Pierre Bonart

“Stock markets ended 2003 with the best calendar performance since 1999, benefiting from global economic improvement and reduced risk aversion. Thus, 2004 could see stocks outperforming bonds. We have introduced two funds, which are both well-positioned to benefit from the commodity rally: LMS Emerging Market Fund and MLIIF World Mining. A new allocation to growth fund Croissance Euro Actions anticipates a turn in the tide following three years of value style outperformance.”

Amount (E) - Fund

22,500 - Louvre Multi Select Global Bond Fund

20,000 - Legg Mason America Value

7500 - Agressor – La Financiere de l'Echiquier (small cap value)

7500 - Credit Suisse Asset Management Convertible Bond Europe

6250 - Louvre Multi Select Emerging Equity Fund

6250 - MLIIF World Mining Fund

5000 - Wanger AM New America Small Caps

5000 - Capital International Fund (world equities)

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Croissance Euro Actions (Euro growth equities)

5000 - ADI Convex Valor (convertible bond arbitrage)

5000 - Pimco Total Return (US fixed income)