Guenter Woinar

“We feel more positive towards equities following improved earnings so we have reduced our exposure to government bonds and added the Pioneer Top European Players fund, a concentrated portfolio of European quality stocks. In line with high valuations in the government bond sector we decided to replace the JPMorgan Fleming International Bond fund with the less interest rate sensitive AMEX Epic Global High Yield Euro fund.”

Amount (E) - Fund 18,000 - Templeton Growth Euro 15,000 - DIT Europazins (European bonds) 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 (value equity) 6000 - Oppenheim European Opportunities 5000 - AMEX Epic Global High Yield Euro 5000 - Griffin Eastern European 5000 - JPMF Europe Strategic Value 5000 - Merrill Lynch US Small Cap Value 3000 - Invesco Extra Income (global high yield)