ABN AMRO FUNDS. Výroční zpráva 2005/2006 30.04.2006. Česká verze verzeverzever

ABN AMRO FUNDS Výroční zpráva 2005/2006 30.04.2006 Česká verze verzeverzever

Société d investissement à capital variable Investiční společnost s proměnlivým kapitálem založená dle lucemburské legislativy 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg Přestavenstvo Manažer Správce a plátce Registrář a správce převodů Účetní Nezávislý auditor Právní poradce Mr. R. Goddard (předseda) (od 24. listopadu 2005) ředitel pro evropské fodny ABN AMRO Asset Management Luxembourg Mrs Lena Andersson (do 24.listopadu 2005) výkonná ředitelka Alfred Berg Asset Management Holding AB Stockholm, Sweden Ms. G. Clarke (od 24. listopadu 2005 do 28.dubna 2006) ředitel pro řízení rizik, legislativu a compliance ABN AMRO Asset Management London, United Kingdom Mr. S. de Vries (od 24. listopadu 2005) generální ředitel ABN AMRO Investments Funds S.A. Luxembourg Mr. J. Ide ředitel pro marketing a třetí strany ABN AMRO Asset Management London, United Kingdom Mr. P. Jaans ekonom Luxembourg Mr. A. Manns (předseda) (do 24. listopadu 2005) generální ředitel ABN AMRO Asset Management Frankfurt, Germany Mr. C. Niedner partner z právní firmy Arendt & Medernach Avocats à la Cour Luxembourg Mr. R. F. van Lennep (do 24. listopadu 2005) ředitel sekce privátních klientů ABN AMRO Bank (Schweiz) Zürich, Switzerland ABN AMRO Investment Funds S.A. 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg ABN AMRO Bank (Luxembourg) S.A. 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg (do 31. března 2006 včetně) ABN AMRO Mellon Global Securities Services B.V. Zastupavaná svou lucemburskou pobočkou 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg (od1.dubna 2006 ) First European Transfer Agent S.A. 5, rue Thomas Edison L-1445 Strassen (do 14.října 2005 včetně) State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg (od 15. října 2005) State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg Ernst & Young S.A. 6, rue Jean Monnet L-2180 Luxembourg Arendt & Medernach 8-10, rue Mathias Hardt L-1717 Luxembourg 1 Zastoupení Rakousko Belgie Chile Česká republika Dánsko Finsko Francie Německo Gibraltar Řecko Hong Kong Irsko Itálie Jersey Lichtenštejnsko Lucembursko Norsko Španělsko Švédsko Švýcarsko Nizozemí Velká Británie ABN AMRO Bank N.V. Filiale Wien Operngasse 2 A-1010 Vienna ABN AMRO Bank (Belgie) N.V. Pelikaanstraat 70 B-2018 Antwerp ABN AMRO Bank (Chile) Nueva York 33, Piso 9, 15th Floor Casilla 2394 Santiago ABN AMRO Portfolio Management S.A. Hilleho 6 Brno 60200 Alfred Berg Kapitalforvaltning Fondsmaeglerselskab A/S Amaliegade 35, Postboks 2198 DK-1017 Copenhagen Alfred Berg Omaisuudenhoito Oy Kluuvikatu 3 FIN-00100 Helsinki Banque de Neuflize S.A. 3, Avenue Hoche F-75410 Paris Cedex 8 ABN AMRO Bank (Deutschland) A.G. Mainzer Landstraße 65 D-60329 Frankfurt ABN AMRO Bank N.V. Gibraltar Suite 731-4, Europort ABN AMRO Bank N.V. 330, Thisseos Avenue GR-17675 Kalithea Athens ABN AMRO Asset Management (Asia) Limited 37 F, Cheung Kong Centre 2, Queen s Road Central ABN AMRO Bank N.V. ABN AMRO House, IFSC Dublin 1 Antonveneta ABN AMRO Bank S.p.a. Corso Magenta, 84 I-20123 Milano ABN AMRO Bank (Jersey) 8, Hill Street St Helier, Jersey, JE4 8TB LGT Bank in Liechtenstein AG Herrengasse 12 FL-9490 Vaduz ABN AMRO Bank (Luxembourg) S.A. 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg Alfred Berg Industrifinans Grev Wedels Plass 9, Postboks 483 Sentrum N-0105 Oslo ABN AMRO Bank, Sucursal en España c/jose Ortega y Gasset, 29 E-28006 Madrid Alfred Berg Fondkommission AB Birger Jarlsgatan 7 S-107 25 Stockholm ABN AMRO Bank (Schweiz) Beethovenstraße 33 P.O. Box 5239 CH-8022 Zürich ABN AMRO Bank N.V. Gustav Mahlerlaan 10 NL-1082 PP Amsterdam ABN AMRO Asset Management Limited 82 Bishopsgate London EC2N 4BN

INFORMACE Prospekt fondů ABN AMRO z dubna 2006 platí pro následující nabízené fodny ABN AMRO: Akciové fondy Asian Tigers Equity Fund Asia Pacific High Dividend Equity Fund * uveden na trh 12.prosince 2005 Behavioural Finance Japan Fund Biotech Fund Brazil Equity Fund * uveden na trh 3. dubna 2006 China Equity Fund Consumer Discretionary Fund Consumer Staples Fund Denmark Equity Fund Eastern Europe Equity Fund Energy Fund * původně Resources Fund do 15. září 2005 Euro Equity Fund Europe Equity Dynamic Fund Europe Equity Fund Europe Equity Growth Fund Europe Equity Revival Fund * uveden na trh 14. června 2005 Europe High Dividend Equity Fund (Euro) * uveden na trh 2.listopadu 2005 Europe Opportunities Fund Financials Fund Germany Equity Fund Global Emerging Markets Equity Fund Global Equity Growth Fund Global Equity Value Fund Global Leader Fund High Dividend Equity Fund (EUR) * uveden na trh 16.května 2005 India Equity Fund * uveden na trh 2.srpna 2005 Industrials Fund Information Technology Fund Japan Equity Fund Latin America Equity Fund Materials Fund Netherlands Equity Fund Nordic Equity Fund Health Care Fund * původně Pharma Fund do 1. května 2006 Russia Equity Fund Small Companies Europe Equity Fund Sustainable Global Equity Fund * původně Socially Responsible Equity Fund do 20. dubna 2006 Switzerland Equity Fund Telecommunication Services Fund US Equity Growth Fund US Equity Value Fund US Opportunities Fund Utilities Fund Dluhopisové fondy 2001 Euro Bond Fund Absolute Return Bond Fund (Euro) Asia Bond Fund Czech Crown Bond Fund Denmark Bond Fund Euro Bond Fund Euro Credit Bond Fund Euro Government Bond Fund Euro Inflation-Linked Bond Fund Euro Plus Fund Europe Bond Fund Europe Convertible Bond Fund * uveden na trh 14.června 2005 Global Bond Fund Global Bond Fund Alrenta Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (USD) Global Inflation-Linked Bond Fund (EUR) High Yield Bond Fund (Euro) High Yield Bond Fund (USD) Preferred Securities Fund * původně denominován u až do 17.října 2005 Stable Euro Bond Fund * uveden na trh 4. července 2005 US Bond Fund Fondy peněžního trhu 2001 Interest Growth Fund Euro Interest Growth Fund CZK Interest Growth Fund (Euro) Interest Growth Fund (USD) Balancované fondy Lifecycle Fund 2015 * uveden na trh 9.prosince 2005 Lifecycle Fund 2018 * uveden na trh 9.prosince 2005 Lifecycle Fund 2020 * uveden na trh 9.prosince 2005 Lifecycle Fund 2022 * uveden na trh 9.prosince 2005 Lifecycle Fund 2025 * uveden na trh 9.prosince 2005 Lifecycle Fund 2028 * uveden na trh 9.prosince 2005 Lifecycle Fund 2030 * uveden na trh 9.prosince 2005 Lifecycle Fund 2032 * uveden na trh 9.prosince 2005 Lifecycle Fund 2035 * uveden na trh 9.prosince 2005 Lifecycle Fund 2038 * uveden na trh 9.prosince 2005 Lifecycle Fund 2040 * uveden na trh 9.prosince 2005 Model Fund 1 Model Fund 2 Model Fund 3 Model Fund 4 Model Fund 5 Model Fund 6 Některé fondy jsou řízeny společně. Podle dohody může manažer fondů učinit rozhodnutí týkající se nákupu nebo prodeje, které ovlivní portfolio všech společně řízených fondů. Další informace naleznete v poznámce 14 této finanční závěrky. Akcionáři se mohou kdykoli informovat o velikosti aktiv pod společnou správou v sídle Společnosti. V současnosti existuje pět skupin společně řízených fondů: 1.Balancované fondy: Model Fund 1 až 6 a Global Equity Value Fund, Lifecycle Funds 2015 to 2040 2.High Yield fondy: High Yield Bond Fund (Euro), High Yield Bond Fund (USD) a Absolute Return Bond Fund (Euro) 3.Dluhopisy rozvíjejících se trhů:emerging Market Bonds: Global Emerging Markets Bond Fund (Euro) a Global Emerging Markets Bond Fund (USD) a Absolute Return Bond Fund (Euro) 4.Eurové dluhopisy: Euro Bond Fund, Euro Credit Bond Fund a Euro Government Bond Fund. 5.Fondy peněžního trhu: Growth Fund (Euro) a Absolute Return Bond Fund (Euro). Po otevření dalších fondů pro upisování budou potenciální investoři informováni prostřednictvím inzerátu v deníku Luxemburger Wort a v dalších periodikách, které určí představenstvo. Prospekt bude následně aktualizován. Nepřijímají se žádosti o úpis pouze na základě informací z finančních zpráv. Žádosti jsou platné pouze v případě, že jsou podány na základě aktuálního prospektu doplněného nejnovější výroční zprávou a pololetní zprávou v případě, že byla vydána. Výroční a pololetní zprávy i výkaz změn investic jsou k dispozici v sídle depozitáře, registráře, plátce a domácího zástupce a v sídlech výše uvedených zástupců. Distributor a plátce ve Švýcarsku je ABN AMRO Bank (Schweiz), Beethovenstrasse 33, 8002 Curych. Stanovy, prospekt i výroční a pololetní zprávy lze získat zdarma v sídle banky ABN AMRO Bank (Schweiz) A.G. v Curychu Stanovy společnosti, Prospekt (Statut), roční a pololetní zprávy, výpisy nákupů a prodejů na účty Fondů během oznamovacího období jsou bez poplatku k dispozici v kanceláři společnosti ABN AMRO Bank (Schweiz) A.G. v Curychu. 2

OBSAH Statistika 4 Směnné kurzy měn k USD 11 Prohlášení představenstva 12 Přehled investic 13 Akciové fondy Asian Tigers Equity Fund 13 Asia Pacific High Dividend Equity Fund 15 Behavioural Finance Japan Fund 16 Biotech Fund 17 Brazil Equity Fund 17 China Equity Fund 18 Consumer Discretionary Fund 19 Consumer Staples Fund 20 Denmark Equity Fund 21 Eastern Europe Equity Fund 21 Energy Fund (dříve Resources Fund) 22 Euro Equity Fund 23 Europe Equity Dynamic Fund 25 Europe Equity Fund 26 Europe Equity Growth Fund 28 Europe Equity Revival Fund 29 Europe High Dividend Equity Fund (Euro) 29 Europe Opportunities Fund 30 Financials Fund 31 Germany Equity Fund 32 Global Emerging Markets Equity Fund 33 Global Equity Growth Fund 34 Global Equity Value Fund 35 Global Leader Fund 37 High Dividend Equity Fund (EUR) 38 India Equity Fund 40 Industrials Fund 40 Information Technology Fund 41 Japan Equity Fund 42 Latin America Equity Fund 44 Materials Fund 45 Netherlands Equity Fund 46 Nordic Equity Fund 47 Health Care Fund (dříve Pharma Fund) 48 Russia Equity Fund 49 Small Companies Europe Equity Fund 49 Sustainable Global Equity Fund (dříve Socially Responsible Equity Fund) 51 Switzerland Equity Fund 52 Telecommunication Services Fund 53 US Equity Growth Fund 54 US Equity Value Fund 54 US Opportunities Fund 55 Utilities Fund 56 Euro Government Bond Fund 67 Euro Inflation-Linked Bond Fund 68 Euro Plus Fund 68 Europe Bond Fund 69 Europe Convertible Bond Fund 70 Global Bond Fund 71 Global Bond Fund Alrenta 72 Global Emerging Markets Bond Fund (Euro) 73 Global Emerging Markets Bond Fund (USD) 73 Global Inflation-Linked Bond Fund (EUR) 74 High Yield Bond Fund (Euro) 74 High Yield Bond Fund (USD) 76 Preferred Securities Fund 78 Stable Euro Bond Fund 81 US Bond Fund 82 Fondy peněžního trhu 2001 Interest Growth Fund Euro 83 Interest Growth Fund CZK 84 Interest Growth Fund (Euro) 84 Interest Growth Fund (USD) 86 Balancované fondy Lifecycle Fund 2015 87 Lifecycle Fund 2018 91 Lifecycle Fund 2020 96 Lifecycle Fund 2022 101 Lifecycle Fund 2025 105 Lifecycle Fund 2028 110 Lifecycle Fund 2030 114 Lifecycle Fund 2032 119 Lifecycle Fund 2035 123 Lifecycle Fund 2038 128 Lifecycle Fund 2040 132 Model Fund 1 137 Model Fund 2 138 Model Fund 3 143 Model Fund 4 147 Model Fund 5 151 Model Fund 6 155 Výkaz čistých aktiv k 30.dubnu 2006 158 Výkaz změn v čistých aktivech za účetní rok 2005/2006 158 Výkaz změn v počtu vydaných akcií za účetní rok 2005/2006 171 Poznámky k finančním výkazům 173 Zpráva nezávislého auditora 183 Dluhopisové fondy Hlavní rysy 183 2001 Euro Bond Fund 57 Absolute Return Bond Fund (Euro) 57 Asia Bond Fund 61 Czech Crown Bond Fund 62 Denmark Bond Fund 62 Euro Bond Fund 63 Euro Credit Bond Fund 65 3 Ukazatel celkových nákladů (neuditováno) 184

STATISTIKA CS NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 Asian Tigers Equity Fund Asian Tigers Equity Fund A USD 49.43 55.72 78.00 102.80 103.90 618.40 Asian Tigers Equity Fund B USD 51.44 0.001 Asian Tigers Equity Fund D USD 76.92 86.36 120.14 1.79 5.28 66.90 Asian Tigers Equity Fund I USD 56.16 79.10 27.45 55.70 Asia Pacific High Dividend Equity Fund Asia Pacific High Dividend Equity Fund A USD 59.25 18.70 Asia Pacific High Dividend Equity Fund B USD 59.25 7.50 Behavioural Finance Japan Fund Behavioural Finance Japan Fund A JPY 4,215.88 4,059.56 5,742.44 673.30 627.20 733.30 Biotech Fund Biotech Fund A EUR 21.97 16.78 21.74 24.30 15.60 39.50 Biotech Fund D EUR 33.00 25.09 32.24 0.99 0.73 4.50 Brazil Equity Fund Brazil Equity Fund A USD 50.19 6.20 Brazil Equity Fund I USD 10,040.60 0.001 China Equity Fund China Equity Fund A USD 68.59 81.52 116.74 211.40 230.90 424.00 China Equity Fund B USD 50.21 0.001 China Equity Fund D USD 47.21 55.70 79.29 5.47 11.14 55.20 China Equity Fund I USD 117.62 12.80 Consumer Discretionary Fund Consumer Discretionary Fund A EUR 48.90 61.65 11.33 122.30 Consumer Staples Fund Consumer Staples Fund A EUR 50.08 56.92 10.48 107.70 Denmark Equity Fund Denmark Fund A DKK 186.22 273.25 179.26 314.70 Eastern Europe Equity Fund Eastern Europe Equity Fund A EUR 165.03 205.36 373.89 327.40 306.20 548.00 Eastern Europe Equity Fund B EUR 53.25 0.001 Eastern Europe Equity Fund D EUR 62.34 114.23 10.96 38.10 Eastern Europe Equity Fund I EUR 207.34 379.81 147.92 178.30 Energy Fund (dříve Resources Fund) Energy Fund A USD 65.46 89.89 133.59 16.30 44.90 127.30 Energy Fund B USD 69.42 423.10 Energy Fund D USD 63.34 93.45 4.74 21.70 Euro Equity Fund Euro Equity Fund A EUR 36.30 37.38 50.42 109.70 89.20 94.50 Euro Equity Fund N EUR 22.41 79.40 Europe Equity Dynamic Fund Europe Equity Dynamic Fund A EUR 52.75 67.60 2.64 175.50 Europe Equity Dynamic Fund D EUR 48.19 62.00 0.003 2.50 Europe Equity Dynamic Fund I EUR 10,577.04 11,073.63 3.17 11.40 4

STATISTIKA NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 Europe Equity Fund Europe Equity Fund A EUR 90.04 93.29 122.75 377.20 249.30 243.90 Europe Equity Fund D EUR 38.07 39.19 51.19 0.13 1.04 17.90 Europe Equity Fund N EUR 92.62 263.20 Europe Equity Growth Fund Europe Equity Growth Fund A EUR 21.96 22.63 30.05 34.00 8.00 8.50 Europe Equity Growth Fund D EUR 35.63 36.44 48.01 0.08 0.11 3.40 Europe Equity Revival Fund Europe Equity Revival Fund A EUR 59.94 87.50 Europe High Dividend Equity Fund (Euro) Europe High Dividend Equity Fund A EUR 59.31 0.05 Europe High Dividend Equity Fund B EUR 59.02 136.00 Europe Opportunities Fund Europe Opportunities Fund A EUR 52.13 73.68 8.33 31.30 Europe Opportunities Fund D EUR 48.22 67.70 0.02 38.30 Financials Fund Financials Fund A EUR 53.81 77.52 27.27 35.90 Financials Fund B EUR 84.84 323.20 Germany Equity Fund Germany Equity Fund A EUR 127.13 124.42 182.00 227.50 166.80 204.00 Germany Equity Fund D EUR 41.09 40.00 57.89 0.30 0.19 42.10 Global Emerging Markets Equity Fund Global Emerging Markets Equity Fund A USD 56.50 65.52 107.96 1525.40 863.20 1200.00 Global Emerging Markets Equity Fund B USD 54.88 0.001 Global Emerging Markets Equity Fund D USD 83.27 95.85 156.77 6.20 6.16 36.40 Global Emerging Markets Equity Fund I USD 66.05 109.46 143.59 94.40 Global Equity Growth Fund Global Equity Fund A USD 42.42 45.03 54.39 96.50 63.40 64.20 Global Equity Fund D USD 46.66 49.28 59.02 0.12 0.10 3.00 Global Equity Fund I USD 10,239.90 11.90 Global Equity Value Fund Global Equity Value Fund A EUR 53.54 56.72 74.01 1.24 58.18 67.00 Global Leader Fund Global Leader Fund A EUR 40.21 38.56 48.38 6.70 5.30 7.20 High Dividend Equity Fund (EUR) High Dividend Equity Fund A EUR 61.70 42.30 High Dividend Equity Fund B EUR 51.25 0.001 India Equity Fund India Equity Fund A USD 71.24 207.00 India Equity Fund B USD 72.31 11.90 India Equity Fund D USD 27.61 0.001 5

STATISTIKA YISTICS NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 Industrials Fund Industrials Fund A EUR 50.60 65.55 11.14 111.50 Information Technology Fund Information Technology Fund A USD 35.74 31.93 39.17 73.40 55.60 254.20 Information Technology Fund D USD 41.57 36.80 44.80 1.24 0.59 2.50 Japan Equity Fund Japan Equity Fund A USD 39.34 38.57 54.61 267.60 211.70 315.10 Japan Equity Fund D USD 50.74 49.37 69.84 1.77 5.37 74.20 Latin America Equity Fund Latin America Equity Fund A USD 63.27 92.36 176.10 337.70 288.10 729.20 Latin America Equity Fund B USD 55.09 0.001 Latin America Equity Fund D USD 68.53 128.83 4.66 34.20 Latin America Equity Fund I USD 92.80 178.10 272.65 839.70 Materials Fund Materials Fund A EUR 53.99 81.38 4.85 141.70 Materials Fund B EUR 54.98 0.001 Netherlands Equity Fund Netherlands Equity Fund A EUR 33.49 35.29 51.45 46.90 38.60 73.70 Nordic Equity Fund Nordic Fund A SEK 3,246.36 5,021.63 168.05 217.80 Health Care Fund (dříve Pharma Fund) Health Care Fund A EUR 32.72 31.45 34.41 76.20 72.10 224.80 Health Care Fund D EUR 37.65 35.94 39.07 0.03 2.10 12.20 Russia Equity Fund Russia Equity Fund A EUR 45.31 44.29 93.80 2.80 5.20 91.00 Russia Equity Fund B EUR 52.14 0.001 Russia Equity Fund D EUR 47.99 101.12 0.06 54.90 Small Companies Europe Equity Fund Small Companies Europe Equity Fund A EUR 28.60 30.93 47.60 35.00 20.50 197.20 Small Companies Europe Equity Fund D EUR 55.97 85.65 0.63 14.80 Small Companies Europe Equity Fund I EUR 31.10 18.81 Sustainable Global Equity Fund (dříve Socially Responsible Equity Fund) Sustainable Global Equity Fund A EUR 32.25 31.12 39.47 5.20 4.10 65.90 Sustainable Global Equity Fund I EUR 9,927.00 0.001 Switzerland Equity Fund Switzerland Equity Fund A CHF 186.74 185.19 259.32 87.00 62.90 66.40 Telecommunication Services Fund Telecommunication Services Fund A EUR 52.50 59.25 6.78 59.60 6

STATISTIKA NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 US Equity Growth Fund US Equity Growth Fund A USD 103.65 102.69 113.60 310.50 282.80 562.30 US Equity Growth Fund B USD 55.15 0.001 US Equity Growth Fund D USD 47.37 46.57 51.54 7.70 2.03 5.10 US Equity Growth Fund I USD 10,286.37 12.20 US Equity Value Fund US Equity Value Fund A USD 68.17 73.52 88.31 29.20 5.20 61.40 US Equity Value Fund D USD 55.17 65.76 0.56 8.30 US Opportunities Fund US Opportunities Fund A USD 47.51 85.49 7.06 28.50 US Opportunities Fund B USD 54.88 0.001 US Opportunities Fund D USD 47.16 84.25 0.001 15.80 Utilities Fund Utilities Fund A EUR 59.58 73.35 4.09 8.10 Utilities Fund B EUR 81.10 71.30 2001 Euro Bond Fund 2001 Euro Bond Fund A EUR 53.12 52.62 140.78 288.00 Absolute Return Bond Fund (Euro) Absolute Return Bond Fund (Euro) A EUR 50.28 52.38 73.71 820.50 Absolute Return Bond Fund (Euro) D EUR 25.00 0.001 Absolute Return Bond Fund (Euro) I EUR 50.32 52.74 15.10 476.30 Asia Bond Fund Asia Bond Fund A USD 86.08 93.17 97.18 18.20 17.70 34.20 Asia Bond Fund B USD 51.06 51.49 0.001 2.20 Czech Crown Bond Fund Czech Crown Bond Fund A CZK 111.72 119.64 118.86 246.70 147.90 144.10 Denmark Bond Fund Denmark Bond Fund A DKK 119.55 117.74 74.05 66.30 Euro Bond Fund Euro Bond Fund A EUR 71.24 76.26 75.55 513.70 568.10 450.30 Euro Bond Fund B EUR 58.20 59.90 56.50 44.57 37.22 80.10 Euro Credit Bond Fund Euro Credit Bond Fund A EUR 50.79 53.87 53.23 70.30 89.30 24.70 Euro Credit Bond Fund B EUR 48.69 289.30 Euro Government Bond Fund Euro Government Bond Fund A EUR 50.34 54.10 53.58 30.60 3.20 16.40 Euro Government Bond Fund B EUR 48.44 188.20 Euro Inflation-Linked Bond Fund Euro Inflation-Linked Bond Fund A EUR 50.54 49.83 0.10 1.30 Euro Inflation-Linked Bond Fund B EUR 47.37 71.90 Euro Inflation-Linked Bond Fund I EUR 50.55 50.12 4.95 0.05 7

STATISTIKA Q NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 Euro Plus Fund Euro Plus Fund A EUR 50.60 51.60 6.90 56.90 Euro Plus Fund D EUR 25.08 0.001 Euro Plus Fund I EUR 10,148.00 10,399.18 54.87 102.20 Europe Bond Fund Europe Bond Fund A EUR 91.81 98.67 97.63 484.60 393.50 335.40 Europe Bond Fund B EUR 48.37 0.001 Europe Bond Fund D EUR 54.58 58.22 57.15 1.63 13.51 20.30 Europe Bond Fund I EUR 97.95 0.001 Europe Convertible Bond Fund Europe Convertible Bond Fund A EUR 58.19 222.20 Global Bond Fund Global Bond Fund A USD 90.67 99.24 97.35 103.80 97.40 78.00 Global Bond Fund B USD 50.84 0.001 Global Bond Fund Alrenta Global Bond Fund Alrenta A EUR 215.51 214.83 789.53 674.50 Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (Euro) A EUR 55.06 63.14 80.89 121.20 143.60 578.20 Global Emerging Markets Bond Fund (Euro) B EUR 47.44 54.40 65.29 114.70 98.90 122.80 Global Emerging Markets Bond Fund (Euro) D EUR 49.15 56.16 71.36 0.60 13.40 113.10 Global Emerging Markets Bond Fund (Euro) I EUR 63.22 81.63 16.44 147.30 Global Emerging Markets Bond Fund (USD) Global Emerging Markets Bond Fund (USD) A USD 145.14 166.04 219.98 789.40 898.60 1809.60 Global Emerging Markets Bond Fund (USD) B USD 51.64 64.44 0.001 31.40 Global Emerging Markets Bond Fund (USD) D USD 86.02 97.67 131.03 10.92 25.01 63.70 Global Emerging Markets Bond Fund (USD) I USD 166.63 221.88 91.61 181.30 Global Inflation-Linked Bond Fund (EUR) Global Inflation-Linked Bond Fund (EUR) A EUR 50.59 49.99 0.10 0.20 Global Inflation-Linked Bond Fund (EUR) I EUR 50.60 50.28 10.07 10.00 High Yield Bond Fund (Euro) High Yield Bond Fund (Euro) A EUR 58.29 61.09 64.53 238.10 152.90 189.20 High Yield Bond Fund (Euro) B EUR 47.07 265.20 High Yield Bond Fund (Euro) D EUR 60.56 63.01 66.05 1.06 10.52 11.70 High Yield Bond Fund (Euro) I EUR 61.31 65.20 46.79 42.30 High Yield Bond Fund (USD) High Yield Bond Fund (USD) A USD 59.72 62.63 67.17 85.20 7.80 11.30 High Yield Bond Fund (USD) B USD 50.05 0.001 High Yield Bond Fund (USD) I USD 62.93 53.21 Preferred Securities Fund Preferred Securities Fund (USD) A USD 65.76 82.20 Preferred Securities Fund (USD) B USD 50.05 62.48 100.88 88.30 Preferred Securities Fund (USD) DH USD 25.96 0.001 Stable Euro Bond Fund Stable Euro Bond Fund A EUR 49.95 0.60 Stable Euro Bond Fund B EUR 69.87 501.30 8

STATISTIKA YISTICS NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 US Bond Fund US Bond Fund A USD 89.24 93.09 93.46 98.10 102.40 71.50 US Bond Fund B USD 49.94 0.001 US Bond Fund I USD 93.82 0.001 2001 Interest Growth Fund Euro 2001 Interest Growth Fund Euro A EUR 50.67 51.35 21.03 60.10 Interest Growth Fund CZK Interest Growth Fund CZK A CZK 106.98 109.03 110.48 562.70 307.40 219.40 Interest Growth Fund (Euro) Interest Growth Fund (Euro) A EUR 60.25 61.31 62.42 159.20 221.60 975.20 Interest Growth Fund (Euro) D EUR 25.08 0.001 Interest Growth Fund (Euro) I EUR 10,091.15 10,317.17 10,543.83 25.50 277.20 245.10 Interest Growth Fund (USD) Interest Growth Fund (USD) A USD 76.51 77.74 80.57 64.40 108.90 118.00 Interest Growth Fund (USD) D USD 25.17 0.001 Interest Growth Fund (USD) I USD 10,007.30 10,410.66 1.00 8.60 Lifecycle Fund 2015 Lifecycle Fund 2015 A EUR 49.06 0.40 Lifecycle Fund 2018 Lifecycle Fund 2018 A EUR 49.82 0.30 Lifecycle Fund 2020 Lifecycle Fund 2020 A EUR 49.87 0.40 Lifecycle Fund 2022 Lifecycle Fund 2022 A EUR 50.63 0.30 Lifecycle Fund 2025 Lifecycle Fund 2025 A EUR 50.57 0.30 Lifecycle Fund 2028 Lifecycle Fund 2028 A EUR 51.24 0.20 Lifecycle Fund 2030 Lifecycle Fund 2030 A EUR 51.39 0.10 Lifecycle Fund 2032 Lifecycle Fund 2032 A EUR 51.43 0.10 Lifecycle Fund 2035 Lifecycle Fund 2035 A EUR 51.88 0.10 Lifecycle Fund 2038 Lifecycle Fund 2038 A EUR 52.04 0.10 Lifecycle Fund 2040 Lifecycle Fund 2040 A EUR 52.18 0.10 9

STATISTIKA NAV na akcii* Celkový objem aktiv v mil. 30.04.2004 30.04.2005 30.04.2006 30.04-2004 30.04.2005 30.04.2006 Model Fund 1 Model Fund 1 A EUR 56.22 59.18 59.13 49.70 57.30 53.80 Model Fund 2 Model Fund 2 A EUR 50.78 53.48 56.76 77.20 87.60 111.80 Model Fund 3 Model Fund 3 A EUR 45.64 48.35 53.85 148.40 195.60 270.00 Model Fund 4 Model Fund 4 A EUR 40.13 41.97 49.30 155.50 186.80 252.40 Model Fund 5 Model Fund 5 A EUR 33.99 35.22 44.49 44.90 55.30 81.00 Model Fund 6 Model Fund 6 A EUR 28.98 29.40 38.05 16.60 20.20 29.10 * NAV znamená čisté obchodní jmění fondu na jednu akcii. 10

SMĚNNÉ KURZY MĚN VŮČI USD 30.04.2005 30.04.2006 30.04.2006 Index * 1 australský dolar 0.78 0.76 102.80 1 kanadský dolar 0.80 0.89 89.29 1 novozélandský dolar 0.73 0.64 115.14 1 argentinské peso 0.34 0.33 104.37 1 brazilský real 0.39 0.48 82.29 100 chilský pesos 0.17 0.19 88.29 100 kolumbijský pesos 0.04 0.04 100.90 1 mexické nové peso 0.09 0.09 100.02 1 peruánský sol 0.31 0.30 101.83 100 japonský yen 0.95 0.88 108.84 1 hong-kongský dolar 0.13 0.13 99.46 1000 indonéská rupie 0.10 0.11 91.44 100 korejský won 0.10 0.11 94.51 1 malajský ringgit 0.26 0.28 95.38 1 filipínské peso 0.02 0.02 102.97 1 singapurský dolar 0.61 0.63 96.76 1 taiwanský dolar 0.03 0.03 102.03 1 thajský baht 0.03 0.03 95.21 1 britská libra 1.91 1.82 105.08 1 dánská koruna 0.17 0.17 102.68 1 EUR 1.29 1.26 102.50 1 norská koruna 0.16 0.16 98.15 1 švédská koruna 0.14 0.14 103.66 1 švýcarský frank 0.84 0.80 104.48 100 česká koruna 4.23 4.42 95.59 100 maďarský forint 0.51 0.48 106.97 1 polský zloty 0.30 0.33 92.76 100 slovenská koruna 3.28 3.37 97.26 * index = 100 (30.04.2005) 11

PROHLÁŠENÍ PŘEDSTAVENSTVA Předkládáme Vám finanční výkazy Fondů ABN AMRO za účetní rok 2005/2006, to je od 1.května 2005 do 30. dubna 2006. Celkový objem aktiv Fondů ABN AMRO činil 24,6 mld. USD k 30.dubnu 2006, to znamená nárůst o 125% v průběhu účetního roku. Dvěma hlavními zdroji tohoto růstu bylo připojení fondů z Holandska a jiných jurisdikcí a zřízení nových distribučních sítí například v Itáli po akvizici finanční skupiny Banca Antonveneta Spa. V průběhu účetního roku byla skupina Fondů ABN AMRO rozšířena o 17 nových fondů, mimo jiné byly do skupiny zařazeny tématické fondy, které investují do společností s odpovědným přístupem k životnímu prostředí a společnosti a také tzv. Lifecycle Funds, které jsou určeny pro investoty s daným investičním horizontem. U některých fondů došlo k zvýšení počtu tříd akcií. Na konci účetního roku byla úschovou cenných papíprů pověřena společnost ABN AMRO Mellon Global Securities Services BV. Lucembursko, 25. srpna 2006 Mr. R. Goddard předseda představenstva 12

Přehled investic - Asian Tigers Equity Fund 30-04-2006 Přehled investic - Asian Tigers Equity Fund 30-04-2006 počet počet AKCIE x USD 1,000 % Bermudy 336,000 Hongkong Land Holdings 1,317 0.18 Čína 1,317 0.18 2,666,000 Aluminum Corp of China - H - 2,630 0.35 896,000 Bank of Communications - H - 546 0.07 10,518,000 China Construction Bank - H - 4,544 0.61 2,623,000 China Life Insurance - H - 3,552 0.48 2,864,000 China Oilfield Services 1,598 0.22 7,082,000 China Petroleum & Chemical - H - 4,498 0.61 1,576,000 China Shipping Development - H - 1,209 0.16 3,520,000 Dongfeng Motor Group - H - 1,748 0.24 24,500 Focus Media Holding - ADR - 1,480 0.20 850,000 Foxconn International Holdings 1,831 0.25 4,728,000 Guangshen Railway - H - 1,814 0.24 3,162,000 Huaneng Power International - H - 2,284 0.31 3,258,000 Hunan Non-Ferrous Metal Corp - H - 1,355 0.18 1,168,000 Hysan Development 3,367 0.45 1,759,000 Jiangxi Copper - H - 1,849 0.25 1,868,000 Lingbao Gold - H - 1,698 0.23 194,700 Linktone - ADR - 1,495 0.20 3,240,000 Maanshan Iron & Steel - H - 1,160 0.16 8,290,000 PetroChina - H - 9,141 1.23 553,500 Ping An Insurance Group of China - H - 1,521 0.21 13,202,000 Semiconductor Manufacturing International 2,009 0.27 5,724,000 Shanghai Electric Group - H - 2,215 0.30 524,000 Shanghai Prime Machinery - H - 196 0.03 33,500 Suntech Power Holdings - ADR - 1,149 0.16 57,800 The9 - ADR - 1,733 0.23 4,964,000 Zijin Mining Group - H - 2,785 0.38 59,407 8.02 Hong Kong 835,866 Bank of East Asia 3,493 0.47 2,862,000 BOC Hong Kong Holdings 5,906 0.80 945,000 Cheung Kong Holdings 10,652 1.44 2,274,500 China Mobile Hong Kong 13,230 1.78 1,458,000 China Unicom 1,241 0.17 6,630,000 China Water Affairs Group 1,496 0.20 1,750,000 Chinese Estates Holdings 2,268 0.31 5,240,000 Cnpc Hong Kong 3,159 0.43 2,500,000 Cofco International 1,548 0.21 4,120,000 EganaGoldpfeil Holdings 1,727 0.23 745,000 Esprit 5,967 0.80 8,800,000 Geely Automobile Holdings 1,056 0.14 326,000 Great Eagle Holdings 1,177 0.16 1,494,000 GST Holdings 578 0.08 4,784,000 Guangdong Investment 2,005 0.27 1,840,000 Hang Lung Properties 3,702 0.50 651,000 Henderson Land Development 3,824 0.52 3,172,800 HKR International 1,678 0.23 3,627,884 Hong Kong & China Gas 8,656 1.17 1,166,000 Hong Kong Exchanges and Clearing 8,406 1.13 752,000 Hopewell Holdings 2,202 0.30 1,802,000 Hutchison Telecommunications International 3,184 0.43 440,270 Hutchison Whampoa 4,333 0.58 1,371,000 Industrial & Commercial Bank of China 2,060 0.28 743,000 Kingboard Chemical Holdings 1,960 0.26 1,947,500 MTR 5,199 0.70 4,480,000 Neo-China Group Holdings 618 0.08 1,655,000 Nine Dragons Paper Holdings 1,451 0.20 8,061,000 Pacific Century Premium Developments 2,547 0.34 3,322,000 Prime Success International Group 2,207 0.30 19,593 Prosperity REIT 6 0.00 11,730,000 Rexcapital International Holdings 1,120 0.15 3,196,000 Shenzhou International Group Holdings 1,381 0.19 x USD 1,000 % Hong Kong (pokračování) 8,498,000 Sinochem Hong Kong Holding 3,589 0.48 1,480,000 Swire Pacific - B - 2,815 0.38 8,416,000 Top Form International 2,062 0.28 1,766,000 TPV Technology 1,913 0.26 1,141,000 Wharf Holdings 4,577 0.62 Indie 124,993 16.87 58,770 Bajaj Auto 3,938 0.53 162,293 Bajaj Hindusthan 1,933 0.26 64,947 Bharat Electronics 1,930 0.26 99,300 Bharat Heavy Electricals 5,209 0.70 290,573 Bharati Shipyard 3,041 0.41 164,817 Bharti Televentures 1,491 0.20 102,195 Bombay Dyeing & Manufacturing 2,004 0.27 59,664 Dr Reddy s Laboratories 1,893 0.26 36,344 Financial Technologies India 1,513 0.20 260,626 Geodesic Information Systems 1,157 0.16 364,803 Great Eastern Shipping 2,355 0.32 615,000 Hindalco Industries 3,092 0.42 329,031 ICICI Bank 4,379 0.59 130,249 Infosys Technologies 9,222 1.24 162,972 Jaiprakash Associates 2,079 0.28 53,618 Jet Airways India 1,151 0.16 45,090 Larsen & Toubro 2,717 0.37 58,147 Lupin 1,521 0.21 124,275 Mahindra & Mahindra 1,743 0.23 73,577 Mahindra & Mahindra Financial Services 378 0.05 279,857 Orchid Chemicals & Pharmaceuticals 2,147 0.29 413,000 Reliance Industries 9,416 1.27 1,887,876 Reliance Natural Resources 1,305 0.18 39,179 Sesa GOA 1,168 0.16 20,000 Sterlite Industries India 1,271 0.17 152,757 Tata Motors 3,222 0.43 71,275 9.62 Indonésie 2,377,000 Astra International 3,231 0.44 75,000,000 Bakrie and Brothers 1,407 0.19 23,968,500 Bakrie Sumatera Plantations 2,372 0.32 9,261,000 Bank Rakyat Indonesia 4,766 0.64 8,000,000 Berlian Laju Tanker 1,501 0.20 14,082,500 Ciputra Surya 1,265 0.17 4,282,500 Medco Energi Internasional 2,338 0.32 19,030,000 Pan Sino International Holding 1,743 0.23 2,870,000 Perusahaan Gas Negara 4,080 0.55 8,700,000 Summarecon Agung 1,237 0.17 5,536,500 Telekomunikasi Indonesia 4,817 0.65 Korea 28,757 3.88 26,353 Agabang 700 0.09 3,560 Amorepacific 1,308 0.18 130,060 Cheil Industries 4,723 0.64 10,013 CJ 1,369 0.18 131,380 Dacom 2,507 0.34 477,450 Daegu Bank 8,960 1.21 152,690 Daewoo Engineering & Construction 2,639 0.36 109,790 Daewoo Heavy Industries & Machinery 2,054 0.28 105,790 Daewoo Shipbuilding & Marine Engineering 3,090 0.42 96,303 Danal 1,317 0.18 12,954 Dong-A Pharmaceutical 871 0.12 757,410 F&F 4,657 0.63 39,020 Fursys 1,299 0.18 125,980 GS Engineering & Construction 9,136 1.23 140,090 Hanjin Heavy Industries & Construction 4,367 0.59 48,750 Hynix Semiconductor 1,703 0.23 13

Přehled investic - Asian Tigers Equity Fund 30-04-2006 Přehled investic - Asian Tigers Equity Fund 30-04-2006 počet počet x USD 1,000 % Korea (pokračování) 7,872 Hyundai Department Store 755 0.10 35,030 Hyundai Elevator 3,398 0.46 98,990 Hyundai Marine & Fire Insurance 1,370 0.19 43,140 Hyundai Motor - Pref. - 2,552 0.34 37,200 Hyundai Steel 1,438 0.19 64,840 IHQ 641 0.09 3,158 KCC 715 0.10 98,881 Kenertec 744 0.10 144,290 Kia Motors 2,968 0.40 209,897 Kookmin Bank 18,804 2.54 51,880 Korea Electric Power 2,305 0.31 63,880 Korea Zinc 5,750 0.78 60,770 KT&G 3,402 0.46 25,895 LG Electronics 2,144 0.29 221,278 LG Telecom 2,487 0.34 2,350 Lotte Shopping 982 0.13 40,600 Lotte Shopping - GDR - 834 0.11 16,239 MegaStudy 1,610 0.22 17,210 NCSoft 1,441 0.19 10,484 NHN 3,724 0.50 39,886 POSCO 11,122 1.50 55,010 S-Oil 4,257 0.57 56,895 Samsung Electronics 38,847 5.24 21,526 Samsung Electronics - Pref. - 11,662 1.57 22,330 Samsung Fire & Marine Insurance 3,208 0.43 67,530 Samsung Securities 4,238 0.57 154,750 Shinhan Financial Group 7,711 1.04 5,497 Shinsegae 2,687 0.36 99,158 Sonokong 1,209 0.16 7,150 Telcoware 111 0.02 138,150 Woongjin Coway 4,101 0.55 6,875 Yuhan 1,130 0.15 199,047 26.86 Malajsie 884,700 Bursa Malaysia 1,599 0.22 413,200 Genting 2,907 0.39 710,300 IOI 2,783 0.38 1,522,400 Malaysia International Shipping 3,696 0.50 146,200 Petronas Dagangan 168 0.02 600,000 POS Malaysia & Services Holdings 745 0.10 472,000 PPB Group 557 0.07 407,600 Resorts World 1,507 0.20 2,135,200 Sunrise 1,049 0.14 427,750 Tenaga Nasional 1,009 0.14 945,200 YTL Corporation 1,330 0.18 17,350 2.34 Severní Antilly 3,424,000 LMA International 1,818 0.24 1,818 0.24 Pákistán 370,500 Engro Chemical Pakistan 1,200 0.16 511,000 ICI Pakistan 1,215 0.17 2,176,000 Kot Addu Power 1,568 0.21 276,500 National Bank of Pakistan 1,179 0.16 1,388,500 Pakistan International Container 2,220 0.30 110,500 Pakistan Oilfields 1,182 0.16 8,564 1.16 Filipíny 5,373,000 Ayala Land 1,219 0.16 1,682,200 Bank of the Philippine Islands 1,982 0.27 1,074,700 First Philippine Holdings 924 0.12 24,480 Philippines Long Distance Telephone 967 0.13 5,189,000 SM Prime Holdings 782 0.11 5,874 0.79 x USD 1,000 % Singapur 1,568,000 Ascendas Real Estate Investment Trust 2,260 0.31 2,058,000 Ascott Group 1,431 0.19 1,808,000 CapitaCommercial Trust 2,081 0.28 1,193,000 CapitaMall Trust 1,803 0.24 449,200 City Developments 2,869 0.39 1,877,000 Cosco Corp Singapore 1,697 0.23 757,000 DBS Group Holdings 8,520 1.15 120,000 Fraser & Neave 1,677 0.23 6,000,000 Global Testing 1,366 0.18 2,472,000 Labroy Marine 2,344 0.32 1,040,000 Olam International 1,065 0.14 1,378,000 OSIM International 1,577 0.21 1,397,306 Oversea-Chinese Banking 6,008 0.81 1,050,000 SembCorp Industries 2,390 0.32 800,000 SembCorp Marine 1,548 0.21 1,192,000 Singapore Exchange 3,241 0.44 4,477,000 Singapore Telecommunications 7,756 1.05 2,269,000 Sinomem Technology 1,427 0.19 971,000 Starhub 1,375 0.19 699,000 United Overseas Bank 7,204 0.97 2,023,000 United Test and Assembly Center 1,317 0.18 Taiwan 60,956 8.23 761,000 Acer 1,474 0.20 2,170,000 Advanced Semiconductor Engineering 2,578 0.35 1,283,000 Asia Cement 1,003 0.14 759,000 Asustek Computer 2,101 0.28 2,420,000 AU Optronics 3,967 0.54 205,000 AV TECH 1,176 0.16 3,381,000 Capital Securities 1,441 0.19 108,000 Catcher Technology 1,205 0.16 3,941,727 Cathay Financial Holding 8,833 1.19 1,256,000 Chi Mei Optoelectronics 1,785 0.24 3,730,000 China Steel 3,642 0.49 596,000 Delta Electronics 1,857 0.25 1,436,000 Far EasTone Telecommunications 1,787 0.24 2,591,600 First Financial Holding 2,059 0.28 1,675,000 Formosa Chemicals & Fibre 2,719 0.37 342,000 Formosa International Hotels 832 0.11 1,732,000 Formosa Plastics 2,763 0.37 2,139,000 Formosa Taffeta 1,234 0.17 171,000 Foxconn Technology 1,284 0.17 114,000 High Tech Computer 3,644 0.49 749,000 Holtek Semiconductor 1,500 0.20 2,123,241 HON HAI Precision Industry 14,407 1.94 445,000 Hotai Motor 1,007 0.14 1,056,000 King Yuan Electronics 1,177 0.16 37,000 Largan Precision 780 0.11 924,000 Lite-On Technology 1,457 0.20 273,000 MediaTek 3,187 0.43 5,247,000 Mega Financial Holding 4,095 0.55 898,000 Mitac International 1,041 0.14 339,000 MJC Probe 1,238 0.17 2,040,000 Nan Ya Plastics 2,980 0.40 130 Polaris Securities 0 0.00 461,150 Powertech Technologies 1,583 0.21 601,000 Quanta Computer 1,061 0.14 161,000 Richtek Technology 1,239 0.17 352,000 ShenMao Technology 1,423 0.19 3,216,000 Shin Kong Financial Holding 3,427 0.46 541,000 Siliconware Precision Industries 785 0.11 281,000 Silitech Technology 1,744 0.24 4,179,458 SinoPac Financial Holdings 2,319 0.31 537,000 Taiwan Fertilizer 990 0.13 9,340,562 Taiwan Semiconductor Manufacturing 19,936 2.69 13,000 Taiwan Sogo Shin Kong SEC 10 0.00 1,446,000 Uni-President Enterprises 1,090 0.15 14

Přehled investic - Asian Tigers Equity Fund 30-04-2006 Přehled investic - Asia Pacific High Dividend Equity Fund 30-04-2006 počet počet x USD 1,000 % Taiwan (pokračování) 1,000,000 Unimicron Technology 1,667 0.23 7,931,000 United Microelectronics 5,518 0.75 1,197,000 Walsin Lihwa 491 0.07 821,000 Wistron 1,070 0.14 206,000 Wistron NeWeb 888 0.12 1,618,000 Yageo 700 0.09 2,882,000 Yieh Phui Enterprise 1,287 0.17 386,000 Zyxel Communications 717 0.10 128,198 17.30 Thajsko 2,491,200 Amata - NVDR - 1,419 0.19 880,300 Bangkok Bank - Foreign shares 2,788 0.38 271,000 Bangkok Bank - NVDR - 815 0.11 1,770,100 Bank of Ayudhya - NVDR - 881 0.12 550,400 Kasikornbank 996 0.13 1,217,200 Kasikornbank - NVDR - 2,138 0.29 5,473,900 Krung Thai Bank 1,763 0.24 600,000 Phatra Securities - NVDR - 783 0.11 382,100 PTT 2,624 0.35 629,900 PTT - NVDR - 4,326 0.58 952,500 PTT Exploration & Production 3,195 0.43 168,000 PTT Exploration & Production - NVDR - 563 0.08 18,773,300 TT&T 1,629 0.22 23,920 3.23 Velká Británie 135,200 HSBC Holdings 2,305 0.31 2,305 0.31 INVESTICE 733,781 99.03 OSTATNÍ AKTIVA MINUS PASIVA 7,223 0.97 ČISTÁ AKTIVA CELKEM 741,004 100.00 AKCIE Austrálie x USD 1,000 % 78,816 AMP 539 2.06 100,311 Australia & New Zealand Banking Group 2,147 8.20 133,201 Australian Pharmaceutical Industries 253 0.96 23,269 Australian Stock Exchange 576 2.20 52,874 Coles Myer 428 1.64 68,668 Commonwealth Bank of Australia 2,459 9.39 271,673 CSR 831 3.17 9,657 Macquarie Bank 516 1.97 134,549 Promina Group 575 2.19 52,831 QBE Insurance Group 904 3.45 19,632 Rio Tinto 1,206 4.61 104,694 Westpac Banking 2,006 7.66 36,859 Woolworths 528 2.02 12,968 49.52 Hong Kong 82,000 Hong Kong Exchanges and Clearing 591 2.26 262,000 Li & Fung 622 2.37 235,000 MTR 627 2.40 1,840 7.03 Indonésie 736,000 Aneka Tambang 490 1.87 1,418,500 Bank Rakyat Indonesia 730 2.79 Japonsko Korea 1,220 4.66 8,500 Canon 644 2.46 644 2.46 16,420 Cheil Industries 596 2.28 35,370 Daegu Bank 664 2.53 9,590 GS Engineering & Construction 695 2.66 7,100 Korea Zinc 639 2.44 2,362 POSCO 659 2.51 12,558 SFA Engineering 418 1.60 3,671 14.02 Malajsie Pakistán 119,700 IOI 469 1.79 358,700 YTL Power International 207 0.79 676 2.58 441,000 Kot Addu Power 318 1.22 26,500 Pakistan Oilfields 283 1.08 601 2.30 Papua Nová Guinea 167,345 Oil Search 559 2.13 559 2.13 Singapur 38,000 DBS Group Holdings 428 1.63 213,000 Singapore Exchange 579 2.21 540,000 Singapore Post 386 1.47 363,000 Singapore Telecommunications 629 2.40 315,000 Starhub 446 1.71 66,000 United Overseas Bank 680 2.60 3,148 12.02 15

Přehled investic - Asia Pacific High Dividend Equity Fund 30-04-2006 Přehled investic - Behavioural Finance Japan Fund 30-04-2006 počet počet Thajsko x USD 1,000 % 119,200 Banpu - NVDR - 482 1.84 38,300 PTT 263 1.00 19,500 PTT - NVDR - 134 0.51 23,000 PTT Exploration & Production 77 0.30 80,500 PTT Exploration & Production - NVDR - 270 1.03 1,226 4.68 Velká Británie 25,600 HSBC Holdings 436 1.67 436 1.67 INVESTICE 26,989 103.07 ČISTÁ PASIVA (802) (3.07) ČISTÁ AKTIVA CELKEM 26,187 100.00 x JPY 1,000 % AKCIE Japonsko 820 Acom 5,445 0.74 6,200 Aeon 17,391 2.37 750 Aiful 5,123 0.70 6,000 Ajinomoto 8,586 1.17 8,000 Bank of Fukuoka 7,800 1.06 13,000 Bank of Yokohama 11,635 1.59 7,000 Bridgestone 19,285 2.63 6,800 Chubu Electric Power 21,080 2.87 6,000 Dai Nippon Printing 12,330 1.68 1,900 Electric Power Development 8,664 1.18 30,000 Hitachi 25,290 3.45 2,700 Hokkaido Electric Power 7,020 0.96 15,000 Hokuhoku Financial Group 7,020 0.96 11,000 Kajima 6,974 0.95 5,000 Kaneka 6,315 0.86 8,800 Kansai Electric Power 24,068 3.28 8,000 Kawasaki Kisen Kaisha 5,688 0.78 29 KDDI 20,445 2.79 5,500 Kuraray 7,815 1.07 7,000 Kyowa Hakko Kogyo 5,712 0.78 4,300 Kyushu Electric Power 11,696 1.60 1,300 Lawson 5,681 0.78 13,000 Marubeni 8,541 1.17 7,500 Mitsubishi Chemical Holdings 5,453 0.74 16,000 Mitsui & Co 28,032 3.82 9,000 Mitsui Chemicals 7,605 1.04 12,000 Mitsui OSK Lines 9,768 1.33 6,000 Mitsui Trust Holdings 9,444 1.29 11,000 Nippon Express 6,622 0.90 14,000 Nippon Oil 12,642 1.72 13 Nippon Paper Group 6,357 0.87 60,000 Nippon Steel 25,500 3.48 22 Nippon Telegraph & Telephone 11,176 1.52 12,000 Nippon Yusen Kabushiki Kaisha 8,424 1.15 21,300 Nissan Motor 31,950 4.36 18,000 Nisshin Steel 7,182 0.98 12 NTT Data 6,240 0.85 116 NTT DoCoMo 19,836 2.71 9,000 Obayashi 7,911 1.08 11,000 OJI Paper 7,656 1.04 22,000 Osaka Gas 9,548 1.30 850 Promise 5,890 0.80 43 Resona Holdings 16,512 2.25 7,000 Sekisui Chemical 7,000 0.95 6,000 Sekisui House 10,668 1.46 7,200 Seven & I Holdings 31,536 4.30 9,000 Shimizu 6,993 0.95 6,000 Shizuoka Bank 7,242 0.99 11,000 Taisei 5,489 0.75 7,400 Takeda Pharmaceutical 52,244 7.12 1,250 Takefuji 9,300 1.27 4,800 Tohoku Electric Power 12,936 1.76 7,900 Tokyo Electric Power 24,016 3.28 25,000 Tokyo Gas 14,100 1.92 5,000 TonenGeneral Sekiyu 6,295 0.86 2,000 UNY 4,060 0.55 17 West Japan Railway 8,653 1.18 3,600 Yamaha 7,722 1.05 2,100 Yamaha Motor 6,678 0.91 718,284 97.95 INVESTICE 718,284 97.95 OSTATNÍ AKTIVA MÍNUS PASIVA 15,017 2.05 ČISTÁ AKTIVA CELKEM 733,301 100.00 16

Přehled investic Biotech Fund 30-04-2006 Přehled investic Brazil Equity Fund 30-04-2006 počet počet AKCIE Dánsko Izrael x EUR 1,000 % 79,934 Genmab 2,245 5.09 2,245 5.09 30,000 Teva Pharmaceutical Industries - Sp. ADR - 964 2.19 964 2.19 Švýcarsko 16,713 Speedel Holding 1,963 4.45 1,963 4.45 Velká Británie 157,616 Alizyme 364 0.83 USA 364 0.83 26,500 Affymetrix 603 1.37 68,000 Alkermes 1,159 2.63 76,634 Amgen 4,119 9.35 53,826 Amylin Pharmaceuticals 1,861 4.22 60,209 Celgene 2,015 4.57 37,500 Cephalon 1,955 4.44 48,869 Coley Pharmaceutical Group 620 1.41 57,868 CV Therapeutics 912 2.07 38,000 Dov Pharmaceutical 246 0.56 30,000 Enzon Pharmaceuticals 202 0.46 24,485 Genentech 1,549 3.52 57,584 Genzyme 2,796 6.35 53,738 Gilead Sciences 2,453 5.57 160,630 Human Genome Sciences 1,455 3.30 47,000 InterMune 597 1.35 4,600 Invitrogen 241 0.55 40,000 Iomai 162 0.37 45,736 Medimmune 1,143 2.59 73,038 Momenta Pharmaceuticals 980 2.23 47,394 Myogen 1,244 2.82 35,435 Neurocrine Biosciences 1,614 3.66 28,000 NPS Pharmaceuticals 190 0.43 69,000 Nuvelo 897 2.04 233,256 Panacos Pharmaceuticals 1,294 2.94 76,900 PDL BioPharma 1,757 3.99 222,639 Senomyx 2,529 5.74 28,838 United Therapeutics 1,363 3.09 35,956 81.62 AKCIE Brazílie x USD 1,000 % 4,900 Aracruz Celulose - Sp. ADR - 270 4.35 15,000 Banco Bradesco - Sp. ADR - 571 9.21 8,700 Banco Itau Holding Financiera - ADR - 277 4.46 6,800 Companhia Brasileira de Distribuicao Grupo Pao de Acucar - Sp. ADR - 268 4.32 11,400 Companhia de Saneamento Basico do Estado de Sao Paulo - ADR - 277 4.48 5,800 Companhia Energetica de Minas Gerais - ADR - 275 4.43 25,900 Companhia Paranaense de Energia - ADR - 284 4.58 7,900 Companhia Siderurgica Nacional - ADR - 278 4.48 5,300 Companhia Vale do Rio Doce - ADR - 273 4.40 5,300 Companhia Vale do Rio Doce - Sp. ADR - 236 3.80 6,200 CPFL Energia - ADR - 263 4.24 15,900 Gerdau - ADR - 275 4.43 7,500 Gol Linhas Aereas Inteligentes - ADR - 278 4.48 6,300 Petroleo Brasileiro - ADR - 590 9.51 16,300 Tele Norte Leste Participacoes - ADR - 296 4.78 7,300 Uniao de Bancos Brasileiros - GDR - 579 9.34 62,500 Vivo Participacoes - ADR - 258 4.16 16,900 Votorantim Celulose e Papel - ADR - 272 4.38 5,820 93.83 INVESTICE 5,820 93.83 OSTATNÍ AKTIVA MINUS PASIVA 382 6.17 ČISTÁ AKTIVA CELKEM 6,202 100.00 INVESTICE 41,492 94.18 OSTATNÍ AKTIVA MINUS PASIVA 2,563 5.82 ČISTÁ AKTIVA CELKEM 44,055 100.00 17

Přehled investic China Equity Fund 30-04-2006 Přehled investic China Equity Fund 30-04-2006 počet počet AKCIE Čína x USD 1,000 % 9,000,000 Aluminum Corp of China - H - 8,880 1.81 1,500,000 Anhui Conch Cement - H - 2,592 0.53 6,000,000 Bank of Communications - H - 3,656 0.74 7,279,992 Baoshan Iron & Steel - A - 3,834 0.78 5,700,000 Beijing Capital International Airport - H - 3,308 0.67 1,809,946 Beijing Hualian Hypermarket - A - 3,519 0.72 18,000,000 China Life Insurance - H - 24,376 4.96 22,500,000 China Oilfield Services 12,551 2.55 30,000,000 China Petroleum & Chemical - H - 19,056 3.87 10,000,000 China Shipping Development - H - 7,674 1.56 35,000,000 China Telecom - H - 12,301 2.50 12,368,000 Dongfeng Motor Group - H - 6,141 1.25 2,354,000 Foxconn International Holdings 5,070 1.03 21,336,000 Guangshen Railway - H - 8,186 1.66 3,084,000 Harbin Power Equipment - H - 2,824 0.57 6,800,000 Hunan Non-Ferrous Metal Corp - H - 2,828 0.58 819,027 Offshore Oil Engineering - A - 3,746 0.76 20,000,000 PetroChina - H - 22,054 4.48 3,400,000 Ping An Insurance Group of China - H - 9,340 1.90 24,000,000 Semiconductor Manufacturing International 3,652 0.74 20,000,000 Shanghai Electric Group - H - 7,738 1.57 1,031,031 Shanghai International Airport - A - 1,572 0.32 1,664,000 Shanghai Prime Machinery - H - 622 0.13 1,338,900 Shanghai Zhenhua Port Machinery - B - 2,663 0.54 18,568,000 Sinopec Shanghai Petrochemical - H - 11,016 2.24 61,600 Suntech Power Holdings - ADR - 2,112 0.43 25,232,000 Zijin Mining Group - H - 14,156 2.88 3,500,000 ZTE - H - 11,962 2.43 217,429 44.20 Hong Kong 10,900,000 BOC Hong Kong Holdings 22,493 4.57 3,636,000 China Merchants Holdings International 12,427 2.53 5,000,000 China Mobile Hong Kong 29,083 5.91 1,700,000 China Netcom Group Hong Kong 3,102 0.63 17,248,000 China Overseas Land & Investment 11,067 2.25 5,600,000 China Resources Enterprise 12,061 2.45 4,124,000 China Resources Land 2,792 0.57 2,500,000 China Resources Power Holdings 1,886 0.38 2,400,000 CITIC International Financial Holdings 1,416 0.29 1,127,000 Citic Pacific 4,055 0.82 43,960,000 CNOOC 35,435 7.20 16,000,000 Cnpc Hong Kong 9,647 1.96 9,600,000 Cofco International 5,943 1.21 2,400,000 COSCO Pacific 5,726 1.16 11,500,000 Denway Motors 4,672 0.95 8,000,000 Euro-Asia Agricultural Holdings 0 0.00 14,302,000 Fittec International Group 5,119 1.04 11,000,000 Geely Automobile Holdings 1,319 0.27 21,010,000 Guangdong Investment 8,807 1.79 4,152,000 Hengan International Group 6,854 1.39 8,500,000 Hopewell Highway Infrastructure 6,413 1.30 1,178,000 Industrial & Commercial Bank of China 1,770 0.36 2,926,000 Kingway Brewery Holdings 1,217 0.25 622,000 Lee & Man Paper Manufacturing 915 0.19 28,000,000 Neo-China Group Holdings 3,864 0.78 6,416,000 Norstar Founders Group 2,938 0.60 1,125,000 Orient Overseas International 4,230 0.86 9,158,000 Prime Success International Group 6,083 1.24 7,000,000 Samson Holding 3,882 0.79 1,000,000 Shanghai Industrial Holdings 2,154 0.44 14,500,000 Sinochem Hong Kong Holding 6,125 1.24 6,110,000 TPV Technology 6,619 1.35 5,572,000 Xinyu Hengdeli Holdings 1,868 0.38 5,742,000 Xiwang Sugar Holdings 3,925 0.80 235,907 47.95 x USD 1,000 % Taiwan 2,978,000 King Yuan Electronics 3,318 0.67 283,000 Nan Ya Printed Circuit Board 3,043 0.62 4,000,000 Wistron 5,215 1.06 11,576 2.35 INVESTICE 464,912 94.50 OSTATNÍ AKTIVA MÍNUS PASIVA 27,040 5.50 ČISTÁ AKTIVA CELKEM 491,952 100.00 ABN AMRO Bank N.V. skrze svou pobočku v Hong Kongu obdržela licenci Qualified Foreign Institutional Investor ( QFII ) - Oprávněný zahraniční institucionální investor - vydávanou Čínskou komisí pro regulaci trhu s cennými papíry. Díky tomu může banka investovat do vybraných akcií vydávaných společnostmi v Čínské lidové republice (ČLR), které jsou zaregistrovány na burze v ČLR a obchodují se v Reminbi (tzv. akcie třídy A). ABN AMRO Bank N.V. tak může díky této licenci přímo investovat do cenných papírů, ke kterým mají jiní zahraniční investoři pouze zprostředkovaný přístup. China Equity Fund má dohodu o přístupu na tento trh s ABN AMRO Bank N.V. Akcie třídy A, které drží ANN AMRO Bank pro Fond, jsou součástí portfolia Fondu a jsou zde uvedeny. Rizika spojená s držením cenných papírů, jako jsou vlastnictví aktiv, protistrany v ČLR, repatriace zisků jsou popsány v Prospektu na straně 119. 18