hsbc global investment funds hsbc global strategy hedge fund · 2008. 7. 25. · hsbc global...

Interim Reports 2007

HSBC Global Investment FundsHSBC Global Strategy Hedge Fund

Contents

Page

HSBC Global Investment Funds 1 - 267

HSBC Global Strategy Hedge Fund 268 - 273

Additional notes for Hong Kong residents in relation to HSBC Global Investment Funds.

The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong andnot available to Hong Kong residents:

HSBC Global Investment Sub-Funds:Brazil Bond Global Emerging Markets EliteBrazil Equity Global Emerging Markets Local DebtEmerging Europe Equity Global Equity SRIEuro Core Bond Global ex Euroland EquityEuro Core Credit Bond Halbis Global MarcoEuro Reserve Latin American FreestyleEuro Strategic Credit Bond New World IncomeEuroland Value Creation Sustainability LeadersEuropean Government Bond Turkish ConvergenceGlobal Discount Certificates US Index

Contents

1HSBC Global Investment Funds

Unaudited report for the period from 1 April 2007 to 30 September 2007

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

Enfocus Software - Customer Support


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

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

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

Unaudited report for the period from 1 April 2007 to 30 September 2007



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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statement of Net Assets as at 30 September 2007 16

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notes to the Financial Statements 49

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Table of Contents



Board of Directors

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

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

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

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

Jennifer Hau Kau Fong, Vice President, Customer Services, Global Business, The Hong Kong and ShanghaiBanking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Louis, Mauritius(since 31 May 2007)

David Dibben, Chief Operating Officer, HSBC Group Investment Businesses Limited,21st Floor, 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.

George Efthimiou, Global Chief Operating Officer, HSBC Group Investment Businesses Limited,21st Floor , 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.

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

Thies Clemenz, Chief Operating Officer, HSBC Investments Deutschland GmbhKönigsallee 21/23, 40212 Düsseldorf, Germany.


Management and Administration

HSBC Global Investment Funds 5

Registered Office 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

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

Custodian, Administration Agent, Transfer Agent and Central Paying Agent RBC Dexia Investor Services Bank S.A., 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.

Investment Advisers Halbis Capital Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA.

Halbis Capital Management (Hong Kong) Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.

Halbis Capital Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliveira Belo, 11-B, 80020-030 Curitiba, Brazil.

HSBC Investments (Singapore) Limited, 21 Collyer Quay, # 13-02 HSBC Building, Singapore 049320, Singapore.

HSBC Investments (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA.

HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. (until 21 May 2007)

HSBC Investments FCP (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

HSBC Investments Deutschland GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany.

Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom (since 21 May 2007).

Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Share Distributor Global DistributorHSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

Austria, Germany and Eastern Europe Share DistributorHSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.

Hong Kong Representative and Share DistributorHSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.


Management and Administration (continued)


Share Distributor (continued)

United Kingdom Representative and Share DistributorHSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Jersey Representative HSBC Funds Nominee (Jersey) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands.

Singapore Representative and Share DistributorHSBC Investments (Singapore) Limited, 21, Collyer Quay, #13-02 HSBC Building, Singapore 049320, Singapore.

Swiss Representative and Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.

Korea Representative and Share DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Share Distributor for Continental EuropeHSBC Investments (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Central Paying Agent RBC Dexia Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.

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

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


Directors' Report


Reserve Sub-Funds

Euro Reserve The fund returned 1.76% (net of fees, share class AC) in Euro terms during the reporting period. From April to the end of June, the Eurozone economic outlook has been strong with unemployment declining to a historical low level, adding pressure on price stability. In this context, the European Central Bank continued its normalisation process and decided to increase rates from 3.75% to 4.00% in June. At the beginning of summer, the state of the US housing market and its collateral impact caused market turmoil. At the same time, Eurozone GDP has slowed. GDP rose by only 0.3% during the second quarter. The index of new orders in the manufacturing PMI had also fallen to its lowest level for two years. The rise of Euro and the turnaround in business sentiment seemed to have an impact on activity. In this context we invested in commercial paper in the 30-90 day range to avoid volatility and to remain cautiously positioned.

US Dollar Reserve The fund returned 2.35 % (net of fees, share class AC) in US dollar terms during the reporting period. The period ended in the midst of the sub-prime mortgage market triggered liquidity crisis. As investors shunned the asset backed CP (ABCP) and structured investment vehicles (SIV) over concerns about the credit quality of the underlying assets, yields on treasuries and agencies fell as non-traditional buyers entered these markets. Additionally, dealers were reluctant to hold securities which made finding suitable money market investments extremely hard to find. We purchased both treasury and agency securities in order to ride out the crisis. This has adversely impacted the overall performance of the fund relative to its benchmark.

Bond Sub-Funds

Brazil Bond The fund returned 7.83%, (net of fees, share class AC), in US dollar terms during the reporting period. Despite the volatility observed in August, the Brazilian currency strengthened during the period which resulted in a positive impact on the performance of the fund. However, the local yield curve, which so far had been negatively inclined, began to flatten in April. The move reflects the perception of strong economic growth, which in turn sparked worries about future inflation and cast doubt about the future path of interest rates. The move also impacted performance, as the fund was long five year fixed rate notes. Although we reduced duration the fund remains long in rates and in the currency, given the prospect of positive inflows into the markets of the region.

Euro Core Bond The fund returned -0.51% (net of fees, share class AC) in Euro terms during the reporting period. The main driver of performance has been credit. Duration and curve exposures were flat versus benchmark during the period and did not contribute to performance. The portfolio was short Single A credit versus a small long in BBB, namely financials LTII and T1. It was the latter sector which hit performance in the third quarter. We have retained the positions taking the view that help is on the way in the guise of softer monetary policy. In the same vein we have opened a 5 - 10yr curve steepening position and would expect a cyclical rise in risk premia going forward.

Euro Core Credit Bond The fund returned -1.94% (net of fees, share class AC) in Euro terms during the reporting period. From April to the end of June, the credit market tightened continuously before wildly widening during the summer credit/liquidity crisis. After having benefited from overweight positions in high yield bonds and financial subordinated credits, the fund has been heavily impacted in the reversal. However, we reinforced positions on T1, LT2 and hybrid corporates in September and should get positive impact from the recent rally.

Euro High Yield Bond The fund returned -1.6% (net of fees, share class AC) in Euro terms during the reporting period, outperforming its benchmark because of its defensive position which lessened the impact of the US credit/liquidity crisis during the summer. Exposure to the market was progressively increased as spreads widened, and the fund ended the period broadly in line with the benchmark. This was achieved by buying bonds but also by selling protection on the CDS market. The latter was particularly useful in July, when credit default swap spreads were significantly wider than bond spreads.


Directors' Report (continued)


European Government Bond The fund returned -0.91% (net of fees, share class AC) in Euro terms during the reporting period. Duration activity (directional, curve) was almost neutral for performance. Rather than strategic positioning we have had tactical positioning over the period.

The fund performance suffered from the important credit/swap spread widening during the summer and from the increased demand for quality German bonds. Credit exposure was around 20%. In the Government bond sector, we had a long exposure in Supranational, sovereign agencies, and government guarantee against short exposure in German bonds. Holdings in Government bonds from the European eastern countries were around 15% over the period.

Currencies exposure (mostly in Sterling) was slightly positive for the fund performance. We have had no exposure in currencies from the eastern European countries. Relative value and volatility arbitrages also added to performance.

Euro Strategic Credit Bond The fund returned -1.76% (gross of fees, share class EC) in Euro terms during the reporting period. Within the bond universe, the performances of the market segments were mixed. While government and covered bonds have posted the strongest returns, lower quality issues and high-yield paper performed below average. The worst performing bonds, however, were capital securities from financial institutions, which have been hurt by fears of possible losses in light of the US credit/liquidity crisis and a potential credit crunch. While a low weighting in high-yield paper has proved beneficial, the high allocation to hybrid and subordinated financial paper dampened fund performance. Nevertheless, as market tensions ease and fears of a systematic banking crisis abate, we remain modestly positive, keeping an overweight in financials, and an underweight in high-yield.

Global Core Plus Bond The fund returned 3.62% (net of fees, share class AD) in US dollar terms during the reporting period. Global bond markets experienced a high degree of volatility as the sub-prime crisis in the US spread globally and left money markets in turmoil. The sharp increase in inter-bank lending rates due to the uncertainties about banks’ exposures to sub-prime mortgages threatened to lead to a credit crunch, leaving no other choice for central banks around the globe but to step in and provide additional liquidity. Performance for the fund was slightly below benchmark over the period, as positive contributions from developed markets’ interest rate positioning were offset by sector and emerging market performance as well as developed markets’ currency exposures.

Global Emerging Markets Bond The fund returned 1.67% (net of fees, share class AC) in US dollar terms during the reporting period. Within global emerging market fixed income, Ecuador, Brazil and Turkey have posted the strongest returns. In general, investment grade countries in Eastern Europe and Latin America have underperformed the index, as spreads were already trading at very tight levels. Positive asset allocation in local markets over the last two quarters has added to fund performance. We remain positive on the outlook for Emerging Markets, with overweight positions in Argentina and Russia, and have underweight positions in the investment grade space.

Global Emerging Markets Local Debt The Local Debt Fund posted positive returns for the month of September. Performance was primarily driven by FX appreciation where EM currencies outperformed the decline in the USD vs. the majors. While duration overall was a negative contributor to returns, the portfolio benefited from a decline in rates in the high yielding markets such as Brazil, Colombia, Turkey and South Africa, where the portfolio has the largest allocations.

Global High Yield Bond {formerly called US Dollar High Yield Bond (up to 17th September 2007) The fund returned 0.57% (net of fees, share class AC) in US dollar terms during the reporting period. The fund slightly underperformed its index at the end of the third quarter. An overweight in BB’s and underweight in CCC-rated securities was a slight negative contributor to performance, as BB-rated bonds underperformed the CCC-rated segment of the market.




US Dollar Core Plus BondThe fund returned 1.78% (net of fees, share class AC) in US dollar terms during the reporting period, in line with the net positive return in the US bond market. All spread sectors within the index underperformed duration adjusted treasuries. The largest underperformers were Investment Grade Corporates and Asset Backed Securities. Over the period we witnessed a further weakening of the U.S. mortgage and housing markets, a credit crisis and a sudden shift in US Federal Reserve (Fed) interest rate policy. The Fed surprised the financial markets on September 18 with a larger-than expected 0.5% cut in its benchmark overnight rate target, from 5.25% to 4.75%, on top of earlier open market activities and two half-point cuts in its discount rate. The Fund outperformed the Lehman Aggregate as its positioning remained very defensive until late in the third quarter.

Equity Sub-Funds – International & Regional Equity

Asia ex Japan Equity The fund returned 35.20% (net of fees, share class AC) in US dollar terms during the reporting period. Within the region, the Chinese market posted strong returns, up 76.58% in USD terms, whilst Korea and Hong Kong were also strongly positive for the six month period. At a sector level, all sectors posted positive returns, with the resource focused Materials and Energy sectors strong on the back of domestic demand and rising commodity and energy prices. Positive stock selection was a feature of fund performance across most sectors and at a country level in Korea and Greater China. The Fund is presently overweight the consumer discretionary and materials sectors, underweight utilities and telecommunication services, and at a country level, overweight Korea and underweight China and Hong Kong.

Asia ex Japan Equity Smaller Companies The fund returned 34.20% (net of fees, share class AC) in US dollar terms during the reporting period. Within the region, the China market posted strong returns, up 76.58% in USD terms, whilst Korea and Hong Kong were also strongly positive for the six month period. At a sector level, all sectors posted positive returns, with the resource focused Materials and Energy sectors strong on the back of domestic demand and rising commodity and energy prices. Positive stock selection was a feature of fund performance across most sectors as well as most countries, notably Korea, Hong Kong and Malaysia. The Fund is presently overweight the consumer discretionary and materials sectors, underweight utilities and telecommunication services, and at a country level, overweight Hong Kong and underweight China and Korea.

Asia Pacific ex Japan Equity High Dividend The fund returned 28.51% (share of fees, share class AD) in US dollar terms during the reporting period. Within the region, the China market posted strong returns, up 76.58% in USD terms, whilst Korea and Hong Kong were also strongly positive for the six months. At a sector level, all sectors posted positive returns, with the resource focused Materials and Energy sectors strong on the back of domestic demand and rising commodity and energy prices. The Fund is presently underweight Financials, Materials and Energy. At a country level we are overweight countries with the most attractive dividend characteristics, Singapore, Hong Kong and Taiwan.

BRIC Markets The fund benefited from overweight allocations to China & Brazil. China was the strongest performing BRIC market during this period, rising approximately 73% in US dollar terms, followed by Brazil (47%) & India (45%). Russia lagged over the period with a gain of around 8%. The BRIC markets had a strong second quarter but fell sharply in early Q3, driven by concerns over the US sub-prime market & its impact on economic growth. However, BRIC markets have rebounded strongly and have returned to the pre-correction levels. While volatility has reduced from the mid-August high, further volatility is expected in the near term. This may show through in investment performance for the remainder of the year as the fund's objective is to be fully invested at all times.




BRIC Markets Equity The fund returned 42.77% (net of fees, share class AC) in US dollar terms during the reporting period. Within the BRIC markets, China has posted the strongest return. The Chinese government plans to allow its residents to invest in overseas markets, including Hong Kong shares. This change in investment policy will allow the large pool of savings in China to flow out of the mainland into international markets, whereby Hong Kong is expected to be a key beneficiary. Globally, macro economic outlooks on China, Brazil and India were supportive. Russia underperformed BRIC markets, dampened by profit-taking in energy stocks such as Gazprom, Lukoil & Surgutneftegaz. Country allocation was negative, as we remained negative on China. The fund is overweight in Brazil and India. Our targets are based on our valuation model. We remain neutral on the short term outlook for the BRIC markets.

Emerging Europe Equity During the reporting period, the fund performed well on an absolute basis returning 7.50% (net of fees, share class AC) in Euro terms placing it in the third quartile of its peer group.

By far the best performing country in the period was Turkey due to its favourable macro terms and easing political tensions. Banking stocks benefited particularly strongly. Also Hungary posted strong returns due to takeover speculation in favour of MOL. Russia performed more in line with energy stocks, and was still relatively weak. Relatively highly valued countries such as Poland and the Czech Republic were under performers with telecommunication and pharmaceutical stocks being the main negatives.

Positive country allocation in Turkey added to fund performance whereas negative allocation in Russia and Hungary proved to be detrimental for performance. We remain positive on the outlook for Eastern European stocks with an overweight position in Russia and Turkey.

Euroland Equity The fund returned 4.81% (net of fees, share class AC) in Euro terms during the reporting period. Equity markets in the Eurozone were up by close to 5.00% in the six months to end September in Euro terms. They were nevertheless flat for the majority of the period as they suffered from the US credit/liquidity crisis which took place during summer and ended with the US Federal Reserve cutting short term interest rates by 0.5% in September. Cyclicals and utilities outperformed whereas financial and consumer stocks lagged. During the semester, the fund outperformed with stock selection adding to the relative performance of the fund - particularly due to Numico, the Dutch food companies, Grifols, Geophysique and Telefonica. Versatel, the German alternative broadband player, and C&C, the Irish cider company were the main detractors to performance. Euroland economic prospects should remain stable albeit moderate unless the US or global backdrop worsens significantly. The size and the length of the US economic slowdown will be a topic of deliberation in the next few months. We are positive on equity markets in Euroland and maintain our growth bias.

Euroland Equity Smaller Companies The fund returned -0.16% (net of fees, share class AC) in Euro terms during the period, a full 3% ahead of its benchmark. Our thematic positioning, particularly with capital goods, coupled with exposure to short term and long cycle demand from Eastern Europe and Asia was a strong contributor to overall returns. The best performing sub-sectors were mining equipment and technology, fertilizer and port infrastructure. In the third quarter the deeper cyclical companies suffered. In August high quality cyclicals were subjected to profit-taking after a strong year to date performance. Overall, thematic positioning was a strong contributor and stock selection was slightly positive.

Euroland Value Creation The fund returned 8.05% (net of fees, share class M1C) in Euro terms during the reporting period. The fund's relative performance was two-fold. Between April 2007 and July 2007 relative performance was flat to slightly negative; the underweight positions in cyclicals, financials and restructuring themes contributing negatively to relative performance. Since July 2007, the fund has outperformed the MSCI EMU index. Positive contributions came from the defensive growth nature of the fund as well as the underweight stance in cyclicals, financials and restructuring themes. Stock selection in Heathcare (Grifols, Fresenius Medical Care), Financials (Deutsche Boerse) and in Technology (Nokia) has also been positive. Although the fund remains strategically defensive, the falls in certain Industrial stocks and Financials offer good value on a short-term basis.




Europe ex UK Equity The fund returned 2.31% (net of fees, share class AC) in Euro terms during the reporting period. European equities proved more resilient than their UK peers, but were still subdued. The supports of reasonable valuations and earnings momentum were largely negated by global economic concerns. Although the economy remained firm, the European Central Bank held interest rates at 4%, with the increased uncertainty about the global economic outlook a contributory factor. European markets struggled until the US Federal Reserve cut interest rates by 0.5% near period end after which they rose. High oil prices helped the oil and gas sector while industrials fell on concerns about economic weakness. Basic materials rose the most on firm commodity prices, financials fell and consumer sectors were mixed. European economic prospects should remain stable albeit slow unless the US or global backdrop worsens significantly.

Global Discount Certificates The Global Discount Certificates Fund was launched on the 20th August 2007.

Global Emerging Markets Equity Global Emerging Markets Elite The HGIF Global Emerging Markets Equity fund returned 31.66% (net of fees, share class AC) in US dollar terms during the period and outperformed the MSCI Emerging Markets Index. The HGIF Global Emerging Markets Elite returned 32.06% (net of fees, share class Z) in US dollar terms during the reporting period.

Strong stock selection was the key driver of performance for the funds, particularly in Taiwan. Emerging market equities had a strong second quarter and continued to rally through early July. However, markets suffered a sharp correction in late July through August, driven by concerns over the sub-prime issues in the US. Most equity markets rebounded strongly through September, rising sharply to reach new all-time highs. While volatility has reduced from the mid-August high, we expect to see further volatility in the near-term and the risk profile of the portfolio will remain low until there is greater clarity in the market.

Global Equity The fund returned 11.66% (net of fees, share class AD) in US dollar terms during the reporting period, outperforming the MSCI World index. Global equities performed strongly. However we saw a correction in July/August driven by the US sub-prime crisis and the subsequent credit crunch. Volatility spiked mid-August in line with the sell-off, receding after the US cut headline interest rates and major central banks injected liquidity to calm financial markets. Global equities have since rebounded, with most markets near their pre-correction highs. Whilst we expect to see some slowdown in US growth, we remain positive on the outlook for global growth, which should be well supported by growth outside the US, notably selective Euroland economies and emerging markets.

Global Equity SRI The fund returned 7.85% (net of fees, share class AC) in US dollar terms during the period, and outperformed its benchmark. This was primarily due to overweights in Cummins and BHP Billiton and German securities coupled with underweights in banking securities (particularly during the summer US credit/liquidity crisis). Overweights in Japanese securities coupled with underweights in Exxon Mobil, Randstad Holding N.V., and energy securities negatively impacted the fund’s overall performance. The long-term outlook for the fund is very positive with global investors placing increasing emphasis on social responsibility and sustainability.

Global ex-Euroland Equity The fund returned 1.43% (net of fees, share class AC) in Euro terms during the period, with positive relative performance. Contribution to outperformance came mainly from US stock selection; geographical allocation and Europe stock selection was neutral. In the US, an underweight in real estate and financials contributed positively while overweights in stocks with positive earnings revisions (Texas Instruments) and stocks exposed to emerging markets (Freeport Mcmoran) was also positive.

Sustainability Leaders The fund returned –0.76% (net of fees, share class M1D) in Euro terms during the period, underperforming the MSCI Europe (NR) index. Exposure to three themes: construction, banks and certain renewable energy companies were the main causes of this underperformance. Three bio-gas/bio-fuels companies experienced significant underperformance during the period as a result of feedstock price inflation, making them less profitable compared to other energy sources. Solar companies such as Solarworld and Renewable Energy Corp, and others, including Nokia, ICI, Umicore and Michelin outperformed.




Equity Sub-Funds – Market Specific Equity

Brazil Equity The fund returned 38.66% (net of fees, share class AD) in US dollar terms during the reporting period. The Brazilian market has been a main beneficiary of positive growth in the global economy and the consequent higher prices for commodities and higher liquidity available in the financial markets. The good domestic fundamentals also contributed to the strong performance of the fund. Local interest rates fell from 12.5% at the end of March to 11% at the end of September leading to a credit expansion which, together with higher real salaries (consequence of lower inflation), has had an important impact on consumption and GDP growth. We remain positive on the Brazilian equity market with the biggest risk being a stronger than expected slowdown in the global economy.

Chinese Equity The Fund returned 73.26% (net of fees, share class AC) in US dollar terms. All sectors posted positive returns with Materials, Industrials and Energy strongly positive. Consumer Staples and Information Technology were notable laggards, but still produced favourable returns. Positive stock selection was a feature of fund performance. The Fund is presently overweight the consumer discretionary and energy sectors and underweight utilities and financials, reflecting the long term themes of wealth creation and domestic consumption.

Hong Kong Equity The fund returned 45.34% (net of fees, share class AC) in US dollar terms during the reporting period, outperforming the Hang Seng index. This was helped by our underweight in the banking sector (particularly the large cap banks) and our overweight in the energy sector. Solid stock selection in materials, consumer and industrial sectors also added to the fund’s performance. The commercial and industrial sector was the top performer, boosted by the sharp increase in share prices in the Hong Kong Exchanges & Clearing after the government increased its stake in the Exchange. The property sector also performed well on the back of declining real interest rates and rising household income. The utility sector lagged, as expected, in a rising market. We remain positive on the Hong Kong market, although there may be some short-term profit taking pressure given that valuations are becoming stretched and there are risks of a slowdown in the economy into 2008. Focus will be given to property developers, selective banks, and capital goods.

Indian Equity The fund returned 44.36 % (net of fees, share class AC) in US dollar terms during the reporting period. Though it underperformed the benchmark (S&P IFCI India Investible) by 154 bps during the period, it ranked in high 2nd quartile among the peer group. Indian markets have had a huge liquidity driven run over the last 6 months with utilities, financials and materials being the leading performers and technology and health care being laggards. The fund was not positioned to participate in a sharp, liquidity surge driven rally and hence underperformed. Our underweight position in energy & financials hurt performance and a sharp overweight in materials & underweight in technology helped cover that impact to a large extent. Market valuations have reached all-time high levels and several instances of excesses / poor governance are being seen (e.g. Reliance Power IPO). On the economic front we continue to see deceleration, albeit from high levels. We do not see any reasons to change our extremely cautious stance on the Indian market and do not expect positive returns over next 18-24 months.

Japanese Equity The fund returned –1.41% in Japanese yen terms during the reporting period. In a volatile environment, the active quantitative strategy returned +3.95% positive relative gain, generated by the main two performance engines. Major gains from sector allocation were derived from overweights in Industrials and underweights in utilities and telecom stocks. Stock selection results were robust and positive for almost every sector, with the greatest positive contributions coming from Industrial stocks. For the medium term, we remain positive on the Japanese market as valuations have become significantly more attractive despite recent downward revisions in global earnings and a slow down in earnings momentum.




Korean Equity The fund returned 43.33% (net of fees, share class AC) in US dollar terms during the reporting period, which was significantly higher than the MSCI Korea Index. The market rallied over the period due to healthy fundamentals, good earnings results and favourable macroeconomic performance. Although the market collapsed in mid August due to the US sub-prime issue, it soon recaptured upward momentum and ended the period at a level near the record high achieved in July. Our higher return was mainly attributed to good stock selection in the technology sector and consumer stocks. Our very low exposure to the telecom industry, which was the worst performing sector after financials, also added to the fund’s outperformance.

Pan-European Equity The fund returned 0.63% (net of fees, share class AC) in Euro terms during the reporting period. European equities proved more resilient than their UK peers, but were still subdued in the third quarter. The supports of reasonable valuations and earnings momentum were largely negated by global economic concerns. Although the economy remained firm, the European Central Bank held interest rates at 4%, with the increased uncertainty about the global economic outlook a contributory factor. European markets struggled until the US Federal Reserve cut interest rates by 0.5% near period end after which they rose. The portfolio positioning focuses on high yielding stocks particularly with growing dividends. Overweight positions in Royal Dutch and Hellenic Telecom contributed to performance over the period. We intend to maintain our allocations to financial stocks over the coming months although they have struggled in the short term due to the US sub prime crisis.

Pan-European Equity High Dividend The fund returned 1.63% (net of fees, share class AC) in Euro terms during the reporting period. Despite solid performance during the first half of the period, the fund was under pressure by period end. The strategy has suffered, mainly in August and September, from its cyclical and financial bias and relative absence from defensive stocks like the food & beverage stocks (where dividend yields and growth are below average). In fact, the fund’s sole holding in the sector - C&C detracted from returns. Complete absence from mining stocks has also adversely affected relative returns. Moreover the mid cap bias was negative. The fund continues to be heavily tilted towards high dividend growth and will keep its mid cap exposure below 20%. We seek to limit our financial bias and remain focused on high quality names. We remain confident on the strategy's capacity to deliver as dividend growth should prove resilient.

Singapore Equity The fund returned 12.96% (net of fees, share class AC) in US dollar terms during the period, which underperformed the benchmark and peer group average. The Singapore market was helped by strong growth, lower risk aversion, and high liquidity. Performance was hurt by heavy profit-taking in the property sector after a strong first quarter. Stock selection impacted fund performance with zero weightings in top index performers such as Singapore Exchange, Cosco, and overweight in Macquarie International Infrastructure Fund, which lagged during the period. Zero weight in DBS, and strong performance from Straits Asia Resources, a coal small cap, helped fund performance. We maintain our bottom up approach, and continue to have a large exposure to residential developers (strong sales, rising prices) and luxury hotels, supported by a large underweight in banks and most large cap index stocks. As of period end the fund remains overweight high quality small caps, and select high yielding shares.

Thai Equity The fund returned 21.78% (net of fees, share class AD) in US dollar terms during the reporting period, which underperformed the benchmark and peer group average. The Thai market acted as a laggard catch up market to other stronger performing Asian markets, performing strongly thanks to cheap valuations and falling political risk, The Fund’s performance was impacted by being underweight the energy-related and petrochemical sectors which benefited from higher than expected oil prices, and overweight the lagging tourism, property and banking sectors. As of period end, the fund is overweight banks, property, tourism and underweight energy. We remain positive on the Thai market, given attractive valuations, likely future interest rate cuts, and, in timing terms, ahead of the general election.




UK Equity (Note – this fund merged with HGIF UK Freestyle on 19 October 2007) The fund returned 1.79% (net of fees, share class AC) in GBP terms during the reporting period. Financial and real estate related sectors were among the leading decliners amid fears about sub-prime losses and the potential for the UK property market to experience similar problems as its US counterpart. Northern Rock was the largest casualty of the contraction in credit markets as the mortgage bank was forced to request emergency funding from the Bank of England. The collapse in the group’s share price dragged down other UK focused mortgage banks and both Alliance & Leicester and Bradford & Bingley were highly volatile. The lack of liquidity effectively removed the support of mergers and acquisitions. Overweight positions in Royal Dutch and Hellenic Telecom contributed to performance while underweight positions in basic resources and households goods were a negative. Meanwhile, basic materials rose as Rio Tinto and BHP Billiton surged on merger rumours. We prefer to hold Anglo American, Xstrata and Kazakhmys. Although UK stocks received a timely boost from the US Federal Reserve’s decision to cut interest rates, the FTSE All Share index closed the quarter down 1.8%.

US Equity The fund returned 9.21 % (net of fees, share class AC) in US dollar terms during the reporting period, ahead of its benchmark the S&P500 Div. Incl. (+8.6%). The active quantitative strategy generated performance. The fund benefited from stock selection as well as a positive sector allocation. The main positive sector contributions came from underweight in housing-related sectors (such as Financials) and overweight in growth sectors (such as IT). The energy sector overweight also generated significant gain thanks to a surge in oil prices. The stock selection process based on earnings momentum added value due to an overweight in energy-related stocks and underweight in financial stocks. The medium-term outlook for the US market remains upbeat. Current valuations leave room for a market rise in the coming months.

US Index The fund returned 7.89% (net of fees, share class AC) in US dollar terms during the reporting period. Within the S&P 500 Index, top performing sectors were energy (26.00%), information technology (17.30%) and industrials (16.20%), whilst insurance (-3.60%), consumer discretionary (-2.80%) and financials (-2.20%) underperformed the index. The US credit/liquidity crisis in July and the extraordinary rise in oil prices during September contributed to the lower return over the period. US markets were volatile and came back to a rising trend at the end of the period only with the help of the US Federal Reserve cutting interest rates by 0.50%.

Equity Sub-Funds - Freestyle

Asia Freestyle The fund returned 35.75% (net of fees, share class AC) in US dollar terms during the reporting period. Within the region, all markets were positive with China posting strong returns, up 76.58% in US dollar terms. India, Korea and Hong Kong were also strongly positive for the six months. At a sector level, all sectors posted positive returns, with the resource focused Materials and Energy sectors strong on the back of domestic demand and rising commodity and energy prices. Positive stock selection was a feature of fund performance across most sectors and at a country level in India and Taiwan. The Fund is presently overweight the consumer discretionary and materials sectors, underweight utilities and telecommunication services, and at a country level, underweight India and overweight Korea.

BRIC Freestyle The fund returned 32.83% (net of fees, share class M1C) in US dollar terms during the reporting period. The portfolio benefited from large exposures to the top performing sectors: materials, industrials and financials. China was the strongest performing BRIC market, rising by about 77% in US dollar terms, followed by Brazil (50%), India (45%) and Russia (10%). The BRIC markets had a strong second quarter but fell sharply in early Q3, driven by concerns over the US sub-prime market. However, BRIC markets rebounded well and have returned to the pre-correction levels. While volatility has reduced from the mid-August high, we expect to see further volatility in the near-term and the risk profile of the portfolio will remain low until there is greater clarity in the market.




Global Emerging Markets Equity Freestyle The HGIF Global Emerging Markets Equity Freestyle fund returned 25.62% (net of fees, share class M1C) in US dollar terms during the same period. Strong stock selection was the key driver of performance for the funds, particularly in Taiwan. Emerging market equities had a strong second quarter and continued to rally through early July. However, markets suffered a sharp correction in late July through August, driven by concerns over the sub-prime issues in the US. Most equity markets rebounded strongly through September, rising sharply to reach new all-time highs. While volatility has reduced from the mid-August high, we expect to see further volatility in the near-term and the risk profile of the portfolio will remain low until there is greater clarity in the market.

Latin American Freestyle The fund had a return of 33.31% (net of fees, share class MC) in US dollar terms during the reporting period. The best performing markets were Brazil and Peru while Mexico and Chile lagged. Brazil was positively influenced by the good prospects for the global economy together with good local fundamentals (low inflation, lower interest rates and higher real salaries) while Peru had a more direct impact from higher commodity prices since a large number of listed companies are in the mining sector. Mexico, on the other hand, suffered due to its more direct link with the US economy. The worries with sub-prime credit in the US and the consequent economic slowdown affected Mexico more than the other countries. Given the good prospects for the global economy, we remain positive for the region as a whole.

UK Freestyle (Note – this fund merged with UK Equity on 19 October 2007) The fund returned 0.84% (net of fees, share class M1D) in GBP terms during the reporting period. Financial and real estate related sectors were among the leading decliners during the third quarter amid fears about sub-prime losses and the potential for the UK property market to experience similar problems as its US counterpart. Northern Rock was the largest casualty of the contraction in credit markets as the mortgage bank was forced to request emergency funding from the Bank of England. The collapse in the group’s share price dragged down other UK focused mortgage banks and both Alliance & Leicester and Bradford & Bingley were highly volatile. The lack of liquidity effectively removed the support of mergers and acquisitions. The recent rally has moved UK equity markets to levels that are largely discounting the expected increase in earnings this year. We remain cautious about the outlook for further gains in UK Equity markets.

Other Equity Sub-Funds

Halbis Global Macro Since its inception on 18 June through period end, the fund returned a moderate 0.80% (net of fees, share class M) in US dollar terms. From launch, the assets have been split between two strategies: (1) long markets with low exposure to mortgage bubbles, and short markets with high exposure; and (2) exposure to markets with high risk premia against ones with low risk premia. The first has generated positive returns over the period while the latter has experienced slightly negative returns. The positioning of the fund remains unchanged as at the end of the period.

New World Income The Federal Reserve's surprise 0.5% rate cut on September 18th led to a global rally, with most markets recouping losses from the late summer falls due to sub-prime mortgage concerns. The fund benefited from this reversal in sentiment. External credit spreads began the month at nearly +2.5% over US Treasuries, which represented some 1.0% off their recent tights. We aggressively added to sovereign spread positions during September, building out nearly 25% of the fund's exposure in credit-linked positions. Much of this was done with a rotation out of hard currency corporate credit, as we reduced positions for the third straight month, seeing greater value in sovereign bonds given current spread levels.

Turkish Convergence The fund had a flat return of 16.37% (net of fees, share class AC) in US dollar terms during the period. Turkey outperformed the emerging markets average, and following the general elections in July, Lira and Turkish asset markets were significantly strong in comparison to its peers. The fund underperformed its benchmark over the period primarily due to poor stock preference. Underweight positions in Garanti Bank and Eregli Steel Company were the largest contributors to underperformance and the position in Sinpas Reic failed to add as much value as expected. Keeping the long duration bonds holding was positive; however, floating rate notes position underperformed. We expect faster than expected rate cuts from the Central Bank of Turkey, predominantly due to benign inflation expectations, and hold our positive stance on Turkish markets. We plan to go overweight in equities and long duration in fixed income in the last quarter of the year.



Portfolio at CostUnrealised Appreciation/(Depreciation)

Portfolio at Market Value

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

Total Net Assets

CONSOLIDATED

USDTOTAL

19,191,518,884 9,619,735,777

28,811,254,661

703,953,889 (1,625,737)

340,000,057 (378,611,326)580,111,928

(224,783,531)102,346,368

(273,488,763)

29,659,157,546

USD

ASIA EX JAPANEQUITY

International andRegional Sub-Funds

640,118,608 362,647,879

1,002,766,487

24,448,370 -

6,873,123 -

5,540,599 (7,059,848)4,114,564

(1,405,887)

1,035,277,408

USD

ASIA EX JAPANEQUITY SMALLER

COMPANIES

106,361,912 30,423,028

136,784,940

4,473,208 -

395,894 (400,515)

2,867,646 (7,164,141)

142,309 (201,493)

136,897,848

USD

ASIA PACIFIC EXJAPAN EQUITY

HIGH DIVIDEND

100,623,480 41,955,153

142,578,633

6,345,820 -

2,108,733 (1,857,757)1,188,728 (335,733)580,095

(3,201,237)

147,407,282

Statement of Net Assets as at 30 September 2007

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



USD

BRIC MARKETS

539,629,055 244,730,086

784,359,141

2,232,422 ---

31,166,280 -

1,494,170 (656,086)

818,595,927

USD

BRIC MARKETSEQUITY

293,121,020 143,363,172

436,484,192

97,657,398 -

12,483,008 (11,012,337)

9,019,682 (1,793,930)3,035,126 (480,838)

545,392,301

EUR

EMERGINGEUROPE EQUITY

20,131,356 3,236,137

23,367,493

433,573 --

(368,314)820,718 (44,120)41,853

(34,687)

24,216,516

EUR

EUROLAND EQUITY

615,418,558 62,051,197

677,469,755

26,335,205 -

1,902,984 (15,184,732)29,435,469

(932,725)1,778,876 (888,758)

719,916,074

EUR

EUROLAND EQUITYSMALLER

COMPANIES

83,280,268 14,549,271

97,829,539

4,992,230 --

(1,564,172)1,214,867

(1,491,408)122,286

(131,859)

100,971,483

EUR

EUROLAND VALUECREATION

130,854,911 20,054,571

150,909,482

1,877,458 --

(7,603,889)11,573,758

-225,780

(272,411)

156,710,178







Total Net Assets

EUR

EUROPE EX UKEQUITY

68,183,714 10,646,073

78,829,787

923,519 -

1,738,065 (802,831)

27,442 (329,449)238,624

(114,793)

80,510,364

USD

GLOBALEMERGING

MARKETS ELITE

15,563,164 3,320,879

18,884,043

1,008,537 -

625,298 (588,503)

--

35,817 (17,624)

19,947,568

USD

GLOBALEMERGING

MARKETS EQUITY

255,590,800 78,865,678

334,456,478

16,326,029 -

10,054,524 (10,048,646)

2,130,988 (591,319)720,275

(567,156)

352,481,173

USD

GLOBAL EQUITY

136,414,811 33,934,890

170,349,701

2,031,835 --

(849,095)1,299,977 (812,794)480,155

(118,864)

172,380,915





USD

GLOBAL EQUITYSRI

27,993,211 2,894,605

30,887,816

253,873 ---

1,779 (92,613)61,416

(22,621)

31,089,650

EUR

GLOBAL EXEUROLAND EQUITY

28,133,526 5,761,282

33,894,808

4,602,374 ----

(724,274)241,242 (15,560)

37,998,590

EUR

PAN-EUROPEANEQUITY

443,109,337 36,485,289

479,594,626

7,612,436 -

15,752,744 (3,523,924)5,090,346

(6,741,960)1,849,581 (474,490)

499,159,359

EUR

PAN-EUROPEANEQUITY HIGH

DIVIDEND

67,903,853 776,754

68,680,607

-(209,213)

4,936,550 (4,799,601)

15,874 (49,586)127,769

(417,587)

68,284,813

EUR

SUSTAINABILITYLEADERS

41,599,108 135,121

41,734,229

5,458,866 -

407,797 (87,570)215,094

(3,010,733)179,265

(103,583)

44,793,365







Total Net Assets

USD

BRAZIL EQUITY

Market SpecificEquity Sub-Funds

1,510,996,469 644,451,343

2,155,447,812

10,935,886 -

20,172,429 (37,839,028)58,072,406

(19,870,901)912,782

(4,359,676)

2,183,471,710

USD

CHINESE EQUITY

2,876,654,631 3,333,585,337

6,210,239,968

61,058,472 -

1,216,645 (5,290,335)

100,353,111 (57,417,280)30,830,591 (7,667,800)

6,333,323,372

USD

HONG KONGEQUITY

324,604,245 169,838,334

494,442,579

40,204,614 --

(894,333)17,333,805 (1,310,403)1,516,681 (463,520)

550,829,423

USD

INDIAN EQUITY

4,315,277,198 2,603,144,798

6,918,421,996

9,071,578 -

127,528,963 (44,729,314)71,347,761

(46,701,245)9,840,679

(9,009,741)

7,035,770,677





JPY

JAPANESE EQUITY

38,431,686,349 2,061,051,161

40,492,737,510

2,294,362,257 ---

2,604,372,942 (125,686,483)396,677,534 (47,538,543)

45,614,925,217

USD

KOREAN EQUITY

461,300,087 131,231,267

592,531,354

14,441,258 -

13,672,322 (16,733,568)

5,434,304 (9,916,049)

7,973 (637,875)

598,799,719

USD

SINGAPOREEQUITY

213,490,674 28,735,405

242,226,079

26,958,378 --

(10,647,079)10,102,678 (7,886,985)

124,199 (408,682)

260,468,588

USD

THAI EQUITY

279,603,266 18,758,532

298,361,798

9,066,687 --

(1,276,302)11,159,749 (4,035,724)1,144,178 (385,518)

314,034,868

GBP

UK EQUITY

59,053,486 7,345,707

66,399,193

370,799 -

943,103 (22,635)21,441

(455,455)356,132 (93,116)

67,519,462

USD

US EQUITY

166,211,509 33,460,205

199,671,714

6,796,585 -

176,549 -

6,314,146 (1,375,228)

979,346 (129,870)

212,433,242







Total Net Assets

USD

US INDEX

51,569,872 12,163,914

63,733,786

2,649,463 -

80,914 (101,398)

1,403,961 (431,057)262,670 (36,112)

67,562,227

USD

ASIA FREESTYLEFreestyle Sub-Funds

212,849,036 102,160,825

315,009,861

15,627,799 -

4,550,495 (1,901,379)6,785,007

(1,509,448)1,315,610 (631,680)

339,246,265

USD

BRIC FREESTYLE

1,862,457,065 1,163,319,903

3,025,776,968

120,556,825 -

48,035,075 (23,894,407)14,715,371

(14,246,106)5,407,251

(192,471,496)

2,983,879,481

USD

GLOBALEMERGING

MARKETS EQUITYFREESTYLE

624,958,608 163,577,428

788,536,036

31,385,461 -

28,490,886 (21,670,388)

2,803,207 (5,078,452)1,971,365

(43,056,136)

783,381,979





USD

LATIN AMERICANFREESTYLE

149,365,880 24,631,115

173,996,995

715,209 -

2,108,134 (1,952,167)13,941,146

(981,876)124,169

(1,035,415)

186,916,195

GBP

UK FREESTYLE

11,144,053 1,427,968

12,572,021

199,999 --

(18,910)-

(39,164)63,761

(13,656)

12,764,051

USD

BRAZIL BONDBond Sub-Funds

26,239,975 1,670,217

27,910,192

-(10,953)52,377

-167,361 (75,038)153,629 (99,105)

28,098,463

EUR

EURO CORE BOND

135,658,566 (4,169,587)

131,488,979

166,429 -

115,750 (23,650)431,232

(1,218,918)2,976,145

(91,148)

133,844,819

EUR

EURO CORECREDIT BOND

102,122,952 (1,775,724)

100,347,228

205,959 -

56,018 (63,000,056)79,164,783

(131,675)1,842,908

(45,071)

118,440,094

EUR

EURO HIGH YIELDBOND

94,768,930 (2,795,627)

91,973,303

751,213 -

285,341 (933,575)

4,007 (43,724)

2,147,476 (93,505)

94,090,536







Total Net Assets

EUR

EUROPEANGOVERNMENT

BOND

60,143,319 (1,777,964)

58,365,355

1,054,706 -

1,653,594 (75,370)584,313

(3,976,806)1,422,155

(39,736)

58,988,211

EUR

EURO STRATEGICCREDIT BOND

52,583,172 (2,995,848)

49,587,324

2,766,257 -

1,414,519 (898,213)

-(2,465,780)1,150,274

(54,390)

51,499,991

USD

GLOBAL COREPLUS BOND

114,780,337 3,073,487

117,853,824

6,315,049 -

4,395,131 (8,443,611)

10,715 (1,001,485)1,701,727 (232,470)

120,598,880

USD

GLOBALEMERGING

MARKETS BOND

239,583,610 4,436,922

244,020,532

3,697,875 -

96,611 (5,248,376)

837,893 (241,913)

4,954,455 (542,401)

247,574,676





USD

GLOBALEMERGING

MARKETS LOCALDEBT

8,437,252 336,637

8,773,889

10,139,813 --

(1,163,644)98,987

(31,209)345,055

(3,469)

18,159,422

USD

GLOBAL HIGHYIELD BOND

5,970,431 (12,081)

5,958,350

19,978 -----

127,815 (1,490)

6,104,653

USD

US DOLLAR COREPLUS BOND

101,756,754 (62,028)

101,694,726

-(1,318,403)4,720,789

(16,941,513)65,593

(147,485)901,950 (23,925)

88,951,732

EUR

EURO RESERVEReserve Sub-Funds

24,026,278 36,628

24,062,906

306,824 -

5,999,999 (1,988,080)

197,330 (570,699)335,425

(226,128)

28,117,577

USD

US DOLLARRESERVE

20,743,688 60,335

20,804,023

990,882 ---

55,886 (857,723)

3,267 (11,737)

20,984,598







Total Net Assets

EUR

GLOBAL DISCOUNTCERTIFICATES

Other Sub-Funds

8,952,673 189,862

9,142,535

1,064,950 -----

5,644 (2,026)

10,211,103

EUR

HALBIS GLOBALMACRO

13,475,585 56,080

13,531,665

1,564,379 -----

80,131 (40,412)

15,135,763

USD

NEW WORLDINCOME

128,708,898 (208,577)

128,500,321

65,545,620 -

1,254,315 (6,658,690)

49,522 -

2,851,480 (553,099)

190,989,469

EUR

TURKISHCONVERGENCE

60,376,798 3,274,195

63,650,993

4,780,976 -

326,142 (3,889,573)

545,452 (663,948)703,962 (79,116)

65,374,888





CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS L 1 C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per Share


CLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per Share


CLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per Share

CLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share

CONSOLIDATED

USDTOTAL

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

ASIA EX JAPANEQUITY

3,766,084.554 59.97

1,327,643.593 29.07

5,663,378.193 56.73

65,361.479 28.87

4,601.386 56.15

103,557.729 56.15

2,060,028.691 58.38

71,500.000 58.14

22,969,693.657 12.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

222,880.000 63.17

372,839.196 57.63


USD


COMPANIES

1,417,808.762 39.08

N/AN/A

2,030,103.971 38.03

N/AN/A

12,473.562 39.03

121.000 37.99

53,901.252 39.14

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

44,322.802 38.03

USD


HIGH DIVIDEND

1,083,087.575 18.37

N/AN/A

6,455,808.788 16.67

N/AN/A

N/AN/A

N/AN/A

N/AN/A

780,000.000 16.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

410,141.612 17.06

Key Figures as at 30 September 2007



USDBRIC MARKETS

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

675.000 30.91

26,398,136.000 31.01

N/AN/A

USD

BRIC MARKETSEQUITY

8,483,276.349 18.12

N/AN/A

4,716,394.494 18.11

N/AN/A

615,799.647 18.00

2,250.600 18.00

347,886.223 18.27

N/AN/A

15,747,093.543 18.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


925,697.739 16.11

N/AN/A

289,007.903 16.11

N/AN/A

3,679.360 16.07

N/AN/A

50,000.000 16.38

182,000.000 16.27

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

49,964.055 16.11

EUREUROLAND EQUITY

15,547,432.839 35.25

N/AN/A

2,994,245.978 35.10

N/AN/A

377.284 35.11

11,496.208 34.78

1,752,488.612 35.48

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,750.000 37.90

104,237.137 37.90

EUR


COMPANIES

1,697,375.876 48.50

N/AN/A

72,696.555 48.50

N/AN/A

1,427.043 48.35

N/AN/A

264,000.000 48.98

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

40,662.018 52.03

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,055,094.426 15.31

N/AN/A

181,959.944 15.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

























EUR

EUROPE EX UKEQUITY

12,610.881 22.81

N/AN/A

3,576,075.439 22.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

GLOBALEMERGING

MARKETS ELITE

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500.000 13.39

1,499,500.000 13.30

N/AN/A

USD

GLOBALEMERGING

MARKETS EQUITY

2,148,514.382 22.29

N/AN/A

13,166,912.860 21.99

N/AN/A

269,421.879 21.44

5,075.048 21.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

407,741.686 22.36

USDGLOBAL EQUITY

24,871.164 29.92

N/AN/A

1,331,535.176 29.79

N/AN/A

N/AN/A

N/AN/A

11,144.654 30.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,081,710.443 32.25




USD

GLOBAL EQUITYSRI

638,417.638 17.06

N/AN/A

6,081.781 17.05

N/AN/A

N/AN/A

N/AN/A

427,706.000 17.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

71,794.223 17.97

N/AN/A

N/AN/A

644,459.761 17.82

N/AN/A

EUR


285,769.676 21.62

N/AN/A

2,226.138 21.62

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,367,555.000 23.23

N/AN/A

EUR

PAN-EUROPEANEQUITY

3,301,990.173 41.70

N/AN/A

25,697.730 40.79

N/AN/A

N/AN/A

149,067.246 40.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

11,524.140 42.67

5,634,569.079 40.34

N/AN/A

1,631,498.608 24.60

N/AN/A

N/AN/A

2,088,706.726 41.43

EUR


DIVIDEND

2,944,376.205 16.38

N/AN/A

1,112,911.506 16.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

116,126.000 17.19

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

225,892.000 12.06

2,499,986.225 12.02

N/AN/A

1,000,514.354 12.01

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

























USDBRAZIL EQUITY

27,413,094.259 43.21

N/AN/A

10,498,522.303 43.03

N/AN/A

1,637,914.892 42.86

283.390 42.86

7,021,626.379 43.87

3,657,156.336 43.77

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

196,782.000 45.69

N/AN/A


USDCHINESE EQUITY

11,738,866.806 116.25

N/AN/A

38,966,476.486 114.23

N/AN/A

581,849.213 114.77

794.480 114.77

1,238,379.111 118.42

177,083.404 117.60

152,862.903 116.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

162,855.000 119.10

2,079,711.681 118.23

USD

HONG KONGEQUITY

945,273.311 143.58

N/AN/A

43,136.203 137.96

N/AN/A

6,229.784 143.38

N/AN/A

392,004.000 143.84

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,104,254.765 135.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

458,203.939 143.63

USDINDIAN EQUITY

8,960,971.683 195.23

N/AN/A

24,434,869.711 195.23

N/AN/A

475,103.810 190.92

700.733 190.92

1,631,895.710 202.97

120,522.162 202.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

347,911.115 200.16




JPYJAPANESE EQUITY

2,400,546.124 9,848.30

N/AN/A

340,297.921 1,468.94

N/AN/A

326,689.084 1,431.20

109,625.326 1,431.18

638,033.515 9,957.72

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

192,376.673 9,860.67

5,953,550.549 1,505.54

N/AN/A

95,418.801 13,533.20

N/AN/A

212,650.000 10,142.06

127,106.272 1,476.41

USDKOREAN EQUITY

7,329,364.528 21.93

N/AN/A

6,939,481.754 21.93

N/AN/A

250,736.222 21.90

1,136.860 21.90

10,378,438.845 22.26

N/AN/A

2,742,977.726 11.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

747,920.814 22.38

USD

SINGAPOREEQUITY

1,522,457.185 54.08

N/AN/A

1,306,364.018 50.12

N/AN/A

101,730.197 53.84

N/AN/A

60,000.000 54.09

N/AN/A

737,518.048 10.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,863,423.176 50.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

55,078.084 52.75

USDTHAI EQUITY

3,092,891.286 11.86

N/AN/A

19,429,247.076 11.38

N/AN/A

47,347.689 11.81

N/AN/A

2,715,853.848 12.03

N/AN/A

2,113,347.023 9.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

327,521.241 11.72

GBPUK EQUITY

583,314.120 28.99

N/AN/A

1,872,634.011 26.97

N/AN/A

N/AN/A

4,183.882 19.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,000.000 29.92

N/AN/A

USDUS EQUITY

953,670.563 24.62

1,152,908.494 30.87

366,197.505 27.55

10,938.568 31.81

1,815.094 24.52

681.169 27.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

905,035.638 27.97

N/AN/A

270,535.249 159.57

N/AN/A

2,438,695.000 25.38

451,800.138 27.64

























USDUS INDEX

2,915,855.548 11.08

N/AN/A

28,644.355 10.74

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,323,423.756 10.52

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDASIA FREESTYLE

4,412,311.880 21.83

75,498.508 25.50

9,181,479.789 21.56

482,499.065 25.18

293,956.707 21.46

216.850 21.46

1,023,322.960 22.49

70,000.000 22.48

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Freestyle Sub-Funds

USDBRIC FREESTYLE

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

34,610,335.726 20.38

N/AN/A

4,736,036.104 28.34

63,811,766.970 27.27

N/AN/A

14,653,224.632 27.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

GLOBALEMERGING


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

49,304,503.324 14.70

N/AN/A

3,916,176.492 14.93

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A




USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

6,675,322.536 18.98

N/AN/A

3,155,381.698 19.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

GBPUK FREESTYLE

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

961,456.149 13.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRAZIL BOND

1,154,027.120 12.97

N/AN/A

47,157.202 12.34

N/AN/A

323,961.660 12.93

N/AN/A

138,136.317 12.99

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500,000.000 13.14

N/AN/A

Bond Sub-Funds

EUREURO CORE BOND

5,690,810.691 16.83

N/AN/A

11,415.095 15.74

N/AN/A

10,051.565 16.79

N/AN/A

2,195,654.919 17.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


2,005,777.110 16.98

N/AN/A

21,534.118 14.68

N/AN/A

13,909.661 16.95

N/AN/A

4,704,296.424 17.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

109,200.412 16.40

EUR

EURO HIGH YIELDBOND

2,907,927.007 21.26

N/AN/A

259,473.862 18.16

N/AN/A

11,993.856 21.20

340.000 21.20

922,810.000 21.93

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

320,851.138 22.03

N/AN/A

























EUR

EUROPEANGOVERNMENT

BOND

2,160,261.410 16.58

N/AN/A

97,286.085 12.85

N/AN/A

1,102.808 16.53

N/AN/A

1,210,546.333 16.94

100,637.054 13.98

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


65,551.000 10.21

N/AN/A

5,081,544.571 9.61

N/AN/A

104.234 10.20

N/AN/A

197,556.497 10.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


5,133.107 14.25

N/AN/A

4,277,483.839 13.53

N/AN/A

22,646.376 11.11

N/AN/A

2,724.607 14.29

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,310,352.887 11.01

N/AN/A

25,557.303 185.46

N/AN/A

N/AN/A

3,108,353.329 13.89

USD

GLOBALEMERGING

MARKETS BOND

570,096.198 20.79

N/AN/A

9,163,865.070 16.85

N/AN/A

4,905.574 20.73

1,925.850 20.73

2,303,559.871 20.98

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,535,587.235 21.38

N/AN/A




USD

GLOBALEMERGING

MARKETS LOCALDEBT

15,210.229 10.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,734,700.019 10.38

USD


5,876.338 11.31

N/AN/A

22,249.254 11.22

N/AN/A

1,051.644 11.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

499,500.000 11.57

N/AN/A

USD


181,253.185 12.62

N/AN/A

245,025.051 10.42

N/AN/A

3,327.673 12.58

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,772,686.846 10.44

144,749.493 14.59

2,581,924.490 10.46

N/AN/A

328,030.000 12.85

1,983,661.886 10.98

EUREURO RESERVE

1,641,374.405 16.35

N/AN/A

83,483.404 15.41

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Funds

USD

US DOLLARRESERVE

430,368.195 16.79

N/AN/A

168,611.093 8.01

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,472,540.109 8.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

























EUR


6,000.000 10.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

995,000.000 10.20

N/AN/A

Other Sub-Funds

EUR

HALBIS GLOBALMACRO

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

112,500.000 100.93

37,500.000 100.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

NEW WORLDINCOME

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

175,380.966 10.07

N/AN/A

17,532,817.233 10.07

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,255,398.212 10.08

EUR

TURKISHCONVERGENCE

3,552,675.361 17.07

N/AN/A

249,176.424 14.92

N/AN/A

59,974.851 17.04

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A




Statement of Operations and Changes in Net Assets

for the period from 1 April 2007 to 30 September 2007


CONSOLIDATED

USDTOTAL

Net Assets at the Beginning of the Period 22,012,539,868

INCOMEInvestment Income 408,613,705 Bank Interest 15,086,326 Other Income 1,700

Total Income 423,701,731

EXPENSESManagement Fees (note 4.2) 155,394,870 Performance Fees (note 4.3) 211,630,520 Operating, Administrative and ServicingFees (note 4.4) 45,229,876 Bank Interest Paid 685,338

Total Expenses 412,940,604

Net Investment Profit/(Loss) 10,761,127 Realised Profit/(Loss) on Sale ofInvestments 3,031,868,927

Realised Profit/(Loss) for the Period beforeForeign Currency Movement 3,042,630,054

Profit/(Loss) on Foreign Currency (17,225,007)Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps 4,808,844,033

Change in Total Net Assets as a Result of Operations 7,834,249,080

Proceeds on Issue of Shares 8,833,668,819 Payments on Redemption of Shares (9,177,048,868)Dividends Paid (note 11) (60,647,957)Currency Translation 216,396,604

Net Assets as at 30 September 2007 29,659,157,546

USD

ASIA EX JAPANEQUITY

612,532,695

12,067,097 554,158

-

12,621,255

4,718,472 -

1,264,595 2,083

5,985,150

6,636,105

50,299,913

56,936,018

(529,688)

194,210,250

250,616,580

326,552,173 (152,631,792)

(1,792,248)-

1,035,277,408


USD


COMPANIES

41,088,141

1,286,341 96,296

-

1,382,637

707,612 -

165,626 921

874,159

508,478

4,806,466

5,314,944

(252,680)

19,322,475

24,384,739

132,361,425 (60,868,368)

(68,089)-

136,897,848

USD


HIGH DIVIDEND

142,208,941

4,001,025 31,883

-

4,032,908

901,312 -

224,004 37

1,125,353

2,907,555

18,427,770

21,335,325

(89,350)

13,523,179

34,769,154

42,800,398 (66,777,988)

(5,593,223)-

147,407,282




USDBRIC MARKETS

461,684,567

5,842,786 15,793

-

5,858,579

3,084,671 -

773,791 70,875

3,929,337

1,929,242

22,005,574

23,934,816

95,021

187,347,686

211,377,523

282,491,103 (136,957,266)

--

818,595,927

USD

BRIC MARKETSEQUITY

305,032,045

1,759,884 1,775,270

-

3,535,154

1,932,484 -

567,348 7,436

2,507,268

1,027,886

23,837,256

24,865,142

(161,287)

125,123,406

149,827,261

138,957,920 (48,424,925)

--

545,392,301

EUR


25,260,799

201,921 13,962

-

215,883

184,240 -

44,891 5,807

234,938

(19,055)

1,759,465

1,740,410

(96,107)

(39,416)

1,604,887

5,570,895 (8,197,451)

(22,614)-

24,216,516

EUREUROLAND EQUITY

578,984,961

9,546,696 241,250

-

9,787,946

4,451,003 -

1,054,828 850

5,506,681

4,281,265

27,935,068

32,216,333

(58,962)

(1,647,342)

30,510,029

246,608,988 (136,109,940)

(77,964)-

719,916,074

EUR


COMPANIES

103,872,035

1,323,494 18,446

-

1,341,940

713,809 -

178,299 12,707

904,815

437,125

3,356,091

3,793,216

(40,451)

(3,819,915)

(67,150)

34,479,244 (37,312,646)

--

100,971,483

EUR


149,960,548

2,782,899 98,075

-

2,880,974

903,560 431

252,997 -

1,156,988

1,723,986

5,407,942

7,131,928

(2,967)

4,373,942

11,502,903

13,256,984 (18,008,769)

(1,488)-

156,710,178






EUR

EUROPE EX UKEQUITY

Net Assets at the Beginning of the Period 87,272,793

INCOMEInvestment Income 1,476,683 Bank Interest 21,417 Other Income -


EXPENSESManagement Fees (note 4.2) 638,717 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4) 149,084 Bank Interest Paid 520

Total Expenses 788,321

Net Investment Profit/(Loss) 709,779 Realised Profit/(Loss) on Sale ofInvestments 9,293,748

Realised Profit/(Loss) for the Period beforeForeign Currency Movement 10,003,527

Profit/(Loss) on Foreign Currency 5,313 Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps (7,813,924)

Change in Total Net Assets as a Result of Operations 2,194,916

Proceeds on Issue of Shares 3,240,914 Payments on Redemption of Shares (11,683,760)Dividends Paid (note 11) (514,499)Currency Translation -

Net Assets as at 30 September 2007 80,510,364

USD

GLOBALEMERGING

MARKETS ELITE

15,104,610

202,962 13,536

-

216,498

85,620 -

21,468 223

107,311

109,187

1,669,540

1,778,727

(5,202)

3,069,433

4,842,958

----

19,947,568

USD

GLOBALEMERGING

MARKETS EQUITY

294,752,392

3,805,807 228,006

1,700

4,035,513

2,266,400 -

627,774 5,526

2,899,700

1,135,813

53,757,372

54,893,185

(90,068)

33,089,108

87,892,225

41,148,930 (70,565,207)

(747,167)-

352,481,173

USDGLOBAL EQUITY

175,961,923

1,687,308 126,794

-

1,814,102

315,870 -

241,368 312

557,550

1,256,552

11,324,195

12,580,747

(15,802)

7,954,413

20,519,358

16,246,192 (39,027,703)

(1,318,855)-

172,380,915




USD

GLOBAL EQUITYSRI

20,777,357

313,594 6,905

-

320,499

100,385 -

40,719 20

141,124

179,375

1,045,397

1,224,772

9,841

732,507

1,967,120

15,452,135 (7,106,962)

--

31,089,650

USD

GLOBAL EQUITYTECHNOLOGY

(liquidated as at 25May 2007)

6,659,147

36,711 437

-

37,148

15,128 -

3,523 2

18,653

18,495

1,143,746

1,162,241

3,180

(723,551)

441,870

73(7,101,090)

--

-

EUR


48,840,267

396,743 60,512

-

457,255

79,570 -

62,155 22,694

164,419

292,836

1,659,500

1,952,336

(114,758)

(938,649)

898,929

12,507,386 (24,247,992)

--

37,998,590

EUR

PAN-EUROPEANEQUITY

733,618,436

11,136,646 83,032

-

11,219,678

3,043,312 -

974,816 24,518

4,042,646

7,177,032

66,900,966

74,077,998

(97,127)

(60,379,828)

13,601,043

79,242,300 (322,030,628)

(5,271,792)-

499,159,359

EUR


DIVIDEND

82,660,478

1,357,468 50,523

-

1,407,991

552,720 -

131,493 44,005

728,218

679,773

5,707,590

6,387,363

28,804

(4,192,958)

2,223,209

7,336,170 (23,764,732)

(170,312)-

68,284,813

EUR


28,419,950

586,705 34,667

-

621,372

229,844 -

25,631 7,420

262,895

358,477

492,824

851,301

(37,116)

(2,272,999)

(1,458,814)

27,862,076 (9,910,989)

(118,858)-

44,793,365






USDBRAZIL EQUITY

Net Assets at the Beginning of the Period 1,086,007,695



EXPENSESManagement Fees (note 4.2) 12,910,161 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4) 3,209,004 Bank Interest Paid 102,691

Total Expenses 16,221,856

Net Investment Profit/(Loss) (7,018,048)Realised Profit/(Loss) on Sale ofInvestments 115,172,085


Profit/(Loss) on Foreign Currency (8,230,424)Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps 427,565,976


Proceeds on Issue of Shares 1,363,607,312 Payments on Redemption of Shares (793,325,373)Dividends Paid (note 11) (307,513)Currency Translation -

Net Assets as at 30 September 2007 2,183,471,710


USDCHINESE EQUITY

4,388,195,717

90,132,454 2,421,135

-

92,553,589

33,710,247 -

9,316,875 544

43,027,666

49,525,923

881,700,217

931,226,140

(8,568,519)

1,813,168,498

2,735,826,119

1,234,461,146 (2,010,716,101)

(14,443,509)-

6,333,323,372

USD

HONG KONGEQUITY

213,556,902

4,690,690 344,690

-

5,035,380

1,283,204 -

475,855 -

1,759,059

3,276,321

12,895,675

16,171,996

(668,724)

116,403,405

131,906,677

261,693,939 (53,630,843)

(2,697,252)-

550,829,423

USDINDIAN EQUITY

5,450,800,640

133,422,380 1,447,078

-

134,869,458

44,599,953 -

12,074,083 -

56,674,036

78,195,422

915,060,893

993,256,315

3,408,854

1,262,851,970

2,259,517,139

1,308,534,726 (1,982,719,332)

(362,496)-

7,035,770,677




JPYJAPANESE EQUITY

36,447,794,450

225,864,350 12,268,515

-

238,132,865

230,818,620 -

64,219,040 5,641,409

300,679,069

(62,546,204)

2,030,496,856

1,967,950,652

(44,660,916)

(2,769,584,789)

(846,295,053)

27,047,010,910 (17,004,590,746)

(28,994,344)-

45,614,925,217

USDKOREAN EQUITY

153,655,487

1,138,883 104,062

-

1,242,945

2,358,942 -

734,535 -

3,093,477

(1,850,532)

28,833,100

26,982,568

(456,369)

105,984,769

132,510,968

628,761,386 (315,957,975)

(170,147)-

598,799,719

USD

SINGAPOREEQUITY

112,417,143

5,181,803 299,618

-

5,481,421

1,359,281 -

436,219 930

1,796,430

3,684,991

9,683,489

13,368,480

(953,141)

8,634,659

21,049,998

353,696,698 (225,984,659)

(710,592)-

260,468,588

USDTHAI EQUITY

217,572,937

5,018,328 158,878

-

5,177,206

1,856,131 -

450,039 401

2,306,571

2,870,635

17,425,077

20,295,712

(733,401)

13,038,887

32,601,198

271,925,733 (205,568,349)

(2,496,651)-

314,034,868

GBPUK EQUITY

97,879,771

1,355,314 11,714

-

1,367,028

573,876 -

118,592 15,430

707,898

659,130

6,090,185

6,749,315

(26,722)

(4,596,416)

2,126,177

5,685,632 (36,577,463)

(1,594,655)-

67,519,462

USDUS EQUITY

195,931,184

1,205,170 288,217

-

1,493,387

611,298 -

244,514 15,982

871,794

621,593

6,760,278

7,381,871

(143,587)

13,589,670

20,827,954

56,883,450 (60,007,531)

(1,201,815)-

212,433,242






USDUS INDEX


INCOMEInvestment Income 498,453 Bank Interest 25,374 Other Income -

Total Income 523,827

EXPENSESManagement Fees (note 4.2) 121,222 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4) 63,648 Bank Interest Paid -


Net Investment Profit/(Loss) 338,957 Realised Profit/(Loss) on Sale ofInvestments 1,085,905


Profit/(Loss) on Foreign Currency 14Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps 2,542,603




USDASIA FREESTYLE

270,322,943

4,709,314 41,268

-

4,750,582

2,437,187 -

564,956 12,121

3,014,264

1,736,318

37,724,570

39,460,888

(374,641)

50,838,662

89,924,909

68,384,839 (88,598,513)

(787,913)-

339,246,265

Freestyle Sub-Funds

USDBRIC FREESTYLE

2,757,083,981

31,744,130 2,561,159

-

34,305,289

12,433,431 167,887,360

5,166,571 1,881

185,489,243

(151,183,954)

465,061,762

313,877,808

1,136,627

472,922,342

787,936,777

213,969,883 (775,111,160)

--

2,983,879,481

USD

GLOBALEMERGING


845,789,963

10,295,212 495,368

-

10,790,580

3,919,340 39,335,198

1,568,504 24,050

44,847,092

(34,056,512)

143,986,154

109,929,642

(383,685)

67,240,274

176,786,231

67,326,824 (306,468,860)

(52,179)-

783,381,979




USD


40,555,651

398,683 23,312

-

421,995

477,825 4,371,768

191,130 10,510

5,051,233

(4,629,238)

9,399,097

4,769,859

(698,822)

18,607,906

22,678,943

191,872,651 (68,191,050)

--

186,916,195

GBPUK FREESTYLE

12,934,876

214,127 3,678

-

217,805

65,019 182

22,765 90

88,056

129,749

293,593

423,342

(756)

(303,929)

118,657

871,449 (939,620)(221,311)

-

12,764,051

USDBRAZIL BOND

6,969,093

1,313,939 15,857

-

1,329,796

87,854 -

236,369 -

324,223

1,005,573

(816,371)

189,202

(30,567)

731,355

889,990

40,552,790 (20,300,243)

(13,167)-

28,098,463

Bond Sub-Funds

EUREURO CORE BOND

160,619,882

3,077,941 58,664

-

3,136,605

474,685 -

162,525 -

637,210

2,499,395

(2,259,422)

239,973

(1,412)

(972,969)

(734,408)

27,262,451 (53,299,613)

(3,493)-

133,844,819

EUR


43,802,458

1,004,657 11,602

-

1,016,259

189,110 -

71,113 1,486

261,709

754,550

(595,437)

159,113

(1,126)

(802,758)

(644,771)

83,401,308 (8,029,104)

(89,797)-

118,440,094

EUR

EURO HIGH YIELDBOND

84,096,899

2,970,171 30,061

-

3,000,232

444,053 -

144,132 352

588,537

2,411,695

593,788

3,005,483

(2,546)

(4,306,655)

(1,303,718)

46,686,859 (35,371,814)

(17,690)-

94,090,536






EUR

EUROPEANGOVERNMENT

BOND




EXPENSESManagement Fees (note 4.2) 244,715 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4) 84,115 Bank Interest Paid 16,508


Net Investment Profit/(Loss) 1,423,861 Realised Profit/(Loss) on Sale ofInvestments (2,850,496)

Realised Profit/(Loss) for the Period beforeForeign Currency Movement (1,426,635)

Profit/(Loss) on Foreign Currency 6,760 Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps 297,032

Change in Total Net Assets as a Result of Operations (1,122,843)



EUR


59,079,111

1,432,130 46,990

-

1,479,120

270,361 -

95,384 -

365,745

1,113,375

(360,588)

752,787

(1,842)

(1,752,964)

(1,002,019)

764,155 (5,472,309)(1,868,947)

-

51,499,991

USD


108,818,895

2,359,508 383,656

-

2,743,164

258,629 -

124,085 21,151

403,865

2,339,299

629,969

2,969,268

191,571

901,603

4,062,442

41,877,897 (30,574,279)

(3,586,075)-

120,598,880

USD

GLOBALEMERGING

MARKETS BOND

133,896,921

6,734,882 222,898

-

6,957,780

690,749 -

300,194 8

990,951

5,966,829

(70,972)

5,895,857

424,874

(1,837,258)

4,483,473

166,822,861 (54,033,793)

(3,594,786)-

247,574,676




USD

GLOBALEMERGING

MARKETS LOCALDEBT

-

76,215 108,876

-

185,091

85-

6,930 353

7,368

177,723

4,949

182,672

62,878

407,588

653,138

17,537,493 (31,209)

--

18,159,422

USD


5,845,866

233,155 1,570

-

234,725

1,548 -

7,570 31

9,149

225,576

19,609

245,185

(379)

(176,052)

68,754

408,183 (217,592)

(558)-

6,104,653

GBP

STERLINGINVESTMENT

GRADE BOND *

26,310,415

72,033 4,762

-

76,795

3,875 -

1,931 -

5,806

70,989

(698,283)

(627,294)

(94)

932,096

304,708

574,808 (26,838,121)

(351,810)-

-

USD


79,698,263

2,230,142 78,780

-

2,308,922

104,441 -

68,537 9

172,987

2,135,935

(138,798)

1,997,137

(331)

(68,583)

1,928,223

38,328,649 (28,367,082)

(2,636,321)-

88,951,732

EUREURO RESERVE

42,873,119

599,428 16,914

-

616,342

75,885 -

22,818 -

98,703

517,639

48,502

566,141

(85)

(32,052)

534,004

27,730,298 (42,995,318)

(24,526)-

28,117,577

Reserve Sub-Funds

USD

US DOLLARRESERVE

19,196,118

714,482 9,916

-

724,398

47,484 -

21,350 3,470

72,304

652,094

52,440

704,534

-

(23,608)

680,926

44,300,704 (42,632,796)

(560,354)-

20,984,598






EUR


Net Assets at the Beginning of the Period -

INCOMEInvestment Income -Bank Interest 14,011 Other Income -

Total Income 14,011

EXPENSESManagement Fees (note 4.2) 80Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4) 2,716 Bank Interest Paid 3


Net Investment Profit/(Loss) 11,212 Realised Profit/(Loss) on Sale ofInvestments -

Realised Profit/(Loss) for the Period beforeForeign Currency Movement 11,212

Profit/(Loss) on Foreign Currency 20Change in unrealised appreciation/(depreciation) of investments, futures,forward exchange contracts and swaps 189,862

Change in Total Net Assets as a Result of Operations 201,094

Proceeds on Issue of Shares 10,010,009 Payments on Redemption of Shares -Dividends Paid (note 11) -Currency Translation -


Other Sub-Funds

EUR

HALBIS GLOBALMACRO

-

6,810 15,245

-

22,055

46,578 24,858

9,311 2,836

83,583

(61,528)

21,183

(40,345)

21,863

154,245

135,763

15,000,000 ---

15,135,763

USD

NEW WORLDINCOME

-

1,526,290 1,212,193

-

2,738,483

446,059 -

156,773 125,528

728,360

2,010,123

(223,275)

1,786,848

103,160

(367,115)

1,522,893

206,505,571 (17,038,995)

--

190,989,469

EUR

TURKISHCONVERGENCE

50,978,451

2,495,734 325,767

-

2,821,501

339,968 -

87,857 -

427,825

2,393,676

3,027,015

5,420,691

510,968

2,279,926

8,211,585

28,385,608 (21,899,388)

(301,368)-

65,374,888


Notes to the Financial Statements


1. Basis of presentation

The Company is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under part I of the law of 20 December 2002 and has been certified as a UCITS fund under the directive 85/611/CEE of the Council of Europe.

The Company has been certified as a recognised collective investment scheme in the United Kingdom under the Financial Services and Markets Act 2000 (the “Act”).

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.

In the prospectus and in the reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.

Since 1 April 2007, the Company has proceeded to:

1) The opening of new sub-funds: on 18 June 2007, Halbis Global Macro, on 18 June 2007, New World Income, on 30 July 2007, Global Emerging Markets Local Debt. on 20 August 2007, Global Discount Certificates,

2) Change in name for the following sub-funds: on 16 April 2007, Euro Investment Grade Bond changed its name to Euro Core Bond, on 16 April 2007, Euro Credit Bond changed its name to Euro Core Credit Bond, on 16 April 2007, Euro Corporate Bond changed its name to Euro Strategic Credit Bond, on 16 April 2007, Pan-European Government Bond changed its name to European Government Bond, on 21 May 2007, Global Investment Grade Bond changed its name to Global Core Plus Bond, on 21 May 2007, US Dollar Investment Grade Bond changed its name to US Dollar Core Plus Bond, on 17 September 2007, US Dollar High Yield Bond changed its name to Global High Yield Bond.

3) On 25 May 2007, the Global Equity Technology was liquidated.

4) On 20 April 2007, the Sterling Investment Grade Bond merged into Global Investment Grade Bond.

2. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

a) Accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.


Notes to the Financial Statements (continued)


2. Accounting Policies (continued)

b) Assets and portfolio securities valuation

The assets of each Class within each sub-fund are valued as at 11.00 a.m. (Luxembourg time) as at 28 September 2007.

In addition, portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds shall be valued at their last available net asset value reduced by any applicable charges.

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 28 September 2007.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

3. Share capital

The Company has issued either A, E, I, J, L, M, P, R, S1, W, Y or Z Shares to investors in one or several sub-funds as detailed below.

Within each Share Class of a sub-fund, the Company is entitled to create different sub-classes distinguished by their distribution policy (Capital-Accumulation (C) and Distribution (D) Shares), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors.




3. Share capital (continued)

Description Minimum Initial Investment

MinimumHolding

Class A A Shares are available to all investors. USD 5,000 USD 5,000

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

USD 5,000 USD 5,000

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

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

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

USD 100,000 USD 100,000

Class L L Shares are available through specific distributors selected by the Global Distributor, provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

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

Class M M Shares are available to all investors. USD 5,000 USD 5,000

Class P P Shares are available for subscription in certain jurisdictions or through certain selected distributors by the Global Distributor.

USD 50,000 USD 50,000

Class R R Shares are available in certain jurisdictions, through specific distributors selected by Global Distributor. R Shares will incur additional fees between 0.3% to 0.5% of the Net Asset Value of Class R Shares, which may be payable to specific distributors in certain countries

USD 5,000 USD 5,000

Class S1 S1 Shares are available in certain jurisdictions or through certain selected distributors by the Global Distributor provided (in addition) the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 100,000 USD 100,000

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

USD 100,000 USD 100,000

Class Y Y shares are available in certain jurisdictions through specific distributors that will also be members of affiliated entities of HSBC Group as selected by the Global Distributor.

USD 1,000 USD 1,000

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

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




3. Share capital (continued)

The Board of Directors of the Company has authority to issue different Classes of Shares in the one or several sub-funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Board of Directors. In case of the creation of additional Classes of Shares, the Prospectus will be updated.

The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant Class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of Shareholders.

The minimum initial investment amount may be reduced at the discretion of the Company.

Share Class Denominations:

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

4. Charges and Expenses

1. Explanation of the Charging Structure

Investment in the Company is currently offered via twelve charging structures, as represented by the A, E, I, J, L, M, P, R, S1, W, Y and Z Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see 2. “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating administrative and servicing expenses. To preserve Shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The excess of such expenses above such annual rate will be borne directly by the Management Company (see 4. “Operating, Administrative and Servicing Expenses” below).

2. Management Fee

The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or Share Class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table page 68.

The maximum rate for Class E, I, J and M Shares is 3.5%.

The maximum rate for Class A, L, P, R, S1, Y and Z Shares is as stated in the prospectus.

No Management Fee is currently charged for Class W Shares.

The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers.

3. Performance Fee

For sub-funds issuing Classes J Shares, L Shares and M Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period.




4. Charges and Expenses (continued)

Each Dealing Day, the Performance Fee accrual will be calculated as 20% (10% in the case of Global Equity Freestyle) of the difference between the change in the Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund.

The cumulative Performance Fee accruals from the beginning of the twelve months period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark.

At the end of the twelve months period the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all Shareholders will participate (in proportion with their Shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance.

The detailed Performance Fee information can be found in the Fund prospectus dated July 2007 on the pages 41 - 42.

If there is a positive balance of the Performance Fee accrual, it will become payable to the Management Company.

4. Operating, Administrative and Servicing fees

The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, the Administration Agent and the Transfer Agent.




4. Charges and Expenses (continued)

This fee is set, for each sub-fund and/or class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the prospectus. Such fee is accrued daily and payable monthly in arrears at the rates specified in the table below.

No Operating, Administrative and Services Expenses will be charged to class W Shares. All the fees and charges allocated to such Class of Share will be paid directly by a member or an affiliated entity of HSBC Group.

The maximum rate for class A, E, I, J, L, M, P, R, S1, Y and Z Shares is 1.0%. However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each class of Share. In the event of an increase in such expenses, the concerned Shareholders will be given at least three months prior notice of such increase. During this three months notice, such Shareholders may request the redemption of their shares, free of charge.

Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiary (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under “Taxation” below; attendance fees and reasonable out-of-pocket expenses incurred by the Company’s Directors; legal, auditing fees and other expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s prospectus, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments.

Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

6. Indian Equity

The Company wholly owns a subsidiary in Mauritius namely HSBC Global Investment Funds Mauritius Limited, 10, Frère Félix de Valois Street, Port Louis, Mauritius (“the Subsidiary”). The Subsidiary manages the Indian Equity sub-fund’s investments in India.

The Subsidiary is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and the Subsidiary have been consolidated.

The Subsidiary has appointed Multi Consult Limited, 10 Frère Félix de Valois Street, Port Louis, Mauritius, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records. The Subsidiary has appointed KPMG Mauritius of KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary in Mauritius to perform the auditor's duties required by Mauritius law.




7. Taxation

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgium financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.

The Company understands that the validity of this tax charge is being questioned on the basis that it is contrary to European law and further developments are awaited. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administration and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the sub-funds concerned to bear that tax charge for future periods.

India

On the basis that it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian sales tax.

The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiary does not have a permanent establishment or its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.

Luxembourg

The Company is not liable to any Luxembourg tax on profits or income nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the US Dollar Reserve and Euro Reserve sub-funds and Classes J Share, L Share, S1Share, W Share and Z Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares.

The Class or sub-funds may be exempted of this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003.

No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

The Company paid a tax of EUR 1,239.46 on its incorporation.




7. Taxation (continued)

Mauritius

The Subsidiary is registered with the Mauritius Offshore Business Activities Authority as an offshore company. As a result it is subject to a reduced rate of Mauritian income tax on its income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiary investments in India and any dividends and redemption proceeds paid by the Subsidiary to the Indian Equity sub-fund will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiary by the Commissioner of Income Tax in Mauritius. On the basis that it is Mauritian tax resident, the Subsidiary will qualify for certain reliefs from Indian tax as set out in the Indian tax section below. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

Thailand

Where possible Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favorable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the Net Asset Value.

United Kingdom

It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains.

The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988.

General

Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. Investors and potential investors should note the paragraph concerning Emerging Markets in the “Risk Factors” section of the Prospectus.

8. Public and bank holidays in Hong Kong

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




9. Forward foreign exchange contracts

As at 30 September 2007, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which oblige the Company to deliver currencies at specified future dates. Open contracts are as follows:

Contracts with a settlement date of 28 September 2007 still appear because they were open at the time of the preparation and publication of the net asset value of 30 September 2007.

Sub-funds Contract Date

In exchange for

Settlement Contract to deliver

Unrealised Gain/(loss)

by Sub-Fund

Asia ex Japan Equity 27/06/2007 EUR 824,000 28/09/2007 USD 1,109,953 27/06/2007 EUR 16,563,000 28/09/2007 USD 22,310,858 28/06/2007 EUR 222,000 28/09/2007 USD 299,367 29/06/2007 EUR 3,095,000 28/09/2007 USD 4,177,167 29/06/2007 EUR 10,000 28/09/2007 USD 13,497 04/07/2007 EUR 453,000 28/09/2007 USD 618,436 05/07/2007 EUR 21,000 28/09/2007 USD 28,748 06/07/2007 EUR 326,000 28/09/2007 USD 444,393 10/07/2007 EUR 22,000 28/09/2007 USD 30,111 10/07/2007 EUR 446,000 28/09/2007 USD 610,440 12/07/2007 EUR 9,000 28/09/2007 USD 12,445 12/07/2007 EUR 271,000 28/09/2007 USD 374,725 13/07/2007 EUR 220,000 28/09/2007 USD 303,974 16/07/2007 EUR 27,000 28/09/2007 USD 37,295 16/07/2007 EUR 441,000 28/09/2007 USD 609,153 18/07/2007 EUR 10,000 28/09/2007 USD 13,803 18/07/2007 EUR 232,000 28/09/2007 USD 320,230 19/07/2007 EUR 10,000 28/09/2007 USD 13,837 20/07/2007 EUR 10,000 28/09/2007 USD 13,813 23/07/2007 EUR 14,000 28/09/2007 USD 19,405 23/07/2007 EUR 319,000 28/09/2007 USD 442,150 25/07/2007 EUR 237,000 28/09/2007 USD 327,155 25/07/2007 EUR 10,000 28/09/2007 USD 13,804 27/07/2007 EUR 16,000 28/09/2007 USD 21,912 27/07/2007 EUR 336,000 28/09/2007 USD 460,162 26/07/2007 EUR 10,000 28/09/2007 USD 13,742 30/07/2007 EUR 25,000 28/09/2007 USD 34,236 30/07/2007 EUR 665,000 28/09/2007 USD 910,684 01/08/2007 EUR 3,352,000 28/09/2007 USD 4,584,866 01/08/2007 EUR 21,000 28/09/2007 USD 28,724 02/08/2007 EUR 1,066,000 28/09/2007 USD 1,458,650 02/08/2007 EUR 42,000 28/09/2007 USD 57,470 07/08/2007 EUR 325,000 28/09/2007 USD 448,988 09/08/2007 EUR 20,000 28/09/2007 USD 27,620 09/08/2007 EUR 483,000 28/09/2007 USD 667,023 13/08/2007 EUR 996,000 28/09/2007 USD 1,361,333 10/08/2007 EUR 249,000 28/09/2007 USD 341,678 10/08/2007 EUR 11,000 28/09/2007 USD 15,094 14/08/2007 EUR 24,000 28/09/2007 USD 32,640 14/08/2007 EUR 290,000 28/09/2007 USD 394,400




9. Forward foreign exchange contracts (continued)


Inexchange

for



by Sub-Fund 15/08/2007 EUR 20,000 28/09/2007 USD 27,030 17/08/2007 EUR 77,000 28/09/2007 USD 103,546 17/08/2007 EUR 2,086,000 28/09/2007 USD 2,805,149 20/08/2007 EUR 17,000 28/09/2007 USD 22,954 20/08/2007 EUR 621,000 28/09/2007 USD 838,487 21/08/2007 EUR 67,000 28/09/2007 USD 90,420 21/08/2007 EUR 1,549,000 28/09/2007 USD 2,090,453 23/08/2007 EUR 377,000 28/09/2007 USD 511,487 23/08/2007 EUR 26,000 28/09/2007 USD 35,275 24/08/2007 EUR 53,000 28/09/2007 USD 72,162 24/08/2007 EUR 757,000 28/09/2007 USD 1,030,693 27/08/2007 EUR 11,000 28/09/2007 USD 15,030 27/08/2007 EUR 234,000 28/09/2007 USD 319,738 28/08/2007 EUR 35,000 28/09/2007 USD 47,783 28/08/2007 EUR 785,000 28/09/2007 USD 1,071,713 30/08/2007 EUR 22,000 28/09/2007 USD 30,004 30/08/2007 EUR 545,000 28/09/2007 USD 743,271 31/08/2007 EUR 20,000 28/09/2007 USD 27,356 03/09/2007 EUR 26,000 28/09/2007 USD 35,537 03/09/2007 EUR 576,000 28/09/2007 USD 787,277 31/08/2007 EUR 449,000 28/09/2007 USD 614,142 05/09/2007 EUR 13,000 28/09/2007 USD 17,679 13/09/2007 EUR 16,000 28/09/2007 USD 22,273 17/09/2007 EUR 536,000 28/09/2007 USD 743,888 17/09/2007 EUR 30,000 28/09/2007 USD 41,636 20/09/2007 EUR 24,000 28/09/2007 USD 33,701 20/09/2007 EUR 351,000 28/09/2007 USD 492,874 21/09/2007 EUR 13,000 28/09/2007 USD 18,301 21/09/2007 EUR 257,000 28/09/2007 USD 361,805 25/09/2007 EUR 1,148,000 28/09/2007 USD 1,614,432 25/09/2007 EUR 24,512,000 28/09/2007 USD 34,471,226 25/09/2007 EUR 1,148,000 28/12/2007 USD 1,617,073 25/09/2007 EUR 24,512,000 28/12/2007 USD 34,527,603 USD 1,593,087

Europe ex UK Equity 26/09/2007 CHF 603,090 01/10/2007 EUR 364,824 27/09/2007 CHF 39,541 02/10/2007 EUR 23,835 EUR (1,519) Global Equity 26/09/2007 EUR 10,311 01/10/2007 USD 14,560 USD (49) Global Equity SRI 26/09/2007 EUR 1,314 01/10/2007 USD 1,855 USD (6)

Pan-European Equity 26/09/2007 CHF 2,714,936 01/10/2007 EUR 1,642,330

26/09/2007 EUR 22,403 01/10/2007 SGD 47,393 25/09/2007 EUR 39,052 28/09/2007 SGD 82,888 27/09/2007 CHF 373,476 02/10/2007 EUR 225,121 27/09/2007 EUR 5,009 02/10/2007 SGD 10,570 EUR (7,022)






In exchange

for


Unrealised Gain/(loss) by

Sub-Fund Pan-European Equity High Dividend 29/06/2007 CHF 3,500,000 28/09/2007 EUR 2,122,498 29/062007 EUR 8,728,844 28/09/2007 GBP 5,900,000 EUR (323,630) UK Equity 26/09/2007 EUR 26,845 01/10/2007 GBP 18,791 25/09/2007 EUR 5,376 28/09/2007 GBP 3,764 27/09/2007 EUR 88,507 02/10/2007 GBP 61,946 GBP 106 US Equity 19/09/2007 EUR 23,700,000 13/11/2007 USD 33,122,528 19/09/2007 EUR 234,000 13/11/2007 USD 327,033 USD 488,541 Asia Freestyle 28/06/2007 EUR 152,000 28/09/2007 USD 204,972

27/06/2007 EUR 1,023,000 28/09/2007 USD 1,378,012 27/06/2007 EUR 8,695,000 28/09/2007 USD 11,712,426 29/06/2007 EUR 91,000 28/09/2007 USD 122,818 04/07/2007 EUR 1,301,000 28/09/2007 USD 1,776,125 04/07/2007 EUR 36,000 28/09/2007 USD 49,147 06/07/2007 EUR 85,000 28/09/2007 USD 115,869 10/07/2007 EUR 118,000 28/09/2007 USD 161,507 10/07/2007 EUR 28,000 28/09/2007 USD 38,324 12/07/2007 EUR 46,000 28/09/2007 USD 63,607 16/07/2007 EUR 29,000 28/09/2007 USD 40,058 16/07/2007 EUR 170,000 28/09/2007 USD 234,821 19/07/2007 EUR 106,000 28/09/2007 USD 146,667 19/07/2007 EUR 41,000 28/09/2007 USD 56,730 23/07/2007 EUR 154,000 28/09/2007 USD 213,452 23/07/2007 EUR 24,000 28/09/2007 USD 33,265 25/07/2007 EUR 86,000 28/09/2007 USD 118,714 25/07/2007 EUR 14,000 28/09/2007 USD 19,326 27/07/2007 EUR 21,000 28/09/2007 USD 28,760 27/07/2007 EUR 156,000 28/09/2007 USD 213,647 30/07/2007 EUR 253,000 28/09/2007 USD 346,471 30/07/2007 EUR 35,000 28/09/2007 USD 47,931 01/08/2007 EUR 153,000 28/09/2007 USD 209,273 01/08/2007 EUR 21,000 28/09/2007 USD 28,724 02/08/2007 EUR 372,000 28/09/2007 USD 509,022 02/08/2007 EUR 50,000 28/09/2007 USD 68,417 07/08/2007 EUR 79,000 28/09/2007 USD 109,139 07/08/2007 EUR 11,000 28/09/2007 USD 15,197 09/08/2007 EUR 172,000 28/09/2007 USD 237,532 09/08/2007 EUR 18,000 28/09/2007 USD 24,858 10/08/2007 EUR 15,000 28/09/2007 USD 20,583 10/08/2007 EUR 96,000 28/09/2007 USD 131,731 13/08/2007 EUR 293,000 28/09/2007 USD 400,472






In exchange for



by Sub-Fund 13/08/2007 EUR 39,000 28/09/2007 USD 53,305 14/08/2007 EUR 84,000 28/09/2007 USD 114,240 15/08/2007 EUR 10,000 28/09/2007 USD 13,515 17/08/2007 EUR 669,000 28/09/2007 USD 899,638 17/08/2007 EUR 206,000 28/09/2007 USD 277,019 20/08/2007 EUR 25,000 28/09/2007 USD 33,756 20/08/2007 EUR 213,000 28/09/2007 USD 287,597 21/08/2007 EUR 49,000 28/09/2007 USD 66,128 21/08/2007 EUR 449,000 28/09/2007 USD 605,948 22/08/2007 EUR 19,000 28/09/2007 USD 25,666 23/08/2007 EUR 12,000 28/09/2007 USD 16,281 23/08/2007 EUR 87,000 28/09/2007 USD 118,036 24/08/2007 EUR 211,000 28/09/2007 USD 287,287 27/08/2007 EUR 9,000 28/09/2007 USD 12,298 27/08/2007 EUR 77,000 28/09/2007 USD 105,213 28/08/2007 EUR 243,000 28/09/2007 USD 331,753 28/08/2007 EUR 27,000 28/09/2007 USD 36,861 24/08/2007 EUR 24,000 28/09/2007 USD 32,677 30/08/2007 EUR 16,000 28/09/2007 USD 21,821 30/08/2007 EUR 145,000 28/09/2007 USD 197,751 31/08/2007 EUR 148,000 28/09/2007 USD 202,434 31/08/2007 EUR 17,000 28/09/2007 USD 23,253 03/09/2007 EUR 21,000 28/09/2007 USD 28,703 03/09/2007 EUR 192,000 28/09/2007 USD 262,426 14/09/2007 EUR 12,000 28/09/2007 USD 16,655 14/09/2007 EUR 86,000 28/09/2007 USD 119,363 17/09/2007 EUR 14,000 28/09/2007 USD 19,430 17/09/2007 EUR 126,000 28/09/2007 USD 174,869 18/09/2007 EUR 14,000 28/09/2007 USD 19,419 20/09/2007 EUR 19,000 28/09/2007 USD 26,680 20/09/2007 EUR 108,000 28/09/2007 USD 151,654 25/09/2007 EUR 7,841,000 28/09/2007 USD 11,026,798 25/09/2007 EUR 872,000 28/09/2007 USD 1,226,294 25/09/2007 EUR 7,841,000 28/12/2007 USD 11,044,833 25/09/2007 EUR 872,000 28/12/2007 USD 1,228,299 21/09/2007 EUR 103,000 28/09/2007 USD 145,003 21/09/2007 EUR 11,000 28/09/2007 USD 15,486 28/09/2007 EUR 422,000 28/12/2007 USD 599,021 28/09/2007 EUR 321,000 28/12/2007 USD 455,653 USD 588,890

BRIC Freestyle 26/09/2007 EUR 541,066 01/10/2007 USD 763,985 26/09/2007 SGD 837,770 01/10/2007 USD 559,222 USD (5,625) Latin American Freestyle 26/09/2007 EUR 488,361 01/10/2007 USD 689,566

26/09/2007 GBP 5,000 01/10/2007 USD 10,086 25/09/2007 EUR 2,307 28/09/2007 USD 3,261 27/09/2007 EUR 2,414 02/10/2007 USD 3,416 USD (2,351)






In exchange for


Unrealised Gain/(loss) by

Sub-Fund Global Core Plus Bond 11/07/2007 SEK 6,400,000 16/10/2007 USD 964,664

18/07/2007 AUD 850,000 23/10/2007 USD 741,698 30/07/2007 CAD 123,000 01/11/2007 USD 115,442 31/07/2007 CAD 2,455,000 01/11/2007 USD 2,318,553 13/08/2007 EUR 600,000 15/11/2007 USD 821,164 14/08/2007 CAD 2,455,000 01/11/2007 USD 2,307,359 16/08/2007 CHF 2,850,000 16/10/2007 EUR 1,749,862 17/08/2007 CHF 2,850,000 16/10/2007 EUR 1,749,851 28/08/2007 EUR 1,400,000 15/11/2007 USD 1,915,819 05/09/2007 GBP 1,270,000 07/12/2007 USD 2,547,074 10/09/2007 EUR 800,000 15/11/2007 USD 1,105,520 11/09/2007 JPY 526,440,000 14/12/2007 USD 4,693,146 17/09/2007 CAD 160,000 01/11/2007 USD 155,446 17/09/2007 JPY 36,000,000 14/12/2007 USD 316,181 17/09/2007 EUR 865,000 15/11/2007 USD 1,200,983 25/09/2007 BRL 2,400,000 22/10/2007 USD 1,249,349 25/09/2007 AUD 637,045 01/11/2007 CAD 556,000 24/09/2007 GBP 1,188,000 13/12/2007 USD 2,396,647 26/09/2007 AUD 465,879 01/11/2007 CAD 409,000 USD (174,872)

Global Emerging Markets Bond 26/09/2007 AED 7,313,000 19/06/2008 USD 2,000,000

25/09/2007 BRL 7,075,250 28/09/2007 USD 3,500,000 27/09/2007 EUR 269,010 28/09/2007 USD 367,575 USD (344,997)

Global Emerging Markets Local Debt 08/08/2007 USD 1,000,000 13/11/2007 ZAR 7,127,500

31/08/2007 EUR 982,792 04/10/2007 HUF 251,300,000 31/08/2007 MXN 10,950,000 04/10/2007 USD 990,771 06/08/2007 IDR 2,318,750,000 31/01/2008 USD 250,425 03/10/2007 MYR 3,501,000 03/10/2007 USD 1,024,403 USD 70,951

Halbis Global Macro 21/09/2007 CAD 500,950 20/11/2007 USD 500,000

07/09/2007 EUR 500,000 20/12/2007 USD 686,275 12/09/2007 EUR 500,000 20/12/2007 USD 694,275 18/09/2007 EUR 1,400,000 20/12/2007 GBP 977,410 18/09/2007 EUR 1,515,000 20/12/2007 SEK 14,059,200 18/09/2007 EUR 580,000 20/12/2007 NOK 4,536,644 18/09/2007 CAD 710,350 20/12/2007 EUR 500,000 18/09/2007 CHF 5,740,000 20/12/2007 EUR 3,500,000 20/09/2007 EUR 500,000 20/12/2007 GBP 351,000 26/09/2007 EUR 500,000 20/12/2007 USD 707,138 USD 38,642






In exchange for



by Sub-Fund New World Income 19/06/2007 INR 61,650,000 19/12/2007 USD 1,500,000

28/06/2007 INR 82,900,000 31/12/2007 USD 2,000,000 29/06/2007 AED 9,155,500 02/07/2008 USD 2,500,000 30/07/2007 INR 82,900,000 31/12/2007 USD 2,025,904 16/08/2007 MXN 15,000,000 02/10/2007 USD 1,330,967 16/08/2007 BRL 2,824,875 02/10/2007 USD 1,350,000 17/08/2007 MXN 12,000,000 02/10/2007 USD 1,075,558 22/08/2007 MXN 27,000,000 02/10/2007 USD 2,433,485

06/09/2007 EUR 2,003,862 20/12/2007 USD 2,750,000 19/09/2007 EUR 1,962,884 20/12/2007 USD 2,750,000

28/09/2007 BRL 1.100.000 28/09/2007 USD 596 17/08/2007 BRL 2.247.850 28/09/2007 USD 1.218.445 28/09/2007 BRL 5.071.625 28/09/2007 USD 2.749.074 06/08/2007 IDR 6.956.250.000 31/01/2008 USD 751.275 19/06/2007 INR 61.650.000 21/12/2007 USD 1.546.490 01/08/2007 INR 81.440.000 31/12/2007 USD 2.042.271 10/09/2007 KRW 4.693.750.000 04/10/2007 USD 5.106.471 USD (133.705)

10. Futures

As at 30 September 2007, the Company had entered into the following outstanding futures contracts:

Sub-funds

Number of contracts Currency Commitments

Maturity date

Unrealised gain (loss) in

sub-fund currency

BRIC Markets Equity HSCEI - HKD CHINA ENT 204 HKD 175,429,800 30/10/2007 1,837,506 USD 1,837,506 Euroland Equity DOW JONES EURO STOXX 50/PR.IND 890 EUR 257,360 21/12/2007 257,360 EUR 257,360 Euroland Value Creation DOW JONES EURO STOXX 50/PR.IND 60 EUR 2,644,200 21/12/2007 11,700 EUR 11,700 Global ex Euroland Equity SP ASX 200 FINANCE INDEX 5 AUD 825,750 20/12/2007 27,028 TOPIX INDEX (TOKYO) 22 JPY 357,280,000 13/12/2007 144,173 EUR 171,201 Sustainability Leaders DOW JONES EURO STOXX 50/PR.IND 20 EUR 881,400 21/12/2007 40,600 FTSE 100 INDEX 10 GBP 651,100 21/12/2007 32,872 EUR 73,472




10. Futures (continued)

Sub-funds

Number of contracts Currency Commitments

Maturity date


sub-fund currency

Japanese Equity TOPIX INDEX (TOKYO) 207 JPY 3,361,680,000 13/12/2007 197,205,000 JPY 197,205,000 US Equity S&P 500 INDICES 33 USD 12,742,950 20/12/2007 59,950 USD 59,950 US Index S&P 500 EMINI INDEX 39 USD 3,011,775 21/12/2007 22,128 USD 22,128 Euro Core Bond EURO SCHATZ 126 EUR 13,019,580 06/12/2007 (19,170) EURO BUND (89) (10,013,390) 06/12/2007 80,710 EURO BOBL 61 6,562,685 06/12/2007 (10,065) EURIBOR 360 /3 MONATE (4) (953,750) 17/12/2007 1,350 EUR 52,825 Euro Core Credit Bond EURO BUND 121 EUR 13,613,710 06/12/2007 10,660 EURO BOBL 83 8,929,555 06/12/2007 4,565 EURO SCHATZ 163 16,842,790 06/12/2007 3,260 EURIBOR 360 /3 MONATE (2) EUR (476,875) 17/12/2007 500 EUR 18,985 European Government Bond EURO BOBL (4) EUR (430,340) 06/12/2007 (830) EURO SCHATZ (26) EUR (2,686,580) 06/12/2007 910 EURO BUND 7 EUR 787,570 06/12/2007 210 10Y TREASURY NOTES USA (12) USD (1,313,250) 19/12/2007 (5,229) 2Y TREASURY NOTES USA 12 USD 2,485,688 31/12/2007 4,765 EURIBOR 360 /3 MONATE 7 EUR 1,675,188 16/06/2008 1,875 EURIBOR 360 /3 MONATE 7 EUR 1,675,800 15/09/2008 1,762 EURIBOR 360 /3 MONATE 6 EUR 1,436,325 15/12/2008 1,113 EURIBOR 360 /3 MONATE 5 EUR 1,195,438 17/03/2008 438 EURIBOR 360 /3 MONATE 5 EUR 1,196,875 16/03/2009 563 EURIBOR 360 /3 MONATE 6 EUR 1,430,625 17/12/2007 (1,051) LONG GILT STERLING FUTURES 5 GBP 533,450 27/12/2007 (4,766) EUR (240) Euro Strategic Credit Bond EURO BUND (7) EUR (787,570) 26/12/2007 2,310 EUR 2,310




10. Futures (continued)

Sub-funds

Number of contracts Currency Commitments Maturity date


sub-fund currency

Global Core Plus Bond EURO BUND 13 EUR 1,462,630 06/12/2007 (1,657) EURO SCHATZ (53) EUR (5,476,490) 06/12/2007 - JAPANESE GOV. BDS FUTURE 10Y (4) JPY (540,080,000) 11/12/2007 (3,124) 10Y TREASURY NOTES USA (57) USD (6,237,938) 19/12/2007 (25,828) 5Y TREASURY NOTES USA 44 USD 4,712,125 31/12/2007 17,531 2Y TREASURY NOTES USA 30 USD 6,214,219 31/12/2007 17,813 TREASURY BONDS USA (10) USD (1,114,375) 19/12/2007 1,718 USD 6,453 Halbis Global Macro DOW JONES EURO STOXX 50/PR.IND 4 EUR 176,280 21/12/2007 7,400 DAX-INDEX 3 EUR 594,150 21/12/2007 26,475 AEX (4) EUR (435,400) 21/12/2007 (12,320) IBEX-35 INDICES BOLSA ESPANOL. (5) EUR (731,450) 21/12/2007 (39,800) FTSE 100 INDEX (15) GBP (976,650) 21/12/2007 (678) NIKKEI 225 INDICES D 6 JPY 50,295,000 13/12/2007 18,466 KOREA KOSPI 200 INDEX 4 KRW 499,200,000 12/12/2007 13,425 THAI SET 50 INDEX (SET50) 24 THB 14,923,200 27/12/2007 13,576 S&P 500 INDICES (4) USD (1,540,000) 20/12/2007 (18,406) MSCI TAIWAN IDX FUT /SGX MSCI 11 USD 402,160 30/10/2007 12,657 S&P 500 EMINI INDEX 15 USD 1,155,000 21/12/2007 22,421 EURO BUND 3 EUR 337,530 06/12/2007 (5,820) JP 10Y MINI GV BDS 63 JPY 850,248,000 10/12/2007 (14,007) 10Y TREASURY NOTES USA (37) USD (4,049,188) 19/12/2007 (6,733) LONG GILT STERLING FUTURES (21) GBP (2,240,490) 27/12/2007 23,875 EUR 40,529

New World Income JP MORGAN ASIA DOLLAR INDEX 27,500 USD 3,093,750 26/12/2007 26,948 USD 26,948




11. Dividends

At the Annual General Meeting held at the Company’s Registered Office, the following dividends were declared, out of the profits for the year ended 31 March 2007, for the classes of shares listed below.

In total, these payments should exceed 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs for certain share classes. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for certain share classes, for the periods ending 31 March 2007 and 31 March 2008.

Name Currency Dividendper share

Ex-date Payment date

Numberof shares

Total amount paid

Global Core Plus Bond – Class AD

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

Global Core Plus Bond – Class WD

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

Global Core Plus Bond – Class ZD

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

US Dollar Reserve – Class AD

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

US Dollar Reserve – Class PD

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

US Dollar Core Plus Bond – Class AD

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

US Dollar Core Plus Bond – Class PD

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

US Dollar Core Plus Bond – Class WD

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

US Dollar Dollar Core Plus Bond – Class ZD

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

Global Emerging Markets Bond – Class AD

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

Euro Core Bond – Class AD

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

Euro Core Credit Bond – Class AD

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

Euro Core Credit Bond – Class ZD

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

Euro High Yield Bond – Class AD

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

European Government Bond – Class AD

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

European Government Bond – Class ID

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

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

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

Sterling Investment Grade Bond - Class WD

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

Euro Strategic Credit Bond – Class AD

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

Asia Pacific ex JapanEquity High Dividend – Class AD

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




11. Dividends (continued)



Numberof shares

Total amount paid

Asia Pacific ex Japan Equity High Dividend – Class ID

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

Asia Pacific ex Japan Equity High Dividend – Class ZD

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

Global High Yield Bond – Class AD

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

Asia ex Japan Equity AD USD 0.282078 09/07/07 23/07/2007 5,857,667.61 1,652,319 Asia ex Japan Equity ED USD 0.006639 09/07/07 23/07/2007 98,280.57 652 Asia ex Japan Equity ZD USD 0.360994 09/07/07 23/07/2007 336,359.91 121,424 Asia ex Japan Equity ID USD 0.216935 09/07/07 23/07/2007 85,000.00 18,439 Asia ex Japan Equity Smaller Companies AD USD 0.034496 09/07/07 23/07/2007 1,973,810.02 68,089 Asia Freestyle ADH USD 0.095261 09/07/07 23/07/2007 485,577.31 46,257 Asia Freestyle AD USD 0.075760 09/07/07 23/07/2007 9,775,810.49 740,615 Asia Freestyle ID USD 0.008328 09/07/07 23/07/2007 125,000.00 1,041 Brazil Equity ID USD 0.096500 09/07/07 23/07/2007 3,186,658.01 307,513 Chinese Equity AD USD 0.320824 09/07/07 23/07/2007 40,553,062.34 13,010,396 Chinese Equity ZD USD 0.653841 09/07/07 23/07/2007 2,002,665.24 1,309,425 Chinese Equity ID USD 0.622048 09/07/07 23/07/2007 198,841.25 123,689 Emerging Europe Equity AD EUR 0.003286 09/07/07 23/07/2007 287,896.23 946 Emerging Europe Equity ID EUR 0.106632 09/07/07 23/07/2007 203,200.00 21,668 Euroland Equity AD EUR 0.071941 09/07/07 23/07/2007 1,083,716.38 77,964 Euroland Value Creation M1D EUR 0.008110 09/07/07 23/07/2007 183,505.84 1,488 Europe ex UK Equity AD EUR 0.140953 09/07/07 23/07/2007 3,650,145.42 514,499 Global Emerging Markets Equity AD USD 0.054323 09/07/07 23/07/2007 13,129,176.19 713,216 Global Emerging Markets Equity ZD USD 0.076246 09/07/07 23/07/2007 445,285.33 33,951 Global Emerging Markets Equity Freestyle M1D USD 0.013609 09/07/07 23/07/2007 3,834,133.50 52,179 Global Equity AD USD 0.122314 09/07/07 23/07/2007 1,413,603.04 172,903 Global Equity ZD USD 0.257553 09/07/07 23/07/2007 4,449,382.15 1,145,952 Hong Kong Equity PD USD 1.275809 09/07/07 23/07/2007 1,719,220.15 2,193,397 Hong Kong Equity AD USD 0.489072 09/07/07 23/07/2007 68,344.20 33,425 Hong Kong Equity ZD USD 1.110998 09/07/07 23/07/2007 423,430.56 470,431 Indian Equity ID USD 0.702922 09/07/07 23/07/2007 128,596.72 90,393 Indian Equity ZD USD 0.664548 09/07/07 23/07/2007 409,455.36 272,103 Japanese Equity ZD JPY 19.747208 09/07/07 23/07/2007 126,791.80 2,503,784 Japanese Equity WD JPY 270.747799 09/07/07 23/07/2007 97,842.20 26,490,560 Korean Equity ZD USD 0.154352 09/07/07 23/07/2007 1,102,329.81 170,147 Pan-European Equity PD EUR 0.545944 09/07/07 23/07/2007 6,002,041.43 3,276,778 Pan-European Equity ED EUR 0.050080 09/07/07 23/07/2007 157,933.01 7,909 Pan-European Equity AD EUR 0.149924 09/07/07 23/07/2007 371,692.57 55,726 Pan-European Equity WD EUR 0.767484 09/07/07 23/07/2007 1,876,131.71 1,439,901 Pan-European Equity ZD EUR 0.230464 09/07/07 23/07/2007 2,132,554.60 491,477 Pan-European Equity High Dividend AD EUR 0.149262 09/07/07 23/07/2007 1,141,029.69 170,312




11. Dividends (continued)



Numberof shares

Total amount paid

Singapore Equity PD USD 0.264540 09/07/07 23/07/2007 2,091,793.49 553,363 Singapore Equity AD USD 0.057953 09/07/07 23/07/2007 975,194.15 56,515 Singapore Equity ZD USD 0.899886 09/07/07 23/07/2007 111,917.90 100,713 Sustainability Leaders M1D EUR 0.097812 09/07/07 23/07/2007 1,215,167.70 118,858 Thai Equity AD USD 0.126309 09/07/07 23/07/2007 19,238,592.13 2,430,007 Thai Equity ZD USD 0.286425 09/07/07 23/07/2007 232,674.84 66,644 Turkish Convergence AD EUR 1.340538 09/07/07 23/07/2007 224,811.34 301,368 UK Equity AD GBP 0.797388 09/07/07 23/07/2007 1,994,437.07 1,590,340 UK Equity ED GBP 1.031224 09/07/07 23/07/2007 4,183.88 4,315 UK Freestyle M1D GBP 0.228894 09/07/07 23/07/2007 966,869.37 221,311 US Equity PD USD 0.143189 09/07/07 23/07/2007 930,798.70 133,280 US Equity ZD USD 0.386484 09/07/07 23/07/2007 385,142.33 148,851 US Equity WD USD 3.374544 09/07/07 23/07/2007 272,535.72 919,684 US Index PD USD 0.216181 09/07/07 23/07/2007 3,022,514.34 653,410 US Index AD USD 0.176833 09/07/07 23/07/2007 30,819.98 5,450




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

Please refer to table page 78 - 86.

13. Equalisation received/(paid)

Equalisation is calculated for Bond and Reserve sub-funds only.

Name Currency Total amount Received/(paid)

Brazil Bond USD 587,596 Euro Core Bond EUR (192,853) Euro Core Credit Bond EUR 1,596,143 Euro High Yield Bond EUR 163,196 Euro Strategic Credit Bond EUR (74,896) European Government Bond EUR (315,335) Global Core Plus Bond USD (105,983) Global Emerging Markets Bond USD 1,530,043 Global Emerging Markets Local Debt USD 3,376 Global High Yield Bond USD 2,164 US Dollar Core Plus Bond USD 75,171 Euro Reserve EUR (47,418) US Dollar Reserve USD (178,850) Turkish Convergence EUR 460,226

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

14. Swaps

BRIC Markets Equity

As at 30 September 2007, the Company entered into the following index swaps:

Currency Net notional Unrealised gain/(loss)

amount in USD MSCI DTR Net Emerg. Mkt. Russia 5.82% 3/10/2007 USD 82,198,499 6,629,240 6,629,240




14. Swaps (continued)

Euro Core Credit Bond

As at 30 September 2007, the Company entered into the following CDS swaps:

Currency Net notional Unrealised gain/(loss) amount inEUR BARCLAYS 20/09/2017 EUR 1,000,000 11,667 BARCLAYS 20/09/2017 EUR 1,000,000 7,189 BNP Paribas 20/09/2012 EUR 1,000,000 5,112 CAI / Calyon 20/06/2012 EUR 1,000,000 (11,013) HSBC LONDON 20/09/2012 EUR 1,000,000 (6,573) RBOS LONDON 20/09/2012 EUR 1,000,000 4,595 10,977

Euro High Yield Bond


Currency Net notional Unrealised gain/(loss) amount in EUR BNP Paribas 20/09/2012 EUR 1,000,000 (16,475) BNP Paribas 20/06/2012 EUR 500,000 (5,507) HSBC LONDON 20/06/2012 EUR 500,000 5,507 HSBC LONDON 20/09/2012 EUR 1,000,000 32,822 HSBC LONDON 20/09/2012 EUR 1,000,000 24,778 41,124

Euro Reserve

As at 30 September 2007, the Company entered into the following Eonia Flating rate swaps.

Currency Net notional Unrealised gain/(loss) amount in EUR HSBC France 3.76% 10/2007 EUR (1,004,269) 944 944

New World Income


Currency Net notional Unrealised gain/(loss) amount in USD JP Morgan NY 20/09/2011 USD 2,400,000 (18,728) JP Morgan NY 20/12/2012 USD 18,000,000 114 Lehman London 20/09/2011 USD 5,000,000 (33,169) (51,783)




15. Securities lending

HSBC Global Investment Funds has entered into stock lending agreements. As at 30 September 2007, the value of securities lent is as follows:

Euroland Equity 199,405,029 EUR Euroland Equity Smaller Companies 27,391,593 EUR Europe ex UK Equity 22,611,720 USD Global Emerging Markets Equity 23,292,799 USD Global Equity 34,547,204 USD Pan-European Equity 125,696,595 EUR Pan-European Equity High Dividend 20,182,073 EUR UK Equity 5,058,642 GBP US Equity 29,020,366 USD US Index 6,977,134 USD

16. Subsequent events

On 19 October 2007, the sub-fund UK Freestyle merged into the sub-fund UK Equity.

On 9 November 2007, the sub-fund Climate Change began operations.

On 4 October 2007, Mr Bryan Greener resigned from the Board of Directors,


Charges and Expenses


Operating, Administration and Servicing Expenses

Sub-Fund name Class A, E, M, P, R, S Class I, J, L, Y, Z RESERVE SUB-FUNDS Euro Reserve 0.15% 0.10% US Dollar Reserve 0.15% 0.10%

BOND SUB-FUNDS Brazil Bond 0.35% 0.25% Euro Core Bond 0.25% 0.15% Euro Core Credit Bond 0.35% 0.25% Euro High Yield Bond 0.35% 0.25% Euro Strategic Credit Bond 0.35% 0.25% European Government Bond 0.25% 0.15% Global Core Plus Bond 0.25% 0.15% Global Emerging Markets Bond 0.35% 0.25% Global Emerging Markets Local Debt 0.35% 0.25% Global High Yield Bond 0.35% 0.25% US Dollar Core Plus Bond 0.25% 0.15%

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 0.35% 0.25% Asia ex Japan Equity Smaller Companies 0.35% 0.25% Asia Pacific ex Japan Equity High Dividend 0.35% 0.25% BRIC Markets - 0.25% BRIC Markets Equity 0.35% 0.25% Emerging Europe Equity 0.40% 0.30% Euroland Equity 0.35% 0.25% Euroland Equity Smaller Companies 0.35% 0.25% Euroland Value Creation 0.35% - Europe ex UK Equity 0.35% 0.25% Global Emerging Markets Elite - 0.25% Global Emerging Markets Equity 0.40% 0.30% Global Equity 0.35% 0.25% Global Equity SRI 0.35% 0.25% Global Equity Technology (liquidated on 25 May 2007) 0.35% 0.25% Global ex Euroland Equity 0.35% 0.25% Pan-European Equity 0.35% 0.25% Pan-European Equity High Dividend 0.35% 0.25% Sustainability Leaders 0.30% 0.20%

b) Market Specific sub-funds Brazil Equity 0.40% 0.30% Chinese Equity 0.40% 0.30% Hong Kong Equity 0.35% 0.25% Indian Equity 0.40% 0.30% Japanese Equity 0.35% 0.25% Korean Equity 0.40% 0.30% Singapore Equity 0.40% 0.30% Thai Equity 0.35% 0.25% UK Equity 0.31% 0.25% US Equity 0.35% 0.25% US Index 0.25% 0.15%

FREESTYLE SUB-FUNDS Asia Freestyle 0.40% 0.30% BRIC Freestyle 0.40% 0.30% Global Emerging Markets Equity Freestyle 0.40% 0.30% Latin American Freestyle 0.40% - UK Freestyle 0.35% -

OTHER SUB-FUNDS Global Discount Certificates 0.35% 0.25% Halbis Global Macro 0.30% 0.20% New World Income 0.35% 0.25% Turkish Convergence 0.35% 0.25%


Charges and Expenses (continued)


Management Fees Percentages Class A Class E

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

RESERVE SUB-FUNDS Euro Reserve EUR 0.50 - - - - - - - US Dollar Reserve USD - 0.50 - - - - - - BOND SUB-FUNDS Brazil Bond USD 1.00 1.00 - - - 1.30 1.30 - - Euro Core Bond EUR 0.75 0.75 0.75 0.75 - 1.05 1.05 1.05 SGD 1.05

PLN 1.05 Euro Core Credit Bond EUR 1.00 1.00 1.00 - - 1.30 - - PLN 1.30 Euro High Yield Bond EUR 1.20 1.20 1.20 1.20 - 1.50 - 1.50 PLN 1.50 European Government Bond EUR 0.75 0.75 0.75 - - 1.05 - - PLN 1.05 Euro Strategic Credit Bond EUR 1.00 1.00 1.00 - - 1.30 - - - Global Core Plus Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 1.05 PLN 1.05 Global Emerging Markets Bond USD 1.00 1.00 1.00 1.00 - 1.30 1.30 1.30 PLN 1.30 Global Emerging Markets Local Debt USD 1.25 1.25 1.25 - - 1.55 - - - Global High Yield Bond USD 1.20 1.20 1.20 1.20 - 1.50 1.50 1.50 PLN 1.50 US Dollar Core Plus Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 1.05 PLN 1.05

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Asia ex Japan Equity Smaller Companies USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Asia Pacific ex Japan Equity High Dividend USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - BRIC Markets USD - - - - - - - - - BRIC Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 PLN 2.00 Emerging Europe Equity EUR 1.75 1.75 1.75 1.75 - 2.25 - 2.25 PLN 2.25 Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - PLN 2.00 Euroland Equity Smaller Companies EUR 1.50 1.50 1.50 - - 2.00 2.00 - SGD 2.00

PLN 2.00 Euroland Value Creation EUR - - - - - - - - Europe ex UK Equity EUR 1.50 1.50 1.50 1.50 - 2.00 - - - Global Emerging Markets Elite USD - - - - - - - - - Global Emerging Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Global Equity USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity SRI USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity Technology liquidated on 25 May 2007)

USD 1.50 1.50 1.50 - - 2.00 2.00 - -

Global ex Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - - Pan-European Equity EUR 1.50 1.50 - 1.50 - 2.00 - 2.00 PLN 2.00 Pan-European Equity High Dividend EUR 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Sustainability Leaders EUR - - - - - - - - - b) Market Specific Equity sub-funds Brazil Equity USD 1.75 1.75 1.75 - - 2.25 2.25 - PLN 2.25 Chinese Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 PLN2.00 Hong Kong Equity USD 1.50 1.50 1.50 - - 2.00 2.00 - PLN 2.00 Indian Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 PLN 2.00 Japanese Equity JPY 1.50 1.50 - - JPY 1.50 2.00 2.00 - JPY 2.00

PLN 2.00 Korean Equity USD 1.50 1.50 1.50 - - 2.00 2.00 - PLN 2.00 Singapore Equity USD 1.50 1.50 1.50 - - 2.00 2.00 - PLN 2.00 Thai Equity USD 1.50 1.50 1.50 - CAD 1.50 2.00 2.00 - CAD 2.00

PLN 2.00 UK Equity GBP 1.50 1.50 1.50 1.50 - 2.00 - 2.00 PLN 2.00 US Equity USD 1.50 1.50 - - - 2.00 2.00 - PLN 2.00 US Index USD 0.75 0.75 0.75 - - 1.25 - - -

FREESTYLE SUB-FUNDS Asia Freestyle USD 1.75 1.75 1.75 1.75 - 2.25 2.25 2.25 SGD 2.25 BRIC Freestyle USD - - - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - - - Latin American Freestyle USD - - - - - - - - - UK Freestyle GBP - - - - - - - - - OTHER SUB-FUNDS Global Discount Certificates EUR 1.25 1.25 - - - 1.50 1.50 - - Halbis Global Macro EUR - - - - - - - - - New World Income USD - - - - - - - - - Turkish Convergence EUR 1.35 1.35 1.35 - - 1.70 - - PNL 1.70




Management Fees Percentages (continued) Class I Class M

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

RESERVE SUB-FUNDS Euro Reserve EUR 0.25 0.25 - - - - - - US Dollar Reserve USD 0.25 0.25 - - - - - - BOND SUB-FUNDS Brazil Bond USD 0.50 0.50 - - - - - - Euro Core Bond EUR 0.375 0.375 0.375 - - - - - Euro Core Credit Bond EUR 0.50 0.50 - - - - - - Euro High Yield Bond EUR 0.60 0.60 0.60 - - - - - European Government Bond EUR 0.375 0.375 - - - - - - Euro Strategic Credit Bond EUR 0.50 0.50 - - - - - - Global Core Plus Bond USD 0.375 0.375 0.375 Global Emerging Markets Bond USD 0.50 0.50 0.50 - - - - - Global Emerging Markets Local Debt USD 0.625 0.625 - - - - - - Global High Yield Bond USD 0.60 0.60 0.60 - - - - - US Dollar Core Plus Bond USD 0.375 0.375 0.375 - - - - -

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD 0.75 0.75 0.75 - - - - - Asia ex Japan Equity Smaller Companies USD 0.75 0.75 0.75 - - - - - Asia Pacific ex Japan Equity High Dividend USD 0.75 0.75 0.75 - - - - - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 0.75 0.75 0.75 - - - - - Emerging Europe Equity EUR 0.875 0.875 0.875 - - - - - Euroland Equity EUR 0.75 0.75 - - - - - - Euroland Equity Smaller Companies EUR 0.75 0.75 - - - - - - Euroland Value Creation EUR - - - - 1.25 1.25 1.25 1.25 Europe ex UK Equity EUR 0.75 0.75 - - - - - - Global Emerging Markets Elite USD - - - - - - - - Global Emerging Markets Equity USD 0.75 0.75 0.75 - - - - - Global Equity USD 0.75 0.75 0.75 - - - - - Global Equity SRI USD 0.75 0.75 0.75 - - - - - Global Equity Technology (liquidated on 25 May 2007)

USD 0.75 0.75 - - - - - -

Global ex Euroland Equity EUR 0.75 0.75 - - - - - - Pan-European Equity EUR 0.75 0.75 0.75 - - - - - Pan-European Equity High Dividend EUR 0.75 0.75 0.75 - - - - - Sustainability Leaders EUR - - - - 1.25 1.25 1.25 1.25 b) Market Specific sub-funds Brazil Equity USD 0.875 0.875 - - - - - - Chinese Equity USD 0.75 0.75 0.75 - - - - - Hong Kong Equity USD 0.75 0.75 - - - - - - Indian Equity USD 0.75 0.75 0.75 - - - - - Japanese Equity JPY 0.75 0.75 - JPY 0.75 - - - - Korean Equity USD 0.75 0.75 - - - - - - Singapore Equity USD 0.75 0.75 - - - - - - Thai Equity USD 0.75 0.75 - CAD 0.75 - - - - UK Equity GBP 0.75 0.75 0.75 - - - - - US Equity USD 0.75 0.75 - - - - - - US Index USD 0.375 0.375 - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD 0.875 0.875 0.875 SGD 0.875 - - - - BRIC Freestyle USD - - - - 1.00 1.00 1.00 1.00 Global Emerging Markets Equity Freestyle USD - - - - 1.00 1.00 1.00 1.00 Latin American Freestyle USD - - - - 1.00 1.00 1.00 1.00 UK Freestyle GBP - - - - 1.00 1.00 1.00 1.00 OTHER SUB-FUNDS Global Discount Certificates EUR 0.625 0.625 - - - - - - Halbis Global Macro EUR - - - - 1.50 1.50 1.50 1.50 New World Income USD - - - - 1.00 1.00 1.00 1.00 Turkish Convergence EUR 0.675 0.675 - - - - - -




Sub-Fund name Base Currency Class P Class Z

Dealing Currency Dealing Currency USD GBP OTHER EUR USD GBP OTHER

RESERVE SUB-FUNDS Euro Reserve EUR - - - 0.00 - - - US Dollar Reserve USD 0.25 - EUR 0.25 - 0.00 - - BOND SUB-FUNDS Brazil Bond USD - - - 0.00 0.00 - - Euro Core Bond EUR 0.50 0.50 EUR 0.50 0.00 - - - Euro Core Credit Bond EUR - - - 0.00 - - - Euro High Yield Bond EUR - - - 0.00 - 0.00 - European Government Bond EUR - - - 0.00 - - - Euro Strategic Credit Bond EUR - - - 0.00 - - - Global Core Plus Bond USD 0.50 0.50 EUR 0.50 0.00 0.00 0.00 - Global Emerging Markets Bond USD - - - - 0.00 0.00 - Global Emerging Markets Local Debt USD - - - - 0.00 - - Global High Yield Bond USD - - - - 0.00 0.00 - US Dollar Core Plus Bond USD 0.50 0.50 SGD 0.50

EUR 0.50 - 0.00 0.00 -

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD - - - 0.00 0.00 0.00 - Asia ex Japan Equity Smaller Companies USD - - - - 0.00 0.00 - Asia Pacific ex Japan Equity High Dividend USD - - - 0.00 - 0.00 - BRIC Markets USD - - - 1.00 1.00 - SGD 1.00

CAD 1.00 BRIC Markets Equity USD - - - 0.00 0.00 - - Emerging Europe Equity EUR - - - 0.00 - - - Euroland Equity EUR - - - 0.00 - - - Euroland Equity Smaller Companies EUR - - - 0.00 0.00 - - Euroland Value Creation EUR - - - - - - - Europe ex UK Equity EUR - - - 0.00 - - - Global Emerging Markets Elite USD - - - 1.25 1.25 - SGD 1.25 Global Emerging Markets Equity USD - - - - 0.00 0.00 - Global Equity USD - - - - 0.00 0.00 - Global Equity SRI USD - - - - 0.00 0.00 - Global Equity Technology (liquidated on 25 May 2007)

USD - - - - 0.00 - -

Global ex Euroland Equity EUR - - - 0.00 - - - Pan-European Equity EUR 1.00 1.00 EUR 1.00

SGD 1.00 0.00 - 0.00 -

Pan-European Equity High Dividend EUR - - - 0.00 0.00 0.00 - Sustainability Leaders EUR - - - - - - - b) Market Specific sub-funds Brazil Equity USD - - - 0.00 0.00 - - Chinese Equity USD - - - - 0.00 0.00 -

Hong Kong Equity USD 1.00 - SGD 1.00EUR 1.00

- 0.00 - -

Indian Equity USD - - - - 0.00 0.00 - Japanese Equity JPY 1.00 1.00 JPY 1.00

SGD 1.00EUR 1.00

- 0.00 - JPY 0.00

Korean Equity USD - - - - 0.00 - - Singapore Equity USD 1.00 - SGD 1.00

EUR 1.00 - 0.00 - -

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

US Equity USD 1.00 1.00 SGD 1.00 EUR 1.00

- 0.00 - -

US Index USD 0.30 - SGD 0.30 EUR 0.30

- 0.00 - -

FREESTYLE SUB-FUNDS Asia Freestyle USD - - - 0.00 0.00 0.00 - BRIC Freestyle USD - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - Latin American Freestyle USD - - - - - - - UK Freestyle GBP - - - - - - - OTHER SUB-FUNDS Global Discount Certificates EUR - - - 0.00 - - - Halbis Global Macro EUR - - - - - - - New World Income USD - - - 0.00 0.00 - - Turkish Convergence EUR - - - 0.00 0.00 - -




Sub-Fund name Base Currency Class J Class L

Dealing Currency Dealing Currency EUR USD SGD OTHER EUR USD SGD OTHER

Euro Core Bond EUR - 0.60 - - - - - - Euro Core Credit Bond EUR - 0.60 - - - - - - Euro High Yield Bond EUR - 0.60 - - - - - - Euro Strategic Credit Bond EUR - 0.60 - - - - - - Global Core Plus Bond USD - 0.60 - - - - - - Global Emerging Markets Bond USD - 0.60 - - - - - - Global Emerging Markets Local Debt USD - 0.60 - - - - - - US Dollar Core Plus Bond USD - - - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD - 0.60 - - - - - - Asia Pacific ex Japan Equity High Dividend USD - 0.60 - - - - - - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 0.60 0.60 0.60 GBP

0.60- - - -

Global Emerging Markets Elite USD - 0.60 - - - - - - Global Emerging Markets Equity USD 0.60 0.60 0.60 GBP

0.60- - - -

Global Equity USD - 0.60 - - - - - - Global Equity SRI USD - 0.60 - - - - - - Pan-European Equity EUR - - - - - - - - Sustainability Leaders USD - 0.60 - - 0.65 0.65 0.65 GBP 0.65 b) Market Specific sub-funds Chinese Equity USD - 0.60 - - - - - - Hong Kong Equity USD - 0.60 - - - - - - Indian Equity USD - 0.60 - - - - - - Japanese Equity JPY - - - - - - - - Korean Equity USD - 0.60 - - - - - - Singapore Equity USD - 0.60 - - - - - -

Thai Equity USD - 0.60 - - - - - - US Equity USD - - - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD - 0.60 - - - - - - BRIC Freestyle USD 0.60 0.60 0.60 GBP

0.60- - - -

Global Emerging Markets Equity Freestyle USD 0.60 0.60 0.60 GBP 0.60

- - - -

OTHER SUB-FUNDS Halbis Global Macro EUR - - - - 1.00 1.00 1.00 GBP 1.00 New World Income USD 0.60 0.60 0.60 GBP

0.600.50 0.50 - -

Turkish Convergence EUR 0.60 0.60 - - - - - -




Sub-Fund name Base Currency Class R Class S

Dealing Currency Dealing Currency EUR USD SGD GBP EUR USD SGD GBP OTHER

Euro Core Bond EUR - - - - - - - - - Euro Core Credit Bond EUR - - - - - - - - - Euro High Yield Bond EUR - - - - - - - - - Euro Strategic Credit Bond EUR - - - - - - - - - Global Core Plus Bond USD - - - - - - - - - Global Emerging Markets Bond USD - - - - - - - - - Global Emerging Markets Local Debt USD - - - - - - - - - US Dollar Core Plus Bond USD - - - - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD - - - - - - - - - Asia Pacific ex Japan Equity High Dividend USD - - - - - - - - - BRIC Markets USD - - - - - - - - - BRIC Markets Equity USD - - - - - - - - - Global Emerging Markets Elite USD - - - - - - - - - Global Emerging Markets Equity USD - - - - - 1.60 - - - Global Equity USD - - - - - - - - - Global Equity SRI USD - - - - - - - - - Pan-European Equity EUR - - - - - - - - - Sustainability Leaders EUR - - - - - - - - - b) Market Specific sub-funds Chinese Equity USD - - - - - - - - -

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

Thai Equity USD - - - - - - - - - US Equity USD - - - - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD - - - - - - - - - BRIC Freestyle USD - - - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - - - OTHER SUB-FUNDS Halbis Global Macro EUR 2.00 2.00 2.00 2.00 - - - - - New World Income USD - - - - - - - - - Turkish Convergence EUR - - - - - - - - -




Sub-Fund name Base Currency Class W Class Y

Dealing Currency Dealing Currency EUR USD SGD OTHER EUR USD SGD OTHER

Euro Core Bond EUR - - - - - - - - Euro Core Credit Bond EUR - - - - - - - - Euro High Yield Bond EUR - - - - - - - - Euro Strategic Credit Bond EUR - - - - - - - - Global Core Plus Bond USD - 0.00 - - - - - - Global Emerging Markets Bond USD - - - - - - - - Global Emerging Markets Local Debt USD - - - - - - - - US Dollar Core Plus Bond USD - 0.00 - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity USD - - - - - - - - Asia Pacific ex Japan Equity High Dividend USD - - - - - - - - BRIC Markets USD - - - - 1.50 1.50 1.50 GBP 1.50 BRIC Markets Equity USD - - - - - - - - Global Emerging Markets Elite USD - - - - 1.50 1.50 1.50 - Global Emerging Markets Equity USD - 0.00 - - - - - - Global Equity USD - - - - - - - - Global Equity SRI USD - 0.00 - - - - - - Pan-European Equity EUR - 0.00 - - - - - - Sustainability Leaders EUR - - - - - - - - b) Market Specific sub-funds Chinese Equity USD - - - - - - - -

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

Thai Equity USD - - - - - - - - US Equity USD - 0.00 - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD - - - - - - - - BRIC Freestyle USD - - - - - - - - Global Emerging Markets Equity Freestyle USD 1.50 1.50 1.50 GBP 1.50 OTHER SUB-FUNDS Halbis Global Macro EUR - - - - - - - - New World Income USD - - - - - - - - Turkish Convergence EUR - - - - - - - -


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


TER excluding the performance fees

Asia ex Japan Equity Class AC 1.84 % Class ACH 1.84 % Class AD 1.84 % Class ADH 1.84 % Class EC 2.30 % Class ED 2.36 % Class IC 1.00 % Class ID 0.99 % Class J1C 0.86 % Class ZC 0.25 % Class ZD 0.25 %

Asia ex Japan Equity Smaller Companies

Class AC 1.84 % Class AD 1.84 % Class EC 2.30 % Class ED 2.31 % Class IC 0.98 %

Asia Pacific ex Japan Equity High Dividend

Class AC 1.83 % Class AD 1.84 % Class ID 1.00 % Class ZD 0.25 %

BRIC Markets

Class YC 1.73 % Class ZC 1.23 %

BRIC Markets Equity

Class AC 1.84 % Class AD 1.83 % Class EC 2.33 % Class ED 2.34 % Class IC 0.99 % Class J1C 0.84 %


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


Emerging Europe Equity Class AC 2.14 % Class AD 2.13 % Class EC 2.66 % Class IC 1.16 % Class ID 1.18 % Class ZD 0.30 %

Euroland Equity

Class AC 1.84 % Class AD 1.83 % Class EC 2.34 % Class ED 2.34 % Class IC 0.98 % Class ZC 0.25 % Class ZD 0.22 %

Euroland Equity Smaller Companies

Class AC 1.84 % Class AD 1.84 % Class EC 2.35 % Class IC 1.00 % Class ZC 0.25 %

Euroland Value Creation

Class M1C 1.59 % Class M1D 1.59 %

Europe ex UK Equity

Class AC 1.84 % Class AD 1.84 %

Global Emerging Markets Elite

Class YC 0.23 % Class ZC 1.25 %

Global Emerging Markets Equity

Class AC 1.89 % Class AD 1.89 % Class EC 2.40 % Class ED 2.39 % Class IC 1.01 % Class ZD 0.30 %

Global Equity

Class AC 1.84 % Class AD 1.85 % Class IC 1.00 % Class ZD 0.25 %

Global Equity SRI




Class AC 1.84 % Class AD 1.85 % Class IC 0.99 % Class ZC 0.25 %

Global ex Euroland Equity

Class AC 1.84 % Class AD 1.84 % Class ZC 0.25 %

Pan-European Equity

Class AC 1.85 % Class AD 1.85 % Class EC 2.38 % Class ED 2.32 % Class PC 1.34 % Class PD 1.35 % Class ZD 0.25 %

Pan-European Equity High Dividend

Class AC 1.84 % Class AD 1.84 % Class ZC 0.25 %

Sustainability Leaders

Class L1C 0.84 % Class M1C 1.54 % Class M1D 1.57 %

Brazil Equity

Class AC 2.14 % Class AD 2.14 % Class EC 2.61 % Class ED 2.66 % Class IC 1.17 % Class ID 1.17 % Class ZC 0.30 %

Chinese Equity

Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class ED 2.41 % Class IC 1.05 % Class ID 1.05 % Class J1C 0.91 % Class ZC 0.30 % Class ZD 0.30 %

Hong Kong Equity

Class AC 1.81 %




Class AD 1.84 % Class EC 2.34 % Class IC 1.00 % Class PD 1.34 % Class ZD 0.25 %

Indian Equity

Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class ED 2.40 % Class IC 1.05 % Class ID 1.04 % Class ZD 0.30 %

Japanese Equity Class AC 1.84 % Class AD 1.85 % Class EC 2.34 % Class ED 2.34 % Class IC 0.98 % Class PC 1.32 % Class PD 1.35 % Class ZC 0.25 % Class ZD 0.25 %

Korean Equity

Class AC 1.88 % Class AD 1.89 % Class EC 2.40 % Class ED 2.38 % Class IC 1.04 % Class J1C 0.88 % Class ZD 0.30 %

Singapore Equity

Class AC 1.89 % Class AD 1.88 % Class EC 2.37 % Class IC 1.02 % Class J1C 0.90 % Class PD 1.39 % Class ZD 0.30 %

Thai Equity

Class AC 1.85 % Class AD 1.84 % Class EC 2.31 %




Class IC 1.00 % Class J1C 0.85 % Class ZD 0.25 %

UK Equity

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

US Equity

Class AC 1.84 % Class ACH 1.84 % Class AD 1.85 % Class ADH 1.84 % Class EC 2.34 % Class ED 2.37 % Class PD 1.35 % Class ZC 0.25 % Class ZD 0.25 %

US Index

Class AC 1.00 % Class AD 1.00 % Class PD 0.55 %

Asia Freestyle

Class AC 2.14 % Class ACH 2.14 % Class AD 2.14 % Class ADH 2.14 % Class EC 2.62 % Class ED 2.65 % Class IC 1.17 % Class ID 1.16 %

BRIC Freestyle

Class J1C 0.90 % Class M1C 1.39 % Class M2C 1.39 % Class M2D 1.39 %

Global Emerging Markets Equity Freestyle


Latin American Freestyle





UK Freestyle Class M1D 1.35 %

Brazil Bond

Class AC 1.35 % Class AD 1.34 % Class EC 1.65 % Class ED 1.65 % Class IC 0.74 % Class ZC 0.25 %

Euro Core Bond Class AC 1.00 % Class AD 1.00 % Class EC 1.27 % Class IC 0.52 % Class ZC 0.18 % Euro Core Credit Bond

Class AC 1.35 % Class AD 1.34 % Class EC 1.66 % Class IC 0.76 % Class ZC 0.25 % Class ZD 0.25 %

Euro High Yield Bond


European Government Bond

Class AC 1.00 % Class AD 1.00 % Class EC 1.28 % Class IC 0.52 % Class ID 0.52 %

Euro Strategic Credit Bond

Class AC 1.35 % Class AD 1.34 % Class EC 1.66 % Class IC 0.74 %

Global Core Plus Bond Class AC 1.00 % Class AD 1.00 % Class EC 1.27 %




Class IC 0.53 % Class PD 0.75 % Class ZD 0.15 %

Global Emerging Markets Bond


Global Emerging Markets Local Debt Class AC 1.53 % Class AD 1.60 % Class ZD 0.24 %

Global High Yield Bond

Class AC 1.53 % Class AD 1.53 % Class EC 1.84 % Class ZC 0.25 %

US Dollar Core Plus Bond

Class AC 0.99 % Class AD 0.99 % Class EC 1.29 % Class PD 0.74 % Class ZC 0.15 % Class ZD 0.15 %

Euro Reserve

Class AC 0.65 % Class AD 0.64 %

US Dollar Reserve

Class AC 0.64 % Class AD 0.64 % Class PD 0.40 %

Global Discount Certificates

Class AC 1.60 % Class ZC 0.24 %

Halbis Global Macro

Class L1C 1.20 % Class M1C 1.80 %

New World Income

Class M1C 1.35 % Class M1D 1.35 % Class ZD 0.25 %




Turkish Convergence

Class AC 1.69 % Class AD 1.69 % Class EC 2.02 %

TER including the performance fees

Euroland Value Creation Class M1C 1.62 % Class M1D 1.59 %

Sustainability Leaders

Class L1C 0.84 % Class M1C 1.54 % Class M1D 1.57 %

BRIC Freestyle

Class J1C 6.88 % Class M1C 7.18 % Class M2C 7.21 % Class M2D 5.54 %

Global Emerging Markets Equity Freestyle


Latin American Freestyle


UK Freestyle

Class M1D 1.35 %

Halbis Global Macro Class L1C 1.38 % Class M1C 1.92 %

New World Income



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


% Asia ex Japan Equity 60.82 Asia ex Japan Equity Smaller Companies 50.41Asia Pacific ex Japan Equity High Dividend 32.47BRIC Markets 6.81 BRIC Markets Equity 26.35 Emerging Europe Equity 94.70 Euroland Equity 99.43 Euroland Equity Smaller Companies 154.92 Euroland Value Creation 60.61 Europe ex UK Equity 114.87 Global Emerging Markets Elite 220.02 Global Emerging Markets Equity 287.62 Global Equity 117.11 Global Equity SRI 199.01 Global ex Euroland Equity (10.66) Pan-European Equity 110.67 Pan-European Equity High Dividend 368.36 Sustainability Leaders 15.47 Brazil Equity 105.54 Chinese Equity 80.98 Hong Kong Equity 61.01 Indian Equity 117.78 Japanese Equity 117.21 Korean Equity 71.78 Singapore Equity 10.15 Thai Equity (28.89) UK Equity 99.45 US Equity 55.10 US Index (16.84) Asia Freestyle 64.39 BRIC Freestyle 128.80 Global Emerging Markets Equity Freestyle 322.81 Latin American Freestyle 365.49 UK Freestyle 113.39 Brazil Bond 25.59 Euro Core Bond 211.01 Euro Core Credit Bond 189.03 Euro High Yield Bond 181.71 European Government Bond 263.08 Euro Strategic Credit Bond 82.42 Global Core Plus Bond 535.52 Global Emerging Markets Bond 104.40 Global Emerging Markets Local Debt * (301.99) Global High Yield Bond 28.19 US Dollar Core Plus Bond 956.16 Euro Reserve 939.58 US Dollar Reserve 1,471.08 Global Discount Certificates * (98.17) Halbis Global Macro * 0.97 New World Income * 14.85 Turkish Convergence 1,407.86

• The PTR have been annualised



ASIA EX JAPAN EQUITYUSD

CLASS A C 59.9744.3635.98

CLASS A C H 29.0720.4815.54

CLASS A D 56.7342.1934.42

CLASS A D H 28.8720.36N/A

CLASS E C 56.1541.63N/A

CLASS E D 56.1541.6333.97

CLASS I C 58.3843.0034.59

CLASS I D 58.1443.0034.59

CLASS J 1 C 12.26N/AN/A

CLASS Z C 63.1746.3537.00

CLASS Z D 57.6342.58N/A

Total Net Assets 582,349,188 612,532,695 1,035,277,408

Net Asset Value per Share

ASIA EX JAPAN EQUITY SMALLER COMPANIESUSD

CLASS A C 39.0829.1221.57

CLASS A D 38.0328.3621.17

CLASS E C 39.03N/AN/A

CLASS E D 37.99N/AN/A

CLASS I C 39.14N/AN/A

CLASS Z D 38.03N/AN/A

Total Net Assets 31,219,270 41,088,141 136,897,848


ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDENDUSD

CLASS A C 18.3714.2811.71

CLASS A D 16.6713.4511.21

CLASS I D 16.5713.8211.44

CLASS Z D 17.0613.57N/A

Total Net Assets 192,121,007 142,208,941 147,407,282


BRIC MARKETSUSD

CLASS Y C 30.9121.60N/A

CLASS Z C 31.0121.6416.75

Total Net Assets 223,573,945 461,684,567 818,595,927


Comparative Table of Net Assets

at 31 March 2006 at 31 March 2007 at 30 September 2007



BRIC MARKETS EQUITYUSD

CLASS A C 18.1212.69N/A

CLASS A D 18.1112.69N/A

CLASS E C 18.0012.64N/A


CLASS I C 18.2712.74N/A

CLASS J 1 C 18.3412.78N/A

Total Net Assets N/A 305,032,045 545,392,301


EMERGING EUROPE EQUITYEUR

CLASS A C 16.1114.9913.07

CLASS A D 16.1114.9913.07

CLASS E C 16.0714.99N/A

CLASS I C 16.3815.1713.10

CLASS I D 16.2715.16N/A

CLASS Z C N/AN/A13.25


Total Net Assets 29,983,564 25,260,799 24,216,516


EUROLAND EQUITYEUR

CLASS A C 35.2533.6329.99

CLASS A D 35.1033.5529.92

CLASS E C 35.1133.58N/A

CLASS E D 34.7833.2729.81

CLASS I C 35.4833.71N/A

CLASS Z C 37.9035.8831.47


Total Net Assets 292,922,023 578,984,961 719,916,074






EUROLAND EQUITY SMALLER COMPANIESEUR

CLASS A C 48.5048.5839.50

CLASS A D 48.5048.5839.50

CLASS E C 48.3548.55N/A

CLASS I C 48.9848.86N/A

CLASS Z C 52.0351.7141.37

Total Net Assets 88,517,699 103,872,035 100,971,483


EUROLAND VALUE CREATIONEUR

CLASS M 1 C 15.3114.1713.18

CLASS M 1 D 15.3714.2313.19

Total Net Assets 28,902,712 149,960,548 156,710,178


EUROPE EX UK EQUITYEUR

CLASS A C 22.8122.2920.05

CLASS A D 22.4322.0619.94

Total Net Assets 114,656,209 87,272,793 80,510,364


GLOBAL EMERGING MARKETS ELITEUSD

CLASS Y C 13.3910.09N/A

CLASS Z C 13.3010.07N/A



GLOBAL EMERGING MARKETS EQUITYUSD

CLASS A C 22.2916.9314.08

CLASS A D 21.9916.7514.01

CLASS E C 21.4416.3313.65

CLASS E D 21.3516.2513.65

CLASS I C N/A17.07N/A

CLASS Z D 22.3616.91N/A

Total Net Assets 232,800,507 294,752,392 352,481,173






GLOBAL EQUITYUSD

CLASS A C 29.9226.7924.66

CLASS A D 29.7926.7924.66

CLASS I C 30.0626.80N/A

CLASS Z D 32.2528.8926.44

Total Net Assets 164,972,157 175,961,923 172,380,915


GLOBAL EQUITY SRIUSD

CLASS A C 17.0615.8213.59

CLASS A D 17.0515.8113.59


CLASS W C 17.9716.5113.92

CLASS Z C 17.8216.3913.86

Total Net Assets 10,848,034 20,777,357 31,089,650


GLOBAL EQUITY TECHNOLOGY (liquidated as at 25 May 2007)USD

CLASS A C N/A23.9921.17

CLASS A D N/A4.023.55

CLASS E D N/A3.903.46

Total Net Assets 7,914,102 6,659,147 N/A


GLOBAL EX EUROLAND EQUITYEUR

CLASS A C 21.6221.3221.17

CLASS A D 21.6221.3221.17

CLASS Z C 23.2322.7222.21

Total Net Assets 59,070,237 48,840,267 37,998,590






PAN-EUROPEAN EQUITYEUR

CLASS A C 41.7041.4437.61

CLASS A D 40.7940.6837.15

CLASS E C N/A41.35N/A

CLASS E D 40.2340.1236.69

CLASS P C 42.6742.3038.20

CLASS P D 40.3440.4937.08

CLASS W D 24.6024.94N/A

CLASS Z D 41.4341.05N/A

Total Net Assets 568,630,360 733,618,436 499,159,359


PAN-EUROPEAN EQUITY HIGH DIVIDENDEUR

CLASS A C 16.3816.1114.79

CLASS A D 16.2416.1114.79

CLASS Z C 17.1916.7815.16

Total Net Assets 83,304,250 82,660,478 68,284,813


SUSTAINABILITY LEADERSEUR

CLASS L 1 C 12.06N/AN/A

CLASS M 1 C 12.0212.1410.84

CLASS M 1 D 12.0112.2010.85

Total Net Assets 9,830,322 28,419,950 44,793,365


BRAZIL EQUITYUSD

CLASS A C 43.2131.1623.80

CLASS A D 43.0331.0323.78

CLASS E C 42.8630.9923.79


CLASS I C 43.8731.4923.82

CLASS I D 43.7731.4923.82

CLASS Z C 45.6932.6524.49

Total Net Assets 351,102,078 1,086,007,695 2,183,471,710






CHINESE EQUITYUSD

CLASS A C 116.2567.1047.04

CLASS A D 114.2366.1846.70

CLASS E C 114.7766.4146.79


CLASS I C 118.4268.0647.31

CLASS I D 117.6068.0647.31


CLASS Z C 119.1068.2047.06

CLASS Z D 118.2368.1947.06

Total Net Assets 2,891,006,873 4,388,195,717 6,333,323,372


HONG KONG EQUITYUSD

CLASS A C 143.5898.7977.94

CLASS A D 137.9695.3376.83

CLASS E C 143.3898.65N/A


CLASS P D 135.9594.3675.78

CLASS Z D 143.6398.9577.42

Total Net Assets 194,270,521 213,556,902 550,829,423


INDIAN EQUITYUSD

CLASS A C 195.23135.24120.49

CLASS A D 195.23135.24120.49

CLASS E C 190.92132.59118.72

CLASS E D 190.92132.59N/A

CLASS I C 202.97140.01123.69

CLASS I D 202.15140.00123.69

CLASS Z D 200.16138.08121.42

Total Net Assets 6,029,705,648 5,450,800,640 7,035,770,677






JAPANESE EQUITYJPY

CLASS A C 9,848.309,989.229,938.65

CLASS A D 1,468.941,489.961,482.43

CLASS E C 1,431.201,455.261,455.23

CLASS E D 1,431.181,455.261,455.23

CLASS I C 9,957.7210,057.59N/A

CLASS P C 9,860.679,976.799,876.68

CLASS P D 1,505.541,523.271,507.99

CLASS W D 13,533.2013,849.43N/A

CLASS Z C 10,142.0610,205.629,992.50

CLASS Z D 1,476.411,503.79N/A

Total Net Assets 32,542,790,513 36,447,794,450 45,614,925,217


KOREAN EQUITYUSD

CLASS A C 21.9315.3013.56

CLASS A D 21.9315.3013.56

CLASS E C 21.9015.28N/A


CLASS I C 22.2615.4613.58


CLASS Z D 22.3815.6113.65

Total Net Assets 152,431,357 153,655,487 598,799,719


SINGAPORE EQUITYUSD

CLASS A C 54.0847.8831.55

CLASS A D 50.1244.4231.02

CLASS E C 53.8447.78N/A



CLASS P D 50.1244.4931.02

CLASS Z D 52.7547.1031.26

Total Net Assets 26,242,522 112,417,143 260,468,588






THAI EQUITYUSD

CLASS A C 11.869.749.36

CLASS A D 11.389.449.32

CLASS E C 11.819.72N/A

CLASS I C 12.039.849.38


CLASS Z D 11.729.769.37

Total Net Assets 264,861,559 217,572,937 314,034,868


UK EQUITYGBP

CLASS A C 28.9928.4827.03

CLASS A D 26.9727.2426.14

CLASS E D 19.4420.1019.34

CLASS Z C 29.9229.1727.25

Total Net Assets 164,915,960 97,879,771 67,519,462


US EQUITYUSD

CLASS A C 24.6222.5420.56

CLASS A C H 30.8726.9222.93

CLASS A D 27.5525.2323.01

CLASS A D H 31.8127.7023.62

CLASS E C 24.5222.52N/A

CLASS E D 27.2325.0022.91

CLASS P D 27.9725.6823.37

CLASS W D 159.57147.87N/A

CLASS Z C 25.3823.0520.69

CLASS Z D 27.6425.46N/A

Total Net Assets 137,953,697 195,931,184 212,433,242


US INDEXUSD

CLASS A C 11.0810.279.30

CLASS A D 10.7410.129.23

CLASS P D 10.529.939.27

Total Net Assets 101,754,702 43,828,461 67,562,227






ASIA FREESTYLEUSD

CLASS A C 21.8316.0812.96

CLASS A C H 25.5017.9113.54

CLASS A D 21.5615.9412.96

CLASS A D H 25.1817.7213.37

CLASS E C 21.4615.8512.84


CLASS I C 22.4916.4913.16

CLASS I D 22.4816.49N/A

Total Net Assets 374,242,604 270,322,943 339,246,265


BRIC FREESTYLEUSD

CLASS J 1 C 20.3815.3412.57

CLASS M 1 C 28.3421.3317.70

CLASS M 2 C 27.2720.5416.98

CLASS M 2 D 27.5720.4216.95

Total Net Assets 3,377,707,464 2,757,083,981 2,983,879,481


GLOBAL EMERGING MARKETS EQUITY FREESTYLEUSD

CLASS M 1 C 14.7011.7010.11

CLASS M 1 D 14.9311.7910.11

Total Net Assets 660,549,914 845,789,963 783,381,979


LATIN AMERICAN FREESTYLEUSD

CLASS M 1 C 18.9814.24N/A

CLASS M 1 D 19.0814.23N/A



UK FREESTYLEGBP

CLASS M 1 D 13.2813.3812.21

Total Net Assets 14,691,270 12,934,876 12,764,051






BRAZIL BONDUSD

CLASS A C 12.9712.02N/A

CLASS A D 12.3412.02N/A

CLASS E C 12.9312.01N/A


CLASS Z C 13.1412.12N/A



EURO CORE BONDEUR

CLASS A C 16.8316.9116.72

CLASS A D 15.7416.1615.97

CLASS E C 16.7916.91N/A

CLASS I C 17.1917.2416.95

CLASS Z C N/AN/A17.15

Total Net Assets 141,727,068 160,619,882 133,844,819


EURO CORE CREDIT BONDEUR

CLASS A C 16.9817.3116.99

CLASS A D 14.6815.3415.05

CLASS E C 16.9517.31N/A

CLASS I C 17.4417.7317.30

CLASS Z C N/A17.7417.22

CLASS Z D 16.4017.2716.77

Total Net Assets 90,422,134 43,802,458 118,440,094


EURO HIGH YIELD BONDEUR

CLASS A C 21.2621.6020.30

CLASS A D 18.1618.8117.67

CLASS E C 21.2021.58N/A


CLASS I C 21.9322.2120.73

CLASS Z C 22.0322.2420.63

Total Net Assets 124,271,638 84,096,899 94,090,536






EUROPEAN GOVERNMENT BONDEUR

CLASS A C 16.5816.7316.49

CLASS A D 12.8513.3413.15

CLASS E C 16.5316.71N/A

CLASS I C 16.9417.0516.72

CLASS I D 13.9815.2114.92

Total Net Assets 117,815,022 140,521,794 58,988,211


EURO STRATEGIC CREDIT BONDEUR

CLASS A C 10.2110.3910.08

CLASS A D 9.6110.129.82


CLASS I C 10.2410.40N/A

Total Net Assets 48,600,380 59,079,111 51,499,991


GLOBAL CORE PLUS BONDUSD

CLASS A C 14.2513.7513.29

CLASS A D 13.5313.6012.82


CLASS I C 14.2913.75N/A

CLASS P D 11.01N/AN/A

CLASS W D 185.46185.20N/A

CLASS Z D 13.8913.67N/A

Total Net Assets 88,081,665 108,818,895 120,598,880


GLOBAL EMERGING MARKETS BONDUSD

CLASS A C 20.7920.4418.59

CLASS A D 16.8517.3315.76

CLASS E C 20.7320.42N/A


CLASS I C 20.9820.5718.60

CLASS Z C 21.3820.9118.81

Total Net Assets 119,634,250 133,896,921 247,574,676






GLOBAL EMERGING MARKETS LOCAL DEBTUSD

CLASS A C 10.43N/AN/A


Total Net Assets N/A N/A 18,159,422


GLOBAL HIGH YIELD BONDUSD

CLASS A C 11.3111.2510.31

CLASS A D 11.2211.27N/A

CLASS E C 11.2811.23N/A

CLASS Z C 11.5711.4310.35

Total Net Assets 5,172,610 5,845,866 6,104,653


STERLING INVESTMENT GRADE BOND *GBP

CLASS A C N/AN/A5.69

CLASS E C N/A5.43N/A

CLASS P D N/A5.445.63

CLASS W D N/A96.76N/A

Total Net Assets 21,583,331 26,310,415 N/A


US DOLLAR CORE PLUS BONDUSD

CLASS A C 12.6212.3911.68

CLASS A D 10.4210.9510.32

CLASS E C 12.5812.38N/A

CLASS P D 10.4410.7210.08

CLASS W C 14.5914.26N/A

CLASS W D 10.4610.80N/A

CLASS Z C 12.8512.5711.75

CLASS Z D 10.9811.00N/A

Total Net Assets 46,965,872 79,698,263 88,951,732






EURO RESERVEEUR

CLASS A C 16.3516.0615.66

CLASS A D 15.4115.4215.03

Total Net Assets 47,661,285 42,873,119 28,117,577


US DOLLAR RESERVEUSD

CLASS A C 16.7916.4115.67

CLASS A D 8.018.197.82

CLASS P D 8.438.578.16

Total Net Assets 22,672,829 19,196,118 20,984,598


GLOBAL DISCOUNT CERTIFICATESEUR

CLASS A C 10.19N/AN/A

CLASS Z C 10.20N/AN/A



HALBIS GLOBAL MACROEUR

CLASS L 1 C 100.93N/AN/A

CLASS M 1 C 100.83N/AN/A



NEW WORLD INCOMEUSD

CLASS M 1 C 10.07N/AN/A

CLASS M 1 D 10.07N/AN/A








TURKISH CONVERGENCEEUR

CLASS A C 17.0714.6714.98

CLASS A D 14.9214.0214.98

CLASS E C 17.0414.66N/A

Total Net Assets 67,383,014 50,978,451 65,374,888






Portfolio of Investments and Other Net Assets

ESPRIT HOLDINGS LTD 894,500 14,235,371 1.38HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

KERRY PROPERTIES LTD 551,000 4,238,844 0.41HKDLUKS GROUP VIETNAMHOLDINGS LTD 2,062,000 2,779,341 0.27HKD

MIDLAND HOLDINGS LTD 808,000 876,688 0.08HKDPEACE MARK(HOLDINGS)LIMITED 2,024,000 3,020,234 0.29HKD

25,150,478 2.43

LIFESTYLE INTERNATIONALHOLDINGS LTD 1,130,000 3,188,923 0.31HKD

CAYMAN ISLANDS

NEW WORLD DEPARTMENTSTORE CHINA LTD 417,528 386,306 0.04HKDQIN JIA YUAN MEDIASERVICES CO LTD 7,991,398 4,757,582 0.45HKDXINYI GLASS HOLDINGS COLTD 2,978,000 3,914,230 0.38HKD

12,247,041 1.18

AIR CHINA LTD 6,128,000 8,765,228 0.85HKD

CHINA

ALUMINUM CORP OF CHINALTD 564,000 1,624,344 0.16HKD

CHINA COAL ENERGY CO 1,915,000 5,700,360 0.55HKDCHINA COMMUNICATIONSCONSTRUCTION CO LTD 1,457,000 3,469,629 0.34HKDCHINA CONSTRUCTION BANKCORP 15,188,000 13,876,129 1.34HKDCHINA LIFE INSURANCE COLTD 3,993,000 22,974,299 2.21HKDCHINA LIFE INSURANCE COLTD ADR 53,500 4,535,195 0.44USDCHINA MENGNIU DAIRY COLTD 837,000 3,650,948 0.35HKDCHINA NATIONAL BUILDINGMATERIAL CO LTD 1,974,000 6,511,913 0.63HKDCHINA PETROLEUM & CHEMCORP -H- 7,124,000 8,913,836 0.86HKD

CHINA RESOURCES LAND LTD 298,000 622,089 0.06HKDCHINA SHENHUA ENERGY COLTD 1,176,500 7,079,952 0.68HKDCHINA SHIPPINGDEVELOPMENT CO LTD 2,466,000 8,007,835 0.77HKD

CHINA TELECOM CORP LTD 6,942,000 5,242,081 0.51HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 10,668,000 12,275,974 1.19HKDGLORIA MATERIALTECHNOLOGY CORP 1,644,000 3,327,861 0.32TWDNINE DRAGONS PAPERHOLDINGS LTD 3,511,000 10,994,073 1.06HKD

INVESTMENTS

ASIA EX JAPAN EQUITYStatement of investments as at 30 September 2007 (expressed in USD)

Description Quantity Currency Evaluation % netassets

PETROCHINA CO LTD 9,490,000 18,025,412 1.74HKDYANZHOU COAL MINING CO -H- 2,254,000 4,647,243 0.45HKD

ZIJIN MINING GROUP CO LTD 2,380,000 3,704,805 0.36HKD

153,949,206 14.87

BEIJING ENTERPRISESHOLDINGS LTD 702,000 3,573,187 0.35HKD

HONG KONG

CHEUNG KONG HOLDINGS 984,000 16,255,661 1.57HKDCHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 646,000 4,024,857 0.39HKD

CHINA MOBILE LTD 2,550,500 41,838,415 4.04HKD

CHINA MOBILE /SADR 70,710 5,936,812 0.57USDCHINA OVERSEAS LAND ANDINVESTMENT 4,682,708 10,704,643 1.03HKDCHINA RESOURCESENTERPRISE 1,134,000 4,822,236 0.47HKD

CHINA UNICOM LTD ADR 222,200 4,672,866 0.45USD

CITIC PACIFIC LTD 1,034,000 6,608,817 0.64HKD

CLP HOLDINGS LTD 121,500 842,326 0.08HKD

CNOOC LTD 7,689,000 12,940,008 1.25HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 5,746,000 2,162,071 0.21HKD

GREAT EAGLE HOLDINGS LTD 1,610,604 6,122,549 0.59HKDHENDERSON LANDDEVELOPMENT CO LTD 701,000 5,568,941 0.54HKD

HONG KONG & CHINA GAS CO 2,055,900 4,795,148 0.46HKD

HUTCHISON WHAMP 839,720 8,997,425 0.87HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 14,841,000 10,422,722 1.01HKDKINGBOARD CHEMICALHOLDINGS LTD 726,000 4,630,878 0.45HKD

MTR CORP 1,493,000 4,453,816 0.43HKDSHANGHAI INDUSTRIALHOLDINGS LTD 1,268,000 6,339,755 0.61HKDSINO-OCEAN LAND HOLDINGSLTD 907,500 1,286,355 0.12HKDSUN HUNG KAI PROPERTIESLTD 885,000 14,939,500 1.44HKD

WING HANG BANK LTD 536,500 6,180,573 0.60HKD

188,119,561 18.17

BANK MANDIRI PERSERO TBKPT 17,623,000 6,788,591 0.65IDR

INDONESIA

INDOFOOD SUKSES MAKMURTBK PT 11,197,500 2,361,669 0.23IDRPT ASTRA INTERNATIONALTBK 1,771,000 3,754,577 0.36IDRTELEKOMUNIKASI INDONESIATBK PT 5,389,000 6,478,009 0.63IDR

UNITED TRACTORS TBK PT 2,370,000 2,123,748 0.21IDR

21,506,594 2.08

COMMERCE ASSET-HOLDINGBHD/FOR.REG. 3,136,200 9,918,298 0.96MYR

MALAYSIA

GAMUDA BHD/FOR.REG. 2,240,100 5,870,838 0.57MYR

RESORTS WORLD BHD 18,403,100 21,340,068 2.06MYR

37,129,204 3.59

ALLIANCE GLOBAL GROUP INC 35,020,000 4,050,721 0.39PHP

PHILIPPINES





AYALA LAND INC 7,908,000 2,858,465 0.28PHP

AYALA LAND INC 7,908,000 17,591 0.00PHPMETROPOLITAN BANK &TRUST 1,607,000 2,001,782 0.19PHP

8,928,559 0.86

ALLGREEN PROPERTIES LTD 10,942,000 13,950,537 1.34SGD

SINGAPORE

BANYAN TREE HOLDINGS LTD 5,772,000 8,288,592 0.80SGDINDOFOOD AGRI RESOURCESLTD 5,292 4,510 0.00SGD

KEPPEL CORP LTD 567,000 5,478,809 0.53SGDOVERSEA-CHINESE BANKINGCORP 2,290,200 13,754,256 1.33SGD

SINGAPORE AIRLINES LTD 217,467 2,714,232 0.26SGDSINGAPORETELECOMMUNICATIONS LTD 489,000 1,312,531 0.13SGD

UTD OVERSEAS BANK /LOCAL 314,000 4,656,532 0.45SGD

WING TAI HOLDINGS LTD 1,342,666 3,495,750 0.34SGD

53,655,749 5.18

CHEIL INDUSTRIES INC 80,430 5,626,239 0.54KRW

SOUTH KOREA

DAEWOO ENGINEERING &CONSTRUCTION CO LTD 16,660 475,265 0.05KRW

DAEWOO MOTOR SALES 134,770 6,908,539 0.67KRWDAEWOO SHIPBUILDING &MARINE ENGINEERING CO LTD 44,840 2,818,082 0.27KRW

DONGBU INSURANCE CO LTD 202,990 8,519,734 0.82KRW

DOOSAN INFRACORE CO LTD 112,770 4,387,971 0.42KRW

HANA FINANCIAL GROUP INC 76,540 3,584,755 0.35KRW

HANA TOUR SERVICE INC 27,452 2,760,463 0.27KRW

HOTEL SHILLA CO LTD 261,450 7,758,516 0.75KRWHYUNDAI DEPARTMENTSTORE CO LTD 22,200 2,632,709 0.25KRWHYUNDAI ENGINEERING &CONSTRUCTION CO LTD 113,850 10,813,667 1.04KRW

HYUNDAI HEAVY INDUSTRIES 11,610 5,367,756 0.52KRW

HYUNDAI MOTOR CO 53,720 4,344,981 0.42KRW

KOOKMIN BANK 179,280 14,951,217 1.44KRW

KOREA EXCHANGE BANK 254,400 4,115,276 0.40KRWKOREA INVESTMENTHOLDINGS CO LTD 76,286 5,019,512 0.48KRW

KOREAN AIR LINES CO LTD 60,560 4,097,290 0.40KRW

KT& G CORP 103,190 8,064,247 0.78KRW

LG CHEM LTD 78,380 8,207,123 0.79KRW

LG CORP 100,800 6,940,987 0.67KRW

LG ELECTRONICS INC 50,900 4,751,118 0.46KRW

LG.PHILIPS LCD CO LTD 82,170 3,938,248 0.38KRW

MEGASTUDY CO LTD 37,653 11,482,169 1.11KRW

NHN CORP 41,388 9,581,214 0.93KRW

ORION CORP 10,377 3,147,422 0.30KRW

POSCO 39,758 29,245,547 2.82KRWSAMSUNG ELECTRONICS COLTD 67,027 41,978,272 4.05KRWSAMSUNG ENGINEERING COLTD 62,550 8,409,159 0.81KRWSAMSUNG FIRE & MARINEINSURANCE CO LTD 29,450 6,341,203 0.61KRW

SAMSUNG TECHWIN CO LTD 85,660 6,525,759 0.63KRWSHINHAN FINANCIAL GROUPCO LTD 202,640 13,244,834 1.28KRW


SHINSEGAE CO LTD 11,688 8,137,665 0.79KRW

SK ENERGY CO LTD 42,343 7,404,944 0.72KRW

S-OIL CORP 43,760 3,893,336 0.38KRWWOORI INVESTMENT &SECURITIES CO LTD 108,490 3,065,282 0.30KRW

278,540,501 26.90

ACER INC 6,450 11,358 0.00TWD

TAIWAN

ADVANCED SEMICONDUCTORENGINEERING INC 1,921,431 2,106,540 0.20TWD

ASUSTEK COMPUTER INC 2,981,423 9,066,398 0.88TWD

AU OPTRONICS CORP 5,516,179 9,510,616 0.92TWDCATCHER TECHNOLOGY COLTD 64,176 466,765 0.05TWDCATHAY FINANCIAL HOLDINGCO LTD 3,202,992 7,572,427 0.73TWDCATHAY FINANCIAL HOLDINGCO LTD 233,993 5,557,334 0.54USD

CHINA STEEL CORP 5,918,989 8,628,124 0.83TWDCHINATRUST FINANCIALHOLDING CO LTD 2,930,000 2,148,993 0.21TWD

CHROMA ATE INC 1,398,828 3,427,017 0.33TWD

CHUNGHWA TELECOM CO LTD 390,500 729,479 0.07TWDCHUNGHWA TELECOM CO LTDADR 137,830 2,614,635 0.25USD

CORETRONIC CORP 286,620 440,628 0.04TWDEVERGREEN MARINE CORPTAIWAN LTD 3,960,000 3,425,907 0.33TWDFAR EASTERN TEXTILE COLTD 6,063,610 8,142,594 0.79TWDFORMOSA CHEMICALS &FIBRE CORP 2,236,000 5,717,685 0.55TWD

FORMOSA PLASTICS CORP 3,213,000 9,052,332 0.87TWDFOXCONN TECHNOLOGY COLTD 57,500 665,613 0.06TWDHON HAI PRECISIONINDUSTRY CO LTD 2,466,340 18,580,181 1.80TWDHON HAI PRECISIONINDUSTRY CO LTD 534,505 7,980,160 0.77USD

INNOLUX DISPLAY CORP 904,382 3,877,411 0.37TWD

KYE SYSTEMS CORP 1,464,000 2,950,047 0.28TWD

MEDIATEK INC 650,156 11,707,302 1.13TWD

MOTECH INDUSTRIES INC 291,849 3,172,855 0.31USD

NAN YA PLASTICS CORP. 1,240,860 3,230,008 0.31TWD

PROMOS TECHNOLOGIES INC 586,000 179,457 0.02TWD

QUANTA COMPUTER INC 1,639,140 2,575,107 0.25TWDSHIN KONG FINANCIALHOLDING CO LTD 2,360,750 2,190,557 0.21TWDSILICONWARE PRECISIONINDUSTRIES CO 2,715,537 6,112,304 0.59TWDSINOPAC FINANCIALHOLDINGS CO LTD 7,907,000 3,680,588 0.36TWD

TAIWAN CEMENT CORP 5,493,099 8,982,983 0.87TWD

TAIWAN FERTILIZER CO LTD 228,000 550,203 0.05TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 8,608,837 16,767,314 1.62TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTDADR 358,278 3,683,098 0.36USD

TRIPOD TECHNOLOGY CORP 816,344 3,324,963 0.32TWDUNITED MICROELECTRONICSCORP. 5,404,859 4,558,377 0.44TWD

WISTRON CORP 1,298,000 2,345,247 0.23TWD





YUANTA FINANCIAL HOLDINGCO LTD 442,000 270,716 0.03TWD

186,003,323 17.97

BANGKOK BANK PUBLIC /FOR.REG. 1,776,200 6,014,078 0.58THB

THAILAND

PTT PLC CO LTD /FOR.REG. 968,500 9,498,568 0.92THB

THAI AIRWAYS INTL/FOR.REG. 3,608,500 4,397,465 0.42THB

19,910,111 1.92

95.15TOTAL SHARES 985,140,327

MACQUARIE INTERNATIONALINFRASTRUCTURE FUND LTD 15,381,000 11,353,190 1.10SGD

INVESTMENT COMPANIES

BERMUDA ISLANDS

11,353,190 1.10

1.10TOTAL INVESTMENT COMPANIES 11,353,190

96.25TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 996,493,517


SWIRE PACIFIC LTD - A- 516,500 6,272,970 0.61HKD

OTHER TRANSFERABLE SECURITES

SHARES

HONG KONG

6,272,970 0.61

0.61TOTAL SHARES 6,272,970

0.61TOTAL OTHER TRANSFERABLE SECURITIES 6,272,970

96.86TOTAL INVESTMENTS 1,002,766,487

3.14OTHER NET ASSETS LESS LIABILITIES 32,510,921

100.00TOTAL NET ASSETS 1,035,277,408




%

Economic Division of Investment

(expressed as a percentage of net assets)

Electronics and electrical equipment 17.05Banks and financial institutions 9.46Holding companies 7.98Real estate companies 7.80News transmission 6.86Coal mines, heavy industries 5.69Energy 5.15Insurance 4.08Gastronomy 3.88Textile 3.48Chemicals 3.29Construction, building materials 3.11Transport 3.03Mechanics, machinery 2.25Internet Software 2.04Office equipment and computers 1.74Public services 1.73Retail trade, department stores 1.39Investment companies 1.10Forest products and paper industry 1.06Automobile industry 0.99Food 0.88Tobacco and spirits 0.78Pharmaceuticals and cosmetics 0.67Miscellaneous 0.47Graphic art and publishing 0.45Clock and watch-making industry 0.29Non-ferrous metals 0.16

Other net assets less liabilities 3.14

100.00Total Net Assets

ASIA EX JAPAN EQUITY




CHINA GREEN HOLDINGS LTD 741,000 803,037 0.59HKD


SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD 45,000 716,145 0.52HKDHI SUN TECHNOLOGY CHINALTD 5,646,000 1,840,699 1.34HKDHONGGUO INTERNATIONALHOLDINGS LTD 892,000 604,543 0.44SGDLUKS GROUP VIETNAMHOLDINGS LTD 1,206,000 1,625,551 1.19HKD

MIDLAND HOLDINGS LTD 774,000 839,797 0.61HKD

PACIFIC BASIN SHIPPING LTD 680,000 1,430,048 1.04HKDPEACE MARK(HOLDINGS)LIMITED 1,310,000 1,954,796 1.44HKD

TAI CHEUNG HOLDINGS 1,532,000 1,229,896 0.90HKD

11,044,512 8.07

AAC ACOUSTICTECHNOLOGIES HOLDINGSINC 962,000 1,188,817 0.87HKD

CAYMAN ISLANDS

CHINA FLAVORS &FRAGRANCES CO LTD 1,524,000 789,464 0.58HKDCHINA STATE CONSTRUCTIONINTERNATIONAL HOLDINGSLTD 609,600 788,679 0.58HKDHENGAN INTERNATIONALGROUP CO LTD 62,000 233,290 0.17HKDHIDILI INDUSTRYINTERNATIONALDEVELOPMENT LTD 21,000 33,447 0.02HKD

HKR INTERNATIONAL LTD 1,084,000 852,080 0.62HKDJU TENG INTERNATIONALHOLDINGS LTD 2,154,000 879,886 0.64HKDLIFESTYLE INTERNATIONALHOLDINGS LTD 390,000 1,100,602 0.80HKDMING AN HOLDINGS COLTD/THE 4,100,000 1,495,175 1.09HKDMING FUNG JEWELLERYGROUP LTD 5,630,000 761,762 0.56HKDQIN JIA YUAN MEDIASERVICES CO LTD 2,145,801 1,277,477 0.93HKDTRULY INTERNATIONALHOLDINGS 328,000 885,481 0.65HKDWALKER GROUP HOLDINGSLTD 839,000 410,835 0.30HKDXINYI GLASS HOLDINGS COLTD 592,000 778,114 0.57HKD

11,475,109 8.38

ALUMINUM CORP OF CHINALTD 78,000 224,643 0.16HKD

CHINA

INVESTMENTS

ASIA EX JAPAN EQUITY SMALLERCOMPANIESStatement of investments as at 30 September 2007 (expressed in USD)


ANGANG STEEL CO LTD 406,000 1,574,759 1.15HKD

BEIJING JINGKELONG CO LTD 1,849,000 1,906,113 1.39HKDCHINA CONSTRUCTION BANKCORP 380,000 347,177 0.25HKDCHINA LIFE INSURANCE COLTD 242,000 1,392,382 1.02HKDCHINA SOUTHERN AIRLINES -H- 964,000 1,500,602 1.10HKDGLORIA MATERIALTECHNOLOGY CORP 248,000 502,013 0.37TWDNINE DRAGONS PAPERHOLDINGS LTD 318,000 995,760 0.73HKD

SHANGHAI FORTE LAND CO 3,006,000 2,401,609 1.75HKDSICHUAN XINHUA WINSHARECHAINSTORE CO LTD 953,000 798,229 0.58HKDWEIFU HIGH-TECHNOLOGY COLTD 164,500 275,145 0.20HKDYANTAI NORTH ANDRE JUICECO 5,005,000 477,262 0.35HKD

12,395,694 9.05

BEIJING ENTERPRISESHOLDINGS LTD 88,000 447,921 0.33HKD

HONG KONG

CHEUNG KONG HOLDINGS 34,000 561,679 0.41HKD

CHINA EVERBRIGHT LTD 296,000 1,056,557 0.77HKDCHINA INSURANCEINTERNATIONAL HOLDINGSCO LTD 737,000 2,250,802 1.64HKDCHINA RESOURCES POWERHOLDINGS CO 86,000 267,631 0.20HKD

CNPC HONG KONG LTD 5,620,000 3,563,059 2.59HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 2,836,000 1,067,113 0.78HKD

GREAT EAGLE HOLDINGS LTD 157,000 596,820 0.44HKDINDUSTR.AND COMM.BANK OFCHINA 599,000 1,674,974 1.22HKDSHANGHAI INDUSTRIALHOLDINGS LTD 320,000 1,599,938 1.17HKD

SHENZHEN INVESTMENT LTD 1,466,000 1,311,037 0.96HKDSINO-OCEAN LAND HOLDINGSLTD 127,000 180,019 0.13HKDTIANJIN DEVELOPMENTHLDGS 1,032,000 1,473,469 1.08HKD

16,051,019 11.72

BANK NIAGA TBK PT 15,263,500 1,451,155 1.07IDR

INDONESIA

INDOFOOD SUKSES MAKMURTBK PT 1,961,500 413,701 0.30IDRSUMALINDO LESTARI JAYATBK PT 3,307,500 975,898 0.71IDR

2,840,754 2.08

SARIN TECHNOLOGIES LTD 695,000 296,141 0.22SGD

ISRAEL

296,141 0.22

ALLIANCE FINANCIAL GROUPBHD 1,460,900 1,326,147 0.97MYR

MALAYSIA

ASIATIC DEVELOPMENT BHD 823,600 1,555,556 1.14MYRBANDAR RAYADEVELOPMENTS BHD 1,442,600 1,165,909 0.85MYRCEMENT INDUSTRIES OF MAL-BHD 590,500 1,089,357 0.80MYR

PADINI HOLDINGS BHD 2,289,100 1,783,020 1.29MYR





TRADEWINDS CORP BHD 789,900 312,259 0.23MYR

WCT ENGINEERING BHD 198,400 450,249 0.33MYR

7,682,497 5.61


PHILIPPINES


AYALA LAND INC 5,644,800 12,556 0.01PHP

BANCO DE ORO-EPCI INC 561,200 736,517 0.54PHP

GMA NETWORK INC 1,360,000 284,367 0.21PHP

MEGAWORLD CORP 4,891,000 375,344 0.27PHP

3,984,020 2.91

ALLGREEN PROPERTIES LTD 852,000 1,086,260 0.79SGD

SINGAPORE

BANYAN TREE HOLDINGS LTD 247,000 354,692 0.26SGD

HI-P INTERNATIONAL LTD 758,000 363,677 0.27SGD

HOTEL PROPERTIES LTD 372,900 1,186,073 0.86SGDRAFFLES EDUCATION CORPLTD 500,000 768,327 0.56SGD

SIA ENGINEERING CO LTD 140,000 460,325 0.34SGDSINGAPORE TECHNOLOGIESENGINEERING LTD 154,000 403,019 0.29SGD

YANLORD LAND GROUP LTD 307,000 762,221 0.56SGD

5,384,594 3.93

AMOREPACIFICCORPORATION 1,480 308,160 0.23KRW

SOUTH KOREA


DAEGU BANK 67,430 1,245,547 0.91KRW

DAEHAN STEEL CO LTD 11,700 754,498 0.55KRW

DAEWOO MOTOR SALES 19,700 1,009,855 0.74KRW

DAISHIN SECURITIES CO LTD 14,400 474,537 0.35KRWDAISHIN SECURITIES CO LTD-PF 14,650 257,800 0.19KRW

DC CHEMICAL CO LTD 2,264 535,741 0.39KRW

DIGITECH SYSTEMS CO LTD 7,853 393,116 0.29KRW

DONGBU INSURANCE CO LTD 25,260 1,060,193 0.77KRWDONGYANG MECHATRONICSCORP 195,710 2,374,412 1.74KRW


HANWHA CHEM CORP 28,830 760,995 0.56KRW

HOTEL SHILLA CO LTD 37,890 1,124,384 0.82KRW

HUMAX CO LTD 28,000 563,114 0.41KRWHYUNDAI DEPARTMENTSTORE CO LTD 4,530 537,215 0.39KRW

HYUNDAI MIPO DOCKYARD 4,040 1,386,536 1.01KRW

JVM CO LTD 11,247 662,591 0.48KRWKOREA INVESTMENTHOLDINGS CO LTD 11,520 758,000 0.55KRW


ORION CORP 3,577 1,084,931 0.79KRW

PUSAN BANK 193,400 3,551,289 2.60KRWSAMSUNG ENGINEERING COLTD 17,240 2,317,728 1.70KRW

SAMSUNG TECHWIN CO LTD 11,410 869,238 0.63KRW

SIMM TECH CO LTD 32,188 362,369 0.26KRW

STX PAN OCEAN CO LTD 1,162,000 2,588,719 1.90SGD

TECHNOSEMICHEM CO LTD 72,353 1,834,698 1.34KRW


WOONGJIN COWAY CO LTD 45,360 1,470,002 1.07KRW

32,406,362 23.68

ASIA CEMENT CORP 317,260 552,827 0.40TWD

TAIWAN

AU OPTRONICS CORP 144,551 249,225 0.18TWDCHICONY ELECTRONICS COLTD 558,800 1,230,403 0.90TWDCHINA LIFE INSURANCE COLTD/TAIWAN 1,971,000 1,107,604 0.81TWD

CHROMA ATE INC 572,625 1,402,885 1.02TWD

CIPHERLAB CO LTD 207,000 719,496 0.53TWD

CORETRONIC CORP 522,240 802,853 0.59TWD

CYNTEC CO LTD 135,229 246,405 0.18TWDEVERFOCUS ELECTRONICSCORP 182,000 336,644 0.25TWDEVERGREEN MARINE CORPTAIWAN LTD 1,517,000 1,312,399 0.96TWDFAR EASTERN DEPARTMENTSTORES CO LTD 701,914 799,629 0.58TWD

FORMOSA INTL HOTELS CORP 27,547 216,805 0.16TWDHON HAI PRECISIONINDUSTRY CO LTD 150,832 1,136,293 0.83TWD

HUAKU CONSTRUCTION CORP 187,920 318,244 0.23TWD

KYE SYSTEMS CORP 599,023 1,207,067 0.88TWD

MOTECH INDUSTRIES INC 36,011 391,496 0.29USDPOWERTECH TECHNOLOGYINC 228,850 921,592 0.67TWDSHIHLIN ELECTRIC &ENGINEERING CORP 264,000 285,795 0.21TWDSILICONWARE PRECISIONINDUSTRIES CO 384,877 866,306 0.63TWD

SIMPLO TECHNOLOGY CO LTD 206,000 1,233,320 0.90TWD

SINCERE NAVIGATION 317,000 707,699 0.52TWD

TAINAN SPINNING CO LTD 1,190,000 663,255 0.48TWD

TAIWAN CEMENT CORP 953,853 1,559,856 1.14TWD

TAIWAN FERTILIZER CO LTD 516,000 1,245,196 0.91TWD

TAIWAN MASK CORP 789,000 443,379 0.32TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 481,587 937,980 0.69TWDTAIWAN SURFACE MOUNTINGTECHNOLOGY CO LTD 230,000 515,586 0.38TWD

TRIPOD TECHNOLOGY CORP 281,750 1,147,566 0.84TWDTUNG HO STEEL ENTERPRISECORP 521,000 869,553 0.64TWDVANGUARD INTERNATIONALSEMICONDUCTOR CORP 471,623 423,902 0.31TWD

WISTRON CORP 34,234 619,635 0.45USD

WISTRON CORP 337,048 608,984 0.44TWDYUANTA FINANCIAL HOLDINGCO LTD 1,611,000 986,705 0.72TWD

26,066,584 19.04

ASIAN PROPERTY DVPT P/FOR. REG. 2,785,500 540,685 0.39THB

THAILAND

SHIN SATELLITE PCL 778,700 229,568 0.17THBSINO THAI ENGINEERING &CONSTRUCTION PCL 1,376,800 257,199 0.19THB


THANACHART CAPITAL PCL 1,424,900 652,985 0.48THB

3,272,957 2.39

97.08TOTAL SHARES 132,900,243







BERMUDA ISLANDS

3,251,466 2.38


BANDAR RAYADEVELOPMENTS BHD26/09/2012 1.1 649,170 317,457 0.23MYR

OPTIONS / WARRANTS / EQUITY LINKED SECURITIES

MALAYSIA

317,457 0.23

0.23TOTAL OPTIONS / WARRANTS / EQUITY LINKEDSECURITIES 317,457



SWIRE PACIFIC LTD - A- 26,000 315,774 0.23HKD


SHARES

HONG KONG

315,774 0.23

0.23TOTAL SHARES 315,774

0.23TOTAL OTHER TRANSFERABLE SECURITIES 315,774

99.92TOTAL INVESTMENTS 136,784,940

0.08OTHER NET ASSETS LESS LIABILITIES 112,908

100.00TOTAL NET ASSETS 136,897,848




%



Electronics and electrical equipment 19.88Real estate companies 8.66Holding companies 7.54Banks and financial institutions 7.13Transport 6.68Insurance 5.33Construction, building materials 4.84Textile 4.20Chemicals 3.43Mechanics, machinery 3.30Gastronomy 3.00Energy 2.59Investment companies 2.38Graphic art and publishing 2.07Coal mines, heavy industries 1.81Office equipment and computers 1.80Retail trade, department stores 1.77Agriculture and fishing 1.56Forest products and paper industry 1.44Food 1.44Clock and watch-making industry 1.43Consumer goods 1.39Other services 1.28Internet Software 0.95News transmission 0.95Precious metals 0.78Pharmaceuticals and cosmetics 0.75Non-ferrous metals 0.71Other business houses 0.34Aerospace technology 0.29Public services 0.20



ASIA EX JAPAN EQUITY SMALLER COMPANIES






SHARES

BERMUDA ISLANDS

SCMP GROUP LTD 1,278,000 428,179 0.29HKD

2,886,944 1.96

HIDILI INDUSTRYINTERNATIONALDEVELOPMENT LTD 21,000 33,447 0.02HKD

CAYMAN ISLANDS

33,447 0.02

ANGANG STEEL CO LTD 416,000 1,613,546 1.09HKD

CHINA

CHINA CONSTRUCTION BANKCORP 3,009,000 2,749,096 1.87HKDCHINA LIFE INSURANCE COLTD 170,000 978,119 0.66HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 1,266,000 1,456,823 0.99HKD

JIANGSU EXPRESSWAY CO -H- 1,314,000 1,693,234 1.15HKD

PETROCHINA CO LTD 1,316,000 2,499,625 1.70HKD

10,990,443 7.46

ASM PACIFIC TECHNOLOGY 128,500 1,138,406 0.77HKD

HONG KONG

BANK OF EAST ASIA LTD 135,200 759,600 0.52HKD

CHEUNG KONG HOLDINGS 72,000 1,189,439 0.81HKDCHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 164,000 1,021,790 0.69HKD

CHINA MOBILE LTD 367,500 6,028,471 4.10HKDCHINA OVERSEAS LAND ANDINVESTMENT 496,833 1,135,757 0.77HKD

CHINA TRAVEL INTL INVESTM. 502,000 371,957 0.25HKD

CITIC PACIFIC LTD 203,000 1,297,476 0.88HKD

CLP HOLDINGS LTD 379,500 2,630,968 1.78HKD

CNOOC LTD 425,000 715,243 0.49HKD

HANG LUNG PROPERTIES LTD 476,000 2,134,557 1.45HKD

HANG SENG BANK LTD 109,500 1,948,630 1.32HKDHONG KONG EXCHANGESAND CLEARING LTD 57,000 1,745,190 1.18HKDHONGKONG ELECTRICHOLDINGS 432,500 2,251,588 1.53HKDHOPEWELL HIGHWAYINFRASTRUCTURE LTD 1,104,000 1,051,320 0.71HKD

HSBC HOLDINGS PLC 188,800 3,459,577 2.35HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 1,892,000 1,328,737 0.90HKD

INVESTMENTS

ASIA PACIFIC EX JAPAN EQUITY HIGHDIVIDENDStatement of investments as at 30 September 2007 (expressed in USD)


SHANGHAI INDUSTRIALHOLDINGS LTD 331,000 1,654,936 1.12HKDSINO-OCEAN LAND HOLDINGSLTD 128,500 182,145 0.12HKDTELEVISION BROADCASTSLTD 164,000 986,921 0.67HKD


34,075,284 23.12

BANK MANDIRI PERSERO TBKPT 2,890,000 1,113,263 0.76IDR

INDONESIA

BANK RAKYAT INDONESIA 1,438,000 1,052,869 0.71IDRTELEKOMUNIKASI INDONESIATBK PT 639,000 768,129 0.52IDR

2,934,261 1.99

BRITISH AMERICAN TOBACCOMALAYSIA BHD 141,100 1,725,017 1.16MYR

MALAYSIA

COMMERCE ASSET-HOLDINGBHD/FOR.REG. 208,600 659,702 0.45MYR

GAMUDA BHD/FOR.REG. 635,000 1,664,203 1.13MYR

RESORTS WORLD BHD 747,000 866,214 0.59MYR

4,915,136 3.33

ALLIANCE GLOBAL GROUP INC 1,741,000 201,379 0.14PHP

PHILIPPINES

GLOBE TELECOM INC 12,520 409,388 0.27PHP

610,767 0.41

ALLGREEN PROPERTIES LTD 837,000 1,067,136 0.72SGD

SINGAPORE

ASCENDAS INDIA TRUST 576,000 568,173 0.39SGD

CHUAN HUP HOLDINGS LTD 1,282,000 313,994 0.21SGD

COMFORTDELGRO CORP LTD 1,368,000 1,780,855 1.21SGD

MOBILEONE LTD 682,060 947,400 0.64SGD

PARKWAY HOLDINGS LTD 199,750 571,001 0.39SGD

SINGAPORE AIRLINES LTD 84,001 1,048,427 0.71SGDSINGAPORE AIRPORTTERMINAL SERVICES LTD 601,000 1,113,074 0.76SGD

SINGAPORE EXCHANGE LTD 220,000 1,919,140 1.30SGDSINGAPORE FOODINDUSTRIES LTD 1,415,000 769,099 0.52SGDSINGAPORE PETROLEUM COLTD 490,000 2,235,865 1.52SGD

SINGAPORE POST LTD 754,000 617,265 0.42SGDSINGAPORE PRESS HOLDINGSLTD 313,000 907,337 0.62SGD

SMRT CORP LTD 784,000 899,607 0.61SGD

UTD OVERSEAS BANK /LOCAL 165,000 2,446,904 1.66SGDYELLOW PAGES SINGAPORELTD 3,338,000 2,687,870 1.82SGD

19,893,147 13.50

DAEGU BANK 35,350 652,975 0.44KRW

SOUTH KOREA

DAEWOO ENGINEERING &CONSTRUCTION CO LTD 49,820 1,421,230 0.96KRW


KOOKMIN BANK 20,210 1,685,431 1.14KRW

KOREA EXCHANGE BANK 65,530 1,060,039 0.72KRW





KT& G CORP 38,410 3,001,722 2.04KRW

LG PETROCHEMICAL CO LTD 37,500 1,869,030 1.27KRW

POSCO 5,433 3,996,456 2.72KRWSAMSUNG ELECTRONICS COLTD 6,381 3,996,351 2.71KRW

SK TELECOM CO LTD 4,248 975,043 0.66KRW

S-OIL CORP 26,600 2,366,607 1.61KRW

23,580,510 16.00

ACER INC 7,530 13,259 0.01TWD

TAIWAN

ADVANCED SEMICONDUCTORENGINEERING INC 608,404 667,017 0.45TWD

ASUSTEK COMPUTER INC 267,000 811,937 0.55TWD

CHINA STEEL CORP 1,092,772 1,592,936 1.08TWD

CHUNGHWA TELECOM CO LTD 731,732 1,366,922 0.93TWD

CORETRONIC CORP 8,400 12,914 0.01TWD

DELTA ELECTRONICS INC 572,828 2,219,099 1.50TWDELAN MICROELECTRONICSCORP 449,899 1,014,039 0.69TWDFAR EASTERN TEXTILE COLTD 1,012,570 1,359,742 0.92TWDFAR EASTONETELECOMMUNICATIONS COLTD 741,000 937,195 0.64TWDFORMOSA CHEMICALS &FIBRE CORP 637,000 1,628,875 1.11TWDFUBON FINANCIAL HOLDINGCO LTD 923,000 787,207 0.53TWD

HIGH TECH COMPUTER CORP 29,500 432,281 0.29TWDHON HAI PRECISIONINDUSTRY CO LTD 91,000 685,549 0.47TWD

MEDIATEK INC 148,050 2,665,924 1.80TWDMEGA FINANCIAL HOLDING COLTD 1,376,000 868,056 0.59TWD

NAN YA PLASTICS CORP. 831,250 2,163,777 1.47TWD

PHOENIXTEC POWER CO LTD 1,292,000 1,250,292 0.85TWDSHIN KONG FINANCIALHOLDING CO LTD 16,440 15,255 0.01TWDSILICONWARE PRECISIONINDUSTRIES CO 462,358 1,040,705 0.71TWD

TAIWAN CEMENT CORP 917,120 1,499,786 1.02TWD

TAIWAN FERTILIZER CO LTD 635,000 1,532,364 1.04TWD

TAIWAN MOBILE CO LTD 1,324,000 1,800,250 1.22TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 1,114,531 2,170,757 1.47TWDUNITED MICROELECTRONICSCORP. 637,200 374,661 0.25TWD

WISTRON CORP 1,197,062 2,162,871 1.47TWD

31,073,670 21.08

BANGKOK EXPRESSWAY PCL 1,940,900 1,399,328 0.94THB

THAILAND

KIATNAKIN BANK PCL 701,400 629,550 0.43THB

KRUNG THAI BANK PCL 1,834,700 583,728 0.40THBPTT EXPLORATION &PRODUCTION PCL 290,300 1,152,405 0.78THB

THAI AIRWAYS INTL/FOR.REG. 317,500 386,918 0.26THBTHAI PLAST.&CHEMIC.PUB./FOR.REG. 2,400,900 1,338,526 0.91THB

5,490,455 3.72

92.59TOTAL SHARES 136,484,064




BERMUDA ISLANDS

4,966,145 3.37

PROSPERITY REIT 1,278,603 271,857 0.18HKD

HONG KONG

271,857 0.18

CPN RETAIL GROWTHPROPERTY FUND 2,905,500 856,567 0.58THB

THAILAND

856,567 0.58










%



Banks and financial institutions 16.86Electronics and electrical equipment 11.83News transmission 8.98Energy 6.10Transport 5.83Chemicals 5.80Coal mines, heavy industries 4.91Investment companies 4.52Public services 4.30Holding companies 4.21Real estate companies 3.87Tobacco and spirits 3.20Graphic art and publishing 2.73Textile 2.59Insurance 2.39Office equipment and computers 2.31Construction, building materials 2.15Mechanics, machinery 2.11Photography and optics 0.67Gastronomy 0.59Food 0.52Other services 0.25



ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND




ALL AMERICA LATINALOGISTICA SA 176,500 2,504,083 0.31BRL


SHARES

BRAZIL

ARACRUZ CELULOSE SA ADR 21,700 1,533,105 0.19USD

BANCO BRADESCO /SADR 439,200 12,930,048 1.58USDBRASIL TELECOMPARTICIPACOES SA 23,100 611,287 0.07BRLBRASIL TELECOMPARTICIPACOES SA ADR 20,600 1,557,360 0.19USD

BRASKEM SA ADR 33,100 631,217 0.08USDB2W COMPANHIA GLOBAL DOVAREJO 10,300 974,970 0.12USDCENTRAIS ELETRICASBRASILEIRAS SA ADR 106,800 1,564,620 0.19USDCENTRAIS ELETRICASBRASILEIRAS SA ADR 91,200 1,299,600 0.16USDCIA BRASILEIRA DEDISTRIBUICAO GRUPO PAO DEACUCAR ADR 17,600 543,136 0.07USDCIA DE BEBIDAS DASAMERICAS ADR 89,700 6,485,310 0.79USDCIA DE CONCESSOESRODOVIARIAS 53,700 1,064,692 0.13BRLCIA DE SANEAMENTO BASICODO ESTADO DE SAO PAULOADR 24,900 1,309,740 0.16USDCIA ENERGETICA DE MINASGERAIS ADR 127,100 2,782,219 0.34USDCIA ENERGETICA DE SAOPAULO 71,100 1,324,941 0.16BRLCIA SIDERURG. NAC/SADR(REP.1SH) 57,000 4,042,440 0.49USD

CIA VALE DO RIO DOCE ADR 624,400 21,217,112 2.59USD

CIA VALE RIO DOCE/SADR 878,600 25,110,387 3.07USD

COPEL /SADR 43,200 709,344 0.09USDCOSAN SA INDUSTRIA ECOMERCIO 33,000 439,762 0.05BRL

CPFL ENERGIA SA ADR 21,500 1,260,975 0.15USD

CYRELA BRAZIL REALTY SA 86,100 1,170,699 0.14BRLDIAGNOSTICOS DA AMERICASA 15,800 366,755 0.04BRL

DURATEX SA 31,200 899,155 0.11BRLEDP - ENERGIAS DO BRASILSA 33,000 549,702 0.07BRLELETROPAULOMETROPOLITANAELETRICIDADE DE SAO PAULOSA 11,530,000 743,267 0.09BRLEMPRESA BRASILEIRA DEAERONAUTICA SA ADR 52,000 2,286,440 0.28USD

GAFISA SA 38,700 649,682 0.08BRL

GERDAU SA 24,500 530,878 0.06BRL

GERDAU SA ADR 142,600 3,738,972 0.46USD

INVESTMENTS

BRIC MARKETSStatement of investments as at 30 September 2007 (expressed in USD)


GOL LINHAS AEREASINTELIGENTES SA ADR 22,900 562,424 0.07USD

ITAU HOLDING /PFD SHS/SADR 223,500 11,271,105 1.38USD

KLABIN SA ADR 18,600 714,240 0.09USD

LOJAS AMERICANAS SA 141,000 1,413,056 0.17BRL

LOJAS RENNER SA 53,400 1,073,207 0.13BRL

NATURA COSMETICOS SA 63,300 740,672 0.09BRLNET SERVICOS DECOMUNICACAO SA ADR 80,600 1,342,796 0.16USD

PERDIGAO SA 549 12,268 0.00BRL

PERDIGAO SA ADR 20,700 929,637 0.11USDPETROLEO BRASILEIRO SAADR 359,800 23,660,448 2.89USDPETROLEO BRASILEIRO SAADR 261,400 20,104,274 2.46USD

REDECARD SA 73,500 1,323,876 0.16BRL

SADIA SA ADR 15,900 902,325 0.11USD

SOUZA CRUZ SA 32,300 804,876 0.10BRL

TAM SA ADR 29,900 816,569 0.10USDTELE NORTE LESTEPARTICIPACOES SA 28,700 960,036 0.12BRLTELE NORTE LESTEPARTICIPACOES SA ADR 121,300 2,765,640 0.34USD

TIM PARTICIPACOES SA ADR 29,500 1,190,620 0.15USD

TRACTEBEL ENERGIA SA ADR 12,900 788,329 0.10USDUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 49,625 6,616,998 0.81USDUSINAS SIDERURGICAS DEMINAS GERAIS SA 3,400 240,173 0.03BRLUSINAS SIDERURGICAS DEMINAS GERAIS SA ADR 52,100 3,712,125 0.45USD

VIVO PARTICIPACOES SA 7,732 37,697 0.00BRL

VIVO PARTICIPACOES SA ADR 237,580 1,161,766 0.14USDVOTORANTIM CELULOSE EPAPEL SA ADR 42,800 1,197,116 0.15USD

185,174,171 22.62

COUNTRY GARDEN HOLDINGSCO LTD 1,188,000 2,023,808 0.25HKD

CAYMAN ISLANDS

HENGAN INTERNATIONALGROUP CO LTD 190,000 714,921 0.09HKD

LI NING CO LTD 242,000 837,300 0.10HKD

3,576,029 0.44

AGILE PROPERTY HOLDINGSLTD 478,000 1,005,240 0.12HKD

CHINA

AIR CHINA LTD 858,000 1,227,246 0.15HKDALUMINUM CORP OF CHINALTD 1,074,000 3,093,167 0.38HKD

ANGANG STEEL CO LTD 316,000 1,225,674 0.15HKDANHUI CONCH CEMENT COLTD 156,000 1,352,886 0.17HKD

BANK OF CHINA LTD 7,696,000 4,125,531 0.50HKDBANK OF COMMUNICATIONSCO LTD 1,967,000 2,377,545 0.29HKD

BEIJING CAP.INTL AIRPORT -H- 558,000 1,163,414 0.14HKDBRILLIANCE CHINAAUTOMOTIVE HOLDINGS LTD 816,000 225,022 0.03HKD

BYD CO LTD 69,500 519,886 0.06HKDCHAODA MODERNAGRICULTURE 678,000 552,164 0.07HKD

CHINA CITIC BANK 1,728,000 1,344,938 0.16HKD





CHINA COMMUNICATIONSCONSTRUCTION CO LTD 1,424,000 3,391,044 0.41HKDCHINA CONSTRUCTION BANKCORP 8,281,000 7,565,724 0.92HKDCHINA COSCO HOLDINGS COLTD 883,075 2,765,192 0.34HKD

CHINA EASTERN AIRLINES -H- 726,000 753,102 0.09HKD

CHINA INTL MARINE -B- 280,000 602,554 0.07HKDCHINA LIFE INSURANCE COLTD 2,370,000 13,636,136 1.66HKDCHINA MENGNIU DAIRY COLTD 344,000 1,500,509 0.18HKDCHINA PETROLEUM & CHEMCORP -H- 5,628,000 7,041,980 0.86HKD

CHINA RESOURCES LAND LTD 538,000 1,123,101 0.14HKDCHINA SHENHUA ENERGY COLTD 1,086,000 6,535,340 0.80HKDCHINA SHIPPING CONTAINERLINES CO LTD 1,639,900 1,274,255 0.16HKDCHINA SHIPPINGDEVELOPMENT CO LTD 414,000 1,344,381 0.16HKDCHINA SOUTHERN AIRLINES -H- 424,000 660,016 0.08HKD

CHINA TELECOM CORP LTD 4,712,000 3,558,151 0.43HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 970,000 1,116,207 0.14HKDDONGFENG MOTOR GROUPCO LTD 912,000 802,670 0.10HKDFU JI FOOD AND CATERINGSERVICES HOLDINGS LTD 78,000 240,223 0.03HKDGOME ELECTRICALAPPLIANCES HOLDINGS LTD 341,000 670,549 0.08HKDGUANGSHEN RAILWAY COLTD -H- 458,000 394,833 0.05HKDGUANGZHOU R&FPROPERTIES CO LTD 324,600 1,535,098 0.19HKDHUADIAN POWERINTERNATIONAL CO 490,000 314,447 0.04HKDHUANENG POWERINTERNATIONAL INC 976,000 1,350,752 0.17HKDHUNAN NON-FERROUS METALCORP LTD 522,000 539,469 0.07HKD

JIANGSU EXPRESSWAY CO -H- 390,600 503,331 0.06HKD

JIANGXI COPPER CO LTD -H- 481,500 1,560,471 0.19HKD

MAANSHAN IRON & STEEL 642,000 703,194 0.09HKDNINE DRAGONS PAPERHOLDINGS LTD 447,000 1,399,701 0.17HKD

PETROCHINA CO LTD 6,362,000 12,084,055 1.48HKDPICC PROPERTY & CASUALTYCO LTD 774,000 1,508,045 0.18HKDPING AN INSURANCE GROUPCO OF CHINA LTD 475,500 6,593,018 0.81HKDSHANGHAI ELECTRIC GROUPCO LTD 1,202,000 938,639 0.11HKDSHENZHEN EXPRESSWAY COLTD 256,000 266,217 0.03HKDSHIMAO PROPERTYHOLDINGS LTD 511,500 1,558,828 0.19HKD

SINOFERT HOLDINGS LTD 694,000 546,414 0.07HKDSINOPEC SHANGHAIPETROCHEMICAL CO LTD 744,000 610,708 0.07HKD

SINOTRANS LTD 520,000 318,957 0.04HKD

TPV TECHNOLOGY LTD 404,000 291,535 0.04HKD

TSINGTAO BREWERY CO LTD 132,000 481,373 0.06HKD

WEICHAI POWER CO LTD 40,000 318,544 0.04HKD

WEIQIAO TEXTILE CO 141,500 266,214 0.03HKDYANZHOU COAL MINING CO -H- 684,000 1,410,255 0.17HKDZHEJIANG EXPRESSWAY COLTD -H- 458,000 651,562 0.08HKD



ZTE CORP 54,800 289,172 0.04HKD

111,404,863 13.61

COMSTAR UNITEDTELESYSTEMS 121,300 1,589,030 0.19USD

FEDERATION OF RUSSIA

GAZPROM OAO/SADR 752,930 33,128,920 4.04USD

LUKOIL /SADR 270,300 22,488,960 2.75USD

MECHEL ADR 25,400 1,319,022 0.16USD

MMC NORILSK NICKEL ADR 59,280 16,183,440 1.98USDMOBILE TELESYSTEMS OJSCADR 155,700 11,182,374 1.37USD

NOVATEK OAO 59,380 3,117,450 0.38USD

NOVOLIPETSK STEEL 61,900 2,104,600 0.26USD

POLYUS GOLD CO ADR 60,500 2,646,875 0.32USD

RAO UNIFIED ENER.SYS./GDR 59,990 7,318,780 0.89USD

ROSTELECOM ADR 47,100 2,964,945 0.36USD

SBERBANK 4,946,500 20,181,720 2.47USD

SEVERSTAL 157,350 3,312,218 0.40USD

SIBIRTELECOM 3,910,040 416,419 0.05USD

SISTEMA JSFC 75,950 2,582,300 0.32USD

SURGUTNEFTEGAZ ADR 111,150 7,670,462 0.94USD


TATNEFT 49,800 5,565,150 0.68USD

TRANSNEFT 1,237 2,210,980 0.27USD

UNIFIED ENERGY SYSTEM 1,436,000 1,525,293 0.19USD

URALSVYAZINFORM 713,300 44,220 0.01USD

URALSVYAZINFORM ADR 39,500 489,800 0.06USDVIMPEL-COMMUNICATIONSADR 360,500 9,884,910 1.21USD

VOLGATELECOM 70,850 364,502 0.04USD

VTB BANK OJSC 660,500 6,043,575 0.74USDWIMM-BILL-DANN FOODSOJSC ADR 12,400 1,347,260 0.16USD

169,553,307 20.71

BEIJING ENTERPRISESHOLDINGS LTD 100,000 509,001 0.06HKD

HONG KONG

CHINA AGRI-INDUSTRIESHOLDINGS LTD 446,000 305,751 0.04HKD

CHINA EVERBRIGHT LTD 226,000 806,696 0.10HKDCHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 359,939 2,242,575 0.27HKD

CHINA MOBILE LTD 2,007,000 32,922,838 4.01HKDCHINA OVERSEAS LAND ANDINVESTMENT 1,325,041 3,029,036 0.37HKDCHINA RESOURCESENTERPRISE 408,000 1,734,985 0.21HKDCHINA RESOURCES POWERHOLDINGS CO 368,000 1,145,213 0.14HKD



CNOOC LTD 5,086,000 8,559,355 1.05HKD

COSCO PACIFIC LTD 356,000 1,128,513 0.14HKD

DENWAY MOTORS LTD 1,562,000 907,777 0.11HKDGLOBAL BIO-CHEMTECHNOLOGY GROUP CO LTD 444,000 171,643 0.02HKDGUANGDONG INVESTMENTLTD 778,000 534,353 0.07HKD





GUANGZHOU INVESTMENT COLTD 1,198,000 375,132 0.05HKDHOPSON DEVELOPMENTHOLDINGS LTD 184,000 614,100 0.08HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 9,745,000 6,843,840 0.84HKD

LENOVO GROUP LTD 1,228,000 943,118 0.12HKDSEMICONDUCTORMANUFACTURINGINTERNATIONAL CORP 5,015,000 594,539 0.07HKDSHANGHAI INDUSTRIALHOLDINGS LTD 170,000 849,967 0.10HKD

SHENZHEN INVESTMENT LTD 514,000 459,668 0.06HKD

XINAO GAS HOLDINGS LTD 214,000 437,359 0.05HKD

68,186,539 8.33

ABB LTD/INDIA 34,800 1,140,964 0.14INR

INDIA

ADITYA BIRLA NUVO LTD 23,200 872,250 0.11INR

AMBUJA CEMENTS LTD 458,200 1,672,430 0.20USD

ASHOK LEYLAND LTD 311,800 360,965 0.04INR

ASIAN PAINTS /DEMAT. 17,000 415,004 0.05INR

ASSOC.CEMENT /DEMAT. 31,000 941,284 0.11INR

AXIS BANK LTD 107,085 2,061,386 0.25USD

BAJAJ AUTO LTD 20,900 1,316,700 0.16USD

BHARAT ELECTRONICS LTD 8,800 403,518 0.05INR

BHARAT FORGE LTD 49,520 355,062 0.04INR

BHARAT PETROL./DEMAT. 61,300 543,121 0.07INR

CIPLA LTD/INDIA 217,200 979,009 0.12INR

DISH TV INDIA LTD 83,030 155,467 0.02INRDR REDDYS LABORATORIESLTD ADR 78,200 1,280,916 0.16USD

GAIL INDIA LTD 28,600 1,630,486 0.20USDGLAXOSMITHKLINEPHARMACEUTICALS LTD 12,000 338,214 0.04INR

GRASIM INDUSTRIES LTD 24,400 2,171,600 0.27USD

HDFC BANK LTD ADR 49,900 5,271,935 0.64USD

HINDUSTAN PETR./DEMAT. 43,600 291,218 0.04INR

ICICI BANK LTD ADR 251,360 13,193,886 1.61USDINDIABULLS FINANCIALSERVICES /DEMAT. 74,500 1,119,528 0.14INR

INDIABULLS REAL ESTATE LTD 110,000 1,838,751 0.22INR

INDIAN HOTELS CO LTD 128,300 447,852 0.05INRINDIANPETROCHEM./DEMATERIALISED 52,000 592,245 0.07INRINFOSYS TECHNOLOGIES LTDADR 287,700 13,976,466 1.72USDINFRASTRUCTUREDEVELOPMENT FINANCE COLTD 426,400 1,500,760 0.18INR

ITC LTD 670,400 3,197,808 0.39USD

JAIPRAKASH ASSOCIATES LTD 66,300 1,788,209 0.22INR

JINDAL STEEL & POWER LTD 8,800 1,150,535 0.14INRKOTAK MAHINDRA BANKLTD/DEMAT. 76,600 1,763,930 0.22INR

LARSEN & TOUBRO /GDR 71,500 5,077,215 0.62USDMAHANAGAR TELEPHONENIGAM ADR 65,400 550,014 0.07USDMAHINDRA&MAHINDRA/DEMAT. 95,500 1,785,762 0.22INR

MARUTI UDYOG LTD /DEMAT. 38,200 959,457 0.12INR

NESTLE INDIA /DEMAT. 13,700 439,605 0.05INR


RANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R 99,000 1,075,714 0.13USD

RELIANCE CAPITAL LTD 73,800 2,917,857 0.36INRRELIANCE COMMUNICATIONSLTD 406,100 6,020,279 0.74INR

SATYAM COMPUTER /ADR 135,100 3,536,918 0.43USD

SIEMENS INDIA LTD 22,500 772,941 0.09INRSTATE BK OF INDIA /GDR(REGS) 15,600 1,716,000 0.21USDSUN PHARMACEUTICALIND.LTD /DEMAT. 32,100 774,658 0.09INR

TATA IRON & STEEL/DEMAT. 93,667 2,022,578 0.25INR

TATA MOTORS LTD ADR 128,450 2,407,153 0.29USD

TATA POWER CO /DEMAT. 38,500 832,068 0.10INR

TATA TEA LTD / DEMAT. 15,400 310,135 0.04INRULTRA TECH CEMENT LTD/DEMAT. 24,400 641,401 0.08INR

UNITECH LTD 217,600 1,670,283 0.20INRVIDEOCON INDUSTRIES LTD/DEMAT. 33,300 310,125 0.04INRVIDESH SANCHAR NIGAM LTDADR 20,300 460,810 0.06USD

WIPRO LTD ADR 150,200 2,215,450 0.27USD

ZEE TELEFILMS LTD /DEMAT. 118,400 1,007,610 0.12INR

100,275,532 12.25

77.96TOTAL SHARES 638,170,441

LYXOR ETF RUSSIA 388,400 23,258,089 2.84EUR

INDEX TRACKER

FRANCE

23,258,089 2.84

ISHARES ASIA TRUST - MSCICHINA TRACKER 2,516,300 28,988,213 3.54HKD

HONG KONG

28,988,213 3.54

ISHARES MSCI BRAZIL INDEXFUND 294,900 21,993,642 2.69USD

UNITED STATES

21,993,642 2.69

9.07TOTAL INDEX TRACKER 74,239,944

MSDW 05-22.08.08 /ONBHARAT HEAVY 0.0001 39,100 3,994,096 0.49USD


CAYMAN ISLANDS

TATA CONSULTANCYSERVICES LTD 27/08/20100.0001 68,000 1,816,702 0.22USD

5,810,798 0.71

HINDUSTAN UNILEVER LTD30/01/2017 0.000001 586,700 3,254,830 0.40USD

GREAT BRITAIN

IPATH MSCI INDIA INDEX ETN 109,000 7,975,530 0.97USD

11,230,360 1.37





MERR.LYN.INTL 06-02.05.11/WRT HERO 0 54,700 1,024,635 0.13USD

NETHERLANDS ANTILLES

1,024,635 0.13

MERRILL LYNCH INTL & CO 04-23.03.09 /ON OIL & NATURALGAS CORP. 0.000001 173,750 4,183,639 0.51USD

UNITED STATES

4,183,639 0.51

2.72TOTAL OPTIONS / WARRANTS / EQUITY LINKEDSECURITIES 22,249,432

ISHARES MSCI INDIA 2,015,700 16,024,815 1.96USD


HONG KONG

16,024,815 1.96




GLENMARK PHARMAC./DEMAT 56,400 602,614 0.07INR


SHARES

INDIA

HINDALCO IND./GDR 144A REG 318,800 1,323,020 0.16USD

RELIANCE IND./GDR144A 207,700 23,833,575 2.91USD

25,759,209 3.14


MS ASIA -19.12.08WRT/HOUS.144A 0 124,900 7,915,300 0.97USD


CAYMAN ISLANDS

7,915,300 0.97









%



Energy 17.81Investment companies 12.22Banks and financial institutions 11.78News transmission 10.13Coal mines, heavy industries 9.84Holding companies 5.27Chemicals 3.20Non-ferrous metals 3.12Public services 3.09Insurance 2.65Transport 2.55Internet Software 2.42Construction, building materials 1.51Real estate companies 1.50Tobacco and spirits 1.34Automobile industry 0.97Miscellaneous 0.93Pharmaceuticals and cosmetics 0.79Forest products and paper industry 0.60Food 0.59Retail trade, department stores 0.59Electronics and electrical equipment 0.56Other services 0.51Mechanics, machinery 0.44Precious metals 0.32Aerospace technology 0.28Agriculture and fishing 0.22Office equipment and computers 0.20Textile 0.19Photography and optics 0.12Gastronomy 0.08



BRIC MARKETS






SHARES

BRAZIL

ARACRUZ CELULOSE SA 179,700 1,277,175 0.23BRL

BANCO BRADESCO SA /PREF. 339,500 9,967,988 1.83BRLBANCO ITAU HOLDINGFINANCEIRA SA 174,500 8,791,173 1.61BRLBRASIL TELECOMPARTICIPACOES SA 84,016 1,275,715 0.23BRLB2W COMPANHIA GLOBAL DOVAREJO 23,400 1,102,691 0.20BRLCENTRAIS ELETRICASBRASILEIRAS SA 121,961 1,795,060 0.33BRLCENTRAIS ELETRICASBRASILEIRAS SA 112,982 1,603,537 0.29BRLCIA DE BEBIDAS DASAMERICAS 79,165 5,725,098 1.05BRLCIA DE CONCESSOESRODOVIARIAS 50,800 1,007,194 0.18BRLCIA DE SANEAMENTO BASICODO ESTADO DE SAO PAULO 63,618 1,674,884 0.31BRLCIA ENERGETICA DE MINASGERAIS 126,639 2,744,075 0.50BRLCIA ENERGETICA DE SAOPAULO 86,159 1,605,564 0.29BRLCIA SIDERURGICA NACIONALSA 45,300 3,226,706 0.59BRL

CIA VALE DO RIO DOCE 482,500 16,503,283 3.03BRLCIA VALE DO RIO DOCEA/PREF 685,100 19,669,726 3.61BRLCOSAN SA INDUSTRIA ECOMERCIO 3,800 50,639 0.01BRL

CYRELA BRAZIL REALTY SA 86,000 1,169,340 0.21BRLCYRELA COMMERCIALPROPERTIES SAEMPREENDIMENTOS EPARTICIPACOES 86,000 107,151 0.02BRLEMPRESA BRASILEIRA DEAERONAUTICA SA 170,700 1,866,974 0.34BRL

GERDAU SA 113,200 2,964,909 0.54BRLGOL LINHAS AEREASINTELIGENTES SA 21,500 526,436 0.10BRL

KLABIN SA 188,000 724,096 0.13BRL


LOJAS RENNER SA 57,000 1,145,558 0.21BRL

NATURA COSMETICOS SA 105,000 1,228,603 0.23BRLNET SERVICOS DECOMUNICACAO SA 72,300 1,194,556 0.22BRL

PETROLEO BRASILEIRO SA 557,300 18,219,429 3.34BRL

PETROLEO BRASILEIRO SA 404,500 15,509,491 2.84BRL

REDECARD SA 58,200 1,048,294 0.19BRL

SADIA SA 150,000 847,508 0.16BRL

INVESTMENTS

BRIC MARKETS EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


TAM SA 25,500 692,064 0.13BRLTELE NORTE LESTEPARTICIPACOES SA 97,000 2,183,289 0.40BRLTELE NORTE LESTEPARTICIPACOES SA 26,000 869,719 0.16BRL

TIM PARTICIPACOES SA 242,058 975,575 0.18BRLUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 386,100 5,164,037 0.95BRLUSINAS SIDERURGICAS DEMINAS GERAIS SA 41,900 2,959,784 0.54BRL

VIVO PARTICIPACOES SA 199,300 971,669 0.18BRLVOTORANTIM CELULOSE EPAPEL SA 37,600 1,046,934 0.19BRL

142,890,190 26.19

COUNTRY GARDEN HOLDINGSCO LTD 929,000 1,582,591 0.29HKD

CAYMAN ISLANDS

LI NING CO LTD 186,000 643,545 0.12HKD

2,226,136 0.41

AGILE PROPERTY HOLDINGSLTD 426,000 895,883 0.16HKD

CHINA

AIR CHINA LTD 936,000 1,338,814 0.25HKDALUMINUM CORP OF CHINALTD 896,000 2,580,519 0.47HKD

ANGANG STEEL CO LTD 274,000 1,062,768 0.19HKDANHUI CONCH CEMENT COLTD 132,000 1,144,750 0.21HKD

BANK OF CHINA LTD 6,296,000 3,375,045 0.62HKDBANK OF COMMUNICATIONSCO LTD 1,318,000 1,593,088 0.29HKD

BEIJING CAP.INTL AIRPORT -H- 628,000 1,309,362 0.24HKDCHAODA MODERNAGRICULTURE 668,000 544,020 0.10HKDCHINA COMMUNICATIONSCONSTRUCTION CO LTD 1,284,000 3,057,655 0.56HKDCHINA CONSTRUCTION BANKCORP 6,735,000 6,153,261 1.13HKDCHINA COSCO HOLDINGS COLTD 787,750 2,466,699 0.45HKDCHINA LIFE INSURANCE COLTD 1,916,000 11,023,981 2.03HKDCHINA MENGNIU DAIRY COLTD 445,000 1,941,065 0.36HKDCHINA PETROLEUM & CHEMCORP -H- 4,510,000 5,643,094 1.03HKD

CHINA RESOURCES LAND LTD 496,000 1,035,424 0.19HKDCHINA SHENHUA ENERGY COLTD 867,500 5,220,449 0.96HKDCHINA SHIPPINGDEVELOPMENT CO LTD 814,000 2,643,300 0.48HKD

CHINA TELECOM CORP LTD 3,730,000 2,816,618 0.52HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 1,036,000 1,192,155 0.22HKDDONGFENG MOTOR GROUPCO LTD 754,000 663,611 0.12HKDGOME ELECTRICALAPPLIANCES HOLDINGS LTD 298,000 585,993 0.11HKDGUANGZHOU R&FPROPERTIES CO LTD 290,800 1,375,251 0.25HKDHUANENG POWERINTERNATIONAL INC 1,024,000 1,417,182 0.26HKD

JIANGXI COPPER CO LTD -H- 423,000 1,370,881 0.25HKD

MAANSHAN IRON & STEEL 476,000 521,372 0.10HKDNINE DRAGONS PAPERHOLDINGS LTD 382,000 1,196,165 0.22HKD





PETROCHINA CO LTD 4,312,000 8,190,261 1.50HKDPICC PROPERTY & CASUALTYCO LTD 704,000 1,371,658 0.25HKDPING AN INSURANCE GROUPCO OF CHINA LTD 320,500 4,443,875 0.81HKDSHANGHAI ELECTRIC GROUPCO LTD 1,294,000 1,010,482 0.19HKDSHIMAO PROPERTYHOLDINGS LTD 427,500 1,302,833 0.24HKDSINOPEC SHANGHAIPETROCHEMICAL CO LTD 634,000 520,415 0.10HKDYANZHOU COAL MINING CO -H- 526,000 1,084,494 0.20HKDZHEJIANG EXPRESSWAY COLTD -H- 666,000 947,469 0.17HKD


84,861,162 15.56



LUKOIL /SADR 70,800 5,890,560 1.08USD

MMC NORILSK NICKEL ADR 14,700 4,013,100 0.74USDMOBILE TELESYSTEMS OJSCADR 39,400 2,829,708 0.52USD

NOVATEK OAO 18,100 950,250 0.17USD

NOVOLIPETSK STEEL 38,200 1,298,800 0.24USD

SISTEMA JSFC 28,900 982,600 0.18USD

SURGUTNEFTEGAZ ADR 26,300 1,814,963 0.33USDVIMPEL-COMMUNICATIONSADR 99,000 2,714,580 0.50USD

35,080,561 6.43

CHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 346,000 2,155,729 0.40HKD

HONG KONG

CHINA MOBILE LTD 1,612,000 26,443,257 4.84HKDCHINA OVERSEAS LAND ANDINVESTMENT 988,000 2,258,562 0.41HKDCHINA RESOURCESENTERPRISE 340,000 1,445,820 0.27HKDCHINA RESOURCES POWERHOLDINGS CO 394,000 1,226,125 0.22HKD



CNOOC LTD 4,075,000 6,857,918 1.26HKD

COSCO PACIFIC LTD 418,000 1,325,052 0.24HKD

DENWAY MOTORS LTD 1,480,000 860,121 0.16HKDGUANGDONG INVESTMENTLTD 1,012,000 695,071 0.13HKDGUANGZHOU INVESTMENT COLTD 1,240,000 388,284 0.07HKDHOPSON DEVELOPMENTHOLDINGS LTD 160,000 534,000 0.10HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 6,500,000 4,564,901 0.84HKD

LENOVO GROUP LTD 1,336,000 1,026,063 0.19HKDSEMICONDUCTORMANUFACTURINGINTERNATIONAL CORP 6,596,000 781,970 0.14HKDSHANGHAI INDUSTRIALHOLDINGS LTD 220,000 1,099,958 0.20HKD

54,526,522 10.00

AMBUJA CEMENTS LTD 408,100 1,507,732 0.28INR

INDIA


AXIS BANK LTD 57,500 1,103,995 0.20INR

BAJAJ AUTO LTD /DEMAT. 16,000 1,010,666 0.19INR

BHARAT HEAVY EL./DEMAT. 79,500 4,087,186 0.75INR

CIPLA LTD/INDIA 227,700 1,026,337 0.19INRDR REDDY S LABORATORIES/DEMAT. 66,500 1,087,174 0.20INRDR REDDYS LABORATORIESLTD ADR 28,300 463,554 0.08USD

GRASIM INDUST./DEMAT. 15,800 1,402,471 0.26INR

H D F C BANK /DEMAT. 90,300 3,249,903 0.60INR

HERO HONDA MOTORS LTD 45,200 839,283 0.15INR

HINDALCO INDUSTRIES LTD 351,600 1,529,943 0.28INRHINDUSTAN LEVER LTD/DEMAT. 392,000 2,163,003 0.40INR

HOUSING DEVT /DEMAT. 79,320 5,006,187 0.92INR

ICICI BANK LTD ADR 153,300 8,046,717 1.48USDINDIABULLS FINANCIALSERVICES /DEMAT. 78,200 1,175,128 0.22INR

INDIABULLS REAL ESTATE LTD 19,200 320,946 0.06INR

INDIAN HOTELS CO LTD 167,700 585,384 0.11INR

INFOSYS TECH LTD /DEMAT. 177,700 8,488,190 1.56INRINFOSYS TECHNOLOGIES LTDADR 10,800 524,664 0.10USD

ITC LTD /DEMAT. 483,500 2,315,009 0.42INR

JAIPRAKASH ASSOCIATES LTD 52,600 1,418,700 0.26INRKOTAK MAHINDRA BANKLTD/DEMAT. 61,400 1,413,907 0.26INR

LARSEN & TOUBRO LTD 46,900 3,321,455 0.61INRMAHINDRA&MAHINDRA/DEMAT. 69,100 1,292,107 0.24INR

MARUTI UDYOG LTD /DEMAT. 35,600 894,153 0.16INR

OIL&NATURAL GAS/DEMAT. 111,800 2,744,595 0.50INR

RELIANCE CAPITAL LTD 52,800 2,087,572 0.38INRRELIANCE COMMUNICATIONSLTD 277,400 4,112,350 0.75INR

RELIANCE ENERGY LTD 58,200 1,729,101 0.32INR

RELIANCE INDUS./DEMAT. 248,500 14,249,737 2.60INR

SATYAM COMPUTER /ADR 14,600 382,228 0.07USDSATYAM COMPUTERSERVICES /DEMAT. 182,900 2,043,061 0.37INR

SIEMENS INDIA LTD 26,300 903,483 0.17INRSUN PHARMA ADVANCEDRESEARCH CO LTD 33,900 64,371 0.01INRSUN PHARMACEUTICALIND.LTD /DEMAT. 37,000 892,908 0.16INRTATA CONSULTANCYSERVICES LTD 49,500 1,319,890 0.24INR

TATA IRON & STEEL/DEMAT. 72,400 1,563,354 0.29INR

TATA MOTORS LTD/DEMAT. 94,300 1,799,159 0.33INR

TATA POWER CO /DEMAT. 50,500 1,091,414 0.20INR

UNITECH LTD 255,400 1,960,434 0.36INR

WIPRO LTD /DEMAT. 113,500 1,316,826 0.24INR

92,534,277 16.97

75.56TOTAL SHARES 412,118,848


INDEX TRACKER

UNITED STATES





ISHARES MSCI EMERGINGMARKETS INDEX FUND 41,140 6,179,228 1.13USD

24,309,626 4.46


CHINA OVERSEAS LAND &INVESTMENT LTD 27/08/200812.5 67,666 55,718 0.01HKD


HONG KONG

55,718 0.01










%



Energy 14.55Coal mines, heavy industries 10.62News transmission 8.68Banks and financial institutions 8.29Holding companies 5.44Investment companies 4.46Insurance 3.09Chemicals 2.70Transport 2.60Internet Software 2.58Public services 2.44Non-ferrous metals 2.24Real estate companies 1.64Construction, building materials 1.60Tobacco and spirits 1.47Pharmaceuticals and cosmetics 1.26Automobile industry 1.23Retail trade, department stores 0.79Forest products and paper industry 0.77Miscellaneous 0.56Food 0.53Electronics and electrical equipment 0.50Mechanics, machinery 0.48Textile 0.48Aerospace technology 0.34Office equipment and computers 0.30Other services 0.18Gastronomy 0.11Agriculture and fishing 0.10



BRIC MARKETS EQUITY




CENTRAL EUROPEAN MEDIAENTERPRISES LTD 2,100 136,141 0.56USD


SHARES

BERMUDA ISLANDS

136,141 0.56

CEZ 14,900 641,379 2.64CZK

CZECH REPUBLIC

KOMERCNI BANKA AS 1,300 212,136 0.88CZK

853,515 3.52

COMSTAR UNITEDTELESYSTEMS 13,400 123,912 0.51USD



LUKOIL /SADR 36,500 2,143,649 8.85USD

MMC NORILSK NICKEL ADR 8,600 1,657,290 6.84USDMOBILE TELESYSTEMS OJSCADR 17,000 861,850 3.56USD

NOVATEK OAO 6,320 234,215 0.97USD

NOVOLIPETSK STEEL 6,200 148,802 0.61USD

PHARMSTANDARD 2,400 103,088 0.43USD

POLYUS GOLD CO 3,600 110,542 0.46USD

RAO UNIFIED ENER.SYS./GDR 5,800 499,488 2.06USD

ROSTELECOM ADR 4,700 208,848 0.86USD

SBERBANK 785,000 2,260,828 9.34USD

SEVERSTAL 33,663 500,198 2.07USD

SISTEMA JSFC 7,500 180,002 0.74USD

SURGUTNEFTEGAZ ADR 12,000 584,562 2.41USD

TATNEFT 5,413 426,995 1.76USD

TRANSNEFT 130 164,020 0.68USDVIMPEL-COMMUNICATIONSADR 40,000 774,221 3.20USD

VTB BANK OJSC 74,000 477,959 1.97USDWIMM-BILL-DANN FOODSOJSC ADR 1,400 107,373 0.44USD

13,729,562 56.69

MAGYAR TELEKOMTELECOMMUNICATIONS PLC 38,000 148,575 0.61HUF

HUNGARY

MOL HUNGARIAN OIL AND GASNYRT 5,000 563,215 2.33HUF

OTP BANK NYRT 22,300 854,085 3.53HUF

RICHTER GEDEON NYRT 450 67,610 0.28HUF

1,633,485 6.75

INVESTMENTS

EMERGING EUROPE EQUITYStatement of investments as at 30 September 2007 (expressed in EUR)


ZENTIVA NV 1,600 68,466 0.28CZK

NETHERLANDS

68,466 0.28

BANK BPH SA 750 182,609 0.75PLN

POLAND

BANK PEKAO SA 6,400 428,248 1.77PLN

BANK ZACHODNI WBK SA 5,300 361,379 1.49PLN

BRE BANK SA 650 90,447 0.37PLN

GLOBE TRADE CENTRE SA 8,500 109,027 0.45PLN

KGHM POLSKA MIEDZ SA 10,500 350,324 1.45PLN

POLIMEX MOSTOSTAL SA 4,100 11,074 0.05PLNPOLSKI KONCERN NAFTOWYORLEN 25,000 377,002 1.56PLNPOLSKIE GORNICTWONAFTOWE I GAZOWNICTWOSA 76,500 103,107 0.43PLNPOWSZECHNA KASAOSZCZEDNOSCI BANK POLSKISA 44,000 644,882 2.65PLNTELEKOMUNIKACJA POLSKASA 42,000 234,217 0.97PLN

2,892,316 11.94

AKBANK TAS 79,000 428,787 1.77TRY

TURKEY

ANADOLU EFES BIRACILIK VEMALT SANAYII AS 18,736 138,871 0.57TRY

DOGAN YAYIN HOLDING 192,000 571,483 2.36TRYEREGLI DEMIR VE CELIKFABRIKALARI TAS 36,000 247,923 1.02TRYHACI OMER SABANCIHOLDING AS 33,400 153,020 0.63TRYKARSAN OTOMOTIV SANAYIVE TICARET AS 60,000 137,268 0.57TRY

KOC HOLDING AS 22,000 82,816 0.34TRYTUPRAS TURKIYE PETROLRAFINE 8,000 151,742 0.63TRYTURKCELL ILETISIM HIZMETAS 41,000 248,856 1.03TRYTURKIYE GARANTI BANKASIAS 140,000 755,790 3.13TRY

TURKIYE IS BANKASI 81,000 347,459 1.43TRY

YAPI VE KREDI BANKASI AS 55,000 125,829 0.52TRY

3,389,844 14.00

CHAGALA GROUP LTD 29,005 158,676 0.66USD

VIRGIN ISLANDS

158,676 0.66

94.40TOTAL SHARES 22,862,005

UBS AG/LONDON 29/06/2009FRN EMTN 30 232,944 0.96USD


GREAT BRITAIN

232,944 0.96







GAZ AUTO PLANT 2,700 272,544 1.13USD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES


272,544 1.13


1.13TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 272,544








%



Banks and financial institutions 27.43Energy 26.90News transmission 11.01Non-ferrous metals 8.29Public services 4.70Coal mines, heavy industries 3.70States, provinces and municipalities 3.13Graphic art and publishing 2.36Miscellaneous 2.14Holding companies 1.94Automobile industry 1.70Pharmaceuticals and cosmetics 0.99Transport 0.68Tobacco and spirits 0.57Precious metals 0.46Food 0.44Construction, building materials 0.05



EMERGING EUROPE EQUITY




OMV AG 175,000 8,219,750 1.14EUR


SHARES

AUSTRIA

WIENER STAEDTISCHEVERSICHERUNG AG 115,000 5,598,200 0.78EUR

ZUMTOBEL AG 215,000 5,753,400 0.80EUR

19,571,350 2.72

DELHAIZE GROUP 125,000 8,540,000 1.19EUR

BELGIUM

UMICORE 55,000 9,327,450 1.29EUR

17,867,450 2.48

NOKIA OYJ 500,000 13,390,000 1.86EUR

FINLAND

STOCKMANN OYJ ABP 120,000 4,022,400 0.56EUR

17,412,400 2.42

AXA SA 370,000 11,551,400 1.60EUR

FRANCE

BNP PARIBAS 225,000 17,214,750 2.39EUR

BOUYGUES 245,000 14,795,550 2.06EUR

BULL SA 1,091,000 5,455,000 0.76EURCIE GENERALE DEGEOPHYSIQUE-VERITAS 70,000 15,719,900 2.18EUR

NEUF CEGETEL 350,000 10,731,000 1.49EUR

NRJ GROUP 400,000 3,688,000 0.51EUR

PARROT SA 230,440 7,869,526 1.09EUR

PEUGEOT SA 260,000 15,215,200 2.11EUR

SAFRAN SA 330,000 5,603,400 0.78EUR

SANOFI-AVENTIS 365,000 21,805,100 3.04EUR

SUEZ SA 445,000 18,289,500 2.54EUR

VIVENDI 420,000 12,377,400 1.72EUR

160,315,726 22.27

ALLIANZ AG /NAM. 105,000 17,100,300 2.38EUR

GERMANY

BAYER AG 230,000 12,923,700 1.80EUR

COMMERZBANK AG 345,000 9,822,150 1.36EUR

DEUTSCHE BOERSE AG /NAM 40,000 3,836,000 0.53EUR

DEUTSCHE POST AG 570,000 11,502,600 1.60EURFRESENIUS MEDICAL CAREAG & CO KGAA 600,000 22,590,000 3.14EUR

HENKEL PREF 500,000 18,060,000 2.51EUR

INVESTMENTS

EUROLAND EQUITYStatement of investments as at 30 September 2007 (expressed in EUR)


MUENCHENERRUECKVERSICHER /NAM. 110,000 14,620,100 2.03EUR

SIEMENS AG 285,000 27,471,150 3.81EUR

VERSATEL AG 420,000 4,586,400 0.64EUR

142,512,400 19.80

HELLENICTELECOMMUNICATIONSORGANIZATION SA 680,000 17,299,200 2.40EUR

GREECE

17,299,200 2.40

SMURFIT KAPPA GROUP PLC 520,000 8,304,400 1.15EUR

IRELAND

8,304,400 1.15

ASSICURAZIONI GENERALISPA 416,000 12,829,440 1.78EUR

ITALY

AUTOGRILL SPA 800,000 10,664,000 1.48EUR

CAPITALIA SPA 1,800,000 12,231,000 1.70EUR

ERG SPA 270,000 4,209,300 0.58EUR

UNICREDITO ITALIANO SPA 2,000,000 12,140,000 1.69EUR

52,073,740 7.23

ARCELORMITTAL 225,000 12,363,750 1.72EUR

LUXEMBOURG

12,363,750 1.72

ABN AMRO HOLDING 200,000 7,400,000 1.03EUR

NETHERLANDS

HEINEKEN NV 315,000 14,238,000 1.98EUR

ING GROEP NV/ CERT. OF SHS 380,000 11,742,000 1.63EUR

KONINKLIJKE DSM NV 220,000 8,417,200 1.17EUR

KONINKLIJKE KPN NV 1,700,000 20,689,000 2.87EUR

QIAGEN NV 630,000 8,555,400 1.19EUR

REED ELSEVIER NV 1,200,000 15,900,000 2.21EUR

ROYAL NUMICO NV 340,000 18,492,600 2.57EUR

VEDIOR NV 345,000 5,271,600 0.73EUR

110,705,800 15.38

BCO SANTANDER CENTR.HISP /REG. 1,630,000 22,363,600 3.11EUR

SPAIN

CINTRA CONCESIONES DEINFRAESTRUCTURAS DETRANSPORTE SA 840,000 9,013,200 1.25EUR

GRIFOLS SA 702,615 11,340,206 1.58EUR

REPSOL YPF SA 735,000 18,426,450 2.56EUR

SACYR VALLEHERMOSO SA 265,000 6,466,000 0.90EUR

TELEFONICA SA 1,400,000 27,510,000 3.81EUR

95,119,456 13.21

LONZA GROUP AG 135,000 10,318,226 1.43CHF

SWITZERLAND





SYNGENTA AG 90,000 13,605,857 1.89CHF

23,924,083 3.32

94.10TOTAL SHARES 677,469,755









%



News transmission 15.57Banks and financial institutions 12.91Insurance 8.57Energy 6.46Chemicals 6.29Pharmaceuticals and cosmetics 6.18Electronics and electrical equipment 5.12Holding companies 4.39Construction, building materials 2.96Transport 2.85Public services 2.54Consumer goods 2.51Miscellaneous 2.34Other services 2.31Graphic art and publishing 2.21Automobile industry 2.11Tobacco and spirits 1.98Retail trade, department stores 1.75Coal mines, heavy industries 1.72Gastronomy 1.48Non-ferrous metals 1.09Office equipment and computers 0.76



EUROLAND EQUITY




AUSTRIAN AIRLINES AG 160,000 1,166,400 1.16EUR


SHARES

AUSTRIA

FLUGHAFEN WIEN AG 20,000 1,461,000 1.45EURSCHOELLER-BLECKMANNOILFIELD EQUIPMENT AG 25,000 1,507,000 1.48EUR

4,134,400 4.09

ION BEAM APPLICATIONS 60,000 1,216,200 1.20EUR

BELGIUM

TELENET GROUP HOLDING NV 63,000 1,527,750 1.51EUR

UMICORE 10,000 1,695,900 1.69EUR

4,439,850 4.40

KONECRANES OYJ 66,000 1,867,800 1.85EUR

FINLAND

OUTOTEC OYJ 54,000 2,671,920 2.64EUR

RAMIRENT OYJ 120,000 1,810,800 1.79EUR

WARTSILA OYJ 32,000 1,529,920 1.52EUR

7,880,440 7.80

BENETEAU SA 90,000 1,788,300 1.77EUR

FRANCE

CARBONE LORRAINE 32,000 1,732,480 1.72EUR

GEODIS 11,500 1,672,675 1.66EUR

GROUPE STERIA SCA 31,400 1,133,540 1.12EUR

HAULOTTE GROUP 65,000 1,760,850 1.74EUR

ILIAD SA 11,000 703,560 0.70EUR

MAISONS FRANCE CONFORT 25,745 1,505,825 1.49EUR

NEOPOST SA 15,000 1,496,250 1.48EUR

NEXANS SA 15,619 1,824,924 1.81EUR

NEXTRADIOTV 40,000 1,110,000 1.10EUR

NORBERT DENTRESSANGLE 20,000 1,500,000 1.49EUR

ORPEA 44,000 1,866,480 1.84EUR

TELEPERFORMANCE 50,000 1,381,000 1.37EUR

19,475,884 19.29

ARQUES INDUSTRIES AG 42,000 1,438,500 1.42EUR

GERMANY

AWD HOLDING AG 56,045 1,313,134 1.30EUR

BILFINGER BERGER AG 20,000 1,108,600 1.10EUR

CARL ZEISS MEDITEC AG 90,000 1,376,100 1.36EUR

DEMAG CRANES AG 31,500 1,054,935 1.04EUR

DEUTSCHE EUROSHOP AG 52,000 1,362,400 1.35EUR

INVESTMENTS

EUROLAND EQUITY SMALLER COMPANIESStatement of investments as at 30 September 2007 (expressed in EUR)


ERSOL SOLAR ENERGY AG 33,000 2,304,060 2.29EUR

K+S AG 18,400 2,380,592 2.37EUR

KUKA AG 65,000 1,981,850 1.96EURMTU AERO ENGINES HOLDINGAG 36,500 1,544,680 1.53EUR

QSC AG 320,000 1,235,200 1.22EUR

SOFTWARE AG 24,600 1,633,440 1.62EUR

STADA ARZNEIMITTEL AG 33,000 1,508,100 1.49EUR

WINCOR NIXDORF AG 24,000 1,380,000 1.37EUR

21,621,591 21.42

HELLENIC EXCHANGES SAHOLDING CLEARINGSETTLEMENT AND REGISTRY 87,000 1,889,640 1.87EUR

GREECE

METKA SA 130,000 2,321,800 2.30EURNEOCHIMIKI LV LAVRENTIADISSA 60,000 1,245,600 1.23EUR

5,457,040 5.40

CEMENTIR SPA 163,000 1,179,305 1.17EUR

ITALY

CIR-COMPAGNIE INDUSTRIALIRIUNITE SPA 500,000 1,371,250 1.36EUR

CONAFI PRESTITO SPA 170,000 784,125 0.78EUR

ESPRINET SPA 88,366 1,079,833 1.07EUR

IMMSI SPA 800,000 1,416,000 1.40EUR

MARIELLA BURANI SPA 65,000 1,502,150 1.48EUR

7,332,663 7.26

SGL CARBON AG 65,000 2,717,000 2.69EUR

LUXEMBOURG

2,717,000 2.69

AALBERTS INDUSTRIES NV 82,000 1,383,340 1.37EUR

NETHERLANDS

ARCADIS NV 30,000 1,497,000 1.48EUR

BOSKALIS WESTMINSTER 42,000 1,495,200 1.48EUR

FUGRO NV 40,000 2,280,000 2.26EUR

GRONTMIJ 50,000 1,612,000 1.60EUR

KONINKLIJKE BAM GROEP NV 97,970 1,792,851 1.78EUR

KONINKLIJKE VOPAK NV 37,000 1,483,700 1.47EUR

ORDINA NV 90,000 1,146,600 1.14EUR

SBM OFFSHORE NV 70,000 1,932,000 1.91EUR

SMIT INTERNATIONALE NV 16,076 967,775 0.96EURTEST-NETHERLANDSDOCUMENTS 25,000 1,437,750 1.42EUR

UNIT 4 AGRESSO NV 80,000 1,648,000 1.63EUR

18,676,216 18.50

SONAE INDUSTRIA SGPS SA 180,000 1,434,600 1.42EUR

PORTUGAL

1,434,600 1.42

GEORG FISCHER AG 3,000 1,450,930 1.44CHF

SWITZERLAND

KOMAX HOLDING AG 15,000 1,757,197 1.74CHF





SULZER AG 1,439 1,451,728 1.44CHF

4,659,855 4.62

96.89TOTAL SHARES 97,829,539









%



Mechanics, machinery 14.55Construction, building materials 8.81Transport 8.19Electronics and electrical equipment 7.45Internet Software 6.73Miscellaneous 6.35Energy 5.65Holding companies 5.23Pharmaceuticals and cosmetics 4.05Chemicals 3.60Other services 3.42Real estate companies 2.95Non-ferrous metals 2.64Banks and financial institutions 1.87Automobile industry 1.85Healthcare, education and social services 1.84Gastronomy 1.77Aerospace technology 1.53News transmission 1.51Textile 1.48Environmental services & recycling 1.48Forest products and paper industry 1.42Other business houses 1.42Graphic art and publishing 1.10



EUROLAND EQUITY SMALLER COMPANIES




VOESTALPINE AG 43,872 2,675,754 1.71EUR


SHARES

AUSTRIA

ZUMTOBEL AG 31,228 835,661 0.53EUR

3,511,415 2.24

KBC GROEP NV 20,973 2,006,277 1.28EUR

BELGIUM

UMICORE 29,683 5,033,940 3.21EUR

7,040,217 4.49

NOKIA OYJ 215,697 5,776,365 3.69EUR

FINLAND

RAMIRENT OYJ 52,306 789,298 0.50EUR

6,565,663 4.19

BOUYGUES 88,499 5,344,454 3.41EUR

FRANCE

BUSINESS OBJECTS SA 57,645 1,856,745 1.18EUR

IPSOS 58,000 1,519,600 0.97EUR

PARROT SA 32,000 1,092,800 0.70EUR


SCHNEIDER ELECTRIC SA 19,665 1,748,219 1.12EUR

STE GEN. PARIS -A- 15,152 1,799,300 1.15EUR

SUEZ SA 70,101 2,881,151 1.84EUR

TOTAL SA 92,878 5,312,622 3.39EUR

VEOLIA ENVIRONNEMENT 35,236 2,135,302 1.36EUR

VIVENDI 151,789 4,473,222 2.85EUR

33,236,655 21.21


GERMANY

DEUTSCHE BOERSE AG /NAM 64,592 6,194,373 3.95EURFRESENIUS MEDICAL CAREAG & CO KGAA 153,089 5,763,801 3.68EUR

HUGO BOSS AG 123,195 5,819,732 3.71EURMUENCHENERRUECKVERSICHER /NAM. 35,288 4,690,128 2.99EUR

RWE AG 24,289 2,112,657 1.35EUR

SAP AG 36,248 1,472,394 0.94EUR

SIEMENS AG 53,708 5,176,914 3.30EUR

SOFTWARE AG 32,354 2,148,306 1.37EUR

41,023,931 26.17

INVESTMENTS

EUROLAND VALUE CREATIONStatement of investments as at 30 September 2007 (expressed in EUR)



GREECE

NATIONAL BANK OF GREECESA 99,956 4,504,017 2.88EUR

8,002,195 5.11

C&C GROUP PLC 106,248 622,401 0.40EUR

IRELAND

622,401 0.40

CAPITALIA SPA 687,334 4,670,435 2.98EUR

ITALY

RECORDATI SPA 435,965 2,903,527 1.85EUR

SAIPEM SPA 203,719 6,099,346 3.90EUR

13,673,308 8.73

ASML HOLDING NV 150,988 3,487,823 2.23EUR

NETHERLANDS

HEINEKEN NV 139,828 6,320,225 4.03EUR

ING GROEP NV/ CERT. OF SHS 142,481 4,402,663 2.81EUR

14,210,711 9.07

BANCO BILBAOVIZ.ARGENTARIA /NAM 443,987 7,294,707 4.66EUR

SPAIN

GRIFOLS SA 160,460 2,589,824 1.65EUR

INDITEX SA 125,767 5,894,699 3.76EUR

TELEFONICA SA 368,639 7,243,756 4.62EUR

23,022,986 14.69

96.30TOTAL SHARES 150,909,482









%



Banks and financial institutions 15.76News transmission 13.39Pharmaceuticals and cosmetics 8.77Insurance 7.87Textile 7.47Energy 7.29Electronics and electrical equipment 7.18Holding companies 7.16Public services 4.55Tobacco and spirits 4.43Construction, building materials 3.91Internet Software 3.49Coal mines, heavy industries 1.71Other services 1.65Graphic art and publishing 0.97Non-ferrous metals 0.70



EUROLAND VALUE CREATION




MARFIN POPULAR BANKPUBLIC CO LTD 163,537 1,573,226 1.95EUR


SHARES

CYPRUS

1,573,226 1.95

DANSKE BANK A/S 47,117 1,334,761 1.65DKK

DENMARK

NOVO NORDISK A/S 14,667 1,237,147 1.54DKK

2,571,908 3.19

NESTE OIL OYJ 64,166 1,652,916 2.05EUR

FINLAND

NOKIA OYJ 92,353 2,473,214 3.07EUR

4,126,130 5.12

AXA SA 98,949 3,089,187 3.85EUR

FRANCE

CASINO GUICHARDPERRACHON SA 23,089 1,688,268 2.10EUR

CREDIT AGRICOLE SA. 53,816 1,458,414 1.81EUR

GAZ DE FRANCE SA 47,847 1,726,320 2.14EUR

LEGRAND SA 60,284 1,416,674 1.76EUR

NEUF CEGETEL 40,909 1,254,270 1.56EUR


TOTAL SA 45,753 2,617,071 3.25EUR

VALLOUREC 8,458 1,691,600 2.10EUR

17,028,581 21.16


GERMANY


CONTINENTAL AG 12,751 1,240,545 1.54EUR

DEUTSCHE POST AG 71,720 1,447,310 1.80EUR

E.ON AG 16,114 2,083,057 2.59EURHEIDELBERGERDRUCKMASCHINEN AG 26,764 822,458 1.02EURHYPO REAL ESTATE HOLDINGAG 33,529 1,335,125 1.66EUR

LANXESS AG 36,548 1,219,972 1.52EUR

MERCK KGAA 13,918 1,243,156 1.54EUR

PORSCHE AG 772 1,169,565 1.45EUR

SIEMENS AG 25,653 2,472,693 3.07EUR

16,950,097 21.06

INVESTMENTS

EUROPE EX UK EQUITYStatement of investments as at 30 September 2007 (expressed in EUR)


JAZZTEL PLC 595,977 250,310 0.31EUR

GREAT BRITAIN

ROYAL DUTCH SHELL PLC 35,378 1,028,793 1.28EUR

1,279,103 1.59

EFG EUROBANK ERGASIAS SA 59,776 1,482,445 1.84EUR

GREECE


3,426,773 4.26


IRELAND

1,262,971 1.57

BANCO POPOLARE SCARL 58,666 926,923 1.15EUR

ITALY

ENI SPA 41,953 1,094,554 1.36EUR

INTESA SANPAOLO SPA 172,510 931,554 1.16EUR

UNICREDITO ITALIANO SPA 419,802 2,548,198 3.16EUR

5,501,229 6.83


LUXEMBOURG

1,846,100 2.29

ASML HOLDING NV 17,090 394,779 0.49EUR

NETHERLANDS

ROYAL PHILIPS ELECTRONICSNV 59,832 1,881,118 2.33EUR

UNILEVER NV 67,874 1,470,830 1.83EUR

3,746,727 4.65

ACCIONA SA 8,776 1,652,960 2.05EUR

SPAIN


SOGECABLE SA 46,043 1,178,701 1.46EUR


7,992,904 9.93

BOLIDEN AB 71,196 1,070,788 1.33SEK

SWEDEN

ERICSSON TEL. -B- 549,741 1,537,809 1.91SEK

2,608,597 3.24

LOGITECH INTERNATIONAL SA 55,374 1,123,279 1.40CHF

SWITZERLAND

NESTLE/NOM 10,049 3,153,336 3.91CHF

ROCHE HOLDING AG 6,955 883,872 1.10CHF

SYNGENTA AG 9,508 1,437,383 1.79CHF





UBS AG 61,468 2,317,571 2.87CHF

8,915,441 11.07

97.91TOTAL SHARES 78,829,787









%



Banks and financial institutions 21.74News transmission 13.99Energy 7.94Electronics and electrical equipment 7.65Insurance 7.39Pharmaceuticals and cosmetics 6.77Food 5.74Public services 4.73Coal mines, heavy industries 3.62Chemicals 3.31Mechanics, machinery 3.12Retail trade, department stores 2.10Construction, building materials 2.05Transport 1.80Miscellaneous 1.57Tyres and rubber 1.54Automobile industry 1.45Office equipment and computers 1.40



EUROPE EX UK EQUITY




DUFRY SOUTH AMERICA LTD 3,000 78,348 0.39BRL


SHARES

BERMUDA ISLANDS

78,348 0.39

ALL AMERICA LATINALOGISTICA SA 16,624 235,852 1.18BRL

BRAZIL

BANCO BRADESCO SA /PREF. 1,100 32,297 0.16BRL

BANCO BRADESCO /SADR 6,034 177,641 0.89USD

CIA VALE DO RIO DOCE ADR 7,298 247,986 1.24USD

CIA VALE RIO DOCE/SADR 16,000 457,280 2.29USD

DURATEX SA 3,000 86,457 0.43BRL

JBS SA 15,376 68,967 0.35BRL

JBS SA 10,999 50,050 0.25BRL

LOCALIZA RENT A CAR 4,100 42,310 0.21BRL

LUPATECH SA 4,600 115,872 0.58BRLNET SERVICOS DECOMUNICACAO SA 11,378 187,990 0.94BRLPETROLEO BRASILEIRO SAADR 6,000 461,459 2.32USDPETROLEO BRASILEIRO SAADR 2,056 135,203 0.68USDUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 309 41,202 0.21USD

2,340,566 11.73


CAYMAN ISLANDS

52,560 0.26

RIPLEY CORP SA 33,279 40,752 0.20CLP

CHILE

40,752 0.20

BANK OF CHINA LTD 162,000 86,842 0.44HKD

CHINA

CHINA CONSTRUCTION BANKCORP 199,000 181,811 0.91HKDCHINA LIFE INSURANCE COLTD 43,000 247,407 1.23HKDCHINA PETROLEUM & CHEMCORP -H- 86,000 107,607 0.54HKDCHINA SHENHUA ENERGY COLTD 33,500 201,597 1.01HKD

CHINA TELECOM CORP LTD 78,000 58,900 0.30HKD

INVESTMENTS

GLOBAL EMERGING MARKETS ELITEStatement of investments as at 30 September 2007 (expressed in USD)


HUANENG POWERINTERNATIONAL INC 62,000 85,806 0.43HKD

PETROCHINA CO LTD 66,000 125,361 0.63HKDPING AN INSURANCE GROUPCO OF CHINA LTD 8,500 117,856 0.59HKDYANZHOU COAL MINING CO -H- 66,000 136,077 0.68HKD

1,349,264 6.76

CEZ 4,238 258,436 1.30CZK

CZECH REPUBLIC

258,436 1.30

EL SEWEDY CABLES HOLDINGCO 10,621 171,039 0.86EGP

EGYPT

ORASCOM CONSTRUCTIONINDUSTRIES 1,712 291,040 1.46USD

462,079 2.32

COMSTAR UNITEDTELESYSTEMS 20,739 271,681 1.36USD


GAZPROM OAO/SADR 19,352 851,487 4.28USD

LUKOIL /SADR 4,447 369,990 1.85USD

MAGNIT OAO 2,344 97,940 0.49USD

RAO UNIFIED ENER.SYS./GDR 248 30,256 0.15USD

RASPADSKAYA 9,845 37,509 0.19USD

SBERBANK 87,000 354,960 1.78USD

2,013,823 10.10

CAIRN ENERGY PLC 2,433 99,948 0.50GBP

GREAT BRITAIN

HIKMA PHARMACEUTICALSPLC 10,819 91,863 0.46GBP

191,811 0.96

CHINA MOBILE LTD 52,500 861,211 4.33HKD

HONG KONG

CHINA OVERSEAS LAND ANDINVESTMENT 62,000 141,732 0.71HKDCHINA RESOURCESENTERPRISE 16,000 68,039 0.34HKD

CNOOC LTD 170,000 286,097 1.43HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 82,000 30,854 0.15HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 196,000 137,649 0.69HKD

1,525,582 7.65

EVRAZ GROUP SA 2,653 171,384 0.86USD

INDIA

LARSEN & TOUBRO /GDR 673 47,790 0.24USD

219,174 1.10

BANK DANAMON INDONESIATBK -A- 158,249 145,265 0.72IDR

INDONESIA

BANK RAKYAT INDONESIA 57,000 41,734 0.21IDRTELEKOMUNIKASI INDONESIATBK PT 85,500 102,778 0.52IDR





TELEKOMUNIKASI INDONESIATBK PT ADR 2,417 115,702 0.58USD

405,479 2.03

TEVA PHARMACEUTICALINDUSTRIES LTD 2,039 90,629 0.45ILS

ISRAEL

TEVA PHARMACEUTICAL./ADR 6,700 299,557 1.51USD

390,186 1.96

GAMUDA BHD/FOR.REG. 33,800 88,583 0.44MYR

MALAYSIA

MALAYAN BANKINGBERHAD/FOR.REG. 19,188 62,368 0.31MYR

PUBLIC BANK - FOR.REG. 36,340 111,733 0.57MYRTELEKOM MALAYSIABHD/FOR.REG. 30,900 87,769 0.44MYR

350,453 1.76

AMERICA MOVIL SA /ADR WI-L- 5,457 353,832 1.77USD

MEXICO

CORP GEO SAB DE CV 26,200 113,125 0.57MXNCORP.MOCTEZUMA SA DE CVB2 41,217 122,670 0.61MXN

EMPRESAS ICA SAB DE CV 23,400 141,750 0.71MXNURBI DESARROLLOSURBANOS SA DE C.V 16,300 61,513 0.31MXN

792,890 3.97

X 5 RETAIL GROUP NV 2,182 73,643 0.37USD

NETHERLANDS

73,643 0.37

AYALA LAND INC 355,680 128,566 0.64PHP

PHILIPPINES

128,566 0.64

BANK PEKAO SA 972 92,139 0.46PLN

POLAND

92,139 0.46

ABSA GROUP LTD 1,976 35,511 0.18ZAR

SOUTH AFRICA

BIDVEST GROUP LTD 7,960 158,089 0.79ZAR

GOLD FIELDS LTD 6,346 114,828 0.58ZARIMPALA PLATINUM HOLDINGSLTD 5,991 210,279 1.05ZAR

MASSMART HOLDINGS LTD 9,371 114,854 0.58ZARMURRAY & ROBERTSHOLDINGS LTD 5,366 70,151 0.35ZAR

SASOL LTD 4,896 215,465 1.08ZAR

STANDARD BANK GROUP LTD 16,840 247,196 1.24ZAR

1,166,373 5.85

DAEGU BANK 5,260 97,161 0.49KRW

SOUTH KOREA

DAELIM INDUSTRIAL CO 1,140 211,823 1.06KRW

DAISHIN SECURITIES CO LTD 1,470 48,442 0.24KRW

DONGBU INSURANCE CO LTD 1,130 47,427 0.24KRW


HYUNDAI DEPARTMENTSTORE CO LTD 540 64,039 0.32KRW

HYUNDAI DEVELOPMENT CO 1,698 158,681 0.80KRW

HYUNDAI HEAVY INDUSTRIES 241 111,424 0.56KRW

HYUNDAI MIPO DOCKYARD 490 168,169 0.84KRW

HYUNDAI MOTOR CO 2,140 85,842 0.43KRW

HYUNDAI MOTOR CO 550 44,485 0.22KRW

INDUSTRIAL BANK OF KOREA 5,440 117,135 0.59KRW

KOOKMIN BANK 1,580 131,766 0.66KRW

KOOKMIN BANK ADR 205 16,851 0.08USD

LG CORP 1,977 136,134 0.68KRW

LG ELECTRONICS INC 460 42,937 0.22KRW

LG FASHION CORP 3,720 123,402 0.62KRW

LOTTE SHOPPING CO LTD 210 89,517 0.45KRW

POSCO 450 331,015 1.66KRWSAMSUNG ELECTRONICS COLTD 830 519,820 2.61KRWSAMSUNG SECURITIES COLTD 1,030 93,328 0.47KRW

SHINSEGAE CO LTD 180 125,323 0.63KRWWOORI FINANCE HOLDINGSCO LTD 4,080 93,425 0.47KRW

2,858,146 14.34


TAIWAN

ASUSTEK COMPUTER INC 56,338 171,322 0.86TWD

AU OPTRONICS CORP ADR 1,972 34,175 0.17USDCATCHER TECHNOLOGY COLTD 5,200 37,821 0.19TWDCATHAY FINANCIAL HOLDINGCO LTD 82,000 193,862 0.97TWDCHI MEI OPTOELECTRONICSCORP 41,760 48,469 0.24TWD

CHINA STEEL CORP 90,640 132,126 0.66TWDFAR EASTERN TEXTILE COLTD 169,690 227,870 1.14TWDFAR EASTONETELECOMMUNICATIONS COLTD 49,000 61,974 0.31TWD

FORMOSA PLASTICS CORP 23,000 64,800 0.32TWDHON HAI PRECISIONINDUSTRY CO LTD 34,200 257,646 1.29TWDHON HAI PRECISIONINDUSTRY CO LTD 1,281 19,125 0.10USD

MEDIATEK INC 5,200 93,636 0.47TWD

NAN YA PLASTICS CORP. 45,000 117,137 0.59TWD

TAIWAN CEMENT CORP 162,550 265,822 1.33TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 165,649 322,631 1.63TWD

WISTRON CORP 58,114 105,001 0.53TWD

2,156,173 10.81

AIRPORTS OF THAILAND PUB./FOR. REG. 60,100 109,642 0.55THB

THAILAND

BANGKOK BANK PCL 16,100 54,513 0.27THB

BANPU PCL 5,100 52,400 0.26THB

BANPU PCL 1,400 14,139 0.07THB

KASIKORNBANK PCL 20,142 47,916 0.24THB

KIATNAKIN BANK PCL 107,100 96,129 0.48THB

KRUNG THAI BANK PCL 85,200 27,107 0.14THB





TISCO BANK PUBL.CO/NON-VOT. /FOR. REG. 63,000 55,167 0.28THB

457,013 2.29

TOFAS TURK OTOMOBILFABRIKASI AS 37,877 189,463 0.95TRY

TURKEY

TURKIYE GARANTI BANKASIAS 18,773 143,572 0.72TRY

333,035 1.67

88.92TOTAL SHARES 17,736,491

DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001 3,032 146,172 0.73USD


GERMANY

146,172 0.73

DB BK LN 06-23.1.09WRT/RELIAN 0 17,841 261,532 1.31USD

GREAT BRITAIN

UBS AG/LONDON 12/07/2010 17,194 77,320 0.39USD

UBS AG/LONDON 19/07/2010 3,834 224,212 1.12USD

563,064 2.82

ICICI BANK LTD 27/01/20090.000001 213 5,685 0.03USD


5,685 0.03




PIK GROUP 7,347 202,043 1.01USD


SHARES


202,043 1.01



DT BK AG 07-17.01.17WRT/SATYAM 0.000001 3,209 35,728 0.18USD



GERMANY

35,728 0.18

UBS LDN 06-17.11.07

WRT/ICICI 0 7,531 194,860 0.98USD

GREAT BRITAIN

194,860 0.98










%



Banks and financial institutions 16.93Energy 13.31News transmission 11.56Coal mines, heavy industries 8.85Construction, building materials 7.31Electronics and electrical equipment 6.93Pharmaceuticals and cosmetics 3.10Holding companies 2.97Retail trade, department stores 2.74Automobile industry 2.60Public services 2.21Insurance 2.06Real estate companies 1.92Textile 1.76Precious metals 1.63Mechanics, machinery 1.40Office equipment and computers 1.39Transport 1.18Food 1.09Miscellaneous 0.92Chemicals 0.91States, provinces and municipalities 0.72Other services 0.63Aerospace technology 0.55



GLOBAL EMERGING MARKETS ELITE




DUFRY SOUTH AMERICA LTD 53,100 1,386,756 0.39BRL


SHARES

BERMUDA ISLANDS

1,386,756 0.39


BRAZIL


BANCO BRADESCO /SADR 106,087 3,123,201 0.89USD



DURATEX SA 54,800 1,579,286 0.45BRL

JBS SA 277,668 1,245,445 0.35BRL

JBS SA 192,716 876,931 0.25BRL

LOCALIZA RENT A CAR 72,400 747,140 0.21BRL

LUPATECH SA 81,000 2,040,358 0.58BRLNET SERVICOS DECOMUNICACAO SA 198,216 3,274,968 0.93BRLPETROLEO BRASILEIRO SAADR 95,292 7,328,908 2.08USDPETROLEO BRASILEIRO SAADR 52,706 3,465,947 0.98USDUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 5,382 717,636 0.20USD

41,479,579 11.77


CAYMAN ISLANDS

912,630 0.26

RIPLEY CORP SA 583,234 714,200 0.20CLP

CHILE

714,200 0.20

BANK OF CHINA LTD 2,958,000 1,585,671 0.45HKD

CHINA

CHINA CONSTRUCTION BANKCORP 3,483,000 3,182,154 0.90HKDCHINA LIFE INSURANCE COLTD 769,000 4,424,551 1.27HKDCHINA PETROLEUM & CHEMCORP -H- 1,606,000 2,009,492 0.57HKDCHINA SHENHUA ENERGY COLTD 587,500 3,535,463 1.00HKD

CHINA TELECOM CORP LTD 1,362,000 1,028,481 0.29HKD

INVESTMENTS

GLOBAL EMERGING MARKETS EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


HUANENG POWERINTERNATIONAL INC 1,158,000 1,602,634 0.45HKD

PETROCHINA CO LTD 1,167,363 2,217,302 0.63HKDPING AN INSURANCE GROUPCO OF CHINA LTD 149,500 2,072,884 0.59HKDYANZHOU COAL MINING CO -H- 1,198,000 2,470,008 0.70HKD

24,128,640 6.85

CEZ 74,114 4,519,513 1.28CZK

CZECH REPUBLIC

4,519,513 1.28

EL SEWEDY CABLES HOLDINGCO 194,516 3,132,449 0.89EGP

EGYPT

ORASCOM CONSTRUCTIONINDUSTRIES 29,676 5,044,920 1.43USD

8,177,369 2.32



GAZPROM OAO 118,052 1,292,413 0.37USD


LUKOIL /SADR 78,259 6,511,149 1.85USD

MAGNIT OAO 42,286 1,766,843 0.50USD

RAO UNIFIED ENER.SYS./GDR 4,330 528,260 0.15USD

RASPADSKAYA 173,242 675,644 0.19USD

SBERBANK 1,579,433 6,444,087 1.83USD

29,275,172 8.31

CAIRN ENERGY PLC 42,816 1,758,879 0.49GBP

GREAT BRITAIN

HIKMA PHARMACEUTICALSPLC 189,604 1,607,039 0.46GBP

3,365,918 0.95

CHINA MOBILE LTD 924,500 15,165,503 4.30HKD

HONG KONG

CHINA OVERSEAS LAND ANDINVESTMENT 1,122,666 2,566,408 0.73HKDCHINA RESOURCESENTERPRISE 296,835 1,262,265 0.36HKD

CNOOC LTD 2,994,000 5,038,676 1.43HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 1,428,000 537,319 0.15HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 3,630,000 2,549,322 0.72HKD

27,119,493 7.69

EVRAZ GROUP SA 45,871 2,963,266 0.84USD

INDIA

LARSEN & TOUBRO /GDR 12,360 877,684 0.25USD

3,840,950 1.09

BANK DANAMON INDONESIATBK -A- 2,807,572 2,577,217 0.72IDR

INDONESIA

BANK RAKYAT INDONESIA 991,000 725,586 0.21IDRTELEKOMUNIKASI INDONESIATBK PT 1,492,000 1,793,503 0.51IDR





TELEKOMUNIKASI INDONESIATBK PT ADR 41,684 1,995,413 0.57USD

7,091,719 2.01

TEVA PHARMACEUTICALINDUSTRIES LTD 26,357 1,171,508 0.33ILS

ISRAEL

TEVA PHARMACEUTICAL./ADR 128,307 5,736,606 1.63USD

6,908,114 1.96


MALAYSIA

MALAYAN BANKINGBERHAD/FOR.REG. 332,314 1,080,143 0.31MYR

PUBLIC BANK - FOR.REG. 659,375 2,027,363 0.58MYRTELEKOM MALAYSIABHD/FOR.REG. 563,150 1,599,578 0.45MYR

6,304,457 1.79

AMERICA MOVIL SA /ADR WI-L- 94,912 6,154,093 1.74USD

MEXICO

CORP GEO SAB DE CV 478,158 2,064,572 0.59MXNCORP.MOCTEZUMA SA DE CVB2 743,944 2,214,117 0.63MXN

EMPRESAS ICA SAB DE CV 411,200 2,490,921 0.71MXNURBI DESARROLLOSURBANOS SA DE C.V 281,100 1,060,817 0.30MXN

13,984,520 3.97

X 5 RETAIL GROUP NV 36,652 1,237,005 0.35USD

NETHERLANDS

1,237,005 0.35


PHILIPPINES

2,367,973 0.67

BANK PEKAO SA 17,101 1,621,061 0.46PLN

POLAND

1,621,061 0.46

ABSA GROUP LTD 33,859 608,482 0.17ZAR

SOUTH AFRICA

BIDVEST GROUP LTD 148,791 2,955,054 0.84ZAR

GOLD FIELDS LTD 113,922 2,061,371 0.58ZARIMPALA PLATINUM HOLDINGSLTD 104,074 3,652,907 1.04ZAR

MASSMART HOLDINGS LTD 163,594 2,005,066 0.57ZARMURRAY & ROBERTSHOLDINGS LTD 93,892 1,227,464 0.35ZAR

SASOL LTD 86,157 3,791,627 1.08ZAR

STANDARD BANK GROUP LTD 294,649 4,325,193 1.22ZAR

20,627,164 5.85

DAEGU BANK 96,501 1,782,538 0.51KRW

SOUTH KOREA

DAELIM INDUSTRIAL CO 20,099 3,734,595 1.06KRW

DAISHIN SECURITIES CO LTD 26,470 872,291 0.25KRW

DONGBU INSURANCE CO LTD 19,580 821,796 0.23KRW


HYUNDAI DEPARTMENTSTORE CO LTD 9,770 1,158,629 0.33KRW

HYUNDAI DEVELOPMENT CO 29,725 2,777,846 0.79KRW




HYUNDAI MOTOR CO 7,740 626,027 0.18KRW

INDUSTRIAL BANK OF KOREA 99,823 2,149,399 0.61KRW

KOOKMIN BANK 31,223 2,603,870 0.74KRW

LG CORP 34,797 2,396,087 0.68KRW

LG ELECTRONICS INC 7,900 737,403 0.21KRW

LG FASHION CORP 67,970 2,254,738 0.64KRW

LOTTE SHOPPING CO LTD 3,820 1,628,351 0.46KRW

POSCO 7,890 5,803,797 1.65KRWSAMSUNG ELECTRONICS COLTD 14,794 9,265,320 2.62KRWSAMSUNG SECURITIES COLTD 18,670 1,691,683 0.48KRW

SHINSEGAE CO LTD 3,240 2,255,821 0.64KRWWOORI FINANCE HOLDINGSCO LTD 64,530 1,477,631 0.42KRW

50,791,151 14.42


TAIWAN

ASUSTEK COMPUTER INC 746,488 2,270,043 0.64TWD

ASUSTEK COMPUTER INC 239,571 728,195 0.21USD

AU OPTRONICS CORP ADR 36,099 625,596 0.18USDCATCHER TECHNOLOGY COLTD 86,593 629,808 0.18TWDCATHAY FINANCIAL HOLDINGCO LTD 1,428,477 3,377,166 0.96TWDCHI MEI OPTOELECTRONICSCORP 771,760 895,743 0.25TWD

CHINA STEEL CORP 527,360 768,734 0.22TWDFAR EASTERN TEXTILE COLTD 2,929,476 3,933,883 1.12TWDFAR EASTONETELECOMMUNICATIONS COLTD 803,000 1,015,611 0.29TWD

FORMOSA PLASTICS CORP 419,000 1,180,494 0.33TWDHON HAI PRECISIONINDUSTRY CO LTD 519,858 3,916,352 1.11TWDHON HAI PRECISIONINDUSTRY CO LTD 70,064 1,046,056 0.30USD

MEDIATEK INC 88,200 1,588,210 0.45TWD

NAN YA PLASTICS CORP. 784,000 2,040,783 0.58TWD

TAIWAN CEMENT CORP 2,843,457 4,649,967 1.32TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 2,783,315 5,421,025 1.54TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTDADR 17,691 181,863 0.05USD

WISTRON CORP 1,022,785 1,847,984 0.52TWD

36,166,979 10.26

AIRPORTS OF THAILAND PUB./FOR. REG. 1,090,600 1,989,594 0.57THB

THAILAND

BANGKOK BANK PCL 281,700 953,815 0.27THB

BANPU PCL 103,530 1,063,722 0.30THB

BANPU PCL 11,700 118,163 0.03THB

KASIKORNBANK PCL 349,481 831,382 0.24THB





KIATNAKIN BANK PCL 1,816,600 1,630,511 0.46THB

KRUNG THAI BANK PCL 1,560,900 496,616 0.14THBTISCO BANK PUBL.CO/NON-VOT. /FOR. REG. 1,093,800 957,808 0.27THB

8,041,611 2.28

TOFAS TURK OTOMOBILFABRIKASI AS 662,137 3,312,054 0.94TRY

TURKEY

TURKIYE GARANTI BANKASIAS 326,292 2,495,412 0.71TRY

5,807,466 1.65

86.78TOTAL SHARES 305,869,440

DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001 55,650 2,682,865 0.76USD


GERMANY

2,682,865 0.76

DB BK LN 06-23.1.09WRT/RELIAN 0 311,846 4,571,361 1.30USD

GREAT BRITAIN

DEUT.BK 04-8.10.07WRT/REL.EN. 0.000001 1 28 0.00USD

UBS AG/LONDON 12/07/2010 302,579 1,360,668 0.39USD

UBS AG/LONDON 19/07/2010 69,611 4,070,851 1.15USD

10,002,908 2.84




PIK GROUP 127,025 3,493,188 0.99USD


SHARES


3,493,188 0.99


0.99TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 3,493,188

DEUT.BK 06-03.8.09WRT/CHINAST 0.00001 1,097,902 1,588,545 0.45USD



GERMANY

DT BK AG 07-17.01.17WRT/SATYAM 0.000001 58,196 647,932 0.18USDDT.BK 06-2.2.11 WRTGAZPROM 6 6,568,559 1.87USD

8,805,036 2.50

UBS LDN 06-17.11.07

WRT/ICICI 0 139,251 3,603,041 1.02USD

GREAT BRITAIN

3,603,041 1.02










%



Banks and financial institutions 17.58Energy 11.55News transmission 11.47Coal mines, heavy industries 8.37Construction, building materials 7.29Electronics and electrical equipment 6.90Pharmaceuticals and cosmetics 3.10Holding companies 2.84Retail trade, department stores 2.74Automobile industry 2.67States, provinces and municipalities 2.58Public services 2.21Insurance 2.09Real estate companies 1.99Textile 1.76Precious metals 1.62Mechanics, machinery 1.42Office equipment and computers 1.37Transport 1.17Food 1.10Miscellaneous 0.94Chemicals 0.91Other services 0.65Aerospace technology 0.57



GLOBAL EMERGING MARKETS EQUITY






SHARES

BERMUDA ISLANDS

2,099,101 1.22

ALL AMERICA LATINALOGISTICA SA 64,483 914,849 0.53BRL

BRAZIL


2,807,059 1.63

CHAODA MODERNAGRICULTURE 1,908,000 1,553,878 0.90HKD

CHINA

CHINA MERCHANTS BANK COLTD 441,500 1,942,867 1.13HKD

CHINA RESOURCES LAND LTD 750,000 1,565,661 0.91HKD

5,062,406 2.94


DENMARK

2,712,491 1.57



SBERBANK 274,443 1,127,961 0.65USD

3,002,938 1.74

AXA SA 58,809 2,600,992 1.50EUR

FRANCE

STE GEN. PARIS -A- 7,636 1,284,583 0.75EUR

SUEZ SA 22,556 1,313,308 0.76EUR

TOTAL SA 22,748 1,843,325 1.07EUR

VEOLIA ENVIRONNEMENT 22,265 1,911,428 1.11EUR

8,953,636 5.19

BASF AG 12,628 1,727,406 1.00EUR

GERMANY

DAIMLERCHRYSLER AG 26,265 2,630,999 1.53EUR

HENKEL PREF 32,285 1,652,004 0.96EUR

LINDE AG 14,169 1,748,517 1.01EUR

MAN AG 10,431 1,527,211 0.89EUR

PORSCHE AG 1,093 2,345,792 1.36EUR

INVESTMENTS

GLOBAL EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


SAP AG 32,943 1,895,683 1.10EUR

13,527,612 7.85

AVIVA PLC 67,646 1,003,971 0.58GBP

GREAT BRITAIN

BAE SYSTEMS PLC 127,204 1,273,595 0.74GBP

BARCLAYS PLC 110,855 1,337,937 0.78GBP

CENTRICA PLC 126,284 960,329 0.56GBP

JOHN WOOD GROUP PLC 353,479 2,815,423 1.63GBP

KAZAKHMYS PLC 46,732 1,350,058 0.78GBP

RIO TINTO PLC /REG 24,374 2,060,710 1.20GBP

SHIRE PLC 95,850 2,331,115 1.35GBP

VODAFONE GROUP PLC 520,992 1,864,276 1.08GBP

14,997,414 8.70


INDONESIA

1,387,025 0.80

NICE SYSTEMS LTD ADR 34,300 1,227,940 0.71USD

ISRAEL

1,227,940 0.71

DAVIDE CAMPARI-MILANO SPA 139,099 1,420,764 0.82EUR

ITALY

UNICREDITO ITALIANO SPA 407,615 3,505,108 2.04EUR

4,925,872 2.86

JAFCO CO LTD 26,900 994,265 0.58JPY

JAPAN

KOMATSU LTD 67,100 2,247,241 1.30JPY

MARUBENI CORP 168,000 1,536,349 0.89JPY

MAZDA MOTOR CORP 181,000 912,420 0.53JPYMEDICEO PALTAC HOLDINGSCO LTD 65,400 996,420 0.58JPY

MITSUBISHI ESTATE CO 29,000 827,816 0.48JPY

NINTENDO CO LTD 3,300 1,712,203 0.99JPY

OMRON CORP 33,500 883,606 0.51JPY

RESONA HOLDINGS INC 359 613,622 0.36JPY

10,723,942 6.22

MEINL EUROPEAN LAND LTD 61,118 922,973 0.54EUR

JERSEY

922,973 0.54


LUXEMBOURG

2,599,631 1.51


MEXICO

1,140,276 0.66






NETHERLANDS

2,698,469 1.57

MASSMART HOLDINGS LTD 91,265 1,118,576 0.64ZAR

SOUTH AFRICA

MTN GROUP LTD 53,992 836,500 0.49ZAR

1,955,076 1.13

ACCIONA SA 8,840 2,358,742 1.37EUR

SPAIN

2,358,742 1.37

ABB LTD 97,679 2,538,653 1.47CHF

SWITZERLAND

COMPAGNIE FINANCIERERICHEMONT SA 22,015 1,436,046 0.83CHF

NESTLE/NOM 8,543 3,797,697 2.20CHF

ROCHE HOLDING AG 7,457 1,342,514 0.78CHF

SYNGENTA AG 6,008 1,286,696 0.75CHF

10,401,606 6.03

ASUSTEK COMPUTER INC 315,213 958,115 0.56USD

TAIWAN

TAIWAN SEMICONDUCTORMANUFACTURING CO LTDADR 297 3,053 0.00USD

961,168 0.56

KASIKORNBANK PCL 447,824 1,065,330 0.62THB

THAILAND

1,065,330 0.62

TURKIYE GARANTI BANKASIAS 110,214 842,893 0.49TRY

TURKEY

842,893 0.49

ABERCROMBIE & FITCH "A" 22,923 1,845,302 1.07USD

UNITED STATES

ACCENTURE LTD 65,700 2,497,914 1.45USDALLERGAN INC/UNITEDSTATES 13,530 861,185 0.50USD

ALTRIA GROUP INC 21,683 1,506,535 0.87USDAMERICAN INTERNATIONALGROUP INC 39,281 2,650,289 1.54USD

AT&T INC 79,061 3,386,183 1.96USDBANK OF NEW YORK MELLONCORP/THE 29,769 1,317,874 0.76USD

BIGBAND NETWORKS INC 56,605 513,407 0.30USD

BOEING CO 12,914 1,361,910 0.79USD

CISCO SYSTEMS INC 66,439 2,207,104 1.28USD

COLGATE-PALMOLIVE CO 29,132 2,085,269 1.21USD

CONOCOPHILLIPS 26,113 2,296,899 1.33USD

CORNING INC. 48,315 1,203,044 0.70USD

ELECTRONIC ARTS INC 17,789 1,000,631 0.58USD

EMBARQ CORP 21,131 1,205,735 0.70USD

EXXON MOBIL CORP 64,866 6,030,591 3.50USD


GILEAD SCIENCES INC. 48,385 1,989,591 1.15USD

GOOGLE INC 3,883 2,203,603 1.28USDHONEYWELL INTERNATIONALINC 46,814 2,771,389 1.61USD

MCDONALD'S CORP. 57,767 3,151,768 1.83USD

MERRILL LYNCH & CO INC 18,341 1,312,115 0.76USD

METLIFE INC 51,326 3,586,660 2.08USD

MORGAN STANLEY 27,325 1,763,829 1.02USD

NVIDIA CORP 73,108 2,688,912 1.56USD

OMNICOM GROUP INC 34,912 1,688,693 0.98USD

PARKER HANNIFIN CORP 20,289 2,281,498 1.32USD

PEPSICO INC 18,269 1,326,695 0.77USD

SCHLUMBERGER LTD 20,424 2,145,133 1.24USD

SYSCO CORP 33,715 1,181,036 0.69USD

TEXAS INSTRUMENTS INC 45,271 1,665,520 0.97USD

UNITED ONLINE INC 105,549 1,572,680 0.91USD

VIACOM INC 43,703 1,670,766 0.97USD

WELLPOINT INC 19,331 1,539,714 0.89USD

WELLS FARGO & CO 81,842 2,947,949 1.71USD

WYETH 27,996 1,253,941 0.73USD

70,711,364 41.01

96.92TOTAL SHARES 167,084,964

CAPITACOMMERCIAL TRUST 570,000 1,078,610 0.63SGD


SINGAPORE

1,078,610 0.63






SHARES

HONG KONG

2,186,127 1.27









%



Banks and financial institutions 9.82News transmission 8.36Energy 5.81Insurance 5.70Electronics and electrical equipment 5.51Internet Software 5.43Pharmaceuticals and cosmetics 4.93Holding companies 4.82Mechanics, machinery 4.52Automobile industry 3.42Coal mines, heavy industries 3.39Aerospace technology 3.14Chemicals 3.08Food 2.97Miscellaneous 2.52Public services 2.43Consumer goods 2.17Real estate companies 1.93Office equipment and computers 1.84Gastronomy 1.83Other services 1.75Retail trade, department stores 1.71Tobacco and spirits 1.69Other business houses 1.58Construction, building materials 1.37Textile 1.22Non-ferrous metals 1.20Biotechnology 1.15Graphic art and publishing 0.98Agriculture and fishing 0.90Investment companies 0.63Transport 0.53States, provinces and municipalities 0.49



GLOBAL EQUITY




BHP BILLITON LTD 10,300 405,062 1.30AUD


SHARES

AUSTRALIA

BLUESCOPE STEEL LTD 11,700 111,028 0.36AUD

COCA-COLA AMATIL LTD 7,900 62,764 0.20AUD

LEND LEASE CORP LTD 5,500 91,762 0.30AUD

QANTAS AIRWAYS LTD 19,200 94,574 0.30AUD

SANTOS LTD 5,892 78,278 0.25AUD

843,468 2.71

OMV AG 2,230 148,384 0.48EUR

AUSTRIA

148,384 0.48

BELGACOM SA 1,300 59,154 0.19EUR

BELGIUM

DEXIA SA 6,000 180,113 0.58EUR

INBEV NV 2,200 194,072 0.62EUR

KBC GROEP NV 1,260 170,751 0.55EUR

604,090 1.94

PARTNERRE LTD 2,200 172,040 0.55USD

BERMUDA ISLANDS

172,040 0.55

BANK OF NOVA SCOTIA 4,400 233,213 0.76CAD

CANADA

BROOKFIELD ASSETMANAGEMENT INC 4,665 180,918 0.58CADCANADIAN IMPERIAL BANK OFCOMMERCE/CANADA 1,200 119,442 0.38CAD

NEXEN INC 2,900 88,541 0.28CAD

PETRO-CANADA 4,000 228,811 0.75CAD

TALISMAN ENERGY INC 9,600 187,689 0.60CAD

TECK COMINCO LTD 4,400 209,670 0.67CAD

1,248,284 4.02

SEAGATE TECHNOLOGY 8,600 221,536 0.71USD

CAYMAN ISLANDS

221,536 0.71

NOVO NORDISK A/S 1,400 167,290 0.54DKK

DENMARK

167,290 0.54

INVESTMENTS

GLOBAL EQUITY SRIStatement of investments as at 30 September 2007 (expressed in USD)


OUTOKUMPU OYJ 3,100 112,206 0.37EUR

FINLAND

RAUTARUUKKI OYJ 1,000 60,434 0.19EUR

172,640 0.56

BNP PARIBAS 2,260 244,956 0.78EUR

FRANCE

CIE DE SAINT-GOBAIN 1,800 186,046 0.60EURCIE GENERALE D'OPTIQUEESSILOR INTERNATIONAL SA 2,600 162,986 0.52EUR

CNP ASSURANCES 1,287 163,854 0.53EUR

CREDIT AGRICOLE SA. 5,000 191,956 0.62EUR

FRANCE TELECOM SA 6,800 226,092 0.73EUR

PEUGEOT SA 750 62,177 0.20EUR

SANOFI-AVENTIS 3,260 275,895 0.88EUR

STE AIR FRANCE 1,400 51,546 0.17EUR

STE GEN. PARIS -A- 1,355 227,948 0.73EUR

SUEZ SA 780 45,415 0.15EUR

THALES SA 1,100 63,860 0.21EUR

VIVENDI 5,100 212,918 0.68EUR

2,115,649 6.80

BASF AG 1,900 259,903 0.83EUR

GERMANY

COMMERZBANK AG 4,200 169,395 0.54EUR

DEUTSCHE BANK AG 1,600 203,930 0.66EUR

DEUTSCHE LUFTHANSA /NAM. 5,960 170,469 0.55EURMUENCHENERRUECKVERSICHER /NAM. 1,100 207,116 0.67EUR

RWE AG 1,950 240,279 0.77EUR

RWE AG 610 67,050 0.22EUR

VOLKSWAGEN AG 1,100 248,520 0.80EUR

1,566,662 5.04

ASTRAZENECA PLC 1,210 59,002 0.19GBP

GREAT BRITAIN

BARCLAYS PLC 10,200 123,106 0.40GBP

BHP BILLITON PLC 7,600 265,193 0.85GBP

BP PLC 7,160 81,929 0.26GBP

BT GROUP PLC 33,800 208,456 0.67GBP

CENTRICA PLC 24,200 184,029 0.59GBP

HBOS PLC 12,900 235,757 0.76GBP

HSBC HOLDINGS PLC 4,200 77,055 0.25GBP

MARKS AND SPENCER 13,800 170,358 0.55GBP

NEXT PLC 4,520 180,655 0.58GBP

OLD MUTUAL PLC 49,400 159,092 0.51GBP

REED ELSEVIER PLC 15,000 187,255 0.60GBP

RIO TINTO PLC /REG 1,100 93,000 0.30GBP

ROYAL DUTCH SHELL -B- 7,450 305,067 0.99GBP

ROYAL DUTCH SHELL PLC -A- 2,870 117,725 0.38GBP

TRAVIS PERKINS PLC 1,600 50,396 0.16GBP

2,498,075 8.04

ENEL SPA 18,800 211,067 0.68EUR

ITALY

ENI SPA 7,000 258,722 0.83EUR





UNICREDITO ITALIANO SPA 25,900 222,716 0.72EUR

692,505 2.23

AISIN SEIKI CO LTD 4,700 187,176 0.60JPY

JAPAN

ALL NIPPON AIRWAYS CO LTD 46,000 178,803 0.58JPY

ASAHI BREWERIES LTD 2,500 37,959 0.12JPY

ASTELLAS PHARMA INC 4,600 219,912 0.71JPYDAIWA HOUSE INDUSTRY COLTD 5,000 65,030 0.21JPY

DOWA HOLDINGS CO LTD 5,000 63,121 0.20JPY

KAO CORP 6,000 178,561 0.57JPY

KAWASAKI KISEN KAISHA LTD 6,000 87,823 0.28JPY

KOMATSU LTD 7,200 241,135 0.79JPY

MILLEA HOLDINGS INC 5,000 200,425 0.64JPY

MITSUBISHI MATERIALS CORP 12,000 74,339 0.24JPY

MITSUI OSK LINES LTD 13,000 209,908 0.68JPY

NIPPON OIL CORP 20,000 185,155 0.60JPY

NIPPON STEEL CORP 21,000 150,683 0.48JPY

NIPPON TEL & TEL 42 195,688 0.63JPY

NIPPON YUSEN KK 16,000 155,759 0.50JPYNOMURA RESEARCHINSTITUTE LTD 4,600 156,054 0.50JPY

NSK LTD 6,000 52,475 0.17JPY

OLYMPUS CORP 1,000 40,953 0.13JPY

OMRON CORP 2,200 58,028 0.19JPY

RICOH CO LTD 8,000 168,669 0.54JPY

SEKISUI HOUSE LTD 13,000 163,099 0.52JPY

SHISEIDO CO LTD 9,000 199,124 0.64JPYSOMPO JAPAN INSURANCEINC 8,000 91,484 0.29JPYSUMITOMO METAL MINING COLTD 6,000 145,243 0.47JPYTOHOKU ELECTRIC POWERCO INC 7,000 149,104 0.48JPY

TOKYO ELECTRON LTD 2,300 145,278 0.47JPY

TOSHIBA CORP 25,000 232,745 0.75JPY

TOYOTA MOTOR CORP 2,600 152,948 0.49JPY

4,186,681 13.47

ABN AMRO HOLDING 1,400 73,382 0.24EUR

NETHERLANDS

HEINEKEN NV 3,300 211,308 0.68EUR

ING GROEP NV/ CERT. OF SHS 5,480 239,884 0.77EUR

KONINKLIJKE KPN NV 11,400 196,543 0.63EUR

RANDSTAD HOLDING 1,090 58,338 0.19EUR

REED ELSEVIER NV 3,300 61,943 0.20EUR

841,398 2.71

NORSK HYDRO AS 5,200 222,516 0.71NOK

NORWAY

STATOIL ASA 5,800 194,874 0.63NOK

STOREBRAND ASA 4,000 61,848 0.20NOK

TELENOR ASA 9,000 177,877 0.57NOK

657,115 2.11


REPSOL YPF SA 5,000 177,577 0.57EUR

SPAIN

177,577 0.57

ALFA LAVAL AB 1,000 63,227 0.20SEK

SWEDEN

ELECTROLUX AB 2,600 54,597 0.18SEK

SANDVIK AB 8,300 176,205 0.56SEK

SKF AB 2,900 60,785 0.20SEK

SSAB SWEDISH STEEL -A- 1,250 46,151 0.15SEK

400,965 1.29

ABB LTD 8,400 218,314 0.70CHF

SWITZERLAND

ADECCO SA 900 52,871 0.17CHF

CREDIT SUISSE GROUP 3,400 224,394 0.72CHF

495,579 1.59

ACE LTD 3,100 184,605 0.59USD

UNITED STATES

AETNA INC 3,700 199,800 0.64USDAIR PRODUCTS & CHEMICALSINC 2,270 222,051 0.71USD

ALCOA INC 5,400 210,600 0.68USD

AMERICAN EXPRESS CO 3,700 220,409 0.71USDAMERICAN INTERNATIONALGROUP INC 2,300 155,181 0.50USD

ANHEUSER-BUSCH COS INC 2,510 126,153 0.41USD

BANK OF AMERICA CORP 7,654 387,292 1.25USD

BAXTER INTERNATIONAL INC 3,500 196,560 0.63USD

BECTON DICKINSON & CO 2,300 188,715 0.61USD

BMC SOFTWARE INC 5,300 165,943 0.53USD

BRISTOL MYERS SQUIBB CO 3,260 94,573 0.30USDCAMERON INTERNATIONALCORP 960 91,037 0.29USD

CISCO SYSTEMS INC 6,300 209,286 0.67USD

CITIGROUP INC 5,100 239,088 0.77USD

COCA-COLA CO 5,300 303,849 0.98USD

CUMMINS INC 1,740 227,679 0.73USD

DELL INC 8,400 233,100 0.75USD

DU PONT (E.I.) DE NEMOURS. 780 39,000 0.13USD

DUKE ENERGY CORP 3,401 64,347 0.21USD

EATON CORP 1,900 186,903 0.60USD

ELI LILLY & CO 3,900 223,743 0.72USD

EXELON CORP 960 73,882 0.24USD

FPL GROUP INC 2,840 175,540 0.56USD

GAP INC. 5,800 106,140 0.34USD

GENERAL ELECTRIC CO 10,700 442,874 1.42USD

GENERAL MILLS INC 2,960 172,479 0.55USD

GENWORTH FINANCIAL INC 5,010 154,208 0.50USD

GENZYME CORP 1,400 87,948 0.28USD

GILEAD SCIENCES INC. 4,800 197,376 0.63USD

GOLDMAN SACHS GROUP INC 1,140 247,129 0.79USD

GOOGLE INC 260 147,550 0.47USD

HEWLETT-PACKARD CO 6,600 331,782 1.07USD

HOME DEPOT INC 2,100 68,796 0.22USD





IMS HEALTH INC 5,100 156,876 0.50USD

INTEL CORP 8,400 216,384 0.70USDINTERNATIONAL BUSINESSMACHINES CORP 3,170 373,141 1.20USD

JOHNSON & JOHNSON 5,660 370,956 1.19USD

J.P. MORGAN CHASE & CO 6,810 314,690 1.01USD

KIMBERLY-CLARK CORP 2,690 189,780 0.61USDLEHMAN BROTHERSHOLDINGS INC 3,000 187,590 0.60USD

LIZ CLAIBORNE INC 1,870 65,226 0.21USD

MANPOWER INC 2,030 130,103 0.42USD

MASCO CORP 6,200 142,600 0.46USD

MATTEL INC 6,300 149,058 0.48USD

MCGRAW-HILL COS INC/THE 2,720 141,685 0.46USD

MERCK & CO INC 5,600 292,880 0.94USD

MOTOROLA INC. 3,580 66,910 0.22USD

NIKE INC -B- 2,260 131,464 0.42USD

NOBLE CORP 3,940 195,660 0.63USD

PEPSICO INC 4,200 305,004 0.98USD

PG&E CORP 3,500 168,945 0.54USD

PLUM CREEK TIMBER CO INC 4,100 182,573 0.59USD

PRAXAIR 960 79,987 0.26USD

PROCTER & GAMBLE CO 920 64,492 0.21USD

PROLOGIS 2,700 178,065 0.57USD

QUEST DIAGNOSTICS INC 2,800 162,764 0.52USD

ROCKWELL COLLINS INC 2,600 190,554 0.61USD

ROHM & HAAS CO 1,970 110,655 0.36USD

RR DONNELLEY & SONS CO 3,500 128,100 0.41USD

SCHLUMBERGER LTD 1,200 126,036 0.41USD

SUNOCO INC 2,200 154,880 0.50USD

T ROWE PRICE GROUP INC 1,260 69,930 0.22USD

TARGET CORP 2,030 125,251 0.40USD

TIME WARNER INC 6,900 125,580 0.40USD

TRAVELERS COS INC/THE 3,600 180,360 0.58USDUNITED TECHNOLOGIESCORP. 2,040 164,608 0.53USD

WACHOVIA CORP 2,000 101,320 0.33USD

WALT DISNEY CO/THE 6,600 225,786 0.73USD

WELLPOINT INC 2,600 207,090 0.67USD

WHIRLPOOL CORP 1,500 132,405 0.43USD

XEROX CORP. 9,500 165,015 0.53USD

XL CAPITAL LTD 2,180 170,105 0.55USD

ZIMMER HOLDINGS INC 2,140 175,929 0.57USD

3M CO 560 52,298 0.17USD

13,248,353 42.60

97.96TOTAL SHARES 30,458,291

DB RREEF TRUST 107,141 190,103 0.62AUD


AUSTRALIA

MACQUARIE OFFICE TRUST 45,832 63,317 0.20AUD

253,420 0.82

0.82TOTAL INVESTMENT COMPANIES 253,420



SWIRE PACIFIC LTD - A- 14,500 176,105 0.57HKD


SHARES

HONG KONG

176,105 0.57










%



Banks and financial institutions 14.32Pharmaceuticals and cosmetics 8.96Energy 8.45Holding companies 5.66Insurance 5.47Office equipment and computers 5.15Public services 4.23News transmission 4.13Coal mines, heavy industries 3.15Electronics and electrical equipment 3.13Transport 3.06Food 2.71Automobile industry 2.69Mechanics, machinery 2.65Chemicals 2.64Retail trade, department stores 2.09Graphic art and publishing 2.07Non-ferrous metals 2.06Construction, building materials 1.95Tobacco and spirits 1.83Miscellaneous 1.83Consumer goods 1.72Internet Software 1.50Aerospace technology 1.35Biotechnology 0.91Other services 0.89Real estate companies 0.88Precious metals 0.85Investment companies 0.82Healthcare, education and social services 0.64Textile 0.63Forest products and paper industry 0.61States, provinces and municipalities 0.19Photography and optics 0.13



GLOBAL EQUITY SRI




BRAMBLES LTD 31,349 288,327 0.76AUD


SHARES

AUSTRALIA

288,327 0.76

CANADIAN NATIONALRAILWAY CO 7,619 308,992 0.81CAD

CANADA

308,992 0.81

A P MOLLER - MAERSK A/S 8 76,920 0.20DKK

DENMARK

DANISCO A/S 1,514 83,343 0.22DKK

160,263 0.42

ASTRAZENECA PLC 4,525 155,754 0.41GBP

GREAT BRITAIN

BAE SYSTEMS PLC 29,254 206,754 0.54GBP

BG GROUP PLC 10,023 121,079 0.32GBP

BHP BILLITON PLC 6,914 170,300 0.45GBP

BIFFA PLC 5,329 16,731 0.04GBP

BP PLC 49,138 396,897 1.03GBP

BRITISH AMERICAN TOBACCO 10,060 249,655 0.66GBPBRITISH SKY BROADCASTINGGROUP PLC 12,982 127,738 0.34GBP

BT GROUP PLC 24,065 104,766 0.28GBP

CABLE & WIRELESS PLC 33,684 88,169 0.23GBP

COMPASS GROUP PLC 20,818 87,046 0.23GBP

GLAXOSMITHKLINE PLC 15,730 291,484 0.77GBP

HSBC HOLDINGS PLC 24,578 318,300 0.84GBP

INTERNATIONAL POWER PLC 21,626 138,800 0.37GBP

LAND SECURITIES GROUP PLC 3,673 88,128 0.23GBP

PRUDENTIAL PLC 9,669 102,525 0.27GBP

RIO TINTO PLC /REG 6,058 361,540 0.95GBPROYAL BANK OF SCOTLANDGROUP PLC 36,906 277,293 0.73GBP

ROYAL DUTCH SHELL -B- 9,060 261,881 0.69GBP

SCHRODERS PLC 5,869 115,581 0.30GBP

SEVERN TRENT PLC 3,553 71,137 0.19GBP

VODAFONE GROUP PLC 137,347 346,925 0.91GBP

WPP GROUP PLC 10,860 102,209 0.27GBP

4,200,692 11.05

ACERGY SA 8,190 171,923 0.45NOK

NORWAY

INVESTMENTS

GLOBAL EX EUROLAND EQUITYStatement of investments as at 30 September 2007 (expressed in EUR)


DNB NOR ASA 18,501 197,367 0.52NOK

NORSK HYDRO AS 4,244 128,195 0.34NOK

ORKLA ASA 10,714 135,291 0.36NOK

632,776 1.67

ELEKTA AB 6,664 77,612 0.20SEK

SWEDEN

ERICSSON TEL. -B- 87,851 245,748 0.65SEK

HENNES & MAURITZ AB 4,159 182,009 0.48SEK

NORDEA BANK AB 5,377 65,280 0.17SEK

SKANSKA AB 6,250 87,213 0.23SEK

SKF AB 7,019 103,851 0.27SEK

761,713 2.00

ALCON INC 2,621 269,843 0.71USD

SWITZERLAND

CREDIT SUISSE GROUP 2,734 127,370 0.34CHF

NESTLE/NOM 948 297,478 0.77CHF

NOVARTIS AG BASEL /NAM. 5,357 206,657 0.54CHF

ROCHE HOLDING AG 1,751 222,525 0.59CHF

SONOVA HOLDING AG 2,187 151,612 0.40CHF

SYNGENTA AG 795 120,185 0.32CHF

UBS AG 5,020 189,273 0.50CHFZURICH FINANCIAL SERVICESAG 640 133,951 0.35CHF

1,718,894 4.52

ACCENTURE LTD 6,318 169,562 0.45USD

UNITED STATES

AKAMAI TECHNOLOGIES INC 6,899 137,722 0.36USD

ALTRIA GROUP INC 13,070 641,022 1.69USD

AMGEN INC 9,881 394,501 1.04USDARCHER-DANIELS-MIDLANDCO 16,534 392,736 1.03USD

AT&T INC 14,609 441,678 1.16USD

BANK OF AMERICA CORP 18,064 645,211 1.70USD

BEST BUY CO INC 11,101 362,027 0.95USD

BOSTON SCIENTIFIC CORP 13,645 134,076 0.35USD


CITIGROUP INC 17,804 589,173 1.55USD

CITRIX SYSTEMS INC 7,412 212,840 0.56USD

COACH INC 9,153 307,544 0.81USDCOUNTRYWIDE FINANCIALCORP 9,311 124,024 0.33USD

CVS CAREMARK CORP 31,253 873,624 2.30USD

DEAN FOODS CO 5,002 85,835 0.23USD

DEERE & CO 3,380 351,659 0.93USD

DOW CHEMICAL CO 10,178 315,977 0.83USD

EMC CORP 12,184 176,742 0.47USD

EXELON CORP 8,734 474,478 1.25USD

EXXON MOBIL CORP 21,586 1,416,616 3.72USDFREEPORTMCMO.COPP&GOLD -B- 2,364 178,220 0.47USD

GENERAL ELECTRIC CO 33,901 990,479 2.61USD

GOLDMAN SACHS GROUP INC 8,399 1,285,240 3.38USD

GOOGLE INC 701 280,816 0.74USD


HOME DEPOT INC 7,604 175,842 0.46USD





INTERNATIONAL BUSINESSMACHINES CORP 6,764 562,023 1.48USD

ITT CORP 9,315 454,095 1.20USD

KRAFT FOODS INC 9,930 241,197 0.63USD

MCDONALD'S CORP. 8,346 321,433 0.85USD

METLIFE INC 17,716 873,888 2.30USD

MICROSOFT CORP 25,342 527,537 1.39USD

PEPSICO INC 13,911 713,103 1.88USD

PFIZER INC 52,194 911,871 2.40USD

PROCTER & GAMBLE CO 9,917 490,722 1.29USD

PRUDENTIAL FINANCIAL INC 11,543 788,736 2.08USD

RED HAT INC 11,961 168,441 0.44USD

REPUBLIC SERVICES INC. 9,212 212,702 0.56USDROCKWELL AUTOMATIONINC/DE 3,758 186,487 0.49USD

SPRINT NEXTEL CORP 9,012 119,532 0.31USD

TEXAS INSTRUMENTS INC 30,182 783,818 2.06USD

TREEHOUSE FOODS INC 1 20 0.00USD

UNITED HEALTH GROUP INC 5,453 189,613 0.50USDUNITED TECHNOLOGIESCORP. 5,933 337,934 0.89USDVALERO ENER.CORP/WH.ISSUED 11,274 537,657 1.41USDVERIZON COMMUNICATIONSINC 12,050 380,047 1.00USD

WASHINGTON MUTUAL INC 6,316 159,923 0.42USD

XTO ENERGY INC 22,840 1,005,402 2.65USD

3M CO 2,844 187,485 0.49USD

22,492,285 59.20

80.43TOTAL SHARES 30,563,942

ISHARES MSCI AUSTRALIAINDEX FUND 58,800 1,304,960 3.43USD

INDEX TRACKER

UNITED STATES

ISHARES MSCI JAPAN INDEXFUND 200,000 2,025,906 5.34USD

3,330,866 8.77










%



Banks and financial institutions 10.45Energy 10.27Investment companies 9.00Pharmaceuticals and cosmetics 7.41Holding companies 5.51Office equipment and computers 5.06Food 4.90News transmission 4.88Retail trade, department stores 4.19Internet Software 3.49Insurance 2.92Electronics and electrical equipment 2.55Mechanics, machinery 2.40Tobacco and spirits 2.35Public services 1.81Chemicals 1.49Other services 1.48Aerospace technology 1.43Consumer goods 1.29Gastronomy 1.08Non-ferrous metals 0.95Precious metals 0.92States, provinces and municipalities 0.81Textile 0.81Environmental services & recycling 0.56Healthcare, education and social services 0.50Construction, building materials 0.23Agriculture and fishing 0.22Transport 0.20Miscellaneous 0.04



GLOBAL EX EUROLAND EQUITY




MARFIN POPULAR BANKPUBLIC CO LTD 848,046 8,158,203 1.63EUR


SHARES

CYPRUS

8,158,203 1.63

DANSKE BANK A/S 308,393 8,736,361 1.75DKK

DENMARK


14,205,972 2.85

NESTE OIL OYJ 253,758 6,536,806 1.31EUR

FINLAND

NOKIA OYJ 469,300 12,567,854 2.52EUR

19,104,660 3.83

AXA SA 400,401 12,500,519 2.50EUR

FRANCE

CASINO GUICHARDPERRACHON SA 132,994 9,724,521 1.95EUR

CREDIT AGRICOLE SA. 206,195 5,587,885 1.12EUR

GAZ DE FRANCE SA 247,718 8,937,665 1.79EUR

LEGRAND SA 344,370 8,092,695 1.62EUR


TOTAL SA 184,485 10,552,542 2.11EUR

VALLOUREC 58,600 11,720,000 2.35EUR

77,291,222 15.48


GERMANY



E.ON AG 55,647 7,193,488 1.44EURHEIDELBERGERDRUCKMASCHINEN AG 167,381 5,143,618 1.03EURHYPO REAL ESTATE HOLDINGAG 222,434 8,857,322 1.77EUR

LANXESS AG 223,529 7,461,398 1.49EUR

MERCK KGAA 70,687 6,313,763 1.26EUR

SIEMENS AG 125,463 12,093,378 2.43EUR

72,677,767 14.56

ANGLO AMERICAN PLC 144,555 6,742,636 1.35GBP

GREAT BRITAIN

BAE SYSTEMS PLC 1,563,179 11,047,821 2.21GBP

INVESTMENTS

PAN-EUROPEAN EQUITYStatement of investments as at 30 September 2007 (expressed in EUR)


BARCLAYS PLC 427,277 3,640,217 0.73GBP

BP PLC 1,579,849 12,760,727 2.55GBP

CAPITA GROUP PLC 704,322 7,302,143 1.46GBPCARPHONE WAREHOUSEGROUP PLC 1,483,434 7,419,928 1.49GBP

DANA PETROLEUM PLC 189,977 3,125,891 0.63GBP

FKI PLC 1,968,534 2,654,717 0.53GBP

GKN PLC 1,531,952 7,739,125 1.55GBP

JAZZTEL PLC 3,787,431 1,590,721 0.32EUR

KAZAKHMYS PLC 206,897 4,219,198 0.85GBP

LADBROKES PLC 1 6 0.00GBP

NEXT PLC 68,511 1,932,905 0.39GBP

PUNCH TAVERNS PLC 532,201 7,518,900 1.51GBP

RESOLUTION PLC 1,222,722 11,987,481 2.40GBP

ROYAL DUTCH SHELL -B- 424,813 12,279,296 2.45GBP

SHIRE PLC 501,755 8,613,919 1.73GBP

UNILEVER PLC 546,852 12,166,324 2.43GBP

UNITED BUSINESS MEDIA PLC 666,841 6,628,067 1.33GBP

XSTRATA PLC 161,269 7,364,518 1.48GBP

136,734,540 27.39

EFG EUROBANK ERGASIAS SA 338,581 8,396,809 1.68EUR

GREECE


20,156,449 4.04


IRELAND

7,822,138 1.57

BANCO POPOLARE SCARL 386,763 6,110,855 1.22EUR

ITALY

INTESA SANPAOLO SPA 1,023,812 5,528,585 1.11EUR

UNICREDITO ITALIANO SPA 2,309,993 14,021,658 2.81EUR

25,661,098 5.14

ASML HOLDING NV 106,352 2,456,731 0.49EUR

NETHERLANDS


15,463,302 3.10

ACCIONA SA 51,744 9,745,982 1.95EUR

SPAIN


SOGECABLE SA 276,412 7,076,147 1.42EUR


43,850,307 8.78

ERICSSON TEL. -B- 2,365,314 6,616,570 1.33SEK

SWEDEN

6,616,570 1.33

NESTLE/NOM 49,415 15,506,228 3.11CHF

SWITZERLAND





SYNGENTA AG 58,200 8,798,454 1.76CHF

UBS AG 200,185 7,547,716 1.51CHF

31,852,398 6.38

96.08TOTAL SHARES 479,594,626









%



Banks and financial institutions 19.16News transmission 10.47Energy 9.05Electronics and electrical equipment 7.68Insurance 7.48Pharmaceuticals and cosmetics 6.13Food 5.54Mechanics, machinery 4.93Retail trade, department stores 3.83Chemicals 3.25Public services 3.23Coal mines, heavy industries 2.33Aerospace technology 2.21Construction, building materials 1.95Transport 1.62Miscellaneous 1.57Gastronomy 1.51Other services 1.46Non-ferrous metals 1.35Graphic art and publishing 1.33



PAN-EUROPEAN EQUITY




TELEKOM AUSTRIA AG 74,500 1,358,135 1.99EUR


SHARES

AUSTRIA

ZUMTOBEL AG 24,043 643,391 0.94EUR

2,001,526 2.93

MOBISTAR SA 11,525 700,374 1.03EUR

BELGIUM

UMICORE 4,210 713,974 1.04EUR

1,414,348 2.07

CATLIN GROUP LTD 126,225 828,603 1.21GBP

BERMUDA ISLANDS

828,603 1.21

BANK OF CYPRUS PUBLIC COLTD 103,246 1,282,315 1.88EUR

CYPRUS

1,282,315 1.88

TELEFONICA O2 CZECHREPUBLIC AS 33,624 665,715 0.97CZK

CZECH REPUBLIC

665,715 0.97

KEMIRA OYJ 44,759 731,810 1.07EUR

FINLAND

METSO OYJ 23,587 1,127,458 1.66EUR

ORION OYJ 34,089 602,694 0.88EUR

2,461,962 3.61

AXA SA 27,274 851,494 1.25EUR

FRANCE

BNP PARIBAS 10,275 786,140 1.15EUR

NATIXIS 81,229 1,248,490 1.83EUR

NEOPOST SA 9,638 961,391 1.41EUR

NEUF CEGETEL 32,967 1,010,768 1.48EUR

RENAULT SA 20,615 2,105,409 3.08EUR

SA DES CIMENTS VICAT 14,306 1,022,164 1.50EUR

STE AIR FRANCE 59,132 1,536,841 2.25EUR

SUEZ SA 41,976 1,725,214 2.53EUR

VINCI SA 28,600 1,576,432 2.31EUR

VIVENDI 30,523 899,513 1.32EUR

INVESTMENTS

PAN-EUROPEAN EQUITY HIGH DIVIDENDStatement of investments as at 30 September 2007 (expressed in EUR)


WENDEL 7,896 936,781 1.37EUR

14,660,637 21.48


GERMANY

ARCANDOR AG 47,072 1,112,782 1.63EUR


DEUTSCHE BOERSE AG /NAM 16,549 1,587,049 2.32EUR


PROSIEBENSAT.1 MEDIA AG 42,867 970,938 1.42EUR

RWE AG 13,589 1,181,971 1.73EUR

TOGNUM AG 51,570 1,105,145 1.62EUR

UNITED INTERNET AG 53,240 837,465 1.23EUR

12,187,204 17.85

ASTRAZENECA PLC 56,979 1,961,263 2.87GBP

GREAT BRITAIN

BARCLAYS PLC 94,800 807,655 1.18GBP

BRITISH LAND CO PLC 59,686 1,008,566 1.48GBP

HOME RETAIL GROUP PLC 106,902 568,570 0.83GBP


TUI TRAVEL PLC 167,344 585,086 0.86GBP

6,193,968 9.07


GREECE

NATIONAL BANK OF GREECESA 32,924 1,483,555 2.17EUR

OPAP SA 30,061 813,451 1.19EUR

3,489,277 5.11

ASSICURAZIONI GENERALISPA 55,403 1,708,629 2.50EUR

ITALY

BANCA POPOLARE DI MILANOSCARL 77,415 803,568 1.18EUR

BENETTON GROUP SPA 59,954 700,862 1.03EUR

CAPITALIA SPA 216,437 1,470,689 2.15EUR

ENI SPA 83,413 2,176,245 3.19EUR

SAIPEM SPA 61,450 1,839,813 2.69EUR

8,699,806 12.74


LUXEMBOURG

2,072,110 3.03

HEINEKEN NV 11,000 497,200 0.73EUR

NETHERLANDS

KONINKLIJKE DSM NV 27,160 1,039,142 1.52EUR

KONINKLIJKE KPN NV 77,300 940,741 1.38EUR

STMICROELECTRONICS NV 105,375 1,238,156 1.81EUR

USG PEOPLE NV 23,211 458,881 0.67EUR

4,174,120 6.11





NORSKE SKOGINDUSTRIERASA 81,502 616,656 0.90NOK

NORWAY

616,656 0.90

BCO SANTANDER CENTR.HISP /REG. 112,276 1,540,427 2.26EUR

SPAIN


UNION FENOSA SA 34,645 1,428,413 2.09EUR

5,653,423 8.28

HENNES & MAURITZ AB 23,700 1,037,174 1.52SEK

SWEDEN

1,037,174 1.52

ZURICH FINANCIAL SERVICESAG 5,933 1,241,763 1.82CHF

SWITZERLAND

1,241,763 1.82

100.58TOTAL SHARES 68,680,607




(0.58)OTHER NET ASSETS LESS LIABILITIES (395,794)





%



Banks and financial institutions 15.70News transmission 13.85Insurance 10.52Energy 7.73Public services 6.35Transport 4.51Coal mines, heavy industries 4.40Holding companies 4.19Electronics and electrical equipment 4.16Construction, building materials 3.81Pharmaceuticals and cosmetics 3.75Mechanics, machinery 3.28Retail trade, department stores 3.15Automobile industry 3.08Chemicals 2.59Other services 1.90Investment companies 1.48Graphic art and publishing 1.42Gastronomy 1.19Textile 1.03Forest products and paper industry 0.90Miscellaneous 0.86Tobacco and spirits 0.73

Other net assets less liabilities (0.58)


PAN-EUROPEAN EQUITY HIGH DIVIDEND




DEXIA SA 34,901 739,552 1.65EUR


SHARES

BELGIUM

UMICORE 4,470 758,067 1.69EUR

1,497,619 3.34

NOKIA OYJ 41,242 1,104,461 2.47EUR

FINLAND

1,104,461 2.47

ACCOR SA 5,726 360,967 0.81EUR

FRANCE

APRIL GROUP 16,896 727,542 1.62EUR

AXA SA 38,911 1,214,800 2.71EUR

CIE DE SAINT-GOBAIN 8,510 620,890 1.39EURCOMPAGNIE GENERALE DESETABLISSEMENTS MICHELIN 9,551 910,115 2.03EUR

GROUPE DANONE 18,367 1,009,450 2.25EUR

L' OREAL 11,865 1,093,953 2.44EUR

RENAULT SA 9,290 948,788 2.12EUR

SANOFI-AVENTIS 9,351 558,629 1.25EUR

SCHNEIDER ELECTRIC SA 6,413 570,116 1.27EUR

VINCI SA 17,057 940,182 2.10EUR

VIVENDI 27,797 819,178 1.83EUR

9,774,610 21.82


GERMANY

ENVITEC BIOGAS AG 2,625 65,258 0.15EUR

ERSOL SOLAR ENERGY AG 5,159 360,201 0.80EUR

HENKEL PREF 24,854 897,726 2.00EURMUENCHENERRUECKVERSICHER /NAM. 7,427 987,123 2.20EUR

Q-CELLS AG 3,272 235,649 0.53EUR

SOLARWORLD AG 12,000 495,720 1.11EUR

VERBIO AG 38,000 134,900 0.30EUR

4,360,732 9.74

BARCLAYS PLC 100,000 851,957 1.90GBP

GREAT BRITAIN

BP PLC 150,000 1,211,577 2.70GBP

BT GROUP PLC 202,806 882,910 1.97GBP

CLIPPER WINDPOWER PLC 21,000 163,327 0.36GBP

DIAGEO PLC 64,688 986,836 2.20GBP

INVESTMENTS

SUSTAINABILITY LEADERSStatement of investments as at 30 September 2007 (expressed in EUR)


HBOS PLC 78,000 1,006,251 2.25GBP

HSBC HOLDINGS PLC 103,540 1,340,907 2.99GBP

MARKS AND SPENCER 103,793 904,461 2.02GBP

PEARSON PLC 66,409 715,450 1.60GBPROYAL BANK OF SCOTLANDGROUP PLC 124,586 936,076 2.09GBP


YELL GROUP PLC 108,478 652,890 1.46GBP

11,039,352 24.65

CRH PLC 16,000 439,680 0.98EUR

IRELAND

KINGSPAN GROUP PLC 26,000 397,800 0.89EUR

837,480 1.87

ASM SPA 157,223 684,706 1.53EUR

ITALY

CAPITALIA SPA 136,000 924,120 2.06EUR

HERA SPA 244,522 707,891 1.58EUR

2,316,717 5.17

REED ELSEVIER NV 70,278 931,184 2.08EUR

NETHERLANDS


STMICROELECTRONICS NV 34,830 409,253 0.91EUR

2,561,660 5.72

RENEWABLE ENERGY CORPAS 10,000 328,342 0.73NOK

NORWAY

STATOIL ASA 36,094 856,048 1.91NOK

1,184,390 2.64

EBRO PULEVA SA 44,729 662,436 1.48EUR

SPAIN

ENAGAS 46,655 850,521 1.89EUR

GRUPO FERROVIAL SA 11,000 654,500 1.46EUR

SOL MELIA SA 40,635 540,039 1.21EUR

2,707,496 6.04

HENNES & MAURITZ AB 9,713 425,066 0.95SEK

SWEDEN

SKF AB 48,800 722,029 1.61SEK

1,147,095 2.56

HOLCIM LTD 9,000 693,302 1.55CHF

SWITZERLAND

ROCHE HOLDING AG 11,229 1,427,030 3.18CHF

UBS AG 28,705 1,082,285 2.42CHF

3,202,617 7.15

93.17TOTAL SHARES 41,734,229







%



Banks and financial institutions 15.36Construction, building materials 8.37Energy 7.72Insurance 7.56Public services 6.84News transmission 6.27Holding companies 6.04Graphic art and publishing 5.14Electronics and electrical equipment 4.91Consumer goods 4.44Pharmaceuticals and cosmetics 4.43Food 3.73Retail trade, department stores 2.97Automobile industry 2.12Tyres and rubber 2.03Gastronomy 2.02Mechanics, machinery 1.61Miscellaneous 1.16Index Options 0.45



SUSTAINABILITY LEADERS




DUFRY SOUTH AMERICA LTD 1,574,500 41,119,540 1.88BRL


SHARES

BERMUDA ISLANDS

GP INVESTMENTS LTD 1,664,100 72,387,475 3.32BRL

113,507,015 5.20

ACUCAR GUARANI SA 1,650,000 9,563,925 0.44BRL

BRAZIL

ALL AMERICA LATINALOGISTICA SA 10,067,999 142,839,105 6.53BRLANHANGUERA EDUCACIONALPARTICIPACOES SA 1,911,700 34,692,293 1.59BRL

BANCO DAYCOVAL SA 2,659,800 25,142,755 1.15BRL

BANCO INDUSVAL SA 2,322,436 25,136,667 1.15BRLBEMATECH INDUSTRIA ECOMERCIO DEEQUIPAMENTOS 614,200 5,220,369 0.24BRL

BR MALLS PARTICIPACOES SA 5,195,600 62,200,867 2.85BRL

BRADESPAR SA 1,751,100 98,644,070 4.52BRLBRASIL TELECOMPARTICIPACOES SA 1,121,495 17,028,990 0.78BRLBRASIL TELECOMPARTICIPACOES SA ADR 42,066 3,180,190 0.15USD

BRASIL TELECOM SA 1,318,700 12,501,223 0.57BRLBRASILAGRO - COMPANHIABRASILEIRA DEPROPRIEDADES AGRICOLAS 16,500 11,074,489 0.51BRLCIA ENERGETICA DE SAOPAULO 1,342,300 25,013,617 1.15BRL

CIA HERING 4,131,100 23,497,598 1.08BRLCIA PROVIDENCIA INDUSTRIAE COMERCIO 3,221,600 25,654,137 1.17BRLCIA SIDERURGICA NACIONALSA 278,500 19,837,474 0.91BRL

CIA VALE DO RIO DOCE ADR 2,888,700 98,158,026 4.50USDCIA VALE DO RIO DOCEA/PREF 1,665,000 47,803,375 2.19BRL

CIA VALE RIO DOCE/SADR 2,194,000 62,704,520 2.87USDCOMPANHIA BRASILEIRA DEDESENVOLVIMENTOIMOBILIARIO TURISTICO 42,100 21,893,376 1.00BRL

COMPANY_SA 2,772,400 53,916,140 2.47BRL

CONTAX PARTICIPACOES SA 9,218,334 13,682,689 0.63BRL

CONTAX PARTICIPACOES SA 2,807,500 5,535,917 0.25BRLCOSAN SA INDUSTRIA ECOMERCIO 507,800 6,767,001 0.31BRL

DATASUL SA 2,570,800 31,752,037 1.45BRLDIAGNOSTICOS DA AMERICASA 1,143,300 26,538,690 1.22BRL

DURATEX SA 4,479,400 129,092,181 5.91BRL

GAFISA SA 50,000 1,676,540 0.08USD

INVESTMENTS

BRAZIL EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


GERDAU SA 454,650 11,908,091 0.55BRL

GERDAU SA ADR 294,000 7,708,680 0.35USDGLOBAL VILLAGE TELECOMHOLDING SA 2,946,600 62,252,135 2.85BRL

INPAR SA 4,188,633 44,246,139 2.03BRL

INVESTIMENTOS ITAU SA 2,661,323 18,381,300 0.84BRL

ITAU HOLDING /PFD SHS/SADR 9,700 489,171 0.02USD

JBS SA 17,849,600 81,222,477 3.72BRL

JBS SA 5,205,496 23,348,604 1.07BRL

KEPLER WEBER SA 500,000 270,856 0.01BRL

KROTON EDUCACIONAL SA 382,900 8,276,119 0.38BRL

LA FONTE PARTICIPACOES SA 9,031,000 5,283,577 0.24BRL

LOCALIZA RENT A CAR 2,496,650 25,764,463 1.18BRL

LOJAS AMERICANAS SA 5,511,000 55,229,434 2.53BRL

LOJAS RENNER SA 2,810,000 56,474,018 2.59BRL

LUPATECH SA 589,300 14,844,236 0.68BRL

MARCOPOLO SA 9,513,600 43,290,503 1.98BRL

METALFRIO SOLUTIONS SA 3,349,800 50,809,552 2.33BRLMMX MINERACAO EMETALICOS SA 60,400 21,594,807 0.99BRLMRV ENGENHARIA EPARTICIPACOES SA 1,084,300 19,500,960 0.89BRLMULTIPLANEMPREENDIMENTOSIMOBILIARIOS SA 2,375,400 28,051,863 1.28BRL

ODONTOPREV SA 404,300 12,374,300 0.57BRL

PERDIGAO SA 934,264 20,876,708 0.96BRL

PETROLEO BRASILEIRO SA 2,749,800 89,897,339 4.12BRLPETROLEO BRASILEIRO SAADR 407,800 26,816,928 1.23USDPETROLEO BRASILEIRO SAADR 4,034 310,255 0.01USDPROFARMA DISTRIBUIDORADE PRODUTOSFARMACEUTICOS SA 1,556,800 30,781,809 1.41BRL

SADIA SA 6,524,982 36,866,515 1.69BRLSAO CARLOSEMPREENDIMENTOS EPARTICIPACOES SA 1,650,000 40,038,085 1.83USDSAO CARLOSEMPREENDIMENTOS EPARTICIPACOES SA 2,273,200 27,460,660 1.26BRL

SAO MARTINHO SA 3,950,500 44,940,698 2.06BRLSARAIVA SA LIVREIROSEDITORES 224,300 3,923,429 0.18BRL

SARAIVA SA LIVREIROS /PRIV. 1,735,600 30,358,908 1.39BRL

SOUZA CRUZ SA 414,000 10,316,363 0.47BRLUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 600 80,004 0.00USDUSINAS SIDERURGICAS DEMINAS GERAIS SA 348,700 27,363,326 1.25BRLUSINAS SIDERURGICAS DEMINAS GERAIS SA 8,100 572,178 0.03BRLVOTORANTIM CELULOSE EPAPEL SA 692,000 19,268,046 0.88BRL

2,041,940,797 93.52

98.72TOTAL SHARES 2,155,447,812

98.72TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,155,447,812







100.00TOTAL NET ASSETS 2,183,471,710





%



Miscellaneous 14.22Coal mines, heavy industries 12.65Holding companies 11.79Other services 8.58Food 8.31Retail trade, department stores 7.00Transport 6.53Energy 5.36News transmission 4.35Real estate companies 3.35Automobile industry 3.17Construction, building materials 2.47Banks and financial institutions 2.30Graphic art and publishing 1.57Agriculture and fishing 1.47Pharmaceuticals and cosmetics 1.41Public services 1.15Forest products and paper industry 0.88Other business houses 0.88Insurance 0.57Tobacco and spirits 0.47Electronics and electrical equipment 0.24



BRAZIL EQUITY




AJISEN CHINA HOLDINGS LTD 2,218,000 2,478,005 0.04HKD


SHARES

CAYMAN ISLANDS

LIFESTYLE INTERNATIONALHOLDINGS LTD 18,368,000 51,835,523 0.82HKD

54,313,528 0.86

AGILE PROPERTY HOLDINGSLTD 18,000,000 37,854,207 0.60HKD

CHINA

AIR CHINA LTD 61,324,000 87,715,219 1.38HKDALUMINUM CORP OF CHINALTD 39,718,000 114,389,562 1.81HKD

BEIJING CAP.INTL AIRPORT -H- 24,940,000 51,999,176 0.82HKD

BYD CO LTD 3,500,000 26,181,334 0.41HKD

CHINA COAL ENERGY CO 52,496,000 156,264,271 2.47HKDCHINA COMMUNICATIONSCONSTRUCTION CO LTD 51,385,000 122,365,736 1.93HKDCHINA CONSTRUCTION BANKCORP 312,354,000 285,374,263 4.51HKDCHINA COSCO HOLDINGS COLTD 31,000,000 97,070,991 1.53HKD

CHINA INTL MARINE -B- 8,999,984 19,367,774 0.31HKDCHINA LIFE INSURANCE COLTD 86,147,000 495,659,139 7.83HKDCHINA MENGNIU DAIRY COLTD 30,166,000 131,582,428 2.08HKDCHINA MERCHANTS BANK COLTD 3,239,500 14,255,754 0.23HKDCHINA NATIONAL BUILDINGMATERIAL CO LTD 22,670,000 74,784,739 1.18HKDCHINA OILFIELD SERVICESLTD 35,000,000 80,731,417 1.27HKDCHINA PETROLEUM & CHEMCORP -H- 126,370,000 158,119,238 2.50HKD

CHINA RESOURCES LAND LTD 25,000,000 52,188,705 0.82HKDCHINA SHENHUA ENERGY COLTD 26,000,000 156,463,026 2.47HKDCHINA SHIPPING CONTAINERLINES CO LTD 102,964,950 80,007,044 1.26HKDCHINA SHIPPINGDEVELOPMENT CO LTD 30,422,000 98,789,275 1.56HKDCHINA SOUTHERN AIRLINES -H- 1,498,000 2,331,848 0.04HKD

CHINA TELECOM CORP LTD 205,952,000 155,519,599 2.46HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 35,968,000 41,389,411 0.65HKDDONGFENG MOTOR GROUPCO LTD 54,074,000 47,591,643 0.75HKDGOME ELECTRICALAPPLIANCES HOLDINGS LTD 29,000,000 57,026,147 0.90HKDGUANGZHOU R&FPROPERTIES CO LTD 27,568,000 130,374,550 2.06HKD

INVESTMENTS

CHINESE EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


JIANGSU EXPRESSWAY CO -H- 47,172,000 60,786,311 0.96HKD

MAANSHAN IRON & STEEL 81,102,000 88,832,521 1.40HKDNINE DRAGONS PAPERHOLDINGS LTD 18,026,000 56,445,216 0.89HKD

PETROCHINA CO LTD 264,670,000 502,717,145 7.93HKDPING AN INSURANCE GROUPCO OF CHINA LTD 16,639,500 230,714,049 3.64HKDSHANGHAI ELECTRIC GROUPCO LTD 60,000,000 46,853,860 0.74HKDSINOPEC SHANGHAIPETROCHEMICAL CO LTD 45,078,000 37,002,032 0.58HKDYANZHOU COAL MINING CO -H- 40,000,000 82,471,040 1.30HKD


ZTE CORP 6,000,000 31,661,148 0.50HKD

4,035,465,287 63.71

BEIJING ENTERPRISESHOLDINGS LTD 5,236,000 26,651,290 0.42HKD

HONG KONG

CHINA EVERBRIGHT LTD 9,000,000 32,125,047 0.51HKD

CHINA MOBILE LTD 37,320,000 612,197,478 9.66HKDCHINA OVERSEAS LAND ANDINVESTMENT 100,086,541 228,797,246 3.61HKDCHINA RESOURCESENTERPRISE 33,152,000 140,975,996 2.23HKDCHINA RESOURCES POWERHOLDINGS CO 19,954,000 62,096,711 0.98HKD

CHINA TRAVEL INTL INVESTM. 80,000,000 59,276,060 0.94HKD

CITIC PACIFIC LTD 12,000,000 76,698,067 1.21HKD

CNOOC LTD 226,926,000 381,899,361 6.03HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 345,255,000 242,469,980 3.83HKD

JIAN EPAYMENT SYSTEM LTD 7,800,000 502,558 0.01HKD

LENOVO GROUP LTD 56,000,000 43,008,647 0.68HKDSEMICONDUCTORMANUFACTURINGINTERNATIONAL CORP 85,000,000 10,076,930 0.16HKDSHANGHAI INDUSTRIALHOLDINGS LTD 14,701,000 73,502,160 1.16HKD

SHENZHEN INVESTMENT LTD 25,444,000 22,754,451 0.36HKDSINO-OCEAN LAND HOLDINGSLTD 5,278,500 7,482,121 0.12HKDTINGYI CAYMAN ISLANDSHOLDING CORP 8,204,000 12,834,112 0.20HKD

2,033,348,215 32.11

96.68TOTAL SHARES 6,123,127,030



SHANGHAI ZHENHUA PORTMACH.-B- 31,608,468 87,112,938 1.38USD


SHARES

CHINA

87,112,938 1.38









100.00TOTAL NET ASSETS 6,333,323,372




%



Energy 17.73News transmission 12.62Insurance 11.47Coal mines, heavy industries 9.58Banks and financial institutions 8.57Real estate companies 7.57Transport 7.27Holding companies 3.30Mechanics, machinery 3.09Food 2.32Miscellaneous 2.23Non-ferrous metals 1.81Public services 1.63Office equipment and computers 1.58Textile 1.56Electronics and electrical equipment 1.32Construction, building materials 1.18Other services 0.94Forest products and paper industry 0.89Retail trade, department stores 0.82Chemicals 0.58



CHINESE EQUITY




DORE HOLDINGS LTD 3,264,000 1,392,194 0.25HKD


SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD 1,105,000 17,585,338 3.19HKD

KERRY PROPERTIES LTD 864,630 6,651,600 1.21HKDLUKS GROUP VIETNAMHOLDINGS LTD 2,120,000 2,857,518 0.52HKD

MIDLAND HOLDINGS LTD 5,214,000 5,657,240 1.03HKD

MINMETALS RESOURCES LTD 11,400,000 9,225,417 1.67HKDPEACE MARK(HOLDINGS)LIMITED 5,570,000 8,311,612 1.51HKD

51,680,919 9.38

GEELY AUTOMOBILEHOLDINGS LTD 16,750,000 2,007,332 0.36HKD

CAYMAN ISLANDS

HIDILI INDUSTRYINTERNATIONALDEVELOPMENT LTD 70,000 111,491 0.02HKDKWG PROPERTY HOLDINGLTD 2,960,000 5,439,171 0.99HKDLIFESTYLE INTERNATIONALHOLDINGS LTD 880,000 2,483,409 0.45HKDNEW WORLD DEPARTMENTSTORE CHINA LTD 11,758 10,879 0.00HKDQIN JIA YUAN MEDIASERVICES CO LTD 6,956,743 4,141,612 0.75HKDXINYI GLASS HOLDINGS COLTD 3,550,000 4,666,057 0.85HKD

18,859,951 3.42

ALUMINUM CORP OF CHINALTD 554,000 1,595,544 0.29HKD

CHINA

CHINA COMMUNICATIONSSERVICES CORP LTD 5,120,000 4,037,782 0.73HKDCHINA CONSTRUCTION BANKCORP 24,700,000 22,566,525 4.10HKDCHINA LIFE INSURANCE COLTD 5,900,000 33,946,498 6.16HKDCHINA OILFIELD SERVICESLTD 4,530,000 10,448,952 1.90HKDCHINA PETROLEUM & CHEMCORP -H- 7,850,000 9,822,236 1.78HKD

CHINA RESOURCES LAND LTD 4,720,000 9,853,228 1.79HKD

GREAT WALL MOTOR CO LTD 1,735,500 2,571,840 0.47HKDGUANGZHOU R&FPROPERTIES CO LTD 1,697,600 8,028,288 1.46HKDNINE DRAGONS PAPERHOLDINGS LTD 3,500,000 10,959,628 1.99HKD

PETROCHINA CO LTD 3,650,000 6,932,851 1.26HKDPING AN INSURANCE GROUPCO OF CHINA LTD 460,000 6,378,104 1.16HKD

INVESTMENTS

HONG KONG EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


SICHUAN XINHUA WINSHARECHAINSTORE CO LTD 3,890,000 3,258,250 0.59HKD

SINOFERT HOLDINGS LTD 6,164,000 4,853,168 0.88HKD

ZTE CORP 567,000 2,991,978 0.54HKD

138,244,872 25.10

BANK OF EAST ASIA LTD 383,000 2,151,824 0.39HKD

HONG KONG

BEIJING ENTERPRISESHOLDINGS LTD 1,840,000 9,365,617 1.70HKDBOC HONG KONG HOLDINGSLTD 2,420,000 6,143,319 1.12HKDCATHAY PACIFIC AIRWAYSLTD 670,000 1,834,658 0.33HKD

CHEUNG KONG HOLDINGS 1,287,000 21,261,215 3.86HKDCHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 530,000 3,302,128 0.60HKD

CHINA MOBILE LTD 3,220,000 52,820,897 9.59HKDCHINA NETCOM GROUP CORPHONG KONG LTD 1,809,000 4,848,679 0.88HKDCHINA RESOURCESENTERPRISE 752,000 3,197,815 0.58HKD

CHINA UNICOM LTD 2,890,000 5,988,325 1.09HKD


CLP HOLDINGS LTD 518,000 3,591,150 0.65HKD

CNOOC LTD 14,650,000 24,654,846 4.48HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 5,700,000 2,144,762 0.39HKD

HANG LUNG PROPERTIES LTD 1,930,000 8,654,820 1.57HKDHENDERSON LANDDEVELOPMENT CO LTD 700,000 5,560,996 1.01HKDHONG KONG AIRCRAFTENGINEERG 277,600 6,292,262 1.14HKDHONG KONG EXCHANGESAND CLEARING LTD 866,000 26,514,646 4.81HKD

HSBC HOLDINGS PLC 917,072 16,804,459 3.05HKD

HUTCHISON WHAMP 939,261 10,063,986 1.83HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 26,200,000 18,400,062 3.34HKDKINGBOARD CHEMICALHOLDINGS LTD 850,000 5,421,827 0.98HKD

LI & FUNG LTD 1,413,000 6,008,660 1.09HKD

MTR CORP 709,000 2,115,041 0.38HKDNEW WORLD DEVELOPMENTLTD 1,030,000 2,853,627 0.52HKDSINO-OCEAN LAND HOLDINGSLTD 452,000 640,697 0.12HKDSUN HUNG KAI PROPERTIESLTD 1,389,700 23,459,235 4.26HKD


WING LUNG BANK 225,600 2,341,672 0.43HKD

282,341,211 51.26

89.16TOTAL SHARES 491,126,953








SHARES

HONG KONG

3,315,626 0.60










%



Real estate companies 18.70Banks and financial institutions 17.95News transmission 13.22Energy 9.42Insurance 7.32Holding companies 5.45Textile 3.19Electronics and electrical equipment 2.35Forest products and paper industry 1.99Non-ferrous metals 1.96Transport 1.85Clock and watch-making industry 1.51Graphic art and publishing 1.34Other business houses 1.09Public services 0.65Miscellaneous 0.58Automobile industry 0.47Retail trade, department stores 0.45Construction, building materials 0.25Coal mines, heavy industries 0.02



HONG KONG EQUITY




GUJARAT NRE RESOURCESNL 10,500,000 3,800,238 0.05AUD


SHARES

AUSTRALIA

INDIA NRE MINERALS LTD 25,000 13,021 0.00AUD

3,813,259 0.05

CAIRN ENERGY PLC 6,750,000 277,289,515 3.94GBP

GREAT BRITAIN

277,289,515 3.94

INDIAN FILM CO LTD/ THE 5,000,000 8,945,801 0.13GBP

GUERNSEY

8,945,801 0.13

ABG SHIPYARD LTD 822,870 13,398,833 0.19INR

INDIA

ADITYA BIRLA NUVO LTD 5,403,990 203,173,711 2.89INR

ALLAHABAD BANK 3,821,596 9,997,714 0.14INR

AMTEK AUTO LTD 2,924,552 26,537,273 0.38INR

ANANT RAJ INDUSTRIES LTD 228,389 8,742,504 0.12INR

ANDHRA BANK / DEMAT. 6,526,308 16,868,228 0.24INR

APOLLO TYRES LTD 568,000 564,647 0.01INR

ASHAPURA MINECHEM LTD 1,982,255 22,559,088 0.32INR

ASSOC.CEMENT /DEMAT. 128,000 3,886,590 0.06INR

BAJAJ AUTO LTD /DEMAT. 140,000 8,843,331 0.13INR

BANK OF BARODA /DEMAT. 1,500,000 12,117,911 0.17INR

BF UTILITIES LTD 221,634 13,403,047 0.19INR

BHARAT HEAVY EL./DEMAT. 1,275,000 65,549,213 0.93INR

BHARTI AIRTEL LTD 9,653,519 230,292,412 3.27INRBOMBAY DYEING &MANUFACT/DEMAT. 1,582,146 26,996,515 0.38INR

CADILA HEALTHCARE LTD 1,729,857 13,245,618 0.19INR

CAIRN INDIA LTD 36,009,729 164,168,428 2.33INR

CANARA BANK 8,570,000 58,330,978 0.83INR

CASTROL INDIA /DEMAT. 299,000 1,997,870 0.03INR

CEAT LTD 898,575 3,614,918 0.05INRCENTURION BANK LIMITED/DEMAT. 1,090,000 1,235,813 0.02INR

CESC LTD 2,603,079 31,579,910 0.45INRCHENNAI PETROLEUM CORPLTD 3,700,000 26,031,109 0.37INR

CROMPTON GREAVES LTD 4,015,000 33,632,996 0.48INR

CUMMINS INDIA LTD /DEMAT. 5,733,578 63,180,423 0.90INR

DLF LTD 4,173,054 78,499,628 1.12INR

INVESTMENTS

INDIAN EQUITYStatement of investments as at 30 September 2007 (expressed in USD)

Description Currency Evaluation % netassets

Quantity/FaceValue

DR REDDY S LABORATORIES/DEMAT. 6,529,942 106,754,647 1.52INRDR REDDYS LABORATORIESLTD ADR 4,480,697 73,393,817 1.04USDDS KULKARNI DEVELOPERSLTD 229,560 1,490,553 0.02INR

EMCO LTD 218,000 6,144,775 0.09INR

ERA INFRA ENGINEERING LTD 873,845 12,469,496 0.18INR

EVEREADY INDUSTRIES LTD 6,913,429 8,334,134 0.12INR

GAMMON INDIA LTD 6,007,227 71,132,016 1.01INR

GANESH HOUSING CORP LTD 1,350,000 15,119,075 0.21INRGLAXOSMITHKLINEPHARMACEUTICALS LTD 691,763 19,497,010 0.28INR

GODREJ INDUSTRIES LTD 1,081,936 4,692,933 0.07INR

GRASIM INDUST./DEMAT. 1,675,860 148,756,052 2.11INRGREAT EASTERN SHIPPINGCO LTD/THE 2,999,438 25,363,584 0.36INRGUJARAT NRE COKE LTD /DEMAT. 15,500,000 33,703,646 0.48INRGUJARAT STATE PETRONETLTD 36,458,000 60,511,663 0.86INRGVK POWER &INFRASTRUCTURE LTD 2,095,849 34,548,782 0.49INR

HCL TECHNOLOGIES LTD 25,314,722 191,096,828 2.72INR

HCL-INFOSYSTEMS LTD 12,992,078 75,792,023 1.08INR


HINDALCO INDUSTRIES LTD 5,431,527 11,981,338 0.17INRHINDUSTAN CONSTRUCTIONCO 5,947,762 20,439,804 0.29INR

HINDUSTAN LEVER 755 4,166 0.00INRHINDUSTAN LEVER LTD/DEMAT. 50 276 0.00INR

HINDUSTAN ZINC/DEMAT. 3,202,161 65,236,622 0.93INR

HOTEL LEELA VENTURE LTD 5,000,000 6,455,336 0.09INRHUTCHISONTELECOMMUNICATIONSINTERNATIONAL LTD ADR 2,000,000 42,340,000 0.60USD

ICICI BANK LTD ADR 1,508,800 79,196,912 1.13USD

IDEA CELLULAR LTD 17,841,320 56,687,828 0.81INR

INDIA CEMENTS LTD/DEMAT. 8,901,302 65,615,185 0.93INR

INDIABULLS REAL ESTATE LTD 9,052,200 152,882,606 2.17USD

INDIABULLS REAL ESTATE LTD 1,710,273 28,588,789 0.41INR

INDIAN OIL CORP/DEMAT. 4,428,655 51,325,470 0.73INR

INFOSYS TECH LTD /DEMAT. 210,000 10,031,063 0.14INRINFOSYS TECHNOLOGIES LTDADR 199,255 9,679,808 0.14USD

ITC LTD /DEMAT. 9,663,518 46,269,134 0.66INRIVR PRIME URBANDEVELOPERS LTD 1,652,300 18,722,941 0.27INRIVRCL INFRASTRUCTURES &PROJECTS LTD 5,784,379 60,945,169 0.87INRJET AIRWAYS INDIA LTD/DEMAT. 1,994,670 45,965,502 0.65INRJINDAL SOUTH WEST HLDGS/DEMAT. 867,025 9,120,935 0.13INR

JINDAL STEEL & POWER LTD 2,434,333 318,270,941 4.52INR

JSW STEEL LTD 7,248,450 155,058,480 2.20INR

KEC INTERNATIONAL LTD 942,291 14,276,212 0.20INRKEC INTERNATIONAL LTD/DEMAT. 932,831 680,820 0.01INR

KESORAM IND.LTD/DEMAT. 856,798 12,549,687 0.18INR

LARSEN & TOUBRO LTD 799,000 56,585,130 0.80INR

LUPIN LIMITED /DEMAT. 940,311 13,867,577 0.20INR

MAHINDRA & MAHINDRA LTD 1,700,000 31,876,700 0.45USD


Quantity/FaceValue




MAHINDRA ANDMAHINDRA.FIN SECS / DEMAT. 5,976,869 36,100,767 0.51INR

MAHINDRA GESCO /DEMAT. 1,384,624 21,498,753 0.31INRMAHINDRA&MAHINDRA/DEMAT. 11,626,153 217,398,377 3.09INR

MARUTI UDYOG LTD /DEMAT. 6,119,413 153,699,252 2.18INR

MASTEK LTD 639,375 4,907,801 0.07INRMATRIXLABORATORIES/DEMAT. 7,440,834 43,257,861 0.61INR

MAX INDIA LTD 9,363,248 57,143,879 0.81INR

MICRO INKS LTD 729,342 6,883,256 0.10INR

MONNET ISPAT & ENERGY LTD 881,980 8,900,913 0.13INR

MOSER BAER INDIA LTD 2,724,256 21,603,682 0.31INRNAGARJUNA CONSTRUCTIONCO 10,046,718 63,932,048 0.91INR

NICHOLAS PIRAMAL INDIA LTD 850,300 6,028,239 0.09INRNIIT TECHNOLOGIESLTD/DEMAT. 1,050,000 9,288,511 0.13INR

NOIDA TOLL BRIDGE CO LTD 16,680,138 15,637,141 0.22INR

OIL&NATURAL GAS/DEMAT. 8,500,000 208,667,776 2.97INRORIENT.BKCOMMERCE/DEMAT. 700,000 4,213,962 0.06INR

PANACEA BIOTEC LTD 2,900,000 29,113,437 0.41INRPATNI COMPUTER SYSTEMSLTD ADR 256,200 6,056,568 0.09USDPATNI COMPUTERS SYSTEMSLTD /DEMAT. 8,188,428 97,681,051 1.39INR

PHOENIX MILLS LTD 398,687 20,067,010 0.29INRPURAVANKARA PROJECTSLTD 3,649,000 40,907,626 0.58INR

RADICO KHAITAN LTD 3,038,000 14,373,981 0.20INRRANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R 473,200 5,141,697 0.07USD

RANBAXY LABS /DEMAT. 3,911,238 42,267,614 0.60INR

RAYMOND LTD /DEMAT. 679,193 5,555,306 0.08INR

RELIANCE INDUSTRIES LTD 50 2,867 0.00INR

RUCHI SOYA IND/DEMAT. 617,388 5,825,900 0.08INRSATYAM COMPUTERSERVICES /DEMAT. 1,400,000 15,638,522 0.22INR

SESA GOA LTD /DEMAT. 1,170,929 74,558,935 1.06INR

SPICE COMMUNICATIONS LTD 2,415,419 3,510,556 0.05INRSTERLITE INDUSTRIES INDIALTD 1,900,000 36,365,057 0.52INRSTERLITE INDUSTRIES INDIALTD ADR 5,300,000 98,421,000 1.40USD

SUBEX AZURE LTD 844,845 9,206,539 0.13INR

SUN TV NETWORK LTD 1,320,360 11,519,006 0.16INR

SUZLON ENERGY LTD 800,000 29,515,858 0.42INR

SYNDICATE BANK 9,000,000 20,441,896 0.29INRTASC PHARMACEUTICALSLTD/DEMAT. 1,157,918 3,304,626 0.05INRTATA CHEMICALS LTD/DS/DEMAT. 1,800,000 13,356,882 0.19INRTATA CONSULTANCYSERVICES LTD 6,977,165 186,042,173 2.64INR

TATA IRON & STEEL/DEMAT. 12,800,000 276,394,062 3.93INR

TATA MOTORS LTD ADR 431,400 8,084,436 0.11USD

TATA MOTORS LTD/DEMAT. 8,200,000 156,448,642 2.22INR

TATA TEA LTD / DEMAT. 600,000 12,083,180 0.17INRTORRENT PHARMACEUTICALSLTD 45 215 0.00INRTRIVENI ENGINEERING &INDUSTRIES LTD 9,000,000 25,232,434 0.36INRULTRA TECH CEMENT LTD/DEMAT. 2,166,629 56,954,028 0.81INR


Quantity/FaceValue

UNION BANK OF INDIA 4,112,808 16,457,619 0.23INR

UNITED PHOSPHORUS LTD 4,870,514 48,552,443 0.69INR

UNITED SPIRITS LTD 800,000 35,233,800 0.50INR

USHA MARTIN LTD 20,200,000 30,248,217 0.43INRVIDEOCON INDUSTRIES LTD/DEMAT. 479,996 4,470,226 0.06INR

VIJAYA BANK 7,020,000 11,854,714 0.17INR

WELSPUN INDIA LTD /DEMAT. 1,961,707 3,357,179 0.05INR

WIPRO LTD /DEMAT. 21,139,904 245,264,892 3.49INR

WYETH LTD 305,683 3,781,170 0.05INR

YES BANK /DEMAT. 7,193,456 37,275,664 0.53INR

6,109,478,452 86.84

DEV PROPERTYDEVELOPMENT PLC 180,759 264,938 0.00GBP

ISLE OF MAN

HIRCO PLC 4,500,000 32,932,679 0.47GBPUNITECH CORPORATE PARKSPLC 31,237,392 64,475,161 0.92GBP

97,672,778 1.39

TRANS-INDIA ACQUISITIONCORP 480,000 4,171,200 0.06USD

UNITED STATES

4,171,200 0.06

92.41TOTAL SHARES 6,501,371,005

GUJARAT NRE COKE LTD 1.0%14/03/2010 1,250,000 2,287,500 0.03USD

BONDS

INDIA

2,287,500 0.03

0.03TOTAL BONDS 2,287,500

MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001 124,923 1,485,022 0.02USD


INDIA

1,485,022 0.02


ORBIT CORP LTD 12/04/20120.000001 609,684 560,909 0.01USD


AUSTRALIA

560,909 0.01

CLSA FIN.05-27.09.10WRT/GAMMON 0 317,000 3,726,113 0.05USD

BERMUDA ISLANDS

3,726,113 0.05


Quantity/FaceValue




DT BK AG 07-2.1.17WRT/CARNIND 0.000001 12,600,000 57,513,456 0.82USD

GERMANY

57,513,456 0.82

HCL-INFOSYSTEMS LTD30/01/2017 0.000001 2,167,525 12,329,359 0.17USD

GREAT BRITAIN

UBS LDN 07-23.02.10WRT/PATNI 0 339,641 4,057,657 0.06USD

16,387,016 0.23

MSDW ASIA 05-21.02.08WT/HINDUSTAN ZINCLTD 0.000001 50,000 1,019,585 0.01USD

INDIA

1,019,585 0.01

ABN AMRO 05-18.12.06WRT/HCL INF 0 71,769 410,250 0.01USD

NETHERLANDS

410,250 0.01

PURAVANKARA PROJECTSLTD 21/08/2012 0.000001 3,101,201 34,734,382 0.49USD


34,734,382 0.49

CITIGRP 07-02.03.09WT/IPCIDEA 0.000010 16,300,000 51,728,376 0.74USD

UNITED STATES

51,728,376 0.74




Quantity/FaceValue

BROOKE BOND LIPTON INR10 60 0.00 0.00INR


SHARES

INDIA

GLENMARK PHARMAC./DEMAT 16,558,840 176,925,407 2.51INR

HINDUSTAN LEVER LTD 50 276 0.00INRKESORAM TEXT.MILLS LTD /DM 1,014,882 6,385 0.00INR

176,932,068 2.51

2.51TOTAL SHARES 176,932,068

IDEA CELLULAR LTD20/03/2009 0.000001 12,058,928 38,178,205 0.54USD


AUSTRALIA

38,178,205 0.54

UBS LN 06-19.12.07 WRT/JINDAL 0 111,203 14,671,201 0.21USD

GREAT BRITAIN

UBS LN06-13.12.07WRT/DR.REDDYS 0 1,075,151 17,416,908 0.25USD

32,088,109 0.46




Quantity/FaceValue

HINDUSTAN LEVER NCD 4,530 0.00 0.00INR

FINANCIAL INSTRUMENTS

BONDS

INDIA

0.00 0.00

0.00TOTAL BONDS 0.00

0.00TOTAL FINANCIAL INSTRUMENTS 0.00



100.00TOTAL NET ASSETS 7,035,770,677




%



Coal mines, heavy industries 11.71Internet Software 9.42Automobile industry 9.07Pharmaceuticals and cosmetics 8.25Energy 8.14Holding companies 7.66Banks and financial institutions 6.99Other services 6.52Construction, building materials 5.95News transmission 4.73Non-ferrous metals 3.02Chemicals 2.90Office equipment and computers 2.87Electronics and electrical equipment 1.61Miscellaneous 1.45Public services 1.36Transport 1.20Mechanics, machinery 1.08Food 0.98Other business houses 0.81Textile 0.80Tobacco and spirits 0.66Real estate companies 0.48Investment companies 0.47Gastronomy 0.09Tyres and rubber 0.06Precious metals 0.05



INDIAN EQUITY




AEON CO LTD 97,000 157,431,000 0.35JPY


SHARES

JAPAN

AEON CREDIT SERVICE COLTD 95,700 118,189,500 0.26JPY

AISIN SEIKI CO LTD 108,400 497,556,000 1.09JPY

AJINOMOTO CO INC 278,000 400,320,000 0.88JPY

ASAHI GLASS CO LTD 217,000 335,265,000 0.73JPY

ASAHI KASEI CORP 222,000 206,016,000 0.45JPY

ASTELLAS PHARMA INC 120,600 664,506,000 1.46JPY

BENESSE CORP 20,000 88,000,000 0.19JPY

BRIDGESTONE CORP 240,000 609,600,000 1.34JPY

CANON INC 56,900 356,763,000 0.78JPY

CIRCLE K SUNKUS CO LTD 86,400 154,224,000 0.34JPY

DAI NIPPON PRINTING CO LTD 14,000 22,988,000 0.05JPY

DAIDO STEEL CO LTD 100,000 97,900,000 0.21JPY

DAIICHI SANKYO CO LTD 173,500 598,575,000 1.31JPY

DAIKIN INDUSTRIES LTD 70,000 387,100,000 0.85JPYDAIWA HOUSE INDUSTRY COLTD 217,000 325,283,000 0.71JPYDAIWA SECURITIES GROUPINC 401,000 438,694,000 0.96JPY

DENKI KAGAKU KOGYO K K 200,000 129,000,000 0.28JPY

DOWA HOLDINGS CO LTD 94,000 136,770,000 0.30JPY

EAST JAPAN RAILWAY CO 412 373,272,000 0.82JPY

EDION CORP 73,000 93,367,000 0.20JPY

ELPIDA MEMORY INC 110,000 464,200,000 1.02JPYFUJI ELECTRIC HOLDINGS COLTD 485,000 248,320,000 0.54JPYFUKUOKA FINANCIAL GROUPINC 300,000 201,900,000 0.44JPY

GLORY LTD 32,000 116,800,000 0.26JPY

HAKUHODO DY HOLDINGS INC 38,170 307,650,200 0.67JPY

HASEKO CORP 584,500 160,737,500 0.35JPY

HIROSHIMA BANK LTD/THE 288,000 180,576,000 0.40JPYHITACHI CONSTRUCTIONMACHINERY CO LTD 28,000 128,520,000 0.28JPYHITACHI HIGH-TECHNOLOGIESCORP 45,000 118,350,000 0.26JPYHOKUHOKU FINANCIALGROUP INC 595,000 193,375,000 0.42JPY

HONDA MOTOR CO LTD 94,200 363,612,000 0.80JPY

INPEX HOLDINGS INC 67 79,060,000 0.17JPY

ISETAN CO LTD 131,900 204,313,100 0.45JPY

ITO EN LTD 60,000 168,000,000 0.37JPY

ITOCHU CORP 281,000 391,995,000 0.86JPYITOCHU TECHNO-SOLUTIONSCORP 40,600 164,430,000 0.36JPY

INVESTMENTS

JAPANESE EQUITYStatement of investments as at 30 September 2007 (expressed in JPY)


J FRONT RETAILING CO LTD 264,600 298,998,000 0.66JPY

JFE HOLDINGS INC 61,600 501,424,000 1.10JPY

JTEKT CORP 150,000 303,750,000 0.67JPYKANSAI ELECTR. POWERCORP 144,100 378,262,500 0.83JPY

KAO CORP 62,000 212,660,000 0.47JPY

KAWASAKI KISEN KAISHA LTD 164,000 276,668,000 0.61JPY

KDDI CORP 232 197,664,000 0.43JPY

KOBE STEEL LTD 480,000 205,920,000 0.45JPY

KOKUYO CO LTD 178,000 212,532,000 0.47JPY

KOMATSU LTD 152,800 589,808,000 1.29JPYKYUSHU ELECTRIC POWERCO INC 99,100 301,264,000 0.66JPY

LAWSON INC 4,300 15,609,000 0.03JPY

MAKITA CORP 38,800 195,552,000 0.43JPY

MARUBENI CORP 381,000 401,574,000 0.88JPY

MATSUSHITA ELECTR. IND. 260,000 560,300,000 1.23JPY

MEIJI SEIKA KAISHA LTD 300,000 173,400,000 0.38JPY

MILLEA HOLDINGS INC 148,600 686,532,000 1.51JPY

MINEBEA CO LTD 207,000 162,702,000 0.36JPYMITSUBISHI CHEMICALHOLDINGS CORP 238,500 238,500,000 0.52JPY

MITSUBISHI CORP 205,400 747,656,000 1.64JPY

MITSUBISHI ELECTRIC CORP 125,000 180,000,000 0.39JPY

MITSUBISHI ESTATE CO 159,000 523,110,000 1.15JPYMITSUBISHI GAS CHEMICALCO INC 149,000 158,685,000 0.35JPYMITSUBISHI UFJ FINANCIALGROUP INC 1,264

1,276,640,000 2.81JPY

MITSUI & CO LTD 265,000 739,350,000 1.62JPY

MITSUI FUDOSAN CO LTD 112,000 357,280,000 0.78JPYMIZUHO FINANCIAL GROUPINC 1,524 998,220,000 2.19JPY

NEC ELECTRONICS CORP 68,000 224,400,000 0.49JPY

NIDEC CORP 65,000 521,950,000 1.14JPY

NINTENDO CO LTD 4,200 251,160,000 0.55JPYNIPPON MINING HOLDINGSINC 68,500 79,049,000 0.17JPY

NIPPON STEEL CORP 624,000 516,048,000 1.13JPY

NIPPON TEL & TEL 485 260,445,000 0.57JPY

NIPPON YUSEN KK 235,000 263,670,000 0.58JPY

NITORI CO LTD 17,150 93,124,500 0.20JPY

NOMURA HOLDINGS INC. 72,800 140,212,800 0.31JPY

NTT DATA CORP 84 43,008,000 0.09JPY

NTT DOCOMO INC 1,515 248,460,000 0.54JPYODAKYU ELECTRIC RAILWAYCO LTD 228,000 168,948,000 0.37JPY

OKUMA CORP 127,000 212,852,000 0.47JPY

OLYMPUS CORP 78,000 368,160,000 0.81JPY

OMRON CORP 166,800 507,072,000 1.11JPY

ORIENTAL LAND CO LTD 26,700 177,822,000 0.39JPY

ORIX CORP 23,050 603,910,000 1.32JPY

OSAKA GAS CO LTD 600,000 241,800,000 0.53JPY

OTSUKA CORP 17,200 193,844,000 0.42JPY

PARK24 CO LTD 150,000 154,950,000 0.34JPY

RESONA HOLDINGS INC 134 26,398,000 0.06JPY

RICOH CO LTD 250,000 607,500,000 1.33JPY

SANKYO CO LTD 20,000 93,000,000 0.20JPY

SBI HOLDINGS INC/JAPAN 5,401 162,840,150 0.36JPY





SECOM LTD (SECURITYPATROLS) 5,900 32,627,000 0.07JPY

SEGA SAMMY HOLDINGS INC 133,400 204,102,000 0.45JPY

SEINO TRANSP. CO LTD 76,000 80,636,000 0.18JPY

SEKISUI CHEMICAL CO LTD 284,000 239,412,000 0.52JPY

SEKISUI HOUSE LTD 146,000 211,116,000 0.46JPY

SEVEN & I HOLDINGS CO LTD 202,400 598,092,000 1.31JPY

SHIMANO INC 38,000 152,760,000 0.33JPY

SHIN-ETSU CHEMICAL CO LTD 74,100 588,354,000 1.29JPY

SHINKO SECURITIES CO LTD 500,000 266,000,000 0.58JPY

SHOWA DENKO KK 217,000 94,395,000 0.21JPY

SOFTBANK CORP 68,700 145,644,000 0.32JPY

SOJITZ CORP 600,000 300,000,000 0.66JPYSOMPO JAPAN INSURANCEINC 182,000 239,876,000 0.53JPY

SONY CORP 141,800 789,826,000 1.73JPYSUMITOMO ELECTRICINDUSTRIES LTD 21,700 39,711,000 0.09JPYSUMITOMO HEAVYINDUSTRIES LTD 235,000 347,565,000 0.76JPYSUMITOMO METALINDUSTRIES LTD 553,000 370,510,000 0.81JPYSUMITOMO MITSUI FINANCIALGROUP INC 1,067 954,965,000 2.09JPYSUMITOMO REALTY &DEVELOPMENT CO LTD 70,000 282,800,000 0.62JPY

SUMITOMO TR.+ BANKING 309,000 268,521,000 0.59JPY

TAIHEIYO CEMENT CORP 330,000 144,210,000 0.32JPYTAKEDA PHARMACEUTICALCO LTD 157,500

1,272,600,000 2.79JPY

T&D HOLDINGS INC 42,500 300,475,000 0.66JPY

TDK CORP 56,500 569,520,000 1.25JPY

TIS INC 80,000 179,200,000 0.39JPY

TOKAI RIKA CO LTD 75,000 240,000,000 0.53JPY

TOKYO GAS CO LTD 550,000 294,250,000 0.65JPY

TOSHIBA CORP 775,000 831,575,000 1.82JPY

TOYOTA MOTOR CORP395,497

2,681,469,660 5.89JPY

UNICHARM CORP 12,500 88,125,000 0.19JPY

USS CO LTD 6,710 50,660,500 0.11JPY

WEST JAPAN RAILWAY CO 217 118,916,000 0.26JPY

YAMADA DENKI CO LTD 24,330 276,632,100 0.61JPY

YASKAWA ELECTRIC CORP 350,000 500,850,000 1.10JPY

40,492,737,510 88.77

88.77TOTAL SHARES 40,492,737,510




11.23OTHER NET ASSETS LESS LIABILITIES 5,122,187,707

100.00TOTAL NET ASSETS 45,614,925,217




%



Holding companies 16.70Electronics and electrical equipment 12.84Automobile industry 8.75Banks and financial institutions 6.92Other business houses 5.92Pharmaceuticals and cosmetics 4.91Mechanics, machinery 4.47Construction, building materials 3.09Public services 2.67Transport 2.64Coal mines, heavy industries 2.60Chemicals 2.58Real estate companies 2.55Office equipment and computers 1.82Retail trade, department stores 1.64Food 1.63News transmission 1.54Tyres and rubber 1.34Internet Software 1.16Other services 1.02Photography and optics 0.81Insurance 0.53Gastronomy 0.39Consumer goods 0.20Graphic art and publishing 0.05



JAPANESE EQUITY




AMOREPACIFIC CORP 7,500 5,598,893 0.94KRW


SHARES

SOUTH KOREA

CHEIL INDUSTRIES INC 193,000 13,500,736 2.25KRWDAEWOO SHIPBUILDING &MARINE ENGINEERING CO LTD 196,000 12,318,110 2.06KRWDONG-A PHARMACEUTICALCO LTD 60,816 6,567,423 1.10KRW


DOOSAN INFRACORE CO LTD 360,000 14,007,888 2.34KRW

GS HOLDINGS CORP 206,630 11,766,607 1.97KRW

HAN KUK CARBON CO LTD 330,000 2,950,444 0.49KRW


HANSOL PAPER CO 238,500 5,239,678 0.88KRW

HOTEL SHILLA CO LTD 288,000 8,546,386 1.43KRWHYUNDAI DEPARTMENTSTORE CO LTD 82,000 9,724,421 1.62KRWHYUNDAI ENGINEERING &CONSTRUCTION CO LTD 138,000 13,107,475 2.19KRW



KOOKMIN BANK 337,000 28,104,417 4.68KRW

KOREA EXCHANGE BANK 528,000 8,541,139 1.43KRWKOREA INVESTMENTHOLDINGS CO LTD 246,000 16,186,456 2.70KRW


KT& G CORP 154,300 12,058,468 2.01KRW

LG CHEM LTD 122,000 12,774,547 2.13KRW




MODETOUR NETWORK INC 129,834 7,946,879 1.33KRW

NHN CORP 70,000 16,204,818 2.71KRW

POSCO 79,800 58,700,001 9.79KRW

SAMSUNG CORP 182,500 13,444,447 2.25KRWSAMSUNG ELECTRONICS COLTD 67,000 41,961,362 7.00KRWSAMSUNG ENGINEERING COLTD 107,000 14,384,973 2.40KRWSAMSUNG FIRE & MARINEINSURANCE CO LTD 66,960 14,417,894 2.41KRWSAMSUNG HEAVY INDUSTRIESCO LTD 354,000 18,707,679 3.12KRW




INVESTMENTS

KOREAN EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


S-OIL CORP 133,000 11,833,037 1.98KRW

STX PAN OCEAN CO LTD 371,950 1,000,092 0.17KRWWOORI INVESTMENT &SECURITIES CO LTD 150,000 4,238,108 0.71KRW

YUHAN CORP 25,200 5,357,230 0.89KRW

592,531,354 98.95

98.95TOTAL SHARES 592,531,354









%



Electronics and electrical equipment 15.81Mechanics, machinery 12.53Coal mines, heavy industries 9.79Banks and financial institutions 6.82Chemicals 6.39Internet Software 6.20Holding companies 6.05Insurance 4.57Retail trade, department stores 3.71Transport 3.52Gastronomy 3.17Pharmaceuticals and cosmetics 2.93Textile 2.25Other business houses 2.25Construction, building materials 2.19Automobile industry 2.07Tobacco and spirits 2.01Energy 1.98Miscellaneous 1.97Office equipment and computers 1.86Forest products and paper industry 0.88



KOREAN EQUITY




FIBRECHEM TECHNOLOGIESLTD 1,619,000 1,716,503 0.66SGD


SHARES

BERMUDA ISLANDS

1,716,503 0.66

CHINA HONGXING SPORTSLTD 4,000,000 3,059,888 1.17SGD

CHINA

3,059,888 1.17

SARIN TECHNOLOGIES LTD 17,830,000 7,597,413 2.92SGD

ISRAEL

7,597,413 2.92


SINGAPORE

BANYAN TREE HOLDINGS LTD 4,740,000 6,806,640 2.61SGD

GUOCOLAND LTD 2,700,000 9,240,056 3.55SGD

HO BEE INVESTMENT LTD 10,588,000 15,275,416 5.86SGD

HOTEL PROPERTIES LTD 6,399,100 20,353,442 7.82SGDINTER-ROLLER ENGINEERINGLTD 13,323,000 7,464,989 2.87SGD

JAYA HOLDINGS LTD 5,800,000 7,783,925 2.99SGD

KEPPEL CORP LTD 1,250,000 12,078,504 4.64SGD

MEIBAN GROUP LTD 14,027,000 5,176,880 1.99SGD

MOBILEONE LTD 1,800,000 2,500,250 0.96SGDOVERSEA-CHINESE BANKINGCORP 1,860,000 11,170,603 4.29SGDSC GLOBAL DEVELOPMENTSLTD 1,657,350 6,394,737 2.46SGD

SEMBCORP INDUSTRIES LTD 1,500,000 6,492,196 2.49SGD

SINGAPORE AIRLINES LTD 900,338 11,237,227 4.31SGDSINGAPORE PRESS HOLDINGSLTD 3,900,000 11,305,480 4.34SGDSINGAPORE TECHNOLOGIESENGINEERING LTD 1,000,000 2,617,009 1.00SGDSINGAPORETELECOMMUNICATIONS LTD 4,330,000 11,622,205 4.46SGD

SUNNINGDALE TECH LTD 1,287,000 375,672 0.14SGD

UNISTEEL TECHNOLOGY LTD 2,593,000 3,740,948 1.44SGD


VENTURE CORP LTD 1,040,000 11,445,054 4.39SGDWHEELOCKPROPERT(SINGAPORE) LTD 6,270,000 11,528,127 4.43SGD

207,702,446 79.75

84.50TOTAL SHARES 220,076,250

INVESTMENTS

SINGAPORE EQUITYStatement of investments as at 30 September 2007 (expressed in USD)

Description Quantity Currency Evaluation % netassets MACQUARIE INTERNATIONAL

INFRASTRUCTURE FUND LTD 24,000,000 17,715,139 6.80SGD


BERMUDA ISLANDS

17,715,139 6.80


SC GLOBAL DEVELOPMENTSLTD 10/12/2010 1.5 1,502,000 4,434,690 1.70SGD


SINGAPORE

4,434,690 1.70










%



Real estate companies 21.90Gastronomy 14.86Banks and financial institutions 8.67Mechanics, machinery 7.85Investment companies 6.80Electronics and electrical equipment 5.97News transmission 5.42Holding companies 4.64Graphic art and publishing 4.34Transport 4.31Precious metals 2.92Construction, building materials 2.49Consumer goods 1.17Aerospace technology 1.00Chemicals 0.66



SINGAPORE EQUITY




BANYAN TREE HOLDINGS LTD 8,000,000 11,487,999 3.66SGD


SHARES

SINGAPORE

11,487,999 3.66

AAPICO HITECH PCL 8,153,100 3,117,549 0.99THB

THAILAND

ADVANCED INFO SERV. PUB./FOR. REG 100,000 256,863 0.08THBASIAN PROPERTY DVPT P/FOR. REG. 20,000,000 3,882,137 1.24THBBANGKOK BANK PUBLIC /FOR.REG. 7,300,000 24,717,245 7.87THB

BANPU PCL 500,000 5,137,264 1.64THB

BEC WORLD PCL 11,700,000 7,923,062 2.52THB

CENTRAL PATTANA PCL 2,600,000 2,105,986 0.67THBCHAROONGTHAI&WIRE/FOR.REG. 6,304,800 1,343,425 0.43THB

CP SEVEN ELEVEN PCL 28,552,700 9,334,357 2.97THB

ERAWAN GROUP PCL/THE 60,201,700 7,274,922 2.32THB

GLOW ENERGY PCL 3,070,700 3,092,258 0.98THBHANA MICROELECTRONICS/FOR. REG. 8,399,900 6,007,025 1.91THBHEMARAJ LAND ANDDEVELOPMENT PCL 245,651,700 9,751,645 3.11THBITALIAN-THAI DEV. PUB. /FOR.REG. 65,438,800 14,516,708 4.62THB

KASIKORNBANK PCL 11,400,000 27,285,878 8.69THBLAGUNA RESORTS&HOTELS/FOR.REG. 652,500 823,732 0.26THB

LALIN PROPERTY PCL 31,784,900 3,395,636 1.08THB

LAND AND HOUSES PCL 42,400,000 9,034,579 2.88THB

LAND AND HOUSES PCL 23,000,000 5,740,017 1.83THB

LPN DEVELOPMENT PCL 34,392,700 8,131,497 2.59THB

MINOR INTERNATIONAL PCL 31,200,000 14,206,870 4.52THBPHATRA SEC.PUBLIC CO LTD/FOR. REG. 7,259,400 7,999,022 2.55THB

PTT PLC CO LTD /FOR.REG. 3,000,000 29,422,513 9.37THB

QUALITY HOUSE PCL 19,967,100 1,037,419 0.33THBSIAM COMMERC.BANKPUBL./FOR.REG. 6,000,000 13,835,586 4.41THBSINO THAI ENGINEERING &CONSTRUCTION PCL 18,200,000 3,399,935 1.08THB

SRITHAI SUPERWARE PCL 10,680,000 2,462,734 0.78THB

SUPALAI PCL 41,464,400 4,647,569 1.48THB

THAI AIRWAYS INTL/FOR.REG. 15,500,900 18,890,028 6.02THBTHAI PLAST.&CHEMIC.PUB./FOR.REG. 11,260,500 6,277,840 2.00THB

TISCO BANK PCL 5,172,800 4,605,160 1.47THB

INVESTMENTS

THAI EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


TISCO BANK PUBL.CO/NON-VOT. /FOR. REG. 5,827,300 5,102,792 1.62THBTOTAL ACCESSCOMMUNICATION PCL 4,000,000 4,670,240 1.49THBTRUE CORP. PUBLIC /FOR.REG. 68,163,000 13,330,386 4.24THBUNITED COMMUNICATIONINDUSTRY PCL 1,745,300 1,125,853 0.36THBWORKPOINT ENTERTAINMENTPCL 4,969,400 2,988,067 0.95THB

286,873,799 91.35

95.01TOTAL SHARES 298,361,798









%



Banks and financial institutions 20.97Construction, building materials 11.65Energy 9.37Real estate companies 8.47Gastronomy 8.44News transmission 6.17Transport 6.02Holding companies 5.64Other services 5.49Tyres and rubber 3.11Public services 2.62Electronics and electrical equipment 2.34Chemicals 2.00Mechanics, machinery 0.99Graphic art and publishing 0.95Consumer goods 0.78



THAI EQUITY




POWERFLUTE OYJ 694,097 683,686 1.01GBP


SHARES

FINLAND

683,686 1.01

ANGLO AMERICAN PLC 78,060 2,551,419 3.78GBP

GREAT BRITAIN

ASTRAZENECA PLC 65,933 1,590,304 2.36GBP

AVIVA PLC 192,424 1,412,642 2.09GBP

BAE SYSTEMS PLC 437,863 2,168,517 3.21GBP

BARCLAYS PLC 217,980 1,301,341 1.93GBP

BG GROUP PLC 216,021 1,828,618 2.71GBP

BP PLC 711,938 4,029,568 5.97GBP

BRITISH AMERICAN TOBACCO 127,643 2,219,712 3.29GBP

CAPITA GROUP PLC 191,373 1,390,325 2.06GBPCARPHONE WAREHOUSEGROUP PLC 345,690 1,211,643 1.79GBP

CENTRICA PLC 508,302 1,911,998 2.83GBP

CLIPPER WINDPOWER PLC 166,456 907,185 1.34GBP

DANA PETROLEUM PLC 49,615 572,061 0.85GBPDOMESTIC & GENERALGROUP PLC 72,459 1,004,282 1.49GBPECONERGY INTERNATIONALPLC 744,567 599,376 0.89GBP

EXPERIAN GROUP LTD 245,053 1,273,491 1.89GBP

FENNER PLC 117,490 297,837 0.44GBP

FKI PLC 378,399 357,587 0.53GBP

GKN PLC 379,955 1,345,041 1.99GBP

GLAXOSMITHKLINE PLC 121,340 1,575,600 2.33GBP

HBOS PLC 323,450 2,923,988 4.33GBP

HELPHIRE PLC 359,025 1,283,514 1.90GBP

HOMESERVE PLC 57,743 1,006,460 1.49GBP

HSBC HOLDINGS PLC 289,489 2,627,113 3.89GBP

ICAP PLC 218,564 1,154,108 1.71GBP

INCHCAPE PLC 225,047 946,323 1.40GBP

JOHNSON MATTHEY PLC 94,562 1,578,240 2.34GBP

KAZAKHMYS PLC 59,476 849,912 1.26GBPLEGAL & GENERAL GROUPPLC 815,296 1,086,790 1.61GBP

NEXT PLC 17,368 343,365 0.51GBP

PETROFAC LTD 287,910 1,310,710 1.94GBP

PUNCH TAVERNS PLC 106,639 1,055,726 1.56GBP

RESOLUTION PLC 312,190 2,144,745 3.18GBP

ROYAL DUTCH SHELL -B- 133,912 2,712,388 4.02GBP


INVESTMENTS

UK EQUITYStatement of investments as at 30 September 2007 (expressed in GBP)


SHIRE PLC 124,062 1,492,466 2.21GBP

SIG PLC 109,237 1,136,065 1.68GBP

SOCO INTERNATIONAL PLC 17,914 386,169 0.57GBP

UNILEVER PLC 128,245 1,999,340 2.96GBP

UNITED BUSINESS MEDIA PLC 189,250 1,318,126 1.95GBP

VODAFONE GROUP PLC 2,312,472 4,093,074 6.06GBP

XSTRATA PLC 61,475 1,967,200 2.91GBP

3I GROUP PLC 98,632 982,868 1.46GBP

64,652,517 95.75

RAVEN RUSSIA LTD 599,717 593,495 0.88GBP

GUERNSEY

593,495 0.88

97.64TOTAL SHARES 65,929,698



TRADING EMISSIONS PLC 342,697 469,495 0.70GBP


SHARES

GREAT BRITAIN

469,495 0.70









%



Energy 15.16Banks and financial institutions 12.05Insurance 8.37Pharmaceuticals and cosmetics 6.90Coal mines, heavy industries 6.11News transmission 6.06Miscellaneous 5.12Public services 5.02Holding companies 4.06Non-ferrous metals 3.78Other services 3.74Tobacco and spirits 3.29Aerospace technology 3.21Food 2.96Mechanics, machinery 2.43Precious metals 2.34Retail trade, department stores 2.30Graphic art and publishing 1.95Gastronomy 1.56Other business houses 1.40Electronics and electrical equipment 0.53



UK EQUITY




ABBOTT LABORATORIES 58,300 3,151,115 1.48USD


SHARES

UNITED STATES

AIR PRODUCTS & CHEMICALSINC 16,000 1,565,120 0.74USD

ALTRIA GROUP INC 37,000 2,570,760 1.21USDAMERICAN INTERNATIONALGROUP INC 65,652 4,429,540 2.09USD

APPLE INC 25,851 3,993,980 1.88USD

APPLIED MATERIALS INC 54,500 1,128,150 0.53USDARCHER-DANIELS-MIDLANDCO 45,000 1,514,250 0.71USD

AT&T INC 129,037 5,526,655 2.60USD

AUTODESK INC 36,847 1,834,981 0.86USD

BMC SOFTWARE INC 50,000 1,565,500 0.74USD

CARDINAL HEALTH INC 25,000 1,570,750 0.74USD

CHEVRON CORPORATION 56,541 5,287,149 2.49USD

CIENA CORP 28,563 1,069,113 0.50USD

CINCINNATI FINANCIAL CORP 36,615 1,587,260 0.75USD

CISCO SYSTEMS INC 115,113 3,824,054 1.80USD

CITIGROUP INC 123,270 5,778,898 2.72USD

COCA-COLA CO 64,661 3,707,015 1.75USDCOGNIZANT TECHNOLOGYSOLUTIONS CORP 21,729 1,732,670 0.82USD

COLGATE-PALMOLIVE CO 25,000 1,789,500 0.84USD

CONAGRA FOODS INC 30,000 774,600 0.36USD

CUMMINS INC 20,000 2,617,000 1.23USD


DEERE & CO 10,841 1,597,855 0.75USD

DELL INC 82,569 2,291,290 1.08USD

EXPRESS SCRIPTS INC - A- 52,000 2,830,360 1.33USD


FEDEX CORP 13,430 1,405,315 0.66USD

FPL GROUP INC 31,153 1,925,567 0.91USD

FRANKLIN RESOURCES INC 21,041 2,662,528 1.25USDFREEPORTMCMO.COPP&GOLD -B- 18,000 1,922,400 0.90USD

GENERAL DYNAMICS CORP 22,500 1,907,775 0.90USD

GENERAL ELECTRIC CO 133,698 5,533,760 2.60USD

GENERAL MOTORS CORP. 22,008 802,412 0.38USD

GENZYME CORP 35,000 2,198,700 1.04USD

GILEAD SCIENCES INC. 79,000 3,248,480 1.53USD

GOOGLE INC 4,600 2,610,500 1.23USD

GRAINGER INC WW 23,200 2,120,712 1.00USD

HJ HEINZ CO 20,474 947,127 0.45USD

INVESTMENTS

US EQUITYStatement of investments as at 30 September 2007 (expressed in USD)


INTERNATIONAL BUSINESSMACHINES CORP 37,334 4,394,585 2.07USD

J.P. MORGAN CHASE & CO 99,365 4,591,657 2.16USD

LOCKHEED MARTIN CORP 22,700 2,424,133 1.14USD

MARRIOTT INTL INC. -A- 30,902 1,338,984 0.63USD

MCDONALD'S CORP. 50,172 2,737,384 1.29USD

MCGRAW-HILL COS INC/THE 61,643 3,210,984 1.51USD

MERCK & CO INC 72,626 3,798,340 1.79USD

MERRILL LYNCH & CO INC 44,375 3,174,588 1.49USD

METLIFE INC 35,440 2,476,547 1.17USD

MICROSOFT CORP 191,036 5,633,652 2.65USD

MOLSON COORS BREWING CO 12,000 1,194,720 0.56USD

MONSANTO CO 14,879 1,257,871 0.59USD

M&T BANK CORP 5,708 599,625 0.28USDNATIONAL OILWELL VARCOINC 19,254 2,836,692 1.34USDNATIONAL SEMICONDUCTORCORP 44,377 1,205,279 0.57USD

NIKE INC -B- 31,108 1,809,552 0.85USD

NVIDIA CORP 63,750 2,344,725 1.10USD

OMNICOM GROUP INC 29,600 1,431,752 0.67USD

PACTIV CORP 38,000 1,086,040 0.51USD

PRAXAIR 18,000 1,499,760 0.71USDPRINCIPAL FINANCIAL GROUPINC 38,000 2,366,260 1.11USD

PRUDENTIAL FINANCIAL INC 24,053 2,328,330 1.10USDPUBLIC SERVICE ENTERPRISEGROUP INC 21,367 1,896,535 0.89USD

QUALCOMM INC. 48,163 2,031,997 0.96USD

ROCKWELL COLLINS INC 27,500 2,015,475 0.95USD

SCHLUMBERGER LTD 38,838 4,079,155 1.92USD

SUNOCO INC 26,751 1,883,270 0.89USD

TARGET CORP 40,947 2,526,430 1.19USD

TIFFANY & CO 42,220 2,229,216 1.05USD

UNITED HEALTH GROUP INC 44,815 2,207,587 1.04USDUNITED TECHNOLOGIESCORP. 39,376 3,177,249 1.50USDVERIZON COMMUNICATIONSINC 96,279 4,301,746 2.02USD

WACHOVIA CORP 43,314 2,194,287 1.03USD

WALGREEN CO. 40,000 1,917,200 0.90USD

WALT DISNEY CO/THE 93,891 3,212,011 1.51USD

WASTE MANAGEMENT INC 34,800 1,317,876 0.62USD

WATERS CORP 36,500 2,480,175 1.17USD

WELLPOINT INC 26,386 2,101,645 0.99USD

WELLS FARGO & CO 50,000 1,801,000 0.85USD

WYETH 53,902 2,414,271 1.14USD

199,671,714 93.99

93.99TOTAL SHARES 199,671,714









%



Holding companies 10.44Energy 8.92Internet Software 7.40Banks and financial institutions 7.04Office equipment and computers 6.83Pharmaceuticals and cosmetics 6.48News transmission 6.08Insurance 5.12Aerospace technology 4.49Retail trade, department stores 3.60Electronics and electrical equipment 3.27Food 3.27Biotechnology 2.57Graphic art and publishing 2.18Chemicals 2.04Mechanics, machinery 1.98Gastronomy 1.92Public services 1.80Tobacco and spirits 1.77Healthcare, education and social services 1.04Miscellaneous 0.99Precious metals 0.90Textile 0.85Consumer goods 0.84Transport 0.66Environmental services & recycling 0.62Package and container industry 0.51Automobile industry 0.38



US EQUITY




COVIDIEN LTD 2,350 96,891 0.14USD


SHARES

BERMUDA ISLANDS

TYCO ELECTRONICS LTD 2,350 82,673 0.12USD

TYCO INTERNATIONAL LTD 2,349 103,685 0.15USDWEATHERFORDINTERNATIONAL LTD 1,606 110,878 0.17USD

394,127 0.58

ABBOTT LABORATORIES 7,335 396,457 0.59USD

UNITED STATES

ABERCROMBIE & FITCH "A" 420 33,810 0.05USD

ACE LTD 1,569 93,434 0.14USD

ADOBE SYSTEMS INC 2,795 121,443 0.18USDADVANCED MICRO DEVICESINC 2,452 32,563 0.05USD

AES CORP/THE 3,146 64,462 0.10USD

AETNA INC 2,415 130,410 0.19USDAFFILIATED COMPUTERSERVICES INC 481 23,680 0.04USD

AFLAC INC 2,310 131,162 0.19USD

AGILENT TECHNOLOGIES 1,821 67,341 0.10USDAIR PRODUCTS & CHEMICALSINC 1,035 101,244 0.15USD

AKAMAI TECHNOLOGIES INC 750 21,210 0.03USD

ALCOA INC 4,178 162,942 0.24USD

ALLEGHENY ENERGY INC 770 40,256 0.06USDALLEGHENY TECHNOLOGIESINC 493 54,950 0.08USDALLERGAN INC/UNITEDSTATES 1,459 92,865 0.14USDALLIED WASTE INDUSTRIESINC 1,249 16,087 0.02USD

ALLSTATE CORP/THE 2,782 156,738 0.23USD

ALLTEL CORP 1,671 116,485 0.17USD

ALTERA CORP 1,687 41,095 0.06USD

ALTRIA GROUP INC 9,961 692,089 1.02USD

AMAZON.COM INC 1,443 134,747 0.20USD

AMBAC FINANCIAL GROUP INC 492 31,321 0.05USD

AMEREN CORP 948 50,263 0.07USDAMERICAN CAPITALSTRATEGIES LTD 910 38,147 0.06USDAMERICAN ELECTRIC POWERCO INC 1,874 87,141 0.13USD

AMERICAN EXPRESS CO 5,572 331,924 0.49USDAMERICAN INTERNATIONALGROUP INC 12,093 815,914 1.21USDAMERICAN STANDARD COSINC 838 29,690 0.04USD

INVESTMENTS

US INDEXStatement of investments as at 30 September 2007 (expressed in USD)


AMERIPRISE FINANCIAL INC 1,116 70,252 0.10USD

AMERISOURCEBERGEN CORP 831 37,129 0.05USD

AMGEN INC 5,152 291,397 0.43USD

ANADARKO PETROL.CORP. 2,205 118,188 0.17USD

ANALOG DEVICES INC 1,448 52,794 0.08USD

ANHEUSER-BUSCH COS INC 3,538 177,820 0.26USD

AON CORP 1,367 61,406 0.09USD

APACHE CORP. 1,590 143,959 0.21USDAPARTMENT INVESTMENT &MANAGEMENT CO 463 21,266 0.03USD

APOLLO GROUP INC 663 40,317 0.06USD

APPLE INC 4,109 634,840 0.94USDAPPLERA CORP - APPLIEDBIOSYSTEMS GROUP 803 27,784 0.04USD

APPLIED MATERIALS INC 6,508 134,716 0.20USDARCHER-DANIELS-MIDLANDCO 3,034 102,094 0.15USD

ARCHSTONE-SMITH TRUST 1,070 64,286 0.10USD

ASHLAND INC 211 12,789 0.02USD

ASSURANT INC 430 22,893 0.03USD

AT&T INC 28,828 1,234,702 1.84USD

AUTODESK INC 1,058 52,688 0.08USDAUTOMATIC DATAPROCESSING INC 2,467 113,581 0.17USD

AUTONATION INC 774 13,522 0.02USD

AUTOZONE INC 194 22,395 0.03USDAVALONBAY COMMUNITIESINC 400 47,756 0.07USD

AVAYA INC 2,178 36,939 0.05USD

AVERY DENNISON CORP 508 29,124 0.04USD

AVON PRODUCTS INC 1,954 70,950 0.11USD

BAKER HUGHES INC 1,528 138,544 0.21USD

BALL CORP 536 29,582 0.04USD

BANK OF AMERICA CORP 20,947 1,059,917 1.58USDBANK OF NEW YORK MELLONCORP/THE 5,376 237,996 0.35USD

BARR PHARMACEUTICALS INC 489 27,472 0.04USD

BAUSCH & LOMB INC 279 17,850 0.03USD

BAXTER INTERNATIONAL INC 3,038 170,614 0.25USD

BB&T CORP 2,587 106,041 0.16USD

BEAR STEARNS COS INC/THE 554 67,117 0.10USD

BECTON DICKINSON & CO 1,153 94,604 0.14USD

BED BATH & BEYOND INC 1,305 43,652 0.06USD

BEMIS CO INC 450 13,203 0.02USD

BEST BUY CO INC 1,916 88,519 0.13USD

BIG LOTS INC 443 13,777 0.02USD

BIOGEN IDEC INC 1,344 89,309 0.13USD

BJ SERVICES CO 1,289 34,855 0.05USD

BLACK & DECKER CORP 319 26,429 0.04USD

BMC SOFTWARE INC 973 30,465 0.05USD

BOEING CO 3,691 389,253 0.58USD

BOSTON PROPERTIES INC 562 57,802 0.09USD

BOSTON SCIENTIFIC CORP 6,320 87,974 0.13USD

BRISTOL MYERS SQUIBB CO 9,352 271,302 0.40USD

BROADCOM CORP 2,233 81,728 0.12USD

BROWN-FORMAN CORP 426 31,826 0.05USD

BRUNSWICK CORP/DE 287 6,587 0.01USDBURLINGTON NORTHERNSANTA FE CORP 1,397 114,247 0.17USD





CA INC 1,717 44,178 0.07USD

CAMPBELL SOUP CO 1,027 38,174 0.06USDCAPITAL ONE FINANCIALCORP 1,957 130,728 0.19USD

CARDINAL HEALTH INC 1,725 108,382 0.16USD

CARNIVAL CORP 2,043 100,291 0.15USD

CATERPILLAR INC 3,015 233,572 0.35USDCB RICHARD ELLIS GROUPINC 850 24,293 0.04USD

CBS CORP 3,244 100,596 0.15USD

CELGENE CORP 1,810 128,999 0.19USD

CENTERPOINT ENERGY INC 1,535 25,051 0.04USD

CENTEX CORP 437 11,493 0.02USD

CENTURYTEL INC 553 25,504 0.04USDCH ROBINSON WORLDWIDEINC 800 44,256 0.07USD

CHARLES SCHWAB CORP/THE 4,498 98,506 0.15USD

CHESAPEAKE ENERGY CORP 1,927 68,139 0.10USD

CHEVRON CORPORATION 10,073 941,925 1.39USD

CHUBB CORP 1,854 98,633 0.15USD

CIENA CORP 442 16,544 0.02USD

CIGNA CORP 1,292 69,019 0.10USD

CINCINNATI FINANCIAL CORP 796 34,507 0.05USD

CINTAS CORP 687 25,742 0.04USD

CIRCUIT CITY STORES INC 479 3,784 0.01USD


CIT GROUP INC 928 37,213 0.06USD

CITIGROUP INC 23,521 1,102,663 1.64USDCITIZENS COMMUNICATIONSCO 1,625 23,563 0.03USD

CITRIX SYSTEMS INC 878 35,717 0.05USDCLEAR CHANNELCOMMUNICATIONS INC 2,354 87,922 0.13USD

CLOROX CO 639 39,171 0.06USD

CME GROUP INC 255 150,068 0.22USD

CMS ENERGY CORP 1,077 18,223 0.03USD

COACH INC 1,768 84,157 0.12USD

COCA-COLA CO 9,404 539,131 0.80USDCOCA-COLA ENTERPRISESINC 1,314 31,917 0.05USDCOGNIZANT TECHNOLOGYSOLUTIONS CORP 720 57,413 0.08USD

COLGATE-PALMOLIVE CO 2,423 173,438 0.26USD

COMCAST CORP 14,618 354,487 0.52USD

COMERICA INC 709 36,939 0.05USD

COMMERCE BANCORP INC/NJ 865 32,974 0.05USD

COMPUTER SCIENCES CORP 859 48,070 0.07USD

COMPUWARE CORP 1,152 9,181 0.01USD

CONAGRA FOODS INC 2,322 59,954 0.09USD

CONOCOPHILLIPS 7,688 676,235 1.00USD

CONSOL ENERGY INC 835 38,410 0.06USD

CONSOLIDATED EDISON INC 1,234 57,776 0.09USD

CONSTELLATION BRANDS INC 942 22,749 0.03USDCONSTELLATION ENERGYGROUP INC 860 75,198 0.11USD

CONVERGYS CORP 426 7,417 0.01USD

COOPER INDUSTRIES LTD -A- 846 43,315 0.06USD

CORNING INC. 7,459 185,729 0.27USD

COSTCO WHOLESALE CORP 2,040 124,685 0.18USD


COUNTRYWIDE FINANCIALCORP 2,746 51,817 0.08USD

COVENTRY HEALTH CARE INC. 730 45,472 0.07USD

CR BARD INC 501 44,203 0.07USD

CSX CORP 2,098 89,522 0.13USD

CUMMINS INC 504 65,948 0.10USD


DANAHER CORP 1,170 96,502 0.14USD

DARDEN RESTAURANTS INC 633 27,219 0.04USD

DEAN FOODS CO 627 15,242 0.02USD

DEERE & CO 1,061 156,381 0.23USD

DELL INC 10,726 297,647 0.44USDDEVELOPERS DIVERSIFIEDREALTY CORP 590 33,170 0.05USD

DEVON ENERGY CORP 2,133 178,361 0.26USD

DILLARD'S INC 249 5,309 0.01USD

DIRECTV GROUP INC/THE 3,590 86,375 0.13USDDISCOVER FINANCIALSERVICES 2,245 46,404 0.07USDDOMINION RESOURCESINC/VA 1,400 120,050 0.18USD

DOVER CORP 987 50,357 0.07USD

DOW CHEMICAL CO 4,505 198,130 0.29USD

DOW JONES & CO INC 333 19,814 0.03USD

DR HORTON INC 1,304 17,187 0.03USD

DTE ENERGY CO 760 37,681 0.06USD

DU PONT (E.I.) DE NEMOURS. 4,328 216,400 0.32USD

DUKE ENERGY CORP 5,948 112,536 0.17USD

DYNEGY INC 2,347 22,203 0.03USD

EASTMAN CHEMICAL CO 444 30,241 0.04USD

EASTMAN KODAK CO. 1,330 35,883 0.05USD

EATON CORP 683 67,187 0.10USD

EBAY INC 5,385 211,469 0.31USD

ECOLAB INC 780 37,120 0.05USD

EDISON INTERNATIONAL 1,561 88,462 0.13USD

EL PASO CORP 3,172 54,209 0.08USD

ELECTRONIC ARTS INC 1,472 82,800 0.12USD

ELECTRONIC DATA SYSTEMS 2,456 53,664 0.08USD

ELI LILLY & CO 4,674 268,147 0.40USD

EMBARQ CORP 665 37,945 0.06USD

EMC CORP 9,923 203,918 0.30USD

EMERSON ELECTRIC CO 3,726 198,857 0.29USD

ENSCO INTERNATIONAL INC 690 39,385 0.06USD

ENTERGY CORP 950 105,023 0.16USD

EOG RESOURCES INC 1,162 84,106 0.12USD

EQUIFAX INC 697 26,911 0.04USD

EQUITY RESIDENTIAL 1,246 54,027 0.08USD

ESTEE LAUDER COS INC/THE 543 23,235 0.03USD

E*TRADE FINANCIAL CORP 1,994 25,364 0.04USD

EW SCRIPPS CO 384 16,124 0.02USD

EXELON CORP 3,166 243,655 0.36USD

EXPRESS SCRIPTS INC - A- 1,220 66,405 0.10USD


FAMILY DOLLAR STORES INC 751 19,849 0.03USDFEDERAL NATIONALMORTGAGE ASSOCIATION 4,606 285,572 0.42USD

FEDERATED INVESTORS INC 375 14,955 0.02USD

FEDEX CORP 1,475 154,344 0.23USD





FIDELITY NATIONALINFORMATION SERVICES INC 740 33,182 0.05USD

FIFTH THIRD BANCORP 2,519 86,200 0.13USD

FIRST DATA CORP 240 8,153 0.01USDFIRST HORIZON NATIONALCORP 599 16,532 0.02USD

FIRSTENERGY CORP 1,461 94,892 0.14USD

FISERV INC 716 36,423 0.05USD

FLUOR CORP 429 61,995 0.09USD

FORD MOTOR CO 9,928 85,679 0.13USD

FOREST LABORATORIES INC 1,520 56,939 0.08USD

FORTUNE BRANDS INC 698 56,468 0.08USD

FPL GROUP INC 1,929 119,231 0.18USD

FRANKLIN RESOURCES INC 734 92,880 0.14USD

FREDDIE MAC 3,065 183,869 0.27USDFREEPORTMCMO.COPP&GOLD -B- 1,799 192,133 0.28USD

GANNETT CO INC 1,108 49,705 0.07USD

GAP INC. 2,360 43,188 0.06USD

GENERAL DYNAMICS CORP 1,905 161,525 0.24USD

GENERAL ELECTRIC CO 48,419 2,004,061 2.98USDGENERAL GROWTHPROPERTIES INC 1,150 61,778 0.09USD

GENERAL MILLS INC 1,537 89,561 0.13USD

GENERAL MOTORS CORP. 2,647 96,510 0.14USD

GENUINE PARTS CO 770 38,839 0.06USD

GENWORTH FINANCIAL INC 2,112 65,007 0.10USD

GENZYME CORP 1,243 78,085 0.12USD

GILEAD SCIENCES INC. 4,444 182,737 0.27USD

GOLDMAN SACHS GROUP INC 1,901 412,099 0.61USD

GOODRICH CORP 594 40,261 0.06USDGOODYEAR TIRE & RUBBERCO/THE 1,014 30,917 0.05USD

GOOGLE INC 1,096 621,979 0.92USD

GRAINGER INC WW 356 32,542 0.05USD

HALLIBURTON CO 4,198 162,085 0.24USD

HARLEY-DAVIDSON INC 1,126 52,291 0.08USDHARMAN INTERNATIONALINDUSTRIES INC 308 25,579 0.04USDHARRAH'S ENTERTAINMENTINC 910 79,079 0.12USDHARTFORD FINANCIALSERVICES GROUP INC 1,519 141,495 0.21USD

HASBRO INC 807 22,661 0.03USD

HERCULES INC 502 10,632 0.02USD

HESS CORP 1,297 87,431 0.13USD


HILTON HOTELS CORP 1,839 85,661 0.13USD

HJ HEINZ CO 1,528 70,685 0.10USD

HOME DEPOT INC 7,985 261,589 0.39USDHONEYWELL INTERNATIONALINC 3,533 209,154 0.31USD

HOSPIRA INC 766 31,705 0.05USD

HOST HOTELS & RESORTS INC 2,460 55,301 0.08USD

H&R BLOCK INC 1,559 33,331 0.05USD

HUDSON CITY BANCORP INC 2,500 38,300 0.06USD

HUMANA INC 750 53,348 0.08USDHUNTINGTON BANCSHARESINC/OH 1,736 29,929 0.04USD

IAC/INTERACTIVECORP 950 28,139 0.04USD

ILLINOIS TOOL WORKS INC 1,970 117,373 0.17USD


IMS HEALTH INC 947 29,130 0.04USD

INGERSOLL-RAND CO LTD 1,304 70,390 0.10USDINTEGRYS ENERGY GROUPINC 383 19,836 0.03USD

INTEL CORP 27,567 710,125 1.05USDINTERCONTINENTALEXCHANGE INC 320 48,787 0.07USDINTERNATIONAL BUSINESSMACHINES CORP 6,432 757,110 1.12USDINTERNATIONAL FLAVORS &FRAGRANCES INC 433 23,010 0.03USDINTERNATIONAL GAMETECHNOLOGY 1,598 67,947 0.10USD

INTERNATIONAL PAPER CO 2,007 72,091 0.11USDINTERPUBLIC GROUP OF COSINC 2,238 23,409 0.03USD

INTUIT 1,644 48,498 0.07USD

ITT CORP 780 53,867 0.08USD

JABIL CIRCUIT INC 1,001 24,525 0.04USD

JANUS CAPITAL GROUP INC 712 20,057 0.03USD

JDS UNIPHASE CORP 1,087 15,762 0.02USD

JOHNSON & JOHNSON 13,673 896,127 1.33USD

JOHNSON CONTROLS INC 957 112,151 0.17USD

JONES APPAREL GROUP INC 373 7,889 0.01USD

J.P. MORGAN CHASE & CO 15,987 738,758 1.09USD

JUNIPER NETWORKS INC 2,420 87,798 0.13USD

KB HOME 333 8,228 0.01USD

KELLOGG CO 1,273 71,059 0.11USD

KEYCORP 1,836 60,111 0.09USD

KIMBERLY-CLARK CORP 2,046 144,345 0.21USD

KIMCO REALTY CORP 1,188 54,030 0.08USD

KING PHARMACEUTICALS INC 870 10,275 0.02USD

KLA TENCOR CORPORATION 933 51,492 0.08USD

KOHL'S CORP 1,521 86,408 0.13USD

KRAFT FOODS INC 7,470 257,043 0.38USD

KROGER CO/THE 3,364 96,143 0.14USDLABORATORY CORP OFAMERICA HOLDINGS 528 40,624 0.06USD

LEGG MASON INC 625 52,119 0.08USD

LEGGETT & PLATT INC 973 18,691 0.03USDLEHMAN BROTHERSHOLDINGS INC 2,500 156,325 0.23USD

LENNAR CORP 715 16,088 0.02USD

LEUCADIA NATIONAL CORP 760 36,206 0.05USD

LEXMARK INTERNATIONAL INC 412 16,554 0.02USD

LIMITED BRANDS INC 1,444 33,053 0.05USD

LINCOLN NATIONAL CORP 1,273 83,356 0.12USD

LINEAR TECHNOLOGY CORP 1,040 36,140 0.05USD

LIZ CLAIBORNE INC 520 18,138 0.03USD

LOCKHEED MARTIN CORP 1,653 176,524 0.26USD

LOEWS CORP 2,122 102,387 0.15USD

LOWE'S COS INC 6,999 198,072 0.29USD

LSI CORP 3,149 23,303 0.03USDL-3 COMMUNICATIONSHOLDINGS INC 597 61,300 0.09USD

MACY'S INC 1,937 61,984 0.09USD

MANOR CARE INC 370 23,828 0.04USD

MARATHON OIL CORP 3,192 182,902 0.27USD

MARRIOTT INTL INC. -A- 1,467 63,565 0.09USD

MARSH & MCLENNAN COS INC 2,546 64,490 0.10USD





MARSHALL & ILSLEY CORP 1,252 55,188 0.08USD

MASCO CORP 1,740 40,020 0.06USD

MATTEL INC 1,775 41,997 0.06USD

MBIA INC 589 36,860 0.05USD

MCCORMICK & CO INC/MD 612 22,797 0.03USD

MCDONALD'S CORP. 5,610 306,082 0.45USD

MCGRAW-HILL COS INC/THE 1,617 84,230 0.12USD

MCKESSON CORP 1,452 83,751 0.12USD

MEADWESTVACO CORP 835 25,075 0.04USD

MEDCOHEALTH SOLUTIONS 1,275 114,750 0.17USD

MEDTRONIC INC 5,355 305,449 0.45USDMEMC ELECTRONICMATERIALS INC 1,070 65,003 0.10USD

MERCK & CO INC 10,266 536,912 0.79USD

MEREDITH CORP 151 8,491 0.01USD

MERRILL LYNCH & CO INC 4,076 291,597 0.43USD

METLIFE INC 3,509 245,209 0.36USD

MGIC INVESTMENT CORP 294 9,605 0.01USD

MICROCHIP TECHNOLOGY INC 1,040 38,366 0.06USD

MICRON TECHNOLOGY INC 3,569 40,544 0.06USD

MICROSOFT CORP 38,080 1,122,978 1.67USD

MILLIPORE CORP 247 18,816 0.03USD

MOLEX INC 670 18,291 0.03USD

MOLSON COORS BREWING CO 349 34,746 0.05USD

MONSANTO CO 2,560 216,422 0.32USD

MONSTER WORLDWIDE INC 624 20,860 0.03USD

MOODY'S CORP 1,061 53,443 0.08USD

MORGAN STANLEY 4,955 319,845 0.47USD

MOTOROLA INC. 10,912 203,945 0.30USD

M&T BANK CORP 376 39,499 0.06USD

MURPHY OIL CORP 910 62,917 0.09USD

MYLAN INC 1,070 17,377 0.03USD

NABORS INDUSTRIES LTD 1,264 39,146 0.06USD

NATIONAL CITY CORP. 2,992 75,548 0.11USDNATIONAL OILWELL VARCOINC 817 120,369 0.18USDNATIONAL SEMICONDUCTORCORP 1,142 31,017 0.05USD

NETWORK APPLIANCE INC 1,686 46,567 0.07USD

NEW YORK TIMES -A- 627 12,070 0.02USD

NEWELL RUBBERMAID INC. 1,218 34,737 0.05USD

NEWMONT MINING CORP 2,153 95,873 0.14USD

NEWS CORP 10,915 240,785 0.36USD

NICOR INC 132 5,647 0.01USD

NIKE INC -B- 1,850 107,615 0.16USD

NISOURCE INC 1,284 24,884 0.04USD

NOBLE CORP 1,200 59,592 0.09USD

NORDSTROM INC 974 46,041 0.07USD

NORFOLK SOUTHERN CORP 1,857 96,564 0.14USD

NORTHERN TRUST CORP 923 61,389 0.09USD

NORTHROP GRUMMAN CORP 1,636 128,066 0.19USD

NOVELL INC 1,152 8,755 0.01USD

NOVELLUS SYSTEMS INC 588 15,823 0.02USD

NUCOR CORP. 1,349 81,668 0.12USD

NVIDIA CORP 2,658 97,761 0.14USDOCCIDENTAL PETROLEUMCORP 3,940 254,918 0.38USD

OFFICE DEPOT INC 1,174 24,513 0.04USD


OFFICEMAX INC 264 8,944 0.01USD

OMNICOM GROUP INC 1,570 75,941 0.11USD

ORACLE CORP 18,577 401,821 0.59USD

PACCAR INC. 1,174 102,338 0.15USD

PACTIV CORP 618 17,662 0.03USD

PALL CORP 623 24,652 0.04USD

PARKER HANNIFIN CORP 552 62,072 0.09USD

PATTERSON COS INC 620 24,013 0.04USD

PAYCHEX INC 1,617 67,963 0.10USD

PEABODY ENERGY CORP 1,205 58,081 0.09USD

PENNEY (J.C.) CO.INC 1,059 67,575 0.10USD

PEPSI BOTTLING GROUP INC 656 24,823 0.04USD

PEPSICO INC 7,640 554,817 0.82USD

PERKINELMER INC 581 16,907 0.03USD

PFIZER INC 32,718 809,770 1.20USD

PG&E CORP 1,684 81,287 0.12USDPINNACLE WEST CAPITALCORP 472 18,790 0.03USD

PITNEY BOWES INC 1,055 48,003 0.07USD

PLUM CREEK TIMBER CO INC 784 34,912 0.05USDPNC FINANCIAL SERVICESGROUP INC 1,626 111,885 0.17USD

POLO RALPH LAUREN CORP 290 22,527 0.03USD

PPG INDUSTRIES INC 745 56,739 0.08USD

PPL CORP 1,810 84,817 0.13USD

PRAXAIR 1,536 127,980 0.19USD

PRECISION CASTPARTS CORP 650 96,090 0.14USDPRINCIPAL FINANCIAL GROUPINC 1,248 77,713 0.12USD

PROCTER & GAMBLE CO 14,750 1,033,974 1.54USD

PROGRESS ENERGY INC 1,220 57,962 0.09USD

PROGRESSIVE CORP 3,299 63,275 0.09USD

PROLOGIS 1,211 79,865 0.12USD

PRUDENTIAL FINANCIAL INC 2,185 211,508 0.31USDPUBLIC SERVICE ENTERPRISEGROUP INC 1,201 106,601 0.16USD

PUBLIC STORAGE 584 45,943 0.07USD

PULTE HOMES INC 1,018 13,906 0.02USD

QLOGIC CORP 550 7,304 0.01USD

QUALCOMM INC. 7,896 333,132 0.49USD

QUEST DIAGNOSTICS INC 739 42,958 0.06USD

QUESTAR CORP 740 38,887 0.06USDQWEST COMMUNICATIONSINTERNATIONAL INC 7,557 69,222 0.10USD

RADIOSHACK CORP 475 9,595 0.01USD

RAYTHEON CO 2,039 131,597 0.19USD

REGIONS FINANCIAL CORP 3,347 100,142 0.15USD

REYNOLDS AMERICAN INC 744 47,251 0.07USDROBERT HALFINTERNATIONAL INC 712 21,310 0.03USDROCKWELL AUTOMATIONINC/DE 662 46,539 0.07USD

ROCKWELL COLLINS INC 775 56,800 0.08USD

ROHM & HAAS CO 643 36,117 0.05USD

ROWAN COS INC 467 17,629 0.03USD

RR DONNELLEY & SONS CO 1,062 38,869 0.06USD

RYDER SYSTEM INC 262 12,869 0.02USD

SAFECO CORP 499 30,818 0.05USD

SAFEWAY INC. 2,094 70,191 0.10USD





SANDISK CORP 1,045 57,245 0.08USD

SARA LEE CORP 3,429 57,196 0.08USD

SCHERING-PLOUGH CORP 7,660 245,809 0.36USD

SCHLUMBERGER LTD 5,654 593,840 0.88USD

SEALED AIR CORP (NEW) 748 19,343 0.03USD

SEARS HOLDINGS CORP 373 47,360 0.07USD

SEMPRA ENERGY 1,214 71,505 0.11USD

SHERWIN-WILLIAMS CO/THE 519 34,970 0.05USD

SIGMA-ALDRICH CORP 666 32,714 0.05USD

SIMON PROPERTY GROUP INC 1,069 106,836 0.16USD

SLM CORP 1,933 94,949 0.14USD

SMITH INTERNATIONAL INC 970 69,850 0.10USD

SNAP-ON INC 254 12,482 0.02USD

SOLECTRON CORP 2,865 11,145 0.02USD

SOUTHERN CO 3,576 132,205 0.20USD

SOUTHWEST AIRLINES CO 3,537 52,171 0.08USD

SOVEREIGN BANCORP INC 1,704 29,462 0.04USD

SPECTRA ENERGY CORP 2,984 74,391 0.11USD

SPRINT NEXTEL CORP 13,463 252,970 0.37USD

ST JUDE MEDICAL INC 1,624 71,521 0.11USD

STANLEY WORKS/THE 425 23,745 0.04USD

STAPLES INC 3,389 73,169 0.11USD

STARBUCKS CORP. 3,519 94,907 0.14USDSTARWOOD HOTELS &RESORTS WORLDWIDE INC 1,007 60,762 0.09USD

STATE STREET CORP 1,834 125,354 0.19USD

STRYKER CORP. 1,123 77,352 0.11USD

SUN MICROSYSTEMS 16,705 93,381 0.14USD

SUNOCO INC 575 40,480 0.06USD

SUNTRUST BANKS INC 1,661 127,714 0.19USD

SUPERVALU INC 1,009 39,634 0.06USD

SYMANTEC CORP 4,303 82,704 0.12USD

SYNOVUS FINANCIAL CORP 1,568 44,108 0.07USD

SYSCO CORP 2,884 101,027 0.15USD

T ROWE PRICE GROUP INC 1,246 69,153 0.10USD

TARGET CORP 4,008 247,294 0.37USD

TECO ENERGY INC 1,091 17,947 0.03USD

TEKTRONIX INC 275 7,722 0.01USD

TELLABS INC 2,092 19,979 0.03USD

TEMPLE-INLAND INC 509 26,621 0.04USD

TENET HEALTHCARE CORP 1,389 4,750 0.01USD

TERADATA CORP 900 23,265 0.03USD

TERADYNE INC 980 13,622 0.02USD

TEREX CORP 490 44,046 0.07USD

TESORO CORP 600 28,284 0.04USD

TEXAS INSTRUMENTS INC 6,728 247,523 0.37USD

TEXTRON INC 1,124 69,744 0.10USD

THE HERSEY CO 746 34,540 0.05USDTHERMO FISHER SCIENTIFICINC 2,048 118,415 0.18USD

TIFFANY & CO 687 36,274 0.05USD

TIME WARNER INC 17,631 320,884 0.47USD

TJX COS INC 2,125 61,838 0.09USD

TORCHMARK CORP 468 29,283 0.04USD

TRANSOCEAN INC 1,354 154,099 0.23USD

TRAVELERS COS INC/THE 3,091 154,859 0.23USD

TRIBUNE CO 329 8,939 0.01USD


TXU CORP 2,198 150,277 0.22USD

TYSON FOODS INC 1,223 21,904 0.03USD

UNION PACIFIC CORP 1,250 142,225 0.21USD

UNISYS CORP 1,698 11,292 0.02USD

UNITED HEALTH GROUP INC 6,279 309,304 0.46USD

UNITED STATES STEEL CORP 559 59,276 0.09USDUNITED TECHNOLOGIESCORP. 4,691 378,517 0.56USD

UNUM GROUP 1,715 41,949 0.06USD

US BANCORP 8,168 267,257 0.40USD

UST INC 694 34,291 0.05USD

UTD PARCEL SERVICE INC "B" 4,941 369,686 0.55USDVALERO ENER.CORP/WH.ISSUED 2,598 175,521 0.26USDVARIAN MEDICAL SYSTEMSINC 600 24,384 0.04USD

VERISIGN INC 1,211 41,174 0.06USDVERIZON COMMUNICATIONSINC 13,703 612,250 0.91USD

VF CORP 436 35,569 0.05USD

VIACOM INC 3,220 123,101 0.18USD

VORNADO REALTY TRUST 628 68,885 0.10USD

VULCAN MATERIALS CO 465 41,487 0.06USD

WACHOVIA CORP 8,984 455,129 0.67USD

WAL- MART STORES INC 11,329 494,058 0.73USD

WALGREEN CO. 4,696 225,079 0.33USD

WALT DISNEY CO/THE 9,144 312,816 0.46USD

WASHINGTON MUTUAL INC 4,135 148,322 0.22USD

WASTE MANAGEMENT INC 2,445 92,592 0.14USD

WATERS CORP 439 29,830 0.04USDWATSON PHARMACEUTICALSINC 478 15,282 0.02USD

WELLPOINT INC 2,863 228,038 0.34USD

WELLS FARGO & CO 15,814 569,620 0.84USD

WENDY S INTERNATIONAL INC 489 16,978 0.03USD

WESTERN UNION CO/THE 3,692 79,341 0.12USD

WEYERHAEUSER CO 1,031 75,366 0.11USD

WHIRLPOOL CORP 384 33,896 0.05USD

WHOLE FOODS MARKET INC 655 31,532 0.05USD

WILLIAMS COS INC 2,847 97,595 0.14USD

WINDSTREAM CORP 2,261 32,287 0.05USD

WM WRIGLEY JR CO 1,037 66,897 0.10USD

WYETH 6,369 285,268 0.42USD

WYNDHAM WORLDWIDE CORP 819 25,995 0.04USD

XCEL ENERGY INC 1,964 42,933 0.06USD

XEROX CORP. 4,395 76,341 0.11USD

XILINX INC. 1,381 35,975 0.05USD

XL CAPITAL LTD 801 62,502 0.09USD

XTO ENERGY INC 1,816 113,246 0.17USD

YAHOO INC 6,379 167,576 0.25USD

YUM! BRANDS INC 2,446 82,406 0.12USD

ZIMMER HOLDINGS INC 1,118 91,911 0.14USD

ZIONS BANCORPORATION 493 33,909 0.05USD

3M CO 3,401 317,619 0.47USD

63,339,635 93.75

94.33TOTAL SHARES 63,733,762





HUGOTON ROYALTY TRUST 1 24 0.00USD


UNITED STATES

24 0.00

0.00TOTAL INVESTMENT COMPANIES 24



SEAGATE TECHNOLOGY(ESCROW) 147 0.00 0.00USD


SHARES

UNITED STATES

0.00 0.00

0.00TOTAL SHARES 0.00

0.00TOTAL OTHER TRANSFERABLE SECURITIES 0.00







%



Banks and financial institutions 9.79Holding companies 9.67Pharmaceuticals and cosmetics 8.33Energy 8.19Office equipment and computers 5.67News transmission 5.20Internet Software 4.63Retail trade, department stores 4.48Insurance 3.81Electronics and electrical equipment 3.71Public services 3.35Food 3.04Aerospace technology 2.56Chemicals 2.51Consumer goods 2.26Miscellaneous 1.92Gastronomy 1.65Tobacco and spirits 1.61Transport 1.60Graphic art and publishing 1.50Mechanics, machinery 1.31Other services 0.99Healthcare, education and social services 0.95Real estate companies 0.74Automobile industry 0.68Biotechnology 0.56Coal mines, heavy industries 0.44Textile 0.44Forest products and paper industry 0.44States, provinces and municipalities 0.42Precious metals 0.42Construction, building materials 0.36Non-ferrous metals 0.24Index Options 0.19Package and container industry 0.16Environmental services & recycling 0.16Other business houses 0.15Investment companies 0.10Tyres and rubber 0.05Photography and optics 0.05



US INDEX






SHARES

BERMUDA ISLANDS

HI SUN TECHNOLOGY CHINALTD 3,285,000 1,070,970 0.32HKDPEACE MARK(HOLDINGS)LIMITED 2,156,000 3,217,206 0.95HKD

TAI CHEUNG HOLDINGS 2,049,000 1,644,945 0.48HKD

11,203,949 3.30

AAC ACOUSTICTECHNOLOGIES HOLDINGSINC 2,476,000 3,059,784 0.90HKD

CAYMAN ISLANDS

XINYI GLASS HOLDINGS COLTD 902,000 1,185,573 0.35HKD

4,245,357 1.25

AIR CHINA LTD 3,218,000 4,602,889 1.36HKD

CHINA

ALUMINUM CORP OF CHINALTD 160,000 460,807 0.14HKD

BEIJING JINGKELONG CO LTD 1,650,000 1,700,965 0.50HKD

CHINA COAL ENERGY CO 871,000 2,592,696 0.76HKDCHINA CONSTRUCTION BANKCORP 5,031,000 4,596,445 1.35HKDCHINA LIFE INSURANCE COLTD 1,567,000 9,015,960 2.66HKDCHINA SHIPPINGDEVELOPMENT CO LTD 1,310,000 4,253,959 1.25HKD

CHINA TELECOM CORP LTD 2,760,000 2,084,146 0.61HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 2,320,000 2,669,691 0.79HKDGLORIA MATERIALTECHNOLOGY CORP 367,000 742,898 0.22TWDNINE DRAGONS PAPERHOLDINGS LTD 1,716,000 5,373,349 1.58HKD

PETROCHINA CO LTD 3,750,000 7,122,792 2.10HKDYANZHOU COAL MINING CO -H- 604,000 1,245,313 0.37HKD


49,533,162 14.60

CHEUNG KONG HOLDINGS 308,000 5,088,154 1.50HKD

HONG KONG

CHINA MERCHANTSHOLDINGS INTERNATIONALCO LTD 434,000 2,704,006 0.80HKD

CHINA MOBILE LTD 845,000 13,861,384 4.10HKDCHINA OVERSEAS LAND ANDINVESTMENT 1,425,666 3,259,064 0.96HKD

INVESTMENTS

ASIA FREESTYLEStatement of investments as at 30 September 2007 (expressed in USD)


CNPC HONG KONG LTD 2,580,000 1,635,710 0.48HKD

GREAT EAGLE HOLDINGS LTD 1,084,000 4,120,717 1.21HKDHENDERSON LANDDEVELOPMENT CO LTD 292,000 2,319,730 0.68HKD

HUTCHISON WHAMP 245,000 2,625,124 0.77HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 5,934,000 4,167,403 1.23HKDKINGBOARD CHEMICALHOLDINGS LTD 314,000 2,002,887 0.59HKDSINO-OCEAN LAND HOLDINGSLTD 288,000 408,232 0.12HKDSUN HUNG KAI PROPERTIESLTD 246,000 4,152,675 1.22HKDTIANJIN DEVELOPMENTHLDGS 1,444,000 2,061,714 0.61HKD

48,406,800 14.27

STERLITE INDUSTRIES INDIALTD ADR 34,000 631,380 0.19USD

INDIA

631,380 0.19

BANK NIAGA TBK PT 25,248,500 2,400,466 0.71IDR

INDONESIA

BUMI RESOURCES TBK PT 4,720,000 1,843,991 0.54IDRPT ASTRA INTERNATIONALTBK 1,416,000 3,001,965 0.89IDRTELEKOMUNIKASI INDONESIATBK PT 1,903,000 2,287,558 0.67IDR

9,533,980 2.81

SARIN TECHNOLOGIES LTD 2,577,000 1,098,067 0.32SGD

ISRAEL

1,098,067 0.32

BANDAR RAYADEVELOPMENTS BHD 1,494,200 1,207,612 0.36MYR

MALAYSIA

COMMERCE ASSET-HOLDINGBHD/FOR.REG. 830,600 2,626,790 0.77MYR


RESORTS WORLD BHD 5,116,700 5,933,279 1.75MYR

10,964,073 3.23


PHILIPPINES


AYALA LAND INC 4,221,600 9,391 0.00PHP

GMA NETWORK INC 3,036,000 634,808 0.19PHP

3,791,258 1.12


SINGAPORE

BANYAN TREE HOLDINGS LTD 624,000 896,064 0.26SGD

HOTEL PROPERTIES LTD 635,000 2,019,727 0.60SGD

KEPPEL CORP LTD 370,000 3,575,238 1.06SGDOVERSEA-CHINESE BANKINGCORP 353,000 2,120,012 0.62SGD


13,228,049 3.90






SOUTH KOREA

DONGYANG MECHATRONICSCORP 147,010 1,783,569 0.53KRW

HOTEL SHILLA CO LTD 95,310 2,828,319 0.83KRWHYUNDAI ENGINEERING &CONSTRUCTION CO LTD 56,070 5,325,624 1.56KRW

HYUNDAI MOTOR CO 37,639 1,396,407 0.41USD

JVM CO LTD 21,259 1,252,425 0.37KRW

KOOKMIN BANK 52,390 4,369,111 1.29KRW

KOREA EXCHANGE BANK 98,140 1,587,552 0.47KRWKOREA INVESTMENTHOLDINGS CO LTD 13,560 892,229 0.26KRW


KT& G CORP 33,700 2,633,638 0.78KRW

LG CORP 26,440 1,820,632 0.54KRW




NHN CORP 15,343 3,551,865 1.05KRW

POSCO 11,407 8,390,863 2.46KRWSAMSUNG ELECTRONICS COLTD 20,478 12,825,145 3.77KRWSAMSUNG ENGINEERING COLTD 19,060 2,562,407 0.76KRWSAMSUNG FIRE & MARINEINSURANCE CO LTD 12,560 2,704,432 0.80KRW




77,461,398 22.83

ADVANCED SEMICONDUCTORENGINEERING INC 1,348,637 1,478,564 0.44TWD

TAIWAN

ASUSTEK COMPUTER INC 809,668 2,462,171 0.73TWD

AU OPTRONICS CORP 1,517,278 2,615,986 0.77TWDCATHAY FINANCIAL HOLDINGCO LTD 1,727,178 4,083,347 1.20TWDCHUNGHWA TELECOM CO LTDADR 7,230 137,153 0.04USDEVERGREEN MARINE CORPTAIWAN LTD 1,402,000 1,212,909 0.36TWDFAR EASTERN TEXTILE COLTD 230,719 3,096,826 0.91USDFORMOSA CHEMICALS &FIBRE CORP 793,000 2,027,783 0.60TWDHON HAI PRECISIONINDUSTRY CO LTD 1,395,820 10,515,417 3.10TWD

KYE SYSTEMS CORP 950,000 1,914,306 0.56TWD

MEDIATEK INC 199,510 3,592,559 1.06TWDSILICONWARE PRECISIONINDUSTRIES CO 733,184 1,650,297 0.49TWD

TAIWAN CEMENT CORP 2,336,940 3,821,648 1.13TWD

TAIWAN FERTILIZER CO LTD 592,000 1,428,597 0.42TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 3,115,327 6,067,680 1.79TWD

TRIPOD TECHNOLOGY CORP 360,411 1,467,951 0.43TWDUNITED MICROELECTRONICSCORP. 1,564,417 919,847 0.27TWD

WISTRON CORP 849,000 1,533,987 0.45TWD


WISTRON CORP 1 18 0.00USD

50,027,046 14.75

BANGKOK BANK PUBLIC /FOR.REG. 612,400 2,073,540 0.61THB

THAILAND

PTT PLC CO LTD /FOR.REG. 241,900 2,372,435 0.70THB


5,927,964 1.75

84.32TOTAL SHARES 286,052,483



BERMUDA ISLANDS

4,540,981 1.34


JP MORG DERIV.-31.03.08 HCL 314,732 2,473,794 0.73USD


GREAT BRITAIN

JP MORG.INTL.0%06-27.1.09NGCN 0 300,000 1,803,000 0.53USD

UBS AG/LONDON 15/02/2010 78,996 1,863,729 0.55USD

UBS LN 06-21.12.07 WRT /TATA 125,000 2,366,988 0.70USD

8,507,511 2.51

JP MORGAN INTERNATIONALDERIVATIVES LTD 7.4.08 /ONMAHINDRA 119,500 2,253,770 0.67USD

INDIA

MSDW ASIA 05-21.02.08WT/HINDUSTAN ZINCLTD 0.000001 73,500 1,498,790 0.44USD

3,752,560 1.11

JP MORGAN INTERNATIONALDERIVATIVES LTD 14/11/2011 259,000 1,880,340 0.56USD

JERSEY

JP MORGAN INTERNATIONALDERIVATIVES LTD 23/05/2008EMTN 184,500 1,440,945 0.42USD

3,321,285 0.98

BANDAR RAYADEVELOPMENTS BHD26/09/2012 1.1 442,350 216,318 0.06MYR

MALAYSIA

216,318 0.06

ABN AMRO 05-18.12.06WRT/HCL INF 0 294,744 1,684,833 0.50USD

NETHERLANDS

1,684,833 0.50

INDIAN OIL CORP LTD25/08/2011 0.000001 95,212 1,112,352 0.33USD


1,112,352 0.33





ADITYA BIRLA NUVO LTD20/01/2010 0.00001 45,881 1,743,886 0.51USD

UNITED STATES

1,743,886 0.51






SHARES

HONG KONG

1,524,216 0.45


UBS LN06-13.12.07WRT/DR.REDDYS 0 106,401 1,723,644 0.51USD


GREAT BRITAIN

UBS 3.7.10 WRT/INFRASTPROJ 79,000 829,792 0.24USD

2,553,436 0.75









%



Electronics and electrical equipment 17.59Holding companies 10.92Banks and financial institutions 10.42Real estate companies 6.63News transmission 5.42Coal mines, heavy industries 4.50Textile 4.33Gastronomy 3.98Insurance 3.46Construction, building materials 3.36Energy 3.28Transport 2.57Office equipment and computers 2.07Internet Software 1.97Chemicals 1.91Forest products and paper industry 1.58Investment companies 1.34Automobile industry 1.30Clock and watch-making industry 0.95Retail trade, department stores 0.80Public services 0.79Tobacco and spirits 0.78Mechanics, machinery 0.59Pharmaceuticals and cosmetics 0.54Consumer goods 0.50Miscellaneous 0.44Non-ferrous metals 0.33Precious metals 0.32Other services 0.19



ASIA FREESTYLE






SHARES

BERMUDA ISLANDS

GP INVESTMENTS LTD 1,201,000 52,242,867 1.75BRL

71,547,767 2.40

ALL AMERICA LATINALOGISTICA SA 2,457,420 34,864,492 1.17BRL

BRAZIL

ANHANGUERA EDUCACIONALPARTICIPACOES SA 400,000 7,258,941 0.24BRL

BANCO BRADESCO SA /PREF. 422,688 12,410,454 0.42BRL


BRADESPAR SA 1,475,200 83,101,897 2.79BRLBRASILAGRO - COMPANHIABRASILEIRA DEPROPRIEDADES AGRICOLAS 35,500 23,826,931 0.80BRL

CIA VALE DO RIO DOCE ADR 669,200 22,739,416 0.76USDCIA VALE DO RIO DOCEA/PREF 200,000 5,742,147 0.19BRL

CIA VALE RIO DOCE/SADR 4,594,800 131,319,384 4.39USDDIAGNOSTICOS DA AMERICASA 1,259,865 29,244,439 0.98BRL

DURATEX SA 1,763,700 50,828,209 1.70BRLGLOBAL VILLAGE TELECOMHOLDING SA 1,280,000 27,042,263 0.91BRL

INPAR SA 560,000 5,915,495 0.20BRL

ITAU HOLDING /PFD SHS/SADR 15,635 788,473 0.03USD

JBS SA 4,930,000 22,433,377 0.75BRL

JBS SA 1,404,234 6,298,517 0.21BRL

LOJAS AMERICANAS SA 4,991,000 50,018,165 1.68BRL

MARCOPOLO SA 4,098,400 18,649,281 0.63BRLPETROLEO BRASILEIRO SAADR 2,735,800 179,906,207 6.02USDPETROLEO BRASILEIRO SAADR 18,600 1,430,526 0.05USD

SADIA SA 6,485,300 36,642,309 1.23BRLSAO CARLOSEMPREENDIMENTOS EPARTICIPACOES SA 2,140,300 25,855,204 0.87BRL

797,613,023 26.73

TIANJIN PORT DEVELOPMENTHOLDINGS LTD 5,050,000 5,251,537 0.18HKD

CAYMAN ISLANDS

5,251,537 0.18

AIR CHINA LTD 21,000,000 30,037,499 1.01HKD

CHINA

INVESTMENTS

BRIC FREESTYLEStatement of investments as at 30 September 2007 (expressed in USD)


ALUMINUM CORP OF CHINALTD 5,042,000 14,521,179 0.49HKD

CHINA COAL ENERGY CO 12,500,000 37,208,614 1.25HKDCHINA COMMUNICATIONSCONSTRUCTION CO LTD 5,780,000 13,764,210 0.46HKDCHINA LIFE INSURANCE COLTD 10,930,000 62,887,324 2.10HKDCHINA NATIONAL BUILDINGMATERIAL CO LTD 21,000,000 69,275,673 2.31HKDCHINA OILFIELD SERVICESLTD 14,134,000 32,601,653 1.09HKD

CHINA RESOURCES LAND LTD 23,986,000 50,071,931 1.68HKDCHINA SHENHUA ENERGY COLTD 5,000,000 30,089,044 1.01HKDCHINA SHIPPING CONTAINERLINES CO LTD 15,000,000 11,655,477 0.39HKDCHINA SHIPPINGDEVELOPMENT CO LTD 4,800,000 15,587,027 0.52HKDCHINA SOUTHERN AIRLINES -H- 12,000,000 18,679,691 0.63HKDDATANG INTERNATIONALPOWER GENERATION CO LTD 10,000,000 11,507,287 0.39HKD

PETROCHINA CO LTD 28,830,000 54,760,023 1.84HKDPICC PROPERTY & CASUALTYCO LTD 3,000,000 5,845,135 0.20HKDZHEJIANG EXPRESSWAY COLTD -H- 29,000,000 41,256,138 1.38HKD


525,821,640 17.62

AFI DEVELOPMENT PLC 1,500,000 14,400,000 0.48USD

CYPRUS

AFI DEVELOPMENT PLC 512,900 5,118,742 0.17USD

19,518,742 0.65

COMSTAR UNITEDTELESYSTEMS 1,034,652 13,553,941 0.45USD


GAZPROM OAO/SADR 1,550,550 68,224,200 2.29USD

LUKOIL /SADR 1,633,184 135,880,910 4.54USDMAGNITOGORSK IRON &STEEL WORKS 930,000 13,717,500 0.46USD

MECHEL ADR 382,545 19,865,562 0.67USD

MMC NORILSK NICKEL ADR 152,000 41,496,000 1.39USDMOBILE TELESYSTEMS OJSCADR 1,800,000 129,276,000 4.32USD

RAO UNIFIED ENER.SYS./GDR 97,410 11,884,020 0.40USD

SEVERSTAL 570,000 11,998,500 0.40USD



TATNEFT 487,435 54,470,861 1.83USD

TMK OAO 410,000 16,892,000 0.57USD

TRANSNEFT 20,789 37,157,694 1.25USD

639,285,300 21.42

CAIRN ENERGY PLC 711,359 29,222,577 0.98GBP

GREAT BRITAIN

29,222,577 0.98

BEIJING ENTERPRISESHOLDINGS LTD 1,686,000 8,581,756 0.29HKD

HONG KONG

CHINA EVERBRIGHT LTD 3,000,000 10,708,349 0.36HKD






CHINA OVERSEAS LAND ANDINVESTMENT 20,150,000 46,062,782 1.54HKDCHINA RESOURCESENTERPRISE 5,500,000 23,388,272 0.78HKDCHINA RESOURCES POWERHOLDINGS CO 2,902,000 9,031,004 0.30HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 20,554,000 14,434,919 0.48HKDSINO-OCEAN LAND HOLDINGSLTD 692,000 980,890 0.03HKD

285,101,947 9.55

ADITYA BIRLA NUVO LTD 150,000 5,639,547 0.19INR

INDIA

AMTEK AUTO LTD 597,600 5,422,600 0.18INR

BHARTI AIRTEL LTD 500,000 11,927,900 0.40INRBOMBAY DYEING &MANUFACT/DEMAT. 300,000 5,118,968 0.17INRBRITANNIA INDUSTRIESLTD/DEMAT. 300,000 11,082,792 0.37INR

CAIRN INDIA LTD 850,272 3,876,392 0.13INRDR REDDY S LABORATORIES/DEMAT. 921,035 15,057,525 0.50INRDR REDDYS LABORATORIESLTD ADR 485,000 7,944,300 0.27USDDWARIKESH SUGARINDUSTRIES LTD 74,000 117,235 0.00INRELECTROSTEEL CASTINGSLTD 5,386,310 6,438,970 0.22INR

GAMMON INDIA LTD 754,615 8,935,452 0.30INR

GRASIM INDUST./DEMAT. 189,900 16,856,285 0.56INR

HCL TECHNOLOGIES LTD 2,300,000 17,362,336 0.58INR

HCL-INFOSYSTEMS LTD 964,652 5,627,501 0.19INR


HINDUSTAN OIL EXPLORATION 2,126,480 6,060,814 0.20INRHUTCHISONTELECOMMUNICATIONSINTERNATIONAL LTD ADR 33,920 718,086 0.02USD

ICICI BANK LTD ADR 50,000 2,624,500 0.09USD

INDIA CEMENTS LTD/DEMAT. 1,200,000 8,845,697 0.30INR

INDIABULLS REAL ESTATE LTD 1,100,000 18,387,514 0.62INR

INDIAN OIL CORP/DEMAT. 330,000 3,824,503 0.13INRINDO RAMA SYNTHETICS(INDIA) 1,341,457 2,118,468 0.07INR

ITC LTD 2,800,000 13,356,000 0.45USDIVRCL INFRASTRUCTURES &PROJECTS LTD 250,000 2,634,041 0.09INRJET AIRWAYS INDIA LTD/DEMAT. 84,465 1,946,425 0.07INR

JINDAL STEEL & POWER LTD 243,162 31,791,623 1.08INR

JK CEMENT LTD 2,385,000 10,642,130 0.36INR

JSW STEEL LTD 1,009,700 21,599,452 0.72INR

KEI INDUSTRIES LTD 2,400,000 5,197,489 0.17INRMAHINDRA UGINE STEEL COLTD 2,316,587 5,655,250 0.19INRMAHINDRA&MAHINDRA/DEMAT. 700,000 13,089,357 0.44INR

MAX INDIA LTD 450,000 2,746,349 0.09INR

MICRO INKS LTD 580,000 5,473,823 0.18INRNAGARJUNA CONSTRUCTIONCO 1,750,484 11,139,163 0.37INR

OIL&NATURAL GAS/DEMAT. 580,000 14,238,507 0.48INRPATNI COMPUTER SYSTEMSLTD ADR 5,550 131,202 0.00USDPATNI COMPUTERS SYSTEMSLTD /DEMAT. 1,063,000 12,680,695 0.42INR


PURAVANKARA PROJECTSLTD 150,000 1,681,596 0.06INR

RICO AUTO INDUSTRIES LTD 1,056,441 995,700 0.03INRSTERLITE INDUSTRIES INDIALTD ADR 438,300 8,139,231 0.27USDTATA CONSULTANCYSERVICES LTD 200,000 5,332,887 0.18INR

TATA IRON & STEEL/DEMAT. 1,105,000 23,860,580 0.80INR

TATA MOTORS LTD/DEMAT. 649,258 12,387,260 0.42INRTRIVENI ENGINEERING &INDUSTRIES LTD 2,000,000 5,607,208 0.19INR

VISA STEEL LTD 2,945,584 3,017,153 0.10INR

WIPRO LTD /DEMAT. 1,176,693 13,651,977 0.46INR

398,261,768 13.35

92.88TOTAL SHARES 2,771,624,301

MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001 637,500 7,578,281 0.25USD


INDIA

7,578,281 0.25


CLSA FIN.05-27.09.10WRT/GAMMON 0 59,675 701,438 0.02USD


BERMUDA ISLANDS

701,438 0.02

DT BK AG 07-2.1.17WRT/CARNIND 0.000001 2,304,375 10,518,458 0.35USD

GERMANY

DT.BK 06-18.05.09WRT/ADITYAB. 0 250,000 9,502,225 0.32USD

20,020,683 0.67

DLF LTD 13/06/2017 0.000001 352,000 7,035,776 0.24USD

GREAT BRITAIN

HCL-INFOSYSTEMS LTD30/01/2017 0.000001 734,500 4,177,998 0.14USDMAHINDRA & MAHINDRA LTD24/01/2017 0.000001 235,000 4,407,472 0.15USDUBS LDN 07-23.02.10WRT/PATNI 0 257,706 3,078,788 0.10USDUBS LOND.07-15.6.10WRT/TATA CO 327,000 8,571,356 0.29USD

27,271,390 0.92

MERRILL LYNCH 05-08.01.10/ON MAHINDRA UGINE STEELCO 0.000001 505,727 1,240,371 0.04USD

INDIA

MORGAN STANLEY 05-13.06.08/ON MAHINDRA 0.0001 102,660 3,842,948 0.13USD

5,083,319 0.17

JP MORGAN INTERNATIONALDERIVATIVES LTD 03/05/2012 400,000 4,216,000 0.14USD

JERSEY

4,216,000 0.14





ABN AMRO 05-18.12.06WRT/HCL INF 0 928,767 5,309,074 0.18USD

NETHERLANDS

5,309,074 0.18

INDIAN OIL CORP LTD25/08/2011 0.000001 220,000 2,570,238 0.09USD


PURAVANKARA PROJECTSLTD 21/08/2012 0.000001 244,264 2,735,830 0.09USDWIPRO LTD 02/11/20100.000001 100,000 1,154,560 0.04USD

6,460,628 0.22

ADITYA BIRLA NUVO LTD20/01/2010 0.00001 49,671 1,887,940 0.06USD

UNITED STATES

1,887,940 0.06




DT.BK 06-2.2.11 WRTGAZPROM 147 160,922,370 5.40USD



GERMANY

160,922,370 5.40

UBS LN 06-19.12.07 WRT/JINDAL 0 50,000 6,596,585 0.22USD

GREAT BRITAIN

UBS LN06-13.12.07WRT/DR.REDDYS 0 315,000 5,102,843 0.17USD

11,699,428 0.39

ABN AMRO 05-7.12.06WRT/JIND.P. 0 23,079 3,002,116 0.10USD

NETHERLANDS

3,002,116 0.10




(1.40)OTHER NET ASSETS LESS LIABILITIES (41,897,487)

100.00TOTAL NET ASSETS 2,983,879,481




%



Energy 22.17Coal mines, heavy industries 12.89News transmission 11.87Holding companies 7.57Transport 6.36States, provinces and municipalities 5.40Banks and financial institutions 4.20Other services 4.14Construction, building materials 3.73Real estate companies 3.45Food 2.69Retail trade, department stores 2.33Insurance 2.30Non-ferrous metals 2.15Automobile industry 1.67Miscellaneous 1.33Public services 1.31Internet Software 1.22Pharmaceuticals and cosmetics 0.86Agriculture and fishing 0.80Textile 0.69Office equipment and computers 0.61Mechanics, machinery 0.60Tobacco and spirits 0.45Electronics and electrical equipment 0.36Chemicals 0.25



BRIC FREESTYLE




PAMPA HOLDING SA 164,029 3,604,604 0.46USD


SHARES

ARGENTINA

3,604,604 0.46


BERMUDA ISLANDS

3,449,915 0.44


BRAZIL





DURATEX SA 184,300 5,311,356 0.68BRL

JBS SA 877,934 3,937,864 0.50BRL

JBS SA 473,345 2,153,900 0.27BRL

LUPATECH SA 177,200 4,463,599 0.57BRLNET SERVICOS DECOMUNICACAO SA 387,758 6,406,621 0.82BRLPETROLEO BRASILEIRO SAADR 396,911 26,100,866 3.34USDUNIBANCO - UNIAO DEBANCOS BRASILEIROS SA 13,837 1,845,026 0.24USD

98,284,677 12.55

BANK OF CHINA LTD 6,659,000 3,569,635 0.46HKD

CHINA

CHINA CONSTRUCTION BANKCORP 9,008,000 8,229,929 1.05HKDCHINA LIFE INSURANCE COLTD 1,773,000 10,201,210 1.30HKDCHINA PETROLEUM & CHEMCORP -H- 4,286,000 5,362,816 0.68HKDCHINA SHENHUA ENERGY COLTD 1,828,000 11,000,555 1.40HKD

CHINA TELECOM CORP LTD 2,596,000 1,960,306 0.25HKDHUANENG POWERINTERNATIONAL INC 3,094,000 4,281,994 0.55HKD

PETROCHINA CO LTD 3,460,000 6,571,963 0.84HKDPING AN INSURANCE GROUPCO OF CHINA LTD 375,500 5,206,474 0.66HKDYANZHOU COAL MINING CO -H- 3,674,000 7,574,965 0.97HKD

63,959,847 8.16

INVESTMENTS

GLOBAL EMERGING MARKETS EQUITYFREESTYLEStatement of investments as at 30 September 2007 (expressed in USD)


ORASCOM CONSTRUCTIONINDUSTRIES 115,281 19,597,770 2.50USD

EGYPT

19,597,770 2.50



GAZPROM OAO 2,258,910 24,730,160 3.16USD


LUKOIL /SADR 168,104 13,986,253 1.79USD

MAGNIT OAO 285,593 11,932,977 1.52USD

RASPADSKAYA 409,254 1,596,091 0.20USD

SBERBANK 6,258,695 25,535,476 3.25USD

SISTEMA-HALS 198,911 1,939,382 0.25USD

92,857,817 11.85

HIKMA PHARMACEUTICALSPLC 249,966 2,122,444 0.27GBP

GREAT BRITAIN

2,122,444 0.27


HONG KONG

CHINA OVERSEAS LAND ANDINVESTMENT 2,514,000 5,746,989 0.73HKD

CNOOC LTD 8,028,000 13,510,520 1.72HKDCOMBA TELECOM SYSTEMSHOLDINGS LTD 3,496,000 1,315,454 0.17HKDINDUSTRIAL & COMMERCIALBANK OF CHINA 8,461,000 5,942,096 0.76HKD

64,933,240 8.29

EVRAZ GROUP SA 68,356 4,415,798 0.56USD

INDIA

ICICI BANK LTD ADR 50,278 2,639,092 0.34USD

7,054,890 0.90


INDONESIA

TELEKOMUNIKASI INDONESIATBK PT 9,012,500 10,833,746 1.38IDR

18,555,685 2.37

TEVA PHARMACEUTICALINDUSTRIES LTD 81,096 3,604,532 0.46ILS

ISRAEL

TEVA PHARMACEUTICAL./ADR 317,400 14,190,954 1.81USD

17,795,486 2.27

PUBLIC BANK - FOR.REG. 1,533,804 4,715,946 0.60MYR

MALAYSIA

TELEKOM MALAYSIABHD/FOR.REG. 1,021,600 2,901,765 0.37MYR

7,617,711 0.97


MEXICO

CORP GEO SAB DE CV 1,546,480 6,677,331 0.85MXN





EMPRESAS ICA SAB DE CV 973,200 5,895,340 0.75MXNURBI DESARROLLOSURBANOS SA DE C.V 1,167,443 4,405,703 0.56MXN

32,200,862 4.11

METROPOLITAN BANK &TRUST 3,791,900 4,723,433 0.60PHP

PHILIPPINES

4,723,433 0.60

ABSA GROUP LTD 107,974 1,940,405 0.25ZAR

SOUTH AFRICA

BIDVEST GROUP LTD 631,506 12,541,986 1.60ZAR

GOLD FIELDS LTD 234,853 4,249,567 0.54ZARIMPALA PLATINUM HOLDINGSLTD 253,316 8,891,170 1.13ZAR

MASSMART HOLDINGS LTD 426,204 5,223,707 0.67ZARMURRAY & ROBERTSHOLDINGS LTD 244,539 3,196,896 0.41ZAR

SASOL LTD 259,057 11,400,670 1.46ZAR

STANDARD BANK GROUP LTD 444,333 6,522,425 0.83ZAR

53,966,826 6.89

DAEGU BANK 320,259 5,915,728 0.76KRW

SOUTH KOREA

DAELIM INDUSTRIAL CO 57,131 10,615,511 1.36KRW

DAISHIN SECURITIES CO LTD 58,030 1,912,318 0.24KRWHYUNDAI DEPARTMENTSTORE CO LTD 19,290 2,287,611 0.29KRW

HYUNDAI DEVELOPMENT CO 118,150 11,041,295 1.41KRW




INDUSTRIAL BANK OF KOREA 280,918 6,048,754 0.77KRW

KOOKMIN BANK 27,880 2,325,078 0.30KRW

KOOKMIN BANK ADR 54,193 4,454,665 0.57USD

LG CORP 80,039 5,511,406 0.70KRW


LG FASHION CORP 172,430 5,719,943 0.73KRW

LOTTE SHOPPING CO LTD 11,830 5,042,774 0.64KRW

POSCO 15,390 11,320,714 1.45KRWSAMSUNG ELECTRONICS COLTD 31,870 19,959,829 2.55KRWSAMSUNG ELECTRONICS COLTD 4,170 1,939,348 0.25KRWSAMSUNG FIRE & MARINEINSURANCE CO LTD 9,700 2,088,614 0.27KRWSAMSUNG SECURITIES COLTD 44,220 4,006,761 0.51KRW

SHINSEGAE CO LTD 6,900 4,804,063 0.61KRWWOORI FINANCE HOLDINGSCO LTD 133,240 3,050,976 0.39KRW

128,570,475 16.42


TAIWAN

ASUSTEK COMPUTER INC 2,216,654 6,740,763 0.86TWD

AU OPTRONICS CORP 1,012,626 1,745,900 0.22TWD

AU OPTRONICS CORP ADR 146,639 2,541,254 0.32USDCATHAY FINANCIAL HOLDINGCO LTD 4,584,000 10,837,368 1.38TWD


CHINA STEEL CORP 3,494,010 5,093,227 0.65TWDFAR EASTERN TEXTILE COLTD 7,453,894 10,009,554 1.28TWDHON HAI PRECISIONINDUSTRY CO LTD 657,085 9,810,279 1.25USDHON HAI PRECISIONINDUSTRY CO LTD 358,000 2,696,994 0.34TWD

MEDIATEK INC 230,000 4,141,590 0.53TWD

NAN YA PLASTICS CORP. 1,257,000 3,272,021 0.42TWD

TAIWAN CEMENT CORP 8,070,530 13,197,912 1.69TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTD 2,759,000 5,373,667 0.69TWDTAIWAN SEMICONDUCTORMANUFACTURING CO LTDADR 989,261 10,169,603 1.30USD

WISTRON CORP 2,859,929 5,167,365 0.66TWD

90,927,406 11.61

AIRPORTS OF THAILAND PUB./FOR. REG. 4,563,400 8,325,067 1.07THB

THAILAND

BANGKOK BANK PCL 1,004,700 3,401,838 0.43THB

BANPU PCL 226,671 2,328,938 0.30THB

KASIKORNBANK PCL 1,352,155 3,216,646 0.41THB

KRUNG THAI BANK PCL 8,940,200 2,844,415 0.36THB

KRUNG THAI BANK PCL 1,005,900 322,973 0.04THBTISCO BANK PUBL.CO/NON-VOT. /FOR. REG. 2,863,600 2,507,569 0.32THB

22,947,446 2.93

TOFAS TURK OTOMOBILFABRIKASI AS 2,506,887 12,539,618 1.60TRY

TURKEY

12,539,618 1.60

95.19TOTAL SHARES 745,710,152

DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001 90,156 4,346,386 0.55USD


GERMANY

4,346,386 0.55

DB BK LN 06-23.1.09WRT/RELIAN 0 1,009,574 14,799,380 1.90USD

GREAT BRITAIN

UBS AG/LONDON 12/07/2010 828,378 3,725,133 0.48USD

UBS AG/LONDON 19/07/2010 162,502 9,503,117 1.21USD

28,027,630 3.59

ICICI BANK LTD 27/01/20090.000001 9,830 262,394 0.03USD


262,394 0.03







PIK GROUP 99,267 2,729,843 0.35USD


SHARES


2,729,843 0.35




UBS AG/LONDON 09/02/2010 32,693 2,331,577 0.30USD



GREAT BRITAIN

UBS LDN 06-17.11.07

WRT/ICICI 0 198,190 5,128,054 0.65USD

7,459,631 0.95









%



Banks and financial institutions 19.88Energy 13.59News transmission 10.93Coal mines, heavy industries 8.87Construction, building materials 8.68Electronics and electrical equipment 7.71Automobile industry 3.87Pharmaceuticals and cosmetics 3.24Food 2.75Holding companies 2.71Retail trade, department stores 2.65Insurance 2.23Textile 2.01Real estate companies 1.83Mechanics, machinery 1.71Precious metals 1.67Office equipment and computers 1.52Transport 1.22Aerospace technology 1.07Public services 0.85Other services 0.68Miscellaneous 0.57Chemicals 0.42



GLOBAL EMERGING MARKETS EQUITY FREESTYLE




CREDICORP LTD 25,000 1,672,750 0.89USD


SHARES

BERMUDA ISLANDS


GP INVESTMENTS LTD 44,300 1,927,027 1.03BRLOCEAN WILSONS HOLDINGSLTD 13,000 213,537 0.11GBP

5,991,382 3.21


BRAZIL

ANHANGUERA EDUCACIONALPARTICIPACOES SA 100,000 1,814,735 0.97BRL

BANCO DAYCOVAL SA 200,000 1,890,575 1.01BRL

BANCO INDUSVAL SA 464,000 5,022,060 2.69BRL

BR MALLS PARTICIPACOES SA 230,000 2,753,522 1.47BRL

BRADESPAR SA 159,500 8,985,055 4.81BRLCIA ENERGETICA DE SAOPAULO 380,000 7,081,259 3.79BRL

CIA HERING 540,000 3,071,507 1.64BRLCIA PROVIDENCIA INDUSTRIAE COMERCIO 450,000 3,583,425 1.92BRL



COMPANY_SA 6,000 116,685 0.06BRLCYRELA COMMERCIALPROPERTIES SAEMPREENDIMENTOS EPARTICIPACOES 748,500 932,584 0.50BRL

DROGASIL SA 411,000 3,228,333 1.73BRL

DURATEX SA 96,500 2,781,041 1.49BRLGLOBAL VILLAGE TELECOMHOLDING SA 125,000 2,640,846 1.41BRL

INPAR SA 300,000 3,169,015 1.70BRL

JBS SA 450,000 2,047,671 1.10BRL

JBS SA 122,700 550,356 0.29BRL

KEPLER WEBER SA 2,000,000 1,083,424 0.58BRL

KROTON EDUCACIONAL SA 334,600 7,232,148 3.87BRL

LA FONTE PARTICIPACOES SA 1,800,000 1,053,088 0.56BRL


LUPATECH SA 60,000 1,511,376 0.81BRL

MARCOPOLO SA 300,000 1,365,114 0.73BRL

METALFRIO SOLUTIONS SA 89,800 1,362,081 0.73BRLMMX MINERACAO EMETALICOS SA 13,300 4,755,148 2.54BRLMRV ENGENHARIA EPARTICIPACOES SA 150,000 2,697,726 1.44BRL

INVESTMENTS

LATIN AMERICAN FREESTYLEStatement of investments as at 30 September 2007 (expressed in USD)


MULTIPLANEMPREENDIMENTOSIMOBILIARIOS SA 340,000 4,015,169 2.15BRL

ODONTOPREV SA 48,500 1,484,426 0.79BRL

PETROLEO BRASILEIRO SA 210,000 6,865,387 3.67BRLPETROLEO BRASILEIRO SAADR 3,900 299,949 0.16USD

POSITIVO INFORMATICA SA 75,000 1,643,825 0.88BRL

SADIA SA 520,000 2,938,029 1.57BRLSARAIVA SA LIVREIROSEDITORES 67,000 1,171,956 0.63BRL

UNIVERSO ONLINE SA 315,000 1,958,939 1.05BRL

118,797,121 63.56

PACIFIC STRATUS ENERGYLTD 66,200 715,658 0.38CAD

CANADA

PAN AMERICAN SILVER CORP 313,300 9,035,572 4.84USD

9,751,230 5.22

BANCO SANTANDER CHILE SAADR 100 5,013 0.00USD

CHILE

CENTROS COMERCIALESSUDAMERICANOS SA 500,000 1,972,530 1.06CLP

LA POLAR SA 330,000 2,068,813 1.10CLP

4,046,356 2.16

ALMACENES EXITO SA 450,000 3,308,807 1.77USD

COLOMBIA

ALMACENES EXITO SA 61,575 452,318 0.24COP

BANCOLOMBIA SA ADR 50,000 1,717,500 0.92USDSURAMERICANA DEINVERSIONES SA 103,093 952,239 0.51COP

6,430,864 3.44

ANTOFAGASTA PLC 281,182 4,493,610 2.40GBP

GREAT BRITAIN

4,493,610 2.40

BANCO COMPARTAMOS SA DECV 376,900 2,048,097 1.10MXN

MEXICO

CORP.MOCTEZUMA SA DE CVB2 1,011,900 3,011,604 1.61MXN

EMPRESAS ICA SAB DE CV 701,463 4,249,244 2.27MXN

GRUPO FAMSA SAB DE CV 501,372 2,066,091 1.11MXN

11,375,036 6.09

INTERGROUP FINANCIALSERVICES CORP 333,000 5,427,900 2.90USD

PANAMA

5,427,900 2.90

ALICORP SA 500,000 460,271 0.25PEN

PERU

CIA DE MINASBUENAVENTURA SA ADR 52,000 2,612,480 1.40USD





SOCIEDAD MINERA CERROVERDE SA 154,723 4,610,745 2.46USD

7,683,496 4.11

93.09TOTAL SHARES 173,996,995









%



Miscellaneous 18.68Coal mines, heavy industries 16.07Holding companies 9.85Banks and financial institutions 6.61Food 4.85Retail trade, department stores 4.22Transport 4.22Energy 4.21Construction, building materials 3.94Public services 3.79Real estate companies 2.76Other services 2.55Non-ferrous metals 2.40Consumer goods 2.01News transmission 1.41Precious metals 1.40Automobile industry 1.31Insurance 1.30Office equipment and computers 0.88Graphic art and publishing 0.63



LATIN AMERICAN FREESTYLE




BAE SYSTEMS PLC 108,124 535,484 4.20GBP


SHARES

GREAT BRITAIN

BG GROUP PLC 60,724 514,029 4.03GBP

BP PLC 89,896 508,811 3.99GBP

BRITISH AMERICAN TOBACCO 24,994 434,646 3.41GBP

CAPITA GROUP PLC 70,098 509,262 3.99GBP

CENTRICA PLC 133,525 502,259 3.93GBP

DANA PETROLEUM PLC 48,579 560,115 4.38GBPDOMESTIC & GENERALGROUP PLC 23,211 321,704 2.52GBP

FENNER PLC 86,887 220,259 1.73GBP

HBOS PLC 55,517 501,874 3.93GBP

HELPHIRE PLC 136,784 489,003 3.83GBP

HOMESERVE PLC 30,249 527,240 4.13GBP

ICAP PLC 104,765 553,202 4.33GBP

INCHCAPE PLC 109,140 458,934 3.60GBP

JOHNSON MATTHEY PLC 31,341 523,081 4.10GBPLEGAL & GENERAL GROUPPLC 387,654 516,743 4.05GBP

RESOLUTION PLC 80,253 551,338 4.32GBP

ROYAL DUTCH SHELL -B- 2 41 0.00GBP


SHIRE PLC 41,567 500,051 3.92GBP

SIG PLC 42,454 441,522 3.46GBP

UNILEVER PLC 33,554 523,107 4.10GBP

UNITED BUSINESS MEDIA PLC 71,171 495,706 3.88GBP

XSTRATA PLC 16,692 534,144 4.18GBP

3I GROUP PLC 51,470 512,899 4.02GBP

11,734,892 91.94

RAVEN RUSSIA LTD 324,478 321,112 2.52GBP

GUERNSEY

321,112 2.52

94.46TOTAL SHARES 12,056,004


INVESTMENTS

UK FREESTYLEStatement of investments as at 30 September 2007 (expressed in GBP)


TRADING EMISSIONS PLC 376,655 516,017 4.04GBP


SHARES

GREAT BRITAIN

516,017 4.04










%



Energy 16.31Public services 12.10Insurance 10.89Holding companies 8.35Banks and financial institutions 7.76Other services 7.45Aerospace technology 4.20Coal mines, heavy industries 4.18Precious metals 4.10Food 4.10Pharmaceuticals and cosmetics 3.92Graphic art and publishing 3.88Other business houses 3.60Tobacco and spirits 3.41Miscellaneous 2.52Mechanics, machinery 1.73



UK FREESTYLE




BRAZIL LETRAS FINANCEIRASDO TESOURO 16/12/2009 FRN 540 944,074 3.36BRL


BONDS

BRAZIL

BRAZIL LETRAS TESOURONACIONAL 01/07/2008 5,300 2,655,785 9.45BRLBRAZIL NOTAS DO TESOURONACIONAL SERIE F 10.0%01/01/2012 11,321 5,850,166 20.82BRL

9,450,025 33.63

33.63TOTAL BONDS 9,450,025


INVESTMENTS

BRAZIL BONDStatement of investments as at 30 September 2007 (expressed in USD)


Face Value

BCO SAFRA 0% 07-16.6.08 CD 1,000 558,152 1.99BRL


COMMERCIAL PAPER

BRAZIL

558,152 1.99

1.99TOTAL COMMERCIAL PAPER 558,152

BCO VOTORANTIM 0%%07-19.5.08CD 1,700 957,351 3.41BRL

CERTIFICATE OF DEPOSIT

BAHAMAS

BCO VOTORANTIM 0%%07-6.6.08 CD 900 503,965 1.79BRLGARANTIA BANK.0% 07-14.7.08CD 2,000 1,106,374 3.94BRL

2,567,690 9.14

BANCO BRADESCO 0% 07-12.5.08CD 700 394,758 1.40BRL

BRAZIL

BANCO BRADESCO 0% 07-4.9.08 CD 1,000 544,633 1.94BRL

BCO ITAU 0% 07-10.7.08 CD 1,000 553,915 1.97BRL

BCO ITAU 0% 07-12.6.08 CD 620 346,137 1.23BRL

BCO SAFRA 0% 07-19.5.08 CD 1,700 957,131 3.41BRLBCO SANTAND.0% 07-28.11.07CD 1,280 719,992 2.56BRL

BES 0% 07-28.7.08 CD 2,000 1,101,708 3.92BRL

BIFB 0% 06-6.12.07 CD 575 341,402 1.22BRL

BNP BRASIL 0% 07-26.11.07 CD 1,280 719,830 2.56BRL

BRADESCO 0% 07-26.11.07 CD 640 359,700 1.28BRL

HSBC CDB 0% 07-28.7.08 CD 900 495,667 1.76BRL

HSBC CDB 0% 07-4.7.08 CD 900 499,335 1.78BRLING BK BRAZIL 0%06-10.12.07CD 590 349,795 1.24BRL

ITAU 0% 07-29.5.08 CD 630 354,384 1.26BRL

SANTANDER 0% 07-28.7.08 CD 2,000 1,101,572 3.92BRL

UNIBANCO 0% 07-14.7.08 CD 2,000 1,106,339 3.94BRL

UNIBANCO 0% 07-19.5.08 CD 1,000 562,975 2.00BRL

10,509,273 37.39

HSBC 0% 07-12.5.08 CD 1,300 733,509 2.61BRL

GREAT BRITAIN

733,509 2.61

ABN AMRO BK 0% 07-28.7.08CD 2,000 1,101,627 3.92BRL

NETHERLANDS

RABOBANK 0% 07-06.06.08 CD 2,500 1,399,626 4.99BRL

RABOBANK 0% 07-12.5.08 CD 1,800 1,015,669 3.61BRL

RABOBANK 0% 07-28.04.08 CD 317 179,703 0.64BRL

3,696,625 13.16

CREDIT SWISS 0% 07-12.5.08CD 700 394,918 1.41BRL

SWITZERLAND

394,918 1.41

63.71TOTAL CERTIFICATE OF DEPOSIT 17,902,015

65.70TOTAL FINANCIAL INSTRUMENTS 18,460,167


Face Value







AUSTRIA GOVERNMENT BOND3.50% 15/09/2021 EMTN 4,600,000 4,090,320 3.06EUR


BONDS

AUSTRIA

AUSTRIA GOVERNMENT BOND4.650% 15/01/2018 5,900,000 5,989,090 4.47EURBUNDESIMMOBILIENGESELLSCHAFT MBH 4.375% 24/09/2013EMTN 5,000,000 4,937,500 3.69EURERSTE BANK DEROESTERREICHISCHENSPARKASSEN AG 4.615%19/07/2017 FRN EMTN 500,000 488,277 0.36EUR

15,505,187 11.58

BELGIUM GOVERNMENT BOND4.0% 28/03/2013 5,000,000 4,922,500 3.68EUR

BELGIUM

4,922,500 3.68

ROYAL BANK OF CANADA3.875% 31/10/2011 EMTN 1,000,000 968,185 0.72EUR

CANADA

968,185 0.72

BBVA BANCOMER SA/GRANDCAYMAN 4.799% 17/05/2017FRN 500,000 483,523 0.36EUR

CAYMAN ISLANDS

DUBAI HOLDING COMMERCIALOPERATIONS MTN LTD 4.750%30/01/2014 EMTN 100,000 97,178 0.07EURMIZUHO FINANCIAL GROUPCAYMAN LTD 4.750%15/04/2014 FRN EMTN 900,000 891,756 0.67EUR

1,472,457 1.10

SAMPO OYJ 4.625% 21/04/2014FRN 900,000 895,076 0.67EUR

FINLAND

895,076 0.67

AUTOROUTES DU SUD DE LAFRANCE 5.625% 04/07/2022EMTN 400,000 396,623 0.30EUR

FRANCE

BANQUE FEDERATIVE DUCREDIT MUTUEL/FRANCE4.471% FRN EMTN 700,000 632,559 0.47EURBNP PARIBAS COVEREDBONDS SA 3.750% 13/12/2011EMTN 1,600,000 1,547,941 1.16EUR

INVESTMENTS

EURO CORE BONDStatement of investments as at 30 September 2007 (expressed in EUR)


Quantity/FaceValue

CAISSE NATIONALE DESCAISSES D'EPARGNE ET DEPREVOYANCE 5.60%05/11/2011 500,000 509,157 0.38EURCARREFOUR SA 4.375%02/11/2016 EMTN 500,000 471,528 0.35EURCASINO GUICHARDPERRACHON SA 4.875%10/04/2014 EMTN 400,000 383,674 0.29EURCIE DE SAINT-GOBAIN 4.750%11/04/2017 EMTN 450,000 418,362 0.31EURCIE DE SAINT-GOBAIN 5.004%11/04/2012 FRN EMTN 600,000 590,410 0.44EURCIE FINANCIERE DU CREDITMUTUEL 5.0% 28/06/2017 EMTN 400,000 391,544 0.29EURCNP ASSURANCES 4.750%FRN 400,000 370,365 0.28EURCOMPAGNIE DEFINANCEMENT FONCIER4.250% 29/01/2014 EMTN 2,600,000 2,553,928 1.91EURCREDIT LOGEMENT SA 4.604%FRN 600,000 579,282 0.43EURCREDIT LOGEMENT SA 4.930%15/06/2017 FRN 1,000,000 972,411 0.73EURDEXIA MUNICIPAL AGENCY3.875% 24/11/2016 EMTN 900,000 847,309 0.63EURFRANCE TELECOM SA 4.375%21/02/2012 EMTN 1,000,000 976,889 0.73EURGROUPE AUCHAN SA 5.125%18/07/2014 EMTN 750,000 748,811 0.56EURLA BANQUE POSTALE 4.948%12/12/2016 FRN EMTN 1,000,000 973,842 0.73EURLA POSTE 4.0% 08/11/2013EMTN 650,000 630,535 0.47EURRENAULT SA 4.625%28/05/2010 EMTN 1,200,000 1,191,900 0.89EURRTE EDF TRANSPORT SA4.125% 27/09/2016 EMTN 1,000,000 954,045 0.71EUR

SCOR SE 6.154% FRN 800,000 762,010 0.57EUR

16,903,125 12.63

BUNDESREPUBLIKDEUTSCHLAND 4.250%04/01/2014 3,100,000 3,097,830 2.31EUR

GERMANY

BUNDESREPUBLIKDEUTSCHLAND 4.50%04/01/2013 10,600,000 10,740,979 8.03EURBUNDESREPUBLIKDEUTSCHLAND 5.50%04/01/2031 5,000,000 5,595,000 4.18EURBUNDESREPUBLIKDEUTSCHLAND 5.625%04/01/2028 1,300,000 1,466,010 1.10EURHSH NORDBANK AG 4.375%14/02/2017 FRN EMTN 1,000,000 937,125 0.70EUR

21,836,944 16.32

ANGLIAN WATER SERVICESFINANCING PLC 4.625%07/10/2013 EMTN 600,000 594,132 0.44EUR

GREAT BRITAIN

BANK OF SCOTLAND PLC3.50% 12/02/2009 EMTN 4,400,000 4,337,433 3.24EURBAT INTERNATIONAL FINANCEPLC 5.375% 29/06/2017 EMTN 550,000 544,588 0.41EURBP CAPITAL MARKETS PLC3.750% 14/01/2009 4,000,000 3,963,379 2.96EURBRITISHTELECOMMUNICATIONS PLC5.250% 23/06/2014 EMTN 600,000 600,703 0.45EURDEPFA FUNDING IV LP 5.029%FRN 900,000 774,270 0.58EUR


Quantity/FaceValue




HSBC BANK PLC 3.875%09/11/2011 EMTN 2,000,000 1,943,178 1.45EUR

12,757,683 9.53

DEPFA ACS BANK 3.875%14/11/2016 EMTN 1,000,000 940,029 0.70EUR

IRELAND

GERMAN POSTAL PENSIONSSECURITISATION PLC 3.750%18/01/2010 4,500,000 4,432,115 3.31EUR

5,372,144 4.01

BANCO POPOLARE SCARL4.659% 08/02/2017 FRN EMTN 400,000 392,140 0.29EUR

ITALY

EDISON SPA 5.125% 10/12/2010EMTN 1,100,000 1,105,796 0.83EURENEL SPA 5.250% 20/06/2017EMTN 400,000 394,838 0.29EUR

HERA SPA 4.125% 16/02/2016 400,000 370,261 0.28EURITALY BUONI POLIENNALI DELTESORO 4.0% 01/02/2037 4,000,000 3,430,801 2.57EURTERNA RETE ELETTRICANAZIONALE SPA 4.90%28/10/2024 650,000 644,469 0.48EUR

6,338,305 4.74

BANK OF TOKYO-MITSUBISHIUFJ LTD 3.50% 16/12/2015 FRNEMTN 800,000 756,740 0.57EUR

JAPAN

756,740 0.57

ASIF III JERSEY LTD 4.750%11/09/2013 EMTN 1,325,000 1,303,960 0.98EUR

JERSEY

HSBC CAPITAL FUNDINGLP/JERSEY CHANNEL ISLANDS5.369% FRN 500,000 488,453 0.36EURUBS AG/JERSEY 4.125%25/09/2018 FRN EMTN 700,000 665,571 0.50EUR

2,457,984 1.84

BANQUE DU LUXEMBOURG TV02-PERP. 600,000 618,639 0.46EUR

LUXEMBOURG

618,639 0.46

ALLIANZ FINANCE II BV 4.0%23/11/2016 EMTN 1,000,000 920,299 0.69EUR

NETHERLANDS

ELM BV FOR SWISS LIFEINSURANCE & PENSIONGROUP 5.849% FRN EMTN 600,000 585,090 0.44EURHIT FINANCE BV 4.875%27/10/2021 650,000 593,616 0.44EURING BANK NV 3.50% 16/09/2020FRN EMTN 340,000 299,610 0.22EURING VERZEKERINGEN NV3.50% 28/11/2012 1,000,000 939,041 0.70EURLEHMAN BROTHERSHOLDINGS INC 4.625%14/03/2019 FRN EMTN 700,000 641,396 0.48EURLINDE FINANCE BV 4.750%24/04/2017 EMTN 800,000 754,438 0.56EURMUENCHENERRUECKVERSICHERUNGS AG5.767% FRN 300,000 295,802 0.22EUR


Quantity/FaceValue

NEDERLANDSE GASUNIE NV4.250% 20/06/2016 EMTN 900,000 870,234 0.65EURNETHERLANDS GOVERNMENTBOND 3.750% 15/01/2023 5,500,000 4,992,899 3.73EURNETHERLANDS GOVERNMENTBOND 5.0% 15/07/2011 9,000,000 9,246,599 6.91EURRABOBANK NEDERLAND4.250% 16/01/2017 EMTN 900,000 863,969 0.65EURROYAL KPN NV 4.750%29/05/2014 EMTN 900,000 874,712 0.65EURSHELL INTERNATIONALFINANCE BV 4.625% 22/05/2017EMTN 500,000 489,317 0.37EURURENCO FINANCE NV 3.375%07/12/2010 2,200,000 2,115,678 1.58EURVERBUND INTERNATIONALFINANCE BV 5.0% 25/06/2014 600,000 603,711 0.45EUR

25,086,411 18.74

DNB NOR BOLIGKREDITT4.625% 03/07/2012 EMTN 1,700,000 1,700,832 1.27EUR

NORWAY

1,700,832 1.27

LA CAJA DE AHORROS YPENSIONES DE BARCELONA3.750% 13/09/2011 4,000,000 3,876,987 2.90EUR

SPAIN

OBRASCON HUARTE LAIN SA5.0% 18/05/2012 800,000 769,600 0.57EUR

4,646,587 3.47

CARGILL INC 4.875%29/05/2017 EMTN 700,000 668,363 0.50EUR

UNITED STATES

CITIGROUP INC 3.950%10/10/2013 EMTN 1,400,000 1,322,291 0.99EURCITIGROUP INC 5.0%02/08/2019 EMTN 800,000 787,728 0.59EURCOMMERZBANK CAPITALFUNDING TRUST I 5.012% FRN 400,000 366,798 0.27EURCREDIT SUISSE GROUPFINANCE US INC 3.125%14/09/2012 700,000 642,250 0.48EURDAIMLERCHRYSLER NAHOLDING CORP 4.375%16/03/2010 EMTN 1,500,000 1,483,724 1.11EUREUROHYPO CAPITAL FUNDINGTRUST 1 6.445% FRN 800,000 820,764 0.61EURHSBC FINANCE CORP 4.875%30/05/2017 EMTN 300,000 291,110 0.22EURHVB FUNDING TRUST VIII7.055% FRN 600,000 628,890 0.47EURNEW YORK LIFE GLOBALFUNDING 4.375% 19/01/2017EMTN 800,000 757,513 0.57EURPROCTER & GAMBLE CO4.875% 11/05/2027 600,000 549,264 0.41EURWELLS FARGO & CO 4.125%03/11/2016 1,000,000 915,860 0.68EUR

9,234,555 6.90

98.23TOTAL BONDS 131,473,354



Quantity/FaceValue




CALL EURIBOR 360 /3 MONATE17/12/2007 95 700 52,500 0.04EUR



GERMANY

CALL EURIBOR 360 /3 MONATE17/12/2007 95 700 13,125 0.01EURCALL EURIBOR 360 /3 MONATE17/12/2007 95 (1,400) (52,500) (0.04)EURPUT EURIBOR 360 /3 MONATE15/10/2007 95. 200 2,500 0.00EUR

15,625 0.01




Quantity/FaceValue




ERSTE BANK DEROESTERREICHISCHENSPARKASSEN AG 4.615%19/07/2017 FRN EMTN 1,050,000 1,025,381 0.87EUR


BONDS

AUSTRIA

1,025,381 0.87

TELENET COMMUNICATIONSNV 9.0% 15/12/2013 280,125 305,686 0.26EUR

BELGIUM

305,686 0.26

BOMBARDIER INC 7.631%15/11/2013 FRN 900,000 918,000 0.78EUR

CANADA

918,000 0.78

BBVA BANCOMER SA/GRANDCAYMAN 4.799% 17/05/2017FRN 1,300,000 1,257,160 1.06EUR

CAYMAN ISLANDS

BCP FINANCE CO 4.239% FRN 1,000,000 873,230 0.74EURDUBAI HOLDING COMMERCIALOPERATIONS MTN LTD 4.750%30/01/2014 EMTN 500,000 485,889 0.41EURMIZUHO FINANCIAL GROUPCAYMAN LTD 4.750%15/04/2014 FRN EMTN 1,500,000 1,486,260 1.25EUR

4,102,539 3.46

DANSKE BANK A/S 4.250%20/06/2016 FRN EMTN 1,000,000 954,715 0.81EUR

DENMARK

954,715 0.81

GAZ CAPITAL FOR GAZPROM5.030% 25/02/2014 EMTN 500,000 474,510 0.40EUR


474,510 0.40

SAMPO OYJ 4.625% 21/04/2014FRN 2,950,000 2,933,860 2.48EUR

FINLAND

2,933,860 2.48

AUTOROUTES DU SUD DE LAFRANCE 5.625% 04/07/2022EMTN 1,150,000 1,140,290 0.96EUR

FRANCE

INVESTMENTS

EURO CORE CREDIT BONDStatement of investments as at 30 September 2007 (expressed in EUR)


Quantity/FaceValue




BANQUE FEDERATIVE DUCREDIT MUTUEL/FRANCE4.471% FRN EMTN 600,000 542,193 0.46EURCAISSE NATIONALE DESCAISSES D'EPARGNE ET DEPREVOYANCE 5.60%05/11/2011 1,000,000 1,018,314 0.86EURCASINO GUICHARDPERRACHON SA 4.875%10/04/2014 EMTN 1,200,000 1,151,022 0.96EURCIE DE SAINT-GOBAIN 4.750%11/04/2017 EMTN 600,000 557,816 0.47EURCIE DE SAINT-GOBAIN 5.004%11/04/2012 FRN EMTN 850,000 836,414 0.71EURCNP ASSURANCES 4.750%FRN 700,000 648,138 0.55EURCREDIT LOGEMENT SA 4.604%FRN 550,000 531,009 0.45EURCREDIT LOGEMENT SA 4.930%15/06/2017 FRN 400,000 388,965 0.33EURDEXIA MUNICIPAL AGENCY3.875% 24/11/2016 EMTN 200,000 188,291 0.16EURFRANCE GOVERNMENT BONDOAT 4.0% 25/10/2013 250,000 246,100 0.21EURFRANCE TELECOM SA 8.125%28/01/2033 EMTN 100,000 127,289 0.11EURFRANCE TELECOM 7.25% 03-13 EMTN 2,000,000 2,207,358 1.85EURFRANCE 5.75% 01-25.10.32BTAN 600,000 692,340 0.58EURLA BANQUE POSTALE 4.948%12/12/2016 FRN EMTN 700,000 681,689 0.58EURLA POSTE 4.0% 08/11/2013EMTN 900,000 873,049 0.74EURRESEAU FERRE DE FRANCE4.375% 02/06/2022 EMTN 550,000 525,617 0.44EURRHODIA SA 7.499% 15/10/2013FRN 1,500,000 1,475,223 1.24EUR

SCOR SE 6.154% FRN 1,200,000 1,143,014 0.97EUR

14,974,131 12.63

BAYER AG 5.0% 29/07/2105FRN 500,000 455,745 0.38EUR

GERMANY

BUNDESREPUBLIKDEUTSCHLAND 3.750%04/01/2017 300,000 287,070 0.24EURBUNDESREPUBLIKDEUTSCHLAND 4.250%04/07/2014 1,150,000 1,148,045 0.97EURBUNDESREPUBLIKDEUTSCHLAND 5.0%04/01/2012 100,000 103,070 0.09EURHENKEL KGAA 5.375%25/11/2104 FRN 500,000 468,903 0.40EURHSH NORDBANK AG 4.375%14/02/2017 FRN EMTN 1,050,000 983,981 0.83EURMUNICH RE FINANCE BV6.750% 21/06/2023 FRN 300,000 321,452 0.27EURVERSATEL AG 7.480%15/06/2014 FRN 130,000 118,788 0.10EURVW FINANCIAL SERVICES AG5.375% 25/01/2012 EMTN 1,500,000 1,530,044 1.29EUR

5,417,098 4.57

ANGLIAN WATER SERVICESFINANCING PLC 4.625%07/10/2013 EMTN 3,000,000 2,970,659 2.50EUR

GREAT BRITAIN

BARCLAYS BANK PLC 4.917%30/05/2017 FRN EMTN 700,000 681,228 0.58EURBAT INTERNATIONAL FINANCEPLC 5.375% 29/06/2017 EMTN 700,000 693,112 0.59EUR


Quantity/FaceValue

BRITISHTELECOMMUNICATIONS PLC5.250% 23/06/2014 EMTN 200,000 200,234 0.17EURDEPFA FUNDING IV LP 5.029%FRN 800,000 688,240 0.58EURHSBC HOLDINGS PLC 5.375%20/12/2012 EMTN 600,000 614,661 0.52EURREXAM PLC 6.750% 29/06/2067FRN 630,000 593,917 0.50EURROYAL BANK OF SCOTLANDGROUP PLC 7.092% FRN 400,000 414,022 0.35EUR

6,856,073 5.79

FIDIS RETAIL FINANCIALSERVICES IRELAND PLC5.149% 11/05/2009 FRN EMTN 900,000 904,106 0.76EUR

IRELAND

LEASEPLAN CORP NV 4.50%08/11/2016 FRN 600,000 569,799 0.48EUR

1,473,905 1.24

BANCO POPOLARE SCARL4.659% 08/02/2017 FRN EMTN 1,050,000 1,029,368 0.87EUR

ITALY

EDISON SPA 5.125% 10/12/2010EMTN 3,000,000 3,015,808 2.55EURENEL SPA 4.931% 20/06/2014FRN EMTN 2,250,000 2,209,286 1.87EUR

HERA SPA 4.125% 16/02/2016 1,500,000 1,388,480 1.17EURIFIL - INVESTMENTS SPA5.375% 12/06/2017 150,000 143,173 0.12EURITALY BUONI ORDINARI DELTESORO BOT 31/10/2007 25,000,000 24,912,500 21.02EURTELECOM ITALIA SPA 4.955%07/06/2010 FRN EMTN 800,000 796,254 0.67EUR

33,494,869 28.27

BANK OF TOKYO-MITSUBISHIUFJ LTD 3.50% 16/12/2015 FRNEMTN 500,000 472,963 0.40EUR

JAPAN

472,963 0.40

HSBC CAPITAL FUNDINGLP/JERSEY CHANNEL ISLANDS8.030% FRN 1,000,000 1,109,075 0.94EUR

JERSEY

1,109,075 0.94

HANNOVER FINANCELUXEMBOURG SA 5.0% FRN 1,500,000 1,414,980 1.20EUR

LUXEMBOURG

TELECOM ITALIA FINANCE SA7.250% 20/04/2011 EMTN 600,000 641,036 0.54EUR

2,056,016 1.74

DT.TEL.INT.F.7.125%01-11STEPPD 2,000,000 2,112,322 1.77EUR

NETHERLANDS

ELM BV FOR SWISS LIFEINSURANCE & PENSIONGROUP 5.849% FRN EMTN 650,000 633,848 0.54EURE.ON INTERNATIONALFINANCE BV 5.50% 02/10/2017EMTN 390,000 394,037 0.33EURHIT FINANCE BV 4.875%27/10/2021 1,450,000 1,324,219 1.12EURING BANK NV 5.50% 04/01/2012EMTN 2,000,000 2,040,240 1.72EUR


Quantity/FaceValue




ING VERZEKERINGEN NV3.50% 28/11/2012 825,000 774,710 0.65EURLEHMAN BROTHERSHOLDINGS INC 4.625%14/03/2019 FRN EMTN 900,000 824,652 0.70EURPFLEIDERER FINANCE BV7.125% FRN 150,000 128,949 0.11EURROYAL KPN NV 4.750%29/05/2014 EMTN 690,000 670,613 0.57EURSIEMENSFINANCIERINGSMAATSCHAPPIJ NV 5.250% 14/09/2066 FRN 500,000 475,985 0.40EURURENCO FINANCE NV 3.375%07/12/2010 1,500,000 1,442,508 1.22EUR

10,822,083 9.13

TELENOR ASA 4.875%29/05/2017 EMTN 450,000 427,590 0.36EUR

NORWAY

427,590 0.36

OBRASCON HUARTE LAIN SA5.0% 18/05/2012 1,600,000 1,539,200 1.30EUR

SPAIN

SANTANDER ISSUANCES S.AUNIPERSONAL 4.976%23/03/2017 FRN EMTN 2,000,000 1,950,723 1.65EURTELEFONICA EMISIONES SAU4.674% 07/02/2014 EMTN 1,000,000 969,798 0.82EUR

4,459,721 3.77

BANK OF AMERICA CORP5.125% 26/09/2014 EMTN 450,000 447,937 0.38EUR

UNITED STATES

CARGILL INC 4.875%29/05/2017 EMTN 500,000 477,402 0.40EURCL.CAP.TRUST 1 CRYL.TV-PERP 1,100,000 1,173,722 0.99EURCREDIT SUISSE GROUPFINANCE US INC 3.625%14/09/2020 FRN 700,000 610,770 0.52EURDAIMLERCHRYSLER NAHOLDING CORP 4.375%16/03/2010 EMTN 2,000,000 1,978,299 1.67EUREUROHYPO CAPITAL FUNDINGTRUST 1 6.445% FRN 500,000 512,978 0.43EURFIAT FINANCE NORTHAMERICA INC 5.625%12/06/2017 EMTN 1,600,000 1,547,680 1.31EURRESIDENTIAL CAPITAL LLC7.175% 27/09/2010 FRN EMTN 400,000 327,000 0.28EURSG CAPITAL TRUST III 5.419%FRN 1,000,000 986,975 0.83EUR

8,062,763 6.81

84.71TOTAL BONDS 100,340,978



Quantity/FaceValue




GERMANY

CALL EURIBOR 360 /3 MONATE17/12/2007 95 (200) (3,750) 0.00EURCALL EURIBOR 360 /3 MONATE17/12/2007 95 (200) (7,500) (0.01)EUR


6,250 0.01




Quantity/FaceValue







BARRY CALLEBAUT SERVICESNV 6.0% 13/07/2017 850,000 795,813 0.85EUR


BONDS

BELGIUM

TELENET COMMUNICATIONSNV 9.0% 15/12/2013 3,025,350 3,301,413 3.50EUR

4,097,226 4.35

CENTRAL EUROPEAN MEDIAENTERPRISES LTD 5.797%15/05/2014 FRN 450,000 425,250 0.45EUR

BERMUDA ISLANDS

CENTRAL EUROPEAN MEDIAENTERPRISES LTD 8.250%15/05/2012 1,650,000 1,676,895 1.78EUR

2,102,145 2.23

BOMBARDIER INC 7.250%15/11/2016 2,110,000 2,160,113 2.29EUR

CANADA

BOMBARDIER INC 7.631%15/11/2013 FRN 1,400,000 1,428,000 1.52EURMECACHROMEINTERNATIONAL INC 9.0%15/05/2014 250,000 263,125 0.28EUR

3,851,238 4.09

DONG ENERGY A/S 5.50%29/06/3005 FRN 1,400,000 1,376,172 1.46EUR

DENMARK

FS FUNDING A/S 8.875%15/05/2016 900,000 954,661 1.01EURNORDIC TELEPHONE COHOLDINGS APS 8.250%01/05/2016 1,905,000 2,003,107 2.14EURTDC A/S 6.50% 19/04/2012EMTN 1,100,000 1,101,375 1.17EUR

5,435,315 5.78



484,000 0.51

AKERYS HOLDINGS SA 7.471%01/08/2014 FRN 400,000 363,000 0.39EUR

FRANCE

ALCATEL-LUCENT 4.375%17/02/2009 389,000 381,251 0.41EURALCATEL-LUCENT 6.375%07/04/2014 EMTN 1,658,000 1,600,583 1.70EUR

INVESTMENTS

EURO HIGH YIELD BONDStatement of investments as at 30 September 2007 (expressed in EUR)


Face Value

CROWN EUROPEANHOLDINGS SA 6.250%01/09/2011 400,000 405,000 0.43EUREUROPCAR GROUPE SA8.006% 15/05/2013 FRN EMTN 1,925,000 1,894,970 2.01EUR

GECINA SA 4.875% 25/01/2012 600,000 567,000 0.60EURNEXANS SA 5.750% 02/05/2017EMTN 3,200,000 2,897,173 3.08EURPERNOD-RICARD SA 4.625%06/12/2013 600,000 573,030 0.61EURREMY COINTREAU SA 5.20%15/01/2012 850,000 811,750 0.86EURRHODIA SA 7.499% 15/10/2013FRN 3,675,000 3,614,297 3.85EUR

SCOR SE 6.154% FRN 750,000 714,384 0.76EUR

VINCI 6.25% 06-PERP 1,900,000 1,861,829 1.98EUR

15,684,267 16.68

ATU AUTO-TEILE-UNGERINVESTMENT GMBH & CO KG12.036% 01/10/2014 FRN 750,000 701,250 0.75EUR

GERMANY

BAYER AG 5.0% 29/07/2105FRN 2,150,000 1,959,704 2.08EURCOGNIS GMBH 6.730%15/09/2013 FRN 550,000 514,479 0.55EURGERRESHEIMER HOLDINGSGMBH 7.875% 01/03/2015 759,000 789,360 0.84EURHENKEL KGAA 5.375%25/11/2104 FRN 1,800,000 1,688,049 1.79EURHORNBACH BAUMARKT AG6.125% 15/11/2014 1,400,000 1,356,600 1.44EUR

PERI GMBH 5.625% 15/12/2011 1,300,000 1,282,675 1.36EURSGL CARBON AG 5.756%15/05/2015 FRN EMTN 955,000 942,068 1.00EURVERSATEL AG 7.480%15/06/2014 FRN 400,000 365,500 0.39EUR

9,599,685 10.20

BARCLAYS BANK PLC 4.750%FRN EMTN 750,000 614,524 0.65EUR

GREAT BRITAIN

CEVA GROUP PLC 8.50%01/12/2014 1,000,000 858,833 0.91EURECO-BAT 10.125% 03-31.1.13REGS 1,854,000 1,965,240 2.10EURFCE BANK PLC 7.125%16/01/2012 EMTN 1,000,000 945,000 1.00EURINVENSYS PLC 9.875%15/03/2011 2,307,500 2,450,914 2.61EURREXAM PLC 6.750% 29/06/2067FRN 1,370,000 1,291,533 1.37EURROYAL BANK OF SCOTLANDGROUP PLC 7.092% FRN 200,000 207,011 0.22EUR

8,333,055 8.86

ARDAGH GLASS FINANCE PLC7.125% 15/06/2017 700,000 625,100 0.66EUR

IRELAND

SMURFIT KAPPA FUNDING PLC7.750% 01/04/2015 2,400,000 2,364,720 2.52EUR

2,989,820 3.18

CIR-COMPAGNIE INDUSTRIALIRIUNITE SPA 5.750%16/12/2024 1,200,000 1,058,008 1.12EUR

ITALY


Face Value




IFIL - INVESTMENTS SPA5.375% 12/06/2017 600,000 572,694 0.61EUR

1,630,702 1.73

BASELL AF SCA 8.375%15/08/2015 2,000,000 1,865,000 1.98EUR

LUXEMBOURG

CABLECOM LUXEMBOURGSCA 8.0% 01/11/2016 600,000 589,500 0.63EURCALCIPAR SA 5.986%01/07/2014 FRN 1,000,000 961,000 1.02EURCODERE FINANCELUXEMBOURG SA 8.250%15/06/2015 1,550,000 1,540,313 1.64EURFIAT FINANCE & TRADE LTD6.625% 15/02/2013 1,820,000 1,901,846 2.02EURHELLASTELECOMMUNICATIONSLUXEMBOURG V 8.249%15/10/2012 FRN 650,000 647,685 0.69EURLIGHTHOUSE INTERNATIONALCO SA 8.0% 30/04/2014 1,250,000 1,297,316 1.38EURSGL CARBON LUXEMBOURGSA 8.50% 01/02/2012 1,800,000 1,894,500 2.01EURWIND ACQUISITION FINANCESA 9.750% 01/12/2015 1,465,000 1,552,900 1.65EUR

12,250,060 13.02

ASML HOLDING NV 5.750%13/06/2017 900,000 847,917 0.90EUR

NETHERLANDS

ELM BV FOR SWISS LIFEINSURANCE & PENSIONGROUP 5.849% FRN EMTN 550,000 536,333 0.57EURFRESENIUS FINANCE BV 5.0%31/01/2013 2,975,000 2,846,335 3.02EURGENERALI F.5.479%(TV)07-PERP 600,000 583,005 0.62EURIFCO SYSTEMS 10.375% 03-10REG 400,000 420,000 0.45EURIMPRESS HOLDINGS BV7.874% 15/09/2013 FRN 650,000 658,938 0.70EURIMPRESS HOLDINGS BV9.250% 15/09/2014 200,000 208,000 0.22EURKAZKOMMERTSINTERNATIONAL BV 6.875%13/02/2017 EMTN 600,000 495,316 0.53EURLINDE FINANCE BV 7.375%14/07/2066 FRN 1,850,000 1,930,696 2.05EURMUENCHENERRUECKVERSICHERUNGS AG5.767% FRN 800,000 788,804 0.84EUROI EUROPEAN GROUP BV6.875% 31/03/2017 1,800,000 1,750,500 1.86EURPFLEIDERER FINANCE BV7.125% FRN 1,550,000 1,332,477 1.42EURPORTUGAL TELECOMINTERNATIONAL FINANCE BV4.50% 16/06/2025 EMTN 650,000 550,157 0.58EURSIEMENSFINANCIERINGSMAATSCHAPPIJ NV 5.250% 14/09/2066 FRN 280,000 266,552 0.28EURSUEDZUCKERINTERNATIONAL FINANCE BV5.250% FRN 1,150,000 964,965 1.03EURUPC HOLDING BV 7.750%15/01/2014 1,500,000 1,478,237 1.57EUR

15,658,232 16.64

CONSOL SPECIALITY GLASSPTY LTD 7.625% 15/04/2014EMTN 600,000 580,330 0.62EUR

SOUTH AFRICA


Face Value

NEW RECLAMATION GROUPPTY LTD/THE 8.125%01/02/2013 382,599 376,382 0.40EURSAVCIO HOLDINGS PTY LTD8.0% 15/02/2013 300,000 301,500 0.32EUR

1,258,212 1.34

STENA AB 5.875% 01/02/2019 500,000 428,750 0.46EUR

SWEDEN

STENA AB 6.125% 01/02/2017 780,000 701,675 0.74EUR

1,130,425 1.20

AGCO CORP 6.875% 15/04/2014 575,000 596,563 0.63EUR

UNITED STATES

CENTRAL EUROPEANDISTRIBUTION CORP 8.0%25/07/2012 1,600,000 1,626,368 1.73EURCHESAPEAKE ENERGY CORP6.250% 15/01/2017 750,000 736,875 0.78EURFIAT FINANCE NORTHAMERICA INC 5.625%12/06/2017 EMTN 1,700,000 1,644,409 1.75EURGENERAL ELECTRIC CAPITALCORP 5.50% 15/09/2067 FRN 500,000 496,998 0.53EURHUNTSMAN INTERNATIONALLLC 7.50% 01/01/2015 300,000 309,300 0.33EURROCKWOOD SPECIALTIESGROUP INC 7.625% 15/11/2014 250,000 250,050 0.27EURTRW AUTOMOTIVE INC 6.375%15/03/2014 600,000 564,000 0.60EURXEROX CORP 9.750%15/01/2009 700,000 737,483 0.78EUR

6,962,046 7.40

97.21TOTAL BONDS 91,466,428



Face Value

BCM IRELAND FINANCE LTD9.506% 15/08/2016 FRN 500,000 506,875 0.54EUR


BONDS

CAYMAN ISLANDS

506,875 0.54

0.54TOTAL BONDS 506,875








AUSTRIA GOVERNMENT BOND6.250% 15/07/2027 100,000 120,130 0.20EUR


BONDS

AUSTRIA

AUSTRIA 4.3% 03-15.7.14 30,000 29,931 0.05EUROEBB INFRASTRUKTUR BAUAG 4.875% 27/06/2022 EMTN 700,000 707,824 1.21EUROESTERREICHISCHEKONTROLLBANK AG 4.125%21/02/2012 EMTN 700,000 692,723 1.17EUR

1,550,608 2.63


BELGIUM


BELGIUM 4.25% 04-28.9.14 220,000 218,460 0.37EUR

6,736,360 11.41

ROYAL BANK OF CANADA4.125% 26/01/2010 EMTN 500,000 493,415 0.84EUR

CANADA

493,415 0.84

CYPRUS GOVERNMENTINTERNATIONAL BOND 5.50%27/02/2012 EMTN 544,000 563,676 0.96EUR

CYPRUS

563,676 0.96

CZECH REPUBLICINTERNATIONAL 4.125%18/03/2020 EMTN 116,000 107,829 0.18EUR

CZECH REPUBLIC

107,829 0.18

DENMARK GOVERNMENTBOND 4.0% 15/08/2008 2,850,000 380,691 0.65DKK

DENMARK

DENMARK GOVERNMENTBOND 6.0% 15/11/2011 4,450,000 634,251 1.07DKK

1,014,942 1.72

B.EI. 4.25% 03-7.12.10 EMTN 402,000 552,003 0.94GBP

EUROPEAN UNION

B.E.I. 6.25% 99-14 354,000 524,883 0.89GBP

B.E.I. 8.75% 95-17 187,000 333,283 0.56GBP

INVESTMENTS

EUROPEAN GOVERNMENT BONDStatement of investments as at 30 September 2007 (expressed in EUR)


Quantity/FaceValue

EUROPEAN INVESTMENTBANK 5.375% 07/06/2021 454,000 652,163 1.11GBP

2,062,332 3.50

BNP PARIBAS COVEREDBONDS SA 4.0% 22/03/2010 500,000 493,101 0.84EUR

FRANCE

BNP PARIBAS COVEREDBONDS SA 4.50% 30/05/2014EMTN 300,000 296,138 0.50EURCAISSE REFINANCEMENT DEL'HABITAT 4.10% 25/10/2015 300,000 288,732 0.49EURELECTRICITE DE FRANCE4.625% 06/11/2013 EMTN 350,000 350,085 0.59EURELECTRICITE DE FRANCE8.750% 30/06/2022 4,150,000 873,775 1.49FRFTOTAL CAPITAL SA 3.875%06/09/2011 EMTN 625,000 610,166 1.03EUR

2,911,997 4.94

GEMEINSAME DEUTSCHEBUNDESLAENDER 2.625%07/10/2010 3,250,000 3,088,050 5.24EUR

GERMANY

KREDITANSTALT FUERWIEDERAUFBAU 3.50%04/07/2021 530,000 467,343 0.79EURKREDITANSTALT FUERWIEDERAUFBAU 5.50%07/12/2015 EMTN 300,000 425,133 0.72GBPKREDITANSTALT FUERWIEDERAUFBAU 5.50%15/09/2009 EMTN 455,000 647,600 1.10GBPKREDITANSTALT FUERWIEDERAUFBAU 5.750%07/06/2032 EMTN 350,000 550,196 0.93GBP

5,178,322 8.78

BANK OF SCOTLAND PLC4.125% 06/02/2012 EMTN 500,000 485,665 0.82EUR

GREAT BRITAIN

EUROPEAN BANK FORRECONSTRUCTION &DEVELOPMENT 04/02/2048EMTN 8,000,000,000 488,072 0.83ITLGREAT BRITAIN 4.75% 04-7.12.38 TSY STOCK 1,649,350 2,405,746 4.08GBPGREAT BRITAIN 5.75% 98-09TSY STOCK 235,000 339,921 0.58GBPMBNA EUROPE FUNDING PLC4.50% 23/01/2009 EMTN 510,000 509,393 0.86EURUNITED KINGDOM GILT 4.250%07/03/2011 187,000 259,709 0.44GBP

4,488,506 7.61

HELLENIC REPUBLICGOVERNMENT BOND 4.50%20/09/2037 60,000 55,518 0.09EUR

GREECE

55,518 0.09

HUNGARY GOVERNMENTINTERNATIONAL BOND 4.0%27/09/2010 300,000 295,994 0.50EUR

HUNGARY

HUNGARY GOVERNMENTINTERNATIONAL BOND 4.50%06/02/2013 400,000 395,001 0.67EURREPUBLIC OF HUNGARY4.375% 04/07/2017 80,000 76,854 0.13EUR

767,849 1.30


Quantity/FaceValue




AEGON GLOBALINSTITUTIONAL MARKETS PLC4.250% 23/01/2012 EMTN 300,000 292,592 0.50EUR

IRELAND

292,592 0.50

INTESA SANPAOLO SPA 3.50%24/02/2011 EMTN 400,000 386,070 0.65EUR

ITALY

ITALY BUONI POLIENNALI DELTESORO 4.0% 01/02/2017 400,000 383,160 0.65EURITALY BUONI POLIENNALI DELTESORO 4.0% 01/02/2037 1,202,000 1,030,955 1.75EURITALY BUONI POLIENNALI DELTESORO 4.0% 01/03/2010 130,000 129,402 0.22EURITALY BUONI POLIENNALI DELTESORO 5.250% 01/11/2029 662,500 695,758 1.18EURITALY BUONI POLIENNALI DELTESORO 5.750% 01/02/2033 72,000 80,575 0.14EURITALY BUONI POLIENNALI DELTESORO 6.0% 01/05/2031 1,285,000 1,480,320 2.51EURITALY CERTIFICATI DICREDITO DEL TESORO ZEROCOUPON 30/06/2009 1,670,000 1,553,100 2.62EUR

5,739,340 9.72

ASIF III JERSEY LTD 3.50%11/03/2009 EMTN 1,357,000 1,332,338 2.26EUR

JERSEY

1,332,338 2.26

LATVIA GOVERNMENTINTERNATIONAL BOND 5.375%27/11/2008 1,500,000 1,513,315 2.57EUR

LATVIA

1,513,315 2.57

LITHUANIA GOVERNMENTINTERNATIONAL BOND 4.50%05/03/2013 1,567,000 1,557,491 2.64EUR

LITHUANIA

LITHUANIA GOVERNMENTINTERNATIONAL BOND 5.875%10/05/2012 3,585,000 3,773,790 6.40EUR

5,331,281 9.04

ABN AMRO BANK NV 6.0%14/04/2010 EMTN 300,000 309,468 0.52EUR

NETHERLANDS

DEUTSCHE BAHN FINANCE BV5.125% 28/11/2013 EMTN 500,000 511,773 0.87EURNETHERLANDS GOVERNMENTBOND 4.0% 15/01/2037 2,300,000 2,056,889 3.49EUR

2,878,130 4.88

POLAND GOVERNMENTINTERNATIONAL BOND 4.20%15/04/2020 EMTN 40,000 37,364 0.06EUR

POLAND

37,364 0.06

PARPUBLICA -PARTICIPACOES PUBLICASSGPS SA 4.191% 15/10/2014 1,500,000 1,458,300 2.47EUR

PORTUGAL

1,458,300 2.47


Quantity/FaceValue

ROMANIAN GOVERNMENTINTERNATIONAL BOND10.625% 27/06/2008 1,200,000 1,249,199 2.11EUR

ROUMANIA

ROMANIAN GOVERNMENTINTERNATIONAL BOND 5.750%02/07/2010 200,000 204,775 0.35EUR

1,453,974 2.46

SLOVAK REPUBLIC 4.375%15/05/2017 EMTN 800,000 780,373 1.32EUR

SLOVAKIA

SLOVAKIA GOVERNMENTINTERNATIONAL BOND 4.0%26/03/2021 EMTN 952,000 878,199 1.49EURSLOVAKIA GOVERNMENTINTERNATIONAL BOND 4.50%20/05/2014 420,000 417,670 0.71EUR

2,076,242 3.52

SLOVENIA GOVERNMENTINTERNATIONAL BOND 4.0%22/03/2018 1,750,000 1,660,412 2.82EUR

SLOVENIA

SLOVENIA GOVERNMENTINTERNATIONAL BOND 5.375%11/04/2011 540,000 556,098 0.94EUR

2,216,510 3.76

BANCO SANTANDER SA 4.0%10/09/2010 200,000 196,830 0.33EUR

SPAIN

CAJA DE AHORROS DEGALICIA 4.375% 23/01/2019 1,000,000 950,319 1.61EURINSTITUTO DE CREDITOOFICIAL 4.0% 01/02/2010 EMTN 1,200,000 1,190,228 2.02EUR

2,337,377 3.96

NORDEA HYPOTEK AB 4.250%06/02/2014 EMTN 200,000 195,592 0.33EUR

SWEDEN

SWEDEN GOVERNMENT BOND3.0% 12/07/2016 4,000,000 393,799 0.67SEKSWEDEN GOVERNMENT BOND5.250% 15/03/2011 2,350,000 263,740 0.45SEKSWEDEN GOVERNMENT BOND5.50% 08/10/2012 2,170,000 248,723 0.42SEK

1,101,854 1.87

BA COVERED BOND ISSUER4.625% 06/07/2010 EMTN 500,000 499,749 0.85EUR

UNITED STATES

GENERAL ELECTRIC CAPITALCORP 5.125% 04/03/2009 EMTN 743,000 748,691 1.27EURKREDITANSTALT FUERWIEDERAUFBAU 5.375%07/12/2011 EMTN 800,000 1,132,826 1.91GBPNEW YORK LIFE GLOBALFUNDING 3.750% 19/10/2009EMTN 1,020,000 1,002,060 1.70EURPROCTER & GAMBLE CO4.50% 12/05/2014 EMTN 550,000 537,119 0.91EURTOYOTA MOTOR CREDITCORP 4.250% 02/05/2012 EMTN 750,000 740,744 1.26EUR

4,661,189 7.90

98.93TOTAL BONDS 58,361,160



Quantity/FaceValue







GERMANY

CALL EURIBOR 360 /3 MONATE17/12/2007 95 150 5,625 0.01EURCALL EURIBOR 360 /3 MONATE17/12/2007 95 (300) (22,500) (0.03)EURCALL EURO BUND 24/10/2007112.5 29 18,850 0.03EURCALL EURO BUND 24/10/2007113 (29) (12,180) (0.02)EURPUT EURO BUND 24/10/2007111 (29) (4,350) (0.01)EUR

4,195 0.01




Quantity/FaceValue




ST GEORGE BANK LTD 4.875%17/07/2012 EMTN 250,000 249,007 0.48EUR


BONDS

AUSTRALIA

TELSTRA CORP LTD 4.750%21/03/2017 EMTN 300,000 285,442 0.56EUR

534,449 1.04

TELEKOMFINANZMANAGEMENT GMBH3.375% 27/01/2010 EMTN 155,000 150,068 0.29EUR

AUSTRIA

150,068 0.29

DELHAIZE GROUP 5.625%27/06/2014 200,000 194,987 0.38EUR

BELGIUM

FORTIS HYBRID FINANCING5.125% FRN 400,000 369,828 0.72EUR

564,815 1.10

BOMBARDIER INC 7.250%15/11/2016 550,000 563,063 1.09EUR

CANADA

563,063 1.09

BCP FINANCE CO 5.543% FRN 120,000 115,694 0.22EUR

CAYMAN ISLANDS

BES FINANCE LTD 6.625% FRNEMTN 250,000 261,643 0.51EURMUFG CAPITAL FINANCE 2 LTD4.850% FRN 520,000 462,711 0.90EUR

840,048 1.63

DANSKE BANK A/S 4.878%FRN EMTN 500,000 461,358 0.90EUR

DENMARK

DONG ENERGY A/S 5.50%29/06/3005 FRN 750,000 737,235 1.43EURNORDIC TELEPHONE COHOLDINGS APS 8.250%01/05/2016 250,000 262,875 0.51EUR

1,461,468 2.84



854,117 1.66

INVESTMENTS

EURO STRATEGIC CREDIT BONDStatement of investments as at 30 September 2007 (expressed in EUR)


Face Value




FORTUM OYJ 4.50% 20/06/2016EMTN 250,000 235,681 0.46EUR

FINLAND

NORDEA BANK FINLAND PLC5.750% 26/03/2014 FRN EMTN 170,000 171,733 0.33EURSAMPO OYJ 4.625% 21/04/2014FRN 150,000 149,179 0.29EURSTORA ENSO OYJ 5.125%23/06/2014 EMTN 150,000 143,069 0.28EUR

699,662 1.36

ALCATEL-LUCENT 6.375%07/04/2014 EMTN 400,000 386,148 0.75EUR

FRANCE

ASSURANCES GENERALES DEFRANCE 4.625% FRN 210,000 193,930 0.38EUR

AXA SA 5.777% FRN EMTN 220,000 219,094 0.43EURBANQUE FEDERATIVE DUCREDIT MUTUEL/FRANCE4.375% 31/05/2016 EMTN 600,000 572,264 1.11EUR

BOUYGUES 4.50% 24/05/2013 50,000 48,541 0.09EURCAISSE NATIONALE DESCAISSES D'EPARGNE ET DEPREVOYANCE 5.250% FRNEMTN 120,000 117,109 0.23EURCIE DE SAINT-GOBAIN 4.750%11/04/2017 EMTN 600,000 557,816 1.08EURCROWN EUROPEANHOLDINGS SA 6.250%01/09/2011 850,000 860,624 1.67EUREUROPCAR GROUPE SA8.125% 15/05/2014 250,000 245,500 0.48EURFRANCE TELECOM 7.25% 03-13 EMTN 1,100,000 1,214,046 2.35EURGROUPE AUCHAN SA 5.125%18/07/2014 EMTN 200,000 199,683 0.39EURLAFARGE SA 5.875%06/11/2008 EMTN 255,000 258,291 0.50EURPERNOD-RICARD SA 4.625%06/12/2013 200,000 191,010 0.37EURSCHNEIDER ELECTRIC SA3.125% 11/08/2010 EMTN 175,000 166,701 0.32EURTHALES SA 4.375% 22/07/2011EMTN 150,000 147,379 0.29EURVEOLIA ENVIRONNEMENT6.125% 25/11/2033 EMTN 300,000 303,813 0.59EUR

VINCI 6.25% 06-PERP 250,000 244,978 0.48EUR

VIVENDI 4.50% 03/10/2013 200,000 192,297 0.37EUR

6,119,224 11.88

BAYER AG 5.0% 29/07/2105FRN 250,000 227,873 0.44EUR

GERMANY

BERTELSMANN AG 3.625%06/10/2015 EMTN 50,000 44,474 0.09EURBERTELSMANN AG 4.750%26/09/2016 130,000 123,930 0.24EURDEUTSCHE BANK AG 5.125%31/08/2017 EMTN 250,000 250,129 0.49EUR

ESCADA AG 7.50% 01/04/2012 150,000 149,637 0.29EUREVONIK DEGUSSA GMBH5.125% 10/12/2013 1,150,000 1,137,344 2.20EURHDI-GERLINGLEBENSVERSICHERUNG AG6.750% FRN 300,000 309,353 0.60EURHENKEL KGAA 5.375%25/11/2104 FRN 300,000 281,342 0.55EURHORNBACH BAUMARKT AG6.125% 15/11/2014 100,000 96,900 0.19EURHSH NORDBANK AG 4.375%14/02/2017 FRN EMTN 310,000 290,509 0.56EUR


Face Value

HT1 FUNDING GMBH 6.352%FRN 130,000 127,726 0.25EURKABEL DEUTSCHLAND GMBH10.750% 01/07/2014 230,000 250,988 0.49EURMUNICH RE FINANCE BV6.750% 21/06/2023 FRN 200,000 214,301 0.42EUR

PERI GMBH 5.625% 15/12/2011 275,000 271,335 0.53EURSGL CARBON AG 5.756%15/05/2015 FRN EMTN 300,000 295,937 0.57EURVOLKSWAGEN LEASING GMBH4.125% 31/05/2011 EMTN 695,000 679,470 1.32EUR

4,751,248 9.23

AIB UK 2 LP 5.142% FRN 310,000 277,985 0.54EUR

GREAT BRITAIN

ANGLIAN WATER SERVICESFINANCING PLC 4.625%07/10/2013 EMTN 260,000 257,457 0.50EURANGLO AMERICAN CAPITALPLC 3.625% 05/06/2008 EMTN 150,000 149,242 0.29EURBAA LTD 4.50% 30/09/2014EMTN 125,000 115,208 0.22EUR

BARCLAYS 4.875% 04-PERP 210,000 190,261 0.37EURBAT INTERNATIONAL FINANCEPLC 5.375% 29/06/2017 EMTN 250,000 247,540 0.48EURCARNIVAL PLC 4.250%27/11/2013 250,000 238,223 0.46EURCOMPASS GROUP PLC 6.0%29/05/2009 EMTN 25,000 25,490 0.05EURDEPFA FUNDING IV LP 5.029%FRN 550,000 473,165 0.92EURHBOS CAPITAL FUNDING LP4.939% FRN 550,000 505,549 0.98EURIMPERIAL TOBACCO FINANCEPLC 4.375% 22/11/2013 EMTN 150,000 141,206 0.27EURKINGFISHER PLC 4.125%23/11/2012 EMTN 180,000 167,234 0.32EURNATIONAL GRID PLC 5.0%02/07/2018 EMTN 200,000 189,964 0.37EUROTE PLC 4.625% 20/05/2016EMTN 100,000 93,943 0.18EUROTE PLC 5.0% 05/08/2013EMTN 255,000 251,078 0.49EURRENTOKIL INITIAL PLC 4.625%27/03/2014 EMTN 300,000 285,555 0.55EURREXAM PLC 6.750% 29/06/2067FRN 250,000 235,681 0.46EURROYAL BANK OF SCOTLANDGROUP PLC 7.092% FRN 250,000 258,764 0.50EURRZB FINANCE JERSEY IV LTD5.169% FRN 500,000 457,880 0.89EURTESCO PLC 3.875% 24/03/2011EMTN 150,000 145,734 0.28EURUNITED UTILITIES WATER PLC4.875% 18/03/2009 EMTN 450,000 450,756 0.88EURVODAFONE GROUP PLC4.250% 27/05/2009 EMTN 600,000 595,342 1.17EUR

5,753,257 11.17

PUBLIC POWER CORP SA6.250% 08/11/2010 200,000 209,577 0.41EUR

GREECE

209,577 0.41

ABB INT.FIN.6.5% 03-11 EMTN-TERM NOTES 2 250,000 264,906 0.51EUR

GUERNSEY

264,906 0.51


Face Value




HUTCHINSON WHAMPOAF.5.875 % 03-8.7.13 150,000 154,803 0.30EUR

HONG KONG

154,803 0.30

BINA-ISTRA DD 8.0%15/12/2022 550,000 596,335 1.16EUR

HUNGARY

596,335 1.16

TRANSCAPITALINVEST LTDFOR OJSC AK TRANSNEFT5.381% 27/06/2012 300,000 293,644 0.57EUR

IRELAND

293,644 0.57

ATLANTIA SPA 5.0% 09/06/2014EMTN 500,000 496,272 0.96EUR

ITALY

BANCA MONTE DEI PASCHI DISIENA SPA 4.875% 31/05/2016EMTN 400,000 379,228 0.74EURBANCO POPOLARE SCARL4.659% 08/02/2017 FRN EMTN 500,000 490,175 0.95EURENEL SPA 5.250% 20/06/2017EMTN 200,000 197,419 0.38EUR

HERA SPA 4.125% 16/02/2016 160,000 148,105 0.29EURTELECOM ITALIA SPA 5.375%29/01/2019 EMTN 300,000 288,553 0.56EUR

1,999,752 3.88

HSBC CAPITAL FUNDINGLP/JERSEY CHANNEL ISLANDS5.369% FRN 1,450,000 1,416,512 2.76EUR

JERSEY

PROSECURE FUNDING LP4.668% 30/06/2016 200,000 177,107 0.34EURRESPARCS FUNDING II LTDPARTNERSHIP 7.50% 50,000 48,328 0.09EUR

1,641,947 3.19

DEXIA FUNDINGSA/LUXEMBOURG 4.892% FRN 250,000 231,485 0.45EUR

LUXEMBOURG

FIAT FINANCE & TRADE LTD6.625% 15/02/2013 150,000 156,746 0.30EURFINMECCANICA FINANCE SA5.750% 12/12/2018 EMTN 150,000 155,180 0.30EURGLENCORE FINANCE EUROPESA 5.375% 30/09/2011 EMTN 530,000 528,881 1.03EURHELLASTELECOMMUNICATIONSLUXEMBOURG V 8.249%15/10/2012 FRN 300,000 298,932 0.58EURHOLCIM FINANCELUXEMBOURG SA 4.375%23/06/2010 EMTN 150,000 148,258 0.29EURSYNGENTA FINANCE NV4.125% 21/09/2011 EMTN 205,000 199,416 0.39EURTELECOM ITALIA FINANCE SA6.575% 30/07/2009 EMTN 350,000 360,044 0.70EUR

2,078,942 4.04

ALLIANZ FIN TV 05-PERP 350,000 314,321 0.61EUR

NETHERLANDS

ALTADIS FINANCE BV 4.250%02/10/2008 200,000 198,661 0.39EUR


Face Value

ALTADIS FINANCE BV 5.125%02/10/2013 300,000 293,646 0.57EURBITE FINANCEINTERNATIONAL BV 8.230%15/03/2014 FRN 250,000 247,500 0.48EURDEUTSCHE TELEKOMINTERNATIONAL FINANCE BV4.0% 19/01/2015 EMTN 155,000 144,773 0.28EURDEUTSCHE TELEKOMINTERNATIONAL FINANCE BV7.50% 24/01/2033 EMTN 250,000 300,851 0.58EURDT.TEL.INT.F.7.125%01-11STEPPD 750,000 792,120 1.55EUREADS FINANCE BV 4.625%03/03/2010 EMTN 150,000 149,484 0.29EUREDP FINANCE BV 3.750%22/06/2015 EMTN 210,000 188,135 0.37EURE.ON INTERNATIONALFINANCE BV 5.50% 02/10/2017EMTN 400,000 404,140 0.78EUR

EUREKO BV 5.125% FRN 100,000 94,838 0.18EURFRESENIUS FINANCE BV 5.50%31/01/2016 800,000 762,212 1.49EURGENERALI FINANCE BV 5.317%FRN 400,000 387,380 0.75EURIBERDROLA INTERNATIONALBV 4.875% 18/02/2013 EMTN 100,000 98,768 0.19EURING VERZEKERINGEN NV6.250% 21/06/2021 FRN 700,000 728,636 1.41EURKAZKOMMERTSINTERNATIONAL BV 6.875%13/02/2017 EMTN 500,000 412,763 0.80EURLINDE FINANCE BV 7.375%14/07/2066 FRN 700,000 730,533 1.43EURMETRO FINANCE BV 4.750%29/05/2012 EMTN 100,000 98,915 0.19EURMUENCHENERRUECKVERSICHERUNGS AG5.767% FRN 100,000 98,601 0.19EURPFLEIDERER FINANCE BV7.125% FRN 200,000 171,933 0.33EURPORTUGAL TELECOMINTERNATIONAL FINANCE BV4.375% 24/03/2017 50,000 45,297 0.09EURRED ELECTRICA DE ESPANAFINANCE BV 4.750% 18/09/2013EMTN 120,000 119,105 0.23EURREPSOL INTERNATIONALFINANCE BV 5.0% 22/07/2013EMTN 250,000 244,361 0.47EURROYAL KPN NV 4.50%21/07/2011 EMTN 500,000 490,552 0.95EURSIEMENSFINANCIERINGSMAATSCHAPPIJ NV 5.250% 14/09/2066 FRN 200,000 190,394 0.37EURSOLVAY FINANCE BV 6.375%02/06/2104 FRN 250,000 253,688 0.49EURSUEDZUCKERINTERNATIONAL FINANCE BV5.250% FRN 275,000 230,753 0.45EURTELEFONICA EUROPE BV5.125% 14/02/2013 EMTN 400,000 399,827 0.78EUR

TNT NV 5.125% 05/12/2008 350,000 352,289 0.68EURVERBUND INTERNATIONALFINANCE BV 5.0% 25/06/2014 120,000 120,742 0.23EUR

9,065,218 17.60

TELENOR ASA 4.50%28/03/2014 EMTN 80,000 76,737 0.15EUR

NORWAY

76,737 0.15


Face Value




CONSOL SPECIALITY GLASSPTY LTD 7.625% 15/04/2014EMTN 150,000 145,083 0.28EUR

SOUTH AFRICA

145,083 0.28

ABERTIS INFRAESTRUCTURASSA 5.125% 12/06/2017 300,000 290,325 0.56EUR

SPAIN

BBVA INTERNATIONALPREFERRED SAUNIPERSONAL 4.952% FRN 200,000 185,834 0.36EURSANTANDER PERPETUAL SAUNIPERSONAL 4.375% FRN 300,000 272,165 0.53EUR

748,324 1.45

ATLAS COPCO AB 4.750%05/06/2014 EMTN 150,000 147,204 0.29EUR

SWEDEN

SCA FINANS AB 3.875%07/03/2011 EMTN 65,000 62,819 0.12EURSECURITAS AB 6.125%14/03/2008 EMTN 210,000 211,538 0.41EURTELIASONERA AB 4.125%11/05/2015 EMTN 125,000 116,371 0.23EURVOLVO TREASURY AB 5.0%31/05/2017 EMTN 300,000 289,062 0.56EUR

826,994 1.61

AM.GEN.FIN.3.25% 05-16.1.05-16.1.13 290,000 259,491 0.50EUR

UNITED STATES

AT&T INC 4.375% 15/03/2013 200,000 192,864 0.37EURCA PREFERRED FUNDINGTRUST III 6.0% 125,000 122,477 0.24EURCITIGROUP INC 4.750%10/02/2019 FRN 1,000,000 965,554 1.88EURCOMMERZBANK CAPITALFUNDING TRUST I 5.012% FRN 400,000 366,798 0.71EURCREDIT SUISSE GROUPFINANCE US INC 3.625%14/09/2020 FRN 760,000 663,122 1.29EURDAIMLERCHRYSLER NAHOLDING CORP 4.250%04/10/2011 EMTN 300,000 292,383 0.57EURDEUTSCHE BANK CAPITALTRUST IV 5.330% FRN 600,000 588,285 1.14EURFIAT FINANCE NORTHAMERICA INC 5.625%12/06/2017 EMTN 150,000 145,095 0.28EURGENERAL ELECTRIC CAPITALCORP 4.625% 15/09/2066 FRN 625,000 585,219 1.14EURGMAC LLC 5.375% 06/06/2011EMTN 650,000 594,750 1.15EURGOLDMAN SACHS GROUPINC/THE 4.0% 02/02/2015 EMTN 550,000 507,868 0.99EURITW FINANCE EUROPE SA5.250% 01/10/2014 250,000 249,925 0.49EURLEHMAN BROTHERSHOLDINGS INC 4.250%26/09/2016 FRN EMTN 300,000 281,517 0.55EURMERRILL LYNCH & CO INC4.450% 31/01/2014 EMTN 700,000 666,414 1.29EURMORGAN STANLEY 3.750%01/03/2013 EMTN 400,000 370,836 0.72EURPROCTER & GAMBLE CO4.50% 12/05/2014 EMTN 350,000 341,803 0.66EURROCKWOOD SPECIALTIESGROUP INC 7.625% 15/11/2014 250,000 250,050 0.49EURSANPAOLO IMI CAPITAL8.126% FRN 200,000 217,337 0.42EUR


Face Value

SLM CORP 3.125% 17/09/2012EMTN 250,000 208,763 0.41EUR

UBS PREF.FD TV 05-PERP 250,000 227,091 0.44EURUNICREDITO ITALIANOCAPITAL TRUST III 4.028%FRN 450,000 393,239 0.76EURWACHOVIA CORP 4.375%27/11/2018 EMTN 500,000 453,934 0.88EUR

3M CO 5.0% 14/07/2014 250,000 248,828 0.48EUR

9,193,643 17.85

96.29TOTAL BONDS 49,587,324



Face Value







ARGENTINA BOCON 2.0%03/01/2016 FRN 790,000 370,529 0.31ARS


BONDS

ARGENTINA

ARGENTINA GOVERNMENTINTERNATIONAL BOND 5.830%31/12/2033 FRN 1,046,297 391,148 0.32ARS

761,677 0.63

AUSTRIA GOVERNMENT BOND4.650% 15/01/2018 196,000 281,856 0.23EUR

AUSTRIA

WIENERBERGER AG 6.50%FRN 510,000 672,267 0.56EUR

954,123 0.79

BELGIUM GOVERNMENT BOND5.0% 28/03/2035 510,000 750,813 0.62EUR

BELGIUM

750,813 0.62

ISA CAPITAL DO BRASIL SA8.80% 30/01/2017 660,000 694,074 0.58USD

BRAZIL

694,074 0.58

BANCO ABN AMRO REALSA/CAYMAN ISLAND 15.861%13/12/2007 650,000 354,974 0.29BRL

CAYMAN ISLANDS

BCP FINANCE CO 5.543% FRN 500,000 682,906 0.57EUR

1,037,880 0.86

INTERPIPE LTD 8.750%02/08/2010 550,000 549,872 0.46USD

CYPRUS

549,872 0.46

CASINO GUICHARDPERRACHON SA 5.875%23/11/2007 EMTN 550,000 780,195 0.65EUR

FRANCE

FRANCE GOVERNMENT BONDOAT 5.0% 25/04/2012 2,852,000 4,163,514 3.45EURFRANCE 5.75% 01-25.10.32BTAN 1,695,000 2,770,770 2.30EUR

7,714,479 6.40

INVESTMENTS

GLOBAL CORE PLUS BONDStatement of investments as at 30 September 2007 (expressed in USD)


Quantity/FaceValue

BUNDESOBLIGATION 4.0%13/04/2012 1,970,000 2,769,032 2.30EUR

GERMANY

BUNDESREPUBLIKDEUTSCHLAND 4.0%04/01/2037 365,000 467,076 0.39EURBUNDESREPUBLIKDEUTSCHLAND 4.250%04/07/2039 915,000 1,221,183 1.01EURBUNDESREPUBLIKDEUTSCHLAND 5.625%04/01/2028 560,000 894,631 0.74EURKREDITANSTALT FUERWIEDERAUFBAU 2.050%16/02/2026 92,000,000 775,542 0.64JPY

6,127,464 5.08

BBC 5.0636% 03-10.08.2033REG. 498,844 984,011 0.82GBP

GREAT BRITAIN

GREAT BRITAIN 4.25% 03-36TSY STOCK 650,000 1,236,279 1.03GBPGREAT BRITAIN 4.75% 04-7.12.38 TSY STOCK 400,000 826,531 0.69GBPGREAT BRITAIN 5.75% 98-09TSY STOCK 688,000 1,409,811 1.17GBPGREAT BRITAIN 8% 93-13 TSYSTOCK 270,000 626,521 0.52GBPHOLMES FINANCING PLC6.620% 15/07/2010 FRN 1,080,000 2,223,400 1.83GBPUNITED KINGDOM GILT 4.0%07/09/2016 1,060,000 1,984,157 1.64GBP

9,290,710 7.70

KAUPTHING BANK HF 5.949%15/01/2010 FRN 605,000 601,475 0.50USD

ICELAND

601,475 0.50

CAIRN MEZZANINE ABS CDOPLC 6.40% 13/08/2047 FRN 860,000 473,000 0.39USD

IRELAND

DEPFA ACS BANK 1.650%20/12/2016 EMTN 10,000,000 84,780 0.07JPY

557,780 0.46

DEV. BK JAPAN 1.05% 03-23EMTN 86,000,000 641,755 0.53JPY

JAPAN

DEVELOPMENT BANK OFJAPAN 1.70% 20/09/2022 3,000,000 24,903 0.02JPYJAPAN GOVERNMENT TENYEAR BOND 1.40% 20/03/2012 150,000,000 1,315,647 1.09JPYJAPAN GOVERNMENT TENYEAR BOND 1.70% 20/12/2016 602,000,000 5,266,396 4.38JPYJAPAN GOVERNMENT THIRTYYEAR BOND 2.30% 20/12/2036 246,000,000 2,077,408 1.72JPYJAPAN GOVERNMENTTWENTY YEAR BOND 2.0%20/03/2027 60,000,000 507,226 0.42JPYJAPANESE GOVERNMENT CPILINKED BOND .50% 10/12/2014 350,000,000 2,910,568 2.41JPYJLOC LTD 1.188% 16/02/2016FRN 37,464,000 324,565 0.27JPY

13,068,468 10.84

BANQUE DU LUXEMBOURG TV02-PERP. 450,000 657,296 0.55EUR

LUXEMBOURG


Quantity/FaceValue




GAZ CAPITAL FOR GAZPROM5.875% 01/06/2015 EMTN 830,000 1,163,468 0.96EUR

1,820,764 1.51

AMERICA MOVIL SAB DE CV9.0% 15/01/2016 5,000,000 477,956 0.40MXN

MEXICO

MEXICAN BONOS 9.50%18/12/2014 8,200,000 820,962 0.68MXN

1,298,918 1.08

FRESENIUS FINANCE BV 5.50%31/01/2016 400,000 539,895 0.45EUR

NETHERLANDS

INDO INTEGRATED ENERGYBV 8.50% 01/06/2012 150,000 147,817 0.12USDKAZKOMMERTSINTERNATIONAL BV 7.50%29/11/2016 EMTN 325,000 275,806 0.23USDKAZKOMMERTSINTERNATIONAL BV 8.0%03/11/2015 EMTN 225,000 202,421 0.17USDNETHERLANDS GOVERNMENTBOND 2.750% 15/04/2009 9,932,000 13,790,171 11.43EURSIEMENSFINANCIERINGSMAATSCHAPPIJ NV 5.250% 14/09/2066 FRN 420,000 564,967 0.47EURTELECOM ITALIA FINANCE SA7.250% 24/04/2012 EMTN 360,000 551,368 0.46EUR

16,072,445 13.33

POLAND GOVERNMENT BOND6.250% 24/10/2015 2,655,000 1,031,803 0.86PLN

POLAND

1,031,803 0.86

SABSA HOLDINGS PTY LTD9.935% 19/07/2012 3,000,000 436,387 0.36ZAR

SOUTH AFRICA

436,387 0.36

CITIBANK KOREA INC 4.680%18/06/2013 FRN EMTN 2,700,000 2,692,641 2.23USD

SOUTH KOREA

2,692,641 2.23

INSTITUTO DE CREDITOOFICIAL .80% 28/09/2009 EMTN 157,000,000 1,357,180 1.12JPY

SPAIN

SANTANDER ISSUANCES S.AUNIPERSONAL 4.250%30/05/2018 FRN EMTN 495,000 660,375 0.55EUR

2,017,555 1.67

BANK OF AMERICA NA 6.10%15/06/2017 470,000 483,136 0.40USD

UNITED STATES

BELLSOUTHTELECOMMUNICATIONS INC7.0% 01/12/2095 425,000 422,434 0.35USDBURLINGTON NORTHERNSANTA FE CORP 5.650%01/05/2017 1,000,000 980,936 0.81USDCOMMERCIAL MORTGAGEPASS THROUGHCERTIFICATES 5.853%15/12/2020 FRN 1,379,054 1,374,007 1.14USDCONTINENTAL AIRLINES INC5.983% 19/04/2022 292,000 283,644 0.24USD


Quantity/FaceValue

DEUTSCHE BANK CAPITALTRUST IV 5.330% FRN 475,000 659,770 0.55EURFANNIE MAE POOL 5.0%01/02/2021 P.781922 739,285 725,539 0.60USDFANNIE MAE POOL 6.291%01/06/2036 FRN P.896286 560,559 568,487 0.47USD

FANNIE MAE 6.0% 500,000 501,172 0.42USDFIAT FINANCE NORTHAMERICA INC 5.625%12/06/2017 EMTN 410,000 561,833 0.47EURFREDDIE MAC GOLD POOL6.0% 01/06/2037 P.G02981 488,129 489,426 0.41USDFREDDIE MAC NON GOLDPOOL 5.539% 01/07/2034 FRNP.847557 399,802 405,778 0.34USDGECC 9.5% 05-04.08.10SENIORDIUM-TERM NO 1,450,000 135,862 0.11MXNGENERAL ELECTRIC CAPITALCORP 5.50% 15/09/2067 FRN 445,000 626,624 0.52EURGENERAL ELECTRIC CAPITALCORP 9.50% 11/12/2014 EMTN 1,700,000 161,562 0.13MXNGENERAL MOTORS CORP8.250% 15/07/2023 375,000 332,987 0.28USDIRON MOUNTAIN INC 6.625%01/01/2016 610,000 571,247 0.47USDJPMORGAN CHASE & CO 8.0%09/07/2012 EMTN 29,000,000 773,634 0.64INRKFW INT. FIN 1.75% 00-23.3.10/REGS 241,000,000 2,129,676 1.76JPYMACYS RETAIL HOLDINGS INC5.90% 01/12/2016 830,000 799,319 0.66USDMARFRIG OVERSEAS LTD9.625% 16/11/2016 350,000 362,474 0.30USDMIDAMERICAN ENERGY CO5.950% 15/07/2017 610,000 619,845 0.51USDOWENS BROCKWAY GLASSCONTAINER INC 6.750%01/12/2014 875,000 864,473 0.72USD

SLM CORP 4.0% 15/01/2010 695,000 653,360 0.54USDUNION PACIFIC CORP 5.650%01/05/2017 1,300,000 1,271,312 1.05USDUNITED STATES TREASURYNOTE/BOND 4.750% 15/02/2010 420,000 427,350 0.35USDWAL-MART STORES INC5.875% 05/04/2027 1,765,000 1,714,050 1.42USD

XEROX CORP 5.50% 15/05/2012 215,000 213,822 0.18USD

19,113,759 15.84

71.80TOTAL BONDS 86,593,087



Quantity/FaceValue

CANADIAN GOVERNMENTBOND 4.0% 01/06/2017 3,465,000 3,357,577 2.78CAD


BONDS

CANADA

3,357,577 2.78

JLOC LTD .991% 15/01/2015FRN 60,000,000 519,543 0.43JPY

CAYMAN ISLANDS

519,543 0.43




BARCLAYS BANK PLC 5.926%FRN 925,000 881,622 0.73USD

GREAT BRITAIN

881,622 0.73

ING BANK NV 13.0% 26/02/2009 425,000 414,593 0.34USD

NETHERLANDS

414,593 0.34

ASSET BACKED FUNDINGCERTIFICATES 3.684%25/03/2033 788,694 777,110 0.64USD

UNITED STATES

BANC OF AMERICACOMMERCIAL MORTGAGE INC5.522% 10/07/2046 1,340,000 1,355,454 1.12USDBANC OF AMERICACOMMERCIAL MORTGAGE INC5.634% 10/07/2046 500,000 503,885 0.42USDBEAR STEARNS COMMERCIALMORTGAGE SECURITIES5.478% 12/10/2041 1,340,000 1,352,461 1.12USDCITIGROUP COMMERCIALMORTGAGE TRUST 5.914%15/03/2049 FRN 500,000 509,785 0.42USDCOX COMMUNICATIONS INC7.125% 01/10/2012 850,000 906,785 0.75USDFANNIE MAE POOL 5.898%01/03/2037 FRN P.922090 320,277 322,598 0.27USDFANNIE MAE POOL 6.50%01/05/2037 P.256723 471,104 479,863 0.40USD

FANNIE MAE 5.0% 500,000 478,047 0.40USD

FANNIE MAE 5.50% 2,600,000 2,551,655 2.12USD

FANNIE MAE 6.0% 500,000 501,328 0.42USDFREDDIE MAC GOLD POOL5.50% 01/08/2021 P.G12317 369,406 368,655 0.31USDFREDDIE MAC NON GOLDPOOL 4.203% 01/12/2034 FRNP.1B2655 1,117,563 1,124,997 0.93USD

FREDDIE MAC 5.50% 2,000,000 1,962,813 1.63USDGEORGIA-PACIFIC CORP7.70% 15/06/2015 875,000 870,121 0.72USD

GINNIE MAE 6.0% 400,000 402,938 0.33USDLB-UBS COMMERCIALMORTGAGE TRUST 5.372%15/09/2039 720,000 712,638 0.59USDLB-UBS COMMERCIALMORTGAGE TRUST 6.114%15/07/2040 FRN 450,000 458,409 0.38USDMORGAN STANLEY CAPITAL I5.610% 15/04/2049 450,000 454,396 0.38USDPUGET SOUND ENERGY INC6.974% 01/06/2067 FRN 345,000 335,408 0.28USDUNITED STATES TREASURYNOTE/BOND 4.50% 15/02/2036 3,290,000 3,121,901 2.59USDUNITED STATES TREASURYNOTE/BOND 4.50% 15/05/2017 1,672,000 1,664,163 1.38USDUNITED STATES TREASURYNOTE/BOND 4.50% 31/03/2012 1,104,000 1,118,490 0.93USDUNITED STATES TREASURYNOTE/BOND 4.750% 15/08/2017 550,000 558,250 0.46USD

22,892,150 18.99

23.27TOTAL BONDS 28,065,485



GERMANY


Quantity/FaceValue


30,104 0.02

PUT EUR/JPY SPOT - CROSSRATES 14/12/200 24 521 0.00JPY

GREAT BRITAIN

PUT EUR/USD SPOT -CROSSRATES 05/10/2007 23 2,300 0.00USDPUT USD/JPY SPOT CROSS05/10/2007 85.5 12 600 0.00USD

3,421 0.00

PUT USD/JPY SPOT CROSS05/10/2007 85 24 750 0.00USD

JAPAN

750 0.00

CALL 10Y TREASURY NOTESUSA 20/11/2007 1 360 84,374 0.08USD

UNITED STATES

CALL 10Y TREASURY NOTESUSA 20/11/2007 1 180 11,250 0.01USDCALL 10Y TREASURY NOTESUSA 20/11/2007 1 (540) (75,938) (0.06)USDCALL 10Y TREASURY NOTESUSA 26/10/2007 1 90 19,688 0.02USDCALL 10Y TREASURY NOTESUSA 26/10/2007 1 90 4,219 0.00USDCALL 10Y TREASURY NOTESUSA 26/10/2007 1 (180) (19,688) (0.02)USDPUT 10Y TREASURY NOTESUSA 26/10/2007 10 180 25,313 0.02USDPUT 10Y TREASURY NOTESUSA 26/10/2007 10 360 16,875 0.01USDPUT 10Y TREASURY NOTESUSA 26/10/2007 10 180 2,813 0.00USDPUT 10Y TREASURY NOTESUSA 26/10/2007 10 (360) (11,250) (0.01)USDPUT 10Y TREASURY NOTESUSA 26/10/2007 10 (180) (16,875) (0.01)USD

40,781 0.04




Quantity/FaceValue

PREFERRED TERMSECURITIES XVII LTD 6.044%22/03/2038 FRN 950,000 949,525 0.79USD


BONDS

CAYMAN ISLANDS

949,525 0.79

JPMORGAN CHASEBANK/LONDON 03/01/2012 FRNEMTN 1,908,000 1,011,054 0.84BRL

GREAT BRITAIN

1,011,054 0.84

CITIG.G. MKT 0%02-22.10.07144A 295,000 292,358 0.24USD

UNITED STATES




XTRA FINANCE CORP 5.150%01/04/2017 905,000 867,259 0.72USD

1,159,617 0.96




Quantity/FaceValue




ARGENTINA BOCON 2.0%03/01/2016 FRN 398 187 0.00ARS


BONDS

ARGENTINA

ARGENTINA BONOS 5.389%03/08/2012 FRN 1,600,000 902,035 0.36USDARGENTINA BONOS 7.0%03/10/2015 2,000,000 1,640,145 0.66USDARGENTINA GOVERNMENTINTERNATIONAL BOND 1.330%31/12/2038 2,600,000 1,077,742 0.44USDARGENTINA GOVERNMENTINTERNATIONAL BOND 8.280%31/12/2033 2,000,000 2,134,831 0.86USDLETRAS DEL BANCO CENTRALDE LA REPUBLICA ARGENTINA04/06/2008 2,000,000 574,073 0.23ARSNOTAS DEL BANCO CENTRALDE LA REPUBLICA ARGENTINA#N/A N.A.% 17/12/2008 FRN 2,000,000 620,572 0.25ARSNOTAS DEL BANCO CENTRALDE LA REPUBLICA ARGENTINA#N/A N.A.% 26/11/2008 FRN 3,800,000 1,183,282 0.48ARSPROVINCE OF BUENOS AIRESARGENTINA 9.375% 14/09/2018 2,000,000 1,748,224 0.71USDPROVINCE OF BUENOS AIRESARGENTINA 9.625% 18/04/2028 2,000,000 1,738,616 0.70USDPROVINCIA DEL NEUQUENTITULO PROVINCIAL 8.656%18/10/2014 500,000 495,000 0.20USDTELECOM PERSONAL SA9.250% 22/12/2010 1,500,000 1,532,820 0.62USD

13,647,527 5.51

SAGICOR FINANCIAL LTD7.50% 12/05/2016 300,000 308,123 0.12USD

BARBADE

308,123 0.12

BOSNIA & HERZEGOVINAGOVERNMENTINTERNATIONAL BOND 3.50%11/12/2017 FRN 940,000 570,222 0.23DEM

BOSNIA

570,222 0.23

BRAZILIAN GOVERNMENTINTERNATIONAL BOND 7.125%20/01/2037 3,000,000 3,352,500 1.36USD

BRAZIL

BRAZILIAN GOVERNMENTINTERNATIONAL BOND 7.875%07/03/2015 1,500,000 1,694,700 0.68USDBRAZILIAN GOVERNMENTINTERNATIONAL BOND 8.0%15/01/2018 1,600,000 1,786,560 0.72USD

INVESTMENTS

GLOBAL EMERGING MARKETS BONDStatement of investments as at 30 September 2007 (expressed in USD)


Quantity/FaceValue




BRAZILIAN GOVERNMENTINTERNATIONAL BOND 8.250%20/01/2034 2,250,000 2,837,025 1.15USDBRAZILIAN GOVERNMENTINTERNATIONAL BOND 8.750%04/02/2025 2,000,000 2,561,400 1.03USDEMPRESA ENERGETICA DESERGIPE / SA DEELETRIFICACAO DA PARAIBA10.50% 19/07/2013 2,000,000 2,195,862 0.89USDFEDERATIVE REPUBLIC OFBRAZIL 6.0% 17/01/2017 1,000,000 1,009,000 0.41USD

15,437,047 6.24

BOSPHORUS FINANCIALSERVICES LTD 7.358%15/02/2012 FRN 1,700,000 1,687,250 0.68USD

CAYMAN ISLANDS

BOSPHORUS FINANCIALSERVICES LTD 7.358%15/02/2012 FRN 750,000 742,580 0.30USDCSN ISLANDS IX CORP 10.50%15/01/2015 750,000 886,269 0.36USDPERU ENHANCED PASS-THROUGH FINANCE LTD31/05/2018 1,950,000 1,316,250 0.53USDVALE OVERSEAS LTD 6.250%11/01/2016 1,000,000 1,009,621 0.41USDVALE OVERSEAS LTD 6.875%21/11/2036 1,050,000 1,083,725 0.44USD

6,725,695 2.72

INTEROCEANICA IV FINANCELTD 30/11/2018 1,500,000 943,350 0.38USD

CHILE

943,350 0.38

COLOMBIA GOVERNMENTINTERNATIONAL BOND10.375% 28/01/2033 500,000 737,722 0.30USD

COLOMBIA

COLOMBIA GOVERNMENTINTERNATIONAL BOND10.750% 15/01/2013 4,000,000 4,905,272 1.98USDCOLOMBIA GOVERNMENTINTERNATIONAL BOND11.750% 01/03/2010 1,085,000,000 563,885 0.23COPCOLOMBIA GOVERNMENTINTERNATIONAL BOND 12.0%22/10/2015 4,000,000,000 2,233,694 0.90COPCOLOMBIA GOVERNMENTINTERNATIONAL BOND 7.375%18/09/2037 500,000 551,894 0.22USDCOLOMBIA GOVERNMENTINTERNATIONAL BOND 8.125%21/05/2024 500,000 586,048 0.24USD

9,578,515 3.87

COSTA RICA GOVERNMENTINTERNATIONAL BOND 6.548%20/03/2014 400,000 409,367 0.17USD

COSTA RICA

COSTA RICA GOVERNMENTINTERNATIONAL BOND 9.995%01/08/2020 1,200,000 1,568,000 0.63USD

1,977,367 0.80

INTERPIPE LTD 8.750%02/08/2010 2,400,000 2,399,441 0.97USD

CYPRUS


Quantity/FaceValue

TRANSPORTATIONINVESTMENTS HOLDING LTD8.50% 22/06/2010 2,000,000 1,982,405 0.80USD

4,381,846 1.77

CERVECERIA NACIONALDOMINICANA C POR A 8.0%27/03/2014 1,900,000 1,940,534 0.79USD

DOMINICAN REPUBLIC

CERVECERIA NACIONALDOMINICANA C POR A 8.0%27/03/2014 100,000 101,500 0.04USDDOMINICAN REPUBLICINTERNATIONAL BOND 8.625%20/04/2027 400,000 451,750 0.18USDDOMINICAN REPUBLICINTERNATIONAL BOND 9.50%27/09/2011 772,884 826,725 0.33USD

3,320,509 1.34

ECUADOR GOVERNMENTINTERNATIONAL BOND 10.0%15/08/2030 3,050,000 2,823,149 1.14USD

ECUADOR

ECUADOR GOVERNMENTINTERNATIONAL BOND 12.0%15/11/2012 244,800 245,412 0.10USDECUADOR GOVERNMENTINTERNATIONAL BOND 9.375%15/12/2015 500,000 484,547 0.20USD

3,553,108 1.44

EL SALVADOR GOVERNMENTINTERNATIONAL BOND 7.650%15/06/2035 1,750,000 1,964,375 0.79USD

EL SALVADOR

1,964,375 0.79

EVRAZ GROUP SA 8.250%10/11/2015 3,100,000 3,117,172 1.26USD


GAZ CAPITAL FOR GAZPROM7.288% 16/08/2037 7,000,000 7,455,467 3.01USDRUSSIA GOVERNMENTINTERNATIONAL BOND 7.50%31/03/2030 21,492,000 24,053,846 9.72USD

34,626,485 13.99

REPUBLIC OF FIJI 6.875%13/09/2011 450,000 409,500 0.17USD

FIJI ISLANDS

409,500 0.17

DRESDNER KLEINWORTWASSERSTEIN FOR CJSC THEEXIM OF UKRAINE 7.750%23/09/2009 1,000,000 1,009,394 0.41USD

GERMANY

1,009,394 0.41

GTB FINANCE B.V. 8.50%29/01/2012 750,000 729,395 0.29USD

GREAT BRITAIN

STANDARD BANK PLC09/03/2009 FRN EMTN 1,500,000 1,455,000 0.59USD

2,184,395 0.88


Quantity/FaceValue




INDONESIA GOVERNMENTINTERNATIONAL BOND 8.50%12/10/2035 500,000 592,779 0.24USD

INDONESIA

INDONESIA GOVERNMENTINTERNATIONAL BOND 8.50%12/10/2035 250,000 296,358 0.12USD

889,137 0.36

REPUBLIC OF IRAQ 5.80%15/01/2028 1,100,000 666,716 0.27USD

IRAQ

666,716 0.27

GAZ CAPITAL FOR GAZPROM6.212% 22/11/2016 EMTN 1,500,000 1,486,535 0.60USD

LUXEMBOURG

GAZSTREAM SA FOR OAOGAZPROM 5.625% 22/07/2013 2,735,511 2,717,120 1.09USDORASCOM TELECOM FINANCESCA 7.875% 08/02/2014 2,800,000 2,671,327 1.08USDRSHB CAPITAL SA FOR OJSCRUSSIAN AGRICULTURALBANK 6.299% 15/05/2017 2,000,000 1,907,406 0.77USDTNK-BP FINANCE SA 6.625%20/03/2017 EMTN 500,000 469,780 0.19USDTNK-BP FINANCE SA 7.50%18/07/2016 EMTN 500,000 497,907 0.20USDUBS LUXEMBOURG SA FOROJSC VIMPELCOMMUNICATIONS 8.250%23/05/2016 1,000,000 1,029,994 0.42USD

10,780,069 4.35

AMERICA MOVIL SAB DE CV8.460% 18/12/2036 6,000,000 542,597 0.22MXN

MEXICO

CORP DURANGO SAB DE CV9.50% 31/12/2012 1,692,926 1,713,559 0.69USDHIPOTECARIA SU CASITA SA8.50% 04/10/2016 1,100,000 1,121,362 0.45USDJP MORGAN HIPOTECARIA SUCASITA 6.10% 25/09/2035 1,100,000 345,465 0.14MXNMAXCOMTELECOMUNICACIONES SABDE CV 11.0% 15/12/2014 2,900,000 3,064,005 1.24USDMEXICAN BONOS 9.0%20/06/2013 2,000,000 193,887 0.08MXNMEXICAN BONOS 9.50%18/12/2014 16,000,000 1,601,877 0.65MXNMEXICO GOVERNMENTINTERNATIONAL BOND 5.625%15/01/2017 5,000,000 5,006,500 2.02USDVITRO SAB DE CV 9.125%01/02/2017 500,000 493,445 0.20USD

14,082,697 5.69

TRADE & DEVELOPMENTBANK OF MONGOLIA LLC8.625% 22/01/2010 EMTN 1,000,000 1,000,754 0.40USD

MONGOLIA

1,000,754 0.40

BG FINANCE BV FOR JSCBANK OF GEORGIA 9.0%08/02/2012 750,000 724,259 0.29USD

NETHERLANDS

BULGARIA STEEL FINANCE BV12.0% 04/05/2013 800,000 702,658 0.28EUR


Quantity/FaceValue

INDO INTEGRATED ENERGYBV 8.50% 01/06/2012 3,000,000 2,956,334 1.19USDING BANK NV 10.0% 01/01/2014EMTN 1,800,000 916,880 0.37BRLINTERGAS FINANCE BV 6.375%14/05/2017 750,000 725,925 0.29USDKAZKOMMERTSINTERNATIONAL BV 7.50%29/11/2016 EMTN 1,650,000 1,400,246 0.57USDKAZKOMMERTSINTERNATIONAL BV 7.875%07/04/2014 500,000 458,918 0.19USDKAZKOMMERTSINTERNATIONAL BV 8.0%03/11/2015 EMTN 500,000 449,824 0.18USDMAJAPAHIT HOLDING BV7.250% 28/06/2017 1,600,000 1,581,813 0.64USDMAJAPAHIT HOLDING BV7.750% 17/10/2016 3,500,000 3,578,638 1.45USDMAJAPAHIT HOLDING BV7.875% 29/06/2037 750,000 741,894 0.30USDRUBRIKA FOR TBC BANK JSC8.980% 26/04/2009 EMTN 800,000 798,000 0.32USD

15,035,389 6.07

AES EL SALVADOR TRUST6.750% 01/02/2016 1,000,000 995,471 0.40USD

PANAMA

AES PANAMA SA 6.350%21/12/2016 1,000,000 966,804 0.39USDPANAMA GOVERNMENTINTERNATIONAL BOND 7.125%29/01/2026 400,000 433,530 0.18USDPANAMA GOVERNMENTINTERNATIONAL BOND 8.125%28/04/2034 1,000,000 1,213,098 0.49USD

3,608,903 1.46

ASIAN DEVELOPMENTBANK/PASIG 10.0% 31/08/2010 20,000,000 2,905,849 1.17ZAR

PHILIPPINES

PHILIPPINE GOVERNMENTINTERNATIONAL BOND 8.250%15/01/2014 1,500,000 1,676,176 0.68USDPHILIPPINE GOVERNMENTINTERNATIONAL BOND 8.875%17/03/2015 1,500,000 1,749,867 0.71USDPHILIPPINE GOVERNMENTINTERNATIONAL BOND 9.375%18/01/2017 3,000,000 3,671,280 1.48USD

10,003,172 4.04

POLAND GOVERNMENT BOND4.250% 24/05/2011 3,000,000 1,078,438 0.44PLN

POLAND

1,078,438 0.44

SOUTH AFRICA GOVERNMENTINTERNATIONAL BOND 7.375%25/04/2012 2,000,000 2,161,904 0.87USD

SOUTH AFRICA

2,161,904 0.87

TURKEY GOVERNMENT BOND13/08/2008 1,000,000 717,627 0.29TRY

TURKEY

TURKEY GOVERNMENT BOND14.0% 19/01/2011 2,000,000 1,564,919 0.63TRYTURKEY GOVERNMENTINTERNATIONAL BOND 11.0%14/01/2013 7,000,000 8,495,200 3.44USD


Quantity/FaceValue




TURKEY GOVERNMENTINTERNATIONAL BOND 6.875%17/03/2036 4,800,000 4,583,040 1.85USDTURKEY GOVERNMENTINTERNATIONAL BOND 7.0%26/09/2016 4,000,000 4,090,400 1.65USDTURKEY GOVERNMENTINTERNATIONAL BOND 7.250%15/03/2015 500,000 522,250 0.21USDTURKEY GOVERNMENTINTERNATIONAL BOND 7.375%05/02/2025 1,850,000 1,918,820 0.78USDTURKEY GOVERNMENTINTERNATIONAL BOND 9.0%30/06/2011 1,000,000 1,099,000 0.44USDTURKEY GOVERNMENTINTERNATIONAL BOND 9.50%15/01/2014 500,000 579,650 0.23USD

23,570,906 9.52

UKRAINE GOVERNMENTINTERNATIONAL BOND 6.385%26/06/2012 1,500,000 1,512,024 0.60USD

UKRAINE

UKRAINE GOVERNMENTINTERNATIONAL BOND 6.580%21/11/2016 600,000 608,225 0.25USDUKRAINE GOVERNMENTINTERNATIONAL BOND 6.875%04/03/2011 1,000,000 1,027,728 0.42USD

3,147,977 1.27

CITIBANK GLOBAL MARKETSDEUTSCHLAND FORSEVERSTAL 9.250% 19/04/2014 1,550,000 1,667,678 0.67USD

UNITED STATES

EDEL CAPITAL SA FOR SINEKCAPITAL SA 7.70% 03/08/2015 1,250,000 1,264,747 0.51USDGECC 9.5% 05-04.08.10SENIORDIUM-TERM NO 16,700,000 1,564,754 0.63MXNGENERAL ELECTRIC CAPITALCORP 9.50% 11/12/2014 EMTN 8,000,000 760,291 0.31MXNJPMORGAN CHASE & CO 6.0%10/10/2012 EMTN 110,000,000 2,446,840 0.99PHPJPMORGAN CHASE & CO 8.0%09/07/2012 EMTN 81,000,000 2,160,839 0.87INRMARFRIG OVERSEAS LTD9.625% 16/11/2016 4,600,000 4,763,950 1.92USDPEMEX PROJECT FUNDINGMASTER TRUST 5.750%15/12/2015 3,750,000 3,755,185 1.52USDPEMEX PROJECT FUNDINGMASTER TRUST 6.625%15/06/2035 1,500,000 1,556,352 0.63USDPEMEX PROJECT FUNDINGMASTER TRUST 8.0%15/11/2011 1,000,000 1,096,180 0.44USDSOUTHERN COPPER CORP7.50% 27/07/2035 1,250,000 1,355,323 0.55USD

22,392,139 9.04

FERTINITRO FINANCE INC8.290% 01/04/2020 500,000 425,000 0.17USD

VENEZUELA

PETROLEOS DE VENEZUELASA 5.250% 12/04/2017 5,100,000 3,772,373 1.53USDPETROLEOS DE VENEZUELASA 5.375% 12/04/2027 3,800,000 2,412,710 0.97USDVENEZUELA GOVERNMENTINTERNATIONAL BOND 5.750%26/02/2016 2,800,000 2,375,617 0.96USDVENEZUELA GOVERNMENTINTERNATIONAL BOND 7.0%01/12/2018 2,500,000 2,231,418 0.90USD


Quantity/FaceValue

VENEZUELA GOVERNMENTINTERNATIONAL BOND 7.650%21/04/2025 2,000,000 1,802,334 0.73USDVENEZUELA GOVERNMENTINTERNATIONAL BOND 9.250%15/09/2027 2,000,000 2,102,800 0.85USD

15,122,252 6.11

VIETNAM GOVERNMENTINTERNATIONAL BOND 6.313%12/03/2016 FRN 1,345,217 1,343,603 0.54USD

VIETNAM

1,343,603 0.54

REPUBLIC OF SERBIA 3.750%01/11/2024 2,500,000 2,368,825 0.96USD

YOUGOSLAVIA

2,368,825 0.96

92.05TOTAL BONDS 227,890,339

ULTRAPETROL BAHAMAS LTD9.0% 24/11/2014 1,450,000 1,386,563 0.56USD

COMMERCIAL PAPER

UNITED STATES

1,386,563 0.56

0.56TOTAL COMMERCIAL PAPER 1,386,563



Quantity/FaceValue

BANCOLOMBIA SA 6.875%25/05/2017 2,900,000 2,797,874 1.13USD


BONDS

COLOMBIA

2,797,874 1.13

ING BANK NV 13.0% 26/02/2009 400,000 390,205 0.16USD

NETHERLANDS

ING BANK NV 7.50% 07/03/2008EMTN 400,000 398,200 0.16USD

788,405 0.32



BANCO VOTORANTIM/NASSAU9.250% 20/12/2012 1,200,000 654,930 0.26BRL


BONDS

BAHAMAS

654,930 0.26




PERU ENHANCED PASS-THROUGH FINANCE LTD31/05/2018 750,000 510,000 0.21USD

CAYMAN ISLANDS

510,000 0.21

DOMINICAN REPUBLICINTERNATIONAL BOND 9.040%23/01/2018 600,000 725,511 0.29USD

DOMINICAN REPUBLIC

725,511 0.29

JP MORGAN INTERNATIONALDERIVATIVES LTD 19/03/2013FRN EMTN 500,000 512,070 0.21USD

GREAT BRITAIN

JPMORGAN CHASEBANK/LONDON 19/03/2013EMTN 495,000 503,103 0.20USDJPMORGAN CHASEBANK/LONDON 03/01/2012 FRNEMTN 4,831,000 2,559,961 1.03BRLSTANDARD BANK PLC05/09/2008 EMTN 480,000 489,312 0.20USD

4,064,446 1.64

CITIG.G. MKT 0%02-22.10.07144A 600,000 594,627 0.24USD

UNITED STATES

CITIGROUP FUNDING INC14/09/2011 FRN 3,021,600 3,012,837 1.22USD

3,607,464 1.46

FERTINITRO FINANCE INC8.290% 01/04/2020 700,000 595,000 0.24USD

VENEZUELA

595,000 0.24

4.10TOTAL BONDS 10,157,351

TRANSTEL INTERMEDIAS.A.06-1.6.16 SHS REG.S 0 1,000 0.00 0.00USD


COLOMBIA

0.00 0.00

0.00TOTAL OPTIONS / WARRANTS / EQUITY LINKEDSECURITIES 0.00



Quantity/FaceValue

SVENSK EXPORTKREDIT AB#N/A N.A.% 24/01/2008 FRNEMTN 1,000,000 1,000,000 0.40USD


COMMERCIAL PAPER

SWEDEN

1,000,000 0.40






Quantity/FaceValue





ARGENTINA BONOS 7.0%03/10/2015 2,500,000 2,050,181 11.28USD


BONDS

ARGENTINA

2,050,181 11.28

COLOMBIA GOVERNMENTINTERNATIONAL BOND11.750% 01/03/2010 1,725,000,000 896,498 4.94COP

COLOMBIA

896,498 4.94

HUNGARY GOVERNMENTBOND 6.250% 24/08/2010 180,000,000 997,715 5.49HUF

HUNGARY

997,715 5.49

INTER-AMERICANDEVELOPMENT BANK 13.0%20/06/2008 5,500,000 88,239 0.49ISK

International Agencies

88,239 0.49

DIAMOND FINANCE PLC 6.0%18/05/2015 FRN 248,000 217,284 1.20BRL

IRELAND

217,284 1.20


PHILIPPINES

1,017,047 5.60

SABSA HOLDINGS PTY LTD9.935% 19/07/2012 2,000,000 290,925 1.60ZAR

SOUTH AFRICA

290,925 1.60

TURKEY GOVERNMENT BOND16.0% 07/03/2012 2,300,000 1,916,836 10.56TRY

TURKEY

1,916,836 10.56

JPMORGAN CHASE & CO 6.0%10/10/2012 EMTN 8,000,000 177,952 0.98PHP

UNITED STATES

INVESTMENTS

GLOBAL EMERGING MARKETS LOCAL DEBTStatement of investments as at 30 September 2007 (expressed in USD)


Quantity/FaceValue

MORGAN STANLEY 10.090%03/05/2017 1,750,000 932,733 5.14BRL

1,110,685 6.12

47.28TOTAL BONDS 8,585,410



Quantity/FaceValue

STANDARD BANK PLC05/09/2008 EMTN 170,000 173,298 0.96USD


BONDS

GREAT BRITAIN

173,298 0.96


CALL ON CCY USD/MXN05/10/2007 11.05 (10,000) (1,014) (0.01)USD


GREAT BRITAIN

PUT USD/CZK SPOT CROSS22/10/2007 19.5 20,000 16,195 0.09USD

15,181 0.08









CIE GENERALE DEGEOPHYSIQUE-VERITAS 7.50%15/05/2015 25,000 25,656 0.42USD


BONDS

FRANCE

25,656 0.42

VIRGIN MEDIA FINANCE PLC9.125% 15/08/2016 25,000 25,891 0.42USD

GREAT BRITAIN

25,891 0.42

AK STEEL CORP 7.750%15/06/2012 100,000 100,731 1.65USD

UNITED STATES

ALLIED WASTE NORTHAMERICA INC 7.375%15/04/2014 250,000 252,618 4.15USDAMERICAN RAILCARINDUSTRIES INC 7.50%01/03/2014 25,000 24,938 0.41USDAVENTINE RENEWABLEENERGY HOLDINGS INC 10.0%01/04/2017 25,000 22,983 0.38USDCABLEVISION SYSTEMS CORP8.0% 15/04/2012 200,000 195,854 3.21USDCARRIAGE SERVICES INC7.875% 15/01/2015 25,000 25,000 0.41USDCASE NEW HOLLAND INC7.125% 01/03/2014 50,000 51,493 0.84USDCHESAPEAKE ENERGY CORP6.875% 15/01/2016 150,000 151,644 2.48USDCINCINNATI BELL INC 8.375%15/01/2014 250,000 251,020 4.12USDCMS ENERGY CORP 6.30%01/02/2012 25,000 25,035 0.41USDCMS ENERGY CORP 6.550%17/07/2017 25,000 24,161 0.40USDCOPANO ENERGY LLC 8.125%01/03/2016 20,000 20,375 0.33USDEDUCATION MANAGEMENTLLC / EDUCATIONMANAGEMENT CORP 10.250%01/06/2016 15,000 15,525 0.25USDEL PASO CORP 7.0%15/06/2017 60,000 60,949 1.00USDEXOPACK HOLDING INC11.250% 01/02/2014 50,000 52,250 0.86USDFORD MOTOR CREDIT CO LLC7.375% 01/02/2011 50,000 47,779 0.78USDFORD MOTOR CREDIT CO LLC7.375% 28/10/2009 100,000 98,220 1.61USDFREEPORT-MCMORANCOPPER & GOLD INC 8.250%01/04/2015 25,000 26,903 0.44USDGENERAL CABLE CORP7.125% 01/04/2017 25,000 24,500 0.40USD

INVESTMENTS

GLOBAL HIGH YIELD BONDStatement of investments as at 30 September 2007 (expressed in USD)


Face Value

GENERAL MOTORS CORP7.125% 15/07/2013 25,000 23,253 0.38USDGEORGIA GULF CORP 9.50%15/10/2014 25,000 22,875 0.37USD

GMAC LLC 6.875% 28/08/2012 250,000 235,478 3.87USDHERTZ CORP 8.875%01/01/2014 150,000 155,531 2.55USD

IDEARC INC 8.0% 15/11/2016 25,000 25,066 0.41USDINNOPHOS INC 8.875%15/08/2014 25,000 24,750 0.41USDLANDRY'S RESTAURANTS INC7.50% 15/12/2014 150,000 150,061 2.46USDLYONDELL CHEMICAL CO 8.0%15/09/2014 5,000 5,484 0.09USDLYONDELL CHEMICAL CO8.250% 15/09/2016 5,000 5,643 0.09USDMASSEY ENERGY CO 6.875%15/12/2013 150,000 140,383 2.30USDMIRANT NORTH AMERICA LLC7.375% 31/12/2013 50,000 50,972 0.83USDMQ ASSOCIATES INC15/08/2012 25,000 21,688 0.36USDNEWFIELD EXPLORATION CO6.625% 01/09/2014 25,000 24,583 0.40USDOWENS BROCKWAY GLASSCONTAINER INC 6.750%01/12/2014 25,000 24,699 0.40USDPEP BOYS-MANNY MOE &JACK 7.50% 15/12/2014 25,000 23,868 0.39USDPLAINS EXPLORATION &PRODUCTION CO 7.750%15/06/2015 25,000 24,609 0.40USDRADIO ONE INC 6.375%15/02/2013 25,000 22,125 0.36USDREGENCY ENERGYPARTNERS LP/REGENCYENERGY FINANCE CORP8.375% 15/12/2013 16,000 16,780 0.27USDSIERRA PACIFIC RESOURCES6.750% 15/08/2017 25,000 24,604 0.40USDSMITHFIELD FOODS INC7.750% 01/07/2017 25,000 25,625 0.42USDST ACQUISITION CORP13.308% 15/05/2015 FRN 30,000 20,775 0.34USDSUNCOM WIRELESS INC 8.50%01/06/2013 25,000 26,250 0.43USDTUBE CITY IMS CORP 9.750%01/02/2015 25,000 24,438 0.40USDUSI HOLDINGS CORP 9.433%15/11/2014 FRN 25,000 23,750 0.39USDYANKEE ACQUISITIONCORP/MA 9.750% 15/02/2017 25,000 24,036 0.39USD

2,639,304 43.24

44.08TOTAL BONDS 2,690,851



Face Value

PETROPLUS FINANCE LTD7.0% 01/05/2017 25,000 23,799 0.39USD


BONDS

BERMUDA ISLANDS

23,799 0.39

COMPTON PETROLEUMFINANCE CORP 7.625%01/12/2013 150,000 144,874 2.38USD

CANADA




STONE CONTAINER FINANCE7.375% 15/07/2014 25,000 24,049 0.39USDTEMBEC INDUSTRIES INC7.750% 15/03/2012 25,000 9,984 0.16USD

178,907 2.93

BASELL AF SCA 8.375%15/08/2015 200,000 182,500 2.99USD

LUXEMBOURG

182,500 2.99

INTERGEN NV 9.0% 30/06/2017 50,000 52,500 0.86USD

NETHERLANDS

52,500 0.86

ALTRA INDUSTRIAL MOTIONINC 9.0% 01/12/2011 25,000 25,344 0.42USD

UNITED STATES

ARAMARK CORP 8.50%01/02/2015 25,000 25,781 0.42USDBEVERAGES & MORE INC9.250% 01/03/2012 25,000 25,313 0.41USDBONTEN MEDIA ACQUISITIONCO 9.0% 01/06/2015 25,000 22,375 0.37USDBUFFALO THUNDERDEVELOPMENT AUTHORITY9.375% 15/12/2014 25,000 23,500 0.38USDCCM MERGER INC 8.0%01/08/2013 200,000 195,000 3.19USDCELLU TISSUE HOLDINGS INC9.750% 15/03/2010 25,000 24,500 0.40USDCENTENNIALCOMMUNICATIONS CORP10.0% 01/01/2013 200,000 211,644 3.47USDCMS ENERGY CORP 6.875%15/12/2015 250,000 253,180 4.16USDCOMMUNITY HEALTHSYSTEMS INC 8.875%15/07/2015 25,000 25,741 0.42USDDAE AVIATION HOLDINGS INC11.250% 01/08/2015 25,000 26,336 0.43USDFOREST OIL CORP 7.250%15/06/2019 25,000 24,755 0.41USDGEORGIA-PACIFIC CORP7.70% 15/06/2015 100,000 99,442 1.63USDGIBRALTAR INDUSTRIES INC8.0% 01/12/2015 150,000 141,000 2.31USDGREEKTOWN HOLDINGS LLC10.750% 01/12/2013 150,000 148,500 2.43USDISLE OF CAPRI CASINOS INC7.0% 01/03/2014 150,000 135,568 2.22USD

MAAX CORP 9.750% 15/06/2012 25,000 12,500 0.20USDMEDIACOM LLC/MEDIACOMCAPITAL CORP 7.875%15/02/2011 150,000 149,161 2.44USDOMNICARE INC 6.750%15/12/2013 150,000 142,601 2.34USDOSI RESTAURANT PARTNERSINC 10.0% 15/06/2015 25,000 22,673 0.37USDPLY GEM INDUSTRIES INC9.0% 15/02/2012 100,000 84,487 1.38USDSOLO CUP CO 8.50%15/02/2014 175,000 155,520 2.55USDSTATER BROTHERSHOLDINGS 7.750% 15/04/2015 25,000 24,813 0.41USDSUSSER HOLDINGS LLC10.625% 15/12/2013 106,000 109,180 1.79USDTESORO CORP 6.50%01/06/2017 25,000 24,948 0.41USDTRANSDIGM INC 7.750%15/07/2014 25,000 25,313 0.41USD


Face Value

UCI HOLDCO INC 12.694%15/12/2013 26,523 25,197 0.41USDWILLIAMS COS INC 6.375%01/10/2010 50,000 50,375 0.83USDWILLIAMS PARTNERSLP/WILLIAMS PARTNERSFINANCE CORP 7.50%15/06/2011 25,000 25,890 0.42USD

2,260,637 37.03

44.20TOTAL BONDS 2,698,343



Face Value

KERZNER INTERNATIONALLTD 6.750% 01/10/2015 150,000 148,875 2.44USD


BONDS

BAHAMAS

148,875 2.44

NOVA CHEMICALS CORP6.50% 15/01/2012 25,000 23,841 0.39USD

CANADA

23,841 0.39

CHAPARRAL ENERGY INC8.875% 01/02/2017 25,000 23,422 0.38USD

UNITED STATES

COMPUCOM SYSTEMS INC12.0% 01/11/2014 25,000 31,499 0.53USDFONTAINEBLEAU LAS VEGASHOLDINGSLLC/FONTAINEBLEAU LASVEGAS CAPITAL CORP10.250% 15/06/2015 25,000 23,438 0.38USDHAWKER BEECHCRAFTACQUISITION CO LLC /HAWKER BEECHCRAFTNOTES CO 8.50% 01/04/2015 25,000 25,563 0.42USDHERBST GAMING INC 7.0%15/11/2014 25,000 20,438 0.33USDMOMENTIVE PERFORMANCEMATERIALS INC 9.750%01/12/2014 25,000 24,705 0.40USDPOKAGON GAMINGAUTHORITY 10.375%15/06/2014 25,000 27,437 0.45USDPRIDE INTERNATIONAL INC7.375% 15/07/2014 25,000 25,827 0.42USDRH DONNELLEY CORP 6.875%15/01/2013 10,000 9,488 0.16USDSEALY MATTRESS CO 8.250%15/06/2014 25,000 25,158 0.41USDSPECTRUM BRANDS INC7.375% 01/02/2015 25,000 19,107 0.31USDSUNGARD DATA SYSTEMS INC10.250% 15/08/2015 25,000 26,200 0.43USDSWIFT ENERGY CO 7.625%15/07/2011 25,000 25,078 0.41USDTRIMAS CORP 9.875%15/06/2012 39,000 39,779 0.66USDTURNING STONE RESORTCASINO ENTERPRISE 9.125%15/09/2014 25,000 25,875 0.42USD




US CONCRETE INC 8.375%01/04/2014 25,000 23,426 0.38USD

396,440 6.49




Face Value




ASTRAZENECA PLC 5.90%15/09/2017 750,000 761,107 0.86USD


BONDS

GREAT BRITAIN

761,107 0.86

KAUPTHING BANK HF 5.949%15/01/2010 FRN 800,000 795,338 0.89USD

ICELAND

795,338 0.89

CAIRN MEZZANINE ABS CDOPLC 6.40% 13/08/2047 FRN 605,000 332,750 0.37USD

IRELAND

332,750 0.37

SHELL INTERNATIONALFINANCE BV 5.20% 22/03/2017 700,000 692,235 0.78USD

NETHERLANDS

692,235 0.78

AMERICAN EXPRESSCENTURION BANK 5.950%12/06/2017 500,000 498,807 0.56USD

UNITED STATES

AT&T INC 6.50% 01/09/2037 450,000 463,927 0.52USDBANK OF AMERICA NA 6.10%15/06/2017 700,000 719,564 0.81USDBELLSOUTHTELECOMMUNICATIONS INC7.0% 01/12/2095 700,000 695,774 0.78USDBURLINGTON NORTHERNSANTA FE CORP 5.650%01/05/2017 350,000 343,328 0.39USDCOMMERCIAL MORTGAGEPASS THROUGHCERTIFICATES 5.853%15/12/2020 FRN 1,103,243 1,099,206 1.24USDCONTINENTAL AIRLINES INC5.983% 19/04/2022 600,000 582,831 0.66USDDAIMLER FINANCE NORTHAMERICA LLC 4.050%04/06/2008 725,000 718,742 0.81USDDEUTSCHE MORTGAGESECURITIES INC 5.068%26/06/2035 FRN 759,487 757,099 0.85USDDOMINOS PIZZA MASTERISSUER LLC 5.261% 25/04/2037 800,000 791,250 0.89USDFANNIE MAE POOL 5.0%01/02/2021 P.781922 1,593,569 1,563,939 1.76USDFANNIE MAE POOL 6.291%01/06/2036 FRN P.896286 733,038 743,406 0.84USD

FANNIE MAE 6.0% 1,800,000 1,804,219 2.03USD

INVESTMENTS

US DOLLAR CORE PLUS BONDStatement of investments as at 30 September 2007 (expressed in USD)


Face Value




FORD MOTOR CREDIT CO LLC5.80% 12/01/2009 1,500,000 1,459,520 1.64USDFORD MOTOR CREDIT CO LLC7.250% 25/10/2011 200,000 188,830 0.21USDFREDDIE MAC GOLD POOL6.0% 01/06/2037 P.G02981 810,295 812,447 0.91USDFREDDIE MAC NON GOLDPOOL 5.539% 01/07/2034 FRNP.847557 868,454 881,434 0.99USDGE BUSINESS LOAN TRUST5.933% 15/11/2034 FRN 1,029,903 1,026,094 1.15USDGENERAL MOTORS CORP8.250% 15/07/2023 350,000 310,787 0.35USD

GMAC LLC 7.250% 02/03/2011 1,450,000 1,410,647 1.59USD

HCA INC 8.750% 01/09/2010 1,150,000 1,164,051 1.31USDHOME DEPOT INC 5.875%16/12/2036 2,000,000 1,708,388 1.92USDINTERNATIONAL BUSINESSMACHINES CORP 5.70%14/09/2017 700,000 704,242 0.79USDKROGER CO/THE 6.40%15/08/2017 650,000 664,360 0.75USDMARTIN MARIETTA MATERIALSINC 5.510% 30/04/2010 FRN 400,000 387,399 0.44USDMERCK & CO INC 5.750%15/11/2036 900,000 850,139 0.96USDMIDAMERICAN ENERGY CO5.950% 15/07/2017 2,500,000 2,540,348 2.85USDMORGAN STANLEY CAPITAL I5.328% 12/11/2041 800,000 788,736 0.89USDPROCTER & GAMBLE CO5.550% 05/03/2037 400,000 384,473 0.43USDRESIDENTIAL ACCREDITLOANS INC 5.431% 25/01/2037FRN 1,087,686 1,078,213 1.21USDRESIDENTIAL ACCREDITLOANS INC 6.250% 25/01/2037 683,964 685,171 0.77USDROHM & HAAS CO 6.0%15/09/2017 550,000 551,275 0.62USDSAFEWAY INC 6.350%15/08/2017 600,000 612,474 0.69USDSCHERING-PLOUGH CORP6.0% 15/09/2017 950,000 956,051 1.07USD

SLM CORP 4.0% 15/01/2010 750,000 705,064 0.79USDTIME WARNER INC 7.70%01/05/2032 1,000,000 1,104,411 1.24USDUNION PACIFIC CORP 5.650%01/05/2017 800,000 782,346 0.88USDUNITED STATES TREASURYNOTE/BOND 3.875% 15/05/2009 2,200,000 2,198,281 2.47USDUNITED STATES TREASURYNOTE/BOND 4.50% 30/04/2009 3,500,000 3,531,719 3.96USDUNITED STATES TREASURYNOTE/BOND 4.50% 30/11/2011 465,000 471,321 0.53USDUNITED STATES TREASURYNOTE/BOND 4.750% 15/02/2010 470,000 478,225 0.54USDUNITED STATES TREASURYNOTE/BOND 4.875% 15/08/2009 1,000,000 1,016,719 1.14USDVERIZON PENNSYLVANIA INC5.650% 15/11/2011 500,000 506,852 0.57USDWAL-MART STORES INC5.875% 05/04/2027 750,000 728,350 0.82USDWAL-MART STORES INC 6.50%15/08/2037 1,000,000 1,039,920 1.17USDWASHINGTON MUTUALBANK/HENDERSON NV 5.560%04/02/2011 FRN 300,000 300,653 0.34USDWASHINGTON MUTUAL INC6.094% 17/09/2012 FRN 400,000 400,175 0.45USD

43,211,207 48.58

51.48TOTAL BONDS 45,792,637



Face Value

PREFERRED TERMSECURITIES XXII LTD 6.034%22/09/2036 FRN 600,000 581,250 0.65USD


BONDS

CAYMAN ISLANDS

581,250 0.65

BARCLAYS BANK PLC 5.926%FRN 1,000,000 953,104 1.07USD

GREAT BRITAIN

953,104 1.07

AMERICAN AIRLINES INC6.978% 01/04/2011 499,498 502,620 0.57USD

UNITED STATES

AMERICAN AIRLINES INC7.858% 01/10/2011 900,000 949,500 1.07USDAMERICREDIT AUTOMOBILERECEIVABLES TRUST 4.470%06/05/2010 613,146 611,230 0.69USDASSET BACKED FUNDINGCERTIFICATES 3.684%25/03/2033 255,011 251,265 0.28USDBANC OF AMERICACOMMERCIAL MORTGAGE INC5.634% 10/07/2046 1,170,000 1,179,091 1.33USDBANC OF AMERICAMORTGAGE SECURITIES INC4.779% 25/05/2035 FRN 900,000 893,795 1.00USDBEAR STEARNS COMMERCIALMORTGAGE SECURITIES5.537% 12/10/2041 750,000 751,500 0.84USDBURLINGTON NORTHERNSANTA FE CORP 4.830%15/01/2023 586,280 562,360 0.63USDCAPITAL AUTO RECEIVABLESASSET TRUST 5.030%15/09/2008 77,809 77,784 0.09USD

CARGILL INC 5.60% 15/09/2012 475,000 478,853 0.54USDCITIGROUP COMMERCIALMORTGAGE TRUST 5.378%15/10/2049 950,000 955,088 1.07USDCITIGROUP COMMERCIALMORTGAGE TRUST 5.914%15/03/2049 FRN 1,160,000 1,182,702 1.33USDCITIGROUP MORTGAGE LOANTRUST INC 4.922% 25/08/2035 40,401 40,249 0.05USDCITIGROUP/DEUTSCHE BANKCOMMERCIAL MORTGAGETRUST 5.205% 11/12/2049 900,000 896,795 1.01USDCOUNTRYWIDE ASSET-BACKED CERTIFICATES5.804% 25/07/2034 FRN 570,000 566,616 0.64USDCOUNTRYWIDE HOME LOANMORTGAGE PASS THROUGHTRUST 5.631% 25/05/2018 FRN 681,698 681,048 0.77USDDUANE STREET CLO 6.356%14/11/2021 FRN 2,200,000 1,900,250 2.14USDDUANE STREET CLO 9.606%14/11/2021 FRN 650,000 523,250 0.59USDFANNIE MAE POOL 5.898%01/03/2037 FRN P.922090 320,277 322,598 0.36USDFANNIE MAE POOL 6.50%01/05/2037 P.256723 763,188 777,379 0.87USD

FANNIE MAE 5.0% 840,000 803,119 0.90USD

FANNIE MAE 6.0% 1,300,000 1,303,453 1.47USDFHLMC 6.582% 06-1.6.36P1J1313 0 806,623 822,914 0.93USD


Face Value




FLORIDA POWER CORP5.975% 14/11/2008 FRN 450,000 450,552 0.51USD

FNMA (30Y)6%07-37 TBA 3,100,000 3,109,680 3.50USDFREDDIE MAC GOLD POOL5.50% 01/08/2021 P.G12317 773,174 771,604 0.87USDFREDDIE MAC GOLD POOL8.0% 01/02/2030 P.C00922 195,706 201,944 0.23USDFREDDIE MAC GOLD POOL8.0% 01/04/2030 P.C00972 97,525 100,633 0.11USDFREDDIE MAC NON GOLDPOOL 4.203% 01/12/2034 FRNP.1B2655 600,173 604,165 0.68USDFREDDIE MAC REMICS 5.50%15/09/2036 600,000 571,937 0.64USDFREDDIE MAC REMICS 6.053%15/06/2035 FRN 853,002 842,196 0.95USD

FREDDIE MAC 5.50% 6,400,000 6,280,999 7.05USD

FREDDIE MAC 6.0% 700,000 701,859 0.79USDGE EQUIPMENT SMALL TICKETLLC 4.880% 22/10/2009 1,229,375 1,227,839 1.38USD

GINNIE MAE 6.0% 570,000 574,186 0.65USDGMAC MORTGAGE CORPLOAN TRUST 5.805%25/10/2036 FRN 480,000 460,650 0.52USDKOHL'S CORP 6.250%15/12/2017 750,000 750,758 0.84USDLB-UBS COMMERCIALMORTGAGE TRUST 5.372%15/09/2039 600,000 593,865 0.67USDLB-UBS COMMERCIALMORTGAGE TRUST 6.114%15/07/2040 FRN 890,000 906,631 1.02USDMORGAN STANLEY CAPITAL I5.610% 15/04/2049 1,060,000 1,070,356 1.20USDMORGAN STANLEYMORTGAGE LOAN TRUST5.70% 25/03/2036 FRN 582,260 590,708 0.66USDPUGET SOUND ENERGY INC6.974% 01/06/2067 FRN 300,000 291,659 0.33USDRESIDENTIAL ASSETSECURITIZATION TRUST5.581% 25/02/2034 FRN 1,086,782 1,082,520 1.22USD

SLM CORP 4.50% 26/07/2010 950,000 888,628 1.00USDSLM STUDENT LOAN TRUST5.734% 15/06/2018 FRN 716,995 715,202 0.80USDSOUNDVIEW HOME EQUITYLOAN TRUST 5.998%25/10/2036 842,433 839,800 0.94USDTIME WARNER CABLE INC5.850% 01/05/2017 1,600,000 1,559,727 1.75USDTIME WARNERENTERTAINMENT CO LP8.375% 15/03/2023 525,000 608,405 0.68USDUNION PACIFIC RAILROAD CO5.082% 02/01/2029 498,798 473,165 0.53USDUNITED STATES TREASURYNOTE/BOND 4.125% 15/08/2010 1,300,000 1,304,875 1.47USDUNITED STATES TREASURYNOTE/BOND 4.125% 31/08/2012 4,015,000 4,003,079 4.49USDUNITED STATES TREASURYNOTE/BOND 4.750% 15/08/2017 45,000 45,675 0.05USDUNITED STATES TREASURYNOTE/BOND 4.750% 31/01/2012 500,000 511,875 0.58USDUNITED STATES TREASURYNOTE/BOND 4.875% 31/07/2011 1,525,000 1,566,938 1.76USD

USG CORP 7.750% 15/01/2018 750,000 753,883 0.85USDWAMU COMMERCIALMORTGAGE SECURITIESTRUST 5.421% 23/11/2043 FRN 689,206 682,955 0.77USD


Face Value

XTRA FINANCE CORP 5.150%01/04/2017 1,000,000 996,000 1.12USD

53,168,407 59.78

61.50TOTAL BONDS 54,702,761



Face Value

CW CAPITAL COBALT LTD5.174% 15/08/2048 900,000 897,901 1.01USD


BONDS

UNITED STATES

XEROX CORP 6.396%18/12/2009 FRN 300,000 301,427 0.34USD

1,199,328 1.35









UNICREDITO ITALIANO BANKIRELAND PLC 4.254%25/01/2008 FRN EMTN 400,000 399,894 1.42EUR


BONDS

IRELAND

399,894 1.42

SWEDBANK HYPOTEK AB4.759% 14/01/2008 FRN EMTN 1,000,000 999,553 3.56EUR

SWEDEN

999,553 3.56



INVESTMENTS

EURO RESERVEStatement of investments as at 30 September 2007 (expressed in EUR)


Face Value

ELECTRABEL SA 0% 07-08.11.07CP 1,000,000 995,167 3.54EUR


COMMERCIAL PAPER

BELGIUM

995,167 3.54

AIR LIQUIDE 0% 07-29.10.07 CP 1,000,000 996,418 3.54EUR

FRANCE

ANTALIS 0% 07-3.10.07 CP 1,180,000 1,179,269 4.19EURCRED.MUT MAINE 07-29.11.07CP 1,000,000 992,260 3.53EUR

EDF 0% 07-18.10.07 CP 1,000,000 997,697 3.55EUR

ELIOPEE 0% 07-2.10.2007 CP 1,061,500 1,060,968 3.77EURHEXAGON FIN.0% 07-16.10.07CP 1,200,000 1,197,201 4.27EURSOC.GENERALE 0% 07-3.12.07CP 1,000,000 991,622 3.53EUR

7,415,435 26.38

ALLIANCE&LEIC.0% 07-6.11.07CP 1,000,000 995,424 3.54EUR

GREAT BRITAIN

BRITANNIA BUIL.0%07-16.10.07CP 1,000,000 997,924 3.55EURHBOS TREAS.0% 07-4.10.2007CP 1,000,000 999,264 3.55EUR

2,992,612 10.64

BANK OF IREL 0% 07-4.10.07CP 1,000,000 999,268 3.55EUR

IRELAND

999,268 3.55

BCA POP.VERONA 0% 07-8.10.07CP 1,292,000 1,290,454 4.59EUR

ITALY

1,290,454 4.59

ING BANK 0% 07-31.12.07 CP 1,000,000 988,080 3.51EUR

NETHERLANDS

988,080 3.51

UBS AG 0% 07-27.12.2007 CP 1,000,000 988,915 3.52EUR

SWITZERLAND

988,915 3.52


AGF BANQUE 0% 07-17.12.07CD 1,000,000 1,000,000 3.56EUR

CERTIFICATE OF DEPOSIT

FRANCE

AXA SA 0% 07-24.12.07 CP 1,000,000 1,000,000 3.56EUR

BFT 0% 07-20.11.07 CD 1,000,000 993,570 3.53EUR

CIC 0% 07-4.12.07 CD 1,000,000 1,000,000 3.56EURLA BANQUE POST.0% 07-5.12.07CD 1,000,000 1,000,000 3.55EUR

4,993,570 17.76

DEPFA BANK 3.73% 06-11.10.07CP 1,000,000 999,958 3.56EUR

IRELAND

GE CAP FDG 0% 07-18.10.07CD 1,000,000 1,000,000 3.55EUR

1,999,958 7.11

24.87TOTAL CERTIFICATE OF DEPOSIT 6,993,528



Face Value







UNITED STATES TREASURYBILL 11/10/2007 1,300,000 1,298,028 6.19USD


TREASURY BILLS

UNITED STATES

1,298,028 6.19

6.19TOTAL TREASURY BILLS 1,298,028


INVESTMENTS

US DOLLAR RESERVEStatement of investments as at 30 September 2007 (expressed in USD)


Face Value

WESTPAC BK CORP 07-26.10.07 CP 900,000 896,360 4.27USD


COMMERCIAL PAPER

AUSTRALIA

896,360 4.27

SKANDINAV ENSK. 7-30.10.07DCP 500,000 497,669 2.37USD

SWEDEN

SVENSKA HDLSBK 0%07-31.10.07CP 900,000 895,685 4.27USD

1,393,354 6.64

CBA DELAW.FIN.0%07-29.10.07CP 900,000 895,970 4.27USD

UNITED STATES

CBA FINANCE 0% 07-28.09.07CP 600,000 600,000 2.86USDFIVE FINANCE 0% 07-15.10.07CP 700,000 698,273 3.33USDHBOS TSY SERV.NY0%07-28.9.07CP 1,000,000 1,000,000 4.76USD

UBS FIN(DEL)0%07-01.10.07CP 900,000 897,180 4.28USD

4,091,423 19.50


UNITED STATES TREASURYBILL 04/10/2007 1,000,000 999,391 4.76USD

TREASURY BILLS

UNITED STATES

UNITED STATES TREASURYBILL 06/12/2007 3,500,000 3,476,119 16.57USDUNITED STATES TREASURYBILL 23/11/2007 2,200,000 2,187,163 10.42USDUNITED STATES TREASURYBILL 25/10/2007 1,800,000 1,794,731 8.55USD

UNITED STATES TREASURYBILL 27/12/2007 1,200,000 1,188,882 5.67USDUNITED STATES TREASURYBILL 29/11/2007 3,500,000 3,478,572 16.57USD

13,124,858 62.54




Face Value







ERSTE BANK DEROESTERREICHISCHENSPARKASSEN AG 19/12/2008 18,300 498,492 4.88EUR



AUSTRIA

498,492 4.88

CITIBANK GLOBAL MARKETSDEUTSCHLAND AG & CO KGAA26/06/2009 17,000 516,290 5.06EUR

GERMANY

COBA 07-24.9.09WRT/ATXINDEX 15,650 511,755 5.01EURCOMMZBK 07-3.9.09WRT/NASD100 32,000 500,800 4.90EURDEUTSCHE BANK AG30/06/2008 38,500 510,510 5.00EURDEUTSCHE BANK AG30/12/2008 86,600 523,929 5.14EURDRESDNER BANK AG07/04/2009 8,900 517,713 5.08EURHSBC TRINKAUS &BURKHARDT AG 26/06/2009 78,000 504,660 4.94EURHSBC TRINKAUS &BURKHARDT AG 29/12/2008 6,900 510,324 5.00EURSAL OPPENHEIM JR & CIEKGAA 18/12/2007 3,950 504,692 4.94EURSOCIETE GENERALEEFFEKTEN GMBH 26/09/2008 1,000 503,640 4.93EURSOCIETE GENERALEEFFEKTEN GMBH 27/03/2009 1,700 513,808 5.03EUR

5,618,121 55.03

MORGAN STANLEY & COINTERNATIONAL PLC22/12/2008 15,100 510,380 5.00EUR

GREAT BRITAIN

510,380 5.00

BNP PARIBAS EMISSIONS-UND HANDELSGESELLSCHAFTMBH 30/12/2008 8,350 513,107 5.02EUR

NETHERLANDS

NIKKEI 225 20/06/2008 13000 4,100 510,450 5.00EURROGERS INTERNATIONALCOMMODITY ENERGY INDEXEXCESS RETURN 30/10/2008810.38 675 501,188 4.91EUR

1,524,745 14.93



INVESTMENTS

GLOBAL DISCOUNT CERTIFICATESStatement of investments as at 30 September 2007 (expressed in EUR)


ING BANK NV 02/03/2009 2,900 509,504 4.99EUR



NETHERLANDS

ING BANK NV 02/03/2009 53,000 481,293 4.71EUR

990,797 9.70










%



Banks and financial institutions 84.52Holding companies 5.02



GLOBAL DISCOUNT CERTIFICATES




FRANCE TREASURY BILL BTF04/10/2007 100,000 99,940 0.66EUR


TREASURY BILLS

FRANCE

FRANCE TREASURY BILL BTF11/10/2007 4,250,000 4,244,475 28.05EURFRANCE TREASURY BILL BTF13/12/2007 4,250,000 4,216,000 27.85EURFRANCE TREASURY BILL BTF15/11/2007 2,500,000 2,487,500 16.43EURFRANCE TREASURY BILL BTF29/11/2007 2,500,000 2,483,750 16.41EUR

13,531,665 89.40



INVESTMENTS

HALBIS GLOBAL MACROStatement of investments as at 30 September 2007 (expressed in EUR)








%



States, provinces and municipalities 89.40



HALBIS GLOBAL MACRO




KOOKMIN BANK ADR 1,500 123,300 0.06USD


SHARES

SOUTH KOREA

123,300 0.06


ARGENTINA BONOS 7.0%03/10/2015 8,000,000 6,560,578 3.44USD

BONDS

ARGENTINA

ARGENTINA BONOS 7.0%28/03/2011 5,000,000 4,909,999 2.57USDARGENTINA GOVERNMENTINTERNATIONAL BOND 8.280%31/12/2033 1,000,000 1,067,416 0.56USDNOTAS DEL BANCO CENTRALDE LA REPUBLICA ARGENTINA#N/A N.A.% 15/10/2008 FRN 2,750,000 891,928 0.47ARSNOTAS DEL BANCO CENTRALDE LA REPUBLICA ARGENTINA#N/A N.A.% 26/11/2008 FRN 1,300,000 408,637 0.21ARSTELECOM PERSONAL SA9.250% 22/12/2010 1,000,000 1,021,880 0.54USD

14,860,438 7.79

ISA CAPITAL DO BRASIL SA8.80% 30/01/2017 2,000,000 2,103,253 1.10USD

BRAZIL

2,103,253 1.10

BOSPHORUS FINANCIALSERVICES LTD 7.358%15/02/2012 FRN 2,250,000 2,233,125 1.17USD

CAYMAN ISLANDS

2,233,125 1.17

CHILE GOVERNMENTINTERNATIONAL BOND 5.760%28/01/2008 FRN 10,000,000 10,011,250 5.24USD

CHILE

10,011,250 5.24

COLOMBIA GOVERNMENTINTERNATIONAL BOND11.750% 01/03/2010 5,875,000,000 3,053,292 1.60COP

COLOMBIA

3,053,292 1.60

INVESTMENTS

NEW WORLD INCOMEStatement of investments as at 30 September 2007 (expressed in USD)


Quantity/FaceValue

INTERPIPE LTD 8.750%02/08/2010 2,900,000 2,899,324 1.52USD

CYPRUS

TRANSPORTATIONINVESTMENTS HOLDING LTD8.50% 22/06/2010 2,300,000 2,279,766 1.19USD

5,179,090 2.71

CAP CANA SA 9.625%03/11/2013 1,250,000 1,258,227 0.66USD

DOMINICAN REPUBLIC

1,258,227 0.66

EVRAZ GROUP SA 8.250%10/11/2015 1,400,000 1,407,755 0.74USD


SALOMON BROTHERS AG FOROAO SIBERIAN OIL CO 10.750%15/01/2009 3,000,000 3,172,486 1.66USD

4,580,241 2.40

DEUTSCHE BANK AG/LONDON22/07/2023 FRN EMTN 1,100,000 1,094,509 0.57USD

GREAT BRITAIN

STANDARD BANK PLC09/03/2009 FRN EMTN 1,500,000 1,455,000 0.76USD

2,549,509 1.33

INTER-AMERICANDEVELOPMENT BANK 13.0%20/06/2008 119,000,000 1,909,171 1.00ISK

International Agencies

1,909,171 1.00

MOBILE TELESYSTEMSFINANCE SA 9.750% 30/01/2008 2,750,000 2,781,574 1.46USD

LUXEMBOURG

ORASCOM TELECOM FINANCESCA 7.875% 08/02/2014 3,000,000 2,862,136 1.50USDRSHB CAPITAL SA FOR OJSCRUSSIAN AGRICULTURALBANK 6.299% 15/05/2017 1,000,000 953,703 0.50USDVTB CAPITAL SA FORVNESHTORGBANK 5.956%01/08/2008 FRN 6,750,000 6,713,438 3.51USD

13,310,851 6.97

MAXCOMTELECOMUNICACIONES SABDE CV 11.0% 15/12/2014 2,300,000 2,430,073 1.28USD

MEXICO

VITRO SAB DE CV 9.125%01/02/2017 200,000 197,378 0.10USD

2,627,451 1.38

BULGARIA STEEL FINANCE BV12.0% 04/05/2013 1,000,000 878,323 0.46EUR

NETHERLANDS

INDO INTEGRATED ENERGYBV 8.50% 01/06/2012 2,900,000 2,857,790 1.49USDKAZKOMMERTSINTERNATIONAL BV 7.50%29/11/2016 EMTN 2,000,000 1,697,267 0.89USD

5,433,380 2.84


Quantity/FaceValue





PHILIPPINES

2,615,264 1.37

SABSA HOLDINGS PTY LTD9.935% 19/07/2012 10,000,000 1,454,623 0.76ZAR

SOUTH AFRICA

SOUTH AFRICA GOVERNMENTINTERNATIONAL BOND 7.375%25/04/2012 3,000,000 3,242,856 1.70USD

4,697,479 2.46

HYNIX SEMICONDUCTOR INC7.875% 27/06/2017 2,800,000 2,725,934 1.43USD

SOUTH KOREA

2,725,934 1.43

TURKEY GOVERNMENT BOND10.0% 15/02/2012 2,000,000 1,742,643 0.91TRY

TURKEY

1,742,643 0.91


UKRAINE


3,121,707 1.63

EDEL CAPITAL SA FOR SINEKCAPITAL SA 7.70% 03/08/2015 1,850,000 1,871,826 0.98USD

UNITED STATES

JPMORGAN CHASE & CO 6.0%10/10/2012 EMTN 90,000,000 2,001,960 1.05PHPJPMORGAN CHASE & CO 8.0%09/07/2012 EMTN 12,000,000 320,124 0.17INRMARFRIG OVERSEAS LTD9.625% 16/11/2016 2,600,000 2,692,668 1.41USDMORGAN STANLEY 10.090%03/05/2017 4,000,000 2,131,962 1.12BRLPEMEX PROJECT FUNDINGMASTER TRUST 6.994%15/06/2010 FRN 5,000,000 5,092,477 2.67USDPEMEX PROJECT FUNDINGMASTER TRUST 8.0%15/11/2011 5,000,000 5,480,898 2.87USDSALTA HYDROCARBONROYALTY TRUST 11.550%28/12/2012 748,252 770,700 0.40USD

20,362,615 10.67

PETROLEOS DE VENEZUELASA 5.250% 12/04/2017 2,000,000 1,479,362 0.77USD

VENEZUELA

1,479,362 0.77

55.43TOTAL BONDS 105,854,282


Quantity/FaceValue


INDEX TRACKER

UNITED STATES

2,610,300 1.37


TURKISH INVESTMENT FUNDINC/THE 37,000 762,940 0.40USD


UNITED STATES

762,940 0.40

0.40TOTAL INVESTMENT COMPANIES 762,940



Quantity/FaceValue

UNITED STATES TREASURYNOTE/BOND 4.125% 31/08/2012 16,534,900 16,485,812 8.63USD


BONDS

UNITED STATES

16,485,812 8.63

8.63TOTAL BONDS 16,485,812


STANDARD BANK PLC05/09/2008 EMTN 850,000 866,490 0.45USD


BONDS

GREAT BRITAIN

STANDARD BANK PLC14/07/2008 EMTN 1,503,566 1,536,495 0.80USD

2,402,985 1.25


CALL ARGENTINA 8.28%03-33BONOS/PIK 09/1 (10,890) (64,240) (0.03)USD


ARGENTINA

(64,240) (0.03)

CALL ON CCY USD/MXN05/10/2007 11.2 90,000 3,570 0.00USD

GREAT BRITAIN

PUT ON CCY EUR/USD29/07/2008 1.3 500,000 264,155 0.14EURPUT ON CCY USD/ARS24/01/2008 3.14 (50,000) (21,682) (0.01)USDPUT ON CCY USD/ARS24/01/2008 3.22 50,000 78,899 0.04USDPUT ON CCY USD/MXN13/09/2007 10.75 50,000 0.00 0.00USD




PUT RATES USD/TWD26/09/2007 32.7 100,000 0.00 0.00USD

324,942 0.17




Quantity/FaceValue







%



States, provinces and municipalities 27.43Holding companies 14.19Miscellaneous 7.60Banks and financial institutions 3.86Other services 3.54Energy 2.43Supranational 2.37News transmission 1.82Investment companies 1.77Electronics and electrical equipment 1.43Coal mines, heavy industries 0.74Construction, building materials 0.10



NEW WORLD INCOME




ADVANSA SASA POLYESTERSANAYI AS 1,500,000 665,329 1.02TRY


SHARES

TURKEY

AKBANK TAS 455,000 2,469,597 3.78TRYAKENERJI ELEKTRIK URETIMAS 75,000 413,642 0.63TRY

AKSIGORTA AS 200,000 986,321 1.51TRYALARKO GAYRIMENKULYATIRIM ORTAKLIGI AS 35,178 636,450 0.97TRY

ALARKO HOLDING AS 221,138 446,551 0.68TRYALCATEL TELETASTELEKOMUNIKASYON 450,000 714,353 1.09TRY

ANADOLU SIGORTA 306,250 409,301 0.63TRY

ARCELIK 148,035 859,645 1.31TRYASELSAN ELEKTRONIKSANAYI VE TICARET AS 20,000 329,746 0.50TRYCIMSA CIMENTO SANAYI VETICA 60,000 348,422 0.53TRYDOGAN SIRKETLER GRUBUHOLDINGS 100 155 0.00TRY

DOGAN YAYIN HOLDING 100,000 297,647 0.46TRY

ENKA INSAAT VE SANAYI AS 14,000 121,744 0.19TRYHACI OMER SABANCIHOLDING AS 190,000 870,472 1.33TRYIS GAYRIMENKUL YATIRIMORTAKLIGI AS 272,755 335,882 0.51TRY

KOC HOLDING AS 120,000 451,723 0.69TRYKORDSA GLOBALENDUSTRIYEL IPLIK VE KORDBEZI SANAYI VE TICARET A.S. 530,000 1,262,024 1.93TRY

MIGROS TURK TAS 35,000 433,047 0.66TRYNORTEL NETWORKS NETASTELEKOMUNIKASYON AS 15,000 271,384 0.42TRYSINPAS GAYRIMENKULYATIRIM ORTAKLIGI AS 595,000 2,656,502 4.06TRYTAV HAVALIMANLARI HOLDINGAS 100,000 647,820 0.99TRYTUPRAS TURKIYE PETROLRAFINE 25,000 474,193 0.73TRY

TURK HAVA YOLLARI 80,000 438,884 0.67TRYTURK SISE VE CAMFABRIKALARI AS 248,713 870,926 1.33TRYTURKIYE GARANTI BANKASIAS 530,000 2,861,207 4.38TRY

TURKIYE IS BANKASI 405,000 1,737,298 2.66TRYTURKIYE VAKIFLAR BANKASITAO 250,000 598,212 0.92TRY

YAPI VE KREDI BANKASI AS 400,000 915,119 1.40TRY

INVESTMENTS

TURKISH CONVERGENCEStatement of investments as at 30 September 2007 (expressed in EUR)


Quantity/FaceValue

ZORLU ENERJI ELEKTRIKURETIM AS 275,000 789,640 1.21TRY

24,313,236 37.19

37.19TOTAL SHARES 24,313,236

TURKEY GOVERNMENT BOND04/02/2009 1,000,000 471,987 0.72TRY

BONDS

TURKEY

TURKEY GOVERNMENT BOND09/04/2008 400,000 214,416 0.33TRYTURKEY GOVERNMENT BOND11/06/2008 11,000,000 5,729,964 8.76TRYTURKEY GOVERNMENT BOND16/07/2008 3,900,000 1,999,258 3.06TRYTURKEY GOVERNMENT BOND10.0% 15/02/2012 8,000,000 4,920,460 7.53TRYTURKEY GOVERNMENT BOND14.0% 19/01/2011 1,600,000 883,901 1.35TRYTURKEY GOVERNMENT BOND15.0% 10/02/2010 9,000,000 5,126,103 7.84TRYTURKEY GOVERNMENT BOND16.0% 07/03/2012 5,900,000 3,472,591 5.31TRYTURKEY GOVERNMENT BOND18.120% 02/07/2008 FRN 6,500,000 3,785,600 5.79TRYTURKEY GOVERNMENT BOND19.280% 26/02/2014 FRN 2,500,000 1,477,168 2.26TRYTURKEY GOVERNMENT BOND20.0% 17/10/2007 3,800,000 2,221,057 3.40TRYTURKEY GOVERNMENT BOND20.780% 18/08/2010 FRN 6,000,000 3,608,969 5.52TRY

33,911,474 51.87

51.87TOTAL BONDS 33,911,474

TURKEY TREASURY BILL12/03/2008 10,000,000 5,426,283 8.30TRY

TREASURY BILLS

TURKEY

5,426,283 8.30




Quantity/FaceValue







%



States, provinces and municipalities 64.55Banks and financial institutions 8.76Miscellaneous 5.05Holding companies 3.21Consumer goods 2.64Insurance 2.14News transmission 2.01Tyres and rubber 1.93Public services 1.84Textile 1.02Real estate companies 0.97Energy 0.73Construction, building materials 0.72Transport 0.67Retail trade, department stores 0.66Graphic art and publishing 0.46



TURKISH CONVERGENCE




The detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current prospectus, the articles of association as well as the interimreport and the audited annual report are available free of charge upon request from the German payment andinformation office.


Currency Conversion Table


To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

31 March 2007 30 September 2007

USD USDAUD 1.2384 1.132824

CAD 1.1546 0.99995

HKD 7.8146 7.7603

JPY 117.8550 115.255042

GBP 0.5095 0.494645

SGD 1.5166 1.490251

CHF 1.2177 1.172

EUR 0.7499 0.705891



Dealing for Shares of the Company will take place on any Business Day (a day on which banks are open fornormal banking business in Luxembourg) other than days during a period of suspension of dealing in Sharesprovided that, for sub-funds materially invested in markets other than North or South American markets, suchBusiness Day is a day where stock exchanges and regulated markets in countries where the sub-fund ismaterially invested are open for normal trading. For sub-funds materially invested in North or South Americanmarkets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during aperiod of suspension of dealing in Shares) except a Business Day following the day where stock exchangesand regulated markets in such countries were closed for normal trading.

Shareholders who deal through the Company's local distributor or representative should note that there will beno dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operateson a day which is not a business day in such jurisdiction.

The Company will determine the dealing/non-dealing calendar according to the latest market informationobtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar ofthe Company from the registered office of the Company or from the Company's local distributor orrepresentative.

Dealing Day of the Fund


Non-Dealing Days of the Fund (continued)


HSBC Global Investment Funds (“HGIF”)

Fund non-dealing days for 2008

All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days

all Saturdays and Sundays

and on the following dates :

01-Jan Luxembourg 21-Mar Luxembourg 24-Mar Luxembourg 01-May Luxembourg 12-May Luxembourg 23-Jun Luxembourg 15-Aug Luxembourg 01-Nov Luxembourg 25-Dec Luxembourg 26-Dec Luxembourg

In addition the following sub-funds will have non-dealing days on the following dates:

Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle (Hong Kong, Korea, Taiwan)

06-Feb Korea, Taiwan 07-Feb Hong Kong, Korea, Taiwan 08-Feb Hong Kong, Korea, Taiwan 11-Feb Taiwan 28-Feb Taiwan 04-Apr Hong Kong, Taiwan 05-May Korea 06-Jun Korea 09-Jun Hong Kong 01-Jul Hong Kong 15-Sep Hong Kong, Korea 01-Oct Hong Kong 03-Oct Korea 07-Oct Hong Kong 10-Oct Taiwan




Asia Pacific ex Japan Equity High Dividend (Hong Kong, Korea, Singapore, Taiwan)

06-Feb Korea, Taiwan 07-Feb Hong Kong, Korea, Singapore, Taiwan 08-Feb Hong Kong, Korea, Singapore, Taiwan 11-Feb Taiwan 28-Feb Taiwan 04-Apr Hong Kong, Taiwan 05-May Korea 19-May Singapore 06-Jun Korea 09-Jun Hong Kong 01-Jul Hong Kong 15-Sep Hong Kong, Korea 01-Oct Hong Kong, Singapore 03-Oct Korea 07-Oct Hong Kong 10-Oct Taiwan 28-Oct Singapore 08-Dec Singapore

Brazil Bond, Brazil Equity, Global Emerging Markets Bond, Global Emerging Markets Local Debt, New World Income (Brazil)

02-Jan Brazil 28-Jan Brazil 05-Feb Brazil 06-Feb Brazil 22-Apr Brazil 02-May Brazil 23-May Brazil 10-Jul Brazil 21-Nov Brazil




BRIC Freestyle, BRIC Markets Equity (Brazil, Hong Kong, India, Russia, UK, US*)

02-Jan Brazil, Russia, US 03-Jan Russia 04-Jan Russia 07-Jan Russia 08-Jan Russia 22-Jan US 28-Jan Brazil 05-Feb Brazil 06-Feb Brazil 07-Feb Hong Kong 08-Feb Hong Kong 19-Feb US 25-Feb Russia 10-Mar Russia 04-Apr Hong Kong 11-Apr India 14-Apr India 22-Apr Brazil 02-May Brazil, Russia 07-May UK 09-May Russia 23-May Brazil 27-May US 09-Jun Hong Kong 12-Jun Russia 13-Jun Russia 01-Jul Hong Kong 07-Jul US 10-Jul Brazil 27-Aug UK 02-Sep US 15-Sep Hong Kong 01-Oct Hong Kong 02-Oct India 07-Oct Hong Kong 28-Oct India 03-Nov Russia 04-Nov Russia 21-Nov Brazil 28-Nov US




BRIC Markets(Brazil, Hong Kong, India, US*)

02-Jan Brazil, US 22-Jan US 28-Jan Brazil 05-Feb Brazil 06-Feb Brazil 07-Feb Hong Kong 08-Feb Hong Kong 19-Feb US 04-Apr Hong Kong 11-Apr India 14-Apr India 22-Apr Brazil 02-May Brazil 07-May UK 23-May Brazil 27-May US 09-Jun Hong Kong 01-Jul Hong Kong 07-Jul US 10-Jul Brazil 27-Aug UK 02-Sep US 15-Sep Hong Kong 01-Oct Hong Kong 02-Oct India 07-Oct Hong Kong 28-Oct India 21-Nov Brazil 28-Nov US

Chinese Equity, Hong Kong Equity (Hong Kong)

07-Feb Hong Kong 08-Feb Hong Kong 04-Apr Hong Kong 09-Jun Hong Kong 01-Jul Hong Kong 15-Sep Hong Kong 01-Oct Hong Kong 07-Oct Hong Kong

Emerging Europe Equity, UK Equity UK

07-May UK 27-Aug UK




Euro Core Bond, Euro Core Credit Bond, Euro High Yield Bond, Pan-European Equity France, UK

07-May UK 27-Aug UK

Euro Strategic Credit Bond, Euroland Value Creation France, Germany, Netherlands

30-Apr Netherlands 31-Dec Germany

Euroland Equity France, Germany, Netherlands, Spain

19-Mar Spain 20-Mar Spain 30-Apr Netherlands 22-May Spain 25-Jul Spain 08-Dec Spain 31-Dec Germany

Euroland Equity Smaller Companies France, Germany, Italy and Netherlands

06-Jan Italy 25-Apr Italy 30-Apr Netherlands 02-Jun Italy 08-Dec Italy 31-Dec Germany

Europe ex UK Equity France, Germany

31-Dec Germany




Global Core Plus Bond France, Germany, Italy, Japan, US

02-Jan Japan, US 03-Jan Japan 06-Jan Italy 14-Jan Japan 22-Jan US 11-Feb Japan 19-Feb US 20-Mar Japan 25-Apr Italy 29-Apr Japan 30-Apr Netherlands 05-May Japan 06-May Japan 27-May US 02-Jun Italy 07-Jul US 21-Jul Japan 02-Sep US 15-Sep Japan 23-Sep Japan 13-Oct Japan 14-Oct US 03-Nov Japan 12-Nov US 24-Nov Japan 28-Nov US 08-Dec Italy 23-Dec Japan 31-Dec Germany, Japan




Global Emerging Markets Elite, Global Emerging Markets Equity, Global Emerging Markets Equity Freestyle HK, Korea, Taiwan, UK, US

02-Jan US 22-Jan US 06-Feb Korea, Taiwan 07-Feb Hong Kong, Korea, Taiwan 08-Feb Hong Kong, Korea, Taiwan 11-Feb Taiwan 19-Feb US 28-Feb Taiwan 04-Apr Hong Kong, Taiwan 05-May Korea 07-May UK 27-May US 06-Jun Korea 09-Jun Hong Kong 01-Jul Hong Kong 07-Jul US 27-Aug UK 02-Sep US 15-Sep Hong Kong, Korea 01-Oct Hong Kong 03-Oct Korea 07-Oct Hong Kong 10-Oct Taiwan 28-Nov US

Global ex Euroland Equity, US Equity, US Index (US*)

02-Jan US 03-Jan US 16-Jan US 20-Feb US 29-May US 07-Jul US 04-Sep US 23-Nov US




Global High Yield Bond, US Dollar Core Plus Bond, US Reserve US*

02-Jan US 22-Jan US 19-Feb US 27-May US 07-Jul US 02-Sep US 14-Oct US 12-Nov US 28-Nov US

Global Equity (Japan, UK, US*)

02-Jan Japan, US 03-Jan Japan 14-Jan Japan 22-Jan US 11-Feb Japan 19-Feb US 20-Mar Japan 29-Apr Japan 05-May Japan 06-May Japan 07-May UK 27-May US 07-Jul US 21-Jul Japan 27-Aug UK 02-Sep US 15-Sep Japan 23-Sep Japan 13-Oct Japan 03-Nov Japan 24-Nov Japan 28-Nov US 23-Dec Japan 31-Dec Japan




Global Equity SRI Japan, US*

02-Jan Japan, US 03-Jan Japan 14-Jan Japan 22-Jan US 11-Feb Japan 19-Feb US 20-Mar Japan 29-Apr Japan 05-May Japan 06-May Japan 27-May US 07-Jul US 21-Jul Japan 02-Sep US 15-Sep Japan 23-Sep Japan 13-Oct Japan 03-Nov Japan 24-Nov Japan 28-Nov US 23-Dec Japan 31-Dec Japan




Halbis Global Macro (Germany, Japan, UK, US*)

02-Jan Japan, US 03-Jan Japan 14-Jan Japan 22-Jan US 11-Feb Japan 19-Feb US 20-Mar Japan 29-Apr Japan 05-May Japan 06-May Japan 07-May UK 27-May US 07-Jul US 21-Jul Japan 27-Aug UK 02-Sep US 15-Sep Japan 23-Sep Japan 13-Oct Japan 03-Nov Japan 24-Nov Japan 28-Nov US 23-Dec Japan 31-Dec Germany, Japan

Indian Equity (India)

11-Apr India 14-Apr India 02-Oct India 28-Oct India




Japanese Equity (Japan)

02-Jan Japan 03-Jan Japan 14-Jan Japan 11-Feb Japan 20-Mar Japan 29-Apr Japan 05-May Japan 06-May Japan 21-Jul Japan 15-Sep Japan 23-Sep Japan 13-Oct Japan 03-Nov Japan 24-Nov Japan 23-Dec Japan 31-Dec Japan

Korean Equity (Korea)

06-Feb Korea 07-Feb Korea 08-Feb Korea 05-May Korea 06-Jun Korea 15-Sep Korea 03-Oct Korea




Latin American Freestyle Brazil, Mexico, UK, US

02-Jan Brazil, US 22-Jan US 28-Jan Brazil 05-Feb Brazil, Mexico 06-Feb Brazil 19-Feb US 18-Mar Mexico 24-Mar Mexico 22-Apr Brazil 02-May Brazil 07-May UK 23-May Brazil 27-May US 07-Jul US 10-Jul Brazil 27-Aug UK 02-Sep US 17-Sep Mexico 18-Nov Mexico 21-Nov Brazil 28-Nov US 12-Dec Mexico

Pan-European Equity High Dividend France, Germany, UK

07-May UK 27-Aug UK 31-Dec Germany

Singapore Equity (Singapore)

07-Feb Singapore 08-Feb Singapore 19-May Singapore 01-Oct Singapore 28-Oct Singapore 08-Dec Singapore




Sustainability Leaders(France, Germany, Switzerland, UK)

07-May UK 01-Aug Switzerland 27-Aug UK 31-Dec Germany

Thai Equity (Thailand)

21-Feb Thailand 07-Apr Thailand 14-Apr Thailand 15-Apr Thailand 05-May Thailand 19-May Thailand 01-Jul Thailand 17-Jul Thailand 12-Aug Thailand 23-Oct Thailand 05-Dec Thailand 10-Dec Thailand 31-Dec Thailand

Turkish Convergence (Turkey)

23-Apr Turkey 19-May Turkey 30-Sep Turkey 01-Oct Turkey 02-Oct Turkey 28-Oct Turkey 29-Oct Turkey 08-Dec Turkey 09-Dec Turkey 10-Dec Turkey 11-Dec Turkey

* US markets will observe different closure dates. The NYSE and Nasdaq are open on Columbus Day and Veterans Day and therefore equity sub-funds listing the US as a material market will not have a non-dealing day for these dates. The Bond markets will be closed to trading on these dates and Bond sub-funds listing the US as a material market will have non-dealing days delayed by one business day in line with GIF Board policy.


268

To the Shareholders of HSBC Global Strategy Hedge Fund

For the period 30 March 2007 to 30 September 2007 the Fund rose 5.7% in the in the US Dollar Class, which comparesfavourably to its target return of 200% US Dollar 3M LIBOR, which gained 5.5%. Assets in the Fund rose from US$19.3m toUS$19.6m at the end of the period.

During the period the MSCI World Index in US Dollars rose 7.9%, the S&P 500 Index rose 7.5% and the MSCI Europe Indexin local currency rose 1.3%. Global equity markets performed strongly during April, led by the U.S. where the S&P 500 Indexadvanced a further 4.3% ahead. One of the most powerful contributors to this strength in broad equity markets has been afirst quarter earnings reporting season that has been quite positive, notwithstanding the continued slowdown in U.S. GDPand earnings growth rates. The MSCI World Index, exhibited strong performance in May, returning 2.5%. After a strong start,profit-taking countered the impact of intense M&A activity in the second week. During the last week of May, the flow ofM&A news and positive earnings announcements offset the negative impact of higher oil prices. The MSCI World Indexretreated slightly during June. However, the DAX Index in Germany continued its strong run, supported by strong moves inSiemens. In July the MSCI World Index retreated 2.3%. Stocks were heavily hit by concerns over the credit markets, with anotable exception being Asia ex-Japan and several emerging markets, which were able to generate strong positive returns.Much of the selling in July, particularly in the value segments of Western equity markets, was precipitated by prop desks andhedge funds deleveraging in response to losses within their credit books. In the US, the S&P 500 Index was down 3.2% asStandard & Poor’s shocked the financial markets by announcing it may cut ratings on $12bn of sub-prime related debt due toUS home loan forecasts. The financials sector was the worst hit as investors reassessed the potential impact of the US sub-prime sector on banks’ earnings. The MSCI World Index was slightly down during August. Deleveraging by investors duringthe first half of August resulted in sharp falls in markets, led by the US which, as the deepest and most liquid market, was theinitial focus of profit taking. In September the MSCI World Index rose 4.6%. Markets recovered from a heavy period ofselling. The Fed cut the interest rates to 4.75% in the middle of the month on worries about economic growth in the US.Stock markets gained by the end of the month with the S&P 500 Index rising 3.6%. Emerging markets rallied strongly withthe view that a weak but growing US economy would offer high growth and low inflation for these economies and the MSCIEmerging Market Index rose 11%.

Against this background, the equity long/short fund managers in the Fund performed well. Even that the period was not easyfor these managers. Some of these managers were being able to benefit from gaining from exposure to industrial stocks.The best performing manager delivered high returns in the long positions in the first part of the period. In the second part,the short book was particularly profitable with positions in some sub prime lenders in the US falling sharply on the back ofthe events in the credit markets.

The macro manager performed well especially at the end of the period, as it was positioned to profit from the increase involatility in fixed income and FX markets. Market neutral strategy was slightly negative during the period. The reason for thisis negative performance during September.

Over the period, the allocations were quite stable. The allocation to equity long/short managers was slightly increased. Twoequity long/short managers were initiated. Two equity long/short managers were redeemed and two were reduced. TheFund continues to be diversified by high quality managers, pursuing a range of sub-strategies.

HSBC Alternative Investments Limited (formerly known as HSBC Republic Investments Limited)

October 2007

Investment Advisers’ ReportHSBC Global Strategy Hedge Fund

269

1 April 2007 to 1 April 2006 to

30 September 2007 30 September 2006

US$’000 US$’000 US$’000 US$’000

Net gains on investments 1,282 4

Gross income 8 14

Interest Costs (1) –Expenses (205) (194)

Net expenses (198) (180)

Net increase in net assets attributable tothe holders of redeemable participatingshares from investment activities 1,084 (176)

Statement of Total ReturnHSBC Global Strategy Hedge Fund

For the six months ended 30 September 2007

270

1 April 2007 to 1 April 2006 to

30 September 2007 31 March 2007

US$’000 US$’000 US$’000 US$’000

Net assets attributable to the holdersof redeemable participating sharesat the start of the period 19,298 18,719

Movement due to issue and redemptionof redeemable participating shares:

Amounts received/receivable on issues 19 831Less: amounts paid/payable on redemptions (758) (1,323)

(739) (492)

Net increase in net assets attributable tothe holders of redeemable participatingshares from investment activities 1,084 1,071

Net assets attributable to the holders ofredeemable participating sharesat the end of the period 19,643 19,298

Shares in issue 1,406,881.251 1,460,662.491

Net asset value per share US$ 13.96 US$ 13.21

Statement of Movement in Net AssetsHSBC Global Strategy Hedge Fund

For the six months ended 30 September 2007

271

30 September 2007 31 March 2007

US$’000 US$’000 US$’000 US$’000

Portfolio of investments 19,031 19,118

Current assets:Debtors 1,415 72Cash and bank balances 100 144

1,515 216

Creditors: amount falling due within one yearCreditors and accrued expenses (903) (36)

Net current assets 612 180

Net assets attributable to the holders ofredeemable participating shares 19,643 19,298

Balance SheetHSBC Global Strategy Hedge Fund

as at 30 September 2007

272

Market % of

Cost value total netSecurity Description Holding US$’000 US$’000 assets

Asia Pacific (31 March 2007: 3.30%) – – – –%

Emerging Markets (31 March 2007: 6.99%)SR Global Fund Class G (Emerging Markets) Series 1 1,184 639 1,468 7.47%

Europe (31 March 2007: 22.66%)Crescendo European Fund, Ltd. 6,250 880 1,143 5.82%Henderson European Absolute Return Fund, Ltd. USD Class 3,116 581 1,069 5.44%Kairos Fund, Ltd. – Class B 4,979 550 887 4.52%Threadneedle Crescendo European Fund, Ltd. USD Class 9,246 1,100 1,440 7.33%

3,111 4,539 23.11%

Global (31 March 2007: 30.84%)32 Capital (The), Ltd. – Class B, Series 01/02 599 736 885 4.50%Brevan Howard Fund, Ltd. 2,200 250 296 1.51%Brevan Howard Fund, Ltd. 5,000 537 867 4.41%Cantillon World, Ltd. 7,100 985 1,145 5.83%CQS Convertible & Quantitative Strategies Fund - Class 2B 74 101 102 0.52%CSQ Convertible and Quantitative Strategies Fund - Class 1B 96 171 273 1.39%CSQ Convertible and Quantitative Strategies Fund - Class 2B 37 35 51 0.26%CSFB Convertible & Quantitative Strategies Fund 192 542 545 2.78%Hayground Cove Overseas Partners, Ltd. 319 500 476 2.42%Highbridge Capital Corp. - Class A 10 540 781 3.98%Plexus Fund, Ltd. - Class A2 2,966 350 474 2.41%Sinopia Long/Short Global Bond Fund 3 277 309 1.57%

5,024 6,204 31.58%

Japan (31 March 2007: 8.21%)Marathon Vertex Japan Fund, Ltd. - Class B 424 637 795 4.05%Optimal Japan Fund USD Series 1 29,538 527 778 3.96%

1,164 1,573 8.01%

United States (31 March 2007: 27.08%)Alphagen Tenro 4,013 400 551 2.80%Ellerston Global Equity Fund, Ltd. 4,627 470 567 2.89%Jandakot Fund 5,852 998 1,163 5.92%Raptor Global Fund, Ltd. - Class D 499 608 784 3.99%Renaissance Institutional Equities 250,000 251 261 1.33%Renaissance Institutional Equities 250,000 251 265 1.35%Renaissance Institutional Equities 744,699 746 929 4.73%Seasons Leveraged Fund - Class B1 360 360 417 2.12%Seminole Offshore Fund 690 300 310 1.58%

4,384 5,247 26.71%

Portfolio of investments 14,3220 19,031 96.88%

Net current assets 612 3.12%

Total net assets 19,643 100.00%

Portfolio StatementHSBC Global Strategy Hedge Fund


273

% of total

Strategy Classification No. of Underlying Funds No. of underlying Fund Managers net assets

Equity Long/Short 16 15 73.60%Convertible Arbitrage 2 2 7.30%Macro 1 1 5.90%Market Neutral 1 1 4.50%Multi-Strategy/Event Driven 1 1 4.00%Fixed Income Arbitrage 1 1 1.60%Cash and Cash Equivalents 3.10%

Total 100.00%

HSBC Alternative Investments Portfolio was established under a unit trust deed dated 25 November 2002 and currentlyconsists of 1 sub-fund. Under the terms of the trust deed, the Manager and the Trustee may, from time to time, establishone or more sub-funds. A copy of the latest version of the HSBC Alternative Investments Portfolio Prospectus is availablefrom the Manager on request. Copies of the latest available Short-Form Report and Financial Statements and full AuditedReport and Account, and subsequent unaudited interim Report and Accounts (if any) for all sub-funds under HSBC AlternativeInvestments Portfolio are also available from the Manager on request.

Sector AllocationHSBC Global Strategy Hedge Fund


Issued by HSBC Investments (Hong Kong) Limited

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hsbc global investment funds hsbc global strategy hedge fund · 2008. 7. 25. · hsbc global...

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