Unaudited Semi-Annual Report Nerevidovaná Pololetní Zpráva (L) Invest SA 31 03 2003.pdf · Real...

as at 31 March 2003

do 31. března 2003

Unaudited Semi- Annual Repor t

Nerevidovaná Pololetní Zpráva

Soci t d’Investissement Capital VariableLUXEMBOURG

Glossary of SymbolsLegenda použitých symbolů

$

Countries, Central Governments

Státy a ústřední vlády

Cantons, Provinces, etc...

Kantony, provincie

Cities, Municipal Authorities

Města, obce

Public bodies

Veřejnoprávní instituce

Private bodies

Soukromé společnosti

Supranational Organisations

Nadnárodní organizace

Investment Funds

Investiční fondy

Reserve

Rezerva

Mining, extracting industry

Důlní průmysl

Aluminium

Aluminium

Non-ferrous metals

Neželezné kovy

Precious metals and stones

Drahé kovy a kameny

Building materials, industry

Stavebnictví a průmysl stavebních hmot

Paper and forest products

Papír a výrobky ze dřeva

Agriculture and fishery

Zemědělství a rybolov

Petroleum

Ropa

Chemicals

Chemický průmysl

Electrical, electronics

Elektronika a elektrotechnika

Aero-astro-nautic industry

Letectví a kosmonautika

Office supplies and computing

Kancelářské potřeby a zpracování dat

Watch industry

Průmysl hodinářský

Machine, apparatus construction

Strojírenství a výroba zařízení

Road vehicles

Silniční vozidla

Rubber and tyres

Guma a pneumatiky

Real estate companies

Realitní společnosti

Food, non alcoholic beverage

Potravinářství, nealkoholické nápoje

Tobacco, alcoholic drinks

Tabák a alkoholické nápoje

Pharmaceuticals and cosmetics

Farmaceutický a kosmetický průmysl

Textiles and garments

Látky a oděvy

Photographics and optics

Fotografický a optický průmysl

Miscellaneous consumer goods

Různé spotřební zboží

Graphics and publishing

Polygrafie a vydavatelství

Packaging industries

Průmysl obalů

Retail trade, department store

Maloobchod, obchodní domy

Miscellaneous trading companies

Různé obchodní společnosti

Banks, credit institutions

Banky, úvěrové společnosti

Central MTG

Hypoteční úvěrové společnosti

Holding and finance companies

Holdingové a finanční společnosti

Insurance companies

Pojišťovny

Transportation

Doprava

Energy and water supply

Dodávky vody a energií

Communication

Telekomunikace

Hotels and restaurants

Hotely a restaurace

Miscellaneous services

Ostatní služby

Conglomerates

Konglomerace

Various unclassified sectors

Ostatní nespecifikované sektory

Biochemistry

Biochemie

Sundry investment goods

Různé investiční celky

Environment and recycling

Životní prostředí a recyklace

Public health and social

Zdravotnictví a společnost

Colombia

Kolumbie

Cuba

Kuba

Czech Republic

Česká republika

Germany

Německo

Denmark

Dánsko

Dominica

Ostrov Sv. Dominiky

Algeria

Alžírsko

Estonia

Estonsko

Ecuador

Ekvádor

Egypt

Egypt

Spain

Španělsko

Finland

Finsko

France

Francie

Great Britain

Velká Británie

Guernsey

Guernesy

Ghana

Ghana

Greece

Řecko

Hong Kong

Hongkong

Croatia

Chorvatsko

Hungary

Maďarsko

Indonesia

Indonésie

Ireland

Irsko

Israel

Izrael

India

Indie

Italy

Itálie

Jersey

Jersey

Japan

Japonsko

South Korea

Jižní Korea

Cayman Islands

Kajmanské ostrovy

Liberia

Libérie

Lithuania

Litva

Luxembourg

Lucembursko

Latvia

Lotyšsko

Morocco

Maroko

Macedonia

Makedonie

Mauritius

Mauritius

Mexico

Mexiko

Malaysia

Malajsie

Nicaragua

Nikaragua

Nigeria

Nigérie

The Netherlands

Nizozemí

Norway

Norsko

New Zealand

Nový Zéland

Panama

Panama

Peru

Peru

Papua New Guinea

Papua - Nová Guinea

Philippines

Filipíny

Pakistan

Pákistán

European Institutions

Instituce Evropské Unie

European Institutions (L)

Instituce Evropské Unie (L)

Netherlands Antilles

Nizozemské Antily

Argentina

Argentina

Austria

Rakousko

Australia

Austrálie

Bosnia and Herzegovina

Bosna a Hercegovina

Belgium

Belgie

Bulgaria

Bulharsko

Bermuda

Bermudy

Brazil

Brazílie

Canada

Kanada

Switzerland

Švýcarsko

Ivory Coast

Pobřeží slonoviny

Chile

Chile

China

Čína

HR

Virgin Islands (UK)

Virginské ostrovy (VB)

Yugoslavia

Jugoslávie

South Africa

Jihoafrická republika

Zimbabwe

Zimbabwe

Poland

Polsko

Portugal

Portugalsko

Romania

Rumunsko

Russia

Rusko

Sudan

Súdán

Sweden

Švédsko

Singapore

Singapur

Slovakia

Slovensko

Senegal

Senegal

Thailand

Thajsko

Turkey

Turecko

Taiwan

Tchaj-wan

Ukraine

Ukrajina

United States

Spojené státy

Uruguay

Uruguay

Venezuela

Venezuela

Renminbi-Yuan

Reinminbi yuan

Colombian Peso

Kolumbijské peso

Cuban Peso

Kubánské peso

Cyprus Pound

Kyperská libra

Czech Koruna

Česká koruna

German Mark

Německá marka

Danish Krone

Dánská koruna

Algerian Dinar

Alžírský dinár

Estonian Kroon

Estonská koruna

Egyptian Pound

Egyptská libra

Spanish Peseta

Španělská peseta

Euro

Euro

Finland Mark

Finská marka

French Franc

Francouzský frank

Pound Sterling

Libra šterlinků

Gibraltar Pound

Gibraltarská libra

Greek Drachma

Řecká drachma

Hong Kong dollar

Hongkongský dolar

Croat Kuna

Chorvatská kuna

Hungarian Forint

Madárský forint

Indonesian Rupiah

Indonéská rupie

Irish Pound

Irská libra

Israelian new shekel

Izraelský nový šekel

Indian Rupee

Indická rupie

Icelandic Króna

Islandská koruna

Italian Lira

Italská lira

Jordanian Dinar

Jordánský dinár

Japanese Yen

Japonský jen

North Korean Won

Severokorejský won

South Korean Won

Jihokorejský won

Kuwaiti Dinar

Kuvajtský dinár

Cayman Islands Dollar

Dolar Kajmanských ostrovů

Kazakh Tenge

Kazašská tanga

Lebanese Pound

Libanonská libra

Lithuanian Litas

Litevský lit

Luxembourg Franc

Lucemburský frank

Latvian Lats

Lotyšský lat

Moroccan Dirham

Marocký dirham

Moldovan Leu

Moldavský lei

Macau Pataca

Macajská pataca

Maltese Lira

Maltská libra

Mexican Peso

Mexické peso

Malaysian Ringgit

Malajsijský ringgit

Nicaraguan Córdoba

Nikaragujská córdoba

Dutch Guilder

Holandský gulden

Norwegian Krone

Norská koruna

New Zealand Dollar

Novozélandský dolar

Omani Rial

Ománský rijál

UAE Dirham

Dirham Spojených arabských emirátu

Afghani

Afghání

Armenian Dram

Arménský dram

Argentine Peso

Argentinské peso

Austrian Schilling

Rakouský šilink

Australian Dollar

Australský dolar

Azerbaijani Manat

Azerbajdžánský manat

Belgian Franc

Belgický frank

Bulgarian Lev

Bulharská leva

Brunei Dollar

Brunejský dolar

Boliviano

Boliviano

Brazilian Real

Brazilský real

Belarusian Rouble

Běloruský rubl

Canadian Dollar

Kanadský dolar

Swiss Franc

Švýcarský frank

Chilean Peso

Chilské peso

Tajik Somoni

Tadžický somoni

Turkmen Manat

Turkmenský manat

Tunisian Dinar

Tuniský dinár

Turkish Lira

Turecká lira

New Taiwan Dollar

Nový taiwanský dolar

US Dollar

US dolar

Uruguayan Peso

Uruguayské peso

Uzbekistan Sum

Uzbekistánský sum

Venezuelan Bolívar

Venezuelský bolívar

Vietnamese Dong

Vietnamský dong

Yemeni Rial

Jemenský rijál

Yugoslav Dinar

Jugoslávský dinár

South African Rand

Jihoafrický rand

Peruvian New Sol

Peruánské nové solo

Philippine Peso

Filipínské peso

Pakistani rupee

Pakistánská rupie

Polish Zloty

Polský zlotý

Portuguese Escudo

Portugalské eskudo

Paraguayan Guaraní

Paraguayský guaraní

Qatari Riyal

Katarský rijál

Romanian Leu

Rumunská lei

Russian Rouble

Ruský rubl

Saudi Riyal

Saudský-arabský rijál

Swedish Krona

Švédská koruna

Singapore dollar

Singapurský dolar

Slovenian Tolar

Slovinský tolar

Slovak Koruna

Slovenská koruna

Syrian Pound

Syrská libra

Thai Baht

Thajský baht

Warning

Upozornění

No subscription can be received solely on the basis of the financial statements. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest Annual Report and the most recent Semi-Annual Report, if published thereafter.

The information given in this report is for reference purposes only and is not a guide to future results.

Žádný úpis nelze provést pouze na základě finanční závěrky. Má-li být úpis považován za právoplatný, musí být proveden na základěaktuálně platného prospektu obsahujícího výtisk poslední výroční zprávy a nejnovější pololetní zprávy, pokud byla mezitím publikována.

Informace obsažené v této zprávě hodnotí vývoj minulých období a nepředjímají budoucí výsledky.

Table of Contents

Obsah

Glossary of SymbolsLegenda použitých symbolů

Management and AdministrationAdministrativní a správní služby

Notes to the Financial StatementsPoznámky k vývoji finanční situace

Evolution of the Sub-FundsVývoj finanční situace fondů

Statement of Net AssetsVýkaz čistého jmění

Securities PortfolioPortfolio cenných papírů

4

610

14

38

58

4

Management andAdministration

Administrativní a správní služby

REGISTERED OFFICE

ADRESA SPOLEČNOSTI

BOARD OF DIRECTORS

SPRÁVNÍ RADA

CHAIRMAN

PŘEDSEDA

DIRECTORS

ČLENOVÉ

1 Formerly/Předtím: Crédit Européen

52, route d'Esch, L-1470 Luxembourg

Eugène Muller,

honorary director, ING Luxembourg1

Elmar Baert,

Member of the Board of Directors,

ING Luxembourg1

Odilon De Groote,

Companies Director

Eric Orlans,

Chairman of the Executive Board,

ING Investment Management Belgium

Bruno Springael,

Member of the Board of Directors,

ING Investment Management Belgium

5

Management andAdministration

Administrativní a správní služby

PORTFOLIO MANAGER

ODPOVĚDNÝ PRACOVNÍK

CUSTODIAN, ADMINISTRATION AGENT

DEPOZITNÍ BANKA, ADMINISTRATIVNÍ PRACOVNÍK,

AUDITORS

AUDITOR

FINANCIAL SERVICING

FINANČNÍ SLUŽBA

Austria/Rakousko

Belgium/Belgie

Spain/Španělsko

Finland/Finsko

France/Francie

Luxembourg/Lucembursko

Norway/Norsko

The Netherlands/Nizozemí

Italy/Itálie

Germany/Německo

Switzerland/Švýcarsko

Czech Republic/Česká republika

Greece/Řecko

Chile/Chile

Hong Kong/Hongkong

1 Formerly/Předtím: Crédit Européen2 Formerly/Předtím: BBL

ING Investment Management BelgiumING Investment Management Asia Pacific (Singapore) PteLtd, SingaporeING Fund Management BV, Den HaagAeltus Investment Management, Inc., Connecticut

ING Luxembourg1, 52, route d'Esch, Luxembourg

Ernst &Young, Société Anonyme, 7, Parc d'Activité Syrdall L-5365 Munsbach, Luxembourg

ING Bank Wien, Neuer Markt 2, Wien

ING Belgium2, 24 avenue Marnix/Marnixlaan, Brussels

IIM SPAIN, Paseo de la Castellana 95 - Planta 14 - 28046Madrid

Den Danske Bank, Pohjoisesplanadi, 25 A, Helsinki

ING Securities Bank (France), Coeur Défense Tour A - La Défense 4, 110 Esplanade du Général de Gaulle -92 931 Paris La Défense Cedex

ING Luxembourg1, 52, route d'Esch, Luxembourg

ING Bank Norway, Statminister Michelsenvei 36, 5231 Paradis

ING Belgium Breda Branch, 4G-4H Prinsenkade(Constantijn Office) 4811 VB, Breda

IIM Italia, Via Tortona 33, 20144 Milano

ING BHF-Bank, Bockenheimer Landstraße 10, 60323 Frankfurt am Main

ING Banque Bruxelles Lambert (Suisse) S.A., 30, Avenue de Frontenex, Genève

ING BANK NV, IBC, Nadrazni 25, 150 00 Prague 5

Piraeus Asset Management Company, 3 Korai Street, Athens 10564

IIM Chile, Av. Suecia 211, Piso 12, Providancia - Santiago

IIM Hong Kong, 39/F One International Finance Centre, 1 Harbour View Street, Central, Hong Kong

ENGLISH

1- General Remarks

The Luxembourg domiciled open-ended investment company ("SICAV") with multiple sub-funds was incorporated in the form of a public

limited company pursuant to Part I, Chapter 3 of the law dated 30 March 1988 relating to Undertaking for Collective Investments, on

6 September 1993 for an unlimited period.

The Memorandum and Articles of Association of the company were published in the Mémorial, Recueil Spécial des Sociétés et

Associations du Grand-Duché de Luxembourg (hereinafter referred to as the "Mémorial") on 9 October 1993 after they had been

deposited at the Clerk's Office of the Luxembourg Tribunal d'Arrondissement, where they can be consulted and where copies can be

obtained on payment of the Office's fee.

The Company is registered as number B 44 873 in the Luxembourg Business Register (Registre de Commerce et des Sociétés ą

Luxembourg).

Changes:

- Mergers between sub-funds

The sub-fund "European Market Leaders" of the ING Direct SICAV was taken over by the sub-fund "ING (L) Invest European Equity"

on December 16, 2002.

- Liquidation

Liquidation of ING (L) Invest Global Real Estate on November 8, 2002.

2- Principal Accounting Methods

Currency conversion

The financial statements are produced in the accounting currency of each sub-fund. Bank assets, other net assets and book value of

securities portfolios expressed in currencies other than the accounting currency of the sub-fund are converted into that

currency at the exchange rate prevailing as at 31 March 2003.

The various items of the consolidated situation correspond to the sum of the corresponding items in the financial statements of each

sub-fund, converted if necessary into EUR at the exchange rate prevailing as at 31 March 2003.

Securities valuation

The securities admitted to official listing or to any other regulated market are valued at the latest known prices. If these

securities are traded on several markets, the valuation is made on the basis of the latest known price on the main market of such securities.

Securities which are not listed or not traded on a stock exchange or on other any organised market and securities listed or

traded on such a market but whose latest known price is not representative, are valued on the basis of their probable realisation value

estimated with prudence and in good faith.

Financial instruments

Negative evaluations of options or other financial instruments are included in the entry "current liabilities".

6

Notes to the Financial Statements

Poznámky k vývojifinanční situace

3- Management Commission

As portfolio manager of following sub-funds, ING Investment Management Belgium is entitled to a monthly fee based on the daily average

net asset value of each class of shares at the end of each month on the basis of the following rates:

SUB-FUNDS Management fees Rate (P-CLASS) Management fees Rate (X-CLASS)

Australia 1,20% p.a. 1,50% p.a.

Banking & Insurance 1,20% p.a. 1,75% p.a.

Biotechnology 1,20% p.a. 1,75% p.a.

Brazil 1,20% p.a. 1,50% p.a.

Chemicals 1,20% p.a. 1,75% p.a.

Computer Technologies 1,20% p.a. 1,75% p.a.

Energy 1,20% p.a. 1,75% p.a.

European Banking & Insurance 1,20% p.a. 1,75% p.a.

Euro High Yield 1,20% p.a. 1,75% p.a.

European Cyclicals 1,20% p.a. 1,75% p.a.

European Food & Beverages 1,20% p.a. 1,75% p.a

European Health Care 1,20% p.a. 1,75% p.a

European New Offerings 1,20% p.a. 1,75% p.a

European Sector Allocation 1,20% p.a. 1,75% p.a

European Shopping 1,20% p.a. 1,75% p.a

European Telecom 1,20% p.a. 1,75% p.a

Food & Beverages 1,20% p.a. 1,75% p.a

Free Time 1,20% p.a. 1,75% p.a

Futuris 1,20% p.a. ----

Greece 1,20% p.a. 1,50% p.a

Health Care 1,20% p.a. 1,75% p.a

Industrials 1,20% p.a. 1,75% p.a

Metals & Mining 1,20% p.a. 1,75% p.a

Mobile Telecom 1,20% p.a. 1,75% p.a

Nasdaq 1,20% p.a. 1,75% p.a

Nasdaq Europe 1,20% p.a. 1,75% p.a

New Technology Leaders 1,20% p.a. 1,75% p.a

Portugal 1,20% p.a. 1,50% p.a.

Prestige & Luxe 1,20% p.a. 1,75% p.a.

Shopping 1,20% p.a. 1,75% p.a.

Telecom 1,20% p.a. 1,75% p.a.

Top 30 Euro 1,20% p.a. 1,75% p.a.

Top 30 World 1,20% p.a. 1,75% p.a.

Utilities 1,20% p.a. 1,75% p.a.

7



As portfolio manager for the sub-funds below, ING Fund Management BV is entitled to a monthly fee based on the daily

average net asset value of each class of shares at the end of each month on the basis of the following rates:

SUB-FUNDS Management fees Rate Management fees Rate Management fees Rate

(P-CLASS) (X-CLASS) (I-CLASS)

Dutch Equity 0,75% p.a. 1,50% p.a ---

Emerging Europe 1,20% p.a. 1,50% p.a 0,35% p.a

Emerging Markets 1,20% p.a. 1,50% p.a 0,65% p.a

EMU Equity 1,20% p.a. 1,50% p.a 0,36% p.a

European Equity 1,20% p.a. 1,50% p.a ---

European-Immo 1,20% p.a. 1,75% p.a ---

European Small Caps 1,20% p.a. 1,75% p.a ---

Global Brands 1,20% p.a. 1,75% p.a ---

Global Real Estate 1,20% p.a. 1,75% p.a 0,35% p.a.

Global High Dividend 1,20% p.a. 1,75% p.a ---

Internet 1,20% p.a. 2,00% p.a ---

IT 1,20% p.a. 2,00% p.a ---

Japan 1,20% p.a. 1,50% p.a ---

Latin America 1,20% p.a. 1,50% p.a ---

New Asia 1,20% p.a. 1,50% p.a ---

Spanish Equity 1,20% p.a. 1,75% p.a. ---

Sustainable Growth 1,20% p.a. 1,75% p.a. ---

World 1,20% p.a. 1,50% p.a. ---

As portfolio manager for the sub-funds below, ING Investment Management Asia Pacific (Singapore) Pte Ltd is entitled to a monthly

fee based on the daily average net asset value of each class of shares at the end of each month on the basis of the following rates:

SUB-FUNDS Management fees Rate (P-CLASS) Management fees Rate (X-CLASS)

India 1,20% p.a. 1,50% p.a

Indonesia 1,20% p.a. 1,50% p.a

Japanese Small & Mid Caps 1,20% p.a. 1,75% p.a

Korea 1,20% p.a. 1,50% p.a

Philippines 1,20% p.a. 1,50% p.a.

Singapore & Malaysia 1,20% p.a. 1,50% p.a.

Taiwan 1,20% p.a. 1,50% p.a.

As portfolio manager for the sub-fund below, Aeltus Investment Management, Inc. is entitled to a monthly fee based on the daily ave-

rage net asset value of each class of shares at the end of each month on the basis of the following rates:

SUB-FUNDS Management fees Rate Management fees Rate Management fees Rate

(P-CLASS) (X-CLASS) (I-CLASS)

North America 1,20% p.a. 1,50% p.a ---

8



4- Changes in the Securities Portfolios

These changes are made available to shareholders at the custodian bank and establishments mentioned below, and at the Company's

registered office. They will also be sent to any person who expresses the wish to receive them.

AUSTRIA IINNGG BBaannkk WWiieenn, Neuer Markt 2, Wien (*)

BELGIUM IINNGG BBeellggiiuumm11,, 24 avenue Marnix/Marnixlaan, Brussels

SPAIN IIIIMM SSPPAAIINN, Paseo de la Castellana 95 -

Planta 14 - 28046 Madrid

FINLAND DDeenn DDaannsskkee BBaannkk, Pohjoisesplanadi, 25 A, Helsinki

FRANCE IINNGG SSeeccuurriittiieess BBaannkk ((FFrraannccee)), Coeur Défense Tour A -

La Défense 4, 110 Esplanade du Général de Gaulle

92 931 Paris La Défense Cedex

LUXEMBOURG IINNGG LLuuxxeemmbboouurrgg22, 52, route d'Esch, Luxembourg

NORWAY IINNGG BBaannkk NNoorrwwaayy, Statminister Michelsenvei 36, 5231 Paradis

THE NETHERLANDS IINNGG BBeellggiiuumm BBrreeddaa BBrraanncchh, 4G-4H Prinsenkade

(Constantijn Office) 4811 VB Breda

ITALY IIIIMM IIttaalliiaa, Via Tortona 33, 20144 Milano

GERMANY IINNGG BBHHFF--BBaannkk, Bockenheimer Landstraße 10, 60323 Frankfurt am Main

SWITZERLAND IINNGG BBaannqquuee BBrruuxxeelllleess LLaammbbeerrtt ((SSuuiissssee)) SSAA,

30 Avenue de Frontenex, Genève

CZECH REPUBLIC IINNGG BBAANNKK NNVV,, IIBBCC, Nadrazni 25, 150 00 Prague 5

GREECE PPiirraaeeuuss AAsssseett MMaannaaggeemmeenntt CCoommppaannyy, 3 Korai Street, Athens 10564

CHILE IIIIMM CChhiillee, Av. Suecia 211, Piso 12, Providancia - Santiago

HONG KONG IIIIMM HHoonngg KKoonngg, 39/F One International Finance Centre,

1 Harbour View Street, Central, Hong Kong

(*) The sub-funds Brazil, Euro High Yield, Europan Cyclicals, Futuris, Greece, Philippines, Portugal, Industrials are not

distributed in Austria.

1 Formerly: BBL2 Formerly: Crédit Européen

9



ČESKY

1- Základní informace

Investiční společnost SICAV s variabilním kapitálem, založená podle lucemburského práva a tvořená různými investičními fondy,

byla zapsána 6. září 1993 jako akciová společnost s platností na dobu neurčitou podle 3. kapitoly I. části zákona z 30. března 1988

upravujícího podmínky hromadného investování.

Stanovy společnosti byly zveřejněny v úředním listu Lucemburského velkovévodství (dále jen « úřední list ») dne 9. října 1993 a uloženy

ve spisovně obvodního soudu v Lucemburku. Zde je možno do stanov nahlédnout a po zaplacení správního poplatku pořizovat kopie.

Společnost je zapsána v obchodním rejstříku v Lucemburku pod číslem B 44 873.

Změny:

- Sloučení fondů

Fond "European Market Leaders" SICAV ING Direct se stal součástí fondu "European Equity" SICAV ING (L) Invest

16 prosince 2002.

- Likvidace

Likvidace fondu ING (L) Invest Global Real Estate 8 listopadu 2002.

2- Hlavní účetní metody

Směna deviz

Finanční výkazy jsou vedeny vždy v měně příslušného fondu. Bankovní a jiná čistá aktiva právě tak jako hodnoty portfoliových cenných

papírů v jiné než účetní měně příslušného fondu se směňují na měnu příslušného fondu kursem platným ke dni 31 března 2003.

Různé další položky konsolidované závěrky odpovídají součtu položek finanční závěrky každého fondu přepočtených případně na eura

daným směnným kursem ke dni 31. března 2003.

Ocenění cenných papírů v portfoliu

Cenné papíry přijaté k oficiální kótaci nebo k obchodování na řízeném trhu se oceňují podle nejnověji publikovaného kursu. Pokud se tyto

cenné papíry obchodují na více trzích, provede se jejich ocenění kursem cenných papírů hlavního trhu.

Nekótované cenné papíry a dále cenné papíry neobchodované na burze či na jiném organizovaném trhu jakož i kótované a obchodované

cenné papíry, jejichž poslední kurs však není dostatečně průkazný, se oceňují podle hodnoty, jíž může být podle opatrného odhadu

učiněného v dobré víře pravděpodobně dosaženo.

Finanční nástroje

Záporné ocenění opcí a dalších finančních nástrojů je zahrnuto pod položkou « jiné – vyžádané ».

10



3- Provize za správu fondů

Jako správce portfolia pro podřízené fondy níže, má společnost IINNGG IInnvveessttmmeenntt MMaannaaggeemmeenntt BBeellggiiuumm, nárok na měsíční poplatky

vycházející z denní průměrné čisté hodnoty aktiv každé třídy akcií, a to na konci každého měsíce na základě dále uvedených sazeb:

Portfóliový Sazba provize za správu fondů (TYPU P) Sazba provize za správu fondů (TYPU X)

Australia 1,20% p.a. 1,50% p.a.

Banking & Insurance 1,20% p.a. 1,75% p.a.

Biotechnology 1,20% p.a. 1,75% p.a.

Brazil 1,20% p.a. 1,50% p.a.

Chemicals 1,20% p.a. 1,75% p.a.

Computer Technologies 1,20% p.a. 1,75% p.a.

Energy 1,20% p.a. 1,75% p.a.

European Banking & Insurance 1,20% p.a. 1,75% p.a.

Euro High Yield 1,20% p.a. 1,75% p.a.

European Cyclicals 1,20% p.a. 1,75% p.a.

European Food & Beverages 1,20% p.a. 1,75% p.a

European Health Care 1,20% p.a. 1,75% p.a

European New Offerings 1,20% p.a. 1,75% p.a

European Sector Allocation 1,20% p.a. 1,75% p.a

European Shopping 1,20% p.a. 1,75% p.a

European Telecom 1,20% p.a. 1,75% p.a

Food & Beverages 1,20% p.a. 1,75% p.a

Free Time 1,20% p.a. 1,75% p.a

Futuris 1,20% p.a. ----

Greece 1,20% p.a. 1,50% p.a

Health Care 1,20% p.a. 1,75% p.a

Industrials 1,20% p.a. 1,75% p.a

Metals & Mining 1,20% p.a. 1,75% p.a

Mobile Telecom 1,20% p.a. 1,75% p.a

Nasdaq 1,20% p.a. 1,75% p.a

Nasdaq Europe 1,20% p.a. 1,75% p.a

New Technology Leaders 1,20% p.a. 1,75% p.a

Portugal 1,20% p.a. 1,50% p.a.

Prestige & Luxe 1,20% p.a. 1,75% p.a.

Shopping 1,20% p.a. 1,75% p.a.

Telecom 1,20% p.a. 1,75% p.a.

Top 30 Euro 1,20% p.a. 1,75% p.a.

Top 30 World 1,20% p.a. 1,75% p.a.

Utilities 1,20% p.a. 1,75% p.a.

11



Jako správce portfolia pro podřízené fondy níže, má společnost IINNGG FFuunndd MMaannaaggeemmeenntt BBVV, nárok na měsíční poplatky vycházející z denní

průměrné čisté hodnoty aktiv každé třídy akcií, a to na konci každého měsíce na základě dále uvedených sazeb:

Portfóliový Sazba provize za Sazba provize za Sazba provize za

správu fondů (TYPU P) správu fondů (TYPU X) správu fondů (TYPU I)

Dutch Equity 0,75% p.a. 1,50% p.a ---

Emerging Europe 1,20% p.a. 1,50% p.a 0,35% p.a

Emerging Markets 1,20% p.a. 1,50% p.a 0,65% p.a

EMU Equity 1,20% p.a. 1,50% p.a 0,36% p.a

European Equity 1,20% p.a. 1,50% p.a ---

European-Immo 1,20% p.a. 1,75% p.a ---

European Small Caps 1,20% p.a. 1,75% p.a ---

Global Brands 1,20% p.a. 1,75% p.a ---

Global Real Estate 1,20% p.a. 1,75% p.a 0,35% p.a.

Global High Dividend 1,20% p.a. 1,75% p.a ---

Internet 1,20% p.a. 2,00% p.a ---

IT 1,20% p.a. 2,00% p.a ---

Japan 1,20% p.a. 1,50% p.a ---

Latin America 1,20% p.a. 1,50% p.a ---

New Asia 1,20% p.a. 1,50% p.a ---

Spanish Equity 1,20% p.a. 1,75% p.a. ---

Sustainable Growth 1,20% p.a. 1,75% p.a. ---

World 1,20% p.a. 1,50% p.a. ---

Jako správce portfolia pro podřízené fondy níže, má společnost IINNGG IInnvveessttmmeenntt MMaannaaggeemmeenntt AAssiiaa PPaacciiffiicc ((SSiinnggaappoorree)) PPttee LLttdd, nárok

na měsíční poplatky vycházející z denní průměrné čisté hodnoty aktiv každé třídy akcií, a to na konci každého měsíce na základě dále

uvedených sazeb:

Portfóliový Sazba provize za správu fondů (TYPU P) Sazba provize za správu fondů (TYPU X)

India 1,20% p.a. 1,50% p.a

Indonesia 1,20% p.a. 1,50% p.a

Japanese Small & Mid Caps 1,20% p.a. 1,75% p.a

Korea 1,20% p.a. 1,50% p.a

Philippines 1,20% p.a. 1,50% p.a.

Singapore & Malaysia 1,20% p.a. 1,50% p.a.

Taiwan 1,20% p.a. 1,50% p.a.

Jako správce portfolia pro podřízené fondy níže, má společnost AAeellttuuss IInnvveessttmmeenntt MMaannaaggeemmeenntt, nárok na měsíční poplatky vycháze-

jící z denní průměrné čisté hodnoty aktiv každé třídy akcií, a to na konci každého měsíce na základě dále uvedených sazeb:

Portfóliový Sazba provize za Sazba provize za Sazba provize za

správu fondů (TYPU P) správu fondů (TYPU X) správu fondů (TYPU I)

North America 1,20% p.a. 1,50% p.a ---

12



4- Změny k nimž dochází ve skladbě portfolia cenných papírů.

K těmto změnám má přístup akcionář u přepážek depozitní banky a jiných zařízení poskytujících finanční služby, jakož i v hlavním sídle

společnosti. O těchto změnách lze zároveň písemně uvědomit každou osobu, která o to požádá.

Rakousko ING Bank Wien, Neuer Markt 2, Wien (*)

Belgie ING Belgium1, 24 avenue Marnix/Marnixlaan, Brussels

Španělsko IIM SPAIN, Paseo de la Castellana 95 -

Planta 14 - 28046 Madrid

Finsko Den Danske Bank, , Pohjoisesplanadi, 25 A, Helsinki

Francie ING Securities Bank (France), Coeur Défense Tour A -

La Défense 4, 110 Esplanade du Général de Gaulle

92 931 Paris La Défense Cedex

Lucembursko ING Luxembourg2, 52, route d'Esch, Luxembourg

Norsko ING Bank Norway, Statminister Michelsenvei 36, 5231 Paradis

Nizozemí ING Belgium Breda Branch, 4G-4H Prinsenkade

(Constantijn Office) 4811 VB Breda

Itálie IIM Italia, Via Tortona 33, 20144 Milano

Německo ING BHF-Bank, Bockenheimer Landstraße 10, 60323 Frankfurt am Main

Švýcarsko ING Banque Bruxelles Lambert (Suisse) SA,

30 Avenue de Frontenex, Genève

Česká republika ING BANK NV, IBC, Nadrazni 25, 150 00 Prague 5

Řecko Piraeus Asset Management Company, 3 Korai Street, Athens 10564

Chile IIM Chile, Av. Suecia 211, Piso 12, Providancia - Santiago

Hongkong IIM Hong Kong, 39/F One International Finance Centre,

1 Harbour View Street, Central, Hong Kong

(*) S následujícími fondy se neprovádí v Rakousku obchodní činnost: Brazil, Euro High Yield, Europan Cyclicals, Futuris, Greece,

Philippines, Portugal, Industrials.

1 Předtím: BBL2 Předtím: Crédit Européen

13



14

Evolution of the Sub-Funds

Vývoj finanční situace fondů

ENGLISH

Net Assets

Shares

Net Asset Valueper Share

Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie

Čistá hodnota aktiv na akcii

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

15



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

AUSTRALIAAUD

6,948,056

546.95

-

543.87

2,427.62

11,419

-

10

287

BANKING & INSURANCEUSD

105,413,787

399.79

-

395.60

1,866.45

255,017

-

4,810

834

BIOTECHNOLOGYUSD

69,292,423

672.51

-

665.22

3,329.28

85,802

-

2,268

3,028

BRAZILUSD

4,136,402

196.84

-

195.90

941.06

16,625

-

10

916

CHEMICALSUSD

34,846,949

362.30

-

358.29

1,636.68

82,367

-

2,798

2,446

16



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

17



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

COMPUTER TECHNOLOGIES

USD

80,548,869

386.16

-

382.01

1,908.97

193,563

-

2,520

2,535

DUTCH EQUITYEUR

10,373,727

42.78

-

-

36.91

233,680

-

-

10,241

EMERGING EUROPEEUR

11,600,558

17.82

731,502.79

17.70

1,308.22

492,348

1

96,662

293

EMERGING MARKETSUSD

35,340,067

18.22

-

18.17

-

1,232,518

-

708,986

-

EMU EQUITYEUR

169,470,536

63.67

-

62.86

56.05

2,180,346

-

412,988

83,596

18



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

19



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

ENERGYUSD

62,257,381

487.57

-

482.47

2,201.63

112,091

-

11,902

846

EURO HIGH YIELDEUR

83,653,585

195.18

-

193.27

724.18

240,428

-

110,862

21,129

EUROPEAN BANKING & INSURANCE

EUR

91,902,686

131.09

-

129.68

611.69

574,313

-

4,271

26,259

EUROPEAN CYCLICALSEUR

17,409,930

154.80

-

153.02

589.17

90,795

-

26

5,687

EUROPEAN EQUITYEUR

338,837,533

22.90

-

22.57

20.65

12,583,366

-

754,899

1,630,030

20



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

21



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

EUROPEAN FOOD & BEVERAGES

EUR

74,842,097

183.46

-

181.54

858.70

344,863

-

5,016

12,417

EUROPEAN HEALTH CARE

EUR

107,661,086

171.04

-

169.16

820.47

507,178

-

1,651

25,149

EUROPEAN-IMMOEUR

14,094,459

320.63

-

317.12

1,175.34

33,423

-

1,372

2,504

EUROPEAN NEW OFFERINGS

EUR

28,722,708

152.10

-

150.51

587.49

149,091

-

362

10,198

EUROPEAN SECTOR ALLOCATION

EUR

189,439,872

126.90

-

125.54

486.32

1,230,219

-

2,537

67,858

22



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

23



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

EUROPEAN SHOPPINGEUR

27,308,511

140.24

-

138.76

663.06

162,611

-

2,714

6,225

EUROPEAN SMALL CAPSEUR

13,235,748

8.60

-

8.51

53.36

1,307,072

-

118,659

18,463

EUROPEAN TELECOMEUR

63,704,703

86.74

-

85.83

334.86

587,552

-

30,083

30,337

FOOD & BEVERAGESUSD

54,912,730

572.09

-

565.83

2,615.15

89,158

-

1,223

1,229

FREE TIMEEUR

21,190,672

114.72

-

113.52

450.31

173,550

-

1,516

2,462

24



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

25



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

FUTURISEUR

2,072,058

14.16

-

-

-

146,340

-

-

-

GLOBAL BRANDSEUR

52,536,533

206.25

-

204.10

993.70

209,538

-

9,636

7,400

GLOBAL HIGH DIVIDEND

EUR

44,970,701

166.60

-

166.00

666.41

126,187

-

74,918

17,274

GREECEEUR

7,438,879

158.75

-

157.78

730.89

37,443

-

10

2,043

HEALTH CAREUSD

141,824,489

684.90

-

677.72

3,238.83

177,442

-

9,204

4,340

26



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

27



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

INDIAUSD

13,242,538

479.91

-

476.55

2,249.08

23,757

-

282

759

INDONESIAUSD

7,717,788

110.61

-

110.06

499.78

54,337

-

2,403

2,887

INDUSTRIALSEUR

29,948,615

201.96

-

201.38

807.88

147,535

-

651

26

INTERNETUSD

12,531,250

234.90

-

231.32

1,174.51

38,332

-

9,113

1,208

ITUSD

19,630,603

27.81

-

27.38

22.35

558,119

-

148,728

1,563

28



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

29



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

JAPANJPY

3,568,935,919

2,591.00

-

2,542.00

2,480.00

1,328,120

-

45,139

5,428

JAPANESE SMALL & MID CAPS

JPY

946,634,380

7,566.00

-

7,485.00

29,864.00

82,964

-

1,667

10,261

KOREAUSD

9,641,796

610.45

-

606.87

2,974.01

12,872

-

544

489

LATIN AMERICAUSD

11,395,601

390.88

-

389.23

312.09

27,926

-

151

1,349

METALS & MININGUSD

15,684,549

320.90

-

317.37

1,359.05

34,777

-

4,601

2,255

30



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

31



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

MOBILE TELECOMUSD

7,842,222

133.62

-

132.28

665.30

47,319

-

10

2,282

NASDAQUSD

32,076,784

396.89

-

392.68

1,957.36

65,289

-

9,911

1,161

NASDAQ EUROPEEUR

6,704,991

24.81

-

24.55

122.61

228,786

-

2,757

7,835

NEW ASIAUSD

20,403,451

280.23

-

278.61

242.66

68,955

-

3,692

213

NEW TECHNOLOGY LEADERS

EUR

34,317,328

19.16

-

18.96

76.63

1,290,234

-

93,810

102,042

32



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

33



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

NORTH AMERICAUSD

131,840,841

45.12

-

44.52

40.97

2,709,440

-

213,332

2,530

PHILIPPINESUSD

536,500

146.75

-

145.92

700.09

2,864

-

10

164

PORTUGALEUR

12,213,347

120.46

-

120.38

556.25

86,088

-

523

3,201

PRESTIGE & LUXEEUR

31,427,921

221.31

-

218.87

1,068.46

117,945

-

1,188

4,741

SHOPPINGUSD

31,670,329

596.44

-

589.93

2,795.66

51,220

-

492

297

34



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

35



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

SINGAPORE & MALAYSIAUSD

3,712,437

430.20

-

427.54

2,012.61

7,152

-

127

289

SPANISH EQUITYEUR

4,779,346

-

-

653.38

-

-

-

7,315

-

SUSTAINABLE GROWTHEUR

25,353,868

118.44

-

117.23

465.22

107,054

-

97,882

2,579

TAIWANUSD

8,619,001

206.34

-

205.18

985.68

35,076

-

334

1,332

TELECOMUSD

46,986,981

318.17

-

314.84

1,477.19

132,102

-

5,031

2,283

36



ENGLISH

Net Assets

Shares


Capitalisation

Capitalisation I

Capitalisation X

Distribution

Number of Shares

Capitalisation

Capitalisation I

Capitalisation X

Distribution

ČESKY

Čisté jmění

Akcie


Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

Počet akcií

Kapitalizační

Kapitalizační I

Kapitalizační X

Distribuční

37



31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

31/03/2003

TOP 30 EUROEUR

80,209,909

137.10

-

135.68

516.64

488,657

-

1,297

25,238

TOP 30 WORLDUSD

6,668,153

248.55

-

245.99

1,211.42

22,510

-

10

884

UTILITIESUSD

29,971,399

304.65

-

301.47

1,378.99

84,647

-

6,903

1,525

WORLDEUR

111,699,146

106.25

-

105.63

846.32

1,009,045

-

2,862

4,947

38

Statement of Net Assets

Výkaz čistého jmění

ENGLISH

Total Securities Portfolio

Shares

Warrants and rights

Investment Funds

Bonds

Financial Instruments

Options Contracts

Other Financial Instruments

Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY

Celkový objem cenných papírů v portfoliu

Akcie

Opční listy a práva

Investiční fondy

Dluhopisy


Opční smlouvy

Jiné finanční nástroje

Peněžní hotovost v bance

Účet bankovní záruky

Ostatní jmění

Celkové jmění

Výpůjčky

Jiné – vyžádané

Celkové závazky

Čisté jmění ke konci roku

39



AUSTRALIAAUD

6,808,476

6,808,475

1

-

-

-

-

-

96,973

-

54,518

6,959,967

-1,853

-10,058

-11,911

6,948,056

BANKING & INSURANCEUSD

103,600,607

103,600,607

-

-

-

-

-

-

5,396,571

-

1,048,912

110,046,090

-4,460,502

-163,617

-4,624,119

105,421,971

BIOTECHNOLOGYUSD

39,541,589

39,541,589

-

-

-

14,562,800

14,562,800

-

11,886,352

3,438,381

7,603

69,436,725

-

-144,302

-144,302

69,292,423

BRAZILUSD

3,852,661

3,852,647

14

-

-

-

-

-

228,734

-

61,377

4,142,772

-

-6,370

-6,370

4,136,402

CHEMICALSUSD

31,131,240

31,131,240

-

-

-

-

-

-

2,367,311

1,521,910

86,221

35,106,682

-

-259,733

-259,733

34,846,949


USD

71,698,537

71,698,537

-

-

-

-

-

-

6,977,917

4,661,201

107,645

83,445,300

-1,627,281

-1,269,150

-2,896,431

80,548,869

40



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


41



DUTCH EQUITYEUR

6,899,350

6,899,350

-

-

-

-

-

-

2,942,104

819,400

8,503

10,669,357

-

-295,630

-295,630

10,373,727

EMERGING EUROPEEUR

11,603,550

11,603,550

-

-

-

-

-

-

25,563

-

1,121

11,630,234

-

-29,676

-29,676

11,600,558

EMERGING MARKETSUSD

34,364,133

33,028,660

1,335,473

-

-

-

-

-

596,080

-

439,891

35,400,104

-

-60,037

-60,037

35,340,067

EMU EQUITYEUR

176,904,399

176,730,973

173,426

-

-

554,480

-

554,480

-

885,570

184,430

178,528,879

-8,571,404

-486,939

-9,058,343

169,470,536

ENERGYUSD

58,889,118

58,889,118

-

-

-

7,850

7,850

-

2,407,347

927,858

135,210

62,367,383

-

-110,002

-110,002

62,257,381

EURO HIGH YIELDEUR

83,173,261

83,173,261

-

-

-

-

-

-

4,352,404

-

142,592

87,668,257

-

-4,014,672

-4,014,672

83,653,585

42



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


43




EUR

89,180,992

89,180,992

-

-

-

-

-

-

1,858,210

119,009

1,090,785

92,248,996

-

-346,310

-346,310

91,902,686

EUROPEAN CYCLICALSEUR

17,371,428

17,371,428

-

-

-

-

-

-

85,416

-

60,423

17,517,267

-68,763

-38,574

-107,337

17,409,930

EUROPEAN EQUITYEUR

352,517,230

347,648,217

4,869,014

-

-

696,422

-

696,422

13,453

1,150,141

1,716,461

356,093,707

-16,127,523

-1,128,651

-17,256,174

338,837,533


EUR

48,495,199

48,495,199

-

-

-

648,673

-

648,673

23,895,399

6,922,004

342,840

80,304,115

-103,747

-5,358,271

-5,462,018

74,842,097


EUR

92,840,320

87,162,453

5,677,867

-

-

-

-

-

12,953,361

1,335,461

772,580

107,901,722

-24,776

-215,860

-240,636

107,661,086

EUROPEAN-IMMOEUR

13,834,925

12,599,883

-

1,235,042

-

-

-

-

348,053

-

42,931

14,225,909

-

-131,450

-131,450

14,094,459

44



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


45




EUR

28,738,633

28,707,673

30,960

-

-

-

-

-

100,860

-

74,707

28,914,200

-134,145

-57,347

-191,492

28,722,708


EUR

188,292,649

184,566,556

3,726,093

-

-

-

-

-

625,713

-

1,134,316

190,052,678

-181,579

-431,227

-612,806

189,439,872

EUROPEAN SHOPPINGEUR

21,230,656

21,230,656

-

-

-

-

-

-

5,558,010

657,376

23,209

27,469,251

-

-160,740

-160,740

27,308,511

EUROPEAN SMALL CAPSEUR

13,416,297

13,416,297

-

-

-

-

-

-

-

-

22,611

13,438,908

-164,775

-38,385

-203,160

13,235,748

EUROPEAN TELECOMEUR

60,511,358

59,988,206

523,152

-

-

470,584

470,584

-

2,844,888

-

20,258

63,847,088

-

-142,385

-142,385

63,704,703

FOOD & BEVERAGESUSD

43,674,412

43,674,412

-

-

-

-

-

-

8,003,947

3,707,285

847,006

56,232,650

-53,276

-1,266,644

-1,319,920

54,912,730

46



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


47



FREE TIMEEUR

18,369,340

18,369,340

-

-

-

-

-

-

2,306,046

1,803,196

56,209

22,534,791

-429,868

-914,251

-1,344,119

21,190,672

FUTURISEUR

1,970,009

1,970,009

-

-

-

-

-

-

138,359

-

3,363

2,111,731

-7,895

-31,778

-39,673

2,072,058

GLOBAL BRANDSEUR

51,152,204

51,152,204

-

-

-

-

-

-

1,454,909

-

101,206

52,708,319

-

-171,786

-171,786

52,536,533


EUR

43,981,930

43,755,125

-

226,805

-

-

-

-

891,108

-

216,733

45,089,771

-

-119,070

-119,070

44,970,701

GREECEEUR

7,119,211

7,119,211

-

-

-

-

-

-

330,511

-

723

7,450,445

-

-11,566

-11,566

7,438,879

HEALTH CAREUSD

134,125,847

130,414,420

3,711,427

-

-

158,200

-

158,200

7,809,817

1,287,720

507,612

143,889,196

-1,797,302

-267,405

-2,064,707

141,824,489

48



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


49



INDIAUSD

12,566,127

12,202,046

364,081

-

-

-

-

-

516,528

-

187,326

13,269,981

-

-27,443

-27,443

13,242,538

INDONESIAUSD

7,439,320

7,439,224

96

-

-

-

-

-

82,601

-

208,623

7,730,544

-

-12,756

-12,756

7,717,788

INDUSTRIALSEUR

26,385,669

26,385,669

-

-

-

-

-

-

2,591,740

954,077

135,021

30,066,507

-

-117,892

-117,892

29,948,615

INTERNETUSD

11,971,340

11,971,340

-

-

-

-

-

-

598,019

-

865

12,570,224

-

-38,974

-38,974

12,531,250

ITUSD

18,115,429

18,115,429

-

-

-

-

-

-

1,490,464

-

57,545

19,663,438

-

-32,835

-32,835

19,630,603

JAPANJPY

3,471,528,698

3,471,528,698

-

-

-

-

-

-

87,902,973

-

18,793,000

3,578,224,671

-

-9,288,752

-9,288,752

3,568,935,919

50



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


51




JPY

1,033,506,718

1,033,506,718

-

-

-

-

-

-

-

-

7,763,732

1,041,270,450

-92,405,324

-2,230,746

-94,636,070

946,634,380

KOREAUSD

8,422,223

8,422,223

-

-

-

-

-

-

1,589,439

-

47,623

10,059,285

-

-417,489

-417,489

9,641,796

LATIN AMERICAUSD

11,052,058

10,905,258

-

-

146,800

-

-

-

218,536

-

168,166

11,438,760

-

-43,159

-43,159

11,395,601

METALS & MININGUSD

15,482,411

15,482,411

-

-

-

-

-

-

102,328

-

190,264

15,775,003

-61,097

-29,357

-90,454

15,684,549

MOBILE TELECOMUSD

6,640,949

6,640,949

-

-

-

-

-

-

1,044,205

357,739

12,388

8,055,281

-12,911

-200,148

-213,059

7,842,222

NASDAQUSD

31,053,773

31,053,773

-

-

-

-

-

-

577,143

618,645

1,913

32,251,474

-

-174,690

-174,690

32,076,784

52



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


53



NASDAQ EUROPEEUR

5,480,299

5,479,324

975

-

-

-

-

-

1,651,396

-

5,446

7,137,141

-

-432,150

-432,150

6,704,991

NEW ASIAUSD

19,065,703

18,222,126

843,577

-

-

-

-

-

1,281,160

-

109,702

20,456,565

-

-53,114

-53,114

20,403,451


EUR

30,818,863

30,818,863

-

-

-

-

-

-

3,520,456

-

41,139

34,380,458

-

-63,130

-63,130

34,317,328

NORTH AMERICAUSD

126,130,053

126,130,053

-

-

-

60,350

-

60,350

5,695,743

281,701

116,989

132,284,836

-

-443,995

-443,995

131,840,841

PHILIPPINESUSD

468,417

468,417

-

-

-

-

-

-

69,310

-

68

537,795

-

-1,295

-1,295

536,500

PORTUGALEUR

8,361,079

8,337,565

23,514

-

-

-

-

-

3,260,553

495,771

328,035

12,445,438

-18,850

-213,241

-232,091

12,213,347

54



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


55



PRESTIGE & LUXEEUR

24,519,559

24,519,559

-

-

-

-

-

-

5,731,058

3,871,096

30,079

34,151,792

-50,347

-2,673,524

-2,723,871

31,427,921

SHOPPINGUSD

27,460,868

27,460,868

-

-

-

76,620

-

76,620

4,533,412

745,012

30,647

32,846,559

-1,090,409

-85,821

-1,176,230

31,670,329

SINGAPORE & MALAYSIAUSD

3,651,436

3,634,756

16,680

-

-

-

-

-

42,743

-

53,525

3,747,704

-

-35,267

-35,267

3,712,437

SPANISH EQUITYEUR

4,768,761

4,768,761

-

-

-

-

-

-

-

-

111,314

4,880,075

-84,611

-16,118

-100,729

4,779,346

SUSTAINABLE GROWTHEUR

24,285,024

24,285,024

-

-

-

-

-

-

1,078,450

-

67,656

25,431,130

-

-77,262

-77,262

25,353,868

TAIWANUSD

6,025,698

6,025,698

-

-

-

-

-

-

2,451,612

307,158

1,320

8,785,788

-

-166,787

-166,787

8,619,001

56



ENGLISH


Shares

Warrants and rights

Investment Funds

Bonds


Options Contracts


Cash at Bank

Guarantee Deposits

Other Assets

Total Assets

Borrowings

Current Liabilities

Total Liabilities

Net Assets

ČESKY


Akcie


Investiční fondy

Dluhopisy


Opční smlouvy




Ostatní jmění

Celkové jmění

Výpůjčky


Celkové závazky


57



TELECOMUSD

46,173,223

45,981,874

191,349

-

-

151,500

151,500

-

481,665

232,665

44,112

47,083,165

-

-96,184

-96,184

46,986,981

TOP 30 EUROEUR

78,920,780

78,920,780

-

-

-

-

-

-

1,425,965

-

43,529

80,390,274

-

-180,365

-180,365

80,209,909

TOP 30 WORLDUSD

6,642,521

6,642,521

-

-

-

-

-

-

27,319

-

60,388

6,730,228

-2,352

-59,723

-62,075

6,668,153

UTILITIESUSD

30,024,477

30,024,215

262

-

-

-

-

-

20,526

-

87,534

30,132,537

-102,577

-58,561

-161,138

29,971,399

WORLDEUR

111,826,686

111,706,628

-

-

120,058

101,458

-

101,458

-

171

259,783

112,188,098

-4,691

-484,261

-488,952

111,699,146

CONSOLIDATEDKONSOLIDACE

EUR

2,514,826,337

2,492,162,100

20,947,801

1,461,847

254,589

16,233,823

13,962,290

2,271,533

141,656,204

35,588,854

11,507,739

2,719,812,957

-35,126,284

-23,540,210

-58,666,494

2,661,146,463

58

Securities Portfolio

Portfolio cenných papírů

AUSTRALIA

Quantity/Nominal

Počet/ nominálníhodnota

Currency

Měna

Valuation in AUD

Hodnota v AUD

% NAV

% COJ

Transferable Securities listed onan Official Stock Exchange

Cenné papíry kotované na řádné burze cenných papírů

Shares - Akcie

5,287 AUSTRALIAN GAS LIGHT AUD 58,686 0.84

58,686 0.84

9,752 COCA-COLA AMATIL AUD 55,099 0.79

20,395 GOODMAN FIELDER AUD 33,244 0.48

88,343 1.27

15,000 JOHN FAIRFAX AUD 45,900 0.66

50,000 NEWS CORP AUD 538,500 7.75

12,031 NEWS CORPORATION (PREF.) AUD 108,279 1.56

8,500 PUBLISHING & BROADCASTING AUD 71,315 1.03

763,994 11.00

18,272 ANZ BANKING GROUP AUD 327,617 4.72

6,000 BANK OF WESTERN AUSTRALIA AUD 20,820 0.30

16,000 COMMONWEALTH BANK AUD 416,800 6.00OF AUSTRALIA

3,200 MACQUARIE BANK AUD 79,040 1.14

19,000 NATIONAL AUSTRALIA BANK AUD 607,050 8.74

6,000 ST. GEORGE BANK AUD 115,260 1.66

23,077 WESTPAC BANKING AUD 348,001 5.01

1,914,588 27.57

4,000 ORICA LIMITED AUD 36,360 0.52

36,360 0.52

1,000 FLIGHT CENTRE AUD 18,590 0.27

2,000 PATRICK CORP AUD 23,920 0.34

22,408 QANTAS AIRWAYS AUD 66,552 0.96

4,000 TOLL AUD 25,640 0.37

134,702 1.94

$

Quantity/Nominal


Currency

Měna

Valuation in AUD

Hodnota v AUD

% NAV

% COJ



Shares - Akcie

14,715 COLES MYER AUD 91,233 1.31

1,400 FOODLAND ASSOCIATED AUD 25,130 0.36

14,600 HARVEY NORMAN AUD 29,200 0.42

12,500 WOOLWORTHS AUD 152,875 2.20

298,438 4.29

14,000 AMP AUD 98,280 1.41

29,000 AXA ASIA PACIFIC AUD 58,580 0.84

25,000 INSURANCE AUSTRALIA AUD 72,500 1.04

9,266 QBE INSURANCE GROUP AUD 77,742 1.12

307,102 4.41

6,147 BORAL AUD 28,276 0.41

10,000 CSR / RINKER (ISSUE 03) AUD 16,000 0.23

5,000 JAMES HARDIE INDUSTRIES AUD 29,650 0.43

4,000 LEIGHTON AUD 35,200 0.51

10,000 RINKER GROUP AUD 49,300 0.71

158,426 2.29

5,000 ARGO INVESTMENTS AUD 21,900 0.32

8,000 AUSTRALIAN FOUNDATION AUD 25,280 0.36

6,374 SUNCORP METWAY AUD 64,824 0.93

4,500 WESFARMERS AUD 99,945 1.44

211,949 3.05

5,440 TABCORP HOLDINGS AUD 54,400 0.78

54,400 0.78

10,000 AMCOR AUD 81,100 1.17

81,100 1.17

59



AUSTRALIA

Quantity/Nominal


Currency

Měna

Valuation in AUD

Hodnota v AUD

% NAV

% COJ



Shares - Akcie

46,500 BHP BILLITON AUD 431,520 6.21

11,122 BHP STEEL AUD 35,923 0.52

1,000 COAL & ALLIED INDUSTRIES AUD 23,500 0.34

17,300 WMC RESOURCES AUD 63,317 0.91

554,260 7.98

9,000 COMPUTERSHARE AUD 13,230 0.19

13,230 0.19

1,054 IMUGENE AUD 126 0.00

126 0.00

4,000 NEWCREST MINING AUD 25,440 0.37

25,440 0.37

17,300 ALUMINIA AUD 70,757 1.02

30,000 MIM HOLDINGS AUD 45,000 0.65

6,500 RIO TINTO AUD 201,695 2.90

317,452 4.57

16,000 COMMONWEALTH PROPERTY OFFICE AUD 18,720 0.27

20,000 GANDEL RETAIL TRUST AUD 27,600 0.40

27,783 GENERAL PROPERTY TRUST AUD 83,071 1.20

10,000 INVESTA PROPERTY AUD 20,200 0.29

29,531 MACQUARIE INFRASTRUCTURE AUD 92,727 1.33

12,000 STOCKLAND TRUST GROUP AUD 59,640 0.86

47,204 WESTFIELD AMERICA TRUST AUD 94,880 1.37

31,791 WESTFIELD TRUST AUD 108,407 1.56

27 WESTFIELD TRUST (ISSUE 2003) AUD 92 0.00

505,337 7.28

Quantity/Nominal


Currency

Měna

Valuation in AUD

Hodnota v AUD

% NAV

% COJ



Shares - Akcie

4,000 PAPERLINX AUD 20,480 0.29

20,480 0.29

7,087 ORIGIN ENERGY AUD 30,191 0.43

8,000 SANTOS AUD 46,880 0.67

7,000 WOODSIDE PETROLEUM AUD 76,300 1.10

153,371 2.20

700 COCHLEAR AUD 23,310 0.34

2,600 CSL AUD 40,612 0.58

5,000 RESMED AUD 26,050 0.37

89,972 1.29

13,824 MAYNE GROUP AUD 41,334 0.59

41,334 0.59

6,295 ARISTOCRAT LEISURE AUD 10,261 0.15

15,426 BRAMBLES INDUSTRIES AUD 70,343 1.01

5,000 TRANSURBAN AUD 21,850 0.31

102,454 1.47

6,000 CENTRO PROPERTIES AUD 22,560 0.32

7,160 LEND LEASE AUD 66,588 0.96

10,000 MIRVAC GROUP AUD 41,400 0.60

6,600 WESTFIELD HOLDINGS AUD 89,628 1.29

220,176 3.17

25,000 FOSTER'S GROUP AUD 110,750 1.59

7,000 LION NATHAN AUD 36,470 0.52

11,950 SOUTHCORP AUD 38,838 0.56

186,058 2.67

60



AUSTRALIA

Quantity/Nominal


Currency

Měna

Valuation in AUD

Hodnota v AUD

% NAV

% COJ



Shares - Akcie

2,310 ONE TEL AUD 0 0.00

50,760 SINGAPORE TELECOM (CUFS) AUD 64,465 0.93

15,456 TELECOM CORP OF NEW ZEALAND NZD 64,066 0.92

84,000 TELSTRA AUD 341,880 4.92

484 UXC AUD 286 0.00

470,697 6.77

6,808,475 97.97

Warrants & Rights - Opční listy a práva

50 FLIGHT CENTER (RIGHT 08/04/03) AUD 1 0.00

1 0.00

1 0.00

TOTAL/CELKEM 6,808,476 97.97

61



BANKING & INSURANCE

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

8,000 ALLIANZ EUR 396,324 0.38

15,000 BAYERISCHE HYPOVEREINSBANK EUR 112,612 0.11

25,000 DEUTSCHE BANK EUR 1,050,280 1.00

4,500 MUENCHENER RUECKVERSICH.(REG.)EUR 257,796 0.24

1,817,012 1.73

49,095 AMP AUD 208,267 0.20


50,242 COMMONWEALTH BANK AUD 790,900 0.75OF AUSTRALIA

61,500 NATIONAL AUSTRALIA BANK AUD 1,187,388 1.13


3,843,754 3.65

2,000 ERSTE BANK DER OESTERREICH. EUR 142,729 0.14SPARKASSEN

142,729 0.14

100,000 DEXIA EUR 911,152 0.86

40,000 FORTIS EUR 516,356 0.49

4,500 KBC BANCASSURANCE EUR 136,558 0.13

1,564,066 1.48

20,500 BANK OF MONTREAL CAD 559,135 0.53

21,000 BANK OF NOVA SCOTIA CAD 740,950 0.70

15,000 CAN.IMPERIAL BK.OF COMMERCE CAD 482,342 0.46

20,500 MANULIFE FINANCIAL CAD 491,822 0.47

8,000 NATIONAL BANK OF CANADA CAD 176,050 0.17

28,000 ROYAL BANK OF CANADA CAD 1,087,678 1.03

26,500 SUN LIFE FINANCIAL CAD 504,076 0.48

4,042,053 3.84

23,000 DANSKE BANK DKK 383,582 0.36

383,582 0.36

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

145,000 BANCO BILBAO VIZCAYA ARGENTARIAEUR 1,207,249 1.15

175,000 BANCO SANTANDER (REG.) EUR 1,117,116 1.06

200,000 BANESTO EUR 1,374,912 1.30

3,699,277 3.51

20,000 AFLAC USD 641,000 0.61

25,000 ALLSTATE USD 829,250 0.79

46,000 AMERICAN EXPRESS USD 1,528,580 1.45

110,000 AMERICAN INTERNATIONAL USD 5,439,500 5.16

10,000 AON USD 206,800 0.20

62,000 BANK OF AMERICA USD 4,144,080 3.93

35,000 BANK OF NEW YORK USD 717,500 0.68

45,000 BANK ONE USD 1,557,900 1.48

38,000 CHARLES SCHWAB USD 274,360 0.26

6,000 CHUBB USD 265,920 0.25

7,000 CINCINNATI FINANCIAL USD 245,490 0.23

215,000 CITIGROUP USD 7,406,750 7.03

7,000 COMERICA USD 265,160 0.25

5,000 COUNTRYWIDE FINANCIAL USD 287,500 0.27

40,000 FANNIE MAE USD 2,614,000 2.48

18,000 FIFTH THIRD BANCORP USD 902,520 0.86

40,000 FLEET BOSTON FINANCIAL USD 955,200 0.91

29,000 FREDDIE MAC USD 1,542,510 1.46

6,000 GOLDEN WEST FINANCIAL USD 431,580 0.41

10,000 GOLDMAN SACHS USD 680,800 0.65

10,000 HARTFORD USD 352,900 0.33

9,000 HUNTINGTON BANCSHARES USD 167,310 0.16

7,500 JEFFERSON-PILOT USD 288,600 0.27

12,000 JOHN HANCOCK FINANCIAL SERVICEUSD 333,360 0.32

80,000 JP MORGAN CHASE & CO USD 1,896,800 1.80

15,000 KEYCORP USD 338,400 0.32

7,500 LEHMAN BROTHERS USD 433,125 0.41

7,000 LINCOLN NATIONAL USD 196,000 0.19

23,000 MARSH & MC LENNAN USD 980,490 0.93

7,500 MBIA INC USD 289,800 0.27

40,000 MBNA USD 602,000 0.57

15,000 MELLON FINANCIAL USD 318,900 0.30

30,000 MERRILL LYNCH USD 1,062,000 1.01

30,000 METLIFE USD 791,400 0.75

5,000 MOODY'S USD 231,150 0.22

40,000 MORGAN STANLEY DEAN WITTER USD 1,534,000 1.46

20,000 NATIONAL CITY USD 557,000 0.53

8,000 NATIONAL COMMERCE USD 189,600 0.18

8,000 NORTH FORK BANCORPORATION USD 235,600 0.22

9,000 NORTHERN TRUST USD 274,050 0.26

12,000 PNC FINANCIAL SERVICES USD 508,560 0.48

8,000 PROGRESSIVE USD 474,480 0.45

62



BANKING & INSURANCE

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

25,000 PRUDENTIAL FINANCE USD 731,250 0.69

6,000 SAFECO USD 209,820 0.20

6,000 SAINT PAUL USD 190,800 0.18

15,000 SOUTHTRUST USD 382,950 0.36

13,500 STATE STREET USD 427,005 0.41

10,000 SUNTRUST BANKS USD 526,500 0.50

17,000 TRAVELERS PROPERTY -A- USD 239,530 0.23

30,000 TRAVELERS PROPERTY -B- USD 423,300 0.40

80,000 US BANCORP USD 1,518,400 1.44

58,000 WACHOVIA USD 1,976,060 1.87

2,800 WACHOVIA DEPS USD 308 0.00

35,000 WASHINGTON MUTUAL USD 1,234,450 1.17

71,500 WELLS FARGO USD 3,216,785 3.05

54,069,083 51.29

55,000 AXA-UAP EUR 649,373 0.62

35,000 BNP EUR 1,401,646 1.33

15,000 SOCIETE GENERALE PARIS -A- EUR 774,534 0.73

2,825,553 2.68

30,000 3I GBP 197,502 0.19

32,000 AMVESCAP GBP 141,626 0.13

85,000 AVIVA GBP 472,930 0.45

265,000 BARCLAYS GBP 1,528,881 1.45

155,000 HBOS GBP 1,591,277 1.51

450,000 HSBC HOLDINGS GBP 4,616,280 4.38

228,431 LEGAL & GENERAL GBP 250,943 0.24

245,000 LLOYDS TSB GBP 1,246,972 1.18

10,000 MAN GBP 153,560 0.15

85,000 PRUDENTIAL GBP 414,485 0.39

115,000 ROYAL BANK OF SCOTLAND GBP 2,590,285 2.46

13,204,741 12.53

39,000 HANG SENG BANK HKD 397,528 0.38

397,528 0.38

6,000 XL CAPITAL -A- USD 424,680 0.40

424,680 0.40

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

100,000 ALLIED IRISH BANKS EUR 1,380,368 1.31

40,000 BANK OF IRELAND EUR 423,822 0.40

1,804,190 1.71

42,000 ASSICURAZIONI GENERALI EUR 865,278 0.82

700,000 BANCA INTESA EUR 1,558,234 1.48

45,000 BANCA MONTE DEI PASCHI DI SIENA EUR 101,891 0.10

30,000 MEDIOBANCA EUR 236,681 0.22

25,000 RIUNIONE ADRIATICA SICURTA EUR 310,719 0.29

35,000 SAN PAOLO-IMI EUR 237,936 0.23

150,000 UNICREDITO ITALIANO EUR 571,243 0.54

3,881,982 3.68

3,000 ACOM JPY 78,428 0.07

43,000 DAIWA SECURITIES JPY 176,598 0.17

55 MILLEA JPY 341,373 0.32

150 MITSUBISHI TOKYO FINANCIAL JPY 569,236 0.54

50,000 MITSUI SUMITO INSURANCE JPY 214,201 0.20

250 MIZUHO FINANCIAL JPY 204,082 0.19

68,000 NOMURA JPY 708,214 0.67

3,620 ORIX JPY 186,220 0.18

150 SUMITOMO MITSUI FINANCIAL JPY 268,173 0.25

2,900 TAKEFUJI JPY 138,177 0.13

160 UFJ HOLDINGS JPY 159,217 0.15

3,043,919 2.87

56,000 ABN AMRO EUR 818,836 0.78

50,213 AEGON EUR 376,972 0.36

70,000 ING GROUP EUR 808,907 0.77

2,004,715 1.91

75,000 BANCO COMMERCIAL PORTUGUES EUR 102,300 0.10

102,300 0.10

63



BANKING & INSURANCE

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

55,400 DBS SGD 288,743 0.27

49,000 OVERSEA-CHINESE BANKING SGD 262,326 0.25

60,000 UNITED OVERSEAS BANK SGD 350,109 0.33

901,178 0.85

93,000 NORDEA SEK 410,215 0.39

40,000 SKANDIA FOERSAEKRINGS SEK 83,501 0.08

25,000 SKANDINAVISKA ENSKILDA BANKEN SEK 216,713 0.21

20,000 SVENSKA HANDELSBANKEN -A- SEK 281,874 0.27

992,303 0.95

15,000 CIE SUISSE REASSURANCE CHF 735,877 0.70

50,000 CREDIT SUISSE CHF 869,438 0.82

55,000 UBS (REG.) CHF 2,340,083 2.22

6,000 ZURICH FINANCIAL SERVICES CHF 510,564 0.48

4,455,962 4.22

103,600,607 98.28

TOTAL/CELKEM 103,600,607 98.28

64



BIOTECHNOLOGY

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

5,000 LION BIOSCIENCE EUR 15,004 0.02

15,004 0.02

34,100 QLT USD 346,797 0.50

346,797 0.50

62,000 ZELTIA EUR 413,368 0.60

413,368 0.60

27,000 AFFYMETRIX USD 702,000 1.01

31,500 ALKERMES USD 285,705 0.41

68,500 AMGEN USD 3,942,175 5.69

33,600 ANDRX GROUP USD 396,815 0.57

15,000 APPLERA-CELERA GENOMICS USD 129,300 0.19

74,000 BIOGEN USD 2,217,040 3.20

40,000 CELGENE USD 1,043,200 1.51

40,500 CEPHALON USD 1,617,570 2.33

51,500 CHIRON USD 1,931,250 2.79

20,500 ENZON PHARMACEUTICALS USD 232,675 0.34

111,000 GENENTECH USD 3,886,110 5.61

106,000 GENZYME USD 3,863,700 5.58

97,000 GILEAD SCIENCES USD 4,073,030 5.88

57,700 HUMAN GENOME SCIENCES USD 493,335 0.71

31,000 ICOS USD 580,010 0.84

76,500 IDEC PHARMACEUTICAL USD 2,633,054 3.80

25,700 IMCLONE SYSTEMS USD 426,106 0.61

32,000 INCYTE USD 95,680 0.14

22,500 INVITROGEN USD 689,175 0.99

97,000 MEDAREX USD 313,310 0.45

89,000 MEDIMMUNE USD 2,921,870 4.22

136,400 MILLENNIUM PHARM USD 1,072,104 1.55

30,500 NEKTAR THERAPEUTICS USD 192,760 0.28

20,000 PROTEIN DESIGN LABS USD 148,000 0.21

15,000 REGENERON PHARMACEUTICALS USD 112,800 0.16

21,000 TECHNE USD 434,070 0.63

39,900 VERTEX PHARMACEUTICALS USD 443,688 0.64

34,876,532 50.34

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

14,000 CAMBRIDGE ANTIBODY TECH GRP GBP 77,452 0.11

132,000 CELLTECH GROUP GBP 556,040 0.80

197,000 SHIRE PHARMACEUTICALS GBP 1,200,399 1.73

1,833,891 2.64

68,700 QIAGEN EUR 397,317 0.57

397,317 0.57

3,470 SERONO-B- CHF 1,658,680 2.39

1,658,680 2.39

39,541,589 57.06

TOTAL/CELKEM 39,541,589 57.06

65



BIOTECHNOLOGY

Financial Instruments - Finanční nástroje

Quantity/Nominal


Currency

Měna

Commitments in USD

Přímé nákupy v USD

CallSecurities - Movitý majetek

5,201 USDCALL AMGEN 01/2004 30

PutSecurities - Movitý majetek

-5,201 USDPUT AMGEN 01/2004 30 1,200,000

1,200,000

66



BRAZIL

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

7,500 CIA SANEAMENTO BASICO USD 44,925 1.09DO ESTADO SP

35,000 COPEL - CIA PARANAENSE ENER USD 84,350 2.04

37,500,000 ELETROPAULO METROPOLITANA BRL 226,169 5.47

3,612,000 TRACTEBEL ENERGIA B BRL 2,469 0.06

357,913 8.66

1,000 BUNGE USD 25,160 0.61

25,160 0.61

15,000 BANCO BRADESCO PFD (ADR) USD 258,000 6.24

3,400,000 BANCO ITAU BRL 187,418 4.53

445,418 10.77

110,000 ITAUSA-INVESTIMENTOS ITAU-PR BRL 68,255 1.65

68,255 1.65

11,000 EMBRAER AIRCRAFT (ADR) USD 127,490 3.08

127,490 3.08

450,000 CAEMI MINERACAO E METAL BRL 61,511 1.49

5,000,000 CIA SIDERURGICA TUBARAO (PREF) BRL 65,198 1.58

4,000 COMPANHIA SIDERURGICA NACIONAL USD 76,800 1.86

10,000 GERDAU USD 91,500 2.21

295,009 7.14

20,000 CIA ENERGETICA DE MINAS GERAIS USD 149,000 3.60

6,000 CIA VALE DO RIO DOCE USD 155,700 3.76

304,700 7.36

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

4,000 ARACRUZ CELULOSE USD 80,040 1.94

80,040 1.94

27,000 PETROBRAS (REPR.1 PFD SH) USD 371,520 8.98

371,520 8.98

7,000 AMBEV CIA DE BEBIDAS USD 116,200 2.81DAS AMERICAS

6,000 SOUZA CRUZ ON BRL 34,802 0.84

151,002 3.65

482,000 BRASIL TELECOM BRL 1,555 0.04

27,500,000 BRASIL TELECOM (PREF.) BRL 88,946 2.15

6,000 BRASIL TELECOM PARTICIPACOES USD 167,700 4.05

14,870 CELULAR CRT PARTICIPACOES BRL 1,293 0.03

604 CELULAR CRT PARTICIP-COM RCT BRL 53 0.00

125,000 EMBRATEL PARTICIPACOES EBTP USD 126,250 3.05

17,500 TELE CELULAR SUL(REPR.10000 p) USD 124,250 3.00

18,500 TELE CENTRO OESTE CELULAR USD 87,690 2.12

47,000 TELE NORTE LESTE (REPR.1000 PR USD 387,750 9.37

2,000 TELECOMUNICACOES DE SAO PAULO USD 18,600 0.45

15,000,000 TELEMAR NORTE LESTE P BRL 164,568 3.98

8,000 TELEMIG CELULAR PART USD 138,400 3.35

93,800 TELESP CELULAR PARTICIPACOES USD 303,910 7.35

1,610,965 38.94

12,500 MARCOPOLO (PREF) BRL 15,175 0.37

15,175 0.37

3,852,647 93.15

67



BRAZIL

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ

Other Transferable Securities - Jiné cenné papíry


316 BRASIL TELECOM (RIGHT 16/04/03) BRL 14 0.00

14 0.00

14 0.00

TOTAL/CELKEM 3,852,661 93.15

68



CHEMICALS

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

65,725 BASF EUR 2,446,339 7.02

137,200 BAYER EUR 1,869,911 5.37

17,200 LINDE EUR 547,106 1.57

4,863,356 13.96

43,440 ORICA LIMITED AUD 238,616 0.68

238,616 0.68

5,500 SOLVAY EUR 339,991 0.98

339,991 0.98

15,000 AGRIUM (INC) CAD 160,611 0.46

13,000 NOVA CHEMICALS CAD 237,298 0.68

4,300 POTASH CORP OF SASKATCHEWAN CAD 264,119 0.76

662,028 1.90

7,000 NOVOZYMES DKK 161,485 0.46

161,485 0.46

33,200 AIR PRODUCTS & CHEMICALS USD 1,375,476 3.95

98,000 DOW CHEMICAL USD 2,705,780 7.76

78,200 DU PONT DE NEMOURS USD 3,038,852 8.72

11,400 INTERN. FLAVORS & FRAGRANCE USD 354,426 1.02

24,500 PPG INDUSTRIES USD 1,104,460 3.17

23,500 PRAXAIR USD 1,324,225 3.80

20,300 ROHM & HAAS USD 604,534 1.73

10,000 SIGMA ALDRICH USD 444,900 1.28

10,952,653 31.43

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

13,700 AIR LIQUIDE EUR 1,816,357 5.21

1,816,357 5.21

126,390 BOC GBP 1,512,319 4.34

222,000 IMPERIAL CHEMICAL INDUSTRIES GBP 322,831 0.93

1,835,150 5.27

186,000 ASAHI KASEI JPY 484,685 1.39

36,000 DAICEL CHEMICAL INDUSTRIES JPY 116,883 0.34

90,000 DAINIPPON INK & CHEMICALS JPY 146,483 0.42

56,000 DENKI KAGAKU KOGYO JPY 144,038 0.41

39,000 ISHIHARA SANGYO JPY 43,414 0.12

25,000 JSR JPY 250,885 0.72

35,000 KANEKA JPY 164,404 0.47

55,000 KURARAY JPY 322,356 0.93

248,000 MITSUBISHI CHEMICAL CORP JPY 439,197 1.26

51,000 MITSUBISHI GAS CHEMICAL JPY 83,007 0.24

76,000 MITSUBISHI RAYON JPY 183,302 0.53

78,000 MITSUI CHEMICALS JPY 306,527 0.88

22,000 NIPPON KAYAKU JPY 83,117 0.24

31,000 NIPPON SANSO JPY 86,271 0.25

22,000 NIPPON SHOKUBAI JPY 105,751 0.30

23,000 NISSAN CHEMICAL INDUSTRIES JPY 90,774 0.26

20,000 NITTO DENKO JPY 534,660 1.53

52,000 SHIN-ETSU CHEMICAL JPY 1,609,378 4.62

138,000 SHOWA DENKO JPY 178,057 0.51

21,000 SUMITOMO BAKELITE JPY 73,849 0.21

163,000 SUMITOMO CHEMICAL JPY 551,214 1.58

120,000 TEIJIN JPY 269,185 0.77

181,000 TORAY INDUSTRIES JPY 401,442 1.15

73,000 TOSOH JPY 148,980 0.43

109,000 UBE INDUSTRIES JPY 124,093 0.36

6,941,952 19.92

43,850 AKZO NOBEL EUR 871,811 2.50

871,811 2.50

69



CHEMICALS

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

22,500 CLARIANT CHF 204,780 0.59

1,030 GIVAUDAN (REG.) CHF 393,267 1.13

6,500 LONZA (NEW) CHF 368,420 1.06

32,500 SYNGENTA CHF 1,481,374 4.25

2,447,841 7.03

31,131,238 89.34

TOTAL/CELKEM 31,131,240 89.34


Quantity/Nominal


Currency

Měna

Commitments in USD



150

680

USD

USD

CALL DOW CHEMICAL 01/2005 30

CALL DU PONT DE NEMOURS01/2005 40


-150

-680

USD

USD

PUT DOW CHEMICAL 01/2005 30

PUT DU PONT DE NEMOURS 01/200540

450,000

2,720,000

3,170,000

70




Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

750 AIXTRON EUR 1,948 0.00

2,676 EPCOS EUR 31,741 0.04

21,900 INFINEON TECHNOLOGIES EUR 148,402 0.18

11,900 SAP EUR 901,828 1.12

1,083,919 1.34

500 BARCO EUR 24,170 0.03

24,170 0.03

13,525 ATI TECHNOLOGIES CAD 70,432 0.09

12,000 CELESTICA CAD 136,728 0.17

11,537 CGI USD 54,224 0.07

4,500 COGNOS CAD 102,210 0.13

230,800 NORTEL NETWORKS CAD 484,838 0.60

7,900 ONEX CAD 74,599 0.09

923,031 1.15

23,815 TERRA NETWORKS EUR 114,342 0.14

114,342 0.14

47,700 ADC COMMUNICATION USD 98,262 0.12

2,400 ADOBE SYSTEMS USD 73,992 0.09

20,300 ADVANCED MICRO DEVICES USD 125,454 0.16

51,006 AGERE SYSTEM B USD 76,509 0.09

35,059 AGERE SYSTEMS A USD 56,094 0.07

25,300 AGILENT TECHNOLOGIES USD 332,695 0.41

22,058 ANALOG DEVICES USD 606,595 0.75

21,504 APPLE COMPUTER USD 304,067 0.38

131,000 APPLIED MATERIALS USD 1,647,980 2.05

69,756 APPLIED MICRO CIRCUITS USD 227,405 0.28

22,000 BEA SYSTEMS USD 224,180 0.28

14,340 BMC SOFTWARE USD 216,391 0.27

12,200 BROADCOM USD 150,670 0.19

14,300 BROCADE COMMUNICATIONS SYSTEMS USD 69,784 0.09

16,100 CADENCE DESIGN SYS USD 161,000 0.20

26,350 CIENA USD 115,150 0.14

427,800 CISCO SYSTEMS USD 5,552,844 6.89

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,800 CITRIX SYSTEMS USD 142,128 0.18

26,261 COMPUTER ASSOCIATES USD 358,725 0.45

9,700 COMPUTER SCIENCE USD 315,735 0.39

22,293 COMPUWARE USD 75,573 0.09

10,380 COMVERSE TECHNOLOGY USD 117,398 0.15

65,000 CORNING USD 379,600 0.47

137,700 DELL COMPUTER USD 3,760,587 4.67

8,393 ELECTRONIC ARTS USD 492,166 0.61

28,500 ELECTRONIC DATA SYSTEMS USD 501,600 0.62

131,957 EMC USD 954,049 1.18

164,300 HEWLETT PACKARD USD 2,554,865 3.17

99,969 IBM USD 7,840,569 9.73

393,400 INTEL USD 6,404,552 7.95

12,154 INTUIT USD 452,129 0.56

9,500 JABIL CIRCUIT USD 166,250 0.21

16,900 JUNIPER NETWORKS USD 138,073 0.17

217 LINEAR TECHNOLOGY USD 6,699 0.01

205,300 LUCENT TECHNOLOGIES USD 301,791 0.37

5,087 MERCURY INTERACTIVE USD 150,982 0.19

30,900 MICRON TECHNOLOGY USD 251,526 0.31

199,700 MICROSOFT USD 4,834,737 6.00

137,400 MOTOROLA USD 1,134,924 1.41

9,000 NOVELLUS SYSTEMS USD 245,430 0.30

238,010 ORACLE USD 2,582,170 3.21

16,900 PEOPLESOFT USD 258,570 0.32

11,120 QLOGIC USD 412,997 0.51

44,600 QUALCOMM USD 1,608,276 2.00

31,143 SANMINA USD 125,818 0.16

9,225 SCIENTIFIC ATLANTA USD 126,752 0.16

24,000 SIEBEL SYSTEMS USD 192,240 0.24

48,000 SOLECTRON USD 144,960 0.18

186,000 SUN MICROSYSTEMS USD 606,360 0.75

17,000 SUNGARD DATA USD 362,100 0.45

8,000 SYMANTEC USD 313,440 0.39

13,745 SYMBOL TECH USD 118,344 0.15

23,200 TELLABS USD 134,328 0.17

11,077 TERADYNE USD 128,936 0.16

45,100 TEXAS INSTRUMENT USD 738,287 0.92

10,190 THERMO-ELECTRON USD 184,439 0.23

19,536 UNISYS USD 180,903 0.22

13,990 VERISIGN USD 122,273 0.15

24,500 VERITAS SOFTWARE USD 430,710 0.53

7,860 WATERS CORP USD 166,318 0.21

44,000 XEROX USD 382,800 0.48

19,600 XILINX USD 458,837 0.57

28,099 YAHOO USD 674,938 0.84

52,073,956 64.65

71




Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

283,500 NOKIA -A- EUR 3,916,437 4.86

5,000 TIETOENATOR EUR 68,964 0.09

3,985,401 4.95

66,323 ALCATEL EUR 453,770 0.56

3,799 ALTRAN TECHNOLOGIES EUR 11,441 0.01

1,320 ATOS ORIGIN EUR 34,713 0.04

3,672 BUSINESS OBJECTS EUR 59,983 0.07

5,400 CAP GEMINI SOGETI EUR 143,128 0.18

2,500 DASSAULT SYSTEMS EUR 55,160 0.07

23,000 WANADOO EUR 130,257 0.16

888,452 1.09

61,500 ARM HOLDING GBP 49,820 0.06

41,106 LOGICACMG GBP 59,126 0.07

35,000 MISYS GBP 83,676 0.10

73,000 SAGE GBP 132,695 0.16

325,317 0.39

1,600 INTRACOM EUR 7,088 0.01

7,088 0.01

8,000 ASM PACIFIC TECHNOLOGY HKD 19,130 0.02

19,130 0.02

500 IONA TECHNOLOGIES EUR 1,118 0.00

1,118 0.00

10,000 TISCALI EUR 39,938 0.05

39,938 0.05

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

4,250 ADVANTEST JPY 151,248 0.19

9,000 ALPS ELECTRIC JPY 108,155 0.13

5,000 ANRITSU JPY 18,511 0.02

50,000 CANON JPY 1,745,657 2.17

2,000 CAPCOM JPY 17,423 0.02

16,000 CITIZEN WATCH JPY 85,546 0.11

3,900 CSK JPY 62,358 0.08

8,000 DAINIPPON SCREEN JPY 26,649 0.03

1,800 FUJI SOFT ABC JPY 18,124 0.02

97,000 FUJITSU JPY 261,764 0.32

1,200 FUJITSU SUPPORT AND SERVICE JPY 11,739 0.01

1,800 HIROSE ELECTRIC JPY 118,097 0.15

171,000 HITACHI JPY 595,573 0.74

1,500 HITACHI SOFTWARE ENGINEERING JPY 23,655 0.03

6,400 HOYA JPY 385,900 0.48

1,500 ITOCHU TECHNO-SCIENCE JPY 27,576 0.03

1,870 KEYENCE JPY 289,221 0.36

10,300 KYOCERA JPY 510,744 0.63

1,700 MABUCHI MOTOR JPY 129,600 0.16

2,100 MEITEC JPY 50,207 0.06

3,900 MITSUMI ELECTRIC JPY 30,422 0.04

13,700 MURATA MANUFACTURING JPY 532,611 0.66

84,000 NEC JPY 276,978 0.34

7 NET ONE SYSTEMS JPY 23,967 0.03

1,900 NIDEC JPY 107,033 0.13

15,000 NIKON JPY 104,613 0.13

1,200 NIPPON SYSTEM DEVELOPMENT JPY 13,034 0.02

85 NTT DATA JPY 231,531 0.29

271 OBIC CO JPY 39,491 0.05

30,000 OKI ELECTRIC JPY 65,525 0.08

13,000 OMRON JPY 206,544 0.26

1,900 ORACLE JAPAN JPY 50,472 0.06

37,000 RICOH JPY 578,183 0.72

6,300 ROHM JPY 683,235 0.85

10,304 SOFTBANK JPY 119,915 0.15

6,000 TAIYO YUDEN JPY 49,283 0.06

6,900 TDK JPY 263,594 0.33

8,600 TOKYO ELECTRON JPY 336,515 0.42

166,000 TOSHIBA JPY 438,168 0.54

1,900 TOYO INFORMATION SYSTEM JPY 25,476 0.03

5,000 TREND MICRO JPY 70,206 0.09

12,500 YOKOGAWA ELECTRIC JPY 83,066 0.10

8,967,609 11.12

256 OPTICOM ASA NOK 2,152 0.00

7,204 TANDBERG NOK 18,167 0.02

20,319 0.02

72




Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

28,000 ASM EUR 181,794 0.23

5,100 OCE EUR 40,180 0.05

30,000 STMICROELECTRONICS USD 567,000 0.70

788,974 0.98

34,000 CHARTERED SEMICONDUCTEUR SGD 12,135 0.02MANUFACTURING

1,910 CREATIVE TECHNOLOGY SGD 11,578 0.01

12,000 VENTURE SGD 95,175 0.12

118,888 0.15

936,000 TELEFON ERICSSON -B- SEK 585,071 0.73

9,500 WM-DATA SEK 8,795 0.01

593,866 0.74

1,300 KUDELSKI CHF 15,776 0.02

2,604 LOGITECH INTERNATIONAL CHF 76,591 0.10

702 SAGEM EUR 47,110 0.06

34,700 STMICROELECTRONICS EUR 656,952 0.82

570 UNAXIS CHF 37,390 0.05

833,819 1.05

130,000 TAIWAN SEMICONDUCTOR SP (ADR) USD 889,200 1.10

889,200 1.10

71,698,537 88.98

TOTAL/CELKEM 71,698,537 88.98


Quantity/Nominal


Currency

Měna

Commitments in USD



400

3,400

USD

USD

CALL INTEL 01/2004 20

CALL MICROSOFT 01/2004 27.5


-400

-3,400

USD

USD

PUT INTEL 01/2004 20

PUT MICROSOFT 01/2004 27.5

800,000

1,168,750

1,968,750

73



DUTCH EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,044 NUMICO EUR 40,644 0.39

14,442 UNILEVER (Cert.ACTION) EUR 787,811 7.59

828,455 7.98

31,350 REED ELSEVIER EUR 289,360 2.79

7,230 VNU EUR 168,314 1.62

10,573 WOLTERS KLUWER EUR 108,902 1.05

566,576 5.46

48,387 ABN AMRO EUR 648,387 6.25

50,218 FORTIS EUR 594,079 5.73

63,548 ING GROUP EUR 672,973 6.49

1,915,439 18.47

11,098 AKZO NOBEL EUR 202,206 1.95

746 DSM EUR 26,364 0.25

228,570 2.20

13,992 TPG EUR 195,328 1.88

195,328 1.88

32,584 KONINKLIJKE AHOLD EUR 99,381 0.96

99,381 0.96

55,375 AEGON EUR 380,980 3.67

380,980 3.67

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

24,124 ASM EUR 143,538 1.38

49,342 ROYAL PHILIPS ELECTRONICS EUR 710,031 6.84

853,569 8.22

27,750 LOGICACMG GBP 36,579 0.35

36,579 0.35

5,464 BUHRMANN EUR 11,256 0.11

4,600 HAGEMEYER EUR 15,962 0.15

1,664 VAN DER MOOLEN EUR 15,309 0.15

42,527 0.41

19,352 ROYAL DUTCH PETROLEUM EUR 722,023 6.96

722,023 6.96

1,851 IHC CALAND EUR 72,337 0.70

72,337 0.70

1,026 FUGRO (CVA) EUR 35,541 0.34

35,541 0.34

8,669 HEINEKEN EUR 294,659 2.84

294,659 2.84

2,100 GUCCI EUR 183,540 1.77

183,540 1.77

74



DUTCH EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

75,484 KPN (DEMAT.) EUR 443,846 4.28

443,846 4.28

6,899,350 66.49

TOTAL/CELKEM 6,899,350 66.49


Quantity/Nominal


Currency

Měna

Commitments in EUR

Přímé nákupy v EUR

Forward Contracts - FuturesStock indices - Indexy

68 EURAEX INDEX 04/2003 3,362,464

3,362,464

75



EMERGING EUROPE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

44,500 CESKE ENERGETICKE ZAVODY CZK 135,668 1.17

45,500 UNIFIED ENERGY SYSTEM (GDR) USD 542,064 4.67

677,732 5.84

6,700 COMPUTERLAND PLN 119,898 1.03

8,000 PROKOM SOFTWARE (GDR) USD 107,038 0.92

226,936 1.95

21,000,000 AKBANK TRL 50,482 0.44

28,000 BANK POLSKA KASA OPIEKI PLN 544,175 4.69

3,500 BANK PRZEMYSLOWO-HANDLOWY PLN 190,164 1.64

14,000 BANK ZACHODNI PLN 196,490 1.69


8,000 HANSABANK EUR 124,560 1.07

27,500 KOMERCNI BANKA (GDR) USD 563,256 4.86

55,000 OTP BANK GDR 2 SHS REG S USD 983,367 8.48

2,770,214 23.88

26,333 NOVA HUT CZK 69,903 0.60

69,903 0.60

22,000 JSC MMC NORILSK NICKEL (ADR) USD 478,830 4.13

478,830 4.13

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

26,000 GAZPROM OAO (ADR) (REG.) USD 285,924 2.46

20,900 LUKOIL (ADR) USD 1,051,512 9.06

19,000 MOL MAGYAR OLAJ-ES GZ SP (GDR) USD 387,418 3.34

59,000 POLSKI KONCERN NAFTO (GDR) USD 448,772 3.87

26,500 SIBNEFT (ADR) USD 503,189 4.34

53,500 SURGUT (ORDINARY) (ADR) USD 713,366 6.15

11,900 SURGUT (PREF) (ADR) USD 237,193 2.04

22,200 TATNEFT (ADR) (REG.) USD 347,892 3.00

8,300 YUKOS (ADR) USD 1,110,521 9.57

5,085,787 43.83

4,900 GEDEON RICHTER (GDR) USD 282,451 2.43

282,451 2.43

4,800 TURKCELL ILETISIM HIZMET (ADR) USD 54,985 0.47

54,985 0.47

320 PHILIP MORRIS CZK 120,305 1.04

30,370 SUN INTERBREW USD 83,774 0.72

204,079 1.76

5,000 CENTRAL TELECOMMUNICATIONS USD 113,178 0.98(ADR)

13,800 CESKY TELECOM USD 130,640 1.13

7,400 EESTI TELEKOM GDR USD 122,745 1.06

4,000 GOLDEN TELECOM USD 54,619 0.47

34,000 MATAV (ADR) USD 522,837 4.51

3,500 MOBILE TELESYSTEMS USD 131,956 1.14

187,000 TELEKOM POLSKA USD 490,121 4.22

5,900 VIMPEL COMMUNICATIONS (ADR) USD 186,537 1.61

1,752,633 15.12

11,603,550 100.01

TOTAL/CELKEM 11,603,550 100.01

76



EMERGING MARKETS

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

243,000 HUANENG POWER HKD 228,997 0.65

39,300 KOREA ELECTRIC POWER KRW 560,780 1.59

789,777 2.24

80,000 ASUSTEK COMPUTERS GDR USD 152,000 0.43

91,500 COMPAL ELECTRONICS (GDR) USD 459,330 1.30

611,330 1.73

120,000 ABSA GROUP LIMITED ZAR 448,227 1.27

65,000,000 AKBANK TRL 170,504 0.48

12,225 BANCO ITAU (ADR) USD 331,175 0.94

17,500 BANK PEKAO (GDR) USD 371,875 1.05

16,800 DAISHIN SECURITIES KRW 192,180 0.54

61,949 GF BANORTE -O- MXN 143,224 0.41

29,860 HANA BANK KRW 195,187 0.55

12,600 KOMERCNI BANKA (GDR) USD 281,610 0.80

24,550 KOOKMIN BANK KRW 579,282 1.64

117,000 MALAYAN BANKING MYR 257,093 0.73

32,000 OTP BANK GDR 2 SHS REG S USD 624,320 1.77

434,750 PUBLIC BANK BHD MYR 289,453 0.82

120,000 STANDARD BANK GROUP ZAR 413,924 1.17

164,800 THAI FARMERS BANK FOREIGN THB 134,499 0.38

110,000,000 TURKIYE GARANTI BANKASI TRL 102,594 0.29

4,535,147 12.84

7,590 HONAM PETROCHEMICAL KRW 174,556 0.49

12,500 LG CHEMICAL KRW 383,634 1.09

35,800 RELIANCE INDUSTRIES (GDR) USD 420,650 1.19

978,840 2.77

693,200 BANGKOK EXPRESSWAY THB 247,311 0.70

493,000 BEIJING CAPITAL INT. AIRPORT HKD 106,192 0.30

441,000 COSCO PACIFIC HKD 390,143 1.10

743,646 2.10

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

1,000 SHINSEGAE KRW 101,638 0.29

227,200 WALMART DE MEXICO V MXN 550,921 1.56

652,559 1.85

5,520 SAMSUNG FIRE & MARINE INS KRW 218,257 0.62

218,257 0.62

7,681 CEMEX SPONS (ADR) USD 133,957 0.38

222,000 GAMUDA MYR 312,553 0.88

11,600 GRUPO AEROPORTUARIO SUR (ADR) USD 129,340 0.37

1,610,000 LAND & HOUSE (FOREIGN) THB 292,829 0.83

41,900 LARSEN AND TOUBRO LTD (GDR R2) USD 324,725 0.92

1,193,404 3.38

127,000 BYD COMPANY HKD 248,319 0.70

71,270 HON HAI PRECISION (GDR) USD 466,818 1.32

6,820 LG ELECTRONICS (NEW) KRW 218,009 0.62

6,570 SAMSUNG ELECTRONICS KRW 722,755 2.05

6,400 SAMSUNG ELECTRONICS KRW 1,448,922 4.10

4,000 SINDORICOH KRW 178,564 0.51

63,700 SYNNEX TECHNOLOGY (GDR) USD 356,083 1.01


4,465,742 12.65

165,000 CITIC PACIFIC HKD 334,255 0.95

50,100 FUBON INSURANCE CERT (GDR) USD 411,822 1.17

376,400 GRUPO FINANCIERO BBVA MXN 288,333 0.82BANCOMER -B-

130,000,000 HACI OMER SABANCI HOLDING TRL 242,495 0.69

438,200 NATIONAL FINANCE (FOREIGN) THB 122,616 0.35

30,000 REMGRO ZAR 196,099 0.55

1,595,620 4.53

77



EMERGING MARKETS

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

102,800 GENTING BERHAD MYR 348,980 0.99

348,980 0.99

72,000 ANGLO AMERICAN GBP 1,023,121 2.90

25,900 GERDAU USD 236,985 0.67

6,930 POSCO KRW 544,147 1.54

1,804,253 5.11

14,000 CHECK POINT SOFTWARE USD 202,580 0.57TECHNOLOGIES

202,580 0.57

81,300 SAMSUNG HEAVY INDUSTRIES KRW 294,882 0.83

294,882 0.83

16,000 GOLD FIELDS (ADR) USD 168,000 0.48

13,000 HARMONY GOLD (ADR) USD 158,990 0.45

7,000 IMPALA PLATINUM ZAR 356,625 1.01

683,615 1.94


20,450 CIA VALE DO RIO DOCE (ADR) USD 551,128 1.56


950,283 2.69

26,000 SAPPI LTD -SPONSORED (ADR) USD 310,180 0.88

310,180 0.88

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

2,426,000 CHINA PETROLEUM & CHEMICAL-H HKD 485,235 1.37

269,000 CNOOC HKD 358,692 1.01

8,000 LUKOIL (ADR) USD 439,200 1.24

63,050 PETROBRAS (REPR.1 PFD SH) USD 867,568 2.45

40,000 SASOL LTD ZAR 442,129 1.25

9,500 SIBNEFT (ADR) USD 196,840 0.56

14,000 SURGUT (ORDINARY) (ADR) USD 203,700 0.58

13,000 SURGUT (PREF) (ADR) USD 282,750 0.80

3,600 YUKOS (ADR) USD 525,600 1.49

3,801,714 10.75

39,500 RANBAXY LABORATORIES USD 564,850 1.60

20,300 TEVA PHARMACEUTICAL IND. (ADR) USD 845,495 2.39

1,410,345 3.99

21,500 HANSSEM KRW 163,849 0.46

11,200 TENARIS ADR USD 246,848 0.70

27,000,000 TURKCELL ILETISIM TRL 136,928 0.39

547,625 1.55

61,900 BEC WORLD THB 294,452 0.83

294,452 0.83


5,400 FOMENTO ECONOMICO MEXICO-SP USD 179,658 0.51(ADR)

36,700 KT&G CORP-144 A (GDR) USD 258,735 0.73

724,743 2.05

78



EMERGING MARKETS

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

35,250 AMERICA MOVIL (SERIE L) (ADR) USD 471,292 1.33


997,000 CHINA TELECOM -H- HKD 178,962 0.51

196,000 CHINE MOBILE HKD 388,259 1.10

19,900 CIA TELECOM CHILE - SPONS (ADR) USD 187,458 0.53

12,500 GRUPO TELEVISA (GDR) USD 314,375 0.89

8,330 KT KRW 287,196 0.81

8,000 KT CORP (ADR) USD 137,360 0.39

4,450 SK TELECOM KRW 542,748 1.54


120,300 TELEKOM POLSKA USD 344,058 0.97

512,000 TELEKOMUNIKASI INDONESIA IDR 208,504 0.59


26,085 TELMEX USD 775,246 2.19

4,780,484 13.53

675,192 ASTRA INTERNATIONAL IDR 189,629 0.54

398,000 DENWAY MOTORS HKD 164,569 0.47

8,550 HYUNDAY MOTOR KRW 163,578 0.46

171,900 TATA ENG.&LOC. (GDR) USD 572,427 1.62

1,090,203 3.09

33,028,661 93.51

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



513,000 ABN NV -CW04 NAN YA PLASTIC USD 513,000 1.4510/02/04

1,600 ABN NV-03 INFOSYS TECHNOLOGI USD 141,786 0.40(WT)

654,786 1.85

450,900 MERRILL-CW05 CHINATRUST USD 356,661 1.01

896,100 MERRILL-CW05 EVA AIRWAYS USD 264,350 0.75

32,500,000 SABANCI (ISSUE 03) TRL 59,676 0.17

680,687 1.93

1,335,473 3.78

TOTAL/CELKEM 34,364,133 97.29

$

79



EMU EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

6,897 ELECTRABEL EUR 1,524,237 0.90

50,376 ENDESA EUR 561,692 0.33

318,927 ENEL EUR 1,667,988 0.98

107,116 EON EUR 4,046,842 2.39

131,178 IBERDROLA EUR 1,958,488 1.16

64,470 RWE EUR 1,321,635 0.78

236,156 SNAM RETE GAS EUR 760,422 0.45

131,851 SUEZ EUR 1,404,213 0.83

13,245,517 7.82

18,593 GROUPE DANONE EUR 2,151,210 1.27

84,371 UNILEVER (Cert.ACTION) EUR 4,602,438 2.72

6,753,648 3.99

204,683 REED ELSEVIER EUR 1,889,224 1.11

42,333 VNU EUR 985,512 0.58


3,439,907 2.02

170,963 ABN AMRO EUR 2,290,904 1.35

699,675 BANCA INTESA EUR 1,427,337 0.84

369,567 BANCO BILBAO VIZCAYA ARGENTARIA EUR 2,819,796 1.66

33,367 BANCO POPULAR ESPANOL EUR 1,321,333 0.78


225,736 BANK OF IRELAND EUR 2,191,897 1.29


106,579 BNP EUR 3,911,449 2.31

58,189 COMMERZBANK EUR 360,772 0.21

13,669 CREDIT LYONNAIS EUR 734,025 0.43


96,157 DEXIA EUR 802,911 0.47

181,121 FORTIS EUR 2,142,661 1.26

297,722 ING GROUP EUR 3,152,876 1.86

326,085 NORDEA AB EUR 1,310,862 0.77

145,760 SAN PAOLO-IMI EUR 908,085 0.54

54,822 SOCIETE GENERALE PARIS -A- EUR 2,594,177 1.53

533,382 UNICREDITO ITALIANO EUR 1,861,503 1.10

34,117,219 20.11

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

16,369 AIR LIQUIDE EUR 1,988,834 1.17

48,032 AKZO NOBEL EUR 875,143 0.52

70,663 BASF EUR 2,410,315 1.42

70,321 BAYER EUR 878,309 0.52

6,152,601 3.63

64,787 TPG EUR 904,427 0.53

904,427 0.53

97,781 CARREFOUR EUR 3,393,979 2.00


24,946 METRO EUR 481,957 0.28

4,228,010 2.49

220,023 AEGON EUR 1,513,758 0.89

17,253 ALLIANZ EUR 783,286 0.46

159,054 ASSICURAZIONI GENERALI EUR 3,002,940 1.77

214,760 AXA-UAP EUR 2,323,703 1.37

18,357 MUENCHENER RUECKVERSICH.(REG.) EUR 963,742 0.57


9,507,251 5.60

22,973 BOUYGUES EUR 423,622 0.25

125,224 C.R.H. EUR 1,640,434 0.97

13,685 LAFARGE (SICOVAM CERT.) EUR 702,040 0.41

30,658 SAINT-GOBAIN EUR 776,567 0.46

3,542,663 2.09

130,014 ASM EUR 773,583 0.46


175,330 ROYAL PHILIPS ELECTRONICS EUR 2,522,999 1.49

34,620 SCHNEIDER EUR 1,485,198 0.88

108,283 SIEMENS EUR 4,093,097 2.42

73,348 STMICROELECTRONICS EUR 1,272,588 0.75

11,024,454 6.52

80



EMU EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

17,957 ACCOR EUR 454,671 0.27

454,671 0.27

89,813 ARCELOR EUR 723,894 0.43

89,213 THYSSENKRUPP EUR 656,608 0.39

1,380,502 0.82

23,135 CAP GEMINI SOGETI EUR 561,949 0.33

28,680 SAP EUR 1,991,826 1.18

2,553,775 1.51

147,297 STORA ENSO EUR 1,244,660 0.73

1,244,660 0.73

404,216 ENI EUR 4,947,605 2.92

63,406 REPSOL EUR 838,227 0.49

311,842 ROYAL DUTCH PETROLEUM EUR 11,634,825 6.87

1,395 TOTAL FINA (STRIP) (VVPR) EUR 14 0.00

97,566 TOTAL FINA ELF EUR 11,317,656 6.6828,738,327 16.96

100,263 AVENTIS EUR 4,033,581 2.38

5,103 BEIERSDORF EUR 522,292 0.31

43,587 L'OREAL EUR 2,419,078 1.43

42,000 SANOFI SYNTHELABO EUR 1,936,620 1.14

33,674 SCHERING EUR 1,254,356 0.74

10,165,927 6.00

28,544 ALTADIS EUR 637,673 0.38

18,069 HEINEKEN EUR 614,165 0.36

23,725 HEINEKEN HOLDINGS A EUR 616,850 0.36

55,846 INTERBREW EUR 1,036,502 0.61

2,905,190 1.71

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

44,387 LVMH MOET HENNESSY EUR 1,605,034 0.95

1,605,034 0.95

245,516 ALCATEL EUR 1,539,385 0.91

447,211 DEUTSCHE TELEKOM EUR 4,521,304 2.67

48,174 FRANCE TELECOM EUR 900,372 0.53

207,209 KPN (DEMAT.) EUR 1,218,389 0.72

136,201 MEDIASET EUR 947,959 0.56

600,433 NOKIA -A- EUR 7,601,482 4.49

980,495 OLIVETTI EUR 929,509 0.55

295,721 TELECOM ITALIA EUR 1,868,957 1.10

764,159 TELECOM ITALIA MOBILE EUR 2,857,955 1.69

286,807 TELECOM ITALIA RNC EUR 1,107,075 0.65

475,437 TELEFONICA DE ESPANA EUR 4,083,164 2.41

104,562 VIVENDI UNIVERSAL EUR 1,273,565 0.75

28,849,116 17.03

51,739 BMW EUR 1,316,240 0.78

107,278 DAIMLERCHRYSLER EUR 2,873,978 1.70

12,988 RENAULT EUR 393,796 0.23

45,687 VOLKSWAGEN EUR 1,334,060 0.79

5,918,074 3.50

176,730,973 104.28


48,174 FRANCE TELECOM SUBSCRIPT. CERT. EUR 173,426 0.104/4/2003

173,426 0.10

173,426 0.10

TOTAL/CELKEM 176,904,399 104.38

81




Quantity/Nominal


Currency

Měna

Commitments in EUR


Forward Contracts - Futures Securities - Movitý majetek

-347 EURDJ EURO STOXX 50 INDEX 06/2003 6,985,110

6,985,110

EMU EQUITY

82



ENERGY

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

67,500 SCHLUMBERGER USD 2,565,675 4.12

2,565,675 4.12

66,079 ORIGIN ENERGY AUD 170,105 0.27

60,000 SANTOS AUD 212,469 0.34


843,649 1.35

4,750 OMV EUR 513,033 0.82

513,033 0.82

900 TOTAL FINA (STRIP) (VVPR) EUR 10 0.00

10 0.00

12,100 NABORS INDUSTRIES USD 482,427 0.77

482,427 0.77

15,900 CANADIAN NATURAL RESSOURCES CAD 542,088 0.87

57,600 ENCANA CAD 1,860,415 2.99

20,000 HUSKY ENERGY CAD 229,784 0.37

18,800 IMPERIAL OIL CAD 605,174 0.97

16,250 NEXEN CAD 329,762 0.53

7,000 PENN WEST PETROLEUM CAD 176,791 0.28

29,000 PETRO CANADA CAD 985,758 1.58

7,900 PRECISION DRILL CAD 263,700 0.42

10,200 SHELL CANADA CAD 335,273 0.54

53,500 SUNCOR ENERGY CAD 931,463 1.50

18,000 TALISMAN ENERGY CAD 714,640 1.15

6,974,848 11.20

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

118,700 REPSOL EUR 1,712,326 2.75

1,712,326 2.75

23,100 ANADARKO USD 1,051,049 1.69

20,652 APACHE USD 1,275,054 2.05

42,000 BAKER HUGHES USD 1,257,060 2.02

12,500 BJ SERVICES USD 429,875 0.69

23,000 BURLINGTON RESOURCE USD 1,097,330 1.76

44,041 CHEVRONTEXACO USD 2,847,251 4.57

18,000 DEVON ENERGY USD 867,960 1.39

85,600 EXXON MOBIL USD 2,991,720 4.81

25,500 GLOBALSANTAFE USD 526,575 0.85

58,000 HALLIBURTON USD 1,202,340 1.93

10,500 KERR-MC-GEE CORP USD 426,405 0.68

20,500 MARATHON OIL USD 491,385 0.79

15,500 NOBLE USD 487,010 0.78

49,000 OCCIDENTAL PETROLEUM USD 1,468,040 2.36

5,900 SMITH INTERNATIONAL USD 207,857 0.33

27,000 UNOCAL USD 710,370 1.14

8,300 WEARTHERFORD INTERNATIONAL USD 313,491 0.50

17,650,772 28.34

59,000 FORTUM EUR 395,942 0.64

395,942 0.64

44,000 TOTAL FINA ELF EUR 5,569,485 8.95

5,569,485 8.95

410,900 BG GBP 1,560,395 2.51

930,000 BP GBP 5,898,382 9.47

495,000 SHELL TRANSPORT & TRADING GBP 2,992,758 4.81

10,451,535 16.79

83



ENERGY

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

41,500 TRANSOCEAN USD 848,675 1.36

848,675 1.36

194,000 ENI EUR 2,591,120 4.16

2,591,120 4.16

55,000 NIPPON MINING JPY 112,245 0.18

170,000 NIPPON OIL CORP JPY 715,382 1.15

15,000 SHOWA SHELL SEKIYU JPY 96,644 0.16

25,000 TEIKOKU OIL JPY 84,542 0.14

36,000 TONENGENERAL SEKIYU JPY 223,747 0.36

1,232,560 1.99

5,000 FRONTLINE NOK 53,744 0.09

15,200 NORSK HYDRO NOK 573,926 0.92

53,500 STATOIL NOK 416,547 0.67

1,044,217 1.68

4,000 IHC CALAND EUR 170,576 0.27


6,012,844 9.65

58,889,118 94.57

TOTAL/CELKEM 58,889,118 94.57


Quantity/Nominal


Currency

Měna

Commitments in USD




785 USDCALL EXXON MOBIL 04/2003 35

-785 USDPUT EXXON MOBIL 04/2003 35 52,500

52,500

EURO HIGH YIELD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

11,200 ELECTRABEL EUR 2,475,200 2.96

120,000 ENDESA EUR 1,338,000 1.60

230,000 ENEL EUR 1,202,900 1.44

35,000 EON EUR 1,322,300 1.58

80,000 IBERDROLA EUR 1,194,400 1.43

60,000 RWE EUR 1,230,000 1.47

800,000 SNAM RETE GAS EUR 2,576,000 3.08

115,000 SUEZ EUR 1,224,750 1.46

110,000 UNION FENOSAS EUR 1,281,500 1.53

13,845,050 16.55


1,363,750 1.63

220,000 MONDADORI EDITORE EUR 1,287,000 1.54

1,287,000 1.54

100,000 ABN AMRO EUR 1,340,000 1.60


78,000 BANCA POPOLARE DI BERGAMO-CRED EUR 1,282,320 1.53



120,000 BANCO POPULARE DI VERONA EUR 1,248,000 1.49



38,000 BNP EUR 1,394,600 1.67

160,000 DEXIA EUR 1,336,000 1.60

30,620 DEXIA (STRIP) (VVPR) EUR 306 0.00

110,000 FORTIS EUR 1,301,300 1.56

120,000 ING GROUP EUR 1,270,800 1.52



18,491,836 22.10

10,000 AIR LIQUIDE EUR 1,215,000 1.45

33,000 DSM EUR 1,166,220 1.39

2,381,220 2.84

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

100,000 ACESA INFRAESTRUCTURAS EUR 1,182,000 1.41

250,000 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 1,225,000 1.46

2,407,000 2.87

78,000 DELHAIZE EUR 1,290,120 1.54

1,290,120 1.54

55,000 A.G.F. EUR 1,334,300 1.60

120,000 AXA-UAP EUR 1,298,400 1.55

42,000 CNP ASSURANCES EUR 1,397,760 1.67

120,000 RIUNIONE ADRIATICA SICURTA EUR 1,366,800 1.63

230,000 SAMPO LEONIA INSURANCE EUR 1,288,000 1.54

6,685,260 7.99

65,000 CIMPOR CIMENTOS DE PORTUGAL EUR 1,066,000 1.27

225,000 ITALCEMENTI RNC EUR 1,185,750 1.42

25,000 LAFARGE (SICOVAM CERT.) EUR 1,282,500 1.53

50,000 SAINT-GOBAIN EUR 1,266,500 1.51

19,500 TECHNIP EUR 1,223,625 1.46

25,000 VINCI EUR 1,337,500 1.60

7,361,875 8.79

30,000 SCHNEIDER EUR 1,287,000 1.54

33,000 SIEMENS EUR 1,247,400 1.49

2,534,400 3.03

40,000 GROUPE BRUXELLES LAMBERT EUR 1,320,000 1.58

1,320,000 1.58

50,000 ACCOR EUR 1,266,000 1.51

1,266,000 1.51

84



85



EURO HIGH YIELD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

165,000 M-REAL EUR 1,059,300 1.27

130,000 STORA ENSO EUR 1,098,500 1.31

90,000 UPM-KYMMENE EUR 1,066,500 1.27

3,224,300 3.85

200,000 ENI EUR 2,448,000 2.93

200,000 FORTUM EUR 1,230,000 1.47



8,539,150 10.21

40,000 SCHERING EUR 1,490,000 1.78

1,490,000 1.78

115,000 ALTADIS EUR 2,569,100 3.07

2,569,100 3.07




3,459,600 4.14


34,000 PEUGEOT EUR 1,218,560 1.46

55,000 VOLKSWAGEN (PRIVATE SH.) EUR 1,206,700 1.44

3,657,600 4.37

83,173,261 99.39

TOTAL/CELKEM 83,173,261 99.39


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

23,000 ALLIANZ EUR 1,044,200 1.14




4,693,090 5.11


228,900 0.25

82,000 DEXIA EUR 684,700 0.75

82,000 DEXIA (STRIP) (VVPR) EUR 820 0.00

122,000 FORTIS EUR 1,443,260 1.57

12,000 GROUPE BRUXELLES LAMBERT EUR 396,000 0.43

10,000 KBC BANCASSURANCE EUR 278,100 0.30

2,802,880 3.05

70,000 DANSKE BANK DKK 1,069,854 1.16

1,069,854 1.16

380,500 BANCO BILBAO VIZCAYA EUR 2,903,215 3.16ARGENTARIA


6,062,215 6.60

172,868 AXA-UAP EUR 1,870,432 2.04

101,000 BNP EUR 3,706,700 4.03


7,455,736 8.11

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

81,412 3I GBP 491,173 0.53

99,000 AMVESCAP GBP 401,535 0.44

291,319 AVIVA GBP 1,485,396 1.62

829,304 BARCLAYS GBP 4,384,674 4.77

479,559 HBOS GBP 4,511,821 4.91



718,288 LLOYDS TSB GBP 3,350,311 3.65

30,000 MAN GBP 422,177 0.46

12,000 PROVIDENT FINANCIAL GBP 96,386 0.10

255,682 PRUDENTIAL GBP 1,142,578 1.24

192,191 ROYAL & SUN ALLIANCE INSURANCE GBP 190,006 0.21


25,000 SCHRODER GBP 179,347 0.20

33,690,492 36.66

25,000 NATIONAL BANK OF GREECE EUR 226,000 0.25

226,000 0.25



41,000 IRISH LIFE PERMANENT EUR 389,500 0.42

3,775,548 4.10

60,000 ALLEANZA ASSICURAZIONI EUR 412,800 0.45


792,002 BANCA INTESA EUR 1,615,684 1.76

100,000 BANCA MONTE DEI PASCHI DI SIENA EUR 207,500 0.23

150,000 BANCA NAZIONALE DEL LAVORO EUR 173,400 0.19

46,256 CAPITALIA EUR 59,670 0.06

279,000 FINECOGROUP EUR 95,418 0.10

37,000 MEDIOBANCA EUR 267,510 0.29

100,004 RIUNIONE ADRIATICA SICURTA EUR 1,139,046 1.24

120,000 SAN PAOLO-IMI EUR 747,600 0.81


8,534,128 9.28

50,000 DNB NOK 181,221 0.20

181,221 0.20

86



87




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

178,219 ABN AMRO EUR 2,388,135 2.60

160,658 AEGON EUR 1,105,327 1.20

212,594 ING GROUP EUR 2,251,370 2.45

5,744,832 6.25


132,585 0.14

300,000 NORDEA SEK 1,212,677 1.32


60,000 SKANDINAVISKA ENSKILDA BANKEN SEK 476,641 0.52

65,000 SVENSKA HANDELSBANKEN -A- SEK 839,526 0.91

2,714,792 2.95

41,000 CIE SUISSE REASSURANCE CHF 1,843,290 2.01

152,000 CREDIT SUISSE CHF 2,422,188 2.64

159,000 UBS (REG.) CHF 6,199,566 6.75

18,000 ZURICH FINANCIAL SERVICES CHF 1,403,675 1.53

11,868,719 12.93

89,180,992 97.04

TOTAL/CELKEM 89,180,992 97.04


Quantity/Nominal


Currency

Měna

Commitments in EUR


Forward Contracts - FuturesSecurities - Movitý majetek

350 GBPHSBC HOLDINGS 06/2003 3,323,314

3,323,314

EUROPEAN CYCLICALS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

5,000 CONTINENTAL AG EUR 65,400 0.38

7,000 MICHELIN (B) (NOM.) EUR 176,400 1.01

39,900 PIRELLI EUR 28,888 0.17

5,100 TRELLEBORG B SEK 38,585 0.22

309,273 1.78

4,600 AIR LIQUIDE EUR 558,900 3.21

15,000 AKZO NOBEL EUR 273,300 1.57

20,445 BASF EUR 697,379 4.01

55,385 BAYER EUR 691,759 3.97

43,829 BOC GBP 480,605 2.76

8,150 CLARIANT CHF 67,977 0.39

360 GIVAUDAN (REG.) CHF 125,965 0.72

63,000 IMPERIAL CHEMICAL INDUSTRIES GBP 83,957 0.48

2,400 LONZA (NEW) CHF 124,663 0.72

2,500 NOVOZYMES DKK 52,853 0.30

2,000 SOLVAY EUR 113,300 0.65

8,750 SYNGENTA CHF 365,498 2.10

3,636,156 20.88

1,000 ACCIONA EUR 42,900 0.252,000 ACS ACTIVIDADES CONS. Y SERVICIOS EUR 64,680 0.37

19,801 AMEC GBP 55,859 0.3224,660 BALFOUR BEATTY GBP 52,510 0.3025,000 BPB GBP 97,595 0.5628,000 C.R.H. EUR 366,800 2.112,500 CIMPOR CIMENTOS DE PORTUGAL EUR 41,000 0.242,000 FOMENTO DE CONSTRUC. EUR 45,980 0.26

Y CONTRATAS7,000 GRUPO DRAGADOS EUR 119,210 0.683,000 GRUPO FERROVIAL EUR 71,280 0.41

38,300 HANSON GBP 171,014 0.98250 HEIDELBERGER ZEMENT EUR 6,600 0.04

1,425 HOLCIM CHF 215,726 1.24118 HOLCIM (NOM) CHF 3,461 0.02400 IMERYS EUR 42,480 0.24

5,500 ITALCEMENTI EUR 47,300 0.273,600 LAFARGE (SICOVAM CERT.) EUR 184,680 1.06

29,500 NOVAR GBP 47,860 0.2742,519 PILKINGTON GBP 30,333 0.1712,000 RMC GROUP GBP 61,882 0.3615,500 SAINT-GOBAIN EUR 392,615 2.2620,000 SKANSKA -B- SEK 83,655 0.48

1,500 TITAN CEMENT EUR 45,030 0.263,500 VINCI EUR 187,250 1.08

2,477,700 14.23

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

47,000 ABB (NOM.) CHF 101,031 0.58

12,000 ALSTOM EUR 16,920 0.10

43,123 FKI GBP 39,978 0.23

1,280 NEG MICON DKK 12,238 0.07

10,500 SCHNEIDER EUR 450,450 2.59

40,890 SIEMENS EUR 1,545,642 8.88

7,000 VESTAS WIND SYSTEMS DKK 48,544 0.28

2,214,803 12.73

70,000 SONAE SGPS EUR 25,900 0.15

25,900 0.15

154,500 BRITISH AEROSPACE GBP 250,655 1.44

15,000 EADS EUR 103,200 0.59

68,537 ROLLS-ROYCE GBP 70,240 0.40

30,000 SMITHS GBP 278,120 1.60

3,400 THALES EUR 71,604 0.41

2,700 ZODIAC EUR 41,958 0.24

815,777 4.68

24,983 REXAM GBP 127,747 0.73

127,747 0.73

2,500 ACERINOX EUR 82,475 0.47

18,000 ARCELOR EUR 145,080 0.83

160,000 CORUS GBP 15,134 0.09

1,900 HOGANAS B SEK 28,852 0.17

4,000 SSAB A SEK 43,881 0.25


1,250 VOEST-ALPINE EUR 28,750 0.17

471,132 2.71

88



89



EUROPEAN CYCLICALS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

5,450 DCC EUR 53,138 0.31

22,000 ELECTROCOMPONENTS GBP 81,900 0.47

4,000 HAGEMEYER EUR 13,880 0.08

148,918 0.86

17,000 ASSA ABLOY -B- SEK 127,699 0.73

6,000 ATLAS COPCO SEK 108,622 0.62

3,440 ATLAS COPCO -B- SEK 58,001 0.33

2,000 BUDERUS EUR 50,200 0.29

38,000 GKN GBP 88,622 0.51

20,000 IMI GBP 75,252 0.43

190,977 INVENSYS GBP 29,047 0.17

50,000 KIDDE GBP 48,164 0.28

1,500 KONE -B- EUR 42,000 0.24

7,150 LINDE EUR 208,422 1.20

5,300 MAN EUR 74,412 0.43

7,000 METSO EUR 65,450 0.38

11,500 SANDVIK SEK 237,402 1.36

380 SCHINDLER HOLDING PART CERT CHF 51,536 0.30

4,900 SKF -B- SEK 114,923 0.66

250 SULZER CHF 28,099 0.16

9,250 TOMRA SYSTEMS NOK 36,563 0.21

2,600 WARTSILA -B- EUR 24,336 0.14

29,824 WOLSELEY GBP 221,191 1.27

1,689,941 9.71

121,000 BHP BILLITON GBP 555,617 3.19

9,149 JOHNSON MATTHEY GBP 97,672 0.56

653,289 3.75

2,250 OUTOKUMPU EUR 18,000 0.10

3,500 PECHINEY A EUR 78,190 0.45

53,000 RIO TINTO (REG.) GBP 905,150 5.20

1,000 UMICORE EUR 38,670 0.22

6,500 VIOHALCO (Reg.Shs) EUR 18,070 0.10

1,058,080 6.07

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

3,000 HOLMEN -B- SEK 64,038 0.37

5,500 NORSKE SKOGINDUSTRIER -A- NOK 64,248 0.37

34,300 STORA ENSO EUR 289,835 1.66

10,000 SVENSKA CELLULOSA -B- SEK 289,119 1.66

26,100 UPM-KYMMENE EUR 309,285 1.78

1,016,525 5.84


11,500 FIAT EUR 64,745 0.37

8,750 PEUGEOT EUR 313,600 1.80

400 PORSCHE (PREF.) EUR 102,560 0.59

7,775 RENAULT EUR 235,738 1.35

4,400 VALEO EUR 88,924 0.51

11,350 VOLKSWAGEN EUR 331,420 1.90

5,700 VOLKSWAGEN (PRIVATE SH.) EUR 125,058 0.72

6,000 VOLVO -A- SEK 93,058 0.53

11,000 VOLVO -B- SEK 178,929 1.03

2,726,187 15.65

17,371,428 99.77

TOTAL/CELKEM 17,371,428 99.77

EUROPEAN EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

462,132 ENEL EUR 2,416,950 0.71

121,152 EON EUR 4,577,123 1.35

160,422 IBERDROLA EUR 2,395,100 0.71

665,907 NATIONAL GRID TRANSCO GBP 3,737,799 1.10

54,521 RWE EUR 1,117,680 0.33

161,061 SCOTTISH AND SOUTHERN ENERGY GBP 1,483,810 0.44

161,760 SCOTTISH POWER GBP 881,028 0.26

466,703 SNAM RETE GAS EUR 1,502,784 0.44

98,105 SUEZ EUR 1,044,818 0.31

19,157,092 5.65


49,731 NESTLE (REG.) CHF 9,020,847 2.66


18,476,278 5.45

158,434 PEARSON GBP 1,102,738 0.33

362,996 REED ELSEVIER EUR 3,350,453 0.99

48,782 VNU EUR 1,135,645 0.34


174,748 WPP GBP 863,172 0.25

7,193,608 2.13

159,079 ABN AMRO EUR 2,131,659 0.63

864,849 BANCA INTESA EUR 1,764,292 0.52





713,031 BARCLAYS GBP 3,769,918 1.11

118,221 BNP EUR 4,338,711 1.28


119,247 DANSKE BANK DKK 1,822,526 0.54


91,856 DEXIA EUR 766,998 0.23

200,279 FORTIS EUR 2,369,301 0.70


347,831 ING GROUP EUR 3,683,530 1.09

618,560 LLOYDS TSB GBP 2,885,150 0.85

354,062 NORDEA AB EUR 1,423,329 0.42

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


125,014 SAN PAOLO-IMI EUR 778,837 0.23


102,769 STANDARD CHARTERED GBP 1,002,606 0.30

124,299 UBS (REG.) CHF 4,846,540 1.43


68,860,365 20.32

62,580 RECKITT BENCKISER GBP 940,037 0.28

940,037 0.28

24,609 AIR LIQUIDE EUR 2,989,994 0.88

61,826 AKZO NOBEL EUR 1,126,470 0.33

78,354 BASF EUR 2,672,655 0.79

71,765 BAYER EUR 896,345 0.26

7,685,464 2.26

100,017 TPG EUR 1,396,237 0.41

1,396,237 0.41

71,481 CARREFOUR EUR 2,481,106 0.73

561,955 KINGFISHER GBP 1,872,234 0.55

406,546 MARKS & SPENCER (NEW) GBP 1,660,693 0.49

1,180,423 TESCO GBP 3,047,880 0.90

9,061,913 2.67

206,058 AEGON EUR 1,417,679 0.42

9,991 ALLIANZ EUR 453,591 0.13


237,217 AVIVA GBP 1,209,537 0.36

159,010 AXA-UAP EUR 1,720,488 0.51



$

90



91



EUROPEAN EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


237,016 PRUDENTIAL GBP 1,059,165 0.31



22,753 ZURICH FINANCIAL SERVICES CHF 1,774,324 0.52

15,761,631 4.64

145,180 C.R.H. EUR 1,901,857 0.56

5,920 HOLCIM CHF 896,209 0.26

21,070 LAFARGE (SICOVAM CERT.) EUR 1,080,891 0.32

3,878,957 1.14

200,065 ASM EUR 1,190,387 0.35

206,067 INFINEON TECHNOLOGIES EUR 1,279,676 0.38


63,164 SCHNEIDER EUR 2,709,736 0.80

122,061 SIEMENS EUR 4,613,906 1.36

82,672 STMICROELECTRONICS EUR 1,434,359 0.42

14,186,720 4.18

70,138 RICHEMONT (UNITS)-A- CHF 877,498 0.26

877,498 0.26

34,823 ACCOR EUR 881,718 0.26

456,100 COMPASS GBP 1,785,486 0.53

2,667,204 0.79


140,016 ARCELOR EUR 1,128,529 0.33

143,742 THYSSENKRUPP EUR 1,057,941 0.31

4,609,141 1.35

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

45,279 CAP GEMINI SOGETI EUR 1,099,827 0.32

35,440 SAP EUR 2,461,308 0.73

3,561,135 1.05

187,712 STORA ENSO EUR 1,586,165 0.47

1,586,165 0.47

843,686 BG GBP 2,936,128 0.87

2,893,553 BP GBP 16,818,109 4.96

326,020 ENI EUR 3,990,485 1.18



54,885,053 16.21

209,110 ASTRAZENECA GBP 6,533,646 1.93

119,388 AVENTIS EUR 4,802,979 1.42

768,159 GLAXOSMITHKLINE GBP 12,384,457 3.65

50,557 L'OREAL EUR 2,805,914 0.83

312,069 NOVARTIS (NOM.) CHF 10,591,343 3.13


27,814 SCHERING EUR 1,036,072 0.31

39,946,568 11.80

34,408 ADECCO CHF 876,123 0.26

447,501 HBOS GBP 4,210,211 1.24

100,481 SECURITAS- B- SEK 868,814 0.26

5,955,148 1.76

58,931 ALTADIS EUR 1,316,518 0.39

581,979 DIAGEO GBP 5,471,201 1.61

17,518 HEINEKEN EUR 595,437 0.18

38,752 HEINEKEN HOLDINGS A EUR 1,007,552 0.30

73,869 INTERBREW EUR 1,371,009 0.40

9,761,717 2.88

EUROPEAN EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

51,573 LVMH MOET HENNESSY EUR 1,864,880 0.55

1,864,880 0.55

258,422 ALCATEL EUR 1,620,305 0.48

166,889 BRITISH SKY BROADCASTING GBP 1,514,536 0.45

1,087,500 BRITISH TELECOM GBP 2,473,202 0.73



187,354 KPN (DEMAT.) EUR 1,101,642 0.33

92,700 MEDIASET EUR 645,192 0.19

659,876 NOKIA -A- EUR 8,354,030 2.47






105,664 VIVENDI UNIVERSAL EUR 1,286,988 0.38

9,301,931 VODAFONE GBP 15,225,874 4.49

49,044,858 14.48

89,981 BMW EUR 2,289,117 0.68


50,555 VOLKSWAGEN EUR 1,476,205 0.44

6,290,547 1.87

347,648,216 102.60

92



Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ




86,236 ROCHE HOLDING (GENUSSCHEIN) CHF 4,730,788 1.40

4,730,788 1.40


138,226 0.04

4,869,014 1.44

TOTAL/CELKEM 352,517,230 104.04

93



EUROPEAN EQUITY


Quantity/Nominal


Currency

Měna

Commitments in EUR


Forward Contracts - Futures Stock indices - Indexy

-332

-67

EUR

GBP

DJ EURO STOXX 50 INDEX 06/2003

FTSE 100 INDEX 06/2003

6,683,160

3,506,011

10,189,171


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

118,000 SABMILLER GBP 676,874 0.90

676,874 0.90

47,000 INTERBREW EUR 872,320 1.17

872,320 1.17

3,200 CARLSBERG -B- DKK 99,108 0.13

17,500 DANISCO DKK 519,609 0.69

618,717 0.82

122,000 ALTADIS EUR 2,725,480 3.64

5,510 PULEVA BIOTECH EUR 15,373 0.02

2,740,853 3.66


16,562 PERNOD-RICARD EUR 1,293,492 1.73

4,556,232 6.09

537,500 BRITISH AMERICAN TOBACCO GBP 4,605,363 6.15

540,890 CADBURY SCHWEPPES GBP 2,624,729 3.51

705,745 DIAGEO GBP 6,634,729 8.86

269,968 IMPERIAL TOBACCO GBP 3,930,149 5.25

138,596 SCOTTISH & NEWCASTLE BREWERIES GBP 680,081 0.91

124,000 TATE & LYLE GBP 537,061 0.72

402,000 UNILEVER GBP 3,412,356 4.56

22,424,468 29.96

15,000 COCA COLA HELLENIC BOTLING EUR 174,900 0.23

174,900 0.23

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

56,857 GREENCORE GROUP EUR 142,144 0.19

36,000 KERRY GROUP A EUR 442,800 0.59

584,944 0.78

117,000 PARMALAT FINANZIARIA EUR 214,110 0.29

214,110 0.29

57,000 ORKLA ASA -A- NOK 777,420 1.04

777,420 1.04

59,875 HEINEKEN EUR 2,035,151 2.72

46,100 NUMICO EUR 265,997 0.36


8,146,126 10.89

113,000 SWEDISH MATCH SEK 769,434 1.03

769,434 1.03

32,740 NESTLE (REG.) CHF 5,938,801 7.94

5,938,801 7.94

48,495,199 64.80

TOTAL/CELKEM 48,495,199 64.80

94



95





Quantity/Nominal


Currency

Měna

Commitments in EUR


Forward Contracts - FuturesSecurities - Movitý majetek

255

100

340

300

GBP

EUR

CHF

GBP

DIAGEO 06/2003

GROUPE DANONE 06/2003

NESTLE (NOM.) 06/2003

UNILEVER 06/2003

2,413,884

1,161,800

6,118,939

2,526,979

12,221,603


6,000

650

CHF

EUR

CALL NESTLE (NOM.) 06/2003 380

CALL UNILEVER (Cert.ACTION)10/2004 60


-5,951

-650

CHF

EUR

PUT NESTLE (NOM.) 06/2003 380

PUT UNILEVER (Cert.ACTION)10/2004 60

15,334,509

3,900,000

19,234,509


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

88,000 ALTANA EUR 3,784,000 3.51

33,000 FRESENIUS MEDICAL EUR 1,138,500 1.06

44,000 FRESENIUS MEDICAL CARE EUR 2,040,280 1.90

32,000 GEHE EUR 1,084,800 1.01

25,000 MERCK KGAA EUR 548,750 0.51

160,000 SCHERING EUR 5,960,000 5.54

14,556,330 13.53

23,000 OMEGA PHARMA EUR 350,980 0.33

105,000 U.C.B. EUR 2,086,350 1.94

2,437,330 2.27

16,500 COLOPLAST B DKK 1,005,386 0.93

270,000 GN GREAT NORDIC DKK 661,707 0.61

88,000 H. LUNDBECK A/S DKK 1,499,007 1.39

160,000 NOVO NORDISK -B- DKK 4,836,896 4.49

37,000 WILLIAM DEMANT DKK 704,999 0.65

8,707,995 8.07

164,000 ZELTIA EUR 1,002,040 0.93

1,002,040 0.93

5,400 SYNTHES-STRATEC CHF 2,749,983 2.55

2,749,983 2.55

62,000 INSTRUMENTARIUM EUR 2,033,600 1.89

46,000 ORION CORPORATION -B- EUR 615,940 0.57

2,649,540 2.46

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

185,000 AVENTIS EUR 7,442,550 6.91

120,000 ESSILOR INTERNATIONAL EUR 4,270,800 3.97


13,465,530 12.51

321,000 ASTRAZENECA GBP 10,029,652 9.32

345,000 CELLTECH GROUP GBP 1,331,824 1.24

25,000 GLAXOSMITHKLINE GBP 403,056 0.37

770,000 NYCOMED AMERSHAM GBP 4,584,196 4.26

908,608 SMITH & NEPHEW GBP 5,093,522 4.73

238,000 SSL INTERNATIONAL GBP 572,289 0.53

22,014,539 20.45

440,000 ELAN CORP (cert.ADR) USD 1,125,000 1.04

1,125,000 1.04

330,000 SNIA EUR 531,300 0.49

531,300 0.49

165,000 QIAGEN EUR 874,500 0.81

874,500 0.81

220,000 GAMBRO SEK 844,121 0.78

106,300 GAMBRO B SEK 406,714 0.38

1,250,835 1.16

96



97




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

12,954 CENTERPULSE CHF 2,538,622 2.36

27,000 NOBEL BIOCARE HOLDING SEK 1,310,276 1.22

201,000 NOVARTIS (NOM.) CHF 6,821,760 6.34

44,000 PHONAK CHF 359,531 0.33

7,000 ROCHE HOLDING (BEARER) CHF 593,341 0.55

8,700 SERONO-B- CHF 3,811,080 3.54

16,000 TECAN GROUP CHF 362,921 0.34

15,797,531 14.68

87,162,453 80.95



5,677,867 5.27

5,677,867 5.27

TOTAL/CELKEM 92,840,320 86.22


Quantity/Nominal


Currency

Měna

Commitments in EUR



2,400 USDPFIZER 03/2004 7,416,000

7,416,000


570

840

550

GBP

CHF

CHF

CALL GLAXOSMITHKLINE 04/2003 10

CALL NOVARTIS (NOM.) 06/2004 50

CALL ROCHE HOLDING (GENUSSCHEIN) 06/2003 105


-570

-840

-550

GBP

CHF

CHF

PUT GLAXOSMITHKLINE 04/2003 10

PUT NOVARTIS (NOM.) 06/2004 50

PUT ROCHE HOLDING (GENUSSCHEIN) 06/2003 105

3,621

678,104

356,005

1,037,730

EUROPEAN IMMO

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

2,471 HAMBORNER EUR 46,455 0.33

42,259 I.V.G. HOLDING EUR 266,654 1.89

77,536 WCM BETEILIGUNGS EUR 127,934 0.91

441,043 3.13

3,522 BEFIMMO EUR 232,452 1.65

1,937 COFINIMMO EUR 203,385 1.44

1,402 IMMOBILIERE DE BELGIQUE EUR 45,186 0.32

481,023 3.41

24,127 METROVACESA EUR 629,956 4.47

46,385 URBIS INMOBILIARIA EUR 283,412 2.01

56,812 VALLEHERMOSO EUR 539,146 3.83

1,452,514 10.31

8,975 GECINA EUR 874,614 6.21

5,440 KLEPIERRE EUR 647,360 4.59

1,602 SILIC EUR 246,708 1.75

13,251 SOPHIA EUR 391,567 2.78

15,588 UNIBAIL EUR 913,457 6.48

3,073,706 21.81

172,602 BRITISH LAND GBP 1,026,961 7.29

103,656 BRIXTON GBP 298,798 2.12

44,972 CANARY WHARF GBP 94,458 0.67

82,484 CHELSFIELD GBP 278,392 1.98

73,708 GREAT PORTLAND ESTATES GBP 231,155 1.64

96,129 LAND SECURUTIES GBP 1,019,983 7.24

45,623 LIBERTY INTL GBP 379,668 2.69

133,850 SLOUGH ESTATES GBP 596,203 4.23

90,424 UNITS HAMMERSON GBP 563,226 4.00

4,488,844 31.86

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

616,811 BENI STABILI EUR 243,640 1.73

243,640 1.73

36,334 AMSTELLAND MDC EUR 156,236 1.11

24,399 CORIO NV EUR 663,653 4.71

10,349 EUROCOMMERCIAL PROPERTIES EUR 205,842 1.46

6,243 VASTNED OFFICES/INDUSTRIAL EUR 134,724 0.96

12,417 VOLKER WESSWLS STEVIN EUR 251,320 1.78

6,510 WERELDHAVE EUR 319,055 2.26

1,730,830 12.28

15,500 CASTELLUM SEK 190,981 1.36

27,000 DROTT -B- SEK 272,853 1.94

50,200 HUFVUDSTADEN SEK 135,643 0.96

599,477 4.26

276 INTERSHOP HOLDING CHF 88,806 0.63

88,806 0.63

12,599,883 89.42

Investment Funds - Investiční fondy

29,868 RODAMCO EUROPE EUR 1,235,042 8.76

1,235,042 8.76

TOTAL/CELKEM 13,834,925 98.18

98



99




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,500 ALLIANZ EUR 340,500 1.19

5,000 DEUTSCHE BOERSE N EUR 175,600 0.61

29,450 EON EUR 1,112,621 3.87


1,843,587 6.42


3,500 VOEST-ALPINE EUR 80,500 0.28

257,080 0.89

15,000 FORTIS EUR 177,450 0.62

29,000 INTERBREW EUR 538,240 1.87

5,000 INTERBREW (STRIP) (VVPR) EUR 100 0.00

5,100 ROULARTA MEDIA EUR 107,049 0.37

27,238 SOLVUS EUR 122,571 0.43

110 SOLVUS (STRIP) (VVPR) EUR 1 0.00

945,411 3.29

39,000 BANCO SABADELL EUR 573,300 2.00


55,000 INDITEX EUR 978,450 3.41

2,628,150 9.16

1,700 SYNTHES-STRATEC CHF 865,735 3.01

865,735 3.01

46,000 CREDIT AGRICOLE EUR 656,420 2.29


51,980 JACQUES BENEDICT EUR 248,984 0.87

142,000 ORANGE EUR 1,043,700 3.63

21,300 SANOFI SYNTHELABO EUR 982,143 3.42

23,800 VIVENDI ENVIRONNEMENT EUR 359,618 1.25

3,451,599 12.02

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,000 AUTONOMY GBP 14,893 0.05

120,518 BHP BILLITON GBP 553,403 1.93

70,000 BRITISH SKY BROADCASTING GBP 635,257 2.21

100,000 CADBURY SCHWEPPES GBP 485,261 1.69

109,000 CENTRICA GBP 227,758 0.79

60,000 FRIENDS PROVIDENT GBP 66,271 0.23

45,000 GALEN HOLDINGS GBP 264,974 0.92


113,000 MICHAEL PAGE GBP 143,224 0.50

50,000 OXFORD GLYCOSCIENCES GBP 140,146 0.49


512,000 RENTOKIL INITIAL GBP 1,288,622 4.49


174,800 UNILEVER GBP 1,483,781 5.17

822,462 VODAFONE GBP 1,346,248 4.69

7,800 XSTRATA GBP 54,177 0.19

10,278,047 35.80

164,800 ENI EUR 2,017,152 7.02

6,000 TOD'S EUR 136,800 0.48

2,153,952 7.50

207,000 STATOIL NOK 1,476,984 5.14

1,476,984 5.14

60,000 ABN AMRO EUR 804,000 2.80

65,000 AEGON EUR 447,200 1.56


110,000 KPN (DEMAT.) EUR 646,800 2.25

2,086,527 7.27

25,000 ALFA LAVAL SEK 186,441 0.65

186,441 0.65


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


12,000 CLARIANT CHF 100,088 0.35

1,650 CONVERNIUM CHF 63,776 0.22

1,060 SERONO-B- CHF 464,339 1.62

6,000 SEZ CHF 30,515 0.11


7,300 SYNGENTA CHF 304,930 1.06


2,534,160 8.83

28,707,673 99.98

Bonds - Dluhopisy

161,902 PICOGIGA 01/2006 4% (CONV) EUR 0 0.00

0 0.00

0 0.00



30,960 0.11

30,960 0.11

TOTAL/CELKEM 28,738,633 100.09

100



101




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

350,000 CENTRICA GBP 731,332 0.39

75,000 ENDESA EUR 836,250 0.44

180,000 ENEL EUR 941,400 0.50

48,000 EON EUR 1,813,440 0.96

70,000 IBERDROLA EUR 1,045,100 0.55


40,000 RWE EUR 820,000 0.43


70,000 SUEZ EUR 745,500 0.39


9,518,584 5.03



26,000 NESTLE (REG.) CHF 4,716,213 2.49

190,000 UNILEVER GBP 1,612,805 0.85


10,759,510 5.68

90,000 PEARSON GBP 626,421 0.33

125,000 REED ELSEVIER GBP 818,425 0.43

230,000 REUTERS GBP 338,162 0.18

70,000 WPP GBP 345,767 0.18

2,128,775 1.12

100,000 ABN AMRO EUR 1,340,000 0.71


300,000 BANCA INTESA EUR 612,000 0.32




500,000 BARCLAYS GBP 2,643,587 1.40


60,000 BNP EUR 2,202,000 1.16


40,000 DANSKE BANK DKK 611,345 0.32


50,000 DEXIA EUR 417,500 0.22

80,000 FORTIS EUR 946,400 0.50


$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

140,000 ING GROUP EUR 1,482,600 0.78

400,000 LLOYDS TSB GBP 1,865,720 0.98

200,000 NORDEA SEK 808,452 0.43


100,000 SAN PAOLO-IMI EUR 623,000 0.33


90,000 UBS (REG.) CHF 3,509,188 1.85


37,765,664 19.93


675,961 0.36

4,625 AIR LIQUIDE EUR 561,938 0.30

4,000 AKZO NOBEL EUR 72,880 0.04

25,000 BASF EUR 852,750 0.45

30,000 BAYER EUR 374,700 0.20

1,862,268 0.99

76,598 BAA GBP 521,490 0.28

521,490 0.28

70,000 CARREFOUR EUR 2,429,700 1.28

101,149 GUS GBP 713,545 0.38

40,000 HENNES & MAURITZ -B- SEK 769,543 0.41

220,000 MARKS & SPENCER (NEW) GBP 898,675 0.47

8,000 PINAULT PRINTEMPS REDOUTE EUR 377,120 0.20

900,000 TESCO GBP 2,323,821 1.23

7,512,404 3.97

$


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

105,000 AEGON EUR 722,400 0.38

21,000 ALLIANZ EUR 953,400 0.50


200,000 AVIVA GBP 1,019,773 0.54

155,000 AXA-UAP EUR 1,677,100 0.89




165,000 PRUDENTIAL GBP 737,343 0.39


10,486,519 5.54

65,000 C.R.H. EUR 851,500 0.45

15,000 LAFARGE (SICOVAM CERT.) EUR 769,500 0.41

35,000 SAINT-GOBAIN EUR 886,550 0.47

10,000 VINCI EUR 535,000 0.28

3,042,550 1.61


17,000 SCHNEIDER EUR 729,300 0.38

90,000 SIEMENS EUR 3,402,000 1.80


6,408,200 3.39

100,000 AMVESCAP GBP 405,591 0.21

50,000 RICHEMONT (UNITS)-A- CHF 625,551 0.33

1,031,142 0.54

200,000 COMPASS GBP 782,936 0.41

782,936 0.41


648,946 0.34

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

60,000 ARCELOR EUR 483,600 0.26


925,200 0.49

17,000 SAP EUR 1,180,650 0.62

1,180,650 0.62

212,849 BHP BILLITON GBP 977,376 0.52

977,376 0.52

88,537 RIO TINTO (REG.) GBP 1,512,061 0.80

1,512,061 0.80

60,000 STORA ENSO EUR 507,000 0.27

40,000 UPM-KYMMENE EUR 474,000 0.25

981,000 0.52

215,000 BG GBP 748,226 0.39

1,450,000 BP GBP 8,427,790 4.45

190,000 ENI EUR 2,325,600 1.23

50,000 REPSOL EUR 661,000 0.35


660,000 SHELL TRANSPORT & TRADING GBP 3,656,841 1.93


25,914,857 13.68

102



103




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

145,000 ASTRAZENECA GBP 4,530,528 2.39

70,000 AVENTIS EUR 2,816,100 1.49


28,500 L'OREAL EUR 1,581,750 0.83

205,000 NOVARTIS (NOM.) CHF 6,957,517 3.67

15,000 NOVO NORDISK -B- DKK 453,459 0.24


16,000 SCHERING EUR 596,000 0.31

26,426,542 13.94

260,000 HBOS GBP 2,446,150 1.29

300,000 RENTOKIL INITIAL GBP 755,052 0.40

3,201,202 1.69


150,000 DIAGEO GBP 1,410,154 0.74

60,000 IMPERIAL TOBACCO GBP 873,470 0.46

3,483,160 1.83

20,000 LVMH MOET HENNESSY EUR 723,200 0.38

723,200 0.38

80,000 BRITISH SKY BROADCASTING GBP 726,007 0.38

1,000,000 BT GBP 2,274,209 1.20


75,000 FRANCE TELECOM EUR 1,401,750 0.74

100,000 NOKIA -A- EUR 1,266,000 0.67

4,000 SWISSCOM CHF 1,127,009 0.59




60,000 VIVENDI UNIVERSAL EUR 730,800 0.39

4,500,000 VODAFONE GBP 7,365,829 3.89

24,774,009 13.08

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


4,000 VOLKSWAGEN EUR 116,800 0.06

1,322,350 0.70

184,566,556 97.44



3,456,093 1.82


270,000 0.14

3,726,093 1.96

TOTAL/CELKEM 188,292,649 99.40

EUROPEAN SHOPPING

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

4,700 DOUGLAS HOLDING EUR 66,458 0.24

8,800 KARSTADT QUELLE EUR 104,632 0.38

34,400 METRO EUR 664,608 2.43

835,698 3.05

3,800 COLRUYT EUR 210,520 0.77

18,600 DELHAIZE EUR 307,644 1.13

750 D'IETEREN EUR 78,750 0.29

596,914 2.19

75,800 INDITEX EUR 1,348,482 4.94

1,348,482 4.94

69,950 CARREFOUR EUR 2,427,964 8.89

9,138 CASINO GUICHARD PERRACHON EUR 530,004 1.94


3,747,563 13.72

172,752 BOOTS GROUP GBP 1,327,514 4.86

141,003 GUS GBP 994,691 3.64

626,085 KINGFISHER GBP 2,085,892 7.64

542,699 MARKS & SPENCER (NEW) GBP 2,216,863 8.12

486,287 NEW DIXONS GBP 602,268 2.21

67,500 NEXT GBP 830,122 3.04

260,065 SAFEWAY GBP 982,284 3.60

280,835 SAINSBURY GBP 894,962 3.28

430,131 SIGNET GBP 465,739 1.71

968,434 TESCO GBP 2,500,519 9.16

12,900,854 47.26

5,000 FYFFES EUR 6,200 0.02

6,200 0.02

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

19,482 VENDEX KBB EUR 133,841 0.49

133,841 0.49

3,000 JERONIMO MARTINS SGPS EUR 19,800 0.07

19,800 0.07

69,000 HENNES & MAURITZ -B- SEK 1,327,461 4.86

15,000 KESKO B EUR 161,100 0.59

1,488,561 5.45

1,000 VALORA HOLDING CHF 152,743 0.56

152,743 0.56

21,230,656 77.75

TOTAL/CELKEM 21,230,656 77.75

104



105



EUROPEAN SHOPPING


Quantity/Nominal


Currency

Měna

Commitments in EUR



670

95

330

920

EUR

GBP

SEK

GBP

CARREFOUR 06/2003

GUS 06/2003

HENNES & MAURITZ -B- 06/2003

TESCO 06/2003

2,305,470

678,424

616,718

2,355,472

5,956,084

EUROPEAN SMALL CAPS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

52,520 IAWS GROUP EUR 380,770 2.88

20,000 NUTRECO HOLDING EUR 282,600 2.14

663,370 5.02

32,000 ENAGAS EUR 205,440 1.55

15,000 RED ELECTRICIA DE ESPANA EUR 164,700 1.24

370,140 2.79


237,500 1.79

37,480 ENIRO AB SEK 224,825 1.70

75,350 TAYLOR & FRANCIS GROUP GBP 436,590 3.30

13,770 TELE ATLAS EUR 13,357 0.10

674,772 5.10


139,194 1.05

55,701 ANGLO IRISH BANK CORP PLC EUR 364,285 2.75

1,155 CARNEGIE SEK 5,555 0.04

8,500 JYSKE BANK DKK 219,761 1.66

589,601 4.45

34,838 HEAD EUR 53,999 0.41

16,990 NOBIA AB SEK 102,833 0.78

1,750 SEB EUR 130,550 0.99

287,382 2.18

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

6,000 PERBIO SCIENCE SEK 67,443 0.51

67,443 0.51

7,500 NOVOZYMES DKK 158,559 1.20

158,559 1.20

101,470 ARRIVA GBP 429,192 3.24

22,420 AUREA CONCESIONES EUR 594,578 4.49DE INFRASTRUCTURAS

15,000 AUTOSTRADA TORINO-MILANO EUR 139,200 1.05

42,902 EASYJET GBP 137,963 1.04

1,300,933 9.82

8,060 CHARLES VOEGELE HOLDING CHF 140,464 1.06

4,210 FIELMANN EUR 139,982 1.06

5,680 FOLLI FOLLIE EUR 62,139 0.47

130,179 LAURUS EUR 157,517 1.19

500,102 3.78

25,998 HEIJMANS EUR 370,472 2.80

171,190 KINGSPAN GROUP EUR 328,685 2.48

22,400 PERMASTEELISA EUR 347,200 2.62

1,046,357 7.90

110,000 ARM HOLDING GBP 81,661 0.62

9,662 ASM INTERNATIONAL EUR 88,021 0.67

12,320 ELMOS SEMICONDUCTOR EUR 52,976 0.40

4,440 MEDION AG EUR 125,208 0.95

19,920 MELEXIS EUR 113,544 0.86

3,900 MICRONAS SEMICONDUCTOR-REG CHF 84,627 0.64

14,490 NEG MICON DKK 138,534 1.05

770 SAIA-BURGESS ELECTRONICS (REG) CHF 162,908 1.23

8,500 SEZ CHF 43,229 0.33


59,930 VOLEX GROUP GBP 44,274 0.33

1,073,679 8.13

106



107



EUROPEAN SMALL CAPS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

33,970 INTRUM JUSTITIA SEK 128,504 0.97

11,468 RANDSTAD EUR 97,478 0.74

225,982 1.71

65,666 ENTERPRISE INNS GBP 563,585 4.26

5,000 JURYS DOYLE HOT GP EUR 33,750 0.25

60,000 LUMINAR GBP 256,392 1.94

7,140 TRIGANO EUR 127,806 0.97

10,740 ZAPF CREATION EUR 293,309 2.22

1,274,842 9.64

21,590 GFI INFORMATIQUE EUR 55,918 0.42

40,550 ISOFT GROUP GBP 127,756 0.97

30,290 ORDINA EUR 83,298 0.63

1,700 SURF CONTROL USD 25,706 0.19

5,340 SURFCONTROL GBP 28,234 0.21

7,000 UBI SOFT ENTERTAINMENT EUR 70,070 0.53

390,982 2.95

11,041 INTERNATIO-MULLER EUR 144,637 1.09

144,637 1.09

7,000 KONE -B- EUR 196,000 1.48

19,040 PINGUELY-HAULOTTE EUR 47,219 0.36

243,219 1.84

17,070 GRUPO AUXILIAR METALURGICO EUR 288,483 2.18

288,483 2.18

2,110 NOBEL BIOCARE HOLDING SEK 102,396 0.77

4,430 OMEGA PHARMA EUR 67,602 0.51

6,000 TECAN GROUP CHF 136,095 1.03

306,093 2.31

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

16,200 BEFESA MEDIO AMBIENTE EUR 226,638 1.71

226,638 1.71

16,800 MEDIDEP EUR 193,200 1.46

26,290 NESTOR HEALTHCARE GROUP GBP 72,356 0.55

265,556 2.01

10,640 DIS DEUTSCHER INDUSTRIE SVC EUR 109,592 0.83

42,230 GENERALE DE SANTE EUR 358,110 2.71

90,000 HIT ENTERTAINMENT GBP 249,656 1.89

44,445 OBSERVER AB SEK 72,536 0.55

98,000 PHS GROUP GBP 95,111 0.72

89,060 PROOFFICE AB-B SHS SEK 173,264 1.31

33,804 VEDIOR EUR 136,568 1.03

74,070 WILLIAM HILL W/I GBP 235,241 1.78

1,430,078 10.82

4,000 FUGRO (CVA) EUR 138,560 1.05

138,560 1.05

20,350 BARON DE LEY EUR 563,694 4.26

5,000 DAVIDE CAMPARI EUR 148,500 1.12


902,850 6.82

11,500 MOBISTAR EUR 299,345 2.26

20,000 VODAFONE TELECEL COM EUR 170,000 1.28

469,345 3.54

13,416,297 101.39

TOTAL/CELKEM 13,416,297 101.39

EUROPEAN TELECOM

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


4,499,354 7.06

317,950 TELEKOM AUSTRIA EUR 2,988,730 4.69

2,988,730 4.69

164,105 TDC -B- DKK 3,546,723 5.57

3,546,723 5.57


5,562,740 8.73

276,570 ELISA COMMUNICATIONS EUR 1,576,449 2.47

1,576,449 2.47

146,000 BOUYGUES EUR 2,692,240 4.23

225,070 FRANCE TELECOM EUR 4,206,558 6.60

6,898,798 10.83

1,196,415 BT GBP 2,720,897 4.27

2,760,250 CABLE & WIRELESS GBP 2,758,851 4.33

343,935 VODAFONE GBP 562,970 0.88

6,042,718 9.48

308,995 HELLENIC COMMUNICATIONS EUR 2,595,558 4.07

326,570 VODAFONE-PANAFON EUR 1,639,381 2.57

4,234,939 6.64

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

24,270 E.BISCOM EUR 554,570 0.87




7,726,249 12.13

903,140 TELENOR NOK 2,657,468 4.17

2,657,468 4.17

503,813 KPN (DEMAT.) EUR 2,962,420 4.65

2,962,420 4.65

453,120 PORTUGAL TELECOM EUR 2,877,312 4.52

2,877,312 4.52

102,350 TELE2 SEK 2,837,448 4.45

1,006,636 TELIASONERA SEK 2,643,817 4.15

5,481,265 8.60

10,410 SWISSCOM CHF 2,933,041 4.60

2,933,041 4.60

59,988,206 94.14

108



109



EUROPEAN TELECOM

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ





523,152 0.82

523,152 0.82

TOTAL/CELKEM 60,511,358 94.96


Quantity/Nominal


Currency

Měna

Commitments in EUR



25 GBPCALL VODAFONE 06/2003 1


-25 GBPPUT VODAFONE 06/2003 1 241,423

241,423

FOOD & BEVERAGES

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

68,830 SABMILLER GBP 430,832 0.78

430,832 0.78

15,501 BRL HARDY AUD 98,261 0.18

41,093 COCA-COLA AMATIL AUD 140,302 0.26

186,081 FOSTER'S GROUP AUD 498,141 0.91

395 GOODMAN FIELDER AUD 389 0.00

61,828 SOUTHCORP AUD 121,427 0.22

858,520 1.57

13,400 INTERBREW EUR 271,386 0.49

271,386 0.49

9,744 MOLSON CAD 214,826 0.39

214,826 0.39

1,000 CARLSBERG -B- DKK 33,796 0.06

4,100 DANISCO DKK 132,840 0.24

166,636 0.30

23,400 ALTADIS EUR 570,431 1.04

570,431 1.04

123,900 ALTRIA GROUP USD 3,712,044 6.76

72,500 ANHEUSER-BUSCH USD 3,379,225 6.15

49,359 ARCHER-DANIELS MIDLAND USD 533,077 0.97

19,200 CAMPBELL SOUP USD 403,200 0.73

119,400 COCA-COLA USD 4,833,312 8.80

45,400 CONAGRA FOODS USD 911,632 1.66

10,182 DEL MONTE FOODS USD 75,958 0.14

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

25,100 GENERAL MILLS USD 1,143,305 2.08

29,300 HEINZ USD 855,560 1.56

24,500 KRAFT FOODS -A- USD 690,900 1.26

49,700 PEPSICO USD 1,988,000 3.62

63,000 SARA LEE USD 1,178,100 2.15

19,704,313 35.88

6,000 RAISIO EUR 5,631 0.01

5,631 0.01


4,500 PERNOD-RICARD EUR 383,502 0.70

1,709,146 3.11



267,877 DIAGEO GBP 2,747,989 5.00

62,165 IMPERIAL TOBACCO GBP 987,522 1.80

57,690 SCOTTISH & NEWCASTLE BREWERIES GBP 308,898 0.56

29,900 TATE & LYLE GBP 141,311 0.26

234,071 UNILEVER GBP 2,168,104 3.95

8,610,816 15.68


95,425 0.17


9,000 KERRY GROUP A EUR 120,796 0.22

148,753 0.27

110



111



FOOD & BEVERAGES

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

37,200 PARMALAT FINANZIARIA EUR 74,285 0.14

74,285 0.14

49,341 AJINOMOTO JPY 507,224 0.92

34,000 ASAHI BREWERIES JPY 215,331 0.39

5,000 HOUSE FOODS JPY 46,382 0.08

63 JAPAN TOBACCO JPY 375,620 0.68

4,000 KATOKICHI JPY 64,733 0.12

13,000 KIKKOMAN JPY 83,100 0.15

61,000 KIRIN BREWERY JPY 456,291 0.83

18,000 MEIJI DAIRIES CORPORATION JPY 56,620 0.10

25,000 MEIJI SEIKA KAISHA JPY 75,266 0.14

22,000 NICHIREI JPY 67,161 0.12

14,000 NIPPON MEAT PACKERS JPY 134,120 0.24

14,000 NISSHIN SEIFUN JPY 99,646 0.18

7,000 NISSIN FOOD PRODUCTS JPY 145,218 0.26

23,000 SAPPORO BREWERIES JPY 48,684 0.09

10,000 SNOW BRAND MILK PRODUCTS JPY 22,095 0.04

14,000 TAKARA JPY 66,116 0.12

12,000 YAKULT HONSHA JPY 160,803 0.29

11,000 YAMAZAKI BAKING JPY 61,596 0.11

2,686,006 4.86

17,600 ORKLA ASA -A- NOK 261,938 0.48

261,938 0.48

16,743 HEINEKEN EUR 620,994 1.13

13,101 NUMICO EUR 82,487 0.15


3,579,787 6.52

17,500 FRASER & NEAVE SGD 78,321 0.14

78,321 0.14

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


228,849 0.42

20,100 NESTLE (REG.) CHF 3,978,511 7.25

3,978,511 7.25

43,674,412 79.50

TOTAL/CELKEM 43,674,412 79.50

FOOD & BEVERAGES

112




Quantity/Nominal


Currency

Měna

Commitments in USD



550

129

145

USD

USD

CHF

ALTRIA GROUP 03/2004

COCA-COLA 03/2004

NESTLE (NOM.) 06/2003

1,530,100

524,385

2,847,538

4,902,023


562

970

USD

USD

CALL COCA-COLA 01/2005 50

CALL PEPSICO 04/2003 42.5


-562

-970

USD

USD

PUT COCA-COLA 01/2005 50

PUT PEPSICO 04/2003 42.5

250,000

141,667

391,667

113



FREE TIME

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

6,750 TUI EUR 58,995 0.28

58,995 0.28

96,064 NEWS CORP AUD 572,953 2.70

123,252 NEWS CORPORATION (PREF.) AUD 614,298 2.90


1,325,698 6.25

3,500 FAIRMONT HOTELS & RESORTS CAD 69,080 0.33

6,600 FOUR SEASONS HOTELS USD 164,335 0.78

233,415 1.11

159,000 AOL TIME WARNER USD 1,582,424 7.47

6,400 HARRAHS USD 209,384 0.99

21,000 HILTON HOTELS USD 223,433 1.05

5,400 INTL GAME TECHNOLOGY USD 405,297 1.91

11,800 MARRIOTT INTERNATIONAL A USD 343,986 1.62

26,200 MATTEL USD 540,231 2.55

80,000 MC.DONALD'S USD 1,060,117 5.00

10,500 NIKE USD 494,786 2.33

13,500 PARK PLACE USD 88,087 0.42

24,100 STARBUCKS USD 568,930 2.68

7,200 STARWOOD HOTELS & RESORTS USD 156,972 0.74

52,700 VIACOM -B- USD 1,763,750 8.32

125,800 WALT DISNEY USD 1,962,166 9.26

17,400 YUM BRANDS USD 387,960 1.83

9,787,523 46.17

14,750 ACCOR EUR 373,470 1.76

5,000 SODEXHO ALLIANCE EUR 94,150 0.44

9,950 THOMSON EUR 102,286 0.48


1,239,806 5.84

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

194,200 COMPASS GBP 760,231 3.59

36,000 EMI GROUP GBP 46,542 0.22

51,000 HILTON GBP 101,764 0.48

43,373 P & O PRINCESS CRUISES GBP 259,635 1.23

46,985 RANK GBP 159,940 0.75

57,700 SIX CONTINENTS GBP 503,574 2.38

16,164 WHITBREAD GBP 122,690 0.58

1,954,376 9.23

9,500 AUTOGRILL EUR 68,400 0.32

68,400 0.32

5,000 KONAMI CO JPY 67,043 0.32

9,800 NINTENDO JPY 731,623 3.45

3,000 ORIENTAL LAND JPY 127,749 0.60

8,500 PIONEER JPY 161,927 0.76

99,000 SANYO ELECTRIC JPY 247,893 1.17

5,000 SEGA JPY 25,928 0.12

3,500 SHIMANO JPY 44,225 0.21

4,000 SKYLARK JPY 42,969 0.20

51,300 SONY JPY 1,665,140 7.86

6,000 TOHO JPY 51,146 0.24

8,000 YAMAHA CORP JPY 82,538 0.39

3,248,181 15.32

20,500 CARNIVAL USD 452,946 2.14

452,946 2.14

18,369,340 86.66

TOTAL/CELKEM 18,369,340 86.66

FREE TIME

114




Quantity/Nominal


Currency

Měna

Commitments in EUR



300

300

475

430

USD

USD

USD

USD

CALL AOL TIME WARNER 01/2004 15

CALL AOL TIME WARNER 01/2004 20

CALL AOL TIME WARNER 01/2005 17.5

CALL VIACOM -B- 06/2003 42.5


-300

-300

-475

-430

USD

USD

USD

USD

PUT AOL TIME WARNER 01/2004 15

PUT AOL TIME WARNER 01/2004 20

PUT AOL TIME WARNER 01/2005 17.5

PUT VIACOM -B- 06/2003 42.5

412,390

549,853

761,776

253,162

1,977,181

115



FUTURIS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

545 ADIDAS-SALOMON EUR 44,036 2.13

44,036 2.13

385 SAMSUNG ELECTRONICS (144A) USD 39,869 1.92

39,869 1.92

2,350 ALTRIA GROUP USD 64,522 3.11

5,000 AOL TIME WARNER USD 49,762 2.40

6,500 CISCO SYSTEMS USD 77,319 3.73

2,700 CITIGROUP USD 85,241 4.11

1,750 COCA-COLA USD 64,919 3.13

1,770 COLGATE-PALMOLIVE USD 88,305 4.26

3,370 DELL COMPUTER USD 84,343 4.07

600 ELECTRONIC ARTS USD 32,243 1.56

1,600 ESTEE LAUDER COMPANIES USD 44,516 2.15

2,150 GILLETTE USD 60,961 2.94

5,250 INTEL USD 78,327 3.78

800 KRAFT FOODS -A- USD 20,674 1.00

2,600 MC.DONALD'S USD 34,454 1.66

3,770 MICROSOFT USD 83,643 4.04

2,330 PEPSICO USD 85,411 4.12

2,980 PFIZER USD 85,096 4.11

950 STARBUCKS USD 22,427 1.08

950 STARWOOD HOTELS & RESORTS USD 20,712 1.00


4,200 WALT DISNEY USD 65,510 3.16

1,250 WRIGLEY JR. USD 64,722 3.12

1,233,359 59.51

6,800 NOKIA -A- EUR 86,088 4.15

86,088 4.15

1,400 L'OREAL EUR 77,700 3.75


135,556 6.54

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

2,300 DIAGEO GBP 21,622 1.04


31,500 VODAFONE GBP 51,561 2.49

115,101 5.55

800 HONDA MOTOR JPY 24,421 1.18

200 NINTENDO JPY 14,931 0.72

700 SONY JPY 22,721 1.10

600 TOYOTA MOTOR JPY 12,218 0.59

74,291 3.59

350 GUCCI EUR 30,590 1.48

2,450 HEINEKEN EUR 83,276 4.02

780 UNILEVER EUR 42,588 2.06

156,454 7.56

470 NESTLE (REG.) CHF 85,255 4.11

85,255 4.11

1,970,009 95.06

TOTAL/CELKEM 1,970,009 95.06

GLOBAL BRANDS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

14,633 ADIDAS-SALOMON EUR 1,182,346 2.25

1,182,346 2.25

8,990 SAMSUNG ELECTRONICS (144A) USD 930,966 1.77

930,966 1.77

58,658 ALTRIA GROUP USD 1,610,515 3.07

106,434 AOL TIME WARNER USD 1,059,268 2.02


63,802 CITIGROUP USD 2,014,277 3.83

41,352 COCA-COLA USD 1,534,026 2.92

42,516 COLGATE-PALMOLIVE USD 2,121,124 4.04



36,713 ESTEE LAUDER COMPANIES USD 1,021,450 1.94

56,041 GILLETTE USD 1,588,992 3.02

135,950 INTEL USD 2,028,286 3.86

15,219 KRAFT FOODS -A- USD 393,306 0.75

56,062 MC.DONALD'S USD 742,904 1.41

93,990 MICROSOFT USD 2,085,317 3.97

57,455 PEPSICO USD 2,106,122 4.01

77,486 PFIZER USD 2,212,668 4.21

29,177 STARBUCKS USD 688,783 1.31

26,168 STARWOOD HOTELS & RESORTS USD 570,507 1.09


94,944 WALT DISNEY USD 1,480,890 2.82

32,954 WRIGLEY JR. USD 1,706,288 3.25

29,929,445 56.97

161,254 NOKIA -A- EUR 2,041,476 3.89

2,041,476 3.89

32,054 L'OREAL EUR 1,778,996 3.39


2,736,802 5.21

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

135,937 DIAGEO GBP 1,277,948 2.43

961,612 VODAFONE GBP 1,574,015 3.00

2,851,963 5.43

299,500 ESPRIT HOLDINGS HKD 519,064 0.99

519,064 0.99

24,000 CANON JPY 767,884 1.46

32,700 HONDA MOTOR JPY 998,226 1.90

6,400 NINTENDO JPY 477,795 0.91

29,400 SONY JPY 954,291 1.82

22,700 TOYOTA MOTOR JPY 462,265 0.88

3,660,461 6.97

9,099 GUCCI GROUP USD 794,745 1.51

63,159 HEINEKEN EUR 2,146,774 4.09


5,225,091 9.95

11,437 NESTLE (REG.) CHF 2,074,590 3.95

2,074,590 3.95

51,152,205 97.38

TOTAL/CELKEM 51,152,204 97.38

116



117




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie


36,984 NEDCOR ZAR 378,932 0.84

811,640 1.80



189,355 TELSTRA AUD 426,789 0.95

253,198 WESTFIELD TRUST AUD 478,142 1.06


2,672,236 5.95

31,000 FORTIS EUR 366,730 0.82

366,730 0.82

38,700 BCE CAD 650,987 1.45

650,987 1.45


492,260 1.09

20,500 LG CABLE KRW 139,277 0.31


4,500 SAMSUNG SDI (PREF.) KRW 131,497 0.29

512,728 1.14

23,616 TDC -B- DKK 510,401 1.13

510,401 1.13

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

41,719 ACESA INFRAESTRUCTURAS EUR 493,119 1.10

57,049 BANCO BILBAO VIZCAYA ARGENTARIA EUR 435,284 0.97

38,589 ENDESA EUR 430,267 0.96

32,165 IBERDROLA EUR 480,223 1.07

1,838,893 4.10

25,700 ALBERTSON'S USD 443,956 0.9916,869 ALLIANCE CAPITAL MGMT USD 445,223 0.9913,225 ALTRIA GROUP USD 363,106 0.8112,507 AMEREN USD 447,579 1.0024,780 AMERICAN CAPITAL STRATEGIES USD 508,680 1.1323,718 AMSOUTH BANCORP USD 432,106 0.9628,340 ANNALY MORTGAGE USD 453,720 1.0113,652 APARTMENT INVESTMENT USD 456,401 1.01

& MANAGEMENT COMPANY7,019 BANK OF AMERICA USD 429,939 0.96

22,096 BRISTOL MYERS SQUIBB USD 427,867 0.9518,649 CINERGY USD 575,091 1.2820,545 CONAGRA FOODS USD 378,064 0.84

1 DEL MONTE FOODS USD 7 0.0012,316 DELUXE USD 452,934 1.019,060 DOMINION RESOURCES USD 459,725 1.02

18,152 DOW CHEMICAL USD 459,290 1.0223,280 DUKE REALTY USD 575,600 1.2816,186 EASTMAN KODAK USD 439,063 0.9830,200 ELECTRONIC DATA SYSTEMS USD 487,097 1.0825,300 ENERGY EAST CORP USD 412,702 0.9216,671 FEDERAL REALTY INV TRUST USD 463,983 1.0316,594 FIRSTENERGY USD 479,024 1.0719,800 FLEET BOSTON FINANCIAL USD 433,306 0.9615,576 HEINZ USD 416,806 0.9321,915 JP MORGAN CHASE & CO USD 476,177 1.0617,980 KIMCO REALTY USD 578,682 1.2921,009 KINDER MORGAN ENERGY PARTNERS USD 712,365 1.5819,048 LIBERTY PROPERTY TRUST USD 546,373 1.2117,519 LINCOLN NATIONAL USD 449,534 1.0025,000 MAY DEPARTMENT STORES USD 455,691 1.0121,305 NATIONAL CITY USD 543,754 1.2125,549 OCCIDENTAL PETROLEUM USD 701,474 1.5615,492 PITNEY BOWES USD 453,175 1.0115,498 REGIONS FINANCIAL USD 460,168 1.0212,482 RJ REYNOLDS TOBACCO USD 369,015 0.8225,507 RR DONNELLEY & SONS USD 428,233 0.9516,722 SAINT PAUL USD 487,316 1.0817,783 UNION PLANTERS USD 428,441 0.9523,869 US BANCORP USD 415,170 0.9217,374 UST USD 439,445 0.9820,227 VERIZON COMMUNICATION USD 655,264 1.4613,754 WASHINGTON MUTUAL USD 444,560 0.9921,606 XCEL ENERGY USD 253,641 0.56

19,739,747 43.89


Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

33,826 UPM-KYMMENE EUR 400,838 0.89

400,838 0.89

16,389 A.G.F. EUR 397,597 0.88

16,585 SAINT-GOBAIN EUR 420,100 0.93


1,215,942 2.70

37,768 ALLIANCE & LEICESTER GBP 424,264 0.94

1 AWG GBP 8 0.00

136 AWG NEW RED GBP 0 0.00

80,900 BARCLAYS GBP 427,732 0.95

49,700 DIAGEO GBP 467,231 1.04

61,547 GALLAHER GBP 543,835 1.21


109,313 KELDA GROUP GBP 648,420 1.44

139,113 KINGFISHER GBP 463,475 1.03


2 LOGICACMG GBP 3 0.00

1 NATIONAL GRID TRANSCO GBP 6 0.00

62,103 PEARSON GBP 432,252 0.96

68,832 PERSIMMON GBP 374,894 0.83

23,466 RIO TINTO (REG.) GBP 400,759 0.89


51,961 SIX CONTINENTS GBP 453,487 1.01

111,219 TATE & LYLE GBP 481,705 1.07

81,998 TRINITY MIRROR GBP 451,948 1.00

6,860,562 15.24


132,000 HONGKONG ELECTRIC HOLDING HKD 482,355 1.07

2,340,000 PETROCHINA HKD 450,912 1.00

1,442,358 3.20

219,626 SNAM RETE GAS EUR 707,198 1.57

160,730 TELECOM ITALIA MOBILE EUR 601,130 1.34


1,758,887 3.91

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

18,623 GRUPO AEROPORTUARIO SUR (ADR) USD 190,292 0.42

16,700 TELMEX USD 454,842 1.01

645,134 1.43

35,710 ABN AMRO EUR 478,514 1.06

39,117 AEGON EUR 269,125 0.60

12,199 DSM EUR 431,113 0.96


1,868,875 4.15

47,000 SINGAPORE PRESS SGD 434,338 0.97

434,338 0.97

46,323 FOERENINGSSPARBANKEN SEK 490,654 1.09

82,000 INVESTOR -B- SEK 432,500 0.96

21,000 SANDVIK SEK 433,516 0.96

1,356,670 3.01

322,800 DELTA ELECTRONIC THB 175,899 0.39

175,899 0.39

43,755,125 97.26

Investment Funds - Investiční fondy

5,485 RODAMCO EUROPE EUR 226,805 0.50

226,805 0.50

TOTAL/CELKEM 43,981,930 97.76

118



119



GREECE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

25,000 ATHENS WATER & SEWERAGE PUBLIC EUR 73,250 0.98

45,000 PUBLIC POWER EUR 593,100 7.97

666,350 8.95

6,000 CHIPITA EUR 19,320 0.26


555,680 7.47

20,000 LAMBRAKIS PRESS EUR 38,200 0.51

38,200 0.51

16,168 ALTEC SA EUR 7,276 0.10

7,276 0.10

32,812 ALPHA CREDIT BANK EUR 326,808 4.39

36,000 BANK OF PIRAEUS EUR 181,440 2.44

16,900 COMMERCIAL BANK OF GREECE EUR 152,438 2.05

40,301 EFG EUROBANK EUR 367,545 4.94

12,000 HELLENIC EXCHANGE EUR 33,600 0.45

44,000 NATIONAL BANK OF GREECE EUR 397,760 5.35

1,459,591 19.62

27,100 ATTICA ENTREPRISES EUR 45,799 0.62

12,000 MINOAN LINES EUR 10,800 0.15

28,000 NBG REAL ESTATE EUR 33,320 0.45

89,919 1.22

10,000 GERMANOS EUR 113,400 1.52

113,400 1.52

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

18,980 AEGEK (Reg.) EUR 16,513 0.22

22,028 AKTOR EUR 114,546 1.54

14,000 AVAX EUR 68,040 0.91

21,000 HELLENIC TECHNODOMIKI EUR 111,720 1.50

15,119 HERACLES GENERAL CEMENT EUR 76,502 1.03

25,000 TECHNICAL OLYMPIC EUR 59,000 0.79

5,000 THEMELIODOMI (REG) EUR 8,450 0.11

7,900 TITAN CEMENT EUR 237,158 3.19

691,929 9.29

37,782 INTRACOM EUR 153,395 2.06

153,395 2.06

43,000 GREEK ORG OF FOOTBALL PROGNO EUR 328,520 4.42

20,000 HYATT REGENCY HOTEL EUR 137,200 1.84

465,720 6.26

19,000 M.J. MAILLIS EUR 46,360 0.62

46,360 0.62

18,000 SIDENOR EUR 45,540 0.61

45,540 0.61

25,000 DELTA SINGULAR EUR 31,250 0.42

31,250 0.42

12,700 METKA (REG) EUR 36,322 0.49

36,322 0.49

GREECE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

22,000 ALFA ALFA HOLDINGS EUR 7,480 0.10

4,700 ALUMINIUM OF GREECE (VOTING) EUR 80,934 1.09

30,000 ELVAL EUR 35,700 0.48

10,000 MYTILINEOS HOLDING EUR 19,000 0.26

40,000 VIOHALCO (Reg.Shs) EUR 111,200 1.49

254,314 3.42

54,000 HELLENIC PETROLEUM EUR 260,280 3.50

21,000 MOTOR OIL (HELLAS) SA EUR 132,300 1.78

17,000 PETROLA HELLAS EUR 44,200 0.59

436,780 5.87

7,000 BABIS VOVOS EUR 119,000 1.60

119,000 1.60

24,358 ATHENS MEDICAL CENTER EUR 24,601 0.33

7,000 IASO EUR 48,160 0.65

72,761 0.98

6,000 PAPASTRATOS CIGARETTE EUR 103,080 1.39

103,080 1.39

3,750 KLONATEX GROUP EUR 5,062 0.07

3,750 NAOUSSA SPINNING MILLS EUR 5,962 0.08

11,024 0.15

79,000 COSMOTE MOBILE COMMUNICATIONS EUR 704,680 9.47

78,000 HELLENIC COMMUNICATIONS EUR 655,200 8.81

72,000 VODAFONE-PANAFON EUR 361,440 4.86

1,721,320 23.14

7,119,211 95.69

TOTAL/CELKEM 7,119,211 95.69

120



121



HEALTH CARE

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

5,000 ALTANA EUR 234,608 0.17

5,000 FRESENIUS MEDICAL CARE EUR 252,995 0.18

5,000 MERCK KGAA EUR 119,759 0.08

15,000 SCHERING EUR 609,708 0.43

1,217,070 0.86

15,000 CSL AUD 141,586 0.10

141,586 0.10

10,000 U.C.B. EUR 216,821 0.15

216,821 0.15

10,000 BIOVAIL USD 398,700 0.28

7,000 QLT USD 71,190 0.05

469,890 0.33

5,000 H. LUNDBECK A/S DKK 92,938 0.07

25,000 NOVO NORDISK -B- DKK 824,691 0.58

917,629 0.65

125,000 ABBOTT LABORATORIES USD 4,701,250 3.31

14,000 AETNA USD 690,200 0.49

106,000 AMGEN USD 6,100,300 4.30

13,000 ANTHEM USD 861,250 0.61

15,000 APPLERA APPLIED BIOSYSTEMS USD 237,450 0.17

7,000 APPLERA-CELERA GENOMICS USD 60,340 0.04

55,000 BAXTER INTERNATIONAL USD 1,025,200 0.72

24,000 BECTON DICKINSON USD 826,560 0.58

15,000 BIOGEN USD 449,400 0.32

23,000 BIOMET USD 704,950 0.50

27,000 BOSTON SCIENTIFIC USD 1,100,520 0.78

171,000 BRISTOL MYERS SQUIBB USD 3,613,230 2.55

40,000 CARDINAL HEALTH USD 2,278,800 1.61

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,000 CHIRON USD 375,000 0.26

13,000 CIGNA USD 594,360 0.42

15,000 ELI LILLY USD 857,250 0.60

20,000 GENENTECH USD 700,200 0.49

1,720 GEN-PROBE USD 38,941 0.03

20,000 GENZYME USD 729,000 0.51

28,000 GUIDANT USD 1,013,600 0.71

75,000 HCA USD 3,102,000 2.19

20,000 HEALTH MANAGEMENT ASSOCIATES USD 380,000 0.27


15,000 IDEC PHARMACEUTICAL USD 516,285 0.36

25,000 IMS HEALTH USD 390,250 0.28

184,000 JOHNSON & JOHNSON USD 10,648,080 7.51

25,000 MCKESSON CORP USD 623,250 0.44

20,000 MEDIMMUNE USD 656,600 0.46

107,000 MEDTRONIC USD 4,827,840 3.40

195,000 MERCK USD 10,682,100 7.53

20,000 MILLENNIUM PHARM USD 157,200 0.11

355,000 PFIZER USD 11,061,800 7.80

155,000 PHARMACIA USD 6,711,500 4.73

5,000 QUEST DIAGNOSTICS USD 298,450 0.21

15,000 ST JUDE MEDICAL USD 731,250 0.52

12,000 STRYKER USD 823,800 0.58

40,000 TENET HEALTHCARE USD 668,000 0.47

10,000 UNITEDHEALTH USD 916,700 0.65

12,000 WELLPOINT HEALTH NETWORKS USD 921,000 0.65

185,000 WYETH USD 6,996,700 4.93

18,000 ZIMMER USD 875,340 0.62

89,031,446 62.77

120,000 AVENTIS EUR 5,267,877 3.71

10,000 ESSILOR INTERNATIONAL EUR 388,358 0.27


7,417,268 5.22

148,000 ASTRAZENECA GBP 5,045,996 3.56

930 BIOCOMPATIBLES INTL GBP 1,705 0.00

25,000 CELLTECH GROUP GBP 105,311 0.07

200,300 DELTEX MEDICAL GBP 23,745 0.02


55,000 NYCOMED AMERSHAM GBP 357,305 0.25

75,354 SMITH & NEPHEW GBP 460,948 0.33

15,231,126 10.74

HEALTH CARE

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

20,000 ELAN CORP (cert.ADR) USD 55,800 0.04

55,800 0.04

20,000 CHUGAI PHARMACEUTICAL JPY 202,226 0.14

20,000 DAIICHI PHARMACEUTICAL JPY 267,836 0.19

20,000 EISAI JPY 368,528 0.26

20,000 FUJISAWA PHARMACEUTICAL JPY 402,260 0.28

20,000 KYOWA HAKKO KOGYO JPY 85,343 0.06

20,000 OLYMPUS OPTICAL JPY 310,170 0.22

30,000 SANKYO JPY 397,200 0.28

25,000 SHIONOGI JPY 338,590 0.24

15,000 TAISHO PHARMACEUTICAL JPY 213,653 0.15

70,000 TAKEDA CHEMICAL INDUSTRIES JPY 2,615,112 1.84

15,000 TERUMO JPY 216,183 0.15

30,000 YAMANOUCHI PHARMACEUTICAL JPY 781,751 0.55

6,198,852 4.36

15,000 QIAGEN EUR 86,750 0.06

86,750 0.06

240,000 NOVARTIS (NOM.) CHF 8,888,245 6.27

2,500 ROCHE HOLDING (BEARER) CHF 231,233 0.16

650 SERONO-B- CHF 310,704 0.22

9,430,182 6.65

130,414,420 91.93



3,711,427 2.62

3,711,427 2.62

TOTAL/CELKEM 134,125,847 94.55

122



123



INDIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

46,701 GODREJ CONSUMER PRODUCTS INR 102,681 0.78

102,681 0.78

80,000 BOSER-BAER INR 388,285 2.93

388,285 2.93

222,396 CORPORATION BANK INR 618,313 4.67

20,000 HDFC BANK (ADR) USD 309,400 2.34

28,300 HOUSING DEVELOPMENT FINANCE INR 197,790 1.49

212,000 ICICI BANK INR 598,343 4.52

36,480 STATE BANK OF INDIA (GDR) USD 524,582 3.96

2,248,428 16.98

222,000 RELIANCE INDUSTRIES (DEMAT) INR 1,293,128 9.76

1,293,128 9.76

270 GREAT EASTERN SHIPPING (DEMAT) INR 217 0.00

217 0.00

90,000 ASSOCIATED CEMENT COS INR 262,642 1.98

262,642 1.98

47,000 TATA IRON & STEEL INR 132,454 1.00

132,454 1.00

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

15,054 INFOSYS TECHNOLOGIES DEMAT INR 1,281,554 9.68

87,600 SATYAM COMPUTER SERV. (DEMAT.) INR 326,608 2.47

12,100 SATYAM COMPUTER SERVICES USD 100,188 0.76

1,708,350 12.91

37,900 BHARAT PETROLEUM (DEMAT) INR 177,322 1.34

49,494 HINDUSTAN PETROLEUM INR 306,965 2.32

61,000 OIL & NATURAL GAS INR 457,307 3.45

941,594 7.11

35,775 CIPLA INR 538,547 4.07

30,460 DR. REDDY'S LABORATORIES INR 588,341 4.44

224,800 HINDUSTAN LEVER INR 700,782 5.29

90,124 RANBAXY LABORATORIES USD 1,288,773 9.73

3,116,443 23.53

38,503 ITC INR 510,696 3.86

510,696 3.86

355,000 BHARTI TELE-VENTURE INR 211,683 1.60

125,000 MAHANAGAR TELEPHONE INR 252,976 1.91NIGAM DEMAT

3 VIDESH SANCHAR (DEMAT) INR 5 0.00

464,664 3.51

54,000 BAJAJ AUTO INR 545,745 4.12

122,610 HERO HONDA MOTORS INR 486,719 3.68

1,032,464 7.80

12,202,046 92.15

INDIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ




33,000 ML-STATE BANK OF INDIA 18/7/03 USD 182,585 1.38

182,585 1.38

182,585 1.38

124



Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



56,000 MERRIL LYNCH CW05 HCL TECHN USD 181,496 1.37

181,496 1.37

181,496 1.37

TOTAL/CELKEM 12,566,127 94.90

125



INDONESIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

1,650,000 ASTRA AGRO LESTARI TBK (DEMAT) IDR 240,971 3.12

1,800,000 PT PP LONDON SUMATRA INDONES IDR 42,465 0.55

283,436 3.67

3,860,000 INDOFOOD SUKSES MAKMUR IDR 260,181 3.37

184,000 PT UNILEVER INDONESIA TBK IDR 372,072 4.82

632,253 8.19

867,500 SURYA CITRA MEDIA IDR 47,266 0.61

47,266 0.61

1,380,000 BANK CENTRAL ASIA IDR 341,066 4.42

18,100,000 BANK PAN INDONESIA IDR 335,505 4.35

1,803,000 LIPPO BANK IDR 91,148 1.18

320,000 MAKINDO (DEMAT) IDR 50,329 0.65

818,048 10.60

1,440,000 LAUTAN LUAS IDR 24,266 0.31

24,266 0.31

1,940,172 BERLIAN LAJU TANKER IDR 107,890 1.40

2,900,000 PT CITRA MARGA IDR 117,284 1.52NUSAPHALA PERSADA

225,174 2.92

276,500 HERO SUPERMARKET IDR 24,850 0.32

4,226,000 MATAHARI PUTRA PRIMA DS IDR 178,032 2.31

908,000 RAMAYANA LESTARI SENTOSA IDR 221,861 2.87

424,743 5.50

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

544,500 CITATAH IDR 4,588 0.06

561,500 INDOCEMENT TUNGGAL (DEMAT) IDR 50,463 0.65

600,000 PT ASAHIMAS FLAT GLASS IDR 77,515 1.00

379,500 SEMEN GRESIK (PERSERO) IDR 317,618 4.12

450,184 5.83

950,000 DYNAPLAST TBK IDR 106,724 1.38

106,724 1.38

1,500,000 MULTIPOLAR IDR 21,064 0.27

21,064 0.27

1,600,000 ANEKA TAMBANG DEMAT IDR 143,796 1.86

1,074,000 BINTUNI MINARAYA PT IDR 0 0.00

143,796 1.86

1,250,000 TIMAH TBK (DEMAT) IDR 84,255 1.09

84,255 1.09

1,600,000 DANKOS LABORATORIES IDR 89,872 1.16

4,100,400 KALBE FARMA IDR 142,799 1.85

735,500 TEMPO SCAN PACIFIC IDR 378,016 4.90

610,687 7.91

1,906,000 JAYA REAL PROPERTY TBK IDR 70,660 0.92

70,660 0.92

INDONESIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

876,000 GUDANG GARAM IDR 728,236 9.44

1,997,500 HANJAYA MANDALA SAMPOERNA IDR 661,981 8.58

1,390,217 18.02

1,100,000 BIMANTARA CITRA (DEMAT) IDR 308,937 4.00

500,000 INDOSAT IDR 426,894 5.53

1,870,000 TELEKOMUNIKASI INDONESIA IDR 761,529 9.87

1,497,360 19.40

1,683,231 ASTRA INTERNATIONAL IDR 472,738 6.13

515,000 ASTRA OTOPARTS DEMAT IDR 72,319 0.94

2,000,000 UNITED TRACTORS IDR 64,034 0.83

609,091 7.90

7,439,224 96.38


428,474 INDOCEMENT TUNGAL (WT) (02/05/03) IDR 96 0.00

96 0.00

96 0.00

TOTAL/CELKEM 7,439,320 96.38

126



127



INDUSTRIALS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,000 DEUTSCHE LUFTHANSA (REG.) EUR 56,980 0.19

16,000 DEUTSCHE POST EUR 145,440 0.49

17,000 MAN EUR 238,680 0.80

23,000 SIEMENS EUR 869,400 2.90

1,310,500 4.38

25,000 BRAMBLES INDUSTRIES AUD 63,132 0.21

50,568 MACQUARIE INFRASTRUCTURE AUD 87,932 0.29

10,000 WESFARMERS AUD 122,996 0.41

274,060 0.91

4,500 INGERSOLL-RAND-A USD 159,141 0.53

159,141 0.53

26,000 BOMBARDIER B CAD 50,215 0.17

6,000 CANADIAN NATIONAL RAILWAY CAD 234,565 0.78

6,000 CANADIAN PACIFIC RAILWAY CAD 116,591 0.39

401,371 1.34

15 D/S 1912 -B- DKK 107,053 0.36

4,000 GROUP 4 FALCK DKK 56,018 0.19


190,810 0.64

5,000 GRUPO DRAGADOS EUR 85,150 0.28

85,150 0.28

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

6,800 3M USD 810,304 2.714,000 AMERICAN POWER CONVERSION USD 52,200 0.17

17,000 AUTOMATIC DATA PROCESSING USD 479,683 1.603,000 AVERY DENNISON CORP USD 161,710 0.54

20,000 BOEING USD 459,311 1.5311,000 BURLINGTON NOTHERN SANTA FE USD 251,008 0.849,500 CATERPILLAR USD 428,336 1.43

31,000 CENDANT USD 360,795 1.206,000 CERIDIAN USD 76,870 0.261,600 CERTEGY USD 36,950 0.123,000 CINTAS USD 90,451 0.30

18,000 CONCORD EFS USD 155,059 0.525,000 CONVERGYS CORP USD 60,484 0.202,500 COOPER INDUSTRIES A USD 81,814 0.276,000 CSX USD 156,818 0.523,000 DANAHER USD 180,792 0.606,500 DEERE & CO USD 233,862 0.787,500 DOVER USD 166,468 0.561,600 DST SYSTEMS USD 39,883 0.132,500 EATON USD 160,260 0.54

11,500 EMERSON ELECTRIC USD 477,937 1.604,000 EQUIFAX USD 73,277 0.244,000 FEDEX USD 201,870 0.67

20,500 FIRST DATA USD 695,294 2.326,000 FISERV USD 173,094 0.584,000 FLUOR USD 123,460 0.414,500 GENERAL DYNAMICS USD 227,103 0.76

121,000 GENERAL ELECTRIC USD 2,827,621 9.444,500 H&R BLOCK USD 176,050 0.59

21,000 HONEYWELL USD 411,070 1.377,500 ILLINOIS TOOL WORKS USD 399,675 1.332,000 ITT INDUSTRIES USD 97,892 0.33

11,000 LOCKHEED MARTIN USD 479,335 1.602,000 MANPOWER USD 54,765 0.18

14,000 MASCO USD 238,893 0.8010,000 NORFOLK SOUTHERN USD 170,088 0.573,000 PARKER HANNIFIN USD 106,507 0.369,500 PAYCHEX USD 239,154 0.806,000 PITNEY BOWES USD 175,513 0.59

11,000 RAYTHEON USD 285,988 0.955,000 ROBERT HALF INTERNATIONAL USD 60,988 0.204,000 ROCKWELL AUTOMATION USD 75,880 0.255,000 ROCKWELL COLLINS USD 84,173 0.284,000 RR DONNELLEY & SONS USD 67,155 0.225,000 SABRE GROUP HOLDING (-A-) USD 72,901 0.248,000 SERVICEMASTER USD 73,314 0.246,000 SOUTHWEST AIRLINES USD 78,959 0.263,500 TEXTRON USD 88,077 0.29

82,000 TYCO INTERNATIONAL (NEW) USD 966,386 3.236,500 UNION PACIFIC USD 327,621 1.097,000 UNITED PARCEL USD 365,652 1.22

13,000 UNITED TECHNOLOGIES USD 688,361 2.3017,000 WASTE MANAGEMENT USD 329,967 1.102,500 WW GRAINGER USD 98,286 0.33

15,455,364 51.56

INDUSTRIALS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,000 ALSTOM EUR 9,870 0.03

3,000 AUTOROUTES DU SUD DE LA FRANCE EUR 70,200 0.23

9,000 EADS EUR 61,920 0.21

20,000 SAINT-GOBAIN EUR 506,600 1.69

12,000 SCHNEIDER EUR 514,800 1.72

2,000 THALES EUR 42,120 0.14

3,000 VINCI EUR 160,500 0.54

1,366,010 4.56

9,000 ASSOCIATED BRITISH PORTS GBP 51,887 0.17

30,000 BAA GBP 204,244 0.68

19,000 BRAMBLES INDUSTRIES GBP 41,834 0.14


12,000 BUNZL GBP 66,749 0.22

18,000 CAPITA GBP 61,664 0.21

15,000 ELECTROCOMPONENTS GBP 55,841 0.19

8,000 EXEL GBP 65,184 0.22

46,440 HAYS GBP 52,134 0.17

205,982 INVENSYS GBP 31,329 0.10

24,553 PENINSULAR & ORIENTAL STEAM GBP 63,663 0.21

51,451 PILKINGTON GBP 36,705 0.12

60,000 RENTOKIL INITIAL GBP 151,010 0.50

37,093 ROLLS-ROYCE GBP 38,014 0.13

22,000 SMITHS GBP 203,955 0.68

17,000 WOLSELEY GBP 126,081 0.42

1,392,906 4.64

50,000 CATHAY PACIFIC AIRWAYS HKD 55,812 0.19

60,000 HUTCHISON WHAMPOA HKD 299,621 1.00

75,000 JOHNSON ELECTRIC HKD 75,346 0.25

430,779 1.44

10,000 RYANAIR EUR 61,900 0.21

61,900 0.21

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

32,000 ASAHI GLASS JPY 157,286 0.53

25 CENTRAL JAPAN RAILWAY JPY 136,984 0.46

24,000 DAI NIPPON PRINTING JPY 210,334 0.70

4,000 DAIKIN INDUSTRIES JPY 60,250 0.20

90 EAST JAPAN RAILWAY JPY 360,294 1.20

3,000 FANUC JPY 119,170 0.40

25,000 FURUKAWA ELECTRIC JPY 47,722 0.16

60,000 ITOCHU JPY 133,545 0.45

50,000 KAJIMA CORPORATION FIRST SECTION JPY 84,625 0.28

20,000 KEIHIN ELECTRIC EXPRESS RAILWAY JPY 86,712 0.29

14,000 KEIO ELECTRIC RAILWAY JPY 61,347 0.20

38,000 KINKI NIPPON RAILWAY JPY 81,642 0.27

25,000 KOMATSU JPY 84,239 0.28

25,000 KUBOTA CORP JPY 57,576 0.19

24,000 MATSUSHITA ELECTRIC WORKS JPY 114,626 0.38

27,000 MITSUBISHI JPY 152,742 0.51

66,000 MITSUBISHI ELECTRIC JPY 166,792 0.56

100,000 MITSUBISHI HEAVY INDUSTRIES JPY 219,484 0.73

30,000 MITSUI & CO JPY 133,081 0.44

19,000 MITSUI O.S.K. LINES JPY 41,702 0.14

12,000 NGK INSULATORS JPY 52,027 0.17

20,000 NIPPON EXPRESS JPY 73,573 0.25

25,000 NIPPON YUSEN KABUSHIKI KAISH JPY 79,215 0.26

30,000 OBAYASHI JPY 66,773 0.22

5,000 SECOM JPY 117,470 0.39

30,000 SHIMIZU CORP JPY 61,904 0.21

2,000 SMC CORPORATION JPY 143,437 0.48

18,000 SUMITOMO CORP JPY 74,702 0.25

36,000 SUMITOMO ELECTRIC INDUSTRIES JPY 205,882 0.69

45,000 TAISEI CORP JPY 77,206 0.26

25,000 TOKYU CORPORATION JPY 67,623 0.23

15,000 TOPPAN PRINTING JPY 87,291 0.29

20,000 TOSTEM INAX HOLDING CORP JPY 194,599 0.65

26 WEST JAPAN RAILWAYS JPY 75,351 0.25

17,000 YAMATO TRANSPORT JPY 175,657 0.59

4,062,863 13.56

8,000 TOMRA SYSTEMS NOK 31,622 0.11

31,622 0.11

7,200 AUCKLAND INTERNATIONAL AIRPORT NZD 19,233 0.06

19,233 0.06

128



129



INDUSTRIALS

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

8,000 HAGEMEYER EUR 27,760 0.09

8,000 TPG EUR 111,680 0.37

139,440 0.46

18,000 BRISA AUTO-ESTRADAS EUR 88,200 0.29DE PORTUGAL

88,200 0.29

14,000 SINGAPORE AIRLINES SGD 63,598 0.21

63,598 0.21

8,000 ASSA ABLOY -B- SEK 60,093 0.20

5,000 ATLAS COPCO SEK 90,519 0.30

6,000 SANDVIK SEK 123,862 0.41

8,000 SECURITAS- B- SEK 69,172 0.23

15,000 SKANSKA -B- SEK 62,742 0.21

3,000 SKF -B- SEK 70,361 0.23

6,000 VOLVO -A- SEK 93,058 0.31

7,000 VOLVO -B- SEK 113,864 0.38

683,671 2.27

36,000 ABB (NOM.) CHF 77,385 0.26

3,600 ADECCO CHF 91,666 0.31

169,051 0.57

26,385,669 88.02

TOTAL/CELKEM 26,385,669 88.02


Quantity/Nominal


Currency

Měna

Commitments in EUR



1,020 USDGENERAL ELECTRIC 03/2004 2,345,290

2,345,290


450 USDCALL GENERAL ELECTRIC 01/2005 25


-450 USDPUT GENERAL ELECTRIC 01/2005 25 1,030,975

1,030,975

INTERNET

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

44,500 ATI TECHNOLOGIES CAD 231,735 1.85

231,735 1.85


24,680 AMAZON.COM USD 642,420 5.13


46,600 BEA SYSTEMS USD 474,854 3.79

45,100 BORLAND SOFTWARE USD 414,920 3.31

31,728 BROADCOM USD 391,841 3.13

31,900 CENDANT USD 405,130 3.23


6,000 EBAY USD 511,740 4.08


61,700 EMC USD 446,091 3.56

43,400 EXTREME NETWORKS USD 187,922 1.50

13,160 FIRST DATA USD 487,052 3.89

50,650 GSI COMMERCE USD 85,598 0.68

26,200 INTEL USD 426,536 3.40


56,400 LIBERTY MEDIA USD 548,772 4.38


35,900 MICROMUSE USD 186,680 1.49

21,000 MICROSOFT USD 508,410 4.06

18,300 NETIQ USD 204,228 1.63

18,600 NETSCREEN TECHNOLOGIES USD 312,108 2.49

18,250 NETWORK ASSOCIATES USD 252,032 2.01

29,200 NVIDIA USD 375,220 2.99

11,400 OVERTURE SERVICES USD 172,938 1.38

5,400 SYMANTEC USD 211,572 1.69

30,042 USA INTERACTIVE USD 804,825 6.42

33,340 VERISIGN USD 291,392 2.33

25,962 YAHOO USD 623,607 4.98

11,545,034 92.12

11,700 PRECISE SOFTWARE SOLUTIONS USD 194,571 1.55

194,571 1.55

11,971,340 95.52

TOTAL/CELKEM 11,971,340 95.52

130



131



IT

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


151,627 0.77



108,500 EMC USD 784,455 4.00

41,800 HEWLETT PACKARD USD 649,990 3.31

12,663 IBM USD 993,159 5.06


4,417,766 22.51


5,900 ANALOG DEVICES USD 162,250 0.83

21,500 APPLIED MATERIALS USD 270,470 1.38

44,000 BROADCOM USD 543,400 2.77

14,900 CYMER USD 352,385 1.80

37,300 FAIRCHILD SEMICON A USD 390,158 1.99


52,773 INTEL USD 859,144 4.38

25,400 INTERSIL CORP -A- USD 395,224 2.01


30,300 LAM RESEARCH USD 345,087 1.76

40,532 MICRON TECHNOLOGY USD 329,930 1.68


6,300 QLOGIC USD 233,982 1.19

900 SAMSUNG ELECTRONICS KRW 203,755 1.04

76,400 SANMINA USD 308,656 1.57


6,505,395 33.16

14,400 BMC SOFTWARE USD 217,296 1.11

49,400 COMPUTER ASSOCIATES USD 674,804 3.44


38,700 ELECTRONIC DATA SYSTEMS USD 681,120 3.47

9,500 FIRST DATA USD 351,595 1.79

56,186 MICROSOFT USD 1,360,263 6.93

44,800 NVIDIA USD 575,680 2.93

50,580 ORACLE USD 548,742 2.80

5,277,372 26.89

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

36,700 ACCENTURE A USD 568,850 2.90

568,850 2.90

120,200 BROCADE COMMUNICATIONS USD 586,577 2.99SYSTEMS

44,000 NOKIA -A- EUR 607,842 3.10

1,194,418 6.09

18,115,429 92.32

TOTAL/CELKEM 18,115,429 92.32

JAPAN

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

13,700 CHUBU ELECTRIC POWER JPY 28,907,000 0.81

39,300 TOHOKU ELECTRIC POWER JPY 67,596,000 1.89

37,000 TOKYO ELECTRIC POWER JPY 83,805,000 2.35

119,000 TOKYO GAS JPY 43,792,000 1.23

224,100,000 6.28

36,000 AJINOMOTO JPY 43,884,000 1.23

34,000 KIKKOMAN JPY 25,772,000 0.72

69,656,000 1.95

46,000 DAI NIPPON PRINTING JPY 52,164,000 1.46

52,164,000 1.46

57,000 FUJITSU JPY 18,240,000 0.51

90,000 TOSHIBA JPY 28,170,000 0.79

46,410,000 1.30

4,750 AIFUL JPY 18,525,000 0.52

9,900 CREDIT SAISON JPY 20,245,500 0.57

2,900 JAFCO JPY 11,919,000 0.33

114 MITSUBISHI TOKYO FINANCIAL JPY 51,300,000 1.44

4,600 ORIX JPY 28,060,000 0.79

61 UFJ HOLDINGS JPY 7,198,000 0.20

137,247,500 3.85

29,000 BRIDGESTONE JPY 40,397,000 1.13

40,397,000 1.13

94,000 MITSUI CHEMICALS JPY 43,804,000 1.23

17,600 SHIN-ETSU CHEMICAL JPY 64,592,000 1.81

108,396,000 3.04

$

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

187 EAST JAPAN RAILWAY JPY 96,866,000 2.71

101,000 NIPPON EXPRESS JPY 48,076,000 1.35

97,000 NIPPON YUSEN KABUSHIKI KAISH JPY 39,770,000 1.11

184,712,000 5.17

15,500 AEON JPY 36,812,498 1.03

15,000 ITO-YOKADO JPY 48,000,000 1.34

8,000 SEVEN-ELEVEN JAPAN JPY 25,040,000 0.70

109,852,498 3.07

102,000 KAJIMA CORPORATION FIRST SECTION JPY 22,338,000 0.63

19,800 KURITA WATER IND JPY 20,275,200 0.57

22,000 TOSTEM INAX HOLDING CORP JPY 27,698,000 0.78

70,311,200 1.98

28,000 CANON JPY 115,920,000 3.25

4,600 FANUC JPY 23,644,000 0.66

99,000 HITACHI JPY 40,887,000 1.15

2,400 KEYENCE JPY 44,016,000 1.23

9,600 KYOCERA JPY 56,448,000 1.58

71,000 MATSUSHITA ELECTRIC INDUSTRIAL JPY 71,923,000 2.02

6,600 MURATA MANUFACTURING JPY 30,426,000 0.85

4,700 NINTENDO JPY 45,402,000 1.27

10,300 NITTO DENKO JPY 32,651,000 0.91

18,000 PIONEER JPY 44,370,000 1.24

4,600 ROHM JPY 59,156,000 1.66

20,000 SHARP OSAKA JPY 23,400,000 0.66

27,500 SONY JPY 115,500,000 3.24

4,500 TDK JPY 20,385,000 0.57

3,800 TOKYO ELECTRON JPY 17,632,000 0.49

741,760,000 20.78

23,200 JFE HOLDINGS JPY 34,800,000 0.98

102 MILLEA JPY 75,072,000 2.10

135 MIZUHO FINANCIAL JPY 13,068,000 0.37

79,000 NOMURA JPY 97,565,000 2.73

134 SUMITOMO MITSUI FINANCIAL JPY 28,408,000 0.80

248,913,000 6.98

132



133



JAPAN

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

330,000 NIPPON STEEL JPY 46,860,000 1.31

46,860,000 1.31

12,100 HITACHI INFORMATION JPY 27,164,500 0.76SYSTEMS FIRST SECTIO

1,800 OBIC CO JPY 31,104,000 0.87

58,268,500 1.63

137,000 MITSUI & CO JPY 78,638,000 2.20

78,638,000 2.20

97,000 MITSUBISHI HEAVY INDUSTRIES JPY 27,548,000 0.77

2,600 SMC CORPORATION JPY 24,128,000 0.68

51,676,000 1.45

47,000 HOKUETSU PAPER JPY 23,688,000 0.66

23,688,000 0.66

12,200 EISAI JPY 26,657,000 0.75

13,000 FUJISAWA PHARMACEUTICAL JPY 31,005,000 0.87

36,000 KAO JPY 86,220,000 2.42

14,000 SHIONOGI JPY 22,484,000 0.63

12,900 SUZUKEN JPY 39,216,000 1.10


31,000 TANABE SEIYAKU JPY 28,520,000 0.80

8,400 YAMANOUCHI PHARMACEUTICAL JPY 25,956,000 0.73

384,541,000 10.79

24,000 FUJI PHOTO FILM JPY 87,360,000 2.45

87,360,000 2.45

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

10,000 SECOM JPY 30,400,000 0.85

30,400,000 0.85

63,000 MITSUI FUDOSAN JPY 42,840,000 1.20

42,840,000 1.20

156 NIPPON TELEGRAPH & TELEPHONE JPY 62,868,000 1.76

756 NTT DOCOMO JPY 167,076,000 4.68

229,944,000 6.44

26,700 HONDA MOTOR JPY 105,465,000 2.96

110,000 MAZDA MOTOR JPY 23,430,000 0.66

83,300 NISSAN MOTOR JPY 65,807,000 1.84

79,200 TOYOTA MOTOR JPY 208,692,000 5.85

403,394,000 11.31

3,471,528,698 97.28

TOTAL/CELKEM 3,471,528,698 97.28


Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

7,700 HOKUTO CORPORATION JPY 14,044,800 1.48

14,044,800 1.48

75,000 OSAKA GAS JPY 23,475,000 2.48

23,475,000 2.48

24 PHOTONICS JPY 1,896,000 0.20

1,896,000 0.20

6,000 ARRK JPY 24,060,000 2.54

5,500 PAL JPY 8,580,000 0.91

16,000 SALOMON & TAYLOR MADE JPY 14,320,000 1.51

46,960,000 4.96

11,000 KINTETSU WORLS EXPRESS JPY 11,550,000 1.22

19,300 YUSEN AIR & SEA SERVICE JPY 25,669,000 2.71

37,219,000 3.93

7,700 ASKUL JPY 23,100,000 2.44

6,000 BELLUNA JPY 22,200,000 2.35

4,100 C TWO-NETWORK JPY 10,639,500 1.12

153 CAN DO JPY 26,928,000 2.84

5,100 CAWACHI JPY 36,159,000 3.82

11,000 CHIYODA JPY 11,275,000 1.19

3,000 DON QUIJOTE JPY 29,820,000 3.15

6 KYOTO KIMONO YUZEN JPY 1,290,000 0.14

14,000 NISSEN JPY 14,140,000 1.49

7,200 PLENUS JPY 24,912,000 2.63

4,900 SAZABY INC JPY 7,252,000 0.77

13,000 SEIJO JPY 15,782,000 1.67

19,500 THANKS JAPAN JPY 11,602,500 1.23

6,000 UNITED ARROWS JPY 16,560,000 1.75

5,000 YAMADA DENKI JPY 11,200,000 1.18

262,860,000 27.77

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

400 GEOMATEC JPY 672,000 0.07

672,000 0.07

750 CANON JPY 3,105,000 0.33

4,000 CITIZEN ELECTRONICS JPY 18,800,000 1.99

77 SUMIDA CORP JPY 207,900 0.02

22,112,900 2.34

100 HITACHI SOFTWARE ENGINEERING JPY 187,000 0.02

27,100 KONAMI COMPUTER ENTERTAINMENT JPY 39,295,000 4.15

39,482,000 4.17

4,000 KAPPA-CREATE JPY 23,800,000 2.51

4,000 OOTOYA JPY 2,420,000 0.26

13,390 ORIGIN TOSHU JPY 17,407,000 1.84

4 REINS INTERNATIONAL JPY 2,720,000 0.29

3,000 SAINT MARC JPY 9,300,000 0.98

180 SHIDAX JPY 12,060,000 1.27

67,707,000 7.15

1,800 FUJI SEAL JPY 8,118,000 0.86

8,118,000 0.86

40 ALPHA SYSTEMS JPY 38,600 0.00

10 CRESCO JPY 5,610 0.00

42 ENIX JPY 74,508 0.01

80 SUMISHO COMPUTER JPY 188,800 0.02

42 YAHOO JAPAN JPY 40,950,000 4.33

41,257,518 4.36

134



135




Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

40 PALTEK JPY 16,200 0.00

16,200 0.00

7,000 ARUZE JPY 13,930,000 1.47

13,930,000 1.47

11,000 FUKUDA DENSHI JPY 16,830,000 1.78

6,400 KOSE JPY 23,552,000 2.49

55 MILBON CO JPY 125,400 0.01

17,500 NISSIN HEALTHCARE JPY 34,125,000 3.60


85,707,400 9.05

40 MEGANE TOP JPY 35,960 0.00

6,200 NORITSU KOKI JPY 20,894,000 2.21

20,929,960 2.21

16,250 AEON FANTASY JPY 23,237,500 2.45

8,000 CENTRAL SECURITY PATROLS JPY 3,840,000 0.41

15,000 DAIICHIKOSHO JPY 52,500,000 5.55

7,800 DRAKE BEAM MORIN-JP JPY 32,370,000 3.42

1,000 ICHINEN JPY 600,000 0.06

96 KOEI JPY 229,440 0.02

15,000 KONAMI COMPUTER JPY 20,250,000 2.14ENTERTAIN.TOKYO

13,000 NIC JPY 13,000,000 1.37

5,850 NICHII GAKKAN JPY 32,409,000 3.42

8,800 SOHGO SECURITY JPY 12,716,000 1.34

10,000 TAC JPY 12,010,000 1.27

67 THE GOODWILL GROUP JPY 27,470,000 2.90

10,000 WEATHERNEWS JPY 5,910,000 0.62

236,541,940 24.97

Quantity/Nominal


Currency

Měna

Valuation in JPY

Hodnota v JPY

% NAV

% COJ



Shares - Akcie

76,000 LEOPALACE21 CORP JPY 44,916,000 4.74

44,916,000 4.74

4,800 ABC-MART JPY 5,760,000 0.61

10,000 NAGAILEBEN JPY 25,500,000 2.69

18,000 ONWARD KASHIYAMA JPY 15,660,000 1.65

7,000 WORLD CO JPY 14,525,000 1.53

61,445,000 6.48

1,600 TOYOTA MOTOR JPY 4,216,000 0.45

4,216,000 0.45

1,033,506,718 109.14

TOTAL/CELKEM 1,033,506,718 109.14

KOREA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


820,907 8.51

110 DONGWON SECURITIES KRW 406 0.00

28,171 KOOKMIN BANK KRW 664,723 6.89

665,129 6.89


25,010 LG CHEMICAL KRW 767,575 7.96

963,979 10.00

36,950 HANJIN SHIPPING KRW 197,351 2.05

47,780 KOREAN AIR KRW 361,840 3.75

559,191 5.80

3,000 KEC KRW 106,421 1.10

13,482 LG ELECTRONICS (NEW) KRW 430,968 4.47


1,435,041 14.88

5,710 POSCO KRW 448,352 4.65

448,352 4.65

9,874 NHN KRW 503,755 5.22

503,755 5.22

20,000 DAEWOO SHIPBUILDING & MARINE KRW 151,142 1.57

30,050 KYERYONG CONSTRUCTION KRW 202,417 2.10INDUSTRIAL

353,559 3.67

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

1 HANSOL PAPER KRW 4 0.00

4 0.00

181 YUHAN KRW 6,810 0.07

6,810 0.07

22,000 HANSSEM KRW 167,659 1.74

167,659 1.74

31,800 KOREA TOBACCO & GINSENG KRW 461,366 4.79

461,366 4.79

20,000 HANDSOME KRW 113,994 1.18

113,994 1.18

22,536 INTELLIGENT DIGITAL KRW 300,911 3.12

13,510 KT KRW 465,788 4.83

25,710 PANTECH KRW 231,594 2.40

3,530 SK TELECOM KRW 430,539 4.47

1,428,832 14.82

20,000 HYUNDAI MOBIS KRW 306,907 3.18

33,040 KIA MOTORS KRW 186,738 1.94

493,645 5.12

8,422,223 87.34

TOTAL/CELKEM 8,422,223 87.34

136



137



LATIN AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,000,000 ELETROPAULO METROPOLITANA BRL 60,312 0.53

35,000 EMPRESA NAC ELEC (ADR) USD 245,700 2.16

306,012 2.69

78,186,960 BANCO BRADESCO (PREF.) BRL 273,043 2.40

13,000 BANCO ITAU (ADR) USD 352,170 3.09

6,500 BANCO SANTANDER-CHILLE-AD USD 119,145 1.05

60,000 GF BANORTE -O- MXN 138,718 1.22

1 GRUPO FINANCIERO GALICIA (ADR) USD 3 0.00

5,000 UNIBANCO UNIAO USD 72,350 0.63BAMNCOS BRASILE

955,429 8.39

6,225 COMPANIA BRAS. DE DISTR. USD 78,560 0.69(PAO DE ACUCAR)

235,000 WALMART DE MEXICO V MXN 569,834 5.00

648,394 5.69

28,000 CEMEX SPONS (ADR) USD 488,320 4.29

49,000 ROSSI RESIDENCIAL USD 15,423 0.14

503,743 4.43

75,000 ALFA MXN 107,133 0.94

700,000 GRUPO FINANCIERO MXN 536,219 4.71BBVA BANCOMER -B-

643,352 5.65

8,000 EMBRAER AIRCRAFT (ADR) USD 92,720 0.81

92,720 0.81

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

20,000 GERDAU USD 183,000 1.61

2,047 SIDERAR SAIC-A- ARS 5,205 0.05

80,300 SIDERCA ARS 161,944 1.42

350,149 3.08

7,000 BUENAVENTURA (ADR) USD 175,000 1.54

175,000 1.54



1,121,075 9.84

81,500 PETROBRAS (REPR.1 PFD SH) USD 1,121,440 9.84

1,121,440 9.84

150,000 MIRGOR SA ADS C ON USD 46,733 0.41

46,733 0.41

100,000 CONSORCIO ARA MXN 154,316 1.35

70,000 CORPORACION GEO B MXN 149,856 1.32

304,172 2.67


8,500 FOMENTO ECONOMICO USD 282,795 2.48MEXICO-SP (ADR)

105,000 GRUPO MODELO MXN 212,350 1.86

1,042,945 9.15

LATIN AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie



37,000 CIA TELECOM CHILE - SPONS (ADR) USD 348,540 3.06

250,000 GRUPO CARSO GLOBAL TELECO-A1 MXN 257,193 2.26

8,500 GRUPO TELEVISA (GDR) USD 213,775 1.88


3,500 TELEMIG CELULAR PART USD 60,550 0.53


35,000 TELMEX USD 1,040,200 9.13

3,594,094 31.55

10,905,258 95.74

Bonds - Dluhopisy

100,000 IRSA 02/2007 8% (CONV) USD 146,800 1.29

146,800 1.29

146,800 1.29

TOTAL/CELKEM 11,052,058 97.03

138



139



METALS & MINING

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

6,000 ANGLO AMERICAN PLAT ZAR 177,614 1.13

8,700 ANGLOGOLD ZAR 261,519 1.67

27,000 GOLD FIELDS ZAR 288,832 1.84


24,356 ISCOR ZAR 50,284 0.32

905,615 5.77


185,521 1.18

86,000 ALUMINIA AUD 212,554 1.36

270,000 BHP BILLITON AUD 1,514,114 9.65

60,000 BHP STEEL AUD 117,112 0.75

28,000 ILUKA RESOURCES AUD 67,850 0.43

140,000 MIM HOLDINGS AUD 126,901 0.81

18,000 NEWCREST MINING AUD 69,179 0.44

45,000 ONESTEEL AUD 45,684 0.29

21,000 RIO TINTO AUD 393,775 2.51

9,856 SONS OF GWALIA AUD 10,244 0.07

75,000 WMC RESOURCES AUD 165,878 1.06

2,723,291 17.37

2,000 UMICORE EUR 84,393 0.54

84,393 0.54


2,000 COMPANHIA SIDERURGICA USD 38,400 0.24NACIONAL

492,525 3.14

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

25,133 AFRICAN MINERALS CAD 0 0

21,500 ALCAN CAD 601,465 3.83

39,140 BARRICK GOLD CAD 616,257 3.93

3,000 BRO-X MINERALS CAD 0 0

5,000 CAMECO CAD 134,437 0.86

4,500 DOFASCO CAD 83,365 0.53

5,000 FALCONBRIDGE CAD 55,746 0.36

236,500 INCA PACIFIC RES CAD 17,686 0.11

12,500 INCO CAD 233,693 1.49

14,000 NORANDA CAD 118,685 0.76

30,000 PLACER DOME CAD 297,971 1.9

15,000 TECK COMINCO B CAD 113,600 0.72

2,272,905 14.49

23,500 POSCO (ADR) USD 462,950 2.95

462,950 2.95

2,500 ACERINOX EUR 89,997 0.57

89,997 0.57

60,000 ALCOA USD 1,162,800 7.41

28,400 NEWMONT MINING USD 742,660 4.73

5,800 NUCOR USD 221,386 1.41

6,000 PHELPS DODGE USD 194,880 1.24

2,321,726 14.79

5,500 OUTOKUMPU EUR 48,013 0.31

48,013 0.31

5,100 PECHINEY A EUR 124,325 0.79

124,325 0.79

METALS & MINING

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


144,000 BHP BILLITON GBP 721,534 4.6

314,000 CORUS GBP 32,410 0.21

15,124 JOHNSON MATTHEY GBP 176,185 1.12

77,000 RIO TINTO (REG.) GBP 1,434,959 9.15

3,786,088 24.14

5,000 VIOHALCO (REG.SHS) EUR 15,168 0.1

15,168 0.1

18,000 DOWA MINING JPY 63,603 0.41

32,500 JFE HOLDINGS JPY 411,115 2.62

85,000 MITSUBISHI MATERIAL JPY 80,283 0.51

49,000 MITSUI MINING & SMELTING JPY 121,488 0.77

370,000 NIPPON STEEL JPY 443,074 2.82

200,000 SUMITOMO METAL INDUSTRIES JPY 91,078 0.58

39,000 SUMITOMO METAL MINING JPY 122,348 0.78

1,332,989 8.49

23,000 ARCELOR EUR 202,287 1.29

202,287 1.29

15,000 GRUPO MEXICO B MXN 17,680 0.11

17,680 0.11

3,500 BUENAVENTURA (ADR) USD 87,500 0.56

87,500 0.56


106,875 0.68

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

6,000 SSAB A SEK 71,825 0.46

71,825 0.46

267,240 CHINA STEEL TWD 150,738 0.96

150,738 0.96

15,482,411 98.69

TOTAL/CELKEM 15,482,411 98.69

140



141



MOBILE TELECOM

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

950 MOBISTAR EUR 26,984 0.34

26,984 0.34

1,100 RESEARCH IN MOTION USD 14,355 0.18

14,355 0.18


25,675 SK TELECOM (ADR) USD 349,694 4.46

856,499 10.92

41,710 TELEFONICA MOVILES EUR 273,084 3.48

273,084 3.48

4,590 ALLTEL USD 205,448 2.62

3,000 AMERICAN TOWER A USD 16,560 0.21

53,590 AT & T WIRELESS SERVICES USD 353,694 4.51


3,100 CROWN CASTLE INTL USD 17,050 0.22

33,860 MOTOROLA USD 279,684 3.57

2,290 NEXTEL COMMUNICATIONS -A- USD 30,663 0.39

10,395 QUALCOMM USD 374,844 4.78

2,700 RF MICRO DEVICES USD 16,278 0.21

10,500 SPRINT PCS GROUP USD 45,780 0.58

810 U.S. CELLULAR USD 19,124 0.24

1,391,245 17.74

26,520 NOKIA -A- EUR 366,363 4.67

366,363 4.67

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

70,870 ORANGE EUR 568,400 7.25

568,400 7.25

333,160 MMO2 GBP 235,657 3.00

6,600 PSION GBP 4,825 0.06

431,019 VODAFONE GBP 769,856 9.82

1,010,338 12.88


14,242 0.18

187,400 CHINA UNICOM HKD 102,717 1.31

293,740 CHINE MOBILE HKD 581,873 7.42

684,590 8.73

88,315 TELECOM ITALIA MOBILE EUR 360,421 4.60

360,421 4.60

63 KDDI JPY 185,950 2.37

940 MATSUSHITA ELECTRIC INDUSTRIAL JPY 8,030 0.10

152 NTT DOCOMO JPY 283,286 3.61

477,266 6.08


88,242 1.13

MOBILE TELECOM

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

5,000 VODAFONE LIBERTEL EUR 59,798 0.76

59,798 0.76

3,460 VODAFONE TELECEL COM EUR 32,092 0.41

32,092 0.41


370,008 4.72

48,300 ADVANCED INFO SERVICE THB 47,022 0.60

47,022 0.60

6,640,949 84.67

TOTAL/CELKEM 6,640,949 84.67

142




Quantity/Nominal


Currency

Měna

Commitments in USD



268

432

EUR

GBP

NOKIA -A- 06/2003

VODAFONE 06/2003

377,835

771,609

1,149,443

143



NASDAQ

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

3,500 LAMAR ADVERTISING USD 102,725 0.32

100 REUTERS GBP 160 0.00

4,800 TMP WORLDWIDE USD 51,504 0.16

154,389 0.48

19,800 APPLE COMPUTER USD 279,972 0.87




13,700 NETWORK APPLIANCE USD 153,303 0.48


3,188,841 9.94

25,100 AMGEN USD 1,444,505 4.50

6,800 BIOGEN USD 203,728 0.64

2,300 CEPHALON USD 91,862 0.29

10,200 CHIRON USD 382,500 1.19

10,400 GENZYME USD 379,080 1.18

7,200 GILEAD SCIENCES USD 302,328 0.94


2,700 ICOS USD 50,517 0.16


1,900 INVITROGEN USD 58,197 0.18

10,400 MEDIMMUNE USD 341,432 1.06


3,619,305 11.27

2,700 SIGMA ALDRICH USD 120,123 0.37

120,123 0.37

3,500 CH ROBINSON WORLDWIDE USD 114,450 0.36

4,300 EXPEDITORS USD 154,585 0.48

2,600 RYANAIR HOLDINGS ADR USD 107,822 0.34

376,857 1.18

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

15,700 BED BATH & BEYOND USD 542,278 1.69

3,500 CDW COMPUTER CENTERS USD 142,800 0.45

9,200 COSTCO WHOLESALE USD 276,276 0.86

4,200 DOLLAR TREE STORES USD 83,580 0.26

9,800 EBAY USD 835,842 2.61

5,800 PETSMART USD 73,080 0.23

3,200 ROSS STORES USD 115,680 0.36

12,400 STAPLES USD 227,292 0.71

2,500 WHOLE FOODS MARKET USD 139,100 0.43

2,435,928 7.60

7,400 AMERICAN POWER CONVERSION USD 105,376 0.33

60,500 APPLIED MATERIALS USD 761,090 2.37

7,900 BROADCOM USD 97,565 0.30

10,600 ECHOSTAR COMMUNICATIONS -A- USD 306,128 0.95

22,500 FLEXTRONICS INTERNATIONAL USD 196,200 0.61

110,900 INTEL USD 1,805,452 5.63

6,900 MICROCHIP TECHNOLOGY USD 137,310 0.43

3,900 MOLEX USD 83,772 0.26


3,700 QLOGIC USD 137,418 0.43

7,300 RF MICRO DEVICES USD 44,012 0.14

24,000 SANMINA USD 96,960 0.30

26,000 STMICROELECTRONICS USD 491,400 1.53

16,000 XILINX USD 374,560 1.17

4,811,771 14.99

21,400 STARBUCKS USD 551,264 1.72

551,264 1.72

9,200 SMURFIT-STONE CONTAINER USD 122,903 0.38

122,903 0.38

NASDAQ

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,300 AMAZON.COM USD 268,109 0.84

16,000 BEA SYSTEMS USD 163,040 0.51

9,000 CHECK POINT SOFTWARE USD 130,230 0.41TECHNOLOGIES


8,900 COMPUWARE USD 30,171 0.09


9,200 FISERV USD 289,616 0.90

10,800 INTUIT USD 401,760 1.25


114,900 MICROSOFT USD 2,781,729 8.67

6,500 NVIDIA USD 83,525 0.26

93,000 ORACLE USD 1,008,957 3.15

14,000 PAYCHEX USD 384,580 1.20

17,800 PEOPLESOFT USD 272,340 0.85


11,550 SYMANTEC USD 452,529 1.41

2,900 SYNOPSYS USD 123,424 0.38


12,000 YAHOO USD 288,240 0.90

7,751,530 24.16

3,100 FASTENAL USD 87,389 0.27

5,500 PACCAR USD 276,485 0.86

363,874 1.13

3,500 PATTERSON UTI ENERGY USD 113,260 0.35

113,260 0.35

14,000 BIOMET USD 429,100 1.34

3,200 DENTSPLY USD 111,328 0.35

3,000 EXPRESS SCRIPTS USD 167,040 0.52

1,700 HENRY SCHEIN USD 76,670 0.24

4,300 LINCARE HOLDING USD 131,967 0.41

2,500 PATTERSON DENTAL USD 114,825 0.36

7,700 TEVA PHARMACEUTICAL IND. (ADR) USD 320,705 1.00

1,351,635 4.22

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

4,500 FIRST HEALTH GROUP USD 114,480 0.36

114,480 0.36

7,450 APOLLO A USD 371,755 1.16

2,200 PIXAR USD 118,976 0.37

20,500 USA INTERACTIVE USD 549,195 1.71

9,475 VERISIGN USD 82,812 0.26

1,122,738 3.50

8,200 CINTAS USD 269,780 0.84

269,780 0.84

42,400 ADC COMMUNICATION USD 87,344 0.27

4,980 ADELPHIA BUSINESS SOLUTIONS USD 124 0.00


21,800 CIENA USD 95,266 0.30

40,000 COMCAST -A- USD 1,143,600 3.57



7,600 PANAMSAT USD 107,312 0.33

55,500 QUALCOMM USD 2,001,330 6.24

5,820 TELEFON ERICSSON -B-(ADR) USD 37,015 0.12

10,000 TELLABS USD 57,900 0.18

58,000 UNIPHASE USD 165,300 0.52

41,000 WORLDCOM USD 5,166 0.02

7,000 XO COMMUNICATIONS USD 518 0.00

4,498,599 14.04

3,400 GENTEX USD 86,496 0.27

86,496 0.27

31,053,773 96.80

TOTAL/CELKEM 31,053,773 96.80

144



145



NASDAQ


Quantity/Nominal


Currency

Měna

Commitments in USD



400 USDCALL MICROSOFT 01/2004 27.5


-400 USDPUT MICROSOFT 01/2004 27.5 1,100,000

1,100,000

NASDAQ EUROPE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

2,500 BRICSNET EUR 0 0.00

72,518 GLOBAL GRAPHICS EUR 159,540 2.38


67,500 SWAN EUR 0 0.00

186,495 2.78

513,000 ANTISOMA GBP 154,194 2.30

7,500 BB BIOTECH CHF 272,598 4.07

75,000 DECODE GENETICS USD 109,971 1.64

536,763 8.01

7,000 ASM INTERNATIONAL EUR 63,770 0.95

81,000 DIALOG SEMICONDUCTOR EUR 66,420 0.99

23,000 ICOS VISION SYSTEMS USD 105,389 1.57

452,400 INTERNATIONAL QUANTUM EPITAXI USD 18,840 0.28

4,000 KUDELSKI CHF 44,484 0.66

2,000 MEDION AG EUR 56,400 0.84

30,000 MELEXIS EUR 171,000 2.55

5,000 OCE EUR 36,100 0.54

20,000 PIXTECH USD 55 0.00


3,000 SEZ CHF 15,257 0.23

11,000 SUESS MICROTEC EUR 13,750 0.21

764,145 11.40

7,000 I.T. INTERNATIONAL THEATRES USD 11,868 0.18

11,868 0.18

12,000 AISOFTWARE EUR 36,240 0.54

54,000 ARTWORK SYSTEMS EUR 103,950 1.55

130,000 AUTONOMY GBP 276,580 4.12


7,500 DASSAULT SYSTEMS EUR 151,650 2.26

18,000 META 4 EUR 4,590 0.07

30,000 SAGE GBP 49,975 0.75

1,500 SAP EUR 104,175 1.55

20,000 SURF CONTROL USD 302,418 4.51

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

6,000 T-ONLINE INTERNATIONAL EUR 39,180 0.58

94,533 UBIZEN EUR 124,784 1.86

40,500 VASCO DATA SEC USD 37,486 0.56

1,395,698 20.81

60,688 INNOGENETICS EUR 427,850 6.38

427,850 6.38

2,000 ION BEAM APPLICATIONS EUR 20 0.00(STRIP) (VVPR)

20 0.00

64,500 ACTIVCARD USD 582,817 8.69

35,000 IMPATH USD 433,010 6.46

3,041 NTL EUROPE USD 153 0.00

6,000 SOITEC EUR 16,500 0.25

1,032,480 15.40

3,050 EYBL INTERNATIONAL EUR 22,722 0.34

22,722 0.34

110,000 JAZZTEL EUR 23,100 0.34

90,000 NDS GROUP USD 676,320 10.09

16,500 NOKIA -A- EUR 208,890 3.12

17,200 TELDAFAX EUR 0 0.00


2,000 WAVECOM EUR 16,340 0.24

981,933 14.64

146



147



NASDAQ EUROPE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

14,000 PANKL RACING SYSTEMS EUR 119,350 1.78

119,350 1.78

5,479,324 81.72


3,547 NTL (WT 13/01/11) USD 975 0.01

975 0.01

975 0.01

TOTAL/CELKEM 5,480,299 81.73

NEW ASIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

400,000 THAI UNION FROZEN PROD-NVDR THB 180,016 0.88

180,016 0.88

42,000 CLP HOLDINGS HKD 173,936 0.85

187,000 HONG KONG & CHINA GAS HKD 230,170 1.13



1,092,003 5.35

1 STANDARD FOODS TAIWAN (GDR) USD 1 0.00

1 0.00

71,000 NEW STRAITS TIMES PRESS MYR 66,890 0.33


367,192 1.80

48,000 COMPAL ELECTRONICS (GDR) USD 240,960 1.18

240,960 1.18

62,000 BANK OF EAST ASIA HKD 113,675 0.56

13,000 DAISHIN SECURITIES KRW 148,711 0.73

61,000 DBS SGD 317,930 1.56


109,000 HONG KONG EXCHANGES HKD 115,995 0.57& CLEARING

11,579 KOOKMIN BANK KRW 273,218 1.34



59,700 SIAM COMMERCIAL BANK THB 45,939 0.23(PREF.) (FOREIGN)

30,000 STATE BANK OF INDIA (GDR) USD 431,400 2.11


2,736,935 13.42

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


5,630 LG CHEMICAL KRW 172,789 0.85

190,000 NAN YA PLASTIC TWD 180,986 0.89

100,000 ORIENTAL UNION CHEMICAL TWD 93,241 0.46

43,829 RELIANCE INDUSTRIES (GDR) USD 514,991 2.52

1,076,998 5.28

500,000 BANGKOK EXPRESSWAY THB 178,384 0.87

440,000 BEIJING CAPITAL INT. AIRPORT HKD 94,776 0.46

300,000 COSCO PACIFIC HKD 265,404 1.30

507,130 EVA AIRWAYS TWD 149,592 0.73

100,000 GIANT MANUFACTURING TWD 113,674 0.56

96,000 MALAYSIAN AIRLINE SYSTEM MYR 83,874 0.41

217,000 NEPTUNE ORIENT LINES SGD 129,081 0.63

500,000 SINOTRANS HKD 129,817 0.64

1,144,602 5.60

1,100 SHINSEGAE KRW 111,802 0.55

111,802 0.55

3,000 SAMSUNG FIRE & MARINE INS KRW 118,618 0.58

118,618 0.58

127,000 GAMUDA MYR 178,803 0.88

1,200,000 LAND & HOUSE (FOREIGN) THB 218,258 1.07

45,000 LARSEN AND TOUBRO LTD (GDR R2) USD 348,750 1.71

745,811 3.66

140,000 BYD COMPANY HKD 273,738 1.34

38,885 HON HAI PRECISION (GDR) USD 254,697 1.25

100,000 JOHNSON ELECTRIC HKD 109,623 0.54

6,286 SAMSUNG ELECTRONICS KRW 1,423,113 6.97

4,000 SINDORICOH KRW 178,564 0.88

35,448 SYNNEX TECHNOLOGY (GDR) USD 198,154 0.97


2,917,592 14.30

148



149



NEW ASIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

112,000 CITIC PACIFIC HKD 226,888 1.11

30,000 FUBON INSURANCE CERT (GDR) USD 246,600 1.21

145,500 HUTCHISON WHAMPOA HKD 792,845 3.89

1,266,333 6.21


244,422 1.20

3,550 POSCO KRW 278,748 1.37

278,748 1.37

160,000 LI & FUNG HKD 168,217 0.82

168,217 0.82

105,000 KEPPEL CORPORATION SGD 249,835 1.22

60,000 SAMSUNG HEAVY INDUSTRIES KRW 217,625 1.07

467,460 2.29

1,218,000 CHINA PETROLEUM & CHEMICAL-H HKD 243,617 1.19

160,000 CNOOC HKD 213,349 1.05

1,000,000 PETROCHINA HKD 210,271 1.03

667,237 3.27

16,000 RANBAXY LABORATORIES USD 228,800 1.12

228,800 1.12

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

13,000 HANSSEM KRW 99,071 0.49

99,071 0.49

35,000 BEC WORLD THB 166,492 0.82

1,000,000 INDOSIAR VISUAL MANDIRI IDR 58,979 0.29

225,471 1.11

80,000 CHEUNG KONG HKD 443,109 2.17

64,000 CITY DEVELOPMENT SGD 128,350 0.63

67,000 HENDERSON LAND DEVELPMENT HKD 167,082 0.82

550,000 SINO LAND HKD 153,376 0.75

96,000 SUN HUNG KAI PROPERTIES HKD 460,341 2.26

1,352,258 6.63

20,000 KT&G CORP-144 A (GDR) USD 141,000 0.69

141,000 0.69

110,000 POU CHEN TWD 104,465 0.51

104,465 0.51

652,000 CHINA TELECOM -H- HKD 117,036 0.57

265,000 CHINE MOBILE HKD 524,941 2.57

5,180 KT KRW 178,592 0.88

20,000 MAHANAGAR TELEPHONE USD 83,000 0.41NIGAM (ADR)

1,550 SK TELECOM KRW 189,047 0.93

450,000 TELEKOMUNIKASI INDONESIA IDR 183,256 0.90

1,275,872 6.26

1,384,615 ASTRA INTERNATIONAL IDR 388,871 1.91

198,000 DENWAY MOTORS HKD 81,871 0.40

150,000 TATA ENG.&LOC. (GDR) USD 499,500 2.45

970,242 4.76

18,222,126 89.33

NEW ASIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ




50,000 MERRILL-CW05 BHARAT HEAVY EL USD 230,800 1.13(09/09/05)

230,800 1.13

230,800 1.13

150



Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ

Transferable Securities traded on another regulated Market

Cenné papíry obchodované na jiném regulovaném trhu


211,443 MERRILL-CW05 FORMOSA CHEMICAL USD 221,381 1.09

221,381 1.09

221,381 1.09



400 ABN NV-03 INFOSYS TECHNOLOGI (WT) USD 35,446 0.17

35,446 0.17

450,000 MERRILL-CW05 CHINATRUST USD 355,950 1.74

355,950 1.74

391,396 1.91

TOTAL/CELKEM 19,065,703 93.46

$

151




Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

30,000 AIXTRON EUR 71,400 0.21

71,400 0.21

130,000 APPLIED MICRO CIRCUITS USD 388,380 1.13

150,000 BEA SYSTEMS USD 1,400,751 4.08

85,000 BROADCOM USD 962,014 2.80


150,000 CIENA USD 600,715 1.75



150,000 COMVERSE TECHNOLOGY USD 1,554,710 4.53

250,000 EMC USD 1,656,433 4.83

30,000 EMULEX USD 526,485 1.53

70,000 GLOBESPAN VIRATA USD 288,673 0.84





130,000 NETWORK APPLIANCE USD 1,333,120 3.88

150,000 OPENWAVE SYSTEMS USD 195,198 0.57

60,000 PMC-SIERRA USD 327,163 0.95

90,000 QUALCOMM USD 2,974,157 8.67

30,000 RAMBUS USD 363,178 1.06

160,000 SIEBEL SYSTEMS USD 1,174,487 3.42

110,000 SONUS NETWORKS USD 226,815 0.66


15,000 SYMANTEC USD 538,581 1.57

300,000 UNIPHASE USD 783,541 2.28

75,000 VERISIGN USD 600,715 1.75

100,000 VERITAS SOFTWARE USD 1,611,070 4.69

24,986,364 72.78

185,000 NOKIA -A- EUR 2,342,100 6.82

2,342,100 6.82


449,100 1.31

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

225,000 ARM HOLDING GBP 167,035 0.49

167,035 0.49

100,000 CHECK POINT SOFTWARE USD 1,326,063 3.86TECHNOLOGIES

1,326,063 3.86

20,000 SOFTBANK JPY 213,301 0.62

213,301 0.62

150,000 ASM EUR 892,500 2.60

70,000 QIAGEN EUR 371,000 1.08

1,263,500 3.68

30,818,863 89.77

TOTAL/CELKEM 30,818,863 89.77

NORTH AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

14,050 CINERGY USD 472,782 0.36

5,400 DOMINION RESOURCES USD 298,998 0.23

4,000 ENTERGY USD 192,600 0.15

16,800 EXELON USD 846,888 0.64

13,300 PPL CORP USD 473,615 0.36

17,400 SEMPRA ENERGY USD 434,304 0.33

11,550 SOUTHERN USD 328,482 0.25

3,047,669 2.32

42,250 COCA-COLA USD 1,710,280 1.30

5,150 GENERAL MILLS USD 234,582 0.18

24,200 PEPSI BOTTLING GROUP USD 433,906 0.33

29,445 PEPSICO USD 1,177,800 0.89

3,556,568 2.70

4,200 GANNETT USD 295,806 0.22

7,350 MEREDITH USD 280,623 0.21

576,429 0.43



113,450 EMC USD 820,244 0.62


29,300 IBM USD 2,297,999 1.74

9,150 LEXMARK INTERNATIONAL USD 612,592 0.46

29,100 MATTEL USD 654,750 0.50

8,916,978 6.76

21,550 AMERICAN EXPRESS USD 716,106 0.54


20,100 BANK ONE USD 695,862 0.53

19,000 CAPITAL ONE FINANCIAL USD 570,190 0.43

18,950 CHARTER ONE FONANCIAL USD 524,157 0.40

71,758 CITIGROUP USD 2,472,063 1.88

14,300 COMERICA USD 541,684 0.41

30,900 FANNIE MAE USD 2,019,315 1.53

26,350 FREDDIE MAC USD 1,401,556 1.06

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

23,500 HUNTINGTON BANCSHARES USD 436,865 0.33

34,057 JP MORGAN CHASE & CO USD 807,491 0.61

31,200 NATIONAL CITY USD 868,920 0.66

50,400 PROVIDIAN FINANCIAL USD 330,624 0.25

17,200 REGIONS FINANCIAL USD 557,280 0.42

32,850 US BANCORP USD 623,493 0.47

45,950 WACHOVIA USD 1,565,516 1.19

36,150 WASHINGTON MUTUAL USD 1,275,010 0.97

29,020 WELLS FARGO USD 1,305,610 0.99

18,421,509 13.97

9,650 BLACK & DECKER USD 336,399 0.26

13,550 CLOROX USD 625,604 0.47

34,515 PROCTER & GAMBLE USD 3,073,561 2.33

4,035,564 3.06

22,050 AMGEN USD 1,268,978 0.96

1,268,978 0.96

16,300 COOPER TIRE & RUBBER USD 198,860 0.15

198,860 0.15

14,500 DOW CHEMICAL USD 400,345 0.30

17,350 DU PONT DE NEMOURS USD 674,221 0.51

11,650 EASTMAN CHEMICAL USD 337,734 0.26

9,400 GREAT LAKES CHEMICALS USD 208,680 0.16

1,620,980 1.23

19,000 UNITED PARCEL USD 1,083,000 0.82

1,083,000 0.82

$

152



153



NORTH AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

4,500 BEST BUY USD 121,365 0.09

5,100 EBAY USD 434,979 0.33

51,450 GAP USD 745,510 0.57

40,065 HOME DEPOT USD 975,983 0.74

5,750 KOHLS USD 325,335 0.25

31,300 LOWE'S USD 1,277,666 0.97

33,950 OFFICE DEPOT USD 401,628 0.30

19,200 RADIOSHACK USD 427,968 0.32

31,650 STAPLES USD 580,144 0.44

61,470 WAL-MART STORES USD 3,198,284 2.43

8,488,862 6.44

26,900 AFLAC USD 862,145 0.65

30,800 ALLSTATE USD 1,021,636 0.77


17,750 HARTFORD USD 626,398 0.48

21,200 PRINCIPAL FINANCIAL USD 575,368 0.44

12,450 SAFECO USD 435,376 0.33

44,300 UNUMPROVIDENT USD 434,140 0.33

9,050 XL CAPITAL -A- USD 640,559 0.49

6,358,514 4.83

6,900 CENTEX USD 375,084 0.28

11,100 FLUOR USD 373,848 0.28

7,400 KB HOME USD 336,330 0.26

1,085,262 0.82

32,900 ALTERA USD 445,466 0.34

22,350 AMERICAN POWER CONVERSION USD 318,264 0.24

7,150 EMERSON ELECTRIC USD 324,252 0.25

111,860 INTEL USD 1,821,081 1.38


35,550 PMC-SIERRA USD 211,522 0.16

10,650 QLOGIC USD 395,541 0.30

19,800 ROCKWELL AUTOMATION USD 409,860 0.31


14,900 THOMAS & BETTS USD 211,282 0.16

89,100 TYCO INTERNATIONAL (NEW) USD 1,145,826 0.87

6,166,174 4.68

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

6,700 3M USD 871,201 0.66

7,900 BEAR STEARNS USD 518,240 0.39

9,100 COUNTRYWIDE FINANCIAL USD 523,250 0.40

172,550 GENERAL ELECTRIC USD 4,400,025 3.34

22,850 JC PENNEY USD 448,774 0.34

17,750 MORGAN STANLEY DEAN WITTER USD 680,712 0.52

2,750 ZIMMER USD 133,732 0.10

7,575,934 5.75

11,600 HARRAHS USD 414,120 0.31

13,600 WENDY'S USD 374,136 0.28

21,000 YUM BRANDS USD 510,930 0.39

1,299,186 0.98

14,000 BOEING USD 350,840 0.27

21,300 LOCKHEED MARTIN USD 1,012,815 0.77

20,150 ROCKWELL COLLINS USD 370,156 0.28

19,650 UNITED TECHNOLOGIES USD 1,135,377 0.86

2,869,188 2.18

7,600 BALL USD 423,320 0.32

423,320 0.32

24,600 UNITED STATES STEEL USD 241,818 0.18

241,818 0.18

26,750 BMC SOFTWARE USD 403,658 0.31


12,090 FIRST DATA USD 447,451 0.34


185,160 MICROSOFT USD 4,482,724 3.40

170,040 ORACLE USD 1,844,764 1.40

29,150 PEOPLESOFT USD 445,995 0.34



9,481,940 7.20

NORTH AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

15,700 DEERE & CO USD 616,382 0.47

7,850 ITT INDUSTRIES USD 419,268 0.32

1,035,650 0.79

8,100 INTERNATIONAL PAPER USD 273,780 0.21

26,900 LOUISIANA PACIFIC USD 213,317 0.16

487,097 0.37

9,100 AMERADA HESS USD 402,766 0.31

9,975 APACHE USD 615,856 0.47

18,200 CHEVRONTEXACO USD 1,176,630 0.89

11,450 CONOCOPHILLIPS USD 613,720 0.47

116,700 EXXON MOBIL USD 4,078,665 3.09

24,150 MARATHON OIL USD 578,876 0.44

23,150 OCCIDENTAL PETROLEUM USD 693,574 0.53

8,160,087 6.20

26,850 ABBOTT LABORATORIES USD 1,009,828 0.77

20,000 BOSTON SCIENTIFIC USD 815,200 0.62

6,500 CR BARD USD 409,890 0.31

41,650 GILLETTE USD 1,288,651 0.98

19,650 GUIDANT USD 711,330 0.54


28,950 KING PHARMACEUTICALS USD 345,374 0.26

21,250 MEDTRONIC USD 958,800 0.73

38,850 MERCK USD 2,128,203 1.61

84,300 PFIZER USD 2,626,788 1.99

41,600 PHARMACIA USD 1,801,280 1.37

12,600 ST JUDE MEDICAL USD 614,250 0.47

13,800 WATSON PHARMACEUTICALS USD 397,026 0.30

16,101,682 12.22

20,700 EASTMAN KODAK USD 612,720 0.46

612,720 0.46

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

9,550 ANTHEM USD 632,688 0.48

632,688 0.48

34,150 ALLIED WASTE INDUSTRIES USD 272,858 0.21

272,858 0.21

11,100 CIGNA USD 507,492 0.38

9,050 WELLPOINT HEALTH NETWORKS USD 694,588 0.53

1,202,080 0.91

11,850 APOLLO A USD 591,315 0.45

25,200 CONVERGYS CORP USD 332,640 0.25

923,955 0.70

35,300 ALTRIA GROUP USD 1,057,588 0.80

14,700 ANHEUSER-BUSCH USD 685,167 0.52

1,742,755 1.32

13,300 JONES APPAREL GROUP USD 364,819 0.28

11,550 LIZ CLAIBORNE USD 357,126 0.27

8,650 REEBOK INTERNATIONAL USD 284,152 0.22

11,500 V.F. USD 432,745 0.33

1,438,842 1.10

154



155



NORTH AMERICA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie



13,500 QUALCOMM USD 486,810 0.37

71,200 SPRINT USD 836,600 0.63

59,450 VERIZON COMMUNICATION USD 2,101,558 1.59

29,978 VIACOM -B- USD 1,094,797 0.83

5,808,995 4.40

30,750 DANA USD 217,095 0.16

103,300 FORD MOTOR WI USD 776,816 0.59

993,911 0.75

126,130,053 95.69

TOTAL/CELKEM 126,130,053 95.69


Quantity/Nominal


Currency

Měna

Commitments in USD



25 USDS&P 500 INDEX 06/2003 5,293,750

5,293,750

PHILIPPINES

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

129,800 FIRST PHILIPPINE PHP 21,340 3.98

67,000 MANILA ELECTRIC PHP 15,647 2.92

36,987 6.90

74,500 BPI BANK PHP 46,628 8.69

49,100 EQUITABLE PCI BANK PHP 21,097 3.93

42,500 METROPOLITAN BANK & TRUST PHP 23,027 4.29

90,752 16.91

400,000 INTL CONTAINER TERM SVCS PHP 17,637 3.29

17,637 3.29

468,000 DMCI HOLDINGS PHP 1,399 0.26

1,399 0.26

174,000 IONICS PHP 2,406 0.45

2,406 0.45

297,000 AYALA PHP 22,195 4.14

22,195 4.14

11,915 SPI TECHNOLOGIES PHP 3,562 0.66

3,562 0.66

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

570,000 AYALA LAND PHP 48,453 9.03

538,000 FILINVEST DEVELOPMENT PHP 11,258 2.10

1,544,750 FILINVEST LAND PHP 25,974 4.84

530,000 SM PRIME HOLDINGS PHP 49,510 9.23

135,195 25.20

38,000 LA TONDENA DISTILLERS PHP 22,363 4.17

41,087 SAN MIGUEL PHP 51,815 9.66

74,178 13.83

2,450 GLOBE TELECOM PHP 25,862 4.82

4,600 PHILIP LONG DISTANCE TELEPHONE PHP 27,071 5.05

1,300,000 PILIPINO TELEPHONE CORP PHP 6,558 1.22

59,491 11.09

84,999 JOLLIBEE FOODS CORPORATION PHP 24,615 4.58

24,615 4.58

TOTAL/CELKEM 468,417 87.31

156



157



PORTUGAL

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

500,000 ELECTRICIDADE DE PORTUGAL EUR 785,000 6.43

785,000 6.43

9,000 IMPRESA EUR 16,020 0.13

16,020 0.13


42,218 BANCO ESPIRITO SANTO E COMMER. EUR 506,616 4.15

17,000 BANIF EUR 70,550 0.58

1,091,605 8.94

15,000 CIN DO NORTE EUR 78,000 0.64

78,000 0.64

121,150 BRISA AUTO-ESTRADAS DE PORTUGAL EUR 593,635 4.86

593,635 4.86

29,075 JERONIMO MARTINS SGPS EUR 191,895 1.57

191,895 1.57

40,603 CIMPOR CIMENTOS DE PORTUGAL EUR 665,889 5.45

69,010 CORTICEIRA AMORIM EUR 50,377 0.41

62,000 MOTA ENGIL SGPS EUR 83,700 0.69

37,500 SEMAPA EUR 99,750 0.82

9,038 SOMAGUE SGPS EUR 82,698 0.68

44,441 SONAE INDUSTRIA EUR 130,212 1.07

152,600 TEIXEIRA DUARTE ENGENHARIA E C EUR 99,190 0.81

1,211,816 9.93

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

199,976 BANCO BPI EUR 443,947 3.63

605,829 SONAE SGPS EUR 224,157 1.84

668,104 5.47

7,000 COFINA SGPS EUR 13,930 0.11

13,930 0.11

8,000 NOVABASE SGPS EUR 44,800 0.37

72,500 SONAE.COM EUR 121,800 1.00

166,600 1.37

17,169 INAPA EUR 57,516 0.47

83,490 PORTUCEL EMPRESA EUR 101,858 0.83PRODUTORA DE PASTA

159,374 1.30

181,744 PORTUGAL TELECOM EUR 1,154,074 9.45

33,494 PT MULTIMEDIA EUR 365,085 2.99

67,075 TELEFONICA DE ESPANA EUR 576,055 4.71

140,175 VODAFONE TELECEL COM EUR 1,191,488 9.76

3,286,702 26.91

58,050 SOLUCOES AUTOMOVEL GLOBAIS EUR 74,884 0.61

74,884 0.61

8,337,565 68.27

PORTUGAL

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



5,666 BANIF SGPS I02 EUR 23,514 0.19

23,514 0.19

23,514 0.19

TOTAL/CELKEM 8,361,079 68.46

$

158




Quantity/Nominal


Currency

Měna

Commitments in EUR



700 EUROPORTO PSI 20 INDEX 04/2003 3,688,300

3,688,300

159



PRESTIGE & LUXE

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

76,400 BMW EUR 1,943,616 6.18

16,500 BMW (PREF) EUR 296,175 0.94

10,000 HUGO BOSS EUR 120,300 0.38

5,000 HUGO BOSS (PREF) EUR 64,650 0.21

2,660 PORSCHE (PREF.) EUR 682,024 2.17

3,106,765 9.88

4,500 ORIENT EXPRESS HOTELS A USD 40,332 0.13

40,332 0.13

10,800 FOUR SEASONS HOTELS USD 268,911 0.86

268,911 0.86

21,700 CALLAWAY GOLF USD 236,250 0.75


69,600 HARLEY-DAVIDSON USD 2,532,823 8.06

6,700 POLO RALPH LAUREN A USD 140,607 0.45

43,000 SAKS USD 303,033 0.96

10,000 SOTHEBY'S HOLDINGS A USD 84,128 0.27

60,600 STARWOOD HOTELS & RESORTS USD 1,321,182 4.20

43,300 TIFFANY & CO USD 992,027 3.16

21,000 TOLL BROTHERS USD 371,426 1.18

6,529,581 20.77

7,000 CLARINS EUR 317,310 1.01

12 GRAND MARNIER EUR 90,000 0.29

5,900 HERMES EUR 725,700 2.31

22,000 LE TANNEUR EUR 57,200 0.18


15,500 REMY COINTREAU EUR 378,355 1.20

3,900 STE DU LOUVRE (NOM.) EUR 175,500 0.56

2,247 TAITTINGER EUR 226,947 0.72

2,332,612 7.42

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

245,000 SHANGRI-LA ASIA HKD 146,815 0.47

146,815 0.47

45,000 BULGARI EUR 171,000 0.54

47,000 LUXOTTICA GROUP EUR 461,070 1.47

632,070 2.01

117,000 SHISEIDO JPY 1,050,694 3.34

53,000 YAMAHA CORP JPY 546,816 1.74

1,597,510 5.08

61,000 ROYAL CARIBBEAN CRUISES USD 840,203 2.67

840,203 2.67

105,500 CARNIVAL USD 2,331,016 7.42

2,331,016 7.42

35,200 GUCCI EUR 3,076,480 9.79

3,076,480 9.79

750 KUONI REISEN HOLDING-B-(NOM.) CHF 136,299 0.43

183,400 RICHEMONT (UNITS)-A- CHF 2,294,521 7.30

21,000 THE SWATCH (REG.) CHF 328,236 1.04

11,300 THE SWATCH -B- CHF 858,208 2.73

3,617,264 11.50

24,519,559 78.00

TOTAL/CELKEM 24,519,559 78.00

PRESTIGE & LUXE

160




Quantity/Nominal


Currency

Měna

Commitments in EUR



1,300

200

308

6,000

EUR

USD

USD

EUR

CALL BMW 09/2003 34

CALL ESTEE LAUDER COMPANIES07/2003 25

CALL HARLEY-DAVIDSON 08/2003 45

CALL LVMH MOET HENNESSY 09/2003 60


-1,300

-200

-308

-6,000

EUR

USD

USD

EUR

PUT BMW 09/2003 34

PUT ESTEE LAUDER COMPANIES07/2003 25

PUT HARLEY-DAVIDSON 08/2003 45

PUT LVMH MOET HENNESSY 09/2003 60

226,667

458,211

1,270,161

3,600,000

5,555,039

161



SHOPPING

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

1,980 KARSTADT QUELLE EUR 25,689 0.08

7,000 METRO EUR 147,574 0.47

173,263 0.55

53,500 COLES MYER AUD 200,444 0.63

19,376 DAVID JONES AUD 12,763 0.04

25,408 HARVEY NORMAN AUD 30,708 0.10

50,363 WOOLWORTHS AUD 372,207 1.18

616,122 1.95

4,846 DELHAIZE EUR 87,463 0.28

87,463 0.28

69,000 GIORDANO INTERNATIONAL HKD 21,453 0.07

21,453 0.07

3,600 CDN TIRE CORP A CAD 71,489 0.23

2,535 GEORGE WESTON CAD 159,585 0.50

3,358 HUDSON'S BAY CAD 18,377 0.06

5,300 LOBLAW COMPANIES CAD 192,947 0.61

442,398 1.40

10,500 INDITEX EUR 203,831 0.64

203,831 0.64

17,000 ALBERTSON'S USD 320,450 1.01

12,600 AMAZON.COM USD 327,978 1.04

13,300 BED BATH & BEYOND USD 459,382 1.45

13,000 BEST BUY USD 350,610 1.11

2,260 CARMAX USD 32,928 0.10

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,100 CIRCUIT CITY STORES USD 52,520 0.17


17,800 CVS USD 424,530 1.34

8,750 EBAY USD 746,288 2.36

9,700 FEDERATED DEPARTMENT STORES USD 271,794 0.86

29,300 GAP USD 424,557 1.34

8,700 GENUINE PARTS USD 265,437 0.84

102,850 HOME DEPOT USD 2,505,426 7.91

14,000 KOHLS USD 792,120 2.50

34,700 KROGER USD 456,305 1.44

21,200 LIMITED BRANDS USD 272,844 0.86

34,600 LOWE'S USD 1,412,372 4.46

11,100 MAY DEPARTMENT STORES USD 220,779 0.70

8,350 RADIOSHACK USD 186,122 0.59

20,200 SAFEWAY USD 382,386 1.21

14,400 SEARS ROEBUCK USD 347,760 1.10

6,200 SHERWIN-WILLIAMS USD 163,866 0.52

20,500 STAPLES USD 375,765 1.19

30,500 SYSCO USD 775,920 2.45

40,300 TARGET USD 1,179,178 3.72

7,000 TIFFANY & CO USD 175,000 0.55

24,700 TJX USD 434,720 1.37

10,000 TOYS 'R' US USD 83,700 0.26

47,700 WALGREEN USD 1,406,196 4.44


18,536,333 58.54

27,100 CARREFOUR EUR 1,026,426 3.24

1,476 CASINO GUICHARD PERRACHON EUR 93,415 0.29


1,287,018 4.06

38,320 BOOTS GROUP GBP 321,326 1.01

47,987 GUS GBP 369,392 1.17

123,921 KINGFISHER GBP 450,513 1.42

107,803 MARKS & SPENCER (NEW) GBP 480,524 1.52

95,175 NEW DIXONS GBP 128,625 0.41

16,500 NEXT GBP 221,425 0.70

50,668 SAFEWAY GBP 208,830 0.66

70,718 SAINSBURY GBP 245,916 0.78

82,358 SIGNET GBP 97,309 0.31

340,037 TESCO GBP 958,055 3.03

3,481,915 11.01

SHOPPING

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

25,000 ESPRIT HOLDINGS HKD 47,279 0.15

76,000 LI & FUNG HKD 79,903 0.25

127,182 0.40

1,500 TOMMY HILFIGER USD 10,845 0.03

10,845 0.03

11,000 AEON JPY 220,315 0.70

2,000 AOYAMA TRADING JPY 27,037 0.09

1,000 AUTOBACS SEVEN JPY 20,071 0.06

11,000 DAIEI JPY 12,152 0.04

10,000 DAIMARU JPY 35,166 0.11

3,000 FAMILYMART JPY 52,623 0.17

3,000 FAST RETAILING JPY 73,874 0.23

5,000 HANKYU DEPART STORE JPY 27,197 0.09

7,000 ISETAN JPY 46,635 0.15

17,000 ITO-YOKADO JPY 458,762 1.45

3,000 LAWSON JPY 86,524 0.27

15,000 MARUI JPY 126,117 0.40

17,000 MITSUKOSHI JPY 43,439 0.14

1,000 PARIS MIKI JPY 11,140 0.04

8,000 SEIYU JPY 17,541 0.06

18,000 SEVEN-ELEVEN JAPAN JPY 475,122 1.50

2,000 SHIMACHU JPY 37,696 0.12

700 SHIMAMURA JPY 34,416 0.11

11,000 TAKASHIMAYA JPY 43,692 0.14

6,000 UNY JPY 47,158 0.15

4,500 YAMADA DENKI JPY 85,006 0.27

1,981,683 6.29

4,000 CYCLE & CARRIAGE SGD 8,520 0.03

8,520 0.03

23,000 HENNES & MAURITZ -B- SEK 482,842 1.52

482,842 1.52

27,460,868 86.77

TOTAL/CELKEM 27,460,868 86.77

162




Quantity/Nominal


Currency

Měna

Commitments in USD



120 USDCALL WAL-MART STORES 09/2003 55


-120 USDPUT WAL-MART STORES 09/2003 55 165,000

165,000


480

85

USD

USD

WAL-MART STORES 03/2004

WAL-MART STORES 12/2003

2,531,040

444,550

2,975,590

163



SINGAPORE & MALAYSIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

20,000 IOI MYR 25,790 0.69

5,000 KUALA LUMPUR KEPONG BERHARD MYR 7,368 0.20

33,158 0.89

24,000 TENAGA NASIONAL MYR 58,105 1.57

50,000 YTL BERHERD MYR 45,263 1.22

103,368 2.79

4,000 NEW STRAITS TIMES PRESS MYR 3,768 0.10


229,580 6.18

3,000 CREATIVE TECHNOLOGY SGD 18,185 0.49

3,000 VADS MYR 1,974 0.05

20,159 0.54

45,000 ARAB-MALAYSIAN MERCHANT BANK MYR 38,369 1.03

121,000 COMMERCE ASSET MYR 92,342 2.49

65,451 DBS SGD 341,129 9.19

150,000 INTERNATIONAL FACTORS SGD 35,691 0.96


58,000 OVERSEA-CHINESE BANKING SGD 310,509 8.36


50,000 RHB CAPITAL MYR 17,895 0.48


1,421,547 38.28

25,000 DELGRO SGD 35,407 0.95

180,000 GOODPACK SGD 48,947 1.32

10,000 KONSORTIUM LOGISTIK MYR 3,079 0.08

1,750 PLUS EXPRESSWAYS BHD MYR 990 0.03

31,000 SINGAPORE AIRLINES SGD 153,668 4.14

242,091 6.52

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

40,000 GAMUDA MYR 56,316 1.52

20,000 IJM MYR 23,579 0.64

79,895 2.16

120,000 CHARTERED SEMICONDUCTEUR SGD 42,829 1.15MANUFACTURING

75,000 HUAN HSIN SGD 38,877 1.05

2,000 MALAYSIAN PACIFIC INDUSTRIES MYR 5,474 0.15

16,000 VENTURE SGD 126,900 3.42

214,080 5.77

2,611 HAW PAR SGD 4,852 0.13

50,000 SEMBCORP INDUSTRIES SGD 30,875 0.83

34,000 SIME DARBY BERHAD MYR 46,526 1.25

82,253 2.21


120,000 MAGNUM MYR 75,158 2.02

46,000 RESORTS WORLD RESORTS MYR 102,895 2.77

20,000 TANJONG MYR 46,579 1.25

323,080 8.69

33,000 ST ENGINEERING SGD 33,277 0.90

33,277 0.90

130,000 KNUSFORD MYR 41,737 1.12

41,737 1.12

SINGAPORE & MALAYSIA

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

60,000 KEPPEL CORPORATION SGD 142,763 3.85

142,763 3.85

252,000 FIRST ENGINEERING SGD 52,822 1.42

52,822 1.42

30,000 CREST PETROLEUM MYR 27,632 0.74

27,632 0.74

13,250 CIMB MYR 6,904 0.19

6,904 0.19

118,000 CAPITALAND SGD 69,523 1.87

62,000 CITY DEVELOPMENT SGD 124,340 3.35

45,000 KEPPEL LAND SGD 29,572 0.80

223,435 6.02

50,000 CELCOM MALAYSIA MYR 35,263 0.95

30,000 MAXIS COMMUNICATIONS MYR 41,053 1.11

278,000 SINGAPORE TELECOMMUNICATIONS SGD 211,040 5.68

37,000 TELEKOM MALAYSIA MYR 69,619 1.88

356,975 9.62

3,634,756 97.89

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ




8,750 AMMB HOLDING (WT) (2003/2008) MYR 16,680 0.45

16,680 0.45

16,680 0.45

TOTAL/CELKEM 3,651,438 98.34

$

164



165



SPANISH EQUITY

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

16,000 ENAGAS EUR 102,720 2.15

25,839 ENDESA EUR 288,105 6.03

9,072 GAS NATURAL SDG EUR 138,620 2.90

23,220 IBERDROLA EUR 346,675 7.25

11,880 UNION FENOSAS EUR 138,402 2.90

1,014,522 21.23

21,800 BANCO BILBAO VIZCAYA ARGENTARIA EUR 166,334 3.48

5,586 BANCO POPULAR ESPANOL EUR 221,206 4.63

47,940 BANCO SANTANDER (REG.) EUR 280,449 5.87

8,100 BANKINTER EUR 202,338 4.23

870,327 18.21

15,095 ACESA INFRAESTRUCTURAS EUR 178,423 3.73

7,500 AUREA CONCESIONES DE EUR 198,900 4.16INFRASTRUCTURAS

377,323 7.89

5,400 ALDEASA EUR 72,360 1.51

5,994 CARREFOUR EUR 208,052 4.35

280,412 5.86

15,780 CORPORACION MAPFRE EUR 117,719 2.46

117,719 2.46

5,290 ACCIONA EUR 226,940 4.75

4,050 ACS ACTIVIDADES CONS. EUR 130,977 2.74Y SERVICIOS

5,940 FOMENTO DE CONSTRUC. EUR 136,561 2.86Y CONTRATAS

8,640 GRUPO FERROVIAL EUR 205,286 4.30

699,764 14.65

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

7,560 CORPORACION FINANCIERA ALBA EUR 133,963 2.80

133,963 2.80

9,066 ARCELOR EUR 73,072 1.53

73,072 1.53

35,100 AMADEUS GLOBAL TRAVEL (DIST.) EUR 147,771 3.09

12,960 INDRA SISTEMAS EUR 88,128 1.84

235,899 4.93

7,520 GRUPO AUXILIAR METALURGICO EUR 127,088 2.66

127,088 2.66

19,380 REPSOL EUR 256,204 5.36

256,204 5.36

6,880 ALTADIS EUR 153,699 3.22

153,699 3.22

3,100 SOGECABLE EUR 19,437 0.41

42,073 TELEFONICA DE ESPANA EUR 361,332 7.56

8,000 TELEFONICA MOVILES EUR 48,000 1.00

428,769 8.97

4,768,761 99.77

166



SUSTAINABLE GROWTH

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

51,402 SEVERN TRENT GBP 533,118 2.10

42,716 SUNCOR ENERGY CAD 681,551 2.69

1,214,669 4.79

22,205 PEPSICO USD 813,966 3.21

10,991 UNILEVER (Cert.ACTION) EUR 599,559 2.36

3,786 WRIGLEY JR. USD 196,031 0.77

1,609,556 6.34


13,748 MCGRAW HILL USD 700,377 2.76

860,918 3.39




741,010 2.92

18,429 ABN AMRO EUR 246,949 0.97

23,697 AMERICAN EXPRESS USD 721,638 2.85

15,227 BANK OF AMERICA USD 932,710 3.68

12,794 FANNIE MAE USD 766,210 3.02

18,960 ING GROUP EUR 200,786 0.79

45,745 LLOYDS TSB GBP 213,368 0.84


6,563 UBS (REG.) CHF 255,898 1.01

26,648 US BANCORP USD 463,507 1.83


4,540,522 17.90


759,675 3.00

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

8,010 DSM EUR 283,073 1.12

283,073 1.12

10,657 TPG EUR 148,772 0.59

148,772 0.59

3,266 CARREFOUR EUR 113,363 0.45

66,618 TESCO GBP 172,009 0.68

285,372 1.13

41,100 KURITA WATER IND JPY 325,256 1.28

325,256 1.28

10,000 CANON JPY 319,952 1.26

5,500 KYOCERA JPY 249,933 0.99

11,191 NEG MICON DKK 106,994 0.42


9,000 SONY JPY 292,130 1.15




1,751,715 6.92

2,798 3M USD 333,416 1.32

333,416 1.32

16,010 MC.DONALD'S USD 212,156 0.84

20,804 STARBUCKS USD 491,121 1.94

703,277 2.78

167



SUSTAINABLE GROWTH

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

18,698 PEOPLESOFT USD 262,170 1.03

2,322 SAP EUR 161,263 0.64

423,433 1.67

8,106 PECHINEY A EUR 181,088 0.71

181,088 0.71

25,374 STORA ENSO EUR 214,410 0.85

214,410 0.85

130,122 BP GBP 756,305 2.98


1,791,956 7.06

17,339 AVON PRODUCTS USD 906,516 3.58

25,702 BRISTOL MYERS SQUIBB USD 497,694 1.96



13,000 KAO JPY 240,621 0.95

22,840 MEDTRONIC USD 944,411 3.72

19,271 MERCK USD 967,435 3.82

10,171 NOVARTIS (NOM.) CHF 345,195 1.36

7,400 TAKEDA CHEMICAL INDUSTRIES JPY 253,349 1.00

5,589,090 22.05

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

14,584 BELLSOUTH USD 289,622 1.14

45,183 BT GBP 102,756 0.41

91,765 KPN (DEMAT.) EUR 539,578 2.13

30,957 NOKIA -A- EUR 391,916 1.55

121 NTT DOCOMO JPY 206,663 0.82

15,227 SBC COMMUNICATIONS USD 279,925 1.10

13,006 TELMEX USD 354,232 1.40

153,418 VODAFONE GBP 251,122 0.99

2,415,814 9.54

5,500 TOYOTA MOTOR JPY 112,002 0.44

112,002 0.44

24,285,024 95.80

TOTAL/CELKEM 24,285,024 95.80

168



TAIWAN

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

144,850 ASUSTEK COMPUTER TWD 277,207 3.22

380,000 COMPAL ELECTRONICS TWD 378,376 4.39

99,000 LITE-ON TECHNOLOGY TWD 107,124 1.24

115,000 MICRO-STAR INTERNATIONAL TWD 186,987 2.17

91,250 QUANTA COMPUTER TWD 160,187 1.86

1,109,881 12.88

1,517,900 MASTERLINK SECURITIES TWD 456,482 5.30

456,482 5.30

96,000 PIHSIANG MACHINERY MFG TWD 247,263 2.87

247,263 2.87

305,000 ADVANCED SEMICONDUCTOR TWD 162,381 1.88ENGENEE

99,000 AU OPTRONICS TWD 54,702 0.63

50,000 AU OPTRONICS (ADR) USD 282,500 3.28

100,000 HON HAI PRECISION INDUSTRY TWD 317,999 3.69

716,000 KING YUAN ELECTRONICS TWD 262,716 3.05

13,500 REALTEK SEMICONDUCTOR USD 114,075 1.32

302,000 SILICONWARE PRECISION TWD 146,009 1.69INDUSTRIES

665,261 TAIWAN SEMICONDUCTOR TWD 809,835 9.40

131,230 TOPCO SCIENTIFIC TWD 277,578 3.22

1,314,300 UNITED MICROELECTRONICS TWD 729,988 8.47

391,000 WINBOND ELECTRONICS TWD 147,405 1.71

3,305,188 38.34

265,000 CHINATRUST FINANCIAL TWD 209,721 2.43

547,130 SINOPAC TWD 192,882 2.24

402,603 4.67

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

531,000 POU CHEN TWD 504,281 5.85

504,281 5.85

6,025,698 69.91

TOTAL/CELKEM 6,025,698 69.91

169



TAIWAN


Quantity/Nominal


Currency

Měna

Commitments in USD



142 USDMSCI TAIWAN INDEX 04/2003 2,582,980

2,582,980

170



TELECOM

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie


2,062,494 4.39

252,601 TELSTRA AUD 621,264 1.32

621,264 1.32

23,050 TELEKOM AUSTRIA EUR 236,430 0.50

236,430 0.50

5,310 ALIANT CAD 101,041 0.22

34,790 BCE CAD 638,588 1.36

14,600 TELUS NON VOTE CAD 156,824 0.33

896,453 1.91

35,275 TDC -B- DKK 831,911 1.77

831,911 1.77


4,688,792 9.02

89,853 AT & T CORP (EX-DISTR.) USD 1,455,619 3.10

252,977 AT & T WIRELESS SERVICES USD 1,669,648 3.55

99,200 BELLSOUTH USD 2,149,664 4.58

41,450 LEVEL 3 COMMUNICATIONS USD 213,882 0.46

97,450 NEXTEL COMMUNICATIONS -A- USD 1,304,856 2.78

166,150 QWEST COMMUNICATIONS USD 579,864 1.23

206,700 SBC COMMUNICATIONS USD 4,146,402 8.82

82,360 SPRINT PCS GROUP USD 359,090 0.76


15,213,944 32.38

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

15,900 ELISA COMMUNICATIONS EUR 98,895 0.21

98,895 0.21

19,840 BOUYGUES EUR 399,215 0.85


1,392,632 2.96

841,136 BT GBP 2,087,376 4.44

260,800 CABLE & WIRELESS GBP 284,441 0.61

2,399,680 VODAFONE GBP 4,286,143 9.12

6,657,960 14.17

38,240 HELLENIC COMMUNICATIONS EUR 350,511 0.75


453,494 0.97

214,200 PCCW NEW HKD 120,839 0.26

120,839 0.26

1,400 E.BISCOM EUR 34,907 0.07



163,785 TELECOM ITALIA RNC EUR 689,868 1.47

3,863,602 8.22

588 NIPPON TELEGRAPH & TELEPHONE JPY 1,998,347 4.25

1,128 NTT DOCOMO JPY 2,102,277 4.47

4,100,624 8.72

171



TELECOM

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

51,950 TELENOR NOK 166,803 0.35

166,803 0.35

217,082 TELECOM CORP OF NEW ZEALAND NZD 543,749 1.16

543,749 1.16

201,133 KPN (DEMAT.) EUR 1,290,521 2.75

1,290,521 2.75

108,486 PORTUGAL TELECOM EUR 751,713 1.60

751,713 1.60

719,500 SINGAPORE TELECOMMUNICATIONS SGD 546,197 1.16

546,197 1.16

10,830 TELE2 SEK 327,622 0.70

215,640 TELIASONERA SEK 618,006 1.32

945,628 2.02

3,090 SWISSCOM CHF 950,014 2.02

950,014 2.02

45,981,874 97.86

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ





191,349 0.41

191,349 0.41

TOTAL/CELKEM 46,173,223 98.27

172



TELECOM


Quantity/Nominal


Currency

Měna

Commitments in USD



300 USDCALL VERIZON COMMUNICATION04/2003 30


-300 USDPUT VERIZON COMMUNICATION04/2003 30

225,000

225,000

173



TOP 30 EURO

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

570,000 ENEL EUR 2,981,100 3.72

80,000 EON EUR 3,022,400 3.77

6,003,500 7.49


2,727,500 3.40



75,000 BNP EUR 2,752,500 3.43


210,080 ING GROUP EUR 2,224,747 2.77


16,065,849 20.02

83,310 CARREFOUR EUR 2,891,690 3.61

2,891,690 3.61

33,937 ALLIANZ EUR 1,540,740 1.92

241,716 AXA-UAP EUR 2,615,367 3.26

25,642 MUENCHENER RUECKVERSICH.(REG.) EUR 1,346,205 1.68

5,502,312 6.86

74,286 SIEMENS EUR 2,808,011 3.50

2,808,011 3.50

34,500 SAP EUR 2,396,025 2.99

2,396,025 2.99

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

231,106 ENI EUR 2,828,737 3.53



8,778,555 10.95

64,000 AVENTIS EUR 2,574,720 3.21

48,960 L'OREAL EUR 2,717,280 3.39


7,966,380 9.93


189,104 NOKIA -A- EUR 2,394,057 2.98

400,000 ORANGE EUR 2,940,000 3.67




430,000 TELEFONICA MOVILES EUR 2,580,000 3.22

18,594,420 23.19

95,000 BMW EUR 2,416,800 3.01


5,186,538 6.46

78,920,780 98.40

TOTAL/CELKEM 78,920,780 98.40

174



TOP 30 WORLD

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

5,500 COCA-COLA USD 222,640 3.34

1,150 NESTLE (REG.) CHF 227,626 3.41

6,000 PEPSICO USD 240,000 3.60

690,266 10.35


3,000 IBM USD 235,290 3.53

449,460 6.74

3,000 BANK OF AMERICA USD 200,520 3.01

7,000 CITIGROUP USD 241,150 3.62

22,000 HSBC HOLDINGS GBP 225,685 3.38

5,000 WELLS FARGO USD 224,950 3.37

892,305 13.38

2,700 PROCTER & GAMBLE USD 240,435 3.61

240,435 3.61

4,500 WAL-MART STORES USD 234,135 3.51

234,135 3.51

4,000 AMERICAN INTERNATIONAL USD 197,800 2.97

197,800 2.97

13,000 INTEL USD 211,640 3.17

211,640 3.17

9,000 GENERAL ELECTRIC USD 229,500 3.44

229,500 3.44

$

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

9,000 MICROSOFT USD 217,890 3.27

217,890 3.27

35,000 BP GBP 221,982 3.33

6,500 EXXON MOBIL USD 227,175 3.41


1,850 TOTAL FINA ELF EUR 234,172 3.51

907,249 13.61

4,000 ELI LILLY USD 228,600 3.43


4,000 JOHNSON & JOHNSON USD 231,480 3.47

4,000 MERCK USD 219,120 3.29

6,000 NOVARTIS (NOM.) CHF 222,206 3.33

7,500 PFIZER USD 233,700 3.50

1,363,810 20.45

6,000 ALTRIA GROUP USD 179,760 2.70

179,760 2.70

14,000 NOKIA -A- EUR 193,404 2.90


6,000 VERIZON COMMUNICATION USD 212,100 3.18

130,000 VODAFONE GBP 232,197 3.48

828,271 12.42

6,642,521 99.62

TOTAL/CELKEM 6,642,521 99.62

175



UTILITIES

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

46,000 EON EUR 1,896,375 6.33

26,000 RWE EUR 581,610 1.94

2,477,985 8.27

21,924 AUSTRALIAN GAS LIGHT AUD 147,058 0.49

147,058 0.49

400 OESTERREICHISCHE ELEKTRIZITAET EUR 35,464 0.12

35,464 0.12

1,850 ELECTRABEL EUR 446,137 1.49

446,137 1.49

10,000 ENBRIDGE CAD 298,719 1.00

11,000 TRANSALTA CAD 118,155 0.39

30,000 TRANSCANADA PIPELINES CAD 439,512 1.47

856,386 2.86

3,400 AGUAS DE BARCELONA EUR 37,064 0.12

34 AGUAS DE BARCELONA (ISSUE 02) EUR 364 0.00

77,000 ENDESA EUR 936,850 3.13

12,000 GAS NATURAL SDG EUR 200,082 0.67

48,500 IBERDROLA EUR 790,143 2.64

12,000 UNION FENOSAS EUR 152,550 0.51

2,117,053 7.07

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

10,000 AMEREN USD 390,500 1.30

26,000 AMERICAN ELECTRIC POWER USD 594,100 1.98

22,000 CALPINE USD 72,600 0.24

20,500 CENTERPOINT ENERGY USD 144,525 0.48

11,500 CINERGY USD 386,975 1.29

14,000 CONSOLIDATED EDISON USD 538,580 1.80

10,700 CONSTELLATION ENERGY USD 296,711 0.99

20,000 DOMINION RESOURCES USD 1,107,400 3.69

11,000 DTE ENERGY USD 425,150 1.42

58,000 DUKE ENERGY USD 843,320 2.81

23,000 EDISON INTERNATIONAL USD 314,870 1.05

44,000 EL PASO USD 266,200 0.89

14,000 ENTERGY USD 674,100 2.25

20,800 EXELON USD 1,048,528 3.50

19,653 FIRSTENERGY USD 619,070 2.07

10,800 FPL USD 636,444 2.12

8,700 KEYSPAN USD 280,575 0.94

5,800 KINDER MORGAN USD 261,000 0.87

15,500 NISOURCE USD 282,100 0.94

28,000 PG & E USD 376,600 1.26

11,000 PPL CORP USD 391,710 1.31

15,000 PROGRESS ENERGY USD 587,250 1.96

13,700 PUBLIC SERVICE ENTERPRISE GROU USD 502,653 1.68

11,000 SEMPRA ENERGY USD 274,560 0.92

46,100 SOUTHERN USD 1,311,084 4.37

21,000 TXU USD 374,850 1.25

30,500 WILLIAMS COMPANIES USD 139,690 0.47

13,141,145 43.85

69,500 SUEZ EUR 807,680 2.69


861,266 2.87

8,025 AWG GBP 66,721 0.22

275,000 CENTRICA GBP 627,023 2.09

67,000 INTERNATIONAL POWER GBP 89,224 0.30

26,000 KELDA GROUP GBP 168,291 0.56


26,500 SCOTTISH AND SOUTHERN ENERGY GBP 266,402 0.89


20,000 SEVERN TRENT GBP 226,349 0.76

36,000 UNITED UTILITIES GBP 333,453 1.11

3,495,697 11.66

176



UTILITIES

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ



Shares - Akcie

2,000 ATHENS WATER & SEWERAGE PUBLIC EUR 6,394 0.02

6,394 0.02

118,000 CLP HOLDINGS HKD 488,676 1.63

245,000 HONG KONG & CHINA GAS HKD 301,560 1.01

100,000 HONGKONG ELECTRIC HOLDING HKD 398,747 1.33

1,188,983 3.97

80,000 ENEL EUR 456,558 1.52

50,000 SNAM RETE GAS EUR 175,683 0.59

632,241 2.11

41,000 CHUBU ELECTRIC POWER JPY 729,550 2.43

44,000 KANSAI ELECTRIC POWER JPY 664,935 2.22

24,000 KYUSHU ELECTRIC POWER JPY 350,143 1.17

128,000 OSAKA GAS JPY 337,865 1.13

26,000 TOHOKU ELECTRIC POWER JPY 377,129 1.26

75,000 TOKYO ELECTRIC POWER JPY 1,432,577 4.78

165,000 TOKYO GAS JPY 512,059 1.71

4,404,258 14.70

125,000 ELECTRICIDADE DE PORTUGAL EUR 214,148 0.71

214,148 0.71

30,024,215 100.19

Quantity/Nominal


Currency

Měna

Valuation in USD

Hodnota v USD

% NAV

% COJ




4,000 VIVENDI ENVIR. C-W 06 EUR 262 0.00

262 0.00

262 0.00

TOTAL/CELKEM 30,024,477 100.19

177



WORLD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

25,620 AMERICAN ELECTRIC POWER USD 536,489 0.48

13,040 CINERGY USD 402,122 0.36

106,685 ENEL EUR 557,963 0.50

15,610 ENTERGY USD 688,803 0.62

21,645 EON EUR 817,748 0.73

19,440 FIRSTENERGY USD 561,180 0.50

1 NATIONAL GRID TRANSCO GBP 6 0.00

58,981 SCOTTISH AND SOUTHERN ENERGY GBP 543,375 0.49

4,107,686 3.68

30,280 COCA-COLA USD 1,123,289 1.01

9,640 KRAFT FOODS -A- USD 249,128 0.22

6,584 NESTLE (REG.) CHF 1,194,290 1.07

22,280 PEPSICO USD 816,716 0.73


4,810,015 4.31


5,920 GANNETT USD 382,098 0.34

3,780 NEW YORK TIMES A USD 149,475 0.13

29,703 PEARSON GBP 206,740 0.19

1,198,808 1.07



60,370 EMC USD 399,996 0.36


13,785 IBM USD 990,797 0.89

3,768,205 3.37

23,834 BANCO POPULAR ESPANOL EUR 943,826 0.84



28,080 BANK OF NEW YORK USD 527,529 0.47

28,955 BNP EUR 1,062,648 0.95

83,068 CITIGROUP USD 2,622,519 2.35

32,053 CREDIT SUISSE CHF 510,779 0.46

$

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

36,810 DANSKE BANK DKK 562,589 0.50


29,690 FANNIE MAE USD 1,778,081 1.59


37,761 ING GROUP EUR 399,889 0.36

96 MITSUBISHI TOKYO FINANCIAL JPY 333,863 0.30



58,738 US BANCORP USD 1,021,671 0.91

38,310 WACHOVIA USD 1,196,134 1.07

36,000 WELLS FARGO USD 1,484,274 1.33

19,117,774 17.10


8,750 PROCTER & GAMBLE USD 714,065 0.64

1,290,794 1.16

30,620 AMGEN USD 1,614,902 1.45

1,614,902 1.45

5,510 AIR LIQUIDE EUR 669,465 0.60

20,663 BASF EUR 704,815 0.63

23,860 DU PONT DE NEMOURS USD 849,706 0.76

11,900 SHIN-ETSU CHEMICAL JPY 337,518 0.30

2,561,504 2.29

133 EAST JAPAN RAILWAY JPY 532,434 0.48

14,393 TPG EUR 200,926 0.18

3,810 UNITED PARCEL USD 199,019 0.18

932,379 0.84

$

178



WORLD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

12,450 CARREFOUR EUR 432,140 0.39


13,810 HOME DEPOT USD 308,295 0.28

127,246 KINGFISHER GBP 423,938 0.38

9,090 KOHLS USD 471,327 0.42

23,800 KROGER USD 286,813 0.26

16,100 LOWE'S USD 602,275 0.54

29,310 OFFICE DEPOT USD 317,758 0.28

149,964 TESCO GBP 387,211 0.35


5,503,200 4.93

30,490 ALLSTATE USD 926,827 0.83



12,720 HARTFORD USD 411,372 0.37

24,570 JOHN HANCOCK FINANCIAL SERVICE USD 625,508 0.56


30,620 METLIFE USD 740,245 0.66

5,174,808 4.63

1,662 HOLCIM CHF 251,605 0.23

33,030 MASCO USD 563,617 0.50

815,222 0.73


25,000 CANON JPY 799,879 0.72

10,940 ECHOSTAR COMMUNICATIONS -A- USD 289,541 0.26

91,740 INTEL USD 1,368,701 1.23

9,300 KLA-TENCOR USD 306,324 0.27

4,300 ROHM JPY 427,360 0.38



19,176 SCHNEIDER EUR 822,650 0.74

21,900 SONY JPY 710,849 0.64



37,880 TYCO INTERNATIONAL (NEW) USD 446,423 0.40

7,588,462 6.80

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

4,150 3M USD 494,524 0.44

76,990 GENERAL ELECTRIC USD 1,799,161 1.61

26,240 MERRILL LYNCH USD 851,261 0.76

49,000 NOMURA JPY 467,678 0.42

21,717 WALT DISNEY USD 338,731 0.30

3,951,355 3.53

20,320 HONEYWELL USD 397,760 0.36

17,750 LOCKHEED MARTIN USD 773,472 0.69

1,171,232 1.05

31,620 ANGLO AMERICAN GBP 411,768 0.37

40,395 ARCELOR EUR 325,584 0.29

737,352 0.66

16,590 FIRST DATA USD 562,680 0.50

127,220 MICROSOFT USD 2,822,577 2.53

68,630 ORACLE USD 682,338 0.61

6,044 SAP EUR 419,756 0.38

4,487,351 4.02

13,790 DEERE & CO USD 496,147 0.44

9,980 ILLINOIS TOOL WORKS USD 531,834 0.48

6,200 SMC CORPORATION JPY 444,656 0.40

6,570 SPX USD 205,674 0.18

1,678,311 1.50

10,760 ALCAN CAD 275,854 0.25

30,236 RIO TINTO (REG.) GBP 516,379 0.46

792,233 0.71

179



WORLD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

35,360 UPM-KYMMENE EUR 419,016 0.38

419,016 0.38

250,563 BP GBP 1,456,340 1.30

18,240 CONOCOPHILLIPS USD 895,953 0.80

31,930 ENCANA CAD 945,109 0.85

52,800 ENI EUR 646,272 0.58

82,850 EXXON MOBIL USD 2,653,599 2.38


11,250 SCHLUMBERGER USD 391,874 0.35


5,208 YUKOS (ADR) USD 637,159 0.57

10,550,219 9.45

31,036 AVENTIS EUR 1,248,578 1.12

24,510 BRISTOL MYERS SQUIBB USD 474,612 0.42




24,070 MEDTRONIC USD 995,270 0.89

31,330 MERCK USD 1,572,817 1.41

54,658 NOVARTIS (NOM.) CHF 1,855,044 1.66

102,550 PFIZER USD 2,928,389 2.62

10,630 PHARMACIA USD 421,810 0.38

10,400 TAKEDA CHEMICAL INDUSTRIES JPY 356,058 0.32

35,220 WYETH USD 1,220,693 1.09

13,507,996 12.09

20,390 HCA USD 772,847 0.69

772,847 0.69

102,980 HBOS GBP 968,864 0.87

968,864 0.87

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ



Shares - Akcie

16,590 ALTADIS EUR 370,621 0.33

29,040 ALTRIA GROUP USD 797,323 0.71

82,786 DIAGEO GBP 778,274 0.70

8,238 HEINEKEN EUR 280,010 0.25

2,226,228 1.99

12,200 ALLTEL USD 500,433 0.45

8,810 CLEAR CHANNEL USD 273,859 0.25

6,710 COMCAST -A- (SPECIAL) USD 169,041 0.15

8,830 COX COMMUNICATIONS USD 251,742 0.23

82,863 DEUTSCHE TELEKOM EUR 837,745 0.75

128,932 KPN (DEMAT.) EUR 758,120 0.68

86,199 NOKIA -A- EUR 1,091,279 0.98

315 NTT DOCOMO JPY 538,006 0.48

36,640 PORTUGAL TELECOM EUR 232,664 0.21

15,010 QUALCOMM USD 496,023 0.44


58,949 TELECOM ITALIA EUR 372,558 0.33

16,090 TELMEX USD 438,228 0.39


17,870 VIACOM -B- USD 598,069 0.54


1,217,028 VODAFONE GBP 1,992,093 1.78

10,301,669 9.23

18,194 BMW EUR 462,855 0.41

22,200 HONDA MOTOR JPY 677,695 0.61

40,700 NISSAN MOTOR JPY 248,488 0.22

7,510 PEUGEOT EUR 269,158 0.24

1,658,196 1.48

111,706,628 100.01

180



WORLD

Quantity/Nominal


Currency

Měna

Valuation in EUR

Hodnota v EUR

% NAV

% COJ


Bonds - Dluhopisy

115,000 COX COMMUNICATIONS USD 120,058 0.1102/2012 7 1/8 %

120,058 0.11

120,058 0.11

TOTAL/CELKEM 111,826,686 100.12


to receive

K výplatě

to pay

K úhradě

Date

Datum

Commitments in EUR


Forward contracts on currencies - Změna termínů

AUD 1,790,375

CAD 1,279,800

EUR 1,000,000

EUR 2,900,000

EUR 3,330,000

EUR 305,000

EUR 305,000

JPY 37,688,758

SEK 12,947,830

EUR 1,000,000

EUR 810,000

CHF 1,469,000

GBP 1,973,865

USD 3,555,125

USD 324,113

USD 324,148

EUR 295,000

EUR 1,400,000

28/04/2003

28/04/2003

28/04/2003

28/04/2003

28/04/2003

28/04/2003

28/04/2003

28/04/2003

28/04/2003

1,000,000

810,000

996,135

2,859,223

3,257,995

297,024

297,056

295,000

1,400,000

11,212,433

Unaudited Semi-Annual Report Nerevidovaná Pololetní Zpráva (L) Invest SA 31 03 2003.pdf · Real...

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Transcript of Unaudited Semi-Annual Report Nerevidovaná Pololetní Zpráva (L) Invest SA 31 03 2003.pdf · Real...