Guenter Woinar

“As US economy figures continue to improve we are more bullish on equities than before. So we added DWS Vermoegensbildungsfonds I and First State Global Emerging Markets, while increasing Nordea 1 North American Value. We dropped the less aggressive Templeton Growth Fund (Euro) and the JPMF Europe Strategic Value fund. In bonds we have reduced the two investment grade funds due to the burst of the ‘bond bubble’ and added these portions to the American Express and Meinl funds.” Amount (E) - Fund 13,000 - DWS Vermoegensbildungsfonds I (equity global) 12,000 - Nordea I North American Value 11,000 - Pioneer Top European Players 9000 - DIT Europazins (European bonds) 8000 - JPM Fleming International Bond 8000 - Meinl European Land (real estate Eastern Europe) 8000 - Aberdeen Sovereign High Yield Bond (emerging markets bonds) 8000 - American Express Epic Global High Yield Euro 6000 - Invesco Extra Income (global corporate BB bonds) 5000 - Griffin Eastern European (equity) 5000 - Merrill Lynch US Small Cap Value 4000 - First State Global Emerging Markets Equity 3000 - Oppenheim European Opportunities Bond