BONDS

AAA

CURRENCY	VALEUR	RATES	NAME	RATING	REDUMPT.	PRICE	YIELD
EUR	842204	5.00%	BNG	AAA	25.04.2005	101.35	4.515%
EUR	971407	3.875%	EIB	AAA	15.04.2005	98.37	4.466%
USD	1230668	5.00%	DANEMARK	AAA	10.11.2004	102.35	4.023%
USD	963507	5.00%	WORLD BANK	AAA	04.11.2005	101.70	4.473%
GBP	180596	6.00%	EIB	AAA	26.11.2004	101.75	5.269%
GBP	871568	6.375%	BNG	AAA	30.03.2005	102.65	5.386%

CURRENCY	VALEUR	RATES	NAME	RATING	REDUMPT.	PRICE	YIELD
EUR	694689	3.50%	DEUT.BANK	AA	28.04.2004	98.48	4.291%
EUR	1096256	5.875%	COCA-COLA	AA	04.07.2005	102.67	4.960%
USD	1317455	4.625%	SW.EXP.CRED.	AA	06.11.2006	98.00	5.127%
USD	845807	6.00%	SIEMENS	AA	11.02.2008	101.30	5.732%
GBP	977802	5.75%	HALIFAX	AA	04.12.2003	100.90	5.166%
GBP	843708	6.50%	BMW	AA	10.08.2004	102.40	5.377%

HIGH YIELD

CURRENCY	VALEUR	RATES	NAME	RATING	REDUMPT.	PRICE	YIELD
EUR	552176	6.70%	MICHELIN	BBB	19.02.2006	102.50	5.65%
EUR	729572	6.75%	SOUTH AFRICA	BBB-	19.05.2006	100.25	6.67%
USD	88700	6.625%	GEN.MOTORS	A2	15.10.2005	101.50	6.24%
USD	273849	7.50%	FORD	A3	15.06.2004	103.58	5.75%
GBP	602860	7.50%	VODAFONE	A2	19.03.2004	102.75	5.94%
GBP	813535	6.07%	BRITISH ENER.	A3	25.03.2006	97.65	6.77%

Neither the information, nor the opinion expressed, constitutes a solicitation by us of the purchase or sale of any securities or options thereon. The information and statistics contained herein were compiled from sources we believe to be reliable, but we do not guarantee their accuracy.