Interim Report -22-

+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |            Holdings  |             Market Value |  Asset Value  | 
|                                       |                      |                        EUR |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Loans (continued)                     |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Region of trade                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Europe                                |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Luxembourg (December 2008: 0.25%)     |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Infor Enterprise Solutions            |           1,500,000  |                 454,497  |         0.81  | 
| Holdings, Inc.                        |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                 454,497  |         0.81  | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Norway (December 2008: 0.32%)         |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Petroleum Geo-Services ASA            |           1,906,667  |               1,239,262  |         2.21  | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |               1,239,262  |         2.21  | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Total Loans (December 2008:           |                      |             239,925,469  |       427.22  | 
| 296.42%)                              |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Collective Investment Schemes         |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Blackrock Institutional Euro Fund     |              54,242  |               7,429,700  |        13.23  | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Total Collective Investment Schemes (December 2008:          |               7,429,700  |        13.23  | 
| 2.87%)                                                       |                          |               | 
+--------------------------------------------------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Equities                              |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Mountain View Preference Shares       |           1,000,000  |                 336,435  |         0.60  | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Total Equities (December 2008:        |                      |                 336,435  |         0.60  | 
| 0.61%)                                |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Financial Derivative Instruments - Forward Foreign Currency Contracts                   |               | 
+-----------------------------------------------------------------------------------------+---------------+ 
| Contract Date   | Strike |   Maturity | Ccy |     Amount |  Ccy |     Amount |  Unrealised |   % of Net | 
|                 |        |            |     |            |      |            |             |            | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
|                 |  price |       Date | Buy |            | Sell |            | Gain/(Loss) |      Asset | 
|                 |        |            |     |            |      |            |             |      Value | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
| 30/06/2009      | 1.4060 | 31/07/2009 | USD | 78,976,559 |  EUR | 56,171,094 |   (133,140) |     (0.24) | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
| 30/06/2009      | 1.4060 | 31/07/2009 | EUR | 27,939,540 |  USD | 39,282,993 |    66,224   |    0.12    | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
| 30/06/2009      | 0.7112 | 31/07/2009 | EUR | 27,939,540 |  EUR | 39,282,993 |    66,225   |    0.12    | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
|                 |        |            |     |            |      |            |       (691) |      -     | 
+-----------------+--------+------------+-----+------------+------+------------+-------------+------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Total Financial Derivative Instruments (December             |                    (691) |        -      | 
| 2008: (0.34%))                                               |                          |               | 
+--------------------------------------------------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Total Investments (December 2008: 387.10%)                   |        288,952,306       |     514.51    | 
+--------------------------------------------------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Other Assets (December 2008:          |                      |        21,664,087        |      38.58    | 
| 17.29%)                               |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
|                                       |                      |                          |               | 
+---------------------------------------+----------------------+--------------------------+---------------+ 
| Other Liabilities (December 2008: (296.57%))                 |           (251,063,045)  |      (447.05) | 
+--------------------------------------------------------------+--------------------------+---------------+ 
|                                                              |                          |               |