CAPITAL @ WORK UMBRELLA FUND - Fundsquare

CAPITAL @ WORK UMBRELLA FUND

An Investment Company with Variable Capital Luxembourg

Unaudited Semi-Annual Report

as at 30 June 2006

Siihscripiions cüti only be acceptcd on the basis ofthc: proi+xctus. which i s d i d uni) itlien wcoriipanizd by Ihr: latest available aniiiiiil rcport us well as tlic lükst ititcriiii rcport if issucd aftcr tlic liiicst ruinual rcport.

.. ... .- .... . . . . -


Management and Administration

R.C.S No B-6066 I

Chairman

Mr Ivan N Y S S E k Münagi iig director Capital 6 Work SA.. Ikusscls

Representative and Payment service for Switzerland

Dexia Ranque Privec (Suisse) Bcethoveristrasse 48 Casc Postale 2 I92 CI 1-8022 Zürich

Main Distributor for Spain Directors

Mr Ariioirie I-IY t; de CXOM (until 20 april 2006) Managing director Capital Gj Work Inl'l S A . ' Capellen

Mrs Aiiriemarie AKLNC Vice President RBC Dcxia Investor Services Hank S.A.

Mr lirwin DESEYN Marlaging director Capital @ Work S A . , Brussels

Registered Office

69. routc d'Esch 1. - 1470 Luxcinbourg

Manager

Capital ,(!; Work Int'l S.A. 75. Parc d'actiiitks Capellen L - 8308 Capellcn

Sub-Manager for Asian Equities Sub Fund

Vontohel Asset Managmerit, Inc. 450 Park Avcnuc, 7th Hoor NY-I 0022 New York

Depositary Bank, Paying Agent, Central Administration, Transfer and Registration Agent

KDC' Dexia Investor Scrviccs ßaiik S.A. 5. rue 'I'lionias Edison 1. - 1465 Strusen

Independent Auditor

Pricewatert1ciuseC:oopers S.a r.1. Reviscur d'htrcprises 400. r o w d'Esch L - 147 1 Luxembourg

Representative and Payment service for Belgium

Privatbank S.A. 3. calk Emancipaciu E - 0801 7 I3arcclona

Capital Work S.A. Avenue de la C'oiironnz 153 Kroonlaan ß - 1050 Brussels

2


In form at ion to Shareholders

The Annual Gencral Mcctiiig of Shareholders ofthe SICAV is held in tlic Kcgistered Ollice or ai an) other location in I.uxeriibourg stipulatzd in the notice.

I he Annudl Cieneral Meeting of Sharcholdcrs nil1 attend at 3 p.m. on the lilleeiiih da) of April or, ifthat i s a holidg. on thc next banking da). 'I he first Annual Cjeiieral Meeting or Shareholders was ticld in 1999.

Notices io attend General Meetings are scnt no latcr than eight days bzlure the relcvant Cicncral Meeting h) mail io all rcgistcred shareholders at the addrcss recorded in their name in the shareholder register. These notices shall state the time and place of' the Cienernl Meeting. along with the conditions for admission, the agenda arid the requirerncnts ot' 1,tisciribourg law as regards quoruni and niajority.

Morcowr, notices arc published in the Memorial. in a I .iixenibourg nc\rspapcr ("d' Wort") and in ihe press of countrics in which the SIC'AV is inarketed. 'l'he requirements coricerning attendance. quoruni and ina,jorit) liir iiII Cienrral Meetings arc thosc laid do\rn in Articles 67 and 67- 1 (as anicndcd) oi'thc Coiniricrcial Companies Act of I O August I91 5 aid in the articlcs of incorporiiticin or the SICAV.

'I he tinanci;il year begins eüch year on 1 Januar) arid ends on 31 Dccciribcr. with the exception ofthe first financial ycar which started on ttic date of incorporation oftlic SICAV and ended on 3 I Ikceinber 1998.

'l'hz SICAV publishes a detailed uiinuul report o r 1 its actikity arid assct miiiiagciiisnt. including a conihincd staicmcnt of net assets and a cornbincd statciricnt of opcrations rind of'chaiigcs in nct rissets. expressed in euros. ari itemised hrcakdown of the assets o f each suh-fund and the independenl auditor's report.

The prospectus i n time is dated 30 Dcccmbcr 2005.

For more irilorniation about Caniraliii Work in gericral rind its funds in pnrticuliir. plzasz v i 4 1 o u r websitc at NW\\ .capitalat\\c.,ih.cciiil

3


Statement of Net Assets as at 30 June 2006

AMERICAN EUROPEAN EQUi'riES @ EQlJlTlES @

WORK WORK Note EUR EUR - " __ .

ASSETS Investment portfolio at inarkct value Cash at hank Amounts receiuahle on sale of inveslmeiits Amounts receikahle on subscriptions Interest and dividends rcceivable, net Net uiirzalised profit on fornard foreign exchange contracts Olher as~eis TOTAL ASSETS

LIABILITIES Written options Bank ovcrdraff Amounts paqahle on purchase of in\ esinients Amounts pa) able on redemptions lntcrcst pgahlc Net iinrealiscd loss on forward foreign exchange contracts Management commissicin payable Pcrfortnance commission payahle Ilnrcaliscd capital gain tax on investment Taxes and cxpcnscs pa) able Other liabilities TOTAL LIABILITIES TOTAL NET ASSETS

Net asset value per share Capitalisation C: Distributioii ü Capital isat ion E Capitalisation I

Capitülisation C Distribution D Capitalisation E Capitalisation I

Number of shares outstanding

(2) 62.154,462 737,248

0 49,739 36.272

582,632 8.546

63,568,899

(8)

0 0

0 151.070

0

0 (8)

( 3 ) 52,869 (4) 0

0 ( 6 ) 29'679

516 2.34, I34

63,334,765

150.96 150.96

0 0

302,294.3 15 117,242.000

0 0

165,560,023 973.459 60 1,422

86,707 187.495

0 91.914

167,501,020

102,500 I84

230. I48 323.556

I

0 137,594 31,191

0 65.542

669 891,385

146,609,635

350.53 350.53 344. I9

0

334.6 19.802 136.341 .000

4,429.408 0

HIGti GROWTtI EQUITIES @

WORK EUK

CONTRA K I AN EQU I'rl ES @

WOKK EUR

68,820.95 1 549.205

0 50,462 33,702

0 12,453

69,466,773

112,3 I8 59

629,987 165,100

0

65,365 57.162

0 0

3 1,200 0

1,06 I, 19 I 68,405,582

133.47 133.47 130.53

0

36 I .693.403 1 50.49 I .000

326.063 0

286,716.125 1.1 13.194 I. 100.607

691.9 12 134,71 I

I , 187.625 I 11,703

29 1,055,877

672.883 472

427,52 1 1,082,255

0

0 24 I .222

0 0

101,802 0

2,526, IS5 288,529,722

291.13 291.13 285.83

286,820.53

775,263.538 168.369.000 26.923.199

21.310

' 1 . k accompanying notes form an integral part of these tiiiaiicial statenicnis

4

CAPITAL @ WORK UMBRELLA FlJND

Statement of Net Assets (continued) as at 30 June 2006

BONDS (@ WORK G LO HA 1, GLOBAI. MARKETS FUND I MARKETS FUND

@WORK I I @ WORK biJR EUR EUR

.. . ~.

2 I 1,770,283 22,948.053 25.825. I29 0 6,635. I37 4.957.236

2,460.685 0 0 79.532 0 0

3,272.880 20 I .899 24x4 I4

0 174,047 171.679 21.003 17,769 I I .433

2 17,607,473 29,977,805 31,2 13,49 I

0 821.291 8 10.477 1,91 1.830 0 0

0 2,139.17.1

0

77.579 0 0

82.304 0 0

36.207 0 0 95.389 5.860 7.543

0 0 0 0 0 0

68.374 14.950 14.373 0 I .240 1.316

4,250,974 920,920 9 16,O 13

2 13,356,499 29,056,885 30,291,178

164.64 15.1 57.48 15. 103.43 151.39 0 0 1 63.42 0 0

164.722.22 0 0

554.933.162 I ,9 17.000 2.006.000 392.38 I .037 0 0

9.058.238 0 0 37 1.000 0 0

INFLATION @ ASIAN EQUITIES WORK @! WORK

385.039.243 58,362.347 1.436.585 4.950,96 I

974.07 1 95,284 630.363 28,053

1,375.842 177,805

1.403.609 0 2 1.564 7,598

393,882,177 63,572,948

0 0

0 2

0 739,625 2.X66,134 I 18,99 I

0 1

0 0 20 I ,486 63,753

0 0 0 30.412

145,320 25,468 0 0

3,2 12,940 978,252

390,669,237 62,594,696

136.74 130.46 137.24 130.46 135.x0 0

0 0

1.913,423.470 313.124.141 855.619.441 136.670.000 86.723.807 0

0 0

Consolidated

EUR

I .287,I97,5 I 6 21.353.025

5,232.969 I ,6 I 7.h68 8,618.620

3.5 19,592 307:073

1,327,846,463

2,5 19.169 1.9 12,547

2.187,164 6,846,280

2

IO 1.572 862.878 31,191 30,4 I 2

496.708 3.74 I

11,99 1,964

I ,3 12,854,499

'l.lit: öcctiiiipaii) iiig notes foriii uii iiitegriil piirl of Iliest: iinüncial siüienicnts

5


Changes in the number of shares for the Period ended 30 June 2006

AMERICAN EUROPEAN HIGH GROWTH EQUITIES @ EQUITIES @ EQUITIES @!

WORK WORK WORK . ...... - - .. -~ -. I

Capitalisation c Numher of shares outstanding at the beginning ofthc period 263,907.124 264.803.910 305.266.500

- - --- Number of sharcs rcdccnicd." -25.165.445 -26.293.572 __ -24,124.344 Numbcr of shares outstanding at thc cnd ofthe period 302.294.3 I 5 3344 19.802 36 I .693.403

Nunibzr of shares outstanding at the beginning ufthc period 126,148.000 148,105.000 157.294.000 10,527.000 Number ofshares issucd

Nuiiibcr of shares issued 6332.636 96.109.463 8 I. 15 I .247

.~ .. ~~ .......... ...... ..... .....

Distribution D

(i,554.000 8,906.753 Number ol'shüres recicuncd ... ,. .. - 152460.000 -20,6?&753. .. 17.330.000 Number of shares outstanding at thc end ot'the period I 17.242.000 136,341 .000 150.49 I .U00

Numbcr of shares outstianding at thc bt'ginning ofthe period 4h2.000 I 1,209.844 I .325.000 Number ofsharcs issucd 6.347 882.23 I 600.516

Number of shares outstandine. at the end ofthe Deriod 0 4.429.408 326.063

- ................ ........ ....... .......

Capitalisation E

Number ofsharis r-deznied . . . . -468.347 . -7.662.66_7 - I ,599.5 13

Capitalisation I Number of shares outstanding at thc beginning of the period 0 0 0 Nuinber of sharcs issued 0 0 0

. . 0 0 . . . . . . Nuinbcr - of shares redeemed - --.. _-_ 0 ~ ...... ~

Nuinbcr of shares outstanding at the end ofthc period 0 0 0 . . . . . . . . . . . . ......

6


Changes in the number of shares (continued) for the Period ended 30 June 2006

CONTRARIAN BONDS @ WORK GLOBAL GLOBAL INFLATION @ ASIAN EQUITIES EQlJlTlES @ MARKEI’S FUND I hlARliEl’S FUND II W O R K @,WORK

... . -- ..... .. . . . . . .. . . . . @ W O R K @ W O R K

- WORK

716.684.305 I,053,034.035 2.267.000 2,138.000 2.391,362.623 25 I .977.75 I IXO.192.578 SO, 167. I3 I I oo.noo 2.000 588,994.584 120,206.596

1.943,423.420 343.124.14 1 775.263.538 554,933.162 - 12 I .613.315 -578:278.004 -330.000 - - 134.000 - - I .039.933.787- -29.060.206

- . . ~ . -~ 2,006.000 _.-

I ,9 17.000 -~ __

172,038.1 19 88.608.037 0 0 252.197960 I 17,862.000 22.777.363 380.628.420 0 0 65 1.966.446 28,097.869

~ __-_ 168.369.000 . . - 392.38 I .037 0 0 855,619.441 I- . - 136.670.000 -26.446.482 -76.85- .jB . 0 0 - -48,544.965 - - -9.289.8>9

30.73 1 A1 6 41.453.899 0 0 2 1 1.868.208 0 7.064.497 2.197.933 0 0 34,205.605 0

0 - -. - . - - . I0,872.1!3- . -34.593.594 ~. -~ 0 - -- 0 - 1 59,350.Qg5 __ ._

26,923. I99 9.058.238 0 0 86.723.807 0

52.484 3 12.000 21.310 89.000

0 0

0 0

0 0

0 0 0

21.310 37 1.000 0 0 0 0 - - -52.484 -3 0.000 0 __ . 0 0 - ~ ..

................ ...... --

7

CAPlTAL @ WORK UMBRELLA FUND

AMERICAN EQUITIES @ WORK

Statement of Investments as at 30 June 2006 (exprcssed ir i EUR) Description Quantity Currency Cost

-. - ... . - - . . _. , , -

Long Investments

Transferable securities admitted to an official stock exchange listing

Shares

Bermuda Islands üungc Ltd I5.000

Canada Optimal Group Iiic

Peru Uucnawntiira / Sadr ( I shs)

United States hrncrican International Cjrp A\ id lcchtiology Itic. Bank OfAmerica c'orp. Bcrkshirc Hathaway Iric. ß ßoston Scientiiic Curp. ßroadcom Chrp. -a- Capital Onc Fiiiancial Gorp. Lhs Corp -b- h h c n Issued Chesapeake Liiergy Citigroup Inc. Coriocopliillips Discovery lild +/\\hen Issued D r Horton Inc Ebay Inc. Emcore Corp Encore Medical Corporation I4ir Systeins Cilohal Itidustries 1,td Goodrich Petroleum Corp I 1 & c) licalthcarc Investors 1 lornr Depot Inc. ladinteractive Corp/wheii Iss. lntcl Corp. Itt Corp Johnson & Johiison Lihert) Cilohal Inc -a- Libcrt} Media Hldg Capital -a- I .iz Clüihorne Iiic. Masco Corp. Micrnsoll C'orp. Newrnotit Mining Corp. Nike lnc -b- Plizer Inc,

30,000

20,000

60.000 75,000 40,000

1,000 I20,000

I 5:000 12,000

I IO,000 35.000 80.000 30,000 70.000 30.000 3 5,000 70,000

250,000 80.000 30,000 50,000 24,733 50,000 65.000

150,000 35.000 40.000 60.000 35.000 25,000 25,000 80.000 45,000 20,000

I40,000

USD

IJSD

U SLI

[ E l ) IJSIj IJSD iJSi3 usu IJSD IJSD IJSD 1JW CJSI) IJSD IJSD lJSI3 us13 IJSD IJSD IlSO IJSD USD LIS11 IJSI) U SD lJS1) U su lJS13 IJSI) IJSI) LJSD USD lis13 IJSL) IJSD CISD

675.709

675,709

504,275

504,275

428,508

428,508

3.0 I 8.654 975.37 I

1,497.389 2.228.914 2,495,846

376,370 809,5 1 I

2.33 6,747 859,813

3452,458 1.108.187

896.386 767.0 I2 853.764 453,276

I J99.849 1~58 ,744

334.140 1.059,763

359.132 1.006,393 1.287.859 2.793.029 1,522.832 2,o 13,900 1.975.608 2. I74,37 1

856.378 650,703

I,h78.822 1 ,h98.026 I .403,348 3,177.275

Evaluation U/u net assets .~-

583.264

583,264

402.84 8

402,848

415.123

415,123

2,798,064 677.249

1,529.565 2.41 1,582 1,599.433

361,855 8 19.922

2,329.91 I 837,444

3,075.495 137,182

8 17,892 573,115 807.428 5 I6,07 I 955,978

i ,450.254 377,434

I . 1 16,488 328.489

1.434,360 1,368.07 I 2.282,545 1,358.747

1,010,740 2,278.807

730,359 583.81 5

I ,48 I .726 1.817,870 1,274.322 2.559,975

1,884,889

0.92 0.92

0.64 0.64

0.66

0.66

4.41 I .07 2.42 3.81 2.53 0.57 I .29 3.68 I .32 4.85 2.46 1.29 0.90 I .27 0.81 1.51 2.29 0.60 I .76 0.52 2.26 2.16 3.60 2.15 2.98 1.60 3.60 1.15 0.92 2.34 2.92 2.01 4.04

8

CAPLTAL @ WORK UMBRELLA

AMERICAN EQUlTlES @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in IXJ12) Description

._ . .

Scieritiiic Garnes Corp -a- St Jude Medical Inc. Tejori Ranch CD Toll ßrottierr 'l.yco Iiitl 1,id (new) I Jnited Techriologics Corp. IJiiitedlizalih Group Inc. Viacom Iiic Wal-mart Stores Inc. Xto Encrgq. Inc. h i Co.

Total - Shares

Investment funds

United States Oil Service Hold.irustlhldrs4 I

FUND

Quantity

.

Currency cost Evaluation YO net assets

.- .~ - -

40,000 30,000 25.000 30.000

100,000 40.000 20.000 60.000 30.000 25.000 20,000

22.000

Total - Investment funds

Total - Transferable securities admitted to an official stock exchange listing

Total Long Investments

TOTAL INVESTMENT PORTFOLIO

1.1353 I6 80 I .6l5 882.374 840.394

2.324,227 1,443.773

785.4 I0 2,049.4 I2 1,1 83.170

827,228 I .289,233

62,542,622

64,151,114

I. I 14.757 765,726 8 12,384 6 1 7.963

2.146,426 1,991 396

708.289 1.693.85 I I , 149.770

869,822 1,276,998

58,184,959

59,586,194

I .76 1.21 1.28 0.98 3.39 3.15 1.12 2.67 1 .82 I .37 2.02

91.86

94.0~1

IJSD 2.55 1.427 2,568.268 4.06

2,SS 1,421 2,568,268 4.06

2,551,427 2,568,268 4.06

66,702,54 I 62,154,462 98.14

66,702,54 1 62,151,462 98.14

66,702,541 62,154,462 98.14

A dciailcd schedule ol'porlfolio inovenieiils (piircIiü>es and siiles) liir ilie period ciidcd 30 ILIIIC 2006 is availiiblc fret ofcliarge upon reqiiest et the registered oilice of the SIC'AV iiiid also ai the represenretibe end payineiit service for SwitLerland: I k x i i i Biiiiqiie Pri\& (Suisse) .- Hccthovcnsiraßc. -18

Zurich Case Postale 2192 - CII-SO22

9


EUROPEAN EQUITIES @ WORK

Statement of Investments as at 30 June 2006 (expressed in EIJR) Description Evaluation YO net

assets Quantity Currency Cost

Long Investments

Transferable securities admitted tu an official stock exchange listing

Shares

Belgium Cumcrio /strip Vkpr Fortis Ncw /strip Vvpr lnbzv (ex. Iriterhrcn.) Kbc Uancassuraiicc Hld. Kbc Ciroupe Sa / Strip Vvpr Mobistar Umicore Sdstrip Vvpr

France Alcaiel -a- Assurüiices Gcn.de France Atos Origin A sa Bacou-dalloz Bnp Pari has Ilassaiilt Systcmes Sa litelsat Communications Paris France 'l'elecom Gar üe trance (%-ouQe [ h o n e 1,afargc Lagardcrc Sca /nom. L.vrnh Mod 1 lennessj Manitou I3fS.a. Nrj Group Puhlicis CIroupe S a Saint - Ciobain Sütioti - Avetitis Schneider t<lectric StC Gen. Paris -a- 'Iota1 S.a. Vinci Vivendi Universal

Germany Adidas - Salomon Ag Allianz Ag Uiltingcr Dcrger Ag rkutsche Telekom Lon Ag Man Ag

1,833 3 I SO0 62.500 45.000

417 14,000

1.833

IO0.000 24.000

103.000 I00,000 38,786 43.000 35,000

I I0.000 70,000 65.000 48,000 30.000 54,000 60,000

130.000 33.164

125.000 55.000 77,000 92,000 12.500 3 2,000

100,466 105,000

130,000 27,000 68.000

260,000 80.000 28,000

U!It EiJR EUK tlUR I N K LUK ElJR

EilR E Ci K E U K FUR F.IJ1t EUR I N K EIJR EUR EiJR EUR E ü R FUR EiJK Ei IR LIIK EiJK EUR H.JK I:UK EiJR LUK EUK EiJR

LUR EIJR LUK EUR ISUK EIJR

0 0

I .765,487 333 1,558

0 861,3 19

0

6,458,364

I . 103.345 2439,447 5,584.588 2.425.843 2.963,729 2,500.63 1 1.421,028 I .326,477 1,595,759 1.668,82 1 4333,688 2,340,745 2,980.365 3.609.1 37 3.320,723

633, I43 3,014730 2,666,522 5,639.4 I7 6.128.028 I . 101.323 I .286,203 6.057,05 1 2.65 1,459

69,492,202

4.X70,350 2,997.525 2,185. I38 3.782~516 6,750.284 I .207,903

1 hS 1,260

2.350.000 3,699 .000

46 862.400

165

6,913,036

987,000 2.184.000 5.201.500 2.530,OOO 3,525,647 3,162.650 1.45 I .800 1,335.400 1. I59,200 1,664,650 4663,200 2,944.500 3.083,400 4,5 I8,000 4,760.600

491,159 3.71 1,250 3,003,000 5,836,600 7.180,600 1,408,750 1,604,800 8,097.559 2,857,050

77,362,315

4,802.200 3294,810 2.779.160 3,216.200 6.97 1,200 1,537,200

0.00 0.00 1.41 2.22 0.00 0.52 0.00

4.15

0.59 1.31 3.12 1.52 2.12 I .90 0.87 0.80 0.70 1 .00 2.80 1.77 1.85 2.71 2.86 0.29 2.23 1.80 3.50 4.3 I 0.85 0.96 4.86 1.71

46.43

2.88 1.98 1.67 1.03 4.18 0.92

10

CAPITAL @ WORK UMBRELLA


Statement of Investments (continued) as at 30 June 2006 (expresscd in EUK) Description

FUND

Quail t i ty Currency cost Evaluation

. ~. .. . . . . . . .. . . . .. . . -

Sierncns Ag

Great Britain Bp PIC Ijritish Sky tlroadcasiirig Group Kriqal Hk 01'Scotland PIC Wpp Group PIC /iss.OS

Italy Assicuruioiii Generali Spa Hanca Iriiesa Spa Bulgari Spa h i Spa I<onia Fial Mediobarica Bca Crcdiio IhinL. Saipcm Spa

Luxembourg Accra Sa Arcelor Sa Foyer Sa Ses Global Sa /fdr

Netherlands Abn Amro I lolding Ing Grocp Miital Steel Class A

Norway Pctrolcurn Gco-scrviccs Asa

Spain Iiidri Sisteiiiiis Sü

Switzerland Novüitis Ag Basel /iiani

Skngenlri Ag

Total - Shares

70,000

226,974 330.000 155,000 500,000

150,000

400,000 10.000

IS0.000 280,000 230,000

200,000

2 10.000 I IS,OO0

3.565 50,000

82.253 120.000 60.000

25.000

15.000

90.000 5,000

ISI IR

GItP CiBP CiOP (;UP

1 , U I Z EiJR I:LJK H J R Ei IR EiJK EiJK

NOK I:lJK EIJR EUK

E i IR Ei!R I ,: LI It

TUOK

E i IR

CI 11,' C'HF

4,334845 26,128,66 I

1,874.08 I 2,555.5 I7 3.9 13.305 4,797.5 I5

13, I40,d I8

4.584.828 828.16 I

3,789.51 I 724.5 I4

1,380.490 4,888.472 3,336. I77

19,532,153

2.260. I24 2.61 4,93 1

163.61 1 392.450

5,431,119

1,795.532 2.382.142 1.41 1,587

5 6 I9,26 I

1,18S.S17

I,l85,512

230.148

230,148

4,128.016 497.027

4,625,043

I5 1,842,881

4,71 I ,700

27,3 12,470

2,os I .859 2,678.7 I 3 3,9 I 3. I06 461 0.143

13,253,82 I

4.252,500 908.500

3,460.000 9 10.400

4,286.800 4.043.400

19,406,600

1,54s.000

7,428.533 4,3 13,650

174.685 554.000

7,475,868

1,724.023 3.595.200 1,447,200

6,766,423

1.206,999

1,206,999

228.450

228,450

3.775.667 5 12.036

4,287,703

164,t 13,685

% net assets

2.83

16.39

. --

I .23 1.61 2.35 2.77

7.96

2.55 0.55 2.08 0.55 0.93 2.56 2.43

11.65

I . I6 2.59 0.10 0.34

4.49

I .03 2.16 0.87

4.06

0.72

0.72

0.14

0.14

2.26 0.3 I

2.57

98.56

CAPJTAL @ WORK UMBRELLA FUND

EUROPEAN EQrJlTIES @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in LUK) Description Quantity Currency cost Evaluation O/u net

assets . ..

Warrants

France Kights Axa 30.06.06lprel: 100,000 EiJR

‘Total - Warrants


Other transferable securities

Shares

Russia Ciu.prrim Oao

Total - Shares

Total - Other transferable securities


Short Investments

Written options

Options

France Call Publicis Ciroiipe Sa 18/08/7006 33 Call Schncider Electric Sa Illwtric Sa 15/09/2006 90 Call Vinci 18/08/2006 85

Germany Call Sieniens Ag /nm. 18/08/2006 70

Total - Options

Total - Written options

Total Short Investments


0 h I ,000 0.04

0 6 1,000 0.04

0 6 I ,000 0.04

I5 I ,842,88 1 164,274,685 98.60

160.000 i JS13 1.294.428 1.285.338 0.77

1,294,428 1,285,338 0.77

1,294,428 1,285,338 0.77

1,294,428 1,285,338 0.77

153,137,309 165,560,023 99.37

-800 IIIJK -s2,000 -200 EiJR -67,630 -250 EiJH -59,465

- 179,095

-200 f.: U K -42,000 -42,000

-22 1,095

-22 1,095

-22 1,095

lS2,916,2 14

-8.800 -1 1.400 -49.500

-69,700

-32,800

-32,800

- 102,500

- 102,500

-102,500

165,457,523

-0.0 I -0.0 I -0.02 -0.04

-0.02

-0.02

-0.06

-0.04

-0.06

99.31

A detiiiled scliediile of portfolio niownicnIs (purcliaw and sales) for tlic period ended 30 June 20015 is availahle lice of charge upon request at the registered office 01’ the SlCAV and also at the representative and paqmcnt scrvico lor S,itrerlaiid: Ikxia Uanque Privet (Suisse)

Zurich ßceiho\enstraße, 48 -Case Postale 2 192 - CH-8022

12

CAPITAL @ WORK UMBFELLA FUND

HlGH GROWTH EQUITIES @ WORK

Statement of Investments as at 30 June 2006 (cxpressed in ISIJR) Description Quantity Currency cos t Evaluation o/u net

assets . . . - - - .... .. . - . ~. .

Long Investments

Transferable securities admitted to an official stock exchangc listing

Shares

Austria Raifkiseri Iritcrtiationiil Bank

Belgium hlelzxis N v leper

Bermuda Islands Ilunge I .td

Denmark N o w Nordisk A/s -b-

France Atos Origin Audika Sa. Paris Uusincss Ob.jccts Sa Carbone 1 mrairic, Lc Dassault Cystcnics Sa Eutclsat Coinrnunications Paris Foncia Groiipc /nom. Ciroupe 13anone Iliad Maisons France Confori, Alenqoii Manitou U f SA. Nrj Group Kubis Sa Sagcni Si /prov.cchaiige Sanofi - Avciitis Stedim

Germany Cirenkeleasinp Ag Mtu Acro Eiigiiics I llds /namzn. 'l'akkl Ag. Siuitgarr

Great Britain British Shy Broadcasting Group

I8.000

9 1,000

Ih,000

15,000

32.000 74.3 I7 45,000 52.000 44.000 50,000 65,000

4.000

12.000 50.699

140,000 15,000 hO.OOO 29.000 22,000

5.616

6.000 30,000

I00.000

206.395

E CI K

FSi IR

CISI)

DKK

EilR Ei IR ElJR LlJK

EiJR Ei JR ElJIi l,I!l< EVII

I 'l J I< Ei IR 1,1111 I'I 112 ElJR

r.m

r-: I i r<

H J I t EIJK EiJR

Ci ß I'

992.504

992,504

957.746 957,746

614.544

684,514

129.657

729,657

I .707.033 456,405

1,207.473 2,057.27 1 1,745.088

656.94 I 835,098 367. I83 26 I .0Y 2 191.816

1.7 15.088 2.546.522

975.287 I .096.076 2,028.767

736.899

18,674,039

342.83 1 848,023 85 1.224

2,012,078

1.948.4 I8

I ,948,4 I8

I , 169. I00

I,l69,100

1,2 19.400

I ,2 19,400

622,149 622,149

737.1 I4

737,l I 4

I ,6 16,000 453.512 967,500

2,177,760 1,825.120

607.000 2.724.950

388.600

540.000 1,856.597 2.073,400

80 1,750 970.800

2,198.200 622,600

19,673,478

349,619

30x.x20 746.400

I ,226.000

2,28 1,220

1,675.373

1,675,373

1.71

1.71

I .78

I .78

0.9 1

0.9 I

1.08

1 .U8

2.36 0.66 1.41

2.67 0.89 3.26 0.57 0.5 I 0.79 2.7 1 3.03 1.17 I .42 3.22 0.9 I

28.76

3 . 1 1

0.45 1.09 I .79

3.33

2.45

2.45

13


HIGH GROWTH EQUITIES @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in EIJR) Description Quantity Currency

C reece Coca Cola I-lbc Sa /hearer

Hong-Kong Dossini lntl Hlds I.ld For& Industries c'o I.td

Ireland Anglo-irish [+ink Corp PIC

Israel Check Point SoHwarc Techno Fundtcch I..td

Italy Bulgari Spa Mediobdica Bca Credito Finanz. Saipem Spa '1.08s Spa

Luxembourg Accrgq. Sa Luxyachting Sa

Netherlands Computer Sei.\ ices Solutioiis Koninklijke Nurnico Nv

Norway Petroleum Gewxrviczs Asa Tclenor As

South Korea C,i Cgv c'o Ltd Han Kook Tire Manutictiiring Co

Switzerland Szrono Sa Coinsitis -b-

14

25,000

3,500.000 450.000

1 3 5 .000

18.000 40,000

240,000 100.000 35.000 29,000

90,000 70,292

43 7 242

8.000 90.000

22,000 60.000

2.500

ElJR

ItKD 1 IKD

EUK

lJSD USL)

LUK EI JR EUK ElJR

NOK EUK

ElJR EUK

NOK NOK

KlZW KRW

rHF

cost Evaluation

.. ...

289,085

289,085

5 19,384 277.237

796,62 I

798,145

798, I45

900.320 417,871

1,318,19 I

2.183,653 I ,79 I .620

7 I 7,928 1,052,663

5,745,864

962,904 421,412

1,384,316

12.027 10,272

22,299

379,364 639,629

1,018,993

173,840 658,739

1,132,579

1,367,405

1,367,405

567.500

567,500

202,115 224,530

426,645

1.572,750 1,572,750

259.743 308, I I6

567,859

2,076.000 1 3 3 I .000

6 15,300 1.657,640

5,879,940

1,040.800 0

1,040,800

0 8.468

8,468

386.240 844.583

1,230,823

392,259 534,899

927,158

1,346,288

1,346,288

'YO net assets

- --

0.83

0.83

0.30 0.32

0.62

2.30

2.30

0.38 0.45

0.83

3.04 2.24 0.90 2.42

8.60

I .52 0.00 1.52

0.00 0.0 I

0.01

0.56 1.24

1.80

0.57 0.70

I .36

1 .97

I .97

.. .- . . . . . -. . . . . . . .. . -



Statement of Investments (continued) as at 30 June 2006

Description Quantity Currency Cost (expresscd in EUK)

United States Abercromhie & Fitch A Alliant Techsystems Inc. Altcra C'orp. Amcriciin Power Conwrsion Corp Analog Devices Inc. Archer-danicls Midland Co. Atwood Ocranics Inc. Avid Technology Inc. Boston Scisntiiic C'orp. Chic05 t'as Inc. Cisco Systems Inc. Citigroup Inc. C'omcast Corp. -a-special Cominerce Llancorp [ h a h e r Corp Dawson Gcophysical C'o Ilirectv Group liic

Emcorc Corp Flir Sysiems Foundry Networks Inc. Grant Prideco /ai Helix Energy Solutions (;roup Internet Sccsystcms Inc Itt Corp Libcrty Global Inc -a- Liberty Cilohal Inc Szrie -c- P l i x r Iiic.

Rcnaissancc 1.carning Inc Scientific Cimies Corp -a- S i r f ' fechnolo~ t loldings Inc Synopsys Inc. 'l'elcphone & Data Sys./spzc.shs Telephone & hila Systems The First Mathlehead Corp Thomas & Bctts Corp. Ilnitcdhzalth Group Inc. Winnehdgo Industries

Total - Shares

Investment funds

France I.yxor lntl /elf t;astern Euro

8.000 9.000

30,000 25.000 I n,ooo 1?,000 6.000

I4.000 50.000 25,000

9.000 82.000 55.000 20,000 11,000 35.000 50,000

I05.000 40.000 10.000 12,000 50.000 40.000 40.000 20.000 70,000 26.000 30.000 15.000 4x,ooo 10.000 I0,000 30,000 I2,000 20.500 33.000

40,000

40.000

36 I .834 408,527 47 1,202 3 70.33 6 532,727 36 1.425 239.900 623.71 1

1.109,585 602,206 543,582 292,969

2.026,263 1,371.616

379,906 427.250 3 11,569

2,095.665 365.939 403,440 407,321 676,748

1,720422 I, 120.367

0 I .738,923

546.89 I 761,06 I 354,587 884.787 209,984 3 14,468

1.13 1.685 257,643

790,922

25,6 13,690

65,516,173

6 I 0,843

784.383

960.832

960,832

Evaluation % net assets

. -~

345.691 544.1 I2 4 17.798 385,735 458.303 387.584 23 I .276 379.260 666.43 I 538,180 627.877 345,993

2,101,O I7 1.560.186 I :O I2,47 I

334,207 457.138 368,022

1.903.457 337.07 I 319,345 339,7 I4 754,554

673.827 325,426

1,279,987

836,068 375.664 717.951 299.776 3 10.004

1,369.055 48 1,530 725,996 803,61 I

24,898,662

65,844,727

I ~ 5 2 . ~ 5 4

299.288

838.oon

838,000

0.5 I 0.80 0.6 I 0.56 0.67 0.57 0.34 0.55 0.97 0.79 0.92 0.5 I 3.06 2.28 1 .a 0.49 0.67 0.54 2.78 0.49 0.5 I 0.50 1.10 2.27 0.99 0.48 1.87 0.41 I .22 0.55 I .05 0.44 0.15 2.00 0.70 1.06 1.17

36.39

96.25

I .23

I .23

15



Statement of Investments (continued) as at 30 June 2006 (expressed in I N K ) Description Quantity Currency Cost Ewlualion YO net

assets

Luxembourg Vontobcl Fund - Far East Ilquity-al-dist 7.000 USD 1.3 15.338 1,236.036 1.80

I ,3 I 5,338 1,236,036 I .80

Total - Investment funds 2,276,170 2,074,036 3.03

Total - Transferable securities admitted to an official stock exchange listing 67,792,344 67,9 18,763 99.28

Opened Funds

Investment funds

Luxern bourg Cotngcst Asia Sicav /cap.


Total - Opened Funds


Short Investments

Written options

Options

United States Call Flir Sjstcms 22/07/2000 30 Call S&p 500 Indices 201 I2/2007 I500 Call Tlic First Martilehead C’orp 16/09/2006 55

Total - Options



TOTAL INVESTMENT POKTFOLIO

300 IJSD 693.95 I 902, I88 I .32

I .32 694,95 I 902, I88

I .32 902,188 694,951

694,95 I 902,188 I .32

68,487,295 68,820,951 100.60

-300 I JSD -30.080 -25 IJSD -78.878

-150 I rsn -28,7 19

-137,677

-137,677

-137,677

- 137,677

68,349,6 I8

-2.360 -42.685 -67.273

-112,318

-112,318

-112,318

-112,318

68,708,633

0.00 -0.06 -0. I O

-0.16

-0.16

-0.16

-0.16

100.44

A detailed schcdulc of portfolio niovei~ien~s (purchases and sales) for the period eildcd 30 June 200h is available free ofcharge upon rcqticst at thc registered oll’ice of thc SICAV and also at thc rcpresentalive and payment service for Switzerland: Dcxia Hanque I’rivee (Suisse) -- Ueetllovenstrak, 4X . Casu I’oslale 2192 - C‘tl-8022

Zurich

16


CONTRARIAN EQUITIES @ WORK

Statement of Investments as at 30 June 2006 (expressed in 13 lJK) Description Quantity Currency cos t Evaluatioii YO nul

assets . . .- .-- .. . - ~. .. . . ..... . - -

Long Investments


Shares

Australia Goodman Fielder L,td Tahcorp Holdings Ltd

I ,204,36 I 1,4 I3,67 1

2,618,032

0.42 0.49

0.91

1,000,000 I h 1,740

A I J I) AUD

I .298.590 1.51 1,419

2,810,009

Belgiuni lnbev (ex. lnierbrcw) 130.000 3,418.414

3,418,4 14

4.88X.000

4,888,000 1.69 I .69

Fraiice Arkcma Atos Origin Axa Uacou-dalloz Euielsat C~rrinitrnicatioiis Paris Lafargc I .agartiere Sca /nom. Lbmh Moct Ilcnncssy Mwilou l3fS.a. Publicis Groupc La . Saint - Ciobain Sanoli - A \ e n h Schncidzr Electric Total SA. Viiici

0.01 I .40 2. I O 0.17 I .39 2.72 3.17 3.65 2.67 I .03 2.08 2.63 3.79 0.56 5.7 I

33.38

800 80.000

15.000 330,000

80.000 I hO.OOO 140,000 2 10.000 100.000 I 10.000 100.000 140.000 32.000

204.544

240.000

t.:l IR ElJR ElJK ElJR El J K El IR El IK I ,: IJ I< ElJK CClK El JR EljR E l M EIIK EUli

0 4.204.402 4.027.945 1,056.223 4.178,0h3 5.857.774 7,17 I .974 9,023.284 4.327.304 2.457,399 5.084.256 7,228.019 8,834,748 I .228.506 9.403,374

74,083,29 I

23.960 4,040.000 6,072.000 I .363.500 4,006.200 7.852,000 9,136.000

10,542.000 7.690,200 2,969,000 6.006.000 7.580.000

I0.927,OOO 1,604.800

16,486,246 96,298,906

Germany Adidxj - Salonion Ag Allianz Ag Eon Ag Siemens Ag

160,000 50.000

130.000 160.000

6.472.088 5.740.67 I 8,95 I .282 9,602.6 I 3

30,766,654

5,9 I0.400 6, I O 1,500

I 1,328.200 10.769.600

34,109,700

2.05 2.1 I 3.93 3.73

11.82

Great Britaiii British Sky Broadcasting Group Wpp Group I'lc /iss.05

60 I .843 440.000

GBP GIW

5,664,823 4.388.861

10,053,684

1,885.355 4,056.926

8,942,28 I

I .h9 1.41 3.10

Hong-Kong hss in i hit1 1 tlds Ltd China 12esotirczs Power I toldiiigs Fong's Industries Co L,td Melco Intl Lh pt Ltd Shun I'ak lloldings L.td

6.000.000 2,000.000 2,500,000

750.000 3 on .ooo

HKI) I IKL) I IKI) H li 1) H K D

878,584 1,307.606 I .568.15 I

352,538 6 16.486

346,483 I ~ 175.206 1.247.390

565.3 I4 725.639

0. I2 0.4 1 0.43 0.20 0.25

17



Statement of Investments (continued) as at 30 June 2006 (cxprcssed in EIJIZ) Description Quantity Currency Evaluation % net

assets Cost

.. -- .- .- l-_- -- Top Fiirni 11111 I.ld I0,000.000 HKD

. ..

2.2 I 7,063 6,940,728

I .428,482

5,488,SI 4 0.49 I .90

Italy Bulgari Spil Fiat Mcdiohanca Rca Credilu I h n z .

320,000 EIJK 420.000 LIIK 420,000 EUK

3,165.452 4479,873 7,479,865

14,725,190

2.768.000 4,326.000 6.430.200

13,524,200

0.96 I .so 2.23

4.69

Japan Aiful Corp. Ricoh Leasing Co

25,000 JPY 60,000 JPY

1.520,950 1.409,020 2,929,970

1,01 5.199 1.3 1741 5 2,332,214

0.35 0.46 0.81

Netherlands Koninklijke Ahold Mittal Stccl / n c ~ York IZe@-a- Stork N v

150.000 EIJR 180,000 IJSI) 100,000 EIJR

972,842 4,236,548 2.969.7 I2 8,179,102

996,000 4.577.363 4,159.000

9,732,363

0.35 I .58 1.44

3.37

South Korea Cj Cgv Co I .id Han Kook Tire Manufacturing Co

I00,000 KRW 300,000 KK W

2.166.39 I 3. I6 I , I50

5,327,541

1,782,997 2,674,495 4,457,492

0.62 0.92

I .54

Switzerland Cir Suisse r)t. Reassurance 90,000 CMF 6,121.871

6,12 487 I 4,872,477

4,872,477 I .69

I .69

United States Anicricrui Ititernatioi~~l Grp Uausch & Lamb Inc Boston Scientilic C h r p . Chs Corp -h- /*hen Issued Ccndant Corporation Citigroup Inc. (kw Channel Communications Corricast Chrp. -a-special Conocophillips h w Chemiutl c'o. Fiiic Corp. Cilohal lndusiries I .1d Into1 Corp. Merck & C'o. Inc. News Corp -a- Pfizer Inc. Sulzway Inc. Sol he by s Synopsys Inc. Toll Brothcrs I Jtiited Technologies Gorp.

90.000 80,000

290,000 190,000 400.000 260,000 160,000 430.000

30,000 20.000 10.000 70.000

450.000 200.000 300,000 230.000 I00.000 240,000 150.000 I70,000 2 10.000

LJSD IJSI) ClSll USLl IJSI) IJSD USD USL)

1JSD IJSD LJSD IJSD u su USD IJSD USD us11 IJS13 IJSD IJW

I isr)

4.328.759 2,947,060 6.226,35 I 4.109.783 6.150, I47 9.363.638 3306,406

I0.349,hI 6 1.478.027

725,640 515,817 806.029

X.OIO,l62 5.034,862 3.765,360 3.56 1,872 1.961,546 3.354.748 2.76 I .362 4.975.689 8.274.03 1

4.197.097 3.156.064 3,865.298 4.024,391 4,063.2 I 6 9.995,358 3.869,861

I 1,022.777 1 S57, I82

609.465 507,258 880,680

6,847,634 5547,744 4,529.683 4,205,673 2.017.389 %919,155 2.243,597 3.50 1.790

10.457,453

I .45 1.09 I .34 I .39 1-72 3.46 I .34 3.83 0.54 0.2 1 0.18 0.3 1 2.37 I .96 I .57 1.46 0.70 1.70 0.78 1.21 3.63

18


CONTRARLAN EQUlTlES @ WORK


Description Quantity Currency cos t (cxprcsscd in I N K )

Evaluation ‘YO net assets

.. . ... - -.. . - . . .. . . .

1 lnitedhealth Group Inc. 140,000 LJSD 5.21 I. I67

98,728,072

Total - Shares 264,084,526

4,958,024 I .72

97,976,789 33.96

285,240,968 98.86

I nvestrn en t funds

United States Ishares Inc/insci ‘l’aiwan Index 130.000 1JSD I .3 19,387

I ,3 19,387

1.3 19,387

1.309.257 0.45

1,309,257 0.45

1,309,251 0.45 Total - Investment funds

War rants

France Kights Axa 30.0h.Ohlpref. 240,000 EIJR 0 146.100 0.05

0 146,400 0.05

0 146,400 0.05 Total - Warrants

Options

Netherlands Call Stork Nv 16/03/2007 42 50 E1 1R 22,500

22,500

‘I’utal - Options 22,500

Total - Transferable securities admitted tu an official stock exchange listing 265,426,413

Total Long Investments 26S,426,4 I3

19,500 0.0 I

19,500 0.0 I

19,500 0.0 I

286,7 16, I25 99.37

286,716,125 99.37

Short Investments

Written options

Options

France Call Lafargc Sa 15/09/2006 I00 C h l l Vinci 15/09,’2006 88.36

-150 -200

H J R LVK

-49.200 -43.044

-92,244

-69,450 -.38,352

-107,802

-0.03 -0.0 I

-0.04

Netherlands Call Stork N v 16/03/2007 46 Put Stork Nv 16/03/2007 38

-50 -50

FUR EIJR

-13,500 - 10,400

-23.900

- I 1,250 -9,750

-2 1,000

-0.0 I 0.00

-0.0 I

United States Call Bausuh & 1,ornh Inc 21/10/2006 55 Call Fnic Corp. ?1/10/2006 70 Call (jlubal Industries l,td 16/09/2006 20 Call Merck & Co. Inc 22/07/2006 35 Call Solheby S Holdings A /Iv 21/10/2006 33

-600 -100 -300 -400 -50

-94.063 -1 5,556 -39.908 -6 1,479 -5,582

-103.859 - I 1,409

-8.262 -40,9 14

+ 1,574

-0.01 0.00 0.00

-0.0 1 0.00

19




Description Quantity Currency Cost (expressed in FUR)

-- - _. .

C’all S&p 500 lndiccs 20/12/2007 I500 Call lo11 Ih thcrs 16/09/2006 40 Put Intel Corp. 22/07/2006 20

Tutal - Options




-- . - -200 lJSD -629.22 I -300 I ISD -50.946 -SO0 USD -4 1,665

-938,420

- 1,054,564 -I ,054,564

- 1,054,564 264,371,849

Evaluation YO net assets

-341.376 -1,180

-3s:407 -544,08 I

-672,883

-672,883

-672,883

286,043,242

-0. I2 0.00

-0.0 1

-0.18

-0.23

-0.23

-0.23

99.14

A detailed sohcdulc ot-portfolio mo\ements (purchases and sales) for the period ended 30 June 2006 is a d a b l c frce ol-charge upon request at the repistcred oll’icc of tlic SICAV and also 31 the representative and paymcnt scmicc I‘or Switzerland: lkxia Banque Privee (Suissc) .- Reelhovenstrabz, 48 -Case Postale 21Y2

Zurich CH-XO22

20

CAPITAL @ WORK .UMBRELLA FUND

BONDS @WORK

Statement of Investments as at 30 June 2006 (expressed in EIJK) Description Face value Currency cost Evaluation ?4 net

assets

Long Investments


Bonds

Australia Tabcorp Inv N.4 6.5% 04-1 I I .h2

I .62 6.000.000 ALII) 3.737.96 1

3,737,961

3,416,654

3,446,654

Austria Oesierr.vbk 6% 04-pcrp.cintn EUK 78 I .25O

781,250 791,197 797,497

0.37

0.37

Belgium Sapec 5.75% 03-9.9.08 'lcsscndcrlo Ch. 4.875% 02-07

I .000.000 230,000

El 1R LUli

999. I50 228.977

1,228, I27

997.8 I2 230,h I h

1,228,428

0.47 0.1 1 0.58

Brazil Brazil 6Y0 03-15.5.15 S.b/intCx Ihuil 6% 06-1 5.05.35 S.ntnb Rruil 6% Oh-15.08.10 S.ntnb Cia I3rasil 8.75% 04-15.9.13 Citd Chirip. Rrasiliera 10.5% 02- I I

524.676 526,541 525.662

2.971.142

8,484,466

1929.~42

53 1,270 523.220 534.2 17

3,616,500 2,744,o I n 7,949,225

0.25 0.25 0.25 1.69 1.29

3.73

1.190 1.305 1.087

4, I80,OOO 3,000,000

Cayman Islands Bear Stearns Tv 05- 1 Yccndant Bear Stearns 05- 1 Yconicasl Bear Stearns Tv OS- 1 5/ncwscorp Bear Stearns 'l'vO5- I5lgeorg.p~~~

3,o2 I . 118 3.02 I .I48 3:02 I . I18 3.021,148

12,084,592

2.746,96 I 2.766.730 2,814,528 7.482,002

10,810,22 I

1.79 1.30 1.32 1.16 5.07

3.750.000 3.750.000 3.750,000 3.750,000

European Union Bei 5.125'%(tv) 05-23.3.20 4.200.000 EIJR 4, I 74.860

4,174,860

3.654.000

3,654,000

1.71

1.71

Finland IJpm liyminznc 6.1250/002-23.01.12 1'1 JR 529,002

529.002 5 I 1.986

51 1,986 0.24

0.24 4n0,000

France Axa I v 03-perp. Ilnitn Axa 'Tv 03-perp Emtn Axa 6% 04-pcrp.

R l t n i 6%( 1v )04-pzrp. Rnp Paribas 4.875% 05-perp. Bnp Prii-ib.tv 05-24.3. 10 Emtn Cnp Assurances 'l'v 04-perp.

Axa-uap 'I v 04-..

2.557.597 I ,828.969 1,967.782 1,792.876 I .245,002 2.4 I9,Oh I 3.459.834 1.503.503

I .20 0.86 0.92 0.84 0.58 1.13 1.62 0.70

2.780.000 2.100,000 2.400,000 2.200,ooo I .500.000 2.800,000 3.780.000 I .860,000

21

CAPITAL @ WORK TJMBRELLA FUND

BONDS @ WORK

Statement of Investments (continued) as at 30 June 2006 (expresred in l iUK) Description

. . . . . . . .. Crcdit Agricole 6%(tv) 05-perp. t.'in.credit Mutucl 'I'v 04-pzrp. Lah-ge Sa 5%) 01-16.7.14

Natexis Bqe Pop.tv 04-pup. Puhlicis Cir 4.125% 05-3 I. I. 12 Stc Ckn. 4.196% 05-perp. 'l'echnip 4.625% 04-26.5. I 1 Vinci 5.875% 02-22.7.09 Kegs Vinci 6.25?4 06-..perp

1 .tlfidrgC 5.448% 03-4.17.13

Face value

Germany Baycr Ag 5U/u(tv) 05-29.7.20 I5 tlcnkd 5.375 05-2104 Step-up 'l'ui Ag 6.625% 04-16.(15.1 I Reg.

Great Britain Anglo Ir. Cap IJk I,p 6% 4-psrp. tkirclays 4.875% 04-pcrp. British Sky hoad. Group 7.3% 96- Iiritish SLy t3road. 6.875% 99-09 ('olinopa t.d I wo I v 03-pcrp. Llcpra Fdg I i i 7%,(t\) 05-perp. 1 lbos PIC 7'1 04-petp. Emin I ehrnan Droth.5. 125%05-perp.

Kola1 Bk Scotld h.S%(f~) 05-45 R h 5.25% 05-29.6.49

Ireland Housing I h I d 3.75%01- 15.9. I4 Landsbanki TV 04-14.9.34

Ireland Dk.ircland 6.25'%4tv) 05-perp. I ~i hretto C'dp I v 05- I S/hicp Librdto Cap.tv 05-1 5 S.cpi I ihretto Cap.t\ 05-1 5 S.cpi3 L.ihrctto C'ap.t\ 05-15 S.cpi4 Starling tin.t\ 05- I5 S.cpi Starling Fin.tv 05- I5 %pi Starling I*in.tv05-21.12. I5 Cpi Starling I. in.tv05-2 I . 12. I5 Kpi Xenon Capital 8%) 04-1.2.2033

I , 190,000 I , I20,000 I. 125.000

940,000 940.000

8,000,000 I .860.000 5,000,000 I ,2 12.000 3,500,000

2.500.000 3.000.i100 4,200,000

3.988.000 I.400.000

460.000 1.330.000 2.045.000 I .000,000 I,400.000 4,300,000 4. I 60.000

480,000

234.438,191 1,262,000

1 .000.000 1,000.000 I .000,000 1 .000.000 1 .000,000 I .000.000 I .000.000 I .000.000

750,000 1.920.000

Currency Cost

El JR EUK EIJR ElJR EIJK EIJR El JR EllR H J I I Ell l i

EIJR LlUK ElJli

IWK El JK USD IJSD EllR FUR ElJli ElJR LUK ElJR

ISK EUR

LlJK EIJR LUR ElJR L:,UK EIJK EUK Fur< GBP EUR

1.109,333 936.260

1.1 10.186 946, I74 933. I52

8, I3 1,299 1,873.638 5.301,185 1,330.004 3,505,425

43,788,025

2.236.250 2,943.000 4,447,650

9,626,900

3.635.003 I ,4 13.690

454.502 1.3 19.665 2,139,649

993.000 I .403.240 4.278,791 4.168.388

475.848

20,28 1,776

3,145.296 1,253.093 4,398,389

905,500 I .000.000 I,000.000 I .000.000 I,000.000 I,000,000 I .000,000 1,000.000 I. 1 13.972 1,766,2 I 1

10,785,683

Evaluation

.

974.3 I3 9 12,800

1.131.014 975, I62 779,026

7.835.943 1,754.963 5.056,565 1,270.948 3.259,776

40,726,034

2.150,392 2,720.255 4.223,33 I

9,093,978

3.259,387 1.326.732

363.3 15 1,069,582 2.06 1,019

85 I 306 1.402.386 3.889.295 3,7')2,3 I3

378.048 18,393,883

2.586.606 959.110

3,545,726

839.396 91 8.700 920.200 9 19.900 928.200 922.3 00 79 1,400 9 1 6.600

1,049,447 1.65 1.200

9,857,343

% net assets

0.46 0.43 0.53 0.46 0.37 3.66 0.82 2.37 0.60 1.53

19.08

1.01 I .27 I .98

4.26

I .53 0.62 0.17 0.50 0.97 0.40 0.66 1.81 1.78 0.18 8.62

1.21 0.45

1.66

0.39 0.43 0.43 0.43 0.44 0.13 0.37 0.43 0.49 0.78

4.62

22


BONDS @ WORK

Statement of Investments (continued) as at 30 June 2006 (cxprcssrd in EUK) Description Face value Currency

. .. .

Italy Mediohanca 'I , \ 06- 10.2.2 I

Japan Japan 0.8%005-10.09.15 N O 5

Jersey Erste Fin. 4 'l'v 04-perp. 1 lshc Cap.5.13% 04-perp. llhs Jersey Tv05-15Iink.oendatil IJbs Jersey I O%,(tv) 05- I 1.4.23 IJbs Jcrs.tv05-26.10. 15/hilton

Luxembourg Fiat I:in.6.625% 06-15.02. I 3 twrlis I,uu Fin 3.2?40 03-17.6.15 C i u Capital 5.875%05- I .6. l5rcg Holcitn Fin. Lux. 4.375% 03-23.6.10 S ~ S Cilhil4.5%03-19.11 .OX

Netherlands Alliaiiz Fin I i 5.375% 06-perp. 1:resenius Fin.S.j% 06-16 Regs Ing Ciroep 'Tv 04-perp. Ing Cjrp T v 03-perp. Kbc llinia 7o/u(1~) 04-7.2.25 Lchrnan BrotIi.6uh 05- 15.2.2035 Olivetti Ih incc 7.75% 03-24.1.33 Solva) Fin.6.375% 06-2.6.2 104 Suedzuck.iiit1 5.25%(tv)05-perp.

Poland I'oland 'I'v 01-24.8.1 6 12 08 I h

Russia Gazproinhk 6.5% 05-23.09. 15

Spain Popular C:apilal Sa 'l'v 04-perp. Satitandcr Fin. Cap. Tv 04-pcrp.

2,000.000

1,6 I 5.000,000

3.827.000 2,300.000 1.200.000 2,520.000

700,000

2300,000 2,400,000 9.480,000

250,000 250,000

5.500.000 4,000.000 2,600,000 I .600.000

500.000 940,000 900,000

3,000,000 3,200,000

30,000,000

2,200,000

600.000 3.940.000

ElJK

JPY

EIJR ElJK IJSD ClSll GI3P

EUR EIJR EIJK LIJK H J R

I-: I J I1 I I U R H J R 1 .:IJ I<

EUR I,U I< LUK ElJK

IJ sn

PI .N

I JSI)

EIJR t i lJ lZ

cost Evaluation % net assets

2.000,000

2,000,000

1 1,253.6 I2 11,253,612

3,33 5.63 7 1.416.060 1,003.2 19 1,876.446 I .028,157

9,689,519

236 I .250 2,4 12.000

10.027.344 250.741 249,098

15,500,433

5.472.500 4,028.000 2.480.7 10 1,625.030

326,689 932.462

1,231.350 2,979.480 335 I .520

22,130,741

7.978.207

7,978,207

I .8 18.906

I ,8 18,906

533.280 3.736,883

4,270,163

1.979.167

1,979,167

10,905.912 10,905,912

3.094,025 2,3 12,943

9 14.245 1,627.833

931,564

8,893,610

2.47 1.522 2.579.280 9,509.989

250.776 252,220

15,063,787

s. 122. I50 3.91 0,657 2.4 16. I PO I .640,000

299,604 784.1 17

I 465.649 3.002.049 2.874.848

214 15,254

7.509.573

7,509,573

I .584,28 1

1,S84,28 I

508.669 3,24 1,879

3,750,548

0.93

0.93

5.1 1

5.1 I

1.46 I .ox 0.43 0.76 0.44

4.17

1.16 1.21 1.45 0. I2 0.12

7.06

2.40 1-83 1.13 0.77 0.14 0.37 0.50 1.41 1.35

9.90

3.52

3.52

0.71

0.74

0.24 I s 2

1.76

23

CAPITAL, @ WORK UMBRELLA FUND

BONDS @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in l<LJl<) Description Face value Currency cost Evaluation 'YO net

assets ... - . . .... . ~- .

Sweden Nordca Bank Ab l ' v 04-perp. 2,720.000 U J K 2,266,3 18

2,266,3 I8 2,2 5 4,5 4 9

2,254,519 1.06

1.06

Turkey Turkey 15% 5-10.2.10 3,800.000 TRY 2,049,15 I

2,049, I5 I 1.778,689

1,778,689 0.83

0.83

United States Dt Postbli I d 'l'st 1 6% 04-petp. IX.posthk I,'d l i i 7'%(tvJ05-pcrp Wpp Firi.usa 5.875% 04- 14 Kegs

600,000 ElJR 3.6201000 LUIZ 1,000.000 m u

496,530 3.575.866

824,390

4,896,786

203,754,867

203,754,867

492.300 3,126,867

754,296 4,373,463

189,223,808

189,223,808

0.23 1.47 0.35

2.05

88.69

88.69

Iota1 - Bunds


Transferable securities dealt in on another regulated market

Bonds

Cayman Islands Vale Over.X.625%0 02-8.3.07 S.b 1,880,000 [JSD 1,575.320

1,575,320 1,509,125

1,509,125 0.7 I

0.71

Iceland Housing t.'in.lid 3.75Y00.1- 15.2.24 529.036,808 1% h,392,884

6,392,884 5,750,048

5,750,048

2.69

2.69

Netherlands Fortis Fin. 03-22.12.15 Emir1 400.000 EUK 402,000

402,000

422,400

422,400 0.20

0.20

United States Kh I lome 5.875% 04- 15. I . I5 I ,iherty Media c'o. 5.7% 03- 13 Mediaone Gr. 8.15% 97-1.2.32

2.524.000 [JSD 2.340.000 USD 1,000,000 us11

1,938,800

9 10,978 1,935,659

4,785,437

13, I S,64 1

13, I S,64 1

1,723.633 1.67 I .542

807,765

4,202,940

11,884,513

I 1,884,s 13

0.8 I 0.78 0.38

I .97

5.57

5.57

Total - Bunds

Total - Transferable securities dealt in on another regulated market


Bonds

France Flxariz Fin.8% Oh-07 /gw France 25,UOO El )I< 2,48 1.250 2.5 19,500 1.18

2,48 1,250 2.5 19,500 1.18

24

CAPITAL @ W O K UMBRELLA FIJND

BONDS @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in EIJR) Description Face valuc Currency

Guernsey Chlyon F.pr.5.2”” 05-2O(sI 393)

Jersey 1J hs Ag Jersey ‘l’v 03-26. IO. I 5 Ubs Jersey Tv 05-26. IO. I5

Lurem hourg Ugl ‘l’v 04-20.12. I1

United States Conseco 10.75% 03- 15.6.09 Escrow

Total - Bonds

Debt Instruments

Netherlands lrlg 0%06-19.9.06 Cd

Total - Debt iiistruments




3.7 80.000 EUK

I .200.000 lJSD I .200.000 IJSD

I .600.000 IJSD

400.000 USD

cost

. --

3,778.134

3,778,434

1.003.218 1.003.2 19

2,006,437

I . 193.006 I , 193,006

0 0

9,159, I27

Evaluation YO net assets

-. -

3.396. I20 I .59 3,396, I20 I .59

900.335 0.43 905,087 0.42

1,811,422 0.85

1.211.184 0.60

1,277,784 0.60

0 0.00

0 0.00

9,007,826 4.22

6,000.000 IiON 1.675.289 1,654,136 0.78 1,675,289 1,654,136 0.78

1,675,289 I ,654,136 0.78

11,134,416 10,66 1,962 5.00

228,044,924 2 1 1,770,283 99.26

2211,044,924 2 I 1,770,283 99.26

A detailed schedule of portfolio iiiweiiieiils (purchasrs and ~ l c h ) li)r 111s psriod sndcd 30 Juiir 2006 IS awilablr liee ofchargc tipon rcqucst at the regislered ollice of the SICAV and also al the repre:senlalive arid payn1snt wn icc lor S\ritrcrland: Desia Uanqcie I’rivk (Suisse)

Zurich Bccthovciistrak. 18 -.Case Postale 2 192 ..- CH-X022

25


GLOBAL MARKETS FUND 1 @ WORK

Statement of Investments as at 30 June 2006 (esprcsscd in H J R ) Description Quatitity / Face Currency

value - - .-- -- .- - _ - _ - - - -

Long Investments


Shares

Belgium C'umerio /strip Vvpr lnbev (ex. Intei-brew) Llmicorc Sdstrip Vvpr

Cayman Islands Fresh Del Montc Produce Inc.

France Atos Origin Business Objects Sa France Telecnm I .at:Jrgc Lagarclei-e Sca /noin. I.\-rnh Moet I Icnnessy Manitou R f SA. Mctropole '1.elevision Sa M6 Publicis Groupt: SA. Sanoii - Aventis Schneider Electric 'lclcvison Francaisr: 1 Vinci

Germany Adidas - Salomon A& All iaw Ag llcursche Telekorn Lon Ag Siemens Ag

C reat Britain British Sky Broadcas1ing Ciroup Qlaxosmil h bl ine PIC Wpp Group PIC hs.05

Italy Assicuraziotii Cknerali Spa Bulgari Spa Fiat

400 8,000

400

14.300

2.000 5.000 8.000 I s o 0 5.000 3.000 5,000 3,000 5.000 3.000 2.000 &OW 3,000

4.000 2,500

12.000 4.000 4,000

10.207 17

20,000

5,000 I0.000 10.000

LIJK FS 1.1 K EIJR

1.1 SD

ElJR ElJR EllR EIJIZ EUR ElJR LUR EIJR ElJR H J K EUK H J R LUK

I N K E U K ElJR LUK LUK

GBP GUI' GBP

LlJK ElJK ElJR

cos t Evaluation

..

0 18X,600

0

188,600

293,352

293,352

100,685 130.596 173.1 65 82.323

269,039 2 1 2,224

57.944 78.649

120.734 2 13,276 105.329 I 06,76 1 1 10.948

I ,76 1,673

159,543 299.723 173.747 299. I99 243.525

1,175,737

82.61 9 643

198.037

281,299

159,123 101,124 99.91 5

36 300,800

36 300,872

198,8 13

198,s 13

10 I ,000 107.500 132,480 147.225 285,500 225,900 183. I O 0 72.300

I48,450 227,400 156.100 100,400 24 1.800

2,129, I55

147.760 305.075 148.440 348.560 269,240

I ,2 19,075

82,853 368

184.406

267,627

I4 1.750 86,500

103,000

% net assets

. "_l_

0.00 1.04 0.00 I .04

0.68

0.68

0.35 0.37 0.46 0.5 1 0.97 0.78 0.63 0.25 0.5 I 0.78 0.54 0.35 0.83

7.33

0.5 I I .05 0.5 I I .20 0.93

4.20

0.29 0.00 0.63

0.92

0.49 0.30 0.35

26


GLOBAL MARKETS FUND I @ WORK

Statement of Investments (continued) as at 30 June 2006 (expre$\ed in El JU) Description Quantity / Face Currency

value - _. . -

Netherlands Ing Cjrocp Koninkli-jke Kpri Nv

United States Altera Corp. Analog 1)evict.s Inc. Archer-daniels Midland c'o. I3ausdi RL Lamb Inc Bos~oii Scieri~ilic Corp. C'bs C'orp -b- /when Issued Ccndant Corporation Chesapeake Energy Coincast Corp. -a- Ilr Hortoti Inl: Expedia Inc Del I,'lir Systems Foundry Networks Inc. Cilohal Industries I..td Intel Corp.

Marvel hterlainrnent Inc News Ch-p -a- Parker-hannitin Pfizcr Inc. Power I ntcgrations Inc Scientific Chines Corp -a- Symaniec Corp. Synopsys Inc. Toll Rrothers Unitcd 'I-echnologics Corp. Uniledliealth Group lnc. Walter Industries Inc

liellogg co.

Total - Shares

Bonds

Brazil Cia Brasil 8.75% 04-1 5.9. I3 (;id C'omp. Brasilicra 10.5% 02-1 I

France Alis Finance 1.3% 02-25.7.32 Axa Sa 'l'v 04-pcrp. Aka T k 03-perp. Emtn

8.000

3 20.000

6.000 7.000 h.OOO 3.000

10,000 I 1 .000 17,000 4.000

16.300 5,000

12,000 8.000

12.300 8.000 8.000 4.000

IO.OOO 20.000

I .so0 16.000 6,000 7.000

17.400 18.000 3.000 3,000 4.000 I .so0

ElJR

El JU El IK

lJSD IJSI) USD lJSD USD US11 CIS13 l!SI) IJSD lJSD IJSD US13 IJSD US13 IJSD US11 CJS13 IJSD l JSD IJSD CIS11 I JSl) USI) IJSD US1) USD IISD USL)

cost Evaluation % net assets

143.h3 1

503,793

79 125.500

125,579

87,026 207,836 199,307 1 15.771 237.051 273.0 I I 293,692 I 04,48 1 433.710 141,267 252,218 199.800 145,770 92.239

131.493 149,232 148,568 257,039

97,5 18 359,563 95.842

187,736 299.363 337,104 78.61 8

I 13.380 164.3 I 5 83,386

5,286,342

9,6 16,375

122,480 453,730

90 173,600

173,690

83.560 178.229 193.792 I 1 8.352 133.286 232,99 I 2 10,937

95,708 41 8.609 95.5 I9

141,060 115.025 103.649 100.649 121.736 151,981 I63,65 7 30 1,979 91.821

292,569 82. I43

195,082 214.394 269,232

6 1,796 149,392 I4 I .65X 64.334

4,553,140

9,296, IO2

0.42

1.56

0.00 0.60

0.60

0.29 0.61 0.07 0.4 I 0.46 0.80 0.73 0.33 I .43 0.33 0.19 0.50 0.36 0.35 0.12 0.52 0.56 I .03 0.32 1 .00 0.28 0.67 0.74 0.93 0.21 0.5 I 0.49 0.22

15.66

31.99

200,000 lJSD 180.43 I 173,038 0.60 600.000 CISI) 588.944 548,804 I .X8

769,375 72 1,842 2.48

200.000 EIJR 267:876 289.632 I .00 200.000 US13 I h I ,hh8 127.070 0.44 500,000 ElJR 500,00 I 459,990 I .58

27



Statement of Investments (continued) as at 30 June 2006 (expressed in EUR)

Description Quantity / Face Currency cost Evaluation value

---- -. ~ - .-.. .... .-

Bnp 1'arib.rv 05-24.3. IO IJrntn Vinci 6.25% 06-..pcrp

Germany I-Ienkcl 5.375 05-2 104 Step-up

Iceland Iiuusing t k f d 3.75%01- 15.9. I4 Landshanki T v 04-24.9.34

Ireland Libretto Cap T'v 05- I Yhicp Libretto Cap.tv 05- 15 S.cpi Libretto C'ap.tv 05-15 S.cpi3 Libretto Cap.iv 05-1 5 S.cpi4

Italy Mediiibmclr l 'v 06- 10.2.2 1

Japan Japan 0.8% 05- 10.09.1 j N O 5

Jersey Erste Fin. 4 I\ 04-perp. llbs Jersey 'l'v05- I5liiik.cendimt I Jbs Jersey I 0%( tv) 05- I I A23 Ubs Jcrs.tv05-26. 10. I Yhilton

Luxem boiirg Gaz Capital 5.875%05- I .6. I 5reg

Netherlands Fresenius Fin.5.SYn 06-16 Reg.s Ing Cirp 'l'v 03-perp. I .indz t:inancL- 6% 03- Suedzuckhtl 5.250/o(tv)05-perp.

Poland Poland T\ 04-24.8.16 lz 08 16

500,000 300.000

200,000

32,995,005 100,000

250.000 250.000 250.000 250.000

500.000

I40,000.000

200,000 300.000

I ,000.000 200.000

900.000

300,000 500.000 300.000 300.000

5.000.000

LCJK ElJR

EI!K

ISK EIIR

LlJK I:UK fiUK ElJR

ElJR

JPY

K U K IJSD IISU CiBP

El IR

El!R liWK HJR El 1R

PLN

499.250 300,555

1,729,350

196,200

196,200

450.21 3 99.750

549,963

250,000 250,000 250.000 250,000

1,000,000

500.000 500,000

1 ,00 I .859

I ,OU 1,859

200.000 250.805 744.493 293,159

1,489,057

976.500 976,500

300.6h0 510.250 293,250 285,240

1,389,400

1.3 13.822

I ,3 13,822

457.650 279,409

1,613,760

181,350

181,3SO

364,04 1 76.000

440,04 I

229,675 230.050 279.975 232,050

92 1,750

494,792

494,792

942,845

942,845

I6 1,695 228,561 645,966 269,875

1,306,097

902,83 7 902,847

293,299 5 12,500 295,034 269,5 17

1,370,350

I .25 1,596

I ,25 1,596

YO net assets

1.58 0.96

5.56

0.62 0.62

I .25 0.26

1.51

0.79 0.79 0.79 0.80

3.17

I .70

I .70

3.24

3.24

0.56 0.79 2.2 1 0.93

4.49

3.1 I

3.1 I

1.01 I .76 I .02 0.93

4.72

4.3 1

4.3 I

28

CAPlTAL @WORK UMBRELLA FUND


Statement of lnvestments (continued) as at 30 June 2006 (cxpresscd irl EUII) Description Quantity ! Face Currency

value

Spain Santander Fin, Cap. Tv 04-perp.

Sweden Nor& Hank Ab rv 04-perp.

Turkey Turkey 15% 5-10.2.10

United States Cioldrna.sachs Cirp 0.8%06-9.3.2 1

Total - Bonds

Investment funds

United States Ishures Inc/msci Taiwan lridcx


Warrants

France Exane Fin.-30.09.09urt Nikk225 1:xwc 06- 10.02. I0 Wdysci Ag

100,000

I 00.000

600.000

500,000

25.000

7.000 3 .000

Total - Warrants

Total - Transferable securities admitted lo an ofticid stock exchange listing


Bonds

Iceland Housing Findit 3.75%04-15.2.24 35,269. I2 I

Total - Bonds

Tutal - Transferable securities dealt in on another regulated market

EUR

EIJK

TU Y

EUK

us0

I,:IJR ElJR

ISK

. -

Cost Evaluation YO net assets

~ -

99.625

99,625

99.750

99,750

3 I 1,220

311,220

500.000

500,000

11,926,121

273:333

273,333

273,333

700,000 2 9 8,4 7 0

9 9 8,4 7 0

998,470

22,814,299

478.556 478,556

478,556

478,556

82.28 1

82,28 I

82.888

82,888

280.846

280,846

450,lh I

456,461

1 1,049,746

25 1,780

25 1,780

25 1,780

794.7 10 270,450

I,065,160

1,065,160

21,662,788

0.28

0.28

0.29

0.29

0.97

0.97

1.57

157

38.02

0.87

0.87

0.87

2.74 0.93

3.67

3.67

74.55

383,337 1.32

383,337 1.32

383,337 I .32

383,337 I .32

29



Statement of Investments (continued) as at 30 June 2006 (expresscd in EIJR) Description Evaluation % net

value assets Quantity i Face Currency Cost


Shares

Belgium ImmutBhauspie Spccch/rcg 3.500 LISI) 109.158

I09,158

109, I58

0 0.00

0 0.00

0 0.1)0 Total - Shares

Bonds

Guernsey Calyon F.pr.5.20iu 05-20(~1393) 500.000 EIJR 500.000 449,222 1.55

500,000 449,222 I .55

Jersey IJhs Ag Juscy 'Iv 05-26.10.15 llhs Jersey T v 05-26. IO. IS

300.000 300,000

IJSI) 250,805 227,334 0.78 USD 250,805 226.272 0.78

SO 1,6 I O 453,606 1.56

'rotni - Bonds



I ,00 1,610 902,828 3.1 I

1,110,768 902,828 3.1 I

24,403,623 22,948,953 78.98

S hart Investments

Written options

Options

Cayman Islands Call Fresh Del Monte Producc Inc. 20/01/2007 25 Put Fresh Ilul Monte Produce Inc. 20/01/2007 25

-80 -17

i m USD

- 19,164 -3,005

-22,169

-944 - 10.300

- 1 1,244

0.00 -0.04

-0.04

France Call Business Ohjccts Sa 15/09/2006 26 Call I .agardere Sea /nom. 15/06/2007 65 <:all L m h Moet llcrinessy 15/12/2006 75 Call bletrqx~le Television Sa M 6 15/09/2006 26 Call Television Fraticaisc I 15/09/2006 28 Put Husiness Objecls Sa 15/09/2006 26 Put I .agardere Sca /nom. 15/06/2007 65 Put Lvmh Moel I lcnriessy Ij/12/2006 65 Put Metropole lelevision Sa M6 15/09/2006 26 Put 'l'clevision Francaise I 15/09/2006 26

-50 -20 -30 -30 -40 -50 -20 -30 -30 -40

EUK I:UR EUU l:UR F.I.JK EIJR LSUR EUK I:UK ElJR

-7.650 -6.600

- I 3.2 10 -5,980 -4,480 -8.500

-20.200 -9,240 -6.780 -6,320

-88,960

- 1,250 -1,440

- 18.270 -1.380 - I,000

-23.200 + 18.760 -5.100 -6.690 -6.320

-8694 I O

0.00 -0.02 -0.06 1 0.00 0.00

-0.09 -0.07 -0.02 -0.02

1

-0.02 ;

-0.30

Germany Call Allianz Ag /narri.vinhtiliei~ 15/12/2006 120 Call E.on Ag I9/12/2008 86.09

-250 -20

EIJlZ EUK

-29,200 -14.360

-26,475 -30,000

-0.09 -0.10

4

30



Statement of Investments (continued) as at 30 June 2006 (cxpressed in HJIZ) Description Quantity / Face Currency Cost Evaluation YO net

value assets

Call Sicnicns Ag / n m . 20/06/2008 70 Put Allianz Ag/nam.vinkuliert 15/12/2006 120 Put E m Ag 19/12/2008 86.09 Put Sicrncns Ag /narri. 20/06/2008 70

Italy Call lhilgari Spa 16/03/2007 10 Put fsulgari Spa 16/03/2007 I 0

Netherlands Call Koninkli-jke Kpn N\ 18/12/2008 8 Put Koninklijke Kpn Nv 18/12/2008 8

United States Call Analog Devices Inc 16/09/2006 40 Call Archer-daniels Midland Co. 20/0 1/2007 45 Call Uausch & I.ornb Inc 22/07/2006 5 5 Call Chcsapt.de Energ 2 1/10/2006 35 Cal I Corncast Corp/-a- I Y/O I /2008 35 Call Corncast Corp/-a- 20/01/2007 27.5 Call Dr I lorton Inc 20/0 1/2007 35 Call Expcdia Inc Del 22/07/2006 25 Call Flir Systems 22/07/2006 25 Call Foundry Networks Inc. 16/09/2006 I5 Call Global Industries I Ad 16/09/2006 I 5 Call Intel Corp. 2010 I /2007 20 Call Marvel Entcrtainmerit Inc 20/01/2007 17.5 Call News Corp -a- I910 I 12008 17.5 Call Parker-hanilitin 19/08/2006 80 Call Ptizcr Inc. 19/01/2008 30 Call Power Integrations Inc 21/10/2006 20 C:dl Scicntific Games Corp -a- 22/07/2006 35 Call Symaritec Corp. 22/07/2006 17.5 Call Toll Brothers 20/01/2007 30 Call IJnited 'Technologics Corp. I9/0 I/2008 55 Call Cinitcdhcalth Group Inc 20/01/2007 52.5 Call Waltcr Industries Inc 16/09/2006 70 Put Analog Deviccs Inc 16/09/2006 35 Put Archer-daniels Midland Co. 20/01/2007 40 Put Rausch & Lomb Inc 22/07/2006 45 Put Chesapeake Energy 2 1/10/2006 35 Put Corncast Cop/+ I9/0 1/2008 35 Pul Corncast Uorp/-a- 20/01/2007 27.5 Put rlr I-lorton Inc 20/01/2007 30 Put Flir Systems 22/07/2006 25 Put Fkundry Networks Inc. 16/09/2006 I5 Put Cilobal Indusuies I,td 16/09/2006 12.5 Put Intel Corp. 20/01/2007 20 Put Marvel 1q;ntertainment Inc 20/0 I /2007 I5

-30 -250 -20 -30

-10 -10

-200 -200

-70 -60 -30 -40 -hO

- I00 -50 -60 -80 -80 -80 -80

-100 -100

-15 -70 -00 -70

-120 -30 -20 -40 - 1 5 -70 -60 -30 -40 -49

-100 -50 -80 -3 7 -80 -80

- I O 0

- 1 5.060 -26.915 -36,940 -36.000

- 158,485

- I I .x00 -10,510

-22,310

- 15.000 -33.000

-48,000

-2 I .2 I8 - 18.026 -2.845 -1.432

- 15.820 -27.036 - 1 8.276 - 16,847 -13,108 -8,855 -7.647

- 12.960 - 16,876 -23.328 -5,s I I

- 1 4.262 -10.515 - I 1.469 -20.645 -14.610 -9, I08

-14.81 I -8,O I6 -7.455

-14,231 -6,68 I

- 1 1.701 -20,749 - 15.856 -9.76 I

-19,125 -3.5 10 -5,060

- 1 1.010 -9.872

-25,830 -0.09 - 16.200 -0.06 -24,420 -0.08 -28.290 -0. IO

- 15 1.2 I 5 -0.52

-3.909 -0.01 - 15,797 -0.Oh

-1 9,706 -0.07

-3 1,000 -0. I0 -0.08

-53,000 -0.18

-22,000

-275 0.00 - 16.05 1 -0.06

-779 0.00 -3,336 -0.0 I

-18,41 I -0.06 -50.357 -0.1 x

- I .770 -0.0 I -236 0.00

- I .574 -0.0 I -629 0.00

- 12.904 -0.04 -8.183 -0.03

-33.833 -0. I2 -35,407 -0.12 -2.242 -0.0 I -3,855 -0.01 -3.541 -0.0 I -6.609 -0.02

-472 0.00 -4,957 -0.02

-2 I .559 -0.07 -5,350 -0.02

-472 0.00 -18,175 -0.06 - 17.467 -0.06

- I .062 0.00 - 16.680 -0.06 - 15.807 -0.05 -4.72 I -0.02

-25.965 -0.09 - 14.163 -0.05 - 12,809 -0.01 -2.203 -0.0 I

- 10.386 -0.04 -1.967 -0.0 I

31



Statement of Investments (continued) as at 30 June 2006 (cxprcsscd in IIUK) Dcscription

..- ... ~ -_ ... . . ..

Put N w s Corp -a- 19/01/200X 17.5 Put l’arker-haiiiiiliri I9!08/2006 75 Put I’tizcr Inc. 19!01/2008 30 Put t’oner Inlegrdoiis Iric 2 l/l(J/2006 20 1’111 Scicntitic (iarncs Corp -a- 22/07/2006 35 Put Ss mantzc Gorp. 22/07/2006 17.5 Put ‘I dl Ih-olhers 20/(11/2007 30 Put I lriitcd Tcchnologics Corp. 19!01/2008 55 Put Iliiitedhzalth Group Inc 20/01/2007 50 I’ul Waltcr Industries Inc 16/09/2006 65

Total - Options


Tutal Short Investnirnts


Quantity I Face value

Currency cost l-:valuation O / b net assets

-100 -15 -70 -60 -70 -66 -30 -20 -40 -15

- 1 5,746 -3.757

-30.202 -7.827

-2 1.21 8 -6.2 I8 -9.320

-11.186 - 1 1.393 -7,389

-m,4nn

-918,412

-9 18,412

-918,4 12

23,485,2 I I

-6.688 - I .8?9

-38.555 - 14.163

-4.131 -9,867

- I 2,s I O -4.406

-20,142 -13.21 8

-499,7 16

-82 I ,29 I

-821,291

-821,291

22,127,662

-0.02 -0.0 1 -0. I3 -0.05 -0.0 I -0.03 -0.04 -0.02 -0.07 -0.05

-1.72

-2.83

-2.83

-2.83

76.15

A dctarlzd scheJule oI’porili)ho iiiowtiients (piirchaw3 and des) tor the period ended 30 .luiic 2006 is availahlr. fi-ee ofchargc upon rcqticst at the regibtered i)ltiw o f the SIUr\V and also at tlic representative and pa! mcnt scrvice for Switzerland: Duxia Barque Privie (Suisse) - Ree~Iiovc~irrraSc. 48 - Case I’ostalc 2 I92

Zurich C’H-XOLZ

32


GLOBAL MARKETS FUND I1 @ WORK

Statement of Investments as at 30 June 2006 (expressed in EUR) Description Quantity Face Currency Cost Evaluation 96 net

value assets . -. . . .... - . .. - . .... .-.. .. ... -.

Long Investments


Shares

Belgium C:urnerio /strip Vvpr lnbev (cs. lnlerbrw ) IJrnicore Sdstrip Vvpr

Cayman Islands Fresh Del Montc Produce Inc,

France Atos Origin Business Objects Sa I,’raiicc Telecom Lafarge Lagarderz Sca /nom. Lvmh Moet Hennessy Manirou BfS.a. Merropole Television Sa Mh Publicis Groupe Sa. S a r d - Avcntis Schneider I’lectric ‘lelevison Francaise 1 Vinci

Germany Adidas - Salomoii Ag Allianz Ag Deulsche Izlckom t,ion Ag Siemens Ag

Great Britain British Sk) Broadcasting C;mup Wpp Group PIC /iss.Oj

Italy Assicurazioni Gensrali Spa Uulgari Spa Fiat Mcdiohmca Bca C‘rcdito Finan/.

350 9.000

350

14.400

3.000 6.000

15.000 2.000 4.000 3.000 5.000 3,000 6.000 1:000 3.000 4.000 3,000

4,000 2.500

17.000 4.000 11.000

20.208 20.000

5.000 9.000 9.000 x.OOO

EIIK El !I< ElJK

I JSI)

IXJK EIJR LI!K 121. I I< El JIt EIJR I N K t.XI I< IiI IK I N K I’IJIZ EIJK 111111

LI CI K 13111 IXIK EIJR LUK

GDP CiBP

F.1 J l < I N K FIJI< EIJR

0 183.505

0 183,505

295. I44

295,144

I5 I .O27 156.715

120,788 1 13.003 2 12,224

72,643 78.649

143.577 284.367 157,687 106.76 1 120.268

2, I4 1,266

323.557

159.543 299,723 253.666 299.199 368.790

1,380,930

165,880 198.037

363,9 I7

159.113 91.01 I 89.924

143.63 I

483,689

32 338.399

32

338,463

200.203

200,203

15 I s o 0 129.000 248,400 196.300 228.400 225.900 183, IO0 72.300

178,140 303,200 234.150 I00.400 24 I ,800

2,492,590

147,760 305.075 2 10.290 348.560 403,860

1,4 15,545

164.035 I83,405 348,440

I J 1.750 77.850 92.700

122.480 434,180

0.00 1.12 0.00

1.12

0.66

0.66

0.50 0.43 0.82 0.65 0.75 0.75 0.60 0.24 0.59 1 .00 0.77 0.33 0.80

8,23

0.49 1.01 0.09 1.15 I .33

4.67

0.54 0.61

1.15

0.47 0.26 0.3 I 0.40

1 .44

33




Dcscription Quantity / Face Currency cost (exprcsscd in E U K )

value __ . . . . . .. . -_ .

Net herlands I tip (.iroep iioninklijkc lipn N\

United States Altera C:orp. Arialog Dwices Inc. ./\rcher-daiiiels 1Midland Cu. Ihuscti 8 I.ornb Inc I h t o i i Scicntific Corp. C:hs C‘orp -h- i’ir hcn Issued (’endant Corporalion C’ticsapzdx f-krgy Coincast C‘orp. -a- Coincast C’orp. -a-spccial ih iiortoii lric Ixpedia Inc I k l l l i r S>,stcms tkundrq Networks Inc. Cilohal Industrius I,td Intel Corp. Kellogg Co. Marvcl I:iilertaiiirnent Inc NL‘MS C‘orp -a- 1’arlic.r-hanni l i r i I’IiLer Inc. I ’ o ~ e r Iritcgrariuns liic Scicntific (jurnzs Corp -a- Sytnan1ec Corp. S! nopsj s Inc. 1.011 t3rottu-s IJnited Technologics Corp. I Inilsdlicalh Group Inc. Walter Industries Inc

Total - Shares

H o d s

Brazil C‘ia L3rasil 8.75% 04- 15.9.13 (.ild Coinp. Brasiliera 10.5%) 02- I I

France Alis I’iriancc 4.3% 02-25.7.32 Axa Sa ‘I,\ 04-perp. Unp t’arhtv 05-24.3. I 0 1:nitn

Clip ,I\ssurances I v 04-perp. C C C Z ~ 6.75% 06-27. I .2049

17h 20.000

7.000 7,000 7.000 3.000 8.000

I1.000 17,000 5.000

10.600 8.400 4.500

18.000 8,000

13,900 7,000 7.000 3.500

I0,000 18.000 I .500

12.000 7.000 7.000

17.400

3.000 6,000 4.000 I .so0

I 8.000

200.000 500.000

400.000 300.000 250.000 250.000 500,000

EIJR ElJK

us11 USD LISD usu llSD US13 IJSD IJSD IJSD USD lJSD I JSD IJSD USI) tJSD I JSII IJSD USI) 1JSD USI) lJSD IJSD USI) USD IJSD IJSD IJSD IJSD I JST.,

IJSD LlSD

I: I J I< I JSD EUK US13 I:UR

3.538 175.391 128,929

1 0 1 .a77 207.836 232.436 I 15.848 189.526 214.3 I7 297.24 1 130.462 272.079 226.0 I 1 127.709 381.415 199.76 I 164.853 80.507

I 15,039 130.610 148.534 232.501 97,764

308,036 112.148 188.53 I 299.405 305.475

78,h I 8 2 15.341 164.478 83,362

5,45 1,353

10,428,733

180.43 I 496.733

677, I64

535,752 242.503 249.625 205.27 1 500,000

Evaluation % net assets

5.273 173.600

178,873

97,486 178.229 226.00 1 1 18.352 106.629 232,99 I 210.937 I 19.635 272.225 2 15.379

85,967 2 I I .590 145.025 117,132 88.068

106.519 132.983 163.h57 271.781

91,821 2 19,426

95,834 195.082 2 11.391 269,232

6 1,796 298.784 14 1,658 64,334

4,752,987

10,161,881

173.038 157.337

630,375

579.265 190.605 228.825 185.1 16 404. I67

0.02 0.57 0.59

0.32 0.59 0.75 0.39 0.35 0.77 0.70 0.39 0.90 0.71 0.28 0.70 0.18 0.39 0.29 0.35 0.44 0.54 0.90 0.30 0.72 0.32 0.64 0.71 0.8’) 0.20 0.98 0.47 0.2 1

15.68

33.54

0.57 1.51 2.08

1.92 0.63 0.76 0.6 I 1.33

34



Statement of Investments (continued) as at 30 June 2006 (expressed in LUR) Description Quantity / Face Currency Cost Evaluation ?h net

value assets . __ . . ._ . .

Vinci 6.25%) Oh-..perp

Germany Hetlkl 5.375 05-2 104 StCp-up

Great Britain Royal Bk Scotld 5.5% 03-perp.

Icelnnd Iiousing Fin.td 3.75Yd4-15.9. I1 Lmdshanki 'Tv 04-24.9.34

Ireland I-ihreiio Cap 'I v 05- 1 S/hiup L h w t o Chp.iv 05- I 5 S.cpi Librctto Cap.lb 05-1 5 S.cpi3 L,ihretio Captv 05-15 S.cpi4

Italy Mediobdnncd I v 06- 10.2.2 1

Japan Japan 0.8u/u05-10.09.15 N"5

Jersey Erstr: Fin. 1 1 v 04-psrp. Ubs Jcrscy Tv05- 1 5 link.cendant lJhs Ierse) IO%(tv) 05-1 1.4.23 Ubs Jcrs.tvO5-26.10. I S/hilton

Luxembourg Gw Capital 5.875%05- I .h. I5reg

Netherlands 1:rzsenius Fin.5.5% 06-1 6 Kegs Linde Finance 6% 03- Suedzuck. i n tl 5.25Ydt v)OS-perp.

500.000

375.000

250,000

32.995.005 200.000

250.000 250,000 250.000 250,000

500,000

I10.000.000

IOO.000 300.000

1 .000.000 200,000

I . 100.000

300.000 400.000 500.000

t 3 JR

LUK

111 J li

ISK EUK

El JII EIJR E U K EIJR

EUK

JPY

fil!K 1 JSD IJSL) CiHI'

EIJR

I-: I ! IZ I 3 IR EIJR

500.925 2,234,076

367.875

367,875

252.8 I3 252,s I3

150.2 I3 199,500

649,713

2s0,000 250.000 250.000 250.000

1,000,000

500.000

500,000

I .00 1,859

I ,00 1,859

I00,000 250.805 744,493 293.759

1,389,057

1,193.500 I, 193,500

300.660 39 I .000 475.400

I , 167,060

465.682

2,053,660

340.032

340,032

233,129

233, I29

364.04 1 152,000

5 I6,04 I

229,675 230.050 229.075 232.050 92 1,750

494.792

494,792

942,845

942,845

80,847 22836 I 645.967 269.875

I,225,250

I . I03.3XO

1 , I 03,480

293,299 393.379 149, I95

1,135,873

1 . 5 1

6.79

1.12

1.12

0.77

0.77

I .20 0.50 I .70

0.76 0.76 0.76 0.76

3.04

1 .h3

I .63

3.1 1

3.1 1

0.27 0.75 2.13 0.89

4.04

3.63 3.64

0.97 1.30 I .48

3.75

35


GLOBAL MARKETS FUND I 1 @ WORK

Statement of Investments (continued) as at 30 June 2006 (eq-zascd in FIJR) Description Quantity I Face Currency cost Evaluation

value . . _ __ .

l'uland Poland 'I \' 01-24.8. Ih l z ox 16

Spain Saiilandcr 1 . h Cap. I v 04-pei-p.

Turkey I u r k q 15% 5- 10.2. IO

United States Cioldina.sachs Cirp 0.8%06-9.3.2 I

Total - Bonds

Investment funds

United States Isharcs Inc/msci 'T'ai\r an Index

'l'utal - lnvesttnent funds

Wa r ran Is

France Lx.anc l..in.-3O.O~~.~~~j\rrl NihL22S kxanc 06- 10.02.10 N'rtigsci Ag

5.000.000

200,000

130.000

600.000

500.000

25.000

1'1 .N

L:UK

EUK

IRY

F.I IR

IJSD

1,3 13.822

I ,3 13,822

199.250

199,250

129.675

129,675

31 1.176

31 1,476

500.000

500,000

12,887,340

273.452

273,452

273,452

1.25 I .596

I ,25 1,596

164.562

164,562

107,754

107,754

280,846

2 8 0,8 4 6

456,46 I 456,46 I

I 1,858,446

25 I .780 25 1,780

25 1,780

% net assets

4.13

4.13

0.54 0.54

0.36

0.36

0.93

0.93

1.51

1.51

39.14

0.83

0.83

0.83

8.000 I:lJK x00.000 908.240 3.00 3.000 1:S jR 298.470 270.450 0.39

1,098,470 I , 178,690 3.89

Total - Warrants

Tutal - Transferable securities admitted to at1 ufticial stock exchange listing


Honds

lcelsrid I lousing Fin.td 3.75%01-15.2.24 35,269.121

Netherlands Fortis Fin. 03-22.12. I5 Ertitri

1,038,470 1,178,690 3.89

24,687,995 23,450,797 77.40

ISK 473.556

478,556

1 .000.000 EI iri 1,005,00 I

I ,005,OO I

383.337 I .27

383,337 1.27

1 .05h,000 3.48

1,056,000 3.48

36

CAPITAL, @ WORK UMBRELLA FUND

GLOBAL MARKETS FUND 11 @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in I N K ) Description Quantity / Face Currency cos t Evaluation o/b net

value assets -~ ._ -. .. -. .. . . . . . . . _ . . . . ., . . .. . . . . .. . . - .- . , .. - I - . . . . ~

United States C:endant Corp 7.1294 03- 15.3. I5 300.000 I1SI) 258,624 256.778 0.85

258,624 256,778 0.85

Total - Bonds 1,742,181 1,696,l IS 5.60

Total - Transferable securities dealt i s on another regulated market 1,742,18 I 1,696,l IS 5.60


Bonds

Circrnsey Calyon F.pr.5.2% 0 5 - 2 0 ( ~ 1 3 9 3 )

Jersey U bs Ag Jcrsey Tv 03-26. IO. I5 Ubs Jcrsey Tv 05-26. 10. I 5

Total - Bonds

Total - Other transferahle securities

Total Long lnvestments

Short Investments

Written options

Options

Cayman Islands Call Ikcsh I k l Motile Produce Inc. 20/01/2007 25 Put Fresh Dcl Monte Produce Inc. 20/01/2007 25

France Call Rusincss Objects Sa 15/09/2004 26 Call I-agardere Scu /nom. 15/04/2007 65 Call L v m h Moet I lennesq 15/12/2006 75 Call Mctropole Television Sa M6 15/09/2006 26 Call Television I:rancaisc 1 1 5/09/2006 28 Put Business Objects Sa 15/09/2006 26 Put I qardcrc. Sca /nom. 15/06/2007 65 Put Lvmh Moet I-lennessy 15/12/2006 65 Put Metroplc ‘I clc\ ision Sa M6 15/09/2006 26 PU Television Francaisc 1 15/09/2006 26

Germany Call AllianL A& /num.\inkulici-t 15/12/2006 120 Call Lon Ag 19/12/2008 86.09

250.000 EIJK

-80 I ISD -16 1JSD

-60 1:IJK -20 EIJR -30 I :I J l < -30 EIJR -10 I:IJK -60 E U li -20 EUR -30 E l JR -30 H J R -30 ElIK

-250 I I I J K -20 E l lli

250.000

250,000

250.804 250,805

SO 1,609

75 1,609

75 1,609

27,181,785

- I 9, I76 -2.830

-22,006

-9.180 -6.600

- 13.2 IO -5.980 -4,480

- 10.200 -20.200 -9.240 -6.780 -6,320

-92, I90

-29.200 - 14.360

224.61 1

224.6 I I

227.334 226,272

453,606

678,2 I7

678,2 I7

25,825, I29

-944 -9,694

- 10,638

- 1,500 -4.440

- 18.270 - 1.380 - I .000

-27.840 - 18.760

-5.100 -6.690 -6.320

-9 1,300

-26.475 -30.000

0.74 0.74

0.75 0.75

I .50

2.24

2.24

85.24

0.00 -0.04

-0.04

0.00 -0.0 1 -0.06 0.00 0.00

-0.10 -0.07 -0.02 -0.02 -0.02

-0.30

-0.09 -0. I0

37

CAPITAL @ WORK IJMBRELLA FUND

GLOBAL MARKETS FUND I1 WORK

Statement of Investments (continued) as at 30 June 2006 (c.iprcsscd in LIJK) Description Quantity / Face Currency Cost Evaluation YO net

value assets - .. ... . . .. .. .. .- . . .. .

Call Simens Ag /nun. 20/06/2008 70 Put .AIliaiiL Ap iiiaiti.vitikuliert I j / I2i2006 120 l’ut I:.uri Ag I9/ I2!200X 86.09 Put Sicineris Ag /natn. 20/06/2008 70

Italy Call Dulgari Spa 16/OY20O7 10 1’111 hlgai-i Spa 16/03/2007 10

Netherlands Call Koiiinkli.jkz Kpn Nv IX/12/200X X PU Koninkli.jhe Kpn N\ 18/12/2008 X

Uiiited States C ~ I ,211a1og rie\ iccs IIK 16/’09/2006 40 (:all Archer-dariicls Midliuid c‘o. 2O/O 1/2007 15 C‘all Bausch Cy: 1,ornh lnl: 22/07/2006 55 Call C t i c q d i c lnergy 2 lil0/2006 35 C‘all C:oiiicast C:orp/-a- 19/0 1/2OOX 35 (.:all Cumcasi C:nrp/-a- 20/0 1/2007 27.5 Call I)r Ilortnri Inc 20/01/2007 35 C’all Expcdia Inc 1)c.l 22/07/2006 25 Call I:Iir System 22/07/2006 25 C’al l Foundr> iktworks Inc. 16/09/2006 I5 Call Cjlohal Iriduslr-ies I,td 16/09/2006 15 Call Iniel Corp. 20/0 I/2007 20 C‘alI M m c l I~:ntertinnicnl Inc 20/01!2007 17.5 C’iiII N w s Corp -a- 19/01/2008 17.5 Cell I’arher-tiatinitin I9/08/2006 80 Call Pli;.sr Inc. 19/01/200X 30 (’all Po\icr Intcgrations Inc 21/10/2006 20 Call Scienli l ic Ciarnes C‘orp -a- 22/07/2006 3.5 C’all Sytnantcc Curp. 22/07/2006 17.5 Call ‘l’oll Brothcrs 20!01/2007 30 (.’all IJnitcd Tcc1inologit.s C:orp. I9/O 1/2008 55 Call IJnilzclliealth Group Inc 20/01/2007 52.5 C’alI W:ilrcr Industrics Inc I6!09/2006 70 Put Analog 1 h ices Inc l6/04,!2006 35 Put Arcticr-danizls Milllalid Ch. 20/0 1/2007 40 Pur Bausch & I .oinh Iric 22/07/2006 45 Put Chcsapeakt. Iirierg). 2 1/10/2006 35 Put Coincast Gorp/-a- l9/0 1/2008 35

h i r)r I-lorrotl Inc 20/0 1/2007 3 0 Put Hir Syslenis 22/07i2006 25 I’iit 1~’oiitidrq. Networks Inc. 16/09/2006 I5 Put Global Industries I .td lh/09/2(106 12.5 Put lnlsl Corp. 20/01/2007 20 Pur Marvel Entortainmcnt Inc 20/01/2007 I 5

1’111 Coilicast C:UI.~/-LL- 2O/O 1/2007 27.5

-30 -250

-20 -30

-9 -9

-200 -200

-70 -70 -30 -50 -60 -84 -45 -90 -80 -90 -70 -70

-100 -100

-15 -50 -70 -70

- 120 -30 -20 -30 -15 -70 -70 -30 -50 -50 -81 -45 -80 -4 I -70 -70

-I 00

EIJR EIJR EIJK ElJK

EIJR EIJK

F.I IR EIJR

IJSI) llS13 I JSD IJSD IJSL) l!SL) IJSI) US11 USI) I IS11 lJSI) I ISD IJSL) USI) I JSD

I!SD IJSI) IJSD lJSD IJSI) I JSD IISL) IJS13 1JSD llS13 I JSD IJSL) IUS13 1JSI) [JSD IJSI) 11SI) I!SD IJSD

iisr)

- 15,060 -26.925 -36,940 -36,000

- 158,485

- 10,620 -9,454,

-20,079

-I 5.000 -33.000

-48,000

-21,218 -2 I .030 -2.X I7 -9.290

-2 1.333 -I 6.149 -25.270 - 1 3,108 -9.962 -6.704

- 1 1,340 -17.051 -23.158

-5.5 I I - 1 0, I X7 - 12.452 - I 1,469 -20,645 -14.358 -9, IO8

-14.81 1 -8.0 I 6 -7.455

- 16.603 -6.6 I4

-14.595 -21.173 - 13.075 -8.785

-19. I25 -3,890 -4,435 -9.634 -9.05 I

- I 5.820

-25.830 -0.09 - 16.200 -0.05 -21.420 -0.08 -28.290 -0.09

-15 1.2 IS -0.50

-3.5 18 -0.01 - I 4.21 7 -0.05

- 17,735 -0.06

-3 1 .000 -0.10 -22.000 -0.07

-53,000 -0.17

-275 0.00 - 18.726 -0.06

-779 0.00 -4, I70 -0.0 I

-IX,41 I -0.06 -4 I .h39 -0. 15 - 1,593 -0.01

-354 0.00 -1.574 -0.0 I

-708 0.00 -I 1.291 -0.04 -7. I60 -0.02

-33,X33 -0.1 1 -35,408 -0. I 2 -2,242 -0.01 -2.154 -0.0 I -4,131 -0.0 1 -6.609 -0.02

-472 0.00 -4.957 -0.02

-2 1.559 -0.07 -5.3 5 0 -0.02

-472 0.00 -18.175 -0.06 -20,378 -0.07 - 1,062 0.00

-20.85 1 -0.07 - 16.130 -0.05 -3.966 -0.0 I

-23,368 -0.0s -14.163 -0.05 -14.194 -0.05 -I .928 -0.0 1 -9,088 -0.03 - 1.967 -0.0 1

38


GLOBAL MARKETS FUND I 1 @ WORK

Statement of Investments (continued) as at 30 June 2006 (cxprcsscd in EIJK) Description Quantity / Face Currency Cost

value .. . . . . . .. ~

Put News Corp -a- l9/0 1/2008 17.5 Put Parker-hainitin 19/08/2006 75 Piit Plizer Inc. 19/01/2008 30 Put Power Integrations Inc 21/10/2006 20 Put Scientific Games Corp -a- 22/07/2006 35 Put Symiintcc C‘orp. 22/07/2006 17.5 Put Toll Brothers 20/01/2007 30 Pul United Technologics Corp. 19/01/2008 55 Put Unitedhealth Group Inc 20/01/2007 SO Put Walter Industries lric 16/09/2006 65

Evaluation Yo llCI assets

-100 -15 -50 -70 -70 -66 -30 -20 -40 -15

- 1 5.632 -3.757

-2 1,572 -9.408

-2 I .2 I8 -6.2 IS -9,572

-11.186 - I 1.393 -7,389

-573,787

Total - Options -9 143547

Total Short Investments -9 14,547

Total - Written options -914,547

TOTAL INVESTMENT POHTFO1,IO 26,267,238

-6.688 - I .829

-27.538 - 16.523

-4.131 -0.867

-12.510 -4.406

-20.142 -13.2 I X

-486,589

-8 10,477

-8 10,477

-8 10,477

25,O 14,652

-0.02 -0.0 I

-0.05 -0.0 I -0.03 -0.04 -0.0 I -0.07 -0.04

-1.61

-2.68

-2.68

-2.68

-0.09

82.56

A delailzd schedule ot~pnrl lbl io niuveiiienis (purchases and salc:s) lirr the periud ended 30 Juric 20(Jh is a\ailahle liee ofuhargs upon reqtlest at t l w repislered oll’ice of the SlCAV and also ai the representative and paynctii service lor Switzerlaid: Lkxia 13aiiquc I’riktic (Suissc) - Beethovcnstralk 4X

Zurich Caw Ptrsiale 2 192 - C‘H-8022

39


INFLATION @ WORK

Statement of Investments as at 30 June 2006 (cxprusscd in LCIII) Description Quantity 1 Face Currency cost Evaluation YO net

value assets - . . . . .. . - .. .. .... ... . . ~ - - .

Lung Investments

Transferable securities admitted to an official stock exchange listing co.

Shares

Great Britain t Ish lloldg PrcEh.2Yn-a-lsadr 20.000 IJSL) 413,316

4 l3,3 I6

413,316

35938X 0.09

359,888 0.09

359,888 0.09 Tutal - Shares

Bonds

I .000.000 78 1,250 78 I ,250

797.497

797,497 0.20

0.20

Brazil Brazil 6% 03-15.5.15 S.h/itidcx I3r:vil hu/o 06- 15.05.35 S.nhib Uriizil 6% 06- 15.08.1 0 S.ritiib

1.38 1,748 1,360.373 1,388.375 4,130,496

0.35 0.35 0.36

1.06

3,095 3,393 2.825

BRL I3KI. BRI,

I .364.598 I 3 9 , 0 1 5 1,366, I42

4,099,755

Cayiiian Islands Real Strarns 'I , \ 05-1 S/czndmt Rear Stcartis l ' v 05-1 S/conicasl Ucar Sisarns I L 05- I Yiimscorp Hcar Stcartis 1 d 5 - I Ygeorg.pac

4.?50,000 4,250.000 4250.000 4,150:ooo

IISD IJSD IJSD IJSL)

3.143.108 3.413, I 08 3.413. I 07 3.443,108

13,772,43 1

3.1 13,222 3.135.627 3.189,799 2.8 12,935

I2,25 1,583

0.80 0.80 0.82 0.72

3.14

Denmark oeresund.t\ 99-28.1). 14 1.k. lnll 200.000 EIJR 239.76 I

239,76 I 219,705

249,705 0.06

0.06

France Alis Fill. 3.99'2/~ 02-25.7.17 Alis Fin. 4.25% 02-25.7.27 .4 I i 5 Finnncc 4.3% 02-25.7.3 2 Axa sa 'l'v 04-pzrp. Axa 1-v 03-pzrp. 1~:iiiin h a 'I,\, 03-perp Emtn h a T b 04-pcrp. h t n

Hlicn-I .I\ 05-pcrp. C'ncep 'l'v 04-perp. Emtn Cnp .Assiiranccs Tv 04-perp. ('rcdit /\gricolc 6%( t v ) 05-pcrp. Dcxia Mun.ag.iv 05-06.04.20 I:in.crcdit Muiuel T\ 04-pcrp. I,.ianct- 'l'v 07-13 Oat/indcs Lkd f;rarice I'v-25.7.12 Oat

Asii-Uap 'I'v 04-..

100.000 I .500.000 3.500.000

200.000 2,500.000 4,000.000 2.000.000 5,500.000 2.000.000 2.000.000 2.500,000 1.500.000 5.000.000

100.000 5.700.000 5.500.000

464.34 I I .X92,419 5.457.557

133.01 3 2.594.375 3,744.000 1.494,253 4.907.250 I .690.000 1.565.2 I0 2,483,000 4.026.500 5.000,000

334,080 6.017,400 6.1 75.82 I

506.591 2.103.028 5.068.560

127.070 2.299,998 3.183.750 1,306.1 I0 4.482.1 89 1.63 I. I89 I .308,08 I 2.020,837 3.h84,375 4.45430

326,000 6.4 14,074 6.499,359

0.13 0.54 1.30 0.03 0.59 0.89 0.33 1.15 0.42 0.33 0.52 0.94 1.14 0.08 I .65 1.67

40


INFLATION @ WORK

Statement of 1 nvestments (continued) as at 30 June 2006 (expresscd in EUR) Description Quanlity / Face

value

France 2.25% 03-25.7.20 Oai 2.000,O00 I..rmcc 3Y” 98-09 Oar Index 2.500.000 Frwce 3.1% 99-29 Oat Inflat. 4250.000

. . . -

Ste Gen. 4.196% 05-pcrp. 3.000.000

Germany Dzutschld 1.5% 06-16 Irill.link

Great Britain Anglo Ir. C’ap Ulr I,p 6 % 4-pcrp. C‘ofinoga Fd TH o I‘v 03-perp. Ikpra Fdg lii 7%1(t\.) 05-perp.

Greece Greece 2.0% 03-25.7.25 Scpi

Iceland Housing k’in.fd 3.75%04- 15.9.14 I..iindsbanki Tv 04-23.9.34

Ireland Libretin Cap ‘T‘v 05- I5/hicp Iibretto Capital Tv 05- I5 Cpi I .ihretto Cap.tv 05- IS S.cpi Ihretto Cap.tv 05-1 5 S.cpi3 Librerro Chp.1~ 05- I 5 S.cpi4 I .i hretio Cap.tv 05-2 I . 12.1 Scpi Signum f i i i PIC Tv0S-22.10.22 Starling I;in.tv 05-15 S.cpi Starling I:in.tv 05-15 Kcpi Starling Fin.tv05-21.12.lj Cpi Starling Fin.1~05-2 I. 12. IS Rpi Xenon Capital 8% 04-1.2.2033

Italy ltdly 1.6S%i/l 03-15.9.08 Btp Italy 2.15Y0 03-15.9.14 Btp Italy 2.35% 04- 15.9.35 Btp Mediobancd T v 06- 10.2.2 1

Japan Jardl 0.8% 05-1 0.09. I5 N”S

8.000.000

9.020.000 3,485,000 I,700.000

18.400.000

532.261.522 2.000,ooo

h, I 50.000 7.5 00 .ooo 6,150.000 6, ISO.000 h. ISO.000 8.000.000 6.000.000

4,750.000 4.750.000 3.000.000 I .000.000

4.7so.ono

4,000,000 6,400,000

I 6.000.000 6.000.000

Currency Cost Evaluation YO iiet assets

I .987,875 2.886.339 6.381.847 3.01 5.500

62,280,780

7,770.571

7,770,57 I

8.246,200 3.678.400 1.694.900

I3,6 19,500

2 1,867.1.11

2 I ,867,14 I

7.252.688 1,850.025

9,102,713

6.07h.h73 4.722.465 6,079.5 I2 6.078.1.10 6.092.33 1 6,695. I20 6.023.400 4.71 9.h00 4.628,780 4.689.390 4.4 12,277

992.500 61 ,2 10,188

4,036.470 6.565, I66

18.347.564 6.000,OOO

34,949,200

3 1.624. I82 3 1,624, I82

2.201.1 13 2.910.059 5.994.982 2.830.585

59,682,453

7,h80,800

7,680,800

7.372,035 3,5 12.299 1.448.069

12,332,403

2 I .734.479 2 1,734,479

5,872.554 1.520,000 7,392,554

5.650.005 4.350,171 5,659.230 5.657.385 5.708.430 6.0 I 8.1 75 5,570.784 4.380.925 3.759.150 4.353,850 4,197.789

860,000

56,165.894

4,272.507 6.889.763

16.606, I02 5.937.500

33,705,872

29,577.645 29,577,645

0.56 0.75 1.33 0.72

15.27

1.97 I .97

1.89 0.90 0.37

3.16

5.56 5.56

1 .so 0.39

1.89

I .4s I . \ I I .15 I .45 I .16 1.55 1.43 1.12 0.96 1 . 1 1 1.07 0.22

14.38

I .09 I .76 1.26 I .s2

8.63

7.57

7.57

41

CAPITAL, @ WORK IJMBRELLA FUND

1NFI.A'I'ION @ WORK

Statement of Investments (continued) as at 30 June 2006 (c~pressd i r t El!II) Ilescl-iption Quantity / Face Currency

value

LA u xem hou rg Fortis I,ux 1 . h 3.2% 03- 17.h. I5

Mexico hkxico 4 . W o 06-4. 12.2judihonos Mexico(\ar/indx)- I Ihon(mxnl00)

Netherlands I tig (irp 'I\ 03-pup. IIabobank I .3% 0 3 - I .X.OX S-cpiutn-tcrm Not

Poland I'ol:1tld 1 \ 04-24.8. I6 11 O X I h

Spain Popular C'apitul Sa 'l'b 01-pup. Siintaticler Fin. Cap. T v 04-perp.

Sweden Nordsd I3ank Ah T v 04-pup. S d e 4% 95- I . 12.20 N 3 I02 SCI cdon 3.5% 98- I . 12.1 5 N.3 IO5

United Statcs Bird 1 \ 03-2.10.20081inkc-d c'pi Dt f'ostbk I'd I si I 6% 04-pup. C;oldtiia.s~cchs Cirp O.X'%.bU6-9.3.2 1

9,600.000 7,400,000 4.300.000

230.000

I15.000 115.000

2.000.000 3.000,000

140,000.000

4.000.000 9.500.000

7.400,000 17.000.000 30,000.000

2.500.000 2.000.000 8.000,000

'I'utd - Bunds


El!R LJSD GBP

EUK

MXN MXN

ElJR USI)

1'1 ,N

EIJR EUK

LIIK SEK SEK

IJSI) EUK I ,:I! R

Cost Evaluation U/o net assets

8.5 16.55 I 6.099,495 6.188.32 1

20,804,367

232.875

232,875

3.92 1,285 3.914,583 7,835,868

2,o 15,000 2.284.886

4,299,886

36.845.736

36,845,736

3.793.750 8,689,550

12,483,300

h.h28,870 2.780,683 4.198,728

13,608,28 I

I .9 18,576 1 .hhO.OOO 8.000,000

11,578,576

369,006,36 I

369,419,677

7.761,337 5.637.846 5.802.321

19,ZO 1,504

247. I8 1

247,181

8.496.806 3.625.000

7,121,806

2,050.000 2.278,532

4,328,532

35.044.676

35,044,676

3,391.128 7.816.713

I I ,207,84 I

6.133,698 2.652,643 4.07 I ,5 19

12,857,860

1,909.792 I .64 1,000 7.303.376

10,854,168

346,564,949

346,921,837

I .99 I .41 1.49

4.92

0.06

0.06

0.90 0.92

I .82

0.52 0.59

1.1 I

8.97

8.97

0.87 2.00

2.87

I .57 0.68 I .04

3.29

0.49 0.42 1.87

2.78

88.7 I

88.80

42


INFLATION @ WORK

Statement of Investments (continued) as at 30 June 2006 (expressed in L N K ) Dcscription Quantity ,' Face Currency Cost Evaluation U/o net

value assets . . - . .-. - - . - - .

Transferable securities dealt in on another regulated marke t

Bonds

lcelend Housing I,'in.fd 3.7jY604- 15.2.24

Netherlands Fortis Fin. 03-22.12.1 j Etntti

Total - Bonds

829,752.467 ISK 10.360.292

10,360,292

1,400,000 Ill jR I .407.000

1,407,000

I 1,767,292

Total - Transferable securities dealt in on another regulated marke t 11,767,292

O t h e r transferable securities

Bonds

Jersey IJbs .4g Jcrscy T v 05-26. IO. I5 IJhs Jerse) Tv 05-26. IO. I 5

Luxembourg B ~ I 'rr 04-20.1 2. I 4 I I I ~ k l g . Itltl T\. 04-15.1 1.2014

Total - Bonds

Total - O t h e r transferable securities


T O T A L INVESTMENT P O R T F O L I O

7.400.000 IJS1) 6.124969 7.400.000 I JSI) 6.132.433

12,257,402

2.x00.000 I JSD 2.081.16 I I4,150,000 ELJK 14.138,207

16,225,968

28,483,370

28,483,370

409,670,339

409,670,339

9.0 18.496 2.3 1

9,O 18,496 2.3 1

1.478.500 0.3x

1,478,400 0.38

10,196,896 2.69

10,496,896 2.69

5.607.569 538 I .36X

I I , 188,937

2,236.123 14.192.450

16,428,573

27,617,510

27,61731 0

385,039,243

385,039,243

I .43 1.43

2.86

0.57 3.64

4.2 I

7.07

7.07

98.56

98.56

A detailed schcdule ol'porttbliu inovutncnls (purcliases and sale>) for thr: pcriod ended 30 Julie 2006 is arailable i rw ol.cliarge upon request at itis registcrcd office 0 1 '

the SICAV and also at the represcniativc and payment service for Shil/erland: 13exia Banclue PrirCs (Suissc) -. t3eetliovenstraUc. 48 - Case POSt3k 2 192 Zurich

('ti-XO22

43

CAPIr~AL @ WORK UMBRELLA FUND

ASIAN EQUITIES @ WORK

Statement of Investments as at 30 June 2006 (espre55eJ i n kXJR)

Description Quantity Currency Cost Evaluation % net assets

Long Investments

'Transferable sccurities admitted to an ufficiiil stock exchange listing

Shares

Australia AnL Liunking Ciroirp /Iristoera1 I tisiirt' I .irriitzd (ioodrriari Fizldcr I.td Nalional Auslralia Bank 1,td p. : - a ~ i l i c I3rands Lid I'crpclual Ltd ' I ahcorp tlnldings I,td Wcsilicld Ciroup M d i e l d Ciroup Issuc Oh Ncir Woolr\ori hs

3 8,9OO X0.300

5 90,2 00 27.485

590,67 I 16,300 80.000

100.730 2.593

75.196

591,932 6 13,376 795,909 554.015 867,593 657,595 731.952

I .092.913 27,423

769.845

6,711,553

604.724 0.97 604.674 0.97 738.4 I 8 1.18 564.98 I 0.90 742.46 I 1.19 697.094 1 . 1 1 7 10,924 1.14

I .020.58 I 1.62 26,041 0.04

885,849 I .42

6,595,750 10.54

Berniuda Islands Jardinc Mathcson I lldgs 46.222 IJSD 683,539

683,539

640.078 I .02

640,078 1.02

Great Britain Standard C'hatzzrcd PIC 942,2 I4 1.51

942,2 I4 1.51 50.000 GUP 955. I79

955, I79

Hong-Kong Bossini In t l 1 I lds I .td China Rcsoiirccs Powzr 1 loldings l.oiig's Iridustrics c'o Lid Hsbc Holdings I'lc I-cable C:oiiiiiiuiiicatio~is Ltd 1.i & Fung Ltd Tcchtronic Iiih1ries Co l ~ d T'elt'visioti Broadcasts I .td Top l,.oriii lntl Ltd Wing Hang Bank

239.094 0.38 658.520 1.05 589.629 0.94

I. 128.71 9 1.81 28.902 0.05

120,04 I 0. I9 234,453 0.37 679.836 I .09 684.54 1 I .09 435.393 0.70

4,799, I29 7.67

4,000,000 1 .000.000 I,200.000

8 1.860 164.900 75,470

220.400 139.800

4.932.000 63.200

1 IKI) I iKD HKD I IKI) I IKD 1 IKD I IKI) I IKI) HKD I1KD

542,32 I 656.697 768.59 1

I ,I3 1.094 4 1,600

1 I 8,494 354.674 643,770

I N27.444 391.423

5,676,108

India BIiar*t Heavy tWdctniitterial. tilixii Airtcl 12td/dumal Fcdcral Bank I .irnited I Icro Honda Motors /demal. llindustan 1,s~er I .id /demarcr. I ioiisirig I h t ldcrniikriulised I lousing Ikvi.lin.corp /adr lcici 13k /sa& J ~ I ~ ~ I I I L I & Kashmir Uk I .Id /deirlal.

I .ic Housing I~in~inct' /dmat.

12.374 7 I .478 66.785 19.800 32.900 3 I .900 23.000 I7:600 28.5 17 60.000

INK INK INR INK INR INK

lJSD USD INR INR

136.997 179.81 2 243.8 I 6 302.678 124.3 I6 h70, I83 934. I49 357,944 252.844 223,765

388.665 0.62 438.675 0.70

0.30 185.725 266,187 0.43 I 18.396 0.19 582.538 0.93 958,40 I 1.52 332.350 0.53

0.30 185.267 158,355 0.25

44



Statement of Investments (continued) as at 30 June 2006 (cxprcsscd in EIJR) Description

-- --- ___ . .

Nestle India /dematerialiscd Statc Rk Or India /gdr (regs)

Indonesia Bwk liiikyat Indoncsia Pt IJnilewr Indonesia /idr 10 ‘l’elkom Indonesia !s-h-

Japan Ail‘ul Corp. Chuhu f;leclric Powcr Co. Dainippcm Ink Chemic. Daiwa Securities Group Inc. Mitsubishi Tokyo 1% Group Inc. Orix Cop. Ricoh I .easing c‘o Sanyo Shinpan I,’inwce c‘o 1,td S h o w Denko Kk Sumitorno Mitsui I’iniincial Gr. Sumitomo T’r. bt Banking

Malaysia 13 rit i sh A mer i can ‘I ‘o bacco Cicnting Berhad Malayan Lhnking Rerhad S P Setia Star Puhlications Malaysia Hhd lanjong PIC

Philippines Srn Investmcnts Corporations

Singapore Comfortdelpro Corporation I.td I)hs Group Holdings I.td Fraser And N e a w I.id Sia Engineering c‘o 1,td Singapore Airport l’crmimerv. Singapore Post Ltd Utd Overseas RE;

South Korea Amore Pacilic Corp ( n c ~ )

Arnorepaci tic Corporation C.i Cgv Co L.td

Quantity Currency Cost Evaluation % net assets

2 I ,800 1 .100

2,083.000 1.22 I .I00

923.400

15.000 30.000

200.000 40.000

55 4.000

28.000 15,000

200.000 70

80.000

I16.100 136.600 197.300 476.300 504,000 222.100

I 16.990

I , 149.900 42.000

325.000 235,000 344.200 49,000 78.000

1.918 1.171

50.000

INR lJSD

11311 11)11 IIIR

JI’Y JPY II’Y J I’Y J P Y JPY Jf’Y J 1’Y JPY JPY JPY

MYR M Y l i MYli M Y K MY11 MY R

PI IP

SCill SCiD SCiD StiD Still SC;D Scil)

KKW KKW K R W

392.398 49.723

4,468,725

55 I .030 460.825 5 15,688

1,527,543

9 10.884 61 1.313 697.2 I9 252,561 595. I30 757.818 645,989 774.059 666.022 623,676 559.820

7,094,49 I

1,022.09 I 706.082 483.754 394.955 4 10.324 7 10,474

3,727,680

4 I 0.861

410,861

892,805 365.728 548.659 300.257 390,806 24,924

572.30 I

3,095,480

375.602 167.038

1,040. I23

356.602 12,960

4,014,116

725,786 428.066 576.783

1,730,635

628.669 635,871 588,541 373.252 603.632 766.886 635.731 598,830 698,292 580,996 685.94 5

6,797,648

983.762 693,882 452.178 385.886 378.081 643.5 10

3,537,599

370,519

370,549

87 1.820 376.707 644. I97 428.540 363.301 26.224

602,969

3,3 13,758

65 1,350 15 1,493 910. I58

0.57 0.07

6.4 I

1.16 0.68 0.92

2.76

I .oo 1.02 0.94 0.60 0.96 I .22 I .02 0.96 1 . 1 I 0.93 1.10

10.86

1.57 1 . 1 I 0.72 0.62 0.60 1.03

5.65

0.39

0.59

I .J0 0.60 1.03 0.68 0.58 0.04 0.96

5.29

I .04 0.24 1.45

45



Statement of Investments (continued) as at 30 June 2006 (cqmxscd i n I<CIK) Description Quantity Currency cost Evaluation YO net

assets . . . . . . . . . . ~ - - . . . . . . . . . . . . . . --

r)a?gu Batik Ftiiy.s I tic Han Koob 'Iirc Manuliicturing C : o Kangu-on 1,anrl Inc K i&g C'orpoixt ion I.tittc Chilsung I3c-veragc c'o I .ld I .otic C'onfcctionrry Co I .d I'osco Posco /spons.adr Xamsung Corp. Sliinsegac Eng. & Const. C h I .td SI Corporation

Taiwan C'hunpliM a Tclcuom c'o /sadr 'T'aiibati Sccom T'i-liwan Serniconductor Manul'acl.

Thuilund Pit Espl.prod.puhlic /for.rcg Ptt I'lc Co Lid /fureign Reg. Thai Dewrage PcI

United States N w s ( h r p -h- W i Nens Corp Inc 13 /chess Ikp.

Total - Shares

Investment funds

Sillgapore Ascondas Ked titale Inicst. Macquarie Meag Primc Kcit


Warrants

Bermuda Islands Clsa Fin 26.6.1 0 Wrtihdfc I3k Clsa l~'iti.05- 13.5. 10 Wt-b'hindw C:'l.;a Fin.06- 19. I . 1 1 Wrt /wipro

38,160 12,064

I00.000 h2,090 33.270

895 847

3.840 600

27.3 10 3.950

63.350

12.600 328.000 529.845

573.200 9 I .800

2.677,000

51,100 23,000

K I i W KRW KRW IiR W K l i W KKW KRW KKW l!SD

KKW KRW KKW

I ISL) ' I 'WU 'I'WU

I1 iB '1'1 11% SGD

IJSD A l JD

489.294 3 19.325

I .082,806 887.366

1.209.337 707.9 I4 543.689 705.653

31.111 504,127

88,862 2.265,95 I

10,708,198

760, I97 4 14,448 828.968

2,003,613

I .034.603 5 17,786 353,539

1,905,928

730,576 308.928

1,039,SO4

50,008,402

613.1 57 SO13 669,352 879.000 SGI) 438.195

I, 107,547

1,107,547

1.945 mr) 63,692 9.474 IJSD 30,937

26,900 USL) 265,090

359,7 I9

537,983 293, I37 924.67 1 834,159

1.528.533 853.558 839.389 8 10.459 3 1,890

589.986 133. I59

2.238.042

I 1,327,968

636.176 474,330 753.323

1,863,829

1.252.282 427.603 35 1,536

2,03 1,42 I

8 14, I74 365.752

I, 179,926

49,144,620

0.86 0.47 I .48 1.33 2.44 1.36 I .34 I .29 0.05 0.94 0.2 1 3.59

18.09

1.02 0.76 I .20

2,98

2.0 I 0.68 0.56

3.25

1.31 0.58 I .89

78.5 I

583.375 0.93 398,553 0.64

981,928 1.57

981,928 I .57

67,258 0.1 1 36.672 0.06

234.9 I 4 0.37

338,844 0.54

46




Description Quantity Currency cost (expressed in EUK)

.

France Exane lh.-30.09.09\vrt Nikk225

United States Sal.smith 17. I .06 Wrt/nzstle

18.000 C l l K I .807, I50

1,807, IS0

6.300 1JSU 122.67 1

122,671

Total - Warrants 2,289,540

53,405,489 Total - Transferable securities admitted to an ufticial stock exchange listing


Investment funds

Luxembourg Sgamkq Jap.conc.val.-j-/cap.

'I'otal - Investment funds

Warrants

Bermuda Islands Clsa F.05-8.7. IOwrUjammu&kash Clsa I: ... IO.05.10~rL/icici Dk Clsa F... 17.06. IUwrt/uti Bk Clsa 05-9.6.1 Owrt'honda Motors

Tutal - Warrants




tivaluation

.. . , . .

2.043.540

2,043,540

106.277

106,277

2,488,661

52,6 15,209

?h net assets

3.27

3.27

0.17

0.17

3.98

84.06

57.500 JPY 5.599,308 5.524.1 I O 8 x 2

5,599,308 5,524,710 8.82

5,599,308 5,524,710 8.82

7.500 IJSL) 3.800 USD

I I .xoo IISI) 6.503 us13

72.635 35,390 59.526 99,634

267, I85

267, I85

5,866,193

59,27 1,982

59,27 1,982

48,699 31.681 54.029 88.0 I9

222,428

222,428

5,747,138

58,362,317

58,362,347

0.08 0.05 0.09 0.14

0.36

0.36

9. I 8

93.21

93.24

A dclailed scliedtllc otporlfolio inovemcnts (purcliases and salsh) thr llie period ended 30 June 2006 15 available frcc ol.churge upon requzst at tlic regiblerrd otliue of fhc SIC'AV and also a1 the representativc and payment scrvicc for S\\ilxrland. 1)exia t h q u c PrirCe (Suisse)

Zurich 1lc~'fhovenslruRe. 48 --Case Pohtsle 2 192 - C'II-8022

47


Notes to the Financial Statements as at 30 June 2006

Nolc 1 - General

I.'API'TAL (g; WORK UMWKEI..LA FUND, hereafter rcfcrrcd to as the "SICAV", is an Invcstmcnt Company with Variable Capital under Luxembourg law, iiicorporatcd for an indefinite term in Luxembourg oti 15 Scptcnibcr I997 pursuant to the provisions iri part I of the law of 20 Dccemher 2002 with regard to undertakings for collectivc investment (tho " 1 . a ~ " ) and the law of 10 August 1915 with regard to corporations.

Thc SICAV's Articles of Association wcrc published in the MCmorial, "Recucil des Socittes et Associations" on 8 October 1997. l h e stanits were modified for the last time on thc 30 Ikccniber 7005. The last modifications were published on the Memorial C. The Articles of Association and a lcgal notice on thc SICAV's share issues have been filed with the Clerk's ClTfice ofthe District Court of and in Luxembourg.

The SI(.'AV is recorded in the lrade and Companics Rcgistcr of 1.uxenihourg under tiumbcr B-6066 I .

At present, thc following sub-funds are available to investors:

- CAI'LTAL (u., WORK UMUliELLh FUND Class C: Capitalisation shares Class 13: 1)istribution shares class E: Capitalisation shares for inkestors residing in Spain Class I: C.hpitalisation shares for institutional investors

- C'APITAI. (i!: WOIIK UMBRELLA FUN13 <'lass Cy: C.hpitalisation shai-es Class D: Distribution shares ['lass E: C.'apitalisation shares for investors residing i n Spain Class I: Capitalisation shares for institutional investors

- CAPITAI. <& WORK UMRKEI.1.A FIJNL) --. High Growth Equities (@ Work

Class D: Distribution shares C.'lass E: Capitalisation shares for investors residing iri Spain C.'lass I: Capitalisation shares for institutional investors

- CAPITAL (d) WORK UMBRELLA FUND Class C: Capitalisation shares Class D: Distributioii shares (..'lass E: Capitalisation shares for investors residing in Spain Class I : Capitalisation shares for institutional investors

- CAPI-I-AL (3, WORK UMBRELLA FUND . Bonds (6 Work

American Equities (4 Work

European Equities (4 Work

U: Capitalisation sharcs

Contrarian Equities (& Work

Ibr investors residing in Spain Class I : Capitalisation shares for institutional investors

- CAPITAL (q WORK UMBliELLA FUND Cilohal Markets Fund Class C: Capitalisation shares

- CRPITAI. (u: WORK UMRREI.LA F U N D . Global Markels Fund <:lass C: Capitalisation shares

- CAPI-I-AI. # WORK UMBKELLA F U N D . lntlation (3; Work Class C:: C.hpitalisation shares (..lass D: Distribulion sharcs Class E: Chpitalisation shares tor investors residing in Spain Class 1: Capitalisation shares for institutional investors

(& Work

I (u; Work

- CAPI-rAL (u WORK IJMBIZELLR FUND - - Asian Equities (@$ Work Class C: Capitalisation shares Class D: Distribution shares C'lass E: Capitalisation shares Tor investors residing in Spain Class I : C.'apitalisation shares for institutional investors

48


Notes to the Financial Statements (continued) as at 30 June 2006

Note 1 - General (continued)

The accounting currency of the sub-funds is the euro (EUR)

The investnicnt policies are as follows:

CAPITAL 66 WORK UMBRELLA FUND

The purpose ofthis sub-fund is to offer inbtstors a capital gain, mainly through invzstnienr in equities. The sub-fund's portfolio composition rcflccts the need to spread risks geographically.

lnvcstmcnts will be made mainly in securities of North-American issuers, primarily cquitics. The sub-finid may invest incidentally in equities of Latin-American issuers.

American Esiiities ((4. Work

The sub-hind may incidcntally hold cash.

CAPITAL (& WORK UMBRELLA F U N D . European Eauitics (11) Work

The purpose of this sub-fund is to offer investors a capital gain, mainly through investinent i n cquitics. The sub-fund's portfolio composition reflects thc need to spread risks geographically.

Investments will be made mainly in sccuritics of issuers from Member Slates of the European Union (EU), primarily equities. The sub-fund may incidentally buy securities from issuers of other Europcan countries and may also invest in securities denominated in thc currency of other OECD countries if such invcstmcnts are in the shareholders' interest in vicw of market developments.

The sub-fund may incidentally hold cash.

CAPITAL (& WORK UMBRELLA FLiND - High Growth Euuitics (hi Work

The purpose of this sub-fund is to offer investors a capital gain, mainly through investment in equities. The sub-fund's portfolio composition reflects the need to spread risks geographically.

Investments will be made mainly in securities of issuers from North America and Europe and incidcntally from other regions of ihe world. Such issuers shall be characterised by high sales anct'or earnings growth. Such strong fiiture growth prospects arc gcncrally driven by new technologies and/or ideas and thcrefore coiiimand high prices and thus high risk profiles.

The sub-fund may incidcntally hold cash

CAPIT-AL (u, WORK UMBRELLA FUND - . Contrarian Eouities (& Work

Thc purpose of this sub-fund is to offer inveslors a capital gain, mainly through investment i n equities. The sub- fund's portfolio composition rcflccts the need to spread risks geographically.

Investments will bc made mainly in securities of issucrs from North Aiilerkd and Europc and iticideiiially Cram other regions of thc world. Such issuers shall be characterised by the fact that they have been ncglcctcd by tho financial community, gcncrally due to I ) slowing or declining salcs andor earnings, or 2) an uricertain outlook. Such uncertainty nieans undemanding prices but also high risk profiles.

The sub-hnd may incidentally hold cash.

CAPITAL (c$ W U R K UMBRELLA FUND ... Bonds I& Work

The purpose o f this sub-fund is to offei- investors a capital gain, mainly through investment in bonds denominated in various currencies. The sub- fund's portfolio composition reflects the need to spread risks gcographically.

Investments will bc made mainly in securities of European and American issuers, primarily bonds. The sub-fund may incidentally buy bonds of other issuers. It may make any type of bond invcstnicnt (e.g. convertiblcs, reversed convertibles, inflation linked bonds, etc.) if such investments arc in the shareholders' intcrcst in view of market developments.

The sub-fund may incidentally hold cash

49


Notes to thc Financial Stateinents (continued) as at 30 June 2006

Note I - General (continued)

CAPITAL fu WORK UMF3Ktl.l.A H I N D - Global Markers Fund I (UI Work

Thr purpose of this sub-fund is to offer investoi-s a capital gain, mainly through investment i n equiiies and bonds. The sub-fund's portfolio composition rctlucts the need to spread risks gcographically.

Invcstnicnts will be made mainly in sccuritics of European and American issuers. The proportion invcstcd in equities niay range from 30% to 60% of the portfolio's total net assets, depending upon markct dcvclopnicnts. The sub-fund may incidentally invest in sccuritics dcnoniinated in currencies othcr than the euro and thr: US dollar, suljcct to the foregoing balance between equities and bonds.

'Hie sub-fund may incidentally hold cash.

CAPIT.AL (G! WOIIK UMBRELLA FUND Global Markets Fund I1 (4 Work

The purpose of this sub-fund is to offer investors a capital gain, mainly tlirough investment i n equities and bonds. Thc sub-fund's portfolio composition rctlects the need to spread risks gcographically.

Invcstmcnts will be made mainly i n securities of European and American issuers. The proportion invcstcd in cquitics may range from 10%) to 40% of the port lblio's total nct asscts, dcpcnding upon rnarket dcvelopmcnts. Thc sub-fund niay incidenially invest in securities dcnominated in currencies other than thc cur0 and the LIS dollar, subject to thc forcgoing balance between equities arid bonds.

The sub-fund may incidentally hold cash

CAPITAL ~ l . WORK LjMBlIELLA FUND Intlation ki: Work

Thc purpose of this sub-fund is to offer investors a capital gain, mainly through invcstmcnt in inflation linked bonds denotninatcd i n various corrcncics. The sub-fund's portfolio composition reflects the need to spread risks gcographically.

Invcstmcnts will be made tnainly in sccui-ities of European and Amcrican issuers, primarily inllation linked bonds. The sub-fund niay incidentally buy bonds ot' othcr issuers. I t may niake any typc of bond investment (e.g. convertibles, rcvcrscd convertibles, inflation linked bonds, ctc.) if such investments arc in the shareholders' interest in vicw of market developments.

CAPITAI. (ui WORK UMBRE1,I.A FUND .-.Asian Equitics (uj Work

The purpose of this sub-fund is to offer investors a capital gain, mainly through investment in equitics. The sub-fund's portfolio composition rctlccts the necd to spread risks geographically.

Investments will be madc mainly in securities of issuers from Asia excluding Japan, priimarily cquitics. Equities will be denominated in various currencies. The sub- fund may also invest in sccurities denominated in the currcncy of other OECU countries if such investments are in the sharcholdurs' interest in vicw of market developments.

Note 2 - Summary of significant accounling methods

Presentation of tinancial statements:

The SIC'AV's financial statements have been prcparcd in accordance with current laws and regulations on undertakings for collcctive investment in Luxembourg.

a) Calculation of net assct value

The net ahset value pcr share ot' each sub-fund is dctcrniined by dividing the net asscts attributable to this category by the total number of shares outstanding for said caiegory on thc valuation day.

b) Valuation of investments i n securitics

Any security admitted to uflicial listing on a stock exchange o r on any othcr regulated markei in regular opcration, recognised and open to the public is valued at thc last known price on thc valuation day in Luxembourg and, if the security is dealt on several markets, at the last hiown price on the main markct in said security; if the last known price is not rcpresentative, the valuation will be based upon its probable salcs value estimated prudently mid in good faith by the Board of Directors.

Thc Board of Directors will valuc securities not listed or dcalt on a stock market or on any other regulaied market in regular operation, recogniscd and open to thc public, at their probablc sales value, estimated prudcntly and in good faith.

SO



Note 2 - Summary of significant accounting methods (continucd)

c) Translation of foreign currencies

All assets not dcnominated in the sub-fund's accounting currency arc translatcd into this currency at the exchange rate i n force i n Luxenihourg on the rclevant valuation day.

d ) Net realiscd profits or losses on the sale of investments

Net rcaliscd profits or losses on the salc of invcstmcnts are based upon the average cost ofthe investmt.nts sold.

e ) Forward foreign exchange contracts

Forward foreign exchange contracts arc valucd at the forward exchange rates on the closing datc applicable for the period retnainirig to maturity Profits or losscs rcsulting from forward foreign cxchangc contracts are booked in the statement of changes in nct asscts.

f) Valuation of options

Options admitted to ofiicial listing on a stock exchange or any othcr orgaiiiscd market are valued at the last known price and. if dealt on scvcral markets, at the last known price on thc markct on which the contract was signed by the SICAV.

Options not listed or dealt on a stock market or o n any othcr organiscd niarket are valued at their probable salcs valuc, cstimated prudently and in good faith.

Note 3 - Management comniissiun

In consideration ofthc manager's activity, the SIC'AV pays thc manager the following management commission on thc nct asscts of each sub-fund:

CAPITAL (@ WOKK UMBRELLA FUND

American Equities @: Work

CAPITAL (& WORK UMBRELLA FUND

European Equities (d Work

CAPITAL & WOKK UMBRELLA FUND

High Growth Equities Q Work

CAPITAL @) WORK UMBRLLLA FUND

Contrarian Equities @ Work

CAPITAL (4 WORK UMBRELLA FUND

Bunds Q Work

CAPI'IAL, (4 WORK UMBRELLA FUND

Global Markets Fund I @: Work

CAPITAL @< WORK UMBRELLA FlJND

Global Markets Fund I1 (a, Work

CLASS Maximum

Rate

1 '%

1 %I

1%

1 Yu

I %

1 %,

I %I

SHARE Effective

Rate

1%

I I%

I Yo

1%

0.60%

0.25%

0.30'1/0

CLASS Maximum

Rate

I vu

I Yo

I %,

1 %

I %

SHARE Effective

Hate

I 1%

I %I

I I%

I %

0.60%

CLASS I Maximum

Rate

2 %

20, /U

2 '%

2%

I

<HARE Effective

Rate

2%

2%

2%

2%

0.90%

CLASS 1 Maximum

Rate

I (Yo

1 %

I

I%

1 Y"

;HAKE Effective

Rate

0.5 0%

0.50%

0.50%;,

0.50%,

0.30%

51


Sub-Funds

CAPITAL (u WORK UMBRELLA FUND Inflation (a; Work

(*)C’Al’l’l AL @: WORK UMRRE1.I.A FlJND

Asian Lyuities ( c i Work


C1,ASS C SHAKE CLASS I] SHARE Maximum Effective Maximum Effective

Rate Rate Rate Kate

I Yn 0 60?’0 1% 0.60%

1.5oo/b 1 25% I .50% I .25%1

CLASS E SHARE CLASS I SHARE

(*) Since I X .luly 2005, the Sub-Manager for the Sub fund Asian Equities (uj Work is Vontobel Assct Managcment INC., New York

7 - h ~ nianageiiient commission is paid at the end of each quarter, based upon the avcragc nct asset value of each sub-fund during the past quarter.

This coniinission and its calculation and payment terms iriay be rcviscd from tinit to time by agreement behveen the SICAV and the manager.

Note 4 - Performance cornmission

The nianager rcccivcs a pel-formance comrnission for rhc following sub-funds:

- CAPITAL @; WORK IJMBIIELLA F U L D - C:API-rAL. @; WORK UMBRELLA FUN13 - C.’AI’I‘I’AL (i& WORK UMt3KELL.A FlJND - High Growth Equitics f@ Work - CAPITAL (& WOIIK LJMBRELLA FUND - CAPITAL (+: WORK {JMBRELLA FLJND

For class C: and U and 1 sharcs, thc SICAV pays the manager an annual pcrforiiiance commission of 5%) on the perforniancc of these three share classes i n exccss o f a Hurdle Itale of 59’4 pro-ratcd according to time.

For class E, no pcrforniancc cummission is charged.

Note 5 - Subscription tan

Arncrican Equities (u; Work European Equities (4, Work

Contrarian Equities (& Work Asian kquitities (@ Work

‘I’he SICAV is govct-nod by 1112 lax laws of Luxcnibourg.

Pursuant to the laws and rcgiilaticins currently applicable in Luxcmbourg, the SlCAV is subject to a subscription tax of 0.05% for C, D, E s h a m and 0.01% for I shai-es payable on a qirartcrly basis and calculated on the SIL‘AV’s net assets at the end of each quarter.

KO subscription tax is due on assets hcld by the SICAV in the form of units in other UC.’II-S that are already subject to subscription tax in L ~ ~ c i i i bourg.

52


Subscription Tax (notc 5 )

Dcpositary batik commission, domiciliation,

administration and transfer agcnt fees

Audit fees, priiitinE


American Equities

@Work (expressed in EUR)

16,373

9,41 I

Note 6 - Taxes and expenses payable

Sold Quantity

800 200 200 250

Dcscription Security Cotnniittcd Fund Committed Currcncy Amounts Currency Amounts

Call Publicis Group SA 18/08/2006 33 EIJK 2,640,000 EUR 2,640,000

Call Sicmcns AG/Natn. I 8/08i2006 70 EUR I ,400,000 FUR 1,400,000 Call Schniider Electric SA IS/09/2006 90 EIJR I,800,000 EUK I,800,000

Call Vinci I X:OX/2006 85 EUR 2,125,000 E U K 2,125,000

3,865 and piihlication cspenses

Total

I 29,679

EUR 1 7,965,000

European Equiiies 4 Work

(expressed in EUR)

Sold Quantity

300 IS0 25

41,299

15,181

Description Sccurity Committed Fund Committed Currency Amounts Currency Amounts

Call Flir Systems 22/07/2006 30 USL) 900,000 EUR 708, I32 Call ‘I’he First Marbluhead Corp lh/09/700h 55 USD 825,000 EUR 649,12 1 Call S&P 500 Indices 2011 2/2007 I500 usu 3,750,000 EUR 2,950,549

l v t a l EUR 4,307,802

9.062

65,542

Bonds (a Work

(cxprcsscd in EUR)

3,650 7,285 4.2 I I

Note 7 - Commitments on written options

At 30 June 2006, the SICAV had the following commitments on the market options:


Global Markets Fund I

@Work (cxprcsscd

in ElJK)

7,4 I7

6,134

1,389

14,950

Glohal Markets Fund I I @Work

(cxprusscd in EIJRl

7,908

6,850

-385

14,373

Inflation (e Work

(cxpressed in EIJR)

96,909

28,353

20,058

~~

145,320

Asian Equities (@Work

(expressed in EIIR)

16,014

9,455

-3 I

25,468

HIGH GKOWTII EQUITIES @j WORK

53

CAPITAL (@ WORK UMBRELLA FUND

Notes to the Financial Statements (contiiiued) as at 30 June 2006

Note 7 -- Commitments on written options (continued)

CON‘I’KARIAN EQUlTlES (@ WORK

Sold Quantiry

I so jo 50

200 600 IO0 300 400 SO 300 io0 200

Dcscription

Call Lafargc SA IS!09/2006 I O 0 C.’all Stork N v 16!03/2007 42 Put Stork Nv 16/03/2007 38 <:all Vinci 15/OYi2006 88.36 Call Bausch&Lomb Inc 21/1Oi2006 SS Call Fmc Uorp 2 I / I0/2006 70 Call (.ilohal Industries Ltd 16!09/2006 20 <:all Mt.rck&C.’o. Inc 77/07/2006 35 Call Sotheby’s Holdings “A”/Lv 2 I / I0/2006 35 Call Toll Brothers I6iO9/2006 40 Put Intel Corp. 22/07/2006 20 Call S&P 500 Indiccs 20/12/2007 1500 -

Total -

G1.OBAI. MAKKE‘I‘Y FUND 1 (ti: WORK

Sold Quan tit)

250 250 20 20 30 3 0

200 200 30 30 40 40 I O I O 2 0 20 5 0 50 3 0 30 8 0 17 7 0 70 6 0 49 IO0 I O 0 20 20 66 70 70 IO0 IO0 X 0

Description -- Call Allianz Ag /Nam.Vinkuliert l5i12/1006 120 Put Allianz Ag iNam.Vinkuliert IS/12/2006 120 Call Iiigarciere Sca!Nom. 15/06/2007 65 Put Lngardcrc Sca iNom. IS/’06/2007 65 Put Siemens Ag iNain. 20!0h!200X 70 Call Sietncns Ag /Nam. 10iOhi200X 70 Call Koninkli.jke Kpn N v /Eur 0.24 18/12!2008 8 Put Koninklijke Kpn Nv/Eur 0.24 18/12!2008 8 Call Metropole Television Sa Mh 15/09/2006 26 Put Metropolc Tclcvision Sa M6 I5/09i2006 26 Call Television Francaisc I I5/0!>/2006 28 Put Television Franpise I I5/09/2006 26 Call Rulgari Spa 16/03/2007 I O Put Uulgari Spa I6/03!2007 IO Call L o n Ag I 9/12/2008 X6.09 Put Lon Ag I9/12/2008 86.04 Call Rusiness Objects Sa 15/09/2006 26 Put Business Objects Sa I5/09~2000 26 Call Lvmh Moet Hcnncssy Eur 0.3 15/12/2006 7 Put I.vmh Moet Hcnnessy Eur 0.3 15/12/2006 65 Call Fresh Del hlontc Producc Inc 20!01/2007 25 Put Fresh Dcl Monte Producc Inc 20/01/2007 25 Put I’fizer Iiic. I 9/0 1!2008 30 Call Ptizer Inc. 1 O/O li20OX 30 C.h l l Comcast Corpi-A- I9:OI /200X 35 Put Conicast CorpLA- I9iO I2008 35 Call News Corp -A- 19/01:’2008 17.5 Put News Corp -A- 19/01/200X 17.5 Call United Tcchnologies Corp 19/01!2008 55 Put United ‘l’eclmologies Corp 19/01/7008 55 Put Yymantcc Corp. 22/07/2006 17.5 Call Analog Devices Inc I6/09/2006 40 Put Analog Dekices Inc 16/09/2006 35 Call Comcast Corp/-A- ?0/0 1 /2007 77.5 Put Comcast Coqd-A- 20/01/2007 27.5 Call Flir Systeins.22/07!2006 25

Security Currency

EUR EUR EUR EUR usu usu USD USD USD U S D usn USD

Security Currency

EUK EUR EU R EUR EUR EUR EUR EIJlZ EUR EUR EUR EUIi ElJR EUR EU R EUR ELIZ EUR EUR ElJK USD USD USD USD 1JSD USD usn us13 us13 US D usn usu USD USD us13 U S D

C.’ommitted I Fund I Committed Amounts 1,500,000

2 10,000 190,000

1,802,544 3,3 00,000

700,000 600,000

I ,400,000 175,000

I,200,000 1,000,000

30,000,000

Currency EUK ElJR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

A iiiounts I,500.000

2 IO,OO0 I 90,000

I ,X02,544 2,596,483

SSO,760 472,088

1,101,53x 137,692 944,176 786,8 I3

23,604,390

I EUR I 33,896,493

Committed A moun t s 300,000 300,000 I30,000 I30,OOO 2 I0,OOO 2 I0,000 I 60,000 160,000 78,000 78,000

1 12,000 104,000 100,000 I00,000 172, I xo 172,180 130,000 130,000 225,000 195,000 200.000 42,500

2 I0,000 2 I0,OOO 2 I0:OOO I7 1,500 I75,OOO 175,000 I I0,OOO I 10,000 I 15,500 280,000 245,000 27 5,000 275,000 200,000

Fund Currency

EUR ELJR EUR EUR EUR EUR EUR EUR EUR ElJR E LJ I< EUR EUR EL! It EUR ElJK EUK ELK EUR EUR Ell R ELR EUR EU R EUR EUR EUR E I! ti EUR EUR EUR EU R EUR EUR EUR E U K

Coinmitted Amounts 300,000 300,000 I30,OOO I30,OOO 2 I0,OOO 2 I0,OOO 160,000 I60,000 78,000 7X,000

I 12,000 104,000 IOO,OO0 I00,000 172, I 8 0 172,180 130,000 130,000 22s,000 195,000 157,363 33,440

1 h5,23 I 165,23 I 1 65,23 I 134,938 137,692 137,692 86,549 86,549 90,877

220,308 192,769 216,374 216,374 157,363

54



Note 7 -Commitments on written options (suite)

GLOBAL MARKETS FUND 1 (@ WORK (suite)

Sold Quantity

80 100 100 I20 70 70 15 15 15 15 60 30 3 0 80 80 80 80 50 50 30

40 40 40 40 80 31 60 60 60 60

30

Description

Put Flir Systems 22/07/2006 25 Call Marvel Entertainment lnc 20/0 1 /2007 17.5 Put Marvcl Entertainment Inc 70/01/2007 I5 Call Symantec Gorp. 22/07/2006 17.5 Call Scientific Games Corp-A- 22/07/2006 35 Put Scientific Games Corp -A- 22/07/2006 35 Call Parker-Hannifin 19/08/2006 80 Put Parkcr-Hannifin 19/08/2006 75 Call Walter Industries Inc 16/09/2006 70 Put Waltcr Industries lnc 1 6i09/2006 65 Call Expedia Inc Dcl 22/07/2006 25 Call Toll Brothers 20/01/2007 30 Put Toll Brothers 20/0 I /2007 30 Call Global Industries Ltd 16/09/2006 15 Put Global Industries Ltd 16/09/2006 12.5 Call Intel Corp. 20/01/2007 20 Put Intel C'orp. 20/01/2007 20 Call Dr Horton Inc 20i0 I /2007 35 Put Dr Horton Inc 20/01/2007 30 Call Bausch & Lonib Inc 22/07/2006 55 Put Bausch & Lomb Inc 22/07/2006 45 Call Unitedhcal Group Inc 20/01/2007 52.5 Put Unitedheal Group Inc 20/01/2007 SO Call Chesapeake Energy 21/'10/2006 35 Put C'hcsapcake Energy 2 1/10/2006 35 Call Foundry Networks lnc. 16/09!2006 I 5 Put Foundry Networks lnc. 16/09/2006 I 5 Call Power Integrations Tnc 21/10i2006 20 Put Power Integrations Ino 21/10/2006 20 Call Archer-Daniels Midland Co. 20/01/2007 45 Put Archer-Danicls Midland Co. 20/0 1/7007 40

Tntal

GLOBAL MARKE'IS FUND I1 (4; WORK

Sold Quantity

250 250 20 20 30 30 200 200 30 30 40 40 9 9

20 20 60

Description

Call Allianz Ag /Nam.Vinkuliert I5/17/2006 170 Put Allianz Ag /Nam.Vinkulicrt 15/12/2006 I20 Call Lagardore Sca/Norti. I5/06i2007 65 Put 1,agardere Sea Nom. I5/'06/2007 65 Put Siemens Ag /Nam. 20/06/2008 70 Call Sicmcns Ag /Nam. 20/06/7008 70 Call Koninklijke Kpn Nv /Eur 0.24 18/12/2008 8 Put Koninklijke Kpn Nv /Eur 0.24 18/12/2008 8 Call Mctropolc Television Sa M6 15/09/2006 26 Put Metropole Television Sa M 6 I5/09/2006 26 Call Television Francaise I I5/09!2006 28 Put Tclcvision Franqaise I 15/09/2006 26 Call Bulgari Spa 16/03/2007 I O Put Bulgari Spa 16/03/2007 I O Call E.on Ag 19/12/2008 86.09 Put E.on Ag 19/12/2008 86.09 Call Business Objects Sa IS/09/2006 26

Sccurity Currency

usu USD USD usu usn U S D usn usu usu USD USD lJSD USD USD U S D usu USD US13 U S D USD usu USD usn us13 USD usu usu USD usu IJSD U S D

Sccurity Curroncy

EUR EUR EUR ElJR EUR EUR EUR EUR EU K EIJR EUR EUR EUK EUR FUR EUR EUR

Committed Amounts 200,000 175,000 ISO,000 2 IO,000 245,000 215,000 120,000 I 12,500 105,000 97.5 00

150,000 Y0,OOO 90,000

120,000 I00,000 I 60,000 160,000 175,000 1 sn,ooo 165,000 135,000 2 10,000 200,000 I40,OOO I40,000 110,000 55,500

I20,OOO I20,OOO 270,000 240,000

Committed Amounts 300,000 3 00,000 130,000 130,000

2 10,000 I 60,000 160,000 78,000 78,000

1 12,000 104,000 90,000 90,000

172,lXO 1 72, I80 156,000

2 I o,noo

Fund C'urrcncy

EUR ElJK EUR EUR EU K EUR EUR ElJR EU R EUK EUR EUR EUR EUR EUR EUR ElJR FUR EUl i ElJR EUR EUR EUR EUR EUR EUR EUR ElJR EUR EUIi EUR

EUR

Fund

EUR EIIR EUR E l J K EUR EIJ I< BUR EUR EUK Ell l i EUR EUR EUR EUR EUR EUK EUR

C:lllTcncy

Committed Amounts

157,363 137,692 I 18,022 165,23 I 192,769 192,769 91,4 1 8 88,s I6 82,6 I5 76,7 I4 I 18,022 70,x I3 7 0 3 I 3 94,4 I8 78,681

125,XOO 125,890 137,692 I 18,072 129,824 I 06,220 165,231 157,362 I IO, 1 54 110,154 944 I8 43,668 94,4 18 93,4 I x

2 12,440 188,835

9.313.833

Committed Amounts 300,000 300,000 130,000 130,000 2 10,000 2 1o:ooo 160,000 I 60,000 78,000 78,000

1 12,000 104,000 90,000 90,000

172, I80 172, I80 156,000

55



Nute 7 - Cuminitmcnts on written options (suite)

GI.ORAI. MARKETS FUND 11 (4: WORK

Sold Quantity

60

3 0 3 0 8 0 16 50 50 60 50 IO0 IO0 20 20 66 70 70 x4 84 80 80 I00 I00 120 70 IO 15 15 15 15 90 30 30 70 70 70 70 4s 45 30 30 40 40 so 50 90 41 70 7 0 70 70 -

~~~~

Description

Put Business Objects Sa 1 5/09/2006 26 Call Lvtnh Moct I Iennessy Eur 0.3 1 5/12/2006 75 Put Lvtnh Moct Ilcnnessy Eur 0.3 15/12/2006 65 (:all Fresh Del Monte Producc Inc 20/0 1/2007 25 Put Frosh Del Monte Produce Iric 20/01/2007 25 Put Pfizer Inc. I9;O I /2008 3 0 Call Ptizcr Inc. 19/01/200X 30 (:all Coincast Corp/-A- I9/0 1 /ZOO8 33 Put Conicast Corpi-A- I9/0 I /200X 35 Call Ncws Corp -A- I9/0 I 2008 17.5 Put News Corp -A- 1 9/0 1 /2008 I 7.5 Call Unitcd Tcchnologies C:orp IY/01/2008 55 Put I.inited Techiiologies Corp 1910 1/2OOX 55

C:all Analog Devices Inc 16i09/2006 40 Put Analog Devices Inc lhi09i2006 35 Call Comcast Corp/-A- 70/01/2007 27.5 Put Coincast I:'orp/-A- 20/0 1/2007 27.5 Call Flir Systems 22/07/2006 25 Put Flir Systems 22/01/'2006 75 Call Marvel Entertainment Tnc 20/01/2007 17.5 Put Marvel Entertairiment Inc 20/'01/2007 15 Call Symantec C o p . 22/07/2006 17.5 Call Scientilic Games Corp-A- 22/07!2006 35 Piit Scientific Gamcs Coip -A- 32/07/2006 35 Call Parker-Hanilifin I9/082006 80 Put Parkcr-llannifin 1 9!0X/7006 75 Call Walter Industries Inc 16i09/XOb 70 Put Walter Industries Inc 16!09/2006 65 Call Expedia Tnc Dcl 22/07/2006 25 Call Toll Rrothcrs 20/0 I /2001 30 Put Toll Hrotliers 20/01/2007 30 Call Global Industries Ltd 16/09/2006 15 Put Global lndusrries Ltd 16/09/2006 12.5 C a l l Intel Corp. 20/01/2007 20 Put Intcl Corp. 10/0 I /2007 70 Call 13r Horton Inc 20/01i2007 35 Put Dr I iorton Inc 20/0 1 /2007 30 Call Bausch & L.ornb Inc 22/07/2006 55 Put Bausch 62 Liimb iric 22/07/2006 45 (:all Llnitedheal Group Inc 20/01!2007 52.5 Put Uriitcdhoal Group Inc 20/01/2007 50 Call Chesapeake Eticrgy 2 li10/7006 35 Put Chesapeake Energy 2 1/10/'200h 35 Call Foundry Nctworks Inc. 16/09/2006 I5 Put Foundry Nctworks h e . 16/09/2006 IS C d l Power Integrations Tnc 2 I !I 0/2006 20 Put Power Intcgrations Inc 21/10/2006 20 (:all Archer-Danicls Midland C:o. 2010 1/2007 45 Put Archor-Daniels Midland Co. 20/0 I /2007 40 Total

Put Symantec c:olp 2?/01/2006 17.5

Security Currcncy

Ell I< EUR

EUR USD USD USD USD USL) usu usn USD USD USD USD USD lJSD usn USD USD USD IJSL) USD USD USL) usn USD us13 USD USL) USI) USD LED LED USD l JSD USL) USD USD USD USD US13 USD USD USD US 1) US D 1JSD usu USD USD

(,.om mi tted Amounts

I56,000

225,000 I95,OOO 200,000 40,000

150,000 150,000 2 I0,OOO 175,000 175,000 175,000 I I0,000 1 10,000 115,500 280,000 245,000 23 1,000 23 1,000 200.000 200,000 175,000 I50,000 2 I0,OOO 245,000 245,000 I20,OOO 112,500 105,000 97,500

225,000 90,000 90,000

87,500 140,000 I40,OOO 157,500 135,000 I 65,000 135,000 2 I0,OOO 200,000 I75,OOO 175,000 135,000 6 1,500

140,000 140,000 3 15,000 2x0,000

I 05,000

Fund Currency

EUR EUR

EUR EUR ELJR ELJR EUR EUR ElJR EUR EUR EUR EU R EUR ElJR EUR EUR EUK ElJK EUR FUR EUR EUR EUR EUR EUK EU R EUR ElJR EUR ElJR ElJR ElJR EUR EUR EUR EUR EU K EUR EUR EUR EUR EUR EUR EU R EUK EUR EU R Ell R EUR EUK

Comtnittcd Amounts

156.000

225,000 195,000 157,363 3 1,473

I I 8,022 I I 8,022 165,23 I 137,692 137,692 137,692 86,549 86,549 90377

220,308 192,769 I 8 1,754 181,754 157,363 157,363 137,692 I 18,022 165,23 1 192,769 192,769 94,4 I8 88,5 I6 82,6 I5

76,,7 I4 177,033 70,8 13 70,8 I3 82,615 68,846

I10,154 IIO,lS4 123,923 106,220 I29824 106,220 I65,23 I 157,362 137,692 137,692 106,220 48,3X9

I10,1.54 110,154 247,846 220,308

9,333,242

'Thc following rxchange ratc was uscd as at 30 June 2006:

I U S D = 0.786813 EUR

56



Note 8 - Forward foreign exchange contracts

At 30 June 2006, the SlCAV had the following outstanding forward foreign exchange contracts:

American Equilies(+Work

High Growth Equities@Work

Contrarian Equities@Work

Bonds@ Work

Global Markets Fund I@Work

Glubal Markets Fund II&Wurk

Inflation@Work

EUR

USD

EUR

EUR EUR

EUR EUR EUR

EUR us11 EUR EUR

ElJR EUR EUR

EUR EIJR E U K

irchase

8,247,3 I7

10,000,000

10,l 16,338

28,675,832 3,936,233

30,244,867 2,2 16,207

11,534,912

8,012,66 I 500,000

I ,108,103 757,l I7

6,421,122 1,662, I55

757,l I7

15,2644 16 27,702,585 20,Y 1 7,Y I 3

USD

EUR

IJSD

LJSD LJSD

USD lJSD JPY

LJSD EUR lJSD JPY

USU USL) JPY

USU USD JPY

Sale

I 0,000,000

7,669,594

13,000,000

3 5,000,000 5,000,000

39,000,000 ?,800,000

I ,500,000,000

10,000,000 398,432

I,400,000 I00,000,000

8.000,000 2, I00,000

I00,000,000

1 9,000.000 35,000,000

3,890,000,000

Maturity

1211 2/2006

121 12/?006

07/09/2006

13/07/2006 25/09/2006

I7/08/2006 29/09/2006 2411 O/?OOX

36/07/2006 26/07/2006 29/09!2006 241 I 0/200X

26/07/2006 2Y ;OW2006 24/ IO/?OOX

26/07/2006 29/09/2006 741 I 0/2008

ljnreali

ElJR

ElJR

EUR

EUR EU R

ElJR BUR El.J R EUR

ElJR EUH EU R EU R EUK

ElJR EUR FUR EUR

EUR EUK ElJR

EUR

td profit 1 LAW

466,829

1 15,H03 582,632

(657365)

1,162,669 24,956

I ,I 87,625

(342,820) 26,524

280,089 (36,207)

158,716 (5,720) 13,262 7,789

174,047

143,996 19,893 7,790

171,679

34 1,992 33 1,550 730,067

1,403,609

57

CAPITAL @ WORK UMBRELLA FUND - Fundsquare

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