David Bulteel

“Evidence of a sustainable Japanese recovery is accumulating. Bond markets drifted lower and might soon offer opportunity to invest more of the cash. Improving economic data suggests the world economy is on a sounder footing, supporting our equity tilt. However, valuations are no longer cheap and further gains will depend upon continuing recovery in corporate profits. Earnings for the second quarter were better than expected and bode well.”

Amount (E) Fund

12,075 Cash

12,500 Fidelity Funds European Bond Fund

12,500 Gartmore CSF European Bond

11,675 Gartmore CSF Continental Europe (small cap)

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

1325 Martin Currie Japan Fund (equity)