David Bulteel

“US consumer and capital expenditures are solid. Growing profits suggest employment growth to offset lower fiscal stimulus. US interest rates will rise but earnings growth is unlikely to be threatened until after the election. Our negative view of the dollar is no longer appropriate and we increased US equities with Findlay Park Smaller Companies. We also added to Gartmore Continental Europe.”

Amount (E) - Fund

16,575 - Gartmore CSF Continental Europe (large cap)

14,500 - Fidelity Funds European Bond Fund

12,500 - Gartmore CSF European Bond

11,675 - Investec GSF Continental European Equity

11,650 - Henderson Horizon Continental European Equity

10,000 - Baring European Bond Fund

5375 - Credit Suisse USA Equity

5375 - GAM Star American Focus (equity)

3200 - Lazard UK Equity

2650 - Mellon Newton Asian Equity Portfolio

2500 - Findlay Park US Smaller Companies

2000 - Martin Currie Japan Fund (equity)

2000 - Cash