Guenter Wolnar

“The strong performance of equities, in addition to our exposure to emerging markets bonds and high yield bonds, boosted the performance of our portfolio. In accordance with our concerns about sooner than expected interest rate rises, we replaced the DIT Europazins fund, a European government bond fund, with the Invesco Global Corporate Bond Fund. This fund is less sensitive to interest rate moves and fully hedged to the euro.”

Amount (E) - Fund

11,000 - Fidelity European Growth

10000 - DWS Vermoegensbildungsfonds (equity global)

8000 - Nordea I North America Value

8000 - American Express Epic Global High Yield Euro

8000 - JPM Fleming International Bond

8000 - Meinl European Land (real estate Eastern Europe)

8000 - American Express Epic Emerging Market Liquidity

7000 - Invesco GT Global Corporate Bond Fund (investment grade)

6000 - Invesco Extra Income (Global corporate bonds, focus BB rating)

6000 - Newton Japan Equity

5000 - Griffin Eastern European (Equity Eastern Europe)

5000 - Aberdeen Sovereign High Yield Bond (emerging markets bonds)

5000 - Merril Lynch US Small Cap Value

5000 - Oyster FFP Emerging Markets