clariden lux - fundsquare

0 6 JUIL. 2007

CLARIDEN LUX

Societe d'lnvestissement a Capital Variable with multiple sub-funds

Luxembourg

Audited annual report as at 31 st December 2006

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

CONTENTS

ORGANISATION ..................................................................................................................................... 2

GENERAL INFORMATION ..................................................................................................................... 4

REPORT OF THE BOARD OF DIRECTORS ......................................................................................... 5

REPORT OF THE AUDITOR .................................................................................................................. 9

STATEMENT OF NET ASSETS ........................................................................................................... 11

STATISTICAL INFORMATION ............................................................................................................. 15

CLARIDEN LUX Technology Equity Fund ......................................................................................... 17 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 17 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ............................................................... 19 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 19

CLARIDEN LUX Biotechnology Equity Fund .................................................................................... 20 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 20 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ............................................................... 22 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 22

CLARIDEN LUX Energy Equity Fund ................................................................................................. 23 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 23 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ............................................................... 25 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 25

CLARIDEN LUX Infrastructure Fund .................................................................................................. 26 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 26 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ............................................................... 28 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 29

NOTES TO THE FINANCIAL STATEMENTS ...................................................................................... 30

STATEMENT OF CHANGES IN INVESTMENTS ................................................................................ 34

CLARIDEN LUX Biotechnology Equity Fund ..................................................................................... 37

CLARIDEN LUX Infrastructure Fund .................................................................................................. 42

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS .................................... 13

CLARIDEN LUX Technology Equity Fund ......................................................................................... 35

CLARIDEN LUX Energy Equity Fund ................................................................................................ 39

1

CLARIDEN LUX

ORGAN ISATION

Board of Directors

Delegates: (“delbgues a la gestion journaliere”)

Custodian Bank and Paying Agent

Administrator, Domiciliary, Registrar and Transfer Agent

Investment Manager

Auditor of the Company

General Distributor

Beat WITTMANN Member of the Executive Board of Management Clariden Bank, Zurich

Daniel KORNMANN Executive Vice President Clariden Bank, Zurich

Fabrice VALLAT Executive Vice President Clariden Bank, Zurich (until 9th January 2007)

Walter GERIG Executive Vice President Clariden Bank, Zurich

Rafik FISCHER Directeur KREDIETBANK S.A. Luxembourgeoise, Luxembourg

Andre SCHMIT Delegate Member of the Board Premier Fonde de Pouvoir KREDIETRUST LUXEMBOURG S.A.

Thomas GISLER, Zurich Andre SCHMIT, Luxembourg

KREDIETBANK S.A. Luxembourgeoise 43, Boulevard Royal L-2955 Luxembourg

KREDIETRUST LUXEMBOURG S.A. 11, Rue Aldringen L-2960 Luxembourg

Clariden Financial Products (Guernsey) Ltd Mill Court, La Charotterie, St. Peter Port, Guernsey Channel Islands. GYI 6AZ

KPMG Audit S.a r.1. 31, Allee Scheffer L-2520 Luxembourg

Clariden Financial Products (Guernsey) Ltd Mill Court, La Charotterie, St. Peter Port, Guernsey Channel Islands, GYI 6AZ

2

CLARIDEN LUX

Paying and Information Agent Merck Finck & Co. in Germany Privatban kiers

Neuer Wall 77 D-20354 Hamburg

Paying and Information Agent in Austria Graben 21

Erste Bank der oesterreichischen Sparkassen AG,

A-I 01 0 Wien

Distributors in Spain The list of distributors in Spain can be consulted on the following internet site of CNMV (Comisibn Nacional del Mercado de Valores) : www.cnrnv.es.

3

CLARIDEN LUX

GENERAL INFORMATION

CLARIDEN LUX (the "Company") is organised as a l'soci6te d'investissement A capital variable" in the Grand Duchy of Luxembourg and was incorporated on 18th April 2001. It is organised as a "soci&t& anonyme" under the law of 10th August 1915, as amended (the "1915 Law") and qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under Part I of the law of 20th December 2002 on collective investment undertakings, as amended (the "2002 Law").

The extraordinary general meeting of 23rd November 2005 decided to change the name of the Company from CLARIDEN SICAV to CLARIDEN LUX.

The Company is registered under number B 81 SO7 at the Register of Commerce at the District Court of Luxembourg, where its Articles of Incorporation (the "Articles") are available for inspection and a copy thereof may be obtained upon request. The Articles were modified by a notarial deed dated 23rd November 2005 and have been published in the Memorial in Luxembourg. Its principal and registered office is at 11, rue Aldringen, L-I 118 Luxembourg, Grand Duchy of Luxembourg.

The Company opted for the status of a self managed SICAV.

The Company may issue shares of no par value of different classes of shares (the "Shares"), which relate to different portfolios of assets (the "sub-funds"). At the date of the report, the sub-funds offered were:

- CLARIDEN LUX Technology Equity Fund - CLARIDEN LUX Biotechnology Equity Fund - CLARIDEN LUX Energy Equity Fund (since 23rd February 2006) - CLARIDEN LUX Infrastructure Fund (since 28th March 2006)

in USD in USD in USD in USD

The Company may issue different categories of Shares for each sub-fund, at the option of the shareholders: distribution Shares (Category A), capitalisation Shares (Category B), and hedged capitalisation Shares (Category H). Category H shares are issued in one or more alternate currencies, depending on the sub-fund. Moreover within each sub-fund "Institutional shares" may be issued which can be issued as distribution Shares (Category IA) or capitalisation Shares (Category le). "Institutional shares" are reserved for investments made by investors which qualify as institutional investors within the meaning of, and as provided for, in article 129 of the amended law of 20th December 2002. All categories of Shares participate in the same pool of assets within a given sub-fund.

Currently only Category B, Category H and Category IB shares are available for subscription.

The sub-funds are priced and Shares are issued andlor may be redeemed on each business day in Luxembourg ("Valuation Day").

The Net Asset Value per Share and Redemption and Subscription Prices may be obtained at the registered office of the Company. The current full prospectus, the simplified prospectus, the Articles of incorporation, the most recent annual and semi-annual reports are available free of charge at the registered office of the Company and at the Paying and Financial Agents in the different countries of the distribution of the Company.

4

CLARIDEN LUX

REPORT OF THE BOARD OF DIRECTORS

CLARIDEN LUX Technology Equity Fund

Review & Outlook

For the year ended 31st December 2006, the Fund’s net return was 7.9% versus the MSCl World Information Technology Index, which returned 9.3%.

Information Technology stocks started 2006 with positive returns, though the sector was trailing the stronger market. As would be expected, there was dispersion among sub-sectors within the MSCl Technology Index, with weakness among Semiconductors & Semiconductor Equipment balanced by strength in Technology Hardware & Equipment, while Software & Services showed modest gains. Technology stocks hit a rough patch in the middle of the year, recovered well later in the third quarter, but ended December in negative territory.

The Fund had a positive year and outperformed its benchmark. On a relative basis, underweighting Microsoft, Oracle and Canon, which had strong returns for the year, detracted from relative comparisons. However, increasing our weighting in Taiwanese electronics giant Hon Hai Precision was a very good decision, as well as stock selection within semiconductors, such as underweighting Intel and Broadcom and above-benchmark positions in LAM Research and MEMC Electronics.

Several secular trends support our stock selection: accelerating LCD TV penetration, the explosion of NAND flash memory, the proliferation of consumer electronics, the growth of online advertising and a robust demand for storage. The semiconductor weakness is expected to continue until 2008, but we plan to expand our holdings as growth rates reach the lows.

Risk Assessment

The main risk arising from the Fund’s financial instruments is market price risk arising mainly from uncertainty about the future prices of these financial instruments. The manager regularly considers the asset allocation of the portfolio in order to minimize the risk associated with particular countries or industry sectors, The income and capital value of the Fund’s investments can be affected by foreign currency movements, as the Fund has significant exposure to non-US based companies. The US dollar is the Fund’s functional currency. The Fund may hedge its exposure to currency risk by entering into forward currency contracts, but the use of such contracts is extremely limited.

The Fund’s total return, like stock prices, will fluctuate within a wide range, so that an investor could lose money, short-term or long-term. Since the Fund’s holdings are concentrated in technology related industries, the Fund’s performance can be affected by developments specific to these industries. In addition, there is investment style risk due to the chance that returns from certain types of stocks, (for example growth, value, small-cap, etc.), will trail returns from other asset classes or the overall stock market. Technology stocks are generally considered to be growth stocks, and historically have been more volatile in price than the broader equity market. Over the last five years, market price risk for technology stocks as measured by the annualized standard deviation of the MSCl World Information Technology Index, in US dollars was 23%.

5

CLARIDEN LUX

CLARIDEN LUX Biotechnology Equity Fund

The AMEX biotechnology index gained 10.8% during 2006. The Clariden Biotechnology Equity 3.8% during the same period. The large cap biotechnology companies delivered strong operating performance, whereas the small to medium size companies have not been in focus of investors due to a series of disappointing product news. In March the FDA’s advisory committee voted in favour of allowing Biogen ldec and Elan to reintroduce Tysabri for relapsing multiple sclerosis. CV Therapeutics received an approval for Ranexa. This product is approved to treat refractory chronic angina. Pfizer also received a positive response for its Exubera inhaled insulin to treat diabetes. The drug delivery company Nektar Therapeutics receives royalties on Exubera as it developes and provides the inhalers. In Europe, Biomarin received on approval for Naglazyme to treat MPS-VI. Negative results were reported by a number of smaller cap companies including Antigenics, Axcan and Inhibitex. Encysive’s drug Thelin for pulmonary arterial hypertension was delayed for an US approval. The stock declined over 40%. The fund did not hold the stock. In the second quarter the convergence of negative clinical results and overall negative market conditions led mutual fund dollars to flee growth stocks including the biotechnology sector. After receiving a positive response Nektar TherapeuticslPfizer’s Exubera the first inhaled insulin was launched in July. The biotech sector began to tumble mid-March as a series of negative clinical and regulatory news came in the headlines. Neurocrine lost 80% after receiving a non approvable letter for the medium release tablets and an approvable letter for the immediate release capsules to treat insomnia. Moreover, on 22nd June Pfizer announced that they ended their deal to develop and commercialize lndiplon together with Neurocrine.

On the M&A side, Gilead Sciences acquired pulmonary and infectious disease company Corus for USD 365 mio in July and Myogen in November for USD 2.2 billion. This is a move into a new disease area for Gilead Sciences, which were very much focused towards HIV and infectious diseases up to now. The Swiss company Actelion acquired Cotherix for USD 420 mio in order to strengthen their cardiopulmonary franchise.

The fundamentals for the biotechnology sector remain positive. For instance, more than 800 products are currently in human clinical trials, one third of them in the last stage of development before approval. We expect new flow on more than 50 products currently in phase Ill during the different medical conferences taking place during the January to March time period. Moreover, the intensive research efforts will generate important information that should directly trigger the development of innovative products to be launched in the next five to seven years.

CLARIDEN LUX Energy Equity Fund

Review & Outlook For the ten months ended 31st December 2006, the Fund’s net return was 11.4%, versus the MSCl World Energy Index, which advanced 13.3%. In gross terms, the Fund advanced 14.3%, outperforming the index by 50 basis points.

Energy stocks got hit in the first part of the year due to a sell-off but recovered well towards the end of June, outperforming the broader market. Industry fundamentals evolved better than we originally expected. Despite high oil prices and above-normal refining margins, world oil demand kept growing at close to 2% this year thanks to China and the Middle-East. Non-OPEC supply has been disappointing and the call on OPEC continues to grow. However, OPEC is slow at adding new capacity and already operates at close to full utilization. Political disruptions in several member countries have put additional pressure on supply. More than anytime in recent history, the instability in energy prices has been the result of certain supply countries acting in favor of short-term political interest rather than long-term economic stability. We continue to invest in reserve-rich energy companies which are also highly leveraged to oil prices.

6

The Fund outperformed the benchmark for the period under review due to strong security selection in the Energy Equipment 8 Services area. Positions in Todco, Input Output and Fugro McClelland added to returns. Also, some of our Oil & Gas holdings were top Fund performers, including PA Resources, Sinopec China and CNPC Hong Kong. Korean shipbuilding stocks - Hyundai Mipo Dockyard and STX - had a great run. Underweighting ExxonMobil, nevertheless our second largest holding, was the largest performance detractor as the stock makes up over 17% of the index and had a great year overall. Some of our oilsands plays also got hit over the period (Opti-Canada, Synenco, UTS).

A warm winter could weigh on oil prices over the coming months. OPEC just approved another production cut which should help maintain oil prices around current levels. We continue to focus on resource-rich companies with direct access to productive capacity and strong management teams.

Risk Assessment

The main risk arising from investments in the Energy sector is the balance between supply and demand. The portfolio manager regularly assesses the sub-sector asset allocation of the portfolio in order to minimize the risk associated with geopolitical and industry factors. The income and capital value of the Fund’s investments can be affected by foreign currency movements, as the Fund may have significant exposure to multinational companies. The US dollar is the Fund’s functional currency. The Fund may hedge its exposure to currency risk by entering into forward currency contracts, but the use of such contracts is extremely limited.

The Fund’s total return, like stock prices, will fluctuate within a wide range, so that an investor could lose money, short-term or long-term. Since the Fund’s holdings are concentrated in energy related industries, the Fund’s performance can be affected by developments specific to these industries. In addition, there is investment style risk due to the chance that returns from certain types of stocks, (for example growth, value, small-cap, etc.), will trail returns from other asset classes or the overall stock market. Energy stocks historically have tended to be cyclical. Over the last five years, market price risk for energy stocks as measured by the annualized standard deviation of the MSCl World Energy Index, in US dollars was 18%.

CLARIDEN LUX Infrastructure Fund

Review & Outlook

For the nine months ended 31st December 2006, the Fund’s gross return was 20.3%.

Global equities struggled in the first half of the year as investors became worried about the global economy. Energy and Utilities stocks led global markets, Telecoms and Transportation stocks ended in positive territory but Construction, Engineering and Materials stocks suffered a worse fate. Emerging Markets were among the hardest hit. We believe most of these countries can withstand some deterioration in the global environment due to the strength of their economy and with a few exceptions, their large surpluses.

The Fund produced strong positive returns for the first nine months since inception. Our allocation to emerging markets telecoms was a success - high growth rates and attractive valuations make these investments attractive. Most of these markets have high wireless penetration and usage increases due to improving disposable incomes, a trend we expect to last three to five years. Russian wireless provider Vimpel Communications and China Mobile were top performancers. Owning Sprint Nextel was detrimental as the company suffered from not offering Motorola products in its handset suite; the company has since corrected this situation and we continue to like this stock. Latin-American homebuilders also did very well: Desarrolladora Homex, Rossi Residencial and Urbi Desarrollos were top contributors. A slowing US economy held back transportation stocks overall: owning Forward Air, CH Robinson and Knight Transportation negatively impacted our results.

7

On the Utilities front, we continue to invest in low cost global companies based in stable regulatory environments, benefiting from high commodity prices such as TXU, RWE, Exelon, E.On and Veolia. These stocks are attractively valued with strong growth prospects.

Demand for physical infrastructure continues to grow across the globe. Governments and the private sector are increasing investment in such areas, creating highly efficient competitors to state-run companies. We do not expect the global slowdown to end in a hard landing thanks to the resilience of Asia and Europe. Our main focus remains wireless telecoms in emerging markets, transportation (freight, logistics and infrastructure) globally, power producers in AsialEuropelUS, and Latin American homebuilders.

Risk Assessment

The portfolio managers regularly assess the Fund in order to minimize the risk associated with geopolitical and industry factors. The income and capital value of the Fund’s investments can be affected by foreign currency movements, as the Fund will have significant exposure to multinational companies. The US dollar is the Fund’s functional currency. The Fund may hedge its exposure to currency risk by entering into forward currency contracts, but the use of such contracts is extremely limited.

The Fund’s total return, like stock prices, will fluctuate within a wide range, so that an investor could lose money, short-term or long-term. Since the Fund’s holdings are concentrated in infrastructure related industries, the Fund’s performance can be affected by developments specific to these industries. In addition, there is investment style risk due to the chance that returns from certain types of stocks, (for example growth, value, small-cap, etc.), will trail returns from other asset classes or the overall stock market.

Luxembourg, 19th March 2007 The Board of Directors

Note: The information in this report represents historical data and is not an indication of future results. I

8

I

CLARIDEN LUX

INDEPENDENT AUDITORS REPORT

To the Shareholders of CLARIDEN LUX

We have audited the accompanying financial statements of CLARIDEN LUX and of each of its sub- funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2006 and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the board of directors of the SICAV for the financial statements

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

Responsibility of the reviseur d'entreprises

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the lnstitut des Reviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the rbviseur d'entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the rbviseur d'entreprises considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

9

I

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the board of directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, these financial statements give a true and fair view of the financial position of CLARIDEN LUX and of each of its sub-funds as of 31st December 2006, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 19th March 2007 KPMG Audit S A r.1. Reviseurs d’Entreprises

I

N. DOGNlEf

10

CLARIDEN LUX

ASSETS Securities portfolio at market value Cash at banks Receivable on sales of securities Receivable on treasury transactions Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Unrealised gain on foreign exchange contracts Other receivables Prepaid expenses

Total assets

STATEMENT OF NET ASSETS as at 31st December 2006

Consolidated Technology Biotechnology

(in USD) (in USD) (in USD) Equity Fund Equity Fund

LIABILITIES Bank liabilities Payable on purchases of securities Payable on treasury transactions Payable on redemptions of shares Expenses payable Other liabilities

Total liabilities

NET ASSETS at the end of the year

Number of Category B shares outstanding Net asset value per Category B share

Number of Category H shares outstanding Net asset value per Category H share

Number of Category IB shares outstanding Net asset value per Category IB share

352,669,574.79 15,293,276.22 2,802,145.1 9 2,339,301.82 3,138,531.91

389,891.28 4,433.72

545,007.84 594,621.24

2,253.13

377,779,037.14

866,536.44

2,362,588.93 74,577.94

620,012.52 2,173,350.14

14,817,952.47

a,720,886.50

362,961,084.67

17,117,099.70 9,748.78

377,497.09

34,828.18 2,662.80

785.66 6,782.23 6,439.71

205.60

17,556,049.75

49,571,535.47 3,675,254 .I 2

179,032.23

3,648.06 42,388.90

3,980.40 1,191.56

53,477,030.74

41,626.89 179,032.23 245,900.86

1,029.92 22,820.67 94,275.78

861.49 24,244.49

311,209.91 298,582.42

I 7,244,839.84 53,178,448.32

67,205.788 241,861.225 116.09 128.06

8,020.000 56,116.000 EUR 101.19 EUR 91.09

119,600.000 1 16.29 129.31

72,000.000

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

11

CLARIDEN LUX

STATEMENT OF NET ASSETS (continued) as at 31st December 2006

ASSETS Securities portfolio at market value Cash at banks Receivable on sales of securities Receivable on treasury transactions Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Unrealised gain on foreign exchange contracts Other receivables Prepaid expenses

Total assets

Energy Equity Fund

(in USD)

57,531,176.94 1,239,887.26 2,245,615.87 1,449,178.63

466,671.46 19,040.12

170,091.03 504,201.13

263.77

63,706,934.21

Infrastructure Fund

(in USD)

228,449 I 762.60 10,368,386.06

890,123.19 2,637,032.27

367,300.36

325,745.60

592.20

243,039,022.44

LIABILITIES Bank liabilities Payable on purchases of securities Payable on treasury transactions Payable on redemptions of shares Expenses payable Other liabilities

Total liabilities

NET ASSETS at the end of the year

623,474.38 2,459,362.94 1,514,894.03

95,047.73 I 09,904.78

4,002,763.86

58,824,170.35

22,402.94 6,015,622.70

73,548.02 407,860.34

9,325,396.28

233,713,626.1 6

847,694 .go

I ,950,259.38

Number of Category B shares outstanding Net asset value per Category B share

Number of Category H shares outstanding Net asset value per Category H share

Number of Category IS shares outstanding Net asset value per Category IB share

66,859.567 111.12

203,195.092 EUR 105.05

207,908.857 111.84

1,156,420.615 119.93

545,131.161 EUR 113.79

109,761.51 3 120.64

I The accompanying notes are an integral part of these financial statements.

12

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2006 to 31st December 2006

Consolidated Technology Biotechnology

(in USD) (in USD) (in USD) Equity Fund Equity Fund

INCOME Dividends, net Interest on bank accounts Received commissions Other income

Total income

EXPENSES Management fees Custodian fees Banking charges and other fees Transaction fees Central administration costs Audit and supervisory fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses Total expenses

NET INVESTMENT INCOME

NET REALISED GAINI(LOSS1 - on portfolio - on foreign exchange contracts - on foreign exchange

REALISED RESULT

NET VARIATION OF THE UNREALISED GAINI(LOSS1 - on portfolio - on foreign exchange contracts

RESULT OF OPERATIONS

Subscriptions

Redemptions

TOTAL CHANGE IN NET ASSETS

TOTAL NET ASSETS at the beginning of the year

TOTAL NET ASSETS at the end of the year

2,387,132.86 61,824.64 32a,i 34.04 7,794.89 98,255.32

734.70 734.70 18,143.1 3 18,013.64 129.49

2,7341 44.73 87,633.17 99,119.51

3,564,647.93

241,020.97 416,325.54 250,647.80

279,090.71 107,151.62

I 1 8.29 1 46,642.34 37,287.56

5,150,231.19

82,870.36

24,428.07

67,259.26 7,653.87

20,100.75

39,332.42 3 I 096.48

35,644.74 5,763.12

127,758.46

3,6ao.a3 1,356.41

31 1,646.34

864,563 .a9 21,168.30 9,237.56

21,585.59 67,255.41 10,302.92

20,437.47

1 2,380.44 3,147.94

1,119,953.27

89373.75

-22401 3.17 -1,020,833.76

-2,279,223.49 556,004 2 5 938,953.84 2,453,527.65 59,559.89 229,268.58 -533,94559 -9,006.50 8,373.1 4

-2,775,727.89 382,544.47 155,761 .ao

36,544,221 . I O 71 6,107.82 -742,023.29 54 5,007.84 6,782.23 42,388.90

34,313,501.05 1,105.434.52

346,19a,138.39 14,45531 6.38

-61,829,526.71 -8,908,109.15

318,682,112.73 6,652,841.75

44,278,971.94 10,591,998.09

362,961,oa4.67 17,244,839.84

44,917,574.01

-24,882,226.95

19,491,474.47


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CLARIDEN LUX

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS (continued)

from 1st January 2006 to 31st December 2006

Energy Infrastructure Equity Fund Fund

31.12.2006 31.12.2006 (in USD) (in USD)

23.02.2006 - 28.03.2006 -

INCOME Dividends, net Interest on bank accounts Received commissions Other income

Total income

EXPENSES Management fees Custodian fees Banking charges and other fees Transaction fees Central administration costs Audit and supervisory fees I Other administration costs Subscription duty ("taxe d'abonnernent") Other taxes Interest paid on bank liabilities Other expenses Total expenses

I

NET INVESTMENT INCOME

1 NET REALISED GAlNl(L0SS) - on portfolio - on foreign exchange contracts - on foreign exchange

REALISED RESULT

NET VARIATION OF THE UNREALISED GAINI(LOSS1 - on portfolio - on foreign exchange contracts

RESULT OF OPERATIONS

Subscriptions

Redemptions

TOTAL CHANGE IN NET ASSETS

TOTAL NET ASSETS at the beginning of the year

TOTAL NET ASSETS at the end of the year

334,172.25 1,991,135.97 65,355.1 1 156,728.72

399,527.36 2,147,864.69

499,938.06 14,174.25 50,041.92

140,989.78 39,739.73 2,378.29

41,336.94 14,265.50

74,048.68 30,724.21

907,755.65

I 18.29

2,132,886.72 39,873.94

161,640.74 125,991.71 104,320.24

8,650.38 112,235.28 66,685.53

56,532.39 2,059.00

2,810,875.93

-508,228.29 -663,011.24

423,708.37 -4,197,889.95

36,245.16 -569,557.39 879,163.79 1,285,535.39

830,889.03 -4,144,923.19

2,928,072.58 33,642,063.99 170,091.03 325,745.68

3,929,052.64 29,822,886.48 I

64,030,383 .a2 222,794,664.18

-9,135,266.1 1 -1 8,903,924.50

58,824, I 70.35 233,7 1 3,626.1 6

I

58,824,170.35 233,713,626.16

The accompanying notes are an integral part of these financial statements

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STATISTICAL INFORMATION as at 31st December 2006

Total net assets - as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

Portfolio Turnover Rate (in %)

(issues and redemptions are netted per NAV calculation day) - as at 31.12.2006

Number of Category B shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category B share -as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

TER per Category B share (in %) - as at 31.12.2006

annualised

Number of Category H shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category H share -as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

TER per Category H share (in %) -as at 31.12.2006

annualised

Number of Category I6 shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category I6 share - as at 31.12.2006 - as at 31.12.2005 -as at 31.12.2004

TER per Category IB share (in %) - as at 31.12.2006

Technology Biotechnology Energy Equity Fund Equity Fund Equity Fund

(in USD) (in USD) (in USD)

I 7,244,839.84 53,178,448.32 58,824,170.35 10,591,998.09 33,686,973.85 9,2 19,667 1 0 30,487,768 2 5

283.97

98,682.695 42,865.661

-74342.568 67,205.788

116.09 107.33 98.58

1.36

-1

236,331.301 167,315.104

241,861.225 -161,785.180

128.06 126.45 106.12

2.48

104.86

0.000

-28, I 24.678 94,984.245

66 I 859.567

111.12

2.56

0.000 0.000 0.000 11,350.000 61,770.000 252,547.092 -3,330.000 -5,654.000 49,352.000 8,020.000 56,116.000 203,195.092

EUR 101.19 EUR 91.09 EUR 105.05

* 1.23 * 2.46 2.52

0.000 30,000.000 0.000 72,000.000 I 18,389.026 207,90a.857

0.000 -28,789.026 0.000 72,000.000 119,600.000 207,908.857

I 16.29 129.31 126.73 106.31

111.84

* 0.94 1.65 * 1.67

* annualised


15

STATISTICAL INFORMATION (continued) as at 31st December 2006

Total net assets -as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

Portfolio Turnover Rate (in %)

(issues and redemptions are netted per NAV calculation day) - as at 31.12.2006

Number of Category B shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category B share -as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

TER per Category 6 share (in %) - as at 31.12.2006

* annualised

Number of Category H shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category H share - as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

TER per Category H share (in %) -as at 31.12.2006

* annualised

Number of Category IB shares - outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

Net asset value per Category IB share - as at 31.12.2006 - as at 31.12.2005 - as at 31.12.2004

TER per Category IB share (in %) - as at 31.12.2006

annualised


16

Infrastructure Fund

(in USD)

233,713,626.16

I

76.31

0.000 I 1,272,946.947

1,156,420.61 5 -1 16,526.332 I

119.93

* 2.45

0.000 598,249.903 -53,118.742 545,131.161

EUR 113.79

2.45

0.000 110,061.51 3

-300.000 109,761.513

120.64

1.60

CLARIDEN LUX

Technoloqv Equitv Fund

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at 31st December 2006

(in USD)

Currency Number / nominal Description cost Market value Yo of value total net

assets

INVESTMENTS IN SECURITIES TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

Shares EUR

JPY

KRW

SEK

TWD

US0 USD USD USD USD USD USD USD USD US0 USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD US0 USD

Total shares

9,909

5,200

695

5,000

105,695

11,500 20,100 12,100 12,300 14,000 7.500

10,800 7,700

27,500 6,400

13,500 57,900 9,300

13,100 7,700 2,100

32,000 10,900 24,700 4,000 4,800 6,600

16,100 4,900

34,700 20,440 4,200 6,900 4,200

10,100 7,800

12,800 3,400 4,600 6,500 4.100

36,800 7,900 9,100

13,100

SOITEC

Sony Corp

Samsung Electronics Co Ltd

Telefon AB LM Ericsson B

Hon Hai Precision Ind Co Ltd

Accenture Ltd A Activision Inc Adobe Systems Inc Altera Corp Arris Group Inc Automatic Data Processing Inc Bisys Group Inc Broadcom Corp A Corning Inc DST Systems Inc EBay Inc EMC Corp Electronic Arts Inc First Data Corp Foundry Networks Inc Google Inc A Hewlett-Packard Co Integrated Device Tec Inc Intel Corp International Rectifier Corp Iron Mountain Inc KLA-Tencor Corp Lam Research Corp Manpower Inc Maxim lntergrated Products Inc Microsoft Corp MoneyGram International Inc Monster Worldwide Inc Network Appliance Inc Oracle Corp Q Logic Corp Red Hat Inc Research In Motion Ltd Robert Half lntl Inc SanDisk Corp Semtech Corp Sonus Networks Inc Telefon AB LM Ericsson ADR repr 1 Share B Trident Microsystems Inc Western Union Co (The)

265,914.92

210,307.16

412,519.88

18,820.83

453,385.71

31 7.41 7.89 288,561.67 417,483.20 241,984.02 163,169.30 341,284.13 160,863.16 238,945.36 533,716.27 336,574.62 404.524.89 759,762.32 504,930.32 555,417.71 112,876.68 760,952.64

1,095,737.20 161,569.99 518,282.69 160,087.1 5 178,325.92 265,249.69 623,234.68 274,802.91 999,830.95 554,676.35 132,479.58 269,400.65 138,272.71 154,454.35 139,408.69 271,892.31 349,182.57 170,979.16 360,116.47 52,760.58

167,973.72 295,072.1 1 207,042.72

16,150.40 13,695,447.73

15,056,396.23

352.088.84

222,548.57

458,102.23

20,197.52

754,153.36

424,695.00 346,524.00 497,552.00 242,064.00 175,140.00 369,375.00 139,428.00 248,787.00 514,525.00 400,832.00 405,945.00 764,280.00 468,348.00 334,312.00 11 5,346.00 967,008.00

1,318,080.00 168,732.00 500,175.00 154,120.00 198,432.00 328,350.00 81 4,982.00 367,157.00

1,062,514.00 610,338.40 131,712.00 321,816.00 164,976.00 173,114.00 170,976.00 294,400.00 434,452.00 170,752.00 279,695.00 53,587.00

242,5 1 2.00 317,817.00 165,438.00 293,702.00

15,151,990.40

16,959,080.92

2.04

1.29

2.66

0.12

4.37

2.46 2.01 2.89 1.40 I .02 2.14 0.81 1.44 2.98 2.33 2.35 4.43 2.72 I .94 0.67 5.61 7.64 0.98 2.90 0.89 1.15 I .go 4.73 '

2.13 6.16 3.54 0.76 1.87 0.96 1 .oo 0.99 1.71 2.52 0.99 1.62 0.31 I .41 1.84 0.96 1.70

87.86

98.34 ,


17

CLARIDEN LUX

Technoloqy Equity Fund

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at 31st December 2006

(in USD)

Currency Number I nominal Description Cost Market value Yo of value total net

Warrants and riqhts USD 2,869 MSDW Asia Securit Products LLC Call Wts Tata Consu 102,969.24 158,018.78 0.92

Total warrants and rights 102,969.24 158,018.78 0.92

TOTAL INVESTMENTS IN SECURITIES 15,159,365.47 17,117,099.70 99.26

CASH AT BANKS 9,748.78 0.06

OTHER NET ASSETS/(LIABILITIES) 117,991.36 0.68

12.09.07

TOTAL


18

17,244,839.84 100.00

Technolow Equity Fund

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) as at 31st December 2006

(in percentage of net assets)

United States of America

Taiwan

Canada

South Korea

Bermuda

France

Sweden

Japan

Cayman Islands

TOTAL

79.89 9'0

4.37 %

3.67 %

2.66 %

2.46 %

2.04 %

1.96 %

1.29 %

0.92 %

99.26 %

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at 31st December 2006


Technology hardware and equipment

Software and services

Semiconductors and semiconductor equipment

Diversified financial services

Commercial services and supplies

Retailing

Media

Consumer durables and apparel

TOTAL

32.35 %

28.94 %

25.96 %

3.38 %

3.12 %

2.35 %

1.87 %

1.29 %

99.26 %


19

Biotechnoloav Eauitv Fund


(in USD)

Currency Number I nominal Description cost Market value % of total net value assets


Shares CHF

DKK

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

' USD ' USD USD USD USD USD

' USD USD USD

' USD USD

I USD ' USD I USD

USD

! I

I

6,550

9,000

41,800 32,700 43,000 41,164 44,000 17,000 34,100 19,100 80,200 41,145 33,600 47,000 62,600 24,200 50,000 10,000 44,500 41,000 64,000 31,000 19,000 28,900 58,000 54,000 126,000 20,000 19,000 15,000 34,100 27,000 20,000 82,700 40,500 60,900 39,365 10,000 30,800 40,100 30,000 108,230 51,200 27,000 17,000

Actelion Ltd

Genmab AIS

Affymetrix Inc Alexion Pharmaceuticals Inc Alkermes Inc Altus Pharmaceuticals Inc Amgen Inc Amylin Pharmaceuticals Inc Anadys Pharmaceuticals Inc AtheroGenics Inc BioMarin Pharmaceutical Inc Biogen IDEC Inc CV Therapeutics Inc Cardiome Pharma Corp Celgene Corp Cephalon Inc CombinatoRx Inc Cotherix Inc Discovery Laboratories Inc Dyax Corp Exelixis Inc GTC Biotherapeutics Inc Gen Probe Inc Genentech Inc Genzyme Corp Gilead Sciences Inc Human Genome Sciences Inc ldenix Pharmaceuticals Inc lllumina Inc Inspire Pharmaceuticals Inc InterMune Inc lnvitrogen Corp MannKind Corp Medarex Inc Medicines Co Medimmune Inc Millennium Pharmaceuticals Inc Millipore Corp Myriad Genetics Inc NPS Pharmaceuticals Inc Ony Pharmaceuticals Inc PDL Biopharma Inc Palatin Technologies Inc Progenics Pharmaceuticals Inc Sepracor Inc

465.861.96

228,836.71

1,316,620.72 864,984.63 725,069.37 800,290.84

2,839,359.07 426,420.43 364,357.50 314,136.81 736,355.1 1

1,731,284.44 749,873.49 491,872.00

1,077,382.12 1,386,015.51 492,000.00 77,705.00 332,000.88 398,809.00 550,424.19 77,252.80 939,451.10

1,374,773.47 3,097,466.31 1,846,640.38 1,551,985.91 229,582.00 668,537.20 262,550.99 814,042.68

1,655,331.54 334,994.00 803,903.70 830,713.35

1,866,910.08 505,192.49 660,126.00 699,096.70 932,825.85 364,065.00

2,246,939.51 171,476.50 597,859.77 710,835.27


20

1,438,086.27

604,897.55

963,908.00 1,320,753.00 574,910.00 775,941.40

3,005,640.00 613,190.00 167,772.00 189,281.00

1,314,478.00 2,023,922.55 469,056.00 524,050.00

3,601,378.00 1,703,922.00 433,000.00 134,900.00 105,020.00 124,230.00 576,000.00 34,100.00 995,030.00

2,344,657.00 3,571,640.00 3,506,220.00 1,567,440.00 173,800.00 746,890.00 95,250.00

1,048,575.00 1,527,930.00 329,800.00

1,223,133.00 1,284,660.00 1,971,333.00 429,078.50 666,000.00 964.040.00 181,653.00 317,400.00

2,179,752.20 104,448.00 694,980.00

1,046,860.00

2.70

1.14

1 .81 2.48 1.08 I .46 5.65 1.15

0.36 2.47 3.81 0.88 0.99 6.77 3.20 0.81 0.25 0.20 0.23 1 .08 0.06 1.87 4.41 6.72 6.59 2.95 0.33 I .40 0.18 1.97 2.87 0.62 2.30 2.42 3.71 0.81 1.25 1.81 0.34 0.60 4.10 0.20 1.31 1.97

0.32 j

CLARIDEN LUX

Biotechnoloqv Equitv Fund


(in USD)

Currency Number / nominal Description Cost Market value % of value total net

USD USD USD USD

58,000 Tercica Inc 10,000 United Therapeutics Corp 14,000 Vertex Pharmaceuticals Inc 35,000 ZymoGenetics Inc

TOTAL INVESTMENTS IN SECURITIES CASHATBANKS OTHER NET ASS ETSI( L IAB I LIT I ES)

TOTAL

383,871 .OO 290,000.00 362,226.19 543,700.00 286,474.67 523,880.00 584,552.00 544,950.00

40,534,637.57 47,528,551.65

41,229,336.24 49,571,535.47

3,675,254.1 2

-68.341.27

53,i 78,448.32

0.55 1.02 0.99 1.03

89.38

93.22

6.91

-0.13

100.00


21

CLARIDEN LUX

I

Biotechnolosv Eauitv Fund




Switzerland

Denmark

Canada

88.39 %

2.70 %

1.14 %

0.99 %

TOTAL 93.22 Yo



Pharmaceuticals and biotechnology

Health care equipment and services

TOTAL

90.14 %

3.08 %

93.22 %


22

CLARIDEN LUX

Enerqv Equitv Fund

STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at 31st December 2006

(in USD)

Currency Number I nominal Description Cost Market value % of value total net

assets


Shares CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

EUR EUR

GBP

HKD HKD HKD

J PY

KRW KRW

NOK

THE

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

85,800 59,800 22,200 45,900 41,600 66,900 29,900 7,100

54,100 154,700 26,000

14,703 5,037

39,119

900,000 1.122,ooo

672,000

7,600

6,624 37,146

96,000

46,000

25,900 3,500

17,000 15,900 34,710 22,500 21,900 9,800

27,300 22,300 15,500 18,300 12,675 12,000 10,700 48,500 14,700 36,700 9,600

39,000 23,700

Canadian Hydro Developers Inc Caspian Energy Inc Compton Petroleum Corp Denison Mines Ltd First Calgary Petroleums Ltd A Opti Canada Inc Petro-Canada Suncor Energy Inc Synenco Energy Inc UTS Energy Corp Western Oil Sands Inc A

Fugro NV Vallourec Usines Tubes

Royal Dutch Shell PIC A

CNPC (Hong Kong) Ltd Huadian Power lntl Corp H Panva Gas Holdings Ltd

Japan Petroleum Explor Co Ltd

Hyundai Mipo Dockyard Go Ltd STX Shipbuilding Co Ltd

PA Resources AB

PTT PCL Foreign Reg

BJ Services Co Baker Hughes Inc CNOOC Ltd spons ADR repr 100 Shares Cabot Oil & Gas Corp Cameco Corp Canadian Natural Resources Ltd Can0 Petroleum Inc China Petroleum & Chem Corp ADR repr 100 Shares H ConocoPhillips Delek US Holdings Inc Denbury Resources Holdings Inc EnCana Corp Encore Acquisition Co Energy Conversion Devices Inc Eog Resources Inc Ewcon Mobil Corp Foundation Coal Holdings Inc Gazprom OAO spons ADR repr 4 Ord Sh GlobalSantaFe Corp Halliburton Co (Hg Co) Hess Corp

430,764.24 120,334.38 226,699.84 281,638.22 364,084.97

1,184.175.99 1,351,318.24

550,087.57 896,124.42 724,31 I .21 702,903.23

6,832,442.31

615,724.88 I ,200,118.89 1,815,843.77

1,376,494.04

402,679.66 398,225.36 305,947.39

1,106,852.41

453.062.55

725,195.32 463,319.36

1,188,514.68

567,942.69

289.539.70

826,381.99

1,446.083.62 821,103.52

1,255,268.04 1,170,562.86

168,384.45 648,074.07

1,720,894.93 376,024.82 461,084.06 892,258.12 359,649.66 449,998.67 724,242.77

3,225,181.03 519,869.58

1,696,736.42 526,587.35

1,312,235.90 1,178,888.56

246,885.05

438,695.54 55,498.84

203,170.92 465,429.23 249,163.87

1 ,I 37,133.28 1,226,884.08

560,031.79 665,266.82 599,550.57 730,824.10

6,331,649.04

701,743.17 1,463,019.49 2,164,762.66

1,367,325.53

497.608.39 441,459.65 423,391.45

1,362,459.49

451,541.99

847,587.24 623,094.30

1,470,681.54

I ,009,48a.03

259.585.06

759,388.00 261,310.00

1,608,710.00 964,335.00

1,404,019.50 1,197,675.00

120,012.00 907,872.00

1,964,235.00 365,497.00 430,745.00 840,885.00 31 0,917.75 407,760.00 668,215.00

3,716,555.00 466,872.00

1,702,880.00 564,288.00

1,210,950.00 1,174,809.00

0.75 0.09 0.35 0.79 0.42 1.93 2.09 0.95 1.13 1.02 I .24

10.76 1.19 2.49 3.68

2.32

0.85 0.75 0.72 2.32

0.77

1.44 1.06 2.50

1.72

0.44

1.29 '

0.44 2.73 I .64 2.39 2.04 0.20 1.54 3.34 0.62 0.73 1.43 I

0.53 0.69 1.14 6.32 0.79 2.90 0.96 2.06 2.00 ~


23

CLARIDEN LUX

Enerqy Equity Fund


(in USD)

Currency Number I nominal Description cost Market value % of value total net

assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Total shares

1 33,100 6,600

20,500 23,100 13,800 11,900 7,400

30,800 10,200 10,400 63,000 13,400 24,000 10,000 25,100 70,695 8,100

15,000 50,300 34,100 10,400 32,100 9,300 5,700

13,700 10,500 9,000

Hugoton Royalty Trust Units InpuVOutput Inc JSC Surgutneftegaz ADR repr 50 Shares Lukoil Holding ADR repr 1 Sh Murphy Oil Corp Nexen Inc Noble Cow Noble Energy Inc Occidental Petroleum Corp Oil 8 Gas Development Co Ltd GDR repr 1 Share Peabody Energy Corp Perez Cornpanc SA ADR repr 10 Shares B Petroleo Brasileiro SA spons ADR repr 4 Pref Shares Petroleum Geo-Services ASA spons ADR repr I Sh Plains Exploration and Prod Co Pride lntl Inc Rosneft Oil Co OJSC GDR repr I Share Reg Schlurnberger Ltd Southwestern Energy Co Statoil ASA ADR repr 1 Sh Talisman Energy Inc Todco Total SA ADR repr I Share B Transocean Inc Trinar Solar Ltd spons ADR repr 100 Shares Weatherford International Inc Whiting Petroleum Corp XTO Energy Inc

27.20 325,942.30 441,076.68

1,711,382.05 1,177,709.44

736,597.16 866,480.75 334.939.70

1,467,839.23 192,780.00 431,692.75 694,105.53

1,090,464.02 457,211.75 401,539.72 697,043.89 566,843.32 508,199.51 523,356.15

1,386,416.99 589,054.38 374,801.66

2,191,250.24 687,958.82 115,393.84 569,487.77 444,683.12 387,337.60

39,398,Ol I .04

53,028,703.1 9

Undertakinns for collective investment us0 26.700 Select Sector SPDR (The) Trust Energy Select Sector Fd 1,569,234.39 Total undertakings for collective investment 1,569,234.39

OTHER TRANSFERABLE SECURITIES

- Shares USD 700 Petrojarl ASA spons ADR Total shares TOTAL INVESTMENTS IN SECURITIES CASH AT BANKS OTHER NET ASSETS/(LIABILITIES)

TOTAL

24.60 451,153.00 508,200.00

1,791,700.00 I ,I 74,635.00

759,000.00 906,185.00 363,118.00

1,503,964.00 194,820.00 420,264.00 767,970.00

1,242,984.00 562,080.00 475.300.00 753,251 .OO 668,067.75 51 1,596.00 525,750.00

1,323,896.00 579,359.00 355,368.00

2,308,632.00 752,277.00 107,730.00 572,523.00 489,300.00 423,450.00

41,540,527.60

55,958,020.94

1,565,421 .OO 1,565,421 .OO

0.00 0.77 0.86 3.05 , 2.00 1.29 1.54 0.62 2.56 0.33 0.71 1.31 2.1 I 0.96 0.81 1.28 1.14 0.87 0.89 2.25 0.99 0.60 3.92 1.28 0.18 0.97 0.83 0.72

70.62

95.13

2.66 ! 2.66

5,166.78 7,735.00 0.01 5,166.78 7,735.00 0.01

54,603.1 04.36 57,531,176.94 97.80

1,239,887.26 2.1 I

53,106.1 5 0.09

58,824,170.35 100.00


24

Enemy Equity Fund




Canada

Russia

France

Hong Kong

Norway

South Korea

United Kingdom

China (Republic of)

Brazil

Cayman Islands

Sweden

Argentina

The Netherlands

Netherlands Antilles

Japan

39.45 %

18.90 Oh

7.95 %

6.41 %

4.30 %

3.22 %

2.50 %

2.32 %

2.29 %

2.11 %

1.72 %

1.72 %

1.31 Yo 1.19 %

0.87 %

0.77 %

Thailand 0.44 %

Pakistan 0.33 %

TOTAL 97.80



Energy

Materials

Capital goods

Undertakings for collective investment

Utilities

Commercial services and supplies

Technology hardware and equipment

TOTAL

81.02 %

7.17 %

3.37 Yo

2.66 %

1.50 %

1.31 '10 0.77 %

97.80 %


25 I

Infrastructure Fund


(in USD)

Currency Number I nominal Description cost Market value % of value total net

assets


Shares AUD AUD

BRL

BRL BRL BRL BRL

EGP

EUR EUR EUR EUR EUR

GBP

HKD HKD

JPY

KRW KRW

MXN

PHP PHP

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

171,635 997,152

818,300

254,500 392,800 280.1 00 616,600

115,558

34,713 41,733 28,470 46,631 62,564

229,913

8,976,000 49,000

53,500

30,560 95,470

1,163,200

3,466,300 38,226,100

130,935 1,237,800

132,700 106,400 146,200 125,600 109,600 15,000

194,900 92,900 75,600

183,300 45,700 67,400

328,200 250,500

1 I 8,800

Toll Holdings Ltd Transurban Group

All America Latina Logistic SA repr 4 Pref Sh and 1 Sh Units Cia de Concessoes Rodoviarias Cyrela Brazil Realty SA Obrascon Huarte Lain Brasil SA Rossi Residencial SA

Egyptian Co for Mobile Corn

E.ON AG Electricite de France Gaz de France RWE AG A Veolia Environnernent

National Grid PIC

China Power lntl Dev Ltd Zhuzhou CSR Times Elect Co Ltd H


Korea Electric Power Corp Pusan City Gas Co Ltd

Urbi Desarrollos Urba SA de CV

First Philippine Holdings Corp PNOC Energy Development Corp

AFK Sistema OAO spons GRD repr Reg Sh-S Airspan Networks Inc AmeCornLiAmerican Commercial Lines Inc CH Robinson Worldwide Inc CHC Helicopter Corp A Cameco Corp China Mobile Ltd ADR repr 5 Shares Chungwa Telecom Co Ltd spons ADR repr 10 Sh Cia Vale do Rio Doce spons ADR repr I Pref Share Desarrolladora Homex SA de CV ADR repr 6 Shares Exelon Corp Forward Air Corp Golden Telecom Inc

1,318,578.81 5,201,731.87 6,520,310.68

6,242,109.30

2,358,133.48 3,362,009.84 3.434.858.52 6:414:514.77

21,811,625.91

3,181,406.81

3,965,439.02 2,335,079.00 1,019.848.97 4,087,651.07

14,537,826.04

2,560,319.40

3,391,710.68

3,425,468.52

3,152,758.99

1,263,651.05 2,273,149.54

3,129,807.9a

33,757.84

3,536,800.59

3,084,020.04

3,209,514.58 3,266,940.75 6,476,455.33

3,208,856.55 4,645,521.87 7,245,181.98 4,981,582.76 3,247,979.54 4,566,847.78 3,269,752.30

263,514.00 4,199,638.66 3,370,151.80 4,260,403.73 6,583,975.24 1,410,566.28

2,472,399.00 5,990,878.25 8,463,277.25

8,497,288.53

3,439,028. I O 3,751,377.99 4,513,086.65

28,065,174.71

3,670,136.24

4,706,257.10 3.037,262.64 1,308,139.06 5,133,633.60 4,817,270.34

19,002,562.74

3,318,004.52

4,928,190.08 67,793.04

4,995,983.12

3,178,617.97

1,393,273.36 2,19 1,704.14 3,584,977.50

4,186,136.07

4.454,853.16 3,782,060.1 1 8,236,913.27

4,189,920.00 4,579,860.00 8,693,177.00 4,350,696.00 3,084,820.00

4,736,912.00 295,950.00

5,116,125.00 5,487,603.00 4,678,884.00 5,302,869.00 2,140,588.00

7,884,393.44

5,0ao,520.00

1.06 2.56 3.62

3.64

1.47 I .61 1.93 3.37

12.02

1.57

2.01 1.30 0.56 2.20 2.06 8.13

I .42

2.11 0.03 2.14

1.36

0.60 0.94 1.54

I .79

1.91 1.62 3.53

1.79 1.96 3.72 1.86 I .32 2.17 2.03 0.13 2.19 2.35 2.00 2.27 0.92

Grupo Aerop del Pacif SA de CV B ADR repr 10 B Shares 2,270,653.86 2,641,406.00 1.13 Hutchison Telecommun lntl Ltd spons ADR repr 15 Shares 3,234,272.71 4,552,416.00 1.95 JetBlue Airways Corp 3,871,846.35 4,660,440.00 1.99 Knight Transportation Inc 4,470,170.20 4,271,025.00 1.83


26

Infrastructure Fund


(in USD)

Currency Number / nominal Description cost Market value Yo of value total net

assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

ZAR ZAR

Total shares

125,100 91,800 29,900 94,400 76,100

658,100 82,800

364,300 71,000

109,800 76,600 52,000

249,856.99996 75,600 93,700

173,261 354,896

Korea Electric Power Corp ADR repr 0.5 Share Landstar System Inc Millicom lntl Cellular SA Reg Mobile Telesystems ADR repr 5 Sh NRG Energy Inc Navios Maritime Holdings Inc Orascom Telecom Holding GDR Reg repr I Share Sprint Nextel Corp Ser I Suntech Power Holdings Co Ltd ADR repr 1 Sh Syniverse Hgs Inc TXU Corp Telekom Indonesia (PT) Tbk ADR repr 40 Shares Turkcell lletisim Hizmet ADR repr 2500 Sh Vimpel Communications ADR repr 0.25 Sh Vonage Holdings Corp

Barloworld Ltd MTN Group Ltd

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET

Shares USD 506,000 Rand Logistics Inc Total shares

2,836,097.04 3,829.310.28 1,513,951.80 3,211,602.64 3,668,904.17 3,475,896.82 4,709,431.12 7,740,729.09 2,143,156.30 1,700,981.1 1 4,184,588.47 2,235,875.20 3,440,412.08 3,811,61 I .84

814,71 I .03 114,418,174.60

3,489,798.50 3,424,674.21 6,914,472.71

189,619,639.62

2,737,460.00 2,737,460.00

2,841,021 .OO 3,504,924.00 1,843,036.00 4,737,936.00 4,262,361 .OO 3,533,997.00 5,464,800.00 6,881,627.00 2,414,710.00 1,645,902.00 4,152,486.00 2,371,200.00 3,343,086.66 5,968,620.00

650,278.00 127,479,195.66

4,021,911.40 4,284,873.1 6 8,306,784.56

222,507,763.61

3,491,400.00 3,491,400.00

I .22 1.50 0.79 2.03 1.82 1.51 2.34 2.94 1.03 0.70 1.78 1.01 I .43 2.55 0.28

54.54 1.72 1.83 3.55

95.21

I .49 I .49

i OTHER TRANSFERABLE SECURITIES

Warrants and rights ' USD 2,198,241 Merrill Lynch lntl & Co Call Wts China Railway A 22.12.09 2,450,599.07 2,450,599.07 1.05

Total warrants and rights 2,450,599.07 2,450,599.07 1.05

97.75 TOTAL INVESTMENTS IN SECURITIES 194,807,698.69 228,449,762.68

CASH AT BANKS OTHER NET ASSETS/(LIABILITIES)

TOTAL

10,368,386.06 4.44

-5,104,522.58 -2.19

233,713,626.16 100.00


27

CLARIDEN LUX

Infrastructure Fund

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) as at 3 1 st December 2006



Brazil

Russia

Mexico

Germany

Hong Kong

France

Egypt Australia

Philippines

Canada

United Kingdom

Cayman Islands

South Korea

South Africa

Marshall Islands

Turkey

Japan

Netherlands Antilles

Indonesia

Luxembourg (Grand Duchy of)

Taiwan

China (Republic of)

TOTAL

26.14 %

14.21 %

7.29 %

5.27 %

4.21 %

4.14 %

3.92 %

3.91 %

3.62 %

3.53 %

3.49 %

3.14 %

2.98 %

2.76 %

1.83 %

1.51 %

1.43 %

1.36 %

1.05 Yo 1.01 %

0.79 %

0.13 %

0.03 %

97.75 %


28

CLARIDEN LUX

Infrastructure Fund



Telecommunication services

Transportation

Utilities

Real estate

Materials

Consumer durables and apparel

Energy

Capital goods

Investment companies

Diversified financial services

TOTAL

I

26.25 %

26.03 %

24.58 %

5.75 %

4.36 %

3.37 %

2.68 %

1.96 %

1.72 %

1.05 %

97.75 %


29

CLARIDEN LUX

NOTES TO THE FINANCIAL STATEMENTS as at 3 1 st December 2006

Note 1 -Significant accounting policies

a) Presentation of the financial statements

The financial statements of the Company are established in accordance with the legal and regulatory requirements in force in Luxembourg concerning undertakings for collective investment.

b) Valuation of securities

The value of all securities which are listed on an official stock exchange or traded on any other regulated market is determined on the basis of the last available price on the principal market on which such securities are traded, as provided by a pricing service approved by the Board. If such prices are not representative of their fair value, such securities as well as any of the sub- funds securities, money market instruments, which are not so listed, and all other investments, including permitted financial futures contracts and options, are be valued on the reasonably foreseeable sales prices determined prudently and in good faith.

c) Conversion of foreign currencies

The sub-funds are expressed in the following currencies:

- CLARIDEN LUX Technology Equity Fund in USD - CLARIDEN LUX Biotechnology Equity Fund in USD - CLARIDEN LUX Energy Equity Fund (since 23/02/2006 in USD - CLARIDEN LUX Infrastructure Fund (since 28/03/2006: in USD

Transactions, income and expenses in currencies other than the currency of the sub-fund are converted at the exchange rate available at the date of the transaction.

Any assets or liabilities expressed in terms of currencies other than the reference currency of the relevant sub-fund are translated into the reference currency at the prevailing market rate available at the date of the report.

d) Consolidation

The Company’s consolidation currency is the USD. The consolidated financial statements are presented in USD and correspond to the sum of the financial statements of the sub-funds.

e) Formation expenses

The legal and other costs incurred in connection with the formation of the Company are amortised over five years on a straight line basis.

Note 2 - Subscription duty (,,,axe d’abonnement’y

The Company is governed by Luxembourg tax law.

In accordance with current legislation and regulations, the Company is liable in Luxembourg to a tax of 0.05% per annum of its net assets, payable quarterly on the basis of the value of the net assets of the Company at the end of each quarter. The Company obtains the reduced tax rate of 0.01% in respect of Institutional shares. Institutional shares are reserved for investments made by investors which

30

NOTES TO THE FINANCIAL STATEMENTS (continued) as at 31st December 2006

qualify as institutional investors within the meaning of, and as provided for, in article 129 of the amended law of 20th December 2002.

following the Article 129 (3) of the amended Law of 20th December 2002 the net assets invested in collective investment undertakings subject to the 'taxe d'abonnemenf' are exempt from this tax.

Note 3 - Management and investment advisory fees

The Board of Directors (the "Board") is responsible for the Company's overall management and control including the determination of the investment policy of each sub-fund.

The Board is free to delegate under its responsibility, for some or all sub-funds, the responsibility for day-to-day asset allocation and for day-to-day supervision of the activities of the Investment Manager to an Executive Committee composed of members of the Board of Directors.

The Board, whilst retaining full responsibility, has under the terms of an Investment Management Agreement dated 18th April 2001 delegated the day-to-day investment management of the Company's sub-funds to Clariden Financial Products (Guernsey) Ltd ("the Investment Manager") whose registered office is at Mill Court, La Charotterie, St. Peter Port, Guernsey.

With effect from 1st November 2004 until 31st March 2006, Clariden Financial Products (Guernsey) Ltd ("the Investment Manager") waived the management fee of 2% p.a. for the sub-fund CLARIDEN LUX Technology Equity Fund, As from 1st April 2006 the Investment Manager receives an investment management fee of 1% per annum of the Net Asset Value for Category B and H share and 0.60% per annum for Category IB share. Since 1st August 2006 the Investment Manager waived to the management fee of 1% per annum of the Net Asset Value for Category B and H share and 0.60% per annum for Category IB share.

For the sub-fund CLARIDEN LUX Biotechnology Equity Fund, the Investment Manager received an investment management fee of 2% per annum of the Net Asset Value of both Category B share and Category IB share until 6th February 2006. Since 7th February 2006 the Investment Manager receives an investment management fee of 2% per annum of the Net Asset Value for Category B and H share and 1.20% per annum for Category IB share.

For the sub-fund CLARIDEN LUX Energy Equity Fund the Investment Manager received an investment management fee of 2% per annum of the Net Asset Value for Category B and H share and 1.20% per annum for Category IB share from 28th February 2006 until 31st March 2006. From 1st April until 30th April 2006 the investment management fee was reduced to 1% per annum of the Net Asset Value for Category B and H share and to 0.60% per annum for Category IS share. Starting from 1st May 2006 the Investment Manager receives 2% per annum of the Net Asset Value for Category B and H share and 1.20% per annum for Category IB share.

For the sub-fund CLARIDEN LUX Infrastructure Fund the Investment Manager receives an investment management fee of 2% per annum of the Net Asset Value for Category B and H share and 1.20% per annum for Category IB share.

The investment management fee is calculated on the monthly average of the Net Asset Value on each Valuation Day and is payable monthly in arrears within 7 days from the last Valuation Day of each month.

WELLINGTON MANAGEMENT COMPANY LLP ("Wellington Management") and Clariden Bank, Zurich, ("Clariden") have been appointed as investment sub-managers for the different sub-funds. The remuneration of Wellington Management and Clariden is payable out of the Investment management fee by the Investment Manager.

31

CLARIDEN LUX


Note 4 -TOTAL EXPENSE RATIO (,,TER) and PORTFOLIO TURNOVER RATIO (“PTR)

The TER and the PTR disclosed under “STATISTICAL INFORMATION” of this report were calculated in accordance with the “Guidelines on the calculation and disclosure of the TER and PTR issued by the Swiss Funds Association “SFA” on 25th January 2006.

The TER and the PTR are calculated for the last 12 months preceding the date of this report.

Transaction fees are not taken into account in the calculation of the TER.

The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100

with Total I = Total securities transactions = X + Y X = Securities purchases Y = Securities sales

Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions S+T: subscriptions and redemptions are netted per NAV calculation day.

M = average net assets

Note 5 - Foreign exchange contracts

The Company enters into foreign exchange contracts aimed at hedging risks related to changes to the exchange risks. At the date of the report, the following foreign exchange contracts are outstanding :

CLARIDEN LUX Technology Equity Fund Currency Purchases Currency Sales Maturity Unrealised

result (in USD)

Foreign exchange contracts linked to Category H shares EUR 609,802.58 USD 800,000.00 21.03.2007 6,782.23

6,782.23

CLARIDEN LUX Biotechnology Equity Fund Currency Purchases Currency Sales Maturity Unrealised

result (in USD)

Foreign exchange contracts linked to Category H shares EUR 3,811,266.10 USD 5,000,000.00 21.03.2007 42,388.90

42,388.90

32

CLARIDEN LUX


CLARIDEN LUX Energy Equity Fund Currency Purchases Currency Sales Maturity Unrealised

result (in USD)

Foreign exchange contracts linked to Category H shares -2,901.80 CAD 550,000.00 USD 476,603.1 2 21.03.2007

EUR EUR EUR USD USD USD USD USD

2,347,728.32 245,257.34

11,052,671.70 1,727,414.06 645,452.79 536,653.43 482,330.62 378,429.52

CAD NOK USD CAD HKD KRW NOK RUB

CLARIDEN LUX Infrastructure Fund Currency Purchases Currency

Foreign exchange contracts linked to Category H shares EUR 1,481,042.65 AUD EUR 741,509.71 GBP EUR 3,052,082.31 HKD EUR 515,676.57 TRY EUR 28,887,015.02 USD EUR 754,147.81 USD USD 8,253,094.91 BRL USD 864,640.53 CAD USD 2,649,006.62 RUB EUR 816,139.98 JPY EUR 1,687,573.83 MXN EUR 1,294,247.07 ZAR USD 917,641.66 MXN

3,550,000.00 2,000,000.00 14,500,000.00 2,000,000.00 5,000,000.00

500,000,000.00 3,000,000.00 10,000,000.00

Sales

21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21 .03.2007

Maturity

2,500,000.00 500,000.00

31,000,000.00 1,000,000.00 37,896,875.00 1,000,000.00 18,000,000.00 1,000,000.00 70,000,000.00 125,000,000.00 24,000,000.00 12,000,000.00 10,000,000.00

21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 21.03.2007 22.03.2007 22.03.2007 22.03.2007 22.03.2007

48,501 57 2,326.26

122,927.82 4,876.56 569.08

-1,851.50 -886.63

-3,470.33 170,091.03

Unrealised result

(in USD)

-7,512.61 1,689.66 39,580.77

321,281.39 -4,331.90

-2,245.86 -70,280.92

-24,292.30 3,369.68

19,902.88 23,462.20 28,077.89 -2.955.20

325,745.68

33

CLARIDEN LUX

Statement of Changes in Investments from 1st January 2006 to 31st December 2006

34

CLARIDEN LUX

Technoloqv Equitv Fund

STATEMENT OF CHANGES IN INVESTMENTS from 1st January 2006 to 31st December 2006

Currencv Denomination Purchases Sales Other

Shares

10,143 0

234 5,868

0 0

EUR EUR

SOITEC STMicroelectronics NV

JPY Sony Corp 7,000 8,500 0

KRW Samsung Electronics Co Ltd 549 614 0

SEK Telefon AB LM Ericsson B 5,000 0 0

TWD Hon Hai Precision Ind Co Ltd 48,000 16,949 26,000

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Accenture Ltd A Activision Inc Adobe Systems Inc Altera Corp Arris Group Inc Atheros Communications Inc Autodesk Inc Automatic Data Processing Inc Bisys Group Inc Broadcom Corp A Choicepoint Inc Cisco Systems Inc Cognos Inc Compuware Corp Corning Inc DST Systems Inc Dell Inc EBay Inc EMC Corp Electronic Arts Inc Fairchild Semicon lntl Inc A First Data Corp Foundry Networks Inc Garmin Ltd Reg Google Inc A Hewlett-Packard Co IBM Corp lnfosys Technologies Ltd ADR repr I Share Integrated Device Tec Inc Intel Corp International Rectifier Corp Iron Mountain Inc Jabil Circuit Inc KLA-Tencor Corp Lam Research Corp MEMC Electronic Materials Inc Manpower Inc Marvel1 Technology Group Ltd Maxim lntergrated Products Inc Mercury Interactive Corp Microsoff Corp MoneyGram International Inc Monster Worldwide Inc Motorola Inc Navteq Corp Network Appliance Inc Nokia Oyj ADR repr 1 Share

9,300 23,300 9,800 26,500 17,500

300 4,400 6,900 3,300

3,400 3,200 1,600

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2,500 0 0 0 0 0 0 0 0 0 0 0 0 0

4,100 0 0 0 0 0 0 0 0 0

22,700 3.500 300

4,400 2,200 2,500 9,500 5,000

57,800 8,500 9,900 9,900 2,600 29,600 5,300 16,400 2,700 20,800 3,500

0 5,300 1,450 16,600 14,900 800

10,000 15,500 1,600 1,400 15,100 2,900 3,400 12,000 1,100 18,600 6,900 8,900 39,100

0 200

32,100 1,500 18,500 62,700

12,800 2.100 571800 5,400 3,900 15,400 3,900 11,600 18,800 62,600 6,400

0 7,500 7,700 2.800 2,050 48,600 8,300 100

20,900 40.200 5,600 3,200 6,600 9,500 13,200 12,000 3,900

1 1,600 38,000 5,100 30,000 4,200 7,100 31,300 1,500

22,700 36,300

35

CLARIDEN LUX

Technoloqv Eauitv Fund

Currency

STATEMENT OF CHANGES IN INVESTMENTS (continued) from 1st January 2006 to 31st December 2006

Denomination Purchases Sales Other

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

ON Semiconductor Corp Oracle Corp PMC-Sierra Inc Patni Computer Syst ADR repr 2 Shares Polycom Inc Q Logic Corp Qualcomm Inc Red Hat Inc Redback Networks Inc Research In Motion Ltd Robert Half lntl Inc Salesforce.com Inc SanDisk Corp Seagate Technology Semtech Corp Serena Software Inc Sirf Technology Hgs Inc Sonus Networks Inc Sun Microsystems Inc Telefon AB LM Ericsson ADR repr 1 Share B Tellabs Inc Trident Microsystems Inc Varian Semicond Equip Ass Inc Western Digital Corp Western Union Co (The) Yahoo Inc

Undertakinns for collective investment

USD ishares Trust Goldrnan Sachs Tec Index Fd

Warrants and rinhts

USD MSDW Asia Securit Products LLC Call Wts Tata Consu 12.09.07

0 10,700 24,800

0 6,800

16,200 10,400 9,900

11,100 5,100 4,600 5,200

13,700 11,700 4,100

0 3,200 58,100

130,500 7,900

10,000 9,500 2,500 5,100 800 800

50,400

1,800

28,800 600

24,800 100

6,800 8,400

20,100 2,700

11,100 1,700

0 6,700 7,200

1 1,700 0

2,400 3,200

21,300 130,500

0 10,000

400 7,700

15,300 300

17.300

50,400

1,300

0 0 0 0 0 0 ' 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2,000 0

12,600 0

0

0

36

Biotechnoloqv Equity Fund

STATEMENT OF CHANGES IN INVESTMENTS from 1st January 2006 to 31st December 2006

Currency Denomination Purchases Sales Other

- Shares

CHF

DKK

USD USD I USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Actelion Ltd

Genmab AIS

Affyrnetrix Inc Alexion Pharmaceuticals Inc Alkermes Inc Altus Pharmaceuticals Inc Amgen Inc Arnylin Pharmaceuticals Inc Anadys Pharmaceuticals Inc Applera Celera Group AtheroGenics Inc BioMarin Pharmaceutical Inc Biogen IDEC Inc CV Therapeutics Inc Cardiac Science Corp Cardiome Pharrna Corp Celgene Corp Cell Therapeutics Inc Cephalon Inc Chiron Corp Ciphergen Biosystems Inc CornbinatoRx Inc Cotherix Inc DOV Pharmaceutical Inc Discovery Laboratories Inc Dyax Corp Enzon Pharmaceuticals Inc Exelixis Inc GTC Biotherapeutics Inc Gen Probe Inc Genentech Inc Genzyme Corp Gilead Sciences Inc Human Genome Sciences Inc ldenix Pharmaceuticals Inc lllumina Inc ImClone Systems Inc lmmunicon Corp ImmunoGen Inc InterMune Inc lnvitrogen Corp Kyphon Inc MannKind Corp Medarex Inc Medicines Go Medimmune Inc Millennium Pharmaceuticals Inc Millipore Corp Myogen Inc Myriad Genetics Inc NPS Pharmaceuticals Inc Nektar Therapeutics Neurocrine Biosciences Inc OS1 Pharmaceuticals Inc Ony Pharmaceuticals Inc PDL Biopharma Inc Progenics Pharmaceuticals Inc Sepracor Inc

3,600

12,000

27,500 15,700 15,400 41,164 23,000

6,000 19,100

0 8,500

30,200 20,500 15,600

0 27,000 15,400

0 8,600

0 0

50,000 40,000 21,900 44,500 11,000 9,500

33,400 7,000

19,000 14,600 25,700 16,000 73,000 20,000 19,000 3,000

0 0

17,000 14,500 17,000 20,000 39,500 21,500 26,500 41,500 10,000 21,221 17,000 10,300 5,000 9,500 3,000

30,000 51,000 16,000 11,000

0

3,000

15,300 0 0 0

7,000 11,000

0 12,000

0 0

7,000 0

4,360 0

47,000 30,000 2,000

10,000 31,900

0 30,000 64,000

0 0

34,500 0 0 0

7,500 700

4,000 0 0 0

3,000 15,000 7,000

0 3,000

17,000 0 0 0 0

75,000 0

21,221 0 0

25,000 20,300

9,100 0

470 0 0

0

0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

52,300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

37

Biotechnoloqv Equity Fund

STATEMENT OF CHANGES IN INVESTMENTS (continued) from 1st January 2006 to 31st December 2006


USD Serologicals Corp USD Tercica Inc USD United Therapeutics Corp USD Vertex Pharmaceuticals Inc USD ZymoGenetics Inc

0 5,800 43,000 0 4,000 4,000

21,200 60,000 35,000 0

38

CLARIDEN LUX

Enerqy Equitv Fund

STATEMENT OF CHANGES IN INVESTMENTS from 23rd February 2006 to 31st December 2006

Currencv Denomination Purchases Sales Other

Shares

AUD

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

EUR EUR

GBP GBP

HKD HKD HKD

JPY

KRW KRW KRW KRW KRW

MYR

NOK

SEK

SGD

THB

USD USD USD USD USD USD USD USD USD USD

Santos Ltd

Addax Petroleum Corp Canadian Hydro Developers Inc Canadian Oil Sands Trust Units Caspian Energy Inc Centurion Energy lntl Inc Compton Petroleum Corp Denison Mines Ltd EnCana Corp First Calgary Petroleums Ltd A Niko Resources Ltd Opti Canada Inc Petro-Canada Suncor Energy Inc Synenco Energy Inc UTS Energy Corp Western Oil Sands Inc A

Fugro NV Vallourec Usines Tubes

Falkland Oil and Gas Ltd Royal Dutch Shell PIC A

CNPC (Hong Kong) Ltd Huadian Power Inti Corp H Panva Gas Holdings Ltd


Hamha Chemical Corp Hyundai Mipo Dockyard Co Ltd S-Oil Corp SK Corp Ltd STX Shipbuilding Go Ltd

Shell Refin Co Fed of Mal Bhd

PA Resources AB

Vostok Nafta Investment Ltd SDR

Singapore Petroleum Co Ltd

PTT PCL Foreign Reg

Alon USA Energy Inc Apache Corp Arkema spons ADR repr 1 Sh BJ Services Co BMB Munai Inc Baker Hughes Inc CNOOC Ltd spons ADR repr 100 Shares Cabot Oil 8 Gas Corp Cameco Corp Canadian Natural Resources Ltd

45,952

7,000 90,700 18,100 64,300

22,200 48,500 9,600 45,300 5,500 50,200 32,700 16,000 56,100 159,900 48,500

19,566 3,859

57,329 39,119

1,220,000 1,122,000 672,000

7,600

28,020 13,829 6,430 6,988 51,736

110,600

99,000

9,275

81,000

102,l 00

4,500 1,200

0 37,800 13,200 3,600 17.300 16,800 36,510 26,500

25,800

45,952

7,000 4,900 31,300 4,500 25.800

0 2,600 9,600 3,700 5,500 1,900 2,800 8,900 2,000 5,200 22,500

5,095 14

57,329 0

320,000 0 0

0

28,020 7,205 6,430 6,988 24,590

110,600

3,000

9,275

ai ,000

56,100

4,500 1,200 220

11,900 13,200

100 300 900

1,800 4,000

0

0 0

13,200 0 0 0 0 0 0 0

18,600 0 0 0 0 0

232 1,192

0 0

0 0 0

0

0 0 0 0

10,000

0

0

0

0

0

0 0

220 0 0 0 0 0 0 0

39

CLARIDEN LUX

Enersv Eauitv Fund

STATEMENT OF CHANGES IN INVESTMENTS (continued) from 23rd February 2006 to 31st December 2006


USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Cano Petroleum Inc Chesapeake Energy Corp Chevron Corp China Petroleum & Chem Corp ADR repr 100 Shares H Comstock Resources Inc ConocoPhillips Delek US Holdings Inc Denbury Resources Holdings Inc Devon Energy Corp EnCana Corp Encore Acquisition Co Energy Conversion Devices Inc Eog Resources Inc Exxon Mobil Corp Foundation Coal Holdings Inc FuelCell Energy Inc Gazprom OAO spons ADR repr 4 Ord Sh GlobalSantaFe Corp Halliburton Co (Hg Co) Hanover Compressor Co Hess Corp Hugoton Royalty Trust Units Input/Output Inc JSC Surgutneftegar ADR repr 50 Shares Lukoil Holding ADR repr 1 Sh Murphy Oil Corp Nabors Industries Ltd Nexen Inc Noble Corp Noble Energy Inc Norsk Hydro ASA ADR repr I Share Occidental Petroleum Corp Oil & Gas Development Co Ltd GDR repr 1 Share Oilsands Quest Inc Peabody Energy Corp Perez Companc SA ADR repr 10 Shares B Petrojarl ASA spons ADR Petroleo Brasileiro SA spons ADR repr 4 Pref Shares Petroleum Geo-Services ASA spons ADR repr 1 Sh Plains Exploration and Prod Co Pride lntl Inc Repsol YPF SA ADR repr 1 Share Rosneft Oil Co OJSC GDR repr 1 Share Reg Rowan Companies Inc Schlumberger Ltd Southwestern Energy Co Statoil ASA ADR repr 1 Sh Stone Energy Corp Sunoco Inc Suntech Power Holdings Co Ltd ADR repr 1 Sh Talisman Energy Inc Todco Total SA AOR repr 1 Share B Transocean Inc Trinar Solar Lid spons ADR repr 100 Shares Valero Energy Corp VeraSun Energy Corp Weathetford International Inc Whiting Petroleum Corp XTO Energy Inc

21,900 1 1,600 40,500 22,800 4,500 28,800 28,700 16,400 1,400 24,400 13,375 12,300 14,500 60,500 14,700 17,300 36,700 10,000 30,600 17,200 23,700

0 35,000 6,600 21,300 23,100 1,800 14,300 12,400 19,100 22,300 23,000 10,200 48,700 10,400 63,000

700 13,900 8,200 10,600 33,300 24,800 70,695 6,500 7,100 15.800 53,100 8,600 7,800 32,900 21,900 19,400 28,200 9,600 5,700 4,800 12,500 13,700 10,500 15,000

~.

0 11,600 40,500 13,000 4,500 1,500 6,400 900

1,400 6,100 700 300

3,800 12,000

0 17,300

0 400 900

17,200 0

565 1,900

0 800 0

1,800 500 500

1 1,700 40,300

500 0

48,700 0 0

2,600 500 200 600

8,200 24,800

0 6,500 500 800

2,800 8,600 7,800 32,900

600 9.000 500 300 0

4,800 12,500

0 0

6,000

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

9,300 0 0

566 0 0 0 0 0 0 0 0

18,000 ,

8,300 ,

0 0 0 0

2,600 0

16,000 0 0 0 0 0

1,500 0 0 0 0 0

12,800 0

4,400 0

0 0 0 0 0

0 1

40

CLARIDEN LUX

Enerqy Equitv Fund

STATEMENT OF CHANGES IN INVESTMENTS (continued) from 23rd February 2006 to 31st December 2006


Undertakinas for collective investment

USD Select Sector SPDR (The) Trust Energy Select Sector Fd

Investment certificates

USD Goldman Sachs lntl Ltd Certif Oil & Gas Corp 15.12.06

Warrants and riqhts

KRW STX Shipbuilding Co Ltd Droits de sousc 07.1 1.06

42,700 16,000

12,700

0

12,700

5,616

0

0

5,616

41

CLARIDEN LUX

Infrastructure Fund

STATEMENT OF CHANGES IN INVESTMENTS from 28th March 2006 to 31st December 2006


- Shares

AUD AUD AUD AUD

BRL

BRL BRL BRL BRL BRL BRL

BRL

EGP

EUR EUR EUR EUR EUR EUR EUR EUR

GBP

HKD HKD HKD HKD HKD

JPY JPY JPY J PY JPY J PY JPY

KRW KRW KRW KRW

MXN

PHP PHP PHP

USD USD USD

Patrick Corp Ltd Rinker Group Ltd Toll Holdings Ltd Transurban Group

All America Latina Logistic SA repr 4 Pref Sh and 1 Sh Units Cia Energetica Minas Gerais Pref Cia de Concessoes Rodoviarias Cyrela Brazil Realty SA Obrascon Huarte Lain Brasil SA Rossi Residencial SA Terna Participacoes SA Uts repr 2 Pref Shares + 1 Share Tractebel Energia SA

Egyptian Co for Mobile Corn

E.ON AG EDF Energies Nouvelles SA Electricitb de France Gat de France RWE AG A Telefonica SA Veolia Environnernent Vinci SA

National Grid PIC

China Com Construction Cie Ltd H China Corn Serv Corp Ltd H China Power lntl Dev Ltd Datang lntl Power Gener Co Ltd H Zhuzhou CSR Times Elect Co Ltd H

ltochu Corp Japan Petroleum Explor Co Ltd Mitsubishi Heavy Ind Ltd Mitsui Home Co Ltd Obayashi Corp Tokyo Gas Co Ltd Yusen Air & Sea Service Ltd

GS Engineering & Construc Corp Hyundai Heavy lndustrie Co Ltd Korea Electric Power Corp Pusan City Gas Co Ltd

Urbi Desarrollos Urba SA de CV

First Gen Corp First Philippine Holdings Corp PNOC Energy Development Corp

AFK Sisterna OAO spons GRD repr Reg Sh-S Airspan Networks Inc AmeComLiAmerican Commercial Lines Inc

328,435 149,312 39,697

1,054,530

336,400

60,000,000 331,900 204,300 286,500 620,700 46,100

31 7,100

1 18,070

42,037 985

63,532 28,637 47,167 187,989 62,564 23,206

233,990

65,000 34,000

9,453,000 3,402,000

49,000

240,000 53,500 471,000 266,000 306,000 651,000 181,800

32,800 22,740 30,560 95,470

578,600

1,121,390 3,489,100 38,226,100

133,780 1,237,800 133,200

328.435 149,312 1,142 85,012

4,100

60,000,000 77,400 4,600 6,400 4,100 46,100

317,100

2,512

7,324 985

21,799 167 536

187,989 0

23,206

4,077

65,000 34,000 477,000

3,402,000 0

240,000 0

471,000 266,000 306,000 651,000 181,800

32,800 22,740

0 0

26,800

1,121,390 22,800

0

2,845 0

500

0 0

133,080 27,634

486,000

0 0

193,100 0 0 0

0

0

0 0 0 0 0 0 0 0

0

0 0 0 0 0

0

I

I

: I : : ' 0 0

0 0 0 0

61 1,400

0 0 0

0 0 0

42

infrastructure Fund

STATEMENT OF CHANGES IN INVESTMENTS (continued) from 28th March 2006 to 31st December 2006


USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

USD

USD

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

ZAR ZAR

CH Robinson Worldwide Inc CHC Helicopter Corp A CPFL Geracao Energia SA ADR repr 3 Sh Cameco Corp China Mobile Ltd ADR China Mobile Ltd ADR repr 5 Shares China Telecom Corp Ltd ADR repr 100 H Sh Chungwa Telecom Co Ltd spons ADR repr 10 Sh Cia Vale do Rio Doce spons ADR repr 1 Pref Share Deere and Co Delek US Holdings Inc Desarrolladora Homex SA de CV ADR repr 6 Shares Embarq Corp Exelon Corp Forward Air Corp Golden Telecom Inc Gr Aero del Sureste SA de CV ADR repr 10 B shares Grupo Aerop del Pacif SA de CV B ADR repr 10 B Shares Hutchison Telecommun lntl Ltd spons ADR repr 15 Shares JetBlue Airways Corp Knight Transportation Inc Korea Electric Power Corp ADR repr 0.5 Share Landstar System Inc Maritrans Inc Millicom lntl Cellular SA Reg Mobile Telesystems ADR repr 5 Sh NRG Energy Inc Navios Maritime Holdings Inc NeuStar Inc A Old Dominion Freight Lines Inc Orascom Telecom Holding GDR Reg repr I Share PNM Resources Inc Powerwave Technologies Inc Rand Logistics Inc Sprint Nextel Corp Ser 1 Suntech Power Holdings Co Ltd ADR repr 1 Sh Syniverse Hgs Inc TXU Corp Telekom Indonesia (PT) Tbk ADR repr 40 Shares Terex Corp Turkcell lletisim Hizmet ADR repr 2500 Sh URS Corp United Parcel Service Inc B Vimpel Communications ADR repr 0.25 Sh Vonage Holdings Corp

Barloworld Ltd MTN Group Ltd

Warrants and riqhts

USD Merrill Lynch lntl 8 Co Call Wts China Railway A 22.12.09

11 5,700 146,200 69,100

139.1 00 92.200 19,800 82,000 15,000

127,700 25,800 38,548 94,800

200 76,800

184,400 45,700 53,600

82,800

119,700

328,200 250,500 128,300 91,800 88,900 29,900 96,500 77,600

658, I00 12,000 91,200 82,800 58,100

141,600 506,000 370,800 71,000

11 0,600 78,100 52,000 24,900

220,200 14,600 15,000 77.200 93,700

176,972 362,503

2,198,241

9,300 0

69.1 00 13,500 1,600

800 82.000

0 2,500

25,800 38,548

1,900 12,460 1,200 1,100

0 53,600

15,400

900

0 0

3,200 0

88,900 0

2,100 1,500

0 12,000 91,200

0 58,100

141,600 0

6,500 0

800 1,500

0 49,000 4,800

14,600 15,000 1,600

0

3.71 1 7,607

0

0 0 0 0

-90.600 90,600

0 0

69,700 0 0 0

12,260 0 0 0 0

0

0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

24,100 34,456.99996

0 0 0 0

0 0

0

43

clariden lux - fundsquare

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