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ยƒยŽยŽย•ยƒย”ย‡ยย‘ย–ย–ยŠย‡ย”ย‡วกย–ย‘ยŽย‹ยย‹ย–ย‘ย—ย”ย–ยŠย‹ยยย‹ยย‰วกย„ย—ย– ย‘ยˆยˆย‡ย”ย‹ยย‰ย•ย’ยƒย…ย‡ยˆย‘ย”ย‹ยย†ย‹ย˜ย‹ย†ย—ยƒยŽย†ย‡ย˜ย‡ยŽย‘ย’ยย‡ยย–วจ


‘™–‘—†‡”•–ƒ†ƒ†Dz”‡ƒ†dz–Š‹•‘”–ˆ‘Ž‹‘ ‡Ž‡…–‹‘͸ͶͷͶǣ

‘”’‘”ƒ–‡ †—•–”‹ƒŽ‡•‹‰ˆ‘”…‘•—‡”’”‘†—…–• ‹•›’”‘ˆ‡••‹‘Ǥ

Š‡‘˜‡”˜‹‡™‘ˆ•‡Ž‡…–‡† ™‘”‹•ˆ‘…—•‹‰‘’‡‘’Ž‡ƒ† ’”‘†—…–•Ǧ‘––Š‡’”‘…‡••Ǥ

—–’”‘†—–…•ƒ”‡ˆ‘”’‡‘’Ž‡Ǩ Š‡‹”‡‡†•ǡ’”‘„Ž‡•ƒ††‡•‹”‡•ƒ”‡ –Š‡”‡ƒŽ‹••—‡•–‘ˆ‘…—•‘ǤǤ


F ; E F B ; F;HIED7I

F H E : K 9 J I :;I?=DMEHA

Š‡’‡‘’Ž‡ƒ†–Š‡‹”“—‘–‡†•–ƒ–‡‡–•ƒ”‡‘Ǧ –‹‘ƒŽƒ†‡˜‹•‹‘‡†’‡”•‘ƒ•Ǥ Š‡‹”‘’‹‹‘•‘–Š‡’”‘†—…–„‡‡ϔ‹–•Š‘™Š‘™ –Š‡†‡•‹‰•Š‘—Ž†„‡”‡…‡‹˜‡†Ǥ

Š‡’”‘†—…–••Š‘™ǡƒ”‡ϔ‹ƒŽ†‡•‹‰˜‹•—ƒŽ‹•ƒ–‹‘•‘”’‹…–—”‡• ‘ˆ–Š‡”‡ƒŽ‹•‡††‡•‹‰™‘”Ǥ Š‹•”‡•—Ž–•†‘‘–•Š‘™–Š‡”‡•‡ƒ”…Šǡ‹––‡”ƒ–‹˜‡™‘”ƒ†…‘Ǧ ’Ž‡š‹–›™‹–Š‹–Š‡’”‘…‡••‘ˆ†‡˜‡Ž‘’‡–Ǥ


CWY^_d[YedjhebZ[l_Y[%% m_j^Wk]c[dj[Zm_Ò j[Y^debe]o%% :_fbecWmeha(&&-

?FCI \hgmkhe



Dz –‹•–Š‡’‡”ˆ‡…–•›•–‡ƒ’’Ž‹…ƒǦ –‹‘ƒ†‘„‹Ž‡†‡˜‹…‡ǡ™Š‹…Š  ™‘—Ž†Ž‹‡–‘Šƒ˜‡ˆ‘”›Œ‘„Ǥ  ™‘—Ž† ‘– ƒŽ™ƒ›• Šƒ˜‡ –‘ …ƒŽŽ –Š‡ •‡”˜‹…‡ ‡…Šƒ‹…• –‘ ‡‡’ –Š‡’”‘†—…–‹‘”—‹‰Ǩdz †”‡ƒȋ͹ͺȌȀȀ ‘‘†Ǧ”‘†—…–‹‘

•’‡…–‘”

 •‡– ‘ˆ ‘„‹Ž‡ †‡˜‹…‡• ˆ‘” ‘”‡ ‡ˆϔ‹…‹‡…› ƒ† •ƒˆ‡–›Ǥ – ‹• ’ƒ”– ‘ˆ ƒ ‹–—‹–‹˜‡ •›•–‡ˆ‘”‘‹–‘”‹‰ǡ…‘–”‘Žƒ†•‡”˜‹…‹‰‘ˆ‹†—•–”‹ƒŽ’”‘†—…–‹‘ˆƒ…‹Ž‹–‹‡•Ǥ


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MONITOR

SERVICE

?FCI lrlm^f

CONTROL



…Š‡ƒ–‹……‘…‡’–˜‹•—ƒŽ‹•ƒ–‹‘ ‘ˆƒ…‘–”‘ŽǦ•›•–‡ˆ‘”‹†—•–”‹Ǧ ƒŽ’”‘†—…–‹‘ˆƒ…‹Ž‹–‹‡•Ǥ

Ǧ……‡••‘”› …‘’‘‡–•Ǥ ‡ƒ”‹‰ ’”‘–‡…–‹‘ ™‹–Š ‹–‡‰”ƒ–‡† Š‡ƒ†•‡– ˆ‘” •‡”˜‹…‡…‘—‹…ƒ–‹‘ƒ†ƒ…Šƒ”‰‹‰…”ƒ†Ž‡ˆ‘”–Š‡‘„‹Ž‡†‡˜‹…‡Ǥ


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?FCI \hgmkhe



Dz  ™‘—Ž† ’”‡ˆ‡” Šƒ˜‹‰ ƒ „‡–Ǧ –‡”•‘Ž—–‹‘ǡ•‘‡–Š‹‰Ž‹‡–Š‡ ‡”‰‘‘‹… ƒ† ‹–—‹–‹˜ Ǧ ›•–‡†‡˜‹…‡ǤǨdz

˜‹•‹‘‡†…‡ƒ”‹‘ȀȀ ‘”ƒŽ…ƒ•‡ ”ƒ”Ž‘™‹•’ƒ–”‘ŽŽ‹‰–Š‡ ’”‘†—…–‹‘’Žƒ– ι‘„Ž‹‰ƒ–‘”›‹•’‡…–‹‘™ƒŽ™ƒ›Ǥ 鐑ƒ‘—…‡‡–Ǧ‡˜‡”›–Š‹‰ Ǥ ι˜‹•—ƒŽƒ…Š‹‡Ǧƒ†’”‘†—…– …Š‡…Ǥ

”ƒ”Ž‘™‹•–ƒ‹‰ƒ †‘…—‡–ƒ–‹‘’‹…–—”‡ 郄‡Ž•™‹–Š‹–Š‡’‹œœƒǦ ’”‘†—–‹‘Ǧ’Žƒ–ƒ”‡‘– …‡–”‡†Ǥ ι‘…—‡–‹‰–Š‡Žƒ…‘ˆ ’”‘†—…–™‹–Š–Š‡‹–‡‰”ƒ–‡† …ƒ‡”ƒǤ ι‹…–—”‡‹•–‘„‡–”ƒ•‹––‡† ‘–‘–Š‡•‡”˜‡”ƒ”…Š‹˜‡Ǥ

Ž„‡”–ȋͺ͸ȌȀȀŽƒ–‡…Š‹…‹ƒ ”ƒ”Ž‘™‹•†‘‹‰•‘‡ ”‡‡–”‹‡• ι……‡••–‘–Š‡…‘–”‘Ž‘ˆ–Š‡ ’‡”‹’Š‡”ƒŽŽƒ„‡ŽŽ‹‰—‹–Ǥ ι—–‘Ǧ•›…Š”‘‹•ƒ–‹‘‘ˆ–Š‡ ’”‹–ˆ‡‡†‡”Šƒ•–‘„‡ƒ†Œ—•–‡† ƒ—ƒŽŽ›Ǥ 鑉‰‹‰‘ˆ–Š‡‹…‹†‡– ™‹–ŠŽ‹‹‰–‘–Š‡–ƒ‡ †‘…—‡–ƒ–‹‘’‹…–—”‡Ǥ


˜‹•‹‘‡†…‡ƒ”‹‘ȀȀ ‡š…‡’–‹‘ƒŽ…ƒ•‡ ”ƒ”Ž‘™ƒ–Š‹•™‘”‹–Š‡ …‘–”‘Ž…‡–”‡

?FCI

 Dz‹–Š –Š‡ Ǧ›•–‡ †‡˜‹…‡  ™‘—Ž† ‘– Šƒ˜‡ –‘ †‘ –Š‹• ‹† ‘ˆ Œ‘„Ǥ  …‘—Ž† †‘ •‘‡–Š‹‰ „‡–Ǧ –‡”Ǥdz ‘…Š‡ȋͺ͸ȌȀȀ‡…Š‹…ƒŽ

•–”—…–‘”

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郕Š‹‡Ǧ†‘™–‹‡ǦͶͶ; ͻ͹Ͷ‹•†‹•’Žƒ›‡†™‹–Š‘—– ‹ˆ‘”ƒ–‹‘‘–Š‡…ƒ—•‡Ǥ ι‹–Š –Š‡’”‘„Ž‡…ƒ „‡•‘Ž˜‡†‘”‡‡ˆϔ‹…‹‡–ƒ––Š‡ Ž‘…ƒ–‹‘™Š‡”‡‹–Šƒ’’‡†Ǧƒ– –Š‡ƒ•Š‹‡‹–•‡ŽˆǤ

”ƒ”Ž‘™”‡“—‡•–•ˆ‘” –‡…Š‹…ƒŽ•—’’‘”– ι‡…ŠǤƒ•Š‹‡…Š‡…†‘‡•– ‰‹˜‡•‹ˆ‘”ƒ–‹‘‘–Š‡”‡ƒ•‘ ‘ˆ–Š‡†‘™–‹‡Ǥ 鑐‡…–‹‰–Š‡•‡”˜‹…‡ǦŠ‘–Ž‹‡ ‹•–Š‡‡š–Š‡Ž’ˆ—Ž•–‡’‘ˆ•‘Ž˜‹‰ –Š‡’”‘„Ž‡Ǥ ιŽ‹˜‡˜‹‡™‘ˆ–Š‡ƒ•Š‹‡‹• –”ƒ•‹––‡†„›–Š‡‹–‡‰”ƒ–‡† ˜†‡‘…ƒ‡”ƒ–‘–Š‡•‡”˜‹…‡ ‡‰‹‡‡”Ǥ

”ƒ”Ž‘™•‘Ž˜‡•–Š‡’”‘„Ž‡ ™‹–ŠŠ‡Ž’ ιŠ‡•‡”˜‹…‡‡‰‹‡‡”‹†‡–‹ϔ‹‡• „›Ž‹˜‡˜‹‡™–Šƒ––Š‡‡‡ǦŽ‡˜‡”‘ˆ –Š‡†‡‡’†”ƒ™‹‰‹•‹ƒ——•—ƒŽ †‘™–‹‡’‘•‹–‹‘Ǥ 锃”Ž‘™†‡–‡…–•‘–‘ –Š‹•Š‹––Šƒ–ƒ–‘‘Žˆ”‘ …‘‹••‹‘‹‰‹•„Ž‘…‹‰ –Š‡‡‡ǦŽ‡˜‡”ƒ†…ƒ—•‡•–Š‡ •–ƒ†•–‹ŽŽǤ


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J F 9 \hg\^im Dz‹–Š–Š‹•‹†‘ˆ–‘—…Š’ƒ‡Ž…‘–”‘Ž

™‘—Ž†Ž‘˜‡–‘™‘”Ǩ –Ž‘‘••‘•Ž‡‡ ƒ† –‘—…Š›ǤǤ › Œ‘„ ™‘—Ž† ƒ‡ —…Š‘”‡ˆ—Ǥdz ƒ‹‡ŽŽ‡ȋ͸;ȌȀȀƒ…ƒ‰‹‰”‘…‡••‘”


> : F > L em]>]'F:7 Dz• ƒ ’”‘ˆ‡••‹‘ƒŽ —•‹…ƒ  Šƒ˜‡ –‘ ƒƒ‰‡ ›…‘…‡”–†ƒ–‡•ƒ†”‡Š‡ƒ”•ƒŽ•Ǥ Šƒ–‡–Š‡‡˜‡Ǧ ”›™Š‡”‡†‹‰‹–ƒŽ‹ϔŽ—‡…‡ǡ„—––Š‹•™‹–Š‹–• Ž‡ƒ–Š‡” •—”ˆƒ…‡ Šƒ• ƒ ƒ—–Š‡–‹… Ž‘‘ ƒ† ’‡”Ǧ •‘ƒŽ–‘—…ŠǤ‹–Š–Š‹•‹†‘ˆ†‹‰‹–ƒŽŠ‡Ž’ǡ …ƒ ‹†‡–‹ˆ››•‡ŽˆǤdz ˜ƒȋ͹͸ȌȀȀ‹‘Ž‹Žƒ›‡”

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‘—…Š’ƒ‡Ž…‘–”‘Žˆ‘”’Žƒ•–‹…–‡…Š‘Ž‘‰›ƒ’’Ž‹…ƒ–‹‘•‘ˆ‘–ƒǤ ‘‰‡–Š‡”™‹–ŠǤ…Š‹†ƬǤ…Š‹†–


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– ‡˜‡ ‡‡–• –Š‡ ”‡“—‹‡”‡‡–• ‘ˆ –Š‡ ‰”‡‡Ǧ…‘’—–‹‰ •–ƒ†ƒ”†Ǩ‘‡–Š‹‰ ƒ’’”‡…‹ƒ–‡dz ‘‰‡”ȋͼͺȌȀȀ’Ž‘›‡”Ȁ

–”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…‘’—–‹‰…‘•—‡”’”‘†—…–•ȋ‹Ž‘Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• –‘‰‡–Š‡”™‹–ŠǤ…Š‹†Ǥ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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–”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…‘’—–‹‰…‘•—‡”’”‘†—…–•ȋ‹Ž‘Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• –‘‰‡–Š‡”™‹–Š Ǥ‡Š‡Ǥ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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–”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…‘’—–‹‰…‘•—‡”’”‘†—…–•ȋ‹Ž‘Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• –‘‰‡–Š‡”™‹–Š Ǥ‡Š‡Ǥ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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e Z i m h i ceki[ Dz  ƒ ƒŽ™ƒ›• ‘ –Š‡ ‘˜‡Ǥ Š‹Ž‡ ™‘”‹‰‘–Š‡–—‡•™‹–Š›Žƒ’Ǧ –‘’Ǧ …ƒ‘–†‘™‹–Š‘—–ƒ’”‡…‹•‡ ‘—•‡Ǩdz ‡”„‡”–ȋͺ͸ȌȀȀ—•‹…”‘†—…‡”

–”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…”‹–‹…ƒŽ…‘’—–‹‰’”‘†—…–•ȋ”‹‡”‰›Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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]hWf^_Y [ h q Dz‡š›ǡ•ƒŽŽǡ•‹Ž‡–ǤǤǤ ”ƒ’Š‹’‘™‡”ˆ‘”› ‘–‡„‘‘™Š‡ †‘•‘‡ϔ‹Ž‡†‹–‹‰Ǥ

 ”‡ƒŽŽ› Ž‹‡ –Š‡ …‘–”ƒ•–• ‘ˆ –Š‡ †‡•‹‰ Ǧ „Žƒ… Ƭ ™Š‹–‡ǡ ‡†‰› ƒ† •‘ˆ–Ǩ Ž‡‡–• ‘ˆ ’‘Žƒ”‹•ƒ–‹‘ ™Š‹…Š ƒŽ™ƒ›• ’Žƒ› ƒ ”‘Ž‡ ™‹–Š‹›ϔ‹Ž•ǤǤdz Ǧ‹ƒƒȋ͸ͽȌȀȀ…–”‡••Ƭ ‹ŽǦƒ‡” –”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…‘’—–‹‰…‘•—‡”’”‘†—…–•ȋ‹Ž‘Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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_ e h h k i[hl[h Dz‡‹‰ ”‡•’‘•‹„Ž‡ ˆ‘” …”‹–‹…ƒŽ †ƒ–ƒˆ”‘Ž‘–•‘ˆ…Ž‹‡–•ǡ ‡‡† –‘ –”—•– –Š‡  Ǧ ‘ˆ– Ƭ ƒ”†Ǧ ™ƒ”‡Ǥ —Œ‹–•—Ʈ• •‡”˜‡” –‡…Š‘ŽǦ ‘‰› ‹• ‘– ‘Ž› ’‡”ˆ‘”ƒ–‹˜‡ǡ „—–Š‹‰ŠŽ›”‡Ž‹ƒ„Ž‡–‘‘Ǩdz ‹–ƒȋ͹ͺȌȀȀ‡›……‘—–ƒ–

–”ƒ–‡‰‹……‘”’‘”ƒ–‡†‡•‹‰‘ˆ…”‹–‹…ƒŽ…‘’—–‹‰’”‘†—…–•ȋ”‹‡”‰›Ȍ ˆ‘” —Œ‹–•—‹‡‡•‘’—–‡”• ”‘Œ‡…–Ž‡ƒ†Ǥ‘‘•Ǥ


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` Z l c[j[h Dz‹…‡  …ƒ •‡‡ Š‘™ —…Š ƒ† ™Š‡  ”‡ƒŽŽ› ‡‡† Ž‘–• ‘ˆ ‰ƒ• ˆ‘” –Š‡Š‡ƒ–‹‰ƒ†…‘‘‹‰ǡ …ƒ•ƒ˜‡ ‘‡›™Š‹Ž‡†‘‹‰•‘‡–Š‹‰‰‘‘† –‘‘Ǧˆ‘”‘—”‡˜‹”‘‡–Ǩdz ‡„‡……ƒȋ͹͹ȌȀȀ‘–Š‡”

–‡ŽŽ‹‰‡–‰ƒ•Ǧ‡–‡”™‹–Š‘Ž‹‡…ƒ’ƒ„‹Ž‹–›ˆ‘”‡ŽŽ‘–”‘Ǥ ‘…‡’–ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆ–‡…Š‘Ž‘‰›Ǥ ”‘Œ‡…–Ž‡ƒ† Ǥ‡Š‡Ǥ


IcWhjc[j[h_d]XoO[bbe ^em_jmehai

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–‡ŽŽ‹‰‡–‡Ž‡…–”‹…‹–›Ǧ‡–‡”™‹–Š‘Ž‹‡…ƒ’ƒ„‹Ž‹–›ˆ‘”‡ŽŽ‘–”‘Ǥ ‡†‡•‹‰‘ˆ…‘…‡’–ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆ–‡…Š‘Ž‘‰›Ǥ ”‘Œ‡…–Ž‡ƒ†ǣ Ǥ‡Š‡Ǥ

<h[[bWdY_d]Wj?:;E%% (&&-#(&&.


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I[Wj_d]YedY[fj%% Meha_dfhe]h[ii(&'& (dZZWoekjfkj$$

9>7?H



Dz’”‘†—…–™Š‹…Š‹Ž‹‡ǡ„‡…ƒ—•‡‘ˆ ‹–•’—”‹–›Ǩ –…‘—Ž†‡˜‡„‡ƒ•…—Ž’Ǧ –—”‡ǤǤdz †”‹ƒȋ͹;ȌȀȀƒ†•…ƒ’‡”…Š‹–‡…–

”‹˜ƒ–‡’”‘Œ‡…–̸̸ •’‹”‡†„›…‘…‡’–—ƒŽǦ™‘”•Š‘’ˆ‘”Š‘‡–̸̸̽‹‘‡Žƒ–‘͸ͶͷͶ


< H ? I 9 > L;HIEH=J Dz Ž‘˜‡ˆ”‡•Šƒ†Š‡ƒŽ–Š›ˆ‘‘†Ǥ›‘ƒŽ™ƒ›• •ƒ‹†Ǧƒƒ’’Ž‡ƒ†ƒ›ǡ‡‡’•–Š‡†‘…–‘”ƒ™ƒ›ǤǤdz

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”ƒ…‡ȋͷͿȌȀȀ–—†‡–‘ˆŠƒ”ƒ…›

”‹˜ƒ–‡‡–™‘”’”‘Œ‡…–̸̸•—•–ƒ‹ƒ„Ž‡•‡”˜‹…‡•–‘•—”˜‹˜‡̸̸̽‹‘‡Žƒ–‘͸ͶͷͶ


d [ m ]bk^\mbhg ˜‡”›„‘†›‡‡†••’ƒ…‡ƒŠ‡ƒ†ǡƒ˜‹•‹‘ –‘ˆ‘ŽŽ‘™Ǧ•‘‡–‹‡•‹–•‘–”ƒ–‹‘ƒŽ ƒ† ‘”‡ ƒ ‹† ‘ˆ ‹•–‹…– –Šƒ– Ž‡ƒ†• ‘—”†‹”‡…–‹‘ǤŠ‡”‡†‘‡•‹––ƒ‡—•ǫ

 ™‘—Ž† Ž‘˜‡ –‘ ‡š’Ž‘”‡ ‡™ Š‘”‹œ‘• „›Œ‘‹‹‰›‘—”–‡ƒǨdz

jed W ; [b ).& d B_e ,',' $Yec  . W_b …– •   — † c '  !* [6] ‡”’”‘–‘Ž‡ƒ”‡™Ǩ ‡ hW] ‘”…‘•——– Ž‹‡–Š‹‰ \ ˆ c Ǥ  \eh …–†‡•‹‰‘ˆ‡••‹‘ •‘

— ’” ”‘† •› ’  ‹ –‡ ‘”ƒ ’ ” ‘


PORTFOLIO SELECTION 2010