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Audited Annual Report
for the financial year from November 1, 2003 t o October 31, 2004
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. The articles of incorporation, prospectus, annual and semi-annual reports and a l ist of the purchases and sales o f investment can be obtained free of charge from Vontobel Fonds Services AG, Zurich, the Schweizer Verband der Raiffeisen-banken, St. Gallen, or the registered of f ice o f the Vontobel Fund i n Luxembourg.
Each shareholder declares that he agrees that the entries in the share register may be consulted by Vontobel Fonds Services AG, Zurich for the purpose of shareholder servicing.
Vontobel Fund Societe d'Investissement a Capital Variable (SICAV) Luxembourg eR.C.S. Luxembourg N' B 38 170r
with the sub-funds
... .-
2 Organisation
Performance 6
8 Key Figures o f Sub-Funds
9 Vontobel Fund - Combined Umbrella Fund
11 Vontobel Fund - Swiss Money
1 3 Vontobel Fund - EURO Money
15 Vontobel Fund - US Dollar Money
1 7 Vontobel Fund - Swiss Franc Bond
1 9 Vontobel Fund - US Dollar Bond
2 1 Vontobel Fund - EURO Bond
23 Vontobel Fund - Capital Gain Bond (EURO)
25 Vontobel Fund - Eastern European Bond
27 Vontobel Fund - EURO PLUS Bond
29 Vontobel Fund - EURO Mid Yield Bond
Vontobel Fund - EURO Bond Select 3 1
33
3 5
37
3 9
43
45
47
5 1
53
57
59
63
65
6 7
7 1
75
79
- .. . .-. - - - ..
....
.... ..... . -
. ~. .
- ..
- . - -
.... _-
- ..... ~
... _. ...... .-
. ~.
.- . .- . .-
-. . .
...... -
.... .-
.- ..
Vontobel Fund - Japanese Equity
Vontobel Fund - European Equity ... . -.. .. - . .
.~ .~ ~.
~. . -. Vontobel Fund - US Value Equity
Vontobel Fund - Emerging Markets Equity .- . . ~.
Vontobel Fund - Eastern European Equity .. .- - . -
- . - Vontobel Fund - Swiss Stars Equity
Vontobel Fund - Far East Equity
Vontobel Fund - US Equity .- -. ....
..
Vontobel Fund - European Mid & Small Cap Equity -. .- . . . . . . .
... . -. . Vontobel Fund - Swiss Mid & Small Cap Equity
Vontobel Fund - Global Equity (ex US)
Vontobei Fund - US Mid & Small Cap Equity
Vontobel Fund - European Value Equity
Vontobel Fund - Defensive Balanced Por t fo l io (EURO)
Vontobel Fund - Defensive Balanced Por t fo l io (CHF)
Vontobel Fund - Growth Por t fo l io (EURO)
Vontobel Fund - Growth Por t fo l io (CHF)
~
.. ... ~. .-
.- . .._
..... .- ..
.-
- -
~. .~ - ..
Vontobel Fund - Global Trend Financial Services
Vontobel Fund - Global Trend L i fe & Health
a3
a9
. . . .-
8 7 .. --
Vontobel Fund - Global Trend In fo rma t ion & New Technologies
-.
9 1
93
96
98
99
105
106
. . . . Vontobel Fund - Global Trend Food & Beverages
Vontobel Fund - Global Trend New PowerTech
Net Asset Value Summary
Report o f the Board o f Directors
.- ~. .
. .
. . . .. ~
- . . __ Notes . to the Financial Statements
.- ..
Report of the Independent Auditor
The Addresses o f t he Vontobel Banking Group ... ..
. . .
1
Organisation
Board of Directors Chairman
Christoph Ledergerber
Di rectors Martin de Quervain (since J u i e 29, 2004)
Hans h e y ( u n t i l June 28, 2OOL)
Philippe Hoss Tony Solway
Registered Office o f the Fund
Member of the executive Management of the Vontobel Group, Zurich
Director, Vontobel Fonds Services AG, Zurich
Director, Vontobel Fonds Services AG, Zurich
Partner, Elvinger, Hoss & Prussen, Luxembourg Director, Head o f BNP Paribas Securities Services - UK
Vontobel Fund 23, avenue de la Porte-Neuve L-2085 Luxembourg
Tel. +352 2696 2000, Fax +352 2696 9700
Vontobel Fund Advisory S.A. (formerly Vontobel Fund Management S.A.) 1, côte d'Eich, L-1450 Luxembourg
Vontobel Asset Management AG, Dianastrasse 5, CH-8022 Zurich
Vontobel Asset Management Inc., 450 Park Avenue, New York, N.Y. 10022
BNP Paribas Securities Services, Luxembourg Branch 23, avenue de la Porte-Neuve
L-2085 Luxembourg
Tel. +352 2696 2000, Fax +352 2696 9700
BNP Paribas Fund Services S.A. 10, boulevard Royal, F.O. Box 2463
L-1024 Luxembourg
Tel. +352 2696 2000, Fax +352 2696 9700
Citibank In ternat ional Plc., Luxembourg Branch 58, boulevard Grandeûuchesse Charlotte, P.O. Box 1373,
L-1330 Luxembourg
Auditor Ernst 8 Young S.A. 6, rue Jean Monnet, L-2180 Luxembourg
Vontobel Fonds Services AG, Dianastrasse 9, CH-8022 Zurich Tel. +41 1 283 5350, Fax +41 1 283 53 05
Schweizer Verband der Raiffeisenbanken Vadianstrasse 17, CH-9001 St. Gallen Tel. +41 7 1 225 85 88, Fax +41 7 1 225 95 94
Bank Vontobel AG, Bahnhofstrasse 3, CH-8022 Zurich Tel. +41 1 283 7 1 11, Fax +41 1 283 76 50
Schweizer Verband der Raiffeisenbanken Vadianstrasse 17, CH-9001 St. Gallen
Tel. +41 7 1 225 85 88, Fax +41 7 1 225 95 94
Management Company
Sub-Investment Advisers
Domiciliary-, Registrar- and
Transfer Agent
Administrator
Custodian
Swiss Representatives and
Distn butors
Swiss Nominees
2
Organisation
Paying and Information
Agent i n Germany
B. Metzler Seel. Sohn & Co KGaA
Grosse Gallusstrasse 18, 0 - 6 0 3 1 1 Frankfur t am Main 1
Tel. +49 69 210 40, Fax 749 69 2 8 1 429
Elvinger, Hoss & Prussen
2 , place Winston Churchi l l , B.P. 425, L-2014 Luxembourg
Fresh f ie lds Bruc k h aus Deri n g er
Taunusanlage 11, D-60329 Frankfur t am Main 1
Von tobe l Bank AG, Rathausplatz 4 , A-5024 Salzburg
Tel. +43 662 8 1 040, Fax +43 662 8 1 047
11 Monte de i Paschi d i Siena, Via Santa Margher i ta 11, 1-20121 Mi lano Tel. +39 0 2 69 701, Fax +39 02 69 70 63 49
Raiffeisen Landesbank Süd t i ro l AG, Laurinstrasse 1, 1-39100 Bozen
Tel. +39 0 4 7 1 94 65 11, Fax +39 0 4 7 1 9 4 65 5 2
Legal Adviser i n Luxembourg
Legal Adviser and Fiscal
Representative in Germany
Paying Agent i n Austria
Paying Agents in I ta ly
Banca In tesa SPA, Piazza Paolo Ferrari 10, 1 -20121 Mi lano
Bipop-Carire SPA, Via Leonard0 Da Vinc i 74, 1-25122 Mi lano
Paying Agent i n Liechtenstein Bank Von tobe l (L iechtenste in) AG, Pflugstrasse 20, FL-9490 Vaduz
Tel. +423 236 41 11, Fax +423 236 4 1 1 2
Financial and Central agent i n France
Registered Off ice of t h e Fund BNP Paribas Secur i t ies Services S.A.
3, rue d 'Aut in , F-75002 Paris
Management Company BNP Paribas Secur i t ies Services S.A.
66, rue de la victoire, F-75009 Paris
Tel. +331 42 98 08 94, Fax +331 42 98 48 15
3
How t o get in touch with us...
Any queries? Please d o n o t hes i ta te t o c a l l us: Tel.+41 1 283 53 50, Fax + 4 1 1 283 53 05
Von tobe l Fonds Services AG
Dianastrasse 9 , CH-8022 Zurich, Swi tzer land
BNP Paribas Secur i t ies Services
23, avenue de la Porte-Neuve
L-2085 Luxembourg
Through t h e bank t h a t handles Vour safe custody accoun t
Direct Subscriptions
Buvina/Sellina
Quotation Luxembourg, over t h e coun te r t r a d i n g t h r o u g h Bank V o n t o b e l AG
Tel. +41 1 283 77 79, Fax +41 1 283 7 1 O1 Any denomina t ion as f rac t i ons o f u n i t s can be issued ( f ract ions up t o
3 dec ima l places)
Denomination
Publication of Prices
Swi tze r land
Austr ia
Germany
Neue Zürcher Zei tung, Finanz -+ Wirtschaft, Le Temps,
Corriere d e l Ticino, Te le tex t SF2 (page 655), Cash
Der Standard, Die Presse
Borsen-Zei tung, Handelsb lat t , Frankfurter AlLgemeine
Zeitung, V ideo tex t ARD (page 798), Video tex t ZDF (page 748)
Liechtenste in L iechtenste iner Volksblat t , L iechtenste iner Vater iand
I t a l y
Snain
II Sole 24 ore, Mi lano Finanza
Exoansion
others u p o n request
Reuters page VFFUNDS: O f f i c i a l NAV a n d per fo rmance (beg inn ing of year)
VTFU N DSO1, VTFUN DS02, VTFU N DS03:
Of fer /b id prices over t h e coun te r t r a d i n g
Internet ht tp : / /www.vontobe l .com
5
Perform an ce
Incept ion Total 2001- 2002** 2003*** 2004**** Total 2001' 2002** 2 0 0 3 * * * 2004****
Sw'ss Money
EURO Money
US Dol lar Mriney W D )
Sw'ss Franc Bond ( C H F I
us Dollar Bond (USDI
EUiO Bond (EUR)
Capital Gain Bond (EURO) (FURI
Eartern European Bond ( E W
EURO PLUS Bond ( W
EURO Mid Yield Bond (EUR)
EURO Bond Select (EURI
Japanese Equity (JPYI
European Equity (EUR)
US Value Equity ( U S D I
Emcrging Markets Equily (UsD)
Fastern EillOpeafl Equity (EUR)
Swiss Stars Equity ( C H F I
Far East Equity W S D )
US Equity (USDI
European Mid & Sma l l C3p Fquity (EURI
Swiss Mid R S n i d l l Cap Equity (CHF)
Global Equity (cx US) ( U W
Eu'opean Value Equity (EUR)
Defensive Balanced Portfolio (EURO) (W Defensive Balanced Portfolio (CHF) ( C H C
Growth Portfolio (EURO) (EUN
Growlh Portfolio (CHF) (CHF)
Fund Currency
%
4.9 2.7 1.3 0.4 0.1
11.1 4.0 2.3 2.1 1.6
8.3 4.5 1.2 0.8 0.6
89.9 2.8 6.7 1.7 2.3
105.0 5.1 9.6 2.2 4.5
..................
...... ....
. . . . . . . . . .
...... ...................
147.3 5.0
48.3 4.7
68.5 25.9
23.3 7.1
13.1
?.R
. . . . . . . .
. .
.......... __
... .....
5.6 4.8 5.4
5.6 4.8 5.0
4 7 -11.3 9.8
4.4 -0.6 4.5
0.0 6 1 6.6
2.8
%
4.9 2.7 1 . 3 0.4 0.1
12.8 0.8 1.2 8.2 0.0
-27.6 5.8 -9.9 -9.6 -9.5
............... ............
. . . . ... . . . . . . ._
. ......
89.9 2.8 6.7 1.7 2.3
65.3 6.3 -2.4 -8.4 -6.0
3.8
44.4 1.3 4.6 11.1 3.4
60.2 22.4 3.5 -6.0 8.1
17.9 3.7 3 .3 5.4 2.9
17.8 0.1 12.5 4.9
3.7 3.7
........... ................
.... - ............
._ 210.3 1.4 4.4 11.1
. ..... . . . . . . .
.............
... . . . . . . .
. . ........
. . ~
-50.0 -19.7 -17.6 18.3 2.7
25/10/2000
?5/10/2000
25/10/2000
28/10/1991
28/10/1991
28/10/1991
27/09/1996
11:09/1997
09/12/i999
30/09/2002
02/07/2004
2 1 jii/i99 1
21;11/1991
21/11/1991
04/11/1992
22/08/1994
27/09/1996
26/02/1998
09:22/1999
09/11/2000
13/06/2001
13/06/2001
16 j 12 /2002
25/06/1996
25/11/1999
25/11:1999
25/11:1999
Global Trend Financial Services (EUR) 31/05/2000 -23.2 -9.L -31.6 12.0 -4.5 -25.4 -11.5 -32.3 18.7 -6.0
-72.4 -20.7 -52.3 19.8 -13.4 -73.2 -21.6 -52.8 26.0 -14.7 Global Trend Informat ion & Ncw Ter.hriologies (EUR) 31105/7000
Global Trend Life & Health (EUR) 09j11/2000 -49.5 -11.8 -26.9 -16.8 0.2 -49.3 -13.5 -27.6 -11.9 -1.3
.................... ................................. .
.... ........................... . . . .......
. .......... ...................... ....
Global Trend New PowcrTech (EUR) 13j12j2001 -29.2 4.1 -40.6 7.4 6.6 -26.7 3.9 -41.2 13.8 4.9
102.9 -21.7 -37.6 -2.6 8.5
390.8 1.4 -3.2 13.8 6.2
13C.3 0.2 -4.1 45.3 28.5
186.1 0.1 0.3 29.9 32.7
55.0 -22.7 -29.4 14.9 0.5
77.9 6.5 5.7 37.4 22.6
-8.2 -6.0 -19.0 18.0 6.1
-32.7 -21.9 -34.0 20.9 15.9
-29.4 -20.5 -33.9 27.6 5.5
............................
... _ ..... . . .
........... . . . . . . . . .
. . . . . . . . . . . . . .
...................
~ .. ....
.........................
... ...... ..... _. ..
20.3 -10.7 -10.2 22.4 22.5
17.1 3.8 12.9 ....... -. .................
-47.8 -27.1 -21.1 18.5 -4.4
71.1 -24.1 -38.2 3.2 6.8
315.9 2.6 -13.8 2.0 -4.4
99.1 1.4 -14.6 30.3 15.6
174.2 -2.8 -0.8 37.7 30.1
......... -.. .. . ............
. ...............
-~ . . .
. ... ... _
15.0 0.5 55.0 -22.7 -29.4
45.9 7.4 -5.9 23.2 10.3
-a .a -4.2 -27.9 5.9 -4.5
. . . . ..........
~ .... .
-32.4 -25.2 -34.7 28.2 14.2
5.5 -29.4 -20.5 -33.9 27.6
-19.4 -18.3 -20.0 9.8 10.2
21.4 9.2 11.1
. ..... .....
.- ~ ..
. ..........
35.6 -3.9 -10.8 -0.5 3.8
-10.7 -5.7 -9.4 3.2 0.6
-35.9 -11.9 -28.0 -2.2 5.1
-34.8 -18.2 -22.0 2.9 0.5
...... . . ......
.-. ..... ......... .........
..... ..........
32.6 -6.9 -11.7 5.L 2.2
-10.7 -5.7 -9.4 3.2 0.6
3.4 -38.8 -14.0 -28.8 3.7
-34.8 -18.2 -22.0 2.9 0.5
.. _ ...... ~
..... ...... ..
._ ... - .......
* Performance from December 29, 2000 t o December 28, 2001 '' Pcrformanre frain December 28, 2001 t o October 31. 2002 - * - Performance from October 31. 2002 t o October 31, 2003
Performancc from Dclober 31, 2003 t o Octaber 29. 2004 _ . a _
Past performance i s not necessarily indicating future performance
6
Performance
Incept ion Total 2001* 2002" 2 0 0 3 - - - 2004*** ' Total 2001* 2002** 2003-'- 2004**'*
Swiss Morley (CHV
EURO Money (FUR)
US Dollar Money (USD)
Swiss Franc Bond (CHV
............. - . . . . .
US Dollar Bond
EURO Bond
Capital Gain Bond (EURO)
Eastern Eurupean Bond
...........
. . .
EURO PLUS Bond
EURO Mid Yield Bond ....... .- . . . . . . . . . .
EURO Bund Select fEUR\
Japanese Equity
European Equity
US Value Equity
Emerging Markets Equity
Eastern European Equity
h i s s Stars Equity
Far East Equity
US Equity
..
........... . . . . .
. . .
~
.......
European Mid & Small Cap Equity ( W
Swiss Mid & Small Cap Equity (CHF)
Global Equity (ex US) (USW
European Value Equity ( E W
Defensive Balanced Portfi i l io (EURO) (EURI
Defensivc Balanced Portfolio (CHF) (CHF)
Growth Portfolio (EURO) (EUR)
.......... - ..................
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . .
- .
.- ..... ..........
Growth Portfolio (CHFI l r H F l
Global Trend Financial Services (FUR) ........... ...................
Global Trend Inforniat ion & Nev. Technulugies
Global Trend Life & Health
(EUR) - .......
( W
Global Trend Nevi PowerTech (FUR)
.
Performance from Decembcr 29. 2000 t o December 28. 2001 I* Performance from December 28, 2001 t o October 31 . 2002
Performance from October ?l, 2002 t r i Octuber 31, 2003 Performance frrim Octobrr 31, 2003 t o October 29, 2004 + * * *
25/10/2000
25:10/2000
25/10/2000
P8/10/1991
28/10/1991
28/10/1991
27/09/1996
11/09:!997
09/12/1999
30i09/2002
02/07:2004
21!11i1991
2 1 j l l j 1 9 9 1
21!11:1991
04!11;1992
22/08/199L
27/09/1996
26/02/1998
09/12/1999
09/11/2000
13/06/2001
13/06:2001
16/12/2002
25:06/1996
25/11/1999
25/11/1999
25/11/1999
31:05:2000
31/05:2000
09/11/2000
1311 21200 1
56.9 -0.9 13.7 11.Q 11.2
68.8 -2.3 16.1 20.6 11.2
8.3 4.5 1.7 0.8 0.6
EUR
3.3 5.5 2.3 -5.3 1.6
11.1 1.0 2.3 2.1 1.6
-28.8 11.3 -10.9 -14.7 -8.0
135.5 -0.8 19.9 13.5 13.7
105.0 5.1 9.6 2.2 4.5
160.7 -1.6 19.8 23.9 15.4
50.4 -1.7 :9.8 23.9 14.9
97.4 18.7 18.8 4.8 20.2
54.1 0.6 18.5 17.5 11.3
47.5 0.3 25.4 16.6
6 . 3 6.3
123.4
94.5
147.3
48.3
68.5
23.3
13.1
2.8
5.6 7.9
11.9 -3.4
5.0 5.6
4.7 5.6
25.9 4.7
7.1 4.L
0.0
-4.0 3.9
-13.6 -4.5
4.8 5.4
4.8 5.0
-11.3 9.8
-0.6 4.5
6.1 6.6
2.8
-38.4 -29.7
101.9 -26.L
390.8 1.4
130.3 0.2
195.0 -5.7
61.L -25.4
77.9 6.5
-8.2 -6.0
0.0 -27.5
5.4 -15.1
20.3 -10.7
46.1
-11.8
-29.2
-3.2
-4.1
13.8
-20.7
5.7
-19.0
-25.1
-25.8
-10.2
32.2 6.3
15.1 18.7
13.8 6.2
45.3 28.5
53.5 45.2
28.3 11.7
37.4 22.6
18.0 6.1
43.0 26.9
42.2 17.2
22.4 22.5
11.9 23.5
-38.2
102.9
393.0
128.2
186.1
59.2
52.6
-26.6
-32.7
-29.6
-19.7
17.1
-25.1
-21.7
7.9
6.1
o. 1
-20.6
12.9
0.7
-21.9
-18.2
-14.0
-20.7
-37.6
-14.7
-15.5
0.3
-28.7
-6.9
-28.6
-34.0
-33.2
-20.8
11.8 -2.9
-2.6 8.5
-3.8 -2.9
23.0 17.4
29.9 32.7
8.5 2.0
16.3 12.0
-0.1 -3.0
20.9 15.9
20.3 7.1
3.6 11.9
3.8 12.9
39.5 -9.7 -1.3 17.0 13.6
16.7 -9.0 1.8 15.1 11.8
-20.0 -16.6 -18.3 15.6 15.0
-14.7 -20.1 -12.4 14.7 11.7
35.6 -3.9 -10.8 -0.5 3.8
-6 .4 -3.1 -8.4 -2.6 2.2
-35.9 -11.9 -28.0 -2.2 5.1
-31.7 -14.9 -21.2 -2.9 2.0
5.0 -14.2 -22.4 37.3 4.5
-62.3 -24.0 -45.9 41.5 -5.2
-25.0 -16.1 -17.0 -1.7 9.1
0.6 2.5 -32.6 26.9 16.6
-23.2 .9.4 .31.6 12.0 -4.5
-72.4 -20.7 -52.3 19.8 -13.4
-49.5 -11.8 -26.9 -16.8 0.2
-29.2 4.1 -40.6 7.4 6.6
Past performance i s not necessarily indicating future Performance
7
r I U >
a .. 2 U >
m 10
b N 3
3
W 10
a N 4
u.
0 a \ 0 e .. m N
c v > I- z
m
'9 4r
" 0 m
c
10 a 10.
-. 3
a 4
e a 2
4 W
k
9 m 0
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d
0 x
un u! 3
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N
0
5
4
"l m
4 m u
m m u
m 9 - LL
I U
o o e
N N U 7 q ' c i g i
3
o o e N ?;:
I
! I ' I
un m ' r u 0 - v 3 4
m z c P - v 3 4
h N h m m l c r u -
N r u W t . w m N m .
m N
N
3 0:
u n u n
3 3 ' f ?
P-
3 ' 4 '
W L L
3 1 w u d 0 N
0; N
L w n o ' Y z
+ m rn
m 0 0 N
FI = m N 0 a N
4 m
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L, rn
I ' I ; I /
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0
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a
Combined Umbrella Fund
The acconipanying notes form an in tegra l part of these financial statements.
Statement of Net Assets
as a t O c t o b e r 31, 2 0 0 4
Assets I n v e s t m e n t s a t cur ren t va lue . . 3 , 11, 4 ,290 ,767 ,680
Time depos i ts 46,727,562
Cash a t banks 356 ,806 ,358
I n t e r e s t a n d d iv idends receivable 3,760,434
Secur i ty sales rece ivab le 46,062,935
Subscr ip t ions rece ivab le 26,481,359
Unrea l ised ga in on f u t u r e s cont rac ts 259 ,699
Other assets 534 ,816
Total assets 4,771,400,843
Liabilities Taxes a n d expenses payable 7 ,619 ,463
Secur i ty purchases payable
Redempt ions 3ayable
Unreal ised loss on fu tu res cont rac ts
Unreal ised Loss o n exchange cont rac ts
Total l iabilit ies
19.967.558
12 ,081 ,355
1,816,538
3,946,382
45,431,296
Total net assets a t the end of the year 4,125,969,547
Statement o f Changes i n Net Assets
f r o m N o v e m b e r 1, 2 0 0 3 t o O c t o b e r 31, 2 0 0 4
Tota l n e t assets a t t h e b e g i n n i n g of t h e year
Exchange d i f fe rence on o p e n i n g n e t assets
Net i n v e s t m e n t i n c o m e
Real ised ga in o n sale o f i n v e s t m e n t s
Currency exchange loss
Change i n unrea l i sed appreciation/depreciation on i n v e s t m e n t s
D i s t r i b u t i o n p a i d
Subscr ip t ions o f shares
Redempt ions o f shares
~. .-
4 ,749 ,165 ,561
-246,135,637
54,747,562
200 ,147 ,832
-28,261,748
113 ,060 ,240
-10,488,549
2 ,243 ,256 ,575
-2,349,522,289
Total net assets a t the end of the year 4.725.969.547
Statement of Income Income Bank i n t e r e s t 4.274.508
from N o v e m b e r 1, 2 0 0 3 t o O c t o b e r 31, 2 0 0 4
I n c o m e on p o r t f o l i o 121 ,493 ,197
Total income 125,767,705
Expenses "Taxe d 'abonnement " 2 ,203 ,688
M a n a g e m e n t fee 58,111,933
A d m i n i s t r a t i o n fee 2,992,796
Custodian fee 2,048,567
Other expenses
Total expenses
Net i n v e s t m e n t i n c o m e
Realised ga in on sale o f i n v e s t m e n t s
Currency exchange loss
5,663,159
71,020,143
54 ,747 ,562
200,147,832
-28,261,748
Change i n unrea l i sed appreciation/depreciation oc inves tmen ts
Net increase i n assets resulting from operations
113 ,060 ,240
339,693,886
9
. ..
Swiss Money
Shares o u t s t a n d i n g a t t h e b e g i n n i n g o f t h e f i n a n c i a l yea1
Number o f shares so ld
Number o f shares redeemed
Shares outstanding a t the end of the financial year
Net asset va lue per share
Dividend shares
158 ,134 ,357
22 ,454 .000
9 3 , 2 8 2 . 0 0 0
87,306.357
96.13
Capitalisation shares
1.556.847.518
52 ,871 .438
6 8 7 , 9 2 2 , 2 6 1
921,796.695
104 .90
T+e accompanying notes form an integral part of there f i ianc ia l statements.
. ' . CHF . ..
95 ,771 .244 Statement of Net Assets Assets I n v e s t m e n t s a t cur ren t va lue . .
as a t October 31, 2004 Time depos i ts 7 , 0 0 0 , 0 0 0
, , . . ,-,. n:,.
Cash a t bank r 2 ,787 ,648
I n t e r e s t a n d d iv idends receivable 1 , 1 6 3
.. Secur i ty sales rece ivab le
Subscr ip t ions rece ivab le ---
Unreal ised ga in o n fu tu res cont rac ts _ _ _ Q) S
- - - 0 Other assets
Total assets 105,560,055 E Liabilities Taxes and expenses payab le
Secur i ty purchases payab le
Redempt ions payab le m 365 ,087
Unreal ised loss a n fu tu res cont rac ts 2 0 , 6 2 5
Unreal ised loss o n exchange cont rac ts ..
Total liabilities 470,361
Total net assets a t the end of the year 105,089,694
Statement of Changes i n Net Assets T o t a l n e t assets a t t h e b e g i n n i n g of t h e year 178 ,777 ,086
f r o m N o v e m b e r 1, 2 0 0 3 t o October 3 1 , PO04
Net i n v e s t m e n t i n c o m e
Realised Loss on sale o f i n v e s t m e n t s
3 , 1 4 9 , 9 0 3
-4 ,302 ,683
Currency exchange Loss _ _ _ Change i n unrea l i sed appreciat ion/depreciat ion on i n v e s t m e n t s 1,218,580
D i s t r i b u t i o n pa id
Subscr ip t ions of shares
Redempt ions of shares - 8 1 , 1 4 7 , 1 6 3
Total net assets a t the end of the year 105,089,694
Statement o f Income Income Bank i n t e r e s t
f r o m November 1, 2 0 0 3 t o Oc tober 31, 2 0 0 4
I n c o m e o n p o r t f o l i o
Total income
5,009
3 ,803 ,346
3 , 8 0 8 , 3 5 5
Expenses "Taxe d 'abonnement "
Management fee
A d m i n i s t r a t i o n fee
Custodian fee
Other expenses
Total expenses
Net i n v e s t m e n t i n c o m e
13,035
4 1 5 , 7 2 3
60.889
19 .028
149.777
658,452
3 , 1 4 9 , 9 0 3
Realised loss o n sale o f i n v e s t m e n t s - 4 , 3 0 2 , 6 8 3
Currency exchange Loss _ _ _ Change i n unreal ised appreciation/depreciation on i n v e s t m e n t s
Net increase i n assets resulting from operations
1 , 2 1 8 , 5 8 0
65,800
11
Swiss Money
Portfolio
N o r i i i a l i n loca. cii r I f a - i c y
8.OCO.000 CHF 250,000 THF
5.000.000 (:HF 1.905.000 I h F
2,750,000 CHF 2.900.000 CHF 7 , m a o o citr
4.750.000 Clll 2.710.1100 CHF
500,000 1:HF 4,000,000 CHF
3.500.000 THF
5,noo.ooo C H F 1,495,000 C Y F
10,000,000 CHF 3,330 000 (HF 1,350,000 CIII- 4 , o o n , ~ o o CHF 2,320,000 CHF 1.000.000 CHF 1.800.000 CHF 1,290,000 ChF
i l , G L , C j
2 8 . 0 7 . k 16.C6.0'.
03,12.0L
7L.ijS.c; 20.05.25
25.03.05 2c.oi.00
20.08.C5
1 1.:2.05
29.17.05
:5.12.05
CO.%.C5
14.GL.05
i'i.12.04
71.93.05 17.02.C6
18. c 2.0 5 29.1 7 .0/. I2.01.C6 10.0.: .05 12.F2.05
Yzrket " o f w L i e 'IT: i-i CHF assets '
7.975.928
257,723
4,976,429
l , 9 / 0 , j 5 1 2.62C.C6Q
2,973.0Yb 7.054.6'1;
3,533.688 i. '57,0Bb
2 678,022
529.151
206.L28 4,?7I,L1.9
: ,5'.6,030 10 29:.775
3.430.LZl
:;598,4u5 3 993,4(i7
2.398.339 1.037./31
1,8L9.900
1,32u,:77
7.iq
0.25
4.7L
1.87
?.68 2.83
2.91 i . .3 1;
4.14 7.55
0.51)
L.00
4.74
1.47
9.79 i.76 1.33
3.80 2-28
0.99 :.76
1.26
Total Bonds 71,571,351 68.10
noanng mte N O ~ M
3 ,5GO 000 CHF Bayt'r'x'ic I z r c e s x i k ?5.33.07 3.500.303 3.33 5,000,000 CHF Credit Ao; ccir 21.09.177 5,001,571 4.76
2,4on.oao CHF Dansne B x i i 0 8 . ~ 3 . 3 7 i,399,8:8 2.28 4,000.000 CHF ber,rr.il Flcctui: ' j , 3 7 . 0 i 3,998..7:.7 3.80
7.ooo.ooo C H F LB Bacei.-\'i:i+t. Firance 15.07.1:7 6,999,497 6.67 2,300,000 CHF M i i r i i h c i c - nyFo:lie<e-ih,r K i : , C l , j 5 2.3C0.33: 2.:9
T ~ I nmtinp ma N ~ I 24,199,893 23.03
TranrhrrbC ~ t I t l 1 . 1 L i d on an oMdal oxchango 99,771,244 91.13
Total Inwstmmfr Pl.771.244 91.13
1 2
Report of the Independent Auditor
To t h e Shareholders o f Vontobel Fund
We have audi ted the f inancial statements, which consist o f t h e statement o f ne t assets, t h e statement o f changes i n ne t assets, t he statement o f income, the por t fo l io and t h e notes t o the f inanc ia l statements o f Vontobel Fund and of each o f i t s sub-funds fo r t he year ended October 31, 2004. These f inanc ia l statements are t h e responsibil i ty o f t h e Board o f Directors o f t h e SICAV. Our responsibil i ty i s t o express an op in ion on these f inanc ia l statements based on our audi t .
We conducted our aud i t i n accordance w i th In te rna t iona l Standards on Audi t ing. Those Standards require t h a t we plan and perform t h e aud i t t o obtain reasonable assurance about whether t h e f inanc ia l statements are free o f mater ia l misstatement. An aud i t includes examining, on a tes t basis, evidence support ing the amounts and disclosures i n t h e f inanc ia l statements. An aud i t also includes assessing the account ing principles used and signi f icant estimates made by the Board o f Directors o f t h e SICAV i n preparing t h e f inanc ia l statements, as we l l as evaluating the overall f inanc ia l statement presentation. We believe t h a t our aud i t provides a reasonable basis for our opinion.
In our opinion, t h e attached f inanc ia l statements described above give, i n conformity w i th Luxembourg legal and regulatory requirements, a t rue and fair view o f t he f inanc ia l posi t ion of Vontobel Fund and o f each o f i t s sub-funds a t October 31, 2004 and of t h e results of the i r operations and changes i n the i r ne t assets fo r t he year t h e n ended.
Supplementary in fo rmat ion included i n the annual report has been reviewed i n the context of our mandate b u t has n o t been subject t o specific aud i t procedures carried o u t i n accordance w i th t h e standards described above. Consequently, we express no opinion on such informat ion. We have no observation t o make concerning such in fo rmat ion i n the context o f t he f inanc ia l statements taken as a whole.
ERNST & YOUNG S.A. Reviseu r d’e n t re prises
Luxembourg, January 10, 2005
N. Faber
105
The Addresses o f the Vontobel Group
Vontobel Holding AG Todistrasse 27 CH-8022 Zurich Telefon +41 ( 0 ) l 283 59 00 Telefax t 4 1 ( 0 ) l 283 75 00 www.vontobel.com
Bank Vontobel AG Bahnhofstrasse 3 CH-8022 Zurich Telefon +41 ( 0 ) l 283 7 1 11 Telefax +41 ( 0 ) l 283 76 50
Banque Vontobel GenPve SA Place de l'Universite 6 CH-1205 Geneva Telefon t 4 1 (0)22 809 90 90 Telefax +41 (0)22 809 90 9 1
Bank Vontobel Osterreich AG Rathausplatz 4 A-5024 Salzburg Telefon +43 (0)662 8104 0 Telefax +43(0)662 8104 7
Bank Vontobel Osterreich AG Karntner Strasse 5 1 A- I010 Vienna Telefon +43 ( 0 ) l 513 76 40 Telefax t 4 3 (0)l 513 76 402
Bank Vontobel (Liechtenstein) AG Pflugstrasse 20 FL-9490 Vaduz Telefon +423 236 41 11 Telefax +423 236 4 1 12 www.vontobel.li
Vontobel Treuhand AG Pflugstrasse 20 FL-9490 Vaduz Telefon +423 236 4 1 80 Telefax +423 236 4 1 8 1
Vontobel Asset Management AG Dianastrasse 5/9 CH-8022 Zurich Telefon +41 ( 0 ) l 283 77 11 Telefax +41 ( 0 ) l 283 74 00
Vontobel Fonds Services AG Dianastrasse 9 CH-8022 Zurich Telefon t 4 1 (0)l 283 76 55 Telefax +41 ( 0 ) l 283 53 05
Vontobel Europe L A . 1, cote d'Eich L-1450 Luxembourg Telefon +352 26 34 74 1 Telefax t 3 5 2 26 34 74 33
Vontobel Fund Advisory S.A. 1, cBte d'Eich L-1450 Luxembourg Telefon t 3 5 2 34 1 7 19 Telefax t 3 5 2 26 34 74 33
Vontobel Asset Management, Inc. 450 Park Avenue New York, NY 10022, USA Telefon +1 212 415 70 00 Telefax +1 212 415 70 87 www.vusa.com
Vontobel Europe S.A. Niederlassung Frankfurt am Main Goethestrasse 10 0-60313 Frankfurt am Main Telefon +49 (0)69 297 208 0 Telefax +49 (0)69 297 208 33
Vontobel Asset Management SGR SpA Via Galileo Galilei, 5 1-20124 Milan Telefon +39 02 6367 3411 Telefax +39 02 6367 3422
Vontobel Securities AG Bahnhofstrasse 3 CH-8022 Zurich Telefon t 4 1 (0)l 283 7 1 11 Telefax +41 (0)l 283 76 49
Vontobel Securities AG WDR-Arkaden Auf der Ruhr 2 0-50667 Cologne Telefon +49 (0)221 20 30 00 Telefax +49 (0)221 20 30 030
Bank Vontobel AG Geschaftsstelle Luzern Schweizerhofquai 3a Postfach 2265 CH-6002 Lucerne Telefon +41 (0)41 249 31 11 Telefax +41 (0)41 249 3 1 50
Bank Vontobel Osterreich AG Niederlassung Miinchen Mohlstrasse 9 0-81675 Munich Telefon +49 (0)89 411 890 0 Telefax +49 (0)89 411 890 30
Oficina de Representacibn en EspaAa de l Bank Vontobel AG Marques de Villamagna 6, 2' E-28001 Madrid Telefon +34 9 1 431 64 9 1 Telefax t 3 4 9 1 435 20 67
Bank Vontobel AG Representative Office Suite 1760 999 West Hastings St. Vancouver, BC V6C 2W2, Canada Telefon +1 604 688 11 22 Telefax t1 604 688 11 23
Bank Vontobel Cayman P.O. Box 32301 S.M.B. Grand Pavilion Commercial Centre West Bay Road Grand Cayman Cayman Islands, B.W.I. Telefon +1 345 945 92 00 TeLefax +1 345 945 92 01
Vontobel Private Equity Management Cayman P.O. Box 30846 S.M.B. Grand Pavilion Commercial Centre West Bay Road Grand Cayman Cayman Islands, B.W.I. Telefon +1 345 945 90 07 Telefax +1 345 945 90 06
Vontobel Trust Company Cayman P.O. Box 30846 S.M.B. Grand Pavilion Commercial Centre Wes t Bay Road Grand Cayman Cayman Islands, B.W.I. Telefon t 1 345 945 92 00 Telefax +I 345 945 92 01
December 04
106
EURO Money
Shares outstanding a t the beginning o f the financial year
Number of shares sold
Number o f shares redeemed
Shares outstanding a t the end of the financial year
Net asset value per share
Dividend shares
215.584.298
170,498.536
110 ,778 .401
275,304.433
99.95
Capitalisation shares
854 ,529 .156
314,369.037
399,342.709
769,555.484
111 .06
The accompanying notes form an integral part of these financial statements
, ,>,; EUR
Statement of Net Assets Assets Investments at current value < s - c , ; I , , 98,505,233
as a t October 31, 2004 Time deposits 7 ,000 ,000
Cash at banks 8,446,679
Interest and dividends receivable 1,032
Security sales receivable
-.
z
..
Subscriptions receivable
Unrealised gain on futures contracts
Other assets
233 ,154
... Q, S
- - - 0 Total assets 114,186,098
Liabilities Taxes and expenses payable 71 ,324 0 Security purchases payable
Redemptions payable
Unrealised loss on futures contracts
804 ,507
330,153 3 W
x Unrealised loss on exchange contracts ..
Total l iabilit ies 1,205,984
Total net assets at the end of the year 112,980,114
Total net assets at the beginning o f the year 115 ,157 ,164 Statement o f Changes i n Net Assets
from November 1, 2003 t o October 31, 2 0 0 4
i
Net investment income
Realised Loss on sale o f investments
2,176,097
-568,412
Currency exchange loss _ _ _ 2 Change i n unrealised appreciation/depreciation on investments 294 ,774
Distribution paid -579 ,093
Subsoiptions of shares
Redemptions o f shares
51.584.844
-55,085,260
112,980,114
Statement of Income Income Bank interest 273,279
2.754.482 Income on portfolio
Total income 3,027,761
! Expenses "Taxe d'abonnement" 11,960
Management fee 662 ,280
Administration fee 55,542
Custodian fee 16 ,674
Other expenses 105 ,208
Total expenses 851,664
Net investment income 2,176,097
Total net assets a t the end of the year
f rom November 1, 2003 t o October 31, 2004
Realised loss on sale of investments -568,412
Currency exchange (05s
Change i n unrealised appreciation/depreciation on investments
Net increase i n assets resulting from operations
294 .774
1,902,459
13
EURO Money
Portfolio
Sec A-her
Trzrsrcrchlc re:.iities i j t e 3 c ' i 311 o'licia e . d r i ye
Bonds
l.fi00.0171: 'IUR L.15 -: Asit I1 08.12.04 1.880,156 l .57
1.500.000 E l l R .!.5 !'? Dcutscic H p o x i - k 10.1c.o 1 533.584 1.36
i 150.000 3EI.1 7.175 ?z TRRD 1 2 . 0 ~ . 3 5 624.232 0.53
930,000 I U K L.25 ;: LE Bdilrii-\'~iii.I1,1..t~i!l.q 3'.03.35 93:.2?0 0.82
Total Bonds 4,969,192 4.40
Floating Rate Notes E :.900,00(1 EJR 0 1.G00.000 tUR
S.i!10,0U0 EUR 1.COO.000 ELlR
1.691,?84 EUR 7.S00.300 EUR 1,900,000 FI:R
1.200.000 EU? 8,000.000 EUR
I OCO.000 t l l R
:.OI:U,OOU EUR 1,500.000 O E M ',OUO,OiJO EllR 1,000,000 FUR 1,040,678 tUR
999.980 EUR 7 70C.000.000 ITL
WI,5:5 EL? L.90c.000 H,$
3.5OC.OOC LUK
W
1.70o.iloc EUR 1.500,000 E l l R
:,200,000 EUR 2.0C0.000 E l l R
:,'IUU,OUU EJR 2 , ~ o ~ , o ~ ~ FIIR
?.noo,cuo EUR i.oon.ooo EUR 1.5oomo FM
2,000,000 LUK
3.S00.000 E l i R
3.800.000 LUK 7,000.00U EUR 1900.000 E l l R
'i,lU0,000 EUR 2,000.0CO E l l R
5.5U0,OOO EUR 594,722 E l l R
900,000 LUK 1,100,000 EUR 2.250.000 EUR
000.000 EUR 1.200.000 EUR
i.:no,oco FUR 900,000 CUK
1.202.387 1.06
t;,I!lil.t;LU 7.08
1.005.996 0.8?
790.883 0.70
I,C00,9jL C.89 I .KL,h3 C A B
1,045 LO2 O.?? 1.005.L25 2.69
1.135.010 1.00
903.983 0.80 /.,R98./50 / , . 3 3 3,503,127 3.10
1,2C3.8:5 :.07
: , 5og , / , b>
1.235 475 1.C7 7 C I O , / ~ I 5 I . /&
1,906,569 1.69
2.60:,618 2.30 2,3:2.267 i . / n
2.000.3CO 1.77
1.00C.3C5 0.89
1.499.424 1.33
'j,w:.33> 3.37 3,813,304 l . ? / 2.002.031 1.77
:,9ilt.,bs3 1.611
L,1l3 1-56 3-63
?!I7 L9: 0 . 5 j
'03.30? 0.80
1.1c1.732 0.98
2 263.656 2.01
911.154 0.21
:,?UO,j59 1.06
900.6;'. 0.80
1,105,30C 3.98
1.000.GC3 ElJR 'i;,:l)l?.::!~
Total Roallna Rate Notes
22.02.05 1.004.523 0.89
93.536.041 82.79
Transferablc securiticr listtd on an omdrl cxchangc 98,505,233 87.19
Total Investments 98,505,233 87.19
14
US Dollar Money
Wares outsrandin5 at the benin-it't; o t t ' i e t iraiicial yea'
NLII~~CI 5t ld-es SOiI :
h;umher o f shares redeemed
Shares outstanding at the end o f the financial year
Net asset va.uc JCI s i a r c
Dividend shares
29,552.853
1 0 I 5 5 9.0 00
7,795.000
32,316.853
93.52
Capitalisation shares
401,185.72L
95,023.890
135.L98.739
360,710.875
108.?7
906 w- r: - - - 0
Tota l assets 42,446,304
Liabilities Taxes and expe-ser Ipay?b'e 27,281 L
Security purc'iases payan.p
Redemptions pay:b.c
Unrealised Loss on 'uturcs cori!racLs
ll irealised .OF5 on excha,irJe con:racts
Total l iabil i t ies
42,075,330
46,022,235
741.629
Total net assets a t the end of the year
Total i i c t assets a t the heyir :ii:iq or :he year
N c l i rivcs!rTie-i: i I 'CI I~IP
Statement o f Changes i n Net Assets from November 1, 2003 10 October 31, 2004
Realisec. Loss on salc or iTweslrrierits -1,225,169
Currer:i-y exrhange loss .-.
Char iqP ir. w v a . i s e d aporec'atioi1:depreciation O P i i i vcst rc i i :s 758,152
Distr'but.ori paid -125,107
Sutisr:iptonr nf shares 11,252,405
ReceiTJrio-ls dr smrcs -15,348,815
Total net assets a t the end of the year 42,075,330
Statement o f Income Income Banr interest 97,595
from November 1, 2003 t o October 31, 2004
Incoric or' pu!lrULi[) 96 7,14 5
Total income 1,064,740
Expenses " I ~ x P d abonnemert" 4,277
M 2 -1 ~ g e vie r t fee 237,216
Adrir1s:rat'on +e 25,181
Cdstocij-, i e e 5,765
O t i P - expenses 50,672
323,111
Net ir:vestment inronie 7L1.629
Total expenses
Rea.ised Loss on 5d.e or irivestmentr -1,225,169
IJ--t.nt-y exrl-3nqe Loss ..
Chd.iye i r i iinrt.alised ~pp:er ia t io t i ideprcc ia : io ,~ .wesrnt.rts 758,152
Net increase i n assets resulting from operations 274,612
15
US Dollar Money
Po rtf o L i o
homind Swir i l ie , M.?iret L o f i n !oca. ,value ' let c-wcncy i v USU assets'
Ti.. s : eia3le securi:'es l istcd 01 a n official cxchanqc
Bonds 1,557,000 USD 5.75 '.;a DSL Ball< 04.02.05 : ,63?,322 3.90
j ,4/0,000 USD 0 'c Fxxori (:a:>ild! 15.11.04 3.457.6L5 8.24
1,600,000 USD 3 :io Svrri\k Exporlkrri.il 30.09.05 1,613.3L5 3.83
Total Bonds 6,720,312 15.97
Floating Rate Notes 1,00u.u00 us0
IiOU,U00 usn 860,000 USU
1,800,000 USD L 1,000,000 US0 2 1,800,000 1150
aJ s 800.000 u5u
- 2.~00.000 USD 0 1,100,000 usn
1,577.000 US0
900,000 USD 40U.UUO USD
1,.3!~0.000 i l S D
1,000,000 US0 100.000 US0
1,000,000 US0 1.000.000 US0
v, 3
A t ~ i l ~ i ' r Syri:tieI ii
A3soll;re Syntl-ctic I1 A A w i l i i l e Syrilt elii. 111 H Arran b1x:e. Trust ASIF I1 Rdyer iw t. L d r \ b a n r BCP t i i a r c e Ba' i r
Ci t ig roup (:il 'gioup Cwedi: Ay ico le Gcic-a. Elcctr'c G r n ~ a : Elc( liii: 6eneral ElecVic Gcricr.il i PI'T~I
I l S l l N o i d b m i ING ~ I c r 7 ~ k ~ r i r i g e r i Lxicieshank Bade-1- Wue-ttemSeig Girozemale
i5.04.08 79.17.08
26.03.09 11.09.0/
03.04.06
17.12.08
26.01.05
0L.06.07
20.03.06
1/.0/.06 29.03.06
02.02.09
18.09.06 09.03.07
7b.OJ.09
25.07.05
27.04.06
3,000.000 USD National Westmiiste- Finaicc 79.04.05 1,:00.000 us0 Wells Faigo & Co 23.03.01
70~ ,000 usu Wells Far?o & Co :5.09.06
1,002,738 2.38
~02.113 : .gi
am.033 2.05 902,490 2.?L
1,802.513 4.28 1.002.223 2.38
1.80U,//-0 4.28 2.406.50/ 3.72 1.1U3.YI2 2.62 l , j /8 ,Ul5 3.75
901.258 2.14
402.6L5 0.96
:.356.554 3.22
1,003,991 2.39
dl0.716 1-19
1,000,021 2.38
1.000.125 2.38
2,906,264 7.13
1,10?.5:2 2.62
702,330 1.67
Total Floating Rate Notes 24,231,480 57.59
Transferable securities listed on an offldal exchange 30,951,792 73.56
Ot'iei t-ansfeiable securitic<
Floating Rate Notes 1 500.000 usn Uavis Sqdaie FLrdi'iS 08 11.39 ~.5no.x89 3 57 I 600.000 IJSC SLH StJdent Loar Trust 15 06 21 1,608,568 3.82
Total Floating Rate Notes 3,109,457 7.39
Other transferable wcurltlsr 3,109,457 7.39
Total Investments 34,061,249 80.95
16
Swiss Franc Bond
Shares outs:aiainrj a: t l i c 3cginr i r .G o r L'ie f i r a r i c i a l y e a -
Fuuiriw [if shares sold
Number o t s ' ia ics +cdccmed
Shares outstanding at the end o f the financial year
Net asset v a l w pe r share
Dividend shares
259.938.566
12,593.639
'I 3,589.980
228,942.225
111.31
Capitalisation shares
2,159.033.276
117.743.338
410,685.302
1,866,091.312
189.94
I!.* c : r o n ~ ~ : r y i i q riotcs ;urn 2n 'iite?raL pa- c t :hese z?a i - z id sraremerts
CH F
Statement o f Net Assets Assets I i ivcst i r icnts d t cdrrer i t va l ce 373,243,553
as a t O c t o b e r 31, 2004 T ime depos i t s 4,000,000
C a s h a t b:r:ks 5,769,412
1r:terest ar:d d i v idends receivable 1.302
5ecu:ity sales receivable - ,
m S~us : - i p t i r i ns recpivahle 81.006
Iriirca!iscd y d i n on fu tu res c o r t r a c t s
Ot-her assets
...
0 --- m
V Total assets 383,095,273
Liabilities Taxes ar,d expenses payab ie 395,503
Set:[.+ pi:rc:iases ]payable -. . 2 LL
R e c e m x i o i i s pavabic 504,759
UTireal'sed lnss on f u tu res con t rac ts
U-veal iscd . o s o:i e x t . h a n g ~ con t rac ts
Total liabilities
vl 899,816 .-
--- 3 1,800,078
381,295,195
/#3 1.40 7,43 7
Total net assets a t the end of the year
Statement o f Changes in Net Assets Totdl rip: assets a t t h e beginning ot t h e ycdr
f r o m N o v e m b e r 1, 2003 t o O c t o b e r 31 , 2004
Net '1ws:iii ciii i n c o iric
Rcdl ised Loss on sale of i nves t i ne l i t s
7.869.397
-1,558,606
Cu-renry e x c l i a i q e loss -13,600
Change i n un rca l i sed dppreciatinnl'cepreciation on i i i ves tn i cn ts 2,500,400
U i s t i h L t i o n pa id -647,105
Subsc r ip t i ons of shares 23.609.026
RcdcrripVons o f shares -81,871,754
Total net assets a t the end of the year 381,295,195
Statement o f Income Income Bank i n t e r e s t 17,602
f r o m N o v e m b e r 1, 2003 t o O c t o b e r Trrome on p o r t f o l i o 12,024,822 31, 2004
Total income 12,042,424
Expenses 'Taxe d a n o n n e m e n t " 195,898
Ka,iagenieri t 'cc 3,385,879
Ad in'-; s t -a ti o n fee 1 / 6 , 7 8 L
Cus:or:ian ' e e 53,005
Ot l i c r c x p e x e s 361,461
Total expenses 4,173,027
NcqL ' w e s m e n t inroine 7,869.397
kea ispd loss on sale o f invcs l i r ie r i t s -1,558,606
CJ-rency exctiaTigc :os5 -13,600
C l i a i g c i n ur i real ised appreciat ioi i iccp:cciat ioi~ or1 i r i v e s t m e i t s 2,500,400
Net increase in assets resultina from owrations 8,797,591
17
Swiss Franc Bond
Portfolio
SecIAritics
T r i r , , 'P~ ,I :I~P !.ei.uiil'es Listed 0'1 a'i ot'cicc e x c i a i q c
Bonds
13,795,030 CHF 7,000,000 CHI 8.005.0GO CHF 5,500,000 I H F
4,500.000 THF 6.5C0.000 ILHt
~,ooo.ooo (t i l 7,250,000 CtIF
12,000,000 CHF :3.000,000 (-H: 11,000,000 C l l F
4,000.00U CHF i ~ , o o o , o o ~ c i i r
4 000,000 CHF 7.500.000 CHF
8.Y00.000 1:Ht
15.?10.C00 CHI
l6.000.000 CH' 2.000.0C0 1111 5,000.0CO CHF 7, ! /3 .000 CHF 7,300,000 CHI
7,655,000 I H F
11,000,000 CHI
5,000,000 CHF 8,000,000 1:HF
ir,ono,ooo i i i r
5,000,000 CHr
10,ir50.000 CHI
13,000,000 CHi 4.UU0.000 THF '1,770,000 CHI
5.000.000 C H F 3,U1)1).000 1:YF
11,450.000 CH' wiuu,nno (:HF
6,500,000 (I-IF <,4bO.O0U CHF 8.0UU.OOC CFF
5.000.000 CHt
1/.050.000 [.HI
7,500,000 CllF
3,000.000 CHF IO.OUU.000 CNF
/,ooo.noo CHI
:8.02.10 14,035,bib 03.07.15 7.115.LO3
15.03.05 8,407,847 13.11.ub; >, /34 ,438 71.0.'.11 5,088,000
16.07.07 6.825.5L2
22.08.08 5.365.556
27.02.08 7,851,297 28.0>.'.0 1 :,'168.083 3 :.C6.0'1 13,236.167
19.13.39 11.099.9'13 1/~.0j,O8 /,, j9O.417 21.05.07 11,635,403
2L.08.06 L.1/6,04 1
j c .1 : .07 8,020,625
11.05.09 9,225,333
28.01.14 16,976/5: 29.04.08 17,105,999
26.08.05 2,047,711
U2.11.0> ~ . i 1 9 , 6 2 5
21.10.15 5.239.544
26.11.11 9,220.8:3
: w i . ' : o 8. 150,289
15.02.12 12,59:,944 U3.0L.09 5,465,139
20.02.14 8.448.800
07.05.13 6.220.583
19.:!.08 3,391.250
16.04.07 11,38/.660
28.C8.12 13 891,764
27.06.35 4.10i,056
01.02.11 10,941,586
?O. 'q.O/ 5,329,479 22.12.08 3.zw.140 q0.03.07 11.958.669
06.C3.08 5 ,4U, /h4 78.05.06 6,711.160
15.01.09 3.711.814
33.04.05 8.103.463
l7 .UZ.Od 5,179,500
L2.UY.08 18,153.131 28.17.06 7.9L4.298
18.09.06 3.202.875
22.05.10 10,281.285 :0.04.05 l.l8[1,96L
3.6R
1.87
2 . 7 1 1.50
1.33
1.79
1,41
2.06 3.14
3.47 2.91
1.15
3.0s 1.10 2.10
2 4 2
4.43 4.48
0.54
1.42
1.37 ?:'?
2.1L
5.30 l .43 2.2? 1.63
1-41 2.99
3.6L
;.OH 2.87
1.40
0.86
5.1L
:.43
1.76
0.9; 2.13
1.36
4.75 2.08
0.84
7.70
1.89
Total Bonds 373,243,553 97.89
Transferable securlties listed on an official exchange 373.243353 97.89
Total Investments 373,243,553 97.89
18
US Dollar Bond
Sharps o i i ts tanc inq i.: t l i p neqi i in ing n f t w f i i ianr ia l yt.;r
N ~ i ~ i h ~ 5t ld-e5 WIL
Nui iher of shaves redee:rec
Shares outstanding a t t h e end o f t h e f inancia l year
Ne? asset value uc' s1ia.c
Dividend shares
191,707.852
8.8E2.823
:/,8:6.300
182,714.375
10 7.9/1
Capitalisation shares
325,380.591
2 2 , 4 3 8 . 9 4
81.269.656
266,549.459
m . 0 1
usu Statement of N e t Assets Assets I r ivwt-nents a t r:ii--ent value 68,089,267
a5 a l October 31, 200'1 ... l i i i ie ~Jr:ioit~
6,381.321 C E s i 2 t Sai i I ts
Irirr-es- a n d c i vdpnds rpw ivah lp 6,963
Sec~rit!; sales receivabk
SL-hsc-ipt'niis reCt.ivahlp 24,534
Ir,ireal'sed g a ' i on i.iti.res conriacts
O:-,er c ~ s w t s
Tota l assets 74,502,085
...
U ...
... 0 tn Liabi l i t ies Tzxes anc expenses paya3le 66,664 2
5ei:iir':y n u r r l i a s e ~ payahle --- 0 Rcdcinpl iors pdydhlc
I J r r e E l i w !os5 on tutures contiacrs
Unrcd l iwc 111sb uri exchange r:ontrat:rs
60,000
... 3 Total l iab i l i t ies 128.784
Tota l n e t assets a t t h e end of t h e year 74,373,301
Statement o f Changes i n N e t Assets l o t a l qe: asset5 a t t l i p h e g i n l i n g of t h e year 84.635.898
f r o m Novembcr 1, 2003 l o October 31, 2004
3,357.590
57.034
( : i i r rpr ry exr l ia i ige loss
Cbanyc .-, J.):cali$ed ~ppreciatiiiri:'tJt.prt.:::at':,n :ir i s v w t r e n - s
Di s t r i 3 u t i o I- paid
Sti3sc1~~!i i i r .s u r >;lares
Redenpt io i is of h a r e 5
Tota l n e t assets a t t h e end of t h e year
-106,869
-961,454
5 ,if 'I 6.07 3
18,054,969
74,373,301
Statement o f Income Income B a r k 'Fterest 36,049
f r o m November 1, 2003 to October 1ric:orre an no-t'ulio 4,155,600 31, 2004
Total income 4.189,649
Expenses ' T a x ? c ' a h o i n e i i p n t ' 37,906
I,', ?. 11 a(!c i11c II 1 fcc 652,045
A d r n i n i n a t i n i i f w 46,730
C u s t o d i a !- tee 8,561
O l h e - expt.rst.5 86.817
Tota l expenses 832,059
Net 'invest iri e l ? i t i c o 1'1 e 3,357,590
5 1 . 0 3 Kcdlisri; ga'- on sa le o f '1ves:ineti:s
Curre-cy exchange loss
Ctdnqe '- .i;,-ea!isPd apprec;ation:depieciat;on 211 invc i t l i \c r \ ls
N e t increase i n assets resulting f r o m operations
-106.869
3,307,755
19
US Dollar Bond
PortFolio
ho-ii:t;al i r local cuire1cy
5ec.i-ities Market .:a of value l e t iii US0 assets'
I,dnsrrrdb,e s e c r i t i e s l is tec o n an o R c i a l e x c i a i g e
Bonds
700.000 US3 5 'F Bai;k Neceilandse Gei ienteen 30.U4.09 790,150 L.06
2,8OU,UOO 1150 9.? d/: Rclgiur-i (Ki-iudoiii 111) 28.06.10 3,63rj,688 4.89
?,300.000 LIS0 5.5 c; USL B a r k 17.02.09 3.682.982 4.95
3,800,000 U W 5.875 ';: f'nlanc (Rep. of) 27.02.06 4,006,005 5.39
1,750,000 USD 1.625 '!: Intl. Raid( Rcco i . R. 0coc~. 19.01.23 2,3'1?,287 3.L6
2,000,000 LJSD 7.5 K t W I n t l . l i i a t i c e 27.02.07 2,304,313 3.10
a 3,300,000 USD 6 '% LB BJdcn-V/J-:t. F inmcc 15.01.08 3,117,862 3.00 S 625,000 USD 6 <!? Or:. Koii;-o:.h:-:nl( 19.05.09 707,022 0.95
0 650.000 1150 '1.26 B, Rabondrk h:jiI.a, tu-1cii.q I1 31.12.49 67E.605 0.9:
6,700,000 1150 2 US Iweasury 15.01.14 7.170.612 9.65
L 1,500,000 USU 4 ?, US Peasury 15.02.14 1,512,563 2.U3
rcf 1,.300.000 USU 4.875 X US Treasury 15.02.12 1.406.663 1.89 2 ~,050,000 USD 6 ';o US Trcarurv 15.02.26 /..725.783 6.3'1
0 1,650,OUU USD fj,,'> % 115 TriAnwry 15.08.23 1.97C.510 2.65
3,775,000 iisn 6.5 ?',, us I leasuly 15.02.10 L.395.209 5.91
v, 7.950 000 USU 8.125 '!k US Trcxui) , 15.08.19 ~1,119,874 L4.96
3 3,:00,000 1150 8.875 3:r US :ieasuiy 15.08.17 4,513,267 6.07
1,250,000 USU 1 i . 2 5 ";c US T ieasuy '5.U7..5 %,078,310 2 . 1 3
5,300.00U USD b.175 O,.. 115 T r e n w y :5.08.07 5.845.704 7.86
;,jj0,000 1150 6.625 4 US I ieasLiy 15.05.07 1,520,858 2.OL
Total Bonds 68,089,267 91.55
2
Transferable securities listed on an official exchange 68,089,267 91.55
Total Investments 68.089.267 91.55
. Pcrccntagi., dir wunced. ConsecJently t a c t o t a l a m m r t rridy Ilirre. I iom :lie sLm o f r ' i e peicertages 'ndicatcd.
20
EURO Bond
Shares o i i ts tandinq a: t l e w g i n r i r q o f t h e f i w n r i a : year
Nuniher of shares sold
NJtnbcr o f sbares -edeempfl
Shares outstanding a t the end o f the financial year
Nc t asset value per sharp
Dividend shares
710,018.754
5,669.670
53,975.359
171,712.565
131.11
Capitalisation shares
1,222,439,169
95,819.201
598.091.256
720,167.114
267.32
h e K c ( 1111 ; I ~ : I I ~ -I,IIW forrrl tin intcgr:!l pz-t ut :ICY '-narc:zl jk:cmcrts
EUR
Statement o f Net Assets Assets Investments a t ci irrpnt value 197,779,078
as a1 October 31, 2004 ... TiiTe deoosits
Cash d i hank? 3,860,086
In te-est and dividei ids receivable 7,300
SeruVty sales receivable
Subscript ions rpceivahle Tf 103,107
cln:ealiscd [Jail' on rutl;re> torit;ai:ts ...
0 - - - m 0
Secu f t y purchases payablt. ... 3
Othe- a s s e x
Total assets 201,199,571
Liabil it ies T a x e ~ and expenses payable 240,898
w RPder3t ions payable 1.016
Ur:+e,jlised loss [ in fu tcres ront racts 330,440
Unrej l iscr ! loss on ext:harirle ron t ra r t s ..
Total Liabilities 572,354
Total net assets a t the end o f the year 200,627,217
Tota: r e t a w t s a t t h e bFgi!lli irly rif t h e year 315,159,969 Statement o f Changes i n Net Assets
lrorri November 1, 2003 t o October 31, 2004
Ncr i r ivcs l r r ien l ii ic(iirie
Rw l i sed gain on sale of investmcnls
'3,177,407
4,432,166
CJrrcncy ext:tlarlqe 1055 .-
Change i n tlnrealiscd a p u r e c i a t i o r ~ d r p r ~ r i a ~ i o i on i nves tnen ts 579,394
Oistr ibutioi i ?aid -914,663
Siihsrr ipt ions of shares 23,647,249
Redcinptior:s or shares -150.295.51 7
Total net assets a t the end o f the vear 200,627,217
Statement o f Income Income Rank i r t e r c s t 63.453
frorri November 1, 2003 t o October I.ico:ric on purtfol ici 11,959,080 31, 2004
12,022,531 Total income
Expenses '7axe d'abonnement" 127,030
Ma n,igerrien t fee 2,264,156
Adi? i in 's t ra t io l fee 13'1~3 2 5
Custodian fee 32,876
Othcr cxnerises 286,787
Total expenses 2,845.124
Net i nves t t i i c r t incori ie 9,177,407
R e d l i w c ya in [in m l e of investinei i ts 4,432,166
Currercy exchange loss
Change ir unreal ised apprcciatioii:dep-et:iation on investments -579,394
13,030,179 Net increase i n assets resulting from operations
2 1
EURO Bond
PortfoLio
Mai<et ''. 0;
v a h e ne t i n EUR assets'
N o i n i i a l i n local cJ:rcrcy
5cc.iriticr Market ?, o f vall;e ! let ir CUR assetsA
Trai-sferahe secJ, i t ic j .ir:cd UI- z r ofticin. r~xr-t.:nq,~
Bonds J.850.000 FUR
i ,oon.oo~ ELR
11,350,000 t l l K
1 . ~ 0 0 . 0 0 0 LUX
1,800,000 EUR
1 . ~ ~ 0 . 0 0 0 FUR 10.000.000 L U K
2 800.000 CUR
2,000.00C FllR 1,400.000 LUK
3.50C.000 EU9
11.350.000 FUR 7.R50.000 t l l K
5,000,000 CUR
1,500,000 EUR
Z.500.00lJ FllR
5.800.00C EUR
1.uou.uun FIIR
500,000 EUR
:1,150,000 FUR
2,100 000 CUR
2,000.000 EUR 3,300,000 EUR
1.5OC.000 EUR
2,000,000 EUR : i , i w m o ELIR
1.5'50,OOO EUR
~,500,0U(I FllR 1.500.000 CUR
75U.UOU FlUR 6,000,000 LUK
6,700,000 EUR
2,200,000 EUR
500,OUU EUR
1,0UU,000 FUR 4,750,0011 FllR 3,500,000 CUR
3,900.000 CUR
l.25U.000 DFH
'i.000.000 LUK
5.600.00U FUR I,/~O.OOO HIR L.400.000 EUR 2.L50.000 FUR 7,coo.noo ~ L I K
5,000,000 CUR
1.100.000 EUR
3.uoo.non FIIR
1.300.000 tUK
1300.000 CUR
500,000 EUR
20.01.14
11.03.09
20.10.13 17.0:.06 OL.07.11 02.06.10
78.0j.09 28.09.06 28.09.17 04.07..34 04.01.3. 04.01.28
F.0). . I 1
28.03.18 31.01.08
25.u4.10
23.02.15 ,!1,'~,15
1L.11.08
: 3,0:.10
26.04.07 04.01.09 15.07.Ug 15.07.38
1,.01.78 1-5.02.07 15.02. :8
l i .03 .09 24.09.08 12.0i.12
0L.Oi.CE 25.0L.09
O!. .0 I . 0 7
75.0'1.35
:2.0:.05
25.10.32 19.01.u5 17.01.1 I
16.10.06
:8.04.39 iR.CL.23 18.0L.16
11.06. I ?
22.01.18 25.0:.08
25.04.06 : 4 . 0 l . i l
30.0L.09 06.07.10 76.03.09 28.01.:6
4 069,958 2.03
i.027.013 0.51 11.324089 5.6L
l ,h : l ,092 0.80
5,356,856 2.67 1,655.962 0.83
10.L90.590 5.23
2.930.688 1.L6 2,277,127 : . l L
:.464.562 0.73 4,155,661 2.07
11,255,276 7.61 3,016,454 1.50
5.250.775 2.62 1,661,207 0.83
7,83/.125 1.L2
7,071.YU6 3.57 I,Oi,0,165 0.53
j Z C . Y O 3 0.76
: 2 . 7 7 a . m 6.36
2,292,552 1.14
2.20L.179 1.10
3,421,705 y.71
1,644,295 0.82 1,165,677 1.18
12,382,697 6.17 1.81C.096 0.90 1,613,289 0.80 ~ , 5 7 2 , 5 4 8 0.78
781.220 0.39 6.078.8L4 3.03 7.40!,775 3.69 7,363,260 1.18
525.039 0.26 1,033,932 0.52 5.03!,906 2.51 3,128,159 i.86
. : .w.,685 2.21
5.11 7,948 2.55
682,498 0.34
5,874,724 2.93 ;,884,4815 0.94 4,896.162 2.44 2.880,:93 1 . 4 4
2.210.675 1-10
5.166.728 2.58 1,286,638 o . 6 ~
3,184,894 1.59 1.46i.159 0.73 1.414.798 0.71
536,317 0.77
1.500.000 ELlR 4.875 % Soc. hat. C h e w i r s tlelyes 21.11.11 1.63L.980 0.81
5,500,000 DFM 6.317 :in Tvr i i . V l l r y Ai i l ! l t i i i ly 18.05.06 3,021,600 1.51
675.000 E l l R L . 1 2 5 %, loyo ta Moto' Credit 15.01.08 667.721 0.33
2,500,000 CUR 5 :O S:.eden ( I ( i igdom o-) mmo 2 . 7 ~ 3 0 8 1-39
Total Bonds 197,22i1.078 98.31
Transferable securltles lfsted on an offlcial exchanae 197.229.078 98.31
Total Investments 197,229,07a 98.31
2 2
Capital Gain Bond (EURO)
Stiarcs ourslanrl. ig a t t h e bes'.!iiiriq o i Lhc r i : i ? r i c i ~ . y e ~ r
Number o i shares sold
Nuinber of shares redeemed
Shares outstanding a t the end of the financial year
Net asset value ocr sha:c
Dividend shares
18,535.106
6.000
5,5?8.000
13,003.106
5 3 . 3
Capitalisation shares
127,129.234
10,66/ .150
56,168.506
76.627.878
75.82
Statement o f Net Assets
as a t October 31, 7 0 0 4
Assets l n w r t r n e n t s a t rur re i i t va.Je
Tiiiic dcms i t s
6,559,809
...
(:asr i.: hanks 87,559
I.ite,est a n d c iFdcnds rcccivab!c
Sccur.ty 5dles rece ivah.e
Su bsc r i p t i o n s rer eiva b Le
U-':edlised q a i r 1111 ' \ h i r e s r o r i t r a r t s
Orkcr dssets
Total assets
...
3,197 - ... 0 e - - - 3
6.650.560 w . . - Liabilities Taxes z ~ r , expenses payable 6,557 m
- - - s Scc-+i!y >J'Lhdscs pdyahle
R P d P n p t i n n s payable
Unrealised Loss on fu tu ics contracis
6.343 0 1,890
m S
c3
*7 Unredm'sed lo\> o r i ex[ h a n q p r n i t r a r + s ...
14,790 Total l iabilit ies
Total ne t assets at the end o f the year
Tnta r e t asse-5 a: t h e beginning ot t he year
6,635,770 - 9,964,586 3 Statement o f Changes i n Net Assets
from Novcmher 1, 2003 t o October 31. 2004
Nc: investrr ier i t i r i i : i i~r iP
Realiscd g a i n on sa:c o r i c v e s h n e r i h
Cdrrency pxckaqge lnrs
C I i a I- ge i n u t i rea Lised a p prcciat io i:dc prcci a t io 11 3 11 i 11 vcstrii E 11 !s
DistribL:ion paid
S u t ~ s c r i p t i o n s o f shares
Rcdcm p ti 1) r i s 11 ' s hares
210 ,4 /6 '& 338.L89 rn
V
-135,383
-?3,1/1
7 8 7,O 0 5
-4,506,232
Total ne t assets a t the end o f the year 6,635,770 . .._
Statement o f Income Income R z ' i < in terest 3,221
f r om November 1, 2003 to October 31, 2004
In (U 111 e 11 r: p n r t f i i l i 11 316,442
Total income 319,663
"Taxt ' ~ ' d bo71 ri e me ri t " 4,116 Expenses
M a r a q m e n t fee
Ad 111 i n i s t ra t io 11 fcc
C,istoniaii tee
Othe- experses
Total expenses
Net ' ivesti;i cn: i n co 111 c
Redlised gair: 1711 ra le of i;ivesriiien:s
74.4L3
12,444
1,672
16.512
109,187
210,476
338.L89
C u v v e n q exc iange Loss ...
Chanrjc ill Lr:*calised appr~riat inn;deprer~at 'nr o r 1i;vest r e n r s
Net increase i n assets resulting from operations
-135,383
413,582
2 3
Capital Gain Bond (EURO)
Portfolio
Scc.1-itics
Tr?rsfl!r:blc SccJr i t ic i I i \ t i ~ : 1111 ari o f f i r ' n l cxc-iariqr!
Bonds
1,000,000 ELlR 3.8 W Auslr 'a (Rei]. or)
150,000 EUR L.75 '!: Bi.i-desrepuSlik 650.000 EUR 1-75 ;Y, ~ ~ . ~ ~ t ~ (L~~$;,. llr) 500,000 CUR 200,000 EUR
1.000.000 EUR 600,000 FUR 900,000 FUR
210.000 tUK
250,000 CUR 700,000 EUR 250.000 FUR
20.10.13
OL.07.28 15.07.09
17.03.08
25.04.08 04.07.08
25.07.07
l8.04.20
:8.04.16
:9.04.11
70.04.06 31.01.08
Marltct O k of value net i n EUR assets'
997.717 :5.04
157,087 2.37 671.972 10.16
~ 9 6 , 6 7 0 7 4 8
206,598 j.11
1,013,140 15.26
604.790 9.11 944.152 14.23
226,138 3.41
265.776 4.01
123,853 10.91 249,916 3.77
a Total Bonds 6,559,809 98.86 S
Transferable securities listed on an official exchange 6,559,809 98.86 m Total Investments 6,559,809 98.86
0 7 m c3
m CI
Q fa u
-7
' Pe-cevtages s e rouidcd. Ci i-~wqiir- i l ly the to:A m o h n t may difter trom :lie sum o f tnc pcrccrtdgrs 'ndicaled
24
Eastern European Bond
Share5 ou t r tand inq a: t l P neg in r i nq of t h e f i r a n r i a l yea1
Nunibcr o f syarcs sold
Number o f shares vedeei-red
Shares outstanding a t the end o f the financial year
Net asset value per shdre
Dividend shares
935.LG1.157
10&,976.028
469,6/5.809
570,761.376
55.60
Capitalisation shares
1,466,441,437
683,399.667
997,530.202
1,152,310.902
86.17
T!ir ~ ~ . : ~ ! r r i : i ~ r i ) ~ r i g -lot?\ firirii i i r i in?qr?l p:-t r i f ' i ~ " r ' '-vir:::l .,+?f?ri?rt5
EUR
Statement o f Net Assets Assets I r v e s m e r t s a t current value 127,157,571
as a t October 31, 2004 T ' n e Cepcisi:~ 1,284,066
Cash d t bdriks 7,105,555
Tnterest and dividends receivable 1,207
SccLrity sale5 receivable ..
U Subsc:iptions receivable 1,647,479
Unrcdl ised ya in or1 futures crintrac:~ ...
... 0 m c
O t i e r assets
T o t a l assets 132,190,828
Liabilities Taxes and expenses payable 212.657
Security Durcliases payable
Reder-ipt'(iris payable
Unrealised Loss on futures contracts
LJrirw i r e d lors on exchange contracts
To t a I liabilities
817,352 ~
134,052 0 L
Q
--- = ... W
1,164,061 E 131,026,767 a) 164,498,066
c., m
Total net assets a t the end of the year
Tota i ?et asscts a t t he beyinnir 'y of the year
Ne: i r$vestnient income
Rca.ised I(iss on sale of investments
Statement o f Changes i n Net Assets
from November 1, 2003 t o October 31, 2004
6,191,1863 W
--3,664,958
C j w n c y exchange l m s -8,217,414
Chanqe i n unreal ised appreciation!deprec;atiar. 01 ~ ~ . V C > : i ~ l F ' I b 17,705,207
Dist+ ibdt ion l idid -1,747,975
Suhscript ions of shares
Rcdcinption5 o r shdres
60,151,122
-103,888,467
Total net assets at the end o f the year 131,026,767
Statement of Income Income Ba: i i interest 276,799
frotn November 1, 2003 t o October 31, 2004
Incoine on portto!io
Total income
8,125,2&8
8,402,047
Expenses "Taxe d dbririnerrient"
Management tee
Adrriirii.;tratiori f w
(:. istodial fee
Othew expenses
Tota l expenses
Net .'ves:iriPrit iricurne
Rea:iwd loss on \ale of inver tments
Cur-ency exchange loss
63,371
1A53.828
114,107
361,338
218.217
2,210,861
6,191,186
-3,664,958
-8,217,414
Charlye i n unrealised appreciatiot1;depreciat;on 01' ir:ves!inents
Net increase i n assets resulting from operations
17,705,207
12,014,021
25
Eastern European Bond
Portfolio
Securities
I -ans fe raAe securi:'es l is ted 0'1 an o f f i c ia l exchange
Bonds
135,000,000 CLK 2.9 Y. I z e c i (Rep. or)
U S 0
!= m W a 0 3 W
S
a CI Ln m W
m
L
L
310,000.000 CZK 30.UU0.000 C7K 17,000,000 (.ZK
80,000,000 SKK 4,000,000 P I N
1317.000.000 HUI
735,000,000 HUF
1,2U5,00U,000 HUF I , : ic/,ooo,nno HIIF
8/.4,noo,non HIIF
580,000.000 l l U l
530.000.000 HUF
350.000.000 HUF 70.3.950.000 H u t
1.221.000.000 l lUF r100.U00,000 HUF
1,226.000.000 HUF 10,000,000 PLV 12.0u0.000 PLN
4q.000.000 PLN
46,100,000 PLN
L9.5CO.000 PLN 7,700.000 PLN
20.6OO.OUO PLN ?i.oon.ooo PLN
7.~500.000 PLh
11,900,000 P L \ 71,800,000 PLY
17.03.08 X 0 8 . 1 8 i4.04.10 05.10.1: U7.06.73
24.03.05 12.02.14 17.06.08 12.06.07 24.08.06 12.04.06 2/..0.j.09 12.02.11 :2.02.:5 :2.10.09 :?.05.06
;2.04.07 12.1U.U7 12.04.06
12.04.05
24.10.13 ?4.0h.08 24.05.09 2L.10.15 12.05.07 7/4, I : .: 0 :2.05.06
12.11.06 12.07.06
Mar<et I-,: or va 1.1 e net i i EUR assets'
4,281,002 9,58?,064 1.095.573
969.888 :,917,700
1,051.937 4,635,311 2 .7~9.410 4.658.565 4.34L.520 3 . 4 3 . 6 7 1 7,777,138
2.103.34L 1,L59,796 2,186,316 5,083,645 3,790.L98 4 , 9 5 3 , M
2,097,471 2.696.520 LI,Y96.411
10.436.512 !1.284.613
1.716.297 5,113,556 5,837,358 1,838,694 3.0L9.843
6,079,377
3.27 7.31 0.84
u.71 3.46
0.80
3.5).
2.13 3.56 3.32 2.62 1.70 1.6: 1.11 2 . 1 1
3.88 2.89 3.18
1.60
2.06
7.63 7.96 8.60 1.31 3.9U 4.46 1.40 2.33 5.29
Total Bonds 122,152,521 93.23
Transferable securities llsted on an offldal exchanae 122.152.521 93.23
Total Investments 122,152,521 93.23
A Pcrccn:ayci <it. w n d e d . Io rsecJer . t l y :lie t o t a l arnoun: may : I l f r r irom I.he uiii o f t l?e pe-cei taqcs i i c i c z t c c
2 6
EURO PLUS Bond
Shares outs tanding a: t ' i e x g i n n i n q o f t h e f i nan r ia l year
Number o f shz fcs solri
Nurnher o f share5 redeemec.
Shares outstanding a t the end o f the f inancial year
Net assct value w r s l d r ?
Dividend shares
26.58L.113
7.009.973
789.000
27,805.086
:02.89
Capitalisation shares
196.440.933
26,203.603
57,770.230
100,424.306
123.31
Statement o f Net Assets
as a t October 31 , 2004
Assets I r l vest rr,e r i t s a 1 cur-e r i :. vi11 iie
Time leoos i t s
14.1 18.648
3L6,953
C2s.i d t hariks 174,043
Tii:eresr and dividends receivable 177
Security sales r e ~ e i v ~ i h l e ...
rn S ~ ~ s r . r i p l i r i r ~ s + e c e i v ~ h l e 11.320
Unrca.iscd gain on futures co7itrac:s 7.910 S Othe- assets
Total assets
.. 0 m v,
Liabi l i t ies laxes arid expenses payahle 17.454 3 15,269,061
Security purchases l iayable
Rccemp:ioris paydb:e
Unrea!'sed Loss on futures contracts
IlnreaL'sed Loss on exchange contracts
3,634 L1
5,807 0
- - - E ... 3
W Total l iabi l i t ies 26,895
To ta l n e t assets a t the end o f the year 15,242,166
Tota. i;et assets a t t h e beginning o t t h e yea- 17.618.199 Statement of Changes i n Net Assets
from NovPmber 1, 7003 tu October 31, 2004
Vcr i r ivcst i i icnt income
Rea ised 105s an sale o f inve5tnients
519,909
- 6 i . 1 7 j
Ctirwency exctlange Loss -235,217
Change i n I.rreaLised appreciation:depreciat'on o r investn-enrs 438.342
D.>tr 'bul 'or i paid -82,607
Sdosc.ipt:ons of s t l a w 3,368,442
Redeiiiprions of shares .6,323,727
To ta l n e t assets a t t he end of the vear 15.242.166
Statement o f Income Income Rank in terest 9,585
from Novemhcr 1, 2003 to Or twber 31, 2004
I i c o m c on por t fo l io
Total income
Expenses ' Taxe d 'abo r rcmcn t "
Management fee
Ac ni i ii i s t rrl t i on fee
Cds1odid.l fee
Othe- expenses
To ta l expenses
7.644
170,248
16,276
11,798
21,712
227,678
N e t ' i ves tmen t incoine 519,909
Realised Loss o r sa le o f i nvcs tmcr t s
Chrrer-cy excharige loss
-61 ,I 75
-235,217
Crange '., dnrealised appreciation:dcprcciat'o1? or' i r v c s t r e n : s
Net increase i n assets resul t ing f rom operations
438,342
661,859
27
EURO PLUS Bond
Portfolio
horninal i n l oca l c.1 :re I- cy
SecLr'tiej
500,000 CUR
380.000 EUR 55o.oon FUR
i.00n.00n FUR
700.000 FUR
500.000 tUK
340,000 EUR
900.000 FUR
goo,ooo iuK 450,000 EUR
1.130.000 FUR
340,000 LUK
6,UOO.OUU IZ I ( 630.000 FlJR 450.000 ELlR
285,000 tUK
550.000 CUR
500.000 CUR
50,000,000 HUF /5,000,000 HllF
120,000,000 I IU I
228,000,000 HUF 100.000 E U R
130.000 CUR
EUU,UOO EUR
70,000 GRP
7,000,000 PLN 1,000,000 PLN
600,000 PLN
1,400,000 PLN
300.0U0 PIN 80.000 GBP
100,000 GBP 70.000 GRP
55.000 6BP
50,000 GRP 100.000 GBP
3.8 YO Aus:ria (Rep. 0')
5.75 -;a Bclgii~rr (K ingdor i o t ) 'I. 1?5 :% R i i ~ i i : r \ i i t ~ ~ . ~ , i l i i i - i
3.75 % Ru:lcr \ . r -Jubl:k
4.5 '(n R ~ J - I I : ~ \ Y : I I I ~ I ~ , ~
L.75 % Bu ices -emh l i k 5.25 .b Bu ices rex ih l ' k
5.25 >O B.iioesrepub:'k 6.35 'i R.i - i r l r \ rr l~ i i l r 'k
6.5 'lL RJndesrepLb.'k
/..6 'h Czcrh (Rcp. ilt)
5 ';" rIutrt1 ( h t . I f )
6 % Uutrii ( h v i . or) 5.75 % r i l l l and (Rep. 0')
5 !'d r r a x e (Govt. of) 3.25 !k l l e l l e r i c (Re>. 0')
6.25 "I: Hunyry (Gu<i:. ot) 8 .2 i % Hiiriynry (LIIv'. i l l )
8.5 "it Il?i:igary iGov:. of) 9.25 "ic Haiq'ry (G0.r. otl 3.25 "A. I r e l a r d (Rep. of)
6 ''!: I r e l a r d (Rep. o t )
0 c;, Polanu (Eovt. 0'1 5 r;, Po!anc (Eovt. o+)
5.75 'i. P o m c (Eovt. o t l
6 ' h Po.airi (Govt. ut) 6.75 :h Pi i ld- i i l (OII~:!. or) L.25 % UK Treasdry
4.75 -70 UK Trcaru-y 5 % UK T,rasu.y
6.25 '% UK T-easury 8 A IIK T-twi iry
8.5 4. UK I r e a w r y
20.10.13
28.03.08
04.07.08
04.07.13
04.01.13
04.07.34 04.07.10 04.01 .n8 04.07.28
OL.01.11 26.04.06
1L.10.05
18.08.:8 1'1.07.1 1 15.01.06
23.02.11
25.10.16
21.06.07 !?.06.08 :2.10.09 :2.05.06
:7.10.0/ 18.04.09
18.08.08 15.01.09
06.11.08
12.04.05 24.1c.13
24.06.08 7/,.05.01 24.10.15
07.U3.36
07.09.:5
07.03.:2
?5.1:.:0
07.06.21
Oi.12.05
. __ . . -. -.
Market r,> Or value ne: i:i CUR assets-
498.858 3.27
428.252 2.81
511.065 3.88
707.074 1.33
1.011.531 7.16 523,058 3.43 379,399 2.L9
i ,ooj. / io7 6.60 942,521 6.18
515,178 3.38 1.229 427 8.06
354,308 2.32 185.459 1.77
693 945 4 . 5 i L90 686 3.22
333 185 2.19
599,361 3.g3
518.575 3.40 189.756 : . 7L
296 859 :.95 499.62: 3.28 171.14j 6.04
102.359 0.67
:45 .6 /~8 0.96 205,085 1.35
31.298 0.21
449.420 2.95 2UL.010 1.34
135.833 0.89 3:9.161 2.09
66.869 0.L4
110.'.77 0.17
145,081 0.95
29,506 0.19 87,843 0.58
101,412 0.67
155,033 1.02
T O M Bonds
28
EURO Mid Yield Bond
Shares odlsta.ldirlg ,it. t h r : ieqir- i ' ic] of t h r f : . idrt ia; yrar
Nuii ibew o t s'iare5 solc
Number o f s i a r e j redeemec
Shares outstanding at the end o f the financial year
Net dsset val i ie x r snare
Dividend shares
361,L36.L25
3 7 I 0.j 2.3 17
50,182.000
348,306.742
109.35
Capitalisation shares
1,008,909.874
146,208.390
231256.313
923,261.951
113.10
h e ac:crii>anj: 15 -1ctes rorm ai. ir,:qr;l p i - ! c l : w i e : i rrcr,cl i l ~ : d e ~ w r ~ i s
EU R
133,198,505 Statement o f Net Assets Assets Tivesr i ier l ts a: current value
as a t October 31, 2004 I 'rile r:eprisits 1.000.000
Cash a t bj:lks 6,358,862
In terest and d'vidends receivable
Sccuri!y sa,cs Tcccivablc
Subscr ip t inrs receivahle
I:nrea.ised gain on tutures c o n t r a m
O t w r asset5
56
4,4L8,876
Tf
... 0 m a aJ >
60,318
...
145,066,617
157.872
Total assets
Liabilities Tzxes and expenses payable
1,983,900 -7 Serur:ty Iurc+ases payable
HederTipt'ons :layable
Unrealised lcss on tutt ircs contracts
Unrca i iwd l o s or1 exchange contracts
T o t a l liabilities
Total ne t assets a t the end of the vear
264,234
152,800 -I- m
-.. = 2,558,806 0
ClL 3
145,438,715 W
142,507,811
Tota, re: assets a t t h e beginviing o f t h e yc3r Statement o f Changes in Net Assets
from November 1, 2003 t o October Yer ':,/ertment income 5,175,288 31, 2004
Reci.ised qain or1 d e of investinents 1,155.587
CJwTilCy CXChJll~C 10%
ChaTge i n unreal ised appreciatioi1:depreCatior on ii'vcs:mcr'ls 3,007,902
DistribL:ion paid -1,329,788
Subscript ions of shares 20,010,691
-30,950,584 Redempt iors of st-ares
Total net assets a t the end o f the year 142,507,811
Statement of Income Income Ba-C 'nterest 1L8,156
f r o m November 1, 200: t o October 31, 2004
Tncome on por t fo l io
T o t a l income
6,956,591
7,104,747
Expenses "Taxc c 'abo.1-wient ' '
f.1 a n a g e m e n t f ee
Admin is t ra t ion fee
Custodial1 Tct.
Ot.irr Pxpenses
Total expenses
Ncr i rves l i i ie i i l iri((irrie
Rea.ised gain on sal? o r invc5trr ierts
Cdr-enc): exchange loss
C,i?,yqe i n ui ireal iscd apprccidtiori:depreciatinn on investments
Net increase i n assets resultina from ouerations
73.879
1.632.502
74,178
20,668
128,232
1,929,459
5,175,288
1,155,581
3,007,907
9.338.777
29
EURO Mid Yield Bond
Portfolio
Aoi i i inal i v local i.Ii-1 e r i.y
Securit'es
I ra - i dP-a t i l e sei.Lii:ies Psted 01 an o f f i c i a l exchange
Bonds 4,000,000 EUR
1,500,000 E a R 9/>,ono FIIR
2.000.000 L U K
2,500,000 F l l R 2,000,000 LUK
500.000 EUR 1.5UU.UU0 EUR
~.~00.000 FUR
3.0(30.000 E l l R
2,000,000 L U K
500.000 CUR 500,OUU FUR
:,500,000 F l l R 1,000.000 EUR ?,500.000 i l l R 2,500,000 CUR
2,500,000 EUR
1.UUU.000 F l l R 7.i00.000 E l l R
?:i00.000 L l l K
1,000.000 L U K 1.000.000 EUR
2,500,000 EUR
2,500,000 E l l R 2,500.000 LUK
2.5OU.000 F l l R
3,000,000 EUR
~,U00,0(10 F l l R 3.250.000 L U K
2,500,000 EUR 1.200.000 EUR
2 500,OOU EUR
3.000.000 EUR 7,7(30.000 ELlR
2,500,000 EUR 7,500,000 EUR
1.500.000 EUR P,000.000 E l l R
2,500,000 L U R 2.50U.000 EUR
2.j00.000 F l l R 750,000 LUK
2,500,000 F l l R 2,500,000 L U K
2.500.000 EUR 2.000,UUO F l l R 2,250,000 L U K
750,OUC FUR 7,500,000 L U K
2.500.00U EUR 2.000.000 ELlR
25.06.10
l/+.OLi.3 : 31.12.49
07.!1.14
20.07.22
C9.0'J.l: 30.09.14
C6.04.11
31.12.49
jO.06.09
08.06.:1 18.10.: /I 20.06.18
04.10.1: 10.12.13
13.:2.06
12.02.08
17.10.07
26 .0 j .07
2n.o3.*.1
25.02.09 75.06.13
:4.10.19
24.06.15
25.U5.UY
25-04-14
31.12.49
16.12.08
01.U7.11
26 .011. i 1
25.01.07
21.06.23
23.0S.Cb
33.07.C9
c-;.a8.!6
19.12.2:
31.05.06
1fJ.OJ.1~
23.07.18
16.OL.10
19.01.06 71.1:.:1
27.C6.18
05.05.09
27.10.14
Ci.lC.06 1-1.0/.14
31.03.!0 :H.n6.:8 30.05.07
19.0/.1: 27.01.14
Mar<et L'2 o- value i w
i n EUR assets'
4,152.800
:,5L6,365
1.065.597
1 , 9 7 n . m ~
3,006,730
2.123.28b
508.i06
1.538.943
L.876.954
3,111,867
2,093,757 /196,608 515,218
1,504.816
1,093,151
2,763,403
2.797.222
2,683,458
1,104,671
2.869.763 2,616,348 1,026,948
1,008,008
2,672.815
2,6U/..993 2.623.315
3.202.493
3,238,018
3,140,158 3,391,249
2,806.355
:.392.836 2.63J.112
3.379,09/
2.623.047
2,868,332
2,591,235
1,583,933 2. i31.4L3
2.720.498
7.616.048
2.939 62L
756.156
2.759.775
2,55 1.349
2.66L.874
2.098.784
2.5a3.970
780 818
2,876,069
2,594.935
2.18a.92:
2.91
1.09
0.75
1.39 2.:1
1.49 0.36
1.08
3.4:
2.18 1.17
0.35
0.36
1.06 0.77
1.94 1.96
1.88
0.78
2.01
1.86
0.72
0.71
:.88
1.87
1.84
7.75
2.27
2.20
2.38
1.97
0.98 1.85
7.37
1.84
7.01 1.89
1.11
1.50
1.9: 1.85
2.06
0.53
1.94
1.79
1.87
1.47
1.n:
0.55
2.02
1.82
1.51
Nominal i n loca! cJ-rc-'cy
Sccuriticq; Markel. ?A, of v411r - l e t ir t l l K assets'
2,000,000 L U K 5.75 5, Lu l i ch l ' i ia i ice 02.:0.23 2 . 1 4 . 7 5 3 1.50
Total Bonds 121,848,441 85.51
Floating Rate Notes
4,000.000 EUR DZ B2i-k (;ii pc-pctu'Ty) 29.11.49 L.196.743 2.94
4,000,000 E l l R ( ; w r i F o r e ~ l SecLii:ie< 21.06.09 L.346.243 3.05
2.500.000 EUR :u.11.49 2.~01.018 1.97 SG Cap':a! Trurt TIT ('1:
1Jcrpc:uity) Total Floating Rate Notes 11,350,064 7.96
Transferable securltles listed on an offldal exchange 133,198,505 93.47
total Investments 133.198.505 93.47
A Pcrccr:aqci ;rr .il.inced. Corsecm-:.y :ne tota. mu.irit w y c l f f e i from tl-e suiii ot t h e p e r c e n t q c s ':idi(,ded
30
EURO Bond Select
Shales outs:ancinS o t t h e tie<!ir.1'1<1 of t h e f i - a r r ' a : ier ior l
N i i m t i v rif sha-es so.?
Number o r shares redee,r ed
Shares outstanding at the end o f the financial period
Net asset valLe per sbarc
Capitalisation shares
...
608,387.LI4
145,114.845
463,272.569
107.82
T1-e ::cZ,-,p:qing [rote5 :nrii ;I> 'I ! ,y:dl p.' r:i":?w 'I !rri!l
EUR
Statement o f Net Assets Assets I n v c L t r i i c . r i t s d t current v a l i . ~ 43,152,560
as a t O c l o h r r 31, 2004 ... Tqme depo j i t r
l a s h a t b a l k s 4,595,395
I r t c r c s t dr d dividerids rer:rivable
Sec j - i t y s a m w e i v a b l c
S.ixcript iot-s w e i v a b l e 2 ~ 1 , 9 7 1 + W
- - - CIJ - - - a)
l l r i rea i d g t i n nil futdres co r t rac ts
@ h e r d s e t s
Total assets 48,025,926 m 2
Liabil it ies Taxc, r d experises payah:p 27,320 r:
ScCLrity pi:rr-~;ises payaale 350,115 0 Redemp:ions payaole 1'1.503 m
--- 0 ... e 3
Uirca:scd loss on fut i i res c-lint-arts
U,irea!;sed :ass on exchange r.ririfrarts
Total l iabi l i t ies 392,538
Total net assets at the end o f the year 47,633,388
To ta l ~ i c l &sets d t t h e t ieq'3ning of t h e ye?r ... Statement o f Changes i n Net Assets
f rom Ju ly 2, 2 0 0 4 to October 31, 2004
Net ' ive5:im en: i 11 come
Rea.ised gair' on sdlc uf i rvestmenrs
516,952
119,701
Cur.crlcy ext:rariqe In55 ...
Change i n unreal ised apprcci,ltiuril'depre(:iat'nn nn invest i ienrs 697.364
O'st- ibJt ion z a i c
S i . t iw ipt ions o f shares
...
61,032.051
Recleiiipl urls or 4 dre5 -11,732,686
Total net assets at the end o f the year 47,633,388
Statement o f Income Income B a r k . t e r w t 11,298
f rom Ju ly 2, 2 0 0 4 to October 31, 2004
I n c o r e on ;7cr;rol'o
Total income
Expenses ' Tdxe d'at ion-ement"
Management 'cc
Ac 1-1' ri; j t ra t i o n fee
CL>totJ'an fee
0:bcr c x 3 e ! l s e ~
Tota l expenses
N e t i tivestric.i? i ncuiiie
Reallscu gdi-. or1 sale n f investinetirs
7,112
134,342
6,103
2 , 5 1 2
1.7L6
151.875
516,952
119,707
Currency exc' iange loss --.
l h a n n e 111 b n r c d l i w d appreriati0n;depreciation on iri:.cstr-irits
Net increase i n assets resulting from operations
697.364
1,334,023
31
EURO Bond Select
Portfolio
Market h of va .le r e t i.1 EUR assets-
hoiniiia: i i i local c m e n c y
Trdrislerd1i.e SecJTilies M e a o n an o F c i a l exc ' ia iqe
Bonds
2,0oo,000 EUR L.75 f AllGei.ieine Hypo:lie<eihark 20.01.14 2,11L,264 4.44 R~ir i r iboi1r: i
1,700.000 ELlR 5.875 ?, Atisr-ia ( R e x 0:) i5.0/.06 1,7n8,n74 2.71
2,000,000 CUR 2,noo.ooo LUR
1,200.000 CUR
2.100.000 EUR
5.25
5.75
3.75
4 . 2
04.07.11
07.06.10 28.03.09
25.04.11
2,232,024
2,28L,131
1.258.871
2,222,650
4.69
4.79
2.64
L.67
i ,noo.oon ELIR
400.000 LUK
1.900.000 FlJR
6.125
3.25 i.5
73.07.:5 :4.11.08
15.01.10
7.l94.780
416,724
2.?77.L74
4.61
0.87 4 . S l
7.7'1
3.70
2.L5
1.99 4.76 4.76
2.58
3.97
2.59
d . 6 1
1,000,000 ElJR 1.6oo.ooo ELIR
! .OOO 000 CUR
880,000 EUR 2 000.000 EUR
2.000.000 EUR
1.200.000 FUR I , 700,000 t L l R
1,050,000 CUR
1,900,000 EUR
2 000.000 L U R
2.000.000 EUR
26.0L.07 1'1.07.11
15.02.18
OL.07.07
20.07.10
17.01.,?
s .04.01 17.06.13
22.01.18
1L.01.11
1,091,691 1,762,399
1.167.8OL
946.904
2.2b6.229 2.2bY.069 : , m , 3 0 7
1,891.699
1.23L.368
2.222.375
>.75 3.25
5.125
5.5
5.5 5.5
06.07.10
00.01.10
2.2L7.938 2,248.196
4.77 4.72
2,000,000 CUR
2,000,000 EUR 500,000 EUR
1,200.000 EUR
5.75
5.15
6 i
03.09.10
05.07.10
31.03.10
08.02.06
2,257,404
2,213,148 514,216
1 .7n i .021
4.14
4-76
1.21
2.69
' P(w?riIdye! d ie ro t ndec. Conscqurri' y '.tit. tola! aiiio.int n i q d'ttcr f rom thr !,!irri or l l e percentages indicarcd.
32
Japanese Equity
Shares ou ts ta ' i c i r c 2: t i e begil--li-;cj ut t l i c fi'idi1c.a: y c ~ i
humoc: o r >hri:e5 wlc
huiiioew o f s!idrcs rcdccnier:
Shares outs tanding a t t h e end of t he f inanc ia l year
N c l d j j c l . val.ie per +arP
Dividend shares
88,503.652
289,163.177
i t i 7 . 4 2 ~ ~ 6 5
190,238.164
:.183
Capital isat ion shares
I ,L :7 ,8:9.$99
1,000.149.563
2L0.382.107
2.177.587.355
5.001
J PY
Statement o f Net Assets Assets 111 ves t r i i c 11 ts a r c ti rrc 11 1 va ! ue 11,252,533,050
as a t Oc tobc r 31, 2004 l i - r p dppos-ts ...
Cask 21 ild111(S 386,419,443
T-terest a i c cividencls iccc ivdblc 48,233,458
=-I
- s
S.insrr;3tio'-s rece'vable 20,524,360
U n r m i s c d y d i n on r u t . i w (ii ' itiar:s 300,000
O t i e r assets
Tota l assets 11,708,010,317 w Liabi l i t ies Tdxe; i:-iii pxpenrps payable 11.810.077 a
In
D
U-i+cdl',ed : o v o n P x r l i a n g e contracts
Tota l Liabi l i t ies
--- w 8,012,498 I= m
--- a ... rn
m 19,822,575
Total ne t assets a t t h e end o f t h e w a r 11.688.187.742
Statement o f Changes i n Net Assets
from November 1, 2003 t o Oc tobc r 31 , 2004
7,211.816.775
-38,599,963
165,163,097
Curvency cxcrldrlgc lo>> -355,013
Dis t r i b .itio 11 m i d ...
S h c 4 p t i o n s o f shares 6,513,084.3Ll
Reaeii i3t io- is o f s l idre> -2,046,537,309
Tota l ne t assets a t t he end o f t he year 11,688,181,142
Statement o f Income Income Bdi'r( . I tprprt 20.328
f rom Novcmber 1, 2003 t o Octobei 31 , 2004
I l lcon lc 011 3ul:'oI:o
Tota l income
114,712,654
114.732.982
Expenses ' . . i ~ x e cl 'ahonrement" 5,599.108
Management fce 130,217,242
A a I-ii 11 s t rd ;i u TI Tee 6,722,824
2,508,682
8,285,089
Tota l expenses 153,332,945
luet invpqtmeii t i : icome -38,599,963
Rezliscc. y a - 1 u11 >die of i nves tmec t j 165,168,091
h r - e r r y exc ' iange loss -355,013
Net increase i n assets resul t ing f r o m operations -50,236,065
33
Japanese Equity
Portfolio
Jman 12,600 8/1.nno
184,000
72.000
80,nnn 94,000
180,000
63.000
282.000 i~;,noo 44,000
452,000
Y'.,000 150.000
70.000 320,000
345
213,000
26n.000
18,nno 725
13,200
274.000
4 x 0 0 0 151.000
474,000 335.000
200.000
1,000.000
171.0n0
2,086
~171.000
212.000
22,900
3n.000 m . n o n
o 4 . m 105,000
308,000
105,000 20
357,000
322,000
120.000
661 /190,000 110,000
43,000 40.700
195,00(1
14,000
~ 6 . 0 0 0 25,000
290,000
Number SecL.r'tics MarYet 70 ot value l e t i n JPY assets*
93.366.uuo 0.80
142,LEL,000 1.22 103,776,000 0.8Y ib4,t im.nno 1.41
153.6C0.000 1.31 491.620,OOO 4.21
195.120,ODU 1.6/
17L.510.000 1.49 208.680.000 1-79
39,675,000 0.34 225,280,000 1.93
206,112,000 1.76
124,695,000 1.07
72,450,000 0.62 47.670.000 0.4:
108.160.000 0.93
3:0.500.000 2.66
739.625.000 2.05
168,304.000 1.44
296,525.000 2 . X
93.2L0,OOO 0.80
:51.536,000 1-30
129.876.000 1.1:
2:8.708,000 1.w 101.6P3.000 0.87
252,642,000 2.16
110,550,000 0.95
739,000,000 2.04 232.000.000 1.98
157.30U.000 1.35
191,916,000 1.64
390,087.000 3.3L 128,260.000 1.10
2;9.152,000 2.1s
:46.300,000 1.25 zou ,w .ooo 1-72
26:,144,uon 2.23 153.720.000 1.32
93,632.000 0.80
:L5,215,000 1.74 L4,600 0.00
183.498.000 1.57
254,058,000 2.1 /
120,600,000 1.01 455,429,000 3.90
302.R20.000 2.59
'563.200.000 4.8: 201.240.000 1.72 299,5112,000 2.56
117,585,000 1.01
121,720,000 1.04
143.750,000 1.71
259,170,000 2.22
92.220.000 0.7Y
321.000 loshiba 117,067,000 1.17 696,731.000 5.95 168.700 Toyota Motor
Total Japan 11,162,454,600 95.50
Total Epuities 11.162.454.600 95.50
Structured Notes Jailall
1.650 Opals MSCl Japan 00,078,450 0.77
Total Japan 90,078,450 0.77
90,078,450 0.77 Total Structured Notes
Transferable securities listed on an offldal exchange 11.252.533.050 96.27
11,252,533,050 96.27 Total Investments
- Pexertages arc ru11~ii1crI. l o x e q u e n t l y :lie t o t d ii:iiiiw: imy differ f r o i i t ' ie sun1 o' thc :irrrrrilatJes ind'cated
34
European Equity
Shares outs tanding a t t h e hegirir irlg ot t h e f i nan r ia l yea'
Number (if shdrcs sold
Nuinher of share5 redeemed
Shares outstanding at the end o f the financial year
N e t &set valuc per s h a r e
Dividend shares
13, i05. :m
L.564.208
6,162.616
11,506.697
171.31
Capitalisation shares
318.872.464
27,035.419
98.580.528
247,327.355
202.86
Tne j c : c i l >3a i i i - u - U:PI :::-I., 3.1 i t eg -? . ?gc ?- t L P w i i - i d - l C i a I 5:ate"leltS.
EUR
Statement o f Net Assets Assets 1tivcstmen:s a: curren: valdc &9,934.999
... as a t October 31, 2004 Time depnsits
Cash a t banks
In te res t and divicerids recei$:a3.c
1,808,163
201.035
Security sales rece'vablc 5,595
Subscript ions receiv2b.e
Unrealised qairi o r 'JtLres cor:"arts
Other assets
T n h l a c F d C 52,233,544 w
--- =9 7.462
276.290 ci Liabil it ies Taxes and expenses p d y a ~ . ? 65,180
12.488 W
0 ... 3
Serur i ty purchascs payab .e
Rederript ior~s payaole 11.687 a I l r i real ised Loss 011 t t i u re s r c n t r z r t s
Unrealised Loss o r excbir::ge con!racts
Total Liabilities 89,355
L
W
...
Total net assets a t the end o f the year
l o t d l r i e l assets a t t h e h e q < r i ' i g o':tle y ~ a r
52,144,189
61,809,474 Statement o f Changes i n Net Assets
from November 1, 2003 l o October 31, 2004
N e t investrr ient income
Rcdliscd g a i r 3n sale o f :-,ves:meri:s
660,011
3,958,935
Curre icy excl iangp luss -713,121
Change i n unre,ilised apprcciatioii:cep*eria:ioi on irives:r-lelts 1,033,169
Uistr;bul:on paid -?3,205
Subscvpt iors or snares
Rederriptions of shares
6,042,270
-20,623,350
Total net assets a t the end o f the year 52,144,189
Statement o f Income Income Bank in terest 46.455
frorn November 1, 2003 l o October TnrornP ( in po~ l roL io 1,524,646 31, 2004
Total income 1,571,101
Expenses ' T ~ X C d 'ahornement" 27.617
Maragement fee 714,032
Adin'i;st:ation fee 40,399
Cdstodian fee 14,607
Othe: experses 1 1't , 3 69
Tota l expenses 911,084
Ne: ' -vestment income 660,017
Redl iwc yd i r i on sa le of investmenys 3,958,935
Cdrrency exchange Loss -713,123
Chanae i n unrealised apprecidt iorl /dcp.ccia: io~ on ':ldes:ne7ts
Net increase i n assets resulting from operations
1,033.169
4,939,000
35
European Equity
2,025,852 3 3 9 700.238 1.34
1,055,052 2.04 319,126 Coii?pars GroJp 1.230 657 7.36 93.030 Ll,ixriS:ni:hKLinc 1,53i,988 2.95
A 86,484 i i s w t-loLdir.gL l,fi95,699 2,:O
106.Y.4 Rccd E.rc$vie- 745,212 1.L3 75,703 Koydl BA:M o l S r w a r d Group I , / > C ; j & 3.36
-w 3 -r
1,302,223 Vooa fo re 2 . 6 1 6 . 6 3 -YO: 157,616 WPP Grou3 :,2;3,880 2.38
Total United Kingdom 14,009,174 26.86 rp
0
a) Gc-rimy 28,709 BAS1 l,401,R70 2.69
22,200 Bayeriscne :4oto:eii W W P 735,930 1.,,,: L s :0~1.0OG D C J t K l C L u t t . 1 ~ 1 ~ 3 :.084,550 2.08 w 25,600 t.011 1.611.;6h 3.j
.3/,bOU H z r i o v e : Rueckvelsict>eru-ik 960,304 1.8L
1:3,700 hl111e1).1 T(.riio;oq'cs ?10.c15'8 L.86
?,a71 SAP 383.365 0.74 ?7,500 S'cmc1r 1,604,625 3.08
Total Germany 8,771,510 16.83
F r : r i ~
2 4 , 3 1 Cie de Saii:t-Lobaiii 1,047,880 2.01 76,298 Sclii-cicer Elect,ic 1 , 3 6 ~ . 8 6 6 2.62 17.300 Sorir 'tC Gr'iC-a.c " A ' l ,7>;,/:0 2.L1
59,000 [holl:so1 1,046,660 2.01 11,754 To ta l 1,915,902 3.67
Total France 6,633,018 12.72
Netherlands
122 213 Heyon 1,048,588 2.01 76,000 IAG Groep 1,577,000 3.02 35,757 PIi.'ps Elect-onics 663.292 1.27 56,940 Royal 0~:c.i Pe:-oLeLI-. 2,425,074 4.66
Total Netherlands 5,713,954 10.96
Si\':ze:lard
1.790.849 3.43 53.737 Yo,valtis K 2,007,644 3.85
8,450 Z x i c h FS R 947.667 1.81
Total Switzerland 4,741,160 9.09
5pai.i
23,300 Barcc P o p m t . p ~ i ' o l 1,036,384 1.99 82,271 Eide5a :,308,932 2.51
Total Spain 2,345,316 4.50
Fin l s i d
159,416 U u k i ~ 1,927.339 3.70
Total Finland 1,927,339 3.70
N 11 1'1 hr r Securities
1:a.y
579.323 T c k c o n M i a 1,512.033 2.90
rota1 Italy 1,512,033 2.90
Belgiuir
48,500 I i B e v 1,350,175 2, jY
Total Belgium 1,350,725 2.59
Dr.irnark
'.2,500 TDL A,'% 1.2iP.605 2.36
Total Denmark 1,232,605 2.36
I r e l a r d
99.441 Bai-k o t I r e l a r c
Total Ireland
1,068,991 7.05
1.068.991 2.05
Nor.:.dy
1UO.000 l e l e m 6 2 / . , l i / . 1.K
Total Norway 624,174 1.20
Total Equities 49,934,999 95.76
Transferable recuritles listed on an offidal exchanai 49.934.999 95.76
Total Investments 49,934,999 95.76
a Ferceryages are -ounded. Consequently t h e t o r z l m o i . r ~ i irdy (:iller Irrirv :tic s ~ r c o t :be pcrcci7tar;es ' i - l i c x e d .
36
US Value Equity
Shares oa ts ta id i vq at the bwjir.,:i'.i(! or !he ;iiiz..ciat year
hurnber nf Fharps so ld
Number of shares -edeeined
Shares outstanding a t t he end o f t he f inancial year
NP: asset v a l w per sharp
Dividend shares
120,065.853
70,285.113
L9.351.875
140,999.097
4:7.70
Capitalisation shares
1,122,594.198
1,016,722.229
678,897.005
1,460,424.422
490.78
Interest anc ciiside-ss r?:?iyah P
Sccurily sklcs receiv:b.e
626,751
27 .309 ,L j l
Suhsrriptiniis -eceis.a>le 4,157,652
... CI
... 3 0-
Unredliscd ydii i 011 fLifd'es cc-trac:; -7
Otticr a c t s
Total assets 782,615,104 w Liabi l i t ies Taxes and e x ~ r s r ? n a y z b r 1,110,756 W
S m >
Sccurily pLrchases Fayz3.e 504.332
Redemptions m y a i P 5,355,874
...
v, -.. 3
6,970,962
Total ne t assets a t t he end of the year
Total ne t asse-5 a t + t e b?qinvin; c:f the year
775.644.142
566.188.671 Statement o f Changes i n Net Assets
froin Novcnibcr 1, 2003 to October 31, 2004
N c l i nvcslmcn t i iico:r c
Realised gain on sa.? o f - - ,w -n? r : s
Currency cxcbdnge loss
-5,592,237
33.102.864
-8,LOl
Chanqe i n uvreaiised a p 3 r r ~ ' a t i c i r . ~ ~ e ~ r e ~ - 1 1 i ~ . ' C'I ..':,cLtr,ie'ts 6,1 14.81 5
... Distr'hutioti paid
SJxcr'ptioi-,s of wares 526,422,334
Redempt'ons o f shares -350,643,904
Total ne t assets a t t he end o f the year 775.644.142
Statement of Income Income Bat.k intcrcst 1,303,842
from Novcti ibcr 1, 2003 Lo Oct.oher Incor- ic or' portrolio 6 , 7 0 8 . m 31, ?004
Tota l income 7,512,608
Expenses 'Taxe 3 a2onretnent" 373,320
M a ridgeriieri:. fee 11,668,466
Acninistrat iot i fee 391,203
CJ i tod ia i fee 37,175
O t h P - PxpPrlsPs 63L.681
13,104,845 Total expenses
Net invej tn ient income -5,597,237
Redl:sed gain UTI kale of irivestmeri:s 33,102,864
C\.rrency exchanqe loss -8,401
C)ia.ige i n tinrealised apprcciation:depreciat;on 0-. isvest i i ier ts 6,174,815
Net increase i n assets resul t ing f rom operations 33,677,041
3 7
US Value Equity
Po rtf o L i o
Number SecLik ies
T l a x f e i a S l e r e c u i i . k s l i c , I w l or A - i o F r i a , c x c i a i i q c
Equities
u:ll:?l: S!d!?\
~ ~ R , L O O
711,500
909 406,800
9 7 5.0 2 7
267.200
-7 7 1 8 . m
3 809,100
R71.700 210,000
a, 253.900
S 260,50(1
m > 524 200
957.400 273,600
rn 64,070
3 194,115
375,985
246.800
671,/.00 415,500
1,244,500 .: l7,HOO 389,700
400.8UO
Arnr.iirnn Fxprcss AiTe-icar 1.iternat;ona. L,OJ> Rcrltshirc H a t k x i r q "A
(.riubli
C i 1iCn i a t i ti Iidli(.:dl
Entercom Comii iunicat io is C o l i
Fan r ie Mae F i W Third Bancoip Frcddic Mac
h i e : d l # i l l s Golden Wes: Fi i id i i t ia Harlcy D a v i d j o i 1i-c
I IC A- H ea .t:i ~d I e
HcaLtli Manaqeinei-t Assoc. Lir ( : , ~ i t ~ ( i i r ~ Mai<el
Moka,;dk IndusP ies I l i c
OLc RepJbLic 1'iteina:'ona.
Saga C o r n u l ' c a t i o r j
5ta:c S:rcct Ruston Tiffa-iy tl Co
TJX Corn I l i i v r r m Hvnl th S r rv i r rq
Watts Water Tecniolog:es
Wclls Farqo
20.081 686
L;,:0:,165
76.583.250
2 9 , j U , U 4
LO.101,3/1
8,871.040
50,'.25 153 39 799,629
54.691.920
9,292,500
79.6n5.088
:9.2;3.n65
15,515,115
19,675,584
11, 18L, 7 68
70.37!.760 16, -5 l 5 , 3 0 L
8,779,250
4,151.176
28.35L.470 '.2,1Ai,(i:5
29,843,110
:9.64'7.568 :o.ioa.8:8
23,935.776
2.59
> . 5 I
9.87
5.78
5 . 2 5
1.14
6.50 5.13
7.05
1.20
3.iu
u . 8 2.00
2.54
1.L4
7.63 2.13
1-13
0.54
3.66 i . i i
3.85
2.53 1.30
3.09
Total United States 642,204,874 82.80
Total Eauities 642.204.874 82.80
Transferable securlties listed on an offlcial exchange 642.204874 82.80
Total Investments 6 4 2 . 2 0 ~ 4 82.80
' Peice:itages are roui idec. Conscqi.cntLy t k c t o t a l a n o u n t may d i f f r i fiorii t h e sui-i i l l Ihr : i r r c rn lage r iridicatetl
38
Emerging Markets Equity
Share5 outstandin! a t ?e heqiririiril; o' :be f ina i r : ia l year
Number of shares st i lc
Namber of +ares redcci i ied
Shares outstanding at the end o f the financial year
Ne: asset v a l w per shd'c
Dividend shares
41,892.880
2:.48:.788
21.L4L.02L
41,936.144
2;:.21
Capitalisation shares
507.203.577
690,777.938
471,689.652
7 26,29 1.863
230.30
T:ir ac:cni:ma iy inf l i u t c r fori!, AI) i n teg ra l F?rt 11' t-,?,? ;:i.a l r ? . st?:crr?:.'L
USD
Statement o f Net Assets Assets 1-vesrnier'ts ~t currei:t value 170,978,964
a5 a t October 31, 2004 ... Ti.yc dcgos'ts
Casi i a t ba rks L,397,264
I-.terest ~ I ) C dividei:dr rereivable 221,446
Security sales -er:rivrlblc
S.i:isi.?~:io-ls receivable
U-vealised gai.1 o r futures contracts
O t i e r assets
Total assets
450,594
3,136,120
~.~ - ... 3 rn *r
179,184,388 w Liabil it ies Taxes anc exprrises payable
Security purt:t;ascs payable
Red err p t io r i s pa ya b le
U r w l i s e d , 0 5 5 1111 luturcs conrracts
Unrt.d.'scd loss on exchange curi lracts
Total l iabi l i t ies
589,520 v) CI
x 2,102,675
368,789 L m
- - - ...
m 3,060,984
Total net assets at the end o f the year
T i i t d l . ,e: drscts a t t h e beginri i r iq o f the year
176,123,404 .& 97,872,966 CIJ Statement o f Changes i n Net Assets
f r o m November 1, 2003 t o Oclobet 31, 2004
N e t i rivcstm e iit i n coin e
Healiscd gain 3n sale of irive5lrncrits
Currercy excharige gdin
2,302,481 E 15,434,908 w
25,688
Tna.qe i r i urircalised aopreciatinn:depreciatioii o i i investments 14.61 3,470
DistCbdVoii paid -63,657
SuhsLri3:ions o t shares
Redem3t in is or sharcs
146,858,357
-100,920,809
Total net assets a t the end of the year 176,123,404
Statement o f Income Income BE.-,< 'nterest 19,649
froin Novembcr 1, 2003 t o October I -come on nurtFolio 4,908,838 31, 2004
Total income 4.928.487
Expenses 'Taxe 3 a3nnnPment" 70.807
M a n a q m e n t fcc *,. -: I i:ii i s m t i o n fee
CLstod'dn fee
Otne- pxper'ses
Tota l expenses
NCL ' rvest inent income
Re?lrw: uair i 011 sale of investmevts
C J w r i c cxchange gain
2,108,651
157,164
192,708
97,176
2,626,006
2,302,481
15,L34,908
25,688
Cban5e ir bnrea;ised apprecidt iot i jdepreciat 'or n r i r v e s t r w n t s
Net increase i n assets resulting from operations
1'1~6 13.4 10
32,376,547
39
Emerging Markets Equity
Po rtf o L i o
T i a ~ ~ ! r r A c seex i t i es listei. mi nil uf"c'?. exc ia ; - ,g
Equitles
SoL:h Ko i ra
39.300 Airorepaci f ic
321.938 Kn~ir;.voi L a d 760.400 Ko;t.-. Trltinr-rn & GiIseng
8.037 t o r t e h i l s u i i g B ~ ~ i q c
7.687.985 L.38 3,594,663 2.04 7.210.71'1 4.09 5,565.734 3.16
9.690 Lotti. (ontcct ionery 6.1 10,888 3.L7
7:.110 S h r s e g a e Erlyirirw'i-q & Cc~is:iLctio-i i .006.511 0 . 5 )
a 5L.200 S a i ~ ~ n g Fi-c & M Y n e I i sL ia -> i . r 3,224.40'. 1.83
3 75,760 s1 2,138,469 1.21
-Total South Korea 36,539,313 20.15
4-l -7
w .:ii.1,1
797,000 1L4,'100
108.600 h .000
328,437 59.900
232,161 227.300
'50,000
94.000 12.800
145,000 7 8 5 , i X
3 0 , m o 63,900
1,0?1,~,l10
;.730.672 62:.447
2,798,072 64L.10
3,005,273
2,106,683 3.277.35L 1,496,381
788.000 3,950.11 7
306.901 3.482.900 1.57E,8L4
560,078 :,150.200 1.'.04.140
0.98 0.35 1.59
0.37
1.71 :.20 1.86 U.85 0.45 2.23 0.11 1.98 0.90
0.32 0.U5
0.80 29.500 Rnribdxv taSm:o,-ies 724,053 0.L!
Total India 29,627,720 16.82
R r d i i l
272.340 AFS T + w SA Pret. 2,813.016 1.60 14.300 B d w r i Rradcsco S A AOF 870.441 0.49 36,:OO Da 1co B-dile!.~ 11 SA P-et. 7,'.86,967 1.24 75,500 Banco I t a u l i o l c i n g Finn-icvi-a S A A33 :,5/.7,750 0.88 44,239 Rzi-co I t x h o k i n g Pit'. 5.359.L50 3.0).
209,600 ( . ' A Vnlv do Rio 3oce ADR 3,814,720 2.17 I.57U Empiesa 'vac:ord.l :I? Ci)-.ir.rrio Ric.:o ti.0:9 0.00
2.450.158 I i iw\ t imci , tos 1ta.i 3.53L 517 2.01
L86,:OO S o x z C i w 7,'380,082 3.05
269,800 Wcq Per , 701.891 0.4U
Total Bratll 26,209,853 14.88
S o d l Ai.ii.a
370.700 Wass:llalt l I O l d ~ l ~ f i > 2,22~), iL4 1.27 1,223,836 Xi-r l i ( .We Co-p 2,7L2.823 1.56 2.796.000 Nrl:.iii< Hc:l:hc;rc .lo.C'~-gs 2,429,329 1.38
502,000 Rel:iGio L'I. ~ . T W J Y ~ 3.81 6L2.186 Standard B a I k G r o w 5.610.978 3.lq
Total South Afrlca 19,746,370 11.21
K?ldy<'a
401,LOO B-i t is- i Are.ir'ari Tritrcccu 165.100 0yl I idus:r ies
4.806 777 2.73 1,654.44L 0.96
975.500 P m l i c B a i t Beinad 1.657.477 0.94 932.000 Slnr Pub.'catiois Malaysia 1,581,9/~4 0.90
Total Malaysia 9,140,092 5.53
S'nyap1l:r.
3,7lb,UL9 ~ O l ~ ~ i J i l ~ d ~ r o 3,070,833 1.14
2,037.000 STA E i f l i n e e t i i g 7,483,155 1.41 i.8b5.900 5ingn:iirrc A i roo i t Tei i i i i . ia l >eiYr-r< 2,184,941 1.2L
Total Singapore 7,138,929 4.39
Taisar
3,837,756 Ci,iinalr,ist F i i a i c i a l 1lo.dil.y 4,377,143 2.49 278 0.0U
2,413,000 TY\\ai \ 5~~1111, 2.571.554 1-46
Total Taiwan 6,948,915 3.95
186 P i r l ~ l r ~ r i t C k i i ? Store l0.p
Ti.i<ey
99L.131.000 A<<.igorta 8L5.995.45C A p a t l o l ~ H d p l Einrl(lilii(
U2.504.000 Arindulu S'gorta
Total turkev
3.182.361 1.80
2.352.018 1.34 793,055 U.45
6.325.435 3.59 ~
C l ' k 1.303.3L4 A.F.P. P-ov'da
15.500 A.F.P. Provida ADR 82,800 Bdir-u Santander Cliile SA ADR
Total Chile
7.53.665 1.22 481.865 0.27
2,315,088 1.32
4.950.598 2.81
I ~ i d i i ~ i r , i e
2;,6OO.O[ll1 B s i k 1rte.cdLioiin: 1rdoic;i: 379.780 0.22 3,544.000 T r h k o m w i k a s i I n c o r e s i a 1,694,110 U.96 7,805,000 UCLevel I%lorw'a 2,808,942 1.59
Total Indonesia 4,8a2,832 2.11
hi t i R r 1) 11 b : c
7,255 Phi.':> M i ~ i r i , ~ 4,246.561 2.41
Total Czech Republic 4,246,561 2.41
1111 i l r i l 51 atcs
)1?,200 B a i c o Ldl i r r i i i i r icr~cai lo de Expol taciane\ SA 3,889.626 2.21 Total United States 3,889,626 2.21
T h a i k r c
3,037,000 tltC KIJ~III 1.523.350 0.86
709.50U PTT Cx3Ioia~:oi R Product ion - Foreign !,622,330 0.93
Total Thailand 3,145,680 1.79
b1exir.11
815,OOU Wa.-Mait de Mrx icu "V 2.667.726 1.5:
2,167,726 1.51 Total Mexico
rl.i'iga:y
10,775 R ' i ~ t c r Gcdeor
Total Hunaarv
1,265,574 0.17
1.265314 0.72
. Pcrcc i taqe j are iocndec. lo i iseqLeinl lv I: I' v t a l z r r o u i t may d i ' f e i f i o m t h e sui11 of . l ie pcrccntaqes i7dica:ec.
40
Emerging Markets Equity
Portfolio
tlots.c.aia
412,000 Secldba Blenery
Total Botswana
:.093.19L 0.67
1.093.194 0.62
Chii:
1,455,500 Peode's Food Holdirgs l.Ci3,M' 0.5X
Total China 1,013,881 0.58
I lO f l t ; Kong
177,100 Cspfit Ho lc i igs
T o h l Honu Konu
3L6.545 9.5'.
946.545 0.54
Total Equities 170,978,964 97.08
Transferable setudties listed on an official exchange 170,918,964 91.08
Total Investments 110.916.964 91.08
E W
' Pcrccritagcr arc rou idcd . lonrcqucqt ly t h c tota. amount may ci t tcr t - c ~ t k c j J n o t : le pc- rc i taqcr indicatcd.
41
Eastern European Equity
Wares ou ts tano i rg A t t h e oeg i r l r i r g of the f inanc ia l yea.
Number of >hares sold
Nurnher o t shares redeemed
Shares outstanding a t the end of the financial year
Net asset value per 5ha'e
Dividend shares
93.92 7.416
54,759.880
2L,913.261
123,774.055
140.L9
Capitalisation shares
597,432.299
4L6.0 72.972
166.335.591
877,169.680
146.29
Tkr d c c m F ? r " - n g notes torrri ?I. ir;eqral p.'t o f ticrc, ::ran:-3. st:?rineP:s
EUR
113,687.506 Statement o f Net Assets Assets l r ivcst r ients a! current value
as a t October 31, 2004 ... T;me deposits
(:asti a t banks 28,039,959
1nte:eit arid dividerids rcceivable 112,107
S c c u t t y sales receivable 2,182,566
Sunscript ions receivdble
UnrcaLised gain on futures contrar:s
Otner assets
Total assets
=-I 2,339,657
... CI
...
D 146,361,790 w
Liabil it ies Taxes 2r.d expenses payable
Sercr i ty pLrc'iases payable
185.021
147,975 a, Kedcrptior.: , payable 316,390 b Unrealiscrl Loss i i r i futures cnntr i lcts
Unrea.i ied luss on exchanyc c o n t x t s
To t a l l iabi l i t ies 649,386
Total net assets at the end o f the year
Tota l net assets a t t h e t ieginning o f the yezr
0 ... S
W
S
a, v,
f r o m November 1, 2003 t o October Net investment i ! icorne -269,010 a
I ,. -
145,712,404 L
75,806,361 Statement o f Changes i n Net Assets
31, 2004 15,555,802 W Realised g a i i on sale of investnieri ts
Cureciicy exrhdngc loss
Cna:iyc i n unreal iscd appre"atio1iidep:eciatiun on investr'ients
Distr inutio; i pa id
Subscr 'p t io is o f shares
Redemptions of shares
-2,604,941
14,184,619
...
61,967,808
-24,928,235
Total net assets a t the end o f the year 145,712,404
Statement of Income Income Barin interest 2 2 5, G 1 5
f r o m November 1, 2003 t o October 31, 2004
Income on r is r t to l io
Total income
1,532,798
1,758,413
Expenses " l d x e d'abonriemcnt" 52.087
f iandyc inent fee 1,595,321
Adniir. isrrat ion fee 75,954
Custodian fep 163.761
Ottier expenses 140,300
Total expenses 2,027,423
het invcstment inr:omc -269,010
Realised gai - i on sale of irtvcstillenTs 15.555.802
Currency cxchanqe loss -2,604,941
Ctiangp i n unrealised appreciation/dep,eciation o n irivcsti:lents 14,184,619
Net increase i n assets resulting from operations 26,866,470
43
Eastern European Equity
Po rtfo L i o
Sec.i.iticr Market h uf vdlue r e t 111 EUR i s s e t s '
hli.wher
T : a i s f e d w q:cccrities : is : r [ i 01- at- o f i i l :ti,. excnargt.
Equities
l l t i i i yd ry
L4.900 Demasi 422,.?4l 0.29 45,300 Url r iasz R t . 2,130,550 1-46
2.580.928 1.77 65.130 Egis
4 4 2 0 0 K a g y v O!aj-Fs Gaz;pa:e R t 1,113E.5L9 1.33 70.800 Maqyai Olaj-E\ Gaz im ie K e v v y GUR 3.099.048 1.13
2,:?9,855 1.46 2,110,456 1.L5 1.307.702 0.90 L.336.787 2.98 7,418,252 1.66
1,476,871 1.01
23,951,295 16.44
649,500 Mar.iv Maqyat Tavki17~csi 4J -7 128,450 Matav R! 3 66.000 OTP Bar+ e 109.500 OTP Ba-ik GDR
S 16.4'10 K'(d 11': Gedeon LOR
m Total Hungary
16.1110 R ic5 te i Gedrriri w
a Iirt-h Rept io l i r
5.(13: 940 4.01 L '176,000 Tcsi(), Telecom
3 4'l6,000 l t . 7 4,314,208 2.96
4.084.097 2.80 W 4i .300 Komr r r - r i Banka
68.700 IKomeici i Banka GDR 2.2L1.303 1.54 1,941.8;6 1.33
2.865.856 1.97
21,379,220 14.67
4.220 PI-i!iu Morr's c L Q, Y82.000 U r i p e t i o l
Total Czech Republic
m W Rt-sria
10,5i3,:09 7.77 45.100 MM( Norilsk h i c w 2,20!.729 1.51
4,669.;56 3.70 52.100 V'linpel C0i:irnunicatiol.s A O R
1,903.670 i . 3 1
Total Russia 19,287,614 13.24
:07.200 Luko i l Hol i l inqs AUK
145.000 Yiikos O i l AUK
Poldrill
914,195 BanK Mi. !eni iurr 592,077 0.41 4,7i/ . .400 3.23 i58.000 Ranlc Pekao
83,000 Barik Pcvao GUR 2,463,150 1.69 8.l.33 BWK Prrcnnyslo,~o-Hn~d~o.:y 888.485 0.61
66,000 Bank La1 ' l u l n i 1,305,238 0.90 107,000 Frmtscbarh S w i r r i c 1,534,458 1.05
1.328.000 Telenrirnucikacja Polzk: >,037.575 3 . 4 5
530.000 T c l c k o ~ n t ~ n ' k a l j . ~ Polska GUK 2,004,088 1.38
Total Poland 1a.539.4ii 12.72
Csrorii.i
6,438,500 4 . U
6,438,500 4.42
815,000 H a i m m n k
Total Estonia
Byrrnuda
383,500 No?.y Ye? L td 5,491,974 3.77
Total Bermuda 5,491,974 3.77
Aust-ia
9,000 Bat:k A.iq.tria Credi:aas:ali 40,500 Errte Bank
577,090 0.36 1.413.C45 0.97
Marke; 9: or d u e ne t i.1 L l l R a s s e i '
hu~:i:>rr Sect i r i t i rs
300.000 Immoeas t I - i i rnubi l ien An lag rn 2,037.000 1-40
3.972.135 2.73 Total Austria
S w c e n
254.850 Vostok Ndka I l v e s t s n r i t 3.661.537 2.5:
3,661,537 2.51 Total Sweden
Vi ig i l i Ih lands (Bl i i is- i )
277.300 Fquest I r v e s l m c r t s B j l g a i i d 1.7L5.724 1.54
2,205,724 1.54 Total Virgin Islands (British)
Ci t i i t i a
1,892.174 1.30
1,892,174 1.30
l j Y , L O O Pliva DU LOR
Total Croatia
Slovenia
1,812.378 1.24
1,812.378 1.24
5.237 Kiita
Total Slovenia
1rela:ld
100,000 Ce.tic Rrcuu-ces Ho.dir.q> 557,436 0.38
557,436 0.38 Total Ireland
United Kiiirjdom
100.761 High la rd Gold M i i i i nq 390.4i i 0.27
390,417 0.27 Total United Kingdom
Total Equities 109,619,875 75.23
Transferable securities listed on an offldal exchange 109,619,875 75.23
Otner t ransierablc secx i t i es
Equities
P u l a i d
38.300 Global F a d e C e w e 1,063.065 0.73
1,063,065 0.73 Total Poland
rota1 Equities 1,063,065 0.73
Exchange Traded Funds
Caytnari I \ ldr ;ds
3,004,566 2.06
Total Cayman Islands 3,004,566 2.06
292,000 Rrr Gaz H o l d m y
3,004,566 2.06 Tab1 Exchange Traded Funds
Other transferable securities 4,067,631 2.79
Total Investments 113,687,506 78.02
. Peic r -~ taqcs are rouriced. Consequently t h e t o t a l aniount indy oi f ter f:om l t ie sunn o f t h e ;irrccn;ages it:dicaled.
44
Swiss Stars Equity
Shares outstat-dint d; t l le Segirir.ivg o f t t ic f inancid! yea:
Number of 5' ia ies sold
N,irnbcr of sl-arej rcieened
Shares outstanding at the end of the financial year
Net assel value Der share
Dividend shares
93,328.902
23,733.019
9.215.000
107,846.921
153.26
Capitalisation shares
296,550,920
128.113.285
131,655.462
293,008.743
15L.99
'CY., 3 1 i i t cqrn , part o i t'wse fi i-anr, i , stateincr:\
CHF
Assets Invcstments d t h i r ren r VdrJe 62,020,068 Statement of Net Assets
as a t October 31, 2004 ... Time deposits
Cast: d t b a n v 664.304
In te res t anc d iv ide-ss rect.ivab:e 88,345
Security rece'-au!c ...
Llrircalised g a i n 011 fut.1-e> co-itracts ---
Subscrivt ions re(:e'VlDli?
... 4J
... 3 b -F
Other d5scts
Total assets 62,772,717 w Liabil it ies Taxel and expe':ies p a y a b k 69,533
Security p u I c '1 a s e 5 11 iiy; b .e 732,888 rcf -w
Rede:r>$Lio?s pay.!b.c 27,329 V, ... v, Unrw l i scc lcss [I-', F L t t I F j cori!racts
Ln bnrca.ised Imj o r exrt.arlgc contract5
Total l iabi l i t ies 829,750
Total net assets at the end o f the year 61,942,967
60,077,707 Tota l r ict tssets a t !be beginn ing of t h e yea'
from November 1, 2003 t o October Net i i ivesmci-7 'Yronie -153,231
-1,165,296
... 0 -
3 m
Statement of Changes i n Net Assets
31, 2004 R e a l i d 1055 o r ' 5dlc of investmc!i ts
Curiency exc iange loss -505
1,45 2,488 Chan!e i n I.rirca!ised apprcc ia t ion/deprcc ia t io l 11:) '-,vestmerits
Dist-ib!.:ion Daid
Su hjcr ip7ions of 5 hares 24,163,292
Rcdenpt ions o f sharps -22,431,488
61,942,967 Total net assets a t the end of the year
..~
Statement o f Income Income Bank irlte:cs: 77
from Novenihcr 1, 2003 lo October I r c o r i e 01 m r t f o l i o 828,095 31. 2004
Total income 828,172
Expenses "Taxe c'aborit iement" 32,892
Marjayeinent fee
Acnin i5Lrd i ion fep
Ccsiod'an fee
OtCer c x x n s e s
Total expenses
Net : -ives:ii e n t i r i co tm e
Rea,ised los> on sale of i ! ivcstmentr
CJ--ency exchange loss
821,110
51,166
23,006
53.229
981,403
-153,231
-1,165,296
-505
(:na.;gc i n u n r e a l i d appreriatiorildep-eriatiorl on i i ivestrr icnts 1 , 4 5 2 . m
Net increase i n assets resulting from operations 133,456
45
Swiss Stars Equity
Portfolio
Market 5 of \&e l e t value ne t
i n CHF asce:s* i n CHF assets'
Nurrhe; S r w r i t i e s Marke: ''!& of Number Securities
Trai ls l r rahle secl.ilirs l i r t ec o r cr' o+riciaL exrtlaiTge 10,000 Ypsomcd Holoiny 821,500 1.33
c, 3 & W
-7
2 m c, m
Equities S::irze:ldrid
3L7.000 4,ouo
21,100
40.160 350
9.000 787
6.500 29,800 65,900
L.500 7,500 ?,160
2,600 800
67,842 4.9 10
2,400 7,000 6,550
16,800 / , Z O O
679 3/10
23.6iO 16.000 18.820
3,uoo io6 ,aoo
16.000 65,400 23.100
9 50 6,600 1,273
2,010 12,000
1.560 2.300
700 7.550
13,730 9,400
22,400 15,200
5,000 43.000 67,000
3,300
ABB R k c l i o n R Ai l rcco R Also R
Ascom H r l l d i y h Bilo'sc R n e l i r i o R
C h a h Voye l r Ho:cing CLar:ari: R
Credit Suis\e R F F n t o o l 1n : r r r i a t i owL K 6 A n i c a Holding
b r b c r ? R Geurg Fisclier Givauihr i R Hok i t i i K Huher + Sdir , r r R I n f ' L o r i R Kzrdex Konhx R KudeLski B K.ichne 8 Nay?! R
KLorli Rc i se i B L'ndl IL 5pr:iigli CVL. Loy;lrr.h R Microqas Srrriiconducfo: R
Ncst le R Nobe( Bioca"e B
Noi'd-:% R P+o;lak K'chrrriuiit Cie f'n B
Roclie Ho lJ r i qs AG Sd'a B i q e s s R Saurrr AG Arbot: R Scliaf'nv R Seroriri B Sez R SGS R Sieglriri: R S'l(2
51 id 11 ma I- n tI o ld i -1
S a a t c l brr11.p R 5wix.r l i t e R Sciiss R r
S y i g e r t a K
Tccm Grouo l e l i i r r u s G - o m
LIB5 R Unaxis R
2.401.7LO 548,000
1,216,415 109.725 660,632 L27.0'50 507.61> 277,225 487,160
2,698,605 318,000 ',97,500
i .684,saa
598,800 748,!50
4,341,888 422,506 187,200 206,500 589,500 009,840
1.558.800
308 766 496.7hO
1,469 848 752.000
5,330,765 w . 4 0 0
6,098,279 600.000
2,220,330 7,827.4LO
635.550 4 i9 .100 232,959
1.496.445 337,200
1 . 1 9 o m 322,000 515.900 632,400
2,203,665 1,439,140 1,646,400 1 , 7 3 5 , a u ~
132,250 365.500
5.782.100 328.020
Total Swiberland 62,020,068 100.12
3.88 Total Equities 62,020,068 100.12
0.88 62,020,066 100.12
Total Investments 62,020,068 100.12
!,95 0.18
Transferable semurltles listed on an offldal exthango
0.69 0.82 0.45 0.78 4.36 0.51 0.80 ? . / 2 1.2:
0.97 7 .01 0.68 0.30 0.33 0.95 0.98 2.17
0.50
0.80
2.37 1.21
8.61 0.95
9.85 0.91
3.58 4.5b
1.03 0.68 0.38 2.42 0.54
1.92 0.52 0.83 1.02
3.56 2.32 2.6b
2.80
0.21
0.59 9.33 0.53
* Pcrcenrages dit. ruu ided . Conserlurr;:cy rlie t o l d m o u n t may d i l l r r f r om t h e sui11 (if :he perceniagrr i r d i ca ted .
46
Far East Equity
Shares outs tavdi r iy a t rhe beginnir ig o f t h e f inanc id l year
Number or shares sold
Number of s?ares ret lcci l led
Shares outs tanding a t t h e end of the f inanc ia l year
Net asset va!ue per share
Dividend shares
227,577.748
247.764.9W
23,6!9.:90
451,723.552
170.28
Capital isat ion shares
1.44i.243.136
1,392,320.533
344,2/0.260
2,489,293.409
117.92
lne ac:cinjai\,i. L .-o:er ' c . r a i ii:Pg:d. pa r t oi t kcsc f i rw lc ia ! s t a t e n o t i
US0
Statement o f Ne t Assets Assets 1nvestme:its 2: cL..re-t s.i.lcc' 482,098,070
as a t October 31, 2004 Tirrie deposits
Cast? a t hands
...
44,307,115
h i t c res t and siviccrids r e c e i v a b l e 404,639
Seri ir ' ty salcs r e t e i m k ' e 11 94,6 9 5
SJbscr ip t iors rece.va3le
Unrealised ya i r 0'1 ':.turps con:racts
Other assets
530,689,615 w Total assets
1,706,376 m Liabi l i t ies Taxes arid exueiises oayable
5,848,609
782,581 W
... rrJ L
LL Unrealised !oss 0: ext7;..-qe contracts 2,535,889
Tota l l i ab i l i t i es 10,873,455
Tota l ne t assets a t t h e end o f t he year 519,816,160
Statement of Changes i n Ne t Assets Total i e ~ &sets a r t n e n e g i r i ' r g of t h e year 241,071,653
f r o m November 1 , 2003 t o October 4 c t i n v e s t r e - i t i r ico- rc 3,837,706 3 1 , 2004
R e a l i d qa'-' oi l s3le o f investrner'ls 22,029,806
C A rre n c y ex c h r! I: y e Los s -1,090,626
Cbarige .I Jnrealised apprec id l ior~deprec~at i r l r : on '-ves:nients 4?,275,6&6
0 's t*i b:i t i o i i rr ai rl -272,251
Subscr'ot iois o i snares 266,452,894
R e d e v Y i i i ~ s o f shares -59,488,663
Tota l ne t assets a t t h e end of t h e year 519,816,160
Statement of Income Income B a n k i i i t pw ! 242,217
from November 3 , 2003 t o October 3 1 , 2004
I r icomc on por t fo l in
Tota l income
11,162,249
11,404,466
Expenses "Taxe c'ahnrincmcnt" 196,345
bj d r i 6 e in en t fee 5,815,260
Adl-inisrrat'ori I cc 210,831
CLstodlan fee 376,008
OthP- e x p e w s 968,316
Tota l expenses 7,566,760
Net i nvest m e r i 1 i 11 co in1 e 3,837,706
Rea:ised gain or1 salc or i r i ves tmen t~ 22,029,806
Curre.:cy cxchange 105s -1,090,626
Change i r i unrealised a p p r e r i a t i o r i : d c p ~ c c ~ ~ ~ i o n 01 i r i ves tme l t s &7,275,6&6
Net increase i n assets resul t ina f rom oDerations 72,052,533
47
Far East Equity
Portfolio
Nun!lrtu Srr ur i t 'cs Mawkel y o o f Vdll l? ,let ii LlSD assets-
Markel 'h of :.a1 Iir l e t ii Llsn assets'
I.dri$fcrab:e s e c r i t i e s li\!ec VI- an ofi ic'a r x c m n q e
Equi'des
Soutn IUorea 98.370 A.norcoac'Fc
773.L20 l l i l e B r r w q J Pref. 987,047 Kaiig:c.on L m l
665,700 Ko-ea Tobacco R ( i ivci-q
19,678 I u;tc Cliilsung t le , i? :dr~c
77.560 L o t x I:orifcc:'oi:ei) =-I 4.520 L o l l ? Cti'l jdqq Beverage P d .
If 11.520 Paci5c Coip. Prt.f
-cI -?
230.850
222,060 S!
S d m s m g Fire & Mdri'ic Insd-ance
19,243,431 3.70 7,184,564 1. j8
1 : , 0 2 ~ , 0 1 3 2 . i 2 Xi,433,85j 3.55 13,534,667 2.60
1,251,630 0.7'.
iL.227.208 2.74 792,354 0.15
13.73.<.46: 2.bL 6.268.062 1.71
Total South Korea 105,690,249 20.33 VI a A x r a l i a
L.312.875 DCA Giou;] 10,11!1,781 1.96 rcf 2,210.000 Ii-surance Au!,lrnlid Group Lto 8,897,553 1.71
LL 3,550,738 Macqcai ie A i i>o i l s 7,505,7511 1.U
465,866 Mdcqua-ie B a I r 13,776,410 2.6, 7,,lC,680 Paciiir. B i z r d s 5,961,760 1.15
125.181 P e i p e r d T,ii\lrcr Australia
801.689 Tcbcorp H o l d i y
422.500 Wesidrr icrr 455,3:? West ALs t i a lhn Ne-vspapers Ilo!d'nys
1.391.000 Wcr:fic,d Groti;' 1,?61,016 Woolrrorlri\
5.233.109 ;.01
8,982,283 1-13
10,Yb6,576 2.11 z,gn4./.oo 0.56
15,585,039 2.119 12,662,142 2.L4
Total Australia 102,655,412 19.75
h d i a
403,101 793.995 46 / ,500
261.600 786,400
5,000 727.684 659,600
59,600 283.400 l8/,200 34.3.700 767,/ .8/1 163,700
152,954
A\idr i P:in:r ( I i d i a ) Lt.(i
h p r i r i i t i o n B a l k Gail (India) Gail (Ind'a) GUK
HDFC B d i k
I IUtC L r i k ADR Huusii-q Develoumenl Fi,idncc
IllCl B d r k
ICICI Bank AUK I l i l m y \ Tcc ino .oq ie j
I .T. I . Limi:en I.T.C. Limited 6UR
J a m i u & Kasli1ii.r tld-12
Lsse.1 & l o u m Ldrscr 8 ToLbro GDR
1,380,000 LII: Ho:l:iriq Finai::e 7.85L.900 N a t i o x l IIlP.11 d( Pr lnc i
113,052 Ranbaxy Laboratories 151,100 Kalibaxy Ld!iorC:o-ics GDR
2,624.844 4.626.75i 2,010 56L
6,741,432 7.:93.137
i 7 5 . a ~
4 , 3 4 8 . ~ 10,272,431
939,296 11,1109,l I1
4,488.426 8,255.674 4,240,Lg: 2,986,8:L
2,753,112
0.50
0.89 0.39 1.30 1.38
0.03 1.98
0.84 0 . x
2.29
0.86 1.59 0.82
0.57 0.53
4,269.437 0.82 3,901,770 0.15
7.137.645 0.53 3,683,818 0.11
Total India 88,161,463 16.96
Sii-qapoie
11,363,372 Cor:ifortDelGro 919.000 I l a S P IL Nedvc
3,4?8,000 Pa.k:.-y Huld'ngs
6,89/..000 Seiiibcoip Loyi\:ir:, 5,876,600 SIA Eiqi i -eer ing
9,751.980 1.88
7,560,540 1.45 2,935,113 0.56 9,563,128 1.84 7,163,725 1.38
5.357.200 Si'igapoie AirDort Te in i i i a l Srr\,iccr 6,273,201 1.21
4,194,048 0.81 1.486.000 S'nqapore Press H d d i n g r L td
7,369,099 1.42
Total Singapore ~ . a i a , a 3 4 10.55
Maldy\ id
1.168.600 Bri t ish Aiver icar Trlbacco !3.992.419 2.69 4.99L.042 0.9b (86.600 Uyl I r iddrtr ies
6,628.084 1.28 9,800,300 P k s Lxp . r \ways
2,80:.450 Public Bank B r rhac 4.755.083 0.91
2.812.000 S:ar PLblicat;ons Md!dyj ia 4.772.1190 0.92
Total Malaysia 35.142.6ia 6.76
HO-lrj Konq
6.277.073 1.2:
540,900 Esp-it Hold'rigs 7,890.9L5 0.56
2,852.000 Hong K o ~ g Llec1r.r- Holdiqgs 12.751.LI2 2 4 4
110.400 Ki rn l r ro i Motor Bus Holdirigr 807,840 0.16 16,500,000 Oriel i td l Prcrs Gro.ip 6,094,686 1.17
1,093,000 I L P H o l d i i q r L td
Total Hong Kong 2a,azi,956 5.54
Tal c a r
8,505.210 Ckinatrust Fi.id:ieia\ Ho!disg 9,700,594 1.86 5 . m . a o 7 1.11
Total Talwan 22.266,au 4.28
6.814.356 1.31
I n d o i e s i a
75,854,000 B a l k 1nteirui 'ur :a l I i i c o i e s i a 1.3.33.691 0.26 50,987.500 Ramayma Le8:a.i S r r t o s a 4.762.569 0.92 1L.864.000 Tc.cromuiiikasi Iidorir.;ia 7,105.319 1.36 16,575.700 I l r i l c vc r I ncones ia 5.965.430 1-15
19,167,015 3.69 Total Indonesia
Tha i l a rv
3 , a o i . n ~ 0.7; g.071,oou BLI W O I I ~
895,000 PTT Exploration b: Prorl..ctioi - Foieig.1 6,930,717 : . 3 3 10,732,601 2.06 Total Thailand
United K'ngdom
1,472.600 Taiijo:ig L.999.0711 0.96 Total United Kingdom 4,999.079 0.96
P h i l i p p i - i r
26,413,300 SM Pi i i - l r Huld'iigs .3,516,17j 0.68
3,516,773 0.68 Total Philippines
I li i i ia
3,338,040 0.64
Total China 3,338,040 0.64
4.792.000 Pivp.cs Food I l o ld ing
Ne.v Lealdr:(l
84.588 0.16 245.141 Indeuende-11 Nwspapc -s
* P r - w i t a q c s are rounded. Ionseqiir.il ly t k c t o t a l a i i o L r t n:ay cliffrr f rom t h e shi'i o f the p e i r r n t a g c r indicated.
48
Far East Equity
Po rtf o L i o
N m b c r Srr.iiri:ies
Totrl EauWu 162.090.070 92.74
Transfenbla securities listed on an offldal exchange 462,096,070 92.74
Total I n v r m n t l 462,096,070 92.74
49
US Equity
Shares o u t s l a A i n g a t t ' i e beqinnir lg o r tt:c t i nan r ia l year
Nuinher of <hares >old
Number of sharp5 receemed
Shares outs tanding a t t h e end of t h e f inanc ia l year
Nc t asset va1L.P pe- sha-e
Dividend shares
417,766.034
58,3 L 1.4 14
296.598.603
179,516.845
91.00
Capital isat ion shares
5,603,786.066
2.322.67L.783
6,139,933.080
1,786,527.769
91.79
l l le ac:cili:,ayiiq - ~ r i t t ~ ~ an i iteg-a. >art of It e!.+ f-larcia! 5:a:c1~t5
USD
Assets I ~ ~ v e s t m e r i t s a i curren i va!iie 162,663,448 Statement o f Ne t Assets
as a t October 31, 2004 ... Time oeprisits
CEs.1 a t aank5 16,783,612
Ir.teresl d - d dividends r e r ~ i v a t i l e 359.511
5ec:ur'ty sz lcs receivable 384,611
=-I
... S e
Liabi l i t ies :axes di:d cxperses payable 358.46L m
S d x c r i p t i o r s - e c ~ i v a h l e 791.484
Ut-reZliser. gairi 011 rulurcs contracts
O?.,er asse t5
Tota l assets 181,175,516 w
112,850 .e
5eruf:y purchases aayable 75 3 Rcocii ipr ions payable 491,623
Unrealised 1055 or1 fuiurcs cont iacts ...
U--eal:sed ,oss 01 cxc!iange contracts
Tota l l i ab i l i t i es
...
850,162
180,325,354
Statement of Changes i n Net Assets 520,696,092
f r o m November 1, 2003 t o October Ne: '-$vestment iilcuiiw -665,9L6
67,930.106 31 , 2004
K c d l i w c g a i n oi l sa le of investrrier.15
C,i-ency exrkange gdir i 518,180
Ct-anqe :., d:ircalised appreciation:'de~irecial.on o r i n v e s t r e n 3 -40,055,142
UisrrihL:ioii p i d
S J b r i p V o n s of shares 211,870,656
Redenpt'ons uf shares -519,968,592
Tota l ne t assets a t t h e end o f t h e year 180,325,354
Statement of Income Income Bdrlk iii:ercst 114,635
Tota l ne t assets a t t h e end of t h e year
To-al ne t dssels a t t h e heginninq o f + e year
..
from November 1, 2003 t o October 31, 2004
Income or1 ;lurl;olio
Tota l income
5.134.039
5,2 48,6 7 4
Expenses tax^ d'ahor-ienlcnl"
Ka-ir!ger-ie.il tce
Acmin i s t ra r i o l fee
Custoaia,; fee
Orker experiscs
Tota l expenses
Net investment i n t o m e
Kca:;scd gain on sale of investments
Currerry extharige gdin
185,580
5,030,309
256,473
23,252
419,006
5,914,620
-GG5,9L6
67,930,106
5 in .180
C.id-ige iii urircalised apprec ia t i o~ /d~prec !a t i u r ' o- i r vcs t i ren rs 40 ,055 ,142
Net increase i n assets resul t ing f rom operations 27,727.198
51
US Equity
P ortf o li o
N d r b e r Secuii:ies Market 7; of Nur ibc r Seriiri:.e, Markel % of vall;e lie1 val i le I C t i n US0 assets* i i LIS0 ~is5c:s'
Trdnr+cvb le secu' t ies .'sted or1 111: o'ficial excl-Zrqe
Equities United States
78,000 A.Ltatc 25,600 Arr icr icai 1n:ernatioIal G:ci.:i
22,900 Air y ~ r i
37.100 Arrhem 38,200 a 195.900 L1
-7 53.L00
3 219,300 = 150,000
37,600
v, 15j,OUO
3 99.800
159.100
W
124,000
46,700 I l o i o x
?6.'1U0 CSX 188,700 E M C Coip. 87.100 Eris?lt,irc
76,200 Cxxor 64.200 Fmi - ie Mae 42,800 '15,500
167,:OO 31.300
45,300
106.300 58.200
'16.400 i m . 4 0 0
129,100
93.800
73,400 l/./t.lUlJ
219,500
39,800
150,200
704.600
74,800 Proctcr R Gai i3le
71,900 S<!'V+VZY 90.100 SI. Pni:l Travc.c-s C o i p i i - i c s
280,600 Sun Micioryslein\
1:4,7UO T.aiisocea.1 72,100 LJ.iileil Trr6nr l log'cr
70,200 \Val-Mart
81.700 \Vyet,i
1 4 , 7 0 0 bVi,li,irr \ Crlrrp>in:cr
Ca iaca
48,200 L a - r d i d r i Yx'oi-a! Rai,hays 2.605.210 : , 4 L
Total Canada 2,605,210 1.44
3,751,020 2.08 1,55(t , i76 0.86 Total Equities 162,663,448 90.21
1.300.720 0.17 2,982,840 :.65 Transferable securities listed on an offldal exchange 162,663,448 90.21
1,936.740
3,714,583
913,674
9,822,147
4.000.500 3,028.30L
7,948,820 5.295.388
3,056.311
5,501,880
1.07 2, 10 Total Investments m,fia3,448 90.21
0.>: 5 46
2 . 2 2
1.68
4.42
1.94 1 6q 3.05
2,549,820 1.41
98!,850 U.54 2.422.134 :.34 2,164,930 :.37
3,150,361 2.08
4,503,630 2.50
3,550,260
3,258,460 3,024.786
2,809.175
L.180,28&
2,366,238
7,63$,952
5,627,831
1,323,728
i.;165,148 2.734.270
7.81L.8'10
1,762.446
6,139,415
2,033,387 1,901,532
5,923,170
1.97
1.81 :.68 1.56
2.32
1.31
1.46 5.12
0.73 L.04 1-52
1.56 0.98
3.40
1.13 1.05
3.28
3,828,264 2.12
1,336,992 0.74
9.059.i96 1.70 1,27?,1:A O . / O 4,043.175 2.24 h,7?o,:hn 3.73
3,785,184 2.10
1,860,23/ 1.03
3,239,405 1.80
Total United States i60.05a.238 88.77
* Pc-cci-taqcr arc rounded. C o i s e q u e ~ t l y t h e to:al ziiiouril imy ci- ler lriirri t h c r u m ct t h e percentages i I d i ca red .
52
European Mid & Small Cap Equity
Shares outstandircj a t t h c bcg.r.iii i iy o t t h e t i iE i -c ia ; year
N m b e r of sharer so.d
Nurriher o f shares rpdrprr ipd
Shares outs tanding a t t h e end o f t h e f inanc ia l year
N e t dssct value per share
Dividend shares
10,393.764
8,800.781
1,402.287
11,792.258
67.2L
Capital isat ion shares
249,651.957
60.808.697
79,887.237
230,573.417
67.34
Tmie ac:cm:ma;l,q'i$ 'ic:er f:(r ?I- .l-:eqfal pa-! o t :ncrc y r i l r c i e l <L i i tvT iP- l t \
EUR
Statement o f Net Assets Assets Iwestineits a: c,'rc-it ,:alLc 16,396,411
as a t October 31 , 2004 Time dcpos'ts ...
Cash a t mn<s 14,827
I~1tcrcjt a n d c iv 'dc- lcs rccc ivzb lc 21,415
Secur'ty sales receivzb.e
Subscr ip t ion< rccc~~:aolc
I l v r P a l i w d qai - (iq 'Jti-res c n r t - a c t s
Other d<set>
Tota l assets 16,432,653 w
--- =-I ... CI ... S
D
.7
Liabi l i t ies Taxes anc expenses pzyahle 23,716 a m V Secur i ty pur t :hzw> 2 a y ~ b . e 84,719
R c d c i n p l i o n j payab.c
l lnrea l ised ~ O F S (1-1 5ti .w c:)rt-act5
Utireal isec Loss 0'- exch:lge contracts
Tota l l i ab i l i t i es
4.497 2
... rrJ
m ... E
112,492
Tota l ne t assets a t t he end of t he year 16,320,161 OZI Statement o f Changes i n Net Assets l o t a l r iet asset> d t :te t iegir ir i i r ig o f t h e year
f rom November 1, 2003 t o O c t o b e r 3 1 , 2004
N e t invcst r i ient i n c o w
ReaPscd g a i n on 5a.c o f '-.ves:nicnts
Currency excl-aqge g a i r
[ha-ige i r i ur i :eal iwd a p ~ i r e c i a t i n r . / d e r i r e ~ - i ~ ~ i ~ ~ ~ i or1 ir ivestrr ier i t5
D i s t w i b J t i o n x i d
15,135,838
-37,303 5 1,851,551
109.985 aJ 412,092 Q
0 -1,004 L
4.411.356 W
Subscr ip t ion< o f sbdrcs
Rer:err;ltionF (if sharer -5,563,354
Tota l n e t assets a t t h e end o f t h e year 16,320,161
Statement of Income Income Bank i n w e s t 8.163
from N o v e m b e r 1, 2003 t o O c t o b e r 31, 2004
I-.corrie ( i r i ;io-:.foIiii
Tota l income
323,685
331,848
Expenses ' Taxc d 'abonneincnt"
M a n a q e w n t fw
Ac m i n i s t ra t i o t i tee
C,itodid-: fee
O t h v Pxperses
Tota l expenses
N e t iri:.estr:ierit i.ii:orrie
Rezlisec. g a i n 0'1 sale o t investments
Ci.rre-.cy P x r h a r g P g a i n
C i- a I: '1 c- ''1 u 11 rea l iscd a p prcc i d t i o 11 :dc prcc i a t o 11 o r i 11 'its t : ~ n :i
Net increase i n assets resul t ing f rom operations
8,232
768.19 5
26,453
18,141
47,528
369,151
-37.303
1,852,551
109,985
L12.092
2,337,325
5 3
European Mid & Small Cap Equity
Portfolio
Nuirber 5ec.i-ities Market 'h of V<lL,V lIP1
ir EllR assets*
Trxs te iab le sec,i.ities l is ted o r a r of f ic ia l excl-ange
Eauities
U r i t e d Kinyco- i i
32,622 62.000 52.000 35.000
100.709 12.600 90.000 79.jno 10.',77 55.000
566.518 /45.000
1,240,000 4L.000 27.000
:15,72L 81.151 15,296
422,287 40,517
997,379 92,782
hvrv. i Lroi.p
Balfour Beatty PIC E?'/ Tccliioloq'es Findel Hydei Cors.i:ting
Intermediate Capital Group McRr idc PIC
bltCdl!tIy & S!IJI t'
YriiTrr PI AIIII~
Y l l P
Oystertec Pcarocl( G - ( u p Pi pex lol-i:iiLricat'ons
P,-eniier 0'1 R(iydI:~li.r L ~ 1 1 1 1 ~ 1 P,,
5DL P!c Srwr l G r r l u l ~
SOUI 5lhilo;ds t i ~ it (,i[]up PIC. Syger In te rna t iona l
5yne:gy Healtlica,-e
Ti'plearc Plc Venturc ProdJct'on
Total United Kingdom 4,759,943 29.17 S a G c - n a i y
ClJ 5.700 Ali'l) H o k i n g 156,180 0.96 2,900 Be1.i 17i.203 1.07 a 3,OUU Frcrcn'ur AG 198.900 1.22 0
L =I 9,600 (IFK 247,200 1.51 W 7.000 Grenl(clcaring AG 207.550 1.27
7,OUU ID5 Schccr AG 96.530 0.59 4,000 HR: MI.PIII thmeyei Pelei \e i l (.a:>it?l 220,000 1.3'5
45,000 Pl.ridrw 311,850 1.91 1,250 Phma 245,375 1.50
44,250 T a k d 330,548 2.03
277.535
242.240 141,188 713.176 210.339 190.202 198,992 746,078
65.0711 190.529 199,924 167,5>5 1L7.353 396,744 :34,678 :94,i93 756.7.30 241.25'5 229.620 201,345 290,917 329,130
1.61
1.LR 0.87 1.31
1.29 1.17 1.22 1.51 n.Lo
1.17 1.23
4 3 0.90
2.42 0.83
:.I9 i .57 1.48 1.41 1.23 1.78 7.01
Taka1 Germany 2.ia8.336 13.01
I re land
20,500 Anqlo Tr'sh Rark 1 4 . 5 7 8 CNG T-avel l i - 0 ~ 3
38,450 Graftor Gro1.p Plc
75,000 .I~;iys Uoyle Hote l GioJp
87,600 I l . i i l rd Uiuy
21.000 T<i'N\ 6rl)JlJ
Total Ireland
305,450 1.88
262.717 1.61 711.073 1.66
281.070 1.72 261.000 1.60 273,312 1.67
1.654.622 10.14
F r a - ~ c e
15.068 AIMI 3,000 CaimieJ 3,000 F o n r i a b ioLpe
17,754 Lectra
10.6 98 6.000 N t w l ~ i i \ l
S R Te le perfo i i i ia i i ce
256,156 1.57 226.800 1.39 222.150 1.36
88,770 0.54 320,400 2.01 183,:82 1.1.3
2,843 Vallouiec
Total France
275,487 1.69
i.5ao.945 9.69
Finldnc
4,250 K r i r l r d Lrw$ H 11 :: 23.8C0 0.15 17,000 Kei:i'ia Oyj :80,200 1.:0
287.YL:O 1.16 10,000 las5i.a & T'karojz 3,500 \okizr Rerikaat 297.290 1.83
23,000 OK0 Bank 231.840 1.42 15,OUO YIT-Yhtyma O y j 233.40U 1.43
Total Finland 1,254,430 7.69
Ttaly
8.527 Ainpl i fon 5pA 297,763 1.82 1/.6,8jO Cassa c i Rismrmio c i Fircnzc 77L.547 1.38
15.000 Me-loni t l e r t i o c o r i e s f c i 178.905 1.10 35,675 5oco;lierim 223,718 1.37
Total Italy 924,933 3.67
5w;tzerlaiid
1.250 Galenica Holding 162,757 1.00
476 Geberit R 242,929 L.49 369 H i c s i a i d Holding 70:,358 : . ? 3
4 3 . ~ 4 0 High l ish t Communicationr l63,1*4 1.00
Total Switzerland 770.988 4.Y2
Nr!:hcrlardr
8.640 Aa.bcrtr I n m s t r i c s 757,707 1.55 L,806 Fdyiu 292,685 1.79
12.950 U i i i x c Services GrOJp 708,154 1-28
Total Nethehnds 753.641 4.62
Dei-marl(
4,150 Cast Asiaric 6.100 hovozyines
5,300 Topdarmark
Total Dinmark
141,305 0.87 2L2.627 1.30 291.803 1.79
646.735 3.86
Spain
21,052 h i p Maofre 208,415 L.28 26,078 I nd i d Sis lk i r ids 303.026 :.E5
Totel Spain 511.441 3.13
S w c c n
20.000 D Ca-rcqic 159,!L7 0.98
20,000 L r l i - i y e 175,172 1.07 70,000 t i u ~ e b o 160,252 0.98
Tow1 Sweden 494,371 3.03
No IN ay
25,700 T2r.dbe.y 189,650 1.16 30.000 Visina 778.167 1.40
Total Norway 418.412 2.56
' P c w r t a q c i d i e rounced. Consec.iertly I i e tota. amount may di f fer t ro in tl-e sum of :hc pcrccntaqei i r c l i ca l rd
54
European Mid & Small Cap Equity
Portfolio
N tin: be- SecLr::ies
Portugal
9,852 Jeroni1;o Mart ias 9 0 . 9 3 3.35
Tot81 Portugal 90,934 0.56
Total Eqdtior 16,396,411 100.47
Transferable securlles listed on an offldal exchanas 16.396.411 100.47
Total Investments 16.3P6.411 100.47
55
Swiss Mid & Small Cap Equity
Shares outs tanding a t t h e beginning o f t i c f ina i ic ia l yeaw
Number of shares sold
Number (if sharps d e e m e d
Shares outstanding a t t he end o f the f inancial year
N c l Asset value per share
Dividend shares
:09,75:.000
55,272.111
12,178.000
152,845.111
70.63
Capitalisation shares
875,439.506
205,268.390
15,668.397
1,005,039.499
70.63
.~
Statement of Net Assets
25 at October 31, 2004
Assets . . ... . ~~
Investments a t cur-er: i,a.iip
Time deposits
Cash at !lank5
Tnterest and W d e i c s receivth.e
79,284,621
...
2,549.097
64.352
Sccurity sdles rccciv2b.e ...
Siihscrip:ions receivab.e
Unrea l i sed ga i r or' i - t i i r r contracts
Other assets
Total assets 81,898,070 W
Liabi l i t ies 1,ixes a n d Pxpnses savable 113,039 a a
- - - u Security purchases 2ayat .e
Rcderript iurs payab~e
l l n rea l i sw loss o r k t b r e s coii:racts
Unrea.iscd loss o r c x c - i d r w cori tracts
5,611 2 2
... a
... E v,
Total l iabi l i t ies 118,650
81,779,420 OZI Total n e t assets a t t he end o f t he year
T ~ i t d ' -,e- asset? ?+ t h e heg.i-n.ng ot the ycar Statement o f Changes i n Net Assets 66,055,201 2 from November 1, 2003 t o October 31, 2004
Yc: i 11 vcs !me 11 t i 11 CII 1-1 t.
Realispd l m s on 5a.e o f ' i ves rmen ts
Currency excl-a.igc loss
Cndrye i r i urireal'spd anprPriat'0n:depreciat;or: 0:' i rvcstn icnts
Dis;rihu:ion Fa'd
Suh ic r i p~ io r i s o f 5hares
Redci i ipt 'ons o f sl-ares
Total ne t assets a t t he end o f the year
-656.043
-177.354 Vl vl -7 ...
3 v) 4,361,718
18,464,766
-6,268,368
81,779,420 ~
Statement o f Income Income Bank in terest
from November 1, 2003 t o October 31, 2004
I.icoci:e uii por t fo l in
Total income
L72
794,020
794,492
Expenses "Taxe d'abonr.ciiicnt"
Mari jgerr ient 'PP
Ad m' 11' s t r a t i o ii tee
Custodiari fee
0:l-er c x w n s e s
Total expenses
Net investment incomc
RcdLisec Luss (in sale of invest i i ients
40,155
1,291,411
47,706
15,454
55,809
1,450,535
-65 6,04 3
-177,354
... Currerry exchange Loss
Change i n u i i m l i s e d appreciation:depreciatioi 0'1 '-:vcs:ricits
Net increase i n assets resul t ing f rom operations
'I, 3 6 1,2 18
3,527,821
57
Swiss Mid & Small Cap Equity
Portfolio
N - n b e i SccJ- i t icr
TranL'rianle secu i i f es l is ted on a' i o F c i a l exclia.iSe
Equities
S~?~ i t7c r :a id
19,600 66,700
6,900 7.300 3,215
22,500 11,740 79.500 1n.980 5.944 0.800 4,420 2,860 5,550 wi5
3.200 10,150
9,92L 5,050
12,500 24,029 18,500 16,700
2,700 31.7: I
28,700 55,000 20,676
100 70,900 3.3i5 4,800 3.715
31.000 1 . m
4,600 22,760
4.750 3 ,Ol i 5,600
630 11,070 4,590
19.521 10.000 47,500 ,5,000 15.600 10.000
360
Ai:rIiiiii R
Ascoin Hold'iiq N Rdchrr r i R
B x i y CdllebaL: K
Belii-io K Bossa-d Holding
Charles Vogele H o l c i i g
C k r ' x t K ( : [~ rmr i i~ i i Holding Feiii:ool I i t c r i a t i o n a l K Galcnicd Hold'riq
Gebei i t K Geo-q Fiscbcr (~ivauda-i K
Gui?-llebeilein B Helvet i2 Patr'a Hchc- i S u i i c - K Iiifcon K Ju.iLs R$r R
Knrrlrx
Koiiiax K Kudc.rki R
Kue lne & Nage. R KJoi i i Rcircn R
Lrrrjilecli R
LOIiZJ GrOJp R Mic.onar 5crri'~orirIi,r 101 R
N u : J ~ ~ R i u r a i r H Pavjeq.n B
Plo l1ak
Publ;gioupe R Rie:e-
Szia R,irqcr\ R
S c ' i a f i e r K Srhi- i r l l r r Hrlldiily
Sez R 5GS R
Siegfried K SIG R S'k? St-;iurridrir, Ho,il:r.y
Su l i c r R
5::i\\ Lire R
l e m Group
Tenienos Gro.ip II-idx:s R
Vontobe! R Y p w r n r d Hr i lc i i ly
Zelinder Group
Snurrr A(; AllJOll K
Marker c., o f N u - b e i Securities vdluc lirl i n CHF assets'
Llri;,rc Sta:es
30.500 Syri:lies
Total United States
3.891,nuc 4.76
3,891,800 4.76
2,685,200 :,0[17,215
460,230 529.000
2,013,675 1.54 1,250
500.711 1.287.900
702.Y22 1,260,128 1.353 200 3,44 /,600
822.965 4,004.114
861.875 608,000 873,408 774,072
1,691,750 368,150
2.162.610 671.550
3,615.550 1.225.800 7.3: 3.037 1,678,950 2,585,000 4,048,360
jso,ooo 2,658,750 1.172 573 1.52L.000 2 . 4 5 . 3 3 5 1.968 500
329 LOO
: ,162.950
639.556 3.b7L.250
422,100 1,254.400
1.64 3 : O 2.715 360 :,854,.360 7.q88.665
264.500 403.750
l,L9!.000 397,020 ~21.500
495,360
3.28 1.3L Total Equities 79,284,121 96.95
9.56 O.b Transferable securities listed on an official exchange 71,284,621 96.95
1.5L , oo ToalInvestments 79.284.621 96.95 1.111,
0.61 1.57 0.86 1.54 1.65 4.22 1.01 4.91
1.05 0.74 1.07 0.95 2.07 0.Lj 2.6L 0.82
4.42 1.50 2.83 2.05
3 . lb 4.96
0.46 3.25 1.43 1.86 3.04 2.L1 0.40 2.16 0.78 4.44 0.52 1.53 0.57 3.36 2.27 3.65 0.32
0.49 1.82 0.L9 1.00
0.61
Total Switterbnd ?5,392,&21 92.19
' Percentages a-e roundcd. (:o-i\rque-itly t h e t o t a l a i i o m t inay diffc: h r : i trir \urn o f t h e l le icentages i i id icatcd.
Global Equity (ex US)
Shares o i i ts tandinq a: :be beqinning of t k e f inanc ia l year
Number of s l a w sold
Number o f s'iares rcdccii icd
Shares outstanding at the end o f the financial year
Net assct va!Jc per +dIF
Dividend shares
2.800.000
2,250.24L
1,270.000
3,820.244
118.31
Capitalisation shares
3 6 1.29 1 ./1/.0
4L 1,OZ 1.965
317,774.961
424,538.444
120.34
Tbe acmi imiy inr ; ' iotes forn: an in tegrd part J' t ' - e je i n a i c a . s t J te r re i t s .
USD
Statement of Net Assets
d~ a t Octwber 31 , 2004
Assets Twes:inei-ts :t current value
TI ni e oe piisi ts
L9.674,292
...
Cash a t bzTiks 2,860,222
I - t e res t a* id dividends rcccivablc 90,492
Security sales receivable 197,683
Subscr;p:iuris receivable 125,563 - llvrezl iser. qa'n on futures contracts ... v,
3 ... Otlie, a s s e ~ s
X Total assets 52,948,252 a,
W Liabilities Taxes and expenses payable 6 8.W. 6
S w . r i t y pi-rc-ases payable
Redemptions payable
Unrca-iscd loss on futures contracts
Unreal'sed loss on exchange contracts
=-I 374.407
716.514 'f W
... - 748,696 -
1.4oa.473 rcf 9
51,539,779 0 Total l iabilit ies
Total net assets at the end of the year
Statement of Changes i n Net Assets
f r o m November 1, 2003 t o October 31, 2004
Toya t ne t assets a t thc beginning or t he yea-
Vc; ir!gestrrierit iriciiirie
Reaiiscd gain on sale of irivestrrienls
35,789,988 (J
228.951
1,285,240
Cuwwency exchange gain 1,764,035
Change i n Lnrealised appreciatiot1:depreciat'on on invest!ren:s 3,767,910
Dis t r i bA ion paid -712
Subscript ions o t shares 50,452,628
Relem; l t io is o f sharps -4 1,748,26 I
Total ne t assets at the end o f the year 51,539,779
Statement of Income Income Bank i n t c m : 5,689 f r o m November 1 , 2003 t o October 31 . 2004
I r r o m e 07 por t fo l io 1.147.392
Total income 1,153,081
Expenses ' T a x c d'abonrrement"
Management fee
Adri in:strat ir in fee
CLstod'an tee
Orbcr expenses
Total expenses
her invcstrr icr i t incuine
Reai'sed gain on sale o t investments
C.i--rncy excbanqe gain
24,126
775.153
50,417
35,745
38,689
924,130
228,951
1,285,240
1,764,035
C t i a :i ge i r l u r i realised a p precia t ion/oe preci a ti o n on i nve j t m e ii t s
Net increase i n assets resulting from operations
3,7 6 7,9 1 0
7,046,136
59
Global Equity (ex US)
Portfolio
N JnltJc- S i n r ' t i c ?
T tax fe rab le secu i t i es .isred 01- a r offic'al exciianGe
Markct c' .2 o t va,.ic ne: i-i U5 l l as rc t r *
Equities
U I i t e c K'ncdoni
116.400 97.299 95,224 84.732
126 589 47,461
141.400 92.300
- m 3 X 139.400
a l i0 .700 29.622
W
L1.388 9 7 * 417.496 3 443.382
-Total United Kingdom 16,316,904 31.67 w
Bar ia t t Uevelopments Br i t ish A i i i e i i c m Tobacco
BJIZ.
Uiageo Irn[!rria. T(ilrar-rri G r r i i i l i
Jo l i ns to r Press
Kcns i rq ton Grouz Miii:i\oi, Supr r r l a rke l s
N o i t i e i n Rock Recki t t Be - rckke i
Royal Bank oi S c o t l m d G-OLO
Signet G r o w
Tesco
(:arlhllly 51 tiwr:IIIr!,
1.079.175 1.L61.876
720,148 702,513
1,689,716 1,059.533 1,426,248
651.105 578.52;
1,775,721 810.874
1,217,132 812.774
2,331,568
2.09 2.84 1.LO 1.36
3.28 2.06 2.77 1.76 1.12 3.45 1.57 2.36 1.58 4.53
Aii\ii;<lid - 243.277 Insuiai'ce Australia Giotlp Lrd 51,294 Macquaric Bald( 65.860 Tdbcoip Holdings
-u 0 W 48,700 Wes'ariners
93,029 Woolwort i is
106,700 Westfielc Group
Total Australla
979.443 1.90 1,516,846 2.95
737,909 1.43 1,264.016 2.L5 1,195,488 2.32
929,745 1.80
0.623.507 i 2 . a ~
Spain
16,700 B a x o Popular Cspafloi 944.89Y 1.83 158,900 Eiaqas 7,001,074 3.89 6Y.900 Rrd E1Fi:l.ii.d dr EspdPd 1,3OC,ML5 2.52
Total Spain 4,246811 8.24
Japan
17,000 Uaito Trust Cons t iuc t i o i
29,000 Kao
49,000 R'coh
79 M'llea Holding:
717.205 1.39 667,718 1.30
1.04:.530 2.02 913.645 1.77
fob1 Japan S.340,OOS 6.48
So.ith KO-ca
5.6:O Ai rwepac i f i c 1 , 0 9 7 . 4 1 ~ 7.13 2L.300 Korea Tobacco 8 Ginsc rq 672,890 1.3:
1,060 I o:tr' C,ii!\iiriy Beve-+e 729.075 1.L1 1.060 Lu:Le CoYec t ione iy 668.477 1.30
Total South Kom4 3,1&?,867 6.15
Switzer land
2,150 K.ietinr IL Nat;eI R 387.116 0.75 567 Li-rdt & SpWg. ' Ce.:. 689.469 1.34
5.740 Nestle R ;.353,204 2.62
T O M Switzorbnd ?,*80&$ 4.71
Frapcc 1 . 0 0 0 BNP Paribas 746.503 1.L5
Nurnbc. SccLr'tics
11,700 CUP Asruraiiccs 79L,007 1.54 .30,000 M6-Yr l i(i1iolr TPlt.visicrri 779.258 1.51
Total France 2,319,768 4.50
T-1, Id 71 d 2 0 , 4 9 3 Aiiglo I r i sh R a d (
Total Imland
1,781,770 4.43
2.283.770 4.43
Brazi l
8.886 Banco I t a u Ho lc inq P-et. :,07b,518 2.09 7L,500 5iii.Ld C r u ~ 824.55'5 1.60
Total Brad1 1,901,073 3.69
1 11 d i Ij 26.300 HDFC Bank ADR '124.971 1.80
35,000 T.T.C. l i r i i i t c d GOR 840,700 1.63
Tom1 India 1,765,671 3.43
(lelman\'
3 200 Pum. 799,051 1.55 15,870 Rliocn Klinil(um 878.153 1.70
Total Germany 1,677,204 3.25
South A%a
68,100 Remyin L td 913.530 1.77
Total South AMca 913,530 1.77
Belyiu.ri
5.137 Colruyi 742,322 1.44
Total Belgium 742,322 1.44
Nethei .a ids
26,659 ABN-Amro Holding
Total Nmthmrhndr
635,847 :.73
635.842 1.23
Honq Konq
:12.000 Esprit Holdings 598,606 1.16
Total Hong Kong 598,606 1.16
Sii-gapore
492,900 Si iq 'porc Air3ort T c r m i i a l Scrv'cci
lob1 Wnmwrm
577,179 1.12
571.179 1.12
Sweden
126,509 0.75
Total Sweden 126,509 0.25
Total Equines 49,666,777 96.37
11,500 Swedish Match
* Pr.centages a-e i o m d e d . Conseqi.cntly t k c :otA airi i). int inray dif fer from t h e s.1n1 o f t h e percentaqcs i n d i c d t r d
60
Global Equity (ex US)
Portfolio
N m b e r Ser c r ' , ies B r r?l ' 5 ot V A L c ' le t 11- JSD n s e t s '
Rights
5.137 Culr.iyl /,,:5 0.01
Total Rights 7,515 0.01
Transferable securities listed on an offldal exchange ~ , m . 2 9 2 96.38
Total Investments ~ P . W C . ~ W 96.38
61
US Mid & Small Cap Equity
Snare3 outs tanding a t :he b q i n n i r i y or t h e t i n a r r i a l p i i t i d
Numie: o t shares sold
Nuinber o f shares redecincd
Shares outs tanding a t t h e end of t h e f inanc ia l per iod
Net asset value p e r j i a r e
Dividend shares
1.150.000
...
1 150.000
Capital isat ion shares
37,111.553
106.521
37,218.07d
_ _ _
Cdsh 31 ba-:ks
In te-est and divide:)& receivable
...
...
SccLrity sales rereivahle ...
--- A
... S
Sunir r ' i r io- is receivable
U-realised ga i r tiri fUtilrF3 corl iracts
Ot.ier a s ~ t 3
Tota l assets
CI
u * - ...
.._ w
m - - - v ... Q Liabi l i t ies Taxes a i r . pxperiscs payable
Serur' ty lii irchascs payable
Rederuptions payable
Unrealised loss (111 futures con t racx
...
... a - Ur>-cdl iscc Loss on exc'nange ct intrdcls ... k
... d 3,673,858 2
m _ _ _ Tota l l i ab i l i t i es
Tota l ne t assets a t t he end o f t he year
Statement o f Changes i n Ne t Assets Total r ie l assets a t t h e beginning o f + e year
from November 1, 2003 t o Decembet 1, 2003
Ne: i r ves tmen t i n rome
Realised ga:i (111 sale or invcstt:wnts
CL.rreinry exchdrige loss
-31.241
--- m -1.973 3
Chariqe i n urircal iscd apprec iat ion~d~prec: id t ;on on i i ivesti i ienrs
Dis t r i3ut ior paid
Suhscrip:ions o t shares
R e c e ~ s t i n i > o i shdrcs
...
10,010
-3,650,704
Tota l ne t assets a t t h e end o f t he year _ _ _ ... Statement o f Income Income Ba-.: ,n terer t
f r o m November 1, 2003 l o December 1, 2003
... I - r o r r i e on por t to l io
Tota l income ...
Expenses "Taxe d'abonnerrierit"
Man 29 c ti1 e 11 t tee
Administrat icin Tcc
Cusrocian tee
O:her expenses
Tota l expenses
Net i invest m eri t : r i t:oni e
Ked.iscd yd in 011 sale o t investments
Currcricy exchange loss
, -
818
26,091
3.286
1,046
31,241
-31,241
...
-1,923
C i a r g e 'I :inreal ired apprcciatioi.:de3rec'atior 01 irw5tr r rer l ls ...
Net increase i n assets resul t ing f r o m operations -33 ,164
63
European Value Equity
Soarcs oct5larldir ig a t r k e beginning of t h e ':ni.ri:;aI year
Number of +ares sold
Number or share5 -edeerried
Shares outstanding a t the end o f the financial year
Ne: asset value uer share
Dividend shares
5.L25.952
86,648.857
5.965.230
86,109.579
I l 6 . 9 5
Capitalisation shares
101,490.391
682 .O 54. b 3 6
97,928.971
685,616.056
117.14
Statement of Net Assets
as a t October 31, 2004
Assets Investments a t cd-en- ?'a!Je
Time deposits
84,669,247
-..
Cas6 a t banks 4,974,540
l r i terest and d iv 'de ics rew iyah lp 111 5,g 39
Sc c ti r i t y s a lc s iccc i >< a b .t' 832.221
Subscript ions recei)xb.e
Unrealised gai. 0'- rutt ires coi irracts
Other assets
Total assets
=7 ... CI ... S D
1,479,731
-7
92,101,684 W . . . .
Liabil it ies Taxes and expenses naya t le 113,381 W 3 a >
Serur i ty purckases pay3h.e 1,421,482 2
Recc.r3:io-.j payab.e 179,750
I l l r ea l ' j ed ,055 on 'Acres contracts
U-'-eal;sed ,055 01 exchange contracts
...
S ... a
W Q Total l iabi l i t ies 1,720,613
Total net assets at the end o f the year
Tota l net ?ssers a t t h e beginni i ig o f tbc year
90,381,071 0 L
11,094,131 3 W
Statement o f Changes i n Net Assets
f rom November 1, 2003 t o October 31. 2004
Net i n v c s t n c n l ircorr ie -50,526
Realisec loss nn sa le of investments -118,981
Currercy exchange loss - 14 5,O 1L
Ckariqe '1 Jnrealised appreciatioi1;deureciatio- 0'1 'qvcs:mcrts 1,326,086
Distr inul ior ' pdiid -270
Suxcr.pl ior.5 o f s:lares 90,195,226
Redemptions of shaves -11,920,181
Total net assets a t the end o f the year 90,381,071
Statement o f Income Income Bank inrerest 63,576 from November 1, 2003 t o October 31, 2004
TI-come on portfolio 603.695
Total income 667,271
Expenses "Taxe d'abonnement" 24,670
blanagement fee 604,880
A3rli:l ';tration fee 37,636
Ct.sroilar fee 26,596
O ~ k e r e x x n s e s 2L,017
Total expenses 717,797
het ir ivestment ; i come -50,526
Realised .oss 0 1 sa le o f invc j ln ier i t5 -118,981
Ct.rrc,icy cxch,inge l i iss -145,014
(:range ',i Jnrealised apprcciat ior!/ 'de3rec~ation n - ' rvestmenrr
Net increase i n assets resulting from operations
1,326,086
1,011,565
65
European Value Equity
Portfolio
Un':cc Kirgdrim
J49.100
792.87: 3 x . m
776.508 176.332 19:,330
422.400 284. io0 465.100
8 6 . m
289,000 L i 8 , L l l
: z i ,089
1,153.UO
1.305.135
97 900
Total Unlted Kingdom 42334.913 57.38
Q 0 Spair L 66.400 Akadir 1.910.328 2.11 3 48,350 B m c o Populat Lspal'o. 7,l$.liOR 2.38 W 445 Coinpaiia D is t r '~ur in1 Tri:rgr<l ~ i i y i i l - 15,833 0.02
451,180 Fridyh,, 4,466,682 4.95
751.900 Ked Llecrrica de EjpIli-rl 3.7i3.077 4.17 Total Spain 12,316,528 13.63
L2.800 BNP Paribdi L9.60U CNP hssi.ra?ces
8L,300 M6-Netropolc Tc!t,;iric-i
2,54768 3,7L2,388 1,7L:,196 1,8C2,883
3,424,312 3,5C5,535 3,349,387 1,575.492 1.517.395 2,087.951 3,066,691
2,548,289 2,199,391 1.765.257 5,305,372 i.9L4.604
2.82 4.lj L.93 1.$9
3.19 3-88
3.7. 1.74 1.68 2 . 3 1
3.42 2.82 3.10
1.95
5.96
2.;5
2,283,380 2 . Y 3 1,5;9,:60 1.75 1,721,406 1.90
Total France 5,583,946 6.18
S ~ ~ i t i ~ r i , ~ . i i l
5.808 Kueht'e & Nage. R 822.738 0.91
1,413 L'ndr & SprJiql i Ccrt. 1.350.733 1.69 16.280 'ic,,tlC R 3.0'7,:82 3.34
Total Switzerland 5,190,653 5.14
6er-nany
a,a43 K-ones 698.95: 0.11
12.450 Pun? 2,443,935 2.71 L2.994 Rhorri Kli-ikLi.1 1,870,239 2.07
Total Germany 5,013,125 5.55
I telat id 303,606 A i ~ l r i T-is1 Ben% 4.523.729 5.01
Total Ireland 4,523,729 5.01
S:,cdc,1
86.600 Svrn;kd H a i c e l s x ike'n " A 1,469,135 1.62 6L.300 Snecisn Match 556.072 0.62
Total Sweden 2,025,207 2.24
Marke: '", of ,'a.Je ne: i i CUR assets'
Bclqi i !r
11.L01 Coiruyt 1.943.355 2.15 Total Belgium 1349,355 2.15
Czec i RepLb.ic
/.,:00 P'l'lilt Hotr i$
Total Czech Rcnublic
Turlwy
695,500,000 Al(rigort2 1.750.245 1.94
Total Turkey 1,750,245 1.P5
Net ie rands
L5,386 ABN-Ainro Holdi iS 850,988 0.94
Total Netherlands W0.9B 0,M
(,.PPI P
45.700 OPAP 730,286 0.8:
Total Greece 730,286 0.81
Total Equitles 844A49.5'31 93.66
Rights
T o h l Rkhts
17.107 CoLruyt 19,673 0.02 19.473 0.02
Transfrrabb socurlties ltsted on an offldd cxcha#t U4,669.147 99.63
Total Investments 64,669,247 P3.68
* Pr-cer:lac;ej are roJidcd. Coisr i l t i?r i l ly :lie LoLal ai'1oLl't i i i q dit tc- trom t w stir-i l i r Lhe 3etcenraqes ind'cated
66
Defensive Balanced Portfolio (EURO)
Shd:cs outs tzvd inu d t %e beginning o i :be ?inz-.,i:iaL year
NJmber of share5 Lo!o
humaer of 5hErcs redeemed
Shares outstanding a t the end of the financial year
Ne! asset value pe' share
Dividend shares
250.411.499
6,601.708
3L.904.989
222,108.218
57.90
Capitalisation shares
1,261,171.185
n7.038.634
140.L87.311
1,207,722.508
69.34
Thc z w m p w j - n q ??ti'\ ,-:T- a r - i - : ~ r ~ l lid-I. of tiiese 'irh.lc'3. s t3 temTL
EUR
Statement of Net Assets Assets lnvcst inents a currei': I'~.JP 81.868.737
Time derio5its 10,601,008 as a t October 31, 2 0 0 4
Cdsh a t b a i k s 4,209,299
In terest arld dividenG5 re:ci.:Zb.e 47,970
Security sales receivrlblc ..
5uascriptiur:s ,ece'\'aale
LJrircalised g a i i (1:) '.itLres contrat.t5
Other asse:s
Total assets 96,764,212 w Liabil it ies laxcs a i d expp--se> p3yaS:e 117.049 - W
... n
... 0 e 3 37,198
10,327 0 15.605
cc -
... 0 CL Ur7re:lisec l o j s i i r . exc'.a--ge contract5
Total l iabil i t ies m . i a 7 96,613,425 rn Q)
Total net assets a t the end o f the year
To ta l ne: assetl d: tnc x o i n - . i r q or the year Statement o f Changes i n Net Assets 98,4L9,886 2 froin November 1, 2003 t o October 31, 2004
Net i n v e s t r e n t inco1-e
Realiser; 0 - szle of ;nvcs tme3s
C ur:e 11 cy exr b d c
L 1,730,571 a
513,031
-1,753,293 m 3.197.593 a, >
-186,668 '5; [nay y e iii t lnreal 'wc a~F.cciZ: ion~deprecia: ioi on i:lvcstmer:ts
Di str: 5 II t io r' pa i 0
SLbscript ioi ir of 5bd'c? 6.3&7,856
Redenpt'orls ot sha"?: -11,685,531
Total net assets at the end o f the year 96,613,425
Statement of Income Income B~I I )~ in terest 142.275
f r o m November 1, 2003 t o October Income on port;ol'c 3,037,747 31, 2004
Total income 3,180,022
Expenses "Taxe a'abnire;r;cn:' 48,727
Mariagci i ici i t fee 1,233,845
Admi:ii51.;1t;c.n re? 51,897
Custodial. f w 11,844
Orher expenses 103,148
1,449,451 Total expenses
1,730,571 Net i r ves tmen t i i ico. rc
Realised gain 01' sz le of ' I ' ~ ~ s L l Y t V 5 513,011
Currency excha ige L U ~ S -1,753,293
Chariye i n tlnrealisec app-ccid:io,l:'deprPciatiuri 011 i r ves tmen is 3,197,593
a,
Net increase i n assets resulting f rom operations 3,687.882
67
Defensive Balanced Portfolio (EURO)
Portfolio
Scci.i':ies Mark r val1.e , let i i t l l K m e i s +
T:aIslrrnb,c r c c x i t i e s !is!el; 111 21- ofi ic'3. ext : i ,qc
Bonds
2.000,OOU EUR 5.5 % Rc.Gi:iii (K'ngdriiii 11') 28.09.:1 2,277,122 2.36 3,600.000 E l l R 4.25 L tl.~-li.r>rib.;gatio,i 15.02.08 3.869.8,o L.01
3.000.000 LUK 5 ':I DLrdesu!)liyntioi- ll.OE.06 3,205,818 3.32 1,022,584 EllR 6.875 I Burdc?repLb.in 12.0'1.05 1,079.869 1.12 3.000.000 FUR 3.5 ?'b t19 15.10.05 3,039,007 2-15
:,000.000 3LV d ":: Ewofil-1; :1.12.06 573,731 0.59 - 5.000.0UU EUR 7.75 % Fra ice (Govt. or) 25.:0.05 5,268,815 5.44 2,'500.000 EUR 4 i'. Frarcc (Govt. of) "0.A.T' 25.04.09 2,6L5.775 1.14
E 5,000,000 FUR 4.25 p:, l i r l n r i d (Rep. of) 18.10.07 5,223,064 5 . L
3 L.ooo.oo0 E i l R L.6 P e a-id (2n;I. 0:) 18.0L.16 4,30:,397 L.L6
l8.10.05 3,037,034 3.:4 - 3.000.000 CU4 3.5 c:: I i e l x c (Kel;. of) 3,000,000 EUR 4.75 % Krcditan;t. f. V!iriicrau-m.i 18.08.06 3,147,372 3.2b
W
0 ~ . o o o . ~ ~ ~ EUR 4.5 t,, K.rili:dis:, i. V/'ede-aortJac 03.08.06 3 , 1 3 4 3 ~ 3 3.24
0 Lc
TotllBonds 40,608,681 42.24
Equities L 0 Un i ted 51nlr>>
L :8.600 26,000
U 3 5 , 3 00
W 16.400
20.400 !Z,LOO
7 mn
u c rrJ 2 ,. ""
rrs 9.800 m 48,500 1L,000
48,000 15.000
5,500
W 9.800
IY,600
13.300
aJ > 18,200
VI S aJ
-7
cc IZ.000
n
:a,Loo
65L.922 5LJ,120
65C.1YL
68/.,080 920.85: 808,600
718.015
404.234 708.52L 981.11h 835,278 479.605 602.453 351,562 716.576 223.034 671.055 970 4Rri
779,944
C.6R
0.56
0 . 6 i
3.7: 0.95 o.a4
0.60
0.42 0.13
1.03 0.86
C . 4
0.62 0.36
0.7.: 3.23
0.65
1.K
0.8:
Total United States io.soa.m 12.94
Ur1i:t.d Kirgdom
32,500 A5t:azeneca 260,000 h - i p ~ s r Grou?
85/,000 V o d a f o w
tr7.100 Glaxo!ii~:itt~K:ac
85,000 WPF G i o q )
1,0L4,869 :.OS 842,636 0.37
1,108.588 1.15
1,722,013 1.78
669,105 5.69
Total United Kingdom 5,381,219 5.57
Germany
78,500 DeL:s:l!e LuilPdr .,I 810.905 C.84 !,3L5.758 1.39
717.674 0.74 614.880 0.64
!,061,910 1.10
Tot81 Germany 4,561,117 4.71
Nor- i inal Srr 1iri:ics Market of 1) .IICiiL vai.ie ;ict I ur-cncy '11 EUR a w t s '
hc. t icr lands
979,802 1.01 56.600 ING Groep 1,1111.L50 1.22 30,600 P l i ! i ; h F,cctroi-ics 567,630 0.5g
;,L26,765 1 .41 33.500 Roy% Uhtch Pct7o!eur
114,196 Acgo:i
Total Nrthchnds 4.14a.647 4.29
r r a - i r r
72.000 Cir [-:e Sail-!-Gobair
:6.000 Si: i i i r incr Electr'c L4.500 Thoiiisar.
Total France
947.100 0.98
830,400 0.85
789,L?0 0.82
2.566.930 2.66
Spaii-
1.OL5.280 1.08
1,288,710 1.3L
Total Spain 2,333,990 2.42
23.500 Barco Pop>.dr Froaho: 81.000 Fridcsa
S5vi:zerlard
5,700 Vestle K 1,056.384 1-10 a 2 m i 0.85
Total Switzerland i.ae1.915 1.95
7.400 Zurich FS K
I t a l y
430,000 Telecom l l n ! i < 1,122,300 1.16
Total Italy 1,122,300 1.16
Iir dad
86.000 B&k uf I r e a n d
Total Ireland
924,503 11.96
924.500 0.96 ~ ~ ~
Nor :. rly
:L4,000 Telenot 8g8.810 0 9 3
Total Norway 898.810 0.93
Belql J111
29,000 I nBev 807,650 0 8 4
Total Bslaium 807.650 0.84
Firi,i.nd
725.400 0.15
725,400 0.75
60.000 Nokid
Total Finland
Total Equities 37,857,456 39.18
Exchange Traded Funds
Ur'ilru Sta:es
?3,000 iSPdre> MSCI S o u t i Koie.3 T.idcx Fund
Total United States
461,790 0.48 461.790 0.48
Total Exchrngo Traded Funds 461.790 0.48
Perceitager, drr roontlcc. Consequen:.y :lie 101n. iimoJ'li i i a y d ' f fe i i r o r r i t h e mi of t b e pe~ceT1l:ye~; i nd i cd ted
68
Defensive Balanced Portfolio (EURO)
Po r t fo Lio
Nomi ra l i n local c u r i e x y
Secul'iies
Investment Funds
h n a
40,000 HSBC 61t - Chirew tqL i ty
Total China ..OO5.:1S i.i)h
1.005.118 1.04
Total Invostmont Funds 1,005,118 1.04
1,313,508 1.30
Total Japan 1,313,508 1.36
T,i ifid.1
6,330 O m s M S C I T a ' w w
Total Taiwan
/12i.:i(2 0.4L
422.182 0.44
Total Structured Notes 1,735,690 1.80
Tnnsforablo rscurltles listed on an offldal exchanae si.saa.737 84.74
Total Investments 01,060,137 04.74
n 0
3 W W
0
0 cc
0 L1
e
. Pcrccr:agcs zrc roundcd. Coi isc~uert ,y :lie t o t a l ano i . i i t imay d i f e : 'rcm tl-e s.im 3' tne x - r i t a q c : ind'catcd
6 9
Defensive Balanced Portfolio (CHF)
Shares od ts ta rd inc a: t?P t ieyinr?ing o f t ' i e f i nan t i d l yea!
Nur iber of shares sold
Numtier o r shares reoeei-ned
Shares outstanding a t the end o f t he f inancial year
Net asset va1i.e per share
Dividend shares
L23,8L!.709
7,505.000
: 7.50LOOO
413,842.709
85.20
Capitalisation shares
411.276.697
55,079,147
46,430.057
419,925.782
89.34
T I 3 < . C ; - , F a r j . n q not?> i o r ~ n <I, .rregr;,L Da-: df . t ! ~ ~ s ~ ~ ~ . x z ' d jfc:cnnl!r:\
CHF
Invcstments a t i::i-reiil v a l ~ c GL.909,575
Time deposits
(Ash a t b z l k s 7,942.211
Irite-es! h i id dlv'dends rpreiv,ibie L1,652
Statement of Ne t Assets Assets
as a t October 31, 2004 ...
S e a . i t y sales w c i v a b l e ...
Subscript ions rereivahip n
Lnrea.ised gain oii f u h r c s co7trac:s
...
LL X
Other zsse ts - v
0 Liabi l i t ies Taxes and expenses :i<iyablc 83,542 .-
...
W Total assets 72,899,438
S w i - i t y pJrch;lscs payable
Rcdcv 3 ti o I- s p a ya til e
L!iired!/wd loss on tu t . i rw riir:t;acLs
Unreal ised (os< i iri exchdi iyc contracts
Total l iabi l i t ies
2,558 0 Lc
38,916 0 ---
L
W
...
125,016
Total n e t assets a t t he end of the year 12,114,422 u c
l o t d l ne t 2sse:s a t t h e beqir ir i i r ig o f t h e yea- 72,735,228 rcf Statement of Changes in Net Assets
from November 1, 2003 to October 31 , 2004
Le: i rceFtmer i l income
Redlised loss 011 sa le of invpstrrierits
ri.rrent:y excharge :ass Change i n ~r:t.a,ised dpprcciation:deor~r'atin-- 3.' .-',m:inei'ts
689,321
-106,848 m -825,576 a 680,347 *r
Ln
> Dis:rihution paid -311.881
5,624,127 aJ
n SLbsc4pt'ons of +ares
Redeiipt;oi is o f h a r e s
Total net assets a t t he end o f the year
-5,710,296
12,114,422
Statement o f Income Income Barik iri:ercst 61.653
f r o m November I , 2003 t o October Income on por:folio 1,739,110 31 , 2004
Total income 1,800,763
Expenses ' Taxe d'alruri i icmcnt" 36,679
I.:: I1 zg e n e l t fee 926,152
Acnin is t rd t io-1 fee 42,906
Cus!ocian ice 12,621
O:!.er expenses 93,084
Total expenses 1,111,442
N e t i nvcs t i nc r t income 689,321
R?a, iwd loss on sdlc o f invest1iien:s -106,848
Ct,rrercy exchanqe lnss -825,576
I t iz. igc i n urireal ised appreriation:oep:eciatloll on investments
Net increase i n assets resul t ing f rom operations
680,347
437,244
7 1
Defensive Balanced Portfolio (CHF)
Portfol io
Securities
1,000.0CO C H F 500,000 (:HF
I.~OO.OOO clrr 1,300,000 I H F 1,050,000 (-HF
1.000.000 CHF
500,000 CHF
LOO,OOO ciir 1.700.000 EUR
850,000 FUR
700,000 E l l R
700,000 EUK
500,000 THF
500.000 CHt
1,300,000 CHF 800.000 FUR
1,000,000 CHF
1.000.000 CHF
500.000 CHt
;,000,000 EUR 1.noo.ooo CHF
700,000 CHF
900.000 LUR 500,000 FUR
:,OOO.OOO CHF
800.000 EUR 700 .~00 IHF
500.000 CHF
~,ooo,ooo c i i r
joo,aoo ciir 1.u00.000 C l i i
500,000 CHF 500,000 (:HF
:,OOO,OOO CHt
500,000 CHF
2.375 2
3.75 3.25
3.375 4
1.25 3.125 L.25
L.25 5
4.25 3.25
3.375 3.5
L
4 1.375
:.?i 4
3 3
3.5 4.25
3.627
5 2.625
5
3
L.25
3.375 2.5
4.375
::" Atrocy N a t i o r a l 1 i e m . y ' i Ageiice FrdriCaisc ne Deve.o?.
I Alcadcrniska IItis % A.i!,!rizi (Reo. 0')
"k Austwia (Rrp. of) L!: ALstt ia (Rep. or)
% Bank N e d e h t l w Gcrnceitei:
% Baver'sc5e Lardesbk. Burvlcsubl iqat ion
' I tlLl;ilr.ir;lllgat'oi~
'% Bundeso>lic;dl i on % B.iidcsoh.iqatio-i ;C D e u t x l i e B n h i Fii7ance
% Dcu tsc ie B a l i - Fi.ln-iiib ci D~: i l $cbc Bank F ' x t i c e
"!" C1B -h EIB
h EIB
O,: Eurohypo % Fraacc (Govt. of) "0.A.T" % (Ienrrdl Flcct-ic
' i ING Veizekrrir g c i
"; I re land (Rep. o f i "iL l i e l and ( R y . u t ) % I t a l y (Re?. of)
Mar& 'i. of Numinal value ne( i i loca. ii- CHr a w l $ * cL.rreicy
20.06.05 18.02.10
19.0i.06
27.01.06 25.01.12
09.02.06
15.03.05
10.02.09
15.02.08
26.1:.01 17.02.06 18.02.05 2:.05.07 2L.08.06
79.05.08
15.01.07 05.02.07 21.1:.il
06.06.06
25.0L.09 29.17.06 19.01.07 18.10.05 18.10.07 10.01.06 04.01.09 07.12.06
?9.09.05
18.10.12
1,018,010 508,722
1,503,815
1.367.542 1,153,622 1,066.3iL
>09,800
43-,793 1,971,486 1,351.8:3 1.143,2L3 1.10i.979
528,882 527.005
1,402,600 1,298,505 1,089,833 1.105.4j8
503,303 1,617,469 :,06i,oao
ILO.133
1.392.495 798.267
1,060,107 1,363,813
136.123
520.233
1.039.417
1.40 0.70 2.19 1.88 i.59 1.47 0.70 0.59 2.70 1-86 1.57 1.52 0.73 0.72 1.93 1.78 1.50 1.52 0.69
2.22 1.46 :.02
1.91 1.10
1.46 1.87 1.01
0.11 1.43
Un':cl States
11.500 1 3,7ou
19 500
8.000 : L O 5 0
6,250 4,600 5,300
26,700
7,000 10,:oo
26,600 7,900 7,500
30,800 8,700 8.300
4,950 10,300
Securities
Snnk ot America Bel.sou1.h Rr i r to! Myers S q u i A Chevior.lrx,ir-o Corp.
I't 'g i o u p h r : r v t t
G m r r n l Dynamics (,e-l7yl-lL-
Ilev..ett-Pack;m
I B M J u t l s o n & Johnso-i !4:1 r i i r Tcchi;ology
Xorqan 5tar+y N kt> I r c
Oiacce Pfizcr
P 1 1 ) i t ~ & GarnSle Ut i i tet l T r i h iu lo r j i es
Wal-Mart
Mdrkc: ':?or valce n e t i n CHF assets*
618,867 0.85
432.589 0.59
S48,941 0.75 510.007 0.70 749.005 1.03
677,895 0.86
564.400 0.78 334.177 0.L6
598.607 0.87 754.835 1.03 108.4L2 0.97 389.767 0.53 48L.933 0.67 732,696 1.0: 605 390 0.83
302.612 0.42 510.78'. 0.70 5 5 2 . 0 3 ~ 0.76 667.276 0.92
Total United Stater 10,687,302 14.68
U r i l r t l K i q c o n i
,,ZOO Astiazerwr A 45.000 Conpass Group 14,800 GlaxoSi'iil t Kline
29.400 Tesco
17,000 WPP 6 i o u p 149.000 Vodaliriir
Total United Kinadorn
255.508 0.35 772,896 0.31 373,708 0.51 185,753 0.26
457.580 0.67 204.525 0.28
1.699.970 2.33
Geimanv 07.08.05 1,035,389 : . A ?
214,715 0.30 31.03.05 514,897 0.71 370.417 0.50
17.02.06 317.Y50 0.71 4.800 H a n r o v e i Kuei k<;rr<icbrrung 187,563 0.26
15.:2.05 535,090 0.74 140.963 0.19
15.02.07 1.058.167 1 - 4 5 267,538 0.37 04.11.35 538,146 0.7L
Total Germany 1,180,991 1.62 Total Bonds 34,204,057 47.00
13.600 Deutsckc Lutthansa 3.800 [.On
10,800 T- i f i icoi- Techrologies 3,000 5ie-iierw
Equities
SwirLrr lnrd
41,500 ABB R
3,100 C'ba 5 x c i a : r y h?rr- 'ca.r ? 16,400 I-edi; Suisse K 6,285 Hulc'ir R 4,600 5,570
42,200 ;5,000 10,/10
2,700 1.550
19,700 2.810
L u q i l ~ ( : i R
Nestle K Novartis R
Ric-ienwri. Cir Fir. R
Roche Hoid'rgs A6 s,.*.aIl:l (;?I 1:) R
S:/iss Re
UBS R Zurit'i FS R
378,100 0.45 255,285 0.35 671,580 0.92 402.240 0.55 za5.890
1,517,103 2,409 619
509.250 1.310.904
433.350 554,975
1,665,590
L79.105
0.39 2.:7 3.31 0.70 I .80 0.60
0.76 2.29 0.66
Total Switzerland 10,884,141 14.95
N r l hcr.and;
18,296 Aeqori 239.920 0.33 1 l.500 ING Gioep 36L.703 0.50 1,950 P5ilips E.ecr ior i r \ :11.980 0.15
6,200 RcyaL Dutc'i Pel iu le, i rn 403,572 0.56
Total Netherlands 1,120,181 1.54
France
190,801 0.26 2,900 I ' c de Sa'nt-Gobair
3, LOO Schre ide i Ekr- t - ic 2L5,896 0.34 9.800 Thornson 265,701 0.37
Total France 702,410 0.97
Spdiri
333,107 0.46 325,835 0.L5
4,YOO Ba;iUl PO:ill .dl Fsmho. 1 ~ , 4 0 0 Ct-desa
Total Spain 65a.942 0.91
A Pe,certages ai? m i i i : r d . Cunscqucntly t h e t o t a l amo1.i.t imy M e - '-un t 5 e sum ot t h e 3eicei i tayes ir:d'cntcd.
72
Defensive Balanced Portfolio (CHF)
Portfolio
Irc land
22,400 Ban< of I-e.a,id 368,027 0.5:
Total Ireland 36a.027 0.51
1ta.y
75,000 Telecom M i a
Total Italv
3G3.15L 2.42
303,164 0.42
RcIg'L.11
u.000 InBcv 755 ,381 0.35
Total Belgium 255,387 0.35
N o r m y
22,000 T e ! e w 205.870 3.2.1
Total Noway 209,870 0.29
Fin lmd
10.500 Nok'd 194Cl l j C.2:
Total Finland 194,016 0.27
Total Equities 28,266,406 38.84
hhange Traded Funds
II I, i I et1 Si d I Y,
11.500 i h r c s WSCI SoJth Korea Inccx F.iid 352,888 0.'.8
Total United States 352.888 0.48
Total Exchange Traded Funds 352,888 0.48
Investment Funds
Cl11-82
20,200 I lSBC GI1 - Cbicese LqLity 7 i 5 757 1 0 7
Total CMna 775,767 1.07
Total lmtstmrnt Funds 775.767 1.07
Structumd Notes
Japan
1,600 Opals KSCI Japan ijd8.307 1.35
TOPI Japan 91,307 1.35
Tai;van
1,180 Opalr MSCI Taiwan j iL, :50 0.45
Total Taiwan 324,150 0.45
Total Structured Notes 1.312.457 1.80
Transferable securities listed on an official exchange 6 ~ 0 9 . 5 7 5 8v.w
T O M Investments 6 z . 0 0 ~ ~ 7 5 89.19
n LL I V W
0 5 0 cc e 0 L1
Growth Portfolio (EURO)
Shares outstancir ir ; :t t n e Segirir>ing o f t h e f ina i lc ia l yea'
Number o f rnares sold
NLlmtier o f shares rerlccrled
Shares outstanding a t the end o f the financial year
h e t asset value ne- st ldrc
Dividend shares
:?,768.961
4,002.328
i.002.328
15,768.961
63.50
Capitalisation shares
74.448.677
1 7,7 34.19'1
12,654.865
79,528.006
64.09
T-,P ;.i.<oly5jJlyi- g !.":e: i 0 - n d-1 i - i t e ~ . a ! JJT: of i).?se fi:r i.iljl r:a:eic-slr
ElJR
Assets Investment5 a t c u r r e n t valuc 5,569,277 Statement o f Net Assets
as 31 October 31, 2004 lime oeposi is
Cash a t bd rks 408,428
1n:c:es: and dividci lds rp re i vdbk 5,617
Secur'ty salcs receivablc
Suuscr;$ions receivable 124.791 - Unrea!ised gz i i l on fu tures contracts
0;l-er assets
Total assets
...
... 0 aL
- - - 3 6,108,113 w
6,652 c
0 SecLlr;:y ptircliases uayab le 1,760 5
... 0 G Redenpt ions 3ayaole
UnreaPsed l o s s 011 tutures (:(intracts 7,101 e -.- 0 CL
Ur-eal ised Loss o r exchdr:ge contrat:ts
Total l iabi l i t ies 1
Total net assets at the end o f the year
Total r i d Assets a t t h e beginning of t h e y e a
Liabil it ies Taxer arid expenses [iaydblc
10,013
6,098,100 .c,
5,320.891 3 n
Statement o f Changes i n Net Assets
f r o m November 1, 2003 tu October 31, 2004
Net iiives;iT erir in ( 0 me
Rea:ised l o s s 011 sale o f irivesLi1ien:r
v 12.703 L
-152.766 c3 Cur re 11 cy exc h a rig e Loss
Charge ::I un-ealised apprccia:ion,'deprcria:iol 07 !.:vcsrne-.ts
-230,757
650,708
Dist r 'but ion paid
SLbscipt inns of shares 1,371,132
Redemptions of shares -873,831
Total net assets a t the end of the year 6,098,100
Statement of Income Income Bank in+p:esi 8,441
f r o m November I , 2003 t o October 31, 2004
Iii c o 1'1 c o r por t fo l i 11
Total income
112.924
121,365
Expenses " r m d 'abonierr ien l " 2,920
M a i i a q e m e n l fee
Adnir1is;ration fee
Cdstodizr. fee
0;L8er expenses
73.763
10,185
2,882
18.912
Total expenses 108,662
Net i nves tmpn l ii1colne 12,703
Rea.iscd loss on sale o f investments -152,766
Corrency exc-iange lnss -230.757
C' iarqe j.1 l inreal iscd appreciatinil:de3rec~at'n~ on i n v e s t w n t s 650.708
Net increase i n assets resulting from operations 279,888
7 5
Growth Portfolio (EURO)
Portfolio
N c n ber 5eculil:i:i
I idr i \ f r rahle secJi i l i r ' i l is ted o:n a- i ofr;cial excha.iyr
Eqdtles
United State,,
2.000 4.100 j ,200 1,oou 3.1 33 1.600
i .050 1.100 6.900 1,800 2,300 l i m o 1,800
YO0 10.000 2.200 2.000 1 ,400 7.400
Bank 111 America
Rclls0u;ll
B v t o : Myers Sqiiihh C- rwantexaco l o r l l .
Citig-u.ip
Gan-rrlt General Dyriamics Gcnzyve I l e d e : I-Packard
I B M Jonnror & Juhi iwn
V,iciur. Tcclii-olot;y M o r q z i S tar l ry
Ninc I i c Olaclr
P5zel
P-octei tl Lnvblc
United Tec th i loq ies Wnl-Mart
~~
Market ";c o f va!ue ne t i n EUk assets-
70.422 85.96: 58,941 83,424
109,281 ;04,336
8L.294 45,313
101.218 126,999 105,5i/
57,451 72.794 57,528 99,524 ~ 0 . 0 6 9 80,469
102,156 101.732
1.15 1.41 0.97 1.37 1.79 1 .7 i 1.38
0.74 : .66 2-08 y.73 0.w+
1.19 0.94 1.63 0.87
1.32 1.68 1.67
Total United States i,~m,oae 26.18 3 Unitei l Ki'iquom
4.800 As! in7cncci! 154.319 2.53 34.600 Compass ( I T O I I ~ :12,:35 1.84
9.400 ( ; laxoSmithKl i i r 155,301 2.55 91,Ouo Vodalunc 182,853 2.99 14,600 VJPP G r o i ~ p 114,928 ?.88
Total United Kingdom 719,536 11.79
W
Nethrr ldnds
18,352 Aeyon
7,500 ING G ~ o e p 5,150 Phiiips Elect;oiiir-i 5,400 Rnyal h t t h Pet iowi lm
151,460 2.58 155,625 2.55 95,533 1.57
729,986 3.77
Total Netherlands 618,604 10.47
Gc-iia,iy
11.000 Deutsc:ie L.ih tms: 113,630 1.86 3,000 E.01 191,340 3.11.
3,700 H d n r u v c i R.ieckvPisichcii.rg 94.498 1-55 10.000 TnEiieoii Techro l~ry ic r 85.400 1.40
7.300 Siemrrv, 134,705 2.20
Total Germany 619,073 10.15
Fra I: ce
2,700 Cie de Sai:rI-Gonain 2,200 S h n c i d c r Electvic
6,700 Thoinison
,16.235 1.91 114.180 1.87 118,858 1.95
Total France 349,273 5.13
5??n
3.400 B a x o Po[ii.lar Esoanol 151,232 2.48
MarKet % of value r e r i n EUR assrt5'
Nur-i her Secur i l i rs
:0,600 Endesa 168,646 2.71
Total Spain 319,078 5.25
I r e I a -1 d
!5.950 B i d ( ot I re land
Total Ireland
;71,463 2.81
171.463 2.81
I t a l y
58.000 Tclecon; M i d :51,3no 2.48
Total Italy 151,380 2.48
5 i t z e l l a r : i l
750 N e d 6 R 138,998 P.28
Total Switzerland 138.998 2.28
Norwdy
124.835 2.05
Total Norway 124,835 2.05 20,000 Te lero i
B r l q ul-
105.830 1.7L
Total Belgium 105,830 1.74 3,800 11-Bev
99,138 1.63
99.138 1.63 ~ ~ ____ ~ -~ ~
T o l l Equities 5,035,037 82.56
Exchange Traded Funds
Illl.tPd i l d t C S
51.198 0.84 2 550 i55ares MSCI Suuth Korea I n i l r x h i f l
51.198 0.84 Total United States
T O M Exchange Traded Funds 51,198 0.84
Invrstment Funds
China
L,600 HSBI (,IF - Chi iese Cqiiily :15,589 1.90
Tom1 China 115,589 1.90
115.519 1.QO Total Investment Funds
Structured Notes
Japa:n
i11,766 2.X2
Total Japan 171.766 2.82 475 Op2 s MSCI Japan
S A i t i r r la i -d
149,000 2.44
149,000 2.44 3 0 0 Barin Voi-tobel
Total Switzerland
' Percei:!ayr, arc rounded. C o n w l u c ~ t l y the to ta l n i i iuunt inay d i f f e i f inrn the sui11 of the perccntaqes iqd:i.aled.
76
Growth Portfolio (EURO)
Po rtf o L i o
Total Taiwan 46.687 0.77
Total Structured Notes 367.453 6.03
Transferable securities listed on an official exchange 5,569,277 91.33
Total Investments 5,569,277 91.33
77
Growth Portfolio (CHF)
S l a r e s o ~ r s t a n d ' - g a t t h e beq'- i i i i iq nf the f i iar ic. 'a~ year
Nurriber (if st ares suld
Number oL sl-arps - e c e r n r d
Shares outs tanding a t t he end o f t he f inanc ia l year
N c l assc l vdr:ic JCI s i a r c
Dividend shares
6.070.626
8.075.63L
7,810.265
11,335.995
65.04
Capital isat ion shares
160,257.431
: 3,134.428
9.909.401
163,482.458
65.25
Statement o f Net Assets
as a t October 31, 2004
Assets 1r.vest.ricri:s a 1 c t i r rcr i l vdiuc 10,697,292
T ' i i e ae1:osits
Cash a t h a - k j
I-- tert.>t i - i i : dividends recc'vdblc
S c c t i l ~ ) sales teceivable
...
719.865
15,794
...
... n
... LL I
Su hsrr ip t in i is rere ivab,r
U.lredl.scd sa:-l o i l ' ~ l ~ r c s contracts
Ot IP r a F?P t F 2,580 0 u
Tota l assets 11,435,531
0 Liabi l i t ies Taxes arid rxoerises pdydblc 12.1588 .- 2
Sccurity purchases payable
Reaeiiiprioiis payable
l.nrpa i w d l m s or1 f i i t u r r s c.riritracts
Liirca.iscd loss on exc l ia i ige contracts
Tota l l i ab i l i t i es 30,765 5 Tota l ne t assets a t t h e end of t h e year 11,404,766 3 Total :let assets d t the beyir>:i:riq u l the pcdr 10.812.809 0 Statement o f Changes i n Ne t Assets
f rom November 1, 2 0 0 3 t o October 31, 2004
N e t investme?t incoine
RPal:sed 05s or: sale o f ir ivrstrr irr i ts
-:1,224 0 -960
Cbrrericy Pxd idr 'qe loss -751,733
Cha,ige iii uiiieal'sed aopreciation:'cep.eciatioii oil i i i ve j tmen ts
D'st::b.:tiori IM~C
Scbsc,ipt;ons o t spares
Redpmption? n f shares
285,027
...
1.L13.953
-843,608
Tota l ne t assets a t t h e end of t h e year 11,404,766
Statement o f Income Income d d r k ' r terest 4.940
frorri November 1, 2003 t o October 31, 2004
Income on portfo.io 182,613
Tota l income 187,553
Expenses 'I;:xr tJ ~: ior iner : i r rY 5,685
111 4,156
17,137
5,306
215,493
19a.777
-11,224
-9 00
-251,231
285,027
Net increase i n assets resul t ing from operations 21,612
79
Growth Portfolio (CHF)
Portfolio
Market ':& o f Number Ser.i.rii it.! value ne: i n CHF assets'
Trdr i r fcahlc sccu ' t i c r i'stcd on an o'ticia. excbarge
Cquittes
S,:.il/rr d.111
l8.700 ARB R 129,404 1.13
930 Ci-x Sp~t-'d:y Cicrr icals R 5,660 l i e d i t Sl isse R 2,330 Holcini R 1.700 l.oq':ccli R 1,870 Ne5r.e K
15.410 Novartis R
n LL
76.586 0.67 231,777 2.03 145.120 1.31
105.655 0.93
525.678 4.64 875.911 7.73 186.725 1.64 452,880 3.11
1.000 5::atch Group R 160,500 1.41 2.300 S:.iss Re 169.050 1.48 1,300 URS R 629,990 5.52 1,390 Z.irir -I FS R 23E.995 2.08
Total Switzerland 3.938.271 34.54
0
0
0
1 c1
0
-7
cc
a United States
3.670 bank of America 19/,L99 1.13
/+,300 Rc.,routl 137,788 1.21 6,340 BrisLoI ye.!, Sqi.ilili 178,L/b 1.56 2,800 Chevro,itexaco Cor?. 178,502 1.57 5,206 Citiqroup 277,532 2.L3
3 L c3 L400 Garr ict t 239,192 2.10
1 ,: 50 (;er:r>rd Dyriarriitr 141,100 1.24 1,600 ber iyme 10C.867 0.88 9.200 He,dert-Packard 206,262 1.81
2,600 IBM 3,050 Jrlh.l\llr~ tL Jllt 11\011
10,200 Micro-1 lech- io loyy
2,400 Mo-qai Star ley 1,750 Uike I n t
12.100 0rac.e
2,550 Pfizcr 7,640 Pror i r r IL ( ; d r r i b l ~
1.600 United lec ino log ie ;
2.770 Wal-:Mart
280,367 2.L7 713.135 1.88 149.268 1.31
147,321 1.29 170,962 1.50
184,051 1.61 88,697 0.78
162.339 l.i.7 178.435 1.56
179.452 1.57
Total United 5tates 3,412,045 29.92
Unitet l Kingdoill
98.272 0.86 81.233 0.71 80,802 0.71 96,667 0.85
171,977 1.51
96,247 O.8L
Total United Kingdom 625.196 5.46
Gerl?iany
5,700 Drulwilr L.iPtlhos?
1.L20 c.01; 1,800 Hani-ovcr RJcckvcrsichcrcry 3,800 T.ifirirriri Trr h.irilriyirs
1,200 Siemens
Total Gennanv
82.097 0.72 136,419 L.21
10.76: 0.62 45.598 0.43
:07,015 0.94
447.390 3.92
N r l tmld- i i :>
1.137 Aegon '13.589 0.82 4,300 ING G-oep 136,367 1.70 1.700 Philips Elcctroi ics 34,021 0.30 2.500 Rriynl Dutch Pct-o:cur 162,731 1.42
Total Netherlands c26.7oa 3.74
F-ance
1,200 Cie de Sai.it-6oua'ri 1.000 Sch ic idcr Electric 2,750 1~.01.1sor
18.955 0.69 79.320 0.70 /'..jbl 0.65
Total France 232.836 2.04
Spa'n
1.550 Banco Popilldl E s p d i o
5,000 Encesa
Total Spain
105.371 0.92 ??1.>80 1.01
226.951 1.99
I rp lar l l l
8,400 Bank o'Ireland 138,010 1.21
Total Ireland 138,010 1.21
luor:\ay
11.000 l e le ror
Total Norway
:04,935 0.9?
104,935 0.92
Italbl
81,114 0.17 20,500 leleconi Ita.ia
Total Italy 81,714 0.72
Rclqium
1.800 InBev 76.616 0.67
Total Belgium 76,616 0.67
Fi,iia,id
3,900 Nr1ki.i
Total Finland
72,063 0.63
72.063 0.63
Total Equities 9,782,797 85.78
Exchange Traded Funds
Llnllcd 5lalrr
10?,8b/ 0 93 3,450 iSharrr M Y 1 South K o w i I n d e x Fund
Total United States 105.867 0.93
Total Exchanae Traded Funds 105.867 0.93
Investment Funds
Cli i ra
5,950 I 4 Y C GI1 - Chirese Equity 228,506 2 00
Total China 228.506 2.00
Total Investment Funds 228,506 2.00
- Pewcentages a-e roh:ided. Coisequent ly the to:al amount may c i t f c r t rom t h c sum o f :he pcrccrtages ;ri:lir-nted
80
Growth Portfolio (CHF)
Portfolio
hlnr4e: of ':711.' -le: ,? (-d: :!Ll!.rtSf
N:mber S c c ~ . r - : ies
Structured Notes
Japar, 340 0 : ~ n \ HSCI J m a r i 2!I.g15 1.8L
210,015 1.84 Total Japan
Sa'rzc-will ,. . 1,200 B z i r 'Irvitouel ( I 3.270 7.+0
Total Swimrland 273,270 2.40
T a i :.A!>
150 Om!? ,MSCI Taiwan 46.337 0.85
96,637 0.65 Total Taiwan
Total Structured Notes 580,122 5.09
Transferable securities listed on an offldal exchange 10,697,292 93.80
lo t4 Investments 10,697,292 93.80
81
Global Trend Financial Services
Shares outstaridir ig a t t he beginning rif t h e f inanc ia l year
Number of snares sold
Nuiiibcr or share5 redeemed
Shares outstanding a t the end of the financial year
Net asset value pcr skarc
Dividend shares
19.462.000
316.897
2,097.53;
17,681.366
76.12
Capitalisation shares
290,399.722
94,822.386
231,399.860
153,822.248
76.85
The a r c o r p a n y i q r ' o ' e ~ 1u:i-i A-i i-itP5-A :iiirt (!i ttrrr- f i i a l c l n . rtatcrrcltr
ElJR
13,084,863 Statement o f Net Assets Assets Ir ivcstr i ier i tL a t curreri t val i ie
as a t October 31, 2004 ... Time deposits
Cast, 2 banks 73.589
I i t e r e s t and dividends receivab1.e 40,384
Security >ales receivahle
Suhj r r ip t io i is receivable
Unrealised q a i i i on futures contract5
Other d w t s
Total assets
--- v, ... w
U
> a
Liabil it ies Taxes arid expenses payable 2 1 . ~ ~ 4 m a U
a - - - s
17,696 .- 13,216,532
d ... Secur'ty purchases payable
Redcriiptiorls payable
Unrealised loss on futures contrdct5
Unrea i red losr on exchange contracts
Total l iabi l i t ies 49,542 *K Total net assets a t the end o f the year 13,166,990 ~f
T r i t a l ne t asse ts a t t h e b e q i n n i n g o f t h e year 24,942,013
28,058 * -
...
aJ froin November 1, 2003 t o October K c t ir ivcst i i rent i i ic r i~ i ie 88.853 L 31, 2004 + Statement o f Changes in Net Assets
Realiscd g a i n on sale [if investments 447,130 - Currency exchange loss
Cnarge i n unrealised appreciat ionjdcprcciat iurl uri i r iv rs tmen%
D is t r i bu t i o i paid
Suhscript ions o f shares
Redeinptions of shares
-2,273,159 a 956,762 0 9
c3 d
-6,631
7,779,440
-18,767,418
Total net assets a t the end of the year 13,166,990
Statement o f Income Income Rank in terest 11,393
from November 1, 2003 t o October Ir .come on oor t fo l io 572.698 31, 2004
Total income 584,091
Expenses 'Taxc d 'd3o r ine rn~n t " 11,137
M 2 i agei i e l t tee 391,184
Ad i r i r i s l ra t i o r i fee
Cdstodian +e
28,937
8,250
Othe- experses 55,730
Total expenses 495,238
Net i w e s t in cr i t i r i c o 111 e 88,853
Realised gain on sale o f i r i ves tmmts 447,130
Cu-rency excl!a!ige loss -2,273,159
Change i n unrealised appreciat ion/deprcciat iori on i n v e s t w n t s 956.762
Net increase i n assets resulting from operations -780,414
83
Global Trend Financial Services
Traiisterab.e secu-ities .is:cc o r :r uff ic ia: c x r - k r
Equities
Ui- i tcd Statcs
3,966 5.b56
9,622 18.068
5.802 4,554
7
7.644 20 004
3.966 3.158 4.415 3.819
3,562 1,824
11,115 3.66'1 ?,!I03 7.:24 3,966 4.029 8.942 4,110
5.068 7.350 !.910
3,379 7,864
2.885 7.111 2,277
11.091
6,594 4,333 8.667
Allsta:c Arrr,ril nr, Ex:lrrsh,
American I n t e r n a t i o - a l Group Rai-I( 0- Arnv- i r? 8al:k of Neu Yo-k
BR&T Brrk!,.iire Hat1ia:;ay "A"
CII G r m p Cit iqroJp
EqLity OYicc Propc-t ic? T..i>: Equity Resident ia l F a r i ' c Mac
F i l l h Third Bnri lo-p
r:edcie Mac
Go:dinan Sacks GroLi3 JP Mnryan Ihase
Lil;co.n N a t i o i a l H . ~ s l i iL McLe l i l i a~ i MBNA
#e..oi F i t -anc id
Merr i l l Lyi-cl:
Met l i fc
Morvari StenlIJy Nnliri-in1 (:ily P N I t i n a n r i a i Services
S imor Property Group SI M
h u t - i t r J s t St. P a u l Travrlr.-\ ~ I I T - I ~ ! ~ ie \
Slate Street Boston
S t i ~ T r ~ s t Banrs US Bzrcor:)
Wachu.vi:
WLi< t, i riq I o r ' Mi11 .A \Vel!,, Fnryo
149.935 235,969 LY9.770
636.189 148,0Y5 1L7.176 132.463 83,973
697.753 87,673 82.795
243.475 147.680 186.L9L
14:,068 4lb,l84
126.058 8L.867
;4.3.538 90.104
170.846 269.585 165,072 155,761
(16,620 87 ,568 L20.216
98.097 77 021
98,844 125,982 2 4 9 4 ~ 1 2 5 ~ , 0 9 3 :31.858 406.897
1.14 1.79 ?.LO
4.83 1.17
1.12 :.01 O.6L 5.30 0.67 0.63 1.85 3.12 1.L2 1.07 3.17 0.96
0.64 1.09
0.68 1.30 2.05 1.25 1.18
0.73 0.67 0.01 0.75 C.58 0.75 0.96
1.89 1.9L
i .00 3.09
Total Unitrd Stater a,-$& 62.79
Ilri"r11 Kirrydoni
11.32CI Barclays 255.398 1.9L
33.448 HR05 351.463 2.67 +0,?15 HjBC I lo lc i rqs 637.662 4.84
6.452 Land Scc,i-itim (irniii; 1:0.871 0.84 3,667 M d r i ( ~ 1 1 1 1 1 ~ ~ 69,035 0.52
:4.771 Koya. Bank o' Scotland G-OL[I 329,970 2.51
: -- :t$,32 Total Unfttd Kingdom
Swifze' lmd
4.587 T-Cdi' Sui!,se R 122,902 0.93
2,106 S;.i>s Re 1oi . iaL 0.77 8,014 UBS R L52 .5 :9 3-44
684 Ziirir:h FS R 76,306 0.58 Total Jwibcrland ,,..',,..>:*E 8-22
\ 11r1 her 5ecLr:ties i.!arrct " -," \,?llll* -le1 i r i EllR assets'
J a m 1
:0 /*lil!r? Holdings :03.643 0.79 28 V,i..s.iljis.i' l okyo l i i a n c i a l 186,558 1-41 54 K'zalio Fiiiancia. GroJp 163.504 1.24
12,836 Nornura Ho.dirgr 123,534 0.94 ! .OOO URlX q z m c . 0.70
Total Japan 669,259 5.08
s[lnll
19,642 B a i c o Bi lbao Vizcaya Arge i ta r i a
26,370 B a i c o 5a:itander Cent-al Hiraano
T h l Soain
?L1,5(16 1.84 230,736 1.75
472.334 3.59
NF: t i r r l m l s
9.065 ABN-Ai.iru H n l i l i r g
9,423 IVG Groep l!..;lY Aegon
Total Nmthdandr
1b9.969 1.29 07.117 0.74
195,527 1.48
462.613 3.51
Fra-ice
9.179 AXA 15L.850 1.18
5,230 BhP k r i b a ? 279.020 7.17
Total Frannn 433,870 3.30
Austra.;a
7.687 I o i i m o n c e a S h Bank o t ALstral'a 144,893 1.10
9.130 National Australia Bank 151,559 1.15 12.845 Wcvtf ic ld Grocli :13.139 0.86
TOW Australia 409,591 3.11
Canada
5,068 Mci i x l i t c Finanr ia l 4,760 Roynl B a r i t o f Ca-iada
Tetrl CIHlda
185,788 1.41 174,068 1.32
359.856 2.73
H u r q Korig
18,000 Chcunq Koriq H r l l d i I y \ 117.267 0.90 :u,000 S J ~ I Hi.r:y Kdi P.opertie; l i 6 . 3 5 3 0.88
13.500 W r g I la ) ig Bank 72,607 0.55
TOM Hang Uang m 6 . m 2.33
Grrrnnry
1,347 Al l ia- iL 1!1.896 0.85 1.744 Dc.itschc Ri i r re 68.7/8 0.52
1,174 X(:r I tmerier Ruckversic l ierwg 90.022 0.68
Totd Qmany ~70,196 a,05
I t a l y
3U.328 UriiCrt.i:ilu l l a i i a r o
T d hlv y27.651 0.97
127.6¶1 -0.97
Perccntagcr i i r r r(r.i-.ded. IorseqtieP;.y t i e tota. arno,irit rriny di f fer from t l e s t i i i i o t t h c pcrccntnyr!, irldica:ed.
84
Global Trend Financial Services
CAy1'la:l I \ ITC\
7 . 0 ~ 0 XL Capiral '.l(i.7!<? 0.88
Total Caynun Islands 116,269 0.88
Total Equities 13,084863 99.38
13,084,863 99.38 Trandenble rccurltles llstrd on an offldal exchange
13,084,863 99.38 total Investments v) a, V
> -r
L
Pe-centaoes a r ~ rnuridcc. Cunsequenr.y :lie toral a ~ i i n w t inav d''fcr i r u r t i e 5 i . n c t :lie pe i cenages irdicdfed
85
Global Trend Information & New Technologies Dividend shares
Shares outstaridir ig d l :t)e begir lr l l r lg o f tt e f i r l d r l t i d l yedr 47.236.000
Number of s i a r e s sold 794.000
NumhPr nr snares redeemed /I 432.000
Shares outstanding at the end of the financial year 43,598.000
Net asset v a h e ner +are 27.57
Capitalisation shares
518,457.517
19,625.350
:44.301.820
393,781.137
27.57
T:ie accom3a.iyino io tes forn. an inteyral part 3' t iese i l i a 1 ~ 3 . itatere1:s
EU R
Statement o f Net Assets Assets I r ves rmen ts ct current value 11,818,473
as a t October 31, 2004 .-. Ti r i c deposits
Cash a t banks 261.0L5
I n te res t arid dividerids receivable 3 . m
Sen.rity sales receivable
S t~bsc~ ip t i o r i s receivable
Unrealised gain on fu tures contracrs
O t w assets
Total assets 0 0
..~ 1 W
Redemptions Dayable 3,435 Q, --. + ._. 3
12,083,356
Liabilities Taxes and expenses payable 1 ~ 3 1
Securi:y purctidses payable
Unrcdl ised luss or1 futures cnntracts
LJnrea.ised loss on exchange contracrs cu To t a l l iabilit ies 23,246 2 Total ne t assets a t the end of the year 03 12,060,110
liitai r e t assets a t t h e beginning of t h e year i a . o i i . 3 3 2 S
Statement of Changes i n Net Assets
3 1 , 2004 1,837,790 'z f r o m November 1, 2003 to October Ne: i r ivestmpnt income -247,300 0 ReaLised aa i r i on sale o f investments
-766,400
-2,759,OL3 L
Cdrrency exchange loss
Chanqe i n urirealiscd apprecidtior1:depreriation on investments 0
--- Lc
H
Distributiori paid
Suhscript ions of shares
Rederripticlss (Ic shares
Total net assets at the end o f the year
625,119
Tf
aJ + from November 1, 2003 l o October I r i tor r ie ciri no- t fo l io 45,477
-4,641,388
12,060,110
Statement o f Income Income B a r K :,iterest 1,858 L
31, 2004 Total income 47 ,335 a
9 0 Expenses "Tdxe u'abonnement" 6,689
Management fee
Ad tiii r i i s t ra t ion fee
231,990
23,690 a
C x t o d i a r fee 3,355
Ottie: expenses 28,911
Total expenses 294,635
Ne: i :-vestmcnt income
Rcd.ised qain ;in sale o f investments
-247,300
1,837,790
C J w n c y cxctiangc ioss -766,400
Ctia.iye i n i inreal ised appreciat ionicepreciat ion on irivcstrverits -2,759,043
N e t increase i n assets resulting from operations -1 ,934,953
a7
Global Trend Information & New Technologies
Portfoiio .. . .
Ntin: bel Secuiit'es
Ilansfera31e securities Psted 011 an o t t i c i d exclianqc.
Equities
LJ- i i t t .~ S:ales
63.500
18,800 2'1,100 10.000
30.000
19.uou
18.900
v1 aJ
0 7
m 22.400 18,200 68,000
48.400 8,012
30,021 .J,[.UU :8,000
48,260 Y2.400 34.000 15.500 19,900
Ageie S y s t e m
Aqi lent Tccl-noloq'cr
Anii:(ri 5
Ana.og Devices
ApJliec t h t e r i a l r AT1 Ti,( riiio,i)~ir~
(:ei'iIi;r T i w l Syslems
Ue.1 l o i i m t e i s
E?'K Corp. Hcr\.rl .-Pdr.knri:
lHX M e . Corp.
,:atl.l 1:irr.ii'I
ir,icror Tecl i ro loqy
Xicrusof: Ihnt It. Seagate Teciino.ogy
Sro-age Teclino.ogy
Xewox
K a i s e t ?, of value n e t il! t U K assets'
60.4U3 370,369 488,350 316,491
379,702 269.604 250.29'1
338,276 5U1.625 687.992 709,991 566.701 525.347 256.086 y72.352
106: ,146 9 1 Y . 6 0 ~ 337.84X 329,240 463,286
A,i\:iid
8.000 i \ . i \ ' i idil i i( .(1!,~!,1e'i15 162.267 1.35
162,267 1.35 T o b l Austrla
0.50 3.07 Total Equities 11,818,473 98.00
4.05 7-62 Trnnrferable rccuiiticr listed on an omcia1 exchange 11.818.473 98.00
3.15 2 ,24 Total Investments i i .818.m 98.00
2.13 2.80 L . 1 6 5.70 5.89 4.70 4.36 2.12 1.43 8.79 1.63
2.80 2.73 3.84
Total United States 9,010,719 74.71
Si\ eden
363,200 Ericssoi
Total Sweden
826,891 6.85
826.891 6.85
J"1'"l
35,000 Hi l?<: l i i72.825 1.43
6,300 Kyoceia 358.656 2.98
4.000 Toryo E lcc t ro i 170.271 1.L1
Total Japan 701,752 5.82
Net I1 e i l a 11 cs
44,000 ASML H o l d i i g 491.480 4.08 Total Netherlands m.t,ao 4.08
Fiancc 31.900 51 Flicioelection'cr 460.732 3.82
Total France 460.732 3.82
(iii,i,i
1,000,000 S e m i c o M L c t o i bnutac: . i - i iq :6$,632 L . 3 7
Total China 164,632 1.37
88
Global Trend Life & Health
Sharp5 outs ta ' ic i i ia a: t ' i e Serj i i ininr o f t bc r i r i a i c ia l year
Ncniber of shd:es $old
Nurriber o f share5 redeemed
Shares outstanding a t the end o f t he f inancial year
Net asset v a m 3er s b a w
Dividend shares
22,988.592
2.242.121
249.079
24,982.240
50.47
Capitalisation shares
226,088.605
43,501.100
55,132.763
214.456.942
50.L7
Statement o f Net Assets
as a t October 31, 2004
Assets 1iivPst'i;ents a t current va lue
Tiiiic deposit3
11,132,532
- - .
h s , i a t banks 942.112
I r i v - e s t and dividends receivable 10.886
Set:iirity sales re te ivahle -..
-.- 1 Subscripl ion3 rcccivdble
I l r rea l isec gain on futures contracts
Other assc!s
-.. 4-l
aJ 17,059
Total assets 12,103,189 I Liabi l i t ies Taxes and expenses payahlc
Sccurity purchases payable
ReUcrii-rLio.is p,~yatile
U'-vcaliscd Iosi or' fu tures contr?.ct i
l lnreal isec 10s; on exchange coriLrdc:s L
Total l iabi l i t ies 17,852 a) L
12,085,337 + 12,550,205
Total net assets a t t he end o f the year
Tota. - e t assc:s a t Lhc begir ir i i r ig [if t i p yea- Statement o f Changes i n Net Assets
from November 1, 2003 to Octnber 31, 2004
Nc: i n v e s t w r i t iricnrne
Reaiised g a i n 311 sale o r ir ivestrr irnts
(U -126,728 9 247.414 9
CJ-rency excCa.ige :ass -946,041 a Chaige i n unrealised apprcciaLio~i/depreci,l:icl-- ( in ;nves:nerts 788,940
DisLrib~:iiiri pa;d -..
Suhscri:)rio*is o f sharcs 2,479,079
-2,907,532 Redei-ipLiorl> or shares
Total n e t assets a t t he end of the year 12,085,337
Statement o f Income Income Bank in terest 7.681
f r o m November 1, 2003 to October 31, 2 0 0 4
1nco:rie on por t fo l io
Total income
131,557
139,238
Expenses "Taxe d'abont:enieiiL" 6,304
Maiagement +e 211.298
Adiii ' i!st+aLior' Ice 13,907
Cu>:ocian %e 3,189
Other expeises 30,668
Total expenses 265,966
Net investi ie' i : income -126,728
Realisec gair- url S I P o f investments 247.414
Cur-ei:q exctid i igc loss -946,041
Ckansp ir L-nrealised appreciaLior1:depreciatinn on i w e s i n e ' 3 t s 788.940
Net increase i n assets resul t ing f rom operations -36,415
89
Global Trend Life & Health
Portfolio
hii-riiirr SecJ- i t ier M x n c t uf \ur.i:l+r Sri.u.il ier Marke: <:: of *dlllI' -le1 m ; u r I,?'
ill ELlR i.ssets+ i-i ELlR ajsefs-
Ut-ired Stayes
13.549 1,270
10,507 1,254 2 , 0 / 1
2 000
6.000 c, d
m 4.253 CIJ 4.200 1 1,>5C
9.047 OZI <,no0 a 7.565
3,840
12,582 1: ,13 1
2,400 471 E 1L,893 + 11.759
d 12.000 m 6.571 9 1.434
7,912
cc
U S
0 d
c3 5,121 12.81s
1.Y5j
45/ ,417 1/..8L7
460.162 79.259 84.481. 73.393
166,503 156.305
96,954 77 . j76
3 2.2.8 16 :08,895
1 v . 3 3 5
110.879 582,033 515,279
50.300 12,Llih
598.389 266,578 661,482
92.867 86.318
13 2,5 17 291.L67 j99.539 119.2L7
3.78 0.78 3.88 0.66
0./0 0.61 L.38 1.29
0.82 0.64
2.68 3-90
1.li
0.92 L.82
4.26 0.42 o.:o 4.95 2.22
5.47 0.77 0.71 1.10 2.41 3.31
0.99
total United States 6,246,097 51.68
U C e c Ki iqdoim
18.238 A,;tr,inAr rid
35,:33 blaxoStiiiiIiKLine 8,500 S t i i i t i Neplic.:
Total United Kinadom
586.348 4.85 580,L47 4.80
56.626 0.41
1.Z23.421 10.12
Scit7r.r d-111
9,/'.9 h(l%3:::5 ~ 361.228 3.01
8,563 Rocl-e 1o.dii-qs AG 685.180 5.68
Total Switzerland 1,050,006 8.69
Netl-er lmdr Ant i Irr,
7.617 Letiman B i o t i e r s SecL.r':icr
Total Netherlands Antilles
501.281 L.15
501.281 4.15
Total France 555.354 3.17
341,136 7.83 86.394 0.71
427.528 3.54
Deilva,k
3.839 Novri-Nri,tl'hk 149,573 ;.2L
Total Denmark 149,573 1.24
TomL Equities 10,053,262 83.19
Warrants
1,025 B a l k V o I t o b e l (Werck) 75.382 0.21 6,800 B a n k Von:ohc. ( P t i i r r j 152.353 1.26
l*.000 :P Moiyan I n t e i i a t i o w Ilei%ar'vej (PTzei) 34L,'3?7 7.81 13,000 Xorqai7 Stcnlcv (Jc-rry) 48; 434 3.98
163.000 Sor.irlr (iPr1Piale Acceptat'ce 78.4/9 0.65
Total Warrants 1,079,270 8.93
Transferable securltles listed on an offIda1 sxchango 11,132,532 92.12
Total Invostmsnts 11,132,532 92.12
90
Global Trend Food & Beverages
Stidres oiitstr!r.,i!irig a: t i r 3eginning o f t i e f inanc ia l per;oc
Nurriher (if sha:es sole
N u i i i m o f shares redeeiiiec
Shares outs tanding a t the end o f t h e f inanc ia l per iod
Net asset value 3er s i a r e
Dividend shares
:0.630.000
...
10.630.000
Capital isat ion shares
60,711.046
...
60,711.046
._.
...
Statement o f Ne t Assets
as a t December 1, 2003
Assets Inves t r i e i t s a t cdrrei i t value
T i r r i r depnsits
Cash a t ballrs
1 - l c rcs l a:id d iv idcrds receivable
...
...
Security sales receivable
Suhscr:p;ioris ieceivat)le
Urrca l iscc y a i l on rulurcs contrac ls
Other EsseTs
Tota l assets
L iab i l i t ies Tax@> drid expe:lses paydtJ!e
SecLrity 1pi:rcliases payable
... > W
... m Receii ipl ior is 3aya3lc ... d LJnrt.allsed Ins5 o n future5 contracts
UlireaPsed loss oii exchange contracts
Tota l l i ab i l i t i es
--- Tf ... 0 0
--- LL
--- Tf Tota l ne t assets a t t he end of t he year
lu ta ! r e t assets a t t he heginning o f t he year Statement of Changes i n Net Assets 4,621,585
f r o m November 1, 2003 to Decerr ibe~ 1. 2003
Ne? i 11 ves t ine ti: i n co i i ie
Realised loss on sale o f inveFtniei i ts
C,I i ren cy exc li a :ige loss
W -2,727 L + -349,289
d
,934,644 rcf n U
1,282,421 0 C li a n ge i n u r i rcaliscd a p prcc ia Lio r i :de preci d 1'0 r i u 11 i 11 ve>trr! e r i t s
Sctist-ript:ons o f shares ..
Reccm.;!io.is or stlare> -4,617,346
Tota l ne t assets a t t he end of t he year --_
Statement of Income
f r o m November 1, 2003 to Decerriber 1, 2003
. .~
Income B a n k i n t r w : 1,494
I i -come on por t fo l io
Total income
2,767
4,261
Expenses "Taxe d'abonnement" ...
I4anagenieiit fee
Adm'n' j trat ion fee
C[.s tod'a n fee
Or!:cr cxpcnses
Tota l expenses
3,611
3,282
58
37
6,988
he: i r v r s tmen t income -2,727
Rra:'sed loss on rale o t investments
CJ"Wl1Cy cxctia:igc Loss
-349,289
-934,644
Cha:iye i n ur i rwl i>ed apprer ia t ion ideprec iz t io i i on investments 1.282,&23
-4,239 Net increase i n assets resul t ing f rom operations
91
Global Trend New PowerTech
Share: o u t s t a r d i n g at t h e b e g i n n i n g or :he f i n a r c i a l ?car
huiiibe. I J ~ s~ir ires sold
Number o f sharcs receer7ied
Shares outstanding a t the end of the f inancial year
Net assct v ; l l ~ e per sharp
Dividend shares
L.883.9Li
2,L6?.509
4,896.000
2,449.454
70.76
Capitalisation shares
83.245.153
6,531.876
1,760.466
88,016.563
70.76
Tl'e acco,.iFai.y'-ic .icle!, 5 ~ i 1 <I -r-:cgrcl pa-t ut t i c r c - i i ia ic 'a . stateire,i:s.
EUR
Statement o f Net Assets Assets Ii ivesti-reits 2: a.rre-t $:2lue 6,114,498
as a t October 31, 2004 ... TirnP deposits
Cash a1 b w k s 279,930
In terest and d iv icends receiva3le 16,411
Secur i ty d e s receivc:iIe
Subsc-ipt ions rpceivanle ... 1
aJ Unrealised g a i n 0'1 'Ac.rcs con:rdLts -.. u
... tr Other assets
Total assets 6,410,839 a Lia b i li ti es Taxes a rd expe i ses paq'ab.c 9,301 3
0 - - L SPrL.rity pLrc*ases paya2.e
Rcccir ipr ions pay ah.^
U i r e a l i s e d :os5 o i t u t t i r c i conl rdc ls
Urreal iser! loss i i r i ex(:r;l.gp r o i n t r a c t j
' j5 3 --- aJ ... 7
Total l iabi l i t ies 9,356
Total net assets a t the end o f the year 6,401,483 S Q,
Statement o f Changes i n Net Assets T o t a l ne: assets a t t i le 3cyin-.ir'y or t h e year i ,853,246 + from November 1, 2003 t o Oclober 31, 2004
-28,052 rcI 5,558
-14,06/ 9 417,849 a
... Oist ri bc.5o.i pa' d
Subscri.;:io.)b or >hdres 631,729
Hedernpt'oiis o f shares -464,780
6,401,483 Total net assets a t the end o f the year
Statement o f Income Income Bank in terest 6,264
Iron\ November 1, 2003 to October l i c o r n e o n Do-tfol io 93,228 31, 2004
Total income 99,492
Expenses 'Taxe d ' a ~ o n n e r i e i i ~ ' ' 3,145
f4a iagenc. i t Ice
Adiilir i>t:at'on fee
C u s t o c i a i tec
Other ~ X I J P ~ ~ F
Total expenses
Ne: '7ws:iiicnt ii iciirrie
Hed.ised g a i n o n sale o t i n v e s t m c n l s
C J .:e ii cy cxc h a riqe I IJSS
Chd-igP i n ui ireal ised a p p r c c i j l i o n i d e p r e c i a t i ~ ~ r (11 i-(:estrnen:s
102,431
8,486
807
12,675
127.544
-28,057
5,558
-14,067
417,849
Net increase i n assets resulting from operations 381,288
93
Global Trend New PowerTech
Po rtfo L i o
Nu- l l r r r Securit'es
Trair fc-dble v r n i i r j . i x e d 01' a r o f f i c ' a~ exchange
Equines
United States
1,800 e . m I 2,800
33.000 i , ~ + O O
1 1,600 2,400 2,400
V CIJ L I L 4,400
2.100
6.700 0 2,900 CL 21,600
u.100
3 3.800 6.400
17,550
aJ 7 Tf 9,000 S 15,800
2.500
2,400 'tO.ooo +
4,600 20,700
rcI 9
8,800
3,300 0 c3 2.200
Apzd;i-ko P r ~ t r r i l t . i l - i i
B d k r i HLyhes
BJ Sciv'ccs
C a t e r i J a i
Devor E n e r y Dorninio-i R f w 1 1 w
DTF E-lr.y),
E-1 I e iyy
HI(; Kesoulces
Lxcelor Corp. FPL G-o.ip Fhcl[r,I Eneiyy b e r e l a l Clecti'c Gloha! Santa Fr,
Cnlpi rr Cr,. 1).
Irl 'rl Coip.
1n:e-l-iagnetics Gcl ic ic l
I t r o r iMcdi~. T rch rlolo y ies
Ne;. i ie.d N d ) l r tne igy
P l ~ y Po\\ei
Power I r t c q r d t i i i i i \ Po~lr.r-l)rlr
T y co I I. t e i n a::o 17 a l U i i t c d Tc rb r i r i l ~ ry ~5
Wrd:helfowd 1v:e.ratiowI
95,4L4 90,909
112.260 6'8,597
215.271 93,040
12l.354 80,582
226,079 141,277 193.109 157.Ull ?0'1,45L 179.713 88.125
111.996 351,677 :48,:5j 159,857 114.382 109.430 188,200
11.387 11L.236 215.495 >1,0.797
g c . 3 ~
1.49 1.42 1.75 1-01
3.36 I.L5
1.90 1.26 3.53 2.2: 3.02 ?./.L,
3.27 2.81 :.3a 1.75 5.50 2.31 2.50 1.79 1.71 2.YL 1.21 1.78 3.37 3.76 141
Total United States 3.990.286 62.34
SlJd:l
20.500 Lnagas
33,300 Gamesa Cor2 Tecno!oqic;i 11.900 h e i d i o l a
Total Soain
202.cJ50 3.17 359.973 5.67 2 0 ~ 2 0 4 .Xl9
767.121 11.98
U r i t e d K i n q a o r
31,500 Ccnt- i rd 109.235 1.71
1:3,200 Ik lo i 'de GrOJp I9.89Li 1.25 65.000 lnti!rn;itiri-i,il Pohe. 150.504 2.35 17.U00 Jo-inson Matthey 232,380 3.63
Total United Kingdom 572,015 8.94
G e m m y
3,600 E.01 229,608 3.59
Total Germany PZB,IOB 3.59
Japar
7,000 El?( Iii(. Powe- Ueve!o3rc i t 143.546 7.21
Total Japan 143.346 2.24
N m h e r Sccu ri:'ei Harket O,: uf vzlLe ne t i r , EUR assets'
Canada
17.500 D a a d Po:.er Systcris i o g . 5 0 ~ 1.71
Total Canada 109,508 1.71
5outn Kurca
/OO Sdrni l r ly E e c m v i c s GDK ;0/.8'17 1.68
Tom1 South Korea 107,857 1.68
l i a i c e
625 Total 101.875 i .59
Total France 101,875 1.59
Bdhdmds
7,400 Ndbors I r i d ~ r i e s
Total Bahamas
92.676 1.L5
92.676 1.45 ~~ ~~
Total Equities 6,114,498 95.52
Transferable ~ccurities listed on an official exchange 6,114,498 95.52
Total Investments 6.114.698 95.52
* Peicei tages arc roundci!. (.nnseqLently tk,e :otal amo.i:it rriay di f fer f i o m t h e s.1111 of t k c pe-re?l?yes indicated.
94
Net Asset Value Summary
Octobcf 31, 2002 October 31, 2003 October 31, 2004 Ortriher 31. 2002 October 31, 2003October 31, 2004
Sub-fund Net Asset Value Net asset value per share
S,viss Moricy CHF 286,657,542 178,777,086 105,089,694 A I (:HF 100.48 98.37 96.13
A2 CHF 104.43 104.84 104.90
EllRO Money FUR 13 1,895,667 115,157,164 112,980,114 A1 EUR 101.78 100.87 99.95
A? FUR 107.09 109.31 111.06
US Dollar Money JSD 61,948,197 46,022,235 42,075,330 A1 USD 100.15 96.91 93.52
A 2 USD 106.74 107.58 108.27
Swiss Franc Bond CHF 498.702.332 431,407,437 381,295,195 A1 CHF 119.14 117.25 117.31
A 2 CHF 182.52 185.70 189.94
IUS Dollar Rond JSD 104,021,367 84,635,898 74,373,301 A 1 USD 111.38 108.27 107.94
A 2 USD 197.38 196.33 205.01
EURO Bond EUR 353,4L6,180 315,159,969 200,627,217 A1 E l l R 127.66 128.83 131.11
A2 EUR 223.79 234.63 247.32
Capital Gain Rand (FURO) CUR 2 3.69 7 ./I 7 2 9,964,586 6,635,770 A 1 EUR 60.56 61.97 63.54
A2 ELlR 68.86 72.19 75.82
A 1 EUR 62.90 52.87 55.60
A2 EUR 88.49 78.L5 86.17
Fastern Furopean Rond FUR 26:.157.903 164,498,066 131,026,767
ELIRO PL l lS Brind ELlR 28,052,640 17.618.199 15,242,166 A I E l l R 106.31 101.29 102.82
A2 EUR 118.74 118.04 123.31
EURO Mid Yield Bond CUR 1,434,039 145,438,715 142,507,811 A 1 CUR 100.00 106.13 109.35
A2 EUR 100.00 106.13 113.10
FURO Rond Select FUR ... 47,633,388
A2 EUR ... ... 102.82
Japanese Fquity J PY 5,3:0.883,815 7 ,211,8 /6 , /1~ 11,688,187,742 A 1 JPY 3,444 4,016 4,183
A 7 JPY 4,119 4.874 5,002
A 1 EUR 166.63 159.82 171.31
A2 EUR 192.31 187.27 202.86
European Equity t U K E7,805,076 61,809,474 52,144,189
US Value Cquity 1150 i76.640.531 566,188,671 775,644,142 A 1 US0 3L7.92 393.L2 417.70
A2 USD 406.31 462.28 490.78
Ern prqi ri q Markets Eq u i ty USD 75,243,538 97,872,966 176,123,404 A 1 USD 115.51 165.75 211.21
A 2 US0 123.34 179.28 230.30
58.5L6.798 75,806,361 145,712,404 Fartern Eurnppan Eqii i ty t U H A1 EUR 81.70 105.87 140.49
A2 EUR 8L.87 110.24 146.29
Swi5s Shr5 Equity CH F 50,615,160 60.0 I f ,107 61.942.967 A I CHF 132.81 152.77 153.26
A2 CHF 131, .32 154.51 154.99
62,797,359 241,071,653 519,816,160 A 1 US0 102.56 139.90 170.28
A2 USD 105.65 145.17 177.92
Far East Equity USD
US Equity US0 123.852.859 520,696,092 180,325,354 A 1 USD 72.86 85.78 91.00
A2 1150 73.28 86-52 91.79
Europcan Mid & Sinall Cap Equity
EUR 22,580.548 15,135,838 16,320,161 A 1 EUR 48.12 58.20 67.24
A2 E l l R 48.12 58.20 67.34
96
Net Asset Value Summary
Octobcr 3 ; . 2007 October 31, 2003 October 31 , 2004 Octobe- 31, 2002 OcLober 31, ?003October 31 , 2004
Sub-fund N e t asset value per share
A1 CHF 52.51 67.05 70.63
A2 CHF 5 2 . 5 : 67.05 70.63
N e t Asset Value
41,288,351 66,055,201 81,779,420 5:viss Mid & Smal l Cap Eq1.it.y CH F
- 80.25 97.04 118.31 A i LSD Global Equity (ex LIS) USD 28.650.622 35,789,988 51,539,779
A2 US0 80.75 98.31 120.34
US Mid X Srriall Cap Equity USD A1 USD 75.22 96.02 ...
A? LSO 7 5 . 2 2 96.07 --_ Curopean Value Eqii i ty EUR 11.094.731 90,381,073 ... 103.77 116.95 A1 EUR
.-- 103.77 111.14 A2 EUR
A1 FUR 57.96 56.63 57.96
A2 EUR 67.15 66.82 69.34
Defensive Ralanted Portfcl io EUR (EURO)
98,236,704 98 .~49 .8n6 96,613,425
Dcfcnsive Balanced Portfcl io CHF (CHF)
A1 CHF 83.75 85.43 85.20
A? CHF 85.99 88.8? 89.34
72,735,228 72.774.422 64.910.781
~
Growth Portfol io (EURO) EUR 61.89 60.54 63.50
62.L5 61.09 64.09
A 1 EUR
A2 EUR
7,533,864 5,320,891 6,098,100
Grosth Porttol io (CHF) CHF 9.254.583 10.8i2,nog 11,404,766 A: CHF 63.00 64.81 65.04
A2 CHF 63.21 65.02 65.25
Global Trerid t inanc id l Scrviccs EUR 29,754,363 24.9L7.013 13,166,990 71.90 80.10 76.12 A1 EUR
A2 EUR
8 ; FUR 26.57 31.84 27.57
26-57 31.84 27.57 A 2 EUR
A 1 E IJ R 60.54 50.39 50.47
A2 EUR 60.54 50.39 50.47
71.90 80.52 76.85
t i lobal Trend Ir i forrnal ion & Ncw Technologies
EUR 16.779.4&6 18,011,332 12,060,110
Global Trend Life R Health EUR 17,238,677 12,550,705 12,085,337
Global Trend Foud & Beveraycs EUR ... ~
A1 EUR 72.01 GL.78 ._.
A2 EUR 72.01 64.18 -__ 8.099.084 4,621,585
5,886.04/ 5,853,246 6,401,483 A: EUR 61.81 66.42 70.76
A 2 tUR 61.81 66.42 70.76
Global Trend New PowerTech t U R
97
Report o f the Board of Directors for the year November 1, 2003 t o October 31, 2004
Dear Investor,
I n t h e report ing year, t h e assets o f t h e Vontobel Fund decreased from CHF 4,749.2 mi l l i on t o 4,726.0 mil l ion. Due t o t h e d i f f i cu l t market condit ions and as t h e redemptions prevailed t h e subscriptions, t h e t o t a l assets i n t h e Fund shrunk by 0.49%.
During t h e report ing year t h e fo l lowing Sub-Fund was launched: EURO Bond Select
Detailed in format ion relat ing t o i nd i v idua l Sub-Funds and the i r growth trends for t h e past year can be found i n t h e appropriate reports and listings.
Notes t o the Financial Statements
1 Presentation o f Financial Statements
At October 31, 2004 sixty-one classes o f shares o f the Vontobel Fund (the "Fund") have been issued. Shares have been issued i n either o f two categories, namely A 1 (Dividend Shares) and A2 (Capitalisation Shares), i n each o f the following Sub-Funds:
Vontobel Fund Designated Currency 5:vis.s Money CH F CUR0 Money EUR US Dollar Money USD
Swiss Franc Bond C1.l F
US Dollar Bond USD EURO Bond ElJR
Capital Gain Bond (EURO) EUR
Faslern Europeari Bond FUR
EURO PLUS Bond EUR
EURO Mid Yield Bond EUR
EURO Bond Select (launched 02 July 2004) EUR
Japanesc Eqii ity YEN European Equity E l J R
US Value Equity USD
Emerging Markpls Fquity USD
[astern European Equity FUR
Vontobel Fund Designated Currency
Swiss Stars Equity CHF Far East Equity USD
US Equity USD
European Mid & Small Cap Equity EUR
S w i s s M i d & Small Cap Equity CH F
Global Equity (ex US) USD
European Value Equity EUR
Defensive Balanced Portfolio (EURO) EUR
Defensive Balanced Portfolio (CHF) CH F Growth Portfolio (EURO) EUR
Gro';;th Portfolio (CHF) CHF
Global Trend Financial Services EUR
Global Trend Informat ion & New Technologies EUR Global Trend Lifc & Health EUR
Global Trend Ne:./ PowerTech EUR
On December 1, 2003 the fol lowing Sub-Funds were liquidated: Vontobel Fund - US Mid & Small Cap Equity and Vontobel Fund - Global Trend Food & Beverages.
2 Principal Accounting Policies
Fi nan cia l State men t s The f inancial statements have been prepared i n accordance wi th Luxembourg regulations relating t o investment funds.
Valuation o f Investment Securities Securities which are quoted or dealt i n on any off icial stock exchange are valued a t the closing price on the day preceding the Valuation Day.
Securities which are no t l isted on any off icial stock exchange, bu t which are dealt i n on any other regulated market are valued a t the closing price on the day preceding the Valuation Day.
I n the event t ha t any o f the securities held i n the Fund's portfolio are n o t quoted or dealt on any off icial exchange or on any other regulated market or if the price wi th respect t o securities quoted or dealt i n on any off icial stock exchange or dealt i n on any other regulated market i s n o t representative o f t he fair market value of the relevant securities, the value o f such securities w i l l be determined based on reasonably foreseeable sales price determined prudently and i n good faith.
Realised Gains and Losses on Sales of Investments The computation o f realised gains and losses on sales of investments i s made on the basis o f average cost. Gains and losses on the sale o f futures and options on futures are computed on the FIFO basis.
99
Notes to the Financial Statements
Income Dividends are recognised as income on the dates tha t securities are f irst quoted "ex-dividend'' t o the extent information thereon i s reasonably available t o the Fund. Interest i s accrued on a daily basis. Coupon interest received from the issuers o f t he underlying bonds i s recorded i n "Income on portfolio".
Coupon interest receivable by the Fund a t year end i s included wi th in "Investments at current value". The totals for each Sub-Fund are as follows:
Swiss Money CHF 872,200 Eastern European Bund EUR 3,162,866
EURO Money EUR 391,380 FUR0 PI.US Bond EUR 301,180
LJS Dollar Moncy US0 110,879 EURO Mid Yield Bond EUR 2,889,065
Swiss Franc Bund C H F 5,819,770 EURO Bund Select EUR 994,524
US Dollar Bund USD 1,105,284 Defensive Balanced Portfolio (EURO) EUR 508,706
EURO Bund EUR 4,679,086 Defensive Balanced Portfolio (CHF) CHF 732,885
Capital Gain Bond (EURO) EUR 84.404
Currency translation foreign currency i tems are translated i n t o the base currencies a t the rates o f exchange rul ing a t the balance sheet date for assets and liabilities, and for transactions at the rates ruling when they arose. The base currencies are converted i n t o Swiss Francs i n order t o produce combined f inancial statements t o comply wi th Luxembourg regulations.
Formation Expenses The formation expenses of the Fund have been allocated t o the Sub-Funds i n proportion t o the i n i t i a l subscription and have been ful ly amortised over a period o f f ive years.
Taxation The Fund i s n o t l iable t o any locally imposed taxes other than as detailed i n Note 5 . However, under applicable foreign laws the Fund may be l iable t o taxes on capital gains and withholding taxes on interest and dividends a t various rates.
for disclosure purposes irrecoverable withholding taxes on income are netted o f f t he gross dividend or interest. Taxes on capital gains are netted of f the sales proceeds as a reduction t o realised gains.
3 Rates o f Exchange
The rates o f exchange used for the conversion i n t o Swiss Francs of assets and liabil i t ies o f the Fund denominated i n other currencies a t October 31, 2004 are as follows:
CHF = EURO CHF = US0
CHF = YEN
4 Management Fee
0.654300
0.832303
88.382242
Vontobel Fund Advisory SA, formerly Vontobel Fund Management S.A., a company incorporated under the laws o f the Grand Duchy o f Luxembourg, has been appointed as investment manager by the Fund under an agreement dated October 4, 1991. The Manager, who i s responsible t o the Fund and t o the Directors o f the Fund for the day-to-day management o f investments, i s enti t led t o receive a fee payable monthly a t the annual rate of:
100
Notes t o the Financial Statements
Vontobel Fund Management Fee Rate Vontobel Fund Management Fee Rate
Swiss Money ( " ) EURO Money
US Dollar Money Swiss Franc Bond
US Dollar Bond
EURO Bond
Capital Gain Bond (EURO)
Eastern European Bond
EURO PLUS Bond EURO Mid Yield Bond EURO Bond Sclcct h ~ n : i e a 02 July 2004)
Japanese Equity
European Equity US Value Equity
Emerging Markets Equity Eastern European Equity Swiss Stars Equity
0.55% Far East Equity
0.55% US Equity
0.55% 0.85"/"
0.85"/0 Global Equity (ex US) 0.85%
0.85°1u European Value Equity
1.10% Defensive Balanced Portfolio (EURO)
1.10% Defensive Balanced Portfolio (CHF)
1.10% Growth Portfolio (EURO)
0.85% Growth Portfolio (CHF)
1.75% Global Trcnd Financial Services 1.25% Global Trend In fo rmat ion & New Technologies 1.65% Global Trend Life & Health
1.65% Global Trend Food & Beverages (L'cuidatct: 01 Dr.ccriibrr 2001)
1.6 5 %: ti Lob a l Tre n d New Powe rTec h
European Mid & Small Cap Equity Swiss Mid & Srndl l Cap Equity
US Mid & Small Cap Equity ( l iqdidated 3: December 2003)
1 .2 5%
' T l e Inves tment Manager t a s agreed fo t c r r iwrdr i l y r c ' h c c h e manaqr~ :1rn~ f e r of Vontobe: Fur,d - Swiss Money AI 3 r d V o r t o b e l Fund - Sv.ks Money A2 i rnm 0.55% t o 0.33:", as %om 1st December 2002. T i i s rez.ictidri i 5 a i c tc 1c.v intevert rates on t h e S.aiss Franc. This management fee may, a t a r y t ime, be rciri5ldtcd 2y I!ic lrlvcrlrrlerlt tJ,a-iager t o t l e 'u.L rate w i t l i o J t retroactive Effect.
5 Taxe d'abonnement
Under the law o f March 30, 1988, no Luxembourg tax on income or capital gains of t he Fund i s presently payable. However, i n accordance wi th tha t law, the Fund i s subject t o a 0.05% annual tax ("taxe d'abonnement") payable quarterly and assessed on the basis o f the to ta l net asset value o f the Fund a t the end o f each calendar quarter wi th the exception o f the Money Market Funds where the rate i s 0.01%.
6 Operating Expenses
Operating expenses o f the Fund n o t connected t o a particular Sub-Fund have been allocated t o the Sub-Funds on a pro-rata basis calculated on the net asset value o f each Sub-Fund.
7 Net Asset Value
The net asset value o f each share class i s calculated on every day which i s a bank business day i n Luxembourg.
8 Off Balance Sheet Commitments
1 .6 5 '10
1 .2 5 O/"
1.65% 1.65%
1.65"/"
1.65%
1.6 5Yo 1 . 2 5%
1 .2 5 Yo
1 .2 5 OIu 1 ,2 5%
1.65%
1.65%
1.65% 1.6 5% 1.65Yo
Forward Foreign Exchange Contracts From t ime t o t ime the Fund enters i n t o forward foreign exchange contracts i n order t o hedge i t s foreign exchange position.
101
Notes t o the Financial Statements
As a t October 31, 2004 the following contracts were open:
Sub-Fund Maturity BUY Sell Unrealised
Far East Equity
Far East Equity
Far East Equity
Far East Equity
Far East Equity
Global Equity (ex US)
Global Equity (ex US) Global Equity (cx US)
Global Equity (ex US)
Global Equity (ex US)
Global Equity (ex US) Global Equity (ex US)
Global Equity (ex US)
Gain/(Loss) 1 2 / 1 1 / 2 0 0 4 US0 31,271,940 AUD 46,089,000 USD (3,112,966)
1 2 / 1 1 / 2 0 0 4 AUD 46,089,000 USD 32,432,276 USD 1,948,542
1 3 / 1 2 / 2 0 0 4 AUD 37,540,000 USD 26,699,199 USD 1,226,884
1 3 / 1 2 / 2 0 0 4 USD 9,720,587 AUD 14,370,000 USD (973,253)
1 3 / 1 2 / 2 0 0 4 USD 15,617,739 AUD 23,170,000 USD (1 ,625,096)
USD (2,535,889)
1 2 / 1 1 / 2 0 0 4
1 2 / 1 1 / 2 0 0 4
1 2 / 1 1 / 2 0 0 4
1 2 / 1 1 / 2 0 0 4
1 2 / 1 1 / 2 0 0 4
1 3 / 1 2 / 2 0 0 4
1 3 / 1 2 / 2 0 0 4
1 3 / 1 2 / 2 0 0 4
USD AU D
USD
US0 YEN
US0
USD ALJD
4.638.987
6,837,000
4,514,232
3.568.775
403,450,000
1.453.01 5
974,002
3,593,000
AUD 6,837,000
USD 4,811,115
EUR 3,842,000
YEN 403,450,000
US0 3,665,794
AUD 2,148,000
AUD 1,445,000
USD 2,555,413
Futures Contracts The following futures contracts were open as a t October 31, 2004:
USD
USD
1150
US0 USD
USD
USD
USD
USD
(461,788)
289,053
(349,704)
(23 3 ,064)
136,209
(145,480)
(101,349)
117,427
(748,696)
Sub-Fund Type of Contract Contract No. of
Swiss Money
Swiss Money
US Dollar Moncy
Swiss Franc Bond
US Dollar Bond
US Dollar Bond
EURO Bond
EURO Bond
Capital G a i n Bond (EURO)
EURO PLUS Bond
Currency Contracts
3M0 EuroChf Li f fc 13/12 /2004 CH F -45
3M0 EuroChf Liffe 14/03 /2005 CH F -54
US 2 YR Note Future 30/12 /2004 US0 2
Euro Bund 08/12 /2004 EUR -240
US 5 YR Note Future 20/12 /2004 US0 -24
US Long Bond Future 20/12 /2004 US0 -34
Euro Bobl 08/12 /2004 EUR -118
Euro Bund 0 8 / 1 2 / 2 0 0 4 EUR -86
Euro Bund 08/12 /2004 EUR -1
Euro Bund 0 8 / 1 2 / 2 0 0 4 EUR 4
Unrealised Gain/(Loss)
CHF (2,150)
CHF (18,475)
CHF (20,625)
USD 906
CHF (899,816)
USD (9 ,375)
USD (50 ,625)
USD (60 ,000)
EUR (172,740)
EUR (157,700)
EUR (330,440)
EUR (1 ,890)
EUR 7,920
102
Notes to the Financial Statements
Sub-Fund
EURO Mid Yield Bond
Type of Contract Contract No. of Currency Contracts
Euro Bund 0 8 / 1 2 / 2 0 0 4 EUR -80
Japanesc Equity Nikkei 225 (OSE) 13:’12/2004 YEN 5
European Equity European Equity
European Equity
SMI Swiss Market Index 1 6 / 1 2 / 2 0 0 4 CHF 4
D ~ V J Jones Euro Stoxx 50 EUR 24 17:’12/2004
F l S E 100 lndex 1 7 / 1 2 / 2 0 0 4 GBP 7
US Equity S&P 500 Future 16/12 /2004 USD 49
Dffensive Balanced Port fo l io (EURO) Nikkei 225 (CME) 0 9 / 1 2 / 2 0 0 4 USD 10 Dcfensivc Balanced Port fo l io (EURO) S&P 500 Future 1 6 / 1 2 / 2 0 0 4 USD 8
Defensive Balanced Port fo l io (CHF) SMI Swiss Market Indcx 16/12 /2004 CHF 12
Delensive Balanced Port fo l io (CHF) S&P 500 E-Mini 17/12 /2004 USD 1 0
Defensive Balanced Port fo l io (CHF) Nikkei 225 (CME) 09/12 /2004 USD 6
Growth Por l ro l io (EURO)
Growth Portfolio (EURO) Nikkei 225 (CME) 09/12 /2004 USD 3
S&P 500 E-Mini 1 7 / 1 2 / 2 0 0 4 USD 6
Growth Port fo l io (CHF) SMI Swiss Market Index 16/12 /2004 CHF 4
Growth Port fo l io (CHF) Nikkci 225 (CME) 0 9 / 1 2 / 2 0 0 4 USD 3 Growth Port fo l io (CHF) S&P 500 E-Mini 17!12 /2004 US0 1
Unrealised Gain/(Loss)
EUR (152,800)
YEN 300,000
EUR (5 ,287)
EUR 9,940
EUR 2,809
EUR 7,462
USD 192.850
EUR (21 ,422)
EUR 5,817
EUR (15 ,605)
CHF (22,320)
CHF (19,585)
CHF 2,989
CHF (38 ,916)
EUR (4 ,186)
EUR 2,085
EUR (2 ,101)
CHF (7 ,440)
CHF (9 ,822)
CHF 679
CHF (16 ,583)
103
Notes to the Financial Statements
The t o t a l engagement by sub-fund i s as fo l lows:
Sub-Fund
Swiss Money
US Dollar Money Swiss Franc Bond
US Dollar Bond
EURO Bond
Capital Gain Bond (EURO)
EURO PLUS Bund
EURO Mid Yield Bond Japanese Equity European Equity US Equity Derenrive Balanced Port fo l io I EURO) Defensive Balanced Port fo l io I CHF)
Growth Port fo l io (EURO)
Growth Port fu l io (CHF)
9 Securities Lending
Commitment on Long Positions
Commitment on Short Positions
CHF 24,534,900
USD 423.531
CHF 42,894,060
US0 6,543,688
EUR 23,311,780
EUR 116,940
EUR 467.760
EUR 9,355,200
YEN 53,750,000
EUR 1,284,665
US0 13,846,175
EUR 2,199,088
CHF 1,709,758
EUR 393,157
CHF 475,971
Total Commitment
CHF 24,534,900
USD 423,531
CHF 42,894,060
USD 6,543,688
EUR 23,311,780
EUR 116,940
EUR 467,760
EUR 9,355,200
YEN 53,750,000
EUR 1,284,665
USD 13,846,175
EUR 2,199,088
CHF 1,709,758
EUR 393,157
CHF 475,971
The aggregate value on loan a s a t October 31, 2004 i s CHF 970,138,867.
104
Vontobel Fonds Services AG
Dianastrasse 9
CH-8022 Zurich
Telephone +41 (0)l 283 53 50
Telefax +41 (OM 283 53 05
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