Fidelity Eur Agg

Our portfolio stands at 63.7% Asia Ex-Jap, 14.9% Latin. Look like a very Emerging Market Fund...to counter balance the risks, we have decided to move remainder 21.4% into Europe. In particular, we like the EUR exposure given by Fidelity Eur Agg. Although this market has already advanced some 18% over the last 6mths, we believe it's a good market to be invested in. valuations are still reasonable at ~ 15 times. Meanwhile, we are observing Japan to see a suitable entry point.

EUR/SGD Move

SGD has been strengthening against the Eur and other currencies. The rate is now trending upwards above the 60d MA. We are looking at a favorable exchange gain in addition to our position in Europe. We also think that the impending fall in USD may find more money flowing into Eur. - 09 May 06

Current Holdings as at 02 May 06

Current Holdings caa 02 May 2006

Fund	Invested Amt from Switch	Current Value	% of Portfolio	Profit/Loss since switch	% Profit since switch
Aberdeen Indonesia Equity	2,786.80	3,924.64	14%	1,137.84	40.8%
Aberdeen Thailand Equity	2,774.49	3,670.55	13%	896.06	32.3%
DBS Enhanced Income SGD	3,424.23	3,426.06	12%	1.83	0.1%
DBS Shenton Twin City	2,472.30	2,779.47	10%	307.17	12.4%
HSBC Chinese Growth	2,759.13	3,787.19	14%	1,028.06	37.3%
Infinity European Stock Index	2,472.30	2,628.05	9%	155.75	6.3%
Lion Capital Korea	3,492.28	3,622.04	13%	129.76	3.7%
Fidelity Latin America	4,000.00	4,086.85	15%	86.85	2.2%

NAV and Portfolio Perf Monthly caa 02 May 2006

Current NAV $1.3276 caa 02 May 2006

Month of April was an outstanding month with strong contributions from Indonesia, HK, Sing & Thailand.

Portfolio Monthly Performance

Month	2005	2006
Jan		7.78%
Feb		0.39%
Mar	-0.41%	1.45%
Apr	-1.53%	5.29%
May	-0.91%
Jun	1.40%
Jul	2.44%
Aug	2.87%
Sep	3.11%
Oct	1.69%
Nov	2.54%
Dec	2.60%