if - fundsquare

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

3

4 \

d

0 x

un u! 3

0 u! 3

10 h 3

0

N 1

0 W

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

n 0 Y

L

Y ro

L, rn

I ' I ; I /

' 3 .- I '

1 , I -

0

> 4

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


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


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


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


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


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


Net asset value per share

Dividend shares

215.584.298

170,498.536

110 ,778 .401

275,304.433

99.95


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


! 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


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


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 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


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


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


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


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


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


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


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


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


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


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


...

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


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


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


Net asset value ocr sha:c

Dividend shares

18,535.106

6.000

5,5?8.000

13,003.106

5 3 . 3


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


-135,383

413,582

2 3


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


Net asset value per shdre

Dividend shares

935.LG1.157

10&,976.028

469,6/5.809

570,761.376

55.60


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


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



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


17,705,207

12,014,021

25


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


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


196.440.933

26,203.603

57,770.230

100,424.306

123.31


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


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


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


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


...

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


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


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


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


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 iois 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


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


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


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


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


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


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


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


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


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


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


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


1'1~6 13.4 10

32,376,547

39


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


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


Transferable setudties listed on an official exchange 170,918,964 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


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


Net asset value per 5ha'e

Dividend shares

93.92 7.416

54,759.880

2L,913.261

123,774.055

140.L9


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


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


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


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


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



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


. 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


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



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


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


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


!,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


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


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

..


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


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


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


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


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


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


875,439.506

205,268.390

15,668.397

1,005,039.499

70.63

.~


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,


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


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


'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


Net assct va!Jc per +dIF

Dividend shares

2.800.000

2,250.24L

1,270.000

3,820.244

118.31


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


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


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


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


3,7 6 7,9 1 0

7,046,136

59


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


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


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


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 iois 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


Ne: asset value uer share

Dividend shares

5.L25.952

86,648.857

5.965.230

86,109.579

I l 6 . 9 5


101,490.391

682 .O 54. b 3 6

97,928.971

685,616.056

117.14


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


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


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


Statement o f Income Income Bank inrerest 63,576 from November 1, 2003 t o October 31, 2004

TI-come on portfolio 603.695


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


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


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


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


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


Ne! asset value pe' share

Dividend shares

250.411.499

6,601.708

3L.904.989

222,108.218

57.90


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


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


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


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



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


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


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


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


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


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


680,347

437,244

7 1


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


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


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


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


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


h e t asset value ne- st ldrc

Dividend shares

:?,768.961

4,002.328

i.002.328

15,768.961

63.50


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 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


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


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


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


7 5


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


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


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


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


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


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


160,257.431

: 3,134.428

9.909.401

163,482.458

65.25



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


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


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


Rclqium

1.800 InBev 76.616 0.67


Fi,iia,id

3,900 Nr1ki.i

Total Finland

72,063 0.63

72.063 0.63



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


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


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


Net asset value pcr skarc

Dividend shares

19.462.000

316.897

2,097.53;

17,681.366

76.12


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


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


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


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


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


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


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


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


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


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


(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


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


226,088.605

43,501.100

55,132.763

214.456.942

50.L7



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


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


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


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


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


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


--- 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


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 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


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


Bdhdmds

7,400 Ndbors I r i d ~ r i e s

Total Bahamas

92.676 1.L5

92.676 1.45 ~~ ~~


Transferable ~ccurities listed on an official exchange 6,114,498 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


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


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


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



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


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 (cx 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


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


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


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

if - fundsquare

Documents