CAAM INTERINVEST - Morningstar, Inc

!ttt 333111///000333///000999

RCS Luxembourg B26004

AAAuuudddiiittteeeddd !nnnnnnuuu!lll rrreeepppooorrrttt

CAAM INTERINVEST

CAAM INTERINVEST

Table of contents

Page 2

Page Organisation 3 Information 4 Manager�’s Report 6 Independent Auditor�’s Report 16 Consolidated 18 CAAM INTERINVEST - SHORT TERM (USD) 21 CAAM INTERINVEST - SHORT TERM (EURO) 27 CAAM INTERINVEST - BONDS EURO* 33 CAAM INTERINVEST - DIVERSIFIE 35 CAAM INTERINVEST - INTERNATIONAL DEBTS 40 CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO 46 Notes to the financial statements 50 *This sub-fund was merged by absorption into the Sub-fund SHORT TERM (EURO) on 9 February 2009. The exchange parity was one unit in sub-fund BONDS EURO for 30.068 parts of sub-fund SHORT TERM (EURO). No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only if they have been made on the basis of the current prospectus dated January 2009, which will be accompanied by the latest annual report and the latest semi-annual report if this is more recent than the annual report.

CAAM INTERINVEST

Organisation

Page 3

NAME AND REGISTERED OFFICE CAAM INTERINVEST 5, Allée Scheffer, L - 2520 Luxembourg R.C. LUXEMBOURG B 26004 BOARD OF DIRECTORS Chairman Monsieur Guillaume ABEL Customer Service Director Crédit Agricole Asset Management, Paris Directors Monsieur Christophe LEMARIE Management of Shares Allocation Arbitrage Director Crédit Agricole Asset Management, Paris Monsieur Patrice DE LARRARD Private Banking Relationship Manager Crédit Agricole Asset Management, Paris Monsieur Christophe LHOTE Product Marketing Director Crédit Agricole (Suisse) S.A., Genève MANAGEMENT COMPANY CREDIT AGRICOLE ASSET MANAGEMENT LUXEMBOURG S.A.

5, Allée Scheffer L - 2520 Luxembourg INVESTMENT MANAGERS CREDIT AGRICOLE ASSET MANAGEMENT LUXEMBOURG S.A.

acting by means of :

For the sub-funds CAAM INTERINVEST - SHORT TERM (USD), CAAM INTERINVEST - BONDS EURO (from 01/04/08 to 09/02/09), CAAM INTERINVEST �– DIVERSIFIE :

Its main establishment :

90, Boulevard Pasteur F - 75015 Paris For the sub-funds CAAM INTERINVEST - INTERNATIONAL DEBTS and

CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO :

Its CAAM London Branch CREDIT AGRICOLE ASSET MANAGEMENT (CAAM) LONDON BRANCH

41, Lothbury Londres EC2R 7HF, Royaume-Uni For the sub-fund CAAM INTERINVEST - SHORT TERM (EURO) : CREDIT AGRICOLE LUXEMBOURG 39, Allée Scheffer L - 2520 Luxembourg AUDITOR ERNST & YOUNG 7, Parc d�’Activité Syrdall L - 5365 Munsbach, Luxembourg CUSTODIAN BANK and CACEIS Bank Luxembourg CENTRAL ADMINISTRATION 5, Allée Scheffer L - 2520 Luxembourg

CAAM INTERINVEST

Information

Page 4

The Company CAAM INTERINVEST, incorporated under Luxembourg Law, (hereinafter called "the SICAV") is an umbrella investment company with variable capital (SICAV) organised in accordance with the Law of August 10th, 1915 and with the provisions of Part II of the Law of March 30th, 1988 on undertakings for collective investment, under the name of « LION-INTERINVEST ». The SICAV was incorporated on the initiative of CREDIT LYONNAIS in Luxembourg on June 9th, 1987 for an indefinite period. Since February 13th, 2004, the Company is submitted to the provisions of Part II of the Law of December 20th, 2002 on undertakings for collective investment. The SICAV was renamed �“CAAM INTERINVEST�” on June 30th, 2005. The articles of association of the SICAV, modified for the last time on July 18th, 2005 were published in the Mémorial, Special Register of Companies of the Grand-Duchy of Luxembourg on August 5th, 2005 after being filed on July 27th, 2005 with the Luxembourg Trade and Companies Register, where they may be consulted and where copies thereof may be obtained against payment. The SICAV was entered in the Luxembourg Trade and Companies Register under number B 26.004. A legal notice was deposited with the Registrar of the District Court of and in Luxembourg where it may be consulted and where copies thereof may be obtained against payment of the Registrar's costs. The financial year commences on April 1st and ends on March 31st. On 18 July 2005, the SICAV signed an agreement appointing CREDIT AGRICOLE ASSET MANAGEMENT LUXEMBOURG S.A. as the Management Company pursuant to which the latter has been appointed to manage the SICAV on a daily basis, whereby it may perform the operational tasks relating to the collective management of the SICAV either directly or by way of delegation. With the consent of the SICAV, the Management Company may delegate some of its tasks as laid down in the prospectus. On 9 February 2009, sub-fund CAAM INTERINVEST - BONDS EURO was absorbed by CAAM INTERINVEST - SHORT TERM (EURO). On 13 March 2009, sub-funds CAAM INVEST - GLOBAL FIXED INCOME PORTFOLIO (EUR) and CAAM INVEST - GLOBAL FIXED INCOME PORTFOLIO (USD) of CAAM INVEST were respectively absorbed by sub-funds CAAM INTERINVEST - SHORT TERM (EURO) and CAAM INTERINVEST - SHORT TERM (USD) of CAAM INTERINVEST. The exchange ratios were as follows: For CAAM INVEST - GLOBAL FIXED INCOME PORTFOLIO (USD): 1,392.806 shares for a total of USD 1,987,874.54. For CAAM INVEST - GLOBAL FIXED INCOME PORTFOLIO (EUR): 2,286.352 shares for a total of EUR 3,160,858.27. On March 31, 2009, following accumulation shares are afforded at the investors:

Accumulation shares Description For the sub-funds CAAM INTERINVEST - SHORT TERM (USD) and CAAM INTERINVEST - SHORT TERM (EURO)

Share Institutional Accumulation share reserved at the institutional investors

Share Select Accumulation share reserved at distribution networks authorized by the Board of Directors

Share Private Accumulation share accessible at all investors For the sub-funds CAAM INTERINVEST - BONDS EURO, CAAM INTERINVEST - DIVERSIFIE, and CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO Share Classic Accumulation share accessible at all investors

CAAM INTERINVEST

Information

Page 5

Accumulation shares Description

For the sub-fund CAAM INTERINVEST �– INTERNATIONAL DEBTS

Share Classic Accumulation share accessible at all investors

Share Classic II

Shares of this kind are offered only in an international debt fund. These shares differ from the classic type in that they take the US dollar as their benchmark currency instead of the euro. Choice of a different benchmark currency for this type frees the investment manager from having to specifically cover these assets against exchange rate risk.

DEFINITION AND CALCULATION OF THE NET ASSET VALUE The net asset value shall be calculated for each sub-fund. The net asset value of shares is obtained by dividing the net asset value of the assets of each sub-fund by the number of shares in circulation on the same date for the sub-fund concerned. The net asset value is determined in Luxembourg, by the Administrative Agent, under the responsibility of the Board of Directors: - every working day in Luxembourg CAAM INTERINVEST - SHORT TERM (USD), CAAM INTERINVEST - SHORT TERM (EURO), CAAM INTERINVEST - INTERNATIONAL DEBTS and CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO sub-funds. - every Monday (if Monday is not a working day, the last banking day before the Monday) for the CAAM INTERINVEST - DIVERSIFIE sub-fund. The net asset value of each sub-fund is expressed in the valuation currency of the sub-fund concerned. FINANCIAL REPORTS Annual reports certified by the Auditor and non-audited semi-annual reports shall be made available to shareholders at the registered office of the SICAV, as well as at other establishments designated by it. These financial reports contain all the financial information relating to each of the sub-funds of the SICAV, the composition and evolution of its assets, and the combined position of the SICAV. INFORMATION TO SHAREHOLDERS NET ASSET VALUE The net asset value and the issue and redemption price of the shares of each of the sub-funds are available at the Custodian Bank, at the other establishments designated by it, at the office of the Administrative Agent and at the registered office of the SICAV. OTHER INFORMATION Other information intended for shareholders shall be published in the Mémorial, if this publication is prescribed by the Law of August 10th, 1915, the Law of December 20th, 2002, the articles of association or the prospectus. The institutional classes�’ shares of the CAAM INTERINVEST - SHORT TERM (USD), CAAM INTERINVEST -SHORT TERM (EURO) sub-funds are quoted on the Luxembourg Stock Exchange.

CAAM INTERINVEST

Management Report

Page 6

CAAM INTERINVEST - SHORT TERM (USD)

Review As the economic crisis intensified, the Fed cut its main base rate from 4% in early 2008 to close to zero. Since the start of the crisis the Fed has changed its monetary policy on an ongoing basis. Until September 2008 it supplied liquidity in a measured way without changing its balance sheet structure. However, the bankruptcy of Lehman Brothers on 15 September 2008 marked a turning point by bringing the interbank market to a halt. Interbank rates then exploded, with the USD 1-week Libor reaching 4.75%, 1-day rates brushing several times against 7% and the 3-month Libor climbing rapidly to 4.82% in mid-October, after having traded near 2.80% since end-January 2008. The Fed had to alter its policy rapidly. It set up several liquidity injection channels and arrangements, to the point of substituting banks and investors to become a credit provider to the economy. Its balance sheet consequently more than doubled through increasing previous arrangements or setting up new ones. It allowed banks to refinance themselves more easily and systemic risk to be avoided by saving several institutions, like Bear Stearns, AIG and Citigroup. It became a buyer of mortgage securities of Freddie Mac and Fannie Mae and directly refinanced the economy through a commercial paper and ABS purchase programme. For the time being, these measures seem to have achieved their aims. The Libor-OIS 3-month spread declined from its peak of 350 bp after the collapse of Lehman Brothers and has gradually decreased to around 100 bp since the beginning of 2009. With no further room for manoeuvre on its base rate since mid-December, the Fed was therefore able to unblock the money market, with the 3-month Libor averaging 1.20% since the beginning of 2009. The commercial paper purchase programme also enabled significant spread-narrowing between non-financial issuers (rated A2P2) and financial firms, from 600 bp in autumn to 100 bp for 1-month issues. Management Policy The aim of this sub-fund is to outperform the Fed Funds rate (its benchmark) while providing regular performance. The recommended investment horizon is three months. The fund mainly invests in marketable debt securities. In 2008 this allocation generally represented 85% of assets. The balance was formed of variable rate bonds benchmarked to the 3-month Libor with a short-term credit duration, of between 10 and 18 months in 2008. The interest-rate sensitivity of the portfolio varies in accordance with expected money market rate movements and the portfolio may be mostly exposed to fixed-income securities. The average quality of the issuers in the portfolio varies depending on the relative return of the securities and credit risk perceptions. The average rating of the portfolio increased in 2008 from A+ to AA-. The portion represented by BBB-rated issues declined from 18% to 2% and the weighting of AAA securities increased to reach more than 20%. The fund also chose to refocus its exposure on financial and supranational issuers at the expense of corporate securities. The bond allocation suffered somewhat from mark-to-market in the second half of the year, temporarily triggering reductions in daily performances. However, a very large majority of the portfolio securities are now near maturity so the mark-to-market effect has stabilised. In 2008, the average term of the portfolio was generally close to its investment horizon, that is between 60 and 100 days. The Short Term (USD)-Institutional class advanced by 2.67% in the year against its benchmark's (capitalised Fed Funds) 1.94%, equalling 73 bp outperformance over the index. From 31 March 2008 to 31 March 2009 the fund posted a 2.11% gain compared with its benchmark's 1.19%, or 92 bp outperformance.

CAAM INTERINVEST

Management Report

Page 7

Its net assets declined from USD 718 million on 31 March 2008 to USD 674 million on 31 March 2009. 2009 Outlook The Fed shall undoubtedly continue to expand its balance sheet by increasing the number of unconventional measures. On 18 March 2009 it accordingly began a treasury bond purchase programme that had a considerable effect in easing yields. Furthermore, it is clear that 2009 should not see base rates change. Bernanke has himself acknowledged that rates shall be kept close to zero for a long time. For all that, money market rates should continue to reflect a still tense situation and interbank rates are set to remain considerably above the Fed Funds rate.

CAAM INTERINVEST

Management Report

Page 8

CAAM INTERINVEST - SHORT TERM (EURO) 2008 Review and 2009 Comments On 10 January 2008, in the monetary policy committee, J.C. Trichet made an incisive speech on inflationary risks. This process, which aims to anchor market expectations, did not reflect genuine monetary tightening intentions and underlined that the ECB members were not ready for rapid monetary loosening. In February, the assessment of the economic situation showed that uncertainties over growth due to the financial crisis were abnormally high. Nevertheless, the ECB continued to see inflationary risk as on the upside in the medium term, an analysis strengthened by the recently renewed increase in oil prices. In this context, the timing of the first reduction still appeared uncertain. In March, healthy economic resilience �– in particular in Germany �– as well as an increase in inflationary pressures (3.5% year-on-year) supported the wait-and-see approach of the ECB and toughening of J.C. Trichet's tone. Furthermore, facing strong pressure on its interbank market, the ECB moved into action just as the other central banks. It injected additional liquidity as part of both usual refinancing operations and exceptional operations, without necessarily managing to soothe the markets. In its monthly meeting of 10 April, the Board of Governors remained unanimous over keeping the repo rate unchanged at 4% and the speech by J.C. Trichet still reflected ECB concerns over the persistence of medium-term inflationary risk. The hawkish speeches of central bankers after the somewhat unexpected increase in inflation had radically changed operators' expectations of ECB monetary policy in the space of a month. Consequently, while two rate cuts were expected by year-end, now markets were expecting a protracted monetary status quo or even an increase in rates. On 8 May for the 11th consecutive month, the ECB kept its main base rate at 4%. J.C. Trichet insisted that there were medium-term inflationary risks and that growth would be resilient. This speech confirmed that any cut in short-term rates was now ruled out and put the accent on risks of second-round effects on wages in response to the increase in energy prices and food products. At the beginning of June, while the ECB confirmed it was keeping its main base rate at 4%, the markets above all noted the harsher tone of the ECB's head. It effect, the return to the expression "strong vigilance", explained by the continuing increase in eurozone prices (4% annual figure estimated for June) represented an almost official announcement that rates would be raised in the 3 July meeting. This expectation was indeed confirmed by a 25 basis point increase, to 4.25%. However, the neutral bias stated by J.C. Trichet in the question and answer session suggested a pause after this hike. Indeed, the multiplication of signs of a brutal eurozone economic slowdown combined with a new recent ebb in the oil price �– boding well for inflation prospects �– favoured one sole increase. In its August meeting, the ECB kept its main base rate unchanged at 4.25%. For the first time, it recognised that the second and third quarter figures would be clearly weaker than those of the first. In all, the ECB stated that from then on the risks appeared balanced and the status quo was an appropriate response for the immediate future. On 4 September, after announcing no change to its 4.25% base rate, J.C. Trichet opened the door to a reduction in rates in the near future. He particularly emphasised a sharper deterioration in the European economy in 2009, linked to weakness in demand and the intensification of the financial crisis. Meanwhile, central banks continued to inject massive amounts of liquidity and certain European banks were bailed out at the last minute. It was in this setting of urgency that European governments put in place the means to support their financial systems. In early October, many rumours hinted at a concerted rate cut by the main central banks. The giddying fall of US and European markets ended up hastening things. Indeed, on 8 October the main central banks cut their base rates by 50 bp; this left the ECB's rate at 3.75%.

CAAM INTERINVEST

Management Report

Page 9

After this decrease, J.C. Trichet referred to the possibility of a further cut in the 6 November meeting. The radical change in the balance of risks was behind this spectacular change of course, in just a few weeks, by the ECB. Other than confirming the recessionary scenario, the marked easing in inflation set to take place in the months ahead increased the central bank's room for manoeuvre. As anticipated and announced, the ECB cut its refinancing rate by 50 bp on 6 November, to 3.25%, and underlined that expectations then looked anchored in inflation of near 2% in the medium term. Taking account of the harsh deterioration in the economic setting and rapid fall in inflation, on 4 December the ECB cut its refinancing rate again, by 75 bp to 2.50%. After this cut, the heads of the ECB gave a wait-and-see message. While certainly not closing the door to further easing, after an unprecedented 175 bp in cuts in three months by the ECB, the prevailing idea was to see how its actions would be digested by the banks. Yet in the meantime, the worsening of business and confidence data, and a steep decline in inflation �– to 1.6% year-on-year in December �– changed things. On 15 January 2009, the ECB again cut rates by 50 bp �– taking its repo rate to 2% �– to take account of the clear deterioration in activity and preceding months' fallback in inflation. The preliminary estimate of German GDP indeed showed a harsh contraction in the last quarter of 2008 and employment figures continued to worsen throughout Europe. Furthermore, the ECB returned to a spread of 100 bp between the marginal and repo rates and in particular between the depo and repo rates, to limit bank deposits with it and encourage these to lend directly and so reinvigorate the interbank market. A fortnight after introducing this 100 bp corridor around the repo rate, it had to be noted that the effect was limited for the time being. At the time, some EUR 200 billion were still deposited each day at the ECB. This abundant liquidity continued to be badly allocated by the banking system and took the Eonia to near 1.20%, with the spread against the repo therefore being negative. Although J.C. Trichet ruled out the idea of a base rate cut in February, at Davos he made no secret of the ECB's intentions, these being that its next important meeting would be in March. The market expected a 50 bp decrease at that meeting. As anticipated, on 5 March the ECB cut its base rate by 50 bp to take it to 1.50%, faced with a particularly adverse economic and financial context that was making the transmission of monetary policy to the real economy very difficult. J.C. Trichet also let it be known that there could be further rate cuts in the months ahead as well as possible announcements of unconventional measures along the lines of the Fed and BoE. The Portfolio 2008 was an excellent year for the Short Term Euro sub-fund of the CAAM Interinvest open-ended investment company (Société d'Investissement à Capital Variable, or "Sicav"). The sub-fund's assets increased by more than 27% in the year due to the financial crisis. On 31 March 2009, the Short Term Euro sub-fund's portfolio was made up of commercial paper, of which only 28% was indexed to the Eonia. Its average maturity was 83 days so as to limit sensitivity to changes in spreads. In addition, this short maturity allowed the portfolio to react very quickly to the spread between the 3-month Euribor and Eonia. The institutional class gained by 4.27% in the year, against the capitalised Eonia benchmark's 3.26%. The spread between the Euribor and Eonia after the markets' liquidity crisis enabled considerable outperformance over the benchmark. This outperformance was helped by active management of levels of coverage. The portfolio is diversified by issuer, sector and rating. No investment represents more than 2.80% of the balance. All economic sectors are represented. Turning to ratings, the short-term average is A2 and the long-term A.

CAAM INTERINVEST

Management Report

Page 10

Outlook While other central banks cut their base rates rapidly and are now implementing unconventional monetary policy measures, the ECB seems to be taking its time despite the urgency related to the extent of the European recession and net slowdown in lending. However, the end of the easing cycle is close. Except if deflationary risks materialise, 1% shall be the lowest level. Other measures shall certainly be announced to provide additional liquidity for the long term. The main problem now remains the high cost of long-term bank refinancing. Money market rates continue to decline. On 31 March 2009 the 3-month Euribor was thus 1.51% and the Euribor / OIS spread had narrowed to 73 bp, with this gradually normalising, This pressure on short-term rates confirms we are still not out of the woods with the crisis and this situation should last for some time.

CAAM INTERINVEST

Management Report

Page 11

CAAM INTERINVEST - DIVERSIFIE Market Environment The March 2008-March 2009 year was characterised by further shocks related to the financial crisis. Consequently, in September, a wind of panic swept across all the world markets, faced with the prospect of a financial system meltdown, a spate of failures (Lehman, Washington Mutual, Bradford & Bingley and Fortis) and massive government intervention to save the financial sector. Money market conditions remained very tight and fears of fresh bank failures led to a freeze in all interbank lending. In addition, although economic indicators had been pushed into the background, these confirmed the general global economic slowdown. Management Policy The CAAM Interinvest Diversifié sub-fund's management policy aimed to optimise the portfolio's risk-return relationship, taking account of a strategic reference allocation made up 50% of the capitalised Eonia, 32.5% the EuroMTS Global and 17.5% the DJ Euro Stoxx 50. The main management focus is to favour the return aspect by seeking to capture credit risk premiums. Accordingly, investments have gradually been made to access the historically high yields on high-quality senior debt. The credit allocation was therefore strengthened overall, taking it to near 35% of net assets. Turning to interest-rate exposure, the overall sensitivity was kept at near 1% on average. In addition, cash was mostly initially invested in these 3-month CDN assets then gradually in standard CAAM money market funds.

CAAM INTERINVEST

Management Report

Page 12

CAAM INTERINVEST - INTERNATIONAL DEBTS

In the period, CAAM Interinvest - International Debts posted a 31.15% gain, or 18.05 percentage points outperformance over its benchmark.

A - Bond Strategies: very positive contribution In the context of a severe financial crisis and harsh, rapid worldwide economic deterioration, the evaporation of investor risk appetite favoured debt markets: indeed, there was a huge global movement of cash to money market and short-term bond investments. This period of profound risk aversion reached an initial high on 17 March with the acquisition of Bear Stearns by JP Morgan and then peaked after the bankruptcy of Lehman Brothers on 15 September 2008.

While we began the year with a directional sell position on sensitivity, a strategy that proved profitable as of 17 March, we decided at end-June 2008 to reverse our view on yields and become buyers of sensitivity overall. As from then, our macroeconomic scenario envisaged a sharp global economic contraction in a disinflationary context, justifying very aggressive monetary, budgetary and fiscal policies from the world's financial authorities. At the start of 2009, profits were taken to give way to very active management of the portfolio's exposure to international debt markets.

In the period, the international bond markets leapt by 6.3% in local currencies, with gilts leading at 11.5%, followed by US bonds with 8.5%, then the eurozone with 5.1% and Japanese debt with 2.1%. Our directional position thus posted very positive performance.

Despite erratic movements seen on the spread between US and eurozone rates �– sharp narrowing in December 2008 and March 2009 punctuated by significant widening in September 2008 and January-February 2009 �– our country allocation, supported by buying 10-year bunds over treasuries, proved neutral in the period. This relative view, while certainly slightly reduced, is maintained, with treasuries still very expensive against their European counterparts given the brusque recoupling of eurozone economies to the US recession. More peripheral �– or diversified �– positions also contributed very favourably to returns via a buy-side bias on Greek and Italian bonds.

Turning to maturities, we saw all yield curves steepen again sharply with the 5-year/30-year spread reaching a high in the first quarter of 2009.

The portfolios were covered ahead of the crisis by curve steepening positions on the US, UK and euro and thus benefited in full from these massive declines on the short segments thanks to investors' safety instincts. These curve strategies were gradually neutralised at the beginning of 2009. This was before taking a position on a general flattening movement as from when the markets positioned themselves for a possible end to the crisis.

B - Credit Strategies: negative contribution B1 - Corporate Credit: negative contribution Our corporate debt exposure via sterling-denominated bonds with 2010 maturities issued by banks �– Barclays, Deutsche Bank and Merrill Lynch �– and financials (GE Capital and AIG) suffered full on as from the bankruptcy of Lehman Brothers, due to the harsh correction in both traded prices and liquidity premiums. Thus the offer price for the October 2010 AIG security halved in value in just a few days in October 2008. The rapid evaporation of liquidity, with completely atypical credit market conditions, explains the very negative performances seen in autumn.

CAAM INTERINVEST

Management Report

Page 13

Since November, the various government bailout plans have gradually restored appetites for credit issues somewhat. At the same time, thanks to the main central banks' sharp cuts in base rates, liquidity for these securities has partly returned and the prices banks had accepted have gradually begun to recover. These bonds currently remain priced at less than their fundamental value so we are keeping them in the portfolio. These positions have a large role in the sub-fund's historically high yield to maturity. B2 - Emerging Credit: negative contribution Until the Lehman Brothers bankruptcy our positive view of emerging market bonds bore fruit, particularly thanks to their healthy performances and decorrelation from other at-risk asset classes. As from October, however, we witnessed a collapse in GDP-indexed warrants. Like corporate bonds, the same scenario of a gradual return of liquidity and risk appetite took concrete form for emerging debt at year-end. C - Currency Strategies: very positive contribution Throughout the second quarter of 2008, the US dollar suffered from its status as a carry-trade currency and sustained investor mistrust of US assets and the monetary loosening policy implemented aggressively by the Federal Reserve as of September 2007. However, from July 2008 onwards the greenback vigorously recovered, helped by plummeting raw material prices and accelerated repatriation of their international capital by US investors. At the expense of key European, Asian and commodity currencies, in equal parts, our long exposure to the greenback proved very profitable against the Canadian dollar, against which it appreciated by 27% in the period, and to a lesser extent the euro, with 14%. In fact, the US dollar's rebound against the euro up to November ran out of steam on two occasions, in December 2008 and March 2009, with temporary gains by the euro against all G10 currencies. Despite the yen's 4.6% appreciation against the greenback, due to the unwinding of carry trades, our US dollar exposure appreciated by 9.8% in all in the period. Our currency process also includes what are known as intra-block strategies for which the overall balance was negative due in particular to buying Scandinavian currencies (SEK, NOK and ISK) and sterling against the euro. Despite their attractive remuneration, these currencies considerably depreciated in the period against the euro, which had become the region's safe-haven currency. Exposure to the commodity currencies �– Australian and New Zealand dollars against the Canadian dollar �– contributed very positively to the sub-fund's return, with in particular a tactical position of selling the AUD against the CAD. Turning to emerging market currencies, our positions proved negative overall due to losses on our long Latin American currency positions (ARS, MXN, BRL). The portfolio remains fundamentally a seller of euro against the US dollar and currencies on the eurozone periphery. Lastly, the manager's discretionary trading proved very favourable in period.

CAAM INTERINVEST

Management Report

Page 14

CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO In the period, CAAM Interinvest - Global Debts Portfolio recorded a 12.77% gain, or 4.53 percentage points outperformance over its benchmark.

A - Bond Strategies: very positive contribution In the context of a severe financial crisis and harsh, rapid worldwide economic deterioration, the evaporation of investor risk appetite favoured debt markets: indeed, there was a huge global movement of cash to money market and short-term bond investments. This period of profound risk aversion reached an initial high on 17 March with the acquisition of Bear Stearns by JP Morgan and then peaked after the bankruptcy of Lehman Brothers on 15 September 2008.

While we began the year with a directional sell position on sensitivity, a strategy that proved profitable as of 17 March, we decided at end-June 2008 to reverse our view on yields and become buyers of sensitivity overall. As from then, our macroeconomic scenario envisaged a sharp global economic contraction in a disinflationary context, justifying very aggressive monetary, budgetary and fiscal policies from the world's financial authorities. At the start of 2009, profits were taken to give way to very active management of the portfolio's exposure to international debt markets.

In the period, the international bond markets leapt by 6.3% in local currencies, with gilts leading at 11.5%, followed by US bonds with 8.5%, then the euro zone with 5.1% and Japanese debt with 2.1%. Our directional position thus posted very positive performance.

Despite erratic movements seen on the spread between US and eurozone rates �– sharp narrowing in December 2008 and March 2009 punctuated by significant widening in September 2008 and January-February 2009 �– our country allocation, supported by buying 10-year bunds over treasuries, proved neutral in the period. This relative view, while certainly slightly reduced, is maintained, with treasuries still very expensive against their European counterparts given the brusque recoupling of eurozone economies to the US recession. More peripheral �– or diversified �– positions also contributed very favourably to returns via a buy-side bias on Greek and Italian bonds.

Turning to maturities, we saw all yield curves steepen again sharply with the 5-year/30-year spread reaching a high in the first quarter of 2009.

The portfolios were covered ahead of the crisis by curve steepening positions on the US, UK and euro and thus benefited in full from these massive declines on the short segments thanks to investors' safety instincts. These curve strategies were gradually neutralised at the beginning of 2009. This was before taking a position on a general flattening movement as from when the markets positioned themselves for a possible end to the crisis.

B �– Corporate Credit Strategies: slightly negative contribution Our corporate debt exposure via sterling-denominated bonds with 2010 maturities and issued by banks �– Barclays and Merrill Lynch �– suffered full on after the bankruptcy of Lehman Brothers due to the harsh correction in both traded prices and liquidity premiums. The rapid evaporation of liquidity, with completely atypical credit market conditions, explains the very negative performances seen in autumn.

CAAM INTERINVEST

Management Report

Page 15

Since November, the various government bailout plans have gradually restored appetites for credit issues somewhat. At the same time, thanks to the main central banks' sharp cuts in base rates, liquidity for these securities has partly returned and the prices banks had accepted have gradually begun to recover. These bonds currently remain priced at less than their fundamental value so we are keeping them in the portfolio. In December, therefore, we increased our exposure through buying issues of other banks (Deutsche Bank) and financial institutions (GE Capital and AIG). These positions have a large role in the sub-fund's historically high yield to maturity. C - Currency Strategies: positive contribution Throughout the second quarter of 2008, the US dollar suffered from its status as a carry-trade currency and sustained investor mistrust of US assets and the monetary loosening policy implemented aggressively by the Federal Reserve as of September 2007. However, from July 2008 onwards the greenback vigorously recovered, helped by plummeting raw material prices and accelerated repatriation of their international capital by US investors. At the expense of key European, Asian and commodity currencies, in equal parts, our long exposure to the greenback proved very profitable against the Canadian dollar, against which it appreciated by 27% in the period, and to a lesser extent the euro, with 14%. In fact, the US dollar's rebound against the euro up to November ran out of steam on two occasions, in December 2008 and March 2009, with temporary gains by the euro against all G10 currencies. Despite the yen's 4.6% appreciation against the greenback, due to the unwinding of carry trades, our US dollar exposure appreciated by 9.8% in all in the period. Our currency process also includes what are known as intra-block strategies for which the overall balance was negative due in particular to buying Scandinavian currencies (SEK and NOK) and sterling against the euro Despite their attractive remuneration, these currencies considerably depreciated in the period against the euro, which had become the region's safe-haven currency. While certainly reduced considerably during the year, our exposure to commodity currencies �– Australian and New Zealand dollars against the Canadian dollar �– contributed unfavourably to the sub-fund's return. Turning to emerging market currencies, our long Mexican peso position posted a loss in the period. The portfolio remains fundamentally a seller of euro against the US dollar and currencies on the eurozone periphery. Lastly, the manager's discretionary trading made a slight gain in the period.

CAAM INTERINVEST

Independent Auditor�’s Report

Page 16

To the Shareholders of CAAM INTERINVEST 5, allée Scheffer L-2520 Luxembourg We have audited the accompanying financial statements of CAAM INTERINVEST (the �“SICAV�”) and of each of its sub-funds, which comprise the Statement of Net Assets and the Securities portfolio as at March 31, 2009 and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the establishment and the presentation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, the choice and application of appropriate accounting methods, and making accounting estimates that are reasonable in the circumstances. Responsibility of the �“Réviseur d�’Entreprises�” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the �“Institut des Réviseurs d�’Entreprises�”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the �“Réviseur d�’Entreprises�”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the �“Réviseur d�’Entreprises�” considers internal control relevant to the entity�’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity�’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

CAAM INTERINVEST

Independent Auditor�’s Report (continued)

Page 17

Opinion In our opinion, the financial statements give a true and fair view of the financial position of CAAM INTERINVEST and of each of its sub-funds as at March 31, 2009 and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the establishment and the presentation of the financial statements. Another point Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. ERNST & YOUNG Société Anonyme Réviseur d�’Entreprises Christophe WINTGENS Luxembourg, June 26, 2009

18Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTConsolidated

19Page

2,745,379,678.39Assets222,,,666333999,,,000555777,,,222111000...111777Securities portfolio at market value222,,,666444000,,,7776665,235.45!ooosssttt ppprrriiiccceee---111,,,77708,025.38UUUnnnrrreeeaaallliiissseeeddd lllooossssss ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo111,,,555444222,,,444000666...111333Options purchased at market value 111000NNNooottteee333333333,,,999888222...111222OOOppptttiiiooonnnsss pppuuurrrccchhhaaassseeeddd aaattt cccooosssttt333,,,111333999,,,888222666...555555Cash at banks and liquidities111,,,111555555,,,000888222...222444Reverse repurchase agreements 111111NNNooottteee777999,,,333222333,,,777111777...777777Time deposits222000,,,888666777,,,000333444...000333Other interest receivable111555444,,,222777333...666222Subscribers receivable 666NNNooottteee666555,,,222333444...333555Unrealised profit on forward foreign exchange contracts 999NNNooottteee555111,,,111222555...333444Unrealised net appreciation on financial futures 888NNNooottteee222333,,,777666888...111999Receivable on SWAP contracts 777NNNooottteee

26,974,679.30Liabilities111,,,111444999,,,333999000...333000Short sales of securities at market value111,,,111555666,,,000444777...888444SSShhhooorrrttt sssaaallleeesss ooofff ssseeecccuuurrriiitttiiieeesss aaattt cccooosssttt---666,,,666555777...555444SSShhhooorrrttt sssaaallleeesss ooofff ssseeecccuuurrriiitttiiieeesss uuunnnrrreeeaaallliiissseeeddd lllooossssss

111,,,444999000,,,888444999...444111Options sold at market value 111000NNNooottteee333000222,,,777333555...888444OOOppptttiiiooonnnsss sssooolllddd aaattt cccooosssttt999,,,111666888...666999Bank overdrafts

222,,,111222222,,,888444777...111999Payable on SWAP contracts 777NNNooottteee555,,,222111000,,,555333333...666999Repurchase agreements 111111NNNooottteee111444777,,,111999444...333222Administrative fees payable 444NNNooottteee111888333,,,222999555...222777Taxe d'abonnement payable 333NNNooottteee666222,,,999999666...333666Performance fees 555NNNooottteee

333666...999555Unrealised net depreciation on financial futures 888NNNooottteee666999555,,,444999999...000555Advisory fees payable 222NNNooottteee

111555,,,777333999,,,555333111...555666Payable on securities111666333,,,333333666...555111Other liabilities

2,718,404,999.09Net asset value

CAAM INTERINVEST

Financial Statements at 31/03/09

EEExxxppprrreeesssssseeeddd iiinnn EEEUUURRR

SSSttt!ttteeemmmeeennnttt ooofff nnneeettt !sssssseeetttsss !ttt 333111///000333///000999

Consolidated

20Page

105,282,320.64Income999999,,,111888555,,,888666222...222555Net interest on bonds

777888,,,111000444...000000Bank interest on cash account111,,,777222444,,,333444777...999222Bank interest on time deposits

333,,,999444111...777000Other financial income999111,,,999444222...666000Income on reverse repurchase agreements 111111NNNooottteee

444,,,111999888,,,000666111...444666Interest on swaps666000...777111Other income

20,316,046.20Expenses777,,,111222333,,,555444777...555777Management & advisory fees 222NNNooottteee666222888,,,777111555...333777Taxe d'abonnement 333NNNooottteee111,,,555555888,,,555222111...999999Administrative expenses 444NNNooottteee666222,,,000555333...333777Incentive and performance fees 555NNNooottteee222888,,,444444333...111222Bank interest on overdrafts333777,,,333999666...999000Brokers fees444999222,,,333555111...999111Expenses on repurchase agreements 111111NNNooottteee

111000,,,000555666,,,999777222...000888Interest on swaps333222888,,,000444333...888999Bank interest on borrowing

84,966,274.44Net income from investments---666555222,,,999555888...999222Net realised loss on sales of investment securities666999888,,,333222000...333666Net realised profit on financial futures111,,,000222444,,,555888111...777000Net realised profit on options---555222,,,999777666...444999Net realised loss on foreign exchange

222,,,222444555,,,333888111...111555Net realised profit on forward foreign exchange contracts

88,228,622.24Net realised profit---888,,,999111000...444333Change in net unrealised appreciation / depreciation on forward

foreign exchange contracts444888000,,,666999333...555777Change in net unrealised appreciation / depreciation on financial

futures333666777,,,222111888...555000Change in net unrealised appreciation / depreciation on

investments333,,,222666000...222888Change in net unrealised appreciation / depreciation on options

89,070,884.16Increase in net assets as a result of operations333,,,333999777,,,444999888,,,444666444...444666Subscription accumulation shares---333,,,000888888,,,555777000,,,111111999...666333Redemption accumulation shares

397,999,228.99Increase in net assets

89,647,438.78Reevaluation of opening consolidated NAV

2,230,758,331.32Net assets at the beginning of the year

2,718,404,999.09Net assets at the end of the year


SSSttt!ttteeemmmeeennnttt ooofff OOOpppeeerrr!tttiiiooonnnsss !nnnddd CCChhh!nnngggeeesss iiinnn NNNeeettt AAAsssssseeetttsss fffrrrooommm 000111///000444///000888 tttooo 333111///000333///000999

CAAM INTERINVESTConsolidated

21Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTSHORT TERM (USD)

22Page

715,106,660.44Assets666555555,,,888444888,,,777333888...111111Securities portfolio at market value666555777,,,777999999,,,999000777...555222!ooosssttt ppprrriiiccceee---111,,,999555111,,,111666999...444111UUUnnnrrreeeaaallliiissseeeddd lllooossssss ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo999444555,,,000333444...555555Cash at banks and liquidities

555666,,,555000000,,,000000000...000000Time deposits111,,,888111222,,,666444444...888888Other interest receivable

222444222...999000Receivable on SWAP contracts 777NNNooottteee

20,351,513.56Liabilities111444999,,,777222333...888222Payable on SWAP contracts 777NNNooottteee333777,,,666333000...555777Administrative fees payable 444NNNooottteee444444,,,333333666...777777Taxe d'abonnement payable 333NNNooottteee111666888,,,333000111...111999Advisory fees payable 222NNNooottteee

111999,,,888333222,,,666444555...555444Payable on securities111111888,,,888777555...666777Other liabilities

694,755,146.88Net asset value


EEExxxppprrreeesssssseeeddd iiinnn UUUSSSDDD


CAAM INTERINVEST SHORT TERM (USD)

SHORT TERM (USD)-INSTITUTIONALAccumulation shares 111777999,,,555888777...777111666 111666555,,,999555777...333333888 111999111,,,888999777...333555666 111555333,,,666444777...666999888

SHORT TERM (USD)-SELECTAccumulation shares 333333555,,,666000444...999222222 444888222,,,666444000...888888333 222777555,,,000777777...222000333 555444333,,,111666888...666000222

SHORT TERM (USD)-PRIVATEAccumulation shares 111,,,777333222,,,222999888...111999000 222,,,333444888,,,999444333...111999777 222,,,222555444,,,666888111...444999444 111,,,888222666,,,555555999...888999333

CCChhh!nnngggeeesss iiinnn nnnuuummmbbbeeerrr ooofff ssshhh!rrreeesss ooouuutttsssttt!nnndddiiinnnggg fffrrrooommm 000111///000444///000888 tttooo 333111///000333///000999

Shares issued Shares redeemedShares

outstanding at31/03/09

Sharesoutstanding at

01/04/08

23Page

KKKeeeyyy fffiiiggguuurrreeesss rrreeelll!tttiiinnnggg tttooo ttthhheee lll!sssttt 333 yyyeee!rrrsss


!HHOORRTT TTEERRMM ((UU!DD))--IINN!TTIITTUUTTIIOONNAALL

Accumulation shares111555333,,,666444777...666999888222,,,777666666...555666

111777999,,,555888777...777111666222,,,777000888...555666

111000555,,,333888111...777000000222,,,555888555...777666

NNNuuummmbbbeeerrr ooofff ssshhh!rrreeesssNNNeeettt !sssssseeettt vvv!llluuueee pppeeerrr ssshhh!rrreee

UUUSSSDDD UUUSSSDDD UUUSSSDDD

!HHOORRTT TTEERRMM ((UU!DD))--!EELLEECCTT

Accumulation shares555444333,,,111666888...666000222111111444...555999

333333555,,,666000444...999222222111111222...444666

222111111,,,000333222...666777000111000777...666222



!HHOORRTT TTEERRMM ((UU!DD))--PPRRIIVVAATTEE

Accumulation shares111,,,888222666,,,555555999...888999333111111333...555777

111,,,777333222,,,222999888...111999000111111111...777333

888555666,,,222444999...555888888111000777...111999



Total Net Assets 666999444,,,777555555,,,111444666...888888 777111777,,,777111999,,,222333555...111000 333888666,,,999888666,,,888444444...000777

31/03/0731/03/0831/03/09YYYeeeaaarrr eeennndddiiinnnggg aaattt:::

UUUSSSDDD

24Page

FFFOOORRRTTTIIISSS BBBAAANNNQQQUUUEEE ---EEEMMMTTTNNN--- FFFLLL...RRR 000777---111000 111666///000444QQQ111777,,,000000000,,,000000000...000000 111666,,,444888222,,,555222000...000000 222...333777UUUSSSDDD

Transferable securities and money market instruments admitted to an official stockexchange listing 555666,,,000000999,,,555444555...999000 888...000666

FFllooaattiinngg rraattee bboonnddss 56,009,545.90 8.06

!eellggiiuumm 111666,,,444888222,,,555222000...000000 222...333777

CCCRRREEEDDDIIITTT AAAGGGRRRIIICCCOOOLLLEEE SSS 111666000 FFFLLL...RRR 000666---000999 111333///111000QQQ555,,,888000000,,,000000000...000000 555,,,777777444,,,000111666...000000 000...888333UUUSSSDDDFFrraannccee 555,,,777777444,,,000111666...000000 000...888333

IIIKKKBBB EEEMMMTTTNNN FFFLLL...RRR 000666---000999 222444///000777QQQ111000,,,000000000,,,000000000...000000 999,,,666000000,,,000000000...000000 111...333888UUUSSSDDDGGeerrmmaannyy 999,,,666000000,,,000000000...000000 111...333888

CCCAAATTTEEERRRPPPIIILLLLLLAAARRR FFFIIINNN FFF---777999444 FFFLLL...RRR 000666---000999 111888///000555QQQ111,,,888555000,,,000000000...000000 111,,,888444777,,,555000999...999000 000...222777UUUSSSDDDUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 222444,,,111555333,,,000000999...999000 333...444888

GGGEEENNNEEERRRAAALLL EEELLLEEECCCTTTRRRIIICCC GGGMMMTTTNNN FFFLLL...RRR 000777---111000 111222///000333QQQ888,,,000000000,,,000000000...000000 777,,,555777555,,,222000000...000000 111...000999UUUSSSDDDGGGOOOLLLDDDMMMAAANNN SSSAAACCCHHHSSS GGGRRROOOUUUPPP FFFLLL...RRR 000666---000999 222333///111222QQQ111000,,,000000000,,,000000000...000000 999,,,777222111,,,777000000...000000 111...444000UUUSSSDDDIIIBBBMMM IIINNNTTTLLL GGGPPP CCCAAAPPPIIITTTAAALLL FFFLLL...RRR 000888---000999 222999///000777QQQ555,,,000000000,,,000000000...000000 555,,,000000888,,,666000000...000000 000...777222UUUSSSDDD

NNNAAATTTIIIOOONNNAAALLL AAAUUUSSSTTTRRRAAALLLIIIAAA BBBKKK FFFLLL...RRR 000666---000999 111444///000999QQQ111,,,000000000,,,000000000...000000 999999888,,,111000777...666999 000...111444UUUSSSDDD

Transferable securities and money market instruments dealt in on another regulatedmarket 444111,,,333333777,,,999111555...111999 555...999555


AAuussttrraalliiaa 999999888,,,111000777...666999 000...111444

BBBCCCPPP FFFIIINNNAAANNNCCCEEE BBBAAANNNKKK FFFLLL...RRR 000777---000999 000444///000666QQQ555,,,000000000,,,000000000...000000 444,,,999888666,,,000111000...000000 000...777222UUUSSSDDDCCaayymmaann IIssllaannddss 444,,,999888666,,,000111000...000000 000...777222

BBBFFFCCCMMM EEEMMMTTTNNN FFFLLL...RRR 000888---111000 000444///111111QQQ222,,,666000000,,,000000000...000000 222,,,444999888,,,777000444...000000 000...333666UUUSSSDDDFFrraannccee 222,,,444999888,,,777000444...000000 000...333666

CCCRRREEEDDDIIITTT AAAGGGRRRIIICCCOOOLLLEEE ---RRREEEGGGSSS--- FFFLLL...RRR 000777---111000 222888///000555QQQ111000,,,000000000,,,000000000...000000 999,,,888777333,,,888000000...000000 111...444222UUUSSSDDDUUnniitteedd KKiinnggddoomm 111444,,,888555555,,,111555000...000000 222...111444

HHHBBBOOOSSS TTTRRREEEAAASSSUUURRRYYY SSSEEERRRVVV... FFFLLL...RRR 000666---000999 111777///000777QQQ555,,,000000000,,,000000000...000000 444,,,999888111,,,333555000...000000 000...777222UUUSSSDDD

HHHEEEWWWLLLEEETTTTTT PPPAAACCCKKKAAARRRDDD FFFLLL...RRR 000888---000999 000333///000999QQQ666,,,000000000,,,000000000...000000 666,,,000000999,,,333666000...000000 000...888666UUUSSSDDDUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 111777,,,999999999,,,999444333...555000 222...555999

IIIBBBRRRDDD FFFLLL...RRR 000999---111111 000444///000333QQQ777,,,000000000,,,000000000...000000 777,,,000000777,,,666333333...555000 111...000111UUUSSSDDDIIINNNTTTEEERRRAAAMMMEEERRR DDDEEEVVV BBBKKK FFFLLL...RRR 000999---111111 111666///000333QQQ555,,,000000000,,,000000000...000000 444,,,999888222,,,999555000...000000 000...777222UUUSSSDDD

BBBFFFCCCMMM ---000999 222333///000444UUU333000,,,000000000,,,000000000...000000 222999,,,888888555,,,333111555...111000 444...333000UUUSSSDDD

Other transferable securities and money market instruments 555555888,,,555000111,,,222777777...000222 888000...333999

BBoonnddss 548,590,777.02 78.96

FFrraannccee 111777999,,,222333999,,,000999555...444000 222555...888111

BBBNNNPPP PPPAAARRRIIIBBBAAASSS CCCDDDNNN ---000999 111444///000555UUU222555,,,000000000,,,000000000...000000 222444,,,777222666,,,444999777...444555 333...555666UUUSSSDDDCCCAAADDDEEESSS 000888---000999 111888///000555UUU111555,,,000000000,,,000000000...000000 111444,,,888666999,,,111777111...999444 222...111444UUUSSSDDDCCCAAAIIISSSSSSEEE DDDEEESSS DDDEEEPPPOOOTTT EEETTT CCCOOONNNSSS SSS111111444999---000999 333111///000333UUU444000,,,000000000,,,000000000...000000 333999,,,999999222,,,666666888...000000 555...777777UUUSSSDDDCCCIIICCC PPPAAARRRIIISSS ---000999 000777///000444UUU333000,,,000000000,,,000000000...000000 222999,,,888888333,,,444555444...555333 444...333000UUUSSSDDDRRREEESSSEEEAAAUUU FFFEEERRRRRREEE DDDEEE FFFRRRAAANNNCCCEEE ---000999 000999///000666UUU111555,,,000000000,,,000000000...000000 111444,,,888888999,,,333444777...333333 222...111444UUUSSSDDDSSSNNNCCCFFF ---000999 000666///000444UUU222555,,,000000000,,,000000000...000000 222444,,,999999222,,,666444111...000555 333...666000UUUSSSDDD

DDDEEEUUUTTTSSSCCCHHHEEE PPPOOOSSSTTTBBBAAANNNKKK ---000999 333000///000666UUU333555,,,000000000,,,000000000...000000 333444,,,888777666,,,111111222...222999 555...000222UUUSSSDDDGGeerrmmaannyy 333444,,,888777666,,,111111222...222999 555...000222

HHHEEELLLLLLEEENNNIIICCC RRREEEPPPUUUBBBLLLIIICCC ---000999 111888///000555UUU222000,,,000000000,,,000000000...000000 111999,,,999222111,,,000666222...777888 222...888777UUUSSSDDDGGrreeeeccee 111999,,,999222111,,,000666222...777888 222...888777

BBBAAANNNKKK OOOFFF IIIRRREEELLLAAANNNDDD ---000999 000888///000444UUU222555,,,000000000,,,000000000...000000 222444,,,999111222,,,888000555...111888 333...555999UUUSSSDDDIIrreellaanndd 444999,,,888333444,,,999222333...555666 777...111777

IIINNNTTTEEESSSAAA SSSAAANNN PPPAAAOOOLLLOOO BBBKKK IIIEEE ---000999 000777///000444UUU222555,,,000000000,,,000000000...000000 222444,,,999222222,,,111111888...333888 333...555888UUUSSSDDD

EEENNNIII CCCOOOOOORRRDDDIIINNNAAATTTIIIOOONNN CCCEEENNNTTTEEERRR SSSAAA ---000999 000666///000888UUU222555,,,000000000,,,000000000...000000 222444,,,777888666,,,888999444...666555 333...555777UUUSSSDDDIIttaallyy 222444,,,777888666,,,888999444...666555 333...555777

BBBEEEIII UUUSSSDDD ---000999 111222///000555UUU222555,,,000000000,,,000000000...000000 222444,,,777666999,,,666000888...222333 333...555666UUUSSSDDDLLuuxxeemmbboouurrgg 333444,,,666222333,,,000888111...666111 444...999888

EEENNNEEELLL FFFIIINNNAAANNNCCCEEE IIINNNTTTLLL ---000999 000333///000444UUU111000,,,000000000,,,000000000...000000 999,,,888555333,,,444777333...333888 111...444222UUUSSSDDD

DDDNNNBBB NNNOOORRR BBBAAANNNKKK ---000999 333000///000999UUU222000,,,000000000,,,000000000...000000 111999,,,888333222,,,666444555...555444 222...888555UUUSSSDDDNNoorrwwaayy 111999,,,888333222,,,666444555...555444 222...888555

CCCAAAJJJAAA MMMAAADDDRRRIIIDDD ---000999 222999///000555UUU222555,,,000000000,,,000000000...000000 222444,,,999000555,,,555666666...333888 333...555888UUUSSSDDDSSppaaiinn 777444,,,777111777,,,000444111...111333 111000...777555

SSSAAANNNTTTAAANNNDDDEEERRR CCCPPP ---000999 111888///000555UUU222555,,,000000000,,,000000000...000000 222444,,,999222333,,,333666000...666555 333...555999UUUSSSDDDSSSAAANNNTTTAAANNNDDDEEERRR CCCPPP ---000999 222222///000666UUU222555,,,000000000,,,000000000...000000 222444,,,888888888,,,111111444...111000 333...555888UUUSSSDDD

SSSVVVEEENNNSSSKKKAAA HHHAAANNNDDDEEELLLSSSBBBAAANNNKKK ---000999 000888///000999UUU222555,,,000000000,,,000000000...000000 222444,,,888111444,,,333888888...333888 333...555777UUUSSSDDDSSwweeddeenn 222444,,,888111444,,,333888888...333888 333...555777

BBBAAADDDEEENNN WWWUUUEEERRRTTTTTTEEEMMMBBBEEERRRGGG LLLDDDEEESSS ---000999 000888///000666UUU222555,,,000000000,,,000000000...000000 222444,,,999222222,,,555666000...000888 333...555999UUUSSSDDDTThhee NNeetthheerrllaannddss 555444,,,666999000,,,555777666...222666 777...888777

NNNEEEDDDEEERRRLLL...WWWAAATTTEEERRRSSSCCCHHHAAAPPPSSSBBBKKK ---000999 000777///000777UUU333000,,,000000000,,,000000000...000000 222999,,,777666888,,,000111666...111888 444...222888UUUSSSDDD

SSSeeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo !ttt 333111///000333///000999UUUSSSDDD

QQQuuu!nnntttiiitttyyy DDDeeennnooommmiiinnn!tttiiiooonnn

EEExxxppprrreeesssssseeeddd iiinnnQQQuuuooottt!tttiiiooonnncccuuurrrrrreeennncccyyy

%%% ooofff nnneeettt!sssssseeetttsssMMM!rrrkkkeeettt vvv!llluuueee


25Page

BBBAAARRRCCCLLLAAAYYYSSS BBBAAANNNKKK ---000999 111222///000888UUU222555,,,000000000,,,000000000...000000 222444,,,777888111,,,999555333...222333 333...555777UUUSSSDDDUUnniitteedd KKiinnggddoomm 333111,,,222555444,,,999555555...444222 444...555000

VVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP ---000999 333000///000444UUU666,,,555000000,,,000000000...000000 666,,,444777333,,,000000222...111999 000...999333UUUSSSDDD

NNNAAATTT...AAAUUUSSSTTT...BBBKKK EEENNNTTTMMM 111444444AAA FFFLLL...RRR 000888---111000 000888///000222QQQ111000,,,000000000,,,000000000...000000 999,,,999111000,,,555000000...000000 111...444333UUUSSSDDD


AAuussttrraalliiaa 999,,,999111000,,,555000000...000000 111...444333

Total securities portfolio 655,848,738.11 94.40

SSSeeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo !ttt 333111///000333///000999UUUSSSDDD





26Page


555,,,555777222...999666Bank interest on cash account888444888,,,666222111...777333Bank interest on time deposits111,,,222888444...666888Income on reverse repurchase agreements

333222222,,,666000444...555999Interest on swaps 777NNNooottteee

4,337,881.78Expenses222,,,000666222,,,555999111...888888Management & advisory fees 222NNNooottteee111666999,,,777555777...000888Taxe d'abonnement 333NNNooottteee444999222,,,888555666...222000Administrative expenses 444NNNooottteee111111,,,444777888...777222Bank interest on overdrafts444,,,777000999...111333Brokers fees

111,,,555999666,,,333888444...666111Interest on swaps 777NNNooottteee111000444...111666Bank interest on borrowing

15,145,394.34Net income from investments---555222,,,999222777...444444Net realised loss on sales of investment securities

444999444...111555Net realised profit on foreign exchange

15,092,961.05Net realised profit---999444333,,,444999666...999444Change in net unrealised appreciation / depreciation on

investments14,149,464.11Increase in net assets as a result of operations

444555555,,,111222555,,,222111000...888777SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---IIINNNSSSTTTIIITTTUUUTTTIIIOOONNNAAALLL555444,,,999999222,,,111666999...222888SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---SSSEEELLLEEE!TTT222666555,,,000333999,,,555222666...999111SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---PPPRRRIIIVVVAAATTTEEE

777777555,,,111555666,,,999000777...000666Subscription accumulation shares

---555222666,,,444555000,,,777222777...999666SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---IIINNNSSSTTTIIITTTUUUTTTIIIOOONNNAAALLL---333111,,,333333666,,,777666888...888333SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---SSSEEELLLEEE!TTT---222555444,,,444888222,,,999666222...666000SSSHHHOOORRRTTT TTTEEERRRMMM (((UUUSSSDDD)))---PPPRRRIIIVVVAAATTTEEE

---888111222,,,222777000,,,444555999...333999Redemption accumulation shares

-22,964,088.22Decrease in net assets

717,719,235.10Net assets at the beginning of the year

694,755,146.88Net assets at the end of the year

SSSttt!ttteeemmmeeennnttt ooofff OOOpppeeerrr!tttiiiooonnnsss !nnnddd CCChhh!nnngggeeesss iiinnn NNNeeettt AAAsssssseeetttsss fffrrrooommm 000111///000444///000888 tttooo 333111///000333///000999EEExxxppprrreeesssssseeeddd iiinnn UUUSSSDDD


27Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTSHORT TERM (EURO)

28Page

2,117,765,461.52Assets222,,,000666333,,,111666555,,,777777111...555777Securities portfolio at market value222,,,000666333,,,111666666,,,666444222...666777!ooosssttt ppprrriiiccceee

---888777111...111000UUUnnnrrreeeaaallliiissseeeddd lllooossssss ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo111666,,,999999000...999111Cash at banks and liquidities

333555,,,777444000,,,000000000...000000Time deposits111888,,,888111999,,,111111444...999666Other interest receivable

222333,,,555888444...000888Receivable on SWAP contracts 777NNNooottteee

2,817,084.31Liabilities222,,,000000999,,,222999444...333666Payable on SWAP contracts 777NNNooottteee111111000,,,888555666...999999Administrative fees payable 444NNNooottteee111444000,,,000888333...999222Taxe d'abonnement payable 333NNNooottteee555444777,,,777888222...333888Advisory fees payable 222NNNooottteee999,,,000666666...666666Other liabilities

2,114,948,377.21Net asset value




CAAM INTERINVEST SHORT TERM (EURO)

SHORT TERM (EURO)-INSTITUTIONALAccumulation shares 222555666,,,000444111...999888999 333777666,,,444999888...555666444 333666777,,,333888111...999111333 222666555,,,111555888...666444000

SHORT TERM (EURO)-SELECTAccumulation shares 111,,,333000000,,,888888333...333444555 333,,,777666555,,,888777777...222000111 222,,,777666222,,,555888888...666999222 222,,,333000444,,,111777111...888555444

SHORT TERM (EURO)-PRIVATEAccumulation shares 333,,,333999111,,,222666777...999111111 555,,,999000333,,,000666111...777888555 333,,,888111222,,,555222999...666333888 555,,,444888111,,,888000000...000555888





01/04/08

29Page



!HHOORRTT TTEERRMM ((EEUURROO))--IINN!TTIITTUUTTIIOONNAALL


222555666,,,000444111...999888999444,,,444999555...000222

111333777,,,222222777...444666111444,,,333111222...444000


EEEUUURRR EEEUUURRR EEEUUURRR

!HHOORRTT TTEERRMM ((EEUURROO))--!EELLEECCTT


111,,,333000000,,,888888333...333444555111000888...333777

666444666,,,000000000...222333111111000444...222222



!HHOORRTT TTEERRMM ((EEUURROO))--PPRRIIVVAATTEE


333,,,333999111,,,222666777...999111111111000777...666666

222,,,666222111,,,444666666...111333555111000333...777999



Total Net Assets 222,,,111111444,,,999444888,,,333777777...222111 111,,,666555666,,,999888555,,,666333222...666888 999333111,,,111999444,,,777333888...000777


EEEUUURRR

30Page

CCCNNNPPP AAASSSSSSUUURRRAAANNNCCCEEESSS SSSUUUBBB 444...666222555 999999---000999 111111///000555AAA555000,,,000000000...000000 444999,,,999999999...666000 000...000000EEEUUURRR


BBoonnddss 49,912,614.25 2.36

FFrraannccee 444999,,,999999999...666000 000...000000

IIITTTAAALLLYYY BBBOOOTTT (((000333 MMMEEESSSIII))) ---000999 111555///000666UUU555000,,,000000000,,,000000000...000000 444999,,,888666222,,,666111444...666555 222...333666EEEUUURRRIIttaallyy 444999,,,888666222,,,666111444...666555 222...333666

FFFRRRAAANNNCCCEEE BBBTTTAAANNN 444...000000 000777---000999 111222///000999AAA222222000,,,000000000...000000 222222333,,,222222000...777777 000...000111EEEUUURRR

Transferable securities and money market instruments dealt in on another regulatedmarket 222222333,,,222222000...777777 000...000111

BBoonnddss 223,220.77 0.01

FFrraannccee 222222333,,,222222000...777777 000...000111

FFFIIINNNGGGRRRIIIDDD OOOYYYJJJ ---000999 333000///000444UUU333000,,,000000000,,,000000000...000000 222999,,,222777444,,,777999888...111888 111...333888EEEUUURRR

Other transferable securities and money market instruments 222,,,000111333,,,000222999,,,999333666...555555 999555...111888

BBoonnddss 2,013,029,936.55 95.18

FFiinnllaanndd 222999,,,222777444,,,777999888...111888 111...333888

BBBFFFCCCMMM ---000999 000333///000888UUU555000,,,000000000,,,000000000...000000 444999,,,666444333,,,888555333...666000 222...333555EEEUUURRRFFrraannccee 333222777,,,333666333,,,777888444...222000 111555...444888

BBBNNNPPP PPPAAARRRIIIBBBAAASSS (((OOOIIISSS+++000...555555)))111...444000111 ---000999 111444///000999UUU555000,,,000000000,,,000000000...000000 555000,,,000000000,,,000000000...000000 222...333666EEEUUURRRCCCAAADDDEEESSS ---000999 000111///000777UUU555000,,,000000000,,,000000000...000000 444999,,,888777888,,,555000444...222555 222...333666EEEUUURRRCCCAAALLLYYYOOONNN (((OOOIIISSS+++000...999000))) 222...111999555 ---000999 222444///000888UUU555000,,,000000000,,,000000000...000000 555000,,,000000000,,,000000000...000000 222...333666EEEUUURRRCCCIIIEEE DDDEEE FFFIIINNN...FFFOOONNNCCC ---000999 222111///000999UUU555000,,,000000000,,,000000000...000000 444999,,,666222888,,,222000222...000555 222...333555EEEUUURRRGGGEEE CCCAAAPPP EEEUUURRROOO FFFUUUNNNDDDIIINNNGGG ---000999 222000///000888UUU222000,,,000000000,,,000000000...000000 111999,,,888222222,,,555999888...777444 000...999444EEEUUURRRRRREEESSSEEEAAAUUU FFFEEERRRRRREEE DDDEEE FFFRRRAAANNNCCCEEE ---111000 222666///000111UUU111999,,,000000000,,,000000000...000000 111888,,,888333222,,,555999888...666000 000...888999EEEUUURRRVVVEEEOOOLLLIIIAAA EEENNNVVVIIIRRROOONNNNNNEEEMMMEEENNNTTT ---000999 000666///000888UUU444000,,,000000000,,,000000000...000000 333999,,,555555888,,,000222666...999666 111...888777EEEUUURRR

BBBMMMWWW AAAGGG ---000999 222333///000777UUU222000,,,000000000,,,000000000...000000 111999,,,888222333,,,222444222...777444 000...999444EEEUUURRRGGeerrmmaannyy 111888777,,,222444000,,,222666444...555000 888...888555

DDDAAAIIIMMMLLLEEERRRCCCHHHRRRYYYSSSLLLEEERRR ---000999 111555///000555UUU444000,,,000000000,,,000000000...000000 333999,,,333666222,,,444555999...333666 111...888666EEEUUURRREEEOOONNN AAAGGG ---000999 222333///111111UUU222000,,,000000000,,,000000000...000000 111999,,,666999555,,,333111333...555000 000...999333EEEUUURRREEE...OOONNN AAAGGG ---000999 000999///111111UUU444000,,,000000000,,,000000000...000000 333999,,,333444333,,,666111777...333222 111...888666EEEUUURRRHHHOOONNNDDDAAA BBBAAANNNKKK GGGMMMBBBHHH ---000999 111222///000666UUU333000,,,000000000,,,000000000...000000 222999,,,444000000,,,444222777...222666 111...333999EEEUUURRRMMMEEETTTRRROOO AAAGGG ---000999 111999///000555UUU444000,,,000000000,,,000000000...000000 333999,,,666111555,,,222000444...333222 111...888777EEEUUURRR

EEENNNIII CCCOOOOOORRRDDDIIINNNAAATTTIIIOOONNN CCCEEENNNTTTEEERRR SSSAAA ---000999 111777///000444UUU333555,,,000000000,,,000000000...000000 333444,,,000999555,,,444888000...000666 111...666111EEEUUURRRIIttaallyy 666333,,,888888000,,,111333666...999777 333...000222

TTTEEELLLEEECCCOOOMMM FFFIIINNNAAANNNCCCEEE ---000999 111222///000666UUU333000,,,000000000,,,000000000...000000 222999,,,777888444,,,666555666...999111 111...444111EEEUUURRR

HHHIIITTTAAACCCHHHIII CCCAAAPPPIIITTTAAALLL ---000999 111222///000555UUU111555,,,000000000,,,000000000...000000 111444,,,999222444,,,000333222...111111 000...777111EEEUUURRRJJaappaann 333999,,,666666000,,,000666000...888999 111...888888

HHHIIITTTAAACCCHHHIII CCCAAAPPPIIITTTAAALLL ---000999 222444///000444UUU222555,,,000000000,,,000000000...000000 222444,,,777333666,,,000222888...777888 111...111777EEEUUURRR

AAARRRCCCEEELLLOOORRRMMMIIITTTTTTAAALLL ---000999 222222///000777UUU222000,,,000000000,,,000000000...000000 111999,,,777555111,,,444888222...444666 000...999333EEEUUURRRLLuuxxeemmbboouurrgg 888777,,,333000000,,,222000666...666333 444...111333

EEENNNEEELLL FFFIIINNNAAANNNCCCEEE IIINNNTTTLLL 000888---000999 111333///000555UUU444000,,,000000000,,,000000000...000000 333888,,,444666222,,,888666333...666888 111...888222EEEUUURRRHHHOOOLLLCCCIIIMMM FFFIIINNNAAANNNCCCEEE ---000888 000222///000444UUU333000,,,000000000,,,000000000...000000 222999,,,000888555,,,888666000...444999 111...333888EEEUUURRR

EEEDDDPPP EEENNNEEERRRGGGIIIAAASSS DDDEEE PPPOOORRRTTTUUUGGGAAALLL ---000999 222999///000555UUU444000,,,555000000,,,000000000...000000 444000,,,333000111,,,333444777...999555 111...999111EEEUUURRRPPoorrttuuggaall 999000,,,000222777,,,222333444...000000 444...222666

PPPOOORRRTTTUUUGGGAAALLL TTT---BBBIIILLLLLL ---000999 111888///000999UUU555000,,,000000000,,,000000000...000000 444999,,,777222555,,,888888666...000555 222...333555EEEUUURRR

SSSCCCAAA FFFIIINNNAAANNNSSS AAABBB ---000999 111999///000666UUU444000,,,000000000,,,000000000...000000 333999,,,777111777,,,777333999...222888 111...888888EEEUUURRRSSwweeddeenn 777999,,,333444555,,,111333111...777222 333...777555

SSSCCCAAA FFFIIINNNAAANNNSSS AAABBB ---000999 222000///000555UUU444000,,,000000000,,,000000000...000000 333999,,,666222777,,,333999222...444444 111...888777EEEUUURRR

BBBMMMWWW FFFIIINNNAAANNNCCCEEE ---000999 333000///000444UUU333555,,,000000000,,,000000000...000000 333444,,,111444888,,,444111444...444111 111...666111EEEUUURRRTThhee NNeetthheerrllaannddss 444777444,,,999444777,,,666666444...666111 222222...444555

CCCOOOCCCAAA CCCOOOLLLAAA HHHBBBCCC ---000999 222222///000666UUU333000,,,000000000,,,000000000...000000 222999,,,777888888,,,222555000...222222 111...444111EEEUUURRRCCCOOOCCCAAA CCCOOOLLLAAA HHHBBBCCC ---000999 222666///000555UUU333000,,,000000000,,,000000000...000000 222999,,,888555222,,,999111111...333888 111...444111EEEUUURRRDDDSSSMMM NNNVVV ---000999 000444///000555UUU333555,,,000000000,,,000000000...000000 333444,,,111000333,,,222444555...666888 111...666111EEEUUURRREEELLLSSSEEEVVVIIIEEERRR PPPRRROOOPPPEEERRRTTTIIIEEESSS ---000999 222999///000555UUU111000,,,000000000,,,000000000...000000 999,,,999555333,,,444555333...777888 000...444777EEEUUURRREEELLLSSSEEEVVVIIIEEERRR PPPRRROOOPPPEEERRRTTTIIIEEESSS SSSAAA ---000999 222222///000444UUU444000,,,000000000,,,000000000...000000 333999,,,666555666,,,333111111...999666 111...888888EEEUUURRREEENNNEEECCCOOO NNNVVV CCCPPP ---000999 111000///000888UUU444000,,,000000000,,,000000000...000000 333999,,,555666111,,,999888222...999222 111...888777EEEUUURRREEESSSSSSEEENNNTTT ---000999 000333///000888UUU444000,,,000000000,,,000000000...000000 333999,,,555555555,,,333111444...777666 111...888777EEEUUURRREEESSSSSSEEENNNTTT ---000999 222444///000666UUU222000,,,000000000,,,000000000...000000 111999,,,888666888,,,777333333...999000 000...999444EEEUUURRRLLLIIINNNDDDEEE FFFIIINNNAAANNNCCCEEE ---000999 111888///000888UUU222000,,,000000000,,,000000000...000000 111999,,,777999444,,,999777999...000000 000...999444EEEUUURRRLLLIIINNNDDDEEE FFFIIINNNAAANNNCCCEEE ---000999 222000///000888UUU222000,,,000000000,,,000000000...000000 111999,,,777999444,,,999777999...000000 000...999444EEEUUURRRPPPAAACCCCCCAAARRR FFFIIINNNAAANNNCCCIIIAAALLL EEEUUURRROOOPPPEEE BBBVVV ---000999 111111///000555UUU444000,,,000000000,,,000000000...000000 333999,,,555000333,,,777888888...555222 111...888777EEEUUURRRPPPAAACCCCCCAAARRR FFFIIINNNAAANNNCCCIIIAAALLL EEEUUURRROOOPPPEEE BBBVVV ---000999 222666///000555UUU222000,,,000000000,,,000000000...000000 111999,,,888999777,,,777999111...666888 000...999444EEEUUURRRRRRAAABBBOOOBBBAAANNNKKK ---000999 000999///000999UUU555000,,,000000000,,,000000000...000000 444999,,,777000000,,,222555222...222555 222...333555EEEUUURRRTTTEEELLLEEEFFFOOONNNIIICCCAAA EEEUUURRROOOPPPEEE ---000999 000333///000666UUU555000,,,000000000,,,000000000...000000 444999,,,777666777,,,222555555...111555 222...333444EEEUUURRR

SSSeeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo !ttt 333111///000333///000999EEEUUURRR





31Page

BBBEEELLLGGGIIIUUUMMM TTT---BBBIIILLLLLL ---000999 111333///000888UUU555000,,,000000000,,,000000000...000000 444999,,,888000555,,,999666444...222555 222...333555EEEUUURRRUUnnddeeffiinneedd 111444333,,,888333888,,,666444555...555000 666...888000

EEELLLEEECCCTTTRRRAAABBBEEELLL ---000999 111000///000666UUU444000,,,000000000,,,000000000...000000 333888,,,444999111,,,222111111...888444 111...888222EEEUUURRRHHHOOOLLLCCCIIIMMM FFFIIINNNAAANNNCCCEEE ---000999 111666///000666UUU222000,,,000000000,,,000000000...000000 111999,,,222111222,,,333777888...999000 000...999111EEEUUURRRIIINNNBBBEEEVVV ---000999 111999///000888UUU333777,,,000000000,,,000000000...000000 333666,,,333222999,,,000999000...555111 111...777222EEEUUURRR

AAANNNGGGLLLOOO AAAMMMEEERRRIIICCCAAANNN PPPLLLCCC ---000999 111555///000666UUU444000,,,000000000,,,000000000...000000 333999,,,222000777,,,111444444...444000 111...888555EEEUUURRRUUnniitteedd KKiinnggddoomm 333999333,,,333000999,,,999888888...777666 111888...666000

AAASSSSSSAAA AAABBBLLLOOOYYY FFFIIINNNAAANNNCCCIIIAAALLL ---000999 000666///000444UUU333555,,,000000000,,,000000000...000000 333444,,,222333888,,,999555333...666333 111...666222EEEUUURRRBBBAAARRRCCCLLLAAAYYYSSS BBBAAANNNKKK PPPLLLCCC ---000999 111666///000666UUU555000,,,000000000,,,000000000...000000 444999,,,888111777,,,999444333...111000 222...333666EEEUUURRRBBBRRRIIITTTIIISSSHHH TTTEEELLLEEECCCOOOMMMMMMUUUNNNIIICCCAAATTTIIIOOONNNSSS ---000999 111444///000444UUU222000,,,000000000,,,000000000...000000 111999,,,999333333,,,333000666...444888 000...999444EEEUUURRREEEDDDFFF EEENNNEEERRRGGGYYY NNNEEETTTWWWOOORRRKKKSSS SSSPPPNNN ---000999 000111///000444UUU333666,,,000000000,,,000000000...000000 333555,,,555000999,,,444666666...333000 111...666888EEEUUURRREEEDDDFFF EEENNNEEERRRGGGYYY NNNEEETTTWWWOOORRRKKKSSS SSSPPPNNN ---000999 222999///000555UUU222000,,,000000000,,,000000000...000000 111999,,,999000333,,,999000222...888444 000...999444EEEUUURRRNNNAAATTTIIIOOONNNAAALLL GGGRRRIIIDDD ---000999 111888///000555UUU444000,,,000000000,,,000000000...000000 333888,,,444666555,,,666666888...555666 111...888222EEEUUURRRRRREEECCCKKKIIITTTTTT BBBEEENNNCCCKKKIIISSSEEERRR ---000999 222777///000444UUU333555,,,000000000,,,000000000...000000 333444,,,111222888,,,666777555...999111 111...666111EEEUUURRRSSSCCCOOOTTTTTTIIISSSHHH AAANNNDDD SSSOOOUUUTTTHHHEEERRRNNN EEENNNEEERRRGGGYYY ---000999 000777///000555UUU333555,,,000000000,,,000000000...000000 333444,,,000777333,,,111999999...555111 111...666111EEEUUURRRSSSHHHAAARRRPPP IIINNNTTTLLL FFFIIINNN UUUKKK ---000999 222777///000444UUU333000,,,000000000,,,000000000...000000 222999,,,777888222,,,555222999...666111 111...444111EEEUUURRRVVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP ---000999 000333///000999UUU222000,,,000000000,,,000000000...000000 111999,,,888111333,,,666666333...555000 000...999444EEEUUURRRVVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP ---000999 111444///000444UUU444000,,,000000000,,,000000000...000000 333888,,,444333555,,,555333444...999222 111...888222EEEUUURRR

CCCAAATTTEEERRRPPPIIILLLLLLAAARRR ---000999 111666///000444UUU222000,,,000000000,,,000000000...000000 111999,,,555777222,,,888222333...111222 000...999444EEEUUURRRUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 999666,,,888444222,,,000222000...555999 444...555888

CCCAAATTTEEERRRPPPIIILLLLLLAAARRR ---000999 111666///000444UUU222000,,,000000000,,,000000000...000000 111999,,,444777888,,,000999555...222444 000...999222EEEUUURRRCCCAAATTTEEERRRPPPIIILLLLLLAAARRR ---000999 111999///000555UUU111999,,,000000000,,,000000000...000000 111888,,,999111999,,,555999111...777333 000...888999EEEUUURRRHHHEEEWWWLLLEEETTTTTT PPPAAACCCKKKAAARRRDDD CCCOOO 000888---000999 000444///000555UUU222000,,,000000000,,,000000000...000000 111999,,,555333222,,,555666444...000444 000...999222EEEUUURRRHHHEEEWWWLLLEEETTTTTT PPPAAACCCKKKAAARRRDDD CCCOOO 000888---000999 000444///000555UUU222000,,,000000000,,,000000000...000000 111999,,,333333888,,,999444666...444666 000...999111EEEUUURRR

Total securities portfolio 2,063,165,771.57 97.55






32Page


222,,,222444666...999333Bank interest on cash account111,,,000666222,,,777666555...444333Bank interest on time deposits333,,,999555333,,,555333444...333777Interest on swaps 777NNNooottteee

666000...777111Other income

15,824,915.92Expenses555,,,111777777,,,444222000...777333Management & advisory fees 222NNNooottteee444555999,,,333666777...000999Taxe d'abonnement 333NNNooottteee111,,,000777555,,,555666111...888555Administrative expenses 444NNNooottteee111000,,,222000666...777333Bank interest on overdrafts666,,,000444666...888777Brokers fees

888,,,888444666,,,999444888...111555Interest on swaps 777NNNooottteee222444999,,,333666444...555000Bank interest on borrowing

71,017,834.99Net income from investments888,,,999666444...444111Net realised profit on sales of investment securities---888555000...888444Net realised loss on foreign exchange

71,025,948.56Net realised profit---888777111...111000Change in net unrealised appreciation / depreciation on

investments71,025,077.46Increase in net assets as a result of operations

111,,,777333777,,,333333555,,,000000222...999444SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---IIINNNSSSTTTIIITTTUUUTTTIIIOOONNNAAALLL444111999,,,333222777,,,111000222...444222SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---SSSEEELLLEEE!TTT666444999,,,333333888,,,222666222...333777SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---PPPRRRIIIVVVAAATTTEEE

222,,,888000666,,,000000000,,,333666777...777333Subscription accumulation shares

---111,,,666999222,,,333999666,,,999666444...999111SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---IIINNNSSSTTTIIITTTUUUTTTIIIOOONNNAAALLL---333000777,,,666444555,,,555888666...222333SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---SSSEEELLLEEE!TTT---444111999,,,000222000,,,111444999...555222SSSHHHOOORRRTTT TTTEEERRRMMM (((EEEUUURRROOO)))---PPPRRRIIIVVVAAATTTEEE

---222,,,444111999,,,000666222,,,777000000...666666Redemption accumulation shares


1,656,985,632.68Net assets at the beginning of the year

2,114,948,377.21Net assets at the end of the year

SSSttt!ttteeemmmeeennnttt ooofff OOOpppeeerrr!tttiiiooonnnsss !nnnddd CCChhh!nnngggeeesss iiinnn NNNeeettt AAAsssssseeetttsss fffrrrooommm 000111///000444///000888 tttooo 333111///000333///000999EEExxxppprrreeesssssseeeddd iiinnn EEEUUURRR


33Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTBONDS EURO

(merged by absorption)

34Page

76,849.29Income777222,,,444555999...777222Net interest on bonds444444777...888777Bank interest on cash account333,,,999444111...777000Other financial income

12,820.91Expenses999,,,000555111...888666Management & advisory fees 222NNNooottteee666777111...000666Taxe d'abonnement 333NNNooottteee111,,,888888222...888555Administrative expenses 444NNNooottteee111777555...000888Bank interest on overdrafts111,,,000333000...000666Brokers fees111000...000000Bank interest on borrowing

64,028.38Net income from investments---111666999,,,333111111...444888Net realised loss on sales of investment securities222444,,,111000222...555666Net realised profit on financial futures

444777...333222Net realised profit on foreign exchange

-81,133.22Net realised loss444,,,222444000...000000Change in net unrealised appreciation / depreciation on financial


investments27,841.25Increase in net assets as a result of operations



1,939,223.00Net assets at the beginning of the period

0.00Net assets at the end of the period


CAAM INTERINVEST BONDS EURO (merged by absorption)

35Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTDIVERSIFIE

36Page

58,110,193.79Assets555777,,,888111999,,,333888111...666222Securities portfolio at market value555777,,,444444333,,,888999333...888666!ooosssttt ppprrriiiccceee333777555,,,444888777...777666UUUnnnrrreeeaaallliiissseeeddd ppprrrooofffiiittt ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo222,,,666222666...000777Cash at banks and liquidities

222888888,,,111888666...111000Other interest receivable

724,516.32Liabilities555,,,777222888...555444Administrative fees payable 444NNNooottteee777,,,111777333...222111Taxe d'abonnement payable 333NNNooottteee444,,,777888666...000666Advisory fees payable 222NNNooottteee

777000666,,,888222888...555111Payable on securities





CAAM INTERINVEST DIVERSIFIE





01/04/08

Accumulation shares 111555,,,999000888...000000000 000...000000000 222777777...000000000 111555,,,666333111...000000000DIVERSIFIE - CLASSIC



111555,,,999000888...000000000333,,,555222222...444444

111666,,,666444333...000000000333,,,444888666...444222


DDIIVVEERR!IIFFIIEE -- CCLLAA!!IICC

Total Net Assets 555777,,,333888555,,,666777777...444777 555666,,,000333555,,,000333333...333999 555888,,,000222444,,,444333555...888555


EEEUUURRR

37Page

SSSFFFEEEFFF 222...222555 000999---111111 111000///000222AAA888555000,,,000000000...000000 888555777,,,555222777...999222 111...555000EEEUUURRR


BBoonnddss 1,673,823.91 2.92

FFrraannccee 888555777,,,555222777...999222 111...555000

BBBPPP CCCAAAPPPIIITTTAAALLL PPPLLLCCC 444...222555 000888---111111 111000///000111AAA222555000,,,000000000...000000 222555888,,,111333999...444999 000...444555EEEUUURRRUUnniitteedd KKiinnggddoomm 888111666,,,222999555...999999 111...444222

RRROOOYYYAAALLL BBBKKK SSSCCCOOOTTTLLLAAANNNDDD 555...666222555 000888---111333 222333///000555AAA444000000,,,000000000...000000 333999444,,,444888222...777000 000...666888EEEUUURRRVVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP 666...888777555 000888---111333 000444///111222AAA111555000,,,000000000...000000 111666333,,,666777333...888000 000...222999EEEUUURRR

BBBAAARRRCCCLLLAAAYYYSSS BBBAAANNNKKK FFFLLL...RRR 000888---000999 000333///000666AAA111,,,222000000,,,000000000...000000 111,,,222000222,,,222222444...888333 222...000999EEEUUURRR


UUnniitteedd KKiinnggddoomm 111,,,222000222,,,222222444...888333 222...000999

LLLYYYXXXOOORRR EEETTTFFF CCCAAACCC 444000 FFFCCCPPP PPPEEEAAA EEETTTFFF DDDIIISSS///CCCAAAPPP PPPEEEAAA222111,,,000000000...000000 555777888,,,222333555...000000 111...000111EEEUUURRR

UUnniittss iinn IInnvveessttmmeenntt FFuunnddss 578,235.00 1.01

FFrraannccee 555777888,,,222333555...000000 111...000111

BBBNNNPPP PPPAAARRRIIIBBBAAASSS 333...222555 000999---111222 222777///000333AAA666000000,,,000000000...000000 555999666,,,222777000...111000 111...000555EEEUUURRR


BBoonnddss 4,493,263.55 7.83

FFrraannccee 222,,,444444888,,,666777888...111111 444...222888

DDDEEEXXXIIIAAA MMMUUUNNNIIICCCIIIPPPAAALLL AAAGGG 444...777555 000888---111111 000666///000666AAA555555000,,,000000000...000000 555666999,,,666444999...777888 111...000000EEEUUURRRSSSCCCHHHNNNEEEIIIDDDEEERRR EEELLLEEECCCTTTRRRIIICCC 666...777555 000999---111333 111666///000777AAA222000000,,,000000000...000000 222111444,,,777111444...888777 000...333777EEEUUURRRSSSOOODDDEEEXXXHHHOOO 666...222555 000999---111555 333000///000111AAA333000000,,,000000000...000000 333111000,,,999111111...444999 000...555444EEEUUURRRTTTHHHAAALLLEEESSS EEEMMMTTTNNN 444...333777555 000444---111111 222222///000777AAA444000000,,,000000000...000000 444000777,,,777999444...444000 000...777111EEEUUURRRTTTOOOTTTAAALLL CCCAAAPPPIIITTTAAALLL EEEMMMTTTNNN 444...777555 000888---111333 111000///111222AAA333333000,,,000000000...000000 333444999,,,333333777...444777 000...666111EEEUUURRR

TTTEEELLLEEECCCOOOMMM IIITTTAAALLLIIIAAA EEEMMMTTTNNN 777...888777555 000999---111444 222222///000111AAA222555000,,,000000000...000000 222666000,,,222333888...444000 000...444555EEEUUURRRIIttaallyy 222666000,,,222333888...444000 000...444555

IIIBBBEEERRRDDDRRROOOLLLAAA FFFIIINNNAAANNNZZZAAASSS 666...333777555 000888---111111 222555///111111AAA222000000,,,000000000...000000 222111444,,,666777000...111999 000...333777EEEUUURRRSSppaaiinn 222111444,,,666777000...111999 000...333777

DDDAAAIIIMMMLLLEEERRR IIINNNTTTLLL FFFIIINNN 888...000000 000888---111000 111777///000666AAA555000000,,,000000000...000000 555111888,,,222333555...111999 000...999000EEEUUURRRTThhee NNeetthheerrllaannddss 111,,,333666111,,,333444222...777888 222...333777

EEENNNBBBWWW IIINNNTTTLLL FFFIIINNNAAANNNCCCEEE 666...000000 000888---111333 222000///111111AAA222000000,,,000000000...000000 222111555,,,222999666...444777 000...333888EEEUUURRREEE...OOONNN IIINNNTTTLLL FFFIIINNNAAANNNCCCEEE 444...888777555 000999---111444 222888///000111AAA222000000,,,000000000...000000 222000666,,,999777444...555222 000...333666EEEUUURRRSSSIIIEEEMMMEEENNNSSS FFFIIINNN NNNVVV 555...222555 000888---111111 111222///111222AAA444000000,,,000000000...000000 444222000,,,888333666...666000 000...777333EEEUUURRR

VVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP 333...666222555 000888---111222 222999///111111AAA222111000,,,000000000...000000 222000888,,,333333444...000777 000...333666EEEUUURRRUUnniitteedd KKiinnggddoomm 222000888,,,333333444...000777 000...333666

DDDEEEUUUTTTSSSCCCHHHEEE BBBAAANNNKKK EEEMMMTTTNNN FFFLLL...RRR 000888---111000 111666///000666QQQ555000000,,,000000000...000000 444999555,,,888999777...666333 000...888666EEEUUURRR


GGeerrmmaannyy 444999555,,,888999777...666333 000...888666

SSSVVVEEENNNSSSKKKAAA HHHAAANNNDDDEEELLLSSSBBBAAANNNKKK FFFLLL...RRR 000888---111000 222111///000555QQQ444000000,,,000000000...000000 333999888,,,555111555...222888 000...666999EEEUUURRRSSwweeddeenn 333999888,,,555111555...222888 000...666999

CCCRRREEEDDDIIITTT AAAGGGRRRIIICCCOOOLLLEEE EEEMMMTTTNNN FFFLLL...RRR 000888---111000 000999///000999QQQ111,,,111000000,,,000000000...000000 111,,,000999999,,,666999999...999111 111...999222EEEUUURRRUUnniitteedd KKiinnggddoomm 111,,,000999999,,,666999999...999111 111...999222

CCCAAAAAAMMM TTTRRREEESSSOOO EEEOOONNNIIIAAA FFFCCCPPP CCCAAAPPP555000...000000 111000,,,555999666,,,888888000...555000 111888...444888EEEUUURRR

UUnniittss iinn IInnvveessttmmeenntt FFuunnddss 27,991,987.30 48.79

FFrraannccee 222777,,,999999111,,,999888777...333000 444888...777999

CCCAAAAAAMMM TTTRRREEESSSOOO EEETTTAAATTT FFFCCCPPP222444...000000 555,,,777111333,,,999222111...999222 999...999666EEEUUURRRCCCAAAAAAMMM TTTRRREEESSSOOO IIINNNSSSTTTIIITTTUUUTTTIIIOOONNN CCCAAAPPP///DDDIIISSS222555777...000000 555,,,555888444,,,777888999...999000 999...777333EEEUUURRRCCCAAAAAAMMM TTTRRREEESSSOOO 333 MMMOOOIIISSS ---CCC CCCAAAPPP---666...000000 666,,,000999666,,,333999444...999888 111000...666222EEEUUURRR

BBBEEELLLGGGAAACCCOOOMMM SSSAAA EEEMMMTTTNNN 444...111222555 000666---111111 222333///111111AAA333000000,,,000000000...000000 333000777,,,111111999...333000 000...555444EEEUUURRR

Other transferable securities and money market instruments 111555,,,777111111,,,888333666...777333 222777...333888

BBoonnddss 15,711,836.73 27.38

!eellggiiuumm 333000777,,,111111999...333000 000...555444

AAACCCCCCOOORRR 777...555000 000999---111444 000444///000222AAA222000000,,,000000000...000000 222000444,,,111000777...000000 000...333666EEEUUURRRFFrraannccee 111000,,,222333555,,,888555888...000555 111777...888333

AAAIIIRRR LLLIIIQQQUUUIIIDDDEEE FFFIIINNN 666...111222555 000888---111222 222888///111111AAA222000000,,,000000000...000000 222111555,,,444666777...555555 000...333888EEEUUURRRBBBFFFCCCMMM (((OOOIIISSS+++000...666000))) 111...888666111 ---000999 111111///000666UUU111,,,000000000,,,000000000...000000 111,,,000000000,,,000000000...000000 111...777444EEEUUURRRBBBFFFCCCMMM (((OOOIIISSS+++111...000111))) 333...111222777 ---000999 222000///000444UUU222,,,000000000,,,000000000...000000 222,,,000000000,,,000000000...000000 333...444888EEEUUURRRBBBNNNPPP PPPAAARRRIIIBBBAAASSS(((OOOIIISSS+++000...666222))) 111...888444888 ---000999 000444///000555UUU222,,,000000000,,,000000000...000000 222,,,000000000,,,000000000...000000 333...444888EEEUUURRRCCCAAALLLYYYOOONNN (((OOOIIISSS+++000...777000))) 222...888444777 ---000999 222333///000444UUU222,,,000000000,,,000000000...000000 222,,,000000000,,,000000000...000000 333...444888EEEUUURRRCCCIIIEEE DDDEEE SSSAAAIIINNNTTT GGGOOOBBBAAAIIINNN 777...222555 000888---111333 111666///000999AAA444555000,,,000000000...000000 444666111,,,333555222...111000 000...888000EEEUUURRREEEDDDFFF 555...111222555 000999---111555 222333///000111AAA333000000,,,000000000...000000 333111111,,,999999444...111111 000...555444EEEUUURRRGGGDDDFFF SSSUUUEEEZZZ 444...333777555 000999---111000 111666///000111AAA333000000,,,000000000...000000 333111111,,,111333222...333666 000...555444EEEUUURRRGGGDDDFFF SSSUUUEEEZZZ 666...222555 000888---111444 222444///000111AAA777000000,,,000000000...000000 777666777,,,999888111...000222 111...333444EEEUUURRR






38Page

LLLAAA PPPOOOSSSTTTEEE 444...777555 000999---111666 111777///000222AAA111555000,,,000000000...000000 111555333,,,444000555...999888 000...222777EEEUUURRRSSSFFFEEEFFF 333...222555 000999---111444 111666///000111AAA555000000,,,000000000...000000 555000888,,,000999111...111999 000...888999EEEUUURRRTTTHHHAAALLLEEESSS SSSAAA 444...333777555 000999---111333 000222///000444AAA333000000,,,000000000...000000 333000222,,,333222666...777444 000...555333EEEUUURRR

IIINNNTTTEEESSSAAA SSSAAANNN PPPAAAOOOLLLOOO BBBKKK IIIEEE ---000999 222222///000444UUU222,,,000000000,,,000000000...000000 111,,,999888999,,,222000888...555444 333...444777EEEUUURRRIIrreellaanndd 111,,,999888999,,,222000888...555444 333...444777

IIINNNTTTEEESSSAAA SSSAAANNNPPPAAAOOOLLLOOO 555...333777555 000888---111333 111999///111222AAA333000000,,,000000000...000000 333111333,,,333888888...222222 000...555555EEEUUURRRIIttaallyy 333111333,,,333888888...222222 000...555555

TTTEEELLLEEEFFFOOONNNIIICCCAAA EEEMMMIIISSSIIIOOONNNEEESSS 555...444333111 000999---111444 000333///000222AAA333000000,,,000000000...000000 333000999,,,888777666...000444 000...555444EEEUUURRRSSppaaiinn 333000999,,,888777666...000444 000...555444

DDDEEEUUUTTTSSSCCCHHHEEE TTTEEELLLEEEKKKOOOMMM IIINNNTTTLLL 666...000000 000999---111777 222000///000111AAA222000000,,,000000000...000000 222000222,,,777333444...444666 000...333555EEEUUURRRTThhee NNeetthheerrllaannddss 555666555,,,333333222...999111 000...999999

HHHEEEIIINNNEEEKKKEEENNN NNNVVV EEEMMMTTTNNN 555...000000 000999---111444 000777///000444AAA222000000,,,000000000...000000 222000777,,,666222333...111444 000...333777EEEUUURRRRRRWWWEEE FFFIIINNNAAANNNCCCEEE BBBVVV 555...000000 000999---111555 111000///000222AAA111555000,,,000000000...000000 111555444,,,999777555...333111 000...222777EEEUUURRR

BBBCCCOOO BBBIIILLLBBBAAAOOO VVVIIISSSCCCAAAYYYAAA AAARRRGGG... ---000999 222999///000444UUU222,,,000000000,,,000000000...000000 111,,,999999111,,,000555333...666777 333...444666EEEUUURRRUUnniitteedd KKiinnggddoomm 111,,,999999111,,,000555333...666777 333...444666

CCCAAARRRRRREEEFFFOOOUUURRR EEEMMMTTTNNN 444...333777555000333---111111 111555///000666AAA555000000,,,000000000...000000 555111666,,,111555777...000000 000...999000EEEUUURRR

Recently issued transferable securities 444,,,111777333,,,888999777...444888 777...222777

BBoonnddss 1,407,892.65 2.45

FFrraannccee 999444222,,,222000555...222555 111...666444

EEEDDDFFF 555...666222555 000888---111333 222333///000111AAA444000000,,,000000000...000000 444222666,,,000444888...222555 000...777444EEEUUURRR

VVVOOOLLLKKKSSSWWWAAAGGGEEENNN FFFIIINNN SSSEEERRRVVV 666...888777555 000999---111444 111555///000111AAA333000000,,,000000000...000000 333000999,,,333888888...222444 000...555444EEEUUURRRGGeerrmmaannyy 333000999,,,333888888...222444 000...555444

HHHOOOLLLCCCIIIMMM FFFIIINNNAAANNNCCCEEE 999...000000 000999---111444 222666///000333UUU111555000,,,000000000...000000 111555666,,,222999999...111666 000...222777EEEUUURRRLLuuxxeemmbboouurrgg 111555666,,,222999999...111666 000...222777

SSSOOOCCCIIIEEETTTEEE GGGEEENNNEEERRRAAALLLEEE FFFLLL...RRR 000888---111111 111888///000888QQQ111,,,222000000,,,000000000...000000 111,,,111888333,,,111999666...555555 222...000666EEEUUURRR


FFrraannccee 111,,,111888333,,,111999666...555555 222...000666

IIINNNTTTEEESSSAAA SSSAAANNNPPPAAAOOOLLLOOO FFFLLL...RRR 000888---111000 000333///000666QQQ555000000,,,000000000...000000 444999666,,,333999999...777222 000...888666EEEUUURRRIIttaallyy 999888888,,,111555666...777555 111...777222

UUUNNNIIICCCRRREEEDDDIIITTT SSSPPPAAA FFFLLL...RRR 000888---111000 222888///000555QQQ555000000,,,000000000...000000 444999111,,,777555777...000333 000...888666EEEUUURRR

SSSAAANNNTTTAAANNNDDDEEERRR IIINNNTTTLLL FFFLLL...RRR 000888---111000 000333///000666QQQ666000000,,,000000000...000000 555999444,,,666555111...555333 111...000444EEEUUURRRSSppaaiinn 555999444,,,666555111...555333 111...000444







39Page


333,,,000777000...999666Bank interest on cash account

188,575.25Expenses777777,,,555777666...444999Management & advisory fees 222NNNooottteee222888,,,444000000...333666Taxe d'abonnement 333NNNooottteee666888,,,333555444...222111Administrative expenses 444NNNooottteee111,,,444999666...999777Bank interest on overdrafts111222,,,777000777...111888Brokers fees

444000...000444Bank interest on borrowing

1,501,826.83Net income from investments555444666,,,777111777...444555Net realised profit on sales of investment securities---222444,,,222111444...000000Net realised loss on financial futures111,,,000999555...444777Net realised profit on foreign exchange

2,025,425.75Net realised profit333111777,,,777222888...444333Change in net unrealised appreciation / depreciation on

investments2,343,154.18Increase in net assets as a result of operations---999999222,,,555111000...111000Redemption accumulation shares






40Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTINTERNATIONAL DEBTS

41Page

9,343,070.03Assets555,,,999000777,,,222888777...999444Securities portfolio at market value666,,,666999222,,,888888000...222888!ooosssttt ppprrriiiccceee---777888555,,,555999222...333444UUUnnnrrreeeaaallliiissseeeddd lllooossssss ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo111,,,000555000,,,777333666...888111Options purchased at market value 111000NNNooottteee222222000,,,888111666...000444OOOppptttiiiooonnnsss pppuuurrrccchhhaaassseeeddd aaattt cccooosssttt999111777,,,444111555...444111Cash at banks and liquidities111,,,111555555,,,000888222...222444Reverse repurchase agreements 111111NNNooottteee111111555,,,111111666...111222Other interest receivable111444444,,,111222000...999000Subscribers receivable 666NNNooottteee222,,,111888555...222777Unrealised profit on forward foreign exchange contracts 999NNNooottteee555111,,,111222555...333444Unrealised net appreciation on financial futures 888NNNooottteee

3,677,078.09Liabilities111,,,111444999,,,333999000...333000Short sales of securities at market value111,,,111555666,,,000444777...888444SSShhhooorrrttt sssaaallleeesss ooofff ssseeecccuuurrriiitttiiieeesss aaattt cccooosssttt---666,,,666555777...555444SSShhhooorrrttt sssaaallleeesss ooofff ssseeecccuuurrriiitttiiieeesss uuunnnrrreeeaaallliiissseeeddd lllooossssss

111,,,000222000,,,000333999...222333Options sold at market value 111000NNNooottteee222000888,,,111777111...222111OOOppptttiiiooonnnsss sssooolllddd aaattt cccooosssttt999,,,111666888...666999Bank overdrafts666555...555111Payable on SWAP contracts 777NNNooottteee

111,,,444222555,,,888777444...888000Repurchase agreements 111111NNNooottteee555999999...888222Administrative fees payable 444NNNooottteee777000777...333555Taxe d'abonnement payable 333NNNooottteee

666222,,,999999666...333666Performance fees 555NNNooottteee555,,,000777555...333999Advisory fees payable 222NNNooottteee333,,,111666000...666444Other liabilities





CAAM INTERINVEST INTERNATIONAL DEBTS

INTERNATIONAL DEBTS - CLASSICAccumulation shares 333000,,,777000555...000000000 888555666...000000000 222777,,,777777777...000000000 333,,,777888444...000000000

INTERNATIONAL DEBTS - CLASSIC IIAccumulation shares 444666555...555000000 111,,,999444111...000000000 111,,,333111444...555000000 111,,,000999222...000000000





01/04/08

42Page



IINNTTEERRNNAATTIIOONNAALL DDEEBBTT! -- CCLLAA!!IICC


333000,,,777000555...000000000999111000...111000

333000,,,666666666...000000000111,,,000000000...000000



IINNTTEERRNNAATTIIOONNAALL DDEEBBTT! -- CCLLAA!!IICC IIII


444666555...555000000111,,,000888777...666666

000...000000000000...000000



Total Net Assets 555,,,666666555,,,999999111...999444 222888,,,222666555,,,222555111...555444 333000,,,666666666,,,000000000...000000


EEEUUURRR

43Page

FFFRRRAAANNNCCCEEE OOOAAATTT 444...000000 000333---111333 222555///000444AAA111,,,555000000...000000 111,,,555888999...999222 000...000333EEEUUURRR


BBoonnddss 2,270,012.41 40.06

FFrraannccee 888333999,,,999888777...111222 111444...888333

FFFRRRAAANNNCCCEEE OOOAAATTT 555...555000 000000---111000 222555///000444AAA888000000,,,000000000...000000 888333888,,,333999777...222000 111444...888000EEEUUURRR

BBBRRRDDD 444...555000 000333---111333 000444///000111AAA555000000,,,000000000...000000 555444444,,,222999666...333111 999...666111EEEUUURRRGGeerrmmaannyy 666999111,,,222333111...666111 111222...222000

KKKRRREEEDDDIIITTTAAANNNSSS...FFFUUUEEERRR WWWIIIEEEDDDEEERRR...222...000555 000666---222666 111666///000222SSS222000,,,000000000,,,000000000...000000 111444666,,,999333555...333000 222...555999JJJPPPYYY

GGGRRREEEEEECCCEEE 444...666000 000333---111333 222000///000555AAA333000000,,,000000000...000000 333000222,,,666333444...000777 555...333444EEEUUURRRGGrreeeeccee 333000222,,,666333444...000777 555...333444

GGGEEE CCCAAAPPP EEEUUURRROOOPPPEEEAAANNN FFFDDDGGG 666...000222555 000888---333888 000111///000333AAA111555000,,,000000000...000000 999444,,,888111999...555777 111...666777EEEUUURRRIIrreellaanndd 999444,,,888111999...555777 111...666777

IIITTTAAALLLYYY BBBTTTPPP 444...000000 000555---333777 000111///000222SSS222888000,,,000000000...000000 222333333,,,000999111...888444 444...111111EEEUUURRRIIttaallyy 222333333,,,000999111...888444 444...111111

UUUNNNIIITTTEEEDDD KKKIIINNNGGGDDDOOOMMM 444...222555 000333---333666 000777///000333SSS111000000,,,000000000...000000 111000888,,,222444888...222000 111...999111GGGBBBPPPUUnniitteedd KKiinnggddoomm 111000888,,,222444888...222000 111...999111

AAARRRGGGEEENNNTTTIIINNNAAA $$$GGGDDDPPP FFFLLL...RRR 000555---333555 111555///111222AAA333,,,555000000,,,000000000...000000 777222,,,222999222...111222 111...222888UUUSSSDDD

FFllooaattiinngg rraattee bboonnddss 396,114.84 6.99

AArrggeennttiinnaa 777222,,,222999222...111222 111...222888

SSSIIIEEEMMMEEENNNSSS FFFIIINNN NNNVVV FFFLLL...RRR 000666---666666 111444///000999AAA111555000,,,000000000...000000 111000444,,,999000444...333555 111...888555EEEUUURRRTThhee NNeetthheerrllaannddss 111000444,,,999000444...333555 111...888555

BBBEEEAAARRR SSSTTTEEEAAARRRNNNSSS CCCOOOSSS FFFLLL...RRR 000666---111111 111555///000888QQQ111555000,,,000000000...000000 111000444,,,666000888...000222 111...888555UUUSSSDDDUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 222111888,,,999111888...333777 333...888666

MMMOOORRRGGGAAANNN SSSTTTAAANNNLLLEEEYYY EEEMMMTTTNNN FFFLLL...RRR 000666---111333 000111///000333QQQ111555000,,,000000000...000000 111111444,,,333111000...333555 222...000111EEEUUURRR

DDDEEEUUUTTTSSSCCCHHHEEE BBBAAANNNKKK EEEMMMTTTNNN 555...999666 000777---111000 111222///111000SSS333000000,,,000000000...000000 333333111,,,222888888...333444 555...888555GGGBBBPPP


BBoonnddss 1,211,233.56 21.38

GGeerrmmaannyy 333333111,,,222888888...333444 555...888555

IIISSSLLLAAANNNDDDEEE 111333...777555 000888---111000 111000///111222AAA111555,,,000000000,,,000000000...000000 888333,,,000444777...999777 111...444777IIISSSKKKIIcceellaanndd 888333,,,000444777...999777 111...444777

SSSPPPAAAIIINNN 444...222000 000555---333777 333111///000111AAA111000000,,,000000000...000000 999555,,,222444222...111555 111...666888EEEUUURRRSSppaaiinn 999555,,,222444222...111555 111...666888

BBBAAARRRCCCLLLAAAYYYSSS BBBAAANNNKKK ---EEEMMMTTTNNN--- 666...222111333 000777---111000 111666///000888SSS222555000,,,000000000...000000 222777222,,,444000888...777888 444...888111GGGBBBPPPUUnniitteedd KKiinnggddoomm 222777222,,,444000888...777888 444...888111

AAAMMMEEERRR IIINNNTTTLLL GGGRRROOOUUUPPP EEEMMMTTTNNN 555...999555 000777---111000 000444///111000SSS444000000,,,000000000...000000 333555777,,,777666555...555888 666...333111GGGBBBPPPUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 444222999,,,222444666...333222 777...555777

BBBEEEAAARRR SSSTTTEEEAAARRRNNNSSS 777...222555 000888---111888 000111///000222SSS111555000,,,000000000...000000 111111777,,,333222222...444444 222...000777UUUSSSDDDGGGEEE CCCAAAPPPIIITTTAAALLL UUUKKK ---EEEMMMTTTNNN--- 666...222777 000777---111000 111777///000888SSS111555000,,,000000000...000000 111666222,,,000999222...333555 222...888666GGGBBBPPPMMMEEERRRRRRIIILLLLLL LLLYYYNNNCCCHHH EEEMMMTTTNNN 666...666444444 000777---111111 111666///000222SSS555000000,,,000000000...000000 555333555,,,444666444...444333 999...444555GGGBBBPPPUUUSSS TTTRRREEEAAASSSUUURRRYYY NNNOOOTTTEEE 333...555000 000888---111888 111555///000222SSS555000000,,,000000000...000000 444000555,,,999999111...888222 777...111777UUUSSSDDDUUUSSS TTTRRREEEAAASSSUUURRRYYY NNNOOOTTTEEE 444...777555 000777---333777 111555///000222SSS---888000000,,,000000000...000000 ---777222111,,,777888444...222888 ---111222...777444UUUSSSDDDUUUSSSAAA TTTRRREEEAAASSSUUURRRYYY BBBOOONNNDDD 444...333777555 000888---333888 111555///000222SSS---555000000,,,000000000...000000 ---444222777,,,666000666...000222 ---777...555555UUUSSSDDD

VVVIIINNNCCCIII FFFLLL...RRR 000666---XXXXXX 111333///111111AAA111000000,,,000000000...000000 555555,,,888111888...000000 000...999999EEEUUURRR


FFrraannccee 555555,,,888111888...000000 000...999999

GGGEEE CCCAAAPPP EEEUUURRROOOPPP FFFUUUNNN...EEEMMMTTTNNN FFFLLL...RRR 000777---111444 000333///000444QQQ111000000,,,000000000...000000 777000,,,444999666...000000 111...222444EEEUUURRRIIrreellaanndd 777000,,,444999666...000000 111...222444

UUUSSSAAA TTTRRREEEAAASSSUUURRRYYY NNNOOOTTTEEESSS 333...888777555 000888---111888 111555///000555SSS888222000,,,000000000...000000 666888444,,,444777222...888333 111222...000888UUUSSSDDD

Other transferable securities and money market instruments 777555444,,,222222222...888333 111333...333111

BBoonnddss 684,472.83 12.08

UUnniitteedd SSttaatteess ooff AAmmeerriiccaa 666888444,,,444777222...888333 111222...000888

CCCRRREEEDDDIIITTT LLLOOOGGGEEEMMMEEENNNTTT FFFLLL...RRR 000666---XXXXXX 000555///000444AAA111555000,,,000000000...000000 666999,,,777555000...000000 111...222333EEEUUURRR


FFrraannccee 666999,,,777555000...000000 111...222333

AAAUUUDDD(((PPP)))///NNNZZZDDD(((CCC)))OOOTTTCCC JJJUUULLL 111...111555 222000...000777...000999 PPPUUUTTT222,,,000000000,,,000000000...000000 666,,,999777888...777888 000...111222AAAUUUDDD

Derivative instruments 333000,,,666999777...555888 000...555444

OOppttiioonnss,, WWaarrrraannttss,, RRiigghhttss 30,697.58 0.54

LLuuxxeemmbboouurrgg 333000,,,666999777...555888 000...555444

AAAUUUDDD(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 000...888555 222777...000777...000999 PPPUUUTTT777,,,555000000,,,000000000...000000 999999555,,,333888333...555444 111777...555777AAAUUUDDDAAAUUUDDD(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 000...888555 222777...000777...000999 PPPUUUTTT---777,,,555000000,,,000000000...000000 ---999999555,,,333888333...555444 ---111777...555666AAAUUUDDDCCCAAADDD(((CCC)))///JJJPPPYYY(((PPP)))OOOTTTCCC AAAUUUGGG 888000...555222 000444...000888...000999 CCCAAALLLLLL111,,,000000000,,,000000000...000000 222222,,,333333999...555666 000...333999CCCAAADDD






44Page

CCCAAADDD(((CCC)))///JJJPPPYYY(((PPP)))OOOTTTCCC AAAUUUGGG 888000...555222 000444...000888...000999 CCCAAALLLLLL---555000000,,,000000000...000000 ---111111,,,111666999...777888 ---000...222000CCCAAADDDCCCAAADDD(((CCC)))///JJJPPPYYY(((PPP)))OOOTTTCCC AAAUUUGGG 888777...111000 000444...000888...000999 CCCAAALLLLLL111,,,000000000,,,000000000...000000 888,,,333444888...111555 000...111555CCCAAADDDCCCAAADDD(((PPP)))///JJJPPPYYY(((CCC)))OOOTTTCCC AAAUUUGGG 666333...888555 000444...000888...000999 PPPUUUTTT---111,,,000000000,,,000000000...000000 ---777,,,111888888...000555 ---000...111333CCCAAADDDEEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555222222 111444...000444...000999 CCCAAALLLLLL222,,,000000000,,,000000000...000000 888,,,666555222...000000 000...111555EEEUUURRREEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555666 111444...000444...000999 CCCAAALLLLLL111,,,000000000,,,000000000...000000 444333444...000000 000...000111EEEUUURRREEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555666 111444...000444...000999 CCCAAALLLLLL---222,,,000000000,,,000000000...000000 ---888666888...000000 ---000...000222EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...666555 000777...000444...000999 CCCAAALLLLLL444,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...777222 000777...000444...000999 CCCAAALLLLLL---888,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...777777 000777...000444...000999 CCCAAALLLLLL444,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((PPP)))///GGGBBBPPP(((CCC)))OOOTTTCCC JJJUUULLL 000...777111555 000333...000777...000999 PPPUUUTTT555000,,,000000000...000000 999999777...999555 000...000222EEEUUURRREEEUUURRR(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 111...111000 333111...000777...000999 PPPUUUTTT---777000000,,,000000000...000000 ---222,,,444555000...777000 ---000...000444EEEUUURRREEEUUURRR(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL111...111777444555 333111...000777...000999 PPPUUUTTT777000000,,,000000000...000000 555,,,999444666...555000 000...111000EEEUUURRRUUUSSSDDD(((CCC)))///SSSGGGDDD(((PPP))) OOOTTTCCC SSSEEEPPP 111...777 111666...000999...000999 CCCAAALLLLLL444000000,,,000000000...000000 111,,,666555666...333333 000...000333UUUSSSDDDUUUSSSDDD(((PPP)))///SSSGGGDDD(((CCC))) OOOTTTCCC SSSEEEPPP111...444222444 111666...000999...000999 PPPUUUTTT---444000000,,,000000000...000000 ---222,,,999777999...111666 ---000...000555UUUSSSDDD







45Page

986,570.31Income888555111,,,999222333...777777Net interest on bonds333555,,,999111555...000111Bank interest on cash account777,,,777666222...666999Bank interest on time deposits999000,,,999666888...888444Income on reverse repurchase agreements

582,498.92Expenses111333777,,,888777333...333888Management & advisory fees 222NNNooottteee444,,,000333222...444333Taxe d'abonnement 333NNNooottteee111666,,,222999444...111555Administrative expenses 444NNNooottteee666222,,,000555333...333777Incentive and performance fees 555NNNooottteee777,,,777777222...777000Bank interest on overdrafts999,,,777555444...999222Brokers fees

222888333,,,999888222...333444Expenses on repurchase agreements666000,,,777333555...666333Bank interest on borrowing

404,071.39Net income from investments---111,,,111999777,,,111666444...777000Net realised loss on sales of investment securities111000999,,,888666555...333666Net realised profit on financial futures666222333,,,444666666...777555Net realised profit on options111222,,,222333111...333777Net realised profit on foreign exchange

111,,,666444888,,,777111777...111111Net realised profit on forward foreign exchange contracts

1,601,187.28Net realised profit111333444,,,444888555...333444Change in net unrealised appreciation / depreciation on forward




2,702,570.53Increase in net assets as a result of operations

888222000,,,000999666...555666IIINNNTTTEEERRRNNNAAATTTIIIOOONNNAAALLL DDDEEEBBBTTTSSS --- !LLLAAASSSSSSIII!111,,,333777999,,,777777666...555999IIINNNTTTEEERRRNNNAAATTTIIIOOONNNAAALLL DDDEEEBBBTTTSSS --- !LLLAAASSSSSSIII! IIIIII

222,,,111999999,,,888777333...111555Subscription accumulation shares

---222666,,,444777444,,,444666777...333999IIINNNTTTEEERRRNNNAAATTTIIIOOONNNAAALLL DDDEEEBBBTTTSSS --- !LLLAAASSSSSSIII!---111,,,000222777,,,222333555...888999IIINNNTTTEEERRRNNNAAATTTIIIOOONNNAAALLL DDDEEEBBBTTTSSS --- !LLLAAASSSSSSIII! IIIIII







46Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTGLOBAL DEBTS PORTFOLIO

47Page

18,126,051.31Assets111555,,,000444666,,,000555000...999888Securities portfolio at market value111444,,,888666444,,,111555777...666888!ooosssttt ppprrriiiccceee111888111,,,888999333...333000UUUnnnrrreeeaaallliiissseeeddd ppprrrooofffiiittt ooonnn ttthhheee ssseeecccuuurrriiitttiiieeesss pppooorrrtttfffooollliiiooo444999111,,,666666999...333222Options purchased at market value 111000NNNooottteee111111333,,,111666666...000888OOOppptttiiiooonnnsss pppuuurrrccchhhaaassseeeddd aaattt cccooosssttt111,,,444888666,,,444777999...000555Cash at banks and liquidities777555777,,,999777777...777111Time deposits222777000,,,666777222...444555Other interest receivable111000,,,111555222...777222Subscribers receivable 666NNNooottteee666333,,,000444999...000888Unrealised profit on forward foreign exchange contracts 999NNNooottteee

4,330,007.14Liabilities444777000,,,888111000...111888Options sold at market value 111000NNNooottteee999444,,,555666444...666333OOOppptttiiiooonnnsss sssooolllddd aaattt cccooosssttt

333,,,777888444,,,666555888...888999Repurchase agreements 111111NNNooottteee111,,,444888555...888444Administrative fees payable 444NNNooottteee111,,,777222444...555111Taxe d'abonnement payable 333NNNooottteee333666...999555Unrealised net depreciation on financial futures 888NNNooottteee

111000,,,222888666...666777Advisory fees payable 222NNNooottteee666111,,,000000444...111000Other liabilities





CAAM INTERINVEST GLOBAL DEBTS PORTFOLIO





01/04/08

Accumulation shares 333333,,,333999777...000000000 111,,,777111111...000000000 222222,,,999999000...000000000 111222,,,111111888...000000000GLOBAL DEBTS PORTFOLIO - CLASSIC



333333,,,333999777...000000000999999333...000777

333222,,,000555000...000000000111,,,000000000...000000


GGLLOOBBAALL DDEEBBTT! PPOORRTTFFOOLLIIOO -- CCLLAA!!IICC

Total Net Assets 111333,,,777999666,,,000444444...111777 333333,,,111666555,,,444555444...444222 333222,,,000555000,,,000000000...000000


EEEUUURRR

48Page

DDDEEENNNMMMAAARRRKKK 444...000000 000333---111000 111555///111111AAA777,,,000000000,,,000000000...000000 999777333,,,888000222...333000 777...000666DDDKKKKKK


BBoonnddss 9,863,277.33 71.49

DDeennmmaarrkk 999777333,,,888000222...333000 777...000666

FFFRRRAAANNNCCCEEE OOOAAATTT 444...000000 000333---111333 222555///000444AAA222,,,000000000,,,000000000...000000 222,,,111111999,,,888999333...222666 111555...333777EEEUUURRRFFrraannccee 222,,,111111999,,,888999333...222666 111555...333777

BBBRRRDDD 444...555000 000333---111333 000444///000111AAA555000000,,,000000000...000000 555444444,,,222999666...333111 333...999555EEEUUURRRGGeerrmmaannyy 111,,,222888111,,,000555222...555333 999...222999

GGGEEERRRMMMAAANNNYYY ---111444999--- 333...555000 000666---111111 111444///111000AAA777000000,,,000000000...000000 777333666,,,777555666...222222 555...333444EEEUUURRR

GGGRRREEEEEECCCEEE 444...666000 000333---111333 222000///000555AAA111,,,666000000,,,000000000...000000 111,,,666111444,,,000444888...444000 111111...777000EEEUUURRRGGrreeeeccee 111,,,666111444,,,000444888...444000 111111...777000

IIITTTAAALLLYYY BBBTTTPPP 444...000000 000777---111000 000111///000333SSS111,,,555000000,,,000000000...000000 111,,,555333888,,,000111666...000000 111111...111444EEEUUURRRIIttaallyy 333,,,111333666,,,333222222...888222 222222...777222

IIITTTAAALLLYYY BBBTTTPPP 444...777555 000222---111333 000111///000222SSS111,,,555000000,,,000000000...000000 111,,,555999888,,,333000666...888222 111111...555888EEEUUURRR

GGGOOOLLLDDDMMMAAANNN SSSAAACCCHHHSSS GGGRRROOOUUUPPP 555...444555 000777---111222 000111///111111SSS111,,,000000000,,,000000000...000000 777333888,,,111555888...000222 555...333555UUUSSSDDDUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 777333888,,,111555888...000222 555...333555

SSSIIIEEEMMMEEENNNSSS FFFIIINNN NNNVVV FFFLLL...RRR 000666---666666 111444///000999AAA111555000,,,000000000...000000 111000444,,,999000444...333555 000...777666EEEUUURRR


TThhee NNeetthheerrllaannddss 111000444,,,999000444...333555 000...777666

VVVOOODDDAAAFFFOOONNNEEE GGGRRROOOUUUPPP FFFLLL...RRR 000666---111111 111555///000666QQQ555000000,,,000000000...000000 333555222,,,222000999...555111 222...555555UUUSSSDDDUUnniitteedd KKiinnggddoomm 333555222,,,222000999...555111 222...555555

BBBEEEAAARRR SSSTTTEEEAAARRRNNNSSS CCCOOOSSS FFFLLL...RRR 000666---111111 111555///000888QQQ111555000,,,000000000...000000 111000444,,,666000888...000222 000...777666UUUSSSDDDUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 111000444,,,666000888...000222 000...777666

DDDEEEUUUTTTSSSCCCHHHEEE BBBAAANNNKKK EEEMMMTTTNNN 555...999666 000777---111000 111222///111000SSS555000000,,,000000000...000000 555555222,,,111444777...222444 444...000000GGGBBBPPP


BBoonnddss 4,184,844.77 30.34

GGeerrmmaannyy 555555222,,,111444777...222444 444...000000

BBBAAARRRCCCLLLAAAYYYSSS BBBAAANNNKKK ---EEEMMMTTTNNN--- 666...222111333 000777---111000 111666///000888SSS777555000,,,000000000...000000 888111777,,,222222666...333555 555...999222GGGBBBPPPUUnniitteedd KKiinnggddoomm 111,,,333666777,,,444999000...000444 999...999111

RRROOOYYYAAALLL BBBKKK OOOFFF SSSCCCOOOTTTLLLAAANNNDDD 666...111999 000777---111000 222333///000888SSS555000000,,,000000000...000000 555555000,,,222666333...666999 333...999999GGGBBBPPP

AAAMMMEEERRR IIINNNTTTLLL GGGRRROOOUUUPPP EEEMMMTTTNNN 555...999555 000777---111000 000444///111000SSS666000000,,,000000000...000000 555333666,,,666444888...333777 333...888999GGGBBBPPPUUnniitteedd SSttaatteess ooff AAmmeerriiccaa 222,,,222666555,,,222000777...444999 111666...444333

BBBEEEAAARRR SSSTTTEEEAAARRRNNNSSS 777...222555 000888---111888 000111///000222SSS111555000,,,000000000...000000 111111777,,,333222222...444444 000...888555UUUSSSDDDGGGEEE CCCAAAPPPIIITTTAAALLL UUUKKK ---EEEMMMTTTNNN--- 666...222777 000777---111000 111777///000888SSS555000000,,,000000000...000000 555444000,,,333000777...888333 333...999222GGGBBBPPPMMMEEERRRRRRIIILLLLLL LLLYYYNNNCCCHHH EEEMMMTTTNNN 666...666444444 000777---111111 111666///000222SSS111,,,000000000,,,000000000...000000 111,,,000777000,,,999222888...888555 777...777777GGGBBBPPP

VVVIIINNNCCCIII FFFLLL...RRR 000666---XXXXXX 111333///111111AAA111555000,,,000000000...000000 888333,,,777222777...000000 000...666111EEEUUURRR


FFrraannccee 888333,,,777222777...000000 000...666111

GGGEEE CCCAAAPPP EEEUUURRROOOPPP FFFUUUNNN...EEEMMMTTTNNN FFFLLL...RRR 000777---111444 000333///000444QQQ555000000,,,000000000...000000 333555222,,,444888000...000000 222...555555EEEUUURRRIIrreellaanndd 333555222,,,444888000...000000 222...555555

AAAUUUDDD(((PPP)))///NNNZZZDDD(((CCC)))OOOTTTCCC JJJUUULLL 111...111555 222000...000777...000999 PPPUUUTTT333,,,000000000,,,000000000...000000 111000,,,444666888...111777 000...000888AAAUUUDDD

Derivative instruments 222000,,,888555999...111444 000...111555

OOppttiioonnss,, WWaarrrraannttss,, RRiigghhttss 20,859.14 0.15

LLuuxxeemmbboouurrgg 222000,,,888555999...111444 000...111555

AAAUUUDDD(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 000...888555 222777...000777...000999 PPPUUUTTT333,,,555000000,,,000000000...000000 444666444,,,555111222...333222 333...333777AAAUUUDDDAAAUUUDDD(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 000...888555 222777...000777...000999 PPPUUUTTT---333,,,555000000,,,000000000...000000 ---444666444,,,555111222...333222 ---333...333666AAAUUUDDDEEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555222222 111444...000444...000999 CCCAAALLLLLL222,,,000000000,,,000000000...000000 888,,,666555222...000000 000...000666EEEUUURRREEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555666 111444...000444...000999 CCCAAALLLLLL111,,,000000000,,,000000000...000000 444333444...000000 000...000000EEEUUURRREEEUUURRR(((CCC)))///CCCHHHFFF(((PPP)))OOOTTTCCC AAAPPPRRR 111...555666 111444...000444...000999 CCCAAALLLLLL---222,,,000000000,,,000000000...000000 ---888666888...000000 ---000...000111EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...666555 000777...000444...000999 CCCAAALLLLLL222,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...777222 000777...000444...000999 CCCAAALLLLLL---444,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((CCC)))///UUUSSSDDD(((PPP)))OOOTTTCCC AAAPPPRRR 111...777777 000777...000444...000999 CCCAAALLLLLL222,,,000000000,,,000000000...000000 000...000000 000...000000EEEUUURRREEEUUURRR(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL 111...111000 333111...000777...000999 PPPUUUTTT---777000000,,,000000000...000000 ---222,,,444555000...777000 ---000...000222EEEUUURRREEEUUURRR(((PPP)))///UUUSSSDDD(((CCC)))OOOTTTCCC JJJUUULLL111...111777444555 333111...000777...000999 PPPUUUTTT777000000,,,000000000...000000 555,,,999444666...555000 000...000444EEEUUURRRUUUSSSDDD(((CCC)))///SSSGGGDDD(((PPP))) OOOTTTCCC SSSEEEPPP 111...777 111666...000999...000999 CCCAAALLLLLL444000000,,,000000000...000000 111,,,666555666...333333 000...000111UUUSSSDDDUUUSSSDDD(((PPP)))///SSSGGGDDD(((CCC))) OOOTTTCCC SSSEEEPPP111...444222444 111666...000999...000999 PPPUUUTTT---444000000,,,000000000...000000 ---222,,,999777999...111666 ---000...000222UUUSSSDDD







49Page

917,859.23Income888777555,,,000777666...777333Net interest on bonds333222,,,111999999...000555Bank interest on cash account111000,,,555888333...444555Bank interest on time deposits

419,217.55Expenses111555888,,,222222666...444666Management & advisory fees 222NNNooottteee777,,,555777222...333555Taxe d'abonnement 333NNNooottteee222222,,,888555444...999222Administrative expenses 444NNNooottteee

999111...000333Bank interest on overdrafts444,,,222888888...444555Brokers fees

222000888,,,333666999...555777Expenses on repurchase agreements111777,,,888111444...777777Bank interest on borrowing

498,641.68Net income from investments111999777,,,999555333...222222Net realised profit on sales of investment securities555888888,,,555666666...444444Net realised profit on financial futures444000111,,,111111444...999555Net realised profit on options---666555,,,888777444...333666Net realised loss on foreign exchange555999666,,,666666444...000444Net realised profit on forward foreign exchange contracts

2,217,065.97Net realised profit---111444333,,,333999555...777777Change in net unrealised appreciation / depreciation on forward


futures---999111,,,000777555...444999Change in net unrealised appreciation / depreciation on


2,247,262.48Increase in net assets as a result of operations111,,,777444666,,,555777444...000222Subscription accumulation shares







50Page

!AAAAAAMMM IIINNNTTTEEERRRIIINNNVVVEEESSSTTTNotes to the financial statements

CAAM INTERINVEST

Notes to the financial statements on 31/03/09

Page 51

NOTE 1 - PRINCIPLE ACCOUNTING METHODS

Securities Portfolio Assessment Securities listed or negotiated on an official Stock Market or other regulated market are assessed on the basis of the last known rate or, if there are several markets, on the basis of the last known rate of the main market for the security being considered, unless this rate is not representative. Securities not listed on a Stock Exchange or other regulated market and listed securities the rates of which are not representative are assessed at their last known trading value or, in the absence of a trading value, on the basis of the probable realisable value, which is estimated with caution and in good faith. Money market instruments with a maturity date of less than twelve months are assessed according to the �“amortized cost basis�”, a method consisting in taking account, after the purchase, of a constant amortized cost in order to reach the redemption price at the final maturity date. Increases in value are recognized as interest. Recording the purchase price of stock market securities includes the acquisition costs and excludes accrued coupons, except in cases where the stock market price takes account of the accrued coupons. The value of units in open-ended Collective Investment Undertakings, listed or unlisted, is determined according to the last available Total Net Asset Value. Repurchase agreements (Repos) are equivalent to borrowing guaranteed by underlying assets presented in the securities portfolio of the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the sub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowing and loans, respectively, of the sum of liquid assets received and/or paid.

Valuation of futures During the financial year, the SICAV concluded a series of futures contracts. At the end of the year, the outstanding contracts are valued at their net liquidation value based on the closing price of the exchange on which the futures contracts are traded. The change in unrealised net gains or losses appears in the statement of operations and changes in the net asset value.

Valuation of options At the end of the year, options contracts admitted for listing on an official exchange or traded on any other regulated market which operates regularly, is recognised and open to the public, are valued on the basis of the closing prices on the valuation day. The change in unrealised net gains or losses appears in the statement of operations and changes in the net asset value.

Interest rate swaps The SICAV may use interest rate swaps (IRS). To ensure the consistency of the valuation methods with treasury bills, interest on IRS contracts is recorded on the basis of the straight-line method, without such contracts being valued at each NAV, for the money market sub-funds CAAM INTERINVEST �– SHORT TERM (USD) and CAAM INTERINVEST �– SHORT TERM (EURO). Payable and receivable interests in IRS contracts are shown clearly in the asset statement and in the net asset operation and variation statement.

Net capital gain (depreciation) on sales of securities The profits or losses made on sales of securities are calculated on the basis of the average purchasing cost of these securities at the time of the purchase.

Assets and Overdrafts at Brokers The assets on deposit at brokers are made up of blocked margins relating to forward-based and option-based contracts, as well as the available cash balance managed by the various brokers. Overdrafts at brokers are made up of margins advanced by the brokers on behalf of the SICAV for the forward-based and option-based contracts. On 31 March 2009, the assets and overdrafts of the SICAV with Newedge respectively equalled EUR 269,597.79 and EUR 2,638.8, leaving net exposure of EUR 266,958.99.

CAAM INTERINVEST


Page 52

NOTE 1 - PRINCIPLE ACCOUNTING METHODS (continued)

Conversion of foreign currencies The SICAV�’s accounts are kept in EUR. The assets at banks and other net assets expressed in currencies other than the EUR are translated into EUR based on exchange rates from Reuters effective at the balance sheet date:

1 EUR = 4.9008 ARS 1 EUR = 1.9264 AUD 1 EUR = 3.0608 BRL 1 EUR = 1.6533 CAD 1 EUR = 1.5159 CHF 1 EUR = 27.4690 CZK 1 EUR = 0.9291 GBP 1 EUR = 191.1350 ISK 1 EUR = 129.8572 JPY 1 EUR = 1845.8964 KRW 1 EUR = 19.1611 MXN 1 EUR = 8.9510 NOK 1 EUR = 2.3312 NZD 1 EUR = 4.7260 PLN 1 EUR = 10.9662 SEK 1 EUR = 2.0125 SGD 1 EUR = 30.1260 SKK 1 EUR = 1.3193 USD

On 31 March 2009, the exchange rate of the Icelandic króna (ISK) was subject to a forced price, of 160.27 against 191.13 per EUR. This was due to the existence of a bias between the exchange rates in Reuters and offshore �– the rates market operators use to trade �– in 2009, plus the absence of regular trading in this currency and the erratic nature of data available. The forced price is used in order to show the actual rate used by market operators. Applying this forced price had a negative impact of 0.30% on the net asset value of the International Debts sub-fund and a marginal impact (less than 0.01%) on that of the Short Term Euro sub-fund.

NOTE 2 - MANAGEMENT COMMISSION

Management expenses are calculated in each asset valuation based on the rates specified below, as a percentage of the net asset value :

Institutional Select Private Classic Classic II CAAM INTERINVEST - SHORT TERM (USD) 0.15% 0.35% 0.60% - - CAAM INTERINVEST - SHORT TERM (EURO) 0.15% 0.35% 0.60% - - CAAM INTERINVEST - BONDS EURO* - - - 0.625% - CAAM INTERINVEST - DIVERSIFIE - - - 0.20% - CAAM INTERINVEST - INTERNATIONAL DEBTS - - - 1.10% 1.10% CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO - - - 0.90% - *This sub-fund was merged by absorption into the Sub-fund SHORT TERM (EURO) on 9 February 2009. The exchange parity was one unit in sub-fund BONDS EURO for 30.068 parts of sub-fund SHORT TERM (EURO).

Management expenses are payable quarterly to the management company, which is responsible for paying fees to investment managers.

CAAM INTERINVEST


Page 53

NOTE 3 - TAXE D�’ABONNEMENT

The SICAV is governed by Luxembourg tax laws. Pursuant to the legislation and regulations currently in force, the SICAV is subject to local �“taxe d�’abonnement�” at an annual rate of 0.05% on its credits, which is calculated and payable quarterly on the basis of the net asset of each sub-fund at the end of each quarter, with the exception of the shares �“Institutional�” and �“Institutional II�” which benefit from a reduced rate at 0.01%. Further, the value of the assets represented by parts held in other undertakings for collective investment is exempt, as these units are already subject to the Luxembourg �“taxe d�’abonnement�”.

NOTE 4 �– ADMINISTRATIVE EXPENSES

The administrative expenses of the SICAV are expressed as a percentage of the net asset value of the sub-funds and share classes. These expenses include the fees payable to the administrative agent, custodian bank, domiciliary agent, transfer agent and registrar, as well as all other administrative expenses incurred in the context of the SICAV's activities (audit fees, cost of translation, printing and distribution to investors, etc.).

NOTE 5 �– PERFORMANCE FEES Performance fees for the fund CAAM INTERINVEST �– INTERNATIONAL DEBTS are 20% of performance that exceeds the benchmark (JPM Global Broad Index +2%). It is calculated independently for each type of shares. They are deducted and paid annually to CAAM Luxembourg SA. The method for calculating the performance fee is as follows: Overperformance of a share class is calculated according to the change in the net asset value (NAV) of that share type against the performance benchmark and indicates, therefore, the Performance that exceeds the Benchmark Performance. Performance fees are accrued according to the principle of high water mark. The high water mark is a method for calculating performance fees that incorporates the following principle: to receive a performance fee, the portfolio must achieve outperformance from the last performance fee paid, or from the establishment of a performance fee in the event a performance fee has never been paid. However, it is possible that the NAV has failed to reach a new historic maximum. The proper interpretation is as follows:

If, during a financial year, the performance of a share class from the establishment of the high water mark or from the last performance fee paid, is above the Benchmark Performance during the same period (outperformance), 20% of the outperformance will be set aside upon calculation of the net asset value.

In the event of a negative difference between the aforementioned performances, any set-aside already made shall be adjusted by cancelling the set-aside. Cancellation of set-asides is limited to the sums previously set aside.

If, upon the closure of the financial year, the performance of a share class is above the Performance Benchmark from the last performance fee paid, 20% of the verified outperformance will be definitively be accrued to CAAM Luxembourg SA.

CAAM INTERINVEST


Page 54

NOTE 6 - SUBSCRIPTION AND REDEMPTION COMMISSION Subscription commissions for distributors are collected as follow :

CAAM INTERINVEST - SHORT TERM (USD) - CAAM INTERINVEST - SHORT TERM (EURO) - CAAM INTERINVEST - BONDS EURO* 4% maximum CAAM INTERINVEST - DIVERSIFIE 4% maximum CAAM INTERINVEST - INTERNATIONAL DEBTS 3% maximum CAAM INTERINVEST - GLOBAL DEBTS PORTFOLIO 3% maximum

*This sub-fund was merged by absorption into the Sub-fund SHORT TERM (EURO) on 9 February 2009. The exchange parity was one unit in sub-fund BONDS EURO for 30.068 parts of sub-fund SHORT TERM (EURO).

NOTE 7 - Swaps

Interest Rate Swap

CAAM INTERINVEST - SHORT TERM (USD) (in USD)

Notional Amount

Maturity Date

Fixed portion paid in %

Variable portion

received in %

Accrued interest

Fixed portion

Accrued interest Variable portion

Interest due or payable

25,000,000 12/05/09 0.6600 0.2188 63,708.33 21,120.28 - 42,588.05 10,000,000 03/04/09 0.6350 0.2188 24,518.06 8,448.11 - 16,069.95 24,726,497 14/05/09 0.5750 0.2169 54,106.38 20,409.87 - 33,696.51 14,869,171 18/05/09 0.6700 0.2128 36,805.33 11,689.81 - 25,115.52 14,889,347 09/06/09 0.4050 0.1725 18,760.58 7,990.62 - 10,769.96 29,768,016 07/07/09 0.2300 0.1932 15,785.32 13,259.67 - 2,525.65 24,800,000 08/04/09 0.1900 0.1943 10,732.89 10,975.79 242.90 54,000,000 07/04/09 0.2100 0.2052 20,160.00 19,699.20 - 460.80 39,000,000 23/04/09 0.2100 0.2052 14,560.00 14,227.20 - 332.80 27,000,000 16/04/09 0.2100 0.2052 10,080.00 9,849.60 - 230.40 25,000,000 06/08/09 0.2900 0.2015 10,673.61 7,416.32 - 3,257.29 16,000,000 11/05/09 0.2700 0.1996 6,000.00 4,435.56 - 1,564.44 24,781,953 12/08/09 0.3050 0.1977 9,868.04 6,396.43 - 3,471.61 44,000,000 18/05/09 0.2700 0.1930 13,530.00 9,671.44 - 3,858.56 25,000,000 22/06/09 0.2800 0.1906 7,000.00 4,765.00 - 2,235.00 46,000,000 29/05/09 0.2525 0.1882 10,324.44 7,695.29 - 2,629.15 25,000,000 08/09/09 0.2750 0.1733 2,482.64 1,564.51 - 918.13

329,095.62 179,614.70 - 149,480.92 Receivable 242.90 Payable - 149,723,82

CAAM INTERINVEST - SHORT TERM (EURO) (in EUR)

Notional Amount

Maturity Date


Variable portion

received in %

Accrued interest

Fixed portion



38,435,534 14/04/09 4.4450 2.9425 1,248,124.57 826,233.19 - 421,891.38 38,462,863 13/05/09 4.4050 2.7359 1,082,462.49 672,306.27 - 410,156.22 38,465,668 18/05/09 4.2850 2.6994 1,030,158.67 648,963.90 - 381,194.77 29,085,860 02/04/09 4.3050 2.5797 730,418.66 437,691.29 - 292,727.37 19,338,946 04/05/09 4.3025 2.5624 480,744.71 286,312.67 - 194,432.04 19,478,095 16/04/09 3.3900 2.1344 304,475.09 191,702.55 - 112,772.54

CAAM INTERINVEST


Page 55

NOTE 7 �– Swaps (suite)

Notional Amount

Maturity Date


Variable portion

received in %

Accrued interest

Fixed portion



34,095,480 17/04/09 3.3800 2.1250 528,195.81 332,075.77 - 196,120.04 49,700,252 09/09/09 0.6800 0.9465 20,653.22 28,747.45 8,094.23 18,832,599 26/01/10 0.8500 0.9140 8,448.51 9,084.64 636.13 49,725,886 18/09/09 0.7650 0.9177 19,020.15 22,816.72 3,796.57 49,817,943 16/06/09 0.7600 0.9311 15,775.68 19,327.29 3,551.61 49,862,614 15/06/09 0.7650 0.9311 15,893.71 19,344.62 3,450.91 49,628,202 21/09/09 0.7000 0.9451 11,579.91 15,634.54 4,054.63

5,495,951.18 3,510,240.90 - 1,985,710.28 Receivable 23,584.08 Payable - 2,009,294.36

NOTE 8 - FUTURES

CAAM INTERINVEST �– INTERNATIONAL DEBTS (in EUR)

Quantity Description Position Currency Maturity

Date Commitment

Unrealised appreciation/ depreciation

Quantity

-3 FUT EURO SCHATZ FUTURE Short EUR 30/06/09 324,675.00 480.00 5 FUT US 5 YEARS NOTE-CBT Long USD 30/06/09 449,072.19 4,707.75 -1 FUT LONG GILT FUTURE-LIF Short GBP 30/06/09 132,257.02 - 2,044.99 1 FUT JPN 10 YEARS BOND Long JPY 30/06/09 1,065,016.36 - 4,312.43

11 FUT EURO BOBL FUTURE Long EUR 30/06/09 1,280,730.00 - 3,205.00 9 FUT EURO BUND FUTURE Long EUR 30/06/09 1,117,800.00 3,780.00 3 FUT US 2 YEARS NOTE- CBT Long USD 30/06/09 494,900.23 1,279.09

18 FUT US 10 YEARS NOTE Long USD 30/06/09 1,688,608.54 38,159.44 1 FUT EURO BUXL FUTURE Long EUR 30/06/09 98,240.00 - 1,220.00 4 FUT US TREASURY BOND Long USD 30/06/09 390,974.38 13,501.48 7,042,273.72 51,125.34

CAAM INTERINVEST �– GLOBAL DEBTS PORTFOLIO (in EUR)

Quantity Description Position Currency Maturity

Date Commitment


Quantity

4 FUT EURO SCHATZ FUTURE Long EUR 30/06/09 432,900.00 - 900.00 8 FUT US 5 YEARS NOTE-CBT Long USD 30/06/09 718,515.50 7,532.40 -7 FUT LONG GILT FUTURE-LIF Short GBP 30/06/09 925,799.16 - 14,314.93 -2 FUT JPN 10 YEARS BOND Short JPY 30/06/09 2,130,032.72 9,394.94 64 FUT EURO BOBL FUTURE Long EUR 30/06/09 7,451,520.00 - 21,120.00 13 FUT EURO BUND FUTURE Long EUR 30/06/09 1,614,600.00 13,520.00 -6 FUT US 2 YEARS NOTE- CBT Short USD 30/06/09 989,800.46 - 2,558.17 14 FUT US 10 YEARS NOTE Long USD 30/06/09 1,313,362.20 29,679.56 -5 FUT US TREASURY BOND Short USD 30/06/09 488,717.98 - 21,270.75 16,065,248.02 - 36.95

CAAM INTERINVEST


Page 56

NOTE 9 �– FORWARD FOREIGN EXCHANGE CONTRACTS

CAAM INTERINVEST �– INTERNATIONAL DEBTS (in EUR)

Purchase Currency Sale Currency Maturity Date Unrealised profit/loss EUR

6,000,000.00 ARS 1,863,643.42 USD 30/04/09 - 221,148.67 5,190,000.00 ARS 1,500,000.00 USD 30/04/09 - 104,386.75 2,818,991.10 USD 9,500,000.00 ARS 30/04/09 247,945.71 193,948.80 EUR 250,000.00 USD 30/04/09 4,445.84 250,000.00 USD 1,000,000.00 ARS 30/04/09 - 10,148.68

12,500,000.00 MXN 820,856.32 USD 03/04/09 29,911.71 1,104,344.30 EUR 10,000,000.00 NOK 02/04/09 - 12,800.58

13,000,000.00 SEK 1,129,521.34 EUR 02/04/09 55,933.16 3,900,000.00 SEK 332,604.73 EUR 02/04/09 23,031.65 334,666.94 EUR 3,000,000.00 NOK 02/04/09 - 476.37 500,000.00 NZD 197,502.31 EUR 07/04/09 16,888.75

224,400,000.00 JPY 1,801,903.08 EUR 07/04/09 - 73,693.04 545,825.46 EUR 800,000.00 CHF 08/04/09 17,999.62 487,804.88 EUR 800,000.00 CAD 08/04/09 3,911.08

465,331,856.00 KRW 307,149.74 USD 12/06/09 19,844.84 311,503.43 USD 400,000.00 CAD 08/04/09 - 5,831.53 337,798.38 EUR 3,800,000.00 SEK 02/04/09 - 8,719.04 3,000,000.00 NOK 338,260.70 EUR 02/04/09 - 3,117.55 107,611.93 EUR 500,000.00 PLN 20/04/09 1,929.01 14,747.36 EUR 400,000.00 CZK 20/04/09 193.00 313,440.57 USD 400,000.00 CAD 08/04/09 - 4,363.24 191,183.01 USD 18,800,000.00 JPY 07/04/09 126.66 1,130,902.20 EUR 12,500,000.00 SEK 02/04/09 - 8,957.64

10,000,000.00 NOK 1,133,053.57 EUR 02/04/09 - 15,909.96 2,200,000.00 AUD 1,121,327.65 EUR 21/04/09 19,105.44 236,380.54 USD 300,000.00 CAD 08/04/09 - 2,286.99 203,290.62 EUR 500,000.00 NZD 07/04/09 - 11,097.84 885,218.49 EUR 113,600,000.00 JPY 07/04/09 10,333.76 308,541.90 USD 29,500,000.00 JPY 07/04/09 6,676.88 1,170,088.29 EUR 1,100,000.00 GBP 24/04/09 - 13,940.06 585,847.11 EUR 900,000.00 CHF 08/04/09 - 7,952.48 600,000.00 CAD 485,558.68 USD 08/04/09 - 5,126.16 2,500,000.00 NOK 289,506.15 EUR 02/04/09 - 10,220.53 3,000,000.00 SEK 271,868.59 EUR 02/04/09 1,697.77 150,000.00 EUR 141,020.25 GBP 27/04/09 - 1,794.15 137,834.25 GBP 150,000.00 EUR 27/04/09 - 1,634.97 700,000.00 CAD 572,847.83 USD 08/04/09 - 10,803.22 3,700,000.00 USD 2,727,959.74 EUR 16/04/09 76,619.84

Total 2,185.27

CAAM INTERINVEST


Page 57


Purchase Currency Sale Currency Maturity Date Unrealised profit/loss EUR

9,400,000.00 MXN 617,283.95 USD 03/04/09 22,493.61 1,170,604.96 EUR 10,600,000.00 NOK 02/04/09 - 13,568.61

19,700,000.00 SEK 1,711,659.27 EUR 02/04/09 84,760.24 5,200,000.00 SEK 443,472.97 EUR 02/04/09 30,708.87 446,222.59 EUR 4,000,000.00 NOK 02/04/09 - 635.16 1,158,536.59 EUR 1,900,000.00 CAD 08/04/09 9,288.80 311,503.43 USD 400,000.00 CAD 08/04/09 - 5,831.53 853,385.37 EUR 9,600,000.00 SEK 02/04/09 - 22,027.07 7,500,000.00 NOK 845,651.75 EUR 02/04/09 - 7,793.86 804,423.47 EUR 6,000,000.00 DKK 17/04/09 - 726.36 64,567.16 EUR 300,000.00 PLN 20/04/09 1,157.41 313,440.57 USD 400,000.00 CAD 08/04/09 - 4,363.24 183,047.56 USD 18,000,000.00 JPY 07/04/09 121.27

10,000,000.00 NOK 1,133,053.57 EUR 02/04/09 - 15,909.96 1,130,902.20 EUR 12,500,000.00 SEK 02/04/09 - 8,957.64 2,200,000.00 AUD 1,121,327.65 EUR 21/04/09 19,105.44 236,380.54 USD 300,000.00 CAD 08/04/09 - 2,286.99 734,045.61 EUR 94,200,000.00 JPY 07/04/09 8,569.01 4,052.39 USD 400,000.00 JPY 07/04/09 - 8.93 712,261.14 USD 68,100,000.00 JPY 07/04/09 15,413.43 2,659,291.56 EUR 2,500,000.00 GBP 24/04/09 - 31,681.95 63,444.66 USD 6,000,000.00 JPY 07/04/09 1,881.26 455,658.86 EUR 700,000.00 CHF 08/04/09 - 6,185.26 2,000,000.00 NOK 231,604.92 EUR 02/04/09 - 8,176.42 2,000,000.00 SEK 181,245.73 EUR 02/04/09 1,131.84 150,000.00 EUR 141,020.25 GBP 27/04/09 - 1,794.15 137,834.25 GBP 150,000.00 EUR 27/04/09 - 1,634.97

Total 63,049.08

NOTE 10 - OPTIONS

CAAM INTERINVEST - INTERNATIONAL DEBTS (in EUR)

Currency Quantity Buy/ Sell Description Strike Commitment

Cost

Market


EUR - 8,000,000.00 V EUR(C)/USD(P)OTC /CA 1.72 13,760,000.00 - 48,000.00 - 48,000.00 EUR 4,000,000.00 A EUR(C)/USD(P)OTC /CA 1.65 - 51,000.00 - - 51,000.00 EUR 4,000,000.00 A EUR(C)/USD(P)OTC /CA 1.77 - 15,800.00 - - 15,800.00 AUD 7,500,000.00 A AUD(P)/USD(C)OTC /PU 0.85 - 83,859.27 995,383.54 911,524.27 AUD - 7,500,000.00 V AUD(P)/USD(C)OTC /PU 0.85 3,309,263.18 - 109,273.99 - 995,383.54 - 886,109.55 EUR 50,000.00 A EUR(P)/GBP(C) /PUT 0.72 - 3,175.00 997.95 - 2,177.05 AUD 2,000,000.00 A AUD(P)/NZD(C)OTC /PU 1.15 - 9,257.44 6,978.78 - 2,278.66 EUR - 700,000.00 V EUR(P)/USD(C)OTC /PU 1.10 770,000.00 - 7,831.50 - 2 450.70 5,380.80 EUR 700,000.00 A EUR(P)/USD(C) /PUT 1.17 - 15,907.00 5,946.50 - 9,960.50 CAD 1,000,000.00 A CAD(C)/JPY(P) /CALL 80.52 - 18,018.58 22,339.56 4,320.98 CAD - 500,000.00 V CAD(C)/JPY(P) /CALL 80.52 24,351,297.41 - 13,308.54 - 11,169.78 2,138.76 CAD - 1,000,000.00 V CAD(P)/JPY(C) /PUT 63.85 38,619,730.24 - 18,018.58 - 7 ,188.05 10,830.53 CAD 1,000,000.00 A CAD(C)/JPY(P) /CALL 1.56 - 12,961.69 8,348.15 - 4,613.54 EUR 2,000,000.00 A EUR(C)/CHF(P)OTC /CA 1.52 - 6,000.00 8,652.00 2,652.00 EUR 1,000,000.00 A EUR(C)/CHF(P)OTC /CA 87.10 - 2,500.00 434.00 - 2,066.00 EUR - 2,000,000.00 V EUR(C)/CHF(P)OTC /CA 1.56 3,120,000.00 - 9,400.00 - 868.00 8,532.00 USD 400,000.00 A USD(C)/SGD(P) OTC /C 1.70 - 2,337.06 1,656.33 - 680.73 USD - 400,000.00 V USD(P)/SGD(C) OTC /P 1.42 431,744.11 - 2,338.60 - 2,979.16 - 640.56

12,644.83 30,697.58 18,052.75

CAAM INTERINVEST


Page 58


Currency Quantity Buy/ Sell Description Strike Commitment

Cost

Market


EUR - 4 000 000.00 V EUR(C)/USD(P)OTC /CA 1.72 6,880,000.00 - 24,000.00 - 24,000.00 EUR 2 000 000.00 A EUR(C)/USD(P)OTC /CA 1.65 - 25,500.00 - - 25,500.00 EUR 2 000 000.00 A EUR(C)/USD(P)OTC /CA 1.77 - 7,900.00 - - 7,900.00 AUD 3 500 000.00 A AUD(P)/USD(C)OTC /PU 0.85 - 39,134.32 464,512.32 425,378.00 AUD - 3 500 000.00 V AUD(P)/USD(C)OTC /PU 0.85 1,544,322.82 - 50,994.53 - 464,512.32 - 413,517.79 AUD 3 000 000.00 A AUD(P)/NZD(C)OTC /PU 1.15 - 13,886.16 10,468.17 - 3,417.99 EUR - 700 000.00 V EUR(P)/USD(C)OTC /PU 1.10 770,000.00 - 7,831.50 - 2,450.70 5,380.80 EUR 700 000.00 A EUR(P)/USD(C) /PUT 1.17 - 15,907.00 5,946.50 - 9,960.50 EUR 2 000 000.00 A EUR(C)/CHF(P)OTC /CA 1.52 - 6,000.00 8,652.00 2,652.00 EUR 1 000 000.00 A EUR(C)/CHF(P)OTC /CA 1.56 - 2,500.00 434.00 - 2,066.00 EUR - 2 000 000.00 V EUR(C)/CHF(P)OTC /CA 1.56 3,120,000.00 - 9,400.00 - 868.00 8,532.00 USD 400 000.00 A USD(C)/SGD(P) OTC /C 1.70 - 2,338.60 1,656.33 - 682.27 USD - 400 000.00 V USD(P)/SGD(C) OTC /P 1.42 431,744.11 - 2,338.60 - 2,979.16 - 640.56

18,601.45 20,859.14 2,257.69

NOTE 11 - REPURCHASE AGREEMENT/ REVERSE REPURCHASE AGREEMENT As of March 31, 2009, these sub-funds had the following transactions on repurchase agreements active:

CAAM INTERINVEST - INTERNATIONAL DEBTS

Repurchase agreements :

Name Currency Nominal EUR Quantity Start date End date EUR value at maturity

FRANCE OAT 5,50 99-10 EUR 877,136.44 800,000 13/03/09 17/04/09 878,104.99 BRD 4,50 03-13 EUR 548,738.36 500,000 17/03/09 20/04/09 549,292.03

1,425,874.80 Reverse repurchase agreements :


US TREASURY NOTE 4,75 07-37 USD 954,400.00 800,000 10/03/09 09/04/09 719,161.58 USA TREASURY BOND 4,375 08-

38 USD 569,500.00 500,000 10/03/09 09/04/09 429,130.89

1,523,900.00

CAAM INTERINVEST �– GLOBAL DEBTS PORTFOLIO Repurchase agreements :


FRANCE OAT 4,00 02-13 EUR 2,194,698.64 2,000,000 09/03/09 03/04/09 2,196,562.48 ITALY BTP 4,75 02-13 EUR 1,589,960.25 1,500,000 17/03/09 20/04/09 1,591,759.73

3,784,658.89

CAAM INTERINVEST


Page 59

NOTE 12 - CHANGES IN THE COMPOSITION OF THE PORTFOLIO The list of changes in the composition of the investment portfolio from April 1st. 2008 to March 31th. 2009 is available free of charge at the office of the Administrative Agent.

Documents

CAAM INTERINVEST - Morningstar, Inc