Guenter Woinar

“As anticipated, the latest rally on the international stock markets was not sustainable. The situation in Iraq is taking its toll and economic indicators – in the US, Europe and Japan – are not improving. Due to these factors we are increasing our current overweight in bonds by substituting the Fidelity European Growth Fund with the Invesco Extra Income, a global high yield bond fund with focus on BB-ratings.”

Amount (E) - Fund 22,000 - JPM Fleming International Bond 18,000 - Templeton Growth Euro 15,000 - DIT Europazins (European bonds) 11,000 - Aberdeen Sovereign High Yield Bond 10,000 - Nordea I North American Value 6000 - Oppenheim European Opportunities 5000 - JPMF Europe Strategic Value 5000 - First State Global Emerging Markets 5000 - Merrill Lynch US Small Cap Value 3000 - Invesco Extra Income (global high yield)