ABN AMRO Funds. Výroční zpráva 2006/2007 30.4.2007. Česká verze

ABN AMRO Funds Výroční zpráva 2006/2007 30.4.2007 Česká verze

ABN AMRO Funds SICAV, Investiční společnost s proměnlivým kapitálem založená dle lucemburské legislativy 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg Představenstvo Mažer a hlavní administrátor Správce, plátce a zprostředkovatel půjčování cenných papírů Registrář, správce převodů a účetní Nezávislý auditor Právní poradce Zastoupení : Rakousko Belgie Chile Česká republika Mr. W. Dove (od 18 prosince 2006) výkonný ředitel ABN AMRO Asset Magement Amsterdam, Netherlands Mr. R. Goddard (předseda) (do 18.prosince 2006) ředitel pro evropské fondy ABN AMRO Asset Magement Luxembourg Mr. S. de Vries generální ředitel ABN AMRO Investments Funds S.A. Luxembourg Mr. J. Ide (předseda) ředitel pro marketing, podporu prodeje a třetí strany ABN AMRO Asset Magement London, United Kingdom Mr. P. Jaans ekonom Luxembourg Mr. C. Niedner partner z právní firmy Arendt & Mederch Avocats à la cour Luxembourg ABN AMRO Investment Funds S.A. 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg ABN AMRO Mellon Global Securities Services B.V. Zastupovaná svou lucemburskou pobočkou 46, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg-Kirchberg Ernst & Young S.A. 7, Parc d Activité Syrdall L-5365 Munsbach Arendt & Mederch 8-10, rue Mathias Hardt L-1717 Luxembourg ABN AMRO Bank N.V. Filiale Wien Operngasse 2 A-1010 Vien 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 Atlantik Kilcullen Asset Magement A.S. Hilleho 6 Brno 60200 Dánsko Finsko Francie Německo Gibraltar Řecko Hong Kong Irsko Itálie Jersey Lichtenštejnsko Lucemburk Nizozemí Norsko Španělsko Švédsko Švýcarsko Velká Británie ABN AMRO Asset Magement Fondsmaeglerselskab A/S Amaliegade 35, Postboks 2198 DK-1017 Copenhagen ABN AMRO Omaisuudenhoito Oy Pohjoisespladi 37 A FIN-00100 Helsinki Neuflize Gestion 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 (Řecko) 330, Thisseos Avenue GR-17675 Kalithea, Athens ABN AMRO Asset Magement (Asia) Limited 37 F, Cheung Kong Centre 2, Queen s Road Central ABN AMRO Bank N.V. ABN AMRO House IFSC (Intertiol Fincial Services Centre) 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 ABN AMRO Bank N.V. Gustav Mahlerlaan 10 NL-1082 PP Amsterdam ABN AMRO Fö rvaltning ASA Olav V s gate 5, P.O. Box 1294 Vika, N- 0111 Oslo ABN AMRO Bank, Sucursal en Españ a c/jose Ortega y Gasset, 29 E-28006 Madrid ABN AMRO Bank N.V. Birger Jarlsgatan 7 S-107 25 Stockholm ABN AMRO Bank (Schweiz) Beethovenstraße 33 P.O. Box 5239 CH-8022 Zü rich ABN AMRO Asset Magement Limited 82 Bishopsgate London EC2N 4BN 1

INFORMACE Prospekt fondů ABN AMRO z břez 2007 platí pro následující bízené fondy ABN AMRO: Akciové fondy Asian Tigers Equity Fund Asia Pacific High Dividend Equity Fund Asia Pacific Property Equity Fund * uveden trh 30. břez 2007 Behavioural Fince Japan Fund * ukončen k 26.říjnu 2006 Biotech Fund Brazil Equity Fund Chi Equity Fund Consumer Goods Fund *dříve Consumer Staples Fund Denmark Equity Fund Durable & Luxury Goods Fund *dříve Consumer Discretiory Fund Eastern Europe Equity Fund Energy Fund * do 1.květ 2006 byl základní měnou fodnu USD Euro Equity Fund * začleněn do fondu Europe Equity Fund k 28 červenci 2006 Europe Equity Dymic Fund Europe Equity Fund Europe Equity Growth Fund Europe Equity Revival Fund Europe High Dividend Equity Fund *dříve Europe High Dividend Equity Fund (Euro) Europe Opportunities Fund Fincials Fund Germany Equity Fund Global Emerging Markets Equity Fund Global Equity Growth Fund Global Equity Value Fund Global High Dividend Equity Fund *dříve High Dividend Equity Fund (EUR) Global Leader Fund Global Property Equity Fund * uveden trh 2.červ 2006 Health Care Fund India Equity Fund Industrials Fund Information Technology Fund * do 1.květ 2006 byl základní měnou fodnu USD Japan Equity Fund Latin America Equity Fund Materials Fund Netherlands Equity Fund * začleněn do fondu Europe Equity Growth Fund k 28 červenci 2006 Nordic Equity Fund Russia Equity Fund Small Companies Europe Equity Fund Sustaible Global Equity Fund Switzerland Equity Fund * začleněn do fondu Europe Equity Growth Fund, k 28 červenci 2006 Telecommunication Services Fund US Equity Growth Fund US Equity Select Fund *dříve US Equity Value Fund US Opportunities Fund Utilities Fund Dluhopisové fondy 2001 Euro Bond Fund Absolute Return Bond Fund *dříve Absolute Return Bond Fund (Euro) Asia Bond Fund Czech Crown Bond Fund * ukončen k 26.říjnu 2006 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 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) * ukončen k 26.říjnu 2006 High Yield Bond Fund (Euro) 2 High Yield Bond Fund (USD) Preferred Securities Fund Stable Euro Bond Fund Sustaible Global Credit Fund * uveden trh 2.květ 2006 US Bond Fund Fondy peněžního trhu 2001 Interest Growth Fund Euro Interest Growth Fund CZK * ukončen k 26.říjnu 2006 Interest Growth Fund (Euro) Interest Growth Fund (USD) Balancované fondy Lifecycle Fund 2015 Lifecycle Fund 2018 Lifecycle Fund 2020 Lifecycle Fund 2022 Lifecycle Fund 2025 Lifecycle Fund 2028 Lifecycle Fund 2030 Lifecycle Fund 2032 Lifecycle Fund 2035 Lifecycle Fund 2038 Lifecycle Fund 2040 Model Fund 1 Model Fund 2 Model Fund 3 Model Fund 4 Model Fund 5 Model Fund 6 Ostatní fondy Currency Fund * uveden trh 22.břez 2007 Některé fondy jsou řízeny společně. Podle dohody může mažer fondů učinit rozhodnutí týkající se nákupu nebo prodeje, které ovlivní portfolio všech společně řízených fondů. Další informace leznete v poznámce 14 této finční závěrky. Akcionáři se mohou kdykoli informovat o velikosti aktiv pod společnou správou v sídle Společnosti. V současnosti existuje následujících šest skupin společně řízených fondů: 1) Balancované fondy: Model Funds 1 až 6, Global Equity Value Fund a Lifecycle Funds 2015 až 2040 2) High Yield fondy, které zahrnují fondy High Yield Bond Fund (Euro), High Yield Bond Fund (USD) a Absolute Return Bond Fund 3) Fondy dluhopisů rozvíjejících se trhů: Global Emerging Markets Bond Fund (Euro), Global Emerging Markets Bond Fund (USD) a Absolute Return Bond Fund 4) Fondy dluhopisů v Eur: 2001 Euro Bond Fund, Euro Bond Fund, Euro Credit Bond Fund a Euro Government Bond Fund 5) Fondy peněžního trhu: Interest Growth Fund (Euro) a Absolute Return Bond Fund 6) Evropské akciové fondy: Eastern Europe Equity Fund, Europe High Dividend Equity Fund, Europe Equity Growth Fund, Europe Equity Dymic Fund, Europe Equity Revival Fund, Small Companies Europe Equity Fund a Europe Equity Fund. 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 základě informací z finčních zpráv. Žádosti jsou platné pouze v případě, že jsou podány základě aktuálního prospektu doplněného nejnovější výroční zprávou a pololetní zprávou v případě, že byla vydá. 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 účty Fondů během ozmovacího období jsou bez poplatku k dispozici v kanceláři společnosti ABN AMRO Bank (Schweiz) A.G. v Curychu.

OBSAH Statistika 4 Směnné kurzy měn k USD 11 Prohlášení představenstva 12 13 Akciové fondy Asian Tigers Equity Fund 13 Asia Pacific High Dividend Equity Fund 15 Asia Pacific Property Equity Fund 16 Biotech Fund 17 Brazil Equity Fund 17 Chi Equity Fund 18 Consumer Goods Fund 19 Denmark Equity Fund 20 Durable & Luxury Goods Fund 21 Eastern Europe Equity Fund 22 Energy Fund 23 Europe Equity Dymic Fund 24 Europe Equity Fund 25 Europe Equity Growth Fund 28 Europe Equity Revival Fund 29 Europe High Dividend Equity Fund 30 Europe Opportunities Fund 31 Fincials Fund 32 German Equity Fund 33 Global Emerging Markets Equity Fund 34 Global Equity Growth Fund 36 Global Equity Value Fund 37 Global High Dividend Equity Fund 39 Global Leader Fund 41 Global Property Equity Fund 42 Health Care Fund 43 India Equity Fund 44 Industrials Fund 45 Information Technology Fund 46 Japan Equity Fund 47 Latin America Equity Fund 49 Materials Fund 51 Nordic Equity Fund 52 Russia Equity Fund 53 Small Companies Europe Equity Fund 54 Sustaible Global Equity Fund 55 Telecommunications Services Fund 57 US Equity Growth Fund 58 US Equity Select Fund 58 US Opportunities Fund 59 Utilities Fund 60 Dluhopisové fondy 2001 Euro Bond Fund 61 Absolute Return Bond Fund 63 Asia Bond Fund 69 Denmark Bond Fund 70 Euro Bond Fund 71 Euro Credit Bond Fund 74 Euro Government Bond Fund 76 Euro Inflation Linked Bond Fund 76 Euro Plus Fund 77 Europe Bond Fund 78 Europe Convertible Bond Fund 79 Global Bond Fund 81 Global Bond Fund Alrenta 82 Global Emerging Markets bond Fund (Euro) 84 Global Emerging Markets Bond Fund (USD) 84 High Yield Bond Fund (Euro) 85 High Yield Bond Fund (USD) 88 Preferred Securities Fund 91 Stable Euro Bond Fund 93 Sustaible Global Credit Fund 94 US Bond Fund 95 Fondy peněžního trhu 2001 Interest Growth Fund 97 Interest Growth Fund (Euro) 98 Interest Growth Fund (USD) 100 Balancované fondy Lifecycle Fund 2015 101 Lifecycle Fund 2018 106 Lifecycle Fund 2020 110 Lifecycle Fund 2022 115 Lifecycle Fund 2025 119 Lifecycle Fund 2028 123 Lifecycle Fund 2030 127 Lifecycle Fund 2032 131 Lifecycle Fund 2035 135 Lifecycle Fund 2038 139 Lifecycle Fund 2040 143 Model Fund 1 147 Model Fund 2 148 Model Fund 3 153 Model Fund 4 157 Model Fund 5 162 Model Fund 6 166 Ostatní fondy Currency Fund 169 Výkaz aktiv k 30.dubnu 2007 170 Výkaz změn v v průběhu finčního 170 roku 2006/2007 Výkaz změn v počtu vydaných akcií 183 Poznámky k finčním výkazům 186 Zpráva nezávislého auditora 204 Hlavní rysy 205 Ukazatel celkových nákladů 206 Ukazatel obratu portfolia 207 3

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Asian Tigers Equity Fund Asian Tigers Equity Fund A USD 55.72 78.00 90.96 103.90 618.40 604.15 Asian Tigers Equity Fund B USD 51.44 59.96 0.00 0.05 Asian Tigers Equity Fund D USD 86.36 120.14 139.05 5.28 66.95 45.34 Asian Tigers Equity Fund I USD 56.16 79.10 93.02 27.45 55.70 141.67 Asia Pacific High Dividend Equity Fund Asia Pacific High Dividend Equity Fund A USD 59.25 70.67 18.70 19.44 Asia Pacific High Dividend Equity Fund B USD 59.25 69.19 7.50 6.01 Asia Pacific High Dividend Equity Fund I USD 12,951.52 1.79 Asia Pacific Property Equity Fund Asia Pacific Property Equity Fund A USD 50.36 18.72 Asia Pacific Property Equity Fund B USD 50.36 2.84 Biotech Fund Biotech Fund A EUR 16.78 21.74 20.30 15.60 39.50 23.92 Biotech Fund D EUR 25.09 32.24 29.55 0.73 4.50 2.53 Brazil Equity Fund Brazil Equity Fund A USD 50.19 63.58 6.20 41.99 Brazil Equity Fund B USD 71.21 3.04 Brazil Equity Fund I USD 10,040.60 12,822.71 0.00 13.49 Chi Equity Fund Chi Equity Fund A USD 81.52 116.74 172.49 230.90 424.00 792.45 Chi Equity Fund B USD 50.21 74.18 0.00 11.35 Chi Equity Fund D USD 55.70 79.29 116.27 11.14 55.15 131.29 Chi Equity Fund I USD 117.62 174.99 12.78 52.23 Consumer Goods Fund Consumer Goods Fund A EUR 50.08 56.92 65.04 10.48 107.74 146.04 Denmark Equity Fund Denmark Equity Fund A DKK 186.22 273.25 311.82 179.26 314.72 302.05 Durable & Luxury Goods Fund Durable & Luxury Goods Fund A EUR 48.90 61.65 66.21 11.33 122.30 114.20 Eastern Europe Equity Fund Eastern Europe Equity Fund A EUR 205.36 373.89 404.84 306.20 548.00 443.79 Eastern Europe Equity Fund B EUR 53.25 57.66 0.00 2.88 Eastern Europe Equity Fund D EUR 62.34 114.23 122.75 10.96 38.10 27.78 Eastern Europe Equity Fund I EUR 207.34 379.81 414.59 147.92 178.30 102.29 Energy Fund ** Energy Fund A EUR 89.89 133.59 108.86 44.90 127.30 86.39 Energy Fund B EUR 69.42 54.44 423.10 351.77 Energy Fund D EUR 63.34 93.45 75.99 4.74 21.75 13.91 Europe Equity Dymic Fund Europe Equity Dymic Fund A EUR 52.75 67.60 77.78 2.64 175.50 165.03 Europe Equity Dymic Fund D EUR 48.19 62.00 70.80 0.00 2.50 3.06 Europe Equity Dymic Fund I EUR 10,577.04 11,073.63 12,851.71 3.17 11.40 15.20 4

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Europe Equity Fund Europe Equity Fund A EUR 93.29 122.75 141.75 249.30 243.90 289.70 Europe Equity Fund B EUR 106.97 320.27 Europe Equity Fund D EUR 39.19 51.19 58.69 1.04 17.90 37.37 Europe Equity Fund I EUR 12,174.29 27.83 Europe Equity Growth Fund Europe Equity Growth Fund A EUR 22.63 30.05 34.07 8.00 8.50 76.51 Europe Equity Growth Fund D EUR 36.44 48.01 54.01 0.11 3.40 3.91 Europe Equity Growth Fund I EUR 11,964.31 0.01 Europe Equity Revival Fund Europe Equity Revival Fund A EUR 59.94 71.42 87.50 85.68 Europe High Dividend Equity Fund Europe High Dividend Equity Fund A EUR 59.31 67.44 0.05 19.26 Europe High Dividend Equity Fund B EUR 59.02 65.87 136.00 203.66 Europe High Dividend Equity Fund I EUR 11,908.56 0.01 Europe Opportunities Fund Europe Opportunities Fund A EUR 52.13 73.68 81.71 8.33 31.30 24.47 Europe Opportunities Fund B EUR 60.45 0.11 Europe Opportunities Fund D EUR 48.22 67.70 74.52 0.02 38.30 51.54 Fincials Fund Fincials Fund A EUR 53.81 77.52 80.62 27.27 35.90 45.50 Fincials Fund B EUR 84.84 84.71 323.16 389.01 Germany Equity Fund Germany Equity Fund A EUR 124.42 182.00 224.78 166.80 204.00 204.86 Germany Equity Fund D EUR 40.00 57.89 71.03 0.19 42.13 61.35 Germany Equity Fund I EUR 13,247.11 15.02 Global Emerging Markets Equity Fund Global Emerging Markets Equity Fund A USD 65.52 107.96 121.60 863.20 1,200.00 738.45 Global Emerging Markets Equity Fund B USD 54.88 61.89 0.00 1.57 Global Emerging Markets Equity Fund D USD 95.85 156.77 175.38 6.16 36.39 22.97 Global Emerging Markets Equity Fund I USD 66.05 109.46 125.54 143.59 94.39 272.62 Global Equity Growth Fund Global Equity Growth Fund A USD 45.03 54.39 59.14 63.40 64.20 46.37 Global Equity Growth Fund D USD 49.28 59.02 63.69 0.10 3.03 1.62 Global Equity Growth Fund I USD 10,239.90 11,035.90 11.85 0.00 Global Equity Value Fund Global Equity Value Fund A EUR 56.72 74.01 80.85 58.18 67.00 59.76 Global High Dividend Equity Fund Global High Dividend Equity Fund A EUR 61.70 68.45 42.30 40.47 Global High Dividend Equity Fund B EUR 51.25 56.84 0.00 0.28 Global High Dividend Equity Fund I EUR 11,644.76 26.49 Global High Dividend Equity Fund AH USD 51.58 2.82 Global High Dividend Equity Fund BH USD 51.59 1.35 Global Leader Fund Global Leader Fund A EUR 38.56 48.38 55.02 5.30 7.24 2.65 5

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Global Property Equity Fund Global Property Equity Fund A USD 67.19 62.63 Global Property Equity Fund B USD 63.19 0.77 Global Property Equity Fund I USD 13,544.96 53.57 Health Care Fund Health Care Fund A EUR 31.45 34.41 34.72 72.10 224.80 136.93 Health Care Fund D EUR 35.94 39.07 39.12 2.10 12.17 8.15 India Equity Fund India Equity Fund A USD 71.24 83.17 207.00 507.28 India Equity Fund B USD 72.31 82.06 11.90 7.48 India Equity Fund D USD 27.61 31.79 0.00 111.75 India Equity Fund I USD 13,821.31 0.02 Industrials Fund Industrials Fund A EUR 50.60 65.55 69.43 11.14 111.53 80.34 Information Technology Fund ** Information Technology Fund A EUR 31.93 39.17 31.52 55.60 254.20 159.63 Information Technology Fund D EUR 36.80 44.80 35.03 0.59 2.50 1.28 Japan Equity Fund Japan Equity Fund A USD 38.57 54.61 51.19 211.70 315.10 173.35 Japan Equity Fund D USD 49.37 69.84 64.97 5.37 74.24 45.69 Japan Equity Fund I USD 10,326.13 4.65 Latin America Equity Fund Latin America Equity Fund A USD 92.36 176.10 218.77 288.10 729.20 866.45 Latin America Equity Fund B USD 55.09 68.45 0.00 3.67 Latin America Equity Fund D USD 68.53 128.83 159.28 4.66 34.24 34.23 Latin America Equity Fund I USD 92.80 178.10 223.07 272.65 839.67 980.89 Materials Fund Materials Fund A EUR 53.99 81.38 91.44 4.85 141.75 190.07 Materials Fund B EUR 54.98 61.60 0.00 0.00 Nordic Equity Fund Nordic Equity Fund A SEK 3,246.36 5,021.63 5,549.38 168.05 217.84 175.63 Russia Equity Fund Russia Equity Fund A EUR 44.29 93.80 100.71 5.20 91.00 106.87 Russia Equity Fund B EUR 52.14 55.95 0.00 6.94 Russia Equity Fund D EUR 47.99 101.12 107.76 0.06 54.88 50.72 Russia Equity Fund I EUR 11,766.79 7.18 Small Companies Europe Equity Fund Small Companies Europe Equity Fund A EUR 30.93 47.60 53.77 20.50 197.20 141.71 Small Companies Europe Equity Fund D EUR 55.97 85.65 95.98 0.63 14.80 13.11 Small Companies Europe Equity Fund I EUR 31.10 12,940.76 18.81 0.01 Sustaible Global Equity Fund Sustaible Global Equity Fund A EUR 31.12 39.47 41.09 4.10 65.87 33.91 Sustaible Global Equity Fund I EUR 9,927.00 10,450.34 0.00 18.47 6

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Telecommunication Services Fund Telecommunication Services Fund A EUR 52.50 59.25 69.77 6.78 59.64 109.56 US Equity Growth Fund US Equity Growth Fund A USD 102.69 113.60 122.56 282.80 562.30 318.60 US Equity Growth Fund B USD 55.15 59.50 0.00 124.58 US Equity Growth Fund D USD 46.57 51.54 55.19 2.03 5.10 3.62 US Equity Growth Fund I USD 10,286.37 11,191.86 12.21 14.50 US Equity Select Fund US Equity Select Fund A USD 73.52 88.31 97.69 5.20 61.40 79.47 US Equity Select Fund D USD 55.17 65.76 72.22 0.56 8.30 7.01 US Equity Select Fund I USD 11,565.64 11.24 US Equity Select Fund BH EUR 52.35 40.02 US Opportunities Fund US Opportunities Fund A USD 47.51 85.49 90.17 7.06 28.50 156.48 US Opportunities Fund B USD 54.88 57.88 0.00 0.01 US Opportunities Fund D USD 47.16 84.25 88.20 0.00 15.80 17.15 US Opportunities Fund BH EUR 53.20 75.39 Utilities Fund Utilities Fund A EUR 59.58 73.35 92.34 4.09 8.10 473.71 Utilities Fund B EUR 81.10 98.39 71.33 135.68 2001 Euro Bond Fund 2001 Euro Bond Fund A EUR 53.12 52.62 53.19 140.78 288.00 164.34 Absolute Return Bond Fund Absolute Return Bond Fund A EUR 50.28 52.38 53.76 73.71 820.50 1,519.72 Absolute Return Bond Fund B EUR 51.41 10.35 Absolute Return Bond Fund D EUR 25.00 25.56 0.00 319.52 Absolute Return Bond Fund I EUR 50.32 52.74 54.44 15.10 476.30 1,109.85 Absolute Return Bond Fund AH GBP 51.02 0.26 Absolute Return Bond Fund BH GBP 51.08 0.07 Absolute Return Bond Fund IH GBP 10,234.93 0.07 Absolute Return Bond Fund AH USD 51.66 11.80 Absolute Return Bond Fund BH USD 51.01 0.13 Absolute Return Bond Fund IH USD 10,189.35 0.00 Absolute Return Bond Fund AH NOK 507.24 10.44 Absolute Return Bond Fund IH NOK 101,269,36 1,381.89 Absolute Return Bond Fund IH SEK 101,035,76 0.62 Asia Bond Fund Asia Bond Fund A USD 93.17 97.18 108.24 17.70 34.20 158.86 Asia Bond Fund B USD 51.06 51.49 54.73 0.00 2.22 26.81 Denmark Bond Fund Denmark Bond Fund A DKK 119.55 117.74 121.96 74.05 66.34 92.42 Euro Bond Fund Euro Bond Fund A EUR 76.26 75.55 76.45 568.10 450.30 274.32 Euro Bond Fund B EUR 59.90 56.50 54.23 37.22 80.13 33.43 Euro Bond Fund I EUR 10,111.59 21.61 7

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Euro Credit Bond Fund Euro Credit Bond Fund A EUR 53.87 53.23 53.92 89.30 24.70 14.03 Euro Credit Bond Fund B EUR 48.69 47.61 289.29 124.27 Euro Credit Bond Fund I EUR 10,212.23 9.64 Euro Government Bond Fund Euro Government Bond Fund A EUR 54.10 53.58 54.14 3.20 16.40 47.17 Euro Government Bond Fund B EUR 48.44 47.68 188.20 152.13 Euro Government Bond Fund I EUR 10,163.62 0.01 Euro Inflation-Linked Bond Fund Euro Inflation-Linked Bond Fund A EUR 50.54 49.83 49.74 0.10 1.30 1.53 Euro Inflation-Linked Bond Fund B EUR 47.37 46.58 71.89 49.49 Euro Inflation-Linked Bond Fund I EUR 50.55 50.12 50.37 4.95 0.05 0.05 Euro Plus Fund Euro Plus Fund A EUR 50.60 51.60 52.93 6.90 56.90 229.02 Euro Plus Fund B EUR 6,081.19 0.11 Euro Plus Fund D EUR 25.08 25.66 0.00 493.50 Euro Plus Fund I EUR 10,148.00 10,399.18 10,709.84 54.87 102.19 117.81 Europe Bond Fund Europe Bond Fund A EUR 98.67 97.63 99.32 393.50 335.40 183.91 Europe Bond Fund B EUR 48.37 49.28 0.00 0.00 Europe Bond Fund D EUR 58.22 57.15 57.70 13.51 20.30 15.58 Europe Bond Fund I EUR 97.95 100.17 0.00 0.00 Europe Convertible Bond Fund Europe Convertible Bond Fund A EUR 58.19 64.85 222.20 373.95 Europe Convertible Bond Fund B EUR 56.88 3.59 Europe Convertible Bond Fund I EUR 10,009.40 0.00 Global Bond Fund Global Bond Fund A USD 99.24 97.35 102.62 97.40 78.03 51.55 Global Bond Fund B USD 50.84 53.63 0.00 0.00 Global Bond Fund I USD 10,539.78 0.01 Global Bond Fund Alrenta Global Bond Fund Alrenta A EUR 215.51 214.83 216.34 789.53 674.50 596.43 Global Emerging Markets Bond Fund (Euro) Global Emerging Markets Bond Fund (Euro) A EUR 63.14 80.89 86.80 143.60 578.20 768.35 Global Emerging Markets Bond Fund (Euro) B EUR 54.40 65.29 67.80 98.90 122.80 240.88 Global Emerging Markets Bond Fund (Euro) D EUR 56.16 71.36 76.01 13.40 113.10 178.81 Global Emerging Markets Bond Fund (Euro) I EUR 63.22 81.63 88.10 16.44 147.30 375.69 Global Emerging Markets Bond Fund (USD) Global Emerging Markets Bond Fund (USD) A USD 166.04 219.98 241.52 898.60 1,809.60 2,002.46 Global Emerging Markets Bond Fund (USD) B USD 51.64 64.44 64.33 0.00 31.44 774.45 Global Emerging Markets Bond Fund (USD) D USD 97.67 131.03 142.77 25.01 63.69 62.00 Global Emerging Markets Bond Fund (USD) I USD 166.63 221.88 244.13 91.61 181.32 208.69 8

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 High Yield Bond Fund (Euro) High Yield Bond Fund (Euro) A EUR 61.09 64.53 68.68 152.90 189.20 215.96 High Yield Bond Fund (Euro) B EUR 47.07 47.07 265.20 182.81 High Yield Bond Fund (Euro) D EUR 63.01 66.05 69.78 10.52 11.70 14.46 High Yield Bond Fund (Euro) I EUR 61.31 65.20 69.81 46.79 42.30 65.32 High Yield Bond Fund (USD) High Yield Bond Fund (USD) A USD 62.63 67.17 72.88 7.80 11.03 3.90 High Yield Bond Fund (USD) B USD 50.05 54.34 0.00 0.35 High Yield Bond Fund (USD) I USD 62.93 10,784.99 53.21 0.01 Preferred Securities Fund ** Preferred Securities Fund A USD 65.76 74.28 82.20 101.26 Preferred Securities Fund B USD 50.05 62.48 69.39 100.88 88.29 26.07 Preferred Securities Fund DH USD 25.96 29.04 0.00 2.08 Stable Euro Bond Fund Stable Euro Bond Fund A EUR 49.95 50.69 0.60 2.45 Stable Euro Bond Fund B EUR 69.87 68.86 501.30 298.52 Sustaible Global Credit Fund Sustaible Global Credit Fund A EUR 51.28 5.23 Sustaible Global Credit Fund I EUR 10,311.42 13.46 US Bond Fund US Bond Fund A USD 93.09 93.46 98.65 102.40 71.46 68.98 US Bond Fund B USD 49.94 51.42 0.00 0.01 US Bond Fund I USD 93.82 99.25 0.00 0.00 2001 Interest Growth Fund Euro 2001 Interest Growth Fund Euro A EUR 50.67 51.35 52.72 21.03 60.06 51.90 Interest Growth Fund (Euro) Interest Growth Fund (Euro) A EUR 61.31 62.42 64.19 221.60 975.20 1,216.03 Interest Growth Fund (Euro) D EUR 25.08 25.72 0.00 483.00 Interest Growth Fund (Euro) I EUR 10,317.17 10,543.83 10,881.12 277.20 245.10 459.78 Interest Growth Fund (USD) Interest Growth Fund (USD) A USD 77.74 80.57 84.57 108.90 118.00 149.38 Interest Growth Fund (USD) B USD 6,570.49 0.26 Interest Growth Fund (USD) D USD 25.17 26.33 0.00 0.29 Interest Growth Fund (USD) I USD 10,007.30 10,410.66 10,966.44 1.00 8.56 77.08 Lifecycle Fund 2015 Lifecycle Fund 2015 A EUR 49.06 53.26 0.40 10.30 Lifecycle Fund 2018 Lifecycle Fund 2018 A EUR 49.82 54.40 0.30 4.35 Lifecycle Fund 2020 Lifecycle Fund 2020 A EUR 49.87 55.08 0.40 3.86 Lifecycle Fund 2022 Lifecycle Fund 2022 A EUR 50.63 55.89 0.30 4.94 9

STATISTIKA NAV akcii * Celkový objem aktiv v mil. 30.4.2005 30.4.2006 30.4.2007 30.4.2005 30.4.2006 30.4.2007 Lifecycle Fund 2025 Lifecycle Fund 2025 A EUR 50.57 55.91 0.30 4.65 Lifecycle Fund 2028 Lifecycle Fund 2028 A EUR 51.24 56.05 0.20 3.94 Lifecycle Fund 2030 Lifecycle Fund 2030 A EUR 51.39 55.89 0.10 2.55 Lifecycle Fund 2032 Lifecycle Fund 2032 A EUR 51.43 55.92 0.10 2.02 Lifecycle Fund 2035 Lifecycle Fund 2035 A EUR 51.88 56.02 0.10 2.30 Lifecycle Fund 2038 Lifecycle Fund 2038 A EUR 52.04 55.96 0.10 0.87 Lifecycle Fund 2040 Lifecycle Fund 2040 A EUR 52.18 55.90 0.10 0.85 Model Fund 1 Model Fund 1 A EUR 59.18 59.13 60.18 57.30 53.80 41.52 Model Fund 2 Model Fund 2 A EUR 53.48 56.76 58.97 87.60 111.80 106.26 Model Fund 3 Model Fund 3 A EUR 48.35 53.85 56.64 195.60 270.00 301.63 Model Fund 4 Model Fund 4 A EUR 41.97 49.30 52.32 186.80 252.40 286.63 Model Fund 5 Model Fund 5 A EUR 35.22 44.49 47.53 55.30 81.00 91.41 Model Fund 6 Model Fund 6 A EUR 29.40 38.05 40.21 20.20 29.10 29.99 Currency Fund Currency Fund A EUR 55.76 50.26 Currency Fund I EUR 55.88 37.09 Currency Fund IH GBP 10,146.65 0.04 Currency Fund AH USD 56.33 11.05 Currency Fund IH USD 10,150.58 0.07 * NAV zmená čisté obchodní jmění fondu jednu akcii. ** K 1.květnu 2006 se změnila referenční mě fondu Energy Fund z USD EUR. NAV akcii a celkový objem aktiv pro roky 2005 a 2006 je uváděn v USD. ** K 1.květnu 2006 se změnila referenční mě fondu Information Technology Fund z USD EUR. NAV akcii a celkový objem aktiv pro roky 2005 a 2006 je uváděn v USD. ** K 17.říjnu 2005 se změnila referenční mě fondu Preferred Securities Fund z USD EUR. NAV akcii a celkový objem aktiv pro roky 2005 a 2006 je uváděn v USD. 10

SMĚNNÉ KURZY VŮČI USD 30.4.2006 30.4.2007 30.4.2007 Index * 1 australský dolar 0.76 0.83 109.70 1 kadský dolar 0.89 0.90 101.39 1 novozélandský dolar 0.64 0.74 116.84 1 argentinské peso 0.33 0.32 98.54 1 brazilské real 0.48 0.49 102.89 100 čilských pesos 0.19 0.19 98.08 100 kolumbijských pesos 0.04 0.05 112.77 1 mexické nové peso 0.09 0.09 101.47 1 peruánský sol 0.30 0.32 104.62 100 japonských yenů 0.88 0.84 95.56 1 hong-kongský dolar 0.13 0.13 99.14 1000 indonéských rupií 0.11 0.11 96.80 100 korejských wonů 0.11 0.11 101.36 1 malajský ringgit 0.28 0.29 105.92 1 filipínské peso 0.02 0.02 117.14 1 singapurský dolar 0.63 0.66 104.07 1 taiwanský dolar 0.03 0.03 95.77 1 thajský baht 0.03 0.03 108.04 1 britská libra 1.82 2.00 110.02 1 dánská koru 0.17 0.18 108.46 1 EUR 1.26 1.36 108.36 1 norská koru 0.16 0.17 103.87 1 švédská koru 0.14 0.15 110.10 1 švýcarský frank 0.80 0.83 103.07 100 českých korun 4.42 4.85 109.54 100 maďarských forintů 0.48 0.55 115.31 1 polský zloty 0.33 0.36 110.78 100 slovenských korun 3.37 4.05 120.02 * 30.4.2006 = 100 11

PROHLÁŠENÍ PŘEDSTAVENSTVA Předkládáme Vám Výroční zprávu fondů ABN Amro Funds za účetní rok 2006/2007 od 1.květ 2006 do 30.dub 2007. K 30.dubnu 2007 činil celkový objem aktiv fondů ABN Amro Funds 33,4 mld. USD, což zmená nárůst o 36% v průběhu uplynulého finčního roku. Zvýšení objemu aktiv fondů lze přičíst zejmé dobrým podmínkám kapitálovém trhu a rostoucím prodejům fondů ABN AMRO skrze různé distribuční kanály. Dále byly v uplynulém finčním roce uvedeny trh nové fondy Global Property Equity Fund a Currency Fund. Objem aktiv těchto nových fondů více něž hradil ztrátu objemu aktiv vzniklou v důsledku ukončení sedmi fondů. U většiny fondů došlo k rozšíření počtu tříd akcií a to i akcií s měnovým zajištěním, které byly poprvé představeny v říjnu 2006. Mr J. Ide, předseda jménem představenstva 12

Asian Tigers Equity Fund 30.4.2007 Asian Tigers Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h AKCIE x USD % x USD % Hong Kong (pokračování) Čí 237,500 Kerry Properties 1,194,902 0.15 892,000 Anhui Conch Cement H - 3,592,520 0.45 260,500 Kingboard Chemical Holdings 1,215,694 0.15 5,126,000 Bank of Chi 2,542,929 0.32 690,000 Lee & Man Paper Manufacturing 1,949,688 0.25 319,000 Byd 1,980,176 0.25 1,042,000 Li & Fung 3,264,056 0.41 1,987,000 Chi Coal Energy H - 1,973,980 0.25 3,939,000 Meadville Holdings 866,240 0.11 11,663,000 Chi Construction Bank H - 7,127,907 0.90 2,430,000 Minth Group 2,703,021 0.34 3,313,000 Chi Life Insurance H - 10,314,406 1.30 1,937,000 New World Development 4,532,153 0.57 1,169,000 Chi Molybdenum H - 1,865,318 0.24 2,393,000 Shui On Land 2,065,239 0.26 2,322,000 Chi Oilfield Services 1,989,119 0.25 1,392,000 Shun Tak Holdings 1,954,184 0.25 8,010,000 Chi Petroleum & Chemical H - 7,035,793 0.89 316,000 Sun Hung Kai Properties 3,696,852 0.47 6,492,000 Chi Telecom H - 3,096,073 0.39 566,000 Wharf Holdings 2,098,642 0.27 205,000 Country Garden Holdings 184,785 0.02 215,000 Wing Hang Bank 2,583,986 0.33 4,114,000 Dongfeng Motor Group H - 2,203,952 0.28 134,480,953 17.00 60,200 Focus Media Holding ADR - 2,227,400 0.28 Indie 511,000 Foxconn Intertiol Holdings 1,541,902 0.20 43,261 Aban Offshore 2,741,701 0.35 5,648,000 Guangshen Railway H - 4,195,606 0.53 295,681 Aptech 2,355,973 0.30 1,624,000 Guangzhou Pharmaceutical 1,162,781 0.15 58,000 Bharat Heavy Electricals 3,499,150 0.44 1,310,000 Guangzhou Shipyard Intertiol 4,555,794 0.58 195,000 Century Textile & Industries 2,930,444 0.37 12,826,000 Industrial & Commercial Bank of 7,051,533 0.89 169,031 ICICI Bank 3,558,105 0.45 Chi H - 196,562 Infosys Technologies 9,782,288 1.23 1,361,000 Jiangxi Copper H - 1,966,348 0.25 1,696,015 Infrastructure Development 3,969,309 0.50 3,608,000 Maanshan Iron & Steel H - 2,514,125 0.32 Fince 326,000 Parkson Retail Group 2,325,817 0.29 115,373 Maharashtra Seamless 1,574,159 0.20 661,000 Ping An Insurance Group of Chi 3,536,883 0.45 136,314 NIIT Technologies 1,505,775 0.19 H - 458,245 Reliance Communications 5,284,447 0.67 3,438,000 Sinopec Shanghai Petrochemical 1,973,677 0.25 303,364 Reliance Industries 11,561,564 1.46 H - 274,414 Satyam Computer Services 3,163,856 0.40 1,500,000 Synear Food Holdings 1,885,241 0.24 397,000 Yangzijiang Shipbuilding Holdings 344,831 0.04 3,119,000 Zhejiang Glass H - 1,977,975 0.25 487,200 ZTE H - 2,279,881 0.29 83,446,752 10.55 Hong Kong 1,478,000 AAC Acoustic Technology Holdings 245,500 ASM Pacific Technology 1,556,887 0.20 664,829 Bank of East Asia 4,114,141 0.52 1,675,000 BOC Hong Kong Holdings 4,137,574 0.52 439,000 Cathay Pacific Airways 1,150,647 0.15 1,109,000 Cheung Kong Holdings 14,519,623 1.83 310,000 Chi Infrastructure Machinery 592,156 0.07 Holdings 888,000 Chi Insurance Intertiol 1,109,255 0.14 Holdings 760,000 Chi Mengniu Dairy 2,298,098 0.29 2,584,500 Chi Mobile Hong Kong 23,560,793 2.98 1,554,000 Chi Overseas Land & Investment 3,767,000 Chi Power Intertiol Development 1,809,204 Chinese Estates Holdings 2,521,377 0.32 508,500 CLP Holdings 3,728,621 0.47 687,500 Esprit 8,394,598 1.06 1,600,000 Guangzhou Investment 378,456 0.05 1,885,000 Hang Lung Properties 5,639,636 0.71 287,000 Henderson Land Development 1,726,495 0.22 722,000 Hengan Intertiol Group 2,307,815 0.29 1,738,884 Hong Kong & Chi Gas 4,135,303 0.52 680,000 Hong Kong Exchanges and Clearing 307,000 Hopewell Holdings 1,344,382 0.17 999,000 Hutchison Whampoa 9,681,854 1.22 729,000 Industrial & Commercial Bank of Chi 177,789 Tata Motors 3,228,603 0.41 183,876 Unitech 1,889,428 0.24 57,044,802 7.21 Indonésie 1,500,000 Astra Intertiol 2,419,355 0.31 10,951,500 Bakrie Sumatera Plantations 1,748,285 0.22 1,390,836 0.18 3,138,500 Bank Central Asia 1,831,339 0.23 2,936,000 Bank Mandiri Persero 985,886 0.12 21,958,500 Ciputra Surya 3,118,624 0.39 6,480,000 Summarecon Agung 841,837 0.11 5,536,500 Telekomunikasi Indonesia 6,339,271 0.80 17,284,597 2.18 Kanál Jersey 1,500,000 Asea Properties 1,620,000 0.21 1,620,000 0.21 Korea 2,648 Amorepacific 1,713,161 0.22 92,260 Cheil Industries 3,504,988 0.44 77,750 Dacom 1,921,816 0.24 1,901,458 0.24 85,520 Daegu Bank 1,419,972 0.18 105,680 Daewoo Securities 2,311,218 0.29 1,974,710 0.25 105,380 Daewoo Shipbuilding & Marine 4,286,548 0.54 Engineering 96,200 Daishin Securities 2,357,184 0.30 30,926 Daum Communications 2,309,895 0.29 38,742 DC Chemical 5,537,545 0.70 43,240 Dongbu Insurance 1,270,945 0.16 80,290 Dongkuk Steel Mill 2,208,946 0.28 358,930 F&F 1,803,329 0.23 79,585 GS Engineering & Construction 7,962,777 1.01 50,800 GS Holdings 2,317,528 0.29 6,551,127 0.83 70,060 Ha Fincial Group 3,689,350 0.47 46,410 Hanjin Shipping 2,039,945 0.26 49,920 Hankook Tire 920,073 0.12 81,220 Hanwha Chem 1,379,125 0.17 1,640,454 0.21 16,347 Hom Petrochemical 1,361,518 0.17 13

Asian Tigers Equity Fund 30.4.2007 Asian Tigers Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h Korea (pokračování) 27,480 Hyundai Engineering & Construction 1,653,821 0.21 37,308 Hyundai Heavy Industries 9,482,367 1.20 25,454 Hyundai Mipo Dockyard 5,197,485 0.66 68,990 Hyundai Motor Pref. - 2,253,945 0.28 81,140 Industrial Bank Of Korea 1,639,368 0.21 164,412 Kookmin Bank 14,753,790 1.86 86,350 Korean Reinsurance 1,108,955 0.14 67,636 KT&G 4,877,352 0.62 54,980 LG Chem 3,220,215 0.41 86,977 LG Electronics 5,851,435 0.74 84,980 LG Petrochemical 2,876,808 0.36 35,290 NHN 5,575,099 0.70 41,066 POSCO 17,366,439 2.20 26,256 Samsung Electronics 16,196,608 2.05 51,047 Samsung Electronics Pref. - 24,165,721 3.05 16,080 Samsung Fire & Marine Insurance 2,868,651 0.36 113,630 Samsung Heavy Industries 3,748,996 0.47 69,414 Samsung Securities 4,102,923 0.52 97,476 Shinhan Fincial Group 5,541,623 0.70 9,455 Shinsegae 6,462,526 0.82 52,154 SK 5,717,042 0.72 1 Telcoware 12 0.00 58,040 Woori Fince Holdings 1,453,339 0.18 96,540 Woori Investment & Securities 2,256,577 0.29 198,686,960 25.11 Malajsie 1,964,500 E&O Property Development 2,066,686 0.26 1,317,000 Gamuda Bhd 3,021,172 0.38 1,860,000 Genting 4,620,105 0.58 1,798,300 IGB 1,497,707 0.19 342,900 IOI 2,530,165 0.32 640,400 Lion Diversified Holdings 1,618,779 0.20 1,502,700 Malaysian Airline System BHD 2,546,949 0.32 1,156,800 Maxis Communications Bhd 4,394,623 0.56 2,295,200 Public Bank BHD 6,707,189 0.85 3,681,100 Sarawak Energy 2,420,361 0.31 552,400 Ta Ann Holdings 1,727,259 0.22 400,000 Top Glove 1,057,861 0.13 700,000 Zelan 2,413,793 0.31 36,622,649 4.63 Pákistán 265,250 Askari Commercial Bank 415,294 0.05 415,294 0.05 Filipíny 165,000 Ayala 2,079,395 0.26 2,030,200 Ayala Land 746,240 0.10 69,920 Globe Telecom 1,806,377 0.23 51,420,000 Megaworld 3,510,082 0.44 x USD % x USD % Singapur (pokračování) 3,600,000 FJ Benjamin Holdings 2,013,555 0.25 849,000 KS Energy Services 1,743,028 0.22 1,983,000 Labroy Marine 3,040,330 0.38 4,064,000 Macarthurcook Industrial REIT 3,048,602 0.39 1,073,000 Neptune Orient Lines 2,541,817 0.32 1,040,000 Olam Intertiol 2,162,532 0.27 503,000 SembCorp Marine 1,198,171 0.15 970,000 Singapore Exchange 4,723,301 0.60 3,290,000 Singapore Telecommunications 7,187,471 0.91 2,448,000 STATS ChipPAC 2,963,953 0.37 3,757,000 Straits Asia Resources 2,496,920 0.32 705,000 United Overseas Bank 9,927,617 1.26 1,082,000 UOL Group 3,460,236 0.44 3,073,000 Yanlord Land Group 4,812,621 0.61 77,316,766 9.77 Taiwan 1,249,000 Acer 2,384,368 0.30 2,673,000 Advanced Semiconductor 3,088,967 0.39 Engineering 2,776,000 AU Optronics 4,391,205 0.56 2,989,867 Cathay Fincial Holding 6,084,645 0.77 2,767,000 Chi Mei Optoelectronics 3,118,694 0.39 5,326,000 Chi Steel 6,042,917 0.76 3,897,000 Chitrust Fincial Holding 3,070,530 0.39 1,233,000 Chunghwa Telecom 2,335,318 0.30 457,000 E-LIFE MALL 820,297 0.10 2,976,000 Episil Technologies 2,541,376 0.32 2,270,000 Far Eastern Textile 2,074,755 0.26 2,012,000 Far EasTone Telecommunications 2,270,751 0.29 3,722,115 First Fincial Holding 2,569,634 0.32 2,185,000 Formosa Chemicals & Fibre 4,066,275 0.51 1,603,000 Formosa Petrochemical 3,440,275 0.44 2,951,700 Formosa Taffeta 2,680,102 0.34 175,000 Foxconn Technology 1,657,262 0.21 692,000 G Shank Enterprise 1,159,028 0.15 1,604,000 Gemtek Technology 4,130,906 0.52 11,605,000 HannStar Display 2,208,452 0.28 129,000 High Tech Computer 1,936,036 0.24 2,432,395 HON HAI Precision Industry 16,171,917 2.04 1,003,000 InnoLux Display 2,878,144 0.36 2,635,000 Inventec 1,953,580 0.25 731,300 MediaTek 9,175,411 1.16 1,195,000 Mustang Industrial 916,458 0.12 136 Polaris Securities 57 0.00 914,000 Powertech Technologies 3,429,335 0.43 3,300,000 Shin Kong Fincial Holding 3,070,643 0.39 4,142,000 Tain Spinning 1,889,763 0.24 1,972,000 Taiwan Cement 1,760,952 0.22 634,000 Taiwan Fertilizer 1,162,744 0.15 1,170,300 Metropolitan Bank & Trust 1,536,311 0.19 13,094,560 Taiwan Semiconductor 27,002,334 3.41 69,590 Philippines Long Distance 3,712,636 0.47 Manufacturing Telephone 3,096,000 Teco Electric & Machinery 1,603,038 0.20 313,030 SM Investments 2,350,519 0.30 1,762,000 Tung Ho Steel Enterprise 1,956,867 0.25 1,703,400 SM Prime Holdings 411,449 0.05 980,000 Wistron 1,464,904 0.19 16,153,009 2.04 136,507,940 17.25 Singapur Thajsko 1,568,000 Ascendas Real Estate Investment 2,682,635 0.34 15,000,000 Asian Property Development 2,018,692 0.25 Trust NVDR- 2,797,000 Ascott Residence Trust 3,588,965 0.45 185,400 Banpu 1,151,586 0.15 1,096,000 CapitaMall Trust 2,870,356 0.36 1,770,000 Chartered Semiconductor 1,653,879 0.21 Manufacturing 449,200 City Developments 4,758,913 0.60 745,000 DBS Group Holdings 10,441,864 1.32 14

Asian Tigers Equity Fund 30.4.2007 Asia Pacific High Dividend Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h x USD % Thajsko (pokračování) 1,113,700 Kasikornbank 2,273,837 0.29 382,100 PTT 2,417,311 0.30 7,861,426 0.99 AKCIE CELKEM 767,441,148 96.99 PŘEVODITELNÉ CENNÉ PAPÍRY A INSTRUMENTY PENĚŽNÍHO TRHU REGISTROVANÉ NA BURZE NEBO OBCHODOVANÉ NA JINÉM REGULOVANÉM TRHU CELKEM 767,441,148 96.99 INVESTICE DO CEN. PAPÍRŮ CELKEM 767,441,148 96.99 OSTATNÍ AKTIVA MINUS PASIVA 23,779,443 3.01 ČISTÁ AKTIVA CELKEM 791,220,591 100.00 15 AKCIE x USD % Austrálie 43,274 Australia & New Zealand Banking Group 1,094,621 4.02 93,261 AXA Asia Pacific Holdings 568,997 2.09 25,452 Babcock & Brown 624,321 2.29 30,968 Billabong Intertiol 422,730 1.55 419,798 Boart Longyear Group 670,884 2.46 64,575 Bradken 513,840 1.89 8,481 Cochlear 445,786 1.64 27,301 Commonwealth Bank of Australia 1,197,781 4.40 83,757 Downer EDI 515,892 1.89 8,742 Incitec Pivot 347,885 1.28 31,096 Jubilee Mines NL 429,654 1.58 12,601 Macquarie Bank 918,682 3.37 39,028 QBE Insurance Group 1,014,830 3.72 9,996 Rio Tinto Ltd 675,514 2.48 53,189 Toll Holdings 977,080 3.59 45,995 Transfield Services 487,737 1.79 29,795 United Group 386,630 1.42 38,348 Woolworths 904,902 3.32 40,725 WorleyParsons 909,468 3.34 13,107,234 48.12 Čí 432,000 Chi Communications 567,807 2.08 Construction H - 760,000 PICC Property & Casualty H - 457,676 1.68 724,000 Zijin Mining Group H - 423,963 1.56 1,449,446 5.32 Hong Kong 59,500 Chi Mobile Hong Kong 542,413 1.99 30,000 Esprit 366,310 1.34 22,500 Hong Kong Exchanges and 216,765 0.80 Clearing 104,200 Li & Fung 326,406 1.20 1,451,894 5.33 Indonésie 94,500 Telekomunikasi Indonesia 108,202 0.40 108,202 0.40 Japonsko 8,050 Canon 457,383 1.68 52,000 Marubeni 317,644 1.16 1,100 Nintendo 356,219 1.31 5,000 Takeda Pharmaceutical 323,417 1.19 6,700 Tokyo Electric Power 222,016 0.81 2,000 Toyota Motor 121,836 0.45 1,798,515 6.60 Korea 9,060 Cheil Industries 344,192 1.26 8,110 Daegu Bank 134,658 0.49 17,280 Dongkuk Steel Mill 475,409 1.75 5,047 GS Engineering & Construction 504,971 1.85 8,210 Hanjin Shipping 360,870 1.33 1,439 Hyundai Mipo Dockyard 293,831 1.08 2,376 Kookmin Bank 213,214 0.78 1,407 POSCO 595,008 2.18 8,137 SFA Engineering 358,098 1.32 10,320 Woori Investment & Securities 241,225 0.89 3,521,476 12.93 Malajsie 26,400 IOI 194,798 0.72 194,798 0.72 Pákistán 69,600 Engro Chemical Pakistan 235,213 0.86 251,500 Kot Addu Power 258,778 0.95

Asia Pacific High Dividend Equity Fund 30.4.2007 Asia Pacific Property Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h x USD % AKCIE x USD % Pákistán (pokračování) 101,000 Oil & Gas Development 204,765 0.75 Austrálie 223,500 Pakistan Industrial Credit and 243,420 0.90 629,106 CFS Retail Property Trust 589,091 2.73 Investment 486,796 Challenger Diversified Property 219,813 1.02 942,176 3.46 Group Filipíny 672,144 DB RREEF Trust 493,722 2.29 6,860 Philippines Long Distance 365,982 1.34 210,644 General Property Trust 426,927 1.98 Telephone 217,342 Westfield Group 1,870,553 8.68 365,982 1.34 3,600,106 16.70 Singapur Hong Kong 423,000 Cityspring Infrastructure Trust 384,115 1.41 39,000 DBS Group Holdings 546,621 2.01 201,000 First Ship Lease Trust 187,935 0.69 131,000 SembCorp Marine 312,049 1.14 1,430,720 5.25 Taiwan 203,000 Ambassador Hotel 219,357 0.81 89,000 Asustek Computer 204,097 0.75 244,000 Chi Steel 276,844 1.02 39,051 HON HAI Precision Industry 259,633 0.95 25,000 MediaTek 313,668 1.15 331,000 Sanyang Industrial 204,668 0.75 225,000 Tung Ho Steel Enterprise 249,884 0.92 204,000 Wistron 304,939 1.12 2,033,090 7.47 AKCIE CELKEM 26,403,533 96.94 PŘEVODITELNÉ CENNÉ PAPÍRY A INSTRUMENTY PENĚŽNÍHO TRHU REGISTROVANÉ NA BURZE NEBO OBCHODOVANÉ NA JINÉM REGULOVANÉM TRHU CELKEM 26,403,533 96.94 448,000 Champion REIT 128,880 0.60 70,000 Cheung Kong Holdings 458,239 2.13 780,000 Hang Lung Properties 1,166,821 5.41 218,000 Henderson Land Development 655,707 3.04 169,000 Kerry Properties 425,133 1.97 630,000 New World Development 737,030 3.42 990,000 Shui On Land 427,202 1.98 124,000 Sun Hung Kai Properties 725,332 3.36 4,724,344 21.91 Japonsko 90 Creed Office Investment 257,939 1.20 96 Japan Hotel and Resort 285,980 1.33 126 Joint Reit Investment 336,864 1.56 110 Kenedix Realty Investment 420,652 1.95 108,000 Mitsubishi Estate 1,662,859 7.71 130,000 Mitsui Fudosan 1,881,930 8.73 50 Mori Hills REIT Investment 271,955 1.26 52 Nippon Accommodations Fund 203,205 0.94 346 Nippon Commercial Investment 872,926 4.05 194 Nippon Residential Investment 621,748 2.89 78,000 Sumitomo Realty & Development 1,429,396 6.63 84,000 Tokyo Tatemono 578,135 2.68 INVESTICE DO CEN. PAPÍRŮ CELKEM 26,403,533 96.94 106,000 Tokyu Land 598,720 2.78 OSTATNÍ AKTIVA MINUS PASIVA 834,319 3.06 Singapur 9,422,309 43.71 ČISTÁ AKTIVA CELKEM 27,237,852 100.00 358,000 Ascendas Real Estate Investment 306,245 1.42 Trust 278,000 Banyan Tree Holdings 214,029 0.99 286,000 CapitaCommercial Trust 265,355 1.23 178,000 CapitaLand 497,796 2.31 310,000 CapitaMall Trust 405,935 1.88 262,000 Frasers Centrepoint Trust 147,404 0.68 420,000 Suntec Real Estate Investment 281,898 1.31 Trust 412,000 Yanlord Land Group 322,616 1.50 2,441,278 11.32 Thajsko 814,800 Asian Property Development 54,828 0.26 NVDR- 54,828 0.26 AKCIE CELKEM 20,242,865 93.90 PŘEVODITELNÉ CENNÉ PAPÍRY A INSTRUMENTY PENĚŽNÍHO TRHU REGISTROVANÉ NA BURZE NEBO OBCHODOVANÉ NA JINÉM REGULOVANÉM TRHU CELKEM 20,242,865 93.90 INVESTICE DO CEN. PAPÍRŮ CELKEM 20,242,865 93.90 OSTATNÍ AKTIVA MINUS PASIVA 1,315,491 6.10 ČISTÁ AKTIVA CELKEM 21,558,356 100.00 16

Biotech Fund 30.4.2007 Brazil Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h AKCIE Dánsko AKCIE Brazílie x USD % 40,737 Genmab 2,104,806 7.96 166,700 All America Lati Logistica 1,945,448 3.32 2,104,806 7.96 233,940 Banco Bradesco Sp. ADR - 4,964,207 8.48 Švýcarsko 65,035 Banco Itau Holding Finciera 2,509,050 4.29 55,835 Arpida 1,078,155 4.07 ADR - 9,252 Speedel Holding 985,963 3.73 47,500 Banco Sofisa 280,443 0.48 2,064,118 7.80 15,900 Bradespar Pref. - 531,956 0.91 Velká Británie 77,700 Cia de Concessoes Rodoviarias 1,214,528 2.08 255,279 Alizyme 434,862 1.64 2,513,000 Cia de Gas de Sao Paulo Pref - 529,183 0.90 434,862 1.64 4,242,700 Companhia de Bebidas das 2,473,604 4.23 USA Americas Pref. - 73,831 Alkermes 888,839 3.36 26,340 Companhia de Saneamento Basico 910,047 1.55 57,488 Amgen 2,701,799 10.21 do Estado de Sao Paulo ADR - 35,021 Amylin Pharmaceuticals 1,060,574 4.01 19,230 Companhia Energetica de Mis 997,460 1.70 39,169 Celgene 1,755,322 6.64 Gerais ADR - 48,869 Coley Pharmaceutical Group 355,932 1.35 46,625 Companhia Siderurgica Naciol 2,005,341 3.43 126,900 CV Therapeutics 783,856 2.96 ADR - 19,371 Genentech 1,135,363 4.29 58,120 Companhia Vale do Rio Doce 2,360,253 4.03 45,888 Genzyme 2,195,967 8.30 ADR - 32,193 Gilead Sciences 1,927,688 7.29 68,430 Companhia Vale do Rio Doce Sp. 2,339,622 4.00 134,916 Human Genome Sciences 1,064,697 4.03 ADR - 47,000 InterMune 995,618 3.76 40,000 Iomai 147,133 0.56 17,717 Medimmune 735,812 2.78 35,161 Momenta Pharmaceuticals 405,005 1.53 69,000 Nuvelo 189,595 0.72 184,248 Pacos Pharmaceuticals 642,624 2.43 69,665 PDL BioPharma 1,289,422 4.87 132,328 Senomyx 1,306,070 4.94 41,221 Telik 180,318 0.68 42,538 Theravance 1,032,632 3.90 25,043 United Therapeutics 1,025,942 3.88 31,690 CPFL Energia ADR - 1,499,254 2.56 14,000 Cremer 120,541 0.21 45,900 Diagnosticos da America 993,653 1.70 47,500 Duratex Pref. - 1,051,894 1.80 98,700 EDP Energias do Brasil 1,578,229 2.70 78,000 Gafisa 1,098,332 1.88 399,800 Investimentos Itau Pref - 2,401,751 4.10 69,750 Lojas Renner 986,624 1.69 363,100 Marcopolo Pref - 1,132,622 1.94 71,800 Medial Saude 1,024,453 1.75 88,700 Natura Cosmeticos 1,043,016 1.78 21,820,208 82.49 144,850 NET Servicos de Comunicacao 2,216,401 3.79 Pref - AKCIE CELKEM 26,423,994 99.89 48,300 Odontoprev 1,088,384 1.86 PŘEVODITELNÉ CENNÉ PAPÍRY A INSTRUMENTY 26,423,994 99.89 21,675 Petroleo Brasileiro ADR - 2,194,160 3.75 21,850 Petroleo Brasileiro ADR Pref. - 1,949,457 3.33 PENĚŽNÍHO TRHU REGISTROVANÉ NA BURZE NEBO 96,800 Sao Martinho 1,253,042 2.14 OBCHODOVANÉ NA JINÉM REGULOVANÉM TRHU 47,500 Suzano Papel e Celulose 502,226 0.86 CELKEM INVESTICE DO CEN. PAPÍRŮ CELKEM 26,423,994 99.89 OSTATNÍ AKTIVA MINUS PASIVA 29,351 0.11 ČISTÁ AKTIVA CELKEM 26,453,345 100.00 31,000 Suzano Papel e Celulose 327,769 0.56 30,700 Tele Norte Leste Participacoes 1,019,557 1.74 242,800,000 Tim Participacoes 1,260,290 2.15 39,900 Totvs 1,159,014 1.98 33,900 Ultrapar Participacoes Pref - 1,050,775 1.80 25,555 Uniao de Bancos Brasileiros 2,480,368 4.24 GDR - 49,570 Usis Siderurgicas de Mis 2,353,508 4.02 Gerais Pref. A - 25,995 Votorantim Celulose e Papel 519,380 0.89 ADR - 60,400 Weg Pref - 499,247 0.85 55,865,089 95.47 AKCIE CELKEM 55,865,089 95.47 PŘEVODITELNÉ CENNÉ PAPÍRY A INSTRUMENTY PENĚŽNÍHO TRHU REGISTROVANÉ NA BURZE NEBO OBCHODOVANÉ NA JINÉM REGULOVANÉM TRHU CELKEM 55,865,089 95.47 17

Brazil Equity Fund 30.4.2007 Chi Equity Fund 30.4.2007 Počet registrované burze nebo obchodované jiném Počet registrované burze nebo obchodované jiném aktivec h AKCIE Brazílie 105,000 Agra Empreendimentos Imobiliarios x USD % 485,609 0.83 485,609 0.83 AKCIE CELKEM 485,609 0.83 PRÁVA Brazílie 20,010 Companhia de Bebidas das Americas Rights - 1,013 0.00 1,013 0.00 PRÁVA CELKEM 1,013 0.00 OSTATNÍ PŘEVODITELNÉ CEN. PAPÍRY CELKEM 486,622 0.83 INVESTICE DO CEN. PAPÍRŮ CELKEM 56,351,711 96.30 OSTATNÍ AKTIVA MINUS PASIVA 2,163,345 3.70 ČISTÁ AKTIVA CELKEM 58,515,056 100.00 AKCIE Čí x USD % 5,092,000 Aluminum Corp of Chi H - 5,976,610 0.61 3,174,000 Anhui Conch Cement H - 12,783,251 1.29 27,286,000 Bank of Chi 13,536,158 1.37 7,000,000 Bank of Communications H - 7,419,530 0.75 23,000,000 Chi Communications 30,230,462 3.06 Construction H - 102,157,000 Chi Construction Bank H - 62,433,813 6.32 17,170,000 Chi Life Insurance H - 53,455,586 5.41 8,258,000 Chi Merchants Bank H - 20,419,974 2.07 7,290,000 Chi Molybdenum H - 11,632,309 1.18 3,516,093 Chi Natiol Medicines A - 15,572,514 1.58 34,816,000 Chi Oilfield Services 29,824,798 3.02 65,562,000 Chi Petroleum & Chemical H - 57,588,102 5.83 4,250,000 Chi Shipping Development H - 8,085,664 0.82 63,304,000 Chi Telecom H - 30,190,049 3.06 8,050,000 COSCO Holdings H - 7,369,410 0.75 5,752,934 Daqin Railway A - 10,984,782 1.11 13,728,000 Dongfeng Motor Group H - 7,354,364 0.74 35,048,000 Guangshen Railway H - 26,035,337 2.64 3,704,000 Guangzhou Pharmaceutical 2,652,057 0.27 3,084,000 Harbin Power Equipment H - 3,619,769 0.37 103,129,000 Industrial & Commercial Bank of 56,698,699 5.74 Chi H - 5,255,000 Jiangxi Copper H - 7,592,329 0.77 14,000,000 Maanshan Iron & Steel H - 9,755,474 0.99 800,000 Offshore Oil Engineering A - 3,644,907 0.37 34,600,000 PetroChi H - 39,416,461 3.99 5,696,500 Ping An Insurance Group of Chi 30,480,873 3.09 H - 2,429,862 Shanghai Pudong Development 8,484,441 0.86 Bank A - 2,677,800 Shanghai Zhenhua Port Machinery 4,528,160 0.46 B - 16,300,000 Sinopec Shanghai Petrochemical 9,357,456 0.95 H - 18,000,000 Win Hanverky Holdings 7,410,580 0.75 165,800 Xinhua Fince Media ADR - 1,856,960 0.19 530,000 Yangzijiang Shipbuilding Holdings 460,354 0.05 1,493,440 Zhongjin Gold A - 8,915,394 0.90 25,334,500 Zijin Mining Group H - 14,835,481 1.50 2,891,200 ZTE H - 13,529,541 1.37 634,131,649 64.23 Hong Kong 8,960,000 AAC Acoustic Technology 8,431,593 0.85 Holdings 13,293,000 Chi Agri-Industries Holdings 10,860,447 1.10 15,492,000 Chi Everbright 19,886,806 2.01 4,834,000 Chi Infrastructure Machinery 9,233,813 0.94 Holdings 408,000 Chi Mengniu Dairy 1,233,716 0.12 2,900,000 Chi Merchants Holdings 12,717,916 1.29 Intertiol 5,440,000 Chi Mobile Hong Kong 49,592,073 5.02 5,000,000 Chi Netcom Group Hong Kong 12,376,538 1.25 9,732,000 Chi Overseas Land & 11,907,974 1.21 Investment 12,000,000 Chi Power Intertiol 6,290,555 0.64 Development 8,088,000 Chi Resources Enterprise 27,352,098 2.77 2,500,000 Chi Resources Power Holdings 4,449,417 0.45 7,000,000 Chi Travel Intertiol 3,025,092 0.31 11,966,000 Chi Unicom 17,563,648 1.78 18