SVENSKA SELECTION FUND - handelsbanken.com fileSvenSka Selection Fund (Société d’investissement...

SVENSKA SELECTION FUND

SOCIETE D’INVESTISSEMENT A CAPITAL VARIABLE (SICAV)

UNAUDITED SEMI-ANNUAL REPORTfor the period from

1st January 2007 to 30th June 2007

SvenSka Selection Fund(Société d’investissement à capital variable)

�

table of contents

SHaReHoldeRS’ inFoRMation Page 2

adMiniStRation and SeRvice PRovideRS 3

tHe adviSeR’S RePoRt 4

StateMent oF net aSSetS 6

StateMent oF oPeRationS 8

StateMent oF cHanGeS in net aSSetS �0

StateMent oF inveStMentS and otHeR net aSSetS �4

SWediSH BondS SHaReS �4

SWediSH FiXed incoMe SHaReS �5

SWediSH SHoRt teRM aSSetS SHaReS �6

SWeden SHaReS �8

euRo active SHaReS �9

noRdic SHaReS 2�

aMeRica SHaReS 22

FaR eaSt SHaReS 25

inteRnational SHaReS 28

noteS to tHe Financial StateMentS 38


2

Shareholders’ information

information to Shareholders of SvenSka Selection Fund (Société d’investissement à capital variable, Sicav)hereafter called “Svenska Selection Fund” or “the Fund”:

audited annual and unaudited semi-annual reports are available at the office of the domiciliary, registrar and transfer agent – paying agent.

Financial information concerning the Fund is published in the following newspapers:

cote officielle de la Bourse de luxembourg,Financial times.

notices for the annual General Meeting of Shareholders are published in:

Mémorial c-Recueil des Sociétés et associations,d’Wort,Financial times.

the certified articles of incorporation were lodged at the office of the Registrar “Registre de commerce et des Sociétés” of luxembourg where they are available for inspection and where copies may be obtained upon request.

the sale and repurchase prices of the shares may be obtained at the registered office of the Fund.

copies of portfolio changes are available at the office of the domiciliary, registrar and transfer agent - paying agent.

no subscription can be accepted on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current explanatory Memorandum accompanied by the latest available annual report and the latest available semi-annual report if published thereafter.


�

administration and service providers

Directors ulf Riese, Stockholm, Sweden chairman of the company, Head of Handelsbanken asset Management Resigned on 1st February 2007 Patrik Hertsberg, Stockholm, Sweden chairman of the company, Head of Handelsbanken asset Management appointed on 1st February 2007 Joachim Spetz, Stockholm, Sweden Head of Handelsbanken Fonder (Mutual Funds) Johan lindzén, luxembourg, (Grand duchy of luxembourg) Managing director of Svenska Handelsbanken luxembourg S.a. Julie krentz, Mamer, (Grand duchy of luxembourg) Head of investment Funds, Svenska Handelsbanken luxembourg S.a. appointed on 1st February 2007

RegisteredOffice Svenska Selection Fund 146, boulevard de la Pétrusse P.o. Box 678 l-2��0 luxembourg, Grand duchy of luxembourg R.c. luxembourg n° 22175

InvestmentAdviser Handelsbanken Fonder aB S-106 70 Stockholm, Sweden

Domiciliary, Svenska Handelsbanken S.a. Registarand 146, boulevard de la Pétrusse Transferagent– P.o. Box 678 payingagent l-2��0 luxembourg, Grand duchy of luxembourg

Custodian Svenska Handelsbanken S.a. 146, boulevard de la Pétrusse P.o. Box 678 l-2��0 luxembourg, Grand duchy of luxembourg

ListingAgent Svenska Handelsbanken S.a. 146, boulevard de la Pétrusse P.o. Box 678 l-2��0 luxembourg, Grand duchy of luxembourg

Réviseurd’entreprises/ kPMG audit S.à r.l. Auditor �1, allée Scheffer l-2520 luxembourg, Grand duchy of luxembourg

LegalAdviser linklaters loesch 4, rue carlo Hemmer B.P. 1107 l-1011 luxembourg, Grand duchy of luxembourg


4

the adviser’s Report

GlobalmarketsinbriefStockmarketsInternationalat the start of the year, economists worldwide were concerned that financing difficulties in the uS housing market would push the global economy into a downturn. However, it later appeared that this problem could be handled within the financial system itself and that the market could again focus on companies’ strong profitability. towards the end of H� 2007, concerns about inflation escalated due to the robust pace of growth in china and india as well as bottlenecks within industry. this pattern of concern about a downturn in the business cycle alternating with worries about inflation has characterized the market in the past two years. at the same time, company profits continue to push the stock markets to new highs. our view is that this uneasiness is a natural part of stock market psychology. investors should be just as critical in their scrutiny of negative predictions as they are to exaggerated forecasts, especially given the media’s preference to reinforce negative news.once again, emerging markets performed best during the first half of 2007, particularly china and latin america. the nordic countries also performed well. china is the market that has attracted the most attention in the first half, with a strong upturn posted in its domestic market. However, it is important to remember that the domestic market targets the chinese. the same company can be purchased on the free market in Hong kong at significantly lower prices. this is based on the fact that the domestic market is being driven by the sharp rise in savings in china, which in principle cannot be invested outside of the country.

EuropeWe continue to see positive signals coming from europe, where investments and exports remain strong, and margins and order intake have improved. the weaker uSd is less of a threat to the export industry today than previously when exports to eastern europe and china were greater than to the uS. Germany is undergoing a recovery and growth in the country is now almost 2.5%, a level we have not seen for almost �5 years. the improved economic cycle in europe has resulted in a series of rate hikes by the european central Bank (ecB), which could restrict activity in the equity markets. nevertheless, we remain positive towards the region. the european markets have risen by �3% (MSci Pan europe Sek terms) during the first half of 2007.

Nordicregionthe nordic region’s export-oriented market has benefited from global trade and the strong growth in emerging markets, with companies reporting record high profitability. the manufacturing sector in Finland and Sweden has shown the strongest performance in terms of profits and price trends. For the first time in six years, however, the small-cap market has posted somewhat weaker growth than the broader nordic stock market.

Stockmarketoutlookfor2007company order intakes remain very strong. this is mainly being driven by growth in asia, but demand in europe is also contributing to this trend. From this perspective, we see the recent slowdown in the uS economy as a positive signal. However, our greatest concern is that overheating, followed by inflation and rate hikes will break the positive stock market trends. companies’ investment needs, continued positive business opportunities within industry and the strength in asia should benefit growth trends. the stock market has increased sharply during the past few years, with the rise in company profits supporting the upturn and contributing to attractive valuations. therefore, we expect the long, upward trend in the stock market to continue.

MoneymarketsInternationalthe divergence between growth in the uS and the rest of the world continues. Growth in the uS has slowed and is now in an obvious decline. However, growth continues to develop strongly in the rest of the world. analysts have raised their forecasts for growth for most economies. Germany and Sweden, specifically, are countries that have had the largest GdP forecast revisions for the coming year. the uS usually leads the economic cycle by �-2 quarters’. in the most recent cycle, the dichotomy between the uS and the rest of the world has taken place for over a year. this time, the uS has not pulled down the rest of the global economies because the slowdown is domestic-based and linked to the problems in the housing market, the automobile industry and a decline in industry inventories.


5

the adviser’s Report (continued)

at the same time, the importance of the uS in the global economy has decreased in the past few years, to the benefit of many developing countries. this is particularly clear in the eurozone, where the share of exports to the uS has decreased over the past 5-�0 years, while the share of exports to eastern europe and asia has increased substantially. the american central bank, the Federal Reserve, has left interest rates unchanged at 5.25% since the summer of 2006. the expectations of the next action to be taken, however, have swung considerably and in line with the statistics. in the first half of the year, the market has discounted for both increases and decreases of the core interest rates.

Europethe eurozone lags the uS in the economic cycle, and the ecB has continued to raise rates at a steady pace. Bond yields have increased significantly in the uS and europe given the market’s interpretation that the uS is in a soft landing and that the problems in the american housing market have subsided. Bond yields in the eurozone and Sweden have increased proportionately more than in the uS, driven by strong economic trends, specifically in Germany.

SwedenFrom a Swedish perspective, the weakening of the uS economy is being offset by growth in the eurozone, which has not been this positive for some time. the Swedish domestic economy is also trending positive, with households benefiting from a rise in income levels, wealth and a strengthening labour market. companies have reported record high profitability and plan continued investments. the public sector is also financially strong with a large government surplus. the Riksbank continued to hike interest rates by a total of 50bp over the winter and spring to 3.5%.

Moneymarketoutlookfor2007the uS economy is now experiencing a soft landing, led by declining prices and growth in the housing market as well as losses in the mortgage lending sector. So far, this has not had any significant affect on other sectors of the economy, such as the labour market. However, uncertainty in the market has increased recently on the back of data suggesting that the slowdown could last longer than previously expected. consequently, the Federal Reserve is expected to remain on hold with interest rates for the rest of this year and long-term bond yields are forecast to rise.the business cycle within the eurozone continues to show strength. exports and investments have mainly contributed to the increase in growth, but consumer spending is also expected to be an important factor. a strong labour market and household’s optimism should also contribute to this. therefore, we expect the ecB to continue raising the refi rate in the autumn of 2007. as in the uS, we expect european long-term bond yields to increase. the Swedish economy continues to perform above trend, even if we see a weakening from last year’s strong growth. a strong labour market is supportive of continued growth in consumer spending at the same time as companies plan to increase investments. the Riksbank is expected to hike the repo rate, both this year and next year. Bond yields are set to increase, although not by as much as in the eurozone. this is due to the positive view of the Swedish government’s financial position on the back of a robust economy. in addition, state owned companies are set to be sold and profits will likely be used to amortize government debt. the improved government finances will likely result in a reduction of the supply of bonds and treasury bills, which should slow the pace of interest rate hikes.

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�4the accompanying notes are an integral part of these financial statements.

Statement of investments and other net assets30th June 2007

number Market % of number Market % of of value net of value net shares denomination cost (note 2) assets shares denomination cost (note 2) assets

Swedish Bonds Shares(expressed in Sek)

Transferablesecuritiesandmoneymarketinstrumentsadmittedtoanofficialexchangelisting

a)Bonds

SEK-FINLAND 6,000,000 Fortym oyj 3,75% 20��-04-06 5,993,280.00 5,757,660.00 �.76 �,000,000 iXiS corp & investment 5,05% 20�3-09-20 �,000,000.00 933,250.00 0.29

6,993,280.00 6,690,9�0.00 2.05

SEK-SwEDEN 4,000,000 aP Fastigheter �62 3,25% 2009-�2-02 3,994,080.00 3,863,800.00 �.�8 4,000,000 industrivärden �4� 2,8425% 2009-06-09 3,939,960.00 3,872,040.00 �.�9 23,000,000 nordbanken Hypotek 55�9 3.25% 20�006�6 22,979,499.64 22,099,366.92 6.76 30,�00,000 Svenska Staten �04� 6,75% 20�4-05-05 36,064,460.2� 34,030,738.47 �0.42 27,500,000 Svenska Staten �043 5% 2009-0�-28 27,925,734.48 27,8�8,72�.42 8.5� �6,900,000 Svenska Staten �045 5,25% 20��-03-�5 �7,854,275.53 �7,332,023.49 5.3� 32,700,000 Svenska Staten �046 5,5% 20�2-�0-08 35,320,470.42 34,205,520.43 �0.47 32,900,000 Svenska Staten �047 5% 2020-�2-0� 35,984,942.34 34,690,788.�2 �0.62 500,000 Svenska Staten �048 4% 2009-�2-0� 499,365.00 495,448.84 0.�5 24,200,000 Svenska Staten �049 4,5% 20�5-08-�2 25,573,828.53 24,2�3,637.67 7.4� 24,200,000 Svenska Staten �050 3% 20�6-07-�2 22,070,659.55 2�,576,944.09 6.60 3�,900,000 Svenska Staten �05� 3.75% 20�7-08-�2 30,65�,3�9.0� 30,037,678.00 9.�9 6,000,000 Sandvik �� 4,55% 20�2-05-09 5,992,�40.00 5,882,880.00 �.80 2,000,000 SBaB 5,22% 2049-06-29 2,000,000.00 �,927,�40.00 0.59 �6,000,000 SeB Bolån 562 4,25% 2009-06-�6 �6,573,�20.48 �5,922,936.00 4.87 8,000,000 Spintab �74 3,5% 20�0-06-�6 7,85�,�20.00 7,738,764.40 2.37 9,000,000 Stadshypotek �569 6% 2009-�2-�6 �0,�75,940.00 9,282,�82.40 2.84 8,000,000 Stadshypotek �572 6% 20�2-03-2� 8,497,840.00 8,388,552.24 2.57 4,000,000 Sydkraft 3,4�% 20�0-��-24 4,000,000.00 3,8�7,200.00 �.�7

3�7,948,755.�9 307,�96,362.49 94.02

SEK-UNITEDSTATES 5,000,000 General electric cap 3,25% 20�0-0�-28 4,9�8,545.00 4,824,�00.00 �.48

4,9�8,545.00 4,824,�00.00 �.48

Totalinvestments 329,860,580.�9 3�8,7��,372.49 97.55

Cash �,535,857.83 0.47 Othernetassets 6,463,640.46 �.98

Totalnetassets 326,7�0,870.78 �00.00





Swedish Fixed income Shares(expressed in Sek)


a)Bonds

SEK-DENMARK �3,000,000 danske Bank FRn �26 2008-05-27 �3,000,000.00 �2,997,��9.47 �.43 9,000,000 FiH ehrvervsbank 4.5% 2007-�2-�0 9,208,800.00 9,02�,930.2� 0.99

22,208,800.00 22,0�9,049.68 2.42

SEK-FINLAND �4,000,000 Fortym oyj 3,75% 20��-04-06 �3,809,880.00 �3,434,540.00 �.48

�3,809,880.00 �3,434,540.00 �.48

SEK-FRANCE 4,000,000 iXiS corp & investment 5,05% 20�3-09-20 4,000,000.00 3,733,000.00 0.4�

4,000,000.00 3,733,000.00 0.4�

SEK-LUxEMBOURG �0,000,000 leasePlan Finance nv FRn 2008-�0-05 �0,003,399.56 �0,0�3,500.00 �.�0 �8,000,000 leasePlan Finance FRn �93 20�0-04-�2 �8,000,000.00 �7,998,�40.38 �.98

28,003,399.56 28,0��,640.38 3.08

SEK-SwEDEN 9,000,000 Göteborgs trafikleder 5.95% 2009-05-�5 9,847,440.00 9,238,320.00 �.02 40,000,000 Husquarna FRn �07 20�0-06-�8 40,000,000.00 39,994,044.50 4.40 �4,000,000 industrivärden �39 3,0�% 2009-05-�� 4,238,560.22 �3,6�9,060.00 �.50 5,000,000 investor FRn �24 20�0-08-26 5,�07,500.00 5,098,900.00 0.56 4,000,000 kalmar Structured Fin FRn 5 20��-0�-07 4,000,000.00 3,999,435.62 0.44 5,000,000 landshypotek FRn �79 2008-09-29 5,025,500.00 5,0�5,350.00 0.55 9,000,000 nordea Bank FRn 20�4-�0-�3 9,000,000.00 9,030,690.00 0.99 �8,400,000 nordbanken Hypotek 55�9 3.25% 20�006�6 �8,894,694.�4 �7,679,493.53 �.94 28,000,000 nordea Hypo 5522 3% 2009-06-�7 27,3�9,880.00 27,220,385.92 2.99 30,600,000 Svenska Staten �04� 6,75% 20�4-05-05 35,6�8,953.5� 34,596,033.�9 3.8� �2,700,000 Svenska Staten �045 5,25% 20��-03-�5 �3,59�,�55.33 �3,024,656.70 �.43 �0�,�00,000 Svenska Staten �046 5,5% 20�2-�0-08 �08,800,87�.95 �05,754,682.42 ��.65 67,800,000 Svenska Staten �047 5% 2020-�2-0� 7�,8�0,993.77 7�,490,438.75 7.86 6�,000,000 Svenska Staten �048 4% 2009-�2-0� 6�,3�0,666.37 60,444,758.48 6.65 36,900,000 Svenska Staten �049 4,5% 20�5-08-�2 37,49�,8�7.25 36,920,794.63 4.06 �,700,000 Svenska Staten �050 3% 20�6-07-�2 �,573,365.�8 �,5�5,735.74 0.�7 �09,700,000 Svenska Staten �05� 3.75% 20�7-08-�2 �06,789,985.�8 �03,295,7�4.00 ��.36

9,000,000 Sandvik �� 4,55% 20�2-05-09 8,988,2�0.00 8,824,320.00 0.97 5,000,000 SBaB 5,22% 2049-06-29 5,000,000.00 4,8�7,850.00 0.53 �6,000,000 SBaB FRn 444 2008/05/�5 �6,000,000.00 �6,004,640.00 �.76 27,000,000 Spintab �75 4% 20��-06-�5 26,994,600.00 26,245,732.59 2.89 �0,000,000 SSaB 4,3�2% 2008-06-24 �0,483,900.00 9,999,700.00 �.�0 �5,000,000 Stat akademiska Hus �30 4,25% 20�5 �5,000,000.00 �4,383,050.00 �.58 �3,000,000 Stadshypotek �568 6% 2009-03-�8 �3,977,958.�4 �3,326,422.59 �.47 46,000,000 Stadshypotek �570 6% 20�0-09-�5 49,9�4,880.00 47,7�3,39�.44 5.25 ��,000,000 Stockholmsleder 5.�35% 2007-09-�8 ��,000,000.00 ��,030,690.00 �.2� 8,000,000 Sveaskog FRn 20�2-05-29 8,000,000.00 7,963,�20.00 0.88 8,000,000 Sydkraft 3,4�% 20�0-��-24 8,000,000.00 7,634,400.00 0.84 �3,000,000 vasakronan FRn 2009-04-03 �3,000,000.00 �3,004,8�0.00 �.43 �4,000,000 vattenfall 4.20% 20�3-09-25 �4,000,000.00 �3,339,200.00 �.47

770,780,93�.04 752,225,820.�0 82.76

Sek - united kingdom 9,000,000 HSBc Finance corp FRn 20��-��-2� 9,000,000.00 8,997,756.86 0.99 �4,000,000 citigroup FRn 20��-09-�4 �3,996,640.00 �4,00�,960.00 �.54 6,000,000 General electric caP FRn 2009-02-09 6,000,000.00 6,003,840.00 0.66 7,000,000 General electric cap FRn 20�0-0�-28 7,008,680.00 7,0�6,800.00 0.77 23,000,000 General electric cap FRn 20��-��-�4 23,000,000.00 23,006,2�0.00 2.53

59,005,320.00 59,026,566.86 6.49

Totalinvestments 897,808,330.60 878,450,6�7.02 96.64


a)Forwards

SEK-SwEDEN �8�,000,000 Statstermin 2 år september 2007 -295,265.30 -0.03 -4�,000,000 Statstermin �0 år september 2007 52,�02.80 52,�02.80 0.0�

52,�02.80 -243,�62.50 -0.03

Cash �3,829,835.07 �.52 Othernetassets �6,939,402.04 �.86

Totalnetassets 908,976,69�.63 �00.00





Swedish Short term assets Shares(expressed in Sek)


a)Bonds

SEK-CAyMANISLANDS 260,000,000 aiG FRn 2009-��-�9 259,802,00�.62 260,202,800.00 �.�6

259,802,00�.62 260,202,800.00 �.�6

SEK-DENMARK 9,000,000 FiH ehrvervsbank 4.5% 2007-�2-�0 9,033,�20.00 9,02�,930.2� 0.04 98,000,000 Finance For danish ind. FRn 2009-�0-23 98,000,030.00 97,985,85�.38 0.44 �95,000,000 Finance for danish ind. FRn 2009-�2-2� �95,055,720.00 �94,974,998.86 0.87 �38,000,000 denmark 5.�2% 2007-�0-�2 �40,5��,�72.87 �38,500,777.�6 0.62

442,600,042.87 440,483,557.6� �.97

SEK-FINLAND 244,000,000 Fortum FRn 20�2-05-2� 244,000,000.00 243,939,072.73 �.09 97,000,000 Fortum FRn �3 2009-04-06 97,079,�60.00 97,�30,950.00 0.43 56,000,000 iXiS corp & investment FRn 20�3-09-20 55,988,400.00 55,096,720.00 0.25

397,067,560.00 396,�66,742.73 �.77

SEK-GERMANy �02,000,000 HSH nordbank aG 4.5% 2008-0�-�0 �02,928,200.00 �02,�32,600.00 0.46 �33,000,000 Hypo Real estate Bank FRn �� 20��-�0-�6 �32,934,9�0.00 �32,982,2�0.97 0.60

235,863,��0.00 235,��4,8�0.97 �.06

SEK-ICELAND �98,000,000 Glitnir Banki FRn 20�0-04-27 �98,000,000.00 �97,970,753.04 0.89

�98,000,000.00 �97,970,753.04 0.89

SEK-LUxEMBOURG �94,000,000 leasePlan Finance nv FRn 2008-07-05 �93,976,�32.�2 �94,209,520.00 0.87 97,000,000 leasePlan Finance nv FRn 2008-�0-05 97,00�,840.00 97,�30,950.00 0.43

290,977,972.�2 29�,340,470.00 �.30

SEK-NEThERLANDS 22,070,000 deutsche Bahn Finance 5.5% 2008-�0-08 22,827,00�.00 22,359,��7.00 0.�0

22,827,00�.00 22,359,��7.00 0.�0

SEK-SwEDEN 222,000,000 autoliv cert 2007-�0-�5 2�5,63�,503.00 2�9,540,270.8� 0.98 67,000,000 aP Fastigheter 2007-�2-�9 65,65�,357.00 65,72�,526.45 0.29 65,000,000 aP Fastigheter 2007-08-�3 64,488,237.45 64,69�,663.36 0.29 57,000,000 aP Fastigheter 2008-06-�� 54,759,269.0� 54,670,455.45 0.24 7�,000,000 aP Fastigheter FRn �58 20�0-09-20 7�,006,900.00 7�,233,590.00 0.32 65,000,000 aP Fastigheter FRn �79 20�0-04-27 65,000,470.00 65,020,800.00 0.29 �32,000,000 assa cert 2008-03-07 �27,827,274.08 �28,360,966.60 0.57

24�,000,000 assa abloy FRn 2009-��-23 24�,004,7�0.00 24�,024,�00.00 �.08 �94,000,000 atlas copco aB FRn, 20�0-05-25 �94,000,000.00 �93,957,688.3� 0.87 �07,000,000 castellum cert 2007-09-�7 �05,960,259.60 �06,�45,4��.50 0.48 �37,000,000 depfa Bank cert 2007-09-07 �32,667,235.49 �36,028,492.07 0.6� �98,000,000 electrolux 2007-09-�8 �96,�86,064.58 �96,377,090.63 0.88 �00,000,000 energinet cert 2007-09-�9 98,228,57�.00 99,�70,3�3.6� 0.44 �99,000,000 e.on Sverige 2007-08-�4 �97,822,952.8� �98,080,477.4� 0.89 5�2,000,000 Fortum 2007-09-�9 503,205,592.5� 507,752,005.68 2.27 �3�,000,000 Husqvarna cert 2007-09-28 �29,750,394.93 �29,736,428.45 0.58 �32,000,000 Husquarna FRn �07 20�0-06-�8 �32,000,000.00 �3�,980,346.86 0.59 �33,000,000 industrivärden �29 3,7% 2007-09-�7 �33,022,6�0.00 �32,968,080.00 0.60 95,000,000 industrivärden �34 3,705% 2007-08-27 96,803,599.67 94,99�,450.00 0.43 37,000,000 industrivärden FRn �35 2008-09-23 37,000,000.00 37,090,650.00 0.�7 �,000,000 investor FRn �24 20�0-08-26 �,028,700.00 �,0�9,780.00 0.00 55,000,000 kalmar Structured Fin FRn 5 20��-0�-07 55,025,000.00 54,992,239.82 0.25 �27,000,000 landshypotek �68 4.85% 2008-09-22 �29,626,360.00 �27,759,460.00 0.57 2�9,000,000 landshypotek FRn �79 2008-09-29 220,�07,486.84 2�9,672,330.00 0.98 8�,000,000 landsbanki islands FRn 2009-0�-�9 80,976,�50.00 8�,050,220.00 0.36 86,000,000 länsförsäkringar Bank cert 2007-�0-09 83,�78,359.00 85,��,445.96 0.38 �36,000,000 länsförsäkringar Bank cert 2008-03-03 �3�,286,544.30 �32,36�,8�4.9� 0.59 �00,000,000 landshypotek FRn 20�7-06-�5 �00,046,000.00 99,985,334.45 0.45 �98,000,000 lM ericsson FRn 20�2-06-29 �98,000,000.00 �97,994,990.82 0.89 ��5,000,000 nordea Bank cert 2007-�0-05 ��2,370,�63.90 ��3,857,949.94 0.5� 94,000,000 nordea cert 2008-0�-22 90,643,554.00 9�,95�,039.66 0.4� �90,000,000 nordea Bank FRn 20�4-�0-�3 �90,07�,844.72 �90,647,900.00 0.85 �55,000,000 nordea Bank FRn �083 20�4-02-�9 �55,000,000.00 �54,96�,000.73 0.69 �47,000,000 nordea Bank FRn 20�5-09-23 �46,929,440.00 �46,995,�29.02 0.66 �4�,900,000 nordbanken Hypotek 55�7 6% 2007-09-�9 �44,62�,8�3.39 �42,58�,79�.�9 0.64 663,700,000 nordbanken Hypotek 55�8 4,5% 2008-09-�7 667,�32,624.00 665,638,269.48 2.98 43,000,000 ncc cert 2007-07-30 42,740,848.03 42,859,937.30 0.�9 6�,000,000 ncc cert 2007-�0-�9 60,236,997.97 60,264,�70.02 0.27 57,000,000 Sandvik cert 2007-09-28 56,477,488.98 56,475,650.26 0.25 �49,000,000 Sandvik FRn �08, 2007-0�-25 �49,00�,870.00 �48,989,570.00 0.67 �32,000,000 Sandvik FRn ��0 20�2-05-09 �3�,878,�64.00 �3�,968,322.23 0.59 55,000,000 Sandvik cert 2007-08-07 54,633,500.35 54,784,382.37 0.25 87,000,000 Sandvik cert 2007-�2-28 84,500,2�5.20 85,335,586.28 0.38 �92,000,000 Sandvik cert 2008-03-07 �85,980,934.40 �86,706,860.50 0.84 �33,000,000 Sandvik cert2008-06-�0 �27,82�,292.55 �27,8�5,736.90 0.57 223,000,000 SBaB cert 2007-07-20 2�8,958,75�.63 222,537,2�5.32 �.00 �22,000,000 SBaB cert 2007-�2-�9 ��8,83�,972.32 ��9,80�,920.94 0.54





�23,000,000 SBaB cert 2008-03-�2 ��8,686,249.78 ��9,593,479.40 0.54 346,000,000 Sca Finans 2007-09-�0 337,�89,902.00 343,442,034.�9 �.54 222,000,000 Scania cert 2007-09-27 2�8,253,246.67 2�9,88�,986.76 0.98 330,000,000 Scania cert 2007-�2-�4 323,843,�99.90 323,88�,659.53 �.45 �97,000,000 Scania cv FRn 2009-05-�4 �97,000,000.00 �96,954,29�.4� 0.88 647,300,000 SeB Bolån 562 4,25% 2009-06-�6 65�,826,049.00 644,�82,279.55 2.88 286,000,000 Securitas cert 2007-07-3� 28�,008,407.68 285,083,930.30 �.28 �26,000,000 SlM corp FRn 20��-�0-25 �26,000,000.00 ��6,4��,400.00 0.52 402,800,000 Spintab �68 6% 2009-04-20 420,297,826.�7 4�3,20�,�37.86 �.85 �7,000,000 Spintab 4,75% 2008-02-�7 �7,080,4�0.00 �7,052,870.00 0.08 �3,�00,000 Svenska Staten 2007-07-�8 �3,059,790.34 �3,080,2�9.00 0.06 �3,�00,000 Svenska Staten 2007-08-�5 �3,025,522.96 �3,04�,5�4.24 0.06 �43,800,000 Svenska Staten 2007-09-�9 �40,258,994.68 �42,720,062.00 0.64 2,993,200,000 Svenska Staten 2007-�2-�9 2,90�,309,399.00 2,943,�53,696.04 �3.�8 �,293,800,000 Svenska Staten 2008-03-�9 �,250,837,664.46 �,259,695,432.00 5.64 6�7,400,000 Svenska Staten 2008-06-�8 592,203,840.45 594,889,596.00 2.66 370,900,000 Svenska Staten 2008-09-�7 352,704,773.85 353,5�9,626.00 �.58 46,000,000 Stat. akademiska Hus 4.4% 2007-�0-22 46,476,560.00 45,995,752.82 0.2� �98,000,000 Storebrand Bank FRn 09 �98,000,000.00 �96,826,592.60 0.88 66,000,000 Sveaskog cert 2007-08-�3 65,423,990.94 65,700,8�4.9� 0.29 57,000,000 Sveaskog cert 2007-�2-�9 55,482,702.�8 55,957,�85.0� 0.25 200,000,000 Sveaskog FRn 20�2-05-29 200,000,000.00 �99,078,000.00 0.89 �32,000,000 Swedbank ltii FRn 464 �32,030,900.00 �3�,936,890.32 0.59 3,000,000 Swedbank bankertifikat 2007-�0-24 2,944,339.7� 2,964,499.62 0.0� �00,000,000 Swedbank certifikat 2007-�0-3� 97,328,�79.00 98,746,742.9� 0.44 97,000,000 Sydkraft FRn �47 2008-05-23 97,003,000.00 97,08�,480.00 0.43 �25,000,000 Sydkraft FRn �49 20�0-��-24 �25,006,000.00 �25,225,000.00 0.56 200,000,000 telia cert 2007-09-�9 �97,89�,966.00 �98,260,0�5.04 0.89 �33,000,000 teliaSonera FRn 20�4-03-2� �32,835,280.00 �32,982,922.79 0.60 9�,000,000 vasakronan cert 2007-08-24 89,�24,2�2.45 90,463,43�.23 0.40 67,000,000 vasakronan cert 2007-09-06 65,�39,668.96 66,508,837.78 0.30 89,000,000 vasakronan cert 2007-09-�9 87,086,548.95 88,225,706.69 0.39 �9,000,000 vasakronan 307 5,57% 2008-0�-�4 �9,948,099.6� �9,�40,790.00 0.09 �00,000,000 vasakronan FRn 2009-04-03 �00,000,000.00 �00,037,000.00 0.45 �32,000,000 vasakronan FRn 330 2007-��-09 �32,000,000.00 �32,000,000.00 0.59 �97,000,000 volvo Finans FRn �64 2008-02-06 �97,259,998.22 �97,403,850.00 0.88 �5,000,000 volvo Finans FRn �65 2008-08-27 �4,975,550.00 �5,027,300.00 0.07 62,000,000 volvo Finans FRn �66 2008-09-29 62,054,559.89 62,�06,640.00 0.28 22,000,000 volvo Finans FRn �67 2008-02-25 22,000,000.00 22,005,940.00 0.�0 �98,000,000 volvo treasury 2007-�2-�3 �94,3�7,552.44 �94,5�8,730.70 0.87 9�,000,000 volvo treasury 345 2,7% 2007-�2-06 90,965,420.00 90,534,990.00 0.4�

�36,000,000 volvo treasury FRn 2009-�0-�3 �35,994,660.33 �36,�7�,360.00 0.6� 45,000,000 volkswagen Finans cert 2007-09-�0 43,852,539.83 44,667,3�6.59 0.20 45,000,000 volkswagen Finans cert 2007-09-2� 44,244,696.54 44,6�7,6�2.�9 0.20 �4�,000,000 volkswagen Finans 2007-�0-22 �37,323,336.52 �39,337,675.73 0.62 97,000,000 länsförsäkringar Bank FRn�48 2008-��-03 97,003,000.00 97,�47,440.00 0.43

�7,437,42�,��5.22 �7,509,��7,586.50 78.38

SEK-UNITEDKINGDOM 33�,000,000 HSBc Finance corp FRn 20��-��-2� 330,964,720.00 330,9�7,502.26 �.48 ��2,000,000 Merrill lynch FRn 07 2007-09-�7 ��2,000,5�0.00 ��2,004,480.00 0.50 �94,000,000 Royal Bank of Scotland FRn 2008-08-26 �93,994,579.70 �93,957,073.50 0.87 265,000,000 aiG FRn 20�2-03-23 265,008,�90.00 264,99�,26�.25 �.�9 496,000,000 citigroup FRn 20��-09-�4 496,�57,320.00 496,069,440.00 2.22 �32,000,000 General electric cap FRn 20��-��-�4 �32,000,000.00 �32,035,640.00 0.59 658,000,000 General electric FRn 20�4-05-�4 658,000,000.00 657,907,880.00 2.95 33�,000,000 Goldman Sachs Group FRn 20�2-0�-23 330,926,900.00 327,0�7,646.32 �.46

2,5�9,052,2�9.70 2,5�4,900,923.33 ��.26

Totalinvestments 2�,803,6��,022.53 2�,867,656,76�.�8 97.89

Cash 387,828,4�8.32 �.74 Othernetassets 82,747,870.40 0.37

Totalnetassets 22,338,233,049.90 �00.00

Swedish Short term assets Shares (continued)(expressed in Sek)






Sweden Shares(expressed in Sek)


a)Equities

SEK-SwEDEN 400 aangpanneforeningen aB 70,326.35 75,200.00 0.�0 700 aarhuskarlshamn aB �39,644.�9 ��9,000.00 0.�5 ��,9�4 aBB ltd 760,356.99 �,858,584.00 2.39 2,080 acando aB 28,004.76 33,280.00 0.04 2,280 alfa laval aB 256,�44.49 946,200.00 �.22 7,576 assa abloy aB 785,�56.25 �,�47,764.00 �.47 8,353 astraZeneca Plc 3,�04,935.43 3,065,55�.00 3.94 �5,900 atlas copco aB (a) 567,035.�3 �,828,500.00 2.35 �0,046 atlas copco aB (B) 484,793.60 �,084,968.00 �.39 390 autoliv inc ��2,766.89 �52,295.00 0.20 843 axfood aB �42,550.06 204,849.00 0.26 6,797 Boliden aB 243,490.68 970,27�.75 �.25 �,200 Boss Media 22,�03.05 22,680.00 0.03 4,23� castellum aB 222,�95.87 350,��5.25 0.45 �,900 cision aB 72,705.64 50,730.00 0.07 �,883 d carnegie aB 207,389.�7 226,430.75 0.29 6,584 electrolux aB 498,�66.80 �,073,�92.00 �.38 2,278 elekta aB �38,608.37 27�,082.00 0.35 4,300 enea aB 23,229.38 �4,0�8.00 0.02 4,40� eniro aB 277,675.76 383,987.25 0.49 3,�08 Fabege aB �74,�33.87 234,654.00 0.30 3,758 Getinge aB �88,497.74 557,�23.50 0.72 738 Gunnebo aB 59,675.34 6�,069.50 0.08 �,322 Hakon invest aB �42,639.69 �66,902.50 0.2� �3,0�2 Hennes & Mauritz aB 2,584,�85.�5 5,289,378.00 6.80 4,0�0 Hexagon aB 32�,890.�3 53�,325.00 0.68 700 HiQ international aB 29,34�.53 28,630.00 0.04 �,260 Holmen aB 283,002.58 366,030.00 0.47 2,5�9 Hufvudstaden aB �32,3�3.62 �99,00�.00 0.26 6,274 Husqvarna aB 399,962.50 6��,7�5.00 0.79 2,285 iBS aB 55,547.47 46,6�4.00 0.06 6,60� industrial & Financial Systems 65,702.83 5�,�57.75 0.07 4,798 industrivarden aB (a) 528,380.35 7�8,500.50 0.92 2,802 industrivarden aB (B) 284,8�9.97 397,�83.50 0.5� �,924 intrum Justitia aB �07,986.97 �76,046.00 0.23 3,74� investor aB (a) 487,5�7.�� 652,804.50 0.84 �0,824 investor aB (B) 993,875.00 �,926,672.00 2.48 2,�00 JM aB 67,530.40 438,900.00 0.56 �6 JM aB (ilR07) - 45.60 0.00 84 JM inlösenaktie 2007 25,200.00 25,200.00 0.03 �,700 kaupting Bunadarbanki 2�2,368.�3 2�2,925.00 0.27 5,204 kinnevik investment aB 239,592.25 702,540.00 0.90 3,399 kungsleden aB �40,797.80 29�,464.25 0.37 �,400 lBi international aB 29,62�.04 74,900.00 0.�0 640 lundbergforetagen aB �89,904.93 32�,280.00 0.4� 3,320 lundin Mining corp 245,4�6.66 276,390.00 0.36 5,�89 lundin Petroleum aB 294,667.�6 355,446.50 0.46 4,244 Meda aB 557,825.40 459,4�3.00 0.59 �,632 Millicom international cellular Sa 538,553.40 �,033,056.00 �.33 �,�46 Modern times Group aB �86,367.63 508,25�.00 0.65 4,�98 nobia aB 22�,920.03 358,929.00 0.46 2,890 nocom aB 27,959.00 �8,062.50 0.02 �,002 nokia oYJ �66,623.69 �9�,632.50 0.25 52,480 nordea Bank aB 3,497,�75.38 5,64�,600.00 7.25 2,968 old Mutual Plc 76,790.22 68,264.00 0.09 2,474 oMX aB 275,449.36 507,�70.00 0.65 60 oRc Software aB 6,977.89 ��,070.00 0.0� �,�00 oresund investment aB �60,552.56 �77,650.00 0.23 �,250 oriflame cosmetics Sa 20�,836.55 403,�25.00 0.52 3,�00 Pa Resources 2�9,775.83 224,750.00 0.29

2,800 Ratos aB 223,030.87 6��,800.00 0.79 2,063 Rezidor Hotel Group aB �2�,495.08 �23,780.00 0.�6 25,376 Sandvik aB �,2�5,73�.20 3,527,264.00 4.53 �,807 SaS aB 99,08�.88 286,409.50 0.37 8,620 Scania aB 582,456.32 �,448,�60.00 �.86 7,393 Securitas aB 502,622.53 805,837.00 �.04 8,067 Securitas direct aB 97,23�.39 �49,239.50 0.�9 7,767 Securitas Systems aB �34,572.26 �8�,747.80 0.23 600 Semcon aB 35,564.00 38,�00.00 0.05 �,673 Sigma aB 22,460.95 �8,653.95 0.02 �3,4�0 Skandinaviska enskilda Banken aB �,479,682.0� 2,977,020.00 3.82 9,�84 Skanska aB 64�,232.37 �,354,640.00 �.74 8,902 SkF aB 560,645.39 �,286,339.00 �.65 623 SkiStar aB 63,�03.67 72,89�.00 0.09 3,680 Ssab Svenskt Stal aB �4�,079.34 �,039,600.00 �.34 �,540 Ssab Svenskt Stal aB 245,799.6� 403,480.00 0.52 �4,�30 Svenska cellulosa aB �,355,908.9� �,624,950.00 2.09 ��,750 Svenska Handelsbanken aB �,600,72�.�5 2,26�,875.00 2.9� �2,232 Swedbank aB �,734,546.77 3,045,768.00 3.9� 6,360 Swedish Match aB 606,445.87 842,700.00 �.08 �,300 tanganyika oil �82,962.44 �84,925.00 0.24 7,3�0 tele2 aB 744,643.�2 820,547.50 �.05 �,747 teleca aB 75,375.68 5�,0�2.40 0.07 254,923 telefonaktiebolaget lM ericsson 5,790,625.39 7,000,�85.62 8.97 5,927 telelogic aB �66,3�8.73 �24,467.00 0.�6 53,492 teliaSonera aB 2,4��,028.27 2,70�,346.00 3.47 225 tietoenator oyj 43,970.73 49,387.50 0.06 7�5 tradedoubler aB �07,799.66 �42,285.00 0.�8 �,��6 transcom WorldWide Sa 55,2�5.03 62,496.00 0.08 628 unibet Group Plc 76,682.82 �57,628.00 0.20 �2,653 volvo aB 674,�55.80 �,784,073.00 2.29 27,600 volvo aB �,390,7�2.26 3,78�,200.00 4.86 858 vostok Gas ltd �20,9�8.�2 326,469.00 0.42 �,006 Wallenstam Byggnads aB 90,27�.�9 �60,960.00 0.2� 26,900 West Siberian Resources ltd �63,902.9� �65,435.00 0.2�

46,�37,649.74 77,808,240.87 99.96 Totalinvestments 46,�37,649.74 77,808,240.87 99.96

Cash -426,396.45 -0.55 Othernetassets 454,557.69 0.59

Totalnetassets 77,836,402.�� 00.00





euro active Shares(expressed in euR)


a)Equities

EUR-AUSTRIA 4,000 oMv aG �76,76�.74 �97,960.00 0.77

�76,76�.74 �97,960.00 0.77

EUR-BELGIUM 7,050 Fortis �9�,299.90 222,�45.50 0.86 2,200 kBc Groep nv �83,750.50 220,044.00 0.85 9,900 total Sa - 99.00 0.00

375,050.40 442,288.50 �.7�

EUR-FINLAND 9,000 Fortum oyj �80,044.79 208,7�0.00 0.8� 3,000 Metso oyj ��7,590.94 �3�,460.00 0.5� 33,300 nokia oYJ 539,963.43 692,973.00 2.68

837,599.�6 �,033,�43.00 4.00

EUR-FRANCE 8,900 alcatel-lucent 85,495.95 92,382.00 0.36 �,900 alstom �80,604.35 236,0�8.00 0.9� 8,200 arcelor Mittal 293,2�8.39 38�,874.00 �.48 �7,570 aXa Sa 323,702.2� 562,4�5.70 2.�8 7,950 BnP Paribas 444,596.36 702,462.00 2.72 2,600 carrefour Sa �05,�79.�9 �35,564.00 0.53 2,000 christian dior Sa �59,440.20 �92,440.00 0.75 2,860 credit agricole Sa 76,863.80 86,343.40 0.33 4,000 Groupe danone �86,846.78 240,080.00 0.93 �3,770 France telecom Sa 30�,339.2� 280,908.00 �.09 900 l’oreal Sa 7�,34�.83 79,020.00 0.3� �,300 lafarge Sa 95,�4�.78 �76,020.00 0.68 2,600 Renault Sa 227,643.38 309,946.00 �.20 5,400 cie de Saint-Gobain 242,98�.98 450,�98.00 �.74 8,6�6 Sanofi-aventis 452,582.�6 5�7,82�.60 2.0� 3,728 Schneider electric Sa 260,740.60 388,�96.64 �.50 3,200 Societe Generale 424,498.�9 440,096.00 �.70 �2,000 StMicroelectronics nv �75,589.89 �72,200.00 0.67 �0,300 Suez Sa 373,028.32 437,647.00 �.70 �7,�40 total Sa 673,539.68 �,032,856.38 4.00 2,500 veolia environnement 97,306.99 �45,075.00 0.56 2,500 veolia environnement - 2,�00.00 0.0� �3,000 vivendi 275,99�.64 4�4,830.00 �.6�

5,527,672.88 7,476,493.72 28.95

EUR-GERMANy 6,000 adidas aG 254,706.29 280,680.00 �.09 4,200 allianz Se 390,600.50 729,078.00 2.82 6,050 BaSF aG 298,327.50 588,302.00 2.28 �0,200 Bayer aG 304,7��.46 572,220.00 2.22 6,400 commerzbank aG �86,��8.34 227,�36.00 0.88 2,�00 continental aG �24,457.96 2�9,324.00 0.85 3,000 ctS eventim aG 73,336.�8 �09,050.00 0.42 5,�00 daimlerchrysler aG 220,353.35 349,809.00 �.36 ��,400 depfa Bank Plc �50,962.29 �49,340.00 0.58 5,880 deutsche Bank aG 407,89�.�0 633,922.80 2.46 3,000 deutsche Post aG 63,938.92 72,090.00 0.28 �4,700 deutsche telekom aG 2�3,872.74 20�,243.00 0.78 6,950 e.on aG 395,394.85 863,8�5.50 3.34 2,500 Fresenius pref aG �38,935.09 �40,875.00 0.55 5,000 Gea Group aG �04,623.70 �29,050.00 0.50 6,000 Henkel kGaa �67,600.�3 234,540.00 0.9�

�,000 Man aG 8�,637.27 �06,760.00 0.4� 800 Muenchener Rueckversicherungs aG 97,40�.88 �08,952.00 0.42 �,000 RWe aG 60,749.49 78,990.00 0.3� 3,�00 Rwe ag (pref) �09,023.53 229,74�.00 0.89 �2,000 SaP aG 376,253.�2 456,840.00 �.77 8,875 Siemens aG 5�4,022.36 945,808.75 3.65

4,734,9�8.05 7,427,567.05 28.77

EUR-GREECE 9,400 alpha Bank ae �97,305.66 2�9,020.00 0.85 5,000 Fourlis Holdings Sa 37,05�.29 ��0,000.00 0.43 3,480 national Bank of Greece Sa 98,2�4.93 �47,552.00 0.57

332,57�.88 476,572.00 �.85

EUR-IRELAND 6,500 anglo irish Bank corp Plc 86,�99.54 98,800.00 0.38 �5,000 Bank of ireland 237,247.33 224,�00.00 0.87 ��,500 cRH Plc 249,388.26 42�,0�5.00 �.63

572,835.�3 743,9�5.00 2.88

EUR-ITALy ��,000 amplifon Spa 66,064.85 67,749.00 0.26 �,300 digital Multimedia technologies Spa 46,242.30 82,550.00 0.32 �8,000 enel Spa �23,5�5.8� �43,550.00 0.56 24,950 eni Spa 4�5,452.38 67�,�55.00 2.60 8,800 assicurazioni Generali Spa 248,429.�0 26�,888.00 �.0� 32,000 intesa Sanpaolo Spa �45,942.00 �65,856.00 0.64 3,600 Saipem Spa 63,770.87 9�,260.00 0.35 �55,�50 telecom italia Spa 266,7�9.�7 254,9��.45 0.99 98,000 unicredito italiano Spa 628,855.9� 649,642.00 2.52

2,004,992.39 2,388,56�.45 9.25

EUR-NEThERLANDS �5,200 aBn aMRo Holding nv 306,287.�2 5�7,560.00 2.0� �7,78� aegon nv 227,�59.83 260,3�3.84 �.0� �5,�00 koninklijke ahold nv 85,003.02 �40,883.00 0.55 22,500 inG Groep nv 548,36�.�0 737,775.00 2.86 9,000 Royal kPn nv 82,653.79 ��0,880.00 0.43 6,000 Royal numico nv 220,855.25 23�,�80.00 0.90 9,�93 koninklijke Philips electronics nv 2�4,823.72 290,�3�.08 �.�� Royal dutch Shell Plc 23.94 30.�9 0.00 �4,000 unilever nv 276,76�.82 322,840.00 �.25 ��,500 Wolters kluwer nv 227,360.53 260,475.00 �.0�

2,�89,290.�2 2,872,068.�� .�3


20the accompanying notes are an integral part of these financial statements.

EUR-SpAIN 59,400 Banco Santander central Hispano Sa 553,3�9.94 8�3,�86.00 3.�6 38,�00 Banco Bilbao vizcaya argentaria Sa 549,75�.27 693,420.00 2.69 4,000 endesa Sa �37,378.96 �60,840.00 0.62 3,000 iberdrola Sa 94,34�.30 �24,590.00 0.48 4,000 Repsol YPF Sa 94,474.97 ��7,000.00 0.45 44,856 telefonica Sa 640,344.5� 74�,9�8.24 2.87

2,069,6�0.95 2,650,954.24 �0.27

Totalinvestments �8,82�,302.70 25,709,523.07 99.60

Cash �6�,325.02 0.62 Othernetassets -58,070.7� -0.22

Totalnetassets 25,8�2,777.38 �00.00

euro active Shares (continued)(expressed in euR)



number Market % of of value net shares denomination cost (note 2) assets


2�the accompanying notes are an integral part of these financial statements.



nordic Shares(expressed in euR)


a)Equities

DKK-DENMARK �7,950 danske Bank a/S 38�,367.06 545,�23.45 2.�6 2,500 FlSmidth & co a/S �44,�23.�2 �45,798.05 0.58 64 aP Moeller - Maersk a/S (B) 456,007.42 57�,904.60 2.27 50 aP Moeller - Maersk a/S (a) 394,632.04 440,08�.67 �.75 5,340 novo nordisk a/S 252,258.26 430,540.96 �.7� �,000 Rockwool international aS �35,�6�.59 226,423.70 0.90 4,500 vestas Wind Systems a/S �64,800.83 220,�08.02 0.87 3,000 William demant Holding �98,209.39 220,5��.�5 0.88

2,�26,559.7� 2,800,49�.60 ��.�2

EUR-FINLAND 4,500 cargotec corp �35,092.44 205,5�5.00 0.82 5,000 cramo oYJ ��0,509.96 �79,700.00 0.7� �9,500 Fortum oyj 394,845.75 452,205.00 �.80 2,500 kesko oYJ (B) �03,4�3.95 �23,350.00 0.49 7,000 konecranes oyj �87,98�.55 2�7,770.00 0.86 �0,500 Metso oyj 309,626.55 460,��0.00 �.83 95,930 nokia oYJ �,478,327.94 �,996,303.30 7.93 6,000 orion oyj (B) ��,487.63 ��,240.00 0.44 5,000 outokumpu oYJ ��8,960.02 �25,�00.00 0.50 �2,000 Pkc Group oYJ �27,635.79 �27,080.00 0.50 7,500 Ramirent oyj �42,394.67 �5�,050.00 0.60 4,500 Rautaruukki oYJ �08,966.7� 2�4,065.00 0.85 ��,200 Sampo oyj �59,64�.08 239,232.00 0.95 �8,000 SRv Group Plc �62,000.00 �8�,800.00 0.72 �5,000 Stora enso oyj �88,9�6.3� 209,700.00 0.83 5,000 tietoenator oyj �05,826.84 ��9,500.00 0.47 6,000 Wartsila oyj (B) 274,509.�5 293,400.00 �.�7

4,220,�36.34 5,407,�20.30 2�.47

NOK-NORwAy �20,000 aBG Sundal collier aSa 2�0,862.95 23�,67�.24 0.92 �5,000 aGR Group aSa �25,�87.37 �20,348.70 0.48 20,000 acta Holding aSa 87,7�2.85 77,725.20 0.3� �5,000 aker kvaerner aSa 233,559.22 282,067.25 �.�2 �0,000 cermaq aSa �3�,893.90 �29,�24.�2 0.5� 80,000 deep Sea Supply Plc �39,089.22 269,78�.66 �.07 53,500 dnB noR aSa 494,070.4� 5��,068.26 2.03 5,000 Fred olsen energy aSa �78,83�.07 �92,745.96 0.77 32,050 norsk Hydro aSa 55�,943.57 9�6,079.23 3.64 27,500 orkla aSa 3�3,�89.49 386,��8.73 �.53 25,000 Pa Resources aB �83,748.95 �89,6��.88 0.75 250,000 Petrolia drilling aSa ��,620.56 �09,066.0� 0.43 �3,000 Renewable energy corp aS �72,987.05 374,836.04 �.49 65,500 Statoil aSa �,238,494.36 �,506,770.�4 5.99 4,500 Stolt-nielsen Sa �06,749.37 ��0,852.43 0.44 49,060 telenor aSa 362,54�.5� 7��,899.52 2.83 �4,000 tGS nopec Geophysical co aSa 2�7,�86.52 2�2,365.30 0.84 20,000 Wavefield inseis aSa 94,509.�6 �3�,63�.39 0.52 8,000 Yara international aSa �3�,608.60 �78,5�7.23 0.7�

5,085,786.�3 6,642,280.29 26.38

SEK-SwEDEN ��,000 aBB ltd ��,93�.07 �85,293.34 0.74 3,000 alfa laval aB 78,973.9� �34,434.85 0.53 9,000 assa abloy aB (B) ��2,76�.90 �47,230.46 0.58 ��,465 astraZeneca Plc 458,524.28 454,34�.74 �.80 20,000 atlas copco aB (a) 225,475.59 248,353.54 0.99 34,000 atlas copco aB (B) 3��,965.06 396,50�.82 �.57 �3,000 Boliden aB 2�2,282.29 200,383.5� 0.80 5,000 d carnegie aB 77,572.8� 64,922.85 0.26 �7,000 clas ohlson aB (B) 263,�9�.00 279,937.63 �.�� 3�2,360 telefonaktiebolaget lM ericsson (B) 729,342.9� 926,�86.54 3.68 �0,000 Gunnebo industrier aB �98,825.39 2�3,800.00 0.85 �5,550 Hennes & Mauritz aB (B) 386,4�9.93 682,548.4� 2.7� �2,600 investor aB (B) �80,470.09 242,�77.09 0.96 �2,000 kaupthing Bank Hf �59,745.67 �62,293.64 0.64 20,000 kungsleden aB �9�,003.70 �85,�85.36 0.74 �3,000 lundin Mining corp �06,08�.27 ��6,86�.�4 0.46 �,500 Millicom international cellular Sa 54,�25.97 �02,526.82 0.4� 5,000 Modern times Group aB (B) 228,38�.23 239,445.2� 0.95 59,800 nordea Bank aB 432,779.60 694,�48.�4 2.76 5,000 Peab aB (B) 84,595.59 ��5,538.39 0.46 49,500 Sandvik aB 440,436.28 742,955.0� 2.95 �0,500 Svenska cellulosa aB (B) �22,92�.24 �30,385.6� 0.52 �8,000 Scania aB (B) 286,478.38 326,530.9� �.30 9,837 Skandinaviska enskilda Banken aB (a) �59,839.54 235,807.80 0.94 �5,000 Securitas aB (B) �45,897.24 �76,546.97 0.70 �6,�60 Svenska Handelsbanken aB (a) 330,750.68 335,903.56 �.33 �5,000 Skanska aB (B) 2�5,272.79 238,905.3� 0.95 �4,000 Ssab Svenskt Stal aB (B) 2��,427.90 396,069.90 �.57 25,300 Swedbank aB (B) 560,5�4.50 680,240.34 2.70 89,000 teliaSonera aB 392,547.93 485,3�5.2� �.93 35,000 volvo aB (B) 294,7�6.0� 5�7,763.�4 2.06

7,765,25�.75 �0,058,534.24 39.94

USD-UNITEDSTATES 700 Merrill lynch & co inc 47,326.57 43,320.�3 0.�7

47,326.57 43,320.�3 0.�7

Totalinvestments �9,245,060.50 24,95�,746.56 99.08

Cash -99,530.34 -0.39 Othernetassets 330,805.�8 �.3�

Totalnetassets 25,�83,02�.40 �00.00





america Shares(expressed in uSd)


a)Equities

CAD-CANADA 3,200 teck cominco ltd class B ��6,857.62 �35,97�.80 0.36

��6,857.62 �35,97�.80 0.36

USD-MExICO 2,920 Grupo aeroportuario 76,632.40 �53,854.80 0.4� 5,�54 Fomento economico Mexicano adR �20,479.60 202,655.28 0.54 47,400 Group Financiero Banorte Sa de cv �09,726.84 2�8,040.00 0.58 �,600 desarrolladora Home Sa de cv 67,976.�8 96,944.00 0.26 6,230 telefonos de Mexico adR �2�,494.68 236,054.70 0.63

496,309.70 907,548.78 2.42

USD-UNITEDSTATES 2,300 3M co �86,809.69 �99,6�7.00 0.53 4,507 abbott laboratories �99,7�5.78 24�,349.85 0.64 �,0�0 ace ltd 33,398.54 63,�45.20 0.�7 �,900 adobe Systems inc 28,�9�.5� 76,285.00 0.20 �,300 advanced Micro devices inc 38,320.75 �8,590.00 0.05 �,552 aecom technology corp 3�,040.00 38,505.�2 0.�0 �,900 aeS corp/the �8,58�.09 4�,572.00 0.�� 3,464 aetna inc �33,533.67 �7�,�2�.60 0.46 �,878 aflac inc 64,5�8.78 96,529.20 0.26 �,975 agilent technologies inc 38,�32.05 75,9�9.00 0.20 864 air Products & chemicals inc 37,�70.5� 69,439.68 0.�9 2,500 alcoa inc 88,768.20 �0�,325.00 0.27 4,286 allergan inc/united States 20�,42�.�2 247,045.04 0.66 2,�06 allstate corp/the 83,850.5� �29,540.06 0.35 �,��0 alltel corp 48,592.98 74,980.50 0.20 �,263 altera corp �8,665.98 27,950.�9 0.07 5,886 altria Group inc 392,378.�4 4�2,844.04 �.�0 894 amazon.com inc 39,835.72 6�,�58.54 0.�6 385 aMBac Financial Group inc 23,523.04 33,568.�5 0.09 7,�27 american international Group inc 496,�24.53 499,�03.8� �.33 8,400 america Movil SaB de cv 352,845.94 520,2�2.00 �.39 3,595 american express co �52,9��.24 2�9,942.�0 0.59 839 ameriprise Financial inc 22,432.08 53,335.23 0.�4 3,38� amgen inc 228,034.20 �86,935.49 0.50 2,070 anadarko Petroleum corp 66,260.66 �07,6�9.30 0.29 �,734 analog devices inc 60,206.39 65,267.76 0.�7 �,268 aon corp 23,436.60 54,029.48 0.�4 3,�05 apache corp �62,83�.78 253,336.95 0.68 87� apollo Group inc 46,885.7� 50,892.53 0.�4 2,550 apple inc 222,27�.�0 3��,202.00 0.83 5,844 applied Materials inc ��4,850.59 ��6,�20.28 0.3� 2,3�� archer-daniels-Midland co 3�,056.85 76,470.99 0.20 �7,936 at&t inc 522,644.37 744,344.00 �.99 2,088 automatic data Processing inc 8�,97�.44 �0�,205.36 0.27 347 autozone inc 28,466.25 47,407.�4 0.�3 47� avis Budget Group inc 9,43�.20 �3,390.53 0.04 �,688 avon Products inc 50,447.59 62,034.00 0.�7 4,�8� Bank of america corp �53,�90.80 204,409.09 0.55 2,763 Bank of new York Mellon corp/the 77,566.25 ��4,498.72 0.3� 2,084 Baxter international inc 87,680.45 ��7,4�2.56 0.3� �,46� BB&t corp 55,�6�.50 59,433.48 0.�6 �,062 Becton dickinson & co 36,493.�� 79,��9.00 0.2� 3,84� Bed Bath & Beyond inc �48,063.02 �38,237.59 0.37

733 Biogen idec inc 28,238.80 39,2�5.50 0.�0 �,407 Biomet inc 46,90�.�2 64,328.04 0.�7 �,238 H&R Block inc 23,789.95 28,932.06 0.08 2,300 Boeing co �92,286.35 22�,�68.00 0.59 4,624 Boston Scientific corp �39,426.83 70,932.�6 0.�9 5,500 Bristol-Myers Squibb co �53,337.56 �73,580.00 0.46 522 Broadridge Financial Solutions inc 9,�07.94 9,980.64 0.03 �,�05 Burlington northern Santa Fe corp 28,�45.34 94,079.70 0.25 849 capital one Financial corp 39,�42.75 66,595.56 0.�8 �,360 cardinal Health inc 88,630.73 96,070.40 0.26 5,450 caterpillar inc 388,53�.30 426,735.00 �.�4 �,�50 celgene corp 62,688.39 65,929.50 0.�8 3,299 charles Schwab corp/the 37,403.42 67,695.48 0.�8 �,536 chubb corp 52,804.27 83,�59.04 0.22 708 cintas corp 36,042.�0 27,9�6.44 0.07 �6,�72 cisco Systems inc 345,223.�9 450,390.20 �.20 750 cit Group inc 38,973.53 4�,�22.50 0.�� 407 citadel Broadcasting corp �,468.94 2,625.�5 0.0� 5,520 citigroup inc 243,256.39 283,�20.80 0.76 3,400 coach inc �48,736.93 �6�,�26.00 0.43 4,040 coca-cola co/the �79,943.33 2��,332.40 0.56 �,563 coca-cola enterprises inc 33,462.80 37,5�2.00 0.�0 �,525 colgate-Palmolive co 68,857.�� 98,896.25 0.26 546 comerica inc 26,852.�� 32,470.62 0.09 674 computer Sciences corp 23,409.20 39,867.�0 0.�� ,59� conagra Foods inc 39,287.89 42,734.26 0.�� 875 constellation energy Group inc 23,297.�9 76,273.75 0.20 4,897 corning inc 86,038.60 �25,��8.35 0.33 �,300 costco Wholesale corp 70,670.76 76,076.00 0.20 �,600 covance inc �08,94�.57 �09,696.00 0.29 �,668 cSX corp 23,400.78 75,�93.44 0.20 2,372 cvS caremark corp 60,237.85 86,459.40 0.23 896 danaher corp 45,�09.�5 67,648.00 0.�8 593 deere & co 33,�33.64 7�,598.82 0.�9 475 del Monte Foods co 3,684.72 5,776.00 0.02 7,673 dell inc 284,633.06 2�9,064.�5 0.59 �,5�7 devon energy corp 50,749.48 ��8,765.93 0.32 �,�50 dollar General corp 25,604.�� 25,208.00 0.07 �,25� dominion Resources inc/va 83,896.06 �07,973.8� 0.29 93� dover corp 28,645.59 47,620.65 0.�3 2,800 dow chemical co/the �27,390.88 �23,8�6.00 0.33 �,655 ei du Pont de nemours & co 66,53�.8� 84,�40.20 0.22 4,232 duke energy corp �27,�54.�8 77,445.60 0.2� 4,300 e - trade Financial corp 99,46�.34 94,987.00 0.25 �20 eagle Materials inc 2,�83.40 5,886.00 0.02 327 eastman kodak co 9,290.02 9,�00.4� 0.02 3,�50 eBay inc �04,585.83 �0�,367.00 0.27 5,202 ecolab inc 208,�52.56 222,�25.40 0.59 �,�70 edison international 25,79�.48 65,660.40 0.�8 3,��0 eli lilly & co �6�,833.48 �73,786.80 0.46 9,706 emerson electric co 4�7,805.36 454,240.80 �.2� �,450 enSco international inc 79,907.38 88,464.50 0.24 829 entergy corp 36,396.�4 88,993.�5 0.24 500 eoG Resources inc 34,643.59 36,530.00 0.�0 �,298 equity Residential 33,734.73 59,227.74 0.�6 2,800 equitable Resources inc ��2,537.3� �38,768.00 0.37 2,227 exelon corp 80,806.0� �6�,680.20 0.43 �3,�30 exxon Mobil corp 849,286.76 �,�0�,344.42 2.94 �,234 FPl Group inc 36,259.20 70,0�7.�6 0.�9 798 Family dollar Stores inc 23,870.67 27,387.36 0.07 2,905 Fannie Mae �99,5�2.79 �89,783.65 0.5� 2,�32 Freddie Mac �29,844.05 �29,4�2.40 0.35





874 Fedex corp 52,698.28 96,987.78 0.26 5,554 First data corp �36,496.�8 �8�,449.�8 0.48 76� Fiserv inc 25,9�0.87 43,224.80 0.�2 �,50� Forest laboratories inc 85,5��.20 68,520.65 0.�8 589 Fortune Brands inc 26,987.�0 48,5�5.93 0.�3 688 Franklin Resources inc 29,373.87 9�,�39.36 0.24 2,400 Freeport-McMoRan copper & Gold inc �47,000.00 �98,768.00 0.53 �,�60 General Mills inc 57,898.37 67,767.20 0.�8 �,4�0 General dynamics corp 68,4�8.34 ��0,290.20 0.29 9,76� General electric co 350,32�.38 373,65�.08 �.00 82� Genuine Parts co 25,9�2.06 40,72�.60 0.�� ,885 Genzyme corp 99,048.49 �2�,394.00 0.32 5,620 Gilead Sciences inc �58,703.52 2�8,055.44 0.58 �,200 GlobalSantaFe corp 76,883.�� 86,700.00 0.23 �,800 Grant Prideco inc 79,780.65 96,894.00 0.26 �,708 Goldman Sachs Group inc/the 283,690.35 370,209.00 0.99 600 Google inc 268,55�.47 3�3,620.06 0.84 489 WW Grainger inc 25,969.32 45,50�.45 0.�2 �,�25 HJ Heinz co 35,554.�9 53,403.75 0.�4 �0,246 Halliburton co 228,82�.90 353,487.00 0.94 560 Harrah’s entertainment inc 38,932.2� 47,745.60 0.�3 794 Hartford Financial Services Group inc 38,428.5� 78,2�6.94 0.2� 732 Hershey co/the 23,562.66 37,053.84 0.�0 2,900 Hess corp �47,505.06 �70,984.00 0.46 6,2�5 Hewlett-Packard co �57,574.96 277,3�3.30 0.74 5,885 Home depot inc 225,567.02 23�,574.75 0.62 6�8 Hospira inc �9,�27.99 24,�26.72 0.06 429 Host Hotels & Resorts inc 4,443.83 9,9�8.48 0.03 660 Humana inc 27,945.40 40,200.60 0.�� ,3�4 Huntington Bancshares inc/oH 25,973.95 29,880.36 0.08 3,367 international Business Machines corp 300,764.92 354,376.75 0.95 �,200 illinois tool Works inc 6�,580.7� 65,028.00 0.�7 �,��5 iMS Health inc �8,746.44 35,824.95 0.�0 660 ingersoll-Rand co ltd �6,354.96 36,�8�.20 0.�0 �7,04� intel corp 438,265.�9 404,55�.64 �.07 �,7�6 international Game technology 44,276.�8 68,�25.20 0.�8 �,554 intuit inc 4�,783.39 46,744.32 0.�2 5,568 itt corp 3�2,979.50 380,�83.04 �.02 66� Jabil circuit inc �4,355.75 �4,588.27 0.04 63� JdS uniphase corp 25,806.5� 8,474.33 0.02 65� Johnson controls inc 28,45�.29 75,366.27 0.20 8,080 Johnson & Johnson 460,555.59 497,889.60 �.33 623 Jones apparel Group inc 22,964.22 �7,599.75 0.05 6,309 JPMorgan chase & co 235,808.79 305,67�.05 0.82 �,000 Juniper networks inc �9,230.07 25,�70.00 0.07 752 kla-tencor corp 33,896.60 4�,322.40 0.�� ,�69 keycorp 3�,808.08 40,�3�.77 0.�� 4,�80 kraft Foods inc - �47,345.00 0.39 3,�0� kroger co/the 49,828.53 87,23�.�3 0.23 �,�00 leggett & Platt inc 25,905.86 24,255.00 0.06 �,572 lehman Brothers Holdings inc 97,38�.20 ��7,�45.44 0.3� 460 lexmark international inc 30,576.93 22,682.60 0.06 �,825 ltd Brands inc 30,84�.60 50,096.25 0.�3 820 lincoln national corp 28,886.37 58,�79.00 0.�6 �,237 linear technology corp 40,879.76 44,754.66 0.�2 �,455 lockheed Martin corp 87,3�5.23 �36,959.�5 0.37 �,284 loews corp �9,269.00 65,458.32 0.�7 5,094 lowe’s cos inc �35,665.28 �56,334.86 0.42 736 Macy’s inc 7,553.4� 29,278.08 0.08 4,�00 Marathon oil corp 97,20�.�3 245,836.00 0.66 2,077 Marsh & Mclennan cos inc 96,604.54 64,�37.76 0.�7

988 Marshall & ilsley corp 28,554.�3 47,058.44 0.�3 �,760 Mattel inc 32,6�0.47 44,5�0.40 0.�2 �,576 Maxim integrated Products inc 69,278.8� 52,654.�6 0.�4 586 MBia inc 26,�26.37 36,460.92 0.�0 �0,263 Mcdonald’s corp 38�,86�.09 520,949.88 �.39 880 McGraw-Hill cos inc/the 4�,239.70 59,9�0.40 0.�6 �,�85 Mckesson corp 3�,207.57 70,673.40 0.�9 2,389 Medtronic inc �20,500.00 �23,893.54 0.33 �,7�6 Mellon Financial corp 5�,849.�� 75,504.00 0.20 600 MeMc electronic Materials inc 34,845.47 36,672.00 0.�0 �6,630 Merck & co inc 697,74�.93 828,�74.00 2.20 3,8�5 Merrill lynch & co inc 262,047.58 3�8,857.70 0.85 2,237 Metlife inc 79,254.52 �44,24�.76 0.39 380 MGic investment corp 26,249.59 2�,606.80 0.06 23,422 Microsoft corp 637,�56.82 690,246.34 �.84 �,900 Mirant corp 47,835.75 8�,035.00 0.22 923 Molex inc 25,548.03 27,699.23 0.07 3,300 Monsanto co �06,560.3� 222,882.00 0.60 7,�77 Motorola inc �34,632.03 �27,032.90 0.34 2,973 Morgan Stanley �54,827.56 249,375.24 0.67 5,�08 nabors industries ltd �5�,22�.09 �70,505.04 0.46 �,360 national Semiconductor corp 26,�98.29 38,447.20 0.�0 �,�00 ncR corp 37,639.25 57,794.00 0.�5 �,000 network appliance inc 36,85�.�9 29,�90.00 0.08 576 newell Rubbermaid inc �7,04�.96 �6,95�.68 0.05 8,406 news corp �3�,99�.�5 �78,29�.26 0.48 �,469 niSource inc 28,533.77 30,422.99 0.08 999 norfolk Southern corp 37,509.94 52,5�7.43 0.�4 4,565 northern trust corp 27�,865.53 293,255.60 0.78 �,�86 northrop Grumman corp 58,774.94 92,353.82 0.25 6,400 new York community Bancorp inc ��2,525.66 �08,928.00 0.29 3,060 occidental Petroleum corp 82,466.39 �77,��2.80 0.47 �,240 omnicom Group inc 43,66�.64 65,620.80 0.�8 ��,922 oracle corp �76,369.93 234,982.62 0.63 �,229 Paychex inc 35,829.03 48,078.48 0.�3 4,�00 Pdl BioPharma inc 70,859.83 95,530.00 0.26 3,800 Peabody energy corp �86,086.53 �83,844.00 0.49 986 Pepsi Bottling Group inc 28,248.05 33,208.48 0.09 4,869 Pepsico inc 27�,824.67 3�5,754.65 0.84 80 Piper Jaffray cos 2,3�4.46 4,458.40 0.0� 893 Pitney Bowes inc 27,98�.35 4�,8�0.26 0.�� ,070 Plum creek timber co inc 26,058.39 44,576.20 0.�2 2,420 Pnc Financial Services Group inc �55,722.85 �73,223.60 0.46 �,800 Powershares QQQ 73,233.80 85,680.00 0.23 692 PPG industries inc 34,070.37 52,668.�2 0.�4 5,682 Praxair inc 309,924.�0 409,047.�8 �.09 400 Precision castparts corp 46,834.�5 48,544.00 0.�3 �,�52 Principal Financial Group inc 33,692.55 67,�50.08 0.�8 9,�63 Procter & Gamble co 5��,�96.22 560,683.97 �.50 3,508 Progressive corp/the 57,457.62 83,946.44 0.22 867 Progress energy inc 36,043.36 39,526.53 0.�� 850 Prologis 39,��4.63 48,365.00 0.�3 �,334 Prudential Financial inc 63,288.98 �29,704.82 0.35 �,057 Public Service enterprise Group inc 3�,7�4.09 92,783.46 0.25 2,7�5 Qualcomm inc 82,222.60 ��7,803.85 0.3� 700 Quest diagnostics inc 29,809.50 36,�55.00 0.�0 6,234 Qwest communications international inc 30,276.20 60,469.80 0.�6 �,365 Raytheon co 39,445.�2 73,559.85 0.20 �,084 Regions Financial corp 26,2�5.50 35,880.40 0.�0 632 Robert Half international inc �7,370.55 23,068.00 0.06

america Shares (continued)(expressed in uSd)






568 Rockwell automation inc/de �2,�9�.84 39,44�.92 0.�� 5,600 Rockwell collins inc 375,�58.9� 395,584.00 �.06 9�5 Rohm & Haas co 3�,458.67 50,032.20 0.�3 �,530 Safeway inc 63,224.62 52,065.90 0.�4 �,680 Sanmina-Sci corp 22,068.85 5,258.40 0.0� 6,800 Sara lee corp ��,640.97 ��8,320.00 0.32 5,5�2 Schering-Plough corp �20,502.2� �67,785.28 0.45 830 Sempra energy 25,897.89 49,�60.90 0.�3 8�9 Sherwin-Williams co/the 23,384.43 54,438.93 0.�5 768 Simon Property Group inc 25,802.24 7�,454.72 0.�9 2,736 Southwest airlines co 44,289.6� 40,793.76 0.�� 2,��6 Spectra energy corp - 54,93�.36 0.�5 �,000 St Jude Medical inc 40,048.�8 4�,490.00 0.�� 2,968 Staples inc 42,762.72 70,430.64 0.�9 3,050 Starbucks corp 42,864.38 80,032.00 0.2� 700 Starwood Hotels & Resorts Worldwide inc 20,�82.6� 46,949.00 0.�3 2,840 State Street corp �66,248.�3 �94,256.00 0.52 848 Stryker corp 30,847.20 53,500.32 0.�4 2,580 Symantec corp 48,�85.73 52,��6.00 0.�4 �,358 Synovus Financial corp 28,565.77 4�,690.60 0.�� 6,879 SYSco corp 23�,272.89 226,938.2� 0.6� 2,600 target corp �47,437.5� �65,360.00 0.44 4,�50 tcF Financial corp ��4,322.79 ��5,370.00 0.3� 4,200 td ameritrade Holding corp 70,568.25 84,000.00 0.22 �,844 tenet Healthcare corp 7�,269.90 �2,004.44 0.03 5,036 texas instruments inc �58,��4.00 �89,504.68 0.5� 6�0 textron inc 26,263.58 67,�67.�0 0.�8 �,704 tJX cos inc 34,045.08 46,860.00 0.�3 950 transocean inc 79,503.46 �00,68�.00 0.27 �,69� travelers cos inc/the 68,0�3.70 90,468.50 0.24 �,400 tXu corp 70,464.58 94,220.00 0.25 803 uSt inc 25,974.6� 43,�29.�3 0.�2 867 union Pacific corp 67,7�7.�6 99,835.05 0.27 5,564 unitedHealth Group inc 253,559.89 284,542.96 0.76 2,702 united Parcel Service inc 203,65�.22 �97,246.00 0.53 8,098 united technologies corp 460,472.47 574,39�.�4 �.52 800 unum Group �0,029.72 20,888.00 0.06 5,000 uS Bancorp �69,303.58 �64,750.00 0.44 �,900 valero energy corp ��3,065.40 �40,334.00 0.36 242 verigy ltd 5,3�8.33 6,923.62 0.02 5,�00 veriSign inc ��0,209.87 �6�,823.00 0.43 440 vF corp �8,6�5.76 40,295.20 0.�� 5,350 Walgreen co 236,�7�.73 232,939.00 0.62 5,300 Walt disney co/the �45,066.49 �80,942.00 0.48 2,992 Washington Mutual inc ��7,48�.97 �27,578.88 0.34 2,066 Waste Management inc 53,696.78 80,677.30 0.22 2,�94 WellPoint inc 97,863.45 �75,�47.02 0.46 3,458 Wells Fargo & co 95,638.53 �2�,6�7.86 0.32 2,954 Western union co/the 60,5�0.0� 6�,53�.82 0.�6 3,250 Weyerhaeuser co 253,504.35 256,522.50 0.69 �,�47 Windstream corp �0,767.45 �6,929.72 0.05 627 WM Wrigley Jr co (B) 25,576.53 34,679.37 0.09 �56 WM Wrigley Jr co 8,525.5� 8,580.00 0.02 3,40� Wyeth �50,348.57 �95,0�3.34 0.52 942 Wyndham Worldwide corp 27,306.03 34,�56.92 0.09 �,490 Xcel energy inc 25,858.4� 30,500.30 0.08 �,653 Xilinx inc 46,376.46 44,250.8� 0.�2 487 Xl capital ltd 39,�85.44 4�,049.23 0.�� 3,400 Yahoo inc ��,000.�3 92,242.00 0.25 �,�68 Yum Brands inc 26,007.�0 38,2�6.96 0.�0 463 Zimmer Holdings inc 22,286.7� 39,304.07 0.�0

28,943,9�3.2� 36,274,507.69 96.88

Totalinvestments 29,557,080.53 37,3�8,028.27 99.66

Cash ��9,�75.69 0.32 Othernetassets 8,��8.95 0.02

Totalnetassets 37,445,322.9� �00.00

america Shares (continued)(expressed in uSd)






Far east Shares(expressed in uSd)


a)Equities

AUD-AUSTRALIA 55,�04 aMP ltd 40�,365.39 473,��2.36 �.�5 �9,580 australia & new Zealand Banking Group ltd 427,02�.�5 48�,572.37 �.�7 64,695 anzon australia ltd 66,427.3� 57,082.73 0.�4 345,644 aPn/uka european Retail trust 377,62�.64 357,758.�3 0.87 625 aSX ltd 26,040.29 25,823.�8 0.06 20,839 Bradken ltd �69,929.86 �89,�73.94 0.46 36,2�6 BHP Billiton ltd 753,928.33 �,076,3�9.67 2.6� 932 commonwealth Bank of australia 43,498.83 43,686.66 0.�� 3,252 dexion ltd 3�,968.44 29,793.94 0.07 �2,537 Fleetwood corp ltd 96,806.�4 92,536.60 0.22 3,�68 leighton Holdings ltd ��5,399.33 ��0,868.9� 0.27 �7,639 Macquarie Media Group ltd 69,993.55 72,579.90 0.�8 56,52� McPherson’s ltd �50,5�5.58 �63,038.22 0.39 �3,484 Melbourne it ltd 39,743.88 47,360.88 0.�� 8,03� Mermaid Marine australia ltd �53,239.30 �89,760.56 0.46 8,559 Minara Resources ltd 52,667.67 52,863.40 0.�3 56,068 Mincor Resources nl 2�9,996.54 223,570.03 0.54 4,�63 incitec Pivot ltd 250,�66.67 28�,49�.57 0.68 37,950 nomad Building Solutions ltd 72,886.82 86,609.34 0.2� 252,��9 Record Realty �82,230.43 �87,�60.54 0.45 43,970 Reverse corp ltd �84,503.47 220,094.47 0.53 2,68� Rio tinto ltd �75,675.�� 224,703.82 0.54 22,69� Sally Malay Mining ltd 92,5�6.00 79,699.32 0.�9 49,963 tassal Group ltd �26,375.�4 �40,730.�8 0.34 52,�42 virgin Blue Holdings ltd ��8,977.50 �08,823.69 0.26 24,0�3 Woolworths ltd 359,�44.55 550,060.99 �.33

4,758,638.92 5,566,275.40 �3.47

hKD-ChINA 22,000 aluminum corp of china ltd �5,0�6.07 37,�45.53 0.09 �8,000 Beijing enterprises Holdings ltd 65,409.79 68,38�.53 0.�7 72,000 china life insurance co ltd 62,252.09 258,790.72 0.62 54,000 china Mobile ltd �93,�53.54 580,897.68 �.4� �88,000 china telecom corp ltd 68,63�.07 ��0,�36.99 0.27 �68,500 cnooc ltd 96,�44.4� �90,960.49 0.46 88,000 Jiangsu express 48,702.90 89,26�.82 0.22 �78,062 Petrochina co ltd �0�,0�4.25 26�,470.70 0.62 90,000 Shanghai electric Group co ltd 30,673.0� 40,522.39 0.�0 �70,000 china Petroleum & chemical corp 9�,992.66 �88,3��.44 0.46 7�,500 Weiqiao textile co �20,737.33 �60,4�5.20 0.39 76,000 Zhejiang expressway co ltd 65,666.65 8�,755.97 0.20

959,393.77 2,068,050.46 5.0�

hKD-hONGKONG 6,600 Bank of east asia ltd 40,357.56 37,06�.�0 0.09 34,000 cheung kong Holdings ltd 383,78�.55 445,77�.88 �.08 �86,000 china construction Bank corp �22,923.25 �27,760.65 0.3� �4,000 clP Holdings ltd 8�,896.49 93,925.48 0.23 268,000 china Metal international Holdings inc 99,079.26 96,670.46 0.23 72,000 china agri-industries Holdings ltd 50,347.27 48,995.25 0.�2 �8,200 esprit Holdings ltd �09,�73.08 230,936.70 0.56 99,000 Far east consortium 4�,060.�9 4�,028.92 0.�0 6,300 Hang Seng Bank ltd 82,654.43 85,097.02 0.2� �6,500 Hongkong electric Holdings 70,�65.83 83,366.38 0.20

8,000 Hong kong exchanges and clearing ltd �09,734.09 ��3,�76.�7 0.27 27,700 Hutchison Whampoa ltd 240,858.27 275,�25.67 0.67 �2,000 new World development ltd �6,9�7.5� 30,023.4� 0.07 32,000 orient overseas international ltd 292,�46.73 309,034.40 0.75 26,000 Pacific Basin Shipping ltd 27,�80.66 29,266.�7 0.07 �,249 Prosperity Reit 348.58 252.42 0.00 8,500 Swire Pacific ltd 55,723.54 94,97�.�6 0.23 6,000 vtech Holdings ltd 36,8�0.38 50,652.99 0.�2 28,000 Yue Yuen industrial Holdings ltd 8�,593.80 86,85�.97 0.2�

�,942,752.47 2,279,968.20 5.52

IDRINDONESIA 97,500 aneka tambang �6�,82�.03 �35,43�.73 0.33 �5,000 international nickel indonesia tbk Pt �03,225.59 92,�4�.72 0.22 �80,500 telekomunikasi i ndonesia tbk Pt 47,638.03 �96,782.06 0.48 98,500 timah tbk Pt �38,594.53 �32,459.95 0.32

45�,279.�8 556,8�5.46 �.35

Jpy-JApAN 3,800 advan co ltd 4�,099.0� 40,�86.24 0.�0 �,800 advantest corp 83,25�.00 78,270.37 0.�9 2,800 aisin Seiki co ltd 90,038.74 �02,708.60 0.25 7,000 ajinomoto co inc 70,36�.02 80,545.76 0.20 �0,000 asahi Glass co ltd 65,667.4� �34,742.29 0.33 �5,000 asahi kasei corp 5�,264.�6 98,384.54 0.24 5,240 astellas Pharma inc �38,369.92 227,429.43 0.55 �4,000 Bank of Yokohama ltd/the 74,675.44 97,947.28 0.24 6,200 Bridgestone corp �04,6��.49 �32,539.77 0.32 7,800 canon inc 2�5,048.63 456,650.03 �.�� 9,000 chiba Bank ltd/the 47,855.95 79,727.92 0.�9 5,500 chubu electric Power co inc �04,822.96 �45,633.4� 0.35 2,300 credit Saison co ltd �06,748.87 59,783.79 0.�4 7,4�5 daiichi Sankyo co ltd �04,343.7� �96,340.32 0.48 2,900 daikin industries ltd 83,623.60 �05,437.46 0.26 6,000 daiwa House industry co ltd 39,585.89 85,606.70 0.2� �3,600 daiwa Securities Group inc 7�,642.63 �44,595.32 0.35 5,500 denso corp 83,240.2� 2�4,664.54 0.52 30 east Japan Railway co �34,794.75 230,778.55 0.56 2,700 eisai co ltd 65,628.�2 ��7,624.�9 0.28 2,700 electric Power development co ltd 7�,805.8� �07,�29.83 0.26 �,900 Fanuc ltd �0�,883.60 �95,700.2� 0.47 900 Fast Retailing co ltd 80,845.32 63,9�3.5� 0.�5 4,900 FuJiFilM Holdings corp �34,46�.49 2�8,624.22 0.53 ��,000 Fujitsu ltd 37,425.94 80,877.76 0.20 �0,000 Fukuoka Financial Group inc 40,228.0� 65,9�3.59 0.�6 �0,000 Furukawa electric co ltd 75,086.28 55,�43.93 0.�3 9�0 Gulliver international co ltd 52,925.70 52,39�.59 0.�3 7,000 Hitachi ltd 45,699.76 49,597.�5 0.�2 �6,000 Hokuhoku Financial Group inc 73,87�.29 5�,694.40 0.�3 ��,700 Honda Motor co ltd 203,2�5.�7 426,333.0� �.03 54 Hoosiers corp 36,338.67 35,680.79 0.09 4,400 Hoya corp 87,967.89 �45,722.49 0.35 �7,000 itochu corp 4�,787.0� �96,574.74 0.48 49 Japan tobacco inc 58,840.66 24�,240.52 0.58 5,600 JFe Holdings inc �29,428.75 347,803.53 0.84 �2,000 Joyo Bank ltd/the 35,043.28 74,432.�6 0.�8 3,300 JSR corp 80,723.82 79,497.�4 0.�9





Far east Shares (continued)(expressed in uSd)


�4,000 kajima corp 78,0�8.45 58,496.29 0.�4 7,200 kansai electric Power co inc/the �25,358.93 �69,950.�9 0.4� 5,000 kao corp 92,56�.34 �29,�55.02 0.3� �0,000 keihin electric express Railway co ltd 75,896.27 65,9�3.59 0.�6 24,000 kintetsu corp 6�,�53.95 72,�00.08 0.�7 33,000 kobe Steel ltd �04,5�3.30 �25,057.68 0.30 9,700 komatsu ltd 37,805.40 28�,�93.55 0.68 6,000 konica Minolta Holdings inc 60,2�4.82 88,376.04 0.2� ��,000 kubota corp 29,052.38 89,072.42 0.22 2,000 kyocera corp �37,536.68 2�2,802.�2 0.52 4,300 kyushu electric Power co inc 69,863.88 ��2,466.08 0.27 28 land co ltd 40,256.6� 4�,945.0� 0.�0 2,�00 leopalace2� corp 7�,6��.4� 7�,589.94 0.�7 �4,000 Marubeni corp 73,�42.30 ��5,065.38 0.28 5,900 Marubun corp 70,038.4� 67,60�.92 0.�6 5,000 Marui co ltd 47,�86.43 62,958.0� 0.�5 �8,000 Matsushita electric industrial co ltd 250,�02.77 356,370.67 0.86 �2,000 Mitsubishi Heavy industries ltd 26,433.�� 76,86�.40 0.�9 2,800 Millea Holdings inc 45,�90.64 ��4,725.28 0.28 �0,000 Mitsubishi chemical Holdings corp 38,700.36 9�,663.62 0.22 ��,600 Mitsubishi corp 76,�38.44 303,396.87 0.73 20,000 Mitsubishi electric corp 63,563.27 �84,946.74 0.45 4,000 Mitsubishi estate co ltd 3�,�38.�7 �08,506.4� 0.26 �5,000 Mitsubishi Materials corp 70,469.32 8�,744.�9 0.20 ��,000 Mitsubishi Rayon co ltd 68,962.74 78,294.66 0.�9 69 Mitsubishi uFJ Financial Group inc 420,992.74 759,868.76 �.84 �5,000 Mitsui & co ltd 78,0�3.�8 298,�90.�9 0.72 9,000 Mitsui Fudosan co ltd 66,�24.�0 252,�55.94 0.6� ��,000 Mitsui oSk lines ltd 48,757.78 �49,�07.24 0.36 6,000 Mitsui trust Holdings inc 70,566.52 52,�80.25 0.�3 75 Mizuho Financial Group inc 5�4,303.98 5�8,037.�2 �.25 2,200 Murata Manufacturing co ltd �09,�24.84 �65,496.56 0.40 4,000 nGk Spark Plug co ltd 80,5�3.23 69,476.49 0.�7 �,200 nidec corp 6�,664.37 70,35�.02 0.�7 �,�00 nintendo co ltd 80,624.34 40�,7�6.63 0.97 5,000 nippon electric Glass co ltd 67,904.35 88,060.24 0.2� �6,000 nippon oil corp 66,07�.25 �48,475.63 0.36 6�,000 nippon Steel corp 84,497.62 428,746.07 �.04 ��,000 nippon Yusen kk 37,439.�7 �00,740.9� 0.24 2�,300 nissan Motor co ltd �74,9�4.23 227,84�.59 0.55 2,300 nissin Food Products co ltd 65,949.57 76,9�8.09 0.�9 �,900 nitto denko corp 62,6�0.27 95,696.�7 0.23 �5,�00 nomura Holdings inc �70,245.07 293,453.�5 0.7� 9,000 nippon Mining Holdings inc 62,620.50 86,�4�.�3 0.2� 22 nippon telegraph & telephone corp 87,7�6.9� 97,445.23 0.24 �8 ntt data corp 47,534.5� 85,266.60 0.2� �5� ntt docoMo inc 308,2�4.�8 238,430.69 0.58 300 obic co ltd 6�,940.�0 59,�52.�9 0.�4 �0 nippon Building Fund inc 53,800.86 �38,467.�3 0.34 4,000 olympus corp 77,639.55 �55,795.77 0.38 2,700 omron corp 4�,327.30 7�,492.77 0.�7 890 oRiX corp 39,006.�5 233,859.65 0.57 23,000 osaka Gas co ltd 62,096.59 85,298.99 0.2� 8,000 Pacific Metals co ltd �28,699.66 �33,770.59 0.32 �00 Rakuten inc 86,669.�7 33,604.60 0.08 53 Resona Holdings inc 8�.29 �26,604.3� 0.3� 7,000 Ricoh co ltd �04,270.38 �6�,544.99 0.39

3,500 Riso kagaku corp 67,27�.80 70,7��.36 0.�7 600 Rohm co ltd 58,658.25 53,346.28 0.�3 2,700 Secom co ltd 96,052.82 �27,025.37 0.3� �0,000 Sekisui chemical co ltd 63,�79.39 77,�69.�� 0.�9 7,000 Sekisui House ltd 52,797.44 93,242.63 0.23 6,000 Seven & i Holdings co ltd �5�,033.20 �7�,0�9.06 0.4� 9,000 Sharp corp ��5,887.95 �70,533.2� 0.4� 3,700 Shin-etsu chemical co ltd ��2,66�.42 263,953.98 0.64 �8,000 Shinsei Bank ltd 99,726.24 72,585.93 0.�8 4,000 Shiseido co ltd 42,235.60 85,�85.63 0.2� 8,000 Shizuoka Bank ltd/the 52,599.32 80,974.93 0.20 20,000 Showa denko kk 74,68�.28 72,229.64 0.�7 600 SMc corp/Japan 45,060.37 79,679.33 0.�9 47 Sumitomo Mitsui Financial Group inc �30,220.26 437,669.50 �.06 9,000 Sompo Japan insurance inc �20,283.85 �09,972.05 0.27 8,800 Sony corp 274,843.90 45�,062.76 �.09 �0,700 Sumitomo corp 70,0�2.72 �94,947.�5 0.47 �7,000 Sumitomo chemical co ltd 58,266.55 ��3,980.3� 0.28 9,000 Sumitomo electric industries ltd 57,364.05 �33,802.98 0.32 40,000 Sumitomo Metal industries ltd �50,658.55 235,�5�.20 0.57 7,000 Sumitomo Metal Mining co ltd 78,585.44 �5�,625.56 0.37 4,000 Sumitomo Realty & development co ltd 79,865.23 �30,207.69 0.32 �4,000 Sumitomo trust & Banking co ltd/the �38,��9.87 �33,203.76 0.32 6,700 takeda Pharmaceutical co ltd 250,89�.32 43�,855.50 �.05 �,300 takefuji corp 74,003.04 43,580.7� 0.�� ,200 tdk corp 53,�53.52 ��5,826.54 0.28 ��,000 teijin ltd 67,269.85 60,034.8� 0.�5 �6,000 tobu Railway co ltd 47,935.5� 72,�64.86 0.�7 4,400 tohoku electric Power co inc 70,048.66 98,5�4.�0 0.24 800 token corp 47,223.45 48,455.40 0.�2 ��,000 tokyu corp 34,338.57 73,395.68 0.�8 �0,600 tokyo electric Power co inc/the 2��,2�5.88 339,900.37 0.82 �,600 tokyo electron ltd 6�,984.0� ��7,640.38 0.28 �9,300 nomura toPiX exchange traded Fund 282,998.�6 28�,385.05 0.68 7,000 toppan Printing co ltd 50,073.87 75,�04.25 0.�8 �5,000 toray industries inc 38,683.92 ��0,652.24 0.27 30,000 toshiba corp 90,305.07 26�,�44.�5 0.63 2,500 toyota industries corp 39,957.27 ��5,996.59 0.28 2�,800 toyota Motor corp 6�7,904.�0 �,376,897.88 3.33 75 Yahoo! Japan corp 47,080.80 25,4�6.0� 0.06 890 Yamada denki co ltd 97,�04.30 92,823.�8 0.22 2,900 Yamaha Motor co ltd 67,885.45 84,068.�7 0.20 4,000 Yamato Holdings co ltd 44,673.42 56,455.72 0.�4

�2,9�5,890.77 2�,772,097.94 52.72

MyR-MALAySIA 4�,000 aminvestment Group Bhd 3�,558.88 42,276.6� 0.�0 354,800 Hiap teck venture Bhd 2�9,377.36 2�5,808.83 0.52 23,600 ioi Properties BHd 88,459.53 90,9�3.83 0.22 27,600 Malayan Banking Bhd 73,675.4� 95,930.49 0.23 8,000 Maxis communications Bhd 29,9��.02 35,220.85 0.09 6 tanjong Plc �4.86 33.54 0.00 257,600 titan chemicals corp �28,463.53 ��8,634.03 0.29

57�,460.59 598,8�8.�8 �.45





Far east Shares (continued)(expressed in uSd)


NZD-NEwZEALAND �36,720 air new Zealand ltd 255,639.53 278,844.82 0.67 �4,487 tourism Holdings ltd 29,�79.65 27,979.83 0.07

284,8�9.�8 306,824.65 0.74

php-phILLIpINES 9,670 ayala corp 37,385.59 ��3,949.�9 0.28

37,385.59 ��3,949.�9 0.28

SGD-SINGApORE 34,000 capitaMall trust 49,�30.25 93,8��.50 0.23 60,000 china Hongxing Sports ltd 30,�26.39 35,306.8� 0.09 �7,652 dBS Group Holdings ltd �80,0�7.39 263,�44.0� 0.63 �9,000 Fraser and neave ltd 44,509.08 67,704.08 0.�6 2�,000 keppel corp ltd 4�,872.34 �7�,630.32 0.42 �7,000 oversea-chinese Banking corp 72,862.20 �0�,703.23 0.25 77 Singapore telecommunications ltd ��2.46 �7�.�7 0.00 250 Singapore Press Holdings ltd 62�.02 758.44 0.00 7,000 united overseas Bank ltd 67,332.9� �00,689.79 0.24

486,584.04 834,9�9.35 2.02

ThB-ThAILAND 88,900 aromatics thailand Pcl �25,59�.62 �67,37�.47 0.42 655,�00 calcomp electronics thailand Pcl 87,934.50 �2�,437.80 0.29 33,600 kasikornbank Pcl 68,643.74 72,0�7.38 0.�7 �0,200 Ptt Pcl 66,800.72 79,768.29 0.�9 2,800 Siam cement Pcl �3,�32.95 2�,086.�7 0.05 36,900 thoresen thai agencies Pcl 42,584.37 42,75�.63 0.�0 �20,600 ticon industrial connection Pcl 6�,33�.20 75,�02.�0 0.�8

466,0�9.�0 579,534.84 �.40

USD-AUSTRALIA 4,382 iShares MSci australia index Fund ��,498.�7 �25,0�8.46 0.30

��,498.�7 �25,0�8.46 0.30

USD-SINGApORE 43,000 elec & eltek international co ltd ��,�57.74 97,6�0.00 0.24

��,�57.74 97,6�0.00 0.24

USD-SOUThKOREA 3,000 iShares MSci South korea index Fund �79,849.67 �8�,020.00 0.44 4,300 kookmin Bank 204,067.06 377,�96.00 0.92 2,767 Samsung electronics co ltd 664,967.76 856,386.50 2.07 4,�00 Sk telecom co ltd 75,958.00 ��2,�35.00 0.27

�,�24,842.49 �,526,737.50 3.70

USD-UNITEDSTATES 45,7�3 taiwan Semiconductor Manufacturing co ltd 427,597.58 508,785.69 �.23

427,597.58 508,785.69 �.23

Transferablesecuritiesandmoneymarketinstrumentsdealtonanotherregulatedmarket

a)warrants

USD-ASIA 2,�30 Perl Far east ex Jap 55�,33�.34 597,220.05 �.45

55�,33�.34 597,220.05 �.45

USD-INDIA �9,25� andhra Bank 0705�� 39,200.48 39,079.53 0.09 3,000 JSW Steel ltd �00�20 43,746.30 45,090.00 0.��

82,946.78 84,�69.53 0.20

USD-SOUThKOREA 3,670 Merrill lynch Warrant Hyundai Motor co 347,�34.05 290,388.75 0.70 2,820 Merrill lynch Warrant lG Petrochemical co ltd 74,568.�3 ��0,343.78 0.27 495 Merrill lynch Warrant PoSco ��8,2�3.57 232,268.85 0.56 6,260 Merrill lynch Warrant Shinhan Financial Group co ltd 253,977.�5 378,097.74 0.92 �32 Merrill lynch Warrant Shinsegae co ltd 57,803.45 86,0�3.84 0.2�

85�,696.35 �,097,��2.96 2.66

USD-TAIwAN �63,000 Farglory land development co ltd �20��7 279,�04.90 3�7,850.00 0.77 32,000 Formosa chemicals & Fibre corp�00�20 77,276.80 77,276.80 0.�9 232,000 inventec appliances corp�00�20 507,964.00 507,964.00 �.22 53,7�4 Merrill lynch Warrant acer inc �30,82�.64 �09,920.33 0.27 56,275 Merrill lynch Warrant lite-on technology corp 76,753.60 72,79�.7� 0.�8 �5,400 Merrill lynch Warrant Mediatek inc �5�,254.60 240,825.20 0.58 6�,238 Merrill lynch Warrant Hon Hai Precision industry co ltd 303,360.26 53�,202.9� �.28 �4�,000 Merrill lynch Warrant tung Ho Steel enterprise corp �67,93�.00 �67,93�.00 0.4� 73,000 unimicron technology corp �20��7 ��0,704.50 ��0,704.50 0.27 444,000 Yageo corp 090�20 �76,889.60 2�3,�20.00 0.52

�,982,060.90 2,349,586.45 5.69

Totalinvestments 28,��7,354.96 4�,063,494.3� 99.43

Cash 96,656.04 0.23 Othernetassets �37,968.93 0.33

Totalnetassets 4�,298,��9.28 �00.00





international Shares(expressed in uSd)


a)Equities

AUD-AUSTRALIA 3,367 alinta ltd 29,8�7.46 43,476.89 0.�2 �,604 australia & new Zealand Banking Group ltd 35,376.64 39,450.57 0.�� 8,�20 aPn news & Media ltd 34,92�.2� 40,300.70 0.�2 3,4�� Broken Hill Proprietary 80,32�.50 �0�,373.05 0.29 24,99� commonwealth Property office Fund 29,592.54 35,5�3.96 0.�0 997 commonwealth Bank of australia 36,599.70 46,733.48 0.�3 �7,4�4 inG industrial Fund 32,353.02 34,57�.25 0.�0 �4,28� investa Property Group 26,638.95 35,378.72 0.�0 4,778 lion nathan ltd 3�,496.62 37,577.38 0.�� 445 Macquarie Bank ltd 25,43�.26 32,090.73 0.09 22,356 Macquarie office trust 25,855.75 3�,674.6� 0.09 �,207 national australia Bank ltd 35,562.45 42,005.25 0.�2 �,578 QBe insurance Group ltd 28,972.29 4�,769.79 0.�2 �,860 Rinker Group ltd 27,007.�4 29,729.97 0.09 505 Rio tinto ltd 33,020.85 42,325.79 0.�2 �,7�4 Westpac Banking corp 32,740.59 37,3�3.68 0.��

545,707.97 67�,285.82 �.92

CAD-CANADA 557 alcan inc 25,423.74 45,502.5� 0.�3 �,�47 Barrick Gold corp 33,705.0� 33,404.52 0.�0 8�� Bank of nova Scotia 34,333.65 39,560.79 0.�� 638 canadian natural Resources ltd 32,084.39 42,45�.37 0.�2 863 canadian national Railway co 38,744.52 43,97�.42 0.�3 890 encana corp 45,7�5.49 54,8�8.�4 0.�6 �,3�0 Fortis inc 27,336.00 32,0�8.80 0.09 848 Goldcorp inc 24,453.65 20,�60.68 0.06 364 Magna international inc 27,39�.96 33,363.�0 0.�0 2,403 Manulife Financial corp 68,280.59 89,998.�4 0.25 638 Petro-canada 29,069.67 34,036.66 0.�0 �,037 PrimeWest energy trust 3�,854.40 2�,826.96 0.06 2,645 Provident energy trust 33,378.�6 3�,�30.8� 0.09 �,059 Royal Bank of canada 44,423.52 56,367.�7 0.�6 802 Sun life Financial inc 33,37�.54 38,269.82 0.�� 582 Suncor energy inc 33,265.46 52,50�.73 0.�5 �,086 teck cominco ltd 40,596.57 46,�45.43 0.�3

603,428.32 7�5,528.05 2.05

ChF-SwITZERLAND 3,804 aBB ltd 54,5�3.46 86,285.25 0.25 �,892 credit Suisse Group 88,083.44 �34,845.�4 0.39 452 nestle Sa �29,77�.69 �7�,860.3� 0.49 �,�48 novartis aG 60,97�.22 64,63�.20 0.�8 �,526 compagnie Financiere Richemont Sa 75,052.93 9�,5�5.�8 0.26 2,5�0 Roche Holding aG 428,042.40 445,230.09 �.27 228 Swatch Group aG 37,474.33 64,924.93 0.�9 384 Syngenta aG 54,5�9.47 74,945.�7 0.2� �,056 uBS aG 66,800.50 63,4�5.�4 0.�8

995,229.44 �,�97,652.4� 3.42

DKK-DENMARK 338 carlsberg a/S 24,600.�8 40,9�4.30 0.�� 308 danisco a/S 23,5�6.6� 23,00�.34 0.07

48,��6.79 63,9�5.64 0.�8

EUR-AUSTRIA 395 Flughafen Wien aG 30,827.64 39,007.�3 0.�� 545 verbund - oesterreichische elektrizitaetswirtschafts aG 26,770.79 27,88�.56 0.08

57,598.43 66,888.69 0.�9

EUR-BELGIUM 2,�09 Fortis 57,9�4.65 89,750.25 0.26

57,9�4.65 89,750.25 0.26

EUR-FINLAND 3,763 nokia oYJ 80,872.73 �05,758.9� 0.30 6,689 teliaSonera aB 39,922.00 49,�44.03 0.�4

�20,794.73 �54,902.94 0.44

EUR-FRANCE 57 arkema �,798.4� 3,732.83 0.0� 2,924 aXa Sa 92,4�2.60 �26,407.75 0.36 960 BnP Paribas 8�,760.�0 ��4,56�.2� 0.33 �,4�2 carrefour Sa 78,280.�6 99,429.76 0.28 482 Groupe danone 30,675.32 39,070.93 0.�� ,333 France telecom Sa 30,442.02 36,725.78 0.�� 47 Pernod-Ricard Sa 24,782.�� 32,549.�3 0.09 �,244 Sanofi-aventis �09,20�.80 �00,973.06 0.29 3,900 Schneider electric Sa 530,927.38 548,467.8� �.58 845 Suez Sa 35,000.60 48,490.2� 0.�4 �,480 thomson 34,8�8.29 28,243.24 0.08 2,249 total Sa �35,620.9� �83,032.94 0.52 2,500 veolia environnement �93,569.23 �95,93�.04 0.56 2,500 veolia environnement - 2,836.�6 0.0� �,079 vivendi 39,980.�0 46,500.64 0.�3

�,4�9,269.03 �,606,952.49 4.60

EUR-GERMANy 7,900 adidas aG 394,8�8.08 499,��.96 �.43 494 allianz Se 79,�38.�9 ��5,8�4.34 0.33 843 BaSF aG 59,205.�7 ��0,709.07 0.32 �,282 Bayer aG 45,832.35 97,�3�.83 0.28 62� deutsche Bank aG 68,039.63 90,4�9.34 0.26 �,497 deutsche telekom aG 25,263.37 27,678.08 0.08 �2,94� indeXcHanGe - dow Jones euro Stoxx 50 eX 743,849.47 798,�95.94 2.28 342 e.on aG 38,7��.79 57,408.07 0.�6 9�2 Fresenius Medical care aG & co kGaa 32,79�.�9 42,037.98 0.�2 �,27� SaP aG 60,8�9.22 65,349.02 0.�9 6,683 Siemens aG 738,794.60 96�,87�.58 2.75

2,287,263.06 2,865,727.2� 8.20

EUR-GREECE �,062 alpha Bank ae 28,242.93 33,4�8.82 0.�0 825 oPaP Sa 32,370.65 29,�92.�4 0.08

60,6�3.58 62,6�0.96 0.�8

EUR-IRELAND 2,063 allied irish Banks Plc 52,485.8� 56,308.79 0.�6 �,432 cRH Plc 50,564.99 70,84�.97 0.20

�03,050.80 �27,�50.76 0.36





international Shares (continued)(expressed in uSd)


EUR-ITALy 5,�55 enel Spa 45,883.46 55,522.63 0.�6 3,388 eni Spa 94,408.�7 �23,085.35 0.35 2,598 Fiat Spa 36,438.55 77,472.73 0.22 9,225 Snam Rete Gas Spa 42,068.62 54,63�.94 0.�6 �3,899 telecom italia Spa 37,9�2.48 30,84�.24 0.09 �2,�89 terna Rete elettrica nazionale Spa 33,938.05 42,�42.35 0.�2 2,685 unicredito italiano Spa 26,�36.�� 24,038.26 0.07

3�6,785.44 407,734.50 �.�7

EUR-NEThERLANDS 2,260 aBn aMRo Holding nv 56,935.33 �03,928.87 0.30 2,605 inG Groep nv 89,872.77 ��5,36�.2� 0.33 620 Fugro nv 25,205.83 39,396.89 0.�� 2,259 Royal kPn nv 26,573.0� 37,586.99 0.�� ,850 koninklijke Philips electronics nv 62,463.47 78,853.2� 0.23 6,884 Royal dutch Shell Plc 2�7,508.60 280,682.05 0.80 �,027 SBM offshore nv 26,802.8� 39,252.52 0.�� 75� tnt nv 27,675.37 33,906.8� 0.�0

533,037.�9 728,968.55 2.09

EUR-pORTUGAL 3,908 Brisa-auto estradas de Portugal Sa 42,95�.64 52,5�5.60 0.�5 9,737 energias de Portugal Sa 38,603.77 53,784.75 0.�5 6,625 Jeronimo Martins SGPS Sa 24,523.2� 39,�00.�� 0.�� 6,004 Sonae SGPS Sa 25,525.38 45,389.82 0.�4

�3�,604.00 �90,790.28 0.55

EUR-SpAIN 6,038 Banco Santander central Hispano Sa 88,800.85 ��,636.76 0.32 20,859 Banco Bilbao vizcaya argentaria Sa 490,224.50 5�2,7�4.43 �.47 778 endesa Sa 28,029.95 42,249.77 0.�2 459 iberdrola Sa 23,49�.5� 25,744.55 0.07 5,�76 telefonica Sa 87,4�3.86 ��5,62�.99 0.33

7�7,960.67 807,967.50 2.3�

GBp-UNITEDKINGDOM �,42� astraZeneca Plc 77,9��.99 76,492.96 0.22 3,632 aviva Plc 48,392.72 54,�79.3� 0.�5 6,499 Barclays Plc 84,902.9� 90,753.3� 0.26 �,086 Berkeley Group Holdings Plc 25,586.00 38,806.�4 0.�� 2,2�5 BHP Billiton Plc 3�,66�.2� 6�,772.5� 0.�8 2�,628 BP Plc 285,244.52 26�,66�.83 0.75 4,783 Burberry Group Plc 42,383.84 65,927.08 0.�9 2,0�3 charter Plc 29,823.74 44,628.55 0.�3 3,620 cookson Group Plc 35,4�3.85 5�,494.58 0.�5 �,827 diageo Plc 33,6�6.46 38,0�2.29 0.�� ,794 emap Plc 3�,062.07 29,623.00 0.08 3,595 GlaxoSmithkline Plc �08,269.06 94,�27.4� 0.27 3,236 Great Portland estates Plc 30,964.93 43,0�3.�3 0.�2 3,93� HBoS Plc 72,�28.40 77,726.0� 0.22 9,902 HSBc Holdings Plc �74,27�.32 �8�,78�.93 0.52 738 imperial tobacco Group Plc 24,432.07 34,�59.43 0.�0 �,073 Johnson Matthey Plc 28,056.33 36,425.6� 0.�0 �0,669 kingfisher Plc 53,943.07 48,484.02 0.�4 6,57� Prudential Plc 69,859.�3 94,�3�.80 0.27

8,63� Royal Bank of Scotland Group Plc 99,272.05 �09,6�5.39 0.3� �,392 Reckitt Benckiser Plc 47,245.68 76,384.�5 0.22 5,�50 Rio tinto Plc 287,344.66 395,432.52 �.�3 2,680 Scottish & newcastle Plc 27,�8�.66 34,439.80 0.�0 �,37� Scottish & Southern energy Plc 3�,033.40 39,857.73 0.�� 9,400 tesco Plc 88,680.27 78,927.80 0.23 59,263 vodafone Group Plc �55,093.95 �99,5�8.09 0.57 2,557 William Hill Plc 30,92�.45 3�,550.96 0.09 3,792 Yell Group Plc 37,888.04 35,�68.35 0.�0

2,092,584.78 2,424,095.69 6.93

hKD-hONGKONG 3,967 cheung kong Holdings ltd 40,642.03 52,0��.09 0.�5 4,9�8 Hutchison Whampoa ltd 44,04�.39 48,847.22 0.�4

84,683.42 �00,858.3� 0.29

Jpy-JApAN 700 advantest corp 30,724.33 30,438.48 0.09 4,400 asahi kasei corp 25,255.92 28,859.47 0.08 800 astellas Pharma inc 26,726.29 34,722.05 0.�0 �,880 canon inc 66,734.64 ��0,064.37 0.3� �,600 coca-cola West Holdings co ltd 3�,�07.�� 37,��8.9� 0.�� 800 cSk Holdings corp 32,752.49 28,��4.50 0.08 2,700 daiwa Securities Group inc 28,884.95 28,706.42 0.08 �,�00 electric Power development co ltd 36,�33.22 43,645.49 0.�2 4,400 Fujitsu ltd 27,634.6� 32,35�.�0 0.09 �,700 Hokkaido electric Power co inc 36,65�.95 36,823.35 0.�� 2,300 Honda Motor co ltd 58,787.72 83,809.05 0.24 2,600 House Foods corp 35,659.5� 39,854.24 0.�� ,000 Hoya corp 3�,83�.92 33,��8.75 0.09 3,600 itochu corp 27,277.96 4�,627.59 0.�2 4 Japan Real estate investment corp 28,�99.69 46,965.46 0.�3 8 Japan tobacco inc �9,308.75 39,386.2� 0.�� ,000 JFe Holdings inc 3�,5��.80 62,�07.77 0.�8 4,400 kamigumi co ltd 32,260.52 38,05�.74 0.�� 2,700 kaneka corp 23,742.78 22,584.72 0.06 7,�00 keisei electric Railway co ltd 35,382.69 4�,509.37 0.�2 90 keyence corp 2�,�33.5� �9,625.89 0.06 �,700 komatsu ltd 29,�04.60 49,28�.34 0.�4 3,600 kubota corp 29,23�.72 29,�50.98 0.08 500 Mabuchi Motor co ltd 27,883.98 30,568.04 0.09 �,800 Matsushita electric industrial co ltd 28,934.03 35,637.07 0.�0 �,900 Mitsubishi corp 28,9�9.43 49,694.32 0.�4 4,400 Mitsubishi electric corp 3�,523.�9 40,688.28 0.�2 �,800 Mitsubishi estate co ltd 32,4�8.29 48,827.88 0.�4 �� Mitsubishi uFJ Financial Group inc �03,386.9� �2�,�38.50 0.35 2,700 Mitsui & co ltd 33,5�8.53 53,674.23 0.�5 �,800 Mitsui Fudosan co ltd 33,040.66 50,43�.�9 0.�4 2,�00 Mitsumi electric co ltd 23,�92.68 75,�60.93 0.22 �0 Mizuho Financial Group inc 64,�93.09 69,07�.62 0.20 500 Murata Manufacturing co ltd 26,�75.2� 37,6�2.86 0.�� 5,300 nec corp 25,8��.08 27,380.86 0.08 �80 nintendo co ltd 23,204.65 65,735.45 0.�9 6,200 nippon kayaku co ltd 46,087.�7 48,999.55 0.�4 �6,800 nippon light Metal co ltd 42,�36.77 43,804.20 0.�3







5,000 nissan Motor co ltd 52,537.67 53,483.94 0.�5 400 nitto denko corp 26,075.27 20,�46.56 0.06 �,600 nomura Holdings inc 23,476.50 3�,094.37 0.09 6 nippon telegraph & telephone corp 22,543.59 26,575.97 0.08 2� ntt docoMo inc 3�,259.64 33,�59.23 0.09 �23 oRiX corp 27,936.�7 32,3�9.93 0.09 3,700 QP corp 32,497.�6 35,473.50 0.�0 6,200 Sapporo Holdings ltd 28,983.84 39,3�0.09 0.�� ,600 Seven & i Holdings co ltd 47,697.58 45,605.08 0.�3 2,700 Shionogi & co ltd 36,609.40 43,945.�0 0.�3 6 Sumitomo Mitsui Financial Group inc 50,�26.77 55,872.70 0.�6 �,400 Softbank corp 26,350.95 30,�55.06 0.09 3,600 Sompo Japan insurance inc 44,535.36 43,988.82 0.�3 �,�00 Sony corp 40,264.49 56,382.84 0.�6 2,500 Sumitomo corp 28,905.39 45,548.40 0.�3 3,600 Sumitomo Heavy industries ltd 28,889.99 40,723.9� 0.�2 8,000 takara Holdings inc 43,307.59 53,249.�� 0.�5 800 takeda Pharmaceutical co ltd 39,253.73 5�,564.84 0.�5 8,600 tobu Railway co ltd 3�,092.�4 38,788.6� 0.�� 9,498 nomura toPiX exchange traded Fund 266,422.73 284,27�.80 0.82 3,600 toray industries inc 27,602.�0 26,556.54 0.08 3,�70 toyota Motor corp �27,448.47 200,2�8.62 0.57 250 Yamada denki co ltd 22,9�6.03 26,073.93 0.07

2,423,�96.9� 3,070,85�.�8 8.79

NOK-NORwAy �,373 norsk Hydro aSa 37,236.88 53,00�.26 0.�5 2,958 orkla aSa 29,052.76 56,09�.49 0.�6 2,376 ProSafe Se 27,085.78 38,0�5.36 0.��

93,375.42 �47,�08.�� 0.42

SEK-SwEDEN 5,500 astraZeneca Plc 290,7�0.83 294,362.�3 0.84 4,052 atlas copco aB (a) 55,5�2.20 67,954.85 0.�9 26,700 atlas copco aB (B) 4�8,675.36 420,52�.50 �.20 273 Hennes & Mauritz aB �2,855.67 �6,�83.65 0.05 2,056 Sandvik aB 24,536.25 4�,676.49 0.�2 �,528 Wihlborgs Fastigheter aB 26,058.22 27,0�8.32 0.08

828,348.53 867,7�6.94 2.48

SGD-SINGApORE �87,000 Bio-treat technology ltd 99,754.93 �06,982.90 0.3� �,503 dBS Group Holdings ltd �6,662.02 22,405.70 0.06 22,000 epure international ltd 34,508.36 32,939.95 0.09 �4,�72 Singapore telecommunications ltd 23,579.99 3�,504.66 0.09 49,46� Sinomem technology ltd 33,�53.64 49,�55.40 0.�4 2,8�� united overseas Bank ltd 27,��.37 40,434.�4 0.�2

234,770.3� 283,422.75 0.8�

USD-BRASIL �,900 cia de Saneamento Basico do estado de Sao Paulo 66,�65.�4 83,752.00 0.24 34,200 tele norte leste Participacoes Sa 5�2,997.84 648,774.00 �.86

579,�62.98 732,526.00 2.�0

USD-TAIwAN 59,800 Merrill lynch Warrant Mega Financial Holding co ltd 39,267.90 40,634.�0 0.�2

39,267.90 40,634.�0 0.�2

USD-TURKEy 29,050 turkiye Garanti Bankasi aS 89,688.39 �63,277.�3 0.46 5�,099 turkiye is Bankasi 256,00�.95 240,3�4.�8 0.69

345,690.34 403,59�.3� �.�5

USD-UNITEDSTATES �,068 3M co 85,69�.89 92,69�.72 0.27 �,654 abbott laboratories 74,875.58 88,57�.70 0.25 860 accenture ltd 23,098.62 36,885.40 0.�� 855 adobe Systems inc 26,068.39 34,328.25 0.�0 �,4�0 aecom technology corp 28,200.00 34,982.�0 0.�0 �,08� aetna inc 39,�48.65 53,40�.40 0.�5 825 agilent technologies inc 23,423.50 3�,7�3.00 0.09 �,��0 alcoa inc 33,259.24 44,988.30 0.�3 374 alltel corp �8,529.68 25,263.70 0.07 2,�30 altria Group inc �2�,974.93 �49,398.20 0.43 5�9 amazon.com inc �9,824.65 35,504.79 0.�0 623 aMB Property corp 30,080.79 33,�56.06 0.09 2,456 american international Group inc �60,062.27 �7�,993.68 0.49 7,400 america Movil SaB de cv 348,3�4.24 458,282.00 �.3� �,647 american express co 83,504.�8 �00,763.46 0.29 �,076 amgen inc 65,439.7� 59,492.04 0.�7 6�5 anadarko Petroleum corp 29,64�.74 3�,973.85 0.09 472 anheuser-Busch cos inc 2�,554.25 24,6�9.52 0.07 �,307 apache corp 92,�42.60 �06,638.�3 0.3� 903 apartment investment & Management co 39,333.56 45,529.26 0.�3 93� apple inc 54,830.75 ��3,6�9.24 0.33 2,883 applied Materials inc 47,763.�5 57,285.2� 0.�6 759 archer-daniels-Midland co 29,5�6.34 25,��5.3� 0.07 �,074 associated Banc-corp 33,843.84 35,��9.80 0.�0 6,000 at&t inc �57,�43.04 249,000.00 0.7� 566 automatic data Processing inc 22,852.67 27,434.02 0.08 2�3 avis Budget Group inc 5,599.20 6,055.59 0.02 788 avon Products inc 23,4�4.�7 28,959.00 0.08 7,000 Bancolombia Sa 209,289.22 229,8�0.00 0.66 4,325 Bank of america corp 204,433.62 2��,449.25 0.60 604 Baxter international inc 22,642.05 34,029.36 0.�0 2,000 Bed Bath & Beyond inc 82,769.77 7�,980.00 0.2� 4�3 Best Buy co inc 22,0�7.23 �9,274.7� 0.06 564 Biogen idec inc 25,475.�7 30,�74.00 0.09 900 Boeing co 84,364.02 86,544.00 0.25 �,239 Boston Scientific corp 36,73�.24 �9,006.26 0.05 �,454 Bristol-Myers Squibb co 37,�55.90 45,888.24 0.�3 829 Broadcom corp 26,496.65 24,248.25 0.07 �42 Broadridge Financial Solutions inc 2,552.27 2,7�5.04 0.0� �,077 Brunswick corp/de 45,058.94 35,�42.5� 0.�0 3�� Burlington northern Santa Fe corp 24,5�8.�4 26,478.54 0.08 450 camden Property trust 32,053.08 30,�36.50 0.09 3�9 capital one Financial corp 27,�64.78 25,022.36 0.07 563 carnival corp 23,230.38 27,457.5� 0.08 973 caterpillar inc 56,750.82 76,�85.90 0.22 �,259 cBS corp 32,729.84 4�,949.88 0.�2 552 celgene corp 24,700.08 3�,646.�6 0.09


3�the accompanying notes are an integral part of these financial statements.





806 chesapeake energy corp 23,550.72 27,887.60 0.08 �,546 chevron corp 90,477.56 �30,235.04 0.37 �,337 chubb corp 58,��6.5� 72,385.�8 0.2� 5,77� cisco Systems inc ��4,226.77 �60,722.35 0.46 �9� citadel Broadcasting 693.40 �,23�.95 0.00 989 corp clear channel communications inc 29,928.79 37,403.98 0.�� ,332 coca-cola co/the 62,�83.86 69,676.92 0.20 2,96� comcast corp 63,�74.7� 82,789.56 0.24 396 computer Sciences corp 2�,864.45 23,423.40 0.07 2,274 corning inc 40,849.56 58,�00.70 0.�7 600 costco Wholesale corp 33,234.9� 35,��2.00 0.�0 744 countrywide Financial corp 27,630.55 27,044.40 0.08 723 cSX corp 24,684.92 32,592.84 0.09 �,76� cvS caremark corp 48,269.22 64,�88.45 0.�8 �,079 danaher corp 64,342.63 8�,464.50 0.23 2,569 dell inc 8�,553.47 73,344.95 0.2� 545 devon energy corp 2�,397.97 42,668.05 0.�2 �,042 dominion Resources inc/va 75,250.�3 89,935.02 0.26 972 RR donnelley & Sons co 29,42�.64 42,29�.72 0.�2 846 dow chemical co/the 32,2�8.32 37,4�0.�2 0.�� ,796 ei du Pont de nemours & co 77,�66.�8 9�,308.64 0.26 �,235 duke energy corp 35,�47.03 22,600.50 0.06 �,022 eBay inc 30,967.50 32,887.96 0.09 �,003 electronic data Systems corp 24,059.36 27,8�3.�9 0.08 �,084 eli lilly & co 55,86�.30 60,573.92 0.�7 3,�47 eMc corp/Massachusetts 36,275.02 56,960.70 0.�6 8,734 emerson electric co 385,680.55 408,75�.20 �.�7 395 eoG Resources inc 23,979.47 28,858.70 0.08 �,352 exelon corp 62,556.20 98,�55.20 0.28 4,728 exxon Mobil corp 234,406.53 396,584.64 �.�3 �,�73 Fannie Mae 75,�85.70 76,632.09 0.22 429 Freddie Mac 24,575.55 26,040.30 0.07 254 Fedex corp 28,735.46 28,�86.38 0.08 �,508 First data corp 38,987.09 49,266.36 0.�4 2�0 Freeport-McMoRan copper & Gold inc �3,025.�9 �7,392.20 0.05 495 Gannett co inc 26,877.55 27,200.25 0.08 385 Genentech inc 29,725.84 29,�29.�0 0.08 42� General dynamics corp 27,535.68 32,930.62 0.09 883 Genworth Financial inc 29,982.69 30,375.20 0.09 377 Genzyme corp 23,354.58 24,278.80 0.07 2,720 Gilead Sciences inc 98,5�8.49 �05,535.73 0.30 �,300 GlobalSantaFe corp 82,698.43 93,925.00 0.27 482 Goldman Sachs Group inc/the 6�,439.54 �04,473.50 0.30 �84 Google inc 74,0�0.84 96,�76.82 0.28 �,098 Halliburton co 26,733.55 37,88�.00 0.�� 7� Hanesbrands inc 3,398.09 4,622.�3 0.0� 335 Harrah’s entertainment inc 23,957.�7 28,562.�0 0.08 337 Hartford Financial Services Group inc 27,750.46 33,�97.87 0.09 �,445 Health care Property investors inc 37,5�5.35 4�,803.85 0.�2 �,200 Hess corp 69,783.60 70,752.00 0.20 2,6�� Hewlett-Packard co 73,040.26 ��6,502.82 0.33 �,932 Home depot inc 77,384.90 76,024.20 0.22 950 Honeywell international inc 37,�05.59 53,466.00 0.�5 2,808 Hudson city Bancorp inc 37,4�3.50 34,3�3.76 0.�0 �,398 Huntington Bancshares inc/oH 32,8��.25 3�,790.52 0.09 �,045 iac/interactivecorp 27,785.62 36,�67.45 0.�0 �,�07 international Business Machines corp 93,295.74 ��6,5��.75 0.33 97 idearc inc 2,34�.34 3,427.0� 0.0� 6,664 intel corp �56,859.95 �58,202.69 0.45

849 iStar Financial inc 3�,7�9.4� 37,636.�7 0.�� 2,400 itt corp �5�,220.60 �63,872.00 0.47 377 Jc Penney co inc 25,57�.44 27,287.26 0.08 354 Johnson controls inc 28,500.73 40,982.58 0.�2 2,695 Johnson & Johnson �52,579.8� �66,065.90 0.48 2,568 JPMorgan chase & co 97,�96.88 �24,4�9.60 0.36 436 kohl’s corp 25,288.04 30,969.08 0.09 �,474 kraft Foods inc - 5�,958.50 0.�5 3�8 l-3 communications Holdings inc 23,8�2.37 30,970.02 0.09 438 lehman Brothers Holdings inc 27,7�9.35 32,639.76 0.09 565 lennar corp 3�,2�8.42 20,656.40 0.06 �,459 liberty Global inc 32,803.35 59,877.36 0.�7 625 liberty Property trust 27,500.49 27,456.25 0.08 �,��6 lowe’s cos inc 34,26�.60 34,250.04 0.�0 806 Marathon oil corp 30,083.06 48,327.76 0.�4 93� Marvell technology Group ltd 23,853.46 �6,953.5� 0.05 �,264 Masco corp 37,949.0� 35,986.08 0.�0 �0,499 Mcdonald’s corp 428,794.78 532,929.24 �.52 443 McGraw-Hill cos inc/the 22,668.9� 30,�59.44 0.09 237 Mcclatchy co 9,96�.34 5,998.47 0.02 973 Medco Health Solutions inc 53,653.84 75,884.27 0.22 �,537 Medtronic inc 78,��8.96 79,708.82 0.23 �2,963 Merck & co inc 553,42�.03 645,557.40 �.85 �,2�5 Merrill lynch & co inc 93,593.35 �0�,549.70 0.29 597 Metlife inc 29,472.59 38,494.56 0.�� 8,857 Microsoft corp 230,458.68 26�,0�5.79 0.75 694 Monsanto co 26,695.25 46,872.76 0.�3 2,660 Motorola inc 55,669.96 47,082.00 0.�3 �,325 Morgan Stanley 72,392.87 ��,�4�.00 0.32 553 newmont Mining corp 27,593.02 2�,600.�8 0.06 3,�25 news corp 5�,383.08 66,28�.25 0.�9 654 noble energy inc 24,785.60 40,803.06 0.�2 426 norfolk Southern corp 22,792.22 22,394.82 0.06 6,800 northern trust corp 438,��3.�� 436,832.00 �.25 423 northrop Grumman corp 26,480.98 32,939.0� 0.09 439 nucor corp 2�,957.99 25,747.35 0.07 �,088 new York times co/the 26,526.76 27,635.20 0.08 7�8 occidental Petroleum corp 33,875.82 4�,557.84 0.�2 4,049 oracle corp 55,786.5� 79,805.79 0.23 565 Peabody energy corp 28,�82.32 27,334.70 0.08 �,539 Pepsico inc 9�,767.7� 99,804.�5 0.29 835 Pitney Bowes inc 34,5�2.97 39,094.70 0.�� 8,026 Praxair inc 5��,450.36 577,79�.74 �.65 2,878 Procter & Gamble co �66,038.94 �76,�04.82 0.50 �,74� Qualcomm inc 73,653.68 75,54�.99 0.22 633 Raytheon co 27,892.97 34,��2.37 0.�0 466 Regency centers corp 27,949.09 32,853.00 0.09 7,04� Rockwell collins inc 468,029.73 497,376.24 �.42 8,790 SPdR trust Series � �,263,940.80 �,322,279.57 3.78 �,348 Sara lee corp �9,206.45 23,455.20 0.07 993 Schlumberger ltd 56,568.82 84,345.42 0.24 �46 Sears Holdings corp 22,465.92 24,747.00 0.07 2,�47 Southern co 70,742.45 73,620.63 0.2� 6�7 Spectra energy corp - �6,0�7.32 0.05 2,9�4 Sprint nextel corp 57,8��.87 60,348.94 0.�7 �,226 Starbucks corp 39,354.7� 32,�70.24 0.09 443 Starwood Hotels & Resorts Worldwide inc 25,752.50 29,7�2.0� 0.09 5,8�4 Sun Microsystems inc 24,766.35 30,58�.64 0.09 �,805 SYSco corp 60,956.7� 59,546.95 0.�7 86� target corp 42,530.23 54,759.60 0.�6





673 telephone & data Systems inc 26,595.5� 42,�09.6� 0.�2 2,534 texas instruments inc 79,695.08 95,354.42 0.27 2,7�5 time Warner inc 46,46�.6� 57,�23.60 0.�6 365 transocean inc 27,�94.77 38,682.70 0.�� ,38� travelers cos inc/the 55,6�4.29 73,883.50 0.2� 834 tXu corp 44,028.82 56,�28.20 0.�6 2,660 tyco international ltd 69,6�5.76 89,88�.40 0.26 260 union Pacific corp 24,404.8� 29,939.00 0.09 �,52� unitedHealth Group inc 69,979.46 77,783.94 0.22 839 united Parcel Service inc 70,7�9.49 6�,247.00 0.�8 8,862 united technologies corp 573,020.�2 628,58�.66 �.8� 896 uS Bancorp 27,9�6.35 29,523.20 0.08 754 valero energy corp 45,299.66 55,690.44 0.�6 �,038 veriSign inc 22,464.82 32,935.74 0.09 �,907 verizon communications inc 60,5�4.37 78,5��.�9 0.22 2,282 Wachovia corp �26,935.05 ��6,952.50 0.33 �,728 Wal-Mart Stores inc 88,408.36 83,�34.08 0.25 �,076 Walgreen co 49,496.44 46,849.04 0.�3 2,499 Walt disney co/the 68,646.87 85,3�5.86 0.24 �,546 Washington Mutual inc 65,4�2.68 65,92�.44 0.�9 �,�43 Weatherford international ltd 45,802.87 63,�39.32 0.�8 607 WellPoint inc 43,437.0� 48,456.8� 0.�4 �,508 Western union co/the 32,6��.40 3�,4��.64 0.09 �,��5 Williams cos inc 23,�60.03 35,256.30 0.�0 �,2�2 Wyeth 52,576.09 69,496.08 0.20 389 Wyndham Worldwide corp �4,775.�8 �4,�05.�4 0.04 2,059 Xerox corp 28,654.63 38,050.32 0.�� 668 Xto energy inc 26,383.�6 40,�46.80 0.�� ,329 Yahoo inc 50,��0.9� 36,055.77 0.�0 �,362 Yum Brands inc 33,�08.35 44,564.64 0.�3

�4,302,356.26 �6,63�,20�.87 47.58

USD-ChINA 63,939 Merrill lynch Warrant chinatrust Financial Holding co ltd 42,629.47 49,993.90 0.�4

42,629.47 49,993.90 0.�4

Totalinvestments 29,064,440.42 34,509,826.2� 98.73

Cash 472,022.62 �.35 Othernetassets -27,�00.�0 -0.08

TOTALNETASSETS 34,954,748.73 �00.00

Transferablesecuritiesandmoneymarketinstrumentsdealtonanotherregulatedmarket

b)warrants

USD-ChINA 63,939 Merrill lynch Warrant chinatrust Financial Holding co ltd 42,629.47 49,993.90 0.�4

42,629.47 49,993.90 0.�4

Totalinvestments 29,064,440.42 34,509,826.2� 98.73

Cash 472,022.62 �.35 Othernetassets -27,�00.�0 -0.08

Totalnetassets 34,954,748.73 �00.00


number Market % of of value net shares denomination cost (note 2) assets



Statement of investmentsas at 30th June 2007

Swedish Bonds Shares(expressed in Sek) % of net assets

Economicsectorsdiversified Financials 23.�0States & towns 74.45

total 97.55

GeographicalsectorsFinland 2.05 Sweden 94.02 united States �.48

total 97.55

Swedish Fixed income Shares(expressed in Sek) % of net assets

Economicsectorsdiversified Financials 42.42 States & towns 54.22

total 96.64

Geographicalsectorsdenmark 2.42 Finland �.48 France 0.4� luxembourg 3.08 Sweden 82.76 united kingdom 6.49

total 96.64



Statement of investments (continued)as at 30th June 2007

Swedish Short term assets Shares(expressed in Sek) % of net assets

Economicsectorsdiversified Financials 97.89

total 97.89

Geographicalsectorscayman islands �.�6 denmark �.97 Finland �.77 Germany �.06 iceland 0.89 luxembourg �.30 netherlands 0.�0 Sweden 78.38 united kingdom ��.26

total 97.89

Sweden Shares(expressed in Sek) % of net assets

Economicsectorsairlines 0.37 auto components 0.20 Building Products �.47 commercial Banks �8.�7 commercial Services & Supplies 2.0� communications equipment 9.24 construction & engineering 2.34 diversified Financial Services 7.70 diversified telecommunication Services 4.53 electrical equipment 2.39 Food & Staples Retailing 0.26 Food Products 0.37 Health care equipment & Supplies �.06 Hotels, Restaurants & leisure 0.46 Household durables 2.�6 insurance 2.00 internet Software & Services 0.�5 it Services 0.48 Machinery 20.79 Media �.�5 Metals & Mining 3.46 oil, Gas & consumable Fuels �.62 Paper & Forest Products 2.56 Personal Products 0.52 Pharmaceuticals 4.53 Software 0.30 Specialty Retail 7.26 tobacco �.08 Wireless telecommunication Services �.33

total 99.96

GeographicalsectorsSweden 99.96

total 99.96




euro active Shares(expressed in euR) % of net assets

Economicsectorsair Freight & logistics 0.28 auto components 0.85 automobiles 2.56 Building Products �.74 chemicals 4.50 commercial Banks 23.�9 communications equipment 3.36 construction & engineering �.63 construction Materials 0.68 diversified Financial Services 3.72 diversified telecommunication Services 6.�6 electric utilities 5.0� electrical equipment 2.42 Food & Staples Retailing �.07 Food Products 3.08 Health care equipment & Supplies 0.8� Household durables �.�2 Household Products �.33 industrial conglomerates 4.�6 insurance 7.45 Machinery �.28 Media 3.04 Metals & Mining �.48 Multi-utilities 4.27 office electronics 0.67 oil, Gas & consumable Fuels 7.82 Personal Products 0.3� Pharmaceuticals 2.0� Software �.77 textiles, apparel & luxury Goods �.83

total 99.60

Geographicalsectorsaustria 0.77 Belgium �.7� Finland 4.00 France 28.97 Germany 28.77 Greece �.85 ireland 2.88 italy 9.25 netherlands ��.�3 Spain �0.27

total 99.60

nordic Shares(expressed in euR) % of net assets

EconomicsectorsBuilding Products 2.08 chemicals 0.7� commercial Banks �2.57 commercial Services & Supplies 2.26 communications equipment �2.33 construction & engineering �.99 diversified Financial Services 2.62 diversified telecommunication Services 4.75 electrical equipment �.6� electronic equipment & instruments 0.50 energy equipment & Services 4.32 Food & Staples Retailing 0.49 Food Products 2.05 Health care equipment & Supplies �.32 industrial conglomerates �.49 insurance �.68 it Services 0.47 Machinery �4.07 Marine 4.46 Media 0.95 Metals & Mining 4.�8 Multi-utilities �.80 oil, Gas & consumable Fuels ��.29 Paper & Forest Products �.35 Pharmaceuticals 3.5� Specialty Retail 3.82 Wireless telecommunication Services 0.4�

total 99.08

Geographicalsectorsdenmark ��.�2 Finland 2�.47 norway 26.38 Sweden 39.94 united States 0.�7

total 99.08




america Shares(expressed in uSd) % of net assets

Economicsectorsaerospace & defence 5.4� air Freight & logistics �.20 airlines 0.�� auto components 0.20 Beverages 2.05 Biotechnology �.36 Building Products 0.27 chemicals 3.30 commercial Banks 5.45 commercial Services & Supplies 2.�0 communications equipment 2.28 computers & Peripherals 3.49 diversified Financial Services 7.73 diversified telecommunication Services 3.87 electric utilities 2.2� electrical equipment �.32 electronic equipment & instruments 0.35 energy equipment & Services 3.45 Food & Staples Retailing 2.22 Food Products �.09 Gas utilities 0.36 Health care equipment & Supplies �.58 Health care Providers & Services 2.82 Hotels, Restaurants & leisure 2.�4 Household durables 0.6� Household Products 2.86 industrial conglomerates �.7� insurance 5.�5 internet & catalogue Retail 0.43 internet Software & Services �.52 it Services 0.�� leisure equipment & Products 0.�4 Machinery 2.92 Media �.30 Metals & Mining �.�6 Multiline Retail 0.72 Multi-utilities 0.32 office electronics 2.79 oil, Gas & consumable Fuels 7.07 Paper & Forest Products 0.69 Personal Products 0.�7 Pharmaceuticals 6.08 Road & Rail 0.86 Software 2.80 Specialty Retail 2.00 textiles, apparel & luxury Goods 0.�5 tobacco 0.�2 trading companies & distributors 0.23 Wireless telecommunication Services �.39

total 99.66

Geographicalsectorscanada 0.36 Mexico 2.42 united States 96.88

total 99.66

Far east Shares(expressed in uSd) % of net assets

Economicsectorsenergy equipment & Services 0.26 oil, Gas & consumable Fuels 2.26 chemicals 4.20 construction Materials 0.�7 Metals & Mining �0.62 Building Products 0.79 construction & engineering 0.�4 electrical equipment 2.72 industrial conglomerates 0.97 Machinery 2.45 trading companies & distributors 2.78 commercial Services & Supplies �.05 air Freight & logistics 0.�4 airlines 0.26 Marine �.24 Road & Rail �.66 transportation infrastructure �.67 auto components �.47 automobiles 5.62 Household durables 3.96 leisure equipment & Products 0.95 textiles, apparel & luxury Goods 0.47 internet & catalogue Retail 0.08 Multiline Retail 0.�5 Specialty Retail 0.�5 Food & Staples Retailing 2.�2 Food Products 0.72 tobacco 0.58 Household Products 0.7� Personal Products 0.2� Health care equipment & Supplies 0.38 Pharmaceuticals 7.28 commercial Banks �3.24 diversified Financial Services 3.74 insurance �0.49 it Services 0.35 Software 0.�� communications equipment 0.60 computers & Peripherals �.27 electronic equipment & instruments 2.23 office electronics 2.85 diversified telecommunication Services �.5� Wireless telecommunication Services 2.07 electric utilities 2.53 Gas utilities 0.2�

total 99.43

Geographicalsectorsasia �.45 australia �3.77 china 5.0� Hongkong 5.52 india 0.20 indonesia �.35 Japan 52.72 Malaysia �.45 new Zealand 0.74 Philippines 0.28 Singapore 2.26 South korea 6.36 taiwan 5.69 thailand �.40 united States �.23

total 99.43




international Shares(expressed in uSd) % of net assets

Economicsectorsaerospace & defence 4.00 air Freight & logistics 0.35 auto components 0.�2 automobiles �.�9 Beverages �.�9 Biotechnology 0.50 Building Products 0.�0 chemicals 3.40 commercial Banks �2.02 commercial Services & Supplies 0.7� communications equipment �.47 computers & Peripherals �.84 construction & engineering 0.06 construction Materials 0.20 diversified Financial Services 3.3� diversified telecommunication Services 4.88 electric utilities �.80 electrical equipment 3.�9 electronic equipment & instruments 0.49 energy equipment & Services 2.23 Food & Staples Retailing �.50 Food Products �.34 Gas utilities 0.20 Health care equipment & Supplies 0.38 Health care Providers & Services 0.63 Hotels, Restaurants & leisure 2.89 Household durables �.05 Household Products �.�5 industrial conglomerates 3.70 insurance 4.46 internet & catalogue Retail 0.20 internet Software & Services 0.56 it Services 0.23 leisure equipment & Products 0.�0 Machinery 3.�6 Marine 0.�� Media 2.04 Metals & Mining 2.86 Multiline Retail 0.73 Multi-utilities 0.87 office electronics �.47 oil, Gas & consumable Fuels 5.93 Personal Products 0.08 Pharmaceuticals 9.75 Road & Rail 0.67 Software �.26 Specialty Retail 0.76 textiles, apparel & luxury Goods �.89 tobacco 0.2� trading companies & distributors 0.68 transportation infrastructure 0.�5 Water utilities 0.45 Wireless telecommunication Services 4.22

total 98.73

Geographicalsectorsaustralia �.92 austria 0.�9 Belgium 0.26 Brazil 2.�0 canada 2.05 china 0.�4 denmark 0.�8 Finland 0.44 France 4.60 Germany 8.20 Greece 0.�8 Hongkong 0.29 ireland 0.36 italy �.�7 Japan 8.79 netherlands 2.09 norway 0.42 Portugal 0.55 Singapore 0.8� Spain 2.3� Sweden 2.48 Switzerland 3.42 taiwan 0.�2 turkey �.�5 united kingdom 6.93 united States 47.58

total 98.73


38

notes to the Financial Statements30th June 2007

Note1–GENERAL

Svenska Handelsbanken international Growth Fund S.a., an investment company, was incorporated in luxembourg as a société anonyme on 28th november�984.

an extraordinary General Meeting of Shareholders held on the 29th March �988 resolved to change the name of the company to Svenska Selection Fund and to convert the company into a Société d’investissement à capital variable (Sicav) à compartiments multiples, that is an open-ended investment company with an umbrella structure. the directors have the right to issue shares of different classes from time to time. each class entitles the holders to participate in separate assets of the Fund.

on February �3, 2007, the Fund was converted into an undertaking for collective investment in transferable securities compliant with Part � of the modified law dated 20th december 2002.

SvenskaSelectionFund–SwedishBondsSharesinvestments are made principally in fixed-income securities of issuers in Sweden.

SvenskaSelectionFund–SwedishFixedIncomeSharesinvestments are made principally in fixed income securities with medium-term remaining life.

SvenskaSelectionFund–SwedishShortTermAssetsSharesinvestments are made principally in fixed income securities with a short remaining life.

SvenskaSelectionFund–SwedenSharesinvestments are made principally in common stocks of issuers in Sweden.

SvenskaSelectionFund–EuroActiveSharesinvestments are made principally in equities of issuers in eu countries.

SvenskaSelectionFund–NordicSharesinvestments are made principally in common stocks of issuers in nordic countries.

SvenskaSelectionFund–AmericaSharesinvestments are made principally in equities of north american companies.

SvenskaSelectionFund–FarEastSharesinvestments are made in equities of companies in countries in the Pacific region. Such countries include Japan, Hong kong, Singapore, Malaysia, korea, thailand, taiwan, australia and new Zealand.

SvenskaSelectionFund–InternationalSharesinvestments are concentrated in quality growth companies worldwide which are financially sound. investments are made in more than one geographical area.

SvenskaSelectionFund–GlobalITSharesinvestments are made principally in MSci World it developed countries index. (this fund was liquidated on ��th May 2007)

Note2–SUMMARyOFSIGNIFICANTACCOUNTINGpOLICIES

presentationoffinancialstatements

the financial statements are prepared in accordance with luxembourg legal and regulatory requirements relating to undertakings for collective investment.


39

notes to the Financial Statements (continued)30th June 2007

a) valuation of investment securities investment securities are valued at each valuation date for subscription and redemption purposes as follows:

– Securities which are listed on an official stock exchange are valued at the last available closing price on the principal market on which such securities are listed.

– Securities traded on other organized markets are valued at the last available closing price or yield equivalents obtained from one or more dealers in such organized markets at the time of valuation.

– if such prices are not representative of their fair value, all such securities and all other permitted assets are valued at their fair value at which it is expected they may be resold, as determined in good faith by, or under the direction of, the Board of directors of the company.

– Zero coupon bonds are accrued on a straight line basis until maturity date.

b) net realized gain/(loss) on sales of investment securities the net realized gain or loss on sales of securities is determined on the basis of the average cost of securities sold.

c) Foreign exchange translation in each sub-fund the financial statements of each sub-fund are expressed in uS dollars (uSd) except for the following sub-funds:

Sub-fund Currency

Swedish Bonds Shares Swedish kronor Swedish Fixed income Shares Swedish kronor Swedish Short term assets Shares Swedish kronor Sweden Shares Swedish kronor euro active Shares euro nordic Shares euro

Bank accounts, other net assets and the market value of the investments in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at applicable exchange rates at the period end.income and expenses in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at the applicable exchange rates prevailing at payment date.Resulting realized and unrealized foreign exchange gains or losses are included in the statement of operations.

Foreign exchange rates used at 30th June 2007

uSd � = cHF �.22445 uSd � = nok 5.898209 uSd � = ZaR 7.036654 uSd � = nZd �.294582 uSd � = aud �.�76263 uSd � = PHP 46.279�56 uSd � = cad �.06�4 uSd � = Pln 2.780295 uSd � = dkk 5.505365 uSd � = SGd �.52900� uSd � = GBP 0.4987�6 uSd � = Sek 6.842379 uSd � = Hkd 7.8�7447 uSd � = cZk 2�.225��4 uSd � = HuF �8�.52��47 uSd � = tHB 3�.849�62 uSd � = idR 9009.009 uSd � = MYR 3.452502 uSd � = JPY �23.395854 uSd � = euR 0.739672

d) cost of investment securities the cost of investment securities denominated in currencies other than the sub-fund’s currency is translated into the sub-fund’s

currency at the exchange rate prevailing at the date of purchase.

e) allocation of shared expenses Shared expenses are allocated in the same proportion for each sub-fund.


40


f) dividends dividends are recorded at ex date, net of withholding tax.

g) combined financial statements the combined statement of net assets, the combined statement of operations and the combined statement of change in net

assets have been prepared in uS dollars. For the purpose of preparing these combined statements, the assets, liabilities and the income and expenses of the sub-funds, Swedish Bonds Shares, Swedish Fixed income Shares, Sweden Shares, Swedish Short term assets Shares, euro active Shares and nordic Shares have been translated into uS dollars at the applicable exchange rate at 30th June 2007.

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42


Note4–INVESTMENTADVISORyFEE

Pursuant to the agreement dated 22nd april �988 Svenska Selection Fund appointed Handelsbanken Fonder aB as investment adviser.the investment adviser is entitled to receive a total quarterly fee in uS dollars of �.20% p.a. of the average net assets of the sub-funds euro active Shares, nordic Shares, america Shares, Far east Shares, international Shares, and Sweden Shares, 0.60% p.a. of the average net assets of the sub-fund Global it Shares, 0.55% p.a. of the average net assets of the sub-funds Swedish Bonds Shares and Swedish Fixed income Shares and 0.35% p.a. of the average net assets of the sub-fund Swedish Short term assets Shares.

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nd

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the

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44


Note6–CUSTODIAN,DOMICILIARyANDCORpORATEAGENTFEE

Pursuant to an agreement dated 22nd april �998, the Fund has appointed Svenska Handelsbanken S.a. luxembourg to act as its custodian bank, domiciliary, registrar and transfer agent - paying agent.

Note7–“TAxED’ABONNEMENT”

Svenska Selection Fund is not required to pay any luxembourg taxes on income received from its investments or on gains from sales of such investments.the Fund is subject to an annual tax at the rate of 0.05% p.a. payable on a quarterly basis and assessed on its total net asset value at the end of each quarter.

Note8–FINANCIALINSTRUMENTS

the Fund has entered into futures as hedges against fluctuation in the portfolio. as at 30th June 2007 the Fund has outstanding futures contracts as follows:Swedish Fixed income Shares

Contracts Description MaturityDate Valueasat Cost Unrealised 30thJune2007 Appreciation (Depreciation) SEK SEK SEK

�8�,000,000 Statstermin 2 Year September 2007 �9th September 2007 �86,�53,070.00 �86,448,335.30 (295,265.30) (4�,000,000) Statstermin �0 Year September 2007 �9th September 2007 (45,849,070.00) (45,90�,�72.80) 52,�02.80

unrealised depreciation on futures contracts (243,�62.50)

Note9–CONVERSIONCOMMISSION

conversion of shares from one sub-fund to another may be made in respect of shares with a net asset value of not less than uSd �,000.on each conversion a charge not exceeding three per cent of the net asset value of these shares to be converted is made by way of adjustment to the net asset value of those shares. out of this charge, �.5 per cent reverts to the class of shares which are converted. the balance goes to the distributor who may waive the fee to which he is entitled, in whole or in part.

Note10–SUBSCRIpTION

investors may be subject to a sales charge of not more than 5% of the net asset value. this sales charge may be reallocated in whole or in part to authorised agents.

SVENSKA SELECTION FUND - handelsbanken.com fileSvenSka Selection Fund (Société d’investissement...

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