| Historic Prices | |
| December 2003 Portfolio |
DECEMBER 2003 Portfolio Performance : +4.39% vs. MSCI: +4.86%
| GAA Q Fund | Opening Price | Closing Price | Gain/Loss | |
| Dec-03 | USD Standard | USD Standard | USD % | |
| Stock forecast @ beginning of the month | Country | 01/12/03 | 31/12/03 | 31/12/03 |
| BORAL ( BLD.AU ) | AUSTRALIA | 3.59 | 3.80 | 6.01% |
| SEVEN NETWORK ( SEV.AU ) | AUSTRALIA | 3.91 | 4.59 | 17.50% |
| BK.AU.CRDSTLT.AG ( BACA.AT ) | AUSTRIA | 46.89 | 50.83 | 8.41% |
| DELHAIZE ( DEL.BE ) | BELGIUM | 48.09 | 51.71 | 7.54% |
| CEMIG PN 1000 ( CMIG4.BR ) | BRAZIL | 15.77 | 17.88 | 13.34% |
| NEXFOR ( NF.CA ) | CANADA | 8.31 | 8.38 | 0.90% |
| CDN.IMP.BK.COM. ( CM.CA ) | CANADA | 48.70 | 49.44 | 1.51% |
| BANK OF MONTREAL QUE. ( BMO.CA ) | CANADA | 41.10 | 41.33 | 0.55% |
| FORTUM CORP. ( FUM1V.FI ) | FINLAND | 10.00 | 10.47 | 4.67% |
| RENAULT ( RNO.FR ) | FRANCE | 68.09 | 68.66 | 0.83% |
| FRESENIUS MED.CARE ( FME.DE ) | GERMANY | 64.62 | 70.79 | 9.55% |
| CONTINENTAL ( CON.DE ) | GERMANY | 35.62 | 38.21 | 7.26% |
| ORIENT OS. INTL. ( 316.HK ) | HONG KONG | 2.82 | 3.08 | 9.16% |
| HANG LUNG GROUP LTD. ( 10.HK ) | HONG KONG | 1.22 | 1.25 | 2.67% |
| OTP BANK ( OTP.HU ) | HUNGARY | 12.44 | 12.84 | 3.26% |
| BANK DANAMON ( BDMN.ID ) | INDONESIA | 0.23 | 0.25 | 5.65% |
| INDOSAT ( ISAT.ID ) | INDONESIA | 1.43 | 1.80 | 25.36% |
| MILANO ASSIC. ( MI.IT ) | ITALY | 3.33 | 3.87 | 16.10% |
| SEKISUI CHEMICAL ( 4204.JP ) | JAPAN | 4.71 | 5.10 | 8.20% |
| DAIHATSU MOTOR ( 7262.JP ) | JAPAN | 4.10 | 4.52 | 10.20% |
| NIPPON MINING ( 5016.JP ) | JAPAN | 3.22 | 3.49 | 8.55% |
| MALAYSIA INTL.SHIP.FB. ( MISF.MY ) | MALAYSIA | 3.07 | 3.03 | -1.33% |
| ABN AMRO HOLDING ( AABA.NL ) | NETHERLANDS | 22.46 | 23.28 | 3.68% |
| DNB HOLDING ( DNB.NO ) | NORWAY | 6.09 | 6.76 | 11.00% |
| ELKEM ( ELK.NO ) | NORWAY | 25.64 | 29.06 | 13.34% |
| GJENSIDIGE NOR ( GNO.NO ) | NORWAY | n/a | n/a | n/a |
| PHILP.LONG DSN.TEL. ( TEL.PH ) | PHILIPPINES | 13.90 | 17.58 | 26.53% |
| GLOBE TELECOM ( GLO.PH ) | PHILIPPINES | 12.91 | 15.52 | 20.21% |
| FNSPK. A ( FSPAA.SE ) | SWEDEN | 17.34 | 19.67 | 13.44% |
| YANG MING MARINE TRAN. ( 2609.TW ) | TAIWAN | 0.94 | 0.99 | 5.42% |
| FAR EASTERN TEXTILES ( 1402.TW ) | TAIWAN | 0.50 | 0.49 | -1.94% |
| WAN HAI LINES ( 2615.TW ) | TAIWAN | 0.90 | 0.91 | 1.06% |
| AU OPTRONICS ( 2409.TW ) | TAIWAN | 1.21 | 1.16 | -3.94% |
| EVERGREEN MARINE ( 2603.TW ) | TAIWAN | 0.81 | 0.87 | 7.30% |
| KRUNG THAI BANK ( KTB.TH ) | THAILAND | 0.25 | 0.36 | 40.81% |
| BANGKOK BANK ( BBL.TH ) | THAILAND | 2.45 | 3.20 | 30.29% |
| BELLWAY ( BWY.GB ) | UNITED KINGDOM | 11.72 | 12.44 | 6.19% |
| WILSON BOWDEN ( WLB.GB ) | UNITED KINGDOM | 16.61 | 18.49 | 11.34% |
| ENDURANCE SPY.HDG. ( ENH.US ) | UNITED STATES | 31.58 | 33.55 | 6.24% |
| COUNTRYWIDE FINL. ( CFC.US ) | UNITED STATES | 108.04 | 75.85 | -29.79% |
| PULTE HOMES ( PHM.US ) | UNITED STATES | 97.97 | 93.62 | -4.44% |
| PLAT.UNDERWRITERS HDG. ( PTP.US ) | UNITED STATES | 31.36 | 30.00 | -4.34% |
| SAFECO ( SAFC.US ) | UNITED STATES | 37.90 | 38.93 | 2.72% |
| TOMMY HILFIGER ( TOM.US ) | UNITED STATES | 13.89 | 14.81 | 6.62% |
| INDYMAC BANCORP ( NDE.US ) | UNITED STATES | 29.90 | 29.79 | -0.37% |
| SPRINT ( FON.US ) | UNITED STATES | 15.18 | 16.42 | 8.17% |
| ST.PAUL ( SPC.US ) | UNITED STATES | 37.48 | 39.65 | 5.79% |
| CIT GP. ( CIT.US ) | UNITED STATES | 34.90 | 35.95 | 3.01% |