SANTANDER SICAV (formerly SANTANDER CENTRAL HISPANO SICAV)

SANTANDER SICAV

(formerly SANTANDER CENTRAL HISPANO SICAV)

Société d'Investissement

à Capital Variable

UNAUDITED SEMI-ANNUAL REPORT

AS AT JUNE 30, 2006

Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the last annual report

TABLE OF CONTENTS

DIRECTORS AND ADMINISTRATION 6

INFORMATION TO THE SHAREHOLDERS 8

NET ASSET VALUE PER SHARE 9

COMBINED STATEMENT OF NET ASSETS 10

COMBINED STATEMENT OF OPERATIONS 11

SANTANDER SICAV - SANTANDER SHORT DURATION DOLLAR

STATEMENT OF NET ASSETS 12

STATEMENT OF CHANGES IN NET ASSETS 13

STATISTICAL INFORMATION 14

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 15

TAXES AND EXPENSES PAYABLE 15

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 16 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 19 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 19

SANTANDER SICAV - SANTANDER HIGH YIELD DOLLAR

STATEMENT OF NET ASSETS 20

STATEMENT OF CHANGES IN NET ASSETS 21

STATISTICAL INFORMATION 22

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 23

TAXES AND EXPENSES PAYABLE 23

FUTURES 23

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 24 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 27 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 27

SANTANDER SICAV - SANTANDER GLOBAL BOND

STATEMENT OF NET ASSETS 28

STATEMENT OF CHANGES IN NET ASSETS 29

STATISTICAL INFORMATION 30

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 31

TAXES AND EXPENSES PAYABLE 31

FUTURES 31

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 32 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 34 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 34

SANTANDER SICAV

TABLE OF CONTENTS (continued)

SANTANDER SICAV - SANTANDER GLOBAL EQUITY

STATEMENT OF NET ASSETS 35

STATEMENT OF CHANGES IN NET ASSETS 36

STATISTICAL INFORMATION 37

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 38

TAXES AND EXPENSES PAYABLE 38

FUTURES 38

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 39 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 42 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 42

SANTANDER SICAV - SANTANDER LATIN AMERICAN EQUITY

STATEMENT OF NET ASSETS 43

STATEMENT OF CHANGES IN NET ASSETS 44

STATISTICAL INFORMATION 45

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 46

TAXES AND EXPENSES PAYABLE 46

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 47 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 50 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 50

SANTANDER SICAV - SANTANDER SPANISH EQUITY

STATEMENT OF NET ASSETS 51

STATEMENT OF CHANGES IN NET ASSETS 52

STATISTICAL INFORMATION 53

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 54

TAXES AND EXPENSES PAYABLE 54

FUTURES 54

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 55 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 57 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 57

SANTANDER SICAV - SANTANDER DOLLAR BOND

STATEMENT OF NET ASSETS 58

STATEMENT OF CHANGES IN NET ASSETS 59

STATISTICAL INFORMATION 60

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 61

TAXES AND EXPENSES PAYABLE 61

FUTURES 61

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 62 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 63 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 63

SANTANDER SICAV - SANTANDER NORTH AMERICAN EQUITY

STATEMENT OF NET ASSETS 64

STATEMENT OF CHANGES IN NET ASSETS 65

STATISTICAL INFORMATION 66

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 67

TAXES AND EXPENSES PAYABLE 67

FUTURES 67

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 68 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 70 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 70

TABLE OF CONTENTS (continued)

SANTANDER SICAV - SANTANDER SHORT DURATION EURO

STATEMENT OF NET ASSETS 71

STATEMENT OF CHANGES IN NET ASSETS 72

STATISTICAL INFORMATION 73

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 74

TAXES AND EXPENSES PAYABLE 74

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 75 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 78 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 78

SANTANDER SICAV - SANTANDER OPPORTUNITIES

STATEMENT OF NET ASSETS 79

STATEMENT OF CHANGES IN NET ASSETS 80

STATISTICAL INFORMATION 81

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 82

TAXES AND EXPENSES PAYABLE 82

FUTURES 82

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 83 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 85 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 85

SANTANDER SICAV - SANTANDER EUROPEAN EQUITY

STATEMENT OF NET ASSETS 86

STATEMENT OF CHANGES IN NET ASSETS 87

STATISTICAL INFORMATION 88

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 89

TAXES AND EXPENSES PAYABLE 89

FUTURES 89

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 90 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 93 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 93

SANTANDER SICAV - SANTANDER MONEY PLUS

STATEMENT OF NET ASSETS 94

STATEMENT OF CHANGES IN NET ASSETS 95

STATISTICAL INFORMATION 96

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 97

TAXES AND EXPENSES PAYABLE 97

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 98 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 100 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 100

SANTANDER SICAV - SANTANDER JAPAN EQUITY

STATEMENT OF NET ASSETS 101

STATEMENT OF CHANGES IN NET ASSETS 102

STATISTICAL INFORMATION 103

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 104

TAXES AND EXPENSES PAYABLE 104

FUTURES 104

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 105 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 107 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 107

SANTANDER SICAV

TABLE OF CONTENTS (continued)

SANTANDER SICAV - SANTANDER EMERGING BOND

STATEMENT OF NET ASSETS 108

STATEMENT OF CHANGES IN NET ASSETS 109

STATISTICAL INFORMATION 110

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 111

TAXES AND EXPENSES PAYABLE 111

FUTURES 111

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 112 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 115 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 115

SANTANDER SICAV - SANTANDER EUROBOND

STATEMENT OF NET ASSETS 116

STATEMENT OF CHANGES IN NET ASSETS 117

STATISTICAL INFORMATION 118

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 119

TAXES AND EXPENSES PAYABLE 119

FUTURES 119

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 120 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 122 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 122

SANTANDER SICAV - SANTANDER EUROBALANCE

STATEMENT OF NET ASSETS 123

STATEMENT OF CHANGES IN NET ASSETS 124

STATISTICAL INFORMATION 125

CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF THE NET ASSET VALUE PER SHARE 126

TAXES AND EXPENSES PAYABLE 126

SWAPS 126

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 127 GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 129 ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 129

NOTES TO THE FINANCIAL STATEMENTS 130

DIRECTORS AND ADMINISTRATION

CHAIRMAN OFTHE Mr Antonio HORTA OSORIO BOARD OF DIRECTORS President

BANCO TOTTA E ACORES 88, Rua do Ouro, 1° Andar 1100-063 LISBOA, PORTUGAL

DIRECTORS Mr Ettore GOTTI TEDESCHI Senior Country Head

SANTANDER INVESTMENT SPA

Via Meravigli, 7

20123 MILAN, ITALY Mr Juan Carlos ALVAREZ Deputy General Manager

BANCO SANTANDER (SUISSE) S.A.

5-7, Rue Ami Lévrier

1211 GENEVA 1, SWITZERLAND Mr Paul SAUREL

Director of the Executive Committee

BANCO SANTANDER (SUISSE) S.A.

5-7, Rue Ami Lévrier

1211 GENEVA 1, SWITZERLAND Mrs Ines SERRANO GONZALEZ Chief Executive Officer

SANTANDER GESTION DE ACTIVOS S.A. SGIIC Avenida De Cantabria S/N

28660 BOADILLA DEL MONTE (MADRID), SPAIN REGISTERED OFFICE 16, Boulevard Royal

L-2449 LUXEMBOURG, GRAND DUCHY OF LUXEMBOURG CUSTODIAN BANK AND SOCIETE GENERALE BANK & TRUST S.A.

PAYING AGENT 11, Avenue Emile Reuter

L-2420 LUXEMBOURG, GRAND DUCHY OF LUXEMBOURG ADMINISTRATIVE, CORPORATE, EURO-VL LUXEMBOURG S.A.

AND DOMICILIARY AGENT 16, Boulevard Royal

L-2449 LUXEMBOURG, GRAND DUCHY OF LUXEMBOURG

REGISTRAR AND TRANSFER EURO-VL LUXEMBOURG S.A. AGENT 16, Boulevard Royal

SANTANDER SICAV

DIRECTORS AND ADMINISTRATION (continued)

MANAGEMENT COMPANY SANTANDER ASSET MANAGEMENT LUXEMBOURG S.A. (Law of December 20, 2002, Chap. 13) 16, Boulevard Royal

L-2449 LUXEMBOURG, GRAND DUCHY OF LUXEMBOURG INVESTMENT MANAGER SANTANDER GESTION DE ACTIVOS S.A., SGIIC

Avenida de Cantabria

E-28660 BOADILLA DEL MONTE (MADRID), SPAIN

MAIN NOMINEE ALLFUNDS BANK S.A. c / Nuria 57

E-28034 MADRID, SPAIN

AUDITOR DELOITTE SA

560, Rue de Neudorf

INFORMATION TO THE SHAREHOLDERS

The Annual General Meeting of shareholders of SANTANDER SICAV (the "SICAV") is held at the registered office of the SICAV or at such other place in Luxembourg on the last Friday of the month of May in each year at 3.00 p.m., or if any such day is not a bank business day in Luxembourg, on the next following bank business day in Luxembourg. Notices of all general meetings will be sent to the shareholders by post at least eight days prior to the meeting at their addresses in the register of shareholders. Such notices will include the agenda and specify the time and place of the meeting and the conditions of admission and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities required for the meeting.

Audited annual reports will be published within four months after the financial period-end and unaudited semi-annual statements will be published within two months after the end of the relevant period. Such reports will be mailed to each registered shareholder at his registered address and will be made available at the registered office of the SICAV during normal business hours. The financial year-end of the SICAV is December 31 of each year.

A detailed schedule of portfolio movements for each Sub-Fund is available free of charge upon request at the registered office of the SICAV.

Information regarding the net asset value, the offer and redemption prices is available at the registered office of the SICAV. All of the shares of the SICAV are currently listed on the Luxembourg Stock Exchange.

Under current legislation and practice, shareholders are not subject to any capital gains, income, withholding, gift, inheritance or other taxes in Luxembourg.

Investors should consult their professional advisers on the possible tax or other consequences of buying, holding, converting, transferring or selling any of the shares under the laws of their countries of citizenship, residence or domicile.

SANTANDER SICAV

NET ASSET VALUE PER SHARE

The Net Asset Value per share of each Sub-Fund is determined on each valuation day. The valuation as at June 30, 2006 was:

USD 138.72533 per share for the Sub-Fund SANTANDER SHORT DURATION DOLLAR shares Class A USD 141.99965 per share for the Sub-Fund SANTANDER SHORT DURATION DOLLAR shares Class B USD 108.57677 per share for the Sub-Fund SANTANDER HIGH YIELD DOLLAR shares Class A EUR 91.37700 per share for the Sub-Fund SANTANDER GLOBAL BOND shares Class A EUR 95.03699 per share for the Sub-Fund SANTANDER GLOBAL BOND shares Class I EUR 70.68028 per share for the Sub-Fund SANTANDER GLOBAL EQUITY shares Class A EUR 74.25056 per share for the Sub-Fund SANTANDER GLOBAL EQUITY shares Class B

USD 2,059.11292 per share for the Sub-Fund SANTANDER LATIN AMERICAN EQUITY shares Class A EUR 10.87800 per share for the Sub-Fund SANTANDER SPANISH EQUITY shares Class A

USD 7.30805 per share for the Sub-Fund SANTANDER DOLLAR BOND shares Class A USD 7.68963 per share for the Sub-Fund SANTANDER DOLLAR BOND shares Class B

USD 10.02482 per share for the Sub-Fund SANTANDER NORTH AMERICAN EQUITY shares Class A USD 10.52624 per share for the Sub-Fund SANTANDER NORTH AMERICAN EQUITY shares Class B EUR 7.11076 per share for the Sub-Fund SANTANDER SHORT DURATION EURO shares Class A EUR 7.44229 per share for the Sub-Fund SANTANDER SHORT DURATION EURO shares Class B EUR 6.24455 per share for the Sub-Fund SANTANDER SHORT DURATION EURO shares Class I USD 4.95350 per share for the Sub-Fund SANTANDER OPPORTUNITIES shares Class A

USD 5.16355 per share for the Sub-Fund SANTANDER OPPORTUNITIES shares Class B EUR 4.87574 per share for the Sub-Fund SANTANDER EUROPEAN EQUITY shares Class A EUR 5.11600 per share for the Sub-Fund SANTANDER EUROPEAN EQUITY shares Class B EUR 968.79848 per share for the Sub-Fund SANTANDER MONEY PLUS shares Class A USD 7.51610 per share for the Sub-Fund SANTANDER JAPAN EQUITY shares Class A USD 7.79692 per share for the Sub-Fund SANTANDER JAPAN EQUITY shares Class B USD 21.59201 per share for the Sub-Fund SANTANDER EMERGING BOND shares Class A USD 22.10119 per share for the Sub-Fund SANTANDER EMERGING BOND shares Class B EUR 11.75170 per share for the Sub-Fund SANTANDER EUROBOND shares Class A EUR 11.29919 per share for the Sub-Fund SANTANDER EUROBOND shares Class I EUR 9.81435 per share for the Sub-Fund SANTANDER EUROBALANCE shares Class A EUR 10.08555 per share for the Sub-Fund SANTANDER EUROBALANCE shares Class B

COMBINED STATEMENT OF NET ASSETS

June 30, 2006

(in EUR)

ASSETS Portfolio Cost 342,591,817.09

Net unrealised result 10,683,723.77

353,275,540.86 Cash

Cash at sight 69,546,969.35

Other assets

Amounts receivable on subscriptions 231,705.23

Interest and dividends receivable, net 522,129.29

Bank interest 162,247.03

Unrealised gain on futures 230,940.34

Amounts receivable on sales of investments 3,334,473.85

Other 22,956,463.35

450,260,469.30 LIABILITIES

Other liabilities

Unrealised loss on swaps 1,093,140.06

Unrealised loss on futures 82,748.52

Amounts payable on purchase of investments 60,172,578.06

Taxes and expenses payable 5,243,022.21

66,591,488.85

SANTANDER SICAV

COMBINED STATEMENT OF OPERATIONS

For the period ended June 30, 2006

(in EUR)

INCOME

Income from investments

Dividends, net 1,399,194.51

Bond interest, net 4,137,306.98

Bank interest, net 3,299,969.84

Other income 4,827,061.97 13,663,533.30 EXPENSES Fees Management fee 2,547,267.59 Custodian fee 87,890.86 Other expenses Annual tax 99,330.59

Administration and other expenses 1,350,458.16

Interest on swaps 3,800,983.73

7,885,930.93

NET RESULT OF INVESTMENT 5,777,602.37

Net realised result on

Sales of investments 14,227,216.04

Swaps (95,645.16)

Futures 221,039.77

NET REALISED RESULT 20,130,213.02

Change in net unrealised depreciation on

Investments (8,553,381.83)

Swaps (1,093,140.06)

Futures (51,645.56)

STATEMENT OF NET ASSETS

June 30, 2006

(in USD)

ASSETS Portfolio Cost 163,990,092.07

Net unrealised result 1,699,923.47

165,690,015.54 Cash

Cash at sight 12,287,127.11

Other assets

Amounts receivable on subscriptions 120,000.00

Interest and dividends receivable, net 6,214.34

Bank interest 76,676.04

Other 642,492.15

178,822,525.18 LIABILITIES

Other liabilities

Taxes and expenses payable 642,650.39

642,650.39

TOTAL NET ASSETS 178,179,874.79 Total net assets Share Class A 122,185,258.54

Shares outstanding 880,771.099

Net asset value per share 138.72533

Total net assets Share Class B 55,994,616.25

Shares outstanding 394,329.256

SANTANDER SICAV

SANTANDER SHORT DURATION DOLLAR

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 30, 2006

(in USD)

NET ASSETS AT THE BEGINNING OF THE PERIOD 174,726,009.92

INCOME

Income from investments

Bond interest, net 2,977,768.76

Bank interest, net 1,306,305.47

Other income 109,038.89

4,393,113.12 EXPENSES

Fees

Management fee (note 4) 736,088.63

Custodian fee 31,595.76

Other expenses

Annual tax (note 5) 45,416.58

Administration and other expenses 149,577.60

962,678.57

NET RESULT OF INVESTMENT 3,430,434.55

Net realised result on

Sales of investments 12,755.62

NET REALISED RESULT 3,443,190.17

Change in net unrealised depreciation on

Investments (131,324.49)

INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 3,311,865.68

Equalisation (182,549.19)

MOVEMENTS IN CAPITAL

Subscriptions of shares 30,844,986.94

Redemptions of shares (30,520,438.56)

324,548.38 NET ASSETS AT THE END OF THE PERIOD 178,179,874.79

STATISTICAL INFORMATION

For the period ended June 30, 2006

Class A Class B SHARES

Shares outstanding at the beginning of the period 925,875.790 348,167.127

Subscriptions of shares 100,821.502 120,635.626

Redemptions of shares (145,926.193) (74,473.497)

Shares outstanding at the end of the period 880,771.099 394,329.256

NET ASSET VALUE PER SHARE (in USD) (in USD)

Highest 138.72533 141.99965

(06.30.06) (06.30.06)

Lowest 163.39161 139.26924

(01.02.06) (01.02.06)

SANTANDER SICAV

SANTANDER SHORT DURATION DOLLAR

CHANGES IN THE NUMBER OF SHARES,

OF NET ASSETS AND

OF THE NET ASSET VALUE PER SHARE

Date Number of shares outstanding

Net assets Currency Net asset value per share

Class A Class B Class A Class B

12.31.02 777,331.068 309,293.140 143,186,501.82 USD 131.30 132.97 12.31.03 1,024,772.602 302,639.722 175,932,797.41 USD 132.08 134.09 12.31.04 1,040,825.061 389,358.528 191,321,136.68 USD 133.12987 135.49525 12.31.05 925,875.790 348,167.127 174,726,009.92 USD 136.35832 139.22951 06.30.06 880,771.099 394,329.256 178,179,874.79 USD 138.72533 141.99965

TAXES AND EXPENSES PAYABLE

(in USD)

Annual tax 21,908.61

Custodian fee 30,910.92

Management fee 176,821.16

Administration and other expenses 413,009.70 642,650.39

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

BONDS

AUSTRALIA

1,300,000 APOLLO TRUST FRN 2004/03.03.35 CLASS 2A

REG-S- USD 452,902.69 35.03 455,371.28 0.26 4,800,000 ARMS II GLOBAL MBS FRN 2004/10.01.35 A-1A USD 2,926,370.94 61.67 2,960,310.39 1.66 4,700,000 CRUS T99N1 FRN 07/38 A1 USD 4,644,378.32 99.80 4,690,438.08 2.63 3,500,000 INTERST 04 L3M 03/36 A USD 2,182,380.59 62.53 2,188,618.62 1.23 4,450,000 INTERSTAR TV03-27 S.03-3G USD 2,072,408.75 46.54 2,070,882.38 1.16 4,600,000 MEDALL 061 G L3M 14/06/37 A1 USD 4,214,142.89 91.78 4,221,881.71 2.37

4,800,000 MEDALLION TRUST CMO FRN 2005/10.05.36

CI -A1- S2 USD 3,199,096.85 67.17 3,223,967.92 1.81

4,000,000 PROGT04-E1 L3M 15/04/10 1A USD 2,019,784.80 51.01 2,040,347.51 1.15

5,000,000 PUMA FINANCE LTD N°3 FRN 2003/08.08.34

GBL USD 1,569,961.00 31.69 1,584,276.07 0.89

1,500,000 RESIMAC 1ER FRN 2004/15.04.35 CLASS -2A- USD 857,110.71 57.78 866,635.99 0.49

3,300,000 RESIMAC 1ER MBS FRN 2003/15.03.35 -2A- USD 815,479.97 24.81 818,569.91 0.46

2,600,000 SMHL GLOBAL FUND N°8 FRN 2005/12.01.37

CLASS -A1- USD 2,336,949.48 90.89 2,363,179.27 1.33

27,290,966.99 27,484,479.13 15.44 CANADA

13,700,000 BRIT COLUM 4.625% 10/06 USD 13,683,560.00 100.89 13,821,389.99 7.76

13,683,560.00 13,821,389.99 7.76 CAYMAN ISLANDS

6,400,000 OSCAR FUNDING CORP FRN 2004/10.03.11 USD 1,657,835.44 26.00 1,663,772.12 0.93 1,900,000 OSCAR FUNDING CORPORATION FRN

2003/10.09.08 SERIE II CLASS 1 USD 272,091.62 14.40 273,506.04 0.15

1,929,927.06 1,937,278.16 1.08 EUROPEAN ECONOMIC COMMUNITY

13,700,000 EIB 4.875% 06/09/06 USD 13,710,275.00 101.41 13,893,683.75 7.80

13,710,275.00 13,893,683.75 7.80 IRELAND

200,000 CAMBER 1 PLC FRN 2004/11.02.52 USD 200,000.00 101.12 202,243.67 0.11

SANTANDER SICAV

SANTANDER SHORT DURATION DOLLAR

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value LUXEMBOURG 15,000,000 EHB 2.75% 31/07/06 USD 14,850,000.00 102.31 15,346,989.50 8.61 14,850,000.00 15,346,989.50 8.61 NETHERLANDS 3,000,000 HERMES S7 MBS FRN 2003/18.11.37 A2 USD 3,014,000.00 101.14 3,034,295.46 1.70

9,000,000 STREAM I BV FRN 2001/02.09.86 CLASS -A2- USD 9,024,750.00 100.71 9,063,576.91 5.09

12,038,750.00 12,097,872.37 6.79 UNITED KINGDOM

4,000,000 BARCLAYS BANK (EX: WOOLWICH PLC)

FRN 2000/12.01.07 USD 4,020,000.00 101.27 4,050,816.60 2.27

1,600,000 GECLT TV06-15 CL.A2 S.2006-1X USD 1,600,000.00 101.45 1,623,162.67 0.91

400,000 GR.MTGE03 1 A3 SER 1 CLASS B F USD 378,770.17 95.52 382,082.46 0.21

1,100,000 GRANITE MASTER ISSUER PLC CMO

2005/20.12.54 CL A3 S 2005-4 USD 1,100,000.00 100.56 1,106,184.93 0.62

1,800,000 GRANITE MASTER ISSUER PLC FRN

2005/21.12.54 CI -A4- USD 1,800,000.00 100.18 1,803,206.87 1.01

7,000,000 GRANITE MTRGS PLC FRN 2003/20.01.20 A2

S1 USD 2,659,402.55 38.44 2,690,470.38 1.51

4,650,000 GRANMI06-1 L3M 54 REGS A5 USD 4,650,000.00 100.55 4,675,529.19 2.62

700,000 GRANMI06-2 L3M 21/12/54 A4 USD 700,000.00 100.53 703,723.57 0.39

5,000,000 HOLMES FINANCING PLC N°7 MBS FRN

2003/15.07.20 GBL C1 A S3 USD 5,002,500.00 101.12 5,055,828.44 2.84

800,000 LEEK FIN17 L3M 37 REGS A2b USD 800,000.00 101.06 808,446.01 0.45

2,900,000 LEEK FINANCE FRN 2004/22.09.36 CLASS

-A2B- USD 2,073,964.00 71.69 2,078,887.79 1.17

3,400,000 LOTHIAN 3 L3M 11 A1 REGS USD 1,543,427.48 45.85 1,558,849.36 0.87

2,600,000 LOTHN 06-1 L1M 28 REGS A1 USD 2,600,000.00 100.09 2,602,293.42 1.46

900,000 MONEY P3 L3M 14/09/39 A2c USD 900,000.00 100.62 905,554.50 0.51

5,000,000 PERMANENT FINANCING PLC N°2 MBS FRN

2003/10.12.09 C1 A S4 USD 5,004,000.00 100.50 5,024,966.67 2.82

5,400,000 PERMANENT FINANCING PLC N°3 MBS FRN

2003/10.09.10 C1 A S2 USD 5,400,000.00 100.23 5,412,177.00 3.04

1,000,000 PERMANENT FINANCING PLC N°7

2005/10.09.14 CLASSE A SER 2 USD 1,000,000.00 100.28 1,002,790.33 0.56

3,600,000 PERMANENT FINANCING PLC TV06-33 3A

REGS USD 3,600,000.00 100.37 3,613,149.68 2.03

2,100,000 PILLAR FUNDING ABS PLC FRN 2004/15.06.11

A1 USD 2,102,730.00 100.43 2,109,048.71 1.18

1,000,000 RMAC 05 L3M 12/12/18 A1 USD 238,126.15 23.87 238,714.32 0.13

3,600,000 RMAC 06-1 L3M 24 REGS A1b USD 3,413,196.40 96.44 3,471,887.70 1.95

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

UNITED STATES OF AMERICA

3,140,000 ARGENT SECURITIES INC ABS FRN

2005/25.05.35 CLASS -A2- USD 1,833,217.27 58.49 1,836,473.12 1.03

800,000 FANNIE MAE 3% 2004/18.08.2006 USD 794,160.00 100.76 806,099.20 0.45

6,800,000 FEDERAL HOME LOAN BK SYSTEM 3.25%

11/08/06 USD 6,759,268.00 101.02 6,869,690.56 3.86

4,900,000 FREDDIE MAC 2.375% 15/02/07 USD 4,803,176.00 99.03 4,852,500.63 2.72

7,500,000 FREDDIE MAC 2.75% 15/10/06 USD 7,410,675.00 99.76 7,482,270.50 4.20

3,500,000 SLM STUDENT LOAN TRUST ABS FRN

2005/25.01.19 CLASS -A3- USD 3,500,000.00 100.06 3,502,239.53 1.97

4,600,000 SLM STUDENT LOAN TRUST ABS FRN

2006/25.01.19 CLASS -A3- USD 4,600,000.00 100.85 4,639,034.83 2.60

29,700,496.27 29,988,308.37 16.83

TOTAL BONDS 163,990,092.07 165,690,015.54 92.97

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 163,990,092.07 165,690,015.54 92.97

TOTAL INVESTMENTS 163,990,092.07 165,690,015.54 92.97

CASH AT BANKS 12,287,127.11 6.90

OTHER NET ASSETS 202,732.14 0.13

SANTANDER SICAV

SANTANDER SHORT DURATION DOLLAR

GEOGRAPHICAL CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

COUNTRIES % OF

NET ASSETS

United Kingdom 28.55

United States Of America 16.83

Australia 15.44

Luxembourg 8.61

European Economic Community 7.80

Canada 7.76

Netherlands 6.79

Cayman Islands 1.08

Ireland 0.11

TOTAL INVESTMENTS IN SECURITIES 92.97

OTHER NET ASSETS 7.03

TOTAL 100.00

ECONOMIC CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

ECONOMIC SECTOR % OF

NET ASSETS

Banks and other credit institutions 77.41

Supranational institutions 7.80

Local authorities 7.76

TOTAL INVESTMENTS IN SECURITIES 92.97

OTHER NET ASSETS 7.03

STATEMENT OF NET ASSETS

June 30, 2006

(in USD)

ASSETS Portfolio Cost 17,686,505.10

Net unrealised result 271,934.40

17,958,439.50 Cash

Cash at sight 713,257.92

Other assets

Interest and dividends receivable, net 93,378.23

Bank interest 6,446.78

Unrealised gain on futures 4,609.37

Other 5,385.84

18,781,517.64 LIABILITIES

Other liabilities

Taxes and expenses payable 169,156.62

169,156.62

TOTAL NET ASSETS 18,612,361.02

Total net assets Share Class A 18,612,361.02

Shares outstanding 171,421.214

SANTANDER SICAV

SANTANDER HIGH YIELD DOLLAR

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 30, 2006

(in USD)

NET ASSETS AT THE BEGINNING OF THE PERIOD 23,339,163.71

INCOME

Income from investments

Bond interest, net 726,835.87

Bank interest, net 98,178.95

Other income 1,079,774.33

1,904,789.15 EXPENSES

Fees

Management fee (note 4) 182,360.60

Custodian fee 4,967.25

Other expenses

Annual tax (note 5) 4,888.19

Administration and other expenses 11,593.53

203,809.57

NET RESULT OF INVESTMENT 1,700,979.58

Net realised result on

Sales of investments (42,639.18)

Futures 11,406.26

NET REALISED RESULT 1,669,746.66

Change in net unrealised depreciation on

Investments (563,510.79)

Futures 4,718.71

INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 1,110,954.58

Equalisation (1,046,671.76)

MOVEMENTS IN CAPITAL

Subscriptions of shares 958,258.49

Redemptions of shares (5,749,344.00)

STATISTICAL INFORMATION

For the period ended June 30, 2006

Class A SHARES

Shares outstanding at the beginning of the period 215,115.031

Subscriptions of shares 8,728.944

Redemptions of shares (52,422.761)

Shares outstanding at the end of the period 171,421.214

NET ASSET VALUE PER SHARE (in USD)

Highest 110.48213

(03.02.06)

Lowest 108.35541

(06.28.06)

SANTANDER SICAV

SANTANDER HIGH YIELD DOLLAR

CHANGES IN THE NUMBER OF SHARES,

OF NET ASSETS AND

OF THE NET ASSET VALUE PER SHARE

Date Number of shares outstanding

Net assets Currency Net asset value per share Class A Class A 12.31.02 107,301.913 9,310,616.96 USD 86.77 12.31.03 345,627.602 34,153,637.44 USD 98.82 12.31.04 343,938.306 36,058,063.85 USD 104.83876 12.31.05 215,115.031 23,339,169.71 USD 108.49620 06.30.06 171,421.214 18,612,361.02 USD 108.57677

TAXES AND EXPENSES PAYABLE

(in USD)

Annual tax 2,423.30

Custodian fee 5,230.46

Management fee 35,029.00

Administration and other expenses 126,473.86 169,156.62

FUTURES

As at June 30, 2006, the following futures contracts were outstanding:

Sale/purchase Contracts Commitment Unrealised

gain EUR EUR

Sale 5 US T-NOTES 2Y (1,000,000.00) 4,609.37

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

BONDS

BRAZIL

3,000,000 REPUBLIC OF BRAZIL 9.25% 22/10/10 USD 3,172,500.00 111.90 3,356,916.67 18.04

1,000,000 REPUBLIC OF BRAZIL L3M 29/06/09 USD 1,027,500.00 113.76 1,137,612.50 6.11

300,000 TELEMIG CELULAR 8.75% 2005/20.01.09 -S- USD 324,750.00 106.88 320,646.09 1.72

150,000 USMG 8.25% 30/01/09 REGS USD 158,437.50 105.67 158,505.24 0.85

4,683,187.50 4,973,680.50 26.72 CHILE

500,000 REPUBLIC OF CHILE FRN 2004/28.01.08 USD 499,411.25 101.13 505,625.23 2.72

499,411.25 505,625.23 2.72 COLUMBIA

700,000 REPUBLIC OF COLOMBIA 10.50% 2002/09.07.10

GBL USD 803,250.00 116.48 815,325.07 4.38

1,000,000 REPUBLIC OF COLOMBIA 9.75% 1999/23.04.09 USD 1,101,250.00 109.45 1,094,537.73 5.88

1,904,500.00 1,909,862.80 10.26 CROATIA

300,000 REPUBLIC OF CROATIA 4.625% 2003/24.02.10 EUR 323,765.44 128.48 385,453.01 2.07

323,765.44 385,453.01 2.07 KAZAKSTAN

175,000 KAZTRANSOIL 8.50% 2001:06.07.06 REG -S- USD 173,792.50 104.36 182,635.48 0.98

173,792.50 182,635.48 0.98 LUXEMBOURG

300,000 MEGAFON SA 8% 10/12/09 USD 300,000.00 103.75 311,255.49 1.67

250,000 MOBILE TELESYSTEMS 9.75% 2003/30.01.08

REG -S- USD 265,625.00 107.10 267,744.78 1.44

500,000 UBS LUX L3M 24/10/06 USD 493,125.00 101.52 507,606.95 2.73

1,058,750.00 1,086,607.22 5.84 MEXICO

100,000 DESARROLLORA HOMEX 7.5% 06 15 USD 99,653.00 95.54 95,542.92 0.51

1,000,000 MEXICO L3M 13/01/09 USD 1,000,000.00 102.05 1,020,508.33 5.48

SANTANDER SICAV

SANTANDER HIGH YIELD DOLLAR

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

NETHERLANDS

700,000 KAZKOMMERTS INTERNATIONAL BV 10.125%

2002/08.05.07 SER -S- USD 782,250.00 104.10 728,702.38 3.92

400,000 TURANALEM FINANCE BV FRN 2005/23.11.08 USD 398,896.00 100.73 402,925.60 2.16

1,181,146.00 1,131,627.98 6.08 PERU

200,000 REPUBLIC OF PERU 9.125% 21/02/12 USD 235,000.00 112.91 225,820.26 1.21

235,000.00 225,820.26 1.21 PHILIPPINNES

200,000 REPUBLIC OF PHILIPPINES 8% 15/01/16 USD 196,602.00 105.42 210,833.33 1.13

196,602.00 210,833.33 1.13 POLAND

800,000 TREASURY BOND 5.75% 10 PS0310 PLN 245,268.45 31.43 251,433.66 1.35

245,268.45 251,433.66 1.35 RUSSIA

300,000 RAO GAZPRO 9.125% 07 REGS USD 300,000.00 100.04 300,108.01 1.61

2,000,000 RUSSIA FEDERATION 8.25% 2000/31.03.10 -S USD 2,049,790.05 94.15 1,883,064.02 10.12

2,349,790.05 2,183,172.03 11.73 SOUTH AFRICA

1,500,000 REP SOUTH AFRICA 8.75% 12/14 ZAR 267,102.91 13.80 207,001.02 1.11

267,102.91 207,001.02 1.11 SPAIN

300,000 COSAN SA INDUSTRIA E COMERCIO 9%

2004/01.11.09 REG -S- USD 300,761.00 105.48 316,425.00 1.70

300,761.00 316,425.00 1.70 TURKEY

250,000 REPUBLIC OF TURKEY 7.25% 15/03/15 USD 259,500.00 95.21 238,037.03 1.28

1,000,000 REPUBLIC OF TURKEY 9% 30/06/11 USD 1,141,875.00 103.23 1,032,299.30 5.55

1,401,375.00 1,270,336.33 6.83 UKRAINE

400,000 REPUBLIC OF UKRAINE L6M 05/08/09 REGS USD 419,200.00 107.98 431,918.52 2.32

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value UNITED KINGDOM 100,000 CSFB INT 6.8% 04/10/12 USD 100,000.00 90.03 90,029.04 0.48 100,000.00 90,029.04 0.48 URUGUAY 500,000 URUGUAY 7.25% 15/02/11 USD 450,000.00 102.70 513,506.25 2.76 450,000.00 513,506.25 2.76 VENEZUELA 1,000,000 VENEZUELA 5.375% 07/08/10 USD 797,200.00 96.64 966,420.59 5.19 797,200.00 966,420.59 5.19 TOTAL BONDS 17,686,505.10 17,958,439.50 96.47

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 17,686,505.10 17,958,439.50 96.47

TOTAL INVESTMENTS 17,686,505.10 17,958,439.50 96.47

CASH AT BANKS 713,257.92 3.83

OTHER NET LIABILITIES (59,336.40) (0.30)

SANTANDER SICAV

SANTANDER HIGH YIELD DOLLAR

GEOGRAPHICAL CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

COUNTRIES % OF NET ASSETS Brazil 26.72 Russia 11.73 Columbia 10.26 Turkey 6.83 Netherlands 6.08 Mexico 5.99 Luxembourg 5.84 Venezuela 5.19 Uruguay 2.76 Chile 2.72 Ukraine 2.32 Croatia 2.07 Spain 1.70 Poland 1.35 Peru 1.21 Philippinnes 1.13 South Africa 1.11 Kazakstan 0.98 United Kingdom 0.48

TOTAL INVESTMENTS IN SECURITIES 96.47

OTHER NET ASSETS 3.53

TOTAL 100.00

ECONOMIC CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

ECONOMIC SECTOR % OF

NET ASSETS

Country and governments 57.94

States 18.76

Banks and other credit institutions 10.90

Telecommunication 3.16

Food and non-alcoholic drinks 1.70

Oil 1.67

Construction and building materials 1.49

Public utilities : energy and water 0.85

TOTAL INVESTMENTS IN SECURITIES 96.47

OTHER NET ASSETS 3.53

STATEMENT OF NET ASSETS

June 30, 2006

(in EUR)

ASSETS Portfolio Cost 14,865,526.68

Net unrealised result (877,832.26)

13,987,694.42 Cash

Cash at sight 2,942,811.23

Other assets

Bank interest 8,936.21

Unrealised gain on futures 34,357.11

Other 2,129.62

16,975,928.59 LIABILITIES

Other liabilities

Taxes and expenses payable 49,264.36

49,264.36

TOTAL NET ASSETS 16,926,664.23

Total net assets Share Class A 15,259,698.17

Shares outstanding 166,997.146

Net asset value per share 91.37700

Total net assets Share Class I 1,666,966.06

Shares outstanding 17,540.182

SANTANDER SICAV

SANTANDER GLOBAL BOND

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 30, 2006

(in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 19,259,338.01

INCOME

Income from investments

Bond interest, net 334,445.70

Bank interest, net 124,789.29

Other income 642,969.48

1,102,204.47 EXPENSES

Fees

Management fee (note 4) 134,952.85

Custodian fee 4,401.25

Other expenses

Annual tax (note 5) 4,213.99

Administration and other expenses 29,989.94

173,558.03

NET RESULT OF INVESTMENT 928,646.44

Net realised result on

Sales of investments (1,098,392.06)

Futures 215,852.70

NET REALISED RESULT 46,107.08

Change in net unrealised depreciation on

Investments 136,673.95

Futures 39,920.30

INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 222,701.33

Equalisation (664,601.30)

MOVEMENTS IN CAPITAL

Subscriptions of shares 2,663,522.50

Redemptions of shares (4,554,296.31)

STATISTICAL INFORMATION

For the period ended June 30, 2006

Class A Class I SHARES

Shares outstanding at the beginning of the period 186,745.640 17,540.182

Subscriptions of shares 29,178.692 0.000

Redemptions of shares (48,927.186) 0.000

Shares outstanding at the end of the period 166,997.146 17,540.182

NET ASSET VALUE PER SHARE (in EUR) (in EUR)

Highest 94.18668 97.76358

(01.02.06) (01.02.06)

Lowest 90.72821 94.31223

(05.15.06) (05.15.06)

SANTANDER SICAV

SANTANDER GLOBAL BOND

CHANGES IN THE NUMBER OF SHARES,

OF NET ASSETS AND

OF THE NET ASSET VALUE PER SHARE

Date Number of shares outstanding

Net assets Currency Net asset value per share

Class A Class I* Class A Class I*

12.31.02 459,241.088 147,545.883 57,652,137.07 EUR 94.44 96.81 12.31.03 319,194.418 48,885.174 32,816,226.55 EUR 88.80 91.44 12.31.04 228,974.241 46,820.331 24,400,548.60 EUR 87.96819 90.94553 12.31.05 186,745.640 17,540.182 19,259,338.01 EUR 93.97029 97.53578 06.30.06 166,997.146 17,540.182 16,926,664.23 EUR 91.37700 95.03699

* Shares Class B changed the name to Class I, effective on July 14, 2003

TAXES AND EXPENSES PAYABLE

(in EUR)

Annual tax 2,008.94

Custodian fee 4,070.32

Management fee 28,356.71

Administration and other expenses 14,828.39 49,264.36

FUTURES

As at June 30, 2006, the following futures contracts were outstanding:

Sale/purchase Contracts Commitment Unrealised

gain/(loss) EUR EUR

Sale 1 US T-NOTES 2Y (159,508.71) 760.15

Sale 5 US T-NOTES 10Y (398,771.78) 3,426.96

Sale 9 EURO BUND 10Y (1,038,510.00) 9,640.00

Sale 34 EURO-BOBL (3,712,800.00) 20,740.00

Purchase 1 EUREX SCHATZ 2Y 104,025.00 (210.00)

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in EUR)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

BONDS

FRANCE

770,000 FRANCE OAT 4.75% 25/10/12 EUR 777,777.00 107.80 830,030.33 4.90

670,000 FRANCE OAT 5% 25/10/16 EUR 669,665.00 110.99 743,628.04 4.39

1,447,442.00 1,573,658.37 9.29 GERMANY

140,000 GERMANY BUNDESANL. 5.25% 1998/04.01.08 EUR 149,408.00 105.03 147,036.25 0.87

900,000 GERMANY BUNDESREPUBLIC 4.50%

2003/04.01.13 EUR 931,401.82 105.37 948,349.73 5.60

160,000 HYPO REAL ESTATE BANK

AKTIENGESELLSCHAFT 4.50% 2002/12.02.07 EUR 165,760.00 102.33 163,730.19 0.97 1,246,569.82 1,259,116.17 7.44 ITALY 682,000 BTP 5% 01/05/08 EUR 724,625.00 103.31 704,600.92 4.16 476,000 BTP 6% 01/05/31 EUR 508,571.15 120.47 573,431.49 3.39 1,233,196.15 1,278,032.41 7.55 SPAIN

300,000 AYT CEDULA 4% 13/03/13 EUR 293,205.00 100.24 300,729.48 1.78

200,000 BANCO BILBAO VIZCAYA ARGENTARIA SA

4.25% 2004/15.07.14 EUR 196,360.00 103.96 207,927.30 1.23

300,000 BANCO DE CREDITO LOCAL DE ESPANA

2.75% 2005/17.03.08 EUR 299,199.00 99.36 298,065.38 1.76

200,000 BANCO ESPANOL DE CREDITO SA 4%

2003/12.05.10 EUR 201,000.00 100.68 201,368.79 1.19 460,000 BONO 3.60% 31/01/09 EUR 463,864.00 101.31 466,023.48 2.75 650,000 OBLI 5.40% 30/07/11 EUR 691,470.00 111.91 727,390.07 4.30 320,000 OBLI 5.50% 30/07/17 EUR 339,904.00 117.30 375,353.46 2.22 470,000 OBLI 6% 31/01/29 EUR 482,502.00 126.04 592,368.04 3.50 2,967,504.00 3,169,226.00 18.73 SWEDEN

5,000,000 STATSOBL SWE 5.50% 08/10/12 SEK 535,216.27 12.23 611,566.31 3.61

SANTANDER SICAV

SANTANDER GLOBAL BOND

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in EUR)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

UNITED KINGDOM

350,000 BRADFORD & BINGLEY PLC 3.75%

2004/26.05.09 EUR 350,525.00 100.12 350,407.29 2.07

170,000 GILT 4.25% 07/06/32 GBP 234,780.43 141.59 240,709.15 1.42

300,000 GILT 5% S 07/03/12 GBP 489,094.09 148.37 445,095.10 2.63

215,000 GILT 8% 07/12/15 GBP 443,907.58 180.96 389,072.79 2.30

1,518,307.10 1,425,284.33 8.42 UNITED STATES OF AMERICA

640,000 FREDDIE MAC 4.375% 15/01/14 EUR 636,979.20 103.33 661,343.46 3.91

1,300,000 FNMA 6.125% 15/03/12 USD 1,450,497.43 83.39 1,084,110.09 6.40

1,320,000 FREDDIE MAC 5.50% 15/07/06 USD 1,445,486.88 81.76 1,079,266.29 6.38

900,000 US TREASURY NOTES 3.25% 15/08/07 USD 916,090.41 78.93 710,379.36 4.20

57,000 US TREASURY NOTES 4% 15/02/15 USD 44,729.91 74.30 42,353.68 0.25

1,285,000 US TREASURY NOTES 6.50% 15/02/10 USD 1,423,507.51 85.09 1,093,357.95 6.46

5,917,291.34 4,670,810.83 27.60

TOTAL BONDS 14,865,526.68 13,987,694.42 82.64

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 14,865,526.68 13,987,694.42 82.64

TOTAL INVESTMENTS 14,865,526.68 13,987,694.42 82.64

CASH AT BANKS 2,942,811.23 17.39

OTHER NET LIABILITIES (3,841.42) (0.03)

GEOGRAPHICAL CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

COUNTRIES % OF

NET ASSETS

United States of America 27.60

Spain 18.73 France 9.29 United Kingdom 8.42 Italy 7.55 Germany 7.44 Sweden 3.61

TOTAL INVESTMENTS IN SECURITIES 82.64

OTHER NET ASSETS 17.36

TOTAL 100.00

ECONOMIC CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

ECONOMIC SECTOR % OF

NET ASSETS

Country and governments 49.40

Banks and other credit institutions 25.69

States 7.55

TOTAL INVESTMENTS IN SECURITIES 82.64

OTHER NET ASSETS 17.36

SANTANDER SICAV

SANTANDER GLOBAL EQUITY

STATEMENT OF NET ASSETS

June 30, 2006

(in EUR)

ASSETS

Portfolio

Cost 6,218,870.27

Net unrealised result (131,823.82)

6,087,046.45 Cash

Cash at sight 1,425,754.39

Other assets

Interest and dividends receivable, net 9,377.63

Bank interest 7,907.45

Unrealised gain on futures 40,057.13

Other 2,997.00

7,573,140.05 LIABILITIES

Other liabilities

Taxes and expenses payable 58,185.07

58,185.07

TOTAL NET ASSETS 7,514,954.98

Total net assets Share Class A 6,530,820.80

Shares outstanding 92,399.475

Net asset value per share 70.68028

Total net assets Share Class B 984,134.18

Shares outstanding 13,254.233

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 30, 2006

(in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD

8,059,313.53 INCOME

Income from investments

Dividends, net 68,893.82

Bonds interest, net 5,084.24

Bank interest, net 24,786.79

Other income 233,975.99

332,740.84 EXPENSES

Fees

Management fee (note 4) 76,562.08

Custodian fee 2,731.58

Other expenses

Annual tax (note 5) 1,919.79

Administration and other expenses 12,774.19

93,987.64

NET RESULT OF INVESTMENT 238,753.20

Net realised result on

Sales of investments 1,107,677.23

Futures (68,053.69)

NET REALISED RESULT 1,278,376.74

Change in net unrealised depreciation on

Investments (940,675.43)

Futures 11,549.73

INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 349,251.04

Equalisation (234,221.78)

MOVEMENTS IN CAPITAL

Subscriptions of shares 457,549.95

Redemptions of shares (1,116,937.76)

(659,387.81) NET ASSETS AT THE END OF THE PERIOD 7,514,954.98

SANTANDER SICAV

SANTANDER GLOBAL EQUITY

STATISTICAL INFORMATION

For the period ended June 30, 2006

Class A Class B SHARES

Shares outstanding at the beginning of the period 101,634.512 13,254.233

Subscriptions of shares 6,476.723 0.000

Redemptions of shares (15,711.760) 0.000

Shares outstanding at the end of the period 92,399.475 13,254.233

NET ASSET VALUE PER SHARE (in EUR) (in EUR)

Highest 74.05887 77.73244

(04.25.06) (04.25.06)

Lowest 67.65624 70.92369

(01.24.06) (01.24.06)

CHANGES IN THE NUMBER OF SHARES,

OF NET ASSETS AND

OF THE NET ASSET VALUE PER SHARE

Date Number of shares outstanding

Net assets Currency Net asset value per share

Class A Class B Class A Class B

12.31.02 362,895.229 10,209.861 20,488,133.34 EUR 54.87 56.59 12.31.03 226,205.345 13,254.233 14,088,549.80 EUR 58.71 60.91 12.31.04 159,195.088 13,254.233 10,072,869.02 EUR 58.21961 60.70466 12.31.05 101,634.512 13,254.233 8,059,313.53 EUR 69.76307 73.10704 06.30.06 92,399.475 13,254.233 7,514,954.98 EUR 70.68028 74.25056

TAXES AND EXPENSES PAYABLE

(in EUR)

Annual tax 944.52

Custodian fee 1,976.80

Management fee 15,657.76

Administration and other expenses 39,605.99 58,185.07

FUTURES

As at June 30, 2006, the following futures contracts were outstanding:

Sale/purchase Contracts Commitment Unrealised

gain/(loss) EUR EUR

Purchase 10 DJ EURO STOXX 50 359,000.00 17,100

Purchase 7 S&P500 INDEX 1,790,126.41 29,309.73

Purchase 5 JAPAN TOPIX INDEX 530,528.21 (6,352.60)

SANTANDER SICAV

SANTANDER GLOBAL EQUITY

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in EUR)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR A REGULATED MARKET

BONDS NETHERLANDS 1,500,000 NETHERLANDS 31.10.06 _{EUR 1,480,050.00 99.04 1,485,619.03 19.77} 1,480,050.00 1,485,619.03 19.77 TOTAL BONDS 1,480,050.00 1,485,619.03 19.77 EQUITIES FRANCE 3,000 AXA EUR 86,977.29 25.30 75,900.00 1.01 1,200 SAINT-GOBAIN EUR 70,090.02 54.60 65,520.00 0.87 157,067.31 141,420.00 1.88 GERMANY 1,200 ALLIANZ N _{EUR 159,567.41 122.49 146,988.00 1.96}

1,000 DEUTSCHE BANK _{EUR 97,114.22 86.10 86,100.00 1.15}

1,100 SAP _{EUR 190,713.05 162.98 179,278.00 2.39}

447,394.68 412,366.00 5.50 IRELAND

5,000 ALLIED IRISH BANKS _{EUR 95,824.78 18.49 92,450.00 1.23}

95,824.78 92,450.00 1.23 ITALY

14,000 ENI _{EUR 343,832.09 22.76 318,640.00 4.24}

343,832.09 318,640.00 4.24

NETHERLANDS

5,000 ING GROEP CVA EUR 159,366.21 29.96 149,800.00 1.99

10,000 KONINKLIJKE KPN NV EUR 98,368.27 8.68 86,800.00 1.16

1 ROYAL DUTCH SHELL EUR 2,766.39 26.05 26.05 0.00

260,500.87 236,626.05 3.15 SPAIN

15,000 TELEFONICA _{EUR 190,090.28 12.90 193,500.00 2.57}

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in EUR)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

UNITED STATES OF AMERICA

2,874 3 M _{USD 192,838.27 64.72 186,007.18 2.48}

2,874 ALCOA _{USD 77,362.85 25.44 73,119.27 0.97}

2,874 ALTRIA GROUP _{USD 165,897.80 58.93 169,366.24 2.25}

2,874 AMERICAN EXPRESS CO _{USD 119,343.57 42.98 123,523.44 1.64}

2,874 AMERICAN INTERNATIONAL GROUP _{USD 148,127.10 47.27 135,855.15 1.81}

2,874 AT&T _{USD 59,523.88 22.09 63,492.28 0.84}

2,874 BOEING CO _{USD 194,317.27 66.20 190,247.64 2.53}

2,874 CATERPILLAR _{USD 177,365.71 59.34 170,535.23 2.27}

2,874 CITIGROUP _{USD 113,268.31 38.97 111,993.97 1.49}

2,874 COCA-COLA CO _{USD 95,907.18 34.34 98,699.56 1.31}

2,874 E.I. DUPONT DE NEMOURS & CO _{USD 101,208.81 33.12 95,192.58 1.27}

2,874 EXXON MOBIL CORP _{USD 147,171.44 49.74 142,960.78 1.90}

2,874 GENERAL ELECTRIC _{USD 78,455.03 26.53 76,259.50 1.01}

2,874 GENERAL MOTORS CORP _{USD 52,561.23 21.88 62,896.33 0.84}

2,874 HEWLETT PACKARD _{USD 73,676.74 25.55 73,417.25 0.98}

2,874 HOME DEPOT INC _{USD 91,470.19 29.08 83,571.43 1.11}

2,874 HONEYWELL INTERNATIONAL INC _{USD 99,547.78 31.87 91,593.92 1.22}

2,874 IBM _{USD 187,809.69 61.88 177,847.16 2.37}

2,874 INTEL CORP _{USD 44,324.36 15.42 44,329.99 0.59}

2,874 J.P. MORGAN CHASE & CO _{USD 103,734.48 34.04 97,828.54 1.30}

2,874 JOHNSON & JOHNSON _{USD 133,177.87 47.76 137,276.28 1.83}

2,874 MC DONALD'S CORP _{USD 78,455.03 26.77 76,924.23 1.02}

2,874 MERCK AND CO _{USD 78,500.53 28.62 82,264.91 1.09}

2,874 MICROSOFT _{USD 54,609.07 18.77 53,956.98 0.72}

2,874 PFIZER _{USD 57,498.80 18.53 53,269.34 0.71}

2,874 PROCTER AND GAMBLE _{USD 127,990.00 45.45 130,629.07 1.74}

2,874 UNITED TECHNOLOGIES _{USD 145,282.87 50.48 145,069.55 1.93}

2,874 VERIZON COMMUNICATIONS _{USD 74,291.09 26.56 76,328.27 1.02}

2,874 WAL-MART STORES INC _{USD 105,395.50 38.85 111,650.15 1.49}

2,874 WALT DISNEY COMPANY (HOLDING) _{USD 63,596.81 23.83 68,489.15 0.91}

3,242,709.26 3,204,595.37 42.64 TOTAL EQUITIES 4,737,419.27 4,599,597.42 61.21 WARRANTSS FRANCE 3,000 AXA DS 30.06.06 EUR 1,401.00 0.61 1,830.00 0.02 1,401.00 1,830.00 0.02 TOTAL WARRANTS 1,401.00 1,830.00 0.02

SANTANDER SICAV

SANTANDER GLOBAL EQUITY

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in EUR)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR A REGULATED

MARKET 4,491,935.13 5,216,271.13 64.73

TOTAL INVESTMENTS 6,218,870.27 6,087,046.45 81.00

CASH AT BANKS 1,425,754.39 18.97

OTHER NET ASSETS 2,154.14 0.03

GEOGRAPHICAL CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

COUNTRIES % OF

NET ASSETS

United States of America 42.64

Netherlands 22.92 Germany 5.50 Italy 4.24 Spain 2.57 France 1.90 Ireland 1.23

TOTAL INVESTMENTS IN SECURITIES 81.00

OTHER NET ASSETS 19.00

TOTAL 100.00

ECONOMIC CLASSIFICATION

OF THE INVESTMENTS IN SECURITIES

June 30, 2006

ECONOMIC SECTOR % OF

NET ASSETS

States 19.77

Banks and other credit institutions 9.73

Oil 6.14

Telecommunication 5.59

Pharmaceutical and cosmetics industry 5.37

Insurance 4.78

Mechanical and industrial equipment 4.75

Hardware and networks 4.66

Aeronautics and astronomy 4.46

Electronics 3.40

Tobacco and alcohol 2.25

Construction and building materials 1.98

Retailers 1.49

Food and non-alcoholic drinks 1.31

Chemicals 1.27

Conglomerates 1.22

Hotels, restaurants and leisure 1.02

Precious metals 0.97

Automobiles 0.84

TOTAL INVESTMENTS IN SECURITIES 81.00

OTHER NET ASSETS 19.00

SANTANDER SICAV

SANTANDER LATIN AMERICAN EQUITY

STATEMENT OF NET ASSETS

June 30, 2006

(in USD)

ASSETS

Portfolio

Cost 19,281,843.37

Net unrealised result 4,464,162.50

23,746,005.87 Cash

Cash at sight 950,249.63

Other assets

Amounts receivable on sales of investments 3,782,883.28

Interest and dividends receivable, net 189,106.75

Bank interest 14,877.30

Other 2,282.39

28,685,405.22 LIABILITIES

Other liabilities

Amounts payable on purchase of investments 66,141.30

Taxes and expenses payable 98,124.34

164,265.64

TOTAL NET ASSETS 28,521,139.58 Total net assets Shares Class A 28,521,139.58

Number of shares outstanding 13,851.178

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 30, 2006

(in USD)

NET ASSETS AT THE BEGINNING OF THE PERIOD 38,980,296.39

INCOME

Income from investments

Dividends, net 416,400.66

Bank interest, net 32,348.23

Other income 3,404,948.32

3,853,697.21 EXPENSES

Fees

Management fee (note 4) 373,282.10

Custodian fee 11,322.54

Other expenses

Annual tax (note 5) 8,755.72

Administration and other expenses 28,101.22

421,461.58

NET RESULT OF INVESTMENT 3,432,235.63

Net realised result on

Sales of investments 11,011,904.96

NET REALISED RESULT 14,444,140.59

Change in net unrealised depreciation on

Investments (6,100,489.47)

INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 8,343,651.12

Equalisation (3,398,808.10)

MOVEMENTS IN CAPITAL

Subscriptions of shares 11,739,158.85

Redemptions of shares (27,143,158.68)

(15,403,999.83) NET ASSETS AT THE END OF THE PERIOD 28,521,139.58

SANTANDER SICAV

SANTANDER LATIN AMERICAN EQUITY

STATISTICAL INFORMATION

For the period ended June 30, 2006

Class A SHARES

Shares outstanding at the beginning of the period 20,690.280

Subscriptions of shares 5,298.326

Redemptions of shares (12,137.428)

Shares outstanding at the end of the period 13,851.178

NET ASSET VALUE PER SHARE (in USD)

Highest 2,534.65527

(05.10.06)

Lowest 1,808.77564

(06.14.06)

CHANGES IN THE NUMBER OF SHARES,

OF NET ASSETS AND

OF THE NET ASSET VALUE PER SHARE

Date Number of shares outstanding

Net assets Currency Net asset value per share

Class A Class B * Class A Class B *

12.31.02 7,771.738 99.356 4,904,376.96 USD 622.85 641.82

12.31.03 7,989.954 - 7,843,181.62 USD 981.63 -

12.31.04 13,841.946 - 17,983,178.47 USD 1,299.17993 -

12.31.05 20,690.280 - 38,980,296.39 USD 1,883.99076 -

06.30.06 13,851.178 - 28,521,139.58 USD 2,059.11292 -

* Deactivated as at March 17, 2003 due to the complete repurchase of the shares Class B

TAXES AND EXPENSES PAYABLE

(in USD)

Annual tax 3,970.17

Custodian fee 11,196.66

Management fee 69,732.05

Administration and other expenses 13,225.46 98,124.34

SANTANDER SICAV

SANTANDER LATIN AMERICAN EQUITY

STATEMENT OF INVESTMENTS IN SECURITIES

AND OTHER NET ASSETS

June 30, 2006

(in USD)

Number Description Ccy Cost Value Market % of

or per value net

face security (note 2) assets

value

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR A REGULATED MARKET

EQUITIES

BRAZIL

4,000,000 AES TIETE _{BRL 106,509.21 0.02 95,253.23 0.33}

3,000 ALL AMERICA LATINA UNITS _{BRL 203,387.51 65.66 196,970.07 0.69}

4,000 ARCELOR BRASIL _{BRL 64,981.52 15.20 60,816.92 0.21}

28,000 BANCO BRADESCO PFD _{BRL 724,543.92 30.39 851,055.85 2.98}

7,000,000 BRASIL TELECOM PARTICIPACOES _{BRL 109,020.90 0.01 90,808.08 0.32}

21,000 CIA DE CONCESSOES RODOVIARIAS _{BRL 168,607.33 8.09 169,931.76 0.60}

3,000 COSAN _{BRL 134,492.35 60.78 182,341.89 0.64}

3,500 DIAGNOSTICOS DA AMERICA _{BRL 93,586.58 18.60 65,089.71 0.23}

7,000 DURATEX PREF. SHS _{BRL 71,229.99 8.55 59,850.78 0.21}

7,000 ENERGIAS DO BRASIL S.A _{BRL 108,434.91 11.88 83,187.82 0.29}

35,000 ITAU HOLDING PFD N1 _{BRL 694,623.20 28.03 981,108.26 3.44}

6,000 LOCALIZA RENT A CAR _{BRL 110,964.20 18.14 108,860.83 0.38}

2,500 LOJAS RENNER _{BRL 84,747.42 49.44 123,602.40 0.43}

8,000 LUPATECH _{BRL 78,268.33 9.43 75,476.84 0.26}

220,000 NET SERVICOS COMUNIC. PRF SHS _{BRL 118,883.69 0.54 117,751.13 0.41}

6,000 SOUZA CRUZ _{BRL 88,176.90 14.47 86,816.51 0.30}

6,000 TELEMAR _{BRL 242,658.10 26.58 159,481.12 0.56}

33,306 TRACTEBEL ENERGIA _{BRL 273,574.85 7.53 250,778.89 0.88}

10,000 USIMINAS PREF. SHS A _{BRL 291,578.09 35.29 352,890.53 1.24}

20,500 AMBEV ADR _{USD 683,364.44 40.57 831,685.00 2.92}

4,000 ARACRUZ CEL SP ADR _{USD 208,342.27 51.31 205,240.00 0.72}

7,000 CEMIG SP ADR _{USD 215,250.45 42.67 298,690.00 1.05}

22,000 CIA VALE DO RIO DOCE ADR _{USD 258,258.69 23.60 519,200.00 1.82}

9,000 CPELBN SP. ADR _{USD 84,854.87 9.63 86,670.00 0.30}

6,000 EMBRATEL PARTICIP. PREF. ADR _{USD 84,698.26 15.30 91,800.00 0.32}

20,000 GERDAU SP. ADR _{USD 175,788.97 14.88 297,600.00 1.04}

3,000 GOL LINHAS AEREAS INTELIGE ADR _{USD 79,137.30 34.65 103,950.00 0.36}

32,000 PETR PET SP. ADR PFD _{USD 1,335,707.55 79.23 2,535,360.00 8.90}

5,500 TAM ADR _{USD 124,245.49 27.10 149,050.00 0.52}

13,000 TELE NORTE LESTE PREF. ADR _{USD 203,051.93 12.72 165,360.00 0.58}

2,500 TIM PARTICIPACOES PREF ADR _{USD 88,098.75 27.00 67,500.00 0.24}

7,000 UNIBANCO SP. GDR _{USD 438,385.52 65.43 458,010.00 1.61}

97,000 VALE RIO DOCE (CIA) SPON ADR RE _{USD 1,329,778.69 20.15 1,954,550.00 6.86}

30,000 VIVO PARTICIPACOES _{USD 144,188.59 2.59 77,700.00 0.27}

14,000 VOTORANTIM SP. ADR _{USD 244,276.20 15.71 219,940.00 0.77}

9,465,696.97 12,174,377.62 42.68

CHILE