Unit Trust Portfolio for May 2007

Cash Portfolio

Following the global downturn of property stocks over the past few months, I've reduced my European property exposure even further to only 2.4%, and increased my European exposure to 7.5% accordingly. I was fearful of the China bubble and switched out DWS China Eqty to DWS Global Themes in anticipation of the correction but it never came. Bad decisions on my part.

1. May 7, 2007 Switched from Henderson Euro Prop Sec to Infinity Euro Stk Index $3,107.88 @0.35% sc.


2. May 8, 2007 Switched from DWS China Eqty to DWS Global Themes $1,816.23 @0% sc.


3. May 14, 2007 Top up Lion Capital Korea $200 @2.25% sc using Cash Fund.


4. May 15, 2007 Top up Lion Capital Korea $200 & Lion Capital Singapore Trust $200 @2.25% sc using Cash Fund.


5. May 21, 2007 Top up Lion Capital Malaysia $200 @2.25% sc using Cash Fund.


6. May 23, 2007 Bought ABN Amro Brazil $1,000 @2.25% sc using Cash Fund.


7. May 25, 2007 Top up Legg Mason SEA Spec Sits $200 @1.90% sc using Cash Fund.

CPF-OA Portfolio

Finally exited United Global Real Estate this month.

1. May 17, 2007 Switched from United Global Real Est Sec to UOB United Asia Fund $1,098.71 @0% sc