JI Emerging Markets Bond Fund - Jyske Invest

Obligationer
J.I. Danish Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 DKK) Beholdning Kurs
Valutakurs
6% Dansk Statslån st. 2009 43.000 111,02 100 47.738,60
38.800 106,92 100
6% Dansk Statslån st. 2011 36.000 115,73 100 41.662,80
25.000 109,79 100
4% Nykredit 90D 2008 25.000 101,95 100 25.487,50
25.000 100,425 100
4% BRFkredit 321.B.RTL 2008 13.000 101,91 100 13.248,30
13.000 100,41 100
4% Danm.Skibsk.DSF SKE 2009 11.254 102,8 100 11.569,51
11.254 100,1 100
7% Dansk Statslån St. 2024 16.000 147,28 100 23.564,80
7.000 132,92 100
5% Realkr. Danm. 22D 2025 10.301 102,761 100 10.585,87
8.993 100,75 100
4% BRFkredit 111. B 2035 9.910 97 100 9.612,67
9.817 90,75 100
4% Nykredit 03 D 2035 9.904 97,2 100 9.626,44
9.807 90,575 100
5% Nykredit 3C s. 2029 9.501 102,75 100 9.761,99
7.991 100,6 100
5% Realkr. Danm. 23.s 2029 6.649 102,975 100 6.846,75
5.840 100,63 100
5% Dansk Statslån st. 2013 5.000 112,43 100 5.621,50
5.000 105,97 100
3,5197% Totalkredit 30C. CF 2038 4.950 94,7 100
5% Danske Kredit ann. 2019 2.155 102,575 100 2.210,27
1.813 101,8 100
6% Realkr. Danm. 26D 2017 2.102 104,5 100 2.196,67
1.708 104,15 100
5% Unikredit 29æ 2029 1.706 102,975 100 1.757,15
1.388 100,5 100
4% Dansk Statslån st. 2010 1.000 104,45 100 1.044,50
1.000 100,61 100
4% Dansk Statslån st. 2015 1.000 105,7 100 1.057,00
1.000 98,96 100
6% Nykredit 05A 2017 1.064 103,53 100 1.101,07
785 103,5 100
6% Unikredit 2017 916 103,75 100 950,30
723 103,85 100
J.I. Danish Bond Fund
Markedsværdi
(1.000 DKK)
41.484,96
27.447,50
25.106,25
13.053,30
11.265,64
9.304,40
9.060,04
8.908,55
8.882,47
8.038,79
5.876,33
5.298,50
4.687,86
1.846,06
1.778,75
1.394,92
1.006,10
989,60
812,95
750,92
Side 1 af 100

Udtrukne obligationer
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 DKK) Beholdning Kurs
Valutakurs
5% Realkr. Danm. 22D 2025 1.727.406 100 100 1.727,41
494.404 100 100
5% Udtrfk for Nykredit 3C s. 2.233.930 100 100 2.233,93
470.808 100 100
5% Realkr. Danm. 23.s 2029 1.209.704 100 100 1.209,70
287.180 100 100
6% Realkr. Danm. 26D 2017 467.161 100 100 467,16
224.381 100 100
5% Danske Kredit ann. 2019 579.748 100 100 579,75
117.018 100 100
5% Udtrfk for Unikredit 29æ 415.078 100 100 415,08
109.642 100 100
6% Unikredit 2017 240.587 100 100 240,59
99.179 100 100
6% Nykredit 05A 2017 169.329 100 100 169,33
76.184 100 100
4% Udtrfk for BRFkredit 111. B 49.214 100 100 49,21
46.904 100 100
4% Udtrfk for Nykredit 03 D 53.408 100 100 53,41
46.563 100 100
3,5197% Udtrfk for Totalkredit 30C. 24.682 100 100
Markedsværdi
(1.000 DKK)
Likviditet 2.351,73
1.982,16
Øvrige aktiver
Tilgodehavende renter 3.069,98
4.314,60
Markedsværdi i alt
J.I. Danish Bond Fund
-1.400,40
236.810,56
494,40
470,81
287,18
224,38
117,02
109,64
99,18
76,18
46,90
46,56
24,68
0,00
195.287,62
Side 2 af 100

Obligationer
J.I. Swedish Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 SEK) Beholdning Kurs
Valutakurs
5,25% Swedish Government 2011 31.435 109,636 100 34.464,08
28.435 105,954 100
4,5% European Investment Bank 2014 13.500 107,47 100 14.508,45
13.500 102,25 100
4,5% Swedish Government 2015 9.500 109,725 100 10.423,88
9.500 103,63 100
5% Swedish Government 2020 9.770 119,08 100 11.634,12
8.770 110,0555 100
6% Spintab 2009 14.500 108,703 100 15.761,94
9.000 105,855 100
5,5% Statens Bostadsfinansier 2008 13.800 106,714 100 14.726,53
9.000 104,214 100
4,5% Nordea Hypotek 2008 14.200 103,72 100 14.728,24
9.200 101,943 100
6% Stadshypotek 2007 14.000 105,404 100 14.756,56
8.900 103,347 100
6,75% Swedish Government 2014 10.525 125,013 100 13.157,62
5.525 118,425 100
8% Swedish Government 2007 2.100 108,471 100 2.277,89
2.100 105,453 100
5% Swedish Government 2009 640 105,908 100 677,81
640 103,609 100
3,5% Swedish Government 2006 8.850 100,465 100 8.891,15
0 100 100
Markedsværdi
(1.000 SEK)
30.128,02
13.803,75
Likviditet 3.664,94
9.389,92
Øvrige aktiver
Tilgodehavende renter 3.730,64
2.490,94
Markedsværdi i alt
J.I. Swedish Bond Fund
-2.775,87
160.627,97
9.844,85
9.651,87
9.526,95
9.379,26
9.378,76
9.197,88
6.542,98
2.214,51
663,10
0,00
0,00
122.212,79
Side 3 af 100

Obligationer
J.I. British Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 GBP) Beholdning Kurs
Valutakurs
5,75% Nordic Investment Bank 2014 370 110,28 100 408,04
800 105,065 100
8,75% European Investment Bank 2017 345 139,40361 100 480,94
445 131,4192 100
5,25% Inter-American Devel. BK 2021 270 110,22 100 297,59
500 103,3 100
5,625% KFW International Finance 2009 420 104,25913 100 437,89
500 101,78214 100
5,375% World Bank 2014 300 107,31 100 321,93
440 102,23 100
5,75% Japan Finance Muni 2019 305 113,30045 100 345,57
305 106,98438 100
5,4% World Bank 2021 280 111,95585 100 313,48
280 104,95 100
4,25% UK Treasury 2055 130 102,04 100
5,75% World Bank 2032 335 124,45867 100 416,94
20 116,76501 100
5,75% Nordic Investment Bank 2008 370 103,51299 100 383,00
0 101,76536 100
Markedsværdi
(1.000 GBP)
Likviditet 132,54
47,72
Øvrige aktiver
Tilgodehavende renter 65,71
103,18
Markedsværdi i alt
J.I. British Bond Fund
100,89
3.704,51
840,52
584,82
516,50
508,91
449,81
326,30
293,86
132,65
23,35
0,00
0,00
3.827,62
Side 4 af 100

Obligationer
J.I. Dollar Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
5% US Treasury N/B 2011 760 102,96875 100 782,56
1.360 99,47 100
6,25% US Treasury 2023 720 119,625 100 861,30
720 110,26563 100
10,625% US Treasury N/B 2015 520 147,98438 100 769,52
520 139,375 100
5,75% World Bank 2008 670 102,25 100 685,08
670 100,5 100
6,25% US Treasury 2007 600 101,90625 100 611,44
600 100,54688 100
7,625% Federal Home Loan Bank 2010 400 106,91 100
7% US Treasury N/B 2006 300 100,03125 100
5,5% US Treasury 2028 325 112,625 100 366,03
250 102,73438 100
3,75% Cie Financement Foncier 2007 254 98,69 100 250,67
254 97,88 100
5,25% US Treasury 2028 286 109,25 100 312,46
236 99,546875 100
6,875% US Treasury N/B 2006 550 100,92969 100 555,11
0 100,00781 100
5,625% US Treasury N/B 2006 730 100,1875 100 731,37
0 100,01563 100
Markedsværdi
(1.000 USD)
Likviditet 51,62
116,21
Øvrige aktiver
Tilgodehavende renter 132,82
119,57
Markedsværdi i alt
J.I. Dollar Bond Fund
0,00
6.109,97
1.352,79
793,91
724,75
673,35
603,28
427,64
300,09
256,84
248,62
234,93
0,00
0,00
0,00
5.851,98
Side 5 af 100

Obligationer
J.I. European Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
4,25% Algemeine Hypobank 2014 8.250 104,75 100 8.641,88
7.250 99,78 100
5,75% Hypo Real Estate Bank 2010 6.170 110,81 100 6.836,98
5.820 106,707 100
5,25% Depfa Pfandbriefbank 2011 6.600 110,37 100 7.284,42
5.700 105,62 100
4% Bundesrepubl. Deutschland 2037 6.500 108,08 100 7.025,20
5.800 94,37 100
5,75% Allgemeine Hypobank 2008 4.750 106,05 100 5.037,38
4.255 103,78 100
4,75% Depfa Bank 2008 4.590 103,97 100 4.772,22
3.190 102,072 100
5,625% KFW International Finance 2009 2.000 104,25913 145,5416 3.034,81
1.900 101,78214 144,648
6% Hypo Real Estate Bank 2015 2.500 121,01 100 3.025,25
2.200 112,98 100
5,75% Nordic Investment Bank 2014 1.600 110,28 145,5416 2.568,05
1.600 105,065 144,648
6,5% European Investment Bank 2007 1.986 104,215 100 2.069,51
1.986 102,165 100
5,75% Export/Import Bank Japan 2007 3.650 105,0058 51,12919 1.959,63
3.650 102,8281 51,1292
6,75% European Investment Bank 2007 1.791 103,967 100 1.862,06
1.791 101,7892 100
5,75% Japan Finance Muni 2019 1.065 113,30045 145,5416 1.756,18
1.065 106,98438 144,648
5,5% KFW International Finance 2018 1.000 119,21 100 1.192,10
1.000 110,66 100
5,75% World Bank 2032 1.130 124,45867 145,5416 2.046,87
400 116,76501 144,648
8% Swedish Government 2007 1.000 108,471 10,65238 115,55
1.000 105,453 10,8569
5,25% Swedish Government 2011 2.390 109,636 10,65238 279,12
590 105,954 10,8569
5% Swedish Government 2020 1.230 119,08 10,65238 156,02
0 110,0555 10,8569
0% European Investment Bank 2006 5.060.000 99,72 0,051646 2.605,98
0 100,48 0,05165
J.I. European Bond Fund
Markedsværdi
(1.000 EUR)
7.234,05
6.210,35
6.020,34
5.473,46
4.415,84
3.256,10
2.797,30
2.485,56
2.431,60
2.028,80
1.918,99
1.823,05
1.648,10
1.106,60
675,59
114,49
67,87
0,00
0,00
Side 6 af 100

Likviditet 1.015,17
388,90
Øvrige aktiver
Tilgodehavende renter 1.525,90
1.717,63
Markedsværdi i alt
J.I. European Bond Fund
-75,32
64.734,96
241,70
52.056,31
Side 7 af 100

Obligationer
J.I. Emerging Markets Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
9,6% Aries Vermogensverwaltung 2014 600 128,75 100 772,50
1.410 124,375 100
5,625% Republic of Chile 2007 2.036 101,382 100 2.064,14
1.640 100,1545 100
0% Republic of Argentina 2033 4.000 115,7463 32,4281
0% Blue Flag Investment 2011 1.100 104,32 100
5% Russian Federation 2030 1.245 113 100 1.406,85
1.015 106,75 100
12,75% Russian Federation 2028 320 183,75 100 588,00
625 168,75 100
9,75% State of Qatar 2030 590 153,25 100 904,18
705 140,25 100
7,5% United Mexican States 2010 677 110,38 127,866
0% Nordic Investment Bank 2008 1.365 70,44 100 961,51
1.040 79,61 100
4,75% Republic of Turkey 2012 700 100,455 117,9551 829,44
699 91,375 127,866
11,75% Republic of Colombia 2020 670 138,5 100 927,95
520 132,25 100
11,125% Republic of Venezuela 2011 435 123,125 127,866
12,5% Republic of Brazil 2016 1.250 100,4 42,81738 537,36
1.500 98,25 46,2054
7,35% Republic of Peru 2025 2.500 98,75 100 2.468,75
684 98,25 100
9% Republic of Ecuador 2030 91,5 100 0,00
600 96,75 100
6,7% Republic of Panama 2036 599 91,629 100
0% JP Morgan Chase Bk.London 2045 999 111,82 46,2054
10% Mexican Fixed Rate Bonds 2024 5.500 105,1704 8,85924
7,25% Republic of Indonesia 2015 600 103 100 618,00
460 101,25 100
7,5% Republic of Peru 2014 326 107,88 127,866
7,375% Republic of Mexico 2008 323 105,52 127,866
0% JP Morgan Chase Bk.London 2045 823 111,82 46,2054
9,625% Republic of Panama 2011 375 111 100
11% Republic of Venezuela 2008 281 110,15 127,866
J.I. Emerging Markets Bond Fund
Markedsværdi
(1.000 USD)
1.753,69
1.642,53
1.501,37
1.147,52
1.083,51
1.054,69
988,76
955,51
827,94
816,69
687,70
684,84
680,95
672,03
580,50
548,86
516,31
512,45
465,75
449,69
435,80
424,97
416,25
395,77
Side 8 af 100

0,01% Republic of Argentina 2012 700 78,8119 100 551,68
450 82,972 100
0% JP Morgan Intl. (CLN) 2010 472 79,036 100
8,25% Republic of Bulgaria 2015 575 120,875 100 695,03
320 112,875 100
11,5% Republic of Turkey 2012 400 127,125 100 508,50
310 114,625 100
11% Russian Federation 2018 300 147,625 100 442,88
230 138 100
11,85% Republic of Colombia 2028 450 133 100 598,50
225 126,5 100
0% Republic of Argentina WRT 2035 2.357 5,15 100 121,41
2.672 8,6 100
8,5% Republic of Brazil 2012 150 114 127,866
9,375% Republic of Panama 2012 190 112,5 100
11,875% Republic of Turkey 2030 350 154,25 100 539,88
140 137 100
9% Republic of Philippines 2013 230 110,875 100 255,01
175 108 100
0% Barclays Bank 2010 1.244.000 109,495 0,010162 138,42
1.244.000 124,3 0,0108
12,375% Republic of Turkey 2009 180 121,125 100 218,03
140 112,5 100
7,5% Republic of Indonesia 2016 250 104,8297 100 262,07
150 103,0355 100
6,97% Republic of Colombia 2015 200 102,5407 100 205,08
150 102,6641 100
7,125% Republic of Chile 2012 175 110,9105 100 194,09
135 105,9312 100
7,25% Republic of Uruguay 2011 182 101,75 100 185,19
142 100 100
8,28% Republic of Argentina 2033 382 84,5 100 323,05
137 99,56875 100
1,33% Republic of Argentina 2038 1.223 33,5 100 409,69
353 36,5 100
0% Credit Suisse Nassau 2007 145 79,64 100
8,375% Republic of Philipines 2011 108,25 100 0,00
110 104,5 100
0% Ivory Coast 2018 500 22 100 110,00
385 25,25 100
8% Republic of Philippines 2016 120 105,2845 100 126,34
90 103,6146 100
7,82% Republic of Argentina 2033 75 94,692688 127,866
8,5% Republic of Venezuela 2014 190 110,25 100 209,48
80 106,75 100
6,25% Central Bank of Nigeria 2020 210 100,5 100 211,05
85 99,75 100
5,25% Republic of South Africa 2013 65 101,375 127,866
8% Republic of Uruguay 2022 75 95,7611 100
7,875% Republic of Uruguay 2033 206 101,25 100 208,62
73 91,5 100
5,625% United Mexican States 2017 60 93,65 100
7,5% Republic of Uruguay 2015 103,25 100 0,00
30 97 100
J.I. Emerging Markets Bond Fund
373,37
372,95
361,20
355,34
317,40
284,63
229,83
218,65
213,75
191,80
189,00
166,93
157,50
154,55
154,00
143,01
142,00
136,72
128,83
115,48
114,95
97,21
93,25
90,81
85,40
84,79
84,26
71,82
66,89
56,19
29,10
Side 9 af 100

0% Republic of Turkey 2007 1.400 113,95 74,18398 1.183,46
0 101,45 62,9525
8,875% Republic of Brazil 2019 150 112,3 100 168,45
0 111,25 100
12,75% Republic of Brazil 2020 565 144,5 100 816,43
0 142,25 100
13% Republic of South Africa 2010 2.150 122,16 15,76665 414,10
0 115,29 14,0218
7% Republic of Turkey 2020 400 101,375 100 405,50
0 89,5 100
9% Mexican Fixed Rate 2011 7.500 104,7738 9,400572 738,70
0 102,1072 8,85924
8,5% Republic of Indonesia 2035 150 110,3363 100 165,50
0 108,9239 100
8,875% Republic of Korea 2008 100 109,9929 100 109,99
0 106,0342 100
0% Republic of Turkey 2010 500 115,3375 74,18398 427,81
0 95,5709 62,9525
8,125% United Mexican States 2019 400 123 100 492,00
0 113,25 100
8,875% Republic of Brazil 2024 280 111,75 100 312,90
0 111 100
10,625% Republic of Philippines 2025 125 127,375 100 159,22
0 124,245 100
3,75% Republic Serbia 2024 1.050 89,25 100 937,13
0 83 100
8,5% Republic of South Africa 2017 100 126,375 100 126,38
0 114,25 100
9% Government of Jamaica 2015 270 103,8975 100 280,52
0 99,5931 100
8% Mexican Fixed Rate Bonds 2013 7.400 98,6952 9,400572 686,57
0 95,1107 8,85924
8,75% Malaysia 2009 745 112,1657 100 835,63
0 107,9667 100
13,5% Republic of South Africa 2015 3.900 140,128 15,76665 861,65
0 130,5546 14,0218
8,875% Republic of Panama 2027 400 119,5 100 478,00
0 113,5 100
8,25% Republic of Brazil 2034 150 106,4 100 159,60
0 105,5 100
9,375% Republic of Philippines 2017 160 114,875 100 183,80
0 110,375 100
7,5% Malaysia 2011 105 112,472 100 118,10
0 106,7222 100
6,875% Ukrainian Government 2011 180 103,585 100 186,45
0 97,9947 100
7,75% Aries Vermogensverwaltng 2009 250 114,875 117,9551 338,75
0 111,625 127,866
5% Polish Government 2013 1.190 99,525 30,69933 363,59
0 96,225 31,3745
7,65% Ukrainian Government 2013 200 108,375 100 216,75
0 100,875 100
7,5% United Mexican States 2033 1.500 118,65 100 1.779,75
0 106,5 100
9,375% Republic of Panama 2023 1.100 125,75 100 1.383,25
0 118,5 100
9,25% Republic of Venezuela 2027 1.100 118,75 100 1.306,25
0 118 100
5,75% Polish Government 2010 1.640 102,955 30,69933 518,35
0 101,035 31,3745
14,5% Republic of Brazil 2009 405 128,5 100 520,43
0 124,65 100
J.I. Emerging Markets Bond Fund
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 10 af 100

Likviditet 504,33
2.724,55
Øvrige aktiver
Tilgodehavende renter 648,62
499,89
Markedsværdi i alt
J.I. Emerging Markets Bond Fund
35,90
36.456,50
-2.758,82
24.991,32
Side 11 af 100

Obligationer
J.I. Emerging Markets Bond Fund (Euro)
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
5,625% Republic of Chile 2007 24.960 101,382 84,778 21.453,03
19.146 100,1545 78,2070
0% Republic of Argentina 2033 43.800 115,7463 25,3610
9,6% Aries Vermogensverwaltung 2014 7.640 128,75 84,778 8.339,19
12.230 124,375 78,2070
0% Blue Flag Investment 2011 12.200 104,32 78,2070
12,75% Russian Federation 2028 3.080 183,75 84,778 4.798,01
7.385 168,75 78,2070
5% Russian Federation 2030 14.625 113 84,778 14.010,62
10.500 106,75 78,2070
0% Nordic Investment Bank 2008 13.200 70,44 84,778 7.882,73
13.525 79,61 78,2070
9,75% State of Qatar 2030 7.000 153,25 84,778 9.094,56
7.535 140,25 78,2070
7,5% United Mexican States 2010 115,15 100 0,00
7.403 110,38 100
9% Republic of Ecuador 2030 91,5 84,778 0,00
7.800 96,75 78,2070
11,75% Republic of Colombia 2020 5.070 138,5 84,778 5.953,07
5.220 132,25 78,2070
11,125% Republic of Venezuela 2011 4.361 123,125 100
8,25% Republic of Bulgaria 2015 5.600 120,875 84,778 5.738,62
5.730 112,875 78,2070
0% JP Morgan Chase Bk.London 2045 11.844 111,82 36,1358
6,7% Republic of Panama 2036 6.327 91,629 78,2070
0% JP Morgan Chase Bk.London 2045 10.992 111,82 36,1358
4,75% Republic of Turkey 2012 4.619 91,375 100
0% JP Morgan Intl. (CLN) 2010 6.438 79,036 78,2070
11,5% Republic of Turkey 2012 6.000 127,125 84,778 6.466,44
4.390 114,625 78,2070
7,5% Republic of Peru 2014 4.038 113,5 100 4.583,13
3.538 107,88 100
7,375% Republic of Mexico 2008 3.525 105,52 100
7,25% Republic of Indonesia 2015 7.000 103 84,778 6.112,49
4.340 101,25 78,2070
9,625% Republic of Panama 2011 3.925 111 78,2070
7,35% Republic of Peru 2025 17.900 98,75 84,778 14.985,57
4.192 98,25 78,2070
J.I. Emerging Markets Bond Fund (Euro)
Markedsværdi
(1.000 EUR)
14.996,65
12.857,24
11.896,12
9.953,44
9.746,30
8.766,03
8.420,75
8.264,79
8.171,43
5.901,89
5.398,98
5.369,48
5.058,22
4.785,92
4.533,95
4.441,72
4.220,61
3.979,62
3.935,41
3.816,79
3.719,58
3.436,61
3.407,28
3.221,06
Side 12 af 100

9% Republic of Philippines 2013 5.300 110,875 84,778 4.981,87
3.755 108 78,2070
10% Mexican Fixed Rate Bonds 2024 43.000 105,1704 6,92855
11% Republic of Venezuela 2008 114,25 100 0,00
2.822 110,15 100
0,01% Republic of Argentina 2012 10.000 78,8119 84,778 6.681,52
3.950 82,972 78,2070
7,75% Aries Vermogensverwaltng 2009 2.000 114,875 100 2.297,50
2.250 111,625 100
8,5% Republic of Brazil 2012 5.000 115,75 100 5.787,50
2.150 114 100
9,875% Republic of Peru 2015 600 120,25 84,778 611,67
2.600 117,25 78,2070
6,97% Republic of Colombia 2015 2.900 102,5407 84,778 2.521,03
2.950 102,6641 78,2070
11,875% Republic of Turkey 2030 5.400 154,25 84,778 7.061,58
2.010 137 78,2070
0% World Bank 2007 5.830 84,925 36,29972 1.797,25
5.830 91,715 36,1358
7,5% Republic of Uruguay 2015 0 103,25 84,778 0,25
2.490 97 78,2070
9,375% Republic of Panama 2012 2.060 112,5 78,2070
11,5% Republic of Columbia 2011 5.000 129,875 100 6.493,75
1.400 123,147 100
11% Russian Federation 2018 1.500 147,625 84,778 1.877,30
1.570 138 78,2070
0% Barclays Bank 2010 14.928.000 109,495 0,008615 1.408,20
14.928.000 124,3 0,00844
0% Republic of Argentina WRT 2035 21.391 4,95 100 1.058,84
18.391 8,4 100
7,5% Republic of Indonesia 2016 1.625 104,8297 84,778 1.444,18
1.725 103,0355 78,2070
7,82% Republic of Argentina 2033 6.265 84 100 5.262,95
1.390 94,692688 100
12,5% Republic of Brazil 2016 8.750 100,4 36,29972 3.188,93
3.700 98,25 36,1358
7,875% Republic of Uruguay 2033 4.466 101,25 84,778 3.833,51
1.826 91,5 78,2070
10,75% Republic of Venezuela 2013 5.100 123,25 84,778 5.328,93
1.300 119,05 78,2070
8% Republic of Philippines 2016 1.440 105,2845 84,778 1.285,32
1.470 103,6146 78,2070
1,2% Republic of Argentina 2038 2.799 33 100 923,67
2.799 36,125 100
8% Republic of Uruguay 2022 1.025 95,7611 78,2070
5,625% United Mexican States 2017 660 93,65 78,2070
0% Ivory Coast 2018 2.000 22 84,778 373,02
2.115 25,25 78,2070
0% Credit Suisse Nassau 2007 625 79,64 78,2070
11,85% Republic of Colombia 2028 133 84,778 0,00
225 126,5 78,2070
6,25% Central Bank of Nigeria 2020 125 99,75 78,2070
0% Republic of Argentina WRT 2035 1.185 8,6 78,2070
1,33% Republic of Argentina 2038 175 36,5 78,2070
J.I. Emerging Markets Bond Fund (Euro)
3.171,61
3.133,32
3.108,43
2.563,15
2.511,56
2.451,00
2.384,14
2.368,57
2.153,59
1.932,18
1.889,15
1.812,45
1.724,06
1.694,43
1.566,65
1.544,82
1.390,02
1.316,62
1.313,63
1.306,43
1.210,37
1.191,20
1.011,14
767,64
483,39
417,65
389,28
222,60
97,51
79,70
49,95
Side 13 af 100

11% Republic of Brazil 2012 174 122,25 84,778 180,34
0 119,5 78,2070
9,25% Republic of Venezuela 2027 6.918 118,75 84,778 6.964,62
0 118 78,2070
8,5% Polish Government 2006 5.575 103,495 26,02628 1.501,68
0 101,515 24,5371
5,5% Republic of Chile 2013 154 102,4022 84,778 133,69
0 98,428 78,2070
9,5% Republic of Turkey 2011 2.000 123,525 100 2.470,50
0 112,125 100
13% European Investment Bank 2010 3.000 119,4378 13,36665 478,95
0 111,6294 10,9660
8,25% Republic of Brazil 2034 1.750 106,4 84,778 1.578,57
0 105,5 78,2070
8,125% United Mexican States 2019 5.000 123 84,778 5.213,85
0 113,25 78,2070
9,375% Republic of Philippines 2017 69 114,875 84,778 67,20
0 110,375 78,2070
12,75% Republic of Brazil 2020 4.674 144,5 84,778 5.725,85
0 142,25 78,2070
15% World Bank 2010 1.800 110,5 62,89169 1.250,92
0 93,87 49,2332
9,875% United Mexican States 2010 485 117,55 84,778 483,33
0 112,75 78,2070
6,875% Ukrainian Government 2011 2.050 103,585 84,778 1.800,25
0 97,9947 78,2070
7,5% United Mexican States 2033 13.389 118,65 84,778 13.467,87
0 106,5 78,2070
4,78% Rep.of Zeleznice Slovensk 2014 20.000 102,5 2,640009 541,20
0 102 2,60113
7,375% Republic of South Africa 2012 120 111,375 84,778 113,31
0 104,375 78,2070
9,5% Mexican Fixed 2014 80.000 107,9632 7,969617 6.883,40
0 102,8246 6,92855
9% Mexican Fixed Rate 2011 100.000 104,7738 7,969617 8.350,07
0 102,1072 6,92855
8,5% Republic of Indonesia 2035 975 110,3363 84,778 912,02
0 108,9239 78,2070
7% Republic of Turkey 2020 4.000 101,375 84,778 3.437,75
0 89,5 78,2070
8% Mexican Fixed Rate Bonds 2013 7.400 98,6952 7,969617 582,06
0 95,1107 6,92855
3,75% Republic Serbia 2024 8.692 89,25 84,778 6.576,50
0 83 78,2070
8,875% Republic of Panama 2027 4.500 119,5 84,778 4.558,94
0 113,5 78,2070
10,375% United Mexican States 2009 360 115,35 84,778 352,05
0 111,05 78,2070
13,5% Republic of South Africa 2015 56.000 140,128 13,36665 10.489,04
0 130,5546 10,9660
8,5% Republic of South Africa 2017 50 126,375 84,778 53,57
0 114,25 78,2070
14,5% Republic of Brazil 2009 100 128,5 84,778 108,94
0 124,65 78,2070
5,5% Republic of Turkey 2017 400 102,7 100 410,80
0 89,75 100
9,125% Republic of South Africa 2009 281 112,5 84,778 268,00
0 107,625 78,2070
11% Government of Jamaica 2012 1.300 116,5 100 1.514,50
0 112,5 100
5,25% Republic of South Africa 2013 1.485 108,625 100 1.613,08
0 101,375 100
J.I. Emerging Markets Bond Fund (Euro)
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 14 af 100

7% Republic of Venezuela 2015 2.240 106 100 2.374,40
0 102,4 100
5% Polish Government 2013 9.000 99,525 26,02628 2.331,24
0 96,225 24,5371
8,875% Republic of Korea 2008 1.300 109,9929 84,778 1.212,25
0 106,0342 78,2070
5,75% Polish Government 2010 9.000 102,955 26,02628 2.411,58
0 101,035 24,5371
0% Republic of Turkey 2007 18.000 113,95 62,89169 12.899,71
0 101,45 49,2332
9,375% Republic of Panama 2023 11.420 125,75 84,778 12.174,67
0 118,5 78,2070
6% Polish Government 2009 5.000 103,581 26,02628 1.347,91
0 101,825 24,5371
8,875% Republic of Brazil 2019 1.400 112,3 84,778 1.332,88
0 111,25 78,2070
8,75% Malaysia 2009 10.100 112,1657 84,778 9.604,28
0 107,9667 78,2070
7,65% Ukrainian Government 2013 6.300 108,375 84,778 5.788,32
0 100,875 78,2070
Likviditet 2.033,37
21.327,05
Øvrige aktiver
Tilgodehavende renter 6.016,45
4.016,60
Markedsværdi i alt
J.I. Emerging Markets Bond Fund (Euro)
-4.323,25
316.922,89
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
-18.280,96
212.618,80
Side 15 af 100

Obligationer
J.I. Emerging Local Markets Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
12,5% Republic of Brazil 2016 3.890 100,4 36,29972 1.417,71
18.790 98,25 36,1358
0% Republic of Argentina 2033 21.125 115,7463 25,3610
0% Mexican Fix Rate Bond 2024 965.180 1,974 7,969617 1.518,42
4.793.180 1,6701 6,92855
14% Indonesia Recapital Bond 2009 5.700.000 103,965 0,008615 510,54
62.700.000 104,625 0,00844
5% Polish Government 2013 5.800 99,525 26,02628 1.502,35
22.500 96,225 24,5371
4,5% Kingdom of Thailand 2012 185.500 95,024 2,04972
0% Credit Suisse Nassau 2007 5.600 79,64 78,2070
0% Barclays Bank 2007 4.000 95,76 78,2070
6,25% Hungarian Government Bond 2007 272.000 99,367 0,396118 1.070,62
862.000 98,205 0,35304
2,9% Republic of Czech 2008 85.000 99,965 3,50507
0% JP Morgan Intl. (CLN) 2010 4.718 79,036 78,2070
8% Mexican Fixed Rate Bonds 2013 11.500 98,6952 7,969617 904,55
35.500 95,1107 6,92855
0% Blue Flag Investment 2011 2.400 104,32 78,2070
0% Citi-Cln Nigeria 2009 2.250 107,55 78,2070
0% JP Morgan Chase Bk.London 2045 4.397 111,82 36,1358
10,5% European Investment Bank 2011 15.500 104,21 10,9660
6% Polish Government 2009 2.300 103,581 26,02628 620,04
7.050 101,825 24,5371
10% European Investment Bank 2010 13.250 100,5 12,9768
13% Republic of South Africa 2010 4.270 122,16 13,36665 697,24
13.270 115,29 10,9660
0% JP Morgan Chase Bk.London 2045 3.619 111,82 36,1358
12% Republic of Colombia 2015 1.039.000 118,87 0,037077 457,92
4.239.000 108,25 0,03029
0% Nordic Investment Bank 2008 1.820 79,61 78,2070
8,5% Republic of Philippines 2011 80.238 92,5482 1,47206
13% European Investment Bank 2010 8.000 111,6294 10,9660
J.I. Emerging Local Markets Bond Fund
Markedsværdi
(1.000 EUR)
6.671,10
6.201,12
5.546,36
5.538,64
5.312,43
3.613,03
3.487,91
2.995,64
2.988,61
2.978,26
2.916,30
2.339,37
1.958,05
1.892,51
1.776,69
1.771,29
1.761,43
1.728,02
1.677,69
1.462,37
1.389,96
1.133,14
1.093,14
979,31
Side 16 af 100

0% Barclays Bank 2006 1.000 93,95 84,778 796,49
1.275 97,77 78,2070
9% Morgan Stanley 2008 1.250 98,7 78,2070
0,63% Republic of Argentina 2038 2.450 50,3167 28,01421 345,35
8.450 44,3767 25,3610
12,625% World Bank 2010 7.360 110,9597 10,9660
4,8% Republic of Slovakia 2009 5.900 105,25 2,640009 163,94
23.900 98,48 2,60113
0% Republic of Argentina Wrt.2035 5.600 4,925 28,01421 77,26
22.600 7,9795 25,3610
13,5% Republic of South Africa 2015 4.420 140,128 13,36665 827,88
3.000 130,5546 10,9660
14,5% European Investment Bank 2007 1.800 102,7 62,89169 1.162,62
0 96,18 49,2332
0% Republic of Turkey 2007 1.030 113,95 62,89169 738,15
0 101,45 49,2332
13,375% World Bank 2010 1.550 120,9571 13,36665 250,60
0 113,2265 10,9660
10,875% Republic of Philippines 2010 72.000 102,6894 1,598529 1.181,89
0 105,8 1,47206
13% European Bank Recon & Dev 2010 2.405 120,24 13,36665 386,53
0 112,59 10,9660
9,625% European Investment Bank 2015 500 103,5 62,89169 325,46
0 83,5 49,2332
Likviditet 1.703,60
862,31
Øvrige aktiver
Tilgodehavende renter 418,53
1.277,38
Markedsværdi i alt
J.I. Emerging Local Markets Bond Fund
377,85
17.455,56
974,90
964,88
950,99
895,56
612,22
457,35
429,50
0,00
0,00
0,00
0,00
0,00
0,00
-160,70
76.476,78
Side 17 af 100

Obligationer
J.I. High Yield Corporate Bond Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
4,75% Genl Motors Accept Corp. 2009 450 86,760002 100 390,42
875 95,556602 100
9,75% EMI Group 2008 425 107,89 145,5416 667,36
425 106,25 144,648
5,5% Pemex Proj FDG Master TR 2025 700 100,07 100 700,49
625 92,186996 100
6,5% Ahold Finance USA 2017 875 100,375 145,5416 1.278,26
400 94,5 144,648
9,75% Elektrownia Turow B.V. 2011 550 113,25 100 622,88
480 112,5 100
10,75% Wind Acquisition Fin 2015 625 106,25 78,2070
8,375% Nell AF Sarl 2015 300 101,5 100 304,50
500 101 100
8% Lighthouse Intl. Co. 2014 600 106,55 100 639,30
475 106,21389 100
7,201% Gazprom Intl. 2020 600 106,6748 84,778 542,62
600 101,71423 78,2070
0% Cognis Hldg. GmbH & Co. 2015 438 96,0625 100 420,50
463 99,75 100
7,5% First Investment Fin. BV 2008 460 103,6 100 476,56
460 100,35 100
6,875% British Sky Broadcasting 2009 560 104,756 84,778 497,34
560 102,38 78,2070
5,25% Telecom Italia Capital 2015 250 97,127998 84,778 205,86
625 90,512001 78,2070
7,5% DaimlerChrysler 2006 300 102,413 145,5416 447,16
300 100,93168 144,648
7,5% Escada 2012 400 106,375 100 425,50
400 106,25 100
8,375% Petrobras Intl. Finance 2018 500 111,2 84,778 471,37
500 107,75 78,2070
8,2225% WRG Acquisitions PLC 2011 284 102,125 145,5416 422,12
284 102,23563 144,648
6% Tyco Intl. Group SA 2013 525 102,14800 84,778 454,64
525 99,069 78,2070
8,25% Eircom Funding 2013 364 110,75 100 403,13
364 111,375 100
11% Axtel 2013 325 113 84,778 311,35
462 109,5 78,2070
7,875% Gerresheimer Hldgs. GmbH 2015 525 99,5 100 522,38
400 98,5 100
8,25% Codere Finance Luxemb. 2015 375 106,5 100 399,38
375 104,25 100
7,125% Norilsk Nickel Fin Lux 2009 102,477 84,778 0,00
500 99,86355 78,2070
5,5% DONG 3005 800 102,50550 100 820,04
400 96,592201 100
J.I. High Yield Corporate Bond Fund
Markedsværdi
(1.000 EUR)
836,12
653,18
576,17
546,77
540,00
519,34
505,00
504,52
477,29
461,77
461,61
448,38
442,42
437,99
425,00
421,34
419,99
406,76
405,41
395,64
394,00
390,94
390,50
386,37
Side 18 af 100

9,5% Mediacom LLC/Cap. Corp. 2013 496 97,625 84,778 410,51
496 99,5 78,2070
8% Mobile Telesystems Fin 2012 1.550 102,3819 84,778 1.345,36
498 97,788113 78,2070
7,5% Williams Cos. Inc. 2031 500 103,5 84,778 438,73
500 96,5 78,2070
5% NVR Inc. 2010 500 97,625 84,778 413,82
500 95,625 78,2070
6,375% Mylan Laboratories 2015 500 95,5 78,2070
11,5% Nyco Holdings 2 2013 575 116 100 667,00
325 114 100
8% Koninklijke KPN NV 2010 445 106,06700 78,2070
8,75% British Airways 2016 295 110,5 145,5416 474,43
245 104 144,648
6,5% Ericsson LM Telefon 2009 466 103,5 84,778 408,89
466 100,64600 78,2070
5,625% ITV Plc 2009 250 99,936798 144,648
7,375% Sazka 2014 580 109,57 100 635,76
338 107 100
5,125% Kazkommertsbank Internat. 2011 375 96,330002 100
6,125% Hornbach Baumarkt AG 2014 975 100,0806 100 975,79
350 101,40833 100
8,5% Royal & Sun Alliance Ins. 2049 435 119,22000 145,5416 754,79
215 113,27 144,648
10,625% Kabel Deutschland 2014 125 105,25 84,778 111,54
425 105,5 78,2070
8,875% Qwest Corp. 2012 425 112,75 84,778 406,25
425 105,5 78,2070
6,625% Echostar DBS Corp. 2014 475 95,875 84,778 386,08
475 94 78,2070
9,125% Sino Forest Corp. 2011 425 103 78,2070
7% Stena 2016 475 91,5 84,778 368,47
475 92 78,2070
6,625% Noble Group Ltd. 2015 750 92,087997 84,778 585,53
500 86,684998 78,2070
9,25% Tenet Healthcare Corp. 2015 425 99,25 84,778 357,60
425 98,25 78,2070
5,5% Telefonos de Mexico S.A. 2015 900 98,650002 84,778 752,70
450 91,536003 78,2070
4,625% ABB Intl. Finance Ltd. 2013 327 98,210297 100
8,375% Abitibi-Consolidated Inc. 2015 450 95,75 84,778 365,29
450 91,25 78,2070
6,5% Istar Financial Inc 2013 400 101,552 84,778 344,38
400 101,269 78,2070
10,75% Carmeuse Lime 2012 285 115 100 327,75
285 111 100
5,2% Bae Systems Holdings 2015 425 93,112 78,2070
6,375% America Movil SA de CV 2035 450 98,629997 84,778 376,27
450 86,921997 78,2070
6,25% Vale Overseas 2016 400 97 78,2070
8,375% Aker Kvaerner ASA 2011 275 113 100 310,75
275 109,75 100
6,75% Ford Motor Credit 2008 300 99,327797 100
J.I. High Yield Corporate Bond Fund
385,97
380,86
377,35
373,93
373,44
370,50
369,14
368,56
366,80
361,39
361,39
361,24
354,93
352,26
350,66
350,66
349,19
342,35
341,76
338,97
326,56
322,14
321,15
321,14
316,80
316,35
309,49
305,91
303,44
301,81
297,98
Side 19 af 100

7,125% Lazard Group LLC 2015 375 101,06500 78,2070
7,25% Amerigas Partners 2015 400 102 84,778 345,89
400 94,5 78,2070
6,625% Fiat Finance & Trade 2013 300 98,25 100
7,625% PTTEP Intl. 2006 375 100,42607 78,2070
9,48881% FS Funding AS 2016 300 97,839288 100
6,875% D.R. Horton Inc. 2013 375 106,073 84,778 337,22
375 99,499001 78,2070
6,25% Meritage Homes Corp. 2015 190 91 84,778 146,58
440 84,25 78,2070
7,75% Smithfield Foods Inc 2013 106,5 84,778 0,00
375 98 78,2070
6,315% VTB Bank 2015 375 97,779297 78,2070
10,5% Klockner Investment 2015 250 114 100 285,00
250 114,5 100
7,125% Case New Holland 2014 375 95,5 78,2070
6,25% K Hovnanian Enterprises 2015 400 94,110001 84,778 319,14
400 87,625 78,2070
9,375% Tele Columbus AG & CO 2012 265 104,5 100 276,93
265 103 100
7,25% Antenna TV 2015 300 97,75 100 293,25
300 90,75 100
6,5% Gazprombank 2015 375 98,561 84,778 313,34
375 92,121696 78,2070
6,75% Bombardier Inc. 375 92 78,2070
5,95% Anixter Inc 2015 375 92 78,2070
9,375% Softbank Corporation 2011 990 110,25 100 1.091,48
240 112 100
8,5% Legrand S.A. 2025 300 120,25 84,778 305,84
300 114,25 78,2070
6% Glencore Funding LLC 2014 375 91,328003 78,2070
5,55% TXU CORP 2014 375 90,700996 78,2070
7,25% MGM Mirage Inc. 2017 350 101,75 84,778 301,92
350 95,75 78,2070
11% Agrokor D.D 2007 250 104,72261 100
10% Millicom Intl Cellular 2013 300 103,25 84,778 262,60
300 111,5 78,2070
6,75% Bombardier Cap Fund 2009 180 97,375 145,5416 255,10
180 100 144,648
6,264% Hellas Telecom V 2012 250 100,0417 100 250,10
250 102,35354 100
10,064% Atu Auto-Teile-Unger 2014 245 105,5625 100 258,63
245 104,41666 100
8,875% Alrosa Finance SA 2014 300 114,9813 84,778 292,44
300 108,74088 78,2070
5,875% Gaz Capital (Gazprom) 2015 250 107,80000 100 269,50
250 101,67 100
7,75% AK Steel Corp. 2012 330 90,25 84,778 252,49
330 98 78,2070
7,375% Ford Motor Credit 2011 360 87,651001 84,778 267,51
360 89,541 78,2070
J.I. High Yield Corporate Bond Fund
296,40
295,62
294,75
294,53
293,52
291,81
289,91
287,41
286,76
286,25
280,08
274,12
272,95
272,25
270,17
269,81
269,81
268,80
268,05
267,84
266,00
262,09
261,81
261,60
260,37
255,88
255,82
255,13
254,18
252,92
252,10
Side 20 af 100

7,875% Biovail Corp 2010 317 103,625 84,778 278,49
317 101,25 78,2070
10,5% Hertz Corp. 2016 300 106 78,2070
5,625% SC Parex Banka 2011 250 98,25 100
8% Georgia-Pacific Corp. 2024 330 95,5 84,778 267,18
330 94,5 78,2070
10,375% Gerdau Ameristeel Corp. 2011 287 110,25 84,778 268,25
287 107,25 78,2070
8,75% Cirsa Finance Luxembourg 2014 230 104,5 100 240,35
230 104,5 100
8,625% Intelsat Sub. Hld. Co. 2015 300 101 84,778 256,88
300 100,25 78,2070
4,75% ISS Global 2010 550 91,75 100 504,63
250 93,5 100
7,5% Corus Group Plc 2011 220 105,992 100 233,18
220 105,31115 100
8,608% American Airline 2011 285 99,361 84,778 240,07
285 103,93 78,2070
10,625% Polyone Corp. 2010 275 107,25 84,778 250,04
275 107,5 78,2070
7,73% Edison Mission Energy 2009 287 103,25 84,778 251,22
287 101 78,2070
10% Piaggio Finance SA 2012 200 115,5 100 231,00
200 113,25 100
7,375% Fresenius Med Cap 2011 208 111 100 230,88
208 108 100
7,25% Allied Waste North Amer 2015 300 101 84,778 256,88
300 95,5 78,2070
8% Service Corp. Intl. 2017 305 93,5 78,2070
7,875% Qwest Corporation 2011 280 107,75 84,778 255,78
280 101,25 78,2070
8,25% Central Euro Media Enter. 2012 200 110,25 100 220,50
200 109,5 100
7,875% Cirsa Capital Luxembourg 2012 220 98 100 215,60
220 99,5 100
9% Aleris Intl. Inc. 2014 275 103 84,778 240,13
275 101,75 78,2070
5,375% Fortune Brands 2016 300 92,501999 78,2070
8,75% Cable & Wireless Plc 2012 150 106 145,5416 231,41
150 100 144,648
5,75% FCE Bank 2006 150 96,6237 145,5416 210,94
150 99,520831 144,648
7,5% Aes Gener 2014 275 101,53600 84,778 236,72
275 100,336 78,2070
9% Carrols Corp. 2013 275 97 84,778 226,15
275 100,25 78,2070
7,75% KB Home 2010 275 104,473 84,778 243,57
275 100 78,2070
6,375% Rogers Wireless Inc 2014 288 100,25 84,778 244,77
288 95,25 78,2070
9% Sequa Corp. 2009 260 106,25 84,778 234,20
260 105,5 78,2070
8,75% City Telecom HK Ltd. 2015 350 79 84,778 234,41
350 78 78,2070
8,375% Cincinnati Bell Inc. 2014 277 98,375 84,778 231,02
277 98,5 78,2070
7% XCEL Energy 2010 260 107,62300 84,778 237,23
260 104,16300 78,2070
J.I. High Yield Corporate Bond Fund
251,02
248,70
245,63
243,89
240,73
240,35
235,21
233,75
231,68
231,65
231,20
226,70
226,50
224,64
224,06
223,03
221,72
219,00
218,90
218,83
217,03
216,97
215,93
215,79
215,61
215,07
214,54
214,52
213,51
213,38
211,80
Side 21 af 100

9,375% TFM SA DE CV 2012 250 109,5 84,778 232,08
250 106,5 78,2070
8,352% Nordic Tel Co. Hldgs 2016 200 103,91 100
8,625% Cell C PTY Ltd. 2012 220 107 100 235,40
220 94,25 100
10,125% MDP Acquisitions 2012 190 107 100 203,30
190 108,5 100
6,377% Europcar Groupe 2013 200 102,38916 100
9,5% Reliant Resources Inc. 2013 260 100,25 84,778 220,97
260 100,5 78,2070
8% E*Trade Financial Corp. 2011 250 104 84,778 220,42
250 102 78,2070
9% JSC Nurbank 2008 250 102,521 84,778 217,29
250 100,89923 78,2070
6,89825% Residential Capital 2009 250 99,853 78,2070
7% Cincinnati Bell 2015 260 98 84,778 216,01
260 94,25 78,2070
8,75% Royal Caribbean Cruises 2011 225 113 84,778 215,55
225 107,504 78,2070
7,5% Rite Aid Corp. 2015 250 94,5 84,778 200,29
250 96 78,2070
7,25% Iron Mountain Inc. 2014 135 96,375 145,5416 189,36
135 95,5 144,648
6,625% Gallaher Group 2009 125 105,3388 145,5416 191,64
125 102,9983 144,648
6,125% L-3 Communications Corp 2013 250 99,25 84,778 210,36
250 95,25 78,2070
6,5% Flextronics Intl. Ltd. 2013 250 101,625 84,778 215,39
250 95 78,2070
7,875% Continental Airlines Inc 2018 255 91,805 84,778 198,32
243 97,5 78,2070
7,297% Samsonite Corp. 2010 179 103,25 100 184,82
179 103,188 100
8,75% AES Corp. 2013 220 108,875 84,778 203,06
220 107 78,2070
7,625% William Lyon Homes 2012 275 88,25 84,778 205,75
275 83 78,2070
6,875% WPD Holdings UK 2007 225 102,8858 84,778 196,26
225 101,33808 78,2070
8% Asbury Automotive Group 2014 225 95,5 84,778 182,17
225 97 78,2070
8,625% Beazer Homes USA 2011 215 104,5 84,778 190,47
215 100,75 78,2070
9,25% Russell Corp. 2010 205 101,375 84,778 176,18
205 104,625 78,2070
6,25% Citizens Communications 2013 225 96,75 84,778 184,55
225 94,5 78,2070
8,25% Toll Corp 2011 205 105,375 84,778 183,14
205 103,5 78,2070
10,125% Equistar Chemical Funding 2008 200 108,5 84,778 183,97
200 105,25 78,2070
6,875% Quiksilver Inc. 2015 225 96,25 84,778 183,60
225 93 78,2070
11,5% Huntsman LLC 2012 187 113,25 84,778 179,54
187 111,75 78,2070
9,5% TVN Finance Corp. 2013 145 115,25 100 167,11
145 111,5 100
8% Central EUR Distr. Corp 2012 150 108,25 100 162,38
150 107,38 100
J.I. High Yield Corporate Bond Fund
208,23
207,82
207,35
206,15
204,78
204,35
199,43
197,28
195,23
191,65
189,17
187,70
186,49
186,23
186,23
185,74
185,06
184,71
184,10
178,51
178,32
170,69
169,41
167,74
166,29
165,94
164,63
163,65
163,43
161,68
161,07
Side 22 af 100

8,625% Shanghai Real Estate 2013 200 102,9609 78,2070
8,875% Nordic Tel Co. Hldgs 2016 200 102,75 78,2070
10,375% Imco Recycling Inc. 2010 190 109,25 84,778 175,98
190 108 78,2070
7,5% William Lyon Homes 2014 245 86,5 84,778 179,67
245 83 78,2070
10,25% Bluewater Finance 2012 650 107,5 84,778 592,39
200 101,25 78,2070
9,625% Rogers Wireless Inc 2011 182 115 84,778 177,44
182 109,5 78,2070
6,125% Bombardier Cap Fund LP 2007 150 101,375 100 152,06
150 101,43868 100
7,375% Warner Music Group 2014 200 99,25 84,778 168,28
200 97 78,2070
6,875% Unisys Corp. 2010 205 92,5 84,778 160,76
205 93,375 78,2070
5,875% Pioneer Natural Resource 2016 210 99,031998 84,778 176,31
210 91,056 78,2070
11,5% Resort Intl. Hotel/Casino 2009 175 110,75 84,778 164,31
175 108 78,2070
6,375% Host Marriott LP 2015 200 99,75 84,778 169,13
200 94 78,2070
6,25% Standard Pacific Corp 2014 210 89,125 84,778 158,67
210 87 78,2070
4,958% Skandinaviska Enskilda 2014 200 96,036003 84,778 162,83
200 89,142998 78,2070
8,5% Hellas Telecom III 2013 125 107 100 133,75
125 106,5 100
8,875% Louisianna Pacific 2010 155 109,75 84,778 144,22
155 109,75 78,2070
9,5% Cummins Inc. 2010 160 108 84,778 146,50
160 105,83100 78,2070
6,375% Alcatel SA 2014 112,375 100 0,00
125 105,5 100
6,375% Heidelbergcement 2007 125 101,67578 100
7,625% Rockwood Specialties GRP 2014 125 103,345 100 129,18
125 101,5 100
9% Telenet Communication NV 2013 155 110,75 100 171,66
116 109,5 100
9,25% Riverdeep Group Ltd. 2011 115 112,5 100 129,38
115 109,875 100
7,625% Xerox Corporation 2013 150 105,5 84,778 134,16
150 100,75 78,2070
7,875% Ineos Group Holdings 2016 125 93,25 100
9,5% Da-Lite Screen Co. Inc 2011 140 105 84,778 124,62
140 106 78,2070
10% BWAY Corp. 2010 140 104,5 84,778 124,03
140 105 78,2070
6,375% Mandalay Resort Group 2011 151 99,375 84,778 127,21
151 95,125 78,2070
6,625% Chesapeake Energy Corp. 2016 150 101,25 84,778 128,76
150 93 78,2070
7,625% Unumprovident Corp 2011 250 107,85 84,778 228,58
128 104,198 78,2070
8,5% Felcor Lodging LP 2011 125 109,5 84,778 116,04
125 106 78,2070
9,25% Invista 2012 125 106,75 84,778 113,13
125 105 78,2070
J.I. High Yield Corporate Bond Fund
161,05
160,72
160,48
159,03
158,37
155,86
152,16
151,72
149,70
149,55
147,81
147,03
142,88
139,43
133,13
133,04
132,43
131,88
127,09
126,88
126,78
126,36
118,19
116,56
116,06
114,96
112,34
109,10
104,31
103,62
102,65
Side 23 af 100

8,5% CMS Energy Corp 2011 125 108,875 84,778 115,38
125 104,25 78,2070
8,3% Fairfax Financial Hldgs 2026 165 82,900002 84,778 115,96
165 78,5 78,2070
7,125% Freescale Semiconductor 2014 125 106,5 84,778 112,86
125 101 78,2070
12% Saxon Capital 2014 125 100,75 78,2070
8,125% Warner Musik Group 2014 65 102,875 145,5416 97,32
65 102,5 144,648
7,568% Continental Airlines Inc. 2006 125 98,543 84,778 104,43
125 98,253 78,2070
7,75% Mack-Cali Realty 2011 115 110,83200 84,778 108,06
115 106,33100 78,2070
7,125% Echostar DBS Corp. 2016 125 96,25 78,2070
7,125% PT Indosat (Persero) TBK 2012 125 100,125 84,778 106,10
125 96,09375 78,2070
8,5% Mediacom Broadbd. LLC/CRP 2015 125 92,625 84,778 98,16
125 96 78,2070
8,25% UBS (Vimpelcom) 2016 125 95,88125 78,2070
6,4% Xerox Corporation 2016 125 94,375 78,2070
6,75% Hutchison Ports Finance 2015 110,6418 145,5416 0,00
60 105,20120 144,648
5,875% L-3 Communications Corp 2015 125 97 84,778 102,79
125 93,25 78,2070
6,875% Qwest Corporation 2033 125 94 84,778 99,61
125 86,5 78,2070
7,25% Gazinvest Luxembourg SA 2008 195 103,1494 84,778 170,52
95 100,96800 78,2070
6,5% Tyco Intl. Group 2011 100 105,80000 145,5416 153,98
50 102,95 144,648
9,5% WH Holdings/WH Capital 2011 86 108 84,778 78,74
86 109,5 78,2070
7,75% Fairfax Financial Hldgs 2012 97 93,307999 84,778 76,73
97 87 78,2070
10,875% Evraz Securities 2009 75 110,7139 84,778 70,40
75 108,33888 78,2070
9,25% Digicel 2012 75 102,75 84,778 65,33
75 102,75 78,2070
8,75% Williams Cos Inc. 2032 70 116 84,778 68,84
70 108,75 78,2070
9,625% Stena 2012 140 108,625 84,778 128,93
70 106,25 78,2070
4,875% Istar Financial Inc. 2009 75 98,375999 84,778 62,55
75 97,376999 78,2070
7,625% Williams Cos Inc. 2019 70 107,25 84,778 63,65
70 101,5 78,2070
6,875% Xerox Corporation 2011 70 103,5 84,778 61,42
70 99,375 78,2070
6,25% Holly Energy Partners 2015 70 96,875 84,778 57,49
70 91,5 78,2070
9,875% Huntsman Intl. LLC 2009 60 105,5 84,778 53,66
60 104 78,2070
8,25% Toll Corp 2011 60 104,375 84,778 53,09
60 103,25 78,2070
9,5% Mobile Mini Inc, 2013 70 109,875 84,778 65,20
45 108,125 78,2070
8,75% Istar Financial Inc 2008 42 107,407 84,778 38,24
42 105,22 78,2070
J.I. High Yield Corporate Bond Fund
101,91
101,30
98,74
98,49
96,37
96,05
95,63
94,09
93,94
93,85
93,73
92,26
91,30
91,16
84,56
75,02
74,46
73,65
66,00
63,55
60,27
59,54
58,17
57,12
55,57
54,40
50,09
48,80
48,45
38,05
34,56
Side 24 af 100

7,375% Heidelbergcement 2010 30 109,375 100 32,35
30 106,875 100
7,5% Qwest Corporation 2023 25 99,375 84,778 21,06
25 93,75 78,2070
10,875% Lyondell Chemical 2009 20 103,875 84,778 17,61
20 101,5 78,2070
6,8% Continental Airlines Inc. 2007 17 92,5 84,778 13,46
12 99,771004 78,2070
6,875% Nextel Communications 2013 300 104,321 84,778 265,32
0 100,586 78,2070
9,125% Petrobras Intl. Finance 2013 850 116,15 84,778 836,99
0 112,45 78,2070
8,75% HCA - The Healthcare Co. 2010 75 110,599 84,778 70,32
0 105,42600 78,2070
4,125% Resona Bank 2049 75 99,2929 100 74,47
0 95,156403 100
7,625% CSC Holdings Inc. 2011 145 99,5 84,778 122,31
0 100 78,2070
8,25% Vale Overseas 2034 525 114,875 84,778 511,29
0 107,875 78,2070
4,5% TRYG Forsikring 2025 140 100,2486 100 140,35
0 93,76135 100
6,85% Tommy Hilfinger USA Inc 2008 485 103 84,778 423,51
0 101 78,2070
10,75% Premier Ent Biloxi/Finan 2012 140 96,5 84,778 114,54
0 103,25 78,2070
8,5% Hasbro Inc. 2006 100 100,96 84,778 85,59
0 100,203 78,2070
8,875% Ardagh Glass Finance BV 2013 350 91 100 318,50
0 87 100
11% Fimep S.A. 2013 160 117,75 100 188,40
0 119,74 100
4,685% Cablecom Luxembourg SCA 2010 200 99,25 100 198,50
0 102,125 100
5% Enterprise Products Oper. 2015 100 95,5 84,778 80,96
0 90,669 78,2070
4,375% Parex Banka 2008 215 99,800003 100 214,57
0 98,059998 100
5,5% America Movil SA de CV 2014 250 98,760002 84,778 209,32
0 92,393997 78,2070
5,75% America Movil SA de CV 2015 475 100,34 84,778 404,06
0 93,171997 78,2070
5,75% General Motors (GMAC) 2006 250 99,2352 100 248,09
0 99,897 100
7,75% UPC Holdding BV 2014 250 93,375 100 233,44
0 94 100
6,25% Bombardier Inc. 2006 335 99,964 145,5416 487,39
0 100,01 144,648
10,75% Magyar Telecom B.V. 2012 130 116,375 100 151,29
0 116 100
10,625% Kappa Beheer 2009 325 103,575 100 336,62
0 103,575 100
9,05% AT&T Corp 2011 346 110,682 84,778 324,67
0 106,153 78,2070
4,652% Landsbanki Islands 2015 400 99,4688 100 397,88
0 87,46175 100
10% Antargaz Finance 2011 250 109,125 100 272,81
0 108,255 100
9% Vale Overseas Limited 2013 415 117,4376 84,778 413,18
0 116,75 78,2070
9,875% Trimas Corp. 2012 300 82,5 84,778 209,83
0 91,5 78,2070
J.I. High Yield Corporate Bond Fund
31,61
18,33
15,88
9,72
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 25 af 100

9,875% CMA CGM 2013 250 115,75 100 289,38
0 119,21 100
10,125% ECO-BAT Finance 2013 170 115 100 195,50
0 111,375 100
8,375% FG4 SA 2015 275 114,5 100 314,88
0 113,25 100
11,125% H&E Equipment 2012 50 110,5 84,778 46,84
0 110,42900 78,2070
9% AutoNation Inc. 2008 140 107,375 84,778 127,44
0 102,96 78,2070
7,25% Novelis Inc. 2015 80 93,25 84,778 63,24
0 96 78,2070
10,75% Yell Finance 2011 250 108 145,5416 392,96
0 106,125 144,648
10,375% Hanger Orthopedic Group 2009 280 100 84,778 237,38
0 105,473 78,2070
5,625% D.R. Horton Inc. 2016 275 95,348999 84,778 222,30
0 90,554001 78,2070
10,125% Dynegy Holdings Inc. 2013 144 113 84,778 137,95
0 114,59 78,2070
6,625% USEC Inc. 2006 470 99,875 84,778 397,96
0 100 78,2070
9,25% Heckler & Koch 2011 185 114 100 210,90
0 105 100
9,75% Petrobras Intl Finance 2011 535 117,5 84,778 532,94
0 114 78,2070
6% Scandinavian Airlines 2008 400 102,5 100 410,00
0 100,25 100
11,5% ABB Intl. Finance Ltd. 2009 225 116,36000 145,5416 381,04
0 112,82013 144,648
9,5% Cognis 2014 306 107 100 327,42
0 110 100
10% Edison Mission Energy 2008 150 109,5 84,778 139,25
0 107 78,2070
10,5% Remington Arms 2011 200 89 84,778 150,90
0 86 78,2070
10% Vimpelcom (UBS) 2009 125 109,3809 84,778 115,91
0 105,50173 78,2070
Likviditet 1.476,84
3.227,03
Øvrige aktiver
Tilgodehavende renter 1.460,20
1.038,25
Markedsværdi i alt
J.I. High Yield Corporate Bond Fund
-1.337,41
61.517,62
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
867,15
55.019,90
Side 26 af 100

Aktier
J.I. Danish Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 DKK) Beholdning Kurs
Valutakurs
Novo Nordisk B 29.750 354,5 100 10.546,38
33.550 371,5 100
Danske Bank 57.292 222 100 12.718,82
50.592 222 100
Jyske Bank 18.850 309,5 100 5.834,08
18.850 338 100
Nordea 67.117 66,25 100 4.446,50
86.117 69,5 100
A.P. Møller - Mærsk B 102 65200 100 6.650,40
129 45400 100
TopDanmark 4.800 547 100 2.625,60
6.800 813 100
William Demant Holding 9.200 348,5 100 3.206,20
11.700 436 100
Trygvesta 2.050 319,15 100 654,26
13.350 361,12 100
Group 4 Securicor 226.940 17,8 100 4.039,53
251.940 18,4 100
Sydbank 11.500 151 100 1.736,50
22.500 193,5 100
Carlsberg B 11.800 338 100 3.988,40
9.800 426,5 100
NKT Holding 15.353 289 100 4.437,02
11.353 364,5 100
Vestas Wind Systems 26.933 103,5 100 2.787,57
24.933 159,5 100
FLS Industri B 1.454 186 100 270,44
18.030 220 100
A.P. Møller - Mærsk A 82 63200 100 5.182,40
82 44800 100
Alm. Brand A 3.687 265,5 100 978,90
11.187 295 100
DSV B 5.500 778 100 4.279,00
3.100 975 100
Solar Holding B 5.340 540 100
Codan 6.300 365 100 2.299,50
5.800 421,5 100
H. Lundbeck 32.808 130,5 100 4.281,44
17.808 133 100
B & O Holding B 5.952 648 100 3.856,90
3.652 645 100
Rockwool B 4.805 622 100 2.988,71
2.805 743 100
Carlsberg A 5.000 315 100 1.575,00
5.000 400 100
Royal Unibrew 3.700 532 100 1.968,40
3.000 648 100
J.I. Danish Equity Fund
Markedsværdi
(1.000 DKK)
12.463,83
11.231,42
6.371,30
5.985,13
5.856,60
5.528,40
5.101,20
4.820,95
4.635,70
4.353,75
4.179,70
4.138,17
3.976,81
3.966,60
3.673,60
3.300,17
3.022,50
2.883,60
2.444,70
2.368,46
2.355,54
2.084,12
2.000,00
1.944,00
Side 27 af 100

H + H International B 1.500 1355 100 2.032,50
1.500 1250 100
Danisco 9.775 482,5 100 4.716,44
3.775 425 100
Novozymes 4.510 345 100 1.555,95
4.010 394 100
Sjælsø Gruppen 450 1691 100 760,95
650 1960 100
Pharmexa 35.000 23,8 100 833,00
58.000 21,3 100
Alk-Abello B Aktie 1.130 669,41 100 756,43
1.130 804,65 100
Monberg & Thorsen Holding B 1.354 468 100 633,67
1.354 600 100
Thrane & Thrane 2.000 244 100 488,00
2.550 302 100
SimCorp 1.000 700 100 700,00
800 953 100
Gpv Industri B 1.000 222 100 222,00
2.550 294 100
Søndagsavisen 12.000 58 100
Bavarian Nordic 1.500 476 100 714,00
1.500 458,5 100
Auriga Industries B 1.590 190,5 100 302,90
4.840 141,5 100
DFDS 1.388 382 100 530,22
1.388 411 100
Ove Arkil Holding B 600 910 100 546,00
600 930 100
Schouw & Co. 2.500 230 100 575,00
2.000 275 100
Harboes Bryggeri B - nye 1.700 228,36 100 388,21
1.700 222,03 100
SAS 4.700 83,5 100 392,45
0 61,5 100
D/S Torm 3.300 305 100 1.006,50
0 278 100
Genmab 3.000 135 100 405,00
0 188 100
Potagua Kapital 6.225 79,8 100 496,76
0 90,18 100
Amagerbanken 600 1344 100 806,40
0 2195 100
NTR Holding 2.000 108,5 100 217,00
0 67 100
GN Store Nord 15.800 82,5 100 1.303,50
0 67 100
Potagua FLS B 8.725 197,88 100 1.726,50
0 264,18 100
Coloplast B 5.156 391 100 2.016,00
0 433 100
Østasiatisk Kompagni 800 594 100 475,20
0 220,25 100
Nordisk Solar B 4.140 563 100 2.330,82
0 618 100
TDC 32.350 377,5 100 12.212,13
0 190 100
Nordisk Solar Ord. 1.200 558 100 669,60
0 610 100
TopoTarget 16.000 23,36 100 373,76
0 35,67 100
J.I. Danish Equity Fund
1.875,00
1.604,38
1.579,94
1.274,00
1.235,40
909,25
812,40
770,10
762,40
749,70
696,00
687,75
684,86
570,47
558,00
550,00
377,45
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 28 af 100

FLS Industri A 6.000 174 100 1.044,00
0 270 100
Forstædernes Bank 80 688 100 55,04
0 755 100
Likviditet 649,55
677,67
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Danish Equity Fund
765,71
134.053,11
0,00
0,00
615,20
125.676,22
Side 29 af 100

Aktier
J.I. Swedish Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 SEK) Beholdning Kurs
Valutakurs
Ericsson B 537.000 27,3 100 14.660,10
569.000 23,8 100
Nordea 133.600 82,5 100 11.022,00
133.600 86 100
TeliaSonera 214.000 42,7 100 9.137,80
254.000 40,9 100
AstraZeneca 21.827 388,5 100 8.479,79
21.827 434,5 100
Volvo B 22.275 374,5 100 8.341,99
20.275 354 100
SE Banken A 39.960 163,5 100 6.533,46
39.960 171,5 100
Svenska Handelsbank Stam A 36.000 197 100 7.092,00
36.000 185,5 100
Atlas Copco A 25.950 177 100 4.593,15
32.950 200 100
Hennes & Mauritz B 27.200 270 100 7.344,00
20.600 279 100
Sandvik 12.200 370 100 4.514,00
61.000 83,75 100
Boliden 37.000 65 100 2.405,00
35.000 132,5 100
Foreningssparbanken A 33.075 216,5 100 7.160,74
23.075 189 100
SSAB Svenskt Stal A 13.000 289 100 3.757,00
28.500 143,5 100
Svenska Cellulose (SCA) B 13.700 297 100 4.068,90
13.700 297,5 100
SKF B 33.000 111,5 100 3.679,50
33.000 113,5 100
Alfa Laval 15.000 172 100 2.580,00
15.000 215,5 100
Investor B 36.000 139 100 5.004,00
24.000 132 100
Nobia 13.000 161 100 2.093,00
13.000 234 100
NCC B 17.000 142,5 100 2.422,50
17.000 174 100
Skanska B 24.000 121 100 2.904,00
24.000 111 100
Scania A 8.144 285,5 100 2.325,11
8.144 323,5 100
Industrivarden A 12.700 217 100 2.755,90
12.700 202 100
JM 5.300 352 100 1.865,60
21.200 114,5 100
D. Carnegie & Co 12.000 117 100 1.404,00
16.000 132 100
J.I. Swedish Equity Fund
Markedsværdi
(1.000 SEK)
13.542,20
11.489,60
10.388,60
9.483,83
7.177,35
6.853,14
6.678,00
6.590,00
5.747,40
5.108,75
4.637,50
4.361,18
4.089,75
4.075,75
3.745,50
3.232,50
3.168,00
3.042,00
2.958,00
2.664,00
2.634,58
2.565,40
2.427,40
2.112,00
Side 30 af 100

Lindex 3.000 448,5 100 1.345,50
20.000 102,5 100
Peab B 11.000 102 100 1.122,00
16.000 117 100
Holmen B 3.300 262,5 100 866,25
6.300 291 100
Nolato B 21.000 79 100 1.659,00
21.000 79 100
Haldex 6.000 158 100 948,00
10.000 155 100
KABE Husvagnar B 7.500 146 100 1.095,00
13.500 113 100
Trelleborg B-fria 10.000 158,5 100 1.585,00
10.000 123 100
Kinnevik Investment 13.650 74,25 100 1.013,51
13.650 88,5 100
Ratos B 5.000 196 100 980,00
10.000 105,5 100
Brostrom Van Ommeren Shipping 7.000 142 100
HIQ International 22.000 43,1 100 948,20
22.000 39,2 100
Sigma B 70.000 12,95 100 906,50
70.000 11,75 100
Latour Investment B 2.500 204,5 100 511,25
2.500 258 100
Semcon 18.000 58,25 100 1.048,50
11.000 57 100
Electrolux B 5.800 206,5 100 1.197,70
5.800 104 100
SWECO B 7.000 209,5 100 1.466,50
3.000 197 100
Husqvarna B 5.800 86,75 100
Wihlborgs Fastigheter 1.200 192 100 230,40
2.400 124 100
Invik 1.365 84,5 100 115,34
1.365 116,5 100
VBG B 114 236 100 26,90
456 92 100
WM-Data B 20.000 25,4 100 508,00
0 22,2 100
Eniro 10.389 100 100 1.038,90
0 75,75 100
Castellum 2.000 286 100 572,00
0 73,75 100
Securitas B 22.600 132 100 2.983,20
0 138 100
Assa Abloy B 17.846 125 100 2.230,75
0 121 100
Capio 7.000 141,5 100 990,50
0 129 100
Lundin Petruleum 28.000 84 100 2.352,00
0 87,25 100
Skandia B 18.400 47,6 100 875,84
0 0,0000001 100
Tele2 13.400 85,25 100 1.142,35
0 72,75 100
J.I. Swedish Equity Fund
2.050,00
1.872,00
1.833,30
1.659,00
1.550,00
1.525,50
1.230,00
1.208,03
1.055,00
994,00
862,40
822,50
645,00
627,00
603,20
591,00
503,15
297,60
159,02
41,95
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 31 af 100

Likviditet 1.603,74
1.295,76
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Swedish Equity Fund
1.119,03
158.625,41
0,00
150.197,84
Side 32 af 100

Aktier
J.I. German Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
E.ON. 26.120 87,39 100 2.282,63
49.620 90,02 100
Deutsche Bank 25.611 81,9 100 2.097,54
44.711 88 100
Allianz 16.314 127,94 100 2.087,21
26.914 123,52 100
Siemens 22.900 72,4 100 1.657,96
48.100 68,03 100
BASF 26.400 64,71 100 1.708,34
49.600 62,78 100
Commerzbank 19.564 26,02 100 509,06
74.064 28,44 100
Münchener Rückversich. Reg 9.200 114,38 100 1.052,30
18.200 106,81 100
RWE 18.800 62,55 100 1.175,94
28.800 65,05 100
Continental 10.000 74,98 100 749,80
21.200 79,92 100
Thyssen Krupp 18.700 17,62 100 329,49
62.700 26,77 100
DaimlerChrysler 26.894 43,14 100 1.160,21
40.994 38,63 100
M.A.N. Ord. 13.000 45,08 100 586,04
27.100 56,62 100
Deutsche Telekom 76.959 14,08 100 1.083,58
110.959 12,58 100
S.A.P. 4.600 153,16 100 704,54
8.400 165 100
Puma 700 246,5 100 172,55
4.300 303,93 100
Deutsche Boerse 5.000 86,56 100 432,80
11.300 106,5 100
Bayerische Motoren Werke 10.120 37,05 100 374,95
30.120 39,06 100
Salzgitter 11.000 45,51 100 500,61
16.600 66,32 100
Leoni 34.000 29,41 100
Norddeutsche Affinerie 50.000 19,14 100
Hypo Real Estate Holding 7.089 43,98 100 311,77
19.089 47,41 100
Porsche Pref. 1.100 755,77 100
Bayer Chemie 28.900 35,29 100 1.019,88
22.400 35,94 100
Linde 2.500 65,77 100 164,43
11.500 60,25 100
J.I. German Equity Fund
Markedsværdi
(1.000 EUR)
4.466,79
3.934,57
3.324,42
3.272,24
3.113,89
2.106,38
1.943,94
1.873,44
1.694,30
1.678,48
1.583,60
1.534,40
1.395,86
1.386,00
1.306,90
1.203,45
1.176,49
1.100,91
999,94
957,00
905,01
831,35
805,06
692,88
Side 33 af 100

Celesio 4.000 72,66 100 290,64
9.700 71,07 100
Volkswagen Ord. 11.650 44,61 100 519,71
11.650 54,83 100
Altana Ind. 6.000 46 100 276,00
12.800 43,56 100
Fuchs Petrolub 12.000 38,75 100
Bayer. Hypo- und Vereinsbank 16.357 25,61 100 418,90
16.357 28,28 100
Balda 19.000 10,98 100 208,62
24.000 9,19 100
Schering 12.100 56,6 100 684,86
0 89,01 100
Hannover Rueckversicherungs 8.108 29,93 100 242,67
0 27,35 100
Lanxess 2.990 26,96 100 80,61
0 30,86 100
Tui 6.468 17,3 100 111,90
0 15,49 100
Bechtle 7.000 16,35 100 114,45
0 15,68 100
Henkel KGaA-Vorzug 4.500 85 100 382,50
0 89,36 100
Deutsche Post 31.000 20,48 100 634,88
0 20,96 100
Merck Kgaa 2.500 69,95 100 174,88
0 71,1 100
Suedzucker 4.000 19,83 100 79,32
0 17,34 100
Lufthansa Reg. 23.280 12,51 100 291,23
0 14,4 100
Adidas-Salomon 2.100 160 100 336,00
0 37,38 100
Likviditet 813,48
221,20
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. German Equity Fund
136,83
25.959,10
689,38
638,77
557,57
465,00
462,58
220,56
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
34,73
46.577,08
Side 34 af 100

Aktier
J.I. British Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 GBP) Beholdning Kurs
Valutakurs
Royal Dutch Shell 10.624 18,58 100 197,39
9.924 18,91 100
HSBC Holding (GBP) 17.051 9,33 100 159,09
16.751 9,515 100
BP Amoco 29.609 6,19 100 183,28
23.409 6,305 100
GlaxoSmithKline 7.448 14,69 100 109,41
8.948 15,11 100
AstraZeneca Group 3.263 28,29 100 92,31
3.463 32,64 100
Barclays 12.772 6,11 100 78,04
14.072 6,145 100
Rio Tinto 2.210 26,55 100 58,68
2.510 28,59 100
Aviva 6.636 7,05 100 46,78
8.636 7,655 100
BHP Billiton 6.200 9,495 100 58,87
6.200 10,49 100
British American Tobacco 4.241 13 100 55,13
4.741 13,62 100
Prudential Corp. 5,5 100 0,00
10.300 6,11 100
Vodafone Group 114.483 1,255 100 143,68
50.483 1,1525 100
Man Group 1.439 19,1 100 27,48
2.089 25,48 100
BG Group 7.044 5,745 100 40,47
7.044 7,225 100
Dana Petroleum 2.000 8,97 100 17,94
4.500 11,25 100
Royal Bank of Scotland 2.911 17,55 100 51,09
2.611 17,78 100
Anglo American 1.544 19,79 100 30,56
2.044 22,18 100
Antofagasta 1.600 18,69 100 29,90
10.750 4,18 100
Legal & General Group 1,22 100 0,00
35.000 1,2825 100
Xstrata 1.700 20,5 100
Sig 3.500 7,3 100 25,55
3.500 8,8 100
WPP Group 4.700 6,545 100
National Grid 5,685 100 0,00
5.000 5,85 100
HBOS Plc. 7.551 9,93 100 74,98
2.851 9,4 100
J.I. British Equity Fund
Markedsværdi
(1.000 GBP)
187,66
159,39
147,59
135,20
113,03
86,47
71,76
66,11
65,04
64,57
62,93
58,18
53,23
50,89
50,63
46,42
45,34
44,94
44,89
34,85
30,80
30,76
29,25
26,80
Side 35 af 100

International Power 9.200 2,395 100 22,03
9.200 2,845 100
Northern Rock 2.400 9,43 100 22,63
2.400 10 100
Gallaher Group 2.800 8,775 100 24,57
2.800 8,45 100
Chemring Group 2.000 11,695 100
Ultra Electronics Holdings 2.400 9,92 100 23,81
2.400 9,68 100
Wolverhampton - Dudley Brew 1.800 12,7 100 22,86
1.800 12,87 100
Inchcape 4.200 4,725 100
Lloyds TSB Group 3.692 4,885 100 18,04
3.692 5,315 100
Galliford Try 17.000 1,15 100
Royal & Sun Alliance Insurance 14.000 1,2575 100 17,61
14.000 1,345 100
Tesco 5.187 3,315 100 17,19
5.187 3,34 100
Reckitt Benckiser 11 19,2 100 0,21
611 20,2 100
Greene King 2.800 7,425 100 20,79
1.500 8,225 100
Sage Group 2.600 2,58 100 6,71
5.100 2,3075 100
Barratt Developments 1.200 9,48 100
Carnival 2 33 100 0,07
2 22,03 100
Energis 7.000 0 100 0,00
0 0 100
Emap 2.000 8,63 100 17,26
0 8,515 100
Inchcape 700 22,81 100 15,97
0 4,49 100
Enterprise Inns 2.200 9,38 100 20,64
0 9,48 100
Alliance Unichem 1.900 8,005 100 15,21
0 10,22 100
Smiths Group 1.900 10,46 100 19,87
0 8,91 100
Wolseley 2.231 12,25 100 27,33
0 11,93 100
Imperial Tobacco Group 1.232 17,37 100 21,40
0 16,69 100
Scottish Power 6.257 5,435 100 34,01
0 5,6026 100
Unilever 3.500 5,765 100 20,18
0 5,255 100
Scottish & Southern Energy 2.930 10,14 100 29,71
0 11,51 100
Old Mutual 18.100 1,6475 100 29,82
0 1,6325 100
O2 24.534 1,9775 100 48,52
0 1,995 100
Diageo 2.998 8,425 100 25,26
0 9,095 100
Yell Group 2.700 5,365 100 14,49
0 5,115 100
J.I. British Equity Fund
26,17
24,00
23,66
23,39
23,23
23,17
19,85
19,62
19,55
18,83
17,32
12,34
12,34
11,77
11,38
0,04
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 36 af 100

Likviditet 60,60
23,70
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. British Equity Fund
0,00
2.077,39
0,00
2.017,10
Side 37 af 100

Aktier
J.I. Japanese Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 JPY) Beholdning Kurs
Valutakurs
Toyota Motor 82.500 6120 100 504.900,00
99.000 5990 100
Mitsubishi UFJ Financial Group 212 1600000 100 339.200,00
295 1600000 100
Canon 28.000 6900 100 193.200,00
60.750 5610 100
Sumitomo Mitsui Fin. Group 164 1250000 100 205.000,00
270 1210000 100
Mizuho Financial Group Inc 240 936000 100 224.640,00
320 969000 100
Takeda Pharmaceutical 29.800 6380 100 190.124,00
42.800 7120 100
Honda Motor 28.600 6730 100 192.478,00
76.200 3630 100
Orix Corp. 4.100 30050 100 123.205,00
7.000 27950 100
Shin-Etsu Chemical 10.900 6270 100 68.343,00
31.100 6220 100
Nomura Holdings Inc. 27.200 2260 100 61.472,00
84.200 2145 100
Sumitomo Chemical Co. 105.000 810 100 85.050,00
188.000 954 100
Nippon Mining Holdings Inc. 85.500 839 100 71.734,50
184.500 963 100
Sumitomo Metal Industries 181.000 454 100 82.174,00
361.000 472 100
Mitsui Trust Holdings 51.000 1416 100 72.216,00
116.000 1375 100
Yamaha Motor Co. 32.300 3080 100 99.484,00
53.300 2990 100
Nippon Steel 230.000 420 100 96.600,00
360.000 433 100
Omron Corporation 11.400 2715 100 30.951,00
53.000 2890 100
Makita Coporation 17.000 2900 100 49.300,00
42.000 3620 100
Yamato Kogyo Co. 24.000 1981 100 47.544,00
59.000 2560 100
Marubeni Corp 129.000 633 100 81.657,00
241.000 610 100
Komatsu 56.000 1951 100 109.256,00
64.000 2275 100
Japan Tobacco Inc 63 1720000 100 108.360,00
345 417000 100
Comsys Holdings Corp. 38.000 1687 100 64.106,00
98.000 1412 100
Central Japan Railway Co. 80 1130000 100 90.400,00
120 1140000 100
J.I. Japanese Equity Fund
Markedsværdi
(1.000 JPY)
593.010,00
472.000,00
340.807,50
326.700,00
310.080,00
304.736,00
276.606,00
195.650,00
193.442,00
180.609,00
179.352,00
177.673,50
170.392,00
159.500,00
159.367,00
155.880,00
153.170,00
152.040,00
151.040,00
147.010,00
145.600,00
143.865,00
138.376,00
136.800,00
Side 38 af 100

Hitachi High-Technologies Corp 15.700 2950 100 46.315,00
38.700 3480 100
Eisai 16.700 4950 100 82.665,00
25.700 5150 100
Sumitomo 40.000 1525 100 61.000,00
84.000 1509 100
Ricoh Comp. 35.000 2065 100 72.275,00
56.000 2245 100
Urban Corp. 6.500 12740 100 82.810,00
89.500 1382 100
Haseko Corp. 110.000 455 100 50.050,00
315.000 389 100
Sankyo Co. Gunma 14.200 6830 100 96.986,00
16.700 7270 100
Nissan Motor 47.800 1195 100 57.121,00
95.800 1250 100
Mitsubishi Corp. 47.200 2610 100 123.192,00
52.200 2285 100
Amada Co. Ltd. 63.000 1040 100 65.520,00
98.000 1200 100
NTT Docomo Inc 710 180000 100 127.800,00
700 168000 100
UFJ Central Leasing 9.100 5860 100 53.326,00
18.800 5760 100
Resona Holding 146 475000 100 69.350,00
296 361000 100
JFE Holdings 22.000 3960 100 87.120,00
22.000 4850 100
Daito Trust Construction 10.200 6100 100 62.220,00
15.200 6340 100
Kubota Corp. 71.000 991 100 70.361,00
88.000 1085 100
Millea Holding 19 2030000 100 38.570,00
44 2130000 100
Nomura Research Institute 4.100 14450 100 59.245,00
6.400 14160 100
Sharp Corp. 1794 100 0,00
50.000 1808 100
Nippon Telegraph & Tel. 70 536000 100 37.520,00
160 561000 100
Teijin 83.800 749 100 62.766,20
120.800 726 100
Osaka Gas Co. 145.000 407 100 59.015,00
237.000 368 100
Komori Corp. 25.000 2170 100 54.250,00
35.000 2435 100
Sony 16.600 4820 100 80.012,00
16.600 5050 100
Diamond Lease 11.700 5390 100 63.063,00
14.700 5690 100
Mitsubishi Estate 2450 100 0,00
34.000 2430 100
Sumitomo Trust and Banking 40.000 1205 100 48.200,00
66.000 1250 100
Leopalace21 Corp. 16.500 4280 100 70.620,00
20.500 3950 100
Mitsubishi Gas Chemical Co. 69.000 1115 100 76.935,00
57.000 1312 100
Tokyo Electron 7410 100 0,00
9.000 8000 100
Santen Pharmaceutical Co. 20.500 3190 100 65.395,00
25.500 2715 100
J.I. Japanese Equity Fund
134.676,00
132.355,00
126.756,00
125.720,00
123.689,00
122.535,00
121.409,00
119.750,00
119.277,00
117.600,00
117.600,00
108.288,00
106.856,00
106.700,00
96.368,00
95.480,00
93.720,00
90.624,00
90.400,00
89.760,00
87.700,80
87.216,00
85.225,00
83.830,00
83.643,00
82.620,00
82.500,00
80.975,00
74.784,00
72.000,00
69.232,50
Side 39 af 100

Suzuki Motor Corp. 27.000 2475 100
Nissin Kogyo Co 7.500 6450 100 48.375,00
31.500 2110 100
Geo Kasugai Ltd 310 201000 100
Keihin Corp 18.700 3020 100 56.474,00
24.700 2455 100
Nippon Oil Corp. 72.200 915 100 66.063,00
72.200 836 100
Matsushita Electric Indl 65.000 2275 100 147.875,00
23.000 2415 100
Belluna Co. 24.000 2190 100
Showa Shell Sekiyu 25.000 1408 100 35.200,00
39.000 1343 100
Fujikura 50.000 956 100 47.800,00
40.000 1263 100
Chiba Kogyo Bank 21.000 2580 100 54.180,00
21.000 2125 100
Sompo Japan Insurance 27.000 1595 100 43.065,00
27.000 1600 100
Brother Industries 38.000 1239 100 47.082,00
38.000 1128 100
TDK Corp. 3.700 8130 100 30.081,00
0 8610 100
Mitsui & Comp. 33.000 1515 100 49.995,00
0 1571 100
Dainippon Screen MFG Co. 37.000 987 100 36.519,00
0 1073 100
Hoya Corp 17.000 4240 100 72.080,00
0 3910 100
Aiful Corp. 7.700 9850 100 75.845,00
0 6110 100
Familymart Co. 9.100 3990 100 36.309,00
0 3300 100
Toshiba 60.000 704 100 42.240,00
0 747 100
Ryohin Keikaku Co. 5.800 10290 100 59.682,00
0 9760 100
Chubu Elec. Power 12.300 2810 100 34.563,00
0 3070 100
Sega Sammy Holdings 4.800 3950 100 18.960,00
0 4760 100
Cosmo Oil Company 76.000 590 100 44.840,00
0 477 100
Dai Nippon Printing 26.000 2100 100 54.600,00
0 1770 100
Toyo Suisan Kaisha 22.000 1904 100 41.888,00
0 1842 100
Nippon Shokubai Co. 31.000 1335 100 41.385,00
0 1431 100
Hino Motors 72.000 747 100 53.784,00
0 722 100
Autobacs Seven Co. 10.500 6230 100 65.415,00
0 4530 100
Toshiba Tec Corp. 72.000 637 100 45.864,00
0 560 100
Acom Co. 7.620 7580 100 57.759,60
0 6210 100
Kobe Steel 160.000 382 100 61.120,00
0 358 100
J.I. Japanese Equity Fund
66.825,00
66.465,00
62.310,00
60.638,50
60.359,20
55.545,00
52.560,00
52.377,00
50.520,00
44.625,00
43.200,00
42.864,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 40 af 100

Chiba Bank 34.000 989 100 33.626,00
0 1070 100
Koito Manufacturing Co. 30.000 1812 100 54.360,00
0 1723 100
Amano Corp. 23.600 2250 100 53.100,00
0 2080 100
Sumitomo Electric Industries 31.100 1791 100 55.700,10
0 1676 100
Mitsui O.S.K. Lines 76.000 1029 100 78.204,00
0 737 100
Aderans Co 13.500 3540 100 47.790,00
0 3030 100
CRC Solutions 15.100 2700 100 40.770,00
0 1590 100
Jaccs Co. 37.000 1317 100 48.729,00
0 1177 100
Tokyo Electric Power 15.300 2865 100 43.834,50
0 3160 100
Denso Corp. 16.800 4070 100 68.376,00
0 3740 100
Yamaha 26.000 1961 100 50.986,00
0 1924 100
Advantest 4.600 11890 100 54.694,00
0 11050 100
Namco Bandai Hldg 22.950 1724 100 39.565,80
0 1698 100
Nippon Yusen KK 100.000 808 100 80.800,00
0 715 100
Toyota Tsusho Corp. 20.000 2680 100 53.600,00
0 2450 100
Square Enix Tokyo 18.200 3310 100 60.242,00
0 3090 100
Astellas Pharma Inc 13.000 4600 100 59.800,00
0 4200 100
Alps Electric Co. 30.600 1643 100 50.275,80
0 1430 100
Ibiden Co. 6.500 6320 100 41.080,00
0 5500 100
KDDI Corp. 112 680000 100 76.160,00
0 703000 100
Likviditet 77.264,99
196.299,40
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Japanese Equity Fund
0,00
7.753.098,49
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
34.966,30
9.382.549,70
Side 41 af 100

Aktier
J.I. US Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Johnson & Johnson 3.000 60,1 100 180,30
4.200 59,92 100
Pfizer 4.304 23,32 100 100,37
9.304 23,47 100
IBM 430 82,2 100 35,35
2.730 76,82 100
AT&T Inc 3.690 24,479 100 90,33
7.490 27,92 100
Morgan Stanley 1.900 56,74 100 107,81
3.100 63,21 100
Goldman Sachs Group 1.270 127,71 100 162,19
1.270 150,43 100
Citigroup 1.233 48,53 100 59,84
3.733 48,24 100
Valero Energy Corp. 2.402 51,6 100 123,94
2.702 66,52 100
Caterpillar Inc. 1.500 57,77 100 86,66
2.300 74,48 100
Cummins Inc 800 89,73 100 71,78
1.400 122,25 100
Exxon Mobil Corp. 2.800 56,17 100 157,28
2.700 61,35 100
Altria Group 2.400 74,72 100 179,33
2.200 73,43 100
Merrill Lynch & Comp. 600 67,73 100 40,64
2.300 69,56 100
Marathon Oil 1.900 83,3 100
Maverick Tube 2.200 39,86 100 87,69
2.500 63,19 100
Terex Corp. 1.100 59,4 100 65,34
1.600 98,7 100
Lehman Brother Holding 1.000 128,17 100 128,17
2.400 65,15 100
Conocophillips 1.100 58,18 100 64,00
2.200 65,53 100
Occidental Petroleum 900 79,88 100 71,89
1.400 102,55 100
Tesoro Petroleum 1.800 61,55 100 110,79
1.900 74,36 100
Home Depot 3.320 40,48 100 134,39
3.920 35,79 100
Bear Stearns Companies 800 115,53 100 92,42
1.000 140,08 100
Phelps Dodge Corp. 800 143,87 100 115,10
1.700 82,16 100
Sherwin-Williams Co. 1.300 45,42 100 59,05
2.800 47,48 100
J.I. US Equity Fund
Markedsværdi
(1.000 USD)
251,66
218,36
209,72
209,12
195,95
191,05
180,08
179,74
171,30
171,15
165,65
161,55
159,99
158,27
157,98
157,92
156,36
144,17
143,57
141,28
140,30
140,08
139,67
132,94
Side 42 af 100

Nucor Corp. 1.000 66,72 100 66,72
2.400 54,25 100
Western Digital Corp. 6.300 19,81 100
Southern Copper Corp 1.200 66,98 100 80,38
1.400 89,13 100
Ensco International 700 44,35 100 31,05
2.700 46,02 100
Ingersoll-Rand Bermuda 2.400 40,37 100 96,89
2.900 42,78 100
Seagate Technology 4.900 19,99 100 97,95
5.400 22,64 100
Cit Group 1.000 51,78 100 51,78
2.300 52,29 100
Hartford Financial SVCS Gr. 700 85,89 100 60,12
1.400 84,6 100
Nvidia Corp. 2.400 36,56 100 87,74
5.400 21,29 100
J. C. Penny Company 1.700 55,6 100 94,52
1.700 67,51 100
WR Berkley Corp 1.800 47,62 100 85,72
3.300 34,13 100
Wellpoint 79,79 100 0,00
1.500 72,77 100
Metlife 2.100 49 100 102,90
2.100 51,21 100
Archer-Daniels-Midland Co. 1.400 24,66 100 34,52
2.600 41,28 100
Arch Cap. Group 1.800 59,46 100
General Electric Comp. 3.605 35,05 100 126,36
3.205 32,96 100
Abercrombie & Fitch Co. A 500 65,18 100 32,59
1.900 55,43 100
Norfolk Southern Corp 1.900 53,22 100
Wesco International Inc. 1.400 69 100
Allstate Corp. 1.500 54,07 100 81,11
1.600 54,73 100
Carolina Group 1.700 43,99 100 74,78
1.700 51,37 100
Pediatrix Medical Gruop Inc 1.900 45,3 100
Axis Capital Holdings 3.000 28,61 100
Reynolds American 700 95,33 100 66,73
700 115,3 100
Energen Corp. 2.100 36,32 100 76,27
2.100 38,41 100
Burlington Northern Santa 1.000 70,82 100 70,82
1.000 79,25 100
Biovail Corp. 3.300 23,41 100
Loews Corp. 300 94,67 100 28,40
2.100 35,47 100
Intuit Inc. 53,3 100 0,00
1.200 60,39 100
BellSouth Corp. 27,1 100 0,00
2.000 36,2 100
Cisco Systems 3.500 17,12 100 59,92
3.500 19,53 100
J.I. US Equity Fund
130,20
124,80
124,78
124,25
124,06
122,26
120,27
118,44
114,97
114,77
112,63
109,16
107,54
107,33
107,03
105,64
105,32
101,12
96,60
87,57
87,33
86,07
85,83
80,71
80,66
79,25
77,25
74,49
72,47
72,40
68,36
Side 43 af 100

BJ's Wholesale Club Inc 2.400 29,56 100 70,94
2.400 28,35 100
Black & Decker Corp 800 86,96 100 69,57
800 84,46 100
Paccar 800 69,23 100 55,38
800 82,38 100
Nike Designs -CL B 800 86,79 100 69,43
800 81 100
Wyeth 1.440 46,07 100 66,34
1.440 44,41 100
Hewlett-Packard Comp. 2.000 28,63 100 57,26
2.000 31,68 100
Herbalife 1.500 39,9 100
TXU Corp. 50,19 100 0,00
1.000 59,79 100
Ingram Micro Inc A 3.200 19,93 100 63,78
3.200 18,13 100
Corus Bankshares Inc 2.200 26,18 100
Building Material Holding CP 1.900 27,87 100
Barr Pharmaceuticals 900 62,29 100 56,06
1.100 47,69 100
Northrop Grumman Corp 800 60,11 100 48,09
800 64,06 100
Casey's General Stores Inc 2.000 25,01 100
Coventry Health Care 900 56,96 100 51,26
900 54,94 100
Cigna Corp. 500 111,7 100 55,85
500 98,51 100
Affiliated Computer SVCS A 800 59,18 100 47,34
800 51,61 100
American Eagle Outfitters 1.100 22,98 100 25,28
1.100 34,04 100
Laboratory Corp. of Amer. 600 53,85 100 32,31
600 62,23 100
Texas Instruments 2.480 32,07 100 79,53
580 30,29 100
Washington Mutual 1.722 43,5 100 74,91
0 45,58 100
Computer Sciences Corp. 700 50,64 100 35,45
0 48,44 100
Countrywide Financial Corp. 2.000 34,19 100 68,38
0 38,08 100
Centurytel 1.400 33,16 100 46,42
0 37,15 100
Radian Group Inc. 900 58,59 100 52,73
0 61,78 100
DR Horton 1.600 35,73 100 57,17
0 23,82 100
Intel Corp. 6.940 24,96 100 173,22
0 18,95 100
Agco Corp. 2.600 16,57 100 43,08
0 26,32 100
Centerpoint Energy Inc. 3.000 12,85 100 38,55
0 12,5 100
Fortune Brands Inc. 400 78,02 100 31,21
0 71,01 100
Darden Restaurants 1.600 38,88 100 62,21
0 39,4 100
J.I. US Equity Fund
68,04
67,57
65,90
64,80
63,95
63,36
59,85
59,79
58,02
57,60
52,95
52,46
51,25
50,02
49,45
49,26
41,29
37,44
37,34
17,57
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 44 af 100

Cleveland Cliffs 900 88,57 100 79,71
0 79,29 100
Timberland Co. CL A 1.400 32,55 100 45,57
0 26,1 100
Energizer Holdings 1.200 49,79 100 59,75
0 58,57 100
Golden West Financial Corp. 900 66 100 59,40
0 74,2 100
General Dynamics Corp. 750 114,05 100 85,54
0 65,46 100
Procter & Gamble Comp. 500 57,88 100 28,94
0 55,6 100
Oracle Corp. 8.180 12,21 100 99,88
0 14,49 100
Devon Energy Corp. 1.200 62,54 100 75,05
0 60,41 100
VF Corp 1.000 55,34 100 55,34
0 67,92 100
Federated Department Stores 900 66,33 100 59,70
0 36,6 100
ChevronTexaco 2.000 56,77 100 113,54
0 62,06 100
Amerada Hess Corp. 300 126,82 100 38,05
0 143,27 100
Aetna 600 94,31 100 56,59
0 39,93 100
US Bancorp 1.423 29,89 100 42,53
0 30,88 100
Williams Cos 100 23,17 100 2,32
0 23,36 100
Sandisk Corp 1.300 62,82 100 81,67
0 50,98 100
Eaton Corp 400 67,09 100 26,84
0 68,25 100
Apache Corp. 800 68,52 100 54,82
0 68,25 100
Bank of America Corp. 2.370 46,15 100 109,38
0 48,1 100
Pilgrims Pride Corp. 2.000 33,16 100 66,32
0 25,8 100
American Intl. Group Comp. 2.038 68,23 100 139,05
0 59,05 100
Microsoft 5.400 26,15 100 141,21
0 23,3 100
Wells Fargo Comp. 700 62,83 100 43,98
0 67,08 100
Take-Two Interactive Software 1.300 17,7 100 23,01
0 10,66 100
XTO Energy Inc. 1.300 43,94 100 57,12
0 40,04 100
Capital One Financial Corp 600 86,4 100 51,84
0 85,45 100
Treehouse Foods 320 18,72 100 5,99
0 25,74 100
Overseas Shipholding Group 700 50,39 100 35,27
0 59,15 100
Winnebago Industries 1.700 33,28 100 56,58
0 31,04 100
Lennar Corp 1.800 61,02 100 109,84
0 44,37 100
KB Home 1.600 72,66 100 116,26
0 45,85 100
J.I. US Equity Fund
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 45 af 100

UnitedHealth Group 770 62,14 100 47,85
0 44,78 100
Centex Corporation 1.000 71,49 100 71,49
0 54,48 100
Goodyear Tire & Rubber Co. 1.900 17,38 100 33,02
0 11,1 100
Ugi Corp. 1.900 20,6 100 39,14
0 23,55 100
Likviditet 179,70
70,47
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. US Equity Fund
-119,59
7.636,33
0,00
0,00
0,00
0,00
0,00
8.339,74
Side 46 af 100

Aktier
J.I. Chinese Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
China Mobile 767.000 36,7 12,89732 3.630,45
867.000 44,4 12,875
Petrochina 4.214.000 6,35 12,89732 3.451,18
4.582.000 8,3 12,875
China Life Insurance Co. 2.337.000 6,85 12,89732 2.064,66
2.185.000 12,25 12,875
China Construction Bank 6.620.000 3,55 12,875
Cnooc 3.726.000 5,25 12,89732 2.522,91
3.726.000 6,2 12,875
China Petroleum & Chemical 4.076.000 3,85 12,89732 2.023,92
4.220.000 4,45 12,875
China Merchants Hldgs. Intl. 976.000 16,85 12,89732 2.121,04
736.000 23,65 12,875
BK of Communication 1.383.000 3,525 12,89732 628,75
2.366.000 5,05 12,875
Dongfeng Motor Corp. 3.130.000 3,625 12,875
Ping An Insurance Group Co. 472.000 23,55 12,875
China Intl. Marine Containers 340.000 6,25 12,89732 274,07
950.000 11,36 12,875
Shanghai Zhenhua Port Machiner 533.500 0,797 100 425,20
533.500 2,099 100
Yanzhou Coal Mining Comp. 4,975 12,89732 0,00
1.440.000 5,75 12,875
China Overseas Land & Investme 2.170.000 3,325 12,89732 930,57
1.732.000 4,725 12,875
Aluminum Corp. of China 1.600.000 5,9 12,89732 1.217,51
1.256.000 5,75 12,875
Guangdong Investment 2.316.000 2,9 12,89732 866,24
2.316.000 2,975 12,875
Hengan Intl Group 720.000 8,8 12,89732 817,17
542.000 12,65 12,875
Tianjin Development Hldgs 1.410.000 3,675 12,89732 668,31
1.410.000 4,775 12,875
China Oilfield Services 1.000.000 3,125 12,89732 403,04
1.700.000 3,95 12,875
Jiangsu Expressway Co 1.500.000 4,375 12,89732 846,39
1.500.000 4,375 12,875
Beijing Enterprises 482.000 13,1 12,89732 814,36
482.000 13,45 12,875
China Resources Land 3,225 12,89732 0,00
1.506.000 4,25 12,875
Ports Design 1.014.000 9 12,89732 1.177,01
484.000 12,5 12,875
China Flavor & Fragrances 1.726.000 3,475 12,875
J.I. Chinese Equity Fund
Markedsværdi
(1.000 USD)
4.956,20
4.896,43
3.446,15
3.025,75
2.974,28
2.417,79
2.241,07
1.538,34
1.460,83
1.431,13
1.389,47
1.119,82
1.066,05
1.053,65
929,83
887,10
882,75
866,84
864,56
844,92
834,67
824,06
778,94
772,22
Side 47 af 100

China Yurun Food Group 1.660.000 4,325 12,89732 925,96
966.000 5,9 12,875
FU JI Food & Catering Services 673.000 12,7 12,89732 1.102,35
443.000 12,8 12,875
Wumart Stores 375.000 14,9 12,89732 720,64
211.000 26,75 12,875
Huaneng Power Intl. Inc-H 5,75 12,89732 0,00
1.086.000 5,15 12,875
Datang International Power Gen 500.000 5,7 12,89732 367,57
1.000.000 5,4 12,875
Lingbao Gold Co. 700.000 7,65 12,875
PICC Property & Casualty Com 1.844.000 2,225 12,89732 529,16
1.844.000 2,85 12,875
Dong Fang Electric 350.000 14,7 12,875
China Vanke Co. 978.750 4,97 12,89732 627,38
688.750 6,6 12,875
Xinjiang Tianye Water Savi-H 1.960.000 2,3 12,875
China Shipping Developm. 5,85 12,89732 0,00
780.000 5,6 12,875
Tencent Holdings 260.000 16,1763 12,875
Shanghai Prime Machinery Comp. 1.500.000 2,775 12,875
Dalian Port (PDA) Company 1.100.000 3,625 12,875
ZTE Corp-H 156.000 26,1 12,89732 525,13
156.000 24,6 12,875
China Resources Power Hold. Co 550.000 4,375 12,89732 310,34
550.000 6,5 12,875
China Mengniu Dairy 500.000 6,6 12,89732 425,61
324.000 9,75 12,875
China Shenhua Energy Co. 500.000 8,55 12,89732 551,36
177.500 14,35 12,875
Wah Sang Gas Holdings 2.900.000 0,306 12,89732 114,45
2.900.000 0,306 12,875
Guangzhou R-F Properties 376.000 27 12,89732 1.309,34
0 40,1 12,875
Denway Motors 3.168.000 2,575 12,89732 1.052,11
0 3,15 12,875
China Telecom Corp. 4.904.000 2,85 12,89732 1.802,58
0 2,45 12,875
Skyworth Digital Holdings 3.317.853 1 12,89732 427,91
0 0,76 12,875
BOC Hong Kong Holdings 468.000 14,9 12,89732 899,36
0 15,8 12,875
Weiqiao Textile Company 460.000 10,6 12,89732 628,87
0 10,1 12,875
Hopson Development Holdings 132.000 9,5 12,89732 161,73
0 11,65 12,875
China Gas Holdings 3.428.000 1,47 12,89732 649,92
0 1,23 12,875
China Netcom Group Corp. 353.000 12,55 12,89732 571,37
0 13,6 12,875
CNPC Hong Kong 1.900.000 1,71 12,89732 419,03
0 5 12,875
Citic Pacific 139.000 21,45 12,89732 384,54
0 22,9 12,875
Beijing North Star 1.400.000 1,94 12,89732 350,29
0 1,74 12,875
J.I. Chinese Equity Fund
733,80
730,06
726,70
720,09
695,25
689,46
676,63
662,42
585,26
580,40
562,38
541,50
535,92
513,39
494,09
460,28
406,72
327,94
114,25
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 48 af 100

Likviditet 491,13
3.052,13
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Chinese Equity Fund
0,00
40.230,93
-627,37
54.684,14
Side 49 af 100

Aktier
J.I. Indian Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Reliance Industries 159.300 889,3 2,221729 3.147,42
150.500 1059,85 2,17202
Infosys Technologies 51.908 2996,85 2,221729 3.456,13
45.458 3078,95 2,17202
Icici Bank Ltd 585,05 2,221729 0,00
210.000 487,9 2,17202
Hindustan Lever 173.900 197,2 2,221729 761,90
433.900 229,05 2,17202
Oil and Natural Gas Corp. 68.450 1174,25 2,221729 1.785,77
63.550 1108,05 2,17202
Housing Development Finance 52.300 1207 2,221729 1.402,49
49.000 1139,8 2,17202
Satyam Computer Services 112.593 738,05 2,221729 1.846,24
78.593 709,65 2,17202
Larsen N Toubro DM 22.500 1845,15 2,221729 922,37
22.500 2242 2,17202
Bharat Heavy Electricals 57.500 1387,05 2,221729 1.771,95
23.400 1949,45 2,17202
Associated Cement Cos 84.000 534,1 2,221729 996,77
58.000 783,95 2,17202
ITC 237.000 142,1 2,221729 748,23
237.000 182,4 2,17202
Tata Power Company 92.200 436,2 2,221729 893,53
81.800 482,5 2,17202
Colgate-Palmolive (India) 105.000 269,15 2,221729 627,88
95.000 389,55 2,17202
Mahindra and Mahindra 125.400 511,6 2,221729 1.425,34
58.200 621,8 2,17202
Reliance Comm. Ventures 159.300 223,1 2,17202
Bajaj Auto 12.700 2001,1 2,221729 564,63
12.700 2748,75 2,17202
Sun Pharmaceutical Industries 48.600 681,6 2,221729 735,96
43.600 787,7 2,17202
Zee Telefilms 136.500 156,8 2,221729 475,52
136.500 240,55 2,17202
Tata Motors Spon ADR 121.000 14,37 100 1.738,77
38.600 17,25 100
National Thermal Power Corp 260.000 112 2,221729 646,97
260.000 110,9 2,17202
Indian Oil Corporation 72.100 557,05 2,221729 892,32
72.100 399,85 2,17202
Canara Bank 143.000 241,25 2,221729 766,47
143.000 200,75 2,17202
Nestle India 28.500 936,2 2,221729 592,79
28.500 996,15 2,17202
Icici Bank Ltd-Spon Adr 41.300 28,8 100 1.189,44
25.800 23,65 100
J.I. Indian Equity Fund
Markedsværdi
(1.000 USD)
3.464,54
3.040,03
2.225,43
2.158,66
1.529,47
1.213,08
1.211,41
1.095,68
990,82
987,60
938,94
857,27
803,81
786,03
771,93
758,23
745,95
713,19
665,85
626,28
626,18
623,53
616,64
610,17
Side 50 af 100

India Cement 165.000 156,8 2,17202
Container Corp of India 17.000 1449,4 2,221729 547,43
17.000 1439,9 2,17202
National Aluminium Co. 240.000 219,95 2,221729 1.172,81
103.000 226,75 2,17202
Reliance Energy 51.000 604,95 2,221729 685,46
51.000 453,5 2,17202
State Bank of India GDR 29.100 50,5 100 1.469,55
12.000 40 100
Crompton Greaves 48.300 760,65 2,221729 816,25
25.000 875,15 2,17202
Cipla 40.000 448 2,221729 398,13
100.000 216 2,17202
Asian Paints (India) 36.000 578,75 2,221729 462,90
36.000 592,05 2,17202
Maruti Udyog 50.400 635,8 2,221729 711,94
26.400 796,7 2,17202
Indian Hotels Co. 17.000 1144,45 2,17202
Bharat Electronics 18.000 993,15 2,221729 397,17
18.000 1071 2,17202
Bajaj Hindusthan 43.000 392,6 2,17202
Cipla GDR 67.500 4,9 100
Punjab National Bank 46.000 466,25 2,221729 476,51
46.000 325,55 2,17202
Gateway Distriparks Gdr 54.000 5,95 100 321,30
54.000 5,95 100
HCL Infosystems 107.100 277,15 2,221729 659,47
107.100 130,55 2,17202
Hindalco Industries Partly 79.750 89,9 2,17202
Mphasis BFL 106.000 149,1 2,221729 351,14
34.559 151,75 2,17202
Hindalco Industries Demat. 20.142 143,4 2,221729 64,17
0 143,4 2,17202
Likviditet 436,58
1.188,68
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Indian Equity Fund
0,00
36.359,68
561,95
531,67
507,28
502,36
480,00
475,21
469,16
462,94
456,84
422,58
418,72
366,68
330,75
325,27
321,30
303,69
155,72
113,91
0,00
0,00
36.455,43
Side 51 af 100

Aktier
J.I. Turkish Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
Akbank T.A.S. 134.000 11 62,89169 927,02
272.554 7,6 49,2332
Turkiye Garanti Bankasi 279.000 4,9 62,89169 859,79
511.000 3,94 49,2332
TurckCell Iletisim Hizmetleri 137.000 8,2 62,89169 706,53
230.815 7,25 49,2332
Tupras-Turkiye Petrol Fafine 30.000 24,8 62,89169 467,91
53.300 26,5 49,2332
Turkiye is Bankasi C 112.000 11,7 62,89169 824,13
167.000 7,8 49,2332
Anadolu Efes Biracilik Ve 11.000 37,75 62,89169 261,16
25.000 43 49,2332
Tofas Turk Otomobil Fabrika 152.000 2,84 62,89169 271,49
250.000 4,14 49,2332
Dogan Sirketler Grubu Hldgs. 159.000 4,4 62,89169 439,99
176.000 5,85 49,2332
Ford Otomotiv Sanayi As 48.000 11,8 62,89169 356,22
85.600 10,6 49,2332
Arcelik As 71.000 9,4 62,89169 419,74
93.000 9,05 49,2332
Koc Holding 95.000 6,35 62,89169 379,39
159.000 4,72 49,2332
Haci Omer Sabanci Holding 83.000 7,65 62,89169 399,33
175.000 4,28 49,2332
Turkiye Vakiflar Bankasi 48.000 7,15 62,89169 215,84
115.000 6,2 49,2332
Yapi Ve Kredi Bankasi 84.000 6,3 62,89169 332,82
254.461 2,39 49,2332
IS Gayrimenkul Yatirim Ortak 105.000 2,96 62,89169 195,47
210.000 2,4 49,2332
Turk Hava Yollari 47.000 8,45 62,89169 249,77
90.000 5,45 49,2332
Aksigorta 61.000 10,3 62,89169 395,15
111.000 4,38 49,2332
Akcansa Cimento 30.000 8,2 62,89169 154,71
71.300 6,25 49,2332
Trakya Cam Sanayii 123.000 5,25 62,89169 406,12
103.000 4,28 49,2332
Dogus Otomotiv Servis Ve Tic 75.000 5,5 49,2332
Eczacibasi Ilac Sanayi Ve Ti 122.000 3,1 49,2332
Petrol Ofisi 23.000 6,25 62,89169 90,41
61.000 5,5 49,2332
Vestel Elektronik Sanayi 83.000 3,46 49,2332
Cimsa Cimento Sanayi 86.500 9,55 62,89169 519,53
42.337 6,45 49,2332
J.I. Turkish Equity Fund
Markedsværdi
(1.000 EUR)
1.019,82
991,23
823,87
695,39
641,31
529,26
509,56
506,91
446,72
414,37
369,49
368,76
351,03
299,42
248,14
241,49
239,36
219,40
217,04
203,09
186,20
165,18
141,39
134,44
Side 52 af 100

Dogan Yayin Holding 50.000 5,35 62,89169 168,24
46.000 5,4 49,2332
Adana Cimento 27.000 7,3 49,2332
Hurriyet Gazeteci 63.000 5,3 62,89169 210,00
47.000 3,24 49,2332
Turk Ekonomi Bankasi 20.000 21,7 62,89169 272,95
12.970 11,7 49,2332
Likviditet 297,66
172,92
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Turkish Equity Fund
-182,11
9.639,27
122,30
97,04
74,97
74,71
27,66
10.532,47
Side 53 af 100

Aktier
J.I. International Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Exxon Mobil Corp. 7.400 56,17 100 415,66
8.400 61,35 100
Johnson & Johnson 7.700 60,1 100 462,77
8.300 59,92 100
E.ON. 4.000 87,39 117,9551 412,32
3.900 90,02 127,866
Valero Energy Corp. 7.600 51,6 100 392,16
6.700 66,52 100
Goldman Sachs Group 3.200 127,71 100 408,67
2.900 150,43 100
ING Group 10.500 29,3 117,9551 362,89
11.000 30,73 127,866
BNP Paribas 5.000 68,35 117,9551 403,11
4.500 74,85 127,866
Nestle Reg. 392,5 75,87541 0,00
1.380 378,25 81,6327
Marathon Oil 5.100 83,3 100
AT&T Inc 15.000 27,92 100
Toyota Motor 9.400 6120 0,847242 487,40
7.900 5990 0,87478
IBM 82,2 100 0,00
5.300 76,82 100
Canon 6.000 6900 0,847242 350,76
8.250 5610 0,87478
Societe Generale 2.700 103,9 117,9551 330,90
2.750 115 127,866
British American Tobacco 13.414 13 171,6738 299,37
15.914 13,62 184,956
ChevronTexaco 6.400 56,77 100 363,33
6.400 62,06 100
Deutsche Bank 4.000 81,9 117,9551 386,42
3.500 88 127,866
Royal Dutch Shell 12.786 18,58 171,6738 407,83
10.986 18,91 184,956
Vallourec 500 465 117,9551 274,25
315 940 127,866
Phelps Dodge Corp. 2.800 143,87 100 402,84
4.600 82,16 100
Lehman Brother Holding 2.600 128,17 100 333,24
5.800 65,15 100
Commerzbank 10.200 28,44 127,866
Yamaha Motor Co. 15.000 3080 0,847242 391,43
14.000 2990 0,87478
Terex Corp. 3.700 98,7 100
J.I. International Equity Fund
Markedsværdi
(1.000 USD)
515,34
497,34
448,91
445,68
436,25
432,22
430,68
426,11
424,83
418,80
413,95
407,15
404,87
404,38
400,89
397,18
393,83
384,24
378,61
377,94
377,87
370,92
366,18
365,19
Side 54 af 100

Credit Agricole 9.300 29,75 127,866
BHP Billiton 18.000 22,75 73,35519 300,39
16.400 29 74,2948
Conocophillips 4.800 58,18 100 279,26
5.300 65,53 100
Hypo Real Estate Holding 7.000 43,98 117,9551 363,14
5.700 47,41 127,866
Inbev 7.000 38,35 127,866
Seagate Technology 12.000 19,99 100 239,88
15.100 22,64 100
Continental 3.700 74,98 117,9551 327,24
3.300 79,92 127,866
Maverick Tube 7.000 39,86 100 279,02
5.300 63,19 100
Credit Suisse Group 6.000 66,85 75,87541 304,34
6.000 68,35 81,6327
WR Berkley Corp 9.800 34,13 100
SE Banken A 14.000 163,5 12,56502 287,61
14.000 171,5 13,8822
Morgan Stanley 4.700 56,74 100 266,68
5.200 63,21 100
Occidental Petroleum 2.500 79,88 100 199,70
3.200 102,55 100
Nokia A 16.700 15,45 117,9551 304,34
16.000 15,96 127,866
AstraZeneca 7.000 388,5 12,56502 341,71
5.400 434,5 13,8822
Home Depot 7.000 40,48 100 283,36
9.000 35,79 100
Wellpoint 3.100 79,79 100 247,35
4.400 72,77 100
Allianz 2.000 123,52 127,866
Takeda Pharmaceutical 5.000 6380 0,847242 270,27
5.000 7120 0,87478
TXU Corp. 5.100 59,79 100
Coventry Health Care 4.650 56,96 100 264,86
5.350 54,94 100
Sumitomo Chemical Co. 35.000 810 0,847242 240,19
35.000 954 0,87478
Metlife 5.700 49 100 279,30
5.700 51,21 100
Makita Coporation 9.000 2900 0,847242 221,13
9.000 3620 0,87478
Caterpillar Inc. 5.400 57,77 100 311,96
3.800 74,48 100
Ingersoll-Rand Bermuda 6.600 40,37 100 266,44
6.600 42,78 100
Deutsche Boerse 3.300 86,56 117,9551 336,94
2.050 106,5 127,866
Nordea 23.000 86 13,8822
RWE 5.000 62,55 117,9551 368,90
3.300 65,05 127,866
Novo Nordisk B 4.300 371,5 17,1416
Allstate Corp. 4.500 54,07 100 243,32
5.000 54,73 100
J.I. International Equity Fund
353,77
353,35
347,31
345,54
343,26
341,86
337,23
334,91
334,78
334,47
333,31
328,69
328,16
326,52
325,72
322,11
320,19
315,88
311,42
304,93
293,93
292,09
291,90
285,00
283,02
282,35
279,16
274,59
274,48
273,83
273,65
Side 55 af 100

Japan Tobacco Inc 18 1720000 0,847242 262,31
75 417000 0,87478
BASF 4.600 64,71 117,9551 351,11
3.400 62,78 127,866
Fortis (BE) 9.000 26,95 117,9551 286,10
8.000 26,62 127,866
Puma 700 303,93 127,866
Norfolk Southern Corp 5.100 53,22 100
Eisai 6.000 4950 0,847242 251,63
6.000 5150 0,87478
J. C. Penny Company 5.000 55,6 100 278,00
4.000 67,51 100
Cummins Inc 3.100 89,73 100 278,16
2.200 122,25 100
Energen Corp. 7.000 36,32 100 254,24
7.000 38,41 100
General Dynamics Corp. 2.400 114,05 100 273,72
4.100 65,46 100
ACS Actividades y Serv. 6.400 32,61 127,866
Mitsui Trust Holdings 21.000 1416 0,847242 251,94
22.000 1375 0,87478
Axis Capital Holdings 9.100 28,61 100
Nike Designs -CL B 2.700 86,79 100 234,33
3.200 81 100
Sankyo Co. Gunma 4.900 6830 0,847242 283,55
4.000 7270 0,87478
Southern Copper Corp 4.500 66,98 100 301,41
2.800 89,13 100
Nvidia Corp. 7.000 36,56 100 255,92
11.600 21,29 100
Sherwin-Williams Co. 5.200 45,42 100 236,18
5.200 47,48 100
Zinifex Ltd 33.000 10,02 74,2948
Porsche Pref. 250 755,77 127,866
Wesco International Inc. 3.500 69 100
Orkla A 7.000 279,5 14,76832 288,94
5.200 288,5 16,0705
Bear Stearns Companies 2.600 115,53 100 300,38
1.700 140,08 100
Western Digital Corp. 12.000 19,81 100
Black & Decker Corp 2.400 86,96 100 208,70
2.800 84,46 100
Nippon Mining Holdings Inc. 45.000 839 0,847242 319,88
28.000 963 0,87478
Biovail Corp. 10.000 23,73 100 237,30
10.000 23,41 100
Sage Group 54.000 2,3075 184,956
Arch Cap. Group 3.800 59,46 100
Abercrombie & Fitch Co. A 4.000 55,43 100
Pfizer 23,32 100 0,00
9.400 23,47 100
J.I. International Equity Fund
273,59
272,93
272,30
272,04
271,42
270,31
270,04
268,95
268,87
268,39
266,86
264,62
260,35
259,20
254,38
249,56
246,96
246,90
245,66
241,59
241,50
241,09
238,14
237,72
236,49
235,87
234,10
230,46
225,95
221,72
220,62
Side 56 af 100

Ensco International 4.700 46,02 100
Ugi Corp. 8.000 20,6 100 164,80
0 23,55 100
Bayer. Motoren Werke Pref. 3.500 33 117,9551 136,24
0 37,47 127,866
UnitedHealth Group 4.070 62,14 100 252,91
0 44,78 100
DSV B 2.500 778 15,81415 307,59
0 975 17,1416
Aiful Corp. 2.800 9850 0,847242 233,67
0 6110 0,87478
Bank of America Corp. 9.000 46,15 100 415,35
0 48,1 100
Jyske Bank 5.500 309,5 15,81415 269,20
0 338 17,1416
A.P. Møller - Mærsk B 19 65200 15,81415 195,91
0 45400 17,1416
Vodafone Group 159.155 1,255 171,6738 342,90
0 1,1525 184,956
Lennar Corp 4.000 61,02 100 244,08
0 44,37 100
Agco Corp. 13.000 16,57 100 215,41
0 26,32 100
Intel Corp. 17.000 24,96 100 424,32
0 18,95 100
Schering 4.150 56,6 117,9551 277,06
0 89,01 127,866
Komatsu 26.000 1951 0,847242 429,77
0 2275 0,87478
Tesoro Petroleum 5.500 61,55 100 338,53
0 74,36 100
Centex Corporation 4.200 71,49 100 300,26
0 54,48 100
Washington Mutual 4.806 43,5 100 209,06
0 45,58 100
Cheung Kong Holding 19.000 79,55 12,89732 194,94
0 84,15 12,875
VF Corp 4.300 55,34 100 237,96
0 67,92 100
Dexia 9.000 19,48 117,9551 206,80
0 18,8 127,866
Oracle Corp. 26.000 12,21 100 317,46
0 14,49 100
Tietoenator B 7.000 30,85 117,9551 254,72
0 22,58 127,866
Foreningssparbanken A 10.000 216,5 12,56502 272,03
0 189 13,8822
Swiss Reinsurance 3.200 96,05 75,87541 233,21
0 85,45 81,6327
Texas Instruments 11.000 32,07 100 352,77
0 30,29 100
Nippon Yusen KK 31.000 808 0,847242 212,22
0 715 0,87478
Pilgrims Pride Corp. 6.300 33,16 100 208,91
0 25,8 100
KB Home 3.700 72,66 100 268,84
0 45,85 100
Noble Group 220.000 1,28 60,13952 169,35
0 1,09 63,2371
Golden West Financial Corp. 3.800 66 100 250,80
0 74,2 100
J.I. International Equity Fund
216,29
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 57 af 100

Repsol 10.000 24,67 117,9551 291,00
0 22,39 127,866
Altria Group 6.800 74,72 100 508,10
0 73,43 100
Danaher Corp. 4.400 55,78 100 245,43
0 64,32 100
Likviditet 255,07
716,79
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. International Equity Fund
213,25
28.316,38
0,00
0,00
0,00
-106,14
28.302,29
Side 58 af 100

Aktier
J.I. Emerging Markets Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Samsung Electronics-PFD 3.410 491000 0,098927 1.656,34
3.350 463000 0,10541
Gazprom ADR 7.000 71,7 100 501,90
27.000 42,05 100
Petroleo Brasileiro Pref. 57.864 37,21 42,81738 921,91
56.364 43,18 46,2054
Lukoil Oil Co-Spons ADR 10.436 59 100 615,72
11.136 83,2 100
America Movil ADR 24.150 29,26 100 706,63
27.150 33,26 100
Kookmin Bank 10.044 76500 0,098927 760,12
10.044 78000 0,10541
Taiwan Semiconductor 440.247 62,5 3,044789 837,79
453.450 58,4 3,08861
China Mobile 119.000 36,7 12,89732 563,26
119.000 44,4 12,875
Hon Hai Precision Industry 108.340 180 3,044789 593,77
108.340 200 3,08861
Comp. Vale Do Rio Doce ADR 15.700 36,25 100 569,13
30.900 20,58 100
Tenaris ADR 3.752 114,5 100 429,60
15.460 40,49 100
Petrochina 548.000 6,35 12,89732 448,80
564.000 8,3 12,875
Cemex 8.711 59,33 100 516,82
10.043 56,97 100
JSC MMC Norilsk Nickel Adr 3.000 95 100 285,00
4.400 130 100
China Overseas Land & Investme 3,325 12,89732 0,00
790.000 4,725 12,875
Unibanco - Sponsored GDR 5.400 63,57 100 343,28
7.100 66,39 100
Hyundai Department Store 5.440 85600 0,098927 460,67
6.040 73300 0,10541
Hynix Semiconductor 12.700 35300 0,098927 443,50
14.300 30750 0,10541
Kumba Resources 27.000 102 15,76665 434,21
25.600 128 14,0218
Telkom 24.000 134,75 15,76665 509,89
24.000 131,99 14,0218
Bank Rakyat Indonesia 1.000.000 4100 0,0108
Mediatek 47.000 387 3,044789 553,82
47.000 300 3,08861
Daegu Bank 15.000 15300 0,098927 227,04
23.000 17000 0,10541
OTP Bank 10.000 6967 0,467242 325,53
14.200 6270 0,45142
J.I. Emerging Markets Equity Fund
Markedsværdi
(1.000 USD)
1.634,92
1.135,35
1.124,55
926,52
903,01
825,79
817,91
680,26
669,24
635,92
625,98
602,70
572,15
572,00
480,59
471,37
466,67
463,50
459,47
444,18
442,63
435,49
412,14
401,92
Side 59 af 100

Catcher Technology Co. 37.000 343 3,08861
Tata Motors 6.500 653,4 2,221729 94,36
22.500 794,85 2,17202
Grupo Mexico B 155.000 24,8 9,400572 361,36
132.000 32,33 8,85924
Rostelecom ADR 17.000 13,65 100 232,05
13.000 29 100
Unimicron Technology Corp. 280.000 42,2 3,08861
Cie de Bebidas das Ame. Pref. 2.800 38,05 100 106,54
8.800 41,25 100
Gerdau Spon ADR 12.500 16,68 100 208,50
24.250 14,91 100
Aluminum Corp. of China 5,9 12,89732 0,00
476.000 5,75 12,875
Bancolombia Spons ADR 14.000 24,1 100
Southern Copper Corp 3.900 66,98 100 261,22
3.700 89,13 100
Telekomunikasi TBK 5900 0,010162 0,00
410.000 7350 0,0108
Ellerine Holdings 35.000 65,5 14,0218
Nedcor 20.000 113 14,0218
MOL Hungarian Oil and Gas 2.900 19950 0,467242 270,32
2.900 22750 0,45142
Trakya Cam Sanayii 110.000 4,28 62,9525
Lite-On Technology Corp 200.000 47,95 3,08861
Korea Investment Holdings Co. 8.500 31000 0,10541
High Tech Computer Corp 10.000 890 3,08861
Korea Zinc Co. 3.500 74400 0,10541
Bajaj Auto 4.500 2001,1 2,221729 200,07
4.500 2748,75 2,17202
Dongfeng Motor Corp. 550.000 3,625 12,875
Cnooc 310.000 5,25 12,89732 209,90
310.000 6,2 12,875
Bharat Heavy Electricals 13.500 1387,05 2,221729 416,02
5.600 1949,45 2,17202
Hyundai Heavy Industries 4.800 76900 0,098927 365,16
2.050 106500 0,10541
Akbank T.A.S. 39.000 11 74,18398 318,25
47.666 7,6 62,9525
Ceske Energeticke Zavody 6.700 736,3 4,061112 200,34
6.700 751,7 4,48178
IOI Corp. 57.000 12,4 26,45853 187,01
57.000 14,3 27,2146
Cipla GDR 45.000 4,9 100
National Aluminium Co. 42.000 219,95 2,221729 205,24
44.000 226,75 2,17202
Efes Breweries Int. Amsterdam 4.500 28,45 100 128,03
6.500 33 100
Korea Exchange Bank 17.200 14100 0,098927 239,92
17.200 11350 0,10541
J.I. Emerging Markets Equity Fund
391,98
388,45
378,07
377,00
364,95
363,00
361,57
352,39
337,40
329,78
325,33
321,45
316,89
297,83
296,38
296,20
277,75
274,89
274,48
268,67
256,70
247,46
237,12
230,13
228,05
225,72
221,83
220,50
216,70
214,50
205,78
Side 60 af 100

Turkiye is Bankasi C 40.400 11,7 74,18398 350,65
40.400 7,8 62,9525
Petroleo Brasileiro 8.400 41,3 42,81738 148,54
8.400 48,4 46,2054
Haci Omer Sabanci Holding 43.000 7,65 74,18398 244,03
64.500 4,28 62,9525
Polyus Gold Co. ADR 3.000 50 100
Baltic Property Trust Secura+ 2.700 108 15,81415 46,11
2.700 126,8 17,1416
Cia de Bebidas das Americ ADR 1.060 32,7 100 34,66
1.060 36,6 100
Wah Sang Gas Holdings 710.000 0,306 12,89732 28,02
710.000 0,306 12,875
BANPAIS ADR MXP 12.000 0 100 0,00
12.000 0 100
LG. Philips Lcd Co 4.600 42950 0,098927 195,45
0 44000 0,10541
Reliance Industries-Sponsored 5.730 39,53 100 226,51
0 56,74 100
Tata Motors Spon ADR 13.000 14,37 100 186,81
0 17,25 100
Polski Koncern Naftowy GDR 6.200 39 100 241,80
0 32,6 100
Icici Bank Ltd 20.000 585,05 2,221729 259,96
0 487,9 2,17202
Sasol 15.200 226,5 15,76665 542,81
0 275 14,0218
Caemi Mineracao Preff. 230.000 3,41 42,81738 335,82
0 3,58 46,2054
Siam Commercial Bank (F) 64.000 52 2,439025 81,17
0 56 2,62089
Hyundai Motor Co. 5.430 65000 0,098927 349,16
0 46100 0,10541
Premier Image Technology 248.000 44,05 3,044789 332,62
0 41,1 3,08861
BBVA Banco Frances ADR 14.000 7,15 100 100,10
0 6,86 100
Banco Itau Pref. 9.100 56,3 42,81738 219,37
0 63,1 46,2054
Asustek Computer Inc. 120.000 101 3,044789 369,03
0 92,8 3,08861
State Bank of India GDR 1.700 50,5 100 85,85
0 40 100
LG Electronics-PFD 10.000 59500 0,098927 588,62
0 33300 0,10541
Skyworth Digital Holdings 372.132 1 12,89732 48,00
0 0,76 12,875
Polski Koncern Naftowy 2.000 62,7 30,69933 38,50
0 53 31,3745
Banco Bradesco Pref. 19.272 67,7 42,81738 558,64
0 67,7 46,2054
Novatek Microelectronics 71.000 193 3,044789 417,23
0 157 3,08861
Kasikornbank 98.000 75 2,439025 179,27
0 61 2,62089
Zavody Presneho Strojiren 1.000 0 4,061112 0,00
1.000 0 4,48178
Coretronic Corp. 180.920 50 3,044789 275,43
0 45,55 3,08861
Hankook Tire Co. 15.300 14250 0,098927 215,69
0 12500 0,10541
J.I. Emerging Markets Equity Fund
198,38
187,85
173,79
150,00
58,69
38,80
27,97
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 61 af 100

FirstRand 90.000 18,45 15,76665 261,81
0 16,9 14,0218
Likviditet 732,19
677,08
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Emerging Markets Equity Fund
0,00
24.402,87
0,00
-318,41
26.497,32
Side 62 af 100

Aktier
J.I. European Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
BP Amoco 171.966 6,19 145,5416 1.549,25
201.966 6,305 144,648
AstraZeneca Group 33.600 28,29 145,5416 1.383,44
33.600 32,64 144,648
Nestle Reg. 2.000 392,5 64,32566 504,96
6.000 378,25 63,8424
Total Fina B 7.986 212,2 100 1.694,63
27.944 51,45 100
BNP Paribas 16.500 68,35 100 1.127,78
18.150 74,85 100
HSBC Holding (GBP) 97.272 9,33 145,5416 1.320,86
97.272 9,515 144,648
GlaxoSmithKline 46.961 14,69 145,5416 1.004,03
58.961 15,11 144,648
Nokia A 78.200 15,45 100 1.208,19
78.200 15,96 100
Sanofi-Aventis 15.887 74 100 1.175,64
15.887 76,3 100
Royal Dutch Shell 49.800 25,78 100 1.283,84
43.800 26,3 100
Deutsche Bank 12.522 81,9 100 1.025,55
12.522 88 100
ING Group 40.227 29,3 100 1.178,65
35.227 30,73 100
Credit Suisse Group 21.500 66,85 64,32566 924,54
24.500 68,35 63,8424
Societe Generale 9.200 103,9 100 955,88
9.200 115 100
E.ON. 11.500 87,39 100 1.004,99
11.500 90,02 100
Royal Dutch Shell 36.537 18,58 145,5416 988,02
36.537 18,91 144,648
Continental 9.000 74,98 100 674,82
12.000 79,92 100
British American Tobacco 36.670 13 145,5416 693,81
48.670 13,62 144,648
Vallourec 1.200 465 100 558,00
1.000 940 100
ENI (Ente Nazionale Indr.) 40.000 23,43 100 937,20
40.000 23,03 100
Fortis (BE) 32.000 26,95 100 862,40
32.000 26,62 100
Arcelor 22.000 20,95 100 460,90
22.000 37,74 100
BASF 13.000 64,71 100 841,23
13.000 62,78 100
Novartis Reg. 19.000 68,8 64,32566 840,86
19.000 65,7 63,8424
J.I. European Equity Fund
Markedsværdi
(1.000 EUR)
1.841,95
1.586,36
1.448,90
1.437,72
1.358,53
1.338,78
1.288,67
1.248,07
1.212,18
1.151,94
1.101,94
1.082,53
1.069,09
1.058,00
1.035,23
999,40
959,04
958,85
940,00
921,20
851,84
830,28
816,14
796,95
Side 63 af 100

Rio Tinto 22.000 26,55 145,5416 850,11
19.000 28,59 144,648
BHP Billiton 51.000 9,495 145,5416 704,78
51.000 10,49 144,648
Allianz 2.100 127,94 100 268,67
6.100 123,52 100
AXA 27,26 100 0,00
28.000 25,66 100
Credit Agricole 24.000 29,75 100
SSAB Svenskt Stal B 20.000 269 10,65238 573,10
48.000 136 10,8569
HBOS Plc. 68.160 9,93 145,5416 985,07
50.160 9,4 144,648
Union Bank of Switzerland 10.000 124,8 64,32566 802,78
8.000 133,2 63,8424
Nordea 60.000 82,5 10,65238 527,29
70.000 86 10,8569
Antofagasta 21.000 18,69 145,5416 571,24
105.000 4,18 144,648
Münchener Rückversich. Reg 4.942 114,38 100 565,27
5.942 106,81 100
M.A.N. Ord. 11.200 45,08 100 504,90
11.200 56,62 100
Vodafone Group 843.508 1,255 145,5416 1.540,71
363.508 1,1525 144,648
Novo Nordisk B 12.000 371,5 13,406
Commerzbank 21.000 28,44 100
Alfa Laval 25.000 172 10,65238 458,05
25.000 215,5 10,8569
Repsol 26.000 24,67 100 641,42
26.000 22,39 100
Puma 1.900 303,93 100
Inbev 15.000 38,35 100
ACS Actividades y Serv. 27,21 100 0,00
17.500 32,61 100
Hypo Real Estate Holding 12.000 43,98 100 527,76
12.000 47,41 100
Orkla A 20.000 279,5 12,52029 699,88
15.500 288,5 12,5682
RWE 8.500 62,55 100 531,68
8.500 65,05 100
National Grid 65.000 5,85 144,648
SE Banken A 29.000 163,5 10,65238 505,08
29.000 171,5 10,8569
Salzgitter 8.000 45,51 100 364,08
8.000 66,32 100
Inchcape 75.000 4,725 144,648
Danske Bank 222 13,40692 0,00
17.000 222 13,406
SKF B 41.000 111,5 10,65238 486,97
41.000 113,5 10,8569
Royal Bank of Scotland 19.641 17,55 145,5416 501,68
19.641 17,78 144,648
DNB Holding 50.000 72 12,52029 450,73
50.000 77,25 12,5682
J.I. European Equity Fund
785,74
773,85
753,47
718,48
714,00
708,74
682,02
680,31
653,58
634,86
634,67
634,14
605,99
597,64
597,24
584,91
582,14
577,47
575,25
570,68
568,92
562,02
552,93
550,03
539,97
530,56
512,60
505,94
505,22
505,14
485,45
Side 64 af 100

Anglo American 19,79 145,5416 0,00
15.000 22,18 144,648
Deutsche Boerse 6.000 86,56 100 519,36
4.500 106,5 100
WPP Group 50.000 6,545 144,648
Rautaruukki 29.000 20,55 100 595,95
20.000 23,62 100
Sage Group 140.000 2,3075 144,648
KBC Bancassurance 5.500 78,65 100 432,58
5.500 83,9 100
TGS Nopec Geophysical Co. ASA 32.000 110 12,5682
Fortum 22.000 15,84 100 348,48
22.000 20 100
Scottish Power 51.587 5,83 144,648
Barclays 48.449 6,11 145,5416 430,84
48.449 6,145 144,648
DaimlerChrysler 10.800 43,14 100 465,91
10.800 38,63 100
Porsche Pref. 550 755,77 100
Celesio 5.800 72,66 100 421,43
5.800 71,07 100
Barratt Developments 30.000 9,86 145,5416 430,51
30.000 9,48 144,648
Alpha Credit Bank 21.000 19,48 100
Sampo Insurance 27.000 14,72 100 397,44
27.000 14,92 100
Energias De Portugal 128.100 2,6 100 333,06
128.100 3,07 100
Wimpey (George) 58.976 4,8 145,5416 412,01
58.976 4,5475 144,648
Aviva 35.000 7,655 144,648
Roche Holding AG - Genuss. 3.000 196,8 64,32566 379,78
3.000 200 63,8424
Bayer. Motoren Werke Pref. 10.200 33 100 336,60
10.200 37,47 100
Sig 30.000 8,8 144,648
Altana Ind. 5.700 46 100 262,20
8.700 43,56 100
Neste Oil 13.000 23,88 100 310,44
13.000 27,54 100
Greene King 30.000 8,225 144,648
Statoil 22.000 155 12,52029 426,94
16.000 176,5 12,5682
Leoni 12.000 29,41 100
Unilever NV CVA 19.800 17,73 100
YIT 12.500 36,13 100 451,63
17.000 19,17 100
Wolseley 18.252 12,25 145,5416 325,41
18.252 11,93 144,648
Norsk Hydro 3.000 693 12,52029 260,30
15.000 165 12,5682
J.I. European Equity Fund
481,24
479,25
473,36
472,40
467,29
461,45
442,40
440,00
435,03
430,65
417,20
415,67
412,21
411,38
409,08
402,84
393,27
387,94
387,55
383,05
382,19
381,87
378,97
358,02
356,92
354,93
352,92
351,05
325,89
314,97
311,06
Side 65 af 100

TeliaSonera 40.000 42,7 10,65238 181,94
70.000 40,9 10,8569
Telenor 31.000 66,25 12,52029 257,14
31.000 75,25 12,5682
D. Carnegie & Co 20.000 132 10,8569
France Telecom 32.000 20,99 100 671,68
16.000 16,81 100
Zodiac 6.000 54,25 100 325,50
6.000 43,97 100
BG Group 5,745 145,5416 0,00
25.000 7,225 144,648
Telefonica 17.692 12,71 100 224,87
17.692 13,02 100
Banco de Santander 17.700 11,15 100 197,36
17.700 11,42 100
Scottish Power Non.Cum.Pref.B 21.667 3,61 144,648
Unilever - CVA 6.600 57,85 100 381,81
0 52,4 100
Scottish & Southern Energy 25.000 10,14 145,5416 368,95
0 11,51 144,648
Deutsche Post 13.000 20,48 100 266,24
0 20,96 100
Group 4 Securicor (GB) 120.000 1,61 145,5416 281,19
0 1,6775 144,648
Andritz 3.500 92,85 100 324,98
0 129,24 100
Volvo B 13.000 374,5 10,65238 518,61
0 354 10,8569
Syngenta 3.500 163,5 64,32566 368,10
0 162,5 63,8424
O2 140.000 1,9775 145,5416 402,93
0 1,995 144,648
A.P. Møller - Mærsk B 50 65200 13,40692 437,07
0 45400 13,406
Bayer Chemie 7.000 35,29 100 247,03
0 35,94 100
DSV B 4.000 778 13,40692 417,22
0 975 13,406
Schering 7.000 56,6 100 396,20
0 89,01 100
Depfa Bank 30.000 12,49 100 374,70
0 12,96 100
Renault 5.800 68,9 100 399,62
0 84 100
Foreningssparbanken A 18.000 216,5 10,65238 415,12
0 189 10,8569
Inchcape 12.500 22,81 145,5416 414,98
0 4,49 144,648
Swiss Reinsurance 12.400 96,05 64,32566 766,13
0 85,45 63,8424
TDC 20.000 377,5 13,40692 1.012,22
0 190 13,406
Scottish Power 65.000 5,435 145,5416 514,16
0 5,6026 144,648
Deutsche Telekom 11.000 14,08 100 154,88
0 12,58 100
Jyske Bank 13.800 309,5 13,40692 572,62
0 338 13,406
Tietoenator B 13.000 30,85 100 401,05
0 22,58 100
J.I. European Equity Fund
310,83
293,19
286,62
268,96
263,82
261,27
230,35
202,13
113,14
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 66 af 100

Dexia 23.500 19,49 100 458,02
0 18,85 100
Imperial Tobacco Group 20.227 17,37 145,5416 511,35
0 16,69 144,648
Likviditet 996,30
595,14
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. European Equity Fund
0,00
58.061,52
0,00
0,00
18,11
61.533,15
Side 67 af 100

Aktier
J.I. Far East Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Samsung Electronics-PFD 6.030 491000 0,098927 2.928,96
5.360 463000 0,10541
Kookmin Bank 22.674 76500 0,098927 1.715,95
22.674 78000 0,10541
Taiwan Semiconductor 757.414 62,5 3,044789 1.441,35
858.408 58,4 3,08861
China Overseas Land & Investme 1.444.000 3,325 12,89732 619,24
2.102.000 4,725 12,875
Hon Hai Precision Industry 192.836 180 3,044789 1.056,86
197.836 200 3,08861
Cheung Kong Holding 80.000 79,55 12,89732 820,79
106.000 84,15 12,875
China Mobile 154.500 36,7 12,89732 731,30
179.500 44,4 12,875
Petrochina 919.000 6,35 12,89732 752,64
757.000 8,3 12,875
Catcher Technology Co. 65.000 343 3,08861
Hynix Semiconductor 11.700 35300 0,098927 408,58
21.200 30750 0,10541
Largan Precision Co. 23.000 518 3,044789 362,76
31.000 693 3,08861
Hyundai Heavy Industries 5.880 76900 0,098927 447,32
5.880 106500 0,10541
Reliance Industries 28.200 889,3 2,221729 557,17
28.200 1059,85 2,17202
POSCO 1.510 202000 0,098927 301,75
2.350 254500 0,10541
Taiwan Fertilizer Co. 363.000 38,25 3,044789 422,76
363.000 53,8 3,08861
Bharat Heavy Electricals 21.000 1387,05 2,221729 647,15
14.200 1949,45 2,17202
Mediatek 52.700 387 3,044789 620,98
61.700 300 3,08861
Bajaj Auto 9.500 2001,1 2,221729 422,36
9.500 2748,75 2,17202
Hyundai Motor Co. 13.120 65000 0,098927 843,65
11.490 46100 0,10541
Telekomunikasi TBK 810.200 5900 0,010162 485,77
701.200 7350 0,0108
Bank Rakyat Indonesia 1.250.000 4100 0,0108
High Tech Computer Corp 20.000 616 3,044789 375,12
20.000 890 3,08861
Bank of East Asia 132.000 31,95 12,875
Daegu Bank 30.000 15300 0,098927 454,07
30.000 17000 0,10541
J.I. Far East Equity Fund
Markedsværdi
(1.000 USD)
2.615,87
1.864,20
1.548,35
1.278,74
1.222,08
1.148,44
1.026,11
808,95
688,61
687,15
663,53
660,08
649,17
630,41
603,19
601,26
571,70
567,18
558,33
556,40
553,28
549,77
542,99
537,58
Side 68 af 100

Aluminum Corp. of China 5,9 12,89732 0,00
714.000 5,75 12,875
Vtech Holding 100.000 40,5 12,875
Keppel Corp. Ord. 56.000 11 60,13952 370,46
56.000 14,7 63,2371
Lite-On Technology Corp 350.000 47,95 3,08861
China Construction Bank 1.132.000 3,55 12,875
Korea Exchange Bank 47.000 14100 0,098927 655,59
40.200 11350 0,10541
Hyundai Department Store 6.150 85600 0,098927 520,79
6.150 73300 0,10541
Tata Motors 42.500 653,4 2,221729 616,96
27.000 794,85 2,17202
Esprit Holding 64.031 55,1 12,89732 455,03
57.031 63,4 12,875
Unimicron Technology Corp. 335.000 42,2 3,08861
Cnooc 320.000 5,25 12,89732 216,67
538.000 6,2 12,875
Korea Investment Holdings Co. 12.400 31000 0,10541
Chinese Estates Holdings 370.000 8,4 12,875
IOI Corp. 100.000 12,4 26,45853 328,09
100.000 14,3 27,2146
Cipla GDR 78.750 4,9 100
Techtronic Industries Co 259.000 18,45 12,89732 616,30
259.000 10,5 12,875
FU JI Food & Catering Services 210.000 12,7 12,89732 343,97
210.000 12,8 12,875
Genting 53.600 21,4 26,45853 303,49
53.600 23,7 27,2146
National Aluminium Co. 70.000 219,95 2,221729 342,07
70.000 226,75 2,17202
Bajaj Hindusthan 40.000 392,6 2,17202
India Cement 98.000 156,8 2,17202
Dongfeng Motor Corp. 700.000 3,625 12,875
DiGi.Com 110.000 10,9 27,2146
Wharf Holding 86.000 27,4 12,89732 303,91
86.000 27,6 12,875
United Overseas Bank 30.000 14,6 60,13952 263,41
30.000 15,6 63,2371
Siam Commercial Bank (F) 175.000 52 2,439025 221,95
175.000 56 2,62089
Korea Zinc Co. 2.800 74400 0,10541
Singapore Telecommunicat 97.570 2,61 60,13952 153,15
97.570 2,54 63,2371
Reliance Comm. Ventures 28.200 223,1 2,17202
Wah Sang Gas Holdings 340.000 0,306 12,89732 13,42
340.000 0,306 12,875
Tata Motors Spon ADR 21.000 14,37 100 301,77
0 17,25 100
J.I. Far East Equity Fund
528,58
521,44
520,57
518,35
517,39
480,94
475,17
466,14
465,53
436,64
429,46
405,19
400,15
389,17
385,88
350,14
346,08
345,71
344,75
341,09
333,76
326,70
326,30
305,60
295,95
256,85
219,58
156,72
136,65
13,40
0,00
Side 69 af 100

Asustek Computer Inc. 160.000 101 3,044789 492,04
0 92,8 3,08861
Formosa Chemicals Fibre 269.000 53 3,044789 434,10
0 51,8 3,08861
Genting International 600.000 0,37 60,13952 133,51
0 0,335 63,2371
Hankook Tire Co. 29.000 14250 0,098927 408,82
0 12500 0,10541
Novatek Microelectronics 100.000 193 3,044789 587,64
0 157 3,08861
Coretronic Corp. 313.200 50 3,044789 476,81
0 45,55 3,08861
Noble Group 321.200 1,28 60,13952 247,26
0 1,09 63,2371
LG. Philips Lcd Co 12.000 42950 0,098927 509,87
0 44000 0,10541
Icici Bank Ltd 37.000 585,05 2,221729 480,93
0 487,9 2,17202
China Intl. Marine Containers 288.000 6,25 12,89732 232,15
0 11,36 12,875
PTT Foreign 53.000 226 2,439025 292,15
0 226 2,62089
HSBC Holding 26.175 124,5 12,89732 420,30
0 136,1 12,875
Kasikornbank 125.000 75 2,439025 228,66
0 61 2,62089
Sun Hung Kai Properties 53.147 75,5 12,89732 517,52
0 79,2 12,875
Jurong Technologies Ind. 235.000 1,81 60,13952 255,80
0 1 63,2371
Swire Pacific A 33.300 69,6 12,89732 298,92
0 80,15 12,875
China Gas Holdings 1.800.000 1,47 12,89732 341,26
0 1,23 12,875
Premier Image Technology 388.000 44,05 3,044789 520,40
0 41,1 3,08861
Shinsegae Co. 1.200 443000 0,098927 525,90
0 475000 0,10541
New World Development 125.000 10,65 12,89732 171,70
0 12,8 12,875
Skyworth Digital Holdings 692.844 1 12,89732 89,36
0 0,76 12,875
LG Electronics-PFD 7.800 59500 0,098927 459,12
0 33300 0,10541
Sembcorp Industries 197.400 2,74 60,13952 325,28
0 3,24 63,2371
Likviditet 618,53
890,63
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Far East Equity Fund
78,54
31.590,12
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
-335,61
32.728,27
Side 70 af 100

Aktier
J.I. Latin American Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
America Movil ADR 29.450 29,26 100 861,71
46.650 33,26 100
Petroleo Brasileiro Pref. 40.500 37,21 42,81738 645,26
71.600 43,18 46,2054
Comp. Vale Do Rio Doce ADR 24.200 36,25 100 877,25
64.500 20,58 100
Cemex 11.681 59,33 100 693,03
18.512 56,97 100
Tenaris ADR 2.364 114,5 100 270,68
21.420 40,49 100
Banco Bradesco Pref. 14.980 67,7 42,81738 434,23
25.180 67,7 46,2054
Banco Itau Pref. 15.100 56,3 42,81738 364,00
22.600 63,1 46,2054
Unibanco - Sponsored GDR 4.600 63,57 100 292,42
9.800 66,39 100
Telefonos De Mexico ADR 15.600 24,68 100 385,01
25.000 20,83 100
Grupo Televisa ADR 2.400 80,5 100 193,20
25.200 19,31 100
Gerdau Spon ADR 18.700 16,68 100 311,92
28.200 14,91 100
Grupo Mexico B 80.000 24,8 9,400572 186,51
139.800 32,33 8,85924
Walmart de Mexico Ser V 42.746 59,01 9,400572 237,12
135.872 31,18 8,85924
Gol Linhas Aereas Intel ADR 4.000 28,21 100 112,84
10.400 35,5 100
Cia Brasil Petro Ipiranga Pref 8.300 28,7 42,81738 102,00
43.800 18 46,2054
Cia Vale do Rio Doce A (Pref) 16.296 44,08 46,2054
Lojas Renner 5.900 116,45 46,2054
Cia de Bebidas das Ameri.Pref. 550.000 0,898 42,81738 211,48
760.000 0,90001 46,2054
Cosan 4.500 139,5 46,2054
Southern Copper Corp 2.100 66,98 100 140,66
3.000 89,13 100
Bancolombia Spons ADR 10.900 24,1 100
Cia Energetica Minas Pref. 6.311.345 0,095 42,81738 256,72
6.111.345 0,09182 46,2054
Credicorp 7.600 29,96 100
Siderurgica Nac. ADR 6.040 21,4 100 129,26
7.040 32,2 100
J.I. Latin American Equity Fund
Markedsværdi
(1.000 USD)
1.551,58
1.428,53
1.327,41
1.054,63
867,30
787,66
658,92
650,62
520,75
486,61
420,46
400,41
375,32
369,20
364,28
331,91
317,46
316,05
290,05
267,39
262,69
259,28
227,70
226,69
Side 71 af 100

Petroleo Brasileiro 8.400 41,3 42,81738 148,54
8.400 48,4 46,2054
Duratex Pref 8.000 29,7 42,81738 101,73
20.000 19,49 46,2054
Brasil Telecom Partic. ADR 2.510 37,35 100 93,75
5.210 32,57 100
Centrais Electricas B Pref. 7.200.000 0,0396 42,81738 122,08
7.200.000 0,0449 46,2054
ARA Consorcia de CV 25.100 45,01 9,400572 106,20
34.100 46,57 8,85924
Randon Participacoes Pref. 39.000 7,12 46,2054
Guararapes Confeccoes 2.000 67,84 42,81738 58,09
3.500 79 46,2054
Gr. Financ. Banorte-O 50.000 22,28 9,400572 104,72
50.000 26,25 8,85924
Paranaense de Energia ADR 4,92 100 0,00
12.500 9,3 100
Cencosud Spons ADR 144A 3.000 29,491 100 88,47
3.000 36,7108 100
Saneamento Basico do Est. ADR 4.300 16,87 100 72,54
4.300 23,55 100
Usinas Sider Minas Pref. 2.600 55,6 42,81738 61,90
2.600 77,65 46,2054
Telenorte Leste Participa. ADR 6.100 17,92 100 109,31
7.100 12,75 100
Saraiva Livreiros Pref. 9.000 20,3 46,2054
Sadia Pref. 16.000 6,6 42,81738 45,22
30.000 5,75 46,2054
Alfa A 21.500 59,09 9,400572 119,43
15.500 55,91 8,85924
Embotelladora Andina ADR A 5.040 13,05 100 65,77
5.040 13,43 100
Grupo Carso A NPV 27.300 25,89 9,400572 66,44
27.300 26,68 8,85924
Telecom Chile ADR 8.900 8,8 100 78,32
8.900 6,84 100
Gruma Spon. Adr. 4.000 13,18 100 52,72
5.300 10,77 100
Kimberly-Clark De Mexico 17.100 38 9,400572 61,08
17.100 35,93 8,85924
Telemig Celular Particip ADR 39,41 100 0,00
1.500 35,4 100
Masisa S.A. ADR. 5.069 9,46 100 47,95
5.742 7,97 100
Cia de Minas Buenaventura ADR 1.600 28,3 100 45,28
1.600 27,28 100
Quimica Y Minera Chile ADR 400 109,2 100 43,68
400 104,14 100
Telecom Argentina Spon ADR 3.400 12,89 100 43,83
3.400 11,6 100
Cia de Bebidas das Ameri. Ord. 96.000 0,752 42,81738 30,91
96.000 0,8 46,2054
Telenorte Leste Particip.Pref. 2.300 41,5 42,81738 40,87
2.300 27,8 46,2054
Votorantim Spon ADR 1.800 12,29 100 22,12
1.800 15,58 100
Grupo Bimbo A 7.200 37,04 9,400572 25,07
7.200 33,72 8,85924
TV Azteca CPO 31.000 7 9,400572 20,40
31.000 7,69 8,85924
J.I. Latin American Equity Fund
187,85
180,11
169,69
149,37
140,69
128,30
127,76
116,28
116,25
110,13
101,27
93,28
90,53
84,42
79,70
76,77
67,69
64,53
60,88
57,08
54,43
53,10
45,76
43,65
41,66
39,44
35,49
29,54
28,04
21,51
21,12
Side 72 af 100

Anonima Telef.(CANTV) ADR 1.000 14,3 100 14,30
1.000 19,65 100
Vivo Participacoes ADR 6.514 2,46 100
Cia De Gas De Sao P. Pref. A 120.000 0,25321 42,81738 13,01
120.000 0,271 46,2054
Nortel Inversora ADR 1.300 9,65 100 12,55
1.300 7,72 100
Corporacion Geo B 18.600 37,58 9,400572 65,71
2.600 37,68 8,85924
Contax Participacoes 6.100 1,11 100 6,77
6.100 0,81 100
Contax Part Brazil 2.300 2,81 42,81738 2,77
2.300 1,96 46,2054
Cemex - CPO 16 63,2 9,400572 0,10
16 64,89 8,85924
Comp.Bras.de Dist. Pao de Acuc 1.700 32,9 100 55,93
0 31,14 100
Enersis ADR 7.480 10,99 100 82,21
0 11,3 100
Braskem 8.500 19 42,81738 69,15
0 14,26 46,2054
Fomento Eco.Mexicano - UBD 9.094 77,08 9,400572 65,89
0 98,27 8,85924
Caemi Mineracao Preff. 132.000 3,41 42,81738 192,73
0 3,58 46,2054
Grupo Elektra 2.500 94 9,400572 22,09
0 129,48 8,85924
Masisa ADR New (Share) 655 9,46 100 6,20
0 9,48444 100
Marisa ADR New Treasure 18 9,46 100 0,17
0 9,48444 100
Empresa Nacional Elec. ADR 3.100 30,62 100 94,92
0 27,06 100
BBVA Banco Frances ADR 3.000 7,15 100 21,45
0 6,86 100
Telecentro Oeste Celular ADR 1.113 11,22 100 12,49
0 12,56 100
Likviditet 315,44
460,13
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Latin American Equity Fund
0,00
9.635,59
19,65
16,02
15,03
10,04
8,68
4,94
2,08
0,09
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
16.915,86
Side 73 af 100

Aktier
J.I. Eastern European Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
Lukoil Oil Co-Spons ADR 60.460 59 84,778 3.024,15
51.760 83,2 78,2070
Gazprom ADR 39.600 71,7 84,778 2.407,12
91.300 42,05 78,2070
JSC MMC Norilsk Nickel Adr 23.520 130 78,2070
Surgutneftegaz JSC Spon. ADR 40.100 54,7 84,778 1.859,58
30.640 73,1 78,2070
Kghm Polska Miedz 50.500 62,5 26,02628 821,45
58.100 108 24,5371
Ceske Energeticke Zavody 61.600 736,3 3,44293 1.561,58
58.200 751,7 3,50507
Unified Energy System GDR 38.900 42,5 84,778 1.401,59
27.900 69,9 78,2070
MOL Hungarian Oil and Gas 19.800 19950 0,396118 1.564,71
18.500 22750 0,35304
Rostelecom ADR 82.200 13,65 84,778 951,23
56.700 29 78,2070
Surgutneftegaz ADR Pref. 15.800 90,5 84,778 1.212,24
15.000 108,02 78,2070
Tatneft Spons. ADR 21.000 66,6 84,778 1.185,71
20.800 76,2 78,2070
PKO Bank Polski 146.000 29 26,02628 1.101,95
131.500 37 24,5371
Novatek Oao-Spons GDR 35.850 22,5 84,778 683,84
34.550 44 78,2070
Bank Pekao 20.800 174,5 26,02628 944,65
24.800 190 24,5371
OTP Bank 75.200 6967 0,396118 2.075,34
51.400 6270 0,35304
Telekomunikacja Polska 181.700 23,4 26,02628 1.106,58
192.700 20 24,5371
Polyus Gold Co. ADR 20.500 50 78,2070
Polski Koncern Naftowy GDR 25.400 39 84,778 839,81
28.400 32,6 78,2070
Telefonica 02 Czech Republic A 56.700 524,5 3,44293 1.023,90
42.200 478,7 3,50507
Polski Koncern Naftowy 35.000 62,7 26,02628 571,15
47.500 53 24,5371
Kazakhmys W/I 32.000 11,93 144,648
Gazpromneft Spon ADR 31.000 21,1 78,2070
Mechel Steel Group Adr 8.200 24,17 84,778 168,02
26.200 22,39 78,2070
Magyar Telecom Telecommunicati 36.850 22,25 84,778 695,11
30.350 18,83 78,2070
J.I. Eastern European Equity Fund
Markedsværdi
(1.000 EUR)
3.367,93
3.002,50
2.391,26
1.751,67
1.539,65
1.533,43
1.525,20
1.485,87
1.285,96
1.267,19
1.239,55
1.193,85
1.188,90
1.156,19
1.137,78
945,66
801,62
724,07
708,06
617,72
552,21
511,55
458,78
446,95
Side 74 af 100

Efes Breweries Int. Amsterdam 17.200 28,45 84,778 414,85
17.200 33 78,2070
JSFC Sistema GDR 28.000 23,5 84,778 557,84
28.000 20,1 78,2070
Globe Trade Centra 6.500 265 24,5371
Egis RT 4.100 22445 0,396118 364,53
4.100 27250 0,35304
BK Przemyslowo-Handlowy 2.600 750,5 26,02628 507,85
1.600 700 24,5371
Prokom Software 8.125 138 26,02628 291,82
8.125 123,5 24,5371
Unipetrol 32.000 232,5 3,44293 256,15
32.000 198,8 3,50507
Gedeon Richter 1.700 38315 0,396118 258,01
1.450 40695 0,35304
Pfleiderer Grajewo 21.760 35,5 26,02628 201,05
21.760 36,4 24,5371
TVN 7.787 78 26,02628 158,08
7.787 96 24,5371
Baltic Property Trust Secura+ 10.000 108 13,40692 144,79
10.000 126,8 13,406
Emax 3.304 98,8 26,02628 84,96
3.304 122 24,5371
Mondi Packaging Paper Swiecie 3.400 51 26,02628 45,13
3.400 61 24,5371
Debica 2.200 65 26,02628 37,22
2.200 60 24,5371
Agora 12.700 69 26,02628 228,07
0 51,5 24,5371
Orbis 11.000 33 26,02628 94,48
0 44 24,5371
Budimex 5.525 38,5 26,02628 55,36
0 55,7 24,5371
Danubius Hotels and Spa. 6.900 5845 0,396118 159,76
0 5995 0,35304
Telekomunikacja Polska GDR 33.400 7,15 84,778 202,46
0 6,15 78,2070
BorsodChem 23.300 2300 0,396118 212,28
0 2332 0,35304
JSC MMC Norilsk Nickel ADR 20.500 95 84,778 1.651,05
0 130 78,2070
Philip Morris (CZ) 235 18251 3,44293 147,67
0 16720 3,50507
Likviditet 290,04
1.155,24
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Eastern European Equity Fund
0,00
31.563,15
443,90
440,15
422,65
394,44
274,82
246,21
222,98
208,32
194,35
183,43
169,99
98,91
50,89
32,39
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
615,61
35.987,81
Side 75 af 100

Aktier
J.I. IT Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Microsoft 37.600 26,15 100 983,24
32.100 23,3 100
Samsung Electronics-PFD 1.430 491000 0,098927 694,60
1.330 463000 0,10541
IBM 4.980 82,2 100 409,36
7.580 76,82 100
Cisco Systems 32.100 17,12 100 549,55
26.900 19,53 100
Intel Corp. 32.800 24,96 100 818,69
27.500 18,95 100
Oracle Corp. 32.000 12,21 100 390,72
33.500 14,49 100
Hewlett-Packard Comp. 16.200 28,63 100 463,81
15.000 31,68 100
Canon 7.000 6900 0,847242 409,22
9.000 5610 0,87478
Nokia A 25.800 15,45 117,9551 470,18
21.300 15,96 127,866
Texas Instruments 9.600 32,07 100 307,87
9.600 30,29 100
Nvidia Corp. 6.900 36,56 100 252,26
12.800 21,29 100
Seagate Technology 11.500 19,99 100 229,89
10.500 22,64 100
Taiwan Semiconductor 94.648 62,5 3,044789 180,11
128.386 58,4 3,08861
Sandisk Corp 5.900 62,82 100 370,64
4.300 50,98 100
Samsung Electronics Comp. 670 659000 0,098927 436,79
330 603000 0,10541
Motorola 8.900 22,59 100 201,05
9.400 20,15 100
Western Digital Corp. 9.000 19,81 100
Check Point Software Tech. 8.500 20,1 100 170,85
10.000 17,58 100
STMicroelectronics 3.800 15,17 117,9551 68,00
10.300 12,59 127,866
High Tech Computer Corp 7.000 616 3,044789 131,29
6.000 890 3,08861
Ericsson B 56.000 27,3 12,56502 192,09
49.000 23,8 13,8822
Hon Hai Precision Industry 27.492 180 3,044789 150,67
24.492 200 3,08861
Ingram Micro Inc A 5.000 19,93 100 99,65
8.000 18,13 100
S.A.P. 820 153,16 117,9551 148,14
620 165 127,866
J.I. IT Equity Fund
Markedsværdi
(1.000 USD)
747,93
649,09
582,30
525,36
521,13
485,42
475,20
441,67
434,68
290,78
272,51
237,72
231,58
219,21
209,75
189,41
178,29
175,80
165,81
164,93
161,89
151,29
145,04
130,81
Side 76 af 100

Computer Sciences Corp. 3.300 50,64 100 167,11
2.700 48,44 100
Sage Group 30.000 2,3075 184,956
Opera Software 40.000 22,5 14,76832 132,91
29.000 23,9 16,0705
Lite-On Technology Corp 70.000 47,95 3,08861
Applied Materials 7.200 17,94 100 129,17
6.200 16,28 100
Logitech Intl Apples 2.600 61,75 75,87541 121,82
2.600 47,2 81,6327
Brocade Communications 20.400 4,07 100 83,03
15.400 6,14 100
Lam Research Corp. 2.000 46,62 100
Unimicron Technology Corp. 70.000 42,2 3,08861
Dassault Systems 2.200 47,69 117,9551 123,76
1.700 41,9 127,866
EDB Business Partner 7.000 49 14,76832 50,66
11.000 49,5 16,0705
Cap Gemini 1.500 33,91 117,9551 60,00
1.500 44,63 127,866
Hynix Semiconductor 2.500 30750 0,10541
Tietoenator B 4.000 30,85 117,9551 145,56
2.800 22,58 127,866
Dell Inc. 5.700 29,99 100 170,94
3.200 24,41 100
Mcafee Inc 3.200 27,13 100 86,82
3.200 24,27 100
EMC Corp./Mass. 6.900 13,62 100 93,98
6.900 10,97 100
Mediatek 8.000 387 3,044789 94,27
8.000 300 3,08861
Qualcomm 2.300 43,08 100 99,08
1.800 40,07 100
Novatek Microelectronics 28.000 193 3,044789 164,54
13.000 157 3,08861
Tokyo Electron 900 7410 0,847242 56,50
900 8000 0,87478
Symantec Corp. 3.510 17,5 100 61,43
3.510 15,54 100
Intuit Inc. 1.700 53,3 100 90,61
700 60,39 100
Elmos Semiconductor 7.000 9 117,9551 74,31
4.000 7,74 127,866
Tis Inc. 2.600 3640 0,847242 80,18
1.300 3200 0,87478
ASM Lithography Holding 2.500 16,9 117,9551 49,84
1.500 15,84 127,866
Verisign 1.000 21,92 100 21,92
1.000 23,17 100
Computer Associates 1.600 28,19 100 45,10
0 27,46 100
Electronic Data Systems Comp. 700 24,04 100 16,83
0 24,06 100
Take-Two Interactive Software 4.250 17,7 100 75,23
0 10,66 100
Electronic Arts 700 52,31 100 36,62
0 43,04 100
J.I. IT Equity Fund
130,79
128,04
111,38
103,67
100,94
100,18
94,56
93,24
91,24
91,08
87,50
85,60
81,03
80,84
78,11
77,66
75,69
74,13
72,13
63,04
62,98
54,55
42,27
39,59
36,39
30,38
23,17
0,00
0,00
0,00
0,00
Side 77 af 100

Affiliated Computer SVCS A 900 59,18 100 53,26
0 51,61 100
Scientific-Atlanta 5.800 43,07 100 249,81
0 42,98 100
First Data Corp. 1.200 43,01 100 51,61
0 45,04 100
Asustek Computer Inc. 39.000 101 3,044789 119,93
0 92,8 3,08861
Sun Microsystems 8.700 4,19 100 36,45
0 4,15 100
Samsung SDI 1.000 116500 0,098927 115,25
0 89800 0,10541
Lucent Technologies 11.000 2,66 100 29,26
0 2,42 100
Activision 7.421 13,74 100 101,96
0 11,38 100
Alcatel 5.400 10,47 117,9551 66,69
0 9,92 127,866
Likviditet 124,95
330,83
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. IT Equity Fund
0,00
11.410,05
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
4,40
10.233,00
Side 78 af 100

Aktier
J.I. Biotech/HealthCare Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
Amgen 11.030 78,86 100 869,83
12.030 65,23 100
Gilead Sciences 7.300 52,63 100 384,20
6.600 59,16 100
Johnson & Johnson 7.650 60,1 100 459,77
6.350 59,92 100
Pfizer 11.460 23,32 100 267,25
13.460 23,47 100
Celgene Corporation 3.150 64,8 100 204,12
6.300 47,43 100
Sanofi-Aventis 3.340 74 117,9551 291,54
3.040 76,3 127,866
Biogen Idec Inc. 6.705 45,33 100 303,94
5.905 46,33 100
Genzyme Corp. 4.450 70,78 100 314,97
4.450 61,05 100
Teva Pharmaceutical Ind. ADR 7.162 43,01 100 308,04
7.162 31,59 100
Takeda Pharmaceutical 3.600 6380 0,847242 194,59
3.600 7120 0,87478
GlaxoSmithKline 3.000 14,69 171,6738 75,66
8.000 15,11 184,956
Novartis Reg. 5.050 68,8 75,87541 263,62
4.050 65,7 81,6327
UnitedHealth Group 1.100 62,14 100 68,35
4.400 44,78 100
AstraZeneca 5.500 388,5 12,56502 268,48
3.200 434,5 13,8822
Vertex Pharmaceuticals 27,67 100 0,00
5.000 36,71 100
Wellpoint 1.200 79,79 100 95,75
2.200 72,77 100
Egis RT 600 22445 0,467242 62,92
1.300 27250 0,45142
Coventry Health Care 3.000 56,96 100 170,88
2.900 54,94 100
Eisai 2.600 4950 0,847242 109,04
3.400 5150 0,87478
Biovail Corp. 6.000 23,73 100 142,38
5.800 23,41 100
Caremark RX 1.150 51,79 100 59,56
2.650 49,87 100
Novo Nordisk B 2.000 354,5 15,81415 112,12
2.000 371,5 17,1416
Amerisourcebergen Corp. 3.000 41,4 100 124,20
3.000 41,92 100
Alexion Pharmaceuticals 4.200 20,25 100 85,05
3.400 36,12 100
J.I. Biotech/HealthCare Equity Fund
Markedsværdi
(1.000 USD)
784,72
390,46
380,49
315,91
298,81
296,59
273,58
271,67
226,25
224,22
223,57
217,21
197,03
193,02
183,55
160,09
159,92
159,33
153,17
135,78
132,16
127,36
125,76
122,81
Side 79 af 100

United Therapeutics Corp. 2.100 69,12 100 145,15
2.100 57,77 100
Endo Pharmaceuticals Holding 3.600 30,26 100 108,94
3.600 32,98 100
Omnicare 2.400 47,42 100
Kinetic Concepts 700 39,76 100 27,83
2.500 44,15 100
Quest Diagnostics Inc 1.800 59,92 100
Cephalon 1.700 64,74 100 110,06
1.700 60,1 100
Nihon Kohden Corp. 9.200 1930 0,847242 150,44
6.200 1875 0,87478
Cubist Pharmaceuticals Inc. 3.800 25,18 100
Nektar Therapeutics 3.800 16,46 100 62,55
5.200 18,34 100
Biomarin Pharmaceutical 10,78 100 0,00
6.400 14,37 100
Gedeon Richter 500 38315 0,467242 89,51
500 40695 0,45142
Celesio 1.000 72,66 117,9551 85,71
1.000 71,07 127,866
Pediatrix Medical Gruop Inc 2.000 45,3 100
Adolor Corporation 3.600 25,01 100
AstraZeneca Group 1.400 28,29 171,6738 67,99
1.400 32,64 184,956
Altana Ind. 46 117,9551 0,00
1.400 43,56 127,866
Digene Corp 2.000 38,74 100
Exelixis Inc 7.500 10,05 100
Network Healthcare Holdings 55.000 9,59 14,0218
Illumina Inc. 2.400 29,66 100
Renovis Inc. 6.000 15,3 100 91,80
4.200 15,31 100
Keryx Biopharmaceuticals 4.500 14,64 100 65,88
4.500 14,2 100
Human Genome Sciences 8,56 100 0,00
5.900 10,7 100
Aspen Pharmacare Holdings 26.000 33,4 15,76665 136,92
12.000 36,5 14,0218
Onyx Pharmaceuticals 20,17 100 0,00
3.600 16,83 100
Dong-A Pharmaceutical 969 87000 0,098927 83,40
969 58300 0,10541
Genentech Inc. 600 81,8 100
Roche Holding AG - Genuss. 196,8 75,87541 0,00
300 200 81,6327
Arena Pharmaceuticals Inc 4.100 11,58 100
Allos Therapeutics Inc. 13.000 3,5 100
Northfield Laboratories Inc. 4.400 9,89 100
J.I. Biotech/HealthCare Equity Fund
121,32
118,73
113,81
110,38
107,86
102,17
101,69
95,68
95,37
91,97
91,85
90,87
90,60
90,04
84,52
77,98
77,48
75,38
73,96
71,18
64,30
63,90
63,13
61,42
60,59
59,55
49,08
48,98
47,48
45,50
43,52
Side 80 af 100

Panacos Pharmaceuticals Inc 4.500 6,93 100 31,19
7.500 5,52 100
Tercica Inc. 7.800 5,29 100
Sunesis Pharmaceuticals Inc 6.600 6,2 100
Ariad Pharmaceuticals Inc. 8.900 4,51 100
Metabasis Therapeutics Inc 5.200 7,63 100
CombinatoRx Inc 4.500 8,79 100
GTX Inc. 4.200 9,1 100
Kosan Biosciences Inc 9.500 4 100
Medimmune Inc. 35,02 100 0,00
1.400 27,1 100
Altus Pharmaceuticals Inc 2.000 18,45 100
Charles River Laboratories Int 1.000 36,8 100
Dyax Corp. 5,2 100 0,00
11.000 2,94 100
Critical Therapeutics Inc 8.500 3,6 100
Pozen Inc 3.800 7,04 100
Anadys Pharmaceuticals 7.100 8,8 100 62,48
7.100 2,92 100
Threshold Pharmaceuticals 3.100 3,5 100
Centene 1.800 26,29 100 47,32
0 25,99 100
CV Therapeutics 4.700 24,73 100 116,23
0 18,7 100
Palatin Technologies 15.000 3,26 100 48,90
0 1,95 100
Titan Pharmaceuticals 26.200 1,43 100 37,47
0 2,14 100
Bard CR 1.800 65,92 100 118,66
0 73,26 100
Nabi Biopharmaceuticals 10.100 3,38 100 34,14
0 5,74 100
Zimmer Holding Inc. 1.800 67,44 100 121,39
0 56,72 100
First Horizon Pharmaceutical 8.100 17,25 100 139,73
0 22,38 100
Dov Pharmaceutical 8.300 14,68 100 121,84
0 2,12 100
Sierra Health Services 800 79,96 100 63,97
0 43,02 100
Encysive Pharmaceuticals 9.800 7,89 100 77,32
0 6,93 100
Hua Han Bio-Pharmaceutical 548.000 1 12,89732 70,68
0 1,25 12,875
Biosite 1.600 56,29 100 90,06
0 45,66 100
Hisamitsu Pharmaceutical Co. 3.600 2970 0,847242 90,59
0 2960 0,87478
Pain Therapeutics 10.000 6,76 100 67,60
0 8,35 100
J.I. Biotech/HealthCare Equity Fund
41,40
41,26
40,92
40,14
39,68
39,56
38,22
38,00
37,94
36,90
36,80
32,34
30,60
26,75
20,73
10,85
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 81 af 100

Atherogenics Inc. 4.200 20,01 100 84,04
0 13,05 100
Edwards Lifesciencs 1.200 41,61 100 49,93
0 45,43 100
Genaera Corp. 31.500 1,5 100 47,25
0 0,55 100
Orchid Cellmark Inc 6.000 7,6 100 45,60
0 2,79 100
Serono B 100 1047 75,87541 79,44
0 844,5 81,6327
Ventiv Health 2.400 23,62 100 56,69
0 27,17 100
Progenics Pharmaceuticals 3.700 25,01 100 92,54
0 24,06 100
Bioenvision 16.300 6,53 100 106,44
0 5,33 100
Cardiome Pharma Corp 21.200 11,72 85,60544 212,70
0 9,8 89,92
Dendrite International 2.500 14,41 100 36,03
0 9,24 100
SkyePharma 75.000 0,4975 171,6738 64,06
0 0,305 184,956
Rigel Pharmaceuticals 3.200 8,36 100 26,75
0 9,74 100
Affymetrix 2.150 47,75 100 102,66
0 27,61 100
Nuvelo 6.200 8,11 100 50,28
0 16,65 100
Triad Hospitals 1.800 39,23 100 70,61
0 39,58 100
Discovery Laboratories 10.500 6,68 100 70,14
0 2,09 100
Neopharm 8.900 10,79 100 96,03
0 5,33 100
Epix Pharmaceuticals 6.700 4,04 100 27,07
0 4,35 100
Schering 2.550 56,6 117,9551 170,24
0 89,01 127,866
NPS Pharmaceuticals 4.300 11,84 100 50,91
0 4,88 100
Fresenuis Medical Care Pref. 600 78,85 117,9551 55,80
0 81,66 127,866
TopoTarget 20.500 23,36 15,81415 75,73
0 35,67 17,1416
Sepracor 750 51,6 100 38,70
0 57,14 100
Likviditet 218,60
117,72
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Biotech/HealthCare Equity Fund
0,00
9.730,23
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
8.913,51
Side 82 af 100

Aktier
J.I. Telecom Equity Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 USD) Beholdning Kurs
Valutakurs
AT&T Inc 10.872 24,479 100 266,14
8.472 27,92 100
Vodafone Group 99.000 1,255 171,6738 213,30
99.000 1,1525 184,956
Verizon Communications 5.975 30,12 100 179,97
5.975 33,49 100
Telefonica 11.427 12,71 117,9551 171,31
11.427 13,02 127,866
America Movil ADR 3.900 29,26 100 114,11
3.900 33,26 100
China Mobile 25.000 36,7 12,89732 118,33
21.500 44,4 12,875
Deutsche Telekom 7.500 14,08 117,9551 124,56
7.500 12,58 127,866
France Telecom 5.290 20,99 117,9551 130,97
5.290 16,81 127,866
Sprint Corp. (Fon Group) 5.076 23,36 100 118,58
5.076 19,99 100
Nippon Telegraph & Tel. 20 536000 0,847242 90,82
20 561000 0,87478
NTT Docomo Inc 66 180000 0,847242 100,65
66 168000 0,87478
Telenor 7.600 66,25 14,76832 74,36
7.600 75,25 16,0705
Telefonos De Mexico ADR 3.400 24,68 100 83,91
4.400 20,83 100
Telekomunikasi TBK 100.000 5900 0,010162 59,96
100.000 7350 0,0108
Telkom 4.000 134,75 15,76665 84,98
4.000 131,99 14,0218
Telecom Italia 30.517 2,46 117,9551 88,55
25.517 2,1775 127,866
BT Group 14.956 2,2275 171,6738 57,19
14.956 2,3925 184,956
TeliaSonera 8.000 42,7 12,56502 42,92
11.000 40,9 13,8822
Rostelecom ADR 2.000 13,65 100 27,30
2.000 29 100
KT Freetel Co. 1.500 24650 0,098927 36,58
1.500 29700 0,10541
Telus Corp 1.000 47,86 85,60544 40,97
1.000 46,03 89,92
MTN Group 5.500 62,15 15,76665 53,89
5.500 52,9 14,0218
SK Telecom Co. 170 181000 0,098927 30,44
170 204000 0,10541
BellSouth Corp. 5.400 27,1 100 146,34
1.000 36,2 100
J.I. Telecom Equity Fund
Markedsværdi
(1.000 USD)
236,54
211,03
200,10
190,24
129,71
122,90
120,64
113,70
101,47
98,15
97,00
91,91
91,65
79,35
74,03
71,05
66,18
62,46
58,00
46,96
41,39
40,80
36,56
36,20
Side 83 af 100

Taiwan Mobile Co. 35.000 28,7 3,044789 30,58
35.000 32,2 3,08861
KDDI Corp. 5 680000 0,847242 28,81
5 703000 0,87478
Far Eastone Telecom 27.000 37,15 3,044789 30,54
27.000 36,2 3,08861
Brasil Telecom Partic. ADR 900 37,35 100 33,62
900 32,57 100
Telemig Celular Particip ADR 800 39,41 100 31,53
800 35,4 100
Korea Telecom Corp. 600 40850 0,098927 24,25
600 39150 0,10541
Koninklijke KPN 1.800 8,47 117,9551 17,98
1.800 8,79 127,866
Magyar Telecom Telecommunicati 1.000 22,25 100 22,25
1.000 18,83 100
Telekomunikacja Polska 2.000 23,4 30,69933 14,37
2.000 20 31,3745
Embarq 254 40,99 100
TDC 1.500 377,5 15,81415 89,55
0 190 17,1416
China Telecom Corp. 90.000 2,85 12,89732 33,08
0 2,45 12,875
O2 7.500 1,9775 171,6738 25,46
0 1,995 184,956
Likviditet 71,80
67,42
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Telecom Equity Fund
0,00
2.909,96
34,81
30,75
30,19
29,31
28,32
24,76
20,23
18,83
12,55
10,41
0,00
0,00
0,00
0,00
2.725,59
Side 84 af 100

Obligationer
J.I. Income Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 DKK) Beholdning Kurs
Valutakurs
4,75% KFW International Finance 2007 720 100 84,778 610,40
2.820 99,67 78,2070
2% World Bank 2008 282.200 103,975 0,718274 2.107,54
282.200 102,69 0,68414
4,5% Bundesschatzanweisungen 2006 1.340 101,135 100 1.355,21
1.740 100,19 100
0,65% Landwirtsch. Rentenbank 2008 250.000 100,76 0,718274 1.809,33
250.000 99,71 0,68414
4% US Treasury N/B 2014 1.100 97,58 84,778 909,99
1.700 92,90625 78,2070
5,75% Allgemeine Hypobank 2008 1.550 106,05 100 1.643,78
1.145 103,78 100
1,7% Development Bank of Japan 2022 70.000 98,7 0,718274 496,26
170.000 92,17 0,68414
6% Republic of Italy 2011 845 105,54 84,778 756,06
1.245 101,4 78,2070
1,95% African Development Bank 2010 139.000 105,25 0,718274 1.050,82
139.000 102,79 0,68414
4,375% Depfa ACS Bank 2015 810 107,278 100 868,95
810 101,083 100
5,75% Hypo Real Estate Bank 2010 465 110,81 100 515,27
765 106,707 100
5,5% Netherlands Government 2028 450 129,4 100 582,30
700 116,33 100
5,25% Council of Europe 2012 800 106,2 72,57458 616,59
1.050 102,4 70,3237
4% Bundesrepubl. Deutschland 2009 723 103,355 100 746,74
723 100,865 100
5,9% Republic of Hellenic 2022 615 126,64637 100 778,88
615 115,37580 100
3,75% Cie Financement Foncier 2007 914 98,69 84,778 764,72
914 97,88 78,2070
6,875% Republic of Italy 2023 810 120,1 84,778 824,73
810 109,46 78,2070
7,25% KFW International Finance 2007 1.115 103,17 62,18907 715,39
1.115 101,26 58,1037
6,5% European Investment Bank 2007 613 104,215 100 638,87
613 102,165 100
4% European Investment Bank 2037 400 105,37626 100 421,51
650 91,36 100
5,5% US Treasury 2028 725 112,625 84,778 692,24
725 102,73438 78,2070
10,5% Republic of Italy 2014 395 141,98 145,5416 816,23
295 134,774 144,648
5,625% KFW International Finance 2009 350 104,25913 145,5416 531,09
350 101,78214 144,648
6,25% Bundesrepubl. Deutschland 2030 671 142,6 100 956,85
401 127,55 100
J.I. Income Strategy Fund
Markedsværdi
(1.000 DKK)
2.198,16
1.982,56
1.743,31
1.705,38
1.235,21
1.188,28
1.071,97
987,31
977,48
818,77
816,31
814,31
756,12
728,75
709,56
699,66
693,40
656,02
626,30
593,84
582,50
575,10
515,29
511,48
Side 85 af 100

5,625% European Investment Bank 2032 245 122,17635 145,5416 435,65
245 114,74031 144,648
5,75% Japan Finance Muni 2019 160 113,30045 145,5416 263,84
160 106,98438 144,648
5,25% Swedish Government 2011 1.565 109,636 10,65238 182,77
1.565 105,954 10,8569
8% Swedish Government 2007 1.150 108,471 10,65238 132,88
1.150 105,453 10,8569
5% Swedish Government 2020 250 119,08 10,65238 31,71
250 110,0555 10,8569
5,625% US Treasury N/B 2006 1.650 100,1875 84,778 1.401,46
0 100,01563 78,2070
4% European Investment Bank 2007 460 101,295 100 465,96
0 100,42 100
Aktier
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 DKK) Beholdning Kurs
Valutakurs
JI Emer. Mark. Bond Fund (Euro 31.250 165,05 100 5.157,81
31.250 158,9 100
JI High Yield Corp. Bond Fund 15.100 111,81 100 1.688,33
15.100 112,44 100
Markedsværdi i alt
34.416,17
406,63
247,60
180,03
131,66
29,87
0,00
0,00
Markedsværdi
(1.000 DKK)
Likviditet 2.957,71
830,39
Øvrige aktiver
Tilgodehavende renter 482,13
560,11
J.I. Income Strategy Fund
6,18
4.965,63
1.697,84
82,67
32.319,50
Side 86 af 100

Obligationer
J.I. Stable Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
6,125% US Treasury 2007 685 102,67969 84,778 596,29
4.035 100,92188 78,2070
0,65% Landwirtsch. Rentenbank 2008 130.000 100,76 0,718274 940,85
315.000 99,71 0,68414
1,95% African Development Bank 2010 40.000 105,25 0,718274 302,39
270.000 102,79 0,68414
4,125% Bundesrepubl. Deutschland 2008 1.270 102,88 100 1.306,58
1.870 101,04 100
5,75% Hypo Real Estate Bank 2010 955 110,81 100 1.058,24
1.405 106,707 100
6% Republic of Italy 2011 570 105,54 84,778 510,01
1.620 101,4 78,2070
4,375% Depfa ACS Bank 2015 715 107,278 100 767,04
1.015 101,083 100
5,25% US Treasury 2028 470 109,25 84,778 435,31
1.270 99,546875 78,2070
1,7% Development Bank of Japan 2022 25.000 98,7 0,718274 177,23
155.000 92,17 0,68414
4,5% Bundesschatzanweisungen 2006 570 101,135 100 576,47
970 100,19 100
4% US Treasury N/B 2014 475 97,58 84,778 392,95
1.325 92,90625 78,2070
6,25% Bundesrepubl. Deutschland 2030 305 142,6 100 434,93
705 127,55 100
10,5% Republic of Italy 2014 105 141,98 145,5416 216,97
305 134,774 144,648
5,625% KFW International Finance 2009 130 104,25913 145,5416 197,26
290 101,78214 144,648
5,9% Republic of Hellenic 2022 220 126,64637 100 278,62
370 115,37580 100
2% World Bank 2008 54.000 103,975 0,718274 403,29
54.000 102,69 0,68414
4% European Investment Bank 2037 260 105,37626 100 273,98
390 91,36 100
6% European Investment Bank 2028 160 125,34336 145,5416 291,88
190 117,21965 144,648
7% Swedish Government 2008 290 108,15 72,57458 227,62
290 105,11 70,3237
7,25% KFW International Finance 2007 270 103,17 62,18907 173,23
270 101,26 58,1037
5,25% Swedish Government 2011 1.100 109,636 10,65238 128,47
1.100 105,954 10,8569
5,625% US Treasury N/B 2006 710 100,1875 84,778 603,05
0 100,01563 78,2070
J.I. Stable Strategy Fund
Markedsværdi
(1.000 EUR)
3.184,74
2.148,78
1.898,70
1.889,45
1.499,23
1.284,69
1.025,99
988,73
977,38
971,84
962,73
899,23
594,59
426,96
426,89
379,37
356,30
322,16
214,36
158,86
126,54
0,00
Side 87 af 100

Aktier
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
JI Emer. Mark. Bond Fund (Euro 12.300 165,05 100 2.030,12
22.800 158,9 100
JI High Yield Corp. Bond Fund 7.700 111,81 100 860,94
13.700 112,44 100
Vallourec 300 465 100 139,50
400 940 100
Valero Energy Corp. 4.598 51,6 84,778 201,14
6.598 66,52 78,2070
Maverick Tube 6.900 63,19 78,2070
Marathon Oil 4.915 83,3 78,2070
Grupo Mexico B 62.000 24,8 7,969617 122,54
141.000 32,33 6,92855
E.ON. 1.200 87,39 100 104,87
3.260 90,02 100
Conocophillips 1.600 58,18 84,778 78,92
5.630 65,53 78,2070
Commerzbank 9.500 28,44 100
ING Group 3.700 29,3 100 108,41
8.790 30,73 100
Continental 1.300 74,98 100 97,47
3.370 79,92 100
WR Berkley Corp 10.000 34,13 78,2070
British American Tobacco 13 145,5416 0,00
13.500 13,62 144,648
AstraZeneca 2.500 388,5 10,65238 103,46
5.630 434,5 10,8569
Petroleo Brasileiro ADR 2.600 71,27 84,778 157,10
3.740 89,31 78,2070
Canon 1.100 6900 0,718274 54,52
6.750 5610 0,68414
Societe Generale 1.100 103,9 100 114,29
2.250 115 100
Inbev 6.620 38,35 100
Tenaris ADR 8.000 40,49 78,2070
Credit Agricole 8.500 29,75 100
Hypo Real Estate Holding 2.300 43,98 100 101,15
5.300 47,41 100
Lehman Brother Holding 1.000 128,17 84,778 108,66
4.860 65,15 78,2070
Unibanco - Sponsored GDR 1.900 63,57 84,778 102,40
4.750 66,39 78,2070
Seagate Technology 5.300 19,99 84,778 89,82
13.590 22,64 78,2070
America Movil ADR 4.500 29,26 84,778 111,63
8.990 33,26 78,2070
J.I. Stable Strategy Fund
Markedsværdi
(1.000 EUR)
3.622,92
1.540,43
376,00
343,25
340,99
320,19
315,84
293,47
288,53
270,18
270,12
269,33
266,92
265,96
265,58
261,23
259,07
258,75
253,88
253,33
252,88
251,27
247,63
246,63
240,63
233,84
Side 88 af 100

Yamaha Motor Co. 5.700 3080 0,718274 126,10
11.200 2990 0,68414
Goldman Sachs Group 1.000 127,71 84,778 108,27
1.870 150,43 78,2070
BNP Paribas 1.300 68,35 100 88,86
2.880 74,85 100
Phelps Dodge Corp. 1.100 143,87 84,778 134,17
3.300 82,16 78,2070
Deutsche Bank 1.600 81,9 100 131,04
2.310 88 100
Comp. Vale Do Rio Doce ADR 3.100 36,25 84,778 95,27
11.220 20,58 78,2070
SE Banken A 163,5 10,65238 0,00
9.460 171,5 10,8569
Kookmin Bank 1.870 76500 0,083868 119,98
2.470 78000 0,08244
TDC 1.800 377,5 13,40692 91,10
0 190 13,406
KB Home 1.700 72,66 84,778 104,72
0 45,85 78,2070
Samsung Electronics-PFD 220 491000 0,083868 90,59
0 463000 0,08244
Tesoro Petroleum 2.250 61,55 84,778 117,41
0 74,36 78,2070
Skyworth Digital Holdings 51.307 1 10,93409 5,61
0 0,76 10,0691
Altria Group 900 74,72 84,778 57,01
0 73,43 78,2070
UnitedHealth Group 1.485 62,14 84,778 78,23
0 44,78 78,2070
Deutsche Boerse 900 86,56 100 77,90
0 106,5 100
Repsol 3.800 24,67 100 93,75
0 22,39 100
Lennar Corp 1.500 61,02 84,778 77,60
0 44,37 78,2070
Komatsu 10.900 1951 0,718274 152,75
0 2275 0,68414
Likviditet 1.602,82
2.260,17
Øvrige aktiver
Tilgodehavende renter 189,59
458,74
Markedsværdi i alt
J.I. Stable Strategy Fund
-111,39
18.410,96
229,10
220,00
215,57
212,04
203,28
180,59
176,14
158,82
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
-1.692,92
35.167,89
Side 89 af 100

Obligationer
J.I. Balanced Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
6,125% US Treasury 2007 625 102,67969 84,778 544,06
2.025 100,92188 78,2070
0,65% Landwirtsch. Rentenbank 2008 100.000 100,76 0,718274 723,73
180.000 99,71 0,68414
4,125% Bundesrepubl. Deutschland 2008 850 102,88 100 874,48
1.050 101,04 100
5,75% Hypo Real Estate Bank 2010 680 110,81 100 753,51
780 106,707 100
6% Republic of Italy 2011 395 105,54 84,778 353,43
895 101,4 78,2070
4,5% Bundesschatzanweisungen 2006 405 101,135 100 409,60
705 100,19 100
4,375% Depfa ACS Bank 2015 430 107,278 100 461,30
680 101,083 100
5,25% US Treasury 2028 390 109,25 84,778 361,22
840 99,546875 78,2070
1,7% Development Bank of Japan 2022 20.000 98,7 0,718274 141,79
97.000 92,17 0,68414
1,95% African Development Bank 2010 38.000 105,25 0,718274 287,27
83.000 102,79 0,68414
6,25% Bundesrepubl. Deutschland 2030 245 142,6 100 349,37
395 127,55 100
2% World Bank 2008 52.000 103,975 0,718274 388,35
52.000 102,69 0,68414
10,5% Republic of Italy 2014 80 141,98 145,5416 165,31
170 134,774 144,648
5,625% KFW International Finance 2009 115 104,25913 145,5416 174,50
205 101,78214 144,648
4% US Treasury N/B 2014 540 97,58 84,778 446,72
390 92,90625 78,2070
5,9% Republic of Hellenic 2022 110 126,64637 100 139,31
210 115,37580 100
4% European Investment Bank 2037 200 105,37626 100 210,75
260 91,36 100
6% European Investment Bank 2028 65 125,34336 145,5416 118,58
135 117,21965 144,648
7% Swedish Government 2008 170 108,15 72,57458 133,43
170 105,11 70,3237
5,25% Swedish Government 2011 950 109,636 10,65238 110,95
950 105,954 10,8569
7,25% KFW International Finance 2007 175 103,17 62,18907 112,28
175 101,26 58,1037
5,625% US Treasury N/B 2006 570 100,1875 84,778 484,14
0 100,01563 78,2070
J.I. Balanced Strategy Fund
Markedsværdi
(1.000 EUR)
1.598,29
1.227,87
1.060,92
832,31
709,75
706,34
687,36
653,96
611,65
583,67
503,82
365,32
331,41
301,81
283,37
242,29
237,54
228,90
125,66
109,28
102,96
0,00
Side 90 af 100

Aktier
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
JI Emer. Mark. Bond Fund (Euro 7.875 165,05 100 1.299,77
11.875 158,9 100
JI High Yield Corp. Bond Fund 3.775 111,81 100 422,08
7.175 112,44 100
Vallourec 550 465 100 255,75
720 940 100
Valero Energy Corp. 10.960 51,6 84,778 479,45
12.060 66,52 78,2070
Grupo Mexico B 145.000 24,8 7,969617 286,59
221.500 32,33 6,92855
Maverick Tube 9.800 63,19 78,2070
WR Berkley Corp 18.000 34,13 78,2070
Unibanco - Sponsored GDR 4.200 63,57 84,778 226,35
8.900 66,39 78,2070
Commerzbank 15.500 28,44 100
Conocophillips 4.000 58,18 84,778 197,30
8.100 65,53 78,2070
Marathon Oil 6.150 83,3 78,2070
Petroleo Brasileiro ADR 5.000 71,27 84,778 302,11
5.500 89,31 78,2070
Tenaris ADR 12.000 40,49 78,2070
BNP Paribas 3.100 68,35 100 211,89
5.060 74,85 100
Phelps Dodge Corp. 2.600 143,87 84,778 317,12
5.800 82,16 78,2070
British American Tobacco 13 145,5416 0,00
18.700 13,62 144,648
AstraZeneca 5.500 388,5 10,65238 227,61
7.700 434,5 10,8569
Inbev 8.800 38,35 100
Hypo Real Estate Holding 5.100 43,98 100 224,30
7.000 47,41 100
Lehman Brother Holding 2.000 128,17 84,778 217,32
6.400 65,15 78,2070
Deutsche Bank 3.300 81,9 100 270,27
3.700 88 100
Credit Agricole 10.300 29,75 100
E.ON. 2.500 87,39 100 218,48
3.400 90,02 100
Societe Generale 2.300 103,9 100 238,97
2.600 115 100
SE Banken A 163,5 10,65238 0,00
16.000 171,5 10,8569
Kookmin Bank 4.130 76500 0,083868 264,98
4.630 78000 0,08244
J.I. Balanced Strategy Fund
Markedsværdi
(1.000 EUR)
1.886,94
806,76
676,80
627,40
496,16
484,31
480,46
462,10
440,82
415,12
400,65
384,16
379,99
378,74
372,68
368,41
363,23
337,48
331,87
326,09
325,60
306,43
306,07
299,00
297,91
297,71
Side 91 af 100

Yamaha Motor Co. 13.100 3080 0,718274 289,81
14.500 2990 0,68414
Goldman Sachs Group 2.200 127,71 84,778 238,19
2.500 150,43 78,2070
ING Group 8.200 29,3 100 240,26
9.100 30,73 100
America Movil ADR 9.600 29,26 84,778 238,14
10.600 33,26 78,2070
Comp. Vale Do Rio Doce ADR 6.850 36,25 84,778 210,51
15.100 20,58 78,2070
Seagate Technology 12.300 19,99 84,778 208,45
13.600 22,64 78,2070
Continental 3.200 74,98 100 239,94
3.000 79,92 100
Canon 2.300 6900 0,718274 113,99
5.550 5610 0,68414
Lennar Corp 3.500 61,02 84,778 181,06
0 44,37 78,2070
UnitedHealth Group 3.410 62,14 84,778 179,64
0 44,78 78,2070
Deutsche Boerse 2.000 86,56 100 173,12
0 106,5 100
KB Home 3.100 72,66 84,778 190,96
0 45,85 78,2070
Skyworth Digital Holdings 133.398 1 10,93409 14,59
0 0,76 10,0691
Repsol 8.000 24,67 100 197,36
0 22,39 100
Tesoro Petroleum 4.800 61,55 84,778 250,47
0 74,36 78,2070
Komatsu 28.100 1951 0,718274 393,78
0 2275 0,68414
Altria Group 2.500 74,72 84,778 158,37
0 73,43 78,2070
TDC 4.000 377,5 13,40692 202,44
0 190 13,406
Samsung Electronics-PFD 560 491000 0,083868 230,60
0 463000 0,08244
Likviditet 1.794,95
1.493,91
Øvrige aktiver
Tilgodehavende renter 140,16
262,66
Markedsværdi i alt
J.I. Balanced Strategy Fund
236,40
19.527,60
296,61
294,12
279,64
275,72
243,03
240,80
239,76
213,01
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
-399,78
27.196,87
Side 92 af 100

Obligationer
J.I. Dynamic Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
6,125% US Treasury 2007 30 102,67969 84,778 26,11
240 100,92188 78,2070
4,125% Bundesrepubl. Deutschland 2008 70 102,88 100 72,02
160 101,04 100
6% Republic of Italy 2011 25 105,54 84,778 22,37
175 101,4 78,2070
1,95% African Development Bank 2010 1.000 105,25 0,718274 7,56
19.000 102,79 0,68414
5,75% Hypo Real Estate Bank 2010 40 110,81 100 44,32
80 106,707 100
4,375% Depfa ACS Bank 2015 30 107,278 100 32,18
80 101,083 100
6,25% Bundesrepubl. Deutschland 2030 15 142,6 100 21,39
55 127,55 100
0,65% Landwirtsch. Rentenbank 2008 10.000 100,76 0,718274 72,37
10.000 99,71 0,68414
5,25% US Treasury 2028 25 109,25 84,778 23,15
85 99,546875 78,2070
4% US Treasury N/B 2014 25 97,58 84,778 20,68
85 92,90625 78,2070
5,625% KFW International Finance 2009 10 104,25913 145,5416 15,17
30 101,78214 144,648
6% European Investment Bank 2028 5 125,34336 145,5416 9,12
25 117,21965 144,648
4,5% Bundesschatzanweisungen 2006 20 101,135 100 20,23
30 100,19 100
4% European Investment Bank 2037 10 105,37626 100 10,54
20 91,36 100
5,9% Republic of Hellenic 2022 15 126,64637 100 19,00
15 115,37580 100
7,25% KFW International Finance 2007 10 103,17 62,18907 6,42
20 101,26 58,1037
5,25% Swedish Government 2011 25 109,636 10,65238 2,92
75 105,954 10,8569
7% Swedish Government 2008 10 108,15 72,57458 7,85
10 105,11 70,3237
5,625% US Treasury N/B 2006 25 100,1875 84,778 21,23
0 100,01563 78,2070
Aktier
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
J.I. Dynamic Strategy Fund
31/12 2005 30/6 2006
Valutakurs
Markedsværdi
(1.000 EUR)
189,43
161,66
138,78
133,61
85,37
80,87
70,15
68,22
66,17
61,76
44,17
42,39
30,06
18,27
17,31
11,77
8,63
7,39
0,00
Markedsværdi
(1.000 EUR)
Side 93 af 100

JI Emer. Mark. Bond Fund (Euro 1.085 165,05 100 179,08
2.050 158,9 100
Vallourec 70 465 100 32,55
184 940 100
Valero Energy Corp. 964 51,6 84,778 42,17
2.864 66,52 78,2070
JI High Yield Corp. Bond Fund 795 111,81 100 88,89
1.250 112,44 100
Tenaris ADR 4.000 40,49 78,2070
BNP Paribas 560 68,35 100 38,28
1.691 74,85 100
Maverick Tube 2.500 63,19 78,2070
British American Tobacco 6.050 13,62 144,648
Commerzbank 4.100 28,44 100
Grupo Mexico B 22.000 24,8 7,969617 43,48
51.000 32,33 6,92855
Unibanco - Sponsored GDR 690 63,57 84,778 37,19
2.100 66,39 78,2070
Societe Generale 390 103,9 100 40,52
930 115 100
Goldman Sachs Group 400 127,71 84,778 43,31
900 150,43 78,2070
Phelps Dodge Corp. 400 143,87 84,778 48,79
1.600 82,16 78,2070
ING Group 1.570 29,3 100 46,00
3.270 30,73 100
America Movil ADR 1.950 29,26 84,778 48,37
3.800 33,26 78,2070
Yamaha Motor Co. 2.000 3080 0,718274 44,25
4.800 2990 0,68414
Inbev 2.560 38,35 100
Conocophillips 800 58,18 84,778 39,46
1.900 65,53 78,2070
AstraZeneca 850 388,5 10,65238 35,18
2.050 434,5 10,8569
WR Berkley Corp 3.500 34,13 78,2070
Marathon Oil 1.400 83,3 78,2070
SE Banken A 4.700 171,5 10,8569
Petroleo Brasileiro ADR 750 71,27 84,778 45,32
1.250 89,31 78,2070
Credit Agricole 2.800 29,75 100
Comp. Vale Do Rio Doce ADR 1.150 36,25 84,778 35,34
5.100 20,58 78,2070
Lehman Brother Holding 400 128,17 84,778 43,46
1.600 65,15 78,2070
Hypo Real Estate Holding 1.000 43,98 100 43,98
1.700 47,41 100
E.ON. 450 87,39 100 39,33
850 90,02 100
Continental 550 74,98 100 41,24
950 79,92 100
Deutsche Bank 600 81,9 100 49,14
800 88 100
J.I. Dynamic Strategy Fund
325,75
172,96
148,99
140,55
126,66
126,57
123,55
119,19
116,60
114,24
109,04
106,95
105,88
102,81
100,49
98,84
98,19
98,18
97,37
96,70
93,42
91,21
87,51
87,31
83,30
82,08
81,52
80,60
76,52
75,92
70,40
Side 94 af 100

Canon 800 6900 0,718274 39,65
1.800 5610 0,68414
Kookmin Bank 770 76500 0,083868 49,40
970 78000 0,08244
Seagate Technology 2.500 19,99 84,778 42,37
3.400 22,64 78,2070
UnitedHealth Group 550 62,14 84,778 28,97
0 44,78 78,2070
Lennar Corp 650 61,02 84,778 33,63
0 44,37 78,2070
Deutsche Boerse 600 86,56 100 51,94
0 106,5 100
Repsol 1.400 24,67 100 34,54
0 22,39 100
Samsung Electronics-PFD 140 491000 0,083868 57,65
0 463000 0,08244
Komatsu 4.200 1951 0,718274 58,86
0 2275 0,68414
Tesoro Petroleum 800 61,55 84,778 41,74
0 74,36 78,2070
Altria Group 700 74,72 84,778 44,34
0 73,43 78,2070
KB Home 610 72,66 84,778 37,58
0 45,85 78,2070
Likviditet 173,38
131,49
Øvrige aktiver
Tilgodehavende renter 7,77
29,94
Markedsværdi i alt
J.I. Dynamic Strategy Fund
-4,96
2.256,81
69,08
62,37
60,20
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
66,80
5.095,19
Side 95 af 100

Obligationer
J.I. Growth Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
1,95% African Development Bank 2010 15.000 102,79 0,68414
4,125% Bundesrepubl. Deutschland 2008 102,88 100 0,00
100 101,04 100
6% Republic of Italy 2011 105,54 84,778 0,00
125 101,4 78,2070
10,5% Republic of Italy 2014 141,98 145,5416 0,00
50 134,774 144,648
5,9% Republic of Hellenic 2022 75 115,37580 100
4% US Treasury N/B 2014 97,58 84,778 0,00
100 92,90625 78,2070
6,125% US Treasury 2007 102,67969 84,778 0,00
70 100,92188 78,2070
Aktier
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
JI Emer. Mark. Bond Fund (Euro 4.300 165,05 100 709,72
4.700 158,9 100
Valero Energy Corp. 5.456 51,6 84,778 238,68
9.456 66,52 78,2070
Vallourec 460 465 100 213,90
500 940 100
Grupo Mexico B 120.000 24,8 7,969617 237,18
160.000 32,33 6,92855
SE Banken A 163,5 10,65238 0,00
19.000 171,5 10,8569
Goldman Sachs Group 2.000 127,71 84,778 216,54
2.940 150,43 78,2070
JI High Yield Corp. Bond Fund 2.700 111,81 100 301,89
3.000 112,44 100
AstraZeneca 4.500 388,5 10,65238 186,23
7.100 434,5 10,8569
Phelps Dodge Corp. 2.500 143,87 84,778 304,93
5.000 82,16 78,2070
Tenaris ADR 10.000 40,49 78,2070
Conocophillips 4.200 58,18 84,778 207,16
6.000 65,53 78,2070
Maverick Tube 6.100 63,19 78,2070
J.I. Growth Strategy Fund
Markedsværdi
(1.000 EUR)
105,48
101,04
99,13
97,47
86,53
72,66
55,25
Markedsværdi
(1.000 EUR)
746,83
491,93
470,00
358,40
353,77
345,88
337,32
334,93
321,27
316,66
307,49
301,46
Side 96 af 100

Petroleo Brasileiro ADR 4.300 71,27 84,778 259,81
4.300 89,31 78,2070
Comp. Vale Do Rio Doce ADR 6.300 36,25 84,778 193,61
18.600 20,58 78,2070
British American Tobacco 13 145,5416 0,00
14.600 13,62 144,648
Yamaha Motor Co. 10.900 3080 0,718274 241,14
14.000 2990 0,68414
Canon 2.700 6900 0,718274 133,81
7.350 5610 0,68414
Societe Generale 1.950 103,9 100 202,61
2.450 115 100
BNP Paribas 2.200 68,35 100 150,37
3.650 74,85 100
Credit Agricole 9.000 29,75 100
Continental 3.300 74,98 100 247,43
3.300 79,92 100
ING Group 6.800 29,3 100 199,24
8.500 30,73 100
Inbev 6.700 38,35 100
Deutsche Bank 2.400 81,9 100 196,56
2.900 88 100
Kookmin Bank 3.800 76500 0,083868 243,81
3.800 78000 0,08244
Unibanco - Sponsored GDR 3.900 63,57 84,778 210,18
4.700 66,39 78,2070
WR Berkley Corp 8.000 34,13 78,2070
Commerzbank 7.500 28,44 100
America Movil ADR 10.500 29,26 84,778 260,46
8.100 33,26 78,2070
Hypo Real Estate Holding 4.400 43,98 100 193,51
4.400 47,41 100
Lehman Brother Holding 2.000 128,17 84,778 217,32
4.000 65,15 78,2070
E.ON. 2.300 87,39 100 201,00
2.000 90,02 100
Seagate Technology 9.500 19,99 84,778 161,00
9.900 22,64 78,2070
Marathon Oil 2.500 83,3 78,2070
Tesoro Petroleum 4.000 61,55 84,778 208,72
0 74,36 78,2070
Repsol 6.600 24,67 100 162,82
0 22,39 100
Lennar Corp 3.700 61,02 84,778 191,41
0 44,37 78,2070
Komatsu 21.000 1951 0,718274 294,28
0 2275 0,68414
KB Home 3.830 72,66 84,778 235,93
0 45,85 78,2070
UnitedHealth Group 2.640 62,14 84,778 139,08
0 44,78 78,2070
Samsung Electronics-PFD 580 491000 0,083868 238,84
0 463000 0,08244
Skyworth Digital Holdings 152.614 1 10,93409 16,69
0 0,76 10,0691
TDC 4.300 377,5 13,40692 217,63
0 190 13,406
J.I. Growth Strategy Fund
300,34
299,37
287,64
286,38
282,09
281,75
273,20
267,75
263,74
261,21
256,95
255,20
244,34
244,03
213,54
213,30
210,69
208,60
203,81
180,04
175,29
162,87
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
Side 97 af 100

Deutsche Boerse 2.100 86,56 100 181,78
0 106,5 100
Altria Group 2.100 74,72 84,778 133,03
0 73,43 78,2070
Likviditet 648,29
367,22
Øvrige aktiver
Tilgodehavende renter 0,00
13,46
Markedsværdi i alt
J.I. Growth Strategy Fund
-19,28
8.577,28
0,00
0,00
359,56
11.415,87
Side 98 af 100

Aktier
J.I. Aggressive Strategy Fund
31/12 2005 30/6 2006
Valuta- Markedsværdi
Papirnavn Beholdning Kurs kurs (1.000 EUR) Beholdning Kurs
Valutakurs
Vallourec 2.600 465 100 1.209,00
5.097 940 100
Valero Energy Corp. 46.378 51,6 84,778 2.028,83
76.978 66,52 78,2070
Grupo Mexico B 615.000 24,8 7,969617 1.215,53
1.632.600 32,33 6,92855
BNP Paribas 20.100 68,35 100 1.373,84
47.602 74,85 100
British American Tobacco 13 145,5416 0,00
168.000 13,62 144,648
Commerzbank 114.000 28,44 100
Tenaris ADR 100.000 40,49 78,2070
Unibanco - Sponsored GDR 18.000 63,57 84,778 970,08
55.800 66,39 78,2070
Societe Generale 10.050 103,9 100 1.044,20
25.061 115 100
Credit Agricole 90.000 29,75 100
WR Berkley Corp 100.000 34,13 78,2070
ING Group 38.900 29,3 100 1.139,77
86.231 30,73 100
Phelps Dodge Corp. 12.100 143,87 84,778 1.475,84
41.000 82,16 78,2070
Inbev 68.637 38,35 100
America Movil ADR 39.500 29,26 84,778 979,84
98.500 33,26 78,2070
Goldman Sachs Group 10.000 127,71 84,778 1.082,70
21.300 150,43 78,2070
Hypo Real Estate Holding 23.800 43,98 100 1.046,72
52.835 47,41 100
Deutsche Bank 18.250 81,9 100 1.494,68
28.101 88 100
Continental 13.400 74,98 100 1.004,73
30.110 79,92 100
Yamaha Motor Co. 52.900 3080 0,718274 1.170,30
117.500 2990 0,68414
Maverick Tube 48.100 63,19 78,2070
Conocophillips 18.200 58,18 84,778 897,69
45.900 65,53 78,2070
AstraZeneca 34.700 388,5 10,65238 1.436,04
45.850 434,5 10,8569
Petroleo Brasileiro ADR 21.500 71,27 84,778 1.299,06
29.900 89,31 78,2070
J.I. Aggressive Strategy Fund
Markedsværdi
(1.000 EUR)
4.791,18
4.004,65
3.657,02
3.563,01
3.309,78
3.242,16
3.166,60
2.897,23
2.882,02
2.677,50
2.669,20
2.649,88
2.634,45
2.632,23
2.562,15
2.505,88
2.504,91
2.472,89
2.406,39
2.403,54
2.377,05
2.352,33
2.162,89
2.088,42
Side 99 af 100

Comp. Vale Do Rio Doce ADR 34.500 36,25 84,778 1.060,25
128.200 20,58 78,2070
Kookmin Bank 20.000 76500 0,083868 1.283,19
30.320 78000 0,08244
Canon 20.100 6900 0,718274 996,17
49.800 5610 0,68414
Marathon Oil 28.500 83,3 78,2070
SE Banken A 163,5 10,65238 0,00
93.200 171,5 10,8569
Seagate Technology 41.000 19,99 84,778 694,83
93.700 22,64 78,2070
Lehman Brother Holding 9.500 128,17 84,778 1.032,27
30.200 65,15 78,2070
E.ON. 13.400 87,39 100 1.171,03
16.873 90,02 100
Lennar Corp 15.600 61,02 84,778 807,01
0 44,37 78,2070
Komatsu 71.000 1951 0,718274 994,96
0 2275 0,68414
TDC 23.200 377,5 13,40692 1.174,18
0 190 13,406
Tesoro Petroleum 21.900 61,55 84,778 1.142,76
0 74,36 78,2070
UnitedHealth Group 10.340 62,14 84,778 544,72
0 44,78 78,2070
Deutsche Boerse 8.150 86,56 100 705,46
0 106,5 100
Altria Group 7.800 74,72 84,778 494,10
0 73,43 78,2070
KB Home 16.000 72,66 84,778 985,60
0 45,85 78,2070
Repsol 34.000 24,67 100 838,78
0 22,39 100
Samsung Electronics-PFD 2.550 491000 0,083868 1.050,07
0 463000 0,08244
Skyworth Digital Holdings 127.829 1 10,93409 13,98
0 0,76 10,0691
2.063,38
Likviditet 924,32
1.931,61
Øvrige aktiver
Tilgodehavende renter 0,00
0,00
Markedsværdi i alt
J.I. Aggressive Strategy Fund
213,19
36.995,71
1.949,58
1.911,32
1.856,67
1.735,34
1.659,06
1.538,75
1.518,91
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
660,67
85.438,64
Side 100 af 100