David Bulteel

“After a brief wobble in September, equity markets have recovered their poise. Cash has been unusually high in anticipation of higher bond yields and we have used recent weakness to increase the Fidelity Bond Fund holding. We also took advantage of the pull back in Japan to boost our weighting in the Martin Currie Fund. US third quarter company results were good and should help equities make further progress by year end.”

Amount (E) - Fund

14,500 -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

9400 - Cash

5375 - Credit Suisse USA Equity

5375 - GAM Star American Focus (equity)

3200 - Lazard UK Equity

2650 - Mellon Newton Asian Equity Portfolio

2000 - Martin Currie Japan Fund (equity)