BL
Investment Company with Variable Capital (SICAV)
with multiple Sub-Funds
governed by Luxembourg law
Audited annual report
31st December 2007
The report is the English translation of the audited annual respectively
unaudited semi-annual report in French. In case of a discrepancy of content
and/or meaning between the French and English versions, the French version shall
prevail.
Subscriptions may only be made on the basis of the complete or the simplified
prospectus.
The historic performances of the different sub-funds are described in an
appendix to the prospectus.
Subscription, conversion and redemption forms are available on
request from:
- the registered office of the SICAV at 14, Boulevard Royal, L-2449
LUXEMBOURG the
- Sub-Transfer EUROPEAN ADMINISTRATION, - d'Alsace, B.P.
1725,
-
e
L-1017 LUXEMBOURG.
Shares in all of the operational sub-funds of BL shall be listed on the
regulated market of the Luxembourg Stock Exchange with effect from their issue.
BL
SICAV with multiple Sub-Funds
CONTENTS
ORGANISATION...................................................................-
................................................................. 5
GENERAL
INFORMATION....................................................................-
................................................ 9
REPORT OF THE BOARD OF
DIRECTORS......................................................................-
................ 12
INDEPENDENT AUDITOR'S
REPORT.........................................................................-
...................... 41
CONSOLIDATED STATEMENT OF NET
ASSETS.........................................................................-
... 43
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS...... 44
BL-Global Bond
...............................................................................-
................................................... 45
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 45
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 46 STATISTICAL
INFORMATION....................................................................-
..................................... 47 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 48 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 49 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 49
BL-Global 30
...............................................................................-
........................................................ 50
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 50
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 51 STATISTICAL
INFORMATION....................................................................-
..................................... 52 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 53 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 56 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 57
BL-Global 50
...............................................................................-
........................................................ 58
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 58
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 59 STATISTICAL
INFORMATION....................................................................-
..................................... 60 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 61 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 64 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 65
BL-Global 75
...............................................................................-
........................................................ 66
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 66
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 67 STATISTICAL
INFORMATION....................................................................-
..................................... 68 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 69 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 72 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 73
BL-Global Equities
...............................................................................-
.............................................. 74
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 74
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 75 STATISTICAL
INFORMATION....................................................................-
..................................... 76 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 77 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 80 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 81
BL-Equities Horizon
...............................................................................-
............................................ 82
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 82
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 83 STATISTICAL
INFORMATION....................................................................-
..................................... 84 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 85 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 86 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 86
1
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Equities America
...............................................................................-
........................................... 87
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 87
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 88 STATISTICAL
INFORMATION....................................................................-
..................................... 89 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 90 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 91 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 91
BL-Equities Europe
...............................................................................-
............................................. 92
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 92
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS................................. 93 STATISTICAL
INFORMATION....................................................................-
..................................... 94 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS....................................................... 95 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................-
. 97 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................... 98
BL-Equities Dividend
...............................................................................-
.......................................... 99
STATEMENT OF NET
ASSETS.........................................................................-
.............................. 99
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 100 STATISTICAL
INFORMATION....................................................................-
................................... 101 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 102 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
104 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 105
BL-Equities FoF Asia
...............................................................................-
........................................ 106
STATEMENT OF NET
ASSETS.........................................................................-
............................ 106
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 107 STATISTICAL
INFORMATION....................................................................-
................................... 108 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 109 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
110 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 110
BL-Equities FoF
Japan..........................................................................-
........................................... 111
STATEMENT OF NET
ASSETS.........................................................................-
............................ 111
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 112 STATISTICAL
INFORMATION....................................................................-
................................... 113 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 114 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
115 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 115
BL-Bond Euro
...............................................................................-
.................................................... 116
STATEMENT OF NET
ASSETS.........................................................................-
............................ 116
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 117 STATISTICAL
INFORMATION....................................................................-
................................... 118 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 119 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
120 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 120
BL-Bond Dollar
...............................................................................-
.................................................. 121
STATEMENT OF NET
ASSETS.........................................................................-
............................ 121
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 122 STATISTICAL
INFORMATION....................................................................-
................................... 123 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 124 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
125 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 125
2
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Short Term Euro
...............................................................................-
.......................................... 126
STATEMENT OF NET
ASSETS.........................................................................-
............................ 126
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 127 STATISTICAL
INFORMATION....................................................................-
................................... 128 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 129 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
132 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 132
BL-Short Term Dollar
...............................................................................-
........................................ 133
STATEMENT OF NET
ASSETS.........................................................................-
............................ 133
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 134 STATISTICAL
INFORMATION....................................................................-
................................... 135 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 136 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
138 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 138
BL-Global
Flexible.......................................................................-
..................................................... 139
STATEMENT OF NET
ASSETS.........................................................................-
............................ 139
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 140 STATISTICAL
INFORMATION....................................................................-
................................... 141 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 142 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
144 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 145
BL-Optinvest (Euro)
...............................................................................-
.......................................... 146
STATEMENT OF NET
ASSETS.........................................................................-
............................ 146
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 147 STATISTICAL
INFORMATION....................................................................-
................................... 148 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 149 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
150 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 150
BL-Emerging Markets
...............................................................................-
....................................... 151
STATEMENT OF NET
ASSETS.........................................................................-
............................ 151
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 152 STATISTICAL
INFORMATION....................................................................-
................................... 153 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 154 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
156 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 157
BL-Kingfisher FoF Equities
...............................................................................-
.............................. 158
STATEMENT OF NET
ASSETS.........................................................................-
............................ 158
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 159 STATISTICAL
INFORMATION....................................................................-
................................... 160 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 161 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
162 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 162
BL-Kingfisher FoF 75
...............................................................................-
........................................ 163
STATEMENT OF NET
ASSETS.........................................................................-
............................ 163
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 164 STATISTICAL
INFORMATION....................................................................-
................................... 165 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 166 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
167 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 167
3
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Kingfisher FoF 50
...............................................................................-
........................................ 168
STATEMENT OF NET
ASSETS.........................................................................-
............................ 168
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 169 STATISTICAL
INFORMATION....................................................................-
................................... 170 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 171 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
172 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 172
BL-Kingfisher FoF 30
...............................................................................-
........................................ 173
STATEMENT OF NET
ASSETS.........................................................................-
............................ 173
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET
ASSETS............................... 174 STATISTICAL
INFORMATION....................................................................-
................................... 175 STATEMENT OF INVESTMENTS AND OTHER NET
ASSETS..................................................... 176 INDUSTRIAL
CLASSIFICATION OF
INVESTMENTS....................................................................
177 GEOGRAPHICAL CLASSIFICATION OF
INVESTMENTS............................................................. 177
NOTES TO THE FINANCIAL
STATEMENTS.....................................................................-
.............. 178
4
BL
SICAV with multiple Sub-Funds
ORGANISATION
REGISTERED OFFICE BL
Société d'Investissement à Capital Variable
14, Boulevard Royal
L-2449 LUXEMBOURG
Trade Register Number R.C.S. Luxembourg B 45 243
BOARD OF DIRECTORS
Chairman Robert RECKINGER
Président
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Directors Pierre AHLBORN
Administrateur-Délégué
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Pierre BALDAUFF
Directeur
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
(until 24th May 2007)
Antoine CALVISI
Vice-Président du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Philippe HOSS
Avocat
ETUDE ELVINGER, HOSS & PRUSSEN
2, Place Winston Churchill
L-1340 LUXEMBOURG
Mario KELLER
Administrateur de Sociétés
14, Boulevard Royal
L-2449 LUXEMBOURG
5
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
Sam RECKINGER
Directeur
COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
40, Boulevard Joseph II
L-1840 LUXEMBOURG
Fernand REINERS
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
22-24, Boulevard Royal
L-2449 LUXEMBOURG
(since 24th May 2007)
Luc RODESCH
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Emile VOGT
Directeur
COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
40, Boulevard Joseph II
L-1840 LUXEMBOURG
(until 24th May 2007)
Management Company BANQUE DE LUXEMBOURG FUND
RESEARCH & ASSET MANAGEMENT S.A.
7, Boulevard du Prince Henri
L-1724 LUXEMBOURG
Board of Directors of the
Management Company
President Pierre AHLBORN
Administrateur-Délégué
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Vice-President Mario KELLER
Administrateur de Sociétés
14, Boulevard Royal
L-2449 LUXEMBOURG
6
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
Directors Pit RECKINGER
Avocat
Etude ELVINGER, HOSS & PRUSSEN
2, Place Winston Churchill
B.P. 425
L-2014 LUXEMBOURG
Henri REITER
Directeur
FUND-MARKET S.A.
Société Anonyme
103, Grand-Rue
L-1661 LUXEMBOURG
Luc RODESCH
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
(since 21st March 2007)
Guy WAGNER
Administrateur-Directeur
BANQUE DE LUXEMBOURG FUND
RESEARCH & ASSET MANAGEMENT S.A.
7, Boulevard du Prince Henri
L-1724 LUXEMBOURG
Custodian Bank BANQUE DE LUXEMBOURG
and Financial Agent Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
Central Administration EUROPEAN FUND ADMINISTRATION
subcontractor Société Anonyme
2, Rue d'Alsace
B.P.1725
L-1017 LUXEMBOURG
Entities authorised to receive EUROPEAN FUND ADMINISTRATION
subscription, redemption Société Anonyme
and conversion orders 2, Rue d'Alsace
B.P. 1725
L-1017 LUXEMBOURG
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
7
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
Paying and Information Agents
in Belgium BANQUE DEGROOF
44, Rue de l'Industrie
B-1040 BRUSSELS
in France CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC)
Société Anonyme
6, Avenue de Provence
F-75009 PARIS
in Austria RAIFFEISEN ZENTRALBANK ÖSTERREICH AG
Am Stadtpark 9
A-1030 VIENNA
in Germany DEUTSCHE BANK AG
Taunusanlage 12
D-60325 FRANKFURT AM MAIN
in Sweden BANQUE INVIK LUXEMBOURG FILIAL
Skeppsbron 18
SE-103 11 STOCKHOLM
Independent Auditor KPMG Audit S.à r.l.
9, Allée Scheffer
L-2520 LUXEMBOURG
8
BL
SICAV with multiple Sub-Funds
GENERAL INFORMATION
BL is incorporated as a "Société d'Investissement à Capital Variable" (SICAV)
governed by Luxembourg law. The SICAV is subject to the Law of 10th August 1915
on
commercial companies and Part I of the amended Law of the 20th December 2002 on
undertakings for collective investment, which
transposes essential the of amended Directive
20th December 1985 (85/611/ECC).
In a services agreement dated 1st January 2005, the SICAV has appointed Banque
de Luxembourg Fund Research & Asset Management S.A. (“BLFRAM”) as Management
Company. In this role, BLFRAM shall provide investment management,
administration and marketing services. BLFRAM is authorised as a management
company in accordance with the provisions of Chapter 13 of the amended law of
20th December 2002 concerning Undertakings for Collective Investment, in line
with EU directive 2001/107/EC.
The Deeds of Incorporation of the SICAV were published in the Mémorial, Recueil
des Sociétés et Associations on 17th November 1993. The Articles of Association
were last amended by the Extraordinary General Meeting of 2nd August 2004.
The coordinated Articles of Association have been filed with the Luxembourg
Company and Trade Register from whom copies may be obtained.
BL is incorporated as an investment company (SICAV) with multiple sub-funds
("umbrella fund"). Each sub-fund consists of a portfolio of individual assets
denominated in various currencies.
On the date of the present report, the following sub-funds were open for
subscription:
- BL-Global Bond denominated in EUR
- BL-Global 30 denominated in
EUR
- BL-Global 50 denominated in
EUR
- BL-Global 75 denominated in
EUR
- BL-Global Equities denominated in
EUR
- BL-Equities Horizon denominated in
EUR
- BL-Equities America denominated in
USD
- BL-Equities Europe denominated in
EUR
- BL-Equities Dividend (launched at 30th October 2007) denominated in
EUR
- BL-Equities FoF Asia denominated in
USD
- BL-Equities FoF Japan denominated in JPY
- BL-Bond Euro denominated in
EUR
- BL-Bond Dollar denominated in
USD
- BL-Short Term Euro denominated in
EUR
- BL-Short Term Dollar denominated in USD
- BL-Global Flexible denominated in EUR
- BL-Optinvest (Euro) (launched at 1st August 2007) denominated in EUR
- BL-Emerging Markets (launched at 30th October 2007) denominated in
EUR
- BL-Kingfisher FoF Equities denominated in
EUR
- BL-Kingfisher FoF 75 denominated in
EUR
- BL-Kingfisher FoF 50 denominated in
EUR
- BL-Kingfisher FoF 30 denominated in
EUR
Each of the sub-funds of the SICAV may offer a range of share classes.
9
BL
SICAV with multiple Sub-Funds
GENERAL INFORMATION (continued)
The following share classes may be issued for sub-funds currently open
for subscription:
- Class A shares: distribution shares denominated in the reference currency of
the sub-fund which the
enti- h- to cash- as described - the articles association
may be
le l- - n
er -
-
-
-
-
d
consulted in the annex of the current
complete prospectus; -
Class B shares: capitalisation shares denominated in the reference currency
of the sub-fund which do
- the hold- to - but where - amount distribution
reinvested the
- r - -
t - e
-
-
-
-
d
sub-fund to which the
capitalisation shares relate.
The shares in each sub-fund of the SICAV are issued and redeemed at a price
calculated on each business day in Luxembourg ("Valuation Day") unless the
sub-fund concerned is suspended in accordance with the procedure described in
the complete prospectus.
Details of the Net Asset Value, the issue price and the redemption and
conversion price of each class of shares are available on every banking day in
Luxembourg from the SICAV's registered office.
The SICAV publishes an annual report audited by its Independent Auditor on 31st
December and an unaudited semi-annual report on 30th June. These reports contain
information on the SICAV's asset situation and the number of outstanding shares
on this date. The reports also contain separate financial statements for each
sub-fund. The currency used for the consolidation of the sub-funds is the euro.
The Annual General Meeting of Shareholders is held at the Registered Office of
the SICAV, or at any other location in Luxembourg as specified on the AGM
Notice.
The Annual General Meeting is held on the fourth Thursday of May at 11am, or if
this is a holiday, on the following business day.
Shares of all sub-funds open for subscription are quoted on the regulated
Luxembourg Stock Exchange.
The Net Asset Value of the shares of the sub-funds open for subscription on the
date of the present report is published in the "d'Wort", "Financieel Economische
Tijd", "l'Echo", "La Libre Belgique", "Financial Times Deutschland", "Svenska
Dagbladet", "Dagens Nyheter" and "Wirtschaftsblatt".
For the distribution of shares of the SICAV in Germany: the Paying and
Information Agent is Deutsche Bank AG, Taunusanlage 12, D-60325 Frankfurt. The
German Paying and Information Agent accepts share redemption and conversion
orders and manages the payment of redemption proceeds, any dividends and other
payments to the shareholders if required.
Papier copies of the current prospectus (complete and simplified), the articles
of association and the latest annual and semi-annual reports are available free
of charge from the German Paying and Information Agent. The documents referred
to in the current prospectus in the section "Information for shareholders" may
also be consulted here.
The Net Asset Value per share for each sub-fund as well as the issue and
redemption prices are available on any business day from the German Paying and
Information Agent in Frankfurt. Issue, redemption and conversion prices are
published on every trading day in the "Financial Times Deutschland".
10
BL
SICAV with multiple Sub-Funds
GENERAL INFORMATION (continued)
For the distribution of shares of the SICAV in Austria: the Paying and
Information Agent is Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9,
A-1030 Vienna. Share redemption orders may be submitted to the Austrian Paying
and Information Agent. The Austrian Paying and Information Agent manages
proceeds from redemptions, dividends and other payments to shareholders.
The current prospectus (complete and simplified), the articles of association
and the latest annual and semi-annual reports, and any other documents are
available free of charge from the Paying and Information Agent in Austria.
The Net Asset Value per share for each sub-fund as well as issue and redemption
prices are available from the Paying and Information Agent in Austria.
11
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS
BL-Global Bond
The bond markets had a very volatile year in 2007. The German 10-year benchmark
yield went from 3.95% at the start of the year to 4.67% in July, before closing
the year at 4.31%. The fallout from the subprime sector gradually spread across
the entire financial sphere: interbank rates, money markets, corporate and
high-yield bonds, and structured products all suffered the adverse impact of a
sharp increase in aversion to risk. The ECB was prompted to make a number of
cash injections into the system and called time on its cycle of raising interest
rates.
Despite judders on various risky asset classes that suffered the negative impact
of the subprime crisis, emerging countries' debt rose sharply throughout the
year. JPMorgan's emerging markets bond index, the EMBI Global Diversified,
posted performance of 6.16%, while the emerging local markets index, the ELMI+,
saw a 16.04% rise. Widening "spreads" on external debt were largely due to the
substantial cut in US Treasury yields. Apart from inflation which was up sharply
worldwide, the fundamentals of emerging countries proved much more solid than in
the past.
In mid-June the fund manager decided to significantly increase the portfolio's
sensitivity to its upper limit. He raised the sensitivity of the eurozone bonds
portion to nearly 7 before gradually reducing it to 6, in line with its
benchmark index.
Outlook
Pressure on European economic growth should continue to be reflected in the
statistics. The ECB is still torn between inflationary risks and the need to
adopt a more accommodating monetary policy. The appreciation of the euro will
help limit inflationary pressures but it will also hamper European
competitiveness. In the United States, the bond markets have already factored in
a probable recession.
12
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Global 30
After posting favourable performance in the first half of the year, the main
stock market indexes dropped back during the second half. Among the main asset
classes, only emerging countries ended the year with performance above 10%. The
weakest stock market was - as in 2006 - the Japanese market, which fell by over
10%.
For the second year in succession, bond market performance was disappointing.
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency
markets, the euro appreciated against most of the major international
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%
and 4% respectively against the euro.
During the year, the weighting of equities was steadily decreased, from 35% in
January to 28.5% in December. The reduction in equities was mainly achieved by
cutting European stocks (from 16% to 12%) and US stocks (from 11.5% to 9.5%).
Following the decrease in the equity weighting, the proportion of eurobonds was
increased from 59% to 66%. However, the duration of the bond portion remained
unchanged and stood at 6.0 at the end of December. In October, emerging country
bonds were reduced from 4% to 2% (by the sale of half the position in the Julius
Baer Local Emerging Markets Bond fund) following their good performance in
recent years.
Hedging of assets in dollars was reduced from 80% to 60% at the start of the
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.
Among European stocks, the fund manager invested in Continental, Royal Wessanen,
Swedish Match, Hypo Real Estate, Schindler, Oesterreichische Post, Trygvesta,
Intertek, Southern Cross Healthcare, Neopost, Synthes, Bodycote and Aalberts
Industries. He sold positions in BHP Billiton, Rieter, Eurocommercial
Properties, United Utilities, Endesa, Johnston Press, Henkel, Sanofi, Enel, HSBC
and Royal Bank of Scotland. ABN Amro was taken over by the consortium formed by
Royal Bank of Scotland, Fortis and Banco Santander. Novartis and Persimmon were
reduced.
Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. The manager
sold positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll
Brothers, Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer,
Masco, Diebold, Lennar, Commscope, Deere and Illinois Toolworks. CDW, Checkfree,
Biomet and Cytyc were taken over. The position taken in Mueller Water Products
during the year has been sold.
In Asia excluding Japan, the fund manager reduced exposure at the end of the
year after the good performance of the asset class in 2007. Accordingly, he sold
Carlson Small Cap Asia and reduced the position of Templeton Asian Growth due to
their significant exposure to China. On the other hand, he took an initial
position in Comgest Magellan.
In Japan, the fund manager did not make any major changes.
In commodities, the fund manager eliminated his last exposure in June by the
sale of the 0.5% invested in the Crédit Suisse Equities Global Energy fund. The
commodities equities asset class has been removed from the strategic allocation
after its strong run on the stock markets in the last few years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
In bonds, he took a position of 2% in a bond whose performance is indexed to the
Stork Fund Credit & Bonds Arbitrage fund of funds. This fund of funds is 50%
invested in the Cigogne Fixed Income Arbitrage fund (aiming to benefit from
arbitrage possibilities between correlated bonds or between OTC products such as
swaps or interest rate options) and 50% in the Cigogne Convertible Arbitrage
fund (aiming to benefit from arbitrage possibilities between convertible bonds
and the stocks underlying these bonds). These 2 products are hedge funds managed
by the management company Cigogne (owned by Crédit Mutuel-CIC) which has over 20
years' experience in this area. The objective of the product is to generate
higher performance than traditional bonds without increasing the risk.
At the end of the year, the fund was 28.5% in equities, 68% in bonds and 3.5% in
cash. Exposure to the US dollar is 60% hedged.
Outlook
The outlook on the bond markets is neutral. At around 4.25%, European 10-year
rates are what the fund manager considers to be their fair value.
The outlook for stock markets is poor. Company profits are likely to come under
pressure due to the slowdown in the global economy and the high level of profit
margins. Valuation multiples are not expected to increase given the
uncertainties related to values of complex financial products created in recent
years.
14
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Global 50
After posting favourable performance in the first half of the year, the main
stock market indexes dropped back during the second half. Among the main asset
classes, only emerging countries ended the year with performance above 10%. The
weakest stock market was - as in 2006 - the Japanese market, which fell by over
10%.
For the second year in succession, bond market performance was disappointing.
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency
markets, the euro appreciated against most of the major international
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%
and 4% respectively against the euro.
During the year, the weighting of equities was steadily decreased, from 54% in
January to 48.5% in December. The reduction in equities was mainly achieved by
cutting US stocks (from 20% to 16.5%) and US stocks (from 22.5% to 20%).
However, the weighting of Asian (excluding Japan) stocks was increased (from 5%
to 7.5%).
Following the decrease in the equity weighting, the proportion of eurobonds was
increased from 41% to 43.5%. There was little change to the duration of the bond
portion which stood at 5.6 at the end of December. During the year, emerging
market bonds were sold (by the sale of Julius Baer Local Emerging Markets Bond
fund) following their good performance in recent years.
Hedging of assets in dollars was reduced from 80% to 60% at the start of the
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.
Among European stocks, the fund manager invested in Continental, Swedish Match,
Hypo Real Estate, Schindler, Wereldhave, Trygvesta, Intertek, Southern Cross
Healthcare, Neopost, Synthes, Bodycote, Brembo, Kaba, Aalberts Industries,
Saipem and Petroleum Geo-Services. He sold positions in BHP Billiton, Rieter,
Eurocommercial Properties, United Utilities, Endesa, Johnston Press, Henkel,
Sanofi, Enel, HSBC and Royal Bank of Scotland. ABN Amro was taken over by the
consortium formed by Royal Bank of Scotland, Fortis and Banco Santander.
Novartis and Persimmon were reduced.
Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. The manager
sold positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll
Brothers, Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer,
Biomet, Masco, Diebold, Lennar, Commscope and Deere. CDW, Checkfree and Cytyc
were taken over. The position taken in Mueller Water Products during the year
has been sold.
In Asia excluding Japan, he bought Fidelity Fund Thailand at the beginning of
the year. At the end of the year, he sold Carlson Small Cap Asia and reduced the
position of Templeton Asian Growth due to their high exposure to China. In
contrast, he took an initial position in JPM Taiwan and Comgest Magellan. He
also took a position in the biggest Korean bank, Kookmin Bank.
In Japan, the fund manager did not make any major changes.
In commodities, he eliminated his last exposure in June by the sale of the 0.5%
invested in the Crédit Suisse Equities Global Energy fund. The commodities
equities asset class has been removed from the strategic allocation after its
strong run on the stock markets in the last few years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
In bonds, he took a position of 2% in a bond whose performance is indexed to the
Stork Fund Credit & Bonds Arbitrage fund of funds. This fund of funds is 50%
invested in the Cigogne Fixed Income Arbitrage fund (aiming to benefit from
arbitrage possibilities between correlated bonds or between OTC products such as
swaps or interest rate options) and 50% in the Cigogne Convertible Arbitrage
fund (aiming to benefit from arbitrage possibilities between convertible bonds
and the stocks underlying these bonds). These 2 products are hedge funds managed
by the management company Cigogne (owned by Crédit Mutuel-CIC) which has over 20
years' experience in this area. The objective of the product is to generate
higher performance than traditional bonds without increasing the risk.
At the end of the year, the fund was 48.5% in equities, 43.5% in bonds and 8% in
cash. Exposure to the US dollar is 60% hedged.
Outlook
The outlook on the bond markets is neutral. At around 4.25%, European 10-year
rates are what the fund manager considers to be their fair value.
The outlook for stock markets is poor. Company profits are likely to come under
pressure due to the slowdown in the global economy and the high level of profit
margins. Valuation multiples are not expected to increase given the
uncertainties related to values of complex financial products created in recent
years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Global 75
After posting favourable performance in the first half of the year, the main
stock market indexes dropped back during the second half. Among the main asset
classes, only emerging countries ended the year with performance above 10%. The
weakest stock market was - as in 2006 - the Japanese market, which fell by over
10%.
For the second year in succession, bond market performance was disappointing.
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency
markets, the euro appreciated against most of the major international
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%
and 4% respectively against the euro.
During the year, the weighting of equities was steadily decreased, from 73.5% in
January to 69.5% in December. The reduction in equities was mainly achieved by
cutting US stocks (from 29% to 23.5%). However, the weighting of Asian
(excluding Japan) stocks was increased (from 6.5% to11.5%).
The proportion of eurobonds hardly changed. The duration of the bond portion was
maintained at around 6.2. At the start of the year, emerging market bonds were
sold (by the sale of Julius Baer Local Emerging Markets Bond fund) following
their good performance in recent years.
Hedging of assets in dollars was reduced from 80% to 60% at the start of the
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.
Among European stocks, the fund manager invested in Continental, Swedish Match,
Hypo Real Estate, Schindler, Intertek, Southern Cross Healthcare, Neopost,
Synthes, Bodycote, Brembo, Kaba, Aalberts Industries, Saipem and Petroleum
Geo-Services. The fund manager sold positions in BHP Billiton, Rieter, Endesa,
Johnston Press, Henkel, Sanofi, HSBC and Royal Bank of Scotland. ABN Amro was
taken over by the consortium formed by Royal Bank of Scotland, Fortis and Banco
Santander. Novartis and Persimmon were reduced.
Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. He sold
positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll Brothers,
Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer, Masco,
Diebold, Lennar, Commscope and Deere. CDW, Checkfree, Biomet and Cytyc were
taken over. The position taken in Mueller Water Products during the year has
been sold.
In Asia excluding Japan, the manager bought Fidelity Fund Thailand at the
beginning of the year. At the end of the year, he sold Carlson Small Cap Asia
and reduced the position of Templeton Asian Growth due to their high exposure to
China. In contrast, he took an initial position in JPM Taiwan, Crédit Agricole
Asean New Markets and Comgest Magellan. He also took a position in the biggest
Korean bank, Kookmin Bank.
In Japan, he did not make any major changes.
In commodities, the fund manager eliminated his last exposure in June by the
sale of the 0.5% invested in the Crédit Suisse Equities Global Energy fund. The
commodities equities asset class has been removed from the strategic allocation
after its strong run on the stock markets in the last few years.
At the end of the year, the fund was invested 69.5% in equities, 24.5% in bonds
and 6% in cash. Exposure to the US dollar is 60% hedged.
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REPORT OF THE BOARD OF DIRECTORS (continued)
Outlook
The outlook on the bond markets is neutral. The manager considers that European
10-year rates are at fair value.
The outlook for stock markets is poor. Company profits are likely to come under
pressure due to the slowdown in the global economy and the high level of profit
margins. Valuation multiples are not expected to increase given the
uncertainties related to values of complex financial products created in recent
years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Global Equities
After posting favourable performance in the first half of the year, the main
stock market indexes dropped back during the second half. Among the main asset
classes, only emerging countries ended the year with performance above 10%. The
weakest stock market was - as in 2006 - the Japanese market, which fell by over
10%.
For the second year in succession, bond market performance was disappointing.
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency
markets, the euro appreciated against most of the major international
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%
and 4% respectively against the euro.
During the year, the weighting of equities was steadily decreased, from 94% in
January to 83.5% in December. The reduction in equities was mainly achieved by
cutting US stocks (from 35% to 26.5%) and European stocks (from 40.5% to 38.5%).
By contrast, Asian stocks excluding Japan were increased (from 8.5% to 11.5%).
Hedging of assets in dollars was reduced from 80% to 60% at the start of the
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.
Among European stocks, the fund manager invested in Continental, Swedish Match,
Hypo Real Estate, Schindler, Intertek, Southern Cross Healthcare, Neopost,
Synthes, Bodycote, Brembo, Kaba, Aalberts Industries, Saipem and Petroleum
Geo-Services. He sold positions in BHP Billiton, Rieter, Endesa, Johnston Press,
Henkel, Sanofi, HSBC and Royal Bank of Scotland. ABN Amro was taken over by the
consortium formed by Royal Bank of Scotland, Fortis and Banco Santander.
Persimmon was reduced.
Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. He sold
positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll Brothers,
Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer, Masco,
Diebold, Lennar, Commscope and Deere. CDW, Checkfree, Biomet and Cytyc were
taken over. The position taken in Mueller Water Products during the year has
been sold.
In Asia excluding Japan, the manager bought Fidelity Fund Thailand at the start
of the year. At the end of the year, he sold Carlson Small Cap Asia and reduced
the position of Templeton Asian Growth due to their significant exposure to
China. On the other hand, he took an initial position in JPM Taiwan, Crédit
Agricole Asean New Markets and Comgest Magellan. He also took a position in the
largest Korean bank, Kookmin Bank.
In Japan, the manager sold Sparx Japan and invested the proceeds in UBAM
Equities Japan.
In commodities, he eliminated his last exposure in June by the sale of the 0.5%
invested in the Crédit Suisse Equities Global Energy fund. The commodities
equities asset class has been removed from the strategic allocation after its
strong run on the stock markets in the last few years.
At the end of the year, the fund was 83.5% invested in equities and 16.5% in
cash. Exposure to the US dollar is 60% hedged.
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REPORT OF THE BOARD OF DIRECTORS (continued)
Outlook
The outlook for stock markets is poor. Company profits are likely to come under
pressure due to the slowdown in the global economy and the high level of profit
margins. Valuation multiples are not expected to increase given the
uncertainties related to values of complex financial products created in recent
years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities Horizon
In 2007, the fund manager continued to focus on companies presenting a sound
balance sheet, high profitability and generating substantial surplus cash on a
recurrent basis. New investments were made with a long-term outlook and at
valuation levels offering an attractive discount in relation to the companies'
intrinsic value.
On this basis, the fund manager took positions during the year in Bangkok Bank
(January, 2%), 3M (2nd half, 2%), Anheuser-Busch (August, 1%), Royal Wessanen
(2nd half, 4%), Schneider Electric (2nd half, 1.5%), Cisco (October, 1%) and
Adidas (October, 1%).
Bangkok Bank is the biggest bank in Thailand. Although it is a commercial bank
offering a wide range of products and financial services, its profits are
largely derived from the interest margin between deposits and credits. As the
majority of credits have short deadlines, asset/liability management of the
balance sheet presents little risk. The main uncertainty lies in the quality of
the credit portfolio. At the time of purchase, Bangkok Bank traded at 1.5 times
equity in 2006 and at 10 times estimated profits in 2007. With these multiples,
the margin of security seems to us to be sufficiently high to open an initial
position in the company.
The US industrial conglomerate 3M, the company behind "Scotch" and "Post-It",
markets thousands of products, all based on a limited number of technologies and
processes developed in the group's highly innovative research laboratories. 60%
of sales are generated outside the United States and 50% of its revenues are
considered to come from non-cyclical activities. The group's capacity for
innovation may give it a competitive advantage over its competitors. The
company's stock market valuation is reasonable after the share's stagnation over
the last 4 years.
Anheuser-Busch is the leading beer producer in the United States. Despite weak
growth in the US beer market, the company is expected to continue to post
regular growth in profits thanks to a slight increase in volumes, its ability to
regularly raise its prices due to its dominant position, the value of its
distribution network through cooperation with other drinks producers, and share
buybacks. It was purchased at the end of August after the share had fallen 12%
in the previous two months.
The Dutch food company Royal Wessanen restructured its activities during recent
years to concentrate exclusively on natural/biological product segments and high
quality niche products. In particular, the company has the second largest bio
products distribution network in the United States. In the next few years,
Wessanen should benefit from the structural change towards healthier eating. The
company has low debt levels and offers a net dividend yield of 5%.
The French group Schneider is a dominant player in electrical distribution
systems and industrial automation. Following the steady restructuring of its
portfolio of products over recent years, the company now has a powerful position
in the majority of its activities. In the coming years, it should benefit from
the renewal of electricity distribution systems in many developed countries and
strong demand for electrical infrastructures in emerging countries. Following
the slump in Schneider's share price in the 2nd half, we have taken an initial
position in the company.
Cisco is the global market leader in hardware and software for the internet and
intranet. Cisco's unique status in its segment of activity procures the company
unrivalled margins in the sector and enables it to generate high cash flow and
reach higher than average levels of profitability. Cisco should benefit from
excellent positioning among its clients to diversify its income in peripheral
areas to its base activity. In these new areas of expertise, which Cisco
penetrates not least via targeted acquisitions, it could exploit its technology
networks expertise and offer integrated and effective solutions.
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REPORT OF THE BOARD OF DIRECTORS (continued)
Adidas dominates the sports shoe and clothes market along with Nike. Due to its
acquisition of Reebok in 2006, the company is currently in a transition phase.
The latest figures seem to indicate that Adidas is succeeding in steadily
increasing Reebok's profitability through cost synergies and a differentiated
positioning for the American brand. Adidas is also benefiting from the weak
dollar given that its production costs are all denominated in dollars. Because
of the value of the Adidas brand, and prospects for acceleration of sales and
improved profitability in 2008, the fund manager took an initial position in the
company as its price remains reasonable despite the share's good stock market
performance in recent years.
On the other hand, he sold all his investments in Johnston Press, Pfizer, Kraft
Foods, Thor Industries, Persimmon, Titan Cement, Lennar and McGraw Hill.
He also considerably reduced his weighting in Gannett, Vinci, Berkshire Hathaway
and HSBC.
In the 1st quarter, the fund manager sold shares in the British newspaper
publisher Johnston Press. Like most newspaper companies, Johnston Press is
suffering increasing competition from online publicity which is in the process
of taking market share in advertising. This trend is likely to intensify in the
future and call into question the business model of traditional newspaper
publishers like Johnston Press which had until now a virtual monopoly on local
advertising markets. Consequently, the increase in revenues and the level of
margins (over 30%) reached in the past risk are unlikely to be sustainable in
the medium term.
From January to April, he sold shares in the US pharmaceutical company Pfizer.
The sale can be explained by the poor projections for Pfizer's future results.
From 2010, Pfizer will lose a number of very important patents, which are in
danger of not being be replaced by current compounds under development. Despite
its size, Pfizer depends on a handful of flagship products (its principal
product Lipitor accounts for a quarter of total sales) so the loss of patents on
these products raises concerns about future cash flow. Due to these
uncertainties surrounding the investment case, he has decided to disengage from
Pfizer.
In June, the manager sold his shares in the US food company, Kraft Foods. He
became shareholders in Kraft in April when the parent company Altria distributed
its holding in Kraft to its shareholders in order to concentrate exclusively on
tobacco activities. As the Kraft shares, which were already listed prior to that
date, were particularly weak March, we kept our investment in the company
initially. However, Kraft has a portfolio of low quality products which could
suffer from a structural change towards healthier and more natural food. So he
took advantage of the share's rebound in June to sell our position.
In June the manager also sold his position in Thor Industries, the biggest
manufacturer of caravans and mobile homes in the United States. Although the
company remains undisputed leader in its sector and maintains a top quality
balance sheet, it is suffering from a slowdown in demand for its products due to
the rise of the interest rates. As the share price had not yet reacted to the
deterioration of the company's prospects, we sold our positions in June.
In July, the manager sold his shares in the UK construction firm Persimmon. In
the last few years, the company has benefited from the huge increase in home
prices in the UK. This increase in prices is explained by housing stock
availability structurally lower than demand and the good performance of the
London financial marketplace. Following the Bank of England's higher than
expected increase in interest rates, the increase in house prices has started to
slow. In an environment of rising interest rates in the UK and the sub-prime
crisis in the United States, he decided to sell Persimmon which was then trading
at a price/earnings multiple of 8 corresponding to the average for the last 10
years.
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REPORT OF THE BOARD OF DIRECTORS (continued)
In July the manager also sold his position in Titan Cement. Although the leading
Greek cement producer continued to post solid results, its high exposure to the
US market is in danger of leading to a slowdown in profits growth. Since the
value of cement companies has increased sharply in recent years, the company
also had trouble finding attractive target acquisitions to diversify beyond
Greece and the United States. As the share price did not react significantly to
the deterioration of prospects in the medium-term, he sold his shares in the
company.
In August and September, he sold his position in Lennar. Lennar is one of the
biggest real estate constructers in the United States. Since homebuilding in the
United States has slumped and as it could take several years for prices and
activity to adjust, construction companies will have trouble finding
satisfactory profitability and are in danger of seeing the collapse of their
equity which is substantially invested in land and other real estate.
The fund manager also sold his position in McGraw Hill (gradually over the
second half of the year). In the last few years, the owner of the rating agency
Standard & Poor's has derived huge benefit from the explosion in structured
products. If the sub-prime crisis spreads to other segments of the credit
market, securitisation of all kinds of loans could slow in the next few years,
especially as the rapid and sizeable downgrading of the rating of certain
securities significantly affected the credibility of the major rating agencies.
Gannett's position was reduced from 4% to 1% over the year due to the loss of
the company's competitive advantage in light of the ascendancy of online
advertising steadily taking market share from traditional newspapers.
In September, the position of Vinci was reduced from 7% to 4%. The French group
has considerably shifted its portfolio of activity in recent years, becoming one
of the leading players in concessions in Europe. This repositioning has been
accompanied by a sharp increase in the share price since 2003. Even though the
results of the company remain on a favourable path, the manager has reduced the
stock's weight because of lower stock market potential in the future following
the group's major revaluation since 2003.
In December, the position of Berkshire Hathaway was reduced from 6% to 3% due to
the favourable performance of the share. Following the financial turbulence,
investors sought less risky investments, which benefited Berkshire due to Warren
Buffett's credibility and its strong cash position (representing nearly a
quarter of its portfolio). Substantial outpeformance led the manager to reduce
the position.
In December, the position in HSBC was reduced from 5% to 2.5%. The reduction in
HSBC was explained by the poor outlook for banks in 2008. Given the weakness of
financial stocks in the last few months, the HSBC share has held up relatively
well. The share is now trading at 11 times estimated profits for 2007, while
many major international banks are posting considerably weaker valuation
multiples. Because of uncertainties over the valuation of complex financial
instruments created in recent years and the risks of recession in the United
States and the UK (regions in which HSBC has considerable exposure), the
potential for the company's profitable growth and increase in valuation
multiples seems limited.
At the end of the year, the fund was 90% invested in equities and 10% in cash.
Exposure to the US dollar was 80% hedged throughout 2007.
Outlook
The outlook for the European stock markets is poor. Company profits will come
under pressure due to the slowdown in the global economic situation and the high
level of profit margins. Valuation multiples are not expected to increase given
the uncertainties over the valuation of complex financial products created in
recent years. In this environment, the manager is continuing to focus on the
quality of selected companies and he favours organisations that he believes have
limited sensitivity to economic cycles.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities America
In 2007 in the United States, the stock market was dominated by the real estate
crisis and the bursting of the mortgage lending financial bubble, leading to
considerable divergence between the performance of different market sectors. The
energy, commodities, industry and technology sectors recorded the best
performance. Companies in these sectors profited from their exposure to
international markets, the weakness of the dollar and the continuing rise in raw
materials prices. In addition, thanks to the good quality of the balance sheet
of many of these companies, operating activities were not affected by the
harsher credit environment. On the other hand, financial and cyclical consumer
stocks performed markedly below par.
The objective of the BL-Equities America fund is to invest in companies with
promising growth prospects that generate high free cash flow as well as having
an attractive valuation. The BL-Equities America investment philosophy is based
on the concept of “business-like investing”, a more comprehensive and extensive
approach than “value investing”. By analysing companies according to this
concept, the fund manager has grouped his investments into 3 categories:
“Established Value”, “Consistent Earners” and “Growing Franchises”.
He has made the following adjustments to his investment portfolio:
In the industry sector, he took a position in the industrial conglomerate 3M.
The appointment of a new CEO and the development of a new growth strategy based
on new product designs and more pronounced geographic diversification offer
attractive growth prospects. The fund manager also invested in the leader in
international express transport, FedEX. Its logistics market is built on a
distribution network that is impossible to duplicate so it offers attractive
prospects for future years. His investment in Corporate Executive Board, which
provides “best practice” research to company heads, is based on its unique
positioning in its industry.
In infrastructure, he invested in Thomas & Betts, KBR, General Cable and Joy
Global. The investment case for these companies lies mainly in the process of
industrialisation of the Non-G7 countries. This growth cycle, spanning several
years, is driving a strong increase in demand and pushing up prices for raw
materials, energy and construction products. In addition, after many years of
under-investment, modernisation of the infrastructure network in the United
States will require substantial investments over the next decade.
In technology and IT services, the manager invested in Checkfree and Amdocs,
suppliers of billing software. Checkfree is the undisputed leader in online
invoice payment. Its competitive advantage and excellent free cash flow
generation were recognised by the financial services group Fiserv which acquired
Checkfree during the year. He also took a position in Global Payments which
offers services and solutions for payment processing and fund transfers.
Generating the majority of its revenues in the United States, Global Payments is
continuing to systematically develop its franchise by increasing its presence in
other areas of the world such as Eastern Europe and Asia.
In the financial sector, the manager invested in the asset manager Legg Mason.
Following the acquisition of the Citigroup Asset Management business in 2005,
Legg Mason had around 1,000 billion dollars of assets under management. The
impact of the financial crisis in the United States, difficulties in integrating
Citigroup's products and the search for a successor for Chip Mason have made the
group's valuation very attractive.
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REPORT OF THE BOARD OF DIRECTORS (continued)
Other investments were made in Thermo Fisher Scientific and Best Buy. Over the
last 20 years, Best Buy has been established as a leader in distribution of the
latest electronic products in the United States. With an innovative sales
approach and unique service quality, the company has built up competitive
advantage over its competitors. At the same time, Best Buy has succeeded in
generating a return on capital employed that far exceeds its cost of capital.
On the disposal side, the fund manager sold his positions in Realogy, Biomet,
CDW Corp. and Hydril which were either bought by competitors or private equity
groups.
Most of the other sales were linked to the real estate crisis and its impact on
consumer spending in the United States. The subprime crisis had a seriously
detrimental impact on the operational environment of many companies in the
retail and financial sector. As a result, he got out of Jackson Hewitt, Pulte
Homes, Lennar, Gannett, Timberland, Masco, Diebold, Borders and Washington
Mutual. During the year, he also took a position in the drinking water and waste
water distribution systems equipment supplier Mueller Water Products but, as a
result of the real estate crisis, the fundamentals of this company also
deteriorated significantly and he sold the share.
The investments of the fund manager in Ingersoll Rand, Kraft, Oracle, Deere and
Commscope were sold for valuation reasons.
Outlook
The outlook for the US stock market in 2008 is poor. Corporate profits will
probably come under pressure from the slowdown in US consumption. Valuation
multiples are unlikely to increase due to the uncertainties over the valuation
of the complex financial products created in recent years. In this environment,
the fund manager is continuing to focus on the quality of the companies he
selects and to favour companies that he considers have limited sensitivity to
economic cycles.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities Europe
BL-Equities Europe invests in companies that are building and developing unique
differentiation factors. This competitive advantage is generally a guarantee of
good operational profitability and a healthy financial situation. The
investments are made when the company's stock market valuation offers an
attractive discount against our estimate of the company's intrinsic value. Our
process reflects a long-term investment horizon but, ideally, the fund manager
invests at a time when the company's return on capital employed is high and/or
increasing.
The portfolio's structure did not change fundamentally in 2007. It was far
removed from that of its benchmark with high exposure in consumer, chemical and
industrial companies and under-exposure in pharmaceuticals, telecommunications,
technology and financials. The portfolio remained relatively concentrated, with
the top 20 positions (out of 50-55) representing 60% of the portfolio all year.
Of the companies that were the top 20 positions in the portfolio at the start of
the year, the fund manager sold Royal Bank of Scotland and HSBC, as these two
banks, highly exposed to the UK and US markets, are likely to suffer from the
economic slowdown expected in these two regions and will have to deal with the
repercussions of the financial crisis triggered by the US sub-prime crisis. At
the same time, he considerably reduced the position in Persimmon, the leading
residential housebuilder in the UK, during the year because of the slowdown on
the British property market after many years of feasting. His investment in
Sanofi-Aventis was sold following the setback for Acomplia which was not
approved by the Food and Drug Administration (FDA) in the United States. His
investment case, partially resting on the success of this drug against obesity,
was nullified. He also cashed in his investment in Henkel, as the stock market
valuation of the German household product group reached his sell target.
Among the portfolio's major investments, the fund manager also sold the shares
he held in ABN Amro and Endesa in the context of the takeover bids on these
companies, respectively by a consortium led by the Royal Bank of Scotland and by
Acciona-Enel, at a good price.
Three new investments taken on during the year figured among the top 20 in the
portfolio. He invested in Continental, which has a big franchise in the
automobile sector, specifically tyres and vehicle electronic systems.
Continental presents two considerations that underpin our investment case: on
the one hand, activity is driven by the growing penetration of electronic
equipment in vehicles. On this market, in which the German group has frequently
played a pioneering role, Continental is well able to extend its franchise by
becoming established as world leader, particularly in chassis control systems
and passive security in the early stages of their development. On the other
hand, given its recurrent cash flow generation and balance sheet cash surpluses,
Continental will be able pursue its strategy of acquisitions of electronic
systems units from integrated businesses. Continental's unique integration
capacity and management standards should enable it to increase the profitability
of activities thus acquired.
The fund manager has taken a holding in Swedish Match, a player heavily weighted
on the non- cigarette tobacco market. The company has a portfolio of leading
brands on very niche markets for snuff, chewing tobacco, pipe tobacco and
cigars. As is the case for cigarettes, brand loyalty and recurrent demand
generate high return on equity. The possibility of an expansion of the market
addressable by Swedish Match cannot be excluded. This could happen if the ban on
the sale of snuff in Europe were lifted.
26
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
The fund manager invested in Hypo Real Estate, the second-largest European
operator on the commercial property financing market. Its activity is based
principally in Europe and the United States, but Asia is in a process of
expansion within its portfolio of activities, ensuring complementary
diversification of the asset base. Hypo focuses its activity on major financing
projects with professional investors (commercial and public sector). Our
investment thesis is based on the capacity of the management to continue to
improve its return on equity, while maintaining the pace of generating new
contracts by the development of its off balance sheet activity (securitisation
and syndication), as well as by market share gains in the growing activity of
infrastructure financing (e.g. for petroleum infrastructures) and public-private
partnerships (e.g. roads and airports) with the new “Asset Finance” division.
Among smaller positions (those held up to 2%), we sold four investments. BHP
Billiton, SES and Rieter Holding were sold as their valuation had reached our
sales objective, while British newspaper publisher, Johnston Press, was sold due
to the increasing competition from on-line advertising which is gaining market
share.
We also sold the shares that we held in Euronext and Kaufman & Broad. These two
groups were the subject of takeovers, by the Nyse Group and PAI Partners.
At the same time, we initiated a certain number of positions with a portfolio
weighting of less than 2%. Southern Cross Healthcare is the biggest operator of
retirement homes in Great Britain, controlling 7% of the offer on a very
fragmented market with structurally high growth potential. Southern Cross
Healthcare could benefit from good projections for its activity and costs as
well as potential to increase its operating margins.
Intertek, along with the Swiss company SGS and the French company Bureau
Veritas, dominates the market for analysis, control and certification of
products, raw materials and systems. Together they hold aggregate market share
of 25%. Although correlated to the global economic situation, the markets on
which Intertek operates are driven by key structural factors that will boost the
company's growth. Intertek has a worldwide network of offices and laboratories
and expertise that enables it to forge close links with its clients, thus
constituting sizeable entry barriers.
Bodycote is the European leader in technologies and services for heat treatments
and metallurgical isostatic pressing. These are expanding in services for
product analysis, verification and certification, especially for materials,
engineering and health. As world leader in heat treatments (enabling the quality
or performance of metals to be strengthened), Bodycote is a critical link in the
supply chain for a number of industries such as aeronautics, engineering,
construction and electronics.
Pfeiffer Vacuum, a modest-sized German company, is world leader in vacuum
technologies. The company designs, produces and markets different types of pumps
to create a vacuum in a given environment. Its product range includes complex
systems as well as individual components. Apart from 100 years of expertise,
which underpins the reputation of its products for quality, Pfeiffer Vacuum
offers a competitive advantage through the quality of its service division
(geographic coverage, client accessibility, and quick response), which enables
the company to respond instantly to a client in the event of any of its
equipment failing. This is absolutely vital to avoid halting a production chain
and is highly valued by clients.
The French company Neopost is European leader in postroom and logistics systems
equipment. It covers a full range of personalised solutions for post handling
and management. The group is developing in a market with a low risk of new
entrants. Neopost's profile is steadily rising, due particularly to the size of
its installed base, towards a services business with nearly 60% of its revenues
being recurrent (after-sales services, consumables) and that have higher margins
than equipment. Over the next few years, Neopost should benefit from the
regulatory transition to digital in 2008 in the United States and the
deregulation of the postal services market in Europe.
27
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
Saipem is one of the major suppliers of turnkey projects for the energy sector
(oil and gas). Its range of services covers drilling activities, onshore
(refineries, pipelines, storage terminals and transport) and offshore
(production platforms, subsea-surface connections). This Italian group has very
solid capacities for the engineering and execution of its projects. It has a
particular niche in isolated projects, in deepwater and ultra deepwater
environments and in gas. Demand for oil and gas infrastructures is in a long
cycle due to the rationalisation of investments during the 1990s. This
rationalisation came about after significant production overcapacities and the
emergence of new vectors of demand, in this case coming from countries seeing
burgeoning economic growth and as yet consuming small amounts of oil derivatives
per capita (China, India). To meet its sizeable order book, Saipem has embarked
on an investment programme to massively expand its new capacity, which will
double its invested capital by 2010 compared to 2000-2005. The group's
operational result should increase sharply and generate a higher return on
capital employed than in the early 2000s.
Petroleum Geo-Services has a strong franchise providing geophysical services for
the oil industry. The Group offers seismic analysis (offshore and onshore) for
oil companies to enable them to identify new reserves of oil/gas and understand
more about the structure of their production reservoirs. PGS is one of the
world's three biggest players on this market, at the cutting edge of technology.
It has a dominant position in offshore because of its excellent quality and the
competitive advantage generated by the wealth of its database. The industry has
seen a spate of new entrants in recent years due to the increase in volumes of
activity and prices. This new competitiveness does not threaten the
profitability of companies with command over the technical challenges of their
activity - the increase of the industry offer (by new entrants and existing
players) is more than absorbed by the greater demand, as this market segment is
seeing sustained demand, relatively little correlated to the price of oil, in
both the upstream and downstream oil and gas production chain.
The portfolio's performance over the whole year came in slightly below the Dow
Jones 600 due to our exposure to certain banking and construction stocks.
Nevertheless, overall, the majority of our investments posted favourable growth.
Outlook
The outlook for the European markets is poor. Companies' return on equity is at
an all-time high, probably indicating the top of the cycle. Company profits will
come under pressure due to the downturn in the economic situation in the United
States and in many European countries. At best, emerging markets will only be
able to marginally shore up European export activity. Valuation multiples are
not expected to increase strongly given the risk premium required in the current
climate of financial uncertainty. In this environment, we are continuing to
focus on the quality of selected companies and we favour organisations that we
believe have limited sensitivity to economic cycles.
28
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities Dividend
This fund was launched in November. The particularly uncertain macroeconomic and
financial environment prompted the fund manager to keep the cash portion high
(36.5% at end of December). This cash will be gradually invested by taking
advantage of any share price weaknesses on the companies selected.
At the end of December, the fund was split between the three categories of
companies as follows:
pay-out ratio > 70%: 31.5%
pay-out ratio between 40% and 70%: 16.5%
pay-out ratio > 40%: 15.5%
The fund's average net dividend yield is approx. 3.8%.
Outlook
The fund manager will remain open to changes in the portfolio's composition
depending on opportunities offered by economic developments and the relative
valuations of the various asset classes.
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REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities FoF Asia
2007 was another very good vintage for the Asian stock markets, despite
liquidity problems generated by the US sub-prime crisis. Investors continued to
acclaim the good health of companies which is reflected in their low debt levels
and excellent profitability. So, after four years of rises, even though they can
no longer be characterised as “cheap”, Asian stocks seem reasonable to us with
an average price/earnings ratio of around 15.5 for 2007. Chinese stocks quoted
in Hong Kong continued to attract investors who were counting on the opening of
international markets to the Chinese, via the QDII (Qualified Domestic
Institutional Investors) programme. Meanwhile, the Indian market benefited from
its relatively low exposure to the world economy given that only 15% of Indian
GDP is destined for export.
In terms of performance, once again it was the stock markets of the major
countries that did best with respective rises of 67%, 58% and 50% for the
Indian, Chinese and Indonesian stock markets.
Asian currencies continued to appreciate against the dollar except for the
Indonesian rupee that was devalued against it by nearly 4%.
Over the year, the fund manager favoured ASEAN markets for the portfolio, with
overweighting in Thailand and Malaysia in particular. He also replaced Fidelity
ASEAN by CAAM ASEAN New Market, in order to profit from its exposure to Vietnam.
And he initiated positions in Invesco Asia Infrastructure and GAM Star Asia.
Outlook
After 5 years of rises, the Asian stock markets could mark time in 2008, in the
wake of a slowdown or even recession in the United States. Even though these
countries are more sound than they used to be and are starting to free
themselves from dependence on exports for their economic growth, it still seems
fairly unlikely that as far as stock market activity is concerned, they would
manage to decouple from western stock markets as they are still very dependent
on attracting inward investment from investors in rich countries.
30
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Equities FoF Japan
Uncertainties surrounding the United States real estate crisis and domestic
economic indicators continued to weigh on the Japanese stock market, while the
political turbulence following the early departure of Prime Minister Abe did
nothing to boost investors' confidence.
Inflation is still below target and, in this difficult environment, the Bank of
Japan (BoJ) maintained interest rates at 0.5%, unchanged since February 2007.
Despite a weak currency and near-zero interest rates, Japan's domestic
consumption failed to rally. Wages are stagnating and company profits have not
yet translated into household spending. The labour market even dipped slightly
in 2007.
Apart from a few sectors such as commodities and maritime transport, it was hard
to find a refuge in Japanese stocks. Exporting companies were hit by fears
related to US consumption and the strength of the yen during the correction
phases. Meanwhile, companies with substantial exposure to the domestic market
continued to suffer from stagnation of national demand.
Over the year, the Topix index fell 11.3% (in yen). Generally, the major
exporters posted better performance than smaller players focusing on internal
demand: the Topix 100 index was down -10.7% compared with -15.3% for the Topix
Small. In terms of currencies, the yen remained weak against the euro and lost
nearly 3.8% in 2007.
In the second quarter, a new fund, Metzler Japanese Equity, was selected for the
“core portfolio” segment. The manager reduced the more opportunist segment of
the portfolio, through the sale of the Invesco Japanese Equity and JF Japan
funds, in order to increase the more defensive segment. Exposure to small and
medium caps was gradually increased following the major corrections of 2006 and
continued weakness in 2007. This predominantly national positioning detracted
from performance. The cash portion was maintained above 5% and was reduced
towards the end of the year.
Outlook
After strong corrections on the Japanese market, in absolute and relative terms,
valuations were reasonable and equity returns again exceeded bond yields, a
strong buy sign for Japanese equities in the past. On the other hand, if
domestic consumption remains low, a deterioration in the global economic
situation could have damaging consequences for Japan.
31
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Bond Euro
The bond markets had a very volatile year in 2007. The German 10-year benchmark
yield went from 3.95% at the start of the year to 4.67% in July, before closing
the year at 4.31%. The fallout from the subprime sector gradually spread across
the entire financial sphere: interbank rates, money markets, corporate and
high-yield bonds, and structured products all suffered the adverse impact of a
sharp increase in aversion to risk. The ECB was prompted to make a number of
cash injections into the system and called time on its cycle of raising interest
rates.
In mid-June, the manager decided to significantly increase the fund's
sensitivity to interest rate fluctuations to 6.92, which was 20% above its
benchmark index. After the fall in yields, which prompted the fund's
outperformance, he then gradually reduced it to 6, the same level as the
benchmark index.
Outlook
Pressure on European economic growth should continue to be reflected in the
statistics. The ECB is still torn between inflationary risks and the need to
adopt a more accommodating monetary policy. The appreciation of the euro will
help limit inflationary pressures but it will also hamper European
competitiveness.
32
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Bond Dollar
The 10-year US bond yield was down from 4.70% at the start of the year to 4.03%
at 31 December. In a context of defiance versus the fallout in the subprime
sector, US treasury notes benefited from a flight to quality. During the year,
the fund manager saw a series of cash injections to offset the rampant crisis on
the interbank rate market in particular. The Federal Reserve cut its key
interest rates by 100 basis points to 4.25%.
The sensitivity of the BL-Bond Dollar to interest rate fluctuations was
increased to 6.80 in the second quarter (in line with that of its benchmark
index).
Outlook
The markets gradually shifted their attention from the subprime crisis to a
probable US recession. But as the bad news for the economy has already been
factored into current prices, the fund manager is no longer expecting US
Treasury bonds to post a particularly noteworthy performance.
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Short Term Euro
2007 was a year of contrasts on the credit
markets:
• The first half of the year was characterised by tightening credit spreads and
a
buoyant primary
market (new issues).
• The second half saw an abrupt about-turn as the subprime crisis broke out in
the
US. As depreciated
assets in the of crisis, aversion and was
sharp
widening of credit spreads in all the asset classes held by
the fund.
In 2007, the European Central Bank pursued its monetary tightening raising
interest rates by 50 basis points to 4%. Rising inflation, growth in the M3
money supply, and risks linked to rising oil prices prompted the ECB to pursue
its monetary tightening at the start of the year.
Outlook
We expect some volatility to persist in January (most of the US banks will be
publishing their results). The fund should see gains from coupons (indexed on
the EURIBOR+spread), currently offering 5%. We expect that the fall-out from
widening credit spreads will gradually be reversed, which should drive the
fund's positive performance. We have also reviewed the portfolio's composition
and are selling off the investments we consider volatile and exposed to
degradation in order to reduce NAV volatility.
34
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Short Term Dollar
Risk aversion mounted over the year sparked by the subprime crisis: some of the
consequences include significant losses announced by the main financial
institutions and the broad economic slowdown.
After raising interest rates four times in a row, the Fed cut its Fed funds rate
by 1% over the year.
Outlook
We expect that the fall-out from widening credit spreads will gradually be
reversed, which should drive the fund's positive performance. The fund is also
expected to benefit from the steepening of the money-market curve and the
resulting increase in coupons (indexed on the LIBOR rate+spread). We have also
reviewed the portfolio's composition and are selling off the investments we
consider volatile and exposed to degradation in order to reduce NAV volatility.
35
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Global Flexible
After posting favourable performance in the first half of the year, the main
stock market indexes dropped back during the second half. Among the main asset
classes, only emerging countries ended the year with performance above 10%. The
weakest stock market was - as in 2006 - the Japanese market, which fell by over
10%.
For the second year in succession, bond market performance was disappointing.
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency
markets, the euro appreciated against most of the major international
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%
and 4% respectively against the euro.
During the year, the weighting of equities oscillated between 60% and 65% in the
first half of the year. In the second half, exposure to equities was
progressively hedged through the sale of Futures to keep pace with revelations
of the extent of the sub-prime crisis in the United States and as its
repercussions on the financial system became increasingly apparent. At the end
of December, net exposure to equities stood at 35%. The weightings of the US and
European stock markets were reduced during the year in favour of Asian markets.
Hedging of assets in dollars was reduced from 80% to 60% at the start of the
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.
In the bond portion, the rise in long-term interest rates in the first months of
the year was used to slightly increase the weighting of bonds. The fixed-income
portfolio is composed of 60% government bonds and 40% high-grade corporate bonds
(KPN and Bayer).
Having been reduced during the first half, the hedging of dollar-denominated
assets was again increased to around 66% at the beginning of September, since
the US authorities determination to stimulate their economy is not helping the
appreciation of their currency. Currencies other than the dollar are not hedged.
Outlook
The manager will continue to adapt the composition of the portfolio based on an
analysis of the economic environment and the relative valuation of the different
asset classes.
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SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Optinvest (Euro)
The bond markets have had a very volatile year. The benchmark German 10-year
bond went up from 3.95% at the start of the year to 4.67% in July before closing
the year at 4.31%. The fallout from the sub-prime sector progressively spread
across the financial sphere: interbank rates, money markets and corporate bonds
as well as high-yield bonds and structured products all suffered the full
backlash of aversion to risk. The ECB was forced to make several cash injections
into the system and called a halt to its policy of raising its key interest
rates.
When the BL-Optinvest (Euro) fund was launched in August 2007, the manager
decided to implement high sensitivity to interest rate movements. The adjusted
duration was thus raised to 6.6, 10% above that of its benchmark index.
Subsequently, the manager took profits on the longest maturities. The exposure
of BL-Optinvest (Euro) remains exclusively in sovereign bonds from eurozone
issuers. At 6.0, its sensitivity is now in line with that of its benchmark
index.
Since its launch on 2 August 2007, BL-Optinvest (Euro) has recorded performance
of +1.77%.
37
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Emerging Markets
This fund was launched in November. The particularly uncertain macroeconomic and
financial environment prompted the fund manager to restrict his allocation to
46% equities, against the neutral allocation of 75%. The 22% investment in bonds
was however close to the benchmark allocation of 25%.
In equities, the funds/direct line allocation is currently 29%/71%. The
geographical allocation is 34.5% for Asia, 6.5% for Latin America and 5% for
Eastern Europe. The equity part will be gradually increased by taking advantage
of any weaknesses on the emerging markets.
On the bond side, most investments (17.5%) were on euro-denominated government
bonds, while awaiting the best opportunities on local currency bonds.
Outlook
The fund manager will remain open to changes in the portfolio's composition
depending on opportunities offered by economic developments and the relative
valuations of the various asset classes.
38
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
BL-Kingfisher FoF
MARKET REVIEW:
The bursting of the United States real estate bubble, a major cash crisis on the
financial markets, the soaring price of oil… The global economy was sorely
tested in 2007. Despite the fact that these shocks took place in a favourable
environment (European household consumption was sustained by the net fall in
unemployment, low corporate debt and very high profit margins), the economic
prospects have deteriorated considerably since the summer. The highly indebted
American consumer suffered the full force of the erosion of their purchasing
power as the price of petrol and food products shot up. At the same time, the
banks sharply reduced the volumes of credit they granted, so much so that the
risk of a more pronounced slowdown in the world's leading economy increased
dramatically. In Europe, the economic slowdown has so far been less marked, even
though the European Central Bank's monetary tightening that began at the end of
2005 and the appreciation of the euro against the dollar have started to weigh
on growth in the old continent. Meanwhile, the emerging markets have continued
to post high growth rates.
The benchmark German 10-year bond went up from 3.95% at the start of the year to
4.67% in July before closing the year at 4.31%. The fallout from the sub-prime
sector progressively spread across the financial sphere: interbank rates, money
markets and corporate bonds as well as high-yield bonds and structured products
all suffered the full backlash of aversion to risk. The ECB was forced to make
several cash injections into the system and called a halt to its policy of
raising its key interest rates. Meanwhile, the Federal Reserve proceeded to cut
interest rates by 100 basis points to 4.25%.
REVIEW OF THE PORTFOLIOS:
All sub-funds:
Equities versus bonds/cash allocation:
The manager maintained a prudent bias throughout the year. While the portfolio
was slightly underweight in equities in the first three quarters of 2007, the
portfolios became much more defensive during the 4th quarter, so that at the end
of the year the weightings in the various portfolios were as follows:
BL-Kingfisher FoF Equities: Equities: 89%, Cash 11% BL-Kingfisher FoF 75:
Equities 68%, Bonds 23%, Cash 9% (neutral allocation 75% equities) BL-Kingfisher
FoF 50: Equities 49.5%, Bonds 43%, Cash 7.5% (neutral allocation 55% equities)
BL-Kingfisher FoF 30: Equities 27%, Bonds 67%, Cash 6% (neutral allocation 30%
equities)
Equities segment:
While the strong weighting on the Asia zone was particularly beneficial, the
decision to be defensive in terms of fund selection in the first part of the
year deprived the portfolio of some of the excellent performance of these
markets. The position on Japan, whose benchmark index, Topix, recorded
performance (in euros) of -14% had a negative impact. As for the two biggest
asset classes represented in the portfolio, Europe and the USA, their
performance was lacklustre. The "value" funds in the portfolio, even though
their under-weighting was increased throughout the year, were affected by the
sub-prime crisis - this type of fund has a structurally strong bias on the
financial sector that was hit hard from the summer onwards. Moreover, 2007 was a
year of transition in which, after several years of strong outperformance, small
caps and the "value" management style fell out of investor favour, while large
caps and the "growth" style started to return to front of stage. Moreover, 2007
was a transitional year in which, after a number of years of strong
outperformance, small market caps and
39
BL
SICAV with multiple Sub-Funds
REPORT OF THE BOARD OF DIRECTORS (continued)
"value" management fell out of investor favour. The manager took this shift into
account within the portfolio. Accordingly, the GAM Star European Systematic
Value, JPM European Strategic Value, and JPM Europe Small Caps funds, which were
among the biggest positions at the start of the year in the Equities Europe
segment, were sold during the year. The same was true for UBAM Neuberger Berman
US Equity Value in the US segment.
Only for mixed funds:
Bond segment:
When the German 10-year Bund yield reached 4.66 in June, the manager adjusted
the duration to 7.2 (which was 20% above the benchmark), a movement that turned
out to be positive. At the end of October, the German 10-year bond yield stood
at 4.24%. Following this relaxation, bond yields were, according to the
estimates of BLFRAM bond analysts, at their “fair value”. In the current
economic context, government bonds therefore offer real diversification and
stabilisation for mixed portfolios and constitute a hedge against bad economic
news that could have a negative effect on the equity markets.
Outlook
Asset allocation
The announcement of major provisions by the majority of leading banking
establishments, the continuing decline in real estate prices in the United
States and uncertainties over the impact of the sub-prime crisis on economic
activity led to a correction on the stock markets. In the recent correction, the
asset classes that had escaped the stock market weakness in August, such as
technology stocks and emerging market equities, were not spared. The stock
market environment is likely to remain difficult in the coming months. However,
the abundance of cash and attractive company valuations could mitigate these
uncertain prospects. With poorer short-term prospects, the portfolio will be
positioned defensively for the start of the year 2008.
Target funds
In 2007, it was very difficult for opportunist managers to outperform their
index and quantitative managements had a hard time in a very volatile
environment. The manager has always favoured conviction managers faithful to
their own investment philosophy and who have established a methodology and a
precise and appropriate management process. The manager will adopt the same
approach for 2008. The core of the portfolio will continue to be composed of
sound funds with exemplary performance history. The manager will give greater
weight to thematic investments in order to be more directly exposed to secular
trends which he believes offer good long-term prospects. And she will not
hesitate to respond to opportunities that open up on the stock market.
The Board of Directors draws the attention of the shareholders to the fact that
the statements and opinions contained in the independent auditor's report
regarding the responsibility of the Board of Directors, solely bind the
independent auditor.
The responsibility of the Board of Directors is determined by law. The Board of
Directors is responsible for the true preparation and presentation of the annual
accounts in accordance with European Directives as implemented into Luxembourg
law.
The Board of Directors considers that it has fully complied with these
obligations.
Luxembourg, the 7th April 2008 The Board of Directors
Note: The information in this report represents historical data and is not an
indication of future results.
40
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SICAV with multiple Sub-Funds
INDEPENDENT AUDITOR'S REPORT
To the Shareholders of
BL
Following our appointment by the General Meeting of the Shareholders dated 24th
May 2007, we have audited the accompanying financial statements of BL and of
each of its sub-funds, which comprise the statement of net assets and the
statement of investments and other net assets as at 31st December 2007 and the
statement of operations and other changes in net assets for the year then ended,
and a summary of significant accounting policies and other explanatory notes to
the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial
statements
The Board of Directors of the SICAV is responsible for the preparation and fair
presentation of these financial statements in accordance with Luxembourg legal
and regulatory requirements relating to the preparation of the financial
statements. This responsibility includes: designing, implementing and
maintaining internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to
fraud or error; selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d'Entreprises
Our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit in accordance with International Standards
on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those
standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected
depend on the judgment of the Réviseur d'Entreprises, including the assessment
of the risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the Réviseur d'Entreprises
considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control.
41
BL
SICAV with multiple Sub-Funds
INDEPENDENT AUDITOR'S REPORT (continued)
An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by the Board of
Directors of the SICAV, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the
financial position of BL and of each of its sub-funds as of 31st December 2007,
and of the results of their operations and changes in their net assets for the
year then ended in accordance with Luxembourg legal and regulatory requirements
relating to the preparation of the financial statements.
Without calling into question our opinion, we draw your attention to the
contents of the note 1 a) of the financial statements relating to the evaluation
of certain assets. This note expounds that without liquid market these assets
are valued with their fair value estimated on the basis of mathematical models
or others alternatives methods of evaluation. These assets represent 39.21% of
the nets assets of the sub-fund BL-Short Term Dollar and 38.35% of the nets
assets of the sub-fund BL-Short Term Euro of BL SICAV as at 31st December 2007.
Other matter
Supplementary information included in the annual report has been reviewed in the
context of our mandate but has not been subject to specific audit procedures
carried out in accordance with the standards described above. Consequently, we
express no opinion on such information. However, we have no observation to make
concerning such information in the context of the financial statements taken as
a whole.
Luxembourg, the 7th April 2008 KPMG Audit S.à r.l.
Réviseurs d'Entreprises
John Li Patrice Perichon
42
BL
SICAV with multiple Sub-Funds
CONSOLIDATED STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 4,355,935,412.22
Deposits on futures contracts 9,336,385.12
Cash at banks 431,646,599.48
Formation expenses, net 48,352.76
Margins receivable 1,784,616.37
Receivable on issues of shares 878,190.21
Income receivable on portfolio 32,724,971.48
Interest receivable on financial instruments 13,280.00
Interest receivable on bank accounts 1,409,375.11
Unrealised gain on swap contracts 138,714.50
Unrealised gain on foreign exchange contracts 11,473,964.49
Prepaid expenses 4,794.63
Total assets 4,845,394,656.37
LIABILITIES
Bank liabilities 448,651.12
Commitment on repurchase and "repo" contracts 168,745,874.39
Payable on redemptions of shares 156,983.91
Interest payable on financial instruments 614,358.12
Unrealised loss on futures contracts 1,614,796.73
Unrealised loss on foreign exchange contracts 41,292.60
Accrued capital gain taxes 669,603.85
Expenses payable 11,713,836.87
Total liabilities 184,005,397.59
NET ASSETS at the end of the year 4,661,389,258.78
The accompanying notes are an integral part of these financial statements.
43
BL
SICAV with multiple Sub-Funds
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN
NET ASSETS from 1st January 2007 to 31st December 2007
(in EUR)
INCOME
Dividends, net 31,294,901.70
Interest on bonds and other debt securities, net 91,535,311.57
Interest on bank accounts
13,922,460.79
Interest on financial instruments 241,286.24
Received commissions 6,542,298.38
Other income 538,946.48
Total income 144,075,205.16
EXPENSES
Management fees 40,005,035.44
Custodian fees 4,968,352.53
Banking charges and other fees 1,206,933.05
Transaction fees 32,670.63
Central administration costs 1,499,948.54
Audit and supervisory fees 112,187.69
Other administration costs 693,043.39
Subscription duty ("taxe d'abonnement") 1,554,960.05
Other taxes 8,591.22
Interest paid on bank liabilities 137,137.48
Interest paid on financial instruments 5,695,426.97
Other expenses 385,192.57
Total expenses 56,299,479.56
NET INVESTMENT INCOME 87,775,725.60
NET REALISED GAIN/(LOSS)
- on portfolio 195,071,725.21
- on options 34,600.00
- on financial instruments -738,385.50
- on foreign exchange contracts 20,091,995.92
- on foreign exchange -2,989,934.33
REALISED RESULT 299,245,726.90
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -194,403,951.04
- on financial instruments -1,558,319.73
- on foreign exchange contracts 8,855,093.70
RESULT OF OPERATIONS 112,138,549.83
Dividends paid -3,277,372.30
Reinvestments 1,326.47
Subscriptions 1,465,898,240.15
Redemptions -1,883,617,009.50
TOTAL CHANGES IN NET ASSETS -308,856,265.35
TOTAL NET ASSETS at the beginning of the year 5,049,449,360.41
Revaluation difference -79,203,836.28
TOTAL NET ASSETS at the end of the year 4,661,389,258.78
The accompanying notes are an integral part of these financial statements.
44
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 100,286,959.67
Cash at banks 21,271,219.92
Receivable on issues of shares 8,849.59
Income receivable on portfolio 2,806,744.04
Interest receivable on bank accounts 59,120.78
Unrealised gain on foreign exchange contracts 202,095.17
Prepaid expenses 200.00
Total assets 124,635,189.17
LIABILITIES
Commitment on repurchase and "repo" contracts 20,225,500.00
Interest payable on financial instruments 50,674.21
Expenses payable 175,342.45
Total liabilities 20,451,516.66
NET ASSETS at the end of the year 104,183,672.51
Class A shares outstanding 13,008.676
Net asset value per class A share 308.25
Class B shares outstanding 196,522.669
Net asset value per class B share 509.73
The accompanying notes are an integral part of these financial statements.
45
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Interest on bonds and other debt securities, net 4,842,854.50
Interest on bank accounts
970,440.73
Received commissions 41,313.89
Other income 18,040.28
Total income 5,872,649.40
EXPENSES
Management fees 580,849.05
Custodian fees 116,548.41
Banking charges and other fees 30,607.62
Central administration costs 69,163.93
Audit and supervisory fees 2,496.10
Other administration costs 25,392.50
Subscription duty ("taxe d'abonnement") 54,202.36
Other taxes 87.76
Interest paid on bank liabilities 34.48
Interest paid on financial instruments 660,570.18
Other expenses 10,000.86
Total expenses 1,549,953.25
NET INVESTMENT INCOME 4,322,696.15
NET REALISED GAIN/(LOSS)
- on portfolio 637,973.86
- on foreign exchange contracts -72,202.52
- on foreign exchange -120,587.47
REALISED RESULT 4,767,880.02
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -4,056,586.70
- on foreign exchange contracts 261,891.12
RESULT OF OPERATIONS 973,184.44
Dividends paid -208,633.83
Reinvestments 149.33
Subscriptions 29,837,284.63
Redemptions -69,213,367.81
TOTAL CHANGES IN NET ASSETS -38,611,383.24
TOTAL NET ASSETS at the beginning of the year 142,795,055.75
TOTAL NET ASSETS at the end of the year 104,183,672.51
The accompanying notes are an integral part of these financial statements.
46
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 104,183,672.51
- as at 31.12.2006 142,795,055.75
- as at 31.12.2005 157,308,576.20
Number of class A shares
- outstanding at the beginning of the year 76,397.289
- issued
273.853
- reinvested 0.499
- redeemed -63,662.965
- outstanding at the end of the year 13,008.676
Net asset value per class A share
- highest 321.46
15.03.2007
- lowest 298.67
14.06.2007
- as at 31.12.2007 308.25
- as at 31.12.2006 319.41
- as at 31.12.2005 331.21
Dividends paid
Payment date 15.06.2007
Dividend per share 14.11
Shares outstanding at dividend date 14,786.239
Number of class B shares
- outstanding at the beginning of the year 234,724.433
- issued
59,159.316
- redeemed -97,361.080
- outstanding at the end of the year 196,522.669
Net asset value per class B share
- highest 514.30
20.11.2007
- lowest 493.89
14.06.2007
- as at 31.12.2007 509.73
- as at 31.12.2006 504.39
- as at 31.12.2005 501.40
The accompanying notes are an integral part of these financial statements.
47
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
USD 26,440Julius Baer Multibond SICAV Local 4,076,689.71 4,172,181.84
4.00
Emerging Bond B Cap 4,172,181.84
Total undertakings for collective investment 4,076,689.71
4.00
Bonds
BRL 7,000,000KFW AG 11.75% 06/15.12.14 2,704,175.55 2,760,236.22
2.65
EUR 700,000Belgium 5.5% OLO Ser 40 764,496.93 757,330.00
0.73
02/28.09.17
EUR 4,720,000Brazil 7.375% 05/03.02.15 5,317,484.28 5,124,268.00
4.92
EUR 8,500,000Deutschland 3.25% Ser 05 8,491,893.76 7,951,941.25
7.63
05/04.07.15
EUR 7,500,000Deutschland 3.25% Ser 146 7,305,692.13 7,370,250.00
7.07
05/09.04.10
EUR 3,000,000Deutschland 3.5% Ser 05 2,941,094.13 2,843,716.20
2.73
05/04.01.16
EUR 8,000,000Deutschland 3.5% Ser 148 7,796,586.46 7,863,068.00
7.55
06/08.04.11
EUR 3,900,000Deutschland 3.75% Ser 0302 3,822,052.28 3,822,176.28
3.67
03/04.07.13
EUR 6,000,000Deutschland 4% Ser 05 05/04.01.37 6,244,913.34 5,429,445.60
5.21
EUR 4,700,000Deutschland 5% 02/04.01.12 4,850,300.12 4,844,220.91
4.65
EUR 1,500,000Deutschland 5.25% Ser 00 1,536,663.02 1,541,841.90
1.48
00/04.07.10
EUR 3,400,000Deutschland 6.25% Ser 94 4,357,550.72 4,046,312.80
3.88
94/04.01.24
EUR 4,000,000Deutschland 6.5% Ser 97 4,706,016.77 4,954,366.80
4.76
97/04.07.27
EUR 3,500,000Espana 4.2% 03/30.07.13 3,500,563.32 3,499,335.00
3.36
EUR 5,000,000France 3.75% OAT 05/25.04.21 5,073,599.00 4,615,714.00
4.43
EUR 3,000,000France 4.25% OAT 03/25.04.19 3,148,301.38 2,943,934.80
2.83
EUR 4,250,000France 5.5% OAT 98/25.04.29 4,872,534.94 4,724,914.55
4.54
EUR 2,000,000France VAR OAT Inflation Index 1,748,392.01 1,863,883.00
1.79
07/25.07.40
EUR 3,000,000Italia 4.75% BTP 02/01.02.13 3,134,112.75 3,068,867.70
2.95
EUR 6,500,000Netherlands 5% 01/15.07.11 6,533,519.20 6,681,735.45
6.41
86,145,766.5483,947,322.24
80.59
TRY 5,000,000EIB 0% EMTN Ser 1614/60 1,151,428.18 1,168,566.21
1.12
05/02.03.15
TRY 6,700,000EIB 14% EMTN Sen 06/05.07.16 3,992,792.47 3,941,541.88
3.78
5,144,220.65 5,110,108.09
4.90
Total 93,994,162.7491,817,666.55
88.14
bonds
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
USD 268,100 4,349,780.70
4,297,111.28 4.12
AX 1 AX 1
Total undertakings for collective investment 4,349,780.70
4,297,111.28 4.12
TOTAL INVESTMENTS IN SECURITIES 102,420,633.-
100,286,959.- 96.26
5 7
CASH AT BANKS
21,271,219.92 20.42
OTHER NET ASSETS/(LIABILITIES)
-17,374,507.- -16.68
8
TOTAL
104,183,672.- 100.00
1
The accompanying notes are an integral part of these financial statements.
48
BL
SICAV with multiple Sub-Funds
BL-Global Bond
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Countries and governments 80.59 %
Undertakings for collective investment 8.12 %
International institutions 4.90 %
Diversified financial services 2.65 %
TOTAL 96.26 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Germany 51.28 %
France 13.59 %
Luxembourg (Grand Duchy of) 13.02 %
The Netherlands 6.41 %
Brazil 4.92 %
Spain 3.36 %
Italy 2.95 %
Belgium 0.73 %
TOTAL 96.26 %
The accompanying notes are an integral part of these financial statements.
49
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 105,103,596.12
Cash at banks 2,756,739.82
Receivable on issues of shares 4,326.80
Income receivable on portfolio 3,097,641.47
Interest receivable on bank accounts 13,158.87
Unrealised gain on foreign exchange contracts 379,990.36
Prepaid expenses 200.00
Total assets 111,355,653.44
LIABILITIES
Expenses payable 330,660.81
Total liabilities 330,660.81
NET ASSETS at the end of the year 111,024,992.63
Class A shares outstanding 10,274.256
Net asset value per class A share 694.16
Class B shares outstanding 89,802.042
Net asset value per class B share 1,156.91
The accompanying notes are an integral part of these financial statements.
50
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 628,525.75
Interest on bonds and other debt securities, net 3,628,562.44
Interest on bank accounts
287,511.45
Received commissions 80,161.55
Other income 6,972.98
Total income 4,631,734.17
EXPENSES
Management fees 1,207,522.65
Custodian fees 121,156.88
Banking charges and other fees 33,039.38
Central administration costs 78,446.96
Audit and supervisory fees 2,526.09
Other administration costs 26,094.23
Subscription duty ("taxe d'abonnement") 52,752.87
Other taxes 5.45
Interest paid on bank liabilities 634.59
Interest paid on financial instruments 145,282.07
Other expenses 21,355.12
Total expenses 1,688,816.29
NET INVESTMENT INCOME 2,942,917.88
NET REALISED GAIN/(LOSS)
- on portfolio 4,573,120.94
- on financial instruments 1,311.63
- on foreign exchange contracts 454,551.04
- on foreign exchange -90,982.87
REALISED RESULT 7,880,918.62
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -5,482,613.44
- on foreign exchange contracts 315,613.40
RESULT OF OPERATIONS 2,713,918.58
Dividends paid -440,799.29
Reinvestments -
Subscriptions 22,304,295.04
Redemptions -45,569,723.93
TOTAL CHANGES IN NET ASSETS -20,992,309.60
TOTAL NET ASSETS at the beginning of the year 132,017,302.23
TOTAL NET ASSETS at the end of the year 111,024,992.63
The accompanying notes are an integral part of these financial statements.
51
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 111,024,992.63
- as at 31.12.2006 132,017,302.23
- as at 31.12.2005 128,183,418.90
Number of class A shares
- outstanding at the beginning of the year 17,343.191
- issued
884.242
- redeemed -7,953.177
- outstanding at the end of the year 10,274.256
Net asset value per class A share
- highest 724.42
05.06.2007
- lowest 685.06
21.08.2007
- as at 31.12.2007 694.16
- as at 31.12.2006 704.36
- as at 31.12.2005 701.58
Dividends paid
Payment date 15.06.2007
Dividend per share 24.85
Shares outstanding at dividend date 17,738.402
Number of class B shares
- outstanding at the beginning of the year 105,721.519
- issued
18,791.084
- redeemed -34,710.561
- outstanding at the end of the year 89,802.042
Net asset value per class B share
- highest 1,177.94
30.10.2007
- lowest 1,131.24
11.01.2007
- as at 31.12.2007 1,156.91
- as at 31.12.2006 1,133.18
- as at 31.12.2005 1,092.76
The accompanying notes are an integral part of these financial statements.
52
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 1,300 Geberit AG Reg 131,660.56 121,839.64 0.11
CHF 1,344 Nestlé SA Reg 265,699.61 421,228.23 0.38
CHF 4,586 Novartis AG Reg 174,268.49 171,648.70 0.15
CHF 1,826 Roche Holding AG B de jouis Pref 131,794.43 215,270.48 0.19
CHF 4,300 Schindler Holding AG Partizsch 202,793.53 189,193.49 0.17
CHF 971 Swatch Group AG 82,494.38 199,713.19 0.18
CHF 2,850 Syngenta AG Reg 263,594.00 495,570.61 0.45
CHF 3,790 Synthes Inc 314,779.37 321,173.27 0.29
1,567,084.37 2,135,637.61 1.92
DKK 10,000 TrygVesta A/S 559,203.42 520,284.86 0.47
EUR 8,300 Aalberts Industries NV 124,972.83 110,805.00 0.10
EUR 1,896 Air Liquide SA 93,200.70 192,500.88 0.17
EUR 9,920 Akzo Nobel NV 387,722.17 537,465.60 0.48
EUR 17,300 Anglo Irish Bank Corp Plc 156,083.84 189,262.00 0.17
EUR 2,872 BASF AG 114,527.75 291,249.52 0.26
EUR 17,100 Bank of Ireland Plc 237,357.61 174,933.00 0.16
EUR 9,000 CRH Plc 227,733.47 213,300.00 0.19
EUR 3,600 Continental AG 342,938.35 320,364.00 0.29
EUR 8,100 DSM NV 278,401.46 261,225.00 0.24
EUR 3,202 Deutsche Boerse AG Reg 75,681.64 434,671.50 0.39
EUR 10,230 ENI SpA 138,585.90 256,261.50 0.23
EUR 675 Fortis SA/NV Strip VVPR 32.22 6.75 0.00
EUR 5,438 Heineken NV 173,136.47 240,685.88 0.22
EUR 4,800 Hypo Real Estate Holding AG 240,517.80 173,280.00 0.16
EUR 2,600 National Bank of Greece SA Reg 113,921.10 121,940.00 0.11
EUR 1,000 Neopost SA 100,590.16 70,470.00 0.06
EUR 20,000 Oesterreichische Post AG 569,076.72 479,800.00 0.43
EUR 4,780 Pernod-Ricard 497,272.84 757,152.00 0.68
EUR 3,600 Schneider Electric SA 287,154.59 331,812.00 0.30
EUR 8,500 TNT NV 194,711.38 239,530.00 0.22
EUR 3,316 Total SA 117,784.28 188,083.52 0.17
EUR 13,268 Vinci SA 474,695.95 675,208.52 0.61
EUR 50,000 Wessanen NV 617,247.83 541,500.00 0.49
5,563,347.06 6,801,506.67 6.13
GBP 12,000 Bovis Homes Group Plc 114,586.32 102,487.08 0.09
GBP 27,368 British American Tobacco Plc 277,514.71 734,607.89 0.66
GBP 29,900 Diageo Plc 360,687.17 438,171.59 0.39
GBP 8,665 GlaxoSmithKline Plc 187,148.65 150,475.24 0.14
GBP 4,500 Intertek Group Plc 62,479.45 59,784.13 0.05
GBP 15,400 National Grid Plc 161,350.52 175,366.79 0.16
GBP 12,688 Persimmon Plc 144,971.33 137,775.83 0.12
GBP 9,200 Reckitt Benckiser Group Plc 263,463.91 362,560.26 0.33
GBP 17,100 Southern Cross Healthca Gr Plc 139,442.94 122,862.49 0.11
1,711,645.00 2,284,091.30 2.05
HUF 1,500 MOL Hungarian Oil and Gas Plc Ser A 160,671.70 144,625.78 0.13
SEK 11,300 SKF AB 132,057.10 130,862.53 0.12
SEK 14,000 Swedish Match AB 200,269.10 228,759.56 0.21
332,326.20 359,622.09 0.33
USD 4,700 3M Co 269,446.80 271,954.71 0.24
USD 8,500 Abbott Laboratories 292,544.84 330,798.00 0.30
The accompanying notes are an integral part of these financial statements.
53
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / nominal Description
Cost Market % of
value
value value
total net
assets
USD 4,862 -
153,431.- 251,142.44 0.23
-
7
-
-
-
a
-
-
-
-
p
-
-
c
USD 5,000 -
130,906.- 115,807.01 0.10
-
1
-
-
-
s
-
-
d
USD 9,150 -
341,902.- 328,841.25 0.30
-
6
-
-
-
-
-
-
-
-
-
-
-
h
-
-
s
-
-
c
USD 4,920 -
162,668.- 284,216.11 0.26
-
2
-
-
-
n
-
-
-
-
-
-
-
-
n
&
-
o
USD 2 -
133,694.- 191,900.99 0.17
-
4
-
-
-
-
-
-
e
-
-
-
-
-
-
-
y
-
-
c
A
USD 66 -
160,534.- 210,268.27 0.19
-
1
-
-
-
-
-
-
e
-
-
-
-
-
-
-
y
-
-
c
B
USD 7,500 -
265,127.- 266,685.93 0.24
-
8
-
t
-
-
y
-
o
-
-
c
USD 17,650 -
271,246.- 330,783.72 0.30
-
7
-
-
o
-
-
-
-
-
-
s
-
-
c
USD 6,661 -
259,522.- 282,058.05 0.25
-
4
-
-
-
-
-
-
a
-
o
USD 3,300 -
169,870.- 136,034.82 0.12
-
6
-
-
-
-
-
-
e
-
-
-
-
-
-
-
-
e
-
-
-
-
d
-
o
USD 5,000 -
202,965.- 202,679.27 0.18
-
4
-
-
-
-
-
y
-
-
-
-
-
h
-
-
-
e
-
-
c
USD 3,175 -
64,105.8096,660.94 0.09
-
-
-
-
-
-
n
-
-
d
USD 10,800
222,697.39183,237.56 0.16
USD 7,000 -
154,317.- 189,024.51 0.17
-
1
-
-
-
-
r
-
-
-
d
-
-
-
-
p
-
-
c
USD 15,600
354,995.12358,347.56 0.32
USD 2,000 -
135,369.- 132,902.66 0.12
-
3
-
-
n
-
-
-
p
USD 6,534 -
190,936.- 253,397.72 0.23
-
4
-
-
-
-
n
-
-
-
-
-
-
-
c
-
o
USD 2,000 -
167,514.- 123,246.40 0.11
-
3
-
-
x
-
-
-
p
USD 6,500 -
296,504.- 330,447.79 0.30
-
3
-
-
-
-
l
-
-
-
-
e
-
-
-
p
USD 7,000 -
205,363.- 218,204.07 0.20
-
3
-
-
-
l
-
-
-
-
-
-
-
s
-
-
c
USD 3,000
89,210.4076,603.99 0.07
USD 4,334
164,572.03197,992.67 0.18
USD 12,000 -
381,564.- 217,714.46 0.20
-
8
-
e
-
-
-
-
t
-
-
c
USD 7,200 -
346,075.- 329,901.06 0.30
-
3
-
-
-
-
n
&
-
-
-
-
-
-
n
USD 8,400 -
175,570.- 210,207.07 0.19
-
7
-
-
-
-
n
-
-
-
-
-
-
-
s
-
-
c
USD 8,000 -
309,860.- 364,054.27 0.33
-
5
y
-
-
-
-
-
l
-
-
c
USD 12,000
249,173.29319,227.50 0.29
USD 9,250
346,558.90332,875.45 0.30
USD 5,000 -
297,057.- 242,188.30 0.22
-
8
-
g
-
-
-
-
n
-
-
c
USD 3,250 -
102,823.- 96,933.12 0.09
-
6
-
-
-
-
-
-
-
-
l
-
-
-
-
-
-
-
-
s
-
-
c
USD 4,170 -
195,348.- 142,407.53 0.13
-
5
-
-
-
-
-
-
c
-
-
c
USD 10,748 -
302,670.- 263,994.94 0.24
-
9
-
-
-
-
-
-
t
-
-
-
p
USD 6,800
228,727.71297,377.17 0.27
USD 7,816 -
276,892.- 204,415.60 0.18
-
1
-
-
-
y
-
-
-
-
s
USD 4,000 -
142,972.- 158,280.92 0.14
-
9
-
-
-
o
-
-
-
-
-
r
-
-
-
-
-
-
-
-
-
c
-
-
c
USD 4,700 -
184,798.- 160,123.76 0.14
-
0
-
-
-
s
&
-
-
-
-
s
-
-
-
p
USD 3,175 -
59,444.0381,612.32 0.07
-
-
o
-
-
-
-
-
-
-
-
-
-
s
-
-
d
USD 3,175 -
179,169.- 86,578.15 0.08
-
4
-
o
-
-
-
l
-
-
d
USD 5,752 -
243,373.- 300,674.06 0.27
-
8
-
-
-
d
-
-
-
-
-
-
-
-
-
-
-
s
-
-
-
p
USD 8,000 -
268,748.- 206,997.38 0.19
-
9
-
-
-
-
-
a
-
-
-
p
USD 11,000 -
407,951.- 359,647.75 0.32
-
8
-
-
-
-
-
t
-
-
-
-
-
s
-
-
c
USD 13,000 -
339,759.- 266,002.52 0.24
-
1
-
-
s
-
-
-
-
o
&
-
o
-
-
w
USD 19,200 -
315,704.- 312,699.33 0.28
-
6
-
-
-
-
n
-
-
-
-
n
-
o
-
-
-
-
)
USD 3,500 -
198,314.- 158,155.11 0.14
-
8
-
-
-
r
-
-
-
-
-
-
-
s
-
-
c
10,412,00- 10,475,30- 9.44
.43 .21
Total shares
20,306,28- 22,721,07- 20.47
.18 .52
Undertakings for collective investment
EUR 1,050 -
1,671,88- 1,695,519- 1.53
-
.58 00
-
-
-
-
-
n
-
-
-
-
V
-
-
-
-
-
-
-
t
EUR 8,500 -
1,510,55- 1,294,125- 1.17
-
.21 00
-
-
e
-
-
-
-
-
t
-
-
t
-
-
-
-
n
-
-
-
-
V
-
-
p
EUR 30,150 -
1,380,52- 1,401,372- 1.26
-
.74 00
-
-
-
-
-
-
-
s
-
e
-
-
-
w
-
-
-
-
-
I
4,562,968- 4,391,016- 3.96
53 00
USD 50,000 -
1,122,50- 2,040,393- 1.84
-
.75 05
-
-
-
-
-
n
-
l
-
-
-
-
V
-
-
-
a
-
-
-
-
-
-
c
-
d
-
-
r
-
2
-
-
p
F
-
-
-
-
-
-
-
-
n
-
-
v
-
-
s
-
-
-
-
V
-
-
-
-
n
-
-
-
-
-
h
I
-
-
p
USD 35,442.396
296,339.73773,415.72 0.70
USD 15,000 -
2,300,13- 2,366,971- 2.13
-
.01 54
-
-
-
s
-
-
-
r
-
-
-
-
-
-
-
-
d
-
-
-
-
V
-
-
-
-
l
-
-
-
-
-
-
-
g
-
-
-
d
B
-
-
p
-
-
-
7
3,718,985- 5,180,780-
49 31
Total undertakings for collective investment
8,281,95- 9,571,796- 8.63
.02 31
The accompanying notes are an integral part of these financial statements.
54
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Curren- Number / nominal Description Cost
Market % of
y value
value
total net
assets
Bonds
EUR 3,400,000 Caja de Ahorros de Madrid 5.5% 3,566,501.-
3,458,310.00 3.11
99/15.01.10 4
EUR 9,700,000 Corealcredit Bank AG 5.5% Ser 11,017,271-
9,911,460.00 8.93
505 00/13.07.10 15
EUR 10,000,000 Depfa Deutsche Pfandbriefbk AG 10,779,995-
10,452,500.- 9.41
5.5% Ser 473 78 0
98/15.01.13
EUR 4,500,000 Depfa Deutsche Pfandbriefbk AG 4,679,358.-
4,601,250.00 4.14
5.5% Ser G6 3
99/15.01.10
EUR 4,000,000 Depfa Deutsche Pfandbriefbk AG 4,481,512.-
4,059,600.00 3.66
5.75% Ser 436 0
97/04.03.09
EUR 8,200,000 Deutschland 4% Ser 05 8,149,315.-
7,420,242.32 6.68
05/04.01.37 7
EUR 5,700,000 Deutschland 6.25% Ser 94 6,994,728.-
6,783,524.40 6.11
94/04.01.24 7
EUR 4,100,000 Dexia Kommunal Deutschland AG 4,355,914.-
4,230,138.51 3.81
5.25% Ser 932 9
01/22.02.13
EUR 10,600,000 Europaeische Hypothekenbank SA 12,119,291-
10,983,864.- 9.89
5.75% Ser 105 71 6
00/04.01.11
EUR 6,000,000 France 5.5% OAT 98/25.04.29 6,840,484.-
6,670,467.60 6.01
3
Total bonds 72,984,373.-
68,571,356.- 61.75
7 9
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 279,817.975 3,027,527.-
2,279,370.- 2.05
9
0
Total undertakings for collective investment 3,027,527.-
2,279,370.- 2.05
9
0
Bonds
EUR - 2,003,000.-
1,960,000.- 1.77
- 0
0
-
-
k
-
-
-
-
-
-
-
-
-
e
-
A
-
%
-
-
-
N
-
-
-
-
k
-
d
-
r
&
-
d
-
-
b
07/29.06.12 07/29.06.12
Total bonds 2,003,000.-
1,960,000.- 1.77
0
0
TOTAL INVESTMENTS IN SECURITIES 106,603,138-
105,103,596- 94.67
76
12
CASH AT BANKS
2,756,739.- 2.48
2
OTHER NET ASSETS/(LIABILITIES)
3,164,656.- 2.85
9
TOTAL
111,024,992- 100.00
63
The accompanying notes are an integral part of these financial statements.
55
BL
SICAV with multiple Sub-Funds
BL-Global 30
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Banks 43.71 %
Countries and governments 18.80 %
Undertakings for collective investment 10.68 %
Food, beverage and tobacco 4.11 %
Capital goods 3.18 %
Diversified financial services 2.77 %
Materials 1.97 %
Pharmaceuticals and biotechnology 1.22 %
Health care equipment and services 1.20 %
Retailing 1.08 %
Technology hardware and equipment 0.99 %
Transportation 0.76 %
Energy 0.70 %
Consumer durables and apparel 0.66 %
Automobiles and components 0.48 %
Insurance 0.47 %
Software and services 0.44 %
Investment companies 0.36 %
Commercial services and supplies 0.35 %
Household and personal products 0.33 %
Real estate 0.16 %
Utilities 0.16 %
Media 0.09 %
TOTAL 94.67 %
The accompanying notes are an integral part of these financial statements.
56
BL
SICAV with multiple Sub-Funds
BL-Global 30
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Germany 43.84 %
Luxembourg (Grand Duchy of) 18.38 %
France 10.70 %
United States of America 9.39 %
Spain 3.11 %
United Kingdom 2.05 %
The Netherlands 1.75 %
Switzerland 1.63 %
Belgium 1.26 %
Ireland 0.52 %
Denmark 0.47 %
Austria 0.43 %
Sweden 0.33 %
Bermuda 0.24 %
Italy 0.23 %
Hungary 0.13 %
Greece 0.11 %
Guernsey 0.10 %
TOTAL 94.67 %
The accompanying notes are an integral part of these financial statements.
57
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 378,845,895.41
Cash at banks 30,255,407.58
Income receivable on portfolio 6,212,725.62
Interest receivable on bank accounts 94,197.90
Unrealised gain on foreign exchange contracts 1,983,209.23
Prepaid expenses 200.00
Total assets 417,391,635.74
LIABILITIES
Commitment on repurchase and "repo" contracts 605,680.00
Interest payable on financial instruments 213.50
Expenses payable 1,223,682.86
Total liabilities 1,829,576.36
NET ASSETS at the end of the year 415,562,059.38
Class A shares outstanding 8,795.788
Net asset value per class A share 829.83
Class B shares outstanding 323,031.848
Net asset value per class B share 1,263.85
The accompanying notes are an integral part of these financial statements.
58
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 3,112,355.26
Interest on bonds and other debt securities, net 7,856,023.95
Interest on bank accounts
1,493,996.34
Received commissions 314,912.64
Other income 84,223.55
Total income 12,861,511.74
EXPENSES
Management fees 4,114,589.88
Custodian fees 412,948.80
Banking charges and other fees 126,338.31
Central administration costs 83,470.28
Audit and supervisory fees 8,457.62
Other administration costs 50,104.03
Subscription duty ("taxe d'abonnement") 184,853.27
Other taxes 2,053.86
Interest paid on financial instruments 634,230.66
Other expenses 30,614.15
Total expenses 5,647,660.86
NET INVESTMENT INCOME 7,213,850.88
NET REALISED GAIN/(LOSS)
- on portfolio 16,151,700.36
- on financial instruments 48,654.01
- on foreign exchange contracts 2,425,853.01
- on foreign exchange -264,094.91
REALISED RESULT 25,575,963.35
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -18,889,658.96
- on foreign exchange contracts 1,501,494.64
RESULT OF OPERATIONS 8,187,799.03
Dividends paid -58,593.57
Reinvestments -
Subscriptions 77,797,670.31
Redemptions -68,143,464.20
TOTAL CHANGES IN NET ASSETS 17,783,411.57
TOTAL NET ASSETS at the beginning of the year 397,778,647.81
TOTAL NET ASSETS at the end of the year 415,562,059.38
The accompanying notes are an integral part of these financial statements.
59
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 415,562,059.38
- as at 31.12.2006 397,778,647.81
- as at 31.12.2005 377,045,718.23
Number of class A shares
- outstanding at the beginning of the year 2,666.941
- issued
6,598.847
- redeemed -470.000
- outstanding at the end of the year 8,795.788
Net asset value per class A share
- highest 879.78
05.06.2007
- lowest 813.74
23.11.2007
- as at 31.12.2007 829.83
- as at 31.12.2006 837.64
- as at 31.12.2005 814.78
Dividends paid
Payment date 15.06.2007
Dividend per share 25.95
Shares outstanding at dividend date 2,257.941
Number of class B shares
- outstanding at the beginning of the year 319,612.461
- issued
56,711.751
- redeemed -53,292.364
- outstanding at the end of the year 323,031.848
Net asset value per class B share
- highest 1,306.97
10.10.2007
- lowest 1,235.95
06.03.2007
- as at 31.12.2007 1,263.85
- as at 31.12.2006 1,237.58
- as at 31.12.2005 1,169.16
The accompanying notes are an integral part of these financial statements.
60
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 9,100 Geberit AG Reg 610,710.69 852,877.48
0.20
CHF 3,900 Kaba Holding AG 907,100.72 834,464.42
0.20
CHF 9,206 Nestlé SA Reg 1,853,295.-
2,885,288.04 0.69
9
CHF 36,012 Novartis AG Reg 1,393,018.-
1,347,887.68 0.32
7
CHF 13,012 Roche Holding AG B de jouis Pref 1,025,290.-
1,534,008.50 0.37
7
CHF 29,900 Schindler Holding AG Partizsch 1,412,457.-
1,315,554.70 0.32
5
CHF 6,026 Swatch Group AG 598,820.72 1,239,414.72
0.30
CHF 19,300 Syngenta AG Reg 1,927,556.-
3,355,969.37 0.81
5
CHF 23,010 Synthes Inc 1,901,963.-
1,949,920.03 0.47
6
11,630,213-
15,315,384.- 3.68
92 4
DKK 40,000 TrygVesta A/S 2,236,813.-
2,081,139.45 0.50
9
EUR 64,100 Aalberts Industries NV 1,058,565.-
855,735.00 0.21
5
EUR 13,514 Air Liquide SA 657,325.34 1,372,076.42
0.33
EUR 63,450 Akzo Nobel NV 2,538,528.-
3,437,721.00 0.83
6
EUR 33,500 Amer Sports Corp A 452,521.46 619,415.00
0.15
EUR 151,700 Anglo Irish Bank Corp Plc 1,499,746.-
1,659,598.00 0.40
2
EUR 18,447 BASF AG 809,814.78 1,870,710.27
0.45
EUR 114,700 Bank of Ireland Plc 1,589,568.-
1,173,381.00 0.28
6
EUR 55,700 Brembo SpA 537,514.97 599,332.00
0.14
EUR 64,300 CRH Plc 1,692,822.-
1,523,910.00 0.37
3
EUR 25,700 Continental AG 2,540,665.-
2,287,043.00 0.55
2
EUR 55,000 DSM NV 1,923,750.-
1,773,750.00 0.43
3
EUR 19,026 Deutsche Boerse AG Reg 565,315.79 2,582,779.50
0.62
EUR 64,277 ENI SpA 870,960.40 1,610,138.85
0.39
EUR 3,627 Fortis SA/NV Strip VVPR 183.19 36.27
0.00
EUR 36,576 Heineken NV 1,169,784.-
1,618,853.76 0.39
1
EUR 47,200 Hypo Real Estate Holding AG 2,197,089.-
1,703,920.00 0.41
9
EUR 17,500 National Bank of Greece SA Reg 412,636.22 820,750.00
0.20
EUR 14,200 Neopost SA 1,297,248.-
1,000,674.00 0.24
5
EUR 30,940 Pernod-Ricard 3,393,238.-
4,900,896.00 1.18
6
EUR 32,000 Saipem SpA 877,399.32 877,760.00
0.21
EUR 23,300 Schneider Electric SA 1,894,167.-
2,147,561.00 0.52
4
EUR 59,800 TNT NV 1,458,082.-
1,685,164.00 0.41
9
EUR 22,248 Total SA 832,427.96 1,261,906.56
0.30
EUR 101,320 Vinci SA 3,707,625.-
5,156,174.80 1.24
4
EUR 25,000 Wereldhave NV 1,999,890.-
1,874,000.00 0.45
0
35,976,873-
44,413,286.- 10.70
68 3
GBP 35,000 Berkeley Gr Hgs (The) Plc Units 1 Ord 274,537.96 641,018.75
0.15
Share + 2 B Shares Bodycote Intl Plc
GBP 160,000 674,683.49 403,983.48
0.10
GBP 63,000 Bovis Homes Group Plc 601,578.29 538,057.19
0.13
GBP 178,812 British American Tobacco Plc 1,933,382.-
4,799,645.79 1.15
5
GBP 267,100 Diageo Plc 3,339,878.-
3,914,235.21 0.94
3
GBP 84,784 GlaxoSmithKline Plc 1,798,289.-
1,472,347.66 0.35
3
GBP 33,600 Intertek Group Plc 466,513.23 446,388.18
0.11
GBP 106,800 National Grid Plc 867,569.53 1,216,180.05
0.29
GBP 45,551 Persimmon Plc 480,241.82 494,626.94
0.12
GBP 63,200 Reckitt Benckiser Group Plc 1,869,283.-
2,490,631.33 0.60
8
GBP 159,900 Smith & Nephew Plc 1,227,224.-
1,252,920.86 0.30
2
GBP 126,500 Southern Cross Healthca Gr Plc 1,031,551.-
908,895.04 0.22
3
14,564,734-
18,578,930.- 4.46
66 8
The accompanying notes are an integral part of these financial statements.
61
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / Description Cost Market value
% of
nominal
value
total net
assets
HUF 9,916 MOL Hungarian Oil and Gas 496,467.85 956,072.83
0.23
Plc Ser A
KRW 40,000 Kookmin Bank 2,288,164.47 2,005,073.23
0.48
NOK 30,000 Petroleum Geo-Services ASA 601,441.89 594,177.41
0.14
SEK 72,400 SKF AB 860,453.68 838,446.63
0.20
SEK 103,300 Swedish Match AB 1,473,673.72 1,687,918.78
0.41
2,334,127.402,526,365.41
0.61
USD 36,000 3M Co 2,133,943.982,083,057.36
0.50
USD 58,800 Abbott Laboratories 2,035,644.96 2,288,343.82
0.55
USD 36,386 Altria Group Inc 1,130,494.04 1,879,487.65
0.45
USD 30,000 Amdocs Ltd 785,372.77 694,842.07
0.17
USD 52,300 Anheuser-Busch Cos Inc 1,937,775.33 1,879,606.27
0.45
USD 22,000 Becton Dickinson & Co 727,206.97 1,270,885.04
0.31
USD 10 Berkshire Hathaway Inc A 671,977.07 959,504.95
0.23
USD 610 Berkshire Hathaway Inc B 1,615,734.30 1,943,388.53
0.47
USD 40,000 Best Buy Co Inc 1,415,954.18 1,422,324.98
0.34
USD 78,500 Cisco Systems Inc 1,206,345.43 1,471,191.05
0.35
USD 58,400 Coca-Cola Co 2,362,769.93 2,472,930.54
0.59
USD 31,000 Corporate Executive Board Co1,514,134.25 1,277,902.83
0.31
USD 39,700 Coventry Health Care Inc 1,611,066.69 1,609,273.40
0.39
USD 21,500 Covidien Ltd 571,375.22 654,554.42
0.16
USD 74,300 Dell Inc 1,527,553.611,260,606.58
0.30
USD 30,100 Dresser Rand Group Inc 663,470.79 812,805.41
0.20
USD 131,600 EBay Inc 3,003,240.433,022,983.24
0.73
USD 16,000 Eaton Corp 984,039.08 1,063,221.24
0.26
USD 43,680 Emerson Electric Co 1,336,498.76 1,693,971.92
0.41
USD 18,000 Fedex Corp 1,488,131.98 1,109,217.64
0.27
USD 40,000 General Cable Corp 1,791,439.18 2,033,524.87
0.49
USD 36,000 Global Payments Inc 1,057,100.72 1,122,192.38
0.27
USD 35,000 Graco Inc 1,021,809.36 893,713.24
0.21
USD 20,000 Greif Inc A 764,439.98 913,671.76
0.22
USD 18,668 Hologic Inc 278,825.96 884,176.80
0.21
USD 72,200 Home Depot Inc 2,274,930.97 1,309,915.34
0.31
USD 19,000 Illinois Tool Works Inc 716,464.75 698,214.95
0.17
USD 48,400 Johnson & Johnson 2,358,329.86 2,217,668.22
0.53
USD 31,000 Johnson Controls Inc 648,961.30 775,764.17
0.19
USD 48,000 Joy Global Inc 1,856,286.68 2,184,325.59
0.53
USD 72,600 KBR Inc 1,424,582.191,931,326.37
0.46
USD 50,300 Kellogg Co 1,863,593.931,810,122.74
0.44
USD 30,000 Legg Mason Inc 1,770,518.70 1,453,129.78
0.35
USD 23,598 McGraw-Hill Companies Inc 724,674.44 703,823.93
0.17
USD 35,500 Medtronic Inc 1,654,065.19 1,212,342.32
0.29
USD 74,300 Microsoft Corp 2,032,362.69 1,824,974.33
0.44
USD 30,400 Nike Inc B 1,024,714.721,329,450.89
0.32
USD 50,529 Pitney Bowes 1,740,043.06 1,321,509.19
0.32
USD 30,900 Thermo Fisher Scientific Inc1,138,365.91 1,222,720.07
0.29
USD 40,900 Thomas & Betts Corp 1,605,048.55 1,393,417.43
0.34
USD 21,500 Tyco Electronics Ltd 526,096.93 552,650.37
0.13
USD 21,500 Tyco Intl Ltd 945,568.53 586,277.24
0.14
USD 35,460 United Technologies Corp 1,220,000.36 1,853,599.13
0.45
USD 40,064 Wachovia Corp 1,408,114.46 1,036,642.89
0.25
USD 58,800 Wal-Mart Stores Inc 2,127,354.27 1,922,480.70
0.46
USD 55,900 Wells Fargo & Co New 1,460,630.25 1,143,810.82
0.28
USD 155,300 Western Union Co (The) 2,515,059.88 2,529,281.56
0.61
USD 31,700 Zimmer Holdings Inc 1,663,125.70 1,432,433.44
0.34
68,335,238.2969,163,259.46
16.65
Total shares 138,464,075.85155,633,689.-
37.45
4
The accompanying notes are an integral part of these financial statements.
62
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
C- Number / Descript- Descript-
Descript- Co- Ma- % of
r- nominal on on on t ket
e- va-
cy ue
value total
net
assets
Undertakings for collective investment
E- 4,000Magellan Magellan Magellan 6,3-
6,4- 1.55
R SICAV SICAV SICAV 9,0- 9,1-
Cap/Dist Cap/Dist Cap/Dist 9.340.00
E- 60,000State State State 10,-
9,1- 2.20
R Street Street Street Act70,- 5,0-
Act Japon Act Japon Japon 74.- 0.00
SICAV Cap SICAV Cap SICAV Cap 8
17,0- 15,-
3.75
9,77- 94,-
.92 20.-
0
U- 240,000Aberdeen Aberdeen Aberdeen 6,9-
9,7- 2.36
D Gl SICAV Gl SICAV Gl SICAV 6,8- 3,8-
Asia Asia Asia 6.136.64
Pacific Pacific Pacific Fd
Fd Ser A2 Fd Ser A2 Ser A2 Cap
Cap F Cap F F
Templeton Templeton Templeton
Inv Fds Inv Fds Inv Fds
SICAV SICAV SICAV
Asian Asian Asian
Growth I Growth I Growth I
Cap Cap Cap
U- 280,952.6-
2,56- 6,1- 1.48
D 7 ,158- 0,8-
37 3.08
U- 300,000Fidelity Fidelity Fidelity 4,0-
4,8- 1.17
D Fds SICAV Fds SICAV Fds SICAV 6,5- 5,3-
Thailand Thailand Thailand A3.676.24
A Gl A Gl Gl Certif
Certif Certif
U- 230,000JPMorgan JPMorgan JPMorgan 3,0-
2,4- 0.60
D Fds SICAV Fds SICAV Fds SICAV 9,3- 7,7-
JF Taiwan JF Taiwan JF Taiwan 5.992.94
A USD Cap A USD Cap A USD Cap
5.61 5.61 5.61
16,6- 23,-
4,95- 77,-
.16 68.-
0
Total undertakings for collective investment 33,- 38,-
9.36
44,- 71,-
28.- 88.-
8 0
B-
n-
s
E- 14,500,000Bayerisc- Bayerisc-
Bayerische15,- 14,- 3.49
R e Hypo & e Hypo & Hypo & 94,- 05,-
Vereinsbk Vereinsbk Vereinsbk 81.- 08.-
AG 5.5% AG 5.5% AG 5.5% 1 5
Ser 678 Ser 678 Ser 678
97/15.01- 97/15.01-
97/15.01.-
08 08 8
E- 12,500,000Cie de Cie de Cie de 13,-
12,- 3.02
R Financem- Financem-
Financeme- 20,- 50,-
nt nt t Foncier 00.- 60.-
Foncier Foncier 5.125% 0 0
5.125% 5.125% 01/25.10.-
01/25.10- 01/25.10- 8
08 08
E- 8,000,000Corealcr- Corealcr-
Corealcre- 9,0- 8,1- 1.97
R dit Bank dit Bank it Bank AG6,4- 4,4-
AG 5.5% AG 5.5% 5.5% Ser 9.200.00
Ser 505 Ser 505 505
00/13.07- 00/13.07-
00/13.07.-
10 10 0
E- 15,000,000DekaBank DekaBank DekaBank 15,-
15,- 3.71
R DGZ 5.75% DGZ 5.75% DGZ 5.75% 44,- 34,-
Ser 439 Ser 439 Ser 439 30.- 97.-
00/12.05- 00/12.05-
00/12.05.- 8 0
10 10 0
E- 15,000,000Depfa Depfa Depfa 15,-
14,- 3.58
R Deutsche Deutsche Deutsche 79,- 91,-
Pfandbri- Pfandbri-
Pfandbrie- 13.- 50.-
fbk AG fbk AG bk AG 7 0
3.75% Ser 3.75% Ser 3.75% Ser
G 5 G 5 G 5
99/15.01- 99/15.01-
99/15.01.-
09 09 9
E- 15,000,000Depfa Depfa Depfa 17,-
15,- 3.70
R Deutsche Deutsche Deutsche 06,- 97,-
Pfandbri- Pfandbri-
Pfandbrie- 45.- 74.-
fbk AG fbk AG bk AG 4 0
5.25% 5.25% 5.25%
01/15.07- 01/15.07-
01/15.07.-
11 11 1
E- 14,500,000Depfa Depfa Depfa 16,-
15,- 3.65
R Deutsche Deutsche Deutsche 62,- 56,-
Pfandbri- Pfandbri-
Pfandbrie- 16.- 25.-
fbk AG fbk AG bk AG 5.5%0 0
5.5% Ser 5.5% Ser Ser 473
473 473
98/15.01- 98/15.01-
98/15.01.-
13 13 3
E- 14,000,000Deutschl- Deutschl-
Deutschla- 13,- 12,- 3.05
R nd 4% Ser nd 4% Ser d 4% Ser 25,- 68,-
05 05 05 07.- 06.-
05/04.01- 05/04.01-
05/04.01.- 8 0
37 37 7
E- 4,500,000Deutschl- Deutschl-
Deutschla- 4,3- 4,5- 1.10
R nd 4.75% nd 4.75% d 4.75% 1,9- 7,8-
Ser 98 Ser 98 Ser 98 9.189.45
98/04.07- 98/04.07-
98/04.07.-
28 28 8
E- 9,000,000Deutschl- Deutschl-
Deutschla- 11,- 10,- 2.58
R nd 6.25% nd 6.25% d 6.25% 69,- 10,-
Ser 94 Ser 94 Ser 94 08.- 28.-
94/04.01- 94/04.01-
94/04.01.- 4 0
24 24 4
E- 18,600,000Europaei- Europaei-
Europaeis- 20,- 19,- 4.64
R che che he 29,- 73,-
Hypothek- Hypothek-
Hypotheke- 48.- 72.-
nbank SA nbank SA bank SA 3 6
5.75% Ser 5.75% Ser 5.75% Ser
105 105 105
00/04.01- 00/04.01-
00/04.01.-
11 11 1
E- 14,700,000France 4% France 4% France 4% 13,-
12,- 3.13
R OAT OAT OAT 05,- 93,-
05/25.04- 05/25.04-
05/25.04.- 73.- 99.-
55 55 5 2 5
E- 9,000,000France 5% France 5% France 5% 9,8-
9,4- 2.26
R OAT OAT OAT 1,2- 9,8-
01/25.10- 01/25.10-
01/25.10.- 6.659.00
16 16 6
T- 176,-
165- 39.88
t- 56,4-
734-
l 0.00 560-
b- 11
n-
s
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 1,201,297.858 12,993,766-
9,785,656.- 2.35
86
6
Total undertakings for collective investment 12,993,766-
9,785,656.- 2.35
86
6
Bonds
EUR - 9,013,500.-
8,820,000.- 2.12
- 0
0
-
-
k
-
-
-
-
-
-
-
-
-
e
-
A
-
%
-
-
-
N
-
-
-
-
k
-
d
-
r
&
-
d
-
-
b
07/29.06.12 07/29.06.12
Total bonds 9,013,500.-
8,820,000.- 2.12
0
0
TOTAL INVESTMENTS IN SECURITIES 370,372,510-
378,845,895- 91.16
79
41
CASH AT BANKS
30,255,407.- 7.28
8
OTHER NET ASSETS/(LIABILITIES)
6,460,756.- 1.56
9
TOTAL
415,562,059- 100.00
38
The accompanying notes are an integral part of these financial statements.
63
BL
SICAV with multiple Sub-Funds
BL-Global 50
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Banks 29.45 %
Countries and governments 12.12 %
Undertakings for collective investment 11.71 %
Food, beverage and tobacco 6.69 %
Capital goods 6.16 %
Diversified financial services 3.90 %
Materials 3.44 %
Health care equipment and services 2.69 %
Pharmaceuticals and biotechnology 2.41 %
Technology hardware and equipment 1.88 %
Retailing 1.84 %
Energy 1.47 %
Consumer durables and apparel 1.17 %
Automobiles and components 0.88 %
Real estate 0.86 %
Investment companies 0.80 %
Commercial services and supplies 0.74 %
Software and services 0.71 %
Transportation 0.68 %
Household and personal products 0.60 %
Insurance 0.50 %
Utilities 0.29 %
Media 0.17 %
TOTAL 91.16 %
The accompanying notes are an integral part of these financial statements.
64
BL
SICAV with multiple Sub-Funds
BL-Global 50
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Germany 28.86 %
United States of America 16.52 %
France 15.97 %
Luxembourg (Grand Duchy of) 14.72 %
United Kingdom 4.46 %
Switzerland 3.21 %
The Netherlands 2.72 %
Ireland 1.05 %
Italy 0.74 %
Sweden 0.61 %
Denmark 0.50 %
South Korea 0.48 %
Bermuda 0.43 %
Hungary 0.23 %
Greece 0.20 %
Guernsey 0.17 %
Finland 0.15 %
Norway 0.14 %
TOTAL 91.16 %
The accompanying notes are an integral part of these financial statements.
65
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 506,605,637.43
Cash at banks 80,625,734.90
Income receivable on portfolio 4,049,281.16
Interest receivable on bank accounts 232,548.08
Unrealised gain on foreign exchange contracts 4,161,310.38
Prepaid expenses 200.00
Total assets 595,674,711.95
LIABILITIES
Commitment on repurchase and "repo" contracts 53,311,460.00
Payable on redemptions of shares 85,831.33
Interest payable on financial instruments 141,502.57
Accrued capital gain taxes 162,414.98
Expenses payable 1,604,118.24
Total liabilities 55,305,327.12
NET ASSETS at the end of the year 540,369,384.83
Class A shares outstanding 1,513.580
Net asset value per class A share 1,175.81
Class B shares outstanding 347,822.723
Net asset value per class B share 1,548.46
The accompanying notes are an integral part of these financial statements.
66
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 5,507,889.61
Interest on bonds and other debt securities, net 5,624,836.68
Interest on bank accounts
1,802,662.75
Received commissions 563,693.22
Other income 188,347.63
Total income 13,687,429.89
EXPENSES
Management fees 5,584,382.44
Custodian fees 560,393.87
Banking charges and other fees 223,708.29
Transaction fees 260.97
Central administration costs 84,629.94
Audit and supervisory fees 11,544.04
Other administration costs 61,658.64
Subscription duty ("taxe d'abonnement") 242,783.26
Other taxes 3,379.43
Interest paid on bank liabilities 93.34
Interest paid on financial instruments 1,013,359.62
Other expenses 36,635.53
Total expenses 7,822,829.37
NET INVESTMENT INCOME 5,864,600.52
NET REALISED GAIN/(LOSS)
- on portfolio 26,164,000.60
- on financial instruments 177,140.48
- on foreign exchange contracts 3,774,601.95
- on foreign exchange -97,992.38
REALISED RESULT 35,882,351.17
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -23,343,734.27
- on foreign exchange contracts 2,981,477.12
RESULT OF OPERATIONS 15,520,094.02
Dividends paid -54,864.12
Reinvestments -
Subscriptions 44,626,372.14
Redemptions -66,589,094.33
TOTAL CHANGES IN NET ASSETS -6,497,492.29
TOTAL NET ASSETS at the beginning of the year 546,866,877.12
TOTAL NET ASSETS at the end of the year 540,369,384.83
The accompanying notes are an integral part of these financial statements.
67
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 540,369,384.83
- as at 31.12.2006 546,866,877.12
- as at 31.12.2005 537,551,681.69
Number of class A shares
- outstanding at the beginning of the year 1,705.837
- issued
89.212
- redeemed -281.469
- outstanding at the end of the year 1,513.580
Net asset value per class A share
- highest 1,255.72
05.06.2007
- lowest 1,140.82
23.11.2007
- as at 31.12.2007 1,175.81
- as at 31.12.2006 1,174.66
- as at 31.12.2005 1,113.52
Dividends paid
Payment date 15.06.2007
Dividend per share 32.97
Shares outstanding at dividend date 1,664.062
Number of class B shares
- outstanding at the beginning of the year 361,887.931
- issued
28,367.482
- redeemed -42,432.690
- outstanding at the end of the year 347,822.723
Net asset value per class B share
- highest 1,617.63
10.10.2007
- lowest 1,496.35
06.03.2007
- as at 31.12.2007 1,548.46
- as at 31.12.2006 1,505.61
- as at 31.12.2005 1,391.29
The accompanying notes are an integral part of these financial statements.
68
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 18,900 Geberit AG Reg 1,292,315.-
1,771,360.92 0.33
3
CHF 7,000 Kaba Holding AG 1,628,123.-
1,497,756.64 0.28
8
CHF 18,279 Nestlé SA Reg 3,642,450.-
5,728,892.04 1.06
9
CHF 68,053 Novartis AG Reg 2,639,024.-
2,547,145.40 0.47
7
CHF 25,933 Roche Holding AG B de jouis Pref 2,035,187.-
3,057,288.85 0.57
7
CHF 59,500 Schindler Holding AG Partizsch 2,815,832.-
2,617,909.85 0.48
8
CHF 12,350 Swatch Group AG 1,069,578.-
2,540,121.43 0.47
4
CHF 38,800 Syngenta AG Reg 3,748,141.-
6,746,715.62 1.25
1
CHF 46,650 Synthes Inc 3,874,533.-
3,953,227.71 0.73
3
22,745,186-
30,460,418.- 5.64
60 6
EUR 119,600 Aalberts Industries NV 1,985,570.-
1,596,660.00 0.30
8
EUR 26,968 Air Liquide SA 1,326,724.-
2,738,061.04 0.51
0
EUR 125,680 Akzo Nobel NV 5,026,623.-
6,809,342.40 1.26
2
EUR 73,100 Amer Sports Corp A 987,442.33 1,351,619.00
0.25
EUR 283,200 Anglo Irish Bank Corp Plc 2,709,303.-
3,098,208.00 0.57
0
EUR 35,883 BASF AG 1,531,175.-
3,638,895.03 0.67
8
EUR 227,300 Bank of Ireland Plc 3,155,051.-
2,325,279.00 0.43
1
EUR 110,300 Brembo SpA 1,064,414.-
1,186,828.00 0.22
3
EUR 130,600 CRH Plc 3,396,418.-
3,095,220.00 0.57
0
EUR 51,000 Continental AG 5,049,611.-
4,538,490.00 0.84
0
EUR 110,500 DSM NV 3,898,571.-
3,563,625.00 0.66
7
EUR 37,716 Deutsche Boerse AG Reg 899,210.20 5,119,947.00
0.95
EUR 127,578 ENI SpA 1,728,054.-
3,195,828.90 0.59
7
EUR 55,079 Heineken NV 1,644,672.-
2,437,796.54 0.45
1
EUR 88,100 Hypo Real Estate Holding AG 4,178,256.-
3,180,410.00 0.59
0
EUR 36,500 National Bank of Greece SA Reg 858,613.49 1,711,850.00
0.32
EUR 26,500 Neopost SA 2,358,222.-
1,867,455.00 0.35
2
EUR 63,120 Pernod-Ricard 6,765,301.-
9,998,208.00 1.85
7
EUR 10 SES SA FDR repr 1 Reg Sh A Saipem SpA 120.33 174.00
0.00
EUR 60,000 1,645,123.-
1,645,800.00 0.30
6
EUR 47,200 Schneider Electric SA 3,842,044.-
4,350,424.00 0.81
5
EUR 120,500 TNT NV 2,894,219.-
3,395,690.00 0.63
2
EUR 44,828 Total SA 1,646,272.-
2,542,644.16 0.47
5
EUR 201,238 Vinci SA 7,300,542.-
10,241,001.- 1.90
1 2
65,891,563-
83,629,456.- 15.49
60 9
GBP 75,000 Berkeley Gr Hgs (The) Plc Units 1 Ord 588,087.47 1,373,611.60
0.25
Share + 2 B Shares Bodycote Intl Plc
GBP 320,000 1,349,366.-
807,966.95 0.15
9
GBP 127,500 Bovis Homes Group Plc 1,217,479.-
1,088,925.26 0.20
4
GBP 346,498 British American Tobacco Plc 3,682,509.-
9,300,649.10 1.72
5
GBP 424,600 Diageo Plc 5,264,548.-
6,222,329.73 1.15
0
GBP 131,606 GlaxoSmithKline Plc 2,822,998.-
2,285,452.27 0.42
3
GBP 66,800 Intertek Group Plc 927,472.75 887,462.22
0.16
GBP 222,700 National Grid Plc 1,872,023.-
2,535,985.93 0.47
5
GBP 90,450 Persimmon Plc 957,538.47 982,173.98
0.18
GBP 126,200 Reckitt Benckiser Group Plc 3,718,102.-
4,973,380.92 0.92
9
GBP 327,700 Smith & Nephew Plc 2,514,660.-
2,567,743.37 0.48
9
GBP 251,300 Southern Cross Healthca Gr Plc 2,049,240.-
1,805,575.68 0.33
4
26,964,029-
34,831,257.- 6.43
97 1
HUF 21,408 MOL Hungarian Oil and Gas Plc Ser A 1,071,841.-
2,064,099.14 0.38
1
KRW 50,000 Kookmin Bank 2,860,198.-
2,506,341.54 0.46
6
NOK 60,000 Petroleum Geo-Services ASA 1,202,883.-
1,188,354.81 0.22
8
The accompanying notes are an integral part of these financial statements.
69
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number Description Cost Market value %
of
/
nominal
value
total net
assets
SEK 142,500 SKF AB 1,696,830.29 1,650,257.53
0.31
SEK 204,200 Swedish Match AB 2,916,874.83 3,336,621.64
0.62
4,613,705.12 4,986,879.17
0.93
USD 71,000 3M Co 4,159,073.00 4,108,252.01
0.76
USD 114,700 Abbott Laboratories 3,951,424.81 4,463,827.14
0.83
USD 72,586 Altria Group Inc 2,244,159.33 3,749,367.62
0.69
USD 60,000 Amdocs Ltd 1,570,732.89 1,389,684.13
0.26
USD 84,200 Anheuser-Busch Cos Inc 3,150,907.30 3,026,058.28
0.56
USD 42,800 Becton Dickinson & Co 1,413,385.59 2,472,449.08
0.46
USD 20 Berkshire Hathaway Inc A 1,340,510.77 1,919,009.89
0.36
USD 809 Berkshire Hathaway Inc B 2,034,527.68 2,577,379.21
0.48
USD 80,000 Best Buy Co Inc 2,831,881.82 2,844,649.96
0.53
USD 160,100 Cisco Systems Inc 2,460,463.92 3,000,480.09
0.56
USD 117,542 Coca-Cola Co 4,782,914.31 4,977,280.84
0.92
USD 57,000 Corporate Executive Board 2,811,594.48 2,349,692.29
0.43
Co
USD 80,000 Coventry Health Care Inc 3,244,070.70 3,242,868.31
0.60
USD 43,075 Covidien Ltd 954,648.09 1,311,392.17
0.24
USD 150,500 Dell Inc 3,091,935.58 2,553,449.39
0.47
USD 60,900 Dresser Rand Group Inc 1,342,349.02 1,644,513.28
0.30
USD 241,100 EBay Inc 5,544,264.03 5,538,307.44
1.02
USD 32,800 Eaton Corp 2,038,529.91 2,179,603.55
0.40
USD 83,676 Emerson Electric Co 2,506,737.65 3,245,073.12
0.60
USD 26,500 Fedex Corp 2,219,407.73 1,633,014.86
0.30
USD 75,000 General Cable Corp 3,376,837.88 3,812,859.13
0.71
USD 70,000 Global Payments Inc 2,053,389.57 2,182,040.73
0.40
USD 30,000 Graco Inc 891,858.73 766,039.92
0.14
USD 40,000 Greif Inc A 1,530,015.45 1,827,343.51
0.34
USD 37,076 Hologic Inc 553,757.24 1,756,039.17
0.33
USD 136,600 Home Depot Inc 4,341,444.00 2,478,316.28
0.46
USD 35,000 Illinois Tool Works Inc 1,317,946.30 1,286,185.44
0.24
USD 100,200 Johnson & Johnson 4,891,197.80 4,591,123.05
0.85
USD 57,600 Johnson Controls Inc 1,207,617.37 1,441,419.88
0.27
USD 91,000 Joy Global Inc 3,500,395.50 4,141,117.27
0.77
USD 130,500 KBR Inc 2,463,287.14 3,471,599.06
0.64
USD 100,100 Kellogg Co 3,704,523.52 3,602,252.22
0.67
USD 55,000 Legg Mason Inc 3,255,677.43 2,664,071.27
0.49
USD 48,000 McGraw-Hill Companies Inc 1,479,915.94 1,431,627.62
0.26
USD 71,300 Medtronic Inc 3,343,469.09 2,434,929.79
0.45
USD 152,200 Microsoft Corp 4,387,850.13 3,738,372.72
0.69
USD 62,100 Nike Inc B 2,090,847.84 2,715,753.29
0.50
USD 71,346 Pitney Bowes 2,502,036.77 1,865,946.18
0.35
USD 65,200 Thermo Fisher Scientific 2,398,287.54 2,579,978.92
0.48
Inc
USD 80,900 Thomas & Betts Corp 3,174,870.94 2,756,172.86
0.51
USD 43,075 Tyco Electronics Ltd 879,007.86 1,107,228.59
0.20
USD 43,075 Tyco Intl Ltd 2,259,368.39 1,174,599.64
0.22
USD 71,224 United Technologies Corp 2,568,255.81 3,723,089.24
0.69
USD 69,827 Wachovia Corp 2,479,893.35 1,806,750.77
0.33
USD 99,200 Wal-Mart Stores Inc 3,674,679.42 3,243,368.81
0.60
USD 113,100 Wells Fargo & Co New 2,957,018.30 2,314,221.89
0.43
USD 289,300 Western Union Co (The) 4,693,130.18 4,711,662.30
0.87
USD 44,400 Zimmer Holdings Inc 2,162,154.64 2,006,310.56
0.37
127,832,252.74129,856,772.77
24.03
Total shares 253,181,662.48289,523,579.79
53.58
Undertakings for collective investment
EUR 7,000 Magellan SICAV Cap/Dist 11,145,923.8511,303,460.00
2.09
EUR 90,000 State Street Act Japon 16,021,270.9113,702,500.00
2.54
SICAV Cap
27,167,194.7625,005,960.00
4.63
The accompanying notes are an integral part of these financial statements.
70
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
C- Number / Descrip- Descrip-
Descrip- Cost Mar- % of
r- nominal ion ion ion et
e- val-
cy e
value total
net
assets
U- 330,000Aberdeen Aberdeen Aberdeen 7,67-
13,4- 2.49
D Gl SICAV Gl SICAV Gl SICAV ,780- 6,59-
Asia Asia Asia 73 .13
Pacific Pacific Pacific
Fd Ser Fd Ser Fd Ser A2
A2 Cap F A2 Cap F Cap F
Templet- Templet- Templeton
n Inv n Inv Inv Fds
Fds Fds SICAV
SICAV SICAV Asian
Asian Asian Growth I
Growth I Growth I Cap
Cap Cap
U- 500,000 4,506-
10,9- 2.02
D 587.410,88-
.68
U- 600,000Fidelity Fidelity Fidelity 8,07-
9,71- 1.80
D Fds Fds Fds SICAV,167- ,652-
SICAV SICAV Thailand 34 48
Thailand Thailand A Gl
A Gl A Gl Certif
Certif Certif
U- 260,000JPMorgan JPMorgan JPMorgan 3,45-
2,82- 0.52
D Fds Fds Fds SICAV,447- ,569-
SICAV JF SICAV JF JF Taiwan65 41
Taiwan A Taiwan A A USD Cap
USD Cap USD Cap Vontobel
Vontobel Vontobel Fd SICAV
Fd SICAV Fd SICAV Far East
Far East Far East Equity A2
Equity Equity Cap
A2 Cap A2 Cap
U- 30,000 4,362-
7,96- 1.47
D 903.78,407-
13
28,07- 44,8-
8.30
,886.- 8,10-
1 .83
Total undertakings for collective investment 55,2- 69,8-
12.93
0,08- 4,06-
.67 .83
B-
n-
s
E- 16,000,000Deutsch- Deutsch-
Deutschl- 15,4- 14,9- 2.77
R and and nd 3.25% 5,94- 8,36-
3.25% 3.25% Ser 05 .20 .01
Ser 05 Ser 05 05/04.07-
05/04.0- 05/04.0- 15
.15 .15
E- 13,900,000Deutsch- Deutsch-
Deutschl- 13,5- 13,1- 2.44
R and 3.5% and 3.5% nd 3.5% 3,96- 5,88-
Ser 05 Ser 05 Ser 05 .43 .06
05/04.0- 05/04.0- 05/04.01-
.16 .16 16
E- 9,000,000Deutsch- Deutsch-
Deutschl- 8,82- 8,91- 1.65
R and 3.5% and 3.5% nd 3.5% ,019- ,631-
Ser 145 Ser 145 Ser 145 20 10
04/09.1- 04/09.1- 04/09.10-
.09 .09 09
E- 9,300,000Deutsch- Deutsch-
Deutschl- 8,96- 9,11- 1.69
R and and nd 3.75% ,878- ,420-
3.75% 3.75% Ser 0302 44 36
Ser 0302 Ser 0302 03/04.07-
03/04.0- 03/04.0- 13
.13 .13
E- 7,000,000Deutsch- Deutsch-
Deutschl- 6,69- 6,98- 1.29
R and and nd 3.75% ,631- ,332-
3.75% 3.75% Ser 99 01 70
Ser 99 Ser 99 99/04.01-
99/04.0- 99/04.0- 09
.09 .09
E- 6,500,000Deutsch- Deutsch-
Deutschl- 6,59- 5,88- 1.09
R and 4% and 4% nd 4% Ser,933- ,899-
Ser 05 Ser 05 05 58 40
05/04.0- 05/04.0- 05/04.01-
.37 .37 37
E- 5,200,000Deutsch- Deutsch-
Deutschl- 4,79- 5,19- 0.96
R and 4% and 4% nd 4% Ser,938- ,702-
Ser 99 Ser 99 99 02 80
99/04.0- 99/04.0- 99/04.07-
.09 .09 09
E- 1,400,000Deutsch- Deutsch-
Deutschl- 1,46- 1,39- 0.26
R and and nd 4.125%,555- ,664-
4.125% 4.125% 98/04.07- 03 56
98/04.0- 98/04.0- 08
.08 .08
E- 7,200,000Deutsch- Deutsch-
Deutschl- 7,89- 7,43- 1.38
R and and nd 5.25% ,029- ,573-
5.25% 5.25% Ser 00 54 76
Ser 00 Ser 00 00/04.01-
00/04.0- 00/04.0- 11
.11 .11
E- 9,900,000Deutsch- Deutsch-
Deutschl- 9,90- 10,1- 1.88
R and and nd 5.25% ,412- 6,15-
5.25% 5.25% Ser 00 50 .54
Ser 00 Ser 00 00/04.07-
00/04.0- 00/04.0- 10
.10 .10
E- 5,500,000Deutsch- Deutsch-
Deutschl- 6,59- 6,15- 1.14
R and 5.5% and 5.5% nd 5.5% ,944- ,603-
Ser 00 Ser 00 Ser 00 53 05
00/04.0- 00/04.0- 00/04.01-
.31 .31 31
E- 5,000,000Deutsch- Deutsch-
Deutschl- 5,83- 5,95- 1.10
R and and nd 6.25% ,095- ,460-
6.25% 6.25% Ser 94 94 00
Ser 94 Ser 94 94/04.01-
94/04.0- 94/04.0- 24
.24 .24
E- 12,700,000France France France 12,1-
11,7- 2.17
R 3.75% 3.75% 3.75% OAT6,56- 3,91-
OAT OAT 05/25.04- .44
.56
05/25.0- 05/25.0- 21
.21 .21
E- 2,900,000France France France 4%2,47-
2,56- 0.47
R 4% OAT 4% OAT OAT ,248- ,343-
05/25.0- 05/25.0- 05/25.04-
81 35
.55 .55 55
E- 7,600,000France France France 7,81-
7,83- 1.45
R 5.5% OAT 5.5% OAT 5.5% OAT ,534- ,157-
00/25.0- 00/25.0- 00/25.04-
12 80
.10 .10 10
E- 3,000,000France France France 3,55-
3,33- 0.62
R 5.5% OAT 5.5% OAT 5.5% OAT ,436- ,233-
98/25.0- 98/25.0- 98/25.04-
25 80
.29 .29 29
E- 6,300,000Italia Italia Italia 5%6,74-
6,47- 1.20
R 5% BTP 5% BTP BTP ,533- ,054-
01/01.0- 01/01.0- 01/01.02-
89 19
.12 .12 12
T- 129,4-
127,- 23.56
t- 2,667-
79,3-
l 93 2.04
b-
n-
s
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 2,052,206.359
22,196,95- 16,717,075- 3.09
.49
53
USD -
3,374,836- 3,201,523.- 0.59
- 82
4
-
M
-
-
s
-
-
-
-
N
-
-
w
-
-
-
-
-
-
s
-
-
-
-
-
-
c
-
-
p
Total undertakings for collective investment
25,571,78- 19,918,598- 3.68
.31
77
TOTAL INVESTMENTS IN SECURITIES
463,396,20- 506,605,637- 93.75
.39
43
CASH AT BANKS
80,625,734- 14.92
90
OTHER NET ASSETS/(LIABILITIES)
-46,861,987- -8.67
50
TOTAL
540,369,384- 100.00
83
The accompanying notes are an integral part of these financial statements.
71
BL
SICAV with multiple Sub-Funds
BL-Global 75
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Countries and governments 23.56 %
Undertakings for collective investment 16.61 %
Food, beverage and tobacco 9.69 %
Capital goods 9.10 %
Materials 5.26 %
Health care equipment and services 3.99 %
Pharmaceuticals and biotechnology 3.62 %
Technology hardware and equipment 2.83 %
Diversified financial services 2.63 %
Retailing 2.61 %
Energy 2.26 %
Banks 2.22 %
Consumer durables and apparel 1.85 %
Automobiles and components 1.33 %
Software and services 1.09 %
Investment companies 0.99 %
Commercial services and supplies 0.94 %
Transportation 0.93 %
Household and personal products 0.92 %
Real estate 0.59 %
Utilities 0.47 %
Media 0.26 %
TOTAL 93.75 %
The accompanying notes are an integral part of these financial statements.
72
BL
SICAV with multiple Sub-Funds
BL-Global 75
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 23.84 %
Germany 20.70 %
France 15.23 %
Luxembourg (Grand Duchy of) 11.98 %
United Kingdom 6.43 %
Switzerland 4.91 %
The Netherlands 3.30 %
Italy 2.31 %
Ireland 1.57 %
Sweden 0.93 %
Bermuda 0.66 %
South Korea 0.46 %
Hungary 0.38 %
Greece 0.32 %
Guernsey 0.26 %
Finland 0.25 %
Norway 0.22 %
TOTAL 93.75 %
The accompanying notes are an integral part of these financial statements.
73
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 164,664,416.07
Cash at banks 31,460,539.82
Income receivable on portfolio 100,683.45
Interest receivable on bank accounts 89,297.15
Unrealised gain on foreign exchange contracts 1,075,081.31
Prepaid expenses 200.00
Total assets 197,390,217.80
LIABILITIES
Commitment on repurchase and "repo" contracts 452,000.00
Interest payable on financial instruments 159.33
Accrued capital gain taxes 65,481.04
Expenses payable 538,613.31
Total liabilities 1,056,253.68
NET ASSETS at the end of the year 196,333,964.12
Class B shares outstanding 430,830.499
Net asset value per class B share 455.71
The accompanying notes are an integral part of these financial statements.
74
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 1,835,686.68
Interest on bank accounts 528,704.01
Received commissions 172,205.54
Other income 36,667.81
Total income 2,573,264.04
EXPENSES
Management fees 1,492,427.91
Custodian fees 149,937.31
Banking charges and other fees 59,963.25
Transaction fees 275.56
Central administration costs 79,831.44
Audit and supervisory fees 3,032.38
Other administration costs 26,891.33
Subscription duty ("taxe d'abonnement") 66,584.02
Other taxes 118.78
Interest paid on financial instruments 49,793.08
Other expenses 33,690.70
Total expenses 1,962,545.76
NET INVESTMENT INCOME 610,718.28
NET REALISED GAIN/(LOSS)
- on portfolio 6,522,691.19
- on financial instruments -227,652.76
- on foreign exchange contracts 1,797,887.02
- on foreign exchange -200,056.89
REALISED RESULT 8,503,586.84
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -7,167,429.39
- on foreign exchange contracts 821,076.05
RESULT OF OPERATIONS 2,157,233.50
Dividends paid -
Reinvestments -
Subscriptions 90,134,163.32
Redemptions -25,081,097.89
TOTAL CHANGES IN NET ASSETS 67,210,298.93
TOTAL NET ASSETS at the beginning of the year 129,123,665.19
TOTAL NET ASSETS at the end of the year 196,333,964.12
The accompanying notes are an integral part of these financial statements.
75
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 196,333,964.12
- as at 31.12.2006 129,123,665.19
- as at 31.12.2005 112,984,102.48
Number of class B shares
- outstanding at the beginning of the year 292,064.750
- issued
193,250.167
- redeemed -54,484.418
- outstanding at the end of the year 430,830.499
Net asset value per class B share
- highest 487.09
17.07.2007
- lowest 437.60
06.03.2007
- as at 31.12.2007 455.71
- as at 31.12.2006 442.11
- as at 31.12.2005 397.70
The accompanying notes are an integral part of these financial statements.
76
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 9,400 Geberit AG Reg 760,769.22 880,994.32
0.45
CHF 3,400 Kaba Holding AG 765,719.59 727,481.80
0.37
CHF 8,920 Nestlé SA Reg 2,195,544.-
2,795,651.68 1.42
5
CHF 37,536 Novartis AG Reg 1,457,729.-
1,404,929.24 0.72
5
CHF 12,113 Roche Holding AG B de jouis Pref 1,132,947.-
1,428,023.75 0.73
9
CHF 25,900 Schindler Holding AG Partizsch 1,215,035.-
1,139,560.76 0.58
2
CHF 6,200 Swatch Group AG 883,143.66 1,275,202.66
0.65
CHF 18,700 Syngenta AG Reg 2,230,802.-
3,251,638.71 1.66
2
CHF 22,750 Synthes Inc 1,889,506.-
1,927,887.04 0.98
0
12,531,200-
14,831,369.- 7.56
10 6
EUR 58,500 Aalberts Industries NV 930,966.26 780,975.00
0.40
EUR 12,900 Air Liquide SA 820,416.70 1,309,737.00
0.67
EUR 65,380 Akzo Nobel NV 2,922,467.-
3,542,288.40 1.80
4
EUR 25,000 Amer Sports Corp A 337,702.58 462,250.00
0.24
EUR 138,600 Anglo Irish Bank Corp Plc 1,361,918.-
1,516,284.00 0.77
7
EUR 17,505 BASF AG 1,005,649.-
1,775,182.05 0.90
1
EUR 90,600 Bank of Ireland Plc 1,255,321.-
926,838.00 0.47
4
EUR 41,400 Brembo SpA 402,263.40 445,464.00
0.23
EUR 56,100 CRH Plc 1,516,847.-
1,329,570.00 0.68
8
EUR 25,900 Continental AG 2,508,024.-
2,304,841.00 1.17
4
EUR 47,950 DSM NV 1,727,252.-
1,546,387.50 0.79
8
EUR 17,478 Deutsche Boerse AG Reg 804,915.73 2,372,638.50
1.21
EUR 63,429 ENI SpA 1,063,431.-
1,588,896.45 0.81
0
EUR 36,171 Heineken NV 1,206,239.-
1,600,928.46 0.82
6
EUR 43,100 Hypo Real Estate Holding AG 1,944,859.-
1,555,910.00 0.79
8
EUR 18,000 National Bank of Greece SA Reg 424,425.83 844,200.00
0.43
EUR 13,000 Neopost SA 1,172,149.-
916,110.00 0.47
5
EUR 27,980 Pernod-Ricard 3,463,403.-
4,432,032.00 2.26
8
EUR 30,000 Saipem SpA 822,561.90 822,900.00
0.42
EUR 22,750 Schneider Electric SA 1,930,613.-
2,096,867.50 1.07
4
EUR 52,000 TNT NV 1,364,561.-
1,465,360.00 0.75
1
EUR 20,150 Total SA 868,983.35 1,142,908.00
0.58
EUR 102,270 Vinci SA 4,320,627.-
5,204,520.30 2.65
8
34,175,602-
39,983,088.- 20.38
41 6
GBP 20,100 Berkeley Gr Hgs (The) Plc Units 1 Ord 156,636.37 368,127.91
0.19
Share + 2 B Shares Bodycote Intl Plc
GBP 178,600 728,805.94 450,946.55
0.23
GBP 63,400 Bovis Homes Group Plc 609,813.59 541,473.42
0.28
GBP 174,955 British American Tobacco Plc 2,597,935.-
4,696,116.76 2.39
1
GBP 257,100 Diageo Plc 3,489,743.-
3,767,689.53 1.92
4
GBP 60,149 GlaxoSmithKline Plc 1,281,641.-
1,044,539.53 0.53
8
GBP 34,700 Intertek Group Plc 473,535.94 461,002.08
0.23
GBP 107,600 National Grid Plc 1,007,196.-
1,225,290.02 0.62
9
GBP 28,350 Persimmon Plc 312,835.30 307,845.58
0.16
GBP 55,100 Reckitt Benckiser Group Plc 1,789,636.-
2,171,420.67 1.11
1
GBP 144,200 Smith & Nephew Plc 1,162,395.-
1,129,901.11 0.58
7
GBP 135,500 Southern Cross Healthca Gr Plc 1,099,923.-
973,559.51 0.50
6
14,710,099-
17,137,912.- 8.74
60 7
HUF 9,421 MOL Hungarian Oil and Gas Plc Ser A 660,900.98 908,346.32
0.46
KRW 17,000 Kookmin Bank 972,441.17 852,156.12
0.43
NOK 30,000 Petroleum Geo-Services ASA 601,441.89 594,177.41
0.30
The accompanying notes are an integral part of these financial statements.
77
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number Description Cost Market value %
of
/
nominal
value
total net
assets
SEK 56,100 SKF AB 695,290.45 649,680.33
0.33
SEK 104,900 Swedish Match AB 1,517,674.92 1,714,062.73
0.87
2,212,965.37 2,363,743.06
1.20
USD 35,000 3M Co 2,066,988.51 2,025,194.66
1.03
USD 50,800 Abbott Laboratories 1,800,391.43 1,977,004.52
1.01
USD 24,445 Altria Group Inc 786,476.27 1,262,685.53
0.64
USD 46,000 Amdocs Ltd 1,136,505.72 1,065,424.50
0.54
USD 40,450 Anheuser-Busch Cos Inc 1,486,885.34 1,453,729.90
0.74
USD 15,840 Becton Dickinson & Co 596,011.53 915,037.23
0.47
USD 5 Berkshire Hathaway Inc A 326,934.02 479,752.47
0.24
USD 394 Berkshire Hathaway Inc B 1,052,098.15 1,255,237.84
0.64
USD 23,000 Best Buy Co Inc 814,234.54 817,836.86
0.42
USD 74,000 Cisco Systems Inc 1,235,905.17 1,386,855.26
0.71
USD 39,887 Coca-Cola Co 1,570,189.24 1,689,003.09
0.86
USD 24,000 Corporate Executive Board 1,162,102.70 989,344.12
0.50
Co
USD 27,000 Coventry Health Care Inc 1,095,957.04 1,094,468.06
0.56
USD 30,000 Covidien Ltd 824,949.26 913,331.75
0.46
USD 56,000 Dell Inc 1,147,506.15 950,120.70
0.48
USD 20,000 Dresser Rand Group Inc 440,856.44 540,070.04
0.27
USD 100,500 EBay Inc 2,308,285.69 2,308,585.22
1.18
USD 12,000 Eaton Corp 739,737.66 797,415.93
0.41
USD 25,018 Emerson Electric Co 751,418.34 970,233.27
0.49
USD 20,000 Fedex Corp 1,550,171.41 1,232,464.04
0.63
USD 30,000 General Cable Corp 1,375,699.28 1,525,143.65
0.78
USD 21,000 Global Payments Inc 617,270.98 654,612.22
0.33
USD 8,000 Graco Inc 237,848.92 204,277.31
0.10
USD 13,400 Greif Inc A 516,135.05 612,160.08
0.31
USD 11,440 Hologic Inc 170,875.29 541,835.37
0.28
USD 65,400 Home Depot Inc 1,816,874.30 1,186,543.81
0.60
USD 14,000 Illinois Tool Works Inc 544,609.58 514,474.18
0.26
USD 37,200 Johnson & Johnson 1,794,118.26 1,704,488.80
0.87
USD 22,000 Johnson Controls Inc 460,646.86 550,542.31
0.28
USD 37,500 Joy Global Inc 1,417,489.87 1,706,504.37
0.87
USD 68,000 KBR Inc 1,457,222.48 1,808,955.83
0.92
USD 43,800 Kellogg Co 1,615,269.66 1,576,210.26
0.80
USD 28,000 Legg Mason Inc 1,659,536.32 1,356,254.46
0.69
USD 16,030 McGraw-Hill Companies Inc 503,417.01 478,103.97
0.24
USD 33,800 Medtronic Inc 1,428,246.96 1,154,286.49
0.59
USD 50,731 Microsoft Corp 1,312,144.04 1,246,066.93
0.63
USD 23,600 Nike Inc B 797,725.57 1,032,073.71
0.53
USD 30,400 Pitney Bowes 1,057,201.08 795,065.79
0.40
USD 22,500 Thermo Fisher Scientific 827,648.60 890,330.15
0.45
Inc
USD 32,000 Thomas & Betts Corp 1,278,200.20 1,090,204.35
0.56
USD 15,000 Tyco Electronics Ltd 363,248.61 385,570.02
0.20
USD 15,000 Tyco Intl Ltd 676,362.30 409,030.63
0.21
USD 30,068 United Technologies Corp 1,224,932.13 1,571,743.33
0.80
USD 22,832 Wachovia Corp 828,638.31 590,770.53
0.30
USD 51,800 Wal-Mart Stores Inc 1,815,018.69 1,693,613.95
0.86
USD 39,000 Wells Fargo & Co New 1,018,603.62 798,007.55
0.41
USD 112,100 Western Union Co (The) 1,789,352.64 1,825,708.07
0.93
USD 21,000 Zimmer Holdings Inc 1,093,397.07 948,930.67
0.48
52,591,338.2952,975,303.78
26.96
Total shares 118,455,989.81129,646,097.48
66.03
Undertakings for collective investment
EUR 2,500 Magellan SICAV Cap/Dist 3,980,687.09 4,036,950.00
2.06
EUR 31,000 State Street Act Japon 5,459,760.33 4,719,750.00
2.40
SICAV Cap
9,440,447.42 8,756,700.00
4.46
The accompanying notes are an integral part of these financial statements.
78
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / nominal Description Cost
Market % of
value
value value
total net
assets
USD 105,000 -
2,229,752- 4,284,825.- 2.18
- 28
1
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a
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2
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F
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n
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v
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s
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-
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V
-
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-
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h
I
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-
p
USD 132,450.349 1,071,884.-
2,890,300.- 1.47
0
0
USD 200,000 -
2,691,055- 3,236,884.- 1.65
- 78
6
-
-
-
-
-
y
-
-
s
-
-
-
-
V
-
-
-
-
-
-
-
d
A
-
l
-
-
-
-
-
f
USD 200,000 -
2,660,344- 2,171,976.- 1.11
- 34
7
-
-
-
-
-
n
-
-
s
-
-
-
-
V
-
F
-
-
-
-
-
n
A
-
-
D
-
-
p
-
-
-
-
-
-
-
l
-
d
-
-
-
-
V
-
-
r
-
-
-
t
-
-
-
-
-
y
-
2
-
-
p
USD 10,400 1,512,473.-
2,761,687.- 1.41
1
0
10,165,510-
15,345,674- 7.82
51
54
Total undertakings for collective investment 19,605,95-
24,102,374- 12.28
.93
54
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 1,035,460.739
10,105,34- 8,434,763.- 4.30
.54
4
USD -
2,615,498- 2,481,180.- 1.26
- 54
1
-
M
-
-
s
-
-
-
-
N
-
-
w
-
-
-
-
-
-
s
-
-
-
-
-
-
c
-
-
p
Total undertakings for collective investment
12,720,84- 10,915,944.- 5.56
.08
5
TOTAL INVESTMENTS IN SECURITIES
150,782,79- 164,664,416- 83.87
.82
07
CASH AT BANKS
31,460,539.- 16.02
2
OTHER NET ASSETS/(LIABILITIES)
209,008.23 0.11
TOTAL
196,333,964- 100.00
12
The accompanying notes are an integral part of these financial statements.
79
BL
SICAV with multiple Sub-Funds
BL-Global Equities
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 17.84 %
Food, beverage and tobacco 12.72 %
Capital goods 11.13 %
Materials 6.81 %
Health care equipment and services 4.90 %
Pharmaceuticals and biotechnology 4.31 %
Technology hardware and equipment 3.55 %
Diversified financial services 3.26 %
Retailing 3.06 %
Energy 2.84 %
Banks 2.38 %
Consumer durables and apparel 2.05 %
Automobiles and components 1.68 %
Transportation 1.38 %
Commercial services and supplies 1.13 %
Investment companies 1.11 %
Household and personal products 1.11 %
Software and services 0.96 %
Real estate 0.79 %
Utilities 0.62 %
Media 0.24 %
TOTAL 83.87 %
The accompanying notes are an integral part of these financial statements.
80
BL
SICAV with multiple Sub-Funds
BL-Global Equities
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 26.53 %
Luxembourg (Grand Duchy of) 13.38 %
France 12.16 %
United Kingdom 8.74 %
Switzerland 6.58 %
The Netherlands 4.56 %
Germany 4.07 %
Ireland 1.92 %
Italy 1.46 %
Sweden 1.20 %
Bermuda 0.87 %
Guernsey 0.54 %
Hungary 0.46 %
South Korea 0.43 %
Greece 0.43 %
Norway 0.30 %
Finland 0.24 %
TOTAL 83.87 %
The accompanying notes are an integral part of these financial statements.
81
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 76,199,071.29
Cash at banks 8,740,716.54
Income receivable on portfolio 87,841.15
Interest receivable on bank accounts 20,417.02
Unrealised gain on foreign exchange contracts 1,793,991.32
Prepaid expenses 200.00
Total assets 86,842,237.32
LIABILITIES
Expenses payable 304,962.30
Total liabilities 304,962.30
NET ASSETS at the end of the year 86,537,275.02
Class B shares outstanding 137,940.061
Net asset value per class B share 627.35
The accompanying notes are an integral part of these financial statements.
82
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 1,648,862.97
Interest on bank accounts 310,572.69
Received commissions 80,839.83
Other income 24,148.13
Total income 2,064,423.62
EXPENSES
Management fees 976,555.79
Custodian fees 97,965.27
Banking charges and other fees 62,628.36
Central administration costs 77,145.47
Audit and supervisory fees 2,100.02
Other administration costs 24,455.06
Subscription duty ("taxe d'abonnement") 47,491.98
Other taxes 162.28
Interest paid on financial instruments 39,330.40
Other expenses 8,569.68
Total expenses 1,336,404.31
NET INVESTMENT INCOME 728,019.31
NET REALISED GAIN/(LOSS)
- on portfolio 3,144,518.25
- on financial instruments 28,114.44
- on foreign exchange contracts 2,081,921.98
- on foreign exchange 244,399.14
REALISED RESULT 6,226,973.12
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -5,898,529.72
- on foreign exchange contracts 667,473.14
RESULT OF OPERATIONS 995,916.54
Dividends paid -
Reinvestments -
Subscriptions 1,556,984.59
Redemptions -22,094,313.76
TOTAL CHANGES IN NET ASSETS -19,541,412.63
TOTAL NET ASSETS at the beginning of the year 106,078,687.65
TOTAL NET ASSETS at the end of the year 86,537,275.02
The accompanying notes are an integral part of these financial statements.
83
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 86,537,275.02
- as at 31.12.2006 106,078,687.65
- as at 31.12.2005 USD 168,963,975.65
Number of class B shares
- outstanding at the beginning of the year 170,786.921
- issued
2,493.103
- redeemed -35,339.963
- outstanding at the end of the year 137,940.061
Net asset value per class B share
- highest 654.49
04.06.2007
- lowest 591.38
17.08.2007
- as at 31.12.2007 627.35
- as at 31.12.2006 621.12
- as at 31.12.2005 USD 709.63
The accompanying notes are an integral part of these financial statements.
84
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 20,000 Geberit AG Reg 1,525,237-
1,874,456.- 2.17
69 0
CHF 12,000 Nestlé SA Reg 1,813,158-
3,760,966.- 4.35
95 8
CHF 14,000 Syngenta AG Reg 1,477,985-
2,434,381.- 2.81
03 3
4,816,381-
8,069,804.- 9.33
67 1
EUR 21,000 Adidas AG 923,967.61
1,076,460.- 1.24
0
EUR 270,000 Anglo Irish Bank Corp 3,199,379-
2,953,800.- 3.41
Plc 81 0
EUR 100,000 Heineken NV 3,046,510-
4,426,000.- 5.11
52 0
EUR 13,200 Pernod-Ricard 1,842,412-
2,090,880.- 2.42
12 0
EUR 15,000 Schneider Electric SA 1,392,497-
1,382,550.- 1.60
85 0
EUR 57,000 Total SA 2,226,727-
3,233,040.- 3.74
37 0
EUR 70,000 Vinci SA 2,649,790-
3,562,300.- 4.12
31 0
EUR 300,000 Wessanen NV 3,270,274-
3,249,000.- 3.75
68 0
18,551,560-
21,974,030.- 25.39
27 0
GBP 100,000 British American Tobacco1,413,078-
2,684,185.- 3.10
Plc 78 1
GBP 250,000 Diageo Plc 2,877,657-
3,663,642.- 4.23
92 9
GBP 200,000 HSBC Holdings Plc 1,722,428-
2,289,691.- 2.64
83 8
6,013,165-
8,637,519.- 9.97
53 8
THB 800,000 Bangkok Bank PCL Nv DR 1,879,559-
2,143,361.- 2.48
42 6
USD 27,000 3M Co 1,622,625-
1,562,293.- 1.80
08 2
USD 54,000 Altria Group Inc 1,398,016-
2,789,323.- 3.22
54 2
USD 25,000 Anheuser-Busch Cos Inc 877,094.64
898,473.36 1.04
USD 60,000 Becton Dickinson & Co 2,154,511-
3,466,050.- 4.00
85 2
USD 25 Berkshire Hathaway Inc A1,494,461-
2,398,762.- 2.77
52 7
USD 40,000 Cisco Systems Inc 916,198.32
749,651.49 0.87
USD 120,000 Coca-Cola Co 3,996,352-
5,081,364.- 5.87
56 2
USD 60,000 Emerson Electric Co 1,401,490-
2,326,884.- 2.69
51 0
USD 27,000 Gannett Co Inc 1,473,482-
701,921.05 0.81
68
USD 110,000 Home Depot Inc 3,228,247-
1,995,715.- 2.31
86 9
USD 50,000 Johnson & Johnson 2,550,439-
2,290,979.- 2.65
21 7
USD 200,000 Microsoft Corp 5,036,925-
4,912,447.- 5.68
79 2
USD 64,000 United Technologies Corp1,521,381-
3,345,469.- 3.87
03 8
USD 40,000 Wal-Mart Stores Inc 1,353,688-
1,307,810.- 1.51
90 0
USD 95,000 Western Union Co (The) 1,606,871-
1,547,210.- 1.79
44 3
30,631,787-
35,374,356.- 40.88
93 4
TOTAL INVESTMENTS IN SECURITIES 61,892,454-
76,199,071.- 88.05
82 9
CASH AT BANKS
8,740,716.- 10.10
4
OTHER NET ASSETS/(LIABILITIES)
1,597,487.- 1.85
9
TOTAL
86,537,275.- 100.00
2
The accompanying notes are an integral part of these financial statements.
85
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Food, beverage and tobacco 33.09 %
Capital goods 16.25 %
Banks 8.53 %
Software and services 5.68 %
Health care equipment and services 4.00 %
Retailing 3.82 %
Energy 3.74 %
Materials 2.81 %
Investment companies 2.77 %
Pharmaceuticals and biotechnology 2.65 %
Diversified financial services 1.79 %
Consumer durables and apparel 1.24 %
Technology hardware and equipment 0.87 %
Media 0.81 %
TOTAL 88.05 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 40.88 %
France 11.88 %
United Kingdom 9.97 %
Switzerland 9.33 %
The Netherlands 8.86 %
Ireland 3.41 %
Thailand 2.48 %
Germany 1.24 %
TOTAL 88.05 %
The accompanying notes are an integral part of these financial statements.
86
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF NET ASSETS
as at 31st December 2007
(in USD)
ASSETS
Securities portfolio at market value 313,785,868.75
Cash at banks 22,190,569.90
Receivable on issues of shares 10,806.83
Income receivable on portfolio 67,914.00
Interest receivable on bank accounts 88,450.23
Prepaid expenses 294.11
Total assets 336,143,903.82
LIABILITIES
Expenses payable 988,426.20
Total liabilities 988,426.20
NET ASSETS at the end of the year 335,155,477.62
Class B shares outstanding 89,920.105
Net asset value per class B share 3,727.26
The accompanying notes are an integral part of these financial statements.
87
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)
INCOME
Dividends, net 3,954,360.18
Interest on bank accounts 747,984.25
Received commissions 620,368.13
Other income 21,838.43
Total income 5,344,550.99
EXPENSES
Management fees 4,239,979.77
Custodian fees 425,183.54
Banking charges and other fees 349,098.57
Central administration costs 167,049.72
Audit and supervisory fees 8,564.12
Other administration costs 54,365.37
Subscription duty ("taxe d'abonnement") 202,067.75
Other taxes 458.26
Other expenses 21,866.31
Total expenses 5,468,633.41
NET INVESTMENT INCOME -124,082.42
NET REALISED GAIN/(LOSS)
- on portfolio 54,567,014.86
- on foreign exchange -664.41
REALISED RESULT 54,442,268.03
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -15,245,159.47
RESULT OF OPERATIONS 39,197,108.56
Dividends paid -
Reinvestments -
Subscriptions 144,281,690.68
Redemptions -373,737,467.90
TOTAL CHANGES IN NET ASSETS -190,258,668.66
TOTAL NET ASSETS at the beginning of the year 525,414,146.28
TOTAL NET ASSETS at the end of the year 335,155,477.62
The accompanying notes are an integral part of these financial statements.
88
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATISTICAL INFORMATION
as at 31st December 2007
(in USD)
Total net assets
- as at 31.12.2007 335,155,477.62
- as at 31.12.2006 525,414,146.28
- as at 31.12.2005 260,971,514.45
Number of class B shares
- outstanding at the beginning of the year 153,671.531
- issued
40,157.923
- redeemed -103,909.349
- outstanding at the end of the year 89,920.105
Net asset value per class B share
- highest 3,859.52
15.10.2007
- lowest 3,346.45
06.03.2007
- as at 31.12.2007 3,727.26
- as at 31.12.2006 3,419.07
- as at 31.12.2005 3,024.46
The accompanying notes are an integral part of these financial statements.
89
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in USD)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
USD 90,000 3M Co 6,794,805.-
7,658,100.- 2.28
6 0
USD 187,000 Abbott Laboratories 8,370,315.-
10,702,010- 3.19
0 00
USD 90,000 Altria Group Inc 4,242,867.-
6,836,400.- 2.04
0 0
USD 150,000 Amdocs Ltd 5,398,706.-
5,109,000.- 1.52
3 0
USD 160,000 Anheuser-Busch Cos Inc 7,336,504.-
8,456,000.- 2.52
5 0
USD 81,000 Becton Dickinson & Co 4,672,926.-
6,880,950.- 2.05
1 0
USD 1,800 Berkshire Hathaway Inc 5,351,450.-
8,433,000.- 2.52
B 5 0
USD 100,000 Best Buy Co Inc 4,802,921.-
5,229,000.- 1.56
0 0
USD 215,000 Cisco Systems Inc 3,981,663.-
5,925,400.- 1.77
6 0
USD 145,000 Coca-Cola Co 6,506,157.-
9,029,150.- 2.69
6 0
USD 90,000 Corporate Executive 6,129,952.-
5,455,800.- 1.63
Board Co 4 0
USD 80,000 Coventry Health Care 4,046,937.-
4,768,800.- 1.42
Inc 5 0
USD 99,225 Covidien Ltd 3,796,686.-
4,442,303.- 1.33
6 5
USD 300,000 Dell Inc 7,350,017.-
7,485,000.- 2.23
5 0
USD 92,000 Dresser Rand Group Inc 2,739,477.-
3,653,320.- 1.09
5 0
USD 340,000 EBay Inc 10,229,876-
11,485,200- 3.43
18 00
USD 50,000 Eaton Corp 3,867,549.-
4,886,000.- 1.46
8 0
USD 124,600 Emerson Electric Co 4,650,170.-
7,105,938.- 2.12
8 0
USD 80,000 Fedex Corp 8,919,282.-
7,249,600.- 2.16
1 0
USD 125,000 General Cable Corp 8,546,535.-
9,345,000.- 2.79
3 0
USD 110,000 Global Payments Inc 4,240,339.-
5,042,400.- 1.50
2 0
USD 80,000 Graco Inc 3,134,293.-
3,004,000.- 0.90
1 0
USD 103,000 Greif Inc A 5,170,898.-
6,919,540.- 2.06
8 0
USD 52,000 Hologic Inc 852,705.07
3,621,800.- 1.08
0
USD 205,000 Home Depot Inc 7,628,252.-
5,469,400.- 1.63
4 0
USD 59,000 Illinois Tool Works 2,542,291.-
3,188,360.- 0.95
Inc 7 0
USD 146,000 Johnson & Johnson 9,184,082.-
9,837,480.- 2.94
0 0
USD 100,000 Johnson Controls Inc 2,403,225.-
3,680,000.- 1.10
7 0
USD 150,000 Joy Global Inc 8,095,229.-
10,038,000- 3.00
4 00
USD 300,000 KBR Inc 7,443,953.-
11,736,000- 3.50
6 00
USD 140,000 Kellogg Co 6,598,010.-
7,408,800.- 2.21
5 0
USD 90,000 Legg Mason Inc 7,557,161.-
6,410,700.- 1.91
8 0
USD 65,000 McGraw-Hill Companies 2,452,628.-
2,850,900.- 0.85
Inc 8 0
USD 100,000 Medtronic Inc 4,885,361.-
5,022,000.- 1.50
5 0
USD 215,000 Microsoft Corp 5,933,168.-
7,765,800.- 2.32
2 0
USD 82,000 Nike Inc B 3,308,458.-
5,273,420.- 1.57
2 0
USD 120,000 Pitney Bowes 4,947,469.-
4,615,200.- 1.38
8 0
USD 135,000 Sigma Aldrich Corp 4,547,833.-
7,499,250.- 2.24
4 0
USD 130,000 Thermo Fisher 6,537,948.-
7,564,700.- 2.26
Scientific Inc 0 0
USD 150,000 Thomas & Betts Corp 7,826,081.-
7,515,000.- 2.24
2 0
USD 99,225 Tyco Electronics Ltd 3,495,820.-
3,750,705.- 1.12
6 0
USD 64,225 Tyco Intl Ltd 3,020,743.-
2,575,422.- 0.77
4 0
USD 100,000 United Technologies 4,848,910.-
7,687,000.- 2.29
Corp 1 0
USD 130,000 Wachovia Corp 6,114,993.-
4,946,500.- 1.48
3 0
USD 170,000 Wal-Mart Stores Inc 7,795,391.-
8,173,600.- 2.44
3 0
USD 138,000 Wells Fargo & Co New 4,579,585.-
4,152,420.- 1.24
2 0
USD 470,000 Western Union Co (The) 10,167,155-
11,256,500- 3.36
60 00
USD 100,000 Zimmer Holdings Inc 6,609,248.-
6,645,000.- 1.98
8 0
TOTAL INVESTMENTS IN SECURITIES 269,656,04-
313,785,86- 93.62
.52 .75
CASH AT BANKS
22,190,569- 6.62
90
OTHER NET ASSETS/(LIABILITIES)
-820,961.03 -0.24
TOTAL
335,155,47- 100.00
.62
The accompanying notes are an integral part of these financial statements.
90
BL
SICAV with multiple Sub-Funds
BL-Equities America
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Capital goods 19.51 %
Food, beverage and tobacco 9.46 %
Technology hardware and equipment 9.43 %
Health care equipment and services 9.36 %
Retailing 9.06 %
Pharmaceuticals and biotechnology 8.39 %
Diversified financial services 5.27 %
Materials 4.30 %
Software and services 3.82 %
Commercial services and supplies 3.01 %
Banks 2.72 %
Investment companies 2.52 %
Transportation 2.16 %
Consumer durables and apparel 1.57 %
Automobiles and components 1.10 %
Energy 1.09 %
Media 0.85 %
TOTAL 93.62 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 88.88 %
Bermuda 3.22 %
Guernsey 1.52 %
TOTAL 93.62 %
The accompanying notes are an integral part of these financial statements.
91
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 451,523,544.77
Cash at banks 23,379,202.21
Income receivable on portfolio 539,797.35
Interest receivable on bank accounts 70,371.03
Prepaid expenses 200.00
Total assets 475,513,115.36
LIABILITIES
Bank liabilities 317,613.64
Commitment on repurchase and "repo" contracts 3,616,000.00
Interest payable on financial instruments 1,274.64
Expenses payable 1,420,375.62
Total liabilities 5,355,263.90
NET ASSETS at the end of the year 470,157,851.46
Class B shares outstanding 129,251.813
Net asset value per class B share 3,637.53
The accompanying notes are an integral part of these financial statements.
92
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 11,928,422.36
Interest on bank accounts 1,462,181.54
Other income 124,860.55
Total income 13,515,464.45
EXPENSES
Management fees 5,274,408.63
Custodian fees 529,152.40
Banking charges and other fees 100,660.14
Central administration costs 87,677.32
Audit and supervisory fees 10,881.50
Other administration costs 54,817.95
Subscription duty ("taxe d'abonnement") 259,090.07
Other taxes 1,435.91
Interest paid on bank liabilities 798.89
Interest paid on financial instruments 487,063.35
Other expenses 23,606.17
Total expenses 6,829,592.33
NET INVESTMENT INCOME 6,685,872.12
NET REALISED GAIN/(LOSS)
- on portfolio 31,951,171.05
- on financial instruments 329,995.78
- on foreign exchange -1,194,832.54
REALISED RESULT 37,772,206.41
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -39,070,895.86
RESULT OF OPERATIONS -1,298,689.45
Dividends paid -
Reinvestments -
Subscriptions 71,763,880.90
Redemptions -130,301,499.41
TOTAL CHANGES IN NET ASSETS -59,836,307.96
TOTAL NET ASSETS at the beginning of the year 529,994,159.42
TOTAL NET ASSETS at the end of the year 470,157,851.46
The accompanying notes are an integral part of these financial statements.
93
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 470,157,851.46
- as at 31.12.2006 529,994,159.42
- as at 31.12.2005 514,018,459.32
Number of class B shares
- outstanding at the beginning of the year 144,713.675
- issued
18,715.125
- redeemed -34,176.987
- outstanding at the end of the year 129,251.813
Net asset value per class B share
- highest 4,079.94
04.06.2007
- lowest 3,465.51
22.11.2007
- as at 31.12.2007 3,637.53
- as at 31.12.2006 3,662.36
- as at 31.12.2005 3,031.64
The accompanying notes are an integral part of these financial statements.
94
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
CHF 20,250 AFG Arbonia Forster Holding AG 4,759,874.92
4,820,998.37 1.03
CHF 50,000 Geberit AG Reg 2,968,239.23
4,686,140.00 1.00
CHF 20,700 Kaba Holding AG 4,668,157.40
4,429,080.36 0.94
CHF 50,000 Nestlé SA Reg 9,359,213.40
15,670,693.- 3.33
6
CHF 201,000 Novartis AG Reg 8,605,696.83
7,523,198.47 1.60
CHF 70,000 Roche Holding AG B de jouis Pref 5,756,888.21
8,252,428.16 1.75
CHF 160,000 Schindler Holding AG Partizsch 5,976,558.49
7,039,757.59 1.50
CHF 33,260 Swatch Group AG 2,626,995.90
6,840,845.26 1.45
CHF 105,000 Syngenta AG Reg 8,788,879.93
18,257,864.- 3.88
4
53,510,504.-
77,521,005.- 16.48
1 1
DKK 40,100 Novozymes A/S B 1,353,448.58
3,129,513.45 0.67
EUR 336,716 Aalberts Industries NV 3,993,797.88
4,495,158.60 0.96
EUR 74,800 Air Liquide SA 3,429,847.58
7,594,444.00 1.61
EUR 355,000 Akzo Nobel NV 13,543,095.-
19,233,900.- 4.09
4 0
EUR 200,000 Amer Sports Corp A 2,887,362.89
3,698,000.00 0.79
EUR 725,000 Anglo Irish Bank Corp Plc 7,656,438.37
7,931,500.00 1.69
EUR 100,000 BASF AG 3,666,563.06
10,141,000.- 2.16
0
EUR 635,000 Bank of Ireland Plc 7,010,208.41
6,496,050.00 1.38
EUR 50,000 Barco NV 3,265,090.02
2,565,000.00 0.55
EUR 300,000 Brembo SpA 1,888,478.88
3,228,000.00 0.69
EUR 351,000 CRH Plc 6,890,921.53
8,318,700.00 1.77
EUR 140,200 Continental AG 13,842,932.-
12,476,398.- 2.65
8 0
EUR 300,000 DSM NV 7,238,803.20
9,675,000.00 2.06
EUR 108,000 Deutsche Boerse AG Reg 2,484,385.95
14,661,000.- 3.12
0
EUR 360,000 ENI SpA 5,682,758.49
9,018,000.00 1.92
EUR 151,000 Heineken NV 4,640,635.33
6,683,260.00 1.42
EUR 261,000 Hypo Real Estate Holding AG 12,302,417.-
9,422,100.00 2.00
7
EUR 100,000 National Bank of Greece SA Reg 2,676,069.68
4,690,000.00 1.00
EUR 66,000 Neopost SA 6,237,972.89
4,651,020.00 0.99
EUR 172,320 Pernod-Ricard 18,518,013.-
27,295,488.- 5.81
1 0
EUR 45,000 Pfeiffer Vacuum Technology AG 2,810,408.62
2,509,650.00 0.53
EUR 175,000 Saipem SpA 4,798,277.63
4,800,250.00 1.02
EUR 127,000 Schneider Electric SA 8,132,982.43
11,705,590.- 2.49
0
EUR 325,000 TNT NV 7,436,160.84
9,158,500.00 1.95
EUR 124,000 Total SA 4,725,703.69
7,033,280.00 1.50
EUR 566,770 Vinci SA 19,820,001.-
28,842,925.- 6.13
3 0
175,579,328.-
236,324,213.- 50.28
0 0
GBP 220,000 Berkeley Gr Hgs (The) Plc Units 1 Ord 2,496,991.96
4,029,260.69 0.86
Share + 2 B Shares Bodycote Intl Plc
GBP 965,000 4,069,184.84
2,436,525.34 0.52
GBP 400,000 Bovis Homes Group Plc 3,709,903.95
3,416,236.10 0.73
GBP 976,000 British American Tobacco Plc 10,913,987.-
26,197,650.- 5.57
7 7
GBP 2,000,000 Cobham Plc 3,385,757.27
5,680,170.34 1.21
GBP 1,178,000 Diageo Plc 13,702,394.-
17,263,081.- 3.67
1 3
GBP 361,552 GlaxoSmithKline Plc 7,762,662.79
6,278,663.89 1.34
GBP 186,000 Intertek Group Plc 2,544,972.23
2,471,077.45 0.53
GBP 313,000 Johnson Matthey Plc 3,834,046.43
8,002,641.52 1.70
GBP 600,000 National Grid Plc 4,830,444.26
6,832,472.20 1.45
GBP 252,440 Persimmon Plc 2,401,086.61
2,741,182.97 0.58
GBP 345,000 Reckitt Benckiser Group Plc 7,298,327.26
13,596,009.- 2.89
5
GBP 900,000 Smith & Nephew Plc 6,687,089.74
7,052,087.38 1.50
GBP 710,000 Southern Cross Healthca Gr Plc 5,367,406.22
5,101,308.12 1.08
79,004,254.-
111,098,367.- 23.63
4 5
The accompanying notes are an integral part of these financial statements.
95
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / nominal Description Cost
Market % of
value
value value
total net
assets
HUF 58,000 -
1,823,452.905,592,196.86 1.19
-
L
-
-
-
-
-
-
-
-
n
-
-
l
-
-
d
-
-
s
-
-
c
-
-
r
A
NOK 200,000 -
4,009,612.853,961,182.71 0.84
-
-
-
-
-
-
-
m
-
-
-
-
-
-
-
-
-
-
-
s
-
-
A
SEK 400,000
2,909,776.944,632,301.85 0.98
SEK 567,000 -
8,110,894.229,264,762.34 1.97
-
-
-
-
-
h
-
-
-
-
h
-
B
11,020,671.1613,897,064.- 2.95
9
TOTAL INVESTMENTS IN SECURITIES 326,301,272-
451,523,544- 96.04
74 77
CASH AT BANKS
23,379,202.- 4.97
1
BANK LIABILITIES
-317,613.64 -0.07
OTHER NET ASSETS/(LIABILITIES)
-4,427,281.- -0.94
8
TOTAL
470,157,851.- 100.00
6
The accompanying notes are an integral part of these financial statements.
96
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Food, beverage and tobacco 21.77 %
Materials 17.27 %
Capital goods 14.80 %
Energy 6.47 %
Consumer durables and apparel 5.44 %
Pharmaceuticals and biotechnology 5.36 %
Diversified financial services 4.12 %
Automobiles and components 3.34 %
Banks 3.07 %
Household and personal products 2.89 %
Health care equipment and services 2.58 %
Technology hardware and equipment 2.48 %
Real estate 2.00 %
Transportation 1.95 %
Utilities 1.45 %
Commercial services and supplies 0.53 %
Investment companies 0.52 %
TOTAL 96.04 %
The accompanying notes are an integral part of these financial statements.
97
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United Kingdom 23.63 %
France 18.53 %
Switzerland 16.48 %
The Netherlands 10.48 %
Germany 10.46 %
Ireland 4.84 %
Italy 3.63 %
Sweden 2.95 %
Hungary 1.19 %
Greece 1.00 %
Norway 0.84 %
Finland 0.79 %
Denmark 0.67 %
Belgium 0.55 %
TOTAL 96.04 %
The accompanying notes are an integral part of these financial statements.
98
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 50,091,616.14
Cash at banks 28,306,911.08
Formation expenses, net 17,882.73
Income receivable on portfolio 111,264.17
Interest receivable on bank accounts 91,475.57
Prepaid expenses 200.00
Total assets 78,619,349.69
LIABILITIES
Expenses payable 144,747.66
Total liabilities 144,747.66
NET ASSETS at the end of the year 78,474,602.03
Class A shares outstanding 10,855.801
Net asset value per class A share 96.69
Class B shares outstanding 800,785.182
Net asset value per class B share 96.69
The accompanying notes are an integral part of these financial statements.
99
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 30th October 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 234,977.13
Interest on bank accounts 192,544.46
Total income 427,521.59
EXPENSES
Management fees 97,691.92
Custodian fees 13,072.90
Banking charges and other fees 2,526.32
Central administration costs 10,266.83
Audit and supervisory fees 3,565.00
Other administration costs 4,543.76
Subscription duty ("taxe d'abonnement") 9,809.35
Interest paid on bank liabilities 65.75
Other expenses 4,151.35
Total expenses 145,693.18
NET INVESTMENT INCOME 281,828.41
NET REALISED GAIN/(LOSS)
- on portfolio -431,812.07
- on foreign exchange -14,909.20
REALISED RESULT -164,892.86
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -2,158,307.35
RESULT OF OPERATIONS -2,323,200.21
Dividends paid -
Reinvestments -
Subscriptions 82,919,984.17
Redemptions -2,122,181.93
TOTAL CHANGES IN NET ASSETS 78,474,602.03
TOTAL NET ASSETS at the beginning of the year -
TOTAL NET ASSETS at the end of the year 78,474,602.03
The accompanying notes are an integral part of these financial statements.
100
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 78,474,602.03
Number of class A shares
- outstanding at the beginning of the year 0.000
- issued
10,855.801
- redeemed 0.000
- outstanding at the end of the year 10,855.801
Net asset value per class A share
- highest 100.00
30.10.2007
- lowest 93.99
22.11.2007
- as at 31.12.2007 96.69
Number of class B shares
- outstanding at the beginning of the year 0.000
- issued
822,770.407
- redeemed -21,985.225
- outstanding at the end of the year 800,785.182
Net asset value per class B share
- highest 100.00
30.10.2007
- lowest 93.99
22.11.2007
- as at 31.12.2007 96.69
The accompanying notes are an integral part of these financial statements.
101
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
AUD 175,000 Duet Group Quadr Stapled Secur 390,682.51 301,565.32
0.38
AUD 150,000 Macquarie Airports 417,601.51 357,764.10
0.46
AUD 260,000 Macquarie Countrywide Trust Units 336,449.15 248,049.78
0.32
AUD 200,000 Macquerie Media Group Stapled 584,103.35 494,907.01
0.63
Securities
AUD 120,000 Transurban Group 541,243.54 482,266.01
0.61
2,270,080.06 1,884,552.22
2.40
CHF 3,000 AFG Arbonia Forster Holding AG 750,052.52 714,221.98
0.91
CHF 7,500 Geberit AG Reg 707,333.95 702,921.00
0.90
CHF 15,000 Schindler Holding AG Partizsch 690,712.05 659,977.27
0.84
CHF 4,000 Swisscom SA Reg 1,016,122.40 1,065,607.14
1.36
3,164,220.92 3,142,727.39
4.01
DKK 25,000 TrygVesta A/S 1,377,239.30 1,300,712.16
1.66
EUR 85,000 Anglo Irish Bank Corp Plc 934,181.28 929,900.00
1.19
EUR 9,000 BASF AG 834,485.83 912,690.00
1.16
EUR 30,000 Belgacom SA 993,270.44 1,012,500.00
1.29
EUR 9,000 Continental AG 889,955.87 800,910.00
1.02
EUR 30,000 DSM NV 1,112,792.30 967,500.00
1.23
EUR 39,000 ENI SpA 968,652.32 976,950.00
1.24
EUR 25,000 Eurocommercial Properties NV DR repr 1,005,663.78 887,500.00
1.13
10 Shares
EUR 50,000 Fortis SA/NV 985,553.56 911,700.00
1.16
EUR 20,000 GIMV NV 935,651.86 928,000.00
1.18
EUR 30,000 Gestevision Telecinco SA 582,700.71 525,300.00
0.67
EUR 30,000 Greek Org of Foot Prognost SA 851,781.10 810,000.00
1.03
EUR 30,000 Hypo Real Estate Holding AG 1,169,503.92 1,083,000.00
1.38
EUR 7,000 KBC Ancora CVA 492,635.96 534,800.00
0.68
EUR 60,000 Marr SpA 476,976.47 420,000.00
0.54
EUR 33,000 Oesterreichische Post AG 869,950.20 791,670.00
1.01
EUR 50,000 PagesJaunes 768,709.26 681,500.00
0.87
EUR 7,500 RWE AG A 711,148.93 720,000.00
0.92
EUR 33,000 Royal Dutch Shell Plc A 974,629.78 950,730.00
1.21
EUR 40,000 Sampo Plc A 824,406.63 723,200.00
0.92
EUR 20,000 Semperit AG Holding 605,275.73 500,000.00
0.64
EUR 40,000 Unilever NV Certif 918,624.80 1,011,200.00
1.29
EUR 40,000 Vivendi 1,223,887.51 1,262,000.00
1.61
EUR 10,500 Wereldhave NV 814,365.73 787,080.00
1.00
EUR 85,000 Wessanen NV 948,126.92 920,550.00
1.17
20,892,930.8920,048,680.00
25.54
GBP 100,000 Barclays Plc 749,800.53 686,636.34
0.88
GBP 75,000 Barrat Developments Plc 488,419.82 459,565.09
0.59
GBP 69,000 HSBC Holdings Plc 872,991.74 789,943.59
1.01
GBP 100,000 Lloyds TSB Group Plc 685,533.59 644,272.30
0.82
GBP 50,000 Persimmon Plc 652,808.60 542,937.52
0.69
GBP 60,000 United Utilities Plc 618,797.21 618,989.45
0.79
GBP 75,000 Wolseley Plc 793,524.60 750,860.23
0.96
4,861,876.09 4,493,204.52
5.74
HKD 130,000 CLP Holdings Ltd 607,141.73 604,404.97
0.77
JPY 150 Creed Office Investment Corp 435,256.16 432,845.07
0.55
JPY 49,000 Sega Sammy Holdings Inc 428,390.91 410,343.14
0.52
863,647.07 843,188.21
1.07
The accompanying notes are an integral part of these financial statements.
102
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / nominal Description Cost Market % of
value
value value total net
assets
KRW 15,000 - 808,72- 751,90-
0.96
- .56 .46
-
-
-
-
n
-
-
-
k
KRW 130,000 - 630,20- 640,31-
0.82
- .51 .78
-
-
-
-
-
-
e
-
-
-
-
a
-
-
-
-
-
-
-
-
-
-
t
-
d
1,438,9- 1,392,-
1.78
0.07 18.24
MYR 45,000 - 372,95- 378,12-
0.48
- .77 .18
-
-
-
-
h
-
-
-
-
-
-
-
n
-
-
-
-
-
-
o
-
-
d
MYR 150,000 - 354,55- 362,75-
0.46
- .79 .07
-
-
-
-
n
-
-
-
-
-
-
g
-
-
d
727,508- 740,88-
0.94
56 .25
NZD 400,000 - 903,16- 921,42-
1.17
- .07 .78
-
-
-
-
m
-
-
-
p
-
f
-
-
w
-
-
-
-
-
-
d
SEK 45,000 - 549,88- 544,93-
0.69
- .83 .03
-
-
-
-
a
-
-
-
-
-
-
-
-
a
-
B
B
SEK 40,000 - 605,82- 653,59-
0.83
- .08 .75
-
-
-
-
h
-
-
-
-
h
-
B
1,155,7- 1,198,-
1.52
8.91 28.78
TRY 125,000 - 596,88- 519,03-
0.66
- .75 .51
-
-
-
-
a
-
-
-
-
-
-
o
-
S
TRY 300,000 - 536,42- 487,82-
0.62
- .92 .73
-
-
-
a
-
-
m
-
-
-
-
-
-
i
-
s
1,133,3- 1,006,-
1.28
8.67 58.24
TWD 600,000 854,912- 785,83-
1.00
86 .75
TWD 600,000 - 803,08- 759,46-
0.97
- .50 .02
-
-
-
n
-
-
-
-
-
-
-
-
-
-
t
-
-
g
-
o
-
-
d
1,658,0- 1,545,-
1.97
1.36 99.77
USD 12,000 699,247- 694,35-
0.88
42 .45
USD 15,000 - 760,35- 774,81-
0.99
- .11 .15
-
-
-
a
-
-
-
-
p
-
-
c
USD 25,000 - 679,63- 634,79-
0.81
- .97 .50
-
-
-
-
l
-
-
-
-
-
-
-
c
-
o
USD 33,000 - 821,69- 734,48-
0.94
- .02 .30
-
-
-
-
-
-
-
-
y
-
-
-
-
-
-
-
-
-
s
-
-
-
-
t
USD 17,500 - 785,42- 801,84-
1.02
- .26 .85
-
-
-
-
n
&
-
-
-
-
-
-
n
USD 40,000 - 951,95- 982,48-
1.25
- .22 .54
-
-
-
-
-
-
t
-
-
-
p
4,698,3- 4,622,-
5.89
0.00 73.79
ZAR 150,000 - 528,81- 498,66-
0.64
- .72 .65
-
-
-
-
n
-
-
-
k
-
-
-
-
-
-
-
-
-
-
s
-
-
d
ZAR 6,000 - 626,83- 638,53-
0.81
- .62 .75
-
-
o
-
-
-
-
-
-
-
m
-
-
d
1,155,6- 1,137,-
1.45
2.34 06.40
Total shares 46,907,- 44,882-
57.19
12.04 663.72
Undertakings for collective investment
EUR 25,000 - 1,137,- 1,162,-
1.48
- 86.19 00.00
-
-
-
-
-
-
-
s
-
e
-
-
-
w
-
-
-
-
-
I
JPY 130 - 390,41- 332,93-
0.42
- .45 .00
-
-
-
-
-
-
o
-
-
-
-
-
-
-
-
-
t
-
-
-
p
JPY 150 - 380,69- 377,83-
0.48
- .88 .68
-
-
n
-
-
-
-
l
-
-
d
-
-
-
-
-
t
-
-
c
JPY 130 - 389,59- 408,73-
0.52
- .45 .01
D
-
-
-
T
-
-
c
JPY 130 - 379,21- 389,98-
0.50
- .10 .39
-
-
-
n
-
-
-
-
-
-
-
-
-
l
-
-
v
-
-
-
p
JPY 123 - 364,49- 341,62-
0.44
- .13 .97
-
-
-
n
-
-
-
-
l
-
d
-
-
v
-
-
-
p
JPY 180 - 385,09- 399,29-
0.51
- .51 .58
-
-
-
-
-
t
-
-
-
-
-
-
-
-
-
-
l
-
-
v
-
-
-
p
2,289,5- 2,250,-
2.87
4.52 09.63
SGD 600,000 - 712,21- 674,00-
0.86
- .80 .49
-
-
-
-
-
s
-
-
-
l
-
-
-
-
-
e
-
-
v
-
-
-
-
t
-
-
-
-
s
SGD 1,000,000 - 374,88- 359,56-
0.46
- .04 .46
-
-
t
-
-
-
T
-
-
-
-
s
1,087,0- 1,033,-
1.32
6.84 62.95
USD 150,000 - 828,21- 762,97-
0.97
- .90 .84
-
T
-
-
-
-
-
-
-
-
-
s
-
-
-
-
t
Total undertakings for collective investment 5,342,- 5,208,-
6.64
11.45 52.42
TOTAL INVESTMENTS IN SECURITIES 52,249- 50,091-
63.83
923.49 616.14
CASH AT BANKS 28,306- 36.07
911.08
OTHER NET ASSETS/(LIABILITIES) 76,074- 0.10
81
TOTAL 78,474- 100.00
602.03
The accompanying notes are an integral part of these financial statements.
103
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 6.64 %
Banks 5.96 %
Capital goods 5.01 %
Food, beverage and tobacco 4.76 %
Investment companies 4.14 %
Materials 3.86 %
Telecommunication services 3.82 %
Media 3.78 %
Real estate 3.64 %
Utilities 2.86 %
Consumer durables and apparel 2.71 %
Insurance 2.58 %
Energy 2.45 %
Diversified financial services 1.84 %
Automobiles and components 1.66 %
Transportation 1.62 %
Software and services 1.25 %
Hotels, restaurants and leisure 1.03 %
Pharmaceuticals and biotechnology 1.02 %
Technology hardware and equipment 1.00 %
Semiconductors and semiconductor equipment 0.97 %
Household and personal products 0.69 %
Food retailing, drugstores and pharmacies 0.54 %
TOTAL 63.83 %
The accompanying notes are an integral part of these financial statements.
104
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United Kingdom 6.95 %
United States of America 6.86 %
The Netherlands 5.82 %
Belgium 5.79 %
Germany 4.48 %
Switzerland 4.01 %
Japan 3.94 %
France 2.48 %
Australia 2.40 %
Taiwan 1.97 %
South Korea 1.78 %
Italy 1.78 %
Denmark 1.66 %
Austria 1.65 %
Sweden 1.52 %
South Africa 1.45 %
Singapore 1.32 %
Turkey 1.28 %
Ireland 1.19 %
New Zealand 1.17 %
Greece 1.03 %
Malaysia 0.94 %
Finland 0.92 %
Hong Kong 0.77 %
Spain 0.67 %
TOTAL 63.83 %
The accompanying notes are an integral part of these financial statements.
105
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF NET ASSETS
as at 31st December 2007
(in USD)
ASSETS
Securities portfolio at market value 232,956,709.22
Cash at banks 15,135,462.02
Receivable on issues of shares 2,180.70
Interest receivable on bank accounts 40,858.71
Prepaid expenses 294.11
Total assets 248,135,504.76
LIABILITIES
Accrued capital gain taxes 649,553.45
Expenses payable 1,079,789.33
Total liabilities 1,729,342.78
NET ASSETS at the end of the year 246,406,161.98
Class B shares outstanding 112,544.629
Net asset value per class B share 2,189.41
The accompanying notes are an integral part of these financial statements.
106
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)
INCOME
Dividends, net 201,464.70
Interest on bank accounts 626,527.97
Received commissions 1,247,547.22
Total income 2,075,539.89
EXPENSES
Management fees 3,678,851.65
Custodian fees 245,848.03
Banking charges and other fees 386.32
Central administration costs 118,090.31
Audit and supervisory fees 5,043.96
Other administration costs 35,640.22
Subscription duty ("taxe d'abonnement") 27,286.44
Other taxes 462.66
Other expenses 12,681.61
Total expenses 4,124,291.20
NET INVESTMENT INCOME -2,048,751.31
NET REALISED GAIN/(LOSS)
- on portfolio 49,110,596.23
- on foreign exchange 221,357.58
REALISED RESULT 47,283,202.50
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio 29,201,892.25
RESULT OF OPERATIONS 76,485,094.75
Dividends paid -
Reinvestments -
Subscriptions 43,582,375.82
Redemptions -93,289,414.57
TOTAL CHANGES IN NET ASSETS 26,778,056.00
TOTAL NET ASSETS at the beginning of the year 219,628,105.98
TOTAL NET ASSETS at the end of the year 246,406,161.98
The accompanying notes are an integral part of these financial statements.
107
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATISTICAL INFORMATION
as at 31st December 2007
(in USD)
Total net assets
- as at 31.12.2007 246,406,161.98
- as at 31.12.2006 219,628,105.98
- as at 31.12.2005 181,651,743.42
Number of class B shares
- outstanding at the beginning of the year 135,727.739
- issued
22,905.900
- redeemed -46,089.010
- outstanding at the end of the year 112,544.629
Net asset value per class B share
- highest 2,382.85
31.10.2007
- lowest 1,554.52
06.03.2007
- as at 31.12.2007 2,189.41
- as at 31.12.2006 1,618.15
- as at 31.12.2005 1,273.62
The accompanying notes are an integral part of these financial statements.
108
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in USD)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 2,261,692.005 Carlson Fd FCP Asian Small Cap
8,315,945- 23,458,79- 9.52
Uts A Cap State Street Active 65
.38
Asie SICAV C Cap
EUR 35,823.0261
16,113,68- 29,359,89- 11.91
.21
.18
24,429,62- 52,818,68- 21.43
.86
.56
USD 197,139.227 AXA Rosenb Eq Alpha Trust
6,724,508- 12,112,23- 4.92
Pacific Ex-Jap Sm Cap Alpha 57
.11
A A A
USD 417,518.006 Aberdeen Gl SICAV Asia Pacific
12,605,17- 25,055,25- 10.17
Fd Ser A2 Cap F Templeton Inv .30
.54
Fds SICAV Asian Growth I Cap
USD 888,081.095
11,866,39- 28,498,52- 11.57
.34
.34
USD 465,394.83 Fidelity Fds SICAV Thailand A
7,507,442- 11,076,39- 4.49
Gl Certif 99
.95
USD 314,483.53 GAM Star Fd Plc Asian Equity
6,000,142- 5,438,709- 2.21
12
62
USD 463,061.88 Henderson Horizon Fd SICAV
Asian6,004,961- 6,908,883- 2.80
Dividend Income A2 34
25
Cap Cap Cap
USD 515,392.53 Invesco Fds Asia Infrastructure
10,500,58- 10,349,07- 4.20
A Cap .41
.85
USD 682,466.462 JPMorgan Fds SICAV JF Taiwan A
8,346,075- 10,898,98- 4.42
USD Cap Nordea 1 SICAV Far 81
.40
Eastern Value Fd BP Base
Currency
USD 380,356.037
7,762,129- 8,596,046- 3.49
26
44
Cap Cap Cap
USD 92,295.12205 Pictet Fds (Lux) SICAV Asian
10,265,61- 21,130,96- 8.58
Equities (Ex-Japan) P Cap .35
.19
Reg Reg Reg
USD 15,606.553 UBS (Lux) Equity Fd FCP
Malaysia5,121,095- 9,871,300- 4.01
B Cap Units Vontobel Fd SICAV 24
84
Far East Equity A2 Cap
USD 52,198.437
10,615,43- 20,383,48- 8.27
.03
.65
103,319,56- 170,319,87- 69.13
.76
.18
Total undertakings for collective investment
127,749,19- 223,138,55- 90.56
.62
.74
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
USD 83,416.75 10,000,142.-
9,818,151.48 3.98
1
Total undertakings for collective investment 10,000,142.-
9,818,151.48 3.98
1
TOTAL INVESTMENTS IN SECURITIES 137,749,335.-
232,956,709.- 94.54
3 2
CASH AT BANKS
15,135,462.02 6.14
OTHER NET ASSETS/(LIABILITIES)
-1,686,009.26 -0.68
TOTAL
246,406,161.- 100.00
8
The accompanying notes are an integral part of these financial statements.
109
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 94.54 %
TOTAL 94.54 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 75.50 %
France 11.91 %
Ireland 7.13 %
TOTAL 94.54 %
The accompanying notes are an integral part of these financial statements.
110
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF NET ASSETS
as at 31st December 2007
(in JPY)
ASSETS
Securities portfolio at market value 14,180,839,609
Cash at banks 304,464,816
Interest receivable on bank accounts 76,463
Prepaid expenses 32,515
Total assets 14,485,413,403
LIABILITIES
Payable on redemptions of shares 2,178,840
Expenses payable 54,931,980
Total liabilities 57,110,820
NET ASSETS at the end of the year 14,428,302,583
Class B shares outstanding 1,188,848.998
Net asset value per class B share 12,136
The accompanying notes are an integral part of these financial statements.
111
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in JPY)
INCOME
Interest on bank accounts 2,757,430
Received commissions 83,168,782
Total income 85,926,212
EXPENSES
Management fees 224,683,270
Custodian fees 18,028,482
Banking charges and other fees 71,332
Central administration costs 13,104,571
Audit and supervisory fees 447,890
Other administration costs 4,227,958
Subscription duty ("taxe d'abonnement") 3,636,282
Other taxes 41,637
Interest paid on bank liabilities 70,266
Other expenses 1,246,568
Total expenses 265,558,256
NET INVESTMENT INCOME -179,632,044
NET REALISED GAIN/(LOSS)
- on portfolio -255,593,200
- on foreign exchange 5,417,475
REALISED RESULT -429,807,769
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -1,914,200,174
RESULT OF OPERATIONS -2,344,007,943
Dividends paid -
Reinvestments -
Subscriptions 2,630,831,807
Redemptions -4,081,771,315
TOTAL CHANGES IN NET ASSETS -3,794,947,451
TOTAL NET ASSETS at the beginning of the year 18,223,250,034
TOTAL NET ASSETS at the end of the year 14,428,302,583
The accompanying notes are an integral part of these financial statements.
112
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATISTICAL INFORMATION
as at 31st December 2007
(in JPY)
Total net assets
- as at 31.12.2007 14,428,302,583
- as at 31.12.2006 18,223,250,034
Number of class B shares
- outstanding at the beginning of the year 1,301,669.503
- issued
187,654.118
- redeemed -300,474.623
- outstanding at the end of the year 1,188,848.998
Net asset value per class B share
- highest 14,923.00
27.02.2007
- lowest 11,716
26.11.2007
- as at 31.12.2007 12,136
- as at 31.12.2006 14,000
The accompanying notes are an integral part of these financial statements.
113
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in JPY)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 172,069.78626 Metzler Intl Inv Plc Japan
1,218,128- 1,086,216- 7.53
Equity Fd 589
559
EUR 90,100 State Street Act Japon SICAV
2,473,130- 2,281,823- 15.81
Cap 396
832
3,691,258- 3,368,040- 23.34
985
391
JPY 813,335.181 AXA Rosenb Eq Alpha Trust
Japan1,861,196- 1,427,411- 9.89
Small Cap Alpha Fd B Fidelity 126
376
Fds SICAV Japan Dividend Growth
A ACC JPY
JPY 1,320,839.5
1,395,423- 1,260,873- 8.74
209
387
Cap Cap Cap
JPY 439,956.49 GAM Star Fd Plc Japan Equity
791,103,3- 694,770,4- 4.81
Accum 0
0
JPY 276,929.823 Goldman Sachs Fds SICAV Japan
732,912,9- 530,597,5- 3.68
Small Cap Pft Morgan Stanley 6
1
SICAV Japanese Value Equity Fd
A
JPY 1,858,476.894
2,383,412- 2,365,934- 16.40
643
010
JPY 108,654.94 Oyster SICAV Japan
1,979,168- 1,750,974- 12.14
Opportunities JPY 644
358
9,143,216- 8,030,561- 55.66
908
162
Total undertakings for collective investment
12,834,475- 11,398,601- 79.00
893
553
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 55,005.90984 Pictet Funds (LUX) SICAV 905,249,2-
723,998,786 5.02
Japanese Eq Selection P Cap 3
Units Units Units
JPY 1,518,995.771 UBAM IFDC Japan Equity I Cap 2,357,630-
2,058,239,- 14.26
462
70
Total undertakings for collective investment 3,262,879-
2,782,238,- 19.28
695
56
TOTAL INVESTMENTS IN SECURITIES 16,097,355-
14,180,839,- 98.28
588 09
CASH AT BANKS
304,464,816 2.11
OTHER NET ASSETS/(LIABILITIES)
-57,001,842 -0.39
TOTAL
14,428,302,- 100.00
83
The accompanying notes are an integral part of these financial statements.
114
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 98.28 %
TOTAL 98.28 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 60.24 %
Ireland 22.23 %
France 15.81 %
TOTAL 98.28 %
The accompanying notes are an integral part of these financial statements.
115
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 296,705,251.56
Cash at banks 66,827,596.29
Receivable on issues of shares 4,754.55
Income receivable on portfolio 7,185,514.30
Interest receivable on bank accounts 205,105.23
Prepaid expenses 200.00
Total assets 370,928,421.93
LIABILITIES
Commitment on repurchase and "repo" contracts 61,697,400.00
Interest payable on financial instruments 183,558.53
Expenses payable 531,727.52
Total liabilities 62,412,686.05
NET ASSETS at the end of the year 308,515,735.88
Class A shares outstanding 19,429.216
Net asset value per class A share 260.19
Class B shares outstanding 349,565.855
Net asset value per class B share 868.11
The accompanying notes are an integral part of these financial statements.
116
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Interest on bonds and other debt securities, net 13,597,071.90
Interest on bank accounts
1,958,428.92
Total income 15,555,500.82
EXPENSES
Management fees 1,735,974.75
Custodian fees 348,341.83
Banking charges and other fees 73,538.28
Central administration costs 69,475.36
Audit and supervisory fees 7,234.71
Other administration costs 43,970.91
Subscription duty ("taxe d'abonnement") 170,197.17
Other taxes 180.92
Interest paid on financial instruments 1,100,497.62
Other expenses 17,325.57
Total expenses 3,566,737.12
NET INVESTMENT INCOME 11,988,763.70
NET REALISED GAIN/(LOSS)
- on portfolio -5,385,590.62
REALISED RESULT 6,603,173.08
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -3,592,747.46
RESULT OF OPERATIONS 3,010,425.62
Dividends paid -221,192.61
Reinvestments 1,177.14
Subscriptions 36,425,636.40
Redemptions -99,599,527.74
TOTAL CHANGES IN NET ASSETS -60,383,481.19
TOTAL NET ASSETS at the beginning of the year 368,899,217.07
TOTAL NET ASSETS at the end of the year 308,515,735.88
The accompanying notes are an integral part of these financial statements.
117
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 308,515,735.88
- as at 31.12.2006 368,899,217.07
- as at 31.12.2005 354,929,897.82
Number of class A shares
- outstanding at the beginning of the year 23,995.655
- issued
1,203.180
- reinvested 4.687
- redeemed -5,774.306
- outstanding at the end of the year 19,429.216
Net asset value per class A share
- highest 271.22
15.03.2007
- lowest 250.35
19.06.2007
- as at 31.12.2007 260.19
- as at 31.12.2006 268.86
- as at 31.12.2005 281.34
Dividends paid
Payment date 15.06.2007
Dividend per share 10.96
Shares outstanding at dividend date 20,181.807
Number of class B shares
- outstanding at the beginning of the year 421,682.254
- issued
42,124.808
- redeemed -114,241.207
- outstanding at the end of the year 349,565.855
Net asset value per class B share
- highest 877.15
22.11.2007
- lowest 835.29
19.06.2007
- as at 31.12.2007 868.11
- as at 31.12.2006 859.53
- as at 31.12.2005 868.29
The accompanying notes are an integral part of these financial statements.
118
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Bonds
EUR 9,500,000 Belgium 5.5% OLO Ser 40 11,462,107.-
10,278,050.- 3.33
02/28.09.17 1 0
EUR 10,000,000 Deutschland 3.25% Ser 05 9,654,301.47
9,355,225.00 3.03
05/04.07.15
EUR 10,000,000 Deutschland 3.5% Ser 143 10,286,241.-
9,953,500.00 3.23
03/10.10.08 5
EUR 15,000,000 Deutschland 3.75% Ser 0302 14,593,357.-
14,700,678.- 4.77
03/04.07.13 5 1
EUR 12,500,000 Deutschland 3.75% Ser 04 12,686,910.-
12,124,271.- 3.93
04/04.01.15 3 5
EUR 10,500,000 Deutschland 3.75% Ser 99 10,596,897.-
10,473,499.- 3.39
99/04.01.09 8 5
EUR 9,000,000 Deutschland 4% Ser 99 99/04.07.09 8,863,493.40
8,989,101.00 2.91
EUR 11,000,000 Deutschland 4.25% Ser 03 11,236,403.-
11,028,939.- 3.58
03/04.01.14 6 0
EUR 12,000,000 Deutschland 4.25% Ser 04 11,798,070.-
12,016,478.- 3.90
04/04.07.14 0 0
EUR 13,000,000 Deutschland 5.25% Ser 00 13,486,692.-
13,421,730.- 4.35
00/04.01.11 0 0
EUR 10,000,000 Deutschland 5.25% Ser 00 9,999,375.00
10,278,946.- 3.33
00/04.07.10 0
EUR 13,500,000 Deutschland 6.5% Ser 97 16,788,215.-
16,720,987.- 5.42
97/04.07.27 5 5
EUR 8,500,000 Espana 4.2% 03/30.07.13 9,064,567.87
8,498,385.00 2.75
EUR 10,000,000 Espana 4.75% 98/30.07.14 10,776,453.-
10,301,193.- 3.34
5 0
EUR 7,500,000 Espana 6.15% Bon del T 97/31.01.13 8,014,511.25
8,158,596.00 2.64
EUR 10,000,000 France 3.75% OAT 05/25.04.21 10,171,033.-
9,231,428.00 2.99
0
EUR 10,000,000 France 4% OAT 99/25.10.09 10,194,645.-
9,982,211.00 3.24
0
EUR 13,500,000 France 5.5% OAT 98/25.04.29 16,884,166.-
15,008,552.- 4.86
7 0
EUR 5,000,000 France 6.5% OAT 96/25.04.11 5,662,574.35
5,358,090.50 1.74
EUR 2,200,000 France 8.25% OAT 92/25.04.22 3,312,612.52
3,039,414.40 0.99
EUR 10,000,000 France VAR OAT Lk Inflation Ser 10,590,212.-
10,651,398.- 3.45
JUNE 04/25.07.11 Greece 4.5% Ser 0 0
30YR 05/20.09.37
EUR 10,000,000 9,427,995.81
9,231,413.00 2.99
EUR 13,000,000 Greece 6.5% 99/22.10.19 15,739,431.-
15,059,543.- 4.88
0 0
EUR 16,500,000 Ireland 4.6% T-Bonds 99/18.04.16 17,590,230.-
16,754,142.- 5.43
3 0
EUR 9,000,000 Italia 4.25% BTP 03/01.02.19 8,957,582.25
8,722,434.60 2.83
EUR 3,000,000 Italia 5.25% BTP 98/01.11.29 3,068,751.15
3,142,348.80 1.02
EUR 11,000,000 Netherlands 3% 04/15.01.10 10,896,131.-
10,773,417.- 3.49
2 0
Total 291,802,967-
283,253,975- 91.81
bonds 67 06
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
EUR 3,000,000 Portugal 4.1% 06/15.04.37 2,712,726.33 2,671,276.50 0.87
Total bonds 2,712,726.33 2,671,276.50 0.87
OTHER TRANSFERABLE SECURITIES
Bonds
EUR 11,000,000 Stork Acceptance SA 0% EMTN 11,016,500-
10,780,000- 3.49
Stork Fd Cr & Bd Arb 00
00
07/29.06.12 07/29.06.12 07/29.06.12
Total bonds 11,016,500-
10,780,000- 3.49
00
00
TOTAL INVESTMENTS IN SECURITIES 305,532,194-
296,705,251- 96.17
00 56
CASH AT BANKS
66,827,596- 21.66
29
OTHER NET ASSETS/(LIABILITIES)
-55,017,111- -17.83
97
TOTAL
308,515,735- 100.00
88
The accompanying notes are an integral part of these financial statements.
119
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Countries and governments 92.68 %
Diversified financial services 3.49 %
TOTAL 96.17 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Germany 41.84 %
France 17.27 %
Spain 8.73 %
Greece 7.87 %
Ireland 5.43 %
Italy 3.85 %
Luxembourg (Grand Duchy of) 3.49 %
The Netherlands 3.49 %
Belgium 3.33 %
Portugal 0.87 %
TOTAL 96.17 %
The accompanying notes are an integral part of these financial statements.
120
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF NET ASSETS
as at 31st December 2007
(in USD)
ASSETS
Securities portfolio at market value 47,517,420.59
Cash at banks 138.16
Receivable on issues of shares 8,724.76
Income receivable on portfolio 666,094.47
Interest receivable on bank accounts 1,826.04
Prepaid expenses 881.10
Total assets 48,195,085.12
LIABILITIES
Bank liabilities 192,695.53
Expenses payable 85,060.30
Total liabilities 277,755.83
NET ASSETS at the end of the year 47,917,329.29
Class A shares outstanding 2,981.345
Net asset value per class A share 309.22
Class B shares outstanding 47,159.314
Net asset value per class B share 996.53
The accompanying notes are an integral part of these financial statements.
121
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)
INCOME
Interest on bonds and other debt securities, net 2,143,085.23
Interest on bank accounts
109,783.38
Total income 2,252,868.61
EXPENSES
Management fees 232,288.15
Custodian fees 46,577.27
Banking charges and other fees 14,091.71
Central administration costs 35,093.19
Audit and supervisory fees 991.80
Other administration costs 24,896.80
Subscription duty ("taxe d'abonnement") 23,676.81
Other taxes 117.85
Other expenses 7,946.34
Total expenses 385,679.92
NET INVESTMENT INCOME 1,867,188.69
NET REALISED GAIN/(LOSS)
- on portfolio 113,210.00
- on foreign exchange -66.25
REALISED RESULT 1,980,332.44
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio 1,657,415.02
RESULT OF OPERATIONS 3,637,747.46
Dividends paid -43,885.63
Reinvestments -
Subscriptions 12,727,600.46
Redemptions -14,500,849.81
TOTAL CHANGES IN NET ASSETS 1,820,612.48
TOTAL NET ASSETS at the beginning of the year 46,096,716.81
TOTAL NET ASSETS at the end of the year 47,917,329.29
The accompanying notes are an integral part of these financial statements.
122
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATISTICAL INFORMATION
as at 31st December 2007
(in USD)
Total net assets
- as at 31.12.2007 47,917,329.29
- as at 31.12.2006 46,096,716.81
- as at 31.12.2005 54,486,330.04
Number of class A shares
- outstanding at the beginning of the year 3,107.813
- issued
95.548
- redeemed -222.016
- outstanding at the end of the year 2,981.345
Net asset value per class A share
- highest 311.64
04.12.2007
- lowest 284.17
13.06.2007
- as at 31.12.2007 309.22
- as at 31.12.2006 301.02
- as at 31.12.2005 308.93
Dividends paid
Payment date 15.06.2007
Dividend per share 15.02
Shares outstanding at dividend date 2,921.813
Number of class B shares
- outstanding at the beginning of the year 49,012.062
- issued
13,422.590
- redeemed -15,275.338
- outstanding at the end of the year 47,159.314
Net asset value per class B share
- highest 1,004.33
04.12.2007
- lowest 914.91
30.01.2007
- as at 31.12.2007 996.53
- as at 31.12.2006 921.43
- as at 31.12.2005 903.07
The accompanying notes are an integral part of these financial statements.
123
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in USD)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Bonds
USD 2,000,000 US 2.625% T-Notes Ser F-2008 1,946,263.90 1,995,000.00
4.16
03/15.05.08
USD 1,500,000 US 3.25% T-Notes Ser G-2008 1,502,344.33 1,499,296.80
3.13
03/15.08.08
USD 2,000,000 US 3.875% T-Notes Ser A-2013 1,898,463.92 2,036,250.00
4.25
03/15.02.13
USD 2,500,000 US 4.25% T-Notes 03/15.11.13 2,491,444.67 2,585,937.50
5.40
USD 1,000,000 US 4.75% T-Notes 98/15.11.08 909,197.73 1,011,640.60
2.11
USD 2,500,000 US 4.875% T-Notes 02/15.02.12 2,636,595.42 2,648,046.75
5.53
USD 5,500,000 US 5% T-Notes 01/15.02.11 5,602,498.73 5,803,359.10
12.11
USD 1,750,000 US 5.5% T-Notes 99/15.05.09 1,804,017.61 1,805,917.93
3.77
USD 2,500,000 US 5.75% T-Notes 00/15.08.10 2,692,696.54 2,665,429.50
5.56
USD 1,000,000 US 6% T-Bonds 96/15.02.26 1,118,040.99 1,178,281.20
2.46
USD 1,750,000 US 6% T-Notes 99/15.08.09 1,961,499.01 1,829,023.35
3.82
USD 3,250,000 US 6.125% T-Bonds 99/15.08.29 3,659,515.16 3,957,382.65
8.26
USD 1,500,000 US 6.25% T-Bonds 93/15.08.23 1,659,369.74 1,788,984.30
3.73
USD 1,750,000 US 6.5% T-Notes 00/15.02.10 2,000,630.23 1,870,449.18
3.90
USD 1,000,000 US 7.25% T-Notes 86/15.05.16 1,236,131.61 1,225,625.00
2.56
USD 1,500,000 US 7.875% T-Bonds 91/15.02.21 1,997,451.94 2,011,171.80
4.20
USD 4,250,000 US 8.75% T-Bonds 87/15.05.17 5,374,440.05 5,762,734.38
12.03
Total 40,490,601.-
41,674,530.- 86.98
bonds 8 4
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
USD 1,500,000 US 3% T-Notes Ser E-2009 1,477,469-
1,497,304- 3.12
04/15.02.09 53 65
USD 1,500,000 US 3.5% T-Notes Ser Q-2009 1,478,965-
1,511,367- 3.15
04/15.12.09 13 15
USD 2,750,000 US 4.25% T-Notes Ser E-2014 2,766,633-
2,834,218- 5.92
04/15.08.14 83 75
Total bonds 5,723,068-
5,842,890- 12.19
49 55
TOTAL INVESTMENTS IN SECURITIES 46,213,670-
47,517,420- 99.17
07 59
CASH AT BANKS
138.16 0.00
BANK LIABILITIES
-192,695.- -0.40
3
OTHER NET ASSETS/(LIABILITIES)
592,466.07 1.23
TOTAL
47,917,329- 100.00
29
The accompanying notes are an integral part of these financial statements.
124
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Countries and governments 99.17 %
TOTAL 99.17 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 99.17 %
TOTAL 99.17 %
The accompanying notes are an integral part of these financial statements.
125
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 851,566,471.81
Cash at banks 8,060,007.72
Receivable on issues of shares 835,764.14
Income receivable on portfolio 5,484,229.93
Interest receivable on financial instruments 13,280.00
Interest receivable on bank accounts 213,634.96
Unrealised gain on swap contracts 138,714.50
Unrealised gain on foreign exchange contracts 189,340.31
Prepaid expenses 200.00
Total assets 866,501,643.37
LIABILITIES
Commitment on repurchase and "repo" contracts 8,016,200.00
Payable on redemptions of shares 4,089.80
Interest payable on financial instruments 194,476.64
Expenses payable 759,165.68
Total liabilities 8,973,932.12
NET ASSETS at the end of the year 857,527,711.25
Class A shares outstanding 176,543.715
Net asset value per class A share 252.31
Class B shares outstanding 1,537,687.544
Net asset value per class B share 528.71
The accompanying notes are an integral part of these financial statements.
126
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Interest on bonds and other debt securities, net 46,306,474.72
Interest on bank accounts
1,033,712.81
Interest on financial instruments 241,286.24
Total income 47,581,473.77
EXPENSES
Management fees 2,126,075.04
Custodian fees 1,066,428.21
Banking charges and other fees 164,563.46
Central administration costs 78,726.96
Audit and supervisory fees 21,926.78
Other administration costs 103,234.89
Subscription duty ("taxe d'abonnement") 102,414.26
Other taxes 162.08
Interest paid on bank liabilities 126,083.93
Interest paid on financial instruments 672,629.84
Other expenses 53,234.22
Total expenses 4,515,479.67
NET INVESTMENT INCOME 43,065,994.10
NET REALISED GAIN/(LOSS)
- on portfolio -5,045,760.21
- on foreign exchange contracts 875,246.56
- on foreign exchange -20,544.25
REALISED RESULT 38,874,936.20
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -16,359,597.52
- on financial instruments 56,477.00
- on foreign exchange contracts 223,899.27
RESULT OF OPERATIONS 22,795,714.95
Dividends paid -2,151,228.85
Reinvestments -
Subscriptions 446,738,950.13
Redemptions -677,617,427.47
TOTAL CHANGES IN NET ASSETS -210,233,991.24
TOTAL NET ASSETS at the beginning of the year 1,067,761,702.49
TOTAL NET ASSETS at the end of the year 857,527,711.25
The accompanying notes are an integral part of these financial statements.
127
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 857,527,711.25
- as at 31.12.2006 1,067,761,702.49
- as at 31.12.2005 974,002,268.98
Number of class A shares
- outstanding at the beginning of the year 241,306.921
- issued
83,933.458
- redeemed -148,696.664
- outstanding at the end of the year 176,543.715
Net asset value per class A share
- highest 258.25
12.06.2007
- lowest 250.59
03.09.2007
- as at 31.12.2007 252.31
- as at 31.12.2006 254.10
- as at 31.12.2005 252.44
Dividends paid
Payment date 15.06.2007
Dividend per share 7.23
Shares outstanding at dividend date 297,542.026
Number of class B shares
- outstanding at the beginning of the year 1,944,682.729
- issued
812,580.622
- redeemed -1,219,575.807
- outstanding at the end of the year 1,537,687.544
Net asset value per class B share
- highest 528.83
27.12.2007
- lowest 517.65
02.01.2007
- as at 31.12.2007 528.71
- as at 31.12.2006 517.54
- as at 31.12.2005 503.16
The accompanying notes are an integral part of these financial statements.
128
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / Description Cost Market value
% of
nominal
value
total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE
LISTING Bonds EUR
10,000,000ABN Amro Bank NV FRN EMTN Sub 9,987,925.009,794,000.00
1.14
06/31.05.18 10,000,000
EUR Alpha Credit Group Plc FRN EMTN 9,989,650.009,970,000.00
1.16
Sen 06/08.05.09 10,926,740
EUR Ariadne SA FRN 00/20.01.13 10,929,120.-
10,961,705.57 1.28
8
EUR 10,000,000Atlantia SpA FRN EMTN 04/09.06.11 10,102,850.-
10,006,000.00 1.17
0
EUR 6,000,000 BAT Holdings BV FRN Ser 31 Tr 1 6,000,000.005,976,300.00
0.70
06/16.05.10 BBVA Subordinated
Capital SA FRN EMTN Sub
EUR 10,000,000 10,009,250.009,663,000.00
1.13
06/24.10.16
EUR 10,000,000BTM Hgs NV FRN EMTN Sen Sub 10,045,250.-
9,873,000.00 1.15
05/16.06.15 Banco Popolare FRN 0
EMTN Ser 14 Tr 1 04/25.11.11
EUR 5,000,000 4,990,350.004,970,500.00
0.58
EUR 10,000,000Banesto Financial Products Plc FRN10,001,250.-
9,913,200.00 1.16
06/04.08.11 0
EUR 5,000,000 Bank of America Corp 3.625% Sen 4,982,750.004,990,000.00
0.58
03/03.03.08
EUR 25,000,000Bank of America Corp FRN EMTN Sen 24,969,966.-
24,632,500.00 2.87
06/18.05.16 Bayer AG FRN EMTN 7
06/25.05.09
EUR 10,000,000 9,994,050.009,981,000.00
1.16
EUR 12,500,000Bear Stearns Co Inc FRN 12,490,000.-
12,015,000.00 1.40
05/27.07.12 0
EUR 10,000,000Bear Stearns Co Inc FRN EMTN 9,971,000.009,538,000.00
1.11
06/26.09.13
EUR 10,000,000Bq Fédérative Crédit Mutuel FRN 9,992,050.009,827,000.00
1.15
EMTN 06/19.12.16
EUR 10,000,000COFIDIS FRN Sen 07/27.02.12 9,989,850.009,978,668.00
1.16
EUR 10,000,000Caixa Economica Montepio Geral FRN9,993,000.009,978,780.00
1.16
EMTN Sen
04/04.11.09
EUR 13,000,000Capitalia SpA FRN EMTN Sen 12,961,210.-
12,788,313.20 1.49
07/05.02.14 0
EUR 20,000,000Citigroup Inc EMTN FRN 07/05.03.1419,864,850.-
19,786,000.00 2.31
0
EUR 5,000,000 Commerzbank AG VAR EMTN Ser 551 5,000,000.004,717,500.00
0.55
06/13.09.16
EUR 11,500,000Daimler NA Corp FRN EMTN 11,483,080.-
11,502,300.00 1.34
06/16.03.10 0
EUR 10,000,000Depfa Bank Plc FRN EMTN Sub 9,981,250.009,846,000.00
1.15
05/15.12.15
EUR 10,000,000Deutsche Bank AG FRN EMTN Sub 9,991,250.009,729,000.00
1.13
05/22.09.15
EUR 10,000,000Deutsche Telekom Intl Fin BV FRN 9,975,250.009,984,000.00
1.17
EMTN 04/08.12.09 Dexia Municipal
Agency FRN EMTN 04/05.11.10
EUR 5,000,000 4,990,150.004,930,000.00
0.58
EUR 10,000,000EFG Hellas Plc FRN EMTN 9,992,150.009,940,463.00
1.16
07/28.03.12
EUR 5,000,000 Export-Import Bank Korea (The) FRN4,997,750.004,990,250.00
0.58
EMTN 04/02.11.09
EUR 10,000,000Fortis Banque SA FRN EMTN Sub 10,015,000.-
9,788,000.00 1.14
06/21.06.16 0
EUR 15,000,000Fortis Banque SA FRN Sub 14,968,645.-
14,635,500.00 1.71
05/14.02.18 0
EUR 11,500,000France Telecom SA FRN EMTN Sen 11,492,600.-
11,440,027.50 1.33
06/09.06.10 0
EUR 8,000,000 Goldman Sachs Group Inc FRN EMTN 7,981,009.237,731,200.00
0.90
07/30.01.17
EUR 25,000,000Goldman Sachs Group Inc FRN EMTN 25,099,019.-
24,460,000.00 2.85
Sen 05/02.02.15 Goldman Sachs 5
Group Inc FRN Sen 06/15.11.14
EUR 15,000,000 14,990,900.0014,554,500.00
1.70
EUR 10,000,000Intl Lease Finance Corp FRN 9,994,250.009,788,500.00
1.14
05/15.08.11
EUR 19,000,000JPMorgan Chase & Co FRN EMTN Sub 18,964,460.-
18,772,000.00 2.19
05/12.10.15 Korea Development Bank0
FRN EMTN 05/08.02.10
EUR 10,000,000 9,994,125.009,981,000.00
1.16
EUR 10,000,000Leaseplan Corp NV FRN EMTN Sen 9,994,150.009,927,500.00
1.16
07/16.02.10
EUR 20,000,000Lehman Brothers Holdings Inc FRN 19,987,650.-
19,078,000.00 2.23
EMTN 07/05.02.14 0
EUR 5,000,000 Lehman Brothers Treasury BV VAR Lk5,001,250.004,875,000.00
0.57
Euro Infl Idx
07/12.04.12
EUR 10,000,000Merrill Lynch & Co Inc FRN EMTN 9,992,150.009,810,000.00
1.14
Sen 04/22.03.11 Merrill Lynch & Co
Inc FRN EMTN Sen 04/22.07.14
EUR 25,000,000 25,220,000.0024,247,500.00
2.83
EUR 20,000,000Morgan Stanley FRN EMTN 19,985,500.-
19,398,000.00 2.26
05/20.07.12 0
EUR 15,000,000Morgan Stanley FRN EMTN 15,001,250.-
14,332,500.00 1.67
07/16.01.17 0
EUR 15,000,000Morgan Stanley FRN EMTN Sen 15,001,750.-
14,389,500.00 1.68
06/13.04.16 0
EUR 20,000,000Natixis FRN 06/26.01.17 19,982,700.-
19,354,000.00 2.26
0
EUR 10,000,000RCI Banque FRN EMTN Sen 10,048,250.-
9,966,500.00 1.16
04/26.05.09 0
EUR 10,000,000Rothschilds Continuati Fin Plc FRN9,987,350.009,962,410.00
1.16
EMTN 06/19.09.11
EUR 10,000,000SLM Corp FRN EMTN 04/26.04.11 9,982,100.009,279,000.00
1.08
EUR 10,000,000Société Générale FRN EMTN 9,994,450.009,614,500.00
1.12
07/07.06.17
EUR 10,000,000Unicredito Italiano SpA FRN EMTN 9,991,375.009,829,000.00
1.15
Sen 05/18.02.15
EUR 10,000,000Volkswagen Bank GmbH FRN EMTN 9,998,350.009,946,691.00
1.16
07/05.02.10
EUR 8,000,000 Volkswagen Bank GmbH FRN EMTN Sen 7,996,770.007,947,130.40
0.93
07/27.06.11
605,340,305.-
593,390,438.- 69.20
3 7
The accompanying notes are an integral part of these financial statements.
129
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Cur- Number / Number / Description Cost Market
% of
encynominal nominal value
value value
total net
assets
NLG10,000,0- 10,000,000ING Bank NV 5.375% EMTN Ser 784,543,247.-
4,542,168.- 0.53
0 98/10.03.08 2 3
USD14,000,0- 14,000,000HSBC Bank Plc FRN EMTN Ser 9,467,808.-
9,520,060.- 1.11
0 1207 Tr 1 05/14.02.08 0 3
Total bonds 619,351,361-
607,452,66- 70.84
75 .03
Asset backed securities
EUR6,882,67- 6,882,676- Asti Finance Ser 1A FRN
6,883,536.- 6,792,895.- 0.79
.07 07 05/27.09.41 0 9
EUR10,000,0- 10,000,000B-Arena NV FRN A Ser 2006-1 10,001,250-
9,862,779.- 1.15
0 06/22.04.44 00 0
EUR10,277,3- 10,277,37- Castoro RMBS SRL FRN A Ser 1
10,278,405- 10,140,240- 1.18
7.635 .635 05/28.01.41 Delphinus BV FRN A37 42
Ser 2006-I 06/25.09.96
EUR10,000,0- 10,000,000 10,001,250.-
9,867,390.- 1.15
0 0 0
EUR8,517,46- 8,517,464- Dutch MBS BV FRN A Ser X
8,517,592.- 8,492,704.- 0.99
.27 27 03/02.10.79 Estia Mortgage 4 0
Finance Plc FRN A Ser 2
07/27.08.54
EUR9,984,73- 9,984,732-
9,985,981.059,807,052.- 1.14
.96 96 4
EUR6,000,000 6,000,000Euroti Alliance Auto Loan FCC 6,001,250.-
5,928,548.- 0.69
FRN A Ser 2006-1 0 0
06/25.10.20
EUR6,500,000 6,500,000French Residential Asset FRN A6,500,150.-
6,479,274.- 0.76
Ser 2004-1 04/10.03.43 Granite0 0
Master Issuer Plc FRN A5 Ser
2006-3 06/20.12.54
EUR10,000,0- 10,000,000 10,001,250.-
9,725,217.- 1.13
0 0 0
EUR10,801,8- 10,801,89- Lusitano Mortgages 2 Plc FRN
A10,812,784- 10,687,763- 1.25
2.85 .85 03/16.11.36 63 30
EUR1,763,596 1,763,596Magritte Finance NV FRN A Ser 1,763,648.-
1,750,783.- 0.20
2004 04/01.06.32 SAGRES Soc de1 2
Titular de Cred FRN A Ser 3
07/21.11.60
EUR5,811,69- 5,811,691-
5,812,902.705,714,711.- 0.67
.932 932 5
EUR8,000,000 8,000,000SC Germany Auto 06 Plc FRN A 8,001,250.-
7,903,818.- 0.92
Ser 2006-1 06/10.07.19 Saecure0 0
BV FRN A Ser 3 03/25.11.51
EUR5,081,060 5,081,060
5,081,249.405,052,937.- 0.59
5
EUR3,866,48- 3,866,486- Themeleion Mortgage Fin Plc
3,866,858.- 3,831,877.- 0.45
.43 43 FRN A Ser 2 05/12.01.40 0 0
112,037,992.97
Total asset backed securities 113,509,358-
13.06
70
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
EUR 10,000,000 BPE Financiciones SA FRN Ser CNMV 9,977,650.-
9,740,650.- 1.13
05/23.12.15 0 0
EUR 6,000,000 Banco Pastor SA FRN Sen 05/21.01.10 6,001,250.-
5,975,632.- 0.70
0 0
EUR 5,000,000 Barclays Bank Plc VAR EMTN Ser 2005-BE 5,025,000.-
5,025,000.- 0.59
05/20.09.09 Barclays Bank VAR CLN Lk 0 0
Telecom Basket 04/20.09.09
EUR 15,000,000 15,015,150-
15,075,000- 1.76
00 00
EUR 4,000,000 Bayerische Hypo & Vereinsbk AG FRN EMTN 3,995,200.-
4,004,866.- 0.47
Ser 193 0 0
98/22.12.08
EUR 20,000,000 Bayerische LB FRN EMTN 07/04.01.10 19,971,340-
19,993,800- 2.33
00 00
EUR 10,000,000 Nomura Europe Finance NV FRN EMTN 9,993,633.-
9,922,125.- 1.16
06/25.10.11 3 0
EUR 10,000,000 Wells Fargo & Co FRN EMTN 06/23.03.16 9,992,450.-
9,976,000.- 1.16
0 0
Total 79,971,673-
79,713,073- 9.30
bonds 33 60
Asset backed
securities
EUR 5,830,748 Bancaja Fondo de Tit Activo SA FRN A Ser5,831,476.-
5,694,891.- 0.66
8 05/25.10.37 Fastnet Securities Plc FRN4 7
A2 Ser 2 06/10.08.43
EUR 10,000,000 10,001,250-
9,841,738.- 1.15
00 0
EUR 9,311,434.5 Fondo Titulizacion Activ UCI FRN A Ser 9,312,210.-
9,115,569.- 1.06
14 05/20.06.43 Rural Hipotec Fd 6 1
Titulization FRN A2A Ser 8 06/19.01.44
EUR 7,973,980.2 7,975,087.-
7,716,871.- 0.90
0 7
Total asset backed securities 33,120,025-
32,369,070- 3.77
00 15
OTHER TRANSFERABLE SECURITIES
Bonds
EUR 10,000,000 Barclays Bk Plc Hong Kong VAR 10,026,250-
9,722,000.- 1.13
EMTN Lk Bskt Ref 00
0
05/21.03.10 05/21.03.10 05/21.03.10
USD 15,000,000 Corsair Ltd Jersey VAR EMTN Lk 12,078,753-
10,271,667.- 1.20
Basket 04/23.03.09 47 6
Total bonds 22,105,003-
19,993,667.- 2.33
47 6
TOTAL INVESTMENTS IN SECURITIES 868,057,422-
851,566,471- 99.30
25
81
The accompanying notes are an integral part of these financial statements.
130
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Currency Number / nominal Description Cost Market
% of
value
value value
total net
assets
CASH AT BANKS
Notification deposits
EUR 4,623,000.00 - 4,623,000-
4,623,000.00 0.54
- 00
-
-
-
e
-
e
-
-
-
-
-
-
-
-
-
g
-
-
-
-
-
-
%
EUR 2,343,700.00 - 2,343,700-
2,343,700.00 0.27
- 00
-
-
-
e
-
e
-
-
-
-
-
-
-
-
-
g
-
-
-
-
-
-
%
EUR 1,049,500.00 - 1,049,500-
1,049,500.00 0.12
- 00
-
-
-
e
-
e
-
-
-
-
-
-
-
-
-
g
-
-
-
-
-
-
%
Total notification deposits 8,016,200.-
8,016,200.00 0.93
0
Current accounts at bank 43,807.72
43,807.72 0.01
TOTAL CASH AT BANKS 8,060,007.-
8,060,007.72 0.94
2
OTHER NET ASSETS/(LIABILITIES)
-2,098,768.- -0.24
8
TOTAL
857,527,711.- 100.00
5
The accompanying notes are an integral part of these financial statements.
131
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Banks 48.50 %
Diversified financial services 45.80 %
Automobiles and components 1.34 %
Telecommunication services 1.33 %
Transportation 1.17 %
Materials 1.16 %
TOTAL 99.30 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 34.20 %
France 9.45 %
The Netherlands 9.36 %
United Kingdom 7.90 %
Germany 7.73 %
Ireland 6.39 %
Italy 6.36 %
Spain 5.58 %
Belgium 4.00 %
South Korea 1.74 %
Greece 1.28 %
Jersey 1.20 %
Cayman Islands 1.16 %
Netherlands Antilles 1.15 %
Hong Kong 1.13 %
Portugal 0.67 %
TOTAL 99.30 %
The accompanying notes are an integral part of these financial statements.
132
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF NET ASSETS
as at 31st December 2007
(in USD)
ASSETS
Securities portfolio at market value 160,975,734.99
Cash at banks 7,700,546.08
Income receivable on portfolio 1,302,084.12
Interest receivable on bank accounts 16,181.80
Prepaid expenses 294.11
Total assets 169,994,841.10
LIABILITIES
Commitment on repurchase and "repo" contracts 1,945,000.00
Payable on redemptions of shares 32,709.52
Interest payable on financial instruments 2,171.92
Unrealised loss on foreign exchange contracts 60,722.83
Expenses payable 152,638.71
Total liabilities 2,193,242.98
NET ASSETS at the end of the year 167,801,598.12
Class A shares outstanding 3,352.586
Net asset value per class A share 257.03
Class B shares outstanding 320,078.426
Net asset value per class B share 521.56
The accompanying notes are an integral part of these financial statements.
133
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)
INCOME
Interest on bonds and other debt securities, net 9,172,803.53
Interest on bank accounts
845,444.79
Total income 10,018,248.32
EXPENSES
Management fees 355,421.51
Custodian fees 178,317.87
Banking charges and other fees 23,900.77
Central administration costs 102,925.11
Audit and supervisory fees 3,481.53
Other administration costs 35,751.75
Subscription duty ("taxe d'abonnement") 18,282.80
Interest paid on financial instruments 84,271.86
Other expenses 27,875.66
Total expenses 830,228.86
NET INVESTMENT INCOME 9,188,019.46
NET REALISED GAIN/(LOSS)
- on portfolio -211,578.93
- on foreign exchange contracts -707,184.00
- on foreign exchange -5,209.80
REALISED RESULT 8,264,046.73
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -3,145,340.27
- on foreign exchange contracts 111,021.00
RESULT OF OPERATIONS 5,229,727.46
Dividends paid -80,298.34
Reinvestments -
Subscriptions 131,640,192.58
Redemptions -105,450,353.49
TOTAL CHANGES IN NET ASSETS 31,339,268.21
TOTAL NET ASSETS at the beginning of the year 136,462,329.91
TOTAL NET ASSETS at the end of the year 167,801,598.12
The accompanying notes are an integral part of these financial statements.
134
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATISTICAL INFORMATION
as at 31st December 2007
(in USD)
Total net assets
- as at 31.12.2007 167,801,598.12
- as at 31.12.2006 136,462,329.91
- as at 31.12.2005 69,155,110.33
Number of class A shares
- outstanding at the beginning of the year 7,457.118
- issued
2,091.950
- redeemed -6,196.482
- outstanding at the end of the year 3,352.586
Net asset value per class A share
- highest 267.58
12.06.2007
- lowest 254.74
13.06.2007
- as at 31.12.2007 257.03
- as at 31.12.2006 261.79
- as at 31.12.2005 257.60
Dividends paid
Payment date 15.06.2007
Dividend per share 12.88
Shares outstanding at dividend date 6,234.343
Number of class B shares
- outstanding at the beginning of the year 265,985.621
- issued
254,771.832
- redeemed -200,679.027
- outstanding at the end of the year 320,078.426
Net asset value per class B share
- highest 521.73
15.11.2007
- lowest 505.83
02.01.2007
- as at 31.12.2007 521.56
- as at 31.12.2006 505.70
- as at 31.12.2005 481.63
The accompanying notes are an integral part of these financial statements.
135
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in USD)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Bonds
EUR 3,000,000 Lehman Brothers Holdings Inc FRN EMTN 3,825,970.-
4,148,715.- 2.47
Ser 4340 4 6
06/19.05.16
USD 3,000,000 Am Express Tra Rel Serv Co Inc FRN 3,000,500.-
2,954,550.- 1.76
EMTN 06/01.06.11 BNP Paribas SA FRN 0 0
EMTN Ser 7041 Sub 05/23.11.15
USD 5,000,000 5,011,000.-
4,911,000.- 2.93
0 0
USD 5,000,000 Bank of Montreal FRN EMTN 07/14.08.12 5,000,500.-
4,932,845.- 2.94
0 0
USD 2,000,000 Barclays Bank Plc FRN Ser 158 2,000,500.-
1,936,607.- 1.15
06/27.06.16 0 0
USD 5,000,000 Canadian Imp Bk of Commerce FRN EMTN 5,004,500.-
4,876,000.- 2.90
Sen 0 0
07/21.02.17
USD 1,500,000 Chile FRN 04/28.01.08 1,500,783.-
1,501,497.- 0.90
7 5
USD 5,000,000 Citigroup Inc FRN Sen 04/05.11.14 5,034,800.-
4,965,000.- 2.96
0 0
USD 3,000,000 HBOS Plc FRN EMTN 07/06.09.17 3,000,500.-
2,965,500.- 1.77
0 0
USD 3,500,000 ING Bank NV FRN EMTN Sub Ser 1260 3,500,500.-
3,343,418.- 1.99
07/03.07.17 Korea Development Bank FRN0 5
04/20.10.09
USD 3,000,000 2,999,900.-
2,988,570.- 1.78
8 0
USD 3,000,000 Leaseplan Corp NV FRN Sen EMTN 2,998,370.-
2,984,412.- 1.78
05/17.11.08 0 0
USD 5,000,000 Merrill Lynch & Co Inc 6.375% 5,013,000.-
5,012,000.- 2.99
98/03.04.08 0 0
USD 3,000,000 Nomura Europe Finance NV FRN EMTN 3,001,400.-
3,000,600.- 1.79
05/12.12.08 0 0
USD 3,000,000 Royal Bank of Scotland Plc FRN 3,000,500.-
2,910,661.- 1.74
06/11.04.16 0 0
USD 5,000,000 Siemens Financiering NV FRN EMTN 4,994,820.-
4,973,250.- 2.96
06/16.03.12 0 0
USD 3,000,000 Standard Chartered Bk FRN EMTN Sub 3,003,500.-
3,002,400.- 1.79
05/09.06.16 0 0
USD 3,500,000 Wachovia Bank NA FRN Sen Sub Tr 3 3,533,225.-
3,521,700.- 2.10
04/03.11.14 36.23 0 0
61,598,299.-
60,780,012.-
5 0
Total 65,424,269.-
64,928,728.- 38.70
bonds 9 6
Asset backed
securities
USD 4,000,000 Lanark Master Issuer Plc FRN 3A1 Ser 4,000,500.-
4,000,000.- 2.38
2007-1X 0 0
07/22.12.54
USD 794,706.5 Lothian Mortgages Plc FRN A1 Ser 1 798,653.83
792,958.15 0.47
03/24.07.17 RAMS Mortgage Sec Pty Ltd
FRN 1A Ser 2003-1E
USD 2,440,884.6 2,444,344.-
2,439,664.- 1.45
9 6
03/11.08.34
USD 2,000,000 Stream I BV FRN Sen Class A2 2,001,535.-
1,998,394.- 1.19
01/02.09.86 9,231,016.71 5 0
Total asset backed securities 9,245,034.-
5.49
7
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
USD 5,000,000 Bear Stearns Co Inc FRN MTN Ser B Tr 707 5,013,750.-
4,720,500.- 2.81
06/21.11.16 Bear Stearns Co Inc FRN Sen 0 0
07/01.02.12
USD 5,000,000 5,004,715.-
4,756,500.- 2.84
0 0
USD 4,000,000 CIT Group Inc FRN Sen 06/28.07.11 4,000,500.-
3,624,800.- 2.16
0 0
USD 3,000,000 Credit Suisse (USA) Inc FRN Sen 3,000,500.-
2,975,476.- 1.77
06/12.04.13 0 0
USD 5,000,000 Daimler NA Corp FRN MTN Ser E Tr 44 5,000,500.-
4,950,459.- 2.95
07/13.03.09 Dubai Hgs Cial Operati MTN 0 0
Ltd FRN 07/01.02.12
USD 3,000,000 2,994,620.-
2,994,231.- 1.79
0 0
USD 3,000,000 Export-Import Bank Korea (The) FRN EMTN 3,000,500.-
2,993,375.- 1.78
Ser 97 0 0
06/04.10.11
USD 3,000,000 General Electric Capital Corp FRN MTN 3,000,500.-
2,960,700.- 1.77
Ser A 06/08.01.16 Goldman Sachs Group 0 0
Inc FRN 06/22.03.16
USD 5,000,000 5,013,600.-
4,920,500.- 2.93
0 0
USD 3,000,000 JP Morgan Chase Bank FRN Ser AI Sub 3,000,500.-
2,989,102.- 1.78
06/13.06.16 Merrill Lynch & Co Inc FRN 0 0
Ser MTNC Tr 454 04/15.01.15
USD 5,000,000 5,041,350.-
4,805,500.- 2.86
0 0
USD 3,000,000 Morgan Stanley FRN 06/18.01.11 3,000,500.-
2,933,400.- 1.75
0 0
USD 5,000,000 Morgan Stanley FRN MTN Ser F 06/18.10.16 5,025,500.-
4,830,900.- 2.88
0 0
USD 3,000,000 SLM Corp FRN MTN Ser A Tr 101 3,003,065.-
2,744,400.- 1.64
06/25.10.11 0 0
The accompanying notes are an integral part of these financial statements.
136
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in USD)
Curre- Number / nominal Description Cost
Market % of
cy value
value
total net
assets
USD 3,000,000 Sun Life Fin Gl Funding II LP FRN 3,000,500.-
2,905,218.00 1.73
Ser 144A 06/06.07.11 Wachovia Corp 0
FRN Sen 07/15.06.17
USD 3,500,000
3,500,500.003,446,625.00 2.05
USD 4,000,000 Washington Mutual Inc FRN Sen 4,000,500.-
3,570,000.00 2.13
05/22.03.12 0
USD 5,000,000 Wells Fargo & Co FRN Sen 05/28.10.155,008,550.-
4,939,500.00 2.94
0
USD 5,000,000 Wells Fargo & Co FRN Sen 07/24.01.124,999,400.-
4,957,500.00 2.96
0
Total bonds 75,609,550.-
73,018,688.- 43.52
0 0
Asset backed securities
USD 4,087,849.- Fannie Mae FRN pool 888619
4,141,911.- 4,145,079.35 2.47
5 07/01.02.36 6
Total asset backed securities
4,141,911.264,145,079.35 2.47
OTHER TRANSFERABLE SECURITIES
Bonds
EUR 1,500,000 Bq Fédérative Crédit 1,8-
2,1- 1.30
Mutuel FRN EMTN 3,0-
5,9-
03/05.05.08 3.81
2.57
USD 5,000,000 Corsair Ltd Jersey VAR 5,0-
5,0- 3.00
EMTN Lk Basket 5,5-
5,0-
04/23.03.09 Morgan 0.00
0.00
Stanley FRN EMTN Ser 117
Tr 1 07/20.03.12
USD 2,500,000 2,5-
2,4- 1.45
5,0-
1,2-
0.00
0.00
7,5-
7,4- 4.45
0,5-
6,2-
0.00
0.00
Total bonds 9,3-
9,6- 5.75
3,5-
2,2-
3.81
2.57
TOTAL INVESTMENTS IN SECURITIES 163,-
160,- 95.93
14,2-
75,7-
9.43
4.99
CASH AT BANKS
Notification deposits
USD 1,945,000.00 Banque de Luxembourg 1,9-
1,9- 1.16
4.2500% 5,0-
5,0-
0.00
0.00
Total notification deposits 1,9-
1,9- 1.16
5,0-
5,0-
0.00
0.00
Current accounts at bank 5,7-
5,7- 3.43
5,5-
5,5-
6.08
6.08
TOTAL CASH AT BANKS 7,7-
7,7- 4.59
0,5-
0,5-
6.08
6.08
OTHER NET ASSETS/(LIABILITIES)
-87- -0.52
,68-
.95
TOTAL
167,- 100.00
01,5-
8.12
The accompanying notes are an integral part of these financial statements.
137
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Banks 45.20 %
Diversified financial services 43.36 %
Automobiles and components 2.95 %
Investment companies 1.79 %
Insurance 1.73 %
Countries and governments 0.90 %
TOTAL 95.93 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 56.15 %
The Netherlands 9.71 %
United Kingdom 9.30 %
Canada 5.84 %
France 4.23 %
South Korea 3.56 %
Jersey 3.00 %
Cayman Islands 1.79 %
Australia 1.45 %
Chile 0.90 %
TOTAL 95.93 %
The accompanying notes are an integral part of these financial statements.
138
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 135,843,963.12
Deposits on futures contracts 2,785,722.62
Cash at banks 29,604,788.89
Margins receivable 777,618.88
Income receivable on portfolio 1,032,048.65
Interest receivable on bank accounts 67,352.95
Unrealised gain on foreign exchange contracts 1,575,395.75
Prepaid expenses 200.00
Total assets 171,687,090.86
LIABILITIES
Bank liabilities 1.11
Commitment on repurchase and "repo" contracts 19,499,000.00
Interest payable on financial instruments 41,021.76
Unrealised loss on futures contracts 636,659.22
Expenses payable 479,435.17
Total liabilities 20,656,117.26
NET ASSETS at the end of the year 151,030,973.60
Class A shares outstanding 11,555.451
Net asset value per class A share 106.55
Class B shares outstanding 1,333,824.692
Net asset value per class B share 112.31
The accompanying notes are an integral part of these financial statements.
139
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 1,941,858.05
Interest on bonds and other debt securities, net 1,814,695.37
Interest on bank accounts
1,322,110.86
Received commissions 119,826.40
Total income 5,198,490.68
EXPENSES
Management fees 1,703,688.58
Custodian fees 170,946.45
Banking charges and other fees 52,741.12
Transaction fees 17,244.10
Central administration costs 78,358.48
Audit and supervisory fees 3,501.45
Other administration costs 30,391.14
Subscription duty ("taxe d'abonnement") 73,503.55
Other taxes 42.19
Interest paid on bank liabilities 7,760.70
Interest paid on financial instruments 835,363.80
Other expenses 9,606.12
Total expenses 2,983,147.68
NET INVESTMENT INCOME 2,215,343.00
NET REALISED GAIN/(LOSS)
- on portfolio 1,528,993.85
- on options 34,600.00
- on financial instruments 1,593,333.45
- on foreign exchange contracts 2,346,925.57
- on foreign exchange -265,980.16
REALISED RESULT 7,453,215.71
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -10,077,368.26
- on financial instruments -636,659.22
- on foreign exchange contracts 400,707.75
RESULT OF OPERATIONS -2,860,104.02
Dividends paid -57,612.74
Reinvestments -
Subscriptions 29,281,296.07
Redemptions -40,583,419.84
TOTAL CHANGES IN NET ASSETS -14,219,840.53
TOTAL NET ASSETS at the beginning of the year 165,250,814.13
TOTAL NET ASSETS at the end of the year 151,030,973.60
The accompanying notes are an integral part of these financial statements.
140
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 151,030,973.60
- as at 31.12.2006 165,250,814.13
- as at 31.12.2005 127,733,315.30
Number of class A shares
- outstanding at the beginning of the year 15,429.053
- issued
3,149.398
- redeemed -7,023.000
- outstanding at the end of the year 11,555.451
Net asset value per class A share
- highest 116.67
05.06.2007
- lowest 105.06
23.11.2007
- as at 31.12.2007 106.55
- as at 31.12.2006 111.73
- as at 31.12.2005 107.15
Dividends paid
Payment date 15.06.2007
Dividend per share 3.41
Shares outstanding at dividend date 16,895.233
Number of class B shares
- outstanding at the beginning of the year 1,430,869.929
- issued
247,853.013
- redeemed -344,898.250
- outstanding at the end of the year 1,333,824.692
Net asset value per class B share
- highest 119.36
30.10.2007
- lowest 110.73
23.11.2007
- as at 31.12.2007 112.31
- as at 31.12.2006 114.28
- as at 31.12.2005 107.15
The accompanying notes are an integral part of these financial statements.
141
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
EUR 85,000 DSM NV 2,957,996.-
2,741,250.00 1.81
3
EUR 45,000 Hypo Real Estate Holding AG 2,035,598.-
1,624,500.00 1.08
4
EUR 160,000 Wessanen NV 1,805,327.-
1,732,800.00 1.15
6
6,798,923.-
6,098,550.00 4.04
3
GBP 500,000 3I Infrastructure Ltd 739,508.08
718,494.10 0.48
GBP 700,000 Bodycote Intl Plc 2,852,738.-
1,767,427.71 1.17
4
GBP 130,000 Diageo Plc 1,695,183.-
1,905,093.89 1.26
8
GBP 870,000 Invensys Plc 4,014,084.-
2,644,837.79 1.75
9
GBP 495,951 Mothercare Plc 2,551,940.-
2,242,239.23 1.48
8
GBP 225,000 Wolseley Plc 3,615,187.-
2,252,580.68 1.49
8
15,468,642.-
11,530,673.40 7.63
5
HKD 750,000 Li & Fung Ltd 1,449,911.-
2,078,445.46 1.38
7
JPY 346 Creed Office Investment Corp 1,191,407.-
998,429.30 0.66
0
JPY 100,000 Sega Sammy Holdings Inc 874,267.16
837,434.98 0.55
2,065,674.-
1,835,864.28 1.21
6
KRW 75,000 Hana Financial Group Inc 2,472,531.-
2,746,078.56 1.82
7
THB 750,000 Bangkok Bank PCL Nv DR 1,782,385.-
2,009,401.18 1.33
1
THB 1,500,000 Thai Oil PCL Uts Nv DR 1,827,662.-
2,945,986.48 1.95
2
3,610,047.-
4,955,387.66 3.28
3
USD 105,000 Altria Group Inc 4,787,153.-
5,423,685.02 3.59
1
USD 50,000 Anheuser-Busch Cos Inc 1,805,227.-
1,796,946.72 1.19
2
USD 45 Berkshire Hathaway Inc A 3,163,224.-
4,317,772.26 2.86
4
USD 100,000 Cemex SA ADR repr 10 CPO 2,427,408.-
1,802,046.85 1.19
8
USD 50,000 Cisco Systems Inc 953,390.21
937,064.36 0.62
USD 120,000 Dell Inc 2,544,359.-
2,035,972.94 1.35
6
USD 120,000 EBay Inc 3,009,570.-
2,756,519.67 1.83
4
USD 45,000 Infosys Technologies Ltd ADR repr 1 1,293,425.-
1,393,866.24 0.92
Share 9
USD 51,000 Kookmin Bank ADR repr 1 Share 3,030,306.-
2,574,363.33 1.70
7
USD 35,000 Microsoft Corp 816,553.32
859,678.35 0.57
USD 45,000 Quest Diagnostics Inc 1,742,921.-
1,619,394.10 1.07
4
USD 150,000 Taiwan Semiconduct Mfg Co Ltd ADR 991,578.86
1,009,826.26 0.67
repr 5 Shares Thornburg Mortgage Inc
USD 250,000 1,859,933.-
1,584,441.20 1.05
9
USD 100,000 USG Corp 2,655,894.-
2,476,624.39 1.64
5
USD 10,000 Washington Post co B 6,014,155.-
5,450,341.71 3.61
2
USD 135,000 Wipro Ltd ADR repr 1 Share 1,278,540.-
1,393,560.23 0.92
3
38,373,644.-
37,432,103.63 24.78
3
Total 70,239,376.-
66,677,102.99 44.14
shares 4
Undertakings for collective investment
EUR 100,000 DJ STOXX SM 600 Health Care EX 4,531,892.-
3,971,000.00 2.63
8
EUR 50,000 Metzler Intl Inv Plc Japan Equity Fd2,181,267.-
1,897,500.00 1.26
0
EUR 100,000 Warehouses De Pauw SICAFI 4,275,122.-
4,648,000.00 3.08
1
10,988,281.-
10,516,500.00 6.97
9
JPY 204 Crescendo Investment Corp 888,282.87
522,444.00 0.35
JPY 150 Japan Excellent Inc 960,114.10
809,780.99 0.54
JPY 300 MID REIT Inc 1,119,606.-
943,241.55 0.62
8
JPY 360 Nippon Commercial Inv Corp 1,135,728.-
1,079,948.45 0.71
1
The accompanying notes are an integral part of these financial statements.
142
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
C- Number / Descrip- Descrip-
Descrip- Cost Mar- % of
r- nominal ion ion ion et
e- val-
cy e
value total
net
assets
J- 300Nippon Nippon Nippon 1,03-
833,- 0.55
Y Hotel Fd Hotel Fd Hotel Fd ,716- 26.76
Inv Corp Inv Corp Inv Corp 31
J- 20,000Oyster Oyster Oyster 2,43-
1,93- 1.28
Y SICAV SICAV SICAV ,278- ,582-
Japan Japan Japan 88 87
Opportu- Opportu- Opportun-
ities ities ties JPY
JPY JPY
J- 333Prospect Prospect Prospect 874,-
738,- 0.49
Y Residen- Residen- Resident-
19.1504.22
ial Inv ial Inv al Inv
Corp Corp Corp
8,446- 6,86-
4.54
645.50,928-
84
U- 100,000Aberdeen Aberdeen Aberdeen 3,11-
4,08- 2.70
D Gl SICAV Gl SICAV Gl SICAV ,148- ,786-
Asia Asia Asia 30 10
Pacific Pacific Pacific
Fd Ser Fd Ser Fd Ser A2
A2 Cap F A2 Cap F Cap F
Templet- Templet- Templeton
n Inv n Inv Inv Fds
Fds Fds SICAV
SICAV SICAV Asian
Asian Asian Growth I
Growth I Growth I Cap
Cap Cap
U- 150,000 1,900-
3,27- 2.17
D 098.64,265-
10
U- 600,000Manulife Manulife Manulife 2,19-
3,45- 2.29
D Gl Fd Gl Fd Gl Fd ,478- ,665-
SICAV SICAV SICAV 78 87
China China China
Value A Value A Value A
Reg Reg Reg
Pharmac- Pharmac- Pharmace-
utical utical tical
Holdrs Holdrs Holdrs
Trust DR Trust DR Trust DR
31.12.40 31.12.40 31.12.40
U- 100,000 5,758-
5,44- 3.60
D 940.47,821-
46
12,96- 16,2-
10.76
,666.- 1,53-
9 .53
Total undertakings for collective investment 32,3- 33,6-
22.27
7,59- 2,96-
.58 .37
B-
n-
s
E- 7,500,000Bayer AG Bayer AG Bayer AG 6,71-
6,66- 4.41
R VAR Sub VAR Sub VAR Sub ,062- ,000-
05/29.0- 05/29.0- 05/29.07-
00 00
.2105 .2105 2105
E- 12,500,000Deutsch- Deutsch-
Deutschl- 11,9- 11,6- 7.74
R and and nd 3.25% 7,73- 4,03-
3.25% 3.25% Ser 05 .81 .25
Ser 05 Ser 05 05/04.07-
05/04.0- 05/04.0- 15
.15 .15
E- 7,500,000Deutsch- Deutsch-
Deutschl- 7,17- 7,19- 4.77
R and and nd 3.75% ,243- ,875-
3.75% 3.75% Ser 06 75 00
Ser 06 Ser 06 06/04.01-
06/04.0- 06/04.0- 17
.17 .17
E- 7,500,000KPN NV KPN NV KPN NV 4%6,89-
6,71- 4.45
R 4% EMTN 4% EMTN EMTN Sen ,750- ,625-
Sen Sen 05/22.06- 14 00
05/22.0- 05/22.0- 15
.15 .15
T- 32,71-
32,2- 21.37
t- ,795.-
5,53-
l 0 .25
b-
n-
s
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 400,000 4,340,869.95
3,258,361.51 2.16
Total undertakings for collective investment 4,340,869.95
3,258,361.51 2.16
TOTAL INVESTMENTS IN SECURITIES 139,690,635.-
135,843,963.12 89.94
7
CASH AT BANKS
29,604,788.89 19.60
BANK LIABILITIES
-1.11 0.00
OTHER NET ASSETS/(LIABILITIES)
-14,417,777.30 -9.54
TOTAL
151,030,973.60 100.00
The accompanying notes are an integral part of these financial statements.
143
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 23.89 %
Countries and governments 12.51 %
Materials 9.05 %
Food, beverage and tobacco 7.19 %
Investment companies 5.17 %
Retailing 4.69 %
Telecommunication services 4.45 %
Media 3.61 %
Capital goods 3.24 %
Banks 3.03 %
Real estate 2.67 %
Software and services 2.41 %
Technology hardware and equipment 1.97 %
Energy 1.95 %
Diversified financial services 1.82 %
Health care equipment and services 1.07 %
Semiconductors and semiconductor equipment 0.67 %
Consumer durables and apparel 0.55 %
TOTAL 89.94 %
The accompanying notes are an integral part of these financial statements.
144
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
United States of America 22.98 %
Germany 20.63 %
Luxembourg (Grand Duchy of) 10.60 %
The Netherlands 7.41 %
United Kingdom 7.15 %
Japan 4.47 %
South Korea 3.52 %
Thailand 3.28 %
Belgium 3.08 %
India 1.84 %
Hong Kong 1.38 %
Ireland 1.26 %
Mexico 1.19 %
Taiwan 0.67 %
Jersey 0.48 %
TOTAL 89.94 %
The accompanying notes are an integral part of these financial statements.
145
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 91,285,589.37
Deposits on futures contracts 6,550,662.50
Cash at banks 10,225,789.71
Formation expenses, net 12,587.30
Margins receivable 1,006,997.49
Income receivable on portfolio 63,342.30
Interest receivable on bank accounts 22,876.15
Prepaid expenses 200.00
Total assets 109,168,044.82
LIABILITIES
Unrealised loss on futures contracts 978,137.51
Expenses payable 180,599.05
Total liabilities 1,158,736.56
NET ASSETS at the end of the year 108,009,308.26
Class B shares outstanding 1,061,346.774
Net asset value per class B share 101.77
The accompanying notes are an integral part of these financial statements.
146
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st August 2007 to 31st December 2007 (in EUR)
INCOME
Interest on bonds and other debt securities, net 36,596.53
Interest on bank accounts
198,839.96
Total income 235,436.49
EXPENSES
Management fees 152,639.41
Custodian fees 30,678.48
Banking charges and other fees 1,156.97
Transaction fees 14,890.00
Central administration costs 23,915.66
Audit and supervisory fees 3,565.00
Other administration costs 5,037.07
Subscription duty ("taxe d'abonnement") 21,242.77
Other expenses 10,095.41
Total expenses 263,220.77
NET INVESTMENT INCOME -27,784.28
NET REALISED GAIN/(LOSS)
- on portfolio 35,422.16
- on financial instruments -2,689,282.53
REALISED RESULT -2,681,644.65
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio 4,572,514.66
- on financial instruments -978,137.51
RESULT OF OPERATIONS 912,732.50
Dividends paid -
Reinvestments -
Subscriptions 116,207,774.41
Redemptions -9,111,198.65
TOTAL CHANGES IN NET ASSETS 108,009,308.26
TOTAL NET ASSETS at the beginning of the year -
TOTAL NET ASSETS at the end of the year 108,009,308.26
The accompanying notes are an integral part of these financial statements.
147
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 108,009,308.26
Number of class B shares
- outstanding at the beginning of the year 0.000
- issued
1,150,893.205
- redeemed -89,546.431
- outstanding at the end of the year 1,061,346.774
Net asset value per class B share
- highest 103.01
05.12.2007
- lowest 99.83
09.08.2007
- as at 31.12.2007 101.77
The accompanying notes are an integral part of these financial statements.
148
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
EUR 19,481 Adidas AG 856,402.22
998,596.06 0.92
EUR 42,969 Allianz SE Reg 6,566,148-
6,357,263.- 5.89
81 5
EUR 46,926 BASF AG 4,336,787-
4,758,765.- 4.41
87 6
EUR 73,126 Bayer AG 4,007,436-
4,572,568.- 4.23
38 8
EUR 30,755 Bayerische Motorenwerke AG 1,338,696-
1,302,474.- 1.21
31 5
EUR 57,434 Commerzbank AG 1,655,769-
1,508,216.- 1.40
80 4
EUR 14,062 Continental AG 1,328,496-
1,251,377.- 1.16
17 8
EUR 94,008 Daimler AG Reg 6,205,103-
6,251,532.- 5.79
49 0
EUR 47,890 Deutsche Bank AG Reg 4,425,182-
4,281,366.- 3.96
77 0
EUR 19,134 Deutsche Boerse AG Reg 1,830,363-
2,597,440.- 2.40
53 0
EUR 43,812 Deutsche Lufthansa AG Reg 862,135.10
798,254.64 0.74
EUR 80,171 Deutsche Post AG Reg 1,685,738-
1,884,820.- 1.74
25 1
EUR 7,845 Deutsche Postbank AG Reg 413,935.96
476,583.75 0.44
EUR 266,620 Deutsche Telekom AG Reg 3,664,781-
4,004,632.- 3.71
41 0
EUR 59,072 E.On AG 7,359,888-
8,600,292.- 7.96
42 8
EUR 17,761 Fresenius Medical Care AG & Co 637,022.54
651,651.09 0.60
KGaA
EUR 17,045 Henkel KGaA Pref 625,997.65
655,039.35 0.61
EUR 12,827 Hypo Real Estate Holding AG 508,128.76
463,054.70 0.43
EUR 71,709 Infineon Technologies AG Reg 746,829.47
578,691.63 0.54
EUR 12,063 Linde AG 1,034,520-
1,091,098.- 1.01
54 5
EUR 9,455 Man AG 998,146.63
1,075,979.- 1.00
0
EUR 6,181 Merck KGaA 558,382.14
545,782.30 0.50
EUR 9,777 Metro AG 585,408.92
561,590.88 0.52
EUR 20,846 Muenchener Rueckvers AG Reg 2,651,981-
2,771,267.- 2.56
91 4
EUR 44,517 RWE AG A 3,796,049-
4,273,632.- 3.96
27 0
EUR 85,296 SAP AG 3,304,542-
3,030,566.- 2.81
94 8
EUR 77,302 Siemens AG Reg 7,257,856-
8,415,095.- 7.79
18 2
EUR 19,160 TUI AG 372,969.44
366,530.80 0.34
EUR 36,867 ThyssenKrupp AG 1,493,898-
1,413,849.- 1.31
83 5
EUR 13,548 Volkswagen AG 2,124,334-
2,114,842.- 1.96
16 0
Total shares 73,232,93-
77,652,856- 71.90
.87
69
Bonds
EUR 14,595,000 France VAR OAT Lk French 13,480,13-
13,632,732- 12.62
Inflation 05/25.07.17 .84
68
Total bonds 13,480,13-
13,632,732- 12.62
.84
68
TOTAL INVESTMENTS IN SECURITIES 86,713,07-
91,285,589- 84.52
.71
37
CASH AT BANKS
10,225,789- 9.47
71
OTHER NET ASSETS/(LIABILITIES)
6,497,929.- 6.01
8
TOTAL
108,009,308- 100.00
26
The accompanying notes are an integral part of these financial statements.
149
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Countries and governments 12.62 %
Utilities 11.92 %
Automobiles and components 10.12 %
Materials 9.95 %
Capital goods 9.80 %
Insurance 8.45 %
Banks 5.80 %
Telecommunication services 3.71 %
Software and services 2.81 %
Transportation 2.48 %
Diversified financial services 2.40 %
Pharmaceuticals and biotechnology 1.10 %
Consumer durables and apparel 0.92 %
Household and personal products 0.61 %
Semiconductors and semiconductor equipment 0.54 %
Retailing 0.52 %
Real estate 0.43 %
Hotels, restaurants and leisure 0.34 %
TOTAL 84.52 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Germany 71.90 %
France 12.62 %
TOTAL 84.52 %
The accompanying notes are an integral part of these financial statements.
150
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 35,973,081.60
Cash at banks 16,858,159.62
Formation expenses, net 17,882.73
Income receivable on portfolio 569,278.93
Interest receivable on bank accounts 51,377.80
Prepaid expenses 200.00
Total assets 53,469,980.68
LIABILITIES
Expenses payable 121,642.77
Total liabilities 121,642.77
NET ASSETS at the end of the year 53,348,337.91
Class A shares outstanding 396.173
Net asset value per class A share 97.46
Class B shares outstanding 546,964.756
Net asset value per class B share 97.46
The accompanying notes are an integral part of these financial statements.
151
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 30th October 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 9,669.57
Interest on bonds and other debt securities, net 133,191.05
Interest on bank accounts
109,776.29
Total income 252,636.91
EXPENSES
Management fees 87,286.72
Custodian fees 8,760.40
Banking charges and other fees 53.12
Central administration costs 7,208.99
Audit and supervisory fees 3,565.00
Other administration costs 3,431.27
Subscription duty ("taxe d'abonnement") 4,659.97
Interest paid on bank liabilities 95.44
Other expenses 3,986.53
Total expenses 119,047.44
NET INVESTMENT INCOME 133,589.47
NET REALISED GAIN/(LOSS)
- on foreign exchange 74,502.03
REALISED RESULT 208,091.50
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -1,452,112.42
RESULT OF OPERATIONS -1,244,020.92
Dividends paid -
Reinvestments -
Subscriptions 55,749,804.70
Redemptions -1,157,445.87
TOTAL CHANGES IN NET ASSETS 53,348,337.91
TOTAL NET ASSETS at the beginning of the year -
TOTAL NET ASSETS at the end of the year 53,348,337.91
The accompanying notes are an integral part of these financial statements.
152
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 53,348,337.91
Number of class A shares
- outstanding at the beginning of the year 0.000
- issued
396.173
- redeemed 0.000
- outstanding at the end of the year 396.173
Net asset value per class A share
- highest 100.00
30.10.2007
- lowest 94.40
23.11.2007
- as at 31.12.2007 97.46
Number of class B shares
- outstanding at the beginning of the year 0.000
- issued
558,893.002
- redeemed -11,928.246
- outstanding at the end of the year 546,964.756
Net asset value per class B share
- highest 100.00
30.10.2007
- lowest 94.40
23.11.2007
- as at 31.12.2007 97.46
The accompanying notes are an integral part of these financial statements.
153
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
EUR 20,000 Tenaris SA Reg 323,845.63
305,600.00 0.57
HKD 100,000 CLP Holdings Ltd 470,731.32
464,926.90 0.87
HKD 7,500 Cheung Kong Holdings Ltd 94,208.56
89,935.25 0.17
HKD 13,500 Hutchison Whampoa Ltd 108,306.12
101,177.16 0.19
HKD 90,000 Li & Fung Ltd 261,689.67
249,413.46 0.47
934,935.67
905,452.77 1.70
HUF 1,445 MOL Hungarian Oil and Gas Plc Ser A 146,316.03
139,322.84 0.26
Richter Gedeon Ltc
HUF 6,400
952,604.631,045,454.38 1.96
1,098,920.661,184,777.22 2.22
IDR 185,000 Unilever Indonesia (PT) Tbk 93,818.97
90,390.12 0.17
KRW 10,000 Hana Financial Group Inc 323,128.84
366,143.81 0.69
KRW 7,500 Hyundai Mobis 502,691.04
475,115.18 0.89
KRW 2,000 Hyundai Motor Co Ltd 97,478.78
104,031.34 0.19
KRW 1,750 KT&G Corp 101,527.73
101,325.21 0.19
KRW 10,000 Kookmin Bank 548,916.71
501,268.31 0.94
KRW 300 Posco 135,793.30
125,317.08 0.23
KRW 1,200 Samsung Electronics Co Ltd 494,370.85
484,704.66 0.91
2,203,907.252,157,905.59 4.04
MYR 58,000 Genting Bhd 98,879.22
94,501.55 0.18
MYR 200,000 Malayan Banking Bhd 470,957.91
483,677.43 0.91
569,837.13
578,178.98 1.09
SGD 30,000 Keppel Corp Ltd 191,643.81
180,203.75 0.34
SGD 51,000 Singapore Telecom Ltd Board Lot 1000 94,998.64
93,965.40 0.18
SGD 10,000 United Overseas Bank Ltd Local 98,389.74
92,686.96 0.17
385,032.19
366,856.11 0.69
THB 200,000 Bangkok Bank PCL Nv DR 533,972.17
535,840.31 1.00
TWD 170,000 Acer Inc 235,597.55
222,652.05 0.42
TWD 170,000 Au Optronics Corp 226,504.27
224,074.74 0.42
TWD 54,000 Hon Hai Precision Ind Co Ltd 238,884.03
226,522.62 0.42
TWD 390,000 Taiwan Semiconduct Mfg Co Ltd 524,407.15
493,654.86 0.93
TWD 200,000 Taiwan Sog Shinkong Sec Co Ltd 134,522.18
123,858.31 0.23
1,359,915.181,290,762.58 2.42
USD 25,000 Cemex SA ADR repr 10 CPO 522,905.94
450,511.71 0.84
USD 4,500 Coca-Cola Femsa SAB de CV ADR repr 10 138,906.84
149,087.08 0.28
Local Shares Cresud SA Com Ind Fin y
Agrope spons ADR repr 10
USD 20,000 251,233.20
272,007.07 0.51
Shares
USD 20,000 Infosys Technologies Ltd ADR repr 1 671,736.81
619,496.11 1.16
Share
1,584,782.791,491,101.97 2.79
Total
9,088,967.648,906,865.65 16.69
shares
Undertakings for collective investment
USD 105,478.- Aberdeen Gl SICAV Asia Pacific Fd Ser 4,500,984.-
4,304,334.66 8.07
76 A2 Cap F Templeton Inv Fds SICAV Asian 1
Growth I Cap
USD 245,630.-
5,892,596.625,360,101.01 10.05
3
USD 78,800.59 Fidelity Fds SICAV Thailand A Gl Certif1,350,910.-
1,275,341.91 2.39
9
USD 3,641.295 HSBC Global Inv Fds SICAV Chinese 275,620.01
266,968.05 0.50
Equity AC Cap
The accompanying notes are an integral part of these financial statements.
154
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)
Curren- Number / Description Cost
Market % of
y nominal value
value
total net
assets
USD 3,770 Julius Baer Multibond SICAV Local 601,000.27 594,898.85
1.11
Emerging Bond B Cap ML Intl Inv Fds
SICAV Latin America A2 Cap
USD 18,822.67
1,212,039.071,125,481.87 2.11
Total undertakings for collective investment 13,833,150.-
12,927,126.- 24.23
7 5
Bonds
BRL 2,700,000KFW AG 11.75% 06/15.12.14
1,144,801.251,064,662.54 2.00
EUR 500,000Brazil 11.5% 02/02.04.09 546,568.63 536,300.00
1.01
EUR 820,000Brazil 7.375% 05/03.02.15 922,295.13 890,233.00
1.67
EUR 500,000Mexico 5.375% 03/10.06.13 515,600.00 507,150.00
0.95
EUR 300,000Mexico 5.5% Ser MTN A 04/17.02.20 312,050.00 300,690.00
0.56
EUR 300,000Mexico 7.5% EMTN Reg 00/08.03.10 320,330.00 317,450.49
0.59
EUR 1,500,000Philippines 6.25% Sen 06/15.03.16
1,530,417.191,510,725.00 2.83
EUR 2,820,000Philippines 9.125% 03/22.02.10
3,053,015.903,044,472.00 5.71
EUR 1,200,000Turkey 4.75% Sen 05/06.07.12
1,176,682.381,158,235.80 2.17
EUR 1,000,000Venezuela 7% Ser Intl 05/16.03.15 960,438.50 904,562.50
1.70
9,337,397.739,169,818.79 17.19
TRY 1,000,000EIB 14% EMTN Sen 06/05.07.16 612,438.07 588,289.83
1.10
Total bonds
11,094,637.0510,822,771.- 20.29
6
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Shares
GBP 100,000 Dhir India Inv Plc 245,292.57 240,627.74 0.45
Total shares 245,292.57 240,627.74 0.45
OTHER TRANSFERABLE SECURITIES
Shares
USD 10,000 Wal-Mart de 252,5- 239,70- 0.45
Mexico SAB de 1.79 .23
CV ADR repr 10
Shares V
239,706.23
Total shares 252,5- 0.45
1.79
Undertakings for collective investment
EUR 13,295.239 East Capital 1,502,- 1,512,7- 2.84
(Lux) Russian 49.89 7.67
Fd A Cap
USD 44,546.62 HSBC Global 1,408,- 1,323,2- 2.48
Inv Fds SICAV 94.41 6.80
Brazil Equity
AC Cap
Total undertakings for collective 2,910,- 2,835,9- 5.32
investment 44.30 4.47
TOTAL INVESTMENTS IN SECURITIES 37,425- 35,973,- 67.43
194.02 81.60
CASH AT BANKS 16,858,- 31.60
59.62
OTHER NET ASSETS/(LIABILITIES) 517,09- 0.97
.69
TOTAL 53,348,- 100.00
37.91
The accompanying notes are an integral part of these financial statements.
155
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 29.55 %
Countries and governments 17.19 %
Banks 3.02 %
Diversified financial services 2.69 %
Pharmaceuticals and biotechnology 1.96 %
Semiconductors and semiconductor equipment 1.84 %
Technology hardware and equipment 1.26 %
Software and services 1.16 %
International institutions 1.10 %
Automobiles and components 1.08 %
Materials 1.07 %
Food, beverage and tobacco 0.98 %
Retailing 0.92 %
Utilities 0.87 %
Energy 0.83 %
Investment companies 0.45 %
Commercial services and supplies 0.42 %
Capital goods 0.34 %
Telecommunication services 0.18 %
Hotels, restaurants and leisure 0.18 %
Real estate 0.17 %
Household and personal products 0.17 %
TOTAL 67.43 %
The accompanying notes are an integral part of these financial statements.
156
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 31.22 %
Philippines 8.54 %
South Korea 4.04 %
Mexico 3.67 %
Brazil 2.68 %
Taiwan 2.42 %
Hungary 2.22 %
Turkey 2.17 %
Germany 2.00 %
Venezuela 1.70 %
Hong Kong 1.70 %
India 1.16 %
Malaysia 1.09 %
Thailand 1.00 %
Singapore 0.69 %
Argentina 0.51 %
Isle of Man 0.45 %
Indonesia 0.17 %
TOTAL 67.43 %
The accompanying notes are an integral part of these financial statements.
157
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 144,056,245.63
Cash at banks 13,969,234.32
Receivable on issues of shares 4,921.09
Interest receivable on bank accounts 27,413.92
Unrealised gain on foreign exchange contracts 39,293.86
Prepaid expenses 200.00
Total assets 158,097,308.82
LIABILITIES
Payable on redemptions of shares 10,290.87
Expenses payable 575,825.32
Total liabilities 586,116.19
NET ASSETS at the end of the year 157,511,192.63
Class B shares outstanding 875,954.228
Net asset value per class B share 179.82
The accompanying notes are an integral part of these financial statements.
158
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 118,640.46
Interest on bank accounts 151,772.70
Received commissions 1,171,377.17
Total income 1,441,790.33
EXPENSES
Management fees 2,259,648.33
Custodian fees 181,345.97
Banking charges and other fees 260.07
Central administration costs 91,114.22
Audit and supervisory fees 3,726.36
Other administration costs 28,780.78
Subscription duty ("taxe d'abonnement") 16,034.83
Other taxes 5.87
Interest paid on bank liabilities 233.71
Other expenses 22,696.33
Total expenses 2,603,846.47
NET INVESTMENT INCOME -1,162,056.14
NET REALISED GAIN/(LOSS)
- on portfolio 20,129,496.45
- on foreign exchange contracts 2,645,455.51
- on foreign exchange -411,511.36
REALISED RESULT 21,201,384.46
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -24,114,859.46
- on foreign exchange contracts 601,024.82
RESULT OF OPERATIONS -2,312,450.18
Dividends paid -
Reinvestments -
Subscriptions 34,213,023.71
Redemptions -66,809,190.81
TOTAL CHANGES IN NET ASSETS -34,908,617.28
TOTAL NET ASSETS at the beginning of the year 192,419,809.91
TOTAL NET ASSETS at the end of the year 157,511,192.63
The accompanying notes are an integral part of these financial statements.
159
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 157,511,192.63
- as at 31.12.2006 192,419,809.91
- as at 31.12.2005 140,164,984.08
Number of class B shares
- outstanding at the beginning of the year 1,050,453.407
- issued
182,574.109
- redeemed -357,073.288
- outstanding at the end of the year 875,954.228
Net asset value per class B share
- highest 198.79
17.07.2007
- lowest 172.43
23.11.2007
- as at 31.12.2007 179.82
- as at 31.12.2006 183.18
- as at 31.12.2005 168.15
The accompanying notes are an integral part of these financial statements.
160
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 21,702.075 CAAM Fds SICAV Arbitrage VAR 2
2,316,610- 2,316,045- 1.47
(EUR) 28
44
EUR 452,103.848 F Templeton Inv Fds SICAV
Mutual9,361,588- 9,096,329- 5.77
Eur Fd A Cap Gl Certif Fidelity 42
42
Fds SICAV European Aggressive A
EUR 198,818.74
4,850,199- 4,614,582- 2.93
95
96
EUR 201,749.712 HSBC Global Inv Fds Eur Equity
3,346,317- 3,142,857- 1.99
High Div AC Cap J O Hambro Cap 72
01
Mgt Umbrella Fd Plc European
Select
EUR 2,884,000
7,569,398- 6,924,484- 4.40
26
00
Val Ret Val Ret Val Ret
EUR 186,155.248 MFS Meridian Fds SICAV European
3,661,367- 4,253,647- 2.70
Equity Fd A1 Magellan SICAV 82
42
Cap/Dist
EUR 3,435
5,440,221- 5,546,769- 3.52
46
30
EUR 26,376.679 Oyster SICAV European
8,054,352- 9,207,307- 5.85
Opportunities EUR/CHF 71
34
EUR 108,078.95 Schroder Intl Select Fd SICAV
12,102,53- 12,024,86- 7.63
European Special Sit A .06
.98
Cap Cap Cap
EUR 29,775.5168 State Street Act Japon SICAV
5,218,286- 4,533,322- 2.88
Cap 41
43
61,920,88- 61,660,20- 39.14
.09
.30
JPY 285,105.523 AXA Rosenb Eq Alpha Trust Japan
3,827,120- 3,008,051- 1.91
Small Cap Alpha Fd B 71
08
USD 160,544.347 Aberdeen Gl SICAV Asia Pacific
5,004,692- 6,551,471- 4.16
Fd Ser A2 Cap F Templeton Inv 45
40
Fds SICAV Asian Growth I Cap
USD 150,565.431
2,975,682- 3,285,603- 2.09
84
81
USD 996,707.524 JPMorgan Fds SICAV US Value USD
8,966,200- 8,845,012- 5.62
A Cap Morgan Stanley SICAV 30
54
Asian Property Fd (USD) A
USD 336,275.806
4,780,166- 4,438,552- 2.82
33
51
USD 46,487.174 UBAM Calamos US Equity Growth A
9,533,323- 9,683,734- 6.15
Cap 99
66
USD 188,216.517 Worldwide Investors Ptf SICAV
7,719,406- 7,587,280- 4.82
Opportunistic Eq Fd A 25.66 79
36
38,979,47- 40,391,65-
.70
.28
Total undertakings for collective investment
104,727,47- 105,059,91- 66.71
.50
.66
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 41,215.90321 Alken Fd SICAV European
6,320,254- 5,814,327- 3.69
Opportunities R Cap 45
47
EUR 260,974.854 MFS Meridian Fds European
5,076,057- 4,838,473- 3.07
Growth Fd A1 97
79
11,396,31- 10,652,80- 6.76
.42
.26
JPY 570,470.657 UBAM IFDC Japan Equity I
5,384,507- 4,646,999- 2.95
Cap 49
08
USD 529,161.47 Alger SICAV American Asset
10,891,98- 11,511,25- 7.31
Growth Fd I .12
.59
USD 17,815.473 Parvest SICAV US Small Cap
5,758,171- 6,003,507- 3.81
Classic Cap Reg Parvest 23
29
SICAV US Value Classic Cap
USD 86,020.047
7,689,973- 6,181,767- 3.92
16
75
24,340,12- 23,696,52- 15.04
.51
.63
Total undertakings for collective investment
41,120,94- 38,996,32- 24.75
.42
.97
TOTAL INVESTMENTS IN SECURITIES
145,848,41- 144,056,24- 91.46
.92
.63
CASH AT BANKS
13,969,23- 8.87
.32
OTHER NET ASSETS/(LIABILITIES)
-514,287.- -0.33
2
TOTAL
157,511,19- 100.00
.63
The accompanying notes are an integral part of these financial statements.
161
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 91.46 %
TOTAL 91.46 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 78.75 %
France 6.40 %
Ireland 6.31 %
TOTAL 91.46 %
The accompanying notes are an integral part of these financial statements.
162
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 146,790,344.23
Cash at banks 12,871,664.85
Interest receivable on bank accounts 25,008.08
Unrealised gain on foreign exchange contracts 52,903.17
Prepaid expenses 200.00
Total assets 159,740,120.33
LIABILITIES
Payable on redemptions of shares 7,774.75
Expenses payable 585,354.01
Total liabilities 593,128.76
NET ASSETS at the end of the year 159,146,991.57
Class B shares outstanding 1,010,303.919
Net asset value per class B share 157.52
The accompanying notes are an integral part of these financial statements.
163
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 111,042.11
Interest on bank accounts 217,259.68
Received commissions 1,016,025.37
Other income 13,675.24
Total income 1,358,002.40
EXPENSES
Management fees 2,269,889.84
Custodian fees 182,177.62
Banking charges and other fees 4,545.36
Central administration costs 90,057.98
Audit and supervisory fees 3,720.75
Other administration costs 28,333.57
Subscription duty ("taxe d'abonnement") 13,111.55
Interest paid on bank liabilities 399.52
Other expenses 20,127.57
Total expenses 2,612,363.76
NET INVESTMENT INCOME -1,254,361.36
NET REALISED GAIN/(LOSS)
- on portfolio 13,413,691.06
- on foreign exchange contracts 2,152,648.55
- on foreign exchange -461,710.92
REALISED RESULT 13,850,267.33
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -17,086,354.02
- on foreign exchange contracts 476,191.58
RESULT OF OPERATIONS -2,759,895.11
Dividends paid -
Reinvestments -
Subscriptions 23,426,819.90
Redemptions -48,649,367.94
TOTAL CHANGES IN NET ASSETS -27,982,443.15
TOTAL NET ASSETS at the beginning of the year 187,129,434.72
TOTAL NET ASSETS at the end of the year 159,146,991.57
The accompanying notes are an integral part of these financial statements.
164
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 159,146,991.57
- as at 31.12.2006 187,129,434.72
- as at 31.12.2005 132,241,584.63
Number of class B shares
- outstanding at the beginning of the year 1,166,503.679
- issued
142,954.105
- redeemed -299,153.865
- outstanding at the end of the year 1,010,303.919
Net asset value per class B share
- highest 169.39
05.06.2007
- lowest 153.21
23.11.2007
- as at 31.12.2007 157.52
- as at 31.12.2006 160.42
- as at 31.12.2005 150.90
The accompanying notes are an integral part of these financial statements.
165
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 27,328.655 CS Bond Fd (Lux) FCP EURO Units
10,007,40- 9,999,008- 6.28
B F Templeton Inv Fds SICAV .13
29
Mutual Eur Fd A Cap Gl Certif
EUR 419,160.842
8,710,699- 8,433,516- 5.30
94
14
EUR 213,131.556 HSBC Global Inv Fds Eur Equity
3,535,099- 3,320,163- 2.09
High Div AC Cap J O Hambro Cap 99
38
Mgt Umbrella Fd Plc European
Select
EUR 2,217,000
5,853,323- 5,323,017- 3.34
45
00
Val Ret Val Ret Val Ret
EUR 146,175.526 MFS Meridian Fds SICAV European
2,611,198- 3,340,110- 2.10
Equity Fd A1 Magellan SICAV 77
77
Cap/Dist
EUR 3,060
4,905,483- 4,941,226- 3.10
94
80
EUR 626,494.849 Morgan Stanley SICAV EURO Bond
6,575,513- 6,640,845- 4.17
Fd A 25
40
EUR 22,584.694 Oyster SICAV European
6,937,579- 7,883,639- 4.95
Opportunities EUR/CHF 11
13
EUR 1,476,518.7 Schroder Intl Select Fd SICAV
8,794,022- 8,932,938- 5.61
EUR Short Term Bond A 61
14
Cap Cap Cap
EUR 79,795 Schroder Intl Select Fd SICAV
8,979,640- 8,877,991- 5.58
European Special Sit A 98
70
Cap Cap Cap
EUR 23,614.3353 State Street Act Japon SICAV
4,138,066- 3,595,282- 2.26
Cap 53
55
71,048,03- 71,287,73- 44.78
.70
.30
JPY 221,298.965 AXA Rosenb Eq Alpha Trust Japan
2,965,863- 2,334,849- 1.47
Small Cap Alpha Fd B 62
86
USD 140,360.83 Aberdeen Gl SICAV Asia Pacific
4,142,867- 5,727,825- 3.60
Fd Ser A2 Cap F Templeton Inv 24
24
Fds SICAV Asian Growth I Cap
USD 150,214.107
3,021,443- 3,277,937- 2.06
40
30
USD 633,338.801 JPMorgan Fds SICAV US Value USD
5,716,494- 5,620,394- 3.53
A Cap Morgan Stanley SICAV 36
65
Asian Property Fd (USD) A
USD 277,104.465
3,943,142- 3,657,541- 2.30
48
51
USD 36,777.856 UBAM Calamos US Equity Growth A
7,506,814- 7,661,188- 4.81
Cap 20
42
USD 145,672.334 Worldwide Investors Ptf SICAV
5,955,368- 5,872,262- 3.69
Opportunistic Eq Fd A 19.99 35
73
30,286,13- 31,817,14-
.03
.85
Total undertakings for collective investment
104,300,02- 105,439,73- 66.24
.35
.01
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 38,653.15098 Alken Fd SICAV European
5,934,886- 5,452,800- 3.43
Opportunities R Cap 69
01
EUR 17,116.381 Fortis L Fd SICAV Bond Long
7,906,689- 7,759,540- 4.88
EUR C Cap KBC Bonds 62
16
Inflation Linked Bonds Cap
EUR 5,072.6618
3,611,539- 3,743,320- 2.35
96
05
EUR 178,267.725 MFS Meridian Fds European
3,467,404- 3,305,083- 2.08
Growth Fd A1 37
62
20,920,52- 20,260,74- 12.74
.64
.84
JPY 430,847.908 UBAM IFDC Japan Equity I
4,102,258- 3,509,645- 2.21
Cap 90
60
USD 424,225.447 Alger SICAV American Asset
8,757,389- 9,228,500- 5.80
Growth Fd I 90
94
USD 10,561.828 Parvest SICAV US Small Cap
3,349,412- 3,559,153- 2.24
Classic Cap Reg Parvest 28
97
SICAV US Value Classic Cap
USD 66,689.065
5,966,494- 4,792,560- 3.01
11
87
18,073,29- 17,580,21- 11.05
.29
.78
Total undertakings for collective investment
43,096,07- 41,350,60- 26.00
.83
.22
TOTAL INVESTMENTS IN SECURITIES
147,396,10- 146,790,34- 92.24
.18
.23
CASH AT BANKS
12,871,66- 8.09
.85
OTHER NET ASSETS/(LIABILITIES)
-515,017.- -0.33
1
TOTAL
159,146,99- 100.00
.57
The accompanying notes are an integral part of these financial statements.
166
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 92.24 %
TOTAL 92.24 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 82.07 %
France 5.36 %
Ireland 4.81 %
TOTAL 92.24 %
The accompanying notes are an integral part of these financial statements.
167
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 206,096,129.34
Cash at banks 13,944,464.83
Receivable on issues of shares 4,809.30
Interest receivable on bank accounts 24,988.20
Unrealised gain on foreign exchange contracts 19,361.04
Prepaid expenses 200.00
Total assets 220,089,952.71
LIABILITIES
Payable on redemptions of shares 13,655.50
Expenses payable 792,551.48
Total liabilities 806,206.98
NET ASSETS at the end of the year 219,283,745.73
Class B shares outstanding 1,541,859.020
Net asset value per class B share 142.22
The accompanying notes are an integral part of these financial statements.
168
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Dividends, net 1,390,937.35
Interest on bank accounts 262,516.54
Received commissions 1,126,838.00
Other income 27,159.79
Total income 2,807,451.68
EXPENSES
Management fees 3,029,955.84
Custodian fees 243,199.71
Banking charges and other fees 4,226.79
Central administration costs 90,722.25
Audit and supervisory fees 4,963.76
Other administration costs 32,556.69
Subscription duty ("taxe d'abonnement") 28,882.27
Interest paid on bank liabilities 508.43
Other expenses 21,412.60
Total expenses 3,456,428.34
NET INVESTMENT INCOME -648,976.66
NET REALISED GAIN/(LOSS)
- on portfolio 12,254,528.43
- on foreign exchange contracts 1,987,290.80
- on foreign exchange -320,796.11
REALISED RESULT 13,272,046.46
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -16,564,833.06
- on foreign exchange contracts 506,028.56
RESULT OF OPERATIONS -2,786,758.04
Dividends paid -
Reinvestments -
Subscriptions 53,996,367.99
Redemptions -79,377,670.02
TOTAL CHANGES IN NET ASSETS -28,168,060.07
TOTAL NET ASSETS at the beginning of the year 247,451,805.80
TOTAL NET ASSETS at the end of the year 219,283,745.73
The accompanying notes are an integral part of these financial statements.
169
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 219,283,745.73
- as at 31.12.2006 247,451,805.80
- as at 31.12.2005 165,120,088.53
Number of class B shares
- outstanding at the beginning of the year 1,716,816.784
- issued
371,053.413
- redeemed -546,011.177
- outstanding at the end of the year 1,541,859.020
Net asset value per class B share
- highest 149.32
05.06.2007
- lowest 140.06
23.11.2007
- as at 31.12.2007 142.22
- as at 31.12.2006 144.13
- as at 31.12.2005 137.93
The accompanying notes are an integral part of these financial statements.
170
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 92,700 BWI Dividenden Strategie EURO
4,693,499- 4,484,826- 2.04
72
00
EUR 20,852.958 CAAM Fds SICAV Arbitrage VAR 2
2,225,033- 2,225,427- 1.01
(EUR) 96
68
EUR 80,414.726 CS Bond Fd (Lux) FCP EURO Units
29,578,77- 29,422,13- 13.42
B F Templeton Inv Fds SICAV .78
.95
Mutual Eur Fd A Cap Gl Certif
EUR 553,558.908
11,480,84- 11,137,60- 5.08
.93
.23
EUR 2,484,000 J O Hambro Cap Mgt Umbrella Fd
6,515,426- 5,964,084- 2.72
Plc European Select 76
00
Val Ret Val Ret Val Ret
EUR 191,367.339 MFS Meridian Fds SICAV European
3,380,862- 4,372,743- 1.99
Equity Fd A1 Oyster SICAV 42
70
European Opportunities EUR/CHF
EUR 25,383.485
8,110,925- 8,860,613- 4.04
48
11
EUR 2,042,737.32 Schroder Intl Select Fd SICAV
12,241,22- 12,358,56- 5.64
EUR Short Term Bond A .59
.79
Cap Cap Cap
EUR 79,351.87 Schroder Intl Select Fd SICAV
8,925,496- 8,828,689- 4.03
European Special Sit A 03
06
Cap Cap Cap
EUR 28,080.0287 State Street Act Japon SICAV Cap
4,859,542- 4,275,184- 1.95
28
37
92,011,63- 91,929,87- 41.92
.95
.89
JPY 201,495.544 AXA Rosenb Eq Alpha Trust Japan
2,690,339- 2,125,910- 0.97
Small Cap Alpha Fd B 15
72
USD 190,255.953 Aberdeen Gl SICAV Asia Pacific
6,412,291- 7,763,938- 3.54
Fd Ser A2 Cap F Templeton Inv 60
49
Fds SICAV Asian Growth I Cap
USD 156,252.796
3,218,834- 3,409,712- 1.55
06
16
USD 614,121.186 JPMorgan Fds SICAV US Value USD
5,552,646- 5,449,853- 2.49
A Cap Morgan Stanley SICAV Asian 25
10
Property Fd (USD) A
USD 294,445.232
4,143,498- 3,886,424- 1.77
02
77
USD 33,760.299 UBAM Calamos US Equity Growth A
6,806,999- 7,032,601- 3.21
Cap 95
67
USD 133,935.995 Worldwide Investors Ptf SICAV
5,469,365- 5,399,153- 2.46
Opportunistic Eq Fd A 15.02 59
91
31,603,63- 32,941,68-
.47
.10
Total undertakings for collective investment
126,305,60- 126,997,46- 57.91
.57
.71
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 34,469.83375 Alken Fd SICAV European
5,292,789- 4,862,659- 2.22
Opportunities R Cap 75
45
EUR 306,549.866 Cred Suisse Bd Fd Premium
30,477,04- 28,552,05- 13.02
EURO .56
.52
EUR 33,498.974 Fortis L Fd SICAV Bond Long
15,357,45- 15,186,42- 6.93
EUR C Cap KBC Bonds .89
.87
Inflation Linked Bonds Cap
EUR 12,828.3124
9,148,093- 9,466,524- 4.32
82
85
60,275,38- 58,067,66- 26.49
.02
.69
JPY 524,321.006 UBAM IFDC Japan Equity I
4,876,985- 4,271,068- 1.95
Cap 65
46
USD 374,059.528 Alger SICAV American Asset
7,702,207- 8,137,203- 3.71
Growth Fd I 17
29
USD 12,290.213 Parvest SICAV US Small Cap
3,948,750- 4,141,589- 1.89
Classic Cap Reg Parvest 62
92
SICAV US Value Classic Cap
USD 62,355.54
5,512,723- 4,481,135- 2.04
56
27
17,163,68- 16,759,92- 7.64
.35
.48
Total undertakings for collective investment
82,316,04- 79,098,66- 36.08
.02
.63
TOTAL INVESTMENTS IN SECURITIES
208,621,65- 206,096,12- 93.99
.59
.34
CASH AT BANKS
13,944,46- 6.36
.83
OTHER NET ASSETS/(LIABILITIES)
-756,848.- -0.35
4
TOTAL
219,283,74- 100.00
.73
The accompanying notes are an integral part of these financial statements.
171
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 93.99 %
TOTAL 93.99 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 73.29 %
Switzerland 13.02 %
Ireland 3.69 %
Germany 2.04 %
France 1.95 %
TOTAL 93.99 %
The accompanying notes are an integral part of these financial statements.
172
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF NET ASSETS
as at 31st December 2007
(in EUR)
ASSETS
Securities portfolio at market value 15,472,467.27
Cash at banks 39,095.87
Interest receivable on bank accounts 393.72
Unrealised gain on foreign exchange contracts 1,992.59
Prepaid expenses 200.00
Total assets 15,514,149.45
LIABILITIES
Expenses payable 46,733.34
Total liabilities 46,733.34
NET ASSETS at the end of the year 15,467,416.11
Class B shares outstanding 148,723.014
Net asset value per class B share 104.00
The accompanying notes are an integral part of these financial statements.
173
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)
INCOME
Interest on bank accounts 18,587.46
Received commissions 84,900.45
Total income 103,487.91
EXPENSES
Management fees 176,113.57
Custodian fees 17,669.53
Banking charges and other fees 2,455.92
Central administration costs 33,200.09
Audit and supervisory fees 392.86
Other administration costs 15,484.73
Subscription duty ("taxe d'abonnement") 987.95
Interest paid on bank liabilities 6.28
Other expenses 2,737.83
Total expenses 249,048.76
NET INVESTMENT INCOME -145,560.85
NET REALISED GAIN/(LOSS)
- on portfolio 528,423.04
- on foreign exchange contracts 102,714.07
- on foreign exchange -23,892.33
REALISED RESULT 461,683.93
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on portfolio -632,179.18
- on foreign exchange contracts 22,720.01
RESULT OF OPERATIONS -147,775.24
Dividends paid -
Reinvestments -
Subscriptions 7,178,524.06
Redemptions -7,903,005.47
TOTAL CHANGES IN NET ASSETS -872,256.65
TOTAL NET ASSETS at the beginning of the year 16,339,672.76
TOTAL NET ASSETS at the end of the year 15,467,416.11
The accompanying notes are an integral part of these financial statements.
174
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATISTICAL INFORMATION
as at 31st December 2007
(in EUR)
Total net assets
- as at 31.12.2007 15,467,416.11
- as at 31.12.2006 16,339,672.76
- as at 31.12.2005 19,225,000.25
Number of class B shares
- outstanding at the beginning of the year 155,629.406
- issued
68,132.388
- redeemed -75,038.780
- outstanding at the end of the year 148,723.014
Net asset value per class B share
- highest 106.79
31.10.2007
- lowest 103.51
20.08.2007
- as at 31.12.2007 104.00
- as at 31.12.2006 104.99
- as at 31.12.2005 102.85
The accompanying notes are an integral part of these financial statements.
175
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 31st December 2007
(in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Undertakings for collective investment
EUR 6,750 BWI Dividenden Strategie EURO
341,852.- 326,565.00 2.11
0
EUR 3,168.211 CAAM Fds SICAV Arbitrage VAR 2
338,189.- 338,111.48 2.19
(EUR) 5
EUR 6,599.705 CS Bond Fd (Lux) FCP EURO Units
2,435,27- 2,414,700- 15.61
B Dexia Bonds EUR Long Term I .27
07
Cap
EUR 168.608
782,356.- 802,963.56 5.19
2
EUR 33,254.156 F Templeton Inv Fds SICAV Mutual
700,099.- 669,073.62 4.33
Eur Fd A Cap Gl Certif J O 8
Hambro Cap Mgt Umbrella Fd Plc
European Select
EUR 122,000
317,068.- 292,922.00 1.89
8
Val Ret Val Ret Val Ret
EUR 126,100.888 Morgan Stanley SICAV EURO Bond
1,331,17- 1,336,669- 8.64
Fd A .61
41
EUR 24,997.067 Morgan Stanley SICAV Global
746,499.- 821,403.62 5.31
Convertible Bd Fd (EURO) 2
A A A
EUR 1,430.574 Oyster SICAV European
478,983.- 499,370.47 3.23
Opportunities EUR/CHF 5
EUR 37,988.16 SGAM Fd SICAV Bonds Europe High
807,606.- 804,988.10 5.21
Yield AC Cap Reg Schroder Intl 5
Select Fd SICAV EUR Short Term
Bond A
EUR 300,554.16
1,808,22- 1,818,352- 11.76
.60
67
Cap Cap Cap
EUR 4,384.03 Schroder Intl Select Fd SICAV
498,452.- 487,767.18 3.15
European Special Sit A 5
Cap Cap Cap
EUR 1,181.4685 State Street Act Japon SICAV Cap
208,586.- 179,878.58 1.16
4
10,794,3- 10,792,76- 69.78
7.62
.76
JPY 12,487.218 AXA Rosenb Eq Alpha Trust Japan
170,150.- 131,748.37 0.85
Small Cap Alpha Fd B 2
USD 10,894.821 Aberdeen Gl SICAV Asia Pacific
389,897.- 444,594.34 2.87
Fd Ser A2 Cap Julius Baer 2
Multibond SICAV Local Emerging
Bond B Cap
USD 1,101.03
170,392.- 173,740.44 1.12
4
USD 8,091.438 Worldwide Investors Ptf SICAV
341,566.- 326,177.58 2.11
Opportunistic Eq Fd A 6.10 0
901,855.- 944,512.36
6
Total undertakings for collective investment
11,866,3- 11,869,02- 76.73
4.00
.49
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 88,863.446 Aberdeen GlobalSpectr Fds Plc
888,280.- 873,767.61 5.65
EUR Corp Bond Fd F Fortis L Fd 2
SICAV Bond Long EUR C Cap
EUR 1,780.87
839,297.- 807,339.61 5.22
4
EUR 1,091.2161 KBC Bonds Inflation Linked
775,332.- 805,252.01 5.21
Bonds Cap 0
2,502,91- 2,486,359- 16.08
.06
23
JPY 21,767.688 UBAM IFDC Japan Equity I Cap
215,631.- 177,317.49 1.15
3
USD 28,526.148 Alger SICAV American Asset
612,261.- 620,551.13 4.01
Growth Fd I 7
USD 456.029 Parvest SICAV US Small Cap
150,801.- 153,673.91 0.99
Classic Cap Reg Worldwide 9
Investors Ptf SICAV Em Mks
Fixed Income Fd
USD 11,223.301
179,415.- 165,539.02 1.07
3
IX IX IX
942,478.- 939,764.06 6.07
9
Total undertakings for collective investment
3,661,01- 3,603,440- 23.30
.38
78
TOTAL INVESTMENTS IN SECURITIES
15,527,39- 15,472,467- 100.03
.38
27
CASH AT BANKS
39,095.87 0.25
OTHER NET ASSETS/(LIABILITIES)
-44,147.03 -0.28
TOTAL
15,467,416- 100.00
11
The accompanying notes are an integral part of these financial statements.
176
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 31st December 2007
(in percentage of net assets)
Undertakings for collective investment 100.03 %
TOTAL 100.03 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 31st December 2007
(in percentage of net assets)
Luxembourg (Grand Duchy of) 88.37 %
Ireland 8.39 %
Germany 2.11 %
France 1.16 %
TOTAL 100.03 %
The accompanying notes are an integral part of these financial statements.
177
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS
as at 31st December 2007
NOTE 1 - PRINCIPAL ACCOUNTING METHODS
The financial reports of the SICAV have been drawn up in accordance with the
legal and regulatory provisions on undertakings for collective investment in
force in Luxembourg.
a) Valuation of securities in portfolio
Securities and money market instruments listed or traded on an official stock
exchange are valued at the latest available closing price.
For a significant part of portfolios, the prices used for the calculation of the
closing Nets Assets Values were the closing prices as at 28th December 2007.
Nets Assets Values, in particular for portfolios invested in US Shares, are
appreciably different from what they would have been with the use of the prices
as at 31st December 2007.
Securities and money market instruments traded on another regulated official
stock exchange, which functions regularly and is open to the public, are valued
at the latest available closing price.
Money-market instruments and fixed-income securities may be valued on the basis
of the amortized cost, a method that takes into account constant amortization
following purchase in order to reach the redemption price at maturity of the
security. In an illiquid market these assets are valued with their fair value
estimated on the basis of mathematical models or others alternatives methods of
evaluation.
Holdings of undertakings for collective investment are valued at the latest
official Net Asset Value per share or at the latest estimated Net Asset Value if
this is more recent than the official Net Asset Value. In this case, the SICAV
must provide assurance that the valuation method used for this estimation is
consistent with the valuation method used to calculate the official Net Asset
Value.
In the case of securities held in portfolio on the Valuation Day that are not
listed or traded on an official stock exchange or other official regulated
market, which functions regularly and is open to the public; or in the case of
securities listed and traded on a stock exchange or other similar market whose
valuation is determined using the methods described in the first and second
paragraphs above but which is not representative of the true market value of
these securities, the valuation is based on the probable value of the
foreseeable sales price, which is estimated using prudence and good faith.
The value of cash in hand or on deposit, notes payable on demand, accounts
receivable, dividends and interest declared and payable but not yet received, is
determined using the nominal value of these assets, unless it is deemed
impossible that such value can be realised. In this case the value will be
determined by deducting a sum that the Board of Directors considers to reflect
the real value of such assets.
Other net assets in currencies other than those of the relevant sub-fund shall
be converted into the currency of the sub-fund at the average exchange rate on
the closing date.
b) Net realised profit or loss on the securities portfolio
The net realised profit or loss on sales is calculated on the basis of the
average cost of securities sold.
c) Conversion of foreign currencies
The consolidated financial statements of the SICAV are drawn up in euro and are
the sum of the corresponding entries in the financial statements of each
sub-fund,
converted into euros at the exchange rate prevailing on the closing date:
1 EUR 166.3412725 JPY Japanese Yen
1.4705500 USD US Dollar
178
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
Within the various sub-funds, assets in bank as well as other net assets and the
market value of securities in portfolio denominated in currencies other than
that of the sub-fund are converted into the currency of the sub-fund at the
average exchange rate on the closing date. Income and expenses in currencies
other than those of the sub-fund are converted to the currency of the sub-fund
at the exchange rate prevailing on the date the transaction takes place.
d) Purchase price of securities in portfolio
The purchase price of securities denominated in currencies other than those of
the sub-fund is calculated on the basis of the exchange rates prevailing on the
purchase date.
e) Allocation of costs
Non-individualised costs are allocated to the different sub-funds on a pro-rata
basis based on the net assets of each sub-fund.
f) Costs of formation
If the launch of a sub-fund occurs after the launch date of the SICAV, the costs
of formation in relation to the launch of the new sub-fund shall be charged to
such sub-fund alone and may be amortized over a maximum of five years with
effect from the sub-fund's launch date.
NOTE 2 - COMMISSION ON SHARES ISSUED, CONVERTED AND REDEEMED
Shares are issued at the Net Asset Value on the day following receipt of the
subscription order, plus a maximum commission of 5%, which shall be paid to the
Distribution Agents. In the case of BL-Short Term Euro and BL-Short Term Dollar,
a 2% subscription fee shall be levied.
Switches between sub-funds may be carried out on each "Valuation Day" by
converting shares from one sub-fund into shares of another sub-fund except in
case of suspension of one or both sub-funds concerned. No specific conversion
fee shall be charged for share conversions, with the exception of BL-Short Term
Euro and BL-Short Term Dollar. The conversion fee in this case shall be 3%
(maximum) for conversions to sub-funds that are not "short term".
No exit fee shall be levied for redeeming shares.
NOTE 3 - MANAGEMENT FEES
The management fee is payable quarterly and is calculated on the basis of the
average net assets of each sub-fund for the relevant quarter.
The BANQUE DE LUXEMBOURG FUND RESEARCH & ASSET MANAGEMENT S.A. charges the
following annual commission for the various sub-funds:
- BL-Global Bond 0.50%
- BL-Global 30 1.00%
- BL-Global 50 1.00%
- BL-Global 75 1.00%
- BL-Global Equities 1.00%
- BL-Equities Horizon 1.00%
- BL-Equities America 1.00%
- BL-Equities Europe 1.00%
- BL-Equities Dividend (launched at 30th October 2007) 0.75%
- BL-Equities FoF Asia 1.50%
179
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
- BL-Equities FoF Japan 1.25%
- BL-Bond Euro 0.50%
- BL-Bond Dollar 0.50%
- BL-Short Term Euro 0.20%
- BL-Short Term Dollar 0.20%
- BL-Global Flexible 1.00%
- BL-Optinvest (Euro) (launched at 1st August 2007) 0.50%
- BL-Emerging Markets (launched at 30th October 2007) 1.00%
- BL-Kingfisher FoF Equities 1.25%
- BL-Kingfisher FoF 75 1.25%
- BL-Kingfisher FoF 50 1.25%
- BL-Kingfisher FoF 30 1.00%
NOTE 4 - SUBSCRIPTION DUTY ("TAXE D'ABONNEMENT")
The SICAV is governed by Luxembourg tax law.
In accordance with current legislation and regulations, the SICAV is subject to
an annual subscription duty of 0.05% which is payable quarterly and calculated
on the basis of the net assets at the end of each quarter.
According to Article 129 (3) of the amended Law of 20th December 2002 the net
assets invested in undertakings for collective investments already subject to
the subscription duty are exempt from this duty.
A lower rate of 0.01% is applied to BL-Short Term Euro and BL-Short Term Dollar
sub-funds on an annual basis in accordance with the amended Law of 20th December
2002.
NOTE 5 - FORWARD EXCHANGE CONTRACTS
At the date of the report, the following sub-funds of the SICAV were committed
in the following forward exchange contracts:
BL-Global Bond
Currency Purchases Currency Sales Maturity Unrealised result
(in EUR)
EUR 1,261,806.91 USD 1,750,000.00 16.01.2008 72,066.86
EUR 1,975,238.97 USD 2,800,000.00 16.01.2008 71,644.82
EUR 2,064,252.50 USD 2,930,000.00 16.01.2008 72,276.59
EUR 241,825.61 USD 355,000.00 16.01.2008 475.08
USD 215,000.00 EUR 147,796.80 16.01.2008 -1,627.07
USD 218,000.00 EUR 160,945.00 17.01.2008 -12,741.11
202,095.17
BL-Global 30
Currency Purchases Currency Sales Maturity Unrealised result
(in EUR)
EUR 6,567,164.18 USD 9,108,000.00 16.01.2008 375,077.12
USD 340,000.00 EUR 230,649.21 16.01.2008 503.63
EUR 1,493,289.73 USD 2,192,000.00 06.03.2008 3,792.65
EUR 289,410.96 USD 425,000.00 06.03.2008 616.96
379,990.36
180
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
BL-Global 50
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 33,001,658.37 USD 45,770,000.00 16.01.2008
1,884,857.23
USD 9,100,000.00 EUR 6,173,258.26 16.01.2008
13,479.47
EUR 2,201,192.46 USD 3,175,000.00 06.03.2008
43,760.26
EUR 3,302,689.82 USD 4,850,000.00 06.03.2008
7,040.64
EUR 13,415,082.77 USD 19,692,000.00 06.03.2008
34,071.63
1,983,209.23
BL-Global 75
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 72,283,509.99 USD 100,250,000.0016.01.2008
4,128,401.51
USD 2,700,000.00 EUR 1,831,626.08 16.01.2008
3,999.40
EUR 8,430,410.79 USD 12,375,000.00 06.03.2008
21,411.55
EUR 3,517,194.42 USD 5,165,000.00 06.03.2008
7,497.92
4,161,310.38
BL-Global Equities
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 18,162,809.14 USD 25,190,000.00 16.01.2008
1,037,350.96
EUR 13,352,408.20 USD 19,600,000.00 06.03.2008
33,912.44
EUR 1,790,943.14 USD 2,630,000.00 06.03.2008
3,817.91
1,075,081.31
BL-Equities Horizon
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 32,546,686.86 USD 45,139,000.00 16.01.2008
1,858,871.98
EUR 343,835.52 USD 490,000.00 16.01.2008
10,706.13
EUR 529,874.11 USD 777,855.20 16.01.2008
1,040.98
EUR 1,076,294.28 USD 1,580,000.00 16.01.2008
2,114.47
EUR 381,489.05 USD 557,660.69 16.01.2008
2,357.87
EUR 918,062.73 USD 1,308,331.20 16.01.2008
28,586.03
EUR 1,342,105.26 USD 1,836,000.00 16.01.2008
93,902.20
USD 3,800,000.00 EUR 2,583,715.79 16.01.2008
-244.24
USD 2,000,000.00 EUR 1,362,769.15 16.01.2008
-3,047.96
USD 1,459,934.49 EUR 1,064,635.38 16.01.2008
-72,099.55
USD 1,601,609.52 EUR 1,160,754.83 16.01.2008
-71,899.64
USD 1,350,000.00 EUR 974,096.26 16.01.2008
-56,296.95
1,793,991.32
BL-Short Term Euro
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 9,565,470.09 USD 14,176,026.67 14.02.2008
-68,486.00
EUR 10,450,048.77 USD 15,000,000.00 25.03.2008
257,826.31
189,340.31
BL-Short Term Dollar
Currency Purchases Currency Sales Maturity Unrealised
result
(in USD)
USD 3,970,416.00 EUR 2,715,000.00 20.02.2008
-24,769.91
USD 2,171,250.00 EUR 1,500,000.00 07.05.2008
-35,952.92
-60,722.83
181
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
BL-Global
Flexible
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 1,898,253.61 USD 2,500,000.00 12.02.2008
199,376.24
EUR 750,469.04 USD 1,000,000.00 21.02.2008
70,952.52
EUR 749,625.19 USD 1,100,000.00 11.03.2008
2,165.07
EUR 10,178,462.37 USD 15,000,000.00 12.03.2008
-14,191.16
EUR 2,958,361.07 USD 4,000,000.00 10.04.2008
240,514.40
EUR 5,825,384.11 USD 8,000,000.00 19.05.2008
388,552.54
EUR 17,706,636.45 USD 25,000,000.00 25.09.2008
688,026.14
1,575,395.75
BL-Kingfisher FoF Equities
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 885,257.07 USD 1,300,000.00 06.03.2008
1,887.19
EUR 31,398,596.63 USD 46,090,000.00 06.03.2008
79,746.16
USD 2,600,000.00 EUR 1,778,629.09 06.03.2008
-11,895.31
USD 1,863,000.00 EUR 1,296,360.73 06.03.2008
-30,444.18
39,293.86
BL-Kingfisher FoF 75
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 544,773.58 USD 800,000.00 06.03.2008
1,161.35
EUR 24,516,656.45 USD 35,988,000.00 06.03.2008
62,267.42
USD 1,970,000.00 EUR 1,347,653.58 06.03.2008
-9,012.99
USD 2,000,000.00 EUR 1,360,544.22 06.03.2008
-1,512.61
52,903.17
BL-Kingfisher FoF 50
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 476,676.88 USD 700,000.00 06.03.2008
1,016.17
EUR 22,256,284.49 USD 32,670,000.00 06.03.2008
56,526.52
EUR 592,966.19 USD 870,000.00 06.03.2008
1,788.27
USD 2,700,000.00 EUR 1,847,037.90 06.03.2008
-12,352.82
USD 1,690,000.00 EUR 1,175,979.40 06.03.2008
-27,617.10
19,361.04
BL-Kingfisher FoF 30
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 1,463,314.94 USD 2,148,000.00 06.03.2008
3,716.53
USD 160,000.00 EUR 109,454.10 06.03.2008
-732.02
USD 170,000.00 EUR 118,293.79 06.03.2008
-2,778.05
USD 574,000.00 EUR 388,257.58 06.03.2008
1,786.13
1,992.59
NOTE 6 - OPTIONS
At the date of the report, the SICAV was not committed in option contracts.
182
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
NOTE 7 - FUTURE CONTRACTS
As at the date of the report, the following sub-funds of the SICAV were
committed in the following future contracts:
BL-Global
Flexible
Number Denomination Currency Market value
Unrealised
of
contrac- (in EUR)
result
s
(in EUR)
Sale 400 DJ EURO STOXX 50 EUR -17,740,000.00
-316,000.00
(Price)
Index FUT 03/08 EUX
Sale 100 FTSE 100 INDEX FUT GBP -8,819,176.18
-159,648.03
03/08 LIFFE
Sale 100 Future S&P500 FUT 03/08 USD -25,254,156.61
-161,011.19
CME
-636,659.22
BL-Optinvest (Euro)
Number Denomination Currency Market value
Unrealised
of
contrac- (in EUR)
result
s
(in EUR)
Sale 385 DAX GERMANY EURO FUT EUR -78,390,812.50
-213,012.51
03/08 DTB
Purchase 290 EURO BOBL GOVT BD 5Y EUR 31,302,600.00
-298,920.00
FUT 03/08 EUX
Purchase 164 EURO BUND GVT BOND EUR 18,550,040.00
-259,970.00
10 Y FUT 03/08 EUX
Purchase 125 EURO BUXL 30Y BND FUT EUR 11,307,500.00
-92,380.00
03/08 EUX
Purchase 247 EURO-SCHATZ 2YR 6% EUR 25,528,685.00
-113,855.00
FUT 03/08 EUX
-978,137.51
NOTE 8 - "SWAP" AGREEMENT
At the date of the report the following sub-fund of the SICAV was committed in
the following Swap agreement:
BL-Short Term Euro
Type Maturity Currency Nominal Spread Floating
Fixed rate
rate
IRS 13.09.2011 EUR 5,000,000.00 38.5 EURIBOR 3
Months 4.125000
Atthe- ofthereport, the unrealised resultonswap contracts
forBL-ShortTermEuro sub-fund
-
-
e
amounts to EUR
138,714.50.
The object of this swap contract is the hedging against interest rate risk on
the security Commerzbank AG VAR EMTN Ser 551 06/13.09.16.
NOTE 9 - "REPO" AGREEMENTS
At the date of the report, the following sub-funds of the SICAV had entered into
"repo" agreements.
The total market value of the securities affected by these agreements is as
follows:
Sub-Fund Currency Valuation amount Agreements
- BL-Global Bond EUR 19,707,749.35 20,225,500.00
- BL-Global 50 EUR 619,415.00 605,680.00
- BL-Global 75 EUR 51,799,982.11 53,311,460.00
183
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
Sub-Fund Currency Valuation amount Agreements
- BL-Global Equities EUR 462,250.00 452,000.00
- BL-Equities Europe EUR 3,698,000.00 3,616,000.00
- BL-Bond Euro EUR 60,079,210.95 61,697,400.00
- BL-Short Term Euro EUR 7,729,419.00 8,016,200.00
- BL-Short Term Dollar USD 1,950,400.00 1,945,000.00
- BL-Global Flexible EUR 18,892,906.25 19,499,000.00
As a guarantee for the above-mentioned agreements, the SICAV has obtained cash
deposits from its counterparties for each sub-fund that cover the valuation
amount of the securities at the date of the report.
NOTE 10 - SECURITIES LENDING AGREEMENTS
At the date of the report, the SICAV had not entered into securities lending
agreements.
The commissions on securities lending are recorded under the position "Received
commissions" in the statement of operations and other changes in net assets.
NOTE 11 - BELGIAN SUBSCRIPTION DUTY (“TAXE D'ABONNEMENT BELGE”)
Articles 307 to 311 of the Belgian law of 22nd December 2003 require that
undertakings for collective investment governed by Luxembourg law and authorised
for public distribution in Belgium pay an annual tax of 0.07% on the total net
amount invested in Belgium as at 31st December of the preceding year starting at
the date the undertakings were registered with the “Commission bancaire,
financière et des assurances”. The tax has been raised to 0.08% p.a. on 1st
January 2007. The aforementioned articles 307 to 311 came into force on 1st
January 2004.
The SICAV is required to pay this tax on 31st March of each year.
NOTE 12 - CHANGES TO THE COMPOSITION OF THE SECURITIES PORTFOLIO
A copy of the changes to the composition of the investment portfolio referring
to the exercise are available free of charge from the Custodian Bank and the
Paying and Information Agents in the various countries where the SICAV is
distributed.
NOTE 13 - EVENTS
Three new sub-funds were launched between June 2007 and December 2007,
BL-Optinvest (Euro) for which initial subscriptions were accepted from 18th July
2007 to 27th July 2007 on the basis of EUR 100. The shares were paid up on 1st
August 2007 and the first Net Asset Value was calculated on 2nd August 2007.
For BL-Equities Dividend and BL-Emerging Markets, initial subscriptions were
accepted from 1st October 2007 to 26th October 2007 on the basis of EUR 100. The
shares were paid up on 30th October 2007 and the first Net Asset Value was
calculated on 31st October 2007.
As at 31st December 2007, these three sub-funds were authorised in the countries
of distribution of the SICAV BL (Germany, Austria, Belgium, France, Denmark,
Sweden).
184
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 31st December 2007
The Board of Directors decided that with effect 1st January 2008 BL-Equities
Horizon would become an SRI fund, which invests universally at least two thirds
of its total assets (net assets + commitments) in shares of companies that focus
particular attention on their social and environmental responsibility.
Consequently the fund's investment policy was adapted and may be consulted in
the updated prospectus of the SICAV.
NOTE 14 - VALUATION OF CERTAIN ASSETS
Since the end of November 2007, following the liquidity crisis on the markets
and in the absence of significant transactions on certain issues, some of the
prices given by normal market price providers such as Bloomberg, Reuters or
Telekurs no longer correspond to the intrinsic value of certain stocks held by
the BL-Short Term Euro and BL-Short Term Dollar sub-funds.
As a result, some of the assets of these two sub-funds, mostly financial sector
bonds, have been valued on the basis of mathematical models using a benchmark
index that reflects the average "credit spread" of the major financial issuer
asset class in relation to risk-free interest rates. At 31st December 2007,
assets valued according to these models represented 37.27% of the net assets of
the BL-Short Term Euro sub-fund and 31.83% of the net assets of the BL-Short
Term Dollar sub-fund.
However, for three issuers (Sallie Mae, CIT Group and Washington Mutual), the
mathematical model described above was not applicable due to significant events
specific to these issuers. For these assets, a valuation committee has conducted
a valuation of the assets in question, according to CDS (Credit Default Swap)
spread levels on these issuers and the Committee's assessment of their fair
value. At 31st December 2007, the assets valued by this Committee represented
1.08% of the net assets of the BL-Short Term Euro sub-fund and 7.38% of the net
assets of the BL-Short Term Dollar sub-fund.
185
BL SICAV: Annual Report 31/12/2008
| Source: Banque de Luxembourg