standard life investments global slcav

2 5 AOUT 2004

STANDARD LIFE INVESTMENTS

Standard Life Investments Global SlCAV Unaudited interim report for the period 1 January 2004 to 30 June 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 and the most recent semi-annual report, if published thereafter.The figures stated in this report are historical and not necessarily indicative of future performance.

Standard Life Investments Global SlCAV Societk d'lnvestissement a Capital Variable

Registered Office 5, rue Plaetis L-2338 Luxembourg

Board of Directors

Chairman Mr Neil J. McPherson Head of European Development Standard Life Investments Limited Edinburgh Scotland

I Members I Mr James B. Aird

Managing Director - Mutual Funds Standard Life Investments Limited Edinburgh Scotland

Mr Robert Knight Chief Executive Officer Standard Life (Asia) Limited Hong Kong

Mr Kevin Smith Chief Executive Officer Standard Life Investments (Asia) Limited Hong Kong

Mr Christian Kremer Avocat a la Cour Kremer Associes & Clifford Chance Luxembourg

I

Administration and Advisors

Custodian and Central Administration J.P. Morgan Bank Luxembourg S.A. 5, rue Plaetis L-2338 Luxembourg

Portfolio Manager Standard Life Investments Limited 1, George Street Edinburgh EH2 2LL Scotland

Independent Auditor PricewaterhouseCoopers $.a r.1. Reviseur d'entreprises 400, route d'Esch B.P. 1443 L-1 01 4 Luxembourg

Legal Advisor Kremer Associes & Clifford Chance 6, rue Heinrich Heine L-1720 Luxembourg

Sub-portfolio Manager Standard Life Investments Inc 1001, Blvd de Maisonneuve West, Suite 700 Montreal, Quebec H3A 3C8 Canada

Standard Life Investments (Asia) Limited 1, George Street Edinburgh EH2 2LL Scotland

Investment Markets Overview

Combined Statement of Net Assets

Combined Statement of Operations and Changes in Net Assets

Statement of Changes in the Number of Shares

Statistics

US Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Ten Largest Holdings Schedule of Investments

European Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments

Asian Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments

t ong Kong Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Ten Largest Holdings Schedule of Investments

Japanese Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Ten Largest Holdings Schedule of Investments

Page no

4

6

8

10

11

12

17

21

25

29

Page no Taiwan Equities Fund 36

Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Ten Largest Holdings Schedule of Investments

Korean Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Ten Largest Holdings Schedule of Investments

Global Equities Fund Objective and Policy of the Fund Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments

Global Bond Fund Objective and Policy of the Fund Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments

39

43

49

Pan European Corporate Bond Fund 51 Objective and Policy of the Fund Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments

Reserve Fund Objective and Policy of the Fund Fund Performance Review and Outlook Economic Classification Schedule of Investments

55

Notes to the Financial Statements 57

Statement of Changes in the Portfolio 63

General Information 63

,

Investment Markets Overview

01 / North America (cont) Outlook Investors focused on global investment issues such as economic data and oil prices.

For the first time in four years, the US announced a 0.25% increase in interest rates.

Global economic growth continued to broaden out during the first half of 2004, with improvements seen in all major developed countries. At times, equities were buoyed by positive economic news from the US, Japan and the Pacific Basin and excellent corporate results from around the world. However, investors' confidence was tempered by the rising oil price, concerns over whether the Chinese government could engineer a gentle slowdown in its economy and, most importantly, the direction of US interest rates. Investors' expectations for US interest rates rose sharply and bond markets ended the period in negative territory.

01 / North America In the US, the Federal Reserve bowed to increasing economic pressure and announced an interest rate rise of 0.25% in June, the first upward move since May 2000. High oil prices dominated markets during much of the period, reaching a record high of more than $42 per barrel, before OPEC moved to ease the pressure by boosting output. The mood during the quarterly earnings reporting seasons was also positive, with the large majority of companies exceeding forecasts, although reaction was muted as the markets began to price in interest rate hikes.

Later in the period, investors overcame worries about inflation and a growing trade deficit to push stocks moderately higher. However, the major indices remained hesitant ahead of the June Federal Reserve meeting and the transfer of power in Iraq and continued to trade within narrow ranges.

02 / Europe (Excluding UK) European equities enjoyed a strong start to the year despite giving back some of their gains towards the end of the first quarter. Security issues also affected investor sentiment after the Madrid bombings. On the economic front, the German Ifo survey of business confidence fell in both February and March, after nine consecutive monthly rises, casting some doubt on the fragile European economic recovery. Earnings announcements were generally positive, while merger and acquisition activity, be it rumoured or real, drove equities higher as corporate restructuring continued and companies looked for ways to expand. European equities fared well during a volatile second quarter with a late rally towards the end of June helping them to outperform most of their international counterparts. With macroeconomic issues dominating investor sentiment for much of the period, markets generally failed to reward companies for positive corporate earnings news until late in the period.

Standard Life Investments Global SlCAV Report and Accounts 4

I nvest m ent Markets Overview (con tin ued)

03 / Japan The Japanese equity market performed strongly during the first quarter of 2004, backed by data showing the fastest economic growth rate in 13 years. The robust figures encouraged ratings agency Standard 8 Poor's to upgrade its outlook for Japan from negative to stable. Generally, the Japanese corporate reporting season was positive but there was little reaction from the market. Japanese equity markets rose in yen terms during the second quarter. Concerns over possible interest rate hikes in the US and China combined with rising oil prices buffeted the market during May. However, better than expected economic growth, supported by stronger domestic demand, helped to alleviate investor fears over the sustainability of the Japanese recovery. Economic news remained positive with growing household consumption, falling unemployment and rising machinery orders.

04 / Pacific Basin Asian markets were volatile during the period, rising in the first quarter and giving back some of their gains in the second quarter. Investors remained worried about surging oil prices and the effects of monetary tightening in China and the US. This encouraged funds to flow out of Asia in favour of dollar-denominated assets. Regional economic indicators were positive overall and exports remained at high levels. In Hong Kong, consumer prices were strong and first quarter economic growth came in above expectations a t 6.8% year on year.

04 / Pacific Basin (cont) More encouragingly, there was evidence of growth broadening out, with increases in domestic consumption and investment. A gradual slowdown in the Chinese economy finally began to emerge with industrial production growth and loan growth falling back slightly. Political issues remained in the news, especially in Taiwan, where an election recount was demanded following a controversial victory for the DPP party.

Global Bonds After a quiet first quarter, government bond markets fell sharply in the second quarter, as strong economic data in most regions and rising oil prices led investors to raise their expectations for interest rate rises. All government bond markets ended the second quarter in negative territory, with the US Treasury market the worst performing region. The trigger to the fall in global bond prices was April's US non-farm payrolls report, which showed that the US jobs market was finally participating in the economic recovery. Investors had been waiting for the first signs of strength in US employment before starting to factor in higher interest rates to Treasury prices. As a result, there was a sharp reaction in bond markets and ten-year yields rose by around 1 % over the second quarter.

Standard Life Investments Global SICAV Report and Accounts

Standard Life Investments Global SICAV

Combined Statement of Net Assets as at 30 June 2004

US European Asian Hong Kong japanese Taiwan

Equities Fund Equities Fund Equities Fund Equities Fund Equities Fund Equities Fund

( U W (EUR) (USW ( H W (JW (USW

Assets Investments in Securities at Market Value

Aquisition Cost: Cash at Bank Amounts Receivable on Sale of Investments interest and Dividends Receivable, Net Reimbursement receivable from Portfolio Manager (note 3) Unrealised Gain on Forward Foreign Exchange Contracts (note 6) Unrealised Gain on Swap agreements (note 7)

Total Assets

Liabilities Bank overdraft Amounts Payable on Purchase of Investments Fees Payable (notes 3 and 5) Unreaiised Loss on Forward Foreign Exchange Contracts (note 6)

Total Liabilities

Total Net Assets

Number of A Shares Outstanding Net Asset Value Per A Share

Number of D Shares Outstanding Net Asset Value Per D Share

Number of Z Shares Outstanding Net Asset Value Per Z Share

9,983,155 8,048,069 16,788,287 89,765,200 631,101,700 10,314,095

9,470,316 8,818,440 15,825,126 88,829,851 571,588,450 9,464,343 220,144 54,488 3,018,768 7,423,088 433,929

22,589 92,079 - 13,828,035 6,243 15,489 32,121 169,185 21 3,135 47,933

6,358 1 1,282 61.1 60 2,036,493 7,632

10,215,900 8,097,429 16,966,975 93,014,313 654,602,451 10,803,589

61,179 - 1,190,588 9,939,153

10,257 8,920 15,241 110,573 1,156,824 10,803

10,257 70,099 15,241 1,301,161 1 1,095,977 10,803

10,205,643 8,027,330 16,951,734 91,713,152 643,506,474 10,792,786

21,123 13,382 27,338 24,202 6,752 2,811 9.1 2 6.22 11.37 104.18 1.1 80.1 8 12.82

1,065,000 1,240,000 1,420,000 830,000 520,000 787,985 9.40 6.41 11.72 107.46 1,222.1 9 13.65

The accompanying notes form an integral part of these financial statements.

Standard Life investments Global SICAV Report and Accounts 6


Combined Statement of Net Assets (continued)

Assets

Investments in Securities at Market Value

Aquisition Cost:

Cash at Bank Amounts Receivable on Sale of Investments Interest and Dividends Receivable, Net Reimbursement receivable from Portfolio Manager (note 3) Unrealised Gain on Forward Foreign Exchange Contracts (note 6) Unrealised Gain on Swap agreements (note 7)

Total Assets

Liabilities Bank overdraft

Amounts Payable on Purchase of Investments Fees Payable (notes 3 and 5) Unreaiised Loss on Forward Foreign Exchange Contracts (note 6)

Total Liabilities

Total Net Assets

Number of A Shares Outstanding Net Asset Value Per A Share

Number of D Shares Outstanding Net Asset Value Per D Share

Number of Z Shares Outstanding

Net Asset Value Per Z Share

Korean Global Equities Fund Equities Fund

( U W W D )

10,348,330 21,288,762

8,310,118 19,012,979 190,892 358,938

2,016 24,385

8,417

Pan European

Global Corporate Bond Fund Bond Fund

(USD) W R )

25,856,639 14,905,879

23,118,390 15,025,635 974,261 597,906 435,563 461,464 270,472

Reserve Combined

Fund

W D ) ( U W

8,985,550 148,715,727

8,985,550 139,750,688 509,177 3,922,334

682,103 3 944,685

I

148 5,049 7,638 76,556

620 752 10,754 13,045

10,549.655 21,672,085 27,728,075 15,790,680 9,502,368 154,355.202

74,210 425,813 249,615 972,569

10,451 20,538 30,174 8,838 10,249 154,060

49.41 5 49,415

10.451 20.538 505.402 258.453 10.249 1.250.254

10,539,204 21,651,547 27,222,673 15,532,227 9,492,119 153,104,948

2,919 7,955 32,554 10,512 17,147 11.66 13.08 12.84 10.25 10.47

787,985 1,575,970 2,048,873 10,000 880,662 13.33 13.67 13.08 10.31 10.57


- 1,480,000 10.35

7 Standard Life Investments Global SICAV Report and Accounts

.-


Combined Statement of Operations and Changes in Net Assets for the period ended 30 June 2004

Net Assets at the Beginning of the Period

Income Dividend Income, Net Interest Income, Net Bank Interest, Net

Total Income

Expenses All Inclusive Fees (note 3) Professional Fees Printing Sr Publication Fees Transaction Fees Taxe d'abonnement (note 5) Sundry Expenses

Total Expenses

Net Investment Income

Net Realised Cain/(Loss) on Sale of Investments Net Realised Cain/(Loss) on Forward Foreign Exchange Contracts Net Realised Cain/(Loss) on Foreign Exchange

Net Realised Gain/(Loss) for the Period

US European Asian Hong Kong Japanese Taiwan

Equities Fund Equities Fund Equities Fund Equities Fund Equities Fund Equities Fund

(U 5 D) (FUR) (USD) (HKW ( IPV (USD)

10,102,420 7,540,567 17,295,230 94,009,075 575,828,052 1 1,164,022

48,374 141,647 306,437 1,663,938 3,412,856 233,795

536

48,374 141,647 306,437 1,663,938 3,412,856 2 34,3 3 1

26,527 20,124 46,171 250,385 1,533,683 29,248 7,096 5,831 10,031 55,402 745,378 7,096

80 66 80 628 8,736 80 1,723 725 8,453 51,410 388,044 1,787

567 420 959 5,732 32,723 577 146 629 1,226 85 622 3

36,139 27,795 66,920 363,642 2,709,186 38,791

12,235 11 3,852 239,517 1,300,296 703,670 195,540

467,093 (84,720) 608,929 5,457,765 38,361,714 487,160

(1 28) (2,805) 290 3,387 (794) (3,724)

464,288 (84,430) 61 2.1 88 5,456,971 38,361.71 4 483.436

Change in Net Unrealised Appreciation/(Depreciation) on:

Investments (285,307) 481,798 (1,258,651) (9,349,340) 25,421,146 (1,012,764) Forward Foreign Exchange Contracts

Foreign Exchange (4) 108 (643) 66 (2,927) Swap agreements

Change in Net Unrealised

Appreciation/(Depreciation) for the Period (285,311) 481,906 (1,259,294) (9,349,274) 25,421,146 (1,015,691)

Increase/(Decrease) in Net Assets

as a Result of Operations 191,212 $1 1,328 (407,589) (2,592,007) 64,486,530 (336,715)

Movements in Share Capital

Subscriptions 2051 3 41,285 139,576 720,000 5,375,217 6,387 Redemptions (1 08,502) (65,850) (75,483) (423,916) (2,183,325) (40,908)

Increase/(Decrease) in Net Assets as a Result of

Movements in Share Capital (87,989) (24,565) 64,093 296,084 3,191,892 (34,521)

Net Assets at the End of the Period 10,205,643 8,027,330 16.95 1,734 91,713,152 643,506,474 10,792,786


Standard Life Investments Global SICAV Report and Accounts 8


Combined Statement of Operations and Changes in Net Assets (continued)

Net Assets at the Beginning of the Period

Income Dividend Income, Net Interest Income, Net Bank Interest, Net

Total Income

Expenses All Inclusive Fees (note 3) Professional Fees Printing & Publication Fees Transaction Fees Taxe d'abonnement (note 5) Sundry Expenses

Total Expenses

Net Investment Income

Net Realised Gain/(Loss) on Sale of Investments Net Realised Cain/(Loss) on Forward Foreign Exchange Contracts Net Realised Cain/(Loss) on Foreign Exchange

Net Realised Gain/(Loss) for the Period

Pan European Korean Global Global Corporate Reserve Combined

Equities Fund Equities Fund Bond Fund Bond Fund Fund

(U5W ( U W ( U W ( E W ( U W W D ) 10,863,664 20,74a,ia3 27,747,836 i5,i 70,369 9,485,703 i52,299,4i I *

153,370 232,680 - 1,391,167 495,653 458,747 43,995 1,096,108

34 3 524 1,403

153,713 233,204 495,653 45 8,74 7 43,995 2,488,678

28,371 53,840 69,859 959 23,860 349,643

80 ao 80 66 80 881 690 5,618 408 932 254 31,100 582 1,115 1,478 796 487 8,276

9 227 2 15 2,408

36.81 9 67,758 79,148 8,586 31,792 473.01 3

7,096 7,096 7,096 5,831 7,096 ao, 705

1 16,894 165,446 41 6,505 450,161 12,203 2,015,665

1 77,221 1,817,152 1 , I 50,508 (1 6,399) - 5,637,637

(455) (1 23,862) 75 3 - (123,532) 1,426 (7,331) 69,049 (1,359) 2 58,606

178,647 1,809,366 1,095,695 (1 7,005) 2 5,572,711

Change in Net Unrealised Appreciation/(Depreciation) on:

Forward Foreign Exchange Contracts 242,915 620 243,667 (8) (2) (61,482) Foreign Exchange (1 45) (363) (57,528)

Swap agreements (1,590) (1.929)

Investments (592,669) (1,043,532) (2,227,220) (75,607) - (6,892,527)

Change in Net Unrealised Appreciation/(Depreciation) for the Period (592,ai 4) (I ,043,895) (2,041,833) (76,585) (2) (6,712,271)

Increase/(Decrease) in Net Assets as a Result of Operations

Movements in Share Capital Subscriptions Redemptions

(297,273) 930,917 (529,633) 356,571 12,203 876,105

28,206 20,478 5,287 14,106 427,460 (27,187) (55,759) (1 6,008) (1 9,893) (498,028)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (27,187) (27,553) 4,470 5,287 (5,787) (70,568)

Net Assets at the End of the Period 10,539,204 21,651,547 27,222,673 15,532,227 9,492,119 153,104,948

*The opening combined balance was based on the foreign exchange rates as at 30 June 2004. The same combined net assets using the foreign exchange rates as at 31 December 2003 reflected a figure of USD 153,541,102.




Statement of Changes in the Number of Shares as a t 30 June 2004

US European Asian Hong Kong Japanese Taiwan

Equities Fund Equities Fund Equities Fund Equites Fund Equites Fund Equltes Fund Number of A Shares in issue at the Beginning of the Period Number of A Shares Subscribed Number of A Shares Redeemed Number of A Shares in Issue at the End of the Period Number of D Shares in issue a t the Beginning of the Period Number of D Shares Subscribed Number of D Shares Redeemed Number of D Shares in Issue at the End of the Period Number of Z Shares in Issue at the Beginning of the Period Number of Z Shares Subscribed Number of Z Shares Redeemed Number of Z Shares in Issue at the End of the Period Total Number of Shares in Issue at the End of the Period

Number of A Shares in Issue at the Beginning of the Period Number of A Shares Subscribed Number of A Shares Redeemed Number of A Shares in Issue at the End of the Period Number of D Shares in Issue at the Beginning of the Period Number of D Shares Subscribed Number of D Shares Redeemed Number of D Shares in Issue at the End of the Period Number of Z Shares in Issue at the Beginning of the Period Number of Z Shares Subscribed Number of Z Shares Redeemed Number of Z Shares in Issue at the End of the Period Total Number of Shares in Issue at the End of the Period

31,033 17,644 21,785 21,314 4,368 5,138 2,240 6,638 11,853 6,888 4,498 473

(12,150) (10,900) (6,300) (4,000) (2,114) (2,800)

21,123 13,382 27,338 24,202 6,75 2 2,811

1,065,000 1,240,000 1,420,000 8 30,000 5 2 0,000 787,985

1.065.000 1.240.000 1.420.000 830.000 520,000 7a7.985

1,086,123 1,253,382 1,447,338 854,202 526,752 790,796

Pan European Korean Global Global Corporate Reserve

Equities Fund Equities Fund Bond Fund Bond Fund Fund

5,149 10,135 32,212 10,000 17,700 2,170 1,542 51 2 1,347

(2,230) (4,350) (1,200) (1,900)

2,919 7,955 32,554 10,512 17,147

787,985 1,575,970 2,048,873 10,000 880,662

787,985 I ,575,970 2,048,873 10,000 880,662

- 1,480,000

- 1.480.000

790,904 1,583,925 2,081,427 1,500,512 897,809




Statistics as at 30 June 2004

US European Asian Hong Kong

Equities Fund Equities Fund Equities Fund Equites Fund

Japanese Taiwan

Equites Fund Equites Fund

(JW (USD) ( U W

10,205,643 10,102,420 7,714,605 9,986,211

9.1 2 8.98 7.05 9.23

9.40 9.22 7.1 8 9.32

Korean

(EUR)

8,027,3 30 7,540,567 6,455,241 9,690,764

6.22 5.85 5.08 7.70

6.41 6.00 5.16 7.77

Global

Total Net Assets: 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per A Share 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per D Share 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per Z Share 30 June 2004 31 December 2003

I 643,506,474 10,792,786 575,828,052 11,164,022 475,113,820 8,036,936 576,357,914

I

16,951,734 91,713,152 17,295,230 94,009,075 12,374,236 65,021,384 14,167,311 76,873,238

11.37 104.1 8 1 1.69 107.58 8.51 75.39 9.84 90.34

1,180.1 8 1,065.1 3

885.99 1,083.52

12.82 I

13.27 9.69

11.72 107.46 12.00 1 10.50 8.66 76.77 9.93 91.25

1,222.1 9 1,098.41

905.71 1,098.64

13.65 14.08 10.19

Pan European Global Corporate

Bond Fund Bond Fund

(USD) (EUR)

Reserve Fund

(USD)

Equities Fund Equities Fund

WSD) W D )

Total Net Assets: 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per A Share 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per D Share 30 June 2004 31 December 2003 31 December 2002 31 December 2001

Net Asset Value per Z Share 30 June 2004 31 December 2003

10,539,204 21,651,547 10,863,664 20,748,183 8,103,108 16,276,612

27,222,673 15,532,227 27,747,836 15,170,369 24,798,962 21,262,443

9,492,119 9,485,703

11,987,418 13,486,592

1 1.66 13.08 12.04 12.57 9.1 1 10.01

12.84 10.25 13.12 10.08 11.85 10.23

10.47 10.47 10.45 10.37

13.33 13.67 13.71 13.08 10.27 10.32

13.08 10.31 13.34 10.10 11.99 10.29

10.57 10.56 10.52 10.40

10.35 10.1 1




US Equities Fund

US Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

US Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in the US, or companies that derive a significant proportion of their revenues or profits from US operations or have a significant proportion of their assets there.

Performance Review During the first quarter of 2004, Fund performance benefited from the high weighting in energy stocks, which have been beneficial for returns for some time. On the negative side, overweight positions in materials and industrials were damaging, while low levels of exposure to telecoms and utilities also detracted from returns.

Economic Classification as at 30 June 2004 (expressed as a percentage of the net assets)

Performance Review (Continued) Overall, sector positions contributed positively to performance during the second quarter, while stock positions generally held performance back. Positive contributions came from the Fund's heavy investment in energy and light positions in consumer discretionary and utilities. Meanwhile, stock selection within the energy sector and industrials sector was positive with EOC Resources and Tyco International two of the top performing stocks. Stock selection in healthcare, technology and telecoms was damaging, however, with Flextronics and Juniper Networks both contributing negatively to the Fund's return.

Industrials 15.82%

Information Technology 18.33% Cash and Others 2.1 8%

-Telecomunication Services 1.01 %

Outlook We remain well positioned to benefit from an environment of gradually rising interest rates, reflecting our view of an extended recovery cycle. We believe consumer spending may slow around the middle of 2005, although corporate earnings growth and increased capital expenditure by companies is likely to take up the slack.

We continue to favour the energy, industrials and materials sectors, which should benefit from longer term growth, especially in overseas markets, although we have been reducing our exposure in energy to lock in some of the rise in stock prices. We moved to a more defensive position when the market was at i t s most volatile, but we have subsequently reduced our investment in consumer areas and increased our holdings in technology stocks.

Ten Largest Holdings as at 30 June 2004 (expressed as a percentage of the net assets)

Exxon Mobil Corp

Microsoft Corp

General Electric

Pfizer Inc

Walt Disney

Tyco International

United Technologies Corp

Bank of America Corp

IT Industries Inc

Kohl's Corp

I Financials 19.1 1 %


4.76

4.21

3.71

3.50

2.97

2.94

2.75

2.40

2.33

2.28

12

Standard Life Investments Global SICAV - US Equities Fund

Schedule of Investments (Expressed in USD) as at 30 June 2004

Quantity/ Nominal Denomination

Value Currency Name o f Securities

Transferable Securities Admitted to an Official Exchange Listing

% of Net

Assets Market

Value

Aerospace & Defense 3,100 USD United Technologies Corp

Total f o r Aerospace & Defense

280,643

280,643

2.75

2.75

Aluminum

4,900 USD Alcan Iric

Total for Aluminum

201,782

201,782

1.98

1.98

Apparel Accessories & Luxury Goods 3,500 USD Polo Ralph Lauren Corp

Total f o r Apparel Accessories & luxu ry Goods

1 19,665

1 19,665

1.17

1.17

Asset Management 6T Custody Banks 2,800 USD Franklin Resources Inc

Total for Asset Management & Custody Banks

140,252

140,252

1.37

1.37

Communications Equipment 9,300 USD Cisco Systems Inc

Total f o r Communications Equipment

220,503

220,503

2.1 6

2.16

Computer Hardware 1,400 USD International Business Machines Corp

Total for Computer Hardware

123,606

123,606

1.21

1.21

Computer Storage & Peripherals 1,900 USD Lexmark International Inc ' A

Total for Computer Storage & Peripherals

181,811

181,811

1.78

1.78

Department Stores 5,500 USD Kohl's Corp

Total f o r Department Stores

232,595

232,595

2.28

2.28

Diversified Banks 2,900 USD 5,500 USD

Bank of America Corp US Bancorp

Total for Diversified Banks

245,253 150,975

396,228

2.40 1.48

3.88

Diversified Chemicals 3,400 USD D u Pont (E.I.) de Nemours

Total for Diversified Chemicals

150,110

150,110

1.47

1.47


I

I


Schedule of Investments (Expressed in USD) (continued)

Quantity/ Nominal Denomlnatlon

Value Currency Name of Securities


Diversified Metals & Mining 6,400 USD lnco

Total for Diversified Metals & Mining

Electronic Manufacturing Services 8,800 USD Flextronics International

Total for Electronic Manufacturing Services

Fertilizers & Agricultural Chemicals I 1,800 USD Potash Corp of Saskatchewan

Total for Fertilizers & Agricultural Chemicals

Health Care Equipment 3,400 USD Boston Scientific Corp 3,900 USD Medtronic Inc

I Total for Health Care Equipment

Household Products 4,000 USD Procter & Gamble

Total for Household Products

Industrial Conglomerates 1 1,700 USD General Electric 9,100 USD Tyco International

Total for Industrial Conglomerates I Industrial Machinery

2,900 USD Ingersoll-Rand ‘A 2,900 USD ilT Industries Inc

Market Value

222,784

222,784

140,624

140,624

170,694

170,694

139,366 190,710

3 30,076

21 9,400

21 9,400

3 78,26 1 300,391

678,652

195,344 238,119

Total for Industrial Machinery 433,463

Integrated Oil & Gas 10,900 USD Exxon Mobil Corp 485,813

Total for Integrated Oil & Gas 485,813

Integrated Telecommunication Services 5,900 USD Sprint Corp-FON Group 103,250

Yo of Net

Assets

2.1 8

2.18

1.38

1.38

1.67

1.67

1.37 1.87

3.24

2.1 5

2.15

3.71 2.94

6.65

1.91 2.33

4.24

4.76

4.76

1.01

1.01 Total for Integrated Telecommunlcatlon Services 103,250







Investment Banking & Brokerage 5,500 USD 2,300 USD 4,300 USD 2,800 USD

IT Consulting & Other Services 4,300 USD

Life & Health Insurance 4,700 USD 4,800 USD

Movies & Entertainment 6,100 USD

1 1,900 USD

Networking Equipment 6,300 USD

Oil & Gas Exploration C Production 3,600 USD 2,100 USD

Other Diversified Financial Services 4,100 USD

Personal Products 4,400 USD

Pharmaceuticals 2,600 USD 2,800 USD 3,700 USD

10,400 USD

Publishing 2,200 USD

AG Edwards Inc Coldman Sachs Group Inc Merrill Lynch Inc Morgan Stanley

Total for Investment Banking & Brokerage

Accenture 'A'

Total for IT Consulting & Other Services

Lincoln National Corp Prudential Financial Inc

Total for Life & Health Insurance

Time Warner Inc Walt Disney

Total for Movies & Entertainment

Juniper Networks Inc

Total for Networking Equipment

Burlington Resources Inc EOG Resources Inc

Total for Oil & Gas Exploration & Production

Citigroup Inc

Total for Other Diversified Financial Services

Avon Products

Total for Personal Products

Abbott Laboratories Johnson 6r Johnson Merck Inc Pfizer Inc

Total for Pharmaceuticals

Knight-Ridder Inc

Total for Publishing

Market Value

187,000 21 6,200 232,243 146,636

782,079

1 16,788

116,788

21 9,631 221,856

441,487

106,140 303,331

409,471

151,830

151,830

128,088 124,593

252,68 1

189,953

189,953

200,156

200,156

107,380 156,072 1 75,195 357,136

795,783

158,972

158,972

Yo of Net

Assets

1.83 2.12 2.28 1.44

7.67

1.14

1.14

2.1 5 2.1 8

4.33

1.04 2.97

4.01

1.49

1.49

1.26 1.22

2.48

1.86

1.86

1.96

1.96

1 .os 1.53 1.72 3.50

7.80

1.56

1.56







Railroads 5,250 CAD Canadian National Railway

Market Value

010 of Net

Assets

221,798 2.1 7

Total for Railroads 221,798 2.1 7

Semiconductors 6,200 USD lntei Corp 5,300 USD Texas Instruments Inc 2,700 USD Xilinx Inc

170,996 1.68 127,465 1.25 88,506 0.87

Total for Semiconductors 386,967 3.80

Soft Drinks 3,700 USD PepsiCo Inc 198,690 1.9s

Total for Soft Drinks 198,690 1.95

Specialty Stores 7,900 USD TJX Cos Inc 189,521 1.86

Total for Specialty Stores 189,521 1.86

Systems Software 15,100 USD Microsoft Corp 4,300 USD Veritas Software Corp

429,897 4.21 1 19,669 1.17

Total for Systems Software 549,566 5.38

Tobacco 2,100 USD Altria Group Inc 105,462 1.03

Total for Tobacco 105,462 1.03

Total Transferable Securities Admitted to an Official Exchange Listing 9,983,155 97.82 Total Investments 9,983,155 97.82

Cash at bank 220,144 2.16

Other Net Assets 2,344 0.02

Total Net Assets 10,205,643 100.00




European Equities Fund

European Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

European Equities Fund Investment Policy It will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in European countries (which might include emerging markets of Europe), or companies that derive a significant proportion of their revenues or profits from European operations or have a significant proportion of their assets there.

Performance Review The Fund benefited from the rally in European markets that occurred in the early part of the first quarter of 2004, but lost some of i t s gains towards the end of the period as weaker data and security fears drove the market lower. Sector selection was neutral for performance, but good stock selection enabled the Fund to outperform the benchmark index. The best performing stocks were Vivendi Universal, "02, Acambis and Balfour Beatty. Negative contributors included BASF, T-Online and Boots.

The pan-European markets performed well relative to other global markets in the second quarter and showed good absolute returns. Relative to the market the Fund was slightly weaker over the quarter. Most of the performance was driven by stock selection rather than asset allocation themes. Warner Chilcott (women's healthcare provider), "02 (UK mobile operator) and Nokia that were the main negatives.

Geographical Classification as at 30 June 2004 (expressed as a percentage of the net assets)

I Sweden 2s10/0

r

Euroland 45.25%

Performance Review (Continued) Our holding in Royal Bank of Scotland was also weak as fears of interest rate rises and the subsequent slowdown in the housing market hit the stock. In technology, CSR (the Bluetooth integrated chip designer) and lsoft performed well. In the consumer discretionary sector, Marks & Spencer, Continental (the tyre maker), lnchcape and Porsche were all positive.

Outlook Looking ahead, we continue to believe Euro-zone growth will be moderate, supported by the broadening of the global economic recovery and the ECB keeping interest rates on hold. We continue to favour the economically sensitive areas of the economy that have predictable earnings growth and that are well placed to deliver increased profits. Stock specific issues rather than activity within sectors will remain key to market movements over the short term, and we expect earnings momentum to become a key market driver again.


HSBC Hldgs

Vodafone Group

ClaxoSmithKline

BP

Total

Royal Bank of Scotland Group

Novartis (Regd)

BNP Paribas

Royal Dutch Petroleum

UBS (Regd)

3.78

3.68

3.05

2.91

2.73

2.44

2.00

1.91

1.79

1.74

I7 Standard Life Investments Global SICAV Report and Accounts

Standard Life Investments Global SlCAV - European Equities Fund

Schedule of Investments (Expressed in EUR) as a t 30 June 2004




Finland 11.250

France 770

3,000 3,272

646 1,000

725 1,400 2,800 2,152 1,490 2,000 1,390 1,600 3,850

Germany 375 366

2,600 1,850

1,460 3,500 4,350

620 148

2,750 920

2,085 6,950

1 ,I so

Greece 4,683

Ireland 23,100

EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

EUR

EUR

Market Value

Nokia 133,200

Total for Finland 133,200

Aventis BNP Paribas Credit Agricole Iliad Lafa rg e Pernod-Ricard Peugeot Publicis Croupe SNECMA Societe T616vision Francaise 1 (TF1) Thomson (ex-TMM) Total Veolia Environnement Vivendi Universal

48,240 153,300 65,636 12,649 73,400 76,923 63,630 68,376 34,346 39,038 32,220

21 8,925 37,440 89,436

Total for France 1,013,559

Adidas-Salomon Allianz (Regd) BASF Continental Deutsche Bank (Regd) Deutsche Boerse Deutsche Telekom (Regd) lnfineon Technologies Muenchener Rueckversicherungsgesellschaft (Regd) Porsche Pref REpower Systems SAP Siemens (Regd) T-Online International

37,200 32,933

1 15,960 73,057 75,049 61,291 50,925 48,546 56,172 82,812 50,600

126,472 124,015 64,983

Total for Germany 1,000,015

Alpha Bank 96,470

Total f o r Greece 96,470

Eircom Group 34,419

Total for Ireland 34/41 9

Yo of N e t

Assets

1.66

1.66

0.60 1.91 0.82 0.1 6 0.91 0.96 0.79 0.85 0.43 0.49 0.40 2.73 0.47 1.11

12.63

0.46 0.41 1.44 0.92 0.93 0.76 0.64 0.60 0.70 1.03 0.63 1.58 1 .55 0.81

12.46

1.20

1.20

0.43

0.43


Standard Life Investments Global SICAV - European Equities Fund

Schedule of Investments (Expressed in EUR) (continued)




Italy 7,090 4,930 21,148 14,000 12,350

Luxembourg 5,000

Netherlands 3,670 $1 00 4,400 3,380 12,000 400

5,381 2,250

Spain 1,553 7,050 2,700 5,171 10,824

Sweden 6,800 1,860 26,100

Switzerland 71 0

2,900 61 0

4,400 1,450 2,400 582

EUR EUR EUR EUR EUR

EUR

EUR EUR EUR EUR EUR EUR EUR EUR

EUR EUR EUR EUR EUR

SEK SEK SEK

CHF CHF CHF CHF CHF CHF CHF

ENI-Ente Nazionale ldrocarburi Riunione Adriatica di Sicurta Telecom ltalia TIM UniCredito ltaliano

Total for Italy

Arce I o r

Total for Luxembourg

ABN Amro Hldg ASML Hldg Koninklijke Philips Electronics Royal Dutch Petroleum Royal KPN Unilever 'CVA Vedior 'CVA' VNU

Total for Netherlands

Banco de Sabadell Banco Santander Central Hispano Gas Natural SDC Cestevision Telecinco Telefonica

Total for Spain

Skandinaviska Enskilda Banken 'A' SKF 'B' Telefonaktiebolaget LM Ericsson 'E'

Total for Sweden

Ciba Specialty Chemicals (Regd) Credit Suisse Group Nestle (Regd) Novartis (Regd) Roche Hldg 'Cenusschein' UBS (Regd) Zurich Financial Services

Total for Switzerland

Market Value

1 1 6,843 73,753 54,350 65,380 50,635

360,961

69,250

69,250

66,023 71,808 98,604 143,481 74,280 22,640 65,056 53,663

595,555

27,379 61,194 54,054 63,448 132,269

338,344

81,166 56,623 64,308

202,097

41,997 85,768 134,308 160,504 1 1 8,595 140,076 76,162

757,410

Yo of Net

Assets

1.46 0.92 0.68 0.81 0.63

4.50

0.86

0.86

0.82 0.89 1.23 1.79 0.93 0.28 0.81 0.67

7.42

0.34 0.76 0.67 0.79 1.65

4.21

1.01 0.71 0.80

2.52

0.52 1.07 1.67 2.00 1.48 1.74 0.95

9.43


Standard Life Investments Global SICAV - European Equities Fund





United Kingdom 8,906 2,415

1 1,500 8,750

2,905,000 17,500 12,110 4,900 3 1,895 11,176 8,100 12,100 7,000 5,896 4,400 30,000 6,000 14,550 10,975 23,200 24,565 2,500 7,100 47,640 14,550 20,400 48,000 11,700 32,500 3,100 8,149

1 5,300 40,500 16,914 22,491 5,000

163,000 4,400 8,500 10,583

GBP GBP GBP GBP GBP GBP GBP GBP GEP GBP CBP GBP GBP GBP GBP GBP GBP GBP GBP GBP CBP CBP CBP CBP GBP GBP GBP GBP GBP GBP CBP CBP CBP CBP GBP CBP CBP GBP GBP CBP

Acam bis AstraZeneca Aviva AWG AWG Red Balfour Beatty Barclays Boots Group BP BPB British SKY Broadcasting BT Group Compass Group CSR Diageo First Choice Holidays Galen Hldgs ClaxoSmithKline HBOS HMV Croup HSBC Hldgs lnchcape &OFT Croup Legal & General Group Marks & Spencer Group MFI Furniture "02 Peninsular and Oriental Steam Navigation PHS Group Reckitt Benckiser Royal Bank of Scotland Croup Shell Transport & Trading Skyepharma Taylor Nelson Sofres Tesco Unilever Vodafone Group Whitbread Xstrata Yell Croup

Market Value

45,553 89,887 98,434 76,592 4,159 70,068 86,048 50,710 233,409 67,746 75,552 36,087 35,230 35,753 49,538 55,473 62,272 245,175 1 1 2,761 83,981 303,307 64,196 45,288 67,489 78,610 46,695 67,283 37,729 39,134 73,374 195,735 93,032 39,558 53,471 89,776 40,598 295,324 55,213 92,656 53,893

Yo of Net

Assets

0.57 1.12 1.23 0.95 0.05 0.87 1.07 0.63 2.91 0.84 0.94 0.45 0.44 0.45 0.62 0.69 0.78 3.05 1.40 1 .os 3.78 0.80 0.56 0.84 0.98 0.58 0.84 0.47 0.49 0.91 2.44 1.16 0.49 0.67 1.12 0.51 3.68 0.69 1.15 0.67

Total for United Kingdom 3,446,789 42.94

Total Transferable Securities Admitted to an Official Exchange Listing 8,048,069 100.26 8,048,069 100.26 Total Investments

Bank Overdraft (61,179) (0.76)






Asian Equities Fund

Asian Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Asian Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in Asia, or companies that derive a significant proportion of their revenues or profits from Asian operations or have a significant proportion of their assets there.

Performance Review (Continued) At the start of the second quarter, the overall positioning of the Fund was beneficial for performance, with our light investment in China the main positive. Although this position became negative during May, when the Chinese market performed strongly, our underweight position in the poorly performing Indonesian market helped to offset this. In June, performance was held back by our investment in the Taiwanese market, which was softer despite solid economic and corporate newsflow. At a stock level, our investments in China, Singapore, Hong Kong, Malaysia and Thailand were successful with holdings in Singapore Press, Li & Fung, Shin Corp and PlTEP driving performance.

Performance Review The Fund's performance slipped over the first quarter of 2004. Asset allocation was generally positive, but weak stock selection in China, Hong Kong and Singapore was a drag on performance, with holdings in China Unicorn and Li 6r Fung particularly disappointing. At a country level, maintaining the Fund's light position in China, reducing exposure to Thailand and increasing exposure to Malaysia all contributed positively.


I Taiwan 18.25% Thailand 4.53% UK 1.79% China 2.51 % Singapore 1 1 .OO% I Indonesia 1.67%

Cash and Others 0.96%

Hong Kong 25.66940

Outlook We believe that concerns over a hard landing for the Chinese economy and the extent of US interest rate increases are overdone. We also think companies have learnt the lessons of over- investment in the past and are now in a much stronger position to face interest rate rises and fluctuations in global demand.

We are maintaining the Fund's heavy investment in Taiwan and Hong Kong. In Taiwan, we remain confident in the sustainability of earnings momentum in both the technology and financial sectors. We expect company earnings to positively surprise the market and valuations currently look attractive. We remain light in China, as we are concerned about rising cost pressures on Chinese corporations. Instead, we are exposed to Chinese growth through companies listed in other markets, such as Hong Kong.

I

I

I I I


Samsung Electronics

United Overseas Bank

China Mobile (HK)

Kookmin Bank

DBS Group Hldgs

Sun Hung Kai Properties

Hutchison Whampoa

United Microelectronics Corp

Posco

Taiwan Semiconductor

Manufacturing

8.04

2.99

2.96 2.72

2.72

2.57

2.38

2.34

2.1 1

2.09

I South Korea 26.44%


Standard Life Investments Global SICAV - Asian Equities Fund

Schedule of Investments (Expressed in USD) as a t 30 June 2004

Quantity/ Nominal Denominatlon



China 480,000 184,000

Hong Kong 35,393 45,000

166,000 280,000 41,000

350,000 48,000 14,000 59,000 1 3,300

120,000 59,000

100,000 127,800 196,000 824,000 53,000 47,500 3 7,000

169,000 20,000

Indonesia 200,000 223,000

Malaysia 13,500

154,000 32,000

275,000 70,000 18,000 60,200 55,800

HKD HKD

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD USD HKD HKD HKD H KD HKD HKD HKD HKD HKD HKD

IDR IDR

MYR MYR MYR MYR MYR MYR MYR MYR

China Petroleum & Chemical Corp 'H' Ping An Insurance Group Co of China

Total for China

Bank of East Asia Cheung Kong Hldgs China Mobile (HK) China Resources Power Hldgs CLP Hldgs Comba Telecom Systems Hldgs Dah Sing Banking Group DAH Sing Financial Hang Lung Group Hang Seng Bank Hongkong Land Hldgs Hutchison Whampoa Johnson Electric Hldgs Li & Fung PCCW Skyworth Digital Hldgs Sun Hung Kai Properties Swire Pacific 'A' Television Broadcasts Varitronix International Wing Hang Bank

Total for Hong Kong

HM Sampoerna Teiekomunikasi Indonesia

Total for Indonesia

British American Tobacco (Malaysia) Commerce Asset Hldgs Genting Magnum Corp Malayan Banking Resorts World Telekom Malaysia Tenaga Nasional

Total for Malaysia

Market Value

175,390 250,059

425,449

101,191 331,741 502,273 157,954 224,456 205,295

78,772 82,567 79,426

170,518 187,200 402,801 101,926 186,791 133,184 21 6,571 434,886 307,542 158,441 166,839 1 1 8,722

4,349,096

107,619 175,834

283,453

179,408 196,958 128,842 175,855 184,210 42,395

163,174 148,311

1,219,153

% of Net

Assets

1.03 1.48

2.51

0.60 1.96 2.96 0.93 1.32 1.21 0.46 0.49 0.47 1.01 1.10 2.38 0.60 1.10 0.79 1.28 2.57 1.81 0.93 0.98 0.70

25.65

0.63 1.04

1.67

1.06 1.16 0.76 1.04 1.09 0.25 0.96 0.87

7.19


Standard Life Investments Global SICAV - Asian Equities Fund





Singapore 31,000 3,100 55,000 10,000 21 6,000 1 14,750 180,000 65,000

South Korea 8,960 14,840 14,500 7,050 5,250 2,770 3,300 4,350 2,100 19,400 1,030 1,270

Taiwan 95,000 102,000 305,250 152,775 16,000 192,135 107,000 90,466 120,000 157,300 246,861 100,000 535,065 237,000

Thailand 320,000 42,000 302,000 20,100

SCD SCD SCD SCD SCD SGD SGD SCD

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD

TH B TH B TH B TH B

City Developments City Developments Wts 10.05.06 DBS Group Hldgs Oversea-Chinese Banking Corp Singapore Exchange Singapore Press Holdings Singapore Telecommunications United Overseas Bank

Total for Singapore

Hyundai Motor Kookmin Bank Korea Electric Power Corp KT Corp LC Electronics Inc Posco Samsung Electronics Samsung Fire & Marine Insurance Samsung SDI Shinhan Financial Group Shinsegae SK Telecom

Total for South Korea

Cathay Financial Hldg China Motor Corp Chinatrust Financial Hldg Delta Electronics Inc MediaTek Inc Nan Ya Plastic Corp Premier Image Technology Corp President Chain Store Corp Quanta Computer Inc Synnex Technology International Corp Taiwan Semiconductor Manufacturing Topco Scientific United Microelectronics Corp Yageo Corp

Total for Talwan

Krung Thai Bank (Frgn Mkt) P7T Exploration & Production (Frgn Mkt) Shin Corp (Frgn Mkt) Siam Cement (Frgn Mkt) (Regd)

Total for Thailand

Market Value

98,267 5,301

460,652 69,796 209,806 278,983 235,561 506,601

1,864,96 7

344,690 461,081 233,416 235,824 248,994 357,203

1,362,326 278,216 220,823 282,072 247,817 208,836

4,481,298

1 70,180 138,927 338,936 190,895 126,965 252,023 129,897 170,094 254,049 253,837 353,776 196,903 396,074 121,402

3 , 0 9 3 ~ ~ ~ 8

87,447 283,860 274,478 121,625

767,410

% of Net

Assets

0.58 0.03 2.72 0.41 1.24 1.65 1.39 2.99

11.01

2.03 2.72 1.38 1.39 1.47 2.1 1 8.04 1.64 1.30 1.66 1.46 1.23

26.43

1 .oo 0.82 2.00 1.13 0.75 1.49 0.77 1 .oo 1 .so 1 .so 2.09 1.15 2.34 0.72

18.26

0.52 1.67 1.62 0.72

4.53


1 Standard Life Investments Global SICAV - Asian Equities Fund


Quantity / Nominal Denomination



United Kingdom 10,000 HKD HSBC Hldgs (HK Regd) 9,500 HKD Standard Chartered

Market Value

% of Net

Assets

150,646 0.89 152,857 0.90

Total for United Kingdom 303,503 1.79

Total Transferable Securities Admitted to an Official Exchange Listlng 16,788,287 99.04

Total Investments 16,788,287 99.04



Total Net Assets 16,95 1,734 100.00 ~ ~~~ ~~ ~




Hong Kong Equities Fund

Hong Kong Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Hong Kong Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in Hong Kong, or companies that derive a significant proportion of their revenues or profits from Hong Kong operations or have a significant proportion of their assets there.


Performance Review The Fund performed broadly in line with the benchmark over the first quarter of 2004. Performance suffered throughout the period from the market shift towards more defensive stocks. This resulted in a particularly strong performance from the utility sector, where the Fund remained underweight in preference to investment in recovery stocks. At a stock level, the sharp fall in share prices of China Unicom and Li & Fung were major negative factors for the Fund's performance. Positive contributions came from Sun Hung Kai Properties, Giordano and Comba Telecom, which has gained market share in the telecom equipment sector.

During the second quarter, the Fund's performance was held back slightly by our underweight position in strongly performing Chinese stocks.

I 7 I IF

Information Technology 4.1 7% Industrials 8.83% Utilities 4.1 1 Yo Cash and Others 2.1 2% Consumer Staples 2.76%

Telecommunication Services 8.53% Consumer Discretionary 7.42%

Performance Review (Continued) Our exposure to retail stocks, such as Ciordano and Sa Sa, was the main positive contributor to petformance as the sector outperformed due to the broadening economic recovery. Offsetting these performances somewhat was our investment in property stocks, which underperformed due to concerns over rising interest rates and slower momentum in primary market sales.

Outlook

I

We are continuing to invest in companies listed in Hong Kong that are exposed to growing parts of the Chinese economy. From a stock selection perspective, we favour those areas where we have conviction that a genuine recovery in earnings will take place, and where this is not yet discounted in valuations. We are continuing to favour banks but have switched the emphasis of our investment exposure from smaller to larger banks, which are better positioned in an environment of rising interest rates.


HSBC Hldgs (HK Regd) 8.30

Hang Seng Bank 5.86

China Mobile (HK) 5.02

Hutchison Whampoa 4.88

Wing Hang Bank 4.29

Sun Hung Kai Properties 3.98

Li & Fung 3.81

Swire Pacific 'A' 3.80

Bank of East Asia 3.75

Standard Chartered 3.45 Financials 62.06Yo


1 Standard Life Investments Global SICAV - Hong Kong Equities Fund

Schedule of Investments (Expressed in HKD) as at 30 June 2004




Agricultural Products 890,000 HKD Chaoda Modern Agriculture

Market Value

1,935,750

Total for Agricultural Products 1,93S,750

Alternative Carriers 430,000 HKD PCCW 2,279,000

Total for Alternative Carriers 2,279,000

I Apparel Retail

466,000 HKD Ciordano International 2,295,050

Total for Apparel Retail 2,295,050

Asset Management Sr Custody Banks 268,000 HKD JCG Hldgs 1,715,200

Total for Asset Management & Custody Banks 1,715,200

Broadcasting & Cable TV 83,000 HKD Television Broadcasts 2,772,200

Total for Broadcasting & Cable lV 2,772,200

Communications Equipment 21 4,000 HKD Comba Telecom Systems Hldgs 979,050

Total for Communications Equipment 979,050

Construction & Engineering 103,000 HKD Cheung Kong Infrastructure Hldgs 1,936,400

Total for Construction & Engineering 1,936,400

Diversified Banks 154,111 179,400 20,200 5 3,700 64,762 25,000 85,000 31,000

HKD HKD HKD HKD HKD CBP HKD HKD

Bank of East Asia Dah Sing Banking Group DAH Sing Financial Hang Seng Bank HSBC Hldgs (HK Regd) Standard Chartered Wing Hang Bank Wing Lung Bank

3,436,675 2,296,320 929,200

5,370,000 7,609,535 3,159,885 3,935,500 1,658,500

%o of Net

Assets

2.1 1

2.1 1

2.48

2.48

2.50

2.50

1.87

1.87

3.02

3.02

1.07

1.07

2.1 1

2.1 1

3.75 2.50 1.01 5.86 8.30 3.45 4.29 1.81

30.97 Total for Diversified Banks 28,395,615


Standard Life Investments Global SICAV - Hong Kong Equities Fund

Schedule of Investments (Expressed in HKD) (continued)

Quantity1 Nominal Denomination

Value Currency Name of securities


Electric Utilities 21 0,000 H KD

Electrical Components & Equipment 336,000 H KD

Electronic Equipment Manufacturers 370,000 H KD

Multi-line Insurance 430,000 HKD 84,000 HKD

Multi-Sector Holdings 84,000 HKD 69,000 HKD 39,000 H KD

Oil & Gas Exploration C Production 862,000 H KD

Packaged Foods dT Meats 1 1 7,000 HKD

China Resources Power Hldgs

Total for Electrlc Utilities

Johnson Electric Hldgs

Total for Electrical Components & Equipment

Varitronix International

Total for Electronic Equipment Manufacturers

China Insurance International Hldgs Ping An Insurance Group Company of China

Total for Multi-line Insurance

Hutchison Whampoa Swire Pacific 'A' Wharf Hldgs

Total for Multi-Sector Holdings

CNOOC

Total for Oil & Cas Exploration & Production

China Mengniu Diary

Total for Packaged Foods & Meats

Real Estate Management & Development 48,000 H KD Cheung Kong Hldgs 164,000 H KD Hang Lung Group 205,500 H KD Hang Lung Properties

209,000 USD Hongkong Land Hldgs 85,000 H KD Henderson Land Development

57,000 H KD Sun Hung Kai Properties

Total for Real Estate Management & Development

Market Value

924,000

924,000

2,671,200

2,671,200

2,849,000

2,849,000

1,483,500 890,400

2,3 73,900

4,473,000 3,484,500 873,600

8/83 1,100

2,844,600

2,844,600

596,700

596,700

2,760,000 1,722,000 2,065,2 75 2,856,000 2,543,030 3,648,000

15,594,305

% of Net

Assets

1.01

1.01

2.91

2.91

3.1 1 3.1 1

1.62 0.97

2.59

4.88 3.80 0.95

9.63

3.1 0 3.10

0.65

0.65

3.01 1.88 2.25 3.1 1 2.77 3.98

17.00


I Standard Life Investments Global SICAV - Hong Kong Equities Fund

Schedule of Investments (Expressed in HKD) (continued)




Specialty Stores 570,000 HKD

Trading Companies & Distributors 306,200 HKD

Wireless Telecommunication Services 195,000 HKD 153,000 HKD

Sa Sa International Hldgs

Total for Specialty Stores

Market Value

Yo of Net

Assets

1,738,500 1.90

1,738,500 1.90

Li & Fung 3,490,680 3.81

Total for Trading Companles & Distributors 3,490,480 3.81

China Mobile (HK) 4,602,000 5.02 China Unicom 940,950 1.02

Total for Wireless Telecommunication Services 5,542,950 6.04 . .

Total Transferable Securities Admitted to an Official Exchange Listing 89,765,200 97.88


Cash at bank 3,018,768 3.29

Other Net Liabilities (1,070,81 6) (1.17)





Japanese Equities Fund

Japanese Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Japanese Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in Japan, or companies that derive a significant proportion of their revenues or profits from Japanese operations or have a significant proportion of their assets there.

Performance Review The Fund performed broadly in line with the Topix Index during the first quarter of 2004. Positive contributions came from the real estate, housing and constructions sectors. These sectors were helped by improvements in the domestic economy feeding through into higher occupancy rates and increases in the number of construction orders.


Performance Review (Continued) Outlook Negative influences were our overweight positions in the automobile sector and precision instrument comoanies.

The prospects for Japan's domestic economy look robust, subject to any external shocks. Corporate profitability has been stronq for the past three

Both sectors were adversely affected by the strength of the yen against the dollar. Looking at individual stocks, Fuji TV and UMC Japan were negative contributors to performance.

The Fund fell modestly against the benchmark during the second quarter. The main negatives were our heavy positions in semi-conductor makers and LCD related stocks. These companies fell on concerns that the high level of investment in these areas would result in large price reductions when new capacity i s released in the second half of the year. However, our heavy investment in the automobile sector and the precision instrument sector was positive for performance. Both sectors benefited from the weakness in the yen against the US dollar. Japanese auto companies were also boosted by new model launches and strong demand for fuel-efficient cars.

years and this investment. In turn, income levels are expected to improve and this will lead to increased consumer spending. The banking sector's improving financial health should also encourage more lending opportunities through time. In addition, the market has successfully absorbed an environment of rising interest rates during the second quarter and this should encourage the Bank of Japan to keep its monetary policy accommodative. As well as our bias to banking stocks, we will maintain our slight overweight holding in telecommunications operators. We feel that much of the pricing concerns, due to new technologies and a change in pricing plans have been discounted in share prices. We plan to increase our investment in this area once the pricing environment improves. A stabilisation in market share of subscriber additions would be a trigger for this.

now feeding into


Information Technology 16.82yo

Consumer Discretionary 25.81 %

Toyota Motor Corp 4.88

Mitsubishi Tokyo

Financial Group Inc 4.24

Honda Motor 2.86

Sumitomo Mitsui Materials 10.92% Telecommunication Services 4.05%

Financial Group Inc 2.67 Cash and Others 1.92%

Obic 2.53 Consumer Staples 3.85% Healthcare 5.21 Yo Canon Inc 2.32

Utilities 0.66% JFE Hldgs Inc 2.29

Financials 16.89% Seven - Eleven Japan 2.21

COMSYS Holdings Corp 2.07

Industrials 13.87% NEC Electronics Corp 1.98


Standard Life Investments Global SICAV - Japanese Equities Fund

Schedule of Investments (Expressed in JPY) as a t 30 June 2004

Yo of Net

Assets

Quantity / Nominal Denominatlon



Market Value

Agricultural Products 8,000 I PY Ajinomoto Inc

Total for Agrlcultural Products

10,512,000

1 0,5 1 2,000

1.63

1.63

Aluminum 36,000 I PY Nippon Light Metal

Total for Aluminum

9,324,000

9,3 24,000

1.45

1.45

Apparel Accessories & Luxury Goods 6,000 I PY Citizen Watch 7,416,000

Total for Apparel Accessories & Luxury Goods 7,416,000

1.15

1.15

Application Software 4,000 I PY 1,000 JPY

Cresco Nomura Research Institute

Total for Application Software

4,680,000 11,630,000

16,310,000

0.73 1.81

2.54

Auto Parts & Equipment 3,400 I py 4,300 J PY

Aisin Seiki Denso Corp

7,735,000 10,922,000

1.20 1.70

2.90 Total for Auto Parts & Equipment 1 8,657,000

Automobile Manufacturers 3,500 J PY

26,000 I PY 5,100 I PY 7,100 I py

Honda Motor 18,410,000 Mazda Motor Corp 9,984,000 Suzuki Motor Corp 9,802,200 Toyota Motor Corp 31,382,000

Total for Automobile Manufacturers 69,578,200

2.86 1.55 1.52 4.88

10.81

Broadcasting & Cable TV 24 I py TV Asahi Corp 4,944,000

Total for Broadcasting & Cable TV 4,944,000

0.77

0.77

Building Products 2,100 I py 5,000 J PY

Komeri Tostem lnax Hldg Corp

Total for Building Products

6,132,000 11,775,000

17,907,000

0.95 1.83

2.78



Schedule of Investments (Expressed in JPY) (continued)




Commodity Chemicals 6,000 I PY Kuraray

30,000 I PY Tosoh Corp

Total for Commodity Chemicals

Computer Storage & Peripherals 900 J PY Melco Holdings Inc

Total for Computer Storage & Peripherals

Construction & Engineering 15,000 I PY COMSYS Holdings Corp

Total for Construction & Engineering

Construction & Farm Machinery & Heavy Trucks 4,000

Consumer Electronics 3,100 14,000 5,000

Consumer Finance 2,500

Department Stores 5,300

Diversified Banks 1 1,000

27 13 23

Hitachi Construction Machinery

Total for Construction & Farm Machinery & Heavy Trucks

Pioneer Corp Sanyo Electric Sharp Corp

Total for Consumer Electronics

Sanyo Electric Credit

Total for Consumer Finance

Marui

Total for Department Stores

Bank of Fukuoka Mitsubishi Tokyo Financial Group Inc Mizuho Financial Group Inc Sumitomo Mitsui Financial Group Inc


Market Value

5,358,000 1 1,820,000

1 7,178,000

2,493,000

2,493,000

13,290,000

13,290,000

5,168,000

5,168,000

8,742,000 6,286,000 8,715,000

23,743,000

6,062,500

6,062,500

7,791,000 7,791,000

7,117,000 27,270,000 6,435,000 17,204,000

58,026,000

Yo of Net

Assets

0.83 1.84

2.67

0.39

0.39

2.07

2.07

0.80

0.80

1.36 0.98 1.35

3.69

0.94

0.94

1.21

1.21

1.11 4.24 1 .oo 2.67

9.02




O!O of Net

Assets

Quanti t y l Nominal Denomination

Value Currency Name of Securities Market

Value


Diversified Chemicals 1 ,I 00 J PY

33,000 J PY Nitto Denko Corp Ube Industries

Total for Diversified Chemicals

6,138,000 5,610,000

11,748,000

0.9s 0.87

1.82

Electrical Components & Equipment 17,000 J PY 18,000 J PY

1.37 1.23

Hitachi Cable Toshiba Corp


8,823,000 7,902,000

16,725,000 2.60

Electronlc Equipment Manufacturers Hitachi Keyence Corp Murata Manufacturing


6,008,000 4,978,000 11,818,000

0.93 0.77 1.84

8,000 200

1,900

22,804,000 3.54

Food Retail 4,000 2.21

2.21

Seven - Eleven Japan

Total for Food Retail

14,240,000

1 4,240,000

Gas Utilities 1 1,000 Tokyo Gas

Total for Gas Utilities

4,25 7,000

4,257,000

0.66

0.66

Health Care Supplies 900 10,278,000

10,278,000

1.60

1.60

Hoya Corp

Total for Health Care Supplies

Homebuilding 4,000 0.79

0.79

Daiwa House Industry

Total for Homebuilding

5,064,000

5,064,000

Household Appliances 2,200 4,543,000

4,543,000

0.71

0.71

TH K

Total for Household Appliances







Industr ial Machinery 700 I PY 700 I PY

Integrated Telecommunication Services 9 I PY 17 I PY

Investment Banking & Brokerage 9,000 I PY 3,000 I PY

IT Consulting & Other Services 700 I py

Leisure Products 4,000 I PY

Mar ine 22,000 I PY

Office Electronics 2,600 I PY 4,000 IPY

Other Diversified Financial Services 10,000 J PY

Fanuc SMC Corp

Total for Industrial Machinery

KDDl Corp Nippon Telegraph & Telephone Corp

Total for Integrated Telecommunication Services

Daiwa Securities Group Inc Mitsubishi Securities


Obic

Total f o r IT Consulting & Other Services

Bandai

Total for Leisure Products

Nippon Yusen Kabushiki Kaisha

Total for Marine

Canon Inc Ricoh

Total f o r Office Electronics

Shinko Securities


Market Value

4,557,000 8,260,000

12,817,000

5,616,000 9,911,000

15,527,000

7,05 6,000 4,299,000

11,355,000

16,275,000

16,275,000

1 1,880,000

11,880,000

1 1,066,000 1 1,066,000

14,950,000 9,280,000

24,230,000

4,030,000

4,030,000

% of N e t

Assets

0.71 1.28

1.99

0.87 1.54

2.41

1.10 0.64

1.76

2.53

2.53

1.85

1.85

1.72

1.72

2.32 1.44

3.76

0.63

0.63

33 Standard Life Investments Global SlCAV Report and Accounts

I





vi of Net

Assets Market

Value


Pharmaceuticals 6,500 I PY Chugai Pharmaceutical 4,700 I PY Fujisawa Pharmaceutical

Total for Pharmaceuticals

Property & Casualty Insurance 4 I PY Millea Hldgs Inc

1 1,128,000 1 2,149,500

23,277,500

1.73 1.89

3.62

6,480,000 6,480,000

1.01

1.01 Total for Property & Casualty Insurance

Publishing 5,000 I PY Toppan Printing

Total for Publishing

I Real Estate Management & Development 700 I PY Coldcrest

5,000 I py Mitsui Fudosan I

6,175,000

6,175,000

0.96

0.96

5,257,000 6,540,000

0.81 1.02

Total for Real Estate Management & Development 11,797,000 1.83

Regional Banks 7,000 I PY Chiba Bank 4,676,000

4,676,000

0.73

0.73 Total for Regional Banks

Restaurants 2,000 I PY Plenus 6,240,000

6,240,000

0.97

0.97 Total for Restaurants

Semiconductor Equipment 700 I PY Tokyo Electron 4,284,000

4,284,000

0.67

0.67 Total for Semiconductor Equipment

Semiconductors 1,900 I PY NEC Electronics Corp

700 I PY Rohm

Total for Semiconductors

12,730,000 9,142,000

21,872,000

1.98 1.42

3.40




Quantity f Nominal Denomination



Specialized Finance 1,900 I py Credit Saison

Total for Specialized Finance

Specialty Chemicals 2,200 I py Shin-Etsu Chemical

1 1,000 I py Zeon Corp

Total for Specialty Chemicals

Steel 5,500 I py JFE Hldgs Inc

Total for Steel

Trading Companies & Distributors 7,000 I PY Sumitomo Corp

Total for Trading Companies & Distributors

Trucking 6,000 I py Seino Transportation

Total for Trucking

54 I py NTT DoCoMo Inc Wireless Telecommunication Services

Total for Wireless Telecommunication Services

Market Value

6,2 32,000

6,23 2,000

8,580,000 8,701,000

17,281,000

14,712,500

14,712,500

5,544,000

5,544,000

6,762,000

6,762,000

10,530,000

10,530,000

Yo of Net

Assets

0.97

0.97

1.33 1.3s

2.68

2.29

2.29

0.86

0.86

1 .os 1 .os

1.64

1.64



Cash at bank 7,423,088 1.15

Other Net Assets 4,98 1,686 0.77





Taiwan Equities Fund

Taiwan Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Taiwan Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in Taiwan, or companies that derive a significant proportion of their revenues or profits from Taiwanese operations or have a significant proportion of their assets there.

Performance Review The Fund underperformed over the first quarter of 2004. At the sector level, our preference for technology stocks over steel companies contributed negatively to performance, as steel outperformed and technology struggled due to concerns over demand.

Performance Review (Continued) Positive contributions at a stock level came from heavy position in technology companies, Synnex Technology, and Yageo. In the financial sector, Fubon had a positive impact on the Fund's returns. Negative contributions came from our heavy position in the power supplies and components maker Delta.

The Fund outperformed its peer group over the second quarter. Fund performance during April benefited from our heavy investment in the technology sector and light position in the poorly performing plastics sector. During May, performance benefited from a positive contribution from Delta Electronics, which started to perform well due to signs that a restructuring of its product lines is feeding through to improved margins. Weak performance from the semiconductor foundry UMC, which we are heavily invested in, hindered the Fund's performance during most of the period. Towards the end of the quarter, stock selection was positive while the Fund's heavy investment in technology and light investment in steel continued to be negative.


7 Telecommunication Services 5.93% Consumer Discretionary 13.32% Cash and Others 4.44Oh

r Materials 4.79%

I Information Technology 46.6896

Performance Review (Continued) Domestically driven stocks performed the most strongly in June. Chinatrust, which is the largest financial holding in the Fund, outperformed the market by 5.7% on the back of continued strength in consumer loan growth and overall retail spending.

Outlook Despite recent share price declines, we continue to feel confident in the sustainability of near term earnings momentum which, combined with potential inflow from the MSCl re- weighting, could lead to strong performance in the third quarter. We maintain a preference for electronics and financial stocks, which should continue to post good earnings growth but trade at highly supportive valuations. For example, we maintain a heavy holding in UMC, which is trading close to a trough price-to-book valuation and for which order volumes and pricing should improve going through to the third quarter of 2004. We also have heavy investment in Chinatrust, which we consider to be the best managed retail bank in Taiwan. Meanwhile, we will maintain our light exposure to chemical and steel stocks, which appear expensive.


United Microelectronics Corp 8.95 Taiwan Semiconductor

Manufacturing 8.77

Synnex Technology

International Corp 5.62 Chinatrust Financial Hldg 5.57

Nan Ya Plastic Corp 4.79

Topco Scientific 4.74

Quanta Computer Inc 4.49

Delta Electronics Inc 4.27

Cathay Financial Hldg 4.23

President Chain Store Corp 4.07


Standard Life Investments Global SICAV - Taiwan Equities Fund




Yo of Net

Assets Market

Value


Automobile Manufacturers 11 5,000 TWD China Motor Corp

Total for Automobile Manufacturers

156,634

156,634

1.45

1.45

Commodity Chemicals 393,726 TWD Nan Ya Plastic Corp


51 6,450

5 16,450

4.79

4.79

Computer Hardware 228,800 TWD 375,600 TWD

Quanta Computer Inc Synnex Technology International Corp

Total for Computer Hardware

484,387 606,111

1,090,498

4.49 5.61

10.10

Diversified Banks 541,680 TWD 464,880 TWD

Chinatrust Financial Hldg Mega Financial Hldg


601,457 305,579

907,036

5.57 2.83

8.40

Electrical Components & Equipment 368,655 TWO Delta Electronics Inc


460,641

460,641

4.27

4.27

Electronic Equipment Manufacturers 95,000 TWD 54,200 TWD

806,000 TWD

Asustek Computer Inc HON HA1 Precision Industry Yageo Corp


21 5,187 200,604 41 2,868

828,659

1.99 1.86 3.83

7.68

Food Retail 233,488 TWD President Chain Store Corp

Total for Food Retail

439,004

439,004

4.07

4.07

Household Appliances 184,000 TWD Tsann Kuen Enterprise

Total for Household Appliances

228,822

228,822

2.1 2

2.1 2

Integrated Telecommunication Services 164,000 TWD Chunghwa Telecom 281,645 2.61

2.61 Total for Integrated Telecommunication Services 281,645


Standard Life Investments Global SICAV - Taiwan Equities Fund


010 of Net

Assets


Value Currency Name of Securities Market

Value


leisure Products 305,000 TWD Giant Manufacturing

Total for leisure Products

370,266

3 70,266

3.43

3.43

l i fe & Health Insurance 255,000 TWD 456,800

456,800

4.23

4.23

Cathay Financial Hldg

Total for l i fe & Health Insurance

Other Diversified Financial Services 481,000 TWD Fubon Financial Hldg


41 7,295

41 7,295

3.87

3.87

Photographic Products 223,000 TWD Premier Image Technology Corp

Total for Photographic Products

270,719

270,719

2.51

2.51

Semiconductors 41,000 TWD

121,000 TWD 145,400 TWD 660,288 TWD

1,304,907 TWD

MediaTek Inc MIN AIK Technology Realtek Semiconductor Corp Taiwan Semiconductor Manufacturing United Microelectronics Corp


325,349 188,094 182,111 946,257 965,939

2,607,750

3.01 1.74 1.69 8.77 8.95

24.16

Technology Distributors 259,960 TWD 4.74

4.74

Topco Scientific

Total for Technology Distributors

51 1,869

511,869

Textiles 264,600 TWD Formosa Chemicals & Fibre

Total for Textiles

41 1,320

41 1,320

3.81

3.81

Wireless Telecommunication Services 378,560 TWD Taiwan Cellular Corp

Total for Wireless Telecommunication Services

358,687

358,687

3.32

3.32

Total Transferable Securities Admitted to an Official Exchange listing 10,314,095 95.56




Total Net Assets 1 0,792,786 100.00




Korean Equities Fund

Korean Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Korean Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations domiciled in Korea, or companies that derive a significant proportion of their revenues or profits from Korean operations or have significant proportion of their assets there.


Performance Review The Fund underperformed the local index in the first quarter 2004, mainly due to its structural underweight position in Samsung Electronics, which makes up about 35% of the benchmark. Our overweight position in other quality technology companies partly compensated for this. The Fund's heavy position in financials and underweight holdings in utilities contributed positively to performance.

The Fund performed well during the second quarter primarily due to our heavy investment in consumer related companies such as the discount store Shinsegae and the cosmetics company, Amore Pacific. The Fund's investment in information technology was negative for performance as the sector was badly hit by the sell off from foreign investors.

Outlook Going forward, we will closely monitor government policies that have the ability to boost consumer sentiment. The president and ruling party have prioritised reforms by tackling corruption and inequality. They have, however, been faced with strong resistance from some establishments, particularly the conservative media, which has influence over the middle to upper classes. The concern of these people is the government's future direction on wealth redistribution. We believe that this is one reason for consumer sentiment remaining weak.

However, we expect Korean export growth to remain robust in the short term and feed through to domestic demand in the second half of 2004, as higher capacity utilisation creates more jobs and increases household income. Given this outlook, we continue to favour banks and consumer discretionary stocks, where we also believe valuations are attractive. Within exporters, we will focus on quality companies with good earnings momentum and strong balance sheets.


Consumer Discretionary 23.1 1 % Samsung Electronics 8.54

7 Materials 10.88% Shinsegae 6.62

Kookmin Bank 5.75 Information Technology 20.62%

Cash and Others 1.81 % Hyundai Motor 4.89

Industrials 8.67%

Telecommunication Services 8.93% SK Telecom

Samsung SDI 4.99

KT Corp 4.79

Shinhan Financial Group 4.1 4

4.1 3

Posco 4.06

LC Electronics Inc 4.05 Financials 18.44%

Consumer Staples 7.54%


I

Standard Life Investments Global SICAV - Korean Equities Fund

Schedule of Investments (Expressed in USD) as at 30 June 2004



Transferable Securities Admitted to an Official Exchange Listing I

?h of Net

Assets Market

Value

Advertising 2,000 KRW Cheil Communications Inc

Total for Advertising

271,755

271,755

2.58

2.58

Auto Parts & Equipment 9,500 KRW Hyundai Mobis

Total for Auto Parts & Equipment

421,784

421,784

4.00

4.00

Automobile Manufacturers

I 13,400 KRW 12,000 KRW

Hyundai Motor Kia Motors Corp

Total for Automobile Manufacturers

51 5,496 102,506

618,002

4.89 0.97

5.86

Brewers I 2,500 KRW Hite Brewery

Total for Brewers

177,420

177,420

1.68

1.68

Commodity Chemicals 15,000 KRW

I 2,000 KRW 5,000 KRW

Cheil industries Inc Kumgang Korea Chemical LC Chem


173,958 205,115 169,198

548,27 1

1.65 1.95 1.61

5.21

1 Communications Equipment 8,300 KRW 2.21

2.21

You Ea1 Electronics

Total for Communications Equipment

233,100

233,100

Construction 6r Englneering 14,000 KRW LC Engineering h Construction Corp

Total for Constructlon & Engineering

230,819

230,819

2.1 9

2.19

Construction & Farm Machinery & Heavy Trucks 12,300 KRW Daewoo Shipbuilding & Marine Engineering

Total for Construction & Farm Machinery & Heavy Trucks

Consumer Electronics 9,000 KRW LC Electronics Inc

Total for Consumer Electronics

Department Stores 2,900 KRW Shinsegae

Total for Department Stores

148,501 1.41

148,501 1.41

426,84 7

426,847

4.05

4.05

697,737

697,737

6.62

6.62







Diversified Banks 10,000 KRW 19,500 KRW 38,000 KRW

Diversified Commercial Services 12,500 KRW

Diversified Metals & Mining 20,000 KRW

Electrical Components & Equipment 5,956 KRW

Electronic Equipment Manufacturers 1 0,300 KRW 5,000 KRW

Integrated Telecommunication Services 15,100 KRW

Investment Banking & Brokerage 7,000 KRW

Office Electronics 4,500 KRW

Other Diversified Financial Services 30,000 KRW

Packaged Foods & Meats 4,600 KRW

Hana Bank Kookmin Bank Pusan Bank


SI Corp

Total for Diversified Commercial Services

Poongsan Corp

Total for Diversified Metals & Mining

Kumho Electric


Samsung Electro-Mechanics Samsung SDI

Total for Electronlc Equipment Manufacturers

KT Corp

Total for Integrated Telecommunication Services

Samsung Securities


Sindo Ricoh

Total for Office Electronics

Shinhan Financial Group


CJ Corp

Total for Packaged Foods & Meats

Market Value

211,173 605,868 21 0,481

1,027,522

292,094

292,094

169,977

169,977

242,786

242,786

291,942 525,769

81 7,711

505,098

505,098

1 14,804

1 14,804

221,991

221,991

436,194

436,194

248,821

248,821

Yo of N e t

Assets

2.00 5.75 2.00

9.75

2.77

2.77

1.61

1.61

2.30

2.30

2.77 4.99

7.76

4.80

4.80

1.09

1.09

2.1 1

2.1 1

4.1 4

4.14

2.36

2.36







Personal Products 2,000 KRW

Property & Casualty insurance 5,700 KRW

Semiconductors 2,180 KRW

Steel 3,320 KRW

Wlreless Telecommunication Services 2,650 KRW

Amorepacific Corp

Total for Personal Products

Samsung Fire & Marine Insurance

Total for Property & Casualty Insurance

Samsung Electronics


Posco

Total for Steel

SK Telecom

Total f o r Wireless Telecommunication Services

Market Value

368,688

368,688

364,559

364,559

899,961

899,961

428,127

428,127

435,761

435,761

O!o of Net

Assets

3.50

3.50

3.46

3 -46

8.54

8.54

4.06

4.06

4.1 3

4.13

Total Transferable Securities Admi t ted to an Official Exchange Listing 1 0,348,330 98.19 Total investments 1 0,348,330 98.19

Cash a t bank 190,892 1.81

Other N e t Liabilities (18) (0.00)





Global Equities Fund

Global Equities Fund Objective The objective of the Sub-fund is to achieve long-term growth in the share price through capital appreciation of the underlying equity portfolio. It is intended that income will not be a prime consideration.

Global Equities Fund Investment Policy The Sub-fund will achieve this objective primarily through investment in equities and equity related securities of corporations registered on recognized stock exchanges.

Performance Review In the early part of the period, the telecom sector was among the top performers with merger and acquisition speculation boosting share prices. Luxury goods also performed well, supported by strong consumer demand.


Performance Review (Continued) The Fund's exposure to the healthcare sector was the biggest negative for performance. In particular, ClaxoSmithKline performed poorly, following a number of successful patent challenges from generic manufacturers. The best performing stocks included Sprint PCS, Samsung Electronics, N Asahi and America Movil.

During the second quarter of 2004, the Fund underperformed i t s benchmark due to heavy positions in the poorly performing financial and telecom sectors. Stock selection was positive however, with strong contributions coming from the industrial and utility sectors. Tyco, the diversified US manufacturing company performed well and the German electricity and gas utility, E.On, also saw it share price rewarded after strong profit growth. Avon added to returns thanks to strong revenues from new markets. The worst contributors at a stock level were Nokia, Jabil, the US circuit board manufacturer, and Aisin Seiki, the Japanese auto parts maker.

Brazil 0.93% 7 Cash and Others 1.68%

Outlook Equities are torn between positive earnings surprises and uncertainty about monetary policy changes. Going forward though, we expect corporate newsflow to increasingly become the more dominant driver, allowing stock markets to makes gains. We believe that the global economy will benefit from an extended growth phase of the business cycle. Therefore, we maintain a bias towards the economically sensitive areas of the market, such as the industrials and materials sectors, where stocks should benefit from the recovery in corporate capital spending. Our principal focus, however, is on areas where there is a secular growth story rather than a purely cyclical impetus. On a sector basis, we favour telecoms and industrials largely as a result of bottom-up stock selection. Given the prospects for higher interest rates and their impact on the profitability of the banks, we are light in the financials sector.


SPDR Trust Series 1 2.94

General Electric 2.50

Exxon Mobil Corp 2.1 2

Bank of America Corp 1.75

Citigroup Inc 1.60

ClaxoSmithKline 1.54

Tyco International 1.52

Pfizer Inc 1.51

Intel Corp 1 .so Royal Bank of Scotland Group 1.42

L Europe 35.1 1 O h


Standard Life Investments Global SICAV - Global Equities Fund





Bermuda 2,295 9,965

Brazil 2,180 12,970

Canada 3,425

Denmark 2,342

Finland 5,292

France 8,181 1,880 1 ,I 90 3,330 1,450

Germany 9,490 3,510 750

3,926 1,159

Greece 4.41 0

Hong Kong 41,000 7431 9

USD USD

USD USD

CAD

DKK

EU R

EUR EUR EUR EUR EU R

EUR EUR EUR

EUR EUR

EU R

HKD HKD

Ingersoll-Rand 'A' Tyco International

Total for Bermuda

Cia Vale d o Rio Doce ADR Telesp Celular ParticipaFBes ADR Pref

Total for Brazil

Canadian National Railway

Total for Canada

Novo-Nordisk 'B'

Total for Denmark

Nokia

Total for Finland

Credit Agricole Lafarge Pernod-Ricard Sanofi-Synthelabo Total

Total for France

Deutsche Telekom (Regd) E.ON Muenchener Rueckversicherungsgesellschaft (Regd) RWE SAP

Total for Germany

Alpha Bank

Total for Greece

Bank of East Asia Hang Lung Properties

Total for Hong Kong

Market Value

154,591 328,945

483,536

101,959

202,217

100,258

144,697

144,697

121,159

121,159

75,994

75,994

199,042 167,364 153,133 21 2,440 276,985

1 , 008,964

167,470 253,553

82,413 184,514 193,241

881,191

110,183

110,183

1 1 7,222 96,018

21 3,240

Yo of Net

Assets

0.71 1.52

2.23

0.47 0.46

0.93

0.67

0.67

0.56

0.56

0.35

0.35

0.92 0.77 0.71 0.98 1.28

4.66

0.77 1.17

0.38 0.86 0.89

4.07

0.51

0.51

0.54 0.44

0.98







Hungary 2,110

Israel 2,272

Italy 6,130

11,416 7,650

51,500 21,196

20,150

Japan 22,000 1 1,400 15,000 3,700

20 9,000 1,900 2,000

21 9,000 6,700 6,700 5,000 4,500

50 83,000

Mexico 3,300

Netherlands 10,740 5,730 5,071

OTP Bank (Regd) CDR

Total for Hungary

Taro Pharmaceuticals Industries

Total for Israel

Assicurazioni Cenerali Enel ENI-Ente Nazionale ldrocarburi Fiat Telecom ltalia Terna

Total for Italy

Amada Chugai Pharmaceutical Daiwa Securities Group Inc Honda Motor KDDl Corp Mitsubishi Securities Murata Manufacturing Shin-Etsu Chemical Sumitomo Mitsui Financial Group Inc Sumitomo Realty & Development Suzuki Motor Corp TH K Tostem lnax Hldg Corp Toyota Motor Corp N Asahi Corp Ube Industries

Total for Japan

America Movil ADR 'L'

Total for Mexico

ASML Hldg ING Groep 'CVA Koninklijke Philips Electronics

Total for Netherlands

Market Value

86,553

86,553

100,763

1 00,763

165,498 161,786 228,180 64,206

160,527 45,759

825,956

145,528 179,308 108,044 178,805 1 14,658 1 18,490 108,576 71,661

144,315 11 1,792 118,310 127,112 108,181 182,737 94,630

129,634

2,041 , 781

11 7,447

1 17,447

183,406 136,004 137,830

457,240

Yo of Net

Assets

0.40

0.40

0.47

0.47

0.76 0.75 1.05 0.30 0.74 0.21

3.81

0.67 0.82 0.50 0.83 0.53 0.55 0.50 0.33 0.67 0.52 0.55 0.59 0.50 0.83 0.44 0.60

9.43

0.54

0.54

0.84 0.63 0.64

2.1 1







Russia and former Republics of the Soviet Union 1,670

Singapore 10,491

South Korea 340

Spain 7,950 7,203

1 3,740

Sweden 41 9

6,500

Switzerland 3,700 891

1,875 825

United Kingdom 31,685 10,481 18,800

1 1 3,500 16,269 13,188 4,736 55,640 26,627 10,523 10,000 124,781 13,033

USD

USD

KRW

EUR EUR EUR

SEK SEK

CHF CHF CHF CHF

CBP GBP CBP EUR GBP GBP GBP GBP GBP CBP CBP GBP CBP

Yukos ADR

Total for Russia and former Republics of the Soviet Union

Flextronics International

Total for Singapore

Samsung Electronics

Total for South Korea

Banco de Sabadeli lberdrola Telefonica

Total for Spain

Ainax Volvo 'B'

Total for Sweden

Holcim (Regd) Nestle (Regd) Roche Hldg 'Genusschein' Swiss Life Hldg

Total for Swltzerland

BAE Systems Barclays BP Eircom Group ClaxoSmithKline HSBC Hldgs lnchcape Kidde Rolls-Royce Group Royal Bank of Scotland Group Trinity Mirror Vodafone Group Xstrata

Total for United Kingdom

Market Value

53,073

53,073

167,646

167,646

140,361

140,361

169,991 151,485 203,641

525,117

13,773 225,320

239,093

198,933 237,935 185,997 1 1 5,556

738,421

125,642 90,325 166,863 205,111 332,492 197,493 147,498 120,757 120,890 306,556 1 1 7,016 274,200 172,308

2,377,lS 1

Yo of Net

Assets

0.25

0.25

0.77

0.77

0.65

0.65

0.79 0.70 0.94

2.43

0.06 1.04

1.10

0.92 1.10 0.86 0.53

3.41

0.58 0.42 0.77 0.95 1.54 0.91 0.68 0.56 0.56 1.42 0.54 1.26 0.79

10.98







United States of America 2,605 USD 1,673 USD 2,635 USD 4,370 USD 4,470 USD 3,160 USD 8,472 USD 7,497 USD 4,200 USD 4,986 USD 2,664 USD

10,321 USD 2,200 USD 2,600 USD 2,990 US0

1 6,744 USD 2,714 USD 4,510 USD

11,776 USD 1,358 USD 5,450 USD 1,443 USD 2,387 USD 2,599 USD 1,388 USD 3,599 USD 4,927 USD 3,968 USD 7,967 USD 3,000 USD 2,190 USD 9,492 USD 1,610 USD 4,790 USD 2,968 USD 3,340 USD 4,960 USD 4,700 USD 5,580 USD

12,280 USD 4,360 US0 4,250 USD 2,045 USD 9,389 USD 3,681 USD 2,660 USD 4,962 USD

Altria Group Inc American Express American International Group Inc Avon Products Bank of America Corp Burlington Resources Inc Cisco Systems Inc Citigroup Inc Compass Bancshares Inc Dell Inc El i Lilly Exxon Mobil Corp Federated Department Stores FedEx Corp Franklin Resources Inc General Electric Goldman Sachs Group Inc Hewlett-Packard Intel Corp International Business Machines Corp Jabil Circuit Inc Knight-Ridder Inc Lincoln National Corp Lowe's Inc MBNA Corp Medtronic Inc Merck Inc Merrill Lynch Inc Microsoft Corp Monsanto PepsiCo Inc Pfizer Inc Phelps Dodge Corp Polo Ralph Lauren Corp Procter & Gamble Prudential Financial Inc Rockwell Collins Inc SouthTrust Corp SPDR Trust Series 1 Sprint Corp-FON Group Sysco Corp TJX Cos Inc United Technologies Corp US Bancorp Veritas Software Corp Viacom Inc 'E' Non Vtg Wachovia Corp

Market Value

130,823 85,775

188,007 1 98,791 378,028 11 2,433 200,8 7 1 347,336 179,340 177,751 187,146 460,007 107,470 210,782 149,769 541,334 255,116 95,161

324,782 1 19,898 136,686 104,271 11 1,545 1 36,759 35,769

175,991 233,293 214,312 226,820 11 1,600 11 7,603 325,955 123,213 163,770 162,795 154,375 164,672 181,232 635,673 21 4,900 156,088 101,958 185,134 257,728 102,442 93,446

220,561

Yo of Net

Assets

0.60 0.40 0.87 0.92 1.75 0.52 0.93 1.60 0.83 0.82 0.86 2.1 2 0.50 0.97 0.69 2.50 1.18 0.44 1.50 0.55 0.63 0.48 0.52 0.63 0.1 7 0.81 1.08 0.99 1 .os 0.52 0.54 1.51 0.57 0.76 0.75 0.71 0.76 0.83 2.94 0.99 0.72 0.47 0.86 1.19 0.47 0.43 1.02

I





Value Currency Name of securities Market

Value

Yo of Net

Assets


United States of America (continued) 3,487 USD Wal-Mart Stores Inc 181,254 0.84 9,698 USD Walt Disney 247,202 1.14 2,474 USD Wells Fatgo 141,884 0.66

17,600 USD Williams Inc 209,088 0.97 3,000 USD Xilinx Inc 98,340 0.45

Total for United States of America IO, 1 76,979 47.01





Total Net Assets 21,65 1,547 100.00




Global Bond Fund

Global Bond Fund Objective The objective of the Sub-fund is to achieve long term growth in the share price with capital appreciation being of secondary importance.

Global Bond Fund Investment Policy The Sub-fund will achieve this objective through investing in debt securities issued by sovereign and non- governmental agencies and corporate transferable debt securities in the constituent countries of the Salomon Brothers World Bond Index. Holdings will principally be of investment grade bonds. Returns on the Sub-fund will be both through the reinvestment of income and from capital gains.


Performance Review The Fund performed in line with the benchmark over the first quarter of 2004. US inflation protected treasury bonds (TIPs) provided a positive contribution to performance. The Fund's overweight position in Euro- zone bonds was a negative factor as currency movements reduced returns.

During the second quarter, the Fund's heavy investment in Europe and light position in Japan contributed positively to performance, as did our investment in TIPs. The Fund's performance initially suffered during April due to our off-benchmark holdings in corporate bonds, which had been a prolonged source of good performance. However, this was offset by our heavy weighting in US bonds compared to the benchmark and our neutral holding in UK bonds.

Japan 27.40%

Germany 18.1 6% Cash and Others 5.02% I Canada 4.679'0

France 4.569'0

USA 21.1 59'0

UK 1.56%

Spain 17.48%

Outlook With the prospects of higher interest rates, bond yields are likely to move higher. The extent of the moves will depend on whether the markets perceive authorities to be moving fast enough to curb inflation. Within government bond markets, our preference is broadly unchanged. We expect Euro-zone bonds to perform best, as the economy remains fragile relative to the rest of the world, despite some signs of improvement. After the Euro-Zone our preferences are the UK, followed by the US and Japan.

We have become increasingly worried about the valuation of inflation-linked bonds, particularly in the UK and US, where the downward pressure on yields has stretched the gap between them and fixed-coupon yields to unsustainable levels. In addition, given the relatively low liquidity in the inflation-linked market, the prudent approach is to maintain a light position a t current prices.


Japan Government Bond 20.09.1 2 I 1.3000/0 9.20 Spain Government Bond 30.07.07 13.000% 9.09 Rheinische Hypothekenbank 05.07.10 / 5.750% 8.72 Spain Government Bond 30.07.1 1 1 5.400% 8.39 Deutsche Bundesrepublik 19.08.05 / 5.000% 7.85 Japan Bank for International Cooperation 19.03.08 1 0.350% 7.55 Japan Finance Corp for Municipal Enterprises 26.1 1.1 3 / 1.350% 7.10 United States Treasury Note 15.08.1 0 1 5.750% 6.38 Fannie Mae 15.09.09 / 6.625% 5.66 United States Treasury Note 15.05.1 4 / 4.750% 4.74


Standard Life Investments Global SICAV - Global Bond Fund





Canada 1,596,000 CAD

France 970,000 EUR

Germany 300,000 EUR

1,714,000 EUR 1,794,000 EUR

Japan 225,000,000 JPY . 21 8,000,000 J PY

100,000,000 I PY 278,000,000 JPY

Spain 1,742,000 EUR 2,050,000 EUR

United Kingdom 350,000 EUR

United States of America 1,400,000 USD 1,000,000 USD

1,600,000 USD 1,284,000 USD

Market Value

%o of Net

Assets

Canada Government Bond 01.06.1 1 1 6.000% 1,270,862 4.67

Total for Canada 1,270,862 4.67

France Government Bond OAT 25.04.1 2 I 5.000% 1,242,582 4.56

Total for France

Deutsche Bundesrepublik 04.01.30 / 6.250% Deutsche Bundesrepublik 19.08.05 I 5.000% Rheinische Hypothekenbank 0507.1 0 1 5.750%

Total for Germany

Japan Bank for International Cooperation 19.03.08 I 0.350% Japan Finance Corp for Municipal Enterprises 26.1 1.1 3 I 1.350% Japan Government Bond 21.1 2.20 1 2.500% Japan Government Bond 20.09.1 2 / 1.300%

Total for Japan

Spain Government Bond 30.07.1 1 / 5.400% Spain Government Bond 30.07.07 / 3.000%

Total for Spain

HBOS Treasury Services 23.10.1 3 / 4.500%


Fannie Mae 15.09.09 I 6.625% United States Treasury Inflation Indexed Bonds 15.01.1 1 I 3.472% United States Treasury Note 15.08.1 0 I 5.750% United States Treasury Note 15.05.14 / 4.750%

1,242,582

432,369 2,137,760 2,374,508

4,944,63 7

2,056,514

1,933,433 964,867

2,503,392

7,458,206

2,284,977 2,473,414

4,758,391

424,676

424,676

1,540,727

1,191,441 1,735,500 1,289,617

4.56

1.59 7.85 8.72

18.16

7.55

7.1 0 3.54 9.20

27.39

8.39 9.09

17.48

1.56

1.56

5.66

4.38 6.38 4.74

Total for United States of America 5,757,285 21.16

25,856,639 94.98 Total Transferable Securities Admitted to an Official Exchanqe Listinq


Cash at bank 974,26 1 3.58 ~






Pan European Corporate Bond Fund

Pan European Corporate Bond Fund Objective The objective of the Sub-fund is to achieve long term growth in the share price with capital appreciation being of secondary importance.

Pan European Corporate Bond Fund Investment Policy The Sub-fund will achieve the objective through investing substantially in debt securities issued by corporations and agencies domiciled in European countries or whose securities are quoted on European stock exchanges. Holdings will principally be of investment grade bonds. To a lesser extent, the Sub-fund can also hold government guaranteed securities. Non-Euro denominated issues will generally be hedged back into that currency. Returns on the Sub-fund will be both through the reinvestment of income and from capital gains.


Performance Review The Fund underperformed slightly over the first quarter of 2004 suffering from i t s exposure to the high yield segment. Bonds in this area were affected by the increased volatility in the equity markets and an increase in the number of new high yield Euro issues. Within the investment grade segment, the underperformance of lower rated bonds, where the Fund holds an overweight position, was another negative performance factor. The increased volatility in equity markets encouraged investors to move into higher rated issues causing lower rated issues to underperform.

Initially, corporate bonds performed well in the second quarter and provided better returns than government bonds thanks to low levels of supply, strong demand and good company results. In these circumstances, our light weighting in AAA bonds contributed positively to performance.

I I I I I

I - I

Italy 3.64Yo Cash and Others 4.03% Belgium 1.22% Netherlands 25.25940 Australia 1.68% Ireland 1.279’0 Sweden 3.16% Netherlands Antilles 0.67%

Jersey 1.58% Germany 3.30% France 5.96% Guernsey 1 .&I % Luxembourg 2.02%

Spain 3.91%

USA 18.59%

UK 21.91 Yo

Performance Review (Continued) Our stance also paid off in the latter part of the period, as strong economic data, particularly in the US, enabled corporate bonds to outperform government bonds. In June, however, higher quality bonds suffered, particularly those in the auto sector and mortgage banks. As a result, our heavy investments in CM and Volkswagen were negative. We were, however, only lightly invested in mortgage focused UK banks and this was beneficial.

Outlook The fundamental backdrop is finely balanced. The positive economic and corporate environment is supportive, but spreads are at historic lows and typically widen as interest rates rise. We continue to prefer high-yield corporate issues to investment-grade bonds, as higher-yielding bonds tend to perform better when inflation and interest rates are rising.


Deutsche Telekom International Finance 11.07.1 1 / 7.625% 3.65 France Telecom 28.01.1 3 1 7.250% 2.60 General Motors Acceptance Corp 06.06.1 1 15.375% 2.55 Caja de Ahorros y Monte de Piedad de Madrid Sub Nts 10.04.1 2 I 6.250% 2.14 Veolia Environnement 28.05.1 3 / 4.875% 1.93 Autostrade 09.06.14 / 5.000% 1.91 MPS Capital Trust I 29.1 2.49 1 7.990% (var) 1.87 DaimlerChrysler International Finance 21.03.1 1 I 7.000% 1.83 Olivetti Finance 24.01.1 3 1 6.875% 1.81 Credit Suisse Group Finance Guernsey Sub Nts 07.06.1 3 1 6.375% 1.81


Standard Life Investments Global SICAV - Pan European Corporate Bond Fund

Schedule of Investments (Expressed in EUR) as at 30 June 2004




Australia 250,000

Belgium 100,000 80,000

France 100,000 100,000 350,000 300,000

Germany 250,000 250,000

Guernsey 250,000

Ireland 200,000

Italy 300,000 250,000

Jersey 250,000

Luxembourg 100,000 100,000 100,000

EUR

EUR EUR

EUR EUR EUR EUR

EUR EUR

EUR

EUR

EUR EUR

EUR

EUR EUR EUR

Market Value

Australia & New Zealand Banking Group 07.02.07 / 4.875% 260,274

Total for Australia 260,274

Barry Callebaut Services Sub Nts 15.03.1 0 / 9.250% 1 1 1,000 Telenet Communications 15.1 2.1 3 1 9.000%

Total for Belgium

BSN Glasspack Obligation 01.08.09 1 9.250% FIMEP 15.02.1 3 / 1 1 .OOO% France Telecom 28.01.1 3 / 7.250% Veoiia Environnement 28.05.1 3 14.875%

Total for France

Deutsche Bank 31.01.1 3 / 5.125% RWE 14.02.33 / 5.750%

Total for Germany

Credit Suisse Group Finance Guernsey Sub Nts 07.06.1 3 16.375Yo Total for Guernsey

Bank of Ireland Sub Nts 27.02.1 9 / 4.625% (var)

Total for Ireland

Autostrade 09.06.1 4 1 5.000% Banca lntesa Sub Nts 08.05.14 / 5.850% (var)

Total for Italy

HSBC Capital Funding LPIJersey Channel Islands Sub Nts Perpetual 1 5.1 30% (var)

Total for Jersey

Antargaz Finance 15.07.1 1 1 1 O.OOOoh Kloeckner Pentaplast 15.02.1 2 / 9.375% Lighthouse International 30.04.1 4 / 8.000% Total for Luxembourg

79;200

190,200

105,500 1 1 6,750 404,023 299,280

925,553

257,488 255,013

51 2,501

281,083

281,083

197,000

197,000

296,565 268,824

565,389

245,814

245,814

1 1 1,000 106,500 96,685

3 14,185

Yo of Net

Assets

1.68

1.68

0.71 0.51

1.22

0.68 0.75 2.60 1.93

5.96

1.66 1.64

3.30

1.81

1.81

1.27

1.27

1.91 1.73

3.64

1.58

1.58

0.71 0.69 0.62

2.02







Netherlands 250,000 100,000 250,000 100,000 250,000

500,000

250,000 100,000 100,000 250,000 250,000 250,000

250,000 250,000 250,000 250,000

Netherlands Antilles 100,000

Spain 300,000

250,000

Sweden 250,000

250,000

United Kingdom 250,000 250,000 250,000 250,000 105,000 250,000 250,000 250,000

EUR EUR EUR EUR EUR

EUR

EUR EUR EUR EUR EUR EUR

EUR EUR EUR EUR

EUR

EUR

EUR

EUR

EUR

EUR EUR EUR EUR EUR EUR EUR EUR

Allianz Finance II Sub Nts 31.05.22 1 6.1 25% (var) Ardagh Glass Finance 01.07.1 3 / 8.875% BMW Finance 06.04.1 1 / 3.875% Carmeuse Lime 15.07.1 2 / 10.750% DaimlerChrysler International Finance 21.03.1 1 / 7.000% Deutsche Telekom International Finance 11.07.1 1 / 7.625% E.ON International Finance 29.05.09 / 5.750% Flowserve Finance Sub Nts 15.08.1 0 / 12.250% IFCO Systems 15.1 0.1 0 I 10.375% Munich Re Finance 21.06.23 / 6.75O0h (var) Ohvetti Finance 24.01.1 3 / 6.875% Portugal Telecom International Finance 07.04.09 / 4.625% SNS Bank 14.06.12 / 5.625% Telefonica Europe 14.02.1 3 / 5.1 259'0 TPSA Eurofinance 13.03.07 / 6.500% Volkswagen International Fin 22.05.1 3 / 4.875%

Market Value

269,450 104,173 243,890 1 12,000

283,675

566,750 269,782 1 12,500 106,215 275,426 281 ,I 75

256,011 268,425 256,537 269,336 245,775

Total for Netherlands 3,921,120

Olivetti International 09.02.09 / 5.000% 103,580

Total for Netherlands Antilles 103,580

Caja de Ahorros y Monte de Piedad de Madrid Sub Nts 10.04.1 2 / 6.250% 333,866 Santander Central Hispano Issuances Sub Nts 14.03.1 1 / 6.0009'0 273,184

Total for Spain 607,050

Skandinaviska Enskilda Banken Sub Nts 28.05.1 5 / 4.1 25% (var) Vattenfall Treasury 29.04.24 / 5.375%

247,935 243,638

Total for Sweden 491,573

Allied Domecq Financial Services 12.06.09 1 5.875% Aviva Sub Nts Perpetual / 5.700% (var) Barclays Bank Sub Nts 08.03.1 1 / 5.750% BPB 1 7.03.1 0 I 6.500% Eco-Bat Finance 31.01 .I 3 / 10.1 25 Callaher Group 06.08.08 / 5.875% HBOS Sub Nts Perpetual / 4.875% (var) HBOS Treasury Services 23.06.10 / 3.375%

267,224 258,081 270,213 275,825 1 1 6,287 267,021 244,837 240,525

% of Net

Assets

1.73 0.68 1.57 0.72

1.83

3.65 1.74 0.72 0.69 1.77 1.81

1.65 1.73 1.65 1.73 1.58

25.25

0.67

0.67

2.14

1.76

3.90

1.60 1.57

3.1 7

1.72 1.66 1.74 1.78 0.74 1.72 1.58 1.55




Quantity1 Nominal Denomination



United Kingdom (continued) 250,000 EUR Imperial Tobacco Finance 06.06.07 1 6.250% 150,000 EUR Lloyds TSB Bank Sub Nts Perpetual 6.350% (var) 250,000 EUR " 0 2 25.01.07 I 6.375% 250,000 EUR Rexam 27.03.07 16.625% 250,000 EUR Royal Bank of Scotland

250,000 EUR Vodafone Group 04.06.1 8 I 5.000% Sub Nts Perpetual I 5,125% (var)


United States of America 250,000 250,000 250,000 250,000

400,000

100,000 250,000 100,000

EUR EUR EUR EUR

EUR

EU R EUR EUR

Autoliv Inc 23.05.06 15.875% Citigroup Inc 01.1 0.1 0 / 6.1 25% Citigroup Inc Sub Nts 10.02.1 9 1 4.750% (var) Deutsche Bank Capital Trust IV Sub Nts 15.330% (var) General Motors Acceptance Corp 06.06.1 1 I 5.375% General Motors Corp 05.07.33 18.375% Goldman Sachs Group Inc 24.04.1 3 I 5.125% lohnsondiversey Inc Sub Nts 15.05.1 2 1 9.625%

Market Value

267,212 164,088 267,887 269,648

249,615 244,861

3,403,324

262,403 2 76,334 249,414

252,325

396,370 110,175 255,016 108,500

Yo of Net

Assets

1.71 1.06 1.72 1.74

1.61 1.58

21.91

1.69 1.78 1.61

1.62

2.55 0.71 1.65 0.69

250,000 EUR Lehman Brothers Holdings Inc 10.05.1 1 / 6.375% 277,413 1.79 250,000 EU R MPS Capital Trust I 29.1 2.49 / 7.990% (var) 290,671 1.87 250,000 EUR Pemex Project Funding Master Trust

04.04.1 0 1 6.625% 263,125 1.69 50,000 CBP Warner Music Group Sub Nts 15.04.1 4 1 8.1 25% 70,832 0.46

Total for United States of America 2,812,578 18.1 1

Total Transferable Securities Admitted to an Official Exchange Listing 1 4,83 1,224 95.49

Transferable Securities Dealt in on Another Regulated Market

United States of America 63,000 EUR TRW Automotive Inc Sub Nts 15.02.1 3 I 11.750% 74,655 0.48

Total for United States of America 74,655 0.48

74,655 0.48 Total Transferable Securities Dealt in on Another Regulated Market








Reserve Fund

Reserve Fund Objective The objective of this Sub-fund is to provide returns in line with US treasury market short rates with low volatility.

Reserve Fund Investment Policy The Sub-fund aims to provide a stable, low risk and high liquidity investment. The investment policy of the Sub-fund is to invest in high quality short term (not exceeding 12 months) fixed interest securities (not including shares in companies or securities of UCls) and to hold liquidities on an ancillary basis. Investment will only be made in securities of investment grade status.

Performance Review Our holdings in US Treasury bills provided a safe and liquid investment during the period and added to the stable performance of the Fund. The upbeat mood in the US, where the economic recovery is now well under way, also benefited performance.

Outlook We expect a combination of strong corporate cashflow and carefully controlled interest rate increases will ensure the economic upturn remains sustainable. The key feature for monetary policy moving into 2005 will be core inflation rather than employment data. If increases to core inflation, currently at 1.7% pa, are contained then the Federal Reserve will continue to be gradual in i t s approach to interest rates increases. The dollar i s likely to resume its downward trend as investors turn their attentions back to the huge US current account deficit.


Cash and Others 5.34% r--


Standard Life Investments Global SICAV - Reserve Fund





United States of America 1,000,000 USD 1,000,000 USD 1,000,000 USD 1,000,000 USD 1,000,000 USD 1,000,000 USD 2,000,000 USD 1,000,000 USD

United States Treasury Bill 01.07.04 / 0.000% United States Treasury Bill 08.07.04 / 0.000% United States Treasury Bill 15.07.04 / 0.000% United States Treasury Bill 22.07.04 / 0.000% United States Treasury Bill 02.09.04 / 0.000% United States Treasury Bill 09.09.04 / 0.000% United States Treasury Bill 16.09.04 / 0.000% United States Treasury Bill 23.09.04 / 0.000%

Total for United States of America

Market Value

999,974 999,796 999,612 999,404 997,969 997,547

1,994,304 996,944

8,985,550

Yo of Net

Assets

10.53 10.53 10.53 10.53 10.51 10.51 21.02 10.50

94.66


Total investments 8,985,550 94.66


Other Net Liabilities (2,608) (0.02) Total Net Assets 9,492,119 100.00



Standard Life Investments Global SICAV Soci 6 t 6 d ' I nves t i sse m en t a Capita I Va ria b I e

Notes to the Financial Statements as at 30 June 2004

1. Organisation Standard Life Investments Global SlCAV (the "Company") has been incorporated on 16 November 2000 under the laws of the Grand-Duchy of Luxembourg as a "Sociktk d'lnvestissement a Capital Variable" ("SICAV") with multiple sub-funds for an unlimited period. The Company has received approval from the Luxembourg authorities for registration under Part I of the law of 30 March 1988 relating to undertakings for collective investment in transferable securities (the "UCITS Law") in conformity with the European Council Directive No. 85/61 1 of 20 December 1985.

The legal notice ("notice Ikgale") required by Luxembourg laws in connection with the issue and sale of Shares in the Company has been deposited with the Registrar of Companies of the District Court of Luxembourg (the "Registrar"). The Company's articles of incorporation have also been deposited with the Registrar and have been published in the Recueil des SocietPs e t Associations (the "M6morial") on 19 December 2000. The Company has been registered under number B 78797 at the Luxembourg Commercial Register.

As a t 30 June 2004, the Company has issued shares in the following eleven sub-funds:

Name of Sub-Fund

Equity Sub-Funds Standard Life Investments Global SICAV US Equities Fund Standard Life Investments Global SlCAV European Equities Fund Standard Life Investments Global SlCAV Asian Equities Fund Standard Life Investments Global SICAV Hong Kong Equities Fund Standard Life Investments Global SlCAV Japanese Equities Fund Standard Life Investments Global SlCAV Taiwan Equities Fund Standard Life Investments Global SICAV Korean Equities Fund Standard Life Investments Global SlCAV Global Equities Fund

Class A

USD EUR USD HKD

J PY USD USD USD

Share Class

Class D

USD EU R USD H KD

J PY USD USD USD

Bond Sub-Funds Standard Life Investments Global SICAV Global Bond Fund USD USD Standard Life Investments Global SICAV Pan European Corporate Bond Fund EUR EUR

Reserve Sub-Fund Standard Life Investments Global SICAV Reserve Fund USD USD

Class Z

EUR

As at 30 June 2004, 3 classes of shares are offered to investors: Class A Shares, D Shares and Z Shares, which differ in the fee structure applying to them. Class D Shares are reserved for institutional investors.

As a t 30 June 2004 Class Z Shares are only available in the Pan European Corporate Bond Fund. Class 2 Shares are reserved for members of the Standard Life group of companies and for any other institutional investors with whom separate arrangements have been made to remunerate the Portfolio Manager and the relevant Sub-portfolio Manager.


Standard Life Investments Global SlCAV Socikte d'lnvestissement a Capital Variable

Notes to the Financial Statements as at 30 June 2004 (continued)

2.

I

Significant Accounting Policies a) General

These financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg on Investment Funds.

b) Investment valuation

In determining the value of the assets of the Company each security which is quoted or dealt in on a stock exchange is valued at its latest available price on the stock exchange which is normally the principal market for such securities, and each security dealt in on an over-the-counter market is valued in a manner as near as possible to that for quoted securities.

The value of securities not quoted or dealt in on a stock exchange or an over-the-counter market, and of securities which are so quoted or dealt in but in respect of which no price quotation is available or the price quoted is not representative of the security's fair market value, is determined prudently and in good faith on the basis of their reasonably foreseeable sale prices.

Short-term investments purchased and maturing within 90 days from the date of purchase are valued a t amortised cost, which approximates market value. Any discount or premium is amortised on a straight-line basis to maturity.

c) Conversion of foreign currencies

The books and records of each sub-fund are denominated in the base currency of the corresponding sub-fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency upon exchange rates prevailing on each business day; (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions.

Net realised gains and losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange contracts; (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.

The resulting profits and losses on transactions are included in the Combined Statement of Operations and Changes in Net Assets.

The reference currency of the combined statements is US dollars.

Securities transactions are recorded on a trade date basis. Dividend income is accrued on the ex-dividend date. Realised gains and losses are determined on the basis of the average cost of securities sold. Interest income is accrued on a daily basis.

The formation expenses of the Company and each of the Sub-funds have been borne by the Standard Life group of companies.

d) Securities transactions and investment income

e) Formation expenses


Standard Life Investments Global SICAV Societe d'lnvestissement a Capital Variable


3. All-Inclusive Fee

The Company pays for the various Sub-funds an all-inclusive fee (the "All-inclusive Fee"), monthly in arrears and accrued daily determined on the average daily net assets of each Sub-fund (before deduction of the All-inclusive fee) at the current annual rates set forth in the table below. The Company is entitled to pay a maximum All-inclusive Fee of up to 2% per annum of the net assets of each Sub-fund. At least three months' prior notice will be given to all shareholders in respect of any increase in the All-inclusive Fee from its current stated level.

Name of Sub-fund All-inclusive Fee Class A Class D Class Z

Standard Life Investments Global SICAV US Equities Fund Standard Life Investments Global SICAV European Equities Fund Standard Life Investments Global SICAV Asian Equities Fund

1.35% pa 0.50% pa 1.35% pa 0.50% pa 1.35% pa 0.50% pa

Standard Life Investments Global SlCAV Hong Kong Equities Fund Standard Life Investments Global SlCAV Japanese Equities Fund Standard Life Investments Global SlCAV Taiwan Equities Fund Standard Life Investments Global SICAV Korean Equities Fund Standard Life Investments Global SICAV Global Equities Fund Standard Life Investments Global SICAV Global Bond Fund Standard Life Investments Global SICAV Pan European Corporate Bond Fund Standard Life Investments Global SICAV Reserve Fund

1.35% pa 1.35% pa 1 .3S0/6 pa 1.35% pa 1.35% pa 1 .OOYo pa

1.35% pa 0.75940 pa

0.50% pa 0.50% pa 0.50% pa 0.50% pa 0.50% pa 0.50°h pa

0.50%pa 0% pa 0.50% pa

This All-inclusive Fee is used to pay the Central Administration, the Custodian, the Portfolio Manager, any distributors and any permanent representatives in places of registration of the Company or any Sub-fund.

The All-inclusive Fee also covers all the costs incurred by the Company and the Sub-funds, with the exception of all taxes levied on the assets and income of the Company (in particular, but not limited to, the "taxe d'abonnement" and any stamp duties payable), fees for auditing services, printing services, costs of any proposed listings and of maintaining such listings, customary transaction fees and charges charged by the Custodian and its agents (including free payments and receipts and any reasonable out-of-pocket expenses, ie. stamp taxes, registration costs, scrip fees, special transportation costs, etc.), customary brokerage fees and commissions charged by banks and brokers for securities transactions and similar transactions, costs of extraordinary measures carried out in the interests of shareholders (in particular, but not limited to, arranging expert opinions and dealing with legal proceedings), all reasonable out-of- pocket expenses of the Directors, registration fees and other expenses payable to governmental and supervisory authorities in any relevant jurisdictions, insurance costs (but not beyond the portion of the blanket insurance policy, if any, maintained by the Standard Life group of companies attributable to the Company) and interest, which shall be borne by the Company.

The allocation of costs and expenses to be borne by the Company will be made pro rata to the net assets of each Sub- fund in accordance with the articles of incorporation of the Company.




3. All-Inclusive Fee (continued) The fees so paid during the period ended 30 June 2004 were as follows:

Breakdown of All-Inclusive Fee European

US Equities Equities Fund Fund USD EUR

All-inclusive Fee Custody Fees 229 490

Fund Accounting Fees 15,883 11,915

Transfer Agency Fees 2,349 1,698

Fiduciary Fees 2,653 1,990

Legal & Regulatory Fees 5,098 3,790

Paying Agency Fees 31 5 241

Total 26,527 20,124

Asian Hong Kong Equities Equities

Fund Fund USD HKD

7,897 13,546

23,116 143,910

3,419 19,682

3,861 24,040

7,419 46,331

459 2.876

Japanese Equities

Fund J PY

17,582

922,332

121,418

154,071

299,156

19.1 24

46,17 1 250,385 1,533,683

Breakdown of All-Inclusive Fee (continued) Taiwan Korean Global Global Pan European Equities Equities Equities Bond Corporate Bond Reserve

Fund Fund Fund Fund Fund Fund USD USD USD USD EU R USD

All-inclusive Fee Custody Fees 5,619 4,SO 7 2,407 4,208 51 178

Fund Accounting Fees 14,514 14,475 31,380 40,192 54 3 14,547

Transfer Agency Fees 1,743 1,738 4,117 5,049 92 1,747

Fiduciary Fees 2,425 2,418 5,242 6,714 91 2,430

Legal & Regulatory Fees 4,659 4,646 10,072 12,899 172 4,669

Paying Agency Fees 288 287 622 797 10 289

Total 29,248 28,371 53,840 69,859 959 23,860

4. Dividend No dividends have been paid since the launch of the Company.




5. Taxation

a) Taxe d 'abonnement

Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is not subject to any tax in Luxembourg except to an annual tax ("taxe d'abonnement"), calculated and payable quarterly, at the rates set out below:

I I

Equity sub-funds Class A Equity sub-funds Class D Bond sub-funds Class A Bond sub-funds Class D

Bond sub-funds Class 2 Reserve sub-fund Class A Reserve sub-fund Class D

b) Provision for foreign taxes

0.05% of total net assets of the class 0.01 % of total net assets of the Class 0.05Y0 of total net assets of the Class 0.01 YO of total net assets of the Class 0.01 % of total net assets of the Class 0.01 % of total net assets of the Class 0.01 % of total net assets of the Class

Capital gains, dividends and interest on securities received from other countries may be subject to withholding or capital gains taxes imposed by such countries. It is the Company's policy to provide for any potential liability to foreign capital gains and income taxes.

6. Forward Foreign Exchange Contracts The forward foreign exchange contracts are valued on the basis of forward foreign exchange rates prevailing on 30 June 2004 and the resulting net change in unrealised gain or loss is included in the Statement of Operations and Changes in Net Assets.

As at 30 June 2004 the Company had the following outstanding forward foreign exchange contracts:

Standard Life Investments Global SICAV Global Bond Fund

Unrealised

Gain/(Loss)

Purchase Sale Maturity in USD

Currency Amount Currency Amount Date Amount

USD

USD

J PY

4,155,798 EUR 3,409,679 07-Sept-04 25,064

3,590,052 JPY 397,113,912 07-Sept-04 (69,282)

193,694,009 USD 1,790,052 07-Sept-04 (5,197) (49,415)

Standard Life Investments Global SICAV Pan European Corporate Bond Fund

U n reallsed

Gain

Purchase Sale Maturity in EUR

Amount Currency Amount Date Amount

74,818 GBP 50,000 07-Sept-04 620

620

Currency

EUR


Standard Life Investments Global SICAV Societk d'lnvestissement a Capital Variable


7.

8.

9.

10,

Swap Contracts The interest rate Swap is valued at the fair value based on current market interest rates and the resulting net change in unrealised appreciation/(depreciation) is included in the Combined Statement of Operations.

As at 30 June 2004 the Company had the following outstanding Swap contracts:

Standard Life Investments Global SICAV Pan European Corporate Bond Fund Unrealised

Cain/( Loss) Termination Notional in USD Date Contract Currency Amount Amount 03-Apr-2014 Pay fixed 4.330%,

30-Apr-2009 Receive fixed 3.563%,

30-Apr-2034 Pay fixed 4.980%,

Receive floating rate Euribor 6m EUR 2,500,000 13,347

Pay floating rate Euribor 6m EUR 500,000 (2,708)

Receive floating rate Euribor 6m EUR 200,000 115 10,754

Value Of Financial Instruments And Associated Risks The Company enters into forward foreign exchange and financial futures contracts which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the Company's participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate with changes in the value of underlying currencies, indices, or securities, or that the counterparty to a contract defaults on i ts obligation to perform under the terms of the contract.

Soft Commission The Portfolio Manager will not enter any soft commission arrangements in relation to the Company. Neither the Portfolio Manager nor any of its connected persons have or are entitled to retain any cash rebates from any broker or dealer in consideration of directing transactions on behalf of Sub-funds to that broker or dealer. Any such cash rebates received shall be held for the accounts of the relevant Sub-funds.

Related Party Transactions The Sub-Portfolio Manager and Portfolio Manager are related parties. The fee structure of services rendered by them are described in Note 3.


Standard Life Investments Global SlCAV Societ6 d'lnvestissement a Capital Variable

Statement of Changes in the Portfolio A statement giving the changes in the portfolio of investments for the period ended 30 June 2004 can be obtained free of charge from the registered office of the Company.

General Information The Company's articles of incorporation may be amended from time to time by a meeting of shareholders, subject to the quorum and majority requirements provided by Luxembourg law. Any amendment thereto shall be published in the Memorial, in a Luxembourg daily newspaper and, if necessary, in the official publications specified for the respective countries in which Company Shares are sold. Such amendments become legally binding on all shareholders, following their approval by the general meeting of shareholders.

Any amendments affecting the rights of the holders of Shares of any Class vis-a-vis those of any other Class shall be subject further to the said quorum and majority requirements in respect of each relevant Class.

The Company is a single legal entity. However, each Sub-fund is regarded as being separate from the others and is liable for all of i t s own obligations, unless other terms have been specifically agreed with i ts creditors.

The first annual general meeting of shareholders was held a t the registered office of the Company on the first Thursday in May 2002 and will be held on the same date each year thereafter (unless such date falls on a legal bank holiday, in which case on the next Luxembourg Business Day) at midday.

Notices of all annual general meetings are sent by mail to all registered shareholders at their registered address at least eight days prior to each such meeting, and notices of all extraordinary general meetings at least 21 days prior to each such meeting. Such notice will indicate the time and place of such meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Memorial and in one Luxembourg newspaper.

Audited annual reports and unaudited semi-annual reports are mailed to Shareholders at their registered addresses and are made available at the registered office of the Company. The accounting year of the Company terminates on 31 December in each year.

The net asset value per share and the issue and redemption price can be obtained from the registered office of the Company.


Standard Life Investments Global SICAV' ("SICAV") is an umbrella type investment company with variable capital registered in Luxembourg (no. 878797) Registered Office 5, rue Plaetis, L-2338 Luxembourg, Grand Duchy of Luxembourg.

Standard Life Investments Limited**, tel. 0131 225 2345, a company registered in Scotland (no. SC 123321) Registered Office 1 George Street, Edinburgh, EH2 2LL is the Portfolio Manager of the SICAV. Standard Life Investments (Asia) Limited***, a company registered in Scotland (no. SC 193436) Registered Office 1 George Street as above and Standard Life Investments Inc., a company registered in Canada (060962-5) Registered Office 1001 de Maisonneuve Blvd West, Suite 700, Montreal, Quebec H3A 3C8 are Sub-portfolio Managers of the SICAV.

'Authorised by the Commission de Surveillance du Secteur Financier, Luxembourg.

**Authorised and regulated in the UK by the Financial Services Authority.

***Licensed with and regulated by the Securities and Futures Commission in Hong Kong.

Standard Life Investments may record and monitor telephone calls to help improve customer service.

INVRT548

standard life investments global slcav

Documents