BL
Unaudited semi-annual report as at 30th June 2008
BL
Investment Company with Variable Capital (SICAV)
with multiple Sub-Funds
governed by Luxembourg law
Unaudited semi-annual report
30th June 2008
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 Agent, EUROPEAN FUND ADMINISTRATION, 2, Rue d'Alsace, B.P.
1725,
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
CONSOLIDATED STATEMENT OF NET ASSETS
............................................................................. 12
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS ...... 13
BL-Global Bond
...............................................................................-
................................................... 14
STATEMENT OF NET ASSETS
...............................................................................-
........................ 14
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 15 STATISTICAL INFORMATION
...............................................................................-
.......................... 16 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 17 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 18
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 18
BL-Global 30
...............................................................................-
........................................................ 19
STATEMENT OF NET ASSETS
...............................................................................-
........................ 19
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 20 STATISTICAL INFORMATION
...............................................................................-
.......................... 21 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 22 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 25
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 26
BL-Global 50
...............................................................................-
........................................................ 27
STATEMENT OF NET ASSETS
...............................................................................-
........................ 27
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 28 STATISTICAL INFORMATION
...............................................................................-
.......................... 29 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 30 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 33
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 34
BL-Global 75
...............................................................................-
........................................................ 35
STATEMENT OF NET ASSETS
...............................................................................-
........................ 35
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 36 STATISTICAL INFORMATION
...............................................................................-
.......................... 37 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 38 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 41
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 42
BL-Global Equities
...............................................................................-
.............................................. 43
STATEMENT OF NET ASSETS
...............................................................................-
........................ 43
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 44 STATISTICAL INFORMATION
...............................................................................-
.......................... 45 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 46 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 49
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 50
BL-Equities Horizon
...............................................................................-
............................................ 51
STATEMENT OF NET ASSETS
...............................................................................-
........................ 51
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 52 STATISTICAL INFORMATION
...............................................................................-
.......................... 53 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 54 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 55
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 55
1
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Equities America
...............................................................................-
........................................... 56
STATEMENT OF NET ASSETS
...............................................................................-
........................ 56
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 57 STATISTICAL INFORMATION
...............................................................................-
.......................... 58 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 59 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 60
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 60
BL-Equities Europe
...............................................................................-
............................................. 61
STATEMENT OF NET ASSETS
...............................................................................-
........................ 61
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 62 STATISTICAL INFORMATION
...............................................................................-
.......................... 63 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 64 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 66
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 67
BL-Equities Dividend
...............................................................................-
.......................................... 68
STATEMENT OF NET ASSETS
...............................................................................-
........................ 68
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 69 STATISTICAL INFORMATION
...............................................................................-
.......................... 70 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 71 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 73
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 74
BL-Equities FoF Asia
...............................................................................-
.......................................... 75
STATEMENT OF NET ASSETS
...............................................................................-
........................ 75
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 76 STATISTICAL INFORMATION
...............................................................................-
.......................... 77 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 78 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 79
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 79
BL-Equities FoF Japan
...............................................................................-
........................................ 80
STATEMENT OF NET ASSETS
...............................................................................-
........................ 80
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 81 STATISTICAL INFORMATION
...............................................................................-
.......................... 82 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 83 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 84
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 84
BL-Bond Euro
...............................................................................-
...................................................... 85
STATEMENT OF NET ASSETS
...............................................................................-
........................ 85
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 86 STATISTICAL INFORMATION
...............................................................................-
.......................... 87 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 88 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 89
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 89
BL-Bond Dollar
...............................................................................-
.................................................... 90
STATEMENT OF NET ASSETS
...............................................................................-
........................ 90
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 91 STATISTICAL INFORMATION
...............................................................................-
.......................... 92 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 93 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
...................................................................... 94
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................... 94
2
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Short Term Euro
...............................................................................-
............................................ 95
STATEMENT OF NET ASSETS
...............................................................................-
........................ 95
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
................................. 96 STATISTICAL INFORMATION
...............................................................................-
.......................... 97 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
....................................................... 98 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 100
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 100
BL-Short Term Dollar
...............................................................................-
........................................ 101
STATEMENT OF NET ASSETS
...............................................................................-
...................... 101
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 102 STATISTICAL INFORMATION
...............................................................................-
........................ 103 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 104 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 106
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 106
BL-Global Flexible
...............................................................................-
............................................. 107
STATEMENT OF NET ASSETS
...............................................................................-
...................... 107
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 108 STATISTICAL INFORMATION
...............................................................................-
........................ 109 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 110 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 112
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 113
BL-Optinvest (Euro)
...............................................................................-
.......................................... 114
STATEMENT OF NET ASSETS
...............................................................................-
...................... 114
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 115 STATISTICAL INFORMATION
...............................................................................-
........................ 116 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 117 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 118
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 118
BL-Emerging Markets
...............................................................................-
....................................... 119
STATEMENT OF NET ASSETS
...............................................................................-
...................... 119
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 120 STATISTICAL INFORMATION
...............................................................................-
........................ 121 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 122 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 125
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 126
BL-Kingfisher FoF Equities
...............................................................................-
.............................. 127
STATEMENT OF NET ASSETS
...............................................................................-
...................... 127
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 128 STATISTICAL INFORMATION
...............................................................................-
........................ 129 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 130 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 131
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 131
BL-Kingfisher FoF 75
...............................................................................-
........................................ 132
STATEMENT OF NET ASSETS
...............................................................................-
...................... 132
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 133 STATISTICAL INFORMATION
...............................................................................-
........................ 134 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 135 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 136
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 136
3
BL
SICAV with multiple Sub-Funds
CONTENTS (continued)
BL-Kingfisher FoF 50
...............................................................................-
........................................ 137
STATEMENT OF NET ASSETS
...............................................................................-
...................... 137
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 138 STATISTICAL INFORMATION
...............................................................................-
........................ 139 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 140 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 141
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 141
BL-Kingfisher FoF 30
...............................................................................-
........................................ 142
STATEMENT OF NET ASSETS
...............................................................................-
...................... 142
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
............................... 143 STATISTICAL INFORMATION
...............................................................................-
........................ 144 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
..................................................... 145 INDUSTRIAL
CLASSIFICATION OF INVESTMENTS
.................................................................... 146
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
............................................................. 146
NOTES TO THE FINANCIAL STATEMENTS
...............................................................................-
.... 147
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
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
Sam RECKINGER
Directeur
COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
40, Boulevard Joseph II
L-1840 LUXEMBOURG
5
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
Fernand REINERS
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
22-24, Boulevard Royal
L-2449 LUXEMBOURG
Luc RODESCH
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
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
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.
103, Grand-Rue
L-1661 LUXEMBOURG
Luc RODESCH
Membre du Comité de Direction
BANQUE DE LUXEMBOURG
Société Anonyme
14, Boulevard Royal
L-2449 LUXEMBOURG
6
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
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
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
7
BL
SICAV with multiple Sub-Funds
ORGANISATION (continued)
in Switzerland BANQUE CIC (SUISSE) S.A.
11-13 Marktplatz,
CH-4001 BASEL
Representative in Switzerland BANQUE CIC (SUISSE) S.A.
11-13 Marktplatz,
CH-4001 BASEL
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 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) denominated in EUR
- BL-Emerging Markets 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
entitle holder to cash as in articles association
may be
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 not entitle the holder to a dividend but where the amount
for
distribution is reinvested in the sub- fund to which the capitalisation
shares
relate;
- Class I shares: capitalisation shares are different from other share classes
due to
the fact that they
are reserved for institutional investors within the meaning of Article 129
paragraph
(2), section d) of the amended Law of 20th December 2002 and because they
have a
different management fee and/or performance fee structure, as specified in
each
sub-fund description of the current complete and simplified prospectus.
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 "Luxemburger Wort", the
"Financieel Economische Tijd", "l'Echo", "La Libre Belgique", the "Financial
Times Deutschland", the "Svenska Dagbladet", the "Dagens Nyheter" and the
"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.
10
BL
SICAV with multiple Sub-Funds
GENERAL INFORMATION (continued)
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".
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 (complete and simplified) prospectuses, 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.
For the distribution of shares of the SICAV in Switzerland, the Paying and
Information Agent and the Representative is BANQUE CIC (SUISSE) S.A., Marktplatz
11-13, CH-4001 BASEL.
The current (complete and simplified) prospectuses, the articles of association
and the latest annual and semi-annual reports of the SICAV are available free of
charge from the Representative in Switzerland. The publications of the SICAV are
published in the "Swiss Official Gazette of Commerce" and the "NZZ - Neue
Zürcher Zeitung".
The Net Asset Value "excluding fees" is published every day in the "NZZ - Neue
Zürcher Zeitung".
11
BL
SICAV with multiple Sub-Funds
CONSOLIDATED STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 3,332,080,564.14
Deposits on futures contracts 13,757,964.89
Cash at banks 476,822,429.54
Formation expenses, net 16,232.51
Receivable on sales of securities 7,892,720.82
Receivable on issues of shares 3,835,603.13
Income receivable on portfolio 26,615,649.10
Interest receivable on financial instruments 12,617.78
Interest receivable on bank accounts 1,470,794.15
Unrealised gain on swap contracts 206,801.50
Unrealised gain on forward foreign exchange contracts 10,395,902.62
Prepaid expenses 552,048.45
Total assets 3,873,659,328.63
LIABILITIES
Bank liabilities 3,923,416.63
Commitment on repurchase and "repo" contracts 126,031,500.00
Payable on purchases of securities 1,376,264.89
Payable on redemptions of shares 4,572,689.25
Interest payable on financial instruments 502,673.66
Unrealised loss on forward foreign exchange contracts 76,141.67
Accrued capital gain taxes 558,454.44
Expenses and interests on bank liabilities payable 9,483,648.16
Total liabilities 146,524,788.70
NET ASSETS at the end of the period 3,727,134,539.93
The accompanying notes are an integral part of these financial statements.
12
BL
SICAV with multiple Sub-Funds
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN
NET ASSETS from 1st January 2008 to 30th June 2008 (in
EUR)
INCOME
Dividends, net 16,882,067.56
Interest on bonds and other debt securities, net 35,969,675.80
Interest on bank accounts
12,971,595.95
Interest on financial instruments 143,414.45
Received commissions 2,982,962.88
Other income 11,026.15
Total income 68,960,742.79
EXPENSES
Management fees 16,491,152.42
Custodian fees 2,019,070.06
Banking charges and other fees 355,307.01
Transaction fees 40,061.27
Central administration costs 769,224.55
Audit and supervisory fees 48,370.54
Other administration costs 615,876.36
Subscription duty ("taxe d'abonnement") 683,958.67
Other taxes 8,553.28
Interest paid on bank liabilities 24,998.48
Interest paid on financial instruments 4,315,656.11
Other expenses 94,327.64
Total expenses 25,466,556.39
NET INVESTMENT INCOME 43,494,186.40
NET REALISED GAIN/(LOSS)
- on securities portfolio 10,153,204.87
- on financial instruments 17,904,177.16
- on forward foreign exchange contracts 19,819,615.09
- on foreign exchange -6,956,675.29
REALISED RESULT 84,414,508.23
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -404,330,319.52
- on financial instruments 8,761,301.39
- on swap contracts 68,087.00
- on forward foreign exchange contracts -1,115,648.13
RESULT OF OPERATIONS -312,202,071.03
Dividends paid -1,132,898.86
Subscriptions 346,272,102.06
Redemptions -930,772,584.69
TOTAL CHANGES IN NET ASSETS -897,835,452.52
TOTAL NET ASSETS at the beginning of the period 4,661,389,258.78
Revaluation difference -36,419,266.33
TOTAL NET ASSETS at the end of the period 3,727,134,539.93
The accompanying notes are an integral part of these financial statements.
13
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 99,866,536.76
Cash at banks 14,568,436.26
Receivable on issues of shares 459,340.74
Income receivable on portfolio 2,287,801.19
Interest receivable on bank accounts 23,021.22
Unrealised gain on forward foreign exchange contracts 289,600.99
Prepaid expenses 30,163.93
Total assets 117,524,901.09
LIABILITIES
Commitment on repurchase and "repo" contracts 11,979,600.00
Payable on redemptions of shares 28,839.66
Interest payable on financial instruments 4,602.16
Expenses and interests on bank liabilities payable 172,050.26
Total liabilities 12,185,092.08
NET ASSETS at the end of the period 105,339,809.01
Class A shares outstanding 12,564.919
Net asset value per class A share 292.88
Class B shares outstanding 199,726.457
Net asset value per class B share 509.00
The accompanying notes are an integral part of these financial statements.
14
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Interest on bonds and other debt securities, net 2,006,103.28
Interest on bank accounts
608,938.59
Received commissions 27,195.35
Other income 949.42
Total income 2,643,186.64
EXPENSES
Management fees 259,893.71
Custodian fees 51,978.75
Banking charges and other fees 9,666.18
Central administration costs 34,429.23
Audit and supervisory fees 1,247.20
Other administration costs 21,563.68
Subscription duty ("taxe d'abonnement") 23,887.19
Interest paid on financial instruments 456,275.16
Other expenses 1,535.56
Total expenses 860,476.66
NET INVESTMENT INCOME 1,782,709.98
NET REALISED GAIN/(LOSS)
- on securities portfolio -19,456.33
- on forward foreign exchange contracts 259,815.74
- on foreign exchange 4,914.67
REALISED RESULT 2,027,984.06
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -2,371,253.42
- on forward foreign exchange contracts 87,505.82
RESULT OF OPERATIONS -255,763.54
Dividends paid -188,841.91
Subscriptions 20,319,583.77
Redemptions -18,718,841.82
TOTAL CHANGES IN NET ASSETS 1,156,136.50
TOTAL NET ASSETS at the beginning of the period 104,183,672.51
TOTAL NET ASSETS at the end of the period 105,339,809.01
The accompanying notes are an integral part of these financial statements.
15
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 105,339,809.01
- as at 31.12.2007 104,183,672.51
- as at 31.12.2006 142,795,055.75
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
7.11
Number of class A shares
- outstanding at the beginning of the period 13,008.676
- issued
946.368
- redeemed -1,390.125
- outstanding at the end of the period 12,564.919
Net asset value per class A share
- highest 316.96
05.03.2008
- lowest 291.31
16.06.2008
- as at 30.06.2008 292.88
- as at 31.12.2007 308.25
- as at 31.12.2006 319.41
TER per class A share (in %)
- as at 30.06.2008 0.78
Dividends paid
Payment date 10.06.2008
Dividend per share 14.94
Shares outstanding at dividend date 12,640.021
Number of class B shares
- outstanding at the beginning of the period 196,522.669
- issued
38,752.938
- redeemed -35,549.150
- outstanding at the end of the period 199,726.457
Net asset value per class B share
- highest 524.13
05.03.2008
- lowest 506.26
16.06.2008
- as at 30.06.2008 509.00
- as at 31.12.2007 509.73
- as at 31.12.2006 504.39
TER per class B share (in %)
- as at 30.06.2008 0.77
The accompanying notes are an integral part of these financial statements.
16
BL
SICAV with multiple Sub-Funds
BL-Global Bond
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 4,126,953.36
3.92
Emerging Bond B Cap 4,126,953.36
Total undertakings for collective investment 4,076,689.71
3.92
Bonds
BRL 7,000,000KFW AG 11.75% 06/15.12.14 2,704,175.55 2,735,353.36
2.60
EUR 700,000Belgium 5.5% OLO Ser 40 764,496.93 737,450.00
0.70
02/28.09.17
EUR 4,720,000Brazil 7.375% 05/03.02.15 5,317,484.28 5,003,200.00
4.75
EUR 8,500,000Deutschland 3.25% Ser 05 8,491,893.76 7,873,381.70
7.47
05/04.07.15
EUR 4,000,000Deutschland 3.25% Ser 146 3,896,369.14 3,921,000.00
3.72
05/09.04.10
EUR 3,000,000Deutschland 3.5% Ser 05 2,941,094.13 2,812,728.60
2.67
05/04.01.16
EUR 8,000,000Deutschland 3.5% Ser 148 7,796,586.46 7,804,340.80
7.41
06/08.04.11
EUR 3,900,000Deutschland 3.75% Ser 0302 3,822,052.28 3,777,290.79
3.59
03/04.07.13
EUR 6,000,000Deutschland 4% Ser 05 05/04.01.37 6,244,913.34 5,253,190.80
4.99
EUR 4,700,000Deutschland 5% 02/04.01.12 4,850,300.12 4,769,544.96
4.53
EUR 3,400,000Deutschland 6.25% Ser 94 4,357,550.72 3,921,408.36
3.72
94/04.01.24
EUR 4,000,000Deutschland 6.5% Ser 97 4,706,016.77 4,797,417.20
4.55
97/04.07.27
EUR 3,500,000Espana 4.2% 03/30.07.13 3,500,563.32 3,425,730.00
3.25
EUR 5,000,000France 3.75% OAT 05/25.04.21 5,073,599.00 4,488,027.00
4.26
EUR 6,000,000France 4.25% OAT 03/25.04.19 6,104,729.38 5,753,652.60
5.46
EUR 7,250,000France 5.5% OAT 98/25.04.29 8,168,080.86 7,751,825.43
7.36
EUR 2,000,000France VAR OAT Inflation Index 1,748,392.01 1,897,583.12
1.80
07/25.07.40
EUR 3,000,000Italia 4.75% BTP 02/01.02.13 3,134,112.75 2,985,358.50
2.83
EUR 6,500,000Netherlands 5% 01/15.07.11 6,533,519.20 6,571,663.15
6.24
87,451,754.4583,544,793.01
79.30
MXN 16,000,000Mexico 8.5 Ser M 06/23.06.11 1,015,151.54 984,137.02
0.93
PLN 4,000,000Poland 4.75% Ser 0412 06/25.04.12 1,117,370.19 1,114,166.40
1.06
RUB 97,000,000KFW AG 6% EMTN 07/14.02.12 2,505,113.34 2,522,418.38
2.39
TRY 5,000,000EIB 0% EMTN Ser 1614/60 1,151,428.18 901,350.23
0.86
05/02.03.15
Total 95,944,993.2591,802,218.40
87.14
bonds
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
USD 268,100 4,349,780.70
3,937,365.00 3.74
AX 1 AX 1
Total undertakings for collective investment 4,349,780.70
3,937,365.00 3.74
TOTAL INVESTMENTS IN SECURITIES 104,371,463.-
99,866,536.76 94.80
6
CASH AT BANKS
14,568,436.26 13.83
OTHER NET ASSETS/(LIABILITIES)
-9,095,164.01 -8.63
TOTAL
105,339,809.- 100.00
1
The accompanying notes are an integral part of these financial statements.
17
BL
SICAV with multiple Sub-Funds
BL-Global Bond
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Countries and governments 81.29 %
UCI 7.66 %
Diversified financial services 4.99 %
International institutions 0.86 %
TOTAL 94.80 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 47.64 %
France 18.88 %
Grand Duchy of Luxembourg 8.52 %
The Netherlands 6.24 %
Brazil 4.75 %
Spain 3.25 %
Italy 2.83 %
Poland 1.06 %
Mexico 0.93 %
Belgium 0.70 %
TOTAL 94.80 %
The accompanying notes are an integral part of these financial statements.
18
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 91,082,602.90
Cash at banks 13,236,415.41
Receivable on issues of shares 1,126,550.24
Income receivable on portfolio 1,762,334.87
Interest receivable on bank accounts 46,675.85
Unrealised gain on forward foreign exchange contracts 353,554.97
Prepaid expenses 35,191.26
Total assets 107,643,325.50
LIABILITIES
Payable on redemptions of shares 60,887.96
Expenses and interests on bank liabilities payable 318,957.05
Total liabilities 379,845.01
NET ASSETS at the end of the period 107,263,480.49
Class A shares outstanding 10,203.568
Net asset value per class A share 640.57
Class B shares outstanding 90,537.255
Net asset value per class B share 1,112.55
The accompanying notes are an integral part of these financial statements.
19
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 254,510.29
Interest on bonds and other debt securities, net 1,735,930.95
Interest on bank accounts
451,826.40
Received commissions 30,903.66
Total income 2,473,171.30
EXPENSES
Management fees 557,495.40
Custodian fees 55,749.55
Banking charges and other fees 12,781.85
Central administration costs 38,507.94
Audit and supervisory fees 1,337.14
Other administration costs 21,929.73
Subscription duty ("taxe d'abonnement") 26,035.86
Other taxes 183.00
Interest paid on financial instruments 157,377.39
Other expenses 1,689.04
Total expenses 873,086.90
NET INVESTMENT INCOME 1,600,084.40
NET REALISED GAIN/(LOSS)
- on securities portfolio 969,666.03
- on forward foreign exchange contracts 587,180.52
- on foreign exchange -298,560.32
REALISED RESULT 2,858,370.63
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -7,107,836.93
- on forward foreign exchange contracts -26,435.39
RESULT OF OPERATIONS -4,275,901.69
Dividends paid -281,426.83
Subscriptions 13,978,281.50
Redemptions -13,182,465.12
TOTAL CHANGES IN NET ASSETS -3,761,512.14
TOTAL NET ASSETS at the beginning of the period 111,024,992.63
TOTAL NET ASSETS at the end of the period 107,263,480.49
The accompanying notes are an integral part of these financial statements.
20
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 107,263,480.49
- as at 31.12.2007 111,024,992.63
- as at 31.12.2006 132,017,302.23
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
-5.25
Number of class A shares
- outstanding at the beginning of the period 10,274.256
- issued
38.993
- redeemed -109.681
- outstanding at the end of the period 10,203.568
Net asset value per class A share
- highest 694.42
04.01.2008
- lowest 640.57
30.06.2008
- as at 30.06.2008 640.57
- as at 31.12.2007 694.16
- as at 31.12.2006 704.36
TER per class A share (in %)
- as at 30.06.2008 1.28
Dividends paid
Payment date 10.06.2008
Dividend per share 27.53
Shares outstanding at dividend date 10,222.551
Number of class B shares
- outstanding at the beginning of the period 89,802.042
- issued
12,263.061
- redeemed -11,527.848
- outstanding at the end of the period 90,537.255
Net asset value per class B share
- highest 1,157.34
04.01.2008
- lowest 1,112.55
30.06.2008
- as at 30.06.2008 1,112.55
- as at 31.12.2007 1,156.91
- as at 31.12.2006 1,133.18
TER per class B share (in %)
- as at 30.06.2008 1.27
The accompanying notes are an integral part of these financial statements.
21
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 131,660.56 120,321.93 0.11
CHF 1,144 Nestlé SA Reg 226,160.98 321,851.06 0.30
CHF 1,826 Roche Holding AG B de jouis Pref 131,794.43 199,011.15 0.19
CHF 4,300 Schindler Holding AG Partizsch 202,793.53 208,093.89 0.19
CHF 3,790 Synthes Inc 314,779.37 327,666.42 0.31
1,007,188.87 1,176,944.45 1.10
DKK 10,000 TrygVesta A/S 559,203.42 455,861.12 0.43
EUR 8,493 Aalberts Industries NV 127,230.16 101,151.63 0.09
EUR 2,085 Air Liquide SA 93,200.70 173,472.00 0.16
EUR 8,320 Akzo Nobel NV 325,186.34 362,668.80 0.34
EUR 17,300 Anglo Irish Bank Corp Plc 156,083.84 112,450.00 0.10
EUR 4,744 BASF SE 94,589.07 209,305.28 0.20
EUR 17,100 Bank of Ireland Plc 237,357.61 100,035.00 0.09
EUR 9,000 CRH Plc 227,733.47 160,650.00 0.15
EUR 3,600 Continental AG 342,938.35 229,680.00 0.21
EUR 8,100 DSM NV 278,401.46 307,881.00 0.29
EUR 1,702 Deutsche Boerse AG Reg 40,228.03 121,607.90 0.11
EUR 10,230 ENI SpA 138,585.90 239,177.40 0.22
EUR 675 Fortis SA/NV Strip VVPR 32.22 6.75 0.00
EUR 6,538 Heineken NV 217,842.68 210,065.94 0.20
EUR 1,000 Neopost SA 100,590.16 67,720.00 0.06
EUR 20,000 Oesterreichische Post AG 569,076.72 496,000.00 0.46
EUR 4,960 Pernod-Ricard 257,999.30 318,680.00 0.30
EUR 3,600 Schneider Electric SA 287,154.59 252,036.00 0.23
EUR 8,500 TNT NV 194,711.38 189,890.00 0.18
EUR 3,316 Total SA 117,784.28 175,449.56 0.16
EUR 50,000 Wessanen NV 617,247.83 365,500.00 0.34
4,423,974.09 4,193,427.26 3.89
GBP 17,668 British American Tobacco Plc 179,155.58 375,525.24 0.35
GBP 23,300 Diageo Plc 281,070.60 268,544.80 0.25
GBP 8,665 GlaxoSmithKline Plc 187,148.65 121,903.40 0.11
GBP 4,500 Intertek Group Plc 62,479.45 56,077.83 0.05
GBP 13,900 National Grid Plc 145,634.56 112,987.50 0.11
GBP 9,200 Reckitt Benckiser Group Plc 263,463.91 298,666.79 0.28
GBP 17,100 Southern Cross Healthca Gr Plc 139,442.94 67,714.69 0.06
1,258,395.69 1,301,420.25 1.21
HUF 1,500 MOL Hungarian Oil and Gas Plc Ser A 160,671.70 126,378.86 0.12
SEK 11,300 SKF AB 125,986.25 113,360.67 0.11
SEK 14,000 Swedish Match AB 200,269.10 178,345.21 0.17
326,255.35 291,705.88 0.28
USD 4,700 3M Co 269,446.80 207,433.25 0.19
USD 8,500 Abbott Laboratories 292,544.84 286,040.83 0.27
USD 5,000 Amdocs Ltd 130,906.01 93,368.04 0.09
USD 5,000 Anheuser-Busch Cos Inc 186,831.89 197,657.07 0.18
USD 5,000 Ball Corp 142,135.00 151,369.88 0.14
USD 5,420 Becton Dickinson & Co 231,385.80 274,622.05 0.26
USD 66 Berkshire Hathaway Inc B 160,534.11 168,315.82 0.16
USD 7,000 Chicago Bridge & Iron Co NV Reg 195,850.62 177,561.19 0.17
USD 17,650 Cisco Systems Inc 271,246.97 264,590.30 0.25
The accompanying notes are an integral part of these financial statements.
22
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Curr- Number / nominal
% of
ncy
value
total net
assets
USD 6,661
0.20
USD 3,300
0.08
USD 5,000
0.09
USD 3,175
0.09
USD 10,800
- 0.14
-
-
-
-
-
-
-
-
9
USD 9,600
- 0.16
-
-
-
-
-
-
-
-
4
USD 3,534
0.10
USD 2,000
0.09
USD 6,500
0.23
USD 5,000
0.18
USD 3,500
0.10
USD 11,000
- 0.14
-
-
-
-
-
-
-
-
3
USD 12,000
0.17
USD 2,000
- 0.14
-
-
-
-
-
-
-
-
6
USD 4,700
0.18
USD 8,400
0.14
USD 4,000
0.18
USD 12,000
- 0.25
-
-
-
-
-
-
-
-
9
USD 9,250
- 0.26
-
-
-
-
-
-
-
-
0
USD 4,000
0.10
USD 5,000
0.13
USD 4,170
0.13
USD 10,748
0.18
USD 4,862
0.14
USD 5,000
0.18
USD 10,000
0.19
USD 10,000
0.12
USD 4,056
0.15
USD 8,000
0.09
USD 8,000
0.13
USD 7,500
0.25
USD 5,752
0.21
USD 5,500
0.15
USD 6,000
0.20
USD 19,200
0.29
USD 3,500
0.14
- 7.41
-
-
-
-
-
-
-
-
-
-
2
Total
- 14.44
shar-
-
s
-
-
-
-
-
-
-
-
-
-
4
Undertakings for collective investment
EUR 800
1.00
EUR 8,500
1.07
- 2.07
-
-
-
-
-
-
-
-
-
-
8
USD 30,000
0.93
USD 15,000
- 2.18
-
-
-
-
-
-
-
-
-
-
1
- 3.11
-
-
-
-
-
-
-
-
-
-
6
Total undertakings for collective investment 5.18
Real estate
funds
EUR 30,150
1.08
Total Real estate
- 1.08
funds
-
-
-
-
-
-
-
-
-
-
4
Bonds
EUR 3,400,000
3.17
EUR 9,700,000
9.09
EUR 10,000,000
9.52
EUR 4,500,000
- 4.23
-
-
-
-
-
-
-
-
-
-
3
The accompanying notes are an integral part of these financial statements.
23
BL
SICAV with multiple Sub-Funds
BL-Global 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Curren- Number / nominal Description Cost
Market % of
y value
value
total net
assets
EUR 4,000,000 Depfa Deutsche Pfandbriefbk AG
4,481,512.204,019,400.00 3.75
5.75% Ser 436
97/04.03.09
EUR 8,200,000 Deutschland 4% Ser 05
8,149,315.677,179,360.76 6.69
05/04.01.37
EUR 5,700,000 Deutschland 6.25% Ser 94
6,994,728.076,574,125.78 6.13
94/04.01.24
EUR 4,100,000 Dexia Kommunal Deutschland AG
4,355,914.094,107,954.00 3.83
5.25% Ser 932
01/22.02.13
EUR 8,600,000 Europaeische Hypothekenbank SA
9,832,632.908,724,566.70 8.13
5.75% Ser 105
00/04.01.11
EUR 6,000,000 France 5.5% OAT 98/25.04.29
6,840,484.536,415,303.80 5.98
Total bonds
70,697,714.6664,920,126.- 60.52
4
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 279,817.975
3,027,52- 1,994,068- 1.86
.09
86
Total undertakings for collective investment
3,027,52- 1,994,068- 1.86
.09
86
Investment certificates
EUR -
2,003,00- 1,960,000- 1.83
- .00
00
-
-
k
-
-
-
-
-
-
-
-
-
e
-
A
-
%
-
-
-
N
-
-
-
-
k
-
d
-
r
&
-
d
-
-
b
07/29.06.12 07/29.06.12
Total investment certificates
2,003,00- 1,960,000- 1.83
.00
00
Warrants and rights
EUR -
0.00 0.00 0.00
-
r
-
-
-
-
-
-
e
-
A
-
-
-
-
-
s
-
-
-
-
-
r
-
-
-
-
-
-
-
8
Total warrants and rights
0.00 0.00 0.00
TOTAL INVESTMENTS IN SECURITIES
99,689,98- 91,082,602- 84.91
.47
90
CASH AT BANKS
13,236,415- 12.34
41
OTHER NET ASSETS/(LIABILITIES)
2,944,462- 2.75
18
TOTAL
107,263,48- 100.00
.49
The accompanying notes are an integral part of these financial statements.
24
BL
SICAV with multiple Sub-Funds
BL-Global 30
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Banks 41.91 %
Countries and governments 18.80 %
UCI 7.04 %
Food, beverage and tobacco 2.87 %
Diversified financial services 2.36 %
Capital goods 2.07 %
Materials 1.43 %
Health care equipment and services 1.22 %
Real estate funds 1.08 %
Pharmaceuticals and biotechnology 1.00 %
Technology hardware and equipment 0.91 %
Transportation 0.73 %
Retailing 0.63 %
Energy 0.50 %
Household and personal products 0.46 %
Insurance 0.43 %
Automobiles and components 0.35 %
Commercial services and supplies 0.32 %
Software and services 0.28 %
Utilities 0.23 %
Investment companies 0.16 %
Food retailing, drugstores and pharmacies 0.13 %
TOTAL 84.91 %
The accompanying notes are an integral part of these financial statements.
25
BL
SICAV with multiple Sub-Funds
BL-Global 30
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 43.76 %
Grand Duchy of Luxembourg 14.93 %
France 8.96 %
United States of America 7.37 %
Spain 3.17 %
The Netherlands 1.61 %
United Kingdom 1.21 %
Belgium 1.08 %
Switzerland 0.79 %
Austria 0.46 %
Denmark 0.43 %
Ireland 0.34 %
Sweden 0.28 %
Italy 0.22 %
Hungary 0.12 %
Guernsey 0.09 %
Bermuda 0.09 %
TOTAL 84.91 %
The accompanying notes are an integral part of these financial statements.
26
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 312,818,846.63
Cash at banks 75,165,572.70
Receivable on issues of shares 1,260.59
Income receivable on portfolio 4,466,131.33
Interest receivable on bank accounts 260,987.79
Unrealised gain on forward foreign exchange contracts 1,567,819.47
Prepaid expenses 35,191.26
Total assets 394,315,809.77
LIABILITIES
Payable on redemptions of shares 131,625.79
Expenses and interests on bank liabilities payable 1,170,733.27
Total liabilities 1,302,359.06
NET ASSETS at the end of the period 393,013,450.71
Class A shares outstanding 8,733.487
Net asset value per class A share 746.43
Class B shares outstanding 327,862.797
Net asset value per class B share 1,178.83
The accompanying notes are an integral part of these financial statements.
27
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 1,638,940.00
Interest on bonds and other debt securities, net 3,780,276.38
Interest on bank accounts
1,741,003.59
Received commissions 172,693.19
Other income 312.34
Total income 7,333,225.50
EXPENSES
Management fees 2,016,065.35
Custodian fees 201,606.59
Banking charges and other fees 38,116.19
Central administration costs 40,625.36
Audit and supervisory fees 4,838.11
Other administration costs 50,171.38
Subscription duty ("taxe d'abonnement") 95,377.40
Other taxes 1,868.00
Interest paid on financial instruments 264,109.78
Other expenses 6,123.27
Total expenses 2,718,901.43
NET INVESTMENT INCOME 4,614,324.07
NET REALISED GAIN/(LOSS)
- on securities portfolio 3,308,824.91
- on forward foreign exchange contracts 3,552,395.47
- on foreign exchange -2,008,193.33
REALISED RESULT 9,467,351.12
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -37,397,118.02
- on forward foreign exchange contracts -415,389.76
RESULT OF OPERATIONS -28,345,156.66
Dividends paid -249,836.45
Subscriptions 50,299,948.92
Redemptions -44,253,564.48
TOTAL CHANGES IN NET ASSETS -22,548,608.67
TOTAL NET ASSETS at the beginning of the period 415,562,059.38
TOTAL NET ASSETS at the end of the period 393,013,450.71
The accompanying notes are an integral part of these financial statements.
28
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 393,013,450.71
- as at 31.12.2007 415,562,059.38
- as at 31.12.2006 397,778,647.81
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
18.06
Number of class A shares
- outstanding at the beginning of the period 8,795.788
- issued
29.879
- redeemed -92.180
- outstanding at the end of the period 8,733.487
Net asset value per class A share
- highest 830.03
02.01.2008
- lowest 746.43
30.06.2008
- as at 30.06.2008 746.43
- as at 31.12.2007 829.83
- as at 31.12.2006 837.64
TER per class A share (in %)
- as at 30.06.2008 1.22
Dividends paid
Payment date 10.06.2008
Dividend per share 28.61
Shares outstanding at dividend date 8,732.487
Number of class B shares
- outstanding at the beginning of the period 323,031.848
- issued
41,114.590
- redeemed -36,283.641
- outstanding at the end of the period 327,862.797
Net asset value per class B share
- highest 1,264.16
02.01.2008
- lowest 1,178.83
30.06.2008
- as at 30.06.2008 1,178.83
- as at 31.12.2007 1,263.85
- as at 31.12.2006 1,237.58
TER per class B share (in %)
- as at 30.06.2008 1.21
The accompanying notes are an integral part of these financial statements.
29
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 10,400 Geberit AG Reg 736,490.80 962,575.47
0.25
CHF 4,400 Kaba Holding AG 1,014,391.74 845,571.09
0.22
CHF 10,606 Nestlé SA Reg 2,265,634.99 2,983,874.40
0.76
CHF 15,012 Roche Holding AG B de jouis Pref 1,289,265.31 1,636,120.11
0.42
CHF 33,900 Schindler Holding AG Partizsch 1,575,153.71 1,640,554.18
0.42
CHF 1,700 Straumann Holding AG Reg 276,325.41 270,881.51
0.07
CHF 23,010 Synthes Inc 1,901,963.36 1,989,341.51
0.51
9,059,225.32 10,328,918.27
2.65
DKK 4,500 Carlsberg A/S B 283,056.47 278,745.66
0.07
DKK 40,000 TrygVesta A/S 2,236,813.69 1,823,444.46
0.46
2,519,870.16 2,102,190.12
0.53
EUR 71,320 Aalberts Industries NV 1,146,756.64 849,421.20
0.22
EUR 17,285 Air Liquide SA 864,468.59 1,438,112.00
0.37
EUR 65,950 Akzo Nobel NV 2,663,844.38 2,874,760.50
0.73
EUR 40,700 Amer Sports Corp A 548,978.70 390,720.00
0.10
EUR 162,000 Anglo Irish Bank Corp Plc 1,595,226.93 1,053,000.00
0.27
EUR 43,294 BASF SE 1,089,428.22 1,910,131.28
0.49
EUR 138,400 Bank of Ireland Plc 1,817,258.97 809,640.00
0.21
EUR 55,700 Brembo SpA 537,514.97 379,317.00
0.10
EUR 74,800 CRH Plc 1,967,664.58 1,335,180.00
0.34
EUR 31,100 Continental AG 2,900,745.32 1,984,180.00
0.51
EUR 64,700 DSM NV 2,207,607.15 2,459,247.00
0.63
EUR 15,826 Deutsche Boerse AG Reg 718,213.93 1,130,767.70
0.29
EUR 75,477 ENI SpA 1,127,403.11 1,764,652.26
0.45
EUR 3,627 Fortis SA/NV Strip VVPR 183.19 36.27
0.00
EUR 54,776 Heineken NV 1,856,660.40 1,759,952.88
0.45
EUR 17,000 Indra Sistemas SA 282,110.48 278,460.00
0.07
EUR 4,400 Linde AG 377,571.32 395,516.00
0.10
EUR 13,800 Neopost SA 1,223,358.60 934,536.00
0.24
EUR 45,980 Pernod-Ricard 2,586,461.55 2,954,215.00
0.75
EUR 34,200 Saipem SpA 934,912.62 990,090.00
0.25
EUR 26,700 Schneider Electric SA 2,160,017.70 1,869,267.00
0.48
EUR 21,000 Symrise AG 332,376.24 294,420.00
0.08
EUR 70,200 TNT NV 1,743,758.43 1,568,268.00
0.40
EUR 26,148 Total SA 1,029,276.51 1,383,490.68
0.35
EUR 66,288 Vinci SA 2,853,026.19 2,575,288.80
0.66
EUR 25,000 Wereldhave NV 1,999,890.20 1,700,000.00
0.43
36,564,714.92 35,082,669.57
8.97
GBP 208,200 Bodycote Plc 804,965.06 550,515.40
0.14
GBP 171,812 British American Tobacco Plc 2,172,007.89 3,651,785.27
0.93
GBP 209,900 Diageo Plc 2,624,636.54 2,419,208.35
0.62
GBP 76,284 GlaxoSmithKline Plc 1,542,068.45 1,073,200.09
0.27
GBP 33,600 Intertek Group Plc 466,513.23 418,714.47
0.11
GBP 129,700 National Grid Plc 1,108,747.47 1,054,279.02
0.27
GBP 71,500 Reckitt Benckiser Group Plc 2,181,703.39 2,321,160.39
0.59
GBP 193,700 Smith & Nephew Plc 1,540,363.02 1,362,532.50
0.35
GBP 137,500 Southern Cross Healthca Gr Plc 1,090,346.60 544,489.48
0.14
13,531,351.65 13,395,884.97
3.42
HUF 12,916 MOL Hungarian Oil and Gas Plc Ser 767,517.27 1,088,206.21
0.28
A
NOK 40,600 Petroleum Geo-Services ASA 765,714.17 628,535.23
0.16
The accompanying notes are an integral part of these financial statements.
30
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number Description Cost Market value %
of
/
nominal
value
total net
assets
SEK 85,300 SKF AB 977,840.17 855,722.61
0.22
SEK 121,500 Swedish Match AB 1,747,524.70 1,547,781.64
0.39
2,725,364.87 2,403,504.25
0.61
USD 36,000 3M Co 2,133,943.98 1,588,850.44
0.40
USD 58,800 Abbott Laboratories 2,035,644.96 1,978,729.48
0.50
USD 30,000 Amdocs Ltd 785,372.77 560,208.26
0.14
USD 25,000 Anheuser-Busch Cos Inc 926,278.84 988,285.34
0.25
USD 26,000 Ball Corp 767,047.14 787,123.40
0.20
USD 22,000 Becton Dickinson & Co 810,729.31 1,114,702.05
0.28
USD 460 Berkshire Hathaway Inc B 1,218,422.59 1,173,110.26
0.30
USD 25,000 Chicago Bridge & Iron Co NV 699,436.59 634,147.12
0.16
Reg
USD 103,500 Cisco Systems Inc 1,618,628.30 1,551,563.54
0.39
USD 58,400 Coca-Cola Co 2,362,769.93 1,922,255.31
0.49
USD 31,000 Corporate Executive Board 1,514,134.25 831,416.87
0.21
Co
USD 39,700 Coventry Health Care Inc 1,611,066.69 794,025.21
0.20
USD 21,500 Covidien Ltd 571,375.22 646,931.65
0.16
USD 74,300 Dell Inc 1,527,553.61 1,049,668.24
0.27
USD 81,600 EBay Inc 1,862,191.63 1,430,506.37
0.36
USD 43,680 Emerson Electric Co 1,336,498.76 1,335,957.08
0.34
USD 18,000 Fedex Corp 1,488,131.98 882,885.17
0.22
USD 32,000 General Cable Corp 1,433,151.34 1,209,739.99
0.31
USD 22,000 General Mills Inc 815,936.70 836,305.91
0.21
USD 24,000 Global Payments Inc 704,733.81 708,593.92
0.18
USD 70,000 Hologic Inc 828,916.32 978,697.74
0.25
USD 72,200 Home Depot Inc 2,274,930.97 1,101,142.26
0.28
USD 15,000 IBM Corp 1,048,301.07 1,143,369.63
0.29
USD 48,400 Johnson & Johnson 2,358,329.86 1,953,578.21
0.50
USD 31,000 Johnson Controls Inc 648,961.30 564,316.33
0.14
USD 13,000 Joy Global Inc 502,744.31 633,594.72
0.16
USD 102,600 KBR Inc 1,938,868.27 2,293,752.82
0.58
USD 60,300 Kellogg Co 2,189,224.331,836,241.15
0.47
USD 20,000 Kohl's Corp 533,714.76 525,477.00
0.13
USD 30,000 Legg Mason Inc 1,770,518.70 840,217.15
0.21
USD 35,500 Medtronic Inc 1,654,065.19 1,154,970.00
0.29
USD 74,300 Microsoft Corp 2,032,362.69 1,303,475.67
0.33
USD 36,386 Philip Morris Intl Inc 785,660.74 1,151,220.28
0.29
USD 35,000 Procter & Gamble Co 1,486,233.31 1,344,264.90
0.34
USD 57,000 Quanta Services Inc 838,808.72 1,188,171.05
0.30
USD 40,000 Reliant Energy Inc 603,914.83 529,286.64
0.13
USD 20,279 Shaw Group Inc (The) 895,286.62 785,562.58
0.20
USD 45,000 Spirit AeroSyst Holdings 790,348.28 566,875.14
0.14
Inc A
USD 30,000 Sysco Corp 570,814.34 537,540.87
0.14
USD 45,900 Thermo Fisher Scientific 1,669,574.38 1,612,234.04
0.41
Inc
USD 20,000 Thomas & Betts Corp 784,864.82 479,380.30
0.12
USD 35,460 United Technologies Corp 1,220,000.36 1,376,792.28
0.35
USD 32,000 Wabco Holdings Inc 1,021,206.60 938,696.47
0.24
USD 58,800 Wal-Mart Stores Inc 2,127,354.27 2,101,933.39
0.53
USD 155,300 Western Union Co (The) 2,515,059.88 2,483,892.82
0.63
USD 22,000 Zimmer Holdings Inc 1,154,219.73 938,836.15
0.24
60,467,333.0552,388,525.20
13.26
Total shares 126,401,091.41117,418,433.82
29.88
Undertakings for collective investment
EUR 4,000 Magellan SICAV Cap/Dist 6,369,099.34 5,379,040.00
1.37
EUR 60,000 SSGA Japan Alpha Eq Fd 10,670,674.588,106,000.00
2.06
SICAV Cap
17,039,773.9213,485,040.00
3.43
The accompanying notes are an integral part of these financial statements.
31
BL
SICAV with multiple Sub-Funds
BL-Global 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (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
U- 140,000Aberdeen Aberdeen Aberdeen 4,0-
4,6- 1.18
D Gl SICAV Gl SICAV Gl SICAV 2,3- 9,2-
Asia Asia Asia 9.418.39
Pacific Pacific Pacific Fd
Fd Ser A2 Fd Ser A2 Ser A2 Cap
Cap Cap Fidelity
Fidelity Fidelity Fds SICAV
Fds SICAV Fds SICAV Thailand A
Thailand Thailand Gl Certif
A Gl A Gl
Certif Certif
U- 300,000 4,03-
4,2- 1.08
D ,583- 3,9-
67 4.25
8,08- 8,8-
2.26
,893- 3,2-
08 2.64
Total undertakings for collective investment 25,- 22,-
5.69
28,- 68,-
67.- 42.-
0 4
B-
n-
s
E- 7,520,000Caisse Caisse Caisse 7,6-
7,6- 1.94
R d'Amort d'Amort d'Amort de3,4- 8,8-
de la de la la Dette 6.076.00
Dette Soc Dette Soc Soc 5.25%
5.25% 5.25% 98/25.10.-
98/25.10- 98/25.10- 2 Cie
de
12 Cie de 12 Cie de Financeme-
Financem- Financem- t
Foncier
nt nt 5.125%
Foncier Foncier 01/25.10.-
5.125% 5.125% 8
01/25.10- 01/25.10-
08 08
E- 12,500,000 13,6-
12,- 3.18
R 0,40- 03,-
.00 85.-
0
E- 8,000,000Corealcr- Corealcr-
Corealcre- 9,0- 8,0- 2.05
R dit Bank dit Bank it Bank AG6,4- 3,6-
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,- 3.87
R DGZ 5.75% DGZ 5.75% DGZ 5.75% 44,- 02,-
Ser 439 Ser 439 Ser 439 30.- 50.-
00/12.05- 00/12.05-
00/12.05.- 8 0
10 10 0
E- 15,000,000Depfa Depfa Depfa 15,-
14,- 3.79
R Deutsche Deutsche Deutsche 79,- 12,-
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,- 3.84
R Deutsche Deutsche Deutsche 06,- 87,-
Pfandbri- Pfandbri-
Pfandbrie- 45.- 04.-
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,-
14,- 3.77
R Deutsche Deutsche Deutsche 62,- 03,-
Pfandbri- Pfandbri-
Pfandbrie- 16.- 50.-
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,- 3.12
R nd 4% Ser nd 4% Ser d 4% Ser 25,- 57,-
05 05 05 07.- 45.-
05/04.01- 05/04.01-
05/04.01.- 8 0
37 37 7
E- 4,500,000Deutschl- Deutschl-
Deutschla- 4,3- 4,4- 1.13
R nd 4.75% nd 4.75% d 4.75% 1,9- 5,1-
Ser 98 Ser 98 Ser 98 9.185.65
98/04.07- 98/04.07-
98/04.07.-
28 28 8
E- 9,000,000Deutschl- Deutschl-
Deutschla- 11,- 10,- 2.64
R nd 6.25% nd 6.25% d 6.25% 69,- 80,-
Ser 94 Ser 94 Ser 94 08.- 98.-
94/04.01- 94/04.01-
94/04.01.- 4 0
24 24 4
E- 18,600,000Europaei- Europaei-
Europaeis- 20,- 18,- 4.80
R che che he 29,- 69,-
Hypothek- Hypothek-
Hypotheke- 48.- 11.-
nbank SA nbank SA bank SA 3 0
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,- 07,-
05/25.04- 05/25.04-
05/25.04.- 73.- 36.-
55 55 5 2 0
E- 9,000,000France 5% France 5% France 5% 9,8-
9,2- 2.34
R OAT OAT OAT 1,2- 0,2-
01/25.10- 01/25.10-
01/25.10.- 6.659.70
16 16 6
T- 168,-
155- 39.60
t- 05,5-
651-
l 4.76 352-
b- 55
n-
s
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 1,201,297.858
12,993,76- 8,560,817- 2.18
.86
62
Total undertakings for collective investment
12,993,76- 8,560,817- 2.18
.86
62
Investment certificates
EUR -
9,013,500- 8,820,000- 2.24
- 00
00
-
-
k
-
-
-
-
-
-
-
-
-
e
-
A
-
%
-
-
-
N
-
-
-
-
k
-
d
-
r
&
-
d
-
-
b
07/29.06.12 07/29.06.12
Total investment certificates
9,013,500- 8,820,000- 2.24
00
00
Warrants and rights
EUR -
0.00 0.00 0.00
-
r
-
-
-
-
-
-
e
-
A
-
-
-
-
-
s
-
-
-
-
-
r
-
-
-
-
-
-
-
8
Total warrants and rights
0.00 0.00 0.00
TOTAL INVESTMENTS IN SECURITIES
341,742,58- 312,818,84- 79.59
.03
.63
CASH AT BANKS
75,165,572- 19.13
70
OTHER NET ASSETS/(LIABILITIES)
5,029,031- 1.28
38
TOTAL
393,013,45- 100.00
.71
The accompanying notes are an integral part of these financial statements.
32
BL
SICAV with multiple Sub-Funds
BL-Global 50
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Banks 25.78 %
Countries and governments 14.30 %
UCI 7.87 %
Food, beverage and tobacco 5.68 %
Capital goods 4.84 %
Diversified financial services 3.37 %
Materials 3.04 %
Health care equipment and services 2.49 %
Pharmaceuticals and biotechnology 2.10 %
Technology hardware and equipment 1.86 %
Energy 1.49 %
Retailing 1.30 %
Household and personal products 0.93 %
Automobiles and components 0.75 %
Transportation 0.62 %
Commercial services and supplies 0.62 %
Software and services 0.58 %
Insurance 0.46 %
Investment companies 0.44 %
Real estate 0.43 %
Utilities 0.40 %
Food retailing, drugstores and pharmacies 0.14 %
Consumer durables and apparel 0.10 %
TOTAL 79.59 %
The accompanying notes are an integral part of these financial statements.
33
BL
SICAV with multiple Sub-Funds
BL-Global 50
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 25.68 %
France 16.87 %
United States of America 13.31 %
Grand Duchy of Luxembourg 11.48 %
United Kingdom 3.42 %
The Netherlands 3.02 %
Switzerland 2.14 %
Ireland 0.82 %
Italy 0.80 %
Sweden 0.61 %
Denmark 0.53 %
Hungary 0.28 %
Bermuda 0.16 %
Norway 0.16 %
Guernsey 0.14 %
Finland 0.10 %
Spain 0.07 %
TOTAL 79.59 %
The accompanying notes are an integral part of these financial statements.
34
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 382,298,770.85
Cash at banks 69,147,494.19
Receivable on issues of shares 1,438.79
Income receivable on portfolio 3,428,866.51
Interest receivable on bank accounts 191,265.15
Unrealised gain on forward foreign exchange contracts 3,702,184.86
Prepaid expenses 35,191.26
Total assets 458,805,211.61
LIABILITIES
Commitment on repurchase and "repo" contracts 39,322,900.00
Payable on redemptions of shares 55,120.67
Interest payable on financial instruments 83,948.72
Accrued capital gain taxes 135,455.26
Expenses and interests on bank liabilities payable 1,271,036.06
Total liabilities 40,868,460.71
NET ASSETS at the end of the period 417,936,750.90
Class A shares outstanding 1,030.457
Net asset value per class A share 1,017.74
Class B shares outstanding 301,136.976
Net asset value per class B share 1,384.38
The accompanying notes are an integral part of these financial statements.
35
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 2,562,470.98
Interest on bonds and other debt securities, net 2,717,109.56
Interest on bank accounts
2,222,611.56
Received commissions 310,352.94
Other income 2,282.51
Total income 7,814,827.55
EXPENSES
Management fees 2,308,179.85
Custodian fees 230,818.00
Banking charges and other fees 50,161.00
Central administration costs 41,565.48
Audit and supervisory fees 5,528.18
Other administration costs 57,785.26
Subscription duty ("taxe d'abonnement") 97,502.56
Other taxes 2,884.00
Interest paid on bank liabilities 15,553.51
Interest paid on financial instruments 1,400,136.90
Other expenses 6,986.41
Total expenses 4,217,101.15
NET INVESTMENT INCOME 3,597,726.40
NET REALISED GAIN/(LOSS)
- on securities portfolio 7,851,790.64
- on forward foreign exchange contracts 5,781,842.72
- on foreign exchange -2,639,849.42
REALISED RESULT 14,591,510.34
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -67,892,356.58
- on forward foreign exchange contracts -459,125.52
RESULT OF OPERATIONS -53,759,971.76
Dividends paid -36,230.87
Subscriptions 3,842,088.60
Redemptions -72,478,519.90
TOTAL CHANGES IN NET ASSETS -122,432,633.93
TOTAL NET ASSETS at the beginning of the period 540,369,384.83
TOTAL NET ASSETS at the end of the period 417,936,750.90
The accompanying notes are an integral part of these financial statements.
36
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 417,936,750.90
- as at 31.12.2007 540,369,384.83
- as at 31.12.2006 546,866,877.12
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
38.20
Number of class A shares
- outstanding at the beginning of the period 1,513.580
- issued
9.000
- redeemed -492.123
- outstanding at the end of the period 1,030.457
Net asset value per class A share
- highest 1,176.24
02.01.2008
- lowest 1,017.74
30.06.2008
- as at 30.06.2008 1,017.74
- as at 31.12.2007 1,175.81
- as at 31.12.2006 1,174.66
Synthetic TER per class A share (in %)
- as at 30.06.2008
1.43
Dividends paid
Payment date 10.06.2008
Dividend per share 35.16
Shares outstanding at dividend date 1,030.457
Number of class B shares
- outstanding at the beginning of the period 347,822.723
- issued
2,605.935
- redeemed -49,291.682
- outstanding at the end of the period 301,136.976
Net asset value per class B share
- highest 1,549.03
02.01.2008
- lowest 1,384.38
30.06.2008
- as at 30.06.2008 1,384.38
- as at 31.12.2007 1,548.46
- as at 31.12.2006 1,505.61
Synthetic TER per class B share (in %)
- as at 30.06.2008
1.40
The accompanying notes are an integral part of these financial statements.
37
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 17,100 Geberit AG Reg 1,169,237.86 1,582,696.20
0.38
CHF 7,000 Kaba Holding AG 1,628,123.88 1,345,226.73
0.32
CHF 16,979 Nestlé SA Reg 3,585,127.89 4,776,843.63
1.14
CHF 27,433 Roche Holding AG B de jouis Pref 2,320,749.72 2,989,853.65
0.72
CHF 54,200 Schindler Holding AG Partizsch 2,565,010.70 2,622,950.93
0.63
CHF 3,000 Straumann Holding AG Reg 487,633.07 478,026.20
0.11
CHF 31,550 Synthes Inc 2,620,397.00 2,727,671.66
0.65
14,376,280.12 16,523,269.00
3.95
DKK 8,000 Carlsberg A/S B 503,211.50 495,547.85
0.12
EUR 122,381 Aalberts Industries NV 2,018,097.06 1,457,557.71
0.35
EUR 28,014 Air Liquide SA 1,252,930.41 2,330,764.80
0.56
EUR 101,280 Akzo Nobel NV 4,050,735.44 4,414,795.20
1.06
EUR 68,400 Amer Sports Corp A 923,954.24 656,640.00
0.16
EUR 246,800 Anglo Irish Bank Corp Plc 2,364,359.83 1,604,200.00
0.38
EUR 67,766 BASF SE 1,445,832.91 2,989,835.92
0.72
EUR 211,200 Bank of Ireland Plc 2,931,574.66 1,235,520.00
0.30
EUR 110,300 Brembo SpA 1,064,414.83 751,143.00
0.18
EUR 115,600 CRH Plc 2,991,534.81 2,063,460.00
0.49
EUR 47,500 Continental AG 4,543,938.29 3,030,500.00
0.72
EUR 101,100 DSM NV 3,471,853.50 3,842,811.00
0.92
EUR 27,116 Deutsche Boerse AG Reg 901,541.76 1,937,438.20
0.46
EUR 130,878 ENI SpA 1,842,779.11 3,059,927.64
0.73
EUR 85,079 Heineken NV 2,741,174.51 2,733,588.27
0.65
EUR 30,000 Indra Sistemas SA 497,841.98 491,400.00
0.12
EUR 9,000 Linde AG 772,304.98 809,010.00
0.19
EUR 22,100 Neopost SA 1,966,668.76 1,496,612.00
0.36
EUR 72,240 Pernod-Ricard 3,871,398.92 4,641,420.00
1.11
EUR 10 SES SA FDR repr 1 Reg Sh A Saipem 120.33 159.50
0.00
SpA
EUR 60,000 1,645,123.76 1,737,000.00
0.42
EUR 42,800 Schneider Electric SA 3,483,887.67 2,996,428.00
0.72
EUR 39,000 Symrise AG 617,270.17 546,780.00
0.13
EUR 124,900 TNT NV 3,005,080.08 2,790,266.00
0.67
EUR 41,828 Total SA 1,536,099.85 2,213,119.48
0.53
EUR 150,438 Vinci SA 5,457,612.60 5,844,516.30
1.40
55,398,130.46 55,674,893.02
13.33
GBP 320,000 Bodycote Plc 1,349,366.99 846,133.17
0.20
GBP 260,498 British American Tobacco Plc 2,768,519.44 5,536,765.53
1.32
GBP 344,800 Diageo Plc 4,275,120.79 3,974,002.09
0.95
GBP 118,906 GlaxoSmithKline Plc 2,341,957.79 1,672,826.94
0.40
GBP 66,800 Intertek Group Plc 927,472.75 832,444.24
0.20
GBP 203,900 National Grid Plc 1,767,332.13 1,657,420.92
0.40
GBP 117,700 Reckitt Benckiser Group Plc 3,539,555.67 3,820,987.11
0.91
GBP 300,200 Smith & Nephew Plc 2,303,634.94 2,111,679.17
0.51
GBP 251,300 Southern Cross Healthca Gr Plc 2,049,240.14 995,128.77
0.24
21,322,200.64 21,447,387.94
5.13
HUF 19,508 MOL Hungarian Oil and Gas Plc Ser 976,713.76 1,643,599.16
0.39
A
NOK 60,000 Petroleum Geo-Services ASA 1,202,883.78 928,869.79
0.22
SEK 142,500 SKF AB 1,620,134.22 1,429,548.32
0.34
SEK 190,800 Swedish Match AB 2,725,463.85 2,430,590.43
0.58
4,345,598.07 3,860,138.75
0.92
The accompanying notes are an integral part of these financial statements.
38
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description
Cost Market % of
value
value value
total net
assets
USD 71,000
4,159,073.- 3,133,566- 0.75
0
14
USD 114,700 -
3,951,424- 3,859,868- 0.92
-
81 57
-
-
-
t
-
-
-
-
-
-
-
-
-
-
-
s
USD 60,000 -
1,570,732- 1,120,416- 0.27
-
89 52
-
-
-
s
-
-
d
USD 40,000 -
1,496,868- 1,581,256- 0.38
-
08 55
-
-
-
-
-
-
-
-
-
-
-
h
-
-
s
-
-
c
USD 47,000
1,387,284.- 1,422,876- 0.34
4
92
USD 42,800 -
1,580,673- 2,168,602- 0.52
-
30 18
-
-
-
n
-
-
-
-
-
-
-
-
n
&
-
o
USD 809 -
2,034,527- 2,063,143- 0.49
-
68 91
-
-
-
-
-
-
e
-
-
-
-
-
-
-
y
-
-
c
B
USD 50,000 -
1,398,861- 1,268,294- 0.30
-
55 23
-
-
-
-
o
-
-
-
-
-
e
&
-
-
-
n
-
o
-
V
-
-
g
USD 200,100 -
3,120,109- 2,999,689- 0.72
-
22 51
-
-
o
-
-
-
-
-
-
s
-
-
c
USD 117,542 -
4,782,914- 3,868,933- 0.93
-
31 79
-
-
-
-
-
-
a
-
o
USD 57,000 -
2,811,594- 1,528,734- 0.37
-
48 25
-
-
-
-
-
-
e
-
-
-
-
-
-
-
-
e
-
-
-
-
d
-
o
USD 80,000 -
3,244,070- 1,600,050- 0.38
-
70 80
-
-
-
-
-
y
-
-
-
-
-
h
-
-
-
e
-
-
c
USD 43,075 -
954,648.091,296,120- 0.31
-
04
-
-
-
-
-
n
-
-
d
USD 150,500
3,091,935.- 2,126,178- 0.51
8
61
USD 151,100
3,474,650.- 2,648,891- 0.63
4
08
USD 58,676 -
1,757,796- 1,794,611- 0.43
-
00 21
-
-
-
-
n
-
-
-
-
-
-
-
c
-
o
USD 26,500 -
2,219,407- 1,299,803- 0.31
-
73 17
-
-
x
-
-
-
p
USD 60,000 -
2,701,470- 2,268,262- 0.54
-
30 48
-
-
-
-
l
-
-
-
-
e
-
-
-
p
USD 40,000 -
1,483,511- 1,520,556- 0.36
-
59 21
-
-
-
-
l
-
-
-
-
s
-
-
c
USD 45,000 -
1,320,036- 1,328,613- 0.32
-
15 61
-
-
-
l
-
-
-
-
-
-
-
s
-
-
c
USD 120,000
1,385,997.- 1,677,767- 0.40
3
55
USD 136,600 -
4,341,444- 2,083,324- 0.50
-
00 55
-
e
-
-
-
-
t
-
-
c
USD 25,000
1,747,160.- 1,905,616- 0.46
8
05
USD 75,200 -
3,670,839- 3,035,311- 0.73
-
07 60
-
-
-
-
n
&
-
-
-
-
-
-
n
USD 57,600 -
1,207,617- 1,048,536- 0.25
-
37 14
-
-
-
-
n
-
-
-
-
-
-
-
s
-
-
c
USD 24,000 -
923,181.231,169,713- 0.28
-
32
y
-
-
-
-
-
l
-
-
c
USD 160,500
2,977,573.- 3,588,180- 0.86
2
58
USD 110,100
4,030,153.- 3,352,738- 0.80
2
82
USD 45,000 -
1,200,843- 1,182,323- 0.28
-
94 25
-
-
-
s
-
-
-
p
USD 55,000 -
3,255,677- 1,540,398- 0.37
-
43 11
-
g
-
-
-
-
n
-
-
c
USD 71,300 -
3,343,469- 2,319,700- 0.55
-
09 31
-
-
-
-
-
-
c
-
-
c
USD 152,200 -
4,387,850- 2,670,107- 0.64
-
13 62
-
-
-
-
-
-
t
-
-
-
p
USD 72,586 -
1,559,625- 2,296,555- 0.55
-
98 69
-
-
-
p
-
-
-
-
-
s
-
-
-
l
-
-
c
USD 60,000 -
2,549,828- 2,304,454- 0.55
-
35 11
-
-
-
-
r
&
-
-
-
-
-
e
-
o
USD 110,000 -
1,618,576- 2,292,961- 0.55
-
34 68
-
-
-
a
-
-
-
-
-
-
-
s
-
-
c
USD 80,000 -
1,207,818- 1,058,573- 0.25
-
04 29
-
-
-
-
t
-
-
-
-
-
y
-
-
c
USD 40,559 -
1,790,605- 1,571,163- 0.38
-
16 90
-
w
-
-
-
-
p
-
-
c
-
-
-
-
)
USD 60,000 -
1,125,134- 755,833.52 0.18
-
51
-
-
-
t
-
-
-
-
-
-
-
t
-
-
-
-
-
-
-
s
-
-
c
A
USD 55,000 -
1,046,483- 985,491.60 0.24
-
24
-
-
o
-
-
-
p
USD 85,200 -
3,106,561- 2,992,643- 0.72
-
42 58
-
-
-
o
-
-
-
-
-
r
-
-
-
-
-
-
-
-
-
c
-
-
c
USD 30,000 -
1,177,331- 719,070.45 0.17
-
62
-
-
-
s
&
-
-
-
-
s
-
-
-
p
USD 71,224 -
2,568,255- 2,765,387- 0.66
-
81 85
-
-
-
d
-
-
-
-
-
-
-
-
-
-
-
s
-
-
-
p
USD 60,000 -
1,916,591- 1,760,055- 0.42
-
47 87
-
-
o
-
-
-
-
-
-
-
s
-
-
c
USD 69,200 -
2,563,385- 2,473,703- 0.59
-
24 93
-
-
-
-
-
t
-
-
-
-
-
s
-
-
c
USD 289,300 -
4,693,130- 4,627,110- 1.11
-
18 07
-
-
-
-
n
-
-
-
-
n
-
o
-
-
-
-
)
USD 42,000 -
2,045,281- 1,792,323- 0.43
-
42 57
-
-
-
r
-
-
-
-
-
-
-
s
-
-
c
109,982,00- 94,867,51- 22.70
.03 .79
Total shares
208,107,02- 195,441,2- 46.76
.36 2.30
Undertakings for collective investment
EUR 7,000 -
11,145,92- 9,413,320- 2.25
-
.85 00
-
-
-
-
-
n
-
-
-
-
V
-
-
-
-
-
-
-
t
EUR 90,000 -
16,021,27- 12,159,00- 2.91
-
.91 .00
-
A
-
-
-
-
n
-
-
-
-
a
-
q
-
d
-
-
-
-
V
-
-
p
27,167,194- 21,572,32- 5.16
76
.00
USD 330,000 -
7,671,780- 10,935,39- 2.62
-
73 .77
-
-
-
-
-
n
-
l
-
-
-
-
V
-
-
-
a
-
-
-
-
-
-
c
-
d
-
-
r
-
2
-
-
p
-
-
-
-
-
-
-
y
-
-
s
-
-
-
-
V
-
-
-
-
-
-
-
d
A
-
l
-
-
-
-
-
f
USD 600,000
8,073,167.- 8,487,888- 2.03
4
50
USD 30,000 -
4,362,903- 6,081,716- 1.45
-
78 88
-
-
-
-
-
l
-
d
-
-
-
-
V
-
-
r
-
-
-
t
-
-
-
-
-
y
-
2
-
-
p
-
-
-
0
20,107,851- 25,505,00-
85
.15
Total undertakings for collective investment
47,275,04- 47,077,32- 11.26
.61 .15
The accompanying notes are an integral part of these financial statements.
39
BL
SICAV with multiple Sub-Funds
BL-Global 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Curren- Number / nominal Description Cost Market
value % of
y
value
total net
assets
Bonds
EUR 16,000,000 Deutschland 3.25% Ser 05 15,455,949.-
14,820,483.20 3.55
05/04.07.15 0
EUR 13,900,000 Deutschland 3.5% Ser 05 13,583,965.-
13,032,309.17 3.12
05/04.01.16 3
EUR 9,000,000 Deutschland 3.5% Ser 145 8,826,019.208,882,548.20
2.13
04/09.10.09
EUR 9,300,000 Deutschland 3.75% Ser 0302 8,968,878.449,007,385.73
2.15
03/04.07.13
EUR 7,000,000 Deutschland 3.75% Ser 99 6,696,631.016,979,000.00
1.67
99/04.01.09
EUR 6,500,000 Deutschland 4% Ser 05 6,598,933.585,690,956.70
1.36
05/04.01.37
EUR 5,200,000 Deutschland 4% Ser 99 4,794,938.025,170,024.60
1.24
99/04.07.09
EUR 1,400,000 Deutschland 4.125% 1,469,555.031,399,969.76
0.33
98/04.07.08
EUR 7,200,000 Deutschland 5.25% Ser 00 7,892,029.547,334,598.24
1.76
00/04.01.11
EUR 9,900,000 Deutschland 5.25% Ser 00 9,900,412.5010,044,600.39
2.40
00/04.07.10
EUR 5,500,000 Deutschland 5.5% Ser 00 6,595,944.535,944,505.05
1.42
00/04.01.31
EUR 5,000,000 Deutschland 6.25% Ser 94 5,834,095.945,766,777.00
1.38
94/04.01.24
EUR 12,700,000 France 3.75% OAT 05/25.04.2112,196,562.-
11,399,588.58 2.73
4
EUR 2,900,000 France 4% OAT 05/25.04.55 2,476,248.812,428,056.90
0.58
EUR 7,600,000 France 5.5% OAT 00/25.04.10 7,811,534.127,719,813.24
1.85
EUR 3,000,000 France 5.5% OAT 98/25.04.29 3,553,436.253,207,651.90
0.77
EUR 6,300,000 Italia 5% BTP 01/01.02.12 6,747,533.896,327,306.72
1.51
Total bonds 129,402,667.-
125,155,575.- 29.95
3 8
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 2,052,206.359
22,196,95- 14,624,653- 3.50
.49
02
Total undertakings for collective investment
22,196,95- 14,624,653- 3.50
.49
02
Warrants and rights
EUR -
0.00 0.00 0.00
-
r
-
-
-
-
-
-
e
-
A
-
-
-
-
-
s
-
-
-
-
-
r
-
-
-
-
-
-
-
8
Total warrants and rights
0.00 0.00 0.00
TOTAL INVESTMENTS IN SECURITIES
406,981,69- 382,298,770- 91.47
.39
85
CASH AT BANKS
69,147,494- 16.54
19
OTHER NET ASSETS/(LIABILITIES)
-33,509,514- -8.01
14
TOTAL
417,936,750- 100.00
90
The accompanying notes are an integral part of these financial statements.
40
BL
SICAV with multiple Sub-Funds
BL-Global 75
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Countries and governments 29.95 %
UCI 14.76 %
Food, beverage and tobacco 8.89 %
Capital goods 8.06 %
Materials 4.60 %
Health care equipment and services 4.10 %
Pharmaceuticals and biotechnology 3.49 %
Technology hardware and equipment 3.18 %
Energy 2.29 %
Retailing 2.00 %
Diversified financial services 1.94 %
Household and personal products 1.46 %
Automobiles and components 1.15 %
Commercial services and supplies 1.12 %
Software and services 1.08 %
Transportation 0.98 %
Investment companies 0.69 %
Banks 0.68 %
Utilities 0.65 %
Food retailing, drugstores and pharmacies 0.24 %
Consumer durables and apparel 0.16 %
TOTAL 91.47 %
The accompanying notes are an integral part of these financial statements.
41
BL
SICAV with multiple Sub-Funds
BL-Global 75
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 24.73 %
United States of America 22.47 %
France 15.77 %
Grand Duchy of Luxembourg 9.60 %
United Kingdom 5.13 %
The Netherlands 3.95 %
Switzerland 3.30 %
Italy 2.84 %
Ireland 1.17 %
Sweden 0.92 %
Hungary 0.39 %
Bermuda 0.31 %
Guernsey 0.27 %
Norway 0.22 %
Finland 0.16 %
Spain 0.12 %
Denmark 0.12 %
TOTAL 91.47 %
The accompanying notes are an integral part of these financial statements.
42
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 130,538,517.88
Cash at banks 29,560,716.25
Receivable on issues of shares 3,079.53
Income receivable on portfolio 109,492.12
Interest receivable on bank accounts 123,670.67
Unrealised gain on forward foreign exchange contracts 1,231,889.42
Prepaid expenses 35,191.26
Total assets 161,602,557.13
LIABILITIES
Payable on redemptions of shares 1,130,315.56
Accrued capital gain taxes 54,611.66
Expenses and interests on bank liabilities payable 479,760.31
Total liabilities 1,664,687.53
NET ASSETS at the end of the period 159,937,869.60
Class B shares outstanding 398,729.507
Net asset value per class B share 401.12
The accompanying notes are an integral part of these financial statements.
43
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 1,128,962.64
Interest on bank accounts 754,554.35
Received commissions 121,532.85
Other income 617.06
Total income 2,005,666.90
EXPENSES
Management fees 843,329.43
Custodian fees 84,332.92
Banking charges and other fees 16,124.62
Central administration costs 39,223.36
Audit and supervisory fees 2,024.06
Other administration costs 26,963.52
Subscription duty ("taxe d'abonnement") 36,299.76
Other taxes 260.00
Interest paid on financial instruments 1,327.75
Other expenses 2,545.61
Total expenses 1,052,431.03
NET INVESTMENT INCOME 953,235.87
NET REALISED GAIN/(LOSS)
- on securities portfolio 1,193,151.66
- on forward foreign exchange contracts 1,995,532.78
- on foreign exchange -811,480.40
REALISED RESULT 3,330,439.91
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -26,261,495.85
- on forward foreign exchange contracts 156,808.11
RESULT OF OPERATIONS -22,774,247.83
Dividends paid -
Subscriptions 15,563,262.73
Redemptions -29,185,109.42
TOTAL CHANGES IN NET ASSETS -36,396,094.52
TOTAL NET ASSETS at the beginning of the period 196,333,964.12
TOTAL NET ASSETS at the end of the period 159,937,869.60
The accompanying notes are an integral part of these financial statements.
44
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 159,937,869.60
- as at 31.12.2007 196,333,964.12
- as at 31.12.2006 129,123,665.19
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
31.99
Number of class B shares
- outstanding at the beginning of the period 430,830.499
- issued
36,743.855
- redeemed -68,844.847
- outstanding at the end of the period 398,729.507
Net asset value per class B share
- highest 455.95
02.01.2008
- lowest 397.51
18.03.2008
- as at 30.06.2008 401.12
- as at 31.12.2007 455.71
- as at 31.12.2006 442.11
Synthetic TER per class B share (in %)
- as at 30.06.2008
1.42
The accompanying notes are an integral part of these financial statements.
45
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 760,769.22 870,020.13
0.54
CHF 3,400 Kaba Holding AG 765,719.59 653,395.84
0.41
CHF 8,320 Nestlé SA Reg 2,047,862.55 2,340,734.97
1.46
CHF 12,113 Roche Holding AG B de jouis Pref 1,132,947.99 1,320,165.40
0.83
CHF 25,900 Schindler Holding AG Partizsch 1,215,035.22 1,253,402.75
0.78
CHF 1,600 Straumann Holding AG Reg 260,070.97 254,947.31
0.16
CHF 22,750 Synthes Inc 1,889,506.80 1,966,863.08
1.23
8,071,912.34 8,659,529.48
5.41
DKK 4,300 Carlsberg A/S B 270,888.73 266,356.97
0.17
EUR 59,860 Aalberts Industries NV 946,872.82 712,932.60
0.45
EUR 14,190 Air Liquide SA 820,416.70 1,180,608.00
0.74
EUR 53,980 Akzo Nobel NV 2,412,890.43 2,352,988.20
1.47
EUR 25,000 Amer Sports Corp A 337,702.58 240,000.00
0.15
EUR 120,800 Anglo Irish Bank Corp Plc 1,188,218.22 785,200.00
0.49
EUR 33,210 BASF SE 953,944.88 1,465,225.20
0.92
EUR 90,600 Bank of Ireland Plc 1,255,321.84 530,010.00
0.33
EUR 41,400 Brembo SpA 402,263.40 281,934.00
0.18
EUR 56,100 CRH Plc 1,516,847.18 1,001,385.00
0.63
EUR 23,100 Continental AG 2,236,886.48 1,473,780.00
0.92
EUR 47,950 DSM NV 1,727,252.58 1,822,579.50
1.14
EUR 11,978 Deutsche Boerse AG Reg 551,623.79 855,828.10
0.54
EUR 59,929 ENI SpA 1,004,751.55 1,401,140.02
0.88
EUR 44,071 Heineken NV 1,501,818.35 1,416,001.23
0.89
EUR 16,000 Indra Sistemas SA 265,515.73 262,080.00
0.16
EUR 4,500 Linde AG 386,152.50 404,505.00
0.25
EUR 13,000 Neopost SA 1,172,149.35 880,360.00
0.55
EUR 37,460 Pernod-Ricard 2,318,425.43 2,406,805.00
1.50
EUR 30,000 Saipem SpA 822,561.90 868,500.00
0.54
EUR 20,950 Schneider Electric SA 1,777,861.98 1,466,709.50
0.92
EUR 20,000 Symrise AG 316,548.80 280,400.00
0.18
EUR 52,000 TNT NV 1,364,561.31 1,161,680.00
0.73
EUR 20,150 Total SA 868,983.35 1,066,136.50
0.67
EUR 12,070 Vinci SA 509,924.45 468,919.50
0.29
26,659,495.60 24,785,707.35
15.52
GBP 178,600 Bodycote Plc 728,805.94 472,248.08
0.30
GBP 133,955 British American Tobacco Plc 1,989,120.09 2,847,152.09
1.78
GBP 176,800 Diageo Plc 2,399,792.31 2,037,713.37
1.27
GBP 60,149 GlaxoSmithKline Plc 1,281,641.08 846,205.13
0.53
GBP 34,700 Intertek Group Plc 473,535.94 432,422.38
0.27
GBP 98,400 National Grid Plc 921,079.23 799,853.94
0.50
GBP 55,100 Reckitt Benckiser Group Plc 1,789,636.71 1,788,754.37
1.12
GBP 144,200 Smith & Nephew Plc 1,162,395.17 1,014,337.56
0.63
GBP 135,500 Southern Cross Healthca Gr Plc 1,099,923.96 536,569.63
0.34
11,845,930.43 10,775,256.55
6.74
HUF 9,421 MOL Hungarian Oil and Gas Plc Ser 660,900.98 793,743.47
0.50
A
NOK 30,000 Petroleum Geo-Services ASA 601,441.89 464,434.90
0.29
SEK 56,100 SKF AB 665,151.12 562,790.60
0.35
SEK 94,700 Swedish Match AB 1,370,103.10 1,206,377.95
0.75
2,035,254.22 1,769,168.55
1.10
The accompanying notes are an integral part of these financial statements.
46
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description
Cost Market % of
value
value value
total net
assets
USD 35,000
2,066,988.- 1,544,715- 0.97
1
71
USD 60,800 -
2,120,156- 2,046,033- 1.28
-
35 21
-
-
-
t
-
-
-
-
-
-
-
-
-
-
-
s
USD 56,000 -
1,357,998- 1,045,722- 0.65
-
38 09
-
-
-
s
-
-
d
USD 25,000 -
883,415.32988,285.34 0.62
-
-
-
-
-
-
-
-
-
-
-
-
h
-
-
s
-
-
c
USD 24,000
710,197.81726,575.45 0.45
USD 20,840 -
865,685.861,055,926- 0.66
-
85
-
-
-
n
-
-
-
-
-
-
-
-
n
&
-
o
USD 394 -
1,052,098- 1,004,794- 0.63
-
15 44
-
-
-
-
-
-
e
-
-
-
-
-
-
-
y
-
-
c
B
USD 25,000 -
699,436.59634,147.12 0.40
-
-
-
-
-
o
-
-
-
-
-
e
&
-
-
-
n
-
o
-
V
-
-
g
USD 89,000 -
1,483,279- 1,334,194- 0.83
-
75 74
-
-
o
-
-
-
-
-
-
s
-
-
c
USD 39,887 -
1,570,189- 1,312,893- 0.82
-
24 79
-
-
-
-
-
-
a
-
o
USD 24,000 -
1,162,102- 643,677.58 0.40
-
70
-
-
-
-
-
-
e
-
-
-
-
-
-
-
-
e
-
-
-
-
d
-
o
USD 27,000 -
1,095,957- 540,017.14 0.34
-
04
-
-
-
-
-
y
-
-
-
-
-
h
-
-
-
e
-
-
c
USD 30,000 -
824,949.26902,695.32 0.56
-
-
-
-
-
-
n
-
-
d
USD 81,000
1,505,655.- 1,144,322- 0.72
3
04
USD 80,500
1,848,925.- 1,411,222- 0.88
5
58
USD 35,018 -
1,105,359- 1,071,028- 0.67
-
91 96
-
-
-
-
n
-
-
-
-
-
-
-
c
-
o
USD 20,000 -
1,550,171- 980,983.52 0.61
-
41
-
-
x
-
-
-
p
USD 30,000 -
1,349,097- 1,134,131- 0.71
-
97 24
-
-
-
-
l
-
-
-
-
e
-
-
-
p
USD 25,000 -
924,965.71950,347.63 0.59
-
-
-
-
-
l
-
-
-
-
s
-
-
c
USD 21,000 -
617,270.98620,019.68 0.39
-
-
-
-
l
-
-
-
-
-
-
-
s
-
-
c
USD 60,000
741,994.08838,883.77 0.52
USD 65,400 -
1,816,874- 997,433.57 0.62
-
30
-
e
-
-
-
-
t
-
-
c
USD 15,000
1,070,330.- 1,143,369- 0.71
3
63
USD 47,200 -
2,254,003- 1,905,142- 1.19
-
62 39
-
-
-
-
n
&
-
-
-
-
-
-
n
USD 47,000 -
993,365.00855,576.37 0.53
-
-
-
-
-
n
-
-
-
-
-
-
-
s
-
-
c
USD 11,000 -
415,797.03536,118.61 0.34
-
y
-
-
-
-
-
l
-
-
c
USD 88,000
1,800,083.- 1,967,351- 1.23
7
34
USD 58,800
2,137,250.- 1,790,563- 1.12
9
51
USD 20,000 -
533,714.76525,477.00 0.33
-
-
-
-
s
-
-
-
p
USD 28,000 -
1,659,536- 784,202.67 0.49
-
32
-
g
-
-
-
-
n
-
-
c
USD 33,800 -
1,428,246- 1,099,661- 0.69
-
96 58
-
-
-
-
-
-
c
-
-
c
USD 65,731 -
1,659,677- 1,153,146- 0.72
-
69 15
-
-
-
-
-
-
t
-
-
-
p
USD 34,445 -
873,915.941,089,808- 0.68
-
79
-
-
-
p
-
-
-
-
-
s
-
-
-
l
-
-
c
USD 30,000 -
1,274,925- 1,152,227- 0.72
-
78 05
-
-
-
-
r
&
-
-
-
-
-
e
-
o
USD 50,000 -
735,812.021,042,255- 0.65
-
31
-
-
-
a
-
-
-
-
-
-
-
s
-
-
c
USD 40,000 -
603,914.83529,286.64 0.33
-
-
-
-
-
t
-
-
-
-
-
y
-
-
c
USD 26,224 -
1,121,790- 1,015,858- 0.64
-
76 43
-
w
-
-
-
-
p
-
-
c
-
-
-
-
)
USD 40,000 -
696,589.18503,889.01 0.32
-
-
-
-
t
-
-
-
-
-
-
-
t
-
-
-
-
-
-
-
s
-
-
c
A
USD 30,000 -
570,814.34537,540.87 0.34
-
-
-
o
-
-
-
p
USD 42,500 -
1,564,030- 1,492,809- 0.93
-
54 30
-
-
-
o
-
-
-
-
-
r
-
-
-
-
-
-
-
-
-
c
-
-
c
USD 15,000 -
599,156.34359,535.22 0.22
-
-
-
-
s
&
-
-
-
-
s
-
-
-
p
USD 30,068 -
1,224,932- 1,167,439- 0.73
-
13 09
-
-
-
d
-
-
-
-
-
-
-
-
-
-
-
s
-
-
-
p
USD 30,000 -
958,318.80880,027.94 0.55
-
-
-
o
-
-
-
-
-
-
-
s
-
-
c
USD 66,800 -
2,306,356- 2,387,910- 1.49
-
46 73
-
-
-
-
-
t
-
-
-
-
-
s
-
-
c
USD 132,100 -
2,061,542- 2,112,828- 1.32
-
75 34
-
-
-
-
n
-
-
-
-
n
-
o
-
-
-
-
)
USD 19,000 -
989,264.02810,813.04 0.51
-
-
-
-
r
-
-
-
-
-
-
-
s
-
-
c
56,886,140- 49,770,89- 31.10
96
.78
Total shares
107,031,96- 97,285,08- 60.83
.15 .05
Undertakings for collective investment
EUR 2,500 -
3,980,687- 3,361,900- 2.10
-
09 00
-
-
-
-
-
n
-
-
-
-
V
-
-
-
-
-
-
-
t
EUR 31,000 -
5,459,760- 4,188,100- 2.62
-
33 00
-
A
-
-
-
-
n
-
-
-
-
a
-
q
-
d
-
-
-
-
V
-
-
p
9,440,447.- 7,550,000- 4.72
2
00
USD 105,000 -
2,229,752- 3,479,443- 2.18
-
28 79
-
-
-
-
-
n
-
l
-
-
-
-
V
-
-
-
a
-
-
-
-
-
-
c
-
d
-
-
r
-
2
-
-
p
-
-
-
-
-
-
-
y
-
-
s
-
-
-
-
V
-
-
-
-
-
-
-
d
A
-
l
-
-
-
-
-
f
USD 200,000
2,691,055.- 2,829,296- 1.77
8
17
USD 10,400 -
1,512,473- 2,108,328- 1.32
-
31 52
-
-
-
-
-
l
-
d
-
-
-
-
V
-
-
r
-
-
-
t
-
-
-
-
-
y
-
2
-
-
p
-
-
-
7
6,433,281.- 8,417,068-
7
48
Total undertakings for collective investment
15,873,72- 15,967,06- 9.99
.79 .48
The accompanying notes are an integral part of these financial statements.
47
BL
SICAV with multiple Sub-Funds
BL-Global Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Money market instruments
EUR 10,000,000 9,907,350.00 9,907,350.00 6.19
Total money market instruments 9,907,350.00 9,907,350.00 6.19
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 1,035,460.739 10,105,349.-
7,379,011.35 4.61
4
Total undertakings for collective investment 10,105,349.-
7,379,011.35 4.61
4
TOTAL INVESTMENTS IN SECURITIES 142,918,393.-
130,538,517.88 81.62
8
CASH AT BANKS
29,560,716.25 18.48
OTHER NET ASSETS/(LIABILITIES)
-161,364.53 -0.10
TOTAL
159,937,869.60 100.00
The accompanying notes are an integral part of these financial statements.
48
BL
SICAV with multiple Sub-Funds
BL-Global Equities
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 14.60 %
Food, beverage and tobacco 11.65 %
Capital goods 9.01 %
Countries and governments 6.19 %
Materials 6.17 %
Health care equipment and services 5.64 %
Pharmaceuticals and biotechnology 4.76 %
Technology hardware and equipment 4.58 %
Retailing 3.32 %
Energy 2.88 %
Diversified financial services 2.35 %
Household and personal products 1.84 %
Automobiles and components 1.63 %
Transportation 1.34 %
Commercial services and supplies 1.32 %
Software and services 1.27 %
Investment companies 0.93 %
Utilities 0.83 %
Banks 0.82 %
Food retailing, drugstores and pharmacies 0.34 %
Consumer durables and apparel 0.15 %
TOTAL 81.62 %
The accompanying notes are an integral part of these financial statements.
49
BL
SICAV with multiple Sub-Funds
BL-Global Equities
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 30.72 %
Grand Duchy of Luxembourg 9.88 %
France 9.39 %
United Kingdom 6.74 %
Belgium 6.19 %
The Netherlands 5.08 %
Switzerland 4.18 %
Germany 2.81 %
Italy 1.60 %
Ireland 1.45 %
Sweden 1.10 %
Guernsey 0.65 %
Bermuda 0.56 %
Hungary 0.50 %
Norway 0.29 %
Denmark 0.17 %
Spain 0.16 %
Finland 0.15 %
TOTAL 81.62 %
The accompanying notes are an integral part of these financial statements.
50
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 59,165,278.57
Cash at banks 11,884,514.72
Receivable on issues of shares 238,591.54
Income receivable on portfolio 67,483.77
Interest receivable on bank accounts 74,047.42
Unrealised gain on forward foreign exchange contracts 176,830.52
Total assets 71,606,746.54
LIABILITIES
Payable on redemptions of shares 95,972.55
Expenses and interests on bank liabilities payable 239,523.68
Total liabilities 335,496.23
NET ASSETS at the end of the period 71,271,250.31
Class B shares outstanding 126,996.685
Net asset value per class B share 561.21
The accompanying notes are an integral part of these financial statements.
51
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 854,455.22
Interest on bank accounts 435,065.86
Received commissions 28,602.13
Other income 5,876.64
Total income 1,323,999.85
EXPENSES
Management fees 416,787.46
Custodian fees 38,440.96
Banking charges and other fees 9,478.08
Central administration costs 30,422.85
Audit and supervisory fees 922.42
Other administration costs 17,499.16
Subscription duty ("taxe d'abonnement") 18,448.36
Other taxes 375.00
Other expenses 1,171.31
Total expenses 533,545.60
NET INVESTMENT INCOME 790,454.25
NET REALISED GAIN/(LOSS)
- on securities portfolio 8,439,488.61
- on forward foreign exchange contracts 2,016,543.73
- on foreign exchange -186,582.62
REALISED RESULT 11,059,903.97
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -18,264,932.63
- on forward foreign exchange contracts -1,617,160.80
RESULT OF OPERATIONS -8,822,189.46
Dividends paid -
Subscriptions 1,487,075.13
Redemptions -7,930,910.38
TOTAL CHANGES IN NET ASSETS -15,266,024.71
TOTAL NET ASSETS at the beginning of the period 86,537,275.02
TOTAL NET ASSETS at the end of the period 71,271,250.31
The accompanying notes are an integral part of these financial statements.
52
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 71,271,250.31
- as at 31.12.2007 86,537,275.02
- as at 31.12.2006 106,078,687.65
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
130.41
Number of class B shares
- outstanding at the beginning of the period 137,940.061
- issued
2,567.579
- redeemed -13,510.955
- outstanding at the end of the period 126,996.685
Net asset value per class B share
- highest 626.38
02.01.2008
- lowest 561.16
18.03.2008
- as at 30.06.2008 561.21
- as at 31.12.2007 627.35
- as at 31.12.2006 621.12
TER per class B share (in %)
- as at 30.06.2008 1.35
The accompanying notes are an integral part of these financial statements.
53
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 10,000 Geberit AG Reg 762,618.84 925,553.33
1.30
CHF 10,000 Roche Holding AG B de jouis 1,198,516.96 1,089,874.84
1.53
Pref
1,961,135.80 2,015,428.17
2.83
EUR 40,000 Adidas AG 1,670,860.99 1,616,000.00
2.27
EUR 18,700 Air Liquide SA 1,599,252.50 1,555,840.00
2.18
EUR 44,000 Akzo Nobel NV 2,060,137.33 1,917,960.00
2.69
EUR 36,000 BASF SE 1,574,009.82 1,588,320.00
2.23
EUR 80,000 CRH Plc 1,472,595.04 1,428,000.00
2.00
EUR 27,000 DSM NV 769,375.42 1,026,270.00
1.44
EUR 30,000 Danone Groupe 1,529,187.44 1,340,700.00
1.88
EUR 50,000 ENI SpA 1,060,083.59 1,169,000.00
1.64
EUR 18,000 L'Oréal SA 1,390,811.56 1,213,740.00
1.70
EUR 10,000 Pernod-Ricard 697,883.38 642,500.00
0.90
EUR 16,000 Sanofi-Aventis 740,989.82 674,560.00
0.95
EUR 15,000 Schneider Electric SA 1,392,497.85 1,050,150.00
1.47
EUR 60,000 TNT NV 1,468,297.80 1,340,400.00
1.88
EUR 70,000 Unilever NV Certif 1,446,485.04 1,243,200.00
1.75
EUR 350,000 Wessanen NV 3,767,007.18 2,558,500.00
3.59
22,639,474.76 20,365,140.00
28.57
GBP 250,000 Diageo Plc 2,877,657.92 2,881,382.03
4.04
GBP 175,000 GlaxoSmithKline Plc 2,750,042.38 2,461,984.38
3.46
GBP 150,000 HSBC Holdings Plc 1,291,821.62 1,476,431.54
2.07
GBP 80,000 National Grid Plc 720,289.62 650,287.76
0.91
GBP 35,000 Reckitt Benckiser Group Plc 1,246,937.01 1,136,232.36
1.59
GBP 35,000 SABMiller Plc 513,824.77 494,168.09
0.69
9,400,573.32 9,100,486.16
12.76
SEK 20,000 Hennes & Mauritz AB B 719,923.59 682,595.06
0.96
USD 30,000 3M Co 1,777,300.37 1,324,042.03
1.86
USD 50,000 Abbott Laboratories 1,632,620.76 1,682,593.10
2.36
USD 40,000 Anheuser-Busch Cos Inc 1,340,305.65 1,581,256.55
2.22
USD 60,000 Becton Dickinson & Co 2,154,511.85 3,040,096.51
4.27
USD 120,000 Cisco Systems Inc 2,308,753.34 1,798,914.25
2.52
USD 37,500 Colgate-Palmolive Co 1,844,174.42 1,624,099.18
2.28
USD 40,000 Home Depot Inc 1,173,908.31 610,051.11
0.86
USD 68,000 Johnson & Johnson 3,199,126.03 2,744,696.66
3.85
USD 70,000 Procter & Gamble Co 3,064,436.53 2,688,529.79
3.77
18,495,137.26 17,094,279.18
23.99
Total shares 53,216,244.73 49,257,928.57
69.11
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Money market instruments
EUR 10,000,000 9,907,350.00 9,907,350.00
13.90
Total money market instruments 9,907,350.00 9,907,350.00
13.90
TOTAL INVESTMENTS IN SECURITIES 63,123,594.7359,165,278.57
83.01
CASH AT BANKS 11,884,514.72
16.68
OTHER NET ASSETS/(LIABILITIES) 221,457.02
0.31
TOTAL 71,271,250.31
100.00
The accompanying notes are an integral part of these financial statements.
54
BL
SICAV with multiple Sub-Funds
BL-Equities Horizon
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Food, beverage and tobacco 15.07 %
Countries and governments 13.90 %
Pharmaceuticals and biotechnology 12.15 %
Materials 10.54 %
Household and personal products 9.34 %
Capital goods 4.63 %
Health care equipment and services 4.27 %
Consumer durables and apparel 3.23 %
Technology hardware and equipment 2.52 %
Banks 2.07 %
Transportation 1.88 %
Energy 1.64 %
Utilities 0.91 %
Retailing 0.86 %
TOTAL 83.01 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 23.99 %
Belgium 13.90 %
United Kingdom 12.76 %
The Netherlands 11.35 %
France 9.08 %
Germany 4.50 %
Switzerland 2.83 %
Ireland 2.00 %
Italy 1.64 %
Sweden 0.96 %
TOTAL 83.01 %
The accompanying notes are an integral part of these financial statements.
55
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF NET ASSETS
as at 30th June 2008
(in USD)
ASSETS
Securities portfolio at market value 239,288,800.00
Receivable on sales of securities 9,286,637.63
Receivable on issues of shares 259,125.28
Income receivable on portfolio 142,056.12
Interest receivable on bank accounts 5,188.45
Prepaid expenses 48,913.03
Total assets 249,030,720.51
LIABILITIES
Bank liabilities 5,664,131.18
Payable on redemptions of shares 55,747.39
Expenses and interests on bank liabilities payable 762,949.56
Total liabilities 6,482,828.13
NET ASSETS at the end of the period 242,547,892.38
Class B shares outstanding 72,245.567
Net asset value per class B share 3,357.27
The accompanying notes are an integral part of these financial statements.
56
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in USD)
INCOME
Dividends, net 1,238,551.87
Interest on bank accounts 239,268.33
Received commissions 30,270.36
Other income 1,312.19
Total income 1,509,402.75
EXPENSES
Management fees 1,342,553.92
Custodian fees 134,255.37
Banking charges and other fees 43,904.44
Central administration costs 63,139.77
Audit and supervisory fees 3,219.11
Other administration costs 42,057.31
Subscription duty ("taxe d'abonnement") 62,710.01
Other taxes 38.06
Other expenses 4,223.26
Total expenses 1,696,101.25
NET INVESTMENT INCOME -186,698.50
NET REALISED GAIN/(LOSS)
- on securities portfolio 9,894,127.17
- on foreign exchange -530.98
REALISED RESULT 9,706,897.69
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -40,728,904.49
RESULT OF OPERATIONS -31,022,006.80
Dividends paid -
Subscriptions 15,330,819.94
Redemptions -76,916,398.38
TOTAL CHANGES IN NET ASSETS -92,607,585.24
TOTAL NET ASSETS at the beginning of the period 335,155,477.62
TOTAL NET ASSETS at the end of the period 242,547,892.38
The accompanying notes are an integral part of these financial statements.
57
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATISTICAL INFORMATION
as at 30th June 2008
(in USD)
Total net assets
- as at 30.06.2008 242,547,892.38
- as at 31.12.2007 335,155,477.62
- as at 31.12.2006 525,414,146.28
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
54.71
Number of class B shares
- outstanding at the beginning of the period 89,920.105
- issued
4,359.179
- redeemed -22,033.717
- outstanding at the end of the period 72,245.567
Net asset value per class B share
- highest 3,698.99
02.01.2008
- lowest 3,263.15
18.03.2008
- as at 30.06.2008 3,357.27
- as at 31.12.2007 3,727.26
- as at 31.12.2006 3,419.07
TER per class B share (in %)
- as at 30.06.2008 1.27
The accompanying notes are an integral part of these financial statements.
58
BL
SICAV with multiple Sub-Funds
BL-Equities America
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 100,000 3M Co 7,565,749.-
6,951,000.- 2.87
7 0
USD 175,000 Abbott Laboratories 8,271,809.-
9,275,000.- 3.82
8 0
USD 150,000 Amdocs Ltd 5,398,706.-
4,411,500.- 1.82
3 0
USD 50,000 Anheuser-Busch Cos Inc 2,292,657.-
3,113,000.- 1.28
1 0
USD 80,000 Ball Corp 3,670,986.-
3,814,400.- 1.57
9 0
USD 67,000 Becton Dickinson & Co 4,172,772.-
5,346,600.- 2.20
4 0
USD 1,200 Berkshire Hathaway Inc 3,567,633.-
4,819,800.- 1.99
B 0 0
USD 75,000 Chicago Bridge & Iron 3,248,252.-
2,996,250.- 1.24
Co NV Reg 4 0
USD 250,000 Cisco Systems Inc 4,908,561.-
5,902,500.- 2.43
1 0
USD 160,000 Coca-Cola Co 7,463,370.-
8,294,400.- 3.42
0 0
USD 85,000 Corporate Executive 5,789,399.-
3,590,400.- 1.48
Board Co 1 0
USD 80,000 Coventry Health Care 4,046,937.-
2,520,000.- 1.04
Inc 5 0
USD 95,000 Covidien Ltd 3,635,023.-
4,502,050.- 1.86
6 0
USD 200,000 Dell Inc 4,900,011.-
4,450,000.- 1.83
7 0
USD 250,000 EBay Inc 7,521,967.-
6,902,500.- 2.85
8 0
USD 100,000 Emerson Electric Co 3,732,079.-
4,817,000.- 1.99
6 0
USD 70,000 Fedex Corp 7,804,372.-
5,407,500.- 2.23
6 0
USD 100,000 General Cable Corp 6,837,228.-
5,954,000.- 2.45
0 0
USD 60,000 General Mills Inc 3,380,172.-
3,592,200.- 1.48
4 0
USD 70,000 Global Payments Inc 2,698,397.-
3,255,000.- 1.34
8 0
USD 200,000 Hologic Inc 3,555,585.-
4,404,000.- 1.82
8 0
USD 190,000 Home Depot Inc 7,070,087.-
4,563,800.- 1.88
1 0
USD 50,000 IBM Corp 5,199,356.-
6,002,500.- 2.47
8 0
USD 110,000 Johnson & Johnson 6,919,514.-
6,992,700.- 2.88
1 0
USD 140,000 Johnson Controls Inc 3,727,551.-
4,013,800.- 1.66
6 0
USD 25,000 Joy Global Inc 1,349,204.-
1,919,000.- 0.79
7 0
USD 300,000 KBR Inc 7,443,953.-
10,563,000- 4.36
6 00
USD 150,000 Kellogg Co 7,085,994.-
7,194,000.- 2.97
0 0
USD 100,000 Kohl's Corp 4,321,473.-
4,138,000.- 1.71
6 0
USD 90,000 Legg Mason Inc 7,557,161.-
3,969,900.- 1.64
8 0
USD 90,000 Medtronic Inc 4,396,825.-
4,611,600.- 1.90
5 0
USD 225,000 Microsoft Corp 6,203,246.-
6,216,750.- 2.56
7 0
USD 150,000 Philip Morris Intl Inc 6,070,042.-
7,474,500.- 3.08
1 0
USD 65,000 Procter & Gamble Co 4,337,765.-
3,931,850.- 1.62
1 0
USD 190,000 Quanta Services Inc 4,122,596.-
6,237,700.- 2.57
0 0
USD 120,000 Reliant Energy Inc 2,806,356.-
2,500,800.- 1.03
2 0
USD 70,000 Shaw Group Inc (The) 4,183,456.-
4,270,700.- 1.76
1 0
USD 170,000 Spirit AeroSyst 4,408,160.-
3,372,800.- 1.39
Holdings Inc A 1 0
USD 175,000 Sysco Corp 5,232,581.-
4,938,500.- 2.04
8 0
USD 140,000 Thermo Fisher 7,073,771.-
7,744,800.- 3.19
Scientific Inc 9 0
USD 75,000 Thomas & Betts Corp 3,913,040.-
2,831,250.- 1.17
6 0
USD 100,000 United Technologies 4,848,910.-
6,115,000.- 2.52
Corp 1 0
USD 100,000 Wabco Holdings Inc 4,959,794.-
4,620,000.- 1.91
5 0
USD 100,000 Wal-Mart Stores Inc 4,585,524.-
5,630,000.- 2.32
6 0
USD 400,000 Western Union Co (The) 8,652,898.-
10,076,000- 4.15
8 00
USD 75,000 Zimmer Holdings Inc 4,956,936.-
5,040,750.- 2.08
6 0
TOTAL INVESTMENTS IN SECURITIES 235,887,88-
239,288,80- 98.66
.26 .00
BANK LIABILITIES
-5,664,131- -2.34
18
OTHER NET ASSETS/(LIABILITIES)
8,923,223.- 3.68
6
TOTAL
242,547,89- 100.00
.38
The accompanying notes are an integral part of these financial statements.
59
BL
SICAV with multiple Sub-Funds
BL-Equities America
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Capital goods 18.24 %
Food, beverage and tobacco 12.23 %
Technology hardware and equipment 11.00 %
Health care equipment and services 10.90 %
Pharmaceuticals and biotechnology 9.89 %
Retailing 8.76 %
Diversified financial services 5.79 %
Commercial services and supplies 4.05 %
Software and services 3.90 %
Materials 3.33 %
Transportation 2.23 %
Food retailing, drugstores and pharmacies 2.04 %
Investment companies 1.99 %
Automobiles and components 1.66 %
Household and personal products 1.62 %
Utilities 1.03 %
TOTAL 98.66 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 93.74 %
Bermuda 1.86 %
Guernsey 1.82 %
The Netherlands 1.24 %
TOTAL 98.66 %
The accompanying notes are an integral part of these financial statements.
60
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 313,482,853.58
Cash at banks 21,379,779.67
Receivable on issues of shares 332,546.20
Income receivable on portfolio 613,516.32
Interest receivable on bank accounts 89,868.24
Prepaid expenses 35,191.26
Total assets 335,933,755.27
LIABILITIES
Bank liabilities 326,200.32
Payable on redemptions of shares 1,518,931.39
Expenses and interests on bank liabilities payable 1,058,619.26
Total liabilities 2,903,750.97
NET ASSETS at the end of the period 333,030,004.30
Class B shares outstanding 110,050.055
Net asset value per class B share 3,026.17
The accompanying notes are an integral part of these financial statements.
61
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 5,918,066.07
Interest on bank accounts 458,053.22
Received commissions 339,876.19
Total income 6,715,995.48
EXPENSES
Management fees 1,872,219.62
Custodian fees 187,221.94
Banking charges and other fees 37,209.87
Central administration costs 42,342.90
Audit and supervisory fees 4,490.03
Other administration costs 46,504.00
Subscription duty ("taxe d'abonnement") 86,859.65
Other taxes 1,759.00
Interest paid on financial instruments 10,622.00
Other expenses 5,761.92
Total expenses 2,294,990.93
NET INVESTMENT INCOME 4,421,004.55
NET REALISED GAIN/(LOSS)
- on securities portfolio 19,952,816.00
- on foreign exchange -1,179,112.53
REALISED RESULT 23,194,708.02
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -96,472,136.45
RESULT OF OPERATIONS -73,277,428.43
Dividends paid -
Subscriptions 40,786,305.92
Redemptions -104,636,724.65
TOTAL CHANGES IN NET ASSETS -137,127,847.16
TOTAL NET ASSETS at the beginning of the period 470,157,851.46
TOTAL NET ASSETS at the end of the period 333,030,004.30
The accompanying notes are an integral part of these financial statements.
62
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 333,030,004.30
- as at 31.12.2007 470,157,851.46
- as at 31.12.2006 529,994,159.42
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
7.22
Number of class B shares
- outstanding at the beginning of the period 129,251.813
- issued
12,067.239
- redeemed -31,268.997
- outstanding at the end of the period 110,050.055
Net asset value per class B share
- highest 3,643.37
02.01.2008
- lowest 3,026.17
30.06.2008
- as at 30.06.2008 3,026.17
- as at 31.12.2007 3,637.53
- as at 31.12.2006 3,662.36
TER per class B share (in %)
- as at 30.06.2008 1.21
The accompanying notes are an integral part of these financial statements.
63
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 4,759,874.92 3,478,760.99
1.04
AG
CHF 50,000 Geberit AG Reg 2,968,239.23 4,627,766.67
1.39
CHF 20,700 Kaba Holding AG 4,668,157.40 3,978,027.61
1.19
CHF 50,000 Nestlé SA Reg 9,359,213.40 14,066,916.86
4.22
CHF 70,000 Roche Holding AG B de jouis 5,756,888.21 7,629,123.89
2.29
Pref
CHF 160,000 Schindler Holding AG 5,976,558.49 7,743,028.57
2.33
Partizsch
CHF 12,500 Straumann Holding AG Reg 2,031,804.47 1,991,775.84
0.60
CHF 93,800 Synthes Inc 7,996,991.04 8,109,527.77
2.44
43,517,727.16 51,624,928.20
15.50
DKK 33,000 Carlsberg A/S B 2,075,747.45 2,044,134.87
0.61
DKK 40,100 Novozymes A/S B 1,353,448.58 2,376,403.99
0.71
3,429,196.03 4,420,538.86
1.32
EUR 344,546 Aalberts Industries NV 4,085,377.56 4,103,542.86
1.23
EUR 82,280 Air Liquide SA 3,429,847.58 6,845,696.00
2.06
EUR 308,000 Akzo Nobel NV 11,750,066.34 13,425,720.00
4.03
EUR 200,000 Amer Sports Corp A 2,887,362.89 1,920,000.00
0.58
EUR 725,000 Anglo Irish Bank Corp Plc 7,663,473.37 4,712,500.00
1.42
EUR 200,000 BASF SE 3,666,563.06 8,824,000.00
2.65
EUR 635,000 Bank of Ireland Plc 7,010,208.41 3,714,750.00
1.12
EUR 50,000 Barco NV 3,265,090.02 2,060,000.00
0.62
EUR 300,000 Brembo SpA 1,888,478.88 2,043,000.00
0.61
EUR 351,000 CRH Plc 6,890,921.53 6,265,350.00
1.88
EUR 140,200 Continental AG 13,842,932.98 8,944,760.00
2.69
EUR 300,000 DSM NV 7,238,803.20 11,403,000.00
3.42
EUR 50,000 Demag Cranes AG 1,850,183.96 1,565,000.00
0.47
EUR 73,000 Deutsche Boerse AG Reg 1,679,260.87 5,215,850.00
1.57
EUR 360,000 ENI SpA 5,682,758.49 8,416,800.00
2.53
EUR 255,200 Heineken NV 8,294,544.21 8,199,576.00
2.46
EUR 125,000 Indra Sistemas SA 2,074,341.76 2,047,500.00
0.61
EUR 30,000 Linde AG 2,574,349.96 2,696,700.00
0.81
EUR 66,000 Neopost SA 6,237,972.89 4,469,520.00
1.34
EUR 215,040 Pernod-Ricard 11,554,414.86 13,816,320.00
4.15
EUR 45,000 Pfeiffer Vacuum Technology AG 2,810,408.62 2,896,650.00
0.87
EUR 175,000 Saipem SpA 4,798,277.63 5,066,250.00
1.52
EUR 127,000 Schneider Electric SA 8,132,982.43 8,891,270.00
2.67
EUR 135,000 Symrise AG 2,136,704.44 1,892,700.00
0.57
EUR 325,000 TNT NV 7,436,160.84 7,260,500.00
2.18
EUR 124,000 Total SA 4,725,703.69 6,560,840.00
1.97
EUR 426,770 Vinci SA 14,924,187.89 16,580,014.50
4.98
158,531,378.36 169,837,809.36
51.01
GBP 965,000 Bodycote Plc 4,069,184.84 2,551,620.35
0.77
GBP 787,100 British American Tobacco Plc 8,801,638.55 16,729,449.55
5.02
GBP 2,000,000 Cobham Plc 3,385,757.27 4,716,483.95
1.42
GBP 1,020,300 Diageo Plc 11,868,041.44 11,759,496.33
3.53
GBP 361,552 GlaxoSmithKline Plc 7,762,662.79 5,086,487.87
1.53
GBP 186,000 Intertek Group Plc 2,544,972.23 2,317,883.65
0.70
GBP 600,000 National Grid Plc 4,830,444.26 4,877,158.16
1.46
GBP 345,000 Reckitt Benckiser Group Plc 7,298,327.26 11,200,004.69
3.36
GBP 900,000 Smith & Nephew Plc 6,687,089.74 6,330,816.98
1.90
GBP 710,000 Southern Cross Healthca Gr 5,367,406.22 2,811,545.68
0.84
Plc
62,615,524.60 68,380,947.21
20.53
The accompanying notes are an integral part of these financial statements.
64
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description Cost
Market % of
value
value value
total net
assets
HUF 58,000 -
1,823,452.904,886,649.12 1.47
-
L
-
-
-
-
-
-
-
-
n
-
-
l
-
-
d
-
-
s
-
-
c
-
-
r
A
NOK 200,000 -
4,009,612.853,096,232.64 0.93
-
-
-
-
-
-
-
m
-
-
-
-
-
-
-
-
-
-
-
s
-
-
A
SEK 400,000
2,694,931.884,012,767.21 1.20
SEK 567,000 -
8,110,894.227,222,980.98 2.17
-
-
-
-
-
h
-
-
-
-
h
-
B
10,805,826.1011,235,748.- 3.37
9
TOTAL INVESTMENTS IN SECURITIES 284,732,718-
313,482,853- 94.13
00 58
CASH AT BANKS
21,379,779.- 6.42
7
BANK LIABILITIES
-326,200.32 -0.10
OTHER NET ASSETS/(LIABILITIES)
-1,506,428.- -0.45
3
TOTAL
333,030,004.- 100.00
0
The accompanying notes are an integral part of these financial statements.
65
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Food, beverage and tobacco 22.16 %
Capital goods 17.37 %
Materials 14.61 %
Energy 8.42 %
Health care equipment and services 5.78 %
Pharmaceuticals and biotechnology 4.53 %
Household and personal products 3.36 %
Automobiles and components 3.30 %
Technology hardware and equipment 3.15 %
Banks 2.54 %
Transportation 2.18 %
Consumer durables and apparel 1.62 %
Diversified financial services 1.57 %
Utilities 1.46 %
Investment companies 0.77 %
Commercial services and supplies 0.70 %
Software and services 0.61 %
TOTAL 94.13 %
The accompanying notes are an integral part of these financial statements.
66
BL
SICAV with multiple Sub-Funds
BL-Equities Europe
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United Kingdom 20.53 %
France 17.17 %
The Netherlands 13.32 %
Switzerland 13.06 %
Germany 9.63 %
Italy 4.66 %
Ireland 4.42 %
Sweden 3.37 %
United States of America 2.44 %
Hungary 1.47 %
Denmark 1.32 %
Norway 0.93 %
Belgium 0.62 %
Spain 0.61 %
Finland 0.58 %
TOTAL 94.13 %
The accompanying notes are an integral part of these financial statements.
67
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 55,119,705.59
Cash at banks 11,338,128.08
Formation expenses, net 7,175.98
Receivable on sales of securities 1,712,122.38
Receivable on issues of shares 215.93
Income receivable on portfolio 328,853.76
Interest receivable on bank accounts 32,182.97
Total assets 68,538,384.69
LIABILITIES
Payable on purchases of securities 197,996.94
Payable on redemptions of shares 6,963.05
Unrealised loss on forward foreign exchange contracts 21,769.54
Expenses and interests on bank liabilities payable 186,101.72
Total liabilities 412,831.25
NET ASSETS at the end of the period 68,125,553.44
Class A shares outstanding 11,737.138
Net asset value per class A share 83.51
Class B shares outstanding 804,061.211
Net asset value per class B share 83.51
The accompanying notes are an integral part of these financial statements.
68
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 1,889,759.73
Interest on bank accounts 289,013.51
Received commissions 1,171.82
Total income 2,179,945.06
EXPENSES
Management fees 275,018.54
Custodian fees 36,669.18
Banking charges and other fees 13,683.27
Central administration costs 28,586.53
Audit and supervisory fees 873.56
Other administration costs 20,753.92
Subscription duty ("taxe d'abonnement") 17,389.05
Interest paid on bank liabilities 545.17
Other expenses 11,817.18
Total expenses 405,336.40
NET INVESTMENT INCOME 1,774,608.66
NET REALISED GAIN/(LOSS)
- on securities portfolio -4,795,309.68
- on foreign exchange -131,462.64
REALISED RESULT -3,152,163.66
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -7,652,783.96
- on forward foreign exchange contracts -21,769.54
RESULT OF OPERATIONS -10,826,717.16
Dividends paid -
Subscriptions 6,315,857.15
Redemptions -5,838,188.58
TOTAL CHANGES IN NET ASSETS -10,349,048.59
TOTAL NET ASSETS at the beginning of the period 78,474,602.03
TOTAL NET ASSETS at the end of the period 68,125,553.44
The accompanying notes are an integral part of these financial statements.
69
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 68,125,553.44
- as at 31.12.2007 78,474,602.03
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
48.33
Number of class A shares
- outstanding at the beginning of the period 10,855.801
- issued
881.337
- redeemed 0.000
- outstanding at the end of the period 11,737.138
Net asset value per class A share
- highest 96.93
02.01.2008
- lowest 83.51
30.06.2008
- as at 30.06.2008 83.51
- as at 31.12.2007 96.69
TER per class A share (in %)
- as at 30.06.2008 * 1.10
* annualised
Number of class B shares
- outstanding at the beginning of the period 800,785.182
- issued
67,739.932
- redeemed -64,463.903
- outstanding at the end of the period 804,061.211
Net asset value per class B share
- highest 96.93
02.01.2008
- lowest 83.51
30.06.2008
- as at 30.06.2008 83.51
- as at 31.12.2007 96.69
TER per class B share (in %)
- as at 30.06.2008 * 1.10
* annualised
The accompanying notes are an integral part of these financial statements.
70
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(in EUR)
Currency Number / Description Cost Market
% of
nominal value
value
total net
assets
INVESTMENTS IN SECURITIES
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING
Shares
AUD 1,200,000 Babcock & Brown Infrastruct Gr 839,105.86 505,674.34
0.74
AUD 400,000 Duet Group Quadr Stapled Secur 786,816.14 669,346.71
0.98
AUD 700,000 Goodman Fielder Ltd 814,337.28 596,365.93
0.88
AUD 450,000 Macquarie Airports 1,007,748.53 571,631.86
0.84
AUD 300,000 Macquarie Com Infrastructur Gr 808,383.27 567,967.55
0.83
AUD 250,000 Macquerie Media Group Stapled 700,115.96 448,877.58
0.66
Securities
AUD 750,000 Spark Infrastructured Group 846,528.83 641,253.69
0.94
AUD 200,000 Transurban Group 738,342.81 526,438.74
0.77
6,541,378.684,527,556.40
6.64
BRL 50,000 Souza Crouz SA 882,288.79 899,575.23
1.32
CHF 4,500 AFG Arbonia Forster Holding AG 1,031,262.14 773,058.00
1.13
CHF 6,000 Geberit AG Reg 565,867.16 555,332.00
0.82
CHF 3,000 Nestlé SA Reg 940,355.78 844,015.01
1.24
CHF 12,500 Schindler Holding AG Partizsch 575,593.37 604,924.11
0.89
CHF 6,000 Swisscom SA Reg 1,455,944.231,264,155.23
1.86
4,569,022.684,041,484.35
5.94
DKK 45,000 TrygVesta A/S 2,344,255.182,051,375.02
3.01
EUR 75,000 Belgacom SA 2,392,329.572,061,375.00
3.03
EUR 20,000 DSM NV 676,200.74 760,200.00
1.12
EUR 45,000 ENI SpA 1,098,584.461,052,100.00
1.54
EUR 35,000 Eurocommercial Properties NV DR 1,306,709.761,069,250.00
1.57
repr 10 Shares
EUR 25,000 GIMV NV 1,146,019.361,066,250.00
1.57
EUR 60,000 Greek Org of Foot Prognost SA 1,596,206.911,335,600.00
1.96
EUR 85,000 Marr SpA 646,835.84 544,850.00
0.80
EUR 45,000 Oesterreichische Post AG 1,153,492.961,116,000.00
1.64
EUR 70,000 PagesJaunes 1,017,031.49 671,300.00
0.99
EUR 60,000 Royal Dutch Shell Plc A 1,615,390.721,534,500.00
2.25
EUR 45,000 Sampo Plc A 908,281.51 715,500.00
1.05
EUR 60,000 Unilever NV Certif 1,340,848.581,065,600.00
1.56
EUR 60,000 Vivendi 1,758,082.311,422,600.00
2.09
EUR 20,000 Wereldhave NV 1,533,831.671,360,000.00
2.00
EUR 130,000 Wessanen NV 1,359,597.55 950,300.00
1.39
19,549,443.4316,725,425.-
24.56
0
GBP 60,000 GlaxoSmithKline Plc 900,478.45 844,108.93
1.24
GBP 100,000 United Utilities Plc 989,149.45 853,977.11
1.25
1,889,627.901,698,086.04
2.49
HKD 130,000 CLP Holdings Ltd 607,141.73 697,242.55
1.02
KRW 85,000 Korea Exchange Bank 796,925.41 730,303.86
1.07
KRW 185,000 Macquarie Korea Infrastruct Fd 859,966.56 682,013.01
1.00
KRW 10,000 SK Telecom Co Ltd 1,219,056.701,163,855.13
1.71
2,875,948.672,576,172.00
3.78
MYR 90,000 British American Tobacco Bhd 761,446.92 766,307.85
1.12
MYR 450,000 Malayan Banking Bhd 821,973.55 626,182.99
0.92
1,583,420.471,392,490.84
2.04
NZD 400,000 Fisher & Paykel Applia Hgs Ltd 498,302.72 375,251.02
0.55
NZD 500,000 Telecom Corp of New Zealand 1,117,358.84 868,009.78
1.27
1,615,661.561,243,260.80
1.82
The accompanying notes are an integral part of these financial statements.
71
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description Cost
Market % of
value
value value
total net
assets
PLN 75,000 - 464,35-
465,849- 0.68
- .65
66
-
-
-
h
-
-
-
-
-
-
m
-
A
SGD 360,000 - 340,69-
285,146- 0.42
- .90
77
L
-
-
-
-
-
-
-
-
-
-
y
-
-
-
-
-
s
-
-
-
-
-
-
d
-
-
-
-
-
-
-
y
SGD 1,200,000 - 420,93-
385,786- 0.57
- .22
81
-
-
-
x
-
-
-
-
r
-
-
-
-
t
761,630-
670,933- 0.99
12
58
THB 160,000 - 690,67-
590,809- 0.87
- .91
93
-
m
-
-
-
-
-
t
-
-
-
-
-
c
-
o
-
-
d
-
-
-
-
-
-
n
-
-
n
-
-
-
-
-
g
-
R
-
-
-
i
-
-
l
-
-
L
-
-
s
-
v
-
R
THB 600,000 736,792-
602,171- 0.88
18
66
1,427,4-
1,192,9- 1.75
2.09
1.59
TRY 240,000 - 911,14-
503,201- 0.74
- .30
55
-
-
-
-
a
-
-
-
-
-
-
o
-
S
TRY 180,000 - 1,111,-
892,377- 1.31
- 86.89
14
-
d
-
-
-
-
-
-
-
v
-
-
-
-
-
i
-
S
TRY 60,000 - 986,78-
852,096- 1.25
- .29
22
-
-
-
-
e
-
-
-
-
-
l
-
-
-
-
-
-
-
-
-
-
-
i
-
S
3,009,2-
2,247,6- 3.30
2.48
4.91
TWD 700,000 966,064-
885,200- 1.30
26
72
TWD 700,000 - 918,93-
936,410- 1.37
- .87
68
-
-
-
n
-
-
-
-
-
-
-
-
-
-
t
-
-
g
-
o
-
-
d
1,885,0-
1,821,6- 2.67
0.13
1.40
USD 100,000 - 1,441,-
1,292,1- 1.90
- 05.94
4.51
-
-
-
a
-
-
-
-
p
-
-
c
USD 30,000 - 1,291,-
1,210,8- 1.78
- 24.84
5.58
-
-
-
-
n
&
-
-
-
-
-
-
n
USD 45,000 - 1,599,-
1,423,7- 2.09
- 68.72
9.48
-
-
-
p
-
-
-
-
-
s
-
-
-
l
-
-
c
4,332,2-
3,926,7- 5.77
9.50
9.57
ZAR 6,000 - 626,83-
661,285- 0.97
- .62
02
-
-
o
-
-
-
-
-
-
-
m
-
-
d
Total shares 54,964,-
46,839,- 68.75
93.68
63.96
Real estate funds
EUR 52,000 - 2,343,-
1,999,9- 2.94
- 40.69
0.00
-
-
-
-
-
-
-
s
-
e
-
-
-
w
-
-
-
-
-
I
HKD 450,000 - 187,32-
164,442- 0.24
- .17
46
-
-
-
-
e
-
-
-
T
-
-
-
-
s
JPY 81 - 340,75-
242,611- 0.36
- .29
30
-
-
n
-
-
-
-
-
-
-
-
t
-
-
c
JPY 200 - 501,09-
343,162- 0.50
- .10
78
-
-
n
-
-
-
-
l
-
-
d
-
-
-
-
-
t
-
-
c
JPY 100 - 753,31-
645,672- 0.95
- .50
13
-
-
n
-
-
-
l
-
-
-
-
-
e
-
-
-
-
-
t
-
-
-
p
JPY 200 - 563,20-
405,338- 0.59
- .50
62
D
-
-
-
T
-
-
c
JPY 90 - 729,69-
661,813- 0.97
- .72
94
-
-
-
n
-
-
-
-
-
-
-
g
-
-
-
d
-
-
c
JPY 200 - 566,92-
343,162- 0.50
- .72
78
-
-
-
n
-
-
-
-
-
-
-
-
-
l
-
-
v
-
-
-
p
JPY 200 - 573,60-
365,880- 0.54
- .81
87
-
-
-
n
-
-
-
-
l
-
d
-
-
v
-
-
-
p
4,028,5-
3,007,6- 4.41
0.64
2.42
SGD 750,000 - 364,54-
316,247- 0.46
- .42
34
-
-
-
-
-
s
-
-
-
-
a
-
-
-
-
t
-
-
-
-
s
SGD 720,000 - 835,48-
754,800- 1.11
- .20
28
-
-
-
-
-
s
-
-
-
l
-
-
-
-
-
e
-
-
v
-
-
-
-
t
-
-
-
-
s
SGD 600,000 - 369,40-
290,737- 0.43
- .03
89
-
-
-
t
-
-
-
-
-
-
-
-
e
-
-
-
-
t
-
-
-
t
SGD 1,200,000 - 363,51-
371,809- 0.55
- .75
03
-
-
-
-
-
-
e
-
-
-
-
-
-
-
-
-
l
-
-
-
-
t
-
-
-
-
s
SGD 375,000 - 379,17-
338,961- 0.50
- .32
24
-
-
-
-
-
-
-
-
-
-
-
-
-
l
-
-
-
-
t
-
-
-
-
S
-
-
s
SGD 2,000,000 - 716,31-
675,592- 0.99
- .63
84
-
-
t
-
-
-
T
-
-
-
-
s
SGD 660,000 - 377,90-
359,788- 0.53
- .37
13
-
-
-
-
s
-
-
-
-
-
-
-
-
-
-
t
-
-
-
-
t
3,406,3-
3,107,9- 4.57
8.72
6.75
Total Real estate funds 9,965,8-
8,279,9- 12.16
3.22
1.63
TOTAL INVESTMENTS IN SECURITIES 64,930-
55,119,- 80.91
796.90
05.59
CASH AT BANKS
11,338,- 16.64
28.08
OTHER NET ASSETS/(LIABILITIES)
1,667,7- 2.45
9.77
TOTAL
68,125,- 100.00
53.44
The accompanying notes are an integral part of these financial statements.
72
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Real estate funds 12.16 %
Food, beverage and tobacco 11.50 %
Telecommunication services 8.55 %
Investment companies 7.74 %
Energy 5.92 %
Insurance 4.06 %
Utilities 3.99 %
Media 3.74 %
Materials 3.70 %
Pharmaceuticals and biotechnology 3.02 %
Transportation 2.41 %
Real estate 2.00 %
Banks 1.99 %
Hotels, restaurants and leisure 1.96 %
Capital goods 1.71 %
Consumer durables and apparel 1.68 %
Semiconductors and semiconductor equipment 1.37 %
Automobiles and components 1.31 %
Technology hardware and equipment 1.30 %
Food retailing, drugstores and pharmacies 0.80 %
TOTAL 80.91 %
The accompanying notes are an integral part of these financial statements.
73
BL
SICAV with multiple Sub-Funds
BL-Equities Dividend
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
The Netherlands 7.64 %
Belgium 7.54 %
Australia 6.64 %
Switzerland 5.94 %
Singapore 5.80 %
United States of America 5.77 %
United Kingdom 4.74 %
Japan 4.41 %
South Korea 3.78 %
Turkey 3.30 %
France 3.08 %
Denmark 3.01 %
Taiwan 2.67 %
Italy 2.34 %
Malaysia 2.04 %
Greece 1.96 %
New Zealand 1.82 %
Thailand 1.75 %
Austria 1.64 %
Brazil 1.32 %
Finland 1.05 %
Hong Kong 1.02 %
South Africa 0.97 %
Poland 0.68 %
TOTAL 80.91 %
The accompanying notes are an integral part of these financial statements.
74
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF NET ASSETS
as at 30th June 2008
(in USD)
ASSETS
Securities portfolio at market value 130,643,327.33
Cash at banks 12,743,432.23
Receivable on issues of shares 50,890.42
Interest receivable on bank accounts 37,792.01
Prepaid expenses 48,913.03
Total assets 143,524,355.02
LIABILITIES
Payable on redemptions of shares 12,875.89
Accrued capital gain taxes 580,191.93
Expenses and interests on bank liabilities payable 638,755.36
Total liabilities 1,231,823.18
NET ASSETS at the end of the period 142,292,531.84
Class B shares outstanding 80,548.526
Net asset value per class B share 1,766.54
The accompanying notes are an integral part of these financial statements.
75
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in USD)
INCOME
Interest on bank accounts 347,682.64
Received commissions 627,360.54
Total income 975,043.18
EXPENSES
Management fees 1,319,883.80
Custodian fees 88,271.74
Banking charges and other fees 428.30
Central administration costs 61,162.29
Audit and supervisory fees 2,104.22
Other administration costs 29,074.30
Subscription duty ("taxe d'abonnement") 10,658.58
Other taxes 496.32
Other expenses 3,030.36
Total expenses 1,515,109.91
NET INVESTMENT INCOME -540,066.73
NET REALISED GAIN/(LOSS)
- on securities portfolio 34,128,271.59
- on foreign exchange 1,078,013.80
REALISED RESULT 34,666,218.66
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -75,210,729.90
RESULT OF OPERATIONS -40,544,511.24
Dividends paid -
Subscriptions 4,979,424.53
Redemptions -68,548,543.43
TOTAL CHANGES IN NET ASSETS -104,113,630.14
TOTAL NET ASSETS at the beginning of the period 246,406,161.98
TOTAL NET ASSETS at the end of the period 142,292,531.84
The accompanying notes are an integral part of these financial statements.
76
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATISTICAL INFORMATION
as at 30th June 2008
(in USD)
Total net assets
- as at 30.06.2008 142,292,531.84
- as at 31.12.2007 246,406,161.98
- as at 31.12.2006 219,628,105.98
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
55.22
Number of class B shares
- outstanding at the beginning of the period 112,544.629
- issued
2,497.791
- redeemed -34,493.894
- outstanding at the end of the period 80,548.526
Net asset value per class B share
- highest 2,198.15
03.01.2008
- lowest 1,766.54
30.06.2008
- as at 30.06.2008 1,766.54
- as at 31.12.2007 2,189.41
- as at 31.12.2006 1,618.15
Synthetic TER per class B share (in %)
- as at 30.06.2008
2.89
The accompanying notes are an integral part of these financial statements.
77
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 26,350.4296 11,852,780-
17,299,943- 12.16
04
90
USD 469,842.938 - 16,660,491-
24,521,102- 17.23
- 24
93
-
-
-
-
-
n
-
l
-
-
-
-
V
-
-
-
a
-
-
-
-
-
-
c
-
d
-
-
r
-
2
-
-
p
F
-
-
-
-
-
-
-
-
n
-
-
v
-
-
s
-
-
-
-
V
-
-
-
-
n
-
-
-
-
-
h
I
-
-
p
USD 511,556.086 8,802,924.-
12,103,416- 8.51
0
99
USD 250,267.38 - 4,037,148.-
5,575,957.- 3.92
- 0
3
-
-
-
-
-
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-
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-
-
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-
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USD 524,239.41 - 8,742,393.-
7,262,445.- 5.10
- 5
2
M
-
-
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-
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-
-
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-
-
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-
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USD 1,055,034.44 - 14,505,567-
13,905,353- 9.77
- 10
92
-
-
-
-
-
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-
-
-
-
-
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-
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-
-
-
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-
-
-
-
-
-
-
d
-
-
-
-
-
e
-
2
Cap Cap
USD 434,850.71 - 8,791,983.-
6,492,321.- 4.56
- 7
0
-
-
-
-
o
-
-
s
-
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USD 273,224.04 - 6,000,155.-
5,412,568.- 3.80
- 2
3
-
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-
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-
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-
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-
-
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USD 583,184.079 7,587,389.-
8,269,550.- 5.81
1 4
USD 303,720.67 - 6,198,190.-
5,457,860.- 3.84
- 0
4
-
-
-
a
1
-
-
-
-
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-
-
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-
-
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-
-
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-
e
-
d
-
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-
-
-
e
-
-
-
-
-
-
-
y
Cap Cap
USD 13,235.852 - 4,343,179.-
6,788,006.- 4.77
- 4
0
S
-
-
-
-
)
-
-
-
-
-
y
-
d
-
-
P
-
-
-
-
-
-
-
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B
-
-
p
-
-
-
-
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-
-
-
-
-
-
-
l
-
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-
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-
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p
USD 54,982.46 13,124,479-
17,554,799- 12.34
57
83
98,793,903-
113,343,383- 79.65
20 43
TOTAL INVESTMENTS IN SECURITIES 110,646,683-
130,643,327- 91.81
24 33
CASH AT BANKS
12,743,432- 8.96
23
OTHER NET ASSETS/(LIABILITIES)
-1,094,227- -0.77
72
TOTAL
142,292,531- 100.00
84
The accompanying notes are an integral part of these financial statements.
78
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Asia
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 91.81 %
TOTAL 91.81 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 70.75 %
France 12.16 %
Ireland 8.90 %
TOTAL 91.81 %
The accompanying notes are an integral part of these financial statements.
79
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF NET ASSETS
as at 30th June 2008
(in JPY)
ASSETS
Securities portfolio at market value 10,894,167,162
Cash at banks 638,701,415
Interest receivable on bank accounts 1,377,607
Total assets 11,534,246,184
LIABILITIES
Expenses and interests on bank liabilities payable 41,181,626
Total liabilities 41,181,626
NET ASSETS at the end of the period 11,493,064,558
Class B shares outstanding 1,051,702.600
Net asset value per class B share 10,928
The accompanying notes are an integral part of these financial statements.
80
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in JPY)
INCOME
Interest on bank accounts 7,118,956
Received commissions 33,725,254
Total income 40,844,210
EXPENSES
Management fees 73,789,856
Custodian fees 5,903,190
Banking charges and other fees 57,563
Central administration costs 4,652,313
Audit and supervisory fees 141,703
Other administration costs 2,299,967
Subscription duty ("taxe d'abonnement") 1,279,825
Other taxes 48,556
Other expenses 182,831
Total expenses 88,355,804
NET INVESTMENT INCOME -47,511,594
NET REALISED GAIN/(LOSS)
- on securities portfolio -810,702,017
- on foreign exchange 20,180,467
REALISED RESULT -838,033,144
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -633,920,418
RESULT OF OPERATIONS -1,471,953,562
Dividends paid -
Subscriptions 170,953,725
Redemptions -1,634,238,188
TOTAL CHANGES IN NET ASSETS -2,935,238,025
TOTAL NET ASSETS at the beginning of the period 14,428,302,583
TOTAL NET ASSETS at the end of the period 11,493,064,558
The accompanying notes are an integral part of these financial statements.
81
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATISTICAL INFORMATION
as at 30th June 2008
(in JPY)
Total net assets
- as at 30.06.2008 11,493,064,558
- as at 31.12.2007 14,428,302,583
- as at 31.12.2006 18,223,250,034
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
22.58
Number of class B shares
- outstanding at the beginning of the period 1,188,848.998
- issued
15,700.270
- redeemed -152,846.668
- outstanding at the end of the period 1,051,702.600
Net asset value per class B share
- highest 11,952.00
02.01.2008
- lowest 9,536
19.03.2008
- as at 30.06.2008 10,928
- as at 31.12.2007 12,136
- as at 31.12.2006 14,000
Synthetic TER per class B share (in %)
- as at 30.06.2008
2.57
The accompanying notes are an integral part of these financial statements.
82
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 158,569.78626 Metzler Intl Inv Plc Japan
1,122,558- 895,170,8- 7.79
Equity Fd 435
0
EUR 82,100 SSGA Japan Alpha Eq Fd SICAV
Cap2,253,540- 1,855,283- 16.14
572
233
3,376,099- 2,750,454- 23.93
007
083
JPY 813,335.181 AXA Rosenb Eq Alpha Trust Japan
1,861,196- 1,343,816- 11.69
Small Cap Alpha Fd B Fidelity 126
786
Fds SICAV Japan Dividend Growth
A ACC JPY Cap
JPY 1,320,839.5
1,395,423- 1,126,279- 9.80
209
842
JPY 459,956.49 GAM Star Fd Plc Japan Equity
769,931,1- 633,769,4- 5.51
Cap 4
8
JPY 276,929.823 Goldman Sachs Fds SICAV Japan
732,912,9- 450,010,9- 3.92
Small Cap Pft Morgan Stanley 6
2
SICAV Japanese Value Equity Fd A
JPY 1,559,515.572
2,000,008- 1,791,290- 15.59
256
776
JPY 98,573.125 Oyster SICAV Japan
Opportunities1,762,090- 1,490,524- 12.97
JPY 733
223
8,521,562- 6,835,692- 59.48
434
037
Total undertakings for collective investment
11,897,661- 9,586,146- 83.41
441
120
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
JPY 60,000 Fidelity Active Strategy 628,155,974
602,400,000 5.24
SICAV Japan Fd Y Cap UBAM
IFDC Japan Equity I Cap
JPY 591,963.961 918,786,144
705,621,042 6.14
Total undertakings for collective investment 1,546,942,-
1,308,021,- 11.38
18
42
TOTAL INVESTMENTS IN SECURITIES 13,444,603,-
10,894,167,- 94.79
59 62
CASH AT BANKS
638,701,415 5.56
OTHER NET ASSETS/(LIABILITIES)
-39,804,019 -0.35
TOTAL
11,493,064,- 100.00
58
The accompanying notes are an integral part of these financial statements.
83
BL
SICAV with multiple Sub-Funds
BL-Equities FoF Japan
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 94.79 %
TOTAL 94.79 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 53.66 %
Ireland 24.99 %
France 16.14 %
TOTAL 94.79 %
The accompanying notes are an integral part of these financial statements.
84
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 269,489,171.75
Cash at banks 66,300,055.09
Income receivable on portfolio 7,113,925.87
Interest receivable on bank accounts 200,487.82
Prepaid expenses 30,163.93
Total assets 343,133,804.46
LIABILITIES
Commitment on repurchase and "repo" contracts 54,134,000.00
Payable on redemptions of shares 32,615.20
Interest payable on financial instruments 150,514.07
Expenses and interests on bank liabilities payable 477,868.92
Total liabilities 54,794,998.19
NET ASSETS at the end of the period 288,338,806.27
Class A shares outstanding 18,323.208
Net asset value per class A share 247.96
Class B shares outstanding 327,409.514
Net asset value per class B share 866.79
The accompanying notes are an integral part of these financial statements.
85
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Interest on bonds and other debt securities, net 5,760,159.69
Interest on bank accounts
1,835,471.63
Other income 3.79
Total income 7,595,635.11
EXPENSES
Management fees 747,977.94
Custodian fees 149,595.59
Banking charges and other fees 27,946.35
Central administration costs 34,516.03
Audit and supervisory fees 3,583.66
Other administration costs 39,077.27
Subscription duty ("taxe d'abonnement") 73,772.47
Other taxes 394.00
Interest paid on financial instruments 1,380,559.33
Other expenses 4,529.50
Total expenses 2,461,952.14
NET INVESTMENT INCOME 5,133,682.97
NET REALISED GAIN/(LOSS)
- on securities portfolio -1,142,950.37
REALISED RESULT 3,990,732.60
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -4,048,207.25
RESULT OF OPERATIONS -57,474.65
Dividends paid -216,533.51
Subscriptions 6,518,599.09
Redemptions -26,421,520.54
TOTAL CHANGES IN NET ASSETS -20,176,929.61
TOTAL NET ASSETS at the beginning of the period 308,515,735.88
TOTAL NET ASSETS at the end of the period 288,338,806.27
The accompanying notes are an integral part of these financial statements.
86
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 288,338,806.27
- as at 31.12.2007 308,515,735.88
- as at 31.12.2006 368,899,217.07
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
31.28
Number of class A shares
- outstanding at the beginning of the period 19,429.216
- issued
3.960
- redeemed -1,109.968
- outstanding at the end of the period 18,323.208
Net asset value per class A share
- highest 268.34
18.03.2008
- lowest 245.99
16.06.2008
- as at 30.06.2008 247.96
- as at 31.12.2007 260.19
- as at 31.12.2006 268.86
TER per class A share (in %)
- as at 30.06.2008 0.73
Dividends paid
Payment date 10.06.2008
Dividend per share 11.82
Shares outstanding at dividend date 18,319.248
Number of class B shares
- outstanding at the beginning of the period 349,565.855
- issued
7,395.500
- redeemed -29,551.841
- outstanding at the end of the period 327,409.514
Net asset value per class B share
- highest 895.29
18.03.2008
- lowest 859.92
16.06.2008
- as at 30.06.2008 866.79
- as at 31.12.2007 868.11
- as at 31.12.2006 859.53
TER per class B share (in %)
- as at 30.06.2008 0.72
The accompanying notes are an integral part of these financial statements.
87
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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-
10,008,250.- 3.47
02/28.09.17 41 0
EUR 10,000,000 Deutschland 3.25% Ser 05 9,654,301.-
9,262,802.00 3.21
05/04.07.15 7
EUR 10,000,000 Deutschland 3.5% Ser 05 9,612,497.-
9,375,762.00 3.25
05/04.01.16 5
EUR 15,000,000 Deutschland 3.75% Ser 0302 14,593,357-
14,528,041.- 5.04
03/04.07.13 25 0
EUR 12,500,000 Deutschland 3.75% Ser 04 12,686,910-
11,983,730.- 4.16
04/04.01.15 93 0
EUR 8,000,000 Deutschland 4% Ser 05 05/04.01.37 7,206,072.-
7,004,254.40 2.43
2
EUR 11,000,000 Deutschland 4.25% Ser 03 11,236,403-
10,879,504.- 3.77
03/04.01.14 66 0
EUR 13,000,000 Deutschland 5.25% Ser 00 13,486,692-
13,243,024.- 4.59
00/04.01.11 60 0
EUR 15,000,000 Deutschland 5.25% Ser 00 15,219,193-
15,219,091.- 5.28
00/04.07.10 00 0
EUR 14,500,000 Deutschland 6.5% Ser 97 17,980,716-
17,390,637.- 6.03
97/04.07.27 77 5
EUR 8,500,000 Espana 4.2% 03/30.07.13 9,064,567.-
8,319,630.00 2.89
7
EUR 10,000,000 Espana 4.75% 98/30.07.14 10,776,453-
10,038,640.- 3.48
75 0
EUR 2,500,000 Espana 6.15% Bon del T 2,671,503.-
2,647,661.00 0.92
97/31.01.13 5
EUR 10,000,000 France 3.75% OAT 05/25.04.21 10,171,033-
8,976,054.00 3.11
70
EUR 10,000,000 France 4% OAT 99/25.10.09 10,194,645-
9,918,606.00 3.44
60
EUR 8,000,000 France 4.25% OAT 07/25.10.23 7,689,917.-
7,429,413.60 2.58
0
EUR 3,500,000 France 5.5% OAT 98/25.04.29 4,377,376.-
3,742,260.55 1.30
7
EUR 5,000,000 France 6.5% OAT 96/25.04.11 5,662,574.-
5,246,887.50 1.82
5
EUR 2,200,000 France 8.25% OAT 92/25.04.22 3,312,612.-
2,938,709.40 1.02
2
EUR 10,000,000 France VAR OAT Lk Inflation Ser 10,590,212-
10,874,842.- 3.77
JUNE 04/25.07.11 Greece 4.5% Ser 70 0
30YR 05/20.09.37
EUR 3,000,000 2,828,398.-
2,577,245.70 0.89
4
EUR 13,000,000 Greece 6.5% 99/22.10.19 15,739,431-
14,409,255.- 5.00
40 0
EUR 16,500,000 Ireland 4.6% T-Bonds 99/18.04.16 17,590,230-
16,332,183.- 5.66
23 5
EUR 9,000,000 Italia 4.25% BTP 03/01.02.19 8,957,582.-
8,407,251.90 2.92
5
EUR 16,000,000 Netherlands 3% 04/15.01.10 15,865,825-
15,629,681.- 5.42
10 0
Total 258,630,61-
246,383,421- 85.45
bonds .29 05
Money market instruments
EUR 3,000,000 Italia 5.25% BTP 98/01.11.29 3,068,751.-
2,969,750.70 1.03
5
Total money market instruments 3,068,751.-
2,969,750.70 1.03
5
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
EUR 10,000,000 Belgium 4% OLO Ser 52 9,648,451.-
9,356,000.00 3.24
08/28.03.18 0
Total 9,648,451.-
9,356,000.00 3.24
bonds 0
OTHER TRANSFERABLE SECURITIES
Investment certificates
EUR 11,000,000 11,016,500-
10,780,000- 3.74
00
00
07/29.06.12 07/29.06.12 07/29.06.12
Total investment certificates 11,016,500-
10,780,000- 3.74
00
00
TOTAL INVESTMENTS IN SECURITIES 282,364,321-
269,489,171- 93.46
44 75
CASH AT BANKS
66,300,055- 22.99
09
OTHER NET ASSETS/(LIABILITIES)
-47,450,420- -16.45
57
TOTAL
288,338,806- 100.00
27
The accompanying notes are an integral part of these financial statements.
88
BL
SICAV with multiple Sub-Funds
BL-Bond Euro
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Countries and governments 89.72 %
Diversified financial services 3.74 %
TOTAL 93.46 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 37.76 %
France 17.04 %
Spain 7.29 %
Belgium 6.71 %
Greece 5.89 %
Ireland 5.66 %
The Netherlands 5.42 %
Italy 3.95 %
Grand Duchy of Luxembourg 3.74 %
TOTAL 93.46 %
The accompanying notes are an integral part of these financial statements.
89
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF NET ASSETS
as at 30th June 2008
(in USD)
ASSETS
Securities portfolio at market value 44,487,245.09
Deposits on futures contracts 337,500.00
Cash at banks 2,749,187.23
Income receivable on portfolio 645,681.00
Interest receivable on bank accounts 5,111.83
Prepaid expenses 10,370.97
Total assets 48,235,096.12
LIABILITIES
Payable on redemptions of shares 19,755.95
Expenses and interests on bank liabilities payable 80,239.23
Total liabilities 99,995.18
NET ASSETS at the end of the period 48,135,100.94
Class A shares outstanding 2,905.536
Net asset value per class A share 303.41
Class B shares outstanding 46,313.555
Net asset value per class B share 1,020.30
The accompanying notes are an integral part of these financial statements.
90
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in USD)
INCOME
Interest on bonds and other debt securities, net 1,128,996.02
Interest on bank accounts
27,025.47
Total income 1,156,021.49
EXPENSES
Management fees 123,726.27
Custodian fees 24,801.73
Banking charges and other fees 21,746.74
Transaction fees 11,250.00
Central administration costs 19,086.95
Audit and supervisory fees 594.65
Other administration costs 21,638.67
Subscription duty ("taxe d'abonnement") 12,408.75
Other taxes 134.78
Other expenses 777.04
Total expenses 236,165.58
NET INVESTMENT INCOME 919,855.91
NET REALISED GAIN/(LOSS)
- on securities portfolio 95,445.75
- on financial instruments 686,745.80
- on foreign exchange -91.35
REALISED RESULT 1,701,956.11
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -82,598.34
- on financial instruments -466,407.00
RESULT OF OPERATIONS 1,152,950.77
Dividends paid -37,426.89
Subscriptions 8,081,737.63
Redemptions -8,979,489.86
TOTAL CHANGES IN NET ASSETS 217,771.65
TOTAL NET ASSETS at the beginning of the period 47,917,329.29
TOTAL NET ASSETS at the end of the period 48,135,100.94
The accompanying notes are an integral part of these financial statements.
91
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATISTICAL INFORMATION
as at 30th June 2008
(in USD)
Total net assets
- as at 30.06.2008 48,135,100.94
- as at 31.12.2007 47,917,329.29
- as at 31.12.2006 46,096,716.81
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
-42.11
Number of class A shares
- outstanding at the beginning of the period 2,981.345
- issued
19.350
- redeemed -95.159
- outstanding at the end of the period 2,905.536
Net asset value per class A share
- highest 319.62
20.03.2008
- lowest 302.19
17.06.2008
- as at 30.06.2008 303.41
- as at 31.12.2007 309.22
- as at 31.12.2006 301.02
TER per class A share (in %)
- as at 30.06.2008 0.95
Dividends paid
Payment date 10.06.2008
Dividend per share 12.90
Shares outstanding at dividend date 2,901.309
Number of class B shares
- outstanding at the beginning of the period 47,159.314
- issued
7,901.350
- redeemed -8,747.109
- outstanding at the end of the period 46,313.555
Net asset value per class B share
- highest 1,030.07
20.03.2008
- lowest 998.95
02.01.2008
- as at 30.06.2008 1,020.30
- as at 31.12.2007 996.53
- as at 31.12.2006 921.43
TER per class B share (in %)
- as at 30.06.2008 0.87
The accompanying notes are an integral part of these financial statements.
92
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 1,500,000 US 3.25% T-Notes Ser G-2008 1,502,344.33 1,503,398.40
3.12
03/15.08.08
USD 2,000,000 US 3.875% T-Notes Ser A-2013 1,898,463.92 2,050,312.40
4.26
03/15.02.13
USD 2,000,000 US 4.25% T-Notes 03/15.11.13 1,993,155.74 2,087,812.40
4.34
USD 1,000,000 US 4.75% T-Notes 98/15.11.08 909,197.73 1,010,156.20
2.10
USD 1,750,000 US 5.5% T-Notes 99/15.05.09 1,804,017.61 1,797,851.48
3.73
USD 2,500,000 US 5.75% T-Notes 00/15.08.10 2,692,696.54 2,660,156.25
5.53
USD 1,000,000 US 6% T-Bonds 96/15.02.26 1,118,040.99 1,173,437.50
2.44
USD 1,750,000 US 6% T-Notes 99/15.08.09 1,961,499.01 1,819,589.80
3.78
USD 3,250,000 US 6.125% T-Bonds 99/15.08.29 3,659,515.16 3,927,421.88
8.16
USD 1,500,000 US 6.25% T-Bonds 93/15.08.23 1,659,369.74 1,788,046.80
3.71
USD 1,750,000 US 6.5% T-Notes 00/15.02.10 2,000,630.23 1,862,656.25
3.87
USD 1,000,000 US 7.25% T-Notes 86/15.05.16 1,236,131.61 1,229,062.50
2.55
USD 1,500,000 US 7.875% T-Bonds 91/15.02.21 1,997,451.94 2,003,203.05
4.16
USD 4,250,000 US 8.75% T-Bonds 87/15.05.17 5,374,440.05 5,730,195.10
11.90
Total 29,806,954.-
30,643,300.- 63.65
bonds 0 1
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
USD 1,500,000 US 3% T-Notes Ser E-2009 1,477,469-
1,507,734- 3.13
04/15.02.09 53 30
USD 1,500,000 US 3.5% T-Notes Ser Q-2009 1,478,965-
1,524,492- 3.17
04/15.12.09 13 15
USD 2,250,000 US 4.25% T-Notes Ser E-2014 2,263,609-
2,351,953- 4.89
04/15.08.14 50 13
USD 2,500,000 US 4.875% T-Notes 2,636,595-
2,650,390- 5.51
02/15.02.12 42 50
USD 5,500,000 US 5% T-Notes 01/15.02.11 5,602,498-
5,809,375- 12.07
73 00
Total bonds 13,459,13-
13,843,94- 28.77
.31
.08
TOTAL INVESTMENTS IN SECURITIES 43,266,09-
44,487,24- 92.42
.91
.09
CASH AT BANKS
2,749,187- 5.71
23
OTHER NET ASSETS/(LIABILITIES)
898,668.62 1.87
TOTAL
48,135,10- 100.00
.94
The accompanying notes are an integral part of these financial statements.
93
BL
SICAV with multiple Sub-Funds
BL-Bond Dollar
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Countries and governments 92.42 %
TOTAL 92.42 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 92.42 %
TOTAL 92.42 %
The accompanying notes are an integral part of these financial statements.
94
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 534,746,241.34
Cash at banks 24,496,152.99
Receivable on issues of shares 683,600.57
Income receivable on portfolio 3,631,803.77
Interest receivable on financial instruments 12,617.78
Interest receivable on bank accounts 62,064.58
Unrealised gain on swap contracts 206,801.50
Unrealised gain on forward foreign exchange contracts 46,689.27
Prepaid expenses 30,163.93
Total assets 563,916,135.73
LIABILITIES
Commitment on repurchase and "repo" contracts 2,010,000.00
Payable on redemptions of shares 487,173.62
Interest payable on financial instruments 184,308.99
Expenses and interests on bank liabilities payable 488,674.30
Total liabilities 3,170,156.91
NET ASSETS at the end of the period 560,745,978.82
Class A shares outstanding 12,963.789
Net asset value per class A share 251.36
Class B shares outstanding 1,036,007.717
Net asset value per class B share 538.11
The accompanying notes are an integral part of these financial statements.
95
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Interest on bonds and other debt securities, net 16,198,974.17
Interest on bank accounts
1,166,785.20
Interest on financial instruments 143,414.45
Other income 151.05
Total income 17,509,324.87
EXPENSES
Management fees 685,616.62
Custodian fees 342,808.29
Banking charges and other fees 58,216.26
Central administration costs 38,418.45
Audit and supervisory fees 8,202.39
Other administration costs 81,289.51
Subscription duty ("taxe d'abonnement") 31,047.48
Other taxes 51.00
Interest paid on bank liabilities 7,083.34
Interest paid on financial instruments 212,000.56
Other expenses 10,117.46
Total expenses 1,474,851.36
NET INVESTMENT INCOME 16,034,473.51
NET REALISED GAIN/(LOSS)
- on securities portfolio -9,631,720.11
- on forward foreign exchange contracts 601,880.29
- on foreign exchange 71,713.06
REALISED RESULT 7,076,346.75
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio 4,642,603.74
- on swap contracts 68,087.00
- on forward foreign exchange contracts -142,651.04
RESULT OF OPERATIONS 11,644,386.45
Dividends paid -70,182.10
Subscriptions 43,232,624.58
Redemptions -351,588,561.36
TOTAL CHANGES IN NET ASSETS -296,781,732.43
TOTAL NET ASSETS at the beginning of the period 857,527,711.25
TOTAL NET ASSETS at the end of the period 560,745,978.82
The accompanying notes are an integral part of these financial statements.
96
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 560,745,978.82
- as at 31.12.2007 857,527,711.25
- as at 31.12.2006 1,067,761,702.49
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
-4.39
Number of class A shares
- outstanding at the beginning of the period 176,543.715
- issued
151.761
- redeemed -163,731.687
- outstanding at the end of the period 12,963.789
Net asset value per class A share
- highest 256.00
05.06.2008
- lowest 250.63
06.06.2008
- as at 30.06.2008 251.36
- as at 31.12.2007 252.31
- as at 31.12.2006 254.10
TER per class A share (in %)
- as at 30.06.2008 0.35
Dividends paid
Payment date 10.06.2008
Dividend per share 5.38
Shares outstanding at dividend date 13,045.000
Number of class B shares
- outstanding at the beginning of the period 1,537,687.544
- issued
81,279.979
- redeemed -582,959.806
- outstanding at the end of the period 1,036,007.717
Net asset value per class B share
- highest 538.11
30.06.2008
- lowest 528.52
04.01.2008
- as at 30.06.2008 538.11
- as at 31.12.2007 528.71
- as at 31.12.2006 517.54
TER per class B share (in %)
- as at 30.06.2008 0.35
The accompanying notes are an integral part of these financial statements.
97
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 10,000,000 ABN Amro Bank NV FRN EMTN Sub 9,987,925.00
9,802,000.00 1.75
06/31.05.18 Alpha Credit Group Plc
FRN EMTN Sen 06/08.05.09
EUR 10,000,000 9,989,650.00
9,955,000.00 1.78
EUR 10,073,580 Ariadne SA FRN 00/20.01.13 10,075,774.-
10,084,912.- 1.80
9 8
EUR 6,000,000 BAT Holdings BV FRN Ser 31 Tr 1 6,000,000.00
5,970,900.00 1.06
06/16.05.10 BTM Hgs NV FRN EMTN Sen
Sub 05/16.06.15
EUR 10,000,000 10,045,250.-
9,790,000.00 1.75
0
EUR 5,000,000 Banco Popolare FRN EMTN Ser 14 Tr 1 4,990,350.00
4,902,750.00 0.87
04/25.11.11 Bank of America Corp FRN
EMTN Sen 06/18.05.16
EUR 15,000,000 14,981,980.-
14,743,500.- 2.63
0 0
EUR 12,500,000 Bear Stearns Co Inc FRN 05/27.07.12 12,490,000.-
12,065,000.- 2.15
0 0
EUR 10,000,000 Bq Fédérative Crédit Mutuel FRN EMTN 9,992,050.00
9,831,000.00 1.75
06/19.12.16
EUR 10,000,000 Caixa Economica Montepio Geral FRN 9,993,000.00
9,919,335.00 1.77
EMTN Sen
04/04.11.09
EUR 20,000,000 Citigroup Inc EMTN FRN 07/05.03.14 19,864,850.-
19,426,000.- 3.46
0 0
EUR 5,000,000 Commerzbank AG VAR EMTN Ser 551 5,000,000.00
4,629,750.00 0.83
06/13.09.16
EUR 11,500,000 Daimler NA Corp FRN EMTN 06/16.03.10 11,483,080.-
11,490,800.- 2.05
0 0
EUR 10,000,000 Depfa Bank Plc FRN EMTN Sub 9,981,250.00
9,851,000.00 1.76
05/15.12.15
EUR 10,000,000 Deutsche Telekom Intl Fin BV FRN EMTN 9,975,250.00
9,974,500.00 1.78
04/08.12.09 Dexia Municipal Agency
FRN EMTN 04/05.11.10
EUR 5,000,000 4,990,150.00
4,930,000.00 0.88
EUR 10,000,000 EFG Hellas Plc FRN EMTN 07/28.03.12 9,992,150.00
9,580,456.00 1.71
EUR 5,000,000 Export-Import Bank Korea (The) FRN 4,997,750.00
4,985,750.00 0.89
EMTN 04/02.11.09
EUR 15,000,000 Fortis Banque SA FRN Sub 05/14.02.18 14,968,645.-
14,655,000.- 2.61
0 0
EUR 8,000,000 Goldman Sachs Group Inc FRN EMTN 7,981,009.23
7,746,400.00 1.38
07/30.01.17
EUR 25,000,000 Goldman Sachs Group Inc FRN EMTN Sen 25,099,019.-
24,497,500.- 4.37
05/02.02.15 Goldman Sachs Group Inc 5 0
FRN Sen 06/15.11.14
EUR 15,000,000 14,990,900.-
14,586,000.- 2.60
0 0
EUR 19,000,000 JPMorgan Chase & Co FRN EMTN Sub 18,964,460.-
18,785,300.- 3.35
05/12.10.15 Korea Development Bank 0 0
FRN EMTN 05/08.02.10
EUR 10,000,000 9,994,125.00
9,927,500.00 1.77
EUR 10,000,000 Leaseplan Corp NV FRN EMTN Sen 9,994,150.00
9,988,433.00 1.78
07/16.02.10
EUR 5,000,000 Lehman Brothers Treasury BV VAR Lk 5,001,250.00
4,487,500.00 0.80
Euro Infl Idx
07/12.04.12
EUR 10,000,000 Merrill Lynch & Co Inc FRN EMTN Sen 9,992,150.00
9,837,000.00 1.75
04/22.03.11 Morgan Stanley FRN EMTN
05/20.07.12
EUR 20,000,000 19,985,500.-
19,462,000.- 3.47
0 0
EUR 15,000,000 Morgan Stanley FRN EMTN 07/16.01.17 15,001,250.-
14,367,000.- 2.56
0 0
EUR 15,000,000 Morgan Stanley FRN EMTN Sen 15,001,750.-
14,424,000.- 2.57
06/13.04.16 0 0
EUR 20,000,000 Natixis FRN 06/26.01.17 19,982,700.-
19,390,000.- 3.46
0 0
EUR 10,000,000 RCI Banque FRN EMTN Sen 04/26.05.09 10,048,250.-
9,986,564.00 1.78
0
EUR 10,000,000 Rothschilds Continuati Fin Plc FRN 9,987,350.00
10,094,500.- 1.80
EMTN 06/19.09.11 0
EUR 10,000,000 Unicredit SpA FRN EMTN Sen 9,991,375.00
9,978,600.00 1.78
05/18.02.15
EUR 5,000,000 Volkswagen Bank GmbH FRN EMTN 4,999,175.00
4,965,788.50 0.89
07/05.02.10
Total 396,813,518-
389,111,739- 69.39
bonds 17 28
Asset backed
securities
EUR 6,007,215.21 Asti Finance Ser 1A FRN 05/27.09.41 6,007,966.11
5,802,533.17 1.03
EUR 9,035,692.65 Castoro RMBS SRL FRN A Ser 1 9,036,596.22
9,024,217.32 1.61
05/28.01.41 Delphinus BV FRN A Ser
2006-I 06/25.09.96
EUR 10,000,000 10,001,250.-
9,793,203.00 1.75
0
EUR 7,778,292.2 Dutch MBS BV FRN A Ser X 03/02.10.79 7,778,408.88
7,735,656.27 1.38
Estia Mortgage Finance Plc FRN A Ser
2 07/27.08.54
EUR 9,984,732.96 9,985,981.05
9,669,546.89 1.72
EUR 6,500,000 French Residential Asset FRN A Ser 6,500,150.00
6,441,280.30 1.15
2004-1 04/10.03.43 Magritte Finance
NV FRN A Ser 2004 04/01.06.32
EUR 1,572,330.8 1,572,377.97
1,551,924.30 0.28
EUR 4,650,840 Saecure BV FRN A Ser 3 03/25.11.51 4,651,013.36
4,611,453.43 0.82
EUR 3,187,652.88 Themeleion Mortgage Fin Plc FRN A Ser 3,187,959.38
3,102,440.23 0.55
2 05/12.01.40 57,732,254.91
Total asset backed securities 58,721,702.-
10.29
7
The accompanying notes are an integral part of these financial statements.
98
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
EUR 10,000,000 BPE Financiciones SA FRN Ser CNMV 9,977,650-
9,704,000- 1.73
05/23.12.15 00
00
EUR 6,000,000 Banco Pastor SA FRN Sen 6,001,250-
5,960,091- 1.06
05/21.01.10 00
60
EUR 5,000,000 Barclays Bank Plc VAR EMTN Ser 5,025,000-
4,925,000- 0.88
2005-BE 05/20.09.09 Bayerische 00
00
Hypo & Vereinsbk AG FRN EMTN Ser
193
EUR 4,000,000 3,995,200-
4,009,400- 0.72
00
00
98/22.12.08 98/22.12.08
EUR 20,000,000 Bayerische LB FRN EMTN 07/04.01.10 19,971,34-
19,846,00- 3.54
.00
.00
EUR 10,000,000 Nomura Europe Finance NV FRN EMTN 9,993,633-
9,942,806- 1.77
06/25.10.11 33
00
Total 54,964,07-
54,387,29- 9.70
bonds .33
.60
Asset backed securities
EUR 5,416,638 Bancaja Fondo de Tit Activo SA FRN 5,417,315-
5,014,798- 0.89
A Ser 8 05/25.10.37 5,014,798.75 08
75
Total asset backed securities 5,417,315-
0.89
08
Bonds related to a basket of bonds
EUR 15,000,000 Barclays Bank VAR CLN Lk Telecom 15,015,15-
14,775,00- 2.64
Basket 04/20.09.09 14,775,000.00 .00
.00
Total bonds related to a basket of bonds 15,015,15-
2.64
.00
OTHER TRANSFERABLE SECURITIES
Bonds
USD 7,500,000 Corsair Ltd Jersey VAR 5,6-
4,7- 0.85
EMTN Lk Basket 6,5-
0,1-
04/23.03.09 8.49
0.80
4,750,150.80
Total bonds 5,6-
0.85
6,5-
8.49
Bonds related to a basket of bonds
EUR 10,000,000 Barclays Bk Plc Hong 10,0-
8,9- 1.60
Kong VAR EMTN Lk Bskt 6,25-
5,0-
Ref .00
0.00
05/21.03.10 05/21.03.10 05/21.03.10
Total bonds related to a basket of bonds 10,0-
8,9- 1.60
6,25-
5,0-
.00
0.00
TOTAL INVESTMENTS IN SECURITIES 546,-
534,- 95.36
94,5-
46,2-
8.04
1.34
CASH AT BANKS
Term deposits
EUR 5,000,000.00 Banque de Luxembourg 5,0-
5,0- 0.89
4.3700% 04.07.2008 0,0-
0,0-
0.00
0.00
EUR 10,000,000.00 Banque de Luxembourg 10,0-
10,0- 1.78
4.2300% 04.07.2008 0,00-
0,00-
.00 .00
EUR 5,000,000.00 Banque de Luxembourg 5,0-
5,0- 0.89
4.4300% 14.07.2008 0,0-
0,0-
0.00
0.00
Total term deposits 20,0-
20,0- 3.56
0,00-
0,00-
.00 .00
Notification deposits
EUR 2,010,000.00 Banque de Luxembourg 2,0-
2,0- 0.36
4.0000% 0,0-
0,0-
0.00
0.00
Total notification deposits 2,0-
2,0- 0.36
0,0-
0,0-
0.00
0.00
Current accounts at bank 2,4-
2,4- 0.45
7,0-
6,1-
3.64
2.99
TOTAL CASH AT BANKS 24,4-
24,4- 4.37
7,05-
6,15-
.64 .99
OTHER NET ASSETS/(LIABILITIES)
1,5- 0.27
3,5-
4.49
TOTAL
560,- 100.00
45,9-
8.82
The accompanying notes are an integral part of these financial statements.
99
BL
SICAV with multiple Sub-Funds
BL-Short Term Euro
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Diversified financial services 47.18 %
Banks 46.13 %
Automobiles and components 2.05 %
TOTAL 95.36 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 34.98 %
The Netherlands 13.17 %
United Kingdom 8.44 %
France 7.87 %
Germany 5.98 %
Italy 5.29 %
Spain 3.68 %
Ireland 2.91 %
South Korea 2.66 %
Belgium 2.61 %
Greece 1.80 %
Cayman Islands 1.77 %
Netherlands Antilles 1.75 %
Hong Kong 1.60 %
Jersey 0.85 %
TOTAL 95.36 %
The accompanying notes are an integral part of these financial statements.
100
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF NET ASSETS
as at 30th June 2008
(in USD)
ASSETS
Securities portfolio at market value 118,284,800.63
Cash at banks 31,023,582.51
Receivable on issues of shares 130,788.95
Income receivable on portfolio 537,816.16
Interest receivable on bank accounts 17,155.00
Prepaid expenses 43,899.74
Total assets 150,038,042.99
LIABILITIES
Payable on redemptions of shares 372,072.67
Unrealised loss on forward foreign exchange contracts 85,633.38
Expenses and interests on bank liabilities payable 116,386.66
Total liabilities 574,092.71
NET ASSETS at the end of the period 149,463,950.28
Class A shares outstanding 5,059.889
Net asset value per class A share 252.19
Class B shares outstanding 280,394.927
Net asset value per class B share 528.50
The accompanying notes are an integral part of these financial statements.
101
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in USD)
INCOME
Interest on bonds and other debt securities, net 2,797,759.87
Interest on bank accounts
277,776.24
Total income 3,075,536.11
EXPENSES
Management fees 150,053.51
Custodian fees 75,026.80
Banking charges and other fees 11,002.83
Central administration costs 51,058.84
Audit and supervisory fees 1,798.06
Other administration costs 31,333.93
Subscription duty ("taxe d'abonnement") 7,463.84
Other taxes 25.38
Interest paid on financial instruments 43,591.27
Other expenses 2,297.80
Total expenses 373,652.26
NET INVESTMENT INCOME 2,701,883.85
NET REALISED GAIN/(LOSS)
- on securities portfolio -1,162,976.42
- on forward foreign exchange contracts -390,024.00
- on foreign exchange 10,729.53
REALISED RESULT 1,159,612.96
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio 840,099.17
- on forward foreign exchange contracts -24,910.55
RESULT OF OPERATIONS 1,974,801.58
Dividends paid -39,700.27
Subscriptions 16,625,399.14
Redemptions -36,898,148.29
TOTAL CHANGES IN NET ASSETS -18,337,647.84
TOTAL NET ASSETS at the beginning of the period 167,801,598.12
TOTAL NET ASSETS at the end of the period 149,463,950.28
The accompanying notes are an integral part of these financial statements.
102
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATISTICAL INFORMATION
as at 30th June 2008
(in USD)
Total net assets
- as at 30.06.2008 149,463,950.28
- as at 31.12.2007 167,801,598.12
- as at 31.12.2006 136,462,329.91
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
-35.81
Number of class A shares
- outstanding at the beginning of the period 3,352.586
- issued
1,938.032
- redeemed -230.729
- outstanding at the end of the period 5,059.889
Net asset value per class A share
- highest 259.94
05.06.2008
- lowest 251.72
06.06.2008
- as at 30.06.2008 252.19
- as at 31.12.2007 257.03
- as at 31.12.2006 261.79
TER per class A share (in %)
- as at 30.06.2008 0.48
Dividends paid
Payment date 10.06.2008
Dividend per share 8.08
Shares outstanding at dividend date 4,913.400
Number of class B shares
- outstanding at the beginning of the period 320,078.426
- issued
30,721.513
- redeemed -70,405.012
- outstanding at the end of the period 280,394.927
Net asset value per class B share
- highest 528.50
30.06.2008
- lowest 521.34
07.01.2008
- as at 30.06.2008 528.50
- as at 31.12.2007 521.56
- as at 31.12.2006 505.70
TER per class B share (in %)
- as at 30.06.2008 0.42
The accompanying notes are an integral part of these financial statements.
103
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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.-
4,459,313.- 2.98
Ser 4340 4 3
06/19.05.16
USD 3,000,000 Am Express Tra Rel Serv Co Inc FRN EMTN3,000,500.-
2,983,950.- 2.00
06/01.06.11 Bank of Montreal FRN EMTN 0 0
07/14.08.12
USD 5,000,000 5,000,500.-
4,926,937.- 3.30
0 0
USD 2,000,000 Barclays Bank Plc FRN Ser 158 2,000,500.-
1,936,607.- 1.29
06/27.06.16 0 0
USD 5,000,000 Canadian Imp Bk of Commerce FRN EMTN 5,004,500.-
4,869,500.- 3.26
Sen 0 0
07/21.02.17
USD 5,000,000 Citigroup Inc FRN Sen 04/05.11.14 5,034,800.-
4,872,000.- 3.26
0 0
USD 3,500,000 ING Bank NV FRN EMTN Sub Ser 1260 3,500,500.-
3,273,550.- 2.19
07/03.07.17 Korea Development Bank FRN 0 0
04/20.10.09
USD 3,000,000 2,999,900.-
2,976,713.- 1.99
8 0
USD 3,000,000 Leaseplan Corp NV FRN Sen EMTN 2,998,370.-
2,984,198.- 2.00
05/17.11.08 0 0
USD 3,000,000 Nomura Europe Finance NV FRN EMTN 3,001,400.-
2,999,400.- 2.01
05/12.12.08 0 0
USD 3,000,000 Royal Bank of Scotland Plc FRN 3,000,500.-
2,873,100.- 1.92
06/11.04.16 0 0
USD 5,000,000 Siemens Financiering NV FRN EMTN 4,994,820.-
4,997,500.- 3.34
06/16.03.12 0 0
USD 3,500,000 Wachovia Bank NA FRN Sen Sub Tr 3 3,533,225.-
3,524,850.- 2.36
04/03.11.14 28.92 0 0
44,069,515.-
43,218,306.-
8 0
Total 47,895,486.-
47,677,620.- 31.90
bonds 2 3
Asset backed
securities
USD 1,976,472 Lothian Mortgages Plc FRN A1 Ser 1 1,977,795.-
1,974,297.- 1.32
03/24.07.17 1,974,297.88 5 8
Total asset backed securities 1,977,795.-
1.32
5
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Bonds
USD 5,000,000 Bear Stearns Co Inc FRN Sen 07/01.02.12 5,004,715.-
4,775,500.- 3.19
0 0
USD 3,000,000 Credit Suisse (USA) Inc FRN Sen 3,000,500.-
2,970,662.- 1.99
06/12.04.13 0 0
USD 5,000,000 Daimler NA Corp FRN MTN Ser E Tr 44 5,000,500.-
4,947,993.- 3.31
07/13.03.09 Dubai Hgs Cial Operati MTN 0 0
Ltd FRN 07/01.02.12
USD 3,000,000 2,994,620.-
2,998,890.- 2.01
0 0
USD 3,000,000 Export-Import Bank Korea (The) FRN EMTN 3,000,500.-
2,927,848.- 1.96
Ser 97 0 0
06/04.10.11
USD 3,000,000 General Electric Capital Corp FRN MTN 3,000,500.-
2,959,500.- 1.98
Ser A 06/08.01.16 Goldman Sachs Group 0 0
Inc FRN 06/22.03.16
USD 5,000,000 5,013,600.-
4,917,000.- 3.29
0 0
USD 3,000,000 JP Morgan Chase Bank FRN Ser AI Sub 3,000,500.-
2,982,900.- 2.00
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.-
4,804,000.- 3.21
0 0
USD 3,000,000 Morgan Stanley FRN 06/18.01.11 3,000,500.-
2,941,500.- 1.97
0 0
USD 5,000,000 Morgan Stanley FRN MTN Ser F 5,025,500.-
4,826,000.- 3.23
06/18.10.16 0 0
USD 3,000,000 Sun Life Fin Gl Funding II LP FRN Ser 3,000,500.-
2,889,528.- 1.93
144A 06/06.07.11 Wachovia Corp FRN Sen 0 0
07/15.06.17
USD 3,500,000 3,500,500.-
3,454,500.- 2.31
0 0
USD 5,000,000 Wells Fargo & Co FRN Sen 05/28.10.15 5,008,550.-
4,891,500.- 3.27
0 0
USD 5,000,000 Wells Fargo & Co FRN Sen 07/24.01.12 4,999,400.-
4,929,000.- 3.30
0 0
Total 59,591,735-
58,216,323- 38.95
bonds 00 60
Asset backed
securities
USD 3,234,947.25 Fannie Mae FRN pool 888619 07/01.02.36 3,277,729.-
3,291,558.- 2.20
3 2
Total asset backed securities 3,277,729.-
3,291,558.- 2.20
3 2
The accompanying notes are an integral part of these financial statements.
104
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in USD)
Currency Number / nominal Description Cost Market value % of
value total net
assets
OTHER TRANSFERABLE SECURITIES
Bonds
USD 5,000,000 Corsair Ltd Jersey VAR 5,0-
4,9- 3.34
EMTN Lk Basket 5,5-
7,5-
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-
2,1- 1.43
5,0-
7,5-
0.00
0.00
Total bonds 7,5-
7,1- 4.77
0,5-
5,0-
0.00
0.00
TOTAL INVESTMENTS IN SECURITIES 120,-
118,- 79.14
83,2-
84,8-
5.90
0.63
CASH AT BANKS
Term deposits
USD 18,000,000.00 Banque de Luxembourg 18,0-
18,0- 12.05
2.3000% 07.07.2008 0,00-
0,00-
.00 .00
USD 10,000,000.00 Banque de Luxembourg 10,0-
10,0- 6.69
2.7000% 07.07.2008 0,00-
0,00-
.00 .00
Total term deposits 28,0-
28,0- 18.74
0,00-
0,00-
.00 .00
Current accounts at bank 3,0-
3,0- 2.02
3,5-
3,5-
5.76
2.51
TOTAL CASH AT BANKS 31,0-
31,0- 20.76
3,57-
3,58-
.76 .51
OTHER NET ASSETS/(LIABILITIES)
155- 0.10
567-
14
TOTAL
149,- 100.00
63,9-
0.28
The accompanying notes are an integral part of these financial statements.
105
BL
SICAV with multiple Sub-Funds
BL-Short Term Dollar
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Banks 36.01 %
Diversified financial services 35.88 %
Automobiles and components 3.31 %
Investment companies 2.01 %
Insurance 1.93 %
TOTAL 79.14 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
United States of America 49.21 %
The Netherlands 9.54 %
Canada 6.56 %
United Kingdom 4.53 %
South Korea 3.95 %
Jersey 3.34 %
Cayman Islands 2.01 %
TOTAL 79.14 %
The accompanying notes are an integral part of these financial statements.
106
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 109,518,315.61
Deposits on futures contracts 1,401,872.37
Cash at banks 27,664,520.98
Receivable on sales of securities 284,133.39
Income receivable on portfolio 1,483,458.31
Interest receivable on bank accounts 105,332.28
Unrealised gain on forward foreign exchange contracts 1,942,500.89
Prepaid expenses 35,191.26
Total assets 142,435,325.09
LIABILITIES
Bank liabilities 626.99
Commitment on repurchase and "repo" contracts 18,585,000.00
Payable on purchases of securities 1,178,267.95
Interest payable on financial instruments 79,299.72
Expenses and interests on bank liabilities payable 373,536.99
Total liabilities 20,216,731.65
NET ASSETS at the end of the period 122,218,593.44
Class A shares outstanding 10,854.415
Net asset value per class A share 94.32
Class B shares outstanding 1,173,496.183
Net asset value per class B share 103.28
The accompanying notes are an integral part of these financial statements.
107
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 1,482,037.22
Interest on bonds and other debt securities, net 732,677.35
Interest on bank accounts
664,283.63
Received commissions 22,480.86
Total income 2,901,479.06
EXPENSES
Management fees 668,642.23
Custodian fees 66,864.25
Banking charges and other fees 16,238.38
Transaction fees 6,213.19
Central administration costs 37,678.52
Audit and supervisory fees 1,602.86
Other administration costs 22,598.76
Subscription duty ("taxe d'abonnement") 31,913.63
Interest paid on bank liabilities 1,432.43
Interest paid on financial instruments 405,569.36
Other expenses 2,188.02
Total expenses 1,260,941.63
NET INVESTMENT INCOME 1,640,537.43
NET REALISED GAIN/(LOSS)
- on securities portfolio -11,079,881.85
- on financial instruments 4,611,062.76
- on forward foreign exchange contracts 2,017,356.51
- on foreign exchange -469,899.62
REALISED RESULT -3,280,824.77
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -10,113,927.72
- on financial instruments 1,798,291.40
- on forward foreign exchange contracts 367,105.14
RESULT OF OPERATIONS -11,229,355.95
Dividends paid -40,876.01
Subscriptions 5,797,500.61
Redemptions -23,339,648.81
TOTAL CHANGES IN NET ASSETS -28,812,380.16
TOTAL NET ASSETS at the beginning of the period 151,030,973.60
TOTAL NET ASSETS at the end of the period 122,218,593.44
The accompanying notes are an integral part of these financial statements.
108
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 122,218,593.44
- as at 31.12.2007 151,030,973.60
- as at 31.12.2006 165,250,814.13
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
112.26
Number of class A shares
- outstanding at the beginning of the period 11,555.451
- issued
153.889
- redeemed -854.925
- outstanding at the end of the period 10,854.415
Net asset value per class A share
- highest 106.83
02.01.2008
- lowest 94.32
30.06.2008
- as at 30.06.2008 94.32
- as at 31.12.2007 106.55
- as at 31.12.2006 111.73
TER per class A share (in %)
- as at 30.06.2008 1.29
Dividends paid
Payment date 10.06.2008
Dividend per share 3.82
Shares outstanding at dividend date 10,700.526
Number of class B shares
- outstanding at the beginning of the period 1,333,824.692
- issued
52,767.339
- redeemed -213,095.848
- outstanding at the end of the period 1,173,496.183
Net asset value per class B share
- highest 112.60
02.01.2008
- lowest 103.28
30.06.2008
- as at 30.06.2008 103.28
- as at 31.12.2007 112.31
- as at 31.12.2006 114.28
TER per class B share (in %)
- as at 30.06.2008 1.25
The accompanying notes are an integral part of these financial statements.
109
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 1,000,000 Babcock & Brown Infrastruct Gr 701,436.59 421,395.28
0.35
AUD 390,000 Duet Group Quadr Stapled Secur 700,057.61 652,613.04
0.53
AUD 750,000 Macquarie Airports 1,199,571.-
952,719.77 0.78
6
AUD 690,000 Spark Infrastructured Group 694,377.94 589,953.40
0.48
AUD 300,000 Transurban Group 739,122.26 789,658.12
0.65
4,034,566.-
3,406,339.- 2.79
6 1
CHF 16,000 Cie Financière Richemont SA Units A 618,596.93 561,680.79
0.46
CHF 5,000 Nestlé SA Reg 1,568,753.-
1,406,691.- 1.15
4 9
2,187,350.-
1,968,372.- 1.61
7 8
EUR 100,000 Belgacom SA 2,944,830.-
2,748,500.- 2.25
6 0
EUR 60,000 DSM NV 2,022,081.-
2,280,600.- 1.87
9 0
EUR 200,000 Wessanen NV 2,197,495.-
1,462,000.- 1.20
6 0
7,164,407.-
6,491,100.- 5.32
1 0
GBP 500,000 3I Infrastructure Ltd 739,508.08 752,765.01
0.62
GBP 150,000 Diageo Plc 1,950,794.-
1,728,829.- 1.41
0 2
GBP 400,000 Invensys Plc 1,845,556.-
1,329,673.- 1.09
9 9
GBP 360,000 Mothercare Plc 1,853,356.-
1,606,615.- 1.31
3 0
6,389,215.-
5,417,883.- 4.43
0 2
HKD 850,000 Li & Fung Ltd 1,652,741.-
1,625,705.- 1.33
5 1
JPY 135,000 Amada Co Ltd 634,715.17 686,833.73
0.56
JPY 247 Creed Office Investment Corp 804,913.08 276,138.43
0.23
JPY 37,000 Komatsu Ltd 622,118.79 665,819.49
0.55
JPY 32,000 Makita Corp 629,139.82 809,242.41
0.66
JPY 56,000 Mori Seiki Co Ltd 621,224.96 613,340.70
0.50
JPY 31,000 Olympus Corp 619,635.97 656,074.63
0.54
3,931,747.-
3,707,449.- 3.04
9 9
KRW 150,000 Hana Financial Group Inc 4,410,504.-
3,669,799.- 3.00
8 4
KRW 3,000 Hyundai Heavy Industrie Co Ltd 671,289.24 589,544.42
0.48
KRW 2,000 Posco 668,905.61 649,565.22
0.53
5,750,699.-
4,908,909.- 4.01
3 8
SGD 400,000 Fraser & Neave Ltd 938,448.00 847,985.50
0.69
THB 750,000 Bangkok Bank PCL Nv DR 1,782,385.-
1,704,259.- 1.39
1 2
THB 1,500,000 Thai Oil PCL Uts Nv DR 1,827,662.-
1,505,429.- 1.23
2 5
3,610,047.-
3,209,688.- 2.62
3 7
TRY 450,000 Akbank 1,322,734.-
1,008,572.- 0.83
7 8
TRY 100,000 Anadolu Efes Biracilik Malt Sa 621,028.00 557,735.71
0.46
1,943,762.-
1,566,307.- 1.29
7 9
USD 20,000 Aracruz Celulose SA ADR repr 10 1,042,416.-
951,903.24 0.78
Shares B Berkshire Hathaway Inc A 9
USD 30 2,108,816.-
2,297,215.- 1.88
9 8
USD 208,704 Cemex SA ADR repr 10 CPO 4,075,058.-
3,258,536.- 2.67
6 6
USD 22,500 Cia Vale do Rio Doce spons ADR repr 1 593,829.74 506,873.23
0.42
Share EBay Inc
USD 100,000 2,291,400.-
1,753,071.- 1.43
8 3
USD 43,000 Infosys Technologies Ltd ADR repr 1 1,172,896.-
1,174,824.- 0.96
Share 3 0
USD 90,000 Johnson & Johnson 3,742,490.-
3,632,686.- 2.97
9 5
The accompanying notes are an integral part of these financial statements.
110
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Cur- Number / Number / nominal Description Cost
Market % of
encynominal value
value value
total net
assets
USD 200,000 200,000 Philip Morris Intl Inc 6,665,72-
6,327,819- 5.18
.52 93
USD 200,000 200,000 Taiwan Semiconduct Mfg Co1,225,94-
1,380,361- 1.13
Ltd ADR repr 5 Shares .11 28
Washington Post co B
USD 15,000 15,000 8,564,076-
5,566,462- 4.55
23 43
USD 150,000 150,000 Wipro Ltd ADR repr 1 1,275,23-
1,143,845- 0.94
Share .19 84
32,757,88-
27,993,60- 22.91
.93 .67
Tot- 70,360,87-
61,143,34- 50.04
l .54 .82
sha-
es
Real estate funds
EUR 100,000 100,000 Warehouses De Pauw SICAFI4,275,12-
3,846,000- 3.15
.41 00
JPY 345 345 Crescendo Investment Corp1,172,88-
507,390.68 0.42
.56
JPY 300 300 Japan Excellent Inc 1,571,44-
898,560.38 0.74
.70
JPY 150 150 Japan Real Estate Invest 1,165,52-
968,508.20 0.79
Corp .09
JPY 400 400 MID REIT Inc 1,369,09-
810,677.23 0.66
.89
JPY 150 150 Nippon Building Fund Inc 1,211,73-
1,103,023- 0.90
.33 23
JPY 400 400 Nippon Commercial Inv 1,242,86-
686,325.56 0.56
Corp .54
JPY 390 390 Nippon Hotel Fd Inv Corp 1,282,08-
713,467.71 0.58
.02
9,015,626-
5,687,952- 4.65
13 99
Total Real estate funds 13,290,74-
9,533,952- 7.80
.54 99
Bon-
s
EUR 7,500,000 7,500,000 Bayer AG VAR Sub 6,718,06-
6,444,750- 5.27
05/29.07.2105 .00 00
EUR 3,000,000 3,000,000 Depfa Deutsche 3,060,00-
3,017,440- 2.47
Pfandbriefbk AG 5.25% .00 80
01/15.07.11
EUR 3,000,000 3,000,000 Depfa Deutsche 3,039,00-
3,022,200- 2.47
Pfandbriefbk AG 5.5% Ser .00 00
G6 99/15.01.10 Depfa
Deutsche Pfandbriefbk AG
5.75% Ser 436
EUR 1,000,000 1,000,000 1,015,500-
1,004,850- 0.82
00 00
97/04.03.09
EUR 12,500,000 12,500,000 Deutschland 3.25% Ser 05 11,927,7-
11,578,50- 9.47
05/04.07.15 9.81 .50
EUR 7,500,000 7,500,000 Deutschland 3.75% Ser 06 7,173,24-
7,105,125- 5.81
06/04.01.17 .75 00
EUR 7,500,000 7,500,000 KPN NV 4% EMTN Sen 6,893,75-
6,655,500- 5.45
05/22.06.15 .14 00
Tot- 39,827,29-
38,828,36- 31.76
l .70 .30
bon-
s
OTHER TRANSFERABLE SECURITIES
Warrants and rights
GBP 76,923 3I Infrastructure Ltd Droits 0.00
12,651.50 0.01
de sousc 03.07.08
Total warrants and rights 0.00
12,651.50 0.01
TOTAL INVESTMENTS IN SECURITIES 123,478,915-
109,518,315- 89.61
78 61
CASH AT BANKS
27,664,520.- 22.64
8
BANK LIABILITIES
-626.99 0.00
OTHER NET ASSETS/(LIABILITIES)
-14,963,616- -12.25
16
TOTAL
122,218,593- 100.00
44
The accompanying notes are an integral part of these financial statements.
111
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Countries and governments 15.28 %
Materials 11.54 %
Food, beverage and tobacco 10.09 %
Banks 7.98 %
Real estate funds 7.80 %
Telecommunication services 7.70 %
Media 4.55 %
Retailing 4.07 %
Investment companies 4.00 %
Capital goods 3.18 %
Diversified financial services 3.00 %
Pharmaceuticals and biotechnology 2.97 %
Software and services 1.90 %
Energy 1.23 %
Semiconductors and semiconductor equipment 1.13 %
Consumer durables and apparel 1.12 %
Utilities 0.88 %
Transportation 0.65 %
Health care equipment and services 0.54 %
TOTAL 89.61 %
The accompanying notes are an integral part of these financial statements.
112
BL
SICAV with multiple Sub-Funds
BL-Global Flexible
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 26.31 %
United States of America 16.01 %
The Netherlands 8.52 %
Japan 7.69 %
Belgium 5.40 %
South Korea 4.01 %
United Kingdom 3.81 %
Australia 2.79 %
Mexico 2.67 %
Thailand 2.62 %
India 1.90 %
Switzerland 1.61 %
Hong Kong 1.33 %
Turkey 1.29 %
Brazil 1.20 %
Taiwan 1.13 %
Singapore 0.69 %
Jersey 0.63 %
TOTAL 89.61 %
The accompanying notes are an integral part of these financial statements.
113
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 130,844,980.33
Deposits on futures contracts 12,141,800.00
Cash at banks 21,053,435.72
Formation expenses, net 1,880.55
Receivable on issues of shares 148,514.84
Interest receivable on bank accounts 42,359.30
Prepaid expenses 35,191.26
Total assets 164,268,162.00
LIABILITIES
Payable on redemptions of shares 49,986.05
Expenses and interests on bank liabilities payable 267,877.02
Total liabilities 317,863.07
NET ASSETS at the end of the period 163,950,298.93
Class B shares outstanding 1,616,737.884
Net asset value per class B share 101.41
The accompanying notes are an integral part of these financial statements.
114
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 119,127.42
Interest on bonds and other debt securities, net 100,384.34
Interest on bank accounts
450,770.38
Total income 670,282.14
EXPENSES
Management fees 359,944.47
Custodian fees 71,988.91
Banking charges and other fees 4,658.71
Transaction fees 26,705.00
Central administration costs 38,201.36
Audit and supervisory fees 1,726.00
Other administration costs 23,138.06
Subscription duty ("taxe d'abonnement") 38,817.09
Other expenses 12,735.68
Total expenses 577,915.28
NET INVESTMENT INCOME 92,366.86
NET REALISED GAIN/(LOSS)
- on securities portfolio -4,551,785.46
- on financial instruments 12,857,071.48
REALISED RESULT 8,397,652.88
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -17,036,299.35
- on financial instruments 7,259,150.82
RESULT OF OPERATIONS -1,379,495.65
Dividends paid -
Subscriptions 68,306,465.92
Redemptions -10,985,979.60
TOTAL CHANGES IN NET ASSETS 55,940,990.67
TOTAL NET ASSETS at the beginning of the period 108,009,308.26
TOTAL NET ASSETS at the end of the period 163,950,298.93
The accompanying notes are an integral part of these financial statements.
115
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 163,950,298.93
- as at 31.12.2007 108,009,308.26
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
240.72
Number of class B shares
- outstanding at the beginning of the period 1,061,346.774
- issued
661,277.356
- redeemed -105,886.246
- outstanding at the end of the period 1,616,737.884
Net asset value per class B share
- highest 105.55
11.03.2008
- lowest 100.50
16.06.2008
- as at 30.06.2008 101.41
- as at 31.12.2007 101.77
TER per class B share (in %)
- as at 30.06.2008 * 0.78
* annualised
The accompanying notes are an integral part of these financial statements.
116
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 40,922 Adidas AG 1,772,262.-
1,653,248.- 1.01
2 0
EUR 90,899 Allianz SE Reg 10,819,826-
10,207,957- 6.23
16 70
EUR 190,104 BASF SE 8,685,725.-
8,387,388.- 5.12
1 8
EUR 153,594 Bayer AG 8,397,717.-
8,163,521.- 4.98
5 0
EUR 64,598 Bayerische Motorenwerke 2,351,275.-
1,950,213.- 1.19
AG 9 2
EUR 120,635 Commerzbank AG 2,699,488.-
2,298,096.- 1.40
5 5
EUR 32,501 Continental AG 2,475,206.-
2,073,563.- 1.26
7 0
EUR 179,085 Daimler AG Reg 9,048,163.-
7,141,909.- 4.36
3 0
EUR 106,610 Deutsche Bank AG Reg 7,300,396.-
5,917,921.- 3.61
4 0
EUR 39,185 Deutsche Boerse AG Reg 3,739,996.-
2,799,768.- 1.71
3 5
EUR 92,022 Deutsche Lufthansa AG 1,542,100.-
1,292,909.- 0.79
Reg 6 0
EUR 168,748 Deutsche Post AG Reg 3,399,387.-
2,796,154.- 1.70
2 6
EUR 16,478 Deutsche Postbank AG Reg 922,842.97
923,427.12 0.56
EUR 598,585 Deutsche Telekom AG Reg 6,664,608.-
6,177,397.- 3.77
0 0
EUR 99,034 E.On AG 12,828,574-
12,590,192- 7.68
64 42
EUR 37,457 Fresenius Medical Care 1,326,130.-
1,312,493.- 0.80
AG & Co KGaA 4 8
EUR 35,802 Henkel AG & Co KGaA Pref 1,207,519.-
899,704.26 0.55
6
EUR 40,413 Hypo Real Estate Holding 1,164,909.-
745,619.85 0.45
AG 6
EUR 150,660 Infineon Technologies AG 1,232,141.-
856,502.10 0.52
Reg 3
EUR 28,426 Linde AG 2,699,704.-
2,555,213.- 1.56
9 4
EUR 19,858 MAN AG 1,852,568.-
1,450,229.- 0.88
6 4
EUR 12,986 Merck KGaA 1,140,432.-
1,159,649.- 0.71
6 0
EUR 22,229 Metro AG 1,221,582.-
911,611.29 0.56
2
EUR 41,477 Muenchener Rueckvers AG 5,073,792.-
4,624,685.- 2.82
Reg 2 0
EUR 82,975 RWE AG A 6,278,927.-
6,520,175.- 3.98
2 0
EUR 178,207 SAP AG 6,229,862.-
5,961,024.- 3.64
7 5
EUR 171,950 Siemens AG Reg 13,981,093-
12,189,535- 7.43
41 50
EUR 31,908 TUI AG 563,266.11
470,004.84 0.29
EUR 69,300 ThyssenKrupp AG 2,461,107.-
2,814,273.- 1.72
8 0
EUR 28,884 Volkswagen AG 5,283,658.-
5,171,969.- 3.15
3 4
Total shares 134,364,27-
122,016,36- 74.43
.50 .59
Tracker funds
EUR 145,351 iShares DAX Cap 8,944,493.-
8,828,619.- 5.38
2 4
Total tracker funds 8,944,493.-
8,828,619.- 5.38
2 4
TOTAL INVESTMENTS IN SECURITIES 143,308,76-
130,844,98- 79.81
.02 .33
CASH AT BANKS
21,053,435- 12.84
72
OTHER NET ASSETS/(LIABILITIES)
12,051,882- 7.35
88
TOTAL
163,950,29- 100.00
.93
The accompanying notes are an integral part of these financial statements.
117
BL
SICAV with multiple Sub-Funds
BL-Optinvest (Euro)
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
Materials 11.82 %
Utilities 11.66 %
Automobiles and components 9.96 %
Capital goods 9.87 %
Insurance 9.05 %
Banks 5.57 %
UCI 5.38 %
Telecommunication services 3.77 %
Software and services 3.64 %
Transportation 2.49 %
Diversified financial services 1.71 %
Pharmaceuticals and biotechnology 1.51 %
Consumer durables and apparel 1.01 %
Retailing 0.56 %
Household and personal products 0.55 %
Semiconductors and semiconductor equipment 0.52 %
Real estate 0.45 %
Hotels, restaurants and leisure 0.29 %
TOTAL 79.81 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Germany 79.81 %
TOTAL 79.81 %
The accompanying notes are an integral part of these financial statements.
118
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 44,355,493.54
Cash at banks 9,422,810.45
Formation expenses, net 7,175.98
Income receivable on portfolio 480,333.42
Interest receivable on bank accounts 29,882.25
Unrealised gain on forward foreign exchange contracts 3,303.34
Prepaid expenses 2,514.23
Total assets 54,301,513.21
LIABILITIES
Payable on redemptions of shares 5,583.07
Expenses and interests on bank liabilities payable 171,646.97
Total liabilities 177,230.04
NET ASSETS at the end of the period 54,124,283.17
Class A shares outstanding 646.215
Net asset value per class A share 89.31
Class B shares outstanding 605,358.966
Net asset value per class B share 89.31
The accompanying notes are an integral part of these financial statements.
119
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 211,884.81
Interest on bonds and other debt securities, net 444,802.58
Interest on bank accounts
254,343.40
Received commissions 28,011.56
Total income 939,042.35
EXPENSES
Management fees 264,082.21
Custodian fees 26,408.21
Banking charges and other fees 5,841.78
Central administration costs 21,402.57
Audit and supervisory fees 626.44
Other administration costs 17,944.16
Subscription duty ("taxe d'abonnement") 9,697.28
Interest paid on bank liabilities 94.12
Other expenses 11,475.27
Total expenses 357,572.04
NET INVESTMENT INCOME 581,470.31
NET REALISED GAIN/(LOSS)
- on securities portfolio -165,208.73
- on foreign exchange -19,816.35
REALISED RESULT 396,445.23
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -5,132,902.86
- on forward foreign exchange contracts 3,303.34
RESULT OF OPERATIONS -4,733,154.29
Dividends paid -
Subscriptions 9,490,270.78
Redemptions -3,981,171.23
TOTAL CHANGES IN NET ASSETS 775,945.26
TOTAL NET ASSETS at the beginning of the period 53,348,337.91
TOTAL NET ASSETS at the end of the period 54,124,283.17
The accompanying notes are an integral part of these financial statements.
120
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 54,124,283.17
- as at 31.12.2007 53,348,337.91
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
-22.73
Number of class A shares
- outstanding at the beginning of the period 396.173
- issued
250.042
- redeemed 0.000
- outstanding at the end of the period 646.215
Net asset value per class A share
- highest 97.87
02.01.2008
- lowest 88.55
18.03.2008
- as at 30.06.2008 89.31
- as at 31.12.2007 97.46
Synthetic TER per class A share (in %)
- as at 30.06.2008
* 1.80
* annualised
Number of class B shares
- outstanding at the beginning of the period 546,964.756
- issued
101,352.228
- redeemed -42,958.018
- outstanding at the end of the period 605,358.966
Net asset value per class B share
- highest 97.87
02.01.2008
- lowest 88.55
18.03.2008
- as at 30.06.2008 89.31
- as at 31.12.2007 97.46
Synthetic TER per class B share (in %)
- as at 30.06.2008
* 1.81
* annualised
The accompanying notes are an integral part of these financial statements.
121
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 30,000 Tenaris SA Reg 421,203.89 691,800.00
1.28
GBP 750,000 Lonrho 270,414.78 218,238.59
0.40
HKD 100,000 CLP Holdings Ltd 470,731.32 536,340.42
0.99
HKD 34,500 Cheung Kong Holdings Ltd 371,987.75 301,563.30
0.56
HKD 47,500 Hutchison Whampoa Ltd 330,935.44 297,673.00
0.55
HKD 850,000 Johnson Electric Holdings Ltd 268,021.53 235,208.47
0.43
HKD 150,000 Li & Fung Ltd 405,865.00 286,889.22
0.53
1,847,541.041,657,674.41
3.06
HUF 6,000 MOL Hungarian Oil and Gas Plc Ser A 542,059.85 505,515.43
0.93
Richter Gedeon Ltc
HUF 4,000 595,377.90 533,669.65
0.99
1,137,437.751,039,185.08
1.92
IDR 600,000 Unilever Indonesia (PT) Tbk 293,404.39 274,923.53
0.51
KRW 20,000 Hana Financial Group Inc 601,471.51 489,306.63
0.90
KRW 2,500 Hyundai Heavy Industrie Co Ltd 559,351.30 491,287.01
0.91
KRW 10,000 Hyundai Mobis 636,373.91 522,211.44
0.97
KRW 8,500 Hyundai Motor Co Ltd 431,966.05 375,510.85
0.69
KRW 8,500 KT&G Corp 436,660.21 466,151.40
0.86
KRW 1,500 Posco 532,277.77 487,173.91
0.90
KRW 1,200 Samsung Electronics Co Ltd 494,370.85 470,173.10
0.87
3,692,471.603,301,814.34
6.10
MYR 300,000 Genting Bhd 424,920.66 326,958.02
0.60
MYR 275,000 Malayan Banking Bhd 514,157.46 382,667.38
0.71
939,078.12 709,625.40
1.31
SGD 180,000 Fraser & Neave Ltd 406,614.72 381,593.48
0.71
SGD 75,000 Keppel Corp Ltd 415,815.61 380,195.70
0.70
SGD 294,000 Noble Group Ltd 265,599.62 326,017.81
0.60
SGD 200,000 Singapore Telecom Ltd Board Lot 1000 355,737.42 341,989.76
0.63
SGD 45,000 United Overseas Bank Ltd Local 397,225.54 397,528.15
0.73
1,840,992.911,827,324.90
3.37
THB 200,000 Bangkok Bank PCL Nv DR 533,972.17 454,469.18
0.84
THB 100,000 Siam Cement Public Co Ltd Foreign Non 433,240.37 369,256.21
0.68
Voting DR 1.52
967,212.54 823,725.39
TRY 200,000 Akbank 676,188.72 448,254.26
0.83
TRY 50,000 Anadolu Efes Biracilik Malt Sa 275,700.56 278,867.85
0.52
951,889.28 727,122.11
1.35
TWD 250,000 Acer Inc 328,580.56 316,143.12
0.58
TWD 250,000 Au Optronics Corp 326,379.26 246,121.33
0.45
TWD 100,000 Hon Hai Precision Ind Co Ltd 404,152.33 315,620.57
0.58
TWD 390,000 Taiwan Semiconduct Mfg Co Ltd 524,407.15 521,714.52
0.96
TWD 300,000 Taiwan Shinkong Co Ltd 193,998.22 187,491.16
0.35
1,777,517.521,587,090.70
2.92
USD 5,000 Aracruz Celulose SA ADR repr 10 Shares B 256,042.06 237,975.81
0.44
Cemex SA ADR repr 10 CPO
USD 31,088 618,229.43 485,382.98
0.90
USD 6,000 Cia Vale do Rio Doce spons ADR repr 1 130,117.89 112,917.87
0.21
Pref Share Cia Vale do Rio Doce spons
ADR repr 1 Share
USD 10,000 245,910.46 225,276.99
0.42
USD 6,000 Coca-Cola Femsa SAB de CV ADR repr 10 191,295.02 208,425.66
0.39
Local Shares
The accompanying notes are an integral part of these financial statements.
122
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
C- N- Descri- Descri- Descri- Descrip-
Descri- Descrip- C- Ma- % of
r- m- tion tion tion ion tion ion st
ket
e- er
va-
cy/ ue
n-
m-
n-
l
v-
total net
l-
e
assets
U- 4- Cresud Cresud Cresud Cresud Cresud Cresud
SA54- 430- 0.80
D ,- SA Com SA Com SA Com SA Com SA Com Com Ind ,5-
589-
34Ind Fin Ind Fin Ind Fin Ind Fin Ind Fin Fin y 4.-
11
y y y y Agrope y Agrope 0
Agrope Agrope Agrope spons Agrope spons ADR
spons spons spons ADR repr spons repr 10
ADR ADR ADR 10 ADR
repr 10 repr 10 repr 10 repr 10
Shares Shares Shares Shares Shares Shares
U- 5- Elron Elron Elron Elron Elron Elron
28- 267- 0.50
D ,- Electr- Electr- Electr- Electro-
Electr- Electron- ,5- 945-
00nic Ind nic Ind nic Ind ic Ind nic Ind c Ind Ltd6.-
01
Ltd Ltd Ltd Ltd Ltd 0
U- 1- ICICI ICICI ICICI ICICI ICICI ICICI
38- 282- 0.52
D ,- Bank Bank Bank Bank Ltd Bank Bank Ltd ,3-
485-
00Ltd ADR Ltd ADR Ltd ADR ADR repr Ltd ADR ADR repr 2.-
16
repr 2 repr 2 repr 2 2 Shares repr 2 2 Shares 7
Shares Shares Shares Shares
U- 2- Infosys Infosys Infosys Infosys Infosys Infosys
67- 546- 1.01
D ,- Techno- Techno- Techno- Technol-
Techno- Technolo- ,7- 430-
00ogies ogies ogies gies Ltd ogies ies Ltd 6.-
05
Ltd ADR Ltd ADR Ltd ADR ADR repr Ltd ADR ADR repr 1
repr 1 repr 1 repr 1 1 Share repr 1 1 Share
Share Share Share Share
U- 3- Jardine Jardine Jardine Jardine Jardine Jardine
37- 373- 0.69
D ,- Strate- Strate- Strate- Strateg-
Strate- Strategic,0- 345-
00ic Hgs ic Hgs ic Hgs c Hgs ic Hgs Hgs Ltd 3.-
19
Ltd Ltd Ltd Ltd Ltd 0
3,7-
3,1- 5.88
1,7-
0,7-
9.043.83
T- 17,-
16,- 29.62
t- 50,-
29,-
l 42.-
98.-
s- 6 8
a-
es
Undertakings for collective investment
E- 5- Fortis Fortis Fortis Fortis L Fortis Fortis L
1,- 933- 1.72
R 7- L Fd L Fd L Fd Fd SICAV L Fd Fd SICAV 42-
546-
0 SICAV SICAV SICAV Equity SICAV Equity 34-
00
Equity Equity Equity Turkey Equity Turkey .18
Turkey Turkey Turkey Classic Turkey Classic C
Classic Classic Classic C Cap Classic Cap
C Cap C Cap C Cap C Cap
U- 1- Aberde- Aberde- Aberde- Aberdeen
Aberde- Aberdeen 4,- 3,4- 6.46
D 5- n Gl n Gl n Gl Gl SICAV n Gl Gl SICAV 00-
5,2-
4- SICAV SICAV SICAV Asia SICAV Asia 98-
6.07
8- Asia Asia Asia Pacific Asia Pacific .11
0- Pacific Pacific Pacific Fd Ser Pacific Fd Ser A2
6 Fd Ser Fd Ser Fd Ser A2 Cap Fd Ser Cap
A2 Cap A2 Cap A2 Cap BlackRo- A2 Cap
BlackRock
BlackR- BlackR- BlackR- k Global
BlackR- Global
ck ck ck Fds ck Fds Latin
Global Global Global Latin Global American
Fds Fds Fds American Fds A2 Cap
Latin Latin Latin A2 Cap Latin
Americ- Americ- Americ-
Americ-
n A2 n A2 n A2 n A2
Cap Cap Cap Cap
U- 1-
1,2- 1,1- 2.05
D ,- 2,0-
8,9-
2-
9.079.36
.-
7
U- 2- F F F F F F
5,- 3,2- 5.99
D 5- Temple- Temple- Temple- Templet-
Temple- Templeton72- 9,3-
6- on Inv on Inv on Inv n Inv on Inv Inv Fds 90-
8.58
0- Fds Fds Fds Fds Fds SICAV .54
93SICAV SICAV SICAV SICAV SICAV Asian
Asian Asian Asian Asian Asian Growth I
Growth Growth Growth Growth I Growth Cap
I Cap I Cap I Cap Cap I Cap Fidelity
Fideli- Fideli- Fideli- Fidelity
Fideli- Fds SICAV
y Fds y Fds y Fds Fds y Fds Thailand
SICAV SICAV SICAV SICAV SICAV A Gl
Thaila- Thaila- Thaila- Thailand
Thaila- Certif
d A Gl d A Gl d A Gl A Gl d A Gl
Certif Certif Certif Certif Certif
U- 7-
1,3- 1,1- 2.06
D ,- 0,9-
4,7-
0-
0.591.04
.-
9
U- 4- HSBC Gl HSBC Gl HSBC Gl HSBC Gl HSBC Gl HSBC Gl
1,- 1,2- 2.28
D ,- Inv Fds Inv Fds Inv Fds Inv Fds Inv Fds Inv Fds 08-
1,9-
4- SICAV SICAV SICAV SICAV SICAV SICAV 39-
1.64
.- Brazil Brazil Brazil Brazil Brazil Brazil .41
2 Equity Equity Equity Equity Equity Equity AC
AC Cap AC Cap AC Cap AC Cap AC Cap Cap HSBC
HSBC HSBC HSBC HSBC HSBC Global
Global Global Global Global Global Inv Fds
Inv Fds Inv Fds Inv Fds Inv Fds Inv Fds SICAV
SICAV SICAV SICAV SICAV SICAV Chinese
Chinese Chinese Chinese Chinese Chinese Equity AC
Equity Equity Equity Equity Equity Cap
AC Cap AC Cap AC Cap AC Cap AC Cap
U- 9-
620- 478- 0.88
D 9- 129-
321-
5 06 18
U- 6- Invesco Invesco Invesco Invesco Invesco Invesco
81- 754- 1.39
D ,- Funds Funds Funds Funds Funds Funds ,5-
690-
00Series Series Series Series 5 Series Series 5 6.-
63
5 5 5 Korean 5 Korean 1
Korean Korean Korean Equity Korean Equity
Equity Equity Equity (USD) A Equity (USD) A
(USD) A (USD) A (USD) A Julius (USD) A Julius
Julius Julius Julius Baer Julius Baer
Baer Baer Baer Multibo- Baer
Multibond
Multib- Multib- Multib- d SICAV
Multib- SICAV
nd nd nd Local nd Local
SICAV SICAV SICAV Emerging SICAV Emerging
Local Local Local Bond B Local Bond B
Emergi- Emergi- Emergi- Cap
Emergi- Cap
g Bond g Bond g Bond g Bond
B Cap B Cap B Cap B Cap
U- 3-
601- 588- 1.09
D 7- 000-
449-
0 27 86
15,-
12,- 22.20
76,-
11,-
81.-
18.-
6 6
Total undertakings for collective investment 16-
12,- 23.92
71-
45,-
,2-
64.-
6.-
6
4
B-
n-
s
B- 2- KFW AG KFW AG KFW AG KFW AG KFW AG KFW AG
1,- 1,0- 1.95
L 7- 11.75% 11.75% 11.75% 11.75% 11.75% 11.75% 44-
5,0-
0- 06/15.- 06/15.- 06/15.- 06/15.1-
06/15.- 06/15.12- 80- 4.86
0- 2.14 2.14 2.14 .14 2.14 14 .25
0
E- 5- Brazil Brazil Brazil Brazil Brazil Brazil
54- 521- 0.96
R 0- 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% ,5-
025-
0- 02/02.- 02/02.- 02/02.- 02/02.0-
02/02.- 02/02.04- 8.- 00
0 4.09 4.09 4.09 .09 4.09 09 3
E- 8- Brazil Brazil Brazil Brazil Brazil Brazil
92- 869- 1.61
R 0- 7.375% 7.375% 7.375% 7.375% 7.375% 7.375% ,2-
200-
0- 05/03.- 05/03.- 05/03.- 05/03.0-
05/03.- 05/03.02- 5.- 00
0 2.15 2.15 2.15 .15 2.15 15 3
E- 5- Mexico Mexico Mexico Mexico Mexico Mexico
51- 493- 0.91
R 0- 5.375% 5.375% 5.375% 5.375% 5.375% 5.375% ,6-
600-
0- 03/10.- 03/10.- 03/10.- 03/10.0-
03/10.- 03/10.06- 0.- 00
0 6.13 6.13 6.13 .13 6.13 13 0
E- 3- Mexico Mexico Mexico Mexico Mexico Mexico
31- 287- 0.53
R 0- 5.5% 5.5% 5.5% 5.5% Ser 5.5% 5.5% Ser ,0-
115-
0- Ser MTN Ser MTN Ser MTN MTN A Ser MTN MTN A 0.-
00
0 A A A 04/17.0- A
04/17.02- 0
04/17.- 04/17.- 04/17.- .20
04/17.- 20
2.20 2.20 2.20 2.20
E- 3- Mexico Mexico Mexico Mexico Mexico Mexico
32- 309- 0.57
R 0- 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% EMTN,3-
931-
0- EMTN EMTN EMTN EMTN Reg EMTN Reg 0.-
23
0 Reg Reg Reg 00/08.0- Reg
00/08.03- 0
00/08.- 00/08.- 00/08.- .10
00/08.- 10
3.10 3.10 3.10 3.10
E- 1- Philip- Philip- Philip- Philipp-
Philip- Philippi- 1,- 1,4- 2.64
R 5- ines ines ines nes ines es 6.25% 30-
6,5-
0- 6.25% 6.25% 6.25% 6.25% 6.25% Sen 41-
0.00
0- Sen Sen Sen Sen Sen 06/15.03-
.19
0 06/15.- 06/15.- 06/15.- 06/15.0-
06/15.- 16
3.16 3.16 3.16 .16 3.16
E- 2- Philip- Philip- Philip- Philipp-
Philip- Philippi- 3,- 2,9- 5.41
R 8- ines ines ines nes ines es 9.125%53-
5,7-
0- 9.125% 9.125% 9.125% 9.125% 9.125% 03/22.02-
01- 0.00
0- 03/22.- 03/22.- 03/22.- 03/22.0-
03/22.- 10 .90
0 2.10 2.10 2.10 .10 2.10
E- 1- Turkey Turkey Turkey Turkey Turkey Turkey
1,- 1,1- 2.03
R 2- 4.75% 4.75% 4.75% 4.75% 4.75% 4.75% Sen76-
1,3-
0- Sen Sen Sen Sen Sen 05/06.07-
68- 2.88
0- 05/06.- 05/06.- 05/06.- 05/06.0-
05/06.- 12 .38
0 7.12 7.12 7.12 .12 7.12
E- 1- Venezu- Venezu- Venezu- Venezue-
Venezu- Venezuela96- 849- 1.57
R 0- la 7% la 7% la 7% a 7% Ser la 7% 7% Ser ,4-
995-
0- Ser Ser Ser Intl Ser Intl 8.-
60
0- Intl Intl Intl 05/16.0- Intl
05/16.03- 0
0 05/16.- 05/16.- 05/16.- .15
05/16.- 15
3.15 3.15 3.15 3.15
9,3-
8,7- 16.23
7,3-
4,4-
7.739.71
M- 8- Mexico Mexico Mexico Mexico Mexico Mexico
50- 492- 0.91
N 0- 8.5 Ser 8.5 Ser 8.5 Ser 8.5 Ser 8.5 Ser 8.5 Ser M,5-
068-
0- M M M M M 06/23.06-
5.- 50
0- 06/23.- 06/23.- 06/23.- 06/23.0-
06/23.- 11 7
0 6.11 6.11 6.11 .11 6.11
P- 4- Poland Poland Poland Poland Poland Poland
1,- 1,1- 2.06
N 0- 4.75% 4.75% 4.75% 4.75% 4.75% 4.75% Ser17-
4,1-
0- Ser Ser Ser Ser 0412 Ser 0412 37-
6.40
0- 0412 0412 0412 06/25.0- 0412
06/25.04- .19
0 06/25.- 06/25.- 06/25.- .12
06/25.- 12
4.12 4.12 4.12 4.12
R- 3- KFW AG KFW AG KFW AG KFW AG KFW AG KFW AG
6%1,- 1,0- 1.87
B ,- 6% EMTN 6% EMTN 6% EMTN 6% EMTN 6% EMTN EMTN 07-
4,1-
0- 07/14.- 07/14.- 07/14.- 07/14.0-
07/14.- 07/14.02- 21- 8.21
,- 2.12 2.12 2.12 .12 2.12 12 .52
00
T- 1- EIB 14% EIB 14% EIB 14% EIB 14% EIB 14% EIB 14%
61- 451- 0.83
Y 0- EMTN EMTN EMTN EMTN Sen EMTN EMTN Sen ,4-
691-
0- Sen Sen Sen 06/05.0- Sen
06/05.07- 8.- 51
0- 06/05.- 06/05.- 06/05.- .16
06/05.- 16 7
0 7.16 7.16 7.16 7.16
T- 13,-
12,- 23.85
t- 26,-
11,-
l 93.-
79.-
b- 3 9
n-
s
War-
ants
and
rig-
ts
A- 1- Cresud Cresud Cresud Cresud Cresud Cresud
SA0.- 27,- 0.05
S 8- SA Com SA Com SA Com SA Com SA Com Com Ind 0
72.-
3- Ind Fin Ind Fin Ind Fin Ind Fin Ind Fin Fin y 6
0 y y y y Agrope y Agrope
Agrope Agrope Agrope Call Wts Agrope Call Wts
Call Call Call Cresud Call Cresud SA
Wts Wts Wts SA Wts
Cresud Cresud Cresud Cresud
SA SA SA SA
22.05.- 22.05.- 22.05.- 22.05.15
22.05.- 22.05.15
5 5 5 5
Tot-
0.- 27,- 0.05
l 0
72.-
war-
6
ants
and
rig-
ts
TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET
Shares
GBP 200,000 Dhir India Inv Plc 465,044.79 439,007.49 0.81
Total shares 465,044.79 439,007.49 0.81
The accompanying notes are an integral part of these financial statements.
123
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 30th June 2008 (in EUR)
Currency Number / nominal Description Cost Market value % of
value total net
assets
OTHER TRANSFERABLE SECURITIES
Shares
USD 10,129 Wal-Mart de Mexico SAB de CV 256,051.67
254,680.09 0.47
ADR repr 10 Shares V
254,680.09
Total shares 256,051.67
0.47
Undertakings for collective investment
EUR 17,295.239 East Capital (Lux) Russian Fd 1,922,449.-
1,748,092.- 3.23
A Cap 3
7
Total undertakings for collective investment 1,922,449.-
1,748,092.- 3.23
3
7
TOTAL INVESTMENTS IN SECURITIES 50,940,508-
44,355,493- 81.95
82
54
CASH AT BANKS
9,422,810.- 17.41
5
OTHER NET ASSETS/(LIABILITIES)
345,979.18 0.64
TOTAL
54,124,283- 100.00
17
The accompanying notes are an integral part of these financial statements.
124
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 27.15 %
Countries and governments 19.20 %
Diversified financial services 5.12 %
Banks 3.63 %
Materials 3.55 %
Food, beverage and tobacco 3.33 %
Capital goods 2.64 %
Energy 2.21 %
Technology hardware and equipment 2.11 %
Semiconductors and semiconductor equipment 1.83 %
Automobiles and components 1.66 %
Investment companies 1.50 %
Software and services 1.01 %
Retailing 1.00 %
Utilities 0.99 %
Pharmaceuticals and biotechnology 0.99 %
Commercial services and supplies 0.90 %
International institutions 0.83 %
Telecommunication services 0.63 %
Hotels, restaurants and leisure 0.60 %
Real estate 0.56 %
Household and personal products 0.51 %
TOTAL 81.95 %
The accompanying notes are an integral part of these financial statements.
125
BL
SICAV with multiple Sub-Funds
BL-Emerging Markets
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 27.87 %
Philippines 8.05 %
South Korea 6.10 %
Mexico 4.68 %
Germany 3.82 %
Brazil 3.64 %
Turkey 3.38 %
Hong Kong 3.06 %
Taiwan 2.92 %
Singapore 2.77 %
Poland 2.06 %
Hungary 1.92 %
Venezuela 1.57 %
India 1.53 %
Thailand 1.52 %
Ireland 1.39 %
Malaysia 1.31 %
Bermuda 1.29 %
Argentina 0.85 %
Isle of Man 0.81 %
Indonesia 0.51 %
Israel 0.50 %
United Kingdom 0.40 %
TOTAL 81.95 %
The accompanying notes are an integral part of these financial statements.
126
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 110,853,956.63
Cash at banks 17,472,867.81
Receivable on issues of shares 825.59
Interest receivable on bank accounts 46,873.85
Unrealised gain on forward foreign exchange contracts 431,296.37
Prepaid expenses 35,191.26
Total assets 128,841,011.51
LIABILITIES
Bank liabilities 201.38
Payable on redemptions of shares 577,684.13
Expenses and interests on bank liabilities payable 426,882.05
Total liabilities 1,004,767.56
NET ASSETS at the end of the period 127,836,243.95
Class B shares outstanding 755,892.759
Net asset value per class B share 156.45
Class I shares outstanding 100,000.000
Net asset value per class I share 95.78
The accompanying notes are an integral part of these financial statements.
127
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 19,486.28
Interest on bank accounts 293,670.28
Received commissions 414,308.44
Total income 727,465.00
EXPENSES
Management fees 802,233.99
Custodian fees 64,370.61
Banking charges and other fees 3,695.54
Central administration costs 44,794.66
Audit and supervisory fees 1,542.11
Other administration costs 19,747.50
Subscription duty ("taxe d'abonnement") 6,798.54
Other taxes 6.00
Other expenses 2,742.55
Total expenses 945,931.50
NET INVESTMENT INCOME -218,466.50
NET REALISED GAIN/(LOSS)
- on securities portfolio -10,595,605.34
- on forward foreign exchange contracts 1,285,417.68
- on foreign exchange -24,634.22
REALISED RESULT -9,553,288.38
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -10,930,041.21
- on forward foreign exchange contracts 392,002.51
RESULT OF OPERATIONS -20,091,327.08
Dividends paid -
Subscriptions 14,287,113.26
Redemptions -23,870,734.86
TOTAL CHANGES IN NET ASSETS -29,674,948.68
TOTAL NET ASSETS at the beginning of the period 157,511,192.63
TOTAL NET ASSETS at the end of the period 127,836,243.95
The accompanying notes are an integral part of these financial statements.
128
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 127,836,243.95
- as at 31.12.2007 157,511,192.63
- as at 31.12.2006 192,419,809.91
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
196.02
Number of class B shares
- outstanding at the beginning of the period 875,954.228
- issued
26,093.802
- redeemed -146,155.271
- outstanding at the end of the period 755,892.759
Net asset value per class B share
- highest 180.33
02.01.2008
- lowest 152.33
19.03.2008
- as at 30.06.2008 156.45
- as at 31.12.2007 179.82
- as at 31.12.2006 183.18
Synthetic TER per class B share (in %)
- as at 30.06.2008
2.44
Number of class I shares
- outstanding at the beginning of the period 0.000
- issued
100,000.000
- redeemed 0.000
- outstanding at the end of the period 100,000.000
Net asset value per class I share
- highest 99.71
19.06.2008
- lowest 95.78
30.06.2008
- as at 30.06.2008 95.78
- as at 31.12.2007 -
- as at 31.12.2006 -
Synthetic TER per class I share (in %)
- as at 30.06.2008
* 1.68
* annualised
The accompanying notes are an integral part of these financial statements.
129
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 18,320.303 CAAM Fds SICAV Arbitrage VAR 2
1,955,61- 1,976,760- 1.55
(EUR) .56
69
EUR 3,220 CAAM Fds SICAV Volatily Euro
3,690,89- 3,819,145- 2.99
Equities Istl Cap F Templeton .80
40
Inv Fds SICAV Mutual Eur Fd A
Cap Gl Certif
EUR 683,441.223
13,529,9- 11,447,64- 8.96
6.10
.49
EUR 239,159.22 Fidelity Fds SICAV European
5,696,75- 5,204,104- 4.07
Aggressive A .69
63
EUR 5,725.737 Fortis L Fd SICAV Equity Turkey
1,000,09- 937,761.21 0.73
Classic C Cap Magellan SICAV .97
Cap/Dist
EUR 4,925
7,559,40- 6,622,943- 5.18
.19
00
EUR 16,762.42 Oyster SICAV European
5,117,05- 4,805,115- 3.76
Opportunities EUR/CHF .74
32
EUR 45,915.5153 SSGA Japan Alpha Eq Fd SICAV Cap
7,087,05- 6,203,186- 4.85
.67
12
EUR 136,706.37 Schroder Intl Select Fd SICAV
14,808,5- 12,705,49- 9.94
European Special Sit A Cap 42.03 0.59
.03
60,445,3- 53,722,14-
9.31
.89
USD 128,090.495 Aberdeen Gl SICAV Asia Pacific
4,092,59- 4,244,606- 3.32
Fd Ser A2 Cap JPMorgan Fds SICAV .51
45
US Value USD A Cap
USD 1,552,508.63
13,370,1- 11,267,13- 8.81
4.75
.60
USD 43,008.579 Ocean Fd Equities MENA
3,678,32- 3,849,108- 3.01
Opportunities A .65
75
USD 25,046.13675 Pictet Fds (Lux) SICAV Biotech
5,445,34- 5,233,138- 4.09
Units P Cap Vontobel Fd US Value .50
97
Equity A2 Cap
USD 23,686.698
8,158,85- 6,863,043- 5.37
.74
84
34,745,3- 31,457,03- 24.60
4.15
.61
Total undertakings for collective investment
95,190,7- 85,179,17- 66.63
3.46
.50
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 46,124.00092
6,765,518- 5,176,035- 4.05
92
38
JPY 21,331.78
1,338,621- 1,280,410- 1.00
51
11
JPY 345,098.555
2,960,295- 2,459,278- 1.92
45
33
4,298,916- 3,739,688- 2.92
96
44
USD 278,910.683
5,530,897- 4,891,274- 3.83
23
68
USD 17,813.046
5,740,183- 5,789,480- 4.53
64
29
USD 61,921.19
6,049,951- 6,078,298- 4.76
92
34
17,321,032- 16,759,053- 13.12
79
31
Total undertakings for collective investment
28,385,468- 25,674,777- 20.09
67
13
TOTAL INVESTMENTS IN SECURITIES
123,576,17- 110,853,95- 86.72
.13
.63
CASH AT BANKS
17,472,867- 13.67
81
BANK LIABILITIES
-201.38 0.00
OTHER NET ASSETS/(LIABILITIES)
-490,379.- -0.39
1
TOTAL
127,836,24- 100.00
.95
The accompanying notes are an integral part of these financial statements.
130
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF Equities
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 86.72 %
TOTAL 86.72 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 76.69 %
France 10.03 %
TOTAL 86.72 %
The accompanying notes are an integral part of these financial statements.
131
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 114,796,451.65
Cash at banks 9,623,348.76
Receivable on issues of shares 605.34
Interest receivable on bank accounts 33,938.49
Unrealised gain on forward foreign exchange contracts 353,060.29
Prepaid expenses 35,191.26
Total assets 124,842,595.79
LIABILITIES
Payable on redemptions of shares 17,907.23
Expenses and interests on bank liabilities payable 444,255.37
Total liabilities 462,162.60
NET ASSETS at the end of the period 124,380,433.19
Class B shares outstanding 881,393.876
Net asset value per class B share 141.12
The accompanying notes are an integral part of these financial statements.
132
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Dividends, net 15,959.80
Interest on bank accounts 263,771.52
Received commissions 380,794.50
Total income 660,525.82
EXPENSES
Management fees 843,679.20
Custodian fees 67,494.36
Banking charges and other fees 949.77
Central administration costs 44,445.17
Audit and supervisory fees 1,617.02
Other administration costs 20,920.10
Subscription duty ("taxe d'abonnement") 5,172.15
Other taxes 28.00
Interest paid on bank liabilities 91.18
Other expenses 2,106.24
Total expenses 986,503.19
NET INVESTMENT INCOME -325,977.37
NET REALISED GAIN/(LOSS)
- on securities portfolio -6,485,867.88
- on forward foreign exchange contracts 1,075,265.80
- on foreign exchange -66,271.45
REALISED RESULT -5,802,850.90
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -10,373,422.68
- on forward foreign exchange contracts 300,157.12
RESULT OF OPERATIONS -15,876,116.46
Dividends paid -
Subscriptions 2,814,348.69
Redemptions -21,704,790.61
TOTAL CHANGES IN NET ASSETS -34,766,558.38
TOTAL NET ASSETS at the beginning of the period 159,146,991.57
TOTAL NET ASSETS at the end of the period 124,380,433.19
The accompanying notes are an integral part of these financial statements.
133
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 124,380,433.19
- as at 31.12.2007 159,146,991.57
- as at 31.12.2006 187,129,434.72
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
203.29
Number of class B shares
- outstanding at the beginning of the period 1,010,303.919
- issued
19,197.122
- redeemed -148,107.165
- outstanding at the end of the period 881,393.876
Net asset value per class B share
- highest 157.93
02.01.2008
- lowest 139.56
19.03.2008
- as at 30.06.2008 141.12
- as at 31.12.2007 157.52
- as at 31.12.2006 160.42
Synthetic TER per class B share (in %)
- as at 30.06.2008
2.22
The accompanying notes are an integral part of these financial statements.
134
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 3,480 CAAM Fds SICAV Volatily Euro
3,988,91- 4,127,523- 3.32
Equities Istl Cap DB Portfolio .20
60
FCP EUR Liquidity
EUR 108,888.2434
7,911,30- 7,993,485- 6.43
.22
95
EUR 11,242.781 Dexia Bonds EUR Govt I Cap
18,522,6- 17,994,29- 14.47
7.69
.85
EUR 506,938.711 F Templeton Inv Fds SICAV Mutual
10,297,0- 8,491,223- 6.83
Eur Fd A Cap Gl Certif Fortis L 3.07
41
Fd SICAV Equity Turkey Classic C
Cap
EUR 3,721.729
650,099.- 609,544.78 0.49
7
EUR 3,625 Magellan SICAV Cap/Dist
5,752,01- 4,874,755- 3.92
.76
00
EUR 18,716.732 Oyster SICAV European
5,776,08- 5,365,338- 4.31
Opportunities EUR/CHF .55
40
EUR 29,034.4825 SSGA Japan Alpha Eq Fd SICAV Cap
4,822,89- 3,922,558- 3.15
.53
59
EUR 98,632.39 Schroder Intl Select Fd SICAV
10,781,4- 9,166,894- 7.37
European Special Sit A Cap 50.29 0.46
33
68,502,4- 62,545,61-
7.45
.91
USD 109,172.468 Aberdeen Gl SICAV Asia Pacific
3,222,31- 3,617,709- 2.91
Fd Ser A2 Cap JPMorgan Fds SICAV .65
20
US Value USD A Cap
USD 1,084,939.012
9,400,42- 7,873,807- 6.33
.01
37
USD 45,167.259 Ocean Fd Equities MENA
3,854,56- 4,042,302- 3.25
Opportunities A .87
63
USD 18,752.24911 Pictet Fds (Lux) SICAV Biotech
4,053,98- 3,918,094- 3.15
Units P Cap Vontobel Fd US Value .15
30
Equity A2 Cap
USD 19,948.467
6,897,36- 5,779,919- 4.65
.93
33
27,428,6- 25,231,83- 20.29
7.61
.83
Total undertakings for collective investment
95,931,1- 87,777,45- 70.58
5.06
.74
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 51,452.89688 Alken Fd SICAV European
7,353,593- 5,774,044- 4.64
Opportunities R Cap 73
09
EUR 9,515.497 Fortis L Fd SICAV Bond Long
4,300,199- 4,241,627- 3.41
EUR C Cap 8.05 30
94
11,653,79- 10,015,67-
.03
.03
JPY 22,070.81 Fidelity Active Strategy SICAV
1,387,671- 1,324,769- 1.06
Japan Fd Y Cap UBAM IFDC Japan 31
35
Equity I Cap
JPY 275,749.509
2,441,965- 1,965,075- 1.58
51
72
3,829,636- 3,289,845- 2.64
82
07
USD 252,193.207 Alger SICAV American Asset
5,206,086- 4,422,728- 3.55
Growth Fd I 20
58
USD 12,547.005 Parvest SICAV US Small Cap
3,966,503- 4,077,945- 3.28
Classic Cap Reg Schroder 03
92
Alternative Solutions
Agriculture Fd A Cap
USD 53,104.21
5,188,497- 5,212,807- 4.19
14
31
14,361,08- 13,713,48- 11.02
.37
.81
Total undertakings for collective investment
29,844,51- 27,018,99- 21.71
.22
.91
TOTAL INVESTMENTS IN SECURITIES
125,775,63- 114,796,45- 92.29
.28
.65
CASH AT BANKS
9,623,348- 7.74
76
OTHER NET ASSETS/(LIABILITIES)
-39,367.22 -0.03
TOTAL
124,380,43- 100.00
.19
The accompanying notes are an integral part of these financial statements.
135
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 75
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 92.29 %
TOTAL 92.29 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 85.22 %
France 7.07 %
TOTAL 92.29 %
The accompanying notes are an integral part of these financial statements.
136
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 156,084,852.42
Cash at banks 19,218,590.26
Receivable on issues of shares 26,511.85
Interest receivable on bank accounts 55,149.13
Unrealised gain on forward foreign exchange contracts 283,245.03
Prepaid expenses 35,191.26
Total assets 175,703,539.95
LIABILITIES
Payable on redemptions of shares 80,723.62
Expenses and interests on bank liabilities payable 630,179.61
Total liabilities 710,903.23
NET ASSETS at the end of the period 174,992,636.72
Class B shares outstanding 1,327,486.182
Net asset value per class B share 131.82
The accompanying notes are an integral part of these financial statements.
137
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Interest on bank accounts 448,963.57
Received commissions 454,772.40
Total income 903,735.97
EXPENSES
Management fees 1,184,904.54
Custodian fees 94,792.37
Banking charges and other fees 1,101.29
Central administration costs 45,245.81
Audit and supervisory fees 2,271.15
Other administration costs 25,772.87
Subscription duty ("taxe d'abonnement") 17,056.93
Other taxes 14.00
Interest paid on bank liabilities 32.11
Other expenses 2,916.61
Total expenses 1,374,107.68
NET INVESTMENT INCOME -470,371.71
NET REALISED GAIN/(LOSS)
- on securities portfolio -5,280,536.67
- on forward foreign exchange contracts 851,840.47
- on foreign exchange -4,011.53
REALISED RESULT -4,903,079.44
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -10,435,611.22
- on forward foreign exchange contracts 263,883.99
RESULT OF OPERATIONS -15,074,806.67
Dividends paid -
Subscriptions 8,969,148.29
Redemptions -38,185,450.63
TOTAL CHANGES IN NET ASSETS -44,291,109.01
TOTAL NET ASSETS at the beginning of the period 219,283,745.73
TOTAL NET ASSETS at the end of the period 174,992,636.72
The accompanying notes are an integral part of these financial statements.
138
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 174,992,636.72
- as at 31.12.2007 219,283,745.73
- as at 31.12.2006 247,451,805.80
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
193.68
Number of class B shares
- outstanding at the beginning of the period 1,541,859.020
- issued
66,018.435
- redeemed -280,391.273
- outstanding at the end of the period 1,327,486.182
Net asset value per class B share
- highest 142.60
02.01.2008
- lowest 131.82
30.06.2008
- as at 30.06.2008 131.82
- as at 31.12.2007 142.22
- as at 31.12.2006 144.13
Synthetic TER per class B share (in %)
- as at 30.06.2008
2.04
The accompanying notes are an integral part of these financial statements.
139
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 CAAM CAAM CAAM 1,855- 1,876- 1.07
Fds Fds Fds 739.47 590.33
SICAV SICAV SICAV
Arbit- Arbit- Arbit-
age age age
VAR 2 VAR 2 VAR 2
(EUR) (EUR) (EUR)
EUR CAAM CAAM CAAM 4,485- 4,641- 2.65
Fds Fds Fds 911.11 789.32
SICAV SICAV SICAV
Volat- Volat- Volat-
ly ly ly
Euro Euro Euro
Equit- Equit- Equit-
es es es
Istl Istl Istl
Cap DB Cap DB Cap DB
Portf- Portf- Portf-
lio lio lio
FCP FCP FCP
EUR EUR EUR
Liqui- Liqui- Liqui-
ity ity ity
EUR 2,150- 2,172- 1.24
029.51 157.39
EUR Dexia Dexia Dexia 31,80- 31,13- 17.79
Bonds Bonds Bonds ,820.- ,329.-
EUR EUR EUR 7 7
Govt I Govt I Govt I
Cap Cap Cap
EUR F F F 10,44- 8,434- 4.82
Templ- Templ- Templ- ,323.- 998.67
ton ton ton 0
Inv Inv Inv
Fds Fds Fds
SICAV SICAV SICAV
Mutual Mutual Mutual
Eur Fd Eur Fd Eur Fd
A Cap A Cap A Cap
Gl Gl Gl
Certif Certif Certif
Magel- Magel- Magel-
an an an
SICAV SICAV SICAV
Cap/D- Cap/D- Cap/D-
st st st
EUR 3,872- 3,368- 1.93
923.67 623.80
EUR Oyster Oyster Oyster 5,708- 5,122- 2.93
SICAV SICAV SICAV 419.24 611.05
Europ- Europ- Europ-
an an an
Oppor- Oppor- Oppor-
uniti- uniti- uniti-
s s s
EUR/C- EUR/C- EUR/C-
F F F
EUR SSGA SSGA SSGA 4,487- 3,503- 2.00
Japan Japan Japan 315.91 032.58
Alpha Alpha Alpha
Eq Fd Eq Fd Eq Fd
SICAV SICAV SICAV
Cap Cap Cap
EUR Schro- Schro- Schro- 11,81- 10,17-
5.81
er er er ,624.- ,769.-
Intl Intl Intl 8 7
Select Select Select
Fd Fd Fd
SICAV SICAV SICAV
Europ- Europ- Europ-
an an an
Speci- Speci- Speci-
l Sit l Sit l Sit
A Cap A Cap A Cap
40.24 40.24 40.24
76,62- 70,42-
,107.- ,902.-
6 8
USD Aberd- Aberd- Aberd- 3,440- 3,382-
1.93
en Gl en Gl en Gl 724.88 949.10
SICAV SICAV SICAV
Asia Asia Asia
Pacif- Pacif- Pacif-
c Fd c Fd c Fd
Ser A2 Ser A2 Ser A2
Cap Cap Cap
JPMor- JPMor- JPMor-
an Fds an Fds an Fds
SICAV SICAV SICAV
US US US
Value Value Value
USD A USD A USD A
Cap Cap Cap
USD 12,00- 10,19- 5.82
,375.- ,234.-
5 0
USD Ocean Ocean Ocean 3,335- 3,498- 2.00
Fd Fd Fd 583.62 035.70
Equit- Equit- Equit-
es es es
MENA MENA MENA
Oppor- Oppor- Oppor-
uniti- uniti- uniti-
s A s A s A
USD Pictet Pictet Pictet 3,714- 3,567- 2.04
Fds Fds Fds 698.77 220.71
(Lux) (Lux) (Lux)
SICAV SICAV SICAV
Biote- Biote- Biote-
h h h
Units Units Units
P Cap P Cap P Cap
Vonto- Vonto- Vonto-
el Fd el Fd el Fd
US US US
Value Value Value
Equity Equity Equity
A2 Cap A2 Cap A2 Cap
USD 7,613- 6,407- 3.66
003.40 266.96
30,10- 27,04- 15.45
,385.- ,707.-
2 7
Total undertakings for collective 106,73- 97,47- 55.69
investment ,493.58 ,610.-
5
Inve-
tment
cert-
fica-
es
EUR BNP BNP BNP 7,455- 7,392- 4.23
Parib- Parib- Parib- 000.00 000.00
s Arb s Arb s Arb
Issua- Issua- Issua-
ce BV ce BV ce BV
0% Lk 0% Lk 0% Lk
Bkt Bkt Bkt
ofcur- ofcur- ofcur-
ency ency ency
08/02- 08/02- 08/02-
04.10 04.10 04.10
Total investment certificates 7,455- 7,392- 4.23
000.00 000.00
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 44,308.37841 Alken Fd SICAV European
6,393,209- 4,972,286- 2.84
Opportunities R Cap 68
23
EUR 325,751.562 Cred Suisse Bd Fd Premium EURO
31,849,48- 30,320,95- 17.33
.44
.39
EUR 19,526.596 Fortis L Fd SICAV Bond Long
8,887,386- 8,704,175- 4.98
EUR C Cap 25.15 46
43
47,130,07- 43,997,41-
.58
.05
JPY 250,564.161 UBAM IFDC Japan Equity I Cap
2,316,548- 1,785,597- 1.02
02
19
USD 55,400.63 Schroder Alternative Solutions
5,412,866- 5,438,228- 3.11
Agriculture Fd A Cap 71
13
Total undertakings for collective investment
54,859,49- 51,221,24- 29.28
.31
.37
TOTAL INVESTMENTS IN SECURITIES
169,045,98- 156,084,85- 89.20
.89
.42
CASH AT BANKS
19,218,59- 10.98
.26
OTHER NET ASSETS/(LIABILITIES)
-310,805.- -0.18
6
TOTAL
174,992,63- 100.00
.72
The accompanying notes are an integral part of these financial statements.
140
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 50
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 84.97 %
Diversified financial services 4.23 %
TOTAL 89.20 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 63.71 %
Switzerland 17.33 %
The Netherlands 4.23 %
France 3.93 %
TOTAL 89.20 %
The accompanying notes are an integral part of these financial statements.
141
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF NET ASSETS
as at 30th June 2008
(in EUR)
ASSETS
Securities portfolio at market value 13,652,192.25
Cash at banks 1,936,114.38
Receivable on issues of shares 532,636.53
Interest receivable on bank accounts 3,323.02
Unrealised gain on forward foreign exchange contracts 13,927.20
Prepaid expenses 10,557.38
Total assets 16,148,750.76
LIABILITIES
Expenses and interests on bank liabilities payable 44,897.78
Total liabilities 44,897.78
NET ASSETS at the end of the period 16,103,852.98
Class B shares outstanding 163,010.770
Net asset value per class B share 98.79
The accompanying notes are an integral part of these financial statements.
142
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2008 to 30th June 2008 (in EUR)
INCOME
Interest on bank accounts 23,698.82
Received commissions 31,085.70
Other income 0.18
Total income 54,784.70
EXPENSES
Management fees 79,608.95
Custodian fees 7,960.93
Banking charges and other fees 151.02
Central administration costs 17,541.86
Audit and supervisory fees 191.82
Other administration costs 9,668.43
Subscription duty ("taxe d'abonnement") 1,029.28
Interest paid on bank liabilities 166.62
Other expenses 235.00
Total expenses 116,553.91
NET INVESTMENT INCOME -61,769.21
NET REALISED GAIN/(LOSS)
- on securities portfolio -241,270.56
- on forward foreign exchange contracts 42,185.53
- on foreign exchange -4,968.84
REALISED RESULT -265,823.08
NET VARIATION OF THE UNREALISED GAIN/(LOSS)
- on securities portfolio -558,903.27
- on forward foreign exchange contracts 11,934.61
RESULT OF OPERATIONS -812,791.74
Dividends paid -
Subscriptions 4,658,217.88
Redemptions -3,208,989.27
TOTAL CHANGES IN NET ASSETS 636,436.87
TOTAL NET ASSETS at the beginning of the period 15,467,416.11
TOTAL NET ASSETS at the end of the period 16,103,852.98
The accompanying notes are an integral part of these financial statements.
143
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATISTICAL INFORMATION
as at 30th June 2008
(in EUR)
Total net assets
- as at 30.06.2008 16,103,852.98
- as at 31.12.2007 15,467,416.11
- as at 31.12.2006 16,339,672.76
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation)
- as at 30.06.2008
203.65
Number of class B shares
- outstanding at the beginning of the period 148,723.014
- issued
46,038.230
- redeemed -31,750.474
- outstanding at the end of the period 163,010.770
Net asset value per class B share
- highest 104.28
07.01.2008
- lowest 98.79
30.06.2008
- as at 30.06.2008 98.79
- as at 31.12.2007 104.00
- as at 31.12.2006 104.99
Synthetic TER per class B share (in %)
- as at 30.06.2008
1.80
The accompanying notes are an integral part of these financial statements.
144
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
as at 30th June 2008
(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 CAAM CAAM CAAM 298,- 308,- 1.92
Fds Fds Fds 22.40 78.20
SICAV SICAV SICAV
Volat- Volat- Volat-
ly ly ly
Euro Euro Euro
Equit- Equit- Equit-
es es es
Istl Istl Istl
Cap DB Cap DB Cap DB
Portf- Portf- Portf-
lio lio lio
FCP FCP FCP
EUR EUR EUR
Liqui- Liqui- Liqui-
ity ity ity
EUR 726,- 734,- 4.56
51.30 00.92
EUR Dexia Dexia Dexia 2,96- 2,88- 17.90
Bonds Bonds Bonds ,873- ,611-
EUR EUR EUR 19 74
Govt I Govt I Govt I
Cap Cap Cap
EUR F F F 970,- 802,- 4.98
Templ- Templ- Templ- 99.97 01.60
ton ton ton
Inv Inv Inv
Fds Fds Fds
SICAV SICAV SICAV
Mutual Mutual Mutual
Eur Fd Eur Fd Eur Fd
A Cap A Cap A Cap
Gl Gl Gl
Certif Certif Certif
Magel- Magel- Magel-
an an an
SICAV SICAV SICAV
Cap/D- Cap/D- Cap/D-
st st st
EUR 479,- 443,- 2.76
83.04 70.80
EUR Morgan Morgan Morgan 2,46- 2,43- 15.14
Stanl- Stanl- Stanl- ,726- ,943-
y y y 02 81
SICAV SICAV SICAV
EURO EURO EURO
Bond Bond Bond
Fd A Fd A Fd A
EUR Morgan Morgan Morgan 702,- 720,- 4.47
Stanl- Stanl- Stanl- 48.40 07.25
y y y
SICAV SICAV SICAV
Global Global Global
Conve- Conve- Conve-
tible tible tible
Bd Fd Bd Fd Bd Fd
(EURO) (EURO) (EURO)
A A A
Oyster Oyster Oyster
SICAV SICAV SICAV
Europ- Europ- Europ-
an an an
Oppor- Oppor- Oppor-
uniti- uniti- uniti-
s s s
EUR/C- EUR/C- EUR/C-
F F F
EUR 434,- 382,- 2.38
03.00 29.47
9,04- 8,71- 54.11
,707- ,043-
32 79
USD JPMor- JPMor- JPMor- 669,- 601,-
3.73
an Fds an Fds an Fds 90.72 77.94
SICAV SICAV SICAV
US US US
Value Value Value
USD A USD A USD A
Cap Cap Cap
Julius Julius Julius
Baer Baer Baer
Multi- Multi- Multi-
ond ond ond
SICAV SICAV SICAV
Local Local Local
Emerg- Emerg- Emerg-
ng ng ng
Bond B Bond B Bond B
Cap Cap Cap
USD 138,- 139,- 0.87
98.65 91.91
USD Vonto- Vonto- Vonto- 334,- 285,-
1.77
el Fd el Fd el Fd 70.73 35.72
US US US
Value Value Value
Equity Equity Equity
A2 Cap A2 Cap A2 Cap
1,14- 1,02- 6.37
,960- ,005-
10 57
Total undertakings for collective 10,19- 9,73- 60.48
investment ,667.- ,049-
2 36
Inve-
tment
cert-
fica-
es
EUR BNP BNP BNP 695,- 689,- 4.28
Parib- Parib- Parib- 00.00 20.00
s Arb s Arb s Arb
Issua- Issua- Issua-
ce BV ce BV ce BV
0% Lk 0% Lk 0% Lk
Bkt Bkt Bkt
ofcur- ofcur- ofcur-
ency ency ency
08/02- 08/02- 08/02-
04.10 04.10 04.10
Total investment certificates 695,- 689,- 4.28
00.00 20.00
OTHER TRANSFERABLE SECURITIES
Undertakings for collective investment
EUR 101,954.748 Aberdeen GlobalSpectr Fds Plc
1,015,57- 975,992.41 6.06
EUR Corp Bond Fd F Fortis L Fd .35
SICAV Bond Long EUR C Cap
EUR 2,838.244
1,299,67- 1,265,175- 7.86
.97
65
2,315,25- 2,241,168- 13.92
.32
06
JPY 50,845.678 UBAM IFDC Japan Equity I Cap
419,567.- 362,341.92 2.25
2
USD 4,762.53 Schroder Alternative Solutions
465,318.- 467,498.74 2.90
Agriculture Fd A Cap 4
USD 11,223.301 Worldwide Investors Ptf SICAV Em
179,415.- 152,214.17 0.95
Mks Fixed Income Fd IX 3.85 3
644,733.- 619,712.91
7
Total undertakings for collective investment
3,379,55- 3,223,222- 20.02
.21
89
TOTAL INVESTMENTS IN SECURITIES
14,266,02- 13,652,192- 84.78
.63
25
CASH AT BANKS
1,936,114- 12.02
38
OTHER NET ASSETS/(LIABILITIES)
515,546.35 3.20
TOTAL
16,103,852- 100.00
98
The accompanying notes are an integral part of these financial statements.
145
BL
SICAV with multiple Sub-Funds
BL-Kingfisher FoF 30
INDUSTRIAL CLASSIFICATION OF INVESTMENTS
as at 30th June 2008
(in percentage of net assets)
UCI 80.50 %
Diversified financial services 4.28 %
TOTAL 84.78 %
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
(by domicile of the issuer)
as at 30th June 2008
(in percentage of net assets)
Grand Duchy of Luxembourg 71.68 %
Ireland 6.06 %
The Netherlands 4.28 %
France 2.76 %
TOTAL 84.78 %
The accompanying notes are an integral part of these financial statements.
146
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS
as at 30th June 2008
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.
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 = 167.2675568 JPY Japanese Yen
1.5749500 USD US Dollar
147
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
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 0.75%
148
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
- BL-Equities FoF Asia 1.50%
- 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) 0.50%
- BL-Emerging Markets 1.00%
- BL-Kingfisher FoF Equities (Class B shares) 1.25%
- BL-Kingfisher FoF Equities (Class I shares) 0.50%
- BL-Kingfisher FoF 75 1.25%
- BL-Kingfisher FoF 50 1.25%
- BL-Kingfisher FoF 30 1.00%
Since 1st January 2008, for the sub-fund BL-Equities Horizon, as well as the
management fee due to the Management Company, a commission for external advice,
payable quarterly and based on the average net assets of each sub-fund for the
relevant quarter is payable:
Average net asset for the relevant quarter Plus the following commission:
7500 euros qu- or 30 000 euros
yearly
rt-
rl-
;
up to 0 to 30 million euro (before
VAT).
0.02% of the- netasset for the quarter on
this
-
-
-
-
-
e
from 30 to 50 million euro bracket; or 8 bp per
annum.
0.0175% of a- net asset for the quarter
on
e-
a-
e
from 50 to 100 million euro this bracket; or 7 bp
per annum.
0.0125% of a- net asset for the quarter
on
e-
a-
e
from 100 to 150 million euro this bracket; or 5 bp
per annum.
0.005% of the average net asset for the quarter on
this from 150 to 200 million euro
bracket; or 2 bp per
annum.
0.0025% of a- net asset for the quarter
on
e-
a-
e
over 200 million euro this bracket; or 1 bp
per annum.
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.
A lower rate of 0.01% is applied to the Class I shares reserved to institutional
investors.
149
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
NOTE 5 - FORWARD FOREIGN EXCHANGE CONTRACTS
At the date of the report, the following sub-funds of the SICAV were committed
in the following forward foreign exchange contracts:
BL-Global Bond
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 5,131,140.37 USD 7,620,000.00 16.07.2008
289,600.99
289,600.99
BL-Global 30
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 5,904,178.31 USD 8,768,000.00 16.07.2008
333,231.16
SGD 6,000,000.00 USD 4,411,764.71 22.08.2008
613.12
EUR 1,230,769.23 USD 1,896,000.00 08.09.2008
22,744.17
USD 300,000.00 EUR 194,174.76 08.09.2008
-3,033.48
353,554.97
BL-Global 50
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 24,692,771.29 USD 36,670,000.00 16.07.2008
1,393,657.23
SGD 22,000,000.00 USD 16,176,470.59 22.08.2008
2,248.11
EUR 10,181,110.03 USD 15,684,000.00 08.09.2008
188,143.19
EUR 660,106.08 USD 1,033,000.00 08.09.2008
1,971.79
USD 1,800,000.00 EUR 1,165,048.54 08.09.2008
-18,200.85
1,567,819.47
BL-Global 75
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 65,688,023.97 USD 97,550,000.00 16.07.2008
3,707,424.64
EUR 1,899,760.10 USD 2,930,000.00 16.07.2008
38,165.28
USD 5,072,000.00 EUR 3,257,128.18 16.07.2008
-34,619.72
SGD 24,000,000.00 USD 17,647,058.82 22.08.2008
2,452.49
EUR 1,378,123.99 USD 2,123,000.00 08.09.2008
25,467.23
USD 3,630,000.00 EUR 2,349,514.56 08.09.2008
-36,705.06
3,702,184.86
BL-Global Equities
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 16,962,391.84 USD 25,190,000.00 16.07.2008
957,355.48
SGD 9,000,000.00 USD 6,617,647.06 22.08.2008
919.68
EUR 15,861,733.20 USD 24,435,000.00 08.09.2008
293,119.02
EUR 714,422.65 USD 1,118,000.00 08.09.2008
2,134.04
USD 2,140,000.00 EUR 1,385,113.27 08.09.2008
-21,638.80
1,231,889.42
150
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
BL-Equities Horizon
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 22,450,422.54 USD 33,340,000.00 16.07.2008
1,267,099.30
EUR 549,524.64 USD 815,000.00 16.07.2008
31,695.49
USD 17,700,000.00 EUR 12,250,830.56 16.07.2008
-1,004,522.21
USD 830,000.00 EUR 567,056.09 16.07.2008
-39,691.58
USD 1,555,000.00 EUR 1,029,153.84 16.07.2008
-41,160.92
USD 2,271,000.00 EUR 1,475,154.27 08.09.2008
-28,196.94
USD 830,000.00 EUR 537,216.83 08.09.2008
-8,392.62
176,830.52
BL-Equities Dividend
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 1,869,857.89 GBP 1,500,000.00 11.07.2008
-27,385.23
EUR 5,404,718.00 USD 8,500,000.00 11.07.2008
5,615.69
-21,769.54
BL-Short Term Euro
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 4,828,740.66 USD 7,500,000.00 23.09.2008
46,689.27
46,689.27
BL-Short Term Dollar
Currency Purchases Currency Sales Maturity Unrealised
result
(in USD)
USD 4,078,350.00 EUR 2,650,000.00 19.08.2008
-85,633.38
-85,633.38
BL-Global Flexible
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 2,558,526.29 USD 4,000,000.00 10.07.2008
17,895.17
SGD 5,462,000.00 USD 4,000,000.00 20.08.2008
10,568.49
EUR 9,715,025.91 USD 15,000,000.00 12.09.2008
156,005.65
EUR 17,706,636.45 USD 25,000,000.00 25.09.2008
1,758,031.58
1,942,500.89
BL-Emerging Markets
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 3,179,245.88 USD 5,000,000.00 11.07.2008
3,303.34
3,303.34
151
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
BL-Kingfisher FoF Equities
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 635,727.91 USD 1,000,000.00 08.09.2008
-1,370.59
EUR 23,413,177.54 USD 36,068,000.00 08.09.2008
432,666.96
431,296.37
BL-Kingfisher FoF 75
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 19,362,544.63 USD 29,828,000.00 08.09.2008
357,812.74
USD 470,000.00 EUR 304,207.12 08.09.2008
-4,752.45
353,060.29
BL-Kingfisher FoF 50
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 15,970,788.70 USD 24,603,000.00 08.09.2008
295,134.33
USD 960,000.00 EUR 616,649.54 08.09.2008
-5,013.42
USD 680,000.00 EUR 440,129.45 08.09.2008
-6,875.88
283,245.03
BL-Kingfisher FoF 30
Currency Purchases Currency Sales Maturity Unrealised
result
(in EUR)
EUR 753,651.41 USD 1,161,000.00 08.09.2008
13,927.20
13,927.20
NOTE 6 - OPTIONS
At the date of the report, the SICAV was not committed in option contracts.
NOTE 7 - FUTURE CONTRACTS
At the date of the report, the following sub-funds of the SICAV were committed
in the following future contracts:
BL-Bond Dollar
Number of Denomination Currency Market value Unrealised
contracts (in USD) result
(in USD)
Sale 75 US LONG BOND 20 Y FUT USD -8,674,218.75 -223,828.50
09/08 CBOT
Sale 75 US T-NOTES 10 Y FUT USD -8,537,109.00 -145,312.50
09/08 CBOT
Sale 75 US T-NOTES 2 Y FUT USD -15,832,030.50 -97,266.00
09/08 CBOT
-466,407.00
152
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
BL-Global
Flexible
Number Denomination Currency Market value
Unrealised
of
contrac- (in EUR)
result
s
(in EUR)
Sale 150 DJ EURO STOXX 50 EUR -5,053,500.00
327,000.00
(Price)
Index FUT 09/08 EUX
Sale 60 FTSE 100 INDEX FUT GBP -4,211,056.02
245,565.86
09/08 LIFFE
Sale 60 S&P500 FUT 09/08 CME USD -12,190,863.20
589,066.32
1,161,632.18
BL-Optinvest (Euro)
Number Denomination Currency Market value
Unrealised
of
contrac- (in EUR)
result
s
(in EUR)
Sale 815 DAX GERMANY EURO FUT EUR -132,315,250.00
7,143,574.71
09/08 DTB
Purchase 473 EURO BOBL GOVT BD 5Y EUR 50,348,485.00
-454,296.40
FUT 09/08 EUX
Purchase 382 EURO BUND GVT BOND EUR 42,543,340.00
-310,980.00
10 Y FUT 09/08 EUX
Purchase 219 EURO BUXL 30Y BND FUT EUR 19,118,700.00
-56,500.00
09/08 EUX
Purchase 383 EURO-SCHATZ 2YR 6% EUR 39,293,885.00
-40,785.00
FUT 09/08 EUX
6,281,013.31
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
206,801.50.
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 11,650,672.48 11,979,600.00
- BL-Global 75 EUR 38,060,971.03 39,322,900.00
- BL-Bond Euro EUR 52,252,959.60 54,134,000.00
- BL-Short Term Euro EUR 1,940,800.00 2,010,000.00
- BL-Global Flexible EUR 18,023,252.50 18,585,000.00
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.
153
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
NOTE 10 - SECURITIES LENDING AGREEMENTS
At the date of the report, the SICAV is committed. in securities lending
operations. The global valuation for securities lending can be detailed as
follows:
BL-Global 50 EUR 389,906.00
BL-Global 75 EUR 655,272.00
BL-Global Equities EUR 239,500.00
BL-Equities Europe EUR 1,916,000.00
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 0.08% 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 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 - TOTAL EXPENSE RATIO ("TER") and PORTFOLIO TURNOVER RATE ("PTR")
The TER and the PTR disclosed under "STATISTICAL INFORMATION" of this report are
calculated in accordance with the "Guidelines on the calculation and disclosure
of the TER and PTR" issued by the Swiss Funds Association "SFA" on 25th January
2006.
The TER and the PTR are calculated for the last 12 months preceding the date of
this report.
Transaction fees are not taken into account in the calculation of the TER.
The PTR has been calculated according to the following formula (Total 1 - Total
2)/M*100
with Total 1 = Total securities transactions = X + Y
X = Securities purchases
Y = Securities sales
Total 2 = Total subscriptions and redemptions = S + T S =
subscriptions T = redemptions S+T: subscriptions and redemptions are
netted per NAV calculation day.
M = average net assets
If a fund invests at least 10% of its assets in other funds which publish a TER
within the meaning of the guidelines issued the 25th January 2006 by the Swiss
Funds Association "SFA", a synthetic TER of the fund of funds is to be
calculated as of the closing date of the financial year or the end of the first
half of the financial year. This corresponds to the sum of the prorated TER of
the individual target fund, weighted on the basis of their proportion in the net
fund assets of the fund as the closing date, the issue and redemption
commissions of the target funds actually paid and the TER of the fund of funds
minus the retrocessions received from the target funds during the reporting
period. The synthetic TER is calculated with available information at the time
of the establishment of this document.
154
BL
SICAV with multiple Sub-Funds
NOTES TO THE FINANCIAL STATEMENTS (continued)
as at 30th June 2008
NOTE 13 - CHANGES TO THE COMPOSITION OF THE SECURITIES PORTFOLIO
A copy of the changes to the composition of the investment portfolio during the
period referring to this report 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 14 - EVENTS
The Board of Directors decided that with effect as of 1st January 2008
BL-Equities Horizon becomes 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.
Since 4th March 2008, the sub-funds of the SICAV have been authorised to be
distributed to institutional investors in Singapore.
The Board of Directors has decided to launch, upon receipt of the first
subscription order, a new class of I capitalisation shares in the sub-fund
BL-Kingfisher Fof Equities, at the initial subscription price per share of EUR
100. The first subscription was made on 19th June 2008.
NOTE 15 - VALUATION OF CERTAIN ASSETS
Following the liquidity and credit crisis which, starting at the end of 2007,
resulted in valuation difficulties of holdings in the Short-Term sub-fund
portfolios, the Board of Directors implemented a securities valuation procedure
and set up a committee for evaluating issuers subject to specific events.
The Board of Directors has decided that the prices supplied by the usual sources
of financial information no longer reflect economic fundamentals of these assets
and that it is therefore more appropriate to value the securities under
consideration using alternative sources that provide for caution and good faith
and take account of all the factors that enable a careful assessment of the
interests of all investors.
155
BL SICAV Semi-Annual Report 30/06/2008
| Source: Banque de Luxembourg