Guenter Woinar

“As we are more positive on equities, we have reduced our exposure to government bonds. We have added the Pioneer Top European Players fund, a concentrated portfolio of European quality stocks. Due to high valuations in the government bond sector we have also replaced part of the JPM Fleming International Bond fund with the less interest rate sensitive Amex Epic Global High Yield Euro fund. And the Griffin Eastern European Fund replaces the First State Global Emerging Market Equity fund.” Amount (E) - Fund 18,000 - Templeton Growth Euro 15,000 - DIT Europazins 11,000 - Aberdeen Sovereign High Yield Bond 10,000 - JPM Fleming International Bond 10,000 - Nordea I North American Value 7000 - Pioneer Top European Players 6000 - Oppenheim European Opportunities 5000 - JPMF Europe Strategic Value 5000 - Griffin Eastern European 5000 - Amex Epic Global High Yield Euro 5000 - Merrill Lynch US Small Cap Value 3000 - Invesco Extra Income (Global high yield)