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(1)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCtC d’Investissement a Capital Variable

Audited interim report for the period from

November 5,2007 (date of incorporation)

to March 31,2008

No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the last available annual report of the Fund and the latest serni-annual report if published after such annual report.

(2)

I

MERRTLL LYNCH

INVESTMENT SOLUTIONS

Societe d’hvestissement a Capital Variable

Table of contents

Management and Administration Information to the Shareholders Independent Auditor’s Report

Statement of net assets at March 3 I , 2008

Statement of operations and changes in net assets for the period from November 5,2007 (date of incorporation) to March 3 I , 2008

Notes to the financial statements at March 3 1, 2008 Schedule of investments at March 3 1,2008 Geographical classification of investments Economic classification of investments

1 - 2 3 4 - 5 6 7 8 - 14 15 - 21 22 23 - 25

(3)

MERRILL LYNCH INVESTMENT SOLUTIONS

Soci6tC d’lnvestissement a Capital Variable

Management and Administration

Board of Directors

Chairman ofthe Board of Directors: From the incorporation of the Company until Januay 7,2008

Mr Arif Mansuri Director,

Merrill Lynch International, 2 King Edward Street

London EC 1 A 1 HQ, United Kingdom From January 7,2008

Mrs Murielle Maman Managing Director, Merrill Lynch International,

2 King Edward Street

London EC 1 A 1 HQ, United Kingdom Directors:

Mr Xavier Parain

PrCsident, Merrill Lynch Invest SAS

1 12, avenue Klkber 75761 Paris Cedex 16, France

Mr Jean-Claude Wolter Avocat Honoraire, 232 rue Edith Cavell B - 1 180 Brussels, Belgium

Registered Ofice

16, boulevard Royal 1,-2449 Luxembourg

Custodian and Paying Agent

Societ6 Generale Bank & Trust 1 1, avenue Emile Reuter

(4)

MERRILL LYNCH INVESTMENT

SOLUTIONS

Societe d’Investissement a Capital Variable

Management and Administration (cont.)

Investment Manager

Marshall Wace LLP The Adelphi, 1 3‘h Floor

1/11 John Adam Street London WC2N 6HT

Unitcd Kingdom

Administrative, Corporate and

Domiciliary Agent

Euro-VL Luxembourg S A . ,

16, boulevard Royal L-2449 Luxembourg

Sponsor

Merrill Lynch International

2 King Edward Street London EC 1 A 1

HQ

United Kingdom

Legal Adviser

Linklaters I.LP 35, avenue John F. Kcnnedy

L-1855 Luxembourg

Investment Advisels

Marshall Wace Asia Limited 28/F One IFC One Harbour View Road

Hong Kong

Marshall Wace North America L.P.

55 Railroad Avenue, Greenwich Connecticut

U.S.A

Registrar Agent

European Fund Services S.A. 17, rue Antoine Jans L- 1820 Luxembourg

Listing Agent

SociCte GenCrale Bank & Trust 1 1, avenue Em ile Reuter

E-2420 Luxembourg Independent Auditor PricewaterhouseCoopers S.a r.1. Rdviseur d’entreprises 400, route d’Esch L- 147 1 Luxembourg 2

(5)

MERRILL LYNCH INVESTMENT SOLUTIONS

Sociktk d’Investissement a Capital Variable

Information to

the Shareholders

The annual general meeting of Shareholders is held, each year, at the registered office of the

SICAV or at the place specified in the convening notice on the last Monday of July (at 12 noon Luxembourg time) or the next following Luxembourg Business Day.

The meetings of Shareholders of Shares of a particular Sub-Fund may decide on matters which are relevant only for the Sub-Fund conccrncd.

Notices to Shareholders will bc published in the Luxemburger Wort and / or in any other newspaper(s) in thosc countries where the Shares are sold, as determined by the Board of Directors.

Audited annual reports are sent to the Shareholders and are made available for public inspection at each of the registered ofices of the SlCAV and the Administrator within four months following the relevant accounting period, and the latest annual report is made available at least eight days before the annual general meeting. Moreover, unaudited semi- annual reports are made available for public inspection at cach of the registered oftices of the SlCAV and the Administrator within two months following the rclevant accounting period. The financial year ends on March 3 1 of each year.

The list of changes in the portfolio for the period from November 5, 2007 (date of incorporation) to March 31, 2008 is available, free of charge, at the registered office of the SICAV.

At March 3 1, 2008, seven Classes of Shares have been issued: EUR A (acc), EUR C (acc), lJSD A (acc), GBP A (inc), EUR B (acc). GBP B (inc), and GBP MGT (inc).

(6)

Independent Auditor’s Report

To the Board of Directors

MERRILL LYNCH INVESTMENT SOLUTIONS

PricewaterhouseCooprrs Societe a responsahilite 1imiti.r Reviseur d’Entrepriscs 400. route d’Esch B P 1443 L- I O 14 Luxcmbourg Telephone 1352 494848.1 Facsimile 4352 -191848-2YOO \\ww pwc corn Iu info@lu p ~ c corn

We have audited the accompanying financial statements of MERRILL LYNCH INVESTMENT SOLUTIONS, which comprise the statement of net assets and the schedule of investments as at March 3 1, 2008 and the statement of operations and changes in net assets for the period from November 5, 2007 (date of incorporation) to March 31, 2008 and a summary of significant accounting policies and other explanatory notes to the financial statements.

Board of Directors of the SICAV’s responsibility for the financial statements

The Board of Directors of the STCAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation 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; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

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 Ynstitut des Rkviseurs d’htreprises”. 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 procedurcs selected depend on the Auditor’s judgment, 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 Auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedurcs 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 bclieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

R.C.S Luxembourg B 65 477 ~ TVA I.Ul7564447

(7)

Independent Auditor’s Report (cont.) Opinion

In our opinion, these financial statements give a true and fair view of the financial position of MERRILL LYNCH INVESTMLN’I’ SOLUI’IONS as of March 3 1, 2008, and of the results of its operations and changes in its net assets for the period from November 5, 2007 (date of incorporation) to March 31, 2008 in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matters

Supplementary information included in the interim 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 contcxt of the financial statements taken as a whole.

PricewaterhouseCoopers

S i

r.1.

Reviseur d’entreprises Represented by

(8)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCtC d’lnvestissernent a Capital Variable

Statement of net assets at March

31,2008

(expressed in Euro)

Notes EUH

ASSETS

Investments in securities at market value (Cost: EUR 93 221 255)

Cash at bank

Receivable on securities sold Swaps at market value Dividends receivable

Unrealised gain on futures contracts Other assets 2.2 93 181 187 64 228 438 12 800 762 2.3, 9 417 352 101 896 2.4, 8 38 016 6 348 170 773 999 LIABILITIES

Payable on securities purchased lnvestment management fees payable Administration fees payable

Performance fees payable “Taxe d’abonnement” payable

Unrealised loss on forward foreign cxchange contracts Unrealised loss on futures contracts

Net assets at the end of the period Represented by and equivalent to

E l X 101.3760 per share on 910 780.209 GBP 99.481 3 per share on 3 169.203 USD 100.1776 per share on 39 000.000 EUR 98.3959 pcr share on 74 000.000 GBP 98.3266 per share on 30 800.000 E U R 101.2026 pcr sharc on 161 105.314 G 13 I’ 102.8757 per share 011 194 844.700

20 534 667 256 642 3 4 88 995 3 15 907 6 7 800 2.5, 7 427 925 2.4, 8 1 590 899 22 922 835

Class EU A (acc) shares outstanding Class GBI’ A (inc) shares outstanding Class IJS A (acc) sharcs outstanding Class EIJ B (acc) sharcs outstanding Class CiBP B (inc) sharcs outstanding Class E U C (acc) shares outstanding

Class GBP Managerncnt (inc) shares outstanding

The accompanying notes form an integral part of these financial statements. 6

(9)

MERRILL LYNCH INVESTMENT

SOLUTIONS

SociCtk d’Investissement a Capital Variable

Statement

of operations and

changes in net assets

for

the period from

November 5,2007 (date

of

incorporation) to March 31,2008

(expressed in Euro)

Notes EUR

Net assets at the beginning of the period

INCOME - Dividends, net Bank interest Other income EXPENSES

Investment management fees Operating and administrative fees Professional fees

Performance fee

“Taxe d’abonnement” lnterest and bank charges

182 572 609 268 14 996 806 836 3 372 399 4 90 762 10 000 3 17 833 6 12 444 104 800 608 238

Net investment gain 198 598

Net realised loss on sales of investments

Net realised gain on futures 3 860 039

Net realised gain on swaps 3 719 856

Nct realised loss on forward foreign exchange contracts

and foreign exchange 2.5, 2.7 (2 695 932)

Net realised loss for the period (633 0471

Change in net uiirealised appreciation/(deprcciation) on:

(5 517 010)

- investments (40 068)

- futures 2.4 (1 552 883)

- forward foreign exchange contracts (427 925)

-

swaps 417 352

(1 603 5242 (2 037 973) Change in net unrealised appreciation/(depreciation)

Decrease in net assets as a result of operations Movements in capital

Subscriptions Redemptions

153 033 326 (3 144 189)

Net assets at the end of the period

l6rmiuM

(10)

MERRILL LYNCH INVESTMENT SOLUTIONS

Societe d’Investissement

a

Capital Variable

Notes to the financial statements

at March 31,2008

Note 1 - Activity

Merrill Lynch Investment Solutions (the ”SICAV”) has been incorporated

on

November 5, 2007 under Luxembourg laws as

a

“SociE‘te‘ d’Investissement u Capital Variable” for an unlimited period of time. The SICAV is governed by the provisions

of

Part 1 of the Luxeinbourg Law of December 20, 2002 relating to undertakings for collective investment, as may be amended from time to time.

The Articles of Incorporation created November 5 , 2007 and amended on November 22, 2007 are deposited with the Register of Commem and Companies of Luxembourg and have bccn published in the Memorial C, “Recueil des Suciite‘s et Associations” (the “Me‘moriuT’) on November 30, 2007. The SICAV is registered with the

Register of Commetce and Companies of Luxembourg under the number B 133

445.

At March 3 1,2008, one Sub-Fund is available to investors:

- MERRILL LYNCH INVESTMENT SOLUTIONS - MARSHALL WACE TOPS UCITS FUND (MARKET

NEUTRAL)

The SICAV may issue several Classes of Shares:

Classes EU A (acc), EU 13 (acc), US A (acc), US B(accj, GBP A (acc) and GBP B (acc) are available only

to

institutional investors and denominated in Euro, US Dollars and Sterling respectively. The Shares are non-distributing.

Classes EU A (inc), EU B (inc), GBP A (inc) and GBP B (inc) are available only to institutional investors and denominated in Euro and Sterling respectively.

Classes EU C (incj and GBP C (incj are primarily intended for retail investors and denominated in Euro and Sterling respectively.

Classes EU C (acc) and GBP C (acc) are primarily intended for retail investors and denominated in Euro and Sterling respectively. The Shares are non-distributing.

Classes US Management (acc) and GBP Management (inc) are only available for subscription by the

staff

of thc Investment Manager and its affiliates.

At March 3 1, 2008, seven Classes of Shares have been issued: EUR A (acc), EUR C (accj,

USD A (accj, GBP A (inc), EUR B (acc), GBP B (inc) and GBP MGT (inc).

(11)

I

MERRTLL LYNCH INVESTMENT

SOLUTIONS

SociCtb d’Investissement a Capital Variable

Notes to the financial statements at March 31,2008 (cont.)

Note 2

-

Principal accounting policies

2.1 Presentation of financial statements

The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment.

2.2 Valuation of investment in securities

2.2.1 Securities or money market instruments quoted or traded on an official stock

exchange or any other regulated market, are valued on the basis of thc last known price, and if the securities or money market instruments are listed on several stock exchanges or regulated markets, the last known price of the stock exchange which is the principal market for security or money market in question, unlcss these prices are not representative.

2.2.2 For securities or money market instruments not quoted or traded on an official stock exchange or any other regulated market, and for quoted securities or money market instruments, but for which the last known price is not representative, valuation i s based on the probable sales price estimated prudently and in good faith by the Board of Directors of the SICAV.

2.2.3

available net asset value of such UCIs at each Valuation Day.

Investments in other open-ended UCIs are valued on the basis of the respective last

2.2.4

rules set out in items 2.2.1 and 2.2.2.

Units or shares of a closed-ended UCI are valued in accordance with the valuation

2.3 Valuation of swaps

The valuation of the swaps is resultant from the sum of the unrealised, realised and other interest or fees on contracts for difference swaps.

2 . 4 Evaluation of the futures contracts

Initial margin dcposits on open futures at the period-end are included in “Cash at bank”. Unrealised apprcciatioris or depreciations are recorded as follows:

- in “Unrealised gain/(loss) on futures contracts”, in the statement of net assets;

-

in “Change in net unrealised appreciation/(depreciation) on futures contracts” in the statement of operations and changcs in net assets.

Futures contracts are valued at their liquidation value based on the closing price on the market on which these futures are quoted.

(12)

MERRILL LYNCH INVESTMENT SOLUTIONS

Societk d’hvestissement a Capital Variable

Notes to the financial statements at

March

31,2008 (cont.)

2.5 Forward foreign exchange contracts

Forward foreign exchange contracts are valued at the forward rates applicable at the statement of net assets date for the remaining period until maturity. Gains or losses resulting from forward foreign exchange contracts are rccognised in the statement of operations and changes in net assets.

2.6 Net realised gains or losses resulting from investments

The realised gains or losses resulting from the sales of investments are calculated on an average cost basis.

2.7 Foreign exchange translation

The accounts are maintained in euro and the financial statements are expressed in that currency.

The acquisition cost of securities expressed in a currency other than the euro is translated in euro at the exchange rates prevailing on the date of purchase.

Income and expenses expressed in other currencies than the euro are converted at exchange rates ruling at the transaction date.

Assets and liabilities expressed in other currencies than the euro are converted at exchange rates ruling at the end of the period. The realised or unrealised gains and losses on foreign exchange are recognised in the statement of operations and changes in net assets in

determining the increase or decrease in net assets.

2.8 Income

Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on a daily basis.

2.9 Formation expenses

Formation expenses are supported by the sponsor.

(13)

MERRILL

LYNCH

INVESTMENT

SOLUTIONS

Socikti d’Investissement

a

Capital Variable

Notes to the financial statements at March

31,2008

(cont.)

Note 3 - Investment Management and Performance fees

The Investment Manager receives a monthly Investment Management fee and an annual Performance fee.

The Investment Management fee, which is payable to the Investment Manager in connection with the services to be provided by it, is payable monthly in arrears and calculated on each banking day (as defined in the prospectus) on the net assets of each Class of Shares and at the annual rates mentioned below. The performance fee will be equal to a percentage figure of any “New Net appreciation” and will be payable in arrears within 7 Banking Days ofthc end of each Calculation period (12 months beginning at October 1 and ending on the following September 30) at the rates mentioned below:

Class of shares

1

(“U Investment Management fee Performance fee acc : 1.75% 25% of the outperfor mance above the Rench- mark GBP A (inc) 1.75% 25% of the outperfor mance above the Bench- mark US A (acc) 1.75% 25% of the outperfor mance above the Bench- mark BU B (acc) 1.75% 15% of the outperfor mance above the High- Water Mark GBP B (inc) 1.75% 15% of the outperfor mance above the High- Water Mark ~ EU

C

(act) 2.50% 15% of the outperfor mance above the High- Water Mark Neither lnvestment Management fee nor Performance fee is payable in respect of Class GBP Management [ inc).

Note 4 - Operating and Administrative fee

In respect of each sub-funds, the SICAV shall pay to the Sponsor an Operating and Administrative fee equal to a certain percentage of the Net Asset Value of the rclcvant Share Class calculated in the same manner as for the calculation of the Investment Management Fee. The Operating and Administrative Fee shall be calculated and accrued as an expense of the relevant Share Class and shall be payable monthly in arrears.

Note 5

-

Custodian, Administrator, Registrar Agent fee

Each of the Custodian, the Administrator and the Registrar Agent are entitled to receive from the Sponsor, fees pursuant to the relevant agreements between each of them and the SlCAV in accordance with usual market practice. In addition, reasonable disbursements and out-of-pocket expenses incurred by such parties are charged to the SlCAV as appropriate.

(14)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCtC d’hvestissement a Capital Variable

Notes

to

the financial statements at March 31,2008

(cont.)

Note 6

-

Taxation

The SICAV is not liable to any Luxembourg tax other than an annual tax, payable quarterly, of 0.05% of the NAV of the Classes Ell C (acc) and GBP Management (inc) shares and 0.01% of the NAV of the Classes EU A (acc), GBP A (inc), US A (acc), EU B (acc) and GRP R (inc) shares. This NAV will exclude the proportion of net assets of the respective Class of shares as of the last day of the relevant quartcr represented by units or shares held in other Luxembourg undertakings for collective investment, to the extent that such units or shares have already been subject to the subscription tax provided for by the Law

of

December 20,2002 on undertakings for collective investment, as may be amended from time to time, for which no subscription tax shall be levied. Furthermore, the SICAV was liable to a once-and-for-all tax of EUR 1 250 that was paid upon incorporation.

Investment income from dividends and interest received by the SICAV may be subject to withholding taxes at varying rates. Such withholding taxes are usually not recoverable.

Note 7 - Unrealised loss on forward foreign exchange contracts

Purchase Sale Maturity date Unrealised

gain/(loss) EUR

GBP 23 500 000 EUR 29 859 470 02/05/2008 (420 886)

USD 3 900000 EUR 2471 561 02/05/2008 (7 039)

At March 3 1

,

2008, the SICAV has outstanding forward foreign exchange contracts resulting in a net unrealised loss of EUR 427 925.

(15)

MERRILL LYNCH INVESTMENT SOLUTIONS

Sociiti d’Investissement a Capital Variable

Notes to the financial statements at March

31,2008

(cont.)

Note 8 - Futures contracts

Open futures contracts at March 3 1 ~ 2008 are detailed below:

Currency contract Details (iBP EUR EUR lJSD EUK f l K D H K V ElJR JP Y C A D SBK SG L) USD CHF EUK hUD Market Maturity

FTSE 100 Euronest Liffe Jun-OR

CAC 4 0 Buronext Paris MONEP Apr-OR AMSTERDAM INDEX Luronext Amsterdam Apr-OR

S&P 500 EMlNl CBE Jun-08

L)AX INDEX Eurex-L) Jun-08

14-SHARES INDFX Hong Kong Futures Exchange Apr-OX HANG SENG INDEX Hung Kong Fulurcs F,xchange Apr-OR

IBEX INDEX MeRRenta Variable Apr-O8

NlKKEl 225 SIMEX Singapore Exchange Jun-08 SkP.TSE 60 1X FU.1. Monlrcal Exchange Jun-08 OhlX 30 INDEX Stockholm Stock Exchange Apr-08 MSCl SING IX E-rS Singapore Exchangc Apr-08

KlJSS MINI FUI. CBE lun-08

SWISS M K I - INDEX F1JT Eurex-Z. Jun-08

DJ EURO SI-OXX 50 Eurex-L) Jun-08

S&P ASX 200 INDEX Australian Stock Exchange Jun-OX

Number o f S u m b c r of 1:nrenliserl

cuntrncts contracts Commitment gain/(loss)

bought sold 52 45 77 294 10 22 2 24 49 25 192 9 36 45 514 27 EUH E l ’ R 3 723 324 (117 9.10) 2 120 850 (112 950) 6 804 490 (345 490) 12282856 ( 8 7 4 1 ) I 648 875 (77 7x1) I 067 323 15 346 183 501 938 3 176400 (118680) 1 944 861 21 732 2 4 1 6 582 (72 165) 1900 843 (41 889) 306 216 (82, I 567 638 (35 269) 2051 811 (112554) 18 241 860 (S33 040) ~- 2 0 9 8 2 8 0 L3l

Note 9 - Contracts for Difference Swaps

The Fund entered into contracts for difference swaps with two counterparties (Merrill Lynch and Deutsche Bank) with the following details:

1) Deutsche Bank

Commiiment of EUR (1 5 559 543) for the short portfolio, composed of75 securities Commitmeit of EUR 29 900 826 for the long portfolio, composed of 122 securities Market value of EUR 323 91 7, detailed as follows:

-unrealised on short portfolio: EUR (48 71 8)

-unrealised on long portfolio: EUR 4 1 973

-realised result: EUR 330 661, corresponding to the realiscd on securities which is still held at the Counterparty (monthly reset)

(16)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCt6 d’hvestissement

a

Capital Variable

Notes to the financial statements at

March

31,2008 (cont.)

Note 9

-

Contracts for Difference Swaps (cont.)

2) Merrill Lynch

Commilment of EUR (1 10 656 325) for the short portfolio, composed of 597 securities Commitmeri of ElJR 60 002 180 for the long portfolio, composed of 693 securities Market value of EUR 93 435, detailed as follows:

-unrealised on short portfolio: EUR 342 753 -unrealised on long portfolio: EUR (74 999)

-realised result: EUR (174 3 19), corresponding to the realised on securities which is still held

at the Counterparty (monthly reset)

Note 10

-

Exchange rates

The following exchange rates have been used as of March 3 1,2008: 1 EUR = 1.735850 AUD I EUR = 1.625850 CAD 1 EUR = 1.567250 CHF 1 EUR = 25.20950 CZK 1 EUR = 7.457250 DKK 1 EUR = 0.797250 GBP 1 EUR = 9.396250 SEK 1 EUR = 2.183750 SGD 1 EUR = 12.876850 ZAR 1 EUR = 12.332350 HKD 1 EUR 260.005000 I-IUF 1 EUR = 5.596050 ILS 1 EUR= 157.718200 JPY 1 EUK = 8.052250 NOK 1 EUR = 3.5 16000 PLN 1 ElJR = 2.1 16950 TRY 1 EUR- 1.584550 USD 14

(17)

I

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCte d'Investissement a Capital Variable

Schedule

of

investments

at

March

31,2008

(expressed in Euro)

MarLcl valut

Market as a percentage

value of net asset<

EUR El'R '!h

I _ ~

Quantltv Dcbcriaion Currencv - Cost

Transferable securities admitted to an official stock exchange ur dealt in on another regulated market Shares 148 029 62 766 9 242 3 536 I 7 0 6 29 743 587 16 543 89 777 I 9 4 2 7 905 1 1 868 55 096 14 474 4 489 2 172 1 843 5 845 37 263 5 978 5 31: IS 491 1 1 648 5 021 31 934 2 073 Y h l l 1 1 9 2 43 726 10 952 41 046 519 202 2 643 20 987 15 20s 1 3 536 5 266 846 6 551 43 I43 9 147 923 38 195 4 221 A2A SPA ABR N ACCOR ACERINOX SA ACS ACTELION N ADP AEFFT: FASHION AFGON NV AIR LlQUlDE

AKER KVAERNER OGEI' AKZO NOBEL NV ALCATEL LIJCENT ALLIANZ N AISTOM

AMCi ADVANCED MEI'ALLIJRGICAI. G P

ARCADIS NV ARCEI.OKMIT'TAL A ASML HOLDING ASSA ABLOY B ASSICURAZIONI GENEKALI AI-LANTIA SPA ATLAS COI'CO B AUSIKIAMICROSYSTEMS AlJTOGRILL AUTOLIV INC SDB AZIMU-r IIOI.DING BACIIEM HLDG BANCA L'K FIRENZE BANCO BPI

R.4NCO DE BlLBAO VIZCAYA HANK AUSTRIA CKEDII'ANSTALT BARRY CA1.I.ERAU.I- N

BASILEA PHARMACEIJTICAL N R A Y E R

BAYERISCHE HYPO C VERFINSBANK B A W R I S C H E MOTORENW EKKE REIERSDOKF

BEKAEK-r BKW FMB ENERGIB RLACK EARTH FARMlNCi BNP I'ARIBAS BOL RBON BKlSA (PRIVA.I-IZ ) BLJREAU VERITAS ElJR 348 575 CHF 1 0 2 4 6 7 3 ElJR 412 932 EUR 62 131 EUK 56 620 CIIF I 0 ? 0 0 1 7 EUR 41 098 E U K 36 I l l E u n 849 290 EUR I79 269 NOK 1 I 4 224 EUR 615 593 EUK 187 655 EUK I 6 4 5 4 1 5 EUK 594 985 EUR 109 686 EUR 69 205 EUR 295 289 EUR 564 907 SEK 68 551 EUR 147 279 FUR 309 406 SEK I12 614 CHI: 106 7;6 EUK 330 759 SEK 66 700 EUR 62 526 CHF 75 Oh8 ElJR 291 443 ElJR 37 203 EUR 537 141 RUR 77 591 CHF IO8 339 CHF 297 495 EUR 1 0 1 0 7 6 1 EUR 625 91 1 EI.JR 790 265 FUR 274 133 EUK 7 4 3 1 5 CHF 568 OXO SEK 316 134 ElJR 558 778 EUR 34 65 I E m 367 688 EUK I48 487 344 612 1 067 693 427 535 62 092 61 535 1 027 649 41 985 30 456 836 722 187 5;9 1 I3 879 603 132 199 448 1816 19R 616429 110 772 70 403 303 239 580 558 68 552 I51 286 296 653 115 597 121 741 301 872 65 414 63 096 76 626 294 713 36 689 572 592 72 660 1 I O 844 244 527 I Oh5 300 597 557 823 5 2 5 280 625 77 976 529 598 282 378 58140? 35 259 345 665 152 800 0 Ij 0 72 0 29 0 04 0 04 0 70 0 03 0 0: 0 57 0 l j 0 08 0 4 1 0 13 I 1 3 0 42 0 07 0 05 0 ? I 0 39 0 05 0 I O 0 20 0 08 0 08 0 20 0 04 u 0.1 0 05 fi 20 0 CJ? 0 39 u 05 0 07 0 17 0 77 0 40 0 i 6 0 IY 0 05 0 3 h 0 1 Y 0 40 0 u2 0 2: 0 10

(18)

MERRILL

LYNCH INVESTMENT SOLUTIONS

Societk d’Investissement ii Capital Variable

Schedule of investments at March

31,2008

(cont.)

(expressed in Euro)

Market \ d u e Market as a percentage

Quantity D e s c r i ~ t i o n Currenu Goa !&e of net assch

ELR E l ’ K %,

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (cont.) Shares (cont.) 1 1 833 9 058 1 795 8 553 2 026 1 8 7 4 2 695 1 1 083 57 8U7 47 080 75 944 41 456 5 084 I9 487 7 531 15 920 4 116 4 701 31 430 3 018 7 I 8 3 18 893 8 193 42 019 I 3 4 8 7 147 3 849 7 788 40 056 6 3 1 1 1 7 6 7 9 Yl6 5 883 7 075 15 181 28 539 79 587 8 407 2 802 1586 2 460 1 9 0 4 3 252 2 4 1 1 3 601 BUZZ1 UNICEM CAP GEMINI CAKLSBEKG B CARREFOUR CELESIO CCiG VERI1-AS

CH ARI .ES VOEG E l , E I iOl. DING CIE FINANCIERE RICHRMONT UNIT CIMPOK-CIMENTOS B E PORTUGAI. CIKTKA CONCESIONES DE I N f M E S T CIR CIE INDlJSTRlALl RIIJNI-I‘E SI’ COMMERZBANK

CONTINENTAL

CREDIT SUTSSE GROUP N DAIMLERCHRYSLER N

DANIEL1 & C.OFFICINE KNC DANONE

DANSKT: RANK DAVIDE CAMPARI DEUI’SCHE BOERSE

DEUTSCIIE LlJFTllANSA NAMEN DEUTSCHE POST DEUTSCIIE POSTBANK DEUTSCHE TELEKOM DEVOTEAM DEXIA DRAKA HOLDING E ON EADS EDF EFG INTEKNATIONAL H l Z E N CHEMICAL EI.EKTA AB R ELlSA CORPORATION A ENAGAS ENDESA ENEL EN1 EPCOS (NAMEN)

ERSTE RANK DER OESTERKEICHISCH ESCADA ESSILOR IKTERNATIONAL E I.4M DEVELOPPEMENT ElJLER I IERMES EUROCASTLE INVESTMENI~S L.1-D FUR ElJK DKK EUK EUR EUR CHF CHF EUR EljR EUR EUK EUR CHF EUK ElJR FUR DKK EUR EUR ElJR EUR EUK EUR ElJR FUR EUR EUR EUR FUR CHF NOK SEK BUR EUK EUR EUR EUR EUR E m EWR EUR EUK FUR EUK I88 687 I86 275 31 1 441 326 722 228 263 226 381 405 03 I 4 I7 985 73 837 63 535 292 817 295 492 154466 I44 100 401 5 1 8 393 925 318 199 331 812 4 5 5 0 1 1 441 140 149 165 128725 775 434 820 829 276 381 328 376 633 157 628 533 404 093 407 804 224 720 239 437 216929 233 130 108 931 109 846 181 967 198 958 315 519 307927 112 322 I23 045 401 271 365 580 492 478 495 43 1 442 876 443 300 26921 27324 I12 409 I29 003 75 825 78597 934057 913221 573948 601 241 376 630 317 79Y 37842 38333 18 569 20565 63 870 64 1 7 5 130 738 1 1 1 927 297 170 287 376 944 568 948 066 557 563 534 825 182658 181 591 26066 26 871 56410 65 105 41 624 42 755 7 4 6 9 3 78 807 73689 8 0 5 8 5 180 307 I63 755 6 3 7 3 8 3 4 9 7 5 0 13 0 22 0 l i 0 28 0 04 0 20 0 1 u u 27 0 2.: 0 3u 0 09 0 56 0 ’2 0 43 0 28 0 16 0 16 0 07 0 13 0 21 0 08 0 25 0 34 0 30 0 02 0 09 0 05 0 6 2 0 41 0 2 1 0 03 0 01 0 04 0 ox 0 19 0 64 0 36 0 I?. 0 02 0 04 0 03 0 05 0 05 0 I I 0 02 16

(19)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCt6 d'Investissement a Capital Variable

Schedule of investments

at

March

31,2008

(cont.)

(expressed in Euro)

Markct baluc

Markci as a purccntagc

Ouantity Description Currcncv Cast ~~ value of net assets

E U R E U R 'KO

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (cont.) Shares (cont.) 3 006 565 3 271 37 980 5 244 1 1 1 6 76 898 21 120 45 616 896 2 956 8 795 I 2 9 7 I I 809 1 9 7 6 6 690 48 463 5 965 925 2 970 4 651 1 6 5 1 7 506 21 398 j 796 9 382 2411 8 531 5 008 3 557 9 602 13 572 53 034 16 177 124 53x 45 935 5 159 13 454 30 I Y Y 6 0 3 1 16 635 32 570 53 084 6 464 3 369 EURONAV

EVS BROAUCAS-I' EQIJII'MENT EXACT HOLDING FIAT FINMECCANICA FLSMIDTH & C O R FORTIS FORTlJM FU4NCE T B I I C O M FRAPORT FRF,:D 01. SEN EN ERG Y FREEN E-1- FRESRNIUS A G F W S E N l l J S MEDICAI. CARE FUGRO NV CERTlFlCAT GAGFAH GA1.P ENERGIA SGPS

CAMFSA COWORACION TECNOLOCICA GAS NATUKAL SDG

GAZ DE FKANCE GAZPROM O A O ADR GENMAB

GlVAlJDAN N

GOLDEN OCEAN ('IROUP

GOTTEX FUND MANAGEMEN-T HOLDINCi GRIFOLS

GROVE RnumLLEs LAMBERT GROUPE STERIA SCA

GRIJPO FERROVIAL HAMBURGER HAFEN HEINEKEN NV HENNES & MALXITZ tl

IIERA

HYPO KEAL ESTATE HOLDING IBERDROLA IMPREGILO SPA INBEV ( EX IN.I'EKBREW j INFINEON TECHNOLOGIES N IN(i OROFP C V A INTERCEI.1. INTERPUMP GKOUP INTBSA SANPAOLO RNC INTESA SANPAOLD SPA INTKCM JUST1 TlA IPSEN ElJR 75 601 EUR 3 7 7 1 0 EUR 70 130 EUK 528 365 EUR 109 274 DK K 69 198 BUR I 2 2 4 4 0 9 NJR 542 122 BUR 975 103 EUR 40 37'4 NOK 1 10 0;; EIJR 100 821 EUR 74 121 EUR 415 731 EUR 97 930 E UK 74311 EUR 738 604 EUR 173 989 EUR 37 500 EUR I12 870 USD 150 793 DKK 579 527 CHF 321 490 NOK 72 1 0 3 CHF 151 041 EUK 117 805 EUR I90 643 ElJR 169 739 EIJR 224 035 EUR I78 668 EUR 359 019 SEK 472 535 m n 130 997 EUK 244 936 Fun 1 x 9 9 8 0 EUR 141 61 I EN? 298 187 EUK 57 234 EC'R 706 657 EUK 151 044 E u n 95 076 ElJR I39 R92 EIJR 235 193 SEK 73 069 El!R 130 984 72 321 38 448 70 294 555 95 I 112 956 69 963 1 227 292 545 107 971 621 40 965 106 09; R8 126 69 90X 376 117 97 199 79 477 732 276 172 389 36 242 1 I3 573 149 696 531 571 317 208 12 281 151 954 156 398 1 R6 346 177 445 230318 171 625 353 258 527 208 135 449 266 273 I 222 963 147 741 287 563 59 870 716 320 158 253 100 925 135 608 237 020 72 749 121 149 0 05 0 03 0 05 0 38 0 08 0 05 0 8.7 0 37 0 h h 0 03 0 07 (J Oh 0 05 0 25 0 07 0 05 0 50 0 12 0 02 0 08 0 10 0 36 0 2 1 0 05 0 10 0 I t 0 1 3 0 I 2 0 16 0 12 0 24 0 36 0 09 0 I8 0 83 0 1 1 0 I 9 0 0.1 0 48 0 1 1 0 07 0 09 0 I 6 0 05 0 08

(20)

MERRILL LYNCH

INVESTMENT

SOLUTIONS

SociCtk d'hvestissement a Capital Variable

Schedule

of investments

at

March 31,2008

(cont.)

(expressed in Euro)

Market valuc. Market as a pcrcctitage

value of net assets

Quantity Description Currencv Cost -

Eiin EITR %

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (cont.) Shares (cont.) I7 202 3 867 67 22 421 8 885 I 190 I I 87X 2 323 6 175 4 664 6 008 I 5 5 9 3 834 62 462 7 670 69 913 I7 466 331 5x2 2 934 2 970 6 634 10 609 3 316 2x11 2 085 936 2 135 28 741 1Y 023 3 966 5 136 47 6 954 34 299 I 0 8 0 6 763 79 926 1 1 705 1 875 1 5 771 3 569 2 146 4 306 4 816 1 10 565 ITALCEMENTI ITALCEMENTI RlSP JELMOLI t1OLDIKG E R O N I M O MARTINS SGPS SA

JULIUS BAEK HOLDlNCi K & S KAZAKIIGOLD GROUP GDR KBC ANCORA KBC GROUPE KESKO OYJ B KLOECKNER gL CO AG KONE R KONECKANES SHS KONINKI.IJKT: AHOLD NV KONINKLIJKE DSM N V KONINKLIJKE KPN N V KONINKLIJKE WESSANEN NV LA SEDA DE BARCELONA LABORATORIOS ALMIRALL LACIARDERE LAND1 RENZO LANXESS LINDE LOG ISTA

I.ONZA GROUP ACi N L'OKEAL LUKOIL SP ADR M REAL. B MEDIASET MERCK KGAA METRO

hTEYER BURGER TECHNOLOGY MlCHELlN

MILANO ASSICURAZIONI MILLICOM WI'L CELLULAR SDB MODERN TIMES GROlJP I3

\IOTA ENOIL

h1.l-U AERO EKGlNES I-lOI.DING MUENCI IEhTR RUECKVERSICHEKUNGS NESI'E OIL

NESTLE NOM NEUF CEGETEI. NEUROSEARCH

NOBEL BIOCARE HOLDING NOKlA EUK EUR CHF ElJR CHF E U K lJSD FUR EUR EUK ElJR EUR ELK ELR ELK EEK E U K EUR EUR EUR FUR EUK EUR ElJR CHF FUR LSD w n EUR EUR EUK CFIF EUR EL'R SRK SEK E U K EUK EUR EUR CI IF ElJR DK K CfIF EUR 221 385 37 535 108 144 109 972 410 255 221 844 I98 316 151 831 192 354 148 271 184911 37 708 1 I6 999 592 764 229 I l l 772 539 152 828 376 762 41 595 146 485 17 595 251 662 290 228 I46 539 169 177 73 051 I I3 696 61 695 106 396 325 958 274 295 8 399 428 X49 147 373 70 305 282 670 373 Y2X 323 497 212256 341 573 I 4 1 6 762 75 I09 171 600 745 147 2 243 848 220 375 35 352 119 700 1 I4 123 4 I 1 983 146 699 184 480 151 367 507215 152 746 194 719 4 0 5 1 8 117950 587 133 234 319 7 4 069 154 923 387 951 37 YO7 140 659 17 SI4 269 I 8 1 296 749 147 718 I75 208 76 096 1 15 606 60 931 111475 309 626 262 860 9 147 459 798 145 702 65 056 297 979 384 444 313 109 232 275 349 170 I 4 4 6 716 75 689 156 771 709 840 2 215 723 0 1 5 0 02 0 ox 0 08 0 28 0 17 0 12 0 IO 0 34 0 I O 0 13 0 03 0 08 0 40 0 16 0 5 1 0 10 0 26 0 0 3 0 IO 0 01 0 18 0 20 0 IO 0 12 0 05 0 08 0 04 0 ox 0 21 u I8 0 01 0 3 1 0 IO 0 04 0 20 0 26 0 21 0 16 0 24 0 98 0 05 0 I I 0 48 I 50 18

(21)

MERRILL

LYNCH

INVESTMENT SOLUTIONS

SociCtC d’Investissement a Capital Variable

Schedule of

investments

at

March 31,2008 (cont.)

(expressed in Euro) MdrhCl \slue Market a$ a percentage value of nct assets EI’R EUH % ~- ~

Quantity Description Currency Cost

Transferable securities admitted to a n official stock exchange o r dealt in on another regulated m a r k e t (cont.) Shares (cont.) 16 856 49 580 26 680 10 876 1 5 9 3 7 285 8 0 2 1 1 I Oh7 18 5 3 3 6 5 5 19 844 2 050 120 035 1 5 9 1 2 718 4 531 2 725 2 219 5 33Y 33 828 6 601 3 73; 12 145 1 9 7 9 35 219 2 971 14 897 8 214 6 8 1 1 8 823 8 739 23 299 35 898 15 957 3 948 5 959 1 3 8 0 4 298 45 431 21 917 37 046 6 820 7 337 I689 3 751 NOKIAN KENKAA’I NORWEGIAN PROPERTY NOVARTIS N NOVO NORDISK B NUTRECO IIOLDIN(i NV NYRSTAR OAO SEVERSTAI. GDR ODBRTHLJR TECHNOLOGIES ORRASCON HUARTE LAIN SA

OC OERLIKON C O W

OU.l.OKUMPU OYJ A

PANALPINA WELTTRANSPORT PARMAIAT

PAKl.NEKS GKOUI’ HOLDING N PERNOD RICARD

PE-IKOLEUM CEO SEKVICES I’ETROI’LUS HOLDINGS PORSCHE VORZ. PREMIERE PRDNOVA E10 PROSAFE ST: PROSIERBN SAT 1 W D I A VZ PRYShlIAN CABLES & SYSTEMS Q-CELLS RAhfIRENT RANDSTAD HOLDING REED ELSEVIER NV KEMY COINTREAIJ RENAULT

KESEKVOIR EXPLORATION TECHNOL RIIJ INTERNATIONAI.

ROCIIE IiOI.DING DON JOUISSANCE ROYAI. DUTCH SHELL A SHAKES ROYAL PHILIPS ELECTRONICS KWE

SAINT-GORAIN SAIPEM

S A W 0 A SANOFI-AVENTIS

SANTANDER CENTRAI. HISPANO SARAS SBM OFFSI IORE SCANIA AB B SCHINDLER IIOLDING PS SEI3 A EUR 453 263 NOK 341 028 CHI: 819 333 DKK 486 585 EUK 79 188 EUK 114 699 lJSD 114 4x9 BUR 53 341 BUR 41 I 6 4 8 CHI: I40 610 EUR 513 268 CHF 162 926 EUR 295 504 CHF 224 748 EUR 186 128 NOK 70 216 CHF 104 133 EUR 242 061 EIJR 73 488 NOK 69 OX8 NOK 71 212 BL’R 50 562 EUR I64 000 EUK 1 I 7 280 E C T 405 065 EUR 86 694 EUK 180 105 FUR 332 832 EUR 441 646 NOK 60 906 EUK 75 437 CHE 2 8 5 9 783 EUH 780 185 EUR 387 276 EUR 308 I64 EUK 293 712 ElJR 36 764 EUR 74 466 E U K 2 147740 EUK 255 033 EUK 1 I4 151 ELK 137 832 SEK 103 672 CHF 77312 SEK 59 855 455 112 270 921 866 394 471 078 17 579 99 149 1 I4 401 49 137 435 573 I46 066 571 706 158 925 292 285 238 559 177 105 70 900 IO6 235 256 916 72 9x4 5X 185 65 582 51 142 164 188 I24 400 422 276 88 150 179 956 349 916 477 15 1 58 073 62 571 2 778 487 784 730 386 638 307 391 307 782 35 312 73 71 1 2 158 881 276 593 120 251 139 333 9 7 1 1 0 80 180 62 126 0 31 0 18 0 59 0 32 0 05 0 07 0 ox 0 03 0 7 Y 0 I U 0 3 Y 0 I I 0 20 U 16 0 I2 0 05 0 07 0 17 0 OS 0 04 0 04 0 03 0 1 1 0 ox 0 2Y 0 06 0 12 0 24 0 32 0 01 0 04 I 8 8 0 53 0 26 0 2 1 0 21 0 02 0 05 I 4 6 0 I Y 0 08 0 UY 0 v7 0 05 0 04

(22)

MERRILL LYNCH INVESTMENT

SOLUTIONS

Socikt6 d’lnvestissement a Capital Variable

Schedule of

investments

at

March

31,2008 (cont.)

(expressed in Euro)

Market w l u c

Markct as a pcrccntagr value of-net assets

- -I.

Quanuiv Dcscriotion Currency

-

EIJR ELR ‘%

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (cont.) Shares (cont.) 63 498 1 6 0 4 932 25 285 92 4 496 7 526 1 2 1 9 41 639 I 3 005 6 449 6 510 51 053 6 174 24 450 5 691 1 1 212 5 621 19 723 2 709 9 544 41 816 I l l 0 545 I O 764 2 758 I 190 1 1 1 1 5 7 050 2 586 10 302 Z 070 29 025 28Y 183 54 903 10911 15 129 30 909 52 683 7 265 5 045 2 967 2 704 3 676 SECURII‘AS SYSTEMS B SES GLOBAL FDR SGL GROUP SIEMENS SlKA

SLIGRO FOOL) GROUP NV

S W Z KI‘RAC SMlT INTERNATIONALE NV SOCIEI-E GENERALE A SOCIETE GENERALE DS 08 SODEXO S0GECARI.E SOL MELIA

SONAE INDUSTRIA SCiPS NV05 SONOVA HOLDING

SSAB SWEDlSIl STEEL A STADA ARZNEIMITTEI, STATOII.HYDRO STMICKOELEC~IKONICS SUBSEA 7

SUEZ

SVENSKA CELLULOSA SCA B SWEDlSll MATCH

SWISS LIFE HOLDING N SWISSCOM N

SYMRISE

SYNGENTA NAMEN SYNTHES INC .I-ANDB ERG

.l’ANCi.4NYIKA OIL COMPANY SDB TBCAN GROUP N TECHEM TECHNII’ TELE2 B TELECOM lTAl,lA RlSP TELEFONICA TEI.FKOM AUSTRIA TELENOK TEMENOS GROIJP N ’IEKKA 1-F 1 THALES

THE SWATClI GROUP f H t SWATClI GROUP N THYSSENKRlJPP SEK IO8 901 EUR 25 698 E u n 34 304 E u n I 7x9 848 CI IF I l l 390 EUR I l l 905 EUR 255 630 EIJK 78 016 EUK 2 6 5 5 569 EUR 0 EUR I I6 544 EUK 178 517 EUR 5 8 167 EUR 238 117 CHT: 350 1 4 5 SEK 457 636 w n 261 285 NOK 219 745 EUR 37 920 NOK 280 SI7 ElJR I12 472 SEK 102 089 SEK 602 388 CHF 178 I I5 CHT: 121 863 EUK 185 987 C l l F 507 67 I CHT: 103 106 NOK 99 339 SEK 78 I89 CHF 98 297 t U R 616 785 EUR 110 177 SEK 335 715 EUR 367 684 EUR 1 0 1 5 4 8 6 EUK 152 137 NOK 200 777 CfiF 489 281 EUR 148 060 E U K 104 972 EUR 206 270 CHT: 512 349 CHF 93 536 EUR 135 739 l l 6 9 1 0 21 445 37 280 1 7 3 5 815 I I4 468 110916 250 672 78 626 2 582 4 5 1 6 117015 179 089 58 004 224 633 358 878 434 55 1 261 843 212 481 37 886 281 678 112 613 109 952 576312 195 475 118320 176 099 512092 105 466 105 045 78 781 98 670 616 266 102 I13 346 740 303 353 999 235 142 824 183 188 512 767 132 402 101 200 206 895 502 625 87 99 I 133 218 o on 001 0 03 1 1 7 0 08 0 08 0 I6 0 05 I 7 5 0 00 0 08 0 12 0 01 0 I5 0 24 0 29 0 18 0 14 0 03 0 19 0 08 0 07 0 39 0 13 0 08 0 I ? 0 35 0 07 0 07 0 05 0 07 0 42 0 07 0 23 0 21 0 68 0 10 0 12 0 35 0 10 0 07 0 14 0 34 0 06 0 09 20

(23)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCtC d’Investissement a Capital Variable

Schedule of investments at March 31,2008 (cont.)

(expressed in Euro)

Market value Market as a pcrccntage

Ouantitv Description Currencv Cost ~~ \aluu of net assets

EUR EI:R ‘%,

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (con t.) Shares (cont.) I4 074 26 425 5 862 1 1 929 22 475 30 190 23 685 66 823 2 320 759 383 793 29 366 7 429 I8 973 1 6 3 8 I 7 7 6 24 497 6 634 4 112 4 1 479 609 6 726 7 891 14 716 1 7 8 3 TIETOENATOR TlSCALl TNT TO(iNIJM TOMl.OM TOTAL TUBACEX UBS SA NOM UMICORE W I R A I I . RODAMCO UNICREDIT SPA (!NILEVER CVA UNIT 4 A G K S S O NV US6 PEOP1.E NV V A L E 0 VALLOlJREC VEDIOR NV

WOI. IA ENVI RONNEMENT VINCI

VIVENDI VOI.KSWAGEN WAKTSILA COW B

WOLTERS KLUWEK CVA

YARA INTERNATIONAI. ZURICH FINANCIAI. SERVICES Total investments kWR EUR EUR EUH EUK EUR EIJR CHT: EUR EUR EUR EIjR EUR ElJR EUR EIJR ElJR EUR EUR FUR F U R EUR EUR NOK CHF 223694 220116 4 3 0 2 5 52771 137991 137933 178 I74 I65 691 6 2 1 95 I 588 845 1 4 4 8 6 3 1 1 4 2 0 138 155 971 166031 1 230 507 7 8 3 6 4 7 6 4 6 7 I15 966 I23 725 I 626 131 625 496 624 614 128 I50 I32 310 285 079 284 974 41 522 41 147 267 877 173 096 443 396 450 741 297 7x3 292 957 185 741 I88 288 I 158376 1 175 105 I l l 0 0 6 111 837 300 814 287 5;7 I34 857 132 332 536 809 538 217 348 213 ~ 355 803 1 264 935 1 664 906 0 15 0 04 0 0Y 0 1 1 0 40 0 96 0 1 1 0 83 0 05 0 08 I I O 0 42 0 09 0 19 0 0: 0 17 0 30 0 19 0 13 0 79 0 08 0 19 0 09 0 j 6 02.I

(24)

MERRILL

LYNCH INVESTMENT SOLUTIONS

Societe d’hvestissement a Capital Variable

Geographical classification

of

investments

(as a percentage of net assets at March 31,2008)

France Germany Switzerland Netherlands ltaly Spain Finland Sweden Belgium Portugal Norway Denmark United Kingdom Luxembourg Austria Russia Cayman Islands United States Guernsey Bermuda Canada 11.32 10.95 10.79 6.44 5.18 4.66 3.82 2.14 1.88 1.46 1.20 1.06 0.55 0 -43 0.38 0.26 0.19 0.1 1 0.10 0.05 0.05 22

(25)

MERRILL LYNCH

1NVESTMENT

SOLUTlONS

SociCtC d’Investissement a Capital Variable

Economic

classification of

investments

(as a percentage of net assets at March 31,2008)

%

Commercial banks Pharmaceutical products Electricity

Petroleum and gas integrated Communication equipment Biotechnology

Cars and equipment Telephone

Electrical equipment Chemicals elaborated Food industry Insurance general

Building and building materials Chemicals Medias Telecommunication Miscellaneous services Machinery Auto parts Support services Steel

Medical equipment and supplies Energy equipment and services Computer services Insurance Life insurance Transport Clothing Retail general Petroleum and gas

Retail/wholesale food distribution Aerospace and defense industry Drinks

Investment companies Tobacco

Utility vehicles and trucks

Engineering and industrial equipment Delivery services

Steel and other metal

8.43 4.37 2.77 2.43 2.10 2.07 1.98 1.93 1.89 1-81 1.66 1.57 1.25 1.17 1.16 1.07 1.02 0.98 0.88 0.88 0.81 0.79 0.77 0.76 0.74 0.70 0.69 0.67 0.59 0.59 0.58 0.53 0.5 1 0.49 0.49 0.48 0.46 0.45 0.44

(26)

MERRILL LYNCH INVESTMENT SOLUTIONS

SociCtk d’lnvestissement a Capital Variable

Economic classification of investments (cont.)

(as a percentage of net assets at March 31,2008)

Breweries

Building and public works

Software and services

Building material and furniture Software

Radio and show

Staff training and employment agencies

Health service, cosmetic and household products Public health service

Transportation

Household equipment and textile Electrical and electronic equipment Hotels

General distribution Food industry production Gas distribution

Industrial equipment Industry diversified Livestock and fishery Mines

Defense Aerospace

Special and other financial activities Basic chemicals

Utilities

Hotels and beverages

Components and electrical equipment Non cyclical consumer goods

Food distribution and pharmaceuticals lnformation technology equipment Mortgage

Reinsurance Telephone mobile Real estate

Distillery and wines Specialised finance

Pharmaceutical industry and biotechnology Body care products

Pub1 ication 0.43 0.42 0.40 0.38 0.35 0.3 1 0.30 0.30 0.30 0.30 0.29 0.29 0.29 0.28 0.27 0.27 0.26 0.25 0.24 0.24 0.22 0.2 1 0.2 1 0.20 0.20 0.20 0.19 0.18 0.18 0.18 0.18 0.16 0.16 0.15 0.13 0.13 0.12 0.12 0.10 24

(27)

. . ..

MERRILL LYNCH

INVESTMENT SOLUTlONS

SociCtC d’lnvcstissement a Capital Variable

Economic classification of investments (cont.)

(as a percentage of net assets at March 31,2008)

Investment companies

Distribution, food and pharmaceutical products Drilling and petroleum production

Semi-conductors Financial companies Healthcare

Sea transport Asset man age men t

Hotels, restaurants and leisure Holding companies

Forest and paper Clothing and fittings

0.10 0.08 0.07 0.07 0.07 0.05 0.05 0.04 0.04 0.04 0.04 0.02

References

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