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Crédit Agricole Asset Management

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Unaudited Semi-Annual Report 2006 Crédit Agricole FundsSICAV with sub-funds under Luxembourg law

Rapport Semi-Annuel Non-Révisé 2006 Crédit Agricole FundsSICAV à compartiments de droit luxembourgeois

Ungeprüfter Halbjahresbericht 2006 Crédit Agricole FundsSICAV mit Teilfonds nach luxemburgischem Recht

Informe semestral no auditado 2006 Crédit Agricole FundsSICAV de subfondos de derecho luxemburgués

Relazione semestrale non certificata 2006 Crédit Agricole FundsSICAV a compartimenti di diritto lussemburghese

CRÉDIT AGRICOLE FUNDSa société d’investissement à capital variableEdited by Crédit Agricole Funds5, Allée Scheffer - L-2520 LuxembourgTél. + 352 4767 6222 / + 352 4767 6667Fax + 352 4767 3781E-mail : [email protected]

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CA FundsCrédit Agricole Funds

Unaudited Semi-Annual Report

Rapport Semi-Annuel Non-Révisé

Ungeprüfter Halbjahresbericht

Informe semestral no auditado

Relazione semestrale non certificata

For the period from 1st July 2006 to 31 December 2006

Pour la période du 1er juillet 2006 au 31 décembre 2006

Ergebnis für den Zeitraum vom 1. Juli 2006 bis zum 31. Dezember 2006

Para el periodo comprendido entre el 1 de julio 2006 y el 31 de diciembre de 2006

Per il periodo da 1 luglio 2006 al 31 dicembre 2006

Additional information concerning the representation and distribution of the Fund in Hong Kong.

Sub-funds not authorised in Hong Kong:Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents :

Equities:Aqua Global / Emerging Markets / Euro SRI / Global Consumer Discretionary / Global Quant / Global Resources & Industry / Iberia / Italy / Japan Value / Latin America Equities / US Quant

Bonds:Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR 2 (USD) / Dynarbitrage Forex / Dynarbitrage Forex (USD) / Dynarbitrage Forex Asia Pacific / Dynarbitrage Forex Plus (EUR) / Dynabitrage Forex Plus (USD) / Dynarbitrage High Yield / Dynarbitrage Select / Dynabitrage VaR4 (EUR) / Dynarbitrage VaR4 (USD) / Dynabitrage Volatility / Emerging Markets Debt / Euro 2001 Bond / Euro Select Bond / European Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP) / Swiss Franc Bond / Volatility Equities

For all sub-funds authorised in Hong Kong, please note that the shares Classic H, I2, I4, I5 and I7 are not authorised in Hong Kong.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV andthe unaudited semi-annual report if published after such annual report.

Les souscriptions ne peuvent être acceptées que sur la base du dernier prospectus accompagné du bulletin de souscription, du dernier rapport annuel et du dernier rapport semestriel, si celui-ci est plus récent que lerapport annuel.

Auf der Grundlage dieses Berichtes dürfen keine Zeichnungen entgegengenommen werden. Die Zeichnungen erfolgen nur auf Grundlage des aktuellen Verkaufsprospektes und des letzten Jahresberichtes sowie, fallsdanach ein Halbjahresbericht ausgegeben wurde, dieses Halbjahresberichtes.

No se aceptarán suscripciones basadas exclusivamente en informes anuales o semestrales. Las suscripciones sólo serán válidas si se efectúan con base en el Folleto Informativo vigente, en el último informe anual dela SICAV y, en caso de haberse publicado en fecha posterior, en el informe semestral no auditado más reciente.

Nessuna sottoscrizione può essere ricevuta sulla base delle relazioni finanziarie. Le sottoscrizioni saranno considerate valide solo se effettuate sulla base del prospetto attulamente in vigore accompagnato dall'ultimarelazione annuale della SICAV e dalla relazione semestrale non certificata di bilancio, qualora quest' ultima sia più recente.

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Glossary

Lexique / Glossar / Léxico / Lessico

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO

Sectors Secteurs Sektoren Sectores SettoriConsumer Discretionary Discrétionnaire consommateur Zyklische Konsumgüter A discreción del consumidor Beni di consumo voluttuariConsumer Staples Produits de première nécessité consommateur Basiskonsumgüter Artículos básicos de consumo Beni di consumo essenzialiEnergy Energie Energie Energía EnergiaFinancials Produits financiers Finanzdienstleistungen Finanzas FinanziariHealth Care Soins de santé Gesundheitsversorgung Atención sanitaria Assistenza sanitariaIndustrials Industriels Industrie Industria IndustrialiInformation Technology Technologie de l’information Informationstechnologie Tecnología de la información ITMaterials Matériaux Roh-, Hilfs- und Betriebsstoffe Materiales MaterialiTelecommunication Services Service de télécommunication Telekommunikationsdienstleistungen Servicios de telecomunicación Servizi di telecomunicazioneUtilities Biens d'utilité publique Versorgung Servicios públicos Servizi pubblici

Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoliTransferable securities admitted Valeurs mobilières admises à la cote officielle d’une Übertragbare und amtlich notierte Valores negociables admitidos a cotización Valori mobiliari quotati in una borsa to an official stock exchange listing bourse de valeurs Wertpapiere en un mercado oficial valori ufficialeTransferable securities dealt in on another Valeurs mobilières négociées sur un autre Übertragbare, auf anderen Märkten gehandelte Valores negociables cotizados en otros Valori mobiliari negoziati in altri mercatiregulated market marché réglementé Wertpapiere mercados regulados regolamentatiOther transferable securities Autres valeurs mobilières Sonstige übertragbare Wertpapiere Otros valores negociables Altri valori mobiliariOther debt instruments Autres titres de créances Sonstige Schuldtitel Otros instrumentos de deuda Altri titoli di creditoRecently issued transferable securities Valeurs mobilières nouvellement émises Kürzlich emitierte, übertragbare Wertpapiere Valores negociables de reciente émisión Valori mobiliari di nuova emissioneMoney market instruments Instruments du marché monétaire Geldmarktinstrumente Instrumentos del mercado monetario Strumenti finanziari vari del mercato monetarioDerivative instruments Instruments dérivés Derivative Instrumente Instrumentos derivados Strumenti derivati

Shares Actions Aktien Acciones AzioniBonds Obligations Schuldverschreibungen Obligaciones ObbligazioniConvertibles bonds Obligations convertibles Wandelanleihen Bonos convertibles Obbligazioni convertibiliUnits in Investments Funds Parts de fonds de placement Anteile an Investmentfonds Unidades en Fondos de Inversión Quote di Fondi d’investimentoECP, CD, Discount Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts NotesOptions, Warrants, Rights Options, Bons et Droits de souscription Optionen, Optionsscheine, Bezugsrechte Optiones, Derechos, Derechos especiales Opzioni, warrants e Diritti di opzioneTotal securities Total Titres Wertpapiervermögen insgesamt Total Valores Totale titoli

3

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANOCountries Pays Länder País Paesi

AAREARGAUS

BBDBG

BMUBRBS

CANCHCHLCHNCICOCRICY

CYMD

DKDOMDZEECEE

EGYF

GBGBZGRGSYH

HKHRV

IIMINIRLIRQILISJ

JAJSYK

KZLLBLKLTLVMAMALMEXMUS

NNANGNL

NZLP

PAPEPKPL

PNGPRIQARCRIRL

ROMRP

AustriaEmirati Arabi UnitArgentinaAustraliaBelgioBangladesh BulgariaBermudaBrasileBahamasCanadaSvizzeraCileCinaCosta d'AvorioColombiaCostarica Cipro Isole CaymanGermaniaDanimarcaRepubblica DomenicanaAlgeriaSpagnaEquatoreEstonia EgittoFranciaRegno Unito GibilterraGreciaIsola di GuerneseyUngheriaHong KongCroaziaItaliaIsola di Man IndiaIrlandaIraqIsraeleIslandaGiapponeGiamaicaIsola di JerseyCorea del SudKazakistanLussemburgoLiberiaSri LankaLituania Lettonia MaroccoMalesia MessicoIsola di MaurizioNorvegiaAntille olandesiNigeriaPaesi Bassi Nuova ZelandaPortogalloPanamaPerùPakistan PoloniaNuova Guinea e PapuaPorto Rico QatàrTaiwanIndonesiaLibanoRomaniaFilippine

AustriaEmiratos árabesArgentinaAustraliaBélgicaBangladesh BulgariaBermudasBrasilBahamasCanadáSuizaChileChinaCosta de MarfinColombiaCosta Rica Chipre Islas Caimán Alemania DinamarcaRepública DominicanaAlgeriaEspañaEcuadorEstonia EgiptoFranciaReino UnidoGibraltarGreciaIsla de GuerneseyHungríaHong KongCroaciaItaliaIsla de Man IndiaIrlandaIrakIsraelIslandiaJapónJamaicaIsla de JerseyCorea del SurKazajstánLuxemburgoLiberiaSri LankaLithuania Lettonia MarruecosMalasiaMéxicoMauricioNoruegaAntillas holendesasNigeriaPaíses BajosNueva ZelandaPortugalPanamáPerúPakistan PoloniaPapúa y Nueva GuineaPuerto Rico QatarTaiwánIndonesiaLíbanoRumaníaFilipinas

ÖsterreichVereinigte Arabische EmirateArgentinienAustralienBelgienBangladesch BulgarienBermudaBrasilienBahamasKanadaSchweiz ChileChinaElfenbeinküsteKolumbienCosta Rica Zypern Kaimaninseln DeutschlandDänemarkDominikanische RepublikAlgerienSpanienEquatorEstland ÄgyptenFrankreichVereinigtes KönigreichGibraltar Griechenland GuernseyUngarnHongkongKroatienItalienMan Insel IndienIrland IrakIsraelIslandJapanJamaikaJersey InselnSüdkoreaKazakhstanLuxemburgLiberiaSri LankaLitauen Lettland MarokkoMalaysiaMexikoMauritiusNorwegenNiederländische AntillenNigeriaNiederlandeNeuseelandPortugalPanamaPeruPakistan Polen Papua-NeuguineaPuerto Rico QuatarTaiwanIndonesienLibanonRumänienPhilippinen

AutricheEmirats Arabes UnisArgentineAustralieBelgiqueBengladesh BulgarieBermudesBrésilBahamasCanadaSuisseChiliChineCôte d’IvoireColombieCosta Rica Chypre Îles CaïmansAllemagne DanemarkRépublique Dominicaine AlgérieEspagneEquateurEstonie EgypteFranceRoyaume-UniGibraltarGrèceÎle de GuerneseyHongrieHong-KongCroatieItalieÎle de Man IndeIrlandeIrakIsraëlIslandeJaponJamaïqueÎle de JerseyCorée du Sud KazakhstanLuxembourgLibériaSri LankaLituanie Lettonie MarocMalaisieMexiqueMaurice NorvègeAntilles NéerlandaisesNigériaPays-BasNouvelle-Zélande PortugalPanamaPérouPakistan PologneNouvelle Guinée-PapouasiePorto Rico QatarTaiwanIndonésieLibanRoumaniePhilippines

AustriaUnited Arab EmiratesArgentinaAustraliaBelgiumBangladeshBulgariaBermudaBrazilBahamasCanadaSwitzerlandChileChinaIvory CoastColombiaCosta RicaCyprus Cayman IslandsGermanyDenmarkDominicain RepublicAlgeriaSpainEcuadorEstonia EgyptFranceUnited KingdomGibraltarGreeceGuernsey IslandHungaryHong KongCroatiaItalyIsle of ManIndiaIrelandIraqIsraelIcelandJapanJamaicaJersey IslandSouth KoreaKazakstanLuxembourgLiberiaSri LankaLithuaniaLettonia MoroccoMalaysiaMexicoMauritiusNorwayThe Netherlands AntillesNigeriaNetherlandsNew ZealandPortugalPanamaPeruPakistanPolandPapua New GuineaPuerto Rico QatarTaiwanIndonesiaLebanonRomaniaPhilippines

4

Glossary

Lexique / Glossar / Léxico / Lessico

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANOCountries Pays Länder País Paesi

RSARUS

SSASF

SGPSLVSUPSVKSVN

TTCHTN

TURUAUSAUYVGVENVN

Sud AfricaRussia SveziaArabia SauditaFinlandia SingaporeEl SalvadorMultinazionaliSlovacchia Slovenia TailandiaRepubblica CecaTunisiaTurchiaUcraina Stati Uniti d’AmericaUruguayIsole Vergini BritannicheVenezuelaVietnam

Sudáfrica Rusia SueciaArabia SauditaFinlandiaSingapurEl SalvadorSupranacionalEslovaquiaEsloveniaTailandiaRepública ChecaTuniciaTurquíaUkrainia Estados Unidos de AméricaUruguayIslas Vírgenes BritánicasVenezuelaVietnam

SüdafrikaRussland Schweden Saudi ArabienFinnlandSingapurEl Salvador SupranationalSlowakeiSlowenienThailandTschechische RepublikTunesienTürkeiUkraine Vereinigte Staaten von AmerikaUruguayBritische Jungfern-InselnVenezuelaVietnam

Afrique du SudRussieSuèdeArabie SaouditeFinlandeSingapourEl SalvadorSupranationalSlovaquieSlovénieThaïlandeRépublique tchèqueTunisieTurquieUkraine Etats-Unis d'AmériqueUruguayIles Vierges britanniquesVénézuelaVietnam

South AfricaRussiaSwedenSaudi ArabiaFinlandSingaporeEl SalvadorSupranationalSlovakiaSloveniaThailandCzech RepublicTunisia TurkeyUkraineUnited States of AmericaUruguayBritish Virgin IslandsVenezuelaVietnam

Table of contents

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Tables des matières / Inhaltsverzeichnis / Indice / Indice

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANOGlossary Lexique Glossar Léxico Lessico 2-4Management and Gestion et Management und Gestión y Gestione e 6-8Administration Administration Verwaltung Administración Amministrazione

Securities Portfolios Portefeuille-titres Wertpapierbestand Cartera de Valores Portafoglio titoliEquities Actions Aktien Renta Variable AzioniAqua Global Aqua Global Aqua Global Aqua Global Aqua Global 10Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant 11-12Asian Growth Asian Growth Asian Growth Asian Growth Asian Growth 13-14Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance 15-16Emerging Europe Emerging Europe Emerging Europe Emerging Europe Emerging Europe 17Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets 18-21Euro Quant Euro Quant Euro Quant Euro Quant Euro Quant 22-23Euro SRI Euro SRI Euro SRI Euro SRI Euro SRI 24-25Europe Equities Europe Equities Europe Equities Europe Equities Europe Equities 26-27Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies 28-29Global Consumer Global Consumer Global Consumer Global Consumer Global Consumer 30-31Discretionary Discretionary Discretionary Discretionary Discretionary

Global Equities Global Equities Global Equities Global Equities Global Equities 32-34Global Finance Global Finance Global Finance Global Finance Global Finance 35-36Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare 37-38Global Quant Global Quant Global Quant Global Quant Global Quant 39-40Global Resources & Industry Global Resources & Industry Global Resources & Industry Global Resources & Industry Global Resources & Industry 41-42Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom 43-44Greater China Greater China Greater China Greater China Greater China 45Iberia Iberia Iberia Iberia Iberia 46India India India India India 47Italy Italy Italy Italy Italy 48Japan Growth Japan Growth Japan Growth Japan Growth Japan Growth 49Japan Quant Japan Quant Japan Quant Japan Quant Japan Quant 50Japan Value Japan Value Japan Value Japan Value Japan Value 51Korea Korea Korea Korea Korea 52Latin America Equities Latin America Equities Latin America Equities Latin America Equities Latin America Equities 53-54Switzerland Switzerland Switzerland Switzerland Switzerland 55Thailand Thailand Thailand Thailand Thailand 56United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom 57US Opportunities US Opportunities US Opportunities US Opportunities US Opportunities 58US Quant US Quant US Quant US Quant US Quant 59-60USA USA USA USA USA 61-62

Bonds Obligations Schuldverschreibungen Bono ObbligazioniArbitrage Inflation Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation 63Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) 64-65Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) 66Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) 67Asian Income Asian Income Asian Income Asian Income Asian Income 68-69Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex 70Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) 71Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific 72Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) 73Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) 74Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield 75Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select 76Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) 77-79Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) 80Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility 81-82Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt 83Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond 84Euro Bond Euro Bond Euro Bond Euro Bond Euro Bond 85-86Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond 87-88Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond 89Euro Select Bond Euro Select Bond Euro Select Bond Euro Select Bond Euro Select Bond 90European Bond European Bond European Bond European Bond European Bond 91European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond 92-93European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond 94-95Global Bond Global Bond Global Bond Global Bond Global Bond 96-97LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) 98LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) 99Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond 100US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond 101Volatility Equities Volatility Equities Volatility Equities Volatility Equities Volatility Equities 102

Short Term Court terme Kurzfristig Corto plazo Breve termineEuro Reserve Euro Reserve Euro Reserve Euro Reserve Euro Reserve 103USD Reserve USD Reserve USD Reserve USD Reserve USD Reserve 104

Accounts Etats Finanzausweise Cuentas BilanciStatement of Net Assets Etat des Actifs Nets Nettovermögensaufstellung Estado de Activos Netos Stato Patrimoniale Netto 106-135Statement of operations Etat des opérations et des Ertrags- und Aufwands- Balance de operaciones y Prospetto delle operazioni 136-151and changes in Net Assets variations des Actifs Nets rechnung und Veränderungen las variaciones en Activos e delle variazioni del

des Nettoinventarwerts Netos Patrimonio NettoNotes to the Financial Notes aux états financiers Erläuterungen zum Nota sobre las cuentas Note integrative al 152-180Statements Halbjahresbericht bilancioNotices and Reports Avis et rapports Bekanntmachungen und Avisos e informes Comunicazioni e 181

Berichte relazioniTotal Expense Ratio Total Expense Ratio Total Expense Ratio Total Expense Ratio Total Expense Ratio 182

6

Management and Administration

Gestion et Administration / Management und Verwaltung /Gestión y Administración / Gestione e Amministrazione

5, Allée Scheffer,L-2520 Luxembourg

Crédit Agricole Asset Management Luxembourg S.A.5, Allée Scheffer,L-2520 Luxembourg

Mr Alain Massiera, Managing Director,Crédit Agricole (Suisse) S.A.

Mr Paul Henri de la Porte du Theil,Deputy Chief Executive OfficerCREDIT AGRICOLE ASSET MANAGEMENT, Paris

Mr Bruno de Felcourt, Independent Adviser

Mr Francis Candylaftis, Managing Director,Crédit Agricole Asset Management SGR S.p.A., Milan

Mr Bruno Calmettes, Central Manager, Marketing and Wealth Management, Banque de Gestion Privée Indosuez, Paris

Mr Etienne Clément, Deputy Chief Executive Officer, Head of Sales & Marketing Departments, CPR Asset Management, Paris

Mr Michel Escalera, Chief Executive Officer,Crédit Agricole Asset Management Distribución Agencia de Valores, Madrid

Mr Gérard Griseti, Senior Vice President,Crédit Foncier de Monaco, Monaco

Mr Gilles Martinengo, Head of Marketing & Investment Departments,Crédit Agricole (Suisse) S.A., Switzerland

Mr Saverio Perissinotto, Co-General ManagerBanca Intesa Private Banking S.p.A., Milan

Registered officeSiège socialSitzSede socialSede sociale

Management companySociété de gestionVerwaltungsgesellschaftSociedad gestoraSocietà di gestione

Board of DirectorsConseil d’administrationVerwaltungsratConsejo de administraciónConsiglio di Amministrazione

ChairmanPrésidentVorsitzenderPresidentePresidente

Vice-ChairmanVice PrésidentVize VorsitzenderVice PresidenteVice Presidente

DirectorsAdministrateursMitglieder des VerwaltungsratesConsejerosAmministratori

7

Mr Jean-François Pinçon, Head of International Business Development, Crédit Agricole Asset Management, Paris

Mr Michel de Robillard, Member of the Executive CommitteeCrédit Agricole Indosuez Luxembourg S.A., Luxembourg

Mr Dominique Couasse, General Manager,Crédit Agricole Asset Management Luxembourg S.A., Luxembourg

Mr Guillaume Abel, Head of Client Servicing,Crédit Agricole Asset Management, Paris

CACEIS Bank Luxembourg5, Allée Scheffer, L-2520 Luxembourg

CACEIS Bank Luxembourg5, Allée Scheffer, L-2520 Luxembourg

Crédit Agricole Asset Management90, boulevard Pasteur, 75015 Paris, France

Crédit Agricole Asset Management Hong Kong Ltd 1, Exchange Square, Central Hong Kong

Crédit Agricole Asset Management SGR S.p.A.21, Via Brera, 20121 Milan, Italy

Crédit Agricole Asset Management Fondos S.A., S.G.I.I.C.1, Paseo de la Castellana, 28046 Madrid, Spain

Crédit Agricole (Suisse) S.A.4, quai Général Guisan, 1204 Geneva, Switzerland

Emerging Markets Management1001, 19th Street North, 16th Floor, Arlington, Virginia 22209-1722 USA

CPR Asset Management10, place des Cinq Martyrs du lycée BuffonF-75015 Paris, France

Resona Trust & Banking Company Ltd,1-2, Otemachi 1-Chome, Chiyoda-ku, Tokyo,100-8112 Japan

Crédit Agricole Asset Management (CAAM) London Branch41 Lothbury, London EC2R 7HF, United Kingdom

Crédit Agricole Asset Management Japan Ltd1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100-0011 Japan

Integral Development Asset Management166, rue de Rivoli, 75001 Paris, France

General ManagersManagers générauxGeschäftsführerGerentes generalesDirettori Generali

CustodianBanque dépositaireDepotbankDepositarioBanca depositaria

Administration agentAgent administratifVerwaltungsstelleAgente de AdministracionAgente amministrativo

Investment managersGestionnaires en investissementsAnlageverwalterGestores de inversionesGestori degli investimenti

8

Management and Administration

Gestion et Administration / Management und Verwaltung /Gestión y Administración / Gestione e Amministrazione

Crédit Agricole Asset Management Singapore Ltd168 Robinson Road # 22-03, Capital Tower, Singapore 068912

Victory Capital Management Inc.127 Public Square, 20th Floor, Cleveland, OH 44114-1306, USA

Marcard, Stein & Co. GmbH & Co. KGBallindam 36, 20095 Hamburg

LINKLATERS OPPENHOFF & RÄDLERMainzer Landstrasse 16D-60325 Frankfurt am Main

Crédit Agricole (Suisse) S.A.4 Quai Général GuisanCH-1204, Geneva, Switzerland

Crédit Agricole Asset Management Hong Kong Ltd26th Floor, 1, Exchange SquareCentral Hong Kong

PricewaterhouseCoopers S.à r.l.Réviseur d’entreprises400 route d’Esch, L-1471 Luxembourg

Linklaters Loesch4, rue Carlo Hemmer,L-1011 Luxembourg

Investment sub-managersSous-gestionnaires en investissementsUnteranlageverwalterSubgestores de inversionesSub-gestori degli investimenti

Paying and Information Agent in GermanyAgent payeur et agent d’information en AllemagneZahl- und Informationsstelle in DeutschlandAgente de pagamento y de información en AlemaniaAgente per i pagamenti e Agente per le informazioniin Germania

Legal Representative in GermanyReprésentant juridique en AllemagneRechtsvertreter in DeutschlandRepresentante juridico en AlemaniaRappresentante legale in Germania

Representative in SwitzerlandReprésentant en SuisseVertreter in der SchweizRepresentante en SuizaRappresentante in Svizzera

Representative in Hong KongReprésentant à Hong-KongVertreter in HongkongRepresentante en Hong KongRappresentante in Hong Kong

Auditor of the fundRéviseur d’entreprises du fondsAbschlussprüfer des FondsAuditor del fondoRevisori dei conti del fondo

Legal AdvisersConseillers juridiquesRechtsberaterAsesores juridicosConsulenti legali

10

La traduction française des secteurs économiques et des pays se trouve en pages 2, 3 et 4.Sie finden die deutsche Übersetzung von den verschiedenen Branchen und Ländern auf Seite 2, 3 und 4.La traducción en español de los sectores economicos y de los Países está en las paginas 2, 3 y 4.La traduzione in italiano dei settori economici e paesi si trova in pagina 2, 3 e 4.

Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoliat 31 December 2006 au 31 décembre 2006 zum 31. Dezember 2006 a 31 de diciembre de 2006 al 31 dicembre 2006• • • •

Aqua Global

Market Netvalue AssetEUR %

1. Transferable securities admitted to anofficial stock exchange listing 1,048,844.34 91.65

SHARES 1,048,844.34 91.65

53,923.33 4.712,100 SABESP ADR REPR. 250 SHS 53,923.33 4.71

54,761.13 4.78160,000 GUANGDONG INVEST 54,761.13 4.78

45,467.57 3.971,159 SUEZ (EX SUEZ LYONNAISE DES EAUX) 45,467.57 3.97

30,576.00 2.671,176 MVV ENERGIE AG -AKT NAMEN 30,576.00 2.67

61,209.24 5.355,504 EYDAP ATHENS WATER SEWERAGE PUBLIC CO 39,738.88 3.473,293 THESSALONIKI WATER AND SEWAGE COMPANY 21,470.36 1.88

57,985.41 5.071,273 ACEA 18,561.61 1.62

11,972 HERA SPA 39,423.80 3.44

80,497.06 7.0316,000 EBARA CORPORATION 46,434.74 4.066,000 TORAY INDUSTRIES INC 34,062.32 2.98

66,048.83 5.7711,000 HYFLUX LTD 12,668.05 1.11

108,000 SINOMEM TECHNOLOGY LTD 53,380.78 4.66

19,785.75 1.73713 AGUAS DE BARCELONA SPLIT ISS. 99 19,785.75 1.73

239,146.30 20.9074,882 COSTAIN GROUP PLC 56,682.48 4.956,039 HALMA PLC 20,660.33 1.812,888 KELDA GROUP PLC 39,692.59 3.474,415 NORTHUMBRIAN WATER GROUP PLC 20,051.80 1.754,772 PENNON GROUP PLC 40,442.48 3.532,171 SPIRAX-SARCO ENGINEERING PLC 32,222.63 2.822,539 UNITED UTILITIES PLC 29,393.99 2.57

339,443.72 29.661,700 ARCH CHEMICALS INC 42,943.16 3.751,400 CRANE CO 38,900.39 3.40

900 FLOWSERVE 34,446.59 3.01800 IDEX CORP 28,762.75 2.51

1,400 ITRON INC 55,038.11 4.81900 MUELLER WATER PROD SERIES A 10,149.02 0.89701 NALCO HOLDING CO 10,876.62 0.95

USA

GB

E

SGP

J

I

GR

D

F

CHN

BR


800 ROPER INDUSTRIES INC 30,479.66 2.662,600 TETRA TECHNOLOGIES INC 50,436.43 4.411,200 WATTS WATER TECHNOLOGIES INC CLASS -A- 37,410.99 3.27

Total securities portfolio 1,048,844.34 91.65–––––––––––––– –––––––––––––––––––– ––––––

11

La traduction française des secteurs économiques et des pays se trouve en pages 2, 3 et 4.Sie finden die deutsche Übersetzung von den verschiedenen Branchen und Ländern auf Seite 2, 3 und 4.

La traducción en español de los sectores economicos y de los Países está en las paginas 2, 3 y 4.La traduzione in italiano dei settori economici e paesi si trova in pagina 2, 3 e 4.


Asia Pacific Quant

Market Netvalue AssetUSD %


SHARES 19,183,198.47 96.18

5,223,903.30 26.1920,000 AMP LIMITED 159,215.36 0.8017,000 ANZ BANKING GROUP LTD 377,994.61 1.909,000 ARISTOCRAT LEISURE 112,790.68 0.57

28,000 AXA ASIA PACIFIC HOLDINGS 160,886.33 0.8133,000 BHP BILLITON LTD 658,063.89 3.3014,000 BRAMBLES 141,575.56 0.719,000 CABCHARGE AUSTRALIA LIMITED 65,971.91 0.33

11,000 COLES GROUP LIMITED 121,382.01 0.6111,000 COMMONWEALTH BANK OF AUSTRALIA 428,998.70 2.153,000 CSL LTD 154,572.89 0.78

31,000 HARVEY NORMAN HOLDINGS 92,849.35 0.4751,000 JOHN FAIRFAX HOLDINGS 194,156.04 0.976,000 LEIGTHON HOLDINGS LTD 95,623.80 0.483,000 MACQUARIE BANK 186,636.66 0.94

51,000 MAYNE PHARMA LTD 163,605.61 0.8228,000 MIRVAC GROUP STAPLED SECURITIES 123,368.26 0.6218,000 NAT. AUSTRALIA BANK 573,175.30 2.879,000 QBE INSURANCE GROUP 204,654.80 1.033,000 RIO TINTO 175,688.63 0.88

17,000 WESTFIELD GROUP LTD STAPLED SECURITY 281,251.57 1.4117,000 WESTPAC BANKING CORP 324,799.34 1.6314,000 WOOLWORTHS LTD 263,730.00 1.3211,000 ZINIFEX LTD 162,912.00 0.82

2,975,155.33 14.92173,000 BANK OF COMMUNICATIONS -H- 209,987.24 1.0545,000 BYD COMPANY LTD -H- 172,426.33 0.86

284,000 CHINA CONSTRUCTION BANK CORPORATION 180,758.35 0.91

153,000 CHINA LIFE INSURANCE - H- CO LTD 522,312.93 2.6282,000 CHINA MENGNIU DAIRY 215,616.50 1.0871,000 CHINA MOBILE LIMITED 613,482.87 3.08

133,000 CHINA RESOURCES BEIJING LAND LTD 159,212.13 0.80173,000 CHINA RESOURCES POWER HOLDINGS

CO LTD 261,149.39 1.31182,000 CNOOC LTD 172,938.08 0.87136,000 HUANENG POWER INTL INC -H- 121,534.21 0.61244,000 PETROCHINA -H- 345,737.30 1.73

1,098,848.22 5.5114,000 CHEUNG-KONG HOLDINGS LTD 172,362.04 0.8617,000 CHINA L&P HLDGS 125,687.35 0.6320,000 ESPRIT HOLDINGS SHS 223,344.18 1.1224,000 FOXCONN INTERNATIONAL HOLDINGS LTD 78,536.92 0.3934,000 KINGBOARD CHEMICAL HOLDINGS LTD 133,556.48 0.6760,000 NEW WORLD DEVELOPMENT 120,814.16 0.6111,000 SUN HUNG KAI PROPERTIES LTD 126,375.26 0.6311,000 SWIRE PACIFIC LTD SIE A 118,171.83 0.59

1,742,365.00 8.743,000 HOUSING DEVT FINANCE ADR REPR 3 SHS 226,440.00 1.146,000 ICICI BANK ADR REPR.2 SHS 250,440.00 1.26

IN

HK

CHN

AUS


7,000 INFOSYS TECHNOLOGIES ADR REPR.1 SHS 381,920.00 1.9131,000 ITC GDR 122,450.00 0.616,800 LARSEN TOUBRO GDR-GL.DEPOS.REC.

REPR 1SH 221,000.00 1.115,800 RELIANCE INDUSTRIES GDR REPR.2 SHS 333,500.00 1.673,500 SATYAM COMPUTER SERVICES ADR

REPR.2 SHS 84,035.00 0.426,000 TATA MOTORS LTD ADR REPR 1 SHS 122,580.00 0.61

605,393.25 3.0488,000 ASTRA INTERNATIONAL TBK 153,622.18 0.77

378,000 BANK MANDIRI 121,888.12 0.61176,000 BANK RAKYAT INDONESIA 100,783.98 0.51204,000 TELKOM INDONESIA SERIES -B- 229,098.97 1.15

361,677.78 1.8114,000 GENTING BHD 130,952.30 0.6637,000 MALAYAN BANKING BHD 123,752.76 0.6237,000 MAXIS COMMUNICATION BHD 106,972.72 0.54

156,090.56 0.783,000 PHILIPPINE LONG DISTANCE TEL. 156,090.56 0.78

1,153,584.11 5.7897,000 COSCO CORP (S) LTD 145,408.67 0.7323,000 DBS GROUP HOLDINGS 338,787.20 1.7011,000 KEPPEL CORPORATION LTD 126,181.61 0.6326,000 OVERSEA-CHINESE BANKING

CORPORATION LTD 130,483.26 0.65128,000 SINGAPORE TELECOM - SH BOARD

LOT 1000 273,636.82 1.3711,000 UNITED OVERSEAS BANK 139,086.55 0.70

3,413,688.76 17.126,000 DAEGU BANK 102,580.63 0.519,000 DAEWOO ENGINEERING AND

CONSTRUCTION CO 184,838.69 0.936,000 DAISHIN SECURITIES CO LTD 151,612.89 0.76

600 HYUNDAI MIPO DOCK 76,774.19 0.383,000 KOOKMIN BANK 241,612.88 1.213,000 KOREA ELECTRIC POWER CORP 136,774.18 0.693,000 KT & G CORP-SHS. 182,258.04 0.91

900 POSCO 299,032.23 1.501,300 SAMSUNG ELECTRONICS CO LTD 856,881.63 4.30

300 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG 154,838.69 0.78

3,000 SAMSUNG ENGINEERING 139,516.11 0.703,000 SAMSUNG TECHWIN CO LTD 109,516.12 0.556,000 SHINHAN FINANCIAL GROUP 306,451.58 1.54

300 SHINSEGAE CO LTD 187,096.75 0.942,200 SK CORP LTD 172,688.15 0.874,200 SK TELECOM CO LTD - ADR - REP.1/90 SH 111,216.00 0.56

2,333,045.54 11.7057,000 ACER INC 118,950.47 0.6050,000 ASUSTEK COMPUTER 136,872.83 0.6971,000 CATHAY FINANCIAL 161,239.87 0.81

RC

K

SGP

RP

MAL

RI

12



Asia Pacific Quant


256,000 CHINA DEVELOPMENT BANK FINANCIALHDG CO 117,845.66 0.59

43,000 DELTA ELECTRONIC INCS 138,560.72 0.6962,000 FORMOSA CHEMICALS FIBER CO LTD 103,698.05 0.5245,000 HON HAI PRECISION INDUSTRY CO LTD 321,083.40 1.61

256,000 MACRONIX INTERNATIONAL CO 110,774.92 0.5615,000 MEDIA TEK INCORPORATION 155,132.77 0.78

149,000 MEGA FINANCIAL HOLDING COMPANY 109,515.14 0.5582,000 NAN YA PLASTICS CORP 136,645.73 0.69

121,000 POU CHEN CORP 137,394.54 0.6943,000 TAIWAN SEMICON ADR (REPR 5 SHS) 469,990.00 2.36

216,000 WALSIN LIHWA CORPORATION 115,341.44 0.58

119,446.62 0.6017,000 SIAM CEMENT FOREIGN REGISTERED 119,446.62 0.60

UNITS IN INVESTMENT FUNDS 221,892.62 1.11

221,892.62 1.1134,000 STOCKLAND 221,892.62 1.11


AUS

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13




Asian Growth



SHARES 271,552,783.80 99.19

66,630,871.67 24.344,500,000 ALUMINUM CORPORATION OF CHINA -H- 4,166,005.39 1.524,383,000 CHINA COMM CONSTRUCTION - SHS -H- 4,333,837.55 1.586,266,000 CHINA COMMUNICATION SERCICES

CORP -H- 3,577,240.82 1.3111,915,000 CHINA CONSTRUCTION BANK

CORPORATION 7,583,576.35 2.771,212,000 CHINA INSURANCE INTERNATIONAL

HOLDINGS 1,527,226.72 0.561,491,000 CHINA LIFE INSURANCE - H- CO LTD 5,089,990.67 1.861,017,500 CHINA MOBILE LIMITED 8,791,814.35 3.212,756,000 CHINA OVERSEAS LAND INVESTMENT LTD 3,699,597.95 1.353,800,000 CHINA POWER INTERNATIONAL

DEVELOPMENT 2,086,345.79 0.761,487,000 CNOOC LTD 1,412,961.16 0.523,032,000 HUANENG POWER INTL INC -H- 2,709,497.90 0.99

12,260,000 INDUS.AND COMMERCIAL BANK OF CHINA -H- 7,613,992.04 2.78

1,287,000 PARKSON RETAIL GROUP LTD 6,371,095.19 2.333,535,000 PETROCHINA -H- 5,008,940.01 1.832,334,000 SHANGHAI JIN JIANG INTL HOTELS -H- 1,119,397.93 0.411,570,000 SHUI ON LAND LTD 1,370,705.78 0.50

23,500 ZHAOJIN MINING INDUSTRY COMPANY LTD -H- 46,895.85 0.02

88,000 ZHUZHOU CSR TIMES - SHS -H- 121,750.22 0.04

48,987,764.27 17.892,144,000 BOC HONG KONG (HOLDINGS) LTD 5,816,772.17 2.125,801,000 CITIC INTERNATIONAL FINANCIAL

HOLDINGS 5,206,346.95 1.90904,000 DAH SING BANKING GROUP LTD 2,041,116.34 0.75

6,790,000 EGANAGOLDPFEIL 3,841,468.43 1.40489,000 ESPRIT HOLDINGS SHS 5,460,765.15 1.99

1,118,000 HANG LUNG PROPERTIES LTD 2,803,181.59 1.02652,100 HENDERSON LAND DEVLOPMENT CO LTD 3,647,357.01 1.33599,000 HONG KONG CHINA GAS 1,347,844.18 0.49629,000 HONG KONG EXCHANGES AND CLEARING 6,914,990.34 2.5372,400 HSBC HOLDINGS PLC (USD 0.5) 1,327,495.05 0.48

700 HUTCHISON WHAMPOA 7,115.00 0.00863,500 KERRY PROPERTIES 4,035,910.95 1.47

600 LI AND FUNG LTD 1,866.99 0.001,695,500 LIFESTYLE INTERNATIONAL HOLDINGS LTD 4,360,161.82 1.59

288,000 MING AN (HOLDINGS) CO LTD 92,948.21 0.03177,000 WING HANG BANK LTD 2,082,424.09 0.76

12,879,766.90 4.7070,307 BHARAT HEAVY ELECTRICALS

(DEMATERIALISED) 3,652,516.89 1.33119,800 INFOSYS TECHNOLOGIES ADR REPR.1 SHS 6,590,198.00 2.41247,463 RELIANCE COMMUNICATION

DEMATERIALISED 2,637,052.01 0.96

IN

HK

CHN


7,594,495.66 2.77746,000 ASTRA INTERNATIONAL TBK 1,302,297.09 0.48

6,779,500 BANK MANDIRI 2,186,086.05 0.8011,270,000 BANK NIAGA -A- 1,152,877.95 0.4249,290,000 PT BANK INTERNASIONAL INDONESIA

TBK-A 1,315,350.97 0.482,248,900 UNITED TRACTORS 1,637,883.60 0.60

9,019,468.05 3.2928 BERJAYA SPORTS TOTO BHD 38.10 0.00

794,600 GOLDEN HOPE PLANTATIONS BHD 1,351,359.73 0.492,798,000 LION DIVERSIFIED HOLDINGS 5,036,079.74 1.841,335,700 ROAD BUILDERS (M) HOLDINGS BHD 1,287,238.45 0.473,205,600 UEM BUILDERS 1,344,752.03 0.49

26,269,879.11 9.60634,000 CITY DEVELOPMENT 5,247,877.65 1.92344,000 DBS GROUP HOLDINGS 5,067,078.17 1.85

1,288,000 HONG LEONG ASIA LTD 1,427,103.62 0.52119,000 KEPPEL CORPORATION LTD 1,365,055.63 0.50485,000 OVERSEA-CHINESE BANKING

CORPORATION LTD 2,434,014.64 0.89151,000 SINGAPORE AIRLINES LTD LOCAL 1,722,287.77 0.63389,000 SINGAPORE EXCHANGE LTD 1,445,157.50 0.53

1,524,000 TAT HONG HOLDINGS LIMITED 1,172,081.19 0.43199,000 UNITED OVERSEAS BANK 2,516,202.15 0.92

300 UOL GROUP LTD 848.60 0.002,339,000 YANLORD LAND GROUP LTD 3,872,172.19 1.41

46,810,831.78 17.1058,000 DAEWOO ENGINEERING AND

CONSTRUCTION CO 1,191,182.67 0.44125,120 DONGKUK STEEL MILL 3,161,634.06 1.1527,200 GS ENGINEERING & CONSTRUCTION CORP 2,430,451.35 0.89

2 HANA FINANCIAL GROUP INC 105.16 0.0072,000 HANSOL PAPER CO LTD 1,095,483.75 0.408,075 HYUNDAI HEAVY INDUSTRIES CO LTD 1,094,032.14 0.40

12,415 KCC CORP 3,864,668.93 1.4126,185 KOOKMIN BANK 2,108,877.73 0.7740,400 KT & G CORP-SHS. 2,454,408.33 0.9013,578 POSCO 4,511,399.51 1.6516,673 SAMSUNG ELECTRONICS CO LTD 10,989,836.44 4.014,561 SAMSUNG ELECTRONICS CO LTD

PFD SHS N/VTG 2,354,064.26 0.867,257 SAMSUNG FIRE AND MARINE INSURANCE 1,260,220.83 0.46

60,680 SHINHAN FINANCIAL GROUP 3,099,246.97 1.135,133 SHINSEGAE CO LTD 3,201,225.46 1.17

16,694 SK TELEKOM 3,993,994.19 1.46

47,523,420.93 17.361,189,000 ASUSTEK COMPUTER 3,254,835.83 1.191,002,664 AU OPTRONICS 1,393,914.07 0.51

710,406 CATCHER TECHNOLOGY 6,943,819.72 2.543,984,160 CHINA FIN HOLDINGS 3,331,851.65 1.22

688,000 CHONG HONG CONSTRUCTION CO LTD 1,862,256.09 0.681,508,000 GREATEK ELECTRONICS INC 1,996,937.72 0.73

800,000 G-SHANK ENTERPRISE CO LTD 1,207,918.04 0.44

RC

K

SGP

MAL

RI

14



Asian Growth


993,222 HON HAI PRECISION INDUSTRY CO LTD 7,086,824.32 2.59685,000 INNOLUX DISPLAY 1,242,397.11 0.45348,900 MEDIA TEK INCORPORATION 3,608,388.16 1.32231,878 NOVATEK ELECTRONICS 1,049,624.47 0.38

1 POWERTECH TECHNOLOGY INC 4.17 0.001,731,000 SILICONWARE PRECISION INDUSTRIES

CO LTD 2,719,877.90 0.99712,000 TAIWAN FERTILIZER CO 1,361,289.26 0.50

3,326,647 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 6,891,168.53 2.52

630,460 TRIPOD TECHNOLOGY CO LTD 2,263,736.01 0.831,312,000 UNI PRESIDENT ENTERPRISES CORP 1,308,577.88 0.48

5,836,285.43 2.13500,200 BANK OF AYUDHYA N-VTG DEPOSIT CO LTD 254,596.68 0.09

2,015,200 BEC WORLD PLC -FOREIGN-REGISTERED 1,176,228.86 0.431,265,100 KASIKORNBANK -F- 2,187,238.26 0.805,344,000 LAND AND HOUSE UNITS N.VTING DEP REC 953,492.73 0.35

180,000 SIAM CEMENT FOREIGN REGISTERED 1,264,728.90 0.46

2. Transferable securities dealt in on another regulated market 1,082,298.81 0.40

SHARES 1,082,298.81 0.40

1,082,298.81 0.4038,713 HUMAX CO 1,082,298.81 0.40


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15




Asian Renaissance



SHARES 39,941,726.65 99.92

5,210,956.95 13.0423,894 AMP LIMITED 190,214.59 0.4830,674 ANZ BANKING GROUP LTD 682,035.68 1.716,941 ASX LTD 208,713.33 0.52

58,891 AXA ASIA PACIFIC HOLDINGS 338,384.18 0.8533,663 BHP BILLITON LTD 671,284.99 1.6827,619 COMPUTERSHARE LIMITED 193,745.47 0.4827,393 IRESS MARKET TECHNOLOGY LTD 151,568.97 0.3812,437 MACQUARIE BANK 773,733.38 1.9422,038 NAT. AUSTRALIA BANK 701,757.63 1.7640,799 QBE INSURANCE GROUP 927,745.67 2.3225,817 TOLL HOLDING LTD 371,773.06 0.93

5,314,575.01 13.29262,000 CHINA COMM CONSTRUCTION- SHS -H- 259,061.25 0.65614,000 CHINA COMMUNICATION SERCICES

CORP -H- 350,530.78 0.881,379,000 CHINA CONSTRUCTION BANK CORPORATION 877,696.33 2.20

122,000 CHINA INSURANCE INTERNATIONAL HOLDINGS 153,730.74 0.38

333,000 CHINA LIFE INSURANCE - H- CO LTD 1,136,798.72 2.8463,500 CHINA MERCHANT BANK-SHS.H- 134,556.83 0.3434,500 CHINA MOBILE LIMITED 298,100.83 0.75

626,000 CHINA OVERSEAS LANDINVESTMENT LTD 840,329.58 2.10525,000 INDUS.AND COMMERCIAL BANK OF

CHINA -H- 326,047.78 0.8256,000 PARKSON RETAIL GROUP LTD 277,219.37 0.69

548,000 SHANGHAI JIN JIANG INTL HOTELS -H- 262,823.51 0.66455,500 SHUI ON LAND LTD 397,679.29 0.99

2,872,255.64 7.19178,000 BOC HONG KONG (HOLDINGS) LTD 482,922.32 1.2161,000 CATHAY PACIFIC AIRWAYS 150,436.51 0.3841,000 ESPRIT HOLDINGS SHS 457,855.57 1.1583,000 HANG LUNG PROPERTIES LTD 208,107.40 0.52

107,000 HONG KONG EXCHANGES AND CLEARING 1,176,317.91 2.9474,500 KERRY PROPERTIES 348,205.40 0.87

150,000 MING AN (HOLDINGS) CO LTD 48,410.53 0.12

792,067.47 1.984,980 BHARAT HEAVY ELECTRICALS

(DEMATERIALISED) 258,715.83 0.653,000 INFOSYS TECHNOLOGIES ADR REPR.1 SHS 163,950.00 0.414,088 INFOSYS TECHNOLOGIES DEMATERALISED 207,060.06 0.525,657 RELIANCE INDUSTRIES DEMATERAILISED 162,341.58 0.41

352,699.44 0.88493,000 BANK MANDIRI 158,970.49 0.40266,000 UNITED TRACTORS 193,728.95 0.48

RI

IN

HK

CHN

AUS


20,448,590.92 51.1526,000 ASAHI KASEI CORPORATION 169,980.27 0.4317,300 CANON INC 972,766.50 2.438,100 CASIO COMPUTER CO LTD 183,542.43 0.46

13,200 DAIICHI SANKYO CO LTD 412,101.86 1.037,100 DAIKIN INDUSTRIES LTD 246,687.07 0.62

11,200 FUJIFILM HOLDINGS CORP 459,636.58 1.1519,800 HONDA MOTOR 780,999.49 1.9511,900 HOYA CORP 463,396.39 1.16

230 JAPAN TOBACCO 1,109,898.80 2.7820,500 JFE HOLDINGS INC 1,054,634.65 2.64

25 KDDI CORP 169,317.27 0.4249,900 KOMATSU LTD 1,011,359.09 2.5329,500 KONICA MINOLTA HOLDINGS INC 415,928.81 1.0423,000 KUBOTACORP 212,714.52 0.533,300 KYOCERA CORP 310,738.09 0.78

16,900 MATSUSHITA ELECTRIC IND. 336,851.14 0.847,100 MILLEA HOLDING 250,262.25 0.63

115,000 MITSUBISHI ELECTRIC 1,048,130.52 2.626,000 MITSUBISHI ESTATE 155,092.10 0.39

71 MITSUBISHI UFJ FINANCIAL GROUP INC 875,917.87 2.1926,000 MITSUI FUDOSAN 633,880.20 1.59

70 MIZUHO FINANCIAL GROUP ONC 499,349.56 1.257,500 MURATA MANUFACTURING CO LTD 506,063.50 1.27

10,000 NIKON CORP 219,042.41 0.554,200 NINTENDO CO LTD 1,089,169.50 2.72

92,000 NIPPON STEEL CORP 528,118.80 1.3215,900 NOMURA HOLDINGS 299,571.97 0.751,250 ORIX CORP 361,399.00 0.90

14,000 SHARP CORP 240,862.73 0.606,900 SHIN-ETSU CHEM. 461,524.88 1.15

50 SUMITOMO MITSUI FINANCIAL GROUP INC 511,938.20 1.2824,000 SUMITOMO REALTY DEVLOPMENT 769,417.94 1.926,500 TAKEDA PHARMA 445,679.97 1.11

53,000 TOSHIBA CORP 344,719.04 0.8632,000 TOYOTA MOTOR CORP 2,137,719.64 5.355,300 UNI-CHARM 314,472.73 0.79

14,200 YAMAHA MOTOR CO LTD 445,705.15 1.11

1,143,364.44 2.8631,000 DBS GROUP HOLDINGS 456,626.23 1.14

114,000 SINGAPORE EXCHANGE LTD 423,516.59 1.06159,000 YANLORD LAND GROUP LTD 263,221.62 0.66

1,159,189.34 2.902,085 GS ENGINEERING & CONSTRUCTION CORP 186,304.82 0.47

33 HANA FINANCIAL GROUP INC 1,735.16 0.001,088 HYUNDAI HEAVY INDUSTRIES CO LTD 147,406.44 0.37

668 POSCO 221,948.36 0.56913 SAMSUNG ELECTRONICS CO LTD 601,794.56 1.51

2,336,997.35 5.85274,000 ADVANCED SEMICONDUCTOR

ENGINEERING INC 311,124.83 0.7859,000 ASUSTEK COMPUTER 161,509.94 0.4022,000 CATCHER TECHNOLOGY 215,037.65 0.5487,688 HON HAI PRECISION INDUSTRY CO LTD 625,670.24 1.57

156,000 INNOLUX DISPLAY 282,940.07 0.71

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16



Asian Renaissance


16,000 MEDIA TEK INCORPORATION 165,474.95 0.4171,040 TRIPOD TECHNOLOGY CO LTD 255,076.94 0.64

321,000 UNI PRESIDENT ENTERPRISES CORP 320,162.73 0.80

311,030.09 0.78179,900 KASIKORNBANK -F- 311,030.09 0.78

2,193,700 TUNTEX (THAILAND) CO LTD -F- 0.00 0.00

OPTIONS, WARRANTS, RIGHTS 0.00 0.00

0.00 0.005,543,333 BANGKOK LAND EXPIRY 31.12.06 WAR 0.00 0.00


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17




Emerging Europe



SHARES 136,279,629.60 100.53

727,066.30 0.5412,500 ERSTE BANK 727,066.30 0.54

7,395,047.80 5.46150,602 CESKE ENERGETICKE ZAVODY 5,252,603.81 3.87

4,297 KOMERCNI BANKA 483,793.02 0.3655,214 TELEFONICA O2 CZECH REPUBLIC A.S. 954,836.11 0.7015,278 ZENTIVA 703,814.86 0.52

10,673,335.98 7.8749,000 HUNGARIAN TELECOMMUNICATIONS

CO MATAV 206,217.31 0.1543,000 MOL MAGYAR OLAY ES GAZIPARI-A- 3,694,584.22 2.73

164,700 OTP BANK LTD 5,733,167.72 4.236,015 RICHTER GEDEON LTD 1,039,366.73 0.77

200,204.75 0.1512,000 HALYK SAVINGS BANK OF KAZAKHSTAN-

GDR- 200,204.75 0.15

125,537.37 0.092,413 ECM REAL ESTATE INVESTMENT A.G 125,537.37 0.09

13,770,526.32 10.161,730 BANK PBK 418,573.85 0.31

10,683 BRE BANK SA 937,374.45 0.691,900 BSK BANK SLASKI 381,061.81 0.28

60,000 EUROCASH SA 122,372.24 0.0933,100 GRUPA PEKAO 1,961,295.80 1.4555,209 KGHM POLSKA MIEDZ 1,283,159.06 0.958,500 MONDI SWIECIE 230,851.59 0.17

404,582 POLISH TELECOM 2,593,812.99 1.9118,296 POLSKI KONCERN GDR REPR.REG S

WHEN ISSUE 457,868.27 0.34167,308 POLSKI KONCERN NAFTOWY 2,084,086.28 1.54222,914 POWSZECHNA KASA OSZCZEDNOSCI

BANK POLSKI 2,735,998.22 2.0210,800 ZML KETY 564,071.76 0.42

82,898,537.80 61.15175,000 COMSTAR UNITED TELESYSTEMS (GDR) 1,114,776.48 0.82

3,915 EVRAZ GROUP SA GDR REPR.SHS REG-S 76,272.21 0.06327,500 GAZPROM ADR REPR. 4 SHS 11,424,563.00 8.4354,800 GOLDEN TELECOM 1,946,560.50 1.4480,463 JSFC SISTEMA GDR REPR.SHS REG-S 1,952,615.17 1.44

170,500 LUKOIL HOLDINGS ADR REPR.4 SHS 11,300,724.23 8.3459,700 MMC NORILSK NICKEL ADR REPR.1SHS 7,153,224.89 5.28

201,200 MOBILE TELESYSTEMS ADR REPR.5 SHS 7,658,004.78 5.6587,611 NOVATEK GDR REPR 1/100 SHS REG-S 4,218,934.90 3.1191,774 NOVOLIPETSK STEEL - GDR - REPR SHS

REG S 1,618,128.77 1.19

RUS

PL

L

KZ

H

TCH

A


55,200 POLYUS ZOLOTO SPONS.ADR REPR.1SH 2,070,026.16 1.5338,100 ROSTELECOM SPONS.ADR REPR.6 SHS 1,314,639.97 0.9716,469 SBERBANK GDR REPR.10 SHS 4,479,568.00 3.3075,000 SEVERSTAL GDR REPR SHS REG-S

SER -OCT06- 634,171.31 0.4728,900 SURGUTNEFTEGAZ JSC ADR -REPR.50SHS 1,687,559.25 1.2467,224 SURGUTNEFTEGAZ JSC PFD ADR 100 PFD

SHS 5,811,652.83 4.2936,950 TATNEFT -GDR-REPR 20 SHS REG-S 2,662,002.81 1.966,473 TMK SHS SPONSORED GDR REPR.SHS

REG-S 171,808.29 0.13102,300 UES GDR (RAO UNIFIED ENERGY SYSTEM) 8,502,695.94 6.2791,117 VIMPEL COMMUNICATIONS SPONS ADR

3/4 SHS 5,455,342.32 4.0232,600 WIMM BILL DANN FOODS 1,645,265.99 1.21

20,489,373.28 15.1175,897 ADANA CIMENTO -A- 316,931.63 0.23

405,902 AKBANK 1,868,814.75 1.3815,360 AKCANSA CIMENTO SANAYI VE TICARET AS 69,896.68 0.0563,000 AKSIGORTA AS 180,443.28 0.1336,478 ANADOLU EFES BIRACILIK VE MALT SANAYI 854,388.62 0.6370,000 ASYA KATILIM BANK-SHS B- 209,861.34 0.1525,000 CIMSA CIMENTO SANAYI VE TICARET 121,794.53 0.09

350,001 DOGAN SIRKETLER GRUBU HOLDINGS 417,849.53 0.311 DOGAN YAHIN HOLDING 1.37 0.00

80,000 EREGLI DEMIR VE CELIK 385,459.61 0.2838,997 FORD OTOMOTIV 238,003.00 0.18

377,989 HACI OMER SABANCI HOLDING AS 1,123,100.25 0.83110,604 HURRIYET GAZETE 221,456.69 0.16265,000 KOC HOLDING AS -B- 780,288.77 0.58111,262 MIGROS TURK TAS 1,090,046.23 0.80341,143 TRAKYA CAM SANAYII 712,273.56 0.5385,105 TUPRAS TURKIYE PETROL RAFINELERI 1,102,597.03 0.8175,000 TURK HAVA YOLLARI 244,927.46 0.1839,461 TURK TRAKTOR VE ZIR 289,424.33 0.21

696,834 TURKCELL ILETISIM HIZMET 2,667,360.46 1.97904,360 TURKIYE GARANTI BANKASI AS

(NAMEN-AKT) 2,265,862.63 1.67903,408 TURKIYE IS BANKASI AS 3,143,718.36 2.32405,000 TURKIYE SINAI KALK 559,398.25 0.41419,324 TURKIYE VAKIFLAR BANKASI TAO 1,492,855.40 1.1067,315 VESTEL ELEKTRONIC SANAYI TICARET AS 132,619.09 0.10

0 YAPI VE KREDI BANKASI AS 0.43 0.00

2. Transferable securities dealt in on another regulated market 140,219.77 0.10

SHARES 140,219.77 0.10

140,219.77 0.105,503 EFES BREWERIES INTERNATIONAL NV

GDR REG- 140,219.77 0.10


NL

TUR

18



Emerging Markets


1. Transferable securities admitted to anofficial stock exchange listing 1,124,310,478.63 97.38

SHARES 1,124,289,240.88 97.37

4,559,841.66 0.399,800 BANCO MACRO -B- ADR REPR 10 SH 305,858.00 0.03

182,366 BANCO MACRO -B- 1 VOTE 538,252.46 0.0593,900 IRSA SPONS.GRD (10 SHS) 1,587,849.00 0.1495,900 TELECOM ARGENTINA SPONS. ADR

REPR. 5 B SHS 1,918,959.00 0.17152,890 TRANSPORTADORA DE GAS DEL SUR -

B- 1 VOTE 208,923.20 0.02

124,597,084.72 10.79305,700 AMBEV PFD.SHS ADR REPR.100 PFD SHS 14,918,160.00 1.29431,900 BANCO ITAU HOLDING FIN. ADR

REPR.1PFD 15,613,185.00 1.3557,500,000 BRASIL TELECOM PARTICIPACOES 942,612.15 0.08

29,600 BRASIL TELECOM PFD SHS ADR 1,263,624.00 0.11106,000,000 CENTRAIS ELETRICAS BRASILEIRAS 2,536,523.64 0.22

137,500 COMP.BRASIL.DISTR.ACUCAR ADR 1000 REG-S 4,698,375.00 0.41

490,900 COPEL SP.ADR REPR.1000 PFD SHS -B- 5,390,082.00 0.47125,000 CYRELA BRAZIL REALTY SA 1,193,780.24 0.10

133,210,000 ELETROPAULO ELETRICIDADE PFD -B- 6,800,807.34 0.59390,440 GERDAU PFD SHS/SPONS.ADR REPR. 1

PFD SH. 6,247,040.00 0.54181,689 M. DIAS BRANCO SA 2,127,481.48 0.18249,896 PETROBRAS SA-ADR-REPR.100 PFD SHS

144A 23,180,352.96 2.0173,900 TAM SA- PREF.SHS 2,301,776.91 0.2066,700 TIM PARTICIPACOES-ADR REP 10000

PFD SHS 2,309,154.00 0.20140,500 UNIBANCO SPONSORED GDR REPR.

10 UNITS 13,060,880.00 1.13838,600 VALE RIO DOCE ADR (1 PFD SHS) 22,013,250.00 1.91

492,932.00 0.0437,400 ULTRAPETROL BAHAMAS LTD 492,932.00 0.04

62,714.29 0.0182,000 EUROPEAN MINERALS CORP 62,714.29 0.01

417,980.68 0.0430,400 SXR URANIUM ONE INC 417,980.68 0.04

9,497,426.41 0.8222,200 BANCO SANTANDER CHILE SPONS -

1039- ADR 1,069,152.00 0.09750,943 CENCOSUD SA 2,348,980.56 0.20

3,493,580 COLBUN SA 695,762.24 0.06395,222 EMBOTELLADORA ANDINA PFD -B- 1,123,700.15 0.10144,360 EMPRESAS COPEC SA 1,848,458.80 0.16470,992 EMPRESAS LA POLAR 2,411,372.66 0.21

CHL

CAN

VG

BS

BR

ARG


56,265,648.87 4.871,800 BAIDU COM -A- ADR 202,896.00 0.02

2,710,500 CHINA MENGNIU DAIRY 7,127,176.96 0.621,104,500 CHINA MERCHANT BANK-SHS.H- 2,340,441.26 0.202,492,500 CHINA MOBILE LIMITED 21,536,704.92 1.87

304,500 CHINA SHENHUA ENERGY CO LTD-SHS.H- 732,939.22 0.0621,400 CTRIP.COM INTERNATIONAL LTD 1,337,072.00 0.12

3,785,000 GOME ELECTRICAL APPLIANCES HOLDING LTD 2,968,728.87 0.26

8,307,690 INDUS.AND COMMERCIAL BANK OF CHINA -H- 5,159,436.02 0.45

177,600 MINDRAY MEDICAL -ADR- 4,248,192.00 0.3762,000 PARKSON RETAIL GROUP LTD 306,921.45 0.03

7,206,000 PETROCHINA -H- 10,210,586.06 0.88197,150 SHANGHAI JIN JIANG INTL HOTELS -H- 94,554.11 0.01

5,512,242.14 0.4837,800 BANCOLOMBIA ADR REPR.4 PREF SHS 1,177,470.00 0.1011,105 BANCOLOMBIA SA 86,172.52 0.01

211,834 GRUPO NACIONAL CHOCOLATE 1,568,124.88 0.14659,732 INTERCONNEXION ELECTRICA SA 1,740,826.48 0.15178,354 INVERSIONES ARGOS SA 939,648.26 0.08

2,342,568.27 0.20241,800 MIRLAND DEVELOPPMENT 2,342,568.27 0.20

6,207,827.64 0.54134,979 CESKE ENERGETICKE ZAVODY 6,207,827.64 0.54

21,218,622.99 1.84815,550 COMMERCIAL INTERNATIONAL BANK

GDR REG-S 7,992,390.00 0.69129,196 EGYPT MOBILE PHONE 4,071,858.69 0.3595,061 ORASCOM CONSTRUCTION INDUSTRIE

GRD REG-S 9,154,374.30 0.79

1,413,085.50 0.1268,931 KAZAKHGOLD GROUP LTD GDR REPR

SHS REGS 1,413,085.50 0.12

26,292,560.75 2.281,087,500 ASM PACIFIC TECHNOLOGY LTD 6,054,690.94 0.525,108,000 GIORDANO INTERNATIONAL LTD 2,791,352.19 0.243,772,500 JOHNSON ELECTRIC HOLDINGS LTD 2,585,421.02 0.227,475,000 SAMSON HOLDING LTD 4,132,895.94 0.361,776,000 VEDAN INTERNATIONAL (HOLDINGS) LTD 223,791.64 0.023,307,500 YUE YUEN INDUSTRIAL HOLDINGS 10,504,409.02 0.91

2,393,740.21 0.21205,285 HUNGARIAN TELECOMMUNICATIONS

CO MATAV 1,139,241.49 0.1027,330 OTP BANK LTD 1,254,498.72 0.11

H

HK

GSY

EGY

TCH

CY

CO

CHN

19



97,983,870.42 8.49173,503 DR REDDY'S LABORATORIES LTD 3,179,973.59 0.28

1,107,876 HINDALCO INDUSTRIES LTD 4,360,415.63 0.38756,203 ICICI BANK DEMATERIALISED 15,231,698.19 1.32288,121 INFOSYS TECHNOLOGIES DEMATERALISED 14,593,530.18 1.26

2,696,719 INFRASTRUCTURE DEVL FIN. DEMATERIALISED 4,746,371.58 0.41

1,735,477 ITC DEMATERIALISED 6,905,049.57 0.60136,424 LARSEN & TOUBRO LTD DEMATERIALISED 4,456,743.29 0.39370,642 MAHINDRA AND MAHINDRA

DEMATERALISED 7,607,539.96 0.66502,517 RANBAXY LABORATORIES DEMATERIALISED 4,448,399.39 0.39466,921 RELIANCE COMMUNICATION

DEMATERIALISED 4,975,672.97 0.43315,544 RELIANCE INDUSTRIES DEMATERAILISED 9,055,314.15 0.78718,387 SATYAM COMPUTER SERVICES

DEMATERIALISED 7,846,097.36 0.68433,659 TATA MOTORS DEMATERIALISED LTD 8,824,068.87 0.76258,453 UNITED PHOSPHORUS LTD


25,502,793.69 2.214,352,000 ANEKA TAMBANG 3,871,243.26 0.341,051,000 ASTRA INTERNATIONAL TBK 1,834,737.58 0.16

11,454,000 BANK MANDIRI 3,693,403.58 0.323,379,000 BANK RAKYAT INDONESIA 1,934,937.80 0.174,389,500 INDOCEMENT TUNGGAL PRAKARSA 2,806,431.76 0.248,471,500 INDOFOOD SUKSES MAKMUR TBK 1,271,644.37 0.117,583,700 MEDCO ENERGI INTERNATIONAL 2,993,512.57 0.261,826,000 PERUSAHAAN GAS NEGARA

(PERSERO) -B- 2,355,213.88 0.2078,100 TELEKOMUNIK.INDONESIA ADR REPR

40 SHS-B- 3,561,360.00 0.311,051,000 TELKOM INDONESIA SERIES -B- 1,180,308.89 0.10

1,809,412.66 0.16534,393 DRAGON OIL PLC 1,809,412.66 0.16

15,581,469.28 1.35236,614 BANK HAPOALIM (IL662577) 1,114,034.55 0.10

1,099,189 BEZEQ THE ISRAEL TELECOMMUNICATION 1,783,307.29 0.1587,900 CHECK POINT SOFTWARE TECHNOLOGIES 1,926,768.00 0.17

455,477 ISRAEL CHEMICALS LTD 2,847,800.54 0.25163,872 M.A.INDUSTRIES 929,744.55 0.0887,381 ORMAT INDUSTRIES 981,374.35 0.08

193,000 TEVA PHARMA IND.ADR 5,998,440.00 0.52

1,222,554.45 0.1124,505 TENARIS SA ADR 2 SHS 1,222,554.45 0.11

35,805,193.87 3.102,262,100 BERJAYA SPORTS TOTO BHD 3,077,685.22 0.273,472,200 BUMIPUTRA-COMMERCE HOLDINGS BHD 7,627,418.88 0.661,524,600 MALAKOFF BHD 4,364,640.23 0.38

552,200 MAXIS COMMUNICATION BHD 1,596,495.64 0.142,566,100 MISC -F- FOREIGN REGISTERED 6,473,434.31 0.56

528,400 TELEKOM MALAYSIA 1,460,288.24 0.13

MAL

L

IL

IRL

RI

IN


3,240,400 TENAGA NASIONAL BHD 10,011,433.88 0.87296,600 TRANSMILE GROUP BHD 1,193,797.47 0.10

56,092,921.64 4.86584,100 ALFA SAB DE CV -A- 3,856,269.45 0.33460,900 AMERICA MOVIL ADR REPR.20SHS -L- 20,841,898.00 1.81191,000 ARCA 776,214.35 0.07875,400 AXTEL SA DE CV 2,668,186.02 0.23173,922 CEMEX ADR AMERI.DEPO.RECEIPT

REPR 10 CPO 5,892,477.36 0.511,566,400 COMERCI UNITS (1 SH -C- + 3 SHS -B-) 4,050,944.82 0.35

187,433 EMPRESAS ICA 705,454.96 0.0655,800 FEMSA SPON ADR REP.10UTS CONS-

B-+20SH-D- 6,459,408.00 0.561,647,700 GFNORTE -O- 6,429,844.60 0.56

421,900 GRUPO FAMSA -SHS.A- 1,889,935.08 0.1642,700 HOMEX ADR REPR 6 SHS 2,522,289.00 0.22

158,744.99 0.0141,488 PLAZA CENTERS N.V. 158,744.99 0.01

339,161.52 0.0335,500 PAKISTAN STATE OIL CO LTD 171,435.64 0.01

230,500 PAKISTAN TELECOMUNICATION -A- 167,725.88 0.01

2,183,664.00 0.1946,900 COPA HOLDINGS SA 2,183,664.00 0.19

2,528,609.56 0.2236,900 CREDICORP 1,510,686.00 0.13

115,075 ENERGIA DEL SUR SA 382,021.56 0.0311,800 SOUTHERN COPPER CORP 635,902.00 0.06

5,974,296.01 0.52645,500 BANK OF THE PHILIPPINE ISLANDS 836,344.45 0.07923,000 FIRST PHILIPPINE HOLDINGS 1,186,471.91 0.10

1,095,500 METROBANK AND TRUST 1,151,157.69 0.1010,800 PHILIPPINE LONG DISTANCE TEL.ADR

(1 SH) 552,204.00 0.05448,495 SEMIRARA MINING CORP 167,007.39 0.01193,060 SM INVESTMENTS CORP 1,280,238.46 0.11

2,039,000 UNIVERSAL ROBINA CORP 800,872.11 0.07

1,639,477.36 0.146,341 BANK HANDLOWY 189,534.22 0.02

119,668 MULTIMEDIA POLSKA S.A 505,629.89 0.0468,215 OPOCZNO S.A. 944,313.25 0.08

134,740,427.20 11.6750,300 CHELYABINSK ZINC GDR 1/10TH SH REG-S 855,100.00 0.0727,400 EVRAZ GROUP SA GDR REPR.SHS REG-S 703,906.00 0.06

1,399,700 GAZPROM ADR REPR. 4 SHS 64,386,200.00 5.5862,900 GOLDEN TELECOM 2,946,236.00 0.2654,000 JSFC SISTEMA GDR REPR.SHS REG-S 1,728,000.00 0.15

452,533 LUKOIL HOLDINGS ADR REPR.4 SHS 39,551,384.20 3.4356,500 MMC NORILSK NICKEL ADR REPR.1SHS 8,927,000.00 0.77

RUS

PL

RP

PE

PA

PK

NL

MEX

20



Emerging Markets


85,400 MOBILE TELESYSTEMS ADR REPR.5 SHS 4,286,226.00 0.37123,200 SISTEMAS SPONSORED GDR REGS

REPR.20 SHS 1,638,560.00 0.1469,725 TMK SHS SPONSORED GDR REPR.SHS

REG-S 2,440,375.00 0.2166,400 UES GDR (RAO UNIFIED ENERGY SYSTEM) 7,277,440.00 0.63

1,131,515.37 0.10681,000 GOODPACK 683,531.53 0.06284,000 HUAN HSIN HOLDINGS 102,731.13 0.01

1,292,000 SEKSUN CORPORATION LTD 345,252.71 0.03

73,934,315.12 6.4087,503 ANGLOGOLD ASHANTI LTD-REG.SHS 4,095,312.76 0.35

312,563 BARLOWORLD LTD 7,270,173.36 0.631,040,869 FIRSTRAND LTD 3,277,271.35 0.28

30,414 GOLD FIELDS 572,626.47 0.05424,915 GOLD FIELDS ADR 8,022,395.20 0.69126,016 IMPALA PLATINUM HOLDINGS LTD 3,288,568.29 0.28108,180 IMPERIAL HOLDINGS LTD 2,516,098.83 0.22227,472 KUMBA IRON ORE 3,589,147.59 0.31481,720 MASSMART HOLDINGS LTD 4,796,176.33 0.42605,719 SANLAM LTD 1,572,119.80 0.14708,879 SASOL LTD 26,018,541.83 2.25665,226 STANDARD BANK GROUP 8,915,883.31 0.77

189,017,501.93 16.373,264 AMOREPACIFIC CORP 2,035,612.68 0.18

350,460 DAEGU BANK 5,991,734.83 0.52128,660 DAEWOO SHIPBUILDING AND MARINE

ENGINEERI 4,039,646.87 0.35293,840 HAN KOOK TIRE MFG 4,992,119.89 0.43185,570 HYNIX SEMICONDUCTOR 7,273,145.98 0.63148,350 HYUNDAI MOTOR CO LTD 10,751,385.92 0.93170,330 HYUNDAI MOTOR CO LTD 6,941,404.62 0.60329,350 KOOKMIN BANK 26,525,067.00 2.30312,925 KOREAN REINSURANCE CO 4,273,276.42 0.37107,540 KT & G CORP-SHS. 6,533,343.37 0.5756,270 POSCO 18,696,159.25 1.626,100 POSCO (P.ADRS) 504,287.00 0.04

82,750 SAMSUNG ELECTRONICS CO LTD 54,543,811.26 4.7269,170 SAMSUNG FIRE AND MARINE INSURANCE 12,011,778.26 1.0438,330 SHINSEGAE CO LTD 23,904,728.58 2.07

1,079,450.62 0.09594,805 JOHN KEELS HOLDINGS LTD 1,079,450.62 0.09

187,529,722.90 16.247,557,000 ADVANCED SEMICONDUCTOR

ENGINEERING INC 8,580,913.53 0.741,817,173 CATCHER TECHNOLOGY 17,761,845.63 1.54

10,793,442 CHINA FIN HOLDINGS 9,026,280.97 0.787,372,560 CHUNGHWA TELECOM 13,711,132.22 1.193,647,950 DELTA ELECTRONIC INCS 11,754,943.75 1.021,106,523 HIGH TECH COMPUTER CORP 21,902,946.35 1.906,490,604 HON HAI PRECISION INDUSTRY CO LTD 46,311,670.80 4.01

194,000 INNOLUX DISPLAY 351,861.37 0.03461,243 MAKALOT INDUSTRIAL CO LTD 1,003,594.80 0.09

RC

LK

K

RSA

SGP


216,738 MERRY ELECTRONICS 591,980.56 0.05429,000 NAN YA PRINTED CIRCUIT BOARD 2,962,253.28 0.26

1,247,010 NIEN MADE ENTERPRISE CO LTD 1,262,892.13 0.11515,282 NOVATEK ELECTRONICS 2,332,487.75 0.20

4,733,274 SILICONWARE PRECISION INDUSTRIES CO LTD 7,437,277.49 0.64

20,534,648 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 42,537,642.27 3.68

9,623,119.19 0.83301,600 BANGKOK BANK PUBLIC CO LTD -F- 959,445.70 0.0877,400 BANPU PUBLIC CO LTD -F- 389,675.92 0.03

1,560,100 HANA MICROELECTRONICS PUBLICS CO -F- REG 1,208,374.88 0.10

836,400 KASIKORNBANK -F- 1,446,056.50 0.13532,000 PTT PUBLIC COMPANY LTD -F- 3,081,623.17 0.27

7,292,000 THAI BEVERAGE PUBLIC CO LTD 1,283,220.08 0.11960,600 THAI UNION FROZEN PRODUCTS PUBLIC

CO LTD 724,102.94 0.06123,400 TOTAL ACCESS COMMUNICATION

PUBLIC -F-REG 530,620.00 0.05

16,817,568.99 1.46272,664 AKBANK 1,655,398.09 0.14279,295 DOGAN SIRKETLER GRUBU HOLDINGS 439,688.06 0.04403,038 HACI OMER SABANCI HOLDING AS 1,579,119.13 0.14492,668 HURRIYET GAZETE 1,300,774.08 0.11717,608 TRAKYA CAM SANAYII 1,975,731.18 0.17179,195 TUPRAS TURKIYE PETROL RAFINELERI 3,061,379.51 0.27479,949 TURK SISE CAM 1,694,107.68 0.15816,502 TURKIYE GARANTI BANKASI AS

(NAMEN-AKT) 2,697,607.48 0.23526,024 TURKIYE IS BANKASI AS 2,413,763.78 0.21

1,843,753.36 0.1684,869 KAZAKHMYS PLC 1,843,753.36 0.16

475,420.62 0.0415,600 CENTRAL EUROPEAN DISTRIBUTION CORP 475,420.62 0.04

OPTIONS, WARRANTS, RIGHTS 21,237.75 0.00

21,237.75 0.0066,500 GOODPACK LTD WAR 21,237.75 0.00


SHARES 1,242,651.21 0.11

1,242,651.21 0.11578,454 O-TA PRECISION INDUSTRY CO LTD 1,242,651.21 0.11

RC

SGP

USA

GB

TUR

T

21



3. Other transferable securities 9,102,074.75 0.79

SHARES 9,102,074.75 0.79

8,712,474.75 0.75632,190 GAZPROM 7,270,185.00 0.6347,679 SEVERSTAL-AUTO 1,442,289.75 0.12

389,600.00 0.0397,400 CASPIAN SERVICES INC 389,600.00 0.03


0.00 0.0075,789 TRUE CORP PUBLIC CO -FOR REG 31.03.08WAR 0.00 0.00

Total securities portfolio 1,134,655,204.59 98.27–––––––––––––––– –––––––––––––––––––––– ––––––

T

USA

RUS

22



Euro Quant



SHARES 437,194,775.27 97.69

10,127,881.61 2.269,431 ANDRITZ 1,549,513.30 0.35

31,229 ERSTE BANK 1,814,404.90 0.4144,138 IMMOEAST AG 470,069.70 0.1197,919 IMMOFINANZ 1,057,525.20 0.2423,657 MEINL EUROPEAN LAND LIMITED 460,128.65 0.1051,842 OMV AG 2,228,687.58 0.5059,564 VOESTALPINE AG 2,547,552.28 0.57

16,171,987.83 3.61158,104 DEXIA 3,280,658.00 0.73

3,392 D'IETEREN 914,822.40 0.2052,285 GROUPE BRUXELLES LAMBERT GBL 4,760,549.25 1.0625,492 INBEV 1,273,070.48 0.2844,133 KBC GROUPE SA 4,099,955.70 0.9215,860 SOLVAY 1,842,932.00 0.41

16,706,421.59 3.7357,260 FORTUM CORP 1,234,525.60 0.2868,809 METSO CORP 2,631,256.16 0.59

528,801 NOKIA CORP 8,185,839.48 1.8348,109 OUTOKUMPU -A- 1,426,912.94 0.3283,557 SAMPO LEONIA OYJ -A- 1,694,535.96 0.3873,191 YIT 1,533,351.45 0.34

134,454,631.29 30.0487,229 AIR FRANCE -KLM 2,781,732.81 0.62

169,771 ALCATEL-LUCENT 1,850,503.90 0.4114,318 ALSTOM 1,470,458.60 0.3316,418 ATOS ORIGIN 737,660.74 0.16

215,056 AXA 6,595,767.52 1.47134,117 BNP PARIBAS 11,084,770.05 2.4818,732 BOUYGUES 910,937.16 0.2019,874 CAP GEMINI 945,008.70 0.2131,293 CARREFOUR 1,437,600.42 0.3236,560 CASINO GUICHARD PERRACHON 2,573,824.00 0.58

128,289 CIE SAINT GOBAIN 8,165,594.85 1.82148,063 CREDIT AGRICOLE SA 4,717,287.18 1.0558,555 EUROPEAN AERONAUTIC DEFENSE

AND SPACE 1,528,285.50 0.34344,762 FRANCE TELECOM 7,222,763.90 1.6113,844 GROUPE DANONE 1,589,291.20 0.3628,859 LAFARGE 3,252,409.30 0.7318,700 MICHELIN (NOM.B) 1,355,750.00 0.3050,723 NATEXIS 1,079,385.44 0.2415,414 NEXANS 1,495,158.00 0.3334,114 -PAGESJAUNES 514,097.98 0.1167,979 PEUGEOT SA 3,412,545.80 0.768,923 PPR SA 1,010,083.60 0.23

55,652 PUBLICIS GROUPE 1,778,081.40 0.4044,153 RALLYE 1,811,597.59 0.4058,002 SAFRAN -ACT.- 1,019,675.16 0.23

131,849 SANOFI-AVENTIS 9,222,837.55 2.06

F

SF

B

A


16,942 SCHNEIDER ELECTRIC SA 1,424,822.20 0.32892,189 SCOR SA 1,998,503.36 0.4564,653 SOCIETE GENERALE PARIS -A- 8,314,375.80 1.86

163,296 STMICROELECTRONICS NV 2,297,574.72 0.51188,282 SUEZ (EX SUEZ LYONNAISE DES EAUX) 7,386,302.86 1.65314,806 TOTAL SA 17,204,147.90 3.8414,223 VALLOUREC 3,133,326.90 0.7087,969 VEOLIA ENVIRONNEMENT 5,137,389.60 1.1527,644 VINCI 2,675,939.20 0.60

179,640 VIVENDI 5,319,140.40 1.19

97,597,315.89 21.8180,117 ALLIANZ AG NAMEN VINKULIERT 12,398,906.92 2.7784,311 BASF AG 6,226,367.35 1.3996,692 BAYER AG 3,931,496.72 0.88

166,691 COMMERZBANK AG 4,809,035.35 1.074,656 CONTINENTAL AG 410,193.60 0.09

120,530 DAIMLERCHRYSLER REG. 5,640,804.00 1.2644,217 DEPFA BANK PLC 599,140.35 0.1349,360 DEUTSCHE BANK NAMEN 5,002,142.40 1.1214,707 DEUTSCHE BOERSE AGNAMEN 2,050,449.94 0.46

234,635 DEUTSCHE POST NAM. 5,359,063.40 1.20360,907 DEUTSCHE TELEKOM NAMEN 4,994,952.88 1.1297,777 EON AKTIENGESELLSCHAFT 10,054,408.91 2.2541,308 HYPO REAL ESTATE HOLDING AG 1,972,043.92 0.4431,121 LINDE AG 2,435,529.46 0.5440,893 MAN AG ST. 2,799,534.78 0.6330,860 MUENCHENER RUECKVERSICHERUNGS

NAMEN 4,024,761.20 0.9040,877 RWE -A- 3,413,229.50 0.7690,488 SAP AG 3,643,046.88 0.8151,802 SIEMENS NAM. AKT REG 3,892,402.28 0.87

177,552 THYSSENKRUPP 6,336,830.88 1.42114,023 TUI AG-NAMEN 1,726,308.22 0.3949,959 VOLKSWAGEN AG ST 4,290,978.51 0.9613,454 WINCOR NIXDORF AG 1,585,688.44 0.35

8,344,281.68 1.861 ALPHA BANK 22.90 0.00

65,473 COSMOTE MOBILE TELECOMMUNICATION REG.SHS 1,466,595.20 0.33

39,875 EFG EUROBANK ERGASIAS 1,094,170.00 0.24129,133 GREEK ORGANISAT.OF FOOTBALL

PROGNOSTICS 3,781,014.24 0.8450,374 NATIONAL BANK OF GREECE REG. 1,758,052.60 0.3996,231 TECHNICAL OLYMPIC REG.SHS 244,426.74 0.05

8,196,732.43 1.83206,170 ALLIED IRISH BANKS PLC 4,663,565.40 1.04

3,228 CRH 101,940.24 0.0264,555 CRH PLC 2,036,064.70 0.45

463,509 INDEPENDENT NEWS AND MEDI PLC 1,395,162.09 0.31

33,716,966.01 7.53846,019 AEM SPA 2,142,966.13 0.4861,208 BANCA POPOLARE DI MILANO 804,089.50 0.1843,035 BANCHE POPOLARI UNITE SCARL 895,988.70 0.2050,458 BANCO POPOLARE DI VERONA E NOVARA 1,095,947.76 0.24

235,985 CAPITALIA SPA 1,692,012.45 0.38

I

IRL

GR

D

23



590,588 ENI AZ 15,048,182.24 3.3678,326 FIAT 1,133,220.57 0.25

376,939 INTESA SANPAOLOAZ. 2,205,093.15 0.4974,545 MEDIOBANCA 1,332,864.60 0.30

178,833 MONTE PASCHI SIENA 877,354.70 0.20107,948 SANPAOLO IMI 1,899,884.80 0.42510,433 TELECOM ITALIA SPA 1,168,891.57 0.26515,131 UNICREDITO ITALIANO 3,420,469.84 0.76

42,936,054.81 9.59134,241 ABN AMRO HOLDING 3,268,768.35 0.73298,688 AEGON NV 4,313,054.72 0.96208,789 AHOLD, KONINKLIJKE 1,682,839.34 0.3861,134 ASML HOLDING NV 1,151,764.56 0.2620,923 DSM KONINKLIJKE -K- 783,147.89 0.1712,836 EURONEXT NV 1,148,822.00 0.26

249,332 ING GROEP NV CERT OF SHS 8,375,061.88 1.87401,736 KPN, KONINKLIJKE 4,326,696.72 0.97126,009 MITTAL STEEL COMPANY N.V. CLASS -A- 4,028,507.73 0.9062,052 PHILIPS ELECTRONICS, KONINKLIJKE 1,772,825.64 0.4074,982 RANDSTAD HOLDING 3,929,056.80 0.88

189,372 REED ELSEVIER NV 2,446,686.24 0.55223,302 UNILEVER CERT. SHS 4,622,351.40 1.0332,814 USG PEOPLE NV 1,086,471.54 0.24

1,552,727.04 0.35404,356 EDP-ENERGIAS REG.SHS 1,552,727.04 0.35

67,389,775.09 15.0666,623 ACS 2,845,468.33 0.64

130,796 ALTADIS SA 5,186,061.40 1.16530,602 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 9,678,180.48 2.16845,976 BANCO SANTANDER CENTRAL HISPANO

REG. 11,962,100.64 2.6765,466 CORP FIN ALBA SPLIT ISS. 99 3,702,102.30 0.83

268,377 ENDESA 9,615,947.91 2.1528,593 GAS NATURAL SDG 857,504.07 0.1981,988 INDUSTRIA DE DISENO TEXTIL INDITEX

REG 3,345,930.28 0.75145,211 REPSOL YPF 3,804,528.20 0.8513,081 SACYR VALLEHERMOSO SA 588,645.00 0.13

980,354 TELEFONICA SA 15,803,306.48 3.53


UNITS IN INVESTMENT FUNDS 6,320,656.70 1.41

6,320,656.70 1.4115,293 CPR ACTIVE EUROPE 3 DEC ACT.P DIS 3,409,421.42 0.76

67 CPR CASH 1,342,672.63 0.3019,585 CPR REN. ACT EUR- PART DIST-3 DEC PEA 1,568,562.65 0.35

F

E

P

NL


3. Money market instruments 3,273,722.92 0.73

BONDS 3,273,722.92 0.73

3,273,722.92 0.733,300,000 FRANCE BTF-07 08/03U 3,273,722.92 0.73


F

24



Euro SRI


1. Transferable securities admitted to an official stock exchange listing 26,908,721.45 99.97

SHARES 26,908,721.45 99.97

341,040.00 1.2716,800 TELEKOM AUSTRIA AG 341,040.00 1.27

885,983.50 3.2910,700 AGFA-GEVAERT 207,152.00 0.7719,200 DEXIA 398,400.00 1.484,600 FORTIS 148,672.00 0.55

920 KBC GROUPE SA 85,468.00 0.32810 OMEGA PHARMA 46,291.50 0.17

1,400,714.00 5.208,000 NESTE OIL 184,240.00 0.68

36,300 NOKIA CORP 561,924.00 2.0919,000 ORION CORPORATION (NEW) -B- 312,550.00 1.1628,500 STORA ENSO -R- 342,000.00 1.27

8,011,898.40 29.77730 ACCOR SA 42,851.00 0.16

10,800 AIR FRANCE -KLM 344,412.00 1.284,000 ALCATEL-LUCENT 43,600.00 0.16

11,800 AXA 361,906.00 1.34800 BIC 42,200.00 0.16

10,780 BNP PARIBAS 890,967.00 3.318,400 CARREFOUR 385,896.00 1.434,900 CIE SAINT GOBAIN 311,885.00 1.16

14,100 CREDIT AGRICOLE SA 449,226.00 1.673,500 FRANCE TELECOM 73,325.00 0.276,350 GAZ DE FRANCE 221,297.50 0.822,620 GROUPE DANONE 300,776.00 1.123,750 LAFARGE 422,625.00 1.571,310 LVMH MOET HENN.LOUIS VUIT. 104,734.50 0.391,850 PEUGEOT SA 92,870.00 0.354,870 RENAULT SA 443,170.00 1.658,950 SANOFI-AVENTIS 626,052.50 2.335,700 SCHNEIDER ELECTRIC SA 479,370.00 1.783,260 SOCIETE GENERALE PARIS -A- 419,236.00 1.566,450 SODEXHO ALLIANCE 306,568.50 1.14

27,670 STMICROELECTRONICS NV 389,316.90 1.454,100 SUEZ (EX SUEZ LYONNAISE DES EAUX) 160,843.00 0.60

14,500 TOTAL SA 792,425.00 2.94605 UNIBAIL HOLDING ACT 111,985.50 0.42

1,300 VEOLIA ENVIRONNEMENT 75,920.00 0.284,000 VIVENDI 118,440.00 0.44

6,149,031.00 22.858,900 ADIDAS 335,797.00 1.255,580 ALLIANZ AG NAMEN VINKULIERT 863,560.80 3.213,300 BASF AG 243,705.00 0.912,750 BAYER AG 111,815.00 0.426,000 COMMERZBANK AG 173,100.00 0.644,600 DAIMLERCHRYSLER REG. 215,280.00 0.807,150 DEUTSCHE BANK NAMEN 724,581.00 2.69

440 DEUTSCHE BOERSE AGNAMEN 61,344.80 0.23

D

F

SF

B

A


16,100 DEUTSCHE LUFTHANSA NAMEN 335,685.00 1.2538,900 DEUTSCHE TELEKOM NAMEN 538,376.00 2.003,470 EON AKTIENGESELLSCHAFT 356,820.10 1.33

380 HENKEL KGAA VZG.O.ST 42,362.40 0.162,300 HYPO REAL ESTATE HOLDING AG 109,802.00 0.413,920 MUENCHENER RUECKVERSICHERUNGS

NAMEN 511,246.40 1.903,380 RWE -A- 282,230.00 1.056,840 SAP AG 275,378.40 1.026,590 SIEMENS NAM. AKT REG 495,172.60 1.843,700 THYSSENKRUPP 132,053.00 0.493,500 TUI AG-NAMEN 52,990.00 0.203,350 VOLKSWAGEN AG ST 287,731.50 1.07

469,496.00 1.7411,800 COCA COLA HELLENIC BOTTLING

BEARER SHS 349,280.00 1.302,900 EFG EUROBANK ERGASIAS 79,576.00 0.30

16,000 TECHNICAL OLYMPIC REG.SHS 40,640.00 0.15

405,335.00 1.518,500 C C GROUP PLC 114,750.00 0.437,000 CRH 221,060.00 0.822,700 DCC PLC 69,525.00 0.26

2,783,853.35 10.341,400 ASSICURAZIONI GENERALI SPA 46,578.00 0.17

55,850 ENEL 436,467.75 1.6224,400 ENI AZ 621,712.00 2.313,150 FIAT 45,574.20 0.174,300 ITALCEMENTI 91,934.00 0.34

37,000 MONTE PASCHI SIENA 181,522.00 0.67191,000 PIRELLI C AZ 144,243.20 0.54322,800 SEAT PAGINE GIALLE 145,744.20 0.54155,000 TELECOM ITALIA SPA 354,950.00 1.32107,700 UNICREDITO ITALIANO 715,128.00 2.66

2,652,487.70 9.859,580 ABN AMRO HOLDING 233,273.00 0.87

18,500 AEGON NV 267,140.00 0.9914,180 GETRONICS NV 87,065.20 0.325,700 HEINEKEN NV 205,371.00 0.76

22,500 ING GROEP NV CERT OF SHS 755,775.00 2.816,750 MITTAL STEEL COMPANY N.V. CLASS -A- 215,865.00 0.807,000 OCE NV 86,730.00 0.327,600 PHILIPS ELECTRONICS, KONINKLIJKE 217,132.00 0.813,150 REED ELSEVIER NV 40,698.00 0.158,200 UNILEVER CERT. SHS 169,740.00 0.63

17,150 WOLTERS KLUWER NV 373,698.50 1.39

334,436.00 1.2465,400 EDP-ENERGIAS REG.SHS 251,136.00 0.934,900 JERONIMO MARTINS FILHO

(ESTABELECIMENTOS) 83,300.00 0.31

3,474,446.50 12.9127,000 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 492,480.00 1.83

E

P

NL

I

IRL

GR

25



71,000 BANCO SANTANDER CENTRAL HISPANO REG. 1,003,940.00 3.73

4,500 ENDESA 161,235.00 0.604,930 GRUPO FERROVIAL 364,573.50 1.351,400 IBERDROLA SA 46,368.00 0.176,200 REPSOL YPF 162,440.00 0.60

55,500 TELEFONICA SA 894,660.00 3.329,300 UNION FENOSA 348,750.00 1.30


26



Europe Equities



SHARES 151,705,903.54 98.29

1,510,685.40 0.9874,418 TELEKOM AUSTRIA AG 1,510,685.40 0.98

5,070,012.66 3.2813,754 BELGACOM SA 458,970.98 0.306,886 DEXIA 142,884.50 0.09

61,637 FORTIS 1,992,107.84 1.2915,606 INBEV 779,363.64 0.5014,958 KBC GROUPE SA 1,389,598.20 0.904,750 MOBISTAR 307,087.50 0.20

1,899,070.48 1.23112 A.P. MOELLER-MAERSK -B- 799,302.43 0.52

1,106 DANISCO A/S 71,364.41 0.056,760 DANSKE BANK 227,615.53 0.15

19,900 H. LUNDBECK 415,779.06 0.276,100 NOVO-NORDISK -B- 385,009.05 0.25

4,294,608.66 2.7815,445 FORTUM CORP 332,994.20 0.2212,137 METSO CORP 464,118.88 0.3060,226 NOKIA CORP 932,298.48 0.6082,469 OKO BANK -A- SHS A 1,047,356.30 0.6862,849 STORA ENSO -R- 754,188.00 0.4939,940 UPM KYMENNE CORP 763,652.80 0.49

33,484,342.14 21.6913,912 ACCOR SA 816,634.40 0.536,540 AGF 772,374.00 0.50

74,822 ALCATEL-LUCENT 815,559.80 0.5366,563 AXA 2,041,487.21 1.3227,962 BNP PARIBAS 2,311,059.30 1.5016,410 CARREFOUR 753,875.40 0.4925,307 CIE SAINT GOBAIN 1,610,790.55 1.044,673 ESSILOR INTERNATIONAL 380,615.85 0.25

22,706 GAZ DE FRANCE 791,304.10 0.516,542 ILIAD 430,463.60 0.284,100 LAFARGE 462,070.00 0.30

10,626 LAGARDERE GROUPE SCA NOM 648,186.00 0.429,693 LVMH MOET HENN.LOUIS VUIT. 774,955.35 0.506,837 MICHELIN (NOM.B) 495,682.50 0.32

64,943 NATEXIS 1,381,987.04 0.906,640 PERNOD RICARD 1,155,360.00 0.758,784 PPR SA 994,348.80 0.64

38,304 PUBLICIS GROUPE 1,223,812.80 0.7922,243 SANOFI-AVENTIS 1,555,897.85 1.018,595 SCHNEIDER ELECTRIC SA 722,839.50 0.47

17,848 SOCIETE GENERALE PARIS -A- 2,295,252.80 1.496,641 SODEXHO ALLIANCE 315,646.73 0.20

44,380 STMICROELECTRONICS NV 624,426.60 0.4044,613 SUEZ (EX SUEZ LYONNAISE DES EAUX) 1,750,167.99 1.1311,382 TECHNIP-COFLEXIP 591,864.00 0.3852,593 THOMSON 778,902.33 0.50

F

SF

DK

B

A


84,498 TOTAL SA 4,617,815.70 2.9914,857 VEOLIA ENVIRONNEMENT 867,648.80 0.567,224 VINCI 699,283.20 0.45

27,154 VIVENDI 804,029.94 0.52

17,556,475.62 11.379,945 ALLIANZ AG NAMEN VINKULIERT 1,539,088.20 1.00

18,167 BASF AG 1,341,632.95 0.8719,053 BAYER AG 774,694.98 0.5045,587 COMMERZBANK AG 1,315,184.95 0.853,087 CONTINENTAL AG 271,964.70 0.18

23,436 DAIMLERCHRYSLER REG. 1,096,804.80 0.7115,854 DEUTSCHE BANK NAMEN 1,606,644.36 1.043,330 DEUTSCHE BOERSE AGNAMEN 464,268.60 0.30

67,418 DEUTSCHE TELEKOM NAMEN 933,065.12 0.6022,510 EON AKTIENGESELLSCHAFT 2,314,703.30 1.5010,540 MAN AG ST. 721,568.40 0.479,394 METRO 453,824.14 0.294,047 MUENCHENER RUECKVERSICHERUNGS

NAMEN 527,809.74 0.341,084 PORSCHE AG VZ. AKT. 1,045,041.04 0.68

17,519 RWE -A- 1,462,836.50 0.9522,456 SIEMENS NAM. AKT REG 1,687,343.84 1.09

3,213,281.14 2.0816,801 COCA COLA HELLENIC BOTTLING

BEARER SHS 497,309.60 0.3216,872 EFG EUROBANK ERGASIAS 462,967.68 0.3028,419 GREEK ORGANISAT.OF FOOTBALL

PROGNOSTICS 832,108.32 0.549,000 HELLENIC EXCHANGE HOLDING REG. 125,460.00 0.08

27,174 HELLENIC TELECOMMUNICATIONS ORGANISATION 618,480.24 0.40

19,397 NATIONAL BANK OF GREECE REG. 676,955.30 0.44

2,072,727.27 1.34150,000 HSBC HOLDINGSPLC (USD 0.5) 2,072,727.27 1.34

792,688.65 0.5133,605 C C GROUP PLC 453,667.50 0.2938,101 EXPERIAN GROUP 339,021.15 0.22

10,503,918.75 6.8121,766 BENETTON GROUP SPA 314,866.96 0.2042,153 BULGARI SPA 453,144.75 0.2988,322 CAPITALIA SPA 633,268.74 0.4197,656 ENEL 763,181.64 0.49

113,390 ENI AZ 2,889,177.20 1.8763,521 FINMECCANICA SPA POST

RAGGRUPPAMENTO 1,304,721.34 0.85143,299 INTESA SANPAOLOAZ. 838,299.15 0.54134,340 MILANO ASSICURAZIONI 829,549.50 0.54297,795 TERNA SPA 765,333.15 0.50257,888 UNICREDITO ITALIANO 1,712,376.32 1.11

13,393,163.87 8.6843,228 ABN AMRO HOLDING 1,052,601.80 0.68

109,693 AEGON NV 1,583,966.92 1.03

NL

I

IRL

HK

GR

D

27



80,844 AHOLD, KONINKLIJKE 651,602.64 0.4212,523 HEINEKEN NV 451,203.69 0.2971,216 ING GROEP NV CERT OF SHS 2,392,145.44 1.5569,988 KPN, KONINKLIJKE 753,770.76 0.4914,009 MITTAL STEEL COMPANY N.V. CLASS -A- 448,007.82 0.2984,518 ROYAL DUTCH SHELL PLC -A- 2,239,178.18 1.456,314 ROYAL DUTCH SHELL PLC -A- 168,710.08 0.11

44,000 ROYAL DUTCH SHELL -SHS.B- 1,168,979.59 0.7630,777 SBM OFFSHORE NV 801,740.85 0.5240,908 UNILEVER CERT. SHS 846,795.60 0.5521,555 VEDIOR 338,629.05 0.2222,755 WOLTERS KLUWER NV 495,831.45 0.32

4,458,079.47 2.8919,915 ALTADIS SA 789,629.75 0.5191,784 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 1,674,140.16 1.08141,038 BANCO SANTANDER CENTRAL HISPANO

REG. 1,994,277.32 1.292 TELEFONICA SA 32.24 0.00

6,430,618.93 4.1731,450 BOLIDEN AB 613,420.51 0.4082,200 NORDEA BANK 961,057.24 0.626,611 SCANIA -B- 352,401.06 0.23

40,200 SKANDINAVISKA ENSKILDA BANKEN -A- 968,969.91 0.6383,200 SKF -B- FREE 1,166,376.68 0.765,342 SWEDISH MATCH 75,777.25 0.05

501,000 TELEFON AB L.M.ERICSSON -SHS-B- 1,535,174.82 0.9966,000 TELIASONERA AB 411,425.72 0.276,622 VOLVO -B- FREE 346,015.74 0.22

17,411,784.52 11.2814,620 ADECCO REG.SHS 756,136.43 0.4912,937 BALOISE HOLDING REG.SHS 978,924.98 0.631,843 BKW FMB ENERGIE AG 164,074.12 0.11

37,158 CIE FIN RICHEMONT UNITS -A- (1AKT.A 1PS) 1,639,001.03 1.06

38,071 CS GROUP NAMEN-AKT 2,016,309.60 1.3115,651 HOLCIM NAMEN 1,086,084.99 0.708,162 LONZA GROUP NOM. 533,941.29 0.358,470 NESTLE SA REG.SHS 2,278,451.84 1.48

51,888 NOVARTIS SA REG.SHS 2,264,549.44 1.4713,419 ROCHE HOLDING GENUSSSCHEIN 1,821,545.99 1.181,926 THE SWATCH GROUP REG CHF 2.25 322,166.62 0.21

46,072 UBS NAM.AKT 2,119,486.60 1.3715,275 XSTRATA PLC 578,126.16 0.374,186 ZURICH FINANCIAL SERVICES NAMEN-AKT 852,985.43 0.55

29,614,445.98 19.199,567 ANGLO AMERICAN 353,712.76 0.23

52,243 ASTRAZENECA 2,127,714.91 1.38123,088 AVIVA PLC 1,501,719.27 0.97103,852 BAE SYSTEMS 656,252.16 0.43151,741 BARCLAYS PLC 1,644,095.44 1.0732,790 BG GROUP 337,268.57 0.2273,608 BHP BILLITON PLC 1,020,952.52 0.66

457,259 BP PLC 3,851,495.11 2.5041,331 BRITISH AMERICAN TOBACCO PLC 876,615.94 0.57

GB

CH

S

E


70,475 COMPASS GROUP PLC 303,343.23 0.201 EMAP SHS 11.99 0.00

379,052 FRIENDS PROVIDENT PLC 1,220,842.81 0.7995,327 GLAXOSMITHKLINE PLC 1,901,587.95 1.2370,747 HBOS 1,188,654.60 0.7717,078 IMPERIAL TOBACCO GROUP PLC 509,488.39 0.3374,242 LLOYDS TSB GROUP PLC 629,748.47 0.4131,427 MARKS AND SPENCER GRP (NEW) 334,443.92 0.2256,990 NATIONAL GRID TRANSCO PLC 623,400.82 0.40

242,640 NORTHGATE INFO SOLUTIONS PLC 309,714.88 0.20265,873 OLD MUTUAL 687,619.59 0.4566,544 PEARSON PLC 761,984.36 0.4981,646 PRUDENTIAL PLC 847,664.22 0.5525,498 RIO TINTO PLC 1,028,624.33 0.6775,314 ROLLS-ROYCE GROUP 500,509.74 0.3273,239 ROYAL BANK OF SCOTLAND GROUP PLC 2,166,461.25 1.4040,054 SAGE GROUP 161,107.74 0.1048,527 STANDARD CHARTERED PLC 1,074,616.46 0.7015,000 STOLT-NIELSEN 348,947.68 0.23

117,819 TESCO ORD PLC 707,351.18 0.4612,591 UNITED BUSINESS MEDIA PLC 129,507.43 0.08

538,188 VODAFONE GROUP PLC 1,130,294.65 0.7366,223 WPP GROUP PLC 678,693.61 0.44


2.01 0.00201 IMMOBILIERE DU CASINO -C- 15.12.06 WAR 2.01 0.00

2. Transferable securities dealt in onanother regulated market 0.09 0.00

UNITS IN INVESTMENT FUNDS 0.09 0.00

0.09 0.000 DYNALION EUROPE AVENIR -3DEC 0.09 0.00

3. Other transferable securities 4,164.02 0.00

SHARES 4,164.02 0.00

0.04 0.00330,000 SVENSKA MILJOEBOLAGET -B- 0.04 0.00

4,163.98 0.002,764,024 ROLLS-ROYCE GROUP -B- 4,163.98 0.00

22 TI AUTOMOTIVE -A- 0.00 0.00


GB

S

F

F

28



Europe Smaller Companies



SHARES 106,869,243.40 102.61

4,717,491.32 4.5316,529 FLUGHAFEN WIEN 1,229,757.60 1.1837,092 SEMPERIT AG HOLDING 1,043,027.04 1.0028,564 VOESTALPINE AG 1,221,682.28 1.1750,580 ZUMTOBEL AG 1,223,024.40 1.17

4,511,803.15 4.3325,813 OMEGA PHARMA 1,475,212.95 1.4273,228 OPTION NV 754,248.40 0.7258,724 TELENET GROUP HOLDING NV 1,259,629.80 1.217,928 UMICORE SA 1,022,712.00 0.98

841,137.03 0.8130,000 LUNDIN MINING CORP SWEDISH DEP.REC. 841,137.03 0.81

822,590.38 0.7912,000 COLOPLAST -B- 822,590.38 0.79

5,156,836.90 4.9569,944 CRAMO - SHS 1,321,941.60 1.2781,611 NOKIAN TYRES PLC 1,266,602.72 1.2230,473 WARTSILA CORPORATION -B- 1,243,603.13 1.1963,231 YIT 1,324,689.45 1.27

22,997,945.68 22.0844,762 ASSYSTEM 689,334.80 0.6625,137 BIOMERIEUX 1,298,326.05 1.2523,878 BOURBON NOM. 994,041.14 0.9526,924 EDF ENERGIES NOUVELLES 1,079,921.64 1.0415,402 ENTREPOSE CONTRACTING 720,813.60 0.6915,533 FIMALAC 1,129,249.10 1.0844,120 GEMALTO 832,544.40 0.8010,311 GENERALE DE GEOPHYSIQUE (CIE) 1,693,066.20 1.637,668 GEODIS (EX-CALBERSON) 1,192,374.00 1.14

23,788 GROUPE STERIA 1,081,164.60 1.0435,536 INTL.METAL SERVICE 813,419.04 0.7811,930 NEOPOST 1,135,139.50 1.0912,223 NEXANS 1,185,631.00 1.1417,802 ORPEA 1,277,293.50 1.2317,149 REMY COINTREAU SA 840,301.00 0.8128,991 RODRIGUEZ GROUP SNP HOLDING 1,082,813.85 1.0410,288 SECHE ENVIRONNEMENT SA 1,398,139.20 1.3427,472 SECHILIENNE SIDEC 1,148,054.88 1.1049,545 TELEPERFORMANCE 1,459,595.70 1.4023,652 TRIGANO 929,287.08 0.8916,292 VILMORIN ET CIE 1,017,435.40 0.98

12,866,442.95 12.3547,010 BAUER AG 1,518,423.00 1.4640,499 DEMAG CRANES AG 1,619,960.00 1.5662,969 ELMOS SEMICONDUCTOR 477,305.02 0.46

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F

SF

DK

CAN

B

A


28,931 GFK 949,515.42 0.9121,248 HOCHTIEF AG 1,172,889.60 1.1343,308 KLOECKNER & CO. AG 1,420,935.48 1.3663,791 PFLEIDERER NAM.AKT 1,307,077.59 1.25

179,069 QSC N 895,345.00 0.8618,231 SOFTWARE AG 1,089,119.94 1.0560,867 SYMRISE 1,186,906.50 1.1469,043 THIELERT AG 1,228,965.40 1.18

2,086,094.04 2.0054,430 BANK OF PIRAEUS 1,329,180.60 1.2844,472 EUROBANK PROPERTIES 756,913.44 0.73

3,698,518.29 3.5590,381 ANGLO-IRISH BANK 1,419,885.51 1.3655,874 KINGSPAN GROUP 1,121,391.18 1.0878,192 MCINERNEY HOLDINGS PLC 1,157,241.60 1.11

11,994,903.12 11.52143,091 AMPLIFON SPA 916,211.67 0.8895,038 ANTICHI PELLETTIERI SPA 901,910.62 0.87

387,487 ASCOPIAVE 866,033.45 0.83132,293 AZIMUT HOLDINGS SPA 1,342,641.66 1.2936,840 BANCA PER IL LEASING ITALEASE SPA 1,626,117.60 1.5671,801 CREDITO EMILIANO SPA CREDEM 770,783.74 0.74

341,841 HERA SPA 1,125,682.41 1.0832,588 MARIELLA BURANI FASHION GROUP 662,514.04 0.6424,511 PIRELLI AND REAL ESTATE SPA 1,274,326.89 1.22

361,615 POLTRONA FRAU S.P.A. 1,070,018.79 1.03220,371 POLYNT S.P.A. 565,692.36 0.5493,087 TREVI FINANZIARIA INDUSTRIALE 872,969.89 0.84

5,047,442.24 4.85123,284 BATEMAN LITWIN NV 290,483.64 0.2843,838 CSM NV (CENTRALE SUIKER

MAATSCHAPPIJ) 1,278,754.46 1.2365,139 ENDEMOL NV 1,126,904.70 1.08

327,796 HAGEMEYER 1,258,736.64 1.2161,208 UNIT 4 AGRESSO 1,092,562.80 1.05

1,539,270.93 1.4869,952 NORWEGIAN PROPERTY AS 553,795.19 0.5352,750 PERTRA -A- 417,610.59 0.40

248,000 Q-FREE 567,865.15 0.55

1,355,926.86 1.30263,799 MOTA ENGIL SGPS SA 1,355,926.86 1.30

2,126,560.83 2.0423,166 EMPRESA NACIONAL DE CELULOSAS 972,972.00 0.9380,727 VISCOFAN 1,153,588.83 1.11

5,377,935.25 5.1639,650 AARHUSKARLSHAMN AB 883,210.51 0.8529,600 BE GROUP AB 231,262.81 0.2272,258 GETINGE -B- 1,229,190.78 1.18

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67,000 LINDAB INTERNATIONAL AB 967,113.65 0.93178,728 REZIDOR HOTEL GROUP - SHS 1,168,609.96 1.1276,311 SECURITAS -B- FREE 898,547.54 0.86

4,505,685.12 4.332,665 BANQUE CANTONALE DE ST GALL-ACT

NOM- 847,687.39 0.816,091 HELVETIA HOLDING AG 1,519,297.05 1.46

18,981 SCHMOLZ + BICKENBAC NAMEN-AKT. 1,085,454.01 1.045,554 SWISS LIFE HOLDING N-NAMEN

REGISTERED 1,053,246.67 1.01

16,333,656.46 15.6848,900 ACERGY SA 714,703.30 0.69

103,565 ADMIRAL GROUP PLC 1,689,320.00 1.62227,970 BETONSPORTS PLC 206,399.55 0.20161,892 BSS GROUP PLC 1,039,833.22 1.0078,099 CHARTER PLC 1,049,047.79 1.01

429,565 COBHAM PLC 1,235,298.24 1.1955,318 COSTAIN GROUP PLC 41,873.37 0.04

210,309 DUNELM GROUP PLC 692,966.20 0.67186,631 FENNER PLC 599,712.24 0.58175,628 HARDY OIL AND GAS 785,275.47 0.7588,171 INVESTEC 863,061.60 0.83

173,644 NEW STAR ASSET MANAGEMENT GROUP PLC 1,096,631.12 1.05

272,790 PREMIER FOODS PLC 1,221,734.81 1.1771,601 PUNCH TAVERNS LTD 1,359,223.44 1.30

218,464 TOPPS TILES 872,234.75 0.84240,947 TULLOW OIL PLC 1,423,330.70 1.37204,572 VT GROUP PLC 1,443,010.66 1.39

889,002.85 0.85205,301 GOLDEN PORT HOLDINGS INC 889,002.85 0.85

2. Other transferable securities 0.31 0.00

SHARES 0.31 0.00

0.31 0.00205,000 CORUS GROUP DEFERRED GBP 0.31 0.00220,000 TOPPS TILES DEFERRED SHS 0.00 0.00


GB

USA

GB

CH

30



Global Consumer Discretionary



SHARES 12,628,071.64 89.18

93,747.90 0.6631,300 HARVEY NORMAN HOLDINGS 93,747.90 0.66

123,768.49 0.872,600 OESTERREICH POST AG 123,768.49 0.87

137,228.00 0.972,900 ORIENT EXPRESS HOTELS LTD -A- 137,228.00 0.97

96,798.96 0.681,200 MAGNA INTERNATIONAL SHS -A- SUB.VTG 96,798.96 0.68

100,825.46 0.714,584 AMER SPORTS-A- PLC 100,825.46 0.71

884,776.57 6.251,141 HERMES INTERNATIONAL SA 142,558.92 1.012,245 LVMH MOET HENN.LOUIS VUIT. 236,681.52 1.671,100 MICHELIN (NOM.B) 105,162.34 0.741,200 PPR SA 179,125.42 1.262,700 PUBLICIS GROUPE 113,753.34 0.802,900 T.F.1 107,495.03 0.76

615,833.81 4.352,550 BMW AG 146,304.88 1.031,100 CONTINENTAL AG 127,790.37 0.903,200 DAIMLERCHRYSLER REG. 197,481.02 1.39

370 PUMA 144,257.54 1.02

115,830.22 0.823,000 GREEK ORGANISAT.OF FOOTBALL

PROGNOSTICS 115,830.22 0.82

506,413.95 3.5815,000 ESPRIT HOLDINGS SHS 167,508.13 1.1851,500 HONG-KONG SHANGHAI HOTELS LTD 87,011.65 0.6138,000 LI AND FUNG LTD 118,242.55 0.8328,000 LIFESTYLE INTERNATIONAL HOLDINGS LTD 72,005.03 0.5126,000 MELCO INTL DEVELOPMENT 61,646.59 0.44

114,211.88 0.819,734 EXPERIAN GROUP 114,211.88 0.81

259,706.99 1.839,169 BULGARI SPA 129,975.04 0.926,800 FIAT 129,731.95 0.92

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AUS


2,511,435.36 17.742,200 AISIN SEIKI CO 73,668.75 0.522,200 BENESSE CORP 83,638.95 0.596,000 DAI NIPPON PRINTING 92,551.71 0.65

37 DENTSU 108,371.44 0.775,900 EDION CORP 87,394.56 0.625,100 HONDA MOTOR 201,166.54 1.423,600 IZUMI CO LTD 128,102.04 0.904,000 MARUI CO LTD 46,594.77 0.33

14,200 NISSAN MOTOR 170,774.19 1.217,000 ONWARD KASHIYAMA CO LTD 89,236.70 0.631,800 SECOM CO LTD 93,206.32 0.662,100 SEGA SAMMY HOLDINGS INC 56,573.37 0.40

10,000 SEKISUI CHEMICAL CO 79,644.16 0.565,000 SHARP CORP 86,022.40 0.61

700 SHIMAMURA CORP 80,307.16 0.572,500 SONY CORP 107,003.48 0.767,000 TAKASHIMAYA CO LTD 98,812.46 0.70

12,400 TOYOTA MOTOR CORP 828,366.36 5.85

130,770.90 0.9231,600 RESORTS WORLD BHD 130,770.90 0.92

151,289.75 1.0728,000 TLEVISA ORD.PART.CERT.REPR.

(SHS1A+1L+1D) 151,289.75 1.07

548,591.36 3.876,100 BUHRMANN 90,572.79 0.645,900 PHILIPS ELECTRONICS, KONINKLIJKE 222,275.60 1.572,800 TOMTOM NV 120,809.44 0.854,000 WOLTERS KLUWER NV 114,933.53 0.81

60,877.41 0.43840 HYUNDAI MOTOR CO LTD 60,877.41 0.43

40,919.81 0.29600 ADECCO REG.SHS 40,919.81 0.29

708,041.17 5.008,600 HOME RETAIL GROUP 69,010.17 0.496,900 INTERCONTINENTAL HOTELS GROUP PLC 170,427.32 1.202,400 NEXT PLC 84,550.17 0.608,000 PUNCH TAVERNS LTD 200,258.65 1.41

13,600 WPP GROUP PLC 183,794.86 1.30

5,427,003.65 38.322,150 BEST BUY CO INC 105,758.50 0.751,600 CARNIVAL CORP 78,480.00 0.553,500 CBS -B- 109,130.00 0.773,600 CHICOS FAS 74,484.00 0.531,100 CHILDREN'S PLACE RETAIL STORES 69,872.00 0.497,400 COACH INC 317,904.00 2.248,000 COMCAST CORP SPECIAL CLASS A 335,040.00 2.373,500 DICK'S SPORTING GOOD INC 171,465.00 1.21

USA

GB

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31



2,900 DREAMWORKS ANIMATIONS SKG-A- 85,521.00 0.604,900 FEDERATED DEPARTMENT STORE 186,837.00 1.321,300 FORTUNE BRANDS 111,007.00 0.785,000 HILTON HOTELS CORP 174,500.00 1.232,323 J CREW GROUP INC 89,551.65 0.631,000 JC PENNEY INC 77,360.00 0.552,900 LAMAR ADVERTISING -A- 189,631.00 1.341,700 LAUREATE EDUCATION INC 82,671.00 0.582,200 LIFE TIME FITNESS 106,722.00 0.757,200 LOWE'S COMPANIES INC 224,280.00 1.584,900 MARRIOTT INTERNATIONAL -A- 233,828.00 1.651,900 MC GRAW-HILL INC 129,238.00 0.918,000 NEWS CORP -B- WHEN ISSUED 178,080.00 1.262,200 POOL CORP 86,174.00 0.615,700 QUICKSILVER 89,775.00 0.631,500 SCIENTIFIC GAMES CORP 45,345.00 0.326,600 STAPLES 176,220.00 1.245,000 STARBUCKS CORP 177,100.00 1.255,600 TARGET 319,480.00 2.262,100 TIFFANY CO 82,404.00 0.58

24,500 TIME WARNER INC 533,610.00 3.775,200 TJX COS INC 148,304.00 1.059,400 WALT DISNEY CO (HOLDING CO) 322,138.00 2.273,300 WASTE MANAGEMENT 121,341.00 0.861,250 WYNN RESORTS LTD 117,312.50 0.831,300 YUM BRANDS INC 76,440.00 0.54

2. Transferable securities dealt in onanother regulated market 95,700.00 0.68

SHARES 95,700.00 0.68

95,700.00 0.6811,000 KINGDOM HOTEL INV.SP.GDR REPR.SHS

REG-S 95,700.00 0.68


ARE

32



Global Equities



SHARES 86,027,540.46 67.98

680,238.65 0.5434,112 BHP BILLITON LTD 680,238.65 0.54

164,385.94 0.136,141 TELEKOM AUSTRIA AG 164,385.94 0.13

337722,,445599..4444 00..2299629 COLRUYT 134,201.91 0.11

3,618 INBEV 238,257.53 0.19

1,910,247.15 1.5112,075 AGNICO EAGLE MINES LTD 499,004.62 0.399,836 BARRICK GOLD CORP 303,019.32 0.246,510 CANADIAN NATURAL RESOURCES 347,684.05 0.277,400 ENCANA CORP 341,228.29 0.275,700 INCO LTD 419,310.87 0.33

718,440.08 0.5724,450 NOKIA CORP 499,090.56 0.398,700 UPM KYMENNE CORP 219,349.52 0.17

6,333,379.04 5.002,670 ACCOR SA 206,670.70 0.164,227 AIR FRANCE -KLM 177,752.74 0.141,743 AIR LIQUIDE 413,483.41 0.331,475 ALSTOM 199,752.40 0.168,312 AXA 336,162.18 0.278,200 BNP PARIBAS 893,688.66 0.711,447 CAP GEMINI 90,729.52 0.073,033 CARREFOUR 183,735.44 0.151,918 ESSILOR INTERNATIONAL 206,000.95 0.165,993 FRANCE TELECOM 165,560.92 0.131,669 GROUPE DANONE 252,654.92 0.201,712 MICHELIN (NOM.B) 163,670.84 0.13

986 PERNOD RICARD 226,232.87 0.18715 PPR SA 106,728.89 0.08

2,985 PUBLICIS GROUPE 125,760.64 0.106,750 SANOFI-AVENTIS 622,617.08 0.492,146 SCHNEIDER ELECTRIC SA 237,988.11 0.193,297 SUEZ (EX SUEZ LYONNAISE DES EAUX) 170,555.92 0.13

11,388 TOTAL SA 820,667.37 0.651,070 UNIBAIL HOLDING ACT 261,167.86 0.211,941 VEOLIA ENVIRONNEMENT 149,474.78 0.125,876 VIVENDI 229,429.75 0.181,384 ZODIAC ACT. 92,893.09 0.07

3,559,234.96 2.813,611 ALLIANZ AG NAMEN VINKULIERT 736,912.20 0.583,069 BEIERSDORF AG 198,785.54 0.162,333 BMW AG 133,854.62 0.11

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5,710 COMMERZBANK AG 217,225.83 0.172,395 DAIMLERCHRYSLER REG. 147,802.20 0.12

607 DEUTSCHE BOERSE AG NAMEN 111,594.63 0.093,232 EON AKTIENGESELLSCHAFT 438,248.79 0.353,077 MAN AG ST. 277,775.49 0.222,910 RWE -A- 320,412.17 0.252,464 SAP AG 130,810.92 0.105,525 SIEMENS NAM. AKT REG 547,435.57 0.436,340 THYSSENKRUPP 298,377.00 0.24

520,617.34 0.419,531 HELLENIC TELECOMMUNICATIONS

ORGANISATION 286,048.89 0.235,097 NATIONAL BANK OF GREECE REG. 234,568.45 0.19

763,055.28 0.6041,877 HSBC HOLDINGS PLC (USD 0.5) 763,055.28 0.60

480,631.85 0.386,346 BANK OF IRELAND (GOV&CO) 146,442.68 0.128,035 CRH PLC 334,177.43 0.26

1 EXPERIAN GROUP 11.74 0.00

2,294,400.78 1.814,749 ASSICURAZIONI GENERALI SPA 208,345.68 0.169,997 BULGARI SPA 141,712.35 0.11

14,280 ENEL 147,158.97 0.1220,449 ENI AZ 687,070.08 0.5410,085 FIAT 192,403.93 0.155,212 SAIPEM SPA 135,799.73 0.11

59,753 TELECOM ITALIA SPA 180,436.64 0.1468,694 UNICREDITO ITALIANO 601,473.40 0.48

2,881,353.53 2.285,887 ABN AMRO HOLDING 189,026.43 0.157,105 AEGON NV 135,288.48 0.118,274 AKZO NOBEL NV 504,174.67 0.40

22,311 KPN, KONINKLIJKE 316,857.71 0.259,376 MITTAL STEEL COMPANY N.V. CLASS -A- 395,389.92 0.313,219 NUMICO, KONINKLIJKE 172,972.92 0.144,700 PHILIPS ELECTRONICS, KONINKLIJKE 177,067.00 0.14

16,912 ROYAL DUTCH SHELL PLC -A- 590,831.92 0.477,694 SBM OFFSHORE NV 264,295.31 0.214,714 WOLTERS KLUWER NV 135,449.17 0.11

333,312.30 0.2617,700 TELENOR AS 333,312.30 0.26

121,669.73 0.1032,953 BCP, BANCO COMMERCIAL PORTUGUES

SA NOM. 121,669.73 0.10

1,073,651.71 0.85289,000 SINGAPORE EXCHANGE LTD 1,073,651.71 0.85

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1,263,569.66 1.002,074 ALTADIS SA 108,438.00 0.09

39,698 BANCO SANTANDER CENTRAL HISPANO REG. 740,197.44 0.58

14,864 BCO POPULAR ESPANOL REG. 269,113.68 0.216,860 TELEFONICA SA 145,820.54 0.12

1,173,662.06 0.935,600 ATLAS COPCO -A- FREE 188,222.00 0.154,050 HENNES MAURITZ AB -B- FREE 204,779.10 0.16

33,600 NORDEA BANK 518,019.67 0.4165,000 TELEFON AB L.M.ERICSSON -SHS-B- 262,641.29 0.21

5,272,571.22 4.1719,407 ABB NAM.AKT 347,382.50 0.277,080 CIE FIN RICHEMONT UNITS -A-

(1AKT.A 1PS) 411,803.18 0.3313,359 CS GROUP NAMEN-AKT 932,967.30 0.744,700 LOGITECH NAMEN AKT 135,338.47 0.112,475 NESTLE SA REG.SHS 877,932.62 0.692,829 NOVARTIS SA REG.SHS 162,808.61 0.134,354 ROCHE HOLDING GENUSSSCHEIN 779,359.71 0.62

236 SERONO -B- 211,508.30 0.17703 SYNGENTA NAMEN 130,558.43 0.10

15,669 UBS NAM.AKT 950,526.94 0.751,237 ZURICH FINANCIAL SERVICES NAMEN-AKT 332,385.16 0.26

7,017,665.79 5.553,525 ANGLO AMERICAN 171,855.57 0.148,892 ASTRAZENECA 477,545.02 0.38

52,233 BAE SYSTEMS 435,241.59 0.3424,470 BARCLAYS PLC 349,613.01 0.2876,166 BP PLC 845,975.48 0.6726,857 CENTRICA PLC 186,339.33 0.1519,681 COMPASS GROUP PLC 111,705.85 0.0910,396 DIAGEO PLC 203,977.10 0.1620,981 EASYJET PLC 251,719.82 0.208,854 GLAXOSMITHKLINE PLC 232,900.03 0.18

14,396 HBOS 318,947.37 0.258,340 INTERCONTINENTAL HOTELS GROUP PLC 205,994.76 0.16

30,490 KINGFISHER PLC 142,323.48 0.114,217 LAND SECURITIES GROUP PLC 191,727.13 0.154,336 LSE GROUP 111,170.95 0.09

12,683 NATIONAL GRID TRANSCO PLC 182,944.87 0.1412,436 PEARSON PLC 187,779.17 0.1511,037 PRUDENTIAL PLC 151,101.77 0.123,332 RECKITT BENCKISER PLC 152,207.69 0.12

93,933 RENTOKIL INITIAL PLC 304,721.08 0.248,266 ROYAL BANK OF SCOTLAND GROUP PLC 322,428.53 0.25

25,757 SAGE GROUP 136,614.04 0.116,280 SCOTTISH AND SOUTHERN ENERGY 191,003.54 0.158,682 SCOTTISH POWER PLC 127,101.93 0.10

39,500 TESCO ORD PLC 312,713.32 0.25210,321 VODAFONE GROUP PLC 582,465.02 0.46

9,586 WPP GROUP PLC 129,548.34 0.10

GB

CH

S

E


49,092,993.95 38.797,400 ABBOTT LABORATORIES 360,454.00 0.281,600 AETNA US HEALTHCARE INC 69,088.00 0.059,000 ALCOA 270,090.00 0.214,400 ALLSTATE CORP 286,484.00 0.23

10,200 ALTRIA GROUP 875,364.00 0.695,800 AMERICAN EXPRESS CO COM. 351,886.00 0.288,790 AMERICAN INTERNATL GROUP INC 629,891.40 0.504,826 AMGEN INC 329,664.06 0.266,600 ANALOG DEVICES INC 216,942.00 0.175,500 APACHE CORP 365,805.00 0.293,600 APPLE COMPUTER COM. 305,424.00 0.24

14,200 APPLIED MATERIALS INC 261,990.00 0.215,881 ARCHER-DANIELS MIDLAND CO 187,956.76 0.15

15,903 AT & T COMCAST CORP 673,173.99 0.5328,100 AT&T INC 1,004,575.00 0.797,400 AUTOMATIC DATA PROCESSING INC 364,450.00 0.295,800 AVON PRODUCTS INC. COM. 191,632.00 0.15

17,400 BANK OF AMERICA CORP 928,986.00 0.733,000 BAXTER INTERNATIONAL INC 139,170.00 0.116,300 BELLSOUTH CORP 296,793.00 0.233,500 BEST BUY CO INC 172,165.00 0.145,000 BOEING CO COM. 444,200.00 0.355,700 BOSTON SCIENTIFIC CORP 97,926.00 0.08

11,600 BRISTOL MYERS SQUIBB CO 305,312.00 0.245,700 BURLINGTON NORTHERN SANTA FE CORP 420,717.00 0.332,800 CAPITAL ONE FINANCIAL CORP 215,096.00 0.171,601 CAREMARX RX 91,433.11 0.074,500 CATERPILLAR INC 275,985.00 0.223,400 CELGENE CORP 195,602.00 0.159,500 CHEVRON CORPORATION 698,535.00 0.55

30,100 CISCO SYSTEMS 822,633.00 0.6518,104 CITIGROUP INC 1,008,392.80 0.804,899 COACH INC 210,461.04 0.179,000 COCA-COLA CO 434,250.00 0.34

1 CONOCOPHILLIPS 71.95 0.009,500 CONSECO INC 189,810.00 0.158,900 CORNING INC 166,519.00 0.133,328 COSTCO WHOLESALE CORP 175,951.36 0.145,913 CVS CORP 182,770.83 0.145,000 DEAN FOODS 211,400.00 0.17

11,374 DELL INC 285,373.66 0.235,083 DEVON ENERGY 340,967.64 0.273,715 DOMINION RESOURCES 311,465.60 0.256,900 DOVER CORP 338,238.00 0.276,197 DOW CHEMICAL CO COM. 247,508.18 0.203,978 DU PONT E I NEMOURS CO 193,768.38 0.15

12,064 DUKE ENERGY HLDG 400,645.44 0.3211,600 DUKE REALTY 474,440.00 0.376,900 EBAY 207,483.00 0.164,452 ECOLAB INC 201,230.40 0.163,300 ELECTRONIC ARTS 166,188.00 0.135,100 ELI LILLY & CO 265,710.00 0.21

15,100 EMC CORP 199,320.00 0.169,000 EMERSON ELECTRIC CO 396,810.00 0.312,000 ENERGIZER HOLDINGS INC 141,980.00 0.113,982 ENTERGY 367,618.24 0.295,261 EXELON CORP 325,603.29 0.26

USA

34



Global Equities


5,000 EXPEDITORS INTERNATIONAL OF WASHINGTON 202,500.00 0.16

21,534 EXXON MOBIL 1,650,150.42 1.305,400 FANNIE MAE 320,706.00 0.255,900 FEDERATED DEPARTMENT STORE 224,967.00 0.182,200 GENENTECH INC 178,486.00 0.14

37,224 GENERAL ELECTRIC CO 1,385,105.04 1.093,502 GILEAD SCIENCES INC 227,384.86 0.182,000 GOLDMAN SACHS GROUP 398,700.00 0.32

900 GOOGLE -SHS A - 414,432.00 0.338,500 HALLIBURTON CO 263,925.00 0.212,100 HARRAH'S ENTERTAINMENT INC 173,712.00 0.143,100 HARTFORD FINANCIAL SERVICES GROUP 289,261.00 0.23

12,400 HEWLETT PACKARD CO 510,756.00 0.4010,900 HOME DEPOT INC 437,744.00 0.359,800 HONEYWELL INTERNATIONAL 443,352.00 0.35

17,500 HUNTINGTON BANCSHARES INC 415,625.00 0.336,900 IBM CORP 670,335.00 0.531,135 IDEARC SHS WHEN ISSUED 32,517.75 0.03

32,800 INTEL CORP 664,200.00 0.523,100 JC PENNEY INC 239,816.00 0.19

11,200 JOHNSON JOHNSON 739,424.00 0.5817,200 JP MORGAN CHASE 830,760.00 0.663,300 LEHMAN BROTHERS HOLDINGS INC 257,796.00 0.203,700 LIBERTY MEDIA HOLDING CORP

CAPITAL -A- 362,526.00 0.299,900 LOWE'S COMPANIES INC 308,385.00 0.244,500 MANPOWER INC 337,185.00 0.276,000 MARSH MC-LENNAN COS. INC. 183,960.00 0.154,400 MC DONALDS CORP 195,052.00 0.153,248 MEDTRONIC INC 173,800.48 0.146,750 MERCANTILE BANKSHARES 315,832.50 0.25

10,350 MERCK AND CO INC. 451,260.00 0.364,500 MERRILL LYNCH & CO INC 418,950.00 0.33

50,400 MICROSOFT CORP 1,504,944.00 1.194,400 MONSANTO CO (NEW) 231,132.00 0.184,700 MORGAN STANLEY 382,721.00 0.30

11,400 MOTOROLA 234,384.00 0.199,206 NEW YORK TIMES -A- 224,258.16 0.18

13,697 NEWS CORP -A- WHEN ISSUED 294,211.56 0.234,280 NIKE -B- 423,848.40 0.333,100 NUCOR CORP 169,446.00 0.137,400 OCCIDENTAL PETROLEUM CORP 361,342.00 0.29

34,900 ORACLE CORP 598,186.00 0.476,648 PEPSICO INC. 415,832.40 0.33

32,867 PFIZER INC 851,255.30 0.6712,100 PLUM CREEK TIMBER 482,185.00 0.384,300 PRINCIPAL FINANCIAL GROUP INC 252,410.00 0.20

12,186 PROCTER GAMBLE CO 783,194.22 0.627,700 PROGRESSIVE CORP 186,494.00 0.158,800 QUALCOMM INC 332,552.00 0.267,000 SCHLUMBERGER LTD 442,120.00 0.35

15,804 SPRINT NEXTEL 1 SHS-SERIES 1 298,537.56 0.243,100 STARBUCKS CORP 109,802.00 0.094,900 ST.PAUL TRAVEL COMPANIES 263,081.00 0.214,700 T ROWE PRICE GROUP INC 205,719.00 0.164,900 TARGET 279,545.00 0.229,300 TEXAS INSTRUMENTS INC 267,840.00 0.21

29,387 TIME WARNER INC 640,048.86 0.513,600 TRANSOCEAN SEDCO FOREX INC 291,204.00 0.234,200 TXU 227,682.00 0.18

12,400 TYCO INTERNATIONAL 376,960.00 0.30


6,772 UNITED TECHNOLOGIES CORPORATION 423,385.44 0.334,562 UNITEDHEALTH GROUP 245,116.26 0.19

10,000 US BANCORP 361,900.00 0.293,900 VALERO ENERGY CORP (NEW) 199,524.00 0.16

19,300 VERIZON COMMUNICATIONS INC 718,732.00 0.577,580 WACHOVIA CORP 431,681.00 0.348,623 WAL MART STORES 398,210.14 0.315,075 WALGREEN CO 232,891.75 0.18

10,974 WALT DISNEY CO (HOLDING CO) 376,078.98 0.308,100 WASHINGTON MUTUAL 368,469.00 0.292,446 WELLPOINT INC 192,475.74 0.15

13,400 WELLS FARGO AND CO NEW 476,504.00 0.386,500 WYETH 330,980.00 0.267,600 YAHOO INC 194,104.00 0.15


1,772,962.18 1.4048,257 SECTOR SPDR FINANCIAL SELECT

SECTOR ETF 1,772,962.18 1.40



10,745,571.61 8.497,444 CAAM ACTIONS EMERGENTS

3 DECIMALES 3,316,045.52 2.6221 CAAM INDEX JAPON -C- CAP 3DEC 1,832,192.41 1.457 CAAM SECTEUR FINANCE MONDE 750,760.14 0.59

11 CAAM VOLATILITE ACTIONS 749,519.68 0.5937,611 CPR CONQUERANCE MONDE PARTS

3 DECIMALES 4,097,053.86 3.24


F

USA

35




Global Finance



SHARES 23,961,422.88 100.38

752,577.59 3.156,815 ASX LTD 204,924.55 0.868,800 BABCOCK AND BROWN LTD 172,015.65 0.726,038 MACQUARIE BANK 375,637.39 1.57

115566,,222222..0000 00..66553,300 LAZARD -A- 156,222.00 0.65

322,241.00 1.354,300 BANCO BRADESCO PFD ADR REPR 1 173,505.00 0.731,600 UNIBANCO SPONSORED GDR REPR.10

UNITS 148,736.00 0.62

1,642,858.22 6.883,250 BROOKFIELD ASSET MANAGEMENT INC -A- 157,404.44 0.666,000 IGM FINANCIAL INC 253,160.18 1.064,500 INDUSTRIAL ALLIANCE INSURANCE AND

FIN. 139,753.70 0.59172,500 JOVIAN CAPITAL CORP 130,447.10 0.5514,114 MANULIFE FINANCIAL CORP 477,262.70 2.007,200 POWER FINANCIAL 233,196.10 0.984,200 TORONTO DOMINION BANK 251,634.00 1.05

871,764.93 3.65140,000 CHINA INSURANCE INTERNATIONAL

HOLDINGS 176,412.33 0.74258,000 CHINA OVERSEAS LAND INVESTMENT LTD 346,333.92 1.4583,000 GUANGZHOU R&F PROPERTIES COMPANY

LTD -H- 179,292.53 0.7560,000 HOPSON DEVELOPMENT HOLDINGS LTD 169,726.15 0.71

1,056,022.22 4.429,201 AXA 372,116.00 1.564,408 BNP PARIBAS 480,412.15 2.011,200 SOCIETE GENERALE PARIS -A- 203,494.07 0.85

1,358,884.66 5.692,415 ALLIANZ AG NAMEN VINKULIERT 492,839.37 2.066,383 COMMERZBANK AG 242,828.80 1.021,171 DEUTSCHE BOERSE AG NAMEN 215,283.88 0.902,372 MUENCHENER RUECKVERSICHERUNGS

NAMEN 407,932.61 1.71

734,552.45 3.08247,000 CITIC INTERNATIONAL FINANCIAL

HOLDINGS 221,680.35 0.9319,698 HSBC HOLDINGS PLC (USD 0.5) 358,924.06 1.5013,400 SUN HUNG KAI PROPERTIES LTD 153,948.04 0.64

HK

D

F

CHN

CAN

BR

BMU

AUS


196,325.45 0.829,477 ANGLO-IRISH BANK 196,325.45 0.82

561,940.80 2.3564,179 UNICREDITO ITALIANO 561,940.80 2.35

2,142,024.96 8.973,600 MILLEA HOLDING 126,893.53 0.53

28 MITSUBISHI UFJ FINANCIAL GROUP INC 345,432.40 1.45500 MITSUI FUDOSAN 12,190.00 0.05

32,000 MITSUI TRUST HOLDING 366,849.88 1.5433 MIZUHO FINANCIAL GROUP ONC 235,407.65 0.99

1,380 ORIX CORP 398,984.49 1.67400 SHINSEI BANK LTD 2,349.88 0.0128 SUMITOMO MITSUI FINANCIAL GROUP INC 286,685.39 1.20

5,000 SUMITOMO REALTY DEVLOPMENT 160,295.40 0.67100 SUNCITY CO LTD 58,327.39 0.24

2,250 T&D HOLDINGS 148,608.95 0.62

748,869.42 3.1416,907 ING GROEP NV CERT OF SHS 748,869.42 3.14

195,337.06 0.822,500 GRUPA PEKAO 195,337.06 0.82

18,101.30 0.081,361 SISTEMAS SPONSORED GDR REGS REPR.20

SHS 18,101.30 0.08

1,224,098.06 5.13102,000 CAPITALAND LTD 412,175.89 1.7374,633 CAPITARETAIL CHINA TRUST -UNITS- 102,150.60 0.4319,000 DBS GROUP HOLDINGS 279,867.69 1.1734,000 UNITED OVERSEAS BANK 429,903.88 1.80

1,118,081.62 4.6816,794 BANCO BILBAO VIZCAYA ARGENTARIA SA

BBVA 403,932.24 1.6938,301 BANCO SANTANDER CENTRAL HISPANO

REG. 714,149.38 2.99

1,316,266.46 5.514,692 CIE SUISSE REASSURANCE REG 398,213.38 1.677,505 CS GROUP NAMEN-AKT 524,135.01 2.201,466 ZURICH FINANCIAL SERVICES NAMEN-AKT 393,918.07 1.65

1,073,926.04 4.505,176 BRITISH LAND CO PLC 173,634.43 0.736,470 HAMMERSON PLC 199,694.79 0.846,297 LAND SECURITIES GROUP PLC 286,294.93 1.20

10,352 PRUDENTIAL PLC 141,723.79 0.596,988 ROYAL BANK OF SCOTLAND GROUP PLC 272,578.10 1.14

GB

CH

E

SGP

RUS

PL

NL

J

I

IRL

36



Global Finance


8,471,328.64 35.495,700 ACE 345,249.00 1.458,300 AFLAC INC 381,800.00 1.609,800 AMERICAN INTERNATL GROUP INC 702,268.00 2.942,800 AMERIPRISE FINANCIAL INC - WHEN

ISSUED 152,600.00 0.6420,156 BANK OF AMERICA CORP 1,076,128.84 4.5126,233 CITIGROUP INC 1,461,178.10 6.121,200 FRANKLIN RESOURCES INC 132,204.00 0.55

20,439 JP MORGAN CHASE 987,203.70 4.141,400 LEGG MASON 133,070.00 0.566,900 MERRILL LYNCH & CO INC 642,390.00 2.698,000 NORTHERN TRUST CORP 485,520.00 2.039,900 PROGRESSIVE CORP 239,778.00 1.005,376 PRUDENTIAL FINANCIAL INC 461,583.36 1.935,500 STATE STREET CORP 370,920.00 1.55

13,600 TD AMERITRADE HOLDING CORP 220,048.00 0.927,500 WACHOVIA CORP 427,125.00 1.797,094 WELLS FARGO AND CO NEW 252,262.64 1.06


USA

37




Global Food & Healthcare



SHARES 28,382,701.41 99.88

581.52 0.0035 SANOCHEMIA PHARMA 581.52 0.00

351,261.93 1.245,334 INBEV 351,261.93 1.24

925,117.55 3.266,562 AMBEV PFD.SHS ADR REPR.100 PFD SHS 320,225.60 1.13

25,123,850 COELCE -A- PREF 134,737.60 0.4716,505 ENERGIAS DO BRAZIL 255,109.49 0.906,351 SABESP ADR REPR. 250 SHS 215,044.86 0.76

485,343.97 1.7112,400 ALIMENTATION COUCHE - TARD INC SUB

VTG B 270,123.45 0.955,000 SHOPPERS DRUG MART CORP 215,220.52 0.76

274,720.00 0.979,663 FORTUM CORP 274,720.00 0.97

2,166,293.72 7.622,900 EDF 211,089.49 0.74

923 EDF ENERGIES NOUVELLES 48,818.44 0.172,705 GROUPE DANONE 409,485.66 1.446,325 IPSEN 293,751.05 1.033,918 SANOFI-AVENTIS 361,394.63 1.27

11,334 SUEZ (EX SUEZ LYONNAISE DES EAUX) 586,315.07 2.063,317 VEOLIA ENVIRONNEMENT 255,439.38 0.90

464,284.80 1.632,500 BEIERSDORF AG 161,930.22 0.572,746 RWE -A- 302,354.58 1.06

789,935.57 2.7830,786 C C GROUP PLC 546,015.65 1.9213,702 C C GROUP PLC 243,919.92 0.86

561,045.45 1.9780,500 AEM SPA 268,881.31 0.9528,351 ENEL 292,164.14 1.03

1,588,805.24 5.5920,000 AJINOMOTO CO INC 264,025.83 0.939,220 CHUGAI PHARMACEUTICAL 189,963.48 0.67

91 JAPAN TOBACCO 439,133.87 1.5514,000 KIRIN BREWERY CO LTD 219,831.30 0.7711,000 SHINOGI CO LTD 216,021.14 0.7612,000 SHISEIDO 259,829.62 0.91

J

I

IRL

D

F

SF

CAN

BR

B

A


558,464.43 1.974,300 HEINEKEN NV 204,297.13 0.726,591 NUMICO, KONINKLIJKE 354,167.30 1.25

221,280.02 0.7843,700 EDP-ENERGIAS REG.SHS 221,280.02 0.78

789,620.41 2.785,378 ALTADIS SA 281,185.89 0.999,100 ENAGAS SA 211,434.98 0.74

22,300 GRIFOLS-SHS.A 296,999.54 1.05

194,535.03 0.6810,400 SWEDISH MATCH 194,535.03 0.68

2,949,875.10 10.382,800 BKW FMB ENERGIE AG 328,701.97 1.16

86 CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH 211,921.18 0.75

2,412 NESTLE SA REG.SHS 855,585.24 3.0110,761 NOVARTIS SA REG.SHS 619,294.25 2.185,220 ROCHE HOLDING GENUSSSCHEIN 934,372.46 3.29

3,664,416.08 12.909,119 ASTRAZENECA 489,736.06 1.72

24,732 CENTRICA PLC 171,595.64 0.6011,436 DAX GROUP PLC 182,639.65 0.6428,705 GLAXOSMITHKLINE PLC 755,070.64 2.667,222 IMPERIAL TOBACCO GROUP PLC 284,108.55 1.00

16,097 NATIONAL GRID TRANSCO PLC 232,189.83 0.8262,357 OPTOS PLC 262,699.43 0.9298,616 RENOVO GROUP 337,766.20 1.1919,500 SMITH NEPHEW PLC 203,419.50 0.7234,113 TESCO ORD PLC 270,065.57 0.9517,000 UNILEVER PLC 475,125.01 1.67

12,397,120.59 43.6311,692 ALTRIA GROUP 1,003,407.44 3.5311,000 ALTUS PHARMACEUTICALS INC 207,350.00 0.737,300 AMGEN INC 498,663.00 1.75

23,700 ARRAY BIOPHARMA INC 306,204.00 1.0811,022 ARTES MEDICAL 92,033.70 0.3211,900 BRISTOL MYERS SQUIBB CO 313,208.00 1.102,588 CELGENE CORP 148,887.64 0.52

20,400 CHIQUITA BRANDS INTERNATIONAL INC 325,788.00 1.153,400 CLOROX CO 218,110.00 0.776,300 COCA-COLA CO 303,975.00 1.074,400 COLGATE-PALMOLIVE CO 287,056.00 1.019,300 CVS CORP 287,463.00 1.015,500 DUKE ENERGY HLDG 182,655.00 0.644,345 EDISON INTERNATIONAL 197,610.60 0.703,006 ELI LILLY & CO 156,612.60 0.552,358 FPL GROUP INC 128,322.36 0.451,893 GENENTECH INC 153,579.09 0.543,000 GILEAD SCIENCES INC 194,790.00 0.69

USA

GB

CH

S

E

P

NL

38



Global Food & Healthcare


4,663 HANSEN NATURAL CORP 157,049.84 0.5510,973 JOHNSON JOHNSON 724,437.46 2.5510,431 KERYX BIOPHARMACEUTICALS 138,732.30 0.492,432 LOEWS CAROLINA GROUP 157,399.04 0.556,413 MATRIA HEALTHCARE INC 184,245.49 0.656,900 MEDIMMUNE INC 223,353.00 0.797,987 MERCK AND CO INC. 348,233.20 1.235,257 MOMENTA PHARMACEUTICALS INC 82,692.61 0.299,975 PEPSICO INC. 623,936.25 2.20

33,182 PFIZER INC 859,413.80 3.024,627 PPL CORP 165,831.68 0.58

20,238 PROCTER GAMBLE CO 1,300,696.26 4.586,100 PROGENICS PHARMACEUTICALS INC 157,014.00 0.553,858 PROGRESS ENERGY INC 189,350.64 0.67

13,607 SCHERING PLOUGH CORP 321,669.48 1.1310,671 SENOMYX INC 138,616.29 0.493,700 SEPRACOR INC 227,846.00 0.805,100 SIERRA HEALTH SERVICES 183,804.00 0.653,881 SOUTHERN CO 143,053.66 0.509,700 SUNRISE SENIOR LIVING INC 297,984.00 1.05

26,600 TENET HEALTHCARE CORP 185,402.00 0.657,348 VERTEX PHARMACEUTICALS INC 274,962.16 0.973,900 ZIMMER HOLDINGS INC 305,682.00 1.08


39




Global Quant



SHARES 20,516,701.14 99.06

319,385.22 1.5427,500 JOHN FAIRFAX HOLDINGS 104,691.98 0.5132,300 MAYNE PHARMA LTD 103,616.88 0.507,500 ZINIFEX LTD 111,076.36 0.54

220,007.52 1.06900 GROUPE BRUXELLES LAMBERT GBL 108,056.77 0.52

1,700 INBEV 111,950.75 0.54

330,166.47 1.5941,300 CHINA MENGNIU DAIRY 108,597.09 0.5212,800 CHINA MOBILE LIMITED 110,599.73 0.5392,700 CHINA RESOURCES BEIJING LAND LTD 110,969.65 0.54

97,220.48 0.471,200 WILLIAM DEMANT HOLDING 97,220.48 0.47

109,643.11 0.534,100 SAMPO LEONIA OYJ -A- 109,643.11 0.53

1,290,541.67 6.235,000 AIR FRANCE -KLM 210,258.74 1.021,600 BNP PARIBAS 174,378.28 0.841,100 CASINO GUICHARD PERRACHON 102,116.26 0.491,600 CIE SAINT GOBAIN 134,291.32 0.652,900 CREDIT AGRICOLE SA 121,835.35 0.594,900 FRANCE TELECOM 135,366.02 0.652,400 PEUGEOT SA 158,870.95 0.771,700 TOTAL SA 122,509.18 0.591,700 VEOLIA ENVIRONNEMENT 130,915.57 0.63

1,185,697.11 5.73800 ALLIANZ AG NAMEN VINKULIERT 163,259.42 0.79

1,800 ALTANA AG 111,557.79 0.543,200 COMMERZBANK AG 121,737.77 0.594,000 DEUTSCHE POST NAM. 120,471.86 0.581,100 LINDE AG 113,517.30 0.553,300 PROSIEBEN SAT.1 MED.VORZ.AKT.OHNE STIMM. 108,135.89 0.521,200 RWE -A- 132,128.73 0.64

800 SIEMENS NAM. AKT REG 79,266.69 0.382,600 THYSSENKRUPP 122,362.81 0.591,000 VOLKSWAGEN AG ST 113,258.85 0.55

150,579.28 0.733,900 GREEK ORGANISAT.OF FOOTBALL

PROGNOSTICS 150,579.28 0.73

199,909.76 0.9730,000 FOXCONN INTERNATIONAL HOLDINGS LTD 98,171.15 0.4725,900 KINGBOARD CHEMICAL HOLDINGS LTD 101,738.61 0.49

HK

GR

D

F

SF

DK

CHN

B

AUS


413,349.51 2.0030,400 AEM SPA 101,540.27 0.496,100 ENI AZ 204,955.13 0.99

107,300 PIRELLI C AZ 106,854.11 0.52

2,677,764.93 12.9314,000 AMADA CO LTD 148,159.95 0.721,200 FANUC LTD 118,031.13 0.57

48 FUJI TV NETWORK 109,571.56 0.5319,400 HITACHI LTD 120,807.34 0.588,300 JAPAN SECURITIES FINANCE CO LTD 100,375.97 0.48

17 KDDI CORP 115,135.74 0.566,600 MATSUSHITA ELECTRIC IND. 131,551.33 0.643,400 MILLEA HOLDING 119,843.89 0.584,900 MITSUBISHI ESTATE 126,658.55 0.61

18 MITSUBISHI UFJ FINANCIAL GROUP INC 222,063.68 1.079,800 MITSUI CO.LTD 146,397.54 0.71

25,200 NIPPON STEEL CORP 144,658.63 0.7010,400 NISSAN MOTOR 125,074.06 0.603,200 OLYMPUS CORP 100,440.60 0.483,900 SEVEN & I HOLDINGS CO LTD, TOKYO 121,102.76 0.58

15,600 SEVENTY-SEVEN BANK LTD 98,846.03 0.487,000 SUMITOMO ELECTRIC INDUSTRIES LTD 109,269.43 0.532,200 TAKEDA PHARMA 150,845.53 0.734,000 TOYOTA MOTOR CORP 267,214.96 1.291,200 YAMADA DENKI CO LTD 101,716.25 0.49

503,124.49 2.435,500 MITTAL STEEL COMPANY N.V. CLASS -A- 231,864.82 1.121,600 RANDSTAD HOLDING 110,555.62 0.534,600 ROYAL DUTCH SHELL PLC -A- 160,704.05 0.78

113,388.74 0.552,000 ORKLA BORREGAARD FRIE A 113,388.74 0.55

119,312.02 0.588,100 DBS GROUP HOLDINGS 119,312.02 0.58

617,502.70 2.983,900 ALTADIS SA 203,909.44 0.981,400 CORP FIN ALBA SPLIT ISS. 99 104,397.52 0.502,900 ENDESA 137,016.97 0.668,100 TELEFONICA SA 172,178.77 0.83

167,611.46 0.812,400 CS GROUP NAMEN-AKT 167,611.46 0.81

104,928.00 0.519,600 TAIWAN SEMICON ADR (REPR 5 SHS) 104,928.00 0.51

1,334,063.71 6.4412,000 BARCLAYS PLC 171,448.96 0.8313,100 BHP BILLITON PLC 239,596.99 1.1612,900 BRITISH SKY BROADCASTING GROUP 131,792.58 0.6439,900 BT GROUP PLC 235,445.81 1.14

GB

RC

CH

E

SGP

N

NL

J

I

40



Global Quant


715 FENNER PLC 3,029.68 0.013,600 IMPERIAL TOBACCO GROUP PLC 141,621.54 0.68

12,800 REUTERS GROUP PLC 111,543.60 0.544,900 ROYAL BANK OF SCOTLAND GROUP PLC 191,132.32 0.92

13,000 TAYLOR WOODROW PLC 108,452.23 0.52

10,562,504.96 51.005,400 ACCENTURE LTD -A- 199,422.00 0.962,400 ACE 145,368.00 0.709,700 AES CORP 213,788.00 1.033,200 AMAZON COM INC 126,272.00 0.613,000 AMERICAN INTERNATL GROUP INC 214,980.00 1.044,600 AMERICAN STANDARD COS 210,910.00 1.024,600 ANADARKO PETROLEUM 200,192.00 0.971,500 APACHE CORP 99,765.00 0.486,700 APPLIED MATERIALS INC 123,615.00 0.602,900 AUTOMATIC DATA PROCESSING INC 142,825.00 0.69

900 AUTOZONE INC 104,004.00 0.505,700 BANK OF AMERICA CORP 304,323.00 1.472,900 CAPITAL ONE FINANCIAL CORP 222,778.00 1.083,800 CATERPILLAR INC 233,054.00 1.134,600 CISCO SYSTEMS 125,718.00 0.612,600 CIT GROUP INC 145,002.00 0.704,100 CITIGROUP INC 228,370.00 1.103,600 COCA-COLA CO 173,700.00 0.842,100 COMPUTER SCIENCES CORP. 112,077.00 0.542,900 CONOCOPHILLIPS 208,655.00 1.015,400 COUNTRYWIDE FINANCIAL CORP 229,230.00 1.119,500 DELL INC 238,355.00 1.155,800 DOW CHEMICAL CO COM. 231,652.00 1.122,800 DU PONT E I NEMOURS CO 136,388.00 0.66

14,100 EL PASO CORP 215,448.00 1.043,000 EMERSON ELECTRIC CO 132,270.00 0.645,200 EXXON MOBIL 398,476.00 1.925,800 FIRST DATA CORP 148,016.00 0.713,000 FREDDIE MAC 203,700.00 0.984,300 GENERAL ELECTRIC CO 160,003.00 0.773,800 GENERAL MOTORS CORP 116,736.00 0.56

659 GLACIER BANCORP INC 16,105.96 0.08800 GOLDMAN SACHS GROUP 159,480.00 0.77

1,300 HARTFORD FINANCIAL SERVICES GROUP 121,303.00 0.594,000 HERSHEY 199,200.00 0.963,300 IBM CORP 320,595.00 1.555,100 JP MORGAN CHASE 246,330.00 1.196,300 MERCK AND CO INC. 274,680.00 1.339,800 MICRON TECHNOLOGY 136,808.00 0.66

10,300 MICROSOFT CORP 307,558.00 1.492,000 MOODY'S CORP WHEN ISSUED 138,120.00 0.677,900 MOTOROLA 162,424.00 0.786,700 NABORS INDUSTRIES LTD 199,526.00 0.963,700 ORACLE CORP 63,418.00 0.316,000 PFIZER INC 155,400.00 0.751,600 PROCTER GAMBLE CO 102,832.00 0.502,200 RAYTHEON CO 116,160.00 0.561,700 SHERWIN WILLIAMS CO 108,086.00 0.521,600 SIMON PROPERTY GROUP PAIRED SHS 162,064.00 0.784,200 ST.PAUL TRAVEL COMPANIES 225,498.00 1.097,700 TIME WARNER INC 167,706.00 0.817,400 TJX COS INC 211,048.00 1.024,100 TXU 222,261.00 1.073,800 VALERO ENERGY CORP (NEW) 194,408.00 0.94

USA


3,500 WACHOVIA CORP 199,325.00 0.963,100 WASHINGTON MUTUAL 141,019.00 0.683,200 WASTE MANAGEMENT 117,664.00 0.572,100 WATERS 102,837.00 0.503,900 WATSON PHARMACEUTICALS 101,517.00 0.492,000 XL CAPITAL -A- 144,040.00 0.70


41




Global Resources & Industry



SHARES 9,772,504.93 99.82

159,111.87 1.637,979 BHP BILLITON LTD 159,111.87 1.63

107,625.00 1.104,100 VALE RIO DOCE ADR (1 PFD SHS) 107,625.00 1.10

1,007,426.94 10.292,000 AGNICO EAGLE MINES LTD 82,650.87 0.847,200 ALAMOS GOLD INC 59,768.49 0.61

600 ALCAN INC 29,275.83 0.302,800 AUR RESOURCES 58,372.93 0.601,400 CANADIAN NATURAL RESOURCES 74,770.76 0.76

200 CANADIAN PACIFIC RAILWAY 10,552.64 0.111,300 ENCANA CORP 59,945.51 0.61

600 FIRST QUANTUM MINERALS LTD 32,353.97 0.3314,400 GABRIEL RESOURCES LTD 62,614.61 0.644,700 GAMMON LAKE RESOURCES INC 76,698.25 0.783,000 GOLDCORP 85,357.77 0.87

880 INMET MINING CORP 47,195.38 0.486,900 MIRAMAR MINING 31,485.19 0.321,000 NEXEN INC 55,169.33 0.56

800 PETRO CANADA VAR VTG 32,826.61 0.341,200 SUNCOR ENERGY 94,654.06 0.97

600 TECK CORP CL. "B" SUB-VOTING 45,321.34 0.465,200 YAMANA GOLD INC 68,413.40 0.70

56,312.00 0.58400 PETROCHINA CO ADR REPR.100 SHS 56,312.00 0.58

74,121.87 0.761,147 OUTOKUMPU -A- 44,860.50 0.46

736 RAUTARUUKKI -K- 29,261.37 0.30

829,731.44 8.48934 AIR FRANCE -KLM 39,276.33 0.40573 AIR LIQUIDE 135,930.00 1.39

1,302 ALSTOM 176,323.81 1.80961 CIE SAINT GOBAIN 80,658.72 0.82758 LAFARGE 112,647.79 1.15505 SCHNEIDER ELECTRIC SA 56,003.72 0.57470 TECHNIP-COFLEXIP 32,227.81 0.33

2,729 TOTAL SA 196,663.26 2.01

468,915.34 4.79873 BASF AG 85,014.75 0.87

2,000 DEUTSCHE LUFTHANSA NAMEN 54,987.71 0.56779 LINDE AG 80,390.89 0.82555 MAN AG ST. 50,102.50 0.51

1,434 SIEMENS NAM. AKT REG 142,085.54 1.451,197 THYSSENKRUPP 56,333.95 0.58

D

F

SF

CHN

CAN

BR

AUS


99,816.53 1.022,400 CRH PLC 99,816.53 1.02

169,439.43 1.732,639 ENI AZ 88,668.29 0.913,100 SAIPEM SPA 80,771.14 0.83

623,368.68 6.376,000 ASAHI KASEI CORPORATION 39,226.22 0.403,000 CHIYODA CORP 58,663.08 0.60

7 EAST JAPAN RAILWAY CO 46,703.87 0.48500 FANUC LTD 49,179.64 0.50

1,300 JFE HOLDINGS INC 66,879.27 0.683,000 JGC CORP 51,487.55 0.53

11,000 KAWASAKI HEAVY INDUSTRIES 41,265.58 0.423,700 KOMATSU LTD 74,990.55 0.775,000 KUBOTA CORP 46,242.29 0.472,500 KURARAY CO LTD 29,457.43 0.302,000 MITSUBISHI CORP. 37,598.08 0.386,000 MITSUBISHI ELECTRIC 54,685.07 0.563,000 TAIYO NIPPON SANSO 26,990.05 0.28

342,561.67 3.50615 MITTAL STEEL COMPANY N.V. CLASS -A- 25,934.81 0.26

4,214 ROYAL DUTCH SHELL PLC -A- 147,218.88 1.502,702 ROYAL DUTCH SHELL -SHS.B- 94,660.57 0.972,176 SBM OFFSHORE NV 74,747.41 0.76

31,848.42 0.331,200 STATOIL 31,848.42 0.33

91,057.06 0.93750 ANGLO PLATINUM 91,057.06 0.93

236,972.66 2.422,600 ATLAS COPCO -A- FREE 87,388.78 0.892,650 BOLIDEN AB 68,157.41 0.705,600 SANDVIK AB 81,426.47 0.83

340,867.85 3.4810,176 ABB NAM.AKT 182,148.93 1.86

365 SYNGENTA NAMEN 67,786.38 0.691,822 XSTRATA PLC 90,932.54 0.93

824,308.28 8.422,065 ANGLO AMERICAN 100,675.67 1.031,129 ANGLO AMERICAN 54,762.52 0.567,760 BAE SYSTEMS 64,661.70 0.667,413 BG GROUP 100,544.43 1.03

21,355 BP PLC 237,189.92 2.423,421 BRITISH AIRWAYS 35,318.84 0.361,345 LONMIN PLC 79,235.45 0.811,762 RIO TINTO PLC 93,731.62 0.966,640 ROLLS-ROYCE GROUP 58,188.13 0.59

GB

CH

S

RSA

N

NL

J

I

IRL

42



Global Resources & Industry


4,309,019.89 44.021,500 AIR PRODUCTS CHEMICALS INC 105,420.00 1.08

900 ALLEGHENY TECHNOLOGIES INC 81,612.00 0.83800 BAKER HUGHES INC 59,728.00 0.61

1,600 BOEING CO COM. 142,144.00 1.454,200 CHEVRON CORPORATION 308,826.00 3.151,500 CONTINENTAL AIRLINES -B- 61,875.00 0.631,000 DEERE & CO 95,070.00 0.972,000 DEVON ENERGY 134,160.00 1.37

500 DIAMOND OFFSHORE DRILLING 39,970.00 0.412,000 DU PONT E I NEMOURS CO 97,420.00 1.001,900 EMERSON ELECTRIC CO 83,771.00 0.861,000 EOG RESOURCES 62,450.00 0.649,700 EXXON MOBIL 743,311.00 7.59

500 FEDEX 54,310.00 0.551,200 GENERAL DYNAMICS 89,220.00 0.91

15,600 GENERAL ELECTRIC CO 580,476.00 5.931,100 GLOBALSANTAFE CORP 64,658.00 0.661,400 HALLIBURTON CO 43,470.00 0.44

600 LOCKHEED MARTIN CORP 55,242.00 0.56800 MARATHON OIL 74,000.00 0.76

1,200 MERIDIAN GOLD INC 33,441.89 0.34300 NATIONAL OILWELL VARCO INC 18,354.00 0.19800 NOBLE CORP 60,920.00 0.62

1,500 NUCOR CORP 81,990.00 0.841,400 OCCIDENTAL PETROLEUM CORP 68,362.00 0.70

800 PHELPS DODGE CORP. 95,776.00 0.981,100 PRAXAIR INC 65,263.00 0.671,100 PRIDE INTERNATIONAL INC 33,011.00 0.342,700 SCHLUMBERGER LTD 170,532.00 1.741,800 STEEL DYNAMICS 58,410.00 0.60

600 TEXTRON INC 56,262.00 0.571,200 TRANSOCEAN SEDCO FOREX INC 97,068.00 0.99

800 ULTRA PETROLEUM CORP 38,200.00 0.391,800 UNITED TECHNOLOGIES CORPORATION 112,536.00 1.151,000 US STEEL 73,140.00 0.751,400 VALERO ENERGY CORP (NEW) 71,624.00 0.73

900 WEATHERFORD INTERNATIONAL LTD 37,611.00 0.381,400 XTO ENERGY 65,870.00 0.671,200 3M CO 93,516.00 0.96


SHARES 484.09 0.00

484.09 0.00243,688 ROLLS-ROYCE GROUP -B- 484.09 0.00


GB

USA

43




Global Techno & Telecom



SHARES 18,591,294.77 98.62

72,702.00 0.392,100 TIM PARTICIPACOES-ADR REP 10000 PFD

SHS 72,702.00 0.39

434,406.87 2.302,900 COGNOS INC 123,482.18 0.665,800 ROGERS COMMUNICATIONS -B- NON

VOTING 172,949.82 0.923,000 TELUS CORP 137,974.87 0.73

366,571.30 1.9417,958 NOKIA CORP 366,571.30 1.94

1,082,668.85 5.745,426 ALCATEL SPONS.ADR REPR.1 SHS 77,157.72 0.412,400 CAP GEMINI 150,484.34 0.802,207 DASSAULT SYSTEMES 116,992.47 0.62

12,011 FRANCE TELECOM 331,812.49 1.76913 ILIAD 79,218.43 0.42

1,577 NEUF CEGETEL 55,938.85 0.308,431 STMICROELECTRONICS NV 156,423.76 0.833,400 UBISOFT ENTERTAINMENT 114,640.79 0.61

408,909.29 2.173,888 QIMONDA SHS SPONSORED ADR REPR.

1 SHS 68,078.88 0.366,420 SAP AG 340,830.41 1.81

341,501.34 1.814,195 COSMOTE MOBILE TELECOMMUNICATION

REG.SHS 123,910.90 0.667,250 HELLENIC TELECOMMUNICATIONS

ORGANISATION 217,590.44 1.15

320,791.53 1.701,887 FASTWEB AZ 107,792.83 0.57

29,800 TELECOM ITALIA AZ.DI RISP.NON CONV 75,526.47 0.4045,525 TELECOM ITALIA SPA 137,472.23 0.73

1,922,200.37 10.204,900 CANON INC 275,523.46 1.46

13,400 CITIZEN WATCH LTD ACT. 102,449.74 0.542,600 ELPIDA MEMORY INC 142,704.87 0.765,100 HOYA CORP 198,598.45 1.05

14 KDDI CORP 94,817.67 0.501,000 KYOCERA CORP 94,163.06 0.501,200 MURATA MANUFACTURING CO LTD 80,970.16 0.43

700 NINTENDO CO LTD 181,528.25 0.9627 NIPPON TEL. 132,785.02 0.70

700 NOMURA RESEARCH INSTITUTE 101,397.33 0.5419 NTT DATA CORP 95,035.87 0.50

J

I

GR

D

F

SF

CAN

BR


1,300 TDK CORP 103,210.10 0.5530,300 TOSHIBA CORP 197,075.23 1.057,700 YOKOGAWA ELECTRIC CORP 121,941.16 0.65

116,316.64 0.624,682 ASML HOLDING NV 116,316.64 0.62

167,597.71 0.898,900 TELENOR AS 167,597.71 0.89

102,635.00 0.541,300 VIMPEL COMMUNICATIONS SPONS ADR

3/4 SHS 102,635.00 0.54

82,834.78 0.446,847 MTN GROUP LTD 82,834.78 0.44

86,856.00 0.46264 SAMSUNG ELEC.GDR REP 0.5 VGT HS -144 A- 86,856.00 0.46

532,117.42 2.8225,033 TELEFONICA SA 532,117.42 2.82

336,226.16 1.7841,100 TELEFON AB L.M.ERICSSON -SHS-B- 166,070.11 0.8820,700 TELIASONERA AB 170,156.05 0.90

118,665.93 0.634,121 LOGITECH NAMEN AKT 118,665.93 0.63

228,671.12 1.2111,000 MEDIA TEK INCORPORATION 113,764.03 0.6010,513 TAIWAN SEMICON ADR (REPR 5 SHS) 114,907.09 0.61

2.02 0.000 TURKCELL ILETISIM HIZMET 2.02 0.00

731,641.86 3.8826,337 VODAPHONE GROUP -ADR- 731,641.86 3.88

11,137,978.58 59.087,300 ACCENTURE LTD -A- 269,589.00 1.439,000 ACTIVISION 155,160.00 0.823,000 ADOBE SYSTEMS INC 123,360.00 0.652,300 AKAMAI TECHNOLOGIES 122,176.00 0.653,500 AMERICAN TOWER -A- 130,480.00 0.692,400 ANALOG DEVICES INC 78,888.00 0.423,800 APPLE COMPUTER COM. 322,392.00 1.71

16,700 AT&T INC 597,025.00 3.174,600 AUTOMATIC DATA PROCESSING INC 226,550.00 1.208,600 BELLSOUTH CORP 405,146.00 2.156,000 CADENCE DESIGN SYSTEMS INC 107,460.00 0.57

33,500 CISCO SYSTEMS 915,555.00 4.866,800 CORNING INC 127,228.00 0.67

USA

GB

TUR

RC

CH

S

E

K

RSA

RUS

N

NL

44



Global Techno & Telecom


11,600 DELL INC 291,044.00 1.543,094 DIVX INC 71,378.58 0.384,600 EBAY 138,322.00 0.733,400 ELECTRONIC ARTS 171,224.00 0.91

19,500 EMC CORP 257,400.00 1.371,000 GOOGLE -SHS A - 460,480.00 2.44

13,600 HEWLETT PACKARD CO 560,184.00 2.978,100 IBM CORP 786,915.00 4.17

26,100 INTEL CORP 528,525.00 2.806,100 JUNIPER NETWORKS INC 115,534.00 0.612,900 KLA-TENCOR CORP 144,275.00 0.771,700 LEXMARK INTERNATIONAL INC -A- 124,440.00 0.664,000 MEMC ELECTRONIC MATERIALS 156,560.00 0.834,500 MICRON TECHNOLOGY 62,820.00 0.33

45,300 MICROSOFT CORP 1,352,658.00 7.186,500 MOTOROLA 133,640.00 0.71

22,400 ORACLE CORP 383,936.00 2.044,600 QUALCOMM INC 173,834.00 0.923,600 SBA COMMUNICATIONS 99,000.00 0.534,700 SEAGATE TECHNOLOGY 124,550.00 0.66

16,400 SPRINT NEXTEL 1 SHS-SERIES 1 309,796.00 1.6410,300 TEXAS INSTRUMENTS INC 296,640.00 1.573,800 THQ 123,576.00 0.66

14,900 VERIZON COMMUNICATIONS INC 554,876.00 2.945,300 YAHOO INC 135,362.00 0.72


289,172.00 1.536,700 NASDAQ-100 TRUST SERIES I 289,172.00 1.53


USA

45




Greater China



SHARES 384,092,992.07 99.00

Consumer Discretionary 60,859,105.24 15.6917,874,000 EGANAGOLDPFEIL 10,112,283.76 2.61

561,000 ESPRIT HOLDINGS SHS 6,264,804.20 1.612,802,500 LIFESTYLE INTERNATIONAL HOLDINGS

LTD 7,206,932.17 1.862,782,500 PARKSON RETAIL GROUP LTD 13,774,337.51 3.55

61,000,000 REGAL HOTELS INTERNATIONAL HONDINGS 5,411,949.60 1.39

14,504,000 SHANGHAI JIN JIANG INTL HOTELS -H- 6,956,190.08 1.792,586,000 SHANGRI - LA ASIA LTD 6,666,804.43 1.72

12,360,000 VICTORY CITY INTERNATIONAL HDGS 4,465,803.49 1.15

Consumer Staples 4,480,852.54 1.15988,000 HENGAN INTERNATIONAL GROUP 2,449,282.01 0.63

40,000,000 ORIENTAL INVESTMENT CORPORATION LTD 2,031,570.53 0.52

Energy 22,848,083.70 5.897,666,000 ANHUI TIANDA OIL PIPE COMPANY

LTD-SHS H 3,647,080.56 0.945,310,000 CNOOC LTD 5,045,611.14 1.309,990,000 PETROCHINA -H- 14,155,392.00 3.65

Financials 165,362,823.23 42.6211,000,000 BANK OF CHINA LTD 6,053,565.86 1.56

601,800 BANK OF EAST ASIA LTD 3,408,575.47 0.884,326,500 BOC HONG KONG (HOLDINGS) LTD 11,737,996.65 3.03

34,672,000 CHINA CONSTRUCTION BANK CORPORATION 22,067,793.46 5.69

3,148,000 CHINA INSURANCE INTERNATIONAL HOLDINGS 3,966,757.19 1.02

4,732,000 CHINA LIFE INSURANCE - H- CO LTD 16,154,148.81 4.166,920,000 CHINA OVERSEAS LAND INVESTMENT LTD 9,289,266.25 2.39

13,095,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS 11,752,648.38 3.03

1,612,400 DAH SING BANKING GROUP LTD 3,640,592.91 0.942,577,000 HANG LUNG PROPERTIES LTD 6,461,358.64 1.671,633,500 HONG KONG EXCHANGES AND

CLEARING 17,958,087.00 4.6325,878,000 INDUS.AND COMMERCIAL BANK OF

CHINA -H- 16,071,361.02 4.142,551,000 INDUSTRIAL AND COMMERCIAL BK OF

CHINA 4,920,129.52 1.272,949,500 KERRY PROPERTIES 13,785,662.23 3.55

11,120,000 MING AN (HOLDINGS) CO LTD 3,588,833.63 0.931,358,000 NEW WORLD DEVELOPMENT 2,734,427.07 0.709,966,000 SHUI ON LAND LTD 8,700,926.00 2.24

261,000 WING HANG BANK LTD 3,070,693.14 0.79

Industrials 29,230,461.18 7.532,981,000 CATHAY PACIFIC AIRWAYS 7,351,659.71 1.89

14,056,000 CHINA COMM CONSTRUCTION - SHS -H- 13,898,339.18 3.586,742,000 CHINA INFRASTRUCTURE MACHINERY

HOLDINGS 7,975,380.15 2.06500 HUTCHISON WHAMPOA 5,082.14 0.00


Information Technology 19,922,972.41 5.142,167,000 ASUSTEK COMPUTER 5,932,068.33 1.53

723,000 CATCHER TECHNOLOGY 7,066,918.99 1.82970,400 HON HAI PRECISION INDUSTRY CO LTD 6,923,985.09 1.78

Materials 26,408,585.92 6.8116,556,000 ALUMINUM CORPORATION OF CHINA -H- 15,327,196.73 3.955,553,000 ZHAOJIN MINING INDUSTRY COMPANY

LTD -H- 11,081,389.19 2.86

Telecommunication Services 46,299,811.30 11.9322,412,000 CHINA COMMUNICATION SERCICES

CORP -H- 12,794,944.36 3.302,465,500 CHINA MOBILE LIMITED 21,303,408.62 5.498,324,000 CHINA UNICOM LTD 12,201,458.32 3.14

Utilities 8,680,296.55 2.2415,810,000 CHINA POWER INTERNATIONAL

DEVELOPMENT 8,680,296.55 2.24



Consumer Discretionary 0.00 0.00610,000 REGAL HOTELS INTL XX.XX.06 RIGHT 0.00 0.00


46



Iberia



SHARES 15,083,038.96 85.23

Consumer Discretionary 890,314.01 5.033,062 ANTENA 3 DE TELEVISION SA 54,626.08 0.316,300 FADESA 221,445.00 1.253,500 INDUSTRIA DE DISENO TEXTIL INDITEX REG 142,835.00 0.81

70,000 LA SEDA DE BARCELONA SER. -B- 169,400.00 0.968,173 PROMOTORE DE INFORMACIONES SA 107,965.33 0.611,068 SOGECABLE REG. 28,836.00 0.16

11,000 SOL MELIA 165,110.00 0.9330 TAVEX ALGODONERA 96.60 0.00

Consumer Staples 689,850.00 3.9011,000 ALTADIS SA 436,150.00 2.4611,000 EBRO PULEVA 211,200.00 1.192,500 JERONIMO MARTINS

FILHO(ESTABELECIMENTOS) 42,500.00 0.24

Energy 974,640.00 5.5137,200 REPSOL YPF 974,640.00 5.51

Financials 5,240,610.00 29.6161,000 BANCO BILBAO VIZCAYA ARGENTARIA SA

BBVA 1,112,640.00 6.2915,000 BANCO ESPIRIT SANTO 204,300.00 1.1512,000 BANCO PASTOR - REG 177,000.00 1.0030,000 BANCO PORTUGUES DE INVESTIMENTOS

NOM. 177,300.00 1.0014,000 BANCO SABADELL REG. 474,740.00 2.68

102,000 BANCO SANTANDER CENTRAL HISPANO REG. 1,442,280.00 8.15

19,000 BANESTO REG. 318,440.00 1.804,100 BANKINTER SA NOM.SHS 244,360.00 1.38

30,000 BCO POPULAR ESPANOL REG. 411,900.00 2.33125,000 BCP, BANCO COMMERCIAL PORTUGUES SA

NOM. 350,000.00 1.985,000 BOLSAS Y MERCADOS ESPANOLES 156,650.00 0.89

50,000 CORPORACION MAPFRE SA REG-SHS 171,000.00 0.97

Industrials 2,236,387.50 12.645,775 ABERTIS INFRAESTRUCTURAS SA -A- 129,937.50 0.731,000 ACCIONA 141,100.00 0.806,000 ACS 256,260.00 1.45

27,000 BRISA AUTO ESTRADAS DE PORTUGAL 255,150.00 1.4427,450 CINTRA 348,615.00 1.975,500 GAMESA CORPORACION TECNOLOGICA SA 114,675.00 0.657,000 GRUPO FERROVIAL 517,650.00 2.93

25,000 IBERIA REG 69,000.00 0.396,000 PROSEGUR CIA DE SEGURIDAD REG. 148,200.00 0.843,000 SACYR VALLEHERMOSO SA 135,000.00 0.76

80,000 SONAE SGPS 120,800.00 0.68

Information Technology 389,130.00 2.2013,000 AMPER 141,700.00 0.8013,000 INDRA SISTEMAS SA 241,930.00 1.371,000 NOVABASE SGPS REG.SHS 5,500.00 0.03


Materials 527,972.20 2.985,000 ACERINOX REG SHS 115,250.00 0.65

17,000 CIMPOR CIMENTOS DE PORTUGAL NOM. 106,930.00 0.604,200 EMPRESA NACIONAL DE CELULOSAS 176,400.00 1.00

10 MITTAL STEEL COMPANY N.V. CLASS -A- 319.70 0.0010,000 SEMAPA REG.SHS 88,400.00 0.505,423 SONAE INDUSTRIA SGPS SA 40,672.50 0.23

Telecommunication Services 1,881,968.00 10.6360,200 PORTUGAL TELECOM REG. 592,368.00 3.3580,000 TELEFONICA SA 1,289,600.00 7.29

Utilities 2,252,167.25 12.7395 AGUAS DE BARCELONA SPLIT ISS. 99 2,636.25 0.01

165,000 EDP-ENERGIAS REG.SHS 633,600.00 3.5815,000 ENAGAS SA 264,300.00 1.497,700 ENDESA 275,891.00 1.56

23,500 IBERDROLA SA 778,320.00 4.408,000 RED ELECTRICA DE ESPANA 259,920.00 1.471,000 UNION FENOSA 37,500.00 0.21


47




India



SHARES 388,689,559.35 99.38

Consumer Discretionary 17,517,004.47 4.4880,000 BAJAJ AUTO DEMATERIALISED 4,734,116.50 1.21

500,000 BHARAT FORGE LTD DEMATERIALISED 4,100,203.27 1.053,357,760 VOLTAS-DEMATERIALISED SHS- 8,682,684.70 2.22

Consumer Staples 22,788,324.25 5.83900,000 HINDUSTAN LEVER DEMATERIALISED 4,400,361.42 1.13

3,700,000 ITC DEMATERIALISED 14,721,418.61 3.76225,000 TATA TEA DEMATERIALISED 3,666,544.22 0.94

Energy 35,757,046.33 9.141,246,000 RELIANCE INDUSTRIES DEMATERAILISED 35,757,046.33 9.14

Financials 88,256,052.05 22.5716,350,000 CENTURION BANK PUNJAB (DEMAT.) 11,359,297.12 2.90

550,000 HDFC BANK DEMATERIALISED 13,270,955.47 3.39760,000 HOUSING DEVELOPMENT

FIN.DEMATERIALISED 27,935,923.56 7.14200,000 INDIABULLS FINL SVC SHS DEMAT. 2,984,410.25 0.76

2,500,000 INDUSTRIAL DEV.BK.INDIA DEMATERIALISED 4,301,287.76 1.10

1,589,856 KOTAK MAHINDRA BANK ( DEMAT.) 14,361,148.15 3.67275,674 MAHINDRA GESCO DEVELOPERS LTD

(DEMAT.) 5,470,814.58 1.40625,000 RELIANCE CAPITAL LTD 8,572,215.16 2.19

Health Care 21,608,642.13 5.52472,953 APOLLO HOSPITALS DEMATERIALISED 4,588,477.51 1.17550,000 AUROBINDO PHARMA (DEMAT.) 8,772,537.12 2.24450,000 DR REDDY'S LABORATORIES LTD 8,247,627.50 2.11

Industrials 42,341,832.24 10.836,200 ABB LTD - DEMATERIALISED 521,193.62 0.13

330,000 BHARAT HEAVY ELECTRICALS(DEMATERIALISED) 17,143,820.29 4.38

1,400,000 HINDUSTAN CONSTRUCTION- DEMATERIALISED 4,651,378.13 1.19

390,000 LARSEN & TOUBRO LTD DEMATERIALISED 12,740,645.94 3.26

1,500,000 NAGURJANA CONSTRUCTION -SHS DEMAT 7,284,794.26 1.86

Information Technology 78,183,633.88 19.99729,000 INFOSYS TECHNOLOGIES

DEMATERALISED 36,924,359.91 9.441,700,000 SATYAM COMPUTER SERVICES

DEMATERIALISED 18,567,103.13 4.75750,000 TATA CONSULT.SERVICES SVS

DEMATERIALISED 20,707,184.43 5.29145,000 WIPRO DEMATERIALISED 1,984,986.41 0.51

Materials 38,729,405.07 9.90600,000 ACC LTD (DEMATERIALISED) 14,729,552.37 3.77105,000 GRASIM INDUSTRIES DEMATERIALISED 6,645,887.81 1.70

3,530,000 GUJARAT AMBUJA CEMENTS -SHS. DEMAT 11,249,581.81 2.88


900,000 UNITED PHOSPHORUS LTD DEMATERIALISED 6,104,383.08 1.56

Telecommunication Services 22,378,332.16 5.722,100,000 RELIANCE COMMUNICATION


Utilities 21,129,286.77 5.40345,000 RELIANCE ENERGY LTD-SHS.

DEMATERIALISED 4,053,710.95 1.04300,000 SUZLON ENERGY LTD DEMATERIALISED 8,844,102.86 2.26650,000 TATA POWER DEMATERIALISED 8,231,472.96 2.10


48



Italy



SHARES 21,781,697.79 98.43

Consumer Discretionary 3,069,346.72 13.8714,549 ANTICHI PELLETTIERI SPA 138,070.01 0.6225,000 AUTOGRILL 348,200.00 1.5710,000 BULGARI SPA 107,500.00 0.494,200 COBRA AUTOMOTIVE TECHNOLOGIES S.P.A 32,247.60 0.15

12,579 ELICA S.P.A. 70,190.82 0.3243,000 FIAT 622,124.00 2.8144,000 GRUPPO EDITORIALE L'ESPRESSO 181,720.00 0.82

135,000 IMMSI 287,550.00 1.305,000 LOTTOMATICA S.P.A. 157,400.00 0.71

45,000 MEDIASET 404,550.00 1.83101,572 PIAGGIO AND C SPA 318,529.79 1.44

5,376 POLTRONA FRAU S.P.A. 15,907.58 0.0739,559 SOGEFI SPA 232,606.92 1.052,500 TOD'S GROUP SPA 152,750.00 0.69

Consumer Staples 531,333.00 2.4049,000 CAMPARI POST FRAZIONAMENTO 368,333.00 1.6650,000 PARMALAT SPA 163,000.00 0.74

Energy 4,061,844.50 18.3575,000 ENI AZ 1,911,000.00 8.6441,500 SAIPEM SPA 819,998.50 3.7150,000 SARAS RAFFINERIE SARDE SPA 202,350.00 0.9154,000 TENARIS SA - REG.SHS 1,019,196.00 4.612,000 TOTAL SA 109,300.00 0.49

Financials 8,432,324.00 38.1025,500 ALLEANZA ASSICURAZ.AZ. 257,601.00 1.1640,500 ASSICURAZIONI GENERALI SPA 1,347,435.00 6.0912,000 AZIMUT HOLDINGS SPA 121,788.00 0.5510,000 BANCA IFIS SPA 101,250.00 0.4615,000 BANCA LOMBARDA PIEMONTESE SPA 257,355.00 1.163,000 BANCA PER IL LEASING ITALEASE SPA 132,420.00 0.60

17,000 BANCHE POPOLARI UNITE SCARL 353,940.00 1.6010,000 BANCO DI DESIO I DELLA BRIANZA 84,790.00 0.3826,000 BANCO POPOLARE DI VERONA E NOVARA 564,720.00 2.5532,000 BCA POPOLARE ITALIANA AZ 345,632.00 1.5668,000 CAPITALIA SPA 487,560.00 2.2010,000 IFI PRIV. 229,000.00 1.0370,000 IFIL 433,790.00 1.96

118,000 INTESA SANPAOLOAZ. 690,300.00 3.1232,000 MEDIOBANCA 572,160.00 2.5923,000 MONTE PASCHI SIENA 112,838.00 0.5113,000 SANPAOLO IMI 228,800.00 1.03

207,000 SOPAF 152,145.00 0.69295,000 UNICREDITO ITALIANO 1,958,800.00 8.85

Health Care 89,940.00 0.4120,000 SAFILO GROUP SPA 89,940.00 0.41

Industrials 1,724,116.48 7.7935,000 ANSALDO STS SPA 313,390.00 1.429,000 AUTOSTRADA TORINO MILANO 153,693.00 0.69

100,000 CIR (ORDINARY SHARES) 251,600.00 1.14215,000 COFIDE (CIA FIN.DE BENEDETTI) SPA 237,360.00 1.07


14,500 FINMECCANICA SPA POST RAGGRUPPAMENTO 297,830.00 1.35

48,000 NAVIGAZIONE MONTANARI 182,400.00 0.8228,000 NICE AZ 182,532.00 0.824,052 SABAF SPA 105,311.48 0.48

Information Technology 585,278.00 2.649,000 ESPRINET AZ. POST FRAZIONAMENTO 128,844.00 0.58

13,000 SAES GETTERS AZ DI RISP. NON CONV. 301,730.00 1.3611,000 STMICROELECTRONICS NV 154,704.00 0.70

Materials 637,855.09 2.886,500 ITALCEMENTI 138,970.00 0.63

13,000 ITALCEMENTI AZ DI RISP. NON CONV 172,588.00 0.781,362 ITALMOBILIARE SPA AZ. 110,458.20 0.501,500 ITALMOBILIARE SPA AZ DI RISP.NON CONV 97,875.00 0.44

200,000 RENO DE MEDICI 105,000.00 0.472,698 SOL 12,963.89 0.06

Telecommunication Services 1,183,360.00 5.353,000 FASTWEB AZ 129,960.00 0.59

460,000 TELECOM ITALIA SPA 1,053,400.00 4.76

Utilities 1,466,300.00 6.63130,000 ENEL 1,015,950.00 4.5940,000 HERA SPA 131,720.00 0.6055,000 SNAM RETE GAS SPA 236,390.00 1.0732,000 TERNA SPA 82,240.00 0.37


49




Japan Growth

Market Netvalue Asset

JPY %

1. Transferable securities admitted to an official stock exchange listing 9,074,460,200 99.48

SHARES 9,074,460,200 99.48

Consumer Discretionary 2,017,667,000 22.1225,000 ASICS CORP KOBE 37,350,000 0.4129,000 AVEX GROUP HOLDINGS 55,303,000 0.6122,400 BENESSE CORP 101,472,000 1.1125,400 BRIDGESTONE CORP 67,437,000 0.7438,700 CHIYODA CO LTD 93,654,000 1.0313,000 DAIMARU INC 20,969,000 0.23

221,500 HASEKO CORP 94,359,000 1.0345,800 HONDA MOTOR 215,260,000 2.3624,100 ISETAN CO LTD 51,815,000 0.5726,000 MATSUSHITA ELECTRIC IND. 61,750,000 0.68

239,000 MAZDA MOTOR CORP 194,307,000 2.1327,200 NISHIMATSUYA CHAIN 61,064,000 0.6780,000 PARCO 108,720,000 1.1975,000 PRESS KOGYO CO 44,175,000 0.486,400 SAINT MARC HOLDINGS 54,080,000 0.59

17,000 SHARP CORP 34,850,000 0.386,000 SHIMAMURA CORP 82,020,000 0.90

60,600 TOYOTA MOTOR CORP 482,376,000 5.2919,800 XEBIO CO LTD 74,052,000 0.8122,100 YAMAHA MOTOR CO LTD 82,654,000 0.91

Consumer Staples 317,788,500 3.4821,900 AEON CO LTD 56,392,500 0.62

184 JAPAN TOBACCO 105,800,000 1.1626,600 YAKULT HONSHA CO LTD 90,972,000 1.0056,000 YAMAZAKI BAKING CO 64,624,000 0.71

Energy 24,450,000 0.2725 INPEX HOLDINGS INC 24,450,000 0.27

Financials 2,384,267,000 26.1416,500 AEON MALL CO LTD 110,880,000 1.2239,000 BANK OF YOKOHAMA 36,348,000 0.4014,200 HITACHI CAPITAL CORP 32,234,000 0.35

107,000 JOYO BANK LTD 70,299,000 0.7720,500 MILLEA HOLDING 86,100,000 0.9450,000 MITSUBISHI ESTATE 154,000,000 1.69

235 MITSUBISHI UFJ FINANCIAL GROUP INC 345,450,000 3.7926,000 MITSUBISHI UFJ SECURITIES CO LTD 34,372,000 0.3821,000 MITSUI FUDOSAN 61,005,000 0.6756,000 MITSUI TRUST HOLDING 76,496,000 0.84

217 MIZUHO FINANCIAL GROUP ONC 184,450,000 2.0292,000 NIPPON INSURANCE CO LTD 88,780,000 0.97

204,000 NISHI NIPPON CITY BANK 104,448,000 1.1546,800 NOMURA HOLDINGS 105,066,000 1.152,450 ORIX CORP 84,402,500 0.93

88,000 SHINKO SECURITIES CO LTD TOKYO 40,656,000 0.45248 SUMITOMO MITSUI FINANCIAL GROUP INC 302,560,000 3.32

156,000 SUMITOMO TRUST & BANKING 194,688,000 2.1319,350 T&D HOLDINGS 152,284,500 1.6759,000 TOKYO TATEMONO CO 78,234,000 0.8637,000 TOKYU LAND CORP 41,514,000 0.46

Health Care 489,322,000 5.3626,900 DAIICHI SANKYO CO LTD 100,068,000 1.10

163,000 KYOWA HAKKO KOGYO CO LTD 166,097,000 1.82


JPY %

13,000 OLYMPUS CORP 48,620,000 0.5345,000 RHOTO PHARMACEUTIC 56,925,000 0.624,200 SYSMEX 19,572,000 0.21

12,000 TAKEDA PHARMA 98,040,000 1.07

Industrials 1,415,039,200 15.5165,000 ASAHI GLASS CO LTD 92,950,000 1.0215,000 DAI NIPPON PRINTING 27,570,000 0.3030,300 DAIKIN INDUSTRIES LTD 125,442,000 1.38

85 EAST JAPAN RAILWAY CO 67,575,000 0.7472,450 FUNAI CONSULTING CO LTD 54,772,200 0.60

14 GCA 12,516,000 0.1429,800 HITACHI HIGH-TECHNOLOGIES 105,492,000 1.1634,200 KOMATSU LTD 82,593,000 0.91

135,000 KUBOTA CORP 148,770,000 1.6326,100 MITSUBISHI CORP. 58,464,000 0.6450,000 MITSUI CO.LTD 89,000,000 0.9819,000 MITSUI O.S.K. LINES 22,306,000 0.2491,000 NABTESCO CORP 135,681,000 1.4912,400 OHARA INC 68,324,000 0.7554,000 SMK CORP 46,494,000 0.5170,000 TADANO LTD 98,140,000 1.0844,000 USHIO INC. 107,580,000 1.1839,000 YAMATO HOLDINGS 71,370,000 0.78

Information Technology 1,363,496,000 14.95104 ACCESS 57,096,000 0.63

33,650 CANON INC 225,455,000 2.4749,000 CITIZEN WATCH LTD ACT. 44,639,000 0.49

150 DIGITAL ARTS INC 21,000,000 0.23111,000 FUJITSU LTD 103,674,000 1.1425,000 HITACHI MAXELL 44,375,000 0.499,800 HOYA CORP 45,472,000 0.502,300 MIRAIAL CO LTD 29,854,000 0.33

12,100 MURATA MANUFACTURING CO LTD 97,284,000 1.07398 NET ONE SYSTEMS CO 62,486,000 0.69

3,200 NINTENDO CO LTD 98,880,000 1.0823,500 NS SOLUTIONS CORP 78,725,000 0.869,700 SUMCO CORP 97,582,000 1.07

25,000 TAIYO YUDEN CO 52,500,000 0.5812,300 TOKYO ELECTRON LTD 115,374,000 1.26

244,000 TOSHIBA CORP 189,100,000 2.07

Materials 713,827,000 7.8372,000 AIR WATER 91,008,000 1.00

120,000 ASAHI KASEI CORPORATION 93,480,000 1.0240,500 JFE HOLDINGS INC 248,265,000 2.72

168,000 NIPPON STEEL CORP 114,912,000 1.2612,100 NITTO DENKO CORP 72,116,000 0.7911,800 SHIN-ETSU CHEM. 94,046,000 1.03

Telecommunication Services 156,171,500 1.71195 NIPPON TEL. 114,270,000 1.25

18,100 SOFTBANK CORP 41,901,500 0.46

Utilities 192,432,000 2.11304,000 TOKYO GAS CY 192,432,000 2.11

Total securities portfolio 9,074,460,200 99.48–––––––––––––– –––––––––––––––––––– ––––––

50



Japan Quant


JPY %


SHARES 2,130,248,125 97.24

Consumer Discretionary 389,789,000 17.794,000 AISIN SEIKI CO 15,960,000 0.73

10,000 DAIHATSU MOTOR CO 12,010,000 0.554,000 DENSO CORP 18,880,000 0.86

35,000 FUJI HEAVY INDUSTRIES LTD 21,385,000 0.98100 FUJI TV NETWORK 27,200,000 1.24

20,000 MATSUSHITA ELECTRIC IND. 47,500,000 2.1735,000 NISSAN MOTOR 50,155,000 2.2911,000 NISSHINBO IND. 13,563,000 0.6212,000 SEKISUI HOUSE LTD 20,796,000 0.958,000 SONY CORP 40,800,000 1.86

14,000 TOYOTA MOTOR CORP 111,440,000 5.091,000 YAMADA DENKI CO LTD 10,100,000 0.46

Consumer Staples 67,982,000 3.104,000 AEON CO LTD 10,300,000 0.475,000 KAO CORP 16,050,000 0.733,000 ORIENTAL YEAST 2,094,000 0.10

10,000 SEVEN & I HOLDINGS CO LTD, TOKYO 37,000,000 1.696,000 SNOW BRAND MILK PRODUCTS 2,538,000 0.12

Energy 25,680,000 1.1730,000 NIPPON MINING HOLDINGS INC 25,680,000 1.17

Financials 614,239,000 28.04300 ARDEPRO CO LTD 11,745,000 0.54

17,000 DAIWA SECURITIES GROUP INC 22,695,000 1.0414,000 JAPAN SECURITIES FINANCE CO LTD 20,174,000 0.9210,000 MILLEA HOLDING 42,000,000 1.9214,000 MITSUBISHI ESTATE 43,120,000 1.97

100 MITSUBISHI UFJ FINANCIAL GROUP INC 147,000,000 6.71100 MIZUHO FINANCIAL GROUP ONC 85,000,000 3.88

7,000 NOMURA HOLDINGS 15,715,000 0.721,000 ORIX CORP 34,450,000 1.576,000 RICOH LEASING CO LTD 18,540,000 0.85

37,000 SEVENTY-SEVEN BANK LTD 27,935,000 1.2817,000 SHIZUOKA BANK LTD. 20,077,000 0.9213,000 SOMPO JAPAN INSURANCE INC 18,915,000 0.86

40 SUMITOMO MITSUI FINANCIAL GROUP INC 48,800,000 2.233,700 SURUGA CORP 34,595,000 1.58

13,000 URBAN CORP 23,478,000 1.07

Health Care 75,570,000 3.454,000 ASTELLAS PHARMA 21,640,000 0.992,000 EISAI 13,080,000 0.605,000 TAKEDA PHARMA 40,850,000 1.86

Industrials 313,045,000 14.2926,000 AMADA CO LTD 32,786,000 1.5013,000 DAIMEI TELECOM ENG 18,005,000 0.821,000 FANUC LTD 11,720,000 0.53

22,000 FUJIKURA LTD 23,034,000 1.0533,000 KAWASAKI KISEN KAISHA 30,723,000 1.4013,000 KOMATSU LTD 31,395,000 1.4323,000 MARUBENI CORP 13,892,000 0.636,000 MITSUBISHI CORP. 13,440,000 0.61


JPY %

21,000 MITSUI CO.LTD 37,380,000 1.718,700 MOSHI MOSHI HOTLINE 42,891,000 1.96

14,000 NIPPON HODO CO LTD 12,320,000 0.5621,000 RYOBI LTD 21,546,000 0.985,700 SUMITOMO ELECTRIC INDUSTRIES LTD 10,602,000 0.485,400 SURUGA CO 13,311,000 0.61

Information Technology 233,219,125 10.652,000 ADVANTEST CORP 13,640,000 0.628,000 CANON INC 53,600,000 2.453,000 CSK HOLDINGS CORP 15,240,000 0.702,000 ELPIDA MEMORY INC 13,080,000 0.60

49,000 HITACHI LTD 36,358,000 1.667,000 HOYA CORP 32,480,000 1.482,000 KYOCERA CORP 22,440,000 1.021,725 OPTEX 4,321,125 0.203,000 SHINKO ELECTRIC INDUSTRIES CO LTD 9,330,000 0.43

30,000 TOSHIBA CORP 23,250,000 1.06200 YAHOO JAPAN CORP 9,480,000 0.43

Materials 182,232,000 8.3222,000 MITSUBISHI GAS CHEM. 27,390,000 1.2565,000 NIPPON STEEL CORP 44,460,000 2.032,000 SHIN-ETSU CHEM. 15,940,000 0.73

26,000 SHOWA DENKO KK 11,856,000 0.5426,000 SUMITOMO METAL INDUS 13,442,000 0.6113,000 SUMITOMO METAL MINING CO LTD 19,851,000 0.9135,000 SUMITOMO OSAKA CEMENT 13,615,000 0.6217,000 TORAY INDUSTRIES INC 15,164,000 0.6939,000 TOSOH CORP 20,514,000 0.94

Telecommunication Services 90,880,000 4.1540 KDDI CORP 32,280,000 1.47

100 NIPPON TEL. 58,600,000 2.67

Utilities 137,612,000 6.288,000 HOKKAIDO ELECTRIC POWER CO INC 24,320,000 1.119,000 KANSAI ELECTRIC POWER 28,890,000 1.327,000 KYUSHU ELECTRIC POWER CO INC 21,980,000 1.00

54,000 OSAKA GAS CY 23,922,000 1.0910,000 TOKYO ELECTRIC POWER 38,500,000 1.76


51




Japan Value


JPY %


SHARES 1,569,103,200 68.56

Consumer Discretionary 428,796,000 18.7418,000 AKEBONO BRAKE INDUSTRY CO LTD 20,736,000 0.917,000 BRIDGESTONE CORP 18,585,000 0.81

26,000 DAIDO METAL 21,996,000 0.965,000 DENSO CORP 23,600,000 1.035,000 EDION CORP 8,825,000 0.395,000 FCC CO LTD 14,350,000 0.636,000 FUJIFILM HOLDINGS CORP 29,340,000 1.28

13,000 HANKYU DEPARTMENT STORES INC 12,896,000 0.5646,000 HASEKO CORP 19,596,000 0.863,000 IZUMI CO LTD 12,720,000 0.563,600 KYORITSU MAINTENANCE CO LTD 9,972,000 0.44

34,000 MITSUKOSHI (NEW) LTD 18,938,000 0.8321,000 MR MAX CORP 13,482,000 0.5911,000 NAMCO BANDAI HOLDINGS INC, TOKYO 19,195,000 0.845,000 NIPPON GAS CO LTD 5,125,000 0.223,000 NIPPON RESTAURANT SYSTEM INC 11,820,000 0.52

25,000 NISSAN MOTOR 35,825,000 1.573,000 OZEKI 10,440,000 0.46

13,000 SEKISUI CHEMICAL CO 12,337,000 0.5410,900 TOYOTA MOTOR CORP 86,764,000 3.7918,000 VICTOR CO OF JAPAN LTD 11,034,000 0.483,000 XEBIO CO LTD 11,220,000 0.49

Consumer Staples 56,160,000 2.454,000 ARIAKE JAPAN 9,300,000 0.41

54,000 NICHIREI CORP 36,018,000 1.5778,000 SEIYU LTD 10,842,000 0.47

Financials 160,335,000 7.013,000 CREDIT SAISON CO LTD 12,300,000 0.54

35,200 DCM JAPAN HOLDINGS CO LTD 43,120,000 1.8852 LAND CO LTD 9,932,000 0.43

5,000 MILLEA HOLDING 21,000,000 0.927,000 MITSUI FUDOSAN 20,335,000 0.89

21,000 SUMITOMO TRUST & BANKING 26,208,000 1.154,000 TOKYO TOMIN BANK LTD 18,280,000 0.80

20,000 UFJ NICOS CO LTD 9,160,000 0.40

Health Care 51,731,200 2.2610,800 NICHII GAKKAN CO 19,051,200 0.834,000 TAKEDA PHARMA 32,680,000 1.43

Industrials 296,204,000 12.9447,000 ALL NIPPON AIRWAYS CO LTD 19,787,000 0.866,000 DENSEI LAMBDA 12,810,000 0.562,000 FUNAI ELECTRIC CO 19,260,000 0.846,000 FUTABA CORP 16,710,000 0.73

17,000 HITACHI TRANSPORT SYSTEM 21,165,000 0.9238,000 IWASAKI ELECTRIC CO LTD 10,678,000 0.4795,000 KANEMATSU CORP 20,425,000 0.8918,000 MINEBEA CO LTD 14,976,000 0.6521,000 MITSUI O.S.K. LINES 24,654,000 1.0821,000 NTN CORP 22,407,000 0.9816,000 RYOBI LTD 16,416,000 0.727,000 SHIMA SEIKI MFG LTD 18,830,000 0.82


JPY %

11,000 SHO-BOND CORP 12,056,000 0.534,000 SHUEI YOBIKO CO LTD 6,556,000 0.29

55,000 SOJITZ CORP 19,910,000 0.8724,000 TAKUMA CO LTD 16,704,000 0.7330,000 TOKYU CORP 22,860,000 1.00

Information Technology 226,330,000 9.8910,000 FUJI SOFT 28,200,000 1.2328,000 FUJITSU LTD 26,152,000 1.1429,000 HITACHI LTD 21,518,000 0.947,500 KONAMI CO LTD 27,000,000 1.183,000 MABUCHI MOTOR CO LTD 21,240,000 0.934,000 NIHON INISYS LTD 7,780,000 0.34

10,000 RICOH COMPANY LTD. 24,300,000 1.061,000 ROHM CO LTD 11,880,000 0.527,000 SEIKO EPSON CORP 20,265,000 0.897,000 SUMISHO COMPUTER SYSTEMS CORP 19,075,000 0.832,000 TDK CORP 18,920,000 0.83

Materials 251,410,000 10.993,000 FUJI SEAL INTL 8,745,000 0.38

17,000 FUJIKURA KASEI CO LTD 21,590,000 0.946,000 JFE HOLDINGS INC 36,780,000 1.61

36,000 KUREHA CORP 19,692,000 0.8651,000 MITSUBISHI CHEMICAL HOLDINGS CORP 38,250,000 1.6743,000 MITSUBISHI MATERIAL 19,221,000 0.8423,000 MITSUBISHI RAYON 18,400,000 0.805,000 NIFCO INC 13,650,000 0.60

54,000 NISSHIN STEEL CO LTD 23,868,000 1.0432,000 OJI PAPER CO LTD 20,224,000 0.8825,000 TAKIRON CO LTD 9,950,000 0.4340,000 TOSOH CORP 21,040,000 0.92

Telecommunication Services 73,329,000 3.2033 JSAT 9,405,000 0.4140 KDDI CORP 32,280,000 1.4154 NIPPON TEL. 31,644,000 1.38

Utilities 24,808,000 1.0856,000 OSAKA GAS CY 24,808,000 1.08


52



Korea



SHARES 80,305,016.57 80.43

Consumer Discretionary 6,522,205.53 6.5396,360 HANSHIN CONSTRUCTION 1,979,006.24 1.9828,362 HYUNDAI MOBIS 2,619,672.62 2.6247,200 HYUNDAI MOTOR CO LTD 1,923,526.67 1.93

Consumer Staples 9,504,899.50 9.5249,875 KT & G CORP-SHS. 3,030,039.99 3.039,732 NONG SHIM 2,982,386.77 2.995,600 SHINSEGAE CO LTD 3,492,472.74 3.50

Energy 4,396,139.84 4.4029,772 SK CORP LTD 2,336,941.68 2.3427,957 SSANGYONG OIL REFINING CO LTD 2,059,198.16 2.06

Financials 20,687,508.72 20.72117,763 KOOKMIN BANK 9,484,352.41 9.5012,651 SAMSUNG FIRE AND MARINE INSURANCE 2,196,920.73 2.20

112,010 SHINHAN FINANCIAL GROUP 5,720,940.24 5.73138,250 WOORI FINANCE HOLDINGS CO LTD 3,285,295.34 3.29

Industrials 15,726,857.47 15.75156,710 DAEWOO ENGINEERING AND

CONSTRUCTION CO 3,218,452.34 3.2228,711 GS ENGINEERING & CONSTRUCTION

CORP 2,565,466.49 2.5715,083 HYUNDAI HEAVY INDUSTRIES CO LTD 2,043,503.00 2.059,314 KCC CORP 2,899,357.75 2.90

13,714 ORION CORPORATION 4,018,349.02 4.0256,533 SUNG SHIN CEMENT CO LTD 981,728.87 0.98

Information Technology 9,640,822.61 9.667,222 SAMSUNG ELECTRONICS CO LTD 4,760,307.01 4.779,456 SAMSUNG ELECTRONICS CO LTD PFD

SHS N/VTG 4,880,515.60 4.89

Materials 10,206,532.22 10.2290,980 DAEHAN STEEL CO LTD 2,690,268.52 2.69

173,200 HAN KUK CARBON 1,381,875.12 1.38126,280 HANSOL PAPER CO LTD 1,921,356.78 1.9212,680 POSCO 4,213,031.80 4.22

Telecommunication Services 3,620,050.68 3.6315,131 SK TELEKOM 3,620,050.68 3.63


SHARES 14,122,125.88 14.14

Consumer Discretionary 4,673,816.70 4.6879,684 HUMAX CO 2,227,724.49 2.2385,844 MODETOUR NETWORK INC 2,446,092.21 2.45


Industrials 1,646,576.16 1.65178,060 SAMYOUNG M-TEK CO LTD 1,646,576.16 1.65

Information Technology 7,801,733.02 7.8147,577 CORE LOGIC INC 1,585,899.83 1.5920,858 NHN CORP 2,559,029.61 2.5656,772 PSK 1,059,133.43 1.06

249,055 SIMM TECH CO 2,597,670.15 2.60


53




Latin America Equities



SHARES 314,716,369.42 99.66

5,527,542.41 1.7535,000 BBV BANCO FRANCES ADR.REPR.3SHS 332,500.00 0.1126,400 CRESUD SHS/1 VOTE 45,632.41 0.0160,200 CRESUD SP ADR REPR 10 SHS 1,053,500.00 0.3318,000 IRSA SPONS.GRD (10 SHS) 304,380.00 0.10

114,000 NORTEL INVERSORA ADR REPR.1/20 PFD -B- 1,549,260.00 0.49

115,000 PCOMPANC -B- ADR REPR. 10 SHS -B- 1,401,850.00 0.4442,000 TELECOM ARGENTINA SPONS. ADR REPR.

5 B SHS 840,420.00 0.27

189,758,942.05 60.0965,100,000 AES TIETE 1,890,470.15 0.60

150,000 ALL AMERICA LATINA LOGISTICA -4 PFD +1SH 1,557,593.40 0.49

479 AMBEV 211.57 0.00114,200 AMBEV - ADR 100.SHS 5,013,380.00 1.5938,000 AMBEV PFD.SHS ADR REPR.100 PFD SHS 1,854,400.00 0.592,398 AMBEV PREF.SHS 1,183.81 0.007,000 ARACRUZ CEL.PREF SHS B/ADR-REP.

10PREF.B. 428,680.00 0.14365,000 BANCO BRADESCO PFD ADR REPR 1 14,727,750.00 4.6618,911 BANCO BRADESCO PREF. 766,174.60 0.245,000 BANCO DO BRASIL SA 149,881.19 0.05

148,000 BRADESPAR PFD SHS 7,001,324.95 2.22100,000,000 BRASIL TELECOM PARTICIPACOES 1,639,325.48 0.52

1,221,992 BRASIL TELECOM PDF. 6,267.29 0.00107,000 BRASIL TELECOM PFD SHS ADR 4,567,830.00 1.45200,000 BRASIL TELECOM SA -PREF 2,970,000.00 0.94

900 BRASILAGRO 421,536.62 0.1336,800 BRASKEM PFD-A-SP.ADR REPR 2 PFD

SHS -A- 536,912.00 0.1719,499 BRASKEM SA PREF SHS -A- 136,993.75 0.04

24,000,000 CEMIG (CIA ENERGETICA MINAS GERAIS) 1,025,187.32 0.3232,000 CEMIG SPONS.ADR NON VOTING PFD

1000 SHS 1,542,400.00 0.4966,700,000 CENTRAIS ELETRICAS BRASILEIRAS 1,596,095.53 0.51

20,000 CENTRAIS ELETRICAS SANTA CATARIN PREF.B 320,464.71 0.10

6,352,556 CIA ENERGETICA PERNAMBUCO SA CELPE -A- 60,995.74 0.02

68,000 CIA SIDERURGICA NACIONAL ADR 1 SHS 2,038,640.00 0.65299,900,000 COELCE -A- PREF 1,608,344.57 0.51

12,000 COMPANHIA SIDERURGICA NACIONAL 362,525.12 0.1142,000 COMPANY 491,797.65 0.1620,000 COMP.BRASIL.DISTR.ACUCAR ADR 1000

REG-S 683,400.00 0.2210,000 CONCESSOES RODOVIARIAS 135,127.26 0.04

275,000 CONFAB INDUSTRIAL PREF.SHS 647,884.85 0.21478,000 CONTAX PARTICIPACOES SA 438,814.65 0.14150,000 CSU CARDSYSTEM 765,799.19 0.2460,000 DATASUL SA 553,623.63 0.18

348,000 DURATEX SA PREF.SHS 5,411,460.26 1.7140,000,000 ELETROBRAS (CENTR.ELET.BRASIL.)

PREF.-B- 897,413.61 0.28

BR

ARG


40,000,000 ELETROPAULO ELETRICIDADE PFD -B- 2,042,131.17 0.65164,300 EMBRAER 1,696,849.41 0.5426,000 EMBRAER SHS SP.ADR REPR.4 PFD SHS 1,077,180.00 0.3480,000 ENERGIAS DO BRAZIL 1,236,519.79 0.3947,000 GERDAU PFD SHS/SPONS.ADR REPR.

1 PFD SH. 752,000.00 0.2433,600 GERDAU PREF. 549,396.99 0.1715,000 GLOBEX UTILITADES PREF. 140,513.61 0.04

2,630,000 ITAU SA -PREF- 13,451,649.19 4.26760,000 KLABIN PREF. 1,904,427.83 0.60115,000 KLABIN SEGALL SA 964,157.57 0.3180,000 LOCALIZA RENT A CAR SA 2,407,466.57 0.7690,000 M. DIAS BRANCO SA 1,053,852.10 0.33

850,000 MARCOPOLO PREF. 2,368,825.32 0.75441,840 MELPAPER SA PREF.SHS 0.21 0.0045,600 NATURA COSMETICO SA 643,945.79 0.2040,000 ODONTOPREV - SHS 640,742.07 0.2080,000 PERDIGAO SHS SPONSORED ADR REPR

2SHS 2,205,600.00 0.70240,500 PETROBRAS SA-ADR-REPR.100 PFD SHS

144A 22,308,780.00 7.06115,000 PETROLEO BRASILEIRO -PETROBRAS-

PREF. 2,682,404.87 0.8562,800 PETROLEO BRASILEIRO SP.ADR REPR.4 SH 6,467,772.00 2.0580,000 PROFARMA 1,101,626.72 0.3538,000 SABESP ADR REPR. 250 SHS 1,286,680.00 0.41

258,000 SADIA PREF.SHS 865,226.62 0.27170,000 SARAIVA SA LIVREIROS EDITORES PREF 1,903,022.70 0.6010,000 SOUZA CRUZ 178,218.10 0.0692,000 TAM SA (ADR) 2,760,920.00 0.8742,000 TAM SA- PREF.SHS 1,308,181.74 0.4140,000 TELE NORTE LESTE PARTICIPACOES 1,043,547.76 0.3333,000 TELECOMUNICACOES DE SAO PAULO 731,401.46 0.23

235,000 TELEMAR PFD -A- 5,349,353.24 1.6954,000 TELESP PREF.SHS ADR REPR.1000

PREF.SHS 1,384,020.00 0.44300,920,360 TIM PARICIPACOES -PFD SHS 1,048,628.49 0.3365,000,000 TIM PARTICIPACOES SA 382,688.82 0.12

13,000 TIM PARTICIPACOES-ADR REP 10000 PFD SHS 450,060.00 0.14

17,000 TMCP PREF.SHS-20000 PREF.SHS-ADR 650,250.00 0.2173,000 TNLP PREF.SHS-REPR.1000 PREF.

TELEMAR-ADR 1,089,160.00 0.3488,000 TOTVS 1,949,167.37 0.6259,500 UNIBANCO SPONSORED GDR REPR.

10 UNITS 5,531,120.00 1.7592,000 UNIBANCO UNITS CONS UBBPN+UBHDN 870,434.99 0.28

145,000 USIMINAS PREF. -A- 5,467,150.49 1.73103,600 VALE DO RIO DOCE 3,090,980.99 0.9866,000 VALE DO RIO DOCE ADR 1,962,840.00 0.62

240,000 VALE DO RIO DOCE PREF -A- 6,081,429.17 1.93463,000 VALE RIO DOCE ADR (1 PFD SHS) 12,153,750.00 3.85218,000 VOTORANTIM ADR REPR.2.5 PFD SHS 4,274,980.00 1.35

11,355,157.13 3.60180,000 ANDINA PFD SHS -A- 473,123.50 0.1555,000 ANDINA SPONS.ADR REPR.6 PFD -B- 931,150.00 0.2919,000 BANCO SANTANDER CHILE SPONS -1039-

ADR 915,040.00 0.2953,000 CERVECERIAS UNIDAS SPONS.ADR REPR.

5 SHS 1,574,100.00 0.50

CHL

54



Latin America Equities


45,000 CIA TELECOM. DE CHILE SPONS.ADR 4 SHS A 361,350.00 0.11

280,000 EMBOTELLADORA ANDINA PFD -B- 796,099.52 0.25190,000 EMPRESAS LA POLAR 972,757.09 0.3119,000 ENDESA ADR REPR.30 SHS (CHILE) 698,250.00 0.22

190,000 ENERSIS SA ADR REPR.50 SHS 3,040,000.00 0.9620,000 ENTEL 223,556.58 0.07

420,000 RIPLEY 502,082.44 0.166,400 SOQUIMICH ADR(10 PFD SHS -B-) 867,648.00 0.27

1,993,600.00 0.6364,000 BANCOLOMBIA ADR REPR.4 PREF SHS 1,993,600.00 0.63

9,186,634.48 2.9123,326 TENARIS SA - REG.SHS 562,944.48 0.18

161,000 TENARIS SA ADR 2 SHS 8,032,290.00 2.5420,000 TERNIUM SA -ADR 1/10 SHS- 591,400.00 0.19

92,330,635.27 29.24101,500 ALFA SAB DE CV -A- 670,110.17 0.21429,000 AMERICA MOVIL ADR REPR.20SHS -L- 19,399,380.00 6.14510,000 AMERICA TELECOM SA DE CV -A1- 4,612,037.70 1.46350,000 AXTEL SA DE CV 1,066,786.73 0.34314,400 CARSO GLOBAL TELECOM A1 1,150,806.30 0.36300,000 CEMEX ADR AMERI.DEPO.RECEIPT REPR

10 CPO 10,164,000.00 3.221,900,000 COMERCI UNITS (1 SH -C- + 3 SHS -B-) 4,913,684.35 1.56

70,000 CONSORCIO ARA 473,071.43 0.157,200 EMPRESAS ICA - ADR - REPR 12 SHS 326,160.00 0.10

55,000 FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D- 6,366,800.00 2.02

250,000 GEO -B- 1,251,742.61 0.401,530,000 GFNORTE -O- 5,970,542.11 1.891,640,000 GMEXICO -B- 5,995,359.91 1.90

580,000 GRUMA SA -B- 2,109,060.46 0.67530,000 GRUPO BIMBO SA DE CV BIMBO -A- 2,643,414.40 0.8475,000 GRUPO CARSO -A1- 277,087.46 0.09

390,000 GRUPO MODELO -C- 2,160,922.00 0.68354,000 GRUPO TELEVISA ADR (5 ORD.PART.CERT.) 9,561,540.00 3.03142,300 KIMBERLY-CLARK -A- 652,953.28 0.21800,000 PASA -B- 1,330,019.82 0.42109,000 PENOLES INDUSTRIAS 997,690.36 0.32

2,070,000 SARE HOLDINGS -B- 2,896,533.80 0.92310,000 SORIANA SHS -B- 2,034,043.65 0.6451,000 TELEFONOS DE MEXICO ADR REPR.

20 SHS -L- 1,441,260.00 0.46880,000 WAL MART DE MEXICO -V- 3,865,628.73 1.22

3,261,400.00 1.0371,000 BUENAVENTURE SP ADR-SHS- 1,992,260.00 0.6331,000 CREDICORP 1,269,140.00 0.40

1,302,458.08 0.4112,021,268 SIVENSA 672,643.90 0.21

115,000 SIVENSA ADR REPR. 98 SHS 629,814.18 0.20

VEN

PE

MEX

L

CO


Other transferable securities 100,135.52 0.03

SHARES 100,135.52 0.03

100,135.51 0.0399,836 SUPERMERCADOS UNIMARC ADR REPR.

50SHS 100,135.51 0.03

0.01 0.006,721 SUDAMTEX VENEZUELA ADR REPR.

200 SHS -B- 0.01 0.00


VEN

CHL

55




Switzerland

Market Netvalue AssetCHF %


SHARES 38,924,836.60 100.19

Consumer Discretionary 3,320,412.75 8.55492 CALIDA HOLDING -NAMEN 258,054.00 0.66

26,648 CIE FIN RICHEMONT UNITS -A- (1AKT.A 1PS) 1,892,008.00 4.87

40 JELMOLI HOLDING 109,400.00 0.28294 KUONI REISEN HOLDING -B- NAMEN-AKT. 191,688.00 0.49450 RIETER HOLDING NOM. 286,875.00 0.74

2,163 THE SWATCH GROUP REG CHF 2.25 582,387.75 1.50

Consumer Staples 3,620,651.00 9.32535 BARRY CALLEBAUT NOM.SHS 329,025.00 0.8511 CHOCOLADEFABRIKEN LINDT.SPRUENGLI

NOM. 337,700.00 0.876,822 NESTLE SA REG.SHS 2,953,926.00 7.60

Energy 155,030.00 0.402,095 PETROPLUS HOLDINGS AG 155,030.00 0.40

Financials 7,933,477.15 20.421,888 BALOISE HOLDING REG.SHS 229,958.40 0.595,050 CIE SUISSE REASSURANCE REG 523,180.00 1.35

22,026 CS GROUP NAMEN-AKT 1,877,716.50 4.83197 LIECHTENSTEINISCHE LANDESBANK 207,835.00 0.53763 SWISS LIFE HOLDING N-NAMEN

REGISTERED 232,905.75 0.6040,750 UBS NAM.AKT 3,017,537.50 7.775,623 ZURICH FINANCIAL SERVICES

NAMEN-AKT 1,844,344.00 4.75

Health Care 8,208,308.55 21.13768 ACTELION LTD NAMEN 205,824.00 0.53843 CYTOS BIOTECHNOLOGY SA 95,259.00 0.25

2,035 NOBEL BIOCARE HOLDING SA 733,108.75 1.8939,804 NOVARTIS SA REG.SHS 2,796,231.00 7.204,097 PHONAK HOLDING AG NAM-AKT 397,409.00 1.02

13,657 ROCHE HOLDING GENUSSSCHEIN 2,984,054.50 7.68106 SERONO -B- 115,964.00 0.30500 SPEEDEL HOLDING AG 81,500.00 0.21782 STRAUMANN HOLDING REG 230,690.00 0.59

3,911 SYNTHES INC 568,268.30 1.46

Industrials 7,332,465.10 18.8786,338 ABB NAM.AKT 1,886,485.30 4.8613,482 ADECCO REG.SHS 1,122,376.50 2.89

516 FLUGHAFEN ZUERICH NAMEN-AKT 196,080.00 0.50437 GEBERIT NAM.AKT 820,686.00 2.11514 KABA HOLDING NAM.AKT 189,666.00 0.49

1,229 KOMAX HOLDING NAMEN 187,176.70 0.485,278 KUEHNE + NAGEL INTERNATIONAL AG 467,894.70 1.209,746 SCHINDLER HOLDING SA 747,030.90 1.92

421 SGS NOM. REG SHS LTD 571,718.00 1.47635 SIG HOLDING REG SHS 258,445.00 0.67638 SULZER AG NOM 884,906.00 2.28


Information Technology 1,305,435.75 3.3617,271 LOGITECH NAMEN AKT 607,075.65 1.562,530 MICRONAS SEMICONDUCTOR HOLDING

NAMEN 67,804.00 0.17800 OC OERLIKON CORP NAMEN-AKT. 482,000.00 1.24

7,194 TEMENOS GROUP AG NAM.AKT 148,556.10 0.38

Materials 6,019,502.70 15.496,857 CIBA SPEZIALITAETENCHEMIE HOLDING

NAM. 555,759.85 1.4311,279 CLARIANT NAMEN AKT 205,841.75 0.53

669 GIVAUDAN SA REG.SHS 754,632.00 1.9416,351 HOLCIM NAMEN 1,826,406.70 4.705,883 LONZA GROUP NOM. 619,479.90 1.59

96 SIKA FINANZ AG BAAR 181,440.00 0.478,275 SYNGENTA NAMEN 1,875,942.50 4.83

Telecommunication Services 855,157.50 2.201,854 SWISSCOM SHS NOM 855,157.50 2.20

Utilities 174,396.10 0.451,217 BKW FMB ENERGIE AG 174,396.10 0.45


56



Thailand



SHARES 116,355,270.82 96.31

Consumer Discretionary 14,796,483.14 12.2516,300,000 ASIAN PROPERTY FOREIGN REGISTERED 2,110,205.15 1.754,731,400 BEC WORLD PLC -FOREIGN-REGISTERED 2,761,616.33 2.29

13,486,300 CENTRAL PLAZA HOTEL FOREIGN REGISTERED 2,480,879.57 2.05

13,770,000 LAND AND HOUSE -F- REGISTERED 2,628,295.87 2.1813,141,600 LAND AND HOUSE UNITS N.VTING DEP

REC 2,344,764.23 1.9418,153,800 NOBLE DEVELOPMENT FOREIGN

REGISTERED 2,470,721.93 2.05220,000 RENOWN LEATHERWEARS PUBLIC CO -F- 0.06 0.00

Energy 20,556,952.79 17.02402,800 BANPU PUBLIC CO LTD -F- 2,027,925.85 1.68380,000 BANPU PUBLIC CO LTD(NON-VOT.DEP.

RECEIPT) 1,913,137.59 1.582,053,000 PTT EXPLORATION AND PRODUCTION

PUBLIC CO 5,480,339.76 4.541,922,400 PTT PUBLIC COMPANY LTD -F- 11,135,549.59 9.22

Financials 61,048,923.00 50.538,561,200 ASIAN PROPERTY- NON VOTING DEPOS.

RECEIPT 1,108,336.71 0.921,968,700 BANGKOK BANK PUBLIC CO LTD -F- 6,262,800.87 5.188,142,700 BANK OF AYUDHYA N-VTG DEPOSIT

CO LTD 4,144,550.91 3.4313,995,000 GOLDEN LAND PROPERTY DVLP-NO.

VOT.DEP.REC 2,671,241.88 2.2156,907,000 HEMARAJ LAND AND DEVELOPMENT

PUBLIC -F- 1,401,028.34 1.163,536,800 KASIKORNBANK -F- 6,114,792.73 5.062,872,000 KIM ENG SECURITIES THAILAND

LIMITED -F- 1,398,261.26 1.1613,195,500 KRUNG THAI BANK FOREIGN REGISTERED 4,343,742.12 3.603,563,800 KRUNG THAI BANK PUBLIC NVTG DEPO

CO LTD 1,173,144.49 0.974,208,000 KRUNGTHAI CARD PLC REG 3,317,506.73 2.756,000,000 LPN DEVELOPMENT-FOREIGN REGISTERED 929,459.56 0.77

15,956,000 LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT 2,471,742.79 2.05

2,883,100 PHATRA SECURITIES PUBLIC CO LTD FOR.REGD 2,532,180.48 2.10

72,040,000 QUALITY HOUSES -F- 2,251,870.28 1.8629,300,000 RAIMON LAND PUBLIC CO LTD NON

VOT.DEP.RE 1,037,453.91 0.8610,840,000 ROJANA INDUSTRIAL PARK PUBLIC

CO -F- REG 4,228,045.15 3.509,243,000 SC ASSET CORPORATION PUBLIC

(FOR REG.) 2,403,433.04 1.992,620,400 SIAM COMMERCIAL BANK PUBLIC -F- 4,204,233.28 3.487,434,000 THANACHART CAPITAL ( FOR.REG.) 2,879,000.99 2.38

15,606,433 THE ERAWAN GROUP PUBLIC ( FOR.REG.) 1,795,925.03 1.495,465,000 TISCO BANK UNITS NDVR 3,325,860.80 2.75

14,659,000 TMB BANK SHS FOREIGN REGISTERED 1,054,311.43 0.87789,150 UNIVEST LAND PUBLIC CO LTD -F- 0.22 0.00


Health Care 2,101,339.32 1.742,186,000 BANGKOK DUSIT MEDICAL SERV.

PUBLIC -F- 2,101,339.32 1.74

Industrials 11,191,884.18 9.26950,000 AROMATICS (THAILAND) PUBLIC

CO -F- REG 847,509.44 0.7010,680,000 ITALIAN-THAI DEV.PUBLIC CO -F- REG 1,595,350.94 1.329,200,000 SEAFCO PUBLIC CO LTD FOREIGN

REGISTERED 1,870,537.36 1.5511,700,000 SIAM STEEL INTERNATIONAL PUBLIC

CO LTD 1,763,898.48 1.46806,550 THAI GRANITE PUBLIC CO LTD -F- 0.22 0.00

3,298,500 THORESEN THAI AGENCIES PUBLIC CO 2,326,740.18 1.9320,996,000 VANACHAI GROUP PUBLIC CO LTD

(FOREIGN) 2,787,847.56 2.31

Materials 6,659,688.39 5.51582,000 SIAM CEMENT FOREIGN REGISTERED 4,089,290.11 3.38

8,080,000 TPI POLENE PUBLIC CO LTD -F- 2,570,398.28 2.13

OPTIONS, WARRANTS, RIGHTS 2,241,949.82 1.86

Financials 2,241,949.82 1.8612,006,900 BANK OF AYUDHYA -F- REG 03.09.08 WAR 2,241,949.82 1.86


SHARES 0.06 0.00

Consumer Discretionary 0.06 0.00223,240 ROYAL PRINCESS PUBLIC CO LTD -F- 0.06 0.00

BONDS 0.00 0.00

Industrials 0.00 0.004,341 SWEDISH MOTORS CIE 5.00 03-07 28/11A 0.00 0.00


57




United Kingdom

Market Netvalue AssetGBP %


SHARES 4,618,012.38 95.70

Consumer Discretionary 180,147.50 3.7310,000 COMPASS GROUP PLC 29,000.00 0.6030,000 ITV PLC 31,950.00 0.663,250 PEARSON PLC 25,073.75 0.524,000 REED ELSEVIER PLC 22,420.00 0.463,500 REUTERS GROUP PLC 15,583.75 0.324,000 WPP GROUP PLC 27,620.00 0.575,000 YELL GROUP PLC 28,500.00 0.59

Consumer Staples 192,155.00 3.982,250 BRITISH AMERICAN TOBACCO PLC 32,152.50 0.678,500 CADBURY SCHWEPPES 46,452.50 0.966,000 GALLAHER GROUP PLC 68,790.00 1.438,000 SCOTTISH NEWCASTLE PLC 44,760.00 0.93

Energy 746,510.00 15.4722,000 BG GROUP 152,460.00 3.1655,000 BP PLC 312,125.00 6.4715,750 ROYAL DUTCH SHELL -SHS.B- 281,925.00 5.84

Financials 1,618,985.63 33.5510,000 AMVESCAP 59,600.00 1.245,000 AVIVA PLC 41,100.00 0.85

29,250 BARCLAYS PLC 213,525.00 4.426,250 BRITISH LAND CO PLC 107,125.00 2.228,000 HBOS 90,560.00 1.88

25,500 HSBC HOLDINGS PLC (USD 0.5) 237,405.00 4.9217,500 ICAP PLC 83,737.50 1.7430,000 LEGAL GENERAL GROUP PLC 47,250.00 0.9832,000 LLOYDS TSB GROUP PLC 182,880.00 3.7918,000 MAN GROUP SHARES 94,095.00 1.9520,500 PRUDENTIAL PLC 143,397.50 2.9712,665 ROYAL AND SUN ALLIANCE INSURANCE

GROUP 19,314.13 0.408,800 ROYAL BANK OF SCOTLAND GROUP PLC 175,384.00 3.63

15,000 ST JAME'S PLACE CAPITAL 64,462.50 1.3420,000 STANDARD LIFE PLC 59,150.00 1.23

Health Care 297,360.00 6.163,000 ASTRAZENECA 82,320.00 1.71

16,000 GLAXOSMITHKLINE PLC 215,040.00 4.46

Industrials 137,365.00 2.8512,500 BAE SYSTEMS 53,218.75 1.1017,000 RENTOKIL INITIAL PLC 28,177.50 0.5812,500 ROLLS-ROYCE GROUP 55,968.75 1.16

Information Technology 35,230.00 0.7313,000 SAGE GROUP 35,230.00 0.73

Materials 943,258.00 19.5510,500 ANGLO AMERICAN 261,555.00 5.4214,000 BHP BILLITON PLC 130,830.00 2.717,500 HANSON 57,787.50 1.20

27,500 IMPERIAL CHEMICAL INDUSTRIES PLC 124,300.00 2.58


7,000 RIO TINTO PLC 190,260.00 3.947,001 XSTRATA PLC 178,525.50 3.70

Telecommunication Services 396,101.25 8.2120,500 BT GROUP PLC 61,807.50 1.28

236,250 VODAFONE GROUP PLC 334,293.75 6.93

Utilities 70,900.00 1.4720,000 CENTRICA PLC 70,900.00 1.47


SHARES 465.78 0.01

Industrials 465.78 0.01150,000 CORUS GROUP DEFERRED GBP 0.15 0.00458,750 ROLLS-ROYCE GROUP -B- 465.63 0.01


58



US Opportunities



SHARES 74,940,548.12 107.40

Consumer Discretionary 6,863,790.00 9.8427,400 BEST BUY CO INC 1,347,806.00 1.9350,000 HOME DEPOT INC 2,008,000.00 2.8824,700 TIFFANY CO 969,228.00 1.3949,600 TIME WARNER INC 1,080,288.00 1.5518,900 TOLL BROTHERS INC 609,147.00 0.8720,700 VIACOM -B- WHEN ISSUED 849,321.00 1.22

Consumer Staples 2,944,466.00 4.2220,100 GENERAL MILLS INC 1,157,760.00 1.6627,800 PROCTER GAMBLE CO 1,786,706.00 2.56

Energy 5,125,100.00 7.3450,600 HALLIBURTON CO 1,571,130.00 2.2514,100 PEABODY ENERGY CORP 569,781.00 0.8218,500 TRANSOCEAN SEDCO FOREX INC 1,496,465.00 2.1435,600 WEATHERFORD INTERNATIONAL LTD 1,487,724.00 2.13

Financials 14,532,214.12 20.837,000 AMBAC FINANCIAL GROUP 623,490.00 0.89

18,500 AMERICAN INTERNATL GROUP INC 1,325,710.00 1.9044,200 BANK OF AMERICA CORP 2,359,838.00 3.3811,816 CAPITAL ONE FINANCIAL CORP 907,705.12 1.30

144,700 CHARLES SCHWAB CORP 2,798,498.00 4.0135,000 CITIGROUP INC 1,949,500.00 2.7913,500 FRANKLIN RESOURCES INC 1,487,295.00 2.1318,600 LEGG MASON 1,767,930.00 2.5342,800 MARSH MC-LENNAN COS. INC. 1,312,248.00 1.88

Health Care 4,762,236.00 6.8218,200 AMGEN INC 1,243,242.00 1.7819,600 MEDTRONIC INC 1,048,796.00 1.5013,200 NOVARTIS ADR.REP.1/40TH SH 758,208.00 1.0966,100 PFIZER INC 1,711,990.00 2.45

Industrials 12,800,880.00 18.3568,800 ABB ADR REPR 1 SH. 1,237,024.00 1.7736,700 CATERPILLAR INC 2,250,811.00 3.2317,000 DEERE & CO 1,616,190.00 2.3299,000 GENERAL ELECTRIC CO 3,683,790.00 5.2814,100 ROCKWELL AUTOMATION 861,228.00 1.2312,100 SIEMENS AG ( ADR ) 1,192,455.00 1.7115,900 UNITED PARCEL SERVICE -B- 1,192,182.00 1.7114,000 USG CORP 767,200.00 1.10

Information Technology 21,324,776.00 30.5649,300 BROADCOM CORPORATION 1,592,883.00 2.2876,400 CISCO SYSTEMS 2,088,012.00 2.9969,800 DELL INC 1,751,282.00 2.5158,300 FIRST DATA CORP 1,487,816.00 2.139,800 IBM CORP 952,070.00 1.36

170,200 INTEL CORP 3,446,550.00 4.9445,200 MICROSOFT CORP 1,349,672.00 1.9378,000 ORACLE CORP 1,336,920.00 1.9278,300 SEAGATE TECHNOLOGY 2,074,950.00 2.9768,100 STMICROELECTRONICS NV REG. 1,253,040.00 1.80


22,500 SYMANTEC CORP 469,125.00 0.6759,600 THE WESTERN UNION COMPANY WHEN

ISSUED 1,336,232.00 1.9285,600 YAHOO INC 2,186,224.00 3.13

Materials 5,225,140.00 7.4932,300 ALCOA 969,323.00 1.3931,100 CELANESE CORP-A- 804,868.00 1.1527,300 DU PONT E I NEMOURS CO 1,329,783.00 1.9115,100 PPG INDUSTRIES INC 969,571.00 1.3916,300 WEYERHAEUSER CO 1,151,595.00 1.65

Telecommunication Services 1,071,063.00 1.5356,700 SPRINT NEXTEL 1 SHS-SERIES 1 1,071,063.00 1.53

Utilities 290,883.00 0.424,700 EXELON CORP 290,883.00 0.42


59




US Quant



SHARES 8,191,068.00 93.18

Consumer Discretionary 971,049.00 11.051,300 AMAZON COM INC 51,298.00 0.58

400 AUTOZONE INC 46,224.00 0.531,800 CBS -B- 56,124.00 0.642,100 DIRECTV GROUP INC 52,374.00 0.601,700 DR HORTON 45,033.00 0.511,700 FEDERATED DEPARTMENT STORE 64,821.00 0.74

800 GANNETT CO INC 48,368.00 0.552,200 GENERAL MOTORS CORP 67,584.00 0.772,300 GOODYEAR TIRE RUBBER CO 48,277.00 0.552,500 HOME DEPOT INC 100,400.00 1.14

800 JC PENNEY INC 61,888.00 0.701,500 JONES APPAREL GROUP LTD 50,145.00 0.57

800 MC DONALDS CORP 35,464.00 0.405,200 TIME WARNER INC 113,256.00 1.291,900 WALT DISNEY CO (HOLDING CO) 65,113.00 0.741,100 YUM BRANDS INC 64,680.00 0.74

Consumer Staples 801,226.00 9.111,300 ALTRIA GROUP 111,566.00 1.271,700 ANHEUSER BUSCH COS INC 83,640.00 0.951,800 ARCHER-DANIELS MIDLAND CO 57,528.00 0.651,300 COCA-COLA CO 62,725.00 0.711,100 COLGATE-PALMOLIVE CO 71,764.00 0.82

900 HERSHEY 44,820.00 0.512,800 KROGER CO 64,596.00 0.73

600 MOLSON COORS BREWING CO -B- NON VOTING 45,864.00 0.52

900 PEPSICO INC. 56,295.00 0.642,000 PROCTER GAMBLE CO 128,540.00 1.461,600 WAL MART STORES 73,888.00 0.84

Energy 775,875.00 8.831,200 ANADARKO PETROLEUM 52,224.00 0.591,000 APACHE CORP 66,510.00 0.761,500 CHEVRON CORPORATION 110,295.00 1.251,800 CONOCOPHILLIPS 129,510.00 1.473,800 EXXON MOBIL 291,194.00 3.31

700 MARATHON OIL 64,750.00 0.741,200 VALERO ENERGY CORP (NEW) 61,392.00 0.70

Financials 1,820,198.00 20.711,100 ACE 66,627.00 0.761,000 ALLSTATE CORP 65,110.00 0.741,600 AMERICAN INTERNATL GROUP INC 114,656.00 1.302,900 BANK OF AMERICA CORP 154,831.00 1.76

900 CAPITAL ONE FINANCIAL CORP 69,138.00 0.79900 CIT GROUP INC 50,193.00 0.57

4,100 CITIGROUP INC 228,370.00 2.601,600 COUNTRYWIDE FINANCIAL CORP 67,920.00 0.771,000 FANNIE MAE 59,390.00 0.681,000 FREDDIE MAC 67,900.00 0.77

400 GOLDMAN SACHS GROUP 79,740.00 0.91700 HARTFORD FINANCIAL SERVICES GROUP 65,317.00 0.74

2,400 JP MORGAN CHASE 115,920.00 1.321,000 LEHMAN BROTHERS HOLDINGS INC 78,120.00 0.89


700 MGIC INVESTMENT CORP 43,778.00 0.501,100 MOODY'S CORP WHEN ISSUED 75,966.00 0.86

600 MORGAN STANLEY 48,858.00 0.561,800 NATIONAL CITY CORP 65,808.00 0.75

800 PROLOGIS TRUST 48,616.00 0.55500 SIMON PROPERTY GROUP PAIRED SHS 50,645.00 0.58

1,200 ST.PAUL TRAVEL COMPANIES 64,428.00 0.731,400 WACHOVIA CORP 79,730.00 0.911,300 WASHINGTON MUTUAL 59,137.00 0.67

Health Care 870,303.00 9.901,100 ABBOTT LABORATORIES 53,581.00 0.612,200 AETNA US HEALTHCARE INC 94,996.00 1.081,300 AMGEN INC 88,803.00 1.011,900 JOHNSON JOHNSON 125,438.00 1.431,500 MERCK AND CO INC. 65,400.00 0.744,500 PFIZER INC 116,550.00 1.331,000 UNITEDHEALTH GROUP 53,730.00 0.61

900 WATERS 44,073.00 0.501,600 WATSON PHARMACEUTICALS 41,648.00 0.471,200 WELLPOINT INC 94,428.00 1.071,800 WYETH 91,656.00 1.04

Industrials 759,169.00 8.64500 BOEING CO COM. 44,420.00 0.51

1,700 CATERPILLAR INC 104,261.00 1.19500 FEDEX 54,310.00 0.62

6,200 GENERAL ELECTRIC CO 230,702.00 2.62900 NORTHROP GRUMMAN CORP 60,930.00 0.69800 RYDER SYSTEM INC 40,848.00 0.46

3,800 TYCO INTERNATIONAL 115,520.00 1.31700 UNION PACIFIC CORP. 64,414.00 0.73700 UNITED TECHNOLOGIES CORPORATION 43,764.00 0.50

Information Technology 1,389,434.00 15.811,700 ACCENTURE LTD -A- 62,781.00 0.713,000 ADVANCED MICRO DEVICES INC 61,050.00 0.692,200 APPLIED MATERIALS INC 40,590.00 0.463,900 CISCO SYSTEMS 106,587.00 1.212,500 CORNING INC 46,775.00 0.533,700 DELL INC 92,833.00 1.062,100 ELECTRONIC DATA SYSTEMS CORP 57,855.00 0.663,300 FIRST DATA CORP 84,216.00 0.96

200 GOOGLE -SHS A - 92,096.00 1.052,800 HEWLETT PACKARD CO 115,332.00 1.311,500 IBM CORP 145,725.00 1.663,900 INTEL CORP 78,975.00 0.905,200 MICROSOFT CORP 155,272.00 1.775,500 MOTOROLA 113,080.00 1.292,800 ORACLE CORP 47,992.00 0.552,300 SYMANTEC CORP 47,955.00 0.551,400 TEXAS INSTRUMENTS INC 40,320.00 0.46

Materials 292,909.00 3.332,700 ALCOA 81,027.00 0.922,100 DOW CHEMICAL CO COM. 83,874.00 0.951,500 FREEPORT MCMORAN COPPER GOLD -B- 83,595.00 0.952,300 HERCULES INC 44,413.00 0.51

Telecommunication Services 277,165.00 3.152,500 AT&T INC 89,375.00 1.021,200 BELLSOUTH CORP 56,532.00 0.64

60



US Quant


3,400 SPRINT NEXTEL 1 SHS-SERIES 1 64,226.00 0.731,800 VERIZON COMMUNICATIONS INC 67,032.00 0.76

Utilities 233,740.00 2.661,600 AMERICAN ELECTRIC POWER CO INC 68,128.00 0.771,800 EXELON CORP 111,402.00 1.271,000 TXU 54,210.00 0.62


61




USA



SHARES 81,543,610.67 96.65

Consumer Discretionary 9,272,241.28 10.9923,000 AT & T COMCAST CORP 973,590.00 1.1516,200 CHICOS FAS 335,178.00 0.4021,400 COACH INC 919,344.00 1.0920,700 FEDERATED DEPARTMENT STORE 789,291.00 0.9425,200 FOOT LOCKER INC 552,636.00 0.669,000 JC PENNEY INC 696,240.00 0.83

14,100 MARRIOTT INTERNATIONAL -A- 672,852.00 0.806,800 NIKE -B- 673,404.00 0.80

24,300 STAPLES 648,810.00 0.778,384 STARBUCKS CORP 296,961.28 0.35

51,000 TIME WARNER INC 1,110,780.00 1.3222,000 URBAN OUTFITTERS INC 506,660.00 0.6020,500 WALT DISNEY CO (HOLDING CO) 702,535.00 0.836,700 YUM BRANDS INC 393,960.00 0.47

Consumer Staples 3,995,182.17 4.745,000 ALTRIA GROUP 429,100.00 0.51

18,000 PEPSICO INC. 1,125,900.00 1.3318,571 PROCTER GAMBLE CO 1,193,558.17 1.4114,800 WAL MART STORES 683,464.00 0.8112,000 WHOLE FOODS MARKET 563,160.00 0.67

Energy 8,071,712.00 9.5710,800 CHEVRON CORPORATION 794,124.00 0.9419,900 CONOCOPHILLIPS 1,431,805.00 1.707,500 DEVON ENERGY 503,100.00 0.60

43,000 EL PASO CORP 657,040.00 0.7837,000 EXXON MOBIL 2,835,310.00 3.3611,100 NATIONAL OILWELL VARCO INC 679,098.00 0.8011,500 SCHLUMBERGER LTD 726,340.00 0.865,500 TRANSOCEAN SEDCO FOREX INC 444,895.00 0.53

Financials 20,549,133.39 24.3612,300 ACE 745,011.00 0.8815,300 AMERICAN EXPRESS CO COM. 928,251.00 1.1016,600 AMERICAN INTERNATL GROUP INC 1,189,556.00 1.4139,000 BANK OF AMERICA CORP 2,082,210.00 2.479,300 BANK OF NOVA SCOTIA 416,373.73 0.499,300 CIT GROUP INC 518,661.00 0.61

25,500 CITIGROUP INC 1,420,350.00 1.687,100 CITY NATIONAL CORP 505,520.00 0.60

58,640 DCT INDUSTRIAL TRUST 691,952.00 0.8230,000 JP MORGAN CHASE 1,449,000.00 1.725,600 LEGG MASON 532,280.00 0.63

10,900 LINCOLN NATIONAL CORP 723,760.00 0.8615,400 MARSHALL & ILSLEY 740,894.00 0.8817,900 MELLON FINANCIAL CO 754,485.00 0.898,300 MERRILL LYNCH & CO INC 772,730.00 0.92

13,500 PNC FINANCIAL SERVIVES GROUP 999,540.00 1.1814,000 STATE STREET CORP 944,160.00 1.1221,000 SUN LIFE FINANCIAL INC 890,030.74 1.0514,500 TORONTO DOMINION BANK 868,736.42 1.0328,250 US BANCORP 1,022,367.50 1.21


16,500 WELLS FARGO AND CO NEW 586,740.00 0.7014,900 WILLIS GROUP 591,679.00 0.708,300 XL CAPITAL -A- 597,766.00 0.717,000 ZIONS BANCORP 577,080.00 0.68

Health Care 9,753,965.52 11.5612,400 AMGEN INC 847,044.00 1.009,176 CAREMARX RX 524,041.36 0.62

14,500 ELI LILLY & CO 755,450.00 0.906,500 GENENTECH INC 527,345.00 0.63

36,700 HUMAN GENOME SCI 456,548.00 0.5427,500 JOHNSON JOHNSON 1,815,550.00 2.1522,194 PDL BIOPHARMA 446,987.16 0.5329,000 PFIZER INC 751,100.00 0.896,500 SEPRACOR INC 400,270.00 0.47

10,000 STRYKER CORP 551,100.00 0.6517,500 THERMO FISHER SCIEN SHS 792,575.00 0.948,400 VARIAN MEDICAL SYTEMS 399,588.00 0.477,500 WELLPOINT INC 590,175.00 0.70

17,600 WYETH 896,192.00 1.06

Industrials 9,957,148.00 11.8013,350 AMETEK INC 425,064.00 0.509,200 COOPER INDUSTRIES -A- 831,956.00 0.995,300 DEERE & CO 503,871.00 0.60

13,000 DOVER CORP 637,260.00 0.766,500 FEDEX 706,030.00 0.84

77,500 GENERAL ELECTRIC CO 2,883,775.00 3.4211,500 ITT 653,430.00 0.7714,100 MUELLER WATER PROD SERIES A 209,667.00 0.2511,000 ROCKWELL AUTOMATION 671,880.00 0.808,000 TEXTRON INC 750,160.00 0.89

18,000 UNITED TECHNOLOGIES CORPORATION 1,125,360.00 1.339,500 WESCO INTERNATIONAL INC 558,695.00 0.66

Information Technology 15,013,471.00 17.807,800 APPLE COMPUTER COM. 661,752.00 0.78

30,800 APPLIED MATERIALS INC 568,260.00 0.6733,000 CADENCE DESIGN SYSTEMS INC 591,030.00 0.7046,000 CISCO SYSTEMS 1,257,180.00 1.4912,000 COMPUTER SCIENCES CORP. 640,440.00 0.7632,700 CORNING INC 611,817.00 0.7317,200 DELL INC 431,548.00 0.5152,000 EMC CORP 686,400.00 0.811,450 GOOGLE -SHS A - 667,696.00 0.79

10,800 IBM CORP 1,049,220.00 1.2431,900 INTEL CORP 645,975.00 0.7768,200 MICROSOFT CORP 2,036,452.00 2.4124,500 NATIONAL SEMICONDUCTOR CORP. 556,150.00 0.6642,400 ORACLE CORP 726,736.00 0.8628,000 PALM INC 394,520.00 0.4720,000 QUALCOMM INC 755,800.00 0.905,600 RESEARCH IN MOTION 715,568.00 0.85

35,500 SYMANTEC CORP 740,175.00 0.8822,200 TEXAS INSTRUMENTS INC 639,360.00 0.7619,600 THQ 637,392.00 0.76

Materials 1,082,065.31 1.2822,500 GOLDCORP 640,183.31 0.7614,700 MEADWESTVACO 441,882.00 0.52

62



USA


Telecommunication Services 2,433,582.00 2.8812,600 AMERICAN TOWER -A- 469,728.00 0.5638,500 AT&T INC 1,376,375.00 1.6331,100 SPRINT NEXTEL 1 SHS-SERIES 1 587,479.00 0.70

Utilities 1,415,110.00 1.685,000 ENTERGY 461,600.00 0.557,500 EXELON CORP 464,175.00 0.55

15,500 MIRANT CORP 489,335.00 0.58



Unit trusts 2,850,176.00 3.3840 CAAM MIDCAP USA -I- 3 DEC. 2,850,176.00 3.38


63




Arbitrage Inflation



BONDS 38,839,247.47 24.47

15,101,004.39 9.5112,000,000 FRANCE OAT 5.50 97-07 25/04A 12,063,000.00 7.603,000,000 FRANCE OAT 5.50 97-07 25/10A 3,038,004.39 1.91

7,332,790.70 4.627,420,000 DEUTSCHLAND I/L BOND 1.50 06-16

15/04A 7,332,790.70 4.62

2,255,151.99 1.421,850,000 HELLENIC REPUB.INDEX 2.90 02-25 25/07A 2,255,151.99 1.42

3,998,888.52 2.524,000,000 ITALY BTP 2.75 04-07 15/01S 3,998,888.52 2.52

2,127,909.93 1.3415,000,000 SWEDEN NR 3105 INDEX 3.50 98-15

01/12A 2,127,909.93 1.34

8,023,501.94 5.052,000,000 UNITED KINGDOM 2.50 82-11 23/08S 8,023,501.94 5.05


BONDS 70,809,770.85 44.61

2,286,366.26 1.442,000,000 CANADA (INDEXED) 4.25 95-26 01/12S 2,286,366.26 1.44

21,190,268.96 13.35550,000,000 JAPAN 10 (INDEXED) 1.10 06-16 10/12S 3,479,860.61 2.19

2,810,000,000 JAPON INDEXE 1.00 06-16 10/06S 17,710,408.35 11.16

47,333,135.63 29.829,000,000 USA NTS INDEX 3.00 02-12 15/07S 7,886,085.23 4.97

14,250,000 USA NTS S.A-10 INDEX 2.50 06-16 15/07S 10,892,621.00 6.864,500,000 USA T NOTES INDEX 2.00 04-14 15/01S 3,620,863.46 2.28

19,200,000 USA TREASURY NTS INDX 0.875 04-10 15/04S 14,711,833.38 9.27

11,500,000 USA TREASURY NTS INDX 1.875 03-13 15/07S 9,262,828.32 5.84

1,000,000 USA TREASURY NTS INDX 3.875 99-09 15/01S 958,904.24 0.60

USA

J

CAN

GB

S

I

GR

D

F




13,045,968.39 8.22651 CPR CASH 13,045,968.39 8.22


BONDS 33,968,861.03 21.40

33,968,861.03 21.40150,000 FRANCE BTF -07 08/03U 148,805.59 0.09

16,000,000 FRANCE BTF -07 18/01U 15,918,479.70 10.0310,000,000 FRANCE BTF -07 18/01U 9,942,977.03 6.268,000,000 FRANCE BTF -07 25/01U 7,958,598.71 5.01

5. Derivative instruments 206,743.15 0.13


56,400.00 0.04120 EURX EURO BUND FEB 116 24.01.07 PUT 56,400.00 0.04

150,343.15 0.09244 US 10 YEAR NOTE FEB 108 26.01.07 PUT 150,343.15 0.09


USA

D

F

F

64



Arbitrage VaR 2 (EUR)



BONDS 150,337,078.82 2.99

550,325.33 0.011,000,000 ARGENTINA (REP OF) FL.R 02-12 03/08S 550,325.33 0.01

35,500,599.86 0.711,370,784 FCC PROUDREED S.1 C.A FL.R 05-17

18/08Q 1,371,905.03 0.0332,280,000 FRANCE OAT 4.00 04-55 25/04A 32,050,077.63 0.641,650,000 FRANCE OAT 5.75 00-32 25/10A 2,078,617.20 0.04

64,549,199.43 1.2920,500,000 ASSET BACKED EUR.-A-2-FL.R 05-15

01/10Q 20,506,634.62 0.4126,200,000 ITALY BTP 4.00 05-37 01/02S 24,530,559.06 0.498,500,000 SCCI FL.R 05-08 31/07S 8,503,480.75 0.17

11,000,000 SCCI S9 FL.R 05-10 31/07S 11,008,525.00 0.22

4,000,000.00 0.084,000,000 ADAGI II-X -A1- FL.R 05-21 15/01S 4,000,000.00 0.08

13,989,525.90 0.2811,150,000 SPAIN 5.75 01-32 30/07A 13,989,525.90 0.28

31,747,428.30 0.6311,820,525 ECLIP 2005-3 A FL.R 05-15 10/10Q 11,822,116.31 0.244,300,000 KARTA 2005-1 -A- FL.R 05-10 15/07Q 4,303,473.88 0.098,000,000 PERMANENT -4- -4A- FL.R 04-34 10/03Q 8,015,036.64 0.167,600,000 PROMI 1 A1 FL.R 05-32 20/12Q 7,606,801.47 0.15


BONDS 30,847,384.45 0.61

1,455,158.69 0.031,800,000 BQUE DU LIBAN EMTN 10.00 05-15 25/04S 1,455,158.69 0.03

5,973,815.63 0.125,973,553 E-MAC NL04-II-A- FL.R 04-37 25/01Q 5,973,815.63 0.12

23,418,410.13 0.472,800,000 CAP TDA S.1 CL.1 FL.R 03-13 12/09Q 2,820,201.92 0.06

20,600,000 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q 20,598,208.21 0.41

E

NL

RL

GB

E

NL

I

F

ARG




143,604,898.20 2.866 CAAM GLOBAL EMERGENTS FCP -I2- 143,604,898.20 2.86

4. Money market instruments 2,734,342,362.09 54.45

BONDS 2,734,342,362.09 54.45

22,055,645.28 0.44200,000,000 FORTIS BANK -07 22/01U 22,055,645.28 0.44

2,005,464,906.61 39.9473,900,000 ANTALIS BTP 06-07 30/01U 73,607,349.42 1.4741,000,000 AXA-UAP -07 29/01U 40,862,531.63 0.81

200,000,000 BFCM (EONIA +0.06) 3.63 06-07 19/03U 200,000,000.00 3.98250,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07

12/01U 250,000,000.00 4.98245,000,000 BRED CDN(OIS +0.05) 3.66 06-07 05/03U 245,000,000.00 4.88106,000,000 BRED (EONIA+0.01) 3.68 06-07 02/01U 106,000,000.00 2.1141,000,000 CIAL (OIS+0.07) 3.70 06-07 12/02U 41,184,176.10 0.8220,000,000 CRCAM ATLANT. VENDEE 3.793 06-07

20/06U 20,000,000.00 0.4050,000,000 CRCAM (OIS+0.045) 3.715 -07 27/03U 50,000,000.01 1.0050,000,000 CRCAM PARIS 3.684 06-07 22/03U 50,000,000.00 1.0036,000,000 CRCAM PARIS 3.696 06-07 28/03U 36,000,000.00 0.72

100,000,000 CR.FONC.FCE(OIS+0.06) 3.73 -07 27/06U 100,000,000.00 1.9944,000,000 DEXIA CRED.LOC. 06-07 15/01U 43,883,525.80 0.8769,000,000 EDF -07 12/02U 68,631,705.12 1.3723,000,000 EURO.SOVEREIGN FUND -07 16/03U 17,238,149.53 0.34

100,000,000 GECC (EONIA+0.045) 3.645 06-07 02/04U 100,000,000.00 1.9951,000,000 GECC (EONIA+0.045) 3.715 06-07 11/04U 51,000,000.00 1.0296,000,000 LMA -07 22/01U 95,686,997.18 1.9184,000,000 LMA BTP -07 22/02U 83,469,551.00 1.6621,000,000 L'OREAL -07 21/02U 20,870,304.11 0.42

250,000,000 SOCIETE GENERALE 3.63 06-07 15/01U 250,000,000.00 4.9853,000,000 SOFINCO -07 19/01U 52,875,009.36 1.0583,000,000 SVENSKA HANDELSBANKEN -07 19/01U 9,155,607.35 0.18

93,969,643.86 1.8785,000,000 NORDEUTSCHE LANDESBANK GIRO -07

18/01U 64,243,864.17 1.2830,000,000 RHEIN-MAIN SECURITIZATION -06 20/03U 29,725,779.69 0.59

260,621,536.56 5.19200,000,000 IRISH LIFE AND PERMANENT -07 21/03U 198,164,992.20 3.9562,680,000 REGENCY ASSETS LTD -07 25/01U 62,456,544.36 1.24

100,000,000.00 1.99100,000,000 ABN AMRO (EONIA+0.01)3.68 06-07 02/01U 100,000,000.00 1.99

35,001,672.04 0.7035,325,000 CANCARA ASSET SECURITISATION -07 21/03U 35,001,672.04 0.70

JSY

NL

IRL

D

F

B

F

65



200,000,000.00 3.98200,000,000 HSBC BANK 3.685 06-07 20/03U 200,000,000.00 3.98

17,228,957.74 0.3423,000,000 KELLOGG CO -07 19/03U 17,228,957.74 0.34

5. Derivative instruments 1,041,995.67 0.02


1,041,995.67 0.024,500,000 AUD(P)/JPY(C) DEC 86.00 02.01.07 PUT 0.00 0.002,250,000 CHF(P)/JPY(C) FEB 93.3 26.02.07 PUT 1,873.08 0.003,000,000 EUR(C)/GBP(P) JUL 0.6915 23.07.07 CALL 19,230.00 0.004,500,000 EUR(C)/GBP(P) JUN 0.6965 04.06.07 CALL 13,860.00 0.003,000,000 EUR(C)/GBP(P) MAY 0.694 29.05.07 CALL 10,470.00 0.00

12,000,000 EUR(C)/GBP(P)OTC AUG0.6835 08.08.07 CALL 125,520.00 0.003,000,000 EUR(C)/GBP(P)OTC MAY 0.686 18.05.07 CALL 10,470.00 0.001,500,000 EUR(C)/JPY(P)OTC JAN 156 18.01.07 CALL 13,710.00 0.003,000,000 EUR(P)/GBP(C) JUL 0.6915 23.07.07 PUT 71,070.00 0.003,000,000 EUR(P)/GBP(C) JUN 0.694 29.05.07 PUT 80,790.00 0.003,000,000 EUR(P)/GBP(C) MAY 0.6867 18.05.07 PUT 55,590.00 0.00

12,000,000 EUR(P)/GBP(C)OTC AUG0.6835 08.08.07 PUT 192,120.00 0.004,500,000 EUR(P)/GBP(C)OTC JUN0.6965 04.06.07 PUT 133,065.00 0.00

90,000 EUR(P)/JPY(C)OTC JAN144.50 04.01.07 PUT 13,720.50 0.00150,000 EUR(P)/USD(C) MAY 1.17 15.05.07 PUT 403.50 0.00

3,000,000 GBP(C)/JPY(P)OTC JAN 224.5 30.01.07 CALL 153,528.76 0.001,500,000 GBP(C)/USD(P)OTC JAN 2 19.01.07 CALL 2,582.56 0.003,000,000 GBP(P)/JPY(C)OTC JAN 224.5 30.01.07 PUT 13,491.65 0.00

30,000 GBP(P)/USD(C) JAN 1.825 12.01.07 PUT 0.00 0.00390,000 USD(C)/CAD(P)OTC-OCT 1.25 02.10.07 CALL 58,329.20 0.00390,000 USD(C)/CAD(P)OTC-OCT 1.265 04.10.07 CALL 43,473.32 0.0075,000 USD(C)/JPY(P)OTC JUL 130 03.07.07 CALL 1,407.69 0.00

150,000 USD(C)/JPY(P)OTC JUN 130 13.06.07 CALL 2,151.06 0.00390,000 USD(P)/CAD(C) APR 1.17 11.04.07 PUT 25,139.35 0.0030,000 USD(P)/JPY(C) DEC 125 29.12.06 PUT 0.00 0.00


SUP

USA

GB

66



Arbitrage VaR 2 (GBP)


1. Transferable securities admitted to an official stock exchange listing 685,431.33 1.12

BONDS 685,431.33 1.12

234,132.87 0.38350,000 FRANCE OAT 4.00 04-55 25/04A 234,132.87 0.38

189,245.78 0.31300,000 ITALY BTP 4.00 05-37 01/02S 189,245.78 0.31

262,052.68 0.43310,000 SPAIN 5.75 01-32 30/07A 262,052.68 0.43


BONDS 22,233,750.00 36.30

16,843,750.00 27.504,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07 12/01U 2,695,000.00 4.405,000,000 BRED (EONIA+0.01) 3.68 06-07 02/01U 3,368,750.00 5.504,000,000 BRED (EONIA+0.05) 3.72 -07 06/03U 2,695,000.00 4.404,000,000 CRCAM NORD EST 3.7125 -07 02/04U 2,695,000.00 4.404,000,000 CRCAM PARIS 3.696 06-07 28/03U 2,695,000.00 4.404,000,000 GECC (EONIA+0.045) 3.715 06-07 11/04U 2,695,000.00 4.40

5,390,000.00 8.808,000,000 ABN AMRO (EONIA+0.01)3.68 06-07 02/01U 5,390,000.00 8.80


NL

F

E

I

F

67




Arbitrage VaR 2 (USD)



BONDS 4,053,334.56 1.47

447,446.69 0.16200,000 ARGENTINA (REP OF) FL.R 02-12 03/08S 145,137.30 0.05250,000 ARGENTINA REPU $DIS 8.28 05-33 31/12S 302,309.39 0.11

1,021,220.92 0.37780,000 FRANCE OAT 4.00 04-55 25/04A 1,021,220.92 0.37

987,701.44 0.36800,000 ITALY BTP 4.00 05-37 01/02S 987,701.44 0.36

1,240,848.99 0.45750,000 SPAIN 5.75 01-32 30/07A 1,240,848.99 0.45

356,116.52 0.13357,834 GRACECHURCH 1X A2B FL.R 05-41 11/10Q 356,116.52 0.13


BONDS 4,259,506.76 1.55

159,903.75 0.06150,000 BQUE DU LIBAN EMTN 10.00 05-15 25/04S 159,903.75 0.06

1,403,590.20 0.511,000,000 PERMANENT FIN.-4-3A- FL.R 04-24 10/03Q 1,002,103.00 0.36

400,000 PILLAR FDG 2003-1 A3 FL.R 03-10 29/05Q 401,487.20 0.15

2,696,012.81 0.98700,000 MBNA MAS.2004-A8 A8 FL.R 04-14 15/01M 703,718.75 0.26

1,500,000 NCSLT 2004-1 CLASS A2 FL.R 04-27 25/06Q 1,511,250.00 0.55478,596 SLM STUDENT 2003-6 A4 FL.R 03-18 17/12Q 481,044.06 0.18


BONDS 2,124,323.75 0.77

2,124,323.75 0.771,100,000 AMER.EX.CRED 2005-7 A FL.R 05-15 16/03M 1,101,718.75 0.401,000,000 SLMA 2002-A -A2- FL.R 02-30 16/12Q 1,022,605.00 0.37

USA

USA

GB

RL

GB

E

I

F

ARG



BONDS 78,017,247.44 28.39

12,949,869.61 4.7113,000,000 GIRO LION FUNDING -07 23/01U 12,949,869.61 4.71

28,381,319.74 10.338,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07 12/01U 10,549,200.00 3.84

10,000,000 EURO.SOVEREIGN FUND -07 16/03U 9,871,089.00 3.598,000,000 L'OREAL SA 06-07 31/01U 7,961,030.74 2.90


18/01U 4,977,198.90 1.81

26,775,946.41 9.745,000,000 AMSTEL EURO FUNDING CORP -07 15/03U 4,934,372.84 1.80

10,000,000 DEPFA BANK PLC -07 05/03U 9,892,876.63 3.6012,000,000 SCALDIS CAPITAL -07 25/01U 11,948,696.94 4.35

4,932,912.78 1.805,000,000 KELLOGG CO -07 19/03U 4,932,912.78 1.80


USA

GB

D

F

CYM

68



Asian Income



BONDS 23,821,550.04 45.95

517,083.32 1.00500,000 GREENTOWN CHINA REG S 9.00 06-

13 08/11S 517,083.32 1.00

550,701.16 1.06500,000 CREDIT AGRICOLE SA FL.R 05-XX 04/02A 550,701.16 1.06

5,610,915.53 10.822,000,000 HOPSON DEVELOPMENT 8.125 05-

12 09/11S 2,050,000.00 3.95500,000 HUTCHISON WHAMP.REG S 6.25 03-

14 24/01S 518,988.69 1.002,000,000 HUTCHISON WHAMP.REGD 6.50 03-

13 13/02S 2,095,604.62 4.04500,000 NOBLE GROUP REG-S 6.625 05-15 17/03S 457,178.56 0.88500,000 ROAD KING INFRASTRUCT.6.25 04-

11 15/07S 489,143.66 0.94

985,463.38 1.901,000,000 ICICI BANK EMTN 5.00 04-09 18/08S 985,463.38 1.90

524,154.00 1.01500,000 INDONESIA REG-S 6.75 04-14 10/03S 524,154.00 1.01

497,130.47 0.96500,000 EON BANK BERHAD FL.R 04-14 21/01S 497,130.47 0.96

1,269,376.28 2.4513,000,000 ING BANK NV 8.85 06-13 04/04S 1,269,376.28 2.45

241,149.36 0.471,500,000 NORWAY 6.75 96-07 15/01A 241,149.36 0.47

2,615,130.50 5.041,000,000 PAKISTAN INT EMTN FL.R 05-10 27/01S 1,010,075.00 1.951,500,000 PAKISTAN -REGS- 7.875 06-36 31/03S 1,605,055.50 3.10

4,289,671.97 8.27200,000 GLOBE TELECOM NOTES 9.75 02-12 15/04S 211,455.47 0.41

1,500,000 PHILIPPINES 7.75 06-31 14/01S 1,703,280.00 3.292,000,000 PHILIPPINES 8.75 96-16 07/10S 2,374,936.50 4.58

489,320.06 0.94500,000 MOSCOW NARODNY EMTN 4.375 03-08

30/06S 489,320.06 0.94

RUS

RP

PK

N

NL

MAL

RI

IN

HK

F

CHN


3,232,818.47 6.241,500,000 C AND M FINANCE REG-S 8.10 06-16

01/02S 1,551,093.75 2.99500,000 EQUUS CAYMAN FIN REG.S5.50 03-08

12/09S 499,056.07 0.96400,000 LG-CALTEX OIL REG S 7.75 01-11 25/07S 436,376.50 0.84200,000 SHINHAN BANK 6.25 03-13 08/09S 202,104.00 0.39550,000 WOORI BANK EMTN SUB FL.R 03-13 02/07S 544,188.15 1.05

1,948,698.50 3.762,000,000 CATHAY UNITED BANK 5.50 05-20 05/10S 1,948,698.50 3.76

696,570.00 1.34700,000 STANDARD CHARTERED FL.R 06-49 08/12S 696,570.00 1.34

353,367.04 0.68250,000 VENEZUELA 7.00 05-15 16/03A 353,367.04 0.68

CONVERTIBLE BONDS 1,898,515.56 3.66

555,270.81 1.07500,000 STAR CRUISES CONV 2.00 03-08 20/10S 555,270.81 1.07

376,080.00 0.73300,000 TATA MOTORS CV REGS 1.00 04-11 27/04S 376,080.00 0.73

438,601.00 0.8520,000,000 KAWASAKI HEAVY IND.CV.0.00 04-11 30/09U 323,971.09 0.6210,000,000 TOSHIBA CORP CV 0.00 04-09 21/07U 114,629.91 0.22

528,563.75 1.02500,000 QUANTA COMPUT.CV 0.00 05-10 26/07U 528,563.75 1.02


BONDS 15,010,121.63 28.95

199,508.50 0.38200,000 HONGKONG LD FIN EMTN 5.50 04-14 28/04S 199,508.50 0.38

1,554,996.00 3.001,500,000 ICICI BANK -SUB- REGS FL.R 06-XX 31/10S 1,554,996.00 3.00

1,466,320.69 2.83500,000 BK DAN.IND.REG-S EMTN FL.R 04-14 30/03S 509,650.69 0.98800,000 EXCELCOMINDO FIN. 7.125 06-13 18/01S 805,500.00 1.55150,000 INDOSAT INTL FIN REGS 7.125 05-12 22/06S 151,170.00 0.29

RI

IN

HK

RC

J

IN

HK

VEN

GB

RC

K

69



1,271,636.88 2.45250,000 PARKSON RETAIL GP 7.875 06-11 14/11S 259,700.00 0.50

1,000,000 SBB CAPITAL FL.R 05-XX 02/11S 1,011,936.88 1.95

1,015,000.00 1.961,000,000 LAND BANK OF PHL FL.R 06-16 19/10S 1,015,000.00 1.96

2,609,434.47 5.03500,000 CHOHUNG BANK REGS SUB FL.R 04-14

03/11S 486,236.32 0.941,000,000 HANAROTELECOM -REGS- 7.00 05-12 01/02S 1,009,062.50 1.95

500,000 KOREA TELECOM 5.875 06-16 03/05S 511,788.07 0.99600,000 WOORI BANK REGS SUB FL.R 04-14 13/03S 602,347.58 1.16

387,010.78 0.75400,000 CHINATRUST COMM.BANK FL.R 05-XX 17/03S 387,010.78 0.75

3,515,122.12 6.781,500,000 BANGKOK BK PUB CO (HK)9.025 98-29

15/03S 1,909,567.50 3.68500,000 THAI FARMERS SUB REGS 8.25 96-16 21/08S 580,319.87 1.12

1,000,000 TMB BANK FL.R 06-XX 30/05S 1,025,234.75 1.98

2,991,092.19 5.773,000,000 US TREASURY NOTE 4.625 06-16 15/11S 2,981,250.00 5.75

10,000 USA TREASURY NOTES 4.50 06-16 15/02S 9,842.19 0.02


1,149,839.45 2.225,000,000 HITACHI KOKUSAI ELEC 0.00 03-08 05/12U 53,216.55 0.10

115,000,000 RICOH COMPANY CV 0.00 06-11 07/12U 1,050,835.90 2.035,000,000 SHIBAURA MECHATRONICS 0.00 04-09 08/03U 45,787.00 0.09

576,878.13 1.11500,000 POWERCHIP SEMI. CV 0.00 06-11 30/06U 576,878.13 1.11


RC

J

USA

T

RC

K

RP

MAL

70



Dynarbitrage Forex



BONDS 118,863,677.30 34.03

6,065,302.45 1.7455,000,000 FORTIS BANK -07 22/01U 6,065,302.45 1.74

71,494,847.58 20.4717,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07

12/01U 17,000,000.00 4.8716,000,000 BRED BQ.POP(OIS+0.05) 3.71 -07 06/03U 16,000,000.00 4.5816,000,000 CRCAM PARIS 3.696 06-07 28/03U 16,000,000.00 4.5810,000,000 EURO.SOVEREIGN FUND -07 16/03U 7,494,847.58 2.1515,000,000 GECC (EONIA+0.045) 3.715 06-07 11/04U 15,000,000.00 4.29


18/01U 7,558,101.67 2.16

30,000,000.00 8.5930,000,000 ABN AMRO (EONIA+0.01)3.68 06-07

02/01U 30,000,000.00 8.59

3,745,425.60 1.075,000,000 KELLOGG CO -07 19/03U 3,745,425.60 1.07



477,162.50 0.142,000,000 EUR(C)/GBP(P) JUL 0.6915 23.07.07 CALL 12,820.00 0.003,000,000 EUR(C)/GBP(P) JUN 0.6965 04.06.07 CALL 9,240.00 0.002,000,000 EUR(C)/GBP(P) MAY 0.694 29.05.07 CALL 6,980.00 0.008,000,000 EUR(C)/GBP(P)OTC AUG0.6835 08.08.07 CALL 83,680.00 0.022,000,000 EUR(C)/GBP(P)OTC MAY 0.686 18.05.07 CALL 6,980.00 0.002,000,000 EUR(P)/GBP(C) JUL 0.6915 23.07.07 PUT 47,380.00 0.012,000,000 EUR(P)/GBP(C) JUN 0.694 29.05.07 PUT 53,860.00 0.022,000,000 EUR(P)/GBP(C) MAY 0.6867 18.05.07 PUT 37,060.00 0.018,000,000 EUR(P)/GBP(C)OTC AUG0.6835 08.08.07 PUT 128,080.00 0.043,000,000 EUR(P)/GBP(C)OTC JUN0.6965 04.06.07 PUT 88,710.00 0.03

50,000 USD(C)/JPY(P)OTC JUL 130 03.07.07 CALL 938.46 0.00100,000 USD(C)/JPY(P)OTC JUN 130 13.06.07 CALL 1,434.04 0.0020,000 USD(P)/JPY(C) DEC 125 29.12.06 PUT 0.00 0.00


SUP

USA

NL

D

F

B

71




Dynarbitrage Forex (USD)



BONDS 8,901,584.58 85.55

8,901,584.58 85.551,500,000 US TREASURY BILLS -07 01/03U 1,482,787.50 14.251,500,000 US TREASURY BILLS -07 08/03U 1,481,370.00 14.241,500,000 US TREASURY BILLS -07 15/02U 1,485,652.08 14.281,500,000 US TREASURY BILLS -07 25/01U 1,490,000.00 14.321,000,000 USA TREASURY BILLS -07 01/02U 988,450.00 9.502,000,000 USA TREASURY BILLS 06-07 15/03U 1,973,325.00 18.97


USA

72



Dynarbitrage Forex Asia Pacific



BONDS 3,893,542.50 37.09

903,386.25 8.61900,000 WHARF INTL FIN 7.625 97-07 13/03S 903,386.25 8.61

2,990,156.25 28.493,000,000 UNITED STATES -H2007- 2.25 04-07 15/02S 2,990,156.25 28.49


USA

HK

73




Dynarbitrage Forex Plus (EUR)



BONDS 197,999,916.93 90.69

162,025,956.41 74.229,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07

12/01U 9,000,000.00 4.1210,000,000 BRED (EONIA+0.01) 3.68 06-07 02/01U 10,000,000.00 4.5830,000,000 FRANCE BTF -07 01/02U 29,660,791.77 13.597,000,000 FRANCE BTF -07 01/03U 6,921,532.88 3.17

22,500,000 FRANCE BTF -07 11/01U 22,331,124.59 10.2316,000,000 FRANCE BTF -07 15/02U 15,883,607.57 7.282,500,000 FRANCE BTF -07 15/02U 2,484,988.19 1.14

45,700,000 FRANCE BTF -07 15/03U 45,131,431.68 20.671,000,000 FRANCE BTF -07 25/01U 992,064.31 0.455,000,000 FRANCE BTF -07 26/04U 4,938,414.54 2.262,000,000 FRANCE BTF 06-07 01/02U 1,985,566.59 0.91

12,300,000 FRANCE BTF 06-07 08/02U 12,200,757.01 5.59500,000 FRANCE BTF 06-07 22/02U 495,677.28 0.23

15,000,000.00 6.8715,000,000 ABN AMRO (EONIA+0.01)3.68 06-07

02/01U 15,000,000.00 6.87

20,973,960.52 9.6110,000,000 US TREASURY BILLS -07 11/01U 7,882,159.04 3.614,000,000 US TREASURY BILLS -07 22/02U 3,051,079.11 1.409,000,000 US TREASURY BILLS 06-07 08/02U 6,947,942.31 3.184,000,000 USA TREASURY BILLS -07 01/02U 3,092,780.06 1.42



1,670,068.76 0.767,000,000 EUR(C)/GBP(P) JUL 0.6915 23.07.07 CALL 44,870.00 0.02

10,500,000 EUR(C)/GBP(P) JUN 0.6965 04.06.07 CALL 32,340.00 0.017,000,000 EUR(C)/GBP(P) MAY 0.6867 18.05.07 CALL 24,430.00 0.017,000,000 EUR(C)/GBP(P) MAY 0.694 29.05.07 CALL 24,430.00 0.01

28,000,000 EUR(C)/GBP(P)OTC AUG0.6835 08.08.07 CALL 292,880.00 0.137,000,000 EUR(P)/GBP(C) JUL 0.6915 23.07.07 PUT 165,830.00 0.087,000,000 EUR(P)/GBP(C) JUN 0.694 29.05.07 PUT 188,510.00 0.097,000,000 EUR(P)/GBP(C) MAY 0.6867 18.05.07 PUT 129,710.00 0.06


175,000 USD(C)/JPY(P)OTC JUL 130 03.07.07 CALL 3,284.61 0.00350,000 USD(C)/JPY(P)OTC JUN 130 13.06.07 CALL 5,019.15 0.0070,000 USD(P)/JPY(C) DEC 125 29.12.06 PUT 0.00 0.00


SUP

USA

NL

F

74



Dynarbitrage Forex Plus (USD)



BONDS 24,937,649.02 68.73

8,342,820.27 22.991,000,000 FRANCE BTF -07 01/03U 1,297,591.36 3.583,100,000 FRANCE BTF -07 18/01U 3,873,693.04 10.682,500,000 FRANCE BTF 06-07 08/02U 3,171,535.87 8.74

16,594,828.75 45.741,500,000 US TREASURY BILLS -07 01/03U 1,487,548.33 4.103,000,000 US TREASURY BILLS -07 04/01U 2,965,600.00 8.171,500,000 US TREASURY BILLS -07 22/02U 1,489,091.67 4.101,500,000 US TREASURY BILLS 06-07 08/03U 1,486,200.00 4.101,500,000 US TREASURY BILLS 06-07 19/04U 1,477,522.50 4.077,800,000 USA TREASURY BILLS 06-07 15/03U 7,688,866.25 21.19



314,605.17 0.871,000,000 EUR(C)/GBP(P) JUL 0.6915 23.07.07 CALL 8,452.55 0.021,500,000 EUR(C)/GBP(P) JUN 0.6965 04.06.07 CALL 6,092.16 0.021,000,000 EUR(C)/GBP(P) MAY 0.694 29.05.07 CALL 4,602.09 0.014,000,000 EUR(C)/GBP(P)OTC AUG0.6835 08.08.07 CALL 55,172.32 0.151,000,000 EUR(C)/GBP(P)OTC MAY 0.686 18.05.07 CALL 4,602.09 0.011,000,000 EUR(P)/GBP(C) JUL 0.6915 23.07.07 PUT 31,238.82 0.091,000,000 EUR(P)/GBP(C) JUN 0.694 29.05.07 PUT 35,511.24 0.101,000,000 EUR(P)/GBP(C) MAY 0.6867 18.05.07 PUT 24,434.58 0.074,000,000 EUR(P)/GBP(C)OTC AUG0.6835 08.08.07 PUT 84,446.35 0.231,500,000 EUR(P)/GBP(C)OTC JUN0.6965 04.06.07 PUT 58,488.72 0.16

25,000 USD(C)/JPY(P)OTC JUL 130 03.07.07 CALL 618.75 0.0050,000 USD(C)/JPY(P)OTC JUN 130 13.06.07 CALL 945.50 0.0010,000 USD(P)/JPY(C) DEC 125 29.12.06 PUT 0.00 0.00


SUP

USA

F

75




Dynarbitrage High Yield



BONDS 20,341,997.91 39.84

336,000.00 0.66400,000 BULGARIA STEEL FIN. 12.00 06-13 04/05S 336,000.00 0.66

501,517.82 0.98500,000 BOMBARDIER INC FL.R 06-13 15/11Q 501,517.82 0.98

514,364.57 1.01500,000 AGROKOR D.D 7.00 06-11 23/11A 514,364.57 1.01

1,460,821.53 2.86500,000 GIE GEOPHYSIQUE 7.50 05-15 15/05S 381,071.55 0.75500,000 RAY ACQUISITION SCA 9.375 05-15 16/03S 570,999.98 1.12500,000 REMY COINTREAU REG S 5.20 04-12 15/01S 508,750.00 1.00

3,432,165.00 6.72500,000 AUTO TEILE UNGER REGS FL.R 04-14

01/10Q 515,040.00 1.01500,000 COGNIS DEUTSCH. REGS 9.50 04-14 15/05S 548,125.00 1.07800,000 GROHE HOLDING REG.S 8.625 04-14 01/10S 824,000.00 1.61500,000 PERI GMBH EMTN FL.R 04-11 15/12S 512,500.00 1.00

1,000,000 PERI GMBH REG-S 5.625 04-11 15/12S 1,032,500.00 2.02

601,500.00 1.18600,000 BCM IRELAND PREF. FL.R 06-17 15/02Q 601,500.00 1.18

693,750.00 1.36600,000 PIAGGIO FINANCE REGS 10.00 05-12 30/04S 693,750.00 1.36

3,701,350.00 7.251,000,000 AHOLD EMTN 5.875 01-08 09/05A 1,017,500.00 1.99

600,000 CARMEUSE LIME REG-S 10.75 02-12 15/07S 650,250.00 1.272,000,000 NXP BV FL.R 06-13 15/10Q 2,033,600.00 3.98

310,712.47 0.61400,000 HSBC (UKRSIBBANK) 7.75 06-11 21/12S 310,712.47 0.61

3,693,464.20 7.23600,000 AVIS FINANCE CIE PLC FL.R 06-13 31/07S 602,231.25 1.18700,000 CORUS GROUP PLC REG S 7.50 04-11

01/10S 756,699.99 1.481,500,000 FCE BANK EMTN 5.00 05-07 16/07A 1,499,970.46 2.94

500,000 INEOS GRP REG-S 7.875 06-16 15/02S 476,250.00 0.93325,000 INVENSYS PLC 9.875 04-11 15/03S 358,312.50 0.70

5,096,352.32 9.981,000,000 CHESAPEAKE ENEERGY 6.25 06-17 15/01S 1,027,500.00 2.01

800,000 EB HOLDINGS INC-REGS 10.00 05-15 15/02S 848,000.00 1.66700,000 GENERAL MOTORS CORP 7.25 03-13 03/07A 688,859.94 1.35

USA

GB

UA

NL

I

IRL

D

F

HRV

CAN

BG


1,500,000 GMAC CANADA EMTN FL.R 03-08 12/09Q 1,521,795.00 2.981,000,000 GMAC EMTN 5.375 04-11 06/06A 1,010,197.38 1.98


BONDS 8,516,334.35 16.68

520,208.32 1.02500,000 BCM IRELAND FIN. FL.R 06-16 15/08Q 520,208.32 1.02

1,239,893.16 2.43400,000 BELVEDERE FL.R 06-13 15/05Q 413,000.00 0.81200,000 CMA CGM SA REGS 7.25 06-13 01/02S 147,393.16 0.29600,000 FG4 SA -REGS- 8.375 05-15 30/04S 679,500.00 1.33

400,000.00 0.78400,000 TIM HELLAS TELECOM FL.R 06-15 15/07Q 400,000.00 0.78

1,027,464.00 2.011,000,000 INVITEL HOLDINGS-REGS-FL.R 06-13

15/04Q 1,027,464.00 2.01

186,684.95 0.37250,000 BANK CASPIAN 7.875 05-08 17/10S 186,684.95 0.37

1,558,100.02 3.051,000,000 CODERE FINANCE REGS 8.25 05-15 15/06S 1,057,500.00 2.07

500,000 HELLAS II FL.R 06-15 15/01Q 500,600.02 0.98

1,749,722.25 3.431,000,000 ASSET REPACKAGING FL.R 06-11 21/12A 1,018,700.00 1.99

700,000 CARLSON W.BV REGS FL.R 06-15 01/05Q 731,022.25 1.43

501,550.00 0.98500,000 GETIN FINANCE FL.R 06-08 25/04Q 501,550.00 0.98

574,360.30 1.12250,000 CREDIT BANK MOSCOU FL.R 06-09 21/10S 189,165.68 0.37500,000 SIBACADEMFINANCE PLC 9.00 06-09 12/05S 385,194.62 0.75

758,351.35 1.491,000,000 FREESCALE SEMI -144A- 8.875 06-14 15/12S 758,351.35 1.49


USA

RUS

PL

NL

L

KZ

H

GR

F

CYM

76



Dynarbitrage Select



BONDS 23,243,202.56 89.63

23,243,202.56 89.631,200,000 ALTADIS FINANCE -07 10/01U 1,199,011.48 4.621,200,000 ANGLO-IRISH BANK -07 12/03U 1,191,629.30 4.591,200,000 BANK OF IRELAND -07 08/03U 1,192,100.68 4.602,400,000 CIMENTS FRANCAIS -07 05/02U 2,391,800.11 9.221,200,000 CRED.MUT.OCEAN (CFCM) -07 21/03U 1,190,507.69 4.591,200,000 EADS FINANCE NV -07 13/03U 1,191,474.34 4.591,101,000 HEXAGON FINANCE BTP -07 19/01U 1,099,079.66 4.242,400,000 LAFARGE -07 06/02U 2,391,467.11 9.222,400,000 LMA SA -07 30/01U 2,393,150.27 9.231,200,000 LVMH MOET HENNESSY -07 19/01U 1,197,918.28 4.621,200,000 NORTHERN ROCK -07 23/02U 1,193,706.51 4.601,850,000 RENAULT SA -07 28/02U 1,839,283.11 7.091,200,000 SOFINCO -07 20/03U 1,190,628.43 4.591,200,000 SPINTAB AB 06-07 16/02U 1,194,564.73 4.611,200,000 UFG 06-07 21/03U 1,190,456.51 4.591,200,000 VALEO -07 31/01U 1,196,424.35 4.61


F

77




Dynarbitrage VaR 4 (EUR)



SHARES 146,040,819.31 5.27

4,062,537.50 0.15200,125 TELEKOM AUSTRIA AG 4,062,537.50 0.15

122,107.53 0.003,300 ALCAN INC 122,107.53 0.00

669,200.00 0.0235,000 UPM KYMENNE CORP 669,200.00 0.02

31,292,432.65 1.1322,410 AGF 2,646,621.00 0.1069,000 ALTRAN TECHNOLOGIES SA 476,790.00 0.0233,650 ATOS ORIGIN 1,511,894.50 0.05

137,400 AXA 4,214,058.00 0.1541,200 BOUYGUES 2,003,556.00 0.0719,330 CAP GEMINI 919,141.50 0.03

553,977 FRANCE TELECOM 11,605,818.15 0.426,350 LVMH MOET HENN.LOUIS VUIT. 507,682.50 0.02

30,230 PUBLICIS GROUPE 965,848.50 0.034,500 SCHNEIDER ELECTRIC SA 378,450.00 0.01

78,450 STMICROELECTRONICS NV 1,103,791.50 0.0430,000 TOTAL SA 1,639,500.00 0.06

112,100 VIVENDI 3,319,281.00 0.12

18,349,474.40 0.6648,000 ALLIANZ AG NAMEN VINKULIERT 7,428,480.00 0.27

604,200 DEUTSCHE TELEKOM NAMEN 8,362,128.00 0.30108,930 INFINEON TECHNOLOGIES NOM. 1,163,372.40 0.0410,700 MUENCHENER RUECKVERSICHERUNGS

NAMEN 1,395,494.00 0.05

459,752.00 0.0220,200 HELLENIC TELECOMMUNICATIONS

ORGANISATION 459,752.00 0.02

366,658.98 0.0125,000 EXPERIAN GROUP 222,448.98 0.016,900 IRISH LIFE & PERMANENT 144,210.00 0.01

13,654,289.50 0.4941,750 ALLEANZA ASSICURAZ.AZ. 421,758.50 0.0212,700 ASSICURAZIONI GENERALI SPA 422,529.00 0.0224,600 BULGARI SPA 264,450.00 0.01

167,000 ENI AZ 4,255,160.00 0.1569,200 FASTWEB AZ 2,997,744.00 0.11

2,311,200 TELECOM ITALIA SPA 5,292,648.00 0.19

13,937,797.20 0.50282,530 AEGON NV 4,079,733.20 0.1563,800 ASML HOLDING NV 1,201,992.00 0.04

NL

I

IRL

GR

D

F

SF

CAN

A


32,700 ING GROEP NV CERT OF SHS 1,098,393.00 0.04469,450 KPN, KONINKLIJKE 5,055,976.50 0.1818,550 RANDSTAD HOLDING 972,020.00 0.0413,200 USG PEOPLE NV 437,052.00 0.0269,550 VEDIOR 1,092,630.50 0.04

2,498,485.15 0.098,950 NORSKE SKOGINDUSTRIER 117,183.69 0.00

166,750 TELENOR AS 2,381,301.46 0.09

3,755,895.52 0.14232,996 TELEFONICA SA 3,755,895.52 0.14

1,693,048.71 0.0617,950 HOLMEN -B- 592,796.59 0.02

176,500 TELIASONERA AB 1,100,252.12 0.04

6,832,738.11 0.2525,100 ABB NAM.AKT 340,716.93 0.0122,950 ADECCO REG.SHS 1,186,958.34 0.041,850 BALOISE HOLDING REG.SHS 139,986.95 0.01

700 SWISS LIFE HOLDING N-NAMEN REGISTERED 132,746.25 0.00

30,667 XSTRATA PLC 1,160,680.52 0.0419,000 ZURICH FINANCIAL SERVICES NAMEN-AKT 3,871,649.12 0.14

39,846,391.82 1.4471,150 ANGLO AMERICAN 2,630,569.94 0.0933,750 BARCLAYS PLC 365,677.18 0.0117,900 BG GROUP 184,114.29 0.0176,400 BHP BILLITON PLC 1,059,677.92 0.04

590,000 BP PLC 4,969,573.28 0.187,500 BRITISH LAND CO PLC 190,797.77 0.01

614,000 BT GROUP PLC 2,747,621.52 0.10179,700 CABLE & WIRELESS PLC 420,744.71 0.02

5,000 CADBURY SCHWEPPES 40,556.59 0.009,000 GALLAHER GROUP PLC 153,150.28 0.013,750 GLAXOSMITHKLINE PLC 74,805.19 0.005,000 HANSON 57,179.96 0.007,500 HOME RETAIL GROUP 45,640.07 0.00

25,000 ICAP PLC 177,551.02 0.0160,000 IMPERIAL CHEMICAL INDUSTRIES PLC 402,523.19 0.017,500 LLOYDS TSB GROUP PLC 63,617.81 0.00

17,500 MAN GROUP SHARES 135,779.22 0.00604,700 PRUDENTIAL PLC 6,278,109.83 0.2314,350 RESOLUTION PLC 136,631.17 0.0028,700 RIO TINTO PLC 1,157,797.40 0.0486,100 STANDARD LIFE PLC 377,945.45 0.01

7,884,344 VODAFONE GROUP PLC 16,558,585.17 0.60157,850 WPP GROUP PLC 1,617,742.86 0.06

8,500,010.24 0.3138,750 CENTEX CORP 1,653,556.67 0.0683,000 DR HORTON 1,667,364.35 0.066,700 INTERNATIONAL PAPER CO 173,260.53 0.01

23,500 KB HOME 913,874.04 0.0342,500 LENNAR CORP -A- 1,690,782.24 0.06

USA

GB

CH

S

E

N

78



Dynarbitrage VaR 4 (EUR)


12,200 MANPOWER INC 693,243.85 0.0368,000 PULTE HOMES 1,707,928.56 0.06

BONDS 145,091,115.57 5.23

825,488.00 0.031,500,000 ARGENTINA (REP OF) FL.R 02-12 03/08S 825,488.00 0.03

66,651,237.24 2.404,406,093 FCC PROUDREED S.1 C.A FL.R 05-17

18/08Q 4,409,694.74 0.1650,000,000 FRANCE OAT 4.00 04-55 25/04A 49,643,862.50 1.7910,000,000 FRANCE OAT 5.75 00-32 25/10A 12,597,680.00 0.45

2,418,116.26 0.092,000,000 BRD 5.50 00-31 04/01A 2,418,116.26 0.09

46,347,835.80 1.677,250,000 ASSET BACKED EUR.-A-2-FL.R 05-15

01/10Q 7,252,346.39 0.2630,000,000 ITALY BTP 4.00 05-37 01/02S 28,088,426.41 1.014,000,000 SCCI FL.R 05-08 31/07S 4,001,638.00 0.147,000,000 SCCI S9 FL.R 05-10 31/07S 7,005,425.00 0.25

2,000,000.00 0.072,000,000 ADAGI II-X -A1- FL.R 05-21 15/01S 2,000,000.00 0.07

399,600.78 0.01500,000 UBS LX (VIMPELCOM)REGS8.25 06-16

23/05S 399,600.78 0.01

3,763,998.00 0.143,000,000 SPAIN 5.75 01-32 30/07A 3,763,998.00 0.14

12,684,839.49 0.466,205,775 ECLIP 2005-3 A FL.R 05-15 10/10Q 6,206,611.08 0.221,400,000 KARTA 2005-1 -A- FL.R 05-10 15/07Q 1,401,131.03 0.052,600,000 PERMANENT -4- -4A- FL.R 04-34 10/03Q 2,604,886.91 0.092,470,000 PROMI 1 A1 FL.R 05-32 20/12Q 2,472,210.47 0.09

10,000,000.00 0.3610,000,000 MERRILL LYNCH EMTN FL.R 05-07 03/05Q 10,000,000.00 0.36


BONDS 95,575,160.25 3.45

1,010,526.87 0.041,250,000 BQUE DU LIBAN EMTN 10.00 05-15 25/04S 1,010,526.87 0.04

2,389,526.26 0.092,389,421 E-MAC NL04-II-A- FL.R 04-37 25/01Q 2,389,526.26 0.09

NL

RL

USA

GB

E

RUS

NL

I

D

F

ARG


8,105,867.21 0.29900,000 CAP TDA S.1 CL.1 FL.R 03-13 12/09Q 906,493.47 0.03

7,200,000 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q 7,199,373.74 0.26

84,069,239.91 3.0368,162,000 CITIGROUP 5.75 04-07 23/02S 40,692,658.18 1.4725,000,000 MERRILL LYNCH FL.R 06-11 15/06Q 14,955,469.22 0.5438,000,000 USA TREASURY BONDS 4.375 02-12

15/08S 28,421,112.51 1.03



167,539,047.90 6.047 CAAM GLOBAL EMERGENTS FCP -I2- 167,539,047.90 6.04

4. Money market instruments 1,105,777,128.57 39.88

BONDS 1,105,777,128.57 39.88

953,285,195.75 34.3821,000,000 AXA-UAP -07 29/01U 20,929,589.35 0.75

100,000,000 BFCM (EONIA +0.06) 3.63 06-07 19/03U 100,000,000.00 3.61130,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07

12/01U 130,000,000.00 4.6980,000,000 BRED (EONIA+0.05) 3.72 -07 06/03U 80,000,000.01 2.8932,000,000 CIAL (OIS+0.07) 3.70 06-07 12/02U 32,143,750.08 1.1613,000,000 CRCAM ATLANT. VENDEE 3.793 06-07

20/06U 13,000,000.00 0.4750,000,000 CRCAM (OIS+0.045) 3.715 -07 27/03U 50,000,000.01 1.8050,000,000 CRCAM PARIS 3.684 06-07 22/03U 50,000,000.00 1.80

100,000,000 CR.FONC.FCE(OIS+0.06) 3.73 -07 27/06U 100,000,000.00 3.6123,000,000 DEXIA CRED.LOC. 06-07 15/01U 22,939,115.76 0.8341,000,000 DIRECT FUNDING BTP -07 31/01U 40,853,042.51 1.4750,000,000 GECC (EONIA+0.045) 3.715 06-07 11/04U 50,000,000.00 1.8028,700,000 HBOS TREASURY SERV. -07 26/01U 28,611,780.33 1.03

130,000,000 SOCIETE GENERALE 3.63 06-07 15/01U 130,000,000.00 4.6950,000,000 SOCIETE GENERALE BEL -07 30/01U 49,837,860.80 1.8055,100,000 SOFINCO -07 19/01U 54,970,056.90 1.98

19,817,186.44 0.7120,000,000 RHEIN-MAIN SECURITIZATION -06 20/03U 19,817,186.44 0.71

17,000,000.00 0.6117,000,000 ABN AMRO (EONIA+0.01)3.68 06-07

02/01U 17,000,000.00 0.61

115,674,746.38 4.1721,000,000 AMSTEL EURO FUNDING CORP -07

15/03U 15,674,746.38 0.57100,000,000 HSBC BANK 3.685 06-07 20/03U 100,000,000.00 3.61

GB

NL

D

F

F

USA

E

79





2,083,991.34 0.089,000,000 AUD(P)/JPY(C) DEC 86.00 02.01.07 PUT 0.00 0.004,500,000 CHF(P)/JPY(C) FEB 93.3 26.02.07 PUT 3,746.16 0.006,000,000 EUR(C)/GBP(P) JUL 0.6915 23.07.07 CALL 38,460.00 0.009,000,000 EUR(C)/GBP(P) JUN 0.6965 04.06.07 CALL 27,720.00 0.006,000,000 EUR(C)/GBP(P) MAY 0.694 29.05.07 CALL 20,940.00 0.00

24,000,000 EUR(C)/GBP(P)OTC AUG0.6835 08.08.07 CALL 251,040.00 0.016,000,000 EUR(C)/GBP(P)OTC MAY 0.686 18.05.07 CALL 20,940.00 0.003,000,000 EUR(C)/JPY(P)OTC JAN 156 18.01.07 CALL 27,420.00 0.006,000,000 EUR(P)/GBP(C) JUL 0.6915 23.07.07 PUT 142,140.00 0.016,000,000 EUR(P)/GBP(C) JUN 0.694 29.05.07 PUT 161,580.00 0.016,000,000 EUR(P)/GBP(C) MAY 0.6867 18.05.07 PUT 111,180.00 0.00


180,000 EUR(P)/JPY(C)OTC JAN144.50 04.01.07 PUT 27,441.00 0.00300,000 EUR(P)/USD(C) MAY 1.17 15.05.07 PUT 807.00 0.00

3,000,000 EUR(P)/USD(C)OTC DEC 1.31 18.12.06 PUT 0.00 0.006,000,000 GBP(C)/JPY(P)OTC JAN 224.5 30.01.07 CALL 307,057.51 0.013,000,000 GBP(C)/USD(P)OTC JAN 2 19.01.07 CALL 5,165.12 0.006,000,000 GBP(P)/JPY(C)OTC JAN 224.5 30.01.07 PUT 26,983.30 0.00

60,000 GBP(P)/USD(C) JAN 1.825 12.01.07 PUT 0.00 0.00780,000 USD(C)/CAD(P)OTC-OCT 1.25 02.10.07 CALL 116,658.40 0.00780,000 USD(C)/CAD(P)OTC-OCT 1.265 04.10.07 CALL 86,946.65 0.00150,000 USD(C)/JPY(P)OTC JUL 130 03.07.07 CALL 2,815.38 0.00300,000 USD(C)/JPY(P)OTC JUN 130 13.06.07 CALL 4,302.13 0.00780,000 USD(P)/CAD(C) APR 1.17 11.04.07 PUT 50,278.69 0.00


SUP

80



Dynarbitrage VaR 4 (USD)



BONDS 55,933,925.00 67.52

55,933,925.00 67.524,500,000 BRED (EONIA+0.01) 3.68 06-07 02/01U 5,933,925.00 7.16

25,000,000 NATEXIS CDN 5.28 06-07 02/01U 25,000,000.00 30.1825,000,000 STE GENERALE 5.31 06-07 02/01U 25,000,000.00 30.18


F

81




Dynarbitrage Volatility



BONDS 3,024.24 0.00

3,024.24 0.001,000 FRANCE OAT 4.000 98-09 25/04A 1,002.26 0.001,000 FRANCE OAT 5.25 98-08 25/04A 1,016.73 0.001,000 FRANCE OAT 5.50 97-07 25/04A 1,005.25 0.00


4,783,797.76 0.5214,000 ARTEMIS CONSEIL CV 1.50 01-07 16/05A 4,308,476.38 0.4745,000 HAVAS ADVERTISING CV 4.00 02-09 01/01A 475,321.38 0.05

1,901,702.64 0.211,900,000 INFINEON TECHO. CV 4.25 02-07 06/02A 1,901,702.64 0.21



40,906,566.54 4.481,377 SGP TRESO / PARTS 40,906,566.54 4.48


BONDS 757,513,065.09 82.92

699,197,618.09 76.547,000,000 ANGLO-IRISH BANK -07 12/03U 6,937,144.65 0.762,000,000 BANQUE PSA FINANCE -07 09/02U 1,982,100.67 0.22

33,000,000 BARCLAYS BK (OIS+0.04) 3.35 -07 17/01U 33,000,000.00 3.617,000,000 BARCLAYS BK (OIS+0.045)3.375 -07

16/02U 7,000,000.00 0.772,000,000 BFCM -07 12/02U 1,987,375.20 0.22

22,000,000 BFCM (EINIA 0.05) 3.38 06-07 15/02U 22,000,000.00 2.4117,000,000 BFCM (EINIA 0.05) 3.38 06-07 16/02U 17,000,000.00 1.8615,000,000 BQ ORSAY(EONIA+0.055) 3.385 -07

06/02U 15,000,000.00 1.6410,000,000 BRITANNIA BUILDING SOCIETY -07 07/02U 9,909,591.49 1.084,000,000 BRITANNIA BUILDING SOCIETY -07 11/01U 3,972,234.08 0.43

12,000,000 BRITANNIA BUILDING SOCIETY 06-07 12/03U 11,891,956.62 1.30



20,000,000 CNCEP (OIS + 0.05) 3.74 06-07 28/02U 20,000,000.00 2.1933,000,000 DANONE FINANCE -07 08/01U 32,690,916.46 3.5810,000,000 EADS FINANCE NV -07 05/02U 9,921,509.83 1.0910,000,000 EADS FINANCE NV -07 09/02U 9,917,617.66 1.0910,000,000 EADS FINANCE NV -07 29/01U 9,928,328.50 1.0933,000,000 HBOS TREASURY SERV. 06-07 28/02U 32,705,649.14 3.58

F

F

D

F

F


26,000,000 HEXAGON FINANCE BTP 06-07 23/01U 25,914,883.98 2.845,000,000 HYPO REAL ESTATE -07 15/03U 4,954,143.21 0.545,500,000 HYPO REAL ESTATE -07 23/02U 5,459,869.96 0.60

13,000,000 HYPO REAL ESTATE BANK -07 23/03U 12,864,653.13 1.4118,500,000 LAFARGE -07 28/02U 18,334,556.11 2.015,000,000 LAFARGE -07 31/01U 4,955,769.75 0.544,000,000 LAFARGE 06-07 07/02U 3,966,081.19 0.43

12,000,000 LAFARGE 06-07 23/01U 11,897,483.35 1.303,500,000 LAFARGE 06-07 28/02U 3,472,592.56 0.387,000,000 LEGRAND FRANCE -07 20/02U 6,935,308.98 0.762,000,000 LEGRAND FRANCE -07 23/01U 1,987,409.76 0.226,000,000 LMA -07 27/02U 5,945,892.38 0.659,000,000 LMA SA -07 16/01U 8,970,894.42 0.98

20,000,000 LMA SA 06-07 30/03U 19,812,693.00 2.178,000,000 MICHELIN SA -07 19/02U 7,940,181.76 0.87

14,000,000 NORTHERN ROCK 06-07 31/01U 13,841,011.00 1.5221,000,000 PPR FINANCE -07 06/02U 20,863,506.30 2.285,000,000 PPR FINANCE 06-07 19/01U 4,958,322.54 0.544,000,000 RCI BANQUE SA -07 09/02U 3,969,477.47 0.432,000,000 RCI BANQUE SA -07 09/02U 1,984,148.86 0.227,000,000 RCI BANQUE SA -07 11/01U 6,939,453.27 0.766,000,000 RCI BANQUE SA -07 18/01U 5,947,660.59 0.65

15,000,000 RCI BANQUE SA -07 31/01U 14,867,309.25 1.638,000,000 RENAULT SA 06-07 02/03U 7,931,035.24 0.875,000,000 SAFRAN 06-07 25/01U 4,968,554.57 0.549,000,000 SNPE -07 23/02U 8,923,726.92 0.986,000,000 SOFINCO -07 05/03U 5,947,822.69 0.654,000,000 SOFINCO -07 11/01U 3,966,735.62 0.438,000,000 SOFINCO -07 20/02U 7,956,891.33 0.87

12,000,000 SOFINCO -07 31/01U 11,892,413.29 1.305,000,000 SOFINCO 06-07 25/01U 4,957,825.43 0.547,000,000 SOFIRA 06-07 29/01U 6,935,889.25 0.765,000,000 SPINTAB AB 06-07 16/02U 4,957,350.26 0.54

10,000,000 THOMSON BTR 06-07 11/01U 9,908,827.77 1.087,700,000 THOMSON BTR 06-07 11/01U 7,630,561.89 0.84

18,000,000 THOMSON BTR 06-07 23/01U 17,834,773.14 1.9538,000,000 UNICREDITO ITALIANO PLC 06-07 23/02U 37,671,800.12 4.125,000,000 VEOLIA ENVIRONNEMENT BTP -07 03/01U 4,956,615.84 0.54

38,000,000 VEOLIA ENVIRONNEMENT BTP -07 15/03U 37,669,294.97 4.1225,000,000 VINCI -07 22/01U 24,772,635.38 2.7115,000,000 VOLKSWAGEN GROUP SERVICES -07

08/03U 14,800,570.53 1.62

19,659,651.82 2.1520,000,000 ANGLO-IRISH BANK 06-07 02/04U 19,659,651.82 2.15

38,655,795.18 4.2315,000,000 BRITISH TELECOM -07 05/03U 14,871,780.47 1.6324,000,000 BRITISH TELECOM -07 13/03U 23,784,014.71 2.60



44,200.00 0.00-1,700 VIVENDI UNIVERSAL JUN 24 15.06.07 PUT -47,600.00 -0.011,700 VIVENDI UNIVERSAL JUN 31 15.06.07 CALL 195,500.00 0.02

-1,700 VIVENDI UNIVERSAL JUN 33 15.06.07 CALL -103,700.00 -0.01

F

GB

IRL

82



Dynarbitrage Volatility


21,306,700.00 2.33-1,950 DJ EURO STOXX 50 JAN 3700 22.01.07 PUT -40,950.00 0.00-4,225 DJ EURO STOXX 50 JAN 3850 22.01.07 PUT -219,700.00 -0.02-3,680 DJ EURO STOXX 50 JAN 3900 22.01.07 PUT -268,640.00 -0.03-2,950 DJ EURO STOXX 50 JAN 4050 22.01.07 PUT -684,400.00 -0.071,865 DJ EURO STOXX 50 JAN 4100 22.01.07

CALL 1,363,315.00 0.151,300 DJ EURO STOXX 50 JAN 4200 22.01.07 CALL 273,000.00 0.03

-1,260 DJ EURO STOXX 50 JAN 4250 22.01.07 CALL -109,620.00 -0.01-950 DJ EURO STOXX 50 JUN 3600 18.06.07 PUT -450,300.00 -0.05

1,185 DJ EURO STOXX 50 JUN 3700 15.06.07 CALL 5,378,715.00 0.59

-1,890 DJ EURO STOXX 50 JUN 3700 15.06.07 PUT -1,162,350.00 -0.13-35 DJ EURO STOXX 50 JUN 3700 23.06.08

CALL -203,000.00 -0.02-35 DJ EURO STOXX 50 JUN 3700 23.06.08 PUT -61,600.00 -0.01

5,450 DJ EURO STOXX 50 JUN 4000 18.06.07 CALL 12,507,750.00 1.37

-2,450 DJ EURO STOXX 50 JUN 4300 18.06.07 CALL -1,871,800.00 -0.20

-1,500 DJ EURO STOXX 50 JUN 4400 18.06.07 CALL -703,500.00 -0.08

-2,940 DJ EURO STOXX 50 MAR 3300 19.03.07 PUT -138,180.00 -0.02-2,275 DJ EURO STOXX 50 MAR 3500 19.03.07 PUT -209,300.00 -0.02-2,200 DJ EURO STOXX 50 MAR 3600 19.03.07 PUT -288,200.00 -0.03-1,580 DJ EURO STOXX 50 MAR 3700 19.03.07 PUT -297,040.00 -0.032,225 DJ EURO STOXX 50 MAR 3900 19.03.07 PUT 890,000.00 0.101,800 DJ EURO STOXX 50 MAR 4100 19.03.07

CALL 2,590,200.00 0.28-3,600 DJ EURO STOXX 50 MAR 4500 19.03.07

CALL -259,200.00 -0.031,800 DJ EURO STOXX 50 SEP 4000 24.09.07 PUT 3,105,000.00 0.34

500 DJ EURO STOXX 50 SEP 4200 24.09.07 CALL 901,500.00 0.10

500 DJ EURO STOXX 50 SEP 4200 24.09.07 PUT 1,265,000.00 0.14

-10,306,601.45 -1.13-860 SP 500 INDEX JUN 1300 16.06.07 CALL -9,932,734.24 -1.09-860 SP 500 INDEX JUN 1300 16.06.07 PUT -971,751.41 -0.11540 SP 500 INDEX MAR 1375 17.03.07 PUT 597,884.20 0.07


USA

SUP

83




Emerging Markets Debt



BONDS 7,137,414.96 45.48

2,582,948.44 16.468,500,000 ARGENTINA EUR GDP FL.R 05-35 15/12A 1,474,295.18 9.39

246 ARGENTINA $GPD FL.R 05-35 15/12A 32.41 0.0083 ARGENTINA REPU DIS$ 8.28 05-33 31/12S 90.06 0.00

203,364 BUENOS AIRES REG -S- FL.R 05-35 15/05S 104,681.37 0.67221,246 BUENOS AIRES REG -S- 9.25 06-17 15/04S 228,420.67 1.46750,000 PROV. BUENOS AIRES 9.375 06-18 14/09S 775,428.75 4.94

33,161.43 0.2133,000 COLOMBIA 7.625 97-07 15/02S 33,161.43 0.21

305,287.50 1.95300,000 TEMIR CAPITAL BV 9.25 06-09 23/03S 305,287.50 1.95

1,502,697.00 9.58300,000 BANQUE MEDITER S 12 7.625 05-12 14/12S 283,947.00 1.81

1,300,000 LIBAN EMTN 8.25 06-21 12/04S 1,218,750.00 7.77

1,581,689.21 10.08500,000 BIN CAPITAL -REGS- 9.50 06-09 18/05S 499,387.94 3.18100,000 GAZINVEST SA 7.25 03-08 30/10S 102,518.44 0.65400,000 RUSSIA REG-S STEP UP 5.00 00-30 31/03S 452,849.26 2.89500,000 UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S 526,933.57 3.36

1,131,631.38 7.21100,000 MHP SA -REGS- 10.25 06-11 30/11S 102,625.00 0.65

1,000,000 UKRAINE REGS 6.875 04-11 04/03S 1,029,006.38 6.56


BONDS 7,979,129.00 50.85

11,597.41 0.0711,641 TRANSPORTADORA REG S FL.R 04-10 15/12Q 11,597.41 0.07

712,075.00 4.54700,000 BCO INDUS. E COMMERC. 8.375 05-08 05/08S 712,075.00 4.54

1,436,321.43 9.152,200,000 IRAQ REPUBLIC OF FL.R 06-28 15/01S 1,436,321.43 9.15

99,375.00 0.63100,000 LEBANON REG-S FL.R 04-09 30/11S 99,375.00 0.63

RL

IRQ

BR

ARG

UA

RUS

RL

KZ

CO

ARG


2,898,580.33 18.472,500,000 MEXICAN STATES FL.R 04-09 13/01Q 2,524,620.33 16.09

400,000 VITRO ENVASES NORTEA. 0.00 06-07 07/02U 373,960.00 2.38

500,600.00 3.19500,000 STANDARD BANK STEP-UP FL.R 06-16 09/02A 500,600.00 3.19

1,016,407.96 6.48400,000 CREDIT SUISSE INTL SUB 8.40 06-16 09/02S 410,000.00 2.61600,000 DRESDNER BK (UKRISBK)10.50 04-07 05/04S 606,407.96 3.86

1,304,171.87 8.311,150,000 USA TREASURY NOTES 6.00 96-26 15/02S 1,304,171.87 8.31


BONDS 1,197,000.00 7.63

1,197,000.00 7.63500,000 BANCO CRUZEIRO DO SUL 7.50 05-07 29/03S 498,750.00 3.18700,000 CATAGUAZES LEOPOLDINA 7.50 05-07 14/05S 698,250.00 4.45


BR

USA

UA

RUS

MEX

84



Euro 2001 Bond



BONDS 10,814,333.07 91.80

161,988.97 1.38160,000 FORTIS FINANCE 4.625 99-09 07/04A 161,988.97 1.38

265,181.15 2.25260,000 ALTRIA FINANCE 5.625 98-08 24/06A 265,181.15 2.25

3,607,187.13 30.62100,000 ALCATEL ALSTHOM 4.375 99-09 17/02A 99,969.97 0.85250,000 AXA SUB 6.75 00-20 15/12A 271,758.94 2.31

1,300,000 AXA-UAP PERPETUAL SUB FL.R 97-XX 03/12Q 198,679.18 1.69

200,000 BPB PLC 6.50 00-10 17/03A 212,473.70 1.80200,000 CAISSE NTLE EPARGNE 5.25 01-08 31/01A 202,356.38 1.72100,000 CARREFOUR 4.50 99-09 18/03A 100,783.10 0.86100,000 CIE DE FIN.FONCIER 5.125 01-08 25/10A 101,870.64 0.86180,000 COFIROUTE 6.00 99-09 09/11A 187,540.92 1.59150,000 CRED.FONC.FRANCE 9.00 91-06 30/12A 150,015.00 1.27150,000 CREDIT AGRICOLE SUB. 5.10 01-12 30/01Q 155,827.49 1.32220,000 FRANCE TELECOM 5.70 97-10 25/07A 229,637.18 1.95200,000 FRANCE TELECOM UNSUB. 6.625 00-10

10/11A 216,005.01 1.83100,000 LAFARGE 6.375 00-07 26/07A 101,274.56 0.86200,000 NATEXIS BANQUE SUB 6.375 00-10 25/04A 212,836.50 1.81100,000 RATP EMTN 5.75 00-10 25/10A 105,810.70 0.90150,000 REF PARALLEL BONDS 5.25 98-10 14/04A 155,430.00 1.32150,000 RENAULT SA 6.375 00-07 19/10A 152,618.02 1.30260,000 SAINT GOBAIN NED 4.75 99-09 09/07A 263,068.52 2.23240,000 SOCIETE GENERALE 6.625 00-15 27/04A 280,544.30 2.38200,000 SUEZ LYONNAISE EAUX 5.875 99-09 13/10A 208,687.02 1.77

351,804.39 2.99150,000 COMMERZBANK 88 4.25 99-09 25/10A 150,856.09 1.28100,000 DEUTSCHE TELEKOM INT 5.25 98-08 20/05A 101,505.55 0.86100,000 ISEY ISH NRW -REGS- FL.R 06-13 15/04Q 99,442.75 0.84

114,389.29 0.97100,000 GREECE 6.50 99-14 11/01A 114,389.29 0.97

1,054,406.04 8.95200,000 EDISON EMTN FL.R 00-07 20/07A 203,438.85 1.73100,000 ENI SPA 6.125 00-10 08/06A 106,303.82 0.90100,000 FIAT FIN.& TRADE SA 6.625 06-13 15/02S 108,190.45 0.92200,000 GENERALI FIN. FL.R 99-19 28/05A 203,682.55 1.7375,000 ITALY BTP 3.75 06-16 01/08S 72,633.81 0.62

150,000 ITALY BTP 7.25 96-26 01/11S 207,873.53 1.76150,000 TELECOM ITALIA 5.00 99-09 09/02A 152,283.03 1.29

151,250.08 1.28150,000 TOKYO ELECTRIC POWER 4.375 99-09 14/05A 151,250.08 1.28

J

I

GR

D

F

CYM

B


153,016.96 1.30150,000 PEMEX PROJECT FD REGS 7.75 00-07 02/08A 153,016.96 1.30

422,822.89 3.59200,000 GAS NATURAL FINANCE 6.125 00-10 10/02A 210,891.99 1.79200,000 SNS BANK NED. 6.125 00-10 07/04A 211,930.90 1.80

150,710.87 1.28150,000 TPSA EURO FIN 6.50 00-07 13/03A 150,710.87 1.28

312,677.38 2.65250,000 CAIXA GERAL DEPOS.SUB 6.25 99-09 12/10A 262,743.60 2.2350,000 PORTUGAL TELECOM 4.625 99-09 07/04A 49,933.78 0.42

563,434.91 4.78100,000 ENDESA EMTN 4.375 99-09 18/06A 100,467.08 0.85200,000 IBERDROLA INTL 4.50 99-09 25/05A 201,437.95 1.71260,000 TELEFONICA SA 4.50 99-09 14/04A 261,529.88 2.22

151,493.33 1.29150,000 VATTENFALL TREASURY 4.50 99-11 25/10A 151,493.33 1.29

2,286,241.10 19.41200,000 BANK OF SCOTLAND 6.125 01-13 05/02A 219,602.85 1.86200,000 BARCLAYS BK EMTN SUB 5.25 99-11 08/07A 208,773.00 1.77300,000 BAT INTERNATIONAL 4.875 99-09 25/02A 303,841.72 2.58100,000 BRITISH TELECOM 7.125 01-11 15/02A 111,265.77 0.94200,000 CGNU REG-S SUB 5.75 01-21 14/11A 211,497.40 1.80120,000 GALLAHER GROUP PLC 5.875 98-08 06/08A 123,013.08 1.04100,000 LEHMAN BROTHERS CAP FL.R 06-XX 28/02A 97,099.70 0.82340,000 LLOYDS TSB CAPITAL 7.375 00-49 29/12A 383,325.10 3.25400,000 NATL WESTMINS.BK SUB. FL.R 99-XX 31/12A 423,631.35 3.60200,000 NORTH WEST WATER 6.625 00-07 08/11A 204,191.13 1.73

1,067,728.58 9.06200,000 CITICORP SUB 5.50 98-10 30/06A 105,889.15 0.90100,000 COCA COLA ENTER 5.875 00-07 08/03A 100,339.81 0.85400,000 GENERAL ELECTRIC CAP 5.125 98-15 02/09A 428,306.20 3.6480,000 MERRILL LYNCH 5.25 98-08 18/08A 81,400.74 0.69

150,000 MORGAN GTY TRUST NY 4.375 99-09 12/03A 150,806.78 1.28200,000 PRINC.FIN.GLOB 4.50 99-09 22/01A 200,985.90 1.71



618,711.60 5.25120 CAAM DYNARBITRAGE HIGH YIELD 3DEC 618,711.60 5.25


F

USA

GB

S

E

P

PL

NL

MEX

85




Euro Bond



BONDS 170,448,676.38 94.49

348,015.76 0.19350,000 BHP BILLITON FINANCE 4.125 06-11 05/05A 348,015.76 0.19

6,782,008.41 3.764,000,000 AUSTRIA 6.50 94-24 10/01A 2,602,747.17 1.444,000,000 AUSTRIA S.99 5.50 99-10 15/01A 4,179,261.24 2.32

5,986,099.66 3.32500,000 BELGACOM SA EMTN 4.125 06-11 23/11A 495,411.37 0.27

1,850,000 BELGIAN -44- 5.00 04-35 28/09A 2,119,067.94 1.172,880,000 BELGIQUE OLO -48- 4.00 06-22 28/03A 2,858,118.48 1.58

500,000 FORTIS CAP FL.R 99-XX 26/04A 513,501.87 0.28

2,999,351.07 1.663,000,000 CSE CENT.DESJARDINS FL.R 06-10 16/06Q 2,999,351.07 1.66

502,827.88 0.28500,000 SAMPO OYJ SUB FL.R 04-14 21/04A 502,827.88 0.28

40,380,758.92 22.391,000,000 AUCHAN 3.50 03-08 22/07A 991,010.94 0.55

500,000 BFCM EMTN SUB FL.R 06-16 19/12Q 499,811.31 0.28450,000 BNP PARIBAS SUB FL.R 05-15 06/12A 431,856.00 0.24725,000 BOUYGUES 4.625 03-11 25/02A 733,492.42 0.41750,000 CIE DE SAINT GOBAIN 4.25 06-11 31/05A 744,439.41 0.41300,000 CREDIT LOGEMENT FL.R 06-XX 05/04A 297,840.28 0.17500,000 CREDIT LOGEMENT SUB FL.R 05-15 23/06Q 502,181.03 0.28300,000 CREDIT LOGEMENT SUB FL.R 06-XX 16/03A 298,294.91 0.17

13,000,000 CRH 5.00 98-08 25/04A 13,163,718.75 7.304,000,000 DEXIA MUN AGENCY EMTN 3.25 03-08

12/07A 3,956,621.00 2.192,800,000 DEXIA MUN AGENCY EMTN 4.00 04-11

26/01A 2,795,734.20 1.5510,300,000 FRANCE BTF 4.00 03-13 25/04A 10,336,122.10 5.732,000,000 FRANCE OAT 3.75 05-21 25/04A 1,935,874.26 1.07

500,000 GROUPAMA SUB FL.R 05-XX 06/07A 470,889.53 0.26600,000 NBP CAPITAL TRUST SUB.FL.R 00-XX 30/06A 673,136.55 0.37500,000 RENAULT SA EMTN 4.625 03-10 28/05A 503,284.50 0.28500,000 RENAULT SA EMTN 6.125 02-09 26/06A 520,807.72 0.29500,000 SCHNEIDER ELECTRIC 4.50 06-14 17/01A 497,897.88 0.28500,000 VEOLIA ENV. EMTN REGS 4.875 03-13 28/05A 509,123.75 0.28500,000 VINCI REG-S 5.875 02-09 22/07A 518,622.38 0.29

18,800,301.33 10.42750,000 BMW FINANCE EMTN TR.2 4.125 06-12 24/01A 745,626.85 0.41

2,000,000 BRD 4.50 03-13 04/01A 2,060,483.26 1.144,000,000 BRD 6.50 97-27 04/07A 5,313,017.48 2.95

500,000 DAIMLER CHRYSLER FL.R 06-10 16/03Q 499,707.69 0.28450,000 DAIMLERCHRYSLER CAN. 3.625 05-10 10/11A 436,458.71 0.24400,000 DEUTSCHE TELEKOM 4.50 06-13 25/10A 394,747.80 0.22524,000 DEUTSCHE TEL.INTL FIN 8.125 02-12 29/05A 611,809.56 0.34

D

F

SF

CAN

B

A

AUS


6,000,000 HYP-BANK ESSEN 2.875 05-10 17/08A 5,758,186.50 3.192,500,000 HYPO REAL ESTATE 567 3.75 06-10 28/07A 2,473,816.88 1.37

500,000 VOLKSWAGEN FIN.SERV 4.75 04-11 19/07A 506,446.60 0.28

14,487,775.61 8.037,500,000 GREECE 4.60 03-13 20/05A 7,713,067.95 4.287,000,000 HELLENIC REPUBLIC 3.70 05-15 20/07A 6,774,707.66 3.76

535,240.75 0.30500,000 HUTCHISON WHAMP.FIN 5.875 03-13 08/07A 535,240.75 0.30

752,685.85 0.42750,000 GE CAPITAL EURO FUND FL.R 04-14 28/07Q 752,685.85 0.42

19,704,067.54 10.92500,000 BANCA INTESA SPA BAVB FL.R 06-16

02/08Q 499,412.94 0.28500,000 BNL EMTN FL.R 03-13 06/03Q 500,483.31 0.28500,000 EDISON SPA EMTN 5.125 03-10 10/12A 513,572.57 0.28500,000 GENERALI FIN. FL.R 99-19 28/05A 509,206.38 0.28

6,200,000 ITALY BTP 4.00 06-17 01/02S 6,109,927.95 3.392,000,000 ITALY BTP 4.25 04-15 01/02S 2,022,110.26 1.122,000,000 ITALY BTP 4.50 04-20 01/02S 2,049,652.76 1.144,000,000 ITALY BTP 5.0 01-12 01/02S 4,157,402.52 2.30

500,000 SAN PAOLO IMI PERP.REG FL.R 00-XX 29/12A 563,942.00 0.31

750,000 SAN PAOLO IMI -SUB- FL.R 06-18 26/06A 749,625.10 0.42600,000 TELECOM ITALIA EMTN 4.75 06-14 19/05A 587,926.35 0.33750,000 UNICREDITO ITAL PERP. FL.R 05-XX 27/10A 699,170.86 0.39750,000 UNICREDITO ITAL.EMTN FL.R 06-16 20/09A 741,634.54 0.41

800,428.68 0.44750,000 PEMEX PROJECT FD REGS 6.625 03-10

04/04A 800,428.68 0.44

15,440,905.13 8.56500,000 ABN AMRO BANK NV FL.R 06-XX 10/03A 474,486.50 0.26500,000 ABN AMRO EMTN FL.R 05-15 08/06Q 501,117.69 0.28250,000 ING VERZEKERINGEN FL.R 02-27 07/05A 285,164.00 0.16500,000 KPN GMTN 4.75 06-17 17/01A 490,216.25 0.27

5,700,000 NEDERLAND 2.75 06-09 15/04A 5,559,110.25 3.082,400,000 NEDERLAND 3.25 05-15 15/07A 2,279,251.20 1.264,000,000 NETHERLANDS GOVERN. 3.75 06-23 15/01A 3,865,182.24 2.142,000,000 RABOBANK NED EMTN 3.75 06-09 15/09A 1,986,377.00 1.10

398,871.90 0.22400,000 TELENOR ASA 4.50 06-14 28/03A 398,871.90 0.22

250,342.61 0.14250,000 CITY OF MOSCOU SENIOR 5.064 06-16

20/10A 250,342.61 0.14

25,882,432.97 14.354,500,000 AYT CEDULAS CAJAS GL. 3.50 06-11 14/03A 4,397,395.50 2.44

700,000 BBVA SENIOR FINANCE FL.R 05-17 23/05Q 700,400.23 0.39

E

RUS

N

NL

MEX

I

IRL

HK

GR

86



Euro Bond


500,000 BCO BILBAO VIZC.MTN 3.875 05-20 10/07A 493,937.25 0.27500,000 REPSOL INTL FINANCE 4.625 04-14 08/10A 499,561.94 0.28

6,500,000 SPAIN 4.20 05-37 31/01A 6,603,833.47 3.6612,000,000 SPAIN STRIP 3.85 06-17 31/01A 11,803,647.00 6.541,000,000 TELEFONICA EMIS SA 3.75 06-11 02/02A 973,426.38 0.54

400,000 TELEFONICA EUROP EMTN 5.125 03-13 14/02A 410,231.20 0.23

83,831.74 0.0580,000 CORP.ANDINA FOMENTO 6.375 02-09 18/06A 83,831.74 0.05

894,195.30 0.50400,000 AROSKRAFTS 4.25 06-13 13/12A 393,190.87 0.22500,000 SKAND ENSK.SUB-S223 FL.R 04-14 06/10Q 501,004.43 0.28

234,110.91 0.13250,000 CREDIT SUISSE FINANCE FL.R 05-20 14/09A 234,110.91 0.13

7,618,364.26 4.22500,000 BAT HOLDINGS EMTN 4.375 04-11 15/06A 498,881.94 0.28700,000 CADBURY SCHWEPPES FL.R 04-07 29/06Q 700,794.68 0.39600,000 CARNIVAL PLC 4.25 06-13 27/11A 589,905.71 0.33750,000 EDF ENERGY PLC EMTN 4.375 03-10 15/12A 755,066.54 0.42300,000 LLOYDS TSB CAPITAL 7.375 00-49 29/12A 338,228.03 0.19

2,700,000 NORTHERN ROCK PLC 3.875 06-11 18/10A 2,671,082.16 1.48500,000 PRUDENTIAL PLC SUB FL.R 01-21 19/12A 529,620.10 0.29600,000 RBS CAP.TR.REGS.PREF FL.R 02-XX 29/12A 654,810.30 0.36500,000 SL MACS PLC 5.314 04-XX 06/01A 496,975.50 0.28400,000 VODAFONE GROUP PLC 3.625 05-12 29/11A 382,999.30 0.21

7,566,060.10 4.19850,000 AMERICAN GENERAL FIN FL.R 04-08 22/12Q 854,334.90 0.47500,000 BNP PAR.CAP.TRST SUB.FL.R 02-XX 24/01A 540,478.94 0.30500,000 CL CAPITAL TRUST PERP 7.047 02-XX 26/04A 557,813.03 0.31300,000 GOLDMAN SACHS GROUP 3.75 06-13 04/02A 290,558.44 0.16500,000 HSBC FINANCE EMTN FL.R 06-16 14/06A 505,055.69 0.28600,000 HVB FUNDINGN.CUM PREF FL.R 02-XX 29/03A 666,506.73 0.37500,000 IBM 4.00 06-11 11/11A 495,154.12 0.27

1,300,000 INTL LEASE FIN. FL.R 04-08 12/11Q 1,307,189.82 0.72750,000 MERRILL LYNCH EMTN FL.R 05-10 29/09Q 751,141.83 0.42600,000 MERRILL LYNCH L FL.R 06-1808/08S 600,000.00 0.33500,000 SLM CORP EMTN 4.75 04-14 17/03A 507,841.00 0.28500,000 WASHINGTON MUT BK 4.50 06-17 17/01A 489,985.60 0.27


BONDS 10,030,469.05 5.56

1,031,310.00 0.571,000,000 NORDEA FINL. EMTN SUB FL.R 02-14 26/03A 1,031,310.00 0.57

754,567.08 0.42750,000 ANGLO-IRISH BANK SUB.FL.R 04-14 25/06Q 754,567.08 0.42

IRL

SF

USA

GB

CH

S

SUP


7,546,305.73 4.186,500,000 ARGENTARIA CAJA POSTAL4.375 99-09

30/03A 6,541,428.98 3.631,000,000 BANESTO BANCO FL.R 03-13 29/09Q 1,004,876.75 0.56

501,048.94 0.28500,000 HSBC BANK PLC SUB FL.R 05-20 30/09Q 501,048.94 0.28

197,237.30 0.11200,000 BRISTOL MYERS SQUIBB 4.375 06-16 15/11A 197,237.30 0.11


USA

GB

E

87




Euro Corporate Bond



BONDS 837,993,741.52 103.42

4,971,653.75 0.615,000,000 BHP BILLITON FINANCE 4.125 06-11 05/05A 4,971,653.75 0.61

34,086,043.39 4.2130,000,000 AUSTRIA 3.90 04-20 15/07A 29,592,337.50 3.654,500,000 MEINL EURO LAND 5.375 06-13 09/08A 4,493,705.89 0.55

22,080,935.56 2.736,750,000 BELGACOM SA EMTN 4.125 06-11 23/11A 6,688,053.56 0.834,000,000 FORTIS CAP FL.R 99-XX 26/04A 4,108,015.00 0.513,000,000 KBC INT.FIN.PERP. 5.00 99-XX 11/05A 3,042,243.00 0.388,000,000 SOLVAY SA EMTN 4.875 03-14 10/01A 8,242,624.00 1.02

8,998,053.21 1.119,000,000 CSE CENT.DESJARDINS FL.R 06-10 16/06Q 8,998,053.21 1.11

8,045,246.00 0.998,000,000 SAMPO OYJ SUB FL.R 04-14 21/04A 8,045,246.00 0.99

102,815,439.28 12.6925,500,000 AXA-UAP PERPETUAL SUB FL.R 97-XX

03/12Q 3,897,168.57 0.487,000,000 BFCM EMTN SUB FL.R 06-16 19/12Q 6,997,358.41 0.865,000,000 BNP PARIBAS SUB FL.R 05-15 06/12A 4,798,400.00 0.595,000,000 BOUYGUES 4.625 03-11 25/02A 5,058,568.45 0.623,500,000 CASINO GUICHARD EMTN 5.25 03-10

28/04A 3,574,652.38 0.447,500,000 CIE DE SAINT GOBAIN 4.25 06-11 31/05A 7,444,394.10 0.924,000,000 CREDIT LOGEMENT SUB FL.R 05-15

23/06Q 4,017,448.24 0.505,000,000 CREDIT LOGEMENT SUB FL.R 06-XX

16/03A 4,971,581.85 0.6115,000,000 FRANCE TELECOM EMTN 7.25 03-13

28/01A 17,138,954.10 2.125,000,000 GROUPAMA SUB FL.R 05-XX 06/07A 4,708,895.30 0.585,000,000 LAFARGE EMTN 5.00 04-14 16/07A 5,122,748.10 0.635,000,000 LVMH MOET HENNESSY 4.625 04-11

01/07A 5,056,233.15 0.624,250,000 NBP CAPITAL TRUST SUB.FL.R 00-XX

30/06A 4,768,050.56 0.594,000,000 RENAULT SA EMTN 6.125 02-09 26/06A 4,166,461.76 0.515,750,000 SCHNEIDER ELECTRIC 4.50 06-14 17/01A 5,725,825.56 0.71

10,000,000 VEOLIA ENV. EMTN REGS 4.875 03-13 28/05A 10,182,475.00 1.26

5,000,000 VINCI REG-S 5.875 02-09 22/07A 5,186,223.75 0.64

63,235,851.03 7.805,000,000 ALLIANZ EMTN FL.R 04-XX 29/01A 5,183,283.75 0.647,000,000 BAYER EMTN 6.00 02-12 10/04A 7,498,365.91 0.937,500,000 BERTELSMANN AG 4.75 06-16 26/09A 7,458,207.22 0.925,000,000 COMMERZBANK S.271 6.50 00-10 12/07A 5,342,454.70 0.66

D

F

SF

CAN

B

A

AUS


7,000,000 DAIMLER CHRYSLER FL.R 06-10 16/03Q 6,995,907.66 0.868,000,000 DAIMLERCHRYSLER EMTN 4.375 06-13

21/03A 7,816,217.04 0.965,500,000 DEUTSCHE TELEKOM 4.50 06-13 25/10A 5,427,782.25 0.67

15,000,000 DEUTSCHE TEL.INTL FIN 8.125 02-12 29/05A 17,513,632.50 2.16

49,451,740.11 6.1030,000,000 HELLENIC REPUBLIC 2.90 05-08 21/06A 29,562,888.91 3.6520,000,000 HELLENIC REPUBLIC 3.50 03-08 18/04A 19,888,851.20 2.45

6,422,889.00 0.796,000,000 HUTCHISON WHAMP.FIN 5.875 03-13

08/07A 6,422,889.00 0.79

9,501,430.45 1.175,500,000 GE CAPITAL EURO FUND FL.R 04-14

28/07Q 5,519,696.21 0.684,000,000 GENERAL ELECTRIC CAP 4.00 06-11

12/05A 3,981,734.24 0.49

85,961,800.82 10.6110,000,000 BANCA INTESA SPA BAVB FL.R 06-16

02/08Q 9,988,258.80 1.2330,000,000 ITALY BTP 5.50 99-10 01/11S 31,637,385.00 3.905,000,000 ITALY BUONI DEL TESO 5.00 03-34 01/08S 5,495,806.25 0.687,000,000 OLIVETTI FINANCE NV 6.875 03-13 24/01A 7,674,871.33 0.955,750,000 SAN PAOLO IMI -SUB- FL.R 06-18 26/06A 5,747,125.75 0.715,000,000 SOGERIM EMTN 7.00 01-11 20/04A 5,510,820.00 0.689,000,000 TELECOM ITALIA EMTN 4.75 06-14 19/05A 8,818,895.25 1.095,000,000 UNICREDITO ITAL PERP. FL.R 05-XX 27/10A 4,661,139.05 0.586,500,000 UNICREDITO ITAL.EMTN FL.R 06-16 20/09A 6,427,499.39 0.79

5,825,349.00 0.726,000,000 SHINSEI BANK SUB FL.R 06-16 23/02A 5,825,349.00 0.72

9,863,845.00 1.2210,000,000 UBS JERSEY BRANCH FL.R 06-18 25/09A 9,863,845.00 1.22

8,537,906.00 1.058,000,000 PEMEX PROJECT FD REGS 6.625 03-10

04/04A 8,537,906.00 1.05

52,702,603.44 6.507,000,000 ABN AMRO BANK NV FL.R 06-XX 10/03A 6,642,811.00 0.824,000,000 ABN AMRO EMTN FL.R 05-15 08/06Q 4,008,941.52 0.497,000,000 EUREKO BV FL.R 05-49 29/06A 6,988,321.83 0.866,000,000 ING BANK EMTN FL.R 06-16 18/03Q 6,000,606.00 0.747,000,000 ING VERZEKERINGEN 4.00 06-13 19/09A 6,890,122.75 0.859,000,000 KONINKLIJKE KPN NV 4.50 04-11 21/07A 8,912,075.04 1.108,500,000 KPN GMTN 4.75 06-17 17/01A 8,333,676.25 1.035,000,000 NUON FINANCE BV 4.125 04-14 17/12A 4,926,049.05 0.61

5,235,193.68 0.655,250,000 TELENOR ASA 4.50 06-14 28/03A 5,235,193.68 0.65

N

NL

MEX

JSY

J

I

IRL

HK

GR

88



Euro Corporate Bond


25,710,202.74 3.174,000,000 CITY OF MOSCOU SENIOR 5.064 06-16

20/10A 4,005,481.76 0.4910,450,000 GAZ CAPITAL LOAN PART.4.56 05-12

09/12A 10,340,878.49 1.282,400,000 MOSCOW NARODNY EMTN FL.R 06-09

06/10Q 1,821,404.27 0.225,100,000 RUSSIAN AGRICOLE BANK 6.875 05-10

29/11S 3,994,486.58 0.497,250,000 SB CAPITAL SA 5.93 06-11 14/11S 5,547,951.64 0.68

1,687,965.78 0.211,750,000 ESKOM HOLDINGS LTD 4.00 06-13 07/03A 1,687,965.78 0.21

90,664,226.05 11.1915,000,000 BANCO SANTANDER 3.75 06-11 08/09A 14,768,493.75 1.8215,000,000 BBVA 2.75 05-10 07/06A 14,386,453.20 1.785,000,000 BBVA SENIOR FINANCE FL.R 05-17 23/05Q 5,002,858.75 0.62

10,000,000 IBERDROLA INTL EMTN 4.375 03-10 29/10A 10,037,192.50 1.24

5,000,000 REPSOL INTL FINANCE 4.625 04-14 08/10A 4,995,619.41 0.6222,000,000 SPAIN STRIP 3.85 06-17 31/01A 21,640,019.50 2.6713,000,000 TELEFONICA EMIS SA 3.75 06-11 02/02A 12,654,542.94 1.567,000,000 TELEFONICA EUROP EMTN 5.125 03-13

14/02A 7,179,046.00 0.89

12,401,404.95 1.536,500,000 AROSKRAFTS 4.25 06-13 13/12A 6,389,351.73 0.796,000,000 SKAND ENSK.SUB-S223 FL.R 04-14 06/10Q 6,012,053.22 0.74

3,745,774.52 0.464,000,000 CREDIT SUISSE FINANCE FL.R 05-20

14/09A 3,745,774.52 0.46

103,813,205.04 12.8113,000,000 BAT HOLDINGS EMTN 4.375 04-11 15/06A 12,970,930.44 1.603,641,000 CADBURY SCHWEPPES FL.R 04-07 29/06Q 3,645,133.45 0.458,000,000 CARNIVAL PLC 4.25 06-13 27/11A 7,865,409.52 0.973,000,000 CLERICAL MEDICAL-SUB- FL.R 05-XX

24/06A 2,848,481.25 0.358,000,000 EDF ENERGY PLC EMTN 4.375 03-10

15/12A 8,054,043.04 0.996,000,000 GALLAHER GROUP PLC 4.50 06-14 02/04A 6,019,483.86 0.747,500,000 HBOS EMTN FL.R 03-XX 14/10A 7,678,582.50 0.95

10,000,000 HSBC CAP FDG FL.R 03-XX 31/12A 10,389,336.30 1.283,500,000 HSBC HOLDINGS EMTN FL.R 04-14 22/09Q 3,514,828.62 0.439,000,000 LEHMAN BROTHERS CAP FL.R 06-XX

28/02A 8,738,973.00 1.086,000,000 LLOYDS TSB BANK SUB FL.R 99-XX 15/07A 6,187,988.28 0.764,000,000 LLOYDS TSB CAPITAL 7.375 00-49 29/12A 4,509,707.00 0.566,000,000 NATIONAL GRID EMTN 4.125 06-13 21/03A 5,851,619.28 0.726,000,000 SL MACS PLC 5.314 04-XX 06/01A 5,963,706.00 0.74

10,000,000 VODAFONE GROUP PLC 3.625 05-12 29/11A 9,574,982.50 1.18

GB

CH

S

E

RSA

RUS


122,234,982.72 15.099,000,000 BANK OF AMERICA CORP FL.R 04-19

06/05A 9,191,005.92 1.135,000,000 CIT GROUP EMTN 3.80 05-12 14/11A 4,811,466.25 0.598,000,000 DEUTSCHE CAP TR.EMTN FL.R 03-XX

19/09A 8,266,411.04 1.028,000,000 DOW CHEMICAL EMTN 4.625 04-11 27/05A 8,101,234.00 1.00

15,000,000 GOLDMAN SACHS GROUP 3.75 06-13 04/02A 14,527,921.95 1.79

10,000,000 HSBC FINANCE EMTN FL.R 06-16 14/06A 10,101,113.80 1.257,600,000 HVB FUNDINGN.CUM PREF FL.R 02-XX

29/03A 8,442,418.66 1.044,660,000 INTL LEASE FIN. FL.R 04-08 12/11Q 4,685,772.73 0.586,500,000 JP MORGAN CHASE BANK FL.R 06-21

30/11A 6,405,209.72 0.799,250,000 LEHMAN BROTHERS HLDG 4.00 06-11

04/05A 9,142,885.00 1.139,000,000 MERRILL LYNCH EMTN FL.R 05-10 29/09Q 9,013,701.96 1.113,900,000 MERRILL LYNCH L FL.R 06-1808/08S 3,900,000.00 0.487,000,000 MORGAN STANLEY EMTN 3.75 06-13

01/03A 6,769,647.92 0.847,600,000 SG CAPITAL TRUST SUB FL.R 03-49 10/11A 7,953,667.44 0.984,000,000 SLM CORP EMTN 4.75 04-14 17/03A 4,062,728.00 0.507,000,000 WASHINGTON MUT BK 4.50 06-17 17/01A 6,859,798.33 0.85


BONDS 25,608,034.23 3.16

4,527,402.48 0.564,500,000 ANGLO-IRISH BANK SUB.FL.R 04-14

25/06Q 4,527,402.48 0.56

5,024,383.75 0.625,000,000 BANESTO BANCO FL.R 03-13 29/09Q 5,024,383.75 0.62

16,056,248.00 1.983,500,000 BRISTOL MYERS SQUIBB 4.375 06-16

15/11A 3,451,652.75 0.4313,000,000 JP MORGAN CHASE FL.R 06-18 31/03A 12,604,595.25 1.56

3. Derivative instruments -40,000.00 0.00

OPTIONS, WARRANTS, RIGHTS -40,000.00 0.00

-40,000.00 0.00-500 EURX EURO BOBL FEB 108.50 24.01.07 PUT -60,000.00 -0.01500 EURX EURO BOBL FEB 109.50 24.01.07 CALL 20,000.00 0.00


D

USA

E

IRL

USA

89




Euro Inflation Bond



BONDS 233,745,157.31 96.69

222,607,915.75 92.085,000,000 CADES INDEX 1.85 04-19 25/07A 5,106,129.17 2.115,000,000 CADES INDEX 1.85 06-17 28/07A 4,954,753.15 2.059,250,000 FRANCE BTAN INDEXEE 1.25 06-10 25/07A 9,345,023.17 3.873,000,000 FRANCE OAT 5.50 98-29 25/04A 3,609,902.25 1.49

27,025,000 FRANCE OAT INDEX 3.00 01-12 25/07A 31,774,775.38 13.1423,400,000 FRANCE OAT INDEX 3.00 98-09 25/07A 27,147,911.56 11.2311,942,000 FRANCE OAT INDEX 3.40 99-29 25/07A 17,200,324.80 7.1150,862,500 FRANCE OAT INDEXE 1.60 03-11 25/07A 52,936,687.17 21.9027,800,000 FRANCE OAT INDEXEE 1.60 04-15 25/07A 28,659,336.33 11.8513,700,000 FRANCE OAT INDEXEE 2.50 02-13 25/07A 15,235,290.87 6.3019,350,000 FRANCE OAT INDEXEE 3.15 02-32 25/07A 26,637,781.90 11.02

8,103,623.14 3.358,200,000 DEUTSCHLAND I/L BOND 1.50 06-16 15/04A 8,103,623.14 3.35

3,033,618.42 1.252,750,000 ITALY BTP (INDEXEE) 2.35 04-35 15/09S 3,033,618.42 1.25


BONDS 3,168,360.33 1.31

3,168,360.33 1.312,700,000 USA T.BDS INF.INDEXE 3.875 99-29 15/04S 3,168,360.33 1.31


BONDS 1,559,100.00 0.64

1,559,100.00 0.641,500,000 RABOBANK EMTN FL.R 06-18 21/08A 1,559,100.00 0.64


NL

USA

I

D

F

90



Euro Select Bond



BONDS 35,003,193.57 94.75

181,402.14 0.491,200,000 QUEBEC (PROV.OF) EMTN FL.R 97-07

31/12Q 181,402.14 0.49

5,712,358.76 15.46100,000 BFBP SUB FL.R 95-07 06/11A 102,570.00 0.28203,159 BFBP SUB FL.R 96-07 28/03A 204,073.21 0.55100,000 BFBP SUB FL.R 98-08 27/06A 100,938.45 0.2771,100 BFBP SUB FL.R 98-08 27/12A 71,809.15 0.19

100,000 BNP PARIBAS SUB. 5.80 97-07 08/10A 101,170.00 0.27268,505 BNP PARIBAS SUB. FL.R 97-07 04/04Q 267,081.92 0.72100,000 CIC SUB 7.00 96-08 25/07A 103,800.00 0.28246,533 CNCA SUB 5.00 98-08 18/09A 249,314.42 0.67400,000 CNCEP TC10 FL.R 98-09 11/02Q 393,600.00 1.07190,000 COFIROUTE 5.90 97-08 17/11A 195,044.50 0.53500,000 CRH 5.75 00-10 25/04A 525,304.28 1.42

1,000,000 FRANCE OAT 5.25 98-08 25/04A 1,016,733.63 2.75700,000 LA POSTE 4.00 99-09 24/04A 698,936.17 1.89152,450 LAFARGE 6.00 97-07 04/04A 153,165.18 0.41200,000 LAFARGE EMTN FL.R 00-08 04/01Q 200,868.00 0.5450,000 RADIAN SUB 5.60 97-07 22/12A 50,975.00 0.14

100,000 SOCIETE GENERALE SUB 6.00 97-07 26/05A 100,700.00 0.27152,450 TOTAL 6.20 97-09 01/10A 158,362.32 0.43493,176 TOTAL FINA 6.75 96-08 25/10A 514,777.84 1.39500,000 VAUBAN MOBIL.GARANT. 4.375 99-09

28/04A 503,134.69 1.36

2,829,261.88 7.661,500,000 BADEN-WUERT.L-FIN. FL.R 97-07 19/11Q 226,592.59 0.614,000,000 BAYER.VEREINSBK SUB. 5.625 98-08 25/03A 100,857.71 0.272,000,000 DEPFA 4.75 98-08 15/07A 2,022,641.50 5.48

400,000 DRESDNER BANK SUB FL.R 99-09 24/03Q 401,427.18 1.09150,000 HYPOVEREINS FIN.SUB. 5.50 98-08 25/02A 77,742.90 0.21

1,245,737.89 3.371,000,000 GREECE 6.30 99-09 29/01A 1,045,325.69 2.83

200,000 OTE REG S 6.125 00-07 07/02A 200,412.20 0.54

40,416.00 0.1140,000 BEZEQ THE ISRAEL TEL.6.50 00-07 08/08A 40,416.00 0.11

22,513,277.91 60.94300,000,000 INTESA BANK OVERSEAS FL.R 98-08

10/06Q 155,833.19 0.427,500,000 ITALY BTP 4.25 99-09 01/11S 7,566,184.73 20.485,000,000 ITALY BTP 5.00 98-08 01/05S 5,071,666.85 13.737,800,000 ITALY BTP 6.00 97-07 01/11S 7,934,788.84 21.48

500,000 ITALY BTP 6.75 97-07 01/02S 501,169.94 1.36500,000 ITALY BTP 6,75 97-07 01/07S 507,182.13 1.37600,000 TELECOM ITALIA 5.00 99-09 09/02A 609,132.15 1.65160,000 UNICREDITO ITALIA.SUB FL.R 00-10 29/10A 167,320.08 0.45

I

IL

GR

D

F

CAN


381,503.63 1.03381,123 EUROP.INVEST.BK FL.R 97-07 10/01Q 381,503.63 1.03

137,844.32 0.37200,000 ABN AMRO BANK SUB 8.25 92-07 24/04A 91,915.11 0.25100,000 ING VERZEKERINGEN 5.875 97-07 24/09A 45,929.21 0.12

602,531.70 1.63600,000 TELEFONICA 5.625 00-07 06/04A 602,531.70 1.63

652,955.79 1.77650,000 HAMMERSON 5.00 99-07 29/06A 652,955.79 1.77

705,903.55 1.91200,000 COCA COLA ENTER 5.875 00-07 08/03A 200,679.61 0.54500,000 SARA LEE CORP 6.125 00-07 27/07A 505,223.94 1.37

2. Transferable securities dealt in on another regulated market 762,448.96 2.06

BONDS 762,448.96 2.06

155,519.86 0.421,000,000 HYDRO QUEBEC EMTN 5.875 97-08 13/03A 155,519.86 0.42

606,929.10 1.64300,000 DOMOS 2000-1 A3 5.625 01-29 31/12S 306,000.00 0.83300,000 DOMOS 5 FCC -A4- 4.40 99-24 30/06S 300,929.10 0.81


F

CAN

USA

GB

E

NL

L

91




European Bond



BONDS 108,504,923.47 54.59

246,341.39 0.12250,000 BELGIQUE OLO -42- 3.00 03-08 28/09A 246,341.39 0.12

5,990,565.22 3.012,400,000 BINA-ISTRA 8.00 03-22 15/12A 2,665,440.00 1.343,200,000 CROATIA REG -S- 6.25 02-09 11/02A 3,325,125.22 1.67

3,035,695.24 1.538,000,000 DENMARK 6.00 98-09 15/11A 1,132,589.71 0.57

13,000,000 DENMARK 6.00 99-11 15/11A 1,903,105.53 0.96

16,621,275.91 8.3612,400,000 FRANCE OAT 4.00 04-55 25/04A 12,311,677.90 6.191,250,000 FRANCE OAT 5.00 01-16 25/10A 1,351,926.87 0.683,000,000 VINCI FL.R 06-XX 13/11A 2,957,671.14 1.49

8,066,930.65 4.062,660,000 ALLEMAGNE-FED TREAS 2.50 05-07 23/03A 2,653,713.09 1.341,230,000 BRD GOVT 3.50 05-16 04/01A 1,189,795.91 0.603,800,000 BRD -301- 4.75 03-34 04/07A 4,223,421.65 2.12

8,430,762.93 4.24510,000 HELLENIC REPUBLIC 3.50 03-08 18/04A 507,165.70 0.26

7,500,000 HELLENIC REPUBLIC 5.25 02-12 18/05A 7,923,597.23 3.99

9,179,841.75 4.62410,000 ITALY BTP 4.25 04-15 01/02S 414,532.60 0.21

2,730,000 ITALY BTP 5.0 01-12 01/02S 2,837,427.22 1.432,070,000 ITALY BTP 5.00 98-08 01/05S 2,099,670.07 1.06

11,200,000 ITALY CAP STRIP 0.00 00-31 01/05U 3,828,211.86 1.93

1,468,653.16 0.741,900,000 KAZAKHSTAN REG.S 11.125 00-07 11/05S 1,468,653.16 0.74

15,767,955.00 7.9315,000,000 NEDERLAND 5.50 00-10 15/07A 15,767,955.00 7.93

6,235,968.45 3.1423,100,000 POLAND PS 0816 INDEXE 3.00 04-16

24/08A 6,235,968.45 3.14

1,200,224.56 0.601,200,000 PORTUGAL 3.95 99-09 15/07A 1,200,224.56 0.60

14,297,393.81 7.192,510,000 SPAIN 4.20 05-37 31/01A 2,550,095.69 1.289,200,000 SPAIN 5.75 01-32 30/07A 11,542,927.20 5.81

200,000 SPAIN BTS 6.00 97-08 31/01A 204,370.92 0.10

E

P

PL

NL

KZ

I

GR

D

F

DK

HRV

B


2,095,793.26 1.052,000,000 CORP.ANDINA FOMENTO 6.375 02-09

18/06A 2,095,793.26 1.05

1,782,939.14 0.9012,000,000 SWEDEN 4.00 03-09 01/12A 1,337,920.80 0.673,700,000 SWEDEN -1046- 5.50 01-12 08/10A 445,018.34 0.22

1,381,915.32 0.702,000,000 SWITZERLAND 4.25 94-14 06/01A 1,381,915.32 0.70

466,231.09 0.23600,000 DRESDNER BANK 7.75 04-09 23/09S 466,231.09 0.23

12,236,436.59 6.162,100,000 UK TREASURY STOCK 5.00 02-08 07/03S 3,110,406.24 1.56

800,000 UK TREASURY STOCK 8.00 93-13 27/09S 1,396,882.07 0.70420,000 UK TREASURY STOCK 8.00 95-15 07/12S 767,640.15 0.39200,000 UNITED KINGDOM 4.25 03-36 07/03S 299,101.44 0.15470,000 UNITED KINGDOM 4.25 05-55 07/12S 741,139.87 0.37

4,000,000 UNITED KINGDOM 4.75 03-15 07/09S 5,921,266.82 2.98


BONDS 32,824,054.99 16.51

8,577,683.96 4.3270,000,000 NORDEA BANK FINLAND PLC 06-07 16/01U 8,577,683.96 4.32

14,652,492.04 7.378,000,000 BNP PARIBAS(OIS+0.03) 3.72 06-07 12/01U 8,000,000.00 4.021,000,000 FRANCE BTF -07 01/02U 992,245.33 0.504,000,000 FRANCE BTF -07 01/03U 3,973,006.18 2.001,700,000 FRANCE BTF -07 11/01U 1,687,240.53 0.85

9,593,878.99 4.836,500,000 UK TREASURY BILL 06-07 15/01U 9,593,878.99 4.83


GB

F

SF

GB

UA

CH

S

SUP

92



European Convertible Bond



SHARES 2,652,140.10 2.99

1,495,622.10 1.6934,790 OMV AG 1,495,622.10 1.69

1,156,518.00 1.3136,300 CREDIT AGRICOLE SA 1,156,518.00 1.31

BONDS 1,252,663.66 1.41

1,252,663.66 1.411,200,000 SONATA SECURITIES FL.R 06-36 05/05Q 1,252,663.66 1.41


1,129,626.71 1.28950,000 SAGERPAR SA CONV 2.95 05-12 27/04A 1,129,626.71 1.28

16,371,851.88 18.4811,656 ACCOR CV 1.75 03-08 01/01A 674,273.25 0.7649,951 AIR FRANCE KLM -CONV 2.75 05-20 01/04A 1,665,002.67 1.88

125,084 ALCATEL CV 4.75 03-13 01/01A 2,162,480.94 2.443,270 ARTEMIS CONSEIL CV 1.50 01-07 16/05A 1,006,336.98 1.14

10,026 AXA SUB CV 2.50 99-14 01/01A 2,091,106.26 2.367,285 AXA UAP CV 3.75 00-17 01/01A 1,697,127.43 1.92

16,831 CAP GEMINI SA CV -CAP- 2.50 03-10 01/01A 943,339.85 1.0627,216 CAP GEMINI-OCEANE-CV - 1.00 05-12

01/01A 1,398,558.56 1.589,400 ESSILOR -EF- CV 1.50 03-10 07/02A 771,360.52 0.87

446 FRANCE TELECOM CV 1.60 04-09 01/01A 1,160,409.90 1.3150,356 PUBLICIS GROUP CV 0.75 03-08 17/07A 1,704,720.10 1.923,500 RALLYE (CASINO) CV 3.25 03-13 01/07A 317,883.91 0.36

15,138 WENDEL INVEST CV 2.00 03-09 19/06A 779,251.51 0.88

20,421,004.36 23.05800,000 ADIDAS INTL FIN.CV 2.50 03-18 08/10A 1,240,558.10 1.40400,000 BMW FINANCE CV -RR- 1.875 03-08 18/12A 753,826.00 0.85800,000 CONTI GUMMI FINANCE 1.625 04-11

19/05A 1,479,535.11 1.671,400,000 INFINEON TECHO. CV 5.00 03-10 05/06A 1,638,598.15 1.856,950,000 KFW INT.FINANCE -DTE- 0.75 03-08 08/08A 6,936,036.13 7.831,100,000 LINDE FINANCE BV CV 1.25 04-09 05/05A 1,513,682.78 1.714,500,000 SIEMENS FIN CONV 1.375 03-10 04/06A 6,095,251.40 6.88

750,000 TUI CONV 4.00 03-08 01/12A 763,516.69 0.86

614,126.70 0.69663,000 FINMECCANICA CV 0.375 03-10 08/08A 614,126.70 0.69

1,986,022.47 2.241,287,000 SCOTTISH CV SUB REG-S FL.R 03-XX

29/07S 1,986,022.47 2.24

JSY

I

D

F

B

L

F

A


621,284.74 0.70795,000 THE SWATCH GROUP CONV 2.625 03-10

15/10A 621,284.74 0.70

3,190,757.75 3.602,762,000 REPCON LUX REG-S CV 4.50 04-11 26/01S 3,190,757.75 3.60

2,524,922.10 2.85847,000 NUMICO, KONINKLIJKE CV 3.00 03-10

11/07A 1,707,316.11 1.931,195,000 PARGESA NETHERL. CV 1.70 06-13 27/04A 817,605.99 0.92

10,194,362.90 11.511,920,000 ABB INTL CV(ABB REG) 3.50 03-10 10/09A 2,728,226.04 3.081,095,000 HOLCIM CAPITAL REG CV 0.00 02-17 10/06U 795,357.78 0.901,225,000 HOLCIM OVERSEAS FIN. 1.00 02-12 10/06A 981,810.22 1.112,746,000 ROCHE HOLDINGS REGS CV0.00 01-21

25/07U 1,994,679.72 2.25500,000 SERONO 92 LTD CV 0.50 03-08 26/11A 320,182.19 0.36

2,275,000 STMICROELEC CV REG-S 0.00 06-16 23/02U 1,788,936.89 2.022,120,000 SWISS AMER.CV REG SUB 3.25 01-21

21/11A 1,585,170.06 1.79

5,122,379.08 5.78522,000 CABLE WIRELESS CV 4.00 03-10 16/07S 919,805.55 1.04589,000 FRIENDS PROVIDENT CV 5.25 02-07 11/12S 1,122,419.59 1.27598,000 SCOTTISH AND SOUT. CV 3.75 04-09 29/10S 1,541,014.04 1.74100,000 WPP GROUP CONV 2.00 02-07 11/04S 154,909.09 0.17

1,094,000 3I GROUP CONV.REG-S- 1.375 03-08 01/08S 1,384,230.81 1.56

1,231,672.40 1.391,410,000 NESTLE HOLDINGS 0.00 01-08 11/06U 1,231,672.40 1.39


SHARES 0.02 0.00

0.02 0.0025,000 JK CORP GDR 0.02 0.00


2,053,565.69 2.322,768 NEWS CORP REGS 144A 0.75 03-23 15/03S 2,053,565.69 2.32

594,260.50 0.67500,000 GROUPE DELHAIZE CONV. 2.75 04-09 30/04A 594,260.50 0.67

2,678,862.47 3.0219,293 ARTEMIS CONSEIL CV 2.00 06-11 31/07A 2,678,862.47 3.02

F

B

AUS

IN

USA

GB

CH

NL

MEX

L

93



5,817,148.48 6.572,100,000 CAPITALIA CV 1.625 04-09 07/05A 2,703,785.58 3.052,550,000 UNCRED.ITALIANO CV 2.50 03-08 19/12A 3,113,362.90 3.51

1,055,193.31 1.19754,000 ASML HOLDING NV CV 5.50 03-10 15/05A 1,055,193.31 1.19

1,292,593.50 1.461,100,000 PARPUBLICA SGPS CV 2.69 05-16 16/12A 1,292,593.50 1.46

1,683,387.71 1.901,850,000 ADECCO FINANCIAL SERV 0.00 03-13

26/08U 1,304,386.77 1.47500,000 LONZA FIN CV 1.50 05-09 15/07A 379,000.94 0.43

165,457.74 0.19200,000 ACERGY SA CV 2.25 06-13 11/10S 165,457.74 0.19



2,118,579.06 2.3941 CAAM VOLATILITE ACTIONS 2,118,579.06 2.39



-26,272.00 -0.03-363 CREDIT AGRICOLE MAR 33 16.03.07 CALL -33,396.00 -0.04-274 VIVENDI UNIVERSAL JUN 24 15.06.07 PUT -7,672.00 -0.01274 VIVENDI UNIVERSAL JUN 31 15.06.07 CALL 31,510.00 0.04

-274 VIVENDI UNIVERSAL JUN 33 15.06.07 CALL -16,714.00 -0.02

749,055.00 0.8590 DJ EURO STOXX 50 DEC 3700 21.12.07 CALL 500,670.00 0.57

220 DJ EURO STOXX 50 DEC 3700 21.12.07 PUT 265,760.00 0.30-125 DJ EURO STOXX 50 JAN 3850 22.01.07 PUT -6,500.00 -0.01-125 DJ EURO STOXX 50 JAN 4250 22.01.07 CALL -10,875.00 -0.01


SUP

F

F

GB

CH

P

NL

I

94



European High Yield Bond



Bonds 261,239,268.53 76.62

2,921,250.00 0.862,850,000 HTM SPORT AND FREIZEIT8.50 04-14

01/02S 2,921,250.00 0.86

14,246,956.79 4.184,000,000 BOMBARDIER INC FL.R 06-13 15/11Q 4,012,142.52 1.187,350,000 BOMBARDIER INC -REGS- 7.25 06-16

15/11S 7,492,652.47 2.202,800,000 MACACHROME INTL 9.00 06-14 15/05S 2,742,161.80 0.80

2,205,000.00 0.652,100,000 SAZKA 9.00 06-21 12/07S 2,205,000.00 0.65

18,316,446.04 5.373,200,000 NORDIC TEL CO HLDG FL.R 06-16 01/05Q 3,332,924.41 0.985,700,000 NORDIC TEL CO HLDG 8.25 06-16 01/05Q 6,278,366.92 1.843,050,000 NYCO HOLDINGS 2 REGS 11.50 03-13

31/03S 3,496,062.50 1.035,100,000 PURUS CO SUB REG-S FL.R 06-16 15/05Q 5,209,092.21 1.53

31,754,159.91 9.315,900,000 ALCATEL EMTN 6.375 04-14 07/04A 6,283,500.00 1.841,500,000 ALSTOM FL.R 06-08 28/07Q 1,512,930.00 0.443,214,767 ALSTOM REGS 6.25 05-10 03/03A 3,376,723.37 0.993,000,000 EUROPCAR REG-S SUB FL.R 06-13 15/03Q 3,085,472.07 0.903,750,000 EUROPCAR REG-S SUB 8.125 06-14

15/05S 3,996,458.44 1.174,000,000 GIE GEOPHYSIQUE 7.50 05-15 15/05S 3,048,572.40 0.893,800,000 RAY ACQUISITION SCA 9.375 05-15

16/03S 4,339,599.88 1.276,100,000 RHODIA REG-S FL.R 06-13 15/10Q 6,110,903.75 1.79

26,594,321.96 7.803,491,396 COGNIS DEUSTCH. REGS FL.R 05-15

15/01S 3,631,051.84 1.062,400,000 COGNIS DEUTSCH. REGS 9.50 04-14

15/05S 2,631,000.00 0.771,400,000 ESCADA AG REG-S 7.50 05-12 01/04S 1,506,750.00 0.441,750,000 FRESENIUS FINANCE BV 5.00 06-13

31/01S 1,763,125.00 0.523,100,000 FRESENIUS FINANCE BV 5.50 06-16

31/01S 3,200,750.00 0.941,950,000 FRESENIUS MED.C.REGD 7.375 01-11

15/06Q 2,135,250.00 0.633,000,000 GROHE HOLDING REG.S 8.625 04-14

01/10S 3,090,000.00 0.911,100,000 HECKLER AND KOCH REGS 9.25 04-11

15/07S 1,108,250.00 0.334,550,000 ISEY ISH NRW -REGS- FL.R 06-13 15/04Q 4,524,645.12 1.33

960,000 MTU AERO ENGINES EMTN 8.25 04-14 01/04S 1,056,000.00 0.31

1,900,000 TREOFAN GERMANY 11.00 06-13 01/08S 1,947,500.00 0.57

D

F

DK

TCH

CAN

A


4,032,000.00 1.183,600,000 MAGYAR TELECOM REG-S 10.75 04-12

15/08S 4,032,000.00 1.18

9,995,925.64 2.932,314,958 ARDAGH GLASS GROUP 10.75 05-15

01/03S 1,342,675.64 0.396,100,000 BCM IRELAND PREF. FL.R 06-17 15/02Q 6,115,250.00 1.792,350,000 JEFF.SMURFIT GRP REGD10.125 02-12

01/10S 2,538,000.00 0.74

31,507,835.82 9.246,700,000 FIAT FIN.& TRADE SA 6.625 06-13 15/02S 7,248,760.15 2.136,050,000 FIAT FINANCE TRADE 6.75 01-11 25/05A 6,496,010.54 1.911,500,000 FIAT FIN.&TRADE GMTN 5.625 06-11 15/11S 1,550,252.63 0.452,800,000 IT HOLDING FIN -REGS 9.875 04-12 15/11S 2,800,000.00 0.822,450,000 PIAGGIO FINANCE REGS 10.00 05-12

30/04S 2,832,812.50 0.839,200,000 WIND ACQUISITION FIN. 9.75 05-15 01/12S 10,580,000.00 3.10

14,228,505.38 4.173,793,096 HELLAS TEL FINANCE FL.R 06-14 15/04Q 3,885,571.68 1.141,600,000 HELLAS TELECOM III 8.50 05-13 15/10S 1,720,000.00 0.502,700,000 HELLAS TELECOM V FL.R 05-12 15/10Q 2,768,271.20 0.812,700,000 KLOECK.PENTAPL.REG-S 9.375 02-12

15/02S 2,835,000.00 0.832,700,000 NELL AF SARL REGS 8.375 05-15 15/08S 2,895,750.00 0.85

115,000 SGL CARBON REG-S 8.50 04-12 01/02S 123,912.50 0.04

23,747,874.33 6.972,900,000 AHOLD EMTN 5.875 01-08 09/05A 2,950,750.00 0.871,950,000 AHOLD FINANCE EMTN 5.875 01-12 14/03A 2,057,250.00 0.60

900,000 AHOLD FINANCE EMTN 6.50 01-17 14/03A 1,359,183.67 0.401,950,000 CARMEUSE LIME REG-S 10.75 02-12 15/07S 2,113,312.50 0.622,600,000 IMPRESS METAL PACK FL.R 06-13 15/09Q 2,655,250.00 0.788,000,000 NXP BV FL.R 06-13 15/10Q 8,134,400.00 2.394,300,000 NXP BV REG-S 8.625 06-15 15/10S 4,477,728.16 1.31

3,018,125.00 0.892,750,000 AKER KVAERNER REG-S 8.375 04-11 15/06S 3,018,125.00 0.89

3,535,875.00 1.043,150,000 TVN FINANCE CORP REGS 9.50 03-13

15/12S 3,535,875.00 1.04

4,146,751.28 1.224,200,000 EVRAZ GROUP REGS 8.25 05-15 10/11S 3,294,173.66 0.97

850,000 RUSSIAN STANDARD BK 6.825 06-09 16/09A 852,577.62 0.25

2,664,300.00 0.782,490,000 FOODCORP REG-S 8.875 05-12 15/06S 2,664,300.00 0.78

1,858,500.00 0.551,800,000 ONO FINANCE 8.00 06-14 16/05S 1,858,500.00 0.55

E

RSA

RUS

P

N

NL

L

I

IRL

H

95



2,293,424.42 0.671,650,000 HSBC (UKRSIBBANK) 7.75 06-11 21/12S 1,281,688.94 0.381,300,000 MHP SA -REGS- 10.25 06-11 30/11S 1,011,735.48 0.30

27,236,704.42 7.992,300,000 AVIS FINANCE CIE PLC FL.R 06-13 31/07S 2,308,553.12 0.682,900,000 ECO-BAT FINANCE REG-S10.125 03-13

31/01S 3,190,000.00 0.942,600,000 FCE BANK EMTN 5.00 05-07 16/07A 2,599,948.80 0.76

15,500,000 INEOS GRP REG-S 7.875 06-16 15/02S 14,763,750.00 4.33845,000 INVENSYS PLC 9.875 04-11 15/03S 931,612.50 0.27

3,050,000 ONO FINANCE 10.50 04-14 15/05S 3,442,840.00 1.01

36,935,312.54 10.832,000,000 ASHTEAD CAPITAL-144A- 9.00 06-16 15/08S 1,630,455.39 0.486,100,000 CHESAPEAKE ENEERGY 6.25 06-17 15/01S 6,267,750.00 1.845,214,389 EB HOLDINGS INC-REGS 10.00 05-15

15/02S 5,527,252.34 1.621,850,000 FORD MOTOR CRED. EMTN 6.75 03-08

14/01A 1,880,119.38 0.555,100,000 GENERAL MOTORS 8.375 03-33 05/07A 4,933,380.45 1.452,900,000 GENERAL MOTORS CORP 7.25 03-13

03/07A 2,853,848.33 0.841,200,000 GMAC 6.125 02-07 15/03A 1,204,237.06 0.35

200,000 GMAC CANADA EMTN FL.R 03-08 12/09Q 202,906.00 0.062,500,000 GMAC EMTN 4.75 04-09 14/09A 2,492,855.00 0.732,550,000 GMAC EMTN 5.375 04-11 06/06A 2,576,003.32 0.761,100,000 GMAC EMTN 5.625 05-07 13/07A 1,106,273.85 0.322,700,000 GMAC -EMTN- 5.75 03-10 27/09A 2,759,731.42 0.811,400,000 HERTZ CORP -REGS 7.875 05-14 01/01S 1,477,000.00 0.431,900,000 ROCKWOOD SPECIAL SUB 7.625 04-14

15/11S 2,023,500.00 0.59


BONDS 63,456,308.68 18.61

4,785,916.50 1.404,600,000 BCM IRELAND FIN. FL.R 06-16 15/08Q 4,785,916.50 1.40

5,023,636.88 1.474,711,500 NYCOMED AMERSHAM 11.75 05-13 15/09S 5,023,636.88 1.47

9,424,500.00 2.763,150,000 BELVEDERE FL.R 06-13 15/05Q 3,252,375.00 0.955,450,000 FG4 SA -REGS- 8.375 05-15 30/04S 6,172,125.00 1.81

2,400,000.00 0.702,400,000 TIM HELLAS TELECOM FL.R 06-15 15/07Q 2,400,000.00 0.70

5,252,000.00 1.545,200,000 JSG FUNDING-EMTN 7.75 05-15 01/04S 5,252,000.00 1.54

IRL

GR

F

DK

CYM

USA

GB

UA


448,043.88 0.13600,000 BANK CASPIAN 7.875 05-08 17/10S 448,043.88 0.13

9,390,215.10 2.755,850,000 CODERE FINANCE REGS 8.25 05-15 15/06S 6,186,375.00 1.813,200,000 HELLAS II FL.R 06-15 15/01Q 3,203,840.10 0.94

8,495,854.51 2.499,056 ART FIVE BV 91 FL.R 05-15 15/04Q 9,304.76 0.00

2,250,000 ASSET REPACKAGING FL.R 05-14 26/05A 2,263,950.00 0.662,300,000 ASSET REPACKAGING FL.R 06-11 21/12A 2,343,010.00 0.691,700,000 CARLSON W.BV REGS FL.R 06-15 01/05Q 1,775,339.75 0.521,900,000 VICTORIA ACQUISIT 7.875 04-14 01/10S 2,104,250.00 0.62

4,394,601.39 1.292,000,000 CREDIT BANK MOSCOU FL.R 06-09 21/10S 1,513,325.47 0.442,800,000 GALERY CAPITAL-144A- 10.125 06-13

15/05S 2,110,112.62 0.62950,000 VIMPELCOM -UBS LUX 8.375 04-11 22/10S 771,163.30 0.23

2,731,755.48 0.802,601,672 NEW RECLAMATION GRP 8.125 06-13

01/02S 2,731,755.48 0.80

1,584,415.88 0.462,100,000 DRESDNER LOAN.PAR SUB 9.50 05-08

07/11S 1,584,415.88 0.46

3,163,291.56 0.933,100,000 LOUIS N1 -REG-S- 8.50 06-14 01/12S 3,163,291.56 0.93

6,362,077.50 1.872,335,000 CROWN EUROPEAN HLDGS 6.25 05-11

01/09S 2,434,237.50 0.71456,000 HUNTSMAN INT.REGD SUB10.125 02-09

01/07S 462,840.00 0.143,300,000 HUNTSMAN INT.REGS SUB 8.50 04-15

01/01S 3,465,000.00 1.02


SHARES 194,724.94 0.06

194,724.94 0.0634 UNITY MEDIA MANAGEMENT SA 47.71 0.0034 UNITY MEDIA S.C.A 194,677.23 0.06

BONDS 1.70 0.00

1.70 0.0034 UNITY MEDIA S.C.A 0.00 05-49 24/06U 1.70 0.00


L

L

USA

GB

UA

RSA

RUS

NL

L

KZ

96



Global Bond



BONDS 511,777,353.19 30.47

8,244,407.43 0.495,000,000 AUSTRIA EMTN 3.80 03-13 20/10A 6,543,079.52 0.391,000,000 AUSTRIA S.6 6.25 97-27 15/07A 1,701,327.91 0.10

27,982,239.68 1.674,000,000 DENMARK 3.25 03-08 14/11A 5,215,084.05 0.31

60,000,000 DENMARK 4.00 02-08 15/08A 10,624,679.02 0.6350,000,000 DENMARK 7.00 94-24 10/11A 12,142,476.61 0.72

7,047,705.45 0.425,000,000 FINLAND 5.75 00-11 23/02A 7,047,705.45 0.42

150,068,106.00 8.9312,000,000 CADES 3.75 05-20 25/10A 15,149,421.29 0.9035,000,000 FRANCE BTAN 3.50 03-08 12/07A 45,731,981.38 2.72

990,918 FRANCE OAT 0.00 92-16 25/04U 909,201.42 0.05400,000 FRANCE OAT 3.75 05-21 25/04A 510,548.12 0.03

52,400,000 FRANCE OAT 4.00 04-55 25/04A 68,605,097.49 4.081,500,000 FRANCE OAT INDEX 3.40 99-29 25/07A 2,848,920.81 0.17

12,000,000 FRANCE OAT INDEXEE 1.60 04-15 25/07A 16,312,935.49 0.97

149,228,389.93 8.883,300,000 BRD 4.50 03-13 04/01A 4,483,142.81 0.27

63,500,000 BRD 5.50 00-31 04/01A 101,239,605.96 6.0325,625,000 BRD -301- 4.75 03-34 04/07A 37,555,561.40 2.243,200,000 BRD -98- 5.625 98-28 04/01A 5,113,111.79 0.30

100,000,000 LANDWIRT.RENTENBANK 1.375 01-13 25/04A 836,967.97 0.05

59,352,958.26 3.530 GREECE 6.00 00-10 19/05A 0.32 0.00

1,900,000 GREECE 6.50 99-14 11/01A 2,865,949.27 0.1740,000,000 HELLENIC REPUBLIC 3.25 04-07 21/06A 52,606,309.08 3.132,500,000 HELLENIC REPUBLIC 5.90 02-22 22/10A 3,880,699.59 0.23

8,328,139.13 0.506,000,000 ITALY BTP 5.25 01-11 01/08S 8,328,139.13 0.50

204,590.38 0.0125,000,000 BEI EMTN 1.90 06-26 26/01S 204,590.38 0.01

40,282,880.28 2.4030,000,000 NEDERLAND 4.25 03-13 15/07A 40,282,880.28 2.40

5,241,130.03 0.314,000,000 EKSPORTFINANS EMTN 3.50 03-08 16/04A 5,241,130.03 0.31

N

NL

L

I

GR

D

F

SF

DK

A


37,514,995.81 2.2330,000,000 IGCP 3.35 05-15 15/10A 37,514,995.81 2.23

479,433.45 0.032,500,000 SOUTH AFRICA 157 13.50 91-15 15/09S 479,433.45 0.03

13,235,722.56 0.798,000,000 SPAIN 5.75 01-32 30/07A 13,235,722.56 0.79

275,275.89 0.0265,000 UK TREASURY STOCK 5.00 01-12 07/03S 127,372.09 0.0175,000 UNITED KINGDOM 4.25 03-36 07/03S 147,903.80 0.01

4,291,378.91 0.26325,000 UNITED STATES -D2013- 4.25 03-13 15/08S 316,925.78 0.02

1,500,000 USA TREASURY BOND 7.875 91-21 15/02S 1,953,046.88 0.121,700,000 USA TREASURY BOND 7.25 86-16 15/05S 2,021,406.25 0.12


BONDS 85,763,325.32 5.11

2,496,292.20 0.152,000,000 CANADA 8.00 92-23 01/06S 2,496,292.20 0.15

2,308,953.64 0.143,350,000 FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U 2,308,953.64 0.14

32,893,840.17 1.9610,000,000 CEDULAS TDA 6 3.875 05-05 23/05A 12,312,986.68 0.7315,000,000 LA CAIXA 4.50 06-22 26/01A 20,079,811.38 1.20

480,810 SPAIN BTS PP STRIP 0.00 98-13 31/01U 501,042.11 0.03

48,064,239.31 2.861,500,000 US TREASURY N.-R-2008 4.375 06-08

31/01S 1,490,156.25 0.092,000,000 USA NT INDEX 3.50 01-11 15/01S 2,414,109.01 0.14

994,000 USA TREASURY BONDS 5.375 01-31 15/02S 1,065,599.06 0.0638,000,000 USA TREASURY NOTES 6.00 96-26 15/02S 43,094,374.99 2.57


BONDS 6,423,186.72 0.38

6,423,186.72 0.386,500,000 BRED US 6,423,186.72 0.38

F

USA

E

F

CAN

USA

GB

E

RSA

P

97




155,955.46 0.013 CAAM AGGREGATE MONDE 155,955.46 0.01


BONDS 365,101,307.47 21.74

70,510,386.87 4.20100,000,000 COMMONW.BK AUSTRAL. 7.52 06-07

11/01U 70,510,386.87 4.20

40,485,136.54 2.41250,000,000 NORDEA BANK FINLAND PLC 06-07

16/01U 40,485,136.54 2.41

76,587,401.97 4.56260,000,000 IXIS CORP. (OIS+0.00) 3.35 06-07 15/01U 41,757,892.43 2.4935,000,000 L'OREAL SA 06-07 31/01U 34,829,509.54 2.07

11,021,016.14 0.661,500,000 BRD STRIP (6.50) 0.00 -22 04/07U 1,066,618.34 0.06

10,000,000 NORDEUTSCHE LANDESBANK GIRO -07 18/01U 9,954,397.80 0.59

17,142,450.00 1.0213,000,000 ABN AMRO (EONIA+0.01)3.68 06-07

02/01U 17,142,450.00 1.02

134,517,493.03 8.0130,000,000 AMSTEL EURO FUNDING CORP -07

15/03U 29,606,237.04 1.7648,000,000 HBOS TREASURY SERV. -07 11/01U 32,680,326.79 1.9557,566,000 SCALDIS CAPITAL -07 22/01U 57,295,058.02 3.4115,000,000 SCALDIS CAPITAL -07 25/01U 14,935,871.18 0.89

14,837,422.92 0.8815,000,000 NOMURA GLOBAL FUNDING 06-07

25/01U 14,837,422.92 0.88



-23,076.38 0.003,500 EURX EURO SCHATZ FEB 103.9 24.01.07

CALL 23,076.38 0.00-3,500 EURX EURO SCHATZ FEB 104.1 24.01.07

CALL -23,076.38 0.00-3,500 EURX EURO SCHATZ FEB 104.2 24.01.07

CALL -23,076.38 0.00

D

USA

GB

NL

D

F

SF

AUS

F


39,559.50 0.001,600 EURIBOR 3M LIF MAR 96.125 19.03.07 CALL 145,051.50 0.01

-3,200 EURIBOR 3M LIF MAR 96.25 19.03.07 CALL -105,492.00 -0.01


GB

98



LDI Gilt Plus (GBP)



BONDS 1,417,774.82 5.62

668,951.05 2.651,000,000 FRANCE OAT 4.00 04-55 25/04A 668,951.05 2.65

748,823.77 2.971,000,000 BRD -301- 4.75 03-34 04/07A 748,823.77 2.97


BONDS 22,972,887.30 91.02

652,762.32 2.591,000,000 FRANCE BTF -07 27/09U 652,762.32 2.59

19,808,490.70 78.496,000,000 UK TREASURY BILL -07 15/01U 5,937,276.34 23.523,000,000 UK TREASURY BILL 06-07 23/03U 2,946,748.62 11.686,000,000 UK TREASURY BILL 06-07 29/01U 5,966,823.02 23.645,000,000 UK TREASURY BILL 06-07 29/01U 4,957,642.72 19.64

2,511,634.28 9.954,800,000 US TREASURY BILLS -07 25/01U 2,511,634.28 9.95


USA

GB

F

D

F

99




LDI Index Linked Plus (GBP)



BONDS 936,029.72 3.66

936,029.72 3.661,250,000 BRD -301- 4.75 03-34 04/07A 936,029.72 3.66


BONDS 23,600,795.87 92.37

652,762.32 2.551,000,000 FRANCE BTF -07 27/09U 652,762.32 2.55

19,808,490.70 77.536,000,000 UK TREASURY BILL -07 15/01U 5,937,276.34 23.243,000,000 UK TREASURY BILL 06-07 23/03U 2,946,748.62 11.536,000,000 UK TREASURY BILL 06-07 29/01U 5,966,823.02 23.355,000,000 UK TREASURY BILL 06-07 29/01U 4,957,642.72 19.40

3,139,542.85 12.296,000,000 US TREASURY BILLS -07 25/01U 3,139,542.85 12.29


USA

GB

F

D

100



Swiss Franc Bond



BONDS 31,421,847.42 97.72

3,395,250.00 10.561,000,000 BANK AUSTRIA EMTN SUB 4.50 00-10

20/12A 1,069,755.00 3.33700,000 OEST.KONTROLLBK 3.50 98-08 18/02A 708,120.00 2.20

1,500,000 VORARLBERG.LHYBK EMTN 4.00 01-13 22/01A 1,617,375.00 5.03

3,597,369.82 11.191,000,000 CAISS.NAT.AUTOROUTES 3.375 98-08

27/02A 1,010,806.63 3.141,000,000 DEXIA MUN AGENCY 4.00 00-10 08/03A 1,043,563.25 3.251,500,000 RFF 3.25 99-11 01/06A 1,542,999.94 4.80

9,009,376.68 28.02250,000 ALLIANZ FIN BV 5.00 98-08 25/03A 407,338.64 1.27

1,000,000 BADEN WUERTTEMBERG 2.75 02-07 20/08A 1,003,385.00 3.12

1,000,000 BAYERISCHE LDBK 3.125 99-09 10/02A 1,012,333.31 3.151,100,000 BAYERISCHE.LDBK GIRO. 4.00 01-11

19/01A 1,159,686.00 3.61200,000 DEUTSCHE BANK 3.75 97-07 17/07A 201,625.33 0.63400,000 DEUTSCHE BANK AG 4.25 99-09 28/07A 647,745.90 2.01

1,200,000 DRESDNER FINANCE 3.625 98-08 06/08A 1,219,200.00 3.791,600,000 EUROHYPO AG 4.00 99-14 01/09A 1,751,000.00 5.451,500,000 KFW INT.FINANCE 4.00 00-12 15/02A 1,607,062.50 5.00

2,131,935.50 6.631,000,000 ITALY 3.50 98-08 25/09A 1,015,562.00 3.161,100,000 ITALY EMTN 3.125 99-10 15/07A 1,116,373.50 3.47

714,148.37 2.22440,000 TOKYO ELECTRIC POWER 4.375 99-09

14/05A 714,148.37 2.22

2,569,131.62 7.991,300,000 JOHN HANCOCK GLOB EMTN 4.00 99-09

13/08A 1,343,181.62 4.181,200,000 JOHN HANCOCK GLOB FDG 3.75 98-08

22/12A 1,225,950.00 3.81

1,697,200.00 5.28500,000 EUROHYPO 4.25 00-10 20/10A 529,000.00 1.65

1,100,000 EUROP.INVEST.BK 3.50 99-14 28/01A 1,168,200.00 3.63

2,954,609.95 9.191,000,000 BANK V.NED.GEM. 4.50 00-10 05/07A 1,066,500.00 3.321,000,000 RABOBANK 3.50 98-08 29/12A 1,018,250.00 3.17

800,000 RABOBANK 4.25 00-12 14/09A 869,859.95 2.71

NL

L

JSY

J

I

D

F

A


687,362.98 2.14400,000 BCO SANT.CEN.HISP.SUB 6.375 00-10

05/07A 687,362.98 2.14

4,665,462.50 14.511,200,000 ALLSTATE LIFE FUND 4.75 00-10 12/05A 1,277,850.00 3.971,000,000 GENERAL ELECTRIC CAP 2.75 99-07

16/04A 1,001,600.00 3.11300,000 GENERAL ELECTRIC CAP 3.125 99-09

15/07A 304,162.50 0.951,000,000 JACKSON NATL LIFE 3.75 01-08 28/02A 1,013,850.00 3.151,000,000 PACIFIC LIFE FUNDING 4.75 00-10 30/06A 1,068,000.00 3.32


USA

E

101




US Dollar Bond



BONDS 7,325,639.12 49.15

1,009,785.75 6.781,000,000 OESTERREICH PSK 6.00 98-08 16/04A 1,009,785.75 6.78

2,284,772.80 15.331,555,000 CCCE PRINCIPAL CERT. 0,00 84-09 01/05U 1,324,020.30 8.881,000,000 COUNCIL EUROPE EMTN 4.25 03-13 22/04A 960,752.50 6.45

1,007,493.31 6.761,000,000 INTER-AM.DEV.BK 5.375 98-08 18/11S 1,007,493.31 6.76

2,013,587.26 13.511,000,000 BRITISH TELECOM 7.00 97-07 23/05A 1,004,765.63 6.741,000,000 NETWORK RAIL FIN EMTN 5.25 06-11

09/05A 1,008,821.63 6.77

1,010,000.00 6.781,000,000 MBNA MAST.CRD 00-L-A- 6.50 00-10 15/04M 1,010,000.00 6.78


BONDS 5,026,269.01 33.72

5,026,269.01 33.721,000,000 FANNIE MAE DEBS 6.375 99-09 15/06S 1,032,362.75 6.931,000,000 MBNAS C.C.M. 2002-A1 4.95 02-09 15/06M 999,687.50 6.71

900,000 USA TREASURY BONDS 6.25 99-30 15/05S 1,072,968.75 7.202,000,000 USA TREASURY NOTES 4.125 05-15 15/05S 1,921,250.01 12.89


BONDS 1,057,853.00 7.10

1,057,853.00 7.101,000,000 METROP.LISBOA -144A- 7.42 96-16 15/10S 1,057,853.00 7.10


P

USA

USA

GB

SUP

F

A

102



Volatility Equities




564,433.38 2.6419 SGP TRESO / PARTS 564,433.38 2.64


BONDS 12,503,948.58 58.44

12,503,948.58 58.441,800,000 BANQUE PSA FINANCE -07 13/02U 1,784,363.03 8.34

900,000 BFCM (EONIA +0.05) 3.38 06-07 16/02U 900,000.00 4.211,800,000 BRITANNIA BUILDING SOCIETY -07 12/02U 1,784,603.33 8.34

900,000 CRCAM MORBIHAN -07 16/02U 892,378.84 4.171,800,000 DIAC -07 06/02U 1,785,616.86 8.35

900,000 LAFARGE -07 22/01U 894,618.62 4.18900,000 LEGRAND FRANCE -07 20/02U 891,682.58 4.17900,000 SAFRAN 06-07 25/01U 894,339.82 4.18900,000 SNPE -07 12/03U 891,817.57 4.17900,000 SUEZ FINANCE 06-07 16/02U 892,378.84 4.17900,000 VOLKSWAGEN GROUP SERVICES -07 13/02U 892,149.09 4.17



5,637,700.00 26.351,500 DJ EURO STOXX 50 DEC 3800 27.12.07

PUT 2,161,500.00 10.101,500 DJ EURO STOXX 50 DEC 4200 27.12.07

CALL 3,520,500.00 16.45-500 DJ EURO STOXX 50 JAN 3900 22.01.07

PUT -36,500.00 -0.17-200 DJ EURO STOXX 50 JAN 4200 22.01.07

CALL -42,000.00 -0.20-200 DJ EURO STOXX 50 MAR 3800 19.03.07

PUT -54,600.00 -0.26200 DJ EURO STOXX 50 MAR 4100 16.03.07

PUT 174,600.00 0.82-200 DJ EURO STOXX 50 MAR 4300 19.03.07

CALL -85,800.00 -0.40


SUP

F

F

103




Euro Reserve



BONDS 356,285.51 0.29

356,285.51 0.29360,000 FRANCE BTAN 3.00 03-08 12/07A 355,280.26 0.29

1,000 FRANCE OAT 5.50 97-07 25/04A 1,005.25 0.00


BONDS 116,759,820.23 94.47

100,201,912.48 81.075,000,000 BARCLAYS BK (OIS+0.045)3.375 -07 16/02U 5,000,000.00 4.055,000,000 BAYER.HYPO-UND VBK 3.385 06-07 15/03U 5,000,000.00 4.055,000,000 BFCM (EONIA +0.06) 3.63 06-07 19/03U 5,000,000.00 4.055,000,000 BNP PARIBAS(OIS+0.04) 3.37 -07 07/02U 5,000,000.00 4.055,000,000 BQ ORSAY(EONIA+0.055) 3.385 -07 06/02U 5,000,000.00 4.055,000,000 CAISSE NTLE EP.(OIS+0.065) -06 19/02U 5,000,000.00 4.055,000,000 CFCM (EONIA + 0.055) 3.375 -07 02/04U 5,000,000.00 4.055,000,000 CRCAM 3.66 -07 15/03U 5,000,000.00 4.055,000,000 DEXIA CLF (OIS+0.04) 3.37 -07 12/02U 5,000,000.00 4.055,510,000 DIRECT FUNDING BTP -07 15/03U 5,459,905.37 4.425,000,000 DZ BANK IRELAND 06-07 12/03U 4,954,603.45 4.015,000,000 ELIXIR FUNDING -06 30/10U 4,983,144.51 4.035,000,000 GECC (EONIA+0.045) 3.645 06-07 02/04U 5,000,000.00 4.055,000,000 HBOS TREASURY SERV. 06-07 05/03U 4,955,094.46 4.015,000,000 HSBC FRANCE -07 15/02U 4,954,858.49 4.015,000,000 LMA -07 25/01U 4,985,691.07 4.035,000,000 MORGAN STANLEY INTL FINANCE -07

15/02U 4,954,670.27 4.015,000,000 STE GENERALE(OIS+0.04)3.33 06-07 01/03U 5,000,000.00 4.055,000,000 THESEE BTP -07 18/01U 4,984,796.37 4.035,000,000 UNEDIC -07 08/02U 4,969,148.49 4.02

4,968,510.68 4.025,000,000 CORAL CAPITAL -07 15/02U 4,968,510.68 4.02

7,600,000.00 6.157,600,000 ABN AMRO (EONIA+0.01)3.68 06-07 02/01U 7,600,000.00 6.15

3,989,397.07 3.234,000,000 SCALDIS CAPITAL -07 09/01U 3,989,397.07 3.23


GB

NL

IRL

F

F

104



USD Reserve



BONDS 52,242,052.81 87.50

3,955,462.49 6.622,000,000 CREDIT SUISSE SYDNEY -07 12/02U 1,982,148.82 3.322,000,000 SUNCORP METWAY -07 18/01U 1,973,313.67 3.30

6,907,336.86 11.572,000,000 BCP FINANCE -07 01/03U 1,973,700.44 3.313,000,000 MEDIOBANCA INTL -07 27/03U 2,960,587.18 4.962,000,000 NORINCHUKIN BANK 06-07 30/01U 1,973,049.24 3.30

1,983,076.10 3.322,000,000 KOMMUNALKREDIT INTL BANK -07 17/01U 1,983,076.10 3.32

12,798,690.77 21.441,000,000 CAISSE EPARGNE PREV -07 23/04U 974,513.76 1.632,000,000 CALYON -07 07/05U 1,947,809.53 3.262,000,000 CIC -07 15/05U 1,947,707.31 3.262,000,000 CIE FIN. CRED. MUTUEL 06-07 07/05U 1,947,850.36 3.262,000,000 CSE CENT.CRED.IMMOBILIER -07 14/06U 1,947,761.58 3.262,043,000 L'OREAL SA 06-07 31/01U 2,033,048.23 3.402,000,000 RCI BANQUE CDN 5.375 06-07 02/04U 2,000,000.00 3.35

12,762,498.45 21.375,000,000 DEUTSCHE BANK 06-07 20/03U 4,934,251.10 8.261,000,000 DEUTSCHE BANK AG -07 02/03U 981,983.07 1.642,000,000 DRESDNER BANK 06-07 12/04U 1,938,022.84 3.253,000,000 E.ON AG -07 27/03U 2,960,623.70 4.962,000,000 NORDDEUTSCHE LBK 06-07 02/04U 1,947,617.74 3.26

2,960,587.18 4.963,000,000 UNILEVER NV -07 27/03U 2,960,587.18 4.96

8,898,430.96 14.902,000,000 AVIVA PLC 06-07 05/02U 1,984,195.88 3.323,000,000 DEPFA BANK PLC -07 05/03U 2,967,862.99 4.972,000,000 DEPFA BANK PLC -07 30/01U 1,973,148.73 3.302,000,000 HBOS TREASURY SERV. -07 15/02U 1,973,223.36 3.30

1,975,970.00 3.312,000,000 NOMURA GLOBAL FUNDING -07 12/01U 1,975,970.00 3.31


USA

GB

NL

D

F

CY

CYM

AUS

106

Etat des Actifs Nets / Nettovermögensaufstellung /Estado de Activos Netos / Stato Patrimoniale Netto

NotesNotes

ErläuterungenNotas

ENGLISH FRANCAIS DEUTSCH ESPANOL ITALIANO Note

ASSETS ACTIFS AKTIVA ACTIVOS ATTIVOSecurities portfolio Portefeuille-titres à la Wertpapiervermögen Valores a precio Portafoglio titoli al valore 2at market value valeur de marché zum Marktwert de mercado di mercato

Acquisition cost Coût d’acquisition Einstandspreis Precios de adquisición Costa d’acquistoUnrealised gain/loss Plus ou moins-value non réalisée Nicht realisierter Gewinn/Verlust Plusvalia/minusvalia latente en la Plusvalenze/minusvalenzeon the securities portfolio sur le portefeuille-titres auf das Anlagevermögen cartera de inversiones latenti sol portafoglio titoli

Options purchased at market value Options achetées à la valeur de marché Gekaufte Optionen zum Marktwert Opciones compradas a precio de mercado Opzioni acquistate a prezzo di mercatoOptions purchased at cost Options achetées à la valeur d'acquisition Gekaufte Optionen zum Einstandspreis Opciones compradas a precio de adquisición Opzioni acquistate a prezzo d'acquistoCash at banks and liquidities Avoirs en banque et liquidités Bankguthaben und Barmittel Depósitos bancarios y disponibilidades Depositi bancari e liquiditáReverse Repurchase Agreements Reverse Repurchase Agreements Reverse Pensionsgeschäfte Recompra Inversa Reverse Repurchase AgreementsTime deposits Dépôts à terme Festgelder Depósitos a plazo Depositi vincolatiInterest receivable Intérêts à recevoir Zinsguthaben Intereses por cobrar Interessi da ricevereBrokers receivable Brokers à recevoir Forderungen aus Verkauf von Wertpapieren Cuentas por cobrar de corredores Crediti verso broker per vendita titoliSubscribers receivable Souscriptions à recevoir Forderungen aus Zeichnungen Cuentas por cobrar de suscriptores Sottoscrizione da regolareUnrealised net appreciation on Plus-value nette non réalisée Nicht realisierter Nettogewinn Ganancia netta no realizada Plusvalenza netta non realizzataforward foreign exchange sur contrats de change à terme aus Devisentermingeschäften sobre contratos de cambio a plazo su contrati di cambio a terminecontracts

Unrealised net appreciation on Plus-value nette non réalisée Nicht realisierter Nettogewinn aus Ganancia netta no realizada sobre Plusvalenza netta non financial futures sur “futures” Termingeschäften futuros financieros realizzata su future

Unrealised net appreciation on swaps Plus-value nette non réalisée sur swaps Nicht realisierter Nettogewinn aus Swaps Ganancia netta no realizada sobre swaps Plusvalenza netta non realizzata su swapsReceivable on spot exchange Créance sur change au comptant Erhältlich in Spotgeschäften A recibir al cambio al contado Cambio a pronti da ricevereOther assets Autres actifs Andere Vermögenswerte Otros activos Altri attiviLIABILITIES PASSIFS PASSIVA PASIVO PASSIVODebts derived from Dettes représentatives de Verbindlichkeiten aus Deudas representativas de títulos Debiti relativi a operazioni direverse repurchase agreements titres pris en pension Reverse Pensionsgeschäften cedidos con pacto de recompra inversa reverse repurchase agreements

Options sold at market value Options vendues à la valeur de marché Verkaufte Optionen zum Marktwert Opciones vendidas a precio de mercado Opzioni vendute a prezzo di mercatoOptions sold at cost Options vendues à la valeur d'acquisition Verkaufte Optionen zum Einstandspreis Opciones vendidas a precio de adquisición Opzioni vendute a prezzo d'acquistoBank overdrafts Dettes bancaires à vue Bankkredite Saldo deudor en banco Debiti bancariBrokers payable Brokers à payer Verbindlichkeiten aus Kauf von Wertpapieren Cuentas por pagar de corredores Debiti verso broker per acquisto titoliRepurchase Agreements Repurchase Agreements Pensionsgeschäfte Repurchase Agreements Repurchase AgreementsSubscribers payable Rachats à payer Verbindlichkeiten aus Rücknahmen Cuentas por pagar de rescates Rimborsi chiesti e non regolatiUnrealised net depreciation on Moins-value nette non Nicht realisierter Perdida netta no realizada Minusvalenza netta non forward foreign exchange réalisée sur contrats de Nettoverlust aus sobre contratos de realizzata su contratticontracts change à terme Devisentermingeschäften cambio a plazo di cambio a termine

Unrealised net depreciation on Moins-value nette non réalisée Nicht realisierter Nettoverlust aus Perdida netta no realizada sobre Minusvalenza netta nonfinancial futures sur “futures” Termingeschäften futuros financieros realizzata su future

Unrealised net depreciation on Moins-value nette non-réalisée Nicht realisierter Nettoverlust aus Perdida netta no realizada sobre Minusvalenza netta nonswaps sur swaps Swaps swaps realizzata su swaps

Payable on spot exchange Dette sur change au comptant Zahlbar in Spotgeschäften A pagar al cambio al contado Cambio a pronti da pagareOther liabilities Autres passifs Sonstige Passiva Otros pasivos Altri passivi

NET ASSET VALUE VALEUR NETTE D'INVENTAIRE NETTOVERMÖGEN VALOR NETO DE ACTIVO VALORE NETTO DI INVENTARIO

TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOat 31 December 2006 au 31 décembre 2006 zum 31. Dezember 2006 a 31 de diciembre de 2006 al 31 dicembre 2006NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIat 31 December 2006 au 31 décembre 2006 zum 31. Dezember 2006 a 31 de diciembre de 2006 al 31 dicembre 2006Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CClassic H C Classic H C Classic H C Classic H C Classic H CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional D Institutional D Institutional D Institutional D Institutional DInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 CInstitutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D Institutional I5 DInstitutional I7 C Institutional I7 C Institutional I7 C Institutional I7 C Institutional I7 C

NET ASSET VALUE VALEUR NETTE D’INVENTAIRE NETTOINVENTARWERT VALOR NETO DE ACTIVO VALORE NETTO DI INVENTARIOPER SHARE PAR ACTION PRO AKTIE POR ACCIONE PER AZIONE

at 31 December 2006 au 31 décembre 2006 zum 31. Dezember 2006 a 31 de diciembre de 2006 al 31 dicembre 2006Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CClassic H C Classic H C Classic H C Classic H C Classic H CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional D Institutional D Institutional D Institutional D Institutional DInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 CInstitutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D Institutional I5 DInstitutional I7 C Institutional I7 C Institutional I7 C Institutional I7 C Institutional I7 C

FINANCIAL DETAILS RELATING TO THE YEAR 2006INDICATIONS FINANCIERES CONCERNANT L’ANNEE 2006 DATOS FINANCIEROS REFERIDO AÑO 2006FINANZIELLE ANGABEN FÜR DAS JAHR 2006 INDICAZIONI FINANZIARIE DELL’ANNO 2006

The notes to the accounts form an integral part of these financial statements. Les notes aux états financiers font partie intégrante de ces états financiers.Die beigefügten Erläuterungen sind integraler Bestandteil des Berichtes. Los notas sobre las Cuentas forman partie integra de estos datos financieros.La note allegate costituiscono parte integrante del presente bilancio.

Statement of Net Assets

107

at 31 December 2006 / au 31 décembre 2006 / zum 31. Dezember 2006 / a 31 de diciembre de 2006 / al 31 dicembre 2006

Aqua Asia Asian Asian Emerging Emerging Euro EuroGlobal Pacific Growth Renaissance Europe Markets Quant SRI

Quant

EUR USD USD USD EUR USD EUR EUR

1,145,086 20,225,552 283,805,693 40,500,263 143,193,885 1,158,784,230 450,880,963 31,605,5361,048,844 19,405,091 272,635,083 39,941,727 136,419,849 1,134,655,205 446,789,155 26,908,721

1,063,485 18,273,347 220,433,459 32,348,913 98,677,805 802,244,048 376,232,637 26,952,998-14,641 1,131,744 52,201,624 7,592,813 37,742,044 332,411,157 70,556,518 -44,276

- - - - - - - -- - - - - - - -

85,616 555,880 1,713,187 358,822 4,548,364 17,933,996 1,043,749 423,816- - - - - - - -- - - - - - - -- - - 884 - - 4,692 -- - 5,935,990 260,405 1,886,961 - 4,272,998

8,907 251,950 280,293 21,783 116,195 2,884,611 3,024,576 -- - - - - - - -

- - - - - - 18,790 -

- - - - - - - -- - 1,117,780 163,000 1,603,845 - - -

1,718 12,631 2,123,360 14,047 245,227 1,423,458 - -636 281,306 10,034,445 524,836 7,634,928 4,174,525 3,356,728 4,689,525

- - - - - - - -

- - - - - - - -- - - - - - - -- 252,328 - 3,750,415 - 126 -- - 5,387,119 - - 103,816 - 4,678,242- - - - - - - -- - 549,752 188,371 1,529,981 445,638 1,813,865 -- - - - - - - -

- - - - 248,552 - - 10

- - - - - - - -

- - 3,203,996 162,892 1,609,260 - - -636 28,978 893,578 173,572 496,720 3,625,071 1,542,737 11,274

1,144,449 19,944,245 273,771,248 39,975,427 135,558,956 1,154,609,705 447,524,235 26,916,010

1,144,449.36 19,944,245.41 273,771,247.98 39,975,427.09 135,558,956.29 1,154,609,705.44 447,524,235.00 26,916,010.36

1,585.00 10.00 6,093,999.91 1,636,329.48 1,015,544.62 9,965,294.55 13,425,439.66 10.00- - 87,923.49 7,567.23 35,943.82 317,474.57 90,911.88 -

10.00 10.00 660,653.47 227,246.37 644,380.65 859,505.24 20,279,770.96 10.00- - - - - - - -

1,000.00 18,706.66 32,453.33 4,628.95 20,159.43 195,085.08 128,951.74 26,960.50- - - - - 1.00 - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - 53,511.51 - - 231,730.37 - -

98.66 106.51 21.65 16.99 37.97 29.26 9.59 99.79- - 21.40 16.99 37.96 29.18 9.54 -

98.66 106.45 21.12 17.08 37.13 28.60 9.34 99.78- - - - - - - -

987.09 1,066.04 2,169.59 1,765.30 3,557.00 3,044.89 996.03 998.28- - - - - 1,190.24 - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - 1,038.77 - - 1,015.01 - -

108


NotesNotes

ErläuterungenNotas


















109


Europe Europe Global Global Global Global Global GlobalEquities Smaller Consumer Equities Finance Food & Quant Resources &

Companies Discretionary Healthcare Industry

EUR EUR USD USD USD USD USD USD

155,145,188 113,981,118 14,224,959 127,213,444 25,171,471 28,580,669 20,813,184 9,817,540151,710,070 106,869,244 12,723,772 98,546,074 23,961,423 28,382,701 20,516,701 9,772,989

135,896,846 92,746,644 10,495,886 84,234,933 20,580,809 24,473,347 20,453,513 8,886,72615,813,223 14,122,600 2,227,886 14,311,142 3,380,613 3,909,354 63,188 886,263

- - - - - - - -- - - - - - - -

3,118,231 769,710 1,450,904 27,817,856 1,070,071 93,240 271,044 36,243- - - - - - - -- - - - - - - -- - - - - - - -- 4,309,795 - - 117,037 - - -

50,000 18,990 43,335 - 1,243 46,046 - 494- - - 10,966 - - - -

187,857 - - 768,281 - - - -

- - - - - - - -- 1,926,645 - - - - - -

79,032 86,734 6,949 70,268 21,696 58,682 25,438 7,814802,352 9,825,806 64,098 665,307 1,301,216 164,414 102,520 27,661

- - - - - - - -

- - - - - - - -- - - - - - - -- 7,424,029 - - 1,135,608 - 20,011 -- 29,626 - - - - - -- - - - - - - -

241,034 103,501 2,414 246,339 36,995 29,841 6,384 -- - - - 975 - - -

- - - - - - - -

- - - - - - - -

- 1,922,483 - - - - - -561,319 346,166 61,684 418,967 127,637 134,573 76,125 27,661

154,342,836 104,155,312 14,160,861 126,548,138 23,870,254 28,416,256 20,710,664 9,789,879

154,342,836.04 104,155,312.31 14,160,860.99 126,548,137.57 23,870,254.33 28,416,255.64 20,710,664.23 9,789,879.35

10,425,725.34 3,848,556.71 19,752.45 11,318,376.20 1,338,259.37 1,938,161.84 82,544.26 10.0063,602.10 391,968.11 10.20 28,580.99 9,581.06 17,607.23 3,084.00 -

2,912,686.46 842,480.60 344,361.38 1,119,485.96 289,357.07 446,629.42 4,911.48 58.13- - - - - - -

27,465.79 34,961.96 5.00 9,468.91 6.21 6.21 3,983.56 9,200.06- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

9.46 10.78 424.74 9.28 14.63 11.88 148.98 105.829.30 10.77 425.17 9.28 14.63 11.88 158.71 -9.24 10.52 16.72 9.05 14.31 11.60 11.53 105.52

- - - - - - - -1,027.39 1,418.59 1,786.36 1,173.56 1,648.16 1,355.46 1,974.95 1,063.33

- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

110


NotesNotes

ErläuterungenNotas


















111


Global Greater Iberia India Italy Japan Japan JapanTechno & China Growth Quant ValueTelecom

USD USD EUR USD EUR JPY JPY JPY

19,836,714 416,039,515 17,891,229 401,914,639 22,776,376 9,527,165,246 4,408,358,015 2,291,805,89518,880,467 384,092,992 15,083,039 388,689,559 21,781,698 9,074,460,200 2,130,248,125 1,569,103,200

16,249,597 297,056,249 11,267,708 302,262,316 18,562,853 7,428,093,653 2,089,177,411 1,451,898,3422,630,870 87,036,743 3,815,331 86,427,244 3,218,845 1,646,366,547 41,070,714 117,204,858

- - - - - - - -- - - - - - - -

10,287 3,753,020 2,601,499 7,222,263 711,454 74,409,503 120 722,394,865- - - - - - - -- - - - - - - -- 9,523 - 2,070 - - - -

920,542 7,657,550 - - 252,134 367,349,653 2,275,815,878 -- 15,455,354 206,690 6,000,748 31,090 4,263,561 - -- - - - - - - -

- - - - - - - -

- - - - - - - -- - - - - - - -

25,419 5,071,077 - - - 6,682,329 2,293,892 307,830985,412 28,066,330 194,738 10,800,258 646,818 405,348,970 2,217,653,289 3,231,486

- - - - - - - -

- - - - - - - -- - - - - - - -

414,933 - - - - 348,129,859 138,700,473 -454,734 19,667,670 - 10,030,103 501,560 - 2,031,074,243 -

- - - - - - - -28,534 2,286,425 112,586 139,685 55,408 21,869,832 36,976,243 -

- - - - - - - -

- - 14,460 - - - - -

- - - - - - - -

- 4,960,000 - - - - - -87,211 1,152,235 67,693 630,470 89,850 35,349,279 10,902,330 3,231,486

18,851,302 387,973,185 17,696,490 391,114,382 22,129,558 9,121,816,276 2,190,704,726 2,288,574,409

18,851,301.76 387,973,184.74 17,696,490.29 391,114,381.80 22,129,558.09 9,121,816,276 2,190,704,726 2,288,574,409

3,435,576.99 287,803.49 617,908.38 22,414.34 517,054.83 5,196,465.25 847,203.72 1.001,136,269.33 1,990.84 1,149.65 367.00 2,424.84 685,439.48 24,734.54 -

543,975.95 6,830,706.22 576,683.43 111,150.31 1,333,290.62 2,587,138.85 515,733.76 1.00- - - - - - - -

1.00 115,247.33 178.42 1,865.75 2,320.05 3,960.33 1,045.37 15,000.00- - - - - - - -- 11,063.00 - 11,063.00 - - - 65,476.00- - - - - - - -- 389,622.00 - 2,972,405.00 - - - -- - - - - - - -- - - - - - - -

3.69 382.36 14.72 131.56 10.63 1,032 1,479 10,8893.69 382.34 14.49 108.95 10.00 1,032 1,480 -3.60 20.28 14.34 130.89 10.37 1,005 1,450 10,896

- - - - - - - -488.11 404.06 1,757.70 1,324.98 1,199.18 113,391 146,558 108,761

- - - - - - - -- 104.38 - 103.18 - - - 10,036- - - - - - - -- 233.33 - 124.47 - - - -- - - - - - - -- - - - - - - -

112


NotesNotes

ErläuterungenNotas


















113


Korea Latin Switzerland Thailand United US US USAAmerica Kingdom Opportunities QuantEquities

USD USD CHF USD GBP USD USD USD

101,371,085 317,857,236 39,456,863 123,756,763 4,843,774 75,025,816 8,851,347 84,881,61994,427,142 314,816,505 38,924,837 118,597,221 4,618,478 74,940,548 8,191,068 84,393,787

76,189,212 202,918,820 29,807,340 112,335,969 3,832,864 69,353,648 8,214,071 76,345,39818,237,931 111,897,685 9,117,497 6,261,252 785,614 5,586,900 -23,003 8,048,388

- - - - - - - -- - - - - - - -

3,245,874 2,271 70,635 3,517,306 199,444 750 623,459 300,118- - - - - - - -- - - - - - - -

8,200 - - 9,410 - - - -3,220,484 641,584 417,324 369,067 - - - -

99,851 402,225 38,660 1,262,829 11,723 39,996 28,892 100,932- - - - - - - -

- - 5,407 - 3,240 - - -

- - - - - - - -- - - - - - - -

369,533 1,994,651 - 931 10,888 44,521 7,927 86,7821,523,186 2,065,302 604,793 2,941,081 18,122 5,249,057 60,569 515,505

- - - - - - - -

- - - - - - - -- - - - - - - -- 208 - - 8 3,854,236 20,851 -- 401,623 375,707 2,078,036 - - - -- - - - - - - -

851,601 690,906 102,329 416,781 1,601 1,058,145 1,806 156,097- - - - - - - -

- - - - - - - -

- - - - - - - -

370,668 - - - - - - -300,917 972,565 126,758 446,264 16,513 336,676 37,911 359,408

99,847,899 315,791,934 38,852,069 120,815,682 4,825,652 69,776,759 8,790,778 84,366,114

99,847,899.18 315,791,934.07 38,852,069.20 120,815,681.93 4,825,651.91 69,776,759.42 8,790,777.50 84,366,114.01

668,347.15 225,344.44 1,467,185.93 647,162.02 272,280.03 4,045,908.93 503,562.69 3,538,884.904,572.94 3,478.13 22,295.85 3,634.52 2,648.77 5,260.49 3,252.28 2,737.40

911,746.74 30,101.45 668,942.76 1,152,738.71 83,045.08 344,030.98 270,477.88 3,516,238.47- - - - - - - -

14,402.77 52,295.71 8,286.58 32,274.12 776.00 13,308.69 680.46 15,147.84- - - - - - - -

13,095.00 - - - - - - -- - - - - - - -

284,422.00 - - - - - - -- - - - - - - -- - - - - - - -

18.99 414.40 11.25 51.54 10.94 12.12 10.33 9.8518.99 390.28 11.28 51.04 10.30 12.13 10.33 9.8518.29 410.91 10.98 8.91 10.37 11.33 10.06 9.65

- - - - - - - -2,303.77 3,990.43 1,779.41 2,386.07 1,234.99 1,259.80 1,229.20 1,026.02

- - - - - - - -83.81 - - - - - - -

- - - - - - - -126.99 - - - - - - -

- - - - - - - -- - - - - - - -

114


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115


Arbitrage Arbitrage Arbitrage Arbitrage Asian Dynarbitrage Dynarbitrage DynarbitrageInflation VaR 2 (EUR) VaR 2 (GBP) VaR 2 (USD) Income Forex Forex (USD) Forex Asia

Pacific

EUR EUR GBP USD USD EUR USD USD

160,512,327 5,239,688,624 61,808,785 277,828,856 61,780,605 378,000,405 10,456,708 10,572,066156,663,848 3,059,131,724 22,919,181 88,454,413 42,456,905 118,863,677 8,901,585 3,893,543

159,488,078 3,053,686,314 22,867,925 88,183,353 41,440,026 118,863,677 8,901,585 3,871,119-2,824,230 5,445,410 51,257 271,060 1,016,879 - - 22,423

206,743 1,041,996 - - - 477,163 - -109,265 1,286,711 - - - 703,405 - -

1,859,231 38,800,455 1,288,475 3,848,979 1,367,837 1,032,048 1,402,626 513,765- 1,938,400,833 36,949,564 182,440,264 - 230,109,241 - 1,998,964- - - - 6,000,000 - - 4,028,025

1,230,841 8,500,414 14,885 497,519 789,245 226,988 31,635 54,294- 57,500,000 - - 985,275 - - -

352,459 21,764,435 419,170 1,037,994 106,130 25,897,709 - -199,206 4,669,692 - 567,156 289,313 1,393,579 120,862 83,476

- 16,584,100 217,508 982,531 - - - -

- - - - - - - -- 92,403,321 - - 9,785,900 - - -- 891,654 - - - - - -

1,775,474 217,972,229 566,668 3,019,529 9,939,731 28,701,459 51,956 75,791- 24,252,026 226,528 1,399,866 - - - -

- - - - - - - -- - - - - - - -

878,525 10,580,022 104,787 296,883 - - - -- 54,800,000 - - - - -- - - - - - - -

496,059 25,345,035 109 893,248 67,001 25,997,753 - -- - 120,917 - - - - -

35,131 - - - 4,104 - - -

- - - - - - - -

- 93,228,721 - - 9,787,500 - - -365,759 9,766,425 114,327 429,533 81,126 2,703,706 51,956 75,791

158,736,853 5,021,716,395 61,242,117 274,809,327 51,840,874 349,298,946 10,404,752 10,496,275

158,736,853.21 5,021,716,394.64 61,242,116.57 274,809,327.18 51,840,874.05 349,298,945.95 10,404,751.75 10,496,275.32

1,140,882.57 10,537,965.58 60,689.41 683,305.02 1,093,422.27 709,336.25 10.00 10.00- 3,511,906.19 10.00 822.00 91.18 - - -

322,587.58 20,876,967.11 121,317.20 401,626.85 1,090,626.54 1,500,444.07 10.00 10.001.00 126,640.01 1.00 13,014.45 - 3,758.01 - -

12,501.00 1,283,863.64 31,790.51 141,442.28 9,751.33 115,682.73 10,000.00 10,000.00- - 6,287.42 - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

99.96 105.04 109.06 108.86 16.78 103.54 103.86 104.80- 101.58 100.75 101.03 15.42 - - -

99.70 104.87 108.99 108.89 15.37 103.31 103.84 104.79100.91 104.33 107.87 108.04 - 102.84 - -

1,002.65 1,055.76 1,098.17 1,097.28 1,715.17 1,041.26 1,040.27 1,049.42- - 1,031.90 - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

116


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117


Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage EmergingForex Plus Forex Plus High Yield Select VaR 4 (EUR) VaR 4 (USD) Volatility Markets

(EUR) (USD) Debt

EUR USD EUR EUR EUR USD EUR USD

223,955,931 37,694,607 51,085,107 49,179,482 2,939,649,610 83,006,538 940,203,167 18,070,065197,999,917 24,937,649 28,858,332 23,243,203 1,660,023,272 55,933,925 805,108,156 16,313,544

197,999,917 24,937,649 28,871,385 23,243,203 1,643,869,285 55,914,575 804,891,281 15,843,838- - -13,053 - 16,153,986 19,350 216,875 469,706

1,670,069 314,605 - - 2,083,991 - 29,067,864 -2,461,918 450,782 - - 2,576,470 - 25,886,947 -

810,329 1,481,685 163,905 - 53,075,818 4,784,760 64,245,305 998,18815,499,999 9,499,762 21,600,453 - 1,060,695,756 - 31,432,000 -

- - - - - 22,000,000 - -204,031 396,739 446,519 - 6,556,760 21,993 5,768,103 288,192

- - - - 9,780,000 - 1,873,737 -1,119,332 76,632 - 25,936,279 26,676,897 - 2,708,002 72,8216,056,978 889,415 15,899 - 123,328 70,779 - 6,568

- - - - 22,627,687 195,080 - 127,112

- - - - - - - -595,275 98,120 - - 95,872,764 - - 263,640

- - - - 2,133,336 - - -5,636,719 1,410,918 20,620 23,245,681 166,873,221 171,037 26,690,248 2,377,398

- - - - 27,436,635 - - -

- - - - - - 18,023,566 -- - - - - - 19,762,646 -- - - - 703,388 2,104 7,274 126,170- - - 23,243,203 9,800,000 - 228,552 -- - - - - - - 1,354,703

635,186 - - - 14,567,351 - 1,634,002 559,057- - - - - - - -

- - - - - - 2,210,814 -

- - - - - - - -

593,692 97,859 - - 97,579,169 - - 263,7304,407,840 1,313,059 20,620 2,478 16,786,677 168,933 4,586,042 73,738

218,319,212 36,283,689 51,064,487 25,933,801 2,772,776,389 82,835,501 913,512,918 15,692,667

218,319,211.81 36,283,688.96 51,064,486.95 25,933,800.75 2,772,776,389.01 82,835,500.94 913,512,918.46 15,692,666.74

231,891.60 91,519.10 10.00 1.00 6,501,373.44 9.99 3,575,509.83 308,327.15100.00 - - - 484,730.08 - - 284,622.20

160,850.10 1,955.47 10.00 1.00 14,553,169.07 10.00 4,711,212.26 257,508.3610.00 10.00 10.00 1.00 63,484.20 10.00 20,214.51 -

166,728.09 24,001.01 51,000.00 25,935.98 407,831.03 82,400.00 54,433.65 363.00- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

105.92 108.97 100.09 99.99 108.02 100.51 103.34 19.67111.27 - - - 101.78 - - 14.56105.56 109.81 100.09 99.99 107.93 100.51 103.05 19.36105.85 108.88 100.08 99.99 106.77 100.50 103.14 -

1,060.21 1,087.27 1,001.21 999.90 1,087.86 1,005.25 1,037.50 1,370.60- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

118


NotesNotes

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119


Euro 2001 Euro Euro Euro Euro European European EuropeanBond Bond Corporate Inflation Select Bond Convertible High Yield

Bond Bond Bond Bond Bond

EUR EUR EUR EUR EUR EUR EUR EUR

11,887,634 197,005,669 917,772,579 255,037,889 37,115,504 202,664,741 89,047,512 366,585,14711,433,045 180,479,145 863,601,776 238,472,618 35,765,643 141,328,978 84,771,863 324,890,304

12,131,450 183,107,113 877,368,340 242,546,120 36,479,009 143,771,634 78,247,007 317,434,589-698,406 -2,627,968 -13,766,564 -4,073,502 -713,366 -2,442,655 6,524,857 7,455,715

- - 20,000 - - - 797,940 -- - 80,000 - - - 813,090 -

149,972 5,578,405 3,463,087 3,786,249 691,174 6,798,999 1,690,696 5,418,093- - 5,000,530 8,868,894 - 40,117,012 - -- - - - - 11,182,555 - -

304,617 4,185,939 17,845,780 2,265,945 583,044 2,270,705 655,807 5,774,820- 6,398,859 8,055,808 - - - - -- 247,541 17,926,136 1,644,183 7,793 317,550 1,130,865 30,489,823- - 48,346 - - 87,472 - 12,107

- 115,780 1,811,117 - 67,850 561,469 340 -

- - - - - - - -- - - - - - - -- - - - - - - -

106,966 16,618,377 107,511,141 13,285,340 174,493 3,901,492 455,053 25,625,809- - - 3,741,350 - - - -

- - 60,000 - - - 75,157 -- - 30,000 - - - 98,182 -

19,538 30,933 - - - 40,193 49,370 -- 6,215,177 - - - - - -- 9,306,000 103,673,322 8,537,483 - 2,992,800 - 23,278,510- 676,468 2,258,476 330,875 109,090 368,670 61,205 1,770,302- - - - - - - -

60,745 - - 9,900 - - - -

- - - - - - - -

- - - - - - - -26,682 389,800 1,519,343 665,731 65,402 499,829 269,321 576,997

11,780,669 180,387,291 810,261,438 241,752,549 36,941,012 198,763,249 88,592,459 340,959,338

11,780,668.86 180,387,291.34 810,261,438.49 241,752,549.23 36,941,011.73 198,763,248.59 88,592,458.95 340,959,338.25

1,177,871.36 2,748,456.78 9,828,693.52 699,114.44 234,777.03 1,046,395.40 3,502,552.02 686,565.17- 82,941.15 3,561,963.90 66,185.96 10.00 116,527.00 21,311.33 8,765.46

1,506.82 5,728,892.92 13,658,700.59 1,109,473.46 208,712.55 347,111.31 2,400,478.03 961,333.35- - - - - - - -- 14,863.36 69,447.66 24,081.00 9,854.00 10,142.87 14,620.75 49,340.88- - - - - - - -- 577,768.67 2,280,406.81 - - - - 2,436,150.00- - 140,000.00 - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

9.99 12.69 13.40 114.33 103.93 124.81 11.34 13.16- 10.35 10.88 113.13 101.80 108.73 11.29 11.78

9.96 12.51 13.23 113.84 10.19 124.28 12.30 12.89- - - - - - - -- 1,273.14 1,326.60 1,163.98 1,056.83 1,218.31 1,307.45 1,378.16- - - - - - - -- 93.55 100.82 - - - - 103.21- - 979.05 - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

120


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121


Global LDI Gilt LDI Index Swiss US Volatility Euro USD ConsolidatedBond Plus (GBP) Linked Plus Franc Dollar Equities Reserve Reserve

(GBP) Bond Bond

USD GBP GBP CHF USD EUR EUR USD EUR

1,690,692,626 25,431,320 25,663,428 32,238,811 16,598,226 21,684,211 127,697,373 59,947,823 17,673,275,284969,221,128 24,390,662 24,536,826 31,421,847 13,409,761 13,068,382 117,116,106 52,242,053 12,560,364,735

938,020,505 24,399,492 24,541,430 32,131,114 13,535,809 13,066,413 117,116,489 52,242,053 11,799,275,04731,200,623 -8,830 -4,604 -709,267 -126,048 1,969 -383 - 761,089,688

168,128 - - - - 5,856,600 - - 41,588,447620,509 - - - - 5,502,400 - - 40,232,620

29,770,161 894,487 831,667 95,619 2,923,965 1,692,659 75,988 853,792 302,006,314640,502,341 - - - - 900,240 9,999,540 5,999,518 4,054,815,56329,327,910 - - - - - - - 57,711,90815,482,366 69,856 38,374 672,573 247,925 94,806 445,389 381,062 71,783,734

- - - - - - - - 126,267,5404,006,854 - - 48,772 16,574 45,949 60,350 471,399 185,307,652

283,850 76,315 67,155 - - - - - 14,580,734

1,929,887 - 92,599 - - 25,575 - - 45,504,600

- - 96,807 - - - - - 143,683- - - - - - - - 201,068,623- - - - - - - - 12,131,751

10,979,033 193,077 112,824 83,393 1,693,981 288,467 4,100,572 239,521 764,059,267- - - - - - - - 56,827,820

151,645 - - - - 218,900 - - 18,492,623998,237 - - - - 263,900 - - 20,911,743

- 49,384 3,413 - - - - - 31,459,733- - - - - - - - 141,567,039- - - - 1,599,929 - - - 150,028,765

7,104,524 - - 69 23,465 - 3,783,370 34,418 94,326,060- - - - 419 - - - 180,527

- 1,657 - - 28,438 - - - 2,606,750

- 107,741 - - - - - - 159,912

- - - - - - - - 209,225,7033,722,864 34,295 109,411 83,324 41,731 69,567 317,202 205,103 59,184,336

1,679,713,593 25,238,243 25,550,604 32,155,418 14,904,244 21,395,743 123,596,801 59,708,302 16,909,216,016

1,679,713,593.07 25,238,243.24 25,550,604.38 32,155,417.94 14,904,244.25 21,395,743.44 123,596,800.54 59,708,301.95

11,157,580.91 - - 2,638,734.89 733,181.90 10.00 4,918,390.52 2,961,730.92309,568.06 - - 23,241.16 23,504.25 - 193,800.91 15,968.62

44,444,855.10 - - 131,090.60 368,022.39 52,889.29 4,954,159.94 2,350,732.93- - - - - 15,556.48 - -

158,897.37 25,000.00 25,000.00 7.60 6.21 14,000.00 8,982.88 6.002,855.00 - - - - - - -

- - - - - - - -- - - - - - - -- - - - - - - -

348,318.67 - - - - - - -- - - - - - - -

17.40 - - 11.53 13.28 102.60 11.38 11.2614.18 - - 10.30 10.91 - 10.23 10.2317.18 - - 11.39 13.32 102.56 11.24 11.14

- - - - - 102.53 - -1,750.74 1,009.53 1,022.02 1,040.61 1,089.49 1,026.82 1,111.23 1,062.751,749.21 - - - - - - -

- - - - - - - -- - - - - - - -- - - - - - - -

945.53* - - - - - - -- - - - - - - -

*EUR

122


ENGLISH FRANCAIS DEUTSCH ESPANOL ITALIANO

TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 30 June 2006 au 30 juin 2006 am 30. Juni 2006 a 30 de junio 2006 al 30 giugno 2006NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 30 June 2006 au 30 juin 2006 am 30. Juni 2006 a 30 de junio 2006 al 30 giugno 2006Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CClassic H C Classic H C Classic H C Classic H C Classic H CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional D Institutional D Institutional D Institutional D Institutional DInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 CInstitutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D


as at 30 June 2006 au 30 juin 2006 am 30. Juni 2006 a 30 de junio 2006 al 30 giugno 2006Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CClassic H C Classic H C Classic H C Classic H C Classic H CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional D Institutional D Institutional D Institutional D Institutional DInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 CInstitutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D Institutional I5 D






FINANCIAL DETAILS RELATING TO THE YEAR 2006 INDICATIONS FINANCIERES CONCERNANT L’ANNEE 2006 / DATOS FINANCIEROS REFERIDO AÑO 2006

FINANZIELLE ANGABEN FÜR DAS JAHR 2006 / INDICAZIONI FINANZIARIE DELL’ANNO 2006




123


Asian Asian Emerging Emerging Euro Quant Europe Europe GlobalGrowth Renaissance Europe Markets Equities Smaller Consumer

Companies Discretionary

USD USD EUR USD EUR EUR EUR USD

198,037,214.46 41,498,648.39 83,128,389.02 967,016,228.32 388,118,375.77 136,812,730.37 61,452,136.18 14,369,405.31

6,762,368.57 1,886,467.00 1,174,506.87 7,953,687.32 11,277,761.12 11,563,701.57 4,031,916.97 19,866.3194,931.34 7,567.23 22,592.62 335,885.68 96,505.49 71,212.44 448,491.25 10.2

603,034.64 442,374.65 661,158.12 932,724.44 24,502,677.43 1,485,734.62 657,601.93 271,919.79- - - - - - - -

41,181.88 4,659.17 8,755.84 289,317.23 109,425.53 27,297.28 13,227.68 2,005.00- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

17.14 14.71 31.22 24.67 8.33 8.53 8.96 368.6216.93 14.71 31.22 24.6 8.33 8.39 8.96 368.9916.75 14.81 30.6 24.17 8.13 8.34 8.77 14.54

- - - - - - - -1,710.78 1,522.64 2,914.50 2,557.72 861.61 922.85 1,175.20 1,540.56

- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

Global Global Global Global Global Global Greater IberiaEquities Finance Food & Quant Resources & Techno & China

Healthcare Industry Telecom

USD USD USD USD USD USD USD EUR

108,653,103.90 37,288,528.42 31,700,277.85 20,496,419.94 10,722,747.48 18,215,942.52 167,995,795.20 10,897,550.35

10,819,989.20 1,196,315.23 2,021,664.84 93,535.26 10.00 3,775,999.83 195,106.10 616,500.5428,175.62 5,310.06 15,473.23 3,221.00 - 1,256,662.24 827.84 708.65

1,144,932.24 569,915.24 818,834.47 8,939.28 10.00 706,901.19 4,426,734.07 290,017.06- - - - - - -

8,806.93 10,274.13 1,311.44 3,983.56 10,701.13 1.01 41,896.81 1.00- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - 278,283.00 -- - - - - - - -

8.31 12.84 10.61 136.39 100.03 3.18 260.85 12.18.31 12.84 10.61 145.3 - 3.18 260.85 128.12 12.58 10.38 10.57 99.94 3.11 13.86 11.81

- - - - - - - -1,046.85 1,429.48 1,204.37 1,801.49 1,001.83 418.26 274.64 1,439.63

- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - 158.16 -- - - - - - - -

124
















125


India Italy Japan Japan Japan Korea Latin SwitzerlandGrowth Quant Value America

Equities

USD EUR JPY JPY JPY USD USD CHF

369,301,394.71 19,739,387.49 8,845,046,706 3,778,138,989 1,538,675,590 118,515,354.64 199,076,165.10 32,257,294.20

16,539.38 578,404.63 5,952,666.88 1,411,578.93 1.00 503,715.99 204,244.49 1,531,404.23156.00 4,965.84 692,844.51 26,431.02 - 7,697.94 4,067.86 23,351.01

23,277.19 1,334,796.85 1,994,764.03 528,252.49 1.00 945,190.66 20,382.98 631,566.66- - - - - - - -

1,438.00 2,046.14 4,306.29 4,261.09 15,000.00 17,703.01 40,933.35 7,936.25- - - - - - - -- - - - - - - -- - - - - - - -

3,903,588.00 - - - - 484,649.00 - -- - - - - - - -

99.18 9.32 976 1,589 10,260 17.47 320.53 9.4282.14 8.86 976 1,590 - 17.47 305.22 9.4598.83 9.11 952 1,560 10,257 16.86 318.46 9.22

- - - - - - - -995.14 1,047.56 106,804 156,873 102,577 2,111.78 3,075.16 1,484.83

- - - - - - - -- - - - - - - -- - - - - - - -

93.23 - - - - 116.08 - -- - - - - - - -

Thailand United US US USA Arbitrage Arbitrage ArbitrageKingdom Opportunities Quant Inflation VaR 2 (EUR) VaR 2 (GBP)

USD GBP USD USD USD EUR EUR GBP

93,745,837.05 3,821,433.83 71,461,119.42 6,729,935.56 97,526,093.32 158,662,957.09 4,531,249,929.39 49,387,805.61

697,579.91 287,685.16 4,723,490.85 468,966.98 4,169,371.80 1,133,796.27 9,966,126.06 19,801.362,160.58 2,648.77 3,190.49 3,253.28 2,737.40 - 3,472,470.00 -

1,097,641.44 87,952.70 938,755.91 142,134.06 4,155,215.38 295,368.73 24,041,579.75 124,392.09- - - - - 2,698.07 72,832.47 1.00

21,548.94 1.00 8,792.21 680.46 25,539.43 15,001.00 657,193.54 32,115.46- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

49.76 10.22 10.97 9.73 8.94 100.32 102.91 105.7649.28 9.82 10.97 9.73 8.94 - 100.15 -8.62 9.71 10.27 9.50 8.78 100.14 102.79 105.68

- - - - - 100.54 102.38 104.432,295.52 1,149.50 1,135.54 1,153.96 928.36 1,004.60 1,033.33 1,063.27

- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

126
















127


Arbitrage Asian Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage EmergingVaR 2 (USD) Income Forex Forex Plus Forex Plus VaR 4 (EUR) Volatility Markets

(EUR) (USD) Debt

USD USD EUR EUR USD EUR EUR USD

168,944,631.30 25,046,305.79 217,827,142.60 139,102,404.84 31,147,032.21 3,141,510,249.53 373,214,738.09 15,252,620.57

345,746.04 425,972.24 68,097.20 234,332.67 90,724.17 9,509,820.07 2,342,660.57 312,428.87- 91.18 - 100.00 - 334,047.00 - 293,040.63

315,548.67 226,069.57 1,198,256.06 33,524.22 259.09 16,348,520.05 1,231,829.19 272,807.246,657.22 - 6,634.06 10.00 10.00 56,564.23 4,847.05 -

92,807.15 9,845.09 92,231.36 122,161.77 24,001.01 383,499.87 8,155.69 363.00- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -

105.46 15.30 99.10 93.57 94.37 104.46 102.02 18.34- 14.70 - 98.30 - 99.05 - 14.09

105.50 14.03 99.00 93.21 94.85 104.38 101.79 18.07104.84 - 98.72 93.83 94.62 103.32 101.98 -

1,061.27 1,559.94 995.24 933.52 939.96 1,050.11 1,022.06 1,271.52- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -- - - - - - - -




11,729,602.56 202,695,299.43 779,402,351.97 234,111,400.85 41,782,515.29 160,466,500.39 61,194,796.54 307,272,197.54

1,190,336.65 3,163,731.85 11,858,807.80 226,033.67 281,207.03 856,403.55 3,629,693.14 348,889.27- 90,468.67 3,609,988.08 62,673.93 10.00 71,965.00 1,056.33 9,259.46

2,002.27 6,715,855.02 8,775,582.55 1,495,443.40 251,787.98 248,444.65 1,513,502.83 383,392.86- - - - - - - -- 15,825.04 71,717.66 27,925.00 9,854.00 15,337.24 5,097.20 50,519.88- - - - - - - -- 636,898.37 2,343,094.65 - - - - 2,309,111.00- - 140,000.00 - - - - -- - - - - - - -- - - - - - - -

9.84 12.45 13.13 113.49 102.94 121.76 10.44 12.45- 10.45 11.03 113.44 100.88 109.05 10.42 11.78

9.82 12.29 12.98 113.11 10.10 121.36 11.34 12.20- - - - - - - -- 1,246.19 1,297.40 1,152.88 1,044.26 1,185.97 1,199.77 1,296.66- - - - - - - -- 94.42 101.51 - - - - 100.75- - 993.30 - - - - -- - - - - - - -- - - - - - - -

128







TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 30 June 2005 au 30 juin 2005 am 30. Juni 2005 a 30 de junio 2005 al 30 giugno 2005NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 30 June 2005 au 30 juin 2005 am 30. Juni 2005 a 30 de junio 2005 al 30 giugno 2005Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C


as at 30 June 2005 au 30 juin 2005 am 30. Juni 2005 a 30 de junio 2005 al 30 giugno 2005Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DInstitutional I3 D Institutional I3 D Institutional I3 D Institutional I3 D Institutional I3 DInstitutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C Institutional I4 C







129


Global Swiss US Euro USDBond Franc Dollar Reserve Reserve

Bond Bond

USD CHF USD EUR USD

1,543,564,458.05 29,760,932.18 16,248,045.85 151,675,290.95 63,383,299.42

12,533,001.51 2,421,207.69 822,219.74 5,948,624.06 3,203,638.09258,914.06 35,196.50 26,604.20 198,245.94 27,001.67

49,650,462.25 155,285.13 424,519.41 6,639,236.61 2,552,221.56- - - - -

91,653.86 7.60 6.21 8,256.97 6.002,882.00 - - - -

- - - - -- - - - -- - - - -

292,244.04 - - - -

16.66 11.41 12.78 11.24 11.0113.83 10.46 10.87 10.20 10.1716.46 11.29 12.83 11.11 10.90

- - - - -1,672.27 1,028.05 1,045.85 1,095.62 1,037.351,672.26 - - - -

- - - - -- - - - -- - - - -

951.71* - - - -

*EUR

Asian Asian Emerging Emerging Euro Quant Europe Europe GlobalGrowth Renaissance Europe Markets Equities Smaller Consumer

Companies Discretionary

USD USD EUR USD EUR EUR EUR USD

221,922,862.19 36,870,839.03 120,481,887.44 464,014,315.28 262,874,660.90 170,506,656.28 58,694,431.66 5,997,411.81

9,660,625.22 2,331,165.63 2,695,975.76 3,937,773.94 11,722,333.06 15,677,799.43 6,385,218.56 18,027.1293,889.47 3,498.23 14,273.97 101,640.01 105,049.52 94,994.73 483,643.91 6.2

557,399.16 350,751.50 403,327.93 453,333.85 21,026,593.56 5,021,855.30 707,260.78 6,651.3661,355.64 6,069.23 27,283.75 204,184.19 53,533.17 24,771.71 4,910.44 5

- - - - - - - -- - - - - - - -- - - - - - - -

13.55 11.13 21.38 18.2 6.93 7.3 7.15 327.4113.55 11.13 21.38 18.2 6.93 7.24 7.15 327.7813.29 11.25 21.04 17.9 6.79 7.17 7.03 12.97

1,342.55 1,143.78 1,981.08 1,872.81 711.99 783.81 931.67 1,358.27- - - - - - - -- - - - - - - -- - - - - - - -

130
















131


Global Global Global Global Global Greater Iberia ItalyEquities Finance Food & Quant Techno & China

Healthcare Telecom

USD USD USD USD USD USD EUR EUR

94,374,634.42 14,102,659.02 29,631,124.28 34,878,892.82 26,056,966.40 84,748,593.12 18,315,218.14 24,920,422.69

11,095,155.25 1,198,642.11 2,104,539.73 270,927.88 5,255,124.06 152,164.15 895,363.19 928,897.0325,968.62 70.06 276,582.52 3,972.00 1,831,718.00 332.84 121.65 8,298.77

1,787,907.55 195,572.04 652,744.62 - 1,029,111.30 1,643,286.34 482,739.13 1,924,844.10663.23 6.21 6.21 10.00 462.01 104,226.51 3,663.00 2,803.14

- - - - - - - -- - - - - - - -- - - - - 135,195.00 - -

7.28 10.13 9.80 126.70 3.19 197.08 10.17 7.947.28 10.13 9.80 134.99 3.19 197.09 10.08 7.637.14 9.97 9.63 - 3.13 10.52 9.97 7.79

910.95 1,119.64 1,104.20 1,661.33 413.95 205.96 1,199.20 885.82- - - - - - - -- - - - - - - -- - - - - 117.96 - -

Japan Japan Korea Latin Switzerland Thailand United USGrowth Quant America Kingdom Opportunities

Equities

JPY JPY USD USD CHF USD GBP USD

4,808,845,142 3,613,585,535 17,928,712.81 173,037,708.65 28,664,333.41 90,784,310.16 3,289,932.35 34,063,987.20

4,536,934.60 1,520,113.32 415,391.81 279,260.63 3,142,753.91 1,099,223.85 296,597.79 2,523,125.33723,421.54 14,044.18 147.94 1,333.00 8,638.71 1,382.27 2,648.77 131.49

1,325,193.32 944,465.28 145,415.89 90,200.95 660,436.01 371,377.04 67,364.96 444,458.18928.32 4,080.08 7,013.97 49,264.43 7.60 21,157.28 256.00 3,802.02

- - - - - - - -- - - - - - - -- - - - - - - -

722 1,261 12.83 206.05 7.54 42.54 8.39 10.22722 1,262 12.82 198.08 7.56 42.54 8.22 10.23707 1,243 12.43 205.57 7.40 7.40 8.01 9.61

78,440 123,591 1,538.68 1,962.63 1,179.41 1,948.04 935.98 1,050.77- - - - - - - -- - - - - - - -- - - - - - - -

132
















133


US USA Arbitrage Arbitrage Arbitrage Asian Dynarbitrage EmergingQuant VaR 2 (EUR) VaR 2 (GBP) VaR 2 (USD) Income VaR 4 (EUR) Markets

Debt

USD USD EUR GBP USD USD EUR USD

8,246,709.77 127,255,808.40 463,385,659.54 20,692,143.13 64,097,521.89 25,456,285.73 181,440,615.57 11,276,342.81

599,515.75 7,655,398.07 1,980,734.19 10.19 5,217.90 575,499.45 995,291.86 275,001.423,390.63 2,737.40 - - - 176.23 - 353,056.27

187,648.73 5,196,219.90 2,390,580.13 75.83 132,506.47 22,685.84 614,961.69 110,999.16679.46 21,250.42 25,043.66 20,496.00 50,000.00 10,801.41 19,307.03 3.00

- - - - - - - -- - - - - - - -- - - - - - - -

9.51 8.50 100.26 100.85 100.38 15.04 100.57 16.879.52 8.50 - - - 15.06 - 13.559.32 8.38 100.25 100.83 100.42 13.81 100.63 16.66

1,120.05 875.78 1,003.62 1,009.15 1,005.34 1,526.46 1,007.69 1,157.47- - - - - - - -- - - - - - - -- - - - - - - -




15,653,958.26 405,702,926.91 795,799,174.38 256,106,725.77 25,464,776.22 144,970,536.14 41,652,963.73 171,799,626.46

1,554,978.69 5,988,166.33 10,948,850.92 1,038,909.36 229,790.19 127,213.95 3,662,643.55 516,896.18- 121,420.10 1,562,983.44 5,464.11 - 1,211.00 106.33 20,183.69

4,400.00 20,664,135.50 13,526,634.82 773,968.08 138,219.90 782,140.85 479,739.00 551,597.26- 9,972.18 64,868.82 36,874.00 626 30,106.06 2,470.93 25,494.62- 500,432.93 1,851,790.56 - - - - 1,276,341.00- - 155,000.00 - - - - -- - - - - - - -

10.04 12.87 13.47 116.93 101.99 120.68 9.33 11.69- 11.25 11.65 116.89 - 109.74 9.31 11.68

9.97 12.73 13.34 116.78 10.03 120.51 10.14 11.48- 1,282.56 1,324.81 1,182.64 1,024.58 1,170.18 1,063.31 1,205.12- 103.02 109.46 - - - - 100.65- - 1,039.02 - - - - -- - - - - - - -

134










135


Global Swiss US Dollar Euro USDBond Franc Bond Reserve Reserve

Bond

USD CHF USD EUR USD

1,136,791,605.52 31,179,429.97 18,049,782.55 151,658,243.39 92,920,734.36

23,804,457.82 2,526,334.80 850,196.10 10,029,936.95 4,861,688.03166,764.06 40,628.71 101,623.53 229,505.28 58,399.46

39,278,772.17 91,578.19 444,205.75 3,506,556.92 3,847,462.4867,648.18 7.60 6.21 28.50 -

- - - - -- - - - -- - - - -

16.33 11.74 13.01 11.06 10.6413.76 10.99 11.45 10.04 10.0116.17 11.63 13.09 10.96 10.56

1,632.30 1,052.78 1,060.59 1,074.51 -- - - - -- - - - -- - - - -

136

Etats des opérations et des variations des Actifs Nets Ertrags- und Aufwandsrechnung und Veränderungen des NettoinventarwertsBalance de operaciones y las variaciones en Activos NetosProspetto delle operazioni e delle variazioni del Patrimonio Netto

NotesNotes

ErläuterungenNotas


INCOME REVENUS ERTRÄGE RENTA RICAVINet dividends Dividendes nets Nettodividenden Dividendos netos Dividendi nettiBond Interest Intérêts sur obligations Zinsen auf Schuldverschreibungen Interés sobre obligaciones Interessi netti su obbligazioniBank interest Intérêts bancaires Bankzinsen Interés bancario Interessi bancariIncome on Reverse Repos Revenus sur Reverse Repos Erträge aus Pensionsgeschäften Renta en «reverse repo» Ricavi su «reverse repo»Other Income Autres revenus Sonstige Erträge Otros ingresos Altri ricavi

Total Income Total des revenus Erträge gesamt Total ingresos Totale Ricavi

EXPENSES DEPENSES AUFWENDUNGEN GASTOS SPESEManagement fees Commissions de gestion Verwaltungsgebühren Comisiones de gestión Commissioni di gestione 4, 5Taxe d'abonnement Taxe d’abonnement Abonnementsgebühr Tasa de suscripción Tassa d’abbonamento 6Administrative expenses Frais administratifs Verwaltungskosten Gastos de administración Spese amministrativeBank interest Intérêts bancaires Bankzinsen Interés bancario Interessi bancariBrokers fees Frais de courtage Maklerkosten Gastos de corredores Spese d’intermediazioneDistributor fees Frais de distribution Verteilerkosten Gastos de distribución Spese di distribuzioneExpenses on Repos Frais sur Repurchase Agreements Aufwendungen auf Gastos sobre «repos» Spese su «repos»

PensionsgeschäfteOther Expenses Autres frais Sonstige Aufwendungen Otros gastos Altre spese 7

Total Expenses Total des dépenses Aufwendungen gesamt Total gastos Totale spese

NET INVESTMENT INCOME BÉNÉFICE (PERTE) NET(TE) NETTOGEWINN (-VERLUST) BENEFICIOS (PÉRDIDAS) NETOS UTILE (PERDITA) NETTO (A)(LOSS) FROM INVESTMENTS SUR INVESTISSEMENTS AUS ANLAGEN SOBRE INVERSIONES SU INVESTIMENTI

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on securities sold sur ventes des titres aus Wertpapierverkäufen sobre venta de valores su vendite di titoli

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on financial futures sur “futures” aus Termingeschäften sobre futuros financieros su future

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on options sur options aus Optionen sobre opciones su opzioni

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on swaps sur swaps aus Swaps sobre swaps su swaps

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on foreign exchange sur change aus Devisengeschäften sobre operaciones en divisas su cambi

Net realised profit (loss) Bénéfice (perte) net(te) réalisé(e) Realisierter Nettogewinn (-verlust) Beneficios (pérdidas) netos realisados Utile (perdita) netto (a) realizzato (a)on forward foreign exchange contracts sur contrats de change à terme aus Devisentermingeschäften sobre contratos de divisas a plazo di cambio a termine

NET REALISED PROFIT/(LOSS) BÉNÉFICE (PERTE) NET(TE) REALISIERTER NETTOGEWINN BENEFICIOS (PÉRDIDAS) NETOS UTILE (PERDITA) NETTO (A) RÉALISÉ(E) (-VERLUST) REALIZADOS REALIZZATO (A)

Net change in unrealised appreciation/ Variation de la plus- (moins) value Veränderungen der nicht realisierten Variación en apreciación (depreciación) Variazione della plusvalenza o minus- (depreciation) on forward foreign nette non réalisée sur contrats de Werterhöhung (-verminderung) neta no realizada sobre contratos de valenza netta non realizzata su exchange contracts change à terme aus Devisentermingeschäften divisas a plazo contratti di cambio a termine

Net change in unrealised appreciation/ Variation de la plus- (moins) value Veränderungen der nicht realisierten Variación en apreciación (depreciación) Variazione della plusvalenza o minus- (depreciation) on financial instruments nette non réalisée sur instruments Werterhöhung (-verminderung) neta no realizada sobre instrumentos valenza netta non realizzata su

financiers aus Finanzinstrumenten financieros strumenti finanziariNet change in unrealised appreciation/ Variation de la plus- (moins) value Veränderungen der nicht realisierten Variación en apreciación (depreciación) Variazione della plusvalenza o minus- (depreciation) on swaps nette non réalisée sur swaps Werterhöhung (-verminderung) neta no realizada sobre swaps valenza netta non realizzata su

aus Swaps swapsNet change in unrealised appreciation/ Variation de la plus- (moins) value Veränderungen der nicht realisierten Variación en apreciación (depreciación) Variazione della plusvalenza o minus- (depreciation) on investments and nette non réalisée sur titres Werterhöhung (-verminderung) neta no realizada sobre inversiones valenza netta non realizzata su titoli on debts derived from reverse et dettes représentatives aus Anlagen und Verbindlichkeiten e deudas representativas de titulos e debiti relativi a operazioni di repurchase agreements de titres pris en pension aus Reverse Pensionsgeschäften cedidos con pacto de recompra inversa reverse repurchase agreements

Net change in unrealised appreciation/ Variation de la plus- (moins) value Veränderungen der nicht realisierten Variación en apreciación (depreciación) Variazione della plusvalenza o minus- (depreciation) on option nette non réalisée sur options Werterhöhung (-verminderung) neta no realizada sobre opciones valenza netta non realizzata su opzioni

aus Optionen

RESULT OF OPERATIONS RÉSULTAT DES OPÉRATIONS BETRIEBSERGEBNIS RESULTADO DE OPERACIONES RISULTATO DELLE OPERAZIONIDividend paid Dividende payé Dividendenausschüttung Dividendo repartido Dividendo pagato 9Subscriptions Souscriptions Zeichnungen Suscripciones Sottoscrizioni Redemptions Rachats Rücknahmen Rescates Riscatti

INCREASE (DECREASE) AUGMENTATION (DIMINUTION) ZUNAHME (ABNAHME) DES INCREMENTO (DISMINUCIÓN) AUMENTO (DIMINUZIONE) DEGLIIN NET ASSETS DES ACTIFS NETS NETTOVERMÖGENS DE ACTIVOS NETOS ATTIVI NETTI

Reevaluation of consolidated Réévaluation d’actifs nets Umbewertung des Saldos von Revaluación de los Activos Netos Rivalutazione degli Attivi NettiNet Assets consolidés consolidados consolidati

Net assets at the beginning Actifs nets au début Nettovermögen zu Beginn Activos netos al principio Attivi netti all’inizioof the period de la période der Periode del período del periodo

NET ASSETS AT THE END ACTIFS NETS À LA FIN NETTOVERMÖGEN AM ENDE ACTIVOS NETOS AL FINAL ATTIVI NETTI ALLA FINEOF THE PERIOD DE LA PÉRIODE DER PERIODE DEL PERÍODO DEL PERIODO


Statement of operations and changes in Net Assets

137


Aqua Asia Asian Asian Emerging Emerging Euro EuroGlobal Pacific Growth Renaissance Europe Markets Quant SRI

Quant

EUR USD USD USD EUR USD EUR EUR

1,718 26,147 2,155,042 339,708 566,352 8,342,844 2,622,240 -- - - - - - 50,123 -

80 279 27,580 2,809 4,012 573,945 9,052 -- - - - - - 61,036 -- - - - - - - -

1,798 26,426 2,182,623 342,518 570,364 8,916,789 2,742,451 -

475 22,253 1,477,254 298,672 781,271 5,874,434 2,338,962 7,81644 493 41,169 8,444 18,555 116,377 83,612 666

118 8,900 496,308 96,513 268,488 2,230,226 679,085 2,791329 8,423 1,464 772 21,325 802 7,327 5,673

2,056 29,936 2,235,023 244,424 387,650 1,606,366 479,696 10,787- - 30,551 11,891 48,997 50,337 403,612 -- - - - - - - -

- 292 4,430 5,978 9,961 32,058 2,378 -

3,020 70,298 4,286,199 666,695 1,536,247 9,910,600 3,994,671 27,734

-1,222 -43,872 -2,103,577 -324,177 -965,882 -993,811 -1,252,220 -27,734

-264 44,688 23,448,918 3,243,582 10,225,809 57,959,725 33,598,262 25,416

- 43,524 - - -2,556 - 681,207 -25

- - - - - - - -

- - - - - - - -

3,669 -12,406 887,303 -222,693 -734,940 -1,804,035 1,563 -

- - - - - - - -

2,183 31,934 22,232,644 2,696,712 8,522,431 55,161,879 33,028,812 -2,343

- - - - - - - -

- - - - -248,552 - -393,350 -10

- - - - - - - -

-14,641 1,131,744 30,802,433 3,130,683 14,394,300 131,019,472 26,216,369 -44,276

- - - - - - - -

-12,458 1,163,678 53,035,077 5,827,396 22,668,178 186,181,351 58,851,830 -46,629- - - - - - -4,661 -

1,156,907 20,773,204 116,898,653 7,549,937 59,576,745 342,272,162 155,387,534 26,962,639- -1,992,637 -94,199,696 -14,900,554 -29,814,356 -340,860,036 -154,828,844 -

1,144,449 19,944,245 75,734,034 -1,523,221 52,430,567 187,593,477 59,405,859 26,916,010

- - - - - - - -

- - 198,037,214 41,498,648 83,128,389 967,016,228 388,118,376 -

1,144,449 19,944,245 273,771,248 39,975,427 135,558,956 1,154,609,705 447,524,235 26,916,010

138


NotesNotes

ErläuterungenNotas




















aus Optionen








139


Europe Europe Global Global Global Global Global GlobalEquities Smaller Consumer Equities Finance Food & Quant Resources &

Companies Discretionary Healthcare Industry

EUR EUR USD USD USD USD USD USD

1,167,773 659,760 60,321 625,475 262,710 226,910 156,338 68,495- - - - - - - -

65,581 3,278 5,401 224,772 10,666 638 6,719 2,734- - - - - - - -

4,553 - - - - - - -

1,237,908 663,038 65,722 850,248 273,376 227,548 163,058 71,229

954,200 550,366 98,750 702,584 228,555 238,125 137,958 50,86034,473 14,845 3,218 27,588 6,134 7,290 3,622 500

264,858 165,401 28,036 192,536 66,816 67,350 41,173 17,79912,273 12,897 361 405 3,710 3,950 198 747

455,880 371,962 20,473 87,089 91,285 89,322 61,115 36,34166,958 16,083 8,506 19,175 13,159 12,145 182 4

- - - - - - - -

1,074 2,227 2,462 8,266 6,145 1,315 798 2,121

1,789,715 1,133,780 161,808 1,037,643 415,803 419,496 245,046 108,372

-551,808 -470,743 -96,086 -187,395 -142,426 -191,948 -81,989 -37,143

10,074,434 4,719,643 212,248 3,794,321 2,317,037 1,535,410 2,603,393 -285,303

540,141 - - 1,356,576 - - 34,053 -

- - - - - - - -

- - - - - - - -

165,873 97,343 20,029 347,025 551,748 215,311 -79,449 135,728

-86,221 - - -10,255 85,027 - - -

10,142,420 4,346,243 136,191 5,300,273 2,811,387 1,558,773 2,476,009 -186,718

- - - -55,204 -975 - - -

140,261 - - 456,466 - - 2,406 -

- - - - - - - -

6,346,701 11,241,223 1,609,889 7,059,965 1,224,171 1,850,098 -629,559 763,730

- - - - - - - -

16,629,383 15,587,467 1,746,081 12,761,500 4,034,583 3,408,871 1,848,855 577,012- - - - - - - -

35,773,017 55,472,552 1,364,843 14,922,855 5,575,391 4,523,146 461,403 1,795,170-34,872,294 -28,356,843 -3,319,468 -9,789,321 -23,028,248 -11,216,040 -2,096,014 -3,305,050

17,530,106 42,703,176 -208,544 17,895,034 -13,418,274 -3,284,022 214,244 -932,868

- - - - - - - -

136,812,730 61,452,136 14,369,405 108,653,104 37,288,528 31,700,278 20,496,420 10,722,747

154,342,836 104,155,312 14,160,861 126,548,138 23,870,254 28,416,256 20,710,664 9,789,879

140


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141


Global Greater Iberia India Italy Japan Japan JapanTechno & China Growth Quant ValueTelecom

USD USD EUR USD EUR JPY JPY JPY

223,788 3,001,060 144,389 2,111,553 85,043 43,941,806 11,082,762 7,345,604- - - - - - - -

837 33,793 21,165 91,170 10,491 2,530 438 1,405- - - - - - - -- - - - - - - -

224,626 3,034,853 165,554 2,202,722 95,534 43,944,336 11,083,200 7,347,009

148,279 1,454,041 91,546 951,956 128,522 59,242,652 20,945,880 5,484,0454,737 53,737 3,891 23,114 4,830 2,199,435 584,264 96,595

41,703 539,162 24,677 802,636 35,348 16,079,274 5,964,999 1,971,5942,511 12,538 102 6,765 - 398,793 276,321 -

21,122 2,322,271 11,047 598,991 33,819 10,913,695 5,831,636 579,7514,312 172,257 11,859 13,297 26,214 4,494,788 1,535,207 1

- - - - - - - -

1,772 47,857 2 55,911 4 - - -

224,436 4,601,863 143,123 2,452,669 228,736 93,328,637 35,138,307 8,131,986

190 -1,567,010 22,431 -249,947 -133,202 -49,384,301 -24,055,107 -784,977

272,617 26,578,965 637,529 10,116,721 1,455,772 192,315,802 853,266,152 19,861,636

- - 171,627 - - 33,289,200 - -

- - - - - - - -

- - - - - - - -

-17,343 419,507 -100 -1,607,205 - -592,867 -853,061 -

- - - - - - - -

255,464 25,431,461 831,487 8,259,569 1,322,570 175,627,834 828,357,984 19,076,659

- - - - - - - -

- - -34,515 - - -24,120,000 - -

- - - - - - - -

2,556,117 74,981,161 1,898,212 113,406,885 1,427,034 365,112,310 -1,068,313,954 76,062,160

- - - - - - - -

2,811,581 100,412,623 2,695,184 121,666,455 2,749,605 516,620,144 -239,955,970 95,138,819- - -86 - -297 - - -

2,673,886 185,343,121 10,273,077 70,135,639 5,271,001 6,609,320,542 302,120,398 654,760,000-4,850,108 -65,778,354 -6,169,235 -169,989,107 -5,630,137 -6,849,171,116 -1,649,598,691 -

635,359 219,977,390 6,798,940 21,812,987 2,390,171 276,769,570 -1,587,434,263 749,898,819

- - - - - - - 1,538,675,590

18,215,943 167,995,795 10,897,550 369,301,395 19,739,387 8,845,046,706 3,778,138,989 -

18,851,302 387,973,185 17,696,490 391,114,382 22,129,558 9,121,816,276 2,190,704,726 2,288,574,409

142


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143


Korea Latin Switzerland Thailand United US US USAAmerica Kingdom Opportunities QuantEquities

USD USD CHF USD GBP USD USD USD

117,704 3,460,873 132,100 1,151,609 54,729 340,235 62,154 570,575- - - 5,199 - - - -

90,459 684 455 27,661 5,903 78,038 7,885 48,804- - - - - - - -- - - - - - - 1,066

208,163 3,461,557 132,555 1,184,469 60,633 418,273 70,039 620,445

493,070 1,530,482 195,966 720,302 26,770 578,059 59,119 607,78411,291 32,474 6,600 14,094 1,025 15,438 1,925 20,409

230,920 551,220 56,829 254,768 7,308 166,744 16,865 169,726- 28,287 433 - - - 49 -

544,779 289,411 42,519 1,212,116 5,324 133,908 17,319 164,49431,959 18,223 14,603 24,526 1,770 12,086 4,484 91,822

- - - - - - - -

732 1,823 291 13,389 2 78 96 595

1,312,750 2,451,920 317,241 2,239,195 42,199 906,312 99,857 1,054,830

-1,104,587 1,009,637 -184,686 -1,054,726 18,434 -488,038 -29,818 -434,385

11,701,153 5,671,277 1,994,967 4,557,100 79,127 4,251,409 559,232 7,208,055

- - 13,836 - 25,540 - 35,116 29,872

- - - - - - - -

- - - - - - - -

483,780 400,653 -874 1,205,672 -333 4,014 91 257,876

- - - - 91 - - -

11,080,346 7,081,567 1,823,243 4,708,046 122,859 3,767,385 564,620 7,061,417

- - - - - - - -

- - 5,407 - -7,560 - -1,785 89,625

- - - - - - - -

-1,816,364 61,400,314 4,598,584 -3,663,830 175,682 4,400,079 -9,289 3,003,115

- - - - - - - -

9,263,982 68,481,882 6,427,234 1,044,216 290,981 8,167,464 553,546 10,154,158- -11,028 - - -530 - - -

26,069,335 88,504,458 9,383,385 71,178,948 1,651,796 32,151,575 2,505,001 27,112,609-54,000,773 -40,259,543 -9,215,844 -45,153,319 -938,029 -42,003,399 -997,705 -50,426,746

-18,667,455 116,715,769 6,594,775 27,069,845 1,004,218 -1,684,360 2,060,842 -13,159,979

- - - - - - - -

118,515,355 199,076,165 32,257,294 93,745,837 3,821,434 71,461,119 6,729,936 97,526,093

99,847,899 315,791,934 38,852,069 120,815,682 4,825,652 69,776,759 8,790,778 84,366,114

144


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145


Arbitrage Arbitrage Arbitrage Arbitrage Asian Dynarbitrage Dynarbitrage DynarbitrageInflation VaR 2 (EUR) VaR 2 (GBP) VaR 2 (USD) Income Forex Forex (USD) Forex Asia

Pacific

EUR EUR GBP USD USD EUR USD USD

- - - - - - - -1,627,132 6,331,655 76,372 455,522 915,935 238,975 189,153 79,194

21,385 1,453,677 25,619 611,845 38,794 22,834 13,030 109,287500,072 73,005,564 1,190,474 4,981,952 - 5,010,167 - 9,906

- 909,034 275 - - 1,631 - -

2,148,589 81,699,929 1,292,740 6,049,319 954,730 5,273,608 202,184 198,386

619,459 12,086,784 145,510 550,311 102,602 3,066,884 51,268 82,23236,984 1,030,802 6,948 33,348 6,469 64,027 510 512

239,053 6,807,052 66,029 282,162 39,553 421,312 8,437 8,44119,609 727,724 1,081 24,863 934 911 52 2,22526,315 55,873 4,299 10,942 3,311 10,423 5,590 13817,177 1,222,993 6,585 19,012 7,286 76,394 - -3,530 65,737 46 1,064 - 1,417 - -

1,800 1,038,665 5,904 11,419 2,435 96,220 3,281 3,734

963,927 23,035,629 236,402 933,122 162,590 3,737,588 69,137 97,281

1,184,662 58,664,300 1,056,338 5,116,196 792,140 1,536,020 133,047 101,105

486,259 -6,764,587 -99,273 614,857 136,200 -2,529,145 1,534 -4,890

-726,074 -29,916,375 -365,691 -1,526,669 -48,575 - - -

-391,817 -318,370 - - - -621,487 - -

- -33,583 - - - -18,968 - -

998,245 -6,162,068 62,222 -588,873 43,138 -2,231,934 22,962 117,227

754,686 61,024,236 758,422 2,040,737 77,320 15,926,356 124,346 174,934

2,305,959 76,493,552 1,412,019 5,656,248 1,000,223 12,060,842 281,890 388,376

-784,945 -3,702,061 98,436 1,055,892 283,870 1,094,251 120,862 83,476

-55,722 14,821,179 189,542 872,977 45,614 - - -

- 15,493 - - - 8,310 - -

-2,257,104 12,953,613 129,406 287,500 1,620,772 - - 22,423

150,988 -307,779 - - - -102,223 - -

-640,825 100,273,998 1,829,404 7,872,617 2,950,479 13,061,180 402,752 494,275- -2,451,128 - - -62 - - -

32,471,904 2,112,448,381 15,315,705 129,897,379 29,643,096 255,545,318 10,002,000 10,002,000-31,757,183 -1,719,804,786 -5,290,798 -31,905,300 -5,798,944 -137,134,695 - -

73,896 490,466,465 11,854,311 105,864,696 26,794,568 131,471,803 10,404,752 10,496,275

- - - - - - - -

158,662,957 4,531,249,929 49,387,806 168,944,631 25,046,306 217,827,143 - -

158,736,853 5,021,716,395 61,242,117 274,809,327 51,840,874 349,298,946 10,404,752 10,496,275

146


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147


Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage Dynarbitrage EmergingForex Plus Forex Plus High Yield Select VaR 4 (EUR) VaR 4 (USD) Volatility Markets

(EUR) (USD) Debt

EUR USD EUR EUR EUR USD EUR USD

- - - - 1,416,525 - - 73,6351,882,890 929,391 68,753 - 6,429,835 27,960 9,475,468 527,974

87,543 64,764 4,642 - 1,118,658 97,719 344,275 21,2063,787 4,857 26,239 - 38,775,825 - 449,067 172

- - - - 359,041 - 2,578,551 -

1,974,220 999,012 99,633 - 48,099,883 125,679 12,847,361 622,987

4,672,207 1,386,264 12,905 1,297 20,945,693 159,995 2,714,329 119,07216,577 3,705 1,263 641 612,272 2,049 199,622 3,707

177,912 38,663 6,452 540 4,176,345 6,889 1,018,788 37,6399,944 522 1,639 - 151,510 1,947 26,206 851

46,678 4,744 - - 217,181 - 320,485 1,4325,080 28 - - 803,680 - 166,079 4,823

- - - - 579,058 - - 47,374

27,800 85,600 - - 486,633 - 2,584,226 703

4,956,198 1,519,525 22,260 2,478 27,972,372 170,880 7,029,735 215,601

-2,981,978 -520,513 77,374 -2,478 20,127,512 -45,201 5,817,625 407,386

-5,497 -1,618 - - 10,456,092 - -242,041 27,193

- - 14,628 - -37,979,624 938 -31,094,118 -227,643

-1,742,239 -285,934 - - -628,158 - 32,580,502 -

-91,299 -16,666 - - -88,030 - 22 -

-4,154,779 -256,897 -26,560 - 1,453,119 -64,054 -1,421,711 59,142

22,903,098 4,828,294 - - 59,826,996 173,209 - -29,866

13,927,306 3,746,666 65,441 -2,478 53,167,907 64,891 5,640,278 236,211

5,740,944 1,227,273 15,899 - -11,064,015 70,779 - -14,852

- - - - 19,545,190 195,080 -1,441,724 74,508

36,150 5,313 - - 21,405 - - -

- - -13,053 - 36,502,286 19,350 278,221 772,349

-507,806 -95,379 - - -440,698 - 3,415,202 -

19,196,593 4,883,873 68,287 -2,478 97,732,074 350,101 7,891,979 1,068,216- - - - -255,622 - - -150,373

106,965,751 1,227,768 50,996,200 25,936,279 758,722,247 82,485,400 669,661,799 2,307,842-46,945,537 -974,984 - - -1,224,932,560 - -137,255,598 -2,785,639

79,216,807 5,136,657 51,064,487 25,933,801 -368,733,861 82,835,501 540,298,180 440,046

- - - - - - - -

139,102,405 31,147,032 - - 3,141,510,250 - 373,214,738 15,252,621

218,319,212 36,283,689 51,064,487 25,933,801 2,772,776,389 82,835,501 913,512,918 15,692,667

148


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149





- - - - - - 10,089 905293,599 4,060,988 18,162,580 2,493,696 980,845 2,666,697 595,064 11,172,583

4,168 77,063 91,411 58,624 10,723 328,878 66,133 121,797- 19,956 177,317 353,968 3,680 725,389 - 48,801- - - - 2,837 - - -

297,767 4,158,007 18,431,307 2,906,288 998,085 3,720,963 671,287 11,344,086

45,473 600,318 2,244,125 938,641 111,133 744,086 412,930 856,1082,955 31,261 100,652 53,518 7,835 46,633 17,117 20,702

17,857 251,782 956,588 353,908 54,462 279,566 126,014 647,043155 1,364 13,800 29 - 847 162 839442 10,377 45,118 5,943 848 5,221 36,677 6,54125 77,063 156,314 159,062 2,331 50,177 23,491 7,443

- 134,554 894,396 203,402 1,461 107,955 - 99,345

- 162 579 20 824 1,160 703 842

66,907 1,106,882 4,411,572 1,714,523 178,893 1,235,647 617,094 1,638,863

230,860 3,051,124 14,019,735 1,191,764 819,192 2,485,317 54,193 9,705,222

11,327 -807,425 -3,769,771 -1,710,891 -253,217 612,830 2,514,718 686,837

72,387 -577,420 -3,765,322 -113,007 -27,418 -433,340 528,357 -241,252

1,570 19,787 647,712 -8,480 - - -43,995 -

- - - - - - - -

- 4,003 -224,672 -102,919 - -645,249 7,461 -386,151

- - 550,340 - - -45,651 - 398,124

316,144 1,690,069 7,458,023 -743,532 538,557 1,973,908 3,060,734 10,162,780

- - -99,336 - - 26,293 - -236,668

-61,605 110,140 1,821,621 -127,010 42,070 56,597 -240,880 -

- - - - - - - -

-69,857 2,329,332 7,604,831 2,439,028 -174,421 2,639,102 3,674,382 9,784,550

- -6,000 -126,000 -3,300 - - -4,984 -

184,682 4,123,541 16,659,138 1,565,185 406,206 4,695,900 6,489,252 19,710,662- -1,892,038 -13,473,429 -79,337 - -282,323 -43 -8,911,026

765,043 25,093,713 190,019,512 95,117,105 6,348,298 98,563,410 37,549,296 86,398,334-898,659 -49,633,225 -162,346,135 -88,961,805 -11,596,007 -64,680,239 -16,640,843 -63,510,829

51,066 -22,308,008 30,859,087 7,641,148 -4,841,504 38,296,748 27,397,662 33,687,141

- - - - - - - -

11,729,603 202,695,299 779,402,352 234,111,401 41,782,515 160,466,500 61,194,797 307,272,198

11,780,669 180,387,291 810,261,438 241,752,549 36,941,012 198,763,249 88,592,459 340,959,338

150


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151


Global LDI Gilt LDI Index Swiss US Volatility Euro USD ConsolidatedBond Plus (GBP) Linked Plus Franc Dollar Equities Reserve Reserve

(GBP) Bond Bond

USD GBP GBP CHF USD EUR EUR USD EUR

- - - - - - - - 24,963,15323,362,646 107,392 86,801 595,502 421,005 51,118 2,009,140 1,333,779 90,784,4023,597,847 9,228 8,443 9,684 32,718 1,364 7,283 30,607 8,451,8552,919,520 - - - - 5,789 263,123 295,887 127,424,520

166,583 - - - - 45,865 122,133 106,823 4,232,200

30,046,597 116,620 95,244 605,186 453,723 104,136 2,401,679 1,767,095 255,856,130

5,275,152 28,582 103,634 137,600 63,902 17,911 338,606 156,299 74,398,452266,285 619 630 8,376 3,928 581 6,734 3,187 2,995,202

2,016,810 11,620 11,696 51,600 23,964 5,607 170,543 78,151 24,006,8238,982 144 12 229 - - - - 1,105,655

106,066 175 181 879 226 9,285 3,411 8,953 10,249,217737,201 - - 1,577 5,168 671 65,827 26,364 4,468,472182,087 - - - 9,043 - 11,010 59 2,283,654

177,964 926 926 - 493 46,672 116,774 104,153 4,867,153

8,770,546 42,066 117,078 200,262 106,724 80,726 712,905 377,166 124,374,629

21,276,051 74,553 -21,834 404,924 347,000 23,410 1,688,774 1,389,929 131,481,501

-9,434,687 115 90 -77,789 41,306 1,628 -2,463 -91 186,553,961

396,887 -16,915 -66,671 - 59,728 94,841 - - -103,065,166

311,681 - - - - -4,260 - - 29,510,291

-8 - - - - - - - -244,503

38,170,393 -37,362 100,826 667 6,227 - 84 - 16,161,308

-12,898,788 259,777 286,259 - -4,459 - - - 159,063,163

37,821,528 280,169 298,670 327,801 449,802 115,619 1,686,396 1,389,838 419,460,555

-1,558,508 76,315 67,155 - -6,539 - - - -7,735,968

782,634 -1,657 92,599 - -31,805 25,575 - - 36,099,247

- -107,741 96,807 - - - - - 69,158

30,850,157 -8,830 -4,604 7,367 216,791 1,969 -267 - 489,859,920

257,419 - - - - 399,200 - - 2,589,483

68,153,231 238,257 550,627 335,168 628,249 542,363 1,686,129 1,389,838 940,342,395-9,257,722 - - -6,551 -10,110 - -19,396 -2,715 -34,527,019

458,104,641 25,001,000 25,001,000 8,335,665 1,334,549 27,271,792 48,741,303 22,789,586 6,479,032,355-380,851,015 -1,014 -1,022 -6,269,796 -3,296,490 -6,418,411 -78,486,526 -27,851,707 -5,259,311,472

136,149,135 25,238,243 25,550,604 2,394,486 -1,343,802 21,395,743 -28,078,490 -3,674,997 2,125,536,259

- - - - - - - - -111,045,743

1,543,564,458 - - 29,760,932 16,248,046 - 151,675,291 63,383,299 14,894,725,501

1,679,713,593 25,238,243 25,550,604 32,155,418 14,904,244 21,395,743 123,596,801 59,708,302 16,909,216,016

152

1. Introduction

CREDIT AGRICOLE FUNDS ("the Fund") is constituted in the form of a an umbrellafund (SICAV - Société d'Investissement à Capital Variable) under Luxembourg law.The Fund was originally a unit trust fund called the Groupe Indosuez Funds FCP; itwas transformed and its name was changed first to GIF SICAV II on 15 March 1999,then to GIF SICAV on 1st December 1999, and finally to CREDIT AGRICOLE FUNDSon 8 December 2000. The Fund is a UCITS III fund (Undertaking for CollectiveInvestment in Transferable Securities) governed by the law of 20 December 2002(Part I) on collective investment bodies.

As of 6 July 2006, the Patavium FCP has been absorbed as follows:

Patavium Azionario Asia Pacifico (Ex Japan) in CA Funds Asian GrowthPatavium Short Term Euro in CA Funds Euro ReservePatavium Azionario Europa in CA Funds Europe EquitiesPatavium Azionario European Core Structure in CA Funds Europe EquitiesPatavium Bond Europa in CA Funds European BondPatavium Global Bond in CA Funds Global BondPatavium Azionario Giappone in CA Funds JapanPatavium Azionario Nord America in CA Funds USAPatavium Azionario USA Core Structured in CA Funds USA

The following sub-funds have been launched during the period :

CA Funds Aqua Global (15/12/06)CA Funds Asia Pacific Quant (14/11/06)CA Funds Dynarbitrage Forex (USD) (02/11/06)CA Funds Dynarbitrage Forex Asia Pacific (02/11/06)CA Funds Dynarbitrage High Yield (08/12/06)CA Funds Dynarbitrage Select (22/12/06)CA Funds Dynarbitrage VaR 4 (USD) (15/12/06)CA Funds Euro SRI (15/12/06)CA Funds LDI Gilt Plus (GBP) (02/11/06)CA Funds LDI Index Linked Plus (GBP) (02/11/06)CA Funds Volatility Equities (13/11/06)

As of 15 December 2006, the following sub-funds have been renamed :

CA Funds Eurostocks in CA Funds Euro QuantCA Funds Global Smaller Companies in CA Funds Global QuantCA Funds Japan in CA Funds Japan GrowthCA Funds Japan Smaller Companies in CA Funds Japan QuantCA Funds US Smaller Companies in CA Funds US Quant

On 31 December 2006, the Fund consisted of 64 subfunds, each investing in aspecific market or group of markets.

Classes of shares:

In order for Crédit Agricole Funds to be marketed by different distribution networksand to different investor profiles, nine separate sub-categories of shares were creat-ed, each with its own characteristics and its own fee and expenses structure.

Classic Shares - open to all investors.Classic H Shares - available only from certain distribution networks.Classic S Shares - available only from certain distribution networks.Institutional Shares I - reserved for institutional clients acting on their own behalf,and/or to UCITS and holding funds.Institutional Shares I2 - reserved for one Japanese institutional client.Institutional Shares I3 - reserved for institutional clients.Institutional Shares I4 - reserved for one Japanese institutional client.Institutional Shares I5 - reserved for institutional clients.Institutional Shares I7 - reserved for institutional clients.

2. Principal accounting conventions

Presentation of the financial statements:

The SICAV’s financial statements were prepared in accordance with the regulatoryprovisions in force in Luxembourg concerning undertakings for collective invest-ment.

(a) The financial statements are presented on the basis of the latest net asset valuecalculated during the financial year. In accordance with the prospectus, the netasset values were calculated using the latest exchange rates known at the time ofcalculation.

(b) Securities portfolio. Transferable securities listed on a Stock Exchange or on aregulated market are valued at their last known price. When these prices are not rep-resentative or when securities are not listed, they are valued at their reasonablyprobable realisation value, determined with care and in good faith by the Board ofDirectors.

(c) Conversion of items expressed in foreign currencies. The Fund’s financial state-ments are expressed in Euro (EUR). Net assets of each subfund expressed in for-eign currencies are therefore converted and consolidated in EUR at the exchangerate in force at the close of the financial year.

Transactions and acquisition costs for portfolio securities expressed in foreign cur-rencies are converted into the accounting currency of the subfund concerned at theexchange rate in force on the date of transaction or acquisition, as appropriate. Val-uation values for securities in the portfolio and of other assets and liabilitiesexpressed in foreign currencies are converted into the accounting currency of thesubfund concerned at the exchange rate in force at the end of the financial year.Currency differences resulting from these conversions are recorded in the Statementof Operations and Changes in net assets.

(d) Return on Investments. Dividends are entered as yields on the date when theyare declared and in so far as the appropriate information can be obtained by theFund. Interest is entered on a daily basis.

(e) Distribution of Costs and Expenses. Each subfund is charged with costs orexpenses specifically attributable to it. Costs and expenses not attributable to a spe-cific subfund are distributed between the subfunds on an equitable basis, in propor-tion to their respective net assets.

(f) Repurchase agreements. Repurchase agreements (Repos) are equivalent to bor-rowing guaranteed by underlying assets presented in the securities portfolio of thesubfund which remains exposed to market risk. Reverse Repurchase agreements(Reverse Repos) are similar to guaranteed loans. In this case, the subfund is notsubject to the risk of depreciation in the value of the underlying assets. Repos andReverse Repos are regarded as borrowings and loans, respectively, of the sum ofliquid assets received and/or paid.

(g) Futures contracts. Unexpired futures contracts are valued at their last knownprice on the date of valuation or on the closing date and unrealised appreciations ordepreciations resulting from them are recorded in the accounts.

(h) Forward exchange rate contracts. Unexpired forward exchange rate contractsare valued at the exchange rates applicable on the valuation date or on the closingdate and unrealised appreciations or depreciations resulting from them are record-ed in the accounts.

(i) Valuation of options. Options officially listed on a stock market or any other regu-lated market, operating in a regular manner, recognised and open to the public, arevalued on the basis of their closing prices on the valuation day or, in the absence ofsuch prices, on the basis of the last-known prices available. If these last-knownprices are not representative, the valuation will be based on the probable realisationvalue estimated by the Board of Directors with prudence and in good faith.

(j) Swaps. The SICAV is authorised to enter into volatility swaps, correlation swapsor into interest rate swaps. In an interest rate swap, the SICAV exchanges with anoth-er party their respective commitments to pay or receive interest on a specifiednotional principal amount. The SICAV may also engage in other swap transactionsthe objective of which satisfies the purpose of efficient portfolio management withrespect to its investment objective. Swaps are valued at their market fair value pre-

Notes to the Financial Statements at 31 December 2006

153

vailing at the balance sheet date. Unrealised gains or losses are allocated to theprofit and loss account.

(k) Fee Structure. The Administration Fee is a fee expressed as a percentage of theNet Asset Value of the Portfolios and classes of Shares, including all the administra-tive expenses of the Fund. Such fee includes the remuneration of the Administration Agent, Domiciliary Agent,Transfer Agent and Registrar for its services rendered to the Fund, the remunerationof the Custodian for its services rendered to the Fund as well as all other adminis-trative expenses incurred in the operation of the Fund including, but not limited to:- the fees of auditors and legal advisers of the Fund (including costs associated

with compliance with legal and regulatory requirements);- the cost of translation, printing and distributing to investors the annual and semi-

annual reports and of the prospectus of the Fund and any supplement thereto;- any costs related to the information of the shareholders including costs related to

the publication of prices of Shares in the financial press, the production of infor-mation material for the subscribers and distributors;

- any fees and expenses involved in registering and maintaining the registration ofthe Fund with any governmental agency or stock exchange and to comply withany regulatory requirements and the reimbursement of such fees and expensesincurred by any local representative;

- the fees of any local representative/correspondent, of which the services arerequired pursuant to the applicable law;

- the costs related to extraordinary measures, in particular any expertise or trialaiming at the protection of the shareholders’ interests;

- the costs related to the translation, distribution and publication of any notice to theshareholders.

The maximum amount of the Administration Fee, expressed as a percentage of theNet Asset Value, is set-out in the following schedule:

* except sub-funds :

- Arbitrage Inflation :

- Dynarbitrage Select and Volatility Equities :

The Administration Fee is payable monthly in arrears to CAAM Luxembourg and iscalculated each day for each portfolio and each Share Sub-Class.

From such fee, CAAM Luxembourg will pay the fees of the Custodian, the Adminis-tration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and theadministrative expenses of the Fund.

l) Cost of Investments

Following the change of Accounting system, the brokerage fees and stockexchange fees are not included in the cost of Investments, but are debited in theexpenses item “Brokers fees”.

3. Exchange rates used at 31 December 2006

The exchange rates used for the consolidated are the following :

1 EUR = 1.60965 CHF 1 EUR = 157.12375 JPY1 EUR = 0.67375 GBP 1 EUR = 1.31865 USD

Portfolio Classes Class Classes Institutional Institutional I7 Classic,

I, I2, I3, I4, I5 Classic S, Classic H

Global/Regional/Country 0.25% - 0.35%

Smaller Companies / Sectors 0.35% - 0.45%

Asia / Emerging Markets 0.40% 0.29% 0.50%

Socially Responsible Investments 0.25% - 0.35%

Convertible Bond 0.25% - 0.35%

Global Bond / Specific Bond 0.20% - 0.30%

Absolute Return * 0.20% - 0.30%

Emerging Debt / High Yield Bond 0.40% - 0.50%

Reserve 0.15% - 0.25%

Classes Institutional Classes Classic, Classic H Class Classic S

0.20% 0.30% 0.35% maximum

Classes Institutional Classes Classic, Classic S, Classic H

0.25% 0.35%

154

I I 2 I 3 I 4 I 5 I7 C S H

EQUITY SUB-FUNDS

Global / Regional / Country Sub-funds

- Euro Quant 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Europe Equities 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Global Equities 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Global Quant 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Iberia 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Italy 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Japan Growth 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Japan Quant 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Japan Value 0.70 0.45 N/A N/A N/A N/A 1.30 1.70 N/A

- USA 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- Switzerland 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- United Kingdom 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

- US Quant 0.70 N/A N/A N/A N/A N/A 1.30 1.70 N/A

Smaller companies Sector Sub-Funds

- Europe Smaller Companies 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- US Opportunities 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- Global Consumer Discretionary 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- Global Finance 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- Global Food & Healthcare 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- Global Techno & Telecom 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

- Global Resources & Industry 1.00 N/A N/A N/A N/A N/A 1.60 2.00 N/A

Asia/Emerging Markets Sub-funds

- Asia Pacific Quant 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

- Asian Growth 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

- Asian Renaissance 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

- Emerging Markets 1.00 N/A N/A N/A N/A 0.80 1.60 2.00 N/A

- Emerging Europe 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

- Greater China 1.00 0.45 N/A 0.45 N/A 0.65 1.60 2.00 N/A

- India 1.00 0.45 N/A 0.45 N/A 0.65 1.60 2.00 N/A

- Korea 1.00 0.45 N/A 0.45 N/A 0.65 1.60 2.00 N/A

- Thailand 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

- Latin America Equities 1.00 N/A N/A N/A N/A 0.65 1.60 2.00 N/A

Socially Responsible Investments

- Aqua Global 1.00 N/A N/A N/A N/A N/A 1.50 1.90 N/A

- Euro SRI 0.70 N/A N/A N/A N/A N/A 1.30 1.60 N/A

BOND SUB-FUNDS

Convertible Bond Sub-Funds

- European Convertible Bond 0.60 N/A N/A N/A N/A N/A 1.20 1.40 N/A

Global Bonds Sub-Funds

- Asian Income 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

- Euro Bond 0.50 0.30 N/A N/A N/A N/A 0.80 1.00 N/A

- Euro Corporate Bond 0.50 0.30 0.50 N/A N/A N/A 0.80 1.00 N/A

- Euro 2001 Bond 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

- Global Bond 0.50 N/A N/A N/A 0.50 N/A 0.80 1.00 N/A

- Swiss Franc Bond 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

- US Dollar Bond 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

- European Bond 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

- Euro Inflation Bond 0.50 N/A N/A N/A N/A N/A 0.80 1.00 N/A

4. Management commission


155

I I 2 I 3 I 4 I 5 I7 C S H

BOND SUB-FUNDS

Emerging Debt/High Yield Bond Sub-funds

- Emerging Markets Debt 0.70 N/A N/A N/A N/A N/A 1.60 1.80 N/A

- European High Yield Bond 0.70 0.40 N/A N/A N/A N/A 1.60 1.80 N/A

Specific Sub-Funds

- Euro Select Bond 0.30 N/A N/A N/A N/A N/A 0.65 0.85 N/A

- LDI Index Linked Plus (GBP) 0.50 N/A N/A N/A N/A N/A 0.80 N/A N/A

- LDI Gilt Plus (GBP) 0.50 N/A N/A N/A N/A N/A 0.80 N/A N/A

Absolute Return Sub-Funds

- Arbitrage VaR 2 (EUR) 0.30 N/A N/A N/A N/A N/A 0.50 0.60 0.80

- Arbitrage VaR 2 (GBP) 0.30 N/A N/A N/A N/A N/A 0.50 0.60 0.80

- Arbitrage VaR 2 (USD) 0.30 N/A N/A N/A N/A N/A 0.50 0.60 0.80

- Arbitrage Inflation 0.60 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage VaR 4 (EUR) 0.50 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage VaR 4 (USD) 0.50 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage Forex 0.40 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage Forex (USD) 0.40 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage Forex Asia Pacific 0.50 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage Forex Plus (EUR) 0.90 N/A N/A N/A N/A N/A 1.20 1.60 2.00

- Dynarbitrage Forex Plus (USD) 0.90 N/A N/A N/A N/A N/A 1.20 1.60 2.00

- Dynarbitrage High Yield 0.50 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Dynarbitrage Select 0.60 N/A N/A N/A N/A N/A 1.00 1.30 1.60

- Dynarbitrage Volatility 0.50 N/A N/A N/A N/A N/A 0.80 0.90 1.10

- Volatility Equities 0.60 N/A N/A N/A N/A N/A 1.00 1.30 1.60

RESERVE SUB-FUNDS

- Euro Reserve 0.25 N/A N/A N/A N/A N/A 0.50 0.70 N/A

- USD Reserve 0.25 N/A N/A N/A N/A N/A 0.50 0.70 N/A

These commissions are calculated and recorded daily and paid quarterly in arrears to Crédit Agricole Asset Management Luxembourg S.A. The Management Company isresponsible for paying commissions to investment managers.

5. Performance fees

In remuneration for its services, the Investment Manager of the subfunds EmergingMarkets receives a performance fee.

The performance fee is equal to 15% of the return (after base fee) in excess of theMSCI Emerging Markets Free Total Return (including dividends net of withholdingtaxes). This performance fee is calculated and recorded daily and paid quarterly inarrears.

No performance fees were paid for Emerging Markets.

A Performance fee has been added to the Management fee for the LDI and AbsoluteReturn Portfolios. Performance of the Given Portfolio is calculated on the basis of thechange in net asset value per Class of shares (Performance fee excluded) multipliedby the number of shares of the day, as described in the Prospectus.

As of 31 December 2006, the performance fees were as follows (amounts enteredunder the heading Management Fees) :

CA Funds Arbitrage VaR 2 (EUR) : EUR 878,263.64CA Funds Arbitrage VaR 2 (GBP) : GBP 41,933.26CA Funds Arbitrage VaR 2 (USD) : USD 103,456.65CA Funds Dynarbitrage Forex : EUR 2,004,720.30CA Funds Dynarbitrage Forex (USD) : USD 34,393.97CA Funds Dynarbitrage Forex Asia Pacific : USD 61,131.70

CA Funds Dynarbitrage Forex Plus (EUR) : EUR 3,881,250.75CA Funds Dynarbitrage Forex Plus (USD) : USD 1,219,279.30CA Funds Dynarbitrage VaR 4 (EUR) : EUR 9,870,901.01CA Funds Dynarbitrage VaR 4 (USD) : USD 142,771.60CA Funds LDI Gilt Plus : GBP 5,343.00CA Funds LDI Index Linked Plus : GBP 80,238.00

No performance fees were paid for Arbitrage Inflation, Dynarbitrage High Yield,Dynarbitrage Select, Dynarbitrage Volatility and Volatility Equities.

6. Taxation

In accordance with the legislative and regulatory provisions currently in force in Lux-embourg, the Fund is not subject to any tax on profits or income. However, the Fundis subject to a subscription tax (taxe d’abonnement) at a rate of 0.05% per year onthe basis of the net assets of the Fund at the end of the relevant quarter, calculatedand paid quarterly.

The two Short-Term subfunds comply with certain criteria specific and certain con-ditions, and have therefore benefited since 1 January 1995 from the law of 14 April1995; since that date these subfunds, the Institutional Classes I, I2, I3, I4, I5 and I7of all the Sub-funds have been subject to a reduced rate of subscription tax of 0.01%per year on the basis of the Fund’s net assets at the end of the quarter concerned.

The interest and dividends received by the Fund may be subject to non-recoverabledeductions at source in their country of origin.

7. Other expenses

Balances for other expenses in the statement of operations and changes in netassets include interests paid on Interest Rate Swaps and banking fees.

8. Statement of Portfolio Movements

Details of movements of securities in the portfolio for the period ending 31 Decem-ber 2006 may be obtained free of charge on request from the Fund’s RegisteredOffice and the Hong Kong Representative office.

The list of the portfolio changes can also be obtained free of charge at the Payingand Information Agent’s office in Germany and at the Representative’s office inSwitzerland.

9. Dividends

The SICAV distributed the following dividend per share during the period underreview:

Ex-date: 26 September 2006Payment date: 29 September 2006

CA Funds Euro Quant Classic EUR 0.05CA Funds Iberia Classic EUR 0.09CA Funds Italy Classic EUR 0.10CA Funds Latin America Equities Classic USD 3.45CA Funds Thailand Classic USD 0.43CA Funds United Kingdom Classic GBP 0.20CA Funds Arbitrage VaR 2 (EUR) Classic EUR 0.65CA Funds Asian Income Classic USD 0.68CA Funds Dynarbitrage VaR 4 (EUR) Classic EUR 0.67CA Funds Euro Bond Classic EUR 0.31CA Funds Euro Corporate Bond Classic EUR 0.37CA Funds Euro Inflation Bond Classic EUR 1.17CA Funds European Bond Classic Classic EUR 3.01CA Funds European Convertible Bond Classic EUR 0.02CA Funds European High Yield Bond Classic EUR 0.66CA Funds Emerging Markets Debt Classic USD 0.52CA Funds Global Bond Classic USD 0.26CA Funds Global Bond Institutional USD 1.49CA Funds Global Bond Institutional I5 EUR 21.00CA Funds Swiss Franc Bond Classic CHF 0.26CA Funds US Dollar Bond Classic USD 0.38CA Funds Euro Reserve Classic EUR 0.10CA Funds USD Reserve Classic USD 0.17

Ex-date: 4 July 2006, 2 August 2006, 4 September 2006, 3 October 2006Payment date: 7 July 2006, 7 August 2006, 7 September 2006, 6 October 2006

CA Funds Euro Bond Institutional I2 EUR 0.50CA Funds Euro Corporate Bond Institutional I2 EUR 0.50CA Funds European High Yield Bond I2 EUR 0.64

Ex-date: 3 November 2006, 4 December 2006Payment date: 8 November 2006, 7 December 2006

CA Funds Euro Bond Institutional I2 EUR 0.50CA Funds Euro Corporate Bond Institutional I2 EUR 0.53CA Funds European High Yield Bond I2 EUR 0.67

Ex-date : 27 November 2006Payment date: 30 November 2006

CA Funds Euro Corporate Bond Institutional I3 EUR 36.83

156


158

1. Généralités

CREDIT AGRICOLE FUNDS ("le Fonds") est constitué sous la forme d'une Sociétéd'Investissement à Capital Variable de droit luxembourgeois. Le Fonds, initialementdénommé Groupe Indosuez Funds FCP, un Fonds Commun de Placement, a ététransformé et sa dénomination a été remplacée par celle de GIF SICAV II le 15 mars1999, puis GIF SICAV le 1er décembre 1999, et enfin CREDIT AGRICOLE FUNDS le8 décembre 2000. Le Fonds est un Organisme de Placement Collectif en ValeursMobilières (OPCVM) régi par la loi du 20 décembre 2002 (Partie I) sur les Organismes de Placement Collectif (UCITS III).

Le 6 juillet 2006, le fonds Patavium FCP a été absorbé comme suit :

Patavium Azionario Asia Pacifico (Ex Japan) dans CA Funds Asian GrowthPatavium Short Term Euro dans CA Funds Euro ReservePatavium Azionario Europa dans CA Funds Europe EquitiesPatavium Azionario European Core Structure dans CA Funds Europe EquitiesPatavium Bond Europa dans CA Funds European BondPatavium Global Bond dans CA Funds Global BondPatavium Azionario Giappone dans CA Funds JapanPatavium Azionario Nord America dans CA Funds USAPatavium Azionario USA Core Structured dans CA Funds USA

Les compartiments suivants ont été lancés au cours de la période :


Le 15 décembre 2006, les compartiments suivants ont été renommés :

CA Funds Eurostocks en CA Funds Euro QuantCA Funds Global Smaller Companies en CA Funds Global QuantCA Funds Japan en CA Funds Japan GrowthCA Funds Japan Smaller Companies en CA Funds Japan QuantCA Funds US Smaller Companies en CA Funds US Quant

Au 31 décembre 2006, le Fonds était constitué de 64 compartiments investis-sant chacun sur un marché ou un groupe de marchés particuliers.

Classes d’actions :

Afin de permettre la commercialisation de Crédit Agricole Funds par différentsréseaux de distribution et pour différents profils d’investisseurs, neuf sous-classesdistinctes d’actions, ayant chacune ses propres caractéristiques et ses propresstructures d’honoraires et frais, ont été créées.

Actions “Classic” - ouvertes à l’ensemble des investisseurs.Actions “Classic H” - disponibles uniquement auprès de certains réseaux de dis-tribution.Actions “Classic S” - disponibles uniquement auprès de certains réseaux de dis-tribution.Actions “Institutional I” - réservées à la clientèle institutionnelle agissant pourcompte propre, et/ou aux OPCVM et fonds de fonds.Actions “Institutional I2” - réservées à un seul client institutionnel japonais.Actions “Institutional I3” - réservées à la clientèle institutionnelle.Actions “Institutional I4” - réservées à un seul client institutionnel japonais.Actions “Institutional I5” - réservées à la clientèle institutionnelle.Actions “Institutional I7”- réservées à la clientèle institutionnelle.

2. Principales politiques comptables

Présentation des états financiers :

Les états financiers de la SICAV sont préparés conformément à la réglementationen vigueur au Luxembourg concernant les Organismes de Placement Collectif.

(a) Les états financiers ont été présentés sur base de la dernière valeur nette d’in-ventaire calculée au cours de l’exercice. En accord avec le prospectus, les valeursnettes d’inventaire ont été calculées en utilisant les derniers cours connus aumoment du calcul.

(b) Portefeuille-titres. Les valeurs mobilières cotées en bourse ou sur un marchéréglementé sont évaluées au dernier cours connu. Lorsque ces cours ne sont pasreprésentatifs ou lorsque les titres ne font pas l'objet d'une cotation, ceux-ci sontévalués à leur valeur de réalisation raisonnablement prévisible, déterminée avecprudence et bonne foi par le Conseil d’Administration.

(c) Conversion des postes libellés en devises étrangères. Les états financiers duFonds sont exprimés en Euro (EUR). En conséquence, les avoirs nets de chaquecompartiment, exprimés en devises étrangères, sont convertis et consolidés enEUR aux taux de change à la clôture de l'exercice.

Les transactions et les coûts d’acquisition des titres en portefeuille, exprimés endevises étrangères, sont convertis dans la devise de compte du Compartiment con-cerné aux cours de change en vigueur à la date de transaction ou d’acquisition,selon le cas. La valeur d’évaluation des titres en portefeuille ainsi que les autres actifs et passifs, exprimés en devises étrangères, sont convertis dans la devise decompte du compartiment concerné aux taux de change en vigueur à la clôture del’exercice. Les différences de change découlant de ces conversions sont prises encompte dans l’état des opérations et des variations des actifs nets.

(d) Produits des investissements. Les dividendes sont comptabilisés en produits àla date où ils sont déclarés et dans la mesure où les informations à ce sujet peuventêtre obtenues par le Fonds. Les intérêts sont comptabilisés sur une base journalière.

(e) Répartition des frais et charges. Chaque compartiment est débité des frais oucharges qui lui sont spécifiquement attribuables. Les frais et charges qui ne sontpas attribuables à un compartiment en particulier sont répartis entre les comparti-ments sur une base équitable, au prorata de leurs actifs nets respectifs.

(f) Repurchase agreements. Les Repurchase agreements (Repos) sont équivalentsà des emprunts garantis par des actifs sous-jacents, présentés dans le portefeuille-titres du compartiment qui reste exposé au risque de marché. Les Reverse repur-chase agreements (Reverse Repos) sont semblables à des prêts garantis. Dans cecas, le compartiment n’est pas soumis au risque de dépréciation de la valeur desactifs sous-jacents. Repos et Reverse Repos sont considérés comme des empruntset des prêts, respectivement, du montant des liquidités reçues et/ou payées.

(g) Contrats futures. Les contrats futures non échus sont évalués à leur derniercours connu à la date d’évaluation ou à la date de clôture et la plus ou moins valuenon réalisée en résultant est comptabilisée.

(h) Contrats de change à terme. Les contrats de change à terme non échus sontévalués aux cours de change applicables à la date d’évaluation ou à la date de clô-ture et la plus ou moins value non réalisée en résultant est comptabilisée.

(i) Evaluation des options. Les options officiellement cotées sur un marché boursierou sur tout autre marché réglementé, de fonctionnement régulier, reconnu et acces-sible au public, sont évaluées d’après leurs cours de clôture le jour d’évaluation ou,à défaut de tels cours, d’après les derniers cours connus et disponibles. Si cesderniers cours connus ne sont pas représentatifs, l’évaluation s’appuiera sur laprobable valeur de réalisation estimée par le Conseil d'administration, avec pru-dence et de bonne foi.

(j) Swaps. Les swaps de taux d’intérêt court terme sont évalués à une valeur demarché de zéro. Les swaps de taux d’intérêt long terme, les swaps de volatilité etles swaps de corrélation sont enregistrés à la valeur de marché estimée sur basedes éléments de valorisation prévus dans les contrats. La plus-value nette non-

Notes aux etats financiers au 31 décembre 2006

159

réalisée est incluse dans le poste « Plus-value nette non réalisée sur swaps » de l’E-tat des actifs nets et la moins-value nette non-réalisée est incluse dans le poste « Moins-value nette non réalisée sur swaps » de l’Etat des actifs nets.

(k) Structure des frais. Les Frais de Gestion représentent un pourcentage de lavaleur nette d'inventaire des portefeuilles et catégories d’actions et couvrent tous lesfrais administratifs du Fonds. Ces frais couvrent la rémunération de l’Agent Administratif, de l’Agent Conservateur,de l’Agent de Transfert et de l’Agent d’Immatriculation pour leurs services rendus auFonds ainsi que la rémunération du Dépositaire pour ses services rendus au Fondsainsi que toutes les autres dépenses encourues dans le cadre de l’activité duFonds, sans que la liste suivante ne soit limitative :- les honoraires des auditeurs et conseillers juridiques du Fonds (y compris les

frais relatifs aux obligations de conformité légales et statutaires) ;- les frais de traduction, d’impression et de distribution des rapports annuels et

semestriels, du prospectus du Fonds et tous ses suppléments aux investisseurs;- tous les frais d’information des actionnaires, y compris les frais liés à la publica-

tion des prix des actions dans la presse financière et à la production de matérield’information pour les souscripteurs et les distributeurs ;

- tous les frais et dépenses encourus dans le cadre de l’enregistrement et du main-tien de l’enregistrement du Fonds auprès de toute agence gouvernementale ouBourse, tous les frais et dépenses de conformité aux obligations légales et régle-mentaires ainsi que le remboursement de tels frais et dépenses encourus par unreprésentant local ;

- les frais d’un représentant/correspondant local dont les services sont requis parla loi applicable ;

- les frais encourus dans le cadre de mesures exceptionnelles, dont en particulierles expertises ou procès tendant à la protection des intérêts des actionnaires ;

- les frais liés à la traduction, distribution et publication de préavis aux actionnaires.Le montant maximum des Frais de Gestion, exprimés en pourcentage de la valeurnette d'inventaire, est présenté dans le tableau suivant :

* excepté les compartiments :


- Dynarbitrage Select et Volatility Equities :

Les Frais de Gestion sont dus mensuellement à terme échu à CAAM Luxembourget sont calculés quotidiennement pour chaque portefeuille et compartiment.

CAAM Luxembourg prélèvera sur ces frais de gestion la rémunération du Déposi-taire, de l’Agent Conservateur, de l’Agent de Transfert et de l’Agent d’Immatricula-tion ainsi que les frais et dépenses administratives du Fonds.

l) Coût des investissements

A la suite du changement du système comptable, les frais de courtage et de boursene sont pas inclus dans le coût des investissements, mais sont débités à la ligne « Frais de courtage ».

3. Taux de change utilisés au 31 décembre 2006

Les taux de change utilisés pour le consolidé sont les suivants :

1 EUR = 1,60965 CHF 1 EUR = 157,12375 JPY1 EUR = 0,67375 GBP 1 EUR = 1,31865 USD

Portefeuille Classes Classe Classes Institutional Institutional I7 Classic, I, I2, I3, I4 Classic S,

et I5 Classic H

Mondial/ Régional/ Pays 0,25% - 0,35%

Petites Entreprises/ Secteurs 0,35% - 0,45%

Asie/Marchés émergents 0,40% 0,29% 0,50%

Investissements socialement responsables 0,25% - 0,35%

Obligations convertibles 0,25% - 0,35%

Obligations mondiales / spécifiques 0,20% - 0,30%

Rendement absolu* 0,20% - 0,30%

Créances des marchés émergents/ Obligations à haut rendement 0,40% - 0,50%

Réserve 0,15% - 0,25%

Classes Institutional Classes Classic, Classic H Classe Classic S

0,20% 0,30% 0,35% maximum

Classes Institutional Classes Classic, Classic S, Classic H

0,25% 0,35%

160

I I 2 I 3 I 4 I 5 I7 C S H

COMPARTIMENTS ACTIONS

Compartiments / Zones géographiques

- Euro Quant 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Europe Equities 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Global Equities 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Global Quant 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Iberia 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Italy 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Japan Growth 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Japan Quant 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Japan Value 0,70 0,45 N/A N/A N/A N/A 1,30 1,70 N/A

- USA 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- Switzerland 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- United Kingdom 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

- US Quant 0,70 N/A N/A N/A N/A N/A 1,30 1,70 N/A

Compartiments Petites capitalisations/Secteur

- Europe Smaller Companies 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- US Opportunities 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- Global Consumer Discretionary 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- Global Finance 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- Global Food & Healthcare 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- Global Techno & Telecom 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

- Global Resources & Industry 1,00 N/A N/A N/A N/A N/A 1,60 2,00 N/A

Compartiments Asie / Marchés Emergents

- Asia Pacific Quant 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

- Asian Growth 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

- Asian Renaissance 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

- Emerging Markets 1,00 N/A N/A N/A N/A 0,80 1,60 2,00 N/A

- Emerging Europe 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

- Greater China 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- India 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- Korea 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- Thailand 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

- Latin America Equities 1,00 N/A N/A N/A N/A 0,65 1,60 2,00 N/A

Investissements socialement responsables

- Aqua Global 1,00 N/A N/A N/A N/A N/A 1,50 1,90 N/A

- Euro SRI 0,70 N/A N/A N/A N/A N/A 1,30 1,60 N/A

COMPARTIMENTS OBLIGATIONS

Compartiments Obligations Convertibles

- European Convertible Bond 0,60 N/A N/A N/A N/A N/A 1,20 1,40 N/A

Compartiments Obligations Mondiales

- Asian Income 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

- Euro Bond 0,50 0,30 N/A N/A N/A N/A 0,80 1,00 N/A

- Euro Corporate Bond 0,50 0,30 0,50 N/A N/A N/A 0,80 1,00 N/A

- Euro 2001 Bond 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

- Global Bond 0,50 N/A N/A N/A 0,50 N/A 0,80 1,00 N/A

- Swiss Franc Bond 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

- US Dollar Bond 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

- European Bond 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

- Euro Inflation Bond 0,50 N/A N/A N/A N/A N/A 0,80 1,00 N/A

4. Commission de gestion


161

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COMPARTIMENTS OBLIGATIONS

Compartiments Dettes de Pays Emergents / Obligations à Haut Rendement

- Emerging Markets Debt 0,70 N/A N/A N/A N/A N/A 1,60 1,80 N/A

- European High Yield Bond 0,70 0,40 N/A N/A N/A N/A 1,60 1,80 N/A

Compartiments spécifiques

- Euro Select Bond 0,30 N/A N/A N/A N/A N/A 0,65 0,85 N/A

- LDI Index Linked Plus (GBP) 0,50 N/A N/A N/A N/A N/A 0,80 N/A N/A

- LDI Gilt Plus (GBP) 0,50 N/A N/A N/A N/A N/A 0,80 N/A N/A

Compartiments Absolute Return

- Arbitrage VaR 2 (EUR) 0,30 N/A N/A N/A N/A N/A 0,50 0,60 0,80

- Arbitrage VaR 2 (GBP) 0,30 N/A N/A N/A N/A N/A 0,50 0,60 0,80

- Arbitrage VaR 2 (USD) 0,30 N/A N/A N/A N/A N/A 0,50 0,60 0,80

- Arbitrage Inflation 0,60 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage VaR 4 (EUR) 0,50 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage VaR 4 (USD) 0,50 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage Forex 0,40 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage Forex (USD) 0,40 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage Forex Asia Pacific 0,50 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage Forex Plus (EUR) 0,90 N/A N/A N/A N/A N/A 1,20 1,60 2,00

- Dynarbitrage Forex Plus (USD) 0,90 N/A N/A N/A N/A N/A 1,20 1,60 2,00

- Dynarbitrage High Yield 0,50 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Dynarbitrage Select 0,60 N/A N/A N/A N/A N/A 1,00 1,30 1,60

- Dynarbitrage Volatility 0,50 N/A N/A N/A N/A N/A 0,80 0,90 1,10

- Volatility Equities 0,60 N/A N/A N/A N/A N/A 1,00 1,30 1,60

COMPARTIMENTS COURT TERME

- Euro Reserve 0,25 N/A N/A N/A N/A N/A 0,50 0,70 N/A

- USD Reserve 0,25 N/A N/A N/A N/A N/A 0,50 0,70 N/A

Ces commissions sont calculées et comptabilisées quotidiennement et payées trimestriellement, à terme échu, à Crédit Agricole Asset Management Luxembourg S.A. (la"Société de Gestion"). La Société de Gestion est responsable du paiement des commissions aux gestionnaires en investissements.

5. Commission de performance

En rémunération de ses services, le gestionnaire en investissement des comparti-ments Emerging Markets perçoit une commission de performance.

La commission de performance est égale à 15 % de la différence de performancepositive (après commission) entre le compartiment et le MSCI Emerging MarketsFree Total Return (incluant les dividendes nets de retenues à la source). Cette com-mission de performance est calculée et comptabilisée quotidiennement et payéetrimestriellement en arrière.

Aucune commission de performance n’a été prélevée pour Emerging Markets.

Une commission de performance est ajoutée à la commission de gestion pour lesportefeuilles LDI et Absolute Return. La performance du portefeuille donné est cal-culée sur la base de la modification de la valeur nette d'inventaire par classe d’ac-tions (hors commission de performance) et multipliée par le nombre d’actions de cejour selon les modalités définies dans le prospectus.

Au 31 décembre 2006, les commissions de performance (montants inclus dans lacommission de gestion) s’élevaient à :

CA Funds Arbitrage VaR 2 (EUR) : EUR 878.263,64CA Funds Arbitrage VaR 2 (GBP) : GBP 41.933,26CA Funds Arbitrage VaR 2 (USD) : USD 103.456,65CA Funds Dynarbitrage Forex : EUR 2.004.720,30CA Funds Dynarbitrage Forex (USD) : USD 34.393,97

CA Funds Dynarbitrage Forex Asia Pacific : USD 61.131,70CA Funds Dynarbitrage Forex Plus (EUR) : EUR 3.881.250,75CA Funds Dynarbitrage Forex Plus (USD) : USD 1.219.279,30CA Funds Dynarbitrage VaR 4 (EUR) : EUR 9.870.901,01CA Funds Dynarbitrage VaR 4 (USD) : USD 142.771,60CA Funds LDI Gilt Plus : GBP 5.343,00CA Funds LDI Index Linked Plus : GBP 80.238,00

Aucune commission de performance n’a été prélevée pour Arbitrage Inflation,Dynarbitrage High Yield, Dynarbitrage Select, Dynarbitrage Volatility et VolatilityEquities.

6. Fiscalité

Selon les dispositions législatives et réglementaires actuellement en vigueur au Luxembourg, le Fonds n’est soumis à aucune imposition sur les bénéfices ou sur lesplus-values. Le Fonds est toutefois soumis à la taxe d’abonnement au taux de 0,05%par an basé sur l’actif net du Fonds à la fin du trimestre concerné, calculée et payéetrimestriellement.

Les deux compartiments court terme respectent certains critères spécifiques et cer-taines conditions, et bénéficient par conséquent de la loi du 14 avril 1995 depuis le1er janvier 1995 ; ces compartiments et les classes Institutional I, I2, I3, I4, I5 et I7de tous les compartiments sont dès lors sujets à un taux de taxe d’abonnementréduit de 0,01% par an, basé sur l’actif net du Fonds à la fin du trimestre concerné.

Les intérêts et dividendes reçus par le Fonds peuvent être sujets à des retenues àla source non récupérables dans leurs pays d’origine.

7. Autres Frais

Les soldes afférents aux autres dépenses dans le résultat d’exploitation et les vari-ations des actifs nets incluent les intérêts versés sur les Swaps de taux d'intérêt etles commissions bancaires.

8. Etat des Mouvements de Portefeuille

Les détails concernant les mouvements de titres en portefeuille pour la période seclôturant au 31 décembre 2006 peuvent être obtenus gratuitement et sur simpledemande auprès du siège social du Fonds et du bureau du représentant à HongKong.

La liste des mouvements de portefeuille peut être également obtenue gratuitementauprès de l’agent d’information et de paiement en Allemagne et auprès dureprésentant en Suisse.

9. Dividendes

La SICAV a distribué les dividendes par action suivants au cours de la période :

Ex-date : 26 septembre 2006Date de paiement : 29 septembre 2006

CA Funds Euro Quant Classic EUR 0,05CA Funds Iberia Classic EUR 0,09CA Funds Italy Classic EUR 0,10CA Funds Latin America Equities Classic USD 3,45CA Funds Thailand Classic USD 0,43CA Funds United Kingdom Classic GBP 0,20CA Funds Arbitrage VaR 2 (EUR) Classic EUR 0,65CA Funds Asian Income Classic USD 0,68CA Funds Dynarbitrage VaR 4 (EUR) Classic EUR 0,67CA Funds Euro Bond Classic EUR 0,31CA Funds Euro Corporate Bond Classic EUR 0,37CA Funds Euro Inflation Bond Classic EUR 1,17CA Funds European Bond Classic Classic EUR 3,01CA Funds European Convertible Bond Classic EUR 0,02CA Funds European High Yield Bond Classic EUR 0,66CA Funds Emerging Markets Debt Classic USD 0,52CA Funds Global Bond Classic USD 0,26CA Funds Global Bond Institutional USD 1,49CA Funds Global Bond Institutional I5 EUR 21,00CA Funds Swiss Franc Bond Classic CHF 0,26CA Funds US Dollar Bond Classic USD 0,38CA Funds Euro Reserve Classic EUR 0,10CA Funds USD Reserve Classic USD 0,17

Ex-date : 4 juillet 2006, 2 août 2006, 4 septembre 2006, 3 octobre 2006Date de paiement: 7 juillet 2006, 7 août 2006, 7 septembre 2006, 6 octobre 2006

CA Funds Euro Bond Institutional I2 EUR 0,50CA Funds Euro Corporate Bond Institutional I2 EUR 0,50CA Funds European High Yield Bond I2 EUR 0,64

Ex-date : 3 novembre 2006, 4 décembre 2006Date de paiement: 8 novembre 2006, 7 décembre 2006


Ex-date : 27 novembre 2006Date de paiement: 30 novembre 2006

CA Funds Euro Corporate Bond Institutional I3 EUR 36,83

162


164

1. Allgemeines

CREDIT AGRICOLE FUNDS („der Fonds“) ist als Investmentgesellschaft mit vari-ablem Kapital nach luxemburgischem Recht gegründet worden. Der Name desFonds, anfangs Groupe Indosuez Funds FCP, (Fonds für gemeinsame Anlagen),wurde ertsmals am 15. März 1999 in GIF SICAV II, später, am 1. Dezember 1999, inGIF SICAV, und schließlich, am 8. Dezember 2000, in CREDIT AGRICOLE FUNDSumgewandelt. Der Fonds ist ein Organismus für gemeinsame Anlagen (OGA) / Kapitalanlagegesellschaften (KAG) in Wertpapieren, und unterliegt dem Gesetzvom 20. Dezember 2002 (Teil I) über die Organismen für gemeinsame Anlagen/KAG (UCITS III).

Am 6. Juli 2006 ist Patavium FCP aufgenommen worden wie folgt:


Während der Geschäftsperiode wurden folgende Teilfonds aufgelegt:


Am 15. Dezember 2006 wurden die Namen folgender Teilfonds verändert :


Zum 31. Dezember 2006 besteht der Fonds aus 64 Teilfonds, die jeweils ineinen Markt oder eine Gruppe von einzelnen Märkten investieren.

Aktienklassen:

Für den Vertrieb des Crédit Agricole Funds über verschiedene Vertriebswege undfür Anleger mit verschiedenen Profilen wurden neun Aktienklassen mit eigenenMerkmalen, sowie einer eigenen Honorar- und Kostenstruktur eingerichtet.

Aktien „Classic“ - für alle Anleger.Aktien „Classic H“ - nur über bestimmte Anbieter erhältlich.Aktien „Classic S“ - nur über bestimmte Anbieter erhältlich.Aktien „Institutional I“ - dem auf eigene Rechnung handlenden institutionellenAnleger, und/oder KAG in Wertpapieren und Funds of Funds vorbehalten.Aktien „Institutional I2“ - einem einzigen japanischen institutionellen Anleger vor-behalten.Aktien „Institutional I3“ - dem auf eigene Rechnung handelndeninstitutionellen Anleger vorbehalten.Aktien „Institutional I4“ - einem einzigen japanischen institutionellen Anleger vor-behalten.Aktien „Institutional I5“ - dem auf eigene Rechnung handelnden institutionellenAnleger vorbehalten.Aktien „Institutional I7“ - dem auf eigene Rechnung handelnden institutionellenAnleger vorbehalten.

2. Rechnungslegungsgrundsätze

Präsentation der Finanzausweise:

Die Finanzausweise der SICAV wurden in Übereinstimmung mit den geltenden Bestimmungen über OGA in Luxemburg erstellt.

(a) Der Jahresabschluss ist auf der Grundlage des letzten im Laufe des Geschäfts-jahres berechneten Nettoinventarwerts dargestellt worden. Gemäß dem Prospektsind die Nettoinventarwerte anhand der letzten zum Zeitpunkt der Berechnungbekannten Kurse berechnet worden.

(b) Wertpapierbestand. Der Wert der börsennotierten oder auf einem organisiertenMarkt gehandelten Wertpapiere wird zum letzten bekannten Börsenkurs ermittelt.Falls dieser Preis nicht repräsentativ ist oder die Wertpapiere nicht börsennotiertsind, wird er zum vorsichtig und in gutem Glauben geschätzten Veräußerungswertbewertet.

(c) Umrechnung der in Fremdwährung lautenden Posten. Die Finanzausweise desFonds lauten auf Euros (EUR). Daher werden die in anderen Währungen lautendenNetto-Guthaben eines jeden Teilfonds zu dem am Abschlußtag gültigen Wech-selkurs in EUR umgerechnet und konsolidiert.

Aktiengeschäfte und Erwerbe von Aktien aus Portfolios in anderen Währungen wer-den in der Währung des Teilfonds zu dem am Tag des Geschäfts oder des Erwerbsgültigen Wechselkurs umgerechnet. Der Börsenwert des Wertpapierbestandessowie die übrigen Aktiva und Passiva in anderen Währungen werden zu dem amAbschlußtag gültigen Wechselkurs in die Währung, auf die der Teilfonds lautet,umgerechnet. Die durch die Umrechnung bedingten Kursdifferenzen gehen in dieErtrags- und Aufwandsrechnung und Veränderungen des Nettoinventarwerts ein.

(d) Anlageergebnis. Die Dividenden werden an dem Tag als Ertrag verrechnet, andem sie deklariert wurden, und in dem Maße, wie der Fonds über diesbezüglicheInformationen verfügt. Zinsen werden auf Tagesbasis verrechnet.

(e) Aufteilung der Kosten und Aufwendungen. Jeder Teilfonds wird mit den Kostenoder Aufwendungen belastet, die ihm zuzurechnen sind. Die Kosten und Aufwen-dungen, die keinem Teilfonds im besonderen zuzurechnen sind, werden zwischenden Teilfonds auf angemessene Weise, entsprechend ihren jeweiligen Netto-Aktiva,aufgeteilt.

(f) Pensionsgeschäfte. Die Pensionsgeschäfte sind Geschäfte mit Anleihen, diedurch Basiswerte gedeckt sind. Diese sind im Wertpapierbestand des Teilfondsvertreten und dem Marktrisiko ausgesetzt. Reverse Pensionsgeschäfte sindgedeckte Darlehen. In diesem Fall ist der Teilfonds dem Risiko einer Minderung desBasiswertes nicht ausgesetzt. Pensionsgeschäfte und Reverse Pensionsgeschäftesind Geschäfte mit Anleihen und Darlehen in Höhe der eingegangenen und/ oderausgezahlten Mittel.

(g) Termingeschäfte. Nicht fällige Termingeschäfte werden zu ihrem letzten, amBewertungstag oder bei Glattstellung bekannten Kurs bewertet, und die daraus ent-standenen, nicht realisierten Gewinne oder Verluste werden verbucht.

(h) Devisentermingeschäfte. Nicht fällige Devisentermingeschäfte werden zu ihremletzten, am Bewertungstag oder bei Glattstellung bekannten Kurs bewertet, und diedaraus entstandenen, nicht realisierten Gewinne oder Verluste werden verbucht.

(i) Bewertung von Optionen. Für Optionen, die an einer Aktienbörse oder einemanderen regulierten Markt gehandelt werden, der regulär abläuft, anerkannt undöffentlich ist, gilt, dass sie mit ihren Schlusskursen am Bewertungstag veranschlagtwerden. Sind keine Schlusskurse verfügbar, werden sie auf Basis ihrer letzten ver-fügbaren Kurse bewertet. Sind die letzten verfügbaren Kurse nicht repräsentativ,beruht die Bewertung auf dem wahrscheinlichen Realisierungswert, der vom Boardof Directors umsichtig und in gutem Glauben geschätzt wird.

(j) Swaps. Die Bewertung variabler Zinsswaps erfolgt zu einem Marktwert von Null.Fixe Zinsswaps, Varianzswaps sowie Korrelationsswaps werden zum Marktwert aufBasis der in den Kontrakten festgelegten Bewertungsgrundlagen erfasst. In der Net-tovermögensaufstellung ist der nicht realisierte Nettogewinn im Posten „Nicht real-isierter Nettogewinn aus Swaps“ und der nicht realisierte Nettoverlust im Posten„Nicht realisierter Nettoverlust aus Swaps“ enthalten.

Erläuterungen zum Halbjahresbericht zum 31. Dezember 2006

165

(k) Gebührenstruktur. Die Verwaltungsgebühren werden als prozentualer Anteil desNettovermögenswerts des Portfolios und der Aktienklassen ausgewiesen, wassämtliche Verwaltungsausgaben des Fonds einschließt. Diese Gebühren umfassen die Vergütung für Verwaltungsstelle, Domizilstelle, Trans-ferstelle und Registrierstelle für deren Leistungen gegenüber dem Fonds; ebensoenthalten sind die Vergütung der Leistungen der Depotstelle für den Fonds und son-stige Verwaltungsausgaben, die bei den Geschäften des Fonds entstehen, darunter,aber nicht ausschließlich:- Honorare für Revisoren und juristische Berater des Fonds (einschließlich der

Gebühren für die Erfüllung gesetzlicher und regulatorischer Anforderungen);- Kosten für Übersetzung, Druck und Zustellung der Jahres- und Halbjahres-

berichte sowie des Fondsprospekts und etwaiger Anlagen an die Anleger;- Kosten zur Informierung der Aktionäre, darunter Kosten für die Veröffentlichung

von Aktienkursen in der Finanzpresse und der Herstellung von Informationsmate-rial für Zeichner und Vertreiber;

- jegliche Gebühren und Kosten für die anfängliche und fortwährende Reg-istrierung des Fonds bei Regierungsbehörden oder Börsen sowie für die Erfül-lung jeglicher regulatorischen Anforderungen und die Erstattung solcherGebühren und Kosten, die lokalen Vertretern entstehen;

- Gebühren für jegliche lokale Vertreter/Korrespondenzpartner, deren Leistungengemäß der geltenden Gesetzgebung erforderlich sind;

- Kosten für außerordentliche Maßnahmen, insbesondere Gutachten oder Ver-fahren zum Schutz der Interessen der Aktionäre;

- Kosten für Übersetzung, Zustellung und Veröffentlichung jeglicher Benachrichti-gungen für die Aktionäre.

Der Höchstbetrag der Verwaltungsgebühr, die als prozentualer Anteil des Nettover-mögenswerts ausgewiesen wird, geht aus der folgenden Aufstellung hervor:

* Ausser den folgenden Teilfonds :


- Dynarbitrage Select und Volatility Equities :

Die Verwaltungsgebühr ist monatlich und nachträglich an CAAM Luxembourg zuzahlen und wird täglich für jedes Portfolio und jede Aktienklasse berechnet.

Mit diesen Gebühren bestreitet CAAM Luxembourg die Gebühren für Depotstelle,Verwaltungsstelle, Domizilstelle, Transferstelle und Registrierstelle sowie die Verwal-tungsausgaben des Fonds.

l) Kosten für Anlagen

Im Zuge der Einführung des neuen Buchhaltungssystems sind Makler- und Börsen-gebühren nicht mehr in den Kosten für Anlagen enthalten, sondern werden über denAusgabeposten "Maklerkosten" abgebucht.

3. Wechselkurse am 31. Dezember 2006

Für die Konsolidierung wurden folgende Wechselkurse zugrunde gelegt:


Teilfonds Klassen Klasse Klassen Institutional Institutional I7 Classic,


Global/Regional/Land 0,25% - 0,35%

Kleine Unternehmen/Sektoren 0,35% - 0,45%

Asien/Schwellenmärkte 0,40% 0,29% 0,50%

Nachhaltige Anlagen 0,25% - 0,35%

Wandelanleihen 0,25% - 0,35%

Globale Anleihen/ spezielle Anleihen 0,20% - 0,30%

Absolute Rendite* 0,20% - 0,30%

Schuldtitel aus Schwellenländern/Hochzinsanleihen 0,40% - 0,50%

Reserve 0,15% - 0,25%

Klassen Institutional Klassen Classic, Classic H Klasse Classic S

0,20% 0,30% 0.35% maximal

Klassen Institutional Klassen Classic, Classic S, Classic H

0,25% 0,35%

166

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AKTIENTEILFONDS

Globale/Regionale/Länderteilfonds














Teilfonds Kleinere Unternehmen/Branchen








Teilfonds Asien/Schwellenländer







- India 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- Korea 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A



Nachhaltige Anlagen



ANLEIHETEILFONDS

Teilfonds Wandelanleihen


Teilfonds Globale Anleihen










4. Verwaltungsgebühren


167

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ANLEIHETEILFONDS

Schuldtitel aus Schwellenländern/Teilfonds hochverzinslicher Anleihen



Besondere Teilfonds




Absolute Return-Teilfonds
















GELDMARKTNAHE TEILFONDS



Die Provisionen werden täglich ermittelt und verbucht und der Crédit Agricole Asset Management Luxembourg S.A. („die Verwaltungsgesellschaft“) vierteljährlich bei Fäl-ligkeit ausgezahlt. Die Verwaltungsgesellschaft zahlt den Anlageverwalter ihre Provisionen aus.

5. Performancegebühren

Der Anlageverwalter des Teilfonds Emerging Markets erhält für seine Tätigkeit einePerformancegebühr.

Die Performancegebühr entspricht 15% der Erträge (nach Abzug der Grundge-bühr), die über den MSCI Emerging Markets Free Total Return (einschließlich Divi-denden nach Abzug der Quellensteuer) hinausgehen. Die Performancegebühr wirdtäglich berechnet und eingetragen und nachträglich vierteljährlich ausgezahlt.

Für Emerging Markets wurde keine Performancegebühren erhoben.

Die Verwaltungsgebühr für die LDI und Absolute Return Teilfonds wurde um einePerformancegebühr erweitert. Die Performance des betreffenden Teilfonds wird jenach Änderung des Nettoinventarwerts pro Aktienklasse (ohne Performanzgebühr),multipliziert mit der Anzahl der Aktien an diesem Tag, berechnet - so wie im Prospektbeschrieben.

Per 31. Dezember 2006 betrugen die Performancegebühren für die folgenden Teil-fonds (Beträge unter dem Posten Verwaltungsgebühren ausgewiesen) wie folgt:



Für Arbitrage Inflation, Dynarbitrage High Yield, Dynarbitrage Select, DynarbitrageVolatility und Volatility Equities wurden keine Performancegebühren erhoben.

6. Steuern

Gemäß der derzeit geltenden luxemburgischen Gesetzgebung entrichtet der Fondsweder eine Einkommens-, noch eine Wertzuwachssteuer. Er unterliegt lediglich einerjährlichen Abgabe von 0,05%, die vierteljährlich zahlbar ist und auf der Grundlagedes am letzten Tag des Quartals ausgewiesenen Nettovermögens errechnet wird.

Da die zwei kurzfristigen Teilfonds bestimmte Kriterien und Bedingungen erfüllen,unterliegen sie, sowie die Klassen Institutional I, I2, I3, I4, I5 und I7 von allen Teil-fonds seit dem 1. Januar 1995, dem Gesetz vom 14. April 1995 und müssen dahernur eine ermäßigte Abgabe von jährlich 0,01% entrichten, die auf der Grundlagedes am letzten Tag des jeweiligen Quartals ausgewiesenen Nettovermögens errech-net wird.

Die vom Fonds erwirtschafteten Zinsen und Dividenden können einer Quellensteuerim Ursprungsland unterliegen, die nicht rückerstattet wird.

7. Andere Kosten

Im Auszug über Geschäfte und Änderungen des Nettofondsvermögens sind imSaldo der sonstigen Aufwendungen gezahlte Zinsen für Zins-Swaps und Bankge-bühren enthalten.

8. Änderungen in der Zusammenstellung des Wertpapierbestandes

Veränderungen des Wertpapierbestandes zum 31. Dezember 2006 sind auf ein-fache Anfrage und kostenlos beim Sitz des Fonds und bei der NiederlassungHongkong erhältlich.

Kopien der Veränderungen des Wertpapierbestandes sind kostenfrei auf Anfragebei der Zahl- und Informationsstelle in Deutschland und bei dem Vertreter in derSchweiz erhältlich.

9. Dividenden

Die SICAV hat die folgenden Dividenden pro Aktie im Laufe der Geschäftsperiodeausgeschüttet:

Ex-datum : 26. September 2006Ausschüttungsdatum : 29. September 2006


Ex-datum: 4. Juli 2006, 2. August 2006, 4. September 2006, 3. Oktober 2006

Ausschüttungsdatum : 7. Juli 2006, 7. August 2006, 7. September 2006, 6. Oktober 2006


Ex-datum : 3. November 2006, 4. Dezember 2006Ausschüttungsdatum : 8. November 2006, 7. Dezember 2006


Ex-datum : 27. November 2006Ausschüttungsdatum : 30. November 2006


168


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1.Aspectos generales

CREDIT AGRICOLE FUNDS ("el Fondo") está constituido bajo la forma de unaSociedad de Inversión de Capital Variable de derecho luxemburgués. El Fondo,denominado inicialmente Groupe Indosuez Funds FCP, un fondo mutuo de inver-sión, ha sido transformado y su denominación fue sustituida por la de GIF SICAV IIel 15 de marzo de 1999, posteriormente por GIF SICAV el 1 de diciembre de 1999,y finalmente por CREDIT AGRICOLE FUNDS el 8 de diciembre de 2000. El Fondoes un Organismo de Inversión Colectiva en Valores Mobiliarios (OICVM) regido porla ley de 20 de diciembre de 2002 (Parte I) sobre los organismos de inversión colec-tivos (UCITS III).

El 6 de julio de 2006, el fundo Patavium FCP se fusionó mediante absorción :

Patavium Azionario Asia Pacifico (Ex Japan) en CA Funds Asian GrowthPatavium Short Term Euro en CA Funds Euro ReservePatavium Azionario Europa en CA Funds Europe EquitiesPatavium Azionario European Core Structure en CA Funds Europe EquitiesPatavium Bond Europa en CA Funds European BondPatavium Global Bond en CA Funds Global BondPatavium Azionario Giappone en CA Funds JapanPatavium Azionario Nord America en CA Funds USAPatavium Azionario USA Core Structured en CA Funds USA

Durante el periodo, los siguientes subfondos han sido lanzados :


A 15 de diciembre de 2006, los siguientes subfondos han cambiado su denomi-nación :

CA Funds Eurostocks en CA Funds Euro QuantCA Funds Global Smaller Companies en CA Funds Global QuantCA Funds Japan en CA Funds Japan GrowthCA Funds Japan Smaller Companies en CA Funds Japan QuantCA Funds US Smaller Companies en CA Funds US Quant

A 31 de diciembre de 2006, el Fondo estaba constituido por 64 corrosbursátiles cada uno de los cuales invertía en un mercado o grupo de mercadosparticulares.

Clases de acciones:

IA fin de permitir la comercialización de Crédit Agricole Funds a través de distintasredes de distribución y por distintos perfiles de inversores, se crearon nueve clasesdistintas de acciones, teniendo cada una de ellas sus propias características y suspropias estructuras de honorarios y gastos.

Acciones “Classic” - abiertas al conjunto de los inversores.Acciones “Classic H” - disponibles únicamente en algunas redes de distribución.Acciones “Classic S” - disponibles únicamente en algunas redes de distribución.Acciones “Institutional I” - reservadas a la clientela institucional que actúa porcuenta propia, y/o a los OICVM y fondos de fondos.Acciones “Institutional I2” - reservadas a un solo cliente institucional japonés.Acciones “Institutional I3” - reservadas a la clientela institucional.Acciones “Institutional I4” - reservadas a un solo cliente institucional japonés.Acciones “Institutional I5” - reservadas a la clientela institucional.Acciones “Institutional I7” - reservadas a la clientela institucional.

2. Principales políticas contables

Presentación de los estados financieros:

Los estados financieros de la SICAV se confeccionan conforme a la normativavigente en Luxemburgo relativa a los organismos de inversión colectiva.

(a) Los estados financieros han sido presentados basándose en el último valor deactivo neto calculado durante el ejercicio. De acuerdo con el folleto, los valores deactivo neto han sido calculados utilizando los últimos tipos conocidos en el momen-to des cálculo.

(b) Cartera de Valores. Los valores mobiliarios cotizados en bolsa o en un mercadoreglamentado se valoran a la última cotización conocida. Cuando esas cotizacionesno sean representativas o cuanto no se coticen los títulos, se valorarán a su valorde realización razonablemente previsible, determinado con prudencia y de buenafe por el consejo de administración.

(c) Conversión de las partidas expresadas en divisas extranjeras. Los estadosfinancieros del Fondo se expresan en euros (EUR). En consecuencia, los haberesnetos de cada corro bursátil, expresados en divisas extranjeras, se convierten yconsolidan en EUR a los tipos de cambio de cierre del ejercicio.

Las transacciones y los precios de compra de los títulos en cartera, expresados endivisas extranjeras, se convierten a la divisa de cuenta del corro bursátil correspon-diente a los tipos de cambio en vigor a la fecha de la transacción o de la compra,según sea el caso. El valor de valoración de los títulos de la cartera de valores asícomo los demás activos y pasivos, expresados en divisas extranjeras, se conviertena la divisa de cuenta del corro bursátil correspondiente a los tipos de cambio envigor al cierre del ejercicio. Las diferencias de cambio ocasionadas por estas con-versiones figuran en el balance de operaciones y las variaciones en activos netos.

(d) Productos de las Inversiones. Los dividendos se contabilizan como productosen la fecha en que se les declara u en la medida en que el Fondo pueda obtenerinformaciones a este respecto. Los intereses se contabilizan diariamente.

(e) Distribución de Gastos y Cargas. Se cargan a cada corro bursátil los gastos ocargas que se le atribuyan específicamente. Los gastos y cargas que no seanatribuibles a un corro bursátil en particular se reparten entre los corros bursátiles demodo equitativo, mediante prorrateo de sus activos netos respectivos.

(f) Contratos de Recompra. Los Contratos de Recompra (Repos) son equivalentesa empréstitos garantizados por activos subyacentes, presentados en la cartera devalores del corro bursátil que permanece expuesto al riesgo del mercado. Los con-tratos de Recompra Inversa (Reverse Repos) se parecen a los préstamos garanti-zados. En este caso, el corro bursátil no está sujeto al riesgo de depreciación delvalor de los activos subyacentes. Se considera a los Repos y a los Reverse Reposcomo empréstitos y préstamos, respectivamente, del importe de las disponibili-dades recibidas y /o pagadas.

(g) Contratos futuros. Los contratos futuros no vencidos se valoran a su última coti-zación conocida en la fecha de valoración o en la fecha de cierre y se contabilizanlas ganancias o pérdidas no realizadas resultantes.

(h) Contratos de cambio a plazo. Los contratos de cambio a plazo no vencidos sevaloran a los tipos de cambio aplicables en la fecha de valoración o en la fecha decierre y se contabilizan las ganancias o pérdidas

(i) Evaluación de las opciones. Las opciones alistadas de forma oficial en una bolsao en cualquier otro mercado regulado, con operación regular, reconocidas y abier-tas al público, son evaluadas en función de su cotización al cierre del día de la eval-uación, o en caso de no poseer dicha cotización, con base a la última cotizaciónconocida. Si dicha última cotización conocida no fuese representativa de tal opción,la evaluación se llevará a cabo con base a su valor probable de realización estima-do por el Consejo de Administración con prudencia y buena fe.

(j) Swaps. Los swaps de tipos de interés a corto plazo se valoran a un valor de mer-cado cero. Los swaps de tipos de interés a largo plazo, los swaps de volatilidad ylos swaps de correlación se registran al valor de mercado estimado con base a loselementos de valorización recogidos en los contratos. Las plusvalía neta no realiza-da está incluida en la partida “Ganancia netta no realizada sobre swaps” del bal-ance de los activos netos y la minusvalía neta no realizada se incluye en la partida“Perdida neta no realizada sobre swaps” del balance de los activos netos.

Nota sobre las cuentas a 31 de diciembre de 2006

171

(k) Estructura de comisiones. La comisión de administración, expresada como por-centaje del valor neto de los activos de las carteras y las clases de participacionesincluye todos los costes de administración del fondo. Esta comisión incluye la remuneración por prestación de servicios al fondo delagente administrativo, del agente domiciliario, del agente de cobros y pagos, delregistrador y del agente fiduciario, así como cualquier otro coste administrativoderivado de las operaciones del fondo, entre los que se incluyen de forma no exclu-siva:- los honorarios de los auditores y los consejeros legales del fondo (incluidos los

costes asociados al cumplimiento de requisitos legales y reglamentarios); - los costes de traducción, impresión y distribución entre los inversores de los

informes anuales y semestrales, de los folletos informativos del fondo y decualquier suplemento a los mismos;

- cualquier coste relacionado con la información de los titulares de participa-ciones, incluidos los costes derivados de la publicación de los precios de lasparticipaciones en la prensa económica y la producción de material informativopara suscriptores y distribuidores;

- cualquier honorario o gasto derivado del registro y el mantenimiento del fondo encualquier agencia estatal o mercado de valores, del cumplimiento de cualquierrequisito legal y de la devolución de estos honorarios y gastos en caso de habersido satisfechos por un agente del país;

- los honorarios de cualquier agente o representante cuyos servicios sean nece-sarios de acuerdo con la legislación pertinente;

- los costes relativos a medidas extraordinarias, en concreto a la obtención deinformación especializada y la realización de pruebas para la protección de losintereses del los titulares de participaciones.

- los costes de traducción, distribución y publicación de cualquier notificación alos titulares de participaciones.

El importe máximo de la comisión de administración, expresada como porcentajedel valor neto de los activos, se indica en el siguiente esquema:

* excepto los siguientes subfondos :


- Dynarbitrage Select et Volatility Equities :

La comisión de administración es pagadera a mes vencido a CAAM Luxembourg,y se calcula con base diaria para cada cartera y cada subclase de participaciones. Con los ingresos derivados de esta comisión CAAM Luxembourg satisfará los hon-orarios del agente fiduciario, del agente administrativo, del agente domiciliario, delagente de cobros y pagos y del registrador, así como los gastos administrativos delfondo.

l) Costes de las inversiones

A consecuencia del cambio en el sistema de contabilidad, las comisiones de cor-retaje y las comisiones para operaciones bursátiles no se incluyen entre los costesde las inversiones, sino que corresponden a la partida presupuestaria "Gastos decorredores".

3. Tipos de camio utilizados el 31 de diciembre de 2006

Los tipos de cambio utilizados para la consolidación son los siguientes:


Cartera Clases Clase ClasesInstitutional Institutional I7 Classic,


Global / Regional / País 0,25% - 0,35%

Pequeñas empresas / sectores 0,35% - 0,45%

Asia / Mercados emergentes 0,40% 0,29% 0,50%

Subfondos de inversiones éticas 0,25% - 0,35%

Bonos convertibles 0,25% - 0,35%

Bonos globales / específicos 0,20% - 0,30%

Rendimiento absoluto* 0,20% - 0,30%

Deuda emergente / Bonos de alta rentabilidad 0,40% - 0,50%

Reserva 0,15% - 0,25%

Clases Institutional Clases Classic, Classic H Clase Classic S

0,20% 0,30% 0,35% % maximo

Clases Institutional Clases Classic, Classic S, Classic H

0,25% 0,35%

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I I 2 I 3 I 4 I 5 I7 C S H

SUBFONDOS RENTA VARIABLE

Subfondos mundiales/regionales/nacionales














Subfondos Pymes/sectoriales








Subfondos asiáticos/de mercados emergentes







- India 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- Korea 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A



Subfondos de inversiones éticas



SUBFONDOS DE RENTA FIJA

Subfondos de bonos convertibles


Subfondos de bonos mundiales










4. Comisión de gestión


173

I I 2 I 3 I 4 I 5 I7 C S H

SUBFONDOS DE RENTA FIJA

Subfondos de deuda emergente/bonos de alto rendimiento



Subfondo específico




Subfondos de rendimiento absoluto
















SUBFONDOS DE RESERVA



Estas comisiones se calculan y contabilizan diariamente y son pagadas trimestralmente, a plazo vencido, a Crédit Agricole Asset Management Luxembourg S.A. (la“Sociedad Gestora”). La Sociedad Gestora es la responsable del pago de las comisiones a los gestores de inversiones.

5. Comisión por rentabilidad

Como remuneración por sus servicios, el gestor de inversiones del subfondoEmerging Markets recibe una comisión por rentabilidad.

La comisión por rentabilidad es igual al 15% del rendimiento (tras el cálculo de lacomisión mínima) que supere el rendimiento total neto de los mercados emergentesdel MSCI (incluidos los dividendos resultantes tras la retención de impuestos). Estacomisión de gestión se calcula y registra diariamente y se paga trimestralmente porel período ya transcurrido.

No se han pagado comisiones por rentabilidad para Emerging Markets.

Se ha añadido una comisión por rentabilidad a la comisión de gestión en los sub-fondos LDI y de rendimiento absoluto. La rentabilidad de una cartera dada se cal-cula en función de la variación del valor neto del activo por subclase departicipaciones (comisión de rentabilidad no incluida) multiplicada por el número departicipaciones del día, como se describe en el folleto informativo.

A 31 de diciembre de 2006, las comisiones por rentabilidad son las siguientes(importes recuperados bajo la rúbrica de Comisiones de gestión):

CA Funds Arbitrage VaR 2 (EUR) : EUR 878.263,64CA Funds Arbitrage VaR 2 (GBP) : GBP 41.933,26CA Funds Arbitrage VaR 2 (USD) : USD 103.456,65CA Funds Dynarbitrage Forex : EUR 2.004.720,30

CA Funds Dynarbitrage Forex (USD) : USD 34.393,97CA Funds Dynarbitrage Forex Asia Pacific : USD 61.131,70CA Funds Dynarbitrage Forex Plus (EUR) : EUR 3.881.250,75CA Funds Dynarbitrage Forex Plus (USD) : USD 1.219.279,30CA Funds Dynarbitrage VaR 4 (EUR) : EUR 9.870.901,01CA Funds Dynarbitrage VaR 4 (USD) : USD 142.771,60CA Funds LDI Gilt Plus : GBP 5.343,00CA Funds LDI Index Linked Plus : GBP 80.238,00

No se han pagado comisiones por rentabilidad para los subfondos Arbitrage Infla-tion, Dynarbitrage High Yield, Dynarbitrage Select, Dynarbitrage Volatility y VolatilityEquities.

6. Fiscalidad

Según las disposiciones legales y reglamentarias actualmente en vigor en Luxem-burgo, el Fondo no está sujeto a ningún impuesto sobre los beneficios ni sobre lasplusvalías. No obstante, el Fondo está sujeto al impuesto de abono al tipo del 0,05%anual basado en el activo neto del Fondo al final del trimestre correspondiente, cal-culado y pagado trimestralmente.

Los Corros Bursátiles a Corto Plazo respetan algunos criterios específicos y algu-nas condiciones, y por consiguiente se benefician de la Ley de 14 de abril de 1995desde el 1 de enero de 1995; estos corros bursátiles y las clases Institutional I, I2,I3, I4, I5 y I7 están sujetos desde entonces a un impuesto de abono reducido del

0,01% anual basado en el activo neto del Fondo al final del trimestre correspondi-ente.

Los intereses y dividendos recibidos por el Fondo pueden estar sujetos a reten-ciones en la fuente no recuperables en sus países de origen.

7. Otros gastos

Los saldos de otros gastos indicados en la declaración de operaciones y cambiode los activos netos incluyen los intereses pagados en los swaps de tipos de interésy los gastos bancarios.

8. Estado de las Variaciones de la Cartera de Valores

Los detalles relativos a las variaciones de los títulos de la cartera de valores para elperiodo cerrado el 31 de diciembre de 2006 pueden obtenerse gratuitamente medi-ante petición en el domicilio social del Fondo y en representante en Hong Kong.

La lista de los cambios en las carteras puede ser obtenida en la representación ale-mana y suiza sin nigún gasto suplementario.

9. Dividendos

La SICAV ha distribuido los dividendos por accione siguientes en el transcurso delperíodo:

Ex-fecha : 26 de septiembre de 2006Fecha de pago: 29 de septiembre de 2006


Ex-fecha : 4 de julio de 2006, 2 de agosto de 2006, 4 de septiembre de2006, 3 de octubre de 2006

Fecha de pago : 7 de julio de 2006, 7 de agosto de 2006, 7 de septiembre de 2006, 6 de octubre de 2006


Ex-fecha : 3 de noviembre de 2006, 4 de diciembre de 2006Fecha de pago: 8 de noviembre de 2006, 7 de diciembre de 2006


Ex-fecha: 27 de noviembre de 2006Fecha de pago: 30 de noviembre de 2006


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176

1. Premessa generale

CREDIT AGRICOLE FUNDS ("il Fondo") è costituito sotto forma di Società di Inves-timento a Capitale Variabile di diritto lussemburghese. Il Fondo, inizialmente denom-inato Groupe Indosuez Funds FCP, un Fondo Comune di Investimento, è statotrasformato e la sua denominazione è stata cambiata in GIF SICAV II in data 15marzo 1999, successivamente in GIF SICAV il 1 dicembre 1999 ed infine, in CREDIT AGRICOLE FUNDS il 8 dicembre 2000. Il Fondo è un organismo d’investi-mento collettivo in valori mobiliari (OICVM) disciplinata dalla legge del 20 dicembre2002 (Parte I) su organismi d’investimenti collettivi (UCITS III).

Al 6 luglio 2006, il fondo Patavium FCP si è fusa per incorporazione :


Nel corso del periodo i seguenti comparti sono stati lanciati :


Al 15 dicembre 2006, i seguenti comparti sono stati rinominati :


Al 31 dicembre 2006, il Fondo era costituito da 64 comparti, ognuno dei qualispecializzato nell’investimento in uno specifico mercato o gruppo di mercati.

Classi di azioni :

Per consentire la commercializzazione di Crédit Agricole Funds attraverso svariaticanali distributivi e poterlo proporre a varie tipologie di investitori, sono state createnove distinte classi di azioni, aventi specifiche caratteristiche e fasce di onorari espese differenziate.

Azioni “Classic” - aperte all’insieme degli investitori.Azioni “Classic H” - disponibili soltanto presso alcune reti di distribuzione.Azioni “Classic S” - disponibili soltanto presso alcune reti di distribuzione.Azioni “Institutional I” - riservate alla clientela istituzionale che opera per proprioconto, e/o alle OICVM e ai fondi di fondi.Azioni “Institutional I2” - riservate a un solo cliente istituzionale giapponese. Azioni “Institutional I3” - riservate alla clientela istituzionale.Azioni “Institutional I4” - riservate a un solo cliente istituzionale giapponese.Azioni “Institutional I5” - riservate alla clientela istituzionale.Azioni “Institutional I7” - riservate alla clientela istituzionale.

2. Principali politiche contabili

Presentazione del bilancio:

Il bilancio della SICAV è redatto conformemente alla regolamentazione che disci-plina gli organismi d’investimenti collettivi in vigore in Lussemburgo.

(a) I rendiconti finanziari sono stati elaborati sulla base dell’ultimo valore netto d’in-ventario calcolato nel corso dell’esercizio. Conformemente al Prospetto informativo,¥ valori netti d’inventario sono stati calcolati utilizzando gli ultimi corsi conosciuti almomento del calcolo stesso.

(b) Portafoglio-Titoli. I valori mobiliari quotati in borsa o su un altro mercato regola-mentato sono determinati sulla base dell'ultimo corso accertato. Qualora tali corsinon siano rappresentativi oppure i titoli non siano quotati, codesti sono determinatisulla base del valore di realizzo degli stessi ragionevolmente ipotizzabile, definitocon prudenza e buona fede dal Consiglio di Amministrazione.

(c) Conversione delle voci espresse in valute estere. Il bilancio del Fondo è redattoin Euro (EUR). Di conseguenza, gli averi netti di ogni singolo comparto, espressi invalute estere, sono convertiti e consolidati in EUR ai tassi di cambio vigenti allachiusura dell’esercizio.

Le transazioni e i costi di acquisto dei titoli in portafoglio, espressi in valute estere,vengono convertiti nella valuta del conto del relativo comparto ai tassi di cambio invigore al momento della transazione o dell’acquisto. Il valore di mercato dei titoli inportafoglio, oltre agli altri attivi e passivi, espressi in valute estere, sono convertitinella valuta del conto del relativo comparto ai tassi di cambio in vigore alla chiusuradell’esercizio. Le differenze sui cambi derivanti da tali conversioni sono computatenel prospetto delle operazioni e delle variazioni del patrimonio netto.

(d) Proventi degli Investimenti. I dividendi sono contabilizzati sotto forma di proven-ti alla data in cui vengono annunciati, e a condizione che il Fondo sia in grado diottenere le dovute informazioni al riguardo. Gli interessi sono contabilizzati su basegiornaliera.

(e) Ripartizione dei spese e debiti. Ad ogni singolo comparto vengono addebitati icosti e le spese di sua competenza. I costi e le spese non imputabili ad alcun par-ticolare comparto sono suddivisi su base equa, in proporzione agli attivi netti di ognisingolo comparto.

(f) Repurchase agreements. I Repurchase agreements (Repos) equivalgono aprestiti garantiti da attivi presenti in portafoglio, inclusi nel portafoglio-titoli del com-parto esposto al rischio di mercato. I Reverse repurchase agreements (ReverseRepos) sono simili a prestiti garantiti. In questo caso, il comparto non è esposto alrischio di deprezzamento delle attivi presenti in portafoglio. Repos e Reverse Repossono considerati come prestiti e finanziamenti di importo corrispondente, rispettiva-mente, alle liquidità percepite e/o pagate.

(g) Contratti futuri. I contratti futuri non scaduti sono valorizzati sulla base dell’ultimocorso conosciuto al momento della valorizzazione o alla data di chiusura, e laplus/(minus) valenza non realizzata che ne scaturisce viene contabilizzata.

(h) Contratti di cambio a termine. I contratti di cambio a termine non scaduti sonovalorizzati sulla base dei corsi dei cambi applicabili alla data della valorizzazione oalla data di chiusura, e la plus-minus valenza non realizzata che ne scaturisce vienecontabilizzata.

(i) Valutazione delle opzioni. Le opzioni ammesse alle quotazioni ufficiali su un mer-cato azionario o su qualsiasi altro mercato regolamentato che operi in maniera rego-lare e aperto al pubblico sono valutate sulla base dei rispettivi prezzi di chiusura delgiorno di valutazione oppure, in assenza di tali prezzi, sulla base degli ultimi prezzinoti disponibili. Qualora tali prezzi noti non fossero rappresentativi, la valutazione sibaserà sul probabile valore di realizzo stimato dal Consiglio di Amministrazione invia prudenziale e in buona fede.

(j) Swaps. La valutazione di mercato degli swap sui tassi d'interesse a breve termineè pari a zero. Gli swap sui tassi d'interesse a lungo termine, gli swap di volatilità egli swap di correlazione sono registrati al valore di mercato stimato sulla base deglielementi di valorizzazioni previsti nei contratti. La plusvalenza netta non realizzata èascritta alla voce "Plusvalenza netta non realizzata su swaps" del Prospetto del pat-rimonio netto, mentre la minusvalenza netta non realizzata è ascritta alla voce

Note integrative al bilancio al 31 dicembre 2006

177

"Minusvalenza netta non realizzata su swaps" del Stato patrimoniale netto.

(k) Struttura commissionale. Per “Commissione amministrativa” si intende una com-missione espressa in percentuale del valore patrimoniale netto dei portafogli e dellecategorie di azioni, compresi tutti gli oneri amministrativi del Fondo.

Tale commissione comprende la remunerazione dell’Agente amministrativo, dell’A-gente domiciliare, dell’Agente incaricato dei trasferimenti e del Conservatore delregistro per i servizi resi al Fondo, la remunerazione della Banca depositaria per iservizi resi al Fondo come pure tutte le altre spese amministrative sostenute nellagestione del Fondo compresi, a titolo esemplificativo:

- i compensi dei revisori e dei consulenti legali del Fondo (compresi i costi connes-si alla conformità alle disposizioni legali e normative);

- i costi di traduzione, stampa e distribuzione agli investitori delle relazioni annualie semestrali e dei prospetti informativi del Fondo come pure di qualsiasi relativosupplemento;

- qualsiasi costo connesso all’informazione agli azionisti compresi i costi relativialla pubblicazione del prezzo delle azioni nella stampa finanziaria, la realiz-zazione del materiale informativo per i sottoscrittori e i collocatori;

- qualsiasi spesa e onere connesso alla registrazione e al mantenimento della reg-istrazione del Fondo presso qualsiasi ente governativo o borsa e per la confor-mità a qualsiasi disposizione normativa e il rimborso di tali spese e oneri sostenutida qualsiasi rappresentante locale;

- i compensi dei rappresentanti/corrispondenti locali, i cui servizi sono richiesti aisensi delle leggi applicabili;

- i costi connessi a provvedimenti straordinari, in particolare qualsiasi perizia o ver-ifica volta a tutelare gli interessi degli azionisti;

- i costi relativi alla traduzione, alla distribuzione e alla pubblicazione delle comu-nicazioni agli azionisti.

L’importo massimo della Commissione amministrativa, espressa in percentuale delvalore patrimoniale netto, è illustrato nella tabella che segue:

* tranne i comparti :


- Dynarbitrage Select e Volatility Equities :

Le commissioni amministrative vengono versate posticipatamente ogni mese aCAAM Luxembourg e sono calcolate ogni giorno per ogni portafoglio e ogni sotto-categoria di azioni.

A partire da tali commissioni, CAAM Luxembourg salderà i compensi della Bancadepositaria, dell’Agente amministrativo, dell’Agente domiciliare, dell’Agente incari-cato dei trasferimenti e del Conservatore del registro come pure i costi amministra-tivi del Fondo.

l) Costo degli investimenti.

A seguito della modifica del sistema contabile, le commissioni di intermediazione ele commissioni di borsa non sono incluse nel costo degli investimenti, ma vengonoaddebitate alla voce di costo “Spese d’intermediazione”.

3. Tassi di cambio utilizzati al 31 dicembre 2006

I tassi di cambio utilizzati per la consolidazione sono i seguenti:


Comparto Classi Classe Classi Institutional Institutional I7 Classic,


Globali/Regionali/Paese 0,25% - 0,35%

Aziende/Settori minori 0,35% - 0,45%

Asia / Mercati emergenti 0,40% 0,29% 0,50%

Investimenti socialmente responsabili 0,25% - 0,35%

Obbligazioni convertibili 0,25% - 0,35%

Obbligazioni globali/specifiche 0,20% - 0,30%

Rendimento assoluto * 0,20% - 0,30%

Titoli dei mercati emergenti / Obbligazioni ad alto rendimento 0,40% - 0,50%

Monetari 0,15% - 0,25%

Classi Institutional Classi Classic, Classic H Classe Classic S

0,20% 0,30% 0,35% al massimo

Classi Institutional Classi Classic, Classic S, Classic H

0,25% 0,35%

178

I I 2 I 3 I 4 I 5 I7 C S H

COMPARTI AZIONARI

Comparti Globali/Regionali/Nazionali














Comparti Società piccole dimensioni/ Settoriali








Comparti Asia/Mercati Emergenti







- India 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A

- Korea 1,00 0,45 N/A 0,45 N/A 0,65 1,60 2,00 N/A



Investimenti Socialmente Responsabili



COMPARTI OBBLIGAZIONARI

Comparti obbligazioni convertibili


Comparti obbligazionari internazionali










4. Commissione di gestione


179

I I 2 I 3 I 4 I 5 I7 C S H

COMPARTI OBBLIGAZIONARI

Comparti obbligazionari emergenti/alto rendimento



Comparti Specifici




Comparti rendimento assoluto
















COMPARTI RISERVA



Queste commissioni sono calcolate e contabilizzate con scadenza giornaliera e pagate trimestralmente, successivamente alla scadenza, alla Crédit Agricole Asset Man-agement Luxembourg S.A. (la “Società di gestione”). La Società di gestione è responsabile del pagamento delle commissioni ai gestori degli investimenti.

5. Commissione di performance

Come compenso per il suo servizio, il gestore degli investimenti del compartoEmerging Markets percepisce una commissione di performance.

Tale commissione di performance è pari al 15% del rendimento (al netto della com-missione di base) dell'indice MSCI Emerging Markets Free Total Return (inclusi i dividendi al netto dell'imposta alla fonte). Essa viene calcolata e registrata quotidi-anamente e pagata alla fine di ogni trimestre.

Nessuna commissione di performance è stata versata per Emerging Markets.

Una commissione di performance è stata aggiunta alla commissione di gestione peri comparti LDI e rendimento assoluto. La performance del comparto è calcolatasulla base della variazione del valore patrimoniale netto per sottocategoria di azioni(esclusa la commissione di performance) moltiplicata per il numero di quote delgiorno, come illustrato nel prospetto informativo.

Al 31 dicembre 2006, le commissioni di performance sono le seguente (importeiscritte alla voce Commissioni di gestione) :



Nessuna commissione di performance è stata versata per Arbitrage Inflation, Dynar-bitrage High Yield, Dynarbitrage Select, Dynarbitrage Volatility e Volatility Equities.

6. Fiscalità

Secondo quanto previsto dalle disposizioni legislative e regolamentari attualmentevigenti in Lussemburgo, il Fondo non è assoggettato ad alcuna imposta sugli utili osulle plus-valenze. Il Fondo è tuttavia assoggettato alla tassa di abbonamento dello0,05 % annuo, sulla base dell’attivo netto dal Fondo alla fine del trimestre consider-ato, calcolata e pagata ogni trimestre.

I due comparti Breve Termine rispettano alcuni particolari criteri e condizioni edusufruiscono di conseguenza, dal 1° gennaio 1995, delle disposizioni previste dallalegge del 14 aprile 1995; tali comparti e i classi Institutional I, I2, I3, I4, I5 e I7 sonopertanto assoggettati ad una tassa di abbonamento ridotta pari allo 0,01% annuo,applicabile all’attivo netto maturato dal Fondo alla fine del trimestre considerato.

Gli interessi e i dividendi percepiti dal Fondo possono essere assoggettati a ritenutealla fonte non recuperabili nei loro paesi di provenienza.

7. Altre Spese

I saldi relativi alle altre spese riportate all'interno della situazione delle operazioni enei cambiamenti dell'attivo netto comprendono gli interessi pagati su swap sui tassid'interesse e le commissioni bancarie.

8. Stato dei Movimenti di Portafoglio

I particolari riguardanti i movimenti di titoli presenti in portafoglio per il periodo chiu-so al 31 dicembre 2006 sono disponibili gratuitamente e dietro semplice richiesta,presso la sede legale del Fondo ed ufficio di rappresentanza di Hong Kong.

La lista dei movimenti di titoli presenti in portafoglio ed anche disponibile gratuita-mente presso la rappresentante in Germania ed in Svizzera.

9. Dividendi

Nel corso del periodo considerato, la SICAV ha distribuito i seguenti dividendi perazione :

Ex-data: 26 settembre 2006Data di pagamento : 29 settembre 2006


Ex-data: 4 luglio 2006, 2 agosto 2006, 4 settembre 2006, 3 ottobre2006

Data di pagamento : 7 luglio 2006, 7 agosto 2006, 7 settembre 2006, 6 ottobre2006


Ex-data : 3 novembre 2006, 4 dicembre 2006Data di pagamento : 8 novembre 2006, 7 dicembre 2006


Ex-data : 27 novembre 2006Data di pagamento : 30 novembre 2006


180


181

Notices and Reports

Avis et rapports / Bekanntmachungen und BerichteAvisos e informes / Comunicazioni e relazioni

at 31 December 2006 / au 31 décembre 2006 / zum 31. Dezember 2006al 31 de diciembre de 2006 / al 31 dicembre 2006

ENGLISH

Notices to shareholders will be published in the Luxembourg “Mémorial”, the d’Wort and in such other newspapers as the Directors may determine.

Dividend announcements, including the names of the Paying Agents, are published in the d’Wort and in such other newspapers as the Directors may from time to time deter-mine.

FRANCAIS

Les avis aux actionnaires seront publiés au “Mémorial” du Luxembourg, dans le d’Wort et dans tous les autres journaux que pourront désigner les administrateurs.

Les avis de dividendes, y compris la désignation des établissements financiers habilités à effectuer le paiement, seront publiés dans le d’Wort et dans tous les autres jour-naux que les administrateurs pourront désigner.

DEUTSCH

Mitteilungen an die Anteilsinhaber werden im Luxemburger “Mémorial”, im d’Wort und in denjenigen anderen Zeitungen veröffentlicht, die der Verwaltungsrat gegebenen-falls bestimmt.

Dividendenerklärungen, einschließlich der Namen der Zahlstellen, werden im d’Wort und in denjenigen anderen Zeitungen veröffentlicht, die der Verwaltungsrat bestimmt.

ESPAÑOL

Los avisos destinados a los accionistas se publicarán en el “Mémorial” de Luxemburgo, el d’Wort así como en cualquier periódico que designen los Administradores.

Los anuncios sobre dividendos, incluyendo la designación de los establecimientos financieros autorizados para efectuar los pagos, se publicarán en el d’Wort, así comoen todos los demás periódicos que puedan designar los Administratores.

ITALIANO

Le comunicazioni agli azionisti saranno pubblicate al 'Mémorial' di Lussemburgo, sul d’Wort e su tutti gli altri quotidiani designati dagli amministratori.

Gli avvisi relativi ai dividendi, compresa la designazione degli istituti di credito abilitati ad effettuare i pagamenti, saranno pubblicati sul d’Wort e su tutti gli altri quotidianiche gli amministratori potranno designare di volta in volta.

182

Total Expenses Ratio

The Total Expense Ratio (TER) is fixed as follows:Le Total Expense Ratio (TER) est fixé comme suit:Der Total Expense Ratio (TER) wird wie folgt festgelegt:El Total Expense Ratio (TER) se fijará como sigue:Il Total Expense Ratio (TER) è fissato come riportato nella tabella:

Sub-fundsCompartiments Institutional

Teilfonds Classic Classic H Classic SSubfondos I I2 I3 I4 I5 I7Comparti

Aqua Global 1.90% - 2.30% 1.26% - - - - -Asia Pacific Quant 2.15% - 2.55% 1.41% - - - - 0.95%Asian Growth 2.15% - 2.55% 1.41% - - - - 0.95%Asian Renaissance 2.15% - 2.55% 1.41% - - - - 0.95%Emerging Europe 2.15% - 2.55% 1.41% - - - - 0.95%Emerging Markets 2.15% - 2.55% 1.41% - - - - 1.10%Euro Quant 1.70% - 2.10% 0.96% - - - - -Euro SRI 1.70% - 2.00% 0.96% - - - - -Europe Equities 1.70% - 2.10% 0.96% - - - - -Europe Smaller Companies 2.10% - 2.50% 1.36% - - - - -Global Consumer Discretionary 2.10% - 2.50% 1.36% - - - - -Global Equities 1.70% - 2.10% 0.96% - - - - -Global Finance 2.10% - 2.50% 1.36% - - - - -Global Food & Healthcare 2.10% - 2.50% 1.36% - - - - -Global Quant 1.70% - 2.10% 0.96% - - - - -Global Resources & Industry 2.10% - 2.50% 1.36%Global Techno & Telecom 2.10% - 2.50% 1.36% - - - - -Greater China 2.15% - 2.55% 1.41% 0.86% - 0.86% - 0.95%Iberia 1.70% - 2.10% 0.96% - - - - -India 2.15% - 2.55% 1.41% 0.86% - 0.86% - 0.95%Italy 1.70% - 2.10% 0.96% - - - - -Japan Growth 1.70% - 2.10% 0.96% - - - - -Japan Quant 1.70% - 2.10% 0.96% - - - - -Japan Value 1.70% - 2.10% 0.96% 0.71% - - - -Korea 2.15% - 2.55% 1.41% 0.86% - 0.86% - 0.95%Latin America Equities 2.15% - 2.55% 1.41% - - - - 0.95%Switzerland 1.70% - 2.10% 0.96% - - - - -Thailand 2.15% - 2.55% 1.41% - - - - 0.95%United Kingdom 1.70% - 2.10% 0.96% - - - - -US Opportunities 2.10% - 2.50% 1.36% - - - - -US Quant 1.70% - 2.10% 0.96% - - - - -USA 1.70% - 2.10% 0.96% - - - - -Arbitrage Inflation 1.15% 1.45% 1.30% 0.81% - - - - -Arbitrage VaR 2 (EUR) 0.85% 1.15% 0.95% 0.51% - - - - -Arbitrage VaR 2 (GBP) 0.85% 1.15% 0.95% 0.51% - - - - -Arbitrage VaR 2 (USD) 0.85% 1.15% 0.95% 0.51% - - - - -Asian Income 1.15% - 1.35% 0.71% - - - - -Dynarbitrage Forex 1.15% 1.45% 1.25% 0.61% - - - - -Dynarbitrage Forex (USD) 1.15% 1.45% 1.25% 0.61% - - - - -Dynarbitrage Forex Asia Pacific 1.15% 1.45% 1.25% 0.71% - - - - -Dynarbitrage Forex Plus (EUR) 1.55% 2.35% 1.95% 1.11% - - - - -Dynarbitrage Forex Plus (USD) 1.55% 2.35% 1.95% 1.11% - - - - -Dynarbitrage High Yield 1.20% 1.50% 1.30% 0.76% - - - - -Dynarbitrage Select 1.40% 2.00% 1.70% 0.86% - - - - -Dynarbitrage VaR 4 (EUR) 1.15% 1.45% 1.25% 0.71% - - - - -Dynarbitrage VaR 4 (USD) 1.15% 1.45% 1.25% 0.71% - - - - -Dynarbitrage Volatility 1.15% 1.45% 1.25% 0.71% - - - - -Emerging Markets Debt 2.15% - 2.35% 1.11% - - - - -Euro 2001 Bond 1.15% - 1.35% 0.71% - - - - -Euro Bond 1.15% - 1.35% 0.71% 0.46% - - - -Euro Corporate Bond 1.15% - 1.35% 0.71% 0.46% 0.71% - - -Euro Inflation Bond 1.15% - 1.35% 0.71% - - - - -Euro Select Bond 1.00% - 1.20% 0.51% - - - - -European Bond 1.15% - 1.35% 0.71% - - - - -European Convertible Bond 1.60% - 1.80% 0.86% - - - - -European High Yield Bond 2.15% - 2.35% 1.11% 0.81% - - - -Global Bond 1.15% - 1.35% 0.71% - - - 0.71% -LDI Gilt Plus (GBP) 1.15% - - 0.71% - - - - -LDI Index Linked Plus (GBP) 1.15% - - 0.71% - - - - -Swiss Franc Bond 1.15% - 1.35% 0.71% - - - - -US Dollar Bond 1.15% - 1.35% 0.71% - - - - -Volatility Equities 0.85% - 1.05% 0.46% - - - - -Euro Reserve 0.80% - 1.00% 0.41% - - - - -USD Reserve 0.80% - 1.00% 0.41% - - - - -

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UUnaudited Semi-Annual Report 2006 Crédit Agricole FundsSICAV with sub-funds under Luxembourg law

Rapport Semi-Annuel Non-Révisé 2006 Crédit Agricole FundsSICAV à compartiments de droit luxembourgeois

Ungeprüfter Halbjahresbericht 2006 Crédit Agricole FundsSICAV mit Teilfonds nach luxemburgischem Recht

Informe semestral no auditado 2006 Crédit Agricole FundsSICAV de subfondos de derecho luxemburgués

Relazione semestrale non certificata 2006 Crédit Agricole FundsSICAV a compartimenti di diritto lussemburghese

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