BL

Investment Company with Variable Capital (SICAV)
            with multiple Sub-Funds             
           governed by Luxembourg law           

Audited annual report
 31st December 2007  

The report is the English translation of the audited annual respectively        
unaudited semi-annual report in French. In case of a discrepancy of content     
and/or meaning between the French and English versions, the French version shall
prevail.                                                                        

Subscriptions may only be made on the basis of the complete or the simplified   
prospectus.                                                                     

The historic performances of the different sub-funds are described in an        
appendix to the prospectus.                                                     

Subscription, conversion and redemption forms are available on 
request from: 
-  the registered office of the SICAV at 14, Boulevard Royal, L-2449 
   LUXEMBOURG the 
-         Sub-Transfer     EUROPEAN    ADMINISTRATION,         - d'Alsace, B.P.
1725, 
                                                               - 
                                                               e 
   L-1017 LUXEMBOURG. 

Shares in all of the operational sub-funds of BL shall be listed on the         
regulated market of the Luxembourg Stock Exchange with effect from their issue. 

              BL             
SICAV with multiple Sub-Funds

CONTENTS

ORGANISATION...................................................................- 
................................................................. 5             

GENERAL                                                                         
INFORMATION....................................................................- 
................................................ 9                              

REPORT OF THE BOARD OF                                                          
DIRECTORS......................................................................- 
................ 12                                                             

INDEPENDENT AUDITOR'S                                                           
REPORT.........................................................................- 
...................... 41                                                       

CONSOLIDATED STATEMENT OF NET                                                   
ASSETS.........................................................................- 
... 43                                                                          

CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS...... 44

BL-Global Bond                                                                  
...............................................................................- 
................................................... 45                          
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 45                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 46 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 47 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 48 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 49 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 49   

BL-Global 30                                                                    
...............................................................................- 
........................................................ 50                     
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 50                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 51 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 52 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 53 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 56 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 57   

BL-Global 50                                                                    
...............................................................................- 
........................................................ 58                     
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 58                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 59 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 60 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 61 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 64 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 65   

BL-Global 75                                                                    
...............................................................................- 
........................................................ 66                     
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 66                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 67 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 68 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 69 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 72 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 73   

BL-Global Equities                                                              
...............................................................................- 
.............................................. 74                               
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 74                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 75 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 76 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 77 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 80 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 81   

BL-Equities Horizon                                                             
...............................................................................- 
............................................ 82                                 
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 82                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 83 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 84 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 85 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 86 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 86   

1

              BL             
SICAV with multiple Sub-Funds

CONTENTS (continued)

BL-Equities America                                                             
...............................................................................- 
........................................... 87                                  
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 87                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 88 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 89 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 90 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 91 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 91   

BL-Equities Europe                                                              
...............................................................................- 
............................................. 92                                
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 92                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS................................. 93 STATISTICAL                          
INFORMATION....................................................................- 
..................................... 94 STATEMENT OF INVESTMENTS AND OTHER NET 
ASSETS....................................................... 95 INDUSTRIAL     
CLASSIFICATION OF                                                               
INVESTMENTS....................................................................- 
. 97 GEOGRAPHICAL CLASSIFICATION OF                                             
INVESTMENTS............................................................... 98   

BL-Equities Dividend                                                            
...............................................................................- 
.......................................... 99                                   
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
.............................. 99                                               
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 100 STATISTICAL                           
INFORMATION....................................................................- 
................................... 101 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 102 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
104 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 105    

BL-Equities FoF Asia                                                            
...............................................................................- 
........................................ 106                                    
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 106                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 107 STATISTICAL                           
INFORMATION....................................................................- 
................................... 108 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 109 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
110 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 110    

BL-Equities FoF                                                                 
Japan..........................................................................- 
........................................... 111                                 
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 111                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 112 STATISTICAL                           
INFORMATION....................................................................- 
................................... 113 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 114 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
115 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 115    

BL-Bond Euro                                                                    
...............................................................................- 
.................................................... 116                        
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 116                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 117 STATISTICAL                           
INFORMATION....................................................................- 
................................... 118 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 119 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
120 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 120    

BL-Bond Dollar                                                                  
...............................................................................- 
.................................................. 121                          
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 121                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 122 STATISTICAL                           
INFORMATION....................................................................- 
................................... 123 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 124 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
125 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 125    

2

              BL             
SICAV with multiple Sub-Funds

CONTENTS (continued)

BL-Short Term Euro                                                              
...............................................................................- 
.......................................... 126                                  
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 126                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 127 STATISTICAL                           
INFORMATION....................................................................- 
................................... 128 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 129 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
132 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 132    

BL-Short Term Dollar                                                            
...............................................................................- 
........................................ 133                                    
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 133                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 134 STATISTICAL                           
INFORMATION....................................................................- 
................................... 135 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 136 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
138 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 138    

BL-Global                                                                       
Flexible.......................................................................- 
..................................................... 139                       
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 139                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 140 STATISTICAL                           
INFORMATION....................................................................- 
................................... 141 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 142 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
144 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 145    

BL-Optinvest (Euro)                                                             
...............................................................................- 
.......................................... 146                                  
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 146                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 147 STATISTICAL                           
INFORMATION....................................................................- 
................................... 148 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 149 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
150 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 150    

BL-Emerging Markets                                                             
...............................................................................- 
....................................... 151                                     
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 151                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 152 STATISTICAL                           
INFORMATION....................................................................- 
................................... 153 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 154 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
156 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 157    

BL-Kingfisher FoF Equities                                                      
...............................................................................- 
.............................. 158                                              
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 158                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 159 STATISTICAL                           
INFORMATION....................................................................- 
................................... 160 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 161 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
162 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 162    

BL-Kingfisher FoF 75                                                            
...............................................................................- 
........................................ 163                                    
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 163                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 164 STATISTICAL                           
INFORMATION....................................................................- 
................................... 165 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 166 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
167 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 167    

3

              BL             
SICAV with multiple Sub-Funds

CONTENTS (continued)

BL-Kingfisher FoF 50                                                            
...............................................................................- 
........................................ 168                                    
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 168                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 169 STATISTICAL                           
INFORMATION....................................................................- 
................................... 170 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 171 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
172 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 172    

BL-Kingfisher FoF 30                                                            
...............................................................................- 
........................................ 173                                    
STATEMENT OF NET                                                                
ASSETS.........................................................................- 
............................ 173                                                
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET                                
ASSETS............................... 174 STATISTICAL                           
INFORMATION....................................................................- 
................................... 175 STATEMENT OF INVESTMENTS AND OTHER NET  
ASSETS..................................................... 176 INDUSTRIAL      
CLASSIFICATION OF                                                               
INVESTMENTS.................................................................... 
177 GEOGRAPHICAL CLASSIFICATION OF                                              
INVESTMENTS............................................................. 177    

NOTES TO THE FINANCIAL                                                          
STATEMENTS.....................................................................- 
.............. 178                                                              

4

              BL             
SICAV with multiple Sub-Funds

ORGANISATION

REGISTERED OFFICE BL                                         
                  Société d'Investissement à Capital Variable
                  14, Boulevard Royal                        
                  L-2449 LUXEMBOURG                          

Trade Register Number R.C.S. Luxembourg B 45 243

BOARD OF DIRECTORS

Chairman Robert RECKINGER    
         Président           
         BANQUE DE LUXEMBOURG
         Société Anonyme     
         14, Boulevard Royal 
         L-2449 LUXEMBOURG   

Directors Pierre AHLBORN        
          Administrateur-Délégué
           BANQUE DE LUXEMBOURG 
          Société Anonyme       
          14, Boulevard Royal   
          L-2449 LUXEMBOURG     

Pierre BALDAUFF      
Directeur            
BANQUE DE LUXEMBOURG 
Société Anonyme      
14, Boulevard Royal  
L-2449 LUXEMBOURG    
(until 24th May 2007)

Antoine CALVISI                      
Vice-Président du Comité de Direction
BANQUE DE LUXEMBOURG                 
Société Anonyme                      
14, Boulevard Royal                  
L-2449 LUXEMBOURG                    

Philippe HOSS                 
Avocat                        
ETUDE ELVINGER, HOSS & PRUSSEN
2, Place Winston Churchill    
L-1340 LUXEMBOURG             

Mario KELLER              
Administrateur de Sociétés
14, Boulevard Royal       
L-2449 LUXEMBOURG         

5

              BL             
SICAV with multiple Sub-Funds

ORGANISATION (continued)

Sam RECKINGER                                  
Directeur                                      
COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
40, Boulevard Joseph II                        
L-1840 LUXEMBOURG                              

Fernand REINERS              
Membre du Comité de Direction
BANQUE DE LUXEMBOURG         
Société Anonyme              
22-24, Boulevard Royal       
L-2449 LUXEMBOURG            
(since 24th May 2007)        

Luc RODESCH                  
Membre du Comité de Direction
BANQUE DE LUXEMBOURG         
Société Anonyme              
14, Boulevard Royal          
L-2449 LUXEMBOURG            

Emile VOGT                                     
Directeur                                      
COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
40, Boulevard Joseph II                        
L-1840 LUXEMBOURG                              
(until 24th May 2007)                          

Management Company BANQUE DE LUXEMBOURG FUND       
                   RESEARCH & ASSET MANAGEMENT S.A.
                   7, Boulevard du Prince Henri    
                   L-1724 LUXEMBOURG               

Board of Directors of the
Management Company       

President Pierre AHLBORN        
          Administrateur-Délégué
           BANQUE DE LUXEMBOURG 
          Société Anonyme       
          14, Boulevard Royal   
          L-2449 LUXEMBOURG     

Vice-President Mario KELLER              
               Administrateur de Sociétés
               14, Boulevard Royal       
               L-2449 LUXEMBOURG         

6

              BL             
SICAV with multiple Sub-Funds

ORGANISATION (continued)

Directors Pit RECKINGER                 
          Avocat                        
          Etude ELVINGER, HOSS & PRUSSEN
          2, Place Winston Churchill    
          B.P. 425                      
          L-2014 LUXEMBOURG             

Henri REITER     
Directeur        
FUND-MARKET S.A. 
Société Anonyme  
103, Grand-Rue   
L-1661 LUXEMBOURG

Luc RODESCH                  
Membre du Comité de Direction
BANQUE DE LUXEMBOURG         
Société Anonyme              
14, Boulevard Royal          
L-2449 LUXEMBOURG            
(since 21st March 2007)      

Guy WAGNER                      
Administrateur-Directeur        
BANQUE DE LUXEMBOURG FUND       
RESEARCH & ASSET MANAGEMENT S.A.
7, Boulevard du Prince Henri    
L-1724 LUXEMBOURG               

Custodian Bank      BANQUE DE LUXEMBOURG
and Financial Agent Société Anonyme     
                    14, Boulevard Royal 
                    L-2449 LUXEMBOURG   

Central Administration EUROPEAN FUND ADMINISTRATION
subcontractor          Société Anonyme             
                       2, Rue d'Alsace             
                       B.P.1725                    
                       L-1017 LUXEMBOURG           

Entities authorised to receive EUROPEAN FUND ADMINISTRATION
subscription, redemption       Société Anonyme             
and conversion orders          2, Rue d'Alsace             
                               B.P. 1725                   
                               L-1017 LUXEMBOURG           

BANQUE DE LUXEMBOURG
Société Anonyme     
14, Boulevard Royal 
L-2449 LUXEMBOURG   

7

              BL             
SICAV with multiple Sub-Funds

ORGANISATION (continued)

Paying and Information Agents                       
in Belgium                        BANQUE DEGROOF    
                              44, Rue de l'Industrie
                              B-1040 BRUSSELS       

in France CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC)
          Société Anonyme                      
          6, Avenue de Provence                
          F-75009 PARIS                        

in Austria RAIFFEISEN ZENTRALBANK ÖSTERREICH AG
           Am Stadtpark 9                      
           A-1030 VIENNA                       

in Germany DEUTSCHE BANK AG         
           Taunusanlage 12          
           D-60325 FRANKFURT AM MAIN

in Sweden BANQUE INVIK LUXEMBOURG FILIAL
          Skeppsbron 18                 
          SE-103 11 STOCKHOLM           

Independent Auditor KPMG Audit S.à r.l.
                    9, Allée Scheffer  
                     L-2520 LUXEMBOURG 

8

              BL             
SICAV with multiple Sub-Funds

GENERAL INFORMATION

BL is incorporated as a "Société d'Investissement à Capital Variable" (SICAV) 
governed by Luxembourg law. The SICAV is subject to the Law of 10th August 1915
on 
commercial companies and Part I of the amended Law of the 20th December 2002 on 
undertakings for collective investment, which 
        transposes    essential     the            of    amended      Directive 
20th December 1985 (85/611/ECC). 

In a services agreement dated 1st January 2005, the SICAV has appointed Banque  
de Luxembourg Fund Research & Asset Management S.A. (“BLFRAM”) as Management    
Company. In this role, BLFRAM shall provide investment management,              
administration and marketing services. BLFRAM is authorised as a management     
company in accordance with the provisions of Chapter 13 of the amended law of   
20th December 2002 concerning Undertakings for Collective Investment, in line   
with EU directive 2001/107/EC.                                                  

The Deeds of Incorporation of the SICAV were published in the Mémorial, Recueil 
des Sociétés et Associations on 17th November 1993. The Articles of Association 
were last amended by the Extraordinary General Meeting of 2nd August 2004.      

The coordinated Articles of Association have been filed with the Luxembourg     
Company and Trade Register from whom copies may be obtained.                    

BL is incorporated as an investment company (SICAV) with multiple sub-funds     
("umbrella fund"). Each sub-fund consists of a portfolio of individual assets   
denominated in various currencies.                                              

On the date of the present report, the following sub-funds were open for 
subscription: 
- BL-Global Bond                                             denominated in EUR 
- BL-Global 30                                                 denominated in
EUR 
- BL-Global 50                                                 denominated in
EUR 
- BL-Global 75                                                 denominated in
EUR 
- BL-Global Equities                                           denominated in
EUR 
- BL-Equities Horizon                                          denominated in
EUR 
- BL-Equities America                                          denominated in
USD 
- BL-Equities Europe                                           denominated in
EUR 
- BL-Equities Dividend (launched at 30th October 2007)         denominated in
EUR 
- BL-Equities FoF Asia                                         denominated in
USD 
- BL-Equities FoF Japan                                      denominated in JPY 
- BL-Bond Euro                                                 denominated in
EUR 
- BL-Bond Dollar                                               denominated in
USD 
- BL-Short Term Euro                                           denominated in
EUR 
- BL-Short Term Dollar                                       denominated in USD 
- BL-Global Flexible                                         denominated in EUR 
- BL-Optinvest (Euro) (launched at 1st August 2007)          denominated in EUR 
-    BL-Emerging Markets (launched at 30th October 2007)       denominated in
EUR 
- BL-Kingfisher FoF Equities                                   denominated in
EUR 
- BL-Kingfisher FoF 75                                         denominated in
EUR 
- BL-Kingfisher FoF 50                                         denominated in
EUR 
- BL-Kingfisher FoF 30                                         denominated in
EUR 

Each of the sub-funds of the SICAV may offer a range of share classes.

9

              BL             
SICAV with multiple Sub-Funds

GENERAL INFORMATION (continued)

The following share classes may be issued for sub-funds currently open          
for subscription:                                                               
-  Class A shares: distribution shares denominated in the reference currency of 
   the sub-fund which the                                                       
   enti-      h-   to   cash-  as    described -   the articles    association 
   may be 
   le    l-            -                  n 
         er          - 
                     - 
                     - 
                     - 
                     - 
                     d                                                          
   consulted in the annex of the current                                        
   complete prospectus; -                                                       
   Class B shares: capitalisation shares denominated in the reference currency  
   of the sub-fund which do                                                     
        -   the  hold-      to  -   but where    -  amount      distribution
reinvested  the 
        -        r         -                - 
        t                 -                e 
                          - 
                          - 
                          - 
                          - 
                          d 
   sub-fund to which the                                                        
   capitalisation shares relate.                                                

The shares in each sub-fund of the SICAV are issued and redeemed at a price     
calculated on each business day in Luxembourg ("Valuation Day") unless the      
sub-fund concerned is suspended in accordance with the procedure described in   
the complete prospectus.                                                        

Details of the Net Asset Value, the issue price and the redemption and          
conversion price of each class of shares are available on every banking day in  
Luxembourg from the SICAV's registered office.                                  

The SICAV publishes an annual report audited by its Independent Auditor on 31st 
December and an unaudited semi-annual report on 30th June. These reports contain
information on the SICAV's asset situation and the number of outstanding shares 
on this date. The reports also contain separate financial statements for each   
sub-fund. The currency used for the consolidation of the sub-funds is the euro. 

The Annual General Meeting of Shareholders is held at the Registered Office of  
the SICAV, or at any other location in Luxembourg as specified on the AGM       
Notice.                                                                         

The Annual General Meeting is held on the fourth Thursday of May at 11am, or if 
this is a holiday, on the following business day.                               

Shares of all sub-funds open for subscription are quoted on the regulated       
Luxembourg Stock Exchange.                                                      

The Net Asset Value of the shares of the sub-funds open for subscription on the 
date of the present report is published in the "d'Wort", "Financieel Economische
Tijd", "l'Echo", "La Libre Belgique", "Financial Times Deutschland", "Svenska   
Dagbladet", "Dagens Nyheter" and "Wirtschaftsblatt".                            

For the distribution of shares of the SICAV in Germany: the Paying and          
Information Agent is Deutsche Bank AG, Taunusanlage 12, D-60325 Frankfurt. The  
German Paying and Information Agent accepts share redemption and conversion     
orders and manages the payment of redemption proceeds, any dividends and other  
payments to the shareholders if required.                                       

Papier copies of the current prospectus (complete and simplified), the articles 
of association and the latest annual and semi-annual reports are available free 
of charge from the German Paying and Information Agent. The documents referred  
to in the current prospectus in the section "Information for shareholders" may  
also be consulted here.                                                         

The Net Asset Value per share for each sub-fund as well as the issue and        
redemption prices are available on any business day from the German Paying and  
Information Agent in Frankfurt. Issue, redemption and conversion prices are     
published on every trading day in the "Financial Times Deutschland".            

10

              BL             
SICAV with multiple Sub-Funds

GENERAL INFORMATION (continued)

For the distribution of shares of the SICAV in Austria: the Paying and          
Information Agent is Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9,      
A-1030 Vienna. Share redemption orders may be submitted to the Austrian Paying  
and Information Agent. The Austrian Paying and Information Agent manages        
proceeds from redemptions, dividends and other payments to shareholders.        

The current prospectus (complete and simplified), the articles of association   
and the latest annual and semi-annual reports, and any other documents are      
available free of charge from the Paying and Information Agent in Austria.      

The Net Asset Value per share for each sub-fund as well as issue and redemption 
prices are available from the Paying and Information Agent in Austria.          

11

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS

BL-Global Bond

The bond markets had a very volatile year in 2007. The German 10-year benchmark 
yield went from 3.95% at the start of the year to 4.67% in July, before closing 
the year at 4.31%. The fallout from the subprime sector gradually spread across 
the entire financial sphere: interbank rates, money markets, corporate and      
high-yield bonds, and structured products all suffered the adverse impact of a  
sharp increase in aversion to risk. The ECB was prompted to make a number of    
cash injections into the system and called time on its cycle of raising interest
rates.                                                                          

Despite judders on various risky asset classes that suffered the negative impact
of the subprime crisis, emerging countries' debt rose sharply throughout the    
year. JPMorgan's emerging markets bond index, the EMBI Global Diversified,      
posted performance of 6.16%, while the emerging local markets index, the ELMI+, 
saw a 16.04% rise. Widening "spreads" on external debt were largely due to the  
substantial cut in US Treasury yields. Apart from inflation which was up sharply
worldwide, the fundamentals of emerging countries proved much more solid than in
the past.                                                                       

In mid-June the fund manager decided to significantly increase the portfolio's  
sensitivity to its upper limit. He raised the sensitivity of the eurozone bonds 
portion to nearly 7 before gradually reducing it to 6, in line with its         
benchmark index.                                                                

Outlook

Pressure on European economic growth should continue to be reflected in the     
statistics. The ECB is still torn between inflationary risks and the need to    
adopt a more accommodating monetary policy. The appreciation of the euro will   
help limit inflationary pressures but it will also hamper European              
competitiveness. In the United States, the bond markets have already factored in
a probable recession.                                                           

12

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Global 30

After posting favourable performance in the first half of the year, the main    
stock market indexes dropped back during the second half. Among the main asset  
classes, only emerging countries ended the year with performance above 10%. The 
weakest stock market was - as in 2006 - the Japanese market, which fell by over 
10%.                                                                            

For the second year in succession, bond market performance was disappointing.   
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency  
markets, the euro appreciated against most of the major international           
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%   
and 4% respectively against the euro.                                           

During the year, the weighting of equities was steadily decreased, from 35% in  
January to 28.5% in December. The reduction in equities was mainly achieved by  
cutting European stocks (from 16% to 12%) and US stocks (from 11.5% to 9.5%).   

Following the decrease in the equity weighting, the proportion of eurobonds was 
increased from 59% to 66%. However, the duration of the bond portion remained   
unchanged and stood at 6.0 at the end of December. In October, emerging country 
bonds were reduced from 4% to 2% (by the sale of half the position in the Julius
Baer Local Emerging Markets Bond fund) following their good performance in      
recent years.                                                                   

Hedging of assets in dollars was reduced from 80% to 60% at the start of the    
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.                                 

Among European stocks, the fund manager invested in Continental, Royal Wessanen,
Swedish Match, Hypo Real Estate, Schindler, Oesterreichische Post, Trygvesta,   
Intertek, Southern Cross Healthcare, Neopost, Synthes, Bodycote and Aalberts    
Industries. He sold positions in BHP Billiton, Rieter, Eurocommercial           
Properties, United Utilities, Endesa, Johnston Press, Henkel, Sanofi, Enel, HSBC
and Royal Bank of Scotland. ABN Amro was taken over by the consortium formed by 
Royal Bank of Scotland, Fortis and Banco Santander. Novartis and Persimmon were 
reduced.                                                                        

Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,      
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. The manager
sold positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll        
Brothers, Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer,
Masco, Diebold, Lennar, Commscope, Deere and Illinois Toolworks. CDW, Checkfree,
Biomet and Cytyc were taken over. The position taken in Mueller Water Products  
during the year has been sold.                                                  

In Asia excluding Japan, the fund manager reduced exposure at the end of the    
year after the good performance of the asset class in 2007. Accordingly, he sold
Carlson Small Cap Asia and reduced the position of Templeton Asian Growth due to
their significant exposure to China. On the other hand, he took an initial      
position in Comgest Magellan.                                                   

In Japan, the fund manager did not make any major changes.

In commodities, the fund manager eliminated his last exposure in June by the    
sale of the 0.5% invested in the Crédit Suisse Equities Global Energy fund. The 
commodities equities asset class has been removed from the strategic allocation 
after its strong run on the stock markets in the last few years.                

13

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

In bonds, he took a position of 2% in a bond whose performance is indexed to the
Stork Fund Credit & Bonds Arbitrage fund of funds. This fund of funds is 50%    
invested in the Cigogne Fixed Income Arbitrage fund (aiming to benefit from     
arbitrage possibilities between correlated bonds or between OTC products such as
swaps or interest rate options) and 50% in the Cigogne Convertible Arbitrage    
fund (aiming to benefit from arbitrage possibilities between convertible bonds  
and the stocks underlying these bonds). These 2 products are hedge funds managed
by the management company Cigogne (owned by Crédit Mutuel-CIC) which has over 20
years' experience in this area. The objective of the product is to generate     
higher performance than traditional bonds without increasing the risk.          

At the end of the year, the fund was 28.5% in equities, 68% in bonds and 3.5% in
cash. Exposure to the US dollar is 60% hedged.                                  

Outlook

The outlook on the bond markets is neutral. At around 4.25%, European 10-year   
rates are what the fund manager considers to be their fair value.               

The outlook for stock markets is poor. Company profits are likely to come under 
pressure due to the slowdown in the global economy and the high level of profit 
margins. Valuation multiples are not expected to increase given the             
uncertainties related to values of complex financial products created in recent 
years.                                                                          

14

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Global 50

After posting favourable performance in the first half of the year, the main    
stock market indexes dropped back during the second half. Among the main asset  
classes, only emerging countries ended the year with performance above 10%. The 
weakest stock market was - as in 2006 - the Japanese market, which fell by over 
10%.                                                                            

For the second year in succession, bond market performance was disappointing.   
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency  
markets, the euro appreciated against most of the major international           
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%   
and 4% respectively against the euro.                                           

During the year, the weighting of equities was steadily decreased, from 54% in  
January to 48.5% in December. The reduction in equities was mainly achieved by  
cutting US stocks (from 20% to 16.5%) and US stocks (from 22.5% to 20%).        
However, the weighting of Asian (excluding Japan) stocks was increased (from 5% 
to 7.5%).                                                                       

Following the decrease in the equity weighting, the proportion of eurobonds was 
increased from 41% to 43.5%. There was little change to the duration of the bond
portion which stood at 5.6 at the end of December. During the year, emerging    
market bonds were sold (by the sale of Julius Baer Local Emerging Markets Bond  
fund) following their good performance in recent years.                         

Hedging of assets in dollars was reduced from 80% to 60% at the start of the    
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.                                 

Among European stocks, the fund manager invested in Continental, Swedish Match, 
Hypo Real Estate, Schindler, Wereldhave, Trygvesta, Intertek, Southern Cross    
Healthcare, Neopost, Synthes, Bodycote, Brembo, Kaba, Aalberts Industries,      
Saipem and Petroleum Geo-Services. He sold positions in BHP Billiton, Rieter,   
Eurocommercial Properties, United Utilities, Endesa, Johnston Press, Henkel,    
Sanofi, Enel, HSBC and Royal Bank of Scotland. ABN Amro was taken over by the   
consortium formed by Royal Bank of Scotland, Fortis and Banco Santander.        
Novartis and Persimmon were reduced.                                            

Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,      
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. The manager
sold positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll        
Brothers, Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer,
Biomet, Masco, Diebold, Lennar, Commscope and Deere. CDW, Checkfree and Cytyc   
were taken over. The position taken in Mueller Water Products during the year   
has been sold.                                                                  

In Asia excluding Japan, he bought Fidelity Fund Thailand at the beginning of   
the year. At the end of the year, he sold Carlson Small Cap Asia and reduced the
position of Templeton Asian Growth due to their high exposure to China. In      
contrast, he took an initial position in JPM Taiwan and Comgest Magellan. He    
also took a position in the biggest Korean bank, Kookmin Bank.                  

In Japan, the fund manager did not make any major changes.

In commodities, he eliminated his last exposure in June by the sale of the 0.5% 
invested in the Crédit Suisse Equities Global Energy fund. The commodities      
equities asset class has been removed from the strategic allocation after its   
strong run on the stock markets in the last few years.                          

15

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

In bonds, he took a position of 2% in a bond whose performance is indexed to the
Stork Fund Credit & Bonds Arbitrage fund of funds. This fund of funds is 50%    
invested in the Cigogne Fixed Income Arbitrage fund (aiming to benefit from     
arbitrage possibilities between correlated bonds or between OTC products such as
swaps or interest rate options) and 50% in the Cigogne Convertible Arbitrage    
fund (aiming to benefit from arbitrage possibilities between convertible bonds  
and the stocks underlying these bonds). These 2 products are hedge funds managed
by the management company Cigogne (owned by Crédit Mutuel-CIC) which has over 20
years' experience in this area. The objective of the product is to generate     
higher performance than traditional bonds without increasing the risk.          

At the end of the year, the fund was 48.5% in equities, 43.5% in bonds and 8% in
cash. Exposure to the US dollar is 60% hedged.                                  

Outlook

The outlook on the bond markets is neutral. At around 4.25%, European 10-year   
rates are what the fund manager considers to be their fair value.               

The outlook for stock markets is poor. Company profits are likely to come under 
pressure due to the slowdown in the global economy and the high level of profit 
margins. Valuation multiples are not expected to increase given the             
uncertainties related to values of complex financial products created in recent 
years.                                                                          

16

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Global 75

After posting favourable performance in the first half of the year, the main    
stock market indexes dropped back during the second half. Among the main asset  
classes, only emerging countries ended the year with performance above 10%. The 
weakest stock market was - as in 2006 - the Japanese market, which fell by over 
10%.                                                                            

For the second year in succession, bond market performance was disappointing.   
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency  
markets, the euro appreciated against most of the major international           
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%   
and 4% respectively against the euro.                                           

During the year, the weighting of equities was steadily decreased, from 73.5% in
January to 69.5% in December. The reduction in equities was mainly achieved by  
cutting US stocks (from 29% to 23.5%). However, the weighting of Asian          
(excluding Japan) stocks was increased (from 6.5% to11.5%).                     

The proportion of eurobonds hardly changed. The duration of the bond portion was
maintained at around 6.2. At the start of the year, emerging market bonds were  
sold (by the sale of Julius Baer Local Emerging Markets Bond fund) following    
their good performance in recent years.                                         

Hedging of assets in dollars was reduced from 80% to 60% at the start of the    
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.                                 

Among European stocks, the fund manager invested in Continental, Swedish Match, 
Hypo Real Estate, Schindler, Intertek, Southern Cross Healthcare, Neopost,      
Synthes, Bodycote, Brembo, Kaba, Aalberts Industries, Saipem and Petroleum      
Geo-Services. The fund manager sold positions in BHP Billiton, Rieter, Endesa,  
Johnston Press, Henkel, Sanofi, HSBC and Royal Bank of Scotland. ABN Amro was   
taken over by the consortium formed by Royal Bank of Scotland, Fortis and Banco 
Santander. Novartis and Persimmon were reduced.                                 

Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,      
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. He sold    
positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll Brothers,   
Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer, Masco,   
Diebold, Lennar, Commscope and Deere. CDW, Checkfree, Biomet and Cytyc were     
taken over. The position taken in Mueller Water Products during the year has    
been sold.                                                                      

In Asia excluding Japan, the manager bought Fidelity Fund Thailand at the       
beginning of the year. At the end of the year, he sold Carlson Small Cap Asia   
and reduced the position of Templeton Asian Growth due to their high exposure to
China. In contrast, he took an initial position in JPM Taiwan, Crédit Agricole  
Asean New Markets and Comgest Magellan. He also took a position in the biggest  
Korean bank, Kookmin Bank.                                                      

In Japan, he did not make any major changes.

In commodities, the fund manager eliminated his last exposure in June by the    
sale of the 0.5% invested in the Crédit Suisse Equities Global Energy fund. The 
commodities equities asset class has been removed from the strategic allocation 
after its strong run on the stock markets in the last few years.                

At the end of the year, the fund was invested 69.5% in equities, 24.5% in bonds 
and 6% in cash. Exposure to the US dollar is 60% hedged.                        

17

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

Outlook

The outlook on the bond markets is neutral. The manager considers that European 
10-year rates are at fair value.                                                

The outlook for stock markets is poor. Company profits are likely to come under 
pressure due to the slowdown in the global economy and the high level of profit 
margins. Valuation multiples are not expected to increase given the             
uncertainties related to values of complex financial products created in recent 
years.                                                                          

18

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Global Equities

After posting favourable performance in the first half of the year, the main    
stock market indexes dropped back during the second half. Among the main asset  
classes, only emerging countries ended the year with performance above 10%. The 
weakest stock market was - as in 2006 - the Japanese market, which fell by over 
10%.                                                                            

For the second year in succession, bond market performance was disappointing.   
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency  
markets, the euro appreciated against most of the major international           
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%   
and 4% respectively against the euro.                                           

During the year, the weighting of equities was steadily decreased, from 94% in  
January to 83.5% in December. The reduction in equities was mainly achieved by  
cutting US stocks (from 35% to 26.5%) and European stocks (from 40.5% to 38.5%).
By contrast, Asian stocks excluding Japan were increased (from 8.5% to 11.5%).  

Hedging of assets in dollars was reduced from 80% to 60% at the start of the    
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.                                 

Among European stocks, the fund manager invested in Continental, Swedish Match, 
Hypo Real Estate, Schindler, Intertek, Southern Cross Healthcare, Neopost,      
Synthes, Bodycote, Brembo, Kaba, Aalberts Industries, Saipem and Petroleum      
Geo-Services. He sold positions in BHP Billiton, Rieter, Endesa, Johnston Press,
Henkel, Sanofi, HSBC and Royal Bank of Scotland. ABN Amro was taken over by the 
consortium formed by Royal Bank of Scotland, Fortis and Banco Santander.        
Persimmon was reduced.                                                          

Among US stocks, he took positions in Global Payments, Thomas & Betts, 3M,      
Dresser-Rand, Graco, Thermo Fisher Scientific, Best Buy, KBR, Checkfree, General
Cable, Corporate Executive Board, Legg Mason, Amdocs and Joy Global. He sold    
positions in Borders Group, Jackson Hewitt, Washington Mutual, Toll Brothers,   
Kraft Foods, Magna International, Gannett, Oracle, Timberland, Pfizer, Masco,   
Diebold, Lennar, Commscope and Deere. CDW, Checkfree, Biomet and Cytyc were     
taken over. The position taken in Mueller Water Products during the year has    
been sold.                                                                      

In Asia excluding Japan, the manager bought Fidelity Fund Thailand at the start 
of the year. At the end of the year, he sold Carlson Small Cap Asia and reduced 
the position of Templeton Asian Growth due to their significant exposure to     
China. On the other hand, he took an initial position in JPM Taiwan, Crédit     
Agricole Asean New Markets and Comgest Magellan. He also took a position in the 
largest Korean bank, Kookmin Bank.                                              

In Japan, the manager sold Sparx Japan and invested the proceeds in UBAM        
Equities Japan.                                                                 

In commodities, he eliminated his last exposure in June by the sale of the 0.5% 
invested in the Crédit Suisse Equities Global Energy fund. The commodities      
equities asset class has been removed from the strategic allocation after its   
strong run on the stock markets in the last few years.                          

At the end of the year, the fund was 83.5% invested in equities and 16.5% in    
cash. Exposure to the US dollar is 60% hedged.                                  

19

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

Outlook

The outlook for stock markets is poor. Company profits are likely to come under 
pressure due to the slowdown in the global economy and the high level of profit 
margins. Valuation multiples are not expected to increase given the             
uncertainties related to values of complex financial products created in recent 
years.                                                                          

20

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities Horizon

In 2007, the fund manager continued to focus on companies presenting a sound    
balance sheet, high profitability and generating substantial surplus cash on a  
recurrent basis. New investments were made with a long-term outlook and at      
valuation levels offering an attractive discount in relation to the companies'  
intrinsic value.                                                                

On this basis, the fund manager took positions during the year in Bangkok Bank  
(January, 2%), 3M (2nd half, 2%), Anheuser-Busch (August, 1%), Royal Wessanen   
(2nd half, 4%), Schneider Electric (2nd half, 1.5%), Cisco (October, 1%) and    
Adidas (October, 1%).                                                           

Bangkok Bank is the biggest bank in Thailand. Although it is a commercial bank  
offering a wide range of products and financial services, its profits are       
largely derived from the interest margin between deposits and credits. As the   
majority of credits have short deadlines, asset/liability management of the     
balance sheet presents little risk. The main uncertainty lies in the quality of 
the credit portfolio. At the time of purchase, Bangkok Bank traded at 1.5 times 
equity in 2006 and at 10 times estimated profits in 2007. With these multiples, 
the margin of security seems to us to be sufficiently high to open an initial   
position in the company.                                                        

The US industrial conglomerate 3M, the company behind "Scotch" and "Post-It",   
markets thousands of products, all based on a limited number of technologies and
processes developed in the group's highly innovative research laboratories. 60% 
of sales are generated outside the United States and 50% of its revenues are    
considered to come from non-cyclical activities. The group's capacity for       
innovation may give it a competitive advantage over its competitors. The        
company's stock market valuation is reasonable after the share's stagnation over
the last 4 years.                                                               

Anheuser-Busch is the leading beer producer in the United States. Despite weak  
growth in the US beer market, the company is expected to continue to post       
regular growth in profits thanks to a slight increase in volumes, its ability to
regularly raise its prices due to its dominant position, the value of its       
distribution network through cooperation with other drinks producers, and share 
buybacks. It was purchased at the end of August after the share had fallen 12%  
in the previous two months.                                                     

The Dutch food company Royal Wessanen restructured its activities during recent 
years to concentrate exclusively on natural/biological product segments and high
quality niche products. In particular, the company has the second largest bio   
products distribution network in the United States. In the next few years,      
Wessanen should benefit from the structural change towards healthier eating. The
company has low debt levels and offers a net dividend yield of 5%.              

The French group Schneider is a dominant player in electrical distribution      
systems and industrial automation. Following the steady restructuring of its    
portfolio of products over recent years, the company now has a powerful position
in the majority of its activities. In the coming years, it should benefit from  
the renewal of electricity distribution systems in many developed countries and 
strong demand for electrical infrastructures in emerging countries. Following   
the slump in Schneider's share price in the 2nd half, we have taken an initial  
position in the company.                                                        

Cisco is the global market leader in hardware and software for the internet and 
intranet. Cisco's unique status in its segment of activity procures the company 
unrivalled margins in the sector and enables it to generate high cash flow and  
reach higher than average levels of profitability. Cisco should benefit from    
excellent positioning among its clients to diversify its income in peripheral   
areas to its base activity. In these new areas of expertise, which Cisco        
penetrates not least via targeted acquisitions, it could exploit its technology 
networks expertise and offer integrated and effective solutions.                

21

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

Adidas dominates the sports shoe and clothes market along with Nike. Due to its 
acquisition of Reebok in 2006, the company is currently in a transition phase.  
The latest figures seem to indicate that Adidas is succeeding in steadily       
increasing Reebok's profitability through cost synergies and a differentiated   
positioning for the American brand. Adidas is also benefiting from the weak     
dollar given that its production costs are all denominated in dollars. Because  
of the value of the Adidas brand, and prospects for acceleration of sales and   
improved profitability in 2008, the fund manager took an initial position in the
company as its price remains reasonable despite the share's good stock market   
performance in recent years.                                                    

On the other hand, he sold all his investments in Johnston Press, Pfizer, Kraft 
Foods, Thor Industries, Persimmon, Titan Cement, Lennar and McGraw Hill.        

He also considerably reduced his weighting in Gannett, Vinci, Berkshire Hathaway
and HSBC.                                                                       

In the 1st quarter, the fund manager sold shares in the British newspaper       
publisher Johnston Press. Like most newspaper companies, Johnston Press is      
suffering increasing competition from online publicity which is in the process  
of taking market share in advertising. This trend is likely to intensify in the 
future and call into question the business model of traditional newspaper       
publishers like Johnston Press which had until now a virtual monopoly on local  
advertising markets. Consequently, the increase in revenues and the level of    
margins (over 30%) reached in the past risk are unlikely to be sustainable in   
the medium term.                                                                

From January to April, he sold shares in the US pharmaceutical company Pfizer.  
The sale can be explained by the poor projections for Pfizer's future results.  
From 2010, Pfizer will lose a number of very important patents, which are in    
danger of not being be replaced by current compounds under development. Despite 
its size, Pfizer depends on a handful of flagship products (its principal       
product Lipitor accounts for a quarter of total sales) so the loss of patents on
these products raises concerns about future cash flow. Due to these             
uncertainties surrounding the investment case, he has decided to disengage from 
Pfizer.                                                                         

In June, the manager sold his shares in the US food company, Kraft Foods. He    
became shareholders in Kraft in April when the parent company Altria distributed
its holding in Kraft to its shareholders in order to concentrate exclusively on 
tobacco activities. As the Kraft shares, which were already listed prior to that
date, were particularly weak March, we kept our investment in the company       
initially. However, Kraft has a portfolio of low quality products which could   
suffer from a structural change towards healthier and more natural food. So he  
took advantage of the share's rebound in June to sell our position.             

In June the manager also sold his position in Thor Industries, the biggest      
manufacturer of caravans and mobile homes in the United States. Although the    
company remains undisputed leader in its sector and maintains a top quality     
balance sheet, it is suffering from a slowdown in demand for its products due to
the rise of the interest rates. As the share price had not yet reacted to the   
deterioration of the company's prospects, we sold our positions in June.        

In July, the manager sold his shares in the UK construction firm Persimmon. In  
the last few years, the company has benefited from the huge increase in home    
prices in the UK. This increase in prices is explained by housing stock         
availability structurally lower than demand and the good performance of the     
London financial marketplace. Following the Bank of England's higher than       
expected increase in interest rates, the increase in house prices has started to
slow. In an environment of rising interest rates in the UK and the sub-prime    
crisis in the United States, he decided to sell Persimmon which was then trading
at a price/earnings multiple of 8 corresponding to the average for the last 10  
years.                                                                          

22

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

In July the manager also sold his position in Titan Cement. Although the leading
Greek cement producer continued to post solid results, its high exposure to the 
US market is in danger of leading to a slowdown in profits growth. Since the    
value of cement companies has increased sharply in recent years, the company    
also had trouble finding attractive target acquisitions to diversify beyond     
Greece and the United States. As the share price did not react significantly to 
the deterioration of prospects in the medium-term, he sold his shares in the    
company.                                                                        

In August and September, he sold his position in Lennar. Lennar is one of the   
biggest real estate constructers in the United States. Since homebuilding in the
United States has slumped and as it could take several years for prices and     
activity to adjust, construction companies will have trouble finding            
satisfactory profitability and are in danger of seeing the collapse of their    
equity which is substantially invested in land and other real estate.           

The fund manager also sold his position in McGraw Hill (gradually over the      
second half of the year). In the last few years, the owner of the rating agency 
Standard & Poor's has derived huge benefit from the explosion in structured     
products. If the sub-prime crisis spreads to other segments of the credit       
market, securitisation of all kinds of loans could slow in the next few years,  
especially as the rapid and sizeable downgrading of the rating of certain       
securities significantly affected the credibility of the major rating agencies. 

Gannett's position was reduced from 4% to 1% over the year due to the loss of   
the company's competitive advantage in light of the ascendancy of online        
advertising steadily taking market share from traditional newspapers.           

In September, the position of Vinci was reduced from 7% to 4%. The French group 
has considerably shifted its portfolio of activity in recent years, becoming one
of the leading players in concessions in Europe. This repositioning has been    
accompanied by a sharp increase in the share price since 2003. Even though the  
results of the company remain on a favourable path, the manager has reduced the 
stock's weight because of lower stock market potential in the future following  
the group's major revaluation since 2003.                                       

In December, the position of Berkshire Hathaway was reduced from 6% to 3% due to
the favourable performance of the share. Following the financial turbulence,    
investors sought less risky investments, which benefited Berkshire due to Warren
Buffett's credibility and its strong cash position (representing nearly a       
quarter of its portfolio). Substantial outpeformance led the manager to reduce  
the position.                                                                   

In December, the position in HSBC was reduced from 5% to 2.5%. The reduction in 
HSBC was explained by the poor outlook for banks in 2008. Given the weakness of 
financial stocks in the last few months, the HSBC share has held up relatively  
well. The share is now trading at 11 times estimated profits for 2007, while    
many major international banks are posting considerably weaker valuation        
multiples. Because of uncertainties over the valuation of complex financial     
instruments created in recent years and the risks of recession in the United    
States and the UK (regions in which HSBC has considerable exposure), the        
potential for the company's profitable growth and increase in valuation         
multiples seems limited.                                                        

At the end of the year, the fund was 90% invested in equities and 10% in cash.  
Exposure to the US dollar was 80% hedged throughout 2007.                       

Outlook

The outlook for the European stock markets is poor. Company profits will come   
under pressure due to the slowdown in the global economic situation and the high
level of profit margins. Valuation multiples are not expected to increase given 
the uncertainties over the valuation of complex financial products created in   
recent years. In this environment, the manager is continuing to focus on the    
quality of selected companies and he favours organisations that he believes have
limited sensitivity to economic cycles.                                         

23

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities America

In 2007 in the United States, the stock market was dominated by the real estate 
crisis and the bursting of the mortgage lending financial bubble, leading to    
considerable divergence between the performance of different market sectors. The
energy, commodities, industry and technology sectors recorded the best          
performance. Companies in these sectors profited from their exposure to         
international markets, the weakness of the dollar and the continuing rise in raw
materials prices. In addition, thanks to the good quality of the balance sheet  
of many of these companies, operating activities were not affected by the       
harsher credit environment. On the other hand, financial and cyclical consumer  
stocks performed markedly below par.                                            

The objective of the BL-Equities America fund is to invest in companies with    
promising growth prospects that generate high free cash flow as well as having  
an attractive valuation. The BL-Equities America investment philosophy is based 
on the concept of “business-like investing”, a more comprehensive and extensive 
approach than “value investing”. By analysing companies according to this       
concept, the fund manager has grouped his investments into 3 categories:        
“Established Value”, “Consistent Earners” and “Growing Franchises”.             

He has made the following adjustments to his investment portfolio:

In the industry sector, he took a position in the industrial conglomerate 3M.   
The appointment of a new CEO and the development of a new growth strategy based 
on new product designs and more pronounced geographic diversification offer     
attractive growth prospects. The fund manager also invested in the leader in    
international express transport, FedEX. Its logistics market is built on a      
distribution network that is impossible to duplicate so it offers attractive    
prospects for future years. His investment in Corporate Executive Board, which  
provides “best practice” research to company heads, is based on its unique      
positioning in its industry.                                                    

In infrastructure, he invested in Thomas & Betts, KBR, General Cable and Joy    
Global. The investment case for these companies lies mainly in the process of   
industrialisation of the Non-G7 countries. This growth cycle, spanning several  
years, is driving a strong increase in demand and pushing up prices for raw     
materials, energy and construction products. In addition, after many years of   
under-investment, modernisation of the infrastructure network in the United     
States will require substantial investments over the next decade.               

In technology and IT services, the manager invested in Checkfree and Amdocs,    
suppliers of billing software. Checkfree is the undisputed leader in online     
invoice payment. Its competitive advantage and excellent free cash flow         
generation were recognised by the financial services group Fiserv which acquired
Checkfree during the year. He also took a position in Global Payments which     
offers services and solutions for payment processing and fund transfers.        
Generating the majority of its revenues in the United States, Global Payments is
continuing to systematically develop its franchise by increasing its presence in
other areas of the world such as Eastern Europe and Asia.                       

In the financial sector, the manager invested in the asset manager Legg Mason.  
Following the acquisition of the Citigroup Asset Management business in 2005,   
Legg Mason had around 1,000 billion dollars of assets under management. The     
impact of the financial crisis in the United States, difficulties in integrating
Citigroup's products and the search for a successor for Chip Mason have made the
group's valuation very attractive.                                              

24

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

Other investments were made in Thermo Fisher Scientific and Best Buy. Over the  
last 20 years, Best Buy has been established as a leader in distribution of the 
latest electronic products in the United States. With an innovative sales       
approach and unique service quality, the company has built up competitive       
advantage over its competitors. At the same time, Best Buy has succeeded in     
generating a return on capital employed that far exceeds its cost of capital.   

On the disposal side, the fund manager sold his positions in Realogy, Biomet,   
CDW Corp. and Hydril which were either bought by competitors or private equity  
groups.                                                                         

Most of the other sales were linked to the real estate crisis and its impact on 
consumer spending in the United States. The subprime crisis had a seriously     
detrimental impact on the operational environment of many companies in the      
retail and financial sector. As a result, he got out of Jackson Hewitt, Pulte   
Homes, Lennar, Gannett, Timberland, Masco, Diebold, Borders and Washington      
Mutual. During the year, he also took a position in the drinking water and waste
water distribution systems equipment supplier Mueller Water Products but, as a  
result of the real estate crisis, the fundamentals of this company also         
deteriorated significantly and he sold the share.                               

The investments of the fund manager in Ingersoll Rand, Kraft, Oracle, Deere and 
Commscope were sold for valuation reasons.                                      

Outlook

The outlook for the US stock market in 2008 is poor. Corporate profits will     
probably come under pressure from the slowdown in US consumption. Valuation     
multiples are unlikely to increase due to the uncertainties over the valuation  
of the complex financial products created in recent years. In this environment, 
the fund manager is continuing to focus on the quality of the companies he      
selects and to favour companies that he considers have limited sensitivity to   
economic cycles.                                                                

25

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities Europe

BL-Equities Europe invests in companies that are building and developing unique 
differentiation factors. This competitive advantage is generally a guarantee of 
good operational profitability and a healthy financial situation. The           
investments are made when the company's stock market valuation offers an        
attractive discount against our estimate of the company's intrinsic value. Our  
process reflects a long-term investment horizon but, ideally, the fund manager  
invests at a time when the company's return on capital employed is high and/or  
increasing.                                                                     

The portfolio's structure did not change fundamentally in 2007. It was far      
removed from that of its benchmark with high exposure in consumer, chemical and 
industrial companies and under-exposure in pharmaceuticals, telecommunications, 
technology and financials. The portfolio remained relatively concentrated, with 
the top 20 positions (out of 50-55) representing 60% of the portfolio all year. 

Of the companies that were the top 20 positions in the portfolio at the start of
the year, the fund manager sold Royal Bank of Scotland and HSBC, as these two   
banks, highly exposed to the UK and US markets, are likely to suffer from the   
economic slowdown expected in these two regions and will have to deal with the  
repercussions of the financial crisis triggered by the US sub-prime crisis. At  
the same time, he considerably reduced the position in Persimmon, the leading   
residential housebuilder in the UK, during the year because of the slowdown on  
the British property market after many years of feasting. His investment in     
Sanofi-Aventis was sold following the setback for Acomplia which was not        
approved by the Food and Drug Administration (FDA) in the United States. His    
investment case, partially resting on the success of this drug against obesity, 
was nullified. He also cashed in his investment in Henkel, as the stock market  
valuation of the German household product group reached his sell target.        

Among the portfolio's major investments, the fund manager also sold the shares  
he held in ABN Amro and Endesa in the context of the takeover bids on these     
companies, respectively by a consortium led by the Royal Bank of Scotland and by
Acciona-Enel, at a good price.                                                  

Three new investments taken on during the year figured among the top 20 in the  
portfolio. He invested in Continental, which has a big franchise in the         
automobile sector, specifically tyres and vehicle electronic systems.           
Continental presents two considerations that underpin our investment case: on   
the one hand, activity is driven by the growing penetration of electronic       
equipment in vehicles. On this market, in which the German group has frequently 
played a pioneering role, Continental is well able to extend its franchise by   
becoming established as world leader, particularly in chassis control systems   
and passive security in the early stages of their development. On the other     
hand, given its recurrent cash flow generation and balance sheet cash surpluses,
Continental will be able pursue its strategy of acquisitions of electronic      
systems units from integrated businesses. Continental's unique integration      
capacity and management standards should enable it to increase the profitability
of activities thus acquired.                                                    

The fund manager has taken a holding in Swedish Match, a player heavily weighted
on the non- cigarette tobacco market. The company has a portfolio of leading    
brands on very niche markets for snuff, chewing tobacco, pipe tobacco and       
cigars. As is the case for cigarettes, brand loyalty and recurrent demand       
generate high return on equity. The possibility of an expansion of the market   
addressable by Swedish Match cannot be excluded. This could happen if the ban on
the sale of snuff in Europe were lifted.                                        

26

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

The fund manager invested in Hypo Real Estate, the second-largest European      
operator on the commercial property financing market. Its activity is based     
principally in Europe and the United States, but Asia is in a process of        
expansion within its portfolio of activities, ensuring complementary            
diversification of the asset base. Hypo focuses its activity on major financing 
projects with professional investors (commercial and public sector). Our        
investment thesis is based on the capacity of the management to continue to     
improve its return on equity, while maintaining the pace of generating new      
contracts by the development of its off balance sheet activity (securitisation  
and syndication), as well as by market share gains in the growing activity of   
infrastructure financing (e.g. for petroleum infrastructures) and public-private
partnerships (e.g. roads and airports) with the new “Asset Finance” division.   

Among smaller positions (those held up to 2%), we sold four investments. BHP    
Billiton, SES and Rieter Holding were sold as their valuation had reached our   
sales objective, while British newspaper publisher, Johnston Press, was sold due
to the increasing competition from on-line advertising which is gaining market  
share.                                                                          

We also sold the shares that we held in Euronext and Kaufman & Broad. These two 
groups were the subject of takeovers, by the Nyse Group and PAI Partners.       

At the same time, we initiated a certain number of positions with a portfolio   
weighting of less than 2%. Southern Cross Healthcare is the biggest operator of 
retirement homes in Great Britain, controlling 7% of the offer on a very        
fragmented market with structurally high growth potential. Southern Cross       
Healthcare could benefit from good projections for its activity and costs as    
well as potential to increase its operating margins.                            

Intertek, along with the Swiss company SGS and the French company Bureau        
Veritas, dominates the market for analysis, control and certification of        
products, raw materials and systems. Together they hold aggregate market share  
of 25%. Although correlated to the global economic situation, the markets on    
which Intertek operates are driven by key structural factors that will boost the
company's growth. Intertek has a worldwide network of offices and laboratories  
and expertise that enables it to forge close links with its clients, thus       
constituting sizeable entry barriers.                                           

Bodycote is the European leader in technologies and services for heat treatments
and metallurgical isostatic pressing. These are expanding in services for       
product analysis, verification and certification, especially for materials,     
engineering and health. As world leader in heat treatments (enabling the quality
or performance of metals to be strengthened), Bodycote is a critical link in the
supply chain for a number of industries such as aeronautics, engineering,       
construction and electronics.                                                   

Pfeiffer Vacuum, a modest-sized German company, is world leader in vacuum       
technologies. The company designs, produces and markets different types of pumps
to create a vacuum in a given environment. Its product range includes complex   
systems as well as individual components. Apart from 100 years of expertise,    
which underpins the reputation of its products for quality, Pfeiffer Vacuum     
offers a competitive advantage through the quality of its service division      
(geographic coverage, client accessibility, and quick response), which enables  
the company to respond instantly to a client in the event of any of its         
equipment failing. This is absolutely vital to avoid halting a production chain 
and is highly valued by clients.                                                

The French company Neopost is European leader in postroom and logistics systems 
equipment. It covers a full range of personalised solutions for post handling   
and management. The group is developing in a market with a low risk of new      
entrants. Neopost's profile is steadily rising, due particularly to the size of 
its installed base, towards a services business with nearly 60% of its revenues 
being recurrent (after-sales services, consumables) and that have higher margins
than equipment. Over the next few years, Neopost should benefit from the        
regulatory transition to digital in 2008 in the United States and the           
deregulation of the postal services market in Europe.                           

27

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

Saipem is one of the major suppliers of turnkey projects for the energy sector  
(oil and gas). Its range of services covers drilling activities, onshore        
(refineries, pipelines, storage terminals and transport) and offshore           
(production platforms, subsea-surface connections). This Italian group has very 
solid capacities for the engineering and execution of its projects. It has a    
particular niche in isolated projects, in deepwater and ultra deepwater         
environments and in gas. Demand for oil and gas infrastructures is in a long    
cycle due to the rationalisation of investments during the 1990s. This          
rationalisation came about after significant production overcapacities and the  
emergence of new vectors of demand, in this case coming from countries seeing   
burgeoning economic growth and as yet consuming small amounts of oil derivatives
per capita (China, India). To meet its sizeable order book, Saipem has embarked 
on an investment programme to massively expand its new capacity, which will     
double its invested capital by 2010 compared to 2000-2005. The group's          
operational result should increase sharply and generate a higher return on      
capital employed than in the early 2000s.                                       

Petroleum Geo-Services has a strong franchise providing geophysical services for
the oil industry. The Group offers seismic analysis (offshore and onshore) for  
oil companies to enable them to identify new reserves of oil/gas and understand 
more about the structure of their production reservoirs. PGS is one of the      
world's three biggest players on this market, at the cutting edge of technology.
It has a dominant position in offshore because of its excellent quality and the 
competitive advantage generated by the wealth of its database. The industry has 
seen a spate of new entrants in recent years due to the increase in volumes of  
activity and prices. This new competitiveness does not threaten the             
profitability of companies with command over the technical challenges of their  
activity - the increase of the industry offer (by new entrants and existing     
players) is more than absorbed by the greater demand, as this market segment is 
seeing sustained demand, relatively little correlated to the price of oil, in   
both the upstream and downstream oil and gas production chain.                  

The portfolio's performance over the whole year came in slightly below the Dow  
Jones 600 due to our exposure to certain banking and construction stocks.       
Nevertheless, overall, the majority of our investments posted favourable growth.

Outlook

The outlook for the European markets is poor. Companies' return on equity is at 
an all-time high, probably indicating the top of the cycle. Company profits will
come under pressure due to the downturn in the economic situation in the United 
States and in many European countries. At best, emerging markets will only be   
able to marginally shore up European export activity. Valuation multiples are   
not expected to increase strongly given the risk premium required in the current
climate of financial uncertainty. In this environment, we are continuing to     
focus on the quality of selected companies and we favour organisations that we  
believe have limited sensitivity to economic cycles.                            

28

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities Dividend

This fund was launched in November. The particularly uncertain macroeconomic and
financial environment prompted the fund manager to keep the cash portion high   
(36.5% at end of December). This cash will be gradually invested by taking      
advantage of any share price weaknesses on the companies selected.              

At the end of December, the fund was split between the three categories of      
companies as follows:                                                           

pay-out ratio > 70%: 31.5%              
pay-out ratio between 40% and 70%: 16.5%
pay-out ratio > 40%: 15.5%              

The fund's average net dividend yield is approx. 3.8%.

Outlook

The fund manager will remain open to changes in the portfolio's composition     
depending on opportunities offered by economic developments and the relative    
valuations of the various asset classes.                                        

29

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities FoF Asia

2007 was another very good vintage for the Asian stock markets, despite         
liquidity problems generated by the US sub-prime crisis. Investors continued to 
acclaim the good health of companies which is reflected in their low debt levels
and excellent profitability. So, after four years of rises, even though they can
no longer be characterised as “cheap”, Asian stocks seem reasonable to us with  
an average price/earnings ratio of around 15.5 for 2007. Chinese stocks quoted  
in Hong Kong continued to attract investors who were counting on the opening of 
international markets to the Chinese, via the QDII (Qualified Domestic          
Institutional Investors) programme. Meanwhile, the Indian market benefited from 
its relatively low exposure to the world economy given that only 15% of Indian  
GDP is destined for export.                                                     

In terms of performance, once again it was the stock markets of the major       
countries that did best with respective rises of 67%, 58% and 50% for the       
Indian, Chinese and Indonesian stock markets.                                   

Asian currencies continued to appreciate against the dollar except for the      
Indonesian rupee that was devalued against it by nearly 4%.                     

Over the year, the fund manager favoured ASEAN markets for the portfolio, with  
overweighting in Thailand and Malaysia in particular. He also replaced Fidelity 
ASEAN by CAAM ASEAN New Market, in order to profit from its exposure to Vietnam.
And he initiated positions in Invesco Asia Infrastructure and GAM Star Asia.    

Outlook

After 5 years of rises, the Asian stock markets could mark time in 2008, in the 
wake of a slowdown or even recession in the United States. Even though these    
countries are more sound than they used to be and are starting to free          
themselves from dependence on exports for their economic growth, it still seems 
fairly unlikely that as far as stock market activity is concerned, they would   
manage to decouple from western stock markets as they are still very dependent  
on attracting inward investment from investors in rich countries.               

30

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Equities FoF Japan

Uncertainties surrounding the United States real estate crisis and domestic     
economic indicators continued to weigh on the Japanese stock market, while the  
political turbulence following the early departure of Prime Minister Abe did    
nothing to boost investors' confidence.                                         

Inflation is still below target and, in this difficult environment, the Bank of 
Japan (BoJ) maintained interest rates at 0.5%, unchanged since February 2007.   
Despite a weak currency and near-zero interest rates, Japan's domestic          
consumption failed to rally. Wages are stagnating and company profits have not  
yet translated into household spending. The labour market even dipped slightly  
in 2007.                                                                        

Apart from a few sectors such as commodities and maritime transport, it was hard
to find a refuge in Japanese stocks. Exporting companies were hit by fears      
related to US consumption and the strength of the yen during the correction     
phases. Meanwhile, companies with substantial exposure to the domestic market   
continued to suffer from stagnation of national demand.                         

Over the year, the Topix index fell 11.3% (in yen). Generally, the major        
exporters posted better performance than smaller players focusing on internal   
demand: the Topix 100 index was down -10.7% compared with -15.3% for the Topix  
Small. In terms of currencies, the yen remained weak against the euro and lost  
nearly 3.8% in 2007.                                                            

In the second quarter, a new fund, Metzler Japanese Equity, was selected for the
“core portfolio” segment. The manager reduced the more opportunist segment of   
the portfolio, through the sale of the Invesco Japanese Equity and JF Japan     
funds, in order to increase the more defensive segment. Exposure to small and   
medium caps was gradually increased following the major corrections of 2006 and 
continued weakness in 2007. This predominantly national positioning detracted   
from performance. The cash portion was maintained above 5% and was reduced      
towards the end of the year.                                                    

Outlook

After strong corrections on the Japanese market, in absolute and relative terms,
valuations were reasonable and equity returns again exceeded bond yields, a     
strong buy sign for Japanese equities in the past. On the other hand, if        
domestic consumption remains low, a deterioration in the global economic        
situation could have damaging consequences for Japan.                           

31

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Bond Euro

The bond markets had a very volatile year in 2007. The German 10-year benchmark 
yield went from 3.95% at the start of the year to 4.67% in July, before closing 
the year at 4.31%. The fallout from the subprime sector gradually spread across 
the entire financial sphere: interbank rates, money markets, corporate and      
high-yield bonds, and structured products all suffered the adverse impact of a  
sharp increase in aversion to risk. The ECB was prompted to make a number of    
cash injections into the system and called time on its cycle of raising interest
rates.                                                                          

In mid-June, the manager decided to significantly increase the fund's           
sensitivity to interest rate fluctuations to 6.92, which was 20% above its      
benchmark index. After the fall in yields, which prompted the fund's            
outperformance, he then gradually reduced it to 6, the same level as the        
benchmark index.                                                                

Outlook

Pressure on European economic growth should continue to be reflected in the     
statistics. The ECB is still torn between inflationary risks and the need to    
adopt a more accommodating monetary policy. The appreciation of the euro will   
help limit inflationary pressures but it will also hamper European              
competitiveness.                                                                

32

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Bond Dollar

The 10-year US bond yield was down from 4.70% at the start of the year to 4.03% 
at 31 December. In a context of defiance versus the fallout in the subprime     
sector, US treasury notes benefited from a flight to quality. During the year,  
the fund manager saw a series of cash injections to offset the rampant crisis on
the interbank rate market in particular. The Federal Reserve cut its key        
interest rates by 100 basis points to 4.25%.                                    

The sensitivity of the BL-Bond Dollar to interest rate fluctuations was         
increased to 6.80 in the second quarter (in line with that of its benchmark     
index).                                                                         

Outlook

The markets gradually shifted their attention from the subprime crisis to a     
probable US recession. But as the bad news for the economy has already been     
factored into current prices, the fund manager is no longer expecting US        
Treasury bonds to post a particularly noteworthy performance.                   

33

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Short Term Euro

2007 was a year of contrasts on the credit 
markets: 
• The first half of the year was characterised by tightening credit spreads and
a 
  buoyant primary 
  market (new issues). 
• The second half saw an abrupt about-turn as the subprime crisis broke out in
the 
  US. As depreciated 
    assets              in the    of    crisis,    aversion   and     was  
sharp 
  widening of credit spreads in all the asset classes held by 
  the fund. 

In 2007, the European Central Bank pursued its monetary tightening raising      
interest rates by 50 basis points to 4%. Rising inflation, growth in the M3     
money supply, and risks linked to rising oil prices prompted the ECB to pursue  
its monetary tightening at the start of the year.                               

Outlook

We expect some volatility to persist in January (most of the US banks will be   
publishing their results). The fund should see gains from coupons (indexed on   
the EURIBOR+spread), currently offering 5%. We expect that the fall-out from    
widening credit spreads will gradually be reversed, which should drive the      
fund's positive performance. We have also reviewed the portfolio's composition  
and are selling off the investments we consider volatile and exposed to         
degradation in order to reduce NAV volatility.                                  

34

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Short Term Dollar

Risk aversion mounted over the year sparked by the subprime crisis: some of the 
consequences include significant losses announced by the main financial         
institutions and the broad economic slowdown.                                   

After raising interest rates four times in a row, the Fed cut its Fed funds rate
by 1% over the year.                                                            

Outlook

We expect that the fall-out from widening credit spreads will gradually be      
reversed, which should drive the fund's positive performance. The fund is also  
expected to benefit from the steepening of the money-market curve and the       
resulting increase in coupons (indexed on the LIBOR rate+spread). We have also  
reviewed the portfolio's composition and are selling off the investments we     
consider volatile and exposed to degradation in order to reduce NAV volatility. 

35

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Global Flexible

After posting favourable performance in the first half of the year, the main    
stock market indexes dropped back during the second half. Among the main asset  
classes, only emerging countries ended the year with performance above 10%. The 
weakest stock market was - as in 2006 - the Japanese market, which fell by over 
10%.                                                                            

For the second year in succession, bond market performance was disappointing.   
The JP Morgan EMU Bonds index was up 1.8% over the whole year. On the currency  
markets, the euro appreciated against most of the major international           
currencies. The US dollar, pound sterling and Japanese yen declined by 9%, 8%   
and 4% respectively against the euro.                                           

During the year, the weighting of equities oscillated between 60% and 65% in the
first half of the year. In the second half, exposure to equities was            
progressively hedged through the sale of Futures to keep pace with revelations  
of the extent of the sub-prime crisis in the United States and as its           
repercussions on the financial system became increasingly apparent. At the end  
of December, net exposure to equities stood at 35%. The weightings of the US and
European stock markets were reduced during the year in favour of Asian markets. 

Hedging of assets in dollars was reduced from 80% to 60% at the start of the    
year. Currencies other than the dollar (such as the pound sterling, the Japanese
yen and other Asian currencies) are not hedged.                                 

In the bond portion, the rise in long-term interest rates in the first months of
the year was used to slightly increase the weighting of bonds. The fixed-income 
portfolio is composed of 60% government bonds and 40% high-grade corporate bonds
(KPN and Bayer).                                                                

Having been reduced during the first half, the hedging of dollar-denominated    
assets was again increased to around 66% at the beginning of September, since   
the US authorities determination to stimulate their economy is not helping the  
appreciation of their currency. Currencies other than the dollar are not hedged.

Outlook

The manager will continue to adapt the composition of the portfolio based on an 
analysis of the economic environment and the relative valuation of the different
asset classes.                                                                  

36

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Optinvest (Euro)

The bond markets have had a very volatile year. The benchmark German 10-year    
bond went up from 3.95% at the start of the year to 4.67% in July before closing
the year at 4.31%. The fallout from the sub-prime sector progressively spread   
across the financial sphere: interbank rates, money markets and corporate bonds 
as well as high-yield bonds and structured products all suffered the full       
backlash of aversion to risk. The ECB was forced to make several cash injections
into the system and called a halt to its policy of raising its key interest     
rates.                                                                          

When the BL-Optinvest (Euro) fund was launched in August 2007, the manager      
decided to implement high sensitivity to interest rate movements. The adjusted  
duration was thus raised to 6.6, 10% above that of its benchmark index.         
Subsequently, the manager took profits on the longest maturities. The exposure  
of BL-Optinvest (Euro) remains exclusively in sovereign bonds from eurozone     
issuers. At 6.0, its sensitivity is now in line with that of its benchmark      
index.                                                                          

Since its launch on 2 August 2007, BL-Optinvest (Euro) has recorded performance 
of +1.77%.                                                                      

37

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Emerging Markets

This fund was launched in November. The particularly uncertain macroeconomic and
financial environment prompted the fund manager to restrict his allocation to   
46% equities, against the neutral allocation of 75%. The 22% investment in bonds
was however close to the benchmark allocation of 25%.                           

In equities, the funds/direct line allocation is currently 29%/71%. The         
geographical allocation is 34.5% for Asia, 6.5% for Latin America and 5% for    
Eastern Europe. The equity part will be gradually increased by taking advantage 
of any weaknesses on the emerging markets.                                      

On the bond side, most investments (17.5%) were on euro-denominated government  
bonds, while awaiting the best opportunities on local currency bonds.           

Outlook

The fund manager will remain open to changes in the portfolio's composition     
depending on opportunities offered by economic developments and the relative    
valuations of the various asset classes.                                        

38

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

BL-Kingfisher FoF

MARKET REVIEW:

The bursting of the United States real estate bubble, a major cash crisis on the
financial markets, the soaring price of oil… The global economy was sorely      
tested in 2007. Despite the fact that these shocks took place in a favourable   
environment (European household consumption was sustained by the net fall in    
unemployment, low corporate debt and very high profit margins), the economic    
prospects have deteriorated considerably since the summer. The highly indebted  
American consumer suffered the full force of the erosion of their purchasing    
power as the price of petrol and food products shot up. At the same time, the   
banks sharply reduced the volumes of credit they granted, so much so that the   
risk of a more pronounced slowdown in the world's leading economy increased     
dramatically. In Europe, the economic slowdown has so far been less marked, even
though the European Central Bank's monetary tightening that began at the end of 
2005 and the appreciation of the euro against the dollar have started to weigh  
on growth in the old continent. Meanwhile, the emerging markets have continued  
to post high growth rates.                                                      

The benchmark German 10-year bond went up from 3.95% at the start of the year to
4.67% in July before closing the year at 4.31%. The fallout from the sub-prime  
sector progressively spread across the financial sphere: interbank rates, money 
markets and corporate bonds as well as high-yield bonds and structured products 
all suffered the full backlash of aversion to risk. The ECB was forced to make  
several cash injections into the system and called a halt to its policy of      
raising its key interest rates. Meanwhile, the Federal Reserve proceeded to cut 
interest rates by 100 basis points to 4.25%.                                    

REVIEW OF THE PORTFOLIOS:

All sub-funds:                                                                  
Equities versus bonds/cash allocation:                                          
The manager maintained a prudent bias throughout the year. While the portfolio  
was slightly underweight in equities in the first three quarters of 2007, the   
portfolios became much more defensive during the 4th quarter, so that at the end
of the year the weightings in the various portfolios were as follows:           
BL-Kingfisher FoF Equities: Equities: 89%, Cash 11% BL-Kingfisher FoF 75:       
Equities 68%, Bonds 23%, Cash 9% (neutral allocation 75% equities) BL-Kingfisher
FoF 50: Equities 49.5%, Bonds 43%, Cash 7.5% (neutral allocation 55% equities)  
BL-Kingfisher FoF 30: Equities 27%, Bonds 67%, Cash 6% (neutral allocation 30%  
equities)                                                                       

Equities segment:

While the strong weighting on the Asia zone was particularly beneficial, the    
decision to be defensive in terms of fund selection in the first part of the    
year deprived the portfolio of some of the excellent performance of these       
markets. The position on Japan, whose benchmark index, Topix, recorded          
performance (in euros) of -14% had a negative impact. As for the two biggest    
asset classes represented in the portfolio, Europe and the USA, their           
performance was lacklustre. The "value" funds in the portfolio, even though     
their under-weighting was increased throughout the year, were affected by the   
sub-prime crisis - this type of fund has a structurally strong bias on the      
financial sector that was hit hard from the summer onwards. Moreover, 2007 was a
year of transition in which, after several years of strong outperformance, small
caps and the "value" management style fell out of investor favour, while large  
caps and the "growth" style started to return to front of stage. Moreover, 2007 
was a transitional year in which, after a number of years of strong             
outperformance, small market caps and                                           

39

              BL             
SICAV with multiple Sub-Funds

REPORT OF THE BOARD OF DIRECTORS (continued)

"value" management fell out of investor favour. The manager took this shift into
account within the portfolio. Accordingly, the GAM Star European Systematic     
Value, JPM European Strategic Value, and JPM Europe Small Caps funds, which were
among the biggest positions at the start of the year in the Equities Europe     
segment, were sold during the year. The same was true for UBAM Neuberger Berman 
US Equity Value in the US segment.                                              

Only for mixed funds:                                                           
Bond segment:                                                                   
When the German 10-year Bund yield reached 4.66 in June, the manager adjusted   
the duration to 7.2 (which was 20% above the benchmark), a movement that turned 
out to be positive. At the end of October, the German 10-year bond yield stood  
at 4.24%. Following this relaxation, bond yields were, according to the         
estimates of BLFRAM bond analysts, at their “fair value”. In the current        
economic context, government bonds therefore offer real diversification and     
stabilisation for mixed portfolios and constitute a hedge against bad economic  
news that could have a negative effect on the equity markets.                   

Outlook

Asset allocation                                                                
The announcement of major provisions by the majority of leading banking         
establishments, the continuing decline in real estate prices in the United      
States and uncertainties over the impact of the sub-prime crisis on economic    
activity led to a correction on the stock markets. In the recent correction, the
asset classes that had escaped the stock market weakness in August, such as     
technology stocks and emerging market equities, were not spared. The stock      
market environment is likely to remain difficult in the coming months. However, 
the abundance of cash and attractive company valuations could mitigate these    
uncertain prospects. With poorer short-term prospects, the portfolio will be    
positioned defensively for the start of the year 2008.                          

Target funds                                                                    
In 2007, it was very difficult for opportunist managers to outperform their     
index and quantitative managements had a hard time in a very volatile           
environment. The manager has always favoured conviction managers faithful to    
their own investment philosophy and who have established a methodology and a    
precise and appropriate management process. The manager will adopt the same     
approach for 2008. The core of the portfolio will continue to be composed of    
sound funds with exemplary performance history. The manager will give greater   
weight to thematic investments in order to be more directly exposed to secular  
trends which he believes offer good long-term prospects. And she will not       
hesitate to respond to opportunities that open up on the stock market.          

The Board of Directors draws the attention of the shareholders to the fact that 
the statements and opinions contained in the independent auditor's report       
regarding the responsibility of the Board of Directors, solely bind the         
independent auditor.                                                            

The responsibility of the Board of Directors is determined by law. The Board of 
Directors is responsible for the true preparation and presentation of the annual
accounts in accordance with European Directives as implemented into Luxembourg  
law.                                                                            

The Board of Directors considers that it has fully complied with these          
obligations.                                                                    

Luxembourg, the 7th April 2008 The Board of Directors

Note: The information in this report represents historical data and is not an   
indication of future results.                                                   

40

              BL             
SICAV with multiple Sub-Funds

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of
BL                    

Following our appointment by the General Meeting of the Shareholders dated 24th 
May 2007, we have audited the accompanying financial statements of BL and of    
each of its sub-funds, which comprise the statement of net assets and the       
statement of investments and other net assets as at 31st December 2007 and the  
statement of operations and other changes in net assets for the year then ended,
and a summary of significant accounting policies and other explanatory notes to 
the financial statements.                                                       

Responsibility of the Board of Directors of the SICAV for the financial         
statements                                                                      

The Board of Directors of the SICAV is responsible for the preparation and fair 
presentation of these financial statements in accordance with Luxembourg legal  
and regulatory requirements relating to the preparation of the financial        
statements. This responsibility includes: designing, implementing and           
maintaining internal control relevant to the preparation and fair presentation  
of financial statements that are free from material misstatement, whether due to
fraud or error; selecting and applying appropriate accounting policies; and     
making accounting estimates that are reasonable in the circumstances.           

Responsibility of the Réviseur d'Entreprises

Our responsibility is to express an opinion on these financial statements based 
on our audit. We conducted our audit in accordance with International Standards 
on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those       
standards require that we comply with ethical requirements and plan and perform 
the audit to obtain reasonable assurance whether the financial statements are   
free from material misstatement.                                                

An audit involves performing procedures to obtain audit evidence about the      
amounts and disclosures in the financial statements. The procedures selected    
depend on the judgment of the Réviseur d'Entreprises, including the assessment  
of the risks of material misstatement of the financial statements, whether due  
to fraud or error. In making those risk assessments, the Réviseur d'Entreprises 
considers internal control relevant to the entity's preparation and fair        
presentation of the financial statements in order to design audit procedures    
that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control.               

41

              BL             
SICAV with multiple Sub-Funds

INDEPENDENT AUDITOR'S REPORT (continued)

An audit also includes evaluating the appropriateness of accounting policies    
used and the reasonableness of accounting estimates made by the Board of        
Directors of the SICAV, as well as evaluating the overall presentation of the   
financial statements. We believe that the audit evidence we have obtained is    
sufficient and appropriate to provide a basis for our audit opinion.            

Opinion

In our opinion, the financial statements give a true and fair view of the       
financial position of BL and of each of its sub-funds as of 31st December 2007, 
and of the results of their operations and changes in their net assets for the  
year then ended in accordance with Luxembourg legal and regulatory requirements 
relating to the preparation of the financial statements.                        

Without calling into question our opinion, we draw your attention to the        
contents of the note 1 a) of the financial statements relating to the evaluation
of certain assets. This note expounds that without liquid market these assets   
are valued with their fair value estimated on the basis of mathematical models  
or others alternatives methods of evaluation. These assets represent 39.21% of  
the nets assets of the sub-fund BL-Short Term Dollar and 38.35% of the nets     
assets of the sub-fund BL-Short Term Euro of BL SICAV as at 31st December 2007. 

Other matter

Supplementary information included in the annual report has been reviewed in the
context of our mandate but has not been subject to specific audit procedures    
carried out in accordance with the standards described above. Consequently, we  
express no opinion on such information. However, we have no observation to make 
concerning such information in the context of the financial statements taken as 
a whole.                                                                        

Luxembourg, the 7th April 2008 KPMG Audit S.à r.l.    
                               Réviseurs d'Entreprises

John Li Patrice Perichon

42

              BL             
SICAV with multiple Sub-Funds

CONSOLIDATED STATEMENT OF NET ASSETS
      as at 31st December 2007      
              (in EUR)              

ASSETS                                                        
Securities portfolio at market value          4,355,935,412.22
Deposits on futures contracts                     9,336,385.12
Cash at banks                                   431,646,599.48
Formation expenses, net                              48,352.76
Margins receivable                                1,784,616.37
Receivable on issues of shares                      878,190.21
Income receivable on portfolio                   32,724,971.48
Interest receivable on financial instruments         13,280.00
Interest receivable on bank accounts              1,409,375.11
Unrealised gain on swap contracts                   138,714.50
Unrealised gain on foreign exchange contracts    11,473,964.49
Prepaid expenses                                      4,794.63

Total assets 4,845,394,656.37

LIABILITIES                                                 
Bank liabilities                                  448,651.12
Commitment on repurchase and "repo" contracts 168,745,874.39
Payable on redemptions of shares                  156,983.91
Interest payable on financial instruments         614,358.12
Unrealised loss on futures contracts            1,614,796.73
Unrealised loss on foreign exchange contracts      41,292.60
Accrued capital gain taxes                        669,603.85
Expenses payable                               11,713,836.87

Total liabilities 184,005,397.59

NET ASSETS at the end of the year 4,661,389,258.78

The accompanying notes are an integral part of these financial statements.

43

              BL             
SICAV with multiple Sub-Funds

CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN
NET ASSETS from 1st January 2007 to 31st December 2007   
(in EUR)                                                 

INCOME                                                         
Dividends, net                                    31,294,901.70
Interest on bonds and other debt securities, net  91,535,311.57
Interest on bank accounts                                      
                                                  13,922,460.79
Interest on financial instruments                    241,286.24
Received commissions                               6,542,298.38
Other income                                         538,946.48
Total income                                     144,075,205.16

EXPENSES                                             
Management fees                         40,005,035.44
Custodian fees                           4,968,352.53
Banking charges and other fees           1,206,933.05
Transaction fees                            32,670.63
Central administration costs             1,499,948.54
Audit and supervisory fees                 112,187.69
Other administration costs                 693,043.39
Subscription duty ("taxe d'abonnement")  1,554,960.05
Other taxes                                  8,591.22
Interest paid on bank liabilities          137,137.48
Interest paid on financial instruments   5,695,426.97
Other expenses                             385,192.57
Total expenses                          56,299,479.56

NET INVESTMENT INCOME 87,775,725.60

NET REALISED GAIN/(LOSS)                      
- on portfolio                  195,071,725.21
- on options                         34,600.00
- on financial instruments         -738,385.50
- on foreign exchange contracts  20,091,995.92
- on foreign exchange            -2,989,934.33
REALISED RESULT                 299,245,726.90

NET VARIATION OF THE UNREALISED GAIN/(LOSS)                
- on portfolio                              -194,403,951.04
- on financial instruments                    -1,558,319.73
- on foreign exchange contracts                8,855,093.70
RESULT OF OPERATIONS                         112,138,549.83

Dividends paid -3,277,372.30

Reinvestments 1,326.47

Subscriptions 1,465,898,240.15

Redemptions -1,883,617,009.50

TOTAL CHANGES IN NET ASSETS -308,856,265.35

TOTAL NET ASSETS at the beginning of the year 5,049,449,360.41

Revaluation difference -79,203,836.28

TOTAL NET ASSETS at the end of the year 4,661,389,258.78

The accompanying notes are an integral part of these financial statements.

44

              BL             
SICAV with multiple Sub-Funds
        BL-Global Bond       

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          100,286,959.67
Cash at banks                                  21,271,219.92
Receivable on issues of shares                      8,849.59
Income receivable on portfolio                  2,806,744.04
Interest receivable on bank accounts               59,120.78
Unrealised gain on foreign exchange contracts     202,095.17
Prepaid expenses                                      200.00

Total assets 124,635,189.17

LIABILITIES                                                
Commitment on repurchase and "repo" contracts 20,225,500.00
Interest payable on financial instruments         50,674.21
Expenses payable                                 175,342.45

Total liabilities 20,451,516.66

NET ASSETS at the end of the year 104,183,672.51

Class A shares outstanding        13,008.676
Net asset value per class A share     308.25

Class B shares outstanding        196,522.669
Net asset value per class B share      509.73

The accompanying notes are an integral part of these financial statements.

45

              BL             
SICAV with multiple Sub-Funds
        BL-Global Bond       

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                       
Interest on bonds and other debt securities, net 4,842,854.50
Interest on bank accounts                                    
                                                   970,440.73
Received commissions                                41,313.89
Other income                                        18,040.28
Total income                                     5,872,649.40

EXPENSES                                            
Management fees                           580,849.05
Custodian fees                            116,548.41
Banking charges and other fees             30,607.62
Central administration costs               69,163.93
Audit and supervisory fees                  2,496.10
Other administration costs                 25,392.50
Subscription duty ("taxe d'abonnement")    54,202.36
Other taxes                                    87.76
Interest paid on bank liabilities              34.48
Interest paid on financial instruments    660,570.18
Other expenses                             10,000.86
Total expenses                          1,549,953.25

NET INVESTMENT INCOME 4,322,696.15

NET REALISED GAIN/(LOSS)                   
- on portfolio                   637,973.86
- on foreign exchange contracts  -72,202.52
- on foreign exchange           -120,587.47

REALISED RESULT 4,767,880.02

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -4,056,586.70
- on foreign exchange contracts                261,891.12

RESULT OF OPERATIONS 973,184.44

Dividends paid -208,633.83

Reinvestments 149.33

Subscriptions 29,837,284.63

Redemptions -69,213,367.81

TOTAL CHANGES IN NET ASSETS -38,611,383.24

TOTAL NET ASSETS at the beginning of the year 142,795,055.75

TOTAL NET ASSETS at the end of the year 104,183,672.51

The accompanying notes are an integral part of these financial statements.

46

              BL             
SICAV with multiple Sub-Funds
        BL-Global Bond       

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 104,183,672.51
- as at 31.12.2006 142,795,055.75
- as at 31.12.2005 157,308,576.20

Number of class A shares                              
- outstanding at the beginning of the year  76,397.289
- issued                                              
                                               273.853
- reinvested                                     0.499
- redeemed                                 -63,662.965
- outstanding at the end of the year        13,008.676

Net asset value per class A share           
- highest                             321.46
                                  15.03.2007
- lowest                              298.67
                                  14.06.2007

- as at 31.12.2007 308.25
- as at 31.12.2006 319.41
- as at 31.12.2005 331.21

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       14.11
Shares outstanding at dividend date 14,786.239

Number of class B shares                              
- outstanding at the beginning of the year 234,724.433
- issued                                              
                                            59,159.316
- redeemed                                 -97,361.080
- outstanding at the end of the year       196,522.669

Net asset value per class B share           
- highest                             514.30
                                  20.11.2007
- lowest                              493.89
                                  14.06.2007

- as at 31.12.2007 509.73
- as at 31.12.2006 504.39
- as at 31.12.2005 501.40

The accompanying notes are an integral part of these financial statements.

47

              BL             
SICAV with multiple Sub-Funds
       BL-Global Bond        

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
USD          26,440Julius Baer Multibond SICAV Local  4,076,689.71 4,172,181.84
 4.00 
                   Emerging Bond B Cap 4,172,181.84 
Total undertakings for collective investment          4,076,689.71             
 4.00 
Bonds 
BRL       7,000,000KFW AG 11.75% 06/15.12.14          2,704,175.55 2,760,236.22
 2.65 
EUR         700,000Belgium 5.5% OLO Ser 40              764,496.93   757,330.00
 0.73 
                   02/28.09.17 
EUR       4,720,000Brazil 7.375% 05/03.02.15          5,317,484.28 5,124,268.00
 4.92 
EUR       8,500,000Deutschland 3.25% Ser 05           8,491,893.76 7,951,941.25
 7.63 
                   05/04.07.15 
EUR       7,500,000Deutschland 3.25% Ser 146          7,305,692.13 7,370,250.00
 7.07 
                   05/09.04.10 
EUR       3,000,000Deutschland 3.5% Ser 05            2,941,094.13 2,843,716.20
 2.73 
                   05/04.01.16 
EUR       8,000,000Deutschland 3.5% Ser 148           7,796,586.46 7,863,068.00
 7.55 
                   06/08.04.11 
EUR       3,900,000Deutschland 3.75% Ser 0302         3,822,052.28 3,822,176.28
 3.67 
                   03/04.07.13 
EUR       6,000,000Deutschland 4% Ser 05 05/04.01.37  6,244,913.34 5,429,445.60
 5.21 
EUR       4,700,000Deutschland 5% 02/04.01.12         4,850,300.12 4,844,220.91
 4.65 
EUR       1,500,000Deutschland 5.25% Ser 00           1,536,663.02 1,541,841.90
 1.48 
                   00/04.07.10 
EUR       3,400,000Deutschland 6.25% Ser 94           4,357,550.72 4,046,312.80
 3.88 
                   94/04.01.24 
EUR       4,000,000Deutschland 6.5% Ser 97            4,706,016.77 4,954,366.80
 4.76 
                   97/04.07.27 
EUR       3,500,000Espana 4.2% 03/30.07.13            3,500,563.32 3,499,335.00
 3.36 
EUR       5,000,000France 3.75% OAT 05/25.04.21       5,073,599.00 4,615,714.00
 4.43 
EUR       3,000,000France 4.25% OAT 03/25.04.19       3,148,301.38 2,943,934.80
 2.83 
EUR       4,250,000France 5.5% OAT 98/25.04.29        4,872,534.94 4,724,914.55
 4.54 
EUR       2,000,000France VAR OAT Inflation Index     1,748,392.01 1,863,883.00
 1.79 
                   07/25.07.40 
EUR       3,000,000Italia 4.75% BTP 02/01.02.13       3,134,112.75 3,068,867.70
 2.95 
EUR       6,500,000Netherlands 5% 01/15.07.11         6,533,519.20 6,681,735.45
 6.41 
                                                     86,145,766.5483,947,322.24
80.59 
TRY       5,000,000EIB 0% EMTN Ser 1614/60            1,151,428.18 1,168,566.21
 1.12 
                   05/02.03.15 
TRY       6,700,000EIB 14% EMTN Sen 06/05.07.16       3,992,792.47 3,941,541.88
 3.78 
                                                      5,144,220.65 5,110,108.09
 4.90 
Total                                                93,994,162.7491,817,666.55
88.14 
bonds 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
USD                          268,100                      4,349,780.70
4,297,111.28   4.12 
            AX 1                  AX 1 
Total undertakings for collective investment              4,349,780.70
4,297,111.28   4.12 
TOTAL INVESTMENTS IN SECURITIES                          102,420,633.-         
   100,286,959.-               96.26 
                                                         5            7 
CASH AT BANKS                                                        
21,271,219.92  20.42 
OTHER NET ASSETS/(LIABILITIES)                                       
-17,374,507.-              -16.68 
                                                                      8 
TOTAL                                                                
104,183,672.-              100.00 
                                                                      1 

The accompanying notes are an integral part of these financial statements.

48

              BL             
SICAV with multiple Sub-Funds
       BL-Global Bond        

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Countries and governments 80.59 %

Undertakings for collective investment 8.12 %

International institutions 4.90 %

Diversified financial services 2.65 %

TOTAL 96.26 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Germany 51.28 %

France 13.59 %

Luxembourg (Grand Duchy of) 13.02 %

The Netherlands 6.41 %

Brazil 4.92 %

Spain 3.36 %

Italy 2.95 %

Belgium 0.73 %

TOTAL 96.26 %

The accompanying notes are an integral part of these financial statements.

49

              BL             
SICAV with multiple Sub-Funds
         BL-Global 30        

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          105,103,596.12
Cash at banks                                   2,756,739.82
Receivable on issues of shares                      4,326.80
Income receivable on portfolio                  3,097,641.47
Interest receivable on bank accounts               13,158.87
Unrealised gain on foreign exchange contracts     379,990.36
Prepaid expenses                                      200.00

Total assets 111,355,653.44

LIABILITIES                
Expenses payable 330,660.81

Total liabilities 330,660.81

NET ASSETS at the end of the year 111,024,992.63

Class A shares outstanding        10,274.256
Net asset value per class A share     694.16

Class B shares outstanding        89,802.042
Net asset value per class B share   1,156.91

The accompanying notes are an integral part of these financial statements.

50

              BL             
SICAV with multiple Sub-Funds
         BL-Global 30        

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                       
Dividends, net                                     628,525.75
Interest on bonds and other debt securities, net 3,628,562.44
Interest on bank accounts                                    
                                                   287,511.45
Received commissions                                80,161.55
Other income                                         6,972.98
Total income                                     4,631,734.17

EXPENSES                                            
Management fees                         1,207,522.65
Custodian fees                            121,156.88
Banking charges and other fees             33,039.38
Central administration costs               78,446.96
Audit and supervisory fees                  2,526.09
Other administration costs                 26,094.23
Subscription duty ("taxe d'abonnement")    52,752.87
Other taxes                                     5.45
Interest paid on bank liabilities             634.59
Interest paid on financial instruments    145,282.07
Other expenses                             21,355.12
Total expenses                          1,688,816.29

NET INVESTMENT INCOME 2,942,917.88

NET REALISED GAIN/(LOSS)                    
- on portfolio                  4,573,120.94
- on financial instruments          1,311.63
- on foreign exchange contracts   454,551.04
- on foreign exchange             -90,982.87

REALISED RESULT 7,880,918.62

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -5,482,613.44
- on foreign exchange contracts                315,613.40

RESULT OF OPERATIONS 2,713,918.58

Dividends paid -440,799.29

Reinvestments -

Subscriptions 22,304,295.04

Redemptions -45,569,723.93

TOTAL CHANGES IN NET ASSETS -20,992,309.60

TOTAL NET ASSETS at the beginning of the year 132,017,302.23

TOTAL NET ASSETS at the end of the year 111,024,992.63

The accompanying notes are an integral part of these financial statements.

51

              BL             
SICAV with multiple Sub-Funds
         BL-Global 30        

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 111,024,992.63
- as at 31.12.2006 132,017,302.23
- as at 31.12.2005 128,183,418.90

Number of class A shares                             
- outstanding at the beginning of the year 17,343.191
- issued                                             
                                              884.242
- redeemed                                 -7,953.177
- outstanding at the end of the year       10,274.256

Net asset value per class A share           
- highest                             724.42
                                  05.06.2007
- lowest                              685.06
                                  21.08.2007

- as at 31.12.2007 694.16
- as at 31.12.2006 704.36
- as at 31.12.2005 701.58

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       24.85
Shares outstanding at dividend date 17,738.402

Number of class B shares                              
- outstanding at the beginning of the year 105,721.519
- issued                                              
                                            18,791.084
- redeemed                                 -34,710.561
- outstanding at the end of the year        89,802.042

Net asset value per class B share           
- highest                           1,177.94
                                  30.10.2007
- lowest                            1,131.24
                                  11.01.2007

- as at 31.12.2007 1,156.91
- as at 31.12.2006 1,133.18
- as at 31.12.2005 1,092.76

The accompanying notes are an integral part of these financial statements.

52

              BL             
SICAV with multiple Sub-Funds
        BL-Global 30         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares                                                                          
CHF     1,300 Geberit AG Reg                        131,660.56   121,839.64 0.11
CHF     1,344 Nestlé SA Reg                         265,699.61   421,228.23 0.38
CHF     4,586 Novartis AG Reg                       174,268.49   171,648.70 0.15
CHF     1,826 Roche Holding AG B de jouis Pref      131,794.43   215,270.48 0.19
CHF     4,300 Schindler Holding AG Partizsch        202,793.53   189,193.49 0.17
CHF       971 Swatch Group AG                        82,494.38   199,713.19 0.18
CHF     2,850 Syngenta AG Reg                       263,594.00   495,570.61 0.45
CHF     3,790 Synthes Inc                           314,779.37   321,173.27 0.29
                                                  1,567,084.37 2,135,637.61 1.92
DKK    10,000 TrygVesta A/S                         559,203.42   520,284.86 0.47
EUR     8,300 Aalberts Industries NV                124,972.83   110,805.00 0.10
EUR     1,896 Air Liquide SA                         93,200.70   192,500.88 0.17
EUR     9,920 Akzo Nobel NV                         387,722.17   537,465.60 0.48
EUR    17,300 Anglo Irish Bank Corp Plc             156,083.84   189,262.00 0.17
EUR     2,872 BASF AG                               114,527.75   291,249.52 0.26
EUR    17,100 Bank of Ireland Plc                   237,357.61   174,933.00 0.16
EUR     9,000 CRH Plc                               227,733.47   213,300.00 0.19
EUR     3,600 Continental AG                        342,938.35   320,364.00 0.29
EUR     8,100 DSM NV                                278,401.46   261,225.00 0.24
EUR     3,202 Deutsche Boerse AG Reg                 75,681.64   434,671.50 0.39
EUR    10,230 ENI SpA                               138,585.90   256,261.50 0.23
EUR       675 Fortis SA/NV Strip VVPR                    32.22         6.75 0.00
EUR     5,438 Heineken NV                           173,136.47   240,685.88 0.22
EUR     4,800 Hypo Real Estate Holding AG           240,517.80   173,280.00 0.16
EUR     2,600 National Bank of Greece SA Reg        113,921.10   121,940.00 0.11
EUR     1,000 Neopost SA                            100,590.16    70,470.00 0.06
EUR    20,000 Oesterreichische Post AG              569,076.72   479,800.00 0.43
EUR     4,780 Pernod-Ricard                         497,272.84   757,152.00 0.68
EUR     3,600 Schneider Electric SA                 287,154.59   331,812.00 0.30
EUR     8,500 TNT NV                                194,711.38   239,530.00 0.22
EUR     3,316 Total SA                              117,784.28   188,083.52 0.17
EUR    13,268 Vinci SA                              474,695.95   675,208.52 0.61
EUR    50,000 Wessanen NV                           617,247.83   541,500.00 0.49
                                                  5,563,347.06 6,801,506.67 6.13
GBP    12,000 Bovis Homes Group Plc                 114,586.32   102,487.08 0.09
GBP    27,368 British American Tobacco Plc          277,514.71   734,607.89 0.66
GBP    29,900 Diageo Plc                            360,687.17   438,171.59 0.39
GBP     8,665 GlaxoSmithKline Plc                   187,148.65   150,475.24 0.14
GBP     4,500 Intertek Group Plc                     62,479.45    59,784.13 0.05
GBP    15,400 National Grid Plc                     161,350.52   175,366.79 0.16
GBP    12,688 Persimmon Plc                         144,971.33   137,775.83 0.12
GBP     9,200 Reckitt Benckiser Group Plc           263,463.91   362,560.26 0.33
GBP    17,100 Southern Cross Healthca Gr Plc        139,442.94   122,862.49 0.11
                                                  1,711,645.00 2,284,091.30 2.05
HUF     1,500 MOL Hungarian Oil and Gas Plc Ser A   160,671.70   144,625.78 0.13
SEK    11,300 SKF AB                                132,057.10   130,862.53 0.12
SEK    14,000 Swedish Match AB                      200,269.10   228,759.56 0.21
                                                    332,326.20   359,622.09 0.33
USD     4,700 3M Co                                 269,446.80   271,954.71 0.24
USD     8,500 Abbott Laboratories                   292,544.84   330,798.00 0.30

The accompanying notes are an integral part of these financial statements.

53

              BL             
SICAV with multiple Sub-Funds
        BL-Global 30         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency             Number / nominal                     Description          
Cost    Market      % of 
                                                                               
        value 
   value                 value                                                 
                  total net 
                                                                               
                   assets 
USD                             4,862                                         -
153,431.-         251,142.44     0.23 
                                                                              -
7 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              a 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             5,000                                         -
130,906.-         115,807.01     0.10 
                                                                              -
1 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              d 
USD                             9,150                                         -
341,902.-         328,841.25     0.30 
                                                                              -
6 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              h 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             4,920                                         -
162,668.-         284,216.11     0.26 
                                                                              -
2 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              & 
                                                                              - 
                                                                              o 
USD                                2                                          -
133,694.-         191,900.99     0.17 
                                                                              -
4 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              y 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              A 
USD                               66                                          -
160,534.-         210,268.27     0.19 
                                                                              -
1 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              y 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              B 
USD                             7,500                                         -
265,127.-         266,685.93     0.24 
                                                                              -
8 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              y 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              c 
USD                            17,650                                         -
271,246.-         330,783.72     0.30 
                                                                              -
7 
                                                                              - 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             6,661                                         -
259,522.-         282,058.05     0.25 
                                                                              -
4 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              a 
                                                                              - 
                                                                              o 
USD                             3,300                                         -
169,870.-         136,034.82     0.12 
                                                                              -
6 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              d 
                                                                              - 
                                                                              o 
USD                             5,000                                         -
202,965.-         202,679.27     0.18 
                                                                              -
4 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              y 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              h 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             3,175                                         -
64,105.8096,660.94      0.09 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              d 
USD                            10,800                                        
222,697.39183,237.56     0.16 
USD                             7,000                                         -
154,317.-         189,024.51     0.17 
                                                                              -
1 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              r 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              d 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
                                                                              - 
                                                                              - 
                                                                              c 
USD                            15,600                                        
354,995.12358,347.56     0.32 
USD                             2,000                                         -
135,369.-         132,902.66     0.12 
                                                                              -
3 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             6,534                                         -
190,936.-         253,397.72     0.23 
                                                                              -
4 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              - 
                                                                              o 
USD                             2,000                                         -
167,514.-         123,246.40     0.11 
                                                                              -
3 
                                                                              - 
                                                                              - 
                                                                              x 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             6,500                                         -
296,504.-         330,447.79     0.30 
                                                                              -
3 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             7,000                                         -
205,363.-         218,204.07     0.20 
                                                                              -
3 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             3,000                                         
89,210.4076,603.99      0.07 
USD                             4,334                                        
164,572.03197,992.67     0.18 
USD                            12,000                                         -
381,564.-         217,714.46     0.20 
                                                                              -
8 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             7,200                                         -
346,075.-         329,901.06     0.30 
                                                                              -
3 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              & 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
USD                             8,400                                         -
175,570.-         210,207.07     0.19 
                                                                              -
7 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             8,000                                         -
309,860.-         364,054.27     0.33 
                                                                              -
5 
                                                                              y 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              c 
USD                            12,000                                        
249,173.29319,227.50     0.29 
USD                             9,250                                        
346,558.90332,875.45     0.30 
USD                             5,000                                         -
297,057.-         242,188.30     0.22 
                                                                              -
8 
                                                                              - 
                                                                              g 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             3,250                                         -
102,823.-         96,933.12      0.09 
                                                                              -
6 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             4,170                                         -
195,348.-         142,407.53     0.13 
                                                                              -
5 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              - 
                                                                              - 
                                                                              c 
USD                            10,748                                         -
302,670.-         263,994.94     0.24 
                                                                              -
9 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             6,800                                        
228,727.71297,377.17     0.27 
USD                             7,816                                         -
276,892.-         204,415.60     0.18 
                                                                              -
1 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              y 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
USD                             4,000                                         -
142,972.-         158,280.92     0.14 
                                                                              -
9 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              r 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              - 
                                                                              - 
                                                                              c 
USD                             4,700                                         -
184,798.-         160,123.76     0.14 
                                                                              -
0 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              & 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             3,175                                         -
59,444.0381,612.32      0.07 
                                                                              - 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              d 
USD                             3,175                                         -
179,169.-         86,578.15      0.08 
                                                                              -
4 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              d 
USD                             5,752                                         -
243,373.-         300,674.06     0.27 
                                                                              -
8 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              d 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                             8,000                                         -
268,748.-         206,997.38     0.19 
                                                                              -
9 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              a 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              p 
USD                            11,000                                         -
407,951.-         359,647.75     0.32 
                                                                              -
8 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
USD                            13,000                                         -
339,759.-         266,002.52     0.24 
                                                                              -
1 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              o 
                                                                              & 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              w 
USD                            19,200                                         -
315,704.-         312,699.33     0.28 
                                                                              -
6 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              o 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              ) 
USD                             3,500                                         -
198,314.-         158,155.11     0.14 
                                                                              -
8 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              r 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                             
10,412,00-          10,475,30-               9.44 
                                                                             
.43       .21 
      Total shares                                                           
20,306,28-          22,721,07-              20.47 
                                                                             
.18       .52 
Undertakings for collective investment 
EUR                             1,050                                         -
1,671,88-         1,695,519-               1.53 
                                                                              -
.58      00 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              V 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              t 
EUR                             8,500                                         -
1,510,55-         1,294,125-               1.17 
                                                                              -
.21      00 
                                                                              - 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              t 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              V 
                                                                              - 
                                                                              - 
                                                                              p 
EUR                            30,150                                         -
1,380,52-         1,401,372-               1.26 
                                                                              -
.74      00 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              e 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              w 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              I 
                                                                             
4,562,968-          4,391,016-               3.96 
                                                                             
53        00 
USD                            50,000                                         -
1,122,50-         2,040,393-               1.84 
                                                                              -
.75      05 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              V 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              a 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              c 
                                                                              - 
                                                                              d 
                                                                              - 
                                                                              - 
                                                                              r 
                                                                              - 
                                                                              2 
                                                                              - 
                                                                              - 
                                                                              p 
                                                                              F 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              v 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              V 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              h 
                                                                              I 
                                                                              - 
                                                                              - 
                                                                              p 
USD                         35,442.396                                       
296,339.73773,415.72     0.70 
USD                            15,000                                         -
2,300,13-         2,366,971-               2.13 
                                                                              -
.01      54 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              s 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              r 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              d 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              V 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              l 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              g 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              d 
                                                                              B 
                                                                              - 
                                                                              - 
                                                                              p 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              7 
                                                                             
3,718,985-          5,180,780- 
                                                                             
49        31 
Total undertakings for collective investment                                  
8,281,95-         9,571,796-               8.63 
                                                                              
.02      31 

The accompanying notes are an integral part of these financial statements.

54

              BL             
SICAV with multiple Sub-Funds
        BL-Global 30         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Curren-         Number / nominal Description                      Cost    
Market        % of 
y                                                                   value 
               value                                                           
total net 
                                                                               
 assets 
Bonds 
EUR             3,400,000 Caja de Ahorros de Madrid 5.5% 3,566,501.-          
3,458,310.00     3.11 
                          99/15.01.10                    4 
EUR             9,700,000 Corealcredit Bank AG 5.5% Ser  11,017,271-          
9,911,460.00     8.93 
                          505 00/13.07.10                15 
EUR            10,000,000 Depfa Deutsche Pfandbriefbk AG 10,779,995-          
10,452,500.-                 9.41 
                          5.5% Ser 473                   78         0 
                          98/15.01.13 
EUR             4,500,000 Depfa Deutsche Pfandbriefbk AG 4,679,358.-          
4,601,250.00     4.14 
                          5.5% Ser G6                    3 
                          99/15.01.10 
EUR             4,000,000 Depfa Deutsche Pfandbriefbk AG 4,481,512.-          
4,059,600.00     3.66 
                          5.75% Ser 436                  0 
                          97/04.03.09 
EUR             8,200,000 Deutschland 4% Ser 05          8,149,315.-          
7,420,242.32     6.68 
                          05/04.01.37                    7 
EUR             5,700,000 Deutschland 6.25% Ser 94       6,994,728.-          
6,783,524.40     6.11 
                          94/04.01.24                    7 
EUR             4,100,000 Dexia Kommunal Deutschland AG  4,355,914.-          
4,230,138.51     3.81 
                          5.25% Ser 932                  9 
                          01/22.02.13 
EUR            10,600,000 Europaeische Hypothekenbank SA 12,119,291-          
10,983,864.-                 9.89 
                          5.75% Ser 105                  71         6 
                          00/04.01.11 
EUR             6,000,000 France 5.5% OAT 98/25.04.29    6,840,484.-          
6,670,467.60     6.01 
                                                         3 
    Total bonds                                         72,984,373.-           
68,571,356.-                61.75 
                                                        7           9 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY                       279,817.975                              3,027,527.- 
          2,279,370.-              2.05 
                                                                   9          
0 
Total undertakings for collective investment                       3,027,527.- 
          2,279,370.-              2.05 
                                                                   9          
0 
Bonds 
EUR                                                               - 2,003,000.-
           1,960,000.-              1.77 
                                                                  - 0          
0 
                                                                  - 
                                                                  - 
                                                                  k 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  e 
                                                                  - 
                                                                  A 
                                                                  - 
                                                                  % 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  N 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  k 
                                                                  - 
                                                                  d 
                                                                  - 
                                                                  r 
                                                                  & 
                                                                  - 
                                                                  d 
                                                                  - 
                                                                  - 
                                                                  b 
    07/29.06.12                   07/29.06.12 
Total bonds                                                        2,003,000.- 
          1,960,000.-              1.77 
                                                                   0          
0 
TOTAL INVESTMENTS IN SECURITIES                                   106,603,138- 
          105,103,596-              94.67 
                                                                  76         
12 
CASH AT BANKS                                                                 
2,756,739.-              2.48 
                                                                              
2 
OTHER NET ASSETS/(LIABILITIES)                                                
3,164,656.-              2.85 
                                                                              
9 
TOTAL                                                                        
111,024,992-             100.00 
                                                                             
63 

The accompanying notes are an integral part of these financial statements.

55

              BL             
SICAV with multiple Sub-Funds
        BL-Global 30         

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Banks 43.71 %

Countries and governments 18.80 %

Undertakings for collective investment 10.68 %

Food, beverage and tobacco 4.11 %

Capital goods 3.18 %

Diversified financial services 2.77 %

Materials 1.97 %

Pharmaceuticals and biotechnology 1.22 %

Health care equipment and services 1.20 %

Retailing 1.08 %

Technology hardware and equipment 0.99 %

Transportation 0.76 %

Energy 0.70 %

Consumer durables and apparel 0.66 %

Automobiles and components 0.48 %

Insurance 0.47 %

Software and services 0.44 %

Investment companies 0.36 %

Commercial services and supplies 0.35 %

Household and personal products 0.33 %

Real estate 0.16 %

Utilities 0.16 %

Media 0.09 %

TOTAL 94.67 %

The accompanying notes are an integral part of these financial statements.

56

              BL             
SICAV with multiple Sub-Funds
        BL-Global 30         

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Germany 43.84 %

Luxembourg (Grand Duchy of) 18.38 %

France 10.70 %

United States of America 9.39 %

Spain 3.11 %

United Kingdom 2.05 %

The Netherlands 1.75 %

Switzerland 1.63 %

Belgium 1.26 %

Ireland 0.52 %

Denmark 0.47 %

Austria 0.43 %

Sweden 0.33 %

Bermuda 0.24 %

Italy 0.23 %

Hungary 0.13 %

Greece 0.11 %

Guernsey 0.10 %

TOTAL 94.67 %

The accompanying notes are an integral part of these financial statements.

57

              BL             
SICAV with multiple Sub-Funds
         BL-Global 50        

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          378,845,895.41
Cash at banks                                  30,255,407.58
Income receivable on portfolio                  6,212,725.62
Interest receivable on bank accounts               94,197.90
Unrealised gain on foreign exchange contracts   1,983,209.23
Prepaid expenses                                      200.00

Total assets 417,391,635.74

LIABILITIES                                               
Commitment on repurchase and "repo" contracts   605,680.00
Interest payable on financial instruments           213.50
Expenses payable                              1,223,682.86

Total liabilities 1,829,576.36

NET ASSETS at the end of the year 415,562,059.38

Class A shares outstanding        8,795.788
Net asset value per class A share    829.83

Class B shares outstanding        323,031.848
Net asset value per class B share    1,263.85

The accompanying notes are an integral part of these financial statements.

58

              BL             
SICAV with multiple Sub-Funds
         BL-Global 50        

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                        
Dividends, net                                    3,112,355.26
Interest on bonds and other debt securities, net  7,856,023.95
Interest on bank accounts                                     
                                                  1,493,996.34
Received commissions                                314,912.64
Other income                                         84,223.55
Total income                                     12,861,511.74

EXPENSES                                            
Management fees                         4,114,589.88
Custodian fees                            412,948.80
Banking charges and other fees            126,338.31
Central administration costs               83,470.28
Audit and supervisory fees                  8,457.62
Other administration costs                 50,104.03
Subscription duty ("taxe d'abonnement")   184,853.27
Other taxes                                 2,053.86
Interest paid on financial instruments    634,230.66
Other expenses                             30,614.15
Total expenses                          5,647,660.86

NET INVESTMENT INCOME 7,213,850.88

NET REALISED GAIN/(LOSS)                     
- on portfolio                  16,151,700.36
- on financial instruments          48,654.01
- on foreign exchange contracts  2,425,853.01
- on foreign exchange             -264,094.91

REALISED RESULT 25,575,963.35

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -18,889,658.96
- on foreign exchange contracts               1,501,494.64

RESULT OF OPERATIONS 8,187,799.03

Dividends paid -58,593.57

Reinvestments -

Subscriptions 77,797,670.31

Redemptions -68,143,464.20

TOTAL CHANGES IN NET ASSETS 17,783,411.57

TOTAL NET ASSETS at the beginning of the year 397,778,647.81

TOTAL NET ASSETS at the end of the year 415,562,059.38

The accompanying notes are an integral part of these financial statements.

59

              BL             
SICAV with multiple Sub-Funds
         BL-Global 50        

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 415,562,059.38
- as at 31.12.2006 397,778,647.81
- as at 31.12.2005 377,045,718.23

Number of class A shares                            
- outstanding at the beginning of the year 2,666.941
- issued                                            
                                           6,598.847
- redeemed                                  -470.000
- outstanding at the end of the year       8,795.788

Net asset value per class A share           
- highest                             879.78
                                  05.06.2007
- lowest                              813.74
                                  23.11.2007

- as at 31.12.2007 829.83
- as at 31.12.2006 837.64
- as at 31.12.2005 814.78

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       25.95
Shares outstanding at dividend date  2,257.941

Number of class B shares                              
- outstanding at the beginning of the year 319,612.461
- issued                                              
                                            56,711.751
- redeemed                                 -53,292.364
- outstanding at the end of the year       323,031.848

Net asset value per class B share           
- highest                           1,306.97
                                  10.10.2007
- lowest                            1,235.95
                                  06.03.2007

- as at 31.12.2007 1,263.85
- as at 31.12.2006 1,237.58
- as at 31.12.2005 1,169.16

The accompanying notes are an integral part of these financial statements.

60

              BL             
SICAV with multiple Sub-Funds
        BL-Global 50         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
CHF      9,100 Geberit AG Reg                           610,710.69   852,877.48
 0.20 
CHF      3,900 Kaba Holding AG                          907,100.72   834,464.42
 0.20 
CHF      9,206 Nestlé SA Reg                           1,853,295.-           
2,885,288.04  0.69 
                                                       9 
CHF     36,012 Novartis AG Reg                         1,393,018.-           
1,347,887.68  0.32 
                                                       7 
CHF     13,012 Roche Holding AG B de jouis Pref        1,025,290.-           
1,534,008.50  0.37 
                                                       7 
CHF     29,900 Schindler Holding AG Partizsch          1,412,457.-           
1,315,554.70  0.32 
                                                       5 
CHF      6,026 Swatch Group AG                          598,820.72 1,239,414.72
 0.30 
CHF     19,300 Syngenta AG Reg                         1,927,556.-           
3,355,969.37  0.81 
                                                       5 
CHF     23,010 Synthes Inc                             1,901,963.-           
1,949,920.03  0.47 
                                                       6 
                                                       11,630,213-           
15,315,384.-              3.68 
                                                       92          4 
DKK     40,000 TrygVesta A/S                           2,236,813.-           
2,081,139.45  0.50 
                                                       9 
EUR     64,100 Aalberts Industries NV                  1,058,565.-             
855,735.00  0.21 
                                                       5 
EUR     13,514 Air Liquide SA                           657,325.34 1,372,076.42
 0.33 
EUR     63,450 Akzo Nobel NV                           2,538,528.-           
3,437,721.00  0.83 
                                                       6 
EUR     33,500 Amer Sports Corp A                       452,521.46   619,415.00
 0.15 
EUR    151,700 Anglo Irish Bank Corp Plc               1,499,746.-           
1,659,598.00  0.40 
                                                       2 
EUR     18,447 BASF AG                                  809,814.78 1,870,710.27
 0.45 
EUR    114,700 Bank of Ireland Plc                     1,589,568.-           
1,173,381.00  0.28 
                                                       6 
EUR     55,700 Brembo SpA                               537,514.97   599,332.00
 0.14 
EUR     64,300 CRH Plc                                 1,692,822.-           
1,523,910.00  0.37 
                                                       3 
EUR     25,700 Continental AG                          2,540,665.-           
2,287,043.00  0.55 
                                                       2 
EUR     55,000 DSM NV                                  1,923,750.-           
1,773,750.00  0.43 
                                                       3 
EUR     19,026 Deutsche Boerse AG Reg                   565,315.79 2,582,779.50
 0.62 
EUR     64,277 ENI SpA                                  870,960.40 1,610,138.85
 0.39 
EUR      3,627 Fortis SA/NV Strip VVPR                      183.19        36.27
 0.00 
EUR     36,576 Heineken NV                             1,169,784.-           
1,618,853.76  0.39 
                                                       1 
EUR     47,200 Hypo Real Estate Holding AG             2,197,089.-           
1,703,920.00  0.41 
                                                       9 
EUR     17,500 National Bank of Greece SA Reg           412,636.22   820,750.00
 0.20 
EUR     14,200 Neopost SA                              1,297,248.-           
1,000,674.00  0.24 
                                                       5 
EUR     30,940 Pernod-Ricard                           3,393,238.-           
4,900,896.00  1.18 
                                                       6 
EUR     32,000 Saipem SpA                               877,399.32   877,760.00
 0.21 
EUR     23,300 Schneider Electric SA                   1,894,167.-           
2,147,561.00  0.52 
                                                       4 
EUR     59,800 TNT NV                                  1,458,082.-           
1,685,164.00  0.41 
                                                       9 
EUR     22,248 Total SA                                 832,427.96 1,261,906.56
 0.30 
EUR    101,320 Vinci SA                                3,707,625.-           
5,156,174.80  1.24 
                                                       4 
EUR     25,000 Wereldhave NV                           1,999,890.-           
1,874,000.00  0.45 
                                                       0 
                                                       35,976,873-           
44,413,286.-             10.70 
                                                       68          3 
GBP     35,000 Berkeley Gr Hgs (The) Plc Units 1 Ord    274,537.96   641,018.75
 0.15 
               Share + 2 B Shares Bodycote Intl Plc 
GBP    160,000                                          674,683.49   403,983.48
 0.10 
GBP     63,000 Bovis Homes Group Plc                    601,578.29   538,057.19
 0.13 
GBP    178,812 British American Tobacco Plc            1,933,382.-           
4,799,645.79  1.15 
                                                       5 
GBP    267,100 Diageo Plc                              3,339,878.-           
3,914,235.21  0.94 
                                                       3 
GBP     84,784 GlaxoSmithKline Plc                     1,798,289.-           
1,472,347.66  0.35 
                                                       3 
GBP     33,600 Intertek Group Plc                       466,513.23   446,388.18
 0.11 
GBP    106,800 National Grid Plc                        867,569.53 1,216,180.05
 0.29 
GBP     45,551 Persimmon Plc                            480,241.82   494,626.94
 0.12 
GBP     63,200 Reckitt Benckiser Group Plc             1,869,283.-           
2,490,631.33  0.60 
                                                       8 
GBP    159,900 Smith & Nephew Plc                      1,227,224.-           
1,252,920.86  0.30 
                                                       2 
GBP    126,500 Southern Cross Healthca Gr Plc          1,031,551.-             
908,895.04  0.22 
                                                       3 
                                                       14,564,734-           
18,578,930.-              4.46 
                                                       66          8 

The accompanying notes are an integral part of these financial statements.

61

              BL             
SICAV with multiple Sub-Funds
        BL-Global 50         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency  Number /     Description                     Cost     Market value  
% of 
          nominal 
               value                                                        
total net 
                                                                             
assets 
HUF              9,916 MOL Hungarian Oil and Gas    496,467.85   956,072.83    
  0.23 
                       Plc Ser A 
KRW             40,000 Kookmin Bank                2,288,164.47 2,005,073.23   
  0.48 
NOK             30,000 Petroleum Geo-Services ASA   601,441.89   594,177.41    
  0.14 
SEK             72,400 SKF AB                        860,453.68  838,446.63    
  0.20 
SEK            103,300 Swedish Match AB            1,473,673.72 1,687,918.78   
  0.41 
                                                    2,334,127.402,526,365.41   
  0.61 
USD             36,000 3M Co                        2,133,943.982,083,057.36   
  0.50 
USD             58,800 Abbott Laboratories         2,035,644.96 2,288,343.82   
  0.55 
USD             36,386 Altria Group Inc            1,130,494.04 1,879,487.65   
  0.45 
USD             30,000 Amdocs Ltd                   785,372.77   694,842.07    
  0.17 
USD             52,300 Anheuser-Busch Cos Inc      1,937,775.33 1,879,606.27   
  0.45 
USD             22,000 Becton Dickinson & Co        727,206.97  1,270,885.04   
  0.31 
USD                 10 Berkshire Hathaway Inc A     671,977.07   959,504.95    
  0.23 
USD                610 Berkshire Hathaway Inc B    1,615,734.30 1,943,388.53   
  0.47 
USD             40,000 Best Buy Co Inc             1,415,954.18 1,422,324.98   
  0.34 
USD             78,500 Cisco Systems Inc           1,206,345.43 1,471,191.05   
  0.35 
USD             58,400 Coca-Cola Co                2,362,769.93 2,472,930.54   
  0.59 
USD             31,000 Corporate Executive Board Co1,514,134.25 1,277,902.83   
  0.31 
USD             39,700 Coventry Health Care Inc    1,611,066.69 1,609,273.40   
  0.39 
USD             21,500 Covidien Ltd                 571,375.22   654,554.42    
  0.16 
USD             74,300 Dell Inc                     1,527,553.611,260,606.58   
  0.30 
USD             30,100 Dresser Rand Group Inc       663,470.79   812,805.41    
  0.20 
USD            131,600 EBay Inc                     3,003,240.433,022,983.24   
  0.73 
USD             16,000 Eaton Corp                   984,039.08  1,063,221.24   
  0.26 
USD             43,680 Emerson Electric Co         1,336,498.76 1,693,971.92   
  0.41 
USD             18,000 Fedex Corp                  1,488,131.98 1,109,217.64   
  0.27 
USD             40,000 General Cable Corp          1,791,439.18 2,033,524.87   
  0.49 
USD             36,000 Global Payments Inc         1,057,100.72 1,122,192.38   
  0.27 
USD             35,000 Graco Inc                    1,021,809.36 893,713.24    
  0.21 
USD             20,000 Greif Inc A                   764,439.98  913,671.76    
  0.22 
USD             18,668 Hologic Inc                   278,825.96  884,176.80    
  0.21 
USD             72,200 Home Depot Inc              2,274,930.97 1,309,915.34   
  0.31 
USD             19,000 Illinois Tool Works Inc      716,464.75   698,214.95    
  0.17 
USD             48,400 Johnson & Johnson           2,358,329.86 2,217,668.22   
  0.53 
USD             31,000 Johnson Controls Inc         648,961.30   775,764.17    
  0.19 
USD             48,000 Joy Global Inc              1,856,286.68 2,184,325.59   
  0.53 
USD             72,600 KBR Inc                      1,424,582.191,931,326.37   
  0.46 
USD             50,300 Kellogg Co                   1,863,593.931,810,122.74   
  0.44 
USD             30,000 Legg Mason Inc              1,770,518.70 1,453,129.78   
  0.35 
USD             23,598 McGraw-Hill Companies Inc    724,674.44   703,823.93    
  0.17 
USD             35,500 Medtronic Inc               1,654,065.19 1,212,342.32   
  0.29 
USD             74,300 Microsoft Corp              2,032,362.69 1,824,974.33   
  0.44 
USD             30,400 Nike Inc B                   1,024,714.721,329,450.89   
  0.32 
USD             50,529 Pitney Bowes                1,740,043.06 1,321,509.19   
  0.32 
USD             30,900 Thermo Fisher Scientific Inc1,138,365.91 1,222,720.07   
  0.29 
USD             40,900 Thomas & Betts Corp         1,605,048.55 1,393,417.43   
  0.34 
USD             21,500 Tyco Electronics Ltd         526,096.93   552,650.37    
  0.13 
USD             21,500 Tyco Intl Ltd                945,568.53   586,277.24    
  0.14 
USD             35,460 United Technologies Corp    1,220,000.36 1,853,599.13   
  0.45 
USD             40,064 Wachovia Corp               1,408,114.46 1,036,642.89   
  0.25 
USD             58,800 Wal-Mart Stores Inc         2,127,354.27 1,922,480.70   
  0.46 
USD             55,900 Wells Fargo & Co New        1,460,630.25 1,143,810.82   
  0.28 
USD            155,300 Western Union Co (The)      2,515,059.88 2,529,281.56   
  0.61 
USD             31,700 Zimmer Holdings Inc         1,663,125.70 1,432,433.44   
  0.34 
                                                   68,335,238.2969,163,259.46  
 16.65 
Total shares                                      138,464,075.85155,633,689.-  
              37.45 
                                                                4 

The accompanying notes are an integral part of these financial statements.

62

              BL             
SICAV with multiple Sub-Funds
        BL-Global 50         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

C-  Number /  Descript-                      Descript-                     
Descript-          Co-    Ma-      % of 
r-  nominal   on                    on                    on        t   ket 
e-                                                                      va- 
cy                                                                    ue 
  value                                                                   total
net 
                                                                          
assets 
Undertakings for collective investment 
E-       4,000Magellan              Magellan              Magellan  6,3-   
6,4-         1.55 
R           SICAV                 SICAV                 SICAV     9,0-    9,1- 
            Cap/Dist              Cap/Dist              Cap/Dist  9.340.00 
E-      60,000State                 State                 State     10,-   
9,1-         2.20 
R           Street                Street                Street Act70,-    5,0- 
            Act Japon             Act Japon             Japon     74.-    0.00 
            SICAV Cap             SICAV Cap             SICAV Cap 8 
                                                                 17,0-     15,-
        3.75 
                                                                 9,77-     94,- 
                                                                 .92  20.- 
                                                                      0 
U-     240,000Aberdeen              Aberdeen              Aberdeen  6,9-   
9,7-         2.36 
D           Gl SICAV              Gl SICAV              Gl SICAV  6,8-    3,8- 
            Asia                  Asia                  Asia      6.136.64 
            Pacific               Pacific               Pacific Fd 
            Fd Ser A2             Fd Ser A2             Ser A2 Cap 
            Cap F                 Cap F                 F 
            Templeton             Templeton             Templeton 
            Inv Fds               Inv Fds               Inv Fds 
            SICAV                 SICAV                 SICAV 
            Asian                 Asian                 Asian 
            Growth I              Growth I              Growth I 
            Cap                   Cap                   Cap 
U-  280,952.6-                                                              
2,56-     6,1-         1.48 
D 7                                                              ,158-     0,8- 
                                                                 37   3.08 
U-     300,000Fidelity              Fidelity              Fidelity  4,0-   
4,8-         1.17 
D           Fds SICAV             Fds SICAV             Fds SICAV 6,5-    5,3- 
            Thailand              Thailand              Thailand A3.676.24 
            A Gl                  A Gl                  Gl Certif 
            Certif                Certif 
U-     230,000JPMorgan              JPMorgan              JPMorgan  3,0-   
2,4-         0.60 
D           Fds SICAV             Fds SICAV             Fds SICAV 9,3-    7,7- 
            JF Taiwan             JF Taiwan             JF Taiwan 5.992.94 
            A USD Cap             A USD Cap             A USD Cap 
            5.61                  5.61                  5.61 
                                                                 16,6-     23,- 
                                                                 4,95-     77,- 
                                                                 .16  68.- 
                                                                      0 
Total undertakings for collective investment                      33,-    38,- 
       9.36 
                                                                  44,-    71,- 
                                                                  28.-    88.- 
                                                                  8   0 
B- 
n- 
s 
E-  14,500,000Bayerisc-                      Bayerisc-                     
Bayerische15,-    14,-         3.49 
R           e Hypo &              e Hypo &              Hypo &    94,-    05,- 
            Vereinsbk             Vereinsbk             Vereinsbk 81.-    08.- 
            AG 5.5%               AG 5.5%               AG 5.5%   1   5 
            Ser 678               Ser 678               Ser 678 
            97/15.01-                      97/15.01-                     
97/15.01.- 
            08                    08                    8 
E-  12,500,000Cie de                Cie de                Cie de    13,-   
12,-         3.02 
R           Financem-                      Financem-                     
Financeme-          20,-    50,- 
            nt                    nt                    t Foncier 00.-    60.- 
            Foncier               Foncier               5.125%    0   0 
            5.125%                5.125%                01/25.10.- 
            01/25.10-                      01/25.10-                      8 
            08                    08 
E-   8,000,000Corealcr-                      Corealcr-                     
Corealcre-          9,0-    8,1-         1.97 
R           dit Bank              dit Bank              it Bank AG6,4-    4,4- 
            AG 5.5%               AG 5.5%               5.5% Ser  9.200.00 
            Ser 505               Ser 505               505 
            00/13.07-                      00/13.07-                     
00/13.07.- 
            10                    10                    0 
E-  15,000,000DekaBank              DekaBank              DekaBank  15,-   
15,-         3.71 
R           DGZ 5.75%             DGZ 5.75%             DGZ 5.75% 44,-    34,- 
            Ser 439               Ser 439               Ser 439   30.-    97.- 
            00/12.05-                      00/12.05-                     
00/12.05.-          8   0 
            10                    10                    0 
E-  15,000,000Depfa                 Depfa                 Depfa     15,-   
14,-         3.58 
R           Deutsche              Deutsche              Deutsche  79,-    91,- 
            Pfandbri-                      Pfandbri-                     
Pfandbrie-          13.-    50.- 
            fbk AG                fbk AG                bk AG     7   0 
            3.75% Ser             3.75% Ser             3.75% Ser 
            G 5                   G 5                   G 5 
            99/15.01-                      99/15.01-                     
99/15.01.- 
            09                    09                    9 
E-  15,000,000Depfa                 Depfa                 Depfa     17,-   
15,-         3.70 
R           Deutsche              Deutsche              Deutsche  06,-    97,- 
            Pfandbri-                      Pfandbri-                     
Pfandbrie-          45.-    74.- 
            fbk AG                fbk AG                bk AG     4   0 
            5.25%                 5.25%                 5.25% 
            01/15.07-                      01/15.07-                     
01/15.07.- 
            11                    11                    1 
E-  14,500,000Depfa                 Depfa                 Depfa     16,-   
15,-         3.65 
R           Deutsche              Deutsche              Deutsche  62,-    56,- 
            Pfandbri-                      Pfandbri-                     
Pfandbrie-          16.-    25.- 
            fbk AG                fbk AG                bk AG 5.5%0   0 
            5.5% Ser              5.5% Ser              Ser 473 
            473                   473 
            98/15.01-                      98/15.01-                     
98/15.01.- 
            13                    13                    3 
E-  14,000,000Deutschl-                      Deutschl-                     
Deutschla-          13,-    12,-         3.05 
R           nd 4% Ser             nd 4% Ser             d 4% Ser  25,-    68,- 
            05                    05                    05        07.-    06.- 
            05/04.01-                      05/04.01-                     
05/04.01.-          8   0 
            37                    37                    7 
E-   4,500,000Deutschl-                      Deutschl-                     
Deutschla-          4,3-    4,5-         1.10 
R           nd 4.75%              nd 4.75%              d 4.75%   1,9-    7,8- 
            Ser 98                Ser 98                Ser 98    9.189.45 
            98/04.07-                      98/04.07-                     
98/04.07.- 
            28                    28                    8 
E-   9,000,000Deutschl-                      Deutschl-                     
Deutschla-          11,-    10,-         2.58 
R           nd 6.25%              nd 6.25%              d 6.25%   69,-    10,- 
            Ser 94                Ser 94                Ser 94    08.-    28.- 
            94/04.01-                      94/04.01-                     
94/04.01.-          4   0 
            24                    24                    4 
E-  18,600,000Europaei-                      Europaei-                     
Europaeis-          20,-    19,-         4.64 
R           che                   che                   he        29,-    73,- 
            Hypothek-                      Hypothek-                     
Hypotheke-          48.-    72.- 
            nbank SA              nbank SA              bank SA   3   6 
            5.75% Ser             5.75% Ser             5.75% Ser 
            105                   105                   105 
            00/04.01-                      00/04.01-                     
00/04.01.- 
            11                    11                    1 
E-  14,700,000France 4%             France 4%             France 4% 13,-   
12,-         3.13 
R           OAT                   OAT                   OAT       05,-    93,- 
            05/25.04-                      05/25.04-                     
05/25.04.-          73.-    99.- 
            55                    55                    5         2   5 
E-   9,000,000France 5%             France 5%             France 5% 9,8-   
9,4-         2.26 
R           OAT                   OAT                   OAT       1,2-    9,8- 
            01/25.10-                      01/25.10-                     
01/25.10.-          6.659.00 
            16                    16                    6 
T-                                                                 176,-    
165-        39.88 
t-                                                                 56,4-    
734- 
l                                                                0.00 560- 
b-                                                                      11 
n- 
s 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY                      1,201,297.858                             12,993,766- 
          9,785,656.-              2.35 
                                                                   86         
6 
Total undertakings for collective investment                       12,993,766- 
          9,785,656.-              2.35 
                                                                   86         
6 
Bonds 
EUR                                                               - 9,013,500.-
           8,820,000.-              2.12 
                                                                  - 0          
0 
                                                                  - 
                                                                  - 
                                                                  k 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  e 
                                                                  - 
                                                                  A 
                                                                  - 
                                                                  % 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  N 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  - 
                                                                  k 
                                                                  - 
                                                                  d 
                                                                  - 
                                                                  r 
                                                                  & 
                                                                  - 
                                                                  d 
                                                                  - 
                                                                  - 
                                                                  b 
    07/29.06.12                   07/29.06.12 
Total bonds                                                        9,013,500.- 
          8,820,000.-              2.12 
                                                                   0          
0 
TOTAL INVESTMENTS IN SECURITIES                                   370,372,510- 
          378,845,895-              91.16 
                                                                  79         
41 
CASH AT BANKS                                                                
30,255,407.-               7.28 
                                                                              8 
OTHER NET ASSETS/(LIABILITIES)                                                
6,460,756.-              1.56 
                                                                              
9 
TOTAL                                                                        
415,562,059-             100.00 
                                                                             
38 

The accompanying notes are an integral part of these financial statements.

63

              BL             
SICAV with multiple Sub-Funds
        BL-Global 50         

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Banks 29.45 %

Countries and governments 12.12 %

Undertakings for collective investment 11.71 %

Food, beverage and tobacco 6.69 %

Capital goods 6.16 %

Diversified financial services 3.90 %

Materials 3.44 %

Health care equipment and services 2.69 %

Pharmaceuticals and biotechnology 2.41 %

Technology hardware and equipment 1.88 %

Retailing 1.84 %

Energy 1.47 %

Consumer durables and apparel 1.17 %

Automobiles and components 0.88 %

Real estate 0.86 %

Investment companies 0.80 %

Commercial services and supplies 0.74 %

Software and services 0.71 %

Transportation 0.68 %

Household and personal products 0.60 %

Insurance 0.50 %

Utilities 0.29 %

Media 0.17 %

TOTAL 91.16 %

The accompanying notes are an integral part of these financial statements.

64

              BL             
SICAV with multiple Sub-Funds
        BL-Global 50         

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Germany 28.86 %

United States of America 16.52 %

France 15.97 %

Luxembourg (Grand Duchy of) 14.72 %

United Kingdom 4.46 %

Switzerland 3.21 %

The Netherlands 2.72 %

Ireland 1.05 %

Italy 0.74 %

Sweden 0.61 %

Denmark 0.50 %

South Korea 0.48 %

Bermuda 0.43 %

Hungary 0.23 %

Greece 0.20 %

Guernsey 0.17 %

Finland 0.15 %

Norway 0.14 %

TOTAL 91.16 %

The accompanying notes are an integral part of these financial statements.

65

              BL             
SICAV with multiple Sub-Funds
         BL-Global 75        

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          506,605,637.43
Cash at banks                                  80,625,734.90
Income receivable on portfolio                  4,049,281.16
Interest receivable on bank accounts              232,548.08
Unrealised gain on foreign exchange contracts   4,161,310.38
Prepaid expenses                                      200.00

Total assets 595,674,711.95

LIABILITIES                                                
Commitment on repurchase and "repo" contracts 53,311,460.00
Payable on redemptions of shares                  85,831.33
Interest payable on financial instruments        141,502.57
Accrued capital gain taxes                       162,414.98
Expenses payable                               1,604,118.24

Total liabilities 55,305,327.12

NET ASSETS at the end of the year 540,369,384.83

Class A shares outstanding        1,513.580
Net asset value per class A share  1,175.81

Class B shares outstanding        347,822.723
Net asset value per class B share    1,548.46

The accompanying notes are an integral part of these financial statements.

66

              BL             
SICAV with multiple Sub-Funds
         BL-Global 75        

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                        
Dividends, net                                    5,507,889.61
Interest on bonds and other debt securities, net  5,624,836.68
Interest on bank accounts                                     
                                                  1,802,662.75
Received commissions                                563,693.22
Other income                                        188,347.63
Total income                                     13,687,429.89

EXPENSES                                            
Management fees                         5,584,382.44
Custodian fees                            560,393.87
Banking charges and other fees            223,708.29
Transaction fees                              260.97
Central administration costs               84,629.94
Audit and supervisory fees                 11,544.04
Other administration costs                 61,658.64
Subscription duty ("taxe d'abonnement")   242,783.26
Other taxes                                 3,379.43
Interest paid on bank liabilities              93.34
Interest paid on financial instruments  1,013,359.62
Other expenses                             36,635.53
Total expenses                          7,822,829.37

NET INVESTMENT INCOME 5,864,600.52

NET REALISED GAIN/(LOSS)                     
- on portfolio                  26,164,000.60
- on financial instruments         177,140.48
- on foreign exchange contracts  3,774,601.95
- on foreign exchange              -97,992.38

REALISED RESULT 35,882,351.17

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -23,343,734.27
- on foreign exchange contracts               2,981,477.12

RESULT OF OPERATIONS 15,520,094.02

Dividends paid -54,864.12

Reinvestments -

Subscriptions 44,626,372.14

Redemptions -66,589,094.33

TOTAL CHANGES IN NET ASSETS -6,497,492.29

TOTAL NET ASSETS at the beginning of the year 546,866,877.12

TOTAL NET ASSETS at the end of the year 540,369,384.83

The accompanying notes are an integral part of these financial statements.

67

              BL             
SICAV with multiple Sub-Funds
         BL-Global 75        

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 540,369,384.83
- as at 31.12.2006 546,866,877.12
- as at 31.12.2005 537,551,681.69

Number of class A shares                            
- outstanding at the beginning of the year 1,705.837
- issued                                            
                                              89.212
- redeemed                                  -281.469
- outstanding at the end of the year       1,513.580

Net asset value per class A share           
- highest                           1,255.72
                                  05.06.2007
- lowest                            1,140.82
                                  23.11.2007

- as at 31.12.2007 1,175.81
- as at 31.12.2006 1,174.66
- as at 31.12.2005 1,113.52

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       32.97
Shares outstanding at dividend date  1,664.062

Number of class B shares                              
- outstanding at the beginning of the year 361,887.931
- issued                                              
                                            28,367.482
- redeemed                                 -42,432.690
- outstanding at the end of the year       347,822.723

Net asset value per class B share           
- highest                           1,617.63
                                  10.10.2007
- lowest                            1,496.35
                                  06.03.2007

- as at 31.12.2007 1,548.46
- as at 31.12.2006 1,505.61
- as at 31.12.2005 1,391.29

The accompanying notes are an integral part of these financial statements.

68

              BL             
SICAV with multiple Sub-Funds
        BL-Global 75         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
CHF     18,900 Geberit AG Reg                          1,292,315.-           
1,771,360.92  0.33 
                                                       3 
CHF      7,000 Kaba Holding AG                         1,628,123.-           
1,497,756.64  0.28 
                                                       8 
CHF     18,279 Nestlé SA Reg                           3,642,450.-           
5,728,892.04  1.06 
                                                       9 
CHF     68,053 Novartis AG Reg                         2,639,024.-           
2,547,145.40  0.47 
                                                       7 
CHF     25,933 Roche Holding AG B de jouis Pref        2,035,187.-           
3,057,288.85  0.57 
                                                       7 
CHF     59,500 Schindler Holding AG Partizsch          2,815,832.-           
2,617,909.85  0.48 
                                                       8 
CHF     12,350 Swatch Group AG                         1,069,578.-           
2,540,121.43  0.47 
                                                       4 
CHF     38,800 Syngenta AG Reg                         3,748,141.-           
6,746,715.62  1.25 
                                                       1 
CHF     46,650 Synthes Inc                             3,874,533.-           
3,953,227.71  0.73 
                                                       3 
                                                       22,745,186-           
30,460,418.-              5.64 
                                                       60          6 
EUR    119,600 Aalberts Industries NV                  1,985,570.-           
1,596,660.00  0.30 
                                                       8 
EUR     26,968 Air Liquide SA                          1,326,724.-           
2,738,061.04  0.51 
                                                       0 
EUR    125,680 Akzo Nobel NV                           5,026,623.-           
6,809,342.40  1.26 
                                                       2 
EUR     73,100 Amer Sports Corp A                       987,442.33 1,351,619.00
 0.25 
EUR    283,200 Anglo Irish Bank Corp Plc               2,709,303.-           
3,098,208.00  0.57 
                                                       0 
EUR     35,883 BASF AG                                 1,531,175.-           
3,638,895.03  0.67 
                                                       8 
EUR    227,300 Bank of Ireland Plc                     3,155,051.-           
2,325,279.00  0.43 
                                                       1 
EUR    110,300 Brembo SpA                              1,064,414.-           
1,186,828.00  0.22 
                                                       3 
EUR    130,600 CRH Plc                                 3,396,418.-           
3,095,220.00  0.57 
                                                       0 
EUR     51,000 Continental AG                          5,049,611.-           
4,538,490.00  0.84 
                                                       0 
EUR    110,500 DSM NV                                  3,898,571.-           
3,563,625.00  0.66 
                                                       7 
EUR     37,716 Deutsche Boerse AG Reg                   899,210.20 5,119,947.00
 0.95 
EUR    127,578 ENI SpA                                 1,728,054.-           
3,195,828.90  0.59 
                                                       7 
EUR     55,079 Heineken NV                             1,644,672.-           
2,437,796.54  0.45 
                                                       1 
EUR     88,100 Hypo Real Estate Holding AG             4,178,256.-           
3,180,410.00  0.59 
                                                       0 
EUR     36,500 National Bank of Greece SA Reg           858,613.49 1,711,850.00
 0.32 
EUR     26,500 Neopost SA                              2,358,222.-           
1,867,455.00  0.35 
                                                       2 
EUR     63,120 Pernod-Ricard                           6,765,301.-           
9,998,208.00  1.85 
                                                       7 
EUR         10 SES SA FDR repr 1 Reg Sh A Saipem SpA        120.33       174.00
 0.00 
EUR     60,000                                         1,645,123.-           
1,645,800.00  0.30 
                                                       6 
EUR     47,200 Schneider Electric SA                   3,842,044.-           
4,350,424.00  0.81 
                                                       5 
EUR    120,500 TNT NV                                  2,894,219.-           
3,395,690.00  0.63 
                                                       2 
EUR     44,828 Total SA                                1,646,272.-           
2,542,644.16  0.47 
                                                       5 
EUR    201,238 Vinci SA                                7,300,542.-           
10,241,001.-              1.90 
                                                       1           2 
                                                       65,891,563-           
83,629,456.-             15.49 
                                                       60          9 
GBP     75,000 Berkeley Gr Hgs (The) Plc Units 1 Ord    588,087.47 1,373,611.60
 0.25 
               Share + 2 B Shares Bodycote Intl Plc 
GBP    320,000                                         1,349,366.-             
807,966.95  0.15 
                                                       9 
GBP    127,500 Bovis Homes Group Plc                   1,217,479.-           
1,088,925.26  0.20 
                                                       4 
GBP    346,498 British American Tobacco Plc            3,682,509.-           
9,300,649.10  1.72 
                                                       5 
GBP    424,600 Diageo Plc                              5,264,548.-           
6,222,329.73  1.15 
                                                       0 
GBP    131,606 GlaxoSmithKline Plc                     2,822,998.-           
2,285,452.27  0.42 
                                                       3 
GBP     66,800 Intertek Group Plc                       927,472.75   887,462.22
 0.16 
GBP    222,700 National Grid Plc                       1,872,023.-           
2,535,985.93  0.47 
                                                       5 
GBP     90,450 Persimmon Plc                            957,538.47   982,173.98
 0.18 
GBP    126,200 Reckitt Benckiser Group Plc             3,718,102.-           
4,973,380.92  0.92 
                                                       9 
GBP    327,700 Smith & Nephew Plc                      2,514,660.-           
2,567,743.37  0.48 
                                                       9 
GBP    251,300 Southern Cross Healthca Gr Plc          2,049,240.-           
1,805,575.68  0.33 
                                                       4 
                                                       26,964,029-           
34,831,257.-              6.43 
                                                       97          1 
HUF     21,408 MOL Hungarian Oil and Gas Plc Ser A     1,071,841.-           
2,064,099.14  0.38 
                                                       1 
KRW     50,000 Kookmin Bank                            2,860,198.-           
2,506,341.54  0.46 
                                                       6 
NOK     60,000 Petroleum Geo-Services ASA              1,202,883.-           
1,188,354.81  0.22 
                                                       8 

The accompanying notes are an integral part of these financial statements.

69

              BL             
SICAV with multiple Sub-Funds
        BL-Global 75         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency     Number  Description                    Cost     Market value    %
of 
             / 
             nominal 
             value                                                        
total net 
                                                                           
assets 
SEK          142,500 SKF AB                      1,696,830.29 1,650,257.53     
0.31 
SEK          204,200 Swedish Match AB           2,916,874.83  3,336,621.64     
0.62 
                                                 4,613,705.12 4,986,879.17     
0.93 
USD          71,000  3M Co                       4,159,073.00 4,108,252.01     
0.76 
USD          114,700 Abbott Laboratories        3,951,424.81  4,463,827.14     
0.83 
USD          72,586  Altria Group Inc           2,244,159.33  3,749,367.62     
0.69 
USD          60,000  Amdocs Ltd                 1,570,732.89  1,389,684.13     
0.26 
USD          84,200  Anheuser-Busch Cos Inc     3,150,907.30  3,026,058.28     
0.56 
USD          42,800  Becton Dickinson & Co      1,413,385.59 2,472,449.08      
0.46 
USD              20  Berkshire Hathaway Inc A   1,340,510.77  1,919,009.89     
0.36 
USD             809  Berkshire Hathaway Inc B   2,034,527.68  2,577,379.21     
0.48 
USD          80,000  Best Buy Co Inc            2,831,881.82  2,844,649.96     
0.53 
USD          160,100 Cisco Systems Inc          2,460,463.92  3,000,480.09     
0.56 
USD          117,542 Coca-Cola Co               4,782,914.31  4,977,280.84     
0.92 
USD          57,000  Corporate Executive Board  2,811,594.48  2,349,692.29     
0.43 
                     Co 
USD          80,000  Coventry Health Care Inc   3,244,070.70 3,242,868.31      
0.60 
USD          43,075  Covidien Ltd                954,648.09   1,311,392.17     
0.24 
USD          150,500 Dell Inc                    3,091,935.58 2,553,449.39     
0.47 
USD          60,900  Dresser Rand Group Inc     1,342,349.02  1,644,513.28     
0.30 
USD          241,100 EBay Inc                    5,544,264.03 5,538,307.44     
1.02 
USD          32,800  Eaton Corp                 2,038,529.91  2,179,603.55     
0.40 
USD          83,676  Emerson Electric Co        2,506,737.65  3,245,073.12     
0.60 
USD          26,500  Fedex Corp                 2,219,407.73  1,633,014.86     
0.30 
USD          75,000  General Cable Corp         3,376,837.88  3,812,859.13     
0.71 
USD          70,000  Global Payments Inc        2,053,389.57  2,182,040.73     
0.40 
USD          30,000  Graco Inc                    891,858.73  766,039.92       
0.14 
USD          40,000  Greif Inc A                 1,530,015.45 1,827,343.51     
0.34 
USD          37,076  Hologic Inc                  553,757.24  1,756,039.17     
0.33 
USD          136,600 Home Depot Inc             4,341,444.00  2,478,316.28     
0.46 
USD          35,000  Illinois Tool Works Inc    1,317,946.30  1,286,185.44     
0.24 
USD          100,200 Johnson & Johnson          4,891,197.80  4,591,123.05     
0.85 
USD          57,600  Johnson Controls Inc       1,207,617.37  1,441,419.88     
0.27 
USD          91,000  Joy Global Inc             3,500,395.50  4,141,117.27     
0.77 
USD          130,500 KBR Inc                     2,463,287.14 3,471,599.06     
0.64 
USD          100,100 Kellogg Co                  3,704,523.52 3,602,252.22     
0.67 
USD          55,000  Legg Mason Inc             3,255,677.43  2,664,071.27     
0.49 
USD          48,000  McGraw-Hill Companies Inc  1,479,915.94  1,431,627.62     
0.26 
USD          71,300  Medtronic Inc              3,343,469.09  2,434,929.79     
0.45 
USD          152,200 Microsoft Corp             4,387,850.13  3,738,372.72     
0.69 
USD          62,100  Nike Inc B                  2,090,847.84 2,715,753.29     
0.50 
USD          71,346  Pitney Bowes               2,502,036.77  1,865,946.18     
0.35 
USD          65,200  Thermo Fisher Scientific   2,398,287.54  2,579,978.92     
0.48 
                     Inc 
USD          80,900  Thomas & Betts Corp        3,174,870.94  2,756,172.86     
0.51 
USD          43,075  Tyco Electronics Ltd        879,007.86   1,107,228.59     
0.20 
USD          43,075  Tyco Intl Ltd              2,259,368.39  1,174,599.64     
0.22 
USD          71,224  United Technologies Corp   2,568,255.81 3,723,089.24      
0.69 
USD          69,827  Wachovia Corp              2,479,893.35 1,806,750.77      
0.33 
USD          99,200  Wal-Mart Stores Inc        3,674,679.42  3,243,368.81     
0.60 
USD          113,100 Wells Fargo & Co New       2,957,018.30 2,314,221.89      
0.43 
USD          289,300 Western Union Co (The)     4,693,130.18  4,711,662.30     
0.87 
USD          44,400  Zimmer Holdings Inc        2,162,154.64 2,006,310.56      
0.37 
                                               127,832,252.74129,856,772.77   
24.03 
 Total shares                                  253,181,662.48289,523,579.79   
53.58 
Undertakings for collective investment 
EUR           7,000  Magellan SICAV Cap/Dist    11,145,923.8511,303,460.00     
2.09 
EUR          90,000  State Street Act Japon     16,021,270.9113,702,500.00     
2.54 
                     SICAV Cap 
                                                27,167,194.7625,005,960.00     
4.63 

The accompanying notes are an integral part of these financial statements.

70

              BL             
SICAV with multiple Sub-Funds
        BL-Global 75         

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

C-  Number /  Descrip-                     Descrip-                    
Descrip-         Cost Mar-       % of 
r-  nominal   ion                  ion                  ion           et 
e-                                                                    val- 
cy                                                                  e 
  value                                                                  total
net 
                                                                         
assets 
U-     330,000Aberdeen             Aberdeen             Aberdeen 7,67-    
13,4-          2.49 
D           Gl SICAV             Gl SICAV             Gl SICAV ,780-     6,59- 
            Asia                 Asia                 Asia     73   .13 
            Pacific              Pacific              Pacific 
            Fd Ser               Fd Ser               Fd Ser A2 
            A2 Cap F             A2 Cap F             Cap F 
            Templet-                     Templet-                     Templeton 
            n Inv                n Inv                Inv Fds 
            Fds                  Fds                  SICAV 
            SICAV                SICAV                Asian 
            Asian                Asian                Growth I 
            Growth I             Growth I             Cap 
            Cap                  Cap 
U-     500,000                                                  4,506-     
10,9-          2.02 
D                                                             587.410,88- 
                                                                    .68 
U-     600,000Fidelity             Fidelity             Fidelity 8,07-    
9,71-          1.80 
D           Fds                  Fds                  Fds SICAV,167-     ,652- 
            SICAV                SICAV                Thailand 34   48 
            Thailand             Thailand             A Gl 
            A Gl                 A Gl                 Certif 
            Certif               Certif 
U-     260,000JPMorgan             JPMorgan             JPMorgan 3,45-    
2,82-          0.52 
D           Fds                  Fds                  Fds SICAV,447-     ,569- 
            SICAV JF             SICAV JF             JF Taiwan65   41 
            Taiwan A             Taiwan A             A USD Cap 
            USD Cap              USD Cap              Vontobel 
            Vontobel             Vontobel             Fd SICAV 
            Fd SICAV             Fd SICAV             Far East 
            Far East             Far East             Equity A2 
            Equity               Equity               Cap 
            A2 Cap               A2 Cap 
U-      30,000                                                  4,362-     
7,96-          1.47 
D                                                             903.78,407- 
                                                                    13 
                                                              28,07-      44,8-
         8.30 
                                                              ,886.-      8,10- 
                                                              1     .83 
Total undertakings for collective investment                   55,2-     69,8- 
       12.93 
                                                               0,08-     4,06- 
                                                               .67  .83 
B- 
n- 
s 
E-  16,000,000Deutsch-                     Deutsch-                    
Deutschl-         15,4-     14,9-          2.77 
R           and                  and                  nd 3.25% 5,94-     8,36- 
            3.25%                3.25%                Ser 05   .20  .01 
            Ser 05               Ser 05               05/04.07- 
            05/04.0-                     05/04.0-                     15 
            .15                  .15 
E-  13,900,000Deutsch-                     Deutsch-                    
Deutschl-         13,5-     13,1-          2.44 
R           and 3.5%             and 3.5%             nd 3.5%  3,96-     5,88- 
            Ser 05               Ser 05               Ser 05   .43  .06 
            05/04.0-                     05/04.0-                     05/04.01- 
            .16                  .16                  16 
E-   9,000,000Deutsch-                     Deutsch-                    
Deutschl-         8,82-     8,91-          1.65 
R           and 3.5%             and 3.5%             nd 3.5%  ,019-     ,631- 
            Ser 145              Ser 145              Ser 145  20   10 
            04/09.1-                     04/09.1-                     04/09.10- 
            .09                  .09                  09 
E-   9,300,000Deutsch-                     Deutsch-                    
Deutschl-         8,96-     9,11-          1.69 
R           and                  and                  nd 3.75% ,878-     ,420- 
            3.75%                3.75%                Ser 0302 44   36 
            Ser 0302             Ser 0302             03/04.07- 
            03/04.0-                     03/04.0-                     13 
            .13                  .13 
E-   7,000,000Deutsch-                     Deutsch-                    
Deutschl-         6,69-     6,98-          1.29 
R           and                  and                  nd 3.75% ,631-     ,332- 
            3.75%                3.75%                Ser 99   01   70 
            Ser 99               Ser 99               99/04.01- 
            99/04.0-                     99/04.0-                     09 
            .09                  .09 
E-   6,500,000Deutsch-                     Deutsch-                    
Deutschl-         6,59-     5,88-          1.09 
R           and 4%               and 4%               nd 4% Ser,933-     ,899- 
            Ser 05               Ser 05               05       58   40 
            05/04.0-                     05/04.0-                     05/04.01- 
            .37                  .37                  37 
E-   5,200,000Deutsch-                     Deutsch-                    
Deutschl-         4,79-     5,19-          0.96 
R           and 4%               and 4%               nd 4% Ser,938-     ,702- 
            Ser 99               Ser 99               99       02   80 
            99/04.0-                     99/04.0-                     99/04.07- 
            .09                  .09                  09 
E-   1,400,000Deutsch-                     Deutsch-                    
Deutschl-         1,46-     1,39-          0.26 
R           and                  and                  nd 4.125%,555-     ,664- 
            4.125%               4.125%               98/04.07-         03   56 
            98/04.0-                     98/04.0-                     08 
            .08                  .08 
E-   7,200,000Deutsch-                     Deutsch-                    
Deutschl-         7,89-     7,43-          1.38 
R           and                  and                  nd 5.25% ,029-     ,573- 
            5.25%                5.25%                Ser 00   54   76 
            Ser 00               Ser 00               00/04.01- 
            00/04.0-                     00/04.0-                     11 
            .11                  .11 
E-   9,900,000Deutsch-                     Deutsch-                    
Deutschl-         9,90-     10,1-          1.88 
R           and                  and                  nd 5.25% ,412-     6,15- 
            5.25%                5.25%                Ser 00   50   .54 
            Ser 00               Ser 00               00/04.07- 
            00/04.0-                     00/04.0-                     10 
            .10                  .10 
E-   5,500,000Deutsch-                     Deutsch-                    
Deutschl-         6,59-     6,15-          1.14 
R           and 5.5%             and 5.5%             nd 5.5%  ,944-     ,603- 
            Ser 00               Ser 00               Ser 00   53   05 
            00/04.0-                     00/04.0-                     00/04.01- 
            .31                  .31                  31 
E-   5,000,000Deutsch-                     Deutsch-                    
Deutschl-         5,83-     5,95-          1.10 
R           and                  and                  nd 6.25% ,095-     ,460- 
            6.25%                6.25%                Ser 94   94   00 
            Ser 94               Ser 94               94/04.01- 
            94/04.0-                     94/04.0-                     24 
            .24                  .24 
E-  12,700,000France               France               France   12,1-    
11,7-          2.17 
R           3.75%                3.75%                3.75% OAT6,56-     3,91- 
            OAT                  OAT                  05/25.04-         .44 
.56 
            05/25.0-                     05/25.0-                     21 
            .21                  .21 
E-   2,900,000France               France               France 4%2,47-    
2,56-          0.47 
R           4% OAT               4% OAT               OAT      ,248-     ,343- 
            05/25.0-                     05/25.0-                     05/25.04-
        81   35 
            .55                  .55                  55 
E-   7,600,000France               France               France   7,81-    
7,83-          1.45 
R           5.5% OAT             5.5% OAT             5.5% OAT ,534-     ,157- 
            00/25.0-                     00/25.0-                     00/25.04-
        12   80 
            .10                  .10                  10 
E-   3,000,000France               France               France   3,55-    
3,33-          0.62 
R           5.5% OAT             5.5% OAT             5.5% OAT ,436-     ,233- 
            98/25.0-                     98/25.0-                     98/25.04-
        25   80 
            .29                  .29                  29 
E-   6,300,000Italia               Italia               Italia 5%6,74-    
6,47-          1.20 
R           5% BTP               5% BTP               BTP      ,533-     ,054- 
            01/01.0-                     01/01.0-                     01/01.02-
        89   19 
            .12                  .12                  12 
T-                                                              129,4-     
127,-         23.56 
t-                                                              2,667-     
79,3- 
l                                                             93    2.04 
b- 
n- 
s 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY                          2,052,206.359                            
22,196,95-           16,717,075-              3.09 
                                                                       .49     
  53 
USD                                                                   -
3,374,836-           3,201,523.-              0.59 
                                                                      - 82     
   4 
                                                                      - 
                                                                      M 
                                                                      - 
                                                                      - 
                                                                      s 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      N 
                                                                      - 
                                                                      - 
                                                                      w 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      s 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      c 
                                                                      - 
                                                                      - 
                                                                      p 
Total undertakings for collective investment                          
25,571,78-           19,918,598-              3.68 
                                                                       .31     
  77 
TOTAL INVESTMENTS IN SECURITIES                                      
463,396,20-           506,605,637-              93.75 
                                                                      .39      
 43 
CASH AT BANKS                                                                  
  80,625,734-             14.92 
                                                                               
  90 
OTHER NET ASSETS/(LIABILITIES)                                                 
 -46,861,987-              -8.67 
                                                                               
 50 
TOTAL                                                                          
 540,369,384-             100.00 
                                                                               
 83 

The accompanying notes are an integral part of these financial statements.

71

              BL             
SICAV with multiple Sub-Funds
        BL-Global 75         

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Countries and governments 23.56 %

Undertakings for collective investment 16.61 %

Food, beverage and tobacco 9.69 %

Capital goods 9.10 %

Materials 5.26 %

Health care equipment and services 3.99 %

Pharmaceuticals and biotechnology 3.62 %

Technology hardware and equipment 2.83 %

Diversified financial services 2.63 %

Retailing 2.61 %

Energy 2.26 %

Banks 2.22 %

Consumer durables and apparel 1.85 %

Automobiles and components 1.33 %

Software and services 1.09 %

Investment companies 0.99 %

Commercial services and supplies 0.94 %

Transportation 0.93 %

Household and personal products 0.92 %

Real estate 0.59 %

Utilities 0.47 %

Media 0.26 %

TOTAL 93.75 %

The accompanying notes are an integral part of these financial statements.

72

              BL             
SICAV with multiple Sub-Funds
        BL-Global 75         

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 23.84 %

Germany 20.70 %

France 15.23 %

Luxembourg (Grand Duchy of) 11.98 %

United Kingdom 6.43 %

Switzerland 4.91 %

The Netherlands 3.30 %

Italy 2.31 %

Ireland 1.57 %

Sweden 0.93 %

Bermuda 0.66 %

South Korea 0.46 %

Hungary 0.38 %

Greece 0.32 %

Guernsey 0.26 %

Finland 0.25 %

Norway 0.22 %

TOTAL 93.75 %

The accompanying notes are an integral part of these financial statements.

73

              BL             
SICAV with multiple Sub-Funds
      BL-Global Equities     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          164,664,416.07
Cash at banks                                  31,460,539.82
Income receivable on portfolio                    100,683.45
Interest receivable on bank accounts               89,297.15
Unrealised gain on foreign exchange contracts   1,075,081.31
Prepaid expenses                                      200.00

Total assets 197,390,217.80

LIABILITIES                                             
Commitment on repurchase and "repo" contracts 452,000.00
Interest payable on financial instruments         159.33
Accrued capital gain taxes                     65,481.04
Expenses payable                              538,613.31

Total liabilities 1,056,253.68

NET ASSETS at the end of the year 196,333,964.12

Class B shares outstanding        430,830.499
Net asset value per class B share      455.71

The accompanying notes are an integral part of these financial statements.

74

              BL             
SICAV with multiple Sub-Funds
      BL-Global Equities     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                
Dividends, net            1,835,686.68
Interest on bank accounts   528,704.01
Received commissions        172,205.54
Other income                 36,667.81
Total income              2,573,264.04

EXPENSES                                            
Management fees                         1,492,427.91
Custodian fees                            149,937.31
Banking charges and other fees             59,963.25
Transaction fees                              275.56
Central administration costs               79,831.44
Audit and supervisory fees                  3,032.38
Other administration costs                 26,891.33
Subscription duty ("taxe d'abonnement")    66,584.02
Other taxes                                   118.78
Interest paid on financial instruments     49,793.08
Other expenses                             33,690.70
Total expenses                          1,962,545.76

NET INVESTMENT INCOME 610,718.28

NET REALISED GAIN/(LOSS)                    
- on portfolio                  6,522,691.19
- on financial instruments       -227,652.76
- on foreign exchange contracts 1,797,887.02
- on foreign exchange            -200,056.89

REALISED RESULT 8,503,586.84

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -7,167,429.39
- on foreign exchange contracts                821,076.05

RESULT OF OPERATIONS 2,157,233.50

Dividends paid -

Reinvestments -

Subscriptions 90,134,163.32

Redemptions -25,081,097.89

TOTAL CHANGES IN NET ASSETS 67,210,298.93

TOTAL NET ASSETS at the beginning of the year 129,123,665.19

TOTAL NET ASSETS at the end of the year 196,333,964.12

The accompanying notes are an integral part of these financial statements.

75

              BL             
SICAV with multiple Sub-Funds
      BL-Global Equities     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 196,333,964.12
- as at 31.12.2006 129,123,665.19
- as at 31.12.2005 112,984,102.48

Number of class B shares                              
- outstanding at the beginning of the year 292,064.750
- issued                                              
                                           193,250.167
- redeemed                                 -54,484.418
- outstanding at the end of the year       430,830.499

Net asset value per class B share           
- highest                             487.09
                                  17.07.2007
- lowest                              437.60
                                  06.03.2007

- as at 31.12.2007 455.71
- as at 31.12.2006 442.11
- as at 31.12.2005 397.70

The accompanying notes are an integral part of these financial statements.

76

              BL             
SICAV with multiple Sub-Funds
     BL-Global Equities      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
CHF      9,400 Geberit AG Reg                           760,769.22   880,994.32
 0.45 
CHF      3,400 Kaba Holding AG                          765,719.59   727,481.80
 0.37 
CHF      8,920 Nestlé SA Reg                           2,195,544.-           
2,795,651.68  1.42 
                                                       5 
CHF     37,536 Novartis AG Reg                         1,457,729.-           
1,404,929.24  0.72 
                                                       5 
CHF     12,113 Roche Holding AG B de jouis Pref        1,132,947.-           
1,428,023.75  0.73 
                                                       9 
CHF     25,900 Schindler Holding AG Partizsch          1,215,035.-           
1,139,560.76  0.58 
                                                       2 
CHF      6,200 Swatch Group AG                          883,143.66 1,275,202.66
 0.65 
CHF     18,700 Syngenta AG Reg                         2,230,802.-           
3,251,638.71  1.66 
                                                       2 
CHF     22,750 Synthes Inc                             1,889,506.-           
1,927,887.04  0.98 
                                                       0 
                                                       12,531,200-           
14,831,369.-              7.56 
                                                       10          6 
EUR     58,500 Aalberts Industries NV                   930,966.26   780,975.00
 0.40 
EUR     12,900 Air Liquide SA                           820,416.70 1,309,737.00
 0.67 
EUR     65,380 Akzo Nobel NV                           2,922,467.-           
3,542,288.40  1.80 
                                                       4 
EUR     25,000 Amer Sports Corp A                       337,702.58   462,250.00
 0.24 
EUR    138,600 Anglo Irish Bank Corp Plc               1,361,918.-           
1,516,284.00  0.77 
                                                       7 
EUR     17,505 BASF AG                                 1,005,649.-           
1,775,182.05  0.90 
                                                       1 
EUR     90,600 Bank of Ireland Plc                     1,255,321.-             
926,838.00  0.47 
                                                       4 
EUR     41,400 Brembo SpA                               402,263.40   445,464.00
 0.23 
EUR     56,100 CRH Plc                                 1,516,847.-           
1,329,570.00  0.68 
                                                       8 
EUR     25,900 Continental AG                          2,508,024.-           
2,304,841.00  1.17 
                                                       4 
EUR     47,950 DSM NV                                  1,727,252.-           
1,546,387.50  0.79 
                                                       8 
EUR     17,478 Deutsche Boerse AG Reg                   804,915.73 2,372,638.50
 1.21 
EUR     63,429 ENI SpA                                 1,063,431.-           
1,588,896.45  0.81 
                                                       0 
EUR     36,171 Heineken NV                             1,206,239.-           
1,600,928.46  0.82 
                                                       6 
EUR     43,100 Hypo Real Estate Holding AG             1,944,859.-           
1,555,910.00  0.79 
                                                       8 
EUR     18,000 National Bank of Greece SA Reg           424,425.83   844,200.00
 0.43 
EUR     13,000 Neopost SA                              1,172,149.-             
916,110.00  0.47 
                                                       5 
EUR     27,980 Pernod-Ricard                           3,463,403.-           
4,432,032.00  2.26 
                                                       8 
EUR     30,000 Saipem SpA                               822,561.90   822,900.00
 0.42 
EUR     22,750 Schneider Electric SA                   1,930,613.-           
2,096,867.50  1.07 
                                                       4 
EUR     52,000 TNT NV                                  1,364,561.-           
1,465,360.00  0.75 
                                                       1 
EUR     20,150 Total SA                                 868,983.35 1,142,908.00
 0.58 
EUR    102,270 Vinci SA                                4,320,627.-           
5,204,520.30  2.65 
                                                       8 
                                                       34,175,602-           
39,983,088.-             20.38 
                                                       41          6 
GBP     20,100 Berkeley Gr Hgs (The) Plc Units 1 Ord    156,636.37   368,127.91
 0.19 
               Share + 2 B Shares Bodycote Intl Plc 
GBP    178,600                                          728,805.94   450,946.55
 0.23 
GBP     63,400 Bovis Homes Group Plc                    609,813.59   541,473.42
 0.28 
GBP    174,955 British American Tobacco Plc            2,597,935.-           
4,696,116.76  2.39 
                                                       1 
GBP    257,100 Diageo Plc                              3,489,743.-           
3,767,689.53  1.92 
                                                       4 
GBP     60,149 GlaxoSmithKline Plc                     1,281,641.-           
1,044,539.53  0.53 
                                                       8 
GBP     34,700 Intertek Group Plc                       473,535.94   461,002.08
 0.23 
GBP    107,600 National Grid Plc                       1,007,196.-           
1,225,290.02  0.62 
                                                       9 
GBP     28,350 Persimmon Plc                            312,835.30   307,845.58
 0.16 
GBP     55,100 Reckitt Benckiser Group Plc             1,789,636.-           
2,171,420.67  1.11 
                                                       1 
GBP    144,200 Smith & Nephew Plc                      1,162,395.-           
1,129,901.11  0.58 
                                                       7 
GBP    135,500 Southern Cross Healthca Gr Plc          1,099,923.-             
973,559.51  0.50 
                                                       6 
                                                       14,710,099-           
17,137,912.-              8.74 
                                                       60          7 
HUF      9,421 MOL Hungarian Oil and Gas Plc Ser A      660,900.98   908,346.32
 0.46 
KRW     17,000 Kookmin Bank                             972,441.17   852,156.12
 0.43 
NOK     30,000 Petroleum Geo-Services ASA               601,441.89   594,177.41
 0.30 

The accompanying notes are an integral part of these financial statements.

77

              BL             
SICAV with multiple Sub-Funds
     BL-Global Equities      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency     Number  Description                    Cost     Market value    %
of 
             / 
             nominal 
             value                                                        
total net 
                                                                           
assets 
SEK          56,100  SKF AB                       695,290.45  649,680.33       
0.33 
SEK          104,900 Swedish Match AB           1,517,674.92  1,714,062.73     
0.87 
                                                 2,212,965.37 2,363,743.06     
1.20 
USD          35,000  3M Co                       2,066,988.51 2,025,194.66     
1.03 
USD          50,800  Abbott Laboratories        1,800,391.43  1,977,004.52     
1.01 
USD          24,445  Altria Group Inc            786,476.27   1,262,685.53     
0.64 
USD          46,000  Amdocs Ltd                 1,136,505.72  1,065,424.50     
0.54 
USD          40,450  Anheuser-Busch Cos Inc     1,486,885.34  1,453,729.90     
0.74 
USD          15,840  Becton Dickinson & Co       596,011.53   915,037.23       
0.47 
USD               5  Berkshire Hathaway Inc A    326,934.02   479,752.47       
0.24 
USD             394  Berkshire Hathaway Inc B   1,052,098.15  1,255,237.84     
0.64 
USD          23,000  Best Buy Co Inc             814,234.54   817,836.86       
0.42 
USD          74,000  Cisco Systems Inc          1,235,905.17  1,386,855.26     
0.71 
USD          39,887  Coca-Cola Co               1,570,189.24  1,689,003.09     
0.86 
USD          24,000  Corporate Executive Board  1,162,102.70  989,344.12       
0.50 
                     Co 
USD          27,000  Coventry Health Care Inc   1,095,957.04 1,094,468.06      
0.56 
USD          30,000  Covidien Ltd                824,949.26   913,331.75       
0.46 
USD          56,000  Dell Inc                    1,147,506.15 950,120.70       
0.48 
USD          20,000  Dresser Rand Group Inc      440,856.44   540,070.04       
0.27 
USD          100,500 EBay Inc                    2,308,285.69 2,308,585.22     
1.18 
USD          12,000  Eaton Corp                  739,737.66   797,415.93       
0.41 
USD          25,018  Emerson Electric Co         751,418.34   970,233.27       
0.49 
USD          20,000  Fedex Corp                 1,550,171.41  1,232,464.04     
0.63 
USD          30,000  General Cable Corp         1,375,699.28  1,525,143.65     
0.78 
USD          21,000  Global Payments Inc         617,270.98   654,612.22       
0.33 
USD           8,000  Graco Inc                    237,848.92  204,277.31       
0.10 
USD          13,400  Greif Inc A                  516,135.05  612,160.08       
0.31 
USD          11,440  Hologic Inc                  170,875.29  541,835.37       
0.28 
USD          65,400  Home Depot Inc             1,816,874.30  1,186,543.81     
0.60 
USD          14,000  Illinois Tool Works Inc     544,609.58   514,474.18       
0.26 
USD          37,200  Johnson & Johnson          1,794,118.26  1,704,488.80     
0.87 
USD          22,000  Johnson Controls Inc        460,646.86   550,542.31       
0.28 
USD          37,500  Joy Global Inc             1,417,489.87  1,706,504.37     
0.87 
USD          68,000  KBR Inc                     1,457,222.48 1,808,955.83     
0.92 
USD          43,800  Kellogg Co                  1,615,269.66 1,576,210.26     
0.80 
USD          28,000  Legg Mason Inc             1,659,536.32  1,356,254.46     
0.69 
USD          16,030  McGraw-Hill Companies Inc   503,417.01   478,103.97       
0.24 
USD          33,800  Medtronic Inc              1,428,246.96  1,154,286.49     
0.59 
USD          50,731  Microsoft Corp             1,312,144.04  1,246,066.93     
0.63 
USD          23,600  Nike Inc B                   797,725.57  1,032,073.71     
0.53 
USD          30,400  Pitney Bowes               1,057,201.08  795,065.79       
0.40 
USD          22,500  Thermo Fisher Scientific    827,648.60   890,330.15       
0.45 
                     Inc 
USD          32,000  Thomas & Betts Corp        1,278,200.20  1,090,204.35     
0.56 
USD          15,000  Tyco Electronics Ltd        363,248.61   385,570.02       
0.20 
USD          15,000  Tyco Intl Ltd               676,362.30   409,030.63       
0.21 
USD          30,068  United Technologies Corp   1,224,932.13 1,571,743.33      
0.80 
USD          22,832  Wachovia Corp               828,638.31   590,770.53       
0.30 
USD          51,800  Wal-Mart Stores Inc        1,815,018.69  1,693,613.95     
0.86 
USD          39,000  Wells Fargo & Co New       1,018,603.62  798,007.55       
0.41 
USD          112,100 Western Union Co (The)     1,789,352.64  1,825,708.07     
0.93 
USD          21,000  Zimmer Holdings Inc        1,093,397.07  948,930.67       
0.48 
                                                52,591,338.2952,975,303.78    
26.96 
 Total shares                                  118,455,989.81129,646,097.48   
66.03 
Undertakings for collective investment 
EUR           2,500  Magellan SICAV Cap/Dist    3,980,687.09  4,036,950.00     
2.06 
EUR          31,000  State Street Act Japon     5,459,760.33  4,719,750.00     
2.40 
                     SICAV Cap 
                                                 9,440,447.42 8,756,700.00     
4.46 

The accompanying notes are an integral part of these financial statements.

78

              BL             
SICAV with multiple Sub-Funds
     BL-Global Equities      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency             Number / nominal            Description           Cost   
Market       % of 
                                                                              
value 
     value               value                                                 
          total net 
                                                                               
           assets 
USD                             105,000                             -
2,229,752-          4,284,825.-                2.18 
                                                                    - 28       
1 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    n 
                                                                    - 
                                                                    l 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    V 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    a 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    c 
                                                                    - 
                                                                    d 
                                                                    - 
                                                                    - 
                                                                    r 
                                                                    - 
                                                                    2 
                                                                    - 
                                                                    - 
                                                                    p 
                                                                    F 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    n 
                                                                    - 
                                                                    - 
                                                                    v 
                                                                    - 
                                                                    - 
                                                                    s 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    V 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    n 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    h 
                                                                    I 
                                                                    - 
                                                                    - 
                                                                    p 
USD                          132,450.349                            1,071,884.-
          2,890,300.-                1.47 
                                                                    0         
0 
USD                             200,000                             -
2,691,055-          3,236,884.-                1.65 
                                                                    - 78       
6 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    y 
                                                                    - 
                                                                    - 
                                                                    s 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    V 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    d 
                                                                    A 
                                                                    - 
                                                                    l 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    f 
USD                             200,000                             -
2,660,344-          2,171,976.-                1.11 
                                                                    - 34       
7 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    n 
                                                                    - 
                                                                    - 
                                                                    s 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    V 
                                                                    - 
                                                                    F 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    n 
                                                                    A 
                                                                    - 
                                                                    - 
                                                                    D 
                                                                    - 
                                                                    - 
                                                                    p 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    l 
                                                                    - 
                                                                    d 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    V 
                                                                    - 
                                                                    - 
                                                                    r 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    t 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    - 
                                                                    y 
                                                                    - 
                                                                    2 
                                                                    - 
                                                                    - 
                                                                    p 
USD                              10,400                             1,512,473.-
          2,761,687.-                1.41 
                                                                    1         
0 
                                                                    10,165,510-
          15,345,674-                7.82 
                                                                    51        
54 
Total undertakings for collective investment                         19,605,95-
         24,102,374-               12.28 
                                                                     .93      
54 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY                          1,035,460.739                            
10,105,34-           8,434,763.-              4.30 
                                                                       .54     
  4 
USD                                                                   -
2,615,498-           2,481,180.-              1.26 
                                                                      - 54     
   1 
                                                                      - 
                                                                      M 
                                                                      - 
                                                                      - 
                                                                      s 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      N 
                                                                      - 
                                                                      - 
                                                                      w 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      s 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      - 
                                                                      c 
                                                                      - 
                                                                      - 
                                                                      p 
Total undertakings for collective investment                          
12,720,84-          10,915,944.-               5.56 
                                                                       .08     
 5 
TOTAL INVESTMENTS IN SECURITIES                                      
150,782,79-           164,664,416-              83.87 
                                                                      .82      
 07 
CASH AT BANKS                                                                  
 31,460,539.-              16.02 
                                                                               
 2 
OTHER NET ASSETS/(LIABILITIES)                                                 
   209,008.23   0.11 
TOTAL                                                                          
 196,333,964-             100.00 
                                                                               
 12 

The accompanying notes are an integral part of these financial statements.

79

              BL             
SICAV with multiple Sub-Funds
     BL-Global Equities      

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 17.84 %

Food, beverage and tobacco 12.72 %

Capital goods 11.13 %

Materials 6.81 %

Health care equipment and services 4.90 %

Pharmaceuticals and biotechnology 4.31 %

Technology hardware and equipment 3.55 %

Diversified financial services 3.26 %

Retailing 3.06 %

Energy 2.84 %

Banks 2.38 %

Consumer durables and apparel 2.05 %

Automobiles and components 1.68 %

Transportation 1.38 %

Commercial services and supplies 1.13 %

Investment companies 1.11 %

Household and personal products 1.11 %

Software and services 0.96 %

Real estate 0.79 %

Utilities 0.62 %

Media 0.24 %

TOTAL 83.87 %

The accompanying notes are an integral part of these financial statements.

80

              BL             
SICAV with multiple Sub-Funds
     BL-Global Equities      

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 26.53 %

Luxembourg (Grand Duchy of) 13.38 %

France 12.16 %

United Kingdom 8.74 %

Switzerland 6.58 %

The Netherlands 4.56 %

Germany 4.07 %

Ireland 1.92 %

Italy 1.46 %

Sweden 1.20 %

Bermuda 0.87 %

Guernsey 0.54 %

Hungary 0.46 %

South Korea 0.43 %

Greece 0.43 %

Norway 0.30 %

Finland 0.24 %

TOTAL 83.87 %

The accompanying notes are an integral part of these financial statements.

81

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Horizon     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                     
Securities portfolio at market value          76,199,071.29
Cash at banks                                  8,740,716.54
Income receivable on portfolio                    87,841.15
Interest receivable on bank accounts              20,417.02
Unrealised gain on foreign exchange contracts  1,793,991.32
Prepaid expenses                                     200.00

Total assets 86,842,237.32

LIABILITIES                
Expenses payable 304,962.30

Total liabilities 304,962.30

NET ASSETS at the end of the year 86,537,275.02

Class B shares outstanding        137,940.061
Net asset value per class B share      627.35

The accompanying notes are an integral part of these financial statements.

82

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Horizon     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                
Dividends, net            1,648,862.97
Interest on bank accounts   310,572.69
Received commissions         80,839.83
Other income                 24,148.13
Total income              2,064,423.62

EXPENSES                                            
Management fees                           976,555.79
Custodian fees                             97,965.27
Banking charges and other fees             62,628.36
Central administration costs               77,145.47
Audit and supervisory fees                  2,100.02
Other administration costs                 24,455.06
Subscription duty ("taxe d'abonnement")    47,491.98
Other taxes                                   162.28
Interest paid on financial instruments     39,330.40
Other expenses                              8,569.68
Total expenses                          1,336,404.31

NET INVESTMENT INCOME 728,019.31

NET REALISED GAIN/(LOSS)                    
- on portfolio                  3,144,518.25
- on financial instruments         28,114.44
- on foreign exchange contracts 2,081,921.98
- on foreign exchange             244,399.14

REALISED RESULT 6,226,973.12

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -5,898,529.72
- on foreign exchange contracts                667,473.14

RESULT OF OPERATIONS 995,916.54

Dividends paid -

Reinvestments -

Subscriptions 1,556,984.59

Redemptions -22,094,313.76

TOTAL CHANGES IN NET ASSETS -19,541,412.63

TOTAL NET ASSETS at the beginning of the year 106,078,687.65

TOTAL NET ASSETS at the end of the year 86,537,275.02

The accompanying notes are an integral part of these financial statements.

83

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Horizon     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                    
- as at 31.12.2007      86,537,275.02
- as at 31.12.2006     106,078,687.65
- as at 31.12.2005 USD 168,963,975.65

Number of class B shares                              
- outstanding at the beginning of the year 170,786.921
- issued                                              
                                             2,493.103
- redeemed                                 -35,339.963
- outstanding at the end of the year       137,940.061

Net asset value per class B share           
- highest                             654.49
                                  04.06.2007
- lowest                              591.38
                                  17.08.2007

- as at 31.12.2007     627.35
- as at 31.12.2006     621.12
- as at 31.12.2005 USD 709.63

The accompanying notes are an integral part of these financial statements.

84

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Horizon     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
CHF                        20,000             Geberit AG Reg    1,525,237-     
     1,874,456.-              2.17 
                                                                69         0 
CHF                        12,000              Nestlé SA Reg    1,813,158-     
     3,760,966.-              4.35 
                                                                95         8 
CHF                        14,000             Syngenta AG Reg   1,477,985-     
     2,434,381.-              2.81 
                                                                03         3 
                                                                4,816,381-     
     8,069,804.-              9.33 
                                                                67         1 
EUR                        21,000                Adidas AG      923,967.61
1,076,460.-              1.24 
                                                                           0 
EUR                     270,000         Anglo Irish Bank Corp   3,199,379-     
     2,953,800.-              3.41 
                                        Plc                     81         0 
EUR                     100,000                 Heineken NV     3,046,510-     
     4,426,000.-              5.11 
                                                                52         0 
EUR                        13,200              Pernod-Ricard    1,842,412-     
     2,090,880.-              2.42 
                                                                12         0 
EUR                        15,000        Schneider Electric SA  1,392,497-     
     1,382,550.-              1.60 
                                                                85         0 
EUR                        57,000                Total SA       2,226,727-     
     3,233,040.-              3.74 
                                                                37         0 
EUR                        70,000                Vinci SA       2,649,790-     
     3,562,300.-              4.12 
                                                                31         0 
EUR                     300,000                 Wessanen NV     3,270,274-     
     3,249,000.-              3.75 
                                                                68         0 
                                                               18,551,560-     
     21,974,030.-              25.39 
                                                               27         0 
GBP                     100,000         British American Tobacco1,413,078-     
     2,684,185.-              3.10 
                                        Plc                     78         1 
GBP                     250,000                 Diageo Plc      2,877,657-     
     3,663,642.-              4.23 
                                                                92         9 
GBP                     200,000            HSBC Holdings Plc    1,722,428-     
     2,289,691.-              2.64 
                                                                83         8 
                                                                6,013,165-     
     8,637,519.-              9.97 
                                                                53         8 
THB                     800,000          Bangkok Bank PCL Nv DR 1,879,559-     
     2,143,361.-              2.48 
                                                                42         6 
USD                        27,000                  3M Co        1,622,625-     
     1,562,293.-              1.80 
                                                                08         2 
USD                        54,000            Altria Group Inc   1,398,016-     
     2,789,323.-              3.22 
                                                                54         2 
USD                        25,000        Anheuser-Busch Cos Inc 877,094.64 
898,473.36   1.04 
USD                        60,000        Becton Dickinson & Co  2,154,511-     
     3,466,050.-              4.00 
                                                                85         2 
USD                           25        Berkshire Hathaway Inc A1,494,461-     
     2,398,762.-              2.77 
                                                                52         7 
USD                        40,000          Cisco Systems Inc    916,198.32 
749,651.49   0.87 
USD                     120,000                 Coca-Cola Co    3,996,352-     
     5,081,364.-              5.87 
                                                                56         2 
USD                        60,000         Emerson Electric Co   1,401,490-     
     2,326,884.-              2.69 
                                                                51         0 
USD                        27,000             Gannett Co Inc    1,473,482-     
      701,921.05   0.81 
                                                                68 
USD                     110,000               Home Depot Inc    3,228,247-     
     1,995,715.-              2.31 
                                                                86         9 
USD                        50,000          Johnson & Johnson    2,550,439-     
     2,290,979.-              2.65 
                                                                21         7 
USD                     200,000               Microsoft Corp    5,036,925-     
     4,912,447.-              5.68 
                                                                79         2 
USD                        64,000       United Technologies Corp1,521,381-     
     3,345,469.-              3.87 
                                                                03         8 
USD                        40,000         Wal-Mart Stores Inc   1,353,688-     
     1,307,810.-              1.51 
                                                                90         0 
USD                        95,000        Western Union Co (The) 1,606,871-     
     1,547,210.-              1.79 
                                                                44         3 
                                                               30,631,787-     
     35,374,356.-              40.88 
                                                               93         4 
TOTAL INVESTMENTS IN SECURITIES                                61,892,454-     
     76,199,071.-              88.05 
                                                               82         9 
CASH AT BANKS                                                             
8,740,716.-             10.10 
                                                                           4 
OTHER NET ASSETS/(LIABILITIES)                                            
1,597,487.-              1.85 
                                                                           9 
TOTAL                                                                    
86,537,275.-             100.00 
                                                                          2 

The accompanying notes are an integral part of these financial statements.

85

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Horizon     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Food, beverage and tobacco 33.09 %

Capital goods 16.25 %

Banks 8.53 %

Software and services 5.68 %

Health care equipment and services 4.00 %

Retailing 3.82 %

Energy 3.74 %

Materials 2.81 %

Investment companies 2.77 %

Pharmaceuticals and biotechnology 2.65 %

Diversified financial services 1.79 %

Consumer durables and apparel 1.24 %

Technology hardware and equipment 0.87 %

Media 0.81 %

TOTAL 88.05 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 40.88 %

France 11.88 %

United Kingdom 9.97 %

Switzerland 9.33 %

The Netherlands 8.86 %

Ireland 3.41 %

Thailand 2.48 %

Germany 1.24 %

TOTAL 88.05 %

The accompanying notes are an integral part of these financial statements.

86

              BL             
SICAV with multiple Sub-Funds
     BL-Equities America     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in USD)        

ASSETS                                             
Securities portfolio at market value 313,785,868.75
Cash at banks                         22,190,569.90
Receivable on issues of shares            10,806.83
Income receivable on portfolio            67,914.00
Interest receivable on bank accounts      88,450.23
Prepaid expenses                             294.11

Total assets 336,143,903.82

LIABILITIES                
Expenses payable 988,426.20

Total liabilities 988,426.20

NET ASSETS at the end of the year 335,155,477.62

Class B shares outstanding        89,920.105
Net asset value per class B share   3,727.26

The accompanying notes are an integral part of these financial statements.

87

              BL             
SICAV with multiple Sub-Funds
     BL-Equities America     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)   

INCOME                                
Dividends, net            3,954,360.18
Interest on bank accounts   747,984.25
Received commissions        620,368.13
Other income                 21,838.43
Total income              5,344,550.99

EXPENSES                                            
Management fees                         4,239,979.77
Custodian fees                            425,183.54
Banking charges and other fees            349,098.57
Central administration costs              167,049.72
Audit and supervisory fees                  8,564.12
Other administration costs                 54,365.37
Subscription duty ("taxe d'abonnement")   202,067.75
Other taxes                                   458.26
Other expenses                             21,866.31
Total expenses                          5,468,633.41

NET INVESTMENT INCOME -124,082.42

NET REALISED GAIN/(LOSS)              
- on portfolio           54,567,014.86
- on foreign exchange          -664.41

REALISED RESULT 54,442,268.03

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -15,245,159.47

RESULT OF OPERATIONS 39,197,108.56

Dividends paid -

Reinvestments -

Subscriptions 144,281,690.68

Redemptions -373,737,467.90

TOTAL CHANGES IN NET ASSETS -190,258,668.66

TOTAL NET ASSETS at the beginning of the year 525,414,146.28

TOTAL NET ASSETS at the end of the year 335,155,477.62

The accompanying notes are an integral part of these financial statements.

88

              BL             
SICAV with multiple Sub-Funds
     BL-Equities America     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in USD)        

 Total net assets                
- as at 31.12.2007 335,155,477.62
- as at 31.12.2006 525,414,146.28
- as at 31.12.2005 260,971,514.45

Number of class B shares                               
- outstanding at the beginning of the year  153,671.531
- issued                                               
                                             40,157.923
- redeemed                                 -103,909.349
- outstanding at the end of the year         89,920.105

Net asset value per class B share           
- highest                           3,859.52
                                  15.10.2007
- lowest                            3,346.45
                                  06.03.2007

- as at 31.12.2007 3,727.26
- as at 31.12.2006 3,419.07
- as at 31.12.2005 3,024.46

The accompanying notes are an integral part of these financial statements.

89

              BL             
SICAV with multiple Sub-Funds
     BL-Equities America     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in USD)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
USD                         90,000                3M Co        6,794,805.-     
      7,658,100.-              2.28 
                                                               6           0 
USD                        187,000        Abbott Laboratories  8,370,315.-     
      10,702,010-              3.19 
                                                               0           00 
USD                         90,000          Altria Group Inc   4,242,867.-     
      6,836,400.-              2.04 
                                                               0           0 
USD                        150,000              Amdocs Ltd     5,398,706.-     
      5,109,000.-              1.52 
                                                               3           0 
USD                        160,000      Anheuser-Busch Cos Inc 7,336,504.-     
      8,456,000.-              2.52 
                                                               5           0 
USD                         81,000       Becton Dickinson & Co 4,672,926.-     
      6,880,950.-              2.05 
                                                               1           0 
USD                         1,800       Berkshire Hathaway Inc 5,351,450.-     
      8,433,000.-              2.52 
                                        B                      5           0 
USD                        100,000           Best Buy Co Inc   4,802,921.-     
      5,229,000.-              1.56 
                                                               0           0 
USD                        215,000          Cisco Systems Inc  3,981,663.-     
      5,925,400.-              1.77 
                                                               6           0 
USD                        145,000             Coca-Cola Co    6,506,157.-     
      9,029,150.-              2.69 
                                                               6           0 
USD                         90,000      Corporate Executive    6,129,952.-     
      5,455,800.-              1.63 
                                        Board Co               4           0 
USD                         80,000      Coventry Health Care   4,046,937.-     
      4,768,800.-              1.42 
                                        Inc                    5           0 
USD                         99,225             Covidien Ltd    3,796,686.-     
      4,442,303.-              1.33 
                                                               6           5 
USD                        300,000              Dell Inc       7,350,017.-     
      7,485,000.-              2.23 
                                                               5           0 
USD                         92,000      Dresser Rand Group Inc 2,739,477.-     
      3,653,320.-              1.09 
                                                               5           0 
USD                        340,000               EBay Inc      10,229,876-     
      11,485,200-              3.43 
                                                               18          00 
USD                         50,000              Eaton Corp     3,867,549.-     
      4,886,000.-              1.46 
                                                               8           0 
USD                        124,600        Emerson Electric Co  4,650,170.-     
      7,105,938.-              2.12 
                                                               8           0 
USD                         80,000              Fedex Corp     8,919,282.-     
      7,249,600.-              2.16 
                                                               1           0 
USD                        125,000         General Cable Corp  8,546,535.-     
      9,345,000.-              2.79 
                                                               3           0 
USD                        110,000        Global Payments Inc  4,240,339.-     
      5,042,400.-              1.50 
                                                               2           0 
USD                         80,000              Graco Inc      3,134,293.-     
      3,004,000.-              0.90 
                                                               1           0 
USD                        103,000             Greif Inc A     5,170,898.-     
      6,919,540.-              2.06 
                                                               8           0 
USD                         52,000             Hologic Inc      852,705.07
3,621,800.-              1.08 
                                                                           0 
USD                        205,000            Home Depot Inc   7,628,252.-     
      5,469,400.-              1.63 
                                                               4           0 
USD                         59,000      Illinois Tool Works    2,542,291.-     
      3,188,360.-              0.95 
                                        Inc                    7           0 
USD                        146,000          Johnson & Johnson  9,184,082.-     
      9,837,480.-              2.94 
                                                               0           0 
USD                        100,000        Johnson Controls Inc 2,403,225.-     
      3,680,000.-              1.10 
                                                               7           0 
USD                        150,000           Joy Global Inc    8,095,229.-     
      10,038,000-              3.00 
                                                               4           00 
USD                        300,000               KBR Inc       7,443,953.-     
      11,736,000-              3.50 
                                                               6           00 
USD                        140,000              Kellogg Co     6,598,010.-     
      7,408,800.-              2.21 
                                                               5           0 
USD                         90,000            Legg Mason Inc   7,557,161.-     
      6,410,700.-              1.91 
                                                               8           0 
USD                         65,000      McGraw-Hill Companies  2,452,628.-     
      2,850,900.-              0.85 
                                        Inc                    8           0 
USD                        100,000            Medtronic Inc    4,885,361.-     
      5,022,000.-              1.50 
                                                               5           0 
USD                        215,000           Microsoft Corp    5,933,168.-     
      7,765,800.-              2.32 
                                                               2           0 
USD                         82,000              Nike Inc B     3,308,458.-     
      5,273,420.-              1.57 
                                                               2           0 
USD                        120,000             Pitney Bowes    4,947,469.-     
      4,615,200.-              1.38 
                                                               8           0 
USD                        135,000         Sigma Aldrich Corp  4,547,833.-     
      7,499,250.-              2.24 
                                                               4           0 
USD                        130,000      Thermo Fisher          6,537,948.-     
      7,564,700.-              2.26 
                                        Scientific Inc         0           0 
USD                        150,000        Thomas & Betts Corp  7,826,081.-     
      7,515,000.-              2.24 
                                                               2           0 
USD                         99,225        Tyco Electronics Ltd 3,495,820.-     
      3,750,705.-              1.12 
                                                               6           0 
USD                         64,225            Tyco Intl Ltd    3,020,743.-     
      2,575,422.-              0.77 
                                                               4           0 
USD                        100,000      United Technologies    4,848,910.-     
      7,687,000.-              2.29 
                                        Corp                   1           0 
USD                        130,000            Wachovia Corp    6,114,993.-     
      4,946,500.-              1.48 
                                                               3           0 
USD                        170,000        Wal-Mart Stores Inc  7,795,391.-     
      8,173,600.-              2.44 
                                                               3           0 
USD                        138,000        Wells Fargo & Co New 4,579,585.-     
      4,152,420.-              1.24 
                                                               2           0 
USD                        470,000      Western Union Co (The) 10,167,155-     
      11,256,500-              3.36 
                                                               60          00 
USD                        100,000        Zimmer Holdings Inc  6,609,248.-     
      6,645,000.-              1.98 
                                                               8           0 
TOTAL INVESTMENTS IN SECURITIES                                269,656,04-     
      313,785,86-             93.62 
                                                               .52         .75 
CASH AT BANKS                                                             
22,190,569-              6.62 
                                                                           90 
OTHER NET ASSETS/(LIABILITIES)                                            
-820,961.03  -0.24 
TOTAL                                                                     
335,155,47-            100.00 
                                                                           .62 

The accompanying notes are an integral part of these financial statements.

90

              BL             
SICAV with multiple Sub-Funds
     BL-Equities America     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Capital goods 19.51 %

Food, beverage and tobacco 9.46 %

Technology hardware and equipment 9.43 %

Health care equipment and services 9.36 %

Retailing 9.06 %

Pharmaceuticals and biotechnology 8.39 %

Diversified financial services 5.27 %

Materials 4.30 %

Software and services 3.82 %

Commercial services and supplies 3.01 %

Banks 2.72 %

Investment companies 2.52 %

Transportation 2.16 %

Consumer durables and apparel 1.57 %

Automobiles and components 1.10 %

Energy 1.09 %

Media 0.85 %

TOTAL 93.62 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 88.88 %

Bermuda 3.22 %

Guernsey 1.52 %

TOTAL 93.62 %

The accompanying notes are an integral part of these financial statements.

91

              BL             
SICAV with multiple Sub-Funds
      BL-Equities Europe     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                             
Securities portfolio at market value 451,523,544.77
Cash at banks                         23,379,202.21
Income receivable on portfolio           539,797.35
Interest receivable on bank accounts      70,371.03
Prepaid expenses                             200.00

Total assets 475,513,115.36

LIABILITIES                                               
Bank liabilities                                317,613.64
Commitment on repurchase and "repo" contracts 3,616,000.00
Interest payable on financial instruments         1,274.64
Expenses payable                              1,420,375.62

Total liabilities 5,355,263.90

NET ASSETS at the end of the year 470,157,851.46

Class B shares outstanding        129,251.813
Net asset value per class B share    3,637.53

The accompanying notes are an integral part of these financial statements.

92

              BL             
SICAV with multiple Sub-Funds
      BL-Equities Europe     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                 
Dividends, net            11,928,422.36
Interest on bank accounts  1,462,181.54
Other income                 124,860.55
Total income              13,515,464.45

EXPENSES                                            
Management fees                         5,274,408.63
Custodian fees                            529,152.40
Banking charges and other fees            100,660.14
Central administration costs               87,677.32
Audit and supervisory fees                 10,881.50
Other administration costs                 54,817.95
Subscription duty ("taxe d'abonnement")   259,090.07
Other taxes                                 1,435.91
Interest paid on bank liabilities             798.89
Interest paid on financial instruments    487,063.35
Other expenses                             23,606.17
Total expenses                          6,829,592.33

NET INVESTMENT INCOME 6,685,872.12

 NET REALISED GAIN/(LOSS)               
- on portfolio             31,951,171.05
- on financial instruments    329,995.78
- on foreign exchange      -1,194,832.54

REALISED RESULT 37,772,206.41

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -39,070,895.86

RESULT OF OPERATIONS -1,298,689.45

Dividends paid -

Reinvestments -

Subscriptions 71,763,880.90

Redemptions -130,301,499.41

TOTAL CHANGES IN NET ASSETS -59,836,307.96

TOTAL NET ASSETS at the beginning of the year 529,994,159.42

TOTAL NET ASSETS at the end of the year 470,157,851.46

The accompanying notes are an integral part of these financial statements.

93

              BL             
SICAV with multiple Sub-Funds
      BL-Equities Europe     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 470,157,851.46
- as at 31.12.2006 529,994,159.42
- as at 31.12.2005 514,018,459.32

Number of class B shares                              
- outstanding at the beginning of the year 144,713.675
- issued                                              
                                            18,715.125
- redeemed                                 -34,176.987
- outstanding at the end of the year       129,251.813

Net asset value per class B share           
- highest                           4,079.94
                                  04.06.2007
- lowest                            3,465.51
                                  22.11.2007

- as at 31.12.2007 3,637.53
- as at 31.12.2006 3,662.36
- as at 31.12.2005 3,031.64

The accompanying notes are an integral part of these financial statements.

94

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Europe      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
CHF       20,250 AFG Arbonia Forster Holding AG        4,759,874.92
4,820,998.37  1.03 
CHF       50,000 Geberit AG Reg                        2,968,239.23
4,686,140.00  1.00 
CHF       20,700 Kaba Holding AG                       4,668,157.40
4,429,080.36  0.94 
CHF       50,000 Nestlé SA Reg                         9,359,213.40
15,670,693.-              3.33 
                                                                    6 
CHF      201,000 Novartis AG Reg                       8,605,696.83
7,523,198.47  1.60 
CHF       70,000 Roche Holding AG B de jouis Pref      5,756,888.21
8,252,428.16  1.75 
CHF      160,000 Schindler Holding AG Partizsch        5,976,558.49
7,039,757.59  1.50 
CHF       33,260 Swatch Group AG                       2,626,995.90
6,840,845.26  1.45 
CHF      105,000 Syngenta AG Reg                       8,788,879.93
18,257,864.-              3.88 
                                                                    4 
                                                       53,510,504.-            
77,521,005.-             16.48 
                                                       1            1 
DKK       40,100 Novozymes A/S B                       1,353,448.58
3,129,513.45  0.67 
EUR      336,716 Aalberts Industries NV                3,993,797.88
4,495,158.60  0.96 
EUR       74,800 Air Liquide SA                        3,429,847.58
7,594,444.00  1.61 
EUR      355,000 Akzo Nobel NV                         13,543,095.-            
19,233,900.-              4.09 
                                                       4            0 
EUR      200,000 Amer Sports Corp A                    2,887,362.89
3,698,000.00  0.79 
EUR      725,000 Anglo Irish Bank Corp Plc             7,656,438.37
7,931,500.00  1.69 
EUR      100,000 BASF AG                               3,666,563.06
10,141,000.-              2.16 
                                                                    0 
EUR      635,000 Bank of Ireland Plc                   7,010,208.41
6,496,050.00  1.38 
EUR       50,000 Barco NV                              3,265,090.02
2,565,000.00  0.55 
EUR      300,000 Brembo SpA                            1,888,478.88
3,228,000.00  0.69 
EUR      351,000 CRH Plc                               6,890,921.53
8,318,700.00  1.77 
EUR      140,200 Continental AG                        13,842,932.-            
12,476,398.-              2.65 
                                                       8            0 
EUR      300,000 DSM NV                                7,238,803.20
9,675,000.00  2.06 
EUR      108,000 Deutsche Boerse AG Reg                2,484,385.95
14,661,000.-              3.12 
                                                                    0 
EUR      360,000 ENI SpA                               5,682,758.49
9,018,000.00  1.92 
EUR      151,000 Heineken NV                           4,640,635.33
6,683,260.00  1.42 
EUR      261,000 Hypo Real Estate Holding AG           12,302,417.-            
9,422,100.00  2.00 
                                                       7 
EUR      100,000 National Bank of Greece SA Reg        2,676,069.68
4,690,000.00  1.00 
EUR       66,000 Neopost SA                            6,237,972.89
4,651,020.00  0.99 
EUR      172,320 Pernod-Ricard                         18,518,013.-            
27,295,488.-              5.81 
                                                       1            0 
EUR       45,000 Pfeiffer Vacuum Technology AG         2,810,408.62
2,509,650.00  0.53 
EUR      175,000 Saipem SpA                            4,798,277.63
4,800,250.00  1.02 
EUR      127,000 Schneider Electric SA                 8,132,982.43
11,705,590.-              2.49 
                                                                    0 
EUR      325,000 TNT NV                                7,436,160.84
9,158,500.00  1.95 
EUR      124,000 Total SA                              4,725,703.69
7,033,280.00  1.50 
EUR      566,770 Vinci SA                              19,820,001.-            
28,842,925.-              6.13 
                                                       3            0 
                                                      175,579,328.-            
236,324,213.-              50.28 
                                                      0            0 
GBP      220,000 Berkeley Gr Hgs (The) Plc Units 1 Ord 2,496,991.96
4,029,260.69  0.86 
                 Share + 2 B Shares Bodycote Intl Plc 
GBP      965,000                                       4,069,184.84
2,436,525.34  0.52 
GBP      400,000 Bovis Homes Group Plc                 3,709,903.95
3,416,236.10  0.73 
GBP      976,000 British American Tobacco Plc          10,913,987.-            
26,197,650.-              5.57 
                                                       7            7 
GBP    2,000,000 Cobham Plc                            3,385,757.27
5,680,170.34  1.21 
GBP    1,178,000 Diageo Plc                            13,702,394.-            
17,263,081.-              3.67 
                                                       1            3 
GBP      361,552 GlaxoSmithKline Plc                   7,762,662.79
6,278,663.89  1.34 
GBP      186,000 Intertek Group Plc                    2,544,972.23
2,471,077.45  0.53 
GBP      313,000 Johnson Matthey Plc                   3,834,046.43
8,002,641.52  1.70 
GBP      600,000 National Grid Plc                     4,830,444.26
6,832,472.20  1.45 
GBP      252,440 Persimmon Plc                         2,401,086.61
2,741,182.97  0.58 
GBP      345,000 Reckitt Benckiser Group Plc           7,298,327.26
13,596,009.-              2.89 
                                                                    5 
GBP      900,000 Smith & Nephew Plc                    6,687,089.74
7,052,087.38  1.50 
GBP      710,000 Southern Cross Healthca Gr Plc        5,367,406.22
5,101,308.12  1.08 
                                                       79,004,254.-           
111,098,367.-              23.63 
                                                       4           5 

The accompanying notes are an integral part of these financial statements.

95

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Europe      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency          Number / nominal          Description          Cost    
Market        % of 
                                                                          value 
     value             value                                                   
      total net 
                                                                               
       assets 
HUF                            58,000                        -
1,823,452.905,592,196.86     1.19 
                                                             - 
                                                             L 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             n 
                                                             - 
                                                             - 
                                                             l 
                                                             - 
                                                             - 
                                                             d 
                                                             - 
                                                             - 
                                                             s 
                                                             - 
                                                             - 
                                                             c 
                                                             - 
                                                             - 
                                                             r 
                                                             A 
NOK                           200,000                        -
4,009,612.853,961,182.71     0.84 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             m 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             s 
                                                             - 
                                                             - 
                                                             A 
SEK                           400,000                        
2,909,776.944,632,301.85     0.98 
SEK                           567,000                        -
8,110,894.229,264,762.34     1.97 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             h 
                                                             - 
                                                             - 
                                                             - 
                                                             - 
                                                             h 
                                                             - 
                                                             B 
                                                            
11,020,671.1613,897,064.-                 2.95 
                                                                          9 
TOTAL INVESTMENTS IN SECURITIES                               326,301,272-     
      451,523,544-                96.04 
                                                              74          77 
     CASH AT BANKS                                                       
23,379,202.-                 4.97 
                                                                          1 
     BANK LIABILITIES                                                    
-317,613.64     -0.07 
OTHER NET ASSETS/(LIABILITIES)                                           
-4,427,281.-                -0.94 
                                                                          8 
TOTAL                                                                   
470,157,851.-                100.00 
                                                                         6 

The accompanying notes are an integral part of these financial statements.

96

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Europe      

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Food, beverage and tobacco 21.77 %

Materials 17.27 %

Capital goods 14.80 %

Energy 6.47 %

Consumer durables and apparel 5.44 %

Pharmaceuticals and biotechnology 5.36 %

Diversified financial services 4.12 %

Automobiles and components 3.34 %

Banks 3.07 %

Household and personal products 2.89 %

Health care equipment and services 2.58 %

Technology hardware and equipment 2.48 %

Real estate 2.00 %

Transportation 1.95 %

Utilities 1.45 %

Commercial services and supplies 0.53 %

Investment companies 0.52 %

TOTAL 96.04 %

The accompanying notes are an integral part of these financial statements.

97

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Europe      

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United Kingdom 23.63 %

France 18.53 %

Switzerland 16.48 %

The Netherlands 10.48 %

Germany 10.46 %

Ireland 4.84 %

Italy 3.63 %

Sweden 2.95 %

Hungary 1.19 %

Greece 1.00 %

Norway 0.84 %

Finland 0.79 %

Denmark 0.67 %

Belgium 0.55 %

TOTAL 96.04 %

The accompanying notes are an integral part of these financial statements.

98

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                            
Securities portfolio at market value 50,091,616.14
Cash at banks                        28,306,911.08
Formation expenses, net                  17,882.73
Income receivable on portfolio          111,264.17
Interest receivable on bank accounts     91,475.57
Prepaid expenses                            200.00

Total assets 78,619,349.69

LIABILITIES                
Expenses payable 144,747.66

Total liabilities 144,747.66

NET ASSETS at the end of the year 78,474,602.03

Class A shares outstanding        10,855.801
Net asset value per class A share      96.69

Class B shares outstanding        800,785.182
Net asset value per class B share       96.69

The accompanying notes are an integral part of these financial statements.

99

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 30th October 2007 to 31st December 2007 (in EUR)  

INCOME                              
Dividends, net            234,977.13
Interest on bank accounts 192,544.46
Total income              427,521.59

EXPENSES                                          
Management fees                          97,691.92
Custodian fees                           13,072.90
Banking charges and other fees            2,526.32
Central administration costs             10,266.83
Audit and supervisory fees                3,565.00
Other administration costs                4,543.76
Subscription duty ("taxe d'abonnement")   9,809.35
Interest paid on bank liabilities            65.75
Other expenses                            4,151.35
Total expenses                          145,693.18

NET INVESTMENT INCOME 281,828.41

NET REALISED GAIN/(LOSS)            
- on portfolio           -431,812.07
- on foreign exchange     -14,909.20

REALISED RESULT -164,892.86

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -2,158,307.35

RESULT OF OPERATIONS -2,323,200.21

Dividends paid -

Reinvestments -

Subscriptions 82,919,984.17

Redemptions -2,122,181.93

TOTAL CHANGES IN NET ASSETS 78,474,602.03

TOTAL NET ASSETS at the beginning of the year -

TOTAL NET ASSETS at the end of the year 78,474,602.03

The accompanying notes are an integral part of these financial statements.

100

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets               
- as at 31.12.2007 78,474,602.03

Number of class A shares                             
- outstanding at the beginning of the year      0.000
- issued                                             
                                           10,855.801
- redeemed                                      0.000
- outstanding at the end of the year       10,855.801

Net asset value per class A share           
- highest                             100.00
                                  30.10.2007
- lowest                               93.99
                                  22.11.2007

- as at 31.12.2007 96.69

Number of class B shares                              
- outstanding at the beginning of the year       0.000
- issued                                              
                                           822,770.407
- redeemed                                 -21,985.225
- outstanding at the end of the year       800,785.182

Net asset value per class B share           
- highest                             100.00
                                  30.10.2007
- lowest                               93.99
                                  22.11.2007

- as at 31.12.2007 96.69

The accompanying notes are an integral part of these financial statements.

101

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
AUD    175,000 Duet Group Quadr Stapled Secur         390,682.51   301,565.32 
0.38 
AUD    150,000 Macquarie Airports                     417,601.51   357,764.10 
0.46 
AUD    260,000 Macquarie Countrywide Trust Units      336,449.15   248,049.78 
0.32 
AUD    200,000 Macquerie Media Group Stapled          584,103.35   494,907.01 
0.63 
               Securities 
AUD    120,000 Transurban Group                       541,243.54   482,266.01 
0.61 
                                                    2,270,080.06 1,884,552.22 
2.40 
CHF      3,000 AFG Arbonia Forster Holding AG         750,052.52   714,221.98 
0.91 
CHF      7,500 Geberit AG Reg                         707,333.95   702,921.00 
0.90 
CHF     15,000 Schindler Holding AG Partizsch         690,712.05   659,977.27 
0.84 
CHF      4,000 Swisscom SA Reg                      1,016,122.40 1,065,607.14 
1.36 
                                                    3,164,220.92 3,142,727.39 
4.01 
DKK     25,000 TrygVesta A/S                        1,377,239.30 1,300,712.16 
1.66 
EUR     85,000 Anglo Irish Bank Corp Plc              934,181.28   929,900.00 
1.19 
EUR      9,000 BASF AG                                834,485.83   912,690.00 
1.16 
EUR     30,000 Belgacom SA                            993,270.44 1,012,500.00 
1.29 
EUR      9,000 Continental AG                         889,955.87   800,910.00 
1.02 
EUR     30,000 DSM NV                               1,112,792.30   967,500.00 
1.23 
EUR     39,000 ENI SpA                                968,652.32   976,950.00 
1.24 
EUR     25,000 Eurocommercial Properties NV DR repr 1,005,663.78   887,500.00 
1.13 
               10 Shares 
EUR     50,000 Fortis SA/NV                           985,553.56   911,700.00 
1.16 
EUR     20,000 GIMV NV                                935,651.86   928,000.00 
1.18 
EUR     30,000 Gestevision Telecinco SA               582,700.71   525,300.00 
0.67 
EUR     30,000 Greek Org of Foot Prognost SA          851,781.10   810,000.00 
1.03 
EUR     30,000 Hypo Real Estate Holding AG          1,169,503.92 1,083,000.00 
1.38 
EUR      7,000 KBC Ancora CVA                         492,635.96   534,800.00 
0.68 
EUR     60,000 Marr SpA                               476,976.47   420,000.00 
0.54 
EUR     33,000 Oesterreichische Post AG               869,950.20   791,670.00 
1.01 
EUR     50,000 PagesJaunes                            768,709.26   681,500.00 
0.87 
EUR      7,500 RWE AG A                               711,148.93   720,000.00 
0.92 
EUR     33,000 Royal Dutch Shell Plc A                974,629.78   950,730.00 
1.21 
EUR     40,000 Sampo Plc A                            824,406.63   723,200.00 
0.92 
EUR     20,000 Semperit AG Holding                    605,275.73   500,000.00 
0.64 
EUR     40,000 Unilever NV Certif                     918,624.80 1,011,200.00 
1.29 
EUR     40,000 Vivendi                              1,223,887.51 1,262,000.00 
1.61 
EUR     10,500 Wereldhave NV                          814,365.73   787,080.00 
1.00 
EUR     85,000 Wessanen NV                            948,126.92   920,550.00 
1.17 
                                                   20,892,930.8920,048,680.00
25.54 
GBP    100,000 Barclays Plc                           749,800.53   686,636.34 
0.88 
GBP     75,000 Barrat Developments Plc                488,419.82   459,565.09 
0.59 
GBP     69,000 HSBC Holdings Plc                      872,991.74   789,943.59 
1.01 
GBP    100,000 Lloyds TSB Group Plc                   685,533.59   644,272.30 
0.82 
GBP     50,000 Persimmon Plc                          652,808.60   542,937.52 
0.69 
GBP     60,000 United Utilities Plc                   618,797.21   618,989.45 
0.79 
GBP     75,000 Wolseley Plc                           793,524.60   750,860.23 
0.96 
                                                    4,861,876.09 4,493,204.52 
5.74 
HKD    130,000 CLP Holdings Ltd                       607,141.73   604,404.97 
0.77 
JPY        150 Creed Office Investment Corp           435,256.16   432,845.07 
0.55 
JPY     49,000 Sega Sammy Holdings Inc                428,390.91   410,343.14 
0.52 
                                                      863,647.07   843,188.21 
1.07 

The accompanying notes are an integral part of these financial statements.

102

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency    Number / nominal      Description  Cost  Market   % of   
                                                     value           
  value         value                                       total net
                                                             assets  
KRW                  15,000                  - 808,72-       751,90-           
0.96 
                                             - .56    .46             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             k                       
KRW                  130,000                 - 630,20-       640,31-           
0.82 
                                             - .51    .78             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             e                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             d                       
                                             1,438,9-        1,392,-           
1.78 
                                             0.07    18.24           
MYR                  45,000                  - 372,95-       378,12-           
0.48 
                                             - .77    .18             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             h                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             o                       
                                             -                        
                                             -                        
                                             d                       
MYR                  150,000                 - 354,55-       362,75-           
0.46 
                                             - .79    .07             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             g                       
                                             -                        
                                             -                        
                                             d                       
                                             727,508-        740,88-           
0.94 
                                             56      .25             
NZD                  400,000                 - 903,16-       921,42-           
1.17 
                                             - .07    .78             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             m                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
                                             -                        
                                             f                       
                                             -                        
                                             -                        
                                             w                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             d                       
SEK                  45,000                  - 549,88-       544,93-           
0.69 
                                             - .83    .03             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             B                       
                                             B                       
SEK                  40,000                  - 605,82-       653,59-           
0.83 
                                             - .08    .75             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             h                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             h                       
                                             -                        
                                             B                       
                                             1,155,7-        1,198,-           
1.52 
                                             8.91    28.78           
TRY                  125,000                 - 596,88-       519,03-           
0.66 
                                             - .75    .51             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             o                       
                                             -                        
                                             S                       
TRY                  300,000                 - 536,42-       487,82-           
0.62 
                                             - .92    .73             
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             -                        
                                             m                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             i                       
                                             -                        
                                             s                       
                                             1,133,3-        1,006,-           
1.28 
                                             8.67    58.24           
TWD                  600,000                 854,912-        785,83-           
1.00 
                                             86      .75             
TWD                  600,000                 - 803,08-       759,46-           
0.97 
                                             - .50    .02             
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             g                       
                                             -                        
                                             o                       
                                             -                        
                                             -                        
                                             d                       
                                             1,658,0-        1,545,-           
1.97 
                                             1.36    99.77           
USD                  12,000                  699,247-        694,35-           
0.88 
                                             42      .45             
USD                  15,000                  - 760,35-       774,81-           
0.99 
                                             - .11    .15             
                                             -                        
                                             -                        
                                             -                        
                                             a                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             p                       
                                             -                        
                                             -                        
                                             c                       
USD                  25,000                  - 679,63-       634,79-           
0.81 
                                             - .97    .50             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             c                       
                                             -                        
                                             o                       
USD                  33,000                  - 821,69-       734,48-           
0.94 
                                             - .02    .30             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             y                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
USD                  17,500                  - 785,42-       801,84-           
1.02 
                                             - .26    .85             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             &                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
USD                  40,000                  - 951,95-       982,48-           
1.25 
                                             - .22    .54             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
                                             4,698,3-        4,622,-           
5.89 
                                             0.00    73.79           
ZAR                  150,000                 - 528,81-       498,66-           
0.64 
                                             - .72    .65             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             k                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             -                        
                                             -                        
                                             d                       
ZAR                   6,000                  - 626,83-       638,53-           
0.81 
                                             - .62    .75             
                                             -                        
                                             -                        
                                             o                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             m                       
                                             -                        
                                             -                        
                                             d                       
                                             1,155,6-        1,137,-           
1.45 
                                             2.34    06.40           
Total shares                                 46,907,-        44,882-          
57.19 
                                             12.04   663.72          
Undertakings for collective investment                               
EUR                  25,000                  - 1,137,-       1,162,-           
1.48 
                                             - 86.19  00.00           
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             -                        
                                             e                       
                                             -                        
                                             -                        
                                             -                        
                                             w                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             I                       
JPY                    130                   - 390,41-       332,93-           
0.42 
                                             - .45    .00             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             o                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
JPY                    150                   - 380,69-       377,83-           
0.48 
                                             - .88    .68             
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             -                        
                                             d                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             c                       
JPY                    130                   - 389,59-       408,73-           
0.52 
                                             - .45    .01             
                                             D                       
                                             -                        
                                             -                        
                                             -                        
                                             T                       
                                             -                        
                                             -                        
                                             c                       
JPY                    130                   - 379,21-       389,98-           
0.50 
                                             - .10    .39             
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             -                        
                                             v                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
JPY                    123                   - 364,49-       341,62-           
0.44 
                                             - .13    .97             
                                             -                        
                                             -                        
                                             -                        
                                             n                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             d                       
                                             -                        
                                             -                        
                                             v                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
JPY                    180                   - 385,09-       399,29-           
0.51 
                                             - .51    .58             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             -                        
                                             v                       
                                             -                        
                                             -                        
                                             -                        
                                             p                       
                                             2,289,5-        2,250,-           
2.87 
                                             4.52    09.63           
SGD                  600,000                 - 712,21-       674,00-           
0.86 
                                             - .80    .49             
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             -                        
                                             -                        
                                             -                        
                                             l                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             e                       
                                             -                        
                                             -                        
                                             v                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
SGD                 1,000,000                - 374,88-       359,56-           
0.46 
                                             - .04    .46             
                                             -                        
                                             -                        
                                             t                       
                                             -                        
                                             -                        
                                             -                        
                                             T                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             1,087,0-        1,033,-           
1.32 
                                             6.84    62.95           
USD                  150,000                 - 828,21-       762,97-           
0.97 
                                             - .90    .84             
                                             -                        
                                             T                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             s                       
                                             -                        
                                             -                        
                                             -                        
                                             -                        
                                             t                       
Total undertakings for collective investment  5,342,-       5,208,-           
6.64 
                                              11.45  52.42           
TOTAL INVESTMENTS IN SECURITIES               52,249-       50,091-          
63.83 
                                              923.49 616.14          
CASH AT BANKS                                        28,306-           36.07
                                                     911.08          
OTHER NET ASSETS/(LIABILITIES)                       76,074-            0.10
                                                     81              
TOTAL                                                78,474-          100.00
                                                     602.03          

The accompanying notes are an integral part of these financial statements.

103

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 6.64 %

Banks 5.96 %

Capital goods 5.01 %

Food, beverage and tobacco 4.76 %

Investment companies 4.14 %

Materials 3.86 %

Telecommunication services 3.82 %

Media 3.78 %

Real estate 3.64 %

Utilities 2.86 %

Consumer durables and apparel 2.71 %

Insurance 2.58 %

Energy 2.45 %

Diversified financial services 1.84 %

Automobiles and components 1.66 %

Transportation 1.62 %

Software and services 1.25 %

Hotels, restaurants and leisure 1.03 %

Pharmaceuticals and biotechnology 1.02 %

Technology hardware and equipment 1.00 %

Semiconductors and semiconductor equipment 0.97 %

Household and personal products 0.69 %

Food retailing, drugstores and pharmacies 0.54 %

TOTAL 63.83 %

The accompanying notes are an integral part of these financial statements.

104

              BL             
SICAV with multiple Sub-Funds
     BL-Equities Dividend    

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United Kingdom 6.95 %

United States of America 6.86 %

The Netherlands 5.82 %

Belgium 5.79 %

Germany 4.48 %

Switzerland 4.01 %

Japan 3.94 %

France 2.48 %

Australia 2.40 %

Taiwan 1.97 %

South Korea 1.78 %

Italy 1.78 %

Denmark 1.66 %

Austria 1.65 %

Sweden 1.52 %

South Africa 1.45 %

Singapore 1.32 %

Turkey 1.28 %

Ireland 1.19 %

New Zealand 1.17 %

Greece 1.03 %

Malaysia 0.94 %

Finland 0.92 %

Hong Kong 0.77 %

Spain 0.67 %

TOTAL 63.83 %

The accompanying notes are an integral part of these financial statements.

105

              BL             
SICAV with multiple Sub-Funds
     BL-Equities FoF Asia    

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in USD)        

ASSETS                                             
Securities portfolio at market value 232,956,709.22
Cash at banks                         15,135,462.02
Receivable on issues of shares             2,180.70
Interest receivable on bank accounts      40,858.71
Prepaid expenses                             294.11

Total assets 248,135,504.76

LIABILITIES                            
Accrued capital gain taxes   649,553.45
Expenses payable           1,079,789.33

Total liabilities 1,729,342.78

NET ASSETS at the end of the year 246,406,161.98

Class B shares outstanding        112,544.629
Net asset value per class B share    2,189.41

The accompanying notes are an integral part of these financial statements.

106

              BL             
SICAV with multiple Sub-Funds
     BL-Equities FoF Asia    

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)   

INCOME                                
Dividends, net              201,464.70
Interest on bank accounts   626,527.97
Received commissions      1,247,547.22
Total income              2,075,539.89

EXPENSES                                            
Management fees                         3,678,851.65
Custodian fees                            245,848.03
Banking charges and other fees                386.32
Central administration costs              118,090.31
Audit and supervisory fees                  5,043.96
Other administration costs                 35,640.22
Subscription duty ("taxe d'abonnement")    27,286.44
Other taxes                                   462.66
Other expenses                             12,681.61
Total expenses                          4,124,291.20

NET INVESTMENT INCOME -2,048,751.31

NET REALISED GAIN/(LOSS)              
- on portfolio           49,110,596.23
- on foreign exchange       221,357.58

REALISED RESULT 47,283,202.50

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              29,201,892.25

RESULT OF OPERATIONS 76,485,094.75

Dividends paid -

Reinvestments -

Subscriptions 43,582,375.82

Redemptions -93,289,414.57

TOTAL CHANGES IN NET ASSETS 26,778,056.00

TOTAL NET ASSETS at the beginning of the year 219,628,105.98

TOTAL NET ASSETS at the end of the year 246,406,161.98

The accompanying notes are an integral part of these financial statements.

107

              BL             
SICAV with multiple Sub-Funds
     BL-Equities FoF Asia    

STATISTICAL INFORMATION 
as at 31st December 2007
        (in USD)        

 Total net assets                
- as at 31.12.2007 246,406,161.98
- as at 31.12.2006 219,628,105.98
- as at 31.12.2005 181,651,743.42

Number of class B shares                              
- outstanding at the beginning of the year 135,727.739
- issued                                              
                                            22,905.900
- redeemed                                 -46,089.010
- outstanding at the end of the year       112,544.629

Net asset value per class B share           
- highest                           2,382.85
                                  31.10.2007
- lowest                            1,554.52
                                  06.03.2007

- as at 31.12.2007 2,189.41
- as at 31.12.2006 1,618.15
- as at 31.12.2005 1,273.62

The accompanying notes are an integral part of these financial statements.

108

              BL             
SICAV with multiple Sub-Funds
     BL-Equities FoF Asia    

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in USD)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                   2,261,692.005      Carlson Fd FCP Asian Small Cap 
8,315,945-           23,458,79-            9.52 
                                         Uts A Cap State Street Active   65    
    .38 
                                         Asie SICAV C Cap 
EUR                    35,823.0261                                      
16,113,68-           29,359,89-           11.91 
                                                                         .21   
    .18 
                                                                        
24,429,62-           52,818,68-           21.43 
                                                                         .86   
    .56 
USD                    197,139.227       AXA Rosenb Eq Alpha Trust      
6,724,508-           12,112,23-            4.92 
                                         Pacific Ex-Jap Sm Cap Alpha     57    
    .11 
          A                    A                    A 
USD                    417,518.006       Aberdeen Gl SICAV Asia Pacific 
12,605,17-           25,055,25-           10.17 
                                         Fd Ser A2 Cap F Templeton Inv   .30   
    .54 
                                         Fds SICAV Asian Growth I Cap 
USD                    888,081.095                                      
11,866,39-           28,498,52-           11.57 
                                                                         .34   
    .34 
USD                     465,394.83       Fidelity Fds SICAV Thailand A  
7,507,442-           11,076,39-            4.49 
                                         Gl Certif                       99    
    .95 
USD                     314,483.53         GAM Star Fd Plc Asian Equity 
6,000,142-           5,438,709-            2.21 
                                                                         12    
    62 
USD                     463,061.88       Henderson Horizon Fd SICAV
Asian6,004,961-           6,908,883-            2.80 
                                         Dividend Income A2              34    
    25 
         Cap                  Cap                   Cap 
USD                     515,392.53       Invesco Fds Asia Infrastructure
10,500,58-           10,349,07-            4.20 
                                         A Cap                           .41   
    .85 
USD                    682,466.462       JPMorgan Fds SICAV JF Taiwan A 
8,346,075-           10,898,98-            4.42 
                                         USD Cap Nordea 1 SICAV Far      81    
    .40 
                                         Eastern Value Fd BP Base 
                                         Currency 
USD                    380,356.037                                      
7,762,129-           8,596,046-            3.49 
                                                                         26    
    44 
         Cap                  Cap                   Cap 
USD                   92,295.12205       Pictet Fds (Lux) SICAV Asian   
10,265,61-           21,130,96-            8.58 
                                         Equities (Ex-Japan) P Cap       .35   
    .19 
         Reg                  Reg                   Reg 
USD                     15,606.553       UBS (Lux) Equity Fd FCP
Malaysia5,121,095-           9,871,300-            4.01 
                                         B Cap Units Vontobel Fd SICAV   24    
    84 
                                         Far East Equity A2 Cap 
USD                     52,198.437                                      
10,615,43-           20,383,48-            8.27 
                                                                         .03   
    .65 
                                                                       
103,319,56-           170,319,87-            69.13 
                                                                        .76    
   .18 
Total undertakings for collective investment                           
127,749,19-           223,138,55-            90.56 
                                                                        .62    
   .74 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
USD                           83,416.75                10,000,142.-            
9,818,151.48   3.98 
                                                       1 
Total undertakings for collective investment           10,000,142.-            
9,818,151.48   3.98 
                                                       1 
TOTAL INVESTMENTS IN SECURITIES                       137,749,335.-            
232,956,709.-               94.54 
                                                      3            2 
CASH AT BANKS                                                     
15,135,462.02   6.14 
OTHER NET ASSETS/(LIABILITIES)                                    
-1,686,009.26  -0.68 
TOTAL                                                             
246,406,161.-              100.00 
                                                                   8 

The accompanying notes are an integral part of these financial statements.

109

              BL             
SICAV with multiple Sub-Funds
     BL-Equities FoF Asia    

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 94.54 %

TOTAL 94.54 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 75.50 %

France 11.91 %

Ireland 7.13 %

TOTAL 94.54 %

The accompanying notes are an integral part of these financial statements.

110

              BL             
SICAV with multiple Sub-Funds
    BL-Equities FoF Japan    

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in JPY)        

ASSETS                                             
Securities portfolio at market value 14,180,839,609
Cash at banks                           304,464,816
Interest receivable on bank accounts         76,463
Prepaid expenses                             32,515

Total assets 14,485,413,403

LIABILITIES                                
Payable on redemptions of shares  2,178,840
Expenses payable                 54,931,980

Total liabilities 57,110,820

NET ASSETS at the end of the year 14,428,302,583

Class B shares outstanding        1,188,848.998
Net asset value per class B share        12,136

The accompanying notes are an integral part of these financial statements.

111

              BL             
SICAV with multiple Sub-Funds
    BL-Equities FoF Japan    

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in JPY)   

INCOME                              
Interest on bank accounts  2,757,430
Received commissions      83,168,782
Total income              85,926,212

EXPENSES                                           
Management fees                         224,683,270
Custodian fees                           18,028,482
Banking charges and other fees               71,332
Central administration costs             13,104,571
Audit and supervisory fees                  447,890
Other administration costs                4,227,958
Subscription duty ("taxe d'abonnement")   3,636,282
Other taxes                                  41,637
Interest paid on bank liabilities            70,266
Other expenses                            1,246,568
Total expenses                          265,558,256

NET INVESTMENT INCOME -179,632,044

NET REALISED GAIN/(LOSS)             
- on portfolio           -255,593,200
- on foreign exchange       5,417,475

REALISED RESULT -429,807,769

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -1,914,200,174

RESULT OF OPERATIONS -2,344,007,943

Dividends paid -

Reinvestments -

Subscriptions 2,630,831,807

Redemptions -4,081,771,315

TOTAL CHANGES IN NET ASSETS -3,794,947,451

TOTAL NET ASSETS at the beginning of the year 18,223,250,034

TOTAL NET ASSETS at the end of the year 14,428,302,583

The accompanying notes are an integral part of these financial statements.

112

              BL             
SICAV with multiple Sub-Funds
    BL-Equities FoF Japan    

STATISTICAL INFORMATION 
as at 31st December 2007
        (in JPY)        

 Total net assets                
- as at 31.12.2007 14,428,302,583
- as at 31.12.2006 18,223,250,034

Number of class B shares                                
- outstanding at the beginning of the year 1,301,669.503
- issued                                                
                                             187,654.118
- redeemed                                  -300,474.623
- outstanding at the end of the year       1,188,848.998

Net asset value per class B share           
- highest                          14,923.00
                                  27.02.2007
- lowest                              11,716
                                  26.11.2007

- as at 31.12.2007 12,136
- as at 31.12.2006 14,000

The accompanying notes are an integral part of these financial statements.

113

              BL             
SICAV with multiple Sub-Funds
    BL-Equities FoF Japan    

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in JPY)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                   172,069.78626       Metzler Intl Inv Plc Japan    
1,218,128-           1,086,216-            7.53 
                                          Equity Fd                      589   
    559 
EUR                       90,100          State Street Act Japon SICAV  
2,473,130-           2,281,823-           15.81 
                                          Cap                            396   
    832 
                                                                        
3,691,258-           3,368,040-           23.34 
                                                                         985   
    391 
JPY                    813,335.181        AXA Rosenb Eq Alpha Trust
Japan1,861,196-           1,427,411-            9.89 
                                          Small Cap Alpha Fd B Fidelity  126   
    376 
                                          Fds SICAV Japan Dividend Growth 
                                          A ACC JPY 
JPY                    1,320,839.5                                      
1,395,423-           1,260,873-            8.74 
                                                                         209   
    387 
         Cap                   Cap                  Cap 
JPY                     439,956.49        GAM Star Fd Plc Japan Equity  
791,103,3-           694,770,4-            4.81 
                                          Accum                          0     
    0 
JPY                    276,929.823        Goldman Sachs Fds SICAV Japan 
732,912,9-           530,597,5-            3.68 
                                          Small Cap Pft Morgan Stanley   6     
    1 
                                          SICAV Japanese Value Equity Fd 
                                          A 
JPY                   1,858,476.894                                     
2,383,412-           2,365,934-           16.40 
                                                                         643   
    010 
JPY                     108,654.94        Oyster SICAV Japan            
1,979,168-           1,750,974-           12.14 
                                          Opportunities JPY              644   
    358 
                                                                        
9,143,216-           8,030,561-           55.66 
                                                                         908   
    162 
Total undertakings for collective investment                           
12,834,475-           11,398,601-            79.00 
                                                                        893    
   553 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY               55,005.90984    Pictet Funds (LUX) SICAV         905,249,2-  
        723,998,786   5.02 
                                  Japanese Eq Selection P Cap      3 
       Units             Units        Units 
JPY               1,518,995.771       UBAM IFDC Japan Equity I Cap 2,357,630-  
        2,058,239,-             14.26 
                                                                   462       
70 
Total undertakings for collective investment                       3,262,879-  
        2,782,238,-             19.28 
                                                                   695       
56 
TOTAL INVESTMENTS IN SECURITIES                                   16,097,355-  
        14,180,839,-              98.28 
                                                                  588        09 
CASH AT BANKS                                                                
304,464,816   2.11 
OTHER NET ASSETS/(LIABILITIES)                                               
-57,001,842  -0.39 
TOTAL                                                                       
14,428,302,-             100.00 
                                                                             83 

The accompanying notes are an integral part of these financial statements.

114

              BL             
SICAV with multiple Sub-Funds
    BL-Equities FoF Japan    

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 98.28 %

TOTAL 98.28 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 60.24 %

Ireland 22.23 %

France 15.81 %

TOTAL 98.28 %

The accompanying notes are an integral part of these financial statements.

115

              BL             
SICAV with multiple Sub-Funds
         BL-Bond Euro        

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                             
Securities portfolio at market value 296,705,251.56
Cash at banks                         66,827,596.29
Receivable on issues of shares             4,754.55
Income receivable on portfolio         7,185,514.30
Interest receivable on bank accounts     205,105.23
Prepaid expenses                             200.00

Total assets 370,928,421.93

LIABILITIES                                                
Commitment on repurchase and "repo" contracts 61,697,400.00
Interest payable on financial instruments        183,558.53
Expenses payable                                 531,727.52

Total liabilities 62,412,686.05

NET ASSETS at the end of the year 308,515,735.88

Class A shares outstanding        19,429.216
Net asset value per class A share     260.19

Class B shares outstanding        349,565.855
Net asset value per class B share      868.11

The accompanying notes are an integral part of these financial statements.

116

              BL             
SICAV with multiple Sub-Funds
         BL-Bond Euro        

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                        
Interest on bonds and other debt securities, net 13,597,071.90
Interest on bank accounts                                     
                                                  1,958,428.92
Total income                                     15,555,500.82

EXPENSES                                            
Management fees                         1,735,974.75
Custodian fees                            348,341.83
Banking charges and other fees             73,538.28
Central administration costs               69,475.36
Audit and supervisory fees                  7,234.71
Other administration costs                 43,970.91
Subscription duty ("taxe d'abonnement")   170,197.17
Other taxes                                   180.92
Interest paid on financial instruments  1,100,497.62
Other expenses                             17,325.57
Total expenses                          3,566,737.12

NET INVESTMENT INCOME 11,988,763.70

NET REALISED GAIN/(LOSS)              
- on portfolio           -5,385,590.62

REALISED RESULT 6,603,173.08

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -3,592,747.46

RESULT OF OPERATIONS 3,010,425.62

Dividends paid -221,192.61

Reinvestments 1,177.14

Subscriptions 36,425,636.40

Redemptions -99,599,527.74

TOTAL CHANGES IN NET ASSETS -60,383,481.19

TOTAL NET ASSETS at the beginning of the year 368,899,217.07

TOTAL NET ASSETS at the end of the year 308,515,735.88

The accompanying notes are an integral part of these financial statements.

117

              BL             
SICAV with multiple Sub-Funds
         BL-Bond Euro        

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 308,515,735.88
- as at 31.12.2006 368,899,217.07
- as at 31.12.2005 354,929,897.82

Number of class A shares                             
- outstanding at the beginning of the year 23,995.655
- issued                                             
                                            1,203.180
- reinvested                                    4.687
- redeemed                                 -5,774.306
- outstanding at the end of the year       19,429.216

Net asset value per class A share           
- highest                             271.22
                                  15.03.2007
- lowest                              250.35
                                  19.06.2007

- as at 31.12.2007 260.19
- as at 31.12.2006 268.86
- as at 31.12.2005 281.34

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       10.96
Shares outstanding at dividend date 20,181.807

Number of class B shares                               
- outstanding at the beginning of the year  421,682.254
- issued                                               
                                             42,124.808
- redeemed                                 -114,241.207
- outstanding at the end of the year        349,565.855

Net asset value per class B share           
- highest                             877.15
                                  22.11.2007
- lowest                              835.29
                                  19.06.2007

- as at 31.12.2007 868.11
- as at 31.12.2006 859.53
- as at 31.12.2005 868.29

The accompanying notes are an integral part of these financial statements.

118

              BL             
SICAV with multiple Sub-Funds
         BL-Bond Euro        

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Bonds 
EUR       9,500,000 Belgium 5.5% OLO Ser 40            11,462,107.-            
10,278,050.-              3.33 
                    02/28.09.17                        1            0 
EUR      10,000,000 Deutschland 3.25% Ser 05           9,654,301.47
9,355,225.00  3.03 
                    05/04.07.15 
EUR      10,000,000 Deutschland 3.5% Ser 143           10,286,241.-            
9,953,500.00  3.23 
                    03/10.10.08                        5 
EUR      15,000,000 Deutschland 3.75% Ser 0302         14,593,357.-            
14,700,678.-              4.77 
                    03/04.07.13                        5            1 
EUR      12,500,000 Deutschland 3.75% Ser 04           12,686,910.-            
12,124,271.-              3.93 
                    04/04.01.15                        3            5 
EUR      10,500,000 Deutschland 3.75% Ser 99           10,596,897.-            
10,473,499.-              3.39 
                    99/04.01.09                        8            5 
EUR       9,000,000 Deutschland 4% Ser 99 99/04.07.09  8,863,493.40
8,989,101.00  2.91 
EUR      11,000,000 Deutschland 4.25% Ser 03           11,236,403.-            
11,028,939.-              3.58 
                    03/04.01.14                        6            0 
EUR      12,000,000 Deutschland 4.25% Ser 04           11,798,070.-            
12,016,478.-              3.90 
                    04/04.07.14                        0            0 
EUR      13,000,000 Deutschland 5.25% Ser 00           13,486,692.-            
13,421,730.-              4.35 
                    00/04.01.11                        0            0 
EUR      10,000,000 Deutschland 5.25% Ser 00           9,999,375.00
10,278,946.-              3.33 
                    00/04.07.10                                     0 
EUR      13,500,000 Deutschland 6.5% Ser 97            16,788,215.-            
16,720,987.-              5.42 
                    97/04.07.27                        5            5 
EUR       8,500,000 Espana 4.2% 03/30.07.13            9,064,567.87
8,498,385.00  2.75 
EUR      10,000,000 Espana 4.75% 98/30.07.14           10,776,453.-            
10,301,193.-              3.34 
                                                       5            0 
EUR       7,500,000 Espana 6.15% Bon del T 97/31.01.13 8,014,511.25
8,158,596.00  2.64 
EUR      10,000,000 France 3.75% OAT 05/25.04.21       10,171,033.-            
9,231,428.00  2.99 
                                                       0 
EUR      10,000,000 France 4% OAT 99/25.10.09          10,194,645.-            
9,982,211.00  3.24 
                                                       0 
EUR      13,500,000 France 5.5% OAT 98/25.04.29        16,884,166.-            
15,008,552.-              4.86 
                                                       7            0 
EUR       5,000,000 France 6.5% OAT 96/25.04.11        5,662,574.35
5,358,090.50  1.74 
EUR       2,200,000 France 8.25% OAT 92/25.04.22       3,312,612.52
3,039,414.40  0.99 
EUR      10,000,000 France VAR OAT Lk Inflation Ser    10,590,212.-            
10,651,398.-              3.45 
                    JUNE 04/25.07.11 Greece 4.5% Ser   0            0 
                    30YR 05/20.09.37 
EUR      10,000,000                                    9,427,995.81
9,231,413.00  2.99 
EUR      13,000,000 Greece 6.5% 99/22.10.19            15,739,431.-            
15,059,543.-              4.88 
                                                       0            0 
EUR      16,500,000 Ireland 4.6% T-Bonds 99/18.04.16   17,590,230.-            
16,754,142.-              5.43 
                                                       3            0 
EUR       9,000,000 Italia 4.25% BTP 03/01.02.19       8,957,582.25
8,722,434.60  2.83 
EUR       3,000,000 Italia 5.25% BTP 98/01.11.29       3,068,751.15
3,142,348.80  1.02 
EUR      11,000,000 Netherlands 3% 04/15.01.10         10,896,131.-            
10,773,417.-              3.49 
                                                       2            0 
Total                                                  291,802,967-            
283,253,975-             91.81 
bonds                                                  67           06 

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET                                               

Bonds                                                                         
EUR         3,000,000 Portugal 4.1% 06/15.04.37 2,712,726.33 2,671,276.50 0.87
Total bonds                                     2,712,726.33 2,671,276.50 0.87

OTHER TRANSFERABLE SECURITIES

Bonds 
EUR                 11,000,000     Stork Acceptance SA 0% EMTN    11,016,500-  
         10,780,000-              3.49 
                                   Stork Fd Cr & Bd Arb           00         
00 
   07/29.06.12        07/29.06.12          07/29.06.12 
Total bonds                                                       11,016,500-  
         10,780,000-              3.49 
                                                                  00         
00 
TOTAL INVESTMENTS IN SECURITIES                                  305,532,194-  
         296,705,251-              96.17 
                                                                 00          56 
CASH AT BANKS                                                                
66,827,596-             21.66 
                                                                             
29 
OTHER NET ASSETS/(LIABILITIES)                                              
-55,017,111-             -17.83 
                                                                             97 
TOTAL                                                                       
308,515,735-             100.00 
                                                                             88 

The accompanying notes are an integral part of these financial statements.

119

              BL             
SICAV with multiple Sub-Funds
         BL-Bond Euro        

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Countries and governments 92.68 %

Diversified financial services 3.49 %

TOTAL 96.17 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Germany 41.84 %

France 17.27 %

Spain 8.73 %

Greece 7.87 %

Ireland 5.43 %

Italy 3.85 %

Luxembourg (Grand Duchy of) 3.49 %

The Netherlands 3.49 %

Belgium 3.33 %

Portugal 0.87 %

TOTAL 96.17 %

The accompanying notes are an integral part of these financial statements.

120

              BL             
SICAV with multiple Sub-Funds
        BL-Bond Dollar       

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in USD)        

ASSETS                                            
Securities portfolio at market value 47,517,420.59
Cash at banks                               138.16
Receivable on issues of shares            8,724.76
Income receivable on portfolio          666,094.47
Interest receivable on bank accounts      1,826.04
Prepaid expenses                            881.10

Total assets 48,195,085.12

LIABILITIES                
Bank liabilities 192,695.53
Expenses payable  85,060.30

Total liabilities 277,755.83

NET ASSETS at the end of the year 47,917,329.29

Class A shares outstanding        2,981.345
Net asset value per class A share    309.22

Class B shares outstanding        47,159.314
Net asset value per class B share     996.53

The accompanying notes are an integral part of these financial statements.

121

              BL             
SICAV with multiple Sub-Funds
        BL-Bond Dollar       

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)   

INCOME                                                       
Interest on bonds and other debt securities, net 2,143,085.23
Interest on bank accounts                                    
                                                   109,783.38
Total income                                     2,252,868.61

EXPENSES                                          
Management fees                         232,288.15
Custodian fees                           46,577.27
Banking charges and other fees           14,091.71
Central administration costs             35,093.19
Audit and supervisory fees                  991.80
Other administration costs               24,896.80
Subscription duty ("taxe d'abonnement")  23,676.81
Other taxes                                 117.85
Other expenses                            7,946.34
Total expenses                          385,679.92

NET INVESTMENT INCOME 1,867,188.69

NET REALISED GAIN/(LOSS)           
- on portfolio           113,210.00
- on foreign exchange        -66.25

REALISED RESULT 1,980,332.44

NET VARIATION OF THE UNREALISED GAIN/(LOSS)             
- on portfolio                              1,657,415.02

RESULT OF OPERATIONS 3,637,747.46

Dividends paid -43,885.63

Reinvestments -

Subscriptions 12,727,600.46

Redemptions -14,500,849.81

TOTAL CHANGES IN NET ASSETS 1,820,612.48

TOTAL NET ASSETS at the beginning of the year 46,096,716.81

TOTAL NET ASSETS at the end of the year 47,917,329.29

The accompanying notes are an integral part of these financial statements.

122

              BL             
SICAV with multiple Sub-Funds
        BL-Bond Dollar       

STATISTICAL INFORMATION 
as at 31st December 2007
        (in USD)        

 Total net assets               
- as at 31.12.2007 47,917,329.29
- as at 31.12.2006 46,096,716.81
- as at 31.12.2005 54,486,330.04

Number of class A shares                            
- outstanding at the beginning of the year 3,107.813
- issued                                            
                                              95.548
- redeemed                                  -222.016
- outstanding at the end of the year       2,981.345

Net asset value per class A share           
- highest                             311.64
                                  04.12.2007
- lowest                              284.17
                                  13.06.2007

- as at 31.12.2007 309.22
- as at 31.12.2006 301.02
- as at 31.12.2005 308.93

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       15.02
Shares outstanding at dividend date  2,921.813

Number of class B shares                              
- outstanding at the beginning of the year  49,012.062
- issued                                              
                                            13,422.590
- redeemed                                 -15,275.338
- outstanding at the end of the year        47,159.314

Net asset value per class B share           
- highest                           1,004.33
                                  04.12.2007
- lowest                              914.91
                                  30.01.2007

- as at 31.12.2007 996.53
- as at 31.12.2006 921.43
- as at 31.12.2005 903.07

The accompanying notes are an integral part of these financial statements.

123

              BL             
SICAV with multiple Sub-Funds
       BL-Bond Dollar        

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in USD)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Bonds 
USD       2,000,000 US 2.625% T-Notes Ser F-2008      1,946,263.90 1,995,000.00
 4.16 
                    03/15.05.08 
USD       1,500,000 US 3.25% T-Notes Ser G-2008       1,502,344.33 1,499,296.80
 3.13 
                    03/15.08.08 
USD       2,000,000 US 3.875% T-Notes Ser A-2013      1,898,463.92 2,036,250.00
 4.25 
                    03/15.02.13 
USD       2,500,000 US 4.25% T-Notes 03/15.11.13      2,491,444.67 2,585,937.50
 5.40 
USD       1,000,000 US 4.75% T-Notes 98/15.11.08        909,197.73 1,011,640.60
 2.11 
USD       2,500,000 US 4.875% T-Notes 02/15.02.12     2,636,595.42 2,648,046.75
 5.53 
USD       5,500,000 US 5% T-Notes 01/15.02.11         5,602,498.73 5,803,359.10
12.11 
USD       1,750,000 US 5.5% T-Notes 99/15.05.09       1,804,017.61 1,805,917.93
 3.77 
USD       2,500,000 US 5.75% T-Notes 00/15.08.10      2,692,696.54 2,665,429.50
 5.56 
USD       1,000,000 US 6% T-Bonds 96/15.02.26         1,118,040.99 1,178,281.20
 2.46 
USD       1,750,000 US 6% T-Notes 99/15.08.09         1,961,499.01 1,829,023.35
 3.82 
USD       3,250,000 US 6.125% T-Bonds 99/15.08.29     3,659,515.16 3,957,382.65
 8.26 
USD       1,500,000 US 6.25% T-Bonds 93/15.08.23      1,659,369.74 1,788,984.30
 3.73 
USD       1,750,000 US 6.5% T-Notes 00/15.02.10       2,000,630.23 1,870,449.18
 3.90 
USD       1,000,000 US 7.25% T-Notes 86/15.05.16      1,236,131.61 1,225,625.00
 2.56 
USD       1,500,000 US 7.875% T-Bonds 91/15.02.21     1,997,451.94 2,011,171.80
 4.20 
USD       4,250,000 US 8.75% T-Bonds 87/15.05.17      5,374,440.05 5,762,734.38
12.03 
Total                                                 40,490,601.-            
41,674,530.-             86.98 
bonds                                                 8            4 

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET                                               

Bonds 
USD                    1,500,000      US 3% T-Notes Ser E-2009    1,477,469-   
       1,497,304-             3.12 
                                      04/15.02.09                 53         65 
USD                    1,500,000      US 3.5% T-Notes Ser Q-2009  1,478,965-   
       1,511,367-             3.15 
                                      04/15.12.09                 13         15 
USD                    2,750,000      US 4.25% T-Notes Ser E-2014 2,766,633-   
       2,834,218-             5.92 
                                      04/15.08.14                 83         75 
Total bonds                                                       5,723,068-   
       5,842,890-            12.19 
                                                                  49         55 
TOTAL INVESTMENTS IN SECURITIES                                  46,213,670-   
       47,517,420-             99.17 
                                                                 07         59 
CASH AT BANKS                                                                  
 138.16   0.00 
BANK LIABILITIES                                                            
-192,695.-            -0.40 
                                                                             3 
OTHER NET ASSETS/(LIABILITIES)                                              
592,466.07   1.23 
TOTAL                                                                      
47,917,329-            100.00 
                                                                            29 

The accompanying notes are an integral part of these financial statements.

124

              BL             
SICAV with multiple Sub-Funds
       BL-Bond Dollar        

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Countries and governments 99.17 %

TOTAL 99.17 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 99.17 %

TOTAL 99.17 %

The accompanying notes are an integral part of these financial statements.

125

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          851,566,471.81
Cash at banks                                   8,060,007.72
Receivable on issues of shares                    835,764.14
Income receivable on portfolio                  5,484,229.93
Interest receivable on financial instruments       13,280.00
Interest receivable on bank accounts              213,634.96
Unrealised gain on swap contracts                 138,714.50
Unrealised gain on foreign exchange contracts     189,340.31
Prepaid expenses                                      200.00

Total assets 866,501,643.37

LIABILITIES                                               
Commitment on repurchase and "repo" contracts 8,016,200.00
Payable on redemptions of shares                  4,089.80
Interest payable on financial instruments       194,476.64
Expenses payable                                759,165.68

Total liabilities 8,973,932.12

NET ASSETS at the end of the year 857,527,711.25

Class A shares outstanding        176,543.715
Net asset value per class A share      252.31

Class B shares outstanding        1,537,687.544
Net asset value per class B share        528.71

The accompanying notes are an integral part of these financial statements.

126

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                        
Interest on bonds and other debt securities, net 46,306,474.72
Interest on bank accounts                                     
                                                  1,033,712.81
Interest on financial instruments                   241,286.24
Total income                                     47,581,473.77

EXPENSES                                            
Management fees                         2,126,075.04
Custodian fees                          1,066,428.21
Banking charges and other fees            164,563.46
Central administration costs               78,726.96
Audit and supervisory fees                 21,926.78
Other administration costs                103,234.89
Subscription duty ("taxe d'abonnement")   102,414.26
Other taxes                                   162.08
Interest paid on bank liabilities         126,083.93
Interest paid on financial instruments    672,629.84
Other expenses                             53,234.22
Total expenses                          4,515,479.67

NET INVESTMENT INCOME 43,065,994.10

NET REALISED GAIN/(LOSS)                     
- on portfolio                  -5,045,760.21
- on foreign exchange contracts    875,246.56
- on foreign exchange              -20,544.25

REALISED RESULT 38,874,936.20

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -16,359,597.52
- on financial instruments                       56,477.00
- on foreign exchange contracts                 223,899.27

RESULT OF OPERATIONS 22,795,714.95

Dividends paid -2,151,228.85

Reinvestments -

Subscriptions 446,738,950.13

Redemptions -677,617,427.47

TOTAL CHANGES IN NET ASSETS -210,233,991.24

TOTAL NET ASSETS at the beginning of the year 1,067,761,702.49

TOTAL NET ASSETS at the end of the year 857,527,711.25

The accompanying notes are an integral part of these financial statements.

127

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                  
- as at 31.12.2007   857,527,711.25
- as at 31.12.2006 1,067,761,702.49
- as at 31.12.2005   974,002,268.98

Number of class A shares                               
- outstanding at the beginning of the year  241,306.921
- issued                                               
                                             83,933.458
- redeemed                                 -148,696.664
- outstanding at the end of the year        176,543.715

Net asset value per class A share           
- highest                             258.25
                                  12.06.2007
- lowest                              250.59
                                  03.09.2007

- as at 31.12.2007 252.31
- as at 31.12.2006 254.10
- as at 31.12.2005 252.44

Dividends paid                                 
Payment date                         15.06.2007
Dividend per share                         7.23
Shares outstanding at dividend date 297,542.026

Number of class B shares                                 
- outstanding at the beginning of the year  1,944,682.729
- issued                                                 
                                              812,580.622
- redeemed                                 -1,219,575.807
- outstanding at the end of the year        1,537,687.544

Net asset value per class B share           
- highest                             528.83
                                  27.12.2007
- lowest                              517.65
                                  02.01.2007

- as at 31.12.2007 528.71
- as at 31.12.2006 517.54
- as at 31.12.2005 503.16

The accompanying notes are an integral part of these financial statements.

128

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number /   Description                         Cost      Market value 
 % of 
         nominal 
           value                                                              
total net 
                                                                               
assets 
INVESTMENTS IN SECURITIES 
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 
LISTING Bonds EUR 
          10,000,000ABN Amro Bank NV FRN EMTN Sub     9,987,925.009,794,000.00 
    1.14 
                    06/31.05.18 10,000,000 
EUR                 Alpha Credit Group Plc FRN EMTN   9,989,650.009,970,000.00 
    1.16 
                    Sen 06/08.05.09 10,926,740 
EUR                 Ariadne SA FRN 00/20.01.13        10,929,120.-           
10,961,705.57     1.28 
                                                      8 
EUR       10,000,000Atlantia SpA FRN EMTN 04/09.06.11 10,102,850.-           
10,006,000.00     1.17 
                                                      0 
EUR       6,000,000 BAT Holdings BV FRN Ser 31 Tr 1   6,000,000.005,976,300.00 
    0.70 
                    06/16.05.10 BBVA Subordinated 
                    Capital SA FRN EMTN Sub 
EUR       10,000,000                                 10,009,250.009,663,000.00 
    1.13 
                    06/24.10.16 
EUR       10,000,000BTM Hgs NV FRN EMTN Sen Sub       10,045,250.-           
9,873,000.00      1.15 
                    05/16.06.15 Banco Popolare FRN    0 
                    EMTN Ser 14 Tr 1 04/25.11.11 
EUR       5,000,000                                   4,990,350.004,970,500.00 
    0.58 
EUR       10,000,000Banesto Financial Products Plc FRN10,001,250.-           
9,913,200.00      1.16 
                    06/04.08.11                       0 
EUR       5,000,000 Bank of America Corp 3.625% Sen   4,982,750.004,990,000.00 
    0.58 
                    03/03.03.08 
EUR       25,000,000Bank of America Corp FRN EMTN Sen 24,969,966.-           
24,632,500.00     2.87 
                    06/18.05.16 Bayer AG FRN EMTN     7 
                    06/25.05.09 
EUR       10,000,000                                  9,994,050.009,981,000.00 
    1.16 
EUR       12,500,000Bear Stearns Co Inc FRN           12,490,000.-           
12,015,000.00     1.40 
                    05/27.07.12                       0 
EUR       10,000,000Bear Stearns Co Inc FRN EMTN      9,971,000.009,538,000.00 
    1.11 
                    06/26.09.13 
EUR       10,000,000Bq Fédérative Crédit Mutuel FRN   9,992,050.009,827,000.00 
    1.15 
                    EMTN 06/19.12.16 
EUR       10,000,000COFIDIS FRN Sen 07/27.02.12       9,989,850.009,978,668.00 
    1.16 
EUR       10,000,000Caixa Economica Montepio Geral FRN9,993,000.009,978,780.00 
    1.16 
                    EMTN Sen 
                    04/04.11.09 
EUR       13,000,000Capitalia SpA FRN EMTN Sen        12,961,210.-           
12,788,313.20     1.49 
                    07/05.02.14                       0 
EUR       20,000,000Citigroup Inc EMTN FRN 07/05.03.1419,864,850.-           
19,786,000.00     2.31 
                                                      0 
EUR       5,000,000 Commerzbank AG VAR EMTN Ser 551   5,000,000.004,717,500.00 
    0.55 
                    06/13.09.16 
EUR       11,500,000Daimler NA Corp FRN EMTN          11,483,080.-           
11,502,300.00     1.34 
                    06/16.03.10                       0 
EUR       10,000,000Depfa Bank Plc FRN EMTN Sub       9,981,250.009,846,000.00 
    1.15 
                    05/15.12.15 
EUR       10,000,000Deutsche Bank AG FRN EMTN Sub     9,991,250.009,729,000.00 
    1.13 
                    05/22.09.15 
EUR       10,000,000Deutsche Telekom Intl Fin BV FRN  9,975,250.009,984,000.00 
    1.17 
                    EMTN 04/08.12.09 Dexia Municipal 
                    Agency FRN EMTN 04/05.11.10 
EUR       5,000,000                                   4,990,150.004,930,000.00 
    0.58 
EUR       10,000,000EFG Hellas Plc FRN EMTN           9,992,150.009,940,463.00 
    1.16 
                    07/28.03.12 
EUR       5,000,000 Export-Import Bank Korea (The) FRN4,997,750.004,990,250.00 
    0.58 
                    EMTN 04/02.11.09 
EUR       10,000,000Fortis Banque SA FRN EMTN Sub     10,015,000.-           
9,788,000.00      1.14 
                    06/21.06.16                       0 
EUR       15,000,000Fortis Banque SA FRN Sub          14,968,645.-           
14,635,500.00     1.71 
                    05/14.02.18                       0 
EUR       11,500,000France Telecom SA FRN EMTN Sen    11,492,600.-           
11,440,027.50     1.33 
                    06/09.06.10                       0 
EUR       8,000,000 Goldman Sachs Group Inc FRN EMTN  7,981,009.237,731,200.00 
    0.90 
                    07/30.01.17 
EUR       25,000,000Goldman Sachs Group Inc FRN EMTN  25,099,019.-           
24,460,000.00     2.85 
                    Sen 05/02.02.15 Goldman Sachs     5 
                    Group Inc FRN Sen 06/15.11.14 
EUR       15,000,000                                 14,990,900.0014,554,500.00
    1.70 
EUR       10,000,000Intl Lease Finance Corp FRN       9,994,250.009,788,500.00 
    1.14 
                    05/15.08.11 
EUR       19,000,000JPMorgan Chase & Co FRN EMTN Sub  18,964,460.-           
18,772,000.00     2.19 
                    05/12.10.15 Korea Development Bank0 
                    FRN EMTN 05/08.02.10 
EUR       10,000,000                                  9,994,125.009,981,000.00 
    1.16 
EUR       10,000,000Leaseplan Corp NV FRN EMTN Sen    9,994,150.009,927,500.00 
    1.16 
                    07/16.02.10 
EUR       20,000,000Lehman Brothers Holdings Inc FRN  19,987,650.-           
19,078,000.00     2.23 
                    EMTN 07/05.02.14                  0 
EUR       5,000,000 Lehman Brothers Treasury BV VAR Lk5,001,250.004,875,000.00 
    0.57 
                    Euro Infl Idx 
                    07/12.04.12 
EUR       10,000,000Merrill Lynch & Co Inc FRN EMTN   9,992,150.009,810,000.00 
    1.14 
                    Sen 04/22.03.11 Merrill Lynch & Co 
                    Inc FRN EMTN Sen 04/22.07.14 
EUR       25,000,000                                 25,220,000.0024,247,500.00
    2.83 
EUR       20,000,000Morgan Stanley FRN EMTN           19,985,500.-           
19,398,000.00     2.26 
                    05/20.07.12                       0 
EUR       15,000,000Morgan Stanley FRN EMTN           15,001,250.-           
14,332,500.00     1.67 
                    07/16.01.17                       0 
EUR       15,000,000Morgan Stanley FRN EMTN Sen       15,001,750.-           
14,389,500.00     1.68 
                    06/13.04.16                       0 
EUR       20,000,000Natixis FRN 06/26.01.17           19,982,700.-           
19,354,000.00     2.26 
                                                      0 
EUR       10,000,000RCI Banque FRN EMTN Sen           10,048,250.-           
9,966,500.00      1.16 
                    04/26.05.09                       0 
EUR       10,000,000Rothschilds Continuati Fin Plc FRN9,987,350.009,962,410.00 
    1.16 
                    EMTN 06/19.09.11 
EUR       10,000,000SLM Corp FRN EMTN 04/26.04.11     9,982,100.009,279,000.00 
    1.08 
EUR       10,000,000Société Générale FRN EMTN         9,994,450.009,614,500.00 
    1.12 
                    07/07.06.17 
EUR       10,000,000Unicredito Italiano SpA FRN EMTN  9,991,375.009,829,000.00 
    1.15 
                    Sen 05/18.02.15 
EUR       10,000,000Volkswagen Bank GmbH FRN EMTN     9,998,350.009,946,691.00 
    1.16 
                    07/05.02.10 
EUR       8,000,000 Volkswagen Bank GmbH FRN EMTN Sen 7,996,770.007,947,130.40 
    0.93 
                    07/27.06.11 
                                                     605,340,305.-            
593,390,438.-                 69.20 
                                                     3            7 

The accompanying notes are an integral part of these financial statements.

129

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Cur-    Number /      Number /  Description                      Cost    Market
      % of 
encynominal       nominal                                            value 
     value         value                                                       
total net 
                                                                               
 assets 
 NLG10,000,0-              10,000,000ING Bank NV 5.375% EMTN Ser 784,543,247.- 
         4,542,168.-                0.53 
    0                       98/10.03.08                   2          3 
 USD14,000,0-              14,000,000HSBC Bank Plc FRN EMTN Ser    9,467,808.- 
         9,520,060.-                1.11 
    0                       1207 Tr 1 05/14.02.08         0          3 
    Total bonds                                          619,351,361-          
 607,452,66-               70.84 
                                                         75          .03 
Asset backed securities 
 EUR6,882,67-              6,882,676-          Asti Finance Ser 1A FRN      
6,883,536.-           6,792,895.-                0.79 
    .07           07        05/27.09.41                   0          9 
 EUR10,000,0-              10,000,000B-Arena NV FRN A Ser 2006-1   10,001,250- 
         9,862,779.-                1.15 
    0                       06/22.04.44                   00         0 
 EUR10,277,3-              10,277,37-          Castoro RMBS SRL FRN A Ser 1 
10,278,405-           10,140,240-                1.18 
    7.635         .635      05/28.01.41 Delphinus BV FRN A37         42 
                            Ser 2006-I 06/25.09.96 
 EUR10,000,0-              10,000,000                             10,001,250.- 
          9,867,390.-                1.15 
    0                                                    0           0 
 EUR8,517,46-              8,517,464-          Dutch MBS BV FRN A Ser X     
8,517,592.-           8,492,704.-                0.99 
    .27           27        03/02.10.79 Estia Mortgage    4          0 
                            Finance Plc FRN A Ser 2 
                            07/27.08.54 
 EUR9,984,73-              9,984,732-                                      
9,985,981.059,807,052.-                1.14 
    .96           96                                                 4 
 EUR6,000,000      6,000,000Euroti Alliance Auto Loan FCC 6,001,250.-          
5,928,548.-                0.69 
                            FRN A Ser 2006-1              0          0 
                            06/25.10.20 
 EUR6,500,000      6,500,000French Residential Asset FRN A6,500,150.-          
6,479,274.-                0.76 
                            Ser 2004-1 04/10.03.43 Granite0          0 
                            Master Issuer Plc FRN A5 Ser 
                            2006-3 06/20.12.54 
 EUR10,000,0-              10,000,000                             10,001,250.- 
          9,725,217.-                1.13 
    0                                                    0           0 
 EUR10,801,8-              10,801,89-          Lusitano Mortgages 2 Plc FRN
A10,812,784-           10,687,763-                1.25 
    2.85          .85       03/16.11.36                   63         30 
 EUR1,763,596      1,763,596Magritte Finance NV FRN A Ser 1,763,648.-          
1,750,783.-                0.20 
                            2004 04/01.06.32 SAGRES Soc de1          2 
                            Titular de Cred FRN A Ser 3 
                            07/21.11.60 
 EUR5,811,69-              5,811,691-                                      
5,812,902.705,714,711.-                0.67 
    .932          932                                                5 
 EUR8,000,000      8,000,000SC Germany Auto 06 Plc FRN A  8,001,250.-          
7,903,818.-                0.92 
                            Ser 2006-1 06/10.07.19 Saecure0          0 
                            BV FRN A Ser 3 03/25.11.51 
 EUR5,081,060      5,081,060                            
5,081,249.405,052,937.-                0.59 
                                                                     5 
 EUR3,866,48-              3,866,486-          Themeleion Mortgage Fin Plc  
3,866,858.-           3,831,877.-                0.45 
    .43           43        FRN A Ser 2 05/12.01.40       0          0 
                            112,037,992.97 
Total asset backed securities                            113,509,358-          
                13.06 
                                                         70 

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET                                               

Bonds 
EUR      10,000,000 BPE Financiciones SA FRN Ser CNMV       9,977,650.-        
   9,740,650.-            1.13 
                    05/23.12.15                             0           0 
EUR       6,000,000 Banco Pastor SA FRN Sen 05/21.01.10     6,001,250.-        
   5,975,632.-            0.70 
                                                            0           0 
EUR       5,000,000 Barclays Bank Plc VAR EMTN Ser 2005-BE  5,025,000.-        
   5,025,000.-            0.59 
                    05/20.09.09 Barclays Bank VAR CLN Lk    0           0 
                    Telecom Basket 04/20.09.09 
EUR      15,000,000                                         15,015,150-        
   15,075,000-            1.76 
                                                            00          00 
EUR       4,000,000 Bayerische Hypo & Vereinsbk AG FRN EMTN 3,995,200.-        
   4,004,866.-            0.47 
                    Ser 193                                 0           0 
                    98/22.12.08 
EUR      20,000,000 Bayerische LB FRN EMTN 07/04.01.10      19,971,340-        
   19,993,800-            2.33 
                                                            00          00 
EUR      10,000,000 Nomura Europe Finance NV FRN EMTN       9,993,633.-        
   9,922,125.-            1.16 
                    06/25.10.11                             3           0 
EUR      10,000,000 Wells Fargo & Co FRN EMTN 06/23.03.16   9,992,450.-        
   9,976,000.-            1.16 
                                                            0           0 
Total                                                       79,971,673-        
   79,713,073-            9.30 
bonds                                                       33          60 
Asset backed 
securities 
EUR       5,830,748 Bancaja Fondo de Tit Activo SA FRN A Ser5,831,476.-        
   5,694,891.-            0.66 
                    8 05/25.10.37 Fastnet Securities Plc FRN4           7 
                    A2 Ser 2 06/10.08.43 
EUR      10,000,000                                         10,001,250-        
   9,841,738.-            1.15 
                                                            00          0 
EUR     9,311,434.5 Fondo Titulizacion Activ UCI FRN A Ser  9,312,210.-        
   9,115,569.-            1.06 
                    14 05/20.06.43 Rural Hipotec Fd         6           1 
                    Titulization FRN A2A Ser 8 06/19.01.44 
EUR     7,973,980.2                                         7,975,087.-        
   7,716,871.-            0.90 
                                                            0           7 
Total asset backed securities                               33,120,025-        
   32,369,070-            3.77 
                                                            00          15 

OTHER TRANSFERABLE SECURITIES

Bonds 
EUR                 10,000,000     Barclays Bk Plc Hong Kong VAR   10,026,250- 
          9,722,000.-             1.13 
                                   EMTN Lk Bskt Ref                00         
0 
    05/21.03.10       05/21.03.10           05/21.03.10 
USD                 15,000,000     Corsair Ltd Jersey VAR EMTN Lk  12,078,753- 
         10,271,667.-              1.20 
                                   Basket 04/23.03.09              47         6 
Total bonds                                                        22,105,003- 
         19,993,667.-              2.33 
                                                                   47         6 
TOTAL INVESTMENTS IN SECURITIES                                   868,057,422- 
          851,566,471-             99.30 
                                                                  25         
81 

The accompanying notes are an integral part of these financial statements.

130

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Currency           Number / nominal          Description      Cost     Market  
     % of 
                                                                       value 
      value             value                                                  
   total net 
                                                                               
    assets 
       CASH AT BANKS 
       Notification deposits 
EUR                         4,623,000.00                    - 4,623,000-       
  4,623,000.00     0.54 
                                                            - 00 
                                                            - 
                                                            - 
                                                            - 
                                                            e 
                                                            - 
                                                            e 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            g 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            % 
EUR                         2,343,700.00                    - 2,343,700-       
  2,343,700.00     0.27 
                                                            - 00 
                                                            - 
                                                            - 
                                                            - 
                                                            e 
                                                            - 
                                                            e 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            g 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            % 
EUR                         1,049,500.00                    - 1,049,500-       
  1,049,500.00     0.12 
                                                            - 00 
                                                            - 
                                                            - 
                                                            - 
                                                            e 
                                                            - 
                                                            e 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            g 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            - 
                                                            % 
Total notification deposits                                 8,016,200.-        
  8,016,200.00     0.93 
                                                            0 
Current accounts at bank                                     43,807.72 
43,807.72       0.01 
TOTAL CASH AT BANKS                                         8,060,007.-        
  8,060,007.72     0.94 
                                                            2 
OTHER NET ASSETS/(LIABILITIES)                                        
-2,098,768.-                -0.24 
                                                                       8 
TOTAL                                                                
857,527,711.-                100.00 
                                                                      5 

The accompanying notes are an integral part of these financial statements.

131

              BL             
SICAV with multiple Sub-Funds
      BL-Short Term Euro     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Banks 48.50 %

Diversified financial services 45.80 %

Automobiles and components 1.34 %

Telecommunication services 1.33 %

Transportation 1.17 %

Materials 1.16 %

TOTAL 99.30 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 34.20 %

France 9.45 %

The Netherlands 9.36 %

United Kingdom 7.90 %

Germany 7.73 %

Ireland 6.39 %

Italy 6.36 %

Spain 5.58 %

Belgium 4.00 %

South Korea 1.74 %

Greece 1.28 %

Jersey 1.20 %

Cayman Islands 1.16 %

Netherlands Antilles 1.15 %

Hong Kong 1.13 %

Portugal 0.67 %

TOTAL 99.30 %

The accompanying notes are an integral part of these financial statements.

132

              BL             
SICAV with multiple Sub-Funds
     BL-Short Term Dollar    

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in USD)        

ASSETS                                             
Securities portfolio at market value 160,975,734.99
Cash at banks                          7,700,546.08
Income receivable on portfolio         1,302,084.12
Interest receivable on bank accounts      16,181.80
Prepaid expenses                             294.11

Total assets 169,994,841.10

LIABILITIES                                               
Commitment on repurchase and "repo" contracts 1,945,000.00
Payable on redemptions of shares                 32,709.52
Interest payable on financial instruments         2,171.92
Unrealised loss on foreign exchange contracts    60,722.83
Expenses payable                                152,638.71

Total liabilities 2,193,242.98

NET ASSETS at the end of the year 167,801,598.12

Class A shares outstanding        3,352.586
Net asset value per class A share    257.03

Class B shares outstanding        320,078.426
Net asset value per class B share      521.56

The accompanying notes are an integral part of these financial statements.

133

              BL             
SICAV with multiple Sub-Funds
     BL-Short Term Dollar    

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in USD)   

INCOME                                                        
Interest on bonds and other debt securities, net  9,172,803.53
Interest on bank accounts                                     
                                                    845,444.79
Total income                                     10,018,248.32

EXPENSES                                          
Management fees                         355,421.51
Custodian fees                          178,317.87
Banking charges and other fees           23,900.77
Central administration costs            102,925.11
Audit and supervisory fees                3,481.53
Other administration costs               35,751.75
Subscription duty ("taxe d'abonnement")  18,282.80
Interest paid on financial instruments   84,271.86
Other expenses                           27,875.66
Total expenses                          830,228.86

NET INVESTMENT INCOME 9,188,019.46

NET REALISED GAIN/(LOSS)                   
- on portfolio                  -211,578.93
- on foreign exchange contracts -707,184.00
- on foreign exchange             -5,209.80

REALISED RESULT 8,264,046.73

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -3,145,340.27
- on foreign exchange contracts                111,021.00

RESULT OF OPERATIONS 5,229,727.46

Dividends paid -80,298.34

Reinvestments -

Subscriptions 131,640,192.58

Redemptions -105,450,353.49

TOTAL CHANGES IN NET ASSETS 31,339,268.21

TOTAL NET ASSETS at the beginning of the year 136,462,329.91

TOTAL NET ASSETS at the end of the year 167,801,598.12

The accompanying notes are an integral part of these financial statements.

134

              BL             
SICAV with multiple Sub-Funds
     BL-Short Term Dollar    

STATISTICAL INFORMATION 
as at 31st December 2007
        (in USD)        

 Total net assets                
- as at 31.12.2007 167,801,598.12
- as at 31.12.2006 136,462,329.91
- as at 31.12.2005  69,155,110.33

Number of class A shares                             
- outstanding at the beginning of the year  7,457.118
- issued                                             
                                            2,091.950
- redeemed                                 -6,196.482
- outstanding at the end of the year        3,352.586

Net asset value per class A share           
- highest                             267.58
                                  12.06.2007
- lowest                              254.74
                                  13.06.2007

- as at 31.12.2007 257.03
- as at 31.12.2006 261.79
- as at 31.12.2005 257.60

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                       12.88
Shares outstanding at dividend date  6,234.343

Number of class B shares                               
- outstanding at the beginning of the year  265,985.621
- issued                                               
                                            254,771.832
- redeemed                                 -200,679.027
- outstanding at the end of the year        320,078.426

Net asset value per class B share           
- highest                             521.73
                                  15.11.2007
- lowest                              505.83
                                  02.01.2007

- as at 31.12.2007 521.56
- as at 31.12.2006 505.70
- as at 31.12.2005 481.63

The accompanying notes are an integral part of these financial statements.

135

              BL             
SICAV with multiple Sub-Funds
    BL-Short Term Dollar     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in USD)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Bonds 
EUR       3,000,000  Lehman Brothers Holdings Inc FRN EMTN 3,825,970.-         
  4,148,715.-             2.47 
                     Ser 4340                              4           6 
                     06/19.05.16 
USD       3,000,000  Am Express Tra Rel Serv Co Inc FRN    3,000,500.-         
  2,954,550.-             1.76 
                     EMTN 06/01.06.11 BNP Paribas SA FRN   0           0 
                     EMTN Ser 7041 Sub 05/23.11.15 
USD       5,000,000                                        5,011,000.-         
  4,911,000.-             2.93 
                                                           0           0 
USD       5,000,000  Bank of Montreal FRN EMTN 07/14.08.12 5,000,500.-         
  4,932,845.-             2.94 
                                                           0           0 
USD       2,000,000  Barclays Bank Plc FRN Ser 158         2,000,500.-         
  1,936,607.-             1.15 
                     06/27.06.16                           0           0 
USD       5,000,000  Canadian Imp Bk of Commerce FRN EMTN  5,004,500.-         
  4,876,000.-             2.90 
                     Sen                                   0           0 
                     07/21.02.17 
USD       1,500,000  Chile FRN 04/28.01.08                 1,500,783.-         
  1,501,497.-             0.90 
                                                           7           5 
USD       5,000,000  Citigroup Inc FRN Sen 04/05.11.14     5,034,800.-         
  4,965,000.-             2.96 
                                                           0           0 
USD       3,000,000  HBOS Plc FRN EMTN 07/06.09.17         3,000,500.-         
  2,965,500.-             1.77 
                                                           0           0 
USD       3,500,000  ING Bank NV FRN EMTN Sub Ser 1260     3,500,500.-         
  3,343,418.-             1.99 
                     07/03.07.17 Korea Development Bank FRN0           5 
                     04/20.10.09 
USD       3,000,000                                        2,999,900.-         
  2,988,570.-             1.78 
                                                           8           0 
USD       3,000,000  Leaseplan Corp NV FRN Sen EMTN        2,998,370.-         
  2,984,412.-             1.78 
                     05/17.11.08                           0           0 
USD       5,000,000  Merrill Lynch & Co Inc 6.375%         5,013,000.-         
  5,012,000.-             2.99 
                     98/03.04.08                           0           0 
USD       3,000,000  Nomura Europe Finance NV FRN EMTN     3,001,400.-         
  3,000,600.-             1.79 
                     05/12.12.08                           0           0 
USD       3,000,000  Royal Bank of Scotland Plc FRN        3,000,500.-         
  2,910,661.-             1.74 
                     06/11.04.16                           0           0 
USD       5,000,000  Siemens Financiering NV FRN EMTN      4,994,820.-         
  4,973,250.-             2.96 
                     06/16.03.12                           0           0 
USD       3,000,000  Standard Chartered Bk FRN EMTN Sub    3,003,500.-         
  3,002,400.-             1.79 
                     05/09.06.16                           0           0 
USD       3,500,000  Wachovia Bank NA FRN Sen Sub Tr 3     3,533,225.-         
  3,521,700.-             2.10 
                     04/03.11.14 36.23                     0           0 
                                                          61,598,299.-         
  60,780,012.- 
                                                          5           0 
Total                                                     65,424,269.-         
  64,928,728.-             38.70 
bonds                                                     9           6 
Asset backed 
securities 
USD       4,000,000  Lanark Master Issuer Plc FRN 3A1 Ser  4,000,500.-         
  4,000,000.-             2.38 
                     2007-1X                               0           0 
                     07/22.12.54 
USD       794,706.5  Lothian Mortgages Plc FRN A1 Ser 1     798,653.83 
792,958.15  0.47 
                     03/24.07.17 RAMS Mortgage Sec Pty Ltd 
                     FRN 1A Ser 2003-1E 
USD      2,440,884.6                                       2,444,344.-         
  2,439,664.-             1.45 
                                                           9           6 
                     03/11.08.34 
USD       2,000,000  Stream I BV FRN Sen Class A2          2,001,535.-         
  1,998,394.-             1.19 
                     01/02.09.86 9,231,016.71              5           0 
Total asset backed securities                              9,245,034.-         
               5.49 
                                                           7 

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET                                               

Bonds 
USD   5,000,000 Bear Stearns Co Inc FRN MTN Ser B Tr 707 5,013,750.-           
4,720,500.-            2.81 
                06/21.11.16 Bear Stearns Co Inc FRN Sen  0           0 
                07/01.02.12 
USD   5,000,000                                          5,004,715.-           
4,756,500.-            2.84 
                                                         0           0 
USD   4,000,000 CIT Group Inc FRN Sen 06/28.07.11        4,000,500.-           
3,624,800.-            2.16 
                                                         0           0 
USD   3,000,000 Credit Suisse (USA) Inc FRN Sen          3,000,500.-           
2,975,476.-            1.77 
                06/12.04.13                              0           0 
USD   5,000,000 Daimler NA Corp FRN MTN Ser E Tr 44      5,000,500.-           
4,950,459.-            2.95 
                07/13.03.09 Dubai Hgs Cial Operati MTN   0           0 
                Ltd FRN 07/01.02.12 
USD   3,000,000                                          2,994,620.-           
2,994,231.-            1.79 
                                                         0           0 
USD   3,000,000 Export-Import Bank Korea (The) FRN EMTN  3,000,500.-           
2,993,375.-            1.78 
                Ser 97                                   0           0 
                06/04.10.11 
USD   3,000,000 General Electric Capital Corp FRN MTN    3,000,500.-           
2,960,700.-            1.77 
                Ser A 06/08.01.16 Goldman Sachs Group    0           0 
                Inc FRN 06/22.03.16 
USD   5,000,000                                          5,013,600.-           
4,920,500.-            2.93 
                                                         0           0 
USD   3,000,000 JP Morgan Chase Bank FRN Ser AI Sub      3,000,500.-           
2,989,102.-            1.78 
                06/13.06.16 Merrill Lynch & Co Inc FRN   0           0 
                Ser MTNC Tr 454 04/15.01.15 
USD   5,000,000                                          5,041,350.-           
4,805,500.-            2.86 
                                                         0           0 
USD   3,000,000 Morgan Stanley FRN 06/18.01.11           3,000,500.-           
2,933,400.-            1.75 
                                                         0           0 
USD   5,000,000 Morgan Stanley FRN MTN Ser F 06/18.10.16 5,025,500.-           
4,830,900.-            2.88 
                                                         0           0 
USD   3,000,000 SLM Corp FRN MTN Ser A Tr 101            3,003,065.-           
2,744,400.-            1.64 
                06/25.10.11                              0           0 

The accompanying notes are an integral part of these financial statements.

136

              BL             
SICAV with multiple Sub-Funds
    BL-Short Term Dollar     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in USD)                        

Curre-       Number / nominal Description                           Cost    
Market        % of 
cy                                                                     value 
              value                                                            
   total net 
                                                                               
    assets 
USD           3,000,000 Sun Life Fin Gl Funding II LP FRN   3,000,500.-        
  2,905,218.00     1.73 
                        Ser 144A 06/06.07.11 Wachovia Corp  0 
                        FRN Sen 07/15.06.17 
USD           3,500,000                                   
3,500,500.003,446,625.00     2.05 
USD           4,000,000 Washington Mutual Inc FRN Sen       4,000,500.-        
  3,570,000.00     2.13 
                        05/22.03.12                         0 
USD           5,000,000 Wells Fargo & Co FRN Sen 05/28.10.155,008,550.-        
  4,939,500.00     2.94 
                                                            0 
USD           5,000,000 Wells Fargo & Co FRN Sen 07/24.01.124,999,400.-        
  4,957,500.00     2.96 
                                                            0 
  Total bonds                                              75,609,550.-        
   73,018,688.-                43.52 
                                                           0           0 
Asset backed securities 
USD          4,087,849.-           Fannie Mae FRN pool 888619         
4,141,911.-           4,145,079.35     2.47 
             5          07/01.02.36                         6 
Total asset backed securities                             
4,141,911.264,145,079.35     2.47 

OTHER TRANSFERABLE SECURITIES

Bonds 
EUR                         1,500,000           Bq Fédérative Crédit    1,8-   
 2,1-       1.30 
                                                Mutuel FRN EMTN         3,0-   
 5,9- 
                                                03/05.05.08             3.81
2.57 
USD                         5,000,000           Corsair Ltd Jersey VAR  5,0-   
 5,0-       3.00 
                                                EMTN Lk Basket          5,5-   
 5,0- 
                                                04/23.03.09 Morgan      0.00
0.00 
                                                Stanley FRN EMTN Ser 117 
                                                Tr 1 07/20.03.12 
USD                         2,500,000                                   2,5-   
 2,4-       1.45 
                                                                        5,0-   
 1,2- 
                                                                        0.00
0.00 
                                                                        7,5-   
 7,4-       4.45 
                                                                        0,5-   
 6,2- 
                                                                        0.00
0.00 
Total bonds                                                             9,3-   
 9,6-       5.75 
                                                                        3,5-   
 2,2- 
                                                                        3.81
2.57 
TOTAL INVESTMENTS IN SECURITIES                                        163,-   
 160,-       95.93 
                                                                       14,2-   
 75,7- 
                                                                       9.43
4.99 
CASH AT BANKS 
Notification deposits 
USD                      1,945,000.00           Banque de Luxembourg    1,9-   
 1,9-       1.16 
                                                4.2500%                 5,0-   
 5,0- 
                                                                        0.00
0.00 
Total notification deposits                                             1,9-   
 1,9-       1.16 
                                                                        5,0-   
 5,0- 
                                                                        0.00
0.00 
Current accounts at bank                                                5,7-   
 5,7-       3.43 
                                                                        5,5-   
 5,5- 
                                                                        6.08
6.08 
TOTAL CASH AT BANKS                                                     7,7-   
 7,7-       4.59 
                                                                        0,5-   
 0,5- 
                                                                        6.08
6.08 
OTHER NET ASSETS/(LIABILITIES)                                              
-87-      -0.52 
                                                                            
,68- 
                                                                            
.95 
TOTAL                                                                      
167,-      100.00 
                                                                           
01,5- 
                                                                           
8.12 

The accompanying notes are an integral part of these financial statements.

137

              BL             
SICAV with multiple Sub-Funds
    BL-Short Term Dollar     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Banks 45.20 %

Diversified financial services 43.36 %

Automobiles and components 2.95 %

Investment companies 1.79 %

Insurance 1.73 %

Countries and governments 0.90 %

TOTAL 95.93 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 56.15 %

The Netherlands 9.71 %

United Kingdom 9.30 %

Canada 5.84 %

France 4.23 %

South Korea 3.56 %

Jersey 3.00 %

Cayman Islands 1.79 %

Australia 1.45 %

Chile 0.90 %

TOTAL 95.93 %

The accompanying notes are an integral part of these financial statements.

138

              BL             
SICAV with multiple Sub-Funds
      BL-Global Flexible     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          135,843,963.12
Deposits on futures contracts                   2,785,722.62
Cash at banks                                  29,604,788.89
Margins receivable                                777,618.88
Income receivable on portfolio                  1,032,048.65
Interest receivable on bank accounts               67,352.95
Unrealised gain on foreign exchange contracts   1,575,395.75
Prepaid expenses                                      200.00

Total assets 171,687,090.86

LIABILITIES                                                
Bank liabilities                                       1.11
Commitment on repurchase and "repo" contracts 19,499,000.00
Interest payable on financial instruments         41,021.76
Unrealised loss on futures contracts             636,659.22
Expenses payable                                 479,435.17

Total liabilities 20,656,117.26

NET ASSETS at the end of the year 151,030,973.60

Class A shares outstanding        11,555.451
Net asset value per class A share     106.55

Class B shares outstanding        1,333,824.692
Net asset value per class B share        112.31

The accompanying notes are an integral part of these financial statements.

139

              BL             
SICAV with multiple Sub-Funds
      BL-Global Flexible     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                                       
Dividends, net                                   1,941,858.05
Interest on bonds and other debt securities, net 1,814,695.37
Interest on bank accounts                                    
                                                 1,322,110.86
Received commissions                               119,826.40
Total income                                     5,198,490.68

EXPENSES                                            
Management fees                         1,703,688.58
Custodian fees                            170,946.45
Banking charges and other fees             52,741.12
Transaction fees                           17,244.10
Central administration costs               78,358.48
Audit and supervisory fees                  3,501.45
Other administration costs                 30,391.14
Subscription duty ("taxe d'abonnement")    73,503.55
Other taxes                                    42.19
Interest paid on bank liabilities           7,760.70
Interest paid on financial instruments    835,363.80
Other expenses                              9,606.12
Total expenses                          2,983,147.68

NET INVESTMENT INCOME 2,215,343.00

NET REALISED GAIN/(LOSS)                    
- on portfolio                  1,528,993.85
- on options                       34,600.00
- on financial instruments      1,593,333.45
- on foreign exchange contracts 2,346,925.57
- on foreign exchange            -265,980.16

REALISED RESULT 7,453,215.71

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -10,077,368.26
- on financial instruments                     -636,659.22
- on foreign exchange contracts                 400,707.75

RESULT OF OPERATIONS -2,860,104.02

Dividends paid -57,612.74

Reinvestments -

Subscriptions 29,281,296.07

Redemptions -40,583,419.84

TOTAL CHANGES IN NET ASSETS -14,219,840.53

TOTAL NET ASSETS at the beginning of the year 165,250,814.13

TOTAL NET ASSETS at the end of the year 151,030,973.60

The accompanying notes are an integral part of these financial statements.

140

              BL             
SICAV with multiple Sub-Funds
      BL-Global Flexible     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 151,030,973.60
- as at 31.12.2006 165,250,814.13
- as at 31.12.2005 127,733,315.30

Number of class A shares                             
- outstanding at the beginning of the year 15,429.053
- issued                                             
                                            3,149.398
- redeemed                                 -7,023.000
- outstanding at the end of the year       11,555.451

Net asset value per class A share           
- highest                             116.67
                                  05.06.2007
- lowest                              105.06
                                  23.11.2007

- as at 31.12.2007 106.55
- as at 31.12.2006 111.73
- as at 31.12.2005 107.15

Dividends paid                                
Payment date                        15.06.2007
Dividend per share                        3.41
Shares outstanding at dividend date 16,895.233

Number of class B shares                                
- outstanding at the beginning of the year 1,430,869.929
- issued                                                
                                             247,853.013
- redeemed                                  -344,898.250
- outstanding at the end of the year       1,333,824.692

Net asset value per class B share           
- highest                             119.36
                                  30.10.2007
- lowest                              110.73
                                  23.11.2007

- as at 31.12.2007 112.31
- as at 31.12.2006 114.28
- as at 31.12.2005 107.15

The accompanying notes are an integral part of these financial statements.

141

              BL             
SICAV with multiple Sub-Funds
     BL-Global Flexible      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
EUR          85,000 DSM NV                              2,957,996.-           
2,741,250.00  1.81 
                                                        3 
EUR          45,000 Hypo Real Estate Holding AG         2,035,598.-           
1,624,500.00  1.08 
                                                        4 
EUR         160,000 Wessanen NV                         1,805,327.-           
1,732,800.00  1.15 
                                                        6 
                                                        6,798,923.-           
6,098,550.00  4.04 
                                                        3 
GBP         500,000 3I Infrastructure Ltd                739,508.08  
718,494.10  0.48 
GBP         700,000 Bodycote Intl Plc                   2,852,738.-           
1,767,427.71  1.17 
                                                        4 
GBP         130,000 Diageo Plc                          1,695,183.-           
1,905,093.89  1.26 
                                                        8 
GBP         870,000 Invensys Plc                        4,014,084.-           
2,644,837.79  1.75 
                                                        9 
GBP         495,951 Mothercare Plc                      2,551,940.-           
2,242,239.23  1.48 
                                                        8 
GBP         225,000 Wolseley Plc                        3,615,187.-           
2,252,580.68  1.49 
                                                        8 
                                                       15,468,642.-           
11,530,673.40  7.63 
                                                       5 
HKD         750,000 Li & Fung Ltd                       1,449,911.-           
2,078,445.46  1.38 
                                                        7 
JPY             346 Creed Office Investment Corp        1,191,407.-            
 998,429.30  0.66 
                                                        0 
JPY         100,000 Sega Sammy Holdings Inc              874,267.16  
837,434.98  0.55 
                                                        2,065,674.-           
1,835,864.28  1.21 
                                                        6 
KRW          75,000 Hana Financial Group Inc            2,472,531.-           
2,746,078.56  1.82 
                                                        7 
THB         750,000 Bangkok Bank PCL Nv DR              1,782,385.-           
2,009,401.18  1.33 
                                                        1 
THB       1,500,000 Thai Oil PCL Uts Nv DR              1,827,662.-           
2,945,986.48  1.95 
                                                        2 
                                                        3,610,047.-           
4,955,387.66  3.28 
                                                        3 
USD         105,000 Altria Group Inc                    4,787,153.-           
5,423,685.02  3.59 
                                                        1 
USD          50,000 Anheuser-Busch Cos Inc              1,805,227.-           
1,796,946.72  1.19 
                                                        2 
USD              45 Berkshire Hathaway Inc A            3,163,224.-           
4,317,772.26  2.86 
                                                        4 
USD         100,000 Cemex SA ADR repr 10 CPO            2,427,408.-           
1,802,046.85  1.19 
                                                        8 
USD          50,000 Cisco Systems Inc                    953,390.21  
937,064.36  0.62 
USD         120,000 Dell Inc                            2,544,359.-           
2,035,972.94  1.35 
                                                        6 
USD         120,000 EBay Inc                            3,009,570.-           
2,756,519.67  1.83 
                                                        4 
USD          45,000 Infosys Technologies Ltd ADR repr 1 1,293,425.-           
1,393,866.24  0.92 
                    Share                               9 
USD          51,000 Kookmin Bank ADR repr 1 Share       3,030,306.-           
2,574,363.33  1.70 
                                                        7 
USD          35,000 Microsoft Corp                       816,553.32  
859,678.35  0.57 
USD          45,000 Quest Diagnostics Inc               1,742,921.-           
1,619,394.10  1.07 
                                                        4 
USD         150,000 Taiwan Semiconduct Mfg Co Ltd ADR    991,578.86
1,009,826.26  0.67 
                    repr 5 Shares Thornburg Mortgage Inc 
USD         250,000                                     1,859,933.-           
1,584,441.20  1.05 
                                                        9 
USD         100,000 USG Corp                            2,655,894.-           
2,476,624.39  1.64 
                                                        5 
USD          10,000 Washington Post co B                6,014,155.-           
5,450,341.71  3.61 
                                                        2 
USD         135,000 Wipro Ltd ADR repr 1 Share          1,278,540.-           
1,393,560.23  0.92 
                                                        3 
                                                       38,373,644.-           
37,432,103.63 24.78 
                                                       3 
Total                                                  70,239,376.-           
66,677,102.99 44.14 
shares                                                 4 
Undertakings for collective investment 
EUR         100,000 DJ STOXX SM 600 Health Care EX      4,531,892.-           
3,971,000.00  2.63 
                                                        8 
EUR          50,000 Metzler Intl Inv Plc Japan Equity Fd2,181,267.-           
1,897,500.00  1.26 
                                                        0 
EUR         100,000 Warehouses De Pauw SICAFI           4,275,122.-           
4,648,000.00  3.08 
                                                        1 
                                                       10,988,281.-           
10,516,500.00  6.97 
                                                       9 
JPY             204 Crescendo Investment Corp            888,282.87  
522,444.00  0.35 
JPY             150 Japan Excellent Inc                  960,114.10  
809,780.99  0.54 
JPY             300 MID REIT Inc                        1,119,606.-            
 943,241.55  0.62 
                                                        8 
JPY             360 Nippon Commercial Inv Corp          1,135,728.-           
1,079,948.45  0.71 
                                                        1 

The accompanying notes are an integral part of these financial statements.

142

              BL             
SICAV with multiple Sub-Funds
     BL-Global Flexible      

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

C-  Number /  Descrip-                     Descrip-                    
Descrip-         Cost Mar-       % of 
r-  nominal   ion                  ion                  ion           et 
e-                                                                    val- 
cy                                                                  e 
  value                                                                  total
net 
                                                                         
assets 
J-         300Nippon               Nippon               Nippon   1,03-    
833,-          0.55 
Y           Hotel Fd             Hotel Fd             Hotel Fd ,716-     26.76 
            Inv Corp             Inv Corp             Inv Corp 31 
J-      20,000Oyster               Oyster               Oyster   2,43-    
1,93-          1.28 
Y           SICAV                SICAV                SICAV    ,278-     ,582- 
            Japan                Japan                Japan    88   87 
            Opportu-                     Opportu-                     Opportun- 
            ities                ities                ties JPY 
            JPY                  JPY 
J-         333Prospect             Prospect             Prospect 874,-    
738,-          0.49 
Y           Residen-                     Residen-                     Resident-
        19.1504.22 
            ial Inv              ial Inv              al Inv 
            Corp                 Corp                 Corp 
                                                              8,446-      6,86-
         4.54 
                                                              645.50,928- 
                                                                    84 
U-     100,000Aberdeen             Aberdeen             Aberdeen 3,11-    
4,08-          2.70 
D           Gl SICAV             Gl SICAV             Gl SICAV ,148-     ,786- 
            Asia                 Asia                 Asia     30   10 
            Pacific              Pacific              Pacific 
            Fd Ser               Fd Ser               Fd Ser A2 
            A2 Cap F             A2 Cap F             Cap F 
            Templet-                     Templet-                     Templeton 
            n Inv                n Inv                Inv Fds 
            Fds                  Fds                  SICAV 
            SICAV                SICAV                Asian 
            Asian                Asian                Growth I 
            Growth I             Growth I             Cap 
            Cap                  Cap 
U-     150,000                                                  1,900-     
3,27-          2.17 
D                                                             098.64,265- 
                                                                    10 
U-     600,000Manulife             Manulife             Manulife 2,19-    
3,45-          2.29 
D           Gl Fd                Gl Fd                Gl Fd    ,478-     ,665- 
            SICAV                SICAV                SICAV    78   87 
            China                China                China 
            Value A              Value A              Value A 
            Reg                  Reg                  Reg 
            Pharmac-                     Pharmac-                     Pharmace- 
            utical               utical               tical 
            Holdrs               Holdrs               Holdrs 
            Trust DR             Trust DR             Trust DR 
            31.12.40             31.12.40             31.12.40 
U-     100,000                                                  5,758-     
5,44-          3.60 
D                                                             940.47,821- 
                                                                    46 
                                                              12,96-      16,2-
        10.76 
                                                              ,666.-      1,53- 
                                                              9     .53 
Total undertakings for collective investment                   32,3-     33,6- 
       22.27 
                                                               7,59-     2,96- 
                                                               .58  .37 
B- 
n- 
s 
E-   7,500,000Bayer AG             Bayer AG             Bayer AG 6,71-    
6,66-          4.41 
R           VAR Sub              VAR Sub              VAR Sub  ,062-     ,000- 
            05/29.0-                     05/29.0-                     05/29.07-
        00   00 
            .2105                .2105                2105 
E-  12,500,000Deutsch-                     Deutsch-                    
Deutschl-         11,9-     11,6-          7.74 
R           and                  and                  nd 3.25% 7,73-     4,03- 
            3.25%                3.25%                Ser 05   .81  .25 
            Ser 05               Ser 05               05/04.07- 
            05/04.0-                     05/04.0-                     15 
            .15                  .15 
E-   7,500,000Deutsch-                     Deutsch-                    
Deutschl-         7,17-     7,19-          4.77 
R           and                  and                  nd 3.75% ,243-     ,875- 
            3.75%                3.75%                Ser 06   75   00 
            Ser 06               Ser 06               06/04.01- 
            06/04.0-                     06/04.0-                     17 
            .17                  .17 
E-   7,500,000KPN NV               KPN NV               KPN NV 4%6,89-    
6,71-          4.45 
R           4% EMTN              4% EMTN              EMTN Sen ,750-     ,625- 
            Sen                  Sen                  05/22.06-         14   00 
            05/22.0-                     05/22.0-                     15 
            .15                  .15 
T-                                                              32,71-     
32,2-         21.37 
t-                                                              ,795.-     
5,53- 
l                                                             0     .25 
b- 
n- 
s 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
JPY                             400,000               4,340,869.95 
3,258,361.51   2.16 
Total undertakings for collective investment          4,340,869.95 
3,258,361.51   2.16 
TOTAL INVESTMENTS IN SECURITIES                      139,690,635.-            
135,843,963.12  89.94 
                                                     7 
CASH AT BANKS                                                     
29,604,788.89  19.60 
BANK LIABILITIES                                                          
-1.11   0.00 
OTHER NET ASSETS/(LIABILITIES)                                   
-14,417,777.30  -9.54 
TOTAL                                                            
151,030,973.60 100.00 

The accompanying notes are an integral part of these financial statements.

143

              BL             
SICAV with multiple Sub-Funds
     BL-Global Flexible      

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 23.89 %

Countries and governments 12.51 %

Materials 9.05 %

Food, beverage and tobacco 7.19 %

Investment companies 5.17 %

Retailing 4.69 %

Telecommunication services 4.45 %

Media 3.61 %

Capital goods 3.24 %

Banks 3.03 %

Real estate 2.67 %

Software and services 2.41 %

Technology hardware and equipment 1.97 %

Energy 1.95 %

Diversified financial services 1.82 %

Health care equipment and services 1.07 %

Semiconductors and semiconductor equipment 0.67 %

Consumer durables and apparel 0.55 %

TOTAL 89.94 %

The accompanying notes are an integral part of these financial statements.

144

              BL             
SICAV with multiple Sub-Funds
     BL-Global Flexible      

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

United States of America 22.98 %

Germany 20.63 %

Luxembourg (Grand Duchy of) 10.60 %

The Netherlands 7.41 %

United Kingdom 7.15 %

Japan 4.47 %

South Korea 3.52 %

Thailand 3.28 %

Belgium 3.08 %

India 1.84 %

Hong Kong 1.38 %

Ireland 1.26 %

Mexico 1.19 %

Taiwan 0.67 %

Jersey 0.48 %

TOTAL 89.94 %

The accompanying notes are an integral part of these financial statements.

145

              BL             
SICAV with multiple Sub-Funds
     BL-Optinvest (Euro)     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                            
Securities portfolio at market value 91,285,589.37
Deposits on futures contracts         6,550,662.50
Cash at banks                        10,225,789.71
Formation expenses, net                  12,587.30
Margins receivable                    1,006,997.49
Income receivable on portfolio           63,342.30
Interest receivable on bank accounts     22,876.15
Prepaid expenses                            200.00

Total assets 109,168,044.82

LIABILITIES                                    
Unrealised loss on futures contracts 978,137.51
Expenses payable                     180,599.05

Total liabilities 1,158,736.56

NET ASSETS at the end of the year 108,009,308.26

Class B shares outstanding        1,061,346.774
Net asset value per class B share        101.77

The accompanying notes are an integral part of these financial statements.

146

              BL             
SICAV with multiple Sub-Funds
     BL-Optinvest (Euro)     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st August 2007 to 31st December 2007 (in EUR)    

INCOME                                                     
Interest on bonds and other debt securities, net  36,596.53
Interest on bank accounts                                  
                                                 198,839.96
Total income                                     235,436.49

EXPENSES                                          
Management fees                         152,639.41
Custodian fees                           30,678.48
Banking charges and other fees            1,156.97
Transaction fees                         14,890.00
Central administration costs             23,915.66
Audit and supervisory fees                3,565.00
Other administration costs                5,037.07
Subscription duty ("taxe d'abonnement")  21,242.77
Other expenses                           10,095.41
Total expenses                          263,220.77

NET INVESTMENT INCOME -27,784.28

 NET REALISED GAIN/(LOSS)               
- on portfolio                 35,422.16
- on financial instruments -2,689,282.53

REALISED RESULT -2,681,644.65

NET VARIATION OF THE UNREALISED GAIN/(LOSS)             
- on portfolio                              4,572,514.66
- on financial instruments                   -978,137.51

RESULT OF OPERATIONS 912,732.50

Dividends paid -

Reinvestments -

Subscriptions 116,207,774.41

Redemptions -9,111,198.65

TOTAL CHANGES IN NET ASSETS 108,009,308.26

TOTAL NET ASSETS at the beginning of the year -

TOTAL NET ASSETS at the end of the year 108,009,308.26

The accompanying notes are an integral part of these financial statements.

147

              BL             
SICAV with multiple Sub-Funds
     BL-Optinvest (Euro)     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 108,009,308.26

Number of class B shares                                
- outstanding at the beginning of the year         0.000
- issued                                                
                                           1,150,893.205
- redeemed                                   -89,546.431
- outstanding at the end of the year       1,061,346.774

Net asset value per class B share           
- highest                             103.01
                                  05.12.2007
- lowest                               99.83
                                  09.08.2007

- as at 31.12.2007 101.77

The accompanying notes are an integral part of these financial statements.

148

              BL             
SICAV with multiple Sub-Funds
     BL-Optinvest (Euro)     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
EUR                     19,481                Adidas AG            856,402.22 
998,596.06   0.92 
EUR                     42,969              Allianz SE Reg         6,566,148-  
        6,357,263.-              5.89 
                                                                   81         5 
EUR                     46,926                 BASF AG             4,336,787-  
        4,758,765.-              4.41 
                                                                   87         6 
EUR                     73,126                Bayer AG             4,007,436-  
        4,572,568.-              4.23 
                                                                   38         8 
EUR                     30,755         Bayerische Motorenwerke AG  1,338,696-  
        1,302,474.-              1.21 
                                                                   31         5 
EUR                     57,434              Commerzbank AG         1,655,769-  
        1,508,216.-              1.40 
                                                                   80         4 
EUR                     14,062              Continental AG         1,328,496-  
        1,251,377.-              1.16 
                                                                   17         8 
EUR                     94,008              Daimler AG Reg         6,205,103-  
        6,251,532.-              5.79 
                                                                   49         0 
EUR                     47,890            Deutsche Bank AG Reg     4,425,182-  
        4,281,366.-              3.96 
                                                                   77         0 
EUR                     19,134           Deutsche Boerse AG Reg    1,830,363-  
        2,597,440.-              2.40 
                                                                   53         0 
EUR                     43,812         Deutsche Lufthansa AG Reg   862,135.10 
798,254.64   0.74 
EUR                     80,171            Deutsche Post AG Reg     1,685,738-  
        1,884,820.-              1.74 
                                                                   25         1 
EUR                     7,845           Deutsche Postbank AG Reg   413,935.96 
476,583.75   0.44 
EUR                    266,620          Deutsche Telekom AG Reg    3,664,781-  
        4,004,632.-              3.71 
                                                                   41         0 
EUR                     59,072                 E.On AG             7,359,888-  
        8,600,292.-              7.96 
                                                                   42         8 
EUR                     17,761      Fresenius Medical Care AG & Co 637,022.54 
651,651.09   0.60 
                                    KGaA 
EUR                     17,045             Henkel KGaA Pref        625,997.65 
655,039.35   0.61 
EUR                     12,827        Hypo Real Estate Holding AG  508,128.76 
463,054.70   0.43 
EUR                     71,709       Infineon Technologies AG Reg  746,829.47 
578,691.63   0.54 
EUR                     12,063                Linde AG             1,034,520-  
        1,091,098.-              1.01 
                                                                   54         5 
EUR                     9,455                  Man AG              998,146.63
1,075,979.-              1.00 
                                                                              0 
EUR                     6,181                 Merck KGaA           558,382.14 
545,782.30   0.50 
EUR                     9,777                 Metro AG             585,408.92 
561,590.88   0.52 
EUR                     20,846        Muenchener Rueckvers AG Reg  2,651,981-  
        2,771,267.-              2.56 
                                                                   91         4 
EUR                     44,517                RWE AG A             3,796,049-  
        4,273,632.-              3.96 
                                                                   27         0 
EUR                     85,296                 SAP AG              3,304,542-  
        3,030,566.-              2.81 
                                                                   94         8 
EUR                     77,302              Siemens AG Reg         7,257,856-  
        8,415,095.-              7.79 
                                                                   18         2 
EUR                     19,160                 TUI AG              372,969.44 
366,530.80   0.34 
EUR                     36,867              ThyssenKrupp AG        1,493,898-  
        1,413,849.-              1.31 
                                                                   83         5 
EUR                     13,548               Volkswagen AG         2,124,334-  
        2,114,842.-              1.96 
                                                                   16         0 
Total shares                                                       73,232,93-  
        77,652,856-             71.90 
                                                                   .87       
69 
Bonds 
EUR              14,595,000         France VAR OAT Lk French       13,480,13-  
        13,632,732-             12.62 
                                    Inflation 05/25.07.17          .84       
68 
Total bonds                                                        13,480,13-  
        13,632,732-             12.62 
                                                                   .84       
68 
TOTAL INVESTMENTS IN SECURITIES                                    86,713,07-  
        91,285,589-             84.52 
                                                                   .71       
37 
CASH AT BANKS                                                                
10,225,789-              9.47 
                                                                             
71 
OTHER NET ASSETS/(LIABILITIES)                                               
6,497,929.-              6.01 
                                                                              8 
TOTAL                                                                       
108,009,308-             100.00 
                                                                             26 

The accompanying notes are an integral part of these financial statements.

149

              BL             
SICAV with multiple Sub-Funds
     BL-Optinvest (Euro)     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Countries and governments 12.62 %

Utilities 11.92 %

Automobiles and components 10.12 %

Materials 9.95 %

Capital goods 9.80 %

Insurance 8.45 %

Banks 5.80 %

Telecommunication services 3.71 %

Software and services 2.81 %

Transportation 2.48 %

Diversified financial services 2.40 %

Pharmaceuticals and biotechnology 1.10 %

Consumer durables and apparel 0.92 %

Household and personal products 0.61 %

Semiconductors and semiconductor equipment 0.54 %

Retailing 0.52 %

Real estate 0.43 %

Hotels, restaurants and leisure 0.34 %

TOTAL 84.52 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Germany 71.90 %

France 12.62 %

TOTAL 84.52 %

The accompanying notes are an integral part of these financial statements.

150

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                            
Securities portfolio at market value 35,973,081.60
Cash at banks                        16,858,159.62
Formation expenses, net                  17,882.73
Income receivable on portfolio          569,278.93
Interest receivable on bank accounts     51,377.80
Prepaid expenses                            200.00

Total assets 53,469,980.68

LIABILITIES                
Expenses payable 121,642.77

Total liabilities 121,642.77

NET ASSETS at the end of the year 53,348,337.91

Class A shares outstanding        396.173
Net asset value per class A share   97.46

Class B shares outstanding        546,964.756
Net asset value per class B share       97.46

The accompanying notes are an integral part of these financial statements.

151

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 30th October 2007 to 31st December 2007 (in EUR)  

INCOME                                                     
Dividends, net                                     9,669.57
Interest on bonds and other debt securities, net 133,191.05
Interest on bank accounts                                  
                                                 109,776.29
Total income                                     252,636.91

EXPENSES                                          
Management fees                          87,286.72
Custodian fees                            8,760.40
Banking charges and other fees               53.12
Central administration costs              7,208.99
Audit and supervisory fees                3,565.00
Other administration costs                3,431.27
Subscription duty ("taxe d'abonnement")   4,659.97
Interest paid on bank liabilities            95.44
Other expenses                            3,986.53
Total expenses                          119,047.44

NET INVESTMENT INCOME 133,589.47

NET REALISED GAIN/(LOSS)          
- on foreign exchange    74,502.03

REALISED RESULT 208,091.50

NET VARIATION OF THE UNREALISED GAIN/(LOSS)              
- on portfolio                              -1,452,112.42

RESULT OF OPERATIONS -1,244,020.92

Dividends paid -

Reinvestments -

Subscriptions 55,749,804.70

Redemptions -1,157,445.87

TOTAL CHANGES IN NET ASSETS 53,348,337.91

TOTAL NET ASSETS at the beginning of the year -

TOTAL NET ASSETS at the end of the year 53,348,337.91

The accompanying notes are an integral part of these financial statements.

152

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets               
- as at 31.12.2007 53,348,337.91

Number of class A shares                          
- outstanding at the beginning of the year   0.000
- issued                                          
                                           396.173
- redeemed                                   0.000
- outstanding at the end of the year       396.173

Net asset value per class A share           
- highest                             100.00
                                  30.10.2007
- lowest                               94.40
                                  23.11.2007

- as at 31.12.2007 97.46

Number of class B shares                              
- outstanding at the beginning of the year       0.000
- issued                                              
                                           558,893.002
- redeemed                                 -11,928.246
- outstanding at the end of the year       546,964.756

Net asset value per class B share           
- highest                             100.00
                                  30.10.2007
- lowest                               94.40
                                  23.11.2007

- as at 31.12.2007 97.46

The accompanying notes are an integral part of these financial statements.

153

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Shares 
EUR         20,000 Tenaris SA Reg                          323,845.63 
305,600.00  0.57 
HKD        100,000 CLP Holdings Ltd                        470,731.32 
464,926.90  0.87 
HKD          7,500 Cheung Kong Holdings Ltd                 94,208.56  
89,935.25  0.17 
HKD         13,500 Hutchison Whampoa Ltd                   108,306.12 
101,177.16  0.19 
HKD         90,000 Li & Fung Ltd                           261,689.67 
249,413.46  0.47 
                                                           934,935.67 
905,452.77  1.70 
HUF          1,445 MOL Hungarian Oil and Gas Plc Ser A     146,316.03 
139,322.84  0.26 
                   Richter Gedeon Ltc 
HUF          6,400                                        
952,604.631,045,454.38  1.96 
                                                        
1,098,920.661,184,777.22  2.22 
IDR        185,000 Unilever Indonesia (PT) Tbk              93,818.97  
90,390.12  0.17 
KRW         10,000 Hana Financial Group Inc                323,128.84 
366,143.81  0.69 
KRW          7,500 Hyundai Mobis                           502,691.04 
475,115.18  0.89 
KRW          2,000 Hyundai Motor Co Ltd                     97,478.78 
104,031.34  0.19 
KRW          1,750 KT&G Corp                               101,527.73 
101,325.21  0.19 
KRW         10,000 Kookmin Bank                            548,916.71 
501,268.31  0.94 
KRW            300 Posco                                   135,793.30 
125,317.08  0.23 
KRW          1,200 Samsung Electronics Co Ltd              494,370.85 
484,704.66  0.91 
                                                        
2,203,907.252,157,905.59  4.04 
MYR         58,000 Genting Bhd                              98,879.22  
94,501.55  0.18 
MYR        200,000 Malayan Banking Bhd                     470,957.91 
483,677.43  0.91 
                                                           569,837.13 
578,178.98  1.09 
SGD         30,000 Keppel Corp Ltd                         191,643.81 
180,203.75  0.34 
SGD         51,000 Singapore Telecom Ltd Board Lot 1000     94,998.64  
93,965.40  0.18 
SGD         10,000 United Overseas Bank Ltd Local           98,389.74  
92,686.96  0.17 
                                                           385,032.19 
366,856.11  0.69 
THB        200,000 Bangkok Bank PCL Nv DR                  533,972.17 
535,840.31  1.00 
TWD        170,000 Acer Inc                                235,597.55 
222,652.05  0.42 
TWD        170,000 Au Optronics Corp                       226,504.27 
224,074.74  0.42 
TWD         54,000 Hon Hai Precision Ind Co Ltd            238,884.03 
226,522.62  0.42 
TWD        390,000 Taiwan Semiconduct Mfg Co Ltd           524,407.15 
493,654.86  0.93 
TWD        200,000 Taiwan Sog Shinkong Sec Co Ltd          134,522.18 
123,858.31  0.23 
                                                        
1,359,915.181,290,762.58  2.42 
USD         25,000 Cemex SA ADR repr 10 CPO                522,905.94 
450,511.71  0.84 
USD          4,500 Coca-Cola Femsa SAB de CV ADR repr 10   138,906.84 
149,087.08  0.28 
                   Local Shares Cresud SA Com Ind Fin y 
                   Agrope spons ADR repr 10 
USD         20,000                                         251,233.20 
272,007.07  0.51 
                   Shares 
USD         20,000 Infosys Technologies Ltd ADR repr 1     671,736.81 
619,496.11  1.16 
                   Share 
                                                        
1,584,782.791,491,101.97  2.79 
Total                                                   
9,088,967.648,906,865.65 16.69 
shares 
Undertakings for collective investment 
USD      105,478.-          Aberdeen Gl SICAV Asia Pacific Fd Ser  4,500,984.- 
         4,304,334.66  8.07 
         76        A2 Cap F Templeton Inv Fds SICAV Asian 1 
                   Growth I Cap 
USD      245,630.-                                               
5,892,596.625,360,101.01 10.05 
         3 
USD      78,800.59 Fidelity Fds SICAV Thailand A Gl Certif1,350,910.-          
1,275,341.91  2.39 
                                                          9 
USD      3,641.295 HSBC Global Inv Fds SICAV Chinese       275,620.01 
266,968.05  0.50 
                   Equity AC Cap 

The accompanying notes are an integral part of these financial statements.

154

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)
as at 31st December 2007 (in EUR)                        

Curren-        Number /   Description                             Cost    
Market        % of 
y       nominal                                                     value 
            value                                                              
total net 
                                                                               
 assets 
USD          3,770 Julius Baer Multibond SICAV Local     601,000.27  594,898.85
     1.11 
                   Emerging Bond B Cap ML Intl Inv Fds 
                   SICAV Latin America A2 Cap 
USD       18,822.67                                    
1,212,039.071,125,481.87     2.11 
Total undertakings for collective investment            13,833,150.-           
12,927,126.-                24.23 
                                                        7           5 
Bonds 
BRL       2,700,000KFW AG 11.75% 06/15.12.14           
1,144,801.251,064,662.54     2.00 
EUR         500,000Brazil 11.5% 02/02.04.09              546,568.63  536,300.00
     1.01 
EUR         820,000Brazil 7.375% 05/03.02.15             922,295.13  890,233.00
     1.67 
EUR         500,000Mexico 5.375% 03/10.06.13             515,600.00  507,150.00
     0.95 
EUR         300,000Mexico 5.5% Ser MTN A 04/17.02.20     312,050.00  300,690.00
     0.56 
EUR         300,000Mexico 7.5% EMTN Reg 00/08.03.10      320,330.00  317,450.49
     0.59 
EUR       1,500,000Philippines 6.25% Sen 06/15.03.16   
1,530,417.191,510,725.00     2.83 
EUR       2,820,000Philippines 9.125% 03/22.02.10      
3,053,015.903,044,472.00     5.71 
EUR       1,200,000Turkey 4.75% Sen 05/06.07.12        
1,176,682.381,158,235.80     2.17 
EUR       1,000,000Venezuela 7% Ser Intl 05/16.03.15     960,438.50  904,562.50
     1.70 
                                                       
9,337,397.739,169,818.79    17.19 
TRY       1,000,000EIB 14% EMTN Sen 06/05.07.16          612,438.07  588,289.83
     1.10 
Total bonds                                           
11,094,637.0510,822,771.-                20.29 
                                                                    6 

TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED
MARKET                                               

Shares                                                            
GBP          100,000 Dhir India Inv Plc 245,292.57 240,627.74 0.45
Total shares                            245,292.57 240,627.74 0.45

OTHER TRANSFERABLE SECURITIES

Shares                                                          
USD            10,000       Wal-Mart de    252,5-       239,70-          0.45
                            Mexico SAB de  1.79   .23           
                            CV ADR repr 10                      
                            Shares V                            
                            239,706.23                          
Total shares                               252,5-                 0.45
                                           1.79                 
Undertakings for collective investment                          
EUR         13,295.239      East Capital  1,502,-       1,512,7-           2.84
                            (Lux) Russian 49.89  7.67           
                            Fd A Cap                            
USD         44,546.62       HSBC Global   1,408,-       1,323,2-           2.48
                            Inv Fds SICAV 94.41  6.80           
                            Brazil Equity                       
                            AC Cap                              
Total undertakings for collective         2,910,-       2,835,9-           5.32
investment                                44.30  4.47           
TOTAL INVESTMENTS IN SECURITIES           37,425-       35,973,-          67.43
                                          194.02 81.60          
CASH AT BANKS                                    16,858,-          31.60
                                                 59.62          
OTHER NET ASSETS/(LIABILITIES)                    517,09-          0.97
                                                  .69           
TOTAL                                            53,348,-         100.00
                                                 37.91          

The accompanying notes are an integral part of these financial statements.

155

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 29.55 %

Countries and governments 17.19 %

Banks 3.02 %

Diversified financial services 2.69 %

Pharmaceuticals and biotechnology 1.96 %

Semiconductors and semiconductor equipment 1.84 %

Technology hardware and equipment 1.26 %

Software and services 1.16 %

International institutions 1.10 %

Automobiles and components 1.08 %

Materials 1.07 %

Food, beverage and tobacco 0.98 %

Retailing 0.92 %

Utilities 0.87 %

Energy 0.83 %

Investment companies 0.45 %

Commercial services and supplies 0.42 %

Capital goods 0.34 %

Telecommunication services 0.18 %

Hotels, restaurants and leisure 0.18 %

Real estate 0.17 %

Household and personal products 0.17 %

TOTAL 67.43 %

The accompanying notes are an integral part of these financial statements.

156

              BL             
SICAV with multiple Sub-Funds
     BL-Emerging Markets     

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 31.22 %

Philippines 8.54 %

South Korea 4.04 %

Mexico 3.67 %

Brazil 2.68 %

Taiwan 2.42 %

Hungary 2.22 %

Turkey 2.17 %

Germany 2.00 %

Venezuela 1.70 %

Hong Kong 1.70 %

India 1.16 %

Malaysia 1.09 %

Thailand 1.00 %

Singapore 0.69 %

Argentina 0.51 %

Isle of Man 0.45 %

Indonesia 0.17 %

TOTAL 67.43 %

The accompanying notes are an integral part of these financial statements.

157

              BL             
SICAV with multiple Sub-Funds
 BL-Kingfisher FoF Equities  

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          144,056,245.63
Cash at banks                                  13,969,234.32
Receivable on issues of shares                      4,921.09
Interest receivable on bank accounts               27,413.92
Unrealised gain on foreign exchange contracts      39,293.86
Prepaid expenses                                      200.00

Total assets 158,097,308.82

LIABILITIES                                
Payable on redemptions of shares  10,290.87
Expenses payable                 575,825.32

Total liabilities 586,116.19

NET ASSETS at the end of the year 157,511,192.63

Class B shares outstanding        875,954.228
Net asset value per class B share      179.82

The accompanying notes are an integral part of these financial statements.

158

              BL             
SICAV with multiple Sub-Funds
 BL-Kingfisher FoF Equities  

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                
Dividends, net              118,640.46
Interest on bank accounts   151,772.70
Received commissions      1,171,377.17
Total income              1,441,790.33

EXPENSES                                            
Management fees                         2,259,648.33
Custodian fees                            181,345.97
Banking charges and other fees                260.07
Central administration costs               91,114.22
Audit and supervisory fees                  3,726.36
Other administration costs                 28,780.78
Subscription duty ("taxe d'abonnement")    16,034.83
Other taxes                                     5.87
Interest paid on bank liabilities             233.71
Other expenses                             22,696.33
Total expenses                          2,603,846.47

NET INVESTMENT INCOME -1,162,056.14

NET REALISED GAIN/(LOSS)                     
- on portfolio                  20,129,496.45
- on foreign exchange contracts  2,645,455.51
- on foreign exchange             -411,511.36

REALISED RESULT 21,201,384.46

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -24,114,859.46
- on foreign exchange contracts                 601,024.82

RESULT OF OPERATIONS -2,312,450.18

Dividends paid -

Reinvestments -

Subscriptions 34,213,023.71

Redemptions -66,809,190.81

TOTAL CHANGES IN NET ASSETS -34,908,617.28

TOTAL NET ASSETS at the beginning of the year 192,419,809.91

TOTAL NET ASSETS at the end of the year 157,511,192.63

The accompanying notes are an integral part of these financial statements.

159

              BL             
SICAV with multiple Sub-Funds
 BL-Kingfisher FoF Equities  

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 157,511,192.63
- as at 31.12.2006 192,419,809.91
- as at 31.12.2005 140,164,984.08

Number of class B shares                                
- outstanding at the beginning of the year 1,050,453.407
- issued                                                
                                             182,574.109
- redeemed                                  -357,073.288
- outstanding at the end of the year         875,954.228

Net asset value per class B share           
- highest                             198.79
                                  17.07.2007
- lowest                              172.43
                                  23.11.2007

- as at 31.12.2007 179.82
- as at 31.12.2006 183.18
- as at 31.12.2005 168.15

The accompanying notes are an integral part of these financial statements.

160

              BL             
SICAV with multiple Sub-Funds
 BL-Kingfisher FoF Equities  

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                     21,702.075       CAAM Fds SICAV Arbitrage VAR 2 
2,316,610-           2,316,045-            1.47 
                                         (EUR)                           28    
    44 
EUR                    452,103.848       F Templeton Inv Fds SICAV
Mutual9,361,588-           9,096,329-            5.77 
                                         Eur Fd A Cap Gl Certif Fidelity 42    
    42 
                                         Fds SICAV European Aggressive A 
EUR                     198,818.74                                      
4,850,199-           4,614,582-            2.93 
                                                                         95    
    96 
EUR                    201,749.712       HSBC Global Inv Fds Eur Equity 
3,346,317-           3,142,857-            1.99 
                                         High Div AC Cap J O Hambro Cap  72    
    01 
                                         Mgt Umbrella Fd Plc European 
                                         Select 
EUR                     2,884,000                                       
7,569,398-           6,924,484-            4.40 
                                                                         26    
    00 
       Val Ret              Val Ret                Val Ret 
EUR                    186,155.248       MFS Meridian Fds SICAV European
3,661,367-           4,253,647-            2.70 
                                         Equity Fd A1 Magellan SICAV     82    
    42 
                                         Cap/Dist 
EUR                        3,435                                        
5,440,221-           5,546,769-            3.52 
                                                                         46    
    30 
EUR                     26,376.679       Oyster SICAV European          
8,054,352-           9,207,307-            5.85 
                                         Opportunities EUR/CHF           71    
    34 
EUR                     108,078.95       Schroder Intl Select Fd SICAV  
12,102,53-           12,024,86-            7.63 
                                         European Special Sit A          .06   
    .98 
         Cap                  Cap                   Cap 
EUR                    29,775.5168       State Street Act Japon SICAV   
5,218,286-           4,533,322-            2.88 
                                         Cap                             41    
    43 
                                                                        
61,920,88-           61,660,20-           39.14 
                                                                         .09   
    .30 
JPY                    285,105.523       AXA Rosenb Eq Alpha Trust Japan
3,827,120-           3,008,051-            1.91 
                                         Small Cap Alpha Fd B            71    
    08 
USD                    160,544.347       Aberdeen Gl SICAV Asia Pacific 
5,004,692-           6,551,471-            4.16 
                                         Fd Ser A2 Cap F Templeton Inv   45    
    40 
                                         Fds SICAV Asian Growth I Cap 
USD                    150,565.431                                      
2,975,682-           3,285,603-            2.09 
                                                                         84    
    81 
USD                    996,707.524       JPMorgan Fds SICAV US Value USD
8,966,200-           8,845,012-            5.62 
                                         A Cap Morgan Stanley SICAV      30    
    54 
                                         Asian Property Fd (USD) A 
USD                    336,275.806                                      
4,780,166-           4,438,552-            2.82 
                                                                         33    
    51 
USD                     46,487.174       UBAM Calamos US Equity Growth A
9,533,323-           9,683,734-            6.15 
                                         Cap                             99    
    66 
USD                    188,216.517       Worldwide Investors Ptf SICAV  
7,719,406-           7,587,280-            4.82 
                                         Opportunistic Eq Fd A 25.66     79    
    36 
                                                                        
38,979,47-           40,391,65- 
                                                                         .70   
    .28 
Total undertakings for collective investment                           
104,727,47-           105,059,91-            66.71 
                                                                        .50    
   .66 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
EUR                     41,215.90321       Alken Fd SICAV European    
6,320,254-           5,814,327-             3.69 
                                           Opportunities R Cap         45      
  47 
EUR                     260,974.854        MFS Meridian Fds European  
5,076,057-           4,838,473-             3.07 
                                           Growth Fd A1                97      
  79 
                                                                      
11,396,31-           10,652,80-             6.76 
                                                                       .42     
  .26 
JPY                     570,470.657        UBAM IFDC Japan Equity I   
5,384,507-           4,646,999-             2.95 
                                           Cap                         49      
  08 
USD                      529,161.47        Alger SICAV American Asset 
10,891,98-           11,511,25-             7.31 
                                           Growth Fd I                 .12     
  .59 
USD                      17,815.473        Parvest SICAV US Small Cap 
5,758,171-           6,003,507-             3.81 
                                           Classic Cap Reg Parvest     23      
  29 
                                           SICAV US Value Classic Cap 
USD                      86,020.047                                   
7,689,973-           6,181,767-             3.92 
                                                                       16      
  75 
                                                                      
24,340,12-           23,696,52-            15.04 
                                                                       .51     
  .63 
Total undertakings for collective investment                          
41,120,94-           38,996,32-            24.75 
                                                                       .42     
  .97 
TOTAL INVESTMENTS IN SECURITIES                                      
145,848,41-           144,056,24-             91.46 
                                                                      .92      
 .63 
CASH AT BANKS                                                                  
  13,969,23-             8.87 
                                                                               
  .32 
OTHER NET ASSETS/(LIABILITIES)                                                 
  -514,287.-            -0.33 
                                                                               
  2 
TOTAL                                                                          
 157,511,19-            100.00 
                                                                               
 .63 

The accompanying notes are an integral part of these financial statements.

161

              BL             
SICAV with multiple Sub-Funds
 BL-Kingfisher FoF Equities  

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 91.46 %

TOTAL 91.46 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 78.75 %

France 6.40 %

Ireland 6.31 %

TOTAL 91.46 %

The accompanying notes are an integral part of these financial statements.

162

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 75     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          146,790,344.23
Cash at banks                                  12,871,664.85
Interest receivable on bank accounts               25,008.08
Unrealised gain on foreign exchange contracts      52,903.17
Prepaid expenses                                      200.00

Total assets 159,740,120.33

LIABILITIES                                
Payable on redemptions of shares   7,774.75
Expenses payable                 585,354.01

Total liabilities 593,128.76

NET ASSETS at the end of the year 159,146,991.57

Class B shares outstanding        1,010,303.919
Net asset value per class B share        157.52

The accompanying notes are an integral part of these financial statements.

163

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 75     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                
Dividends, net              111,042.11
Interest on bank accounts   217,259.68
Received commissions      1,016,025.37
Other income                 13,675.24
Total income              1,358,002.40

EXPENSES                                            
Management fees                         2,269,889.84
Custodian fees                            182,177.62
Banking charges and other fees              4,545.36
Central administration costs               90,057.98
Audit and supervisory fees                  3,720.75
Other administration costs                 28,333.57
Subscription duty ("taxe d'abonnement")    13,111.55
Interest paid on bank liabilities             399.52
Other expenses                             20,127.57
Total expenses                          2,612,363.76

NET INVESTMENT INCOME -1,254,361.36

NET REALISED GAIN/(LOSS)                     
- on portfolio                  13,413,691.06
- on foreign exchange contracts  2,152,648.55
- on foreign exchange             -461,710.92

REALISED RESULT 13,850,267.33

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -17,086,354.02
- on foreign exchange contracts                 476,191.58

RESULT OF OPERATIONS -2,759,895.11

Dividends paid -

Reinvestments -

Subscriptions 23,426,819.90

Redemptions -48,649,367.94

TOTAL CHANGES IN NET ASSETS -27,982,443.15

TOTAL NET ASSETS at the beginning of the year 187,129,434.72

TOTAL NET ASSETS at the end of the year 159,146,991.57

The accompanying notes are an integral part of these financial statements.

164

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 75     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 159,146,991.57
- as at 31.12.2006 187,129,434.72
- as at 31.12.2005 132,241,584.63

Number of class B shares                                
- outstanding at the beginning of the year 1,166,503.679
- issued                                                
                                             142,954.105
- redeemed                                  -299,153.865
- outstanding at the end of the year       1,010,303.919

Net asset value per class B share           
- highest                             169.39
                                  05.06.2007
- lowest                              153.21
                                  23.11.2007

- as at 31.12.2007 157.52
- as at 31.12.2006 160.42
- as at 31.12.2005 150.90

The accompanying notes are an integral part of these financial statements.

165

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 75     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                     27,328.655       CS Bond Fd (Lux) FCP EURO Units
10,007,40-           9,999,008-            6.28 
                                         B F Templeton Inv Fds SICAV     .13   
    29 
                                         Mutual Eur Fd A Cap Gl Certif 
EUR                    419,160.842                                      
8,710,699-           8,433,516-            5.30 
                                                                         94    
    14 
EUR                    213,131.556       HSBC Global Inv Fds Eur Equity 
3,535,099-           3,320,163-            2.09 
                                         High Div AC Cap J O Hambro Cap  99    
    38 
                                         Mgt Umbrella Fd Plc European 
                                         Select 
EUR                     2,217,000                                       
5,853,323-           5,323,017-            3.34 
                                                                         45    
    00 
       Val Ret              Val Ret                Val Ret 
EUR                    146,175.526       MFS Meridian Fds SICAV European
2,611,198-           3,340,110-            2.10 
                                         Equity Fd A1 Magellan SICAV     77    
    77 
                                         Cap/Dist 
EUR                        3,060                                        
4,905,483-           4,941,226-            3.10 
                                                                         94    
    80 
EUR                    626,494.849       Morgan Stanley SICAV EURO Bond 
6,575,513-           6,640,845-            4.17 
                                         Fd A                            25    
    40 
EUR                     22,584.694       Oyster SICAV European          
6,937,579-           7,883,639-            4.95 
                                         Opportunities EUR/CHF           11    
    13 
EUR                    1,476,518.7       Schroder Intl Select Fd SICAV  
8,794,022-           8,932,938-            5.61 
                                         EUR Short Term Bond A           61    
    14 
         Cap                  Cap                   Cap 
EUR                       79,795         Schroder Intl Select Fd SICAV  
8,979,640-           8,877,991-            5.58 
                                         European Special Sit A          98    
    70 
         Cap                  Cap                   Cap 
EUR                    23,614.3353       State Street Act Japon SICAV   
4,138,066-           3,595,282-            2.26 
                                         Cap                             53    
    55 
                                                                        
71,048,03-           71,287,73-           44.78 
                                                                         .70   
    .30 
JPY                    221,298.965       AXA Rosenb Eq Alpha Trust Japan
2,965,863-           2,334,849-            1.47 
                                         Small Cap Alpha Fd B            62    
    86 
USD                     140,360.83       Aberdeen Gl SICAV Asia Pacific 
4,142,867-           5,727,825-            3.60 
                                         Fd Ser A2 Cap F Templeton Inv   24    
    24 
                                         Fds SICAV Asian Growth I Cap 
USD                    150,214.107                                      
3,021,443-           3,277,937-            2.06 
                                                                         40    
    30 
USD                    633,338.801       JPMorgan Fds SICAV US Value USD
5,716,494-           5,620,394-            3.53 
                                         A Cap Morgan Stanley SICAV      36    
    65 
                                         Asian Property Fd (USD) A 
USD                    277,104.465                                      
3,943,142-           3,657,541-            2.30 
                                                                         48    
    51 
USD                     36,777.856       UBAM Calamos US Equity Growth A
7,506,814-           7,661,188-            4.81 
                                         Cap                             20    
    42 
USD                    145,672.334       Worldwide Investors Ptf SICAV  
5,955,368-           5,872,262-            3.69 
                                         Opportunistic Eq Fd A 19.99     35    
    73 
                                                                        
30,286,13-           31,817,14- 
                                                                         .03   
    .85 
Total undertakings for collective investment                           
104,300,02-           105,439,73-            66.24 
                                                                        .35    
   .01 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
EUR                     38,653.15098       Alken Fd SICAV European    
5,934,886-           5,452,800-             3.43 
                                           Opportunities R Cap         69      
  01 
EUR                      17,116.381        Fortis L Fd SICAV Bond Long
7,906,689-           7,759,540-             4.88 
                                           EUR C Cap KBC Bonds         62      
  16 
                                           Inflation Linked Bonds Cap 
EUR                      5,072.6618                                   
3,611,539-           3,743,320-             2.35 
                                                                       96      
  05 
EUR                     178,267.725        MFS Meridian Fds European  
3,467,404-           3,305,083-             2.08 
                                           Growth Fd A1                37      
  62 
                                                                      
20,920,52-           20,260,74-            12.74 
                                                                       .64     
  .84 
JPY                     430,847.908        UBAM IFDC Japan Equity I   
4,102,258-           3,509,645-             2.21 
                                           Cap                         90      
  60 
USD                     424,225.447        Alger SICAV American Asset 
8,757,389-           9,228,500-             5.80 
                                           Growth Fd I                 90      
  94 
USD                      10,561.828        Parvest SICAV US Small Cap 
3,349,412-           3,559,153-             2.24 
                                           Classic Cap Reg Parvest     28      
  97 
                                           SICAV US Value Classic Cap 
USD                      66,689.065                                   
5,966,494-           4,792,560-             3.01 
                                                                       11      
  87 
                                                                      
18,073,29-           17,580,21-            11.05 
                                                                       .29     
  .78 
Total undertakings for collective investment                          
43,096,07-           41,350,60-            26.00 
                                                                       .83     
  .22 
TOTAL INVESTMENTS IN SECURITIES                                      
147,396,10-           146,790,34-             92.24 
                                                                      .18      
 .23 
CASH AT BANKS                                                                  
  12,871,66-             8.09 
                                                                               
  .85 
OTHER NET ASSETS/(LIABILITIES)                                                 
  -515,017.-            -0.33 
                                                                               
  1 
TOTAL                                                                          
 159,146,99-            100.00 
                                                                               
 .57 

The accompanying notes are an integral part of these financial statements.

166

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 75     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 92.24 %

TOTAL 92.24 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 82.07 %

France 5.36 %

Ireland 4.81 %

TOTAL 92.24 %

The accompanying notes are an integral part of these financial statements.

167

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 50     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                      
Securities portfolio at market value          206,096,129.34
Cash at banks                                  13,944,464.83
Receivable on issues of shares                      4,809.30
Interest receivable on bank accounts               24,988.20
Unrealised gain on foreign exchange contracts      19,361.04
Prepaid expenses                                      200.00

Total assets 220,089,952.71

LIABILITIES                                
Payable on redemptions of shares  13,655.50
Expenses payable                 792,551.48

Total liabilities 806,206.98

NET ASSETS at the end of the year 219,283,745.73

Class B shares outstanding        1,541,859.020
Net asset value per class B share        142.22

The accompanying notes are an integral part of these financial statements.

168

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 50     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                                
Dividends, net            1,390,937.35
Interest on bank accounts   262,516.54
Received commissions      1,126,838.00
Other income                 27,159.79
Total income              2,807,451.68

EXPENSES                                            
Management fees                         3,029,955.84
Custodian fees                            243,199.71
Banking charges and other fees              4,226.79
Central administration costs               90,722.25
Audit and supervisory fees                  4,963.76
Other administration costs                 32,556.69
Subscription duty ("taxe d'abonnement")    28,882.27
Interest paid on bank liabilities             508.43
Other expenses                             21,412.60
Total expenses                          3,456,428.34

NET INVESTMENT INCOME -648,976.66

NET REALISED GAIN/(LOSS)                     
- on portfolio                  12,254,528.43
- on foreign exchange contracts  1,987,290.80
- on foreign exchange             -320,796.11

REALISED RESULT 13,272,046.46

NET VARIATION OF THE UNREALISED GAIN/(LOSS)               
- on portfolio                              -16,564,833.06
- on foreign exchange contracts                 506,028.56

RESULT OF OPERATIONS -2,786,758.04

Dividends paid -

Reinvestments -

Subscriptions 53,996,367.99

Redemptions -79,377,670.02

TOTAL CHANGES IN NET ASSETS -28,168,060.07

TOTAL NET ASSETS at the beginning of the year 247,451,805.80

TOTAL NET ASSETS at the end of the year 219,283,745.73

The accompanying notes are an integral part of these financial statements.

169

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 50     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets                
- as at 31.12.2007 219,283,745.73
- as at 31.12.2006 247,451,805.80
- as at 31.12.2005 165,120,088.53

Number of class B shares                                
- outstanding at the beginning of the year 1,716,816.784
- issued                                                
                                             371,053.413
- redeemed                                  -546,011.177
- outstanding at the end of the year       1,541,859.020

Net asset value per class B share           
- highest                             149.32
                                  05.06.2007
- lowest                              140.06
                                  23.11.2007

- as at 31.12.2007 142.22
- as at 31.12.2006 144.13
- as at 31.12.2005 137.93

The accompanying notes are an integral part of these financial statements.

170

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 50     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                       92,700           BWI Dividenden Strategie EURO 
4,693,499-           4,484,826-            2.04 
                                                                          72   
     00 
EUR                     20,852.958       CAAM Fds SICAV Arbitrage VAR 2  
2,225,033-           2,225,427-            1.01 
                                         (EUR)                            96   
     68 
EUR                     80,414.726       CS Bond Fd (Lux) FCP EURO Units 
29,578,77-           29,422,13-           13.42 
                                         B F Templeton Inv Fds SICAV      .78  
     .95 
                                         Mutual Eur Fd A Cap Gl Certif 
EUR                    553,558.908                                       
11,480,84-           11,137,60-            5.08 
                                                                          .93  
     .23 
EUR                     2,484,000        J O Hambro Cap Mgt Umbrella Fd  
6,515,426-           5,964,084-            2.72 
                                         Plc European Select              76   
     00 
       Val Ret              Val Ret                Val Ret 
EUR                    191,367.339       MFS Meridian Fds SICAV European 
3,380,862-           4,372,743-            1.99 
                                         Equity Fd A1 Oyster SICAV        42   
     70 
                                         European Opportunities EUR/CHF 
EUR                     25,383.485                                       
8,110,925-           8,860,613-            4.04 
                                                                          48   
     11 
EUR                   2,042,737.32       Schroder Intl Select Fd SICAV   
12,241,22-           12,358,56-            5.64 
                                         EUR Short Term Bond A            .59  
     .79 
         Cap                  Cap                   Cap 
EUR                     79,351.87        Schroder Intl Select Fd SICAV   
8,925,496-           8,828,689-            4.03 
                                         European Special Sit A           03   
     06 
         Cap                  Cap                   Cap 
EUR                    28,080.0287       State Street Act Japon SICAV Cap
4,859,542-           4,275,184-            1.95 
                                                                          28   
     37 
                                                                         
92,011,63-           91,929,87-           41.92 
                                                                          .95  
     .89 
JPY                    201,495.544       AXA Rosenb Eq Alpha Trust Japan 
2,690,339-           2,125,910-            0.97 
                                         Small Cap Alpha Fd B             15   
     72 
USD                    190,255.953       Aberdeen Gl SICAV Asia Pacific  
6,412,291-           7,763,938-            3.54 
                                         Fd Ser A2 Cap F Templeton Inv    60   
     49 
                                         Fds SICAV Asian Growth I Cap 
USD                    156,252.796                                       
3,218,834-           3,409,712-            1.55 
                                                                          06   
     16 
USD                    614,121.186       JPMorgan Fds SICAV US Value USD 
5,552,646-           5,449,853-            2.49 
                                         A Cap Morgan Stanley SICAV Asian 25   
     10 
                                         Property Fd (USD) A 
USD                    294,445.232                                       
4,143,498-           3,886,424-            1.77 
                                                                          02   
     77 
USD                     33,760.299       UBAM Calamos US Equity Growth A 
6,806,999-           7,032,601-            3.21 
                                         Cap                              95   
     67 
USD                    133,935.995       Worldwide Investors Ptf SICAV   
5,469,365-           5,399,153-            2.46 
                                         Opportunistic Eq Fd A 15.02      59   
     91 
                                                                         
31,603,63-           32,941,68- 
                                                                          .47  
     .10 
Total undertakings for collective investment                            
126,305,60-           126,997,46-            57.91 
                                                                         .57   
    .71 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
EUR                     34,469.83375       Alken Fd SICAV European    
5,292,789-           4,862,659-             2.22 
                                           Opportunities R Cap         75      
  45 
EUR                     306,549.866        Cred Suisse Bd Fd Premium  
30,477,04-           28,552,05-            13.02 
                                           EURO                        .56     
  .52 
EUR                      33,498.974        Fortis L Fd SICAV Bond Long
15,357,45-           15,186,42-             6.93 
                                           EUR C Cap KBC Bonds         .89     
  .87 
                                           Inflation Linked Bonds Cap 
EUR                     12,828.3124                                   
9,148,093-           9,466,524-             4.32 
                                                                       82      
  85 
                                                                      
60,275,38-           58,067,66-            26.49 
                                                                       .02     
  .69 
JPY                     524,321.006        UBAM IFDC Japan Equity I   
4,876,985-           4,271,068-             1.95 
                                           Cap                         65      
  46 
USD                     374,059.528        Alger SICAV American Asset 
7,702,207-           8,137,203-             3.71 
                                           Growth Fd I                 17      
  29 
USD                      12,290.213        Parvest SICAV US Small Cap 
3,948,750-           4,141,589-             1.89 
                                           Classic Cap Reg Parvest     62      
  92 
                                           SICAV US Value Classic Cap 
USD                       62,355.54                                   
5,512,723-           4,481,135-             2.04 
                                                                       56      
  27 
                                                                      
17,163,68-           16,759,92-             7.64 
                                                                       .35     
  .48 
Total undertakings for collective investment                          
82,316,04-           79,098,66-            36.08 
                                                                       .02     
  .63 
TOTAL INVESTMENTS IN SECURITIES                                      
208,621,65-           206,096,12-             93.99 
                                                                      .59      
 .34 
CASH AT BANKS                                                                  
  13,944,46-             6.36 
                                                                               
  .83 
OTHER NET ASSETS/(LIABILITIES)                                                 
  -756,848.-            -0.35 
                                                                               
  4 
TOTAL                                                                          
 219,283,74-            100.00 
                                                                               
 .73 

The accompanying notes are an integral part of these financial statements.

171

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 50     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 93.99 %

TOTAL 93.99 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 73.29 %

Switzerland 13.02 %

Ireland 3.69 %

Germany 2.04 %

France 1.95 %

TOTAL 93.99 %

The accompanying notes are an integral part of these financial statements.

172

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 30     

STATEMENT OF NET ASSETS 
as at 31st December 2007
        (in EUR)        

ASSETS                                                     
Securities portfolio at market value          15,472,467.27
Cash at banks                                     39,095.87
Interest receivable on bank accounts                 393.72
Unrealised gain on foreign exchange contracts      1,992.59
Prepaid expenses                                     200.00

Total assets 15,514,149.45

LIABILITIES               
Expenses payable 46,733.34

Total liabilities 46,733.34

NET ASSETS at the end of the year 15,467,416.11

Class B shares outstanding        148,723.014
Net asset value per class B share      104.00

The accompanying notes are an integral part of these financial statements.

173

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 30     

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS
from 1st January 2007 to 31st December 2007 (in EUR)   

INCOME                              
Interest on bank accounts  18,587.46
Received commissions       84,900.45
Total income              103,487.91

EXPENSES                                          
Management fees                         176,113.57
Custodian fees                           17,669.53
Banking charges and other fees            2,455.92
Central administration costs             33,200.09
Audit and supervisory fees                  392.86
Other administration costs               15,484.73
Subscription duty ("taxe d'abonnement")     987.95
Interest paid on bank liabilities             6.28
Other expenses                            2,737.83
Total expenses                          249,048.76

NET INVESTMENT INCOME -145,560.85

NET REALISED GAIN/(LOSS)                  
- on portfolio                  528,423.04
- on foreign exchange contracts 102,714.07
- on foreign exchange           -23,892.33

REALISED RESULT 461,683.93

NET VARIATION OF THE UNREALISED GAIN/(LOSS)            
- on portfolio                              -632,179.18
- on foreign exchange contracts               22,720.01

RESULT OF OPERATIONS -147,775.24

Dividends paid -

Reinvestments -

Subscriptions 7,178,524.06

Redemptions -7,903,005.47

TOTAL CHANGES IN NET ASSETS -872,256.65

TOTAL NET ASSETS at the beginning of the year 16,339,672.76

TOTAL NET ASSETS at the end of the year 15,467,416.11

The accompanying notes are an integral part of these financial statements.

174

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 30     

STATISTICAL INFORMATION 
as at 31st December 2007
        (in EUR)        

 Total net assets               
- as at 31.12.2007 15,467,416.11
- as at 31.12.2006 16,339,672.76
- as at 31.12.2005 19,225,000.25

Number of class B shares                              
- outstanding at the beginning of the year 155,629.406
- issued                                              
                                            68,132.388
- redeemed                                 -75,038.780
- outstanding at the end of the year       148,723.014

Net asset value per class B share           
- highest                             106.79
                                  31.10.2007
- lowest                              103.51
                                  20.08.2007

- as at 31.12.2007 104.00
- as at 31.12.2006 104.99
- as at 31.12.2005 102.85

The accompanying notes are an integral part of these financial statements.

175

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 30     

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
           as at 31st December 2007          
                   (in EUR)                  

Currency Number / nominal Description Cost Market value   % of   
               value                                    total net
                                                          assets 

INVESTMENTS IN SECURITIES                            
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING                                     

Undertakings for collective investment 
EUR                        6,750            BWI Dividenden Strategie EURO 
341,852.-          326,565.00  2.11 
                                                                           0 
EUR                      3,168.211        CAAM Fds SICAV Arbitrage VAR 2  
338,189.-          338,111.48  2.19 
                                          (EUR)                            5 
EUR                      6,599.705        CS Bond Fd (Lux) FCP EURO Units 
2,435,27-          2,414,700-           15.61 
                                          B Dexia Bonds EUR Long Term I    .27 
     07 
                                          Cap 
EUR                       168.608                                         
782,356.-          802,963.56  5.19 
                                                                           2 
EUR                     33,254.156        F Templeton Inv Fds SICAV Mutual
700,099.-          669,073.62  4.33 
                                          Eur Fd A Cap Gl Certif J O       8 
                                          Hambro Cap Mgt Umbrella Fd Plc 
                                          European Select 
EUR                       122,000                                         
317,068.-          292,922.00  1.89 
                                                                           8 
       Val Ret               Val Ret                Val Ret 
EUR                    126,100.888        Morgan Stanley SICAV EURO Bond  
1,331,17-          1,336,669-            8.64 
                                          Fd A                             .61 
     41 
EUR                     24,997.067        Morgan Stanley SICAV Global     
746,499.-          821,403.62  5.31 
                                          Convertible Bd Fd (EURO)         2 
          A                    A                      A 
EUR                      1,430.574        Oyster SICAV European           
478,983.-          499,370.47  3.23 
                                          Opportunities EUR/CHF            5 
EUR                      37,988.16        SGAM Fd SICAV Bonds Europe High 
807,606.-          804,988.10  5.21 
                                          Yield AC Cap Reg Schroder Intl   5 
                                          Select Fd SICAV EUR Short Term 
                                          Bond A 
EUR                     300,554.16                                        
1,808,22-          1,818,352-           11.76 
                                                                           .60 
     67 
         Cap                   Cap                   Cap 
EUR                      4,384.03         Schroder Intl Select Fd SICAV   
498,452.-          487,767.18  3.15 
                                          European Special Sit A           5 
         Cap                   Cap                   Cap 
EUR                     1,181.4685        State Street Act Japon SICAV Cap
208,586.-          179,878.58  1.16 
                                                                           4 
                                                                          
10,794,3-          10,792,76-           69.78 
                                                                           7.62
     .76 
JPY                     12,487.218        AXA Rosenb Eq Alpha Trust Japan 
170,150.-          131,748.37  0.85 
                                          Small Cap Alpha Fd B             2 
USD                     10,894.821        Aberdeen Gl SICAV Asia Pacific  
389,897.-          444,594.34  2.87 
                                          Fd Ser A2 Cap Julius Baer        2 
                                          Multibond SICAV Local Emerging 
                                          Bond B Cap 
USD                      1,101.03                                         
170,392.-          173,740.44  1.12 
                                                                           4 
USD                      8,091.438        Worldwide Investors Ptf SICAV   
341,566.-          326,177.58  2.11 
                                          Opportunistic Eq Fd A 6.10       0 
                                                                          
901,855.-          944,512.36 
                                                                           6 
Total undertakings for collective investment                              
11,866,3-          11,869,02-           76.73 
                                                                           4.00
     .49 

OTHER TRANSFERABLE SECURITIES

Undertakings for collective investment 
EUR                     88,863.446        Aberdeen GlobalSpectr Fds Plc 
888,280.-          873,767.61   5.65 
                                          EUR Corp Bond Fd F Fortis L Fd 2 
                                          SICAV Bond Long EUR C Cap 
EUR                      1,780.87                                       
839,297.-          807,339.61   5.22 
                                                                         4 
EUR                     1,091.2161        KBC Bonds Inflation Linked    
775,332.-          805,252.01   5.21 
                                          Bonds Cap                      0 
                                                                        
2,502,91-          2,486,359-            16.08 
                                                                         .06   
   23 
JPY                     21,767.688         UBAM IFDC Japan Equity I Cap 
215,631.-          177,317.49   1.15 
                                                                         3 
USD                     28,526.148        Alger SICAV American Asset    
612,261.-          620,551.13   4.01 
                                          Growth Fd I                    7 
USD                       456.029         Parvest SICAV US Small Cap    
150,801.-          153,673.91   0.99 
                                          Classic Cap Reg Worldwide      9 
                                          Investors Ptf SICAV Em Mks 
                                          Fixed Income Fd 
USD                     11,223.301                                      
179,415.-          165,539.02   1.07 
                                                                         3 
          IX                   IX                    IX 
                                                                        
942,478.-          939,764.06   6.07 
                                                                         9 
Total undertakings for collective investment                            
3,661,01-          3,603,440-            23.30 
                                                                         .38   
   78 
TOTAL INVESTMENTS IN SECURITIES                                        
15,527,39-          15,472,467-            100.03 
                                                                        .38    
  27 
CASH AT BANKS                                                                  
    39,095.87   0.25 
OTHER NET ASSETS/(LIABILITIES)                                                 
   -44,147.03  -0.28 
TOTAL                                                                          
  15,467,416-            100.00 
                                                                               
  11 

The accompanying notes are an integral part of these financial statements.

176

              BL             
SICAV with multiple Sub-Funds
    BL-Kingfisher FoF 30     

INDUSTRIAL CLASSIFICATION OF INVESTMENTS
        as at 31st December 2007        
      (in percentage of net assets)     

Undertakings for collective investment 100.03 %

TOTAL 100.03 %

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS
        (by domicile of the issuer)       
         as at 31st December 2007         
       (in percentage of net assets)      

Luxembourg (Grand Duchy of) 88.37 %

Ireland 8.39 %

Germany 2.11 %

France 1.16 %

TOTAL 100.03 %

The accompanying notes are an integral part of these financial statements.

177

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS
     as at 31st December 2007    

NOTE 1 - PRINCIPAL ACCOUNTING METHODS

The financial reports of the SICAV have been drawn up in accordance with the    
legal and regulatory provisions on undertakings for collective investment in    
force in Luxembourg.                                                            

a) Valuation of securities in portfolio

Securities and money market instruments listed or traded on an official stock   
exchange are valued at the latest available closing price.                      

For a significant part of portfolios, the prices used for the calculation of the
closing Nets Assets Values were the closing prices as at 28th December 2007.    
Nets Assets Values, in particular for portfolios invested in US Shares, are     
appreciably different from what they would have been with the use of the prices 
as at 31st December 2007.                                                       

Securities and money market instruments traded on another regulated official    
stock exchange, which functions regularly and is open to the public, are valued 
at the latest available closing price.                                          

Money-market instruments and fixed-income securities may be valued on the basis 
of the amortized cost, a method that takes into account constant amortization   
following purchase in order to reach the redemption price at maturity of the    
security. In an illiquid market these assets are valued with their fair value   
estimated on the basis of mathematical models or others alternatives methods of 
evaluation.                                                                     

Holdings of undertakings for collective investment are valued at the latest     
official Net Asset Value per share or at the latest estimated Net Asset Value if
this is more recent than the official Net Asset Value. In this case, the SICAV  
must provide assurance that the valuation method used for this estimation is    
consistent with the valuation method used to calculate the official Net Asset   
Value.                                                                          

In the case of securities held in portfolio on the Valuation Day that are not   
listed or traded on an official stock exchange or other official regulated      
market, which functions regularly and is open to the public; or in the case of  
securities listed and traded on a stock exchange or other similar market whose  
valuation is determined using the methods described in the first and second     
paragraphs above but which is not representative of the true market value of    
these securities, the valuation is based on the probable value of the           
foreseeable sales price, which is estimated using prudence and good faith.      

The value of cash in hand or on deposit, notes payable on demand, accounts      
receivable, dividends and interest declared and payable but not yet received, is
determined using the nominal value of these assets, unless it is deemed         
impossible that such value can be realised. In this case the value will be      
determined by deducting a sum that the Board of Directors considers to reflect  
the real value of such assets.                                                  

Other net assets in currencies other than those of the relevant sub-fund shall  
be converted into the currency of the sub-fund at the average exchange rate on  
the closing date.                                                               

b) Net realised profit or loss on the securities portfolio

The net realised profit or loss on sales is calculated on the basis of the      
average cost of securities sold.                                                

c) Conversion of foreign currencies

The consolidated financial statements of the SICAV are drawn up in euro and are 
the sum of the corresponding entries in the financial statements of each
sub-fund, 
converted into euros at the exchange rate prevailing on the closing date: 
  1 EUR                       166.3412725   JPY    Japanese Yen 
                                1.4705500 USD      US Dollar 

178

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

Within the various sub-funds, assets in bank as well as other net assets and the
market value of securities in portfolio denominated in currencies other than    
that of the sub-fund are converted into the currency of the sub-fund at the     
average exchange rate on the closing date. Income and expenses in currencies    
other than those of the sub-fund are converted to the currency of the sub-fund  
at the exchange rate prevailing on the date the transaction takes place.        

d) Purchase price of securities in portfolio

The purchase price of securities denominated in currencies other than those of  
the sub-fund is calculated on the basis of the exchange rates prevailing on the 
purchase date.                                                                  

e) Allocation of costs

Non-individualised costs are allocated to the different sub-funds on a pro-rata 
basis based on the net assets of each sub-fund.                                 

f) Costs of formation

If the launch of a sub-fund occurs after the launch date of the SICAV, the costs
of formation in relation to the launch of the new sub-fund shall be charged to  
such sub-fund alone and may be amortized over a maximum of five years with      
effect from the sub-fund's launch date.                                         

NOTE 2 - COMMISSION ON SHARES ISSUED, CONVERTED AND REDEEMED

Shares are issued at the Net Asset Value on the day following receipt of the    
subscription order, plus a maximum commission of 5%, which shall be paid to the 
Distribution Agents. In the case of BL-Short Term Euro and BL-Short Term Dollar,
a 2% subscription fee shall be levied.                                          

Switches between sub-funds may be carried out on each "Valuation Day" by        
converting shares from one sub-fund into shares of another sub-fund except in   
case of suspension of one or both sub-funds concerned. No specific conversion   
fee shall be charged for share conversions, with the exception of BL-Short Term 
Euro and BL-Short Term Dollar. The conversion fee in this case shall be 3%      
(maximum) for conversions to sub-funds that are not "short term".               

No exit fee shall be levied for redeeming shares.

NOTE 3 - MANAGEMENT FEES

The management fee is payable quarterly and is calculated on the basis of the   
average net assets of each sub-fund for the relevant quarter.                   

The BANQUE DE LUXEMBOURG FUND RESEARCH & ASSET MANAGEMENT S.A. charges the
following annual commission for the various sub-funds:                    
- BL-Global Bond                                                    0.50% 
- BL-Global 30                                                      1.00% 
- BL-Global 50                                                      1.00% 
- BL-Global 75                                                      1.00% 
- BL-Global Equities                                                1.00% 
- BL-Equities Horizon                                               1.00% 
- BL-Equities America                                               1.00% 
- BL-Equities Europe                                                1.00% 
-       BL-Equities Dividend (launched at 30th October 2007)        0.75% 
- BL-Equities FoF Asia                                              1.50% 

179

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

- BL-Equities FoF Japan                               1.25%
- BL-Bond Euro                                        0.50%
- BL-Bond Dollar                                      0.50%
- BL-Short Term Euro                                  0.20%
- BL-Short Term Dollar                                0.20%
- BL-Global Flexible                                  1.00%
- BL-Optinvest (Euro) (launched at 1st August 2007)   0.50%
- BL-Emerging Markets (launched at 30th October 2007) 1.00%
- BL-Kingfisher FoF Equities                          1.25%
- BL-Kingfisher FoF 75                                1.25%
- BL-Kingfisher FoF 50                                1.25%
- BL-Kingfisher FoF 30                                1.00%

NOTE 4 - SUBSCRIPTION DUTY ("TAXE D'ABONNEMENT")

The SICAV is governed by Luxembourg tax law.

In accordance with current legislation and regulations, the SICAV is subject to 
an annual subscription duty of 0.05% which is payable quarterly and calculated  
on the basis of the net assets at the end of each quarter.                      

According to Article 129 (3) of the amended Law of 20th December 2002 the net   
assets invested in undertakings for collective investments already subject to   
the subscription duty are exempt from this duty.                                

A lower rate of 0.01% is applied to BL-Short Term Euro and BL-Short Term Dollar 
sub-funds on an annual basis in accordance with the amended Law of 20th December
2002.                                                                           

NOTE 5 - FORWARD EXCHANGE CONTRACTS

At the date of the report, the following sub-funds of the SICAV were committed  
in the following forward exchange contracts:                                    

BL-Global Bond                                                                
  Currency     Purchases    Currency  Sales        Maturity  Unrealised result
                                                                 (in EUR)     
    EUR        1,261,806.91    USD   1,750,000.00 16.01.2008         72,066.86
    EUR        1,975,238.97    USD   2,800,000.00 16.01.2008         71,644.82
    EUR        2,064,252.50    USD   2,930,000.00 16.01.2008         72,276.59
    EUR         241,825.61     USD   355,000.00   16.01.2008            475.08
    USD         215,000.00     EUR   147,796.80   16.01.2008         -1,627.07
    USD         218,000.00     EUR   160,945.00   17.01.2008        -12,741.11
                                                                    202,095.17
BL-Global 30                                                                  
  Currency     Purchases    Currency  Sales        Maturity  Unrealised result
                                                                 (in EUR)     
    EUR        6,567,164.18    USD   9,108,000.00 16.01.2008        375,077.12
    USD         340,000.00     EUR   230,649.21   16.01.2008            503.63
    EUR        1,493,289.73    USD   2,192,000.00 06.03.2008          3,792.65
    EUR         289,410.96     USD   425,000.00   06.03.2008            616.96
                                                                    379,990.36

180

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

BL-Global 50 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          33,001,658.37   USD   45,770,000.00 16.01.2008    
1,884,857.23 
     USD          9,100,000.00    EUR    6,173,258.26 16.01.2008       
13,479.47 
     EUR          2,201,192.46    USD    3,175,000.00 06.03.2008       
43,760.26 
     EUR          3,302,689.82    USD    4,850,000.00 06.03.2008        
7,040.64 
     EUR          13,415,082.77   USD   19,692,000.00 06.03.2008       
34,071.63 
                                                                    
1,983,209.23 
BL-Global 75 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          72,283,509.99   USD   100,250,000.0016.01.2008    
4,128,401.51 
     USD          2,700,000.00    EUR    1,831,626.08 16.01.2008        
3,999.40 
     EUR          8,430,410.79    USD   12,375,000.00 06.03.2008       
21,411.55 
     EUR          3,517,194.42    USD    5,165,000.00 06.03.2008        
7,497.92 
                                                                    
4,161,310.38 
BL-Global Equities 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          18,162,809.14   USD   25,190,000.00 16.01.2008    
1,037,350.96 
     EUR          13,352,408.20   USD   19,600,000.00 06.03.2008       
33,912.44 
     EUR          1,790,943.14    USD    2,630,000.00 06.03.2008        
3,817.91 
                                                                    
1,075,081.31 
BL-Equities Horizon 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          32,546,686.86   USD   45,139,000.00 16.01.2008    
1,858,871.98 
     EUR           343,835.52     USD    490,000.00   16.01.2008       
10,706.13 
     EUR           529,874.11     USD    777,855.20   16.01.2008        
1,040.98 
     EUR          1,076,294.28    USD    1,580,000.00 16.01.2008        
2,114.47 
     EUR           381,489.05     USD    557,660.69   16.01.2008        
2,357.87 
     EUR           918,062.73     USD    1,308,331.20 16.01.2008       
28,586.03 
     EUR          1,342,105.26    USD    1,836,000.00 16.01.2008       
93,902.20 
     USD          3,800,000.00    EUR    2,583,715.79 16.01.2008         
-244.24 
     USD          2,000,000.00    EUR    1,362,769.15 16.01.2008       
-3,047.96 
     USD          1,459,934.49    EUR    1,064,635.38 16.01.2008      
-72,099.55 
     USD          1,601,609.52    EUR    1,160,754.83 16.01.2008      
-71,899.64 
     USD          1,350,000.00    EUR    974,096.26   16.01.2008      
-56,296.95 
                                                                    
1,793,991.32 
BL-Short Term Euro 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          9,565,470.09    USD   14,176,026.67 14.02.2008      
-68,486.00 
     EUR          10,450,048.77   USD   15,000,000.00 25.03.2008      
257,826.31 
                                                                      
189,340.31 
BL-Short Term Dollar 
  Currency        Purchases    Currency    Sales       Maturity  Unrealised 
                                                                 result 
                                                                     (in USD) 
     USD          3,970,416.00    EUR    2,715,000.00 20.02.2008      
-24,769.91 
     USD          2,171,250.00    EUR    1,500,000.00 07.05.2008      
-35,952.92 
                                                                      
-60,722.83 

181

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

BL-Global 
Flexible 
   Currency       Purchases    Currency   Sales        Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          1,898,253.61    USD    2,500,000.00 12.02.2008      
199,376.24 
     EUR           750,469.04     USD    1,000,000.00 21.02.2008       
70,952.52 
     EUR           749,625.19     USD    1,100,000.00 11.03.2008        
2,165.07 
     EUR          10,178,462.37   USD   15,000,000.00 12.03.2008      
-14,191.16 
     EUR          2,958,361.07    USD    4,000,000.00 10.04.2008      
240,514.40 
     EUR          5,825,384.11    USD    8,000,000.00 19.05.2008      
388,552.54 
     EUR          17,706,636.45   USD   25,000,000.00 25.09.2008      
688,026.14 
                                                                    
1,575,395.75 
BL-Kingfisher FoF Equities 
   Currency       Purchases    Currency   Sales        Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR           885,257.07     USD    1,300,000.00 06.03.2008        
1,887.19 
     EUR          31,398,596.63   USD   46,090,000.00 06.03.2008       
79,746.16 
     USD          2,600,000.00    EUR    1,778,629.09 06.03.2008      
-11,895.31 
     USD          1,863,000.00    EUR    1,296,360.73 06.03.2008      
-30,444.18 
                                                                       
39,293.86 
BL-Kingfisher FoF 75 
   Currency       Purchases    Currency   Sales        Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR           544,773.58     USD    800,000.00   06.03.2008        
1,161.35 
     EUR          24,516,656.45   USD   35,988,000.00 06.03.2008       
62,267.42 
     USD          1,970,000.00    EUR    1,347,653.58 06.03.2008       
-9,012.99 
     USD          2,000,000.00    EUR    1,360,544.22 06.03.2008       
-1,512.61 
                                                                       
52,903.17 
BL-Kingfisher FoF 50 
   Currency       Purchases    Currency   Sales        Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR           476,676.88     USD    700,000.00   06.03.2008        
1,016.17 
     EUR          22,256,284.49   USD   32,670,000.00 06.03.2008       
56,526.52 
     EUR           592,966.19     USD    870,000.00   06.03.2008        
1,788.27 
     USD          2,700,000.00    EUR    1,847,037.90 06.03.2008      
-12,352.82 
     USD          1,690,000.00    EUR    1,175,979.40 06.03.2008      
-27,617.10 
                                                                       
19,361.04 
BL-Kingfisher FoF 30 
   Currency       Purchases    Currency   Sales        Maturity  Unrealised 
                                                                 result 
                                                                     (in EUR) 
     EUR          1,463,314.94    USD    2,148,000.00 06.03.2008        
3,716.53 
     USD           160,000.00     EUR    109,454.10   06.03.2008         
-732.02 
     USD           170,000.00     EUR    118,293.79   06.03.2008       
-2,778.05 
     USD           574,000.00     EUR    388,257.58   06.03.2008        
1,786.13 
                                                                        
1,992.59 

NOTE 6 - OPTIONS

At the date of the report, the SICAV was not committed in option contracts.

182

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

NOTE 7 - FUTURE CONTRACTS

As at the date of the report, the following sub-funds of the SICAV were         
committed in the following future contracts:                                    

BL-Global 
Flexible 
             Number         Denomination      Currency Market value  
Unrealised 
             of 
             contrac-                                            (in EUR)      
result 
             s 
                                                                       (in EUR) 
     Sale       400   DJ EURO STOXX 50           EUR   -17,740,000.00
-316,000.00 
                      (Price) 
                      Index FUT 03/08 EUX 
     Sale       100   FTSE 100 INDEX FUT         GBP    -8,819,176.18
-159,648.03 
                      03/08 LIFFE 
     Sale       100   Future S&P500 FUT 03/08    USD   -25,254,156.61
-161,011.19 
                      CME 
                                                                     
-636,659.22 
BL-Optinvest (Euro) 
             Number         Denomination      Currency Market value  
Unrealised 
             of 
             contrac-                                            (in EUR)      
result 
             s 
                                                                       (in EUR) 
     Sale       385   DAX GERMANY EURO FUT       EUR   -78,390,812.50
-213,012.51 
                      03/08 DTB 
 Purchase       290   EURO BOBL GOVT BD 5Y       EUR    31,302,600.00
-298,920.00 
                      FUT 03/08 EUX 
 Purchase       164   EURO BUND GVT BOND         EUR    18,550,040.00
-259,970.00 
                      10 Y FUT 03/08 EUX 
 Purchase       125   EURO BUXL 30Y BND FUT      EUR    11,307,500.00 
-92,380.00 
                      03/08 EUX 
 Purchase       247   EURO-SCHATZ 2YR 6%         EUR    25,528,685.00
-113,855.00 
                      FUT 03/08 EUX 
                                                                     
-978,137.51 

NOTE 8 - "SWAP" AGREEMENT

At the date of the report the following sub-fund of the SICAV was committed in  
the following Swap agreement:                                                   

BL-Short Term Euro 
 Type  Maturity     Currency                Nominal      Spread      Floating  
      Fixed rate 
                                                                     rate 
  IRS 13.09.2011      EUR               5,000,000.00      38.5      EURIBOR 3
Months    4.125000 
Atthe- ofthereport, the     unrealised      resultonswap contracts
forBL-ShortTermEuro sub-fund 
     - 
     - 
     e 
amounts to EUR 
138,714.50. 

The object of this swap contract is the hedging against interest rate risk on   
the security Commerzbank AG VAR EMTN Ser 551 06/13.09.16.                       

NOTE 9 - "REPO" AGREEMENTS

At the date of the report, the following sub-funds of the SICAV had entered into
"repo" agreements.                                                              

The total market value of the securities affected by these agreements is as     
follows:                                                                        

        Sub-Fund Currency Valuation amount  Agreements  
- BL-Global Bond   EUR     19,707,749.35   20,225,500.00
- BL-Global 50     EUR        619,415.00      605,680.00
- BL-Global 75     EUR     51,799,982.11   53,311,460.00

183

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

              Sub-Fund Currency Valuation amount  Agreements  
- BL-Global Equities     EUR        462,250.00      452,000.00
- BL-Equities Europe     EUR      3,698,000.00    3,616,000.00
- BL-Bond Euro           EUR     60,079,210.95   61,697,400.00
- BL-Short Term Euro     EUR      7,729,419.00    8,016,200.00
- BL-Short Term Dollar   USD      1,950,400.00    1,945,000.00
- BL-Global Flexible     EUR     18,892,906.25   19,499,000.00

As a guarantee for the above-mentioned agreements, the SICAV has obtained cash  
deposits from its counterparties for each sub-fund that cover the valuation     
amount of the securities at the date of the report.                             

NOTE 10 - SECURITIES LENDING AGREEMENTS

At the date of the report, the SICAV had not entered into securities lending    
agreements.                                                                     

The commissions on securities lending are recorded under the position "Received 
commissions" in the statement of operations and other changes in net assets.    

NOTE 11 - BELGIAN SUBSCRIPTION DUTY (“TAXE D'ABONNEMENT BELGE”)

Articles 307 to 311 of the Belgian law of 22nd December 2003 require that       
undertakings for collective investment governed by Luxembourg law and authorised
for public distribution in Belgium pay an annual tax of 0.07% on the total net  
amount invested in Belgium as at 31st December of the preceding year starting at
the date the undertakings were registered with the “Commission bancaire,        
financière et des assurances”. The tax has been raised to 0.08% p.a. on 1st     
January 2007. The aforementioned articles 307 to 311 came into force on 1st     
January 2004.                                                                   

The SICAV is required to pay this tax on 31st March of each year.

NOTE 12 - CHANGES TO THE COMPOSITION OF THE SECURITIES PORTFOLIO

A copy of the changes to the composition of the investment portfolio referring  
to the exercise are available free of charge from the Custodian Bank and the    
Paying and Information Agents in the various countries where the SICAV is       
distributed.                                                                    

NOTE 13 - EVENTS

Three new sub-funds were launched between June 2007 and December 2007,          
BL-Optinvest (Euro) for which initial subscriptions were accepted from 18th July
2007 to 27th July 2007 on the basis of EUR 100. The shares were paid up on 1st  
August 2007 and the first Net Asset Value was calculated on 2nd August 2007.    

For BL-Equities Dividend and BL-Emerging Markets, initial subscriptions were    
accepted from 1st October 2007 to 26th October 2007 on the basis of EUR 100. The
shares were paid up on 30th October 2007 and the first Net Asset Value was      
calculated on 31st October 2007.                                                

As at 31st December 2007, these three sub-funds were authorised in the countries
of distribution of the SICAV BL (Germany, Austria, Belgium, France, Denmark,    
Sweden).                                                                        

184

              BL             
SICAV with multiple Sub-Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)
           as at 31st December 2007          

The Board of Directors decided that with effect 1st January 2008 BL-Equities    
Horizon would become an SRI fund, which invests universally at least two thirds 
of its total assets (net assets + commitments) in shares of companies that focus
particular attention on their social and environmental responsibility.          
Consequently the fund's investment policy was adapted and may be consulted in   
the updated prospectus of the SICAV.                                            

NOTE 14 - VALUATION OF CERTAIN ASSETS

Since the end of November 2007, following the liquidity crisis on the markets   
and in the absence of significant transactions on certain issues, some of the   
prices given by normal market price providers such as Bloomberg, Reuters or     
Telekurs no longer correspond to the intrinsic value of certain stocks held by  
the BL-Short Term Euro and BL-Short Term Dollar sub-funds.                      

As a result, some of the assets of these two sub-funds, mostly financial sector 
bonds, have been valued on the basis of mathematical models using a benchmark   
index that reflects the average "credit spread" of the major financial issuer   
asset class in relation to risk-free interest rates. At 31st December 2007,     
assets valued according to these models represented 37.27% of the net assets of 
the BL-Short Term Euro sub-fund and 31.83% of the net assets of the BL-Short    
Term Dollar sub-fund.                                                           

However, for three issuers (Sallie Mae, CIT Group and Washington Mutual), the   
mathematical model described above was not applicable due to significant events 
specific to these issuers. For these assets, a valuation committee has conducted
a valuation of the assets in question, according to CDS (Credit Default Swap)   
spread levels on these issuers and the Committee's assessment of their fair     
value. At 31st December 2007, the assets valued by this Committee represented   
1.08% of the net assets of the BL-Short Term Euro sub-fund and 7.38% of the net 
assets of the BL-Short Term Dollar sub-fund.                                    

185