ABN AMRO Asset Management ABN AMRO Funds Neauditovaná pololetní zpráva

ABN AMRO Asset Management ABN AMRO Funds Neauditovaná pololetní zpráva 2004 31.10.2004 ABN AMRO Funds société d'investissement á capital variable založená podle právního rádu Lucemburského velkovévodství 46, Avenue J.F.Kennedy L - 1855 Luxembourg - Kirchberg Predstavenstvo

p. A.Manns (predseda) výkonný reditel ABN AMRO Asset Management Frankfurt, Nemecko p. P.Jaans ekonom Lucembursko p. R. F. van Lennep reditel oddelení služeb pro privátní klientelu ABN AMRO Bank (Schweiz) Zurich, Switzerland p. C. Niedner Partner z právní firmy Arendt & Medernach Luxembourg p.J.Ide vedoucí oddelení globální distribuce fondu pí Lena Andersson Provozní reditelka Alfred Berg Asse Management Holding AB Stockholm, Sweden

Manažer

ABN AMRO Investment Funds S.A. 46, Avenue J.F.Kennedy L-1855 Luxembourg-Kirchberg

Správce a plátce

ABN AMRO Bank (Luxembourg) S.A. 46, Avenue J.F.Kenedy L-1855 Luxembourg-Kirchberg

Registrár

First European Transfer Agent S.A. 5, rue Thomas Edison L-1445 Strassen

1

Administrativní zástupce

ABN AMRO Investment Funds S.A. 46, Avenue J.F.Kennedy L-1855 Luxembourg-Kirchberg

Auditor

Ernst & Young S.A. 6, rue Jean Monnet L-2180 Luxembourg

Právní poradce

Arendt & Medernach 8-10, rue Mathias Hardt L-2010 Luxembourg

Zástupci: Rakousko

ABN AMRO Bank N.V. Filiale Wien Operngasse 2 A-1010 Vienna

Belgie

ABN AMRO Bank (Belgie) N.V. Roderveldlaan 5, Bus 4 B-2600 Berchem

Chile

ABN AMRO Bank (Chile) Nueva York 33, Piso 9, 15th Floor Casilla 2394 Santiago

Ceská republika

ABN AMRO Asset Management (Czech)a.s. Hilleho 6 Brno 602 00

Dánsko

Alfred Berg Kapitalforvaltning Fondsmaeglerselskab A/S Amaliegade 35, Postboks 2198 DK-1017 Copenhagen

Finsko

Alfred Berg Omaisuudenhoito Oy Kluuvikatu 3 FIN-00100 Helsinki

2

Francie

Banque de Neuflize, Schumberger, Mallet, Demachy S.A. 3, Avenue Hoche F-75008 Paris Cedex 8

Nemecko

ABN AMRO Bank (Deutschland) A.G. Theodor Heuss Allee 80 D-60486 Frankfurt

Gibraltar

ABN AMRO Bank N.V. Gibraltar Suite 731-4, Europort

Recko

ABN AMRO Bank N.V. 330,Thisseos Avenue GR-17675 Kalithea Athens

Hong Kong

ABN AMRO Asset Management (Asia) Limited 37 F, Cheung Kong Centre 2, Queen's Road Central

Irsko

ABN AMRO Bank N.V. ABN AMRO House, IFSC Dublin 1

Itálie

Antonveneta ABN AMRO Bank S.p.A. Via Santa Maria Segreta 5 I-20123 Milan

Jersey

ABN AMRO Bank (Jersey) P.O.Box 255 8, Hill Street St Helier, Jersey, JE4 8TB

Lichtenštejnsko

LGT Bank in Liechtestein AG Herrengasse 12 FL-9490 Vaduz

Lucembursko

ABN AMRO Bank (Luxembourg) S.A. 46, Avenue J.F.Kennedy L-1855 Luxembourg-Kirchberg

Norsko

Alfred Berg Industrifinans Grev Wedels Plas 9, Postboks 483 Sentrum N-0105 Oslo

Španelsko

ABN AMRO Bank, Sucursal en Espana c/Jose Ortega y Gasset, 29 E-28006 Madrid

Švédsko

Alfred Berg Fondkommission AB Birger Jarlsgatan 7 S-107 25 Stockholm

3

Švýcarsko

ABN AMRO Bank (Schweiz) Beethovenstrasse 33 P.O. Box 5239 CH-8022 Zurich

Nizozemsko

ABN AMRO Bank N.V. Gustav Mahlerlaan 10 NL-1082 PP Amsterdam

Spojené království

ABN AMRO Asset Management Limited 82, Bishopsgate London EC2N 4BN

INFORMACE Prospekt ABN AMRO Fondu z cervence 2004 byl publikován v souvislosti s prubežnou nabídkou následujících ABN AMRO fondu: Akcie Asian Tigers Equity Fund Behavioural Finance Japan Fund Biotech Fund China Equity Fund Consumer Discretionary Fund Consumer Staples Fund Eastern Europe Equity Fund Euro Equity Fund Europe Equity Fund Europe Equity Dynamic Fund Europe Equity Growth Fund Financials Fund Germany Equity Fund Global Emerging Markets Equity Fund Global Equity Fund Global Equity Value Fund Global Leader Fund Industrials Fund Information Technology Fund Japan Equity Fund Latin America Equity Fund Materials Fund Netherlands Equity Fund Pharma Fund Preferred Securities Fund Resources Fund Russia Equity Fund Small Companies Europe Equity Fund Socially Responsible Equity Fund Switzerland Equity Fund Telecommunication Services Fund US Equity Growth Fund US Equity Value Fund Utilities Fund Obligace 2001 Euro Bond Fund Asia Bond Fund

4

Czech Crown Bond Fund Euro Bond Fund Euro Credit Bond Fund Europe Bond Fund Global Bond Fund Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (USD) High Yield Bond Fund (Euro) High Yield Bond Fund (USD) US Bond Fund Fondy penežního trhu 2001 Interest Growth Fund Euro Interest Growth Fund CZK Interest Growth Fund Euro Interest Growth Fund USD Modelové fondy Model Fund 1 Model Fund 2 Model Fund 3 Model Fund 4 Model Fund 5 Model Fund 6 Modelové fondy jsou spolurízeny více mananažery. Podle dohody mezi správci muže manažer fondu ucinit rozhodnutí týkající se nákupu nebo prodeje, které muže ovlivnit portfolio jednoho i více spolecne rízených fondu. Další informace naleznete v poznámce 11 této financní záverky. Akcionári se mohou kdykoli informovat o velikosti aktiv pod spolecnou správou v registrovaném sídle Spolecnosti. V soucasnosti jsou ctyri struktury spolecného rízení Fondu dané Spolecností: 1) Modelové fondy, které zahrnují Model Funds 1 až 6 a Global Equity Value Fund 2) High Yield Funds, které zahrnují High Yield Bond Fund (Euro) and High Yield Bond Fund (USD) 3) Emerging Market Bonds, které zahrnují Global Emerging Markets Bond Fund (Euro) a Global Emerging Markets Bond Fund (USD) 4) Eurové dluhopisy, které zarhnují Euro Bond Fund, Euro Credit Bond Fund a Euro Government Bond Fund. Po otevrení dalších fondu pro upisování budou potenciální investori informováni pomocí oznámení vdeníku Luxemburger Wort a v dalších periodikách, které urcí predstavenstvo. Prospekt bude následne aktualizován. Nelze prijmout žádné žádosti obdržené na základe financních zpráv. Žádosti jsou platné pouze v prípade, že jsou podány na základe aktuálního prospektu doplneného nejnovejší výrocní zprávou a pololetní zprávou v prípade, že byla vydána. Výrocní a pololetní zprávy i výkaz zmen investic jsou k dispozici v sídle depozitáre, registráre, plátce a domácího zástupce a v sídlech výše uvedených zástupcu. Distributor a plátce ve Švýcarsku je ABN AMRO Bank (Schweiz), Beethovenstrasse 33, 8002 Curych. Stanovy, prospekt i výrocní a pololetní zprávy lze získat zdarma v sídle banky ABN AMRO Bank (Schweiz) A.G. v Curychu Stanovy spolecnosti, Prospekt (Statut), rocní a pololetní zprávy, výpisy nákupu a prodeju na úcty Fondu behem oznamovacího období jsou bez poplatku k dispozici v kancelári spolecnosti ABN AMRO Bank (Schweiz) A.G. v Curychu.

5

OBSAH Historie Výpis investic

8 12

Akcie Asian Tigers Equity Fund Behavioural Finance Japan Fund Biotech Fund China Equity Fund Consumer Discretionary Fund Consumer Staples Fund Eastern Europe Equity Fund Euro Equity Fund Europe Equity Fund Europe Equity Dynamic Fund Europe Equity Growth Fund Financials Fund Germany Equity Fund Global Equity Fund Global Equity Value Fund Global Emerging Markets Equity Fund Global Leader Fund Industrials Fund Information Technology Fund Japan Equity Fund Latin America Equity Fund Materials Fund Netherlands Equity Fund Pharma Fund Preferred Securities Fund Resources Fund Russia Equity Fund Small Companies Europe Equity Fund Socially Responsible Equity Fund Switzerland Equity Fund Telecommunication Services Fund US Equity Growth Fund US Equity Value Fund Utilities Fund

12 14 15 16 18 19 20 22 24 27 28 31 33 34 36 39 42 43 45 25 27 51 53 53 54 56 57 58 60 62 63 65 66 67

Obligace 2001 Euro Bond Fund Asia Bond Fund Czech Crown Bond Fund Euro Bond Fund Euro Credit Bond Fund Euro Government Bond Fund Euro Plus Fund Europe Bond Fund Global Bond Fund Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (USD) High Yield Bond Fund (Euro) High Yield Bond Fund (USD) US Bond Fund

68 69 70 71 74 77 78 78 80 82 83 83 86 89

6

Fondy penežního trhu 2001 Interest Growth Fund (Euro) Interest Growth Fund CZK Interest Growth Fund (Euro) Interest Growth Fund (USD) Modelové fondy Model Fund 1 Model Fund 2 Model Fund 3 Model Fund 4 Model Fund 5 Model Fund 6 Výkaz cistých aktiv k 31.ríjnu 2004 Výkazy zmen emitovaných akcií za úcetní rok od 1.5.2004 do 31.10.2004 Poznámky Hlavní rysy

91 91 92 94 95 109 120 129 138 143 149 150 156

7

HISTORIE Název fondu

Hodnota cistých aktiv na akcii

Asian Tigers Equity Fund Asian Tigers Equity Fund ‘A’ - USD Asian Tigers Equity Fund ‘D’ - USD Asian Tigers Equity Fund ‘I’ - USD

50.71 78.70 50.80

Behavioural Finance Japan Fund Behavioural Finance Japan Fund ‘A’ - JPY

3,888.22

Biotech Fund Biotech Fund ‘A’ - EUR Biotech Fund ‘D’ - EUR

18.37 27.49

China Equity Fund China Equity Fund ‘A’ - USD China Equity Fund ‘D’ - USD

75.46 51.75

Consumer Discretionary Fund Consumer Discretionary Fund ‘A’ - EUR

49.96

Consumer Staples Fund Consumer Staples Fund ‘A’ - EUR

46.50

Eastern Europe Equity Fund Eastern Europe Equity Fund ‘A’ - EUR Eastern Europe Equity Fund ‘D’ - EUR Eastern Europe Equity Fund ‘I’ - EUR

183.75 55.97 184.41

Euro Equity Fund Euro Equity Fund ‘A’ - EUR

35.60

Europe Equity Dynamic Fund Europe Equity Dynamic Fund ‘A’ - EUR Europe Equity Dynamic Fund ‘I’ - EUR

50.27 10,057.61

Europe Equity Fund Europe Equity Fund ‘A’ - EUR Europe Equity Fund ‘D’ - EUR Europe Equity Fund ‘I’ - EUR

87.04 36.66 87.21

Europe Equity Growth Fund Europe Equity Growth Fund ‘A’ - EUR Europe Equity Growth Fund ‘D’ - EUR

21.16 34.19

Financials Fund Financials Fund ‘A’ - EUR

51.19

Germany Equity Fund Germany Equity Fund ‘A’ - EUR Germany Equity Fund ‘D’ - EUR

118.75 38.23

Global Emerging Markets Equity Fund

8

Global Emerging Markets Equity Fund ‘A’ - USD Global Emerging Markets Equity Fund ‘D’ - USD Global Emerging Markets Equity Fund ‘I’ - USD

60.11 88.26 60.23

Název fondu


Global Equity Fund Global Equity Fund ‘A’ - USD Global Equity Fund ‘D’ - USD

43.10 47.22

Global Equity Value Fund Global Equity Value Fund ‘A’ - EUR

53.91

Global Leader Fund Global Leader Fund ‘A’ - EUR

37.70

Industrials Fund Industrials Fund ‘A’ - USD

48.87

Information Technology Fund Information Technology Fund ‘A’ - USD Information Technology Fund ‘D’ - USD

32.95 38.19

Japan Equity Fund Japan Equity Fund ‘A’ - USD Japan Equity Fund ‘D’ - USD

36.95 47.48

Latin America Equity Fund Latin America Equity Fund ‘A’ - USD Latin America Equity Fund ‘D’ - USD Latin America Equity Fund ‘I’ - USD

78.38 58.36 78.58

Materials Fund Materials Fund ‘A’ - USD

52.54

Netherlands Equity Fund Netherlands Equity Fund ‘A’ - EUR

32.44

Pharma Fund Pharma Fund ‘A’ - EUR Pharma Fund ‘D’ - EUR

29.53 33.86

Preferred Securities Fund Preferred Securities Fund ‘B’ - EUR

50.21

Resources Fund Resources Fund ‘A’ - USD Resources Fund ‘D’ - USD

78.49 55.51

Russia Equity Fund Russia Equity Fund ‘A’ - EUR

46.35

Small Companies Europe Equity Fund Small Companies Europe Equity Fund ‘A’ - EUR Small Companies Europe Equity Fund ‘D’ - EUR Small Companies Europe Equity Fund ‘I’ - EUR

27.50 49.79 27.58

Socially Responsible Equity Fund Socially Responsible Equity Fund ‘A’ - EUR

30.46

9

Switzerland Equity Fund Switzerland Equity Fund ‘A’ - CHF

169.90

Název fondu


Telecommunication Services Fund Telecommunication Services Fund ‘A’ - EUR

52.01

US Equity Growth Fund US Equity Growth Fund ‘A’ - USD US Equity Growth Fund ‘D’ - USD US Equity Growth Fund ‘I’ - USD

100.98 45.96 101.45

US Equity Value Fund US Equity Value Fund ‘A ’ - USD US Equity Value Fund ‘D’ - USD

70.01 52.72

Utilities Fund Utilities Fund ‘A’ - EUR

53.23

2001 Euro Bond Fund 2001 Euro Bond Fund ‘A’ - EUR

51.97

Asia Bond Fund Asia Bond Fund ‘A’ - USD

90.90

Czech Crown Bond Fund Czech Crown Bond Fund ‘A’ - CZK

112.97

Euro Bond Fund Euro Bond Fund ‘A’ - EUR Euro Bond Fund ‘B’ - EUR

73.45 57.68

Euro Credit Bond Fund Euro Credit Bond Fund ‘A’ - EUR

52.24

Euro Government Bond Fund Euro Government Bond Fund ‘A’ - EUR

51.96

Euro Plus Fund Euro Plus Fund ‘A’ - EUR Euro Plus Fund ‘I’ - EUR

50.19 10,039.87

Europe Bond Fund Europe Bond Fund ‘A’ - EUR Europe Bond Fund ‘D’ - EUR

94.63 56.04

Global Bond Fund Global Bond Fund ‘A’ - USD

96.05

Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (Euro) ‘A’ - EUR Global Emerging Markets Bond Fund (Euro) ‘B’ - EUR Global Emerging Markets Bond Fund (Euro) ‘D’ - EUR

61.98 53.40 55.32

Global Emerging Markets Bond Fund (USD) Global Emerging Markets Bond Fund (USD) ‘A’ - USD

162.64

10

Global Emerging Markets Bond Fund (USD) ‘D’ - USD Global Emerging Markets Bond Fund (USD) ‘I’ - USD

96.03 162.93

Název fondu


High Yield Bond Fund (Euro) High Yield Bond Fund (Euro) ‘A’ - EUR High Yield Bond Fund (Euro) ‘D’ - EUR High Yield Bond Fund (Euro) ‘I’ - EUR

61.43 63.60 61.55

High Yield Bond Fund (USD) High Yield Bond Fund (USD) ‘A’ - USD High Yield Bond Fund (USD) ‘I’ - USD

62.80 63.02

US Bond Fund US Bond Fund ‘A’ - USD

92.52

2001 Interest Growth Fund (Euro) 2001 Interest Growth Fund (Euro) ‘A’ - EUR

50.38

Interest Growth Fund CZK Interest Growth Fund CZK ‘A’ - CZK

108.01

Interest Growth Fund (Euro) Interest Growth Fund (Euro) ‘A’ - EUR Interest Growth Fund (Euro) ‘I’ - EUR

60.73 10,194.01

Interest Growth Fund (USD) Interest Growth Fund (USD) ‘A’ - USD

76.88

Model Fund 1 Model Fund 1 ‘A’ - EUR

57.44


51.69


46.33


40.23


33.60


28.04

11

Prehled investic

Asian Tigers Equity Fund 31-10-2004 pocet

Prevoditelné cenné papíry prijaté k obchodování na burze nebo obchodované na jiném regulovaném trhu

tržní hodnota x USD 1 000

%

932 3,353 768 978 2,661 1,289 697 1,301 46 648 770 1,865 643 1,502 2,394 747 1,543 939 3,555 1,649 837 2,100 3,321 597 724 1,080 324

0.73 2.62 0.60 0.76 2.08 1.01 0.54 1.02 0.04 0.51 0.60 1.46 0.50 1.17 1.87 0.58 1.21 0.73 2.78 1.29 0.65 1.64 2.59 0.47 0.57 0.84 0.25

37,263

29.11

638 240 232 475 489 61 953 1,072 530 376 533 1,019 545 1,688 513 742 285 734

0.50 0.19 0.18 0.37 0.38 0.05 0.74 0.84 0.41 0.29 0.42 0.80 0.43 1.32 0.40 0.58 0.22 0.57

11,125

8.69

Statement of investments AKCIE Cína a Hong Kong 512,500 404,600 1,160,000 662,000 916,500 3,400,000 2,010,000 226,600 22,960 90,000 2,282,000 349,000 820,000 1,012,000 180,000 161,000 800,535 58,000 463,070 3,150,000 980,000 227,000 470,000 300,000 220,000 820,000 480,000

Indie 46,325 45,960 9,716 125,686 18,703 33,075 22,685 44,735 28,979 45,461 390,000 58,650 22,516 144,668 62,194 75,200 11,218 79,852

BOC Hong Kong Cheung Kong China Life Insurance China Merchants Hai Hong China Mobile Hong Kong China Petroleum and Chemical China Southern Airlines CLP Dah Sing Banking Dah Sing Financial Denway Motors Esprit Global Bio-Chem Technology Hang Lung Properties Hang Seng Bank Henderson Land Development Hong Kong & China Gas HSBC Hutchison Whampoa PetroChina Sino Land Sun Hung Kai Properties Swire Pacific Technotronic Industries Wharf Yanzhou Coal Mining Zhejiang Expressway

Bharat Heavy Electricals Chennai Petroleum Grasim Industries Great Eastern Shipping Hindalco Industries Industrial Development Bank of India Infosys Technologies ITC Larsen & Toubro Maruti Udyog National Thermal Power Oil and Natural Gas Ranbaxy Laboratories Reliance Industries Satyam Computer Services State Bank of India Tata Consultancy Services Tata Motors

Indonésie

12

455,000 921,500 299,000 1,186,500 1,135,000 2,227,500 128,500 641,000 554,000 2,348,500

Malajsie 50,100 472,000 314,600 150,400 400,200 343,000 385,150 256,400 183,500 149,000

Singapu r 525,000 152,000 19,000 185,000 162,000 180,263 95,000 97,000 273,281 920,000 194,000 47,000

Jižní Korea 57,000 6,300 72,000 54,581 26,500 60,000 7,869 76,000 12,000 39,000 12,600 22,800 6,600 89,000 5,305 13,000 34,400 9,900

Taiwan 377,737 950,137 981,583 18,772 1,380,305

Astra International Bank Central Asia Bank Danamon Indonesia Bank Mandiri Bank Rakyat Indonesia Bumi Resources Gudang Garam Hanjaya Mandala Sampoerna Indosat Telekomunikasi Indonesia

British American Tobacco Commerce Asset Gamuda Genting Malaysia International Shipping Maxis Communications Public Bank Resorts World Tanjong Telekom Malaysia

CapitaMall Trust City Development Creative Technology DBS Group Keppel OCBC - Overseas Chinese Banking Singapore Airlines Singapore Petroleum Singapore Press Singapore Telecommunications United Overseas Bank Venture Manufacturing

Hanjin Shipping Hite Brewery Hynix Semiconductor Hyundai Motor KH Vatec Kookmin Bank Kookmin Bank - ADR Korean Air KT - ADR LG Electronics Posco Samsung Electronics Samsung Electronics - GDR Shinhan Financial Shinsegae Sindo Ricoh SK SK Telecom

Advanced Semiconductor Engineering Cathay Financial China Steel China Steel - GDR Chinatrust Financial

393 243 118 205 243 178 180 423 288 1,123

0.31 0.19 0.09 0.16 0.19 0.14 0.14 0.33 0.22 0.88

3,394

2.65

600 571 414 669 1,422 776 704 644 623 451

0.47 0.45 0.32 0.52 1.11 0.61 0.55 0.50 0.49 0.35

6,874

5.37

533 575 215 1,733 778 1,494 610 218 771 1,337 1,573 446

0.42 0.45 0.17 1.35 0.61 1.17 0.48 0.17 0.60 1.04 1.23 0.35

10,283

8.04

1,097 458 817 2,647 708 2,004 265 1,164 222 2,202 1,885 8,951 873 1,753 1,493 696 1,798 1,552

0.86 0.36 0.64 2.07 0.55 1.57 0.21 0.91 0.17 1.72 1.47 6.99 0.68 1.37 1.17 0.54 1.40 1.21

30,585

23.89

260 1,820 987 372 1,574

0.20 1.42 0.77 0.29 1.23

13

43,378 413,954 77,500 160,149 2,030,000 1,320,421 278,489 498,059 1,800,738 2,132,430 1,770,875 1,090,987

196 1,524 455 1,074 1,355 1,838 550 805 1,472 2,796 1,071 944

0.15 1.19 0.36 0.84 1.06 1.44 0.43 0.63 1.15 2.18 0.84 0.74

19,093

14.92

898 188 277 935 1,105 926 159 47

0.70 0.15 0.22 0.73 0.86 0.72 0.12 0.04

4,535

3.54

AKTIVA CELKEM

123,152

96.21

PRÁVA Thajsko 165,789 True PCL - Rights

0

0.00

0

0.00

0 123,152 4,852 128,004

0.00 96.21 3.79 100.00

Statement of investments Thajsko 384,200 53,000 1,138,000 225,900 1,251,500 148,600 158,000 56,500

Compal Electronics Hon Hai Precision Industry Largan Precision MediaTek Mega Financial Nan Ya Plastics Optimax Technology Quanta Computer Taishin Financial Taiwan Semiconductor Manufacturing United Microelectronics Yang Ming Marine Transport

Bangkok Bank - Foreign shares Banpu Public Land and Houses Public PTT Public - Foreign shares Shin Corporations Public Siam Cement - Foreign shares Thai Oil Public Thoresen Thai Agencies Public

PRÁVA CELKEM INVESTICE LIKVIDNÍ AKTIVA CELKOVÁ CISTÁ AKTIVA

Prehled investic

Behavioural Finance Japan Fund 31-10-2004 Statement of investments -ehavioural Finance Japan Fund 31-10-2004

pocet

AKCIE Japonsko 5,000 3,300 9,000 5,700 3,400 10,000 6,000 61 4,400 2,000 4,900 3,100 13,000 5,400


Aeon Aeon - when issued Chuba Electric Power Citizen Watch Daiichi Pharmaceutical Dai Nippon Printing Daiwa House Industry East Japan Railway Eisai Familymart Fujisawa Pharmaceutical Hokkaido Electric Power Honda Motor Ito Yokado


%

8,480 5,597 20,745 5,677 7,021 14,510 6,504 33,977 13,420 5,690 13,573 6,092 66,560 20,520

1.14 0.75 2.79 0.76 0.94 1.95 0.87 4.57 1.80 0.76 1.82 0.82 8.94 2.76

14

9,000 11,000 2,500 8,000 6,700 1,600 2,900 4,400 25 13,000 18,000 3,800 24,000 11,000 30,000 12,000 4,000 34,000 25,000 6,000 16,000 14,000 13,000 63 3,000 14,200 920 9,000 10,000 18,000 10,000 9,000 7,000 13,000 10,000 6,000 4,000 3,600 7,000

Kao Kirin Brewery Konami Kyowa Hakko Kogyo Kyushu Electric Power Lawson Leopalace21 Marui Millea Mitsui Mining & Smelting Mitsui Sumitomo Insurance Murata Manufacturing Nikko Cordial Nippon Express Nomura NSK Onward Kashiyama Osaka Gas Sanyo Electronic Sekisui House Sharp Shimizu Sompo Japan Ins. Sumitomo Mitsui Financial Taisho Pharmaceutical Takeda Pharmaceutical Takefuji The 77 Bank The Bank of Fukuoka The Bank of Yokohama The Chiba Bank The Chuo Mitsui Trust and Banking The Gunma Bank The Joyo Bank Toppan Printing Toto Uny Yamaha Yamato Transport

INVESTICE LIKVIDNÍ AKTIVA CELKEM CISTÁ AKTIVA

22,005 10,472 5,975 5,936 14,070 5,664 5,614 5,848 35,000 5,447 15,660 19,190 11,376 5,621 39,000 5,472 5,520 10,438 8,475 6,564 23,424 6,300 12,012 43,407 5,742 72,704 6,164 5,679 6,030 11,412 6,810 6,561 3,780 6,136 10,240 5,700 4,244 5,828 10,003

2.96 1.41 0.80 0.80 1.89 0.76 0.75 0.79 4.70 0.73 2.10 2.58 1.53 0.76 5.24 0.74 0.74 1.40 1.14 0.88 3.15 0.85 1.61 5.83 0.77 9.77 0.83 0.76 0.81 1.53 0.92 0.88 0.51 0.82 1.38 0.78 0.58 0.79 1.34

723,889

97.28

723,889 20,224 744,113

97.28 2.72 100.00

Prehled investic

Biotech Fund 31-10-2004 Statement of investments -

pocet

otech Fund 31-10-2004 AKCIE Švýcarsko 13,500

Spojené státy americké 21,000 21,000 36,000 44,500


Actelion

Abgenix Affymetrix Alkermes Amgen

tržní hodnota x EUR 1 000

%

1,210

5.95

1,210

5.95

150 504 350 1,987

0.74 2.48 1.72 9.77

15

25,000 39,000 44,000 18,000 27,000 29,000 30,000 47,000 24,000 22,000 52,000 32, 000 27,000 17,000 14,000 51,000 30,000 39,500 23,000 21,000 28,000 10,000 19,000 48,000 30,000

Amylin Pharmaceuticals Biogen Idec Celgene Cephalon Chiron CVTherapeutics Enzon Pharmaceutical Exelixis Genentech Genzyme Gilead Sciences Human Genome Sciences ICOS Intermune Invitrogen Ligand Pharmaceuticals MedImmune Millennium Pharmaceuticals Myriad Genetics Neurocrine Biosciences NPS Pharmaceuticals Onyxx Pharmaceuticals OSI Pharmaceuticals Protein Design Labs The Medicines

INVESTICE LIKVIDNÍ AKTIVA CELKEM CISTÁ AKTIVA

419 1,783 1,025 675 688 381 381 329 859 907 1,417 259 478 173 637 357 670 403 320 768 376 221 971 723 628

2.06 8.76 5.04 3.32 3.38 1.87 1.87 1.62 4.22 4.46 6.97 1.27 2.35 0.85 3.13 1.75 3.29 1.98 1.57 3.78 1.85 1.09 4.77 3.55 3.09

18,839

92.60

20,049 294 20,343

98.55 1.45 100.00

Prehled investic

China Equity Fund 31-10-2004 pocet

AKCIE Cína a Hongkong 9,500 6,000,000 600,000 1,000,000 8,500,000 4,050,000 4,000,000 650,000 2,500,000 1,920,000 14,000,000 4,400,000 3,100,000 3,000,000 3,000,000 31,500,000 2,000,000 2,300,000 3,200,000 9,000,000 33,500,000 4,700,000 9,500,000


51Job ADR Aluminum Corporation of China Anhui Conch Cement Avichina Industry & Technology Beijing Capital International Airport BOC Hong Kong Brilliance China Automotive BYD Chaoda Modern Agriculture China International Marine Containers China Life Insurance China Merchants Hai Hong China Mobile Hong Kong China Oilfield Services China Overseas Land & Power China Petroleum and Chemical China Resources Enterprise China Resources Power China Shipping Development China Southern Airlines China Telecom China Unicom Citic International Finance


%

256 3,430 667 103 3,058 7,363 838 1,829 851 3,624 9,263 6,501 9,001 877 655 11,939 2,788 1,315 2,672 3,122 10,760 3,351 3,784

0.11 1.53 0.30 0.05 1.36 3.28 0.37 0.81 0.38 1.61 4.12 2.89 4.00 0.39 0.29 5.31 1.24 0.58 1.19 1.39 4.79 1.49 1.68

16

2,750,000 22,000,000 3,200,000 4,800,000 25,000 5,700,000 16,300,000 1,250,000 8,000,000 7,200,000 2,800,000 1,700,000 10,000,000 4,200,000 7,000,000 5,500,000 1,050,000 4,300,000 800,000 6,000,000 900,000 5,700,000 12,500,000 3,400,000 3,700,000 34,000,000 2,250,000 4,000,000 3,000,000 1,261,200 2,000,000 1,900,000 1,220,000 3,000,000 8,500,000 1,700,000 1,800,000 3,500,000 1,000,000 160,000 1,500,000 2,000,000 2,600,000 3,900,000 3,400,000 2,150,000

Tajwan 534,624 448,867 2,000,460 117,970 27,500 47,238 403,570 331,190 1,556,486

Citic Pacific CNOOC COFCO Cosco Pacific Ctrip.com Datang International Power Denway Motors Eastern Communications Euro-Asia Agricultural Global Bio-chem Technology Gome E lectrical Applicances Guangdong Electric Power Development Guangshen Railway Guanzhou Shipyard Harbin Power Equipement Hengan International Huadian Energy Huaneng Power Huangshan Tourism Development iMerchants Industrial and Commercial Bank Jiangxi Copper Lenovo Group Lianhua Supermarket Nam Tai Electronic & Electrical Products PetroChina Picc Property and Casualty Pico Far East Semiconductor Manufacturing Shanghai Dazhong Taxis Shareholding Shanghai Forte Land Shanghai Industrial Shanghai Zhenhua Port Machinery Shenzhen Expressway Sinopec Shanghai Petrochemical Sinopec Zhenhai Refining & Chemical TCL Communications Technologie TCLInternational Tsingtao Brewery UTStarcom Varitronix Weichai Power Werqiao Textile Yanzhou Coal Mining Zhejiang Expressway Zhejiang Southeast Electric Power

Acer Advanced Semiconductor Engineering EVAAirways Hon Hai Precision Industry Largan Precision MediaTek Nan Ya Plastics Quanta Computer Taiwan Semiconductor Manufacturing

AKCIE CELKEM

7,031 11,306 1,254 8,295 999 4,540 5,497 425 0 5,643 2,248 944 2,827 599 1,700 2,933 418 3,232 313 91 1,208 3,021 4,497 3,975 1,081 17,801 809 288 628 718 617 3,601 1,065 1,079 2,976 1,627 206 956 931 2,739 1,436 4,124 3,791 5,136 2,293 1,387

3.13 5.03 0.56 3.69 0.44 2.02 2.45 0.19 0.00 2.51 1.00 0.42 1.26 0.27 0.76 1.30 0.19 1.44 0.14 0.04 0.54 1.34 2.00 1.77 0.48 7.92 0.36 0.13 0.28 0.32 0.27 1.60 0.47 0.48 1.32 0.72 0.09 0.43 0.41 1.22 0.64 1.83 1.69 2.28 1.02 0.63

216,332

96.24

783 309 793 434 161 317 562 535 2,040

0.35 0.14 0.35 0.19 0.07 0.14 0.25 0.24 0.91

5,934

2.64

222,266

98.88

26

0.01

26

0.01

WARRANT Y Hongkong 375,000

Global Bio-Chem Call-Warrants 31.05.07

17

WARRANT Y CELKEM INVESTICE LIKVIDNÍ AKTIVA CISTÁ AKTIVA CELKEM

26 222,292 2,498 224,790

0.01 98.89 1.11 100.00

a Equity Fund 31 -10-2004

Prehled investic

Consumer Discretionary Fund 31-10-2004 pocet

ement of investments AKCIE Austrálie 9,600 Kanada 4,000

Nemecko 5,500 Francie 6,500 1,800 3,800 6,000

Itálie 2,000 6,900

Japonsko 5,400 13,000 39,900 1,900 26,600

Nizozemí 17,700 19,300 10,000 Švýcarsko 170

Spojené království 39,600 37,100 21,400 24,000 56,900 14,000 10,900 2,800


The News

Magna International

BMW

Accor Louis Vuitton Moët Hennessy Renault Vivendi Universal

Mediaset Tod’s

Honda Motor Matsushita Electric Industrial Nissan Motor Sony Toyota Motor

Philips Electronics Reed Elsevier VNU

Kuoni Reisen

British Sky Broadcasting Compass GUS Hilton Kingfisher Marks & Spencer Next Pearson


%

61

0.53

61

0.53

232

2.02

232

2.02

182

1.59

182

1.59

212 97 249 128

1.85 0.85 2.17 1.12

686

5.99

18 214

0.16 1.87

232

2.03

205 148 353 52 813

1.79 1.29 3.08 0.45 7.09

1,571

13.70

328 199 214

2.86 1.73 1.87

741

6.46

51

0.44

51

0.44

290 120 275 89 248 72 262 24

2.53 1.05 2.40 0.78 2.16 0.63 2.28 0.21

18

3,400 7,500

Reed Elsevier WPP

Spojené státy 2,000 8,500 6,400 8,500 2,800 12,200 1,500 4,200 1,800 1,800 20,000 5,000 1,850 6,100 5,100 6,600 1,500 1,300 6,000 3,000 6,600 7,100 8,100 8,500 22,900 6,100 17,700 10,700 1,600

Amazon.Com Best Buy BorgWarner Carnival Centex Comcast Ebay Fortune Brands Gannett General Motors Home Depot Johnson Controls Kohls Leapfrog Enterprises Lowe’s Companies McDonald’s McGraw-Hill Companies NIKE Omnicom Pulte Homes Sears Roebuck & Co. Staples Target Tiffany & Co. Time Warner TJX Companies Viacom Walt Disney Yum ! Brands

INVESTICE LIKVIDNÍ AKTIVA CISTÁ AKTIVA CELKEM

24 59

0.21 0.51

1,463

12.76

54 396 233 338 114 283 115 240 117 55 645 225 74 59 226 151 102 83 372 129 182 166 319 196 300 115 507 212 55

0.46 3.44 2.02 2.95 0.99 2.47 1.00 2.09 1.02 0.48 5.62 1.96 0.65 0.51 1.97 1.32 0.89 0.72 3.24 1.12 1.59 1.45 2.78 1.71 2.62 1.00 4.42 1.85 0.48

6,063

52.82

11,282 190 11,472

98.34 1.66 100.00

Prehled investic

Consumer Staples Fund 31-10-2004 pocet



% Staples

153

1.54

153

1.54

243

2.44

243

2.44

134 123

1.35 1.24

257

2.59

139 84

1.40 0.84

Fund 31-10-2004 AKCIE Belgie 5,500

Nemecko 6,500

Francie 3,900 2,300 Japonsko 16,000 3,000

Interbrew

Metro

Carrefour Supermarché L’Oréal

Ajinomoto Ito Yokado

19

4,000 13,000

Nizozemí 48,500 10,500 13,700 4,500 Španelsko 6,400

Švédsko 9,100

Švýcarsko 2,500

Spojené království 10,400 41,900 43,800 15,800 82,000 18,000

Spojené státy 23,050 5,700 8,300 23,300 2,900 10,600 2,500 7,700 3,200 1,800 4,400 13,500 19,200 4,100 4,400 15,100 1,150

Kao Shiseido

Koninklijke Ahold Koninklijke Numico Nutreco Unilever

Altadis

Oriflame Cosmetics

Nestlé

British American Tobacco Diageo Premier Foods Reckitt Benckiser Tesco Unilever

Altria Anheuser-Busch Companies Avon Products Coca Cola Costco Wholesale CVS General Mills Gillette Kimberley Clark Kraft Foods Kroger (The) PepsiCo Procter & Gamble Sysco Walgreen Wal-Mart Stores Wm. Wrigley Jr.

INVESTICE LIKVIDNÍ AKTIVA CISTÁ AKTIVA CELKEM Statement of investments -umer Staples Fund 31-10-2004

72 133

0.72 1.34

428

4.30

264 277 262 205

2.65 2.79 2.63 2.06

1,008

10.13

184

1.85

184

1.85

145

1.46

145

1.46

463

4.66

463

4.66

123 440 141 340 339 119

1.24 4.42 1.42 3.42 3.41 1.20

1,502

15.11

879 224 258 745 109 362 87 251 150 47 52 526 773 104 124 641 59

8.84 2.25 2.59 7.49 1.10 3.64 0.87 2.52 1.51 0.47 0.52 5.29 7.77 1.05 1.25 6.44 0.59

5,391

54.19

9,774 172 9,946

98.27 1.73 100.00

Prehled investic

Eastern Europe Equity Fund 31-10-2004 pocet



% Staples

Fund 31-10-2004 AKCIE

20

Rakousko 237,600

Ceská republika 2,414,000 3,130,000 163,887 85,000 309,001 18,442 118,416 93,478

Estonsko 948,000

Madarsko 130,500 56,200 774,000 285,000 370,000 570,000 714,500 Kazachstán 120,000 Polsko 73,000 542,731 150,000 76,749 15,000 560,000 140,000 1,430,000 343,500 80,000 2,350,000 1,925,000

Rusko 330,000 269,670 288,985 82,000 4,000,000 514,000 210,000 60,000,000 127,000 322,565

Slovensko 107,150


Erste Bank der Österreichischen Sparkassen

Cesky Telecom CEZ CKD Praha Komercni Banka Komercni Banka - GDR Philip Morris Skoda Konzern Pilsen ZPS

Hansabank

Gedeon Richter Gedeon Richter - GDR Matav RT - Sp ADR Mol Magyar Olay Mol Magyar Olay - GDR OTPBank OTP Bank - GDR -

PetroKazakhstan

Bank BPH Bank Pekao Central Euro Distribution Computerland Poland Globe Trade Centre KGHM Polska Miedz KGHM Polska Miedz - GDR Polski Koncern Naftowy Orlen Polski Koncern Naftowy Orlen - GDR Prokom Software Telekomunikacja Polska Telekomunikacja Polska - GDR -

Gazprom - ADR JSC MMC Norilsk - ADR Lukoil Holding Sp. - ADR Mobile Telesystems - ADR Surgutneftegaz Surgutneftegaz - ADR Unified Energy Systems - GDR Uralsvyazinform Vimpel Communications - ADR Yukos Oil - ADR -

Povazske Strojarne

8,306

2.18

8,306

2.18

24,861 27,225 0 8,406 10,081 8,486 0 0

6.52 7.14 0.00 2.20 2.64 2.22 0.00 0.00

79,059

20.72

7,489

1.96

7,489

1.96

12,050 5,045 12,821 12,500 16,196 11,294 28,298

3.16 1.32 3.36 3.28 4.25 2.96 7.42

98,204

25.75

3,481

0.91

3,481

0.91

7,691 16,194 2,985 1,953 416 4,326 2,152 12,106 5,806 2,350 8,914 7,279

2.02 4.25 0.78 0.51 0.11 1.13 0.56 3.17 1.52 0.62 2.34 1.91

72,172

18.92

9,692 13,250 28,569 9,355 1,654 16,163 5,197 1,967 11,382 4,235

2.54 3.47 7.49 2.45 0.43 4.24 1.36 0.52 2.99 1.11

101,464

26.60

0

0.00

0

0.00

370,175 11,302 381,477

97.04 2.96 100.00

21

Prehled investic

Euro Equity Fund 31-10-2004 pocet

Fund 31-10-2004 AKCIE Belgie 30,566 1,527 7,821 15,500 Finsko 168,300 31,838 28,113

Francie 38,363 14,346 4,431 41,764 35,795 24,156 6,432 18,765 11,939 8,006 18,300 7,890 12,842 36,304 8,769 7,196 6,062 12,749 9,209 3,656 7,589 2,985 111,400 7,404 34,270 9,764 9,579 121,000 22,421 30,890 17,671 15,989 5,229 37,623

Nemecko 10,181 14,650 25,198 26,702 70,533


Dexia Electrabel KBC Bancassurance Telindus

Nokia Stora Enso UPM-Kymmene

AXA Accor Air Liquide Alcatel Arcelor BNP Paribas Bouygues Carrefour Supermarché Compagnie de Saint-Gobain Compagnie Générale des Etablissements Michelin Crédit Agricole Essilor International European Aeronautic Defence and Space France Telecom Groupe Danone Lafarge Lagardere L’Oréal Louis Vuitton Moët Hennessy Pernod-Ricard Peugeot Pinault-Printemps-Redoute Publicis Renault Sanofi-Aventis Schneider Electric Société Générale Paris Société Télévision Francaise 1 STMicroelectronics Suez Total Veolia Environnement Vinci Vivendi Universal

Allianz BASF Bayer Bayerische Hypo-Vereinsbank BMW


% Staples

480 447 449 0

0.48 0.44 0.45 0.00

1,376

1.37

2,035 356 436

2.02 0.35 0.43

2,827

2.80

647 467 561 479 524 1,289 199 644 514 341 420 420 287 815 575 515 306 681 495 397 366 220 2,605 486 1,964 507 696 2,854 324 566 2,880 380 488 806

0.64 0.46 0.56 0.47 0.52 1.28 0.20 0.64 0.51 0.34 0.42 0.42 0.28 0.81 0.57 0.51 0.30 0.68 0.49 0.39 0.36 0.22 2.58 0.48 1.95 0.50 0.69 2.83 0.32 0.56 2.85 0.38 0.48 0.80

25,718

25.49

849 716 560 409 2,338

0.84 0.71 0.56 0.41 2.32

22

25,267 10,227 29,941 18,071 124,400 81,146 19,783 28,437 265,014 8,283 6,108 15,248 23,450 7,566 26,500

Recko 425,000 Irsko 34,545 40,075 27,303 271,807 17,300 Itálie 172,241 37,391 35,378 88,851 142,600 35,286 43,222 46,785 53,310 129,551 161,273 291,171 168,724 Nizozemí 46,346 453,900 64,139 12,078 20,917 47,318 15,063 52,385 65,250 574,000 47,711 41,996 64,000 23,416 19,297 181,000 11,569

Portugalsko 71,613

Commerzbank Continental DaimlerChrysler Deutsche Bank Deutsche Post Deutsche Telekom E.On Infineon Techn ologies Karstadt Quelle Metro Münchener Rückversicherung RWE SAP Schering Siemens

Cosmote Mobile Communication

Allied Irish Banks Bank of Ireland CRH Depfa Bank Elan

Banca Intesa Banche Popolari unite Banco Popolare di Verona e Novara Enel ENI Generali Ass. Mediaset Mediobanca San Paolo - IMI Telecom Italia Mobile Telecom Italia RNC Telecom Italia Unicredito Italiano

ABN AMRO Aegon Koninklijke Ahold Akzo Nobel ASML Fortis Heineken ING Koninklijke KPN LogicaCMG Philips Electronics Reed Elsevier Royal Dutch Petroleum TPG Unilever Vedior VNU

Portugal Telecom

362 438 969 1,077 1,906 1,219 1,262 243 2,356 310 468 633 3,131 381 1,546

0.36 0.43 0.96 1.07 1.89 1.21 1.25 0.24 2.34 0.31 0.46 0.63 3.10 0.38 1.53

21,173

21.00

6,018

5.97

6,018

5.97

472 431 512 3,262 349

0.47 0.43 0.51 3.23 0.35

5,026

4.99

553 521 492 630 2,538 821 386 508 530 599 314 760 710

0.55 0.52 0.49 0.62 2.52 0.81 0.38 0.50 0.53 0.59 0.31 0.75 0.70

9,362

9.27

869 3,894 349 356 234 944 371 1,087 409 1,475 885 433 2,726 444 880 2,085 248

0.85 3.85 0.34 0.35 0.23 0.94 0.37 1.08 0.41 1.46 0.88 0.43 2.70 0.44 0.87 2.07 0.25

17,689

17.52

632

0.63

632

0.63

Španelsko

23

16,752 123,026 11,453 154,216 45,073 36,373 45,096 148,430

Altadis Banco Bilbao Vizcaya Argentaria Banco Popular Espanol Banco Santander Central Hispano Endesa Iberdrola Repsol Telefonica de Espana


482 1,514 509 1,349 717 624 766 1,921

0.48 1.50 0.50 1.34 0.71 0.62 0.76 1.90

7,882

7.81

97,703 3,180 100,883

96.85 3.15 100.00

Prehled investic

Europe Equity Fund 31-10-2004 pocet



% Staples

659 579 0

0.24 0.21 0.00

1,238

0.45

529 7,391

0.19 2.66

7,920

2.85

Fund 31-10-2004 AKCIE Belgie 42,000 1,977 45,910 Dánsko 24,173 189,700

Dexia Electrabel Telindus

Danske Bank Novo Nordisk

Finsko 153,568 43,501 39,141

Nokia Stora Enso UPM-Kymmene

1,857 487 607 2,951

0.67 0.18 0.22 1.07

Francie 39,708 17,334 6,440 52,817 25,860 23,357 16,157 14,341 24,500 40,728 11,223 9,952 16,998 13,462 12,931 8,400 35,290 15,852 11,339 302,863 41,979 45,243 16,113 27,320 37,365

AXA Accor Air Liquide Alcatel BNP Paribas Carrefour Supermarché Compagnie de Saint-Gobain Compagnie Générale des Etablissements Michelin Crédit Agricole France Telecom Groupe Danone Lafarge L’Oréal Louis Vuitton Moët Hennessy Peugeot Renault Sanofi-Aventis Schneider Electric Société Générale Paris Société Télévision Francaise 1 STMicroelectronics Suez Total Veolia Environnement Vivendi Universal

670 564 815 605 1,380 802 696 612 563 914 736 712 909 723 623 551 2,022 823 824 7,145 607 830 2,626 649 800

0.24 0.20 0.29 0.22 0.50 0.29 0.25 0.22 0.20 0.33 0.27 0.26 0.33 0.26 0.22 0.20 0.73 0.30 0.30 2.57 0.22 0.30 0.95 0.23 0.29

24

Nemecko 11,485 14,550 33,344 39,273 41,369 26,335 21,376 35,148 89,659 17,300 660,000 7,341 19,113 8,253 11,927 25,678 18,199 Recko 969,600 Irsko 46,005 54,086 34,306 823,000 20,516

Itálie 298,848 109,726 509,000 50,331 114,013 195,596 172,338 395,273 215,932 Nizozemí 58,411 800,167 21,346 43,700 25,947 58,500 91,760 79,951 59, 316 78,768 65,048 22,943 590,600 Norsko 28,646 Portugalsko 90,246

Allianz BASF Bayer Bayerische Hypo-Vereinsbank Commerzbank DaimlerChrysler Deutsche Bank Deutsche Post Deutsche Telekom E.On Karstadt Quelle Münchener Rückversicherung RWE SAP Schering Siemens Volkswagen


Allied Irish Banks Bank of Ireland CRH Depfa Bank Elan

Banca Intesa Enel ENI Generali San Paolo - IMI Telecom Italia Mobile Telecom Italia RNC Telecom Italia Unicredito Italiano

ABN AMRO Aegon Akzo Nobel Fortis Heineken ING Koninklijke Ahold Koninklijke KPN Philips Electronics Reed Elsevier Royal Dutch Petroleum Unilever Vedior

Norsk Hydro

Portugal Telecom

28,201

10.17

958 711 741 602 593 853 1,274 538 1,347 1,103 5,867 563 794 1,102 601 1,498 634

0.34 0.26 0.27 0.22 0.21 0.31 0.46 0.19 0.49 0.40 2.11 0.20 0.29 0.40 0.22 0.54 0.23

19,779

7.14

13,730

4.94

13,730

4.94

628 581 643 9,876 414

0.23 0.21 0.23 3.56 0.15

12,142

4.38

959 778 9,060 1,171 1,133 904 336 1,032 909

0.35 0.28 3.26 0.42 0.41 0.33 0.12 0.37 0.33

16,282

5.87

1,095 6,865 629 872 639 1,214 499 501 1,100 811 2,770 1,046 6,804

0.39 2.47 0.23 0.31 0.23 0.44 0.18 0.18 0.40 0.29 1.00 0.38 2.45

24,845

8.95

1,652

0.59

1,652

0.59

797

0.29

25

Španelsko 28,848 111,016 20,700 174,918 56,599 54,475 42,772 148,831

Švédsko 2,538,500 27,716 101,997 270,988 26,063 93,130 22,095

Švýcarsko 100,098 32,667 45,453 18,014 32,099 226,300 109,000 12,594 1,711 11,776 167,562 4,731

Spojené státy 1,289,000 52,329 84,861 86,325 207,882 185,438 157,347 123,791 59,506 69,935 866,000 48,018 80,229 335,274 114,000 13,062 217,323 182,602 100,200 369,000 57,481 106,724 306,213 43,068 87,049 329,981 152,053 53,723 333,467 184,557 2,299,800

Altadis Banco Bilbao Vizcaya Argentaria Banco Popular Espanol Banco Santander Central Hispano Endesa Iberdrola Repsol Telefonica de Espana

Ericsson Telefon Hennes & Mauritz Nordea Bank Sandvik Svenska Handelsbanken TeliaSonera Volvo

ABB Compagnie Financière Richemont CS Holcim Nestlé Novartis Roche Schweizerische Rueckversicherung Swisscom Syngenta UBS Zurich Financial Services

3i AstraZeneca Aviva B.A.A. Bae Systems Barclays BG BHP Billiton BOC Boots BP British American Tobacco British Sky Broadcasting British Telecommunications Cadbury Schweppes Carnival Centrica Compass Diageo GlaxoSmithkline GUS HBOS HSBC Imperial Tobacco Intercontinental Hotels ITV Kingfisher Land Securities Legal & General Lloyds TSB LogicaCMG

797

0.29

830 1,365 921 1,531 900 935 727 1,926

0.30 0.49 0.33 0.55 0.32 0.34 0.26 0.69

9,135

3.28

5,779 633 690 7,952 442 391 656

2.08 0.23 0.25 2.86 0.16 0.14 0.24

16,543

5.96

453 726 1,218 754 5,949 8,455 8,730 606 483 880 9,462 528

0.16 0.26 0.44 0.27 2.14 3.04 3.14 0.22 0.17 0.32 3.41 0.19

38,244

13.76

10,816 1,682 666 713 713 1,421 805 987 752 663 6,580 567 588 897 743 542 754 592 1,051 6,097 738 1,121 3,879 789 836 509 662 923 476 1,146 5,847

3.89 0.61 0.24 0.26 0.26 0.51 0.29 0.36 0.27 0.24 2.37 0.20 0.21 0.32 0.27 0.20 0.27 0.21 0.38 2.20 0.27 0.40 1.40 0.28 0.30 0.18 0.24 0.33 0.17 0.41 2.11

26

129,549 125,956 65,975 90,218 31,274 109,312 94,535 49,188 91,440 64,120 71,602 121,359 252,441 64,004 248,000 121,323 2,192,789 52,664 1,356,800

Marks & Spencer National Grid Transco Pearson Prudential Reckitt Benckiser Reed Elsevier Reuters Rio Tinto Royal Bank of Scotland SABMiller Scottish & Southern Energy Scottish Power Shell Transport & Trading Smith & Nephew Tesco Unilever Vodafone Wolseley WPP

INVESTICE LIKVIDNÍ AKTIVA CISTÁ AKTIVA CELKEM Statement of investments -

670 859 568 540 673 766 505 1,009 2,114 726 861 769 1,559 426 1,025 802 4,406 714 10,681

0.24 0.31 0.20 0.20 0.24 0.28 0.18 0.36 0.76 0.26 0.31 0.27 0.55 0.15 0.37 0.28 1.58 0.25 3.85

84,228

30.29

277,687 15 277,702

99.99 0.01 100.00

Prehled investic

Europe Equity Dynamic Fund 31-10-2004 pocet



AKCIE Francie 6,850 1,630 1,350 2,040 730 1,080 890 540 810 930 1,440 4,470

Nemecko 1,490 1,010 3,690 2,530 2,740 1,230 850 80 1,720 2,820 1,060

AXA Cap Gemini Compagnie de Saint-Gobain European Aeronautic Defence and Space Company Lafarge Michelin Peugeot Pinault -Printemps-Redoute Renault Schneider Electric Société Générale Paris Vivendi Universal

Allianz Continental DaimlerChrysler Deutsche Bank E.On Metro Münchener Rückversicherung Porsche RWE Thyssenkrupp Volkswagen

%

116 32 58

2.32 0.64 1.16

46 52 46 43 40 53 48 105 96

0.92 1.04 0.92 0.87 0.80 1.07 0.97 2.10 1.92

735

14.73

124 43 119 151 175 46 65 40 71 41 37

2.48 0.86 2.38 3.03 3.52 0.92 1.30 0.81 1.42 0.82 0.74

912

18.28

27

Nizozemí 6,040 4,630 7,400 8,750 6,190 9,150

Švýcarsko 6,310 90 1,260 1,590 710

Spojené Království 10,930 5,340 15,070 3,310 56,140 6,730 38,080 27,570 10,630 24,100 10,310 16,420 5,240 27,190 8,720 6,960 12,780 406,404 11,340 6,030 178,080

Aegon Fortis ING Koninklijke KPN Philips Electronics Royal Dutch Petroleum

CS Givaudan Holcim Swiss Reinsurance Zurich Financial Services

Aviva B.A.A. Bae Systems BOC BP British American Tobacco British Telecommunications Cable & Wireless Compass Dixons Hilton Imperial Chemical Industries Intercontinental Hotels ITV Reuters Rexam Rolls Royce Rolls Royce - B shs Royal Bank of Scotland United Utilities Vodafone

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Europe Equity Dynamic Fund 31-10-2004

52 92 154 55 115 389

1.04 1.84 3.09 1.10 2.30 7.80

857

17.17

169 44 53 76 79

3.39 0.89 1.06 1.52 1.58

421

8.44

86 44 52 42 426 79 102 41 34 60 38 50 50 42 47 43 48 1 262 50 358

1.72 0.88 1.04 0.84 8.55 1.58 2.04 0.83 0.68 1.20 0.76 1.00 1.00 0.85 0.94 0.86 0.97 0.02 5.25 1.00 7.17

1,955

39.18

4,880 110 4,990

97.80 2.20 100.00

Prehled investic

Europe Equity Growth Fund 31-10-2004 pocet



%

AKCIE Belgie 4,900

Dánsko 8,211

Melexis

Vestas Wind Systems

46

0.52

46

0.52

80

0.91

80

0.91

28

Finsko 15,700 1,900

Francie 9,400 920 1,250 2,200 410 1,990 6,400 2,240 1,700

Nemecko 3,800 3,400 2,040 2,060 3,500 75 2,470 1,770

Irsko 6,500 7,300 9,500

Itálie 9,800 8,250 7,300 27,600 1,040

Nizozemí 4,900 9,500 2,500 5,200 2,400 3,650

Norsko 10,300

Portugalsko 11,200 Statement of investments Španelsko 4,100

Nokia Tietoenator

AXA Atos Origin Business Objects Cap Gemini Hermes International L’Oréal S.O.I.T.E.C. Sanofi-Aventis Total

Aixtron BMW Elmos Semiconductor Fresenius Medical Care GPC Biotech Porsche Qiagen SAP

Anglo Irish Bank CRH Ryanair

Bulgari Ordinary ENI Mediolanum Telecom Italia Mobile Tod’s

ASML ING Koninklijke Numico Royal Dutch Petroleum Unilever VNU

Tomra Systems

Portugal Telecom

Indra Sistemas

190 42

2.15 0.48

232

2.63

159 45 25 43 62 106 29 128 277

1.80 0.51 0.28 0.49 0.70 1.20 0.33 1.45 3.14

874

9.90

13 113 27 124 35 37 20 236

0.15 1.28 0.31 1.40 0.40 0.42 0.23 2.67

605

6.86

97 137 39

1.10 1.55 0.44

273

3.09

79 147 36 128 32

0.90 1.67 0.41 1.45 0.36

422

4.79

55 197 66 221 109 78

0.62 2.23 0.75 2.50 1.23 0.88

726

8.21

36

0.41

36

0.41

99

1.12

99

1.12

48

0.54

29

21,800

Švédsko 4,700

Švýcarsko 710 800 3,800 1,255 760 10,600 3,260 670 965 3,350

Spojené Království 7,400 60,700 6,870 7,400 22,000 30,000 12,900 17,900 2,000 21,500 21,100 15,400 27,200 18,900 19,300 4,600 23,100 6,100 19,000 22,400 12,320 8,850 32,000 264,500

Telefonica de Espana

Hennes & Mauritz

Actelio n Adecco Cheserex Compagnie Financière Richemont Nestlé Nobel Biocare Novartis Roche Straumann Synthes UBS

3i ARM AstraZeneca Autonomy BG BP British Sky Broadcasting Capita Carnival Compass GlaxoSmithkline Hit Entertainment HSBC Kingfisher LogicaCMG Man Prudential Reckitt Benckiser Reed Elsevier Serco Group Smith & Nephew Standard Chartered Tesco Vodafone

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKVÁ CISTÁ AKTIVA Stat

282

3.20

330

3.74

107

1.21

107

1.21

64 30 84 233 97 396 261 109 81 189

0.73 0.34 0.95 2.64 1.10 4.49 2.96 1.23 0.92 2.14

1,544

17.50

62 85 221 19 113 228 94 91 83 70 349 50 345 82 50 87 139 131 133 70 82 124 132 531

0.70 0.96 2.50 0.22 1.28 2.58 1.07 1.03 0.94 0.79 3.95 0.57 3.91 0.93 0.57 0.99 1.58 1.48 1.51 0.79 0.93 1.39 1.50 6.02

3,371

38.19

8,745 81 8,826

99.08 0.92 100.00

ement of investments Europe Equity Growth Fund 31-10-2004

30

Prehled investic

Financials Fund 31-10-2004 pocet



%

AKCIE Austrálie 9,000

Belgie 4,000

Kanada 14,400 6,250

Švýcarsko 27,000 13,500 5,500 600

Cína 310,000

Nemecko 12,500 8,200 3,100 7,600

Španelsko 46,000

Francie 33,700 10,500 4,800

Spojené Království 51,700 27,700 61,800 8,000 65,000 32,700 29,500

Commonwealth Bank of Australia

GIMV

Bank of Montreal Manulife Finance

CS Schweizerische Rueckversicherung UBS Zurich Financial Services

Ping An Insurance

Deutsche Bank Deutsche Boerse Muenchener Rueckversicherung MPC Muenchmeyer Peterson Capital

Banco Santander Central Hispano

AXA BNP Paribas CréditAgricole

3i Admiral Barclays Eurocastle Investment F&C Asset Management HBOS HSBC

170

0.65

170

0.65

134

0.51

134

0.51

534 229

2.05 0.88

763

2.93

723 649 311 67

2.77 2.49 1.19 0.26

1,750

6.71

384

1.47

384

1.47

745 321 238 418

2.86 1.23 0.91 1.60

1,722

6.60

403

1.55

403

1.55

569 560 110

2.18 2.15 0.42

1,239

4.75

434 117 474 128 218 344 374

1.66 0.45 1.82 0.49 0.84 1.32 1.43

31

29,500 56,700 33,000

Recko 39,300

Irsko 15,000 39,000

Itálie 64,000 31,000

Japonsko 5,050 134 14,250 99,000

Nizozemí 38,500 44,800

Norsko 43,400

Švédsko 16,500

Turecko 42,000,000

Spojené Státy 3,500 40,000 13,300 22,500 33,000 12,100 13,500 5,700 12,300 10,300 7,600 5,000 30,500 3,100 9,550 10,000 22,500

Man Prudential Royal Bank of Scotland

555 327 763

2.13 1.25 2.93

3,734

14.32

279

1.07

279

1.07

224 468

0.86 1.80

692

2.66

222 131

0.85 0.50

353

1.35

396 684 494 442

1.52 2.62 1.89 1.70

2,016

7.73

722 930

2.77 3.57

1,652

6.34

259

0.99

259

0.99

Ratos

249

0.96

249

0.96

Turk ekonomi Bankasi

129

0.49

129

0.49

167 1,408 422 785 335 634 253 441 565 313 491 172 615 70 405 301 544

0.64 5.40 1.62 3.01 1.28 2.43 0.97 1.69 2.17 1.20 1.88 0.66 2.36 0.27 1.55 1.16 2.10

Athens Stock Exchange

Anglo Irish Bank Depfa Bank

Azimur Holding Unicredito Italiano

Aiful Sumitomo Mitsui Financial T&D The Bank of Fukuoka

ABN AMRO ING

Storebrand

American International Bank of America CIT Citigroup E*TRADE Financial Freddie Mac Genworth Financial Goldman Sachs Hartford Financial Services JP Morgan Chase Lehman Brothers Lincoln National MBNA Mellon Financial Merrill Lynch Metlife National Financial Partners

32

8,750 9,000 9,501 18,500

Jižní Afrika 57,500

Prudential Financial The First Marblehead Wachovia Washington Mutual

Standard Bank

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Financials Fund 31-10-2004

320 379 368 558

1.24 1.45 1.41 2.14

9,546

36.63

395

1.52

395

1.52

25,869 202 26,071

99.23 0.77 100.00

Prehled investic

Germany Equity Fund 31-10-2004 pocet



%

AKCIE Nemecko 20,560 148,000 30,780 33,000 201,520 261,000 155,200 99,000 71,350 123,000 400,000 279,900 164,500 350,000 255,000 1,079,000 299,000 140,000 80,000 334,000 70,000 730,370 50,140 117,000 49,000 112,600 211,000 89,000 33,000 167,000 95,500 302,070 71,000 35,750 105,708 95,000 96,450

Adidas Salomon Allianz AMB Generali AWD BASF Bayer Bayerische Hypo-Vereinsbank Bayerische Motorenwerke Bilfinger Berger BMW Commerzbank DaimlerChrysler Deutsche Bank Deutsche Lufthansa Deutsche Post Deutsche Telekom E.On Epcos Hannover Rueckversicherungs Infineon Technologies Jungheinrich - Pref. Karstadt Quelle Krones Linde Man Metro MG Technologies Münchener Rückversicherung MPC Muenchmeyer Peterson Capital RWE SAP Siemens Singulus Technologies Sixt Sixt - Pref. Volkswagen Vossloh

2,252 12,340 1,770 904 9,854 5,797 2,379 2,349 1,962 4,077 5,732 9,063 9,803 3,616 3,907 16,207 19,070 1,665 2,043 2,852 1,120 6,493 3,963 5,540 1,328 4,215 1,958 6,825 1,815 6,934 12,752 17,626 977 443 1,045 3,308 3,119

1.15 6.28 0.90 0.46 5.01 2.95 1.21 1.19 1.00 2.07 2.92 4.61 4.99 1.84 1.99 8.24 9.70 0.85 1.04 1.45 0.57 3.30 2.02 2.82 0.68 2.14 1.00 3.47 0.92 3.53 6.49 8.97 0.50 0.22 0.52 1.67 1.59

197,103

100.26

33

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Germany Equity Fund 31-10-2004

197,103 (510) 196,593

100.26 (0.26) 100.00

Prehled investic

Global Equity Fund 31-10-2004 pocet



%

AKCIE Finsko 55,400

Francie 40,000 5,500 32,000 20,000 14,500 5,400

Nokia

AXA Atos Origin Crédit Agricole France Telecom Renault Total

852

1.17

852

1.17

858 343 935 571 1,210 1,120

1.17 0.47 1.28 0.78 1.66 1.53

5,037

6.89

Nemecko 11,000 26,600 49,000 7,300 7,700

BMW Deutsche Post Deutsche Telekom SAP Siemens

464 518 936 1,240 572 3,730

0.64 0.71 1.28 1.70 0.78 5.11

Itálie 28,000 26,600 94,800

Enel ENI Telecom Italia Mobile

253 602 557

0.35 0.82 0.76

1,412

1.93

49 697 594 382 756 639 467 552 361

1.03 0.95 0.81 0.52 1.04 0.87 0.64 0.76 0.49

5,197

7.11

767 1,320 378

1.05 1.81 0.52

2,465

3.38

736

1.01

736

1.01

Japonsko 15,200 51,000 5,800 69,000 15,500 56,800 265 85 8,200

Nizozemí 54,000 50,000 16,000

Norsko 51,000

Canon 7 Dai Nippon Printing Hoya NEC NEC Electronics Nissan Motor NTT Docomo Sumitomo Mitsui Financial T&D

ASML ING Philips Electronics

Statoil

34

Švýcarsko 16,500 4,600 30,400 8,100 10,000 13,800

Spojené Království 37,000 79,000 64,000 25,100 54,000 157,000 17,700 26,000 835,000 Spojené Státy 42,000 10,900 19,300 51,800 15,100 10,500 9,000 3,400 10,000 11,400 30,500 48,000 30,000 23,900 28,000 30,000 12,000 25,700 11,000 20,200 8,700 15,900 21,200 45,000 16,900 11,750 7,900 11,400 26,700 27,100 11,500 29,700 8,400 10,800 74,000 50,500 16,200 16,000 28,000 9,000 12,000 22,000 23,300 17,600 23,000

Adecco Cheserex Nestlé Novartis Roche Schweizerische Rueckversicherung UBS

Barclays BG British Sky Broadcasting Diageo GlaxoSmithkline Kingfisher Man Royal Bank of Scotland Vodafone

Accenture Altria Amgen Bank of America Barr Pharmaceuticals Best Buy Biomet BorgWarner Capital One Financial Carnival Cendant Cisco Systems Citigroup Coca Cola CVS Dell Ecolab Exxon Mobil First Data General Electric Guidant H&R Block Hartford Financial Services Home Depot Ingersoll-Rand Johnson Controls Lehman Brothers Lincoln National Masco Medtronic Merrill Lynch Microsoft Occidental Petroleum Omnicom Oracle Pfizer Procter & Gamble Prudential Financial Tyco International United Technologies UnitedHealth Viacom Washington Mutual Wyeth Yum ! Brands

792 1,084 1,445 825 612 991

1.08 1.48 1.98 1.13 0.84 1.36

5,749

7.87

361 514 596 335 1,135 869 424 765 2,134

0.49 0.70 0.82 0.46 1.55 1.19 0.58 1.05 2.92

7,133

9.76

1,017 528 1,096 2,320 569 622 420 158 738 576 628 922 1,331 972 1,217 1,052 406 1,265 454 689 580 756 1,240 1,849 1,157 674 649 499 915 1,385 620 831 469 852 937 1,462 829 744 872 835 869 802 901 697 1,000

1.39 0.72 1.50 3.18 0.78 0.85 0.58 0.22 1.01 0.79 0.86 1.26 1.82 1.33 1.67 1.44 0.56 1.73 0.62 0.94 0.79 1.04 1.70 2.53 1.58 0.92 0.89 0.68 1.25 1.90 0.86 1.15 0.65 1.17 1.28 2.00 1.14 1.02 1.19 1.14 1.19 1.10 1.23 0.95 1.37

39,404

53.97

35

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

71,715 1,318 73,033

98.20 1.80 100.00

Prehled investic

Global Equity Value Fund 31-10-2004 pocet



%

AKCIE Rakousko 3,715.7850 4,044.5010 1,913.8001 5,042.0376

Belgie 10,770.4964

Dánsko 10,998.7858 8,879.9911

Finsko 2,939.2905 27,699.6295 16,077.0598 22,507.9872

Francie 9,934.4706 7,330.6257 2,563.4672 2,938.7729 13,045.1076 5,229.9493 6,046.8215 3,095.6247 3,983.4168 1,489.3165 6,942.3785 3,154.6383 8,594.7588

Nemecko 5,695.8460 5,733.1177 4,727.8162 4,208.0825

Bank Austria Creditanstalt Flughafen Wien OMV Voestalpine

Belgacom

Danske Bank TDC

Amer Fortum Nokia Rautaruukki

AXA BNP Paribas CNPAssurances Carrefour Supermarche Crédit Agricole European Aeronautic Defence and Space Peugeot Sanofi-Aventis Société Générale Paris Total Veolia Environnement Vinci Vivendi Universal

Bayer DaimlerChrysler Fresenius Medical Care RWE

215,527 208,454 360,254 230,119

0.49 0.47 0.81 0.52

1,014,354

2.29

310,190

0.70

310,190

0.70

240,913 257,546

0.54 0.58

498,459

1.12

110,811 332,396 194,372 182,990

0.25 0.75 0.44 0.41

820,569

1.85

167,595 391,089 136,761 100,888 299,646 116,889 291,275 177,379 289,594 242,759 164,881 294,485 184,014

0.38 0.88 0.31 0.23 0.68 0.26 0.66 0.40 0.65 0.55 0.37 0.66 0.41

2,857,255

6.44

126,505 185,638 202,209 174,720

0.29 0.42 0.46 0.39

689,072

1.56

36

Recko 15,190.8207 8,698.2914

Itálie 27,268.4162 17,297.7091 107,963.7953 58,646.0413

Irsko 88,339.1910 11,634.9936

Japonsko 11,906.2490 8,127.3091 5,228.3963 6,211.9560 133,039.3910 29,506.7910 27,436.1390 26,400.8130 16,565.2160 43,017.7953 41,930.7030 11,906.2490 3,157.7443 13,459.2380 12,682.7435 17,807.6072

Nizozemí 13,109.8155 16,005.1046 2,170.5610 17,937.0230 6,577.4261 9,165.2234

Norsko 4,174.9521 19,204.7796

Jižní Korea 1,009.9605

Španelsko 13,708.2339 12,637.1892 21,859.8732 6,295.8174

Hellenic Telecommunications Organisation OPAP

ENI Italcementi Telecom Italia Unicredito Italiano

Fyffes Irish Life & Permanent

Dai Nippon Printing Eisai Fuji Photo Film Honda Motor Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Corporation Kirin Brewery Matsushita Electric Industrial Nissan Motor Oji Paper Sekisui House TDK Corporation Toppan Printing Toyko Electric Power Toyota Motor

ABN AMRO Aegon DSM ING Philips Electronics Royal Dutch Petroleum

Norsk Hydro Telenor

Samsung Electronics

Endesa Iberdrola Repsol Sociedad General de Aguas de Barcelona

184,417 138,999

0.42 0.31

323,416

0.73

485,378 208,264 210,529 246,900

1.09 0.47 0.47 0.56

1,151,071

2.59

163,428 154,629

0.37 0.35

318,057

0.72

127,897 183,512 140,118 235,460 165,466 154,440 189,303 186,068 188,490 380,570 187,804 96,430 172,057 102,032 225,342 544,470

0.29 0.41 0.32 0.53 0.37 0.35 0.43 0.42 0.43 0.86 0.42 0.22 0.39 0.23 0.51 1.23

3,279,459

7.41

245,809 137,324 92,596 372,193 122,011 390,347

0.55 0.31 0.21 0.84 0.28 0.88

1,360,280

3.07

240,824 119,873

0.54 0.27

360,697

0.81

155,619

0.35

155,619

0.35

218,098 216,854 371,399 87,323

0.49 0.49 0.84 0.20

893,674

2.02

37

Švédsko 6,149.3188 36,157.7252 18,063.8504 28,263.3645

Švýcarsko 12,558.5044 1,248.0855 6,742.0429 4,492.2795

Spojené Království 20,812.1233 22,569.5891 49,022.6861 19,968.3326 60,364.6824 17,368.6290 53,964.2971 26,900.8755 8,470.5197 12,805.4296 32,962.7092 58,547.1676 130,021.9334

Spojené Státy 3,233.8408 6,264.7576 3,895.4141 5,982.1136 10,110.4761 15,214.6332 6,334.1245 3,979.2755 4,885.1857 7,302.1543 27,099.6581 7,245.2113 14,577.3901 3,729.2443 7,988.5754 8,721.0686 3,215.2049 18,560.8069 5,093.2863 32,055.7636 5,474.2862 4,651.7197 6,913.9070 14,401.3847 6,992.5918 15,069.1699 4,617.5540 8,533.6746 10,491.9937 2,971.9033 3,510.7905 7,172.2209 3,448.1532 3,538.2266 2,446.4753 3,287.1601

AB Nordea Bank Skandinaviska Enskilda Banken Skanska

CS Nestlé Novartis UBS

Aviva Plc B.A.A. Barclays British American Tobacco British Telecommunications Diageo HSBC Kingfisher Reckitt Benckiser RMC Scottish Power Tesco Vodafone

Abbott Laboratories Adobe Systems Air Products and Chemicals Albertsons Allstate Corporation Altria Aluminium Company of America American Express American International Anadarko Petroleum Bank of America Bank of New York Bellsouth Black & Decker Brunswick Burlington Northern Santa Fe Caterpillar Chevron Texaco CIT Citigroup Coca Cola Computer Sciences Constellation Energy Del Monte Foods Dow Chemicals Edison Electronic Arts Exelon Exxon Mobil Fannie Mae Federated Department Stores First Energy Fortune Brands Freddie Mac Gannett General Dynamics

186,896 244,764 235,577 241,303

0.42 0.55 0.53 0.54

908,540

2.04

336,497 231,315 251,894 253,669

0.76 0.52 0.57 0.57

1,073,375

2.42

163,385 186,447 375,670 235,860 161,514 182,261 683,661 117,120 182,288 156,880 208,798 242,039 261,270

0.37 0.42 0.85 0.53 0.36 0.41 1.54 0.26 0.41 0.35 0.47 0.55 0.59

3,157,193

7.11

108,377 275,948 162,856 107,271 382,233 579,624 161,835 166,018 233,154 387,199 954,216 184,885 305,636 235,358 294,665 286,650 203,574 774,222 161,764 1,118,143 174,983 181,639 220,783 120,914 247,043 361,319 163,062 265,798 405,977 163,894 139,241 233,035 197,396 185,251 159,536 263,896

0.24 0.62 0.37 0.24 0.86 1.30 0.36 0.37 0.53 0.87 2.15 0.42 0.69 0.53 0.66 0.65 0.46 1.75 0.36 2.52 0.39 0.41 0.50 0.27 0.56 0.81 0.37 0.60 0.92 0.37 0.31 0.53 0.45 0.42 0.36 0.60

38

56,300.5102 8,892.4150 3,720.4440 22,712.4641 3,119.4372 7,941.4681 30,688.6156 3,226.0758 3,592.5812 12,505.7028 6,856.4464 5,437.5322 12,051.7123 10,674.2111 4,443.1015 4,991.8243 11,941.4501 4,459.6667 7,282.4831 10,554.6309 4,734.5458 8,486.5672 11,267.9705 3,707.5024 14,445.9037 1,779.2077 13,855.2502 3,822.9413 11,695.0425 10,190.7138 15,091.9471 10,931.4896 1,303.9931 11,649.4882 3,028.8462 3,405.1872

General Electric Georgia-Pacific Goldman Sachs Hewlett Packard Ingersoll-Rand Johnson & Johnson JP Morgan Chase Kimberley Clark Lehman Brothers Marathon Oil Masco MBNA Merck Metlife Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Paccar Penney (J.C.) Pfizer PNC Financial Services SBC Communication SunTrust Banks Tyco United Technologies Valero Energy Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s Weyerhaeuser

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Global Equity Value Fund 31-10-2004

1,510,160 241,809 287,742 333,179 167,837 364,474 931,250 151,333 232,015 374,670 184,666 109,560 296,643 321,812 149,322 200,492 365,838 154,612 241,770 463,247 257,974 230,773 256,446 152,435 286,866 98,441 339,292 278,959 395,065 394,239 299,221 332,663 100,114 546,926 79,458 167,685

3.41 0.55 0.65 0.75 0.38 0.82 2.10 0.34 0.52 0.84 0.42 0.25 0.67 0.73 0.34 0.45 0.82 0.35 0.55 1.04 0.58 0.52 0.58 0.34 0.65 0.22 0.77 0.63atement 0.89 0.89 0.67 0.75 0.23 1.23 0.18 0.38

21,866,383

49.31

41,037,663 3,307,432 44,345,095

92.54 7.46 100.00

Prehled investic

Global Emerging Markets Equity Fund 31-10-2004 pocet



%

AKCIE Argentina 380,000

Rakousko 600,000

Brazílie 50,000 320,000 500,000

Grupo Financiero Galicia - ADR -

Erste Bank der oesterreichischen Sparkassen

Banco Bradesco - ADR Banco Bradesco - Pref. Banco do Brazil

3,177

0.26

3,177

0.26

26,682

2.19

26,682

2.19

3,044 19,386 4,956

0.25 1.59 0.41

39

34,000,000 400,000 600,000 725,000 350,000 900,000 135,000 490,000

Chile 153,304

Cína 200,000 1,500,000 40,700,000 17,200,000

Egypt 340,000

Madarsko 100,000

Indie 1,700,000 2,200,000 700,000 1,000,000 820,000 112,964 25,000 450,000 999,473 584,500 1,350,000 500,000 189,865 1,360,000

Indonésie 29,999,940 70,000 100,000 30,000,228

Izrael 257,000 785,000

Kazach stán 100,000

Caemi Mineracao E Metal - Pref. Cia de Bebidas - ADR Companhia Vale do Rio Doce - ADR Companhia Vale do Rio Doce Natura Cosmeticos Petroleo Brasileiro - ADR Petroleo Brasileiro A Shares - ADR Votorantim Celulose e Papel - ADR -

20,357 9,920 10,920 15,341 7,108 31,959 4,401 16,930

1.67 0.81 0.90 1.26 0.58 2.62 0.36 1.39

144,322

11.84

3,788

0.31

3,788

0.31

2,910 4,355 20,916 12,927

0.24 0.36 1.72 1.06

41,108

3.38

5,542

0.46

5,542

0.46

11,420

0.94

11,420

0.94

Aurobindo Pharma Cipla Dr. Reddys Laboratories HCL-Infosystems Housing Development Finance Infosys Technologies ITC - GDR ITC Lupin National Thermal Power Reliance Industries Satyam Computer Services Tata Consultancy Services Tata Motors

13,867 13,555 11,597 14,184 11,559 4,747 601 10,788 13,680 799 15,750 4,123 4,831 12,495

1.14 1.11 0.95 1.16 0.95 0.39 0.05 0.89 1.12 0.07 1.29 0.34 0.40 1.03

132,576

10.89

Indosat Indosat - Sp. ADR PT Telekomunikasi Indonesia - Sponsored ADR Telekomunikasi Indonesia

15,585 1,828 1,907 14,349

1.28 0.15 0.16 1.18

33,669

2.77

5,814 20,410

0.48 1.68

26,224

2.16

3,690

0.30

3,690

0.30

A.F.P. Provida - ADR -

China Mobile - ADR China Mobile Hong Kong CNOOC Huaneng Power

Orascom Telecom - GDR -

Gedeon Richter - GDR -

Check Point Software Technologies Teva Pharmaceutical - ADR -

PetroKazakhstan

40

Malajsie 1,200,000 5,500,000 5,000,000 3,304,000

Mexiko 655,000 288,855 4,750,000 2,600,000 375,000 4,645,000

Peru 660,000

Filipíny 800,000

Rusko 781,000 215,000 240,000 135,000 294,000 335,000 216,000

Jižní Afrika 1,900,000 10,600,000 475,000 300,000 237,000 1,600,000 57,181 3,419,324 1,500,000

Jižní Korea 393,166 810,000 100,000 130,000 121,000 600,000

Taiwan 12,500,640 530,000 12,000,468 1,206,400 8,600,000 2,311,200

British American Tobacco Malayan Banking Resorts World Star Publications

14,368 15,921 12,566 5,608

1.18 1.31 1.03 0.46

48,463

3.98

28,820 8,371 12,706 12,219 12,840 15,204

2.37 0.69 1.04 1.00 1.05 1.25

90,160

7.40

Cia de Minas Buenaventura - ADR -

16,394

1.35

16,394

1.35

Philippine Long Distance Telephone

20,080

1.65

20,080

1.65

29,178 13,438 30,180 19,591 5,952 38,190 3,607

2.40 1.10 2.48 1.61 0.49 3.14 0.30

140,136

11.52

41,317 20,916 6,635 4,326 18,983 14,811 1,870 29,876 21,121

3.39 1.72 0.54 0.36 1.56 1.22 0.15 2.45 1.73

159,855

13.12

13,135 22,430 14,962 51,036 18,969 11,838

1.08 1.84 1.23 4.19 1.56 0.97

132,370

10.87

14,258 9,991 18,142 3,088 5,741 1,577

1.17 0.82 1.49 0.25 0.47 0.13

America Movil Cemex de CV - ADR Consorcio ARA Grupo Financiero Banorte Telefonos de Mexico - ADR Walmart De Mexico

Gazprom - ADR JSC MMC Norilsk - ADR Lukoil - Sp. ADR Mobile Telesystems - ADR Oriflame Cosmetics Vimpel Communications - ADR Yukos Oil - ADR -

Anglo American Firstrand Gold Fields Gold Fields - ADR Impala Platinum JD Pretoria Portland Cement Standard Bank Telekom

Kookmin Bank KT&G Posco Samsung Electronics SK Telecom SK Telecom - Sp. ADR -

Chinatrust Financial Chunghwa Telecom Delta Electronics Kinko Optical Mega Financial Princeton Technology

41

6,300,002 2,000,000 11,500,672 14,375,507

Thajsko 6,000,000 3,500,000 1,011,111

Turecko 700,000,000

Spojené Království 550,000

OBLIGACE Indie 1,848,320

Radiant Opto-Electronics Taishin Financial Taiwan Semiconductor Manufacturing Yang Ming Marine Transport

Advanced Information Service - Foreign shares PTT - Foreign shares Thai Oil Public

Arcelik

Cairn Energy

Hindustian Lever 03 - 9.000 01.01.05

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTVA

11,221 1,634 15,079 12,437

0.92 0.13 1.25 1.02

93,168

7.65

13,661 14,489 1,016

1.12 1.19 0.08

29,166

2.39

16,333

1.34

16,333

1.34

14,834

1.22

14,834

1.22

249

0.02

249

0.02

1,193,406 24,169 1,217,575

98.01 1.99 100.00

of investments Industrials Fund 31-10-2004

Prehled investic

Global Leader Fund 31-10-2004 pocet



%

AKCIE Francie 16,900 5,300 1,700

Nemecko 17,600 18,300

Japonsko 6,700 31,300 96,000

Nizozemí 13,500

AXA BNP Paribas Total

Deutsche Post Deutsche Telekom

NEC Electronics Nissan Motor Tokyo Gas

ING

285 283 277

4.43 4.40 4.30

845

13.13

270 275

4.20 4.27

545

8.47

257 277 281

3.99 4.30 4.37

815

12.66

280

4.35

42

15,000 10,800

Rusko 15,300

Švýcarsko 5,500 7,350

Spojené Státy 7,300 15, 900 19,000 8,200 5,200 5,100 7,150 30,400 21,300

Philips Electronics Koninklijke Numico

Oriflame Cosmetics

Ciba Specialty Chemicals Novartis

Carnival Cendant Cisco Systems CVS Guidant Ingersoll-Rand Kohls Oracle Time Warner


278 285

4.32 4.43

843

13.10

243

3.78

243

3.78

296 275

4.60 4.27

571

8.87

290 257 287 280 272 274 285 303 280

4.51 3.99 4.46 4.35 4.23 4.26 4.42 4.71 4.35

2,528

39.28

6,390 46 6,436

99.29 0.71 100.00

Prehled investic

Industrials Fund 31-10-2004 pocet



%

AKCIE Dánsko 40

Francie 4,700 5,600 5,500

Nemecko 14,000 16,000 12,200

Japonsko 17,000 14,000

A P Moller Maersk

Autoroutes du Sud de la France Compagnie de Saint-Gobain Schneider Electric

Deutsche Lufthansa Deutsche Post Siemens

Asahi Glass Dai Nippon Printing

231

2.20

231

2.20

170 241 285

1.62 2.29 2.71

696

6.62

145 245 712

1.38 2.33 6.77

1,102

10.48

123 150

1.17 1.43

43

52 East 2,600 6,000 13,000 40,000 32,000 900 10,000 15,000

Nizozemí 11,200

Singapore 36,000

Španelsko 6,100

Švédsko 7,000 5,000

Švýcarsko 40,000 5,500


Spojené Státy 10,000 4,100 1,600 2,900 21,000 7,000 3,100 1,900 37,500 6,200 10,000 6,500 8,000 8,000 6,000 25,500 2,200 8,100

Japan Railway Fanuc JS Komatsu Mitsubishi Electric Mitsubishi Heavy Industries SMC Sumitomo Sumitomo Electric Industries

Vedior

Singapore Airlines

ACS Actividades de Construction y Servicio

AB Sandvik

ABB Adecco

Serco

3m Apollo Boeing Caterpillar Cendant Danaher Fedex General Dynamics General Electric H&R Block Honeywell Ingersoll-Rand Masco Northrop Grumman Robert Half Tyco United Parcel Service United Technologies


214 123 84 68 147 71 76 58 112

2.03 1.17 0.80 0.65 1.40 0.68 0.72 0.55 1.06

1,226

11.66

129

1.23

129

1.23

182

1.73

182

1.73

93

0.88

93

0.88

213 147

2.03 1.40

360

3.43

181 207

1.72 1.97

388

3.69

85

0.81

85

0.81

610 213 63 184 340 303 222 153 1,006 232 265 350 215 325 125 624 137 590

5.80 2.03 0.60 1.75 3.23 2.88 2.11 1.45 9.56 2.21 2.52 3.32 2.03 3.09 1.19 5.93 1.30 5.61

5,957

56.61

10,449 69 10,518

99.34 0.66 100.00

44

Prehled investic

Information Technology Fund 31-10-2004 pocet



%

AKCIE Rakousko 27,650

Kanada 178,000

Finsko 123,400

Francie 23,500 48,000 40,500

Nemecko 12,500

Japonsko 25,000 7,000 13,600 3,000

Nizozemí 200,000

Jižní Korea 7,000

Švédsko 485,000

Taiwan 157,903


Austriamicrosystems

Nortel Networks

Nokia

Atos Origin Cap Gemini STMicroelectronics

SAP

Canon Hoya NEC Electronics Obic

ASML

Samsung Electronics

Ericsson Telefon AB - B -

Taiwan Semiconductor Manufacturing Company - ADR -

ARM

713

0.88

713

0.88

601

0.74

601

0.74

1,898

2.34

1,898

2.34

1,465 1,205 744

1.80 1.48 0.92

3,414

4.20

2,123

2.61

2,123

2.61

1,231 717 663 562

1.52 0.88 0.82 0.69

3,173

3.91

2,842

3.50

2,842

3.50

1,372

1.69

1,372

1.69

1,405

1.73

1,405

1.73

1,195

1.47

1,195

1.47

918

1.13

45

478,000 235,000

Spojené Státy 30,700 660,000 89,000 52,000 192,000 160,000 29,500 67,000 290,000 53,000 184,800 33,000 47,500 89,000 70,000 40,000 179,000 14,500 56,000 60,000 48,000 192,000 41, 500 29,000 192,000 31,000 104,000 70,000 39,000 37,000 108,000 12,000

LogicaCMG The Sage

Accenture Agere Systems Amdocs Avaya BEA Systems BearingPoint Broadcom Celestica Cisco Systems Dell EMC Emulex First Data Flextronics Foundry Networks Hewlett Packard Intel KLA-Tencor Lexar Media Motorola Nvidia Oracle QLogic Qualcomm RF Micro Devices Sandisk Seagate Technology Synopsys Texas Instruments UTStarcom Veritas Software Xilinx

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Information Technology Fund 31-10-2004

1,546 790

1.90 0.97

3,254

4.00

743 799 2,238 749 1,559 1,392 798 970 5,571 1,858 2,378 347 1,961 1,072 849 746 3,985 660 379 1,036 695 2,431 1,349 1,206 1,250 647 1,315 1,137 954 633 2,363 367

0.91 0.98 2.76 0.92 1.92 1.71 0.98 1.19 6.86 2.29 2.93 0.43 2.41 1.32 1.05 0.92 4.91 0.81 0.47 1.28 0.86 2.99 1.66 1.48 1.54 0.80 1.62 1.40 1.17 0.78 2.91 0.45

44,437

54.71

66,427 14,804 81,231

81.78 18.22 100.00

Prehled investic

Japan Equity Fund 31-10-2004 pocet


tržní hodnota

x USD 1 000

%

AKCIE Japonsko 18,900 39,300 37,600 64,300 78,000 27,800 102,000 164,000 55,600 78,000

Advantest Aeon Aeon - when issued Aisin Seiki Ajinomoto Aoyama Trading Asahi Glass Asahi Kasei Bandai Bridgestone

1,319 628 601 1,438 862 605 936 698 1,215 1,410

0.55 0.26 0.25 0.60 0.36 0.25 0.39 0.29 0.50 0.58

46

112,500 101,200 111,000 134 42,900 210,400 86,000 66,700 34,000 66,000 160,000 490 64,100 170,000 454 20,800 100 23,100 61,800 22,000 235,000 267,000 84,000 427,000 79,200 61,700 47,300 100,500 14,200 44,700 180,000 120 70,500 227,000 108,800 250,000 17,000 22,700 72,000 4,310 205,000 92,000 498,000 43,100 15,000 57,000 72,000 141,000 21,700 65,500 52,800 96,000 203,000 295,000 211,500 198 146,400 218,000 229,000 130,000 383,000 15,000 M 631 169,000 203,000 73,000 237,000 172,000 1,092 29,700

Canon Capcom Central Glass Central Japan Railway Chuba Electric Power Citizen Watch Dai Nippon Printing Daikin Industries Dainippon Screen Daiwa House Industry Daiwa Securities DDI Denso Dowa Mining East Japan Railway Eisai Fanuc Fast Retailing Fuji Photo Film Fujisawa Pharmaceutical Fujitsu Gunze Hankyu Department Stores Hitachi Hitachi Chemical Hitachi Construction Machine Hokkaido Electric Power Honda Motor Hoya Ito Yokado Itochu Japan Tobacco JFE Kaneka Kansai Electric Power Kansai Paint Kao Katokichi Kawasaki Kisen Kaisha Keyence Kintetsu Kirin Brewery Kobe Steel Kokuyo Komatsu Konica Minolta Koyo Seiko Kubota Kyocera Kyushu Electric Power Leopalace Makita Marubeni Matsushita Electric Industrial Mediceo Millea Mitsubishi Mitsubishi Chemical Mitsubishi Electric Mitsubishi Estate Mitsubishi Heavy Industries itsubishi Materials Mitsubishi Tokyo Financial Mitsui Mitsui Fudosan Mitsui Mining & Smelting Mitsui OSK Lines Mitsui Sumitomo Insurance Mizuho Financial Murata Manuf acturing

5,541 850 746 1,083 931 1,973 1,175 1,621 175 674 979 2,353 1,533 1,025 2,381 597 6 1,466 2,107 574 1,396 1,222 585 2,682 1,249 752 875 4,846 1,455 1,600 773 1,052 1,889 2,362 2,037 1,434 391 426 479 969 651 825 694 459 100 759 811 641 1,571 1,295 21 963 1,320 531 4,270 2,008 2,610 1,614 630 1,070 1,370 1,075 30 5,348 1,418 2,151 288 1,402 1,409 4,206 1,412

2.30 0.35 0.31 0.45 0.39 0.82 0.49 0.67 0.07 0.28 0.41 0.98 0.64 0.43 0.99 0.25 0.00 0.61 0.87 0.24 0.58 0.51 0.24 1.11 0.52 0.31 0.36 2.01 0.60 0.66 0.32 0.44 0.78 0.98 0.85 0.59 0.16 0.18 0.20 0.40 0.27 0.34 0.29 0.19 0.04 0.31 0.34 0.27 0.65 0.54 0.40 0.55 0.22 1.77 0.83 1.08 0.67 0.26 0.44 0.57 0.45 0.01 2.22 0.59 0.89 0.12 0.58 0.58 1.74 0.59

47

219,000 77,000 208,000 13,200 162,500 172,000 192,000 325,000 105 123,000 171,000 317,100 201,000 22,000 43,000 249,000 369,000 425,000 2,678 607,000 18,800 350,000 11,750 746,000 89,000 14,300 18,000 33,400 143,000 200,000 28,000 48,300 227,000 66,000 126,000 29,200 48,000 7,200 30,500 123,600 179,000 177,000 13,000 90,000 259,000 144,000 578 160,000 144,000 24,150 567,000 134,000 111,000 16,000 495,000 181,000 321,000 211,000 191,000 34,200 70,300 22,900 399,000 136,000 75,000 159,000 387,000 177,000 219,615 134,000

NEC Ngk Spark Plug Nikko Cordial Nintendo Nippon Mining 7 Nippon Mitsubishi Oil Nippon Shokubai Nippon Steel Nippon Telegraph & Telephone Nippon Yusen Kabushiki Kaisha Nissan Chemical Industries Nissan Motor Nisshin Steel Nitto Denko Nok Nomura NSK NTN NTT Docomo Oji Paper Orix Osaka Gas Promise Resona Ricoh Rohm Sanden Sankyo Sanwa Shutter Sanyo Electronic Secom Seiko Epson Sekisui Chemical Sekisui House Sharp Shimano Shin Etsu Chemical SMC Softbank Sony Sumitomo Bakelite Sumitomo Chemical Sumitomo Sumitomo Electric Industries Sumitomo Metal Industries Sumitomo Metal Mining Sumitomo Mitsui Financial Sumitomo Osaka Cement Sumitomo Realty & Development T&D Taisei Taiyo Nippon Sanso Takeda Pharmaceutical TDK Teijin The Bank of Yokohama The Chuo Mitsui Trust and Banking The Furukawa Electric The Sumitomo Trust and Banking THK Tohoku Electric Power Tokyo Electron Tokyo Gas TonenGeneral Sekiyu K.K. Toppan Printing Toray Industries Toshiba Tosoh Toyko Electric Power Toyo Suisan Kaisha

1,213 756 928 1,487 71 1,090 1,389 759 445 617 1,386 3,568 439 1,042 1,304 3,048 1,585 2,229 4,716 3,458 2,201 1,012 746 1,229 1,659 1,465 117 692 730 638 1,015 1,992 1,441 680 1,737 716 1,822 770 1,379 4,295 1,052 857 97 852 312 970 3,750 351 1,580 1,064 2,024 666 5,352 1,109 1,921 1,081 2,204 882 1,112 593 1,198 1,240 1,484 1,183 723 741 1,556 748 4,964 1,566

0.50 0.31 0.38 0.62 0.32 0.45 0.58 0.31 0.18 0.26 0.57 1.48 0.18 0.43 0.54 1.26 0.66 0.92 1.96 1.43 0.91 0.42 0.31 0.51 0.69 0.61 0.05 0.29 0.30 0.26 0.42 0.83 0.60 0.28 0.72 0.30 0.76 0.32 0.57 1.78 0.44 0.36 0.04 0.35 0.13 0.40 1.56 0.15 0.66 0.44 0.84 0.28 2.22 0.46 0.80 0.45 0.91 0.37 0.46 0.25 0.50 0.51 0.62 0.49 0.30 0.31 0.65 0.31 2.06 0.65

48

708,000 36,700 350,300 559 71,000 227 252 79,800 65,600 30,300 1,000

Toyobo Toyoda Gosei Toyota Motor UFJ Wacoal West Japan Railway Yahoo Japan Yamada Denki Yamaha Motor Yamanouchi Pharmaceutical Yamato Transport

AKCIE CELKEM PODÍLOVÉ FONDY Japonsko 250,000

Nikko Exchange Traded Index Fund TOPIX

PODÍLOVÉ FONDY CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Japan Equity Fund 31-10-2004

1,587 698 13,624 2,590 802 904 1,137 2,826 996 1,110 13

0.66 0.29 5.65 1.07 0.33 0.38 0.47 1.17 0.40 0.46 0.01

236,992

98.31

236,992

98.31

2,546

1.06

2,546

1.06

2,546 239,538 1,521 241,059

1.06 99.37 0.63 100.00

Prehled investic

Latin America Equity Fund 31-10-2004 pocet


tržní hodnota

x USD 1 000

%

AKCIE Argentina 305,500 237,540 151,100 301,800 105,500

Brazílie 19,400 205,718 46,216 279,700 86,590 5,189,721 197,700,000 28,945,000 161,600,000 392,818 234,100 1,015,500 260,000 37,200,000

BBVA Banco Frances Grupo Financiero Galicia - ADR Petrobras Energ. Part. - ADR Telecom Argentina Tenaris - ADR -

1,986 1,986 1,715 3,211 4,723

13,621

3.31

All America Latina Logistica Banco Bradesco - Pref. Banco do Brasil – Receipt Banco do Brazil Banco Itau Holding Financeira - Pref.Brasil Telecom - Pref. Braskem Caemi Mineracao E Metal - Pref. CEMIG *Cia Energetica de Minas Gerais - Preferred Cia de Bebidas - ADR Cia De Concessoes Rodoviarias Cia Vale do Rio Doce Pref. - A Cia Vale do Rio Doce Pref. - B Companhia de Gas de Sao Paulo

418 12,463 456 2,773 10,490 20 7,268 17,331 3,734 9,742 3,369 18,489 0 2,812

0.48 0.48 0.42 0.78 1.15

0.10 3.02 0.11 0.67 2.54 0.00 1.76 4.20 0.91 2.36 0.82 4.48 0.00 0.68

49

5,500,000 308,700 266,500 211,700 657,000,000 110,000 11,600,000 128,700,000 79,100,000 544,400 214,300 62,500 3,933,000 1,115,600 336,700 1,063,900 45,000 585,000 94,100,000 6,600,000 354,142,016 67,300 836,075 245,900

Chile 199,200 160,900 700,000 278,750 101,900 547,320 107,500 199,800 1,042,600 53,000

Mexiko 1,022,000 752,600 480,200 1,197,270 3,507,980 5,194,500 67,800 1,173,400 1,722,550 2,171,500 255,500 721,540 233,600 5,088,600

Panama 176,700

Peru 224,800

Companhia Siderurgica Belgo -Mineira - Pref. Companhia Siderurgica Nacional Companhia Vale do Rio doce Compania Brasileira de Distribution de Acucar - A Compania de Transmissao de Energia Eletrica Paul CPFL Energia Duratex - Pref. Electrobras Eletrobras Preferred B Empresa Brasileira de Aeronautica - Pref. Gerdau - Pref. Grendene Klabin - Pref. Marcopolo - Pref. Perdigao - Pref. Petroleo Brasileiro - ADR Petroleo Brasileiro - Pref. Sadia - Pref. Siderurgica de Tubarao - Pref. Tele Celular Sul Participacoes - Pref. Tele Centro Oeste Celular Participacoes - Pref. Tele Norte Leste Participacoes - ADR (Pref.) Tele Norte Leste Participacoes Unibanco - GDR -

Antofagasta Banco Santander Chile Cencosud Compania de Telecomunicaciones - ADR Embotell. Andina - ADR Empresa Nacional de Telecomuncaciones Empresa Nac’l Elec. Endesa (Chile) - ADR Empresas Copec Enersis - ADR Vina de Concha y Toro - ADR -

Alfa America Movil Cemex - ADR Consorcio ARA Controladora Comercial Mexicana Corporacion Geo Fomento Economico Mexicano - ADR Grupo Financiero Banorte Grupo Financiero Inbursa Grupo Modelo Grupo Televisa - GDR Telefonos de Mexico - ADR TV Azteca - Sponsored ADR Walmart De Mexico

BCO Latinoamericano de Exporta

Cia de Minas Buenaventura - ADR -

2,276 4,555 5,639 5,038 2,807 1,914 485 2,019 1,170 3,578 3,166 757 6,596 2,504 5,339 37,779 1,472 1,065 3,809 2,782 1,084 880 10,597 6,504

0.55 1.10 1.37 1.22 0.68 0.46 0.12 0.49 0.28 0.87 0.77 0.18 1.60 0.61 1.29 9.16 0.36 0.26 0.92 0.67 0.26 0.21 2.57 1.58

203,180

49.23

3,643 4,499 1,037 2,879 1,243 3,956 1,795 1,470 7,882 3,395

0.88 1.09 0.25 0.70 0.30 0.96 0.44 0.36 1.91 0.82

31,799

7.71

3,974 33,114 13,916 3,203 3,775 8,148 2,990 5,515 2,881 5,568 14,053 24,706 2,341 16,656

0.96 8.03 3.37 0.78 0.92 1.99 0.72 1.34 0.70 1.35 3.41 5.99 0.57 4.04

140,840

34.17

3,239

0.79

3,239

0.79

5,584

1.35

5,584

1.35

50

Venezuela 225,140

CANTV- Cia Anonima Telef. Venezuela - Sp. ADR -

5,179

1.26

5,179

1.26

403,442

97.82

04 3

0.00

3

0.00

3 403,445 8,989 412,434

0.00 97.82 2.18 100.00

AKCIE CELKEM WARRANT Y Mexiko 743

Cemex ADR

WARRANT Y CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

Prehled investic

Materials Fund 31-10-2004 pocet



%

AKCIE Statement of investments Latin America Equity Fund 31-10-2004 Austrálie 6,100 Amcor 20,800 BHPBilliton 28,400 James Hardie Industries 2,100 Rio Tinto 12,000 WMC Resources

Kanada 1,950 2,500 4,700

Finsko 13,000 14,900 11,100

Francie 570 3,100 1,800

Nemecko 5,000 3,600

Alcan 7 Barrick Gold Falconbrodge

M-real Stora Enso UPM-Kymmene

Air Liquide Arcelor Lafarge

BASF Bayer

27 169 105 45 48

0.65 4.08 2.53 1.09 1.16

394

9.51

1 44 93

1.71 1.06 2.24

208

5.01

61 167 172

1.47 4.03 4.15

400

9.65

72 45 129

1.74 1.09 3.11

246

5.94

245 80

5.91 1.93

325

7.84

51

Irsko 5,700

Japonsko 5,000 2,600 5 28,000 700 5,000 5,100 6,000

Nizozemí 3,000

Švýcarsko 2,050 40 1,050 1,800

Švédsko 1,000

Spojené Království 4,800 14,500 11,600 6,700 Materials Fund 31-10-2004 Spojené Státy 1,250 5,100 4,950 5,700 4,200 2,400 1,200 2,300 800 1,850 1,550 1,500 1,200

CRH

Asahi Kasei JFE Nippon Paper Nippon Steel Nitto Denko Oji Paper Shin Etsu Chemical Sumitomo Chemical

Akzo Nobel

Ciba Specialty Chemicals Givaudan Holcim Syngenta

Svenska Cellulosa Ab

Anglo American BHP Billiton Rio Tinto Xstrata

Air Products and Chemicals Aluminium Company of America Dow Chemicals Du Pont de Nemours & Co. Ecolab International Paper Monsanto Newmont mining Ppg Industries Praxair Sealed Air Smurfit-Stone Container Weyerhaeuser

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA St

107

2.58

107

2.58

17 55 17 51 26 22 152 23

0.41 1.33 0.41 1.23 0.63 0.53 3.67 0.56

363

8.77

88

2.12

88

2.12

110 20 44 135

2.66 0.48 1.06 3.26

309

7.46

29

0.70

29

0.70

83 116 238 82

2.00 2.80 5.74 1.98

519

12.52-

52 130 175 192 112 73 40 86 40 61 60 20 60

1.26 3.14 4.23 4.64 2.70 1.76 0.97 2.08 0.97 1.47 1.45 0.48 1.45

1,101

26.60

4,089 54 4,143

98.70 1.30 100.00

ate ment of investments -

52

Prehled investic

Netherlands Equity Fund 31-10-2004 pocet



%

AKCIE Nizozemí 35,708 209,000 388,777 67,000 78,010 145,600 198,000 26,689 37,000 24,250 19,468 186,500 349,000 245,500 5,250 180,000 58,433 87,446 104,865 175,700 46,000 42,199 68,375 285,000 23,977 15,988

Aalberts Industries ABN AMRO Aegon Akzo Nobel ASM ASML Fortis Fugro Heijmans Heineken Heineken - A ING Koninklijke Ahold Koninklijke KPN Koninklijke Numico LogicaCMG Nutreco Ordina Philips Electronics Reed Elsevier Royal Dutch Petroleum Unilever Vedior Versatel Telecom VNU Wolters Kluwer


1,042 3,919 3,336 1,976 886 1,626 3,950 1,625 755 598 428 3,870 1,899 1,539 139 463 1,118 803 1,945 1,810 1,959 1,924 788 467 513 229

2.61 9.81 8.35 4.95 2.22 4.07 9.89 4.06 1.88 1.50 1.06 9.69 4.75 3.85 0.35 1.16 2.80 2.01 4.87 4.53 4.90 4.82 1.97 1.17 1.28 0.57

39,607

99.12

39,607 350 39,957

99.12 0.88 100.00

Prehled investic

Pharma Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Francie 48,000

Japonsko 75,700 33,000

Sanofi-Aventis

Takeda Pharmaceutical Yamanouchi Pharmaceutical

2,750

3.38

2,750

3.38

2,869 950

3.52 1.17

3,819

4.69

53

Švýcarsko 13,500 5,250 188,000 53,000 3,200

Spojené Království 100,000 403,725 112,250

Spojené Státy 65,000 13,000 91,650 26,500 22,800 45,000 36,000 61,000 24,000 101,800 34,800 37,000 140,500 92,500 105,500 11,500 17,000 348,000 43,000 114,500 11,000

Actelion Nobel Biocare Novartis Roche Straumann

AstraZeneca GlaxoSmithkline Smith & Nephew

Abbott Laboratories AmerisourceBergen Amgen Barr Pharmaceuticals Becton Dickinson Biogen Idec Biomet Eli Lilly Genentech Gilead Sciences Guidant HCA Johnson & Johnson Medtronic Merck Neurocrine Biosciences OSI Pharmaceuticals Pfizer UnitedHealth Wyeth Zimmer


1,210 673 7,024 4,245 519

1.49 0.83 8.62 5.21 0.64

13,671

16.79

3,215 6,670 748

3.95 8.19 0.92

10,633

13.06

2,178 563 4,092 784 941 2,057 1,321 2,633 859 2,771 1,823 1,068 6,448 3,717 2,597 421 868 7,920 2,447 3,572 671

2.67 0.69 5.02 0.96 1.16 2.53 1.62 3.23 1.05 3.40 2.24 1.31 7.92 4.56 3.19 0.52 1.07 9.72 3.00 4.39 0.82

49,751

61.07

80,624 821 81,445

98.99 1.01 100.00

Prehled investic

Preferred Securities Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Spojené Státy 3,000 4,900 17,600 34,100 27,900 40,000 2,000 1,500 30,000 9,000

Abbey National ADR Ser B RepstgPref. SER Abbey National Perpetual Sub NT Abbey National Tier One PERP Sub Debt Secs ABN AMRO CAP FDG TR V GTD TR Preferred Secs Aetna BAC CAP TR V GTD Cap Secs Banesto Pref. SER A 144A Chittenden Cap TR I GTD Cap Secs Citigroup CAP XI CAP SECS TRUPS 6% Comerica CAP TR Preferred Securities

61 97 371 643 592 778 47 29 583 183

0.18 0.29 1.12 1.94 1.78 2.34 0.14 0.09 1.76 0.55

54

13,600 16,700 2,600 1,900 2,600 1,200 1,000 5,000 3,500 2,900 35,000 7,100 1,300 25,000 7,000 30,000 27,600 2,600 36,356 7,000 27,336 1,500 6,100 12,000 4,400 8,000 4,000 3,000 10,000 1,200 30,000 1,000 40,000 2,700 20,700 8,000 9,200 1,900 31,700 30,000

Compass TR III Cap Secs Corp Backed Trust Certs Com Corporate Backed TR CTFS Daimlershrysler Deb BKD 2002 4 Corporate Backed TR CTFS Ser 2001 7 CTF Corporate Backed TR CTFS Verizon GLB FDG 200216 Corts For Bellsouth Cap Corpate Backed TR SECS 7.12% Corts TR II Chrysler Debs Corporate Backed TR SECS CTF 7.875 Corts TR III Sherwin Williams Corporate Backed TR Sec CLA Corts TR Verizon Global FDG NT Corporate Backed TR Secs CLA CTF Delphi Financial Group SR NT Everest Re CAP TR II TR Preferred Securities PCT Hartford Cap III TR Originated Preferred Securities SER C ING Perpetual Debt Securities ING Perpetual Debt Securities JP Morgan Chase Cap X TR PFD SECS 7 JP Morgan Chase Cap XIVWTSEXP15OCT34 CAP Secs Ser N Lehman Bros Cap TR III Preferred Securities Ser K Lehman Bros Cap TR IV Preferred Securities Ser L Merrill Lynch PFD Cap TR III TR Originated Preferred Securities Metlife SR NT Morgan Stanley Cap TR III CAP Secs National Comm Cap TR II GTD TRPreferred Securities National Rural Utilities Coop Fin 15Jun2050 QRTRLY INC Cap 7.625 Partnerre 6.75PCT Cum Preferred Series C PLC Cap TR III GTD TR Originated Preferred Secs PLC Cap TR V TR Originated Preferred Secs TOPRS PNC Cap TR D Cap Secs Preferred Plus TR Ser MSD 1 TR CTF CLA Prudential Perp SUB Cap Sec Public Cr + Repackaged Secs Ser 2002 2 JPM Cap TR I CTF Renaissancere Pref. SER C Saturns Cr Suisse First Boston TR UNITCLA 144A Saturns Goldm an Sachs 2004 TR Unit CLA Saturns Safeco Cap TR TR Unit TR 1 SER 2000 5 St Paul Cap TR I TR Preferred Secs United States Cellular SR NT USB Cap IV GTD TR Preferred Secs VNB Cap TR I GTD TR OriginatedPreferred Secs Wells Fargo Cap IX TR OriginatedPreferred Securities XL Capital Equi Sec Units Linked to Shsa

278 137 50 37 53 23 19 101 72 58 657 144 25 525 143 587 547 49 756 134 542 29 124 241 89 151 75 59 199 23 555 19 747 55 422 164 187 37 590 562

0.84 0.41 0.15 0.11 0.16 0.07 0.06 0.30 0.22 0.17 1.98 0.43 0.07 1.58 0.43 1.77 1.65 0.15 2.28 0.40 1.63 0.09 0.37 0.72 0.27 0.45 0.23 0.18 0.60 0.07 1.67 0.06 2.25 0.17 1.27 0.49 0.56 0.11 1.78 1.69

12,649

38.08

AKCIE CELKEM

12,649

38.08

PREFERENCNÍ AKCIE S PEVNOU SAZBOU Spojené Státy 750,000 8.500% American Gen Corp TR Preferred Securities TRUPS 01 Jul 2030 1,000,000 7.200% BNP Paribas Capital Trust FRN 2049 Perpetual Regs 31 Dec 2049 1,000,000 7.000% CA PreferredFunding Trust 7% Perpetual 30 Jan 2049 1,000,000 5.805% CBA Capital Trust I TR Preferred Securites Reg S 31 Dec 2049 500,000 9.330% Dime Cap TR I CAP Secs Ser A 06 May 2027 1,000,000 5.125% Federal Natl Mtg Assn Preassign 00310 02 Jan 2014 1,000,000 8.375% MIC Fing Tr I Cap TR 144A 01 Feb 2027 1,000,000 6.500% Prudential 6.5% Sub Nts 29Jun49 USD1000 29 Jun 2049 1,000,000 5.375% United Overseas Bank Notes Subord Reg S 03 Sep 2019

794 825 814 829 458 809 853 772 800

2.39 2.48 2.45 2.50 1.38 2.44 2.57 2.32 2.41

6,954

20.94

19,603 13,609 33,212

59.02 40.98 100.00

PREFERENCNÍ AKCIE S PEVNOU SAZBOU CELKEM 6,954 20.94 INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKVÁ CISTÁ AKTIVA

55

Prehled investic

Resources Fund 31-10-2004 pocet


tržní hodnota

x USD 1 000

%

AKCIE Kanada 22,000 30,000 28,000 38,000

Francie 17,000

Recko 40,000

Itálie 100,000

Nizozemí 16,000

Norsko 60,000 24,000 116,000

Španelsko 60,000

Švédsko 56,000

Spojené Království 350,000 46,000

Spojené Státy 16,000 10,000 34,000 52,000 24,000

Canadian Natural Resources Imperial Oil Shell Canada Talisman Energy

Total

Hellenic Petroleum

ENI

Royal Dutch Petroleum

Aker Kvaerner Norsk Hydro Statoil

Repsol

Lundin Petroleum 3

BG BP

Apache Baker Hughes Burlington Resources Chevron Texaco EOG Resources

925 1,744 1,721 1,019

2.54 4.80 4.74 2.81

5,409

14.89

3,525

9.71

3,525

9.71

382

1.05

382

1.05

2,264

6.23

2,264

6.23

867

2.39

867

2.39

1,342 1,761 1,674

3.70 4.85 4.61

4,777

13.16

1,297

3.57

1,297

3.57

47

0.96

347

0.96

2,277 445

6.27 1.23

2,722

7.50

811 428 1,411 2,759 1,597

2.22 1.17 3.89 7.60 4.40

56

70,000 8,000 13,000 30,000 26,000

Exxon Mobil Nabors Industries Noble Energy Occidental Petroleum Schlumberger

INVESTICE CISTÉ ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

3,445 393 754 1,675 1,636

9.49 1.08 2.08 4.61 4.50

14,909

41.04

36,499 (180) 36,319

100.50 (0.50) 100.00

Prehled investic

Russia Equity Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Rusko 1,250 3,000 7,200 2,500 7,400 5,000 4,100 1,750 2,000 30,000 10,000 5,700 2,700 6,600 15,000 6,800 4,500 7,000 100 40,000 8,000 17,000 1,000 2,700 10,000 5,000 5,600 10,500

Central Telecommunication Cherepovets MK Severstal - GDR Gazprom - ADR Golden Telecom JSC MMC Norilsk - ADR Kalina Lukoil - Sp. ADR Mobile Telesystems - ADR Oriflame Cosmetics RosBusinessConsulting Rostelecom Sponsored - ADR Sberbank Sibirtelecom - Sp. ADR Sibneft - Sp. ADR Southern Telecommunications - ADR Surgutneftegaz - ADR Surgutneftegaz - Sp. ADR Tatneft - Sp. ADR Transneft - Pref. Tyumen Oil Company Unified Energy Systems - GDR Uralsvyazinform - ADR Verkhnaya Salda Metal Vimpel Communications - ADR Volgatelecom - Sp. ADR Vostok Nafta Investment - SDR Wimm-Bill-Dan Foods - ADR Yukos Oil - ADR -

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statem

34 95 211 56 364 75 405 200 31 60 111 202 108 191 47 214 185 187 75 97 197 111 78 242 50 71 65 138

0.83 2.32 5.14 1.36 8.87 1.83 9.88 4.88 0.76 1.46 2.71 4.93 2.63 4.66 1.15 5.22 4.51 4.56 1.83 2.37 4.80 2.71 1.90 5.90 1.22 1.73 1.59 3.37

3,900

95.12

3,900 200 4,100

95.12 4.88 100.00

ent of investments Resources Fund 31-10-2004

57

Prehled investic

Small Companies Europe Equity Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Rakousko 4,090 11,210

Belgie 11,620

Dánsko 5,673 9,480 56,090 10,390 12,280

Finsko 19,550 39,910 3,735

Francie 7,980 4,630 89,710 3,790 7,710 3,600

Nemecko 29,730 2,770 9,298 7,670 13,820

Recko 170,940 131,607 38,814 41,262 86,960 16,140

Mayr-Melnhof Karton Wienerberger

Option

Bang & Olufsen DSV GN Store Nord ISS Novozymes

KCI Konecranes Kemira GrowHow Nokian Renkaat

Clarins Eiffage Havas Neopost Unilog Wendel Investissement

IDS Scheer Krones MPC Muenchmeyer Peterson Capital Pfeiffer Vacuum Technology Rheinmetall

Athens Medical Center Attica Holdings Hyatt Regency Intracom Technical Olympic Titan Cement

452 349

1.37 1.06

801

2.43

248

0.75

248

0.75

264 423 445 433 428

0.80 1.29 1.35 1.32 1.30

1,993

6.06

611 223 317

1.86 0.68 0.96

1,151

3.50

355 361 371 206 367 160

1.08 1.10 1.13 0.63 1.11 0.49

1,820

5.54

410 219 511 238 442

1.25 0.67 1.55 0.72 1.34

1,820

5.53

226 329 337 128 327 333

0.69 1.00 1.02 0.39 0.99 1.01

1,680

5.10

58

Irsko 24,957 111,896 28,944 102,120 42,640 33,270

Itálie 3,940 7,050 126,740 41,940 24,020

Luxembourg 7,388

Nizozemí 17,135 21,318 7,810 39,310 21,990

Abbey Glanbia Heiton Group Independent News & Media Kingspan McInerney

Davide Campari - Milano e.Biscom Gruppo Coin Mondadori Editore Permasteelisa

Orco Property

Aalberts Industries ASM Hunter Douglas Unit 4 Agresso Vedior

200 274 192 233 262 177

0.61 0.83 0.58 0.71 0.80 0.54

1,338

4.07

175 305 345 327 307

0.53 0.93 1.05 0.99 0.93

1,459

4.43

218

0.66

218

0.66

500 242 290 452 253

1.52 0.74 0.88 1.37 0.77

1,737

5.28

981

2.98

189 334

0.57 1.01

523

1.58

192 488 329 202 309

0.58 1.48 1.00 0.61 0.94

1,520

4.61

407 198 148 249 376

1.24 0.60 0.45 0.76 1.14

1,378

4.19

606 276 389 279 569 320

1.84 0.84 1.18 0.85 1.73 0.97

2,439

7.41

Norsko 164,450 Storebrand 981 2.98

Portugalsko 20,470 347,710

Španelsko 26,430 49,340 28,350 35,030 198,380

Švédsko 37,010 194,894 58,240 14,330 23,550

Švýcarsko 6,765 9,880 1,910 1,480 2,490 7,710

Jeronimo Martins Sonae

Abengoa Enagas Indra Sistemas Telefonica Publicidad e Informacion Telepizza

Alfa Laval Anoto Boss Media Modern Times NIBE Industrier

Actelion Charles Voegele Kaba Leica Geosystems PubliGroupe Sauer

59

Spojené Království 64,110 257,570 90,325 83,132 47,490 25,540 634,606 66,330 13,494 20,725 111,630 161,940 61,410 98,588 970,250 72,876 99,781 188,388 101,770 112,070 189,730 299,908 42,560 46,141 56,983 344,647 98,540 80,210 68,687 248,656 198,680 111,785 26,742

Admiral ARM Bloomsbury Publishing Bodycote Bovis Homes Cairn Energy Chime Communications Chrysalis CSR Games Workshop Halfords Hit Entertainment HMV Icap Invensys iSOFT ITNET Jessops Meggitt MFI Furniture Michael Page PHS Punch Taverns Singer & Friedlander Spectris Spirent Sportingbet Taylor Nelson Sofres The Weir Tullow Oil Umbro Victrex Wolverhampton & Dudley Breweries

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKVÁ CISTÁ AKTIVA

270 361 334 174 350 542 249 167 65 241 458 530 212 332 213 392 325 407 360 165 470 302 339 181 342 318 194 268 289 504 273 569 352

0.82 1.10 1.01 0.53 1.06 1.65 0.76 0.51 0.20 0.73 1.39 1.61 0.64 1.01 0.65 1.18 0.99 1.24 1.09 0.50 1.43 0.92 1.03 0.55 1.04 0.97 0.59 0.81 0.88 1.53 0.83 1.73 1.07

10,548

32.05

31,654 1,262 32,916

96.17 3.83 100.00

Prehled investic

Socially Responsible Equity Fund 31-10-2004 pocet



%

AKCIE Austrálie 2,300 11,000

Kanada 2,500

Dánsko 3,366

Australia and New Zealand Banking Telstra

Cognos

Vestas Wind Systems

28 30

0.62 0.67

58

1.29

78

1.73

78

1.73

33

0.73

33

0.73

60

Finsko 3,800 2,600

Francie 400

Nemecko 400 1,200 3,400 500

Nokia Tietoenator

46 57

1.02 1.26

103

2.28

26

0.58

26

0.58

BASF Deutsche Bank Deutsche Telekom SAP

20 72 51 67

0.44 1.60 1.13 1.49

HSBC

71

1.57

71

1.57

51

1.13

51

1.13

27 75 56 44 50 73

0.60 1.66 1.24 0.98 1.11 1.62

325

7.21

84 82 94

1.86 1.82 2.08

260

5.76

22

0.49

22

0.49

49

1.09

49

1.09

116 92 82 79

2.57 2.04 1.82 1.75

369

8.18

35 48 121 99

0.78 1.06 2.68 2.20

Groupe Danone

210 4.66 Hong Kong 5,600

Irsko 2,700

Japonsko 700 7,000 2,000 1,600 17,000 2,400

Nizozemí 4,500 4,400 2,200

Norsko 6,500

Švédsko 1,600

Švýcarsko 3,100 1,150 1,700 1,400

Statement of investments Spojené Království 25,000 6,100 23,600 13,000

CRH

Canon Dai Nippon Printing Ito Yokado Sony Tokyo Gas Toyota Motor

ABN AMRO Philips Electronics Royal Dutch Petroleum

Tomra Systems

AB

Novartis Roche Schweizerische Rueckversicherung UBS

ARM Aviva BG BP

61

3,200 3,700 14,800 7,200 3,000 6,650 74,500 8,100

Spojené Státy 1,800 450 3,000 4,300 1,400 1,500 4,700 4,300 3,100 800 1,550 4,100 2,200 1,100 1,150 2,900 950 4,000 2,100 1,800 2,300 1,500 4,900 5,500 2,200 1,300 1,200 2,200

British Sky Broadcasting Cadbury Schweppes Kingfisher Pearson Royal Bank of Scotland Smith & Nephew Vodafone WPP

3m Air Products and Chemicals Bank of America Bellsouth BMC Software Capital One Financial Cisco Systems Citigroup Dell Eli Lilly First Data FuelCell Energy General Mills Guidant H&R Block Home Depot IBM - International Business Machines Intel Johnson & Johnson Lincoln National Masco Merrill Lynch Microsoft Pfizer Procter & Gamble Texas Instruments UnitedHealth Washington Mutual

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Socially Responsible Equity Fund 31-10-2004

23 24 64 62 69 44 150 64

0.51 0.53 1.42 1.37 1.53 0.98 3.33 1.42

803

17.81

110 19 106 90 21 87 71 150 85 35 50 40 77 58 43 94 67 70 96 62 62 64 108 125 88 24 67 66

2.44 0.42 2.35 2.00 0.47 1.93 1.57 3.33 1.88 0.78 1.11 0.89 1.71 1.29 0.95 2.08 1.49 1.55 2.12 1.37 1.37 1.42 2.39 2.77 1.95 0.53 1.49 1.46

2,035

45.11

4,493 17 4,510

99.62 0.38 100.00

Prehled investic

Switzerland Equity Fund 31-10-2004 pocet


tržní hodnota

x CHF 1 000

%

AKCIE Švýcarsko 168,650 13,115 21,550 3,500 2,560 5,985 38,900

ABB Actelion Adecco Basilea Pharmaceutical Charles Voegele Ciba Specialty Chemicals Clariant

1,167 1,797 1,242 273 109 493 630

1.55 2.39 1.65 0.36 0.15 0.66 0.84

62

67,000 15,360 141,000 5,280 615 2,445 27,347 660 11,000 1,815 11,290 12,730 1,850 127,470 15,270 820 57,750 40,810 14,625 1,780 6,000 2,951 10,800 9,000 70,500 12,625

Compagnie Financière Richemont Converium CS Galenica Geberit Helvetia Patria Holcim Julius Baer Kudelski Kuoni Reisen Micronas Semiconductor Nestlé Nobel Biocare Novartis Phonak PubliGroupe Roche Schweizerische Rueckversicherung SEZ Straumann Swatch Swiss Life Syngenta Synthes UBS Zurich Financial Services

AKCIE CELKEM WARRANT Y Švýcarsko 34,360 49,150 188,100

ABN Nestlé Call Warrants CHF 250.00 17.06.05 Deutsche UBS Call Warrant CHF 55.00 18.11.05 Novartis Call Warrants CHF 40 16.06.06

WARRANT Y CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

2,275 137 5,774 1,051 480 465 1,750 221 399 824 531 3,606 362 7,279 573 287 7,069 3,000 411 441 963 452 1,233 1,148 6,084 2,153

3.03 0.18 7.69 1.40 0.64 0.62 2.33 0.29 0.53 1.10 0.71 4.80 0.48 9.69 0.76 0.38 9.41 3.99 0.55 0.59 1.27 0.60 1.64 1.53 8.10 2.87

54,679

72.78

54.679

72.78

1,210 1,492 3,263

1.61 1.99 4.34

5,965

7.94

5,965 60,644 14,482 75,126

7.94 80.72 19.28 100.00

Prehled investic

Telecommunication Services Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Rakousko 5,000

Austrálie 19,000

Kanada 2,600

Telekom Austria

Telstra

BCE

60

0.91

60

0.91

52

0.79

52

0.79

47

0.71

47

0.71

63

Nemecko 34,500

Dánsko 9,800

Š panelsko 24,000

Francie 13,500 14,100

Spojené Království 29,000 45,000 325,000

Recko 22,200

Itálie 3,200 63,000 111,500

Japonsko 56 60 167

Jižní Korea 4,100

Nizozemí 27,200 28,000

Norsko 18,200

Nový Zéland 33,000

Deutsche Telekom

TDC

Telefonica de Espana

Equant France Telecom

British Telecommunications COLT Telecom Vodafone


e.Biscom Telecom Italia Mobile Telecom Italia

DDI Nippon Telegraph & Telephone NTT Docomo

SK Telecom - Sp. ADR -

Koninklijke KPN Versatel Telecom

Telenor

Telecom of New Zealand

518

7.87

518

7.87

284

4.31

284

4.31

311

4.72

311

4.72

44 316

0.67 4.80

360

5.47

78 29 653

1.18 0.44 9.91

760

11.53

314

4.77

314

4.77

138 291 291

2.10 4.42 4.42

720

10.94

211 200 231

3.20 3.04 3.51

642

9.75

64

0.97

64

0.97

171 46

2.60 0.70

217

3.30

114

1.73

114

1.73

102

1.55

102

1.55

64

Portugalsko 22,200

Singapu r 106,430

Spojené Státy 13,500 4,800 28,200 18,500

Portugal Telecom

Singapore Telecommunications

Bellsouth Nextel Communications SBC Communication Verizon Communications

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Telecommunication Services Fund 31-10-2004

196

2.98

196

2.98

122

1.85

122

1.85

283 100 560 568

4.30 1.51 8.50 8.62

1,511

22.93

6,394 192 6,586

97.08 2.92 100.00

Prehled investic

US Equity Growth Fund 31-10-2004 pocet



%

AKCIE Spojené Státy 69,400 144,000 169,135 54,900 41,800 194,400 244,600 98,200 212,536 121,100 132,600 130,000 70,900 153,800 34,700 207,500 305,900 320,000 68,500 201,700 85,100 203,720 89,700 123,300 278,300 184,230 64,100 257 ,300 186,400 183,680 262,400 268,500 249,920

3m American Express American International Amgen Apollo Bed Bath & Beyond Boston Scientific Caterpillar Citigroup Coca Cola Colgate Palmolive Conoco Phillips Electronic Arts Eli Lilly Gannett Genentech General Electric Gillette Illinois Tool Works Johnson & Johnson Juniper Networks Kohls Marriott Maxim Integrated Products McDonald’s Medtronic Omnicom Oracle Paychex Pepsi Pfizer Procter & Gamble Qualcomm

5,383 7,642 10,268 3,118 2,759 7,930 8,634 7,909 9,430 4,924 5,917 10,960 3,185 8,445 2,878 9,447 10,437 13,274 6,321 11,775 2,265 10,341 4,888 5,424 8,112 9,416 5,057 3,257 6,113 9,107 7,596 13,742 10,397

1.89 2.69 3.61 1.10 0.97 2.79 3.04 2.78 3.32 1.73 2.08 3.86 1.12 2.97 1.01 3.32 3.67 4.67 2.22 4.14 0.81 3.65 1.73 1.91 2.85 3.31 1.78 1.15 2.15 3.20 2.67 4.84 3.66

65

200,120 130,000 128,100

Schlumberger United Parcel Service Walt Disney


12,596 10,294 3,232

4.43 3.62 1.14

272,473

95.88

272,473 11,709 284,182

95.88 4.12 100.00

Prehled investic

US Equity Value Fund 31-10-2004 pocet



%

AKCIE Spojené Státy 19,850 5,390 1,780 3,555 13,100 39 3,720 2,270 2,470 1,650 4,020 5,320 965 1,640 3,510 3,770 2,270 2,200 10,290 1,160 1,100 4,960 2,630 4,215 3,090 8,625 1,115 3,080 2,370 9,935 1,840 2,170 2,790 2,500 4,070 3,110 4,120 4,620 2,760 4,490 7,440 4,400 2,095 1,810 6,980 1,290

3com American Power Conversion Anadarko Petroleum Andrx BEA Systems Berkshire Hathaway Bristol Myers Squibb Chevron T exaco Cincinnati Financial Citigroup Comcast Comverse Technology Conoco Phillips Costco Wholesale Diamond Offshore Drilling Dollar Tree Stores DST Systems Du Pont de Nemours General Cable General Dynamics Goldman Sachs Hain Celestial Hewitt Associates Hewlett Packard Home Depot Innkeepers USA Trust Kimberley Clark Kraft Foods Laboratory of America Liberty Media Loews Martin Marietta Materials Masco May Department Stores McDonald’s Medeco Health Solutions MedImmune Microsoft National-Oilwell Newell Rubermaid O’Charleys Performance Food Prudential Financial Radian Group Southwest Airlines Telephone and Data Systems

82 104 120 77 106 109 87 120 103 73 119 110 81 79 119 109 102 94 127 118 108 80 74 79 127 119 67 103 109 89 110 99 96 65 119 105 117 129 93 97 115 102 97 87 110 97

1.65 2.09 2.41 1.55 2.13 2.19 1.75 2.41 2.07 1.47 2.39 2.21 1.63 1.59 2.39 2.19 2.05 1.89 2.55 2.37 2.17 1.61 1.49 1.59 2.55 2.39 1.35 2.07 2.19 1.79 2.21 1.99 1.93 1.31 2.39 2.11 2.35 2.58 1.86 1.94 2.30 2.04 1.94 1.74 2.21 1.95

66

6,220 1,750 2,565

Time Warner Wachovia Washington Mutual

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments US Equity Value Fund 31-10-2004

104 86 99

2.09 1.73 1.99

4,921

98.84

4,921 58 4,979

98.84 1.16 100.00

Prehled investic

Utilities Fund 31-10-2004 pocet


tržní hodnota

x EUR 1 000

%

AKCIE Finsko 1,900

Francie 4,400 5,900

Nemecko 3,675 2,250

Recko 2,250

Hong Kong 9,000

Itálie 17,977 5,100 5,800

Japonsko 3,700 4,000 36,000 6,200

Portugalsko 69,600

Fortum

Suez Veolia Environnement

E.On RWE

Public Power

CLP

Enel Snam Rete Gas Terna

Chuba Electric Power Kansai Electric Power Tokyo Gas Toyko Electric Power

Energias Portugal

23

0.68

23

0.68

81 140

2.38 4.11

221

6.49

234 93

6.87 2.73

327

9.60

44

1.29

44

1.29

41

1.20

41

1.20

127 20 11

3.73 0.59 0.32

158

4.64

63 59 105 110

1.85 1.73 3.08 3.23

337

9.89

161

4.73

161

4.73

67

Španelsko 5,600 4,100 6,900

Endesa Iberdrola Union Fenosa

Spojené Království 3,400 20,430 53,595 12,800 18,300 4,500 9,200 3,300

Spojené Státy 950 2,000 1,250 1,840 5,000 2,050 6,150 950 1,700 1,200 2,100 1,150 1,200 4,300 1,450

Awg Centrica International Power Kelda National Grid Transco Scottish & Southern Energy Scottish Power United Utilities

Ameren American Electric Power Consolidated Edison Dominion Resources Duke Energy Entergy Exelon FPL First Energy Nisource PG & E Progress Energy Public Service Enterprise Southern Company TXU

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA Statement of investments Utilities Fu nd 31-10-2004

89 70 132

2.61 2.06 3.88

291

8.55

36 71 124 103 125 54 58 27

1.06 2.09 3.64 3.03 3.67 1.59 1.70 0.79

598

17.57

36 52 43 93 96 105 192 51 55 20 53 37 41 108 71

1.06 1.53 1.27 2.73 2.82 3.08 5.64 1.50 1.62 0.59 1.56 1.09 1.20 3.17 2.09

1,053

30.95

3,254 150 3,404

95.59 4.41 100.00

Prehled investic

2001 Euro Bond Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Vládní 950 900 250 800 475 800 550 860 800

5.250% Austria 01 - 04.01.2011 5.750% Belgium 97 - 28.03.2008 4.000% France 98 - 25.10.2009 5.250% Germany 00 - 04.01.2011 4.750% Germany 03 - 04.07.2034 6.000% Germany 96 - 05.01.2006 4.600% Ireland 99 - 18.04.2016 6.000% Italy 97 - 01.11.2007 5.250% Netherlands 98 - 15.07.2008

1,044 984 259 882 490 834 579 940 865

12.32 11.61 3.06 10.41 5.78 9.84 6.83 11.09 10.21

68

950

6.150% Spain 97 - 31.01.2013

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

1,110

13.10

7,987

94.25

7,987 487 8,474

94.25 5.75 100.00

Prehled investic

Asia Bond Fund 31-10-2004 Nominál v USD není-li specifikováno jinak


tržní hodnota

x USD 1 000

%

OBLIGACE Vládní 300 890 658 700 175

Financní instituce 200 200 450 575 250 100 300 700 450 300 190 450

5.375% Export-Import Bank India 04 -¨14.07.2009 9.875% Philippines 00 - 16.03.2010 8.375% Philippines 04 - 15.02.2011 8.875% Philippines 04 - 17.03.2015 9.875% Philippines 99 - 15.01.2019

9.025% Bangkok Bank 98 - 15.03.2029 7.650% Bank Danamon Indonesia 04 - 30.03.2014 5.125% Bumiputra-Commerce Bank 03 - 16.10.2013 5.750% Korea First Bank 03 - 10.03.2013 8.375% MGTI Finance 04 - 15.09.2010 5.375% Prime Holdings Labuan 04 - 22.09.2014 10.625% PT Bank Mandiri Cayman 02 - 02.08.2012 6.625% RHB Bank 02 - 25.01.2013 6.250% Shinhan Bank 03 - 08.09.2013 8.250% Thai Farmers Bank 96 - 21.08.2016 11.750% Woori Bank 00 - 01.03.2010 4.875% Woori Bank 03 - 02.07.2013

309 979 657 689 176

2.03 6.43 4.32 4.53 1.16

2,810

18.47

233 204 465 596 251 101 327 750 483 344 196 460

1.53 1.34 3.05 3.91 1.65 0.66 2.15 4.93 3.17 2.26 1.29 3.02

4,410

28.96

354 549 979 397 624 653 154 626 941 427 847 55 305

2.33 3.61 6.43 2.61 4.10 4.29 1.01 4.11 6.18 2.80 5.56 0.36 2.00

6,911

45.39

14,131

92.82

Ruzné 300 500 920 380 600 550 150 600 770 400 800 50 300

OBLIGACE CELKEM

7.625% Citic Pacific Finance 01 - 01.06.2011 9.750% Globe Telecom 02 - 15.04.2012 6.500% Hutchison Whamp 03 - 13.02.2013 7.450% Hutchison Whamp 03 - 24.11.2033 7.750% Indosat Finance 03 - 05.11.2010 7.750% LG Caltex Oil 01 - 25.07.2011 7.000% MGTI Finance 04 - 15.09.2007 6.000% PCCW-HKTC Capital 03 - 15.07.2013 7.750% Petroliam Nasional - 15.08.2015 9.250% Philippine Long Distance Telecom 96 - 30.06.2006 6.250% Road King Infrastructure 04 - 15.07.2011 7.625% Tenaga Nasional 97 - 29.04.2007 9.000% URC Philippines 03 - 06.02.2008

69

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 300 Chohung Bank 04 - 03.11.2014 500 Southern Bank 04 - 30.06.2014

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA Statement of investments Asia Bond Fu

299 531

1.96 3.49

830

5.45

830 14,961 263 15,224

5.45 98.27 1.73 100.00

Prehled investic

Czech Crown Bond Fund 31-10-2004 Nominál v CZK není-li specifikováno jinak


x1,000

tržní hodnota

x CZK 1 000

%

OBLIGACE Státní 20,000 10,000 20,000 20,000 20,000 30,000

22,520 11,865 20,989 18,690 19,300 30,036

10.02 5.27 9.33 8.31 8.58 13.35

123,400

54.86

9,907

4.40

12,285

5.47

22,192

9.87

14,805 9,820 10,011 10,424

6.58 4.37 4.45 4.63

45,060

20.03

190,652

84.76

14,957

6.65

14,957

6.65

KOMERCNÍ PAPÍRY CELKEM

14,957

6.65

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Ruzné 1,000 Glaverbel Czech 00 - 10.07.2008 10,000 Koninklijke Ahold 00 - 14.09.2005

993 9,965

0.44 4.43

10,958

4.87

Nadnárodní 10,000 11,550

6.550% Czech Republic 01 6.950% Czech Republic 01 5.700% Czech Republic 01 3.700% Czech Republic 03 4.600% Czech Republic 03 3.000% Czech Republic 03

- 05.10.2011 - 26.01.2016 - 26.10.2006 - 16.06.2013 - 18.08.2018 - 20.01.2006

3.250% European Investment Bank 02 - 15.11.2007 7.375% International Bank for Reconstruction & Development 99 - 26.05.2006

Ruzné 15,000 10,000 10,000 10,000

3.500% Cesky Telecom 03 - 09.07.2008 3.350% Cez 03 - 23.06.2008 8.200% Radiomobil 99 - 08.11.2004 7.250% Skoda Auto 00 - 26.10.2005

OBLIGACE CELKEM KOMERCNÍ PAPÍRY Ruzné 15,000

Czech Treasury Bill 04 - 10.12.2004

70

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA Statement of investments Euro Bond Fund 31-10-2004

10,958 216,567 8,364 224,931

4.87 96.28 3.72 100.00

Prehled investic

Euro Bond Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Government 2,988,613 21,347,233 3,842,502 14,259,952 17,077,786 7,538,020 15,722,156 12,808,340 538,430 1,435,813 10,246,672 8,538,893 10,246,672 9,871,216 12,808,340 12,808,340 6,532,253 20,920,288 11,954,450 5,123,336 6,404,170 13,662,229 16,223,897 11,100,561 1,076,860 18,785,565 12,808,340 14,516,118 4,098,669 24,222,170 12,455,680 13,341,270 6,404,170 Nadnárodní NLG 4,307,440 Financial institutions 1,507,604 NLG 231,166 1,292,232 789,697 1,076,860 1,328,127 717,907 682,011 1,220,441

4.650% Austria 03 - 15.01.2018 5.875% Austria 96 - 15.07.2006 6.250% Austria 97 - 15.07.2027 4.000% Austria 99 - 15.07.2009 5.000% Belgium 02 - 28.09.2012 4.250% Belgium 03 - 28.09.2013 6.250% Belgium 96 - 28.03.2007 5.750% Belgium 97 - 28.03.2008 6.750% Croatia 01 - 14.03.2011 5.000% Cyprus 99 - 23.06.2006 5.750% Finland 00 - 23.02.2011 5.750% France 00 - 25.10.2032 3.500% France 03 - 12.01.2008 5.500% France 96 - 25.10.2007 4.000% France 98 - 25.04.2009 4.500% Germany 03 - 04.01.2013 4.750% Germany 03 - 04.07.2034 6.000% Germany 97 - 04.07.2007 4.125% Germany 98 - 04.07.2008 6.000% Greece 00 - 19.05.2010 5.000% Italy 03 - 01.08.2034 4.250% Italy 04 - 01.08.2014 6.000% Italy 97 - 01.11.2007 5.500% Italy 99 - 01.11.2010 6.000% Korea Development Bank 00 - 13.04.2005 3.000% Netherlands 03 - 15.07.2006 4.250% Netherlands 03 - 15.07.2013 3.000% Netherlands 04 - 15.07.2007 7.500% Netherlands 93 - 15.01.2023 5.250% Netherlands 98 - 15.07.2008 3.750% Netherlands 99 - 15.07.2009 5.400% Spain 01 - 30.07.2011 5.750% Spain 01 - 30.07.2032

6.250% Asian Development Bank 96 - 01.03.2006

7.125% Abbey National 00 - 28.09.2049 6.750% ABN AMRO Bank 87 - 01.06.2007 4.625% ABN AMRO Bank 99 - 12.05.2009 4.750% Aegon Funding 01 - 28.02.2005 4.625% Aegon 03 - 16.04.2008 6.125% Allianz Finance 02 - 31.05.2022 4.450% Australia & New Zealand Banking 03 - 05.02.2015 6.988% Banca Intesa Capital Trust 01 - 12.07.2049 5.125% Banco Santander Central Hispano Issuances 99 - 06.07.2009

3,128,181 22,562,958 4,774,885 14,784,005 18,573,800 7,764,160 17,051,464 13,997,594 616,395 1,492,169 11,569,517 10,120,723 10,469,537 10,650,549 13,294,416 13,512,158 6,733,447 22,707,930 12,457,135 5,780,660 6,680,830 13,948,453 17,729,475 12,341,604 1,093,758 18,970,603 13,216,926 14,640,231 5,684,649 26,187,799 12,785,133 14,820,148 7,567,167

0.56 4.01 0.85 2.63 3.30 1.38 3.03 2.49 0.11 0.27 2.06 1.80 1.86 1.89 2.36 2.40 1.20 4.04 2.21 1.03 1.19 2.48 3.15 2.19 0.19 3.37 2.35 2.60 1.01 4.66 2.27 2.64 1.35

387,708,459

68.93

2,049,822

0.36

2,049,822

0.36

1,760,655 110,143 1,357,296 795,778 1,127,095 1,480,729 745,367 788,781 1,305,933

0.31 0.02 0.24 0.14 0.20 0.26 0.12 0.14 0.23

71

DEM

DEM NLG

DEM

358,953 875,846 287,163 933,279 789,697 2,656,255 208,193 295,060 358,953 717,907 682,011 3,948,487 287,163 2,153,720 2,871,627 717,907 617,400 459,460 1,435,813 1,507,604 1,866,557 2,153,720 1,364,023 2,153,720 1,435,813 3,589,533 574,325 717,907 1,687,081 1,615,290 897,383 1,722,976 2,584,464 1,543,499 753,802 1,435,813 646,116 143,581 1,435,813 2,871,627 2,153,720 717,907 1,040,965 646,116 646,116 1,005,069 753,802 717,907

4.750% Bank Of America 04 - 06.05.2019 7.400% Bank of Ireland 01 - 07.03.2011 6.250% Banque Cent de Tunisie 03 - 20.02.2013 5.750% Barclays Bank 01 - 08.03.2011 5.500% BBVA Capital Funding 01 - 04.07.2011 6.342% BNP Paribas (PERP. 49) 02 - 24.01.2012 6.250% Caixa General Deposit Financial 99 - 12.10.2009 5.125% Chase CCMT 1998-1 98 - 15.02.2005 5.500% CIT 01 - 16.05.2005 5.000% CIT 04 - 13.05.2014 3.875% Citigroup 03 - 21.05.2010 4.750% Citigroup 04 - 10.02.2019 4.375% Coca-Cola HBC Finance 04 - 15.07.2011 6.500% Cortp. Andina de Fomento 00 - 16.11.2005 5.250% Countrywide Home Loan 98 - 15.12.2005 6.625% Credit Suisse GP Finance 00 - 05.10.2010 5.750% Danske Bank 01 - 26.03.2011 5.125% Danske Bank 02 - 12.11.2012 5.375% Deutsche Bank Finance 02 - 27.03.2012 6.875% Euroclear Finance (PERP) 00 - 04.10.2007 5.250% European Credit Card Office 98 - 18.06.2008 5.250% European Mortgage Securities 98 - 13.05.2008 6.500% Fortis Bank (PERP. 49) 01 - 26.09.2011 5.125% General Electric Capital 02 - 04.03.2009 5.000% GMAC Swift Trust 99 - 18.01.2005 5.375% Goldman Sachs 98 - 15.04.2008 6.250% Hannover Finance 01 - 14.03.2031 4.375% Holcim Finance Luxembourg 03 - 23.06.2010 4.250% Holmes Financing 01 - 16.10.2006 5.250% Household Finance 98 - 23.11.2005 6.375% Imperial Tobacco Finance 99 - 27.09.2006 6.500% ING Bank 00 - 15.06.2010 6.250% Ing Verzekeringen 01 - 21.06.2021 6.125% Lehman Brothers 00 - 23.03.2007 5.625% Lloyds TSB (PERP. 49) 99- 15.07.2009 5.250% Merrill Lynch 98 - 18.08.2008 6.125% Michelin Finance Luxembourg 02 - 16.04.2009 4.375% Morgan Stanley 03 - 14.01.2011 5.750% Morgan Stanley Dean Witter 02 - 01.04.2009 6.625% National Westminster Bank 99 - 05.10.2049 6.467% RBS Capital Trust A 02 - 30.06.2012 3.750% Rodamco Europe Fin BV 03 - 01.07.2010 4.750% Saint-Gobain Neder 99 - 09.07.2009 8.126% Sanpaolo Imi Capital 00 - 10.11.2010 5.625% Skandinaviska Enskilda 02 - 06.06.2012 5.375% Volkswagen Finance Service 02 - 25.01.2012 2.875% Westpac Banking 03 - 25.06.2008 5.750% Zurich Finance 03 - 02.10.2023

369,291 1,038,666 315,132 1,037,199 825,234 3,015,646 233,041 297,408 364,840 740,592 692,890 4,078,194 292,533 2,240,515 1,510,598 826,562 667,619 490,864 1,518,732 1,666,431 1,009,517 1,048,950 1,550,947 2,310,080 1,443,555 1,963,587 633,883 737,972 1,739,043 1,662,376 954,995 1,968,328 2,898,735 1,657,873 817,649 1,537,971 712,957 147,917 1,575,159 3,249,389 2,452,656 717,512 1,095,615 789,973 688,953 1,064,218 749,699 765,612

0.07 0.18 0.06 0.18 0.15 0.54 0.04 0.05 0.06 0.13 0.12 0.73 0.05 0.40 0.27 0.15 0.12 0.09 0.27 0.30 0.18 0.19 0.28 0.41 0.26 0.35 0.11 0.13 0.31 0.30 0.17 0.35 0.52 0.29 0.15 0.27 0.13 0.03 0.28 0.58 0.44 0.13 0.19 0.13 0.12 0.19 0.13 0.14

69,638,885

12.38

749,961 746,838 726,880 386,853 798,029 375,806 1,270,601 817,376 910,205 590,640 641,780 490,897 1,577,995 923,986 786,072 472,472 1,650,118 627,106 486,008

0.13 0.13 0.13 0.07 0.14 0.07 0.22 0.15 0.16 0.11 0.11 0.09 0.28 0.16 0.14 0.08 0.28 0.11 0.09

Ruzné

NLG

717,907 717,907 717,907 358,953 789,697 358,953 1,220,441 789,697 789,697 1,220,441 574,325 430,744 1,507,604 922,510 717,907 466,639 1,399,918 574,325 430,744

4.625% AEDS Finance 03 - 03.03.2010 5.500% Alcan 01 - 02.05.2006 3.625% Anglo American Capital 03 - 05.06.2008 5.460% Arena 2001-I A2 01 - 19.07.2053 3.500% Auchan 03 - 22.07.2008 5.875% Autoliv 01 - 23.05.2006 5.000% Autostrade 04 - 09.06.2014 5.000% Aventis 01 - 18.04.2006 6.750% Axa 00 - 15.12.2020 6.125% Batavia Credit Card 97 - 15.12.2006 6.000% Bayer 02 - 10.04.2012 6.625% Bes Finance 02 - 08.05.2049 6.375% British Telecom 01 - 15.02.2006 4.500% CARGILL 04 - 29.09.2014 5.750% CGNU 01 - 14.11.2021 4.875% Ciba Special Chem. Fin. Luxembourg 03 - 20.06.2018 7.047% Cl Capital Trust 1 02 - 29.04.2049 6.000% Compass 03 - 29.05.2009 6.875% Continental 01 - 05.12.2008

72

NLG

2,117,825 1,435,813 1,651,185 646,116 2,369,092 143,581 646,116 1,292,232 574,325 502,535 1,112,755 1,184,546 140,112 574,325 430,744 574,325 1,220,441 4,594,603 380,491 2,081,929 1,084,039 1,292,232 717,907 179,477 387,670 659,756 610,221 502,535 717,907 753,802 1,292,232 323,058 574,325 1,758,871 1,794,767 157,939 215,372 646,116 287,163 1,507,604 1,543,499 610,221 430,744 394,849 2,153,720 717,907 789,697 789,697 825,593 71,791 358,953 1,916,811 538,430 789,697 1,076,860 502,535 682,011 933,279 717,907 502,535 215,372 1,076,860 215,372 1,256,337 466,639 1,651,185 1,220,441

6.905% Credit Suisse (PERP) 01 - 07.11.2011 6.250% Danaher 00 - 26.07.2005 8.125% Deutsche Telekom 02 - 29.05.2012 7.500% Deutsche Telekom 03 - 24.01.2033 5.750% E.On 02 - 29.05.2009 4.750% Elia System 04 - 13.05.2014 4.125% Enel Societa per Azioni 04 - 20.05.2011 4.375% EWE 04 - 14.10.2014 5.750% Ford Motor Credit 03 - 12.01.2009 6.475% Fortum 03 - 03.11.2006 7.000% France Telecom 02 - 23.12.2009 8.125% France Telecom 03 - 28.01.2033 5.875% Gallaher 98 - 06.08.2008 4.625% Gallaher 04 - 10.06.2011 7.250% General Motors 03 - 03.07.2013 8.375% General Motors 03 - 05.07.2033 5.063% Generali Finance 99 - 28.05.2019 6.050% HBOS 01 - 23.11.2049 6.500% Hilton Group Finance 02 - 17.07.2009 5.875% Hutchison Whampoa 03 - 08.07.2013 5.500% Hutchison Whampoa 99 - 16.03.2006 4.875% Iberdrola 03 - 18.02.2013 5.250% Investor AB 98 - 30.06.2008 4.500% Kingfisher 03 - 21.10.2010 4.625% Klepierre 04 - 15.07.2011 4.500% Koninklijke KPN 04 - 21.07.2011 5.750% Koninklijke Philips Electronic 01 - 16.05.2008 6.375% Lafarge 00 - 26.07.2007 6.750% Munich Re Finance 03 - 21.06.2023 6.500% National Rural Utilities 02 - 14.03.2007 5.250% NGG Finance 01 - 23.08.2006 6.125% NGG Finance 01 - 23.08.2011 6.625% North West Water Finance 00 - 08.11.2007 7.750% Olivetti Finance 03 - 24.01.2033 5.750% Pacific Life Funding 00 - 31.10.2005 7.750% Pemex Project Funding Master 00 - 02.08.2007 6.375% Petronas Capital 02 - 22.05.2009 5.000% Pinault-Printemps-Redoute 03 - 23.01.2009 6.125% Polo Ralph Lauren 99 - 22.11.2006 5.750% Portugal Telecom International Finance 01 - 21.02.2006 5.750% Prudential 01 - 19.12.2021 6.250% Public and Broad Finance 99 - 01.11.2006 6.125% Renault 02 - 26.06.2009 6.625% Rexam 02 - 27.03.2007 4.625% RWE Finance 04 - 23.07.2014 3.875% Schneider Electric 03 - 31.10.2008 6.000% Sing Telecommunications 01 - 21.11.2011 6.375% SL Finance 02 - 12.07.2022 3.250% SLM 03 - 25.07.2008 7.250% SOGERIM 01 - 20.04.2011 5.625% Sonera 00 - 14.03.2005 8.160% Stand Chartered Cap Trust 00 - 23.03.2049 6.125% Swedish Match 99 - 01.10.2006 5.500% Syngenta Lux Finance 01 - 10.07.2006 5.200% TDC 01 - 28.01.2010 5.375% Telecom Italia 04 - 29.01.2019 6.125% Telefonica Europe 00 - 21.09.2005 5.125% Telefonica Europe 03 - 14.02.2013 6.375% Telstra 01 - 29.06.2011 5.250% Tesco 02 - 07.05.2008 6.625% TPSA Eurofinance 01 - 01.03.2006 4.250% Travelers Ins. Instit Fund 99 - 16.06.2006 5.000% Vattenfall Treasury 03 - 18.06.2018 5.875% Veolia Environnement 27.06.2008 6.625% VNU 00 - 30.05.2007 5.125% Wolters Kluwer 98 - 16.12.2005 6.000% WPP 01 - 18.06.2008

2,454,322 1,473,719 2,068,605 837,819 2,604,935 147,810 657,714 1,291,263 599,079 538,416 1,281,783 1,604,112 152,091 589,344 470,674 621,075 1,297,878 5,123,901 426,340 2,216,326 1,118,945 1,356,973 766,401 185,794 399,067 675,623 658,947 546,657 816,511 814,446 1,348,832 362,746 632,734 2,296,119 1,850,943 175,629 240,581 669,312 303,617 1,569,039 1,694,299 645,308 476,877 425,870 2,207,132 732,947 885,448 880,473 823,529 83,712 363,153 2,297,681 571,625 826,379 1,147,587 517,611 703,938 994,502 821,68 0 537,687 226,399 1,103,189 220,250 1,366,455 508,614 768,831 1,326,254

0.44 0.26 0.37 0.15 0.46 0.03 0.12 0.23 0.11 0.10 0.23 0.29 0.03 0.10 0.08 0.11 0.23 0.91 0.08 0.39 0.20 0.24 0.14 0.03 0.07 0.12 0.12 0.10 0.15 0.14 0.24 0.06 0.11 0.41 0.33 0.03 0.04 0.12 0.05 0.28 0.30 0.11 0.08 0.08 0.39 0.13 0.16 0.16 0.15 0.01 0.06 0.41 0.10 0.15 0.20 0.09 0.13 0.18 0.15 0.10 0.04 0.20 0.04 0.24 0.09 0.14 0.24

81,433,175

14.48

73

OBLIGACE CELKEM Statement of investments OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 358,953 BCP Finance 04 - 29.06.2049 646,116 Bes Finance 03 - 02.07.2014 2,584,464 HSBC Capital Funding LP 03 - 24.04.2014 1,794,767 SAECURE 2000-I A2 - 25.11.2007 789,697 Santander Issuances 04 - 30.09.2019 1,435,813 SNS Bank 00 - 21.06.2010 430,744 Sumitomo Mitsui Banking 04 - 27.10.2014 3,948,487 Unicredito Italy Capital Trust 00 - 29.10.2049

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

540,830,341

96.15

381,747 686,627 2,737,981 1,933,682 794,672 1,440,124 439,919 4,791,476

0.07 0.12 0.49 0.34 0.14 0.26 0.08 0.85

13,206,228

2.35

13,206,228 554,036,569 8,420,256 562,456,825

2.35 98.50 1.50 100.00

Statement of investments Euro Credit Bond Fund 31-10-2004

Prehled investic

Euro Credit Bond Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Vládní 2,961,980 6,177,844 211,570 564,187 3,878,784 423,140 9,517,830 4,894,320 1,551,513

Nadnárodní NLG 1,692,560

Financní instituce 592,396 NLG 90,834 507,768 310,303 423,140 521,873 282,093 267,989 479,559 141,047 344,154 112,837 366,721

4.250% Belgium 03 - 28.09.2013 6.250% Belgium 96 - 28.03.2007 6.750% Croatia 01 - 14.03.2011 5.000% Cyprus 99 - 23.06.2006 5.500% France 96 - 25.10.2007 6.000% Korea Development Bank 00 - 13.04.2005 5.250% Netherlands 98 - 15.07.2008 3.750% Netherlands 99 - 15.07.2009 5.400% Spain 01 - 30.07.2011

6.250% Asian Development Bank 96 - 01.03.2006

7.125% Abbey National 00 - 28.09.2049 6.750% ABN AMRO Bank 87 - 01.06.2007 4.625% ABN AMRO Bank 99 - 12.05.2009 4.750% Aegon Funding 01 - 28.02.2005 4.625% Aegon 03 - 16.04.2008 6.125% Allianz Finance 02 - 31.05.2022 4.450% Australia & New Zealand Banking 03 - 05.02.2015 6.988% Banca Intesa Capital Trust 01 - 12.07.2049 5.125% Banco Santander Central Hispano Issuances 99 - 06.07.2009 4.750% Bank Of America 04 - 06.05.2019 7.400% Bank of Ireland 01 - 07.03.2011 6.250% Banque Cent de Tunisie 03 - 20.02.2013 5.750% Barclays Bank 01 - 08.03.2011

3,050,840 6,700,181 242,205 586,331 4,185,014 429,780 10,290,200 5,023,775 1,723,499

3.07 6.74 0.24 0.60 4.21 0.43 10.35 5.06 1.73

32,231,825

32.43

805,454

0.81

805,454

0.81

691,830 43,280 533,334 312,692 442,880 581,836 292,883 309,942 513,152 145,109 408,132 123,828 407,556

0.70 0.04 0.54 0.31 0.45 0.59 0.29 0.31 0.51 0.15 0.41 0.12 0.42

74

DEM

DEM NLG

DEM

310,303 1,043,745 81,807 115,940 141,047 282,093 267,989 1,551,513 112,837 846,280 1,128,373 282,093 242,600 180,540 564,187 592,396 733,443 846,280 535,977 846,280 564,187 1,410,467 225,675 282,093 662,919 634,710 352,617 677,024 1,015,536 606,501 296,198 564,187 253,884 56,419 564,187 1,128,373 846,280 282,093 409,035 253,884 253,884 394,931 296,198 282,093

5.500% BBVA Capital Funding 01 - 04.07.2011 6.342% BNP Paribas (PERP. 49) 02 - 24.01.2012 6.250% Caixa General Deposit Financial 99 - 12.10.2009 5.125% Chase CCMT 1998-1 98 - 15.02.2005 5.500% CIT 01 - 16.05.2005 5.000% CIT 04 - 13.05.2014 3.875% Citigroup 03 - 21.05.2010 4.750% Citigroup 04 - 10.02.2019 4.375% Coca-Cola HBC Finance 04 - 15.07.2011 6.500% Cortp. Andina de Fomento 00 - 16.11.2005 5.250% Countrywide Home Loan 98 - 15.12.2005 6.625% Credit Suisse GP Finance 00 - 05.10.2010 5.750% Danske Bank 01 - 26.03.2011 5.125% Danske Bank 02 - 12.11.2012 5.375% Deutsche Bank Finance 02 - 27.03.2012 6.875% Euroclear Finance (PERP) 00 - 04.10.2007 5.250% European Credit Card Office 98 - 18.06.2008 5.250% European Mortgage Securities 98 - 13.05.2008 6.500% Fortis Bank (PERP. 49) 01 - 26.09.2011 5.125% General Electric Capital 02 - 04.03.2009 5.000% GMAC Swift Trust 99 - 18.01.2005 5.375% Goldman Sachs 98 - 15.04.2008 6.250% Hannover Finance 01 - 14.03.2031 4.375% Holcim Finance Luxembourg 03 - 23.06.2010 4.250% Holmes Financing 01 - 16.10.2006 5.250% Household Finance 98 - 23.11.2005 6.375% Imperial Tobacco Finance 99 - 27.09.2006 6.500% ING Bank 00 - 15.06.2010 6.250% Ing Verzekeringen 01 - 21.06.2021 6.125% Lehman Brothers 00 - 23.03.2007 5.625% Lloyds TSB (PERP. 49) 99- 15.07.2009 5.250% Merrill Lynch 98 - 18.08.2008 6.125% Michelin Finance Luxembourg 02 - 16.04.2009 4.375% Morgan Stanley 03 - 14.01.2011 5.750% Morgan Stanley Dean Witter 02 - 01.04.2009 6.625% National Westminster Bank 99 - 05.10.2049 6.467% RBS Capital Trust A 02 - 30.06.2012 3.750% Rodamco Europe Fin 03 - 01.07.2010 4.750% Saint-Gobain Neder 99 - 09.07.2009 8.126% Sanpaolo Imi Capital 00 - 10.11.2010 5.625% Skandinaviska Enskilda 02 - 06.06.2012 5.375% Volkswagen Finance Service 02 - 25.01.2012 2.875% Westpac Banking 03 - 25.06.2008 5.750% Zurich Finance 03 - 02.10.2023

324,266 1,184,964 91,571 116,863 143,360 291,008 272,263 1,602,481 114,947 880,385 593,573 324,788 262,333 192,880 596,768 654,806 396,679 412,173 609,427 907,720 567,229 771,569 249,077 289,978 683,337 653,212 375,255 773,432 1,139,025 651,442 321,286 604,329 280,148 58,123 618,941 1,276,811 963,744 281,938 430,510 310,411 270,717 418,172 294,586 300,838

0.33 1.19 0.09 0.12 0.14 0.29 0.27 1.61 0.12 0.89 0.60 0.34 0.26 0.19 0.60 0.66 0.40 0.41 0.61 0.91 0.57 0.78 0.25 0.29 0.69 0.66 0.38 0.78 1.15 0.66 0.32 0.61 0.28 0.06 0.62 1.28 0.97 0.28 0.43 0.31 0.27 0.42 0.30 0.30

27,363,819

27.53

294,689 293,462 285,620 152,010 313,576 147,669 499,269 321,179 357,655 232,086 252,180 192,893 620,056 363,070 308,878 185,653 648,396 246,414 190,972 964,398 579,081 812,835

0.30 0.30 0.29 0.15 0.32 0.15 0.50 0.32 0.36 0.23 0.25 0.19 0.62 0.37 0.31 0.19 0.65 0.25 0.19 0.97 0.58 0.82

Ruzné

NLG

282,093 282,093 282,093 141,047 310,303 141,047 479,559 310,303 310,303 479,559 225,675 169,256 592,396 362,490 282,093 183,361 550,082 225,675 169,256 832,175 564,187 648,815

4.625% AEDS Finance 03 - 03.03.2010 5.500% Alcan 01 - 02.05.2006 3.625% Anglo American Capital 03 - 05.06.2008 5.460% Arena 2001-I A2 01 - 19.07.2053 3.500% Auchan 03 - 22.07.2008 5.875% Autoliv 01 - 23.05.2006 5.000% Autostrade 04 - 09.06.2014 5.000% Aventis 01 - 18.04.2006 6.750% Axa 00 - 15.12.2020 6.125% Batavia Credit Card 97 - 15.12.2006 6.000% Bayer 02 - 10.04.2012 6.625% Bes Finance 02 - 08.05.2049 6.375% British Telecom 01 - 15.02.2006 4.500% CARGILL 04 - 29.09.2014 5.750% CGNU 01 - 14.11.2021 4.875% Ciba Special Chem. Fin. Luxembour g 03 - 20.06.2018 7.047% Cl Capital Trust 1 02 - 29.04.2049 6.000% Compass 03 - 29.05.2009 6.875% Continental 01 - 05.12.2008 6.905% Credit Suisse (PERP) 01 - 07.11.2011 6.250% Danaher 00 - 26.07.2005 8.125% Deutsche Telekom 02 - 29.05.2012

75

NLG

253,884 930,908 56,419 253,884 507,768 225,675 197,465 437,245 465,454 55,056 225,675 169,256 225,675 479,559 1,805,397 149,509 818,071 425,961 507,768 282,093 70,523 152,330 259,244 239,779 197,465 282,093 296,198 507,768 126,942 225,675 691,129 705,233 62,061 84,628 253,884 112,837 592,396 606,501 239,779 169,256 155,151 846,280 282,093 310,303 310,303 324,407 28,209 141,047 753,189 211,570 310,303 423,140 197,465 267,989 366,721 282,093 197,465 84,628 423,140 84,628 493,663 183,361 648,815 479,559

OBLIGACE CELKEM

7.500% Deutsche Telekom 03 - 24.01.2033 5.750% E.On 02 - 29.05.2009 4.750% Elia System 04 - 13.05.2014 4.125% Enel Societa per Azioni 04 - 20.05.2011 4.375% EWE 04 - 14.10.2014 5.750% Ford Motor Credit 03 - 12.01.2009 6.475% Fortum 03 - 03.11.2006 7.000% France Telecom 02 - 23.12.2009 8.125% France Telecom 03 - 28.01.2033 5.875% Gallaher 98 - 06.08.2008 4.625% Gallaher 04 - 10.06.2011 7.250% General Motors 03 - 03.07.2013 8.375% General Motors 03 - 05.07.2033 5.063% Generali Finance 99 - 28.05.2019 6.050% HBOS 01 - 23.11.2049 6.500% Hilton Group Finance 02 - 17.07.2009 5.875% Hutchison Whampoa 03 - 08.07.2013 5.500% Hutchison Whampoa 99 - 16.03.2006 4.875% Iberdrola 03 - 18.02.2013 5.250% Investor 98 - 30.06.2008 4.500% Kingfisher 03 - 21.10.2010 4.625% Klepierre 04 - 15.07.2011 4.500% Koninklijke KPN 04 -21.07.2011 5.750% Koninklijke Philips Electronics 01- 16.05.2008 6.375% Lafarge 00 - 26.07.2007 6.750% Munich Re Finance 03 -21.06.2023 6.500% National Rural Utilities 02 - 14.03.2007 5.250% NGG Finance 01 - 23.08.2006 6.125% NGG Finance 01 - 23.08.2011 6.625% North West Water Finance 00 - 08.11.2007 7.750% Olivetti Fin ance 03 - 24.01.2033 5.750% Pacific Life Funding 00 - 31.10.2005 7.750% Pemex Project Funding Master 00 - 02.08.2007 6.375% Petronas Capital 02 - 22.05.2009 5.000% Pinault-Printemps-Redoute 03 - 23.01.2009 6.125% Polo Ralph Lauren 99 - 22.11.2006 5.750% Portugal Telecom International Finance 01 - 21.02.2006 5.750% Prudential 01 - 19.12.2021 6.250% Public and Broad Finance 99 - 01.11.2006 6.125% Renault 02 - 26.06.2009 6.625% Rexam 02 - 27.03.2007 4.625% RWE Finance 04 - 23.07.2014 3.875% Schneider Electric 03 - 31.10.2008 6.000% Sing Telecommunications 01 - 21.11.2011 6.375% SL Finance 02 - 12.07.2022 3.250% SLM 03 - 25.07.2008 7.250% SOGERIM 01 - 20.04.2011 5.625% Sonera 00 - 14.03.2005 8.160% Stand Chartered Cap Trust 00 - 23.03.2049 6.125% Swedish Match 99 - 01.10.2006 5.500% Syngenta Lux Finance 01 - 10.07.2006 5.200% TDC AS 01 - 28.01.2010 5.375% Telecom Italia 04 - 29.01.2019 6.125% Telefonica Europe 00 - 21.09.2005 5.125% Telefonica Europe 03 - 14.02.2013 6.375% Telstra 01 - 29.06.2011 5.250% Tesco 02 - 07.05.2008 6.625% TPSA Eurofinance 01 - 01.03.2006 4.250% Travelers Ins. Instit Fund 99 - 16.06.2006 5.000% Vattenfall Treasury 03 - 18.06.2018 5.875% Veolia Environnement 27.06.2008 6.625% VNU 00 - 30.05.2007 5.125% Wolters Kluwer 98 - 16.12.2005 6.000% WPP 01 - 18.06.2008

329,211 1,023,580 58,080 258,441 507,387 235,401 211,564 503,662 630,318 59,763 231,576 184,946 244,045 509,987 2,013,379 167,525 870,881 439,677 533,207 301,149 73,006 156,809 265,479 258,926 214,803 320,839 320,027 530,008 142,537 248,626 902,234 727,307 69,011 94,534 262,998 119,303 616,536 665,756 253,567 187,383 167,341 867,268 288,003 347,927 345,972 323,596 32,893 142,697 902,848 224,613 324,716 450,932 203,389 276,605 390,778 322,870 211,278 88,961 433,486 86,545 536,933 199,854 302,104 521,136

0.33 1.03 0.06 0.26 0.51 0.24 0.21 0.51 0.63 0.06 0.23 0.19 0.25 0.51 2.03 0.17 0.88 0.44 0.54 0.30 0.07 0.16 0.27 0.26 0.22 0.32 0.32 0.53 0.14 0.25 0.91 0.73 0.07 0.10 0.26 0.12 0.62 0.67 0.26 0.19 0.17 0.87 0.29 0.35 0.35 0.33 0.03 0.14 0.91 0.23 0.33 0.45 0.20 0.29 0.39 0.32 0.21 0.09 0.44 0.09 0.54 0.20 0.30 0.52

31,998,254

32.20

92,399,352

92.97

76

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 310,303 Santander Issuances 04 - 30.09.2019 1,551,513 Unicredito Italy Capital Trust 00 - 29.10.2049 705,233 SAECURE 2000-I A2 - 25.11.2007 253,884 Bes Finance 03 - 02.07.2014 141,047 BCP Finance 04 - 29.06.2049 1,015,536 HSBC Capital Funding LP 03 - 24.04.2014 169,256 Sumitomo Mitsui Banking 04 - 27.10.2014 564,187 SNS Bank 00 - 21.06.2010

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

312,258 1,882,757 759,818 269,803 150,003 1,075,859 172,861 565,880

0.31 1.90 0.77 0.27 0.15 1.08 0.17 0.57

5,189,239

5.22

5,189,239 97,588,591 1,800,772 99,389,363

5.22 98.19 1.81 100.00

Prehled investic

Euro Government Bond Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Vládní 511,387 3,652,767 657,498 2,440,048 2,922,214 2,191,660 1,753,328 1,461,107 1,753,328 2,191,660 2,191,660 1,117,747 3,579,712 2,045,550 876,664 1,095,830 2,337,771 2,776,103 1,899,439 3,214,435 2,191,660 2,483,882 701,331 1,607,217 1,095,830

4.650% Austria 03 - 15.01.2018 5.875% Austria 96 - 15.07.2006 6.250% Austria 97 - 15.07.2027 4.000% Austria 99 - 15.07.2009 5.000% Belgium 02 - 28.09.2012 5.750% Belgium 97 - 28.03.2008 5.750% Finland 00 - 23.02.2011 5.750% France 00 - 25.10.2032 3.500% France 03 - 12.01.2008 4.000% France 98 - 25.04.2009 4.500% Germany 03 - 04.01.2013 4.750% Germany 03 - 04.07.2034 6.000% Germany 97 - 04.07.2007 4.125% Germany 98 - 04.07.2008 6.000% Greece 00 - 19.05.2010 5.000% Italy 03 - 01.08.2034 4.250% Italy 04 - 01.08.2014 6.000% Italy 97 - 01.11.2007 5.500% Italy 99 - 01.11.2010 3.000% Netherlands 03 - 15.07.2006 4.250% Netherlands 03 - 15.07.2013 3.000% Netherlands 04 - 15.07.2007 7.500% Netherlands 93 - 15.01.2023 5.400% Spain 01 - 30.07.2011 5.750% Spain 01 - 30.07.2032

OBLIGACE CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

535,269 3,860,792 817,040 2,529,720 3,178,200 2,395,156 1,979,683 1,731,777 1,791,463 2,274,834 2,312,092 1,152,173 3,885,598 2,131,565 989,140 1,143,170 2,386,747 3,033,725 2,111,796 3,246,097 2,261,574 2,505,119 972,711 1,785,378 1,294,833

1.01 7.28 1.54 4.77 6.01 4.52 3.74 3.27 3.38 4.29 4.36 2.17 7.33 4.02 1.87 2.16 4.50 5.72 3.98 6.13 4.27 4.73 1.84 3.37 2.44

52,305,652

98.70

52,305,652 52,305,652 690,994 52,996,646

98.70 98.70 1.30 100.00

77

Prehled investic

Euro Plus Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Vládní 1,000 1,000 1,200 650 1,000

0.000% Belgium 03 - 18.11.2004 0.000% Belgium 03 - 16.12.2004 5.000% France 00 - 12.01.2006 4.000% France 03 - 25.04.2014 0.000% Netherlands 04 - 30.11.2004

OBLIGACE CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA Statement of investments Europe Bond Fund 31-10-2004

999 997 1238 657 998

19.90 19.86 24.66 13.09 19.88

4,889

97.39

4,889 4,889 131 5,020

97.39 97.39 2.61 100.00

Prehled investic

Europe Bond Fund 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Britská libra 1,430 3,500 5,000 1,400 5,000 3,500

Dánská koruna 87,500 12,600 20,800

7.625% Andina de Fomento 02 - 06.12.2010 5.500% CIT 03 - 15.12.2008 8.750% Glaxosmithkline 95 - 01.12.2005 6.125% J.Sainsbury 02 - 05.04.2017 7.500% United Kingdom 95 - 07.12.2006 5.750% United Kingdom 98 - 07.12.2009

4.000% Denmark 02 - 15.08.2004 7.000% Denmark 93 - 15.12.2004 6.000% Denmark 99 - 15.11.2011

2,248 5,073 7,491 1,945 7,623 5,289

0.55 1.24 1.84 0.48 1.87 1.30

29,669

7.28

12,180 1,705 3,197

2.99 0.42 0.78

17,082

4.19

16,503 4 6,240 4,031

.05 1.53 0.99

Euro 15,000 6,000 4,000

5.250% Austria 01 - 04.01.2011 4.750% BPAmoco Capital 02 - 02.10.2006 3.250% Bundesobligation 04 - 17.04.2009

78

2,100 2,650 20,230 12,870 4,480 6,100 6,400 4,950 44,010 6,960 3,200 1,950 5,000 2,500 3,330 34,500 4,130 14,000 3,377 4,500 2,200

2,315 2,856 21,629 14,735 4,923 6,641 6,595 5,317 50,906 7,253 3,293 2,066 5,062 2,695 3,630 34,017 4,418 15,883 3,673 4,635 2,391

0.57 0.70 5.31 3.61 1.21 1.63 1.62 1.30 12.49 1.78 0.81 0.51 1.24 0.66 0.89 8.34 1.08 3.90 0.90 1.14 0.59

231,707

56.85

6,867

1.68

6,867

1.68

OBLIGACE CELKEM

285,325

70.00

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Britská libra 1,500 Standard Life Funding 00 - 10.02.2005

2,160

0.53

2,160

0.53

8,006 11,749 1,108

1.96 2.88 0.27

20,863

5.11

23,023

5.64

17,158

4.21

17,158

4.21

6

0.00

6

0.00

17,164 325,512 82,132 407,644

4.21 79.85 20.15 100.00

Švédská koruna 55,000

6.250% Croatia 02 - 11.02.2009 5.750% Deutsche Telekom 03 - 12.02.2008 5.500% France 96 - 25.04.2007 5.500% Germany 00 - 04.01.2031 5.250% Germany 00 - 04.07.2010 5.000% Germany 01 - 04.07.2011 4.250% Germany 04 - 04.07.2014 5.250% Germany 98 - 04.01.2008 5.625% Germany 98 - 04.01.2028 4.125% Germany 98 - 04.07.2008 3.750% Germany 99 - 04.01.2009 4.500% Germany 99 - 04.07.2009 5.375% IBM 00 - 31.03.2005 6.250% Imperial Tobacco Finance 02 - 06.06.2007 5.000% Ireland 02 - 18.04.2013 3.750% Netherlands 04 - 15.07.2014 6.125% Pearson 00 - 01.02.2007 5.500% Spain 02 - 30.07.2017 5.150% Spain 98 - 30.07.2009 5.750% Total - 29.09.2005 6.000% WPP 01 - 18.06.2008

8.000% Sweden 95 - 15.08.2007

Euro 8,000 11,700 1,100

Belgium 02 - 24.04.2006 Chester Asset Receivables Dealings 01 - 15.11.2010 Morgan Stanley 03 - 29.05.2008

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Statement of investments Europe Bond Fund 31-10-2004 OTEVRENÉ FONDY Britská libra 11,871 ABN AMRO Global Liquidity Fund

Euro 6

ABN AMRO Global Liquidity Fund

OTEVRENÉ FONDY CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

79

Prehled investic

Global Bond Fund 31-10-2004 Nominál v USD není-li specifikováno jinak


x1,000

tržní hodnota

x USD 1 000

%

OBLIGACE BONDS Britská libra 230 570 720 300 180

Kanadský dolar 1,000

Dánská ko runa 2,750

7.625% Andina de Fomento 02 - 06.12.2010 5.500% European Investment Bank 98 - 07.12.2009 5.500% Fortis 03 - 17.11.2008 6.125% J.Sainsbury 02 - 05.04.2017 5.750% United Kingdom 98 - 07.12.2009

5.750% Canadian Government 98 - 01.06.2029

6.000% Denmark 99 - 15.11.2011

460 1,071 1,332 530 346

0.42 0.98 1.22 0.48 0.32

3,739

3.42

910

0.83

910

0.83

538

0.49

538

0.49

1,283 1,293 823 959 1,570 3,102 803 1,303 5,099 1,743 1,025 1,551 2,749 548 2,935 626 737 2,027 553

1.17 1.18 0.75 0.88 1.44 2.84 0.73 1.19 4.67 1.60 0.94 1.42 2.52 0.50 2.69 0.57 0.67 1.86 0.51

30,729

28.13

462 2,063 1,647 734 1,354 858 2,278 2,590 2,090 2,279 4,795

0.42 1.89 1.51 0.67 1.24 0.79 2.08 2.37 1.91 2.09 4.39

21,150

19.36

Euro 970 1,000 600 700 985 2,130 580 980 3,800 1,330 800 1,170 2,040 400 2,340 460 550 1,570 400

Japonský yen 48,000 217,000 174,000 75,000 152,000 90,000 217,000 275,000 220,000 240,000 490,000

4.750% BP Amoco Capital 02 - 02.10.2006 5.500% CIT 01 - 16.05.2005 5.750% Deutsche Telekom 03 - 12.02.2008 6.500% France 95 - 25.10.2006 6.250% Germany 00 - 04.01.2030 5.500% Germany 00 - 04.01.2031 5.000% Germany 01 - 04.07.2011 4.250% Germany 02 - 15.02.2008 4.500% Germany 03 - 04.01.2013 4.250% Germany 04 - 04.07.2014 3.250% Germany 04 - 17.04.2009 4.125% Germany 98 - 04.07.2008 4.500% Germany 99 - 04.07.2009 6.250% Imperial Tobacco Finance 02 - 06.06.2007 3.750% Netherlands 04 - 15.07.2014 6.125% Pearson 00 - 01.02.2007 5.125% Rio Tinto Finance 02 - 10.05.2007 3.750% Total Capital 04 - 11.02.2010 6.000% WPP 01 - 18.06.2008

1.200% AIG Sun America Inst Fund II 01 - 20.03.2008 1.170% Andina de Fomento 01 - 27.07.2006 1.000% Bayerische Landesbank 03 - 20.09.2010 2.150% Croatia 02 - 26.06.2008 1.700% Development Bank of Japan 02 - 20.09.2022 1.600% Development Bank of Japan 04 - 20.06.2014 3.800% Italy 96 - 27.03.2008 0.350% Japan Bank For Intl Coop 03 - 19.03.2008 0.980% Korea Development Bank 03 - 25.06.2008 0.650% Landwirtschafliche Rentenbank 03 - 30.09.2008 1.600% Pfandbrief Ost Land Hypotheek 01 - 15.02.2011

80

US Dolar 1,070 1,000 1,400 2,000 3,500 3,600 2,500 1,000 890 1,600 1,600 1,600 1,300 880 900 250 600 125 450 2,500 1,100 960 290 110 161 250 1,700 1,700 920 730 1,000

5.500% Countrywide Home Loan 02 - 01.02.2007 4.500% FNCI (TBA) - 01.11.2019 5.000% FNCI (TBA) - 01.11.2019 5.500% FNCI (TBA) - 01.11.2019 6.000% FNCI (TBA) - 02.11.2034 5.500% FNCL (TBA) - 02.11.2034 6.500% FNCL (TBA) - 02.11.2034 6.000% General Electric Capital 02 - 15.06.2012 3.750% General Electric Capital 04 - 05.12.2009 5.500% GNSF (TBA) - 01.10.2034 5.500% GNSF (TBA) - 01.11.2034 6.000% GNSF (TBA) - 01.11.2034 3.250% KFW 04 - 16.07.2007 11.375% Mexico 96 - 15.09.2016 5.200% Monumental Global Funding 02 - 30.01.2007 7.750% Petroliam Nasional 95 - 15.08.2015 6.125% Reed Elsevier Capital 01 - 01.08.2006 5.000% Russia Federation 00 - 31.03.2030 9.750% State of Qatar 00 - 15.06.2030 4.875% Toyota Motor Credit 02 - 20.06.2007 5.000% Unilever 02 - 21.12.2007 5.750% US Treasury Notes 00 - 15.08.2010 5.375% US Treasury Notes 01 - 15.02.2031 5.000% US Treasury Notes 01 - 15.08.2011 3.000% US Treasury Notes 03 - 15.02.2008 2.625% US Treasury Notes 04 - 15.03.2009 4.000% US Treasury Notes 04 - 15.02.2014 7.500% US Treasury Notes 86 - 15.11.2016 7.250% US Treasury Notes 92 - 15.08.2022 5.625% US Treasury Notes 98 - 15.05.2008 5.250% US Treasury Notes 99 - 15.02.2029

1,123 1,000 1,427 2,070 3,627 3,664 2,628 1,100 886 1,639 1,634 1,661 1,309 1,306 940 305 632 125 650 2,605 1,151 1,074 315 119 162 245 1,701 2,203 1,197 795 1,056

1.03 0.92 1.31 1.89 3.32 3.35 2.40 1.01 0.81 1.50 1.49 1.52 1.20 1.20 0.86 0.28 0.58 0.11 0.59 2.38 1.05 0.98 0.29 0.11 0.15 0.22 1.56 2.02 1.10 0.73 0.97

40,349

36.93

OBLIGACE CELKEM

97,415

89.16

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU US Dolar 230 Chohung Bank 04 - 03.11.2014

229

0.21

229

0.21

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM

229

0.21

OTEVRENÉ FONDY Britská libra 12

23

0.02

23

0.02

0

0.00

0

0.00

13

0.01

13

0.01

36 97,680 11,577 109,257

0.03 89.40 10.60 100.00


Euro 0


US Dolar 13


OTEVRENÉ FONDY CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

81

Prehled investic

Global Emerging Markets Bond Fund (Euro) 31-10-2004 Nominál v USD není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Vládní USD USD USD USD USD USD USD

2,372 4,538 71,013 1,087 81 21 52,358 306 549 38,500 60 262 76,153

0.89 1.69 26.52 0.40 0.03 0.01 19.55 0.11 0.20 14.38 0.02 0.10 28.44

247,300

92.34

OBLIGACE CELKEM

247,300

92.34

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Vládní USD 32,615,051 Argentina 93 - 31.03.2005

4,093

1.53

4,093

1.53

0

0.00

0

0.00

4093 251,393 16,416 267,809

1.53 93.87 6.13 100.00

USD USD USD USD USD

Ruzné USD

9,683,281 17,899,398 80,664,665 7,415,046 586,866 23,475 63,476,842 293,433 1,027,015 48,122,972 92,138 374,127 94,485,348

293,433

7.000% Argentina 01 - 19.12.2008 11.375% Argentina 97 - 30.01.2017 11.000% Brazil 00 - 17.08.2040 2.000% Ivory Coast 98 - 29.03.2018 * 2.000% Ivory Coast 98 - 29.03.2018 * 9.125% Peru 02 - 21.02.2012 10.625% Philippines 00 - 16.03.2025 9.125% Philippines 03 - 22.02.2010 10.000% Province Of Mendoza 97 - 04.09.2007 8.000% Turkey 04 - 14.02.2034 7.875% Uruguay 03 - 15.01.2033 7.500% Uruguay 03 - 15.03.2015 9.375% Venezuela 04 - 13.01.2034

Applied Global Finance 97 - 17.04.2002

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA * Tyto obligace jsou v prodlení. St

atement of investments -

82

Prehled investic

Global Emerging Markets Bond Fund (USD) 31-10-2004 Nominál v USD není-li specifikováno jinak


x1,000

tržní hodnota

x USD 1 000

%

OBLIGACE Vládní 7,264 13,900 217,503 3,330 249 64 160,368 937 1,682 117,923 182 802 233,248

0.90 1.73 27.02 0.41 0.03 0.01 19.93 0.12 0.21 14.65 0.02 0.10 28.98

757,452

94.11

OBLIGACE CELKEM

757,452

94.11

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Vládní 78,534,949 Argentina 93 -31.03.2005

12,537

1.56

12,537

1.56

0

0.00

0

0.00

12,537 769,98 9 34,840 804,829

1.56 95.67 4.33 100.00

EUR

23,316,719 43,100,602 194,235,335 17,854,954 1,413,134 56,525 152,848,158 706,567 2,472,985 115,877,028 221,862 900,873 227,514,652

7.000% Argentina 01 - 19.12.2008 11.375% Argentina 97 - 30.01.2017 11.000% Brazil 00 - 17.08.2040 2.000% Ivory Coast 98 - 29.03.2018 * 2.000% Ivory Coast 98 - 29.03.2018 * 9.125% Peru 02 - 21.02.2012 10.625% Philippines 00 - 16.03.2025 9.125% Philippines 03 - 22.02.2010 10.000% Province Of Mendoza 97 - 04.09.2007 8.000% Turkey 04 - 14.02.2034 7.875% Uruguay 03 - 15.01.2033 7.500% Uruguay 03 - 15.03.2015 9.375% Venezuela 04 - 13.01.2034

Ruzné 706,567

Applied Global Finance 97 - 17.04.2002

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA * Tyto obligace jsou v prodlení.

Prehled investic

High Yield Bond Fund (EUR) 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000

tržní hodnota

x EUR 1 000

%

OBLIGACE Euro 1,682,967 1,556,744

6.880% AGCO 04 - 15.04.2014 9.000% Almatis 04 - 15.07.2012

1,674,552 1,671,943

0.61 0.61

83

2,103,708 1,893,337 1,893,337 1,472,596 2,103,708 1,262,225 1,682,967 1,682,967 1,051,854 1,262,225 2,524,450 1,472,596 1,262,225 3,155,562 631,112 1,682,967 1,682,967 1,472,596 1,262,225 462,816 1,262,225 1,472,596 2,103,708 1,935,412 2,103,708

US Dolar 5,048,900 2,713,784 1,268,957 1,884,923 1,562,100 371,461 2,440,302 1,872,300 2,608,598 2,608,598 1,472,596 1,535,707 1,472,596 4,081,194 1,051,854 3,113,488 841,483 1,199,114 1,422,107 2,608,598 1,556,744 504,890 1,241,188 2,524,450 546,964 1,262,225 1,893,337 841,483 1,346,373 841,483 925,632 2,482,376 2,566,524 2,566,524 420,742 841,483 2,356,153 715,261 1,813,397 1,767,115 841,483

10.000% Antargaz Finance 02 - 15.07.2011 9.380% Cable Com Luxembourg SCA 04 - 15.04.2014 10.750% Carmeuse Lime 02 - 15.07.2012 8.750% Cirsa Finance Luxembourg 04 - 15.05.2014 10.250% Crown Euro 03 - 01.03.2011 8.250% Eircom Funding 03 - 15.08.2013 7.750% Fresenius Finance 03 - 30.04.2009 7.380% Fresenius Medical 01 - 15.06.2011 8.630% Grohe Holding GMBH 04 - 01.10.2014 7.380% Heidelbergcement Finance 03 - 15.07.2010 10.130% Huntsman 02 - 01.07.2009 10.500% Ineos Group 02 - 01.08.2010 10.130% JSG Fund regd. MTN 03 - 01.10.2012 10.630% Kappa Beheer 00 - 15.07.2009 8.750% Kaufman and Broad 02 - 01.08.2009 8.380% Kvaerner 04 - 15.06.2011 8.250% MTU Aero Engines Invest 04 - 01.04.2014 7.750% Nalco 03 - 15.11.2011 8.750% NTL Cable 04 - 15.04.2014 8.380% Odyssee Financial 04 - 15.10.2014 9.000% Preem Petroleum AB 04 - 15.05.2014 11.250% Prosieben Sat 1 Media 02 - 31.07.2009 9.000% Sanitec 02 - 15.05.2012 11.750% TRWAutomotive 03 - 15.02.2013 7.250% Valentia Telecom 03 - 15.08.2013

8.550% Abitibi-Consolidated 00 - 01.08.2010 6.750% Ainsworth Lumber 04 - 15.03.2014 11.000% Almosa Delaware 03 - 31.07.2010 1,157,194 9.500% Amc Entertainment. 99 - 01.02.2011 9.000% Amerco 04 - 15.03.2009 12.000% Amerco 04 - 15.03.2011 8.130% AMR Real Estate PTR/FIN 04 - 01.06.2012 8.130% Appleton Papers 04 - 15.06.2011 6.750% Arch Western Finance 03 - 01.07.2013 9.000% Beaver Valley Fundgroup 92 - 01.06.2017 7.500% BIO-RAD Laboratories 03 - 15.08.2013 9.000% Blockbuster VIA 04 - 01.09.2012 10.250% Bluewater Finance 02 - 15.02.2012 8.000% Building Materials 97 - 20.10.2007 6.670% Cablevision Systems 04 - 01.04.2009 9.380% Caesars Entertainment 00 - 15.02.2007 8.880% Caesars Entertainment 00 - 15.09.2008 7.250% Cascades 03 - 15.02.2013 9.750% CB Richard Ellis Service 03 - 15.05.2010 7.500% Century Aluminum 04 - 15.08.2014 10.250% Chartered Communications 04 - 15.09.2010 8.000% Chartered Communications 04 - 30.04.2012 10.750% Chartered Communications 01 - 01.10.2009 7.380% CHC Helicopter. 04 - 01.05.2014 7.000% Chesapeake Energy 04 - 15.08.2014 8.130% Chesapeake Energy 01 - 01.04.2011 7.500% Chesapeake Energy 03 - 15.09.2013 7.500% Chesapeake Energy 04 - 15.06.2014 9.250% Citizens Communications 01 - 15.05.2011 8.000% Constellation Brands 01 - 15.02.2008 8.130% Constellat ion Brands 02 - 15.01.2012 8.000% Continental Airlines 98 - 15.12.2005 7.500% Couche-Tard US/Finance 03 - 15.12.2013 8.130% Coventry Health Care 02 - 15.02.2012 9.500% Crown Euro 03 - 01.03.2011 10.500% CSC 96 - 15.05.2016 7.250% CSC 98 - 15.07.2008 10.130% Dana 02 - 15.03.2010 12.130% Dex Media East 02 - 15.11.2012 8.380% Direct Holdings Finance 03 - 15.03.2013 6.880% DR Horton 03 - 01.05.2013

2,382,450 2,002,962 2,186,805 1,532,972 2,399,595 1,399,113 1,843,858 1,889,803 1,091,299 1,414,639 2,656,984 1,634,581 1,423,411 3,352,785 716,313 1,818,445 1,815,416 1,575,678 1,326,914 484,476 1,384,535 1,756,070 2,286,521 2,321,913 2,287,467

0.87 0.73 0.80 0.56 0.88 0.51 0.67 0.69 0.40 0.52 0.97 0.60 0.52 1.23 0.26 0.67 0.66 0.58 0.49 0.18 0.51 0.64 0.84 0.85 0.84

48,331,500

17.69

4,366,073 2,048,085 0.42 1,537,387 1,301,717 300,782 2,019,143 1,534,452 2,189,156 2,420,109 1,247,390 1,234,449 1,267,650 3,320,697 876,523 2,741,365 763,236 1,022,803 1,280,086 2,153,268 1,266,658 397,908 829,38 9 2,113,576 468,691 1,091,518 1,652,162 732,640 1,222,500 729,333 796,808 1,805,140 2,163,935 2,163,935 375,416 759,101 1,944,888 633,990 1,771,295 1,590,640 719,410

1.60 0.75 0.56 0.48 0.11 0.74 0.56 0.80 0.89 0.46 0.46 0.46 1.21 0.32 1.00 0.28 0.37 0.47 0.79 0.46 0.15 0.30 0.77 0.17 0.40 0.60 0.27 0.45 0.27 0.29 0.66 0.79 0.79 0.14 0.28 0.71 0.23 0.65 0.58 0.26

84

168,297 925,632 1,535,707 3,365,933 3,218,674 1,262,225 1,725,041 1,051,854 1,346,373 631,112 1,262,225 2,061,634 2,945,192 1,893,337 2,457,552 2,082,671 315,556 3,071,414 1,093,928 1,051,854 631,112 1,304,299 420,742 4,114,853 5,048,900 1,619,855 1,262,225 2,755,858 955,084 4,123,268 525,927 84,148 1,304,299 210,371 1,472,596 2,776,895 2,103,708 589,038 168,297 3,029,340 1,682,967 2,945,192 1,667,820 1,830,226 1,262,225 1,451,559 1,598,818 2,629,635 2,272,005 2,608,598 1,136,002 2,272,005 1,830,226 631,112 2,642,258 4,493,521 2,671,710 1,767,115 1,872,300 3,492,156 2,440,302 2,187,857 391,734 168,297 3,197,637 2,356,153 3,155,562 1,640,892 2,503,413 2,061,634

7.380% Dresser-Rand Group 04 - 01.11.2014 10.130% Dynegy 03 - 15.07.2013 5.750% Echostar DBS 04 - 01.10.2008 10.130% Equistar Chemical Eqchem 01 - 01.09.2008 8.880% Ethyl 03 - 01.05.2010 8.750% Ferrellgas Partners 02 - 15.06.2012 10.250% FMC 02 - 01.11.2009 7.750% FMC 96 - 01.07.2011 7.250% Foundationa PA COAL 04 - 01.08.2014 4.820% Freescale Semiconductor 04 - 15.07.2009 7.130% Freescale Semiconductor 04 - 15.07.2014 7.880% Fresenius Medical 98 - 01.02.2008 9.630% Grant Prideco 01 - 01.12.2007 8.880% Greif 02 - 01.08.2012 8.140% Homer City Funding 01 - 01.10.2019 9.880% Houghton Mifflin 03 - 01.02.2013 10.130% Huntsman ICI Chemicals 00 - 01.07.2009 8.750% Ipsco 03 - 01.06.2013 8.630% Iron Mountain - 01.04.2013 8.750% Joy Global 02 - 15.03.2012 7.750% K. Hovnanian Enterprises 03 - 15.05.2013 8.880% K. Hovnanian Enterprises 02 - 01.04.2012 6.380% Key Energy Services 03 - 01.05.2013 9.880% Koppers Industry 04 - 15.10.2013 7.630% L-3 Communications 02 - 15.06.2012 6.880% Markwest Energy Part/Fin 04 - 01.11.2014 9.630% MDPAcquisitions 03 - 01.10.2012 9.750% Meritage 01 - 01.06.2011 8.750% Methanex 02 - 15.08.2012 9.750% MGM Mirage 00 - 01.06.2007 8.380% MGM Mirage 01 - 01.02.2011 9.250% Michaels Stores 01 - 01.07.2009 8.500% MSW Energy 03 - 01.09.2010 7.750% Nalco 04 - 15.11.2011 6.880% Neighborcare 03 - 15.11.2013 10.880% Nevada Power 03 - 15.10.2009 5.250% Nextel Communications 00 - 15.01.2010 6.130% Nortel Networks 01 - 15.02.2006 5.880% Northwestern 04 - 11.01.2014 8.000% NRG Energy 03 - 15.12.2013 6.130% Offshore Logistic 03 - 15.06.2013 8.750% Owens-Brockway 02 - 15.11.2012 10.750% Pacificare Health System 02 - 01.06.2009 9.000% Panamsat 04 - 15.08.2014 6.380% Panamsat 98 - 15.01.2008 10.375% Panamsat 04 - 01.11.2014 8.880% Perkinelmer 02 - 15.01.2013 10.000% Petroleum Geo-Services 03 - 05.11.2010 9.380% Petroleum Helicopters 02 - 01.05.2009 6.880% PG & E 04 - 15.07.2008 9.250% Pinnacle Entertainment 99 - 15.02.2007 6.750% Premcor Refining 04 - 01.02.2011 7.380% Pride Internat ional 04 - 15.07.2014 11.250% PTC Intl Finance II 99 - 01.12.2009 10.000% Quintiles Transnational 04 - 01.10.2013 14.500% Qwest Services 02 - 15.12.2014 11.500% Resort International Hotel/Casino 02 - 15.03.2009 10.880% RH Donnelley Finance 03 - 15.12.2012 9.750% River Rock Entertainment 03 - 01.11.2011 7.880% Riverside Forest Product 04 - 01.03.2014 9.630% Rogers Wireless 01 - 01.05.2011 8.880% Roundy’s 02 - 15.06.2012 8.500% SAC 04 - 15.03.2014 6.250% Sierra Pacific Power 04 - 15.04.2012 8.000% Sinclair Broadcast Group 02 - 15.03.2012 .880% Southern Natural Gas 03 - 15.03.2010 8.500% Southern Star Cent. 03 - 01.08.2010 6.250% SPX 03 - 15.06.2011 7.750% Standard Pacific 03 - 15.03.2013 8.130% Stater Brothers 04 - 15.06.2012

139,251 851,384 1,240,486 3,052,944 2,732,765 1,079,115 1,573,109 876,523 1,124,594 511,029 1,056,789 1,754,451 2,627,913 1,652,162 2,134,847 1,784,633 260,786 2,740,538 935,233 938,541 533,356 1,140,720 342,753 3,590,698 4,405,765 1,273,438 1,136,172 2,426,479 882,228 3,662,871 468,237 71,362 1,122,775 179,853 1,215,555 2,575,983 1,693,094 474,252 132,306 2,607,737 1,349,514 2,604,759 1,511,094 1,532,343 1,031,981 684,680 1,436,008 2,367,024 1,931,244 2,230,171 926,551 1,929,010 1,625,866 527,674 2,274,526 4,309,711 2,415,398 1,705,249 1,589,648 2,910,054 2,187,006 1,870,466 294,101 137,598 2,652,059 2,086,123 2,728,796 1,299,651 2,125,484 1,726,088

0.05 0.32 0.45 1.12 1.00 0.39 0.58 0.32 0.41 0.20 0.39 0.64 0.96 0.60 0.78 0.65 0.10 1.00 0.34 0.34 0.20 0.42 0.13 1.31 1.61 0.47 0.42 0.89 0.32 1.34 0.17 0.03 0.41 0.07 0.44 0.94 0.62 0.17 0.05 0.95 0.49 0.95 0.55 0.56 0.38 0.25 0.53 0.87 0.71 0.82 0.35 0.71 0.59 0.19 0.83 1.58 0.88 0.62 0.58 1.06 0.80 0.68 0.11 0.05 0.97 0.76 1.00 0.48 0.78 0.63

85

2,124,745 2,398,227 1,535,707 2,629,635 1,851,263 1,893,337 420,742 420,742 420,742 1,556,744 1,262,225 1,346,373 925,632 2,314,079 1,013,146

KOMERCNÍ PAPÍRY US Dolar 2,524,450

9.750% Stone Container 01 - 01.02.2011 10.500% Teco Energy 02 - 01.12.2007 8.500% Tembec Industries 01 - 01.02.2011 8.000% Tesoro Petroleum 03 - 15.04.2008 8.750% The Healthcare Company 00 - 01.09.2010 6.500% Trinity Industries 04 - 15.03.2014 11.000% TRWAutomotive 04 - 15.02.2013 8.130% Unisys 01 - 01.06.2006 8.250% United Agri Products 03 - 15.12.2011 6.500% United Rentals 04 - 15.02.2012 7.880% Vintage Petroleum 01 - 15.05.2011 8.380% Western Oil Sands 02 - 01.05.2012 6.880% Westinghouse Air Brake T 03 - 31.07.2013 7.500% Williams Cos 01 - 15.01.2031 10.750% Yell Finance BV 01 - 01.08.2011

Pharma Intermediate 18.03.2004 - 01.04.2014

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

1,870,421 2,220,000 1,240,486 2,258,492 1,680,099 1,480,992 395,262 353,090 357,224 1,217,698 1,076,634 1,239,700 758,606 1,873,773 931,879

0.68 0.81 0.45 0.83 0.61 0.54 0.14 0.13 0.13 0.45 0.39 0.45 0.28 0.69 0.34

191,967,458

70.23

1,294,938

0.47

1,294,938

0.47

241,593,896 31,720,885 273,314,781

88.39 11.61 100.00

Prehled investic

High Yield Bond Fund (USD) 31-10-2004 Nominál v EUR není-li specifikováno jinak


x1,000 OBLIGACE Euro 317,033 293,256 396,292 356,663 356,663 277,404 396,292 237,775 317,033 317,033 198,146 237,775 475,550 277,404 237,775 594,438 118,888 317,033 317,033 277,404 237,775 87,184 237,775 277,404 396,292 364,588 396,292

tržní hodnota

x USD 1 000 6.880% AGCO 04 - 15.04.2014 9.000% Almatis 04 - 15.07.2012 10.000% Antargaz Finance 02 - 15.07.2011 9.380% Cable Com Luxembourg SCA 04 - 15.04.2014 10.750% Carmeuse Lime 02 - 15.07.2012 8.750% Cirsa Finance Luxembourg 04 - 15.05.2014 10.250% Crown Euro 03 - 01.03.2011 8.250% Eircom Funding 03 - 15.08.2013 7.750% Fresenius Finance 03 - 30.04.2009 7.380% Fresenius Medical 01 - 15.06.2011 8.630% Grohe Holding GMBH 04 - 01.10.2014 7.380% Heidelbergcement Finance 03 - 15.07.2010 10.130% Huntsman 02 - 01.07.2009 10.500% Ineos Group 02 - 01.08.2010 10.130% JSG Fund regd. MTN 03- 01.10.2012 10.630% Kappa Beheer 00 - 15.07.2009 8.750% Kaufman and Broad 02 - 01.08.2009 8.380% Kvaerner A.S 04 - 15.06.2011 8.250% MTU Aero Engines Invest 04 - 01.04.2014 7.750% Nalco 03 - 15.11.2011 8.750% NTL Cable 04 - 15.04.2014 8.380% Odyssee Financial 04 - 15.10.2014 9.000% Preem Petroleum AB 04 - 15.05.2014 11.250% Prosieben Sat 1 Media 02 - 31.07.2009 9.000% Sanitec 02 - 15.05.2012 11.750% TRWAutomotive 03 - 15.02.2013 7.250% Valentia Telecom 03 - 15.08.2013

%

401,250 400,625 570,874 479,943 523,994 367,325 574,982 335,251 441,819 452,828 261,493 338,971 636,657 391,673 341,073 803,382 171,640 435,729 435,004 377,558 317,950 116,088 331,757 420,783 547,888 556,369 548,115

0.63 0.63 0.90 0.75 0.82 0.58 0.90 0.53 0.69 0.71 0.41 0.53 1.00 0.62 0.54 1.26 0.27 0.68 0.68 0.59 0.50 0.18 0.52 0.66 0.86 0.87 0.87

11,581,021

18.18

86

US Dolar 951,100 511,216 239,043 355,077 294,265 69,975 459,698 352,700 491,402 491,402 277,404 289,293 277,404 768,806 198,146 586,512 158,517 225,886 267,893 491,402 293,256 95,110 233,812 475,550 103,036 237,775 356,663 158,517 253,627 158,517 174,368 467,624 483,476 483,476 79,258 158,517 443,847 134,739 341,603 332,885 158,517 31,703 174,368 289,293 634,067 606,326 237,775 324,959 198,146 253,627 118,888 237,775 388,366 554,808 356,663 462,948 392,329 59,444 578,586 206,072 198,146 118,888 245,701 79,258 775,147 951,100 305,145 237,775

8.550% Abitibi-Consolidated 00 - 01.08.2010 6.750% Ainsworth Lumber 04 - 15.03.2014 11.000% Almosa Delaware 03 - 31.07.2010 9.500% Amc Entertainment 99 - 01.02.2011 9.000% Amerco 04 - 15.03.2009 12.000% Amerco 04 - 15.03.2011 8.130% AMR Real Estate PTR/FIN 04 - 01.06.2012 8.130% Appleton Papers 04 - 15.06.2011 6.750% Arch Western Finance 03 - 01.07.2013 9.000% Beaver Valley Fundgroup 92 - 01.06.2017 7.500% BIO-RAD Laboratories 03 - 15.08.2013 9.000% Blockbuster VIA 04 - 01.09.2012 10.250% Bluewater Finance 02 - 15.02.2012 8.000% Building Materials 97 - 20.10.2007 6.670% Cablevision Systems 04 - 01.04.2009 9.380% Caesars Entertainment 00 - 15.02.2007 8.880% Caesars Entertainment 00 - 15.09.2008 7.250% Cascades 03 - 15.02.2013 9.750% CB Richard Ellis Service 03 - 15.05.2010 7.500% Century Aluminum 04 - 15.08.2014 10.250% Chartered Communications 04 - 15.09.2010 8.000% Chartered Communications 04 - 30.04.2012 10.750% Chartered Communications 01 - 01.10.2009 7.380% CHC Helicopter 04 - 01.05.2014 7.000% Chesapeake Energy 04 - 15.08.2014 8.130% Chesapeake Energy 01 - 01.04.2011 7.500% Chesapeake Energy 03 - 15.09.2013 7.500% Chesapeake Energy 04 - 15.06.2014 9.250% Citizens Communications 01 - 15.05.2011 8.000% Constellation Brands 01 - 15.02.2008 8.130% Constellation Brands 02 - 15.01.2012 8.000% Continental Airlines 98 - 15.12.2005 7.500% Couche-Tard US/Finance 03 - 15.12.2013 8.130% Coventry Health Care 02 - 15.02.2012 9.500% Crown Euro 03 - 01.03.2011 10.500% CSC 96 - 15.05.2016 7.250% CSC 98 - 15.07.2008 10.130% Dana 02 - 15.03.2010 12.130% Dex Media East 02 - 15.11.2012 8.380% Direct Holdings Finance 03 - 15.03.2013 6.880% DR Horton 03 - 01.05.2013 7.380% Dresser-Rand Group 04 - 01.11.2014 10.130% Dynegy 03 - 15.07.2013 5.750% Echostar DBS 04 - 01.10.2008 10.130% Equistar Chemical Eqchem 01 - 01.09.2008 8.880% Ethyl 03 - 01.05.2010 8.750% Ferrellgas Partners 02 - 15.06.2012 10.250% FMC 02 - 01.11.2009 7.750% FMC 96 - 01.07.2011 7.250% Foundationa PA COAL 04 - 01.08.2014 4.820% Freescale Semiconductor 04 - 15.07.2009 7.130% Freescale Semiconductor 04 - 15.07.2014 7.880% Fresenius Medical 98 - 01.02.2008 9.630% Grant Prideco 01 - 01.12.2007 8.880% Greif 02 - 01.08.2012 8.140% Homer City Funding 01 - 01.10.2019 9.880% Houghton Mifflin 03 - 01.02.2013 10.130% Huntsman ICI Chemicals 00 - 01.07.2009 8.750% Ipsco 03 - 01.06.2013 8.630% Iron Mountain - 01.04.2013 8.750% Joy Global 02 - 15.03.2012 7.750% K. Hovnanian Enterprises 03 - 15.05.2013 8.880% K. Hovnanian Enterprises 02 - 01.04.2012 6.380% Key Energy Services 03 - 01.05.2013 9.880% Koppers Industry 04 - 15.10.2013 7.630% L-3 Communications 02 - 15.06.2012 6.880% Markwest Energy Part/Fin 04 - 01.11.2014 9.630% MDPAcquisitions 03 - 01.10.2012

1,046,183 490,755 277,283 368,383 311,913 72,072 483,820 367,680 524,558 579,898 298,895 295,794 303,750 795,694 210,029 656,876 182,884 245,080 306,730 515,958 303,512 95,345 198,735 506,448 112,306 261,546 395,885 175,553 292,931 174,760 190,928 432,541 518,514 518,514 89,956 181,893 466,027 151,915 424,431 381,143 172,382 33,367 204,006 297,241 731,535 654,815 258,574 376,943 210,029 269,471 122,451 253,224 420,395 629,691 395,885 511,544 427,627 62,489 656,678 224,097 224,890 127,801 273,335 82,129 860,390 1,055,694 305,137 272,245

1.64 0.77 0.44 0.58 0.49 0.11 0.76 0.58 0.82 0.91 0.47 0.46 0.48 1.25 0.33 1.03 0.29 0.39 0.48 0.81 0.48 0.15 0.31 0.80 0.18 0.41 0.62 0.28 0.46 0.27 0.30 0.68 0.81 0.81 0.14 0.29 0.73 0.24 0.67 0.60 0.27 0.05 0.32 0.47 1.15 1.03 0.41 0.59 0.33 0.42 0.19 0.40 0.66 0.99 0.62 0.80 0.67 0.10 1.03 0.35 0.35 0.20 0.43 0.13 1.35 1.66 0.48 0.43

87

519,142 179,916 776,732 99,073 15,852 245,701 39,629 277,404 523,105 396,292 110,962 31,703 570,660 317,033 554,808 314,180 344,774 237,775 273,441 301,182 495,365 427,995 491,402 213,998 427,995 344,774 118,888 497,742 846,479 503,290 332,885 352,700 657,844 459,698 412,143 73,794 31,703 602,363 443,847 594,438 309,108 471,587 388,366 400,255 451,773 289,293 495,365 348,737 356,663 79,258 79,258 79,258 293,256 237,775 253,627 174,368 435,921 190,854

KOMERCNÍ PAPÍRY US Dolar 475,550

9.750% Meritage 01 - 01.06.2011 8.750% Methanex 02 - 15.08.2012 9.750% MGM Mirage 00 - 01.06.2007 8.380% MGM Mirage 01 - 01.02.2011 9.250% Michaels Stores 01 - 01.07.2009 8.500% MSWEnergy 03 - 01.09.2010 7.750% Nalco 04 - 15.11.2011 6.880% Neighborcare 03 - 15.11.2013 10.880% Nevada Power 03 - 15.10.2009 5.250% Nextel Communications 00 - 15.01.2010 6.130% Nortel Networks 01 - 15.02.2006 5.880% Northwestern 04 - 11.01.2014 8.000% NRG Energy 03 - 15.12.2013 6.130% Offshore Logistic 03 - 15.06.2013 8.750% Owens-Brockway 02 - 15.11.2012 10.750% Pacificare Health System 02 - 01.06.2009 9.000% Panamsat 04 - 15.08.2014 6.380% Panamsat 98 - 15.01. 2008 10.375% Panamsat 04 - 01.11.2014 8.880% Perkinelmer 02 - 15.01.2013 10.000% Petroleum Geo-Services 03 - 05.11.2010 9.380% Petroleum Helicopters 02 - 01.05.2009 6.880% PG & E 04 - 15.07.2008 9.250% Pinnacle Entertainment 99 - 15.02.2007 6.750% Premcor Refining 04 - 01.02.2011 7.380% Pride International 04 - 15.07.2014 11.250% PTC Intl Finance II 99 - 01.12.2009 10.000% Quintiles Transnational 04 - 01.10.2013 14.500% Qwest Services 02 - 15.12.2014 11.500% Resort Internat ional Hotel/Casino 02 - 15.03.2009 10.880% RH Donnelley Finance 03 - 15.12.2012 9.750% River Rock Entertainment 03 - 01.11.2011 7.880% Riverside Forest Product 04 - 01.03.2014 9.630% Rogers Wireless 01 - 01.05.2011 8.880% Roundy’s 02 - 15.06.2012 8.500% SAC 04 - 15.03.2014 6.250% Sierra Pacific Power 04 - 15.04.2012 8.000% Sinclair Broadcast Group 02 - 15.03.2012 8.880% Southern Natural Gas 03 - 15.03.2010 8.500% Southern Star 03 - 01.08.2010 6.250% SPX 03 - 15.06.2011 7.750% Standard Pacific 03 - 15.03.2013 8.130% Stater Brothers 04 - 15.06.2012 9.750% Stone Container 01 - 01.02.2011 10.500% Teco Energy 02 - 01.12.2007 8.500% Tembec Industries 01 - 01.02.2011 8.000% Tesoro Petroleum 03 - 15.04.2008 8.750% The Healthcare Company 00 - 01.09.2010 6.500% Trinity Industries 04 - 15.03.2014 11.000% TRWAutomotive 04 - 15.02.2013 8.130% Unisys 01 - 01.06.2006 8.250% United Agri Products 03 - 15.12.2011 6.500% United Rentals 04 - 15.02.2012 7.880% Vintage Petroleum 01 - 15.05.2011 8.380% Western Oil Sands 02 - 01.05.2012 6.880% Westinghouse Air Brake T 03 - 31.07.2013 7.500% Williams Cos 01 - 15.01.2031 10.750% Yell Finance BV 01 - 01.08.2011

Pharma Intermediate 18.03.2004 -01.04.2014

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (Vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

581,424 211,396 877,684 112,197 17,100 269,035 43,096 291,267 617,248 405,693 113,638 31,703 624,857 323,366 624,143 362,083 367,175 247,280 164,060 344,091 567,178 462,758 534,386 222,017 462,223 389,584 126,439 545,014 1,032,678 578,769 408,606 380,906 697,297 524,043 448,194 70,471 32,971 635,477 499,869 653,864 311,418 509,301 413,599 448,184 531,948 297,241 541,172 402,579 354,870 94,711 84,606 85,597 291,783 257,979 297,053 181,774 448,987 223,293

0.91 0.33 1.38 0.18 0.03 0.42 0.07 0.46 0.97 0.64 0.18 0.05 0.98 0.51 0.98 0.57 0.58 0.39 0.26 0.54 0.89 0.73 0.84 0.35 0.73 0.61 0.20 0.86 1.62 0.91 0.64 0.60 1.10 0.82 0.70 0.11 0.05 1.00 0.79 1.03 0.49 0.80 0.65 0.70 0.84 0.47 0.85 0.63 0.56 0.15 0.13 0.13 0.46 0.41 0.47 0.29 0.71 0.35

45,998,558

72.30

310,288

0.49

310,288

0.49

57,889,867 5,743,127 63,632,994

90.97 9.03 100.00

88

Satement of investments Model Fund 2 31-10-2004 -

Prehled investic

US Bond Fund 31-10-2004 Nominál v USD není-li specifikováno jinak


x1,000 OBLIGACE Státní 800 650 3,000 800 1,000 1,300

Financní instituce 2,167 300 450 485 1,500 976 200 1,050 925 626 850 950 1,000 1,305 1,597 1,653 2,936 1,454 1,949 1,268 1,376 1,872 479 900 1,295 442 1,788 600 1,000 774 577 1,000 890 1,100 861 740 875 1,400 1,600 75

7.500% Mexico 03 - 08.04.2033 8.250% Philippines 03 - 15.01.2014 1.625% US Treasury Notes 03 - 31.03.2005 7.500% US Treasury Notes 86 - 15.11.2016 4.750% US Treasury Notes 98 - 15.11.2008 5.250% US Treasury Notes 98 - 15.11.2028

5.000% Bear Stearns Asset Backed Securities 02 25.10.2033 9.000% Beaver Valley Fundgroup 92 - 01.06.2017 5.125% Block Financial 04 - 30.10.2004 5.250% California St Economic 04 - 01.07.2014 5.300% Capital One Master Trust 01 - 15.06.2009 5.000% CCSMC 2003 -S2 A1 03 - 25.03.2018 7.000% Chesapeake Energy 04 - 15.08.2014 3.400% COMET 2004-C1 04 - 16.11.2009 7.500% CS First Boston Mortgage Sec 02 25.12.2032 4.570% DVI Receivables 02 - 11.06.2010 4.375% Fannie Mae 02 - 15.09.2012 4.125% Fannie Mae 04 - 15.04.2014 6.375% Fannie Mae 99 - 15.06.2009 7.000% Fannie Mae Pool #545154 01 - 01.08.2016 6.000% FGLMC 04 - 01.02.2034 5.000% FGLMC Pool A13890 03 - 01.09.2033 5.500% FGLMC Pool C01674 03 - 01.11.2033 5.000% FHLMC (TBA) 04 - 01.05.2034 5.500% FHLMC 04 - 01.05.2034 5.000% FNCI POOL #681373 03 - 01.01.2018 5.500% FNCL (TBA) 03 - 01.06.2033 4.500% FNCL 03 - 01.08.2033 7.000% FNCL POOL #639703 02 - 01.03.2032 5.500% FNCT 04 - 01.07.2024 3.074% FNMA Pool # 784039 04 - 01.07.2034 5.500% FNMA Pool #254546 02 - 01.12.2017 4.205% FNMA Pool #681846 03 - 01.03.2033 6.250% Freddie Mac 02 - 15.07.2032 2.875% Freddie Mac 04 - 15.05.2007 7.000% G2SF Pool # 2838 99 - 20.11.2029 7.000% G2SF Pool #353 02 - 20.02.2032 6.531% GE Capital Commercial Mortgage 04 15.05.2033 8.000% General Motors 01 - 01.11.2031 5.023% GMAC Commercial Mortgage Securities 03 10.04.2040 6.000% GNMA 04 - 20.05.2034 7.000% GNSF Pool #434462 00 - 15.07.2029 6.000% GNSF Pool #781547 03 - 15.01.2033 4.490% MSC 2004-HQ3 A3 - 13.01.2041 2.700% Nissan Auto Receivables Owner Trust 04 17.12.2007 7.375% Pride International 04 - 15.07.2014

tržní hodnota

x USD 1 000

%

853 627 2,996 1,037 1,063 1,371

0.94 0.69 3.29 1.14 1.17 1.51

7,947

8.74

2,177 354 447 554 1,564 1,004 218 1,043

2.39 0.39 0.49 0.61 1.72 1.10 0.24 1.15

972 506 855 928 1,119 1,384 1,653 1,649 2,977 1,448 1,984 1,293 1,400 1,816 509 924 1,286 458 1,803 687 999 823 613

1.07 0.56 0.94 1.02 1.23 1.52 1.82 1.81 3.27 1.59 2.18 1.42 1.54 1.99 0.56 1.01 1.41 0.50 1.98 0.75 1.10 0.90 0.67

1,130 922

1.24 1.01

1,126 887 790 907 1,402

1.24 0.97 0.87 1.00 1.54

1,595 85

1.75 0.08

89

750 475 2,187 750

Ruzné 400 900 630 650 650 425 450 1,000 250 300 650 500 750 275 280 300 1,025 450 500 300 225 615 565 475 375 300 500 140 500 260 450 900 750 375 215 275 700 235 300 325 175 865 320 405 525 300 400 325 500 275 320 460 825 250 450 360 775 225 935

6.375% Telecom Italia Capital 04 - 15.11.2033 3.500% Tresury Inflation Index 01 - 15.01.2011 4.522% Wells Fargo MBS 03 - 25.11.2033 2.490% WESTO 2004 -1 C 04 - 22.08.2011

8.550% Abitibi-Consolidated 00 - 01.08.2010 7.450% Albertson’s 99 - 01.08.2029 7.875% Amerada Hess 99 - 01.10.2029 5.200% Andina de Fomento 03 - 21.05.2013 6.000% AT&T 99 - 15.03.2009 7.750% Ball 98 - 01.08.2006 5.450% Boston Scientific 04 - 15.06.2014 6.875% British Sky Broadcasting 99 - 23.02.2009 9.375% Caesars Entertainment 00 - 15.02.2007 7.250% Cascades 03 - 15.02.2013 7.250% Centerpoint Energy 03 - 01.09.2010 8.700% Cilcorp 99 - 15.10.2009 6.500% CNA Financial 98 - 15.04.2005 8.000% Constellation Brands 01 - 15.02.2008 8.125% Delhaize America 01 - 15.04.2011 6.875% DR Horton 03 - 01.05.2013 5.625% Ford Motor Credit 03 - 01.10.2008 7.875% Fresenius Medical 98 - 01.02.2008 5.125% General Mills 02 - 15.02.2007 9.625% Grant Prideco 01 - 01.12.2007 6.300% HCA 02 - 02.10.2012 7.625% Hertz 02 - 01.06.2012 6.400% Household Finance 98 - 17.06.2008 5.500% Hughes Supply 04 - 15.10.2014 5.450% Hutchison Whampoa 03 - 24.11.2010 6.500% Kansas Gas & Electric 93 - 01.08.2005 6.000% Kellogg 01 - 01.04.2006 6.375% Key Energy Services 03 - 01.05.2013 5.250% Kraft Foods 02 - 01.06.2007 7.625% L-3 Communications 02 - 15.06.2012 8.110% Lear 99 - 15.05.2009 7.000% Leucadia National 03 - 15.08.2013 3.125% Loews 98 - 15.09.2007 9.750% MGM Mirage 00 - 01.06.2007 9.000% Nevada Power 03 - 15.08.2013 6.875% Nextel Communications 03 - 31.10.2013 6.150% Nisource Finance 03 - 01.03.2013 6.750% Norampac 03 - 01.06.2013 5.000% NVR 03 - 15.06.2010 6.125% Omnicare 03 - 01.06.2013 7.750% Owens-Brockway Glass Containers 03 15.05.2011 4.375% Packaging Corporation of America 03 01.08.2008 6.375% Panamsat 98 - 15.01.2008 6.875% PG & E 04 -15.07.2008 6.500% Pioneer Natural Resources 98 - 15.01.2008 8.000% Southern Cal Edison 03 - 15.02.2007 6.875% Sprint Capital 98 - 15.11.2028 6.875% Standard Pacific 03 - 15.05.2011 4.875% Sungard Data 04 - 15.01.2014 8.000% Tesoro Petroleum 03 - 15.04.2008 7.650% Tricon Global 98 - 15.05.2008 6.875% Tyco 99 - 15.01.2029 6.625% Union Pacific 99 - 01.02.2029 8.125% Unisys 01 - 01.06.2006 4.500% Virginia Electric & Power 03 - 15.12.2010 8.375% Western Oil Sands 02 - 01.05.2012 7.375% Weyerhaeuser 02 - 15.03.2032 7.500% Williams Cos 01 - 15.01.2031 5.500% Wyeth 03 - 15.03.2013

779 592 2,143 743

0.86 0.65 2.35 0.82

48,548

53.31

440 1,039 754 662 673 458 474 1,107 280 326 728 600 764 302 324 325 1,054 487 519 341 228 675 619 475 386 310 524 144 525 289 515 923 738 424 249 300 761 249 302 330

0.48 1.14 0.83 0.73 0.74 0.50 0.52 1.22 0.31 0.36 0.80 0.66 0.84 0.33 0.36 0.36 1.16 0.53 0.57 0.37 0.25 0.74 0.68 0.52 0.42 0.34 0.58 0.16 0.58 0.32 0.57 1.01 0.81 0.47 0.27 0.33 0.84 0.27 0.33 0.36

191

0.21

880 333 440 571 332 431 345 489 300 362 524 899 267 457 422 907 232 964

0.97 0.37 0.48 0.63 0.36 0.47 0.38 0.54 0.33 0.40 0.58 0.99 0.29 0.49 0.46 1.00 0.25 1.06

29,969

32.92

90

OBLIGACE CELKEM

86,464

94.97

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 1,325 CSFB Mortgage C2 A2 01 - 11.11.2030 825 Westpac Capital TRST III 03 - 30.09.2013

1,447 869

1.59 0.95

2,316

2.54

2,316 88,780 2,268 91,048

2.54 97.51 2.49 100.00

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE LIKVIDNÍ AKTIVA (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA Statement of investments 01 Interest Growth Fund (Euro) 31-10-2004

Prehled investic

2001 Interest Growth Fund (Euro) 31-10-2004 Nominál v EUR není-li specifikováno jinak


x 1000 OBLIGACE Státní 1,050 3.900% 1,230 6.500% 1,200 4.750% 300 7.375% 1,000 6.500% 400 9.500% 700 3.250%

Austria 98 - 20.10.2005 Belgium 94 - 31.03.2005 Belgium 99 - 28.09.2005 Germany 95 - 03.01.2005 Germany 95 - 14.10.2005 Italy BTP 95 - 01.01.2005 Spain 00 - 31.01.2005

INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

tržní hodnota

x EUR 1000

%

1,066 1,252 1,227 303 1,039 403 702

13.82 16.23 15.91 3.93 13.47 5.22 9.10

5,992

77.68

5,992 1,722 7,714

77.68 22.32 100.00

Prehled investic

Interest Growth Fund CZK 31-10-2004 Nominál v CZK není-li specifikováno jinak


x 1000 OBLIGACE Financní instituce 5,500 6.500% Ruzné 45,000 20,000

8.200% 4.550%

OBLIGACE CELKEM

Depfa Pfandbriefbank 00 - 29.03.2005

Radiomobil 99 - 08.11.2004 Cesky Telecom 02 - 15.07.2005

tržní hodnota

x CZK 1000

%

5,574

1.18

5,574

1.18

45,048 20,245

9.56 4.29

65,293

13.85

70,867

15.03

91

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Státní 20,000 City of Prague 01 - 15.05.2011

Ruzné 10,000 10,000 22,000 20,000 20,000 10,000

AIG Sunamerica 02 -10.07.2008 Ceska Pojistovna 01 - 16.07.2006 Glaverbel Czech 00 - 10.07.2008 Koninklijke Ahold 00 - 14.09.2005 Skoda Auto 00 - 26.10.2010 Skoda Auto 00 - 26.10.2007

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM KRÁTKODOBÉ OBLIGACE Státní 60,000 Czech Treasury Bill 04 - 01.04.2005 60,000 Czech Treasury Bill 04 - 07.01.2005 30,000 Czech Treasury Bill 04 - 10.12.2004 40,000 Czech T reasury Bill 04 - 19.11.2004 20,000 Czech Treasury Bill 04 - 26.11.2004 20,000 Czech Treasury Bill 04 - 28.01.2005 25,000 Czech Treasury Bill 04 - 31.12.2004 30,000 Czech T reasury Bill 04 - 17.09.0205

KRÁTKODOBÉ OBLIGACE CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

19,970

4.23

19,970

4.23

9,868 9,900 21,835 19,930 19,760 9,930

2.09 2.10 4.63 4.23 4.19 2.11

91,223

19.35

111,193

23.58

59,267 59,705 29,916 39,949 19,968 19,896 24,892 29,454

12.57 12.66 6.34 8.47 4.23 4.22 5.28 6.25

283,047

60.02

283,047 465,107 6,464 471,571

60.02 98.63 1.37 100.00

Prehled investic

Interest Growth Fund (Euro) 31-10-2004 Nominál v EUR není-li specifikováno jinak


x 1000 of investments OBLIGACE Financní instituce 1,397 6.250 5,000 5.750

Household Finance 00 - 21.09.2005 Procter & Gamble 00 - 26.09.2005

OBLIGACE CELKEM SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 3,500 Abbey National Treasury 04 - 27.05.2009 9,000 ABN AMRO Bank 04 -16.09.2011 2,000 Anglo Irish Bank 03 - 17.02.2006 AUD 7,800 Australia & New Zealand Banking 04 21.05.2014 7,000 Banco Bilbao Vizcaya 04 - 26.02.2009 3,500 Banco Santander 04 - 16.03.2009 5,000 Bank of America 04 - 28.06.2011 3,500 Banque PSA Finance 04 - 02.03.2007 4,500 Bear Stearns 04 - 20.10.2009 2,000 Caisse Cent Credit Immob. 01 - 05.06.2006 3,500 CIT 04 - 13.05.2009 6,500 Citigroup 04 - 03.06.2011 3,000 Countrywide Home Loan 04 - 24.11.2008

tržní hodnota

x EUR 1000

% Statement

1,444 5,149

0.61 2.16

6,593

2.77

6,593

2.77

3,500 8,976 2,000

1.47 3.77 0.83

4,580 6,996 3,498 5,005 3,501 4,496 1,999 3,501 6,484 3,003

1.92 2.94 1.47 2.10 1.47 1.89 0.84 1.47 2.73 1.26

92

6,000 6,000 2,900 10,400 2,000

USD

USD

USD GBP USD USD CAD

Ruzné 8,000 4,000 2,100 1,000 2,000 4,000 1,400

2,500 8,100 5,000 3,000 5,000 2,000 4,300 3,500 5,100 3,700 5,000 5,000 5,500 2,250 2,200 9,750 6,000 4,000 4,500 4,000 12,000

Crédit Agricole 04 - 20.04.2007 CSSE National Csse Eparg 04 - 26.01.2006 Deutsche Finance 00 - 11.05.2005 GE Capital Euro Funding 04 - 28.07.2014 Granite Mortgages 2004-1 2A2 20.03.2044 GS 03 - 21.10.2008 HBOS Treasury Services 04 - 23.06.2009 HSBC - 22.09.2014 HSH Nordbank 04 - 26.03.2009 Intl Lease Finance 04 - 06.07.2010 Key Bank 02 - 29.03.2005 Lehman Brothers 04 - 05.04.2011 Macquarie Bank 04 - 30.03.2009 Merrill Lynch & 04 - 22.07.2014 Morgan Stanley 03 - 29.05.2008 National Australia Bank 04 - 23.06.2014 Nationwide Building Society 04 16.09.2011 NIB Capital Bank 04 - 23.01.2006 Paragon Mortgages 04 - 15.05.2034 Pillar Funding 04 - 15.06.2011 Rabobank Netherland 04 - 05.10.2009 Royal Bank of Canada 04 - 08.04.2010 Royal Bank of Scotland 04 - 24.07.2014 SLM 04 - 26.04.2011 SNS Bank 03 - 18.06.2008 Westlb 04 - 21.10.2009

Alliance & Leicester 04 - 14.09.2009 ASIF III 03 - 25.11.2008 Bat International Finance 03 - 03.04.2006 Cadbury Schweppes Invest. 04 29.06.2007 France Telecom 04 - 05.09.2005 Northern Rock 04 - 13.07.2009 Telecom Italia 04 - 29.10.2007

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM KRÁTKODOBÉ OBLIGACE Ruzné 8,000 Prudential 03.08.2004 - 02.11.2004 8,000 Toyota Kreditbank 03.08.2004 05.11.2004

KRÁTKODOBÉ OBLIGACE CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA

6,001 5,996 2,901 10,371

2.52 2.52 1.22 4.36

2,001 2,512 8,085 5,002 2,353 4,994 2,001 4,303 3,500 5,083 3,728 3,933

0.84 1.06 3.40 2.10 0.99 2.10 0.84 1.81 1.47 2.14 1.57 1.65

4,988 5,499 2,250 1,734 9,736 8,640 3,153 4,490 3,151 7,722

2.10 2.31 0.95 0.73 4.09 3.63 1.33 1.89 1.32 3.25

181,666

76.35

7,983 3,988 2,115

3.36 1.68 0.89

1,000 2,001 3,998 1,402

0.42 0.84 1.68 0.59

22,487

9.46

204,153

85.81

8,000

3.36

7,998

3.36

15,998

6.72

15,998 226,744 11,190 237,934

6.72 95.30 4.70 100.00

93

Prehled investic

Interest Growth Fund (USD) 31-10-2004 Nominál v USD není-li specifikováno jinak


x 1000 SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce AUD 2,000 Australia & New Zealand Banking 04 15.10.2007 AUD 1,800 Australia & New Zealand Banking 04 21.05.2014 EUR 1,500 Banco Bilbao Vizcaya 04 - 26.02.2009 EUR 800 Banco Santander 04 - 16.03.2009 EUR 1,000 Bank of America 04 - 28.06.2011 1,000 Bank One 02 - 01.10.2007 EUR 900 Banque PSA Finance 04 - 02.03.2007 EUR 1,000 Bear Stearns 04 - 20.10.2009 1,000 Bear Stearns 04 - 30.01.2009 2,500 BOS International Australia 04 - 16.04.2009 EUR 1,000 CIT 04 - 13.05.2009 EUR 1,500 Citigroup 04 - 03.06.2011 EUR 900 Countrywide Home Loan 04 - 24.11.2008 EUR 2,500 GE Capital Euro Funding 04 - 28.07.2014 1,000 Goldman Sachs 03 - 20.04.2006 EUR 500 Granite Mortgages 2004-1 2A2 - 20.03.2044 1,000 Household Finance 04 - 09.02.2007 1,000 HSH Nordbank 03 - 11.02.2008 2,000 HSH Nordbank 04 - 26.03.2009 EUR 1,000 Intl Lease Finance 04 - 06.07.2010 EUR 900 Lehman Brothers 04 - 05.04.2011 EUR 900 Macquarie Bank 04 - 30.03.2009 EUR 1,000 Merrill Lynch & 04 - 22.07.2014 1,000 Morgan Stanley 04 - 22.01.2009 2,400 National Australia Bank 04 - 23.06.20 14 2,000 NIB Capital Bank 04 - 05.05.2009 1,200 Paragon Mortgages 04 - 15.05.2034 1,000 Pillar Funding 04 - 15.06.2011 GBP 1,000 Royal Bank of Canada 04 - 08.04.2010 2,400 Royal Bank of Scotland 04 - 24.07.2014 1,200 SNS Bank 03 - 18.06.2008 2,000 Wells Fargo 03 - 03.03.2006 CAD 3,700 Westlb 04 - 21.10.2009 2,000 Westpac Banking 04 - 25.05.2007

Ruzné EUR EUR EUR EUR EUR EUR

2,000 1,000 500 200 2,000 1,000 1,000 300

Alliance & Leicester 04 - 14.09.2009 ASIF III 03 - 25.11.2008 Bat International Finance 03 - 03.04.2006 Cadbury Schweppes Invest. 04 - 29.06.2007 Dexia Credit Local 02 - 15.05.2007 Jackson National Life Fund 00 - 08.02.2005 Northern Rock 04 - 13.07.2009 Telecom Italia 04 - 29.10.2007

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM KRÁTKODOBÉ OBLIGACE Ruzné 3,000 3,000

Bayerische Landesbank 03.08.2004 - 22.11.2004 Dexia Credit Local De France

tržní hodnota

x USD 1000

% Statement

1,499

1.93

1,345 1,907 1,017 1,273 1,003 1,145 1,271 1,004 2,497 1,272 1,903 1,146 3,171 1,002 636 1,002 1,002 1,996 1,270 1,146 1,145 1,268 1,000 2,402 2,000 1,201 1,003 1,832 2,406 1,203 2,003 3,029 2,000

1.73 2.46 1.31 1.64 1.29 1.48 1.64 1.29 3.22 1.64 2.45 1.48 4.09 1.29 0.81 1.29 1.29 2.57 1.64 1.48 1.48 1.63 1.29 3.09 2.58 1.55 1.29 2.36 3.10 1.55 2.58 3.90 2.58

51,999

67.00

2,539 1,268 640 254 2,001 1,000 1,274 382

3.27 1.63 0.82 0.33 2.58 1.29 1.64 0.49

9,358

12.05

61,357

79.05

2,997

3.86

94

30.09.2004 - 04.10.2004 Eurohypo 30.09.2004 - 04.01.2005 Nestlé Capital 03.08.2004 - 07.02.2005

3,000 3,000

KRÁTKODOBÉ OBLIGACE CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY (vcetne nabehlého úroku) CELKOVÁ CISTÁ AKTIVA Statement of investments Model Fund 1 31-10-2004 of investments -

2,990 2,990 2,985

3.85 3.85 3.85

11,962

15.41

11,962 73,319 4,301 77,620

15.41 94.46 5.54 100.00

Prehled investic

Model Fund 1 31-10-2004 Nominál v EUR není-li specifikováno jinak


x 1000 OBLIGACE Státní DEM 471,202 2,387,331 3,448,367 488,635 907,465 614,284 27,922 NLG 2,356,008

6.000% 5.875% 4.250% 6.250% 5.750% 4.750% 6.250% 6.000%

767,855 907,465 1,122,464 144,496 2,094,150 1,298,373 48,864

5.750% 5.500% 4.750% 6.000% 6.000% 4.250% 6.000%

991,231 418,830 952,140 1,856,813 1,019,153 698,050 656,167

4.000% 7.500% 5.250% 3.750% 5.400% 6.000% 4.750%

Financní instituce 90,747 NLG 68,913 NLG 46,826 41,883

NLG

7.125% 8.250% 9.500% 3.250%

83,766 90,747 76,786

4.750% 6.125% 4.450%

441,752

5.125%

24,432

6.988%

48,864

5.125%

1,030,754 6.375% 43,279

7.400%

Austria 96 - 01.02.2006 Austria 96 - 15.07.2006 Belgium 03 - 28.09.2013 Belgium 96 - 28.03.2007 Belgium 97 - 28.03.2008 Belgium 99 - 28.09.2005 Croatia 02 - 11.02.2009 European Investment Bank 96 24.01.2006 France 00 - 25.10.2032 France 96 - 25.10.2007 Germany 03 - 04.07.2034 Germany 96 - 05.01.2006 Germany 97 - 04.07.2007 Italy 04 - 01.08.2014 Korea Development Bank 00 13.04.2005 Netherlands 02 - 15.07.2005 Netherlands 93 - 15.01.2023 Netherlands 98 - 15.07.2008 Netherlands 99 - 15.07.2009 Spain 01 - 30.07.2011 Spain 98 - 31.01.2029 Spain 99 - 30.07.2014

Abbey National 00 - 28.09.2049 ABN AMRO Bank 85 - 01.06.2005 ABN AMRO Bank 90 - 15.04.2005 ABN AMRO Bouwfonds Nederland 03 - 03.06.2008 Aegon Funding II 01 - 28.02.2005 Allianz Finance 02 - 31.05.2022 Australia & New Zealand Banking 03 - 05.02.2015 Australian & New Zealand Banking 01 - 07.03.2006 Banca Intesa Capital Trust 01 12.07.2049 Banco Santander Central Hispano Issuances 99 - 06.07.2009 Bank Nederlandse Gemeenten 96 04.01.2006 Bank of Ireland 01 - 07.03.2011

tržní hodnota

x EUR 1000

% Statement

251,402 2,523,290 3,551,818 529,949 991,723 628,013 30,785

0.47 4.77 6.71 1.00 1.87 1.19 0.06

1,113,937 910,100 979,109 1,157,036 150,623 2,273,095 1,325,574

2.10 1.72 1.85 2.19 0.28 4.29 2.50

49,630 1,003,473 580,896 1,029,406 1,905,926 1,132,126 846,909 701,114

0.09 1.90 1.10 1.94 3.60 2.14 1.60 1.32

23,665,934

44.69

105,978 32,244 21,908

0.20 0.06 0.04

42,168 84,411 101,173

0.08 0.16 0.19

79,723

0.15

457,058

0.86

28,257

0.05

52,286

0.10

488,550 51,325

0.92 0.10

95

16,753

6.250%

90,747 883,503

4.875% 5.625%

559,552

6.500%

48,864

5.500%

104,708

6.342%

20,942 188,474 20,942

5.500% 4.750% 4.375%

139,610

6.500%

139,610

5.250%

55,844

6.625%

34,903 26,526 48,864

5.750% 5.125% 5.375%

55,844

6.875%

DEM

279,220

5.250%

NLG

279,220 5.250%

NLG

DEM

111,688

6.500%

97,727 48,864 1,030,754 23,734 41,883

6.250% 4.125% 2.388% 6.250% 4.375%

104,708 117,800 34,903

5.875% 5.625% 6.375%

836,945 90,747 223,376 76,786

2.346% 6.500% 6.250% 6.000%

559,552

3.500%

26,505

4.500%

DEM

382,851

6.750%

DEM

441,752

5.500%

441,752 200,850

4.625% 5.375%

59,334

5.625%

48,864 27,922 20,942

5.125% 5.250% 6.125%

90,747

5.750%

48,864

4.125%

174,513

6.625%

DEM

Banque Cent de Tunisie 03 20.02.2013 Barclays Bank 03 - 31.03.2013 Bayerische Landesbank 00 06.07.2005 Bayerische Landesbank 95 28.12.2005 BBVA Capital Funding 01 04.07.2011 BNP Paribas (PERP. 49) 02 - 24.01.2012 CIT 01 - 16.05.2005 Citigroup 04 - 10.02.2019 Coca-Cola HBC Finance 04 15.07.2011 Cortp. Andina de Fomento 00 16.11.2005 Countrywide Home Loan 98 15.12.2005 Credit Suisse GP Finance 00 05.10.2010 Danske Bank 01 - 26.03.2011 Danske Bank 02 - 12.11.2012 Deutsche Bank Finance 02 27.03.2012 Euroclear Finance (PERP) 00 04.10.2007 European Credit Card Office 98 18.06.2008 European Mortgage Securities 98 13.05.2008 Fortis Bank (PERP. 49) 01 26.09.2011 Goldman Sachs 97 - 17.07.2009 Goldman Sachs 03 - 06.02.2008 GOLDN 1 A 00 - 15.10.2012 Hannover Finance 01 - 14.03.2031 Holcim Finance Luxembourg 03 23.06.2010 Household Finance 01 - 31.03.2008 HSH N Finance 00 - 16.11.2005 Imperial Tobacco Finance 99 27.09.2006 IMT 2004-1EA2 04 - 07.05.2036 ING Bank 00 - 15.06.2010 ING Verzekeringen 01 - 21.06.2021 International Lease Finance 02 24.10.2007 KFW-Kredit Wiederaufbau 02 15.11.2005 KFW-Kredit Wiederaufbau 99 03.08.2006 LB Baden Wuerttemberg 95 22.06.2005 LB Baden Wuerttemberg 97 10.11.2004 L-Bank 98 - 29.07.2005 L-Bank BW Foerderbank 00 25.10.2005 Lloyds TSB (PERP.49) 99 15.07.2009 Merrill Lynch 98 - 09.03.2005 Merrill Lynch 98 - 18.08.2008 Michelin Finance Luxembourg 02 16.04.2009 Morgan Stanley Dean Witter 02 01.04.2009 National Rural Utilities 99 24.02.2006 National Westminster Bank 99 -

18,385 95,724

0.03 0.18

902,808

1.71

265,759

0.50

51,062

0.10

118,874 21,285 194,665

0.22 0.04 0.37

21,333

0.04

145,236

0.27

73,441

0.14

64,296 37,742 28,339

0.12 0.07 0.05

51,685

0.10

61,727

0.12

151,015

0.29

135,992

0.26

126,994 55,693 50,425 1,033,846 26,195

0.24 0.11 0.10 1.95 0.05

43,054 113,859 121,652

0.08 0.22 0.23

37,143 838,703 103,669 250,539

0.07 1.58 0.20 0.47

82,940

0.16

565,707

1.07

27,374

0.05

202,396

0.38

226,022 448,952

0.43 0.85

206,714

0.39

64,360 49,350 29,909

0.12 0.09 0.06

23,108

0.04

99,553

0.19

49,658

0.09

96

NLG

883,503

6.000%

NLG

412,301

7.500%

NLG

559,552

6.625%

NLG

382,851

6.250%

62,825

5.125%

NLG

370,188 5.250% 1,148,554 6.125% 589,002

4.500%

139,610

6.467%

27,922

4.875%

20,942 41,883

4.750% 8.126%

38,393

5.625%

104,708

4.050%

83,766

5.500%

48,864

7.068%

27,922

5.375%

05.10.2049 Neder Waterschapsbank 94 10.01.2005 Neder Waterschapsbank 95 18.04.2005 Neder Waterschapsbank 95 17.01.2005 Neder Waterschapsbank 96 09.01.2006 New York Life Funding 01 18.05.2006 Rabobank Ireland 00 - 10.03.2005 Rabobank Nederland 96 15.02.2006 Rabobank Nederland 98 09.09.2005 RBS Capital Trust A 02 30.06.2012 Sabadell International Capital 02 05.12.2012 Saint-Gobain Neder 99 - 09.07.2009 Sanpaolo Imi Capital 00 10.11.2010 Skandinaviska Enskilda 02 06.06.2012 SLMA Student Loan 03 17.09.2010 Svenska Handelsbanken 01 07.03.2011 Union Bank of Norway 02 19.11.2012 Volkswagen Finance Service 02 25.01.2012

197,470

0.37

403,634

0.76

191,430

0.36

257,819

0.49

181,294

0.34

65,143 374,056

0.12 0.71

544,436

1.03

599,805

1.13

158,988

0.30

29,304 22,041

0.06 0.04

51,208

0.10

40,938

0.08

106,493

0.20

86,966

0.16

57,683

0.11

29,565

0.06

12,260,537 Ruzné NLG

NLG DEM

111,688 48,864 27,922

7.000% 5.500% 5.875%

41,883 48,864

4.250% 3.625%

27,922 55,844 55,844 83,766 279,220 139,610 25,130 17,451 48,864 43,977 111,688 41,883 41,883 18,847 34,903 97,727 52,354 10,471 69,805 6,981 52,354 27,922

3.500% 5.000% 5.000% 6.750% 6.125% 5.875% 6.000% 6.625% 6.125% 4.500% 5.750% 7.047% 6.000% 6.875% 6.250% 8.125% 7.500% 5.875% 5.750% 4.750% 5.125% 6.000%

61,428 37,695 153,571 13,961

4.375% 5.750% 8.125% 5.750%

Akzo Nobel 95 - 20.10.2005 Alcan 01 - 02.05.2006 Allied Domecq Finance 02 12.06.2009 Altadis Finance 03 - 02.10.2008 Anglo American Capital 03 05.06.2008 Auchan 03 - 22.07.2008 Autostrade 04 - 09.06.2014 Aventis 01 - 18.04.2006 Axa 00 - 15.12.2020 Batavia Credit Card 97 - 15.12.2006 Batavia Credit Card 97 - 16.03.2009 Bayer 02 - 10.04.2012 Bes Finance 02 - 08.05.2049 British Telecom 01 - 15.02.2006 CARGILL 04 - 29.09.2014 CGNU 01 - 14.11.2021 Cl Capital Trust 1 02 - 29.04.2049 Compass 03 - 29.05.2009 Continental 01 - 05.12.2008 Danaher 00 - 26.07.2005 Deutsche Telekom 02 - 29.05.2012 Deutsche Telekom 03 - 24.01.2033 Deutsche Telekom 01 - 11.07.2006 E.On 02 - 29.05.2009 Elia System 04 - 13.05.2014 ENBW Finance 02 - 28.02.2007 Etab Econ Casino Guichard 01 06.03.2008 EWE 04 - 14.10.2014 Ford Motor Credit 03 - 12.01.2009 France Telecom 03 - 28.01.2033 Gallaher 01 - 02.10.2006

23.16

52,785 50,833

0.10 0.10

30,584 43,282

0.06 0.08

49,474 28,217 58,139 57,801 96,549 135,130 78,652 28,081 19,888 51,145 44,048 122,293 49,369 45,732 21,265 35,824 122,432 67,887 11,082 76,754 7,186 55,047

0.09 0.05 0.11 0.11 0.18 0.26 0.15 0.05 0.04 0.10 0.08 0.23 0.09 0.09 0.04 0.07 0.23 0.13 0.02 0.15 0.01 0.10

30,118 61,382 39,319 207,966 14,709

0.06 0.12 0.07 0.39 0.03

97

NLG

25,130 139,610

4.625% 5.125%

530,102

5.250%

27,922 20,942 97,727 321,103 139,610 72,597 16,753 45,234 27,922

7.250% 8.375% 5.063% 6.050% 5.875% 5.500% 4.625% 4.500% 5.750%

20,942 48,864 48,864 83,766 41,883

6.625% 6.750% 5.250% 6.125% 6.625%

83,766 97,727 10,471

7.750% 5.500% 7.750%

20,942 27,922

6.375% 5.000%

13,961 48,864

6.125% 5.750%

76,786 27,922

5.750% 6.250%

69,805 41,883

4.625% 5.375%

39,091 48,864 138,214

6.375% 3.250% 8.160%

36,299 53,052

6.125% 5.500%

13,961 97,727 97,727 41,883 20,942 55,844 139,610 48,864 27,922 153,571 51,656

5.875% 5.375% 5.125% 6.375% 5.250% 6.500% 5.650% 5.875% 6.750% 6.250% 6.000%

Gallaher 04 - 10.06.2011 General Electric Capital 02 20.06.2007 General Electric Capital 00 16.08.2005 General Motors 03 - 03.07.2013 General Motors 03 - 05.07.2033 Generali Finance 99 - 28.05.2019 HBOS 01 - 23.11.2049 Hutchison Whampoa 03 - 08.07.2013 Hutchison Whampoa 99 - 16.03.2006 Klepierre 04 - 15.07.2011 Koninklijke KPN 04 - 21.07.2011 Koninklijke Philips Electronic 01 16.05.2008 Liz Claiborne 01 - 07.08.2006 Munich Re Finance 03 - 21.06.2023 NGG Finance 01 - 23.08.2006 NGG Finance 01 - 23.08.2011 North West Water Finance 00 08.11.2007 Olivetti Finance 03 - 24.01.2033 P acific Life Funding 02 - 14.05.2009 Pemex Project Funding Master 00 02.08.2007 Petronas Capital 02 - 22.05.2009 Pinault-Printemps-Redoute 03 23.01.2009 Polo Ralph Lauren 99 - 22.11.2006 Portugal Telecom International Finance 01 - 21.02.2006 Prudent ial 01 - 19.12.2021 Public and Broad Finance 99 01.11.2006 RWE Finance 04 - 23.07.2014 SCA Coordination Centre 02 25.06.2007 SL Finance 02 - 12.07.2022 SLM 03 - 25.07.2008 Stand Chartered Cap Trust 00 23.03.2049 Swedish Match 99 - 01.10.2006 Syngenta Lux Finance 01 10.07.2006 Tele Danmark 01 - 24.04.2006 Telecom Italia 04 - 29.01.2019 Telefonica Europe 01 - 30.10.2006 Telstra 01 - 29.06.2011 Tesco 02 - 07.05.2008 TPSA Eurofinance 00 - 13.03.2007 Travel Insurance 02 - 21.06.2012 Veolia Environnement - 27.06.2008 VNU 01 - 29.10.2008 Wolters Kluwer 97 - 11.06.2007 WPP 01 - 18.06.2008

OBLIGACE CELKEM SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní institu ce 589,002 ABN AMRO Bank 04 - 23.01.2008 294,501 ABN AMRO Bouwfonds Netherland 02 - 06.02.2007 294,501 Australia & New Zealand Banking 03 - 23.06.2006 589,002 Banco Credit Local Espan 04 30.09.2005 294,501 Bank Austria 01 - 20.11.2006

25,787

0.05

147,624

0.28

541,844 30,510 22,646 103,928 358,094 148,622 74,935 17,246 46,322

1.02 0.06 0.04 0.20 0.68 0.28 0.14 0.03 0.09

30,152 22,151 55,575 51,004 94,057

0.06 0.04 0.10 0.10 0.18

46,143 109,352 105,711

0.09 0.21 0.20

11,643 23,393

0.02 0.04

28,924 14,761

0.05 0.03

50,855 84,287

0.10 0.16

29,528 71,536

0.06 0.14

44,419 43,584 48,741

0.08 0.08 0.10

165,677 38,536

0.31 0.07

55,516 14,610 100,659 102,301 47,937 22,406 60,261 154,325 53,146 31,412 74,566 56,134

0.10 0.03 0.19 0.19 0.09 0.04 0.11 0.29 0.10 0.06 0.14 0.11

5,253,833

9.93

41,180,304

77.78

588,994

1.11

294,954

0.56

294,516

0.56

588,767 294,972

1.11 0.56

98

13,961 155,974 736,253 441,752 294,501 647,902 883,503 294,501 294,501 147,251 1,178,004 294,501 589,002 294,501 294,501 589,002 139,610 41,883 18,149 883,503 69,805

BCP Finance 04 - 29.06.2049 Berica MBS 02 A1 - 25.02.2032 Caisse Cent Jardn Quebec 03 19.12.2008 Credico Finance 04 - 20.11.2025 Danske Bank 04 - 18.08.2006 Euroclear Finance 00 - 04.10.2010 F-E Green 04 - 30.10.2018 General Electric Capital 01 08.01.2007 General Electric Capital Euro Funding 03 - 05.12.2006 General Electric Capital Euro Funding 04 - 31.03.2008 HSN Finance 03 - 18.02.2008 Italease Finance 03 - 14.12.2012 Kommunalkredit 99 14.09.2007 LB Baden-Wuerttemberg 04 12.02.2009 PMI Uno Finance 04 - 20.07.2012 Popular Finance Europe 03 10.11.2008 SAECURE 2000-I A2 - 25.11.2007 Santander Issuances 04 - 30.09.2019 Sumitomo Mitsui Banking 04 27.10.2014 Unicredito Italiano 03 - 23.10.2008 Unicredito Italy Capital Trust 00 29.10.2049

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

14,834 155,927

0.03 0.29

735,889 441,752 294,368 650,235 884,298

1.39 0.83 0.56 1.23 1.67

294,648

0.56

294,581

0.56

147,000 1,178,989 2.23 294,501 589,303

0.28

294,243 295,090

0.56 0.56

588,209 150,402 42,147

1.11 0.28 0.08

18,536 882,840

0.04 1.67

84,694

0.16

10,394,689

19.66

10,394,689 51,574,993 1,355,311 52,930,304

19.66 97.44 2.56 100.00

0.56 1.11

Prehled investic



x 1000 AKCIE Austrálie 5,331.5660 28,893.6480 30,097.5500 19,090.4460 8,599.3000 20,215.5784 17,198.6000 4,643.6220 7,816.7637 15,678.2438 Rakousko 219.3166 238.7184 112.9581 297.5960

Centro Properties Group CFS Gandel Retail Trust Commonwealth Property Office Fund General Property Trust ING Industrial Fund Investa Property Group Macquarie Goodman Industrial Trust Mirvac Group Stockland Westfield


tržní hodnota

x EUR 1000

% Statement

15,153 26,638 22,976 41,701 10,655 24,691 20,299 12,352 27,035 138,096

0.02 0.03 0.03 0.05 0.01 0.03 0.02 0.02 0.03 0.17

339,596

0.41

12,723 12,304 21,263 13,582

0.02 0.01 0.03 0.02

59,872

0.08

99

Belgie 635.7065 107.4913

Kanada 5,064.9877 1,848.8495

Dánsko 649.1808 524.1233

Finsko 173.4856 1,634.9140 10,759.1756 1,328.4879 1,461.8810

Francie 1,012.6720 7,675.0658 257.9790 432.6752 173.4551 151.3034 6,529.5328 308.6871 3,651.9484 300.9755 318.1741 356.9013 2,601.3012 182.7129 235.1130 90.2927 1,062.6007 455.7629 409.7597 186.1961 507.2881

Nemecko 336.1857 2,038.0024 338.3856 4,525.3780 8,671.0040 279.0497 663.4360 248.3735 1,329.1320 1,430.3992

Recko 896.6071 513.3989 Hongkong 3,439.7200 9,975.1880

Belgacom Warehouses De Pauw

Boardwalk Real Estate Investment Trust Brookfield Properties

Danske Bank TDC

Amer Fortum Nokia Rautaruukki Sponda

Atos Origin AXA Bail Investissement BNP Paribas Carrefour Supermarche CNP Assurances CréditAgricole European Aeronautic Defence and Space France Telecom Gecina Klepierre Peugeot Renault Sanofi-Aventis Société Générale Paris Société Immobiliere de Location pour l’Industrie et le Commerce Total Unibail Veolia Environnement Vinci Vivendi Universal

Bayer BMW DaimlerChrysler Deutsche Post Deutsche Telekom Fresenius Medical Care IVG Immobilien RWE SAP Siemens


Great Eagle Hang Lung Development

18,308 3,589

0.02 0.00

21,897

0.02

57,389 49,374

0.07 0.06

106,763

0.13

14,219 15,201

0.02 0.02

29,420

0.04

6,540 19,619 130,078 10,801 10,365

0.01 0.02 0.16 0.01 0.01

177,403

0.21

49,631 129,478 7,249 23,083 5,955 8,072 149,983 6,899 81,950 20,406 19,027 17,192 170,645 10,469 17,093

0.06 0.16 0.01 0.03 0.01 0.01 0.18 0.01 0.10 0.02 0.02 0.02 0.21 0.01 0.02

5,634 173,204 46,944 9,732 17,381 10,861

0.01 0.21 0.06 0.01 0.02 0.01

980,888

1.19

7,467 67,560 10,957 69,329 130,238 11,935 7,231 10,312 177,479 83,464

0.01 0.08 0.01 0.08 0.16 0.01 0.01 0.01 0.22 0.10

575,972

0.69

10,885 8,204

0.01 0.01

19,089

0.02

5,524 12,846

0.01 0.02

100

24,508.0050 8,083.3420 21,240.2710 9,115.2580 27,517.7600 14,790.7960 14,962.7820 10,147.1740

Irsko 5,214.0401 686.7317

Itálie 859.9300 17,198.6000 5,379.8200 6,482.9465 1,020.9619 16,709.0880 6,372.3422 3,461.4627 Japonsko 2,689.9100 10,259.8340 3,525.7130 479.6978 308.5954 366.6480 1,044.3180 1.8918 0.9459 7,852.3780 1,741.5780 1,619.3620 1,558.2540 977.7280 21,842.2220 15,994.6980 12,025.4800 2,848.1400 1.8059 12,684.7450 48.1019 2,474.8740 702.7420 15.8230 5,847.5240 1,582.3000 186.3794 3,267.7340 6,191.4960 794.4040 748.5730 1,051.0576

Malajsie 5,331.5660

Nizozemí 773.7801 944.6686 10,379.8880 429.9650

Hang Lung Properties Henderson Land Development Hong Kong Land Kerry Properties New World Development Sun Hung Kai Properties Tai Cheung Wharf


Aedes Beni Stabili Enel ENI Italcementi Telecom Italia Mobile Telecom Italia Unicredito Italiano

Canon Dai Nippon Printing Daibiru Eisai Fuji Photo Film Honda Motor Hoya Japan Real Estate Investment Japan Retail Fund Investment Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Kirin Brewery Matsushita Electric Industrial Mitsubishi Estate Mitsui Fudosan NEC NEC Electronics Nippon Building Fund Nissan Motor NTT Docomo Oji Paper Sekisui House Sumitomo Mitsui Financial Sumitomo Realty & Development T&D Holdings TDK TOC Tokyo Tatemono Toppan Printing Toyko Electric Power Toyota Motor

KLCC Property Holding Berhad

ABN AMRO Aegon ASML Corio

28,590 29,473 34,398 13,810 18,900 107,561 4,798 26,237

0.03 0.04 0.04 0.02 0.02 0.13 0.01 0.03

282,137

0.35

9,646 9,127

0.01 0.01

18,773

0.02

2,993 11,729 38,143 115,396 12,292 77,196 12,426 14,573

0.00 0.01 0.05 0.14 0.01 0.09 0.02 0.02

284,748

0.34

104,150 110,211 18,610 10,831 8,270 13,898 84,116 11,877 5,931 9,766 9,116 11,173 10,982 11,125 180,944 133,213 52,348 109,222 11,925 112,219 66,592 11,085 5,692 80,710 50,433 54,822 10,155 20,490 27,044 6,022 13,300 32,136

0.13 0.13 0.02 0.01 0.01 0.02 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.22 0.16 0.06 0.13 0.01 0.14 0.08 0.01 0.01 0.10 0.06 0.07 0.01 0.02 0.03 0.01 0.02 0.04

1,398,408

1.67

1,765

0.00

1,765

0.00

14,508 8,105 115,943 16,842

0.02 0.01 0.14 0.02

101

128.1129 300.9755 10,330.9741 3,552.8191 386.9685 540.9586 85.9930 128.9895 232.1811 Nový Zéland 3,439.7200

Norsko 246.4180 9,240.6320 1,133.5228 Filipíny 53,315.6600

Singapu r 17,542.5720 12,898.9500 773.9370 25,797.9000

Španelsko 809.1005 745.8842 768.6914 1,290.2343 371.5977

Jižní Korea 59.6109

Švédsko 362.9510 386.9685 171.9860 257.9790 2,134.1358 1,066.1818 1,668.1873 300.9755 Švýcarsko 2,974.7240 741.2400 896.4617 5,973.9605 240.7804 1,487.3620 1,835.4680 2,777.8400

Spojené království 90.2927 1,228.3930 1,332.1238

DSM Eurocommercial Properties ING Philips Electronics Rodamco Europe Royal Dutch Petroleum Vastned Offices/Industrial VastNed Retail Wereldhave

Kiwi Income Property Trust

Norsk Hydro Statoil Telenor

SM Prime Holdings

Capitaland Keppel Land Singapore Land Wing Tai

Endesa Iberdrola Inmobiliaria Colonial Repsol Sociedad General de Aguas de Barcelona

Samsung Electronics

AB Castellum Fastighets Tornet Kungsleden Nordea Bank Skandinaviska Enskilda Banken Skanska Wihlborgs Fastigheter

Adecco CS Nestlé Novartis PSP Swiss Property Roche Holding Schweizerische Rueckversicherung UBS

Ashtenne Aviva B.A.A.

5,465 7,874 214,368 65,904 20,625 23,039 1,875 6,163 16,253

0.01 0.01 0.26 0.08 0.03 0.03 0.00 0.01 0.02

516,964

0.64

2,016

0.00

2,016

0.00

14,214 104,844 7,075

0.02 0.13 0.01

126,133

0.16

5,581

0.01

5,581

0.01

15,321 11,022 1,630 11,083

0.02 0.01 0.00 0.01

39,056

0.04

12,873 12,799 20,901 21,921 5,154

0.02 0.02 0.03 0.03 0.01

73,648

0.11

9,185

0.01

9,185

0.01

11,031 8,725 2,490 6,600 14,447 13,904 14,242 4,075

0.01 0.01 0.00 0.01 0.02 0.02 0.02 0.00

75,514

0.09

112,211 19,861 166,147 223,197 7,578 119,121 88,272 156,858

0.14 0.02 0.20 0.27 0.01 0.14 0.11 0.19

893,245

1.08

488 9,643 11,005

0.00 0.01 0.01

102

9,602.4158 14,841.9740 1,178.5900 5,675.5380 11,962.1880 3,562.9019 2,493.7970 687.9440 5,139.1278 945.9230 9,702.6636 1,169.5048 3,181.7410 3,185.1323 29,309.6652 5,073.5870 2,364.8075 3,069.6620 859.9300 916.6854 1,289.8950 499.9551 755.8143 4,746.9000 1,945.5565 429.9650 4,299.6500 3,455.6268 160,840.9187 103.1916

Spojené státy 190.8708 7,531.7480 369.7645 229.9189 353.0820 825.5328 596.7502 2,923.3566 373.8587 1,203.9020 234.8686 288.3381 3,417.7680 430.9947 2,949.5599 877.1286 10,985.7055 427.6338 2,721.5560 860.4006 1,898.7600 1,689.8964 220.1110 569.6280 1,023.3167 471.5093 514.7432 1,860.7848 2,126.6112 1,628.5354 189.7709 890.0276 700.8430 5,582.3544 1,186.7034 1,095.5137 8,607.7120

Barclays BG British American Tobacco British Land British Sky Broadcasting British Telecommunications Brixton Derwent Valley Diageo Freeport GlaxoSmithkline Great Portland Estates Hammerson HSBC Kingfisher Land Securities Liberty International Man Minerva Pillar Property Quintain Estate & Development Reckitt Benckiser RMC Royal Bank of Scotland Scottish Power Shaftesbury Slough Estates Tesco Vodafone Workspace

Abbott Laboratories Accenture Adobe Systems Air Products and Chemicals Albertsons Alexandria Real Estate Equities Allstate Altria Aluminium Company of America AMB Property American Express American International Amgen Anadarko Petroleum Archstone-Smith Trust Avalonbay Communities Bank of America Bank of New York Barr Pharmaceuticals Bellsouth Best Buy Biomet Black & Decker BorgWarner Boston Properties Brunswick Burlington Northern Santa Fe Capital One Financial Carnival Catellus Development Caterpillar CBL & Associates Properties Cedar Shopping Centers Cendant CenterPoint Properties Chevron Texaco Cisco Systems

73,585 75,896 13,921 60,906 87,619 9,533 10,804 9,409 53,929 4,599 160,307 5,096 33,594 40,352 127,608 87,187 29,329 57,792 3,493 8,781 8,524 10,759 9,260 109,745 12,324 1,733 28,134 14,286 323,198 2,965

0.09 0.09 0.02 0.07 0.12 0.01 0.01 0.01 0.07 0.01 0.19 0.01 0.04 0.05 0.16 0.11 0.04 0.07 0.00 0.01 0.01 0.01 0.01 0.13 0.01 0.00 0.03 0.02 0.39 0.00

1,495,804

1.81

6,397 143,348 16,287 9,612 6,331 42,866 22,561 111,370 9,552 35,491 9,799 13,761 152,613 22,854 77,795 45,145 382,822 10,912 80,553 18,040 88,398 62,014 13,892 20,769 48,043 17,392 16,919 107,899 84,527 36,923 12,016 45,865 7,455 90,360 43,194 45,697 129,992

0.01 0.17 0.02 0.01 0.01 0.05 0.03 0.14 0.01 0.04 0.01 0.02 0.19 0.03 0.09 0.05 0.47 0.01 0.10 0.02 0.11 0.08 0.02 0.03 0.06 0.02 0.02 0.13 0.10 0.04 0.01 0.06 0.01 0.11 0.05 0.06 0.16

103

300.6208 7,398.4299 4,753.5486 274.5582 408.0792 1,255.4978 4,968.4220 850.0123 5,316.5280 1,814.4523 412.7234 2,016.5359 2,341.8040 889.4269 272.5417 1,479.0796 2,343.3093 657.8465 503.6827 1,401.6859 5,302.8765 175.4105 207.2172 2,025.3440 423.3257 203.5202 208.8366 765.3377 144.3982 194.0179 6,993.9585 3,117.2463 524.8566 219.5916 1,556.9832 2,848.1400 3,797.5200 2,068.1317 1,340.5568 8,246.9476 3,253.7804 468.7289 2,101.2944 1,811.3328 190.4125 1,457.5814 1,610.7980 920.1251 2,170.9156 1,934.8425 738.1235 5,214.8797 320.9392 4,905.1300 711.3277 2,038.0024 630.0235 5,354.5032 1,668.2642 262.2450 294.6322 704.8197 263.2227 429.8337 2,078.6815 1,949.3936 13,607.7800 279.4469 868.5293 500.9023

CIT Citigroup Coca Cola Computer Sciences Constellation Energy Corporate Office Properties Trust CVS Del Monte Foods Dell Developers Divers Realty Dow Chemicals Duke Realty Ecolab Edison International Electronic Arts Equity Office Properties Trust Equity Residential Properties Trust Essex Property Trust Exelon Extra Space Storage Exxon Mobil Fannie Mae Federated Department Stores First Data First Energy Fortune Brands Freddie Mac Gables Residential Trust Gannett General Dynamics General Electric General Growth Properties Georgia-Pacific Goldman Sachs Guidant H&R Block Hartford Financial Services Health Care Property Investors Hewlett Packard Home Depot Ingersoll-Rand Johnson & Johnson Johnson Controls JP Morgan Chase Kimberley Clark Kimco Realty Lehman Brothers Liberty Property Trust Lincoln National Maguire Properties Marathon Oil Masco MBNA Medtronic Merck Merrill Lynch Metlife Microsoft Mills Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Omnicom Oracle Paccar Pan Pacific Retail Properties Penney (J.C.)

9,548 258,066 151,945 10,721 13,031 27,064 169,750 7,137 146,535 59,624 14,581 54,058 62,318 21,326 9,624 32,697 61,437 40,576 15,688 15,273 205,189 9,674 8,218 65,726 13,754 11,651 10,934 21,961 9,416 15,576 187,600 80,845 14,272 16,983 81,544 106,467 174,586 45,247 19,665 266,333 175,065 21,512 94,738 54,965 8,932 62,507 104,028 29,332 74,751 39,776 22,114 140,454 6,467 197,087 17,509 86,421 18,994 117,737 72,722 8,813 11,834 21,593 9,126 14,270 91,234 120,914 135,432 15,226 38,680 13,621

0.01 0.30 0.17 0.01 0.02 0.03 0.21 0.01 0.18 0.07 0.02 0.07 0.08 0.03 0.01 0.04 0.07 0.05 0.02 0.02 0.25 0.01 0.01 0.08 0.02 0.01 0.01 0.03 0.01 0.02 0.23 0.10 0.02 0.02 0.10 0.13 0.21 0.06 0.02 0.32 0.21 0.03 0.12 0.07 0.01 0.08 0.13 0.04 0.09 0.05 0.03 0.17 0.01 0.24 0.02 0.11 0.02 0.14 0.09 0.01 0.01 0.03 0.01 0.02 0.11 0.15 0.16 0.02 0.05 0.02

104

9,962.6637 218.8277 2,911.4320 1,844.5499 2,911.4320 1,096.4108 730.9405 852.6399 2,003.6369 601.9510 2,244.4173 105.0141 5,944.4298 1,871.2333 2,170.9156 690.2760 3,949.4208 1,053.4143 601.4860 890.7713 4,759.1888 76.9655 687.5872 178.7715 200.9842 3,120.2956 4,120.3092

Pfizer PNC Financial Services Procter & Gamble ProLogis Prudential Financial Public Storage Regency Centers SBC Communication Simon Properte SL Green Realty Sunstone Hotel Investors SunTrust Banks Tyco International United Technologies UnitedHealth Valero Energy Viacom Vornado Realty Trust Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s International Weyerhaeuser Wyeth Yum ! Brands

AKCIE CELKEM OBLIGACE Státní DEM 552,066 6.000% 3,107,753 5.875% 4,488,978 4.250% 636,089 6.250% 1,181,309 5.750% 799,656 4.750% 36,348 6.250% NLG 2,760,336 6.000% 999,569 5.750% 1,181,309 5.500% 1,461,190 4.750% 188,101 6.000% 2,726,100 6.000% 1,690,181 4.250% 63,608 6.000% 1,290,35 3 4.000% 545,220 7.500% 1,239,466 5.250% 2,417,141 3.750% 1,326,701 5.400% 908,700 6.000% 854,178 4.750% Financní instituce 118,131 NLG 80,740 NLG 54,861 54,521

7.125% 8.250% 9.500% 3.250%

109,044 118,131 99,957

4.750% 6.125% 4.450%

Austria 96 - 01.02.2006 Austria 96 - 15.07.2006 Belgium 03 - 28.09.2013 Belgium 96 - 28.03.2007 Belgium 97 - 28.03.2008 Belgium 99 - 28.09.2005 Croatia 02 - 11.02.2009 European Investment Bank 96 24.01.2006 France 00 - 25.10.2032 France 96 - 25.10.2007 Germany 03 - 04.07.2034 Germany 96 - 05.01.2006 Germany 97 - 04.07.2007 Italy 04 - 01.08.2014 Korea Development Bank 00 13.04.2005 Netherlands 02 - 15.07.2005 Netherlands 93 - 15.01.2023 Netherlands 98 - 15.07.2008 Netherlands 99 - 15.07.2009 Spain 01 - 30.07.2011 Spain 98 - 31.01.2029 Spain 99 - 30.07.2014

Abbey National 00 - 28.09.2049 ABN AMRO Bank 85 - 01.06.2005 ABN AMRO Bank 90 - 15.04.2005 ABN AMRO Bouwfonds Nederland 03 - 03.06.2008 Aegon Funding II 01 - 28.02.2005 Allianz Finance 02 - 31.05.2022 Australia & New Zealand Banking 03 - 05.02.2015

226,739 8,997 117,141 56,524 106,361 45,036 28,076 16,932 91,862 25,942 29,731 5,810 145,569 136,544 123,561 23,318 113,295 55,651 23,269 17,661 144,830 5,909 32,281 4,690 9,897 97,261 140,903

0.27 0.01 0.14 0.07 0.13 0.05 0.03 0.02 0.11 0.03 0.04 0.01 0.18 0.17 0.15 0.03 0.14 0.07 0.03 0.02 0.17 0.01 0.04 0.01 0.01 0.12 0.17

8,295,748

10.11

15,829,625

19.23

294,546 3,284,741 4,623,647 689,871 1,290,995 817,528 40,075

0.36 3.99 5.62 0.84 1.57 0.99 0.05

1,305,106 1,184,740 1,274,574 1,506,194 196,076 2,959,045 1,725,591

1.59 1.44 1.55 1.83 0.24 3.60 2.10

64,607 1,306,290 756,193 1,340,050 2,481,075 1,473,767 1,102,480 912,689

0.08 1.59 0.92 1.63 3.02 1.79 1.34 1.11

30,629,880

37.25

137,959 37,778 25,668

0.17 0.05 0.03

54,893 109,884 131,704

0.07 0.13 0.16

103,780

0.13

105

NLG

517,562

5.125%

31,805

6.988%

63,608

5.125%

1,207,646 6.375% 56,339 21,810

7.400% 6.250%

118,131 4.875% 1,035,126 5.625% NLG

655,580

6.500%

63,608

5.500%

136,304

6.342%

27,260 245,348 27,260

5.500% 4.750% 4.375%

181,740

6.500%

181,740

5.250%

72,696

6.625%

45,434 34,530 63,608

5.750% 5.125% 5.375%

72,696

6.875%

DEM

363,480

5.250%

NLG

363,480

5.250%

145,392

6.500%

DEM

DEM

127,218 6.250% 63,608 4.125% 1,207,646 2.388% 30,895 6.250% 54,521 4.375% 136,304 138,018 45,434

5.875% 5.625% 6.375%

980,578 118,131 290,784 99,957

2.346% 6.500% 6.250% 6.000%

655,580

3.500%

31,054

4.500%

DEM

448,555

6.750%

DEM

517,562

5.500%

517,562 235,318

4.625% 5.375%

77,239

5.625%

Australian & New Zealand Banking 01 - 07.03.2006 Banca Intesa Capital Trust 01 12.07.2049 Banco Santander Central Hispano Issuances 99 - 06.07.2009 Bank Nederlandse Gemeenten 96 04.01.2006 Bank of Ireland 01 - 07.03.2011 Banque Cent de Tunisie 03 20.02.2013 Barclays Bank 03 - 31.03.2013 Bayerische Landesbank 00 06.07.2005 Bayerische Landesbank 95 28.12.2005 BBVA Capital Funding 01 04.07.2011 BNP Paribas (PERP. 49) 02 - 24.01.2012 CIT 01 - 16.05.2005 Citigroup 04 - 10.02.2019 Coca-Cola HBC Finance 04 15.07.2011 Cortp. Andina de Fomento 00 16.11.2005 Countrywide Home Loan 98 15.12.2005 Credit Suisse GP Finance 00 05.10.2010 Danske Bank 01 - 26.03.2011 Danske Bank 02 - 12.11.2012 Deutsche Bank Finance 02 27.03.2012 Euroclear Finan ce (PERP) 00 04.10.2007 European Credit Card Office 98 18.06.2008 European Mortgage Securities 98 13.05.2008 Fortis Bank (PERP. 49) 01 26.09.2011 Goldman Sachs 97 - 17.07.2009 Goldman Sachs 03 - 06.02.2008 GOLDN 1 A 00 - 15.10.2012 Hannover Finance 01 - 14.03.2031 Holcim Finance Luxembourg 03 23.06.2010 Household Finance 01 - 31.03.2008 HSH N Finance 00 - 16.11.2005 Imperial Tobacco Finance 99 27.09.2006 IMT 2004-1EA2 04 - 07.05.2036 ING Bank 00 - 15.06.2010 ING Verzekeringen 01 - 21.06.2021 International Lease Finance 02 24.10.2007 KFW-Kredit Wiederaufbau 02 15.11.2005 KFW-Kredit Wiederaufbau 99 03.08.2006 LB Baden Wuerttemberg 95 22.06.2005 LB Baden Wuerttemberg 97 10.11.2004 L-Bank 98 - 29.07.2005 L-Bank BW Foerderbank 00 25.10.2005 Lloyds TSB (PERP.49) 99 15.07.2009

535,497

0.65

36,783

0.04

68,065

0.08

572,393 66,813

0.70 0.08

23,933 124,610

0.03 0.15

1,057,744

1.29

311,367

0.38

66,471

0.08

154,747 27,708 253,409

0.19 0.03 0.31

27,771

0.03

189,064

0.23

95,603

0.12

83,699 49,131 36,891

0.10 0.06 0.04

67,282

0.08

80,355

0.10

196,586

0.24

177,030

0.22

165,316 72,500 65,641 1,211,270 34,100

0.20 0.09 0.08 1.47 0.04

56,046 148,218 142,530

0.08 0.18 0.17

48,352 982,638 134,953 326,143

0.06 1.19 0.16 0.40

107,969

0.13

662,791

0.81

32,072

0.04

237,131

0.29

264,811 525,999

0.32 0.64

242,190

0.29

83,782

0.10

106

63,608 36,348 27,260

5.125% 5.250% 6.125%

118,131

5.750%

63,608

4.125%

227,174

6.625%

NLG

1,035,126 6.000%

NLG

483,060

7.500%

NLG

655,580

6.625%

NLG

448,555

6.250%

81,782

5.125%

NLG

Ruzné NLG

NLG DEM

433,718 5.250% 1,345,664 6.125% 690,084

4.500%

181,740 36,348

6.467% 4.875%

27,260 54,521 49,978

4.750% 8.126% 5.625%

136,304

4.050%

109,044

5.500%

63,608

7.068%

36,348

5.375%

145,392 63,608 36,348

7.000% 5.500% 5.875%

54,521 63,608

4.250% 3.625%

36,348 72,696 72,696 109,044 363,480 181,740 32,714 22,718 63,608 57,248 145,392 54,521 54,521 24,534 45,434 127,218 68,153 13,631 90,869 9,087

3.500% 5.000% 5.000% 6.750% 6.125% 5.875% 6.000% 6.625% 6.125% 4.500% 5.750% 7.047% 6.000% 6.875% 6.250% 8.125% 7.500% 5.875% 5.750% 4.750%

Merrill Lynch 98 - 09.03.2005 Merrill Lynch 98 - 18.08.2008 Michelin Finance Luxembourg 02 16.04.2009 Morgan Stanley Dean Witter 02 01.04.2009 National Rural Utilities 99 24.02.2006 National Westminster Bank 99 05.10.2049 Neder Waterschapsbank 94 10.01.2005 Neder Waterschapsbank 95 18.04.2005 Neder Waterschapsbank 95 17.01.2005 Neder Waterschapsbank 96 09.01.2006 New York Life Funding 01 18.05.2006 Rabobank Ireland 00 - 10.03.2005 Rabobank Nederland 96 15.02.2006 Rabobank Nederland 98 09.09.2005 RBS Capital Trust A 02 - 30.06.2012 Sabadell International Capital 02 05.12.2012 Saint-Gobain Neder 99 - 09.07.2009 Sanpaolo Imi Capital 00 - 10.11.2010 Skandinaviska Enskilda 02 06.06.2012 SLMA Student Loan 03 17.09.2010 Svenska Handelsbanken 01 07.03.2011 Union Bank of Norway 02 19.11.2012 Volkswagen Finance Service 02 25.01.2012

Akzo Nobel 95 - 20.10.2005 Alcan 01 - 02.05.2006 Allied Domecq Finance 02 12.06.2009 Altadis Finance 03 - 02.10.2008 Anglo American Capital 03 05.06.2008 Auchan 03 - 22.07.2008 Autostrade 04 - 09.06.2014 Aventis 01 - 18.04.2006 Axa 00 - 15.12.2020 Batavia Credit Card 97 - 15.12.2006 Batavia Credit Card 97 - 16.03.2009 Bayer 02 - 10.04.2012 Bes Finance 02 - 08.05.2049 British Telecom 01 - 15.02.2006 CARGILL 04 - 29.09.2014 CGNU 01 - 14.11.2021 Cl Capital Trust 1 02 - 29.04.2049 Compass 03 - 29.05.2009 Continental 01 - 05.12.2008 Danaher 00 - 26.07.2005 Deutsche Telekom 02 - 29.05.2012 Deutsche Telekom 03 - 24.01.2033 Deut sche Telekom 01 - 11.07.2006 E.On 02 - 29.05.2009 Elia System 04 - 13.05.2014

64,242 38,934

0.08 0.05

30,081

0.04

129,596

0.16

64,643

0.08

257,060

0.31

472,904

0.57

224,282

0.27

302,065

0.37

212,407

0.26

84,801 438,250

0.10 0.53

637,870

0.78

702,742 206,966

0.85 0.25

38,147 28,692 66,661

0.05 0.03 0.08

53,292

0.06

138,629

0.17

113,209

0.14

75,090

0.09

38,487

0.05

14,868,120

18.08

68,714 66,172

0.08 0.08

39,814 56,343

0.05 0.07

64,404 36,731 75,684 75,244 125,684 175,909 102,386 36,555 25,890 66,579 57,340 159,197 64,266 59,533 27,683 46,634 159,379 88,373 14,427 99,916 9,355

0.08 0.04 0.09 0.09 0.15 0.21 0.12 0.04 0.03 0.08 0.07 0.19 0.08 0.07 0.03 0.06 0.19 0.11 0.02 0.12 0.01

107

68,153 36,348 79,966 49,070 199,913 18,173 32,714 181,740 621,075 36,348 27,260 127,218 418,001 181,740 94,505 21,810 58,883 36,348 27,260 63,608 63,608 109,044 54,521 109,044 127,218 13,631 27,260 36,348 18,173 63,608 99,957 36,348 90,869 54,521 50,887 63,608 179,922 47,252 69,061 18,173 127,218 127,218 54,521 27,260 72,696 181,740 63,608 NLG

36,348 199,913 67,243

5.125% 6.000%

ENBW Finance 02 - 28.02.2007 Etab Econ Casino Guichard 01 06.03.2008 4.375% EWE 04 - 14.10.2014 5.750% Ford Motor Credit 03 - 12.01.2009 8.125% France Telecom 03 - 28.01.2033 5.750% Gallaher 01 - 02.10.2006 4.625% Gallaher 04 - 10.06.2011 5.125% General Electric Capital 02 20.06.2007 5.250% General Electric Capital 00 16.08.2005 7.250% General Motors 03 - 03.07.2013 8.375% General Motors 03 - 05.07.2033 5.063% Generali Finance 99 - 28.05.2019 6.050% HBOS 01 - 23.11.2049 5.875% Hutchison Whampoa 03 08.07.2013 5.500% Hutchison Whampoa 99 16.03.2006 4.625% Klepierre 04 - 15.07.2011 4.500% Koninklijke KPN 04 - 21.07.2011 5.750% Koninklijke Philips Electronic 01 16.05.2008 6.625% Liz Claiborne 01 - 07.08.2006 6.750% Munich Re Finance 03 - 21.06.2023 5.250% NGG Finance 01 - 23.08.2006 6.125% NGG Finance 01 - 23.08.2011 6.625% North West Water Finance 00 08.11.2007 7.750% Olivetti Finance 03 - 24.01.2033 5.500% Pacific Life Funding 02 14.05.2009 7.750% Pemex Project Funding Master 00 02.08.2007 6.375% Petronas Capital 02 - 22.05.2009 5.000% Pinault-Printemps-Redoute 03 23.01.2009 6.125% Polo Ralph Lauren 99 - 22.11.2006 5.750% Portugal Telecom International Finance 01 - 21.02.2006 5.750% Prudential 01 - 19.12.2021 6.250% Public and Broad Finance 99 01.11.2006 4.625% RWE Finance 04 - 23.07.2014 5.375% SCA Coordination Centre 02 25.06.2007 6.375% SL Finance 02 - 12.07.2022 3.250% SLM 03 - 25.07.2008 8.160% Standard Chartered Capital Trust 00 23.03.2049 6.125% Swedish Match 99 - 01.10.2006 5.500% Syngenta Lux Finance 01 10.07.2006 5.875% Tele Danmark 01 - 24.04.2006 5.375% Telecom Italia 04 - 29.01.2019 5.125% Telefonica Europe 01 - 30.10.2006 6.375% Telstra 01 - 29.06.2011 5.250% Tesco 02 - 07.05.2008 6.500% TPSA Eurofinance 00 - 13.03.2007 5.650% Travel Insurance 02 - 21.06.2012 5.875% Veolia Environnement 98 27.06.2008 6.750% VNU 01 - 29.10.2008 6.250% Wolters Kluwer 97 - 11.06.2007 6.000% WPP 01 - 18.06.2008

OBLIGACE CELKEM

71,659

0.09

39,207 79,906 51,185 270,724 19,147 33,569

0.05 0.10 0.06 0.33 0.02 0.04

192,172

0.23

634,832 39,717 29,480 135,290 466,156

0.77 0.05 0.04 0.16 0.57

193,472

0.24

97,548 22,450 60,300

0.12 0.03 0.07

39,250 28,835 72,346 66,395 122,440

0.05 0.04 0.09 0.08 0.15

60,067 142,351

0.07 0.17

137,612

0.17

15,157 30,452

0.02 0.04

37,653 19,215

0.05 0.02

66,201 109,723

0.08 0.13

38,438 93,124

0.05 0.11

57,823 56,737 63,450

0.07 0.07 0.08

215,673 50,166

0.26 0.06

72,269 19,018 131,035 133,172 62,403 29,168 78,446 200,895

0.09 0.02 0.16 0.16 0.08 0.04 0.10 0.24

69,184 40,892 97,067 73,074

0.08 0.05 0.12 0.09

6,768,757

8.22

52,266,757

63.55

108

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 690,084 ABN AMRO Bank 04 - 23.01.2008 345,042 ABN AMRO Bouwfonds Netherland 02 - 06.02.2007 345,042 Australia & New Zealand Banking 03 - 23.06.2006 690,084 Banco Credit Local Espan 04 30.09.2005 345,042 Bank Austria 01 - 20.11.2006 18,173 BCP Finance 04 - 29.06.2049 182,741 Berica MBS 02 A1 - 25.02.2032 862,604 Caisse Cent Jardn Quebec 03 19.12.2008 517,562 Credico Finance 04 - 20.11.2025 345,042 Danske Bank 04 - 18.08.2006 759,093 Euroclear Finance 00 - 04.10.2010 1,035,126 F-E Green 04 - 30.10.2018 345,042 General Electric Capital 01 08.01.2007 345,042 General Electric Capital Euro Funding 03 - 05.12.2006 172,520 General Elect ric Capital Euro Funding 04 - 31.03.2008 1,380,168 HSN Finance 03 - 18.02.2008 345,042 Italease Finance 03 - 14.12.2012 690,084 Kommunalkredit 99 - 14.09.2007 345,042 LB Baden-Wuerttemberg 04 12.02.2009 345,042 PMI Uno Finance 04 - 20.07.2012 690,084 Popular Finance Europe 03 10.11.2008 181,740 SAECURE 2000-I A2 25.11.2007 54,521 Santander Issuances 04 30.09.2019 23,627 Sumitomo Mitsui Banking 04 27.10.2014 1,035,126 Unicredito Italiano 03 23.10.2008 90,869 Unicredito Italy Capital Trust 00 29.10.2049

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

690,075

0.84

345,573

0.42

345,059

0.42

689,809 345,594 19,328 182,686

0.84 0.42 0.02 0.22

862,179 517,563 344,886 761,825 1,036,058

1.05 0.63 0.42 0.93 1.26

345,215

0.42

345,135

0.42

172,228 1,381,322 345,042 690,437

0.21 1.68 0.42 0.84

344,740 345,732

0.42 0.42

689,155

0.84

195,825

0.24

54,865

0.07

24,129

0.03

1,034,350

1.26

110,288

0.13

12,219,098

14.87

12,219,098 80,315,480 1,936,271 82,251,751

14.87 97.65 2.35 100.00

Prehled investic



x 1000 AKCIE Austrálie 24,780.8420 134,296.1760 139,891.8500 88,731.4020 39,969.1000

Centro Properties Group CFS Gandel Retail Trust Commonwealth Property Office Fund General Property Trust ING Industrial Fund

tržní hodnota

x EUR 1000

%S

70,429 123,810 106,789 193,826 49,522

0.04 0.07 0.06 0.11 0.03

109

93,960.9590 79,938.2000 21,583.3140 36,331.9119 72,871.6631 Rakousko 890.7108 969.5074 458.7570 1,208.6269

Belgie 2,581.7957 499.6138

Kanada 23,541.7999 8,593.3565

Dánsko 2,636.5190 2,128.6227 Finsko 704.5773 6,639.8783 43,727.4271 5,395.3897 6,794.7470 Francie 4,115.9840 31,193.2800 1,199.0730 1,757.2243 704.4533 614.4887 26,536.7018 1,253.6712 14,843.2673 1,398.9185 1,478.8567 1,449.4836 10,572.9339 742.0522 954.8649 419.6756 4,318.6387 2,118.3623 1,664.1576 756.1984 2,060.2497

Nemecko 1,365.3513 8,283.4178 1,374.2857 18,393.3035 35,243.1130 1,133.3048 3,083.6161

Investa Property Group Macquarie Goodman Industrial Trust Mirvac Group Stockland Westfield



Boardwalk Real Estate Investment Trust Brookfield Propert ies

Danske Bank TDC


Atos Origin AXA Bail Investissement BNP Paribas Carrefour Supermarche CNP Assurances Crédit Agricole European Aeronautic Defence and Sp ace France Telecom Gecina Klepierre Peugeot Renault Sanofi-Aventis Société Générale Paris Société Immobiliere de Location pour l’Industrie et le Commerce Total Unibail Veolia Environnement Vinci Vivendi Universal

Bayer BMW DaimlerChrysler Deutsche Post Deutsche Telekom Fresenius Medical Care IVG Immobilien

114,763 94,350 57,413 125,660 641,862

0.07 0.06 0.03 0.07 0.38

1,578,424

0.92

51,670 49,968 86,356 55,162

0.03 0.03 0.05 0.03

243,156

0.14

74,356 16,682

0.04 0.01

91,038

0.05

266,740 229,488

0.16 0.13

496,228

0.29

57,749 61,736

0.03 0.04

119,485

0.07

26,563 79,679 572,530 43,865 48,175

0.02 0.05 0.33 0.03 0.03

770,812

0.46

201,724 526,231 33,694 93,748 24,184 32,783 609,548 28,020 333,083 94,847 88,436 69,822 693,584 42,520 69,419

0.12 0.31 0.02 0.05 0.01 0.02 0.36 0.02 0.19 0.06 0.05 0.04 0.41 0.02 0.04

26,188 703,938 218,191 39,524 70,591 44,110

0.02 0.41 0.13 0.02 0.04 0.03

4,044,185

2.37

30,324 274,595 44,499 281,785 529,352 48,471 33,611

0.02 0.16 0.03 0.16 0.31 0.03 0.02

110

1,008.7195 5,402.2290 5,813.8274

Recko 3,641.3917 2,085.0675

Hong Kong 15,987.6400 46,364.1560 113,911.9350 37,570.9540 98,723.6770 42,367.2460 127,901.1200 68,746.8520 69,546.2340 47,163.5380

Irsko 21,175.7879 2,789.0244

Itálie 3,996.9100 79,938.2000 21,866.1650 26,344.6852 4,146.4339 67,913.7360 25,880.0018 14,058.0428

Japonsko 10,933.0825 41,698.6460 16,387.3310 1,948.1973 1,253.2989 1,489.0680 4,244.6085 8.7932 4.3966 31,890.8730 7,073.0730 6,576.7170 6,328.5390 3,970.8480 101,521.5140 74,342.5260 48,877.3100 11,576.2050 8.3935 51,548.8106 195.5092 10,051.2090 2,854.0470 64.3123 27,178.9880 6,431.2250 756.9429 15,188.2580 28,777.7520 3,226.3140

RWE SAP Siemens


Great Eagle Hang Lung Development Hang Lung Properties Henderson Land Development Hong Kong Land Kerry Properties New World Development Sun Hung Kai Properties Tai Cheung Wharf


Aedes Beni Stabili Enel ENI Italcementi Telecom Italia Mobile Telecom Italia Unicredito It aliano

Canon Dai Nippon Printing Daibiru Eisai Fuji Photo Film Honda Motor Hoya Japan Real Estate Investment Japan Retail Fund Investment Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Kirin Brewery Matsushita Electric Industrial Mitsubishi Estate Mitsui Fudosan NEC NEC Electronics Nippon Building Fund Nissan Motor NTT Docomo Oji Paper Sekisui House Sumitomo Mitsui Financial Sumitomo Realty & Development T&D Holdings TDK TOC Tokyo Tatemono Toppan Printing

41,882 721,360 339,237

0.02 0.42 0.20

2,345,116

1.37

44,207 33,319

0.03 0.02

77,526

0.05

25,675 59,707 132,887 136,991 159,879 64,188 87,845 499,939 22,302 121,949

0.02 0.03 0.08 0.08 0.09 0.04 0.05 0.29 0.01 0.07

1,311,362

0.76

39,175 37,066

0.02 0.02

76,241

0.04

13,909 54,518 155,031 468,935 49,923 313,761 50,466 59,184

0.01 0.03 0.09 0.27 0.03 0.18 0.03 0.03

1,165,727

0.67

423,314 447,927 86,500 43,990 33,588 56,442 341,889 55,203 27,569 39,664 37,021 45,378 44,602 45,183 841,020 619,167 212,766 443,929 55,428 456,041 270,662 45,019 23,115 328,043 234,411 222,822 41,244 95,238 125,698 24,458

0.25 0.26 0.05 0.03 0.02 0.03 0.20 0.03 0.02 0.02 0.02 0.03 0.03 0.03 0.49 0.36 0.12 0.26 0.03 0.26 0.16 0.03 0.01 0.19 0.14 0.13 0.02 0.06 0.07 0.01

111

3,040.1805 4,268.6616

Malajsie 24,780.8420 Nizozemí 3,142.5539 3,836.5837 42,188.8360 1,998.4550 520.3052 1,398.9185 41,986.6624 14,439.1248 1,798.6095 2,196.9957 399.6910 599.5365 1,079.1657

Nový Zéland 15,987.6400

Norsko 1,000.7778 37,558.3540 4,603.5778 Filipín y 247,808.4200

Singapu r 81,536.9640 59,953.6500 3,597.2190 119,907.3000 Jižní Korea 242.0976

Š panelsko 3,286.0008 3,029.2607 3,572.8378 5,240.0303 1,509.1704

Švédsko 1,474.0532 1,798.6095 799.3820 1,199.0730 8,667.3685 4,330.0857 6,775.0112 1,398.9185

Toyko Electric Power Toyota Motor


ABN AMRO Aegon ASML Corio DSM Eurocommercial Properties ING Philips Electronics Rodamco Europe Royal Dutch Petroleum Vastned Offices/Industrial VastNed Retail Wereldhave



SM Prime Holdings


Samsung Electronics



54,017 130,515

0.03 0.08

5,951,863

3.47

8,203

0.00

8,203

0.00

58,923 32,918 471,249 78,279 22,196 36,596 871,223 267,845 95,866 93,570 8,713 28,646 75,542

0.03 0.02 0.28 0.05 0.01 0.02 0.51 0.16 0.06 0.05 0.01 0.02 0.04

2,141,566

1.26

9,372

0.01

9,372

0.01

57,728 426,135 28,735

0.03 0.25 0.02

512,598

0.30

25,938

0.02

25,938

0.02

71,211 51,229 7,574 51,512

0.04 0.03 0.01 0.03

181,526

0.11

37,303

0.02

37,303

0.02

52,280 51,982 97,145 89,028 20,932

0.03 0.03 0.06 0.05 0.01

311,367

0.18

44,801 40,552 11,574 30,679 58,672 56,470 57,843 18,940

0.03 0.02 0.01 0.02 0.03 0.03 0.03 0.02

319,531

0.19

112

Švýcarsko 12,090.7030 3,010.3991 3,643.4156 24,279.7720 1,119.1348 6,045.3515 7,460.2210 11,289.6296 Spojené království 419.6756 4,988.8742 5,410.1563 39,019.6223 60,324.8905 4,786.6091 26,379.6060 48,620.0610 14,470.0183 11,591.0390 3,197.5280 20,884.6191 4,396.6010 39,436.2717 5,435.7976 14,788.5670 12,935.7819 119,123.4710 23,581.7690 10,991.5025 12,476.5765 3,996.9100 4,260.7061 5,995.3650 2,030.4683 3,069.5896 19,293.6750 7,901.4912 1,998.4550 19,984.5500 14,034.3418 653,710.1382 479.6292 Spojené státy 775.1840 30,612.6310 1,501.7251 933.7697 1,433.9725 3,837.0336 2,423.5823 11,879.0678 1,518.3530 5,595.6740 953.8721 1,171.0279 13,891.4460 1,750.3994 13,709.4013 4,076.8482 44,646.0859 1,736.7496 11,061.7070 3,494.3462 7,717.4700 6,868.5483


Ashtenne Aviva B.A.A. Barclays BG British American Tobacco British Land British Sky Broadcasting British Telecommunications Brixton Derwent Valley Diageo Freeport GlaxoSmithkline Great Portland Estates Hammerson HSBC Kingfisher Land Se curities Liberty International Man Minerva Pillar Property Quintain Estate & Development Reckitt Benckiser RMC Royal Bank of Scotland Scottish Power Shaftesbury Slough Estates Tesco Vodafone Workspace

Abbott Laboratories Accenture Adobe Systems Air Products and Chemicals Albertsons Alexandria Real Estate Equities Allstate Altria Aluminium Company of America AMB Property American Express American International Amgen Anadarko Petroleum Archstone-Smith Trust Avalonbay Communities Bank of America Bank of New York Barr Pharmaceuticals Bellsouth Best Buy Biomet

456,079 80,662 675,256 907,131 35,222 484,164 358,780 637,500

0.27 0.05 0.39 0.53 0.02 0.28 0.21 0.37

3,634,794

2.12

2,267 39,165 44,693 299,015 308,477 56,538 283,089 356,127 38,717 50,214 43,733 219,157 21,374 651,565 23,686 156,145 163,880 518,635 405,243 136,320 234,893 16,236 40,813 39,618 43,696 37,606 446,055 50,051 8,053 130,764 58,019 1,313,583 13,783

0.00 0.02 0.03 0.17 0.18 0.03 0.17 0.21 0.02 0.03 0.03 0.13 0.01 0.38 0.01 0.09 0.10 0.30 0.24 0.08 0.14 0.01 0.02 0.02 0.03 0.02 0.26 0.03 0.00 0.08 0.03 0.77 0.01

6,251,210

3.65

25,979 582,636 66,147 39,038 25,714 199,237 91,625 452,551 38,793 164,963 39,796 55,889 620,294 92,816 361,587 209,830 1,572,049 44,319 327,408 73,264 359,290 252,056

0.02 0.34 0.04 0.02 0.02 0.12 0.05 0.26 0.02 0.10 0.02 0.03 0.36 0.05 0.21 0.12 0.92 0.03 0.19 0.04 0.21 0.15

113

893.9372 2,315.2410 4,756.3229 1,914.9414 2,090.5274 7,563.1206 8,643.5664 7,569.3482 770.7168 4,136.8019 3,257.4817 22,689.3618 5,515.7358 4,449.2111 34,985.8640 1,220.9117 30,064.7502 19,319.6712 1,115.0638 1,657.3327 5,835.4886 20,194.0465 3,452.1560 21,608.9160 8,433.4801 1,676.1942 9,372.7540 9,518.2130 3,612.2308 1,106.8739 6,874.6852 10,891.5798 3,057.6362 2,045.6072 6,514.9633 21,551.4619 712.3949 841.5716 8,231.9680 1,719.2531 826.5568 848.1483 3,557.2499 586.4446 787.9652 28,416.2376 14,488.7988 2,131.6008 891.8276 6,328.3254 11,576.2050 15,434.9400 9,612.5686 5,444.4049 33,519.5447 13,224.3368 1,903.6493 8,540.6668 7,356.3682 773.3226 6,774.7625 6,546.3806 4,276.6937 8,823.6407 8,993.0475 2,997.7421 21,194.4828 1,303.4309 19,936.7975 2,888.9160

Black & Decker BorgWarner Boston Properties Brunswick Burlington Northern Santa Fe Capital One Financial Carnival Catellus Development Caterpillar CBL & Associat es Properties Cedar Shopping Centers Cendant CenterPoint Properties Chevron Texaco Cisco Systems CIT Citigroup Coca Cola Computer Sciences Constellation Energy Corporate Office Properties Trust CVS Del Monte Foods Dell Developers Divers Realty Dow Chemicals Duke Realty Ecolab Edison International Electronic Arts Equity Office Properties Trust Equity Residential Properties Trust Essex Property Trust Exelon Extra Space Storage Exxon Mobil Fannie Mae Federated Department Stores First Data First Energy Fortune Brands Freddie Mac Gables Residential Trust Gannett General Dynamics General Electric General Growth Properties Georgia-Pacific Goldman Sachs Guidant H&R Block Hartford Financial Services Health Care Property Investors Hewlett Packard Home Depot Ingersoll-Rand Johnson & Johnson Johnson Controls JP Morgan Chase Kimberley Clark Kimco Realty Lehman Brothers Liberty Property Trust Lincoln National Maguire Properties Marathon Oil Masco MBNA Medtronic Merck

56,418 84,417 223,302 70,634 68,713 438,554 343,559 171,615 48,799 213,176 34,648 367,266 200,764 185,589 528,350 38,776 1,048,694 617,545 43,541 52,924 125,790 689,945 28,984 595,589 277,131 59,219 251,260 253,289 86,612 39,088 151,974 285,554 188,597 63,715 70,987 833,912 39,287 33,378 267,144 55,861 47,318 44,407 102,073 38,242 63,259 762,214 375,765 57,964 68,975 331,432 432,731 709,601 210,307 79,866 1,082,506 711,517 87,368 385,059 223,230 36,276 290,530 422,776 136,333 303,825 184,876 89,812 570,836 26,263 801,056 71,108

0.03 0.05 0.13 0.04 0.04 0.26 0.20 0.10 0.03 0.12 0.02 0.21 0.12 0.11 0.31 0.02 0.61 0.36 0.03 0.03 0.07 0.40 0.02 0.35 0.16 0.03 0.15 0.15 0.05 0.02 0.09 0.17 0.11 0.04 0.04 0.49 0.02 0.02 0.16 0.03 0.03 0.03 0.06 0.02 0.04 0.45 0.22 0.03 0.04 0.19 0.25 0.41 0.12 0.05 0.63 0.42 0.05 0.23 0.13 0.02 0.17 0.25 0.08 0.18 0.11 0.05 0.33 0.02 0.47 0.04

114

8,283.4178 2,558.7152 21,763.2654 7,754.0054 1,065.0559 1,196.5902 2,862.4851 1,069.0267 1,745.6841 8,446.7776 7,923.2692 55,308.5350 1,134.9180 4,036.8791 2,034.3151 40,490.9234 888.7254 11,833.4540 8,573.3720 11,833.4540 5,096.0603 3,397.3735 3,462.8276 9,312.8003 2,797.8370 10,431.9351 426.4939 24,158.4111 7,604.8713 8,823.6407 2,803.4187 16,052.3376 4,896.2148 2,442.8161 3,617.6907 19,341.5724 312.5802 2,792.4989 726.0447 816.2574 12,682.3757 16,746.9099

Merrill Lynch Metlife Microsoft Mills Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Omnicom Oracle Paccar Pan Pacific Retail Properties Penney (J.C.) Pfizer PNC Financial Services Procter & Gamble ProLogis Prudential Financial Public Storage Regency Centers SBC Communication Simon Property SL Green Realty Sunstone Hotel Investors SunTrust Banks Tyco International United Technologies UnitedHealth Valero Energy Viacom Vornado Realty Trust Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s International Weyerhaeuser Wyeth Yum ! Brands

AKCIE CELKEM OBLIGACE Státní DEM 384,394 6.000% 6,491,485 5.875% 9,376,589 4.250% 1,328,667 6.250% 2,467,524 5.750% 1,670,324 4.750% 75,924 6.250% NLG 1,921,968 6.000% 2,467,524 5.500% 2,087,905 5.750% 3,052,137 4.750% 392,906 6.000% 5,694,285 6.000% 3,530,457 4.250% 132,867 6.000% 2,695,295 4.000% 1,138,857 7.500% 2,589,002 5.250% 5,048,933 3.750%

Austria 96 - 01.02.2006 Austria 96 - 15.07.2006 Belgium 03 - 28.09.2013 Belgium 96 - 28.03.2007 Belgium 97 - 28.03.2008 Belgium 99 - 28.09.2005 Croatia 02 - 11.02.2009 European Investment Bank 96 24.01.2006 France 96 - 25.10.2007 France 00 - 25.10.2032 Germany 03 - 04.07.2034 Germany 96 - 05.01.2006 Germany 97 - 04.07.2007 Italy 04 - 01.08.2014 Korea Development Bank 00 13.04.2005 Netherlands 02 - 15.07.2005 Netherlands 93 - 15.01.2023 Netherlands 98 - 15.07.2008 Netherlands 99 - 15.07.2009

351,255 77,142 478,540 338,010 35,794 48,060 87,695 37,062 57,955 370,732 491,454 550,462 61,839 179,782 55,319 921,527 36,540 476,117 262,721 432,301 209,326 130,496 68,765 426,972 120,577 138,187 23,597 591,600 554,926 502,213 94,701 460,483 258,661 94,503 71,726 588,595 23,998 131,104 19,047 40,196 395,317 572,698

0.21 0.05 0.28 0.20 0.02 0.03 0.05 0.02 0.03 0.22 0.29 0.32 0.04 0.11 0.03 0.54 0.02 0.28 0.15 0.25 0.12 0.08 0.04 0.25 0.07 0.09 0.01 0.35 0.32 0.29 0.06 0.27 0.15 0.06 0.04 0.34 0.01 0.08 0.01 0.03 0.23 0.33

34,545,401

20.20

66,249,972

38.72

205,087 6,861,175 9,657,887 1,441,005 2,696,633 1,707,655 83,710

0.12 4.01 5.65 0.84 1.58 1.00 0.05

908,719 2,662,334 2,474,689 3,146,143 409,565 6,180,862 3,604,420

0.53 1.56 1.45 1.84 0.24 3.61 2.11

134,952 2,728,582 1,579,538 2,799,099 5,182,477

0.08 1.60 0.92 1.64 3.03

115

2,771,219 5.400% 1,898,095 6.000% 1,784,209 4.750%

Financní instituce 246,752 NLG 56,218 NLG 38,199 113,886

7.125% 8.250% 9.500% 3.250%

227,771 246,752 208,790

4.750% 6.125% 4.450%

360,369

5.125%

66,433

6.988%

132,867

5.125%

840,861

6.375%

117,682 45,554

7.400% 6.250%

246,752 720,738

4.875% 5.625%

456,467

6.500%

132,867

5.500%

284,714

6.342%

56,943 512,486 56,943

5.500% 4.750% 4.375%

379,619

6.500%

379,619

5.250%

151,848

6.625%

94,905 72,128 132,867

5.750% 5.125% 5.375%

151,848

6.875%

DEM

759,238

5.250%

NLG

759,238

5.250%

303,695

6.500%

265,733 132,867 840,861 64,535 113,886

6.250% 4.125% 2.388% 6.250% 4.375%

284,714 96,098 94,905

5.875% 5.625% 6.375%

682,758 246,752 607,390

2.346% 6.500% 6.250%

NLG

DEM

DEM

Spain 01 - 30.07.2011 Spain 98 - 31.01.2029 Spain 99 - 30.07.2014

Abbey National 00 - 28.09.2049 ABN AMRO Bank 85 - 01.06.2005 ABN AMRO Bank 90 - 15.04.2005 ABN AMRO Bouwfonds Nederland 03 - 03.06.2008 Aegon Funding II 01 - 28.02.2005 Allianz Finance 02 - 31.05.2022 Australia & New Zealand Banking 03 - 05.02.2015 Australian & New Zealand Banking 01 - 07.03.2006 Banca Intesa Capital Trust 01 12.07.2049 Banco Santander Central Hispano Issuances 99 - 06.07.2009 Bank Nederlandse Gemeenten 96 04.01.2006 Bank of Ireland 01 - 07.03.2011 Banque Cent de Tunisie 03 20.02.2013 Barclays Bank 03 - 31.03.2013 Bayerische Landesbank 00 06.07.2005 Bayerische Landesbank 95 28.12.2005 BBVA Capital Funding 01 04.07.2011 BNP Paribas (PERP. 49) 02 - 24.01.2012 CIT 01 - 16.05.2005 Citigroup 04 - 10.02.2019 Coca-Cola HBC Finance 04 15.07.2011 Cortp. Andina de Fomento 00 16.11.2005 Countrywide Home Loan 98 15.12.2005 Credit Suisse GP Finance 00 05.10.2010 Danske Bank 01 - 26.03.2011 Danske Bank 02 - 12.11.2012 Deutsche Bank Finance 02 27.03.2012 Euroclear Finance (PERP) 00 04.10.2007 European Credit Card Office 98 18.06.2008 European Mortgage Securities 98 13.05.2008 Fortis Bank (PERP. 49) 01 26.09.2011 Goldman Sachs 97 - 17.07.2009 Goldman Sachs 03 - 06.02.2008 GOLDN 1 A 00 - 15.10.2012 Hannover Finance 01 - 14.03.2031 Holcim Finance Luxembourg 03 23.06.2010 Household Finance 01 - 31.03.2008 HSH N Finance 00 - 16.11.2005 Imperial Tobacco Finance 99 27.09.2006 IMT 2004-1EA2 04 -07.05.2036 ING Bank 00 - 15.06.2010 ING Verzekeringen 01 - 21.06.2021

3,078,408 2,302,864 1,906,428

1.80 1.35 1.11

61,752,232

36.12

288,170 26,304 17,872

0.17 0.02 0.01

114,660 229,525 275,104

0.07 0.13 0.16

216,777

0.13

372,856

0.22

76,833

0.04

142,174

0.08

398,546 139,559

0.23 0.08

49,991 260,287

0.03 0.15

736,486

0.43

216,799

0.13

138,846

0.08

323,236 57,877 529,321

0.19 0.03 0.31

58,008

0.03

394,918

0.23

199,696

0.12

174,830 102,625 77,058

0.10 0.06 0.05

140,540

0.08

167,845

0.10

410,630

0.24

369,780

0.22

345,313 151,438 137,112 843,384 71,228

0.20 0.09 0.08 0.49 0.04

117,069 309,598 99,241

0.07 0.18 0.06

100,998 684,191 281,890 681,249

0.06 0.40 0.16 0.40

116

208,790 456,467 21,622 DEM

312,320

DEM

360,369 360,369 163,848 161,338 132,867 75,924 56,943 246,752 132,867 474,524

NLG

720,738

NLG

336,344

NLG

456,467

NLG

312,320 170,829

NLG

301,989 936,959 480,492 379,619 75,924 56,943 113,886 104,395 284,714 227,771 132,867 75,924

Ruzné NLG

6.000%

International Lease Finance 02 24.10.2007 3.500% KFW-Kredit Wiederaufbau 02 15.11.2005 4.500% KFW-Kredit Wiederaufbau 99 03.08.2006 6.750% LB Baden Wuerttemberg 95 22.06.2005 5.500% LB Baden Wuerttemberg 97 10.11.2004 4.625% L-Bank 98 - 29.07.2005 5.375% L-Bank BW Foerderbank 00 25.10.2005 5.625% Lloyds TSB (PERP.49) 99 15.07.2009 5.125% Merrill Lynch 98 - 09.03.2005 5.250% Merrill Lynch 98 - 18.08.2008 6.125% Michelin Finance Luxembourg 02 16.04.2009 5.750% Morgan Stanley Dean Witter 02 01.04.2009 4.125% National Rural Utilities 99 24.02.2006 6.625% National Westminster Bank 99 05.10.2049 6.000% Neder Waterschapsbank 94 10.01.2005 7.500% Neder Waterschapsbank 95 18.04.2005 6.6250% Neder Waterschapsbank 95 17.01.2005 6.2500% Neder Waterschapsbank 96 09.01.2006 5.125% New York Life Funding 01 18.05.2006 5.250% Rabobank Ireland 00 - 10.03.2005 6.125% Rabobank Nederland 96 15.02.2006 4.500% Rabobank Nederland 98 09.09.2005 6.467% RBS Capital Trust A 02 30.06.2012 4.875% Sabadell International Capital 02 05.12.2012 4.750% Saint-Gobain Neder 99 09.07.2009 8.126% Sanpaolo Imi Capital 00 10.11.2010 5.625% Skandinaviska Enskilda 02 06.06.2012 4.050% SLMA Student Loan 03 17.09.2010 5.500% Svenska Handelsbanken 01 07.03.2011 7.068% Union Bank of Norway 02 19.11.2012 5.375% Volkswagen Finance Service 02 25.01.2012

303,695 132,867 75,924

7.000% 5.500% 5.875%

113,886 132,867

4.250% 3.625%

75,924 151,848

3.500% 5.000%

Akzo Nobel 95 - 20.10.2005 Alcan 01 - 02.05.2006 Allied Domecq Finance 02 12.06.2009 Altadis Finance 03 - 02.10.2008 Anglo American Capital 03 05.06.2008 Auchan 03 - 22.07.2008 Autostrade 04 - 09.06.2014

225,525

0.13

461,489

0.27

22,331

0.01

165,110

0.10

184,383 366,243

0.11 0.21

168,632

0.10

175,003 134,189 81,326

0.10 0.08 0.05

62,834

0.04

270,700

0.16

135,026

0.08

536,947

0.31

329,274

0.19

156,163

0.09

210,322

0.12

147,895

0.09

177,132 305,145

0.10 0.18

444,136

0.26

489,305

0.29

432,310

0.25

79,682

0.05

59,932

0.04

139,242

0.08

111,317

0.07

289,569

0.17

236,472

0.14

156,849

0.09

80,392

0.05

17,364,739

10.16

143,530 138,221

0.08 0.08

83,163 117,689

0.05 0.07

134,527 76,725 158,089

0.08 0.04 0.09

117

NLG DEM

151,848 227,771 759,238 379,619 68,331 47,452 132,867 119,580 303,695 113,886 113,886 51,249 94,905 265,733 142,357 28,471 189,810 18,981 142,357 75,924

5.000% 6.750% 6.125% 5.875% 6.000% 6.625% 6.125% 4.500% 5.750% 7.047% 6.000% 6.875% 6.250% 8.125% 7.500% 5.875% 5.750% 4.750% 5.125% 6.000%

167,032 102,497 417,581 37,962 68,331 379,619

4.375% 5.750% 8.125% 5.750% 4.625% 5.125%

432,443

5.250%

75,924 56,943 265,733 873,124 379,619

7.250% 8.375% 5.063% 6.050% 5.875%

197,402

5.500%

45,554 122,997 75,924

4.625% 4.500% 5.750%

56,943 132,867 132,867 227,771 113,886

6.625% 6.750% 5.250% 6.125% 6.625%

227,771 265,733

7.750% 5.500%

28,471

7.750%

56,943 75,924

6.375% 5.000%

37,962 132,867

6.125% 5.750%

208,790 75,924

5.750% 6.250%

189,810 113,886

4.625% 5.375%

106,293 132,867 375,823

6.375% 3.250% 8.160%

98,701

6.125%

Aventis 01 - 18.04.2006 Axa 00 - 15.12.2020 Batavia Credit Card 97 - 15.12.2006 Batavia Credit Card 97 - 16.03.2009 Bayer 02 - 10.04.2012 Bes Finance 02 - 08.05.2049 British Telecom 01 - 15.02.2006 CARGILL 04 - 29.09.2014 CGNU 01 - 14.11.2021 Cl Capital Trust 1 02 - 29.04.2049 Compass 03 - 29.05.2009 Continental 01 - 05.12.2008 Danaher 00 - 26.07.2005 Deutsche Telekom 02 - 29.05.2012 Deutsche Telekom 03 - 24.01.2033 Deutsche Telekom 01 - 11.07.2006 E.On 02 - 29.05.2009 Elia System 04 - 13.05.2014 ENBW Finance 02 - 28.02.2007 Etab Econ Casino Guichard 01 06.03.2008 EWE 04 - 14.10.2014 Ford Motor Credit 03 - 12.01.2009 France Telecom 03 - 28.01.2033 Gallaher 01 - 02.10.2006 Gallaher 04 - 10.06.2011 General Electric Capital 02 20.06.2007 General Electric Capital 00 16.08.2005 General Motors 03 - 03.07.2013 General Motors 03 - 05.07.2033 Generali Finance 99 - 28.05.2019 HBOS 01 - 23.11.2049 Hutchison Whampoa 03 08.07.2013 Hutchison Whampoa 99 16.03.2006 Klepierre 04 - 15.07.2011 Koninklijke KPN 04 -21.07.2011 Koninklijke Philips Electronic 01 16.05.2008 Liz Claiborne 01 - 07.08.2006 Munich Re Finance 03 - 21.06.2023 NGG Finance 01 - 23.08.2006 NGG Finance 01 - 23.08.2011 North West Water Finance 00 08.11.2007 Olivetti Finance 03 - 24.01.2033 Pacific Life Funding 02 14.05.2009 Pemex Project Funding Master 00 02.08.2007 Petronas Capital 02 - 22.05.2009 Pinault-Printemps-Redoute 03 23.01.2009 Polo Ralph Lauren 99 - 22.11.2006 Portugal Telecom International Finance 01 - 21.02.2006 Prudential 01 - 19.12.2021 Public and Broad Finance 99 01.11.2006 RWE Finance 04 - 23.07.2014 SCA Coordination Centre 02 25.06.2007 SL Finance 02 - 12.07.2022 SLM 03 - 25.07.2008 Standard Chartered Capital Trust 00 - 23.03.2049 Swedish Match 99 - 01.10.2006

157,170 262,529 367,438 213,865 76,357 54,079 139,070 119,771 332,531 134,240 124,352 57,824 97,410 332,911 184,594 30,134 208,705 19,540 149,681

0.09 0.15 0.21 0.13 0.04 0.03 0.08 0.07 0.19 0.08 0.07 0.03 0.06 0.19 0.11 0.02 0.12 0.01 0.09

81,895 166,907 106,915 565,488 39,995 70,118

0.05 0.10 0.06 0.33 0.02 0.04

401,409

0.23

442,021 82,962 61,578 282,594 973,708

0.26 0.05 0.04 0.17 0.57

404,125

0.24

203,758 46,894 125,955

0.12 0.03 0.07

81,986 60,231 151,116 138,686 255,753

0.05 0.04 0.09 0.08 0.15

125,468 297,344

0.07 0.17

287,444

0.17

31,660 63,608

0.02 0.04

78,649 40,137

0.05 0.02

138,281 229,189

0.08 0.13

80,289 194,517

0.05 0.11

120,781 118,512 132,534

0.07 0.07 0.09

450,499 104,786

0.26 0.06

118

NLG

144,255

5.500%

37,962 265,733 265,733 113,886 56,943 151,848 379,619 132,867

5.875% 5.375% 5.125% 6.375% 5.250% 6.500% 5.650% 5.875%

75,924 417,581 140,459

6.750% 6.250% 6.000%

Syngenta Lux Finance 01 10.07.2006 Tele Danmark 01 - 24.04.2006 Telecom Italia 04 - 29.01.2019 Telefonica Europe 01 - 30.10.2006 Telstra 01 - 29.06.2011 Tesco 02 - 07.05.2008 TPSA Eurofinance 00 - 13.03.2007 Travel Insurance 02 - 21.06.2012 Veolia Environnement 98 27.06.2008 VNU 01 - 29.10.2008 Wolters Kluwer 97 - 11.06.2007 WPP 01 - 18.06.2008

OBLIGACE CELKEM SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 480,492 ABN AMRO Bank 04 - 23.01.2008 240,246 ABN AMRO Bouwfonds Netherland 02 - 06.02.2007 240,246 Australia & New Zealand Banking 03 - 23.06.2006 480,492 Banco Credit Local Espan 04 30.09.2005 480,300 0.28 240,246 Bank Austria 01 - 20.11.2006 37,962 BCP Finance 04 - 29.06.2049 127,239 Berica MBS 02 A1 - 25.02.2032 600,615 Caisse Cent Jardn Quebec 03 19.12.2008 360,369 Credico Finance 04 - 20.11.2025 240,246 Danske Bank 04 - 18.08.2006 528,541 Euroclear Finance 00 - 04.10.2010 720,738 F-E Green 04 - 30.10.2018 240,246 General Electric Capital 01 08.01.2007 240,246 General Electric Capital Euro Funding 03 - 05.12.2006 120,123 General Electric Capital Euro Funding 04 - 31.03.2008 960,984 HSN Finance 03 - 18.02.2008 240,246 Italease Finance 03 - 14.12.2012 480,492 Kommunalkredit 99 - 14.09.2007 240,246 LB Baden-Wuerttemberg 04 12.02.2009 240,246 PMI Uno Finance 04 - 20.07.2012 480,492 Popular Finance Europe 03 10.11.2008 379,619 SAECURE 2000-I A2 - 25.11.2007 113,886 Santander Issuances 04 - 30.09.2019 49,350 Sumitomo Mitsui Banking 04 27.10.2014 720,738 Unicredito Italiano 03 - 23.10.2008 189,810 Unicredito Italy Capital Trust 00 29.10.2049

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICES OSTATNÍ AKTIVA MINUS ZÁVAZKY CISTÁ AKTIVA CELKEM Model Fund 3 31-10-2004

150,956 39,725 273,705 278,170 130,348 60,926 163,859 419,631

0.09 0.02 0.16 0.16 0.08 0.04 0.10 0.25

144,512 85,414 202,754 152,637

0.08 0.05 0.12 0.09

13,254,574

7.75

92,371,545

54.03

480,486

0.28

240,616

0.14

240,258

0.14

240,630 40,397 127,201

0.14 0.02 0.08

600,318 360,369 240,137 530,444 721,387

0.35 0.21 0.14 0.31 0.42

240,366

0.14

240,311

0.14

119,919 961,787 240,246 480,738

0.07 0.56 0.14 0.28

240,036 240,726

0.14 0.14

479,845 409,027 114,628

0.28 0.24 0.07

50,427 720,197

0.03 0.42

230,343

0.13

9,071,139

5.29

9,071,139 167,692,656 3,352,301 171,044,957

5.29 98.04 1.96 100.00

119

Prehled investic



tržní hodnota

x EUR

%

AKCIE Austrálie 24,738.9300 134,069.0400 139,655.2500 88,581.3300 39,901.5000 93,802.0423 79,803.0000 21,546.8100 36,270.4635 72,748.4148

Rakousko 1,460.5436 1,589.7502 752.2471 1,981.8465

Belgie 4,233.5009 498.7688

Kanada 23,501.9835 8,578.8225

Dánsko 4,323.2333 3,490.4102

Finsko 1,155.3311 10,887.7438 71,727.6181 8,847.0930 6,783.2550

Francie 6,751.8240 51,167.6567 1,197.0450 2,881.4095 1,155.1276 1,007.6082





Danske Bank TDC


Atos Origin AXA Bail Investissement BNP Paribas Carrefour Supermarche CNPAssurances

70,310 123,600 106,609 193,498 49,438 114,569 94,190 57,316 125,447 640,776

0.04 0.07 0.06 0.11 0.03 0.07 0.06 0.03 0.07 0.38

1,575,753

0.92

84,726 81,936 141,603 90,451

0.05 0.05 0.08 0.05

398,716

0.23

121,925 16,654

0.07 0.01

138,579

0.08

266,289 229,100

0.16 0.13

495,389

0.29

94,694 101,232

0.06 0.06

195,926

0.12

43,556 130,653 867,187 71,927 48,093

0.03 0.08 0.51 0.04 0.03

1,161,416

0.69

330,907 863,198 33,637 153,723 39,656 53,756

0.19 0.51 0.02 0.09 0.02 0.03

120

43,528.5690 2,055.7079 24,348.7653 1,396.5525 1,476.3555 2,376.7915 17,343.7479 1,216.7805 1,565.7401 418.9658 7,084.0282 2,114.7795 2,728.8032 1,239.9767 3,378.2954

Nemecko 2,238.8354 13,588.0458 2,253.4856 30,172.2135 57,812.4930 1,858.3372 3,078.4007 1,654.0483 8,861.7690 9,536.9514

Recko 5,970.9739 3,418.9904

Hong Kong 15,960.6000 46,285.7400 113,719.2750 37,507.4100 98,556.7050 42,295.5900 127,684.8000 68,630.5800 69,428.6100 47,083.7700

Irsko 34,723.0088 4,573.3041

Itálie 3,990.1500 79,803.0000 35,869.0650 43,211.4021 6,799.1171 111,405.0960 42,436.7460 23,051.6828

Crédit Agricole European Aeronautic Defence and Space France Telecom Gecina Klepierre Peugeot Renault Sanofi-Aventis Société GénéraleParis Société Immobiliere de Location pour l’Industrie et le Commerce Total Unibail Veolia Environnement Vinci Vivendi Universal






999,851 45,945 546,386 94,686 88,286 114,490 1,137,750 69,722 113,829 26,143 1,154,697 217,822 64,809 115,752 72,329

0.59 0.03 0.32 0.06 0.05 0.07 0.67 0.04 0.07 0.02 0.68 0.13 0.04 0.07 0.04

6,337,374

3.74

49,725 450,444 72,968 462,238 868,344 79,481 33,555 68,676 1,183,312 556,481

0.03 0.26 0.04 0.27 0.51 0.05 0.02 0.04 0.70 0.33

3,825,224

2.25

72,488 54,635

0.04 0.03

127,123

0.07

25,632 59,606 132,662 136,759 159,608 64,079 87,696 499,093 22,265 121,743

0.02 0.04 0.08 0.08 0.09 0.04 0.05 0.29 0.01 0.07

1,309,143

0.77

64,238 60,779

0.04 0.04

125,017

0.08

13,886 54,426 254,312 769,163 81,861 514,692 82,752 97,048

0.01 0.03 0.15 0.45 0.05 0.30 0.05 0.06

1,868,140

1.10

121

Japonsko 17,934.5325 68,400.2640 16,359.6150 3,194.5575 2,055.0975 2,441.7000 6,962.8185 8.7783 4.3892 52,293.0750 11,598.0750 10, 784.1750 10,377.2250 6,511.2000 101,349.8100 74,216.7900 80,177.9100 18, 989.5050 8.3793 84,553.6092 320.7116 16,481.4750 4,679.9250 105.4973 27,133.0200 10,549.7250 1,241.1975 15,162.5700 28,729.0800 5,290.3500 4,985.1375 6,999.5400

Malajsie 24,738.9300

Nizozemí 5,153.0044 6,291.0401 69,206.1960 1,995.0750 853.1707 1,396.5525 68,871.7973 23,684.8034 1,795.5675 3,602.5249 399.0150 598.5225 1,077.3405

Nový Zéland 15,960.6000

Norsko 1,641.0259 61,610.3940 7,548.7190

Canon Dai Nippon Printing Daibiru Eisai Fuji Photo Film Honda Motor Hoya Japan Real Estate Investment Japan Retail Fund Investment Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Kirin Brewery Matsushita Electric Industrial Mitsubishi Estate Mitsui Fudosan NEC NEC Electronics Nippon Building Fund Nissan Motor NTTDocomo Oji Paper Sekisui House Sumitomo Mitsui Financial Sumitomo Realty & Development T&D Holdings TDK TOC Tokyo Tatemono Toppan Printing Toyko Electric Power Toyota Motor


ABN AMRO Aegon ASML Corio DSM Eurocommercial Properties ING Philips Electronics Rodamco Europe Royal Dutch Petroleum Vastned Offices/Industria VastNed Retail Wereldhave



694,400 734,756 86,354 72,132 55,076 92,551 560,831 55,109 27,522 65,039 60,705 74,408 73,137 74,089 839,597 618,120 349,020 728,218 55,334 748,028 443,991 73,819 37,903 538,119 234,014 365,515 67,630 95,077 125,485 40,105 88,574 214,012

0.41 0.43 0.05 0.04 0.03 0.05 0.33 0.03 0.02 0.04 0.04 0.04 0.04 0.04 0.49 0.36 0.21 0.43 0.03 0.44 0.26 0.04 0.02 0.32 0.14 0.22 0.04 0.06 0.07 0.02 0.05 0.13

8,388,670

4.92

8,189

0.00

8,189

0.00

96,619 53,977 773,033 78,147 36,396 36,534 1,429,090 439,353 95,704 153,432 l 8,699 28,597 75,414

0.06 0.03 0.45 0.05 0.02 0.02 0.84 0.26 0.06 0.09 0.01 0.02 0.04

3,304,995

1.95

9,356

0.01

9,356

0.01

94,659 699,029 47,118

0.06 0.41 0.03

840,806

0.50

122

Filipíny 247,389.3000

Singapu r 81,399.0600 59,852.2500 3,591.1350 119,704.5000


Španelsko 5,388.2215 4,967.2317 3,566.7951 8,592.3423 2,474.6630

Švédsko 2,417.0795 1,795.5675 798.0300 1,197.0450 14,212.3218 7,100.2601 11,109.3281 1,396.5525

Švýcarsko 19,833.4830 4,936.3035 5,976.4352 39,827.2893 1,117.2420 9,916.7415 12,237.6810 18,518.7194

Spojené Království 418.9658 8,180.5089 8,871.3065 63,999.9165 98,956.4205 7,848.8447 26,334.9900 79,755.9210 23,727.2198 11,571.4350 3,192.1200 34,256.2782 4,389.1650 64,690.9137 5,426.6040 14,763.5550 21,211.4549 195,404.9639

SM Prime Holdings


Samsung Electronics



Adecco CS Nestlé Novartis P SP Swiss Property Roche Holding Schweizerische Rueckversicherung UBS

Ashtenne Aviva B.A.A. Barclays BG British American Tobacco British Land British Sky Broadcasting British Telecommunications Brixton Derwent Valley Diageo Freeport GlaxoSmithkline Great Portland Estates Hammerson HSBC Kingfisher

25,894

0.02

25,894

0.02

71,090 51,142 7,561 51,425

0.04 0.03 0.00 0.03

181,218

0.10

61,168

0.04

61,168

0.04

85,727 85,238 96,981 145,984 34,324

0.05 0.05 0.06 0.09 0.02

448,254

0.27

73,462 40,483 11,554 30,627 96,208 92,597 94,848 18,907

0.04 0.02 0.01 0.02 0.06 0.05 0.06 0.01

458,686

0.27

748,148 132,265 1,107,648 1,488,011 35,163 794,218 588,540 1,045,709

0.44 0.08 0.65 0.88 0.02 0.47 0.35 0.62

5,939,702

3.51

2,263 64,221 73,286 490,444 506,023 92,708 282,610 584,187 63,485 50,129 43,659 359,474 21,338 1,068,821 23,646 155,881 268,723 850,747

0.00 0.04 0.04 0.29 0.30 0.05 0.17 0.34 0.04 0.03 0.03 0.21 0.01 0.63 0.01 0.09 0.16 0.50

123

23,541.8850 10,972.9125 20,466.4665 3,990.1500 4,253.4999 5,985.2250 3,329.4614 5,033.3611 31,649.1750 12,956.4741 1,995.0750 19,950.7500 23,012.8190 1,072,320.3992 478.8180

Spojené Státy 1,271.1083 50,216.6910 2,462.4545 1,531.1494 2,351.3571 3,830.5440 3,974.0702 19,483.9817 2,489.7201 5,586.2100 1,564.1123 1,920.1936 22,787.4060 2,870.2184 13,686.2145 4,069.9530 73,232.8850 2,847.8361 18,145.5270 5,729.8560 12,659.6700 11,267.1063 1,465.8339 3,797.9010 4,748.2785 3,140.0262 3,427.9433 12,406.4766 14,178.8304 7,556.5461 1,263.7832 4,129.8053 3,251.9723 37,219.4298 5,506.4070 7,295.5961 57,390.5040 2,001.9905 49,313.0289 31,690.9781 1,828.4264 2,717.6121 5,825.6190 33,126.1365 5,660.6745 35,447.0760 8,419.2165 2,748.5403 9,356.9018 15,613.5930 5,923.1573

Land Securities Liberty International Man Minerva Pillar Property Quintain Estate & Development Reckitt Benckiser RMC Royal Bank of Scotland Scottish Power Shaftesbury Slough Estates Tesco Vodafone Workspace

Abbott Laboratories Accenture Adobe Systems Air Products and Chemicals Albertsons Alexandria Real Estate Equities Allstate Altria Aluminium Company of America AMB Property American Express American International Amgen Anadarko Petroleum Archstone-Smith Trust Avalonbay Communities Bank of America Bank of New York Barr Pharmaceuticals Bellsouth Best Buy Biomet Black & Decker BorgWarner Boston Properties Brunswick Burlington Northern Santa Fe Capital One Financial Carnival Catellus Development Caterpillar CBL & Associates Properties Cedar Shopping Centers Cendant CenterPoint Properties Chevron Texaco Cisco Systems CIT Citigroup Coca Cola Computer Sciences Constellation Energy Corporate Office Properties Trust CVS Del Monte Foods Dell Developers Divers Realty Dow Chemicals Duke Realty Ecolab Edison International

404,557 136,089 385,316 16,208 40,744 39,551 71,651 61,664 731,704 82,071 8,039 130,543 95,137 2,154,751 13,760

0.24 0.08 0.23 0.01 0.02 0.02 0.04 0.04 0.43 0.05 0.00 0.08 0.06 1.27 0.01

9,373,430

5.52

42,599 955,750 108,465 64,013 42,164 198,900 150,242 742,272 63,611 164,684 65,256 91,645 1,017,524 152,194 360,975 209,476 2,578,628 72,672 537,077 120,135 589,376 413,471 92,511 138,476 222,924 115,822 112,672 719,401 563,572 171,325 80,018 212,816 34,590 602,459 200,425 304,319 866,700 63,584 1,720,096 1,012,989 71,396 86,782 125,577 1,131,780 47,527 976,999 276,662 97,104 250,835 415,492 142,022

0.03 0.56 0.06 0.04 0.02 0.12 0.09 0.43 0.04 0.10 0.04 0.05 0.60 0.09 0.21 0.12 1.52 0.04 0.32 0.07 0.35 0.24 0.05 0.08 0.13 0.07 0.07 0.42 0.33 0.10 0.05 0.13 0.02 0.35 0.12 0.18 0.51 0.04 1.00 0.60 0.04 0.05 0.07 0.67 0.03 0.57 0.16 0.06 0.15 0.24 0.08

124

1,814.9970 6,863.0580 10,873.1588 3,052.4648 3,354.2854 6,503.9445 35,351.2173 1,168.1500 1,379.9675 13,503.6480 2,819.1461 1,355.3470 1,390.7516 3,551.2335 961.6229 1,292.0663 46,605.0995 14,464.2938 3,495.2936 1,462.3748 10,380.9294 18,989.5050 25,319.3400 9,596.3108 8,927.4656 54,985.1667 21,692.6069 3,121.5100 14,010.0348 12,062.6084 1,268.0562 6,763.3043 10,738.0734 4,269.4605 14,474.2227 8,977.8375 4,915.5491 34,766.1904 2,137.3014 32,704.1475 4,737.1015 13,588.0458 4,195.6545 35,700.2694 7,740.8910 1,746.4259 1,962.1094 4,693.7613 1,752.9371 2,862.4863 13,854.3988 12,997.2612 90,727.6350 1,860.9824 4,030.0515 3,335.7692 66,419.2244 1,457.2880 19,411.4940 8,558.8718 19,411.4940 5,087.4413 3,391.6275 5,678.1734 9,297.0495 2,793.1050 10,414.2915 699.3436 39,627.1174 12,474.3769

Electronic Arts Equity Office Properties Trust Equity Residential Properties Trust Essex Property Trust Exelon Extra Space Storage Exxon Mobil Fannie Mae Federated Department Stores First Data First Energy Fortune Brands Freddie Mac Gables Residential Trust Gannett General Dynamics General Electric General Growth Properties Georgia-P acific Goldman Sachs Guidant H&R Block Hartford Financial Services Health Care Property Investors Hewlett Packard Home Depot Ingersoll-Rand Johnson & Johnson Johnson Controls JP Morgan Chase Kimberley Clark Kimco Realty Lehman Brothers Liberty Property Trust Lincoln National Maguire Properties Marathon Oil Masco MBNA Medtronic Merck Merrill Lynch Metlife Microsoft Mills Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Omnicom Oracle Paccar Pan Pacific Retail Properties Penney (J.C.) Pfizer PNC Financial Services Procter & Gamble ProLogis Prudential Financial Public Storage Regency Centers SBC Communication Simon Property SL Green Realty Sunstone Hotel Investors SunTrust Banks Tyco International United Technologies

64,094 151,717 285,071 188,278 104,476 70,867 1,367,879 64,421 54,731 438,220 91,598 77,589 72,816 101,900 62,708 103,728 1,250,098 375,129 95,046 113,101 543,679 709,849 1,164,022 209,952 130,961 1,775,733 1,167,141 143,262 631,647 366,041 59,483 290,038 693,483 136,102 498,392 184,563 147,269 936,367 43,064 1,314,045 116,600 576,195 126,493 784,993 337,438 58,693 78,806 143,798 60,772 95,031 608,075 806,177 902,973 101,400 179,478 90,709 1,511,625 59,917 781,018 262,277 709,142 208,972 130,276 112,757 426,250 120,373 137,953 38,694 970,403 910,253

0.04 0.09 0.17 0.11 0.06 0.04 0.80 0.04 0.03 0.26 0.05 0.05 0.04 0.06 0.04 0.06 0.74 0.22 0.06 0.07 0.32 0.42 0.68 0.12 0.08 1.04 0.69 0.08 0.37 0.22 0.03 0.17 0.41 0.08 0.29 0.11 0.09 0.55 0.03 0.77 0.07 0.34 0.07 0.46 0.20 0.03 0.05 0.08 0.04 0.06 0.36 0.47 0.53 0.06 0.11 0.05 0.88 0.04 0.46 0.15 0.42 0.12 0.08 0.07 0.25 0.07 0.08 0.02 0.57 0.54

125

14,474.2227 4,596.9072 26,332.1136 4,887.9338 4,005.6089 5,932.1102 31,726.0666 512.5535 4,579.0014 1,190.5322 1,338.4586 20,804.0577 27,471.4839

UnitedHealth Group Valero Energy Viacom Vornado Realty Trust Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s International Weyerhaeuser Wyeth Yum ! Brands

AKCIE CELKEM OBLIGACE Vládní DEM 192,338 4,547,660 6,568,842 930,808 1,728,643 1,170,158 53,189 NLG 961,688 1,462,698 1,728,643 2,138,198 275,253 3,989,175 2,473,289 93,081 1,888,210 797,835 1,813,745 3,537,069 1,941,399 1,329,725 1,249,942

Financní instituce 172,864 NLG 28,129 NLG 19,114 79,784 159,567 172,864 146,270 180,317 46,540 93,081 NLG 420,739 82,443 31,913 172,864 360,633 NLG 228,401 93,081 199,459 39,892 359,026 39,892 265,945 DEM 265,945 106,378

6.000% Austria 96 - 01.02.2006 5.875% Austria 96 - 15.07.2006 4.250% Belgium 03 - 28.09.2013 6.250% Belgium 96 - 28.03.2007 5.750% Belgium 97 - 28.03.2008 4.750% Belgium 99 - 28.09.2005 6.250% Croatia 02 - 11.02.2009 6.000% European Investment Bank 96 - 24.01.2006 5.750% France 00 - 25.10.2032 5.500% France 96 - 25.10.2007 4.750% Germany 03 - 04.07.2034 6.000% Germany 96 - 05.01.2006 6.000% Germany 97 - 04.07.2007 4.250% Italy 04 - 01.08.2014 6.000% Korea Development Bank 00 - 13.04.2005 4.000% Netherlands 02 - 15.07.2005 7.500% Netherlands 93 - 15.01.2023 5.250% Netherlands 98 - 15.07.2008 3.750% Netherlands 99 - 15.07.2009 5.400% Spain 01 - 30.07.2011 6.000% Spain 98 - 31.01.2029 4.750% Spain 99 - 30.07.2014

7.125% Abbey National 00 - 28.09.2049 8.250% ABN AMRO Bank 85 - 01.06.2005 9.500% ABN AMRO Bank 90 - 15.04.2005 3.250% ABN AMRO Bouwfonds Nederland 03 - 03.06.2008 4.750% Aegon Funding II 01 - 28.02.2005 6.125% Allianz Finance 02 - 31.05.2022 4.450% Australia & New Zealand Banking 03 - 05.02.2015 5.125% Australian & New Zealand Banking 01 - 07.03.2006 6.988% Banca Intesa Capital Trust 01 - 12.07.2049 5.125% Banco Santander Central Hispano Issuances 99 - 06.07.2007 6.375% Bank Nederlandse Gemeenten 96 - 04.01.2006 7.400% Bank of Ireland 01 - 07.03.2011 6.250% Banque Cent de Tunisie 03 - 20.02.2013 4.875% Barclays Bank 03 - 31.03.2013 5.625% Bayerische Landesbank 00 - 06.07.2005 6.500% Bayerische Landesbank 95 - 28.12.2005 5.500% BBVA Capital Funding 01 - 04.07.2011 6.342% BNP Paribas (PERP. 49) 02 - 24.01.2012 5.500% CIT 01 - 16.05.2005 4.750% Citigroup 04 - 10.02.2019 4.375% Coca-Cola HBC Finance 04 - 15.07.2011 6.500% Cortp. Andina de Fomento 00 - 16.11.2005 5.250% Countrywide Home Loan 98 - 15.12.2005 6.625% Credit Suisse GP Finance 00 - 05.10.2010

823,826 155,286 755,373 258,224 154,961 117,613 965,475 39,351 214,977 31,232 65,911 648,474 939,449

0.48 0.09 0.44 0.15 0.09 0.07 0.57 0.02 0.13 0.02 0.04 0.38 0.55

52,494,257

30.85

99,092,425

58.30

102,618 4,806,649 6,765,907 1,009,507 1,889,147 1,196,311 58,644 454,693 1,733,662 1,865,119 2,204,054 286,924 4,330,050 2,525,104 94,541 1,911,529 1,106,557 1,960,930 3,630,624 2,156,603 1,613,289 1,335,562

0.06 2.83 3.98 0.59 1.11 0.70 0.03 0.27 1.02 1.10 1.30 0.17 2.55 1.49 0.06 1.12 0.65 1.15 2.14 1.27 0.95 0.79

43,038,024

25.33

201,880 13,162 8,943 80,326 160,796 192,726 151,865 186,564 53,826 99,601 199,419 97,769 35,022 182,346 368,513 108,479 97,269 226,446 40,546 370,820 40,638 276,663 139,898 122,478

0.12 0.01 0.01 0.05 0.09 0.11 0.09 0.11 0.03 0.06 0.12 0.06 0.02 0.11 0.22 0.06 0.06 0.13 0.02 0.22 0.02 0.16 0.08 0.07

126

DEM NLG DEM

DEM DEM

NLG NLG NLG NLG NLG

Ruzné NLG

NLG DEM

66,486 50,530 93,081 106,378 531,890 531,890 212,756 186,162 93,081 420,739 45,211 79,784 199,459 48,084 66,486 341,629 172,864 425,512 146,270 228,401 10,819 156,274 180,317 180,317 81,984 113,027 93,081 53,189 39,892 172,864 93,081 332,431 360,633 168,295 228,401 156,274 119,675 151,105 468,823 6 240,422 265,945 53,189 39,892 79,784 73,135 199,459 159,567 93,081 53,189

212,756 93,081 53,189 79,784 93,081 53,189 106,378 106,378 159,567 531,890 265,945 47,870 33,243 93,081 83,773 212,756 79,784

5.750% Danske Bank 01 - 26.03.2011 5.125% Danske Bank 02 - 12.11.2012 5.375% Deutsche Bank Finance 02 - 27.03.2012 6.875% Euroclear Finance (PERP) 00 - 04.10.2007 5.250% European Credit Card Office 98 - 18.06.2008 5.250% European Mortgage Securities 98 - 13.05.2008 6.500% Fortis Bank (PERP. 49) 01 - 26.09.2011 6.250% Goldman Sachs 97 - 17.07.2009 4.125% Goldman Sachs 03 - 06.02.2008 2.388% GOLDN 1 A 00 - 15.10.2012 6.250% Hannover Finance 01 - 14.03.2031 4.375% Holcim Finance Luxembourg 03 - 23.06.2010 5.875% Household Finance 01 - 31.03.2008 5.625% HSH N Finance 00 - 16.11.2005 6.375% Imperial Tobacco Finance 99 - 27.09.2006 2.346% IMT 2004-1EA2 04 - 07.05.2036 6.500% ING Bank 00 - 15.06.2010 6.250% ING Verzekeringen 01 - 21.06.2021 6.000% International Lease Finance 02 - 24.10.2007 3.500% KFW-Kredit Wiederaufbau 02 - 15.11.2005 4.500% KFW-Kredit Wiederaufbau 99 - 03.08.2006 6.750% LB Baden Wuerttemberg 95 - 22.06.2005 5.500% LB Baden Wuerttemberg 97 - 10.11.2004 4.625% L-Bank 98 - 29.07.2005 5.375% L-Bank BW Foerderbank 00 - 25.10.2005 5.625% Lloyds TSB (PERP.49) 99 - 15.07.2009 5.125% Merrill Lynch 98 - 09.03.2005 5.250% Merrill Lynch 98 - 18.08.2008 6.125% Michelin Finance Luxembourg 02 - 16.04.2009 5.750% Morgan Stanley Dean Witter 02 - 01.04.2009 4.125% National Rural Utilities 99 - 24.02.2006 6.625% National Westminster Bank 99 - 05.10.2049 6.000% Neder Waterschapsbank 94 - 10.01.2005 7.500% Neder Waterschapsbank 95 - 18.04.2005 6.625% Neder Waterschapsbank 95 - 17.01.2005 6.250% Neder Waterschapsbank 96 - 09.01.2006 5.125% New York Life Funding 01 - 18.05.2006 5.250% Rabobank Ireland 00 - 10.03.2005 .125% Rabobank Nederland 96 - 15.02.2006 4.500% Rabobank Nederland 98 - 09.09.2005 6.467% RBS Capital Trust A 02 - 30.06.2012 4.875% Sabadell International Capital 02 - 05.12.2012 4.750% Saint-Gobain Neder 99 - 09.07.2009 8.126% Sanpaolo Imi Capital 00 - 10.11.2010 5.625% Skandinaviska Enskilda 02 - 06.06.2012 4.050% SLMA Student Loan 03 - 17.09.2010 5.500% Svenska Handelsbanken 01 - 07.03.2011 7.068% Union Bank of Norway 02 - 19.11.2012 5.375% Volkswagen Finance Service 02 - 25.01.2012

7.000% Akzo Nobel 95 - 20.10.2005 5.500% Alcan 01 - 02.05.2006 5.875% Allied Domecq Finance 02 - 12.06.2009 4.250% Altadis Finance 03 - 02.10.2008 3.625% Anglo American Capital 03 - 05.06.2008 3.500% Auchan 03 - 22.07.2008 5.000% Autostrade 04 - 09.06.2014 5.000% Aventis 01 - 18.04.2006 6.750% Axa 00 - 15.12.2020 6.125% Batavia Credit Card 97 - 15.12.2006 5.875% Batavia Credit Card 97 - 16.03.2009 6.000% Bayer 02 - 10.04.2012 6.625% Bes Finance 02 - 08.05.2049 6.125% British Telecom 01 - 15.02.2006 4.500% CARGILL 04 - 29.09.2014 5.750% CGNU 01 - 14.11.2021 7.047% Cl Capital Trust 1 02 - 29.04.2049

71,895 53,983 98,456 117,585 287,670 259,052 241,912 106,091 96,055 422,001 49,899 82,013 216,891 49,657 70,755 342,346 197,480 477,254 157,993 230,913 11,174 82,615 92,259 183,256 84,378 122,600 94,007 56,973 44,019 189,641 94,593 376,163 164,758 78,139 105,238 74,002 124,091 152,684 222,231 244,832 302,858 55,822 41,986 97,547 77,984 202,860 165,662 109,882 56,319

0.04 0.03 0.06 0.07 0.16 0.15 0.14 0.06 0.06 0.25 0.03 0.05 0.13 0.03 0.04 0.20 0.12 0.28 0.09 0.14 0.01 0.05 0.05 0.11 0.05 0.07 0.06 0.03 0.03 0.11 0.06 0.22 0.10 0.05 0.06 0.04 0.07 0.09 0.13 0.14 0.18 0.03 0.02 0.06 0.05 0.12 0.10 0.06 0.03

10,794,469

6.34

100,551 96,832 58,261 82,448 94,244 53,750 110,750 110,107 183,917 257,412 149,825 53,492 37,886 97,427 83,907 232,957 94,043

0.06 0.06 0.03 0.05 0.06 0.03 0.07 0.06 0.11 0.15 0.09 0.03 0.02 0.06 0.05 0.14 0.06

127

87,116 40,509 68,241 233,223 129,319 21,111 146,210 13,689 104,860 57,372 116,928 74,900 396,157 28,019 49,122 281,210 221,173 58,120 43,139 197,973 682,138 283,113 142,744 32,852 88,238 57,436 42,196 105,865 97,158 179,170 87,897 208,307 201,371 22,180 44,561 55,098 28,118 96,874 160,560 56,247 136,270 84,614 83,024 92,848 315,600 73,409 105,753 27,830 191,746 194,874 91,316 42,682 114,793 293,976 101,239 59,838 142,041 106,931 9,197,107

0.05 0.02 0.04 0.14 0.08 0.01 0.09 0.01 0.06 0.03 0.07 0.04 0.23 0.02 0.03 0.17 0.13 0.03 0.03 0.12 0.40 0.17 0.08 0.02 0.05 0.03 0.02 0.06 0.06 0.11 0.05 0.12 0.12 0.01 0.03 0.03 0.02 0.06 0.09 0.03 0.08 0.05 0.05 0.05 0.19 0.04 0.06 0.02 0.11 0.11 0.05 0.03 0.07 0.17 0.06 0.04 0.08 0.06 5.41

OBLIGACE CELKEM

63,029,600

37.08

OBLIGACE S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 240,422 ABN AMRO Bank 04 - 23.01.2008 120,211 ABN AMRO Bouwfonds Netherland 02 - 06.02.2007 120,211 Australia & New Zealand Banking 03 - 23.06.2006 240,422 Banco Credit Local Espan 04 - 30.09.2005 120,211 Bank Austria 01 - 20.11.2006 26,595 BCP Finance 04 - 29.06.2049

240,419 120,396 120,217 240,326 120,403 28,308

0.14 0.07 0.07 0.14 0.07 0.02

NLG

79,784 35,903 66,486 186,162 99,729 19,946 132,973 13,297 99,729 53,189 117,016 71,805 292,540 26,595 47,870 265,945 216,380 53,189 39,892 186,162 611,674 265,945 138,291 31,913 86,166 53,189 39,892 93,081 93,081 159,567 79,784 159,567 186,162 19,946 39,892 53,189 26,595 93,081 146,270 53,189 132,973 79,784 74,465 93,081 263,286 69,146 101,059 26,595 186,162 186,162 79,784 39,892 106,378 265,945 93,081 53,189 292,540 98,400

6.000% Compass 03 - 29.05.2009 6.875% Continental 01 - 05.12.2008 6.250% Danaher 00 - 26.07.2005 8.125% Deutsche Telekom 02 - 29.05.2012 7.500% Deutsche Telekom 03 - 24.01.2033 5.875% Deutsche Telekom 01 - 11.07.2006 5.750% E.On 02 - 29.05.2009 4.750% Elia System 04 - 13.05.2014 5.125% ENBW Finance 02 - 28.02.2007 6.000% Etab Econ Casino Guichard 01 - 06.03.2008 4.375% EWE 04 - 14.10.2014 5.750% Ford Motor Credit 03 - 12.01.2009 8.125% France Telecom 03 - 28.01.2033 5.750% Gallaher 01 - 02.10.2006 4.625% Gallaher 04 - 10.06.2011 5.125% General Electric Capital 02 - 20.06.2007 5.250% General Electric Capital 00 - 16.08.2005 7.250% General Motors 03 - 03.07.2013 8.375% General Motors 03 - 05.07.2033 5.063% Generali Finance 99 - 28.05.2019 6.050% HBOS 01 - 23.11.2049 5.875% Hutchison Whampoa 03 - 08.07.2013 5.500% Hutchison Whampoa 99 - 16.03.2006 4.625% Klepierre 04 - 15.07.2011 4.500% Koninklijke KPN 04 -21.07.2011 5.750% Koninklijke Philips Electronic 01 - 16.05.2008 6.625% Liz Claiborne 01 - 07.08.2006 6.750% Munich Re Finance 03 - 21.06.2023 5.250% NGG Finance 01 - 23.08.2006 6.125% NGG Finance 01 - 23.08.2011 6.625% North West Water Finance 00 - 08.11.2007 7.750% Olivetti Finance 03 - 24.01.2033 5.500% Pacific Life Funding 02 - 14.05.2009 7.750% Pemex Project Funding Master 00 - 02.08.2007 6.375% Petronas Capital 02 - 22.05.2009 5.000% Pinault-Printemps-Redoute 03 - 23.01.2009 6.125% Polo Ralph Lauren 99 - 22.11.2006 5.750% Portugal Telecom International Finance 01 - 21.02.2020 5.750% Prudential 01 - 19.12.2021 6.250% Public and Broad Finance 99 - 01.11.2006 4.625% RWE Fin ance 04 - 23.07.2014 5.375% SCA Coordination Centre 02 - 25.06.2007 6.375% SL Finance 02 - 12.07.2022 3.250% SLM 03 - 25.07.2008 8.160% Stand Chartered Cap Trust 00 - 23.03.2049 6.125% Swedish Match 99 - 01.10.2006 5.500% Syngenta Lux Finance 01 - 10.07.2006 5.875% Tele Danmark 01 - 24.04.2006 5.375% Telecom Italia 04 - 29.01.2019 5.125% Telefonica Europe 01 - 30.10.2006 6.375% Telstra 01 - 29.06.2011 5.250% Tesco 02 - 07.05.2008 6.500% TPSA Eurofinance 00 - 13.03.2007 5.650% Travel Insurance 02 - 21.06.2012 5.875% Veolia Environnement 98 - 27.06.2008 6.750% VNU 01 - 29.10.2008 6.250% Wolters Kluwer 97 - 11.06.2007 6.000% WPP 01 - 18.06.2008

128

63,666 300,528 180,317 120,211 264,464 360,633 120,211 120,211 60,106 480,844 120,211 240,422 120,211 120,211 240,422 265,945 79,784 34,573 360,633 132,973

Berica MBS 02 A1 - 25.02.2032 Caisse Cent Jardn Quebec 03 - 19.12.2008 Credico Finance 04 - 20.11.2025 Danske Bank 04 - 18.08.2006 Euroclear Finance 00 - 04.10.2010 F-E Green 04 - 30.10.2018 General Electric Capital 01 - 08.01.2007 General Electric Capital Euro Funding 03 - 05.12.2006 General Electric Capital Euro Funding 04 - 31.03.2008 HSN Finance 03 - 18.02.2008 Italease Finance 03 - 14.12.2012 Kommunalkredit 99 - 14.09.2007 LB Baden-Wuerttemberg 04 - 12.02.2009 PMI Uno Finance 04 - 20.07.2012 Popular Finance Europe 03 - 10.11.2008 SAECURE 2000-I A2 - 25.11.2007 Santander Issuances 04 - 30.09.2019 80,286 Sumitomo Mitsui Banking 04 - 27.10.2014 Unicredito Italiano 03 - 23.10.2008 Unicredito Italy Capital Trust 00 - 29.10.2049

OBLIGACE S P OHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

63,647 300,379 180,317 120,157 265,416 360,958 120,271 120,243 60,003 481,246 120,211 240,545 120,106 120,451 240,098 286,554 0.05 35,309 360,363 161,383

0.04 0.18 0.11 0.07 0.16 0.21 0.07 0.07 0.04 0.28 0.07 0.14 0.07 0.07 0.14 0.17

4,708,012

2.77

4,708,012 166,830,037 3,152,176 169,982,213

2.77 98.15 1.85 100.00

0.02 0.21 0.09

Prehled investic



x 1000 AKCIE Austrálie 7,148.7240 38,741.4720 40,355.7000 25,597.0440 11,530.2000 27,105.6554 23,060.4000 6,226.3080 10,480.9518 21,021.8606

Rakousko 600.4828 653.6043 309.2762 814.8094

Belgie 1,740.5467 144.1275 Kanada 6,791.2878 2,478.9930





tržní hodnota

x EUR 1000

%S

20,317 35,716 30,806 55,915 14,286 33,107 27,218 16,562 36,250 185,163

0.04 0.07 0.06 0.11 0.03 0.07 0.06 0.03 0.07 0.38

455,340

0.92

34,834 33,687 58,218 37,188

0.07 0.07 0.12 0.08

163,927

0.34

50,128 4,812

0.10 0.01

54,940

0.11

76,949 66,202

0.16 0.14

143,151

0.30

129

Dánsko 474.9988 1,777.4390 4,476.3489 2,598.1044 3,637.3629 1,435.0350

Finsko 26,869.4050 1,960.1340

Francie 2,773.6160 21,020.7543 345.9060 1,184.6526 474.9151 414.2645 17,883.0722 845.1766 10,002.3527 403.5570 426.6174 977.1857 7,124.7261 500.2629 643.7329 121.0671 2,910.2837 611.1006 1,121.9106 509.7997 1,388.9406

Nemecko 920.4670 5,581.9022 926.4902 12,394.5965 23,749.0870 764.0302 889.5549 680.0396 3,640.3710 3,917.7326 Recko 2,454.8853 1,405.6718

Hongkong 4,612.0800 13,375.0320 32,861.0700 10,838.3880 28,479.5940 12,222.0120 36,896.6400 19,831.9440 20,062.5480 13,605.6360

Amer Danske Bank Fortum Nokia Rautaruukki TDC

Nokia Sponda

Atos Origin AXA Bail Investissement BNP Paribas Carrefour Supermarche CNPAssurances Crédit Agricole European Aeronautic Defence and Space France Telecom Gecina Klepierre Peugeot Renault Sanofi-Aventis Société Générale Paris Société Immobiliere de Location pour l’Industrie et le Commerce Total Unibail Veolia Environnement Vinci Vivendi Universal




17,907 38,932 53,716 31,411 29,572 41,620

0.04 0.08 0.11 0.06 0.06 0.09

213,158

0.44

324,851 13,897

0.66 0.03

338,748

0.69

135,935 354,620 9,720 63,201 16,304 22,101 410,774 18,890 224,453 27,361 25,512 47,071 467,382 28,665 46,799

0.28 0.72 0.02 0.13 0.03 0.05 0.84 0.04 0.46 0.06 0.05 0.10 0.95 0.06 0.10

7,555 474,377 62,943 26,645 47,590 29,737

0.02 0.97 0.13 0.05 0.10 0.06

2,547,635

5.22

20,444 185,040 30,000 189,885 356,711 32,678 9,696 28,235 486,099 228,600

0.04 0.38 0.06 0.39 0.73 0.07 0.02 0.06 0.99 0.47

1,567,388

3.21

29,802 22,463

0.06 0.05

52,265

0.11

7,407 17,224 38,335 39,519 46,121 18,517 25,341 144,221 6,434 35,180

0.02 0.04 0.08 0.08 0.09 0.04 0.05 0.29 0.01 0.07

378,299

0.77

130

Irsko 14,275.8964 1,880.2523

Itálie 1,153.0200 23,060.4000 14,734.8350 17,754.6905 2,795.3652 45,764.6640 17,447.2954 9,477.3882 Japonsko 7,367.4175 28,100.0890 4,727.3820 1,313.3992 844.9256 1,003.8720 2,860.2915 2.5366 1.2683 21,499.5920 4,768.3920 4,433.7680 4,266.4560 2,676.9920 29,286.7080 21,446.1720 32,936.6900 7,800.7950 2.4213 34,739.9789 131.7468 6,776.1360 1,924.0880 43.3378 7,840.5360 4,333.7750 510.3016 4,381.4760 8,301.7440 2,175.0560 2,049.5720 2,877.7664

Malajsie 7,148.7240 Nizozemí 2,118.5882 2,586.4762 28,429.5640 576.5100 350.7696 403.5570 28,294.6019 9,730.4831 518.8590 1,481.1295 115.3020 172.9530



Canon Dai Nippon Printing Daibiru Eisai Fuji Photo Film Honda Motor Hoya Japan Real Estate Investment Japan Retail Fund Investment Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Kirin Brewery Matsushita Electric Industrial Mitsubishi Estate Mitsui Fudosan NEC NEC Electronics Nippon Building Fund Nissan Motor NTT Docomo Oji Paper Sekisui House Sumitomo Mitsui Financial Sumitomo Realty & Development T&D Holdings TDK TOC Tokyo Tatemono Toppan Printing Toyko Electric Power Toyota Motor


ABN AMRO Aegon ASML Corio DSM Eurocommercial Properties ING Philips Electronics Rodamco Europe Royal Dutch Petroleum Vastned Offices/Industrial VastNed Retail

26,410 24,989

0.05 0.05

51,399

0.10

4,013 15,727 104,470 316,034 33,656 211,433 34,022 39,900

0.01 0.03 0.21 0.65 0.07 0.43 0.07 0.08

759,255

1.55

285,256 301,852 24,953 29,656 22,644 38,051 230,387 15,925 7,953 26,740 24,958 30,592 30,069 30,461 242,616 178,616 143,376 299,148 15,990 307,337 182,389 30,350 15,583 221,057 67,622 150,152 27,805 27,474 36,261 16,489 36,416 87,988

0.59 0.63 0.05 0.06 0.05 0.08 0.47 0.03 0.02 0.05 0.05 0.06 0.06 0.06 0.50 0.36 0.29 0.61 0.03 0.63 0.37 0.06 0.03 0.45 0.14 0.31 0.06 0.06 0.07 0.03 0.07 0.18

3,186,166

6.51

2,366

0.00

2,366

0.00

39,724 22,192 317,558 22,582 14,964 10,557 587,113 180,500 27,655 63,081 2,514 8,264

0.08 0.05 0.65 0.05 0.03 0.02 1.20 0.37 0.06 0.13 0.01 0.02

131

311.3154 Nový Zéland 4,612.0800 Norsko 674.6856 25,309.2460 3,103.5539

Philippines 71,487.2400

Singapur 23,521.6080 17,295.3000 1,037.7180 34,590.6000


Španelsko 2,215.2945 2,042.2103 1,030.6846 3,532.6256 1,017.4243

Švédsko 993.7496 518.8590 230.6040 345.9060 5,843.2043 2,919.1761 4,567.4503 403.5570 Švýcarsko 8,147.4970 2,029.4946 2,455.2576 16,361.7588 322.8456 4,073.7485 5,027.1790 7,608.0015

Spojené království 121.0671 3,363.3058 3,647.3179 26,297.4292 40,650.8095 3,226.9465 7,609.9320 32,763.3390 9,755.1262 3,343.7580 922.4160

Wereldhave



SM Prime Holdings

Capitaland Limited Keppel Land Singapore Land Wing Tai

Samsung Electronics




Ashtenne Aviva B.A.A. Barclays BG British American Tobacco British Land British Sky Broadcasting British Telecommunications Brixton Derwent Valley

21,792

0.04

1,318,496

2.71

2,704

0.01

2,704

0.01

38,918 287,157 19,372

0.08 0.59 0.04

345,447

0.71

7,483

0.02

7,483

0.02

20,543 14,778 2,185 14,860

0.04 0.03 0.00 0.03

52,366

0.10

25,149

0.05

25,149

0.05

35,245 35,044 28,024 60,019 14,112

0.07 0.07 0.06 0.12 0.03

172,444

0.35

30,203 11,698 3,339 8,850 39,555 38,070 38,995 5,464

0.06 0.02 0.01 0.02 0.08 0.08 0.08 0.01

176,174

0.36

307,336 54,379 455,047 611,302 10,161 326,261 241,769 429,607

0.63 0.11 0.93 1.25 0.02 0.67 0.49 0.88

2,435,862

4.98

654 26,403 30,130 201,523 207,872 38,116 81,665 239,981 26,101 14,486 12,616

0.00 0.05 0.06 0.41 0.42 0.08 0.17 0.50 0.05 0.03 0.03

132

14,074.6411 1,268.3220 26,574.7083 1,568.1072 4,266.1740 8,720.8034 80,275.0057 6,802.8180 3,170.8050 8,407.5235 1,153.0200 1,229.1193 1,729.5300 1,368.8631 2,069.3985 13,001.3250 5,326.8795 576.5100 5,765.1000 9,461.4099 440,521.3812 138.3624

Spojené státy 522.5990 20,628.7690 1,012.4049 629.5114 966.7287 1,106.8992 1,633.8853 8,005.9655 1,023.6148 1,614.2280 643.0637 789.4617 9,360.9540 1,180.0515 3,954.8586 1,176.0804 30,087.3449 1,170.8494 7,454.0930 2,355.7530 5,200.5300 4,628.4717 602.6578 1,560.1590 1,372.0938 1,290.9794 1,409.3526 5,096.5194 5,824.5936 2,183.5893 519.5874 1,193.3757 939.7113 15,289.5582 1,591.1676 2,999.4859 23,575.7360 823.0914 20,261.8511 13,019.2322 751.7328 1,117.3095 1,683.4092 13,608.0535 2,327.3099

Diageo Freeport GlaxoSmithklin e Great Portland Estates Hammerson HSBC Kingfisher Land Securities Liberty International Man Minerva Pillar Property Quintain Estate & Development Reckitt Benckiser RMC Royal Bank of Scotland Scottish Power Shaftesbury Slough Estates Tesco Vodafone Workspace

Abbott Laboratories Accenture Adobe Systems Air Products and Chemicals Albertsons Alexandria Real Estate Equities Allstate Altria Aluminium Company of America AMB Property American Express American International Amgen Anadarko Petroleum Archstone-Smith Trust Avalonbay Communities Bank of America Bank of New York Barr Pharmaceuticals Bellsouth Best Buy Biomet Black & Decker BorgWarner Boston Properties Brunswick Burlington Northern Santa Fe Capital One Financial Carnival Catellus Development Caterpillar CBL & Associates Properties Cedar Shopping Centers Cendant CenterPoint Properties Chevron Texaco Cisco Systems CIT Citigroup Coca Cola Computer Sciences Constellation Energy Corporate Office Properties Trust CVS Del Monte Foods

147,695 6,166 439,066 6,833 45,044 110,482 349,498 116,904 39,325 158,286 4,684 11,774 11,429 29,458 25,352 300,581 33,742 2,323 37,722 39,114 885,196 3,976

0.30 0.01 0.90 0.01 0.09 0.23 0.71 0.24 0.08 0.32 0.01 0.02 0.02 0.06 0.05 0.61 0.07 0.00 0.08 0.08 1.81 0.01

3,684,197

7.51

17,514 392,618 44,594 26,318 17,335 57,475 61,770 304,999 26,153 47,588 26,829 37,678 417,994 62,573 104,310 60,531 1,059 ,416 29,878 220,628 49,392 242,113 169,852 38,035 56,885 64,418 47,619 46,324 295,526 231,512 49,507 32,898 61,497 9,995 247,487 57,916 125,117 356,036 26,142 706,757 416,154 29,353 35,679 36,288 464,930 19,540

0.04 0.80 0.09 0.05 0.04 0.12 0.13 0.62 0.05 0.10 0.05 0.08 0.85 0.13 0.21 0.12 2.16 0.06 0.45 0.10 0.49 0.35 0.08 0.12 0.13 0.10 0.09 0.60 0.47 0.10 0.07 0.13 0.02 0.51 0.12 0.26 0.73 0.05 1.44 0.85 0.06 0.07 0.07 0.95 0.04

133

14,561.4840 2,432.8722 1,130.0252 2,703.8319 6,413.9870 2,435.2262 746.2115 1,983.1944 3,141.9795 882.0603 1,379.0692 1,879.4226 14,523.5138 480.2691 567.3550 5,547.2320 1,159.0539 557.2326 571.7888 1,026.1878 395.3583 531.2156 19,152.7009 4,179.6975 1,437.0428 601.2357 4,264.4346 7,800.7950 10,401.0600 2,773.0131 3,670.4070 22,587.6353 8,911.6346 1,283.3667 5,755.2532 4,959.3786 521.3442 1,954.3689 4,411.6297 1,233.7314 5,945.9393 2,594.2950 2,020.9616 14,282.6997 878.7226 13,434.7025 1,947.5953 5,581.9022 1,724.9867 14,665.4946 2,236.8588 718.0194 806.6948 1,929.7766 720.6964 1,176.8726 5,692.7352 5,339.2108 37,270.4650 765.1178 1,164.5502 1,371.4565 27,286.2021 599.1443 7,974.1460 2,473.2279 7,974.1460 1,470.1005 980.0670 2,334.5043

Dell Developers Divers Realty Dow Chemicals Duke Realty Ecolab Edison International Electronic Arts Equity Office Properties Trust Equity Residential Properties Trust Essex Property Trust Exelon Extra Space Storage Exxon Mobil Fannie Mae Federated Department Stores First Data First Energy Fortune Brands Freddie Mac Gables Residential Trust Gannett General Dynamics General Electric General Growth Properties Georgia-Pacific Goldman Sachs Guidant H&R Block Hartford Financial Services Health Care Property Investors Hewlett Packard Home Depot Ingersoll-Rand Johnson & Johnson Johnson Controls JP Morgan Chase Kimberley Clark Kimco Realty Lehman Brothers Liberty Property Trust Lincoln National Maguire Properties Marathon Oil Masco MBNA Medtronic Merck Merrill Lynch Metlife Microsoft Mills Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Omnicom Oracle Paccar Pan Pacific Retail Properties Penney (J.C.) Pfizer PNC Financial Services Procter & Gamble ProLogis Prudential Financial Public Storage Regency Centers SBC Communication

401,346 79,946 39,923 72,483 170,682 58,390 26,351 43,841 82,376 54,406 42,954 20,478 561,972 26,486 22,502 180,019 37,659 31,900 29,937 29,446 25,782 42,646 513,737 108,400 39,077 46,500 223,341 291,602 478,175 60,669 53,843 729,462 479,478 58,900 259,477 150,493 24,456 83,811 284,910 39,329 204,737 53,333 60,548 384,680 17,705 539,803 47,938 236,698 52,006 322,471 97,508 24,131 32,400 59,121 24,986 39,071 249,856 331,174 370,937 41,689 51,863 37,294 621,002 24,634 320,838 75,789 291,312 60,386 37,645 46,359

0.82 0.16 0.08 0.15 0.35 0.12 0.05 0.09 0.17 0.11 0.09 0.04 1.15 0.05 0.05 0.37 0.08 0.07 0.06 0.06 0.05 0.09 1.05 0.22 0.08 0.09 0.46 0.60 0.98 0.12 0.11 1.49 0.98 0.12 0.53 0.31 0.05 0.17 0.58 0.08 0.42 0.11 0.12 0.79 0.04 1.10 0.10 0.48 0.11 0.66 0.20 0.05 0.07 0.12 0.05 0.08 0.51 0.68 0.76 0.09 0.11 0.08 1.27 0.05 0.66 0.15 0.60 0.12 0.08 0.09

134

2,686.5366 807.1140 3,009.3822 287.5257 16,280.4838 5,124.9256 5,945.9393 1,889.9564 10,817.1024 1,412.4495 1,646.8520 2,438.9070 13,034.3788 210.7295 1,882.5946 489.4713 550.2892 8,546.2043 11,285.1501

Simon Property SL Green Realty Sunstone Hotel Investors SunTrust Banks Tyco International United Technologies Unit edHealth Valero Energy Viacom Vornado Realty Trust Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s International Weyerhaeuser Wyeth Yum ! Brands

123,172 34,784 39,864 15,908 398,683 373,965 338,424 63,844 310,303 74,618 63,710 48,355 396,657 16,179 88,385 12,841 27,098 266,390 385,921

0.25 0.07 0.08 0.03 0.81 0.76 0.69 0.13 0.63 0.15 0.13 0.10 0.80 0.03 0.18 0.03 0.06 0.54 0.79

20,777,373

42.44

AKCIE CELKEM

38,911,732

79.51

UZAVRENÉ PODÍLOVÉ FONDY Spojené království 565,770.7440 F&C Emerging Markets Investment Trust 473,305.8825 JPMorgan Fleming Emerging Markets Investment Trust

582,700

1.19

1,087,429

2.22

1,670,128

3.41

1,670,128

3.41

597,991 841,741 125,592 235,027 148,832 7,296 215,684 232,038 274,205 35,696 538,698 314,146

1.22 1.72 0.26 0.48 0.30 0.01 0.44 0.47 0.56 0.07 1.11 0.64

11,762 237,812 137,666 243,958 451,683 268,301 200,708 166,156

0.03 0.49 0.28 0.50 0.92 0.55 0.41 0.34

5,284,992

10.80

25,116

0.05

9,993 20,004 23,977

0.02 0.04 0.05

18,893

0.04

6,696

0.01

UZAVRENÉ PODÍLOVÉ FONDY CELKEM Statement of investments OBLIGACE Státní DEM 565,771.0000 5.875% Austria 96 - 15.07.2006 817,224.0000 4.250% Belgium 03 - 28.09.2013 115,801.0000 6.250% Belgium 96 - 28.03.2007 215,059.0000 5.750% Belgium 97 - 28.03.2008 145,578.0000 4.750% Belgium 99 - 28.09.2005 6,617.0000 6.250% Croatia 02 - 11.02.2009 181,973.0000 5.750% France 00 - 25.10.2032 215,059.0000 5.500% France 96 - 25.10.2007 266,011.0000 4.750% Germany 03 - 04.07.2034 34,244.0000 6.000% Germany 96 - 05.01.2006 496,290.0000 6.000% Germany 97 - 04.07.2007 307,700.0000 4.250% Italy 04 - 01.08.2014 11,580.0000 6.000% Korea Development Bank 00 13.04.2005 234,911.0000 4.000% Netherlands 02 - 15.07.2005 99,258.0000 7.500% Netherlands 93 - 15.01.2023 225,647.0000 5.250% Netherlands 98 - 15.07.2008 440,044.0000 3.750% Netherlands 99 - 15.07.2009 241,528.0000 5.400% Spain 01 - 30.07.2011 165,430.0000 6.000% Spain 98 - 31.01.2029 155,504.0000 4.750% Spain 99 - 30.07.2014

Financní instituce 21,506.0000 9,926.0000

7.125% 3.250%

19,852.0000 21,506.0000 18,197.0000

4.750% 6.125% 4.450%

5,790.0000

6.988%

11,580.0000

5.125%

Abbey National 00 - 28.09.2049 ABN AMRO Bouwfonds Nederland 03 - 03.06.2008 Aegon Funding II 01 - 28.02.2005 Allianz Finance 02 - 31.05.2022 Australia & New Zealand Banking 03 - 05.02.2015 Banca Intesa Capital Trust 01 12.07.2049 Banco Santander Central Hispano

135

10,257.0000 3,970.0000 21,506.0000 11,580.0000 24,815.0000

7.400% 6.250% 4.875% 5.500% 6.342%

4,963.0000 44,666.0000 4,963.0000

5.500% 4.750% 4.375%

33,086.0000

6.500%

DEM 33,086.0000

5.250%

13,234.0000

6.625%

8,272.0000 6,286.0000 11,580.0000

5.750% 5.125% 5.375%

13,234.0000

6.875%

DEM 66,172.0000

5.250%

NLG 66,172.0000

5.250%

26,469.0000 DEM 23,160.0000 11,580.0000 5,625.0000 9,926.0000

6.500% 6.250% 4.125% 6.250% 4.375%

24,815.0000 8,272.0000

5.875% 6.375%

21,506.0000 52,938.0000 18,197.0000

6.500% 6.250% 6.000%

14,062.0000 11,580.0000 6,617.0000 4,963.0000

5.625% 5.125% 5.250% 6.125%

21,506.0000

5.750%

11,580.0000 41,358.0000

4.125% 6.625%

14,889.0000 33,086.0000 6,617.0000

5.125% 6.467% 4.875%

4,963.0000 9,926.0000 9,099.0000 24,815.0000 19,852.0000 11,580.0000 6,617.0000

4.750% 8.126% 5.625% 4.050% 5.500% 7.068% 5.375%

Ruzné NLG 26,469.0000 11,580.0000 6,617.0000 9,926.0000 11,580.0000

7.000% 5.500% 5.875% 4.250% 3.625%

Issuances 99 - 06.07.2009 Bank of Ireland 01 - 07.03.2011 Banque Cent de Tunisie 03 - 20.02.2013 Barclays Bank 03 - 31.03.2013 BBVACapital Funding 01 - 04.07.2011 BNP Paribas (PERP. 49) 02 - 24.01.2012 CIT 01 - 16.05.2005 Citigroup 04 - 10.02.2019 Coca-Cola HBC Finance 04 15.07.2011 Cortp. Andina de Fomento 00 16.11.2005 Countrywide Home Loan 98 15.12.2005 Credit Suisse GP Finance 00 05.10.2010 Danske Bank 01 - 26.03.2011 Danske Bank 02 - 12.11.2012 Deutsche Bank Finance 02 27.03.2012 Euroclear Finance (PERP) 00 04.10.2007 European Credit Card Office 98 18.06.2008 European Mortgage Securities 98 13.05.2008 Fortis Bank (PERP. 49) 01 - 26.09.2011 Goldman Sachs 97 - 17.07.2009 Goldman Sachs 03 - 06.02.2008 Hannover Finance 01 - 14.03.2031 Holcim Finance Luxembourg 03 23.06.2010 Household Finance 01 - 31.03.2008 Imperial Tobacco Finance 99 27.09.2006 ING Bank 00 - 15.06.2010 ING Verzekeringen 01 - 21.06.2021 International Lease Finance 02 24.10.2007 Lloyds TSB (PERP.49) 99 - 15.07.2009 Merrill Lynch 98 - 09.03.2005 Merrill Lynch 98 - 18.08.2008 Michelin Finance Luxembourg 02 16.04.2009 Morgan Stanley Dean Witter 02 01.04.2009 National Rural Utilities 99 - 24.02.2006 National Westminster Bank 99 05.10.2049 New York Life Funding 01 - 18.05.2006 RBS Capital Trust A 02 - 30.06.2012 Sabadell International Capital 02 05.12.2012 Saint-Gobain Neder 99 - 09.07.2009 Sanpaolo Imi Capital 00 - 10.11.2010 Skandinaviska Enskilda 02 - 06.06.2012 SLMA Student Loan 03 - 17.09.2010 Svenska Handelsbanken 01 - 07.03.2011 Union Bank of Norway 02 - 19.11.2012 Volkswagen Finance Service 02 25.01.2012

Akzo Nobel 95 - 20.10.2005 Alcan 01 - 02.05.2006 Allied Domecq Finance 02 - 12.06.2009 Altadis Finance 03 - 02.10.2008 Anglo American Capital 03 - 05.06.2008

12,391 12,163 4,357 22,686 12,101

0.03 0.02 0.01 0.05 0.02

28,172 5,044 46,133

0.06 0.01 0.09

5,056

0.01

34,419

0.07

17,405

0.04

15,237 8,944 6,716

0.03 0.02 0.01

12,249

0.03

14,629

0.03

35,789

0.07

32,228 30,096 13,199 11,950 6,208

0.07 0.06 0.03 0.02 0.01

10,203 26,983

0.02 0.06

8,803 24,568 59,375

0.02 0.05 0.12

19,656 15,253 11,695 7,088

0.04 0.03 0.02 0.01

5,476

0.01

23,593 11,768

0.05 0.02

46,798 15,438 37,678

0.10 0.03 0.08

6,945 5,223 12,136 9,702 25,238 20,610 13,670

0.01 0.01 0.02 0.02 0.05 0.04 0.03

7,007

0.01

916,757

1.85

12,509 12,047 7,248 10,257 11,725

0.03 0.02 0.01 0.02 0.02

136

6,617.0000 13,234.0000 13,234.0000 19,852.0000 NLG 66,172.0000 DEM 33,086.0000 5,955.0000 4,136.0000 11,580.0000 10,422.0000 26,469.0000 9,926.0000 9,926.0000 4,467.0000 8,272.0000 23,160.0000 12,407.0000 2,481.0000 16,543.0000 1,654.0000 12,407.0000 6,617.0000

3.500% 5.000% 5.000% 6.750% 6.125% 5.875% 6.000% 6.625% 6.125% 4.500% 5.750% 7.047% 6.000% 6.875% 6.250% 8.125% 7.500% 5.875% 5.750% 4.750% 5.125% 6.000%

14,558.0000 8,933.0000 36,395.0000 3,309.0000 5,955.0000 33,086.0000

4.375% 5.750% 8.125% 5.750% 4.625% 5.125%

6,617.0000 4,963.0000 23,160.0000 76,098.0000 33,086.0000

7.250% 8.375% 5.063% 6.050% 5.875%

17,205.0000

5.500%

3,970.0000 10,720.0000 6,617.0000

4.625% 4.500% 5.750%

4,963.0000 11,580.0000 11,580.0000 19,852.0000 9,926.0000

6.625% 6.750% 5.250% 6.125% 6.625%

19,852.0000 23,160.0000

7.750% 5.500%

2,481.0000

7.750%

4,963.0000 6,617.0000

6.375% 5.000%

3,309.0000 11,580.0000

6.125% 5.750%

18,197.0000 6,617.0000

5.750% 6.250%

16,543.0000 9,926.0000

4.625% 5.375%

9,264.0000 11,580.0000 32,755.0000

6.375% 3.250% 8.160%

8,602.0000

6.125%

Auchan 03 - 22.07.2008 Autostrade 04 - 09.06.2014 Aventis 01 - 18.04.2006 Axa 00 - 15.12.2020 Batavia Credit Card 97 - 15.12.2006 Batavia Credit Card 97 - 16.03.2009 Bayer 02 - 10.04.2012 Bes Finance 02 - 08.05.2049 British Telecom 01 - 15.02.2006 CARGILL 04 - 29.09.2014 CGNU 01 - 14.11.2021 Cl Capital Trust 1 02 - 29.04.2049 Compass 03 - 29.05.2009 Continental 01 - 05.12.2008 Danaher 00 - 26.07.2005 Deutsche Telekom 02 - 29.05.2012 Deutsche Telekom 03 - 24.01.2033 Deutsche Telekom 01 - 11.07.2006 E.On 02 - 29.05.2009 Elia System 04 - 13.05.2014 ENBW Finance 02 - 28.02.2007 Etab Econ Casino Guichard 01 06.03.2008 EWE 04 - 14.10.2014 Ford Motor Credit 03 - 12.01.2009 France Telecom 03 - 28.01.2033 Gallaher 01 - 02.10.2006 Gallaher 04 - 10.06.2011 General Electric Capital 02 20.06.2007 General Motors 03 - 03.07.2013 General Motors 03 - 05.07.2033 Generali Finance 99 - 28.05.2019 HBOS 01 - 23.11.2049 Hutchison Whampoa 03 08.07.2013 Hutchison Whampoa 99 16.03.2006 Klepierre 04 - 15.07.2011 Koninklijke KPN 04 - 21.07.2011 Koninklijke Philips Electronic 01 16.05.2008 Liz Claiborne 01 - 07.08.2006 Munich Re Finance 03 - 21.06.2023 NGG Finance 01 - 23.08.2006 NGG Finance 01 - 23.08.2011 North West Water Finance 00 08.11.2007 Olivetti Finance 03 - 24.01.2033 Pacific Life Funding 02 14.05.2009 Pemex Project Funding Master 00 02.08.2007 Petronas Capital 02 - 22.05.2009 Pinault-Printemps-Redoute 03 23.01.2009 Polo Ralph Lauren 99 - 22.11.2006 Portugal Telecom International Finance 01 - 21.02.2006 Prudential 01 - 19.12.2021 Public and Broad Finance 99 01.11.2006 RWE Finance 04 - 23.07.2014 SCA Coordination Centre 02 25.06.2007 SL Finance 02 - 12.07.2022 SLM 03 - 25.07.2008 Stand Chartered Cap Trust 00 23.03.2049 Swedish Match 99 - 01.10.2006

6,687 13,778 13,698 22,881 32,049 18,665 6,655 4,713 12,121 10,439 28,982 11,700 10,838 5,040 8,490 29,015 16,088 2,626 18,190 1,703 13,046

0.01 0.03 0.03 0.05 0.07 0.04 0.01 0.01 0.02 0.02 0.06 0.02 0.02 0.01 0.02 0.06 0.03 0.01 0.04 0.00 0.03

7,138 14,547 9,318 49,286 3,486 6,111

0.01 0.03 0.02 0.10 0.01 0.01

35,010 7,231 5,367 24,630 84,889

0.07 0.01 0.01 0.05 0.17

35,234

0.07

17,759 4,087 10,978

0.04 0.01 0.02

7,146 5,250 13,171 12,087 22,290

0.01 0.01 0.03 0.02 0.05

10,935 25,915

0.02 0.05

25,052

0.05

2,759 5,544

0.01 0.01

6,855 3,498

0.01 0.01

12,052 19,975

0.02 0.04

6,998 16,953

0.01 0.03

10,527 10,329 11,551

0.02 0.02 0.02

39,264 9,133

0.08 0.02

137

12,573.0000 3,309.0000 23,160.0000 23,160.0000 9,926.0000 4,963.0000 13,234.0000 33,086.0000 11,580.0000 6,617.0000 NLG 36,395.0000 12,242.0000

5.500% 5.875% 5.375% 5.125% 6.375% 5.250% 6.500% 5.650% 5.875% 6.750% 6.250% 6.000%

Syngenta Lux Finance 01 - 10.07.2006 Tele Danmark 01 - 24.04.2006 Telecom Italia 04 - 29.01.2019 Telefonica Europe 01 - 30.10.2006 Telstra 01 - 29.06.2011 Tesco 02 - 07.05.2008 TPSA Eurofinance 00 - 13.03.2007 Travel Insurance 02 - 21.06.2012 Veolia Environnement 98 - 27.06.2008 VNU 01 - 29.10.2008 Wolters Kluwer 97 - 11.06.2007 WPP 01 - 18.06.2008

OBLIGACE CELKEM SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU Financní instituce 3,309.0000 BCP Finance 04 - 29.06.2049 4,301.0000 Sumitomo Mitsui Banking 04 27.10.2014 9,926.0000 Santander Issuances 04 30.09.2019 16, 543.0000 Unicredito Italy Capital Trust 00 29.10.2049 33,086.0000 SAECURE 2000-I A2 - 25.11.2007

SMENKY S POHYBLIVOU ÚROKOVOU SAZBOU CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CISTÁ AKTIVA CELKEM

13,157 3,462 23,855 24,244 11,361 5,310 14,281 36,573 12,595 7,444 17,696 13,303

0.03 0.01 0.05 0.05 0.02 0.01 0.03 0.08 0.04 0.02 0.04 0.03

1,116,826

2.27

7,318,575

14.92

3,519

0.01

4,393

0.01

9,988

0.02

20,075 35,647

0.04 0.07

73,622

0.15

73,622 47,974,057 985,841 48,959,898

0.15 97.99 2.01 100.00

Prehled investic


Fund 6 31-10-2004 AKCIE Rakousko 291.1612 316.9187 149.9614 395.0836

Belgie 843.9538

Dánsko 861.8421 695.8177 Finsko 230.3167 2,170.4856



Belgacom

Danske Bank TDC

Amer Fortum

tržní hodnota

x EUR

% Model

16,890 16,334 28,229 18,032

0.09 0.09 0.16 0.10

79,485

0.44

24,306

0.14

24,306

0.14

18,877 20,181

0.11 0.11

39,058

0.22

8,683 26,046

0.05 0.15

138

14,298.2101 1,763.6792

Francie 1,345.9040 10,199.7725 574.4126 230.2762 200.8680 8,677.0166 409.8080 4,853.6663 473.8164 3,457.2909 242.5667 312.1323 1,412.1324 543.9904 247.1909 673.4675

Nemecko 446.3147 2,708.6318 449.2352 6,014.5085 11,524.3030 370.4619 329.7366 1,766.4990 1,901.0894

Recko 1,190.3212 681.5801

Irsko 6,922.0760 911.6940 Itálie 7,150.1150 8,613.8596 1,355.4126 22,207.4160 8,459.8193 4,595.3823

Japonsko 3,575.0575 13,634.9180 636.8391 409.6863 486.7560 1,387.9635 10,424.6910 2,312.0910 2,149.8390 2,068.7130 1,298.0160 15,982.6100 3,785.3550 16,855.0610 63.9304

Nokia Rautaruukki

Atos Origin AXA BNP Paribas Carrefour Supermarche CNP Assurances Crédit Agricole European Aeronautic Defence and Space France Telecom Peugeot Renault Sanofi-Aventis Société Générale Paris Total Veolia Environnement Vinci Vivendi Universal

Bayer BMW DaimlerChrysler Deutsche Post Deutsche Telekom Fresenius Medical Care RWE SAP Siemens



Enel ENI Italcementi Telecom Italia Mobile Telecom Italia Unicredito Italiano

Canon Dai Nippon Printing Eisai Fuji Photo Film Honda Motor Hoya Kawasaki Heavy Industries Kawasaki Kisen Kaisha Kikkoman Kirin Brewery Matsushita Electric Industrial NEC NEC Electronics Nissan Motor NTT Docomo

172,866 14,339

0.98 0.08

221,934

1.26

65,963 172,070 30,645 7,905 10,716 199,311 9,159 108,916 22,824 226,798 13,899 22,692 230,178 12,920 23,075 14,419

0.37 0.97 0.17 0.04 0.06 1.12 0.05 0.61 0.13 1.28 0.08 0.13 1.29 0.07 0.13 0.08

1,171,490

6.58

9,913 89,791 14,546 92,142 173,095 15,845 13,691 235,881 110,929

0.06 0.50 0.08 0.52 0.97 0.09 0.08 1.33 0.62

755,833

4.25

14,451 10,892

0.08 0.06

25,343

0.14

12,806 12,116

0.07 0.07

24,922

0.14

50,694 153,327 16,319 102,598 16,497 19,347

0.28 0.86 0.09 0.58 0.09 0.11

358,782

2.01

138,421 146,467 14,380 10,979 18,450 111,796 12,966 12,102 14,833 14,580 14,770 69,573 145,162 149,114 88,505

0.78 0.82 0.08 0.06 0.10 0.63 0.07 0.07 0.08 0.08 0.08 0.39 0.82 0.84 0.50

139

3,285.6030 932.9490 21.0298 2,102.9750 247.4343 1,054.6380 993.7935 1,395.3672

Nizozemí 1,027.2580 1,254.1268 13,795.5160 170.0807 13,728.9415 4,721.3435 718.1679

Norsko 327.1406 12,281.3740 1,504.8467 Jižní Korea 79.1384

Španelsko 809.1005 745.8842 1,290.2343 371.5977 Švédsko 481.8479 2,833.2444 1,415.4459 2,214.6587

Švýcarsko 3,953.5930 984.0584 1,191.3444 7,939.1764 1,976.7965 2,439.4510 3,691.5300

Spojené království 253.3971 1,630.7949 1,768.5062 12,757.9302 19,725.9055 1,564.6772 15,898.4910 4,730.0514 6,828.7048 12,895.4427 4,228.5305 38,952.0189 4,079.7715 663.7324 1,003.4069

Oji Paper Sekisui House Sumitomo Mitsui Financial T&D Holdings TDK Toppan Printing Toyko Electric Power Toyota Motor

ABN AMRO Aegon ASML DSM ING Philips Electronics Royal Dut ch Petroleum


Samsung Electronics

Endesa Iberdrola Repsol Sociedad General de Aguas de Barcelona

AB Nordea Bank Skandinaviska Enskilda Banken Skanska

Adecco CS Nestlé Novartis Roche Schweizerische Rueckversicherung UBS

Abbott Laboratories Aviva B.A.A. Barclays BG British American Tobacco British Sky Broadcasting Group British Telecommunications Diageo GlaxoSmithkline HSBC Kingfisher Man Reckitt Benckiser RMC

14,716 7,556 107,268 72,861 13,482 7,995 17,657 42,664

0.08 0.04 0.60 0.41 0.08 0.04 0.10 0.24

1,246,297

6.99

19,261 10,760 154,096 7,256 284,875 87,581 30,587

0.11 0.06 0.87 0.04 1.60 0.49 0.17

594,416

3.34

18,870 139,344 9,393

0.11 0.78 0.05

167,607

0.94

12,194

0.07

12,194

0.07

17,090 16,992 29,102 6,842

0.10 0.10 0.15 0.04

70,026

0.39

14,645 19,179 18,459 18,908

0.08 0.11 0.10 0.11

71,191

0.40

149,135 26,367 220,798 296,620 158,319 117,319 208,452

0.84 0.15 1.24 1.67 0.89 0.66 1.17

1,177,010

6.62

8,492 12,802 14,610 97,767 100,870 18,481 116,452 12,656 71,659 213,058 53,570 169,587 76,809 14,284 12,293

0.05 0.07 0.08 0.55 0.57 0.10 0.65 0.07 0.40 1.20 0.30 0.95 0.43 0.08 0.07

140

6,308.9250 2,582.8896 139.4150 4,587.6347 213,756.2293 Spojené státy 10,010.1610 490.8934 305.2366 468.7460 792.2360 3,883.9951 496.3289 311.8078 382.7930 4,542.4260 572.1817 14,598.3208 567.7197 3,617.1170 1,142.2541 2,523.5700 2,245.9773 292.2159 757.0710 625.9682 683.3649 2,473.0986 2,826.3984 251.9368 7,419.2958 1,454.3864 11,440.1840 399.0994 9,830.1762 6,317.2837 364.4991 541.7594 6,603.3415 1,128.4627 7,065.9960 547.9250 3,112.4030 1,180.7889 361.8220 668.6811 7,046.9369 232.8722 275.0983 2,691.8080 562.0004 270.1901 277.2481 191.7007 257.5751 9,290.4933 696.7912 291.5263 2,069.3274 3,785.3550 5,047.1400 1,779.7016 10,960.7057 4,324.2041 622.2770 2,792.7508 2,404.6963 252.7886

Royal Bank of Scotland Scottish Power SunTrust Banks Tesco Vodafone

Accenture Adobe Systems Air Products and Chemicals Albertsons Allstate Altria Aluminium Company of America American Express American International Amgen Anadarko Petroleum Bank of America Bank of New York Barr Pharmaceuticals Bellsouth Best Buy Biomet Black & Decker BorgWarner Brunswick Burlington Northern Santa Fe Capital One Financial Carnival Caterpillar Cendant Chevron Texaco Cisco Systems CIT Citigroup Coca Cola Computer Sciences Constellation Energy CVS Del Monte Foods Dell Dow Chemicals Ecolab Edison International Electronic Arts Exelon Exxon Mobil Fannie Mae Federated Department Stores First Data First Energy Fortune Brands Freddie Mac Gannett General Dynamics General Electric Georgia-Pacific Goldman Sachs Guidant H&R Block Hartford Financial Services Hewlett Packard Home Depot Ingersoll-Rand Johnson & Johnson Johnson Controls JP Morgan Chase Kimberley Clark

145,857 16,361 7,714 18,966 429,528

0.82 0.09 0.04 0.11 2.41

1,611,816

9.04

190,519 21,623 12,761 8,406 29,951 147,966 12,681 13,009 18,269 202,833 30,340 514,026 14,487 107,060 23,949 117,486 82,421 18,442 27,604 23,089 22,461 143,405 112,342 15,952 120,094 60,666 172,767 12,675 342,888 201,929 14,233 17,300 225,608 9,475 194,754 19,358 82,824 28,312 12,777 20,827 272,674 12,842 10,911 87,355 18,260 15,468 14,516 12,501 20,678 249,201 18,948 22,547 108,377 141,501 232,035 26,107 353,973 232,658 28,559 125,912 72,971 11,858

1.07 0.12 0.07 0.05 0.17 0.83 0.07 0.07 0.10 1.14 0.17 2.89 0.08 0.60 0.13 0.66 0.46 0.10 0.16 0.13 0.13 0.81 0.63 0.09 0.68 0.34 0.97 0.07 1.93 1.14 0.08 0.10 1.27 0.05 1.09 0.11 0.47 0.16 0.07 0.12 1.53 0.07 0.06 0.49 0.10 0.09 0.08 0.07 0.12 1.40 0.11 0.13 0.61 0.80 1.30 0.15 1.99 1.31 0.16 0.71 0.41 0.07

141

2,140.5371 2,885.2817 979.9210 6,930.3009 426.0738 6,519.2225 944.3472 2,708.6318 836.4091 7,116.4674 348.1522 391.1490 935.7073 349.4502 570.6403 2,761.7760 2,590.8652 18,085.5850 370.9892 664.9898 13,240.0159 290.5122 3,869.4740 3,869.4740 1,131.9511 7,899.3077 2,486.6518 2,885.2817 916.3993 5,249.0256 798.5232 1,182.5737 6,324.3039 102.1782 912.8298 237.3341 266.8234 4,147.0667 5,476.1469

Lehman Brothers Lincoln National Marathon Oil Masco MBNA Medtronic Merck Merrill Lynch Metlife Microsoft Monsanto Morgan Stanley National City North Fork Bancorporation Nucor Occidental Petroleum Omnicom Oracle Paccar Penney (J.C.) Pfizer PNC Financial Services Procter & Gamble Prudential Financial SBC Communication Tyco International United Technologies UnitedHealth Valero Energy Viacom Wachovia Walt Disney Washington Mutual Wellpoint Health Networks Wells Fargo Wendy’s International Weyerhaeuser Wyeth Yum ! Brands

AKCIE CELKEM of investments – UZAVRENÉ PODÍLOVÉ FONDY Spojené království 207,029.2560 F&C Emerging Markets Investment Trust 173,194.1175 JPMorgan Fleming Emerging Markets Investment Trust

UZAVRENÉ PODÍLOVÉ FONDY CELKEM INVESTICE OSTATNÍ AKTIVA MINUS ZÁVAZKY CELKOVÁ CISTÁ AKTIVA

138,239 99,349 29,358 186,656 8,585 261,941 23,244 114,858 25,217 156,480 11,701 15,710 28,666 12,115 18,945 121,215 160,703 179,998 20,214 18,083 301,328 11,944 155,688 141,360 22,478 193,441 181,441 164,211 30,956 150,565 30,892 23,446 192,449 7,845 42,856 6,226 13,139 129,256 187,263

0.78 0.56 0.17 1.06 0.05 1.47 0.13 0.65 0.14 0.88 0.07 0.09 0.16 0.07 0.11 0.68 0.90 1.01 0.11 0.10 1.70 0.07 0.88 0.79 0.13 1.09 1.02 0.92 0.17 0.85 0.17 0.13 1.09 0.04 0.24 0.04 0.07 0.73 1.05

9,155,482

51.51

16,807,192

94.48

213,224

1.20

397,917

2.24

611,141

3.44

611,141 17,418,333 369,621 17,787,954

3.44 97.92 2.08 100.00

142

VÝKAZ CISTÝCH AKTIV K 31-10-2004 Asian Tigers Equity Fund USD

Behavioural Biotech Fund China Equity Finance Japan Fund Fund JPY EUR USD

Consumer Consumer Eastern Discretionary Staples Fund Europe Fund Equity Fund EUR EUR EUR

123,151,378 0

723,888,900 0

20,049,213 0

222,291,771 11,281,573 0 0

9,774,166 0

370,175,356 0

0

0

0

0

0

0

0

0 0 889,700

243,119 0 0

4,099 0 0

0 0 220,299

20,000 0 578,849

20,000 0 0

0 0 0

30,596 4,835,574 3,006,519 131,913,767

2,897,780 17,040 23,587,797 750,634,636

0 240,790 372,600 20,666,702

130,490 2,744,285 2,498,428 227,885,273

17,062 29,929 98,682 12,026,095

11,447 85,374 104,793 9,995,780

759,005 1,519,466 12,876,512 385,330,339

- Prekrocení úctu v bance - Závazky za nakoupené cenné papíry - Závazky za zpetný odkup akcií - Závazky príštích období a další závazky - Nerealizovaný výsledek z futures kontraktu - Nerealizovaný výsledek z forwardových foreign exchange kontraktu Pasiva celkem

0 2,540,526 94,278 1,275,446

0 0 0 6,521,551

0 0 115,492 208,258

0 929,913 109,606 2,055,650

0 497,035 6,579 50,325

0 0 5,614 43,746

0 0 373,385 3,480,388

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3,910,250

6,521,551

323,750

3,095,169

553,939

49,360

3,853,773

CELKOVÁ CISTÁ AKTIVA

128,003,517

744,113,085

20,342,952

224,790,104 11,472,156

9,946,420

381,476,566

Aktiva - Investice - Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem Pasiva

VÝKAZ CISTÝCH AKTIV 31-10-2004

Euro Equity Fund

Financials Fund

EUR

Europe Equity Europe Europe Dynamic Fund Equity FundEquity Growth Fund EUR EUR EUR

EUR

Germany Global Equity FundEmerging Markets Equity Fund EUR USD

- Investice

97,702,974

4,880,031

277,687,353 8,745,223

25,868,997

197,103,477 1,193,406,022

- Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0 0 0

20,000 0 1,698

0 0 0

2,023 0 70,596

20,000 0 502,048

0 0 0

0 0 4,828,792

14,456

0

230,657

24,384

27,775

0

4,383,233

Aktiva

143

-Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

48,209 4,220,232 101,985,871

2,100 113,310 5,017,139

139,510 22,982 3,118,467 257,362 281,175,987 9,122,570

70,636 331,632 26,821,088

117,084 2,998,264 4,698,755 34,740,371 201,919,316 1,240,356,682


0 0 250,120 852,893

0 0 0 26,223

0 0 905,402 2,568,130

0 0 89,988 206,099

0 617,290 19,237 113,459

0 3,032,191 614,377 1,679,925

0 7,059,895 3,279,348 12,442,551

0

815

0

0

0

0

0

0

0

0

0

0

0

0

1,103,013

27,038

3,473,532

296,087

749,986

5,326,493

22,781,794


100,882,858

4,990,101

277,702,455 8,826,483

26,071,102

196,592,823 1,217,574,888

Pasiva

VÝKAZ CISTÝCH AKTIV 31-10-2004 Global Equity Global Equity Global Fund Value Fund Leader Fund USD EUR EUR

Industrials Information Japan Latin America Fund Tachnology Equity FundEquity Fund Fund EUR USD USD USD

71,715,233 0

41,037,663 0

6,390,063 0

10,449,260 0

66,426,859 0

239,538,373 403,445,328 0 0

0

1,266

0

0

0

0

0

0 0 80,508

0 0 0

20,000 0 0

0 0 275,622

0 0 0

0 0 4,088,357

0 0 1,995,085

84,528 124,976 1,913,617 73,918,862

54,550 979,827 2,922,890 44,996,196

7,041 7,965 115,018 6,520,087

10,905 16,756 97,445 10,869,988

6,253 14,750,033 803,383 81,986,528

925,249 131,545 3,019,629 247,703,153

2,477,823 237,864 8,674,363 416,830,463


0 219,596 52,497 613,477

0 930,168 0 84,498

0 0 27,787 55,837

0 299,040 6,156 47,026

0 0 152,713 603,037

0 953,776 3,683,911 2,006,747

0 678,396 438,769 3,278,806

0

0

0

0

0

0

0

0

555

0

0

0

0

0

885,570

1,015,221

83,624

352,222

755,750

6,644,434

4,395,971


73,033,292

43,980,975

6,436,463

10,517,766

81,230,778

241,058,719 412,434,492

Aktiva - Investice - Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

Pasiva

144

VÝKAZ CISTÝCH AKTIV 31-10-2004 Materials Fund Netherlands Equity Fund

Pharma Fund

Preferred Securities Fund

Resources Fund

EUR

EUR

EUR

EUR

USD

Russia Small Equity Fund Companies Europe Equity Fund EUR EUR

4,089,027 0

39,606,873 0

80,624,336 0

19,603,363 169,840

36,499,475 0

3,900,097 0

31,653,812 0

0

0

0

26,692

0

0

0

20,000 0 87,356

0 0 0

5,412 0 1,782,414

0 111,693 0

0 0 0

20,000 0 0

4,205 0 162,129

4,316 8,475 48,384 4,257,558

35,014 9,826 705,241 40,356,954

47,472 44,573 1,449,707 83,953,914

12,208 2,464,281 16,558,889 38,946,966

6,770 191,480 553,244 37,250,969

13,521 20,260 256,629 4,210,507

27,163 650,619 1,218,505 33,716,433


0 93,826 2,614 17,753

0 0 40,506 359,324

0 1,635,137 147,463 726,572

0 5,719,230 0 15,411

0 0 690,927 240,794

0 74,768 0 35,778

0 509,320 14,282 276,785

0

0

0

0

0

0

0

0

0

0

0

0

0

0

114,193

399,830

2,509,172

5,734,641

931,721

110,546

800,387


4,143,365

39,957,124

81,444,742

33,212,325

36,319,248

4,099,961

32,916,046

US Equity Growth Fund

US Equity Utilities Value Fund Fund

2001 Euro Bond Fund

USD

USD

EUR

EUR

Aktiva - Investice - Nerealizovaný zisk z term ínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

Pasiva

VÝKAZ CISTÝCH AKTIV 31-10-2004 Socially Responsible Equity Fund

Switzerland Equity Fund

EUR

CHF

Telecommu nication Services Fund EUR

4,493,485 0

60,644,036 0

6,394,383 0

272,472,627 4,920,934 0 0

3,253,561 0

7,986,959 0

0

0

0

0

0

0

0

0 0 68,068

0 0 1,118,111

20,000 0 0

0 0 1,349,152

0 0 0

20,000 0 40,045

20,000 223,878 0

9,390

0

22,296

340,132

3,535

13,955

25,800

Aktiva - Investice - Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy

145

-Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

0 68,032 4,638,975

0 15,105,273 76,867,420

10,032 171,620 6,618,331

1,697,521 133,095 28,298,012 127,029 304,157,444 5,184,593

13,443 179,094 3,520,098

342,330 138,363 8,737,330


0 73,061 0 56,034

0 908,035 178,961 654,441

0 0 3,815 28,784

0 3,642,850 13,700,033 2,632,531

0 0 51,429 153,723

0 100,335 1,740 13,716

0 259,821 3,389 0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

129,095

1,741,437

32,599

19,975,414

205,152

115,791

263,210


4,509,880

75,125,983

6,585,732

284,182,030 4,979,441

3,404,307

8,474,120

Pasiva


Asia Bond Fund

Europe Bond Fund

USD

Czech Crown Euro Bond Euro Credit Euro Euro Plus Bond Fund Fund Bond Fund Goverment Fund Bond Fund CZK EUR EUR EUR EUR

14,960,604 0

216,567,305 0

554,036,569 97,588,591 0 0

52,305,652 0

4,889,075 0

325,511,528 0

14,422

0

0

0

0

0

1,555,742

0 232,281 178,728

404,141 3,633,653 9,971,110

0 10,631,015 34,178,972

0 2,260,272 5,535,053

0 834,820 3,438,097

20,000 61,730 0

0 8,261,726 0

1,906 18,118 237,513 15,643,572

0 4,083,363 3,510,794 238,170,366

961,187 0 2,302,372 602,110,115

66,487 167,679 680,242 106,298,324

135,518 2,531,498 97,740 59,343,325

0 0 54,101 5,024,906

0 27,241 77,673,496 413,029,733


0 299,362 2,718 117,897

0 11,340,859 0 1,898,562

0 0 36,733,108 2,920,182

0 167,679 6,200,553 540,729

0 2,531,498 3,585,337 229,844

0 0 905 0

0 0 2,969,682 2,240,246

0

0

0

0

0

4,240

0

0

0

0

0

0

0

175,784

419,977

13,239,421

39,653,290

6,908,961

6,346,679

5,145

5,385,712


15,223,595

224,930,945

562,456,825 99,389,363

52,996,646

5,019,761

407,644,021

EUR

Aktiva - Investice - Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem Pasiva

146


Global Bond Fund

Global Emerging Markets Bond Fund (EUR)

USD

EUR

Global Emerging Markets Bond Fund (USD) USD

Hign Yield High Yield US Bond Bond Fund Bond Fund Fund (Euro) (USD)

2001 Interest Growth Fund (Euro)

EUR

USD

EUR

97,679,925 0

251,392,647 4,960,666

769,989,110 241,593,896 57,889,867 0 6,270,565 0

88,779,873 0

5,991,561 0

37,467

0

0

0

0

0

1,555,742

0 1,485,442 527,810

0 4,869,299 0

1,984 14,914,149 0

2,075 4,597,299 0

0 1,101,588 0

0 659,957 841,986

0 105,066 0

7,333 10,994 14,477,651 114,226,622

40,370 5,556,902 10,865,066 277,684,950

123,649 6,492,250 33,277,745 824,798,887

737,867 4,152,305 21,975,620 279,329,627

176,805 521,222 5,265,664 64,955,146

225,625 1,297,031 906,224 92,710,696

0 485,427 1,129,897 7,731,951


0 2,766,108 1,540,085 534,217

0 8,436,795 0 1,439,497

0 15,313,060 0 4,652,079

0 4,587,387 0 1,427,459

0 625,475 0 223,432

0 858,904 322,627 481,602

0 0 15,517 2,172

0

0

0

0

0

0

0

129,573

0

4,980

0

473,245

0

0

4,969,983

9,876,292

19,970,119

6,014,846

1,322,152

1,663,133

17,689


109,256,639

267,808,658

804,828,768 273,314,781 63,632,994

91,047,563

7,714,262

USD

Aktiva - Investice - Nerealizovaný zisk z termínovaných kontraktu foreign exchange - Nerealizovaný zisk z futures kontraktu - Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

Pasiva


Interest Growth Fund CZK CZK

Interest Growth Fund (Euro) EUR

Interest Model Fund Model Fund Model Fund Model Fund 4 Growth 1 2 3 Fund (USD( USD EUR EUR EUR EUR

226,743,998 791,954

73,318,632 0

51,574,993 0

80,319,480 27

167,648,791 166,830,037 109 184

13,388

0

0

75

303

Aktiva - Investice 465,106,646 - Nerealizovaný zisk z termínovaných 0 kontraktu foreign exchange - Nerealizovaný zisk z futures 0 kontraktu

497

147

- Náklady na založení - Nahromadený úrok - Pohledávky za prodané investicní cenné papíry -Pohledávky za dividendy -Pohledávky za upsané cenné papíry - Hotovost v bankách Aktiva celkem

251,172 4,814,403 0

0 561,584 0

0 163,589 0

1,209 861,177 1,749

2,241 1,081,517 3,538

5,088 1,763,486 8,349

5,132 1,185,816 7,625

0 0 4,869,500 475,041,721

8,755 599,225 10,306,862 239,025,766

7,391 1,037,722 5,589,701 80,117,035

17,362 192,724 515,293 53,164,507

39,362 65,910 969,154 82,481,304

106,643 136,194 2,087,744 171,756,707

127,824 176,482 2,688,945 171,022,542


0 1,100,000 2,370,747 1,100,000

0 351,398 740,084 351,398

0 778,154 281,328 778,154

0 0 74,911 0

0 0 115,056 0

0 0 325,699 0

0 0 327,755 0

0

0

12,488

0

0

0

0

0

0

1,424,999

0

0

0

0

3,470,747

1,091,482

2,496,969

234,203

225,553

755,615

1,040,329


471,570,974

237,934,284

77,620,066

52,930,304

82,255,751

171,001,092 169,982,213

Pasiva


Model Fund 5 Model Fund 6 ABN AMRO Funds Combined EUR EUR USD - Investice 47,974,057 17,418,333 8,340,390,109 - Nerealizovaný zisk z termínovaných 76 38 15,510,483 kontraktu foreign exchange - Nerealizovaný zisk z futures 205 99 2,084,937 kontraktu - Náklady na založení 2,037 912 323,511 - Nahromadený úrok 132,101 0 66,653,542 - Pohledávky za prodané investicní 1,997 0 75,033,919 cenné papíry -Pohledávky za dividendy 43,137 16,248 13,588,483 -Pohledávky za upsané cenné papíry 58,222 26,558 63,977,304 - Hotovost v bankách 1,156,623 511,987 389,206,805 Aktiva celkem 49,368,455 17,974,175 8,966,769,093 - Prekrocení úctu v bance - Závazky za nakoupené cenné papíry - Závazky za zpetný odkup akcií - Závazky príštích období a další závazky - Nerealizovaný výsledek z futures kontraktu - Nerealizovaný výsledek z forwardových foreign exchange kontraktu Pasiva celkem

0 289,422 0 119,135

0 140,425 0 45,796

0 76,394,350 91,836,210 59,590,425

0

0

18,918

0

0

2,257,106

408,557

186,221

230,097,009


48,959,898

17,787,954

8,736,672,084

148

VÝKAZ ZMEN VYDANÝCH AKCIÍ za období 1-5-2004 až 31-10-2004 Pocet akcií. v obehu k 01.05 2004 Asian Tigers Equity Fund ‘A’ Asian Tigers Equity Fund ‘D’ Asian Tigers Equity Fund ‘I’ Behavioural Finance Japan Fund ‘A’ Biotech Fund ‘A’ Biotech Fund ‘D’ China Equity Fund ‘A’ China Equity Fund ‘D’ China Equity Fund ‘I’ Consumer Discretionary Fund ‘A’ Consumer Staples Fund ‘A’ Eastern Europe Equity Fund ‘A’ Eastern Europe Equity Fund ‘D’ Eastern Europe Equity Fund ‘I’ Euro Equity Fund ‘A’ Europe Equity Dynamic Fund ‘A’ Europe Equity Dynamic Fund ‘I’ Europe Equity Fund ‘A’ Europe Equity Fund ‘D’ Europe Equity Fund ‘I’ Europe Equity Growth Fund ‘A’ Europe Equity Growth Fund ‘D’ Financials Fund ‘A’ Germany Equity Fund ‘A’ Germany Equity Fund ‘D’ Global Emerging Markets Equity Fund ‘A’ Global Emerging Markets Equity Fund ‘D’ Global Emerging Markets Equity Fund ‘I’ Global Equity Fund ‘A’ Global Equity Fund ‘D’ Global Equity Value Fund ‘A’ Global Leader Fund ‘A’ Industrials Fund ‘A’ Information Technology Fund ‘A’ Information Technology Fund ‘D’ Japan Equity Fund ‘A’ Japan Equity Fund ‘D’ Latin America Equity Fund ‘A’ Latin America Equity Fund ‘D’ Latin America Equity Fund ‘I’ Materials Fund ‘A’ Netherlands Equity Fund ‘A’ Pharma Fund ‘A’ Pharma Fund ‘D’ Preferred Securities Fund ‘B’ Resources Fund ‘A’ Resources Fund ‘D’ Russia Equity Fund ‘A’ Small Companies Europe Equity Fund ‘A’ Small Companies Europe Equity Fund ‘D’ Small Companies Europe Equity Fund ‘I’ Socially Responsible Equity Fund ‘A’ Switzerland Equity Fund ‘A’ Telecommunication Services Fund ‘A’ US Equity Growth Fund ‘A’ US Equity Growth Fund ‘D’ US Equity Growth Fund ‘I’ US Equity Value Fund ‘A’ US Equity Value Fund ‘D’ Utilities Fund ‘A’ 2001 Euro Bond Fund ‘A’

2,079,530 23,267 0 159,708 1,107,854 30,129 3,082,438 115,932 0 0 0 1,983,959 0 0 3,022,987 0 0 4,189,051 3,394 0 1,549,219 2,203 0 1,789,193 7,270 27,000,252 74,451 0 2,274,701 2,581 23,213 166,165 0 2,054,813 29,934 6,801,610 34,968 5,337,209 0 0 0 1,401,153 2,328,464 842 0 248,418 0 62,491 1,222,451 0 0 162,604 465,860 0 2,996,052 162,518 0 427,908 0 0 0

Pocet vydaných akcií

Pocet zpetne odkoupených akcií

Pocet akcií v obehu k 31.10. 2004

747,519 13,971 333,936 54,937 146,981 7,365 339,095 51,939 74,148 247,741 228,582 300,044 20 598,061 34,393 40,042 300 152,552 2,045 87,281 338,948 1,707 530,533 67,247 2,046 1,790,643 17,716 3,184,013 462,884 84 799,415 13,133 232,674 1,028,372 7,889 1,552,106 98,550 805,023 120 1,459,158 85,562 79,128 857,798 9,311 662,750 357,768 154 36,272 294,335 20 602,894 17,603 24,395 136,771 1,147,114 17,654 94,600 8,338 20 67,955 263,053

683,964 7,269 0 23,269 185,908 11,801 549,533 12,187 74,148 18,097 14,674 781,039 0 27,031 223,282 0 0 1,239,813 2,830 0 1,473,920 2,132 21,230 203,069 2,570 11,812,605 32,719 0 1,045,927 120 6,823 85,576 17,444 640,498 18,622 1,979,950 16,824 2,343,019 100 0 6,702 248,447 440,187 20 0 143,543 0 10,308 924,578 0 0 32,158 48,087 10,144 1,441,826 140,877 0 365,140 0 3,995 100,000

2,143,085 29,969 333,936 191,376 1,068,927 25,693 2,872,000 155,684 0 229,644 213,908 1,502,964 20 571,030 2,834,098 40,042 300 3,101,790 2,609 87,281 414,247 1,778 509,303 1,653,371 6,746 16,978,290 59,448 3,184,013 1,691,658 2,545 815,805 93,722 215,230 2,442,687 19,201 6,373,766 116,694 3,799,213 20 1,459,158 78,860 1,231,834 2,746,075 10,133 662,750 462,643 154 88,455 592,208 20 602,894 148,049 442,168 126,627 2,701,340 39,295 94,600 71,106 20 63,960 163,053

149

Asia Bond Fund ‘A’ Czech Crown Bond Fund ‘A’ Euro Bond Fund ‘A’ Euro Bond Fund ‘B’ Euro Credit Bond Fund ‘A’ Euro Government Bond Fund ‘A’ Euro Plus Fund ‘A’ Euro Plus Fund ‘I’ Europe Bond Fund ‘A’ Europe Bond Fund ‘D’ Global Bond Fund ‘A’ Global Emerging Markets Bond Fund (Euro) ‘A’ Global Emerging Markets Bond Fund (Euro) ‘B’ Global Emerging Markets Bond Fund (Euro) ‘D’ Global Emerging Markets Bond Fund (USD) ‘A’ Global Emerging Markets Bond Fund (USD) ‘D’ Global Emerging Markets Bond Fund (USD) ‘I’ High Yield Bond Fund (Euro) ‘A’ High Yield Bond Fund (Euro) ‘D’ High Yield Bond Fund (Euro) ‘I’ High Yield Bond Fund (USD) ‘A’ High Yield Bond Fund (USD) ‘I’ US Bond Fund ‘A’ 2001 Interest Growth Fund (Euro) ‘A’ Interest Growth Fund CZK ‘A’ Interest Growth Fund (Euro) ‘A’ Interest Growth Fund (Euro) ‘I’ Interest Growth Fund (USD) ‘A’ Model Fund 1 ‘A’ Model Fund 2 ‘A’ Model Fund 3 ‘A’ Model Fund 4 ‘A’ Model Fund 5 ‘A’ Model Fund 6 ‘A’

211,619 2,208,128 7,210,629 765,749 1,383,498 608,760 0 0 5,278,353 29,869 1,144,938 2,200,407 2,418,638 12,155 5,438,642 126,960 0 4,084,407 17,585 0 1,426,051 0 1,099,275 0 5,259,849 2,641,822 2,528 841,826 883,998 1,520,240 3,251,680 3,874,484 1,320,026 572,021

26,712 125,370 1,869,705 858,390 628,236 909,952 20,000 400 408,607 15,529 252,274 594,012 159,300 320,949 1,069,327 101,303 460,326 1,283,926 60,799 1,794,765 62,813 844,023 339,901 212,339 219,793 1,526,961 4,130 454,754 53,024 106,068 456,725 410,314 167,683 70,121

70,849 342,499 1,973,415 922,408 109,011 498,826 0 0 1,398,615 12,895 259,758 821,747 186,930 19,094 2,075,748 56,527 46,083 2,777,362 20,446 0 1,322,632 0 455,104 59,223 1,113,759 1,154,798 1,272 286,972 15,573 34,850 17,076 59,491 30,535 7,664

167,482 1,990,999 7,106,919 701,731 1,902,723 1,019,886 20,000 400 4,288,345 32,503 1,137,454 1,972,672 2,391,008 314,010 4,432,221 171,736 414,243 2,590,971 57,938 1,794,765 166,232 844,023 984,072 153,116 4,365,883 3,013,985 5,386 1,009,608 921,449 1,591,458 3,691,329 4,225,307 1,457,174 634,478

POZNÁMKY

1. Úcel SICAV Výhradním úcelem SICAV jsou investice ve spravovaných fondech do prevoditelných cenných papíru a dalších aktiv povolených právními normami s cílem rozložit investicní riziko a poskytnout akcionárum výsledky správy aktiv. SICAV muže prijmout jakákoli opatrení a provádet jakékoli transakce, které považuje za prospešné pro splnení svého úcelu a pro další maximální rozvoj v souladu se zákonem ze dne 30. brezna 1988 o institucích kolektivního investování. 2. Úcetní politika Úcetní záverka je predkládána v souladu s obecne prijímanými úcetními principy v Lucembursku. a. Principy ocenení Aktiva Fondu jsou ocenována poslední záverecnou cenou na príslušném trhu, na kterém jsou tato aktiva obchodována, a která jsou k dispozici ráno (lucemburského casu). S ohledem na trh, tato cena bude použita z obchodního dne na tomto trhu, predcházejícího príslušnému Dni ocenení nebo z obchodního dne stejného jako je Den ocenení. Jestliže dostupná cena prevoditelných cenných papíru urcená výše uvedeným zpusobem neodráží jejich skutecnou tržní hodnotu, bude hodnota takovýchto cenných papíru založena na rozumne predvídatelné prodejní cene stanovené podle zásady správnosti a po zralé úvaze. Hodnota jiných aktiv je urcena jejich úcetní hodnotou. Je-li nepravdepodobné, že tato hodnota bude zaplacena nebo obdržena v plné výši, je vypoctena po odectení príslušné cástky tak, aby odrážela reálnou hodnotu.

150

Predstavenstvo je presvedceno, že je v nejlepsím zájmu akcionáru, s prihlédnutím k bežným podmínkám na trhu a k objemum úpisu a zpetných odkupu v príslušném fondu a také k velikosti Fondu, aby NAV takového fodnu bylo pocítáno s užitím ceny nabídky nebo poptávky a upraveno o jakékoliv související prodejní a obchodní poplatky to však za predpokladu, že takového poplatky neprekrocí 10% hodnoty cistých aktiv Fondu v daném okamžiku. Futures kontrakty, Forward exchanges a opce obchodované na burze nebo na jiných organizovaných trzích jsou oceneny podle posledních cen techto kontraktu, a podle organizovaných trhu, na kterých jsou konkrétní kontrakty obchodovány spolecností SICAV. Akcie, futures kontrakty a kontrakty forward exchange byly pro úcely této úcetní záverky oceneny dne 1. listopadu 2004 na základe posledních cen a smenných kurzu, které byly k dispozici dne 31. ríjna 2004. b. Cizí meny Transakce v cizích menách jsou prevedeny do meny fondu ve smenném kurzu platném v den provedení transakce. Aktiva a pasiva jsou prevedena do meny fondu ve smenném kurzu platném pro datum rozvahy. Konsolidované výkazy cistých aktiv a zmen cistých aktiv spolecnosti SICAV jsou predkládány v USD na základe smenného kurzu platného pro datum rozvahy. c. Náklady na založení a další náklady Náklady na založení a další náklady jsou jednotlivým fondum prideleny podle koeficientu urcených predstavenstvem a na základe celkových cistých aktiv jednotlivých fondu. Náklady na založení jsou odepisovány behem peti let pocínaje úcetním rokem založení fondu. d. Investicní príjem a investicní transakce Príjem zdividendy je zaznamenán v den predcházející datu dividendy. Úrokový výnos je nacítán denne. Investicní zisky a ztráty se urcují na základe prumerných nákladu. Srážky se zaznamenávají jako opravy k úrokovému výnosu. 3. Zdanení SICAV SlCAV nepodléhá žádným lucemburským daním ze zisku nebo príjmu a dividendy, které SICAV vyplácí, nepodléhají v Lucembursku dani vybírané srážkou. SICAV je nicméne povinna platit v Lucembursku dan ve výši 0,05% rocne z NAV všech fondu krome fondu Interest Growth Funds, ze kterých platí dan ve výši 0,01% NAV. Tato dan je splatná ctvrtletne na základe hodnoty agregovaných cistých aktiv fondu na konci príslušného kalendárního ctvrtletí. Vydání akcií v Lucembursku nepodléhá kolkovné ani jiné dani. V Lucembursku není uplatnována žádná dan z realizovaného kapitálového zhodnocení aktiv SICAV. V nekterých zemích mohou úroky, dividendy a kapitálový zisk z akcií podléhat srážkové dani nebo dani z kapitálového zisku. 4. Neuzavrené kontrakty foreign exchange Nakoupeno

Prodáno

Splatnost

Nerealizovaný zisk/(ztráta)

Cástka Mena Cástka Mena --------------------------------------------------------------------------------------------------------------------------------------------Europe Bond Fund 116,000,000 2,826,972 23,000,000 24,877,294 42,318,925 4,711,617

DKK DKK GBP EUR EUR EUR

24,877,294 380,000 33,593,807 185,000,000 29,300,899 5,800,000

EUR EUR EUR DKK GBP USD

8/12/2004 8/12/2004 8/12/2004 8/12/2004 8/12/2004 8/12/2004

19,621 448 (549,923) (19,590) 222,600 151,060 ----------(175,784)

Global Bond Fund 20,450,000 3,008,551 254,773 1,000,000,000 96,659

DKK USD EUR KRW USD

3,008,551 18,400,000 310,000 864,304 97,187

EUR DKK USD USD JPY

8/12/2004 8/12/2004 8/12/2004 8/12/2004 8/12/2004

15,291 (150,456) 14,014 28,579 (528)

151

765,559

JPY

8/12/2004

(36,473) ----------(129,573)

Global Emerging Markets Bond Fund (Euro) 263,270,000 EUR 329,181,061

USD

18/11/2004

4,461,147 ----------4,461,147

High Yield Bond Fund (Euro) 205,000,000 EUR

252,790,625

USD

1/11/2004

6,270,394 ----------6,270,394

High Yield Bond Fund (USD) 15,000,000 USD

12,164,217

EUR

1/11/2004

(473,286) ----------(473,286)

Interest Growth Fund (Euro) 8,690,572 EUR 4,369,881 EUR 18,538,310 EUR

8,548,309 4,527,372 17,731,128

GBP AUD USD

8/12/2004 8/12/2004 8/12/2004

142,263 (157,491) 807,182 ----------791,954

Interest Growth Fund (USD) 3,000,239 USD 409,000 EUR 1,741,460 USD 2,611,980 USD 22,685,860 USD 2,434,000 USD

3,780,000 521,230 980,000 3,780,000 18,650,000 2,000,000

CAD USD GBP AUD EUR EUR

8/12/2004 8/12/2004 8/12/2004 8/12/2004 8/12/2004 8/12/2004

(31,282) (1,074) (48,891) (201,465) (1,032,738) (109,549) ----------(1,424,999)

Preferred Securities Fund 25,000,000 EUR 3,845,000 EUR 1,000,000 EUR

31,575,000 4,898,530 1,274,000

USD USD USD

31/01/2005 31/01/2005 31/01/2005

177,365 (5,971) (1,554) ----------169,840

•

USD

802,032

Výše uvedená císla se objevují ve Výkazu cistých aktiv na stranách 143-149

5. Neuzavrené futures kontrakty Pocet kontraktu

Popis

Splatnost

Mena

Smluvní nominální hodnota

Celkový tržní závazek v mene fondu

Nerealizovaný zisk (ztráta)

--------------------------------------------------------------------------------------------------------------------11

Asia Bond Fund US 10 Year Note Future

12/04

USD

1,249,188

1,249,188 ------------1,249,188

14,422 ----------14,422

(4) (10)

Euro Plus Fund Euro Schatz Future Euro Bund Future

12/04 12/04

EUR EUR

(424,960) (1,169,200)

(424,960) (1,169,200) ------------1,594,160

(160) (4,080) ----------(4,240)

702 (241) 96

Europe Bond Fund Euro Bobl Future Euro Bund Future Long Gilt Future

12/04 12/04 12/04

EUR EUR GBP

78,855,660 (28,182,540) 10,401,600

78,855,660 (28,182,540) 14,982,986 ------------122,021,186

1,235,520 60,250 259,972 ----------1,555,742

35

Global Bond Fund Euro Schatz Future

12/04

EUR

3,718,750

4,730,373

25,155

152

29 17

US 10 Year Note Future 12/04 US Long Bond CBT Future 12/04

USD USD

3,293,313 1,935,344

3,293,313 1,935,344 ------------9,959,029

13,375 (1,063) ----------37,467

119

Interest Growth Fund (Euro) 3 Month Liffe Euribor Future 12/04

EUR

29,102,938

29,102,938 ------------29,102,938

13,388 ----------13,388

42

Interest Growth Fund (USD) 90 Day Liffe Euro Dollar Future 12/04

USD

10,240,125

10,240,125 ------------10,240,125

(12,488) ----------(12,488)

1 1

Europe Equity Dynamic Fund CAC 40 Index Future FTSI 100 Index Future

12/04 12/04

EUR GBP

3,711,500 4,638,500

3,711,500 3,220,174 ------------6,931,674

(160) (655) ----------(815)

1.5530 10.8709 1.5530 1.0353 0.5177

Global Equity Value Fund SPI 200 Future DJ Euro Stoxx 50 Future S&P 500 Future Topix Index Future S&P Barra Value Future

12/04 12/04 12/04 12/04 12/04

AUD EUR USD JPY USD

146,796 306,451 458,442 11,181,521 74,983

86,085 306,451 360,401 82,779 58,948 ------------894,664

2,576 409 1,038 (3,449) 692 ----------1,266

0.0917 0.6416 0.0917 0.0611 0.0306

Model Fund 2 SPI 200 Future DJ Euro Stoxx 50 Future S&P 500 Future Topix Index Future S&P Barra Value Future

12/04 12/04 12/04 12/04 12/04

AUD EUR USD JPY USD

8,664 18,088 27,059 659,966 4,426

5,081 18,088 21,272 4,886 3,479 ------------52,806

152 24 61 (203) 41 ----------75

0.3723 2.6059 0.3723 0.2482 0.1241


12/04 12/04 12/04 12/04 12/04

AUD EUR USD JPY USD

35,189 73,459 109,893 2,680,322 17,974

20,635 73,459 86,392 19,843 14,130 ------------214,460

618 98 249 (828) 166 ----------303

0.6104 4.2730 0.6104 0.4070 0.2035


12/04 12/04 12/04 12/04 12/04

AUD EUR USD JPY USD

57,700 120,455 180,197 4,395,060 29,473

33,837 120,455 141,661 32,537 23,170 ------------351,661

1,013 161 408 (1,357) 272 ----------497

0.2510 1.7568 0.2510 0.1673 0.0837


12/04 12/04 12/04 12/04 12/04

AUD EUR USD JPY USD

23,723 49,524 74,086 1,806,970 12,118

13,912 49,524 58,242 13,377 9,526 ------------144,581

416 66 168 (557) 112 ----------205

0.1217 0.8518 0.1217 0.0811

Model Fund 6 SPI 200 Future DJ Euro Stoxx 50 Future S&P 500 Future Topix Index Future

12/04 12/04 12/04 12/04

AUD EUR USD JPY

11,503 24,013 35,923 876,161

6,745 24,013 28,240 6,486

202 32 81 (270)

153

0.0406

S&P Barra Value Future

12/04

USD

5,876

4,619 ------------70,104

54 ----------99

(62) (107)

Preferred Securities Fund US 10 Year Note Future US Long Bond CBT Future

12/04 12/04

USD USD

(7,040,875) (12,181,281)

(5,535,135) (9,576,230) ------------15,111,366

(602) 27,294 ----------26,692

6. Transakce mezi smluvními stranami Investicní manažer

Název fondu

Správní poplatek pro akcie trídy A, B a D pro trídu I

--------------------------------------------------------------------------------------------------------------------ABN AMRO Investment Funds S.A.

2001 Euro Bond Fund 2001 Interest Growth Fund Euro Asia Bond Fund Asian Tigers Equity Fund Behavioural Finance Japan Fund Biotech Fund China Equity Fund Consumer Discretionary Fund Consumer Staples Fund Czech Crown Bond Fund Eastern Europe Equity Fund Euro Bond Fund Euro Credit Bond Fund Euro Equity Fund Euro Government Bond Fund Euro Plus Fund Europe Bond Fund Europe Equity Dynamic Fund Europe Equity Fund Europe Equity Growth Fund Financials Fund Germany Equity Fund Global Bond Fund Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (USD) Global Emerging Markets Equity Fund Global Equity Fund Global Equity Value Fund Global Leader Fund High Yield Bond Fund (Euro) High Yield Bond Fund (USD) Industrials Fund Information Technology Fund Interest Growth Fund (Euro) Interest Growth Fund (USD) Interest Growth Fund CZK Japan Equity Fund Latin America Equity Fund Materials Fund Model Fund 1 Model Fund 2 Model Fund 3 Model Fund 4 Model Fund 5 Model Fund 6

0.75% 0.50% 1.00% 1.50% 1.70% 1.50% 1.50% 1.50% 1.50% 1.00% 1.50% 0.75% 1.00% 1.35% 0.75% 0.75% 0.75% 1.50% 1.35% 1.35% 1.50% 1.35% 0.75%

0.55% 0.25% 0.75% 1.15% 1.28% 1.15% 1.15% 1.15% 1.15% 0.75% 1.15% 0.55% 0.75% 1.00% 0.55% 0.50% 0.55% 1.15% 1.00% 1.00% 1.15% 1.00% 0.55%

1.00%

0.75%

1.00%

0.75%

1.50% 1.35% 1.35% 1.50% 1.00% 1.00% 1.50% 1.50% 0.50% 0.50% 0.50% 1.35% 1.50% 1.50% 0.60% 0.60% 0.90% 0.90% 1.20% 1.20%

1.15% 1.00% 1.00% 1.15% 0.75% 0.75% 1.15% 1.15% 0.25% 0.25% 0.25% 1.00% 1.15% 1.15% 0.45% 0.45% 0.68% 0.68% 0.90% 0.90%

154

Netherlands Equity Fund Pharma Fund Preferred Securities Fund Resources Fund Russia Equity Fund Small Companies Europe Equity Fund Socially Responsible Equity Fund Switzerland Equity Fund Telecommunication Services Fund US Bond Fund US Equity Growth Fund US Equity Value Fund Utilities Fund

1.35% 1.50% 1.00% 1.50% 2.00%

1.00% 1.15% n/a 1.15% 1.50%

1.50% 1.50% 1.35% 1.50% 0.75% 1.35% 1.35% 1.50%

1.15% 1.15% 1.00% 1.15% 0.55% 1.00% 1.00% 1.15%

Spolecnost SICAV platí spolecnosti ABN AMRO Investment Funds S.A., která je manažerem Fondu, rocní správní poplatek ve výše uvedených procentuelních hodnotách celkových cistých aktiv. Tyto poplatky narustají denne na bázi prumerných cistých aktiv každého Fondu a jsou placeny mesícne. Predstavenstvo jmenovalo spolecnost ABN AMRO Investment Funds S.A. ústredním administrativním zástupcem. Tímto je administrativ ní zástupce zodpovedný za všechny administrativní povinnosti vyžadované lucemburským právem. Konkrétne je zodpovedný za úcetnictví a kalkulace cisté hodnoty aktiv Fondu (NAV). Predstavenstvo jmenovalo spolecnost ABN AMRO Bank (Luxembourg) S.A. custodianem, registrárem, zprostredkovatelem plateb a místním zprostredkovatelem. Custodian vykonává bežné úkony týkající se custody služeb, hotovostních služeb a úschovy cenných papíru. Custodian je konkrétne zodpovedný za vybírání dividend, úroku, výnosu, splatných cenných papíru a provádení opcních transakcí. 7. Dohody o soft commissions Dohody o „Soft Commissions“, které byly aktuální behem financního roku, odpovídají zásadám, podle kterých zboží a služby získané na základe takovýchto dohod byly pro ABN AMRO Fondy prokazatelne prínosné. Provádení transakcí odpovídá nejkvalitnejším provádecím normám a poplatky za zprostredkování nepresahovaly poplatky za zprostredkování úctované institucemi za poskytování kompletních slu žeb. 8. Možnost úveru ABN AMRO Bank (Luxembourg) S.A. poskytla SICAV možnost úveru. Tato možnost úveru bere v úvahu složenou strukturu AAF fondu, což je vyjádreno fixním limitem ve výši 10% NAV pro každý z fondu a celkový limit je 500 miliónu EUR. Poskytnutí úveru každému z fondu je jišteno relevantním aktivy príslušného fondu. 9. Pujcování cenných papíru. SICAV zahájil dne v dubnu 2002 pujcování cenných paíru. Celková hodnota pujcených cenných papíru k 31.ríjnu 2004 cinila 100,032,464.47 EUR. Tržní hodnota kolaterálu cinila k 31.ríjnu 2004 117,192,101.55 EUR.

10.Spolecné rízení fondu S cílem snižení operativních a administrativních poplatku pri dodržení široké diverzifikace investic muže predstavenstvo spolecnosti rozhodnout, že cást nebo celý majetek jednoho ci více portfolií bude rízen spolecne s majetkem podobných portfolií. Pro zefektivnení rízení portfolia muže investicní mana žer sdružovat rízení celého nebo cástí majetku portfolií v souladu s jejich vlastní investicní politikou. Každé porfolio bude zastoupeno v príslušném sdružení majetku v pomeru odpovídajícím velikosti vloženého majetku do sdružení. Takové sdružení majetku je užíváno výhradne pro interní rízení portfolií a v žádném pripade nezakládá samostatné entity a není prímo prístupné investorum.

A.Manns , Predseda Predstavenstva Jménem predstavenstva

155

HLAVNÍ RYSY - SICAV je otevrená investicní spolecnost založená podle právního rádu Lucemburského velkovévodství jako Société d’Investissement á Capital Variable registrovaná jako instituce kolektivního investování do prevoditelných cenných papíru (Undertaking for Collective Investment) (dále „UCITS“); - SICAV umožnuje investorum investovat do nekolika fondu, z nichž každý se vztahuje ke zvláštnímu portfoliu cenných papíru a dalších aktiv, které umo6nule lucemburské právo, se specifickými investicními cíli a ruznými úrovnemi rizika; - pro úcely vztahu s akcionári je každý fond považován za samostatný subjekt s vlastním krytým kapitálem, kapitálovými zisky/ ztrátami, výdaji a výpoctem NAV; - SICAV bude investovat hlavne do prevoditelných cenných papíru; - cílem SICAV je dosáhnout co nejlepších výsledku pri udržení rizika v rámci hranic, které manažer považuje za prijatelné; - SICAV muže vydávat akcie dvou tríd: akcie kapitálového rustu (akcie A), dividendové akcie (akcie B) a distributorské akcie (akcie D); - SICAV rídí a pri jeho cinnosti mu radí spolecnost ABN AMRO Asset Management, která má dlouholeté zkušenosti v rízení investicních fondu; - akcie mohou být obvykle upisovány, zpetne odkupovány nebo prevádeny v den ocenení za ceny založené na NAV na akcii príslušné trídy v príslušném fondu v daný den ocenení (vcetne všech príslušných poplatku); - NAV na akcii je vypocítávána na základe cistých aktiv fondu, ve vztahu ke kt erému se akcie vydávají, a proto se hodnota akcií SICAV muže v jednotlivých fondech lišit; - SICAV má akciový kapitál predstavovaný plne splacenými akciemi bez nominální hodnoty, denominovanými v USD (dále „referencní mena SICAV“). Konsolidované úcetní záverky SICAV jsou zpracovávány v USD. NAV na akcii každého fondu jsou uvádeny v referencní mene príslušného fondu.

156

ABN AMRO Asset Management ABN AMRO Funds Neauditovaná pololetní zpráva

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