAR /-A- 7,050 601,994 2.38HUF

HUNGARY

INVESTMENTS

EMERGING EUROPE EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)


OTP BANK LTD 27,700 950,810 3.77HUF

1,552,804 6.15

ZENTIVA NV 1,800 92,945 0.37CZK

NETHERLANDS

92,945 0.37

BANK BPH S.A. 900 230,191 0.91PLN

POLAND

BANK ZACHODNI WBK SAWROCLAW

6,500 461,055 1.83PLN

BK POLSKA KASA OPIEKIPEKAO

8,500 582,014 2.30PLN

BRE BANK SA 1,200 146,626 0.58PLN

DOM DEVELOPMENT SA 6,000 271,818 1.08PLN

KGHM POLSKA MIEDZ SA 10,500 263,664 1.04PLN

MULTIMEDIA POLSKA S.A/PLN1

15,000 51,141 0.20PLN

POLIMEX - MOSTOSTAL SA 164 9,213 0.04PLN

POLISH OIL & GAS CO 91,500 99,485 0.39PLN

POLISH TELECOM WARSZAWA 67,200 407,945 1.61PLN

POLSKI KONCERN NAFTOWYORLEN

22,000 275,422 1.09PLN

POWSZECHNA KASAOSZCZED.POLSKI

44,600 557,085 2.21PLN

TVN 10,000 69,922 0.28PLN

3,425,581 13.56

AKBANK 90,000 447,593 1.76TRY

TURKEY

ANADOLU EFES BIRACILIK VEMALT

5,600 137,737 0.55TRY

BIM BIRLESIK MAGAZALAR AS 5,300 234,932 0.93TRY

EREGLI DEMIR CELIK 16,000 116,763 0.46TRY

MIGROS TURKEY T.A.S. 9,000 87,086 0.34TRY

SABANCI HOLDING 39,950 120,936 0.48TRY

SELCUK ECZA DEP.TICARETSANAY

82,000 272,610 1.08TRY

TUPRAS TURKIYE PETROLRAFINEL

12,000 204,336 0.81TRY

TURKCELL ILETISIM HIZMET 54,159 206,401 0.82TRY

TURKIYE GARANTI BANKASI/NOM.

102,000 350,128 1.39TRY

TURKIYE IS BANKASI AS C 96,799 350,589 1.39TRY

TURKIYE VAKIFLAR BANKTAO/EM07

27,112 45,433 0.18TRY

TURKIYE VAKIFLAR BANKASITAO

55,400 104,218 0.41TRY

YAPI KREDI BANKASA 63,000 100,125 0.40TRY

2,778,887 11.00

96.19TOTAL SHARES 24,298,711





CHAGALA GROUP LTD /GDRREG.S

29,000 234,871 0.93USD


SHARES

VIRGIN ISLANDS

234,871 0.93




KRASNY KOTELSHIK JSC 200,000 129,734 0.51USD


SHARES


TRANSNEFT OJSC MOSCOW 100 157,855 0.63USD

287,589 1.14




1.74OTHER NET ASSETS LESS LIABILITIES 439,628




%



Banks and financial institutions 25.08Energy 19.64News transmission 12.96Holding companies 11.75Public services 8.56Non-ferrous metals 6.16Miscellaneous 5.36Coal mines, heavy industries 2.10Real estate companies 1.80Precious metals 1.00Food 0.93Transport 0.63Tobacco and spirits 0.55Mechanics, machinery 0.51Graphic art and publishing 0.48Pharmaceuticals and cosmetics 0.37Retail trade, department stores 0.34Construction, building materials 0.04



EMERGING EUROPE EQUITY



OMV AG 105,268 4,973,913 0.86EUR


SHARES

AUSTRIA

WIENER STAEDTISCHEVERSICHER.

105,000 5,571,300 0.96EUR

ZUMTOBEL AG 215,000 5,461,000 0.94EUR

16,006,213 2.76

UMICORE 53,577 7,156,816 1.24EUR

BELGIUM

7,156,816 1.24

NOKIA OY 603,000 10,269,090 1.78EUR

FINLAND

OKO OSUUSPANKK.KESKUSPANKKI A

470,000 6,039,500 1.04EUR

STOCKMANN -B- 115,000 3,770,850 0.65EUR

20,079,440 3.47

BOUYGUES 300,000 17,205,000 2.97EUR

FRANCE

BULL ACT NOUV.PROV. DEREGROUP.

1,000,000 5,060,000 0.87EUR

CIE GEN.GEOPHYSIQUE /VERITAS

58,000 9,175,020 1.58EUR

NEUF CEGETEL 320,000 8,896,000 1.54EUR

NRJ GROUP 440,000 5,561,600 0.96EUR

PARROT SA 297,201 11,287,694 1.95EUR

PEUGEOT SA 260,000 13,585,000 2.35EUR

SAFRAN SA 260,000 4,737,200 0.82EUR

SANOFI-AVENTIS 314,000 20,246,720 3.49EUR

SUEZ 304,000 12,114,400 2.09EUR

TOTAL SA 113,000 5,942,670 1.03EUR

VIVENDI 552,728 16,742,131 2.89EUR

130,553,435 22.54

ALLIANZ AG /NAM. 107,000 16,425,570 2.84EUR

GERMANY

BAYER AG 254,000 12,128,500 2.09EUR

COMMERZBANK AG 360,000 12,006,000 2.07EUR

DEUTSCHE BOERSE AG /NAM 86,000 14,629,460 2.53EUR

DEUTSCHE POST AG. BONN 200,000 4,548,000 0.79EUR

FRESENIUS MEDICAL CAREAG

187,000 20,485,850 3.54EUR

MUENCHENERRUECKVERSICHER /NAM.

95,000 12,017,500 2.08EUR

PUMA AG 43,000 11,798,770 2.04EUR

INVESTMENTS

EUROLAND EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)


SIEMENS AG /NAM. 280,000 22,304,800 3.84EUR

126,344,450 21.82

COSMOTE MOBILETELECOMMUNICAT.

430,000 9,847,000 1.70EUR

GREECE

9,847,000 1.70

C&C GROUP PLC 779,904 8,890,906 1.53EUR

IRELAND

SMURFIT KAPPA PLC 443,700 8,208,450 1.42EUR

17,099,356 2.95

ASSICURAZIONI GENERALISPA

360,000 11,498,400 1.99EUR

ITALY

AUTOGRILL SPA 848,600 12,202,868 2.11EUR

CAPITALIA SPA 2,541,000 17,075,520 2.95EUR

SEAT PAGINE GIALLE SPA 17,492,219 8,090,151 1.40EUR

UNICREDITO ITALIANO SPA 2,613,000 18,500,040 3.19EUR

67,366,979 11.64

ARCELOR MITTAL N.V. CLASSA

200,000 7,900,000 1.36EUR

NETHERLANDS

HEINEKEN NV 322,000 12,467,840 2.15EUR

ING GROEP NV/ CERT. OF SHS 481,198 15,176,985 2.62EUR

KONINKLIJKE DSM NV 120,000 4,048,800 0.70EUR

KONINKLIJKE KPN NV 1,754,000 20,539,340 3.55EUR

KONINKLIJKE NUMICO NV 305,800 11,813,054 2.04EUR

QIAGEN NV 630,000 8,045,100 1.39EUR

REED ELSEVIER NV 1,050,000 13,828,500 2.39EUR

VEDIOR NV 335,000 5,607,900 0.97EUR

99,427,519 17.17

MOTA ENGIL SGPS SA 303,200 1,794,944 0.31EUR

PORTUGAL

1,794,944 0.31

ALTADIS SA/REG. 338,000 16,264,560 2.82EUR

SPAIN

CINTRACONC.INFRAEST.TRANSPORT

640,000 8,921,600 1.54EUR

GRIFOLS SA -A- 1,187,000 14,244,000 2.46EUR

REPSOL YPF SA. MADRID 326,000 8,192,380 1.41EUR

47,622,540 8.23

NORDEA BANK AB 1,133,500 13,533,990 2.34EUR

SWEDEN

13,533,990 2.34

LONZA GROUP AG /NOM. 86,000 6,117,119 1.06CHF

SWITZERLAND

6,117,119 1.06

97.23TOTAL SHARES 562,949,801











%



Banks and financial institutions 14.21News transmission 12.28Insurance 7.87Pharmaceuticals and cosmetics 7.03Tobacco and spirits 6.50Electronics and electrical equipment 5.74Energy 4.88Chemicals 3.85Graphic art and publishing 3.79Other services 3.43Construction, building materials 3.28Non-ferrous metals 3.19Miscellaneous 2.81Holding companies 2.53Automobile industry 2.35Transport 2.33Gastronomy 2.11Public services 2.09Food 2.04Textile 2.04Coal mines, heavy industries 1.36Office equipment and computers 0.87Retail trade, department stores 0.65



EUROLAND EQUITY



IMMOEAST AG 90,000 997,200 0.96EUR


SHARES

AUSTRIA

WIENERBERGER AG 20,000 917,600 0.88EUR

1,914,800 1.84

C.F.E. (CIE D ENTREPRISES) 1,400 1,598,800 1.54EUR

BELGIUM

DEVGEN NV ZWIJNAARDE 48,000 1,049,760 1.01EUR

KINEPOLIS GROUP 16,980 954,785 0.92EUR

TELENET GROUP HOLDING 63,000 1,521,450 1.46EUR

UMICORE 8,400 1,122,072 1.08EUR

6,246,867 6.01

FLSMIDTH & CO. A/S B 15,000 753,019 0.72DKK

DENMARK

SYDBANK A/S 38,710 1,556,191 1.50DKK

2,309,210 2.22

KCI KONECRANES PLC 66,000 1,658,580 1.60EUR

FINLAND

OUTKUMPU TECHNOLOGYOYJ

54,000 1,483,920 1.43EUR

RAMIRENT OYJ 30,000 1,781,100 1.70EUR

WARTSILA CORPORATION 32,000 1,470,400 1.42EUR

YIT OYJ 55,000 1,408,550 1.36EUR

7,802,550 7.51

CIE GEN.GEOPHYSIQUE /VERITAS

8,000 1,265,520 1.22EUR

FRANCE

GEODIS (EX-CALBERSON) SA 9,500 1,524,750 1.47EUR

GROUPE STERIA.VELIZYVILLAC.

31,400 1,498,722 1.44EUR

HAULOTTE GROUP 35,000 838,950 0.81EUR

ILIAD 11,000 849,420 0.82EUR

MAISONS FRANCE CONFORT 25,745 1,518,698 1.46EUR

NEXANS PARIS 15,619 1,534,254 1.48EUR

ORPEA 22,000 1,612,600 1.55EUR

SOITEC. BERNIN 50,000 885,500 0.85EUR

TELEPERFORMANCE 35,000 1,144,850 1.10EUR

12,673,264 12.20

AWD HOLDING AG HANNOVER 36,045 1,276,714 1.23EUR

GERMANY

INVESTMENTS

EUROLAND EQUITY SMALLER COMPANIESStatement of investments as at 31 March 2007 (expressed in EUR)


BILFINGER BERGER AG 20,000 1,358,800 1.31EUR

CONERGY AG 17,600 978,736 0.94EUR

DEMAG CRANES AG 31,500 1,536,570 1.48EUR

DEUTSCHE EUROSHOP/NAMENAKTIE

26,000 1,518,400 1.46EUR

DIC ASSET AG 42,052 1,251,888 1.21EUR

EPCOS AG. MUENCHEN 115,000 1,496,150 1.44EUR

ERSOL SOLAR ENERGY AG 15,000 826,350 0.80EUR

IWKA AG 65,000 1,524,250 1.47EUR

K & S AG 18,400 1,507,880 1.45EUR

MTU AERO ENGINES HLDS/NAMEN.

36,500 1,624,250 1.56EUR

QSC AG 260,000 1,541,800 1.48EUR

SGL CARBON AG 55,000 1,357,950 1.31EUR

SOFTWARE AG 24,600 1,586,454 1.53EUR

STADA ARZNEIMITTEL AG 33,000 1,509,750 1.45EUR

UNITEDINTERN.&CO/NAMENSAKT

110,000 1,542,200 1.48EUR

WINCOR NIXDORF AG 24,000 1,677,361 1.62EUR

24,115,503 23.22

HELLENICEXCH.H.CLEAR.SETT.REG

87,000 1,513,800 1.46EUR

GREECE

HELLENIC TECHNODOMI.TEVSA/REG

135,000 1,466,100 1.41EUR

METKA SA 130,000 1,783,600 1.72EUR

4,763,500 4.59

MCINERNEY HOLDINGS PLC 84,000 1,317,120 1.27EUR

IRELAND

1,317,120 1.27

CEMENTIR. CEM.DEL TIRRENOSPA

163,000 1,507,750 1.45EUR

ITALY

C.I.R.CIE INDUSTRIALI RIUNITE 500,000 1,511,250 1.45EUR

ESPRINET SPA 88,366 1,399,717 1.35EUR

IGD IMMOB.GRANDEDISTR.SPA

200,000 820,000 0.79EUR

IMMSI SPA TORINO 600,000 1,443,000 1.39EUR

IMPREGILO/POSTRAGGRUPPAMENTO

318,000 1,648,035 1.58EUR

ITALMOBILIARE SPA /RISP. /N-CV.

19,224 1,391,241 1.34EUR

MARIELLA BURANI FASHIONGR.SPA

65,000 1,461,850 1.41EUR

TOD S SPA 23,500 1,524,680 1.47EUR

VALENTINO FG 31,000 943,330 0.91EUR

13,650,853 13.14

AALBERTS INDUSTRIES 20,500 1,515,565 1.46EUR

NETHERLANDS

ARCADIS NV 30,000 1,440,000 1.39EUR

DRAKA HOLDING NV 60,000 1,638,600 1.58EUR

HAGEMEYER NV (EUR 1.2) 300,000 1,065,000 1.03EUR

KONINKLIJKE BAM GROEP NV 97,970 1,726,231 1.65EUR

KON.VOPAK NV 37,000 1,543,640 1.49EUR

ORDINA NV EUR 0.1 90,000 1,588,500 1.53EUR

SBM OFFSHORE NV 57,000 1,539,000 1.48EUR

SMIT INTL NV 30,000 1,440,000 1.39EUR

UNIT 4 AGRESSO NV 80,000 1,466,400 1.41EUR




USG PEOPLE NV 50,000 1,552,000 1.49EUR

16,514,936 15.90

AKER YARDS ASA 120,350 1,542,253 1.48NOK

NORWAY

PETROLEUM GEO-SERVICESASA

85,000 1,683,628 1.63NOK

3,225,881 3.11

GRUPO CATALANAOCCIDENTE SA

20,000 644,400 0.62EUR

SPAIN

RENTA CORPORACION REALESTATE

40,000 1,446,000 1.40EUR

VOCENTO SA/REG 75,000 1,145,250 1.10EUR

3,235,650 3.12

BANK SARASIN & CIE SA/NAM.-B-

600 1,625,812 1.57CHF

SWITZERLAND

FISCHER GEORG AG/NAM. 3,000 1,608,261 1.55CHF

KOMAX HOLDING AG 15,000 1,625,813 1.56CHF

PUBLIGROUPE SA /NAM. 3,340 913,263 0.88CHF

SULZER AG /NAM. (CHF60) 1,439 1,497,663 1.44CHF

7,270,812 7.00

101.13TOTAL SHARES 105,040,946




(1.13)OTHER NET ASSETS LESS LIABILITIES (1,168,911)




%



Construction, building materials 16.55Mechanics, machinery 12.92Electronics and electrical equipment 8.32Internet Software 7.39Real estate companies 7.09Other services 6.03Banks and financial institutions 4.52Transport 4.35Energy 4.33Textile 3.79Holding companies 3.72Aerospace technology 3.04News transmission 2.56Non-ferrous metals 2.51Automobile industry 1.60Healthcare, education and social services 1.55Pharmaceuticals and cosmetics 1.45Chemicals 1.45Environmental services & recycling 1.39Coal mines, heavy industries 1.31Miscellaneous 1.10Public services 0.94Gastronomy 0.92Graphic art and publishing 0.88Undefined 0.80Insurance 0.62

Other net assets less liabilities (1.13)


EUROLAND EQUITY SMALLER COMPANIES



ZUMTOBEL AG 28,956 735,482 0.49EUR


SHARES

AUSTRIA

735,482 0.49

KBC GROUPE SA 45,690 4,248,713 2.83EUR

BELGIUM

UMICORE 29,696 3,966,792 2.65EUR

8,215,505 5.48

NOKIA OY 334,057 5,688,991 3.79EUR

FINLAND

RAMIRENT OYJ 25,425 1,509,482 1.01EUR

7,198,473 4.80

BOUYGUES 90,059 5,164,884 3.44EUR

FRANCE

BUSINESS OBJECTS SA 58,450 1,586,333 1.06EUR

IPSOS SA PARIS 94,664 2,524,689 1.68EUR


SCHNEIDER ELECTRIC /ISS.07 1,092 100,464 0.07EUR

SCHNEIDER ELECTRIC SA 18,573 1,760,535 1.17EUR

TOTAL SA 92,919 4,886,610 3.26EUR

VEOLIA ENVIRONNEMENT 69,778 3,877,563 2.59EUR

VIVENDI 153,743 4,656,875 3.11EUR

29,828,678 19.89


GERMANY

BOSSAG.HUGO/VORZUGSAKTIE

130,695 5,652,559 3.77EUR



51,052 5,592,747 3.73EUR


35,303 4,465,830 2.98EUR

RWE AG (NEU). ESSEN A 112,522 8,846,479 5.89EUR

SAP AG 36,264 1,209,404 0.81EUR

40,792,797 27.19

BQ NATIONA.GRECE/NOM.-S.CP.

100,000 4,040,000 2.70EUR

GREECE

COSMOTE MOBILETELECOMMUNICAT.

121,934 2,792,289 1.86EUR

6,832,289 4.56

INVESTMENTS

EUROLAND VALUE CREATIONStatement of investments as at 31 March 2007 (expressed in EUR)


CAPITALIA SPA 692,312 4,652,336 3.11EUR

ITALY

RECORDATI INDCHIMICA/POST RAG

436,157 2,579,869 1.72EUR

SAIPEM SPA 203,809 4,459,341 2.97EUR

11,691,546 7.80

HEINEKEN NV 139,889 5,416,502 3.61EUR

NETHERLANDS


TOMTOM NV 45,829 1,395,493 0.93EUR

11,307,833 7.54

BANCO BILBAOVIZ.ARGENTARIA /NAM

444,183 8,128,548 5.43EUR

SPAIN

GRIFOLS SA -A- 368,802 4,425,624 2.95EUR

INDITEX /REG. 126,614 5,821,712 3.88EUR

TELEFONICA SA 368,802 6,048,353 4.03EUR

24,424,237 16.29

94.04TOTAL SHARES 141,026,840








%



Banks and financial institutions 17.07News transmission 12.79Pharmaceuticals and cosmetics 8.96Public services 8.48Insurance 7.79Textile 7.65Energy 6.23Holding companies 5.20Construction, building materials 4.45Tobacco and spirits 3.61Other services 2.95Electronics and electrical equipment 2.66Non-ferrous metals 2.65Internet Software 1.87Graphic art and publishing 1.68



EUROLAND VALUE CREATION



WIENERBERGER AG 7,127 326,987 1.15EUR


SHARES

AUSTRIA

326,987 1.15

DEXIA SA 25,204 569,106 2.00EUR

BELGIUM

UMICORE 3,194 426,655 1.50EUR

995,761 3.50

NOKIA OY 36,034 613,659 2.16EUR

FINLAND

613,659 2.16

ACCOR SA 9,785 696,594 2.45EUR

FRANCE

AXA 25,682 809,754 2.85EUR

GROUPE DANONE 4,523 550,766 1.94EUR

L' OREAL 7,543 610,606 2.15EUR

MICHELIN B /NOM. 7,460 615,450 2.17EUR

PEUGEOT SA 10,820 565,345 1.99EUR

SAINT-GOBAIN 7,770 565,811 1.99EUR

SANOFI-AVENTIS 9,351 602,952 2.12EUR

SCHNEIDER ELECTRIC /ISS.07 339 31,188 0.11EUR

SCHNEIDER ELECTRIC SA 6,509 616,988 2.17EUR

VINCI 6,559 759,401 2.67EUR

VIVENDI 20,159 610,616 2.15EUR

7,035,471 24.76

ALLIANZ AG /NAM. 3,898 598,382 2.11EUR

GERMANY

HENKEL PREF 5,717 629,842 2.22EUR


4,624 584,936 2.06EUR

SCHMACK BIOGAS AG 5,348 338,154 1.19EUR

SOLARWORLD AG BONN 5,528 319,408 1.12EUR

VERBIO VEREINIGTEBIOENERGIE

22,000 168,080 0.59EUR

2,638,802 9.29

BARCLAYS PLC 73,850 786,353 2.76GBP

GREAT BRITAIN

BP PLC 77,892 638,686 2.25GBP

BT GROUP PLC 136,190 610,449 2.15GBP

INVESTMENTS

SUSTAINABILITY LEADERSStatement of investments as at 31 March 2007 (expressed in EUR)


DIAGEO PLC 40,912 613,554 2.16GBP

HSBC HOLDINGS PLC 41,095 536,766 1.89GBP

IMPERIAL CHEMICALINDUSTRIES

75,862 556,567 1.96GBP

MARKS AND SPENCER 53,253 532,159 1.87GBP

PEARSON PLC 49,884 640,185 2.25GBP

ROYAL BK OF SCOTLAND PLC 20,005 584,717 2.06GBP

ROYAL DUTCH SHELL PLC-A- 21,875 550,156 1.94EUR

SCOTTISH POWER PLC 55,507 654,756 2.30GBP

YELL GROUP PLC 51,078 449,534 1.58GBP

7,153,882 25.17

CRH PLC 19,686 626,999 2.21EUR

IRELAND

626,999 2.21

ASM BRESCIA SPA 107,023 511,570 1.80EUR

ITALY

CAPITALIA SPA 92,253 619,940 2.18EUR

HERA SPA 170,697 543,243 1.91EUR

1,674,753 5.89

REED ELSEVIER NV 45,854 603,897 2.12EUR

NETHERLANDS

603,897 2.12

RENEWABLE ENERGY AS 20,246 349,256 1.23NOK

NORWAY

STATOIL ASA 18,700 384,799 1.35NOK

734,055 2.58

EBRO PULEVA SA 29,905 525,730 1.85EUR

SPAIN

ENAGAS 32,296 617,500 2.17EUR

GRUPO FERROVIAL SA FER 10,274 771,577 2.72EUR

SOL MELIA SA 35,963 647,334 2.28EUR

2,562,141 9.02

HENNES & MAURITZ AB 13,225 569,683 2.00SEK

SWEDEN

SKF AB B 28,000 429,048 1.51SEK

998,731 3.51

HOLCIM LTD /NAM. 8,283 618,239 2.18CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN

4,049 540,597 1.90CHF

UBS AG /NAMENSAKTIEN 13,746 615,005 2.16CHF

1,773,841 6.24

97.60TOTAL SHARES 27,738,979











%



Construction, building materials 11.77Banks and financial institutions 11.16Public services 10.53Insurance 7.02News transmission 6.46Graphic art and publishing 5.95Energy 5.54Holding companies 5.20Gastronomy 4.73Consumer goods 4.37Pharmaceuticals and cosmetics 4.02Retail trade, department stores 3.87Food 3.79Mechanics, machinery 2.70Electronics and electrical equipment 2.28Tyres and rubber 2.17Automobile industry 1.99Chemicals 1.96Non-ferrous metals 1.50Index Options 0.59



SUSTAINABILITY LEADERS



DEXIA SA 62,312 1,407,005 1.62EUR


SHARES

BELGIUM

UCB 20,244 884,460 1.01EUR

2,291,465 2.63

MARFIN POPULAR BANKPUBLIC CO

208,047 1,668,537 1.91EUR

CYPRUS

1,668,537 1.91

NOVO NORDISK A/S B 16,378 1,127,772 1.29DKK

DENMARK

1,127,772 1.29

NESTE OIL OYJ 49,553 1,285,405 1.48EUR

FINLAND

NOKIA OY 72,461 1,234,011 1.41EUR

2,519,416 2.89

AXA 106,889 3,370,210 3.87EUR

FRANCE

BNP PARIBAS 26,835 2,083,738 2.39EUR

CASINO GUICHARD-PERRACH 21,955 1,653,212 1.89EUR

CREDIT AGRICOLE SA. 45,473 1,329,176 1.52EUR

GROUPE DANONE 9,745 1,186,649 1.36EUR

LAFARGE SA 8,749 1,021,446 1.17EUR

LEGRAND HOLDINGACT.PROV.OPO

25,344 627,771 0.72EUR

NEUF CEGETEL 40,909 1,137,270 1.30EUR

SAINT-GOBAIN 21,476 1,563,882 1.79EUR


TOTAL SA 57,439 3,020,717 3.46EUR

VALLOUREC 10,918 2,143,203 2.46EUR

VEOLIA ENVIRONNEMENT 16,420 912,459 1.05EUR

22,378,041 25.65


GERMANY

COMMERZBANK AG 27,528 918,059 1.05EUR

CONTINENTAL AG 13,907 1,343,972 1.54EUR


E.ON AG 17,819 1,807,559 2.07EUR

HEIDELBERGERDRUCKMASCHINEN AG

30,503 1,041,982 1.19EUR

INVESTMENTS

EUROPE EX UK EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)


LANXESS AG 40,278 1,544,259 1.77EUR

PORSCHE AG /VZ.A. SDV 725 840,862 0.96EUR

12,185,699 13.96

JAZZTEL PLC 616,073 381,965 0.44EUR

GREAT BRITAIN

381,965 0.44

BANK OF PIRAEUS 45,040 1,170,139 1.34EUR

GREECE

HELLENIC TELECOM 90,250 1,833,881 2.10EUR

OPAP 29,723 856,022 0.98EUR

3,860,042 4.42

BANK OF IRELAND 110,280 1,761,171 2.01EUR

IRELAND

SMURFIT KAPPA PLC 36,611 677,304 0.78EUR

2,438,475 2.79

ENI SPA ROMA 81,354 1,973,648 2.26EUR

ITALY

INTESA SANPAOLO SPA 227,922 1,291,178 1.48EUR

UNICREDITO ITALIANO SPA 383,042 2,711,938 3.11EUR

5,976,764 6.85


36,126 1,426,977 1.63EUR

NETHERLANDS

BUHRMANN NV 88,926 905,267 1.04EUR


3,755,257 4.30

BCO COMM.PORTUG./NAM. 803,343 2,169,026 2.49EUR

PORTUGAL

2,169,026 2.49

ACCIONA SA 14,359 2,313,235 2.65EUR

SPAIN

ALTADIS SA/REG. 11,550 555,786 0.64EUR


161,340 2,952,522 3.38EUR

ENDESA SA 28,477 1,147,054 1.31EUR

GAMESA CORP.TECNOLOGICASA

62,021 1,648,518 1.89EUR

TELEFONICA SA 130,778 2,144,759 2.46EUR

10,761,874 12.33

BOLIDEN AB 38,728 637,009 0.73SEK

SWEDEN

ERICSSON TEL. -B- 568,278 1,574,103 1.80SEK

2,211,112 2.53

CREDIT SUISSE GROUP /NOM. 37,027 2,000,931 2.29CHF

SWITZERLAND

JULIUS BAER HOLDING/NAMENAKT.

20,700 2,105,944 2.41CHF

NOVARTIS AG BASEL /NAM. 54,273 2,312,898 2.66CHF


11,271 1,504,833 1.72CHF




SYNGENTA AG /NAM. 14,553 2,036,232 2.33CHF

ZURICH FINANCIAL SERVICES/NAM

3,752 809,296 0.93CHF

10,770,134 12.34

96.82TOTAL SHARES 84,495,579








%



Banks and financial institutions 27.00News transmission 9.51Pharmaceuticals and cosmetics 9.35Insurance 8.01Energy 7.20Construction, building materials 5.61Public services 4.43Chemicals 4.10Mechanics, machinery 3.65Food 2.99Electronics and electrical equipment 2.61Coal mines, heavy industries 2.36Transport 2.17Real estate companies 1.89Tyres and rubber 1.54Office equipment and computers 1.04Gastronomy 0.98Automobile industry 0.96Miscellaneous 0.78Tobacco and spirits 0.64



EUROPE EX UK EQUITY



DUFRY SOUTH AMERICA LTDA 2,800 48,136 0.32BRL


SHARES

BERMUDA ISLANDS

48,136 0.32

ALL AMERICA LATINA /UNIT 18,612 222,148 1.47BRL

BRAZIL

BANCO BRADESCO SA /PREF. 5,400 110,790 0.73BRL

BANCO BRADESCO /SADR 4,764 195,038 1.29USD

CIA VALE RIO DOCE/SADR 5,400 168,912 1.12USD


2,480 91,810 0.61USD


GERDAU /PREF. 4,400 78,884 0.52BRL

GERDAU SA / SADR PFD SHS 2,300 41,216 0.27USD

GVT HOLDING SA 13,600 162,593 1.08BRL

ITAU HOLDING /PFD SHS/SADR 200 7,028 0.05USD

ITAU HOLDING SA /PREF. 1,300 45,732 0.30BRL

JBS AS 43,920 153,167 1.01BRL

LOCALIZA RENTA A CAR 1,600 48,490 0.32BRL

LOPES BRASIL-CONSULTO DEIMOVE

7,400 76,403 0.51BRL

PETROBRAS /SADR 1,756 159,357 1.06USD

PETROLEO BRASILEIRO /SADR 3,300 334,355 2.21USD

TERNA PARTICIPAES SA 5,529 63,521 0.42BRL

2,007,659 13.29


52,000 49,307 0.33HKD

CAYMAN ISLANDS

49,307 0.33

EMPR.NAC.EL./SP.ADR (30A) 3,767 151,320 1.00USD

CHILE

151,320 1.00


104,000 180,460 1.19HKD

CHINA


190,000 108,680 0.72HKD


21,000 60,329 0.40HKD


104,000 251,525 1.67HKD

PETROCHINA CO LTD /-H- 74,000 87,781 0.58HKD

INVESTMENTS

GLOBAL EMERGING MARKETS ELITE FUNDStatement of investments as at 31 March 2007 (expressed in USD)


PING AN INSUR.(GRP)CO -H- 19,500 95,570 0.63HKD

784,345 5.19

BANCOLOMBIA SA / ADR 1,305 35,992 0.24USD

COLOMBIA

SURAMERICANA DEINVERSIONES

8,544 73,738 0.49COP

109,730 0.73

ELSEWEDY CABLES 3,688 28,487 0.19EGP

EGYPT

ORASCOM TELECOMHLD/GDR(REG.S)

521 35,689 0.23USD

64,176 0.42


47 168,495 1.12USD


GAZPROM OAO/SADR 18,294 773,124 5.12USD

LUKOIL /SADR 2,595 224,987 1.49USD


1,303 75,040 0.50USD


5,526 160,254 1.06USD

RAO UNIFIED ENER.SYS./GDR 840 115,500 0.76USD


600 57,738 0.38USD

1,575,138 10.43

CHINA MOBILE LTD 31,500 286,393 1.89HKD

HONG KONG


48,000 60,317 0.40HKD


16,000 53,438 0.35HKD

CNOOC LTD 108,000 94,668 0.63HKD

IND & COM BOC -H- 174,000 97,524 0.65HKD

592,340 3.92

MOL MAGYAR /-A- 992 112,956 0.75HUF

HUNGARY

OTP BANK LTD 1,509 69,071 0.46HUF

182,027 1.21

LARSEN & TOUBRO /GDR 2,227 83,223 0.55USD

INDIA

MAHINDRA&MAHINDRA/GDRREG.S

2,792 50,229 0.33USD

133,452 0.88

BANK DANAMON INDONESIATBK -A-

151,000 108,301 0.72IDR

INDONESIA

BANK RAKYAT INDONESIA 148,000 81,840 0.54IDR


58,500 84,556 0.56IDR

PT TELEKOM.INDONESIA/SP.ADR

5,170 222,517 1.47USD

497,214 3.29

MALAYAN BANKINGBERHAD/FOR.REG.

54,500 201,911 1.33MYR

MALAYSIA




MAXIS COMMUNICATIONS BHD 43,800 150,860 1.00MYR

TELEKOM MALAYSIABHD/FOR.REG.

26,000 75,253 0.50MYR

428,024 2.83

CEMEX /ADR 2,154 70,651 0.47USD

MEXICO

CONTROLADORA COM.SAB/(1C+3 B)

43,790 122,641 0.81MXN

CORP.MOCTEZUMA SA DE CVB2

27,717 78,933 0.52MXN

CORPORACION GEO SAB DECV B

31,700 183,859 1.22MXN

EMPRESAS ICA SAB DE CV 41,600 160,386 1.06MXN

FOMENTO ECONOMICOMEXICANO/ADR

1,233 137,874 0.91USD

GRUPO AEROPORTUARIO -B-SADR

4,847 126,410 0.84USD

880,754 5.83

AYALA LAND INC. 296,400 101,309 0.67PHP

PHILIPPINES

101,309 0.67


972 88,751 0.59PLN

POLAND


2,534 42,207 0.28PLN

130,958 0.87

ABSA GROUP LTD 5,631 109,442 0.72ZAR

SOUTH AFRICA

BIDVEST GROUP LTD 5,717 108,343 0.72ZAR

GOLD FIELDS 3,524 65,935 0.44ZAR

IMPALA PLATINUM HOLDINGSLTD

4,319 134,653 0.89ZAR

MASSMART HOLDINGS LTD 15,141 174,856 1.16ZAR

MURRAY AND ROBERTSHOLDINGS

9,099 70,450 0.47ZAR

SASOL LTD /REG. 12,770 433,986 2.87ZAR

STANDARD BK GROUP LTD 10,094 147,248 0.97ZAR

1,244,913 8.24

DAEGU BANK 11,610 211,038 1.40KRW

SOUTH KOREA

DAELIM INDUSTRIAL CO LTD 1,370 131,214 0.87KRW

DAISHIN SECURITIES CO LTD 5,790 135,097 0.89KRW

DONGBU INSURANCE CO LTD 5,500 156,102 1.03KRW

DOOSAN HEAVYINDUST.&CONSTR.

1,740 112,457 0.74KRW

HITE BREWERY CO LTD 300 35,876 0.24KRW

HYUNDAI DEVELOPM.CO-ENG.&CONS.

2,700 148,958 0.99KRW

HYUNDAI HEAVY INDUSTRIES 290 57,955 0.38KRW


2,300 424,189 2.82KRW

HYUNDAI MOTOR CO LTD 940 66,048 0.44KRW

HYUNDAI MOTOR /PFD ISSUED99

2,740 107,476 0.71KRW

KOOKMIN BANK 1,640 147,136 0.97KRW

KOOKMIN BANK /SADR 400 36,420 0.24USD

POSCO 490 205,744 1.36KRW



790 472,790 3.14KRW

2,448,500 16.22

ASUSTEK COMPUTER INC 61,000 143,839 0.95TWD

TAIWAN


4,000 31,440 0.21TWD

CATHAY FINANCIAL HOLDING 91,000 188,995 1.25TWD

CHI MEI OPTOELECTRONICCORP

69,000 71,965 0.48TWD

CHINA STEEL 133,000 149,973 0.99TWD

FAR EASTERN TEXTILE LTD 199,000 171,455 1.14TWD


50,000 56,834 0.38TWD

HON HAI PRECISION IND /GDR 1,068 14,311 0.09USD


45,000 302,009 2.00TWD

MEDIA TEK INCORPORATION 4,000 45,951 0.30TWD



126,000 258,638 1.71TWD

WISTRON CORP 59,000 89,538 0.59TWD

1,649,778 10.92

BANPU PUBLIC COLTD/FOR.REG.

5,700 32,864 0.22THB

THAILAND

BANPU PUBLIC CO /NVDR 8,000 45,669 0.30THB

KASIKORNBANKPUBL.COM.LTD/NVDR

31,966 59,306 0.39THB


135,400 111,111 0.74THB

KRUNG THAI BANK /FOR.REG. 21,100 7,287 0.05THB

KRUNG THAI BKPUBL.CO/NVDR

110,900 38,302 0.25THB

294,539 1.95

TOFAS TURK OTOMOBILFABRIKASI

44,672 170,670 1.13TRY

TURKEY


18,148 83,071 0.55TRY

253,741 1.68

90.22TOTAL SHARES 13,627,360

DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001

1,869 86,668 0.57USD


GERMANY

86,668 0.57

DB BK LN 06-23.1.09WRT/RELIAN 0

10,820 105,248 0.70USD

GREAT BRITAIN

UBS LDN 06-2.7.07WRT/LARS&TOUB 0

1,645 59,766 0.40USD

165,014 1.10






ORASCOM CONSTR.IND./SGDR 2,411 243,993 1.62USD


SHARES

EGYPT

243,993 1.62

INDUSTRIAL BANK OF KOREA 12,350 247,464 1.63KRW

SOUTH KOREA

247,464 1.63

CAPITAL SECURITIES CORP 117,000 57,477 0.38TWD

TAIWAN

57,477 0.38




MAGNIT JSC 1,389 60,144 0.40USD


SHARES


60,144 0.40


DT BK AG 07-17.01.17WRT/SATYAM 0.000001

3,209 34,672 0.23USD


GERMANY

34,672 0.23

UBS LDN 06-17.11.07WRT/ICICI0

7,171 142,630 0.94USD

GREAT BRITAIN

142,630 0.94








%



Banks and financial institutions 20.31Energy 9.59Coal mines, heavy industries 8.79Electronics and electrical equipment 8.26News transmission 7.62Construction, building materials 7.38Holding companies 7.10Automobile industry 4.21Mechanics, machinery 3.94Real estate companies 2.80Public services 2.70Insurance 2.55Transport 2.31Retail trade, department stores 2.29Office equipment and computers 1.54Food 1.41Precious metals 1.33Tobacco and spirits 1.15Textile 1.14Miscellaneous 0.35Other services 0.32



GLOBAL EMERGING MARKETS ELITE FUND



DUFRY SOUTH AMERICA LTDA 59,800 1,028,046 0.35BRL


SHARES

BERMUDA ISLANDS

1,028,046 0.35


BRAZIL





45,595 1,687,927 0.57USD

DURATEX SA /PRIV. 51,200 1,028,577 0.35BRL

GERDAU /PREF. 83,307 1,493,543 0.51BRL

GERDAU SA / SADR PFD SHS 44,100 790,272 0.27USD

GVT HOLDING SA 262,400 3,137,095 1.06BRL

ITAU HOLDING SA /PREF. 25,360 892,127 0.30BRL

LOCALIZA RENTA A CAR 35,200 1,066,771 0.36BRL

LOPES BRASIL-CONSULTO DEIMOVE

152,944 1,579,096 0.54BRL



TERNA PARTICIPAES SA 105,466 1,211,675 0.41BRL

35,634,803 12.09


1,062,899 1,007,855 0.34HKD

CAYMAN ISLANDS

KINGDOM HOTEL INV./SGDRREGS

134,993 1,187,938 0.40USD

2,195,793 0.74

RIPLEY CORP SA 1,439,961 2,030,884 0.69CLP

CHILE

2,030,884 0.69


2,015,739 3,497,694 1.19HKD

CHINA


3,743,000 2,140,993 0.73HKD


404,000 1,160,608 0.39HKD


1,980,300 4,789,393 1.62HKD



15,033,901 5.10

INVESTMENTS

GLOBAL EMERGING MARKETS EQUITYStatement of investments as at 31 March 2007 (expressed in USD)



COLOMBIA


166,795 1,439,508 0.49COP

2,131,766 0.72

CEZ.CESKE ENERGETICKEZAVODY

3,300 147,117 0.05CZK

CZECH REPUBLIC

147,117 0.05

ELSEWEDY CABLES 71,425 551,710 0.19EGP

EGYPT

ORASCOM TELECOMHLD/GDR(REG.S)

9,578 656,093 0.22USD

1,207,803 0.41


956 3,427,260 1.16USD


GAZPROM OAO 185,609 1,954,463 0.66USD


LUKOIL /SADR 52,286 4,533,196 1.54USD


25,240 1,453,572 0.49USD


99,487 2,885,123 0.98USD



12,100 1,164,383 0.40USD

24,139,618 8.19


HONG KONG


936,000 1,176,184 0.40HKD


324,835 1,084,904 0.37HKD

CNOOC LTD 2,120,456 1,858,693 0.63HKD

IND & COM BOC -H- 3,385,000 1,897,233 0.64HKD

11,522,123 3.91

MOL MAGYAR /-A- 19,427 2,212,084 0.75HUF

HUNGARY

OTP BANK LTD 27,119 1,241,311 0.42HUF

3,453,395 1.17

ICICI BK /SADR 11,726 463,060 0.16USD

INDIA



51,825 932,344 0.32USD

2,962,556 1.01


2,925,500 2,098,242 0.71IDR

INDONESIA

BANK RAKYAT INDONESIA 2,872,500 1,588,421 0.54IDR


1,118,500 1,616,680 0.55IDR


88,477 3,808,049 1.29USD




TELKOM INDONESIA /S-B- 431,000 464,866 0.16IDR

9,576,258 3.25


1,122,200 4,157,505 1.41MYR

MALAYSIA

MAXIS COMMUNICATIONS BHD 796,100 2,741,998 0.93MYR

TELEKOM MALAYSIABHD/FOR.REG.

508,450 1,471,637 0.50MYR

8,371,140 2.84

CEMEX /ADR 41,714 1,368,219 0.46USD

MEXICO


798,113 2,235,244 0.76MXN


529,344 1,507,478 0.51MXN


618,200 3,585,527 1.22MXN

EMPRESAS ICA SAB DE CV 839,135 3,235,238 1.10MXN


24,479 2,737,242 0.93USD

GRUPO AEROPORTUARIO -B-SADR

97,182 2,534,507 0.86USD

17,203,455 5.84


PHILIPPINES

2,049,965 0.70


19,456 1,776,484 0.60PLN

POLAND


47,055 783,764 0.27PLN

2,560,248 0.87

ABSA GROUP LTD 101,577 1,974,211 0.67ZAR

SOUTH AFRICA

BIDVEST GROUP LTD 114,489 2,169,693 0.74ZAR

GOLD FIELDS 64,210 1,201,383 0.41ZAR


88,597 2,762,173 0.94ZAR

MASSMART HOLDINGS LTD 290,704 3,357,195 1.14ZAR

MURRAY AND ROBERTSHOLDINGS

176,983 1,370,306 0.46ZAR

SASOL LTD /REG. 248,514 8,445,698 2.86ZAR

STANDARD BK GROUP LTD 181,815 2,652,267 0.90ZAR

23,932,926 8.12

DAEGU BANK 221,701 4,029,926 1.37KRW

SOUTH KOREA





33,800 2,184,508 0.74KRW

HITE BREWERY CO LTD 5,800 693,608 0.24KRW


52,220 2,880,962 0.98KRW

HYUNDAI HEAVY INDUSTRIES 5,500 1,099,142 0.37KRW


44,390 8,186,870 2.77KRW

HYUNDAI MOTOR CO LTD 6,100 428,612 0.15KRW


HYUNDAI MOTOR /PFD ISSUED99

59,787 2,345,127 0.80KRW

KOOKMIN BANK 37,103 3,328,777 1.13KRW

KOOKMIN BANK /SADR 4,800 437,040 0.15USD

POSCO 9,730 4,085,481 1.38KRW


15,324 9,170,938 3.10KRW

46,848,564 15.88

ASUSTEK COMPUTER/GDR(REG.S)

228,219 527,186 0.18USD

TAIWAN

ASUSTEK COMPUTER INC 931,000 2,195,315 0.74TWD


68,610 539,279 0.18TWD


CHI MEI OPTOELECTRONICCORP

1,376,000 1,435,126 0.49TWD

CHINA STEEL 1,329,000 1,498,602 0.51TWD



913,000 1,037,794 0.35TWD



666,882 4,475,633 1.52TWD

MEDIA TEK INCORPORATION 86,000 987,949 0.34TWD



2,543,580 5,221,167 1.78TWD

WISTRON CORP 1,113,000 1,689,085 0.57TWD

31,146,314 10.57


110,500 637,108 0.22THB

THAILAND

BANPU PUBLIC CO /NVDR 156,000 890,542 0.30THB


779,615 1,446,416 0.49THB


2,058,600 1,689,310 0.57THB

KRUNG THAI BANK /FOR.REG. 416,200 143,743 0.05THB


2,126,500 734,430 0.25THB

5,541,549 1.88


839,133 3,205,917 1.09TRY

TURKEY


333,322 1,525,749 0.52TRY

4,731,666 1.61

85.99TOTAL SHARES 253,449,890

DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001

35,627 1,652,063 0.56USD


GERMANY

1,652,063 0.56


197,456 1,920,685 0.65USD

GREAT BRITAIN

DEUT.BK 04-8.10.07WRT/REL.EN. 0

1 11 0.00USD





38,175 1,386,974 0.47USD

3,307,670 1.12




ORASCOM CONSTR.IND./SGDR 46,695 4,725,534 1.60USD


SHARES

EGYPT

4,725,534 1.60

INDUSTRIAL BANK OF KOREA 223,313 4,474,645 1.52KRW

SOUTH KOREA

4,474,645 1.52

CAPITAL SECURITIES CORP 2,610,526 1,282,431 0.44TWD

TAIWAN

1,282,431 0.44



MAGNIT JSC 26,473 1,146,281 0.39USD


SHARES


1,146,281 0.39


DEUT.BK 06-03.8.09WRT/CHINAST 0.00001

1,097,902 1,237,029 0.42USD


GERMANY

DT BK AG 07-17.01.17WRT/SATYAM 0.000001

59,572 643,652 0.22USD

DT.BK 06-2.2.11 WRTGAZPROM 0

6 6,322,020 2.14USD

8,202,701 2.78


139,101 2,766,705 0.94USD

GREAT BRITAIN

2,766,705 0.94








%



Banks and financial institutions 20.63Energy 10.19Electronics and electrical equipment 8.35Coal mines, heavy industries 8.13Construction, building materials 7.45News transmission 7.46Holding companies 4.12Automobile industry 4.01Mechanics, machinery 3.88Real estate companies 3.26Insurance 2.44Transport 2.31Retail trade, department stores 2.25States, provinces and municipalities 2.14Public services 1.70Office equipment and computers 1.49Precious metals 1.35Textile 1.21Tobacco and spirits 1.17Other services 1.04Food 0.39Miscellaneous 0.37



GLOBAL EMERGING MARKETS EQUITY





SHARES

BERMUDA ISLANDS

1,272,477 0.72


BRAZIL

1,288,225 0.73


1,564,000 1,096,744 0.62HKD

CHINA

CHINA MERCHANTS BANK /-H- 765,500 1,543,793 0.88HKD


324,000 783,600 0.45HKD

3,424,137 1.95


DENMARK

2,341,497 1.33

AXA 57,362 2,411,800 1.37EUR

FRANCE


STE GEN. PARIS -A- 6,902 1,186,372 0.67EUR

SUEZ 25,333 1,346,195 0.77EUR

TOTAL SA 14,506 1,017,288 0.58EUR

VEOLIA ENVIRONNEMENT 35,389 2,622,417 1.49EUR

10,377,075 5.90

BASF AG 14,182 1,576,101 0.90EUR

GERMANY

DEUTSCHE BANK AG /NAM. 13,429 1,810,276 1.03EUR

HENKEL PREF 11,858 1,742,079 0.99EUR

LINDE A.G. 18,747 2,009,430 1.14EUR

MAN AG 21,193 2,448,521 1.39EUR

PORSCHE AG /VZ.A. SDV 1,229 1,900,780 1.08EUR

11,487,187 6.53

BAE SYSTEMS PLC 142,862 1,291,822 0.73GBP

GREAT BRITAIN

BARCLAYS PLC 186,464 2,647,613 1.51GBP

GLAXOSMITHKLINE PLC 39,612 1,081,899 0.61GBP

KAZAKHMYS LIMITED 32,980 755,663 0.43GBP

INVESTMENTS

GLOBAL EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


RIO TINTO PLC /REG 26,818 1,517,371 0.86GBP

SHIRE PLC 107,647 2,224,595 1.26GBP

VODAFONE GROUP PLC 585,125 1,574,198 0.89GBP

WOOD GROUP (JOHN) PLC 452,699 2,369,925 1.36GBP

13,463,086 7.65


1,158,500 830,905 0.47IDR

INDONESIA


2,249,231 1.28

ECI TELECOM LTD 97,536 803,697 0.46USD

ISRAEL

NICE SYSTEMS LTD / SADR 51,300 1,737,531 0.98USD

2,541,228 1.44

CAMPARI AZ/POSTFRAZIONAMENTO

156,222 1,541,583 0.88EUR

ITALY

UNICREDITO ITALIANO SPA 293,999 2,775,698 1.57EUR

4,317,281 2.45

CASIO COMPUTER CO.LTD 73,100 1,600,254 0.91JPY

JAPAN

JAFCO CO LTD 30,300 1,676,263 0.94JPY

MARUBENI CORP. 140,000 850,536 0.48JPY

MAZDA MOTOR CORP 203,000 1,123,041 0.64JPY

MEDICEO PALTAC HOLDINGSCO LTD

73,500 1,400,089 0.80JPY

MITSUBISHI ESTATE CO 33,000 1,083,619 0.62JPY

NIPPON EXPRESS CO.LTD 227,000 1,423,384 0.81JPY

OMRON CORP 37,600 1,011,344 0.57JPY

RESONA HOLDINGS INC 403 1,083,967 0.62JPY

11,252,497 6.39

MEINL EUROPEAN LANDLIMITED

49,697 1,375,785 0.78EUR

JERSEY

1,375,785 0.78

AMERICA MOVIL SA /ADR WI-L- 19,751 945,678 0.54USD

MEXICO


379,033 1,061,543 0.60MXN

2,007,221 1.14


33,327 1,755,441 1.00EUR

NETHERLANDS

ROYAL PHILIPS ELECTRONICSNV

48,366 1,837,493 1.04EUR

3,592,934 2.04

ACCIONA SA 6,075 1,305,073 0.74EUR

SPAIN

1,305,073 0.74

ABB LTD ZUERICH /NAMEN. 99,627 1,701,766 0.97CHF

SWITZERLAND




CIE FIN.RICHEMONT UNITS -A- 24,725 1,380,717 0.78CHF

GIVAUDAN SA /REG. 1,685 1,563,644 0.89CHF

NESTLE/NOM 8,764 3,373,675 1.92CHF


8,376 1,491,267 0.85CHF

9,511,069 5.41

FAR EASTERN TEXTILE LTD/GDRS

1 9 0.00USD

TAIWAN


60,700 655,560 0.37USD

655,569 0.37


502,700 932,657 0.53THB

THAILAND

932,657 0.53

CIMSA CIMENTO SANAYI VETICAR.

92,377 662,571 0.38TRY

TURKEY


450,154 2,060,537 1.17TRY

2,723,108 1.55

ABERCROMBIE & FITCH "A" 31,405 2,387,094 1.36USD

UNITED STATES

ACCENTURE LTD /-A- 62,500 2,417,500 1.37USD

AKAMAI TECHNOLOGIES INC 31,993 1,602,849 0.91USD

ALLERGAN INC. 7,598 841,099 0.48USD

ALTRIA GROUP 24,351 2,121,946 1.21USD

AT & T 76,995 3,015,894 1.71USD

BANK OF NEW YORK CO 35,440 1,437,446 0.82USD

BOEING CO 11,498 1,032,060 0.59USD

CISCO SYSTEMS INC 57,585 1,464,387 0.83USD

CIT GROUP INC 21,208 1,128,478 0.64USD

CITIGROUP INC 33,601 1,727,091 0.98USD

CONOCOPHILLIPS 18,707 1,293,963 0.74USD

CYMER INC 19,802 812,278 0.46USD

ELECTRONIC ARTS 29,646 1,520,543 0.86USD

EMBARQ CORP 16,272 913,998 0.52USD

EMERSON ELECTRIC CO. 16,544 709,738 0.40USD

EXXON MOBIL CORP 72,852 5,554,235 3.16USD

GENERAL MOTORS CORP. 35,221 1,087,977 0.62USD

GILEAD SCIENCES INC. 26,660 2,032,825 1.16USD

GOOGLE INC A 5,052 2,328,568 1.32USD

HONEYWELL INTERNATIONALINC.

40,579 1,864,199 1.06USD

MCDONALD'S CORP. 51,872 2,327,497 1.32USD

MERRILL LYNCH & CO INC 30,918 2,520,126 1.43USD

METLIFE INC 52,208 3,306,855 1.88USD

MICROSOFT CORP 121,082 3,360,026 1.91USD

MOODY S CORP / WHENISSUED

15,594 968,231 0.55USD

MORGAN STANLEY 30,690 2,407,017 1.37USD

NVIDIA CORP. 86,381 2,479,135 1.41USD

OMNICOM GROUP INC. 15,827 1,619,419 0.92USD

PEPSICO INC 20,517 1,304,676 0.74USD

SCHLUMBERGER LTD 22,937 1,620,958 0.92USD


SYSCO CORP. 37,865 1,277,565 0.73USD

TEXAS INSTRUMENTS INC 28,557 867,847 0.49USD

TOLL BROTHERS 56,897 1,576,047 0.90USD

UNITED TECHNOLOGIESCORP.

11,107 721,844 0.41USD

WALT DISNEY /DISNEY SER. 57,297 1,970,444 1.12USD

WELLPOINT INC 21,709 1,745,621 0.99USD

WELLS FARGO & CO 82,078 2,834,974 1.61USD

WYETH 31,442 1,568,956 0.89USD

71,771,406 40.79

89.72TOTAL SHARES 157,888,743

CAPITACOMMERCIAL TRUST/REIT

641,000 1,153,813 0.66SGD


SINGAPORE

1,153,813 0.66




OSAKA SECURITIESEXCHANGE CO

359 2,068,312 1.18JPY


SHARES

JAPAN

2,068,312 1.18





SHARES

HONG KONG

2,266,933 1.29








%



Banks and financial institutions 11.19Holding companies 11.12Internet Software 6.41News transmission 5.91Pharmaceuticals and cosmetics 5.42Electronics and electrical equipment 5.21Energy 4.66Food 3.68Insurance 3.25Aerospace technology 2.79Mechanics, machinery 2.53Chemicals 2.53Miscellaneous 2.35Automobile industry 2.34Public services 2.26Tobacco and spirits 2.09Retail trade, department stores 1.96Other services 1.92Coal mines, heavy industries 1.88Transport 1.54Real estate companies 1.40Gastronomy 1.32Other business houses 1.21Biotechnology 1.16Construction, building materials 1.12Consumer goods 0.99Graphic art and publishing 0.92Non-ferrous metals 0.86Office equipment and computers 0.83Textile 0.72Investment companies 0.66Agriculture and fishing 0.62



GLOBAL EQUITY



BHP BILLITON LTD 6,200 149,645 0.72AUD


SHARES

AUSTRALIA

QANTAS AIRWAYS LTD 19,200 81,396 0.39AUD

RIO TINTO LIMITED 1,712 108,950 0.52AUD

SANTOS LTD 13,900 113,926 0.55AUD

453,917 2.18

OMV AG 870 54,817 0.26EUR

AUSTRIA

54,817 0.26

ETABL.FR.COLRUYT SA.HALLE

180 41,273 0.20EUR

BELGIUM

KBC GROUPE SA 960 119,042 0.57EUR

160,315 0.77

BANK OF NOVA SCOTIA 3,000 140,562 0.67CAD

CANADA

BCE INC /NEW 4,000 111,029 0.53CAD

BROOKFI.AS.MGMT-A-/LTDVOT.

2,200 116,511 0.56CAD

CANAD.IMPER.BK OFCOMMERCE

1,300 113,658 0.55CAD

ENCANA CORP 2,310 118,736 0.57CAD

PETRO-CANADA 2,300 90,454 0.44CAD

TALISMAN ENERGY 6,500 116,135 0.56CAD

TELUS CORP 800 41,017 0.20CAD

848,102 4.08

SEAGATE TECHNOLOGY 4,400 103,048 0.50USD

CAYMAN ISLANDS

103,048 0.50

NOVO NORDISK A/S B 800 73,459 0.35DKK

DENMARK

73,459 0.35

NOKIA OY 7,400 168,051 0.81EUR

FINLAND

RAUTARUUKKI OY K 900 41,753 0.20EUR

209,804 1.01

INVESTMENTS

GLOBAL EQUITY SRIStatement of investments as at 31 March 2007 (expressed in USD)


AXA 3,500 147,158 0.71EUR

FRANCE

BNP PARIBAS 1,600 165,675 0.79EUR

BOUYGUES 1,600 122,362 0.59EUR

CNP ASSURANCES 857 98,704 0.48EUR

SAINT-GOBAIN 1,300 126,237 0.61EUR

SANOFI-AVENTIS 460 39,553 0.19EUR

SCHNEIDER ELECTRIC /ISS.07 58 7,116 0.03EUR

SCHNEIDER ELECTRIC SA 1,000 126,402 0.61EUR

STE AIR FRANCE 2,100 94,652 0.46EUR

STE GEN. PARIS -A- 945 162,434 0.78EUR

VIVENDI 3,200 129,253 0.62EUR

1,219,546 5.87

DEUTSCHE BANK AG /NAM. 990 133,455 0.64EUR

GERMANY

DEUTSCHE LUFTHANSA /NAM. 3,550 95,862 0.46EUR

E.ON AG 1,200 162,324 0.78EUR


750 109,564 0.53EUR

HENKEL PREF 710 104,307 0.50EUR

MAN AG 980 113,224 0.54EUR

METRO AG 1,600 112,142 0.54EUR


440 74,223 0.36EUR

VOLKSWAGEN AG 1,100 165,960 0.80EUR

1,071,061 5.15

ASTRAZENECA PLC 1,210 64,995 0.31GBP

GREAT BRITAIN


BG GROUP PLC 3,000 43,363 0.21GBP

BP PLC 6,660 72,822 0.35GBP

BRITISH AIRWAYS PLC 10,300 99,252 0.48GBP

BRITISH LAND 3,700 109,793 0.53GBP

BT GROUP PLC 21,600 129,107 0.62GBP

CARPHONE WAREHOUSEGROUP

7,000 38,294 0.18GBP

HBOS PLC 7,500 154,458 0.74GBP


LAND SECURITIES GROUP PLC 3,400 140,059 0.67GBP

NATIONAL GRID PLC 2,700 42,038 0.20GBP

NEXT PLC 2,420 107,288 0.52GBP

PEARSON PLC 6,800 116,371 0.56GBP

ROLLS-ROYCE GROUP PLC 11,900 115,926 0.56GBP

ROYAL DUTCH SHELL -B- 4,350 145,418 0.70GBP

ROYAL DUTCH SHELL PLC -A- 4,870 163,150 0.78GBP

TESCO PLC 17,600 153,189 0.74GBP

TRAVIS PERKINS PLC 1,600 62,676 0.30GBP

WPP GROUP PLC /ISS.05 4,000 60,407 0.29GBP

YELL GROUP PLC 9,300 109,145 0.53GBP

2,116,125 10.18

ENEL 3,700 39,496 0.19EUR

ITALY




ENI SPA ROMA 4,300 139,108 0.67EUR

178,604 0.86

AEON CO LTD 3,800 75,771 0.36JPY

JAPAN

AISIN SEIKI CO LTD 3,100 108,633 0.52JPY

ASAHI BREWERIES 2,500 40,092 0.19JPY

ASAHI KASEI CORP 15,000 109,202 0.53JPY

BENESSE CORP. 2,700 100,344 0.48JPY

CANON INC 2,200 118,162 0.57JPY

CANON MARKETING JAPANINC

4,700 98,502 0.47JPY

DAIWA H. INDUSTR.CO. LTD 6,000 98,409 0.47JPY

EISAI CO LTD 1,200 57,528 0.28JPY

FUJI PHOTO FILM CO LTD 2,800 114,514 0.55JPY

FUJITSU LTD 16,000 106,572 0.51JPY

KAWASAKI KISEN 4,000 37,945 0.18JPY

KOMATSU LTD 5,200 109,423 0.53JPY

MITSUBISHI ELECTRIC CORP 10,000 103,008 0.50JPY

MITSUBISHI MATERIALS CORP 14,000 66,404 0.32JPY

MITSUI OSK LINES LTD 3,000 33,295 0.16JPY

NIPPON STEEL CORP 21,000 147,537 0.72JPY

NIPPON TEL & TEL 22 116,295 0.56JPY

NOMURA RESEARCHINSTITUTE LTD

2,000 58,886 0.28JPY

OMRON CORP 2,000 53,795 0.26JPY

RICOH CO LTD 4,000 90,111 0.43JPY

SOMPO JAPAN INSURANCEINC

8,000 99,716 0.48JPY

SONY CORP 2,900 147,393 0.71JPY

TDK CORP 1,300 112,732 0.54JPY

TOKYO ELECTRIC POWER 2,300 78,647 0.38JPY

TOKYO GAS CO LTD 19,000 105,918 0.51JPY

TOKYU CORP 6,000 46,735 0.22JPY

TOSHIBA CORP 9,000 60,099 0.29JPY

TOYOTA MOTOR CORP 3,600 230,622 1.12JPY

WEST JAPAN RAILWAY CO 22 101,548 0.49JPY

YAMAHA MOTOR CO LTD 1,300 36,401 0.18JPY

2,864,239 13.79

AEGON NV 6,200 123,023 0.59EUR

NETHERLANDS

HEINEKEN NV 2,100 108,430 0.52EUR

ING GROEP NV/ CERT. OF SHS 3,780 158,981 0.77EUR

390,434 1.88

DNB NOR ASA 7,000 98,456 0.47NOK

NORWAY

NORSK HYDRO AS 3,500 115,881 0.56NOK

214,337 1.03

BCO POPULAR ESPANOL/REG.

5,600 114,030 0.55EUR

SPAIN

BCO SANTANDER CENTR.HISP /REG.

9,450 167,475 0.81EUR

ENDESA SA 1,930 103,667 0.50EUR

INDRA SISTEMAS SA 4,400 110,248 0.53EUR


TELEFONICA SA 8,100 177,143 0.85EUR

672,563 3.24

SANDVIK AB 7,000 122,029 0.59SEK

SWEDEN

SCANIA AB - B- 1,100 85,506 0.41SEK

SKANDINAV.ENSK.BANKEN A 3,200 102,424 0.49SEK

SKF AB B 2,000 40,867 0.20SEK

VOLVO -B- 1,450 121,000 0.58SEK

471,826 2.27

CREDIT SUISSE GROUP /NOM. 2,100 151,331 0.73CHF

SWITZERLAND

SWISSCOM /NAM. 270 97,117 0.47CHF

248,448 1.20

ACE LTD 2,000 114,760 0.55USD

UNITED STATES

ADOBE SYSTEMS INC 2,500 103,825 0.50USD

AETNA INC 2,400 104,280 0.50USD

AIR PRODUCTS & CHEMICALS 470 34,663 0.17USD

ALCOA INC 3,700 124,616 0.60USD

AMERICAN EXPRESS CO. 1,500 84,690 0.41USD

AMERICAN INTERNATIONALGP

1,870 125,664 0.60USD

AMERICAN STANDARD CIESINC

2,000 106,160 0.51USD

AMGEN INC 1,900 106,077 0.51USD

ANHEUSER-BUSCH COS INC 2,510 125,902 0.61USD

AT & T 6,980 273,406 1.32USD

BANK OF AMERICA CORP 3,254 166,572 0.80USD

BAXTER INTL INC. 2,400 127,728 0.61USD

BEA SYSTEMS INC. 2,100 24,213 0.12USD

BECTON DICKINSON & CO. 1,500 114,165 0.55USD

BMC SOFTWARE INC. 3,400 106,216 0.51USD

BRISTOL MYERS SQUIBB CO 3,260 90,987 0.44USD

CAMERON INTERNATIONALCORP

640 40,627 0.20USD

CAPITAL ONE FINANCIALCORP

1,280 96,832 0.47USD

CISCO SYSTEMS INC 7,800 198,354 0.95USD

CITIGROUP INC 3,600 185,040 0.89USD

COCA-COLA CO 3,300 158,763 0.76USD

COUNTRYWIDE FINANCIALCORP

2,860 96,811 0.47USD

CUMMINS INC 870 126,080 0.61USD

DELL INC 1,600 37,424 0.18USD

DONNELLEY AND SONS.RR 2,300 84,548 0.41USD

DOW JONES + CO INC. 2,600 88,998 0.43USD

DU PONT (E.I.) DE NEMOURS. 780 38,516 0.19USD

DUKE ENERGY HOLDINGCORP

3,400 69,598 0.33USD

EATON CORP 1,200 99,516 0.48USD

FPL GROUP INC 580 35,786 0.17USD

GAP INC. 5,800 100,514 0.48USD

GENENTECH INC. 300 24,489 0.12USD

GENERAL ELECTRIC CO 7,700 273,734 1.33USD

GENERAL MILLS INC 2,000 115,840 0.56USD

GENWAORTH FINANCIAL / -A- 910 31,850 0.15USD




GENZYME CORP. 1,400 84,098 0.40USD

GETTY IMAGES INC 1,100 53,273 0.26USD

GILEAD SCIENCES INC. 1,780 135,725 0.65USD

GOLDMAN SACHS GROUP INC 730 151,256 0.73USD

GOOGLE INC A 160 73,747 0.35USD

HEWLETT-PACKARD CO 4,500 180,000 0.87USD

HOME DEPOT INC 2,100 77,322 0.37USD

IBM CORP 2,170 205,217 0.99USD

IMS HEALTH 3,600 106,488 0.51USD

INTEL CORP 8,400 160,356 0.77USD

INTERNATIONAL PAPER CO 930 33,378 0.16USD

JOHNSON & JOHNSON 2,960 178,606 0.86USD

JOHNSON CONTROLS INC. 1,300 123,851 0.60USD

J.P. MORGAN CHASE & CO 4,210 204,185 0.98USD

KIMBERLY CLARK CORP 1,300 89,440 0.43USD

KRAFT FOODS INC -A- 1,010 31,835 0.15USD

LIZ CLAIBORNE INC. 2,270 96,089 0.46USD

MANPOWER INC. 1,300 95,407 0.46USD

MATTEL INC 4,100 113,488 0.55USD

MCGRAW HILL COMPANIESINC

1,620 101,477 0.49USD

MERRILL LYNCH & CO INC 1,640 133,676 0.64USD

MOTOROLA INC. 2,700 47,817 0.23USD

NIKE INC -B- 1,080 113,368 0.55USD

NOBLE CORP 1,030 81,854 0.39USD

PEPSICO INC 2,300 146,257 0.70USD

PG&E CORP (HOLDING CO) 2,400 116,568 0.56USD

PINNACLE WEST CAP.CORP. 1,800 87,516 0.42USD

PITNEY BOWES INC 1,730 78,611 0.38USD

PPL CORP 2,400 98,952 0.48USD

PRAXAIR 550 34,606 0.17USD

PROCTER & GAMBLE CO 2,300 145,498 0.70USD

QWEST COMMUNICATIONSINTL

11,000 98,450 0.47USD

ROCKWELL COLLINS 1,500 100,335 0.48USD

ROHM + HAAS CO. 1,970 102,007 0.49USD

SCHLUMBERGER LTD 2,100 148,407 0.71USD

STATE STREET CORP 1,600 104,112 0.50USD

SUNOCO INC. 1,300 91,403 0.44USD

T ROWE PRICE GROUP INC. 860 40,678 0.20USD

TARGET CORP 2,030 121,293 0.58USD

TIME WARNER INC 6,900 136,965 0.66USD

TXU 1,580 101,689 0.49USD


2,040 132,580 0.64USD

UTD PARCEL SERVICE INC "B" 530 37,185 0.18USD

WALT DISNEY /DISNEY SER. 4,000 137,560 0.66USD

WELLS FARGO & CO 4,770 164,756 0.79USD

XEROX CORP. 2,000 34,000 0.16USD

XL CAPITAL LTD -A- 1,500 105,180 0.51USD

ZIMMER HOLDINGS INC 1,380 118,307 0.57USD

3M CO 560 42,610 0.21USD

9,034,722 43.49

98.11TOTAL SHARES 20,385,367


MACQUARIE OFFICE TRUST 45,000 55,051 0.26AUD


AUSTRALIA

55,051 0.26

0.26TOTAL INVESTMENT COMPANIES 55,051



SWIRE PACIFIC LTD - A- 9,000 101,002 0.49HKD


SHARES

HONG KONG

101,002 0.49








%



Banks and financial institutions 12.74Holding companies 8.35Energy 6.83News transmission 6.68Electronics and electrical equipment 5.05Public services 4.68Office equipment and computers 4.67Pharmaceuticals and cosmetics 4.63Insurance 4.28Automobile industry 3.89Graphic art and publishing 3.34Transport 3.02Mechanics, machinery 2.98Retail trade, department stores 2.91Consumer goods 2.21Food 2.17Chemicals 2.11Internet Software 2.01Construction, building materials 1.97Other services 1.76Aerospace technology 1.68Coal mines, heavy industries 1.64Investment companies 1.46Non-ferrous metals 1.44Tobacco and spirits 1.32Miscellaneous 1.21Biotechnology 1.05Textile 1.01Forest products and paper industry 0.59Real estate companies 0.56Healthcare, education and social services 0.50Index Options 0.12



GLOBAL EQUITY SRI



BARCO NV 190 17,472 0.26EUR


SHARES

BELGIUM

BELGACOM SA 1,060 47,070 0.71EUR

MOBISTAR 190 16,063 0.24EUR

80,605 1.21

ASTRAL MEDIA INC -A- 400 13,961 0.21CAD

CANADA

CGI GROUP INC./SUB.VOT - A- 4,100 35,544 0.53CAD

SHAW COMMUNIC.-B/NON-VOT.

600 22,495 0.34CAD

72,000 1.08

SEAGATE TECHNOLOGY 2,000 46,840 0.71USD

CAYMAN ISLANDS

SOLOMON SYSTECH (INTL)LTD

99,300 15,629 0.23HKD

62,469 0.94

NOKIA OY 6,950 157,831 2.37EUR

FINLAND

157,831 2.37

FRANCE TELECOM SA 1,058 27,653 0.42EUR

FRANCE

LAGARDERE SCA /NOM. 210 16,178 0.24EUR

METROPOLE TELEVISION SAM6

540 19,673 0.30EUR

VIVENDI 2,890 116,731 1.75EUR

180,235 2.71

DEUTSCHE TELEKOM /NAM. 3,000 49,606 0.75EUR

GERMANY

INFINEON TECHNOLOGIES/NAM.

1,200 18,514 0.28EUR

SAP AG 500 22,236 0.33EUR

WINCOR NIXDORF AG 180 16,776 0.25EUR

107,132 1.61

BT GROUP PLC 16,300 97,428 1.46GBP

GREAT BRITAIN

CSR PLC 1,100 14,281 0.21GBP

DAILY MAIL & GENERAL TR. -A- 2,170 34,474 0.52GBP

SAGE GROUP PLC 3,400 17,165 0.26GBP

INVESTMENTS

GLOBAL EQUITY TECHNOLOGYStatement of investments as at 31 March 2007 (expressed in USD)


VODAFONE GROUP PLC 68,125 183,282 2.76GBP

346,630 5.21

ASM PACIFIC TECHNOLOGYLTD

2,600 15,338 0.23HKD

HONG KONG


8,500 35,731 0.53HKD

TELEVISION BROADCASTSLTD

2,000 12,502 0.19HKD

63,571 0.95

MEDIASET SPA 1,500 16,232 0.24EUR

ITALY

TELECOM ITALIA SPA 5,900 16,797 0.26EUR

33,029 0.50

ALPS ELECTRIC CO 3,100 36,299 0.55JPY

JAPAN

CANON INC 2,250 120,849 1.80JPY

ELPIDA MEMORY INC 800 31,021 0.47JPY

FUJI SOFT INC. 600 17,869 0.27JPY

IBIDEN CO LTD 1,000 51,843 0.78JPY

KONAMI CORP 1,400 37,419 0.56JPY

KONICA MINOLTA HOLDINGSINC

3,000 39,404 0.59JPY

NIPPON TEL & TEL 17 89,866 1.35JPY

NTT DATA CORP 8 40,660 0.61JPY

NTT DOCOMO INC 12 22,197 0.33JPY

RICOH CO LTD 3,000 67,583 1.01JPY

SHINKO ELECTRICINDUSTRIES CO

1,500 33,855 0.51JPY

TAIYO YUDEN CO LTD 2,000 41,661 0.63JPY

630,526 9.46

ASML HOLDING NV 2,150 52,983 0.80EUR

NETHERLANDS

KONINKLIJKE KPN NV 4,700 73,391 1.10EUR

OCE NV 1,100 20,140 0.30EUR

WOLTERS KLUWER NV 1,650 49,418 0.74EUR

195,932 2.94

TELECOM CORP.OF NEWZEALAND

18,707 63,120 0.95NZD

NEW ZEALAND

63,120 0.95

SCHIBSTED 350 15,412 0.23NOK

NORWAY

TANDBERG ASA 900 18,670 0.28NOK

TELENOR AS 2,700 47,581 0.72NOK

81,663 1.23

CHARTEREDSEMICONDUCTOR MANUF.

17,000 16,253 0.24SGD

SINGAPORE


17,000 49,319 0.75SGD

STATS CHIPPAC LTD 25,000 30,000 0.45SGD

95,572 1.44




PROMOTORA DEINFORMACIONES SA

2,750 60,911 0.91EUR

SPAIN

TELEFONICA SA 8,313 181,800 2.73EUR

242,711 3.64

ENIRO AB 900 11,478 0.17SEK

SWEDEN

ERICSSON TEL. -B- 11,800 43,587 0.66SEK

MODERN TIMES GROUP AB -B-

275 15,973 0.24SEK

TELELOGIC 9,200 17,418 0.26SEK

88,456 1.33

LOGITECH INTERNATIONAL SA 700 19,459 0.29CHF

SWITZERLAND

19,459 0.29

ACCENTURE LTD /-A- 1,800 69,624 1.05USD

UNITED STATES

APPLE INC 790 74,063 1.11USD

APPLIED MATERIALS INC 3,600 66,600 1.00USD

AT & T 9,275 363,301 5.45USD

AUTODESK INC. 870 32,321 0.49USD

AUTOMATIC DATA PROCES. 580 28,298 0.42USD

AVNET INC 1,000 36,320 0.55USD

BMC SOFTWARE INC. 1,300 40,612 0.61USD

CADENCE DESIGN SYSTEMS 1,900 39,786 0.60USD


COMCAST CORP/-A- 1,400 36,204 0.54USD

COMPUTER SCIENCES CORP 840 43,940 0.66USD

CONVERGYS CORP 2,200 55,792 0.84USD

CORNING INC. 900 20,547 0.31USD

DELL INC 2,610 61,048 0.92USD

DIRECTV GROUP INC 3,000 68,610 1.03USD

EBAY INC 570 18,833 0.28USD

ECHOSTARCOMMUNICATIONS A

1,000 42,870 0.64USD

ELECTRONIC DATA SYSTEMS 1,800 50,184 0.75USD

EMBARQ CORP 900 50,553 0.76USD

FISERV INC. 940 49,811 0.75USD

GANNETT CO INC 540 30,343 0.46USD



IBM CORP 2,370 224,130 3.36USD

IDEARC INC 190 6,599 0.10USD

INTEL CORP 9,600 183,264 2.74USD

LAM RESEARCH CORP 1,300 61,295 0.92USD

LEXMARK INTL INC. 930 54,275 0.82USD


1,200 75,168 1.13USD

MEMC ELECTRONICMATERIALS

940 56,400 0.85USD

MICRON TECHNOLOGY INC 3,800 44,992 0.68USD

MICROSOFT CORP 11,870 329,392 4.94USD


NEWS CORP -A- 1,200 27,492 0.41USD

OMNICOM GROUP INC. 610 62,415 0.94USD


ORACLE CORP 7,500 136,200 2.05USD

QUALCOMM INC. 1,530 64,643 0.97USD


7,650 68,468 1.03USD

SPRINT NEXTEL CORP/FONSER.1

2,107 40,033 0.60USD

TEXAS INSTRUMENTS INC 980 29,782 0.45USD


VERIZON COMMUNICATIONSINC

4,140 155,540 2.34USD

VIACOM INC -B- 1,600 65,056 0.98USD


WESTERN DIGITAL CORP. 2,750 47,053 0.71USD

WESTERN UNION COMPANY 3,350 74,404 1.12USD

YAHOO INC 560 17,550 0.26USD

3,923,948 58.92


YELLOW PAGES INCOMEFUND

2,100 24,789 0.37CAD


CANADA

24,789 0.37

0.37TOTAL INVESTMENT COMPANIES 24,789

ISHARES/S&PGL.INF.TECH.S.IND.

3,050 173,759 2.61USD

INDEX TRACKER

UNITED STATES

173,759 2.61

2.61TOTAL INDEX TRACKER 173,759








%



News transmission 32.97Electronics and electrical equipment 17.43Internet Software 15.19Office equipment and computers 14.17Graphic art and publishing 8.32Other services 3.41Holding companies 3.18Investment companies 2.98Miscellaneous 0.93States, provinces and municipalities 0.71Retail trade, department stores 0.28Photography and optics 0.19



GLOBAL EQUITY TECHNOLOGY



BRAMBLES LTD 31,349 258,364 0.53AUD


SHARES

AUSTRALIA

258,364 0.53

CANADIAN NATIONALRAILWAY

9,894 328,873 0.67CAD

CANADA

328,873 0.67

A.P. MOELLER - MAERSK A/SB

10 79,463 0.16DKK

DENMARK

DANISCO A/S 1,956 115,128 0.24DKK

194,591 0.40

ASTRAZENECA PLC 6,582 265,131 0.54GBP

GREAT BRITAIN

BAE SYSTEMS PLC 42,556 288,572 0.59GBP

BG GROUP PLC 14,579 158,026 0.32GBP

BHP BILLITON PLC 10,057 167,697 0.34GBP

BIFFA PLC BIRMINGHAM 6,884 34,332 0.07GBP

BP PLC 71,482 586,126 1.19GBP

BRITISH AMERICAN TOBACCO 14,633 340,481 0.70GBP

BRITISH SKY BROADCASTINGGROUP

18,885 155,922 0.32GBP

BT GROUP PLC 35,007 156,913 0.32GBP

CABLE & WIRELESS PLC /GBP0.25

49,000 120,936 0.25GBP

COMPASS GROUP PLC 30,283 151,310 0.31GBP

GALLAHER GROUP PLC 9,079 151,256 0.31GBP

GLAXOSMITHKLINE PLC 22,882 468,664 0.96GBP


INTERNATIONAL POWER PLC 31,459 182,939 0.37GBP

LAND SECURITIES GROUP PLC 4,745 146,581 0.30GBP

PRUDENTIAL PLC 14,065 148,418 0.30GBP

RIO TINTO PLC /REG 8,812 373,893 0.77GBP

ROYAL BK OF SCOTLAND PLC 17,896 523,074 1.07GBP

ROYAL DUTCH SHELL -B- 13,179 330,384 0.68GBP

SCHRODERS PLC 8,537 159,690 0.33GBP

SCOTTISH POWER PLC 5,857 69,089 0.14GBP

SEVERN TRENT PLC 4,590 96,938 0.20GBP

VODAFONE GROUP PLC 199,804 403,109 0.83GBP

WPP GROUP PLC /ISS.05 15,797 178,900 0.37GBP

6,125,385 12.54

INVESTMENTS

GLOBAL EX EUROLAND EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)


ACERGY SA 11,914 189,375 0.39NOK

NORWAY

DNB NOR ASA 26,912 283,855 0.58NOK

NORSK HYDRO AS 6,129 152,174 0.31NOK

ORKLA AS A 3,117 165,343 0.34NOK

790,747 1.62

ELEKTA AB 8,609 115,312 0.24SEK

SWEDEN

ERICSSON TEL. -B- 127,799 353,996 0.72SEK

HENNES & MAURITZ AB 6,048 260,525 0.53SEK

NORDEA BANK AB 6,946 83,064 0.17SEK

SKANSKA B 10,178 166,320 0.34SEK

SKF AB B 10,155 155,607 0.32SEK

1,134,824 2.32

ALCON INC /NOM. 3,100 307,699 0.63USD

SWITZERLAND

CREDIT SUISSE GROUP /NOM. 3,977 214,916 0.44CHF

NESTLE/NOM 1,378 397,792 0.81CHF

NOVARTIS AG BASEL /NAM. 7,792 332,064 0.68CHF

PHONAK HOLDING AG /NOM. 3,180 182,030 0.37CHF


2,547 340,059 0.70CHF

SYNGENTA AG /NAM. 1,155 161,606 0.33CHF

UBS AG /NAMENSAKTIEN 7,302 326,696 0.67CHF


929 200,383 0.41CHF

2,463,245 5.04

ACCENTURE LTD /-A- 7,473 216,765 0.44USD

UNITED STATES

AKAMAI TECHNOLOGIES INC 8,160 306,574 0.63USD

ALTRIA GROUP 16,972 1,109,066 2.27USD

AMGEN INC 12,830 537,157 1.10USD

ARCHER-DANIELS MIDLANDCO.

21,471 591,881 1.21USD

AT & T 18,971 557,251 1.14USD


BEST BUY CO INC 14,415 528,928 1.08USD

BOSTON SCIENTIFIC CORP. 16,140 175,985 0.36USD



CITRIX SYSTEMS INC 8,767 208,015 0.43USD

COACH INC 10,826 404,301 0.83USD


12,113 307,480 0.63USD

CVS/CAREMARK CORP 40,585 1,039,658 2.13USD

DEAN FOODS CO 5,916 205,186 0.42USD

DEERE & CO. 4,389 357,012 0.73USD

DOW CHEMICAL CO 13,216 456,291 0.93USD

EMC CORP 14,411 147,622 0.30USD

EXELON CORP 11,341 587,674 1.20USD


FREEPORTMCMO.COPP&GOLD -B-

2,796 137,022 0.28USD

GENERAL ELECTRIC CO 44,023 1,173,617 2.41USD

GOLDMAN SACHS GROUP INC 10,906 1,694,581 3.48USD







IBM CORP 8,783 622,878 1.28USD

ITT CORP 12,096 545,885 1.12USD

MCDONALD'S CORP. 10,837 364,647 0.75USD

METLIFE INC 23,006 1,092,763 2.24USD


PEPSICO INC 18,064 861,410 1.76USD

PFIZER INC 67,779 1,291,537 2.65USD


PRUDENTIAL FINANCIAL INC 14,989 1,012,867 2.07USD

RED HAT INC 14,147 245,491 0.50USD

REPUBLIC SERVICES INC. 10,896 226,173 0.46USD

ROCKWELL AUTOMATION 4,444 200,188 0.41USD


10,659 151,872 0.31USD


TREEHOUSE FOODS /WHENISSUED

1 23 0.00USD

UNITED HEALTH GROUP INC 6,449 255,542 0.52USD


7,703 375,417 0.77USD

VALERO ENER.CORP/WH.ISSUED

14,640 715,148 1.46USD


15,647 440,838 0.90USD

WASHINGTON MUTUAL INC 7,470 227,993 0.47USD

XTO ENERGY INC 29,660 1,236,000 2.54USD

3M CO 3,364 191,951 0.39USD

28,214,701 57.78

80.90TOTAL SHARES 39,510,730

ISHARES INC/MSCI AUSTRALIAIND

58,800 1,134,110 2.32USD

INDEX TRACKER

UNITED STATES

ISHARES /MSCI JAPAN INDEXFD

300,000 3,300,338 6.76USD

4,434,448 9.08









%



Energy 9.87Investment companies 9.38Banks and financial institutions 9.03Holding companies 8.30Pharmaceuticals and cosmetics 8.23News transmission 4.79Food 4.54Retail trade, department stores 4.25Office equipment and computers 4.18Internet Software 3.60Tobacco and spirits 3.28Insurance 2.95Electronics and electrical equipment 2.61Mechanics, machinery 2.17Chemicals 1.57Public services 1.54Aerospace technology 1.36Other services 1.34Consumer goods 1.25Gastronomy 1.06Textile 0.83Non-ferrous metals 0.77States, provinces and municipalities 0.67Precious metals 0.62Healthcare, education and social services 0.52Environmental services & recycling 0.46Construction, building materials 0.34Agriculture and fishing 0.24Transport 0.16Miscellaneous 0.07



GLOBAL EX EUROLAND EQUITY





SHARES

BERMUDA ISLANDS

KERRY PROPERTIES LTD 578,000 2,969,622 1.39HKD


2,400,000 2,625,821 1.23HKD

14,274,090 6.68


2,160,000 2,048,141 0.96HKD

CAYMAN ISLANDS

AJISEN CHINA HOLDINGS LTD 106,000 96,306 0.05HKD

LIFESTYLE INTL HLD LTD 648,000 1,948,636 0.91HKD

PANVA GAS HOLDINGS LTD 1,716,000 944,221 0.44HKD


7,684,000 2,074,711 0.97HKD

TONGDA GROUP HOLDINGSLTD

16,120,000 1,196,412 0.56HKD

XINYI GLASS HOLDING CO LTD 5,484,000 2,701,754 1.27HKD

11,010,181 5.16


CHINA


8,300,000 4,747,592 2.22HKD


2,580,000 7,411,803 3.47HKD


1,188,000 3,397,675 1.59HKD


6,770,000 5,726,351 2.68HKD



HANGZHOU STEAM TURBINE -B-

699,934 1,691,908 0.79HKD

HARBIN POWER EQUIPMENTCO H

988,000 1,112,570 0.52HKD


2,971,000 6,196,951 2.90HKD

SHANGHAI JIN JIANG INT HOT.-H-

2,550,000 1,484,702 0.70HKD


961,000 1,574,060 0.74HKD

43,040,968 20.15


HONG KONG

BEIJING ENTERPRISES HLD 1,426,000 3,631,286 1.70HKD

CATHAY PACIFIC AIRWAYS 1,030,000 2,620,242 1.23HKD


INVESTMENTS

HONG KONG EQUITYStatement of investments as at 31 March 2007 (expressed in USD)



530,000 2,231,308 1.04HKD


CHINA NETCOM GROUP CORPHK LTD

1,809,000 4,722,332 2.21HKD


752,000 2,511,575 1.18HKD

CHINA UNICOM LTD 2,890,000 4,164,128 1.95HKD



CLP HOLDINGS LTD 518,000 3,781,579 1.77HKD

CNOOC LTD 8,250,000 7,231,566 3.39HKD

HANG LUNG PROPERTIES LTD 1,072,000 2,997,326 1.40HKD

HONG KONG EXCHANGES &CLEARING

268,000 2,611,515 1.22HKD

HONGKONG+SHANGH.HOTELS 1,303,703 2,058,646 0.96HKD

HSBC HOLDINGS PLC 1,051,072 18,265,015 8.56HKD

HUTCHISON WHAMP 1,006,261 9,676,703 4.53HKD

IND & COM BOC -H- 6,000,000 3,362,894 1.57HKD


850,000 3,573,075 1.67HKD

LI & FUNG LTD 637,000 2,001,146 0.94HKD


1,510,000 3,779,494 1.77HKD

NEW WORLD DEVELOPMENTCO. LTD

2,600,000 5,895,557 2.76HKD


631,700 7,307,471 3.42HKD

WING HANG BANK 203,000 2,498,958 1.17HKD

WING LUNG BANK LTD 352,000 3,882,735 1.82HKD

132,762,621 62.17

94.16TOTAL SHARES 201,087,860

THE LINK REIT 893,500 2,149,514 1.01HKD


HONG KONG

2,149,514 1.01






SHARES

HONG KONG

3,063,727 1.43








%



Banks and financial institutions 20.56Real estate companies 15.29News transmission 13.39Holding companies 8.70Energy 6.07Electronics and electrical equipment 5.77Textile 4.06Insurance 3.47Transport 3.00Forest products and paper industry 2.90Public services 2.21Gastronomy 1.66Food 1.64Mechanics, machinery 1.57Clock and watch-making industry 1.23Miscellaneous 1.18Investment companies 1.01Graphic art and publishing 0.97Other business houses 0.94Retail trade, department stores 0.91Internet Software 0.07



HONG KONG EQUITY



CAIRN ENERGY PLC 3,142,370 96,329,450 1.77GBP


SHARES

GREAT BRITAIN

96,329,450 1.77

ABB LTD/DEMAT. 49,890 4,069,289 0.07INR

INDIA

ADITYA BIRLA NUVOLTD/DEMATER.

2,551,435 62,706,184 1.15INR

ALLAHABAD BANK /DEMAT. 3,821,596 6,390,256 0.12INR

ALOK IND LTD/DEMAT. 4,605,632 6,029,845 0.11INR

AMBIKA COTTON MILLS LTD/DEMAT

202,228 608,956 0.01INR

AMTEK AUTO LTD /DEMAT. 3,429,352 29,144,451 0.53INR

ANANT RAJ INDUSTRIES/DEMAT.

86,759 2,222,832 0.04INR

ANDHRA BANK / DEMAT. 6,281,307 11,008,208 0.20INR

APOLLO TYRES LTD / DEMAT. 1,754,033 11,081,320 0.20INR

ASHAPURA MINECHEM LTD/DEMAT

1,982,255 9,606,918 0.18INR

ASSOC.CEMENT /DEMAT. 4,467,861 76,350,991 1.40INR

BAJAJ AUTO LTD /DEMAT. 230,622 12,879,507 0.24INR

BAJAJ HINDUSTHAN LTD 2,354,105 10,335,755 0.19INR

BALRAMPUR CHINI MILLS/DEMAT.

4,868,467 7,307,687 0.13INR

BANK OF BARODA /DEMAT. 1,500,000 7,390,276 0.14INR

BANK OF INDIA/DEMAT. 2,374,604 9,190,374 0.17INR

BF UTILITIES LTD /DEMAT. 221,634 11,734,090 0.22INR

BHARAT FORGE LTD /DEMAT. 3,081,120 22,324,474 0.41INR

BHARAT HEAVY EL./DEMAT. 1,364,206 71,346,970 1.31INR

BHARTI AIRTEL LTD 4,739,193 83,491,420 1.53INR

BOMBAY DYEING &MANUFACT/DEMAT.

1,663,856 20,770,998 0.38INR

C & C CONSTRUCTIONSLTD/DEMAT.

57,942 226,181 0.00INR

CADILA HEALTHCARE LTD/DEMAT.

2,349,888 18,135,458 0.33INR

CAIRN INDIA LIMITED 22,163,774 66,333,088 1.22INR

CANARA BANK /DEMAT. 10,538,409 47,491,528 0.87INR

CASTROL INDIA /DEMAT. 1,176,071 5,718,689 0.10INR

CEAT LTD 898,575 2,244,531 0.04INR

CENTURION BANK LIMITED/DEMAT.

20,691,457 17,941,143 0.33INR

CESC LTD /DEMAT. 4,750,437 41,451,948 0.76INR

CHENNAI PETROLEUM CORP/DEMAT.

4,265,654 17,836,860 0.33INR

CROMPTON GREAVESLTD/DEMAT.

2,896,282 13,171,891 0.24INR

CUMMINS INDIA LTD /DEMAT. 5,347,578 32,488,143 0.60INR

INVESTMENTS

INDIAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)

Description Currency Evaluation % netassets

Quantity/FaceValue

DHAMPUR SUGAR MILLS LTDDEMAT.

762,544 1,293,473 0.02INR


6,450,000 108,593,987 1.99INR


4,398,800 72,536,212 1.33USD

EMCO LTD /DEMAT. 218,000 4,045,852 0.07INR

ERA CONSTRUCTION LTD/DEMAT.

1,430,000 10,446,565 0.19INR

EVEREADY INDUSTRIES(I)/DEMAT.

6,913,429 10,536,018 0.19INR

FINANCIAL TECHNO.INDIA/DEMAT.

128,591 5,493,708 0.10INR

GAMMON INDIA LTD /DEMAT. 6,008,321 41,677,548 0.76INR

GANESH HOUS.CORPLTD/DEMATER.

1,350,000 10,015,632 0.18INR

GATEWAY DISTRIPARKS LTD 1,267,764 4,804,680 0.09INR

GODREJ INDUSTRIESLTD/DEMATER.

1,252,561 4,689,522 0.09INR

GRASIM INDUST./DEMAT. 2,490,330 120,395,380 2.21INR

GUJARAT AMBUJA CEMENT/DEMAT.

2,610,378 6,430,471 0.12INR

GUJARAT NRE COKE LTD /DEMAT.

12,000,000 11,149,153 0.20INR

GUJARAT STATE PETRONET/DEMAT.

36,458,000 40,111,642 0.74INR

H D F C BANK /DEMAT. 1,250,000 27,806,846 0.51INR

HAVELL S INDIA LTD /DEMAT. 310,621 3,113,206 0.06INR

HCL INFOSYSTEMS LTD/DEMAT.

13,092,078 39,092,552 0.72INR

HCL TECHNOLOGIES /DEMAT. 24,000,000 162,069,264 2.97INR

HEXAWARE TECH/DEMAT. 1,898,789 7,281,238 0.13INR

HINDALCO IND LTD /DEMAT 5,431,527 10,067,869 0.18INR

HINDALCO INDUSTRIES /DEMAT.

11,637,100 34,748,031 0.64INR

HINDUJA TMT LTD /DEMAT. 158,759 2,125,383 0.04INR

HINDUSTAN CONSTR. LTD/DEMAT.

5,447,762 11,249,155 0.21INR

HINDUSTAN LEVER 755 3,506 0.00INR

HINDUSTAN LEVER LTD/DEMAT.

2,876,807 13,360,846 0.25INR

HINDUSTAN PETR./DEMAT. 4,400,001 24,851,545 0.46INR

HINDUSTAN ZINC/DEMAT. 1,214,429 15,537,080 0.29INR

HOTEL LEELA VENTURE LTD 7,397,060 9,548,553 0.18INR

HUTCHISON TELECOM.INTL/SADR

6,255,400 185,159,841 3.40USD

HUTCHISONTELECOMM.INTERNAT.

28,000,000 56,754,593 1.04HKD

IBP CO LTD /DEMAT. 1,913,472 17,953,795 0.33INR

ICICI BK LTD /DEMAT. 2,936,009 57,652,054 1.06INR

ICICI BK /SADR 995,200 39,300,448 0.72USD

IDEA CELLULAR LTD 37,711,984 83,025,899 1.52INR

IND.DEV.BK INDIA/DEMAT. 5,000,000 8,934,941 0.16INR

INDIA CEMENTS LTD/DEMAT. 6,719,074 25,163,573 0.46INR

INDIAN OIL CORP/DEMAT. 2,856,193 26,175,955 0.48INR

INDIANPETROCHEM./DEMATERIALISED

2,700,000 16,756,804 0.31INR

INFOSYS TECH LTD /DEMAT. 521,934 24,262,525 0.45INR

INFOSYS TECHNOL./ SADR 380,000 19,060,800 0.35USD

ITC /GDR 7,232,788 25,260,122 0.46USD

ITC LTD /DEMAT. 38,426,500 134,290,371 2.46INR

IVRCL INFRASTRUCTURESAND PROJ

7,635,165 50,244,108 0.92INR

JAIN IRRIGATIONSYSTEMS/DEMAT

655,430 6,300,338 0.12INR

JET AIRWAYS INDIA LTD/DEMAT.

2,453,926 35,678,555 0.65INR


Quantity/FaceValue



JINDAL SOUTH WEST HLDGS/DEMAT.

867,025 4,480,807 0.08INR


2,434,333 133,075,783 2.44INR

J.K. CEMENT LTD 637,818 2,152,091 0.04INR

JSW STEEL LTD / DEMAT 8,143,741 92,095,834 1.69INR

KEC INTERNATIONAL LTD/DEMAT.

932,831 470,305 0.01INR

KEC INTERNATIONALLTD/DEMAT.

972,057 11,477,285 0.21INR

KESORAM IND.LTD/DEMAT. 856,798 6,779,689 0.12INR


2,275,000 25,058,633 0.46INR

KULKARNIDEVEL./DEMATERIALISED

276,565 1,646,230 0.03INR

LANCO INFRATECH LTD 675,603 2,475,109 0.05INR


LARSEN & TOUBRO LTD /DEMAT.

881,000 32,984,173 0.61INR

LUPIN LIMITED /DEMAT. 2,051,599 28,745,138 0.53INR

MADHUCONPROJECTS/DEMAT.

1,102,400 5,241,452 0.10INR

MAHANAGAR TELEPH./DEMAT. 441,000 1,491,544 0.03INR

MAHINDRA ANDMAHINDRA.FIN SECS / DEMAT.

3,820,996 20,536,883 0.38INR

MAHINDRA GESCO /DEMAT. 1,403,624 18,602,387 0.34INR


10,605,528 190,737,527 3.50INR


1,700,000 30,583,405 0.56USD

MARUTI UDYOG LTD /DEMAT. 6,546,564 124,685,169 2.29INR

MASTEK /DEMAT. 1,562,504 11,070,010 0.20INR

MATRIXLABORATORIES/DEMAT.

500,000 2,010,936 0.04INR

MICRO INKS LTD /DEMAT. 729,342 5,536,621 0.10INR

MONNETISPAT&ENERGY/DEMATERIA.

881,980 4,861,968 0.09INR

MOSER BAER (INDIA) DEMAT. 1,184,142 8,171,807 0.15INR

NAGARJUNA CONSTRUCTION/DEMAT.

10,916,000 39,991,372 0.73INR

NESTLE INDIA /DEMAT. 1,614,451 34,486,562 0.63INR

NICHOLAS PIRAMALINDIA/DEMAT.

850,300 4,726,391 0.09INR

NIIT TECHNOLOGIESLTD/DEMAT.

1,441,333 14,566,630 0.27INR

NOIDA TOLLBRIDGE/DEMATERIAL.

16,680,138 9,233,339 0.17INR

OIL&NATURAL GAS/DEMAT. 10,550,041 212,227,265 3.90INR

ORCHID CHEMICALS PHARMA/DEMAT

200,000 1,177,161 0.02INR

ORIENT.BKCOMMERCE/DEMAT.

955,480 4,137,998 0.08INR

PANACEA BIOTEC LTD 2,593,538 24,304,958 0.45INR

PATEL ENGINEERING LTD/DEMAT.

102,523 803,946 0.01INR

PATNI COMPUTER SYSTEMS/ADR

430,700 9,949,170 0.18USD

PATNI COMPUTERS SYSTEMSLTD /DEMAT.

8,188,428 71,846,561 1.32INR

RADICO KHAITAN LTD /DEMAT. 3,200,000 9,867,482 0.18INR

RANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R

350,000 2,716,000 0.05USD

RANBAXY LABS /DEMAT. 1,961,500 15,793,572 0.29INR

RAYMOND LTD /DEMAT. 311,272 2,430,866 0.04INR


1,464,622 22,537,723 0.41INR


16,319,097 158,854,369 2.91INR

RELIANCE INDUSTRIES LTD 50 1,572 0.00INR

RELIANCE NATURALRESOURCES/ DEMAT.

4,150,000 2,111,368 0.04INR


Quantity/FaceValue

RUCHI SOYA IND/DEMAT. 879,366 6,425,034 0.12INR

S. KUMARS NATIONWIDE LTD/DEMAT.

4,522,685 7,479,472 0.14INR

SASKEN COMMC.TECHN.LTD/DEMAT.

200,000 2,233,965 0.04INR

SATYAM COMPUTERSERVICES /DEMAT.

6,125,000 65,840,639 1.21INR

SESA GOA LTD /DEMAT. 252,560 10,064,243 0.18INR

SHREE RENUKA SUGARS LTD 731,000 7,589,233 0.14INR


148,535 3,731,889 0.07INR

STEEL AUTHORITY OFINDIA/DEMAT.

36,226,154 95,023,368 1.74INR

STERLITE INDUSTRIES LTD/DEMAT

5,600,000 60,840,287 1.12INR

SUZLON ENERGY LTD /DEMAT. 278,000 6,430,080 0.12INR

SYNDICATE BANK LTD/DEMAT.

10,800,000 16,049,818 0.29INR

TASC PHARMACEUTICALSLTD/DEMAT.

1,157,918 1,369,705 0.03INR

TATA CHEMICALS LTD/DS/DEMAT.

2,258,115 10,762,329 0.20INR

TATA CONSULTANCYSERV/DEMAT.

4,000,000 113,149,888 2.08INR

TATA IRON & STEEL/DEMAT. 15,976,000 164,248,048 3.01INR

TATA MOTORS LTD /ADR 701,100 11,820,546 0.22USD

TATA MOTORS LTD/DEMAT. 7,483,841 125,501,521 2.30INR

TATA TEA LTD / DEMAT. 794,500 11,095,313 0.20INR

TORRENT PHARMACEUTICALSLTD

45 204 0.00INR

TRIVENIENGINEER.INDUSTR/DEMAT

9,663,217 11,918,953 0.22INR

ULTRA TECH CEMENT LTD/DEMAT.

2,185,129 39,095,678 0.72INR

UNION BANK OF INDIA/DEMAT. 4,112,808 9,895,427 0.18INR

UNITECH LTD /DEMAT. 729,550 6,557,865 0.12INR

UNITED PHOSPHORUSLTD/DEMAT.

6,161,013 46,691,986 0.86INR

UNITED SPIRITSLIMITED/DEMAT.

2,330,871 44,757,581 0.82INR

USHA MARTIN LTD 4,040,000 16,981,441 0.31INR

VIDEOCON INDUSTRIES LTD/DEMAT.

965,071 9,864,189 0.18INR

VIDESH SANCHAR /DEMAT. 424,951 3,950,155 0.07INR

VIDESH SANCHARNIGAM/SADR

66,000 1,215,720 0.02USD

VIJAYA BANK LTD/DEMAT. 8,468,000 8,305,214 0.15INR

WELSPUN GUJARAT STAHL/DEMAT.

4,500,000 10,801,172 0.20INR

WELSPUN INDIA LTD /DEMAT. 1,432,262 2,335,731 0.04INR

WIPRO LTD /DEMAT. 5,916,735 76,512,537 1.40INR

WYETH LTD /DEMATERIALISED 307,178 3,225,102 0.06INR

YES BANK /DEMAT. 6,617,937 21,851,063 0.40INR

4,819,714,751 88.42

HIRCO PLC 4,500,000 36,209,048 0.66GBP

ISLE OF MAN

UNITECH CORPORATE PARKSPLC

20,625,816 37,038,463 0.68GBP

73,247,511 1.34

TRANS INDIA ACQUISITIONCORP

480,000 3,916,800 0.07USD

UNITED STATES

3,916,800 0.07

91.60TOTAL SHARES 4,993,208,512


Quantity/FaceValue



CLSA FIN.05-27.09.10WRT/GAMMON 0

317,000 2,206,563 0.04USD


BERMUDA ISLANDS

2,206,563 0.04

MSDW AS.SEC.05-19.9.08WRT/ICIC 0

1,570,432 30,800,638 0.57USD

CAYMAN ISLANDS

30,800,638 0.57

DT BK AG 07-2.1.17WRT/CARNIND 0.000001

14,000,000 41,900,319 0.76USD

GERMANY

41,900,319 0.76

UBS LDN 07-23.02.10WRT/PATNI 0

339,641 2,931,000 0.05USD

GREAT BRITAIN

2,931,000 0.05

DEUTSCHE BANK AG 04-06.08.07 /ON HCL-INFOSYSTEMS LTD 0.000001

2,167,525 6,474,313 0.12USD

INDIA

MERRILL LYNCH INTL 04-22.06.09 /ON AMTEK 0.000001

92,808 789,846 0.01USD

MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001

124,923 1,097,175 0.02USD

MSDW ASIA 04-10.8.07 /ONHINDUSTAN PETROLEUM0.0001

1,164,567 6,590,450 0.12USD

14,951,784 0.27

ABN AMRO 05-18.12.06WRT/HCL INF 0

71,769 214,372 0.01USD

NETHERLANDS

ABN AMRO 05-22.12.06WRT/JINDAL 0

27,862 144,039 0.00USD

358,411 0.01

MERR.LYNCH 06-2.5.11WRT/GRASIM 0.00001

29,200 1,409,799 0.03USD


1,409,799 0.03

CITIGRP GMH-17.01.06WRT/IPC0.00010

500,000 2,240,350 0.04USD

UNITED STATES

CITIGRP 07-02.03.09WT/IPCIDEA 0.000010

16,300,000 35,693,740 0.66USD

37,934,090 0.70




Quantity/FaceValue

SUBEX AZURE LTD /GDR 783,699 10,174,372 0.19USD


SHARES

INDIA

10,174,372 0.19




Quantity/FaceValue

BROOKE BOND LIPTON INR10 60 0.00 0.00INR


SHARES

INDIA

GLENMARKPHARMACEUTICALS/DEMAT

9,057,923 128,565,384 2.36INR

HINDUSTAN LEVER LTD 50 232 0.00INR

KESORAM TEXT.MILLS LTD /DM

1,014,882 5,828 0.00INR

MCDOWELL HOLDINGS LTD 463,854 440,554 0.01INR


1,398,432 15,739,086 0.29INR

RELIANCE IND./GDR144A 165,470 10,424,610 0.19USD

155,175,694 2.85

2.85TOTAL SHARES 155,175,694

HINDUSTAN LEVER NCD 4,530 0.00 0.00INR

BONDS

INDIA

0.00 0.00

0.00TOTAL BONDS 0.00

MACQ.07-20.3.09 WRT /IDEACELL

12,058,928 26,378,905 0.48USD


AUSTRALIA

26,378,905 0.48

UBS LN 06-19.12.07 WRT/JINDAL 0

119,805 6,580,661 0.12USD

GREAT BRITAIN

UBS LN06-13.12.07WRT/DR.REDDYS 0

1,075,151 17,254,023 0.32USD

UBS LN06-15.12.07WRT/JSWSTEEL 0

304,000 3,303,963 0.06USD

27,138,647 0.50







100.00TOTAL NET ASSETS 5,450,800,640


Quantity/FaceValue



%



News transmission 10.52Automobile industry 10.02Coal mines, heavy industries 9.06Internet Software 8.80Banks and financial institutions 7.71Pharmaceuticals and cosmetics 7.30Energy 7.20Construction, building materials 6.55Holding companies 6.39Chemicals 3.47Tobacco and spirits 2.92Office equipment and computers 2.37Non-ferrous metals 2.23Other services 2.07Other business houses 1.92Food 1.78Electronics and electrical equipment 1.51Mechanics, machinery 1.25Public services 1.21Miscellaneous 1.01Textile 0.72Investment companies 0.66Transport 0.65Tyres and rubber 0.24Real estate companies 0.18Gastronomy 0.18Healthcare, education and social services 0.13



INDIAN EQUITY



ACOM CO LTD 700 3,507,000 0.01JPY


SHARES

JAPAN

AEON CO LTD 89,400 210,090,000 0.58JPY

AEON CREDIT SERVICE LTD 14,500 28,797,000 0.08JPY

AJINOMOTO CO INC 27,000 36,612,000 0.10JPY

ALFRESA HLD CORP TOKYO 3,600 27,000,000 0.07JPY

ASICS CORP. 68,000 89,692,000 0.25JPY

ASTELLAS PHARMA INC 55,600 282,448,000 0.77JPY

BENESSE CORP. 25,800 113,004,000 0.31JPY

CANON INC 61,300 388,029,000 1.06JPY

CENTRAL JAPAN RAILWAY CO 377 505,180,000 1.39JPY

CIRCLE K SUNKUS CO LTD 8,700 19,140,000 0.05JPY

DAIMARU INC. 54,000 82,458,000 0.23JPY

DAINIPPON SCREENMANUFACT.

43,000 38,313,000 0.11JPY

DAITO TRUST CONSTRUCT. 35,200 195,360,000 0.54JPY

DAIWA SECURITIES GROUPINC

151,000 214,873,000 0.59JPY

DENKI KAGAKU KOGYO KK 105,000 57,960,000 0.16JPY

DOWA HOLDINGS CO LTD 41,000 49,118,000 0.13JPY

EISAI CO LTD 19,600 110,740,000 0.30JPY

ELPIDA MEMORY INC 27,200 124,304,000 0.34JPY

FAMILYMART CO LTD 12,800 41,984,000 0.12JPY

FUJI ELECTRIC HOLDINGS COLTD

143,000 78,221,000 0.21JPY

FUJI TELEVISION NETWORKINC

1,035 282,555,000 0.78JPY

FUJIKURA LTD 85,000 70,635,000 0.19JPY

HASEKO CORP 322,500 138,675,000 0.38JPY

HITACHI CONSTR.MACHIN. 23,200 74,008,000 0.20JPY

HITACHI HIGH-TECHNOLOGIESCORP

13,800 44,436,000 0.12JPY

HOKUHOKU FINANCIALGROUP

183,000 74,298,000 0.20JPY

HONDA MOTOR CO LTD 87,000 357,570,000 0.98JPY

HOYA CORP 94,021 367,622,110 1.01JPY

IBIDEN CO LTD 30,600 186,966,000 0.51JPY

INPEX HOLDINGS INC TOKYO 186 189,720,000 0.52JPY

ISETAN CO LTD 37,900 77,884,500 0.21JPY

ITOCHU CORP 337,000 393,616,000 1.08JPY

ITOCHU TECHNO-SOLUTIONSCORP

8,200 46,330,000 0.13JPY

JFE HOLDINGS INC 63,300 441,201,000 1.21JPY

KANSAI ELECTR. POWERCORP

104,300 353,577,000 0.97JPY

KAO CORP 41,000 141,450,000 0.39JPY

KAWASAKI KISEN 121,000 135,278,000 0.37JPY

INVESTMENTS

JAPANESE EQUITYStatement of investments as at 31 March 2007 (expressed in JPY)


KIKKOMAN CORP. 16,000 24,160,000 0.07JPY

KOKUYO CO LTD 25,800 40,222,200 0.11JPY

KOMATSU LTD 201,200 498,976,000 1.37JPY

KONICA MINOLTA HOLDINGSINC

109,000 168,732,000 0.46JPY

KYOCERA CORP 37,000 411,070,000 1.13JPY

MAKITA CORP 46,200 201,894,000 0.55JPY

MARUBENI CORP. 342,000 244,872,000 0.67JPY

MARUI CO LTD 2,200 3,179,000 0.01JPY

MATSUSHITA ELECTR. IND. 414,000 983,250,000 2.71JPY

MEIJI DAIRIES CORP 30,000 27,750,000 0.08JPY

MILLEA HOLDINGS INC 30,000 130,800,000 0.36JPY

MINEBEA CO LTD 75,000 54,750,000 0.15JPY

MITSUBISHI CORP 302,400 827,064,000 2.27JPY

MITSUBISHI ELECTRIC CORP 432,000 524,448,000 1.44JPY

MITSUBISHI ESTATE CO 157,000 607,590,000 1.67JPY

MITSUBISHI GAS CHEMICAL 337,000 380,810,000 1.04JPY

MITSUBISHI UFJ FINANCIALGROUP

1,265 1,682,450,00 4.63JPY

MITSUBISHI UFJ SECURIT. CO 20,000 26,920,000 0.07JPY

MITSUI & CO LTD 347,000 763,400,000 2.09JPY

MITSUI CHEMICALS INC. 300,000 309,000,000 0.85JPY

MITSUI FUDOSAN CO 113,000 390,980,000 1.07JPY

MITSUI OSK LINES LTD 261,000 341,388,000 0.94JPY

MIZUHO FINANCIAL GROUPINC

1,395 1,058,805,00 2.91JPY

NIKON CORP. 127,000 315,595,000 0.87JPY

NINTENDO CO.LTD 20,700 708,975,000 1.95JPY

NIPPON ELECTRIC GLASS 76,500 157,972,500 0.43JPY

NIPPON MINING HOLDINGSINC

199,000 202,383,000 0.56JPY

NIPPON STEEL CORP 834,000 690,552,000 1.89JPY

NIPPON TEL & TEL 687 428,001,000 1.17JPY

NIPPON YUSEN K K 251,000 237,195,000 0.65JPY

NISSAN MOTOR CO LTD 197,200 249,063,600 0.68JPY

NITORI CO LTD 9,250 54,205,000 0.15JPY

NOMURA HOLDINGS INC. 210,000 515,550,000 1.41JPY

NTT DOCOMO INC 1,858 405,044,000 1.11JPY

OKUMA CORP 34,000 46,852,000 0.13JPY

OLYMPUS CORP 34,000 137,020,000 0.38JPY

ORIX CORP 10,800 331,560,000 0.91JPY

OTSUKA CORP 9,400 106,032,000 0.29JPY

RICOH CO LTD 152,000 403,560,000 1.11JPY

ROUND ONE CORP SAKAI 139 33,082,000 0.09JPY

SANWA SHUTTER CORP. 52,000 38,168,000 0.10JPY

SBI HOLDINGS INC 1,292 57,752,400 0.16JPY

SECOM LTD (SECURITYPATROLS)

62,400 341,328,000 0.94JPY

SEGA SAMMY HOLDING INC 80,000 220,000,000 0.60JPY

SEVEN & I HOLDINGS CO LTD 115,600 415,004,000 1.14JPY

SHIN-ETSU CHEMICAL CO 46,300 332,897,000 0.91JPY

SHINKO SECURITIES CO LTD 50,000 29,850,000 0.08JPY

SHOWA SHELL SEKIYU KK 85,200 122,943,600 0.34JPY

SOMPO JAPAN INSURANCEINC

140,000 205,660,000 0.56JPY

SONY CORP 120,000 718,800,000 1.97JPY

STANLEY ELECTRIC CO LTD 13,600 32,572,000 0.09JPY

SUMCO CORP 27,400 134,260,000 0.37JPY

SUMITOMO CORP. 238,000 504,560,000 1.38JPY




SUMITOMO HEAVYINDUSTRIES

128,000 150,272,000 0.41JPY

SUMITOMO METALINDUSTRIES

622,000 378,798,000 1.04JPY

SUMITOMO MITSUI FINANCIALGR.

902 965,140,000 2.66JPY

SUMITOMO RUBBER IND. 15,400 19,881,400 0.05JPY

SUMITOMO TR.+ BANKING 185,000 227,365,000 0.62JPY

SURUGA BANK LTD 104,000 159,744,000 0.44JPY

TAKEDA PHARMACEUTICALCO LTD

119,400 922,962,000 2.54JPY

TANABE SEIYAKU CO.LTD 23,000 36,869,000 0.10JPY

T&D HOLDINGS INC TOKYO 39,200 318,696,000 0.87JPY

TERUMO CORP. 25,400 116,586,000 0.32JPY

TOKUYAMA 61,000 125,660,000 0.34JPY

TOKYO ELECTRIC POWER 146,900 592,007,000 1.62JPY

TOKYO ELECTRON CO LTD 58,817 484,652,080 1.33JPY

TOKYO GAS CO LTD 407,000 267,399,000 0.73JPY

TOSHIBA CORP 580,000 456,460,000 1.25JPY

TOYOTA MOTOR CORP 287,197 2,168,337,35 5.96JPY

UNI-CHARM CORP. 2,800 20,888,000 0.06JPY

USS CO LTD TOKAI 9,190 70,671,100 0.19JPY

YAMADA DENKI CO LTD 21,370 234,642,600 0.64JPY

YASKAWA ELECTRIC CORP. 42,000 58,464,000 0.16JPY

31,727,093,440 87.05

87.05TOTAL SHARES 31,727,093,440




12.95OTHER NET ASSETS LESS LIABILITIES 4,720,701,010

100.00TOTAL NET ASSETS 36,447,794,450



%



Holding companies 18.26Electronics and electrical equipment 17.24Automobile industry 7.90Other business houses 7.61Pharmaceuticals and cosmetics 4.48Transport 3.35Public services 3.32Chemicals 3.30News transmission 3.06Coal mines, heavy industries 2.93Banks and financial institutions 2.80Real estate companies 2.74Mechanics, machinery 2.13Retail trade, department stores 1.94Other services 1.54Office equipment and computers 1.25Construction, building materials 1.02Insurance 0.56Photography and optics 0.38Energy 0.34Textile 0.25Food 0.25Non-ferrous metals 0.13Internet Software 0.13Gastronomy 0.09Tyres and rubber 0.05



JAPANESE EQUITY



AMORE PACIFIC CORP (NEW) 2,530 1,393,104 0.91KRW


SHARES

SOUTH KOREA


DAEWOO SHIPBLDG+MARINEENGIN.

86,000 3,158,492 2.06KRW

DONG-A PHARMACEUTICALCO LTD

22,179 1,721,068 1.12KRW



23,000 1,486,499 0.97KRW

DOOSAN INFRACORE CO LTD 64,310 1,640,677 1.07KRW

GSENGINEERING&CONSTRUCT.CORP

31,200 2,792,544 1.82KRW

HAN KOOK TIREMANUFACTURING CO

63,500 1,053,008 0.69KRW

HANA FINANCIAL GROUP INC 49,500 2,562,521 1.67KRW

HANA TOUR SERVICE INC 49,000 3,791,934 2.47KRW

HOTEL SHILLA 191,000 3,035,343 1.98KRW


46,700 3,921,726 2.55KRW


68,210 3,676,117 2.39KRW

HYUNDAI FIRE & MARINE INSCO

230,700 3,188,043 2.07KRW

KOOKMIN BANK 151,500 13,592,155 8.84KRW

KOREA ELECTRIC POWERCORP.

34,000 1,357,132 0.88KRW


89,580 4,713,565 3.07KRW

KOREAN AIR 94,800 3,703,386 2.41KRW

KT& G CORP 74,500 4,870,400 3.17KRW

LG CHEMICAL LTD 43,000 2,164,321 1.41KRW



MODETOUR NETWORK INC 56,400 2,392,133 1.56KRW


ORION CORPORATION 14,700 3,640,881 2.37KRW

POSCO 27,000 11,336,895 7.38KRW


20,180 12,077,103 7.85KRW


97,000 6,042,305 3.93KRW

SAMSUNG HEAVY INDUSTRIES 176,000 4,695,909 3.06KRW


SHINHAN FINANCIAL GROUP 89,600 5,143,219 3.35KRW


SK CORPORATION 24,310 2,387,757 1.55KRW

SK TELECOM CO LTD 10,150 2,066,180 1.34KRW

INVESTMENTS

KOREAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


S-OIL CORP 50,000 3,444,120 2.24KRW

WOORI FINANCE HOLDINGSCO LTD

56,500 1,366,354 0.89KRW


236,000 4,954,643 3.22KRW

YUHAN CORP 10,500 1,646,321 1.07KRW

152,077,288 98.97

98.97TOTAL SHARES 152,077,288








%



Banks and financial institutions 15.41Electronics and electrical equipment 12.77Internet Software 8.28Coal mines, heavy industries 7.38Mechanics, machinery 7.16Holding companies 5.63Retail trade, department stores 5.17Insurance 4.96Construction, building materials 4.90Gastronomy 4.45Transport 3.97Energy 3.79Chemicals 3.55Tobacco and spirits 3.17Pharmaceuticals and cosmetics 3.10Food 2.37News transmission 1.34Public services 0.88Tyres and rubber 0.69



KOREAN EQUITY



DEXIA SA 513,313 11,590,608 1.58EUR


SHARES

BELGIUM

UCB 169,606 7,410,086 1.01EUR

19,000,694 2.59

MARFIN POPULAR BANKPUBLIC CO

1,255,520 10,069,270 1.37EUR

CYPRUS

10,069,270 1.37


DENMARK

7,778,445 1.06

NESTE OIL OYJ 457,620 11,870,663 1.62EUR

FINLAND

NOKIA OY 423,870 7,218,506 0.98EUR

19,089,169 2.60

AXA 570,756 17,995,936 2.44EUR

FRANCE

BNP PARIBAS 177,192 13,758,959 1.88EUR

CASINO GUICHARD-PERRACH 170,533 12,841,135 1.75EUR

CREDIT AGRICOLE SA. 292,545 8,551,090 1.17EUR


LEGRAND HOLDINGACT.PROV.OPO

230,433 5,707,825 0.78EUR

SAINT-GOBAIN 188,988 13,762,106 1.88EUR


TOTAL SA 336,264 17,684,124 2.41EUR

VALLOUREC 77,167 15,147,882 2.06EUR

125,924,850 17.17


GERMANY



E.ON AG 80,594 8,175,455 1.11EUR


312,981 10,691,431 1.46EUR

LANXESS AG 287,967 11,040,655 1.50EUR

72,923,570 9.94

INVESTMENTS

PAN-EUROPEAN EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)


ANGLO AMERICAN PLC 241,574 9,528,243 1.30GBP

GREAT BRITAIN

ASTRAZENECA PLC 386,887 15,584,281 2.12GBP

BAE SYSTEMS PLC 2,484,378 16,846,546 2.30GBP

BARCLAYS PLC 1,749,966 18,633,567 2.54GBP

BP PLC 3,157,376 25,889,317 3.54GBP


2,065,744 8,474,600 1.16GBP

EMI GROUP PLC 1,760,374 5,861,670 0.80GBP

FKI PLC 3,757,992 6,360,358 0.87GBP

GKN PLC 2,121,788 11,835,021 1.61GBP

HSBC HOLDINGS PLC 1,424,074 18,600,678 2.54GBP

JAZZTEL PLC 4,850,139 3,007,086 0.41EUR

KAZAKHMYS LIMITED 246,734 4,239,491 0.58GBP

LADBROKES PLC 1 6 0.00GBP

NEXT PLC 355,689 11,825,364 1.61GBP

PUNCH TAVERNS LTD 197,607 3,612,033 0.49GBP

RESOLUTION PLC 1,574,666 14,250,867 1.94GBP

SHIRE PLC 626,381 9,707,218 1.32GBP

UNILEVER PLC 894,253 19,952,047 2.72GBP

XSTRATA PLC 262,650 9,982,644 1.36GBP

214,191,037 29.21

BANK OF PIRAEUS 148,130 3,848,417 0.52EUR

GREECE


OPAP 250,822 7,223,674 0.98EUR

23,673,397 3.23

BANK OF IRELAND 405,943 6,482,909 0.88EUR

IRELAND

SMURFIT KAPPA PLC 317,283 5,869,736 0.80EUR

12,352,645 1.68

ENI SPA ROMA 745,559 18,087,261 2.47EUR

ITALY

INTESA SANPAOLO SPA 2,071,279 11,733,796 1.60EUR

UNICREDITO ITALIANO SPA 3,055,075 21,629,931 2.94EUR

51,450,988 7.01


170,174 6,721,873 0.92EUR

NETHERLANDS

BUHRMANN NV 865,731 8,813,142 1.20EUR


28,397,453 3.87

BCO COMM.PORTUG./NAM. 2,909,075 7,854,503 1.07EUR

PORTUGAL

7,854,503 1.07

ACCIONA SA 108,871 17,539,118 2.39EUR

SPAIN

ALTADIS SA/REG. 100,279 4,825,425 0.66EUR


1,196,849 21,902,338 2.98EUR

ENDESA SA 186,828 7,525,432 1.03EUR




GAMESA CORP.TECNOLOGICASA

435,440 11,573,995 1.58EUR

TELEFONICA SA 1,017,068 16,679,915 2.27EUR

80,046,223 10.91

ERICSSON TEL. -B- 3,024,482 8,377,673 1.14SEK

SWEDEN

8,377,673 1.14

JULIUS BAER HOLDING/NAMENAKT.

131,675 13,396,146 1.83CHF

SWITZERLAND

NOVARTIS AG BASEL /NAM. 390,439 16,638,945 2.26CHF

SYNGENTA AG /NAM. 99,482 13,919,362 1.90CHF

43,954,453 5.99

98.84TOTAL SHARES 725,084,370








%



Banks and financial institutions 21.50Energy 10.04Pharmaceuticals and cosmetics 9.61Insurance 7.09News transmission 6.53Food 5.43Mechanics, machinery 5.13Construction, building materials 4.27Chemicals 3.40Electronics and electrical equipment 3.23Coal mines, heavy industries 2.86Holding companies 2.54Miscellaneous 2.41Aerospace technology 2.30Public services 2.14Transport 2.02Real estate companies 1.75Gastronomy 1.47Non-ferrous metals 1.30Office equipment and computers 1.20Retail trade, department stores 1.16Graphic art and publishing 0.80Tobacco and spirits 0.66



PAN-EUROPEAN EQUITY



OMV AG 29,700 1,403,325 1.70EUR


SHARES

AUSTRIA

ZUMTOBEL AG 37,155 943,737 1.14EUR

2,347,062 2.84

CATLIN GROUP LTD 158,500 1,159,347 1.40GBP

BERMUDA ISLANDS

1,159,347 1.40

TELEFONICA O2 CZECHREPUBLIC

61,894 1,202,901 1.46CZK

CZECH REPUBLIC

1,202,901 1.46

KEMIRA OYJ 46,691 797,015 0.96EUR

FINLAND

797,015 0.96

AXA 68,311 2,153,846 2.60EUR

FRANCE

BNP PARIBAS 19,868 1,542,750 1.87EUR

NATIXIS 75,226 1,367,609 1.65EUR

NEOPOST 17,636 1,865,889 2.26EUR

NEUF CEGETEL 41,277 1,147,501 1.39EUR

RENAULT SA 19,110 1,678,622 2.03EUR

SAINT-GOBAIN 22,770 1,658,111 2.01EUR

STE AIR FRANCE 24,700 834,860 1.01EUR

SUEZ 67,758 2,700,156 3.26EUR

VIVENDI 38,217 1,157,593 1.40EUR

WENDEL INVESTISSEMENT 10,110 1,271,939 1.54EUR

17,378,876 21.02


GERMANY


DEUTSCHE BANK AG /NAM. 14,520 1,467,827 1.78EUR




44,793 1,530,129 1.85EUR

HYPO REAL ESTATE HOLDINGAG

23,802 1,121,788 1.36EUR

PROSIEBEN SAT 1MED./VORZ. 58,380 1,524,886 1.84EUR

RWE AG (NEU). ESSEN A 20,168 1,585,608 1.92EUR

INVESTMENTS

PAN-EUROPEAN EQUITY HIGH DIVIDENDStatement of investments as at 31 March 2007 (expressed in EUR)


UNITEDINTERN.&CO/NAMENSAKT

58,500 820,170 0.99EUR

15,294,766 18.50


GREAT BRITAIN

BARCLAYS PLC 121,149 1,289,990 1.56GBP

BRITISH LAND 74,925 1,667,272 2.02GBP


254,145 1,042,616 1.26GBP

FIRST CHOICE HOLIDAYS 209,396 879,837 1.06GBP

HOME RETAIL GROUP PLC 280,550 1,838,409 2.22GBP

VODAFONE GROUP PLC 921,583 1,859,312 2.25GBP

11,541,126 13.96

BQ NATIONA.GRECE/NOM.-S.CP.

37,425 1,511,970 1.83EUR

GREECE


OPAP 37,638 1,083,974 1.31EUR

3,886,264 4.70

C&C GROUP PLC 125,304 1,428,466 1.73EUR

IRELAND

1,428,466 1.73

ASSICURAZIONI GENERALISPA

69,200 2,210,248 2.67EUR

ITALY

BCA POPOLARE DI MILANO 62,133 720,743 0.87EUR

CAPITALIA SPA 282,276 1,896,895 2.29EUR

ENI SPA ROMA 121,589 2,949,749 3.58EUR

7,777,635 9.41


48,964 1,934,078 2.34EUR

NETHERLANDS


KONINKLIJKE KPN NV 121,220 1,419,486 1.72EUR

SNS REAAL NV 52,099 902,355 1.09EUR

USG PEOPLE NV 24,222 751,851 0.91EUR

7,222,288 8.74

NORSKE SKOGINDUSTRIER AS 92,771 1,194,551 1.45NOK

NORWAY

STATOIL ASA 140,660 2,894,432 3.50NOK

4,088,983 4.95

BCO SANTANDER CENTR.HISP /REG.

100,863 1,340,469 1.62EUR

SPAIN

1,340,469 1.62

ENIRO AB 21,461 205,244 0.25SEK

SWEDEN

HENNES & MAURITZ AB 34,333 1,478,938 1.79SEK

NORDEA BANK AB 100,260 1,198,957 1.45SEK

SKF AB B 56,230 861,620 1.04SEK

3,744,759 4.53





7,427 1,601,984 1.94CHF

SWITZERLAND

1,601,984 1.94

97.76TOTAL SHARES 80,811,941

DEUTSCHE BK 07-17.12.17WRT/YIT

32,881 815,120 0.99EUR


GERMANY

815,120 0.99




DT.BK 06-16.12.11 WRT/NESTLE

43,445 1,190,914 1.44EUR



GERMANY

1,190,914 1.44




(0.19)OTHER NET ASSETS LESS LIABILITIES (157,497)




%



Banks and financial institutions 24.44Insurance 10.89News transmission 9.78Energy 8.78Public services 5.18Coal mines, heavy industries 3.88Pharmaceuticals and cosmetics 3.59Transport 3.40Electronics and electrical equipment 3.40Retail trade, department stores 3.05Mechanics, machinery 2.89Gastronomy 2.37Miscellaneous 2.22Holding companies 2.13Graphic art and publishing 2.09Automobile industry 2.03Investment companies 2.02Construction, building materials 2.01Other services 1.90Tobacco and spirits 1.73Forest products and paper industry 1.45Chemicals 0.96

Other net assets less liabilities (0.19)


PAN-EUROPEAN EQUITY HIGH DIVIDEND



SARIN TECHNOLOGIES LTD 9,787,000 3,968,619 3.53SGD


SHARES

ISRAEL

3,968,619 3.53

ALLGREEN PROPERTIES LTD 6,419,500 7,407,198 6.59SGD

SINGAPORE


HO BEE INVESTMENT LTD 5,680,000 8,463,918 7.53SGD

HOTEL PROPERTIES 2,882,000 9,691,229 8.63SGD

HTL INTERNATL HLDGS LTD 2,259,500 1,355,715 1.21SGD

INTER-ROLLER ENGINEERINGLTD

7,650,000 4,514,391 4.02SGD

JARDINE CYCLE & CARRIAGELTD

376,000 2,950,187 2.62SGD


MEIBAN GROUP 1,700,000 325,059 0.29SGD

OVERSEA-CHINESE BK CORP 821,000 4,871,922 4.33SGD

SC GLOBAL DEVELOPMENTSLTD

370,000 1,131,969 1.01SGD

SINGAPORE AIRLINES LTD 436,000 4,772,097 4.24SGD


1,276,000 3,701,843 3.29SGD


2,252,300 4,870,962 4.33SGD

STRAITS ASIA RESOURCESLTD

6,457,000 4,427,706 3.94SGD

STRAITS TRADING CO STCL 639,000 1,744,279 1.55SGD

SUNNINGDALE TECH LTD 1,287,000 246,088 0.22SGD

UNITED TEST & ASSEMBLYCENTER

4,900,000 2,940,033 2.62SGD


VENTURE CORPORATION LTD 495,000 4,765,108 4.24SGD


2,570,000 5,490,259 4.88SGD

87,415,127 77.76

81.29TOTAL SHARES 91,383,746


11,190,000 8,189,696 7.29SGD


BERMUDA ISLANDS

8,189,696 7.29


INVESTMENTS

SINGAPORE EQUITYStatement of investments as at 31 March 2007 (expressed in USD)

Description Quantity Currency Evaluation % netassets SC GLOBAL DEVTS 05-

10.12.10WRT1,502,000 3,070,056 2.73SGD


SINGAPORE

3,070,056 2.73









%



Real estate companies 17.86Gastronomy 17.03Banks and financial institutions 8.70Investment companies 7.29Electronics and electrical equipment 7.08Holding companies 4.33News transmission 4.33Mechanics, machinery 4.31Transport 4.24Coal mines, heavy industries 3.94Precious metals 3.53Graphic art and publishing 3.29Automobile industry 2.62Other business houses 1.55Forest products and paper industry 1.21



SINGAPORE EQUITY





SHARES

SINGAPORE

14,252,005 6.55

AAPICO HITECH PCL/FOR.REG.

8,153,100 3,141,638 1.44THB

THAILAND

ADVANCED INFO SERV. PUB./FOR. REG

2,822,300 5,397,313 2.48THB

AIRPORTS OF THAILAND PUB./FOR. REG.

1,950,000 3,228,213 1.48THB


6,378,800 20,573,921 9.46THB


1,330,000 7,668,362 3.52THB

BEC WORLD PUBLIC CO/FOREIGN

5,700,000 3,546,753 1.63THB

CENTRAL PATTANA PUBLICCO LTD

4,247,900 2,861,448 1.32THB

CHAROONGTHAI&WIRE/FOR.REG.

6,304,800 1,448,661 0.67THB

HANA MICROELECTRONICS/FOR. REG.

8,399,900 6,293,657 2.89THB

HEMARAJ LANDDEVEL.FOREIG.REG.

45,651,700 1,146,672 0.53THB

ITALIAN-THAI DEV. PUB. /FOR.REG.

51,438,800 7,194,267 3.31THB

KASIKORNBANKPUB.COMP./FOR.REG

10,300,000 19,697,525 9.05THB


LAGUNA RESORTS&HOTELS/FOR.REG.

261,000 581,078 0.27THB

LALIN PROPERTYPUB/FOREIGN REG

25,146,600 3,172,497 1.46THB

LAND AND HOUSEPUBLIC/FOR.REG.

32,550,000 6,178,346 2.84THB

LPN DEVELOPMENTPUB./FOR.REG.

34,392,700 5,742,774 2.64THB

MURAMOTO ELECTRON (THAI)PLC /FOR. REG.

320,000 1,735,414 0.80THB

PHATRA SEC.PUBLIC CO LTD/FOR. REG.

2,259,400 1,837,967 0.84THB

PTT EXPL.PROD.PUBLIC/FOR.REG

3,350,000 8,605,715 3.96THB

PTT PLC CO LTD /FOR.REG. 3,265,000 19,384,123 8.91THB

QUALITY HOUSES PUBLIC/FOR.REG

19,967,100 706,702 0.32THB

SIAM COMMERC.BANKPUBL./FOR.REG.

5,280,000 10,248,079 4.71THB

SINO-THAI ENGIN.&CONS/FOR.REG

35,776,100 4,390,976 2.02THB

SRITHAI SUPERWAREPUB./FOR.REG

10,680,000 2,789,279 1.28THB

SUPALAI PUBLIC COLTD/FOREIGN

30,464,400 2,921,672 1.34THB


THAI CANE PAPER /FOR.REG. 10,161,329 4,089,491 1.88THB

INVESTMENTS

THAI EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


THAI OIL PUBLIC CO/FOR.REG. 6,020,000 10,051,988 4.62THB

THAI PLAST.&CHEMIC.PUB./FOR.REG.

11,260,500 5,624,648 2.59THB

THE ERAWAN GROUP/FOR.REG.

51,201,700 4,968,930 2.28THB

TRUE CORP. PUBLIC /FOR.REG.

36,763,000 5,718,828 2.63THB

WORKPOINTENTERTAINM.PUB./FOR.

3,661,500 2,309,675 1.06THB

200,286,187 92.06

98.61TOTAL SHARES 214,538,192








%



Banks and financial institutions 26.77Energy 17.49Real estate companies 9.36Construction, building materials 8.17Gastronomy 6.82News transmission 5.11Electronics and electrical equipment 4.36Transport 4.28Public services 3.52Chemicals 2.59Forest products and paper industry 1.88Other services 1.63Aerospace technology 1.48Mechanics, machinery 1.44Consumer goods 1.28Graphic art and publishing 1.06Holding companies 0.84Tyres and rubber 0.53



THAI EQUITY



ANGLO AMERICAN PLC 119,901 3,213,347 3.28GBP


SHARES

GREAT BRITAIN


AVIVA PLC 235,885 1,767,253 1.81GBP

BAE SYSTEMS PLC 712,102 3,281,010 3.35GBP

BARCLAYS PLC 714,001 5,165,797 5.28GBP

BBA AVIATION PLC 1 3 0.00GBP

BG GROUP PLC 279,708 2,060,049 2.10GBP

BP PLC 1,436,334 8,002,430 8.19GBP

BRITISH AMERICAN TOBACCO 70,253 1,110,700 1.13GBP

BT GROUP PLC 250,848 763,989 0.78GBP


398,281 1,110,208 1.13GBP

CENTRICA PLC 545,694 2,067,416 2.11GBP

CLIPPER WINDPOWER PLC 193,183 1,358,076 1.39GBP

DANA PETROLEUM PLC 65,068 646,776 0.66GBP

DOMESTIC & GENERALGROUP PLC

171,858 2,027,924 2.07GBP

ECONERGY INTERNATIONALPLC

626,326 538,640 0.55GBP

EMI GROUP PLC 409,471 926,428 0.95GBP

EXPERIAN GROUP LTD 228,303 1,337,011 1.37GBP

FIBERWEB PLC 1 2 0.00GBP

FKI PLC 784,588 902,276 0.92GBP

GKN PLC 548,097 2,077,288 2.12GBP

GLAXOSMITHKLINE PLC 104,492 1,454,194 1.49GBP

HANSON PLC 227,295 1,854,727 1.89GBP

HBOS PLC 426,210 4,472,482 4.57GBP

HELPHIRE GROUP LONDON 501,828 2,218,080 2.27GBP

HOMESERVE 80,711 1,437,382 1.47GBP

HSBC HOLDINGS PLC 723,468 6,420,779 6.56GBP

ICAP PLC 305,498 1,605,392 1.64GBP

INCHCAPE PLC 341,141 1,944,504 1.99GBP

JOHNSON MATTHEY PLC 145,942 2,293,479 2.34GBP

KAZAKHMYS LIMITED 83,133 970,578 0.99GBP

LEGAL & GENERAL GROUPPLC

1,139,582 1,788,574 1.83GBP

MARKS AND SPENCER 175,276 1,190,124 1.22GBP

NEXT PLC 71,217 1,608,792 1.64GBP

PETROFAC LTD 223,704 990,449 1.01GBP

PUNCH TAVERNS LTD 67,229 834,984 0.85GBP

RECKITT BENCKISER PLC 36,242 954,252 0.97GBP

RESOLUTION PLC 353,169 2,171,739 2.22GBP

ROYAL DUTCH SHELL -B- 175,865 2,995,632 3.06GBP

INVESTMENTS

UK EQUITYStatement of investments as at 31 March 2007 (expressed in GBP)


SCOTTISH POWER PLC 185,546 1,487,151 1.52GBP

SHIRE PLC 168,107 1,770,167 1.81GBP

SIG PLC 162,026 2,051,249 2.10GBP

SOCO INTL PLC 43,731 691,387 0.71GBP

TRADING EMISSIONS PLC 600,000 733,164 0.75GBP

UNILEVER PLC 144,195 2,185,996 2.23GBP

UTD BUSINESS MEDIA PLC 177,941 1,423,528 1.45GBP

VODAFONE GROUP PLC 1,312,447 1,799,168 1.84GBP

XSTRATA PLC 89,399 2,308,729 2.36GBP

3I GROUP PLC 145,020 1,646,209 1.68GBP

94,950,401 97.01

RAVEN RUSSIA PLC 996,983 1,203,857 1.23GBP

GUERNSEY

1,203,857 1.23

98.24TOTAL SHARES 96,154,258



TRADING EMISSIONS PLC -C- 552,140 615,636 0.63GBP


SHARES

GREAT BRITAIN

615,636 0.63








%



Energy 14.72Holding companies 12.32Banks and financial institutions 12.12Insurance 7.93Pharmaceuticals and cosmetics 6.66Public services 6.48Miscellaneous 5.63Coal mines, heavy industries 4.36Aerospace technology 3.35Non-ferrous metals 3.28News transmission 2.62Graphic art and publishing 2.40Retail trade, department stores 2.35Precious metals 2.34Food 2.23Mechanics, machinery 2.12Other services 2.10Other business houses 1.99Tobacco and spirits 1.13Consumer goods 0.97Electronics and electrical equipment 0.92Gastronomy 0.85Transport 0.00



UK EQUITY



ABBOTT LABORATORIES INC 58,300 3,253,723 1.66USD


SHARES

UNITED STATES

ADOBE SYSTEMS INC 33,223 1,379,751 0.70USD

ALLTEL CORP. 16,000 999,680 0.51USD

ALTRIA GROUP 37,000 3,224,180 1.65USD


53,652 3,605,414 1.84USD

APPLE INC 32,504 3,047,250 1.56USD

APPLIED MATERIALS INC 54,500 1,008,250 0.51USD

AT & T 104,545 4,095,028 2.08USD

BEAR STEARNS COMPANIES 17,034 2,573,497 1.31USD

CARDINAL HEALTH INC 25,000 1,812,750 0.93USD

CHEVRON CORPORATION 56,541 4,237,748 2.15USD

CISCO SYSTEMS INC 151,945 3,863,961 1.97USD

CITRIX SYSTEMS INC 45,000 1,423,800 0.73USD

COCA-COLA CO 64,661 3,110,841 1.59USD

COGNIZANT TECHNOLOGYSOL.CORP

15,000 1,345,350 0.69USD

CONAGRA FOODS INC 30,000 737,700 0.38USD

COOPER INDUSTRIES LTD -A- 40,000 1,812,800 0.93USD

DEERE & CO. 10,841 1,175,923 0.60USD

ENSCO INTL INC. 29,446 1,629,836 0.83USD

EXPRESS SCRIPTS INC - A- 26,000 2,126,280 1.09USD


FEDEX CORP. 15,600 1,680,120 0.86USD

FISERV INC. 19,376 1,026,734 0.52USD

FOREST LABORATORIES 39,800 2,052,486 1.05USD

FPL GROUP INC 15,000 925,500 0.47USD

FRANKLIN RESOURCES INC. 23,702 2,855,380 1.46USD


24,000 1,568,400 0.80USD


GILEAD SCIENCES INC. 49,235 3,754,169 1.92USD

GOOGLE INC A 4,600 2,120,232 1.08USD

GRAINGER INC WW 23,200 1,777,584 0.91USD

HALLIBURTON CO 53,856 1,725,546 0.88USD

IBM CORP 40,879 3,865,927 1.97USD

INTEL CORP 88,000 1,679,920 0.86USD

J.P. MORGAN CHASE & CO 96,506 4,680,541 2.38USD

KEYCORP 45,000 1,697,400 0.87USD

LEHMAN BROTHERS HOLD.INC

38,212 2,686,686 1.37USD

LOCKHEED MARTIN CORP 22,700 2,226,870 1.14USD

LSI LOGIC CORP. 45,000 451,350 0.23USD

INVESTMENTS

US EQUITYStatement of investments as at 31 March 2007 (expressed in USD)


MARRIOTT INTL INC. -A- 30,902 1,505,854 0.77USD

MCDONALD'S CORP. 50,172 2,251,218 1.15USD


24,378 1,527,038 0.78USD

MERRILL LYNCH & CO INC 39,100 3,187,041 1.63USD

METLIFE INC 35,440 2,244,770 1.15USD

MICROSOFT CORP 173,753 4,821,646 2.45USD

MORGAN STANLEY 45,000 3,529,350 1.80USD

NATIONAL OILWELL VARCOINC

22,000 1,731,620 0.88USD

NEWMONT MINING CORP 35,000 1,487,150 0.76USD

NEWS CORP -A- 85,248 1,953,032 1.00USD

NIKE INC -B- 17,927 1,881,797 0.96USD

NVIDIA CORP. 35,000 1,004,500 0.51USD

OMNICOM GROUP INC. 14,800 1,514,336 0.77USD

PACTIV CORP. 38,000 1,288,200 0.66USD

PNC FINANCIAL SERVICESGROUP

25,800 1,861,470 0.95USD

PRAXAIR 24,000 1,510,080 0.77USD

PRINCIPAL FINANCIAL GROUPINC

28,000 1,676,080 0.86USD

PRUDENTIAL FINANCIAL INC 24,053 2,167,416 1.11USD

PUBL.SERV.ENTERPRISE 25,971 2,165,202 1.11USD

Q LOGIC CORP 36,000 612,000 0.31USD

QUALCOMM INC. 48,163 2,034,887 1.04USD

ROCKWELL COLLINS 27,500 1,839,475 0.94USD

ROHM + HAAS CO. 22,000 1,139,160 0.58USD

SCHLUMBERGER LTD 35,096 2,480,234 1.27USD

SEARS HOLDINGS CORP 11,947 2,164,796 1.10USD

TARGET CORP 43,558 2,602,591 1.33USD

TIFFANY & CO 35,500 1,617,735 0.83USD

TIME WARNER INC 117,755 2,337,437 1.19USD

UNITED HEALTH GROUP INC 44,815 2,368,025 1.21USD


39,376 2,559,046 1.31USD


44,120 2,873,977 1.47USD


71,297 2,678,628 1.37USD

WACHOVIA CORP 51,337 2,836,883 1.45USD

WALGREEN CO. 60,000 2,772,000 1.41USD

WALT DISNEY /DISNEY SER. 73,359 2,522,816 1.29USD

WASTE MANAGEMENT INC. 34,800 1,208,256 0.62USD

WATERS CORPORATION 36,500 2,087,070 1.07USD

WELLPOINT INC 26,386 2,121,698 1.08USD

WYETH 78,595 3,921,891 2.00USD

181,100,169 92.43

92.43TOTAL SHARES 181,100,169








%



Holding companies 17.06Energy 9.45Pharmaceuticals and cosmetics 6.73Internet Software 6.68Office equipment and computers 5.50News transmission 5.00Electronics and electrical equipment 4.82Banks and financial institutions 4.70Insurance 3.85Aerospace technology 3.39Graphic art and publishing 2.74Retail trade, department stores 2.74Miscellaneous 2.08Food 1.97Gastronomy 1.92Biotechnology 1.92Tobacco and spirits 1.65Public services 1.58Precious metals 1.56Chemicals 1.35Healthcare, education and social services 1.21Textile 0.96Transport 0.86Consumer goods 0.83Package and container industry 0.66Environmental services & recycling 0.62Mechanics, machinery 0.60



US EQUITY



WEATHERFORDINTERNATIONAL LTD

1,126 51,965 0.12USD


SHARES

BERMUDA ISLANDS

51,965 0.12

ABBOTT LABORATORIES INC 5,225 291,607 0.67USD

UNITED STATES

ABERCROMBIE & FITCH "A" 300 22,803 0.05USD

ACE LTD 1,039 59,618 0.14USD

ADC TELECOMMUNICATIONSINC.

345 5,765 0.01USD

ADOBE SYSTEMS INC 1,995 82,852 0.19USD

ADVANCED MICRO DEVICESINC

1,672 21,870 0.05USD

AES CORP. 2,116 46,044 0.11USD

AETNA INC 1,785 77,558 0.18USD

AFFILIATED COMPUTER SERV. 331 19,532 0.04USD

AFLAC INC. 1,660 77,887 0.18USD

AGILENT TECHNOLOGIES 1,371 46,216 0.11USD

AIR PRODUCTS & CHEMICALS 755 55,681 0.13USD

ALCOA INC 2,928 98,615 0.23USD

ALLEGHENY ENERGY INC 520 25,709 0.06USD

ALLEGHENYTECHNOLOGIES/WHEN ISS

323 34,784 0.08USD

ALLERGAN INC. 517 57,232 0.13USD

ALLIED WASTE INDUSTRIESINC.

949 12,052 0.03USD

ALLSTATE CORP 2,082 125,253 0.29USD

ALLTEL CORP. 1,171 73,164 0.17USD

ALTERA CORP 1,107 22,251 0.05USD

ALTRIA GROUP 7,081 617,038 1.41USD

AMAZON COM INC 1,033 41,124 0.09USD

AMBAC FINANCIAL GROUP INC 362 31,251 0.07USD

AMEREN CORP 718 36,726 0.08USD

AMERICAN ELECTRIC POWERCO.INC

1,354 66,387 0.15USD

AMERICAN EXPRESS CO. 4,042 228,211 0.52USD


8,793 590,890 1.35USD

AMERICAN STANDARD CIESINC

588 31,211 0.07USD

AMERIPRISE FINANCIALINC/WH.I

736 42,173 0.10USD

AMERISOURCEBERGEN CORP 671 35,878 0.08USD

AMGEN INC 3,952 220,640 0.50USD

ANADARKO PETROL.CORP. 1,575 68,182 0.16USD

ANALOG DEVICES INC 1,088 37,384 0.09USD

INVESTMENTS

US INDEXStatement of investments as at 31 March 2007 (expressed in USD)


ANHEUSER-BUSCH COS INC 2,568 128,811 0.29USD

AON CORP 1,017 38,727 0.09USD

APACHE CORP. 1,140 81,510 0.19USD

APARTMENT INV.+MANAG. A 383 21,854 0.05USD

APOLLO GROUP INC. A 463 20,539 0.05USD

APPLE INC 2,904 272,250 0.62USD

APPLERA /APPLIEDBIOSYSTEMS GR

603 17,740 0.04USD

APPLIED MATERIALS INC 4,728 87,468 0.20USD

ARCHER-DANIELS MIDLANDCO.

2,214 81,387 0.19USD

ARCHSTONE SMITH TRUST 760 40,379 0.09USD

ASHLAND INC 211 13,913 0.03USD

AT & T 21,078 825,624 1.87USD

AUTODESK INC. 778 28,903 0.07USD

AUTOMATIC DATA PROCES. 1,877 91,579 0.21USD

AUTONATION INC 624 13,141 0.03USD

AUTOZONE INC 144 18,386 0.04USD

AVALONBAY COMMUNITIESINC.

250 31,455 0.07USD

AVAYA INC 1,348 15,718 0.04USD

AVERY DENNISON CORP 328 21,133 0.05USD

AVON PRODUCTS INC. 1,484 55,264 0.13USD

BAKER HUGHES INC 1,018 68,369 0.16USD

BALL CORP. 336 15,516 0.04USD


BANK OF NEW YORK CO 2,532 102,698 0.23USD

BARD (C.R.) INC 331 26,358 0.06USD

BARR PHARMACEUTICALS INC 339 15,719 0.04USD

BAUSCH & LOMB INC 159 7,977 0.02USD

BAXTER INTL INC. 2,178 115,913 0.26USD

BB&T CORPORATION 1,822 75,358 0.17USD

BEAR STEARNS COMPANIES 424 64,058 0.15USD

BECTON DICKINSON & CO. 833 63,400 0.14USD

BED BATH & BEYOND INC. 965 38,291 0.09USD

BEMIS CO INC 320 10,726 0.02USD

BEST BUY CO INC 1,376 67,328 0.15USD

BIG LOTS 343 11,010 0.03USD

BIOGEN IDEC INC 1,174 51,985 0.12USD

BIOMET INC. 795 33,780 0.08USD

BJ SERVICES CO 989 27,850 0.06USD

BLACK & DECKER CORP 219 17,838 0.04USD

BLOCK INC. H+R 979 20,402 0.05USD

BMC SOFTWARE INC. 663 20,712 0.05USD

BOEING CO 2,651 237,954 0.54USD

BOSTON PROPERTIES 402 46,089 0.11USD

BOSTON SCIENTIFIC CORP. 3,995 58,087 0.13USD

BRISTOL MYERS SQUIBB CO 6,832 190,681 0.44USD

BROADCOM CORP -A- 1,603 49,773 0.11USD

BROWN-FORMAN CORP. B/NON-VOT.

256 16,758 0.04USD

BRUNSWICK CORP 287 9,066 0.02USD

BURLINGTON NORTHERNSANTA FE

1,217 97,384 0.22USD

CAMPBELL SOUP CO. 727 28,084 0.06USD

CAPITAL ONE FINANCIALCORP

1,407 106,440 0.24USD

CARDINAL HEALTH INC 1,365 98,976 0.23USD

CARNIVAL CORP 1,503 70,476 0.16USD




CATERPILLAR INC. 2,175 143,963 0.33USD

CB RICHARD ELLIS GROUPINC -A-

600 20,478 0.05USD

CBS CORP -B- /WHEN ISSUED 2,404 73,322 0.17USD

CELGENE CORP. 1,250 65,875 0.15USD

CENTERPOINT ENERGY INC 1,115 20,182 0.05USD

CENTEX CORP 437 18,262 0.04USD

CENTURYTEL 353 15,860 0.04USD

CHARLES SCHWAB CORP 3,448 63,305 0.14USD

CHESAPEAKE ENERGY 1,367 42,459 0.10USD

CHEVRON CORPORATION 7,293 546,610 1.25USD

CHICAGO MERCANTILEEX.HLDGS-A-

110 58,422 0.13USD

C.H.ROBINSON WORLDWIDEINC

550 26,169 0.06USD

CHUBB CORP 1,364 70,942 0.16USD

CIENA CORP 242 6,720 0.02USD

CIGNA CORP. 324 45,927 0.10USD

CINCINNATI FINANCIAL CORP 526 22,287 0.05USD

CINTAS 437 15,793 0.04USD

CIRCUIT CITY STORES 479 8,828 0.02USD


CIT GROUP INC 588 31,287 0.07USD


CITIZENS COMMUNICATIONSCO

1,175 17,378 0.04USD

CITRIX SYSTEMS INC 588 18,604 0.04USD

CLEAR CHANNELCOMMUNICATIONS

1,664 57,924 0.13USD

CLOROX CO 479 30,685 0.07USD

CMS ENERGY CORP. 697 12,448 0.03USD

COACH INC 1,248 62,150 0.14USD

COCA COLA ENTERPRISE 964 19,299 0.04USD

COCA-COLA CO 6,789 326,619 0.75USD

COGNIZANT TECHNOLOGYSOL.CORP

500 44,845 0.10USD

COLGATE-PALMOLIVE CO. 1,723 115,165 0.26USD

COMCAST CORP/-A- 10,518 271,995 0.62USD

COMERICA INC. 529 31,523 0.07USD

COMMERCE BANCORP 565 18,984 0.04USD

COMPASS BANCSHARES INC. 377 25,881 0.06USD

COMPUTER ASSOCIATES INTLINC

1,317 34,295 0.08USD

COMPUTER SCIENCES CORP 599 31,334 0.07USD

COMPUWARE CORP. 1,152 10,898 0.02USD

CONAGRA FOODS INC 1,762 43,328 0.10USD

CONOCOPHILLIPS 5,568 385,139 0.88USD

CONSOL ENERGY INC 565 21,956 0.05USD

CONSOLIDATED EDISON INC 834 42,743 0.10USD

CONSTELLATION BRAND -A- 622 12,956 0.03USD

CONSTELLATION ENERGYGROUP INC

630 54,823 0.13USD

CONVERGYS CORP 426 10,803 0.02USD

COOPER INDUSTRIES LTD -A- 616 27,917 0.06USD

CORNING INC. 5,299 120,976 0.28USD

COSTCO WHOLESALE CORP 1,550 83,235 0.19USD


1,886 63,841 0.15USD

COVENTRY HEALTH CARE INC. 580 32,283 0.07USD

CSX CORP. 1,498 59,785 0.14USD

CUMMINS INC 172 24,926 0.06USD


CVS/CAREMARK CORP 5,204 177,769 0.41USD

DANAHER CORP 750 52,950 0.12USD

DARDEN RESTAURANTS 533 22,199 0.05USD

DEAN FOODS CO 377 17,436 0.04USD

DEERE & CO. 776 84,173 0.19USD

DELL INC 7,686 179,776 0.41USD

DEVELOPERS DIVERSIFIEDREALTY

870 54,593 0.12USD

DEVON ENERGY CORP.(NEW) 1,503 105,285 0.24USD

DILLARDS INC A 249 8,195 0.02USD

DIRECTV GROUP INC 2,600 59,462 0.14USD

DOLLAR GENERAL CORP. 1,047 22,123 0.05USD

DOMINION RESOURCES INC 1,170 104,282 0.24USD

DONNELLEY AND SONS.RR 752 27,644 0.06USD

DOVER CORP. 707 34,473 0.08USD

DOW CHEMICAL CO 3,225 148,479 0.34USD

DOW JONES + CO INC. 113 3,868 0.01USD

DR HORTON INC 904 19,960 0.05USD

DTE ENERGY COMPANY 620 29,872 0.07USD

DU PONT (E.I.) DE NEMOURS. 3,138 154,954 0.35USD

DUKE ENERGY HOLDINGCORP

4,218 86,342 0.20USD

DYNEGY INC. A 1,000 9,470 0.02USD

E TRADE FINANCIAL CORP 1,374 29,101 0.07USD

EASTMAN CHEMICAL CO 334 20,985 0.05USD

EASTMAN KODAK CO. 930 21,037 0.05USD

EATON CORP 483 40,055 0.09USD

EBAY INC 3,855 127,369 0.29USD

ECOLAB INC. 580 24,778 0.06USD

EDISON INTERNATIONAL 1,121 55,512 0.13USD

EL PASO ENERGY CORP 2,172 31,820 0.07USD

ELECTRONIC ARTS 1,042 53,444 0.12USD

ELECTRONIC DATA SYSTEMS 1,726 48,121 0.11USD

EMBARQ CORP 465 26,119 0.06USD

EMC CORP 6,983 95,388 0.22USD

EMERSON ELECTRIC CO. 2,716 116,516 0.27USD

ENSCO INTL INC. 500 27,675 0.06USD

ENTERGY CORP. 690 72,560 0.17USD

EOG RESOURCES INC. 817 58,718 0.13USD

EQUIFAX INC 407 14,876 0.03USD

EQUITY RESIDENTIAL SBI 956 45,573 0.10USD

ESTEE LAUDER COS A 383 18,679 0.04USD

E.W. SCRIPPS CO A 264 11,774 0.03USD

EXELON CORP 2,286 157,963 0.36USD

EXPRESS SCRIPTS INC - A- 460 37,619 0.09USD


FAMILY DOLLAR STORES INC. 501 14,659 0.03USD

FANNIE MAE 3,276 180,802 0.41USD

FEDERATEDDEPARTM.STORES

1,787 81,058 0.18USD

FEDERATED INVESTORS INC.B

255 9,379 0.02USD

FEDEX CORP. 1,050 113,085 0.26USD

FIDELITY NATIONAL INFORMSERV

500 22,750 0.05USD

FIFTH THIRD BANCORP 1,879 73,262 0.17USD

FIRST DATA CORP 2,552 67,526 0.15USD

FIRST HORIZON NATL CORP 369 15,343 0.04USD

FIRSTENERGY CORP 1,121 74,905 0.17USD




FISERV INC. 536 28,403 0.06USD

FLUOR CORP (NEW) 289 25,975 0.06USD

FORD MOTOR CO 6,388 50,785 0.12USD

FOREST LABORATORIES 1,090 56,211 0.13USD

FORTUNE BRANDS 498 39,198 0.09USD

FPL GROUP INC 1,389 85,701 0.20USD

FRANKLIN RESOURCES INC. 579 69,752 0.16USD

FREDDIE MAC 2,365 141,474 0.32USD


1,249 81,622 0.19USD

GANNETT CO INC 808 45,402 0.10USD

GAP INC. 1,600 27,728 0.06USD

GENERAL DYNAMICS CORP 1,365 104,627 0.24USD


GENERAL MILLS INC 1,197 69,330 0.16USD

GENERAL MOTORS CORP. 1,857 57,363 0.13USD

GENUINE PARTS CO 620 30,225 0.07USD

GENWAORTH FINANCIAL / -A- 1,392 48,720 0.11USD

GENZYME CORP. 823 49,438 0.11USD

GILEAD SCIENCES INC. 1,557 118,721 0.27USD

GOLDMAN SACHS GROUP INC 1,396 289,251 0.66USD

GOODRICH CORP 354 18,281 0.04USD

GOODYEAR TIRE & RUBBER 674 20,894 0.05USD


GRAINGER INC WW 246 18,849 0.04USD

HALLIBURTON CO 3,388 108,552 0.25USD

HARLEY DAVIDSON INC. 806 47,030 0.11USD

HARMAN INTL INDUSTRIES INC 208 20,126 0.05USD

HARRAHS ENTERTAINMENTINC

620 52,291 0.12USD

HARTFORD FIN.SERV.GROUP 1,089 104,283 0.24USD

HASBRO INC. 627 18,064 0.04USD

HEINZ (H.J.) CO 1,128 53,039 0.12USD

HERCULES INC. 332 6,564 0.01USD

HESS CORP 857 48,772 0.11USD


HILTON HOTELS CORP. 1,304 46,918 0.11USD


HONEYWELL INTERNATIONALINC.

2,703 124,176 0.28USD

HOSPIRA INC 566 22,991 0.05USD

HOST HOTELS & RESORTS INC 1,650 42,983 0.10USD

HUDSON CITY BANCORP INC 1,650 22,490 0.05USD

HUMANA INC 575 32,936 0.08USD

HUNTINGTON BANCSHARESINC.

686 15,085 0.03USD

IAC/INTERACTIVE CORP/WHENISS.

750 28,193 0.06USD

IBM CORP 5,102 482,496 1.10USD

ILLINOIS TOOL WORKS 1,380 71,153 0.16USD

IMS HEALTH 697 20,617 0.05USD

INGERSOLL-RAND COMPANY -A-

994 43,070 0.10USD

INTEGRYS ENERGY GROUPINC

243 13,572 0.03USD

INTEL CORP 19,467 371,625 0.85USD

INTERNATIONAL PAPER CO 1,487 53,368 0.12USD

INTERPUBLIC GROUP 1,558 19,148 0.04USD

INTL FLAVORS & FRAGR. 283 13,352 0.03USD

INTL GAME TECHNOLOGY 1,138 46,203 0.11USD


INTUIT 1,144 30,945 0.07USD

ITT CORP 650 39,117 0.09USD

JABIL CIRCUIT INC. 611 13,069 0.03USD

JANUS CAPITAL GROUP INC 712 14,966 0.03USD

JDS UNIPHASE CORP 536 8,104 0.02USD

JOHNSON & JOHNSON 9,763 589,099 1.34USD

JOHNSON CONTROLS INC. 677 64,498 0.15USD

JONES APPAREL GROUP LTD 373 11,488 0.03USD

J.P. MORGAN CHASE & CO 11,712 568,032 1.30USD

JUNIPER NETWORKS INC. 1,970 39,223 0.09USD

KB HOME 223 9,598 0.02USD

KELLOGG CO 823 42,121 0.10USD

KEYCORP 1,366 51,526 0.12USD

KEYSPAN CORP 554 22,764 0.05USD

KIMBERLY CLARK CORP 1,516 104,301 0.24USD

KIMCO REALTY CORP. 778 37,577 0.09USD

KINDER MORGAN INC 353 37,531 0.09USD

KING PHARMACEUTICALS INC 870 17,078 0.04USD

KLA TENCOR CORPORATION 753 40,263 0.09USD

KOHL'S CORP 1,131 86,205 0.20USD

KROGER CO. 2,274 63,672 0.15USD

LABORATORY CORP OFAMER.HLD

358 26,059 0.06USD

LEGG MASON INC. 465 44,073 0.10USD

LEGGETT + PLATT INC. 573 12,898 0.03USD

LEHMAN BROTHERS HOLD.INC

1,770 124,449 0.28USD

LENNAR CORP. -A- 465 20,018 0.05USD

LEXMARK INTL INC. 292 17,041 0.04USD

LILLY (ELI) & CO 3,354 179,137 0.41USD

LIMITED BRANDS INC 1,164 30,613 0.07USD

LINCOLN NATIONAL CORP. 923 62,349 0.14USD

LINEAR TECHNOLOGY 1,040 32,729 0.07USD

LIZ CLAIBORNE INC. 320 13,546 0.03USD

LOCKHEED MARTIN CORP 1,193 117,033 0.27USD

LOEWS CORP 1,542 70,577 0.16USD

LOWE S COMPANIES INC. 5,139 160,028 0.37USD

LSI LOGIC CORP. 1,549 15,536 0.04USD

L-3 COMMUNICATIONS HLDSINC

427 37,405 0.09USD

MANOR CARE INC 260 14,087 0.03USD

MARATHON OIL CORP. 1,176 119,787 0.27USD

MARRIOTT INTL INC. -A- 1,087 52,970 0.12USD

MARSH & MC-LENNAN COSINC

1,756 51,802 0.12USD

MARSHALL & ILSLEY CORP. 872 40,609 0.09USD

MASCO CORP. 1,260 34,310 0.08USD

MATTEL INC 1,385 38,337 0.09USD

MAXIM INTEGRATEDPRODUCTS

1,106 32,892 0.08USD

MBIA INC. 469 30,846 0.07USD

MC-CORMICK&CO/N.VOTING 432 16,615 0.04USD

MCDONALD'S CORP. 4,080 183,070 0.42USD


1,177 73,727 0.17USD

MCKESSON CORP 1,032 59,990 0.14USD

MEADWESTVACO CORP 515 15,723 0.04USD

MEDCOHEALTH SOLUTIONS 1,005 72,189 0.16USD

MEDIMMUNE INC 799 28,540 0.07USD




MEDTRONIC INC 3,885 190,248 0.43USD

MELLON FINANCIAL CO 1,417 61,002 0.14USD

MERCK & CO INC 7,316 321,538 0.73USD

MEREDITH CORP. 151 8,693 0.02USD

MERRILL LYNCH & CO INC 2,996 244,204 0.56USD

METLIFE INC 2,549 161,454 0.37USD

MGIC INVESTMENT CORP 294 17,146 0.04USD

MICRON TECHNOLOGY INC 2,549 30,180 0.07USD


MILLIPORE CORP 147 10,497 0.02USD

MOLEX INC. 490 13,794 0.03USD

MOLSON COORS BREW.-B-/NON-VOT

159 14,943 0.03USD

MONSANTO CO 1,840 100,961 0.23USD

MONSTER WORLDWIDE INC 454 21,392 0.05USD

MOODY S CORP / WHENISSUED

731 45,388 0.10USD

MORGAN STANLEY 3,600 282,348 0.64USD


M&T BANK CORPORATION 256 29,791 0.07USD

MURPHY OIL CORP. 590 32,008 0.07USD

MYLAN LABORATORIES INC 670 14,077 0.03USD

NABORS INDUSTRIES LTD 964 28,853 0.07USD

NATIONAL CITY CORP. 2,022 75,845 0.17USD

NATIONAL OILWELL VARCOINC

597 46,990 0.11USD

NATIONAL SEMICONDUCTORCORP

1,022 24,354 0.06USD

NCR CORP 658 31,591 0.07USD

NETWORK APPLIANCE CORP 1,226 44,614 0.10USD

NEW YORK TIMES -A- 437 10,291 0.02USD

NEWELL RUBBERMAID INC. 978 30,494 0.07USD

NEWMONT MINING CORP 1,513 64,287 0.15USD

NEWS CORP -A- 7,935 181,791 0.41USD

NICOR INC. 132 6,407 0.01USD

NIKE INC -B- 640 67,181 0.15USD

NISOURCE INC 934 22,995 0.05USD

NOBLE CORP 450 35,762 0.08USD

NORDSTROM INC 704 36,721 0.08USD

NORFOLK SOUTHERN CORP. 1,357 67,755 0.15USD

NORTHERN TRUST CORP 643 38,831 0.09USD

NORTHROP GRUMMAN CORP 1,176 87,965 0.20USD

NOVELL INC. 1,152 8,398 0.02USD

NOVELLUS SYSTEMS INC 338 10,884 0.02USD

NUCOR CORP. 1,049 69,349 0.16USD

NVIDIA CORP. 1,145 32,862 0.07USD

OCCIDENTAL PETROLEUMCORP

2,850 143,355 0.33USD

OFFICE DEPOT INC 834 29,190 0.07USD

OFFICEMAX INC 264 13,646 0.03USD

OMNICOM GROUP INC. 570 58,322 0.13USD

ORACLE CORP 13,477 244,742 0.56USD

PACCAR INC. 854 62,974 0.14USD

PACTIV CORP. 448 15,187 0.03USD

PALL CORP. 373 14,077 0.03USD

PARKER-HANNIFIN 392 33,653 0.08USD

PATTERSON COMPANIES INC 420 14,826 0.03USD

PAYCHEX INC. 1,157 44,464 0.10USD

PEABODY ENERGY 900 36,315 0.08USD


PENNEY (J.C.) CO.INC 739 60,059 0.14USD

PEPSI BOTTLING GROUP INC 456 14,501 0.03USD

PEPSICO INC 5,550 352,925 0.81USD

PERKINELMER INC 381 9,133 0.02USD

PFIZER INC 23,978 609,281 1.39USD

PG&E CORP (HOLDING CO) 1,189 57,750 0.13USD

PINNACLE WEST CAP.CORP. 272 13,225 0.03USD

PITNEY BOWES INC 765 34,762 0.08USD

PLUM CREEK TIMBER CO INC 584 22,811 0.05USD

PMC-SIERRA INC. 527 3,320 0.01USD

PNC FINANCIAL SERVICESGROUP

1,186 85,570 0.20USD

POLO RALPH LAUREN A 250 21,883 0.05USD

PPG INDUSTRIES INC. 575 40,601 0.09USD

PPL CORP 1,305 53,805 0.12USD

PRAXAIR 1,106 69,590 0.16USD

PRINCIPAL FINANCIAL GROUPINC

878 52,557 0.12USD


PROGRESS ENERGY INC 870 44,205 0.10USD

PROGRESSIVE CORP 2,629 57,338 0.13USD

PROLOGIS/SHS OF BENEF.INT 851 54,796 0.13USD

PRUDENTIAL FINANCIAL INC 1,585 142,824 0.33USD

PUBLIC STORAGE INC. 404 37,928 0.09USD

PUBL.SERV.ENTERPRISE 841 70,114 0.16USD

PULTE HOMES INC 678 17,926 0.04USD

Q LOGIC CORP 550 9,350 0.02USD

QUALCOMM INC. 5,616 237,276 0.54USD

QUEST DIAGNOSTICS INC. 479 23,912 0.05USD

QUESTAR CORP 300 27,081 0.06USD


5,267 47,140 0.11USD

RADIOSHACK CORP. 475 12,896 0.03USD

RAYTHEON COMPANY 1,489 78,366 0.18USD

REALOGY CORP 786 23,336 0.05USD

REGIONS FINANCIAL CORP 2,447 87,064 0.20USD

REYNOLDS AMERICAN INC 544 34,288 0.08USD

ROBERT HALF INTL INC. 512 19,005 0.04USD

ROCKWELL AUTOMATION 512 30,756 0.07USD

ROCKWELL COLLINS 565 37,793 0.09USD

ROHM + HAAS CO. 463 23,974 0.05USD

ROWAN COMPANIES INC 317 10,442 0.02USD

RYDER SYSTEM INC. 192 9,352 0.02USD

SABRE HOLDINGS CORP 411 13,448 0.03USD

SAFECO CORP 339 22,608 0.05USD

SAFEWAY INC. 1,534 56,160 0.13USD

SANDISK CORP 765 33,522 0.08USD

SANMINA-SCI CORP 1,551 5,522 0.01USD

SARA LEE CORP. 2,589 43,418 0.10USD

SCHERING-PLOUGH CORP 5,040 128,318 0.29USD

SCHLUMBERGER LTD 3,984 281,549 0.64USD

SEALED AIR CORP (NEW) 498 15,787 0.04USD

SEARS HOLDINGS CORP 303 54,904 0.13USD

SEMPRA ENERGY 914 56,147 0.13USD

SHERWIN-WILLIAMS CO. 369 24,229 0.06USD

SIGMA-ALDRICH CORP 416 17,322 0.04USD

SIMON PROPERTY/PAIREDSHS

739 80,699 0.18USD




SLM CORP 1,393 56,807 0.13USD

SMITH INTERNATIONAL INC 650 31,571 0.07USD

SNAP-ON INC 174 8,380 0.02USD

SOLECTRON CORP 2,865 8,824 0.02USD

SOUTHERN CO 2,536 93,604 0.21USD

SOUTHWEST AIRLINES CO 2,627 38,433 0.09USD

SOVEREIGN BANCORP INC. 1,194 30,328 0.07USD

SPECTRA ENERGY CORP 2,134 55,399 0.13USD


9,783 185,877 0.42USD

ST JUDE MEDICAL INC 1,099 41,267 0.09USD

STANLEY WORKS 245 13,553 0.03USD

STAPLES INC 2,419 62,870 0.14USD

STARBUCKS CORP. 2,559 80,173 0.18USD

STARWOOD HOTELSRESORTS WW

747 48,480 0.11USD

STATE STREET CORP 1,139 74,115 0.17USD

STRYKER CORP. 953 62,717 0.14USD

SUN MICROSYSTEMS 12,125 72,265 0.16USD

SUNOCO INC. 415 29,179 0.07USD

SUNTRUST BANKS INC. 1,191 99,973 0.23USD

SUPERVALU INC. 699 27,023 0.06USD

SYMANTEC CORP. 3,033 52,926 0.12USD

SYNOVUS FINANCIAL CORP 1,098 35,795 0.08USD

SYSCO CORP. 2,104 70,989 0.16USD

T ROWE PRICE GROUP INC. 861 40,725 0.09USD

TARGET CORP 2,908 173,753 0.40USD

TECO ENERGY INC. 591 10,189 0.02USD

TEKTRONIX INC. 275 7,728 0.02USD

TELLABS INC. 1,502 14,885 0.03USD

TEMPLE-INLAND INC. 369 21,967 0.05USD

TENET HEALTHCARE CORP 1,389 8,945 0.02USD

TERADYNE INC 580 9,535 0.02USD

TEREX CORP. 400 28,552 0.07USD


TEXTRON INC. 422 38,018 0.09USD

THE HERSEY CO 546 29,833 0.07USD

THERMO FISHER SCIENTIFICINC

1,398 64,196 0.15USD

TIFFANY & CO 437 19,914 0.05USD


TJX COS INC 1,475 39,604 0.09USD

TORCHMARK CORP. 328 21,454 0.05USD

TRANSOCEAN INC 994 82,254 0.19USD

TRAVELERS COMPANIES INC 2,301 119,238 0.27USD

TRIBUNE CO 629 19,832 0.05USD

TXU 1,568 100,916 0.23USD

TYCO INTL LTD (NEW) 6,698 208,576 0.48USD

TYSON FOODS INC.-A- 823 15,604 0.04USD

UNION PACIFIC CORP 890 90,157 0.21USD

UNISYS CORP 998 8,463 0.02USD

UNITED HEALTH GROUP INC 4,569 241,426 0.55USD

UNITED STATES STEEL 409 41,399 0.09USD


3,351 217,781 0.50USD

UNUM GROUP 1,085 24,879 0.06USD

US BANCORP 5,998 209,990 0.48USD

UST INC 494 28,514 0.07USD


UTD PARCEL SERVICE INC "B" 3,616 253,699 0.58USD


2,028 132,104 0.30USD

VARIAN MEDICAL SYSTEMSINC

400 18,828 0.04USD

VERISIGN INC 791 19,838 0.05USD


9,853 370,177 0.84USD

VF CORP 306 25,184 0.06USD

VIACOM INC -B- 2,370 96,364 0.22USD

VORNADOREAL.TRUST/BEN.IN

458 53,788 0.12USD

VULCAN MATERIALS CO 305 35,645 0.08USD

WACHOVIA CORP 6,434 355,543 0.81USD

WAL- MART STORES INC 8,294 387,496 0.88USD

WALGREEN CO. 3,376 155,971 0.36USD


WASHINGTON MUTUAL INC 3,015 122,711 0.28USD

WASTE MANAGEMENT INC. 1,815 63,017 0.14USD

WATERS CORPORATION 339 19,384 0.04USD

WATSON PHARMACEUTICALSINC.

328 8,715 0.02USD

WELLPOINT INC 2,083 167,494 0.38USD

WELLS FARGO & CO 11,434 394,930 0.90USD

WENDY S INTERNATIONAL INC 339 10,553 0.02USD

WESTERN UNION COMPANY 2,602 57,790 0.13USD

WEYERHAEUSER CO 701 52,316 0.12USD

WHIRLPOOL CORP. 274 23,150 0.05USD

WHOLE FOODS MARKET INC. 415 18,368 0.04USD

WILLIAMS COMPANIES INC 2,097 60,687 0.14USD

WINDSTREAM CORP 1,611 23,553 0.05USD

WRIGLEY JR CO .WM 727 36,982 0.08USD

WYETH 4,559 227,494 0.52USD

WYNDHAM WORLDWIDE CORP 629 21,386 0.05USD

XCEL ENERGY INC 1,284 31,959 0.07USD

XEROX CORP. 3,225 54,825 0.13USD

XILINX INC. 1,111 28,364 0.06USD

XL CAPITAL LTD -A- 661 46,349 0.11USD

XTO ENERGY INC 1,236 68,685 0.16USD

YAHOO INC 4,129 129,403 0.30USD

YUM BRANDS 928 53,546 0.12USD

ZIMMER HOLDINGS INC 818 70,127 0.16USD

ZIONS BANCORP 393 33,326 0.08USD

3M CO 2,481 188,779 0.43USD

42,813,558 97.68

97.80TOTAL SHARES 42,865,523

ISHARES TRUST/S&P 500INDEX FD

6,105 868,009 1.98USD

INDEX TRACKER

UNITED STATES

868,009 1.98

1.98TOTAL INDEX TRACKER 868,009




HUGOTON ROYALTYTRUST/UN.BENEF

1 25 0.00USD


UNITED STATES

25 0.00

0.00TOTAL INVESTMENT COMPANIES 25



SEAGATE TECHNOLOGY(ESCROW)

147 0.00 0.00USD


SHARES

UNITED STATES

0.00 0.00

0.00TOTAL SHARES 0.00

RIGHT PARKER-HANNIFIN 07-.. 392 0.00 0.00USD


UNITED STATES

0.00 0.00

0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 0.00

0.00TOTAL OTHER TRANSFERABLE SECURITIES 0.00






%



Holding companies 13.21Pharmaceuticals and cosmetics 9.03Banks and financial institutions 8.43Energy 7.31News transmission 5.41Retail trade, department stores 5.37Internet Software 5.26Office equipment and computers 5.08Insurance 4.06Public services 3.74Electronics and electrical equipment 3.30Food 2.73Aerospace technology 2.43Consumer goods 2.40Chemicals 2.39Investment companies 2.10Tobacco and spirits 2.04Graphic art and publishing 1.89Transport 1.85Gastronomy 1.73Miscellaneous 1.25Mechanics, machinery 1.23Healthcare, education and social services 1.03Other services 0.92Real estate companies 0.87Biotechnology 0.61Automobile industry 0.55Forest products and paper industry 0.51Textile 0.50Construction, building materials 0.48States, provinces and municipalities 0.41Precious metals 0.34Coal mines, heavy industries 0.33Non-ferrous metals 0.23Package and container industry 0.18Environmental services & recycling 0.17Other business houses 0.16Index Options 0.15Tyres and rubber 0.05Photography and optics 0.05



US INDEX





SHARES

BERMUDA ISLANDS


2,520,000 2,757,112 1.02HKD

TAI CHEUNG HOLDINGS LTD 2,049,000 1,258,552 0.47HKD

9,334,267 3.45


2,476,000 2,347,776 0.87HKD

CAYMAN ISLANDS

WIN HANVERKY HOLDINGSLTD

5,966,000 3,488,890 1.29HKD

5,836,666 2.16

AIR CHINA LTD 3,904,000 2,702,682 1.00HKD

CHINA


8,870,000 5,073,631 1.87HKD


1,152,000 3,309,456 1.22HKD

CHINA MERCHANTS BANK /-H- 1,308,000 2,637,860 0.98HKD


4,500,000 3,806,289 1.41HKD


814,000 1,241,619 0.46HKD


2,760,000 1,356,214 0.50HKD


2,107,000 4,394,808 1.63HKD



136,000 222,760 0.08HKD


29,200,293 10.80


HONG KONG



854,000 1,073,142 0.40HKD


744,000 1,140,558 0.42HKD

GREAT EAGLE HOLDINGS LTD 1,402,000 4,754,246 1.76HKD

HONGKONG LAND HLDS LTD 707,000 3,294,620 1.22USD

HUTCHISON WHAMP 293,000 2,817,633 1.04HKD

IND & COM BOC -H- 6,553,000 3,672,841 1.36HKD


740,000 3,110,677 1.15HKD


511,500 1,280,272 0.47HKD

INVESTMENTS

ASIA FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)


Quantity/FaceValue


169,000 1,954,983 0.72HKD

35,285,358 13.05


590,000 1,195,900 0.44HKD

INDIA

1,195,900 0.44

BANK NIAGA TBK -A- 16,094,000 1,304,097 0.48IDR

INDONESIA


1,416,000 2,046,686 0.76IDR


6,294,754 2.33

SARIN TECHNOLOGIES LTD 2,577,000 1,044,971 0.39SGD

ISRAEL

1,044,971 0.39


1,767,500 5,090,202 1.88MYR

MALAYSIA

GAMUDA BHD/FOR.REG. 1,375,600 3,185,185 1.18MYR

RESORTS WORLD 1,161,100 5,780,304 2.14MYR

14,055,691 5.20


PHILIPPINES

1,202,444 0.44


SINGAPORE

HO BEE INVESTMENT LTD 2,941,000 4,382,462 1.63SGD

HOTEL PROPERTIES 1,110,000 3,732,569 1.38SGD


MEIBAN GROUP 4,694,000 897,544 0.33SGD

OVERSEA-CHINESE BK CORP 569,000 3,376,521 1.25SGD



1,347,000 2,877,579 1.06SGD

22,126,901 8.19

DONGKUK STEEL MILL CO LTD 92,480 2,555,962 0.95KRW

SOUTH KOREA


72,130 3,887,381 1.44KRW

HYUNDAI MOTOR /SGDR 144A 35,350 1,241,768 0.46USD

KOOKMIN BANK 118,570 10,637,769 3.93KRW

KOREAN AIR 36,592 1,429,476 0.53KRW

KT& G CORP 85,690 5,601,942 2.06KRW



POSCO 9,519 3,996,885 1.48KRW


24,753 14,813,904 5.47KRW


22,870 1,424,613 0.53KRW

SAMSUNG FIRE&MARINEINSUR.

15,120 2,531,428 0.94KRW



Quantity/FaceValue




SK CORPORATION 9,871 969,541 0.36KRW

S-OIL CORP 18,400 1,267,436 0.47KRW


74,430 1,562,602 0.58KRW

63,191,209 23.38

ASIA CEMENT CORP 2,573,680 2,489,757 0.92TWD

TAIWAN

ASUSTEK COMPUTER INC 480,300 1,132,556 0.42TWD

AU OPTRONICS CORP 1,669,050 2,386,618 0.88TWD


265,376 2,085,871 0.77TWD


CHANG HWA COMMERCIALBANK

3,626,000 2,186,871 0.81TWD

CHUNGHWA TELECOM CO/SADR

110,500 2,203,370 0.82USD

FAR EASTERN TEXTILE LTD/GDRS

224,000 1,904,000 0.70USD


1,036,000 1,988,777 0.74TWD


1,186,850 7,965,285 2.95TWD



1,011,000 1,894,940 0.70TWD

TAIWAN FERTILIZER CO LTD 735,000 1,222,088 0.45TWD


4,083,095 8,381,308 3.10TWD

TRIPOD TECHNOLOGY CO LTD 463,150 1,904,202 0.70TWD

42,874,427 15.86


1,624,400 1,993,706 0.74THB

THAILAND


762,400 2,459,014 0.91THB


5,971,332 2.21

87.90TOTAL SHARES 237,614,213

JPM.INTL DER.0% 06-2.3.09IVRC

144,000 927,360 0.34USD

BONDS

JERSEY

927,360 0.34

0.34TOTAL BONDS 927,360


6,867,000 5,025,794 1.86SGD


BERMUDA ISLANDS

5,025,794 1.86


DT.BK LN 05-19.8.08WRT/ASS.CEM 0

70,000 1,193,888 0.44USD


GREAT BRITAIN

JP MORG DERIV.-31.03.08 HCL 314,732 2,124,608 0.79USD


Quantity/FaceValue

UBS LD 06-4.9.07 IVRCL INFR &PRY LTD

117,000 777,465 0.29USD

UBS LDN 07-23.2.10WRT/O.N.G.

78,996 1,583,491 0.59USD

UBS LN 06-18.12.07WRT/UNITECH 0

243,000 2,200,681 0.81USD

UBS LN 06-21.12.07 WRT /TATA 249,637 2,554,535 0.94USD

10,434,668 3.86

JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON ITC LTD 0

224,200 783,006 0.29USD

INDIA

JP MORGAN INTERNATIONALDERIVATIVES LTD 7.4.08 /ONMAHINDRA

119,500 2,149,889 0.80USD

MERRILL LYNCH 04-17.03.09/ON IBP CO LTD 0.000001

86,556 812,410 0.30USD

MSDW ASIA 05-21.02.08WT/HINDUSTAN ZINCLTD 0.000001

73,500 951,538 0.35USD

4,696,843 1.74


638,744 1,907,903 0.71USD

NETHERLANDS

1,907,903 0.71

CITIGR GLBL 04-20.1.10/INDR&I

24,410 600,728 0.22USD

UNITED STATES

600,728 0.22




Quantity/FaceValue


367,000 556,958 0.21TWD


SHARES

CHINA

556,958 0.21

JVM CO LTD 21,259 1,068,900 0.39KRW

SOUTH KOREA

1,068,900 0.39

WISTRON CORP /GDR 1 15 0.00USD

TAIWAN

15 0.00







SHARES

HONG KONG

2,800,000 1.04

ROAD BUILDERS M HLDS BHD 703,800 733,338 0.27MYR

MALAYSIA

733,338 0.27



106,401 1,707,523 0.63USD


GREAT BRITAIN

1,707,523 0.63




Quantity/FaceValue






%



Banks and financial institutions 19.81Electronics and electrical equipment 18.21Real estate companies 7.65Holding companies 7.48News transmission 5.88Gastronomy 4.91Textile 4.41Construction, building materials 3.81Coal mines, heavy industries 3.32Energy 3.00Internet Software 2.83Transport 2.56Insurance 2.16Tobacco and spirits 2.06Chemicals 1.93Investment companies 1.86Forest products and paper industry 1.63Automobile industry 1.22Clock and watch-making industry 1.02Mechanics, machinery 1.01Retail trade, department stores 0.83Public services 0.42Office equipment and computers 0.42Precious metals 0.39Miscellaneous 0.35



ASIA FREESTYLE



CHINA YURUN FOOD GROUPLTD

13,700,000 14,918,939 0.54HKD


SHARES

BERMUDA ISLANDS


GP INVESTMENTS LTD /BDR 1,201,000 38,338,301 1.39BRL

66,652,783 2.42


BRAZIL


400,000 4,420,647 0.16BRL


BANCO BRADESCO /SADR 1,978,700 81,007,978 2.94USD


1,475,200 43,475,590 1.58BRL

BRASILAGRO 35,500 21,796,246 0.79BRL


100,000 3,119,012 0.11BRL

CIA VALE RIO DOCE/SADR 2,817,400 88,128,272 3.20USD


895,600 33,155,112 1.20USD


1,300,000 23,881,317 0.87BRL


1,362,665 29,918,509 1.09BRL

DURATEX SA /PRIV. 2,131,700 42,824,541 1.55BRL


ITAU HOLDING /PFD SHS/SADR 1,367,635 48,058,694 1.74USD

JBS AS 5,150,000 17,707,147 0.64BRL

LOJAS AMERICANAS SA /PRIV. 452,100,000 28,202,107 1.02BRL

MARCOPOLO POMO /PREF. 4,098,400 12,662,175 0.46BRL

PERDIGAO SA 367,500 4,985,679 0.18BRL

PETROBRAS /SADR 1,663,200 150,935,400 5.47USD

PETROLEO BRASILEIRO /SADR 9,300 942,276 0.03USD

SADIA SA/PREF. 8,608,300 32,853,507 1.19BRL


2,140,300 17,861,230 0.65BRL

760,254,023 27.56

AJISEN CHINA HOLDINGS LTD 282,000 256,210 0.01HKD

CAYMAN ISLANDS

ENRIC ENERGY EQUIPMENT 15,544,000 8,513,229 0.31HKD

8,769,439 0.32

AIR CHINA LTD 37,372,000 25,872,084 0.94HKD

CHINA

INVESTMENTS

BRIC FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)



32,489,000 33,384,102 1.21HKD


9,700,000 27,866,080 1.01HKD


5,194,000 14,854,816 0.54HKD

CHINA NATL BLDINGMATERIAL -H-

27,000,000 23,770,593 0.86HKD



12,515,000 30,267,773 1.10HKD


4,800,000 7,321,588 0.27HKD


10,000,000 9,469,336 0.34HKD





40,000,000 32,042,186 1.16HKD


351,064,844 12.73

GAZPROM OAO/SADR 1,020,550 43,129,566 1.56USD



JSC SURGUTNEFTEGAZ /SADRPFD

596,909 50,475,020 1.83USD

LUKOIL /SADR 760,184 65,907,953 2.39USD



545,000 31,386,550 1.14USD

RAO UNIFIED ENER.SYS./GDR 1,472,910 202,525,124 7.36USD


543,435 52,467,562 1.90USD

TNK-BP HOLDING 18,057,193 39,906,397 1.45USD

TRUBNAYAMETALL.KOMP./SGDR REG

200,000 6,700,000 0.24USD

608,234,607 22.06

CAIRN ENERGY PLC 517,949 15,877,743 0.58GBP

GREAT BRITAIN

15,877,743 0.58


HONG KONG


4,270,000 5,365,710 0.19HKD


11,078,000 36,998,974 1.34HKD


3,982,000 6,104,441 0.22HKD

CITIC 1616 HOLDINGS LTD 1,274,000 420,607 0.02HKD

IND & COM BOC -H- 20,554,000 11,520,154 0.42HKD

173,603,320 6.30

ADITYA BIRLA NUVOLTD/DEMATER.

58,686 1,442,316 0.05INR

INDIA

AMTEK AUTO LTD /DEMAT. 597,600 5,078,722 0.18INR

BAJAJ HINDUSTHAN LTD 314,716 1,381,768 0.05INR

BALRAMPUR CHINI MILLS/DEMAT.

1,308,200 1,963,640 0.07INR

BOMBAY DYEING &MANUFACT/DEMAT.

685,000 8,551,301 0.31INR

BRITANNIA INDUSTRIESLTD/DEMAT.

396,101 11,372,555 0.41INR




CESC LTD /DEMAT. 442,600 3,862,094 0.14INR

DHAMPUR SUGAR MILLS LTDDEMAT.

158,409 268,703 0.01INR


1,251,430 21,069,422 0.76INR


485,000 7,997,650 0.29USD

DWARIKESH SUGAR IND LTD 820,971 1,390,695 0.05INR

ELECTROSTEEL CASTINGLTD/DEMAT

538,631 4,701,290 0.17INR

GAMMON INDIA LTD /DEMAT. 754,615 5,234,491 0.19INR

GRASIM INDUST./DEMAT. 424,307 20,513,186 0.74INR

H D F C BANK /DEMAT. 250,000 5,561,369 0.20INR

HCL INFOSYSTEMS LTD/DEMAT.

964,652 2,880,422 0.10INR

HCL TECHNOLOGIES /DEMAT. 3,456,000 23,337,975 0.85INR

HINDUJA TMT LTD /DEMAT. 203,100 2,718,998 0.10INR

HINDUSTAN OILEXPLORAT./DEMAT.

2,226,619 3,677,197 0.13INR

HINDUSTAN PETR./DEMAT. 566,802 3,201,341 0.12INR

HUTCHISON TELECOM.INTL/SADR

33,920 1,004,032 0.04USD


12,000,000 24,323,398 0.89HKD

IBP CO LTD /DEMAT. 300,000 2,814,851 0.10INR

INDIA CEMENTS LTD/DEMAT. 1,399,054 5,239,591 0.19INR

INDO RAMA SYNTHETICSLTD/DEMAT

1,341,457 1,557,543 0.06INR

ITC /GDR 3,813,466 13,318,324 0.48USD

ITC LTD /DEMAT. 1,399,000 4,889,132 0.18INR

IVRCL INFRASTRUCTURESAND PROJ

2,170,431 14,282,778 0.52INR

JET AIRWAYS INDIA LTD/DEMAT.

170,000 2,471,694 0.09INR


243,162 13,292,747 0.48INR

J.K. CEMENT LTD 2,700,000 9,110,194 0.33INR

JSW STEEL LTD / DEMAT 1,842,033 20,831,159 0.76INR

KEI INDUSTRIES LTD /DEMAT. 2,763,578 4,281,498 0.16INR


MAHINDRA UGINE STEEL/DEMAT.

2,316,587 4,948,501 0.18INR


442,000 7,949,249 0.29INR

MICRO INKS LTD /DEMAT. 645,372 4,899,183 0.18INR

NAGARJUNA CONSTRUCTION/DEMAT.

1,750,484 6,412,995 0.23INR

OIL&NATURAL GAS/DEMAT. 1,272,999 25,607,967 0.94INR

PATNI COMPUTER SYSTEMS/ADR

5,550 128,205 0.00USD

PATNI COMPUTERS SYSTEMSLTD /DEMAT.

1,063,000 9,326,930 0.34INR

RAYMOND LTD /DEMAT. 497,192 3,882,801 0.14INR

RELIANCE CAPITAL LTD/GDRREGS

5,205 78,710 0.00USD

RELIANCE COMMUNICATION/GDR

526,316 4,736,844 0.17USD


800,000 7,787,410 0.28INR

RELIANCE NATURALRESOURCE /GDR

52,054 48,410 0.00USD

RICO AUTO IND LTD/DEMATERIAL

1,056,441 1,131,981 0.04INR

STEEL AUTHORITY OFINDIA/DEMAT.

5,400,000 14,164,523 0.51INR

STERLITE INDUSTRIES LTD/DEMAT

187,590 2,038,041 0.07INR

TATA IRON & STEEL/DEMAT. 1,551,315 15,948,952 0.58INR

TATA MOTORS LTD/DEMAT. 720,920 12,089,588 0.44INR

TATA POWER CO /DEMAT. 120,000 1,419,484 0.05INR


TRIVENIENGINEER.INDUSTR/DEMAT

2,470,000 3,046,585 0.11INR

VISA STEEL LTD /DEMAT. 2,945,584 1,823,359 0.07INR

WIPRO LTD /DEMAT. 360,000 4,655,357 0.17INR

394,454,380 14.31

86.28TOTAL SHARES 2,378,911,139

CLSA FIN.05-27.09.10WRT/GAMMON 0

59,675 415,384 0.02USD


BERMUDA ISLANDS

415,384 0.02

MSDW ASIA SEC04-20.7.07WRTITC 0.0001

37,079 1,920,512 0.07USD

CAYMAN ISLANDS

MSDW AS.SEC.05-19.9.08WRT/ICIC 0

7,517 147,430 0.01USD

2,067,942 0.08

DT BK AG 07-2.1.17WRT/CARNIND 0.000001

2,304,375 6,896,718 0.25USD

GERMANY

DT.BK 06-18.05.09WRT/ADITYAB. 0

150,000 3,689,055 0.13USD

10,585,773 0.38

DT BK LDN 05-3.1.08WRT/NAG.CON 0.000001

40,204 148,194 0.01USD

GREAT BRITAIN

DT.BK 06-18.05.09WRT/INFRAST. 0

343,750 2,308,899 0.08USD

JP MORG.INTL.0%06-27.1.09NGCN 0

320,612 1,147,791 0.04USD

UBS LDN 07-13.3.10WRT/NAGARJ. 0

195,000 717,971 0.03USD

UBS LDN 07-20.2.08WRT/HINDALCO 0

660,000 1,990,890 0.07USD

UBS LDN 07-23.02.10WRT/PATNI 0

257,706 2,223,925 0.08USD

UBS LN 06-18.12.07WRT/UNITECH 0

100,000 905,630 0.03USD

9,443,300 0.34

DEUTSCHE BANK AG 04-06.08.07 /ON HCL-INFOSYSTEMS LTD 0.000001

734,500 2,193,923 0.08USD

INDIA

DEUTSCHE BANK AG 04-31.05.07 /ON MAHINDRA &MAHINDRA LTD 0.000001

235,000 4,227,813 0.15USD

DEUTSCHE BANK AG 05-29.04.08 /ON BRITAININDUSTRIES LTD 0

23,531 675,829 0.02USD

JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON ITC LTD 0

2,000,000 6,984,891 0.25USD

JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON RANBAXY LABORATORIESLTD 0

750,000 6,044,288 0.22USD

MERRILL LYNCH INTL 05-07.01.10 /ON BRITANNIAINDUSTRIES LTD 0.000001

5,018 144,121 0.01USD

MERRILL LYNCH INTL 04-22.06.09 /ON AMTEK 0.000001

92,808 789,846 0.03USD

MERRILL LYNCH 04-17.03.09/ON IBP CO LTD 0.000001

200,000 1,877,190 0.07USD




MERRILL LYNCH 05-08.01.10/ON MAHINDRA UGINE STEELCO 0.000001

505,727 1,077,746 0.04USD

MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001

637,500 5,599,043 0.20USD

29,614,690 1.07


928,767 2,774,191 0.10USD

NETHERLANDS

ABN NV 07-30.6.09WRT/IDEACELL 0

3,000,000 6,514,140 0.24USD

9,288,331 0.34




TRANSNEFT OJSC MOSCOW 32,289 67,968,345 2.46USD


SHARES


67,968,345 2.46

HINDALCO IND./GDR 144A REG 300,000 895,090 0.04USD

INDIA

MCDOWELL HOLDINGS LTD 59,036 56,071 0.00INR

RELIANCE ENERGY/GDR 144A 2,603 88,796 0.00USD

1,039,957 0.04


DT.BK 06-2.2.11 WRTGAZPROM 0

147 154,889,490 5.62USD


GERMANY

154,889,490 5.62

UBS LN 06-19.12.07 WRT/JINDAL 0

50,000 2,746,405 0.10USD

GREAT BRITAIN

UBS LN 06-8.12.07WRT /TATAMOT 0

24,199 403,746 0.01USD


400,000 6,419,200 0.24USD

UBS LN06-15.12.07WRT/JSWSTEEL 0

150,000 1,630,245 0.06USD

11,199,596 0.41

JP MORGAN 07-11.1.11WRT/CAIRN 0

1,395,625 4,033,356 0.15USD

JERSEY

JPM INTL DER.06-19.1.09WRT/EQ. 0

94,500 900,585 0.03USD

4,933,941 0.18

ABN AMRO 05-7.12.06WRT/JIND.P. 0

23,079 1,262,060 0.05USD

NETHERLANDS

ABN AMRO06-30.6.09WRT/STERLITE 0

150,000 1,626,745 0.05USD

2,888,805 0.10

JPM INTL 07-23.3.12WRT/SATYAM 0

837,585 8,794,643 0.32USD

UNITED STATES

8,794,643 0.32






100.00TOTAL NET ASSETS 2,757,083,981



%



Energy 16.67Holding companies 10.64Coal mines, heavy industries 9.22Public services 8.28News transmission 7.04Banks and financial institutions 6.86Transport 6.63States, provinces and municipalities 5.61Food 4.31Non-ferrous metals 3.62Construction, building materials 2.64Other services 2.64Miscellaneous 1.58Retail trade, department stores 1.51Real estate companies 1.46Automobile industry 1.37Pharmaceuticals and cosmetics 1.05Internet Software 1.04Insurance 1.01Mechanics, machinery 0.99Agriculture and fishing 0.97Textile 0.72Tobacco and spirits 0.66Office equipment and computers 0.44Electronics and electrical equipment 0.27Chemicals 0.24Other business houses 0.17



BRIC FREESTYLE



PAMPA HOLDING SA/SGDRREGS

306,046 5,921,072 0.70USD


SHARES

ARGENTINA

5,921,072 0.70


BERMUDA ISLANDS

7,302,909 0.86


BRAZIL





131,042 4,851,175 0.57USD

DURATEX SA /PRIV. 348,000 6,991,106 0.83BRL


JBS AS 2,552,754 8,902,473 1.05BRL


108,080,504 12.78

CENCOSUD SA 3,041,871 10,388,111 1.23CLP

CHILE

10,388,111 1.23


10,086,692 17,502,346 2.07HKD

CHINA


13,321,000 7,619,600 0.90HKD


7,085,000 17,135,211 2.03HKD



50,201,205 5.94


1,141,070 9,847,891 1.16COP

COLOMBIA

9,847,891 1.16


8,877 31,824,045 3.76USD


GAZPROM OAO 2,725,542 28,699,957 3.39USD

INVESTMENTS

GLOBAL EMERGING MARKETS EQUITYFREESTYLE




LUKOIL /SADR 131,510 11,401,917 1.35USD


73,651 4,241,561 0.50USD



362,811 5,006,792 0.59USD


35,300 3,396,919 0.40USD

108,207,867 12.79


HONG KONG

IND & COM BOC -H- 13,720,000 7,689,817 0.91HKD

24,159,690 2.86

MOL MAGYAR /-A- 97,311 11,080,459 1.31HUF

HUNGARY

11,080,459 1.31

ICICI BK /SADR 76,974 3,039,703 0.36USD

INDIA

3,039,703 0.36


5,164,500 3,704,109 0.44IDR

INDONESIA

BANK RAKYAT INDONESIA 14,992,000 8,290,201 0.98IDR


226,340 9,741,673 1.15USD


30,005,418 3.55


3,542,000 13,122,334 1.55MYR

MALAYSIA

RESORTS WORLD 502,000 2,499,106 0.30MYR

15,621,440 1.85

CEMEX /ADR 121,725 3,992,580 0.47USD

MEXICO

CONSORCIO ARA SAB DE CV 3,104,700 5,341,587 0.63MXN


2,101,374 5,885,237 0.70MXN

EMPRESAS ICA SAB DE CV 3,513,914 13,547,701 1.60MXN


78,076 8,730,458 1.03USD

37,497,563 4.43


81,670 7,457,106 0.88PLN

POLAND


214,299 3,569,436 0.42PLN

11,026,542 1.30

BIDVEST GROUP LTD 693,173 13,136,392 1.55ZAR

SOUTH AFRICA


276,622 8,624,194 1.02ZAR

MASSMART HOLDINGS LTD 1,005,604 11,613,217 1.37ZAR

SASOL LTD /REG. 999,610 33,971,543 4.02ZAR




STANDARD BK GROUP LTD 381,178 5,560,519 0.66ZAR

72,905,865 8.62

DAEGU BANK 1,106,569 20,114,437 2.38KRW

SOUTH KOREA




118,840 7,680,677 0.91KRW


201,620 11,123,315 1.32KRW


161,195 29,729,275 3.52KRW

HYUNDAI MOTOR CO LTD 58,970 4,143,486 0.49KRW

KOOKMIN BANK /SADR 74,518 6,784,864 0.80USD

POSCO 28,250 11,861,751 1.40KRW


33,670 20,150,452 2.38KRW

SAMSUNG FIRE&MARINEINSUR.

31,770 5,319,013 0.63KRW

135,307,751 16.00

ASUSTEK COMPUTER INC 3,979,000 9,382,554 1.11TWD

TAIWAN


683,056 5,368,861 0.63TWD


CHINA STEEL 6,766,000 7,629,452 0.90TWD




1,180,000 7,919,313 0.94TWD



1,258,440 13,591,151 1.62USD

WISTRON CORP 6,425,000 9,750,556 1.15TWD

91,066,455 10.77


3,638,525 6,750,537 0.81THB

THAILAND



4,769,500 1,647,244 0.19THB

11,973,227 1.42


3,376,775 12,901,004 1.53TRY

TURKEY


414,880 1,899,073 0.22TRY

14,800,077 1.75

89.68TOTAL SHARES 758,433,749


1,420,000 13,812,557 1.63USD


GREAT BRITAIN



142,000 5,159,144 0.61USD

18,971,701 2.24




ORASCOM CONSTR.IND./SGDR 174,544 17,663,853 2.09USD


SHARES

EGYPT

17,663,853 2.09

INDUSTRIAL BANK OF KOREA 973,978 19,516,132 2.30KRW

SOUTH KOREA

19,516,132 2.30

CAPITAL SECURITIES CORP 5,484,220 2,694,144 0.32TWD

TAIWAN

2,694,144 0.32



MAGNIT JSC 270,503 11,712,780 1.39USD


SHARES


11,712,780 1.39



230,741 4,589,415 0.54USD


GREAT BRITAIN

4,589,415 0.54








%



Banks and financial institutions 24.70Energy 14.10Coal mines, heavy industries 9.63Construction, building materials 7.72Electronics and electrical equipment 7.07News transmission 4.98Mechanics, machinery 4.43Automobile industry 3.57Holding companies 3.27Food 3.14Retail trade, department stores 2.93Office equipment and computers 2.26Insurance 2.07Other services 2.06Transport 1.92Textile 1.27Tobacco and spirits 1.03Precious metals 1.02Real estate companies 0.63Public services 0.46Gastronomy 0.30



GLOBAL EMERGING MARKETS EQUITY FREESTYLE



ULTRAPETROL BAHAMAS LTD 62,500 1,062,500 2.62USD


SHARES

BAHAMAS

1,062,500 2.62

CREDICORP 22,200 1,083,360 2.67USD

BERMUDA ISLANDS


GP INVESTMENTS LTD /BDR 44,300 1,414,144 3.49BRL

OCEAN WILSON PLC 3,000 48,132 0.12GBP

3,979,399 9.81

ALL AMERICA LATINA /UNIT 71,958 858,872 2.12BRL

BRAZIL

AMBEV CIA DE BEBIDAS /ADR 5,100 277,134 0.68USD


100,000 1,105,162 2.73BRL



21,000 618,891 1.53BRL


92,243 3,414,836 8.43USD




NATURA COSMETICOS SA 5,400 61,005 0.15BRL

ODONTOPREV S.A. 48,500 976,717 2.41BRL

PERDIGAO SA 41,900 568,435 1.40BRL


PROFAMA SA 65,000 1,085,514 2.68BRL

SADIA SA/PREF. 250,000 954,123 2.35BRL


55,000 458,986 1.13BRL

SAO MARTINHO SA 186,000 2,466,721 6.08BRL

SARAIVA SA LIVREIROS /PRIV. 42,000 514,711 1.27BRL

21,456,790 52.92

PAN AMERICAN SILVER CORP. 65,000 1,918,800 4.73USD

CANADA

1,918,800 4.73

MASISA SA / ADR 50 SHS 6,000 67,500 0.17USD

CHILE

RIPLEY CORP SA 491,962 693,851 1.71CLP

761,351 1.88

INVESTMENTS

LATIN AMERICAN FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)



COLOMBIA


103,093 889,734 2.19COP

1,165,534 2.87

ANTOFAGASTA PLC 41,182 412,797 1.02GBP

GREAT BRITAIN

412,797 1.02

CONSORCIO ARA SAB DE CV 342,400 589,094 1.45MXN

MEXICO


267,872 750,219 1.85MXN


121,900 347,150 0.86MXN


58,600 339,877 0.84MXN

EMPRESAS ICA SAB DE CV 401,463 1,547,817 3.81MXN

GRUPO FAMSA SA DE CV -A- 108,872 585,833 1.44MXN

GRUPO FIN.BANORTEGFNORTE -O-

50,000 230,501 0.57MXN

GRUPO MODELO SAB DE CVC

115,700 592,773 1.46MXN

WAL-MART DE MEXICO -V- 124,400 529,486 1.31MXN

5,512,750 13.59

COPA HOLDINGS -A- 6,000 303,900 0.75USD

PANAMA

303,900 0.75

SOUTHERN COPPER CORP 2,226 159,293 0.39USD

UNITED STATES

159,293 0.39

90.58TOTAL SHARES 36,733,114



ALMACENES EXITO /TEMP 6,575 57,356 0.14COP


SHARES

COLOMBIA

EXITO .ALMACENES EXITO SA 55,000 479,787 1.18COP

537,143 1.32








%



Coal mines, heavy industries 13.16Energy 9.83Miscellaneous 9.56Retail trade, department stores 7.95Holding companies 7.59Banks and financial institutions 6.81Transport 4.86Construction, building materials 4.67Insurance 4.60Other services 4.18News transmission 3.68Pharmaceuticals and cosmetics 2.83Food 2.35Real estate companies 2.29Tobacco and spirits 2.14Non-ferrous metals 1.41Agriculture and fishing 1.40Consumer goods 1.32Graphic art and publishing 1.27



LATIN AMERICAN FREESTYLE



BAE SYSTEMS PLC 112,616 518,878 4.01GBP


SHARES

GREAT BRITAIN


BG GROUP PLC 73,470 541,107 4.19GBP

BP PLC 98,966 551,381 4.27GBP

CENTRICA PLC 138,687 525,430 4.06GBP

DOMESTIC & GENERALGROUP PLC

43,851 517,442 4.00GBP

EMI GROUP PLC 197,946 447,853 3.46GBP

HBOS PLC 49,434 518,741 4.01GBP

HELPHIRE GROUP LONDON 118,184 522,373 4.04GBP

HOMESERVE 28,599 509,320 3.94GBP


ICAP PLC 97,312 511,375 3.95GBP

INCHCAPE PLC 91,915 523,916 4.05GBP

JOHNSON MATTHEY PLC 33,086 519,946 4.02GBP

LEGAL & GENERAL GROUPPLC

329,294 516,827 4.00GBP

RESOLUTION PLC 78,543 482,984 3.73GBP

ROYAL DUTCH SHELL -B- 2 34 0.00GBP

ROYAL DUTCH SHELL PLC -A- 31,075 530,450 4.10GBP

SHIRE PLC 47,221 497,237 3.84GBP

SIG PLC 40,887 517,629 4.00GBP

UNILEVER PLC 33,194 503,221 3.89GBP

UTD BUSINESS MEDIA PLC 65,278 522,224 4.04GBP

XSTRATA PLC 20,644 533,131 4.12GBP

3I GROUP PLC 45,117 512,150 3.96GBP

11,849,350 91.61

RAVEN RUSSIA PLC 438,276 529,218 4.09GBP

GUERNSEY

529,218 4.09

95.70TOTAL SHARES 12,378,568


INVESTMENTS

UK FREESTYLEStatement of investments as at 31 March 2007 (expressed in GBP)


TRADING EMISSIONS PLC -C- 451,972 503,949 3.90GBP


SHARES

GREAT BRITAIN

503,949 3.90









%



Energy 12.56Banks and financial institutions 12.03Public services 11.90Holding companies 11.86Insurance 11.73Graphic art and publishing 7.50Coal mines, heavy industries 4.12Miscellaneous 4.09Other business houses 4.05Precious metals 4.02Aerospace technology 4.01Other services 4.00Food 3.89Pharmaceuticals and cosmetics 3.84



UK FREESTYLE



BRAZIL TV 03-20.06.07 407 609,774 8.75BRL


BONDS

BRAZIL

BRAZIL TV 05-16.12.09 830 1,243,504 17.84BRL

1,853,278 26.59

26.59TOTAL BONDS 1,853,278


INVESTMENTS

BRAZIL BONDStatement of investments as at 31 March 2007 (expressed in USD)


Face Value

BANCO BRADESCO 06-28.5.07CD

565 307,836 4.42BRL

FINANCIAL INSTRUMENTS

COMMERCIAL PAPER

BRAZIL

BCO BNP BRAZIL 06-28.5.07 CD 1,130 616,321 8.84BRL

BCO SANT.BRASIL 06-28.5.07CD

1,130 617,100 8.86BRL

CITIBANK BRAZIL 06-04.6.07CD

565 306,507 4.40BRL

1,847,764 26.52

BCO ABN AMRO REAL06-28.5.07 CD

1,100 600,780 8.62BRL

CAYMAN ISLANDS

600,780 8.62

HSBC 06-28.5.07 CD 1,130 616,646 8.85BRL

GREAT BRITAIN

616,646 8.85

BANCO ITAU S.A.06-18.6.07 CD 550 299,979 4.30BRL

PORTUGAL

299,979 4.30

48.29TOTAL COMMERCIAL PAPER 3,365,169

BCO INVEST BRASIL 0%-6.12.07CD

594 302,452 4.34BRL

CERTIFICATE OF DEPOSIT

BRAZIL

BIFB 0% 06-6.12.07 CD 575 292,698 4.20BRL

ING BK BRAZIL 0%06-10.12.07CD

590 299,894 4.30BRL

895,044 12.84

12.84TOTAL CERTIFICATE OF DEPOSIT 895,044

61.13TOTAL FINANCIAL INSTRUMENTS 4,260,213


Face Value






TELSTRA CORP 4.75% 07-21.3.17

300,000 297,328 0.50EUR


BONDS

AUSTRALIA

297,328 0.50

TELEKOM F.3.375% 05-10EMTN

155,000 150,943 0.26EUR

AUSTRIA

150,943 0.26

FORTIS BANK 4.625% 04-PERP. 400,000 392,384 0.66EUR

BELGIUM

392,384 0.66

BOMBARDIER 7.25% 06-15.11.16

550,000 570,900 0.97EUR

CANADA

570,900 0.97

BCP FIN.5.543% 04-... 120,000 123,774 0.21EUR

CAYMAN ISLANDS

BES FIN 6.625% 02-... EMTN 250,000 272,215 0.46EUR

MUFG CAP FIN2 4.85%(TV)06-PERP

520,000 509,070 0.86EUR

905,059 1.53

DANSK NATURGAS A/S5.5%05-PERP

750,000 756,975 1.28EUR

DENMARK

DANSKE BK A/S 4.878% 07-PERP.

500,000 496,085 0.84EUR

NORDIC TEL.8.25%06-1.5.16REGS

250,000 273,377 0.46EUR

1,526,437 2.58

GAZPROM CAP.5.03% 06-14REGS

650,000 644,794 1.09EUR


644,794 1.09

M-REAL TV 06-13 SEN./MULTICP

250,000 256,451 0.42EUR

FINLAND

NORDEA BK FIN.5.75%(TV) 02-14

170,000 174,452 0.30EUR

SAMPO OYJ 4.625%(TV)04-14REG

150,000 150,677 0.26EUR

INVESTMENTS

EURO CORPORATE BONDStatement of investments as at 31 March 2007 (expressed in EUR)


Face Value

STORA ENSO 5.125% 04-23.6.14

150,000 152,448 0.26EUR

734,028 1.24

AGF 4.625%(TV) 05-PERP. 210,000 204,205 0.35EUR

FRANCE

ALCATEL 6.375% 04-7.4.14EMTN

400,000 423,232 0.72EUR

AXA SA 5.777%(TV) 06-...PERP 220,000 228,158 0.39EUR

BFCM 4.375% 06-31.5.16 EMTN 600,000 597,402 1.01EUR

BOUYGUES 4.5% 06-24.5.13 50,000 49,898 0.08EUR

CARREFOUR 4.375% 03-11EMTN

350,000 349,269 0.59EUR

CIE ST.GOBAIN 4.75% 07-17EMTN

600,000 596,008 1.01EUR

CNCEP 5.25% 03-... EMTN 120,000 122,849 0.21EUR

CROWN EUR.6.25% 05-01.09.11 850,000 877,624 1.49EUR

EUROPCAR GR.8.125% 06-14REGS

250,000 266,964 0.45EUR

FRANCE TELECOM 7.25% 03-13 EMTN

1,100,000 1,248,191 2.12EUR

LAFARGE 5.875%01-06.11.08 255,000 260,945 0.44EUR

LVMH 5% 03-29.4.10 EMTN 350,000 356,395 0.60EUR

PERNOD RICARD 4.625%06-6.12.13

200,000 196,669 0.33EUR

REMY COINTR.6.5% 03-1.7.10 235,000 244,165 0.41EUR

SCHNEID.ELECT.3.125%05-11.8.10

175,000 168,135 0.28EUR

THALES 4.375% 04-22.07.11EMTN

150,000 150,148 0.25EUR

VEOLIA ENV.6.125% 03-33EMTN

300,000 332,142 0.56EUR

VIVENDI 4.5% 06-3.10.13 200,000 198,428 0.34EUR

6,870,827 11.63

BERTELSMANN 3.625% 05-06.10.15

50,000 46,242 0.08EUR

GERMANY

BERTELSMANN 4.75% 06-26.09.16

130,000 129,592 0.22EUR

DEGUSSA 5.125%03-10.12.13 1,150,000 1,151,764 1.94EUR

ESCADA 7.5% 05-1.04.12 REGS 150,000 160,436 0.27EUR

EWE AG 4.875% 04-14.10.19 120,000 122,361 0.21EUR

GERLING LEBEN.6.75%(TV)05-PERP

300,000 320,767 0.54EUR

HENKEL 5.375 05-2104 STEP-UP

300,000 293,120 0.50EUR

HORNBACH BAU 6.125% 04-14REGS

100,000 103,863 0.18EUR

HSH NORDBK4.375%(TV)07-14.2.08

310,000 307,012 0.52EUR

HT1 FDG 6.352%(TV) 06-...PERP

130,000 137,498 0.23EUR

KABEL DEUTSCHLAND 10.75%06-14

230,000 263,787 0.45EUR

MUNICH RE FIN.6.75%03-21.06.23

200,000 222,202 0.38EUR

PERI 5.625% 04-15.12.11 REGS 275,000 280,503 0.47EUR

VOLKSWAG.LEAS.4.125%06-31.5.11

695,000 687,945 1.16EUR

4,227,092 7.15

AIB UK 2 5.142%(TV) 06-PERP. 310,000 309,795 0.52EUR

GREAT BRITAIN

ANGLIAN WATER 4.625% 03-13 260,000 262,352 0.44EUR

ANGLO AM.CAP.3.625%03-05.06.08

150,000 148,780 0.25EUR

BAA 4.5% 04-30.9.14 EMTN 125,000 124,321 0.21EUR


Face Value



BARCLAYS 4.875% 04-PERP 210,000 202,662 0.34EUR

BAT INTL FIN.5.125% 03-13EMTN

295,000 302,440 0.51EUR

CARNIVAL PLC 4.25% 06-13GTD

250,000 246,027 0.42EUR

COMPASS GR.6% 02-29.5.09EMTN

120,000 123,818 0.21EUR

CORUS 7.5% 04-1.10.11SENIOR

340,000 365,552 0.62EUR

DEPFA FDG IV 5.029%(TV)07-PERP

550,000 540,636 0.92EUR

HBOS CAP.4.939%(TV)06-PERP 550,000 545,075 0.92EUR

IMP.TOBACCO 4.375% 06-22.11.13

150,000 147,703 0.25EUR

IMP.TOBA.FIN.6.25%02-06.06.07 335,000 336,207 0.57EUR

INEOS GROUP 7.875% 06-16REG.

300,000 281,711 0.48EUR

KINGFISHER 4.125% 05-23.11.12

180,000 174,564 0.30EUR

NATIONAL GRID 5% 03-2.7.18 200,000 201,956 0.34EUR

NTH.W.WAT.F.4.875%99-18.03.09

450,000 454,451 0.77EUR

OTE PLC 4.625% 06-20.5.16 100,000 98,146 0.17EUR

OTE PLC 5% 03-5.8.13 EMTN 255,000 259,835 0.44EUR

RENTOKIL INITIAL 5.75% 02-07 125,000 125,268 0.21EUR

RENTOKIL 4.625 07-27.3.14 300,000 293,366 0.50EUR

RZB FIN.5.169%(TV)06-PERP. 500,000 493,995 0.84EUR

TESCO PLC 3.875% 06-24.03.11 150,000 147,680 0.25EUR

VODAF.AIR.4.25%03-27.05.09 600,000 599,432 1.01EUR

6,785,772 11.49

PUBLIC POWER 6.25% 00-8.11.10

200,000 211,627 0.36EUR

GREECE

211,627 0.36

ABB INT.FIN.6.5% 03-11 EMTN-TERM NOTES 2

250,000 271,751 0.46EUR

GUERNSEY

271,751 0.46

HUTCHINSON WHAMPOAF.5.875 % 03-8.7.13

150,000 159,938 0.27EUR

HONG KONG

STD CHART.5.375% 99-6.5.09EMTN

120,000 122,429 0.21EUR

282,367 0.48

BINA-ISTRA 8% 03-15.12.22 550,000 604,305 1.02EUR

HUNGARY

MOL HUNG.OIL 3.875%05-05.10.05

300,000 271,654 0.46EUR

875,959 1.48

AUTOSTRADE 5% 04-9.6.14EMTN

500,000 511,995 0.86EUR

ITALY

BCO POP VERONA TV 07-08.02.17

500,000 499,516 0.85EUR

ENEL 5.25% 04-20.05.24 EMTN 135,000 140,389 0.24EUR

HERA SPA 4.125% 06-16.02.16 160,000 154,181 0.26EUR

MONT.PASCHI SIENA 4.875%06-16

400,000 397,530 0.67EUR

TELE.ITALIA 5.375% 04-19EMTN

300,000 299,490 0.51EUR


Face Value

UNICREDITO 3.95% 06-1.2.16 450,000 424,557 0.72EUR

2,427,658 4.11

HSBC CAP.FDG 5.3687%03-PERP.

1,450,000 1,486,026 2.52EUR

JERSEY

PROSECURE FD 4.668% 06-30.6.16

200,000 193,876 0.33EUR

RESPARCS FD II LSH 7.5%03-PERP

550,000 580,028 0.98EUR

2,259,930 3.83

DEXIA FD 4.892%(TV)06-30.11.49

250,000 247,015 0.42EUR

LUXEMBOURG

FINMECCANICA 5.75%03-12.12.18

150,000 163,147 0.28EUR

GLENCORE FIN.5.375% 04-30.9.11

530,000 539,776 0.91EUR

HELLAS TELECOM TV 05-15.10.12

300,000 307,289 0.52EUR

HOLCIM FIN.LUX.4.375%-23.6.10

150,000 150,022 0.25EUR

KLOCKNER INV.10.5% 05-15REG.S

228,846 272,785 0.46EUR

KLOECKNER PENTAPL.9.375%02-12

230,000 241,983 0.41EUR

OLIVETTI 6.575%99-09 BS2/STEP

1,350,000 1,412,396 2.40EUR

SYNGENTA LUX 4.125%06-21.09.11

205,000 202,975 0.34EUR

WIND ACQUISIT.9.75% 05-1.12.15

500,000 571,911 0.97EUR

4,109,299 6.96

ABN AMRO 4.31%(TV) 06-PERP. 250,000 236,399 0.40EUR

NETHERLANDS

ALLIANZ FIN TV 05-PERP 350,000 331,237 0.56EUR

ALTADIS FIN.4.25% 03-2.10.08 200,000 199,705 0.34EUR

ALTADIS FIN.5.125% 03-2.10.13 300,000 303,597 0.51EUR

CARLS.WAGONLIT TV 06-1.5.15REG

100,000 106,083 0.18EUR

DEUTSCH.TELEK.7.5%03-33/STEPP.

250,000 316,784 0.54EUR

DT TEL.INTL.FIN 4% 05-19.01.15 155,000 147,431 0.25EUR

DT.TEL.INT.F.7.125%01-11STEPPD

750,000 813,483 1.37EUR

EADS FIN.4.625%03-03.03.10 150,000 151,096 0.26EUR

EDP FINANCE 3.75% 05-22.06.15

210,000 199,028 0.34EUR

EUREKO 5.125% 05-29.06.49 100,000 99,480 0.17EUR

FRESENIUS FIN.5.5% 06-16REG.S

800,000 814,239 1.37EUR

GENERALI F.5.317%(TV)06-..PERP

400,000 400,200 0.68EUR

IBERDROLA I.4.875% 03-18.2.13 100,000 102,184 0.17EUR

ING VERZEK.6.25%01-21.06.21 700,000 748,390 1.27EUR

KAZKOMMERTS 6.875% 07-13.2.17

500,000 489,005 0.83EUR

KON.PHILIPS 6.125%01-16.05.11

265,000 282,041 0.48EUR

KPN NV 4.5% 04-21.7.11 EMTN 500,000 497,235 0.84EUR

LINDE FIN.7.375%(TV)06-14.7.66

700,000 759,646 1.29EUR

METRO FIN.4.625% 04-11 EMTN 100,000 100,222 0.17EUR

PORTUGAL TELE.INTL4.375%05-17

50,000 46,388 0.08EUR

RED ELECTRICA 4.75% 03-13EMTN

120,000 122,639 0.21EUR

REPSOL INTL 5% 03-22.7.13EMTN

250,000 254,226 0.43EUR


Face Value



SIEMENS F.5.25%(TV)06-14.9.66

700,000 706,024 1.20EUR

TELEFONICA 5.125%03-14.02.13

400,000 409,666 0.69EUR

TNT NV 5.125%01-05.12.08SENIOR

350,000 354,070 0.60EUR

8,990,498 15.23

TELENOR ASA 4.5% 06-28.03.14

80,000 79,565 0.13EUR

NORWAY

79,565 0.13

CONSOL GLASS 7.625% 07-15.4.14

150,000 152,044 0.26EUR

SOUTH AFRICA

152,044 0.26

BBVA INTL 4.952%(TV) 06-PERP.

200,000 198,004 0.34EUR

SPAIN

SANTANDER TV 04-..PERP. 300,000 293,519 0.49EUR

491,523 0.83

SCA FINANS AB5.375%02-25.06.07

150,000 150,404 0.25EUR

SWEDEN

SCA FINANS 3.875% 06-7.03.11 65,000 63,680 0.11EUR

SECURITAS 6.125%01-14.03.08 210,000 213,303 0.36EUR

SKAND.ENSK.BANK.TV 02-6.6.12

170,000 170,424 0.29EUR

TELIASONERA 4.125% 05-11.5.15

125,000 119,256 0.20EUR

717,067 1.21

AM.GEN.FIN.3.25% 05-16.1.05-16.1.13

290,000 270,899 0.46EUR

UNITED STATES

AT&T 4.375% 07-15.3.13 200,000 198,148 0.34EUR

CA PREF.TRUST III 6% 03-PERP

125,000 128,720 0.22EUR

CITIGR.4.75% 04-10.2.19 INTL 1,000,000 1,012,156 1.70EUR

COMMZBK CAP.5.012%(TV)06-PERP

400,000 393,928 0.67EUR

CS GRP(US)3.625%(TV)05-14.9.20

760,000 707,442 1.20EUR

DAIMLER CHRYS.4.25%04-4.10.11

450,000 444,503 0.75EUR

DEUTSCHE CAP.5.33% 03-...EMTN

600,000 617,355 1.04EUR

GECC 4.625% 06-15.9.66 REGS 625,000 621,169 1.05EUR

GMAC 5.375% 04-6.6.11 EMTN 650,000 637,406 1.08EUR

GMAC 6%03-03.07.08 400,000 403,500 0.68EUR

GOLDMAN SACHS 4% 05-02.02.15

550,000 527,689 0.89EUR

LEHMAN BROTH 4.25% 06-26.09.16

300,000 294,375 0.50EUR

MERRILL LYNCH 4.45% 07-31.1.14

700,000 695,975 1.18EUR

MORGAN STANLEY 3.75% 06-1.3.13

400,000 383,374 0.65EUR

PEMEX FUND.MASTER 6.375%04-16

225,000 247,244 0.42EUR

ROCKWOOD SPEC.7.625% 04-14

250,000 263,750 0.45EUR

SAN PAOLO IMI 8.126%00-PERP.

200,000 223,729 0.38EUR


Face Value

WACHOVIA COR 4.375% 06-18EMTN

500,000 483,684 0.82EUR

8,555,046 14.48

88.92TOTAL BONDS 52,529,898



Face Value

CARMEUSE LIME 10.75% 02-12REGS

260,000 280,150 0.47EUR


BONDS

NETHERLANDS

280,150 0.47








ERSTE BK TV 07-19.7.17 TR.2 350,000 350,000 0.80EUR


BONDS

AUSTRIA

350,000 0.80

TELENET COM.9% 03-15.12.13REGS

186,750 204,945 0.47EUR

BELGIUM

204,945 0.47

BOMBARDIER TV 06-15.11.13REGS

400,000 413,000 0.94EUR

CANADA

413,000 0.94

BCP FINANCE TV 05-PERP. 500,000 470,043 1.07EUR

CAYMAN ISLANDS

DUBAI HOLDING 4.75%07-30.01.14

500,000 497,782 1.14EUR

MIZUHO FIN.4.75% 04-15.4.14REG

1,500,000 1,509,517 3.45EUR

2,477,342 5.66


500,000 495,996 1.13EUR


495,996 1.13


1,550,000 1,556,998 3.55EUR

FINLAND

1,556,998 3.55

BFCM 4.471%(TV) 05-PERP. 600,000 577,644 1.32EUR

FRANCE

BQ.POSTALE TV 06-12.12.16EMTN

700,000 700,600 1.60EUR

CASINO GUICHARD P.4.875%07-14

200,000 198,680 0.45EUR

CIE ST.GOBAIN TV 07-11.4.12 850,000 848,871 1.94EUR


600,000 596,008 1.36EUR

CNCEP 5.6% 99-5.11.2011 1,000,000 1,048,931 2.39EUR

CNP ASS.4.75%(TV)06-PERP. 700,000 681,920 1.56EUR

CREDIT LOGEM.4.604%(TV)06-PERP

550,000 549,005 1.25EUR

CRH 4.25% 03-25.10.14 1,000,000 1,000,042 2.28EUR

DEXIA MUN.AG 3.875%06-24.11.16

800,000 775,121 1.77EUR

INVESTMENTS

EURO CREDIT BONDStatement of investments as at 31 March 2007 (expressed in EUR)


Quantity/FaceValue

FRANCE TELEC 4.75% 07-21.02.17

300,000 298,755 0.68EUR

FRANCE 3.25% 05-25.4.16 OAT 430,000 403,512 0.92EUR

FRANCE 5.75% 01-25.10.32BTAN

600,000 735,000 1.68EUR

FR.TELECOM 8.125%03-28.01.33

100,000 135,115 0.31EUR

GECINA 4.875% 04-25.1.12 1,500,000 1,472,999 3.37EUR

IMERYS 5% 07-18.04.17 200,000 200,120 0.46EUR

LA BQUE POSTALE 4% 06-8.11.13

900,000 887,961 2.03EUR

RFF 4.375% 06-2.6.22 550,000 549,071 1.25EUR

RHODIA TV 06-15.10.13 REGS 500,000 511,322 1.17EUR

SCOR ASSIST.6.154%(TV)06-PERP.

550,000 556,540 1.27EUR

12,727,217 29.06

DEGUSSA 5.125%03-10.12.13 250,000 250,384 0.57EUR

GERMANY


400,000 390,826 0.89EUR

HSH NORDBK4.375%(TV)07-14.2.08

450,000 445,662 1.02EUR

1,086,872 2.48

ANGLIAN WATER 4.625% 03-13 1,000,000 1,009,045 2.31EUR

GREAT BRITAIN


430,000 422,679 0.96EUR

HSBC HLDS.5.375%02-20.12.12 600,000 628,443 1.43EUR

IMP.TOBACCO 4.375% 06-22.11.13

250,000 246,171 0.56EUR

OTE PLC 5% 03-5.8.13 EMTN 1,230,000 1,253,321 2.87EUR

3,559,659 8.13

FIDIS RETAIL FIN TV06-11.05.09 900,000 910,398 2.08EUR

IRELAND

LEASEPLAN FIN.4.5% 06-08.11.16

600,000 596,306 1.36EUR

1,506,704 3.44


1,050,000 1,048,983 2.39EUR

ITALY

CIRINT 5.75% 04-16.12.2024 250,000 234,794 0.54EUR

EDISON 5.125% 03-10.12.10EMTN

1,000,000 1,025,290 2.34EUR

HERA SPA 4.125% 06-16.02.16 500,000 481,814 1.10EUR

2,790,881 6.37

BK TOKYO MITSUB.3.5% 05-15 700,000 678,496 1.55EUR

JAPAN

678,496 1.55

AIG.SUN.III 4.75% 03-11.09.13 800,000 816,184 1.86EUR

JERSEY

816,184 1.86

BANQUE DU LUXEMBOURG TV02-PERP.

1,000,000 1,140,080 2.60EUR

LUXEMBOURG

FIAT FIN.6.625% 06-15.02.13 500,000 538,225 1.23EUR

MERCK FIN.3.75% 05-07.12.12 800,000 767,520 1.75EUR


Quantity/FaceValue



SOGERIM 7%01-20.04.11 600,000 658,713 1.50EUR

TELECOM ITA 5.15%99-09/MLTICPN

600,000 607,581 1.39EUR

3,712,119 8.47

GENERALI F.5.479%(TV)07-PERP

750,000 756,431 1.73EUR

NETHERLANDS

HIT FIN BV 4.875% 06-27.10.21 950,000 923,056 2.11EUR

ING VERZ.3.5% 05-28.11.12 700,000 671,363 1.53EUR

KAZKOMMERTS 6.875% 07-13.2.17

320,000 312,963 0.71EUR

KPN NV 4.75% 06-17.1.17 GMTN 290,000 286,595 0.65EUR

LEHMAN BROS 4.625% 07-14.3.19

1,700,000 1,677,195 3.83EUR

SOLVAY FIN.6.375% 06-2.6.2104

250,000 265,269 0.61EUR

URENCO FINANCE 3.375% 05-10

1,500,000 1,449,203 3.31EUR

6,342,075 14.48

TELEFONICA 4.674% 07-7.2.2014

500,000 498,828 1.14EUR

SPAIN

498,828 1.14

STENA AB 6.125% 07-1.2.17REG-S

200,000 201,997 0.46EUR

SWEDEN

201,997 0.46

CARGILL 4.375% 06-29.4.13 350,000 347,211 0.79EUR

UNITED STATES

CL.CAP.TRUST 1 CRYL.TV-PERP

1,600,000 1,775,815 4.06EUR

CS GRP(US)3.625%(TV)05-14.9.20

700,000 651,592 1.49EUR

DAIMLERCHR.NA 4.375%07-16.3.10

1,250,000 1,245,769 2.84EUR

EUROHYPO CAP 6.445% 03-..PERP

500,000 539,260 1.23EUR

SG CAP.TR.III 03-... 500,000 520,343 1.19EUR

5,079,990 11.60

101.59TOTAL BONDS 44,499,303



Quantity/FaceValue

PUT EURO SCHATZ 2YFUTURE 24/05/2007 103.40

100 14,000 0.03EUR


OPTIONS ON FUTURES

GERMANY

14,000 0.03

0.03TOTAL OPTIONS ON FUTURES 14,000






Quantity/FaceValue



BK AUSTRIA 5.75% 01-22.2.13EMTN

5,000,000 5,360,968 3.34EUR


BONDS

AUSTRIA

BUNDESIMMOB.4.375% 03-24.9.13

5,000,000 5,030,500 3.13EUR

ERSTE BK TV 07-19.7.17 TR.2 500,000 500,000 0.31EUR

REP.AUSTRIA 3.5% 05-15.9.21 7,000,000 6,467,300 4.03EUR

17,358,768 10.81

ROYAL BK CDA 3.875%06-31.10.11

1,000,000 985,447 0.61EUR

CANADA

985,447 0.61

DUBAI HOLDING 4.75%07-30.01.14

100,000 99,556 0.06EUR

CAYMAN ISLANDS

MIZUHO FIN.4.75% 04-15.4.14REG

900,000 905,711 0.57EUR

1,005,267 0.63


900,000 904,063 0.56EUR

FINLAND

904,063 0.56

BFCM 4.471%(TV) 05-PERP. 700,000 673,918 0.42EUR

FRANCE

BNP PARIB.3.75% 06-13.12.11 1,600,000 1,571,964 0.98EUR

BQ.POSTALE TV 06-12.12.16EMTN

1,000,000 1,000,857 0.62EUR

CARREFOUR 4.375% 06-2.11.16 500,000 487,693 0.30EUR

CASINO GUICHARD P.4.875%07-14

150,000 149,010 0.09EUR

CIE FIN.FONC.4.25% 04-29.1.14 2,600,000 2,606,154 1.62EUR

CIE ST.GOBAIN TV 07-11.4.12 600,000 599,203 0.37EUR


450,000 447,006 0.28EUR

CNCEP 5.6% 99-5.11.2011 500,000 524,466 0.33EUR

CNP ASS.4.75%(TV)06-PERP. 400,000 389,669 0.24EUR

CREDIT LOGEM.4.604%(TV)06-PERP

600,000 598,914 0.37EUR

CSSE REFI.HABIT.4% 02-25.10.09

3,400,000 3,385,980 2.11EUR

DEXIA MUN.AG 3.875%06-24.11.16

900,000 872,011 0.54EUR

FRANCE TELEC.4.375%07-21.02.12

1,000,000 995,425 0.62EUR

FRANCE 5.25% 98-25.4.08 OAT 3,000,000 3,035,400 1.89EUR

INVESTMENTS

EURO INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in EUR)


Quantity/FaceValue

FRANCE 5.75% 01-25.10.32BTAN

5,390,000 6,602,749 4.11EUR

IMERYS 5% 07-18.04.17 150,000 150,090 0.09EUR

LA BQUE POSTALE 4% 06-8.11.13

650,000 641,305 0.40EUR

RTE EDF TR. 4.125% 06-27.9.16 1,000,000 982,845 0.61EUR

SCOR ASSIST.6.154%(TV)06-PERP.

300,000 303,567 0.19EUR

TOTAL CAPITAL 3.875% 06-6.9.11

2,000,000 1,968,985 1.23EUR

VAUBAN MOBIL.4.5%01-28.10.08

4,400,000 4,417,099 2.75EUR

VEOLIA 4.375% 06-16.1.17 400,000 385,854 0.24EUR

32,790,164 20.40

BERTELSMANN 3.625% 05-06.10.15

500,000 462,420 0.29EUR

GERMANY

GERMANY 4% 06-4.07.16 6,800,000 6,779,600 4.22EUR

GERMANY 4.5% 03-4.1.13 10,900,000 11,161,600 6.94EUR

GERMANY 4.75% 98-28 4,135,000 4,425,691 2.76EUR

HSH NORDBK4.375%(TV)07-14.2.08

1,000,000 990,360 0.62EUR

23,819,671 14.83

ANGLIAN WATER 4.625% 03-13 600,000 605,427 0.38EUR

GREAT BRITAIN

BP CAPITAL 3.75% 06-14.1.09 4,000,000 3,967,951 2.47EUR

CARNIVAL PLC 4.25% 06-13GTD

700,000 688,876 0.43EUR


360,000 353,871 0.22EUR

HBOS TRS.SERV.3.5% 04-12.2.09

4,400,000 4,351,141 2.70EUR

HSBC BANK 3.875% 06-9.11.11 2,000,000 1,973,710 1.23EUR

IMP.TOBACCO 4.375% 06-22.11.13

800,000 787,748 0.49EUR

OTE PLC 5% 03-5.8.13 EMTN 610,000 621,566 0.39EUR

13,350,290 8.31

GREECE 4.3% 07-20.7.2017 6,950,000 6,947,220 4.33EUR

GREECE

6,947,220 4.33

DEPFA ACS BK 3.875%06-14.11.16

1,000,000 969,851 0.60EUR

IRELAND

GERM.POST.PE.3.75%06-18.1.10/1

4,500,000 4,454,150 2.78EUR

5,424,001 3.38


400,000 399,613 0.25EUR

ITALY

CIRINT 5.75% 04-16.12.2024 300,000 281,753 0.18EUR

EDISON 5.125% 03-10.12.10EMTN

1,100,000 1,127,819 0.70EUR

HERA SPA 4.125% 06-16.02.16 400,000 385,451 0.24EUR

ITALY 4% 05-1.2.37 BTP 4,000,000 3,652,000 2.27EUR

TERNA SPA 4.9% 04-28.10.24 650,000 666,604 0.42EUR

6,513,240 4.06


Quantity/FaceValue



BK TOKYO MITSUB.3.5% 05-15 800,000 775,424 0.48EUR

JAPAN

775,424 0.48

AIG.SUN.III 4.75% 03-11.09.13 1,325,000 1,351,805 0.84EUR

JERSEY

UBS JSY 4.125%(TV) 06-25.9.18 700,000 687,547 0.43EUR

2,039,352 1.27


600,000 684,048 0.42EUR

LUXEMBOURG

MERCK FIN.3.75% 05-07.12.12 680,000 652,392 0.41EUR

1,336,440 0.83

ALLIANZ FIN BV 4% 06-23.11.16 1,000,000 964,140 0.60EUR

NETHERLANDS


400,000 403,430 0.25EUR

HIT FIN BV 4.875% 06-27.10.21 650,000 631,565 0.39EUR

ING BK NV 3.5% 05-16.09.20 340,000 315,904 0.20EUR

ING VERZ.3.5% 05-28.11.12 1,000,000 959,090 0.60EUR

KPN NV 4.75% 06-17.1.17 GMTN 210,000 207,535 0.13EUR

LEHMAN BROS 4.625% 07-14.3.19

700,000 690,610 0.43EUR

NEDERLD GASUNIE 4.25%6-20.6.16

900,000 896,235 0.56EUR

NETHERLANDS 3% 04-15.01.10 11,600,000 11,294,920 7.03EUR

NETHERLANDS 5% 01-15.07.11 12,000,000 12,454,799 7.75EUR

RABOBK NEDL.4.25% 07-16.1.17

900,000 894,060 0.56EUR

REPSOL INT FI 4.75%07-16.02.17

500,000 491,260 0.31EUR

URENCO FINANCE 3.375% 05-10

1,100,000 1,062,749 0.66EUR

31,266,297 19.47

STATKRAFT 4.625% 07-22.09.17 400,000 396,707 0.25EUR

NORWAY

396,707 0.25

CAJA BARCELONA 3.75%06-13.9.11

4,000,000 3,930,009 2.45EUR

SPAIN

TELEFONICA 4.674% 07-7.2.2014

500,000 498,828 0.31EUR

4,428,837 2.76

BANK AMERICA CORP 4% 05-15

1,100,000 1,067,919 0.66EUR

UNITED STATES

CITIGROUP INC 3.95% 06-13EMTN

1,400,000 1,362,514 0.86EUR

CITIGROUP 5% 04-2.8.2019 800,000 830,304 0.52EUR

CS GRP FIN(US)3.125% 05-12 700,000 658,466 0.41EUR

DAIMLERCHR.NA 4.375%07-16.3.10

1,000,000 996,615 0.62EUR

EUROHYPO CAP 6.445% 03-..PERP

800,000 862,816 0.54EUR

HSBC FIN.3.75% 05-4.11.15 400,000 375,440 0.23EUR

NY LIFE GLB 4.375% 07-2017EMTN

800,000 794,436 0.49EUR


Quantity/FaceValue

WELLS FARGO 4.375% 06-16REG.

1,000,000 966,730 0.60EUR

7,915,240 4.93

97.91TOTAL BONDS 157,256,428



Quantity/FaceValue

PUT EURIBOR 360 /3 MONATE17/09/2007 95.625

425 10,625 0.01EUR


OPTIONS ON FUTURES

GERMANY


(850) (95,625) (0.06)EUR


425 106,250 0.06EUR

21,250 0.01








TELENET COM.9% 03-15.12.13REGS

2,875,950 3,156,154 3.75EUR


BONDS

BELGIUM

3,156,154 3.75

CEN.EURO MEDIA 8.25%05-12REG.S

1,650,000 1,801,164 2.14EUR

BERMUDA ISLANDS

1,801,164 2.14

BOMBARDIER TV 06-15.11.13REGS

1,200,000 1,239,000 1.47EUR

CANADA

BOMBARDIER 7.25% 06-15.11.16

1,360,000 1,411,680 1.68EUR

2,650,680 3.15

AGROKOR 7% 06-23.11.11 100,000 102,880 0.12EUR

CROATIA

102,880 0.12

DANSK NATURGAS A/S5.5%05-PERP

1,400,000 1,413,021 1.69EUR

DENMARK

FS FUNDG 8.875% 06-15.5.16REG

450,000 472,817 0.56EUR

ISS GLOBAL A/S 4.5% 04-14EMTN

800,000 707,420 0.84EUR

NORDIC TEL.8.25%06-1.5.16REGS

780,000 852,937 1.01EUR

TDC AS 6.5% 02-19.4.12 1,100,000 1,150,589 1.37EUR

4,596,784 5.47


210,000 208,318 0.25EUR


208,318 0.25

ALCATEL 6.375% 04-7.4.14EMTN

1,658,000 1,754,297 2.09EUR

FRANCE

CROWN EUR.6.25% 05-01.09.11 400,000 413,000 0.49EUR

EUROPCAR TV 06-15.5.13REGS.

1,550,000 1,586,732 1.89EUR

FG4 8.375% 05-30.4.15 REG.S 1,700,000 1,921,000 2.28EUR

GECINA 4.875% 04-25.1.12 600,000 589,200 0.70EUR

KAUFMAN ET BR.8.75% 02-09REGS

1,850,000 2,022,975 2.41EUR

RAY ACQ SCA 9.375% 05-15REG.S

300,000 343,956 0.41EUR

INVESTMENTS

EURO HIGH YIELD BONDStatement of investments as at 31 March 2007 (expressed in EUR)


Face Value

RHODIA TV 06-15.10.13 REGS 3,100,000 3,170,196 3.77EUR

VINCI 6.25% 06-PERP 1,800,000 1,784,790 2.12EUR

13,586,146 16.16

ATU AUTO-TEILE TV 04-1.10.14 750,000 777,375 0.92EUR

GERMANY

BAYER AG 5%(TV) 05-29.7.2015 1,750,000 1,658,729 1.97EUR

DEGUSSA 5.125%03-10.12.13 2,250,000 2,253,453 2.69EUR


1,700,000 1,661,011 1.98EUR

HORNBACH BAU 6.125% 04-14REGS

400,000 415,451 0.49EUR

PERI TV 04-15.12.09 200,000 204,753 0.24EUR

PERI 5.625% 04-15.12.11 REGS 1,300,000 1,326,013 1.58EUR

SGL CARBON 8.5% 04-1.2.12EMTN

1,800,000 1,926,599 2.29EUR

10,223,384 12.16

CORUS 7.5% 04-1.10.11SENIOR

1,185,000 1,274,056 1.51EUR

GREAT BRITAIN

ECO-BAT 10.125% 03-31.1.13REGS

1,454,000 1,590,676 1.89EUR

INVENSYS 9.875% 04-15.3.11 1,625,000 1,777,264 2.12EUR

LOUIS NO1 8.5% 06-1.12.14REGS

1,000,000 1,035,394 1.23EUR

5,677,390 6.75

ABB INT.FIN.6.5% 03-11 EMTN-TERM NOTES 2

325,000 353,277 0.42EUR

GUERNSEY

353,277 0.42

MDP AQUISIT.10.125% 03-12REG.

300,000 323,550 0.38EUR

IRELAND

323,550 0.38

CIRINT 5.75% 04-16.12.2024 1,200,000 1,127,010 1.34EUR

ITALY

1,127,010 1.34

ROYAL CARIBB.5.625% 07-14REGS

650,000 650,416 0.77EUR

LIBERIA

650,416 0.77

CABLECOM 8% 06-1.11.16 600,000 619,125 0.74EUR

LUXEMBOURG

CODERE FIN.8.25% 05-15.06.15 1,000,000 1,064,430 1.27EUR

FIAT FIN.6.625% 06-15.02.13 3,020,000 3,250,878 3.87EUR

GAZ CAPITAL 7.8% 03-27.9.10 600,000 659,828 0.78EUR

HELLAS TELECOM TV 05-15.10.12

500,000 512,149 0.61EUR

LIGHTHOUSE INTL 8% 04-14REGS

900,000 976,249 1.16EUR

NELL AF 8.375% 05-15 REGS. 1,750,000 1,895,059 2.25EUR

WIND ACQUISIT.9.75% 05-1.12.15

1,000,000 1,143,822 1.36EUR

10,121,540 12.04


Face Value



CARLS.WAGONLIT TV 06-1.5.15REG

350,000 371,292 0.44EUR

NETHERLANDS

COGNIS 9.5% 04-15.5.14 EMTN 250,000 272,556 0.32EUR

FRESENIUS FIN.5%06-31.1.13REG

3,075,000 3,074,000 3.65EUR


600,000 605,145 0.72EUR

HEIDELB.FIN.7.375% 03-10REGS

487,500 510,457 0.61EUR

IFCO SYSTEMS 10.375% 03-10REG

400,000 435,000 0.52EUR

IMPRESS MET.TV 06-15.9.13REGS

950,000 976,268 1.16EUR

KAZKOMMERTS 6.875% 07-13.2.17

1,000,000 978,009 1.16EUR

LINDE FIN.7.375%(TV)06-14.7.66

1,550,000 1,682,076 2.00EUR

NXP BV TV 06-15.10.13 REG.S 500,000 509,954 0.61EUR

PORTUGAL TELE.INTL 4.5% 05-25

650,000 556,254 0.66EUR

SIEMENS F.5.25%(TV)06-14.9.66

280,000 282,409 0.34EUR

UPC HLD 7.75% 05-15.1.14 REG 1,450,000 1,480,015 1.76EUR

VICTORIA ACQ.II TV 06-15.05.15

386,311 395,244 0.47EUR

VICTORIA ACQ.7.875% 04-14REG

2,550,000 2,830,499 3.37EUR

14,959,178 17.79

AKER KVAERN.8.375% 04-15.6.11

1,600,000 1,744,480 2.07EUR

NORWAY

1,744,480 2.07

CONSOL GLASS 7.625% 07-15.4.14

200,000 202,725 0.24EUR

SOUTH AFRICA

SAVCIO HLDS LTD 8% 06-13REG.S

200,000 211,500 0.25EUR

414,225 0.49

STENA AB 6.125% 07-1.2.17REG-S

980,000 989,784 1.18EUR

SWEDEN

STENA 5.875% 07-1.2.19 REG.S 500,000 486,274 0.58EUR

1,476,058 1.76

AGCO 6.875% 04-15.4.14 300,000 314,125 0.37EUR

UNITED STATES

BCP CRYST.US 10.375% 04-14EMTN

312,000 365,820 0.43EUR

CENTRAL EUR.DIST.8% 05-12 880,000 960,712 1.15EUR

CHESAPEAKE 6.25% 06-15.1.2017

600,000 622,125 0.74EUR

EB HOLDING 10% 05-15.2.15REGS

218,400 224,254 0.27EUR

XEROX 9.75% 03-15.01.09 700,000 760,190 0.90EUR

3,247,226 3.86

90.87TOTAL BONDS 76,419,860



Face Value

HUNTSMAN LLC 04-15REGS/MULTICP

300,000 316,875 0.38EUR


BONDS

UNITED STATES

316,875 0.38




Face Value

FLENDER HLDG 11% 03-1.8.10REGS

675,000 745,875 0.89EUR


BONDS

GERMANY

745,875 0.89

CARMEUSE LIME 10.75% 02-12REGS

1,050,000 1,131,375 1.34EUR

NETHERLANDS

1,131,375 1.34

2.23TOTAL BONDS 1,877,250

BELGIUM 0% 06-12.4.07 CT 1,300,000 1,298,645 1.54EUR

TREASURY BILLS

BELGIUM

1,298,645 1.54

FRANCE 0% 07-14.06.07 BTF 1,400,000 1,388,940 1.65EUR

FRANCE

1,388,940 1.65

PORTUGAL 0% 06-18.5.07 TB 1,600,000 1,592,392 1.90EUR

PORTUGAL

1,592,392 1.90

5.09TOTAL TREASURY BILLS 4,279,977







ARGENTINA TV 02-3.8.12 /FLAT 1,600,000 1,134,257 0.85USD


BONDS

ARGENTINA

ARGENTINA 2%02-3.1.16BON.CS4

398 220 0.00ARS

ARGENTINA 5.83%05-31.12.33-DIS

1,046,297 507,753 0.38ARS

ARGENTINA 8.28% 03-31.12.33PIK

500,000 660,608 0.49USD

IMPSA 8.75% 02-30.11.11 ST-UP 300,000 254,250 0.19USD

IRSA 8.5% 07-2.2.17 S.1 REG.S 250,000 250,401 0.19USD

TRANAR 8.875% 06-15.12.16REGS

700,000 702,650 0.52USD

3,510,139 2.62

SAGICOR FINANCIAL 7.5% 06-16

300,000 306,264 0.23USD

BARBADE

306,264 0.23

BELIZE 4.25% 07-20.2.29STEUP

600,000 503,460 0.38USD

BELIZE

503,460 0.38

BRAZIL 10.25% 03-17.6.13 1,000,000 1,246,910 0.93USD

BRAZIL

BRAZIL 10.5% 04-14.7.14 250,000 321,856 0.24USD

BRAZIL 7.125% 06-20.01.37 1,000,000 1,102,406 0.82USD

BRAZIL 7.875% 05-7.3.15GLOBAL

1,500,000 1,708,060 1.28USD

BRAZIL 8% 05-15.1.18 1,600,000 1,806,535 1.35USD

BRAZIL 8.25% 04-20.1.34 2,250,000 2,813,819 2.09USD

BRAZIL 8.75% 05-4.2.25GLOBAL

2,000,000 2,567,310 1.92USD

ELECTROBRAS 7.75% 05-15REG.S

400,000 445,891 0.33USD

ISA CAPITAL 8.8% 07-17 REG.S 1,000,000 1,068,353 0.80USD

SUL AMERICA 8.625% 07-12REG.S

500,000 522,094 0.39USD

VIGOR 9.25% 07-23.02.17 STUP 250,000 249,792 0.19USD

13,853,026 10.34

BOSPHORUS FIN TV 05-15.2.12 750,000 757,536 0.57USD

CAYMAN ISLANDS

BOSPHORUS TV 05-12 05-AREGS

950,000 961,875 0.72USD

CSN ISLANDS IX 10% 04-14REGS

750,000 885,019 0.66USD

PERU ENCHANCED TV 06-18REG.S

1,250,000 836,719 0.62USD

INVESTMENTS

GLOBAL EMERGING MARKETS BONDStatement of investments as at 31 March 2007 (expressed in USD)


Quantity/FaceValue

PETROL.EXP 5.265% 05-11 C1A-S

300,934 297,332 0.22USD

VALE OVERS 6.875% 06-21.11.36

550,000 570,207 0.43USD

VALE OVERSEAS 6.25% 06-11.1.16

1,000,000 1,020,185 0.76USD

5,328,873 3.98

COLOMBIA 10.375% 03-28.1.33 500,000 727,550 0.54USD

COLOMBIA

COLOMBIA 11.75% 04-1.3.10GLOB

2,170,000,000 1,073,227 0.80COP

COLOMBIA 7.375% 06-18.9.37 500,000 544,366 0.41USD

COLOMBIA 8.125% 04-21.5.24 500,000 586,029 0.44USD

COLUMBIA 12% 05-22.10.15 1,000,000,000 538,283 0.40COP

COLUMBIA 8.25% 04-22.12.14GL

500,000 571,069 0.43USD

4,040,524 3.02

COSTA RICA 6.548% 04-14REG.

400,000 410,640 0.31USD

COSTA RICA

COSTA RICA 9.995% 00-1.8.20 500,000 661,688 0.49USD

1,072,328 0.80

CAP CANA 9.625% 06-03.11.13-S-

750,000 783,281 0.58USD

DOMINICAN REPUBLIC

CAP CANA 9.625%06-3.11.13144A

300,000 313,875 0.23USD

CERVECERIA NACIO 8% 07-14144A

100,000 101,750 0.08USD

CERVECERIA NACIO 8% 07-27.3.14

320,000 327,307 0.24USD

REP.DOMINIC.8.625% 06-27REG.S

400,000 464,100 0.35USD

REP.DOMINIC.9.5%05-27.9.11REG

869,495 932,218 0.70USD

2,922,531 2.18

EL SALVADOR7.65%05-15.6.35REGS

1,250,000 1,432,400 1.07USD

EL SALVADOR

1,432,400 1.07

BSPB FIN.9.501% 06-25.11.09 300,000 301,992 0.23USD


RUSSIA 7.5%00-31.3.30REG/ST-UP

8,600,000 9,766,240 7.29USD

10,068,232 7.52

REPUBLIC FIJI 6.875%06-13.9.11

250,000 236,784 0.18USD

FIJI ISLANDS

236,784 0.18

DRESD.KLEINW.7.75%04-23.9.09

1,000,000 1,027,101 0.77USD

GERMANY

1,027,101 0.77

INDONESIA 8.5% 05-12.10.35REGS

500,000 614,643 0.46USD

INDONESIA


Quantity/FaceValue



INDONESIA 8.5%05-12.10.35144A

250,000 307,343 0.23USD

921,986 0.69

IRAQ 5.8% 06-15.1.28 STEP-UP 2,000,000 1,308,695 0.98USD

IRAQ

1,308,695 0.98

JAMAICA 8% 07-15.03.39 400,000 401,608 0.30USD

JAMAÏCA

401,608 0.30

GAZ CAPITAL 6.212% 06-22.11.16

1,500,000 1,502,454 1.12USD

LUXEMBOURG

GAZPROM 5.625% 05-22.7.13REG

2,989,098 2,988,209 2.23USD

OR-ICB 6.875% 05-29.7.08SENIOR

300,000 303,719 0.23USD

RUSS.AGRIC.7.175%06-16.5.13REG

200,000 211,383 0.16USD

RUSSIA INTL CARD 9.75% 04-09

334,651 348,416 0.26USD

SLAVINVEST 9.875% 06-21.12.09

500,000 508,382 0.38USD

TNK BP FIN.6.875% 06-18.07.11 300,000 308,471 0.23USD

TNK BP FIN.7.5% 06-18.07.16 500,000 529,376 0.40USD

TNK-BP FIN 6.625% 07-20.03.17 500,000 498,102 0.37USD

UBS LUX (VIMPELCOM)8% 05-10REG

1,000,000 1,043,740 0.78USD

UBS SA 8.25% 06-23.05.16REG.S

1,000,000 1,070,979 0.80USD

UBS(LUX)6.23%(TV) -11.02.15 500,000 508,688 0.38USD

VTB CAP.7.5% 04-12.10.11REGS

1,000,000 1,071,140 0.80USD

10,893,059 8.14

AMERIC.MOVIL 8.46% 06-18.12.36

6,000,000 540,995 0.40MXN

MEXICO

DURANGO 9.5% 05-12 STEPUP 292,925 299,214 0.22USD

HIPO.CASITA 8.5%06-4.10.16REGS

500,000 535,458 0.40USD

JPM(SU CAS)6.1%06-25.9.35-06U-

1,100,000 374,221 0.28MXN

MEXIC0 9% 06-20.6.13 BD 2,000,000 195,538 0.15MXN

TELEFONOS MEX.5.5% 05-27.1.15

3,250,000 3,208,068 2.40USD

5,153,494 3.85

TRADE&DVP MONGOLIA8.625%07-10

400,000 405,500 0.30USD

MONGOLIA

405,500 0.30

BG FIN.9% 07-8.2.12 750,000 756,944 0.57USD

NETHERLANDS

BULGARIA STEEL 12% 06-4.5.13

900,000 880,110 0.66EUR

ING BK 10% 06-01.01.14 REG. 1,800,000 812,918 0.61BRL

KAZKOMMERTS INT.7.875%04-14REG

500,000 509,331 0.38USD

KAZKOMMERTS IN7.5% 06-29.11.16

900,000 875,215 0.65USD

KAZKOMMERTS 8% 05-3.11.15REGS

500,000 507,930 0.38USD


Quantity/FaceValue

TURANALEM FIN.BV 8% 04-14REGS

1,000,000 996,144 0.74USD

5,338,592 3.99

AES PANAMA 6.35% 06-21.12.16

1,000,000 986,300 0.74USD

PANAMA

PANAMA 8.125% 04-28.4.34 1,000,000 1,208,853 0.90USD

REP.PANAMA 7.125% 05-29.1.26

400,000 433,047 0.32USD

2,628,200 1.96

PHILIPPINES 7.75% 06-14.1.31 2,500,000 2,820,432 2.10USD

PHILIPPINES

PHILIPPINES 8.875% 04-17.03.15

1,500,000 1,761,653 1.32USD

PHILIPPINES 9% 02-15.02.13 500,000 576,276 0.43USD

5,158,361 3.85

POLOGNE 4.25%05-24.5.11PS0511

3,000,000 1,009,219 0.75PLN

POLAND

1,009,219 0.75

TURKEY 0% 06-13.08.08 1,000,000 560,928 0.42TRY

TURKEY

TURKEY 14% 06-19.01.11 2,000,000 1,313,391 0.98TRY

TURKEY 6.875% 06-17.3.36 5,500,000 5,259,204 3.93USD

TURKEY 7% 05-05.06.20 250,000 251,969 0.19USD

TURKEY 7.25% 04-15.3.15 500,000 518,294 0.39USD

TURKEY 7.375% 05-05.02.25 1,850,000 1,900,572 1.42USD

TURKEY 9% 04-30.6.11 1,000,000 1,110,851 0.83USD

TURKEY 9.5% 03-15.1.14 500,000 581,178 0.43USD

11,496,387 8.59

UKRAINE FIN.6.58% 06-21.11.16 600,000 608,875 0.45USD

UKRAINE

UKRAINE 6.875% 04-4.3.11 1,000,000 1,035,107 0.78USD

1,643,982 1.23

EDEL CAP.SINEK 7.7%05-03.08.15

500,000 510,742 0.38USD

UNITED STATES

GECC 9.5% 05-04.08.10SENIORDIUM-TERM NO

16,700,000 1,571,410 1.17MXN

GECC 9.5% 05-11.12.14SENIOR

8,000,000 768,271 0.57MXN

MARFRIG OVER.9.625% 06-16REGS

1,000,000 1,044,738 0.78USD

PEMEX PROJ.FDG 6.625% 05-35

1,500,000 1,546,192 1.15USD

PEMEX PROJ.5.75% 05-15.12.15

1,750,000 1,753,940 1.32USD

7,195,293 5.37

IMCOPA 10.375% 06-27.11.09 500,000 517,313 0.39USD

URUGUAY

REP.URUGUAY 8% 05-18.11.22 1,000,000 1,138,666 0.85USD

1,655,979 1.24

VENEZUELA 5.375% 03-7.8.10 600,000 585,741 0.44USD

VENEZUELA


Quantity/FaceValue



VENEZUELA 5.75% 05-26.2.16REGS

1,900,000 1,785,572 1.33USD

VENEZUELA 7.65% 05-21.04.25 2,000,000 2,112,929 1.58USD

VENEZUELA 8.5% 04-8.10.14GLOB

1,000,000 1,110,809 0.83USD

5,595,051 4.18

REP.SERBIA 3.75% 04-24STEP-UP

1,250,000 1,180,936 0.88USD

YOUGOSLAVIA

1,180,936 0.88

79.39TOTAL BONDS 106,288,004

EGYPT 0% 06-1.5.07 TB S.364 6,000,000 1,046,701 0.78EGP

TREASURY BILLS

EGYPT

1,046,701 0.78




Quantity/FaceValue

INDONESIA 6.875%06-09.3.17REGS

1,000,000 1,058,364 0.79USD


BONDS

INDONESIA

REP.INDONESIA 6.625%07-17.2.37

1,000,000 986,940 0.74USD

2,045,304 1.53

VITRO SA 9.125% 07-17 REG.S 150,000 153,706 0.11USD

MEXICO

153,706 0.11

ING BK 7.5% 07-7.3.08 400,000 408,130 0.30USD

NETHERLANDS

MAJAPAHIT HLD 7.75% 06-16REGS

1,500,000 1,575,937 1.18USD

1,984,067 1.48



BANCO VOTORANTIM 9.25%05-12

1,200,000 593,840 0.44BRL


BONDS

BAHAMAS

593,840 0.44

GOV BELIZE 4.5%07-20.2.29144A

125,000 105,000 0.08USD

BELIZE

105,000 0.08

PERU ENHANCD 0%06-31.5.18144A

250,000 165,500 0.12USD

CAYMAN ISLANDS

165,500 0.12

REP.DOMINIC. 9.04%05-18REG/PIK

600,000 759,321 0.57USD

DOMINICAN REPUBLIC

759,321 0.57

JP MORGAN CHASE 0% 06-19.03.13

495,000 495,000 0.37USD

GREAT BRITAIN

JP MORGAN LN 12.5% 06-19.3.13

500,000 500,000 0.37USD

JP MORG.CHASE TV 06-3.1.2012

4,831,000 2,195,043 1.64BRL

3,190,043 2.38

VITRO SA 9.125% 07-17 144A 100,000 102,250 0.08USD

MEXICO

102,250 0.08

ING BANK NV 13% 07-26.02.09 400,000 400,649 0.30USD

NETHERLANDS

ING BK NV 8.04% 06-23.8.07REGS

17,484,000 670,475 0.50RUB

1,071,124 0.80

CITIG.G.MKT 0%02-22.10.07144A

600,000 531,789 0.40USD

UNITED STATES

SALTA HYD.ROY.11.55% 01-15REG

248,925 217,183 0.16USD

748,972 0.56

FERTINITRO FIN.8.29%98-20144A

300,000 264,000 0.20USD

VENEZUELA

264,000 0.20

VIETNAM TV -2016 ST-UP 1,424,348 1,431,024 1.07USD

VIETNAM

1,431,024 1.07


TRANSTEL INTERMEDIAS.A.06-1.6.16 SHS REG.S

1,000 0.00 0.00USD


COLOMBIA

0.00 0.00

0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 0.00



Quantity/FaceValue



STANDARD BK 0% 06-03.06.07CP

502,687 502,767 0.38USD


COMMERCIAL PAPER

GREAT BRITAIN

502,767 0.38

SWEDISH EXP. 0% 07-24.1.08CP

1,000,000 1,000,000 0.74USD

SWEDEN

1,000,000 0.74




Quantity/FaceValue




ARGENTINA 2%02-3.1.16BON.CS4

790,000 432,127 0.40ARS


BONDS

ARGENTINA

432,127 0.40

BELGIUM 5% 04-28.3.35 S44OLO

510,000 756,255 0.69EUR

BELGIUM

756,255 0.69

BCO ABN AM.15.8607%05-13.12.07

650,000 329,366 0.30BRL

CAYMAN ISLANDS

BCP FIN.5.543% 04-... 500,000 687,352 0.63EUR

1,016,718 0.93

AVENTIS SA 4.25% 03-15.9.10 415,000 552,804 0.51EUR

FRANCE

CASINO 5.875% 02-23.11.07EMTN

550,000 740,508 0.68EUR

FRANCE 5% 00-25.10.16 OAT 720,000 1,028,577 0.95EUR

FRANCE 5.75% 01-25.10.32BTAN

1,695,000 2,761,387 2.54EUR

FR.TELECOM 4.625% 04-12EMTN

385,000 516,739 0.47EUR

PINAULT PRINTEMPS 5% 03-23.1.09 REG

375,000 504,928 0.46EUR

6,104,943 5.61

BMW FIN.5% 03-6.8.18 EMTN 210,000 291,079 0.27EUR

GERMANY

GERMANY 3.5% 06-14.10.11S149

2,370,000 3,095,922 2.85EUR

GERMANY 3.75% 06-4.1.17 S.6 1,105,000 1,438,890 1.32EUR

GERMANY 4% 05-4.1.37 365,000 467,502 0.43EUR

GERMANY 5.625% 98-4.1.28 1,405,000 2,217,367 2.04EUR

KFW 2.05% 06-16.02.06GLOBAL

92,000,000 770,692 0.71JPY

MUNICH RE FIN.6.75%03-21.06.23

450,000 666,641 0.61EUR

RWE FIN.6.125% 02-26.10.12EMTN

200,000 290,212 0.27EUR

9,238,305 8.50

BBC 5.0636% 03-10.08.2033REG.

498,998 969,061 0.89GBP

GREAT BRITAIN

GREAT BRITAIN 4% 03-7.3.09TSY STOCK

3,321,000 6,350,777 5.85GBP

INVESTMENTS

GLOBAL INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in USD)


Quantity/FaceValue



GREAT BRITAIN 4.25% 03-36TSY STOCK

390,000 744,117 0.68GBP

UK TSY 4% 06-7.9.16 TSY 1,060,000 1,932,393 1.78GBP

9,996,348 9.20

KAUPTHING 5.75% 06-11 144A 605,000 612,689 0.56USD

ICELAND

612,689 0.56

CAIRN MEZZAN.TV07-47 07-3AB1

860,000 843,741 0.77USD

IRELAND

DEPFA ACS 1.65% 04-20.12.16 10,000,000 84,101 0.08JPY

927,842 0.85

OLIVETTI FIN.6.5% EMTN(RBG)

525,000 701,057 0.64EUR

ITALY

701,057 0.64

DEV. BK JAPAN 1.05% 03-23EMTN

86,000,000 629,027 0.58JPY

JAPAN

DEV.BK JAPAN 1.7% 02-20.9.22 3,000,000 24,420 0.02JPY

JAPAN GOV.0.5% 06-10.12.14 350,000,000 2,852,444 2.63JPY

JAPAN 1.4% 02-20.3.12 N.238 150,000,000 1,285,732 1.18JPY

JAPAN 1.70% 06-20.12.16 N284 255,000,000 2,177,274 2.00JPY

JAPAN 2.3% 07-20.12.36 N.25 193,000,000 1,625,978 1.49JPY

8,594,875 7.90


450,000 684,270 0.63EUR

LUXEMBOURG

684,270 0.63

AMERICA MOVIL 9% 05-15.1.16 5,000,000 479,405 0.44MXN

MEXICO

MEXICO 9.50% 04-18.12.14BONOS

8,200,000 830,652 0.76MXN

1,310,057 1.20

KAZKOMMERTS IN7.5% 06-29.11.16

325,000 316,050 0.29USD

NETHERLANDS

KAZKOMMERTS 8% 05-3.11.15REGS

225,000 228,569 0.21USD

NETHERLANDS 2.75% 06-15.04.09

6,406,000 8,335,674 7.66EUR

8,880,293 8.16

POLAND 6.25%04-24.10.15DS1015

2,655,000 980,870 0.90PLN

POLAND

980,870 0.90

CITIBANK KOREA 4.68%(TV)03-13

2,700,000 2,680,469 2.46USD

SOUTH KOREA

2,680,469 2.46


Quantity/FaceValue

ICO 0.8% 06-28.09.09 157,000,000 1,329,629 1.22JPY

SPAIN

1,329,629 1.22

FEDERATED DEP.5.9% 06-01.12.16

830,000 829,596 0.76USD

UNITED STATES

FNMA(15Y)5% 06-1.4.22 800,000 788,625 0.72USD

FNMA(15Y)5%06-01.02.21P.781922

796,305 784,983 0.72USD

FNMA(15Y)5.5% 07-01.04.22 400,000 400,813 0.37USD

FNMA(30)5% 06-1.5.37 2,600,000 2,514,687 2.31USD

GECC 9.5% 05-04.08.10SENIORDIUM-TERM NO

1,450,000 136,440 0.13MXN

GECC 9.5% 05-11.12.14SENIOR

1,700,000 163,258 0.15MXN

KFW INT. FIN 1.75% 00-23.3.10/REGS

241,000,000 2,094,871 1.93JPY

PEMEX FUND.MASTER 6.375%04-16

420,000 615,440 0.57EUR

PROCTER&GAMBLE 5.55% 07-5.3.37

340,000 331,881 0.30USD

USA 4.75% 07-15.2.10 TSY 850,000 854,780 0.79USD

9,515,374 8.75

C8 CAP. 6.64%(TV)07-PERP./144A

600,000 592,794 0.54USD

VIRGIN ISLANDS

592,794 0.54

59.14TOTAL BONDS 64,354,915

CALL 10Y TREASURY NOTESUSA 20/04/2007 111.00

65 1,016 0.00USD

OPTIONS ON FUTURES

UNITED STATES

1,016 0.00




Quantity/FaceValue

CANADA 4% 06-1.6.17 2,890,000 2,474,038 2.27CAD


BONDS

CANADA

2,474,038 2.27

COX COMM.7.125% 02-1.10.12 850,000 917,243 0.84USD

UNITED STATES

FHLMC 4.14% 04-1.12.34P.1B2655

1,339,136 1,341,183 1.23USD

FHLMC 5.5% 06-1.8.21P.G12317

399,777 400,754 0.37USD

GCCFC 5.475% 07-17 2007-GG9AM

870,000 873,870 0.80USD

GEORGIA PAC.7.7% 95-15.6.15 445,000 458,332 0.42USD

GMAC 6.75% 04-1.12.14 260,000 255,970 0.24USD

LBUBS 5.43424% 06-36 06-C6A4

720,000 720,586 0.66USD

TIME WARNER ENTMT.8.375%93-23

380,000 449,219 0.41USD



USA 2.375% 04-15.1.25 TSYINFL

735,000 796,516 0.73USD

USA 4.5% 06-15.02.36 1,660,000 1,566,625 1.45USD

USA 4.625% 07-11 TBO S.R-2011

990,000 993,248 0.91USD

USA 4.625% 07-15.2.17 S.B-2017

2,981,000 2,975,412 2.74USD

11,748,958 10.80

13.07TOTAL BONDS 14,222,996

PUT US TSY 10YR NOTE20/04/2006 107.00

65 6,094 0.00USD

OPTIONS ON FUTURES

UNITED STATES

PUT US TSY 10YR NOTE20/04/2007 106.00

(130) (2,031) 0.00USD

4,063 0.00




Quantity/FaceValue

PREFERR.TERM XXI TV 06-38REG.S

950,000 950,000 0.87USD


BONDS

CAYMAN ISLANDS

950,000 0.87

BARCLAY.B 5.926%06-..PERP144A

925,000 927,723 0.85USD

GREAT BRITAIN

JP MORG.CHASE TV 06-3.1.2012

1,908,000 866,931 0.80BRL

1,794,654 1.65

ING BANK NV 13% 07-26.02.09 275,000 275,447 0.26USD

NETHERLANDS

ING BK NV 8.04% 06-23.8.07REGS

6,345,000 243,317 0.22RUB

518,764 0.48

CITIG.G.MKT 0%02-22.10.07144A

295,000 261,463 0.24USD

UNITED STATES

IRON MOUNTAIN6.625% 03-1.1.16

610,000 590,175 0.54USD

TULANE UN.TV 05-15.11.12144A

1,345,000 1,379,472 1.27USD

WAL-MART 5.25% 05-1.9.35 950,000 870,280 0.80USD

XTRA FIN CORP 5.15% 07-17144A

905,000 889,010 0.82USD

3,990,400 3.67



FNMA(30Y)6% 06-01.05.37 2,200,000 2,215,469 2.04USD


BONDS

UNITED STATES

2,215,469 2.04


SOLITAIRE FD 0% 07-16.4.07CP

2,000,000 1,995,023 1.83USD

COMMERCIAL PAPER

GUERNSEY

1,995,023 1.83

SCALDIS CAPITAL 0%07-2.5.07CP

1,000,000 995,162 0.91USD

UNITED STATES

995,162 0.91




Quantity/FaceValue






AUSTRIA 3.9% 04-15.7.20SENIOR

1,315,000 1,277,523 0.91EUR


BONDS

AUSTRIA

AUSTRIA 4.15% 06-15.3.37(RBG)

4,040,000 3,953,543 2.81EUR

AUSTRIA 4.3% 03-15.7.14 800,000 811,920 0.58EUR

AUSTRIA 5.5% 99-15.1.10 S99 410,000 425,580 0.30EUR

OESTER KONTR 4.125% 07-21.2.12

700,000 700,303 0.50EUR

7,168,869 5.10

BELGIUM 3.25% 06-28.09.16S47

1,718,000 1,605,127 1.14EUR

BELGIUM

BELGIUM 3.75%05-28.09.15OLO46

7,390,000 7,218,552 5.14EUR

BELGIUM 4.25% 03-13 S41 OLO 400,000 404,480 0.29EUR

9,228,159 6.57

ROY.BK CANADA 4.125%07-26.1.10

500,000 498,720 0.35EUR

CANADA

498,720 0.35

CYPRUS 5.5% 02-27.2.12EMTN 1,044,000 1,105,779 0.79EUR

CYPRUS

1,105,779 0.79

TCHEQUE REP.4.125% 05-18.3.20

116,000 112,980 0.08EUR

CZECH REPUBLIC

112,980 0.08

DENMARK 4% 01-15.08.08 9,000,000 1,205,539 0.86DKK

DENMARK

DENMARK 6% 99-15.11.2011 6,000,000 872,012 0.62DKK

DENMARK 7% 95-07 2,300,000 313,837 0.22DKK

2,391,388 1.70

B.E.I. 5.375% 98-2021 1,014,000 1,525,612 1.09GBP

EUROPEAN UNION

B.E.I. 8.75% 95-17 793,000 1,481,376 1.05GBP

3,006,988 2.14

B.EI. 4.25% 03-7.12.10 EMTN 402,000 566,210 0.40GBP

EUROPEAN UNION

INVESTMENTS

PAN-EUROPEAN GOVERNMENT BONDStatement of investments as at 31 March 2007 (expressed in EUR)


Quantity/FaceValue

B.E.I. 6.25% 99-14 624,000 961,521 0.69GBP

1,527,731 1.09

BNP PARIBAS 4% 07-22.03.10 500,000 497,782 0.35EUR

FRANCE

CSSE REFI.HABIT.4% 02-25.10.09

1,000,000 995,877 0.71EUR

EDF 4.625% 03-6.11.13 EMTN 350,000 357,465 0.25EUR

EDF 8.75% 92-22 4,150,000 922,156 0.66FRF

FRANCE 4% 03-25.10.14 OAT 3,700,000 3,684,460 2.62EUR

FRANCE 4% 04-25.4.14 OAT 2,172,000 2,165,267 1.54EUR

FRANCE 5.5% 98-2029 OAT 2,727,500 3,197,448 2.28EUR

FRANCE 5.75% 01-25.10.32BTAN

3,049,438 3,735,561 2.67EUR

15,556,016 11.08

EUROHYPO 3.25%05-26.10.15/2194

300,000 279,630 0.20EUR

GERMANY

GEM.BDESLD 2.625%05-7.10.10S22

3,750,000 3,568,873 2.54EUR

GERMANY 3.5% 06-14.10.11S149

4,810,000 4,709,472 3.36EUR

GERMANY 4.25% 07-4.7.39 540,000 542,916 0.39EUR

GERMANY 5.25% 00-4.7.2010 1,125,000 1,166,175 0.83EUR

KFW 5.375% 04-29.1.14 EMTN 155,000 227,297 0.16GBP

KFW 5.375% 04-7.12.07 EMTN 385,000 565,312 0.40GBP

KFW 5.5% 01-7.12.15 300,000 445,876 0.32GBP

KFW 5.5% 04-15.9.09 455,000 667,239 0.47GBP

KFW 5.75% 01-07.06.32 600,000 1,002,415 0.71GBP

13,175,205 9.38

EBRD 0% 98-2048 EMTN 8,000,000,000 514,246 0.37ITL

GREAT BRITAIN


273,000 390,211 0.28GBP

GREAT BRITAIN 4.75% 03-7.9.15 TSY STOCK

660,000 954,051 0.67GBP


3,268,000 5,095,301 3.62GBP


365,000 542,016 0.39GBP

GREAT BRITAIN 7.25% 97-07TSY

385,000 572,848 0.41GBP

GREAT BRITAIN 8% 96-21 TSYSTOCK

160,000 310,641 0.22GBP

HBOS TSY SVCES 4.125%07-6.2.12

500,000 496,530 0.35EUR

MBNA EUR.FDG.4.5% 03-23.1.09

600,000 602,295 0.43EUR

UK TSY 4.25% 05-7.3.11 287,000 407,054 0.29GBP

UK TSY 4.75% 05-7.3.20 140,000 204,270 0.15GBP

10,089,463 7.18

GREECE 3.10% 05-20.04.10 1,585,000 1,540,937 1.10EUR

GREECE

GREECE 3.5% 04-20.04.09 3,135,000 3,098,634 2.21EUR

GREECE 4.3% 07-20.7.2017 4,105,000 4,103,358 2.91EUR

GREECE 4.5% 05-20.9.37 (30Y) 375,000 369,863 0.26EUR

GREECE 5.25% 02-18.5.2012 995,000 1,045,546 0.74EUR

GREECE 5.90% 02-22.10.22 20,000 23,246 0.02EUR

GREECE 6% 00-19.5.10 585,000 617,058 0.44EUR


Quantity/FaceValue



GREECE 6.3% 99-09 500,000 518,850 0.37EUR

11,317,492 8.05

HUNGARY 4% 03-27.9.10 300,000 297,580 0.21EUR

HUNGARY

HUNGARY 4.5% 03-6.2.13 750,000 754,811 0.54EUR

HUNGARY 5.625% 01-11 3,932,000 4,128,896 2.94EUR

REP OF HUNGARY 4.375%07-4.7.17

600,000 592,817 0.42EUR

5,774,104 4.11

AEGON GL.INST.4.25% 07-23.1.12

300,000 298,978 0.21EUR

IRELAND

IRELAND 3.25% 03-18.4.09 1,700,000 1,673,990 1.19EUR

1,972,968 1.40

ITALIE 0% 07-31.12.08 CTZ 7,510,000 6,999,319 4.99EUR

ITALY

ITALY 0% 05-28.9.07 CTZ 200,000 196,180 0.14EUR

ITALY 2.75% 05-15.06.10 BTP 4,050,000 3,894,479 2.77EUR

ITALY 3% 05-15.1.10 BTP 640,000 623,040 0.44EUR

ITALY 3.75% 05-01.08.15 BTP 1,100,000 1,068,540 0.76EUR

ITALY 3.75% 06-01.08.21 BTP 1,530,000 1,426,878 1.02EUR

ITALY 4% 05-1.2.37 BTP 1,210,000 1,104,730 0.79EUR

ITALY 5% 01-1.2.12 BTP 1,373,000 1,428,057 1.02EUR

ITALY 5.25% 98-29 BTP 1,652,500 1,821,551 1.30EUR

ITALY 5.75% 02-1.2.33 BTP 374,000 442,592 0.31EUR

ITALY 6% 00-01.5.31 BTP 1,335,000 1,619,756 1.15EUR

ITALY 6.5% 97-2027 BTP 258,750 327,966 0.23EUR

ITALY 7.25% 96-26 BTP 990,000 1,349,865 0.96EUR

ITALY 9% 93-23 BTP 350,000 536,865 0.38EUR

22,839,818 16.26

ASIF III 3.5% 04-11.3.09 EMTN 1,357,000 1,338,131 0.95EUR

JERSEY

1,338,131 0.95

LITHUANIA 4.5% 03-5.3.13EMTN

1,567,000 1,586,949 1.13EUR

LITHUANIA

LITHUANIA 5.875% 02-10.5.12 750,000 805,253 0.57EUR

2,392,202 1.70

IEB FINANCE 0% 02-11.10.2007 637,000 623,565 0.44EUR

LUXEMBOURG

623,565 0.44

BNG 7.375%97-06.08.07 160,000 236,607 0.17GBP

NETHERLANDS

BOUWFONDS 6% 00-10 EMTNS.33

300,000 314,899 0.22EUR

DT.BAHN.FIN.5.125%01-28.11.13

500,000 524,628 0.37EUR

NETHERLANDS 2.75% 06-15.04.09

1,010,000 985,254 0.70EUR

RABOBK NEDL.4.25% 07-16.1.17

220,000 218,548 0.16EUR

2,279,936 1.62


Quantity/FaceValue

POLAND 3.875% 04-15.01.09EMTN

799,000 795,405 0.57EUR

POLAND

POLAND 4.5% 07-18.1.22 EMTN 500,000 496,500 0.35EUR

POLAND 5.5% 01-14.2.11 1,678,000 1,754,348 1.24EUR

POLAND 5.5% 02-12.3.12 308,000 325,741 0.23EUR

POLAND 5.75% 02-24.6.08PS0608

1,860,000 488,103 0.35PLN

REP.OF POLAND 4.2% 05-15.4.20

400,000 387,160 0.28EUR

4,247,257 3.02

IGCP 3.85% 05-15.04.21 200,000 191,160 0.14EUR

PORTUGAL

PARPUBLICA 4.191% 04-15.10.14

1,500,000 1,487,850 1.06EUR

PORTUGAL 3.2% 05-15.4.11 950,000 920,075 0.65EUR

2,599,085 1.85

ROUMANIE 10.625% 01-27.06.08

900,000 966,244 0.69EUR

ROUMANIA

ROUMANIE 5.75% 03-2.7.10 200,000 208,155 0.15EUR

1,174,399 0.84

SLOVAKIA 4% 06-26.3.21 952,000 909,581 0.65EUR

SLOVAKIA

SLOWAKIA 4.5% 04-20.5.14 420,000 426,229 0.30EUR

1,335,810 0.95

SLOVENIA 4% 07-22.3.2018 3,500,000 3,430,954 2.44EUR

SLOVENIA

SLOVENIA 5.375% 01-11.4.11 540,000 564,399 0.40EUR

3,995,353 2.84

BCO SANT.CTR 4% 03-10.9.10 200,000 199,057 0.14EUR

SPAIN

CAJA DE AH.GALICIA4.375%07-19

1,300,000 1,294,500 0.92EUR

ICO 4% 07-1.2.10 1,200,000 1,196,928 0.85EUR

SPAIN 4.2% 03-30.7.13 3,820,000 3,851,324 2.74EUR

SPAIN 4.4% 04-31.1.15 290,000 296,264 0.21EUR

SPAIN 5% 02-30.7.12 655,000 684,410 0.49EUR

7,522,483 5.35

NORDEA HYPOTEK 4.25% 07-6.2.14

200,000 200,403 0.14EUR

SWEDEN

SWEDEN 3% 05-12.07.16 4,000,000 398,916 0.28SEK

SWEDEN 5% 98-09 NR.1043 7,000,000 765,911 0.55SEK

SWEDEN 5.25% 00-15.03.11S.1045

2,350,000 264,002 0.19SEK

SWEDEN 5.5% 02-8.10.12TREAS.BD

2,170,000 250,291 0.18SEK

1,879,523 1.34

GECC 5.125%02-04.03.09 743,000 755,430 0.54EUR

UNITED STATES


Quantity/FaceValue



KFW INTL 5.375% 01-7.12.11EMTN

800,000 1,172,698 0.83GBP

1,928,128 1.37

97.55TOTAL BONDS 137,081,552



Quantity/FaceValue

SWEDEN 8% 95-07 N.1037 6,600,000 718,608 0.51SEK


BONDS

SWEDEN

718,608 0.51


CALL EURO BUND 23/04/2007115.50

(5) (1,250) 0.00EUR

OPTIONS ON FUTURES

GERMANY

PUT EURIBOR 3 MONTHS17/12/2007 95.75

(325) (69,063) (0.05)EUR

PUT EURIBOR 3 MONTHS17/12/2007 96.00

325 195,001 0.14EUR

PUT EURIBOR 3MONTHS17/12/2007 95.875

(325) (121,875) (0.09)EUR


425 10,625 0.01EUR


(848) (95,400) (0.07)EUR


425 106,250 0.08EUR

24,288 0.02






AIG SUNAMER. II 5.625% 02-12EMTN

600,000 596,512 2.26GBP


BONDS

CAYMAN ISLANDS

LUNAR FD 6.442% 05-18.9.32EMTN

95,000 112,175 0.43GBP

LUNAR FDG 5.75% 04-18.10.33S.4

140,000 154,934 0.59GBP

STH WATER SV.5%05-31.3.21EMTN

420,000 405,344 1.54GBP

1,268,965 4.82

FIN.FOR DANISH IND.6%07-6.2.12

400,000 399,334 1.52GBP

DENMARK

399,334 1.52

BEI 5.5% 00-2025 210,000 221,907 0.84GBP

EUROPEAN UNION

BEI 5.625% 00-32 450,000 502,470 1.91GBP

BEI 6% 98-2028 PARALLEL BDS 520,000 591,864 2.25GBP

1,316,241 5.00

CIE ST GOBAIN 5.625% 06-24 50,000 48,242 0.18GBP

FRANCE

CREDIT AGRICOLE 5.36% 06-PERP

250,000 233,195 0.89GBP

SOC.GEN. 5.4% 03-30.1.18EMTN

750,000 734,381 2.79GBP

1,015,818 3.86

KFW INTL FIN 6% 00-7.12.28T16

680,000 774,085 2.94GBP

GERMANY

KFW 5.5% 01-7.12.15 850,000 858,389 3.26GBP

KREDIT WIEDER.5.625%01-25.8.17

300,000 307,650 1.17GBP

1,940,124 7.37

ANGLIAN WATER SERV.5.25%05-15

150,000 145,324 0.55GBP

GREAT BRITAIN

BAA 5.75% 03-27.11.13 EMTN 400,000 394,352 1.50GBP

BARCLAYS BK 5.75% 01-26EMTN

170,000 176,344 0.67GBP

BK SCOTLAND 6.375% 99-19EMTN

50,000 53,343 0.20GBP


230,000 223,376 0.85GBP


2,426,000 2,570,104 9.77GBP

INVESTMENTS

STERLING INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in GBP)


Face Value




688,000 694,192 2.64GBP


1,198,000 1,421,307 5.40GBP


270,000 312,120 1.19GBP


1,002,000 1,321,838 5.02GBP

GREAT BRITIAN 5% 02-7.9.14TSY STOCK

3,365,000 3,348,848 12.74GBP

HAMMERSON 7.25% 98-21.4.28 100,000 113,140 0.43GBP

METRONET TV 03-15.3.32EMTN

315,000 316,040 1.20GBP

MITCHELLS BUTL.5.965% 03-23/B1

133,386 136,921 0.52GBP

NET RAIL INFR.4.625%05-21.7.20

110,000 104,603 0.40GBP

NETWORK RAIL 4.875%04-27.11.15

310,000 300,926 1.14GBP

NETWRK RAIL INFRA.4.75% 05-24

350,000 339,771 1.29GBP

TESCO 5.5% 02-13.12.2019EMTN

150,000 148,438 0.56GBP

UK TSY 4.75% 05-7.3.20 5,735,000 5,685,680 21.62GBP

17,806,667 67.69

CITIGROUP 4.5% 06-3.3.2031EMTN

100,000 87,853 0.33GBP

UNITED STATES

CITIGROUP 5.25% 03-21.05.26 90,000 87,285 0.33GBP

GECC 5.5% 98-7.6.21 EMTN 300,000 299,673 1.14GBP

GECC 6.125% 02-17.5.12 EMTN 750,000 763,372 2.91GBP

RABOBK CAP.5.556% 04-PERP.REG

410,000 403,192 1.53GBP

1,641,375 6.24

96.50TOTAL BONDS 25,388,524



Face Value




CIE GEN.GEOPHYSIQUE7.5%05-15

25,000 25,917 0.44USD


BONDS

FRANCE

25,917 0.44

NTL CABLE 9.125% 06-15.08.16 25,000 26,396 0.45USD

GREAT BRITAIN

26,396 0.45

CARRIAGE SER 7.875% 05-15.1.15

25,000 25,828 0.44USD

UNITED STATES

CASE NEW HOLD 7.125% 06-1.3.14

50,000 52,125 0.89USD

CHESAPEAKE EN.6.875% 03-16 150,000 152,019 2.60USD

CINCINNATI BELL 8.375% 03-14/S

250,000 255,974 4.38USD

COPANO ENERGY 8.125% 06-1.3.16

20,000 20,713 0.35USD

EDUCAT.MNGT F.10.25% 06-16 15,000 16,313 0.28USD

EXOPACK HLDG 11.25% 06-1.2.14

50,000 53,500 0.92USD

FORDMO.CR7.375%09GL.LAND

100,000 99,999 1.71USD

FORD MOTOR 7.375% 01-1.2.11 50,000 49,267 0.84USD

FREEPORT MCMORAN 8.25%07-15

25,000 26,746 0.46USD

GMAC 6.875% 02-28.8.12 250,000 250,023 4.28USD

HERTZ CORP 8.875% 07-01.01.14

150,000 161,399 2.76USD

INNOPHOS 8.75% 06-15.08.14 25,000 25,875 0.44USD

MASSEY ENERGY 6.875% 06-13

150,000 143,005 2.45USD

MIRANT NTH.AM.7.375% 06-13 150,000 154,457 2.64USD

PQ CORP 7.5% 05-15.2.13 50,000 50,625 0.87USD

1,537,868 26.31

27.20TOTAL BONDS 1,590,181


INVESTMENTS

US DOLLAR HIGH YIELD BONDStatement of investments as at 31 March 2007 (expressed in USD)


Face Value

COMPTON PET.7.625% 05-01.12.13

150,000 147,000 2.52USD


BONDS

CANADA

STONE CONT.7.375% 04-15.07.14

25,000 24,031 0.41USD



TEMBEC IND. 7.75% 02-15.3.12 25,000 15,219 0.26USD

186,250 3.19

NELL AF 8.375% 05-15.8.15144A

200,000 208,500 3.57USD

LUXEMBOURG

208,500 3.57

AK STEEL CORP 7.75% 02-15.6.12

100,000 101,843 1.74USD

UNITED STATES

ALLIED WASTE 7.375% 04-15.4.14

250,000 252,916 4.33USD

AMERICAN RAILCAR 7.5%07-1.3.14

25,000 25,688 0.44USD

BEVERAGES MORE INC 9.25%07-12

25,000 25,438 0.44USD

BUFFALO THUND DEV 9.375%06-14

25,000 25,500 0.44USD

CABLEVISION 8% 05-15.4.12SR.B

250,000 254,577 4.35USD

CCM MERGER 8% 05-8.1.13144A

200,000 201,000 3.44USD

CELL TIS HOL 9.75% 04-15.3.10 25,000 25,125 0.43USD

CENTENNIAL COM.10% 05-1.1.13

200,000 216,500 3.70USD

CMS ENERGY 6.875% 05-15.12.15

250,000 261,483 4.47USD

GENERAL CABLE 7.125%07-1.4.17

25,000 25,250 0.43USD

GEN.MOTORS.7.125% 03-15.7.13

25,000 23,373 0.40USD

GEORGIA PAC.7.7% 95-15.6.15 100,000 102,996 1.76USD

GREEKTOWN HDG 10.75%05-13/144A

150,000 160,500 2.75USD

IDEARC INC 8% 06-15.11.16144A

25,000 25,750 0.44USD

ISLE OF CAPRI CAS.7% 04-14WI

150,000 146,500 2.51USD

K2 7.375% 04-1.7.2014 91,000 90,886 1.55USD

LANDRY S REST.7.5% 04-15.12.14

150,000 147,186 2.52USD

LYONDELL CHEMICAL 8%06-15.9.14

5,000 5,251 0.09USD

LYONDELL CH.8.25% 06-15.9.16 5,000 5,371 0.09USD

MAAX CORP 9.75% 04-15.6.12 25,000 17,000 0.29USD

MEDIACOM LLC 7.875% 99-11 150,000 150,384 2.57USD

MILLENIUM AMER.9.25%01-15.6.08

25,000 25,968 0.44USD

OMNICARE 6.75% 05-15.12.13 150,000 151,688 2.59USD

PLY GEM IND.9% 04-15.2.12 100,000 88,121 1.51USD

REGENCY ENGY 8.375%06-15.12.13

25,000 25,438 0.44USD

RURAL CELLUL.9.75% 02-15.1.10

50,000 51,750 0.89USD

SOLO CUP 8.5% 04-15.2.14 150,000 128,769 2.20USD

SUSSER 10.625% 06-15.12.13 106,000 115,673 1.98USD

UCI HOLDCO TV 06-13 144A/PIK

25,000 24,813 0.42USD

WILLIAMS 6.375%05-1.10.10144A

50,000 50,625 0.87USD

YANKEE ACQ.9.75% 07-17 144A 25,000 25,313 0.43USD

2,978,675 50.95

57.71TOTAL BONDS 3,373,425



Face Value

KERSZNER INT 6.75% 05-01.10.15

150,000 150,000 2.57USD


BONDS

BAHAMAS

150,000 2.57

CHAPARRAL 8.875%07-1.2.17144A

25,000 25,250 0.43USD

UNITED STATES

COMPUCOM SYST.12% 06-14144A

25,000 26,687 0.46USD

GEORGIA GULF 9.5% 06-14 -144A-

25,000 24,125 0.41USD

GIBRALTAR.IND.8% 06-15/MUTLICP

150,000 151,499 2.59USD

HAWKER BEECHC.8.5% 07-15144A

25,000 25,938 0.44USD

POKAGON 10.375%06-15.6.14144A

25,000 27,562 0.47USD

RH DONNELLEY 6.875% 06-13S A2

10,000 9,888 0.17USD

SWIFT ENERGY 7.625% 04-15.7.11

25,000 25,688 0.44USD

TRANSDIGM 7.75%07-15.7.14144A

25,000 25,813 0.44USD

TRIMAS 9.875% 02-15.6.12 25,000 25,031 0.43USD

TUBE CITY IMS 9.875%07-15144A

25,000 26,000 0.44USD

TURNING STONE 9.125%06-14144A

25,000 25,688 0.44USD

US CONCRETE 8.375% 04-4.1.14

25,000 25,440 0.44USD

WILLIAMS 7.5% 06-15.06.11144A

25,000 26,437 0.45USD

471,046 8.05




Face Value






CWCI 06-15.08.48 06-C1 A2 900,000 900,164 1.13USD


BONDS

CAYMAN ISLANDS

900,164 1.13

GRANM TV 05-19.11.06 2005-4A3

1,600,000 1,600,190 2.01USD

GREAT BRITAIN

1,600,190 2.01

ISLANDSBANKI HF TV 07-12144A

650,000 654,289 0.82USD

ICELAND

KAUPTHING TV 06-15.01.10144A

300,000 303,461 0.38USD

KAUPTHING 5.75% 06-11 144A 500,000 506,355 0.64USD

1,464,105 1.84

CAIRN MEZZAN.TV07-47 07-3AB1

605,000 593,562 0.74USD

IRELAND

593,562 0.74

SHELL INTL FIN.5.2% 07-22.3.17 1,600,000 1,590,484 2.00USD

NETHERLANDS

1,590,484 2.00

AOL TIME 7.7% 02-1.5.32 350,000 397,953 0.50USD

UNITED STATES

COMMERCIA MTG TV 06-20FL12 A2

1,486,212 1,486,204 1.86USD

DAIMLERCHRY.4.05% 03-4.6.08 725,000 714,470 0.90USD

DMSI TV 06-35 2005-WF1 1A1 718,796 714,132 0.90USD

FED RETAIL 6.375% 07-15.3.37SR

1,200,000 1,170,982 1.47USD

FEDERATED DEP.5.9% 06-01.12.16

625,000 624,695 0.78USD

FNMA TV 07-07-25.3.37 07-13FA

930,450 932,311 1.17USD

FNMA(15Y)5% 06-1.4.22 1,710,000 1,685,686 2.11USD

FNMA(15Y)5%06-01.02.21P.781922

1,716,480 1,693,894 2.12USD

FNMA(15Y)5.5% 07-01.04.22 720,000 721,463 0.91USD

FNMA(30Y)5% 07-01.05.37 3,820,000 3,694,655 4.63USD

FNMA(30Y)5% 07-1.4.37 P16654 1,300,000 1,256,328 1.58USD

FNMA(30Y)6.5% 07-1.4.37 2,500,000 2,551,171 3.19USD

FNMA(30)5% 06-1.5.37 600,000 580,313 0.73USD

FORD MOTOR CR.5.8% 12.1.09 600,000 587,451 0.74USD

INVESTMENTS

US DOLLAR INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in USD)


Face Value

GE BUSIN.TV06-15.11.34 06-2AA

1,059,452 1,057,351 1.33USD

GMAC 7.179% 99-36 1999-C3 A2 975,766 1,011,321 1.27USD

HOME DEPOT TV 06-16.12.09 750,000 750,827 0.94USD

INTL LEASE FIN.TV 06-11.7.11Q

600,000 604,340 0.76USD

JPMORGAN CHA.TV07-22.2.12TR67

1,250,000 1,248,730 1.57USD

MSC 5.328% 06-41 2006-HQ10A4

800,000 797,787 1.00USD

PROCTER&GAMBLE 5.55% 07-5.3.37

800,000 780,896 0.98USD

RALI TV07-25.1.37 2007-QS12A8

1,172,247 1,169,599 1.47USD

RESIDENT ACCR 6.25% 07-25.1.37

776,407 773,932 0.97USD

USA TSY 4.75% 07-28.2.09-W-09-

320,000 320,750 0.40USD

USA TSY4.625%07-28.2.12 G-2012

450,000 451,723 0.57USD

USA 4.5% 05-30.11.11 TBO 465,000 464,201 0.58USD

USA 4.75% 07-15.2.10 TSY 470,000 472,644 0.59USD

USA 4.875% 06-15.05.09 TSY 1,500,000 1,507,969 1.89USD

USA 4.875% 06-15.08.09 TB0 1,000,000 1,006,406 1.26USD

VERIZON PENN.5.65% 01-15.11.11

500,000 506,936 0.64USD

31,737,120 39.81

C8 CAP. 6.64%(TV)07-PERP./144A

400,000 395,196 0.50USD

VIRGIN ISLANDS

395,196 0.50

48.03TOTAL BONDS 38,280,821



Face Value

ABFC 3.684% 05-33 03-AHL1 A1 255,011 249,990 0.31USD


BONDS

UNITED STATES

AT AND T TV 07-5.02.10 800,000 800,496 1.00USD

BEAR ST.5.537% 06-41 06-T24A4

750,000 760,433 0.95USD

BOAMS 4.7789% 06-35 05-D2A4

900,000 891,549 1.12USD

BURLINGTON 4.83% 05-01.15.23

586,964 557,663 0.70USD

CMLTI 4.922% 05-35 05-WF2AF2

168,546 167,335 0.21USD

CWHL TV 05-35 05-HYB8 2A1 577,940 580,232 0.73USD

CWL 5.804%06-25.07.34 06-S4A3

570,000 572,850 0.72USD

FHLM 5.5% 06-15.9.36 3212 BK 600,000 587,766 0.74USD

FHLMC 4.14% 04-1.12.34P.1B2655

719,165 720,265 0.90USD

FHLMC 5.125% 06-13 R004 AL 646,043 642,692 0.81USD

FHLMC 5.5% 05-15.11.23 2962CJ

728,178 727,741 0.91USD

FHLMC 5.5% 06-1.8.21P.G12317

836,742 838,787 1.05USD

FHLMC 6.582% 06-1.6.36P1J1313 0

964,927 980,893 1.23USD

FHLMC 8% 00-1.2.2030 222,557 230,207 0.29USD

FHLMC 8% 00-1.4.30 POOLC00972

109,376 113,135 0.14USD

FHLMC(30Y)5.5% 07-1.4.37 3,600,000 3,562,314 4.48USD



FREDDIE MAC TV 06-23 R008-FK

1,205,533 1,211,275 1.52USD

GCCFC 5.475% 07-17 2007-GG9AM

660,000 662,936 0.83USD

GENERAL ELEC.CO 5% 03-1.2.13

1,000,000 993,604 1.25USD

GMAC MTG 5.805%06-36/06-HE3-A3

480,000 483,750 0.61USD

LBUBS 5.43424% 06-36 06-C6A4

600,000 600,488 0.75USD

MERCK & CO 5.75% 06-15.11.36 900,000 884,734 1.11USD

MSM TV 06-36 06-3AR 2A3 629,397 637,537 0.80USD

PROGRESS ENGY TV05-14.11.08-A-

450,000 450,150 0.56USD

SBC COMM.5.1% 04-3.11.14GLOB.

750,000 733,596 0.92USD

TARGET CRED.TV 02-11 2002-1A

1,550,000 1,550,000 1.94USD

TIME WARNER ENTMT.8.375%93-23

525,000 620,632 0.78USD

TIME WARNER 5.875% 06-15.11.16

950,000 957,634 1.20USD

USA TSY 4.25%04-15.8.14/E-2014

1,000,000 977,813 1.23USD

USA 4.125% 05-15.08.10 M-2010 1,300,000 1,283,750 1.61USD

USA 4.5% 06-15.02.36 1,577,000 1,488,294 1.87USD

USA 4.625% 07-11 TBO S.R-2011

1,570,000 1,575,152 1.98USD

USA 4.625% 07-15.2.17 S.B-2017

2,365,000 2,360,566 2.97USD

USA 4.75% 07-31.1.12 S.F-2012 500,000 504,414 0.63USD

USA 4.875% 06-31.07.11S.L-2011

1,525,000 1,544,777 1.94USD

32,505,450 40.79

40.79TOTAL BONDS 32,505,450



Face Value

PREFERR.T.XXII TV 06-36 144A 600,000 601,200 0.75USD


BONDS

CAYMAN ISLANDS

601,200 0.75

ARRMF TV 06-20.9.56 06-2AA2B

3,000,000 2,994,163 3.76USD

GREAT BRITAIN

BARCLAY.B 5.926%06-..PERP144A

1,000,000 1,002,944 1.26USD

3,997,107 5.02

AMCAR 4.47% 05-6.5.10 05-CFA3

1,163,311 1,157,857 1.45USD

UNITED STATES

CAP.ONE AUTO 5.53%6-09 06-BA2

242,801 242,801 0.30USD

CARAT 5.03% 06-08 2006-1 A2A 384,423 383,943 0.48USD

CGCMT 5.378% 06-49 2006-C5A2

950,000 958,022 1.20USD

CIT.DT 5.205&07-49 07-CD4 A2B 900,000 904,493 1.13USD

COUNTRYWIDE TV 03-18 03-8A2

735,058 741,087 0.93USD

FHR TV 05-15.6.35 2988 AF 947,007 946,015 1.19USD

GE 05-2A A3 4.88% 06-22.10.09 1,600,000 1,592,499 2.01USD

HOME DEPOT 5.25% 06-16.12.13

950,000 946,239 1.19USD

PUGET SOUND 6.274% 06-15.03.37

550,000 564,158 0.71USD

RAST TV 03-25.2.34 03-A15 1A2 1,245,796 1,249,586 1.57USD

RAST 6% 06-25.4.36 06-A1-1A3- 407,827 411,331 0.52USD

SLM TV05-15.6.18 2005-A A1 864,577 864,577 1.08USD

SVHE 5.998% 06-36 2006-WF1A1F

1,294,302 1,292,280 1.62USD

TULANE UN.TV 05-15.11.12144A

1,000,000 1,025,630 1.29USD

UNION PAC.5.082% 05-1.2.29 499,930 487,736 0.61USD

WAMU 5.303% 06-43 2006-SL11A

695,426 695,417 0.87USD

XEROX CORP TV 06-18.12.09 300,000 301,971 0.38USD

XTRA FIN CORP 5.15% 07-17144A

1,000,000 982,331 1.23USD

15,747,973 19.76

25.53TOTAL BONDS 20,346,280



Face Value

FNMA(30Y)6% 06-01.05.37 3,400,000 3,425,500 4.30USD


BONDS

UNITED STATES

3,425,500 4.30




(18.65)OTHER NET ASSETS LESS LIABILITIES (14,859,788)




EDF TV 04-7.5.07 S.64 (RBG) 1,100,000 1,099,918 2.56EUR


BONDS

FRANCE

SANOFI AVENTIS TV 05-30.05.07

500,000 499,866 1.17EUR

1,599,784 3.73

ALLIED IRISH BK TV 05-27.6.07 1,250,000 1,249,968 2.92EUR

IRELAND

1,249,968 2.92

KBC IFIMA TV 05-20.4.07 (RBG) 1,000,000 999,932 2.33EUR

NETHERLANDS

KBC IFIMA TV 06-17.8.07 300,000 299,963 0.70EUR

1,299,895 3.03

BBVA TV 05-28.09.07 500,000 499,985 1.17EUR

SPAIN

BPE FIN.TV 06-13.09.07 1,500,000 1,499,749 3.50EUR

1,999,734 4.67

AB SPINTAB TV 06-14.1.08 1,000,000 999,865 2.33EUR

SWEDEN

999,865 2.33

16.68TOTAL BONDS 7,149,246


INVESTMENTS

EURO RESERVEStatement of investments as at 31 March 2007 (expressed in EUR)


Face Value

UNICRED.IRELD TV 06-25.1.08 400,000 399,942 0.93EUR


BONDS

IRELAND

399,942 0.93


BNP PARIBAS 0% 07-11.6.07CD

1,000,000 1,000,000 2.33EUR


FRANCE

CEPME 0% 07-20.08.07 CD 1,000,000 1,000,000 2.34EUR

CREDIT FONCIER 0%07-13.8.07CD

1,000,000 1,000,000 2.33EUR

CR.MUTUEL L.AT.0% 06-13.4.07CD

2,000,000 2,000,000 4.67EUR

5,000,000 11.67

BAY.HYPOBK 0% 06-13.4.07 CD 1,000,000 1,000,000 2.33EUR

GERMANY

1,000,000 2.33

14.00TOTAL CERTIFICATE OF DEPOSIT 6,000,000



Face Value

QUASAR SEC.0% 07-28.05.07CP

1,000,000 993,766 2.32EUR


COMMERCIAL PAPER

BELGIUM

993,766 2.32

CULLINAN FIN.0% 07-26.4.07CP

1,000,000 997,201 2.33EUR

CAYMAN ISLANDS

GOLDEN KEY 0% 07-14.05.07ECP

1,000,000 995,294 2.32EUR

SILVER TOWER FD 0%07-08.5.07CP

1,000,000 995,948 2.32EUR

2,988,443 6.97

ACOSS 0% 07-23.4.07 CP 1,000,000 997,450 2.33EUR

FRANCE

ANTALIS 0% 07-13.04.07 CP 1,000,000 998,566 2.33EUR

LMA 0% 07-10.4.07 CP 1,000,000 998,832 2.33EUR

SCHNEIDER 0% 07-10.4.07 CP 1,000,000 998,833 2.33EUR

SOFINCO 0% 07-11.04.07 CP 1,200,000 1,198,512 2.79EUR

UNEDIC 0% 07-12.04.07 CP 700,000 699,058 1.63EUR

5,891,251 13.74

ABBEY NAT TSY 0% 07-10.04.07CP

1,000,000 998,874 2.33EUR

GREAT BRITAIN

ALLIANCE&LEIC.0% 07-14.5.07CP

1,000,000 995,268 2.32EUR

BARCLAYS 0% 07-12.4.2007ECP

600,000 599,195 1.40EUR

BRITANNIA BLDG SOC.0%-5.4.07CP

1,000,000 999,356 2.33EUR

HBOS TSY.SERV.0%07-25.05.07 CP

1,500,000 1,491,362 3.48EUR

NORTHERN ROCK 0% 07-6.6.07CP

1,000,000 992,780 2.32EUR

REGENCY ASS.0% 07-20.4.07CP

1,500,000 1,496,634 3.49EUR

7,573,469 17.67

ANGLO IRISH BK 0% 07-12.4.07CP

1,500,000 1,497,821 3.49EUR

IRELAND

DZ BK IRELAND 0% 07-2.4.07CP

1,300,000 1,299,586 3.03EUR

2,797,407 6.52



BCA POP DI VERONA 07-7.6.07CP

1,500,000 1,488,952 3.47EUR

ITALY

1,488,952 3.47

AMSTEL EURO 0% 07-6.6.07 CP 1,000,000 992,834 2.32EUR

JERSEY

992,834 2.32

UNILEVER FIN INT 0% 30.4.07CP

1,000,000 996,688 2.32EUR

NETHERLANDS

996,688 2.32

SIMBA FUND 0% 07-12.06.07CP

1,000,000 992,133 2.31EUR

UNITED STATES

992,133 2.31


BFCM 0% 07-29.5.07 CD 1,000,000 1,000,000 2.33EUR


FRANCE

BQ.SOLFEA 0% 06-20.7.07 CD 1,000,000 1,000,000 2.33EUR

NATIXIS 0% 07-1.6.07 CD 1,500,000 1,500,000 3.51EUR

STE GENERALE 0%07-12.6.07CD

1,000,000 1,000,000 2.33EUR

4,500,000 10.50

DEPFA BANK 3.73% 06-11.10.07CP

1,000,000 999,370 2.33EUR

IRELAND

999,370 2.33

12.83TOTAL CERTIFICATE OF DEPOSIT 5,499,370



Face Value




CIT GROUP INC TV 05-24.8.07 700,000 700,230 3.65USD


BONDS

UNITED STATES

700,230 3.65


3.65TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 700,230

INVESTMENTS

US DOLLAR RESERVEStatement of investments as at 31 March 2007 (expressed in USD)


Face Value

GOLDM.SACHS TV 04-07T205(RBG)

400,000 400,029 2.08USD


BONDS

UNITED STATES

400,029 2.08



ANZ NATL.0% 07-27.4.07 CP 700,000 697,150 3.63USD


COMMERCIAL PAPER

AUSTRALIA

WESTPAC BANKING 0%07-5.04.07CP

700,000 699,389 3.65USD

1,396,539 7.28

BK NOVA SCOTIA 0% 07-9.04.07CP

700,000 698,979 3.64USD

CANADA

CC JARD QUEBEC 0%07-13.4.07CP

500,000 498,976 2.60USD

1,197,955 6.24

K2 CORP 0% 06-17.05.07 CP 500,000 496,527 2.59USD

CAYMAN ISLANDS

496,527 2.59

DANSKE CORP 0% 07-9.4.07DCP

700,000 698,985 3.64USD

DENMARK

698,985 3.64



IXIS 0% 07-23.4.2007 CP 705,000 702,537 3.66USD

FRANCE

702,537 3.66

BARCLAYS BK 0% 07-10.04.07CP

700,000 698,879 3.64USD

GREAT BRITAIN

HARRIER FIN.0% 07-12.4.07 CP 700,000 698,677 3.64USD

HBOS TREASURY 0% 07-4.04.07 CP

414,000 413,699 2.16USD

1,811,255 9.44

CALYON 0% 07-11.6.07 DCP 400,000 395,774 2.06USD

GUERNSEY

395,774 2.06

DEPFA BK PLC 0% 06-20.04.07CP

500,000 498,488 2.60USD

IRELAND

498,488 2.60

RABOBANK NED.0% 07-11.5.07CP

650,000 646,030 3.37USD

NETHERLANDS

646,030 3.37

STE GENERALE 0% 07-02.04.07CP

700,000 699,694 3.64USD


699,694 3.64

SKANDINAV ENSK0% 07-10.4.07 CP

429,000 428,310 2.23USD

SWEDEN

SVENSKA HDLSBK 0%07-02.05.07CP

700,000 696,647 3.63USD

SWEDBANK 0% 07-11.4.2007CP

700,000 698,780 3.64USD

1,823,737 9.50

BANK AMERICA 0%07-24.4.07CP

350,000 348,724 1.82USD

UNITED STATES

CARGILL INC 0% 07-09.04.07CP

700,000 698,984 3.65USD

DEXIA DELAWARE 0% 07-5.2.07CP

700,000 696,644 3.63USD

FIVE FINANCE 0% 07-17.4.07CP

700,000 698,169 3.64USD

FORTIS FDG 0% 07-10.4.07 CP 495,000 494,206 2.57USD

GOLDMAN SACHS 0% 07-10.5.07CP

300,000 298,213 1.55USD

KFW INTL FIN.0% 07-12.4.07 CP 600,000 598,867 3.12USD

MERRILL LYNCH 0% 07-20.4.07CP

470,000 468,572 2.44USD

NESTLE CAP.0% 07-24.04.07CP

600,000 597,829 3.11USD

PACCAR FIN 0% 07-20.4.07 CP 700,000 697,724 3.63USD

PRUDENTIAL 0% 07-24.4.07 CP 700,000 697,458 3.63USD

STANFIELD VICT.0%07-21.5.07CP

600,000 595,441 3.10USD

UBS FIN.DEL.0% 07-24.4.07 CP 300,000 298,909 1.56USD


Face Value

WHISTLEJACKET 0% 12.4.07DCP

505,000 503,449 2.62USD

7,693,189 40.07




Face Value






AKBANK 400,000 1,989,300 3.90TRY


SHARES

TURKEY

AKCANSA CIMENTO SANAYIVE TIC

131,196 613,464 1.20TRY

AKSIGORTA 49,425 180,345 0.35TRY

ALARKO GAYRIMENKULYATIRIM

35,373 607,111 1.19TRY

ALARKO HLD 448,488 819,445 1.61TRY

ANADOLU EFES BIRACILIK VEMALT

24,611 605,331 1.19TRY

ARCELIK AS 120,492 615,520 1.21TRY

AYAN ENERJI AS 129,874 130,583 0.26TRY

AYGAZ 200,000 417,321 0.82TRY

BOLU CIMENTO SANAYI AS 50,000 68,652 0.13TRY

CIMSA CIMENTO SANAYI VETICAR.

48,561 261,194 0.51TRY

DOGAN SIRKETLER GRUBUHOLDINGS

200,000 250,825 0.49TRY

DOGAN YAYIN HOLDING 100,000 278,394 0.55TRY

DOGUS OTOMOTIV SERVIS VETICAR

50,000 171,631 0.34TRY

ECZACIBASI ILAC 700,000 2,497,438 4.89TRY

ENKA INSAAT VE SANAYI AS 50,000 500,028 0.98TRY

FORD OTOMOTIV SANAYI AS 81,344 540,858 1.06TRY

KOC HLD AS 102,710 349,789 0.69TRY

MIGROS TURKEY T.A.S. 80,000 774,097 1.52TRY

SELCUK ECZA DEP.TICARETSANAY

100,000 332,451 0.65TRY

TAV HAVALIMALARI HOLDINGAS

175,000 1,097,358 2.15TRY


52,542 150,534 0.30TRY

TUPRAS TURKIYE PETROLRAFINEL

90,000 1,532,518 3.01TRY

TURK DEMIR DOKUM 75,000 478,405 0.94TRY

TURK EKONOMI BANKASI AS 345 4,103 0.01TRY

TURK SISE CAM 100,000 289,205 0.57TRY

TURKIYE IS BANKASI AS C 600,000 2,173,094 4.26TRY

TURKIYE VAKIFLAR BANKASITAO

100,000 188,119 0.37TRY

VESTEL BEYAZ ESA TICAR.SANAYI

652,935 850,628 1.67TRY

VESTEL ELEKTR.SANAYITICARET

150,000 288,665 0.57TRY

YAPI KREDI BANKASA 750,000 1,191,958 2.34TRY

YAZICILAR HOLD ANOMINSIRKETI

125,190 598,915 1.17TRY

YAZICILAR HOLDING ANONIMSIRKE

17,527 92,851 0.18TRY

20,940,130 41.08

41.08TOTAL SHARES 20,940,130

INVESTMENTS

TURKISH CONVERGENCEStatement of investments as at 31 March 2007 (expressed in EUR)


Quantity/FaceValue TURKEY TV 05-18.8.10 2,000,000 1,118,575 2.19TRY

BONDS

TURKEY

TURKEY TV 06-02.07.08 91R 6,100,000 3,308,995 6.49TRY

TURKEY TV 07-26.02.14 2,000,000 1,101,590 2.16TRY

TURKEY 0% 05-09.05.07(RBG)

700,000 371,800 0.73TRY

TURKEY 0% 06-05.09.07 1,000,000 500,801 0.98TRY

TURKEY 0% 06-13.06.07 TRY100

500,000 261,293 0.51TRY

TURKEY 0% 06-16.7.08 900,000 383,830 0.75TRY

TURKEY 0% 07-26.11.08 1,300,000 520,458 1.02TRY

TURKEY 14% 06-19.01.11 600,000 286,092 0.56TRY

TURKEY 15% 5-10.2.10 200,000 100,213 0.20TRY

TURKEY 16% 07-7.3.12 8,000,000 4,056,383 7.97TRY

TURKEY 20% 04-17.10.07 6,800,000 3,723,612 7.30TRY

15,733,642 30.86

30.86TOTAL BONDS 15,733,642

TURKEY 0% 06-4.4.07 TB 1,000,000 516,202 1.01TRY

TREASURY BILLS

TURKEY

516,202 1.01

1.01TOTAL TREASURY BILLS 516,202



Quantity/FaceValue

TURKEY 0% 06-12.12.2007 TB 10,000,000 4,764,590 9.35TRY


TREASURY BILLS

TURKEY

4,764,590 9.35








The detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current prospectus, the articles of association as well as the interimreport and the audited annual report are available free of charge upon request from the German payment andinformation office.

Currency Conversion Table


233

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates). 31 March 2006 31 March 2007

USD USDAUD 1.3975 1.2384

CAD 1.1619 1.1546

HKD 7.7599 7.8146

JPY 117.4349 117.8550

GBP 0.5737 0.5095

SGD 1.6181 1.5166

CHF 1.2999 1.2177

EUR 0.8238 0.7499


Dealing for Shares of the Company will take place on any Business Day (a day on which banks are open fornormal banking business in Luxembourg) other than days during a period of suspension of dealing in Sharesprovided that, for sub-funds materially invested in markets other than North or South American markets, suchBusiness Day is a day where stock exchanges and regulated markets in countries where the sub-fund ismaterially invested are open for normal trading. For sub-funds materially invested in North or South Americanmarkets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during aperiod of suspension of dealing in Shares) except a Business Day following the day where stock exchangesand regulated markets in such countries were closed for normal trading.

Shareholders who deal through the Company's local distributor or representative should note that there will beno dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operateson a day which is not a business day in such jurisdiction.

The Company will determine the dealing/non-dealing calendar according to the latest market informationobtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar ofthe Company from the registered office of the Company or from the Company's local distributor orrepresentative.

Dealing Day of the Fund

Dealing Day of the Fund (continued)


235

FUND NON-DEALING DAYS FOR 2007 All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days: • all Saturdays and Sundays and on the following dates: • 01 January (Luxembourg public holiday) • 06 April (Luxembourg public holiday) • 09 April (Luxembourg public holiday) • 01 May (Luxembourg public holiday) • 17 May (Luxembourg public holiday) • 28 May (Luxembourg public holiday) • 15 August (Luxembourg public holiday) • 01 November (Luxembourg public holiday) • 25 December (Luxembourg public holiday) • 26 December (Luxembourg public holiday) In addition the following sub-funds will have non-dealing days on the following dates (reason in brackets): Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle (Public holiday in Hong Kong, Korea, and Taiwan) • 16 February Taiwan • 19 February Hong Kong, Taiwan, Korea • 20 February Hong Kong, Taiwan • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Hong Kong, Taiwan • 24 May Hong Kong, Korea • 06 June Korea • 18 June Taiwan • 19 June Hong Kong, Taiwan • 02 July Hong Kong • 17 July Korea • 24 September Korea, Taiwan • 25 September Korea, Taiwan • 26 September Hong Kong, Korea • 01 October Hong Kong • 03 October Korea • 10 October Taiwan • 19 October Hong Kong Asia Pacific ex Japan Equity High Dividend (Public holiday in Hong Kong, Korea, Singapore, and Taiwan) • 02 January Singapore • 16 February Taiwan • 19 February Hong Kong, Korea, Singapore, Taiwan • 20 February Hong Kong, Singapore, Taiwan • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Hong Kong, Taiwan



236

• 24 May Hong Kong, Korea • 31 May Singapore • 06 June Korea • 18 June Taiwan • 19 June Hong Kong, Taiwan • 02 July Hong Kong • 17 July Korea • 09 August Singapore • 24 September Korea, Taiwan • 25 September Korea, Taiwan • 26 September Hong Kong, Korea • 01 October Hong Kong • 03 October Korea • 10 October Taiwan • 19 October Hong Kong • 08 November Singapore • 20 December Singapore Brazil Bond, Brazil Equity, Global Emerging Markets Bond (Public holiday in Brazil) • 02 January Brazil • 26 January Brazil • 20 February Brazil • 21 February Brazil • 02 May Brazil • 08 June Brazil • 10 July Brazil • 10 September Brazil • 15 October Brazil • 05 November Brazil • 16 November Brazil • 21 November Brazil BRIC Freestyle, BRIC Markets (Public holiday in Brazil, Hong Kong, India, Russia, and in the United States*) • 02 January Brazil, United States, Russia • 03 January Russia, United States • 04 January Russia • 05 January Russia • 08 January Russia • 16 January United States • 26 January Brazil, India • 30 January India • 16 February India • 19 February Hong Kong • 20 February United States, Brazil, Hong Kong • 21 February Brazil • 23 February Russia • 08 March Russia • 19 March India • 27 March India • 05 April Hong Kong • 02 May Brazil, India • 09 May Russia • 24 May Hong Kong • 29 May United States • 08 June Brazil • 12 June Russia • 19 June Hong Kong • 02 July Hong Kong



237

• 05 July United States • 10 July Brazil • 20 August India • 04 September United States • 10 September Brazil • 26 September Hong Kong • 01 October Hong Kong • 02 October India • 15 October Brazil • 19 October Hong Kong • 05 November Brazil, Russia • 09 November India • 16 November Brazil • 21 November Brazil • 23 November United States BRIC Markets Equity (Public holiday in Brazil, Hong Kong, India, Great Britain and in the United States*) • 02 January Brazil, United States • 03 January United States • 16 January United States • 26 January Brazil, India • 30 January India • 16 February India • 19 February Hong Kong • 20 February Brazil, Hong Kong, United States • 21 February Brazil • 19 March India • 27 March India • 05 April Hong Kong • 02 May Brazil, India • 07 May Great Britain • 24 May Hong Kong • 29 May United States • 08 June Brazil • 19 June Hong Kong • 02 July Hong Kong • 05 July United States • 10 July Brazil • 20 August India • 27 August Great Britain • 04 September United States • 10 September Brazil • 26 September Hong Kong • 01 October Hong Kong • 02 October India • 15 October Brazil • 19 October Hong Kong • 05 November Brazil • 09 November India • 16 November Brazil • 21 November Brazil • 23 November United States Chinese Equity, Hong Kong Equity (Public holiday in Hong Kong) • 19 February Hong Kong • 20 February Hong Kong • 05 April Hong Kong • 24 May Hong Kong



238

• 19 June Hong Kong • 02 July Hong Kong • 26 September Hong Kong • 01 October Hong Kong • 19 October Hong Kong Euro Corporate Bond, Euroland Equity, Euroland Value Creation (Public holiday in Germany, France and in the Netherlands) • 30 April the Netherlands • 24 December Germany • 31 December Germany Euro Credit Bond, Euro Investment Grade Bond, Pan-European Equity (Public holiday in Great Britain and in France) • 07 May Great Britain • 27 August Great Britain Emerging Europe Equity, Euro High Yield Bond, Sterling Investment Grade Bond, UK Equity, UK Freestyle (Public holiday in Great Britain) • 07 May Great Britain • 27 August Great Britain Euroland Equity Smaller Companies (Public holiday in France, Germany, Italy and in the Netherlands) • 30 April the Netherlands • 24 December Germany • 31 December Germany Europe ex UK Equity (Public holiday in France and Germany) • 24 December Germany • 31 December Germany Global Emerging Markets Elite Fund, Global Emerging Markets Equity (Public holiday in Korea, Taiwan and in the United States*) • 02 January United States • 03 January United States • 16 January United States • 16 February Taiwan • 19 February Korea, Taiwan • 20 February Taiwan, United States • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Taiwan • 24 May Korea • 29 May United States • 06 June Korea • 18 June Taiwan • 19 June Taiwan • 05 July United States • 17 July Korea • 04 September United States • 24 September Korea, Taiwan • 25 September Korea, Taiwan



239

• 26 September Korea • 03 October Korea • 10 October Taiwan • 23 November United States Global Emerging Markets Equity Freestyle (Public holiday in Korea, Great Britain, and in the United States*) • 02 January United States • 03 January United States • 16 January United States • 19 February Korea • 20 February United States • 01 March Korea • 07 May Great Britain • 24 May Korea • 29 May United States • 06 June Korea • 05 July United States • 17 July Korea • 27 August Great Britain • 04 September United States • 24 September Korea • 25 September Korea • 26 September Korea • 03 October Korea • 23 November United States Global Equity (Public holiday in Japan, and in the United States*) • 02 January United States, Japan • 03 January United States, Japan • 08 January Japan • 16 January United States • 12 February Japan • 20 February United States • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 29 May United States • 05 July United States • 16 July Japan • 04 September United States • 17 September Japan • 24 September Japan • 08 October Japan • 23 November Japan, United States • 24 December Japan • 31 December Japan Global Equity SRI, Global ex Euroland Equity, Global Equity Technology, US Dollar Reserve, US Equity, US Index (Public holiday in the United States*) • 02 January United States • 03 January United States • 16 January United States • 20 February United States • 29 May United States • 05 July United States • 04 September United States



240

• 23 November United States Global Investment Grade Bond (Public holiday in Germany, Italy, Japana, France, Great Britain and in the United States*) • 02 January United States • 08 January Japan • 16 January United States • 12 February Japan • 20 February United States • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 07 May Great Britain • 29 May United States • 05 July United States • 16 July Japan • 27 August Great Britain • 04 September United States • 17 September Japan • 24 September Japan • 08 October Japan • 09 October United States* • 13 November United States* • 23 November Japan, United States • 24 December Germany, Japan • 31 December Germany, Japan a Exposure to Japan was below 20% for the holiday announced on 3 January – the sub-fund did not observe this date as a non-dealing day. Indian Equity (Public holiday in India) • 26 January India • 30 January India • 16 February India • 19 March India • 27 March India • 02 May India • 20 August India • 02 October India • 09 November India Japanese Equity (Public holiday in Japan) • 02 January Japan • 03 January Japan • 08 January Japan • 12 February Japan • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 16 July Japan • 17 September Japan • 24 September Japan • 08 October Japan • 23 November Japan • 24 December Japan • 31 December Japan



241

Korean Equity (Public holiday in Korea) • 19 February Korea • 01 March Korea • 24 May Korea • 06 June Korea • 17 July Korea • 24 September Korea • 25 September Korea • 26 September Korea • 03 October Korea Latin American Freestyle (Public holiday in Argentina, Brazil, Chile and Mexico) • 02 January Argentina, Brazil, Chile, Mexico • 26 January Brazil • 06 February Mexico • 20 February Brazil • 21 February Brazil • 20 March Mexico • 03 April Argentina • 02 May Argentina, Brazil, Chile, Mexico • 22 May Chile • 05 June Chile • 08 June Brazil • 19 June Argentina • 03 July Chile • 10 July Argentina, Brazil • 16 August Chile • 21 August Argentina • 10 September Brazil • 19 September Chile • 20 September Chile • 15 October Brazil • 16 October Argentina, Chile • 02 November Chile • 05 November Brazil, Mexico • 16 November Brazil • 20 November Mexico • 21 November Brazil • 13 December Mexico Pan-European Equity High Dividend (Public holiday Germany, France and Great Britain) • 07 May Great Britain • 27 August Great Britain • 24 December Germany • 31 December Germany Singapore Equity (Public holiday in Singapore) • 02 January Singapore • 19 February Singapore • 20 February Singapore • 31 May Singapore • 09 August Singapore • 08 November Singapore • 20 December Singapore



242

Sustainability Leaders (Public holiday in Germany, Switzerland, Great Britain and in France) • 07 May Great Britain • 01 August Switzerland • 27 August Great Britain • 24 December Germany, Switzerland • 31 December Germany Thai Equity (Public holiday in Thailand) • 02 January Thailand • 05 March Thailand • 13 April Thailand • 16 April Thailand • 07 May Thailand • 31 May Thailand • 30 July Thailand • 13 August Thailand • 23 October Thailand • 05 December Thailand • 10 December Thailand • 31 December Thailand Turkish Convergence (Public holiday in Turkey) • 02 January Turkey • 03 January Turkey • 23 April Turkey • 30 August Turkey • 11 October Turkey • 12 October Turkey • 29 October Turkey • 19 December Turkey • 20 December Turkey • 21 December Turkey

US Dollar High Yield Bond, US Dollar Investment Grade Bond (Public holiday in the United States*) • 02 January United States • 16 January United States • 20 February United States • 29 May United States • 05 July United States • 04 September United States • 09 October United States* • 13 November United States* • 23 November United States * US markets will observe different closures dates. The NYSE and Nasdaq are open on Columbus Day (08 October) and Veterans Day (12 November) and therefore equity sub-funds listing the US as a material market will not have a non-dealing day for these dates. The Bond markets will be closed to trading on these dates and Bond sub-funds listing the US as a material market will have non-dealing days on 09 October and 13 November (non-dealing day delayed by one business day in line with GIF Board policy).



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Shareholders who deal through the Company’s local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction. The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company’s local distributor or representative.

Issued by HSBC Investments (Singapore) LimitedCompany registration no.: 198602036R

Documents

HSBC Global Investment Funds - PhillipCapitalinternetfileserver.phillip.com.sg/poems/unittrust/... · 2007. 8. 1. · 2 HSBC Global Investment Funds Information concerning the distribution