ING (L) INVEST - Fundsquare

Annual report and audited f inancial s tatements

For the year ended 30 September 2006

Société d'Investissement à Capital Variable

LUXEMBOURG

IINNGG ((LL)) IINNVVEESSTT

Glossary of Symbols

Countries, Central Governments

Cantons, Provinces, etc...

Cities, Municipal Authorities

Public bodies

Private bodies

Supranational Organisations

Investment Funds

Reserve

Mining, extracting industry

Aluminium

Non-ferrous metals

Precious metals and stones

Building materials, industry

Paper and forest products

Agriculture and fishery

Petroleum

Chemicals

Electrical, electronics

Aero-astro-nautic industry

Internet, software & tech. info. serv.

Office supplies and computing

Watch industry

Machine, apparatus construction

Road vehicles

Rubber and tyres

Real estate companies

Food, non alcoholic beverages

Tobacco, alcoholic drinks

Pharmaceuticals and cosmetics

Textiles and garments

Photographics and optics

Miscellaneous consumer goods

Graphics and publishing

Packaging industries

Retail trade, department store

Miscellaneous trading companies

Banks & fin. instit. (EU)

Other banks & fin. instit.

Central MTG

Holding and finance companies

Insurance companies

Transportation

Energy and water supply

Communication

Hotels and restaurants

Miscellaneous services

Conglomerates

Various unclassified sectors

Biochemistry

Sundry investment goods

Environment and recycling

Public health and social

Chile

China

Colombia

Costa Rica

Cuba

Czech Republic

Germany

Denmark

Dominica

Dominican Republic

Algeria

Estonia

Ecuador

Egypt

Spain

Finland

France

Great Britain

Guernsey

Ghana

Gibraltar

Greece

Hong Kong

Croatia

Hungary

Indonesia

Ireland

Israel

India

Iraq

Iceland

Italy

Jersey

Japan

South Korea

Cayman Islands

Kazakhstan

Liberia

Lithuania

Luxembourg

Latvia

Morocco

Marshall Islands

Macedonia

Mauritius

Mexico

Malaysia

Nicaragua

European Institutions

European Institutions (L)

Supranational Institutions

United Arab Emirates

Netherlands Antilles

Argentina

Austria

Australia

Bosnia and Herzegovina

Belgium

Bulgaria

Bermuda

Brazil

Canada

Switzerland

Ivory Coast

HR

Slovakia

San Marino

Senegal

El Salvador

Thailand

Turkey

Taiwan

Ukraine

United States

Uruguay

Venezuela

Virgin Islands (UK)

Vietnam

Yugoslavia

South Africa

Zimbabwe

Nigeria

The Netherlands

Norway

New Zealand

Panama

Peru

Papua New Guinea

Philippines

Pakistan

Poland

Portugal

Romania

Russia

Sudan

Sweden

Singapore

Cuban Peso

Cyprus Pound

Czech Koruna

German Mark

Danish Krone

Algerian Dinar

Estonian Kroon

Egyptian Pound

Spanish Peseta

Euro

Finland Mark

French Franc

Pound Sterling

Gibraltar Pound

Greek Drachma

Hong Kong Dollar

Croat Kuna

Hungarian Forint

Indonesian Rupiah

Irish Pound

Israelian new shekel

Indian Rupee

Icelandic Króna

Italian Lira

Jordanian Dinar

Japanese Yen

North Korean Won

South Korean Won

Kuwaiti Dinar

Cayman Islands Dollar

Kazakh Tenge

Lebanese Pound

Lithuanian Litas

Luxembourg Franc

Latvian Lats

Moroccan Dirham

Moldovan Leu

Macau Pataca

Maltese Lira

Mexican Peso

Malaysian Ringgit

Nicaraguan Córdoba

Dutch Guilder

Norwegian Krone

New Zealand Dollar

Omani Rial

Peruvian New Sol

Philippines Peso

UAE Dirham

Armenian Dram

Argentine Peso

Austrian Schilling

Australian Dollar

Azerbaijani Manat

Belgian Franc

Bulgarian Lev

Brunei Dollar

Brazilian Real

Belarusian Rouble

Canadian Dollar

Swiss Franc

Chilean Peso

Renminbi-Yuan

Colombian Peso

Tunisian Dinar

Turkish Lira

New Taiwan Dollar

US Dollar

Uruguayan Peso

Uzbekistan Sum

Venezuelan Bolívar

Vietnamese Dong

Yemeni Rial

Yugoslav Dinar

South African Rand

Pakistani Rupee

Polish Zloty

Portuguese Escudo

Paraguayan Guaraní

Qatari Riyal

Romanian Leu

Russian Rouble

Saudi Riyal

Swedish Krona

Singapore Dollar

Slovenian Tolar

Slovak Koruna

Syrian Pound

Thai Baht

Tajik Somoni

Turkmen Manat

No subscription can be received solely on the basis of the financial statements. Subscriptions are only valid if made on the basisof the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the Statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bankand at the Company's registered office as well as at the financial servicing institutions identified in this report. They will also besent free of charge to anyone who so requests.

The information given in this report is for reference purposes only. It is not a guide to future results.

WARNING

ING (L) Invest - 30/09/2006

ING (L) Invest - 30/09/2006

TABLE OF CONTENTS

GLOSSARY OF SYMBOLS

ORGANISATION

MANAGEMENT'S REPORT

INDEPENDENT AUDITOR'S REPORT

EVOLUTION OF THE SUB-FUNDS

STATEMENT OF NET ASSETS

AS AT SEPTEMBER 30, 2006

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEAR ENDED SEPTEMBER 30, 2006

SECURITIES PORTFOLIO AND FINANCIAL DERIVATIVE INSTRUMENTS

NOTES TO THE FINANCIAL STATEMENTS

3

5

8

9

41

54

67

155

ING (L) Invest - 30/09/2006 3

ORGANISATION

REGISTERED OFFICE

BOARD OF DIRECTORS

CHAIRMAN

DIRECTORS

52, route d'Esch, L-1470 Luxembourg

Eugène Muller,

Companies Director,

up to December 4, 2005

Jean Sonneville,

General Manager,

ING Investment Management Belgium,

Chairman since December 5, 2005

Philippe Catry,

General Manager,

ING Luxembourg,

up to March 14, 2006

Philippe Gusbin,

Senior General Manager Ops & IT,

ING Luxembourg,

since March 15, 2006

Odilon De Groote,

Companies Director

Paul Suttor,

Senior Manager,

Head of Fund Administration,

ING Luxembourg,

since December 5, 2005

Bruno Springael,

Managing Director,

ING Investment Management Belgium

4ING (L) Invest - 30/09/2006

ORGANISATION

MANAGEMENT COMPANY

INVESTMENT MANAGERS

CUSTODIAN

ADMINISTRATION AGENT

AUDITORS

FINANCIAL SERVICING

AUSTRIA

BELGIUM

CZECH REPUBLIC

FINLAND

FRANCE

GERMANY

GREECE

HONG-KONG

HUNGARY

ITALY

LUXEMBOURG

NORWAY

SINGAPORE

SLOVAKIA

SPAIN AND PORTUGAL

SWITZERLAND

TAIWAN

THE NETHERLANDS

ING Investment Management Luxembourg S.A., Luxembourg


delegated to

ING Investment Management Belgium, Brussels

ING Clarion Real Estate Securities LP, Radnor

ING Asset Management BV, The Hague

ING Investment Management Co, New York

ING Investment Management Asia Pacific (Hong-Kong) Ltd, Hong Kong

ING Mutual Funds Management Company (Japan) Ltd, Tokyo

ING Luxembourg, 52, route d'Esch, Luxembourg


delegated to


Ernst &Young, Société Anonyme,

7, Parc d'Activité Syrdall

L-5365 Munsbach, Luxembourg

ING Bank NV-Vienna branch (*), Ungargasse 64-66/305, 1030 Wien, PO Box 152

ING Belgium, 24, avenue Marnix/Marnixlaan, Brussels

Danske Capital Finland Oy, Aleksanterinkatu, 44, 7krs, 00100 Helsinki

CACEIS Bank, 1/3, Place Valhubert, F-75013 Paris

BHF-Bank, Bockenheimer Landstraße 10, 60323 Frankfurt am Main

ING Piraeus Asset Management Company, 3 Korai Street, 10 564 Athens

INGIM Asia Pacific (Hong-Kong) Ltd., 39/F One International Finance Centre,1 Harbour View Street, Central, Hong-Kong

ING Bank Rt., 1068 Budapest, Dózsa György út 84/B, HUNGARY

INGIM Italy Sim, via Paleocapa 5, 20144 Milano


ING Bank Norway, Statminister Michelsenvei 36, 5231 Paradis

INGIM Asia Pacific Singapore (Ltd.), 1, raffles Place OUB Centre #40-02 Singapore 048616

ING Belgium SA, Sucursal en Espana (ING Investment Management), Génova, 27 – 3a Planta - Madrid 28004

ING Bank (Suisse) S.A., 30, avenue de Frontenex, 1211 Geneva

ING CHB Securities Investment & Trust Co., Ltd., 15 Fl, No. 210, Keelung Road, Section 1, Taipei 110

ING Bank N.V., Amstelveensesteenweg 500, 1081 KL Amsterdam

4

(*) The sub-funds ING (L) Invest European Materials, ING (L) Invest European Opportunity and ING (L) Invest US Opportunistic Equityare not registered in Austria.

ECONOMIC DEVELOPMENTS

During the reporting period, the global economy continued to grow at a strong and healthy pace, in spite of a slowdown

in US growth.

After two years of at-or-above potential growth, Goldilocks seems to have left the party in the US. GDP expanded only 2.6%

in the second quarter of 2006 and recent data suggest that it will grow in the 2%-2.5% range during the second half of

2006. US consumption (the traditional engine of the US economy) started to slow, as high oil prices, rising bond yields and

a cooling housing market affected consumer confidence. Furthermore, higher than expected inflation data surprised

financial markets during the second quarter of 2006. But, as the latest inflation numbers looked a bit less alarming, the focus

in markets has decidedly shifted from concerns over inflation towards the degree of slowing in growth over the coming

quarters. During the first ten months, the Fed made several gradual adjustments of the Fed funds towards more 'neutral'

levels. Early August, the Fed installed a wait-and-see mode and kept the US base rate unchanged at 5.25%.

The Eurozone economy grew well above potential in the first half of 2006 and is expected to do so for the rest of year,

although business confidence peaked around the summer. Initially, robust global growth combined with a relatively stable

exchange rate since the spring of 2005 has ignited export growth. Subsequently, the increase in profit growth (due to

restructuring) has caused capex to increase. The final stage of the recovery is currently a pick up in consumer spending.

In view of strong growth and the recovering job market, the European Central Bank raised the official repo rate to 3.25% (five

times +25 basis points). The ECB pointed to the rapidly growing money supply, high credit growth and higher inflation risks.

The Japanese economy remains resilient, as leading indicators rebounded from weakness in the second quarter of 2006.

Economic growth was especially supported by domestic factors (improving labour market, strong final demand, high

consumer confidence, recovery of the housing market) and a weaker Yen. The secular reflation process still is unfolding

further, although it is far from completed. Imports still fail to reflect stronger domestic demand, wages are still unable to

capture at least part of impressive productivity gains as well as consumer product and house prices are still grinding higher

at a modest pace. Given the upturn in the economy, the Bank of Japan raised the overnight call rate to 0.25% in July.

Economic forecasts 2005 2006E 2007E

United States

Growth gross domestic product (%) 3.6 3.4 2.4

Inflation rate (%) 3.4 3.5 2.3

Eurozone


Inflation rate (%) 2.2 2.3 2.3

Japan


Inflation rate (%) -0.1 0.4 0.7

Source: ING IM / October 2006

E: Estimation

DEVELOPMENTS ON FIXED INCOME MARKETS

Global bond yields moved higher during the first nine months of the reporting period, in a context of healthy economic

growth, rising inflation and mounting Fed Funds. In July, the trend reversed and bond yields started to decrease, as markets

anticipated the pause in the monetary tightening in the US and worried about the economic slowdown in the US.

5

MANAGEMENT’S REPORT

ING (L) Invest - 30/09/2006

In the US, the yield of the 10-year government bond started at 4.38%, peaked at 5.23% in July and ended at 4.63% in

September. At the end of the reporting period the yield curve was inverted by 10 bps (difference between 10y and 2y).

Eurozone and Japanese 10y-bond yields followed a similar pattern last year. The yield of the German 10-year government

bond started in October '05 at 3.19%, peaked at 4.13% and ended the third quarter of 2006 at 3.70%. The Japanese 10y

government bond started the reporting period at a yield of 1.49%, reached 1.97% on the fifth of July and ended at 1.67%.

OUTLOOK MACRO-ECONOMICS AND FIXED INCOME MARKETS

From a fundamental point of view, the global economy should be able to show decent growth in 2007. As the US

economy represents 30% of the global economy, it is obvious that the situation in the US will also impact the economies

in the Europe, Japan and the emerging markets. These regions will no longer be boosted by a buoyant US consumer.

Fortunately, domestic consumption remained strong in the Eurozone and Japan. This demand should offer some

compensation for the soft landing of the US economy.

As softer domestic demand is expected to keep the US economy's growth rate below its potential over the coming quarters and

as oil prices have moved sharply lower recently, inflation is still anticipated by the Fed to start moderating in 2007. Therefore,

we continue to expect the Fed to remain on hold at 5.25% for the rest of the year due to a housing driven slowdown in final

demand growth. Nevertheless, consumer expenditure has held up relatively well so far, supported by lower oil prices and

upward pressure on wages. As a consequence, the market's soft landing scenario remained intact. We also stick to a soft

landing scenario. According to our scenario, growth will slow gradually (but not fall below 2%) and corporate earnings growth

will slow to less than 10%.

Eurozone economic momentum reached a peak around the summer but will remain above potential for the rest of year.

However, in 2007 the economy will have to digest the US slowdown, the German VAT hike, as well as the past monetary

tightening. Obviously, these factors will cause EMU growth to slow down. However, in our opinion, the US housing

slowdown is a country-specific shock hitting the highly leveraged US consumer, while six years of subdued spending have

left the balance sheets of Euroland consumers in relatively healthy shape. What's more, domestic demand in other parts of

the world (e.g. Asia) is reviving as well thus supporting EMU exports. Recently, the ECB raised the refi rate to 3.25% and

virtually announced the next hike for December. Moreover, the central bank also indicated that it will probably tighten

further in 2007. We believe that the peak in the refi rate will be at 4% in 2007.

In Japan, domestic demand should continue to be supported by strong earnings growth, a further upturn of the labour

market and an improving housing market. Now that the protracted period of deflation (average price declines) has come to

an end, a strong and structural pent-up demand is expected for the coming years. We expect the key Japanese interest rate

to stand at 0.5% at the end of 2006. Over the coming 2 years, the BoJ is likely to gradually hike up interest rates further

towards a 'neutral' level in the 2.5-3% range.

On the one hand, long-term bond yields will be pushed up by solid economic growth in Europe and Japan and strong

growth in the emerging markets. On the other hand, global bond yields will be pushed down by slowing US growth and

the prospect of some monetary easing by the Federal Reserve in the course of 2007.

All in all, we anticipate a modest increase of long-term interest rates on a 6- to 12-month horizon.

Outlook 10-year bond yields (in %)

29/09/2006 3m E 1) 12m E 1)

United States 4.6 slightly lower slightly higher

Eurozone 3.7 slightly lower slightly higher

Japan 1.7 slightly higher higher

1) as compared to 29 September 2006 Source: ING IM /October 2006

E: Estimation

6


ING (L) Invest - 30/09/2006

DEVELOPMENTS ON EQUITY MARKETS

Over the reporting period, global equity markets rose 9.6% in euro, on the back of decent global economic growth, low

inflation and strong earnings. The month of May marked a sudden shift of market sentiment and brought the prolonged

period of rising stock prices and low volatility to a standstill. A cocktail of disappointing US inflation data and uncertainties

regarding the Fed's interest-rate policy have diminished the extreme risk appetite and triggered a sell-off on the global

equity markets. During the last quarter, investors concluded that the sharp correction in May-June had been overdone.

The Fed-pause, the end of the hostilities in Lebanon, more subdued inflation data and strong earnings supported this view.

European equities and Emerging Markets outperformed during the last 12 months. The MSCI Europe rose 17.0%,

especially because of strong M&A momentum. Emerging markets rose +15.0% (in euro). The MSCI Japan (7.8%) and the

MSCI USA (+5.3%) underperformed in Euro.

The best performing sectors over the period were: the Material sector positively influenced by soaring commodity prices,

Utilities (strong M&A in Europe) and Financials (good earnings momentum and strong M&A activity). Underperformers

were Energy, IT and Healthcare.

OUTLOOK EQUITY MARKETS

Equity markets are likely to face higher volatility in the coming months. The economic developments in the US are

surrounded by uncertainty. The strong equity performance in recent weeks signals that equity markets have a strong belief

in a soft landing. Although a soft landing also remains our central scenario, downside risks should not be underestimated.

The coming earnings season will drive equity performances in the short-run. We still expect global earnings growth to

disappoint present optimistic expectations somewhere within the next 12 months. Developed equity markets are

nevertheless not expensive.

On a 12-month horizon, this scenario offers room for modest upward potential on the equity markets. Fortunately, the

global economy is better able to weather a limited slowdown of US growth than in the past; in Japan domestic growth has

switched into the highest gear of the last 15 years and in the Eurozone growth has reached the highest traction since 2001.

Asian growth will also contribute to the resilience of the global economy.

We prefer big cap companies whose stock prices do not adequately reflect the value of the company. In our selection

process, we focus on companies in defensive sectors.

In regional terms, we remain positive about Japan, as this stock market is undervalued and its fundamentals are still

favourable.

7


ING (L) Invest - 30/09/2006

8ING (L) Invest - 30/09/2006

INDEPENDENT

AUDITOR'S REPORT

Following our appointment by the Annual General Meeting of the Shareholders of December 5, 2005, we have audited the

accompanying financial statements of ING (L) Invest, SICAV and of each of its sub-funds, which comprise the Statement of

Net Assets and the Securities Portfolio and Financial Derivative Instruments as at September 30, 2006 and the Statement of

Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other

explanatory notes.

Responsibility of the Board of Directors of the SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in

accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair

presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying

appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Responsibility of the "réviseur d'entreprises"

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in

accordance with International Standards on Auditing as adopted by the "Institut des Réviseurs d'Entreprises".

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable

assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the judgement of the "réviseur d'entreprises", including the assessment of

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the "réviseur d'entreprises" considers internal control relevant to the entity's preparation and fair presentation

of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of

Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ING (L) Invest, SICAV and of

each of its sub-funds as of September 30, 2006 and of the results of their operations and changes in their

Net Assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the

preparation of the financial statements.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been

subject to specific audit procedures carried out in accordance with the Standards described above. Consequently, we

express no opinion on such information. However, we have no observation to make concerning such information in the

context of the financial statements taken as a whole.

ERNST & YOUNG

Société Anonyme

Réviseur d'entreprises

Sylvie TESTA

Luxembourg, January 4, 2007

To the Shareholders of ING (L) Invest, SICAV

52, route d'Esch, L-1470 Luxembourg

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares

Net Asset Valueper Share

Capitalisation P (EUR)

Capitalisation P (USD)*

Capitalisation I (EUR)

Capitalisation I (USD)*

Capitalisation X (EUR)

Capitalisation X (USD)*

Distribution I (EUR)

Distribution P (EUR)

Distribution P (quarter dividend) (EUR)

Distribution X (EUR)

Number of Shares


Capitalisation P (USD)


Capitalisation I (USD)


Capitalisation X (USD)





EVOLUTION OF

THE SUB-FUNDS

9ING (L) Invest - 30/09/2006

BANKING & INSURANCEUSD

301,803,757125,819,805149,647,821

872.45700.23597.74

---

877.29--

---

847.64683.75586.59

---

---

3,892.843,171.102,748.31

---

---

159,350167,966231,253

---

173,928--

---

5,7185,233

11,838

---

---

1,3731,4591,628

---

---

BIOTECHNOLOGYUSD

100,866,422113,455,090100,108,564

1,135.531,093.85

936.98

--

---

---

1,102.811,067.71

919.20

---

---

5,610.955,405.004,629.89

---

---

66,25285,34086,256

---

---

---

11,5645,3516,050

---

---

2,2962,6632,965

---

---

COMPUTER TECHNOLOGIES

USD

253,616,06499,466,00893,352,202

615.99587.77513.53

--

619.59--

---

598.31573.74503.83

---

---

3,019.472,888.652,531.11

---

---

259,076147,596151,626

---

93,246--

---

40,9547,426

13,314

---

---

3,8912,9263,469

---

---

9* expressed in USD

10ING (L) Invest - 30/09/2006

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

Total Expense Ratio (TER) in %*











Portfolio Turnover in %*

EVOLUTION OF

THE SUB-FUNDS


62.0050.0044.00

1.57

-

0.60

-

2.02

-

-

1.57

-

-

-2.05

BIOTECHNOLOGYUSD

---

1.53

-

-

-

2.05

-

-

1.53

-

-

52.37


USD

8.008.008.00

1.57

-

0.61

-

2.05

-

-

1.57

-

-

40.92

* The Total Expense Ratio (TER) and Portfolio Turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued onDecember 19, 2003.

Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are notincluded in the calculation of the TER.

The TER is annualized for periods less than one year.

Portfolio Turnover rate is not annualized for periods less than one year.

EVOLUTION OF

THE SUB-FUNDS

11ING (L) Invest - 30/09/2006

CONSUMER GOODSUSD

116,308,59670,877,77384,346,407

922.73888.60840.21

--

927.90--

---

895.87867.13824.12

---

---

4,194.094,078.813,895.12

---

---

55,65471,53980,636

---

59,540--

---

9,1646,541

17,380

---

---

357401583

---

---

DUTCH EQUITYEUR

94,284,74274,833,95571,223,568

88.9073.7358.26

--

---

---

87.5472.9457.94

---

---

70.6859.9948.80

---

---

935,173858,617615,776

---

---

---

3,64414,977

521,842

---

---

153,218174,026104,781

---

---

EMERGING EUROPEEUR

203,481,831179,241,94773,736,741

59.6651.0529.56

--

---

---

58.1750.0329.12

---

---

4,325.363,716.382,161.53

---

---

2,142,7452,116,2821,551,720

---

---

---

1,129,2761,084,137

700,726

---

---

2,3034,5663,448

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

12ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

12

CONSUMER GOODSUSD

44.0042.0041.00

1.56

-

0.60

-

2.03

-

-

1.56

-

-

30.94

DUTCH EQUITYEUR

1.801.451.45

1.58

-

-

-

2.04

-

-

1.58

-

-

26.29

EMERGING EUROPEEUR

23.0015.009.00

1.55

-

-

-

2.06

-

-

1.55

-

-

-115.97

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















13ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EMERGING MARKETSUSD

211,096,436135,464,76686,301,217

52.4344.0729.94

--

---

---

51.3043.3529.61

---

---

---

---

---

3,591,4562,718,9232,603,148

---

---

---

444,091360,585282,017

---

---

---

---

---

EMU EQUITYEUR

508,371,121402,773,047371,065,271

130.06113.6189.54

--

132.79114.9289.73

---

126.04110.6687.66

---

---

107.6095.6776.92

---

---

2,691,4183,192,3443,474,225

---

737,38843,066

141,935

---

283,68290,406

256,132

---

---

229,042262,665322,420

---

---

ENERGYUSD

270,145,070211,265,328117,966,824

1,190.511,148.61

762.41

--

1,197.45--

---

1,156.361,121.41

748.23

---

---

5,113.134,998.673,373.69

---

---

129,342130,756125,454

---

56,386--

---

33,68648,86123,744

---

---

1,8951,2571,350

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

14ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EMERGING MARKETSUSD

---

1.53

-

-

-

2.07

-

-

-

-

-

118.61

EMU EQUITYEUR

1.901.701.60

1.53

-

0.62

-

2.04

-

-

1.53

-

-

85.32

ENERGYUSD

66.0065.0057.00

1.53

-

0.60

-

2.04

-

-

1.53

-

-

-65.85

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















15ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EURO HIGH DIVIDENDEUR

1,661,122,9351,726,668,3761,126,154,756

435.27376.35294.90

--

443.12380.09295.55

---

422.90367.59289.64

---

---

1,488.061,322.801,064.02

---

---

2,099,3783,283,9942,644,725

---

940,256495,174155,738

---

437,972517,973861,531

---

---

97,74784,75747,606

---

---

EURO INCOMEEUR

287,616,16590,201,144

-

276.44250.58

-

--

---

---

1,104.39--

---

---

276.44250.58

-

266.95--

1,104.48--

422,181177,935

-

---

---

---

2,757--

---

---

602,177182,034

-

497--

1,150--

EUROPE GROWTH FUND

EUR

186,752,60223,526,500

-

330.10297.90

-

--

331.49--

---

328.01297.50

-

---

---

330.12297.91

-

---

---

346,37068,442

-

---

113,799--

---

49,13310,183

-

---

---

56,275364

-

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

16ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


43.00--

36.0029.00

1.50

-

0.72

-

2.03

-

-

1.50

-

-

6.95

EURO INCOMEEUR

16.00** / 4.80*** / 12.00****4.65***4.50***

--

1.77

-

-

-

2.01

-

-

1.77

1.77

2.01

95.01

EUROPE GROWTH FUND

EUR

3.00----

1.53

-

0.70

-

2.07

-

-

1.53

-

-

123.12

15/12/200627/09/200630/06/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















** Distribution P (EUR)

*** Distribution P (quarter dividend) (EUR)

**** Distribution X (EUR)

17ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EUROPE HIGH DIVIDEND

EUR

751,907,852537,240,553

-

349.81294.49

-

--

354.45296.07

-

---

346.58293.37

-

---

---

342.81294.49

-

---

---

1,141,5541,139,882

-

---

108,82029,332

-

---

500,350377,751

-

---

---

410,144278,628

-

---

---

EUROPE OPPORTUNITIESEUR

5,220,561--

---

--

5,220.56--

---

---

---

---

---

---

---

---

---

1,000--

---

---

---

---

---

---

---

EUROPEAN BANKING & INSURANCE

EUR

169,085,651136,053,145122,233,488

283.13229.54185.72

--

---

---

275.09224.08182.21

---

---

1,233.621,022.69

846.55

---

---

448,023475,504531,312

---

---

---

50,22110,9497,170

---

---

23,03823,91126,284

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

18ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


EUR

10.006.00

-

1.50

-

0.72

-

2.04

-

-

1.50

-

-

-32.96


---

-

-

0.68

-

-

-

-

-

-

-

83.31


EUR

30.0024.0020.00

1.57

-

-

-

2.04

-

-

1.57

-

-

91.80

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















19ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EUROPEAN CONSUMER GOODS

EUR

31,316,56033,128,69032,536,943

259.93234.85201.09

--

---

---

252.57229.29197.33

---

---

1,164.761,071.36

934.05

---

---

91,636109,484130,494

---

---

---

13,57712,9717,953

---

---

3,4934,1465,060

---

---

EUROPEAN EQUITYEUR

345,276,809354,303,002435,618,722

43.6938.9630.98

--

44.6239.4131.05

---

42.2937.8930.30

---

---

37.1233.7827.40

---

---

5,119,3596,689,739

10,611,892

---

396,733387,632381,865

---

504,254427,561

1,562,007

---

---

2,224,3091,841,6861,739,868

---

---

EUROPEAN FOOD & BEVERAGES

EUR

111,414,93075,958,27562,998,207

294.77252.94201.80

--

---

---

286.48247.00198.04

---

---

1,318.141,149.18

930.19

---

---

270,414232,715253,322

---

---

---

68,84926,4558,665

---

---

9,0909,189

10,924

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

20ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


EUR

22.0020.0017.00

1.56

-

-

-

2.03

-

-

1.56

-

-

140.98

EUROPEAN EQUITYEUR

0.800.700.55

1.52

-

0.59

-

2.04

-

-

1.52

-

-

106.90


EUR

22.0018.0014.00

1.57

-

-

-

2.03

-

-

1.57

-

-

78.67

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















21ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EUROPEAN HEALTH CARE

EUR

243,374,604180,920,842158,714,576

332.94296.57255.40

--

---

---

323.38289.45250.52

---

---

1,546.371,390.211,210.68

---

---

510,188436,790450,842

---

---

---

117,52678,17964,051

---

---

22,96120,68322,735

---

---

EUROPEAN ITEUR

10,879,1109,565,2679,557,960

42.1941.6034.20

--

---

---

41.0040.6233.56

---

---

208.48205.59169.01

---

---

207,588171,068206,472

---

---

---

19,47728,19439,381

---

---

6,3456,3386,950

---

---

EUROPEAN MATERIALSEUR

39,970,08625,569,85523,645,100

392.69303.95233.61

--

---

---

381.18296.48228.99

---

---

1,402.881,102.99

867.43

---

---

53,98964,86779,509

---

---

---

36,5983,122

442

---

---

3,4354,4685,730

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

22ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


EUR

15.0013.0013.00

1.56

-

-

-

2.04

-

-

1.56

-

-

51.51

EUROPEAN ITEUR

---

1.57

-

-

-

2.04

-

-

1.57

-

-

82.28


23.0018.0020.00

1.56

-

-

-

2.06

-

-

1.56

-

-

-19.77

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















23ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EUROPEAN NEW OFFERINGS

EUR

32,856,91532,904,66630,733,993

306.68270.40207.17

--

---

---

298.05264.05203.32

---

---

1,140.471,016.48

789.34

---

---

80,32596,082

117,981

---

---

---

7,0522,264

453

---

---

5,3676,2247,854

---

---

EUROPEAN REAL ESTATEEUR

169,642,906126,504,15628,861,062

855.98689.37493.61

--

---

---

831.01672.68484.20

---

---

2,919.972,413.161,766.48

---

---

157,335121,39743,179

---

---

---

33,01151,8627,875

---

---

2,5803,2862,114

---

---

EUROPEAN SECTOR ALLOCATION

EUR

178,607,838191,197,247195,827,263

239.45211.17169.86

--

---

---

232.52206.04166.56

---

---

868.84780.08639.10

---

---

600,274740,561955,061

---

---

---

31,92621,3913,186

---

---

31,59638,97851,752

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

24ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


EUR

16.0011.0011.00

1.55

-

-

-

2.04

-

-

1.55

-

-

-16.97


65.0058.0041.00

1.54

-

-

-

2.03

-

-

1.54

-

-

47.68


EUR

16.0014.0012.00

1.56

-

-

-

2.03

-

-

1.56

-

-

26.45

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















25ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS

EUROPEAN SMALL CAPSEUR

59,767,54945,773,51614,600,997

22.6918.9713.49

--

22.76--

---

22.0418.5213.23

---

---

140.74117.6783.65

---

---

1,595,8111,839,908

515,232

---

121,996--

---

853,480498,907475,252

---

---

13,97313,80016,309

---

---

EUROPEAN TELECOMEUR

107,881,546130,689,90680,607,754

149.22139.76118.01

--

---

---

144.98136.46115.81

---

---

545.70522.24448.34

---

---

535,046619,486530,507

---

---

---

80,077218,81341,442

---

---

30,11527,29529,447

---

---

FOOD & BEVERAGESUSD

181,275,52561,915,56072,474,331

950.68813.57718.47

--

956.21--

---

923.29794.03704.79

---

---

4,159.593,612.023,234.51

---

---

90,61068,99688,198

---

63,488--

---

32,9832,1096,883

---

---

9551,1371,316

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

26ING (L) Invest - 30/09/2006


---

1.55

-

0.84

-

2.06

-

-

1.55

-

-

-11.75

EUROPEAN TELECOMEUR

14.0011.008.00

1.54

-

-

-

2.03

-

-

1.54

-

-

98.38

FOOD & BEVERAGESUSD

61.0053.0048.00

1.58

-

0.60

-

2.03

-

-

1.58

-

-

0.28

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

27ING (L) Invest - 30/09/2006

GLOBAL BRANDSEUR

47,914,79951,670,47156,166,694

313.02282.52238.00

--

---

---

304.21275.87233.58

---

---

1,469.031,337.551,136.74

---

---

120,428149,066193,302

---

---

---

11,1596,6799,817

---

---

4,6455,7676,921

---

---

GLOBAL GROWTHEUR

9,285,881--

234.39--

--

4,670.71--

---

---

---

---

---

---

---

57--

---

1,985--

---

---

---

---

---

---

---

GLOBAL HIGH DIVIDEND

EUR

736,472,138604,319,580168,037,794

304.75271.88221.47

386.00327.76

-

309.95274.31221.73

392.62--

297.93267.20218.87

372.17--

309.95--

1,131.741,043.11

870.37

---

---

1,396,2351,319,026

409,853

38,90415,508

-

311,709167,878

4,498

1,399--

481,476616,360281,364

1,631--

18,273--

46,37029,47816,875

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

28ING (L) Invest - 30/09/2006

GLOBAL BRANDSEUR

14.0012.0010.00

1.56

-

-

-

2.06

-

-

1.56

-

-

92.35

GLOBAL GROWTHEUR

---

1.62

-

0.70

-

-

-

-

-

-

-

149.11


EUR

11.00** / 40.00***34.00***21.00***

1.51

1.51

0.71

0.71

2.04

2.04

0.71

1.51

-

-

-29.38

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















** Distribution I (EUR)

*** Distribution P (EUR)

EVOLUTION OF

THE SUB-FUNDS

29ING (L) Invest - 30/09/2006

GLOBAL REAL ESTATEEUR

26,027,179--

266.87--

--

5,358.27--

---

1,067.02--

---

---

266.87--

---

---

11,195--

---

3,848--

---

1,760--

---

---

2,042--

---

---

GREATER CHINAUSD

132,171,09196,816,47794,259,512

469.45372.75314.14

--

---

---

458.88366.11310.14

---

---

2,210.921,767.561,495.36

---

---

204,015195,993214,644

---

---

---

50,09337,42756,356

---

---

6,0655,6906,255

---

---

HEALTH CAREUSD

242,188,286181,234,011191,242,017

928.52886.02801.10

--

934.04--

---

902.12865.05786.16

---

---

4,261.314,105.403,750.06

---

---

124,668139,754162,116

---

75,950--

---

45,97750,09159,189

---

---

3,2893,4293,957

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

30ING (L) Invest - 30/09/2006


3.00--

1.71

-

0.70

-

2.08

-

-

1.71

-

-

19.27

GREATER CHINAUSD

18.0012.006.00

1.59

-

-

-

2.08

-

-

1.59

-

-

187.19

HEALTH CAREUSD

41.0039.0039.00

1.56

-

0.60

-

2.03

-

-

1.56

-

-

8.84

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

31ING (L) Invest - 30/09/2006

INDUSTRIALSEUR

111,009,30371,855,85965,171,334

348.19322.55268.11

--

350.09--

---

340.80317.34265.15

---

---

1,367.481,278.231,072.47

---

---

148,819157,545186,266

---

111,785--

---

48,78260,26151,567

---

---

2,5101,5001,453

---

---

JAPANJPY

55,050,115,84226,157,889,19516,986,660,370

5,338.004,512.003,388.00

--

5,436.004,557.003,394.00

---

5,149.004,374.003,302.00

---

---

5,005.004,248.003,216.00

---

---

6,564,8184,736,1414,292,888

---

225,15292,05789,001

---

2,846,805670,947316,018

---

---

823,858337,811340,546

---

---

JAPANESE SMALL & MID CAPS

JPY

6,044,004,7894,969,093,3932,273,797,829

17,822.0016,233.0012,410.00

--

---

---

17,314.0015,848.0012,177.00

---

---

69,508.0063,437.0048,708.00

---

---

186,471155,816101,846

---

---

---

111,328121,43346,322

---

---

11,4108,1229,153

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

32ING (L) Invest - 30/09/2006

INDUSTRIALSEUR

13.0012.0010.00

1.55

-

0.60

-

2.04

-

-

1.55

-

-

16.25

JAPANJPY

22.0020.0025.00

1.54

-

0.73

-

2.05

-

-

1.54

-

-

-21.76


JPY

150.00150.00200.00

1.54

-

-

-

2.05

-

-

1.54

-

-

-97.04

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

33ING (L) Invest - 30/09/2006

LATIN AMERICAUSD

156,848,432133,846,06579,212,904

1,684.951,349.14

747.80

--

---

---

1,648.141,326.36

739.07

---

---

1,269.431,035.65

584.94

---

---

74,12284,36797,834

---

---

---

15,56411,7893,367

---

---

4,9674,2376,092

---

---

MATERIALSUSD

97,228,92262,096,89862,783,434

875.63706.07587.37

--

880.70--

---

850.22689.01576.09

---

---

3,784.183,091.952,610.39

---

---

66,93769,42386,204

---

27,207--

---

7,9197,0045,486

---

---

2,0942,6693,444

---

---

NEW ASIAUSD

383,597,285270,759,321234,660,358

738.77603.24476.86

--

---

---

721.82592.32470.67

---

---

608.57505.76406.47

---

---

404,944363,509400,239

---

---

---

75,95743,96444,919

---

---

48,65450,28955,748

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

34ING (L) Invest - 30/09/2006

LATIN AMERICAUSD

24.0020.0012.00

1.55

-

-

-

2.07

-

-

1.55

-

-

-35.06

MATERIALSUSD

53.0043.0040.00

1.55

-

0.60

-

2.05

-

-

1.55

-

-

-37.35

NEW ASIAUSD

11.009.007.00

1.59

-

-

-

2.08

-

-

1.59

-

-

100.58

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

35ING (L) Invest - 30/09/2006

NEW TECHNOLOGY LEADERS

EUR

52,734,61548,206,42454,192,887

32.8831.7425.45

--

---

---

31.9630.9924.97

---

---

131.51126.95101.77

---

---

985,451984,482

1,097,516

---

---

---

361,109231,426674,887

---

---

66,85077,07992,477

---

---

PRESTIGE & LUXEEUR

65,634,63754,887,94842,959,377

421.08389.35320.92

--

---

---

408.92379.95314.78

---

---

1,985.681,848.531,536.39

---

---

115,63397,620

106,965

---

---

---

26,20728,1717,528

---

---

3,1363,3414,076

---

---

SUSTAINABLE GROWTHEUR

32,791,69729,925,04430,842,680

182.81162.73137.07

--

--

137.27

---

177.71158.95134.56

---

---

691.61623.39532.12

---

---

87,935100,549104,741

---

--

24,992

---

85,67176,98688,169

---

---

2,1572,1262,239

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

36ING (L) Invest - 30/09/2006


EUR

---

1.56

-

-

-

2.05

-

-

1.56

-

-

20.01

PRESTIGE & LUXEEUR

16.0013.0013.00

1.55

-

-

-

2.03

-

-

1.55

-

-

2.87


9.008.007.00

1.55

-

-

-

2.04

-

-

1.55

-

-

6.54

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

37ING (L) Invest - 30/09/2006

TELECOMUSD

119,880,19575,794,55574,318,419

570.00498.74444.66

--

573.33--

---

553.73486.90436.38

---

---

2,541.192,260.932,040.00

---

---

122,937131,896147,424

---

67,793--

---

9,5229,0726,279

---

---

2,2292,4752,953

---

---

US (ENHANCED CORE CONCENTRATED)

USD

382,123,465315,514,227275,818,130

70.3565.6158.39

--

71.8566.3758.52

---

68.2463.9657.21

---

---

62.3458.6352.60

---

---

4,797,1763,723,8943,891,485

---

173,309177,768146,100

---

395,394828,327568,342

---

---

83,737109,419143,299

---

---

US HIGH DIVIDENDUSD

183,668,304116,398,992

-

297.11264.45

-

--

300.47265.30

-

---

294.86263.83

-

---

---

1,172.921,057.80

-

---

---

109,78193,889

-

---

332,981136,147

-

---

156,426200,149

-

---

---

4,1572,500

-

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

EVOLUTION OF

THE SUB-FUNDS

38ING (L) Invest - 30/09/2006

TELECOMUSD

52.0037.0027.00

1.56

-

0.60

-

2.05

-

-

1.56

-

-

165.13


USD

0.600.500.45

1.55

-

0.59

-

2.03

-

-

1.55

-

-

239.93

US HIGH DIVIDENDUSD

32.0014.00

-

1.52

-

0.71

-

2.04

-

-

1.52

-

-

31.55

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















EVOLUTION OF

THE SUB-FUNDS

39ING (L) Invest - 30/09/2006

US OPPORTUNISTIC EQUITY

USD

5,230,380--

252.29--

--

5,073.89--

---

---

---

---

---

---

---

660--

---

998--

---

---

---

---

---

---

---

UTILITIESUSD

135,692,46273,998,12562,224,728

683.84579.32439.57

--

688.02--

---

664.41565.62431.43

---

---

2,862.682,486.851,933.39

---

---

120,796102,417121,340

---

46,690--

---

26,13720,62713,600

---

---

1,2571,2061,562

---

---

WORLDEUR

110,140,624111,079,427137,146,809

159.35149.14123.76

--

---

---

155.52146.28122.04

---

---

1,214.971,153.70

971.48

---

---

661,367710,065908,232

---

---

---

6,1836,089

165,879

---

---

3,1203,7204,628

---

---

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

30/09/200630/09/200530/09/2004

Net Assets

Shares












Number of Shares











* expressed in USD

40ING (L) Invest - 30/09/2006

EVOLUTION OF

THE SUB-FUNDS


USD

---

1.50

-

0.72

-

-

-

-

-

-

-

186.68

UTILITIESUSD

73.0060.0050.00

1.56

-

0.60

-

2.04

-

-

1.56

-

-

-55.23

WORLDEUR

18.0017.0014.00

1.53

-

-

-

2.03

-

-

1.53

-

-

115.71

15/12/200615/12/200513/12/2004

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

30/09/2006

Dividend

















41The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006

STATEMENT OF

NET ASSETS


Total Securities Portfolio

Shares

Warrants and rights

Undertakings for collective investment

Bonds

Financial Derivative Instruments

Other Financial Derivative Instruments

Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities

Net Assets at the end of the year


301,167,055

300,569,377

597,678

-

-

-

-

3,646,125

-

369,556

305,182,736

-2,340,214

-1,038,765

-3,378,979

301,803,757

BIOTECHNOLOGYUSD

95,215,736

95,215,736

-

-

-

-

-

6,559,243

-

136,440

101,911,419

-50,189

-994,808

-1,044,997

100,866,422


USD

251,788,165

251,788,165

-

-

-

-

-

3,899,184

-

134,622

255,821,971

-1,725,349

-480,558

-2,205,907

253,616,064

CONSUMER GOODSUSD

113,592,523

113,592,523

-

-

-

-

-

2,764,443

-

131,547

116,488,513

-

-179,917

-179,917

116,308,596

42ING (L) Invest - 30/09/2006 42The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006

STATEMENT OF

NET ASSETS


DUTCH EQUITYEUR

83,612,489

74,535,239

-

9,077,250

-

248,820

248,820

10,415,732

260,090

74,925

94,612,056

-32,629

-294,685

-327,314

94,284,742

EMERGING EUROPEEUR

202,387,593

201,463,593

924,000

-

-

-

-

953,108

-

1,033,689

204,374,390

-

-892,559

-892,559

203,481,831

EMERGING MARKETSUSD

202,081,046

188,688,614

6,260,442

7,131,990

-

-

-

9,271,959

-

317,287

211,670,292

-

-573,856

-573,856

211,096,436

EMU EQUITYEUR

503,637,385

503,637,385

-

-

-

-

-

5,468,334

-

1,704,544

510,810,263

-

-2,439,142

-2,439,142

508,371,121


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities


43ING (L) Invest - 30/09/2006 43The accompanying notes form an integral part of these financial statements. ING (L) Invest - 30/09/2006

STATEMENT OF

NET ASSETS


ENERGYUSD

269,219,428

269,219,428

-

-

-

-

-

1,067,978

-

543,051

270,830,457

-

-685,387

-685,387

270,145,070


1,557,302,857

1,557,302,857

-

-

-

-

-

115,614,115

-

2,491,175

1,675,408,147

-

-14,285,212

-14,285,212

1,661,122,935

EURO INCOMEEUR

283,010,002

283,010,002

-

-

-

-

-

6,627,332

-

1,679,464

291,316,798

-

-3,700,633

-3,700,633

287,616,165

EUROPE GROWTH FUND

EUR

187,227,038

187,227,038

-

-

-

-

-

664,696

-

1,602,455

189,494,189

-999,037

-1,742,550

-2,741,587

186,752,602


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS



EUR

705,941,402

705,941,402

-

-

-

-

-

43,969,927

-

3,900,221

753,811,550

-

-1,903,698

-1,903,698

751,907,852


5,219,855

5,219,855

-

-

-

-

-

-

-

10,200

5,230,055

-6,260

-3,234

-9,494

5,220,561


EUR

166,818,033

166,818,033

-

-

-

-

-

2,959,380

-

443,168

170,220,581

-593,312

-541,618

-1,134,930

169,085,651


EUR

31,248,720

31,248,720

-

-

-

-

-

419,803

-

183,893

31,852,416

-148,024

-387,832

-535,856

31,316,560


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


EUROPEAN EQUITYEUR

347,543,813

347,543,813

-

-

-

-

-

3,498,048

-

1,213,018

352,254,879

-5,569,464

-1,408,606

-6,978,070

345,276,809


EUR

109,373,227

109,373,227

-

-

-

-

-

4,691,659

-

1,495,036

115,559,922

-1,963,107

-2,181,885

-4,144,992

111,414,930


EUR

241,748,700

241,748,700

-

-

-

-

-

1,486,587

-

1,120,156

244,355,443

-391,797

-589,042

-980,839

243,374,604

EUROPEAN ITEUR

10,631,822

10,631,822

-

-

-

-

-

252,395

-

53,037

10,937,254

-34,175

-23,969

-58,144

10,879,110


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS



39,628,640

39,628,640

-

-

-

-

-

571,440

-

128,340

40,328,420

-

-358,334

-358,334

39,970,086


EUR

32,394,799

32,394,783

-

-

16

-

-

509,600

-

69,504

32,973,903

-

-116,988

-116,988

32,856,915


164,286,200

158,110,325

-

6,175,875

-

-

-

5,269,088

-

2,200,256

171,755,544

-1,055,467

-1,057,171

-2,112,638

169,642,906


EUR

174,304,624

174,304,624

-

-

-

-

-

4,311,760

-

386,459

179,002,843

-

-395,005

-395,005

178,607,838


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS



59,349,470

59,349,470

-

-

-

-

-

1,783,825

-

339,563

61,472,858

-1,422,285

-283,024

-1,705,309

59,767,549

EUROPEAN TELECOMEUR

107,069,590

107,069,590

-

-

-

-

-

1,299,811

-

73,411

108,442,812

-225,583

-335,683

-561,266

107,881,546

FOOD & BEVERAGESUSD

178,682,591

178,682,591

-

-

-

-

-

2,990,272

-

412,404

182,085,267

-546,341

-263,401

-809,742

181,275,525

GLOBAL BRANDSEUR

46,369,916

46,369,916

-

-

-

-

-

1,799,493

-

36,030

48,205,439

-

-290,640

-290,640

47,914,799


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


GLOBAL GROWTHEUR

9,170,370

9,026,983

-

143,387

-

-

-

173,307

-

6,357

9,350,034

-58,236

-5,917

-64,153

9,285,881


EUR

707,233,563

692,337,230

10,302,207

4,594,126

-

-

-

27,188,453

-

6,250,293

740,672,309

-14,789

-4,185,382

-4,200,171

736,472,138


25,402,065

25,200,480

-

201,585

-

-

-

1,000,752

-

173,187

26,576,004

-246,469

-302,356

-548,825

26,027,179

GREATER CHINAUSD

129,927,124

126,646,536

3,280,588

-

-

-

-

4,797,405

-

304,938

135,029,467

-2,550,061

-308,315

-2,858,376

132,171,091


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


HEALTH CAREUSD

241,531,318

241,531,318

-

-

-

-

-

858,206

-

261,978

242,651,502

-44,223

-418,993

-463,216

242,188,286

INDUSTRIALSEUR

110,125,520

110,125,520

-

-

-

-

-

1,619,251

-

567,165

112,311,936

-878,121

-424,512

-1,302,633

111,009,303

JAPANJPY

52,876,079,292

52,876,079,292

-

-

-

332,000

332,000

1,969,194,616

70,853,500

245,163,806

55,161,623,214

-15,703

-111,491,669

-111,507,372

55,050,115,842


JPY

5,840,299,313

5,840,299,313

-

-

-

-

-

195,381,501

-

32,431,934

6,068,112,748

-

-24,107,959

-24,107,959

6,044,004,789


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


LATIN AMERICAUSD

156,218,622

154,172,317

888,834

1,157,400

71

-

-

1,935,850

-

331,789

158,486,261

-1,186,463

-451,366

-1,637,829

156,848,432

MATERIALSUSD

99,046,019

99,046,019

-

-

-

-

-

1,063

-

381,301

99,428,383

-577,026

-1,622,435

-2,199,461

97,228,922

NEW ASIAUSD

364,004,898

357,082,229

6,922,669

-

-

-

-

19,313,870

-

2,192,705

385,511,473

-

-1,914,188

-1,914,188

383,597,285


EUR

52,255,049

51,551,091

703,958

-

-

-

-

709,551

-

85,688

53,050,288

-177,375

-138,298

-315,673

52,734,615


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


PRESTIGE & LUXEEUR

63,938,422

63,938,422

-

-

-

-

-

3,228,656

-

130,663

67,297,741

-862,734

-800,370

-1,663,104

65,634,637


32,135,534

32,135,534

-

-

-

-

-

689,624

-

310,319

33,135,477

-

-343,780

-343,780

32,791,697

TELECOMUSD

119,179,014

119,179,014

-

-

-

-

-

2,446,049

-

177,885

121,802,948

-199,130

-1,723,623

-1,922,753

119,880,195


USD

375,795,803

375,795,803

-

-

-

110,225

110,225

6,228,960

289,051

331,550

382,755,589

-

-632,124

-632,124

382,123,465


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


US HIGH DIVIDENDUSD

176,650,497

176,650,497

-

-

-

-

-

6,655,006

-

585,502

183,891,005

-

-222,701

-222,701

183,668,304


USD

5,211,601

5,211,601

-

-

-

-

-

18,120

-

4,163

5,233,884

-

-3,504

-3,504

5,230,380

UTILITIESUSD

134,051,938

133,568,571

483,367

-

-

-

-

3,654,492

-

345,851

138,052,281

-909,128

-1,450,691

-2,359,819

135,692,462

WORLDEUR

103,110,694

103,110,694

-

-

-

-

-

7,288,532

422,368

214,889

111,036,483

-325,449

-570,410

-895,859

110,140,624


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

NET ASSETS


COMBINEDEUR

9,091,773,480

9,038,555,328

26,482,032

26,736,048

72

338,054

338,054

329,018,820

1,384,391

35,329,605

9,457,844,350

-22,999,779

-51,143,761

-74,143,540

9,383,700,810


Shares

Warrants and rights


Bonds



Cash at Bank

Margin Deposits

Other Assets

Total Assets

Bank overdrafts

Current Liabilities

Total Liabilities



STATEMENT OF

OPERATIONS AND

CHANGES IN NET ASSETS

FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends

Interest on bonds and other debt securities

Bank interest

Other income

Total expenses

Management fees (note 4)

Custodian fees (note 5)

Subscription tax (note 6)

Other taxes

Interest paid

Other expenses (note 7)

Net Investment Income / Loss

Net realised gains or losses

Change in net unrealised gains or losses

Result of Operations

Subscriptions

Redemptions

Distribution

Net Assets at the beginning of the year

Conversion difference


AUSTRALIAAUD

873,642

865,544

-

8,098

-

-357,159

-292,073

-14,585

-8,724

-

-2,755

-39,022

516,483

6,484,567

-4,724,417

2,276,633

10,125,630

-33,871,424

-25,365

21,494,526

-


5,407,731

5,314,312

-

93,155

264

-3,182,734

-2,436,389

-150,885

-101,760

-22,891

-29,335

-441,474

2,224,997

30,096,519

20,588,913

52,910,429

411,681,888

-288,536,415

-71,950

125,819,805

301,803,757

BIOTECHNOLOGYUSD

185,848

120,387

-

63,961

1,500

-1,783,262

-1,401,825

-77,685

-56,999

-

-15,634

-231,119

-1,597,414

4,769,951

-390,904

2,781,633

52,333,885

-67,704,186

-

113,455,090

100,866,422


USD

804,119

737,050

-

65,937

1,132

-2,119,199

-1,608,400

-94,886

-66,501

-

-58,687

-290,725

-1,315,080

2,287,212

6,114,481

7,086,613

277,156,521

-130,070,527

-22,551

99,466,008

253,616,064


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




CONSUMER GOODSUSD

1,611,266

1,493,856

-

117,352

58

-1,460,151

-1,115,626

-63,076

-44,415

-

-43,435

-193,599

151,115

-1,201,946

2,155,608

1,104,777

160,927,092

-116,584,451

-16,595

70,877,773

116,308,596

DUTCH EQUITYEUR

1,772,392

1,583,677

-

188,715

-

-1,279,528

-970,333

-49,374

-41,641

-

-2,267

-215,913

492,864

5,797,722

9,121,782

15,412,368

37,500,937

-33,214,944

-247,574

74,833,955

94,284,742

EMERGING EUROPEEUR

4,144,934

4,052,432

-

92,502

-

-3,507,678

-2,827,724

-177,108

-99,887

-3,470

-859

-398,630

637,256

24,548,691

242,306

25,428,253

194,336,851

-195,477,130

-48,090

179,241,947

203,481,831

EMERGING MARKETSUSD

3,960,351

3,695,366

-

264,985

-

-3,308,288

-2,363,189

-187,369

-98,853

-328,512

-5,725

-324,640

652,063

30,161,579

-2,029,222

28,784,420

148,438,500

-101,591,250

-

135,464,766

211,096,436


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




EMU EQUITYEUR

11,824,417

11,791,319

-

30,957

2,141

-6,712,064

-5,278,617

-304,168

-210,818

-

-15,886

-902,575

5,112,353

47,435,218

7,863,995

60,411,566

210,582,452

-164,960,177

-435,767

402,773,047

508,371,121

ENERGYUSD

3,683,558

3,584,738

-

98,820

-

-3,847,702

-3,096,345

-167,130

-116,938

-

-3,376

-463,913

-164,144

22,166,972

-13,447,527

8,555,301

362,559,001

-312,146,998

-87,562

211,265,328

270,145,070


47,973,309

46,680,531

-

1,291,980

798

-20,553,370

-16,661,595

-872,521

-616,857

-

-2,102

-2,400,295

27,419,939

186,847,876

-4,295,236

209,972,579

830,785,987

-1,103,231,263

-3,072,744

1,726,668,376

1,661,122,935

EURO INCOMEEUR

5,319,707

5,223,047

-

96,660

-

-3,551,642

-2,828,393

-145,915

-111,779

-

-535

-465,020

1,768,065

-580,339

19,309,030

20,496,756

196,711,257

-19,789,467

-3,525

90,201,144

287,616,165


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




EUROPE GROWTH FUND

EUR

3,168,630

3,144,607

-

24,023

-

-1,960,358

-1,550,788

-89,293

-68,337

-

-29,643

-222,297

1,208,272

7,506,491

1,167,520

9,882,283

197,281,933

-43,938,114

-

23,526,500

186,752,602


EUR

21,186,594

20,594,000

-

592,594

-

-9,737,922

-7,921,318

-409,001

-309,699

-

-1,208

-1,096,696

11,448,672

44,575,053

52,453,992

108,477,717

490,051,961

-381,829,690

-2,032,689

537,240,553

751,907,852


19,115

18,003

-

1,112

-

-5,510

-4,509

-259

-132

-

-14

-596

13,605

89,181

117,775

220,561

5,000,000

-

-

-

5,220,561


EUR

4,293,468

4,262,065

-

29,499

1,904

-2,508,597

-1,928,115

-114,054

-81,646

-

-5,087

-379,695

1,784,871

15,463,158

14,032,956

31,280,985

84,876,624

-82,563,567

-561,536

136,053,145

169,085,651


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution





EUR

652,313

640,068

-

10,475

1,770

-524,856

-407,912

-22,446

-16,297

-

-1,288

-76,913

127,457

3,515,502

-218,529

3,424,430

5,367,572

-10,524,347

-79,785

33,128,690

31,316,560

EUROPEAN EQUITYEUR

8,523,540

8,507,849

-

14,395

1,296

-5,245,507

-4,127,665

-235,362

-166,779

-

-15,774

-699,927

3,278,033

48,434,382

-11,496,010

40,216,405

106,357,917

-154,271,797

-1,328,718

354,303,002

345,276,809


EUR

2,178,785

2,142,125

-

35,400

1,260

-1,323,093

-1,025,631

-57,897

-43,192

-

-1,708

-194,665

855,692

8,497,315

4,036,881

13,389,888

51,633,524

-29,403,443

-163,314

75,958,275

111,414,930


EUR

2,918,035

2,887,074

-

27,661

3,300

-3,523,752

-2,754,714

-150,361

-110,867

-

-29,560

-478,250

-605,717

23,977,906

494,870

23,867,059

136,651,770

-97,796,129

-268,938

180,920,842

243,374,604


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




EUROPEAN ITEUR

122,475

118,423

-

2,892

1,160

-161,392

-124,165

-6,849

-5,041

-

-1,856

-23,481

-38,917

1,002,834

-596,167

367,750

9,209,783

-8,263,690

-

9,565,267

10,879,110


915,401

908,063

-

7,338

-

-622,264

-493,586

-26,235

-18,600

-

-1,697

-82,146

293,137

6,288,412

-52,825

6,528,724

54,583,853

-46,632,030

-80,316

25,569,855

39,970,086


EUR

845,402

838,582

-

6,172

648

-522,252

-402,009

-21,106

-16,473

-

-4,671

-77,993

323,150

1,107,278

2,668,520

4,098,948

3,318,727

-7,400,669

-64,757

32,904,666

32,856,915


2,607,987

2,563,165

-

44,202

620

-2,065,134

-1,637,460

-86,873

-67,133

-

-23,050

-250,618

542,853

15,075,893

10,792,473

26,411,219

123,522,904

-106,653,584

-141,789

126,504,156

169,642,906


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution





EUR

5,253,007

5,095,250

-

155,301

2,456

-2,876,442

-2,221,777

-123,385

-90,752

-

-2,131

-438,397

2,376,565

10,331,330

10,221,734

22,929,629

13,434,618

-48,427,662

-525,994

191,197,247

178,607,838


1,045,598

993,657

-

51,941

-

-1,067,878

-821,741

-41,331

-30,244

-

-54,089

-120,473

-22,280

10,215,420

-4,001,304

6,191,836

70,780,829

-62,978,632

-

45,773,516

59,767,549

EUROPEAN TELECOMEUR

3,328,517

3,236,570

-

87,507

4,440

-1,757,949

-1,381,036

-71,217

-53,622

-

-22,260

-229,814

1,570,568

7,243,210

-3,777,182

5,036,596

66,013,797

-93,559,300

-299,453

130,689,906

107,881,546

FOOD & BEVERAGESUSD

2,110,194

1,996,893

-

113,301

-

-1,559,584

-1,205,328

-71,864

-52,906

-

-9,701

-219,785

550,610

6,280,362

13,518,394

20,349,366

195,982,288

-96,914,118

-57,571

61,915,560

181,275,525


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




GLOBAL BRANDSEUR

784,679

770,730

-

13,481

468

-782,705

-603,075

-34,029

-24,465

-

-3,242

-117,894

1,974

2,384,020

2,510,000

4,895,994

5,448,671

-14,033,898

-66,439

51,670,471

47,914,799

GLOBAL GROWTHEUR

32,788

31,124

-

1,664

-

-20,308

-16,203

-939

-346

-

-742

-2,078

12,480

-267,640

178,311

-76,849

9,362,730

-

-

-

9,285,881


EUR

27,346,906

27,071,347

-

275,559

-

-10,308,751

-8,401,387

-441,480

-313,780

-

-2,655

-1,149,449

17,038,155

53,478,708

2,643,069

73,159,932

484,776,610

-424,704,025

-1,079,959

604,319,580

736,472,138


165,996

149,901

-

16,095

-

-53,936

-43,905

-2,342

-1,511

-

-762

-5,416

112,060

-92,307

1,307,789

1,327,542

25,296,025

-596,388

-

-

26,027,179


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




GREATER CHINAUSD

3,416,109

3,373,426

-

41,963

720

-1,962,305

-1,477,585

-115,724

-59,081

-

-53,997

-255,918

1,453,804

16,624,586

5,076,230

23,154,620

85,318,393

-73,049,605

-68,794

96,816,477

132,171,091

HEALTH CAREUSD

2,689,383

2,637,426

-

50,181

1,776

-3,237,710

-2,516,461

-136,375

-96,631

-

-68,989

-419,254

-548,327

3,176,793

7,602,084

10,230,550

207,025,054

-156,169,977

-131,352

181,234,011

242,188,286

INDUSTRIALSEUR

1,778,342

1,750,511

-

27,831

-

-1,779,948

-1,326,744

-73,929

-51,334

-116,174

-7,400

-204,367

-1,606

9,475,259

-2,187,051

7,286,602

168,384,707

-136,500,237

-17,628

71,855,859

111,009,303

ITUSD

157,569

146,212

-

11,357

-

-504,524

-406,267

-22,665

-16,643

-

-5,280

-53,669

-346,955

1,288,337

-945,464

-4,082

11,324,274

-42,684,769

-

31,364,577

-


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




JAPANJPY

501,674,830

500,398,207

-

1,276,623

-

-763,427,295

-612,771,379

-31,876,459

-25,027,886

-

-1,297,620

-92,453,951

-261,752,465

3,914,737,913

1,696,900,387

5,349,885,835

51,149,650,615

-27,598,593,895

-8,715,908

26,157,889,195

55,050,115,842


JPY

79,515,885

79,243,170

-

272,715

-

-127,930,810

-104,170,924

-4,819,261

-3,763,342

-

-487,520

-14,689,763

-48,414,925

905,436,378

-512,036,366

344,985,087

9,044,302,549

-8,312,980,940

-1,395,300

4,969,093,393

6,044,004,789

LATIN AMERICAUSD

4,452,252

4,406,057

672

45,443

80

-2,673,099

-2,074,426

-145,635

-79,054

-

-48,707

-325,277

1,779,153

34,927,108

-7,165,962

29,540,299

158,478,929

-164,920,657

-96,204

133,846,065

156,848,432

MATERIALSUSD

1,940,146

1,905,079

-

30,015

5,052

-1,445,259

-1,133,956

-65,387

-46,325

-

-6,344

-193,247

494,887

15,618,966

3,277,596

19,391,449

134,038,981

-118,191,313

-107,093

62,096,898

97,228,922


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution




NASDAQUSD

334,651

278,063

-

55,668

920

-1,140,337

-915,124

-47,331

-34,464

-

-10,758

-132,660

-805,686

3,463,865

-4,866,557

-2,208,378

69,047,812

-121,210,443

-5,964

54,376,973

-

NEW ASIAUSD

7,517,536

6,854,983

-

661,651

902

-5,900,553

-4,155,782

-356,058

-170,573

-504,693

-7,374

-706,073

1,616,983

44,125,515

15,626,963

61,369,461

218,021,403

-166,106,808

-446,092

270,759,321

383,597,285


EUR

90,984

69,563

-

21,421

-

-960,778

-726,913

-39,618

-28,983

-

-42,052

-123,212

-869,794

-26,909,251

28,959,137

1,180,092

50,301,401

-46,953,302

-

48,206,424

52,734,615

PRESTIGE & LUXEEUR

1,085,093

1,051,113

-

32,627

1,353

-918,220

-726,467

-38,473

-29,020

-

-1,533

-122,727

166,873

4,113,914

348,523

4,629,310

33,811,456

-27,651,840

-42,237

54,887,948

65,634,637


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution





664,174

652,770

-

11,404

-

-560,656

-457,079

-21,650

-15,831

-

-935

-65,161

103,518

1,900,959

1,649,486

3,653,963

10,702,905

-11,473,415

-16,800

29,925,044

32,791,697

TELECOMUSD

2,422,767

2,385,682

-

36,648

437

-1,498,095

-1,093,273

-63,173

-46,820

-

-94,686

-200,143

924,672

13,039,441

-1,337,439

12,626,674

147,095,939

-115,548,752

-88,221

75,794,555

119,880,195


USD

3,943,527

3,841,235

-

102,292

-

-4,812,580

-3,701,051

-207,747

-155,306

-

-99,383

-649,093

-869,053

21,799,583

2,610,461

23,540,991

197,222,336

-154,102,897

-51,192

315,514,227

382,123,465

US HIGH DIVIDENDUSD

3,800,918

3,718,985

-

81,933

-

-1,633,456

-1,361,460

-64,123

-44,153

-

-1,450

-162,270

2,167,462

5,923,848

6,428,408

14,519,718

106,906,969

-54,117,335

-40,040

116,398,992

183,668,304


STATEMENT OF

OPERATIONS AND


FOR THE YEAR ENDED

SEPTEMBER 30, 2006

Total income

Dividends


Bank interest

Other income

Total expenses




Other taxes

Interest paid






Subscriptions

Redemptions

Distribution





USD

29,332

28,139

-

1,193

-

-23,526

-19,611

-1,049

-428

-

-2

-2,436

5,806

-252,110

320,436

74,132

5,156,248

-

-

-

5,230,380

UTILITIESUSD

2,837,097

2,816,048

-

20,037

1,012

-1,313,256

-1,010,226

-58,787

-43,530

-

-22,720

-177,993

1,523,841

7,183,101

8,609,402

17,316,344

146,499,995

-102,051,502

-70,500

73,998,125

135,692,462

WORLDEUR

1,963,725

1,786,478

-

175,735

1,512

-1,751,361

-1,374,859

-75,784

-56,643

-

-1,953

-242,122

212,364

10,094,357

-2,965,480

7,341,241

33,702,999

-41,920,707

-62,336

111,079,427

110,140,624

COMBINEDEUR

206,909,219

201,944,894

530

4,926,297

37,498

-127,079,512

-100,135,296

-5,642,328

-3,930,376

-795,465

-752,790

-15,823,257

79,829,707

764,017,650

194,413,154

1,038,260,511

6,561,662,969

-5,534,987,200

-11,797,878

7,440,412,164

-109,848,320

9,383,700,810

BANKING & INSURANCE

Quantity/Nominal Currency Valuation in USD % NAV

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS LISTED ON AN OFFICIAL STOCK EXCHANGE

Shares

62,479 UNIBANCO (GDR) USD 4,623,446 1.53

4,623,446 1.53

45,892 CREDIT SUISSE CHF 2,647,847 0.88

20,229 JULIUS BAER CHF 2,014,903 0.67

112,856 UBS CHF 6,731,992 2.23

21,771 ZURICH FINANCIAL SERVICES CHF 5,334,425 1.77

16,729,167 5.55

41,980 ALLIANZ EUR 7,257,756 2.4

65,666 DEUTSCHE BANK EUR 7,915,638 2.62

15,173,394 5.02

685,992 BANCO SANTANDER (REG) EUR 10,836,185 3.59

10,836,185 3.59

245,515 AXA EUR 9,044,058 3

91,485 BNP PARIBAS EUR 9,833,150 3.26

35,266 SOCIETE GENERALE PARIS -A- EUR 5,606,487 1.86

24,483,695 8.12

492,779 BARCLAYS GBP 6,204,079 2.06

514,953 HSBC HOLDINGS GBP 9,373,778 3.11

439,161 PRUDENTIAL GBP 5,442,895 1.8

103,297 ROYAL BANK OF SCOTLAND GBP 3,548,417 1.18

24,569,169 8.15

194,608 NATIONAL BANK OF GREECE EUR 8,366,878 2.77

8,366,878 2.77

174,289 ALLIED IRISH BANKS EUR 4,636,392 1.54

262,863 ANGLO IRISH BANK EUR 4,312,113 1.43

8,948,505 2.97



Shares

659,617 UNICREDITO ITALIANO EUR 5,468,805 1.81

5,468,805 1.81

287,000 BANK OF YOKOHAMA JPY 2,260,704 0.75

518 KABU.COM JPY 934,519 0.31

132,000 MITSUBISHI ESTATE JPY 2,884,513 0.96

1,263 MIZUHO FINANCIAL JPY 9,798,907 3.25

157,200 NOMURA JPY 2,769,457 0.92

1,024 SUMITOMO MITSUI FINANCIAL JPY 10,754,753 3.56

271,000 SUMITOMO TRUST & BANKING JPY 2,837,047 0.94

32,239,900 10.69

54,622 XL CAPITAL -A- USD 3,752,531 1.24

3,752,531 1.24

678,840 GF BANORTE -O- MXN 2,139,209 0.71

2,139,209 0.71

326,817 AEGON EUR 6,122,992 2.03

233,205 ING GROEP EUR 10,247,857 3.4

16,370,849 5.43

166,481 FORENINGSSPARBANKEN SEK 4,940,866 1.64

4,940,866 1.64

390,000 DBS SGD 4,720,173 1.56

4,720,173 1.56

246,936 AKBANK TRY 1,265,265 0.42

223,963 TURKIYE GARANTI BANKASI TRY 663,361 0.22

390,353 TURKIYE VAKIFLAR BANKASI TAO TRY 1,729,130 0.57

3,657,756 1.21

SECURITIES PORTFOLIO

AND FINANCIAL

DERIVATIVE INSTRUMENTS



AND FINANCIAL


BANKING & INSURANCE



Shares

51,683 AMERICAN EXPRESS USD 2,898,386 0.96

96,184 AMERICAN INTERNATIONAL USD 6,373,152 2.11

438,310 BANK OF AMERICA USD 23,480,267 7.78

39,416 BANK OF NEW YORK USD 1,389,808 0.46

79,206 CAPITAL ONE FINANCIAL USD 6,230,344 2.06

202,919 CITIGROUP USD 10,078,987 3.34

207,554 COUNTRYWIDE FINANCIAL USD 7,272,692 2.41

78,866 FANNIE MAE USD 4,409,398 1.46

24,476 FRANKLIN RESOURCES USD 2,588,337 0.86

217,862 GENWORTH FINANCIAL USD 7,627,349 2.53

40,363 HARTFORD USD 3,501,490 1.16

207,938 JP MORGAN CHASE & CO USD 9,764,768 3.24

147,069 MERRILL LYNCH USD 11,503,737 3.81

48,768 MORGAN STANLEY DEAN WITTER USD 3,555,675 1.18

96,527 SAINT PAUL TRAVELERS USD 4,526,151 1.5

83,224 TD AMERITRADE HOLDING USD 1,568,772 0.52

73,916 WASHINGTON MUTUAL USD 3,213,129 1.06

98,574 WELLS FARGO USD 3,566,407 1.18

113,548,849 37.62

300,569,377 99.61



Warrants & Rights

39,210 MERRILL ICICI BANK (WT 27/01/2009) USD 597,678 0.2

597,678 0.2

597,678 0.2

TOTAL 301,167,055 99.81



AND FINANCIAL


BIOTECHNOLOGY



Shares

55,000 CSL AUD 2,217,577 2.20

2,217,577 2.20

100,000 ONCOMETHYLOME SCIENCES EUR 1,013,400 1.00

100,000 THROMBOGENICS EUR 767,650 0.76

1,781,050 1.76

6,700 SPEEDEL CHF 979,922 0.97

979,922 0.97

105,000 BIOALLIANCE PHARMA EUR 1,497,679 1.48

1,497,679 1.48

4,000,000 ANTISOMA GBP 1,681,155 1.67

800,000 RENOVO GBP 2,196,709 2.18

270,000 SHIRE GBP 4,478,597 4.44

900,000 VECTURA GBP 1,546,663 1.53

400,000 VERNALIS GBP 500,611 0.50

10,403,735 10.32

300,000 AGI THERAPEUTICS EUR 718,247 0.71

718,247 0.71

102,000 ALKERMES USD 1,616,700 1.60

130,000 AMGEN USD 9,298,900 9.22

60,000 AMYLIN PHARMACEUTICALS USD 2,644,200 2.62

80,000 APPLERA APPLIED BIOSYSTEMS USD 2,648,800 2.63

110,000 BIOGEN IDEC USD 4,914,800 4.87

130,000 BIOMARIN PHARMACEUTICAL USD 1,849,900 1.83

110,000 CELGENE USD 4,763,000 4.72

55,000 CEPHALON USD 3,396,250 3.37

200,000 DECODE GENETICS USD 1,100,000 1.09

80,000 GENENTECH USD 6,616,000 6.56

60,000 GENZYME USD 4,048,200 4.01

147,000 GILEAD SCIENCES USD 10,098,900 10.01

120,000 HUMAN GENOME SCIENCES USD 1,384,800 1.37

30,000 IMCLONE SYSTEMS USD 849,600 0.84



Shares

25,000 INTERMUNE USD 410,500 0.41

40,000 KERYX BIOPHARMACEUTICALS USD 473,200 0.47

180,000 MEDIMMUNE USD 5,257,800 5.21

350,000 MILLENNIUM PHARM USD 3,482,500 3.45

650,000 NAPO PHARMACEUTICALS GBP 1,159,530 1.15

62,000 OSI PHARMACEUTICALS USD 2,326,860 2.31

130,000 PDL BIOPHARMA USD 2,496,000 2.47

50,000 RIGEL PHARMACEUTICALS USD 513,500 0.51

22,300 TANOX USD 263,586 0.26

100,000 VERTEX PHARMACEUTICALS USD 3,365,000 3.34

1,500,000 VION PHARMACEUTICALS USD 1,635,000 1.62

76,613,526 75.94

94,211,736 93.38

TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS TRADED ON ANOTHER REGULATED MARKET

Shares

100,000 LIGAND PHARMACEUTICALS -B- USD 1,004,000 1.00

1,004,000 1.00

1,004,000 1.00

TOTAL 95,215,736 94.38



AND FINANCIAL






Shares

225,900 OPTION EUR 4,549,925 1.79

4,549,925 1.79

64,700 ACCENTURE A USD 2,051,637 0.81

2,051,637 0.81

72,000 COGNOS CAD 2,620,176 1.03

449,000 NORTEL NETWORKS CAD 1,026,262 0.40

3,646,438 1.43

79,000 INFINEON TECHNOLOGIES EUR 935,685 0.37

70,000 QIMONDA (ADR) USD 1,190,000 0.47

2,125,685 0.84

551,073 ALCATEL EUR 6,722,431 2.65

53,200 ATOS ORIGIN EUR 2,929,491 1.16

9,651,922 3.81

288,500 CSR GBP 4,542,957 1.79

4,542,957 1.79

179,000 AUDIOCODES USD 1,680,810 0.66

199,200 CHECK POINT SOFTWARE USD 3,794,760 1.50TECHNOLOGIES

46,500 NICE SYSTEMS (ADR) USD 1,286,655 0.51

6,762,225 2.67



Shares

17,300 ADVANTEST JPY 858,663 0.34

141,900 CANON JPY 7,403,582 2.92

378,000 FUJITSU JPY 3,118,384 1.23

93,900 HOYA JPY 3,539,194 1.40

15 INDEX JPY 10,875 0.00

3,867 KEYENCE JPY 890,885 0.35

17,800 KYOCERA JPY 1,524,228 0.60

22,000 MURATA MANUFACTURING JPY 1,524,245 0.60

10,700 NINTENDO JPY 2,201,355 0.87

600 RICOH JPY 11,943 0.00

11,700 ROHM JPY 1,075,213 0.42

14,500 TDK JPY 1,161,818 0.46

17,900 TOKYO ELECTRON JPY 1,323,567 0.52

499,000 TOSHIBA JPY 3,237,488 1.28

27,881,440 10.99

15,050 SAMSUNG ELECTRONICS KRW 10,558,055 4.16

10,558,055 4.16

26,000 BAIDU.COM (ADR) USD 2,276,040 0.90

59,100 SEAGATE TECHNOLOGY USD 1,364,619 0.54

3,640,659 1.44

54,830 ASML EUR 1,280,767 0.51

1,280,767 0.51

4,289,600 TELEFON ERICSSON -B- SEK 14,867,217 5.86

14,867,217 5.86

56,000 FLEXTRONICS INTERNATIONAL USD 707,840 0.28

707,840 0.28

89,500 SILICON MOTION (ADR) USD 1,488,385 0.59

1,488,385 0.59




Shares

50,800 ADVANCED MICRO DEVICES USD 1,262,380 0.50

45,940 AGILENT TECHNOLOGIES USD 1,501,778 0.59

178 ANALOG DEVICES USD 5,231 0.00

87,900 APPLE COMPUTER USD 6,770,937 2.67

29,700 AUTODESK USD 1,032,966 0.41

495,990 CISCO SYSTEMS USD 11,407,770 4.50

14,400 COGNIZANT TECH SOLUTIONS USD 1,066,464 0.42

486,290 CORNING USD 11,870,339 4.68

95,030 DELL USD 2,170,485 0.86

6 ELECTRONIC ARTS USD 334 0.00

1 EMBARQ USD 48 0.00

884,617 EMC USD 10,597,712 4.18

76,700 F5 NETWORKS USD 4,120,324 1.62

40 FISERV USD 1,884 0.00

61,500 GOOGLE USD 24,716,850 9.75

194,820 HEWLETT PACKARD USD 7,147,946 2.82

602,603 INTEL USD 12,395,544 4.89

55,000 JUNIPER NETWORKS USD 950,400 0.37

20,520 KLA-TENCOR USD 912,524 0.36

579,000 MAXIM INTEGRATED USD 16,252,530 6.41

78,740 MICRON TECHNOLOGY USD 1,370,076 0.54

206 MICROSOFT USD 5,630 0.00

136,640 MOTOROLA USD 3,416,000 1.35

34,800 NATIONAL SEMI CONDUCTEUR USD 818,844 0.32

41,480 NETWORK APPLIANCE USD 1,535,175 0.61

388,000 NUANCE COMMUNICATIONS USD 3,169,960 1.25

33,800 NVIDIA USD 1,000,142 0.39

949,830 ORACLE USD 16,849,984 6.64

54,260 QUALCOMM USD 1,972,351 0.78

213,060 SYMANTEC USD 4,533,917 1.79

174,550 TEXAS INSTRUMENTS USD 5,803,788 2.29

145,000 TRIDENT MICROSYSTEMS USD 3,372,700 1.33

41,000 WORLDCOM (BANKRUPTCY) USD 0 0.00

158,033,013 62.32

251,788,165 99.29


AND FINANCIAL




OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS

Shares

7,000 XO COMMUNICATIONS USD 0 0.00

0 0.00

0 0.00

TOTAL 251,788,165 99.29


AND FINANCIAL



CONSUMER GOODS



Shares

20,010 DUFRY CHF 1,595,749 1.37

64,500 RICHEMONT (UNITS)-A- CHF 3,096,518 2.66

4,692,267 4.03

74,924 ADIDAS-SALOMON EUR 3,521,160 3.03

112,263 BMW EUR 6,006,915 5.16

27,530 CONTINENTAL AG EUR 3,188,845 2.74

12,716,920 10.93

81,016 ACCOR EUR 5,516,202 4.74

18,622 LVMH MOET HENNESSY EUR 1,916,640 1.65

75,764 NRJ EUR 1,415,617 1.22

8,848,459 7.61

170,397 GUS GBP 3,074,711 2.64

259,752 REUTERS GBP 2,108,210 1.81

113,615 WPP GBP 1,404,944 1.21

6,587,865 5.66

133,191 OPAP EUR 4,471,072 3.84

4,471,072 3.84

140,683 BULGARI EUR 1,789,230 1.54

65,236 LUXOTTICA GROUP EUR 1,919,674 1.65

3,708,904 3.19

48,900 AISIN SEIKI JPY 1,428,916 1.23

1,159 FUJI TELEVISION NETWORK JPY 2,621,039 2.25

211,600 NISSAN MOTOR JPY 2,371,124 2.04

77,120 NITORI CO JPY 3,494,617 3.00

55,500 TOYOTA MOTOR JPY 3,017,914 2.59

43,830 YAMADA DENKI JPY 4,395,436 3.78

17,329,046 14.89



Shares

124,144 ROYAL PHILIPS ELECTRONICS EUR 4,351,368 3.74

341,399 TELE ATLAS EUR 5,773,437 4.96

10,124,805 8.70

135,214 CARNIVAL USD 6,359,114 5.47

6,359,114 5.47

19,070 BEST BUY USD 1,021,389 0.88

47,427 CHICO'S FAS USD 1,021,106 0.88

93,041 COACH USD 3,200,610 2.75

14,969 HARMAN INTL USD 1,249,013 1.07

18,754 HARRAHS USD 1,245,828 1.07

81,130 HILTON HOTELS USD 2,259,470 1.94

69,705 KB HOME USD 3,053,079 2.62

86,483 LOWE'S USD 2,426,713 2.09

152,788 NEWS CORP -B- USD 3,153,544 2.71

109,496 NIKE USD 9,594,040 8.25

141,097 PULTE HOMES USD 4,495,350 3.87

330,989 TIME WARNER USD 6,033,929 5.19

38,754,071 33.32

113,592,523 97.64

TOTAL 113,592,523 97.64


DUTCH EQUITY

Quantity/Nominal Currency Valuation in EUR % NAV


Shares

10,800 RODAMCO EUROPE EUR 991,980 1.05

991,980 1.05

20,605 FUGRO EUR 684,704 0.73

338,200 ROYAL DUTCH SHELL-A- EUR 8,783,054 9.32

41,388 SBM OFFSHORE EUR 886,945 0.94

10,354,703 10.99

66,300 AKZO NOBEL EUR 3,220,854 3.42

34,200 DSM EUR 1,182,978 1.25

4,403,832 4.67

72,100 ASML EUR 1,329,524 1.41


8,288,529 8.79

25,095 GETRONICS EUR 133,505 0.14

80,200 LOGICACMG GBP 183,308 0.19

316,813 0.33

49,748 BUHRMANN EUR 591,504 0.63

591,504 0.63

23,000 CSM EUR 577,300 0.61

50,734 NUMICO EUR 1,801,057 1.91

219,100 UNILEVER CVA EUR 4,250,540 4.51

6,628,897 7.03

51,000 HEINEKEN EUR 1,839,570 1.95

1,839,570 1.95



Shares

67,800 HAGEMEYER EUR 260,352 0.28

260,352 0.28

186,900 REED ELSEVIER EUR 2,457,735 2.61

8,800 TELE ATLAS EUR 117,480 0.12

33,100 WOLTERS KLUWER EUR 680,867 0.72

3,256,082 3.45

323,500 KONINKLIJKE AHOLD EUR 2,710,930 2.88

2,710,930 2.88

355,513 ABN AMRO EUR 8,176,799 8.67

138,300 FORTIS EUR 4,426,983 4.70

258,100 ING GROEP EUR 8,953,489 9.50

18,763 SNS REAAL EUR 284,259 0.30

21,841,530 23.17

300,962 AEGON EUR 4,451,228 4.72

4,451,228 4.72

94,600 TNT EUR 2,829,486 3.00

2,829,486 3.00

418,400 KPN (DEMAT.) EUR 4,209,104 4.46

4,209,104 4.46

30,985 ENDEMOL EUR 466,324 0.49

13,400 SAMAS EUR 106,262 0.11

66,900 VEDIOR EUR 988,113 1.05

1,560,699 1.65

74,535,239 79.05


AND FINANCIAL



AND FINANCIAL


DUTCH EQUITY




93,100 ISHARES AEX TRACKER EUR 4,506,040 4.78

93,100 STREETTRACKS AEX INDEX EUR 4,571,210 4.85

9,077,250 9.63

9,077,250 9.63

TOTAL 83,612,489 88.68


FINANCIAL DERIVATIVE INSTRUMENTS

Quantity/Nominal Currency Commitments in EUR

Forward Contracts

Stock indices

87 EURAEX INDEX 10/2006 8,431,170

8,431,170


EMERGING EUROPE



Shares

104,000 MECHEL STEEL (ADR) USD 1,666,627 0.82

1,666,627 0.82

112,000 JSC MMC NORILSK NICKEL (ADR) USD 11,493,981 5.65

82,000 KGHM POLSKA MIEDZ (GDR) USD 4,142,885 2.04

15,636,866 7.69

533,000 GAZPROM OAO (ADR) (REG) USD 18,408,328 9.05

295,000 LUKOIL (ADR) USD 17,582,396 8.64

122,000 MOL MAGYAR HUF 8,764,593 4.31

250,000 POLSKI KONCERN NAFTO (GDR) USD 6,173,278 3.03

190,000 SURGUT (ORDINARY) (ADR) USD 9,779,357 4.81

77,000 SURGUT (PREF) (ADR) USD 5,318,729 2.61

96,500 TATNEFT (ADR) (REG) USD 6,380,008 3.14

72,406,689 35.59

22,000 GEDEON RICHTER (GDR) USD 3,595,027 1.77

3,595,027 1.77

770,000 STEINHOFF INTERNATIONAL ZAR 1,964,849 0.97

1,964,849 0.97

98,500 TVN PLN 2,616,251 1.29

2,616,251 1.29

102,000 BANK POLSKA KASA OPIEKI PLN 5,010,121 2.46

24,000 BANK PRZEMYSLOWO-HANDLOWY PLN 4,876,133 2.40

55,000 KOMERCNI BANKA (GDR) USD 2,203,473 1.08

365,000 OTP BANK HUF 9,070,650 4.46

291,000 POWSZECHNA KASA PLN 2,674,826 1.31OSZCZEDNOSCI BANK

35,000 RAIFFEISEN INTERNATIONAL EUR 2,940,000 1.44BANK-HOLDING

60,000 SBERBANK (GDR) USD 11,939,400 5.87

38,714,603 19.02



Shares

112,000 NOVATEK OAO (GDR) USD 4,398,658 2.16

90,000 XXI CENTURY INVESTMENTS PUBLIC GBP 759,788 0.37

5,158,446 2.53

362,000 CESKE ENERGETICKE ZAVODY CZK 10,113,483 4.97

122,000 UNIFIED ENERGY SYSTEM (GDR) USD 7,030,590 3.46

17,144,073 8.43

265,000 AFK SISTEMA (GDR) USD 5,470,495 2.69

33,000 CENTRAL EUROPEAN MEDIA CZK 1,755,257 0.86ENTERPRISES

85,000 CTC MEDIA USD 1,496,349 0.74

145,000 MOBILE TELESYSTEMS (ADR) USD 4,323,387 2.12

38,000 SIBIRTELECOM (ADR) USD 2,204,588 1.08

118,000 TELEFONICA O2 CR CZK 1,842,460 0.91

1,400,000 TELEKOM POLSKA (GDR) USD 6,962,700 3.42

202,000 VIMPEL COMMUNICATIONS (ADR) USD 9,661,875 4.75

380,000 VOLGATELECOM (ADR) USD 2,414,841 1.19

36,131,952 17.76

44,000 ERSTE BANK DER OESTERREICH. EUR 2,160,400 1.06SPARKASSEN

2,160,400 1.06

197,195,783 96.93


AND FINANCIAL



AND FINANCIAL


EMERGING EUROPE



Shares

125,000 ZAO POLYUS GOLD CO (ADR) USD 4,267,810 2.10

4,267,810 2.10

4,267,810 2.10

Warrants & Rights

880,000 BANK AUSTRIA MEGABANK EUR 924,000 0.45(WT 30/03/2007)

924,000 0.45

924,000 0.45

TOTAL 202,387,593 99.48



AND FINANCIAL



EMERGING MARKETS



Shares

657,000 CHINA SHENHUA ENERGY HKD 1,057,308 0.50

37,500 POSCO (ADR) USD 2,434,875 1.15

3,492,183 1.65

67,400 CIA ENERGETICA DE MINAS USD 2,645,450 1.25GERAIS (ADR)

189,500 CIA VALE DO RIO DOCE (ADR) USD 3,507,645 1.66

9,800 JSC MMC NORILSK NICKEL (ADR) USD 1,274,000 0.60

7,427,095 3.51

96,600 BUENAVENTURA (ADR) USD 2,608,200 1.24

11,500 IMPALA PLATINUM ZAR 1,902,320 0.90

4,510,520 2.14

489,900 EMPRESAS ICA SA MXN 1,763,843 0.84

33,220 GS ENGINEERING & CONSTRUCTION KRW 2,323,469 1.10

8,808,800 SINO-THAI (FOREIGN) THB 1,139,039 0.54

13,477,472 XIAMEN INTERNATIONAL -H- HKD 2,940,329 1.39

8,166,680 3.87

602,400 IOI MYR 2,646,102 1.25

2,646,102 1.25

3,464,600 CHINA PETROLEUM & CHEMICAL-H HKD 2,151,974 1.02

188,400 GAZPROM OAO (ADR) (REG) USD 8,242,500 3.90

53,100 LUKOIL (ADR) USD 4,009,050 1.90

19,700 MOL MAGYAR OLAJ GAZ NYR (GDR) USD 1,768,075 0.84

127,900 PETROBRAS BRASILEIRO (ADR) USD 9,572,036 4.53

374,400 PTT (FOREIGN) THB 2,151,667 1.02

101,500 SASOL LTD ZAR 3,344,942 1.58

29,650 SSANGYONG OIL KRW 1,982,932 0.94

33,223,176 15.73

60,400 RELIANCE INDUSTRIES (DEMAT) INR 1,540,151 0.73

1,026,300 TAIWAN FERTZILIZER CO TWD 1,668,251 0.79

3,208,402 1.52



Shares

1,515,777 AU OPTRONICS TWD 2,145,605 1.02

240,000 HON HAI PRECISION (GDR) USD 2,952,000 1.40

74,890 HYNIX SEMICONDUCTOR KRW 2,951,291 1.40

18,500 HYNIX SEMICONDUCTOR 144 A USD 726,680 0.34


2,969,149 TAIWAN SEMICONDUCTOR TWD 5,355,638 2.54

38,933 TAIWAN SEMICONDUCTOR SP (ADR) USD 373,757 0.18

22,172,715 10.51

972,400 ASUSTEK COMPUTERS (GDR) USD 2,255,968 1.07

2,255,968 1.07

174,200 FORD OTOMOTIV SANAYI TRY 1,140,194 0.54

73,300 TATA ENGINEERING & LOCO INR 1,375,901 0.65

2,516,095 1.19

583,500 CORPORACION GEO B MXN 2,455,226 1.16

2,455,226 1.16

110,600 AMBEV CIA DE BEBIDAS USD 5,019,028 2.38DAS AMERICAS (ADR)

43,000 FOMENTO ECONOMICO USD 4,168,420 1.97MEXICO-SP (ADR)

854,600 GRUPO MODELO MXN 3,705,505 1.76

117,600 SABMILLER GBP 2,192,316 1.04

15,085,269 7.15

129,700 TEVA PHARMACEUTICAL IND. (ADR) USD 4,421,473 2.09

4,421,473 2.09

321,900 EDGARS CONSOLIDATED STORES ZAR 1,243,154 0.59

1,849,923 LIANHUA SUPERMARKET HKD 2,136,657 1.01

828,200 LIFESTYLE NTL HOLDINGS HKD 1,636,796 0.78

4,150 SHINSEGAE KRW 2,148,441 1.02

649,600 WAL-MART DE MEXICO V MXN 2,209,484 1.05

9,374,532 4.45

EMERGING MARKETS



Shares

712,400 BANGKOK BANK (FOREIGN) THB 2,084,981 0.99

4,508,900 BANK RAKYAT INDONESIA IDR 2,394,971 1.13

1,147,100 BUMIPUTRA COMMERCE ASSET MYR 2,068,376 0.98

607,300 GF BANORTE -O- MXN 1,913,767 0.91

75,600 HOUSING DEVELOPMENT FINANCE INR 2,525,706 1.20

84,730 KOOKMIN BANK KRW 6,678,138 3.16

282,500 STANDARD BANK GROUP ZAR 2,829,674 1.34

610,600 UNIBANCO UNIAO DE BANCOS BRL 4,528,195 2.15BRASILEIROS

25,023,808 11.86

129,100 CATHAY FINANCIAL (GDR) USD 2,594,910 1.23

568,800 ITAUSA-INVESTIMENTOS ITAU-PR BRL 2,344,904 1.11

849,900 TURKIYE GARANTI BANKASI TRY 2,517,336 1.19

7,457,150 3.53

2,101,500 CHINA LIFE INSURANCE HKD 4,110,105 1.954,110,105 1.95

68,800 MEDIA SAUDE BRL 754,237 0.36

754,237 0.36

356,500 ALL AMERICA LATINA BRL 2,775,164 1.31LOGISTICA UNITS

3,676,000 ZHEJIANG EXPRESSWAY HKD 2,438,960 1.16

5,214,124 2.47

94,700 CESKE ENERGETICKE ZAVODY CZK 3,351,452 1.59

206,900 ENERSIS (ADR) USD 2,731,080 1.29

6,082,532 2.88

98,100 AFK SISTEMA (GDR) USD 2,565,313 1.22

75,899 BHARTI AIRTEL INR 774,856 0.37

352,200 CHINE MOBILE HKD 2,488,200 1.18

551,000 MAHANAGAR TELEPHONE INR 1,878,259 0.89NIGAM DEMAT

45,000 ORASCOM TELECOM (GDR) USD 2,485,350 1.18

84,500 TELE NORTE LESTE PART (ADR) USD 1,158,495 0.55

5,465,400 TELEKOMUNIKASI INDONESIA IDR 5,006,247 2.37

106,900 TELMEX (ADR) USD 2,734,502 1.30

19,091,222 9.06

188,688,614 89.40




43,000 ISHARES MSCI EMERGING MARKETS USD 4,161,110 1.97

232,100 ISHARES MSCI TAIWAN INDEX FUND USD 2,970,880 1.41

7,131,990 3.38

7,131,990 3.38

Warrants & Rights

131,700 MERRILL ICICI BANK (WT 27/01/2009) USD 2,007,503 0.95

2,007,503 0.95

2,007,503 0.95


Warrants & Rights

64,800 ABN INFOSYS TECHNOLOGI USD 2,614,032 1.24(WT 07/06/2006)

2,614,032 1.24

160,300 MERRILL BHARTI TELE (WT 17/03/2011) USD 1,638,907 0.78

1,638,907 0.78

4,252,939 2.02

TOTAL 202,081,046 95.75


AND FINANCIAL



EMU EQUITY



Shares

25,000 UMICORE EUR 2,917,500 0.57

2,917,500 0.57

109,900 ITALCEMENTI EUR 2,194,703 0.43

38,900 LAFARGE (SICOVAM CERT.) EUR 3,960,020 0.78

64,400 VINCI EUR 5,654,320 1.11

11,809,043 2.32

322,500 STORA ENSO EUR 3,857,100 0.76

3,857,100 0.76

500,300 ENI EUR 11,692,011 2.30

59,900 ERG EUR 942,227 0.19

98,500 SAIPEM EUR 1,686,714 0.33

395,300 TOTAL EUR 20,456,775 4.02

34,777,727 6.84

2,780 AIR LIQUIDE EUR 447,302 0.09

113,700 AKZO NOBEL EUR 5,523,546 1.09

186,100 BAYER EUR 7,481,220 1.47

50,100 HENKEL (PREF) EUR 5,493,966 1.08

18,946,034 3.73

59,900 SCHNEIDER EUR 5,268,205 1.04

229,100 SIEMENS EUR 15,762,080 3.10


28,634,001 5.64

102,700 CAP GEMINI SOGETI EUR 4,295,941 0.85

45,500 SAP EUR 7,116,200 1.40

11,412,141 2.25

105,400 LINDE EUR 7,830,166 1.54

7,830,166 1.54



Shares

44,200 BMW EUR 1,867,008 0.37

68,600 PEUGEOT EUR 3,050,642 0.60

4,917,650 0.97


5,230,368 1.03

80,900 GROUPE DANONE EUR 8,955,630 1.76

112,717 NUMICO EUR 4,001,454 0.79

399,551 UNILEVER CVA EUR 7,751,289 1.52

20,708,373 4.07

164,900 ALTADIS EUR 6,173,856 1.21

30,600 PERNOD-RICARD EUR 5,021,460 0.99

11,195,316 2.20

20,500 FRESENIUS (PRIVATE SH.) EUR 2,884,965 0.57

215,700 SANOFI-AVENTIS EUR 15,142,140 2.98

64,000 STADE-ARZNEIMITTEL EUR 2,578,560 0.51

20,605,665 4.06



9,174,310 1.81

99,500 PUBLICIS EUR 3,090,470 0.61


11,009,400 2.17

98,700 CARREFOUR EUR 4,918,221 0.97


93,300 METRO EUR 4,300,197 0.85

28,000 PPR EUR 3,273,200 0.64

16,369,882 3.22


AND FINANCIAL




AND FINANCIAL



EMU EQUITY



Shares

294,652 ABN AMRO EUR 6,776,996 1.33



159,900 BNP PARIBAS EUR 13,567,515 2.67

575,000 CAPITALIA EUR 3,759,350 0.74

155,300 COMMERZBANK EUR 4,123,215 0.81


194,100 FORTIS EUR 6,213,141 1.22

359,400 ING GROEP EUR 12,467,586 2.45

51,800 KBC GROUP EUR 4,301,990 0.85


307,200 SAN PAOLO IMI EUR 5,114,880 1.01

86,394 SNS REAAL EUR 1,308,869 0.26


1,965,208 UNICREDITO ITALIANO EUR 12,862,286 2.53

109,583,890 21.56

1,346,500 BANCA INTESA EUR 6,986,989 1.37

6,986,989 1.37

345,647 AEGON EUR 5,112,119 1.01

67,000 ALLIANZ EUR 9,144,160 1.80

217,100 ASSICURAZIONI GENERALI EUR 6,404,450 1.26

275,633 AXA EUR 8,015,408 1.58

29,900 MUENCHENER RUECKVERSICH. (REG) EUR 3,728,829 0.73

32,404,966 6.38

188,700 DEUTSCHE LUFTHANSA (REG.) EUR 3,153,177 0.62

275,600 DEUTSCHE POST EUR 5,704,920 1.12

65,600 TNT EUR 1,962,096 0.39

10,820,193 2.13

160,800 ENAGAS EUR 3,072,888 0.60

136,700 ENDESA EUR 4,586,285 0.90

1,061,853 ENEL EUR 7,640,032 1.50

58,900 EON EUR 5,505,972 1.08

76,100 GAZ DE FRANCE EUR 2,389,540 0.47

176,600 IBERDROLA EUR 6,233,980 1.23

140,400 RWE EUR 10,214,100 2.01

140,600 SUEZ EUR 4,876,008 0.96

102,500 VEOLIA ENVIRONNEMENT EUR 4,880,025 0.96

49,398,830 9.71



Shares

634,900 ALCATEL EUR 6,114,087 1.20

342,200 FRANCE TELECOM EUR 6,193,820 1.22

552,300 KPN (DEMAT.) EUR 5,556,138 1.09

612,000 MEDIASET EUR 5,186,700 1.02

621,400 NOKIA -A- EUR 9,731,124 1.91

332,700 PORTUGAL TELECOM EUR 3,277,095 0.64

777,100 TELECOM ITALIA EUR 1,740,704 0.34

3,433,700 TELECOM ITALIA RNC EUR 6,524,030 1.28

867,388 TELEFONICA DE ESPANA EUR 11,857,194 2.33

93,200 VIVENDI EUR 2,649,676 0.52

58,830,568 11.55

121,800 OPAP EUR 3,227,700 0.63

3,227,700 0.63

109,800 SAMAS EUR 870,714 0.17

116,700 VEDIOR EUR 1,723,659 0.34

2,594,373 0.51

569,600 BANCO BILBAO VIZCAYA ARGENTARIA EUR 10,395,200 2.04

10,395,200 2.04

503,637,385 99.06

TOTAL 503,637,385 99.06

ENERGY



Shares

278,498 SCHLUMBERGER USD 17,275,231 6.39

17,275,231 6.39

255,660 WOODSIDE PETROLEUM AUD 7,488,306 2.77

7,488,306 2.77

60,517 PETROLEO BRASILEIRO (ADR) USD 5,073,140 1.88

5,073,140 1.88

120,633 CANADIAN NATURAL RESSOURCES CAD 5,508,039 2.04

222,300 ENBRIDGE CAD 7,187,163 2.66

99,929 NEXEN CAD 5,351,818 1.98

141,452 SUNCOR ENERGY CAD 10,167,197 3.76

285,381 TALISMAN ENERGY CAD 4,665,754 1.73

32,879,971 12.17

315,569 TOTAL EUR 20,686,909 7.66

3,600 TOTAL FINA (STRIP) (VVPR) EUR 46 0.00

20,686,955 7.66

510,551 ABBOT GBP 2,682,236 0.99

960,611 BG GBP 11,645,483 4.31

833,382 BP GBP 9,060,087 3.35

522,489 HUNTING GBP 4,343,126 1.61

903,125 PETROFAC GBP 5,250,764 1.94

32,981,696 12.20

122,382 MOTOR OIL (HELLAS) SA EUR 3,100,548 1.15

3,100,548 1.15

511,972 ENI EUR 15,156,392 5.61

217,562 ERG EUR 4,335,136 1.60

129,002 SAIPEM EUR 2,798,289 1.04

22,289,817 8.25



Shares

821,714 BATEMAN LITWIN GBP 2,440,524 0.90

2,440,524 0.90

349,755 NORSK HYDRO NOK 7,820,145 2.89

112,646 PETROLEUM GEO-SERVICES NOK 5,495,222 2.03

13,315,367 4.92

133,645 ARCH COAL USD 3,863,678 1.43

159,445 CHESAPEAKE ENERGY CORP USD 4,620,716 1.71

91,328 DIAMOND OFFSHORE DRILLING USD 6,609,407 2.45

77,490 EOG RESOURCES USD 5,040,724 1.87

337,008 EXXON MOBIL USD 22,613,237 8.37

100,043 FOREST OIL USD 3,160,358 1.17

116,587 GLOBALSANTAFE USD 5,828,184 2.16

88,454 HESS USD 3,663,765 1.36

113,605 MARATHON OIL USD 8,736,224 3.23

89,336 NOBLE USD 5,733,584 2.12

270,685 OCCIDENTAL PETROLEUM USD 13,022,655 4.82

104,294 SMITH INTERNATIONAL USD 4,046,607 1.50

143,095 VALERO ENERGY USD 7,365,100 2.73

178,677 WEATHERFORD INTERNATIONAL USD 7,454,404 2.76

290,028 WILLIAMS COMPANIES USD 6,922,968 2.56

108,681,611 40.24

91,223 SASOL LTD ZAR 3,006,262 1.11

3,006,262 1.11

269,219,428 99.64

TOTAL 269,219,428 99.64


AND FINANCIAL




EURO HIGH DIVIDEND



Shares

1,000,000 BELGACOM EUR 30,740,000 1.85

30,740,000 1.85


525,000 SAINT-GOBAIN EUR 30,030,000 1.81

360,000 VINCI EUR 31,608,000 1.90

91,669,000 5.52

1,600,000 UPM-KYMMENE EUR 29,984,000 1.81

29,984,000 1.81

1,280,000 ENI EUR 29,913,600 1.80

1,130,000 ROYAL DUTCH SHELL-A- EUR 29,346,100 1.77

590,000 TOTAL EUR 30,532,500 1.84

89,792,200 5.41

1,300,000 TIETOENATOR EUR 30,134,000 1.81

30,134,000 1.81

190,000 HUNTER DOUGLAS EUR 10,507,000 0.63

10,507,000 0.63

360,000 PIRELLI & C REAL ESTATE EUR 16,891,200 1.02

16,891,200 1.02

1,620,000 UNILEVER CVA EUR 31,428,000 1.89

31,428,000 1.89

850,000 ALTADIS EUR 31,824,000 1.92

31,824,000 1.92



Shares

720,000 ALTANA EUR 31,363,200 1.89

31,363,200 1.89

551,778 HUHTAMAKI VAN LEER EUR 7,531,770 0.45

1,928,077 INDESIT EUR 16,654,729 1.00

24,186,499 1.45

7,200,000 INDEPENDENT NEW & MEDIA EUR 17,136,000 1.03

2,345,984 MONDADORI EDITORE EUR 17,146,797 1.03

34,282,797 2.06

520,000 KESKO B EUR 17,243,200 1.04

17,243,200 1.04

1,350,000 ABN AMRO EUR 31,050,000 1.87

1,450,000 ALLIED IRISH BANKS EUR 30,450,000 1.83

239,337 BANCHE POPOLARI UNITE EUR 5,078,731 0.31

650,000 BANCO ESPIRITO SANTO E COMMER. EUR 7,832,500 0.47

1,440,000 BANCO POPULARE DI VERONA EUR 31,377,600 1.89

2,450,000 BANCO SANTANDER (REG) EUR 30,551,500 1.84

2,000,000 BANK OF IRELAND EUR 30,840,000 1.86

360,000 BNP PARIBAS EUR 30,546,000 1.84

1,520,000 DEXIA EUR 31,053,600 1.87

950,000 FORTIS EUR 30,409,500 1.83

880,000 ING GROEP EUR 30,527,200 1.84



351,252,631 21.15

6,000,000 BANCA INTESA EUR 31,134,000 1.87

31,134,000 1.87


AND FINANCIAL



AND FINANCIAL



EURO HIGH DIVIDEND



Shares

305,000 A.G.F. EUR 30,286,500 1.82

510,000 FONDIARIA SAI EUR 17,651,100 1.06

560,000 HANNOVER RUECKVERSICHERUNG EUR 18,575,200 1.12

900,000 IRISH LIFE PERMANENT EUR 17,784,000 1.07

2,510,928 MILANO ASSICURAZIONI EUR 14,666,330 0.88


1,900,000 SAMPO OYJ - A SHS EUR 31,236,000 1.88

7,500,000 UNIPOL (PREF) EUR 17,512,500 1.05

178,889,130 10.76

1,050,000 AUTOSTRADA TORINO-MILANO EUR 17,852,100 1.07

2,100,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 18,354,000 1.10

1,520,000 DEUTSCHE POST EUR 31,464,000 1.89

350,000 OESTERREICHISCHE POST EUR 10,517,500 0.63

500,000 SOCIETA INIZIATIVE AUTOSTRADALI EUR 5,183,500 0.31SERVIZI

83,371,100 5.00

9,100,000 EDP-ENERGIAS DE PORTUGAL EUR 31,122,000 1.87

470,000 ELIA SYSTEM OPERATOR EUR 13,850,900 0.83

4,300,000 ENEL EUR 30,938,500 1.86

300,000 EON EUR 28,044,000 1.69

820,000 IBERDROLA EUR 28,946,000 1.74

8,200,000 SNAM RETE GAS EUR 31,406,000 1.89

13,400,000 TERNA (IPO) EUR 30,739,600 1.85

195,047,000 11.73

2,500,000 DEUTSCHE TELEKOM EUR 31,350,000 1.89

1,750,000 FRANCE TELECOM EUR 31,675,000 1.91

3,600,000 MEDIASET EUR 30,510,000 1.84


2,270,000 TELEFONICA DE ESPANA EUR 31,030,900 1.87

1,100,000 VIVENDI EUR 31,273,000 1.88

186,523,900 11.24

1,680,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 30,660,000 1.85

12,400,000 BANCO COMMERCIAL PORTUGUES EUR 30,380,000 1.83

61,040,000 3.68

1,557,302,857 93.73

TOTAL 1,557,302,857 93.73


AND FINANCIAL


EURO INCOME



Shares

109,955 FORTIS EUR 3,519,660 1.22

29,334 KBC GROUP EUR 2,436,189 0.85

14,268 UMICORE EUR 1,665,076 0.58

7,620,925 2.65


36,299 ALLIANZ EUR 4,954,088 1.72

104,944 BAYER EUR 4,218,749 1.47

25,430 BMW EUR 1,074,163 0.37

86,820 COMMERZBANK EUR 2,305,071 0.80



106,555 DEUTSCHE LUFTHANSA (REG.) EUR 1,780,534 0.62


33,255 EON EUR 3,108,677 1.08


28,443 HENKEL (PREF) EUR 3,119,059 1.08

59,594 LINDE EUR 4,427,238 1.54

52,702 METRO EUR 2,429,035 0.84


77,348 RWE EUR 5,627,067 1.96

25,776 SAP EUR 4,031,366 1.40

127,830 SIEMENS EUR 8,794,704 3.06


64,785,257 22.52

93,419 ALTADIS EUR 3,497,607 1.22



90,790 ENAGAS EUR 1,734,997 0.60

77,154 ENDESA EUR 2,588,517 0.90

99,528 IBERDROLA EUR 3,513,338 1.22


30,225,319 10.51

341,570 NOKIA -A- EUR 5,348,986 1.86

181,927 STORA ENSO EUR 2,175,847 0.76

7,524,833 2.62



Shares

1,431 AIR LIQUIDE EUR 230,248 0.08

358,021 ALCATEL EUR 3,447,742 1.20

148,516 AXA EUR 4,318,845 1.50

90,240 BNP PARIBAS EUR 7,656,864 2.66


55,752 CARREFOUR EUR 2,778,122 0.97


43,324 GAZ DE FRANCE EUR 1,360,374 0.47





38,721 PEUGEOT EUR 1,721,923 0.60

15,786 PPR EUR 1,845,383 0.64

56,212 PUBLICIS EUR 1,745,945 0.61


33,830 SCHNEIDER EUR 2,975,348 1.03


79,398 SUEZ EUR 2,753,523 0.96

222,933 TOTAL EUR 11,536,783 4.01


36,477 VINCI EUR 3,202,681 1.11

52,983 VIVENDI EUR 1,506,307 0.52

83,074,138 28.88


68,948 OPAP EUR 1,827,122 0.64

4,293,304 1.50


1,294,948 0.45

122,492 ASSICURAZIONI GENERALI EUR 3,613,514 1.26

759,236 BANCA INTESA EUR 3,939,676 1.37

322,025 CAPITALIA EUR 2,105,399 0.73

598,828 ENEL EUR 4,308,567 1.50

282,118 ENI EUR 6,593,098 2.29

34,406 ERG EUR 541,206 0.19

62,252 ITALCEMENTI EUR 1,243,172 0.43

335,931 MEDIASET EUR 2,847,015 0.99

56,556 SAIPEM EUR 968,465 0.34

173,296 SAN PAOLO IMI EUR 2,885,378 1.00

446,129 TELECOM ITALIA EUR 999,329 0.35



40,990,960 14.26




Call

Stock Indices

-12,927

-11,340

-1,679

-1,980

-839

-730

-9,569

-10,160

-155

-123

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

CALL AEX INDEX 10/2006 471.33

CALL AEX INDEX 10/2006 477.89

CALL CAC 40 INDEX 10/2006 5,176.60

CALL CAC 40 INDEX 10/2006 5,205

CALL DAX INDEX 10/2006 5,890

CALL DAX INDEX 10/2006 5,969.01

CALL DJ EURO STOXX 50 INDEX10/2006 3,817.40

CALL DJ EURO STOXX 50 INDEX10/2006 3,857

CALL S&P/MIB INDEX 10/2006 38,074.38

CALL S&P/MIB INDEX 10/2006 38,165

6,092,883

5,419,273

8,691,511

10,305,900

4,941,710

4,357,377

36,528,701

39,187,120

5,901,529

4,694,295

126,120,299

Put

Stock Indices

12,000

11,500

12,190

EUR

EUR

EUR

PUT DJ EURO STOXX 50 INDEX10/2006 3,476.16




AND FINANCIAL


EURO INCOME



Shares

165,745 ABN AMRO EUR 3,812,138 1.33

194,987 AEGON EUR 2,883,858 1.00

64,356 AKZO NOBEL EUR 3,126,414 1.09

198,717 ING GROEP EUR 6,893,493 2.40


311,554 KPN (DEMAT.) EUR 3,134,233 1.09

63,634 NUMICO EUR 2,259,007 0.79



140,200 SAMAS EUR 1,111,786 0.39

48,386 SNS REAAL EUR 733,048 0.25

37,742 TNT EUR 1,128,863 0.39

225,534 UNILEVER CVA EUR 4,375,360 1.52

65,613 VEDIOR EUR 969,104 0.34

41,351,670 14.39


1,848,648 0.64

283,010,002 98.42

TOTAL 283,010,002 98.42



AND FINANCIAL


EUROPE GROWTH FUND



Shares

23,943 KBC GROUP EUR 1,988,466 1.06

25,613 TELENET GROUP HOLDING EUR 488,184 0.26

2,476,650 1.32

19,024 DUFRY CHF 1,197,646 0.64

148,424 NOVARTIS (NOM.) CHF 6,821,085 3.65


64,217 ROCHE HOLDING (GENUSSCHEIN) CHF 8,740,417 4.68

37,850 UBS CHF 1,782,354 0.95

21,379,916 11.44

12,279 ALLIANZ EUR 1,675,838 0.90

37,054 BAYER EUR 1,489,571 0.80

57,712 CELESIO EUR 2,372,540 1.27

54,326 FRESENIUS MEDICAL CARE EUR 5,565,155 2.98

24,329 HENKEL (PREF) EUR 2,667,918 1.43

19,962 HOCHTIEF EUR 985,524 0.53

69,115 MERCK KGAA EUR 5,779,396 3.09

90,879 PROSIEBEN SAT.1 MEDIA PREF. EUR 1,985,706 1.06

12,843 SAP EUR 2,008,645 1.08

24,530,293 13.14


4,157,770 2.23

221,535 NOKIA -A- EUR 3,469,238 1.86

3,469,238 1.86

357,602 ALCATEL EUR 3,443,707 1.84

43,729 ATOS ORIGIN EUR 1,900,900 1.02

42,650 BOUYGUES EUR 1,798,977 0.96


8,336 ILIAD EUR 472,651 0.25



99,568 TOTAL EUR 5,152,644 2.76


10,960 VINCI EUR 962,288 0.52

71,718 VIVENDI EUR 2,038,943 1.09

25,163,198 13.48



Shares

103,300 ASTRAZENECA GBP 5,084,648 2.72

344,631 BHP BILLITON GBP 4,685,538 2.51

871,153 BP GBP 7,476,385 4.00

344,230 BRAMBLES INDUSTRIES GBP 2,431,411 1.30

441,280 BRITISH AIRWAYS GBP 2,778,538 1.49

39,877 CARNIVAL GBP 1,502,407 0.80

384,339 CENTRICA GBP 1,843,342 0.99

73,615 CSR GBP 915,099 0.49

464,021 FIRST CHOICE HOLIDAYS GBP 1,365,070 0.73

535,149 GLAXOSMITHKLINE GBP 11,221,439 6.01

192,393 LADBROKES GBP 1,103,604 0.59

113,383 REED ELSEVIER GBP 990,628 0.53

199,565 SABMILLER GBP 2,936,900 1.57

53,278 VEDANTA RESOURCES GBP 913,696 0.49

1,672,182 VODAFONE GBP 3,014,440 1.61

48,263,145 25.83

113,436 COCA COLA HELLENIC BOTLING EUR 3,083,190 1.65

3,083,190 1.65

137,518 DEPFA BANK EUR 2,002,262 1.07

2,002,262 1.07

461,670 BANCA INTESA EUR 2,395,606 1.28

292,199 CAPITALIA EUR 1,910,397 1.02

105,753 ENEL EUR 760,893 0.41

73,575 ERG EUR 1,157,335 0.62

312,585 MEDIASET EUR 2,649,158 1.42


10,121,900 5.42

76,398 EADS EUR 1,732,707 0.93

39,460 EXACT HOLDING EUR 925,337 0.50


189,909 SAMAS EUR 1,505,978 0.81

175,270 STMICROELECTRONICS EUR 2,395,941 1.28

90,043 TELE ATLAS EUR 1,202,074 0.64

90,638 TNT EUR 2,710,983 1.45

106,083 TOMTOM EUR 3,518,773 1.88

386,613 UNILEVER CVA EUR 7,500,292 4.02

154,750 VEDIOR EUR 2,285,658 1.22

26,488,822 14.18



AND FINANCIAL


EUROPE GROWTH FUND



Shares

54,008 PETROLEUM GEO-SERVICES NOK 2,079,872 1.11

161,843 STATOIL NOK 3,023,225 1.62

101,167 TANDBERG TELEVISION NOK 650,556 0.35

5,753,653 3.08

2,207,027 SONAE SGPS EUR 3,023,627 1.62

3,023,627 1.62

143,478 ATLAS COPCO -B- SEK 2,836,022 1.52


7,313,374 3.92

187,227,038 100.24

TOTAL 187,227,038 100.24



AND FINANCIAL





Shares

34,443 HUNTER DOUGLAS EUR 1,904,698 0.25

1,904,698 0.25

81,300 OESTERREICHISCHE POST EUR 2,443,065 0.32

2,443,065 0.32

312,710 BELGACOM EUR 9,612,705 1.28

304,190 FORTIS EUR 9,737,122 1.29

19,349,827 2.57

210,000 UBS CHF 9,888,885 1.32

9,888,885 1.32

215,000 ALTANA EUR 9,365,400 1.25


770,000 DEUTSCHE TELEKOM EUR 9,655,800 1.28

100,000 EON EUR 9,348,000 1.24

150,000 HANNOVER RUECKVERSICHERUNG EUR 4,975,500 0.66


52,501,521 6.98

306,020 DANSKE BANK DKK 9,489,708 1.26

9,489,708 1.26


269,000 IBERDROLA EUR 9,495,700 1.26


29,466,500 3.92

130,000 KESKO B EUR 4,310,800 0.57

305,000 SAMPO OYJ - A SHS EUR 5,014,200 0.67

420,000 TIETOENATOR EUR 9,735,600 1.29

524,930 UPM-KYMMENE EUR 9,837,188 1.31

28,897,788 3.84



Shares

101,000 A.G.F. EUR 10,029,300 1.33

115,000 BNP PARIBAS EUR 9,757,750 1.30




295,000 TOTAL EUR 15,266,250 2.03

113,000 VINCI EUR 9,921,400 1.32

338,000 VIVENDI EUR 9,609,340 1.28

83,344,830 11.08

195,000 ASTRAZENECA GBP 9,598,319 1.28

840,000 AVIVA GBP 9,698,739 1.29

970,000 BARCLAYS GBP 9,640,640 1.28

1,150,000 BBA GROUP GBP 4,515,041 0.60

1,730,000 BP GBP 14,847,158 1.97

1,150,000 BRIT INSURANCE HOLDINGS GBP 5,121,286 0.68

430,000 BRITISH AMERICAN TOBACCO GBP 9,156,086 1.22

2,530,000 BT GBP 9,998,378 1.33

916,000 CATTLES PLC GBP 5,129,411 0.68

670,000 DAVIS SERVICE GBP 4,747,254 0.63

690,000 DIAGEO GBP 9,599,867 1.28


610,000 HBOS GBP 9,507,779 1.26

1,520,000 HISCOX GBP 5,087,960 0.68


350,000 IMPERIAL TOBACCO GBP 9,186,758 1.22

6,500,000 ITV GBP 9,273,391 1.23

4,800,000 LEGAL & GENERAL GBP 10,086,264 1.34

1,220,000 LLOYDS TSB GBP 9,705,670 1.29

2,320,000 NORTHERN FOODS GBP 3,078,965 0.41

1,100,000 REXAM GBP 9,270,073 1.23


560,000 ROYAL DUTCH SHELL-B- GBP 14,971,319 1.99

1,160,000 SCOTTISH & NEWCASTLE BREWERIES GBP 9,750,055 1.30

510,000 SCOTTISH AND SOUTHERN ENERGY GBP 9,911,966 1.32

500,000 SEVERN TRENT GBP 9,850,328 1.31

880,000 TATE & LYLE GBP 9,336,577 1.24

1,700,000 TESCO GBP 9,024,552 1.20

930,000 UNITED UTILITIES GBP 9,675,072 1.29

4,600,000 VODAFONE GBP 8,292,413 1.10

268,668,746 35.72

620,000 BANK OF IRELAND EUR 9,560,400 1.27

250,000 IRISH LIFE PERMANENT EUR 4,940,000 0.66

14,500,400 1.93



AND FINANCIAL





Shares

279,544 AUTOSTRADA TORINO-MILANO EUR 4,752,807 0.63

420,000 BANCO POPULARE DI VERONA EUR 9,151,800 1.22

1,370,000 ENEL EUR 9,857,150 1.31

646,000 ENI EUR 15,097,020 2.01

146,000 FONDIARIA SAI EUR 5,053,060 0.67

435,101 INDESIT EUR 3,758,402 0.50

564,228 MONDADORI EDITORE EUR 4,123,942 0.55

73,846 PIRELLI & C REAL ESTATE EUR 3,464,854 0.46


4,300,000 TERNA (IPO) EUR 9,864,200 1.31


2,200,000 UNIPOL (PREF) EUR 5,137,000 0.68

89,577,735 11.91

420,000 ABN AMRO EUR 9,660,000 1.28

280,000 ING GROEP EUR 9,713,200 1.29

502,000 UNILEVER CVA EUR 9,738,800 1.30

29,112,000 3.87

1,030,000 DNB NOK 9,966,334 1.33

369,926 NORSKE SKOGINDUSTRIER -A- NOK 4,394,761 0.58

14,361,095 1.91

560,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 4,894,400 0.65

2,990,000 EDP-ENERGIAS DE PORTUGAL EUR 10,225,800 1.36

15,120,200 2.01


930,000 NORDEA BANK SEK 9,617,063 1.28

188,000 SCANIA AB-B SEK 8,849,680 1.18

1,850,000 TELIASONERA SEK 9,366,080 1.25

37,314,404 4.97

705,941,402 93.86

TOTAL 705,941,402 93.86



AND FINANCIAL


EUROPE OPPORTUNITIES



Shares


26,703 0.51

980 NESTLE (REG) CHF 268,992 5.15

2,297 NOVARTIS (NOM.) CHF 105,563 2.02

907 ROCHE HOLDING (GENUSSCHEIN) CHF 123,450 2.36

498,005 9.53

384 ALLIANZ EUR 52,408 1.00

1,721 DEUTSCHE BANK EUR 163,770 3.14

1,682 EON EUR 157,233 3.01

2,375 SIEMENS EUR 163,400 3.13

536,811 10.28

7,912 ALCATEL EUR 76,193 1.46

9,332 FRANCE TELECOM EUR 168,909 3.24

463 ILIAD EUR 26,252 0.50

1,690 SANOFI-AVENTIS EUR 118,638 2.27

389,992 7.47

2,650 ASTRAZENECA GBP 130,439 2.50

9,381 AVIVA GBP 108,314 2.07

10,296 BARCLAYS GBP 102,330 1.96

21,287 BP GBP 182,689 3.50

12,608 CADBURY SCHWEPPES GBP 105,694 2.02

3,919 CSR GBP 48,717 0.93

5,880 GLAXOSMITHKLINE GBP 123,297 2.36

24,619 HSBC HOLDINGS GBP 353,774 6.78


5,919 ROYAL BANK OF SCOTLAND GBP 160,511 3.07

7,281 ROYAL DUTCH SHELL-A- EUR 189,088 3.62

9,518 UNILEVER GBP 184,844 3.54

145,150 VODAFONE GBP 261,662 5.01

2,246,294 43.01

3,955 C.R.H. EUR 105,322 2.02

105,322 2.02



Shares

20,925 ENEL EUR 150,555 2.88

6,854 ERG EUR 107,813 2.07

23,602 UNICREDITO ITALIANO EUR 154,475 2.96

412,843 7.91

121 AEGON EUR 1,790 0.03

6,799 DRAKA HOLDING EUR 105,043 2.01

4,034 REED ELSEVIER EUR 53,047 1.02

9,434 SAMAS EUR 74,812 1.43

21,771 TELE ATLAS EUR 290,643 5.57

6,553 TOMTOM EUR 217,363 4.16

2,708 UNILEVER CVA EUR 52,535 1.01

10,389 VEDIOR EUR 153,446 2.94

948,679 18.17


55,206 1.06

5,219,855 99.96

TOTAL 5,219,855 99.96



AND FINANCIAL





Shares

32,380 KBC GROUP EUR 2,689,159 1.59

2,689,159 1.59


19,997 JULIUS BAER CHF 1,572,366 0.93

248,660 UBS CHF 11,709,382 6.93

27,806 ZURICH FINANCIAL SERVICES CHF 5,378,447 3.18

21,997,919 13.01

54,960 ALLIANZ EUR 7,500,941 4.44


15,519,218 9.18



15,520,108 9.17

286,415 AXA EUR 8,328,948 4.93

115,583 BNP PARIBAS EUR 9,807,218 5.80


25,199,557 14.91

1,009,087 BARCLAYS GBP 10,029,118 5.93

89,807 HBOS GBP 1,399,779 0.83

1,039,175 HSBC HOLDINGS GBP 14,932,921 8.83


495,780 PRUDENTIAL GBP 4,850,697 2.87

33,757,782 19.97


6,598,988 3.90



9,630,040 5.69



Shares

523,568 BANCA INTESA EUR 2,716,794 1.61


10,375,511 6.14

337,245 AEGON EUR 4,987,855 2.95

284,305 ING GROEP EUR 9,862,540 5.83

14,850,395 8.78


313,873 NORDEA BANK SEK 3,245,738 1.92

5,834,277 3.45

510,574 AKBANK TRY 2,065,213 1.22

141,956 TURKIYE GARANTI BANKASI TRY 331,922 0.20

700,039 TURKIYE VAKIFLAR BANKASI TAO TRY 2,447,944 1.45

4,845,079 2.87

166,818,033 98.66

TOTAL 166,818,033 98.66




AND FINANCIAL





Shares

83,925 POLYTEC EUR 553,905 1.77

553,905 1.77

19,333 DUFRY CHF 1,217,098 3.89


2,681,120 8.56


35,303 BMW EUR 1,491,199 4.76


6,279,431 20.05

26,968 ACCOR EUR 1,449,530 4.63

22,102 LAGARDERE EUR 1,257,604 4.02


3,823,753 12.22

54,536 CARNIVAL GBP 2,054,700 6.56

97,590 GUS GBP 1,390,134 4.44

541,544 ITV GBP 772,608 2.47

68,179 PERSIMMON GBP 1,345,182 4.30

44,420 PUNCH TAVERNS GBP 635,039 2.03

53,864 REUTERS GBP 345,114 1.10

155,000 WPP GBP 1,513,087 4.83

8,055,864 25.73

205,000 PARTYGAMING GBP 323,454 1.03

323,454 1.03

78,588 OPAP EUR 2,082,582 6.65

2,082,582 6.65

34,405 PADDY POWER EUR 509,194 1.63

509,194 1.63



Shares

81,486 BULGARI EUR 818,119 2.61


2,118,953 6.76



178,523 TELE ATLAS EUR 2,383,282 7.61

4,820,464 15.39

31,248,720 99.79

TOTAL 31,248,720 99.79


AND FINANCIAL



EUROPEAN EQUITY



Shares

71,600 VEDANTA RESOURCES GBP 1,227,911 0.36

1,227,911 0.36

69,200 C.R.H. EUR 1,842,796 0.53

70,300 ITALCEMENTI EUR 1,403,891 0.41

48,600 VINCI EUR 4,267,080 1.24

7,513,767 2.18

189,700 STORA ENSO EUR 2,268,812 0.66

2,268,812 0.66

403,800 BG GBP 3,864,428 1.12

1,346,600 BP GBP 11,556,753 3.35

56,800 ERG EUR 893,464 0.26


156,100 TOTAL EUR 8,078,175 2.34

33,217,166 9.63

37,700 AKZO NOBEL EUR 1,831,466 0.53

86,700 BAYER EUR 3,485,340 1.01

159,800 NORSK HYDRO NOK 2,820,569 0.82

22,600 SYNGENTA CHF 2,683,345 0.78

10,820,720 3.14

37,500 SCHNEIDER EUR 3,298,125 0.96

90,800 SIEMENS EUR 6,247,040 1.81


13,145,032 3.81


20,200 SAP EUR 3,159,280 0.91

5,150,388 1.49

12,100 THE SWATCH -B- CHF 1,840,385 0.53

1,840,385 0.53



Shares

112,400 ATLAS COPCO -B- SEK 2,221,727 0.64

31,600 LINDE EUR 2,347,564 0.68

4,569,291 1.32

43,700 BMW EUR 1,845,888 0.53

1,845,888 0.53


2,304,288 0.67

495,000 CADBURY SCHWEPPES GBP 4,149,635 1.20


33,200 NESTLE (REG) CHF 9,112,783 2.64

129,500 UNILEVER GBP 2,514,952 0.73

18,910,180 5.48

302,800 DIAGEO GBP 4,212,811 1.22



143,900 SABMILLER GBP 2,117,706 0.61

186,500 SWEDISH MATCH SEK 2,395,662 0.69

13,906,858 4.02

86,300 ASTRAZENECA GBP 4,247,871 1.23



6,900 MERCK KGAA EUR 576,978 0.17

175,400 NOVARTIS (NOM.) CHF 8,060,814 2.33



14,900 SYNTHES CHF 1,303,850 0.38

37,692,907 10.92



5,006,495 1.45


AND FINANCIAL


EUROPEAN EQUITY



Shares

93,100 RECKITT BENCKISER GBP 3,039,496 0.88

3,039,496 0.88


4,156,715 1.20

135,000 GUS GBP 1,923,026 0.56

49,100 METRO EUR 2,263,019 0.66

628,450 TESCO GBP 3,336,165 0.97

7,522,210 2.19

126,679 ABN AMRO EUR 2,913,617 0.84



566,000 BARCLAYS GBP 5,625,363 1.63

61,500 BNP PARIBAS EUR 5,218,275 1.51

342,300 CAPITALIA EUR 2,237,957 0.65



152,900 ING GROEP EUR 5,304,101 1.54

31,800 KBC GROUP EUR 2,640,990 0.76


266,800 NORDEA BANK SEK 2,758,959 0.80



153,200 UBS CHF 7,214,177 2.09


75,701,161 21.91

556,900 BANCA INTESA EUR 2,889,754 0.84


5,951,959 1.73

193,300 AEGON EUR 2,858,907 0.83

38,400 ALLIANZ EUR 5,240,832 1.52

257,200 AVIVA GBP 2,969,662 0.86

163,944 AXA EUR 4,767,492 1.38

51,100 CIE SUISSE REASSURANCE CHF 3,078,643 0.89

329,100 PRUDENTIAL GBP 3,219,905 0.93

22,135,441 6.41



Shares


186,100 RYANAIR EUR 1,570,684 0.45

4,706,734 1.36

601,670 CENTRICA GBP 2,885,691 0.84

681,196 ENEL EUR 4,901,205 1.42

34,100 EON EUR 3,187,668 0.92

69,500 IBERDROLA EUR 2,453,350 0.71

377,404 NATIONAL GRID GBP 3,714,771 1.08

20,000 RWE EUR 1,455,000 0.42


21,430,480 6.21

274,600 ALCATEL EUR 2,644,398 0.77


225,100 KPN (DEMAT.) EUR 2,264,506 0.66

139,900 NOKIA -A- EUR 2,190,834 0.63




269,500 TELENOR NOK 2,777,408 0.80

88,500 VIVENDI EUR 2,516,055 0.73

3,934,484 VODAFONE GBP 7,092,688 2.05

36,630,384 10.61

67,700 CARNIVAL GBP 2,550,667 0.74

2,550,667 0.74

1,500 ADECCO CHF 71,249 0.02

106,300 VEDIOR EUR 1,570,053 0.45

1,641,302 0.47

272,200 WPP GBP 2,657,176 0.77

2,657,176 0.77

347,543,813 100.67

TOTAL 347,543,813 100.67



AND FINANCIAL





Shares

37,917 DELHAIZE EUR 2,512,001 2.25

2,512,001 2.25

35 LINDT & SPRUENGLI CHF 656,615 0.59

37,500 NESTLE (REG) CHF 10,293,053 9.24

10,949,668 9.83

90,000 BEIERSDORF EUR 3,777,300 3.39

45,000 HENKEL (PREF) EUR 4,934,700 4.43

8,712,000 7.82


70,000 REMY COINTREAU EUR 2,772,700 2.49

6,350,080 5.70

450,000 ALLIANCE BOOTS GBP 5,142,668 4.62


300,000 BRITVIC GBP 1,025,216 0.92


330,000 DIAGEO GBP 4,591,241 4.12


250,000 MCBRIDE GBP 634,078 0.57


500,000 SABMILLER GBP 7,358,254 6.60

250,000 TATE & LYLE GBP 2,652,437 2.38

980,317 TESCO GBP 5,204,072 4.67

48,286,909 43.34


100,000 VIVARTIA EUR 1,210,000 1.09

5,830,600 5.24

135,000 C&C GROUP EUR 1,445,850 1.30

1,445,850 1.30



Shares

280,000 DAVIDE CAMPARI EUR 2,022,440 1.82

2,022,440 1.82

75,000 GROLSCH EUR 2,099,250 1.88

60,000 HEINEKEN EUR 2,164,200 1.94

300,000 NUMICO EUR 10,650,000 9.56

90,000 NUTRECO HOLDING EUR 4,365,000 3.92

19,278,450 17.30

1,209,000 PAN FISH ASA NOK 752,559 0.68

752,559 0.68

123,500 ORIFLAME COSMETICS SEK 3,232,670 2.90

3,232,670 2.90

109,373,227 98.18

TOTAL 109,373,227 98.18



AND FINANCIAL





Shares

37,000 OMEGA PHARMA EUR 1,682,390 0.69


167,000 U.C.B. EUR 8,375,050 3.44

11,177,440 4.59

34,500 NOBEL BIOCARE HOLDING SEK 6,633,543 2.73

520,000 NOVARTIS (NOM.) CHF 23,897,510 9.82

88,300 PHONAK CHF 4,397,073 1.81


9,150 SERONO-B- CHF 6,221,159 2.56

14,700 STRAUMANN CHF 2,491,721 1.02

64,166,021 26.37

135,500 ALTANA EUR 5,902,380 2.43

164,200 CELESIO EUR 6,750,262 2.77

40,000 FRESENIUS EUR 5,522,000 2.27



146,000 MERCK KGAA EUR 12,208,520 5.02


51,736,184 21.27

51,300 COLOPLAST -B- DKK 3,250,427 1.34

109,800 H. LUNDBECK A/S DKK 2,017,178 0.83

186,800 NOVO NORDISK -B- DKK 10,946,609 4.50

21,000 WILLIAM DEMANT DKK 1,271,447 0.52

17,485,661 7.19

298,900 ZELTIA EUR 1,754,543 0.72

1,754,543 0.72

158,000 ORION -B- EUR 2,370,000 0.97

2,370,000 0.97

30,000 ESSILOR INTERNATIONAL EUR 2,422,500 1.00


15,830,700 6.51



Shares

330,000 ASTRAZENECA GBP 16,243,309 6.67


435,200 RENOVO GBP 943,367 0.39

11,795,800 SKYEPHARMA GBP 4,261,551 1.75

1,595,000 SMITH & NEPHEW GBP 11,554,136 4.75

367,400 SSL INTERNATIONAL GBP 1,896,188 0.78

55,406,049 22.77

271,100 QIAGEN EUR 3,372,485 1.39

3,372,485 1.39

186,000 CAPIO AB SEK 3,355,954 1.38

167,200 ELEKTA AB-B SEK 2,485,442 1.02

340,000 GETINGE AB-B SHS SEK 4,907,632 2.02

10,749,028 4.42

88,000 SYNTHES CHF 7,700,589 3.16

7,700,589 3.16

241,748,700 99.36

TOTAL 241,748,700 99.36



AND FINANCIAL



EUROPEAN IT



Shares

11,820 INTRACOM EUR 59,573 0.55

3,600 NEOPOST EUR 338,760 3.11

17,600 TANDBERG NOK 148,558 1.37

1,850 WINCOR NIXDORF EUR 211,584 1.94

170,020 ARM HOLDING GBP 294,586 2.71

27,650 ASML EUR 509,866 4.69

1,620 BARCO EUR 116,883 1.07

5,000 EVS BROADCASTING EQUIPMENT EUR 219,500 2.02

53,000 INFINEON TECHNOLOGIES EUR 495,550 4.56

3,700 KUDELSKI CHF 86,185 0.79

3,400 MICRONAS SEMICONDUCTOR (REG) CHF 59,933 0.55

5,500 OCE EUR 69,630 0.64

36,040 PREMIER FARNELL GBP 96,192 0.88

950 SAMSUNG ELECTRONICS (GDR) -144A USD 263,233 2.42

25,630 STMICROELECTRONICS EUR 350,362 3.22

700 UNAXIS CHF 184,645 1.70

3,505,040 32.22

15,690 ATOS ORIGIN EUR 682,044 6.27

18,000 BUSINESS OBJECTS EUR 480,420 4.42

12 CAP GEMINI SOGETI EUR 502 0.00

7,030 DASSAULT SYSTEMS EUR 311,921 2.87

13,742 GETRONICS EUR 73,107 0.67

1,020 INDRA SISTEMAS EUR 17,503 0.16

30,542 LOGICACMG GBP 69,808 0.64

60,373 MISYS GBP 201,421 1.85

89,500 SAGE GBP 331,591 3.05

2,100 SAP EUR 328,440 3.02

30,000 TELELOGIC SEK 45,565 0.42

16,300 TIETOENATOR EUR 377,834 3.47

30,000 TISCALI EUR 67,110 0.62

2,240 WM-DATA SEK 6,153 0.06

2,993,419 27.52

20,920 LOGITECH CHF 357,567 3.29

357,567 3.29

13,000 TELE ATLAS EUR 173,550 1.60

173,550 1.60

52,150 ELECTROCOMPONENTS GBP 213,975 1.97

213,975 1.97



Shares

111,490 ALCATEL EUR 1,073,649 9.87

43,000 CSR GBP 534,529 4.91

26,602 NOKIA -A- EUR 416,587 3.83

12,800 OPTION EUR 203,520 1.87


387,536 TELEFON ERICSSON -B- SEK 1,060,313 9.75

3,388,271 31.15

10,631,822 97.75


Shares

2,500 BRICSNET (BANKRUPTCY) EUR 0 0.00

17,200 TELDAFAX (BANKRUPTCY) EUR 0 0.00

0 0.00

0 0.00

TOTAL 10,631,822 97.75


AND FINANCIAL



EUROPEAN MATERIALS



Shares

83,697 ANGLO AMERICAN GBP 2,755,960 6.90

77,962 CORUS GBP 446,056 1.12

87,071 MITTAL STEEL EUR 2,396,194 5.99

59,456 THYSSENKRUPP EUR 1,579,746 3.95


51,273 XSTRATA GBP 1,668,650 4.17

9,925,556 24.83

75 CUMERIO (STRIP) (VVPR) EUR 6 0.00

89,777 RIO TINTO (REG) GBP 3,345,373 8.37

15,392 UMICORE EUR 1,796,246 4.49

75 UMICORE (STRIP) (VVPR) EUR 5 0.00

5,141,630 12.86

107,733 BHP BILLITON GBP 1,464,718 3.66

1,464,718 3.66

92,728 C.R.H. EUR 2,469,347 6.18

84,486 ITALCEMENTI EUR 1,687,185 4.22


5,803,554 14.52

62,035 STORA ENSO EUR 741,939 1.86

44,639 SVENSKA CELLULOSA -B- SEK 1,615,630 4.04

2,357,569 5.90

45,466 AKZO NOBEL EUR 2,208,738 5.53

70,129 BAYER EUR 2,819,186 7.05

110,937 CLARIANT CHF 1,180,292 2.95

32,027 DSM EUR 1,107,814 2.77

96,527 IMPERIAL CHEMICAL INDUSTRIES GBP 565,441 1.41

17,007 LONZA (NEW) CHF 927,197 2.32

15,917 SYNGENTA CHF 1,889,859 4.73

7,690 WACKER CHEMIE EUR 713,632 1.79

11,412,159 28.55

25,652 LINDE EUR 1,905,687 4.77

1,905,687 4.77



Shares

144,933 REXAM GBP 1,221,400 3.06

1,221,400 3.06

10,504 LONMIN GBP 396,367 0.99

396,367 0.99

39,628,640 99.14

TOTAL 39,628,640 99.14


AND FINANCIAL





Shares

6,000 VOEST-ALPINE EUR 195,420 0.59

195,420 0.59

1,000 CUMERIO EUR 16,480 0.05

10,500 DEXIA EUR 214,515 0.65

14,100 FORTIS EUR 451,341 1.37

11,000 INBEV EUR 477,620 1.45

5,000 INBEV (STRIP) (VVPR) EUR 150 0.00

3,075 KBC GROUP EUR 255,379 0.78

1,900 ROULARTA MEDIA EUR 100,225 0.31


10,000 TELENET GROUP STRIP (VVPR) EUR 200 0.00

1,649,330 5.02

3,900 CIE SUISSE REASSURANCE CHF 234,965 0.72

1,650 CONVERNIUM CHF 15,789 0.05

5,000 HOLCIM (NOM) CHF 321,697 0.98

20,000 NOVARTIS (NOM.) CHF 919,135 2.80

3,500 SYNGENTA CHF 415,562 1.26

1,900 ZURICH FINANCIAL SERVICES CHF 367,512 1.12

2,274,660 6.93

4,290 ALLIANZ EUR 585,499 1.78

2,000 DEUTSCHE BOERSE EUR 237,200 0.72

9,250 EON EUR 864,690 2.63

2,000 HANNOVER RUECKVERSICHERUNG EUR 66,340 0.20

2,000 MERCK KGAA EUR 167,240 0.51

3,000 MUENCHENER RUECKVERSICH. (REG) EUR 374,130 1.14

800 PUMA EUR 215,200 0.65

2,510,299 7.63

34,000 BANCO BILBAO VIZCAYA ARGENTARIA EUR 620,500 1.89

9,250 BANCO SABADELL EUR 262,145 0.80

47,000 BANCO SANTANDER (REG) EUR 586,090 1.78

16,000 INDITEX EUR 588,160 1.79

20,000 REPSOL EUR 469,400 1.43

2,526,295 7.69

24,500 FORTUM EUR 514,745 1.57

5,625 NESTE EUR 128,925 0.39

3,000 OUTOKUMPU EUR 60,390 0.18

704,060 2.14



Shares

6,000 ACCOR EUR 322,500 0.98

400 ARKEMA EUR 14,884 0.05

1,000 ATOS ORIGIN EUR 43,470 0.13

21,444 AXA EUR 623,592 1.90

16,000 CREDIT AGRICOLE EUR 554,240 1.69

2,500 DASSAULT SYSTEMS EUR 110,925 0.34

204 FRANCE TELECOM EUR 3,692 0.01

51,980 JACQUES BENEDICT EUR 54,579 0.17


7,000 THALES EUR 244,930 0.75

16,000 TOTAL EUR 828,000 2.52

10,000 VEOLIA ENVIRONNEMENT EUR 476,100 1.45

5,000 VINCI EUR 439,000 1.34

18,000 VIVENDI EUR 511,740 1.56

4,824,352 14.71

47,518 BHP BILLITON GBP 646,046 1.97

10,000 BRADFORD & BINGLEY GBP 69,749 0.21

72,125 BRITISH SKY BROADCASTING GBP 580,701 1.77

15,000 BURBERRY GROUP GBP 114,134 0.35


30,000 EASYJET GBP 214,997 0.65

10,000 ENTERPRISE INNS GBP 155,570 0.47


5,000 HAMMERSON GBP 96,734 0.29

7,500 ICAP GBP 57,067 0.17

71,124 KINGFISHER GBP 257,217 0.78

106,328 LEGAL & GENERAL GBP 223,428 0.68

26,500 MICHAEL PAGE GBP 150,348 0.46

4,000 PROVIDENT FINANCIAL GBP 36,894 0.11

16,754 RECKITT BENCKISER GBP 546,979 1.66

130,000 RENTOKIL INITIAL GBP 280,838 0.85

21,057 REXAM GBP 177,454 0.54


25,000 SABMILLER GBP 367,913 1.12

51,000 SAGE GBP 188,952 0.58

152,418 TESCO GBP 809,120 2.46

32,791 UNILEVER GBP 636,817 1.94

7,000 UNITED UTILITIES GBP 72,823 0.22

604,029 VODAFONE GBP 1,088,882 3.31

12,382 WILLIAM HILL W/I GBP 117,493 0.36

12,900 XSTRATA GBP 419,823 1.28

10,054,019 30.58

5,880 ALPHA CREDIT BANK EUR 123,715 0.38

4,800 EFG EUROBANK EUR 115,968 0.35

3,200 NATIONAL BANK OF GREECE EUR 108,608 0.33

348,291 1.06






Shares

5,000 ELAN EUR 61,000 0.19

61,000 0.19

16,000 ASSICURAZIONI GENERALI EUR 472,000 1.44

55,000 ENEL EUR 395,725 1.20

39,500 ENI EUR 923,115 2.81

5,000 TOD'S EUR 311,900 0.95


2,821,643 8.59

8,837 ABN AMRO EUR 203,252 0.62

11,437 AEGON EUR 169,153 0.51

13,000 ASML EUR 239,720 0.73

25,000 ENDEMOL EUR 376,250 1.15

23,243 ING GROEP EUR 806,300 2.45

21,812 KONINKLIJKE AHOLD EUR 182,785 0.56


2,291,870 6.98

67,500 STATOIL NOK 1,260,899 3.84

32,000 TELENOR NOK 329,785 1.00

13,000 YARA INTERNATIONAL NOK 155,858 0.47

1,746,542 5.31

8,000 ALFA LAVAL SEK 211,989 0.65

211,989 0.65

2,000 SYNTHES CHF 175,013 0.53

175,013 0.53

32,394,783 98.60


AND FINANCIAL




Bonds

161,902 PICOGIGA 01/2006 4% EUR 16 0.00(CONV) (DEFAULTED)

16 0.00

16 0.00

TOTAL 32,394,799 98.60


AND FINANCIAL



EUROPEAN REAL ESTATE



Shares

10,531 PSP SWISS PROPERTY AG CHF 420,988 0.25

420,988 0.25

475,134 IVG HOLDING EUR 13,560,324 7.99

13,560,324 7.99

63,790 IMMOBILIARIA COLONIAL EUR 3,900,759 2.30

143,432 RENTA CORPORACION REAL ESTATE EUR 4,271,405 2.52

8,172,164 4.82

1,936,000 CITYCON EUR 8,034,400 4.74

463,500 SPONDA EUR 4,125,150 2.43

12,159,550 7.17

133,600 FONCIA GROUP EUR 4,948,544 2.92

37,000 FONCIERE DES REGIONS EUR 4,391,900 2.59

51,400 KLEPIERRE EUR 6,070,340 3.58

36,251 NEXITY EUR 1,808,562 1.07

99,400 UNIBAIL EUR 16,470,580 9.71

33,689,926 19.87

450,000 BRITISH LAND GBP 9,051,095 5.34

448,000 CAPITAL & REGIONAL GBP 7,834,963 4.62

1,237,000 HELICAL BAR GBP 7,478,729 4.41

994,100 ST MODWEN PROPERTIES GBP 7,505,407 4.42

1,261,000 WORKSPACE GROUP GBP 7,572,694 4.46

39,442,888 23.25

8,472,000 BLACKROCK INTERNATIONAL LAND EUR 3,219,360 1.90

3,219,360 1.90

50,400 ORCO PROPERTY GROUP CZK 4,991,016 2.94

4,991,016 2.94



Shares

411,000 KARDAN EUR 3,251,010 1.92

139,100 RODAMCO EUROPE EUR 12,776,335 7.53

127,000 VASTNED OFFICES/INDUSTRIAL EUR 3,543,300 2.09

48,900 WERELDHAVE EUR 4,210,290 2.48

23,780,935 14.02

131,020 STEEN & STORM ASA NOK 4,760,036 2.81

4,760,036 2.81

200 HUFVUDSTADEN SEK 1,336 0.00

583,500 KUNGSLEDEN SEK 5,248,263 3.09

371,000 WALLENSTAM BYGGNADS SEK 4,336,026 2.56

9,585,625 5.65

153,782,812 90.67


107,500 CORIO EUR 6,175,875 3.64

6,175,875 3.64

6,175,875 3.64


Shares

304,352 WIHLBORGS SYD SEK 4,327,513 2.55

4,327,513 2.55

4,327,513 2.55

TOTAL 164,286,200 96.86


AND FINANCIAL






Shares

22,000 BELGACOM EUR 676,280 0.38

676,280 0.38

30,000 ANGLO AMERICAN GBP 987,835 0.55

20,000 THYSSENKRUPP EUR 531,400 0.30

1,519,235 0.85

20,000 RIO TINTO (REG) GBP 745,263 0.42

745,263 0.42

50,000 BHP BILLITON GBP 679,791 0.38

679,791 0.38

15,000 C.R.H. EUR 399,450 0.22

5,000 LAFARGE (SICOVAM CERT.) EUR 509,000 0.28

15,000 SAINT-GOBAIN EUR 858,000 0.48

10,000 VINCI EUR 878,000 0.49

2,644,450 1.47

50,000 STORA ENSO EUR 598,000 0.33

35,000 UPM-KYMMENE EUR 655,900 0.37

1,253,900 0.70

120,000 BG GBP 1,148,418 0.64

610,000 BP GBP 5,235,125 2.93

90,000 ENI EUR 2,103,300 1.18

40,000 REPSOL EUR 938,800 0.53


85,000 ROYAL DUTCH SHELL-B- GBP 2,272,432 1.27

20,000 STATOIL NOK 373,600 0.21

70,000 TOTAL EUR 3,622,500 2.03

18,810,575 10.53



Shares

6,600 AIR LIQUIDE EUR 1,061,940 0.59

10,000 AKZO NOBEL EUR 485,800 0.27

20,000 BASF EUR 1,263,000 0.71

25,000 BAYER EUR 1,005,000 0.56

3,815,740 2.13

60,000 ABB (NOM.) CHF 621,360 0.35

10,000 SCHNEIDER EUR 879,500 0.49

25,000 SIEMENS EUR 1,720,000 0.96



5,496,210 3.07

150,000 BAE SYSTEMS GBP 874,253 0.49

874,253 0.49

6,000 SAP EUR 938,400 0.53

20,000 TIETOENATOR EUR 463,600 0.26

1,402,000 0.79

50,000 SANDVIK SEK 452,416 0.25

452,416 0.25

20,000 DAIMLER-CHRYSLER EUR 788,200 0.44

10,000 PEUGEOT EUR 444,700 0.25

2,000 RENAULT EUR 180,900 0.10

1,413,800 0.79

5,000 MICHELIN (B) (NOM.) EUR 289,000 0.16

289,000 0.16

25,000 LAND SECURITIES GBP 725,503 0.41

725,503 0.41




Shares


9,000 GROUPE DANONE EUR 996,300 0.56

13,000 NESTLE (REG) CHF 3,568,258 2.00

60,013 UNILEVER GBP 1,165,481 0.65

75,000 UNILEVER CVA EUR 1,455,000 0.81

7,939,518 4.44


120,000 DIAGEO GBP 1,669,542 0.93

20,000 HEINEKEN EUR 721,400 0.40


13,000 INBEV EUR 564,460 0.32

70,000 SCOTTISH & NEWCASTLE BREWERIES GBP 588,365 0.33

6,084,208 3.40

57,000 ASTRAZENECA GBP 2,805,662 1.57


15,000 L'OREAL EUR 1,201,500 0.67

80,000 NOVARTIS (NOM.) CHF 3,676,540 2.06

15,000 NOVO NORDISK -B- DKK 879,010 0.49



40,000 SMITH & NEPHEW GBP 289,759 0.16

18,528,862 10.37


10,000 INDITEX EUR 367,600 0.21

10,000 LVMH MOET HENNESSY EUR 812,500 0.45

1,296,136 0.72


816,191 0.46

50,000 GRUPPO EDITORIALE L'ESPRESSO S EUR 201,500 0.11

150,000 INDEPENDENT NEW & MEDIA EUR 357,000 0.20

55,000 PEARSON GBP 616,788 0.35


120,000 REUTERS GBP 768,856 0.43

2,817,845 1.58



Shares

30,000 ALLIANCE BOOTS GBP 342,844 0.19

20,000 CARREFOUR EUR 996,600 0.56

5,000 DELHAIZE EUR 331,250 0.19

43,000 GUS GBP 612,519 0.34

25,000 HENNES & MAURITZ -B- SEK 825,389 0.46

80,000 KINGFISHER GBP 289,317 0.16

50,000 KONINKLIJKE AHOLD EUR 419,000 0.23

100,000 MARKS & SPENCER (NEW) GBP 947,431 0.53

5,000 PPR EUR 584,500 0.33

270,000 TESCO GBP 1,433,311 0.80

6,782,161 3.79

55,000 ABN AMRO EUR 1,265,004 0.71

45,000 ALLIED IRISH BANKS EUR 945,000 0.53

23,333 BANCO ESPIRITO SANTO E COMMER. EUR 281,163 0.16


35,000 BANK OF IRELAND EUR 539,700 0.30

200,000 BARCLAYS GBP 1,987,761 1.11

27,000 BNP PARIBAS EUR 2,290,950 1.28

18,000 COMMERZBANK EUR 477,900 0.27

20,000 CREDIT AGRICOLE EUR 692,800 0.39


25,000 DANSKE BANK DKK 775,252 0.43


25,000 DEXIA EUR 510,750 0.29

35,000 FORTIS EUR 1,120,350 0.63


55,000 ING GROEP EUR 1,907,950 1.07

200,000 LLOYDS TSB GBP 1,591,093 0.89

90,000 NORDEA BANK SEK 930,683 0.52


50,000 SAN PAOLO IMI EUR 832,500 0.47


60,000 UBS CHF 2,825,396 1.58


35,367,237 19.82

30,000 AMVESCAP GBP 256,580 0.14

180,000 BANCA INTESA EUR 934,020 0.52

15,000 RICHEMONT (UNITS)-A- CHF 568,479 0.32

1,759,079 0.98


AND FINANCIAL




AND FINANCIAL






Shares

50,000 AEGON EUR 739,500 0.41

14,000 ALLIANZ EUR 1,910,720 1.07

30,000 ASSICURAZIONI GENERALI EUR 885,000 0.50

85,000 AVIVA GBP 981,420 0.55

55,000 AXA EUR 1,599,400 0.90

18,000 CIE SUISSE REASSURANCE CHF 1,084,453 0.61

250,000 LEGAL & GENERAL GBP 525,326 0.29


80,000 PRUDENTIAL GBP 782,718 0.44

5,000 ZURICH FINANCIAL SERVICES CHF 967,138 0.54

10,722,775 6.01

40,000 DEUTSCHE POST EUR 828,000 0.46

828,000 0.46

210,000 CENTRICA GBP 1,007,189 0.56

15,000 ELIA SYSTEM OPERATOR EUR 442,050 0.25

30,000 ENDESA EUR 1,006,500 0.56

180,000 ENEL EUR 1,295,100 0.73

20,000 EON EUR 1,869,600 1.05

15,000 GAZ DE FRANCE EUR 471,000 0.26

30,000 IBERDROLA EUR 1,059,000 0.59

100,000 NATIONAL GRID GBP 984,296 0.55

15,000 RWE EUR 1,091,250 0.61

47,619 SCOTTISH POWER GBP 457,477 0.26

20,000 SEVERN TRENT GBP 394,013 0.22

150,000 SNAM RETE GAS EUR 574,500 0.32

30,000 SUEZ EUR 1,040,400 0.58

200,000 TERNA (IPO) EUR 458,800 0.26

50,000 UNITED UTILITIES GBP 520,165 0.29


13,147,440 7.36

95,000 ALCATEL EUR 914,850 0.51

70,000 BRITISH SKY BROADCASTING GBP 563,592 0.32

370,000 BT GBP 1,462,213 0.82



60,000 MEDIASET EUR 508,500 0.28

165,000 NOKIA -A- EUR 2,583,900 1.45

60,000 PORTUGAL TELECOM EUR 591,000 0.33

2,500 SWISSCOM CHF 655,120 0.37




55,000 VIVENDI EUR 1,563,650 0.88

1,900,000 VODAFONE GBP 3,425,127 1.92

20,468,426 11.47



Shares

15,000 ACCOR EUR 806,250 0.45

150,000 COMPASS GBP 593,342 0.33

35,294 LADBROKES GBP 202,453 0.11

1,602,045 0.89

120,000 HBOS GBP 1,870,383 1.05

1,870,383 1.05

250,000 RENTOKIL INITIAL GBP 540,072 0.30

70,000 WPP GBP 683,330 0.38

1,223,402 0.68


100,000 BANCO COMMERCIAL PORTUGUES EUR 245,000 0.14

2,252,500 1.26

174,304,624 97.56

TOTAL 174,304,624 97.56

EUROPEAN SMALL CAPS



Shares

161,595 CEMENTIR EUR 982,174 1.64

77,315 KINGSPAN GROUP EUR 1,256,369 2.10

2,238,543 3.74

851,692 PAN FISH ASA NOK 530,148 0.89

530,148 0.89

174,013 OCEAN RIG NOK 857,684 1.44

857,684 1.44

199,229 KEMIRA GROWHOW EUR 1,099,744 1.84

1,400 SIKA CHF 1,388,146 2.32

2,487,890 4.16

19,186 NEXANS EUR 1,315,200 2.20

29,332 AUSTRIAMICROSYSTEMS AG CHF 1,308,302 2.19

51,470 MELEXIS EUR 685,580 1.15

3,309,082 5.54

3,364 ULTRA ELECTRONICS GBP 52,135 0.09

52,135 0.09

139,528 EDB BUSINESS PARTNER ASA NOK 870,202 1.46

41,433 ENGINEERING -INGEGNERIA EUR 1,271,993 2.13INFORMATICA

154,346 GFI INFORMATIQUE EUR 845,816 1.42

43,331 ORDINA EUR 638,699 1.07

101,716 UNIT 4 AGRESSO EUR 1,586,770 2.65

5,213,480 8.73



Shares

24,658 ALFA LAVAL SEK 653,403 1.09

27,365 DEMAG CRANES EUR 738,855 1.24

143,080 INVENSYS GBP 438,323 0.73

44,216 IWKA EUR 709,225 1.19

30,495 PINGUELY-HAULOTTE EUR 622,403 1.04

3,162,209 5.29

20,333 ELRINGKLINGER EUR 817,793 1.37

817,793 1.37

39,100 ST MODWEN PROPERTIES GBP 295,203 0.49

40,000 WORKSPACE GROUP GBP 240,212 0.40

535,415 0.89

178,557 GREENCORE GROUP EUR 696,372 1.17

40,719 SR TELEPERFORMANCE EUR 1,197,139 2.00

1,893,511 3.17

144,212 DAVIDE CAMPARI EUR 1,041,643 1.74

1,041,643 1.74

64,388 CARL ZEISS MEDITEC EUR 1,191,178 1.99

23,839 DRAEGERWERK EUR 1,113,281 1.86

9,190 ZENTIVA (GDR) USD 420,778 0.70

2,725,237 4.55

110,362 KAPPAHL HOLDING SEK 641,951 1.07

641,951 1.07

110,671 ENIRO AB SEK 1,072,913 1.80

247,649 INFORMA GBP 1,806,744 3.02

76,142 TELE ATLAS EUR 1,016,496 1.70

3,896,153 6.52


AND FINANCIAL




AND FINANCIAL



EUROPEAN SMALL CAPS



Shares

19,878 CHARLES VOEGELE HOLDING CHF 1,238,895 2.07

15,528 DUFRY CHF 977,557 1.64

100,000 GAME GROUP GBP 130,133 0.22

64,159 JERONIMO MARTINS SGPS EUR 903,359 1.51

3,249,944 5.44

129,442 OKO BANK -A- EUR 1,628,380 2.72

151,810 PROVIDENT FINANCIAL GBP 1,400,238 2.34

3,028,618 5.06

4,810 BURCKHARDT COMPRESSION CHF 361,859 0.61

22,757 EUROCASTLE INVESTMENT EUR 698,412 1.17

50,000 INTRUM JUSTITIA SEK 387,785 0.65

1,448,056 2.43

147,867 CATLIN GBP 1,042,254 1.74

903,503 CHAUCER GBP 972,583 1.63

2,014,837 3.37

200,000 RPS GBP 675,367 1.13

675,367 1.13

53,769 MVV ENERGIE EUR 1,249,054 2.09

200,000 NORTHUMBRIAN WATER GBP 819,878 1.37

2,068,932 3.46

18,113 CARRERE EUR 370,773 0.62


835,937 1.40

200,000 FIRST CHOICE HOLIDAYS GBP 588,365 0.98

90,585 PUNCH TAVERNS GBP 1,295,026 2.17

24,541 TRIGANO EUR 872,187 1.46

2,755,578 4.61



Shares

561,270 GROUP 4 SECURICOR GBP 1,398,726 2.34

194,026 IG GROUP HOLDING GBP 741,027 1.24

289,129 MICHAEL PAGE GBP 1,640,380 2.74

393,726 MITIE GBP 1,174,240 1.96

448,649 OBSERVER AB SEK 1,739,793 2.91

76,946 PADDY POWER EUR 1,138,801 1.91

702,029 PROOFFICE AB-B SHS SEK 1,338,494 2.24

170,745 SAMAS EUR 1,354,008 2.27

32,488 TECHEM EUR 1,240,717 2.08

12,061 USG PEOPLE EUR 665,165 1.11

12,431,351 20.80

20,000 BABIS VOVOS EUR 412,000 0.69

220,528 ERINACEOUS GBP 1,025,976 1.72

1,437,976 2.41

59,349,470 99.30

TOTAL 59,349,470 99.30

EUROPEAN TELECOM



Shares

466,334 TELEKOM AUSTRIA EUR 9,280,047 8.60

9,280,047 8.60

78,400 BELGACOM EUR 2,410,016 2.23

61,735 MOBISTAR EUR 4,031,296 3.74

6,441,312 5.97

6,650 SWISSCOM CHF 1,742,619 1.62

1,742,619 1.62

753 DEUTSCHE TELEKOM EUR 9,443 0.01

9,443 0.01


10,653,906 9.88

304,526 ELISA COMMUNICATIONS EUR 5,298,752 4.91

5,298,752 4.91

121,530 BOUYGUES EUR 5,126,135 4.75


137,300 VIVENDI EUR 3,903,439 3.62

9,082,118 8.42

1,346,368 BT GBP 5,320,749 4.93

2,579,211 CABLE & WIRELESS GBP 5,267,577 4.88

5,855,824 VODAFONE GBP 10,556,285 9.79

21,144,611 19.60



Shares

241,300 COSMOTE MOBILE EUR 4,560,570 4.23COMMUNICATIONS

260,328 HELLENIC COMMUNICATIONS EUR 5,034,744 4.67

9,595,314 8.90



4,781,440 4.43

524,995 KPN (DEMAT.) EUR 5,281,450 4.90

5,281,450 4.90

1,035,774 TELENOR NOK 10,674,462 9.89

10,674,462 9.89


5,050,075 4.68

619,069 TELE2 SEK 4,934,680 4.57

612,190 TELIASONERA SEK 3,099,361 2.87

8,034,041 7.44

107,069,590 99.25

TOTAL 107,069,590 99.25


AND FINANCIAL




AND FINANCIAL


FOOD & BEVERAGES



Shares

15,000 DELHAIZE EUR 1,258,833 0.69

1,258,833 0.69

50,000 NATURA COSMETICS BRL 614,697 0.34

614,697 0.34

115,000 SHOPPERS DRUG MART CAD 4,706,582 2.60

4,706,582 2.60

50,000 NESTLE (REG) CHF 17,384,966 9.59

17,384,966 9.59

25,000 HENKEL (PREF) EUR 3,472,795 1.92

3,472,795 1.92


4,781,095 2.64

110,000 ALLIANCE BOOTS GBP 1,592,427 0.88



350,000 DIAGEO GBP 6,168,438 3.40



230,000 SABMILLER GBP 4,287,692 2.37

70,000 TATE & LYLE GBP 940,793 0.52

800,000 TESCO GBP 5,379,696 2.97

38,094,412 21.03


4,303,783 2.37

50,000 AEON JPY 1,226,019 0.68

900 JAPAN TOBACCO JPY 3,498,920 1.93

52,900 SEVEN & I HOLDING JPY 1,702,621 0.94

135,000 SHISEIDO JPY 2,698,513 1.49

150,000 SUNDRUG JPY 3,443,018 1.90

12,569,091 6.94



Shares


550,000 GRUMA -B- MXN 1,680,693 0.93

300,000 GRUPO MODELO MXN 1,300,786 0.72

4,920,279 2.72

30,000 HEINEKEN EUR 1,370,750 0.76

105,000 NUMICO EUR 4,721,811 2.60

6,092,561 3.36

223,000 ALTRIA GROUP USD 17,070,651 9.42

25,000 CAMPBELL SOUP USD 912,500 0.50

15,000 CLOROX USD 945,000 0.52

100,000 COCA COLA USD 4,468,000 2.46

40,000 COLGATE-PALMOLIVE USD 2,484,000 1.37

225,000 CVS USD 7,227,000 3.99

15,000 DEAN FOODS USD 630,300 0.35

25,000 ESTEE LAUDER COMPANIES USD 1,008,250 0.56

80,000 KELLOGG USD 3,961,600 2.19

135,000 PEPSICO USD 8,810,100 4.86

285,000 PROCTER & GAMBLE USD 17,664,300 9.74

80,000 SARA LEE USD 1,285,600 0.71

35,000 SMITHFIELD FOODS USD 945,700 0.52

60,000 SYSCO USD 2,007,000 1.11

60,000 TYSON FOODS USD 952,800 0.53

180,000 WAL-MART STORES USD 8,877,600 4.90

15,000 WHOLE FOODS MARKET USD 891,450 0.49

80,141,851 44.22

178,340,945 98.42


Shares

68,900 COCA-COLA ICECEK URETIM TRY 341,646 0.19

341,646 0.19

341,646 0.19

TOTAL 178,682,591 98.61


GLOBAL BRANDS



Shares

4,000 NESTLE (REG) CHF 1,097,926 2.29

15,000 NOVARTIS (NOM.) CHF 689,351 1.44


30,378 UBS CHF 1,430,498 2.99

4,463,198 9.32

20,000 ADIDAS-SALOMON EUR 742,000 1.55

30,000 BMW EUR 1,267,200 2.64

2,009,200 4.19

15,000 ACCOR EUR 806,250 1.68

9,324 LVMH MOET HENNESSY EUR 757,575 1.58

3,000 PERNOD-RICARD EUR 492,300 1.03

45,000 TOTAL EUR 2,328,750 4.86

4,384,875 9.15

50,000 BP GBP 429,109 0.90



23,510 MICHAEL PAGE GBP 133,385 0.28



50,000 SABMILLER GBP 735,825 1.54

509,894 VODAFONE GBP 919,185 1.92

7,079,423 14.79

50,000 BULGARI EUR 502,000 1.05

502,000 1.05

155 JAPAN TOBACCO JPY 475,699 0.99

475,699 0.99

6,941 SAMSUNG ELECTRONICS (GDR) -144A USD 1,923,261 4.01

1,923,261 4.01



Shares


346,000 GRUPO MODELO MXN 1,184,322 2.47

2,255,694 4.71

65,265 ING GROEP EUR 2,264,043 4.73

50,000 NUMICO EUR 1,775,000 3.70

70,000 TELE ATLAS EUR 934,500 1.95

4,973,543 10.38

50,000 CARNIVAL USD 1,856,323 3.87

1,856,323 3.87

14,311 ALTRIA GROUP USD 864,817 1.80

10,000 AMGEN USD 564,673 1.18


28,116 CITIGROUP USD 1,102,445 2.30

3,503 GOOGLE USD 1,111,392 2.32



60,000 MICROSOFT USD 1,294,494 2.70

60,000 NEWS CORP -B- USD 977,620 2.04

41,000 NIKE USD 2,835,934 5.92

167,934 TIME WARNER USD 2,416,765 5.04

16,317,805 34.05

46,241,021 96.51


Shares

582,733 VODAFONE GROUP (RNCP) GBP 128,895 0.27

128,895 0.27

128,895 0.27

TOTAL 46,369,916 96.78


AND FINANCIAL




AND FINANCIAL


GLOBAL GROWTH



Shares

1,351 SCHLUMBERGER USD 66,156 0.71

66,156 0.71

3,617 TELEKOM AUSTRIA EUR 71,978 0.78

71,978 0.78

821 BUNGE USD 37,558 0.40

110,000 CHINA YURUN FOOD HKD 72,213 0.78

12,400 GLOBAL CROSSING USD 200,671 2.16

3,500 ORIENT EXPRESS HOTELS USD 103,280 1.11

413,722 4.45

691 PETROLEO BRASILEIRO (ADR) USD 45,728 0.49

45,728 0.49

1,650 CAMECO CAD 47,553 0.51

1,104 CANADIAN NATURAL RESSOURCES CAD 39,793 0.43

87,346 0.94

2,461 DUFRY CHF 154,931 1.67

286 NESTLE (REG) CHF 78,502 0.85

2,345 NOVARTIS (NOM.) CHF 107,769 1.16

580 ROCHE HOLDING (GENUSSCHEIN) CHF 78,942 0.85

2,192 UBS CHF 103,221 1.11

523,365 5.64

135,000 AIR CHINA -H- HKD 45,954 0.49

34,000 CHINA MERCHANTS BANK -H- HKD 37,821 0.41

30,000 DONGFANG ELECTRICAL MACHIN-H HKD 41,212 0.44

322,000 FIRST TRACTOR -H- HKD 53,499 0.58

74,000 HARBIN POWER EQUIPEMENT -H- HKD 47,230 0.51

23,500 PING AN INSURANCE -H- HKD 66,661 0.72

292,377 3.15



Shares

855 DOUGLAS HOLDING EUR 31,550 0.34

980 FRESENIUS MEDICAL CARE EUR 100,391 1.08

131,941 1.42

1,042 ORASCOM TELECOM (GDR) USD 45,431 0.49

45,431 0.49

4,904 BANCO BILBAO VIZCAYA ARGENTARIA EUR 89,498 0.96

5,327 EBRO PULEVA EUR 85,871 0.92

175,369 1.88

650 ILIAD EUR 36,855 0.40

36,855 0.40

7,649 BHP BILLITON GBP 103,994 1.12

4,814 BP GBP 41,315 0.44


1,309 CARNIVAL GBP 49,318 0.53


9,988 PETROFAC GBP 45,842 0.49

1,260 RIO TINTO (REG) GBP 46,952 0.51

2,036 SABMILLER GBP 29,963 0.32

6,170 STANDARD CHARTERED GBP 124,464 1.34

4,000 VEDANTA RESOURCES GBP 68,598 0.74

34,237 VODAFONE GBP 61,719 0.66

753,224 8.10

62,000 BEIJING DATANG POWER GEN H HKD 36,745 0.40

78,000 CHAODA MODERN AGRICULTURE HKD 37,693 0.41

146,000 GUANGDONG INVEST HKD 46,592 0.50

121,030 1.31

5,148 DEPFA BANK EUR 74,955 0.81

74,955 0.81



AND FINANCIAL


GLOBAL GROWTH



Shares

2,553 TEVA PHARMACEUTICAL IND. (ADR) USD 68,705 0.74

68,705 0.74

1,700 DAITO TRUST CONSTRUCT JPY 72,861 0.78

3,000 DAIWA HOUSE INDUSTRY JPY 41,021 0.44

2,700 ISETAN JPY 35,980 0.39

3,300 KIBUN FOOD CHEMIFA CO JPY 25,639 0.28

7 MITSUBISHI TOKYO FINANCIAL JPY 71,143 0.77

9 MIZUHO FINANCIAL JPY 55,122 0.59

2,800 SONY JPY 89,490 0.96

15,000 TORAY INDUSTRIES JPY 89,162 0.96

9,000 TOSHIBA JPY 46,096 0.50

526,514 5.67

1,500 FOCUS MEDIA (ADR) USD 68,585 0.74

1,403 HERBALIFE USD 41,954 0.45

595 TRANSOCEAN USD 34,397 0.37

144,936 1.56

18,278 EMPRESAS ICA SA MXN 51,951 0.56

51,951 0.56

2,000 NUMICO EUR 71,000 0.76

8,885 SAMAS EUR 70,458 0.76

1,225 TELE ATLAS EUR 16,354 0.18

1,283 ZENTIVA CZK 58,992 0.64

216,804 2.34

1,448 PETROLEUM GEO-SERVICES NOK 55,763 0.60

1,032 STATOIL NOK 19,278 0.21


11,966 TELENOR NOK 123,319 1.33

215,066 2.32

1,200 VIMPEL COMMUNICATIONS (ADR) USD 57,397 0.62

57,397 0.62



Shares

31,462 TELEFON ERICSSON -B- SEK 86,081 0.93

86,081 0.93

3,800 ACTIVISION USD 45,296 0.49

1,910 AMERICAN INTERNATIONAL USD 99,907 1.08

1,373 AMGEN USD 77,530 0.83

3,622 APPLE COMPUTER USD 220,251 2.37

2,457 ARCHER-DANIELS-MIDLAND USD 73,472 0.79

2,510 BEA SYSTEMS USD 30,118 0.32

2,907 BROADCOM USD 69,626 0.75

1,283 CAPITAL ONE FINANCIAL USD 79,669 0.86

6,500 CHEESECAKE FACTORY USD 139,518 1.50

4,657 CHESAPEAKE ENERGY CORP USD 106,540 1.15

8,058 CISCO SYSTEMS USD 146,307 1.58

2,562 CITRIX SYSTEMS USD 73,235 0.79

1,631 COLGATE-PALMOLIVE USD 79,957 0.86

2,343 COMCAST -A- USD 68,158 0.73

4,400 COMMVAULT SYSTEMS USD 62,522 0.67

4,000 CORNING USD 77,079 0.83

1,400 CVS USD 35,499 0.38

3,848 EBAY USD 86,149 0.93

2,718 ELECTRONIC ARTS USD 119,470 1.29

1,040 ENERGY CONVERSION DEVICES USD 30,410 0.33

1,153 FRANKLIN RESOURCES USD 96,254 1.04

731 GENENTECH USD 47,723 0.51

1,890 GILEAD SCIENCES USD 102,501 1.10

378 GOLDMAN SACHS USD 50,481 0.54

672 GOOGLE USD 213,204 2.30

8,300 HANSEN NATURAL USD 212,815 2.29

9,748 INTEL USD 158,292 1.70

2,248 JOHNSON & JOHNSON USD 115,244 1.24

11,204 JUNIPER NETWORKS USD 152,836 1.65

2,204 KERYX BIOPHARMACEUTICALS USD 20,583 0.22

6,931 L-1 IDENTITY SOLUTIONS USD 71,403 0.77

5,000 LIBERTY GLOBAL -A- USD 101,599 1.09

1,300 LIFE TIME FITNESS USD 47,505 0.51

1,167 MEMC ELECTRONIC MATERIALS USD 33,746 0.36

2,119 MGP INGREDIENTS USD 35,580 0.38

7,314 MICROSOFT USD 157,799 1.70

6,000 MOSAIC USD 80,047 0.86

2,218 MOTOROLA USD 43,773 0.47

1,273 NAVTEQ USD 26,239 0.28

3,804 NEWS CORP -A- WI USD 59,008 0.64

1,490 NUTRISYSTEM USD 73,268 0.79

3,088 OCCIDENTAL PETROLEUM USD 117,279 1.26

1,646 PALL USD 40,034 0.43

1,847 PEPSICO USD 95,153 1.02

1,869 PROCTER & GAMBLE USD 91,447 0.98

4,000 SAVVIS USD 89,994 0.97

2,435 SPRINT NEXTEL USD 32,966 0.36

1,638 STARBUCKS USD 44,029 0.47

1,700 STARWOOD HOTELS & RESORTS USD 76,750 0.83

3,053 TELIK USD 42,876 0.46

1,110 TEXTRON USD 76,673 0.83

13,000 TIME WARNER USD 187,085 2.01

2,136 VERTEX PHARMACEUTICALS USD 56,741 0.61

2,500 VIACOM -B- USD 73,377 0.79

1,700 WHOLE FOODS MARKET USD 79,756 0.86

2,374 WYETH USD 95,279 1.03

4,820,052 51.88

9,026,983 97.19



AND FINANCIAL


GLOBAL GROWTH




5,200 CONSUMER DISCRETIONARY SELT USD 143,387 1.54

143,387 1.54

143,387 1.54

TOTAL 9,170,370 98.73



AND FINANCIAL





Shares

426,526 ANZ BANKING GROUP AUD 6,749,036 0.92

810,614 COCA-COLA AMATIL AUD 3,194,703 0.43

2,001,311 FOSTER'S GROUP AUD 7,592,603 1.03

302,621 PUBLISHING & BROADCASTING AUD 3,323,037 0.45

388,430 ST. GEORGE BANK AUD 6,919,660 0.94

807,588 STOCKLAND TRUST GROUP AUD 3,520,560 0.48

391,110 SUNCORP METWAY AUD 5,055,054 0.69

375,225 TABCORP HOLDINGS AUD 3,454,944 0.47

363,911 WESFARMERS AUD 7,488,313 1.02

649,411 WESTFIELD GROUP AUD 7,199,950 0.98

54,497,860 7.41

256,153 BELGACOM EUR 7,874,143 1.07

244,222 FORTIS EUR 7,817,546 1.06

15,691,689 2.13

172,227 COMPANHIA SIDERURGICA USD 3,865,335 0.52NACIONAL (ADR)



19,012,937 2.58

486,911 BCE CAD 10,446,235 1.42

143,027 BELL ALIANT REGIONAL COMM CAD 3,537,091 0.48INCOME FD

188,195 CAN.IMPERIAL BK.OF COMMERCE CAD 11,219,125 1.52

290,459 FORDING CANADIAN COAL TRUST USD 6,083,187 0.83

379,156 PRECISION DRILLING TRUST CAD 9,210,278 1.25

349,113 TRANSCANADA CAD 8,683,051 1.18

49,178,967 6.68


73,543 EON EUR 6,874,800 0.93

13,660,144 1.85

218,195 DANSKE BANK DKK 6,766,247 0.92

6,766,247 0.92



Shares



240,619 VIVENDI EUR 6,840,798 0.93

21,276,655 2.89

731,975 BARCLAYS GBP 7,274,956 0.99

908,018 BBA GROUP GBP 3,564,990 0.48

501,701 DIAGEO GBP 6,980,091 0.95

2,382,231 DSG INTERNATIONAL GBP 7,693,115 1.04


470,639 GUS GBP 6,704,081 0.91



861,790 LLOYDS TSB GBP 6,855,942 0.93

381,421 PROVIDENT FINANCIAL GBP 3,518,084 0.48



393,841 SEVERN TRENT GBP 7,758,926 1.05

89,861,943 12.19

238,658 OPAP EUR 6,324,437 0.86

6,324,437 0.86

1,451,000 CITIC PACIFIC HKD 3,527,982 0.48

763,500 CLP HOLDINGS HKD 3,650,889 0.50

8,730,000 PETROCHINA HKD 7,411,497 1.01

14,590,368 1.99


7,428,981 1.01

1,222,731 BANK HAPOALIM LTD ILS 4,560,563 0.62

4,560,563 0.62





Shares

1,478,315 BANCA INTESA EUR 7,670,977 1.04

1,207,177 ENEL EUR 8,685,639 1.18

473,632 ENI EUR 11,068,780 1.50

853,935 MEDIASET EUR 7,237,099 0.98

1,914,159 SNAM RETE GAS EUR 7,331,229 1.00



55,989,249 7.60

213,886 KT CORP (ADR) USD 3,625,129 0.49

72,752 SSANGYONG OIL KRW 3,840,936 0.52

7,466,065 1.01

298,445 ABN AMRO EUR 6,864,235 0.93

735,433 KPN (DEMAT.) EUR 7,398,456 1.00

45,815 RODAMCO EUROPE EUR 4,208,108 0.57

18,470,799 2.50

770,279 DNB NOK 7,453,260 1.01

7,453,260 1.01

1,747,889 TELECOM CORP OF NEW ZEALAND NZD 3,918,832 0.53

3,918,832 0.53

410,151 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 3,584,720 0.49


10,552,433 1.44

94,956 SCANIA AB-B SEK 4,469,841 0.61


188,744 VOLVO AB -B- SEK 8,874,536 1.21

20,810,175 2.83

871,000 UNITED OVERSEAS BANK SGD 7,064,915 0.96

7,064,915 0.96



Shares

1,382,400 ADVANCED INFO SERVICE THB 2,613,189 0.35

533,950 SIAM CEMENT PUBLIC (FRG REG) THB 2,871,012 0.39

5,484,201 0.74

112,902 AGL RESOURCES USD 3,253,144 0.44

169,632 ALTRIA GROUP USD 10,250,902 1.39

169,153 AMEREN USD 7,049,210 0.96

255,603 AMERICAN CAPITAL STRATEGIES USD 7,964,200 1.08

160,235 ARTHUR J GALLAGHER & CO USD 3,373,568 0.46

298,589 AT&T USD 7,674,804 1.04


345,988 BRISTOL MYERS SQUIBB USD 6,806,411 0.92

264,252 CITIGROUP USD 10,361,474 1.41

661,990 CITIZENS COMMUNICATIONS USD 7,337,154 1.00

368,941 CONAGRA FOODS USD 7,129,801 0.97

190,831 CONSOLIDATED EDISON USD 6,959,852 0.95

82,570 DEVELOPERS DIVERSIFIED REALITY USD 3,634,579 0.49

213,373 DU PONT DE NEMOURS USD 7,216,025 0.98

290,151 DUKE ENERGY USD 6,917,356 0.94

95,890 DUKE REALTY USD 2,827,307 0.38

183,988 ENERGY EAST CORP USD 3,445,191 0.47

221,995 FIRST HORIZON NATIONAL USD 6,661,164 0.90

61,021 HANESBRANDS USD 1,084,336 0.15

80,796 HOSPITALITY PROPERTIES USD 3,010,516 0.41

93,709 ISTAR FINANCIAL USD 3,084,796 0.42

245,518 KEYCORP USD 7,256,518 0.99

83,497 KINDER MORGAN USD 6,911,119 0.94

111,225 KINDER MORGAN ENERGY PARTNERS USD 3,852,815 0.52

76,360 LIBERTY PROPERTY TRUST USD 2,880,793 0.39

229,576 MERCK USD 7,593,633 1.03

207,831 NISOURCE USD 3,566,802 0.48

182,261 ONEOK USD 5,437,255 0.74

350,302 PFIZER USD 7,842,561 1.06

152,530 PUBLIC SERVICE ENTERPRISE GROUP USD 7,367,918 1.00

111,491 RAYONIER USD 3,326,907 0.45

145,074 REYNOLDS AMERICAN USD 7,097,088 0.96

329,555 SARA LEE USD 4,180,737 0.57

264,601 SOUTHERN USD 7,198,066 0.98

153,560 THORNBURG MORTGAGE USD 3,087,565 0.42

160,914 UNITED DOMINION REALTY TRUST USD 3,836,276 0.52

266,050 US BANCORP USD 6,977,052 0.95

279,212 UST USD 12,085,411 1.64

107,915 VENTAS USD 3,283,240 0.45


242,090,910 32.87

736,572 EDGARS CONSOLIDATED STORES ZAR 2,245,578 0.30

407,086 STANDARD BANK GROUP ZAR 3,218,943 0.44

345,404 TELKOM SA ZAR 4,721,079 0.64

10,185,600 1.38

692,337,230 94.00


AND FINANCIAL




AND FINANCIAL





Warrants & Rights

2,900,540 FORMOSA CHEMICALS (WT 2010) USD 3,389,864 0.46

3,389,864 0.46

5,874,000 MORGAN STANLEY MEGA FIN USD 3,287,678 0.45(WT 26/01/2007)

3,287,678 0.45

3,736,000 CITIGROUP LITE-ON-TECHNOLOGY USD 3,624,665 0.49(WT 2010)

3,624,665 0.49

10,302,207 1.40


115,721 ENERPLUS RESOURCES FUND USD 4,594,126 0.62

4,594,126 0.62

4,594,126 0.62

TOTAL 707,233,563 96.02



AND FINANCIAL


GLOBAL REAL ESTATE



Shares

9,500 CONWERT IMMOBILIEN INVEST EUR 151,050 0.58

151,050 0.58

43,000 CENTRO PROPERTIES GROUP AUD 203,918 0.78

130,400 DB RREEF TRUST AUD 122,910 0.47

156,200 GENERAL PROPERTY GROUP AUD 432,483 1.66

182,600 INVESTA PROPERTY AUD 264,622 1.02

108,400 MACQUARIE COUNTRYWIDE TRUST AUD 127,717 0.49

92,900 MACQUARIE GOODMAN AUD 356,824 1.37

45,800 MIRVAC GROUP AUD 127,889 0.49

28,800 STOCKLAND TRUST GROUP AUD 125,549 0.48

84,000 WESTFIELD GROUP AUD 931,299 3.58

2,693,211 10.34

6,800 CALLOWAY REAL ESTATE CAD 131,212 0.50INVESTEMENT TRUST

4,400 DUNDEE REAL ESTATE INV. TRUST CAD 107,661 0.41

15,300 RIOCAN REAL ESTATE CAD 259,935 1.00

10,900 SUNRISE SENIOR LIVING REAL ESTATE CAD 79,055 0.30

577,863 2.21

68,900 GUANGZHOU R&F PROPERTIES -H- HKD 76,642 0.29

76,642 0.29

1,500 DEUTSCHE WOHNEN EUR 69,750 0.27

2,500 DEUTSCHE WOHNEN EUR 119,500 0.46

100 DIC ASSET EUR 2,825 0.01

1,900 IVG HOLDING EUR 54,226 0.21

3,600 PATRIZIA IMMOBILIEN EUR 75,888 0.29

322,189 1.24

14,200 SPONDA EUR 126,380 0.49

126,380 0.49

3,200 KLEPIERRE EUR 377,920 1.45

1,600 STE DE LA TOUR EIFFEL EUR 200,000 0.77

2,480 UNIBAIL EUR 410,936 1.58

988,856 3.80



Shares

35,300 BRITISH LAND GBP 710,008 2.73

9,900 CAPITAL & REGIONAL GBP 173,139 0.67

9,600 DERWENT VALLEY GBP 258,350 0.99

20,300 HAMMERSON GBP 392,739 1.51

27,100 LAND SECURITIES GBP 786,445 3.02

3,000 LIBERTY INTL GBP 54,192 0.21

18,800 SLOUGH ESTATES GBP 184,354 0.71

2,559,227 9.84

7,200 ATLAS ESTATES GBP 32,541 0.13

1,100 MAPELEY GBP 54,874 0.21

87,415 0.34

310,400 CHAMPION REIT HKD 122,012 0.47

34,300 CHEUNG KONG HKD 290,675 1.12

35,700 HANG LUNG GROUP HKD 72,515 0.28

94,600 HONG KONG LAND HOLDINGS USD 289,756 1.11

45,900 HYSAN DEVELOPMENT HKD 92,909 0.36

59,000 KERRY PROPERTIES HKD 170,351 0.65

64,000 SUN HUNG KAI PROPERTIES HKD 551,445 2.12

91,800 THE LINK REAL ESTATE HKD 150,849 0.58INVESTMENT TRUST

1,740,512 6.69

61,400 BENI STABILI EUR 54,044 0.21

54,044 0.21

21 JAPAN LOGISTICS FUND JPY 122,440 0.47

16 JAPAN RETAIL FUND INVESTMENT JPY 93,074 0.36

18 KENEDIX REALTY INVESTMENT JPY 73,777 0.28

4,000 LEOPALACE21 CORP JPY 115,272 0.44

55,900 MITSUBISHI ESTATE JPY 964,316 3.71

48,000 MITSUI FUDOSAN JPY 861,734 3.31

26 OFFICE BUILDING FUND OF JAPAN INC JPY 208,614 0.80

23,400 SUMITOMO REALTY & DEVELOPMNT JPY 542,917 2.09

2,982,144 11.46

133,200 SHUI ON LAND HKD 72,195 0.28

72,195 0.28



AND FINANCIAL


GLOBAL REAL ESTATE



Shares

4,400 RODAMCO EUROPE EUR 404,140 1.55

2,030 VASTNED RETAIL EUR 131,341 0.50

535,481 2.05

26,500 CASTELLUM SEK 235,498 0.90

235,498 0.90

74,000 CAPITACOMMERCIAL TRUST SGD 81,381 0.31

103,000 CAPITALAND SGD 258,839 0.99

11,000 CAPITAMALL SGD 13,794 0.05

91,900 CAPITAMALL TRUST SGD 116,158 0.45

25,000 CITY DEVELOPMENT SGD 133,114 0.51

603,286 2.31

5,900 AMB PROPERTY CORP USD 256,680 0.99

13,900 ARCHSTONE-SMITH TRUST USD 597,368 2.30

4,800 AVALONBAY COMMUNITIES USD 456,223 1.75

6,200 BIOMED REALTY TRUST USD 148,497 0.57

6,600 BOSTON PROPERTIES USD 538,420 2.07

5,900 BRE PROPERTIES- CL A USD 278,198 1.07

4,700 CAMDEN PROPERTY TRUST USD 282,019 1.08

5,800 CORPORATE OFFICE PROPERTIES TRUST USD 204,940 0.79

5,700 DEVELOPERS DIVERSIFIED REALITY USD 250,903 0.96

16,300 EQUITY OFFICE PROPERTIES TRUST USD 511,615 1.97

14,600 EQUITY RESIDENTIAL USD 582,963 2.24

7,400 EXTRA SPACE STORAGE USD 101,120 0.39

5,500 FEDERAL REALTY INV TRUST USD 322,597 1.24

6,300 FELCOR LODGING TRUST USD 99,716 0.38

6,200 GENERAL GROWTH PROPERTIES USD 233,219 0.90

6,800 HIGHWOODS PROPERTIES USD 199,746 0.77

30,100 HOST HOTELS & RESORTS USD 544,853 2.09

3,900 KILROY REALTY USD 231,953 0.89

3,068 KIMCO REALTY USD 103,829 0.40

5,500 LIBERTY PROPERTY TRUST USD 207,496 0.80

7,300 MACERICH USD 440,046 1.69

7,500 MAGUIRE PROPERTIES USD 241,208 0.93

4,900 NATIONWIDE HEALTH PROPERTIES USD 103,435 0.40

13,100 OMEGA HEALTCHCARE INVESTORS USD 155,225 0.60

6,000 POST PROPERTIES USD 225,080 0.86

12,000 PROLOGIS USD 540,533 2.08

6,420 PUBLIC STORAGE USD 435,805 1.67

3,700 RECKSON ASSOC. REALITY USD 125,013 0.48

4,700 REGENCY CENTERS USD 255,119 0.98

10,400 SIMON PROPERTY USD 743,989 2.86

4,400 SL GREEN REALTY CORP USD 387,985 1.49

1,700 STARWOOD HOTELS & RESORTS USD 76,750 0.29



Shares

11,500 STRATEGIC HOTELS& RESORTS USD 180,477 0.69

5,600 SUNSTONE HOTEL INVESTORS USD 131,385 0.50

3,800 TAUBMAN CENTERS USD 133,251 0.51

8,600 UNITED DOMINION REALTY TRUST USD 205,029 0.79

1,400 U-STORE-IT USD 23,717 0.09

7,600 VENTAS USD 231,225 0.89

5,300 VORNADO REALTY TRUST USD 456,049 1.75

4,800 WASHINGTON REAL ESTATE USD 150,811 0.58

11,394,488 43.78

25,200,480 96.81


9,100 PROLOGIS EUROPEAN PROPERTIES EUR 133,770 0.51FUND -A-

133,770 0.51

133,770 0.51



68,500 DEVELICA DEUTSCHLAND EUR 67,815 0.26

67,815 0.26

67,815 0.26

TOTAL 25,402,065 97.58



AND FINANCIAL



GREATER CHINA



Shares

3,259,920 GOLDSUN DEVELOPMENT TWD 1,309,976 0.99& CONSTRUCTION

4,950,000 PACIFIC CENTURY PREMIUM DEV HKD 1,365,785 1.03

2,675,761 2.02

1,900,000 CNOOC LTD HKD 1,580,037 1.20

4,466,000 PETROCHINA HKD 4,802,875 3.63

6,382,912 4.83

2,258,790 NAN YA PLASTIC TWD 3,159,816 2.39

3,159,816 2.39

85,000 CATCHER TECHNOLOGY TWD 729,360 0.55

3,292,000 CHUNG HSIN ELECTRIC TWD 1,879,864 1.42& MACHINERY

492,000 FOXCONN INTERNATIONAL HKD 1,515,357 1.15

328,050 FOXCONN TECHNOLOGY TWD 2,953,665 2.23

313,210 MEDIATEK TWD 2,971,462 2.25

21,400 ACER TWD 36,273 0.03

2,188,000 AU OPTRONICS TWD 3,097,147 2.34

832,635 HON HAI PRECISION INDUSTRY TWD 5,069,144 3.84

97,680 POWERTECH TECHNOLOGY TWD 275,059 0.21

988,300 QUANTA STORAGE TWD 1,370,586 1.04

1,450,236 SILICONWARE PRECISION TWD 1,728,584 1.31INDUSTRIES


3,916,422 UNITED MICROELECTRONICS TWD 2,195,019 1.66

33,358,857 25.25

75,120 HIGH TECH COMPUTER TWD 1,988,221 1.50

1,130,695 LITE-ON TECHNOLOGY TWD 1,395,540 1.06

3,383,761 2.56

180,000 HUAKU CONSTRUCTION TWD 368,729 0.28

368,729 0.28



Shares

1,534,000 BEIJING CAPITAL LAND HKD 594,526 0.45

604,000 CHEUNG KONG HKD 6,483,977 4.91

6,086,000 CHINA OVERSEAS LAND HKD 4,694,020 3.55& INVESTMENT

1,871,200 GUANGZHOU R&F PROPERTIES -H- HKD 2,636,702 1.99

1,115,000 HANG LUNG GROUP HKD 2,868,982 2.17

2,028,000 MIDLAND HKD 957,755 0.72

952,000 SINO LAND HKD 1,685,988 1.28

256,000 SUN HUNG KAI PROPERTIES HKD 2,794,170 2.11

22,716,120 17.18

25,100 MINDRAY MEDICAL (ADR) USD 418,919 0.32

418,919 0.32

268,000 ESPRIT HOLDINGS HKD 2,443,641 1.85

1,911,858 FAR EASTERN TEXTILE TWD 1,418,117 1.07

1,094,400 SINKONG SPINNING TWD 748,944 0.57

4,610,702 3.49

227,000 BEIJING JINGKELONG HKD 157,019 0.12

157,019 0.12

527,000 LI & FUNG HKD 1,309,346 0.99

1,309,346 0.99

1,094,600 BANK OF EAST ASIA HKD 4,993,828 3.78

860,000 BOC HONG KONG HKD 1,931,413 1.46

3,699,000 CHINA CONSTRUCTION BANK HKD 1,599,752 1.21

928,000 CHINA MERCHANTS BANK -H- HKD 1,307,642 0.99

750,500 HONG KONG EXCHANGES HKD 5,475,449 4.14ANFD CLEARING

15,308,084 11.58


AND FINANCIAL



GREATER CHINA



Shares

1,515,918 CATHAY FINANCIAL TWD 3,036,647 2.30

873,000 E.SUN FINANCIAL TWD 523,576 0.40

7,162,000 GUANGZHOU INVESTMENT HKD 1,406,256 1.06

1,550,000 MEGA FINANCIAL TWD 1,098,195 0.83

2,652,105 SHIN KONG FINANCIAL TWD 2,439,961 1.85

188,000 SWIRE PACIFIC -A- HKD 1,963,907 1.49

10,468,542 7.93

3,396,000 CHINA LIFE INSURANCE HKD 6,641,883 5.03

6,641,883 5.03

3,876,000 CHINA SHIPPING DEVELOPMENT HKD 3,700,797 2.80

767,603 MTR HKD 1,926,833 1.46

5,627,630 4.26

800,000 HONG KONG & CHINA GAS HKD 1,874,689 1.42

1,874,689 1.42

740,500 CHINA NETCOM GROUP HKD 1,328,528 1.01

625,500 CHINE MOBILE HKD 4,418,992 3.34

8,660 CHUNGHWA TELECOM TWD 14,365 0.01

5,761,885 4.36

1,118,000 CHINA RESOURCES ENTERPRISE HKD 2,421,881 1.83

2,421,881 1.83

126,646,536 95.84



Warrants & Rights

823,500 CHINA OVERSEAS LAND HKD 177,546 0.13& INVT (WT 18/07/2007)

177,546 0.13

177,546 0.13


Warrants & Rights

2,468,609 MERRILL CHINA MERCHANT B USD 3,103,042 2.35(WT 19/01/2009)

3,103,042 2.35

3,103,042 2.35

TOTAL 129,927,124 98.32


AND FINANCIAL



HEALTH CARE



Shares

19,000 CSL AUD 766,072 0.32

766,072 0.32


1,114,740 0.46

369,700 NOVARTIS (NOM.) CHF 21,522,349 8.89


34,212,035 14.13

8,000 CELESIO EUR 416,609 0.17

19,000 FRESENIUS EUR 3,322,622 1.37


49,000 MERCK KGAA EUR 5,190,356 2.14

10,227,246 4.22


11,293,583 4.66


461,000 RENOVO GBP 1,265,854 0.52

938,000 SKYEPHARMA GBP 429,274 0.18

12,320,028 5.09

44,220 ASTELLAS PHARMA JPY 1,779,062 0.73

45,400 CHUGAI PHARMACEUTICAL JPY 976,716 0.40

77,621 DAIICHI SANKYO JPY 2,202,434 0.91

25,000 EISAI JPY 1,209,080 0.50

100 KYOWA HAKKO KOGYO JPY 705 0.00

30,400 OLYMPUS JPY 896,049 0.37

38,300 SHIONOGI JPY 703,943 0.29

600 TAISHO PHARMACEUTICAL JPY 11,511 0.00

95,900 TAKEDA PHARMACEUTICAL JPY 5,986,388 2.47

21,000 TANABE SEIYAKU JPY 263,245 0.11

17,700 TERUMO JPY 671,630 0.28

14,700,763 6.06



Shares

153,800 ABBOTT LABORATORIES USD 7,468,525 3.08

22,000 AMERISOURCE BERGEN USD 994,400 0.41

127,000 AMGEN USD 9,084,310 3.75

10,000 AMYLIN PHARMACEUTICALS USD 440,700 0.18

78,000 BAXTER INTERNATIONAL USD 3,545,880 1.46

33,000 BIOGEN IDEC USD 1,474,440 0.61

50,000 BOSTON SCIENTIFIC USD 739,500 0.31


75,000 CARDINAL HEALTH USD 4,930,500 2.04

93,700 CAREMARK RX USD 5,309,979 2.19

65,000 CELGENE USD 2,814,500 1.16

12,700 CIGNA USD 1,477,264 0.61

80,000 COMMUNITY HEALTH SYSTEMS USD 2,988,000 1.23

20,000 CONOR MEDSYSTEMS USD 471,400 0.19

24,000 COVENTRY HEALTH CARE USD 1,236,480 0.51

50,000 CYTYC USD 1,224,000 0.51

167,700 ELI LILLY USD 9,558,900 3.95

45,000 GENENTECH USD 3,721,500 1.54

37,000 HEALTH NET USD 1,610,240 0.66

326,500 JOHNSON & JOHNSON USD 21,202,910 8.75

34,000 MCKESSON CORP USD 1,792,480 0.74

45,000 MEDCO HEALTH SOLUTIONS USD 2,704,950 1.12

26,000 MEDIMMUNE USD 759,460 0.31

180,000 MEDTRONIC USD 8,359,200 3.45

256,000 MERCK USD 10,726,400 4.43

524,000 NAPO PHARMACEUTICALS GBP 934,760 0.39

20,000 PDL BIOPHARMA USD 384,000 0.16

738,800 PFIZER USD 20,952,368 8.65

159,000 UNITEDHEALTH USD 7,822,800 3.23

80,900 WELLPOINT USD 6,233,345 2.57

221,600 WYETH USD 11,266,144 4.65

156,896,851 64.77

241,531,318 99.71

TOTAL 241,531,318 99.71

INDUSTRIALS



Shares

76,780 EMBRAER AIRCRAFT (ADR) USD 2,380,225 2.14

2,380,225 2.14

99,877 CANADIAN NATIONAL RAILWAY CAD 3,303,909 2.98

3,303,909 2.98

301,095 ABB (NOM.) CHF 3,118,142 2.81

24,907 ADECCO CHF 1,183,061 1.07

4,301,203 3.88

47,462 DEMAG CRANES EUR 1,281,474 1.15


48,032 HEIDELBERGER DRUCKMASCHINEN EUR 1,561,520 1.41

70,529 MTU AERO ENGINES EUR 2,078,490 1.87

85,361 SIEMENS EUR 5,872,837 5.29

13,720,783 12.36

102,291 METSO EUR 2,968,485 2.67

2,968,485 2.67

29,551 SAINT-GOBAIN EUR 1,690,317 1.52

47,840 SCHNEIDER EUR 4,207,528 3.79

42,552 VINCI EUR 3,736,066 3.37

9,633,911 8.68

180,254 MICHAEL PAGE GBP 1,022,675 0.92

57,283 WOLSELEY GBP 951,127 0.86

1,973,802 1.78

134,422 RYANAIR EUR 1,134,522 1.02

1,134,522 1.02



Shares

88,182 ITALCEMENTI EUR 1,760,995 1.59

1,760,995 1.59

175,000 CHIYODA JPY 2,702,949 2.43

617 EAST JAPAN RAILWAY JPY 3,407,635 3.07

437,000 ITOCHU JPY 2,673,563 2.41

59,900 KINTETSU WORLS EXPRESS JPY 1,091,393 0.98

59,700 MIURA JPY 1,137,646 1.02

286,000 NISSIN ELECTRIC JPY 875,829 0.79

74,300 TOYOTA TSUSHO JPY 1,545,031 1.39

13,434,046 12.09

115,062 EADS EUR 2,609,606 2.35

62,056 TNT EUR 1,856,095 1.67

4,465,701 4.02

195,913 ATLAS COPCO -B- SEK 3,872,466 3.49

3,872,466 3.49

73,173 AMERICAN STANDARD USD 2,424,370 2.18

64,850 EATON USD 3,524,707 3.18

78,753 EMERSON ELECTRIC USD 5,213,520 4.70

34,515 GENERAL DYNAMICS USD 1,952,785 1.76

264,749 GENERAL ELECTRIC USD 7,377,651 6.65

68,142 GOODRICH USD 2,179,683 1.96

177,475 HONEYWELL USD 5,730,197 5.16

85,852 ITT USD 3,474,744 3.13

57,819 REALOGY USD 1,035,196 0.93

49,410 ROPER INDUSTRIES USD 1,745,098 1.57

76,204 TEREX USD 2,720,304 2.45

71,743 UNITED PARCEL USD 4,074,357 3.67

162,926 WASTE MANAGEMENT USD 4,717,684 4.25

45,524 WYNDHAM WORLDWIDE USD 1,005,176 0.91

47,175,472 42.50

110,125,520 99.20

TOTAL 110,125,520 99.20


AND FINANCIAL




AND FINANCIAL


JAPAN

Quantity/Nominal Currency Valuation in JPY % NAV


Shares

1,196,000 NISSHIN STEEL CO JPY 418,600,000 0.76

1,656,000 SUMITOMO METAL INDUSTRIES JPY 750,168,000 1.36

1,168,768,000 2.12

918,000 MITSUBISHI MATERIAL JPY 447,066,000 0.81

447,066,000 0.81

1,087,000 HASEKO JPY 442,409,000 0.80

272,000 JGC CORPORATION JPY 536,928,000 0.98

550,000 SHIMIZU CORP JPY 371,250,000 0.67

1,350,587,000 2.45

160,200 JSR JPY 416,520,000 0.76

374,000 MITSUBISHI GAS CHEMICAL JPY 479,842,000 0.87

763,000 SUMITOMO CHEMICAL JPY 672,966,000 1.22

1,442,000 UBE INDUSTRIES JPY 483,070,000 0.88

2,052,398,000 3.73

74,300 FANUC JPY 685,046,000 1.24

411,000 FUJIKURA JPY 531,423,000 0.97

71,600 NITTO DENKO JPY 501,200,000 0.91

253,300 CANON JPY 1,560,328,000 2.83

33,700 HIROSE ELECTRIC JPY 527,405,000 0.96

170,900 HOYA JPY 760,505,000 1.38

506,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 1,265,000,000 2.30

88,100 MURATA MANUFACTURING JPY 720,658,000 1.31

66,200 NIDEC JPY 588,518,000 1.07

272,000 NIKON JPY 663,680,000 1.21

176,300 OMRON JPY 512,151,500 0.93

181,100 SHINKO ELECTRIC INDUSTRIES JPY 595,819,000 1.08

85,400 SONY JPY 408,212,000 0.74

67,300 TDK JPY 636,658,000 1.16

92,900 TOKYO ELECTRON JPY 811,017,000 1.47

65,700 TOKYO SEIMITSU JPY 407,340,000 0.74

11,174,960,500 20.30

141,000 TOYO INFORMATION SYSTEM JPY 392,685,000 0.71

392,685,000 0.71



Shares

1,122,000 TOSHIBA JPY 859,451,992 1.56

859,451,992 1.56

181,200 HITACHI CONSTRUCTION MACHINE JPY 478,368,000 0.87

561,000 NSK JPY 559,317,000 1.02

173,100 THK JPY 482,949,000 0.88

1,520,634,000 2.77

159,200 AISIN SEIKI JPY 549,240,000 1.00

384,600 HONDA MOTOR JPY 1,526,862,000 2.77

1,271,000 ISUZU MOTORS JPY 491,877,000 0.89

133,500 NOK JPY 389,152,500 0.71

548,600 TOYOTA MOTOR JPY 3,522,012,000 6.40

6,479,143,500 11.77

427,000 SUMITOMO RUBBER INDUSTRIES JPY 555,100,000 1.01

555,100,000 1.01

234,000 SUMITOMO REALTY & DEVELOPMNT JPY 811,980,000 1.47

811,980,000 1.47

1,817 JAPAN TOBACCO JPY 834,003,000 1.51

834,003,000 1.51

175,200 ASTELLAS PHARMA JPY 832,200,000 1.51

240,400 CHUGAI PHARMACEUTICAL JPY 610,616,000 1.11

83,100 TAKEDA PHARMACEUTICAL JPY 612,447,000 1.11

136,000 TSUMURA JPY 371,280,000 0.67

2,426,543,000 4.40

137,800 DON QUIJOTE JPY 344,500,000 0.63

245,200 ISETAN JPY 488,683,600 0.89

320,000 TAKASHIMAYA JPY 480,000,000 0.87

1,313,183,600 2.39


JAPAN



Shares

406,000 MITSUBISHI JPY 901,320,000 1.64

571,000 MITSUI & CO JPY 857,642,000 1.56

475,000 SUMITOMO CORP JPY 699,675,000 1.27

2,458,637,000 4.47

598,000 BANK OF FUKUOKA JPY 518,466,000 0.94

576,000 DAIWA SECURITIES JPY 793,728,000 1.44

1,677 MITSUBISHI TOKYO FINANCIAL JPY 2,549,222,400 4.63

26,450 ORIX JPY 863,592,500 1.57

18,380 SFCG CO JPY 411,895,800 0.75

633,000 SUMITOMO TRUST & BANKING JPY 782,388,000 1.42

5,919,292,700 10.75

908,000 HOKUHOKU FINANCIAL GROUP JPY 404,060,000 0.73

576 INPEX JPY 540,288,000 0.98

1,309 KABU.COM JPY 278,817,000 0.51

371,500 KONICA JPY 587,713,000 1.07

2,025 MIZUHO FINANCIAL JPY 1,854,900,000 3.37

588,000 NIPPON MINING JPY 490,980,000 0.89

235,100 SEVEN & I HOLDING JPY 893,380,000 1.62

1,335 SUMITOMO MITSUI FINANCIAL JPY 1,655,400,000 3.01

6,705,538,000 12.18

529,000 AIOI INSURANCE JPY 430,077,000 0.78

430,077,000 0.78

1,138 EAST JAPAN RAILWAY JPY 939,988,000 1.71

791,000 KAWASAKI KISEN KAISHA JPY 590,086,000 1.07

716,000 NIPPON EXPRESS JPY 453,228,000 0.82

737,000 TOKYU CORPORATION JPY 598,444,000 1.09

2,581,746,000 4.69

60 ELECTRIC POWER DEVELOPMENT JPY 252,600 0.00

163,400 HOKURIKU ELECTRIC POWER JPY 403,598,000 0.73

1,122,000 TOKYO GAS JPY 664,224,000 1.21

1,068,074,600 1.94



Shares

1,656 NIPPON TELEGRAPH & TELEPHONE JPY 960,480,000 1.74

960,480,000 1.74

112,700 RESORTTRUST JPY 388,815,000 0.71

388,815,000 0.71

236,100 AMANO JPY 357,455,400 0.65

940 KENNEDIX JPY 619,460,000 1.13

976,915,400 1.78

52,876,079,292 96.04

TOTAL 52,876,079,292 96.04


AND FINANCIAL




AND FINANCIAL


JAPAN



Quantity/Nominal Currency Commitments in JPY

Forward Contracts

Stock indices

112 JPYTOPIX INDEX (TOKYO) 12/2006 1,808,800,000

1,808,800,000




Shares

77 ASAHI INDUSTRIES JPY 20,867,000 0.35

13,500 OSAKA STEEL JPY 27,270,000 0.45

32,000 TOKYO TEKKO JPY 30,976,000 0.51

79,113,000 1.31

36,100 AHRESTY CORP JPY 120,213,000 1.99

61,000 ALINCO JPY 35,380,000 0.59

37,000 MARUZEN JPY 25,493,000 0.42

149 NIHON CERATEC JPY 46,041,000 0.76

227,127,000 3.76

62,800 JAPAN WAVELOCK JPY 50,491,200 0.84

32,300 KONDOTEC JPY 31,589,400 0.52

95,700 MEIHO FACILITY WORKS JPY 20,958,300 0.35

800 NAGAWA JPY 1,352,800 0.02

30,100 NIKKATO JPY 26,337,500 0.44

21,600 NIPPON KUCHO SERVICE JPY 25,272,000 0.42

156,001,200 2.59

108,000 SHINKO PLANTECH JPY 87,156,000 1.44

244,000 TOA OIL JPY 44,896,000 0.74

132,052,000 2.18

72,000 FUJIKURA KASEI JPY 80,136,000 1.33

13,400 FUSO CHEMICAL JPY 54,404,000 0.90

51,000 HONSHU CHEMICAL INDUSTRY JPY 67,626,000 1.12

33,700 MEC JPY 56,177,900 0.93

4,800 MIRAIAL JPY 59,952,000 0.99

8,000 N E CHEMCAT JPY 24,560,000 0.41

81,000 NIHON KAGAKU SANGYO JPY 67,635,000 1.12

11,100 SHIBAURA ELECTRONICS JPY 26,085,000 0.43

24,000 SODA AROMATIC JPY 25,248,000 0.42

61,000 SOMAR JPY 27,328,000 0.45

17,100 STELLA CHEMIFA JPY 71,649,000 1.19

13,300 TOCALO JPY 52,003,000 0.86

128,000 UBE MATERIAL INDUSTRIES JPY 44,416,000 0.73

657,219,900 10.88



Shares

19,400 AOI ELECTRONICS JPY 49,955,000 0.83

12,700 ATECT JPY 19,672,300 0.33

15,700 NICHIDEN JPY 48,827,000 0.81

19,100 SENSHU ELECTRIC JPY 55,581,000 0.92

12,400 SIIX CORP JPY 20,311,200 0.34

16,300 GL SCIENCES JPY 38,794,000 0.64

50 HIOKI E E JPY 190,000 0.00

27,000 KOMATSU ELECTRONICS METALS JPY 126,090,000 2.09

23,800 LASERTEC JPY 76,874,000 1.27

11 TOKYO SEIMITSU JPY 68,200 0.00

436,362,700 7.23

81,000 CROSS CAT JPY 24,300,000 0.40

14,500 ND SOFTWARE JPY 65,250,000 1.08

18,500 PCA JPY 39,682,500 0.66

129,232,500 2.14

17,000 LEADER ELECTRONICS JPY 26,690,000 0.44

16,212 NIHON DENKEI JPY 26,263,440 0.43

52,953,440 0.87

25,100 A&D JPY 58,483,000 0.97

23,000 ASTI JPY 44,965,000 0.74

54,000 FUJI OOZX JPY 31,968,000 0.53

68,000 HOKUETSU INDUSTRIES JPY 25,772,000 0.43

10,800 MODEC JPY 26,460,000 0.44

1,000 MYOTOKU JPY 400,000 0.01

26,000 NIPPON STEEL DRUM JPY 20,098,000 0.33

29,000 ODAWARA ENGINEERING JPY 21,054,000 0.35

8,100 OHARA JPY 53,379,000 0.88

52,000 OKANO VALUE MFG JPY 29,120,000 0.48

2,200 PEGASUS SEWING MACHINE MFG JPY 2,028,400 0.03

111,900 SODICK CO JPY 101,381,400 1.68

103 SODICK PLUSTECH CO JPY 28,840,000 0.48

13,500 TAKEUCHI MFG JPY 74,115,000 1.23

77,000 TSUGAMI JPY 51,975,000 0.86

570,038,800 9.44


AND FINANCIAL




AND FINANCIAL





Shares

107,800 FUJI UNIVANCE JPY 65,219,000 1.08

2,690 GULLIVER INTERNATIONAL JPY 28,648,500 0.47

45,000 KANEMITSU JPY 56,250,000 0.93

26,000 KIKUCHI CO JPY 83,200,000 1.38

87,000 MIKUNI CORP JPY 36,279,000 0.60

21,100 MUSASHI SEIMITSU INDUSTRY JPY 64,566,000 1.07

84,000 NIPPON SEIKI JPY 217,140,000 3.59

10,700 PIOLAX JPY 23,433,000 0.39

34,000 SUNCALL JPY 27,200,000 0.45

56,300 UNIPRES JPY 54,273,200 0.90

656,208,700 10.86

17,700 CREATE MEDIC JPY 23,010,000 0.38

23,010,000 0.38

31,600 ARNEST ONE JPY 54,857,600 0.91

622 C'S CREATE JPY 46,152,400 0.76

66,800 FUJI CORP JPY 43,553,600 0.72

138,300 J BRIDGE JPY 41,213,400 0.68

13,500 SURUGA JPY 123,525,000 2.04

25,500 YASURAGI JPY 54,697,500 0.90

363,999,500 6.01

28,000 CHUBU SHIRYO JPY 24,696,000 0.41

14,000 KIBUN FOOD CHEMIFA CO JPY 16,268,000 0.27

97,000 NIHON SHOKUHIN KAKO JPY 34,920,000 0.58

30,000 Q'SAI JPY 57,150,000 0.95

22,100 YUTAKA FOODS JPY 40,111,500 0.66

173,145,500 2.87

10,350 DENKA SEIKEN JPY 34,051,500 0.56

42,000 NIPPON CHEMIPHAR JPY 28,560,000 0.47

110 TECHNO MEDICA JPY 40,480,000 0.67

103,091,500 1.70

26,400 ASICS TRADING JPY 37,092,000 0.61

120,000 LAPINE JPY 26,880,000 0.44

21,400 NBC JPY 42,800,000 0.71

106,772,000 1.76



Shares

32,800 SIGNA KOKI JPY 49,429,600 0.82

49,429,600 0.82

36,100 ARRK JPY 55,991,100 0.93

23,000 SHOEI JPY 56,350,000 0.93

43,000 SOFT99 JPY 42,957,000 0.71

5,700 UNICHARM PETCARE JPY 27,588,000 0.46

182,886,100 3.03

21,100 TOHOKUSHINSHA FILM JPY 23,885,200 0.40

23,885,200 0.40

34,400 ASAHI PRINTING JPY 38,906,400 0.64

13,500 FP JPY 54,540,000 0.90

93,446,400 1.54

29,200 ARC LAND SAKAMOTO JPY 51,392,000 0.85

10,000 ASKUL JPY 23,100,000 0.38

259 GEO JPY 57,757,000 0.96

62,000 NAGAHORI JPY 35,960,000 0.59

13,200 SAN-A JPY 48,972,000 0.81

24,740 VALOR CO JPY 50,717,000 0.84

11,500 WORKMAN JPY 48,875,000 0.81

316,773,000 5.24

22,900 IMPACT 21 JPY 47,975,500 0.79

47,975,500 0.79

17,600 IBJ LEASING JPY 51,832,000 0.86

31,200 ICHIYOSHI SECURITIES CO JPY 49,327,200 0.82

101,159,200 1.68






Shares

8,600 MELCO JPY 29,670,000 0.49

98 MOMIJI JPY 27,538,000 0.46

68,300 SHIOMI JPY 26,568,700 0.44

83,776,700 1.39

8,900 HIS JPY 26,611,000 0.44

16,400 K.R.S. JPY 28,240,800 0.47

86,000 KINKAI KISEN JPY 36,206,000 0.60

32,200 SANRITSU JPY 33,874,400 0.56

96,000 SHINWA KAIUN KAISHA JPY 34,272,000 0.57

20,600 TRANSCOM JPY 50,264,000 0.83

209,468,200 3.47

23,850 ASAHI PRETEC JPY 64,991,250 1.08

64,991,250 1.08

51,000 HIGASHINIHON GAS JPY 28,509,000 0.47

28,509,000 0.47

12,500 IMPERIAL HOTEL JPY 59,625,000 0.99

356 MARVELOUS ENTERTAINMENT JPY 28,124,000 0.47

87,749,000 1.46

14,104 AEON FANTASY JPY 68,545,423 1.13

32,400 AJIS JPY 85,050,000 1.41

30,000 ASAHI INTELLIGENCE SERVICE JPY 37,890,000 0.63

69 BANDAI VISUAL JPY 27,117,000 0.45

31,400 DAIKO CLEARING SERVICES JPY 52,124,000 0.86

27,000 EM SYSTEMS JPY 69,660,000 1.15

23,300 GAKUJO JPY 68,036,000 1.13

24,400 NAC JPY 54,412,000 0.90

12,500 SECOM TECHNO SERVICE JPY 65,000,000 1.08

196 SHL-JAPAN JPY 49,588,000 0.82

560 TAKE AND GIVE NEEDS JPY 65,520,000 1.08

136,600 TOKYO INDIVIDUALIZED EDUCATIONAL JPY 40,980,000 0.68

683,922,427 11.32

5,840,299,313 96.67

TOTAL 5,840,299,313 96.67


AND FINANCIAL



AND FINANCIAL


LATIN AMERICA



Shares

46,600 USINAS SIDER MINAS GER-PF A BRL 1,395,217 0.89

1,395,217 0.89



856,700 GRUPO MEXICO B MXN 2,677,884 1.71

162,500 VALE RIO DOCE (CVRD) BRL 3,017,980 1.92

14,628,848 9.33


1,809,000 1.15

190,200 CEMEX SPONS (ADR) USD 5,721,216 3.65

714,300 EMPRESAS ICA SA MXN 2,571,775 1.64

8,292,991 5.29

36,100 ARACRUZ CELULOSE (ADR) USD 1,796,697 1.15

1,796,697 1.15

100,000 PERDIGAO BRL 1,021,654 0.65

1,021,654 0.65


42,100 PETROLEO BRASILEIRO (ADR) USD 3,529,243 2.25

13,056,375 8.32

45,600 EMBRAER AIRCRAFT (ADR) USD 1,790,712 1.14

1,790,712 1.14

82,300 LOCALIZA RENT A CAR BRL 1,709,696 1.09

1,709,696 1.09



Shares

303,500 CONSORCIO ARA MXN 1,484,009 0.95

471,254 CORPORACION GEO B MXN 1,982,922 1.26

3,466,931 2.21

524,300 GRUMA -B- MXN 1,602,159 1.02

1,602,159 1.02

126,900 AMBEV CIA DE BEBIDAS USD 5,758,722 3.67DAS AMERICAS (ADR)


580,200 GRUPO MODELO MXN 2,515,720 1.60

13,344,404 8.50

103,303 NATURA COSMETICS BRL 1,270,001 0.81

1,270,001 0.81

85,400 EMBOTELLADORA ANDINA -B- (ADR) USD 1,204,140 0.77

1,204,140 0.77

43,755 LOJAS RENNER BRL 2,539,456 1.62

1,469,900 WAL-MART DE MEXICO V MXN 4,999,570 3.19

7,539,026 4.81

174,400 AMERICAN BANKNOTE BRL 1,340,742 0.85

117,500 BANCO BRADESCO-SPONS (ADR) USD 3,918,625 2.50

42,700 BANCOLOMBIA (ADR) USD 1,221,220 0.78

51,757 CREDICORP USD 2,172,759 1.39

1,091,700 GF BANORTE -O- MXN 3,440,242 2.19

1 GRUPO FINANCIERO GALICIA (ADR) USD 8 0.00

83,300 UNIBANCO (GDR) USD 6,164,200 3.93

18,257,796 11.64


LATIN AMERICA



Shares

88,100 BANCO ITAU (ADR) USD 2,643,000 1.69

89,800 BRADESPAR (PREF) BRL 3,003,000 1.91

1,140,500 ITAUSA-INVESTIMENTOS ITAU-PR BRL 4,701,763 3.00

10,347,763 6.60

152,600 PORTO SEGURO BRL 3,160,263 2.01

3,160,263 2.01

52,400 MEDIA SAUDE BRL 574,448 0.37

574,448 0.37

478,000 ALL AMERICA LATINA LOGISTICA UNITS BRL 3,720,977 2.37

3,720,977 2.37

87,100 EMPRESA NAC ELEC (ADR) USD 2,639,130 1.68

107,700 ENERGIAS DO BRASIL BRL 1,379,123 0.88

195,400 ENERSIS (ADR) USD 2,579,280 1.64

99,300 TENARIS (ADR) USD 3,513,234 2.24

10,110,767 6.44

237,100 AMERICA MOVIL (SERIE L) (ADR) USD 9,334,627 5.95

474,200 AMERICA TELECOM MXN 3,209,840 2.05

15,117 BRASIL TELECOM (PREF.) BRL 54 0.00

11,165 BRASIL TELECOM PART PREF BRL 67 0.00

23,700 BRASIL TELECOM PARTICIPACOES (ADR) USD 712,422 0.45

116,480 GRUPO TELEVISA (ADR) USD 2,476,365 1.58


75,000,000 TELECOM BRASILEIRAS (PREF.) BRL 2,073 0.00

43,800 TELEMAR BRL 1,351,734 0.86

8 TELEMIG CELULAR (NON TRADABLE) BRL 4,606 0.00

31 TELEMIG CELULAR (PREF) G SHS BRL 9,995 0.01(NON TRAD)

267,400 TELMEX (ADR) USD 6,840,092 4.36

25,400 TIM PARTICIPACOES (ADR) USD 707,390 0.45

287,000 VIVO PARTICIPACOES (ADR) USD 895,440 0.57

1,082 VIVO PARTICIPACORES BRL 5,881 0.00

27,934,755 17.80



Shares

15,900 GRUPO AEROPORTUARIO DEL (ADR) USD 540,600 0.34

606,200 PROMOTORA AMBIENTAL MXN 724,768 0.46

1,576,500 RIPLEY CLP 1,489,469 0.95

2,754,837 1.75

99,100 EQUATORIAL ENERGIA BRL 728,076 0.46

225,600 LUPATECH BRL 2,374,476 1.51

3,102,552 1.97

153,892,008 98.08


30,000 ISHARES MSCI BRAZIL USD 1,157,400 0.74

1,157,400 0.74

1,157,400 0.74


Shares

150,000 MIRGOR SA ADS C ON (ADR) USD 280,309 0.18

280,309 0.18

844 ELEKTRO GERACAO BRL 0 0.00

16,347 ELEKTRO GERACAO (PREF) BRL 0 0.00

0 0.00

280,309 0.18


AND FINANCIAL




AND FINANCIAL


LATIN AMERICA



Bonds

151,200 COMP VALE RIO DOCE BRL 71 0.0097/2099 (PERP)(VAR)

71 0.00

71 0.00

Warrants & Rights

450,000 IRSA (WT 14/11/2007) USD 888,834 0.57

888,834 0.57

888,834 0.57

TOTAL 156,218,622 99.57



AND FINANCIAL



MATERIALS



Shares

542,933 BLUESCOPE STEEL AUD 2,625,442 2.70

128,890 ZINIFEX AUD 1,130,156 1.16

3,755,598 3.86

18,499 UMICORE EUR 2,734,702 2.81

2,734,702 2.81


1,888,427 1.94

62,625 ALCAN CAD 2,500,733 2.57

12,070 FIRST QUANTUM MINERALS CAD 565,174 0.58

47,930 TECK COMINCO B CAD 3,007,304 3.09

6,073,211 6.24

156,762 CLARIANT CHF 2,112,734 2.17

22,768 SYNGENTA CHF 3,424,396 3.52

5,537,130 5.69

73,505 BAYER EUR 3,743,121 3.85

30,940 LINDE EUR 2,911,666 2.99

46,355 THYSSENKRUPP EUR 1,560,196 1.60

8,724 WACKER CHEMIE EUR 1,025,545 1.05

9,240,528 9.49

69,779 STORA ENSO EUR 1,057,175 1.09

1,057,175 1.09


1,215,015 1.25



Shares

45,198 ANGLO AMERICAN GBP 1,885,268 1.94

333,965 BHP BILLITON GBP 5,751,712 5.92

133,128 RIO TINTO (REG) GBP 6,284,054 6.46


52,241 XSTRATA GBP 2,153,670 2.22

18,427,007 18.96

137,116 C.R.H. EUR 4,625,410 4.76

4,625,410 4.76

77,880 ITALCEMENTI EUR 1,970,130 2.03

1,970,130 2.03

175,000 HITACHI METALS JPY 1,652,691 1.70

79,200 JSR JPY 1,744,124 1.79

68,500 SHIN-ETSU CHEMICAL JPY 4,374,624 4.50

394,000 SUMITOMO CHEMICAL JPY 2,943,361 3.03

275,000 TORAY INDUSTRIES JPY 2,070,681 2.13

12,785,481 13.15

56,404 AKZO NOBEL EUR 3,471,030 3.57

54,984 MITTAL STEEL -A- USD 1,910,144 1.96

5,381,174 5.53


2,080,566 2.14


2,610,207 2.68


AND FINANCIAL



MATERIALS



Shares

65,562 AIR PRODUCTS & CHEMICALS USD 4,351,350 4.48

48,581 CYTEC INDUSTRIES USD 2,700,617 2.78


44,281 FREEPORT MCMORAN COPPER & GOLDUSD 2,358,406 2.43

44,028 TEMPLE-INLAND USD 1,765,523 1.82

36,238 UNITED STATES STEEL USD 2,090,208 2.15

19,664,258 20.24

99,046,019 101.86

TOTAL 99,046,019 101.86


AND FINANCIAL


NEW ASIA



Shares

14,026 POSCO KRW 3,630,607 0.95

3,630,607 0.95

4,500,240 GOLDSUN DEVELOPMENT TWD 1,808,390 0.47& CONSTRUCTION

22,590 GS ENGINEERING & CONSTRUCTION KRW 1,579,987 0.41

2,932,600 IJM MYR 4,930,048 1.29

89,000 LARSEN & TOUBRO INR 2,467,097 0.64

12,810,300 SINO-THAI (FOREIGN) THB 1,656,460 0.43

12,441,982 3.24

724,600 IOI MYR 3,182,878 0.83

3,182,878 0.83

5,678,000 PETROCHINA HKD 6,106,298 1.59

6,106,298 1.59

1,398,000 NAN YA PLASTIC TWD 1,955,659 0.51

69,000 RELIANCE INDUSTRIES (DEMAT) INR 1,759,443 0.46

3,715,102 0.97

403,750 FOXCONN TECHNOLOGY TWD 3,635,245 0.95

534,270 MEDIATEK TWD 5,068,685 1.32

33,300 ACER TWD 56,443 0.01

1,510,000 AU OPTRONICS TWD 2,137,428 0.56

1,444,840 HON HAI PRECISION INDUSTRY TWD 8,796,293 2.29

140,000 HYNIX SEMICONDUCTOR KRW 5,517,168 1.44

55,770 POWERTECH TECHNOLOGY TWD 157,044 0.04

742,600 QUANTA STORAGE TWD 1,029,847 0.27


6,170 SAMSUNG ELECTRONICS (PREF) KRW 3,239,820 0.84


5,116,593 UNITED MICROELECTRONICS TWD 2,867,673 0.75

68,941,909 17.97

151,600 INFOSYS TECHNOLOGIES DEMAT INR 6,099,981 1.59

6,099,981 1.59



Shares

208,800 HIGH TECH COMPUTER TWD 5,526,364 1.44

736,606 LITE-ON TECHNOLOGY TWD 909,143 0.24

6,435,507 1.68

149,970 DAEWOO ENGINEERING KRW 2,852,044 0.74& CONSTRUCTION

122,470 DAEWOO SHIPBUILDING & MARINE KRW 3,959,410 1.03

600,000 HUAKU CONSTRUCTION TWD 1,229,096 0.32

42,320 HYUNDAI HEAVY INDUSTRIES KRW 5,857,284 1.53

150,000 KEPPEL CORPORATION SGD 1,399,410 0.36

15,297,244 3.98

2,470,500 ASTRA INTERNATIONAL IDR 3,334,171 0.87

40,070 HYUNDAI MOBIS KRW 4,119,187 1.07

70,000 HYUNDAY MOTOR KRW 5,990,491 1.56

170,000 TATA ENGINEERING & LOCO INR 3,191,039 0.83

16,634,888 4.33

713,000 CAPITALAND SGD 2,269,724 0.59

730,000 CHEUNG KONG HKD 7,836,594 2.04

5,930,000 CHINA OVERSEAS LAND HKD 4,573,701 1.19& INVESTMENT

885,000 KEPPEL LAND SGD 2,767,050 0.72

217,000 K-REAL ESTATE INVESTEMENT SGD 243,485 0.06TRUST ASIA

29,853,000 MEGAWORLD CORPORATION PHP 1,142,015 0.30

1,376,000 SINO LAND HKD 2,436,891 0.64

750,000 SUN HUNG KAI PROPERTIES HKD 8,186,045 2.13

29,455,505 7.67

837,100 ITC INR 3,420,398 0.89

61,160 KOREA TOBACCO & GINSENG KRW 3,715,478 0.97

7,135,876 1.86

175,700 SUN PHARMACEUTICAL INDUSTRIES INR 3,558,379 0.93

3,558,379 0.93


NEW ASIA



Shares

783,500 ESPRIT HOLDINGS HKD 7,144,003 1.86

2,369,990 FAR EASTERN TEXTILE TWD 1,757,935 0.46

8,901,938 2.32

10,024 SHINSEGAE KRW 5,189,392 1.35

5,189,392 1.35

1,449,800 LI & FUNG HKD 3,602,069 0.94

3,602,069 0.94

655,200 BANGKOK BANK (FOREIGN) THB 1,917,573 0.50

2,461,000 BANK DANAMON INDONESIA IDR 1,413,908 0.37

820,219 BANK OF EAST ASIA HKD 3,742,036 0.98

1,000,000 BOC HONG KONG HKD 2,245,829 0.59

1,140,000 BUMIPUTRA COMMERCE ASSET MYR 2,055,574 0.54

3,361,000 CHINA CONSTRUCTION BANK HKD 1,453,573 0.38

997,000 CHINA MERCHANTS BANK -H- HKD 1,404,870 0.37

657,451 DBS SGD 7,957,135 2.07

277,000 HONG KONG EXCHANGES HKD 2,020,918 0.53ANFD CLEARING

556,000 KASIKORNBANK PUBLIC THB 1,020,726 0.27

95,580 KOOKMIN BANK KRW 7,533,299 1.96

564,456 UNITED OVERSEAS BANK SGD 5,799,757 1.51

38,565,198 10.07

3,267,774 CATHAY FINANCIAL TWD 6,545,916 1.71

1,048,000 CHINA MERCHANTS HOLDINGS HKD 3,073,166 0.80

900 HANA FINANCIAL KRW 41,173 0.01

606,500 HUTCHISON WHAMPOA HKD 5,354,979 1.40

359,858 MAHINDRA & MAHINDRA FINANCIAL INR 1,841,799 0.48

4,162,000 MEGA FINANCIAL TWD 2,948,831 0.77

2,066,000 SEMBCORP INDUSTRIES SGD 4,375,843 1.14

5,070,931 SHIN KONG FINANCIAL TWD 4,665,303 1.22

130,600 SHINHAN FINANCIAL GROUP KRW 5,884,934 1.53

270,000 SWIRE PACIFIC -A- HKD 2,820,504 0.74

37,552,448 9.80

3,578,000 CHINA LIFE INSURANCE HKD 6,997,838 1.82

6,997,838 1.82



Shares

3,666,000 CHINA SHIPPING DEVELOPMENT HKD 3,500,289 0.91

1,703,946 MTR HKD 4,277,236 1.12

7,777,525 2.03

5,587,000 HONG KONG & CHINA GAS HKD 13,092,362 3.41

3,360,000 HUANENG POWER HKD 2,423,339 0.63

170,500 KOREA ELECTRIC POWER KRW 6,638,061 1.73

6,000,000 MANILA WATER COMPAGNY PHP 1,075,911 0.28

2,559,450 TENAGA NASIONAL MYR 6,731,705 1.75

29,961,378 7.80

1,393,000 CHINA NETCOM GROUP HKD 2,499,176 0.65

1,402,000 CHINE MOBILE HKD 9,904,759 2.58

3,563,720 SINGAPORE TELECOMMUNICATIONS SGD 5,481,324 1.43


21,364,186 5.57

1,140,000 BERJAYA SPORTS TOTO MYR 1,446,630 0.38

91,200 INDIAN HOTELS INR 2,749,007 0.72

4,195,637 1.10

1,698,000 CHINA RESOURCES ENTERPRISE HKD 3,678,318 0.96

3,678,318 0.96

350,422,083 91.35

Warrants & Rights

440,500 CHINA OVERSEAS LAND HKD 94,972 0.02& INVT (WT 18/07/2007)

94,972 0.02

178,475 MERRILL CW09 RELIANCE INDU USD 4,557,359 1.19(WT 15/07/2009)

4,557,359 1.19

4,652,331 1.21


AND FINANCIAL




AND FINANCIAL


NEW ASIA



Warrants & Rights

1,015,104 TRUE CORPORATION (WT 03/04/2008) THB 3 0.00

3 0.00

3 0.00


Shares

575,000 FIRST BANGKOK CITY BK THB 0 0.00

0 0.00

1,000,000 THAI AIRWAYS THB 1,223,892 0.32

1,223,892 0.32

720,000 RELIANCE COMMUNICATION INR 5,436,254 1.42VENTURES

5,436,254 1.42

6,660,146 1.74

Warrants & Rights

56,280 ABN INFOSYS TECHNOLOGI USD 2,270,335 0.59(WT 07/06/2006)

2,270,335 0.59

2,270,335 0.59

TOTAL 364,004,898 94.89



AND FINANCIAL





Shares

20,000 EVS BROADCASTING EQUIPMENT EUR 878,000 1.66

105,000 OPTION EUR 1,669,500 3.17

2,547,500 4.83

80,000 MARVELL TECHNOLOGY USD 1,223,288 2.32

1,223,288 2.32

18,000 RESEARCH IN MOTION USD 1,458,757 2.77

1,458,757 2.77

200 NOKIA -A- EUR 3,132 0.01

3,132 0.01

125,000 CSR GBP 1,553,860 2.95

90,000 WOLFSON MICROELECTRONICS GBP 622,429 1.18

2,176,289 4.13

90,000 AUDIOCODES USD 667,140 1.27

300 CHECK POINT SOFTWARE USD 4,512 0.01TECHNOLOGIES

671,652 1.28

20,000 BAIDU.COM (ADR) USD 1,382,120 2.62

1,382,120 2.62

78,000 ASML EUR 1,438,320 2.73

65,000 QIAGEN EUR 808,600 1.53

2,246,920 4.26

60,000 SILICON MOTION (ADR) USD 787,685 1.49

787,685 1.49



Shares


2,216,190 4.20

100,000 BEA SYSTEMS USD 1,199,921 2.28

48,000 BROADCOM USD 1,149,651 2.18

100,000 CAMBRIDGE DISPLAY TECHNOLOGY USD 517,861 0.98

37,142 CIENA USD 798,989 1.52


47,900 CITRIX SYSTEMS USD 1,369,220 2.60

65,000 COMVERSE TECHNOLOGY USD 1,100,138 2.09

140,000 CORNING USD 2,697,770 5.12

260,000 EMC USD 2,458,891 4.66

33,000 F5 NETWORKS USD 1,399,455 2.65

36,000 FORMFACTOR USD 1,197,300 2.27

15,500 GOOGLE USD 4,917,663 9.33

15,000 INVITROGEN USD 750,858 1.42

100,000 JUNIPER NETWORKS USD 1,364,121 2.59

107,000 MAXIM INTEGRATED USD 2,371,020 4.50

100,000 MILLENNIUM PHARM USD 785,475 1.49

85,000 NETWORK APPLIANCE USD 2,483,402 4.71

140,000 NUANCE COMMUNICATIONS USD 902,941 1.71

65,000 QUALCOMM USD 1,865,206 3.54

35,000 SIRF TECHNOLOGY USD 662,838 1.26

185,000 SONUS NETWORKS USD 768,186 1.46

85,000 SYMANTEC USD 1,427,906 2.71

80,000 TRIDENT MICROSYSTEMS USD 1,468,956 2.79

40,000 VERISIGN USD 637,852 1.21

36,837,558 69.89

51,551,091 97.80

Warrants & Rights

188,608 MERRILL-NOVATEK USD 703,958 1.33MICROELECTRONICS (02/11/2009)

703,958 1.33

703,958 1.33

TOTAL 52,255,049 99.13



AND FINANCIAL



PRESTIGE & LUXE



Shares

21,154 ORIENT EXPRESS HOTELS (ADR) USD 624,225 0.95

624,225 0.95

12,421 FOUR SEASONS HOTELS USD 626,075 0.95

626,075 0.95


5,715,258 8.71

123,528 BMW EUR 5,217,823 7.95

5,217,823 7.95

8,942 HERMES EUR 651,872 0.99



21,207 PPR EUR 2,479,098 3.78

10,000 REMY COINTREAU EUR 396,100 0.60

9,698,921 14.77

172,289 INTERCONTINENTAL HOTELS GBP 2,376,707 3.62

2,376,707 3.62

368,316 SHANGRI-LA ASIA HKD 646,273 0.98

646,273 0.98

286,645 BULGARI EUR 2,877,916 4.38


5,479,444 8.34

154,000 SHISEIDO JPY 2,430,080 3.70

2,430,080 3.70



Shares

135,912 CARNIVAL USD 5,045,938 7.69

5,045,938 7.69

108,037 COACH USD 2,933,865 4.47

39,133 ESTEE LAUDER COMPANIES USD 1,245,892 1.90

48,309 HARRAHS USD 2,533,386 3.86

109,945 HILTON HOTELS USD 2,417,184 3.68

80,449 MARRIOTT INTERNATIONAL A USD 2,453,956 3.74

47,130 MOVADO USD 945,762 1.44

56,478 NIKE USD 3,906,534 5.95

46,234 NORDSTROM USD 1,543,871 2.35

83,766 PULTE HOMES USD 2,106,797 3.21

46,418 STARWOOD HOTELS & RESORTS USD 2,095,635 3.19

82,056 TIFFANY & CO USD 2,150,589 3.28

78,685 TOLL BROTHERS USD 1,744,207 2.66

26,077,678 39.73

63,938,422 97.39

TOTAL 63,938,422 97.39


SUSTAINABLE GROWTH



Shares

20,441 JOHNSON MATTHEY GBP 415,662 1.27

415,662 1.27

19,100 KURITA WATER IND JPY 292,453 0.89

292,453 0.89

67,319 BG GBP 644,253 1.96

54,449 BP GBP 467,291 1.43

29,437 ROYAL DUTCH SHELL-A- EUR 764,479 2.33

24,932 TALISMAN ENERGY CAD 321,783 0.98

2,197,806 6.70

7,681 AIR PRODUCTS & CHEMICALS USD 402,438 1.23

5,687 AKZO NOBEL EUR 276,274 0.84

1,939 HENKEL (PREF) EUR 212,631 0.65

11,703 ROHM & HAAS USD 437,448 1.33

1,328,791 4.05

6,905 ROCKWELL AUTOMATION USD 316,701 0.97

7,363 TOMTOM EUR 244,231 0.74

12,300 CANON JPY 506,610 1.54

17,599 INTEL USD 285,780 0.87

1,200 ROHM JPY 87,056 0.27

10,826 ROYAL PHILIPS ELECTRONICS EUR 299,555 0.91

2,022 SAMSUNG ELECTRONICS (GDR) -144A USD 560,270 1.71


18,660 TAIWAN SEMICONDUCTOR SP (ADR) USD 141,414 0.43

14,362 TEXAS INSTRUMENTS USD 376,978 1.15

2,917,620 8.89

41,079 LOGICACMG GBP 93,891 0.29

1,461 SAP EUR 228,500 0.70

322,391 0.99


10,633 DELL USD 191,717 0.58

11,575 HEWLETT PACKARD USD 335,257 1.02

987,555 3.00



Shares

28,898 SKF -B- SEK 333,852 1.02

333,852 1.02

6,288 BMW EUR 265,605 0.81

5,929 EATON USD 322,251 0.98

587,856 1.79

2,693 CONTINENTAL AG EUR 246,248 0.75

246,248 0.75


1,172 NESTLE (REG) CHF 321,692 0.98

6,133 WRIGLEY JR. USD 223,001 0.68

849,050 2.59

25,056 DIAGEO GBP 348,600 1.06

16,395 SABMILLER GBP 241,277 0.74

589,877 1.80

9,900 ASTELLAS PHARMA JPY 314,425 0.96

12,393 ELI LILLY USD 557,648 1.70


14,232 JOHNSON & JOHNSON USD 729,604 2.22

16,998 NOVARTIS (NOM.) CHF 781,173 2.38

3,892 ROCHE HOLDING (GENUSSCHEIN) CHF 529,730 1.62

1,537 STRAUMANN CHF 260,529 0.79

3,835,451 11.69

11,183 ADIDAS-SALOMON EUR 414,889 1.27

4,252 NIKE USD 294,107 0.90

708,996 2.17



779,781 2.38


AND FINANCIAL



AND FINANCIAL



SUSTAINABLE GROWTH



Shares

2,309 OMNICOM USD 170,612 0.52


426,524 1.30

67,109 DSG INTERNATIONAL GBP 216,720 0.66

14,961 GUS GBP 213,114 0.65

4,375 METRO EUR 201,644 0.61

75,470 TESCO GBP 400,637 1.22

1,032,115 3.14

10,935 AMERICAN EXPRESS USD 484,101 1.48


3,574 BNP PARIBAS EUR 303,254 0.92

4,649 FANNIE MAE USD 205,191 0.63

22,574 ING GROEP EUR 783,092 2.39

44,420 LLOYDS TSB GBP 353,382 1.08

6,632 SOCIETE GENERALE PARIS -A- EUR 832,316 2.54

12,286 UBS CHF 578,547 1.76


24,700 US BANCORP USD 647,747 1.98

31,980 WESTPAC BANKING AUD 427,844 1.30

5,861,257 17.88

5,227 3M USD 307,080 0.94

307,080 0.94

22,268 AEGON EUR 329,344 1.00


4,309 HARTFORD USD 295,090 0.90

15,176 METLIFE USD 679,041 2.07

36,701 PRUDENTIAL GBP 359,082 1.10

2,001,612 6.10

31 EAST JAPAN RAILWAY JPY 171,210 0.52

9,793 TNT EUR 292,909 0.89

464,119 1.41



Shares

95,043 CENTRICA GBP 455,839 1.39

59,108 ENEL EUR 425,282 1.30

45,104 NATIONAL GRID GBP 443,957 1.35

17,364 SEVERN TRENT GBP 342,082 1.04

6,007 SUNCOR ENERGY CAD 340,847 1.04


2,441,448 7.44

25,976 BELLSOUTH USD 876,632 2.67

5,896 COMCAST -A- USD 171,516 0.52


12,214 NOKIA -A- EUR 191,271 0.58

24,598 TELENOR NOK 253,502 0.77

236,222 VODAFONE GBP 425,838 1.30

2,305,809 7.02

4,595 ACCOR EUR 246,981 0.75

246,981 0.75

10,123 ADECCO CHF 480,834 1.47

480,834 1.47

17,862 WPP GBP 174,366 0.53

174,366 0.53

32,135,534 97.96

TOTAL 32,135,534 97.96

TELECOM



Shares

47,178 TELEKOM AUSTRIA EUR 1,189,278 0.99

1,189,278 0.99

3 TELSTRA AUD 8 0.00

8 0.00

6,000 BELGACOM EUR 233,639 0.19

2,965 MOBISTAR EUR 245,261 0.20

478,900 0.39

33,768 BCE CAD 917,712 0.77

11,484 BELL ALIANT REGIONAL CAD 359,760 0.30COMM INCOME FD

34,600 ROGERS COMMUNICATIONS -CL B- CAD 1,898,014 1.58

10,500 TELUS CAD 591,987 0.49

29,011 TELUS NON VOTE CAD 1,627,830 1.36

5,395,303 4.50

700 SWISSCOM CHF 232,364 0.19

232,364 0.19

100 DEUTSCHE TELEKOM EUR 1,588 0.00

1,588 0.00

201,000 ORASCOM TELECOM (GDR) USD 11,101,230 9.26

11,101,230 9.26


11,329,579 9.45



Shares

20,315 ELISA COMMUNICATIONS EUR 447,772 0.37

447,772 0.37

27,635 BOUYGUES EUR 1,476,580 1.23


16,100 ILIAD EUR 1,156,378 0.96

42,400 VIVENDI EUR 1,526,981 1.27

4,489,233 3.73

837,043 BT GBP 4,190,326 3.50

200,021 CABLE & WIRELESS GBP 517,476 0.43

4,733,740 VODAFONE GBP 10,809,821 9.02

15,517,623 12.95

119,480 COSMOTE MOBILE EUR 2,860,539 2.39COMMUNICATIONS

48,158 HELLENIC COMMUNICATIONS EUR 1,179,820 0.98

4,040,359 3.37

1,400 CHINA UNICOM HKD 1,380 0.00

203,940 CHINE MOBILE HKD 1,440,782 1.20

600 PCCW NEW HKD 367 0.00

39,500 SMARTONE TELECOMMUNICATIONS HKD 37,867 0.03

1,480,396 1.23


4,306,981 3.59

3,735 TELECOM ITALIA EUR 10,598 0.01

381,245 TELECOM ITALIA RNC EUR 917,590 0.77

928,188 0.78

160 KDDI JPY 997,417 0.83

1 NTT DOCOMO JPY 1,542 0.00

998,959 0.83


AND FINANCIAL




AND FINANCIAL



TELECOM



Shares

40 SK TELECOM (ADR) USD 945 0.00

945 0.00

1,839,000 HUTCHISON TELECOMMUNICATIONS HKD 3,252,142 2.71INTL

3,252,142 2.71

136,500 AMERICA MOVIL (SERIE L) (ADR) USD 5,374,005 4.48

5,374,005 4.48

272,015 KPN (DEMAT.) EUR 3,466,425 2.89

3,466,425 2.89

425,661 TELENOR NOK 5,556,941 4.64

5,556,941 4.64

3 TELECOM CORP OF NEW ZEALAND NZD 9 0.00

9 0.00


5,333,851 4.45

43,640 TELE2 SEK 440,652 0.37

1,682 TELIASONERA SEK 10,787 0.01

451,439 0.38

2,023,850 SINGAPORE TELECOMMUNICATIONS SGD 3,112,865 2.60

3,112,865 2.60



Shares

83,300 ALLTEL USD 4,623,150 3.86

129,200 AMERICAN TOWER A USD 4,715,800 3.93

56 AT&T USD 1,823 0.00

108 BELLSOUTH USD 4,616 0.00

100,500 CROWN CASTLE INTL USD 3,541,620 2.95

10,010 EMBARQ USD 484,184 0.40

30 LEVEL 3 COMMUNICATIONS USD 160 0.00

92,900 NII HOLDINGS USD 5,774,664 4.82

168,876 QWEST COMMUNICATIONS USD 1,472,599 1.23

477,105 SPRINT NEXTEL USD 8,182,351 6.83

9,300 TELEPHONE AND DATA SYSTEMS USD 391,530 0.33

9,500 TELEPHONE AND DATA SYSTEMS USD 388,075 0.32

58 VERIZON COMMUNICATIONS USD 2,154 0.00

161,145 VONAGE USD 1,108,678 0.92

93 WINDSTREAM USD 1,227 0.00

30,692,631 25.59

119,179,014 99.37

TOTAL 119,179,014 99.37


AND FINANCIAL






Shares

40,700 NUCOR USD 2,014,243 0.51

18,400 UNITED STATES STEEL USD 1,061,312 0.27

3,075,555 0.78

16,100 SHERWIN-WILLIAMS USD 898,058 0.23

898,058 0.23

15,800 LOUISIANA PACIFIC USD 296,566 0.08

9,100 OFFICEMAX USD 370,734 0.09

667,300 0.17

113,269 CHEVRON USD 7,346,627 1.88

46,316 CONOCOPHILLIPS USD 2,757,191 0.70

238,541 EXXON MOBIL USD 16,006,101 4.09

94,200 HALLIBURTON USD 2,679,990 0.68

34,700 MARATHON OIL USD 2,668,430 0.68


32,300 SCHLUMBERGER USD 2,003,569 0.51

18,200 SUNOCO USD 1,131,858 0.29

54,800 VALERO ENERGY USD 2,820,556 0.72

40,753,156 10.40

28,300 DOW CHEMICAL USD 1,103,134 0.28


16,900 HERCULES USD 266,513 0.07

16,000 MONSANTO (NEW) USD 752,160 0.19

24,500 PPG INDUSTRIES USD 1,643,460 0.42

4,951,935 1.26

34,400 AMGEN USD 2,460,632 0.63

2,460,632 0.63



Shares

13,700 COOPER INDUSTRIES A USD 1,167,514 0.30

59,600 TYCO INTERNATIONAL (NEW) USD 1,668,204 0.43

71,700 ADVANCED MICRO DEVICES USD 1,781,745 0.46

60,900 AGILENT TECHNOLOGIES USD 1,990,821 0.51

9,400 HARMAN INTL USD 784,336 0.20

170,300 INTEL USD 3,503,071 0.90

56,300 LSI LOGIC USD 462,786 0.12

107,400 MICRON TECHNOLOGY USD 1,868,760 0.48

47,300 NATIONAL SEMI CONDUCTEUR USD 1,112,969 0.28

15,300 WATERS CORP USD 692,784 0.18

15,032,990 3.86

56,300 BOEING USD 4,439,255 1.13

39,800 GENERAL DYNAMICS USD 2,852,466 0.73

75,600 HONEYWELL USD 3,092,040 0.79

34,000 LOCKHEED MARTIN USD 2,926,040 0.75

50,343 RAYTHEON USD 2,416,967 0.62

29,944 UNITED TECHNOLOGIES USD 1,896,952 0.48

17,623,720 4.50

32,900 AUTODESK USD 1,144,262 0.29

30,400 BMC SOFTWARE USD 827,488 0.21

55,500 COMPUWARE USD 432,345 0.11

6,000 GOOGLE USD 2,411,400 0.62

252,758 MICROSOFT USD 6,907,876 1.77

115,300 ORACLE USD 2,045,422 0.52

47,800 UNISYS USD 270,548 0.07

14,039,341 3.59


161,366 HEWLETT PACKARD USD 5,920,519 1.51

83,485 IBM USD 6,840,761 1.75

15,600 LEXMARK INTERNATIONAL USD 899,496 0.23

21,073,722 5.38

19,800 CATERPILLAR USD 1,302,840 0.33

7,600 CUMMINS USD 906,148 0.23

8,900 NAVISTAR INTERNATIONAL USD 229,798 0.06

8,600 SNAP-ON USD 383,130 0.10

2,821,916 0.72


AND FINANCIAL






Shares

21,700 EATON USD 1,494,045 0.38

1,494,045 0.38

34,100 CAMPBELL SOUP USD 1,244,650 0.32

60,049 COCA COLA USD 2,682,989 0.69

41,691 GENERAL MILLS USD 2,359,711 0.60

19,200 MC-CORMICK USD 729,216 0.19

19,800 PEPSI BOTTLING GROUP USD 702,900 0.18

47,768 PEPSICO USD 3,117,340 0.80

10,836,806 2.78

61,007 ALTRIA GROUP USD 4,670,086 1.19

65,900 ANHEUSER-BUSCH USD 3,130,909 0.80

7,800,995 1.99

45,100 ABBOTT LABORATORIES USD 2,190,056 0.56

30,900 AMERISOURCE BERGEN USD 1,396,680 0.36

21,200 EXPRESS SCRIPTS USD 1,600,388 0.41


34,800 KING PHARMACEUTICALS USD 592,644 0.15

133,900 MERCK USD 5,610,410 1.43

30,400 MYLAN LABORATORIES USD 611,952 0.16

211,118 PFIZER USD 5,987,306 1.53

39,800 WYETH USD 2,023,432 0.52

25,552,250 6.54

56,900 COACH USD 1,957,360 0.50

16,700 JONES APPAREL GROUP USD 541,748 0.14

2,499,108 0.64

24,000 HASBRO USD 546,000 0.14


6,432,736 1.64

41,000 MCGRAW HILL USD 2,379,230 0.61

22,700 OMNICOM USD 2,124,720 0.54

4,503,950 1.15



Shares

16,400 TEMPLE-INLAND USD 657,640 0.17

657,640 0.17

15,900 BIG LOTS USD 314,979 0.08

48,800 COSTCO WHOLESALE USD 2,424,384 0.62

22,800 FAMILY DOLLAR STORE USD 666,672 0.17

57,400 FEDERATED DEPARTMENT STORES USD 2,480,254 0.63

76,800 GAP USD 1,455,360 0.37

61,134 HOME DEPOT USD 2,217,330 0.57

35,300 KOHLS USD 2,291,676 0.59

50,700 LIMITED BRANDS USD 1,343,043 0.34

45,900 LOWE'S USD 1,287,954 0.33

30,100 NORDSTROM USD 1,273,230 0.33

42,600 OFFICE DEPOT USD 1,691,220 0.43

25,600 TARGET USD 1,414,400 0.36

76,200 WALGREEN USD 3,382,518 0.86

73,005 WAL-MART STORES USD 3,600,607 0.92

25,843,627 6.60

36,494 AMERICAN EXPRESS USD 2,046,584 0.52


143,200 CITIGROUP USD 7,112,744 1.82

24,000 COMERICA USD 1,366,080 0.35

28,600 FANNIE MAE USD 1,599,026 0.41

29,500 GOLDMAN SACHS USD 4,990,515 1.28


63,500 NATIONAL CITY USD 2,324,100 0.59

57,300 REGIONS FINANCIAL CORP USD 2,108,067 0.54

51,500 US BANCORP USD 1,710,830 0.44

47,648 WACHOVIA USD 2,658,758 0.68

98,700 WELLS FARGO USD 3,570,966 0.91

44,738,162 11.44

22,250 3M USD 1,655,845 0.42

15,300 BEAR STEARNS USD 2,143,530 0.55

28,800 CIT GROUP USD 1,400,544 0.36


47,500 LEHMAN BROTHERS USD 3,508,350 0.90


71,250 MORGAN STANLEY DEAN WITTER USD 5,194,838 1.33

43,447 PRUDENTIAL FINANCE USD 3,312,834 0.85

142,700 WALT DISNEY USD 4,410,857 1.13

34,527,826 8.83



AND FINANCIAL





Shares

55,500 ALLSTATE USD 3,481,515 0.89

76,900 AMERICAN INTERNATIONAL USD 5,095,394 1.30

47,900 CHUBB USD 2,488,884 0.64

25,100 CINCINNATI FINANCIAL USD 1,206,306 0.31

30,400 HARTFORD USD 2,637,200 0.67

63,050 METLIFE USD 3,573,674 0.91

37,200 PRINCIPAL FINANCIAL USD 2,019,216 0.52

16,900 SAFECO USD 995,917 0.25

21,498,106 5.49

61,300 AETNA USD 2,424,415 0.62

23,650 COVENTRY HEALTH CARE USD 1,218,448 0.31

24,350 HUMANA USD 1,609,292 0.41

89,100 UNITEDHEALTH USD 4,383,720 1.12

49,508 WELLPOINT USD 3,814,591 0.97

13,450,466 3.43

50,677 NORFOLK SOUTHERN USD 2,232,322 0.57

104,500 SOUTHWEST AIRLINES USD 1,740,970 0.44

3,973,292 1.01

104,800 AES USD 2,136,872 0.55

40,200 DUKE ENERGY USD 1,214,040 0.31

21,800 EXELON USD 1,319,772 0.34

44,500 FIRSTENERGY USD 2,485,770 0.64

52,100 TXU USD 3,257,292 0.83

10,413,746 2.67

136,700 AT&T USD 4,450,952 1.14

57,600 AVAYA USD 658,944 0.17

129,300 BELLSOUTH USD 5,527,575 1.41

21,600 CBS -B- USD 608,472 0.16

24,500 CENTURYTEL USD 971,915 0.25

68,500 CITIZENS COMMUNICATIONS USD 961,740 0.25

62,500 COMCAST -A- USD 2,303,125 0.59

15,000 FREESCALE SEMICONDUCTOR-B USD 570,150 0.15

174,740 MOTOROLA USD 4,368,500 1.12

180,700 NEWS CORP -A- WI USD 3,550,755 0.91

48,300 QUALCOMM USD 1,755,705 0.45

25,727,833 6.60



Shares

54,400 LOEWS USD 2,061,760 0.53

92,494 MCDONALD'S USD 3,618,365 0.92

76,100 STARBUCKS USD 2,591,205 0.66

16,600 WENDY'S USD 1,112,200 0.28

9,383,530 2.39

19,600 APOLLO A USD 965,104 0.25

39,800 MCKESSON CORP USD 2,098,256 0.54

3,063,360 0.79

375,795,803 96.06

TOTAL 375,795,803 96.06


AND FINANCIAL





Quantity/Nominal Currency Commitments in USD

Forward Contracts

Stock indices

20 USDS&P 500 INDEX 12/2006 6,727,000

6,727,000


AND FINANCIAL


US HIGH DIVIDEND



Shares

87,868 RIOCAN REAL ESTATE CAD 1,891,014 1.03

1,891,014 1.03

96,176 FORDING CANADIAN COAL TRUST USD 2,551,549 1.39

2,551,549 1.39

46,948 ALLIANCE RESSOURCE PARTNERS USD 1,634,729 0.89

1,634,729 0.89

52,316 INTERNATIONAL PAPER USD 1,811,703 0.99

44,943 KIMBERLY-CLARK USD 2,937,474 1.60

184,824 NORBORD CAD 1,335,258 0.73

44,332 RAYONIER USD 1,675,750 0.91

7,760,185 4.23

53,253 CHEVRON USD 3,453,990 1.88

81,473 PRECISION DRILLING TRUST CAD 2,507,029 1.36

51,990 VALERO USD 2,599,500 1.42

8,560,519 4.66

67,479 DOW CHEMICAL USD 2,630,331 1.43


51,339 EASTMAN CHEMICAL USD 2,773,333 1.51

8,100,185 4.41

162,979 WINDSTREAM USD 2,149,693 1.17

2,149,693 1.17

62,229 PITNEY BOWES USD 2,761,101 1.50

2,761,101 1.50



Shares

80,096 GENUINE PARTS USD 3,454,540 1.88

3,454,540 1.88

44,787 CBL&ASSOCIATES PROPERTIES USD 1,877,023 1.02

32,622 DEVELOPERS DIVERSIFIED REALITY USD 1,819,003 0.99

65,651 HEALTH CARE PPTYS INVEST USD 2,038,464 1.11

37,092 HOSPITALITY PROPERTIES USD 1,750,742 0.95

39,808 LIBERTY PROPERTY TRUST USD 1,902,424 1.04

35,258 REALOGY USD 799,651 0.44

10,187,307 5.55

57,201 COCA COLA USD 2,555,741 1.39

83,697 CONAGRA FOODS USD 2,048,903 1.12

54,115 KELLOGG USD 2,679,775 1.46

84,970 KRAFT FOODS -A- USD 3,030,030 1.65

106,146 SARA LEE USD 1,705,766 0.93

12,020,215 6.55

33,993 ALTRIA GROUP USD 2,602,164 1.42

15,373 REYNOLDS AMERICAN USD 952,665 0.52

97,781 ROTHMANS CAD 1,790,584 0.97

55,331 UST USD 3,033,799 1.65

8,379,212 4.56


45,616 ELI LILLY USD 2,600,112 1.42


46,168 MERCK USD 1,934,439 1.05

107,539 PFIZER USD 3,049,806 1.66

11,113,710 6.05

10,412 HANESBRANDS USD 234,374 0.13

234,374 0.13

42,094 STANLEY WORKS USD 2,098,386 1.14

2,098,386 1.14



AND FINANCIAL


US HIGH DIVIDEND



Shares

89,028 RR DONNELLEY & SONS USD 2,934,363 1.60

2,934,363 1.60

66,742 LIMITED BRANDS USD 1,767,996 0.96

1,767,996 0.96

76,370 AMERICAN CAPITAL STRATEGIES USD 3,014,324 1.64

80,721 ASSIOCIATED BANC-CORP USD 2,623,432 1.43


51,784 BANK OF HAWAII USD 2,493,917 1.36

64,394 BANK OF NOVA SCOTIA CAD 2,772,811 1.51

56,605 CITIGROUP USD 2,811,570 1.53

48,612 NATIONAL BANK OF CANADA CAD 2,657,940 1.45

46,794 PROVIDENT BANKSHARES USD 1,733,718 0.94

35,401 SUNTRUST BANKS USD 2,735,789 1.49

72,792 SUSQUEHANNA BANCSHARES USD 1,779,036 0.97

82,432 US BANCORP USD 2,738,391 1.49

50,276 WACHOVIA USD 2,805,401 1.53


33,476,633 18.24

67,547 COMPASS MINERALS INTERNATIONAL USD 1,912,256 1.04


43,145 IGM FINANCIAL CAD 1,819,542 0.99

47,742 ISTAR FINANCIAL USD 1,990,841 1.08

57,413 NSTAR USD 1,915,298 1.04

11,484,472 6.24

74,231 ARTHUR J GALLAGHER & CO USD 1,979,741 1.08

71,685 FIDELITY NATIONAL FINANCIAL USD 2,985,680 1.63

4,965,421 2.71

95,121 SHIP FINANCE USD 1,892,908 1.03

1,892,908 1.03

49,259 WASTE MANAGEMENT USD 1,806,820 0.98

1,806,820 0.98



Shares

45,511 AGL RESOURCES USD 1,661,157 0.90

33,680 AMEREN USD 1,777,967 0.97

38,956 CONSOLIDATED EDISON USD 1,799,767 0.98

87,609 DUKE ENERGY USD 2,645,792 1.44


25,671 KINDER MORGAN USD 2,691,604 1.47

43,170 PG & E USD 1,798,030 0.98

77,973 SOUTHERN USD 2,686,950 1.46

28,425 TXU USD 1,777,131 0.97

111,523 UGI USD 2,726,737 1.48

21,226,009 11.55

93,753 AT&T USD 3,052,598 1.66

97,894 BCE CAD 2,660,463 1.45

29,847 BELL ALIANT REGIONAL CAD 935,018 0.51COMM INCOME FD

212,919 CITIZENS COMMUNICATIONS USD 2,989,383 1.63

9,637,462 5.25

23,353 WYNDHAM WORLDWIDE USD 653,183 0.36

653,183 0.36

14,103 AVIS BUDGET USD 257,949 0.14

93,814 CHARTERMAC USD 1,872,527 1.02

69,809 THORNBURG MORTGAGE USD 1,778,035 0.97

3,908,511 2.13

176,650,497 96.19

TOTAL 176,650,497 96.19



AND FINANCIAL





Shares

1,000 NUCOR USD 49,490 0.95

49,490 0.95

1,300 CHEVRON USD 84,318 1.61

705 CONOCOPHILLIPS USD 41,969 0.80

1,800 ENCANA CAD 83,913 1.60

1,700 EXXON MOBIL USD 114,070 2.18

1,900 FRONTIER OIL USD 50,502 0.97

1,600 MCDERMOTT INTERNATIONAL USD 66,880 1.28

1,000 OCCIDENTAL PETROLEUM USD 48,110 0.92

1,200 VALERO ENERGY USD 61,764 1.18

551,526 10.54

1,700 APPLERA APPLIED BIOSYSTEMS USD 56,287 1.08

56,287 1.08

700 BOEING USD 55,195 1.06

1,800 GENERAL DYNAMICS USD 129,006 2.47

1,900 LOCKHEED MARTIN USD 163,514 3.13

2,900 RAYTHEON USD 139,229 2.66

486,944 9.32

7,200 BEA SYSTEMS USD 109,440 2.09

4,900 BMC SOFTWARE USD 133,378 2.55

3,000 INTUIT USD 96,270 1.84

4,200 ORACLE USD 74,508 1.42

413,596 7.90


1,900 HEWLETT PACKARD USD 69,711 1.33

800 IBM USD 65,552 1.25

254,863 4.87

800 CUMMINS USD 95,384 1.82

1,400 TEREX USD 63,308 1.21

158,692 3.03



Shares

2,200 ARCHER-DANIELS-MIDLAND USD 83,336 1.59

3,500 CAMPBELL SOUP USD 127,750 2.44

2,600 GENERAL MILLS USD 147,160 2.81

358,246 6.84

3,600 AMERISOURCE BERGEN USD 162,720 3.11

900 ASTRAZENECA ADR USD 56,250 1.08

1,500 CARDINAL HEALTH USD 98,610 1.89

2,600 KING PHARMACEUTICALS USD 44,278 0.85

1,400 MERCK USD 58,660 1.12

1,400 NOVARTIS ADR USD 81,816 1.56

502,334 9.61

2,800 AMERICAN EAGLE OUTFITTERS USD 122,724 2.35

122,724 2.35

1,800 MCGRAW HILL USD 104,454 2.00

104,454 2.00

2,000 KOHLS USD 129,840 2.48

4,500 LIMITED BRANDS USD 119,205 2.28

1,400 NORDSTROM USD 59,220 1.13

308,265 5.89

800 BANCO BRADESCO-SPONS (ADR) USD 26,680 0.51

1,200 US BANCORP USD 39,864 0.76

66,544 1.27

1,800 JC PENNEY USD 123,102 2.35

1,900 PRUDENTIAL FINANCE USD 144,875 2.77

1,600 RADIAN GROUP USD 96,000 1.84

363,977 6.96



AND FINANCIAL





Shares

1,700 AXIS CAPITAL USD 58,973 1.13

2,200 CHUBB USD 114,312 2.19

1,200 HARTFORD USD 104,100 1.99

1,000 METLIFE USD 56,680 1.08

2,400 WR BERKLEY USD 84,936 1.62

419,001 8.01

1,000 HEALTHWAYS USD 44,600 0.85

1,600 WELLCARE HEALTH PLANS USD 90,608 1.73

135,208 2.58

2,697 CONTINENTAL AIRLINES USD 76,352 1.46

76,352 1.46

1,600 TXU USD 100,032 1.91

4,000 XCEL ENERGY USD 82,600 1.58

182,632 3.49

2,300 CENTURYTEL USD 91,241 1.74

4,200 CHINA MOBIL (ADR) USD 148,470 2.84

239,711 4.58

1,100 DARDEN RESTAURANT USD 46,717 0.89

3,300 MCDONALD'S USD 129,096 2.47

175,813 3.36

3,800 CHARLES SCHWAB USD 68,020 1.30

600 EQUIFAX USD 22,026 0.42

1,800 MCKESSON CORP USD 94,896 1.81

184,942 3.53

5,211,601 99.62

TOTAL 5,211,601 99.62


UTILITIES



Shares

1,431,516 SP AUSNET AUD 1,394,080 1.03

1,394,080 1.03


60,029 ENERGIAS DO BRASIL BRL 768,685 0.57

1,777,057 1.31

33,697 EON EUR 3,990,257 2.94

133,834 RWE EUR 12,333,614 9.09

16,323,871 12.03

146,448 ENAGAS EUR 3,545,154 2.61

183,995 ENDESA EUR 7,819,689 5.76

100,458 IBERDROLA EUR 4,492,108 3.31

89,119 RED ELECTRICIA DE ESPANA EUR 3,455,609 2.55

19,312,560 14.23

78,834 GAZ DE FRANCE EUR 3,135,697 2.31

3,135,697 2.31

1,143,762 CENTRICA GBP 6,948,934 5.12

77,151 DRAX GBP 1,201,192 0.89

401,423 INTERNATIONAL POWER GBP 2,346,993 1.73

354,689 SCOTTISH POWER GBP 4,316,457 3.18

14,813,576 10.92

2,670,804 XINAO GAS HKD 2,742,020 2.02

2,742,020 2.02

973,146 ENEL EUR 8,869,512 6.54

8,869,512 6.54



Shares

83,600 KYUSHU ELECTRIC POWER JPY 1,975,556 1.46

156,700 TOHOKU ELECTRIC POWER JPY 3,430,902 2.53

187,200 TOKYO ELECTRIC POWER JPY 5,390,928 3.97

10,797,386 7.96

633,400 ELECTRICITY GENERA PCL - (NVDR) THB 1,348,197 0.99

1,348,197 0.99

26,360 ALLEGHENY ENERGY USD 1,058,881 0.78

37,013 CONSTELLATION ENERGY USD 2,191,170 1.61

168,537 DUKE ENERGY USD 5,089,817 3.75

80,772 EDISON INTERNATIONAL USD 3,363,346 2.48


59,751 ENTERGY USD 4,674,321 3.44

49,040 EQUITABLE RESOURCES USD 1,715,419 1.26

129,122 EXELON USD 7,817,046 5.76

93,039 FPL USD 4,186,755 3.09

56,851 ITC USD 1,773,751 1.31

102,968 NORTHEAST UTILITIES USD 2,396,065 1.77

105,567 PG & E USD 4,396,866 3.24

123,575 PPL CORP USD 4,065,618 3.00

48,622 PUBLIC SERVICE ENTERPRISE GROUP USD 2,975,180 2.19

75,864 TXU USD 4,743,017 3.50

45,282 UGI USD 1,107,144 0.82

53,054,615 39.11

133,568,571 98.45


Warrants & Rights

84,269 MERRILL-GAIL INDIA (WT 11/08/2011) USD 483,367 0.36

483,367 0.36

483,367 0.36

TOTAL 134,051,938 98.81


AND FINANCIAL



WORLD



Shares

24,238 CIA VALE DO RIO DOCE (ADR) USD 354,170 0.32

354,170 0.32

6,566 FREEPORT MCMORAN COPPER USD 276,065 0.25& GOLD

276,065 0.25

17,000 JGC CORPORATION JPY 224,380 0.20

14,939 KB HOME USD 516,541 0.47

9,450 VINCI EUR 829,710 0.75

1,570,631 1.42

28,154 STORA ENSO EUR 336,722 0.31

336,722 0.31

97,989 BP GBP 840,958 0.76

4,894 DIAMOND OFFSHORE DRILLING USD 279,596 0.25

33,345 ENI EUR 779,273 0.71

6,423 EXXON MOBIL USD 340,228 0.31

8,956 MARATHON OIL USD 543,688 0.49

5,369 NEXEN CAD 226,993 0.21


4,185 PETROLEO BRASILEIRO (ADR) USD 276,952 0.25

4,467 TECK COMINCO B CAD 221,256 0.20

33,628 TOTAL EUR 1,740,249 1.58

6,823 VALERO ENERGY USD 277,229 0.25

6,782,086 6.15

9,677 AIR PRODUCTS & CHEMICALS USD 507,016 0.46

12,736 CYTEC INDUSTRIES USD 558,906 0.51

18,370 DU PONT DE NEMOURS USD 621,252 0.56

28,205 NORSK HYDRO NOK 497,836 0.45

74,000 SUMITOMO CHEMICAL JPY 436,403 0.40

2,221 SYNGENTA CHF 263,704 0.24

2,885,117 2.62

16,859 AMGEN USD 951,983 0.86

951,983 0.86



Shares

32,861 ABB (NOM.) CHF 340,309 0.31

4,702 ALSTOM EUR 335,488 0.30

12,408 EMERSON ELECTRIC USD 821,421 0.75

9,557 SIEMENS EUR 657,522 0.60

16,900 HOYA JPY 502,846 0.46

49,743 INTEL USD 807,747 0.73

3,560 KEYENCE JPY 647,451 0.59

1,324 SAMSUNG ELECTRONICS KRW 733,237 0.67

4,846,021 4.41

10,406 EADS EUR 236,008 0.21

23,928 HONEYWELL USD 772,572 0.70

1,008,580 0.91

19,797 AMDOCS LIMITED USD 618,876 0.56

3,174 GOOGLE USD 1,007,011 0.91

41,936 MICROSOFT USD 904,765 0.82

93,553 ORACLE USD 1,310,148 1.19

3,840,800 3.48


49,028 EMC USD 463,671 0.42

38,000 FUJITSU JPY 247,474 0.22

2,213,213 2.00

25,534 ATLAS COPCO -B- SEK 504,711 0.46

10,700 DOOSAN HEAVY INDUSTRIES KRW 351,170 0.32AND CONSTRUCTION

21,847 ITT USD 884,228 0.80

7,838 LINDE EUR 582,285 0.53

2,322,394 2.11

16,426 BMW EUR 693,834 0.63

10,100 TOYOTA MOTOR JPY 433,555 0.39

1,127,389 1.02

43,912 SUN HUNG KAI PROPERTIES HKD 378,360 0.34

378,360 0.34


AND FINANCIAL




AND FINANCIAL


WORLD



Shares


9,809 COCA COLA HELLENIC BOTLING EUR 266,609 0.24

5,829 GROUPE DANONE EUR 645,270 0.59

22,396 KELLOGG USD 875,508 0.79

5,285 NESTLE (REG) CHF 1,450,634 1.32

4,376,396 3.97

19,561 ALTRIA GROUP USD 1,182,076 1.07

4,318 FOMENTO ECONOMICO USD 330,442 0.30MEXICO-SP (ADR)

115 JAPAN TOBACCO JPY 352,938 0.32

2,213 PERNOD-RICARD EUR 363,153 0.33

2,228,609 2.02

18,033 ELI LILLY USD 811,432 0.74



20,908 MERCK USD 691,569 0.63

31,622 NOVARTIS (NOM.) CHF 1,453,244 1.32

65,049 PFIZER USD 1,456,317 1.32



20,824 WYETH USD 835,755 0.76

9,194,820 8.36

12,551 NIKE USD 868,142 0.79

868,142 0.79




2,902,013 2.63


76,404 TIME WARNER USD 1,099,542 1.00

2,144,901 1.95



Shares

26,407 CVS USD 669,582 0.61

9,440 NITORI CO JPY 337,686 0.31

24,477 TARGET USD 1,067,578 0.97

5,560 YAMADA DENKI JPY 440,164 0.40

2,515,010 2.29

98,000 ITOCHU JPY 599,563 0.54

599,563 0.54

86,229 AKBANK TRY 348,786 0.32

34,625 ANGLO IRISH BANK EUR 448,390 0.41


97,981 BARCLAYS GBP 973,814 0.88

6,334 BNP PARIBAS EUR 537,440 0.49

82,130 CAPITALIA EUR 536,966 0.49

36,518 CITIGROUP USD 1,431,892 1.30

80,000 DBS SGD 764,350 0.69

8,619 DEUTSCHE BANK EUR 820,184 0.74

16,657 FANNIE MAE USD 735,183 0.67

129,472 GF BANORTE -O- MXN 322,085 0.29

19,811 ING GROEP EUR 687,244 0.62


26,256 NATIONAL BANK OF GREECE EUR 891,129 0.81

22,938 SNS REAAL EUR 347,511 0.32

4,293 SOCIETE GENERALE PARIS -A- EUR 538,772 0.49

22,295 UBS CHF 1,049,870 0.95

7,793 UNIBANCO (GDR) USD 455,245 0.41


29,210 WELLS FARGO USD 834,275 0.76

15,965,722 14.49

14,943 COUNTRYWIDE FINANCIAL USD 413,343 0.38

26,363 GENERAL ELECTRIC USD 734,647 0.67

186 KABU.COM JPY 264,899 0.24

10,311 MERRILL LYNCH USD 636,690 0.58

18,500 MILLEA JPY 509,632 0.46

206 MIZUHO FINANCIAL JPY 1,261,684 1.15

16,952 MORGAN STANLEY DEAN WITTER USD 975,702 0.89

21,794 RICHEMONT (UNITS)-A- CHF 825,962 0.75

143 SUMITOMO MITSUI FINANCIAL JPY 1,185,620 1.08

27,021 WALT DISNEY USD 659,340 0.60

7,467,519 6.80


WORLD



Shares

35,458 AEGON EUR 524,424 0.48

7,198 ALLIANZ EUR 982,383 0.89


30,359 AXA EUR 882,840 0.80

26,699 GENWORTH FINANCIAL USD 737,898 0.67

6,620 HARTFORD USD 453,353 0.41

48,810 PRUDENTIAL GBP 477,556 0.43

14,201 SAINT PAUL TRAVELERS USD 525,664 0.48

114,900 STANDARD LIFE GBP 458,736 0.42

5,793,722 5.26

9,082 CAREMARK RX USD 406,297 0.37

12,619 COMMUNITY HEALTH SYSTEMS USD 372,070 0.34

12,608 WELLPOINT USD 766,881 0.70

1,545,248 1.41

18,362 CSX USD 475,883 0.43

83,777 RYANAIR EUR 707,078 0.64

1,182,961 1.07

27,680 WASTE MANAGEMENT USD 801,502 0.73

801,502 0.73

184,723 CENTRICA GBP 885,957 0.80

78,800 ENEL EUR 566,966 0.51

14,371 EXELON USD 686,813 0.62

12,823 GAZ DE FRANCE EUR 402,642 0.37

27,862 PPL CORP USD 723,631 0.66

10,333 RWE EUR 751,726 0.68

22,100 TOKYO ELECTRIC POWER JPY 502,411 0.46


21,852 WEATHERFORD INTERNATIONAL USD 719,689 0.65

36,187 WILLIAMS COMPANIES USD 681,890 0.62

6,596,263 5.98



Shares

30,416 CORNING USD 586,110 0.53

98,973 HUTCHISON TELECOMMUNICATIONS HKD 138,170 0.13INTL

9,189 ORASCOM TELECOM (GDR) USD 400,638 0.36

20,443 QUALCOMM USD 586,622 0.53

34,723 SPRINT NEXTEL USD 470,100 0.43

353,838 TELECOM ITALIA RNC EUR 672,292 0.61


64,767 TELEFONICA DE ESPANA EUR 885,365 0.80

345,189 TELEKOMUNIKASI INDONESIA IDR 249,607 0.23

69,073 TELENOR NOK 711,851 0.65

562,004 VODAFONE GBP 1,013,124 0.92

6,820,841 6.20

20,928 CARNIVAL USD 776,983 0.71

17,233 OPAP EUR 456,674 0.41

1,233,657 1.12

22,505 ACCENTURE A USD 563,358 0.51

2,700 NOMURA RESEARCH INSTITUTE JPY 296,071 0.27

38,892 VEDIOR EUR 574,435 0.52

1,433,864 1.30

55,974 WPP GBP 546,410 0.50

546,410 0.50

103,110,694 93.61

TOTAL 103,110,694 93.61


AND FINANCIAL




WORLD


AND FINANCIAL



to receive to pay Date Commitments in EUR

Forward contracts on currencies

JPY 2,200,000

JPY 2,200,000

JPY 638,600,000

USD 1,600,000

USD 18,884

USD 18,889

EUR 4,314,865

EUR 1,247,821

20/11/2006

20/11/2006

20/11/2006

25/10/2006

14,907

14,911

4,314,865

1,247,821

5,592,505



Forward Contracts

Stock indices

12

38

USD

JPY

S&P 500 INDEX 12/2006

TOPIX INDEX (TOKYO) 12/2006

3,186,264

4,103,401

7,289,665

ING (L) Invest - 30/09/2006

1- GENERAL

ING (L) Invest (the "Company" or the "SICAV") is a "Société d'Investissement à Capital Variable" ("SICAV") incorporated on

September 6, 1993 for an unlimited period as a société anonyme (public limited company), governed by Part I of the

Luxembourg law of December 20, 2002 on undertakings for collective investment.

The SICAV was previously governed by part I, Chapter 3 of the Luxembourg Law of March 30, 1988. Since December 1, 2005, it

is governed by Part I of the Luxembourg Law of December 20, 2002.

The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be

consulted and copies may be obtained upon payment of Registry fees.

The Company is registered with the Luxembourg Register of Companies under number B 44 873.

The Company currently offers the following share classes to the investors:

Shares Name Description

Capitalisation P (EUR) Capitalisation shares

Capitalisation P (USD) Capitalisation shares

Capitalisation I (EUR) Capitalisation shares dedicated to institutional investors

Capitalisation I (USD) Capitalisation shares dedicated to institutional investors

Capitalisation X (EUR) Capitalisation shares dedicated to some countries

Capitalisation X (USD) Capitalisation shares dedicated to some countries

Distribution I (EUR) Distribution shares dedicated to institutional investors

Distribution P (EUR) Distribution shares

Distribution P (quarter dividend) (EUR) Distribution shares

Distribution X (EUR) Distribution shares dedicated to some countries

The investor must be aware that every share class is not offered by every sub-fund of the Company.

Changes

The Board of Directors of the SICAV has decided to appoint ING Investment Management Luxembourg S.A. as

Management Company of the SICAV as from December 1, 2005. This appointment includes the management of the assets

of the sub-funds of the SICAV as well as the administration and marketing of its shares.

On December 1, 2005, the Management Company of the SICAV has delegated the management of the assets of the

sub-funds to the investment managers as described in Note 3.

The "US Opportunistic Equity" sub-fund was launched on February 10, 2006.

The "Global Growth" sub-fund was launched on April 18, 2006.

The "Global Real Estate" sub-fund was launched on May 2, 2006.

The "Europe Opportunities" sub-fund was launched on July 31, 2006.

155

NOTES TO THE

FINANCIAL STATEMENTS

On September 13, 2006 the net assets of the "Nasdaq" and "IT" sub-funds have been brought to the assets of the "Computer

Technologies" sub-fund.

The exchange ratios were as follow:

1 capitalistion P share of the IT sub-fund gave right to 0.070097 capitalisation P share of the Computer Technologies sub-fund,

1 capitalisation X share of the IT sub-fund gave right to 0.069698 capitalisation X share of the Computer Technologies sub-fund,

1 distribution P share of the IT sub-fund gave right to 0.011488 distribution P share of the Computer Technologies sub-fund.

1 capitalisation P share of the Nasdaq sub-fund gave right to 1.055420 capitalisation P share of the Computer Technologies sub-fund,

1 capitalisation X share of the Nasdaq sub-fund gave right to 1.055213 capitalisation X share of the Computer Technologies sub-fund,

1 distribution P share of the Nasdaq sub-fund gave right to 1.055384 distribution P share of the Computer Technologies sub-fund.

The "Australia" sub-fund was liquidated on September 19, 2006. The liquidation fees were not significant.

2- PRINCIPAL ACCOUNTING METHODS

The financial statements are prepared in accordance with generally accepted accounting principles and regulations in force in

Luxembourg.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in

currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rate prevailing

on the closing date.

The various items in the combined statement correspond to the sum of the corresponding items in the financial statements of

each sub-fund, converted if necessary into EUR at the exchange rate prevailing on the closing date.

Securities valuation

The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these

securities are traded on several markets, the valuation is made on the basis of the last known price on the main market on which

the securities are listed.

Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such

a market but whose last known price is not representative, are valued with prudence and in good faith on the basis of their

probable realisation value.

Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available Net Asset Value

per share.

Financial derivative instruments valuation

Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the

closing date.

Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognised in the

market.

Positive fair values of financial derivative instruments are included in the item "Other Financial Derivative Instruments".

Negative fair values of financial derivative instruments are included in the item "Current Liabilities".

NOTES TO THE


156ING (L) Invest - 30/09/2006 156

Income

Dividends are accounted for on the ex-date.

Interest is accrued on a daily basis.

3- OTHER ASSETS AND CURRENT LIABILITIES

Other assets account includes mainly accrued interest and receivables.

Current liabilities account includes mainly fee accruals, payables and negative fair values of financial derivative instruments.

4- MANAGEMENT FEES

In accordance with the terms and conditions of the nomination of ING Investment Management Luxembourg S.A. by the

SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an annual management fee calculated on the

average Net Assets of each sub-fund as described in the table below. This fee is payable monthly in arrears.

ING Investment Management Luxembourg S.A. has entrusted, at its own expense, management of the different sub-funds to the

investment managers listed below.

SUB-FUNDS Management Management Management Investment manager

fees Rate fees Rate fees Rate

(P-CLASS) (X-CLASS) (I-CLASS)

Australia* 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

Banking & Insurance 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Biotechnology 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

Computer Technologies 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment

Management Belgium

Consumer Goods 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Dutch Equity 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

Emerging Europe 1.20% p.a. 1.75% p.a. 0.65% p.a. ING Asset Management B.V

Emerging Markets 1.20% p.a. 1.75% p.a. 0.65% p.a. ING Asset Management B.V

EMU Equity 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Energy 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Euro High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment

Management Belgium

Euro Income 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

Europe Growth Fund 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

Europe High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment

Management Belgium

Europe Opportunities 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

European Banking & Insurance 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

European Consumer Goods 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

European Equity 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

European Food & Beverages 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

European Health Care 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

European IT 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

* until the liquidation date (September 19, 2006)

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NOTES TO THE


ING (L) Invest - 30/09/2006

SUB-FUNDS Management Management Management Investment manager

fees Rate fees Rate fees Rate

(P-CLASS) (X-CLASS) (I-CLASS)

European Materials 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

European New Offerings 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

European Real Estate 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

European Sector Allocation 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

European Small Caps 1.20% p.a. 1.75% p.a. 0.72% p.a. ING Asset Management B.V

European Telecom 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

Food & Beverages 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Global Brands 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

Global Growth 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

Global High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

Global Real Estate 1.40% p.a. 1.75% p.a. 0.60% p.a. ING Clarion Real Estate

Securities LP

Greater China 1.20% p.a. 1.75% p.a. … ING Investment Management

Asia Pacific (Hong-Kong) Ltd

Health Care 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment

Management Belgium

Industrials 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

IT** 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment

Management Belgium

Japan 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Mutual Funds Management

Company (Japan) Ltd

Japanese Small & Mid Caps 1.20% p.a. 1.75% p.a. … ING Mutual Funds Management

Company (Japan) Ltd

Latin America 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

Materials 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

Nasdaq** 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

New Asia 1.20% p.a. 1.75% p.a. … ING Investment Management

Asia Pacific (Hong-Kong) Ltd

New Technology Leaders 1.20% p.a. 1.75% p.a. … ING Investment

Management Belgium

Prestige & Luxe 1.20% p.a. 1.75% p.a. … ING Asset Management B.V

Sustainable Growth 1.20% p.a. 1.75% p.a. 0.72% p.a. ING Asset Management B.V

Telecom 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment

Management Belgium

US (Enhanced Core Concentrated) 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Investment

Management Co

US High Dividend 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Asset Management B.V

US Opportunistic Equity 1.20% p.a. 1.75% p.a. 0.60% p.a. ING Investment

Management Co

Utilities 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

World 1.20% p.a. 1.75% p.a. 0.48% p.a. ING Asset Management B.V

** until the merger date (September 13, 2006)

158

NOTES TO THE


ING (L) Invest - 30/09/2006

5- CUSTODIAN FEES

The depositary bank is remunerated in accordance with normal banking practice in Luxembourg.

6- SUBSCRIPTION TAX

The Company is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum for all shares

restricted to institutional investors and a subscription tax of 0.05% per annum for all the other shares.

The subscription tax is paid quarterly and calculated on the Net Asset Value at the end of the relevant calendar quarter.

No subscription tax is paid on the Net Assets held by the Company in other UCIs already subject to that tax in Luxembourg.

7- OTHER EXPENSES

This account includes mainly Audit fees, Administration fees, the Belgian tax and the other fees.

8- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

These changes are made available to the shareholders at the custodian bank and at the Company's registered office as well as

at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests.

9- INFORMATION FOR SHAREHOLDERS

Under the Belgian Finance Act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was

applied on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has

been increased to 0.07% in 2005 and to 0.08% from 2007 onwards.

The Company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized

as contravening the Community law.

159

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ING (L) Invest - 30/09/2006

Documents

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