On  September  1,  2003 open-end fund Baltic Index fonds celebrated its

3rd  anniversary.  Presently  it  is the only investment fund in Latvia

investing  its assets in the Baltic blue-chip companies that are in the

Baltic Index (calculated by BNS) portfolio.



Three  years  ago  the  value  of  a  fund unit was LVL 1.00. Today, on

September  3, the fund unit value has hit its all-times high and is LVL

1.779. The fund asset value has grown to LVL 529 thousand. Only once in

its  history the unit value has fallen below the base value and was LVL

0.96.  The  investors have made an annualised profit of 37.67% over the

past  year, and 21.11% per year over the last three-year period. Retail

investors  have demonstrated an increasing activity during the past six

months.



Baltic  Index  fonds  was listed on the RSE Investment Fund list at the

beginning  of 2001. The fund units are distributed by Latvijas Unibanka

and Akciju Komercbanka Baltikums, and may be bought all over Latvia.





Largest investments 01/09/2003 (%) 



+---------------------------------------------+----+

|                                             |(%) |

|Hansabanka                                   |9.49|

|Snaige                                       |8.44|

|Lietuvos Telekomas                           |8.16|

|Eesti Telekom                                |8.15|

|Norma                                        |4.93|

|Merko                                        |4.48|

+---------------------------------------------+----+









Investment by sector  % 



+----------------------+-----+-----+

|                      |2000 |2003 |

|Banks                 |31.06|8.21 |

|Telecommunications    |8.42 |26.30|

|Manufacturing         |14.24|19.57|

|Trading               |13.56|  -  |

|Transit and transport |7.23 |6.06 |

|Goveernment debt paper|  -  |16.94|

|Other                 |10.25|  -  |

+----------------------+-----+-----+