Semi-annual report 2002 - Fundsquare

3 Q AOUT 2002

Semi-annual report 2002 Investment Company under Luxembourg Law (SICAV)

Unaudited semi-annual report as of June 30,2002

BPER International SICAV &PER International SICAV - Equity Asia Pacific BPER International SlCAV - Equity Eastern Europe BPER International SICAV - Equity Emerging Markets BPER International SICAV - Equity Europe BPER International SlCAV - Equity North America BPER International SICAV - Euro Bond High Yield BPER International SICAV - Euro Equities BPER International SICAV - European Equities Small Cap BPER International SlCAV - Global Bond BPER International SlCAV - Short Term BPER International SlCAV - USD Bond High Yield

Semi-annual report as of June 30, 2002

Page 3

Unaudited semi-annual report as of June 30,2002

Contents

Management and Administration Features of the Company General Information

BPER International SICAV BPER International SICAV - Equity Asia Pacific BPER International SICAV - Equity Eastern Europe BPER International SICAV - Equity Emerging Markets BPER International SICAV - Equity Europe BPER International SICAV - Equity North America BPER International SICAV - Euro Bond High Yield BPER International SICAV - Euro Equities BPER International SICAV - European Equities Small Cap BPER International SICAV - Global Bond BPER International SICAV - Short Term BPER International SICAV - USD Bond High Yield

Notes to the Financial Statements

Sales restrictions

4 6 6

7 9

14 19 25 31 36 40 45 51 55 59

65

Within the United States of America shares of the investment company mentioned in this publication may not be offered, sold or distributed.


Page 4

Management and Administration

Registered Office: 30, boulevard Royal 1-2449 Luxembourg

Administrative Address: 291, route d'Arlon, B.P. 91 L-2010 Luxembourg

Board of Directors:

Chairman: Prof. Dott. Angelo Tantazzi

Chairman of the Board of Directors

Luxembourg

Member of the Board of Directors

Modena

BANCA POPOLARE DELL'EMILIA ROMAGNA (EUROPE) INTERNATIONAL 5.A.

BANCA POPOLARE DELL' EMILIA ROMAGNA S.C.A.R.L.

Directors:

Sponsor:

Sales Distributor:

Dott. August0 Landi

Head of Internal Auditing

Modena

Member of the Board of Directors

Luxembourg

BANCA POPOLARE DELL' EMILIA ROMAGNA 5.C.A.R.L

BANCA POPOLARE DELL'EMILIA ROMAGNA (EUROPE) INTERNATIONAL 5.A.

Mr. Enrico Gorla

General Manager

Luxembourg BANCA POPOLARE DELL'EMILIA ROMAGNA (EUROPE) INTERNATIONAL 5.A.

Mr. Marco Righi-Nidi

Head of International Relations and Investments Research BANCA POPOLARE DELL' EMILIA ROMAGNA S.C.A.R.L. Modena

Dott. Gian Enrico Venturini

Head Legal Advisory Services

Modena BANCA POPOLARE DELL' EMILIA ROMAGNA S.C.A.R.L.


via 5. Carlo, 8/20 1-41 100 Modena Italy


via S. Carlo, 8/20 1-41 100 Modena Italy

-. .. ... . . . . .- . . .. .. .


Page 5

Sub-Distributor in Luxembourg: BANCA POPOLARE DELL' EMILIA ROMAGNA (EUROPE) INTERNATIONAL S A .

30, b o u l e v a r d R o y a l L - 2 4 4 9 L u x e m b o u r g

B.P. 215 L - 2 0 1 2 L u x e m b o u r g

Advisory Company:

Portfolio Managers:

Custodian:

Administrative Agent:

Auditors:

BPER INTERNATIONAL ADVISORY COMPANY S.A.

30, b o u l e v a r d Royal L - 2 4 4 9 L u x e m b o u r g

UBS GLOBAL ASSET MANAGEMENT INTERNATIONAL LIMITED, LONDON FOR THE SUBFUNDS BPER INTERNATIONAL S l C A V

- EQUITY EUROPE - EUROPEAN EQUITIES SMALL CAP

UBS GLOBAL ASSET MANAGEMENT (SINGAPORE) LTD. FOR THE SUBFUND BPER INTERNATIONAL SlCAV

- EQUITY ASIA PACIFIC

UBS AG, UBS GLOBAL ASSET MANAGEMENT, ZURICH FOR THE SUBFUNDS BPER INTERNATIONAL S l C A V

- EQUITY EASTERN EUROPE - EQUITY EMERGING MARKETS - EQUITY NORTH AMERICA

- EURO EQUITIES - GLOBAL BOND - SHORT TERM

- EURO BOND HIGH YIELD

UES GLOBAL ASSET MANAGEMENT (NEW YORK) INC. FOR THE SUBFUND BPER INTERNATIONAL SlCAV

- USD BOND HIGH YIELD

U B S (LUXEMBOURG) S.A.

36-38, G r a n d - R u e L - I 660 L u x e m b o u r g

UBS FUND SERVICES (LUXEMBOURG) S . A .

291, route d ' A r l o n , B.P. 91 L-2010 L u x e m b o u r g

ARTHUR ANDERSEN

6, rue J e a n Monnet L - 2 1 8 0 L u x e m b o u r g


Page 6

Features of the Company

BPER International SICAV (the "Company") was incorporated on November 13, 1997 as an open-end investment fund under Luxembourg law in the legal form of a share company (societe anonyme) having the status of an investment company with variable capital (SociWb d'investissement A capital variable) in accordance with Part I of the Luxembourg law relating to undertakings for collective investment enacted on March 30, 1988. The Company is entered under No B 61.517 in the Luxembourg Commercial Register. The duties of the Custodian have been entrusted to UBS (Luxembourg) S.A.

BPER International SICAV is characterised by an "umbrella construction" which allows it to issue various categories of shares, each relating to a specific pool of assets known as "subfunds". Such shares belonging to a particular category shall hereinafter also be called "subfund shares".

On June 30, 2002, eleven subfunds are available for investors:

BPER International SlCAV - Equity Asia Pacific BPER International SICAV - Equity Eastern Europe BPER International SlCAV - Equity Emerging Markets BPER International SICAV - Equity Europe BPER International SlCAV - Equity North America BPER International SlCAV - Euro Bond High Yield BPER International SICAV - Euro Equities BPER International SICAV - European Equities Small Cap BPER International SICAV - Global Bond BPER International SICAV - Short Term BPER International SICAV - USD Bond High Yield

The Articles of Incorporation have been published in the " MPmorial, Recueil des Socibtbs et Associations", hereinafter called "Memorial", the official gazette of the Grand Duchy of Luxembourg, of December 17, 1997, and were deposited together with the legal notice concerning the issue of the company's shares a t the Commercial and Company Register of the District Court of Luxembourg. Any amendment must be published in the "Memorial". Such amendments become legally binding in respect of all shareholders subsequent to their approval by the general meeting of the shareholders.

General Information The audited annual report will be made available to shareholders free of charge a t the registered office and administrative address of the Company within four months of the end of the financial year. The annual report includes reports on the Company in general and on the individual subfunds. Unaudited semi-annual reports of the subfunds will be made available a t the same places as the annual reports within two months of the end of the period to which they refer.

Other information on the Company, as well as on the net asset value, the issue, conversion and redemption prices of the Company's shares may be obtained on any business day a t the administrative address of the Company and a t the registered office of the Custodian. If necessary, any information relating to a suspension or resumption of the calculation of the net asset value, the issue or redemption price as well as all notifications to shareholders will be published in the "Memorial" and in the "Luxemburger Wort".

Copies of the Articles of Incoporation of the Company may be obtained at the registered office administrative address of the Company. Material provisions of the agreements referred to in the prospectus may be inspected during usual business hours on any Luxembourg business day a t the administrative address of the Company.

In addition, the Articles of Association, the sales prospectus as well as the latest annual and semi-annual reports are available free of charge f rom the Custodian. The issue and redemption prices as well as any documents mentioned above may also be obtained there.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanies by the latest annual report and the latest semi-annual report if available.

Semi-annual report as o f June 30, 2002

Page 7

BPER International SICAV Consolidated Statement of Net Assets

Assets InvesfmenE in securities, cost lnvestmenfs in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accountS Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions Interest receivable on securities Interest receivable on liquid assets Receivable on dividends Formation expenses (Note 1) Total Asset5

Liabilities Bank overdraft Payable on securities purchases Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing cost5 and publicity Total provisions Total Liabilities

Net assets at the end of the period

Consolidated Statement of Operations

Income Interest on liquid assets Interest on securities Dividends Total income

Expenses All-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications, printing cosE and publicity Amortization of formation expenses (Note 1) Total expenses

Net income (loss) on investments

Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on yield-evaluated securities and money market instruments Realized gain (loss) on forward foreign exchange contracts Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized gain (loss)

Net realized gain (loss) of the period

Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities without options Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments Unrealized appreciation (depreciation) on forward foreign exchange contracts Total changes in unrealized appreciation (depreciation)

Net increase (decrease) in net assets

EUR 30.06.2002

43298505243 (40 259 883.89)

392 725 168.54 882 942.91

1 1 049 352.44 429 426.44

6 769 022.70 3 591 681.17

4 655.84

5 529.17 415 839 557.72

381 778.51

613 161.04 370 086.97 710 126 82

480 41 1.03 40 913.37 19 938.29

2 473 62 543 736.31

2237 111.14

413 602 446.58

EUR 01.01.2002 - 30.06.2002

183 141 02 5 252 a m 24 1 943 481.93 7 379 491.19

2 900 220 87 85 046 46 18 980 37 36 548 61 36 719 55

3 086 782.34

4 292 708.85

9 266 48

(16 283 057.03) 223 075.67 (2 590.97)

(16 062 572.13) (176 864.42)

(16 239 436.55)

(1 1 946 727.70)

(14 393 279.59) (81 463.64)

(558.92) (14 475 302.15)

(26 422 029.85)

The notes are an integral part of the financial statements


Page 8

Consolidated Statement of Changes in Net Assets

Net assets at the beginning of the period Currency translation Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets a t the end of the period

EUR

375 165 254.27 (10 313 810.58)

01.01.2002 - 30.06.2002

192 976 188.58 (117803 155.84)

4 292 708.85 (16 239 436.55) (14 475 302.15)

75 173 032.74

(26 422 029.85) 413 602 446.58


Semi-annual report as of June 30, 2002 EPER International SICAV - Equity Asia Pacific

Page 9

BPER International SICAV - Equity Asia Pacific Most important figures Date fund's net assets in USD Shares outstanding Net asset value per share in USD

30.06.2002 10 050 353.37 110 993.6090

90.55

31.12.2001 9 712 882.11 110 261.2600

88 09

f Structure of the Securities Portfolio Geographical Breakdown as a % of net assets Australia Japan Hong Kong Singapore New Zealand Total

Economic Breakdown as a % of net assets Banks and other credit institutions Traffic and transport Electrical appliances & components Real estate Publishing & printing media Financial, investment & other diversified companies Mining, coal &steel Conglomerates Energy and public utilities Vehicles Non-ferrous metals Retail trade, department stores Telecommunication Insurance Chemicals Pharmaceuticals. cosmetics & medical products Tobacco and alcoholic drinks Miscellaneous trading companies Photographic and optics Commercial Services Mechanical engineering 8 industrial equipment Textiles, clothing & leather goods Computer hardware & networking Electronics 8 semiconductors Media Forestry, paper & forest products Miscellaneous consumer goods Building materials and trade Healthcare, education & social sewices Food &soft drinks Total

31.12.2000 15 112 265.63 143 639.1320

105.21

43.32 30.69 15.31 9 04 0.96 99.32

26 51 7.46 7.07 6.10 4.81 4 60 3 97 3.74 3 57 3 18 2.86 2.59 2.58 2.44 2.39 2.31 2 19 1 .E8 1.54 1.39 1.17 1.11 0 76 0.71 0.64 0.62 0.31 0 29 0.29 0.24 99.32

- .. .... . .... . . . ... .

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity Asia Pacific

Page 10

Statement of Net Assets

Assets Investments in securities, cost Investments in securities. unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions Interest receivable on liquid asset5 Receivable on dividends Formation expenses (Note 1) Total Assets

Liabilities Payable on securities purchases Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing cost5 and publicity Total provisions Total Liabilities


Statement of Operations

Income Interest on liquid assets Dividends Total income

Expenses All-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs. legal and economlc advice Publications, printing cost? and publicity Amortization of formation expenses (Note 1) Total expenses

Net income4loss) on investments

Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on forward foreign exchange contracts Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities without options Total changes in unrealized appreciation (depreciation)


USD 30.06.2002

10 789 959.09 (808 179.17)

9 981 779.92 10 173.62 45 762.13 11 030.95

789.57 4.00

34 927.42 832.12

10 085 299.73

13 146 21 2 926 07

16 976 61 1 256 29

570 27 70 91

18 874 08 34 946.36

10 050 353.37

USD

957.06 126 216 10 127 173.16

01.01.2002 - 30.06.2002

99 329.51 2 529.08

505.84 1 045.67 1 1 9 6 7 1 1394.56

106 001.37

21 171.79

(507 790 91) 144.63

(507 646 28) (2 315 08)

(509 961.36)

(488 789.57)

756 262.36 756 262.36

267 472.79


Statement of Changes in Net Assets

Net assets a t the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period

Changes in the Number of Shares outstanding

Number of shares outstanding a t the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the period

Semi-annual report as of June 30, 2002 BPER International SlCAV - Equity Asia Pacific

Page 11

USD

9 712 882.1 1 01.01.1002 - 30.06.2002

664 102.10 (594 103.63)

21 171.79 (509 961.36)

756 262.36

69 998.47

267 472.79 10 050 353.37

01.01.2002 - 30.06.2002 110261.2600

7 321.3410 (6 588.9920)

110 993.6090

The notes are an integral par t of the financial statements

Semi-annual report a5 of June 30, 2002 BPER International SICAV - Equity Asia Pacific

Page 12

Statement of Investments in Securities and other Net Assets as of June 30,2002 Description Interest/ Maturity

Strike Price Quantity1 Valuation in US0 as a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionslFoward

Exchange Contra- (Note 1)

Transferable securities listed on an official stock exchange

Bearer shares

Australia

AUD AUD AUD AUD AUD AUD AUD NZD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

AMP LIMITTED AUSTR & NEW ZEALAND EKING GROUP LID 6HP BILLlrON LTP BRAMBLES INDUSTRIES LTD CENTRO PROPERTIES GROUP LTD COMMONWEALTH BANK OF AUSTRALIA JOHN FAIRFAX HOLDINGS LTD LION NATHAN LTD MACOUARIE BANK LTD MAYNE GROUP LTD NATIONAL AUSTRALIA BANK LTD ONESTEEL LTD QANIAS AIRWAYS LTD W E INSURANCE GROUP LTD RIO TINTO LIMITED TELSTRA CORPORATION LIMITED THE AUSTRALIAN GAS LIGHT COMPANY THE NEWS CORPORATION LTD WESFARMERS LTD WESTPAC BANKING CORP WMC LIMITED WODLWORTHS LTD

20221.00 38 340 00 69 051 00 38 323 00 56 977 00 14 666 00 57 550.00 51 310.00 6 831 .OO

59 960 00 31 810.00

1.00 59 497.00 39 998.00

3 145.00 36 277 00 21 920 00

3 316 00 7 227.00

41 677 00 41 817.00 21 285.00

177 092.1 5 415 199.12 399 281 59 203 097 03 11515271 271 128.70 106941.29 139 706.25 112 171.43 139 358 69 632 177 47

0 74 153 647.32 149 100 27

94 905.06 121 21291

18 020 30 11035679 379 974 60 213 397.26 157 134 48

59 182.97

1.76 4 13 3.97 2.02 1.15 2.70 1.06 1.39 112 1.38 6.29 0 00 153 148 0.59 0.94 121 0 18 1.10 3 78 2.12 1.56

4 168 239.13 41.47

Hong Kong

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

BANK OF EAST A5IA LTD ~ ~~

CHEUNG KONG HOLDINGS LTD CHEUNG KONG LIFE SCIENCE INTL HLDGS CLP HOLDINGS LTD ESPRll HOLDINGS LTD HANG SENG BANK LTD ~~

nEhDERSON LAND D€/E-OPMEhT CO .TD n.TCnSOh IJHAh4POA .TO IOhhSON E.ECTRIC nO.DlhGS LTD LI & FUNG LTD NEW WORLD DEVELOPMENT CO LTD SUN HUNG KAI PROPERTIES LTD SWIRE PACIFIC LTD TELEVISION BROADCASTS LTD

20 000.00 21 000.00

840 00 32 400 00 58 404 00 1 I 300.00 13 000.00 30 400 00 45 000 00 40 000 00 62 000.00 41 000.00 20-0oo.oo 1500000

40256 26 0 40 174 999 37 174

280 00 0 00 128 768 76 128 11 1 940 59 111 120967 51 120 53 499 80 0 54

227 024 82 2 26 53 365 19 0 53 53 845 96 0 54 49 281 87 0 49 ~~~ ~ ~~

311 441.18 3.10 148345.62 1.48 63 845 92 0.64

1 538 362.85 15.31

Japan

J PY JPY JW JPY JW 1 PY JPY JW JW 1 PY JW JPY J P f JW JW J PY J PY JPY JPY JPY JW JPY JW JPY JPY JW JW JPY JPY JW JW JPY JPY JPY JW JPY JW J PY IW J F f JW JPY JPY J PY JPY 1 PY JW

ACOM CO LTD AEON CO LTD AIFULCORP AI01 INSURANCE CO LTD BANK OF YOKOHAMA LTD BENESSE CORP CANON INC DAl NlPPON PRINTING CO LTD DAlKlN INDUSTRIES LTD EAST JAPAN RAILWAY FUJI PHOTO FILM CD LTD FUJITSU LTO HONDA MOTOR CO LTD HOYA CORP KO-YOkADO CO LTD A?Ah TOBACCO NC I(AMIGUM1 CO .TD KAO CORP KDDl COR? KONAMI CO LTD KYOCERA COW MATSUSHITA ELECTRIC INDUSTRIAL CO MlLLEA HOLDINGS INC MINEBLA CO LTD MTTSUBISHI CORP MlTSUBlSHl ESTATE CO LTD MllSUBISHI TOKYO FINANCIAL GRP INC MrrSUI & CO LTD MITSUI MINING &SMELTING CD LTD MURATh MANUFACTURING CO LTD NEC CORP NGK INSULATOPS LTD NINTENDO CO LTD NlPPON TELEGRAPH S TELEPHONE CORP NlPPON UNIPAC HCiDlNG NlSSlN fOOD PRODUCTS CO LTD NOMURA HOLDINGS INC NTT DOCOMG INC ORlX COW ROHM CO LTD 5AWO ELECTRIC CO LTO

SONY CORP 5UMITOMO BAKELITF CO LTD SUMITOMO CHEMICAL CO LTD

500.00 2 000 00

BOO no

34 162.14 0.34

52 457.04 0 52 53 391 39 0 '3

7 000.00 15475 16 0 15 9 000.00 1 600 00 4 000.00 5 000 00 3 000.00

10 00 3 000.00 3 000 00 3 100.00

800 00 1000.00

12.00 8 000.00 1 000.00

10.00 1 500.00

200 00 3 000.00

7 00 7 000.00 6 000.00 5 000 00

12 00 7 000 00 5 0oo.M) I 200 00 8 000.00 3 000 00

300.00 21.00 10 00

1 200 00 4 000 00

1900 900.00 600.00

3 000.00 A 000 00 1 000.00 4 000 00 2 900 00 5 000 00

11 000 00

38 291.63 29 231.78

151 164.36 66 363 82 54 934.73 46 800 89 96 855 31 20 922 75

58 196 61 12568666

50 054 42 8048751 33 436 36 23 025.04 30 866.90 31 471 71 14599.21 40 919 49 57 462 48 41 11 1.37 43 397.19 40 877 78 80 887 95 46 834 26 14 891.19 77 083 81 55 660.52 23 750 82 4 4 173.03 86 368 91 61 900.64 ?3 825.91

0.38 0 29 1.50 0.66 0 55 0.47 0 96 0.21 1.25 0.58 0.50 0 80 0 33 0.23 0.31 0.31 0.15 0 41 0.57 0 41 0 43 0 41

0 47 0 15 0.77 0.55 0.24 0 44 0 86 0 62 0 24

0.81

58 730 52 0 56 46 759 17 0 47 72 603 94 0.72 89 547.37 0 89 13 089.23 0 13 29 398.63 0.29 42 963.38 0 43 24 49: 30 0.24

153 141 51 1.52 36 247 75 0 36 50012.71 0 50

The notes are an inregral part of the financial Statements

. .. ..... . ...

Semi-annual report as of June 30, 2002 EPER International SICAV - Equity Asia Pacific

Page 13

JPY JPY

IW JW JPY JPY JPY JW

J ry

Description

SUMITOMO MlTSUl BANKING CORP TAKEDA CHEMICAL INDUSTRIES LTD TDK CORP TOKYO ELECTRIC POWER CO INC TOKYO GAS CO LTC TOYOTA INDUSTRIES CORP TOYOTA MOTOR CORP WEST JAPAN RAILWAY COMPANY YAMANOUCHI PHARMACEUTICAL CO LTD

lnterertl Maturity S t r i k e Price

Quantity1 Nominal

6 000 00 3 000 00

200 00 2 600.00

20 000.00 1300.00 7 300 00

12.00 3 000.00

Valuation in USD Unrealized gain

(loss) on Futures1 O p t i o n s l F o t w a r d

Exchange Contracts (Note 1)

29 281 a4 131 643.14 9 443.60 53 466 47 55 560 41 21 115.46

193 660 57 4.3 452.68 77 834.63

as a W of net assets

0 29 131 0 09 0 53 0 55 0 21 1 93 0 48 0 77

3 084 467.09 30.69

New Zealand

N2D AUCKLAND INTERNATIONAL AIRPORT LTE 44 708.00 96 630.27 0.96

96 630.27 0.96

Singapore

SGD ALLGREEN PROPERTIES LTD 1 o o m o o 5 773.15 0.06

SGD CHARTFRfD SEMICONOUCTOR MFG 35 000 00 71 315.34 0.71 SGD CllY DEVELOPMENTS LTD 11 000.00 35 487 87 0.35 SGD DES GROUP HOLDING: LTD 26 261.00 184 308 50 1.84 SGD NEPTUNE ORIENT LINES LTD 51 000.00 29 443.05 0.29 SGD OVERSEA-CHINESE BANKING CORP LTD 16 450.00 l o a 334.18 I O 8

SGD SINGAPORE AIRLINES LTD 1900000 138 725.32 1 38 SGD SINGAPORE PRESS HOLDINGS SPH 9 480 00 io6 776.04 1.06 SGD SINGAPORE TECHNOLOGIES ENG LTD 77 000.00 84 112.48 0.84 SGD UNITED OVERSEAS BANK LTD 20 008.00 143820.17 1.43

908 696.10 9.04

T o t a l Bearer shares 9 796 395.44 97.47

Pre fe rence shares

Australia

AUD THE NEWS CORPORATION LTD 40 369.00 185 384.48 1.85

185 384.48 1.85

Total Preference shares 18s 384.48 1.85

T o t a l T rans fe rab le secur i t ies l i s t e d on an official stock e x c h a n g e 9 981 779.92 99.32

Total i n v e s t m e n t s in securities 9 981 779.92 99.32

Term deposits Cash at banks, deposits on demand a n d d e p o r l t accounts O t h e r receivables and payab les Other assets and liabilities

45 762.13 0.45 10 173.62 0.10 30 679.66 0.31

-18 041.96 -0.18

T o t a l net assets 10 050 353.37 100.00

The notes are a n integral part of the financial statements.

--

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity Eastern Europe

Page 14

BPER International SICAV - Equity Eastern Europe Most important figures Date Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002 11 710 370.90 145 565.3350

80 45

31.12.2001 13 866 019.81 167 470.2390

82.80

Structure of the Securities Portfolio Geographical Breakdown a5 a % of net assets Poland Hungary Czech Republic Russian Federation (CIS) Estonia Croatia Total

Economic Breakdown as a X of net assets Banks and other credit institutions Telecommunication Perroleum Pharmaceuticals, cosmetics & medical products Energy and public u~ilities Nan-ferrous metals Publishing & printing media lodging & catering industry. leisure facilities Elecirical appliances & components Total

31.12.2000

178 499.6480 89.29

15 937 36872

32.09 27.52 17.99 a ga 4.52 3.10

94.20

31.80 19.94 17 68 12.31

5 47 4.44 1.13 0.85 0.52

94.20


Page 15


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions Interest receivable on liquid assets Receivable on dividends Total Assets

Liabilities Payable on securities purchases Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities




Expenses All-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications, printing costs and publicity Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized gain (loss)

Net realized gain (1055) of the period


Net increase (decrease) in net a55ets

EUR 30.06.2002

12 752 391.36 (1 720 924.49)

11 031 466.87 214 295.76 344 669.91

99 095.55 42 083.83

58.64 36 043.69

11 761 114.25

4 762.32 27 032.34

23 254.77 1 463.80

738.38 91.74

25 548.69 57 343.35

11 710 370.90

EUR

8 710.52 88 901 01 97 611.53

01.01.2002 - 30.06.2002

142 304.65 3 074.64

721.51 1 352.92 1 418 44

148 872.16

(51 260.63)

59 291 25 59 291.25

(41 225.95) 18 065.30

(33 195.33)

(145 552.37) (145 552.37)

(178 747.70)

The notes are an integral part of the financial statemenb

Semi-annual report as of June 30, 2002 BPER International SICAV ~ Equity Eastern Europe

Page 16


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the per iod


Number of shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the per iod

EUR 01.01.2002 - 30.06.2002

1386601981 2 049 834.56

(4 026 735.77)

(51 260.63) 18 065.30

(145 552.37)

(1 976 901.21)

(1 78 747 70) 11 710 370.90

01.01.2002 - 30.06.2002 167 470.2390 22 343.3650

(44 248.2690) 145 565.3350

The notes are an integral part of the financial statements.

Semi-annual report as of June 30,2002 BPER International SlCAV - Equity Eastern Europe

Page 17


Strike Price


Quantity/ Valuation in EUR as a X Nominal Unrealized gain of net

(loss) on Futures1 assets OptionrfFomard


Hungary

HUF EGISRT HUF GEDEON RICHTER LTD HUF HUF OTP BANK LTD

hlOL MAGYAR OLAY-E8 GAZlPARl RT

9 442.00 9 031 00

28 045.00 135 872 00

555 294.40 4 74 523 746 33 4 47 537 186.50 4.59

9.24

2 698 312.25 23-04

1 082 085.02

Poland

PLN AGORASA PLN PLN BRE BANK SA PLN ELEKTRlM SA PLN KGHM POLSKA MlEDiSA PLN ORBISSA PLN POLISH TELECOM TPSA PLN POLSKI KONCERN NAFIOWYORLEN SA

BAHK POLSKA KASA OPlEKl GRUPA PEKAO 9 966 00

21 151 00 18 309.00 58 630 00 ~~ ~~

157 715.00 21 455.00 326 345 00

139277 10 119 491 946.22 4 20 491 183 65 4 19 61 306 25 0.52

519 538.51 4 44 99 053.78 0 85

899 931.74 7.68 236 353 00 1 055 808 03 9 02

3 750 046.20 32.09

Czech Republic

CZK CESKE LNERGETICKEZAVODY A.5 CZK CESKY TELECOM A.S. CZK KOMERCNI BANKAAE

182 174.00 52 200.00 21 885 00

542 582.91 4.63 434 247 41 3 71

1 129 817.65 9 65

Estonia

EEK HANSABANK LTD EUR HANSABANK LTD

2681500 357 980 2 5 3 06 12 807 00 170 973 45 146

528 953.70 4.52

Russian Federation (CIS)

US0 US0 \‘IMPEL COMMUNlCATlONS OlSC .ADR

ISC UNIFIED ENERGY SYSTEMS UES- GDR 9 700.00 98 905.43 0 84 18soooo 476 923.88 4 07

575 829.31 4.91

Croatia

USD PLIVA D 0 -GDR- 24 300 00 362 679 24 3 10

362 679.24 3.10

Hungary

HUF HUNGARIAN TELECOMMUNICATIONS CO 161 935 CO 524 458 00 4 48

524 458.00 4.48

Total Registered shares 524 458.00 4.48

Total Transferable securities listed on an official stock exchange 10 554 926.75 90.13

.. . .. . . . . .. . . ~

The notes are a n integral part of the financial statements

. . . . .

. . . .. . .. - . . .

Description tnteresff Msturity Strike Price


Page 18

Quantity/ Valuation in EUR 81 a % Nominal Unrealized gain of net


Exchange ConWacts (Note 1)

Transferable securities not listed on an official stock exchange and not t raded on another regulated marke t

Bearer shares


U5D YUKOS OIL COMPANY 51 100.00 476 540.12 4 07

476 540.12 4.07

Total Bearer shares 476 540.12 4.07

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market 476 540.12 4.07

Total investments in securities 11 031 466.87 94.20

Term deposib 344 669.91 2.95 Cash at banks, deposits on demand and deposit accounk 214 295.76 1.83

1.24 145 487.05 Other recelvebles and payables Other assets and liabilities -25 548.69 -0.22

Total net assets 11 710 370.90 100.00


- . . .....

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity Emerging Markets

Page 19

BPER International SICAV - Equity Emerging Markets Most important figures Date Fund's net assets in USD Shares outstanding Net asset value per share in USD

30.06.2002 13 776 278.56 164 152.8250

83.92

31.12.2001 7 398 843.1 1 89 958.2260

82.25

Structure of the Securities Portfolio Geographical Breakdown as a 96 of net assets United States of America South Korea Mexico Brazil Taiwan United Kingdom South Africa Russian Federation (CIS) Australia Guernsey China Israel Indonesia India Hungary Turkey Hong Kong Poland Philippines Czech Republic Argentina Tobl

Economic Breakdown a5 a % of net assets Investment trusts, mutual funds Electronics & semiconductors Petroleum Telecommunication Banks and other credit institutions Mining, coal & steel Financial, investment & other diversified companies Food &soft drinks Pharmaceuticals, cosmetics & medical products Precious metals and gems Tobacco and alcoholic drinks Vehicles Building materials and trade Aluminium Non-ferrous metals Energy and public utilities Insurance Real estate Aerospace industry Computer hardware & networking Retail trade, department smres Electrical appliances & components Textiles. clothing & leather goods Internet & software services Total

3 1.12.2000 7 092 077.96 85 580.7980

82.87

19.73 17.21

8 80 8.31 7.26 6.03 4.44 2.58 2 49 2.46 2.25 1.62 1.45 1.14 1.10 0.99 0.90 0.38 0 26 0.08

98.30

8.82

22.22 13.40 10.33 9 42 9.26 8.02 4 72 3.25 2.74 2.11 1 9 3 1.85 1.83 1.45 1.29 1.08 1.02 0.72 0.55 0.52 0.32 0.15 0.07 0.05

98.30


Page 20

Statement of N e t Assets

Assets investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash a t banks, deposits on demand and deposit accounb Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions interest receivable on liquid assets Receivable on dividends Total Assets

liabilities Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities




Expenses All-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications, printing costs and publlcity Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities wlthout options Total changes in unrealized appreciation (depreciation)


USD 30.06.2002

14 191 934.55 (650 108.13)

13 541 826.42 134 045.31

92 460.92 3 254.63 2 622.92

8.09 46 065 44

13 820 283.73

18 137.47 23 652.26

1722.03 438.86

54.55 25 867.70 4 4 005.17

13 776 278.56

USD 01.01.2002 - 30.06.2002

3 963.43 135 407.23 139 370.66

125 633.20 3 628.47

389.25 782.53 806.02

131 239.47

8 131.19

(188 056.99) (188 056.99)

(9 302 81) (197 359.80)

(189 228.61)

(27 743.74) (27 743.74)

(216 972.35)

The notes are an integral part of the financial staternem


Page 21

Statement of Changes in N e t Assets

Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Number of shares outstanding a t the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding a t the end of the period

USD 01.01.2002 - 30.06.2002

7 398 843.1 1 7 675 161.08

(1 080 753.28) 6 594 407.80

a 131.19 (197 359.80)

(27 743.74) (216 972.35)

13 776 278.56

01.01.2002 - 30.06.2002 89 958.2260 86 230.9930

(12 036.3940) 164 152.8250

The notes are an integral part of the financial statement5.

Semi-annual report as of J i m 30, 2002 BPER International SICAV - Equity Emerging Markets

Page 22


Strike Price Quantity1 Valuation in US0

Nominal Unrealized gain (loss) on Futures/ OptionslForward


as a % of net assets


Bearer sharer

Sou th Africa

ZAR ABSA GROUP LTD 2AR Z A R IMPALA PLATINUM HOLDING5 LTD ZAR M-CELL LTD ZAR REMGROLTD ZAR SANLAM LTD ZAR SASOLLTD ZAR STANDARD BANK GROUP LIMITED

ANGLO AMERICAN PLATINUM CORP LTD 30 457.00

3 166 00 2 997.00

18 386.00 6 000 00

167 746.00 1537700 25 300.00

95 919.69 124 366 75 166214.63 20 864.67 40 387.69

139 760.25 164 059.97 78 525.16

0 70 ~~

0 90 121 0 15 0.29 102 119 0.57

830 098.81 6.03

Argen t ina

LIFO IRSA INVERSlnNFIY RFPRESENTSA-GDR .. . .. . . ARS USD PEREZ COMPAhC SA AOR .SO

R5A NdER' OhES I REPRESEMA? ONtS

TELECOM ARGEhTlNA >TET CRANCI SA

509.00 8 00

1 500.00 1 600 00

2 086.90 0.01 3 16 0.00

8 550.00 0.06 1 040 00 0.01

11 680.06 0.08

Australia

AUD CMG CH CHINA IWESTMLNTS LTD 1 006 064 00 355 826.46 2.58

355 826.46 2.58

Brazil

USD US0 BfiASIL TELECOM PARTICIPACOES -ADR USD PETROLEO BRASlLElRO SA -ADR- US0 UNIBANCO SA UBB

AMBEV-CIA DE BEBIDAS DAS AMER -ADR 12 300 00 1 170.00

22 760.00 2 300 00

191 142.00 139 33 122 70 0.24

429 253.60 3 12 37 950.00 0 27

691 468.30 . 5.02

Ch ina

HkD din d<D

0i 1 hG DATANG PZ)A'ER GENEUATlOh -n C n h A PETRLE JN 8 CHEM CA. -r n,ANEhG WWER hTERhATlONA. IhC -h

96 000.00 1 066 000 00

130 000.00

41 769.08 0.31 189 965 98 1.38 1W 666 28 0.77

339 401.34 2.46 - ~.

South Korea

USD US0 US0 KOOKMIN BANK -ADR

HYUNDAI MOTOR CO LTD -GDR 144A HYUNDAI MOTOR CO LTD .GDR REG-S

USD KT CORPORATION -ADR US0 POSCO -ADR USD SAMSUNG ELECTRONICS CO LTD-GDR144A USD USD SK CORP LTD -GDR USD SKTELECOM CO LTD -ADR

SHlNHAN FINANCIAL GROUP CO LTD -GDR

4 000 00 10 675.00 10061 00 5 725 00

1091500 3 527.00 1080.00 3 703 00 7 71 5.00

59 440.00 6031375

494 498.1 5 123 946.25 297 652 05 484 257 i o 29 700.00 15 645.16

191 254.85

0 43 0 44 3 59 0 90 2.16 3.51 0 22 011 139

1 756 707.33 12.75

Ta iwan

J3D C n h A STEE- CCRP -GDR J5D FAR EASTERPI TEXT1.E .TU .G>R USD TAh'eAN SEMOCOhDUCTOR -ADR USP UNITED MICROELECTRONICS CORP .ADR

35 187.00 2 300 00

26 917 00 54 21000

360 666.75 9 090 00

349 921 00 398 443 50

2.62 0 07 2.54 2 89

1118921.25 8.12

Un i ted K i n g d o m

ZAR ANGLO AMERICAN PLC ZAR DIMENSION DATA HOLDINGS LTD ZAR OLD MUTUAL PLC ZAR SABMILLER PLC

26 832.00 44621906 3 24 I 1 700 00 91 800.00 1860000

7 312 07 0 05 130 415 38 0.95 145 587 37 106

729 603.88 5.30

Hang KOng

288 000.00 39 138.32 o 28 126 000.00 9G 922 73 0 71

HKD BRILLIANCE CHINA AUTOMOTIVE HLDG HKD CHINA UNICOM LTD

136 061.05 0.99

Hungary

HUF GEDEON RICHTER LTD 2 732 00 156 475 70 114

156 475.70 1.14


-- --- . . . . . . . .. . .. . . ... . . - . . . .- . .. .. .. .. . - . . . .

Semi-annual report a5 of June 30, 2002 BPER International SICAV - Equity Emerging Markets

Page 23

Quantity/ Valuation in USD as a % Nominal Unrealized gain of net

assek (loss) on Futures1 Exchange OptlonslFonvard Contracts

(Note 1)

Description lnteresfl Maturity Strike Price

India

US0 HINDALCO INDUSTRIES LTD -GDR 12 900.00 199 950 W 145

1.45 199 950.00

Indonesia

IDR INDOFOOD SUKSES MAKMUR TOK IDR PT ATRA INrERNATIONAL TEK IDR PT PERUSAHAAN ROKOK TIAP GUOANG IDR FTTELEKOMUNIKASI INDONESIATBK 4

195 000.00 198 000 00

23 94427 0.17 96 119.73 0 70

43 700.00 52 661.39 0 38 11800000 50 544 25 0 37

223 269.64 1.62

Israel

ILS BANK HAPOALIM E M. US0 CHECK POINTSOWARE TECHNOLOGIES USD TEVA PtlARMACEUTlC.Al INDUSTRIES LTD

28 wo w 3 400 00 3 300.00

43 987.26 46 10400 220 374.00

0 32 0.33 1 60

Mexico

USD AMERICA MOVIL SA DE CV -AOR MXN AMERICA MOVlL SA DE CV -L MXN CEMENT05 DE MEXICO SA DE CV US0 COCA COLA FEMSA SA DE CV -APR MXN CONSQRCIO ARA SA DE CV MXN FOMENT0 ECONOMIC0 MEXICANA SA DE CV US0 GRUPO AEROPORTUARIO DEL SURESTE-ADR MXN GRUPO FINANCIER0 E0VA BANCOMER SA-0 USD TELEFONOS DE MEXICO SA .ADR MXN TELEFONOS DE MEXICO SA -L MXN WAL-MART DE M E N 0 SA DE CV -V

1 500.00 107 000.00 47 464.00 9 700 00 31 oo0.00 17 300 00 5 900.00 90 900 00 5 000 00

107 000 00 1600000

20 100.00 0.15 71 656 06 0.52 251 566 20 1.83 232 800 00 1.69 45 292 08 0.33 67 930.07 0 49 76 1tO.W 0.55 74 218 96 0.54 160 400.00 1.16 171 070.78 1.24 43 487.1 5 0.32

8.82 1 214 631.30

Philippines

PHP SM PRIME HOLDINGS INC 412 500.W 51 638 00 0.38

0.38 51 638.00

Poland

PLN PLN POLISH TELECOM TPSA PLN

BANK POLSKA KASA OPlEKl GRUPA PEKAO

POLSKI KONCERN NAFTOWY ORLEN SA

3 440.00 1200000 2 800 60

7901803 32 681.00 12 352.73

0.57 0 24 0.09

124 051.76 0.90

Czech Republic

CZK KOMERCNI BANKAAS 700.00 35 689 54 0.26

35 689.U 0.26

Turkey

TRL AKEANK TRL TURKIYE GARANT BANKASI AS

15 968 bO0.00 51 325.48 0.37 8041440800 100 095.22 0 73

151 420.70 1.10


USD SURGUTNEFILGAZ JSC -ADR 14 590 00 306 390 W 2 22

306390.00 . 2.22

63.47 8 743 750.38 Total Bearer shares

Preference shares

Brazil

USD USD

CIA VALE DO RIO DOCE TELE NORSE LESTE PARTlClPACOES .ADR

6 850.00 177 757.50 1.29 34 515 00 343 424.25 2 49

521 iai.75 3.78

South Korea

US0 SAMSUNG ELECTRONICS CO LTD -GDR PFD 8 992 00 61 3 704 00 4 46

4.46 613 704.00

Total Preference shares 1 134 885.75 8.24

The notes are an integral part of the f i n a r l c i a l statements

...

Semi-annual report as of June 30,2002 BPER International SICAV - Equity Emerging Markets

Page 24

Quantity/ Valuation in USD as a X Nominal Unrealized gain of net

assets (loss) on Futures/ OptionslForward


Description Interest/ Maturity Strike Price

Investment certificates, closed end

Unired States of America

US0 MALAYSIA FUND INC USV MORGAN STANLEY INDIA INV FUND INC US0 R.O.C.TAIWAN FUND US0 TAIWAN FUND INC US0 THE INDIA FUND INC USV THE KOREA FUNV INC

105 268.00 18 312.00

1 M 580.00 16 650 00 44 462.00 46 510 00

451 599 72 3.28 169 386 00 1.23 724 152.W 5.16 184 815.00 1 34 422 389.00 3.07 764 624.40 5.55

19.73 2 716 966.12

Guernsey

USD USD THAI- EURO FUND LTD

GENESIS CHILE FUND LTP K G SHS 610000 154 797 67 1.12 25 000 00 188 437 sa 1 3 7

343 235.17 2.49

Total Investment certificates, closed end 3 060 201.29 22.22

Warrants

US0 CMYTS BARING EMERGING EUROPE TRUST 94-31 08 04 i f 5 ooo oa 270 375 00 1.96

~ o t a l Warrants 270 375.00 1.96

95.89 Total Transferable securities listed on an official stock exchanae 13 209 212.42 ~ ~~ -.

Transferable securities t raded on another regulated market

Bearer shares

Taiwan

USD HON HA1 PRECISION INDUSTRY CO-GDR 3 270.00 26 814.00 0.19

26 814.00 0.14 ~. ~. ~


USD YUGOS OIL COMPANY. ADR 2 200.00 305 800 00 2.22

305 aoo.00 2.22

2.41 332 614.00 Total Bearer shares

Total Transferable securities traded on another regulated market 332 614.00 2.41


Term deposits Cash at banks, deporlts on demand and deposlt accounb Other receivablerind payables Other assets and liabilities

92 460.92 0.67 134 045.31 0.97 33 813.61 0.25

-0.19 -25 867.70

Total net assets 13 776 278.56 100.00

The notes are an integral part of the financial statements,

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity Europe

Page 25

BPER International SICAV - Equity Europe Most important figures D a t e Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002

521 289.3570 74 97

33 082 3 13.48 31.12.2001

689 772.0140 59 848 357.26

86.77

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets United Kingdom France Netherlands Switzerland Germany Italy Spain Sweden Finland Ireland Portugal Belgium Norway Luxembourg Total

Economic Breakdown a5 a % of net assets Banks and other credit institutions Pharmaceuticals. cosmetics & medical products Petroleum Telecommunication Energy and public utilities Insurance Retail trade, department stores Electrical appliances 5 components Traffic and transport Forestry, paper & forest products Tobacco and alcoholic drinks Chemicals Building materials and trade Publishing & printing media Food & soft drinks Financial, investment & other diversified companies Mechanical engineering & industrial equipment Commercial Services Mining, coal &steel Mortgage and funding institutions (MBA. ABS) Aerospace industry Human Resources Rubber and tires Photographic and optics Miscellaneous consumer goods Consulting Total

3 1.12.2000 91 007 305.00 878 871.0920

103.55

36.51 13.66 11.52 10.63 5.95 4 48 4.43 3.55 3.23 1.77 0 58 0 40 0 19 0 15

97.05

18.17 13.30 11.17 8.09 5.16 5.03 4.46 3.86 3.64 3.40 3.36 3.15 2.93 1.72 1.65 1 44 1.37 0.98 0.92 0 79 0 62 0 47 0.41 0 35 0.33 0 28

97.05


Page 26


Assets Investments in securities, cost Investment5 in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions Interest receivable on liquid assets Receivable on dividends Formation expenses (Note 1) Total Assets

Liabilities Payable on securities purchases Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications. printing costs and publicity Total provisions Total Liabil it ies

Net assets a t t h e end of t he per iod



Expenses All-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications, printing costs and publicity Amortization of formation expenses (Note 1) Total expenses

Net income (1055) on investments

Realized ga in (105s) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on forward foreign exchange contracts Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized ga in (loss)

Net realized gain (1055) of t he per iod

Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-pyed securities without options Total changes in unrealized appreciation (depreciation)

Net increase (decrease) in n e t assets

EUR 30.06.2002

47 635 061.79 (9 704 876.78)

37 930 185.01 2 10 350.67

1 095 262.33 40 375.36

8 344.56 186.35

85 435.00 941 -39

39 371 080.67

169 825.92 47 823.97

62 685.90 4 885.29 3 154.85

391.26 71 117.30

288 757.19

39 082 313.48

EUR

28 015.57 661 556.25

01.01.2002 - 30.06.2002

689 571.82

425 432.62 10 797.00 3 082.34 5 852.68 7 004.65 1 577.70

453 746.99

235 824.83

(6 091 076.88) (994.87)

(6 092 071.75) (10 548.71)

(6 102 620.46)

(5 866 795.63)

(435 0111.01) (435 041.01)

(6 301 836.64)



Page 27





EUR 01.01.2002 - 30.06.2002

5984835726 5 255 286.84

(19 719 493.98)

235 824.83 (6 102 620 46)

(435 041.01)

(14464207.14)

(6 301 836 64) 39 082 313.4.8

01.01.2002 - 30.06.2002 689 772.0140

62 399.5790 (230 882.2360)

521 289.3570

The notes are an integral pan of the flnanclal statements


Page 28

Statement of investments in Securities and other Net Assets as of June 30,2002 Description IntererV Maturity

strike Price Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net (loss) on Futures/ asseb OptionslFomard



Bearer shares

Germany

EUR ALTANAAG EUR BAYERAG IUR EUR CONTINENTAL AG EUR REGUS5AAG (NEW) EUR FRAPORT A t EUR LINDEAG

BAYERISCHE HYPO. & VEREINSBANK AG

4 176.00 6 092 00

8 955 00 2 498 00 8 723 00 4 999.00

i66a000

229 429 44 0.59 197 685 40 0 50 550 440 00 141 161 190.00 0 41 89 203 58 0.23

206 735.10 0 53 252 799 43 0.65

1 687 482.95 4.32

Be I g i u m

EUR FORTIS 7 179.00 155 640.72 0.40

155 640.72 0.40

Spain

EUR ENDESASA EUR TELEFONICA 5A

16 016.00 235 595.36 0 60 21 14800 179758.00 0 46

415 353.36 1.06

Finland

EUR NOKIA OY AB -A. FUR UPM-KYMMENE CORP

41 638.00 16 237.00

617 075 16 647 206 82

158 1.65

1 264 281.98 3.23

France

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

ALCATEL SA AVENTl5 SA AXA

8NP PARlBA5 CIE DE SAINT-GOEAIN FRANCE TELECOM SA ORANGE SA ~~ ~

SANOFI SYNTHELABO TOTAL FlNA ELF SA UNION DU CREDIT-BAIL IMMOBILIER VIVENDI UNIVERSAL SA

16 702.00 10 488 00 14 705.00 20 oa2.00 15 128.00 7 412.00

28 850.00 4 600 00 6 903 00 9411 00 7 914 00

. . 752 514.00 1.93 272 336.60 0 70

1 124 592 00 2 68 687 567 60 1.76 69 895 16 0 18

134441.00 0.34 283 360.00 0 73

1 i34a53.20 2.90 588 187 50 150 173 158.32 0.44

5 338 487.46 13.66 - United Kingdom

GBP GBP GEP GBP GBP GBP GBP GEP GEP GEP GEP GBP GBP GBP GEP GBP GEP GEP GEP GEP GEP GEP GEP GBP GBP GEP t b ? GBP G BP GBP G8P GEP GEP GEP GBP GBP GE?

ABBEY NAllONAL PLC ALLIED DOMECQ PLC ASTRAZENECA RC BARCLAY5 PLC BP PLC EPB PLC ERlTlSH AMERICAN TOBACCO PLC ET GROUP PLC CABLE & WRELESS ?LC CARLTON COMMUNICATIONS PLC ELECTRKDMPONENTS PLC ENERGIS PLC EXEL PLC GALLAHER GROUP PLC GLWOSMITHKLINE R C HSBC HOLDINGS PLC INVENSYS PLC KINGFISHER PLC LLOYD5 TS8 GROUP R C MERSEY DOCKS 8 HARBOUR CO MM02 PLC NATIONAL GRID GROUP PLC NEW SCOTrISH POWER PLC PENNON GROUP PLC RECKln EENCKISER PLC RENTOKIL INITIAL R C RMC GROUP RC ROLL5ROYCE PLC ROYAL BANI: OF SCOTLAND GROUP PLC ~~ . . ~ ~ ~ ~. .. 5C0171SH AND SOUTHERN ENERGY PLC SHLLL TRANSPORT & TRADING CO FlC SOMERFIELD PLC STAGECOACH GROUP PLC ~~

TESCO PLC UNITED UflLlTlES PIC VODAFONE GROUP PLC W5 ATKINS PLC

26 069.00 50 409.00 18 509.00 36 242 00

141 067.00 20 371 00 54 173.00

119 E63 00 19 950 00 42 435 00 26 008.00

771 075.00 9 965.00

40 679 00 50 661.00 41 260 00

205 743.00 26 769.00 60251.00 12 735.00

173 580.00 13 435 00 73 017.00 33 162.00 14 375.00

189 575.00 34 523 W 97 059 00 13 752.00 44 369.00

79 530 00 18610400

sa 173.00

I17 096 00 2691400

965 493 00 17 184.00

310621.09 334 748.17 775893.26

1 199682 40 1 I O 044 83

308773.84

589 469 40 466 202 E7

51 498 95 137 541.18 147 520.90

1773259 128 502.93 386 130 98

1 113 141.53 492 127.91 281 620.94 130 662.79 607 248.85 116656.51 112 522.21 96 630 19

397 539 49 358 540 41 261 14011 761 234 81 349 810 25 242 683.41

444 4 4 x 5 id4 a44 58

394 791.75 444 440 47

180 243 12 431 042 11 253 809.99

1341 160.95 109 374.83

0 79 0 86 1 98 0 79 3.07 0 28 1.51 1.19 0.13 0.35 0.38 0.05 0 33 0 99 2.85 1.26 0.72 0 33 1.55 0.30 0.29 0.25 1 02 0 92 0 67 2 00 0 89 0 62 1.01 1.14 114 0 37 0 46 1.10 0 65 3 43 0.28

35.95 14 051 073.45

The notes die an integral part of the financial statements

~ . . .

Semi-annual report as of June 30, 2002 BPER International SlCAV - Equity Europe

Page 29

Description lnterertl Maturity Strike Price

Quantity! Valuation in EUR Nominal Unrealized gain

(loss) on Futures1 Exchange OptionrlForward Contra-

(Note 1)


Ireland

EUR ANGLO-IRISH BANK CORP PLC 105 786.00 690 795.64 1.77

690 795.64 1.77

Italy

EUR ENISPA 70 307.00 1 131 942 70 2.90

1 748 934.70 4.48

EUR ASSlCURAZlONl GENERAL1 SPA 25 708.00 61 6 332 00 1 58

Luxembourg

EUR GEMPLUS INTERNATIONAL S.A. 41 686.00 60 447.60 0.15

60 447.60 0.15

Norway

NOK TELENOR ASA 20 736.00 74 424 30 0.19

74 424.30 0.19

Netherlands

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

A8N AMRO HOLDING W AKZO NOBEL NV ING GROW NVCERT. OF SHS KONlNKLllKE AHOLD NV KONINKLIJKE KPN NV ORDINA N\/ REED ELSEVIER NV ROYAL DUTCH PETROLEUM CO ROYAL PHILIPS ELECTRONICS NV TPG NV VNU NV WOLTERS KLUWER NV

396.00 3 697 00 9 350 00 . ... 38 572 00 90 800 00 28 567 00 29 037 00 15 966.00 18 635.00 15013.00 5 705.00 S 846 00

7 282.44 163 000.73 243 100.W . . 821 583.60 430 392.00 210 253.12 400 71 0 60 900 482 40 526 81 1 45 343 347 31 160 538 70 112 360.12

0 02 0 42 0.62 2 10 1.10 0.54 1 02 2.30 1.35 0.88 0.41 0.25

4 319 862.17 11.05

Sweden

SEK ELECTROLUX AB -0- SEK SANDVIK AB SEK SVENSKA CELLULOSA AB -8. SEK SWEDISH MATCH AB

10 495 00 214 488.29 0 55 14253.00 360 384.53 0.92 18 926.00 681 842.1 1 175 15 500.00 12378441 0.33

1 386 499.40 3.55

Total Bearer shares 31 193 284.03 79.81

Registered shares

Switzerland

CHF GIVAUOAN AG CHF NESTLESA THF NOVARilS SA CHF SWISS REINSURANCE CHF UBSAG

1 307 00 2 731.00 12 147.00 6451.00 16 983.00

533 525.64 644 732 61 986 172 79 638 584 58 EM 837.82

137 1.65 2.52 163 2.21

3 667 853.54 9.38

Germany

EUR ALLIAM AG EUR DEUTSCHETELEKOM A t EUR MUENCHENER RUECKVERSICHERUNGEN AG

1 070.00 218761.50 0.56 17 777.00 168881.50 0 43 1 033.00 247 920.00 0.64

635 563.00 1.63

Spain

EUR BANCO BILBAO VIZCAVA ARGENTARIA SA 50 103 00 573 673.35 1.47 EUR BANCO SANIANOER CENTRAL HISPANO SA 91 729.00 745 541 16 1.90

1 319 220.51 3.37

Portugal

EUR ELECTRICIDAOE DE PORTUGAL SA 114779.00 224 966.84 0 58

124 966.01 0.58

Total Registered shares 5 847 603.89 14.96


Semi-annual report as of June 30, 2002 BPER International SlCAV - Equity Europe

Page 30


Quantity/ Valuation in EUR Nominal Unrealized gain

(loss) on Futures/ OptionslFoward

Exchange Contra& (Note 1)

as a % of net assetf

Bonus shares and participation certificates

Switzerland

CHF ROCHE HOLDING AG 6 367.00 487 321.79 125

487 321.79 1.25

Total Bonus shares and oarticivation certificates 487 321.79 1.25 ~ __ ~

Cooperative shares

United Kingdom

GEP GUSPLC 23 586.00 2 14 331.30 0.56

219331.30 0.56

Total Cooperative shares 219331.30 0.56

Other shares

Netherlands

EUR VEDIORNV 13 046.00 182 644.00 0 47

Total Other shares 182 644.00 0.47



Term deposils 1 095 262.33 2.80 Cash at banks, deposits on demand and deposit accounts 210 350.67 0.54 Other receivables and payabler -83 308,62 -0.21 Other assetr and liabilities -70 175.91 -0.18

Total net assets 39 082 313.48 100.00

The notes are a n integral part of the financial statements.

- . . . . .

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity North America

Page 3 1

BPER International SICAV - Equity North America Most important figures Date Fund's net assets in USD Shares outstanding Net asset value per share in USD

30.06.2002 87091 158.97

1 649 961.3080 52.78

31.12.2001 57322311.34 928 160.7260

61.76

Structure of the Securities Portfolio Geographical Breakdown as a % of net asset5 United States of America Netherlands Total

Economic Breakdown a5 a % of net assets Pharmaceuticals, cosmetics & medical products Financial, investment & other diversifled companies Computer hardware & networking Banks and other credit institutions Petroleum Retail trade, department stores Internet & software sewices Telecommunication Electrical appliances & components Insurance Media Food &soft drinks Aerospace industry Building materlals and trade Chemicals Tobacco and alcoholic drinks Mechanical engineering & industrial equipment Energy and public utilities Forestry. paper & forest products Miscellaneous consumer goods Electronics & semiconductors Publishing & printing media Traffic and transport Vehicles Advertising Healthcare. education &social services Lodging & catering industry, leisure facilities Conglomerates Aluminium Total

31.12.2000 53 325 424.39 763 931.1710

69.80

98.75 1.58

100.33

16.67 12 93 8.57 8.08 6.80 5.92 5.43 4.91 3.98 3.61 2.67 2.62 2 1 1 1.72 1.67 142 1 38 1.30 1.30 1.26 1.17 1.12 0.92 0.67 0.56 0.52 0.41 0.31 0.30

100.33

. ...

. . . . . . . . . . . -. . - ............ .- . . . . .

Semi-annual report as of June 30, 2002 B P E R International SJCAV - Equity North America

Page 32


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Time deposits and fiduciary deposits Receivable on subscriptions Interest receivable on liquid assets Receivable on dividends Formation expenses (Note 1) Total Assets

liabilities Payable on redemptions Provisions for All-In-fee (Note 2) Provisions for taxe d'abonncment (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications. printing costs and publicity Total provisions Total Liabilities



Income interest on liquid assets Dividends Total income

Expenses Ail-In-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications, printing cost5 and publicity Amortization of formation expense5 (Note 1) Totd expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) Total realized gain (loss)




USD 30.06.2002

101 616 682.13 (14 237 773.62)

87 378 908.51 57 876.36 51 959.75

5.06 78 738.64

802.77 87 568 291.09

322 966.09 139 484.58

10 886.40 3 376.52

418.53 154 166.03 477 132.12

87 091 158.97

US0 01.01.2002 - 30.06.2002

3 313.24 460 999.60 464 312.84

810 003.91 23 170.90

2 995.49 6 031.38 7 284.99

850 832.05

(386 519.21)

1 345 38

(2 746 259.15) (2 746 259.15) (2 746 259.15)

(3 132 778.36)

(10 754 954.64) (10 754 9 5 4 . w

(13 887 733.00)


- - . . . . . . .

Semi-annual report as of June 30, 2002 BPER International SICAV - Equity North America

Page 33




Number of shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the period

usn 01.01.2002 - 30.06.2002

57 322 31 1.34 52 394 713.18 (8 738 132.55)

43 656 580.63 (386 519.21)

(2 746 259.15) (10 754 954.64)

(13 887 733.00) 87 091 158.97

01.01.2002 - 30.06.2002 928 1607260 871 1169300

(149 316 3480) 1649 961.3080


. . ..

Semi-annual report a 5 of June 30, 2002 BPER International SICAV - Equity North America

Page 34

Statement of Investments in Securities and other Net Assets as of June 30, 2002 Description InteresV Maturity

Strike Price Quantity1 Valuation in USD a r a % Nominal Unrealized gain of net

assets (loss) on Futures1 OptionslForward



Bearer shnres

United States of America

USP us0 USD USD us0 us0 US0 us0 US0 USD US0 USD USD USD USD US0 USD US0 USD US0 US0 USD USD USD US0 USD USD USP US0 USP USD USD USD u:o USP USD USD U5D US0 US0 USD US0 US0 USD USD US0 USD USD USD US0 US0 US0 US0 USD VSD USD USD US0 us0 US0 us0 US0 U5D USD US0 us0 USD USD USD US0 USD USP USD USD USD USD US0 US0 US0 us0 US0 USD USD US0 USP USD USD USD USD USD usu USD USD U5D

3M CO ABBOT7 LABORATORIES ALCOA INC ALLSTATE CORP AMERICAN EXPRESS CO AMERICAN INTERNATIONAL GROUP INC AMGEN INC ANHEUSER-EUSCH COS INC AOL TIME WARNER INC APPLIED MATERIALS INC AT 5 T CORP AT & T WIRELESS SERVICES INC AUTOMATIC DATA PROCESSING INC BANK Of AMERICA CORP BANK OF NEW YORK CO INC BANK ONE CORP BAXIER INTERNATIONAL INC BELLSOUTH CORP BOElNG CO BRISTOL MYERS SQUIRE CO BURLINGTON NORTHERN SANlA FE CORP CARDINAL HEALTH INC CHEVRONTEXACO CORP CISCO SYSTEMS INC ClTlGROUP INC CLEAR CHANNEL COMMUNICATIONS INC COCA-COLA CO

CDMCAST CORP-A- COMPUTER SCIENCES COR? CONOCO INC CONSOLIDATED EDISON INC COSTCO WHOLESALE CORP DELL COMPUTER CORP DOW CHEMICALCO DU PONT (Ell DE NEMOURS

COLGATE-PALMOLIVE co

CO DUKE ENERGY CORPORATION EL P A 5 0 COUP ELECTRONIC DATA SYSTEMS CORP ELI LlLLY & CO EMERSOFI ELECTRIC CO ENTERGY CORP ~~

EXXON MOBIL CORP FANNIE MAE FEDERAL HOME LOAN MORTGAGE CORP FIFTH THIRD BANCORP FIRST DATA CORP FLEETBOSTON FINANCIAL CORP FORD MOTOR CD GANNEn CO INC GENERAL DYNAMICS CORP GENERAL ELECTRIC CO GENERAL MOTORS CORP GILLETrE COMPANY HCA INC HEWLETVACKARD CO HOME DEPOT INC HONEYWELL INTERNATIONAL INC HOUSEHOLD INTERNATIONAL INC IBM CORP ILLINOIS TOOL WORKS INC INTEL CORP INTERNATIONAL PAPER CO JOHNSON &JOHNSON JP MORGAN CHASE B CO KIMBERLY.CLARK TAWAN KOHL'S CORP KROGER CO LOCKMEED MARTIN CORP LOWE 5 COMPANIES INC MARSH B MCLENNAN COS INC MASCO CORP MBNA CORP MC DONALD'S CORP MC GRAW-HILL COMPANIES INC MEDTRONIC INC MERCK B CO INC MERRILL LYNCH & CO INC METLIFE INC MICROSOFT CORP MORGAN STANLEY MOTOROLA INC NATIONAL C T i CORP NEWELL RUEEERMAID INC OMNICOM GROUP INC ORACLE CORPORATION PEPSICO INC PFl2ER INC PHARMACIA C O W PHILIP MORRIS COS INC PHILIP5 PETROLEUM CO PNC FINANCIAL SERWCES GROUP PROCTER & GAMBLE CO QUALCOMM INC

3 aoo 00 29 600 00 8 000 00 6 500 00

13 050.00 36 212 00 10 600 00 8 300 00

43 550.00 16 100.00 35 500.00 25 245.00 6 ZOO 00

14 900.00 6 800 00

10 900.00 19 100 00 18 200.00

44 900.00 26 800.00 4 550 00 8 947.00

63 200.00

a 100.00

67 203.00 5 700.00

21 600 00 5 000 00 9 200 00

15 800 00 32 500.00 18 700 00 20 900.00 26 100 00 30 100.00 9 400.00 8 400.00 4 830.00

17 500.00 11 250.00 3 800.00

18 300 00 66 700 00 9 700 00

16 900 00 5 700 00

23 600 00 29 900 00 17 317.00 2 500 00 1900.00

92 600.00 5 700.00

10 000 00 5 000 00

66 185 00 19 200 00 7 700.00

17 200.00 1500000 13 10000 96 500 00 4 500 00

41 300 00 40 220 00 15 000 00 3 400 00

37 300 00 4 400 00 7 500 00 2 500 00

29 300 00 8 100 00

12 500 00 13 200.00 11 900.00 19 700.00 7 800 00 6 500 00

65 400 00 26 700.00 23 000.00 5 500.00

21 700 00 10 600.00 52 800.00 14 600.00 57 150.00 12 900.00

3 500 00 i a 700 00

14 700 00 11 100 00 7 100 00

467 400.00 111444000

265 200.00 240 370 00 473 976 00

2 470 744 76 443 928 00 415 000 00 €40 620 50 306 222 00 379 850.00 147 683.25 270 01O.W

229 500 00 419 432 00

573 300 00 364 500.00

1 153 930 00

1 048 364 00

a48 995.00

a04 000 00 279 41 5 50 791 809 50 881 640 00

2 604 116.25 182 514.00

1 209 600.00 250 250.00

755 240.00 219 328 00

903 500 00

807 158 00 780 725 00

682 254.00 1 034 838 00

41 7 360 00 261 240 00 99 546.30

650 125 00 634 500 00 203 338.00 776 652 00

2 729 364.00 715 375 00

1 034 280.00 379 905.00 877 920.00 967 265.00 277 072.00 lag 750.00 202 065.00

2 690 030 00 304 565.00 338 700 00 ?37 500.00

1 0; 1 306 80 705 216.00 271 271 00 654 840 00

1 080 000 00 894 730 00

1 763 055.00 196 110.00

2 158 338.00 1 364 262 40

930 000 00 238 272 00 742 270 00 305 800.00 340 500.00 241 500 00 794 323 00 267 867 00 355 625.00 788 040.00 509 91 5 00 997 608.00 31 5 900 00 187 200.00

3 577 380 00 115023600

331 660 00 182 675.00 760 802.00 485 460.00 500 016.00 703 730 00

2 000 250 00 483 105 M) 816 816 00 206 080 00 768 516 00 991 230 00 195 179 00

0.54 128 0.30 0.28 0.54 2.84 0.51 0 48 0.74 0.35 0.44 0.17 0.31 1.20 0.26 0.48 0 97 0.66 0.42 133 0 92 0 32 0.91 1.01 2.94 0 21 139 0 29 0 25 0.87 1.04 0 90 0.93 0.78 1.19 0 48 0 30 011 0 75 0.73 0 23 0 89 3.13

119 0 44 1.01 1.11 0 32 0.22 0.23 3.09 0 35 0.39 0.27 116 0.81 0,31 0.98 1.24 1 03 2.02 0.23

1.57 1 .07 0.27 0 85 0 35 0.39

0 91 0.31 0 41 0.90 0 59 1.15 0.36 0.21 4.11 1.32 0 38 0 21 0 87 0 56 0 57 0.81 2.30 0 55 0.94 0.24 0 88 114 0 22

0.82

2.48

o 2a


. .

Semi-annua l report as of June 30, 2002 BPER International SICAV - Equity North America

Page 35

US0 U5D us0 U5D US0 USD USD U5D USD USD USD USD USD US0 us0 USD USD USD USD USD U5D USD


SUC COMMLhlCATONS NC SCMIR NG.PLO-Gn CORP SCn.UMBERGER LTV C.RACA0 I J h MICROSYSTEMS .NC T A R X I CORD T l N f T HLA.ThCARE CORP TEXAS hSTRJMEhT5 IhC ThE "ARTFORD FINANCIA. SERVICES GRP T n F NALT DShEY CO . . T K O INTERNAllONAL LTD UNITED TECHNOLOGIES CORP UNITEOHEALTH GROUP INC US EANCORP IEX FIRSTAR CORP) VERIZON COMMUNICATIONS INC VIACOM INC -6 WACHOWA COW WALGREEN CO WAL-MART STORE5 INC WAZHINGTON MUTUAL INC WELL5 FARGO & CO WYETH

Quantity1 Nominal

4 500.00 53 300.00 14 700.00 6 000.00

30 OW.00 9 100.00 3 000 00

42 800 00 12 700.00 19 10000 18200.00 14 300.00 10 000.00 48 568 00 23614.00 29 755 00 13 300.00 1000000 40 600.00 9 700.00 30 500.00 25 300 00

Valuation in USD Unrealized gain

(loss) on Futures/ OptionslForward

Exchange Coni?acts (Note 1)

131 355.00 1 625 650.00

361 620.00 279 000.00 150 300.00 346 710.00 214650.00

101436000 755 269 00 360 990.00 245 882.00 970 970.00 915 500.00

1 134 062 80 948 102.10

1 320 229 35 507 79400 386 300.00

2 233 406.00 359 967 00

1 526 830 00 1 295 360 DO

85 998 107.51

as a % of net asscu

0 15 1.87 0.42 0.32 0.17 0 40 0.25 1.17 0.87 0.41 0.28 1.11 1.05 130 1.09 L 5 2 0.58 0.44 2.56 0 41 175 149

98.75

Netherlands

USD UNILEVER NV 5 700.00 369 360 OD 0 42

369 360.00 0.42


Registered shares

Netherlands

USD ROYAL DUTCH PETROLEUM CO Nu 18 300.00 1 01 1 441.00 1.16

Total Registered shares 1011 441.00 1.16

Total Transferable securities listed on an official stock exchange a7 378 908.51 100.33

Total investments in securities a? 378 908.51 100.33

Term deposits 57 876.36 0.07 Other receivables and payables -1.92 262.64 -0.22 Other assets and liabilities -153 363.26 -0.18

Total net assets E7 091 158.97 100.00


Semi-annual report as of June 30, 2002 BPER International SICAV- Euro Bond High Yield

Page 36

BPER International SICAV - Euro Bond High Yield Most important figures Date Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002 26 158 630.64 419 027.2'310

62.43

31.12.2001 22 891 071.36 311 718.0550

73.44

31.12.2000 18 758 047.45 205 222.7550

91.40


Geographical Breakdown as a % of net United States of America Germany United Kingdom Netherlands Luxembourg Canada Sweden Norway Ireland Finland Slovakia Greece Netherlands Antilles Singapore Total

assets 23.82 17.73 14.50 1 1.69 10.29 3.53 2 72 2 65 2.18 1.84 1 44 0.98 0.68 0.38

94.43

Economic Breakdown a5 a % of net assets Financial, investment & other diversified companies Chemicals Food &soft drinks Pharmaceuticals, cosmetics & medical products Vehicles Telecommunication Forestry. paper &forest products Non-classifiable/ non-classlfied institutions Mechanical engineering & industrial equipment Energy and public utilities Computer hardware & networking Miscellaneous services Aerospace industry Miscellaneous consumer goods Media Building materials and trade Traffic and transport Rubber and tires Retail trade, department stores Environmental services & recycling Electrical appliances & components Total

17.57 16.01 10.89

5 17 4.79 4.76 4.53 4.47 3.94 3.49 2.83 2.55 2.31 2.08 2.05 1 89 1 EO 1.07 1.05 0.80 0.38

94.43

Semi-annual report as of June 30, 2002 BPER International SlCAV - Euro Bond High Yield

Page 37


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions Interest receivable on securities Interest receivable on liquid assets Total Assets

Liabilities Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legai and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities



Income Interest on liquid assets Interest on securities Total income

Expenses All-in-Fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications. printing costs and publicity Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) Total realized gain (loss)

N e t realized gain (loss) of the period



EUR 30.06.2002

2831809069 (3 617 633.50)

24 700 457.19 503 757.89 220 652.24

1910.56 854 309.03

85.71 26 2ai 172.62

88 215.84 29 677.73

3 269.83 1 226.34

152.24 34 326.14

122 541.98

26 158 630.64

EUR

16 297.29 1 628 606 27 1 644 903.56

01.01.2002 - 30.06.2002

171 705 48 6 940.19 1 197.93

2 403.86 2 222.83

la4 470.29

1 460 433.27

(5 178 838.15) (5 178 838.1 5) (5 178 838.15)

(3 7'18 404.88)

(93 593.99) (93 593.99)

(3 811 998.87)






Semi-annual report as of June 30, 2002 EPER International SICAV - Euro Bond High Yield

Page 38

EUR

22 891 071.36 01.01.2002 - 30.06.2002

11 674 802.85 (4 595 244.70)

1 460 433.27 (5 178 838.15)

(93 593 99)

7 079 558.1 5

(3 81 1 998.87) 26 158 630.64

01.01.2002 - 30.06.2002 311 718.0550 176 356.8560 (69 047.6200) 419 027.2910


- -_

Semi-annual report as of June 30, 2002 BPER International SICAV - Euro Bond High Yield

Page 39

Statement of Investments Description

in Securities and other Net Assets as of June 30,2002 lnterestl Maturity

Strike Price Quantity/ Valuation in EUR

Nominal Unrealized gain (loss) on Futurest OptionslForward


as a % of net asseis

Transferable securities listed oh an official stock exchange

Warrants

EUR EVC ON0 FINANCE PLC

Total Warrants

01-31.1249 600 00 750.00 0 00

750.00 0.00

Bonds, fixed rate

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR LUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR DEM EUR EUR EUR EUR EUR EUR

AB8 .MfRN4TOhAL FNAhCE .TD A.fA A. A. IoECoA. F hAhCI A8 AMERCAh STAhDARD NC 8Sh i hAhCf CO 5A REG hOTL

5 37500% 12.12500% 7.12500%

W.30.06.05 01-15.11 10 99-01.06 06

200 000 M) 260 000 00 500 000 00

178 500 W 299 866 67 495 000.00 277 500.00 31 9 500 00 605 535 W 571 375 00 208 500.00

0.68 1 15 1.89 106 1.22 2.31 2.18 0 80 2.11 1.84 2 41 2.65 0.76 105 1.07 1.27 3.14 2 44 0.27 0 08 3.16 1.42 4.53 0.80 2.68 2.08 2.03 2.23 1-10 1.57 1.01 1.83 2.52 3.20 1.80 120 1 44 0.19 3.23 2.02 2.62 2 83

10.25000% 99-01.08 03 300 000.00 450 000.00 553 000 00 525 000.00 450 000.00 550 000 00 850 000 00 700 000 00 650 000 00 175 000.00 300 000 00 300 000 00 525 000 00

1 000 000.00 600 000 00 533 000.00 200 000 00 800 000.00 350 000.00

1 100 000.00 200 000.00 700 000.00 550 000.00 500 ow.00

2 200 000.00 850 000 00 500 000.00 300 000.00 460 000 00 650 000 00 800 000.00 500 000.00 600 000.00 350 000.00 400 000.00 750 000.00 458 000.00 850 000.00 900 000 00

CA&PIN€ CAhADA [NERGY F hAhCE --: CdC nE. COPTER COCF C-ONDA-hIN NDcSTR ES P.C

8 37500% 1 I 75000% 10 62500%

01-15.iooa 00-1 5 07 07 00-15 01 10

COLTTELECOM GROUP K C DURA OPERATING CORP DYNEA IWERNATIONAL OY ELEUROWNA TUROW BV FINPEXIA I1 AS FLOWSERVE FINANCE 8V GAP INTERNATIONAL BV

7.62500% 9.00000%

12.25000% 5 75000%

1025000% 12.25000% 5 00000% 6.37500%

11.50000% 10.1 2500% 10 50000% 13 25000% 14.00000% 8 00000% 8.50000%

10.62500% 9.37500% 8.12500%

1162500% 10.37500% 6 37500%

99-15.12 09 99-01 os 09 00-1508 10 01.14 03.11

552 750 W 480 250 00 630 W O 00 694 4 16 66 139 208.33 273 750 00 279 750 00 594 562.50 820 000.00 637 500.00 71 066.66

01.01.12 11 00-1 5.08.10 99-30 03 04 00-06 06 05 01.15 11.10 02-01.07.09 01-01.08 10 99-15.12 09 00-15.07 10 00.2609.05 02-1 5 02 09 99-15 07.03

GOODYfARTIRE 8 RJEEERCO GRO-E nO.DhG GMBn HJNKMAN IN'GRNATOhA. .LC INEOS GROUP HOLDINGS K C JAVTEL R C JAZ2TEL PLC KAMPS AG KAMPS AG -REG 5

21 333 33 827 000 00 371 000 00

KAPPA EEHEER BV KLOECKNER PENTAPLAST SA LEAR CORPORATION LEV1 :TRAMS & CO INC .REGO MANITOWOC CO INC MARCONI CORPORATION PLC ON0 FINANCE RC PREEM HOLDINGS AB PRDSIEBEN SAT 1 MEDIAAG PTC INTERNATIONAL FINANCE I1 EV PTC INTERNATIONAL FINANCE I1 SA SANITEC INTERNATIONAL SA

1 185 250.00 208 333.33 02-15 02 12

01-01 04 08 01-15 01 08

~~ ~~~ ~~

701 750.00 544 500 00 531 875.00 01-15.05 11

00~30.03.10 99-01.05 09 01-31.03 11 01-28.03.06 99-01.12.04

02-15.05 12 99-04 03.09 98.15.07 08 00-30 03.07 99-15.05.09

01-01 05.0a

583 000 00 283 000 00 410 000 00 263 000 00 477 633 33 659 750 00 838 ow 00

13 00000% 10 62500% 5 87500%

I 1 25000% 10.87500% 9,WOOO% 9.87500% 3 12500%

1 1 25000% 13.00000% 10.62500% 13.00000% 5,25000% 3 50000%

SEEHAFEN ROST UMSCHLAGGESELUCHAFT SIRONA DENTAL SYSTEMS SLOVAK WIRELESS FIN CO EV -8. TELE I EUROPE BV

470 000 00 313 333 22 377 416.61 50 000 00

UNrrEO BISCUITS FINANCE 01-1504 11 93-01 10 09 99-03 12.04

M3 750,OO 527 045 00 684 250.00 740 250 00

WIGHT WATCHERS IMERNATIONAL INC XEROX CAPITAL EUROPE R C XEROX CORP 99-04 02 04

Total Bonds, fixed rate 20 107 900.70 76.87

Tot81 Transferable securities listed on an official stock exchanse 20 108 650.70 76.87


Tot81 Transferable securities listed on an official stock exchanse 20 108 650.70 76.87

Transferable securities traded on another regulated market

Bonds, fixed rate

EUR EUR EUR DEM EUR EUR EUR EUR EUR EUR EUR EUR EUR

ANTENNA TV SA -GLOBAL EKAEEL HESSEN GMBH -REGS FLEKTRONICS INTERNATIIONAL LTD FRESENIUS MEDICAL CARE CAP TR 111 FRESENIUS MEDICAL CARE CAP TRUST INEOS ACRYLICS FINANCE KRONOS INTERNATIONAL INC .REG S MESSER GRlESHElM HOLDING AG ON0 FINANCE RC PETROPLUS FUNDING EV .REGS 585 BROADCASING SA TELE 1 EUROPE EV VANTKO GROUP SA

9.75000% 0141 07.08 14 50000% 01.01 09 10

300 000 00 1 000 000 00

256 000 00 0.98 223 333.33 0 86

9.75000% 00-01.07.10 7 37500% 98-01.02.08 7.37500% 01-15.06.11

100 000 00 400 000.00 900 000.00

99 a75 00 0 38 191 223 16 0 73 ma 250 00 3 24

1025000% 00-1505.10 8 87500% 02-30 06.09

10.37500% 01-01 06.11 14.00000% 01-15.02.11 10.50000% 00-15 10 10

250 000.00 245 625.00 0.94 so0 000.00 1.91

1 177 000.00 4.50 207 000.00 0.79 215 000.00 0 82 270 750.00 1 W 25 000 00 0 10

332 750.00 1.27

500 000.00 110000000

600 0W.M 250 000 00 300 000 00 2w wo 00 825 000.00

12 00000% 01-15.06.08 11 87500% 99-01 12.09 12.00000% 00-01.08 10

Total Bonds, fixed rate A 591 806.49 17.56

Total Transferable securities traded on another reaulated market A 591 806.49 17.56

94.43 24 700 A57.19 Total investments in securities

Term deposits Other receivables and payables Other assetr and liabilities

503 757.89 1.92 988 741.70 3.78 -34 326.14 -0.13

Total net assets 26 158 630.64 100.00

The notes are a n integral part of the financial statements

. ..

Semi-annual report as of June 30, 2002 BPER lnternatlonal SICAV - Euro Equities

Page 40

BPER International SICAV - Euro Equities Most important figures Date Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002

130 798.2990 66.34

a 677 450.97 31.12.2001

8 652 685.00 114 759.2580

75 40


Geographical Breakdown as a % of net assetr France Germany . Netherlands Italy Spain Finland Belgium Portugal Ireland Switzerland Total

Economic Breakdown as a % of net assets Banks and other credit institutions Petroleum Electrical appliances & components Insurance Energy and public utilities Telecommunication Chemicals Pharmaceuticals. cosmetics & medical products Vehicles Publishing & printing media Food 5 soft drinks Retail trade, department stores Financial. investment 5 other diversified companies Tobacco and alcoholic drinks Traffic and transport Building materials and trade Forestry, paper & forest products Rubber and tires Mechanical engineering & industrial equipment Electronics & semiconductors Commercial Services Textiles, clothing & leather goods Total

31.12.2000 11 523 814.41 123 129.3960

53.55

29 16 19.30 18.75 10.13 7.66 6.09 2.80 2.30 1.81 0.87

99.53

17.77 13.65 9.41 8.81 7.41 6.33 5.63 4.77 3.50 2.89 2.71 2.66 2.31 2.20 1.94 1.67 1.61 1 3 0 1.28 0.87 0 50 0.31

99.53

Semi-annual report as o f June 30, 2002 BPER International SICAV - Euro Equities

Page 41


Assets Investments in securities. cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Receivable on subscriptions Interest receivable on liquid assets Receivable on dividends Total Assets

Liabilities Payable on redemptions Provisions for All-In-Fee (Note 2 ) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities




Expenses All-In-Fee (Note 2 ) .Taxe d'abonnement (Note 3) Government fees Audit costs. legal and economic advice Publications, printing costs and publicity Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) Realized gain (105.5) on foreign exchange Total realized gain (loss)




EUR 30.06.2002

11 389 698.61 (2 753 427.19)

a 636 271.42 146.23

10 914.39 5.56

18 061.56 8 698 065.02

3 2 665.86

5 317.02 13 697.61

1 084.68 457.71

57.03 15 297.03 20 614.05

a 677 450.97

EUR

1 089.60 147 249.33 148 338.93

01.01.2002 - 30.06.2002

a0 643 55 2 328 63

447.36 844.12 870.37

85 134.03

63 204.90

(627 549 22) (627 549 22)

(4 73) (627 553.95)

(564 349.05)

(676 862.56) (676 862.56)

(1 241 211.61)


... .. . . .. .. . . . - - - .- -- . . . . . .

Semi-annual report as of June 30, 2002 BPER International SICAV - Euro Equities

Page 42


Net assets a t the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period



EUR 01.01.2002 - 30.06.2002

8 652 685.00 3 163 071.52

(1 897 093.94) 1 265 977.58

63 204.90 (627 553.95) (676 862.56)

(1 241 211.61) 8 677 450.97

01.01.2002 - 30.06.2002 114 759.2580 41 618 3980

(25 579.3570) 130 798.2990


Semi-annual report as of June 30. 2002 BPER International SlCAV - Euro Equities

Page 43

Statement of Investments in Securities and other Net Assets as of June 30,2002 Description Interest/ Maturily

Strike Price Quantity/ Valuation in EUR Nominal Unrealized gain

(loss) on Futures1 OptionslForward


as a 46 of net assets


Bearer shares

Switzerland

EUR STMICROELECTRONICS NV 3 000.00 75 750.00 0.87

75 750.00 0.87

Germany

EUR ADIDAS-SALOMON AG 320.00 26 624.00 0.31 EUR ALTANAAG 850.00 46 699.00 0 54 EUR EAYERAG 5 450 OD 176 852.50 2 o a EUR BAYERISCH€ HYPO- BVEREINSEANK AG 630.00 20 790 00 0.24 EUR BMWAG 650.00 26721 50 0 31 EUR CONTINENTAL AG 2 500.00 45 000.00 0 52 EUR DEUTSCHE EANKAG 880.00 61 952.00 0.71 EUR E.ONAG 3 700.00 217 375.00 2.50 EUR LINDEAG 1 270.00 64 223.90 0 74 EUR METROAG 800 00 24 920 00 D 29 LUR RWEAG-A- 1 500 00 60 150 00 0 64 EUR SAPAG 970 00 96 272 50 1 1 1 EUR VOLKSWAGEN AG 1 600 00 78 080.00 0.90

945 660.40 10.90 ~

Belgium

EUR ELECTRABEL SA EUR FORTIS FUR KBC B4NCASSURANCE HOLDING SA

350.00 81 900 00 0 94 5 350 00 1 1 5 988 00 134 110000 45 045 00 0 52

242 933.00 2.80

Spaln

EUR ENDESASA EUR REPSOL-YPFSA LUR TELEFONICZ SA

8 100.00 2 300 00

1 1 222.00

119151.00 27 462.00 95 387.00

1 37 0.32 1.10

242 000.00 2.79

Finland

EUR METSOOYJ EUR NOKIA OY AB -A- EUR SAMPO PIC -A- EUR SONERA CORPORATION EUR UPM-KYMMENECORP

3 600.00 47 160.00 0.54 19 000 00 281 580 00 3.24 7 000 00 55 300 00 0 64 1 250 00 4 812.50 0 Ob 3 500 00 139 51000 1 61

528 362.50 6.09

France

FUR ALCATEL :A 4 300.00 30 272.00 0.35 EUR AVENTIS SA 3 300 00 236 775.00 2.73 EUR AXA 2 500 00 46 300.00 0.53 EUR ENP PARIBAS 5 100.00 285 600 00 3 24 EUR CARREFOUR SUPERMARCHE 54 1 880.00 103 024.00 119 EUR CIE DE SAINT-GOEAIN 3 200 00 145 440 00 167 EUR FRANCE TELECOM SA 2 800 00 26 404.00 0 30 €UP GROUPE DANONE 570 00 79 344 00 0.91 EUR LAFARGE SA 1068.00 107 868.00 1.24 EUR L'AIR LIQUIDE 1012 50 157 747 50 1.82 EUR L'OREAL 1310.00 103 490 00 1.19 EUR LVMH MOET HENNESSY LOUISVUITTON 110000 5610000 0.65 EUR PLCHINEY A 1400.00 64 750 00 0.75 EUR SANOFI SYNTHELABO 1 200.00 73 920.00 0 85 FUR SCHNEIDER ELECTRIC SA 1 700 00 92 565 00 1.07 EUR SOCIETE GENERALE PARIS .A 2 300 00 153410.00 1.77 EUR SUEZSA 3 200 00 86 400.00 1 .oo EUR TOTAL FlNA ELF SA 2 850 00 468 540.00 5 40 EUR UNION DU CREDK-BAIL IMMOBILIER 800.00 50 000.00 0.58 EUR VIVENDI UNIVERSAL SA 2 000 00 43 760 00 0 50

2 411 709.50 27.79

Ireland

EUR BANK OF IRELAND IGOVKO) 12 m a 00 157 224.84 181

157 224.84 1.81

Italy

E U R EUR EUR EUP EUR EUR EUR EUR EUR

ASSICURAZIONI GENERAL1 SPA FNI SPA FlNEiO SPA INTESAECI SPA Lb RINASCLNTE SPA MEOIASET SPA SANPAOLO-IMI SPA SFAT PAGINE GIALLE SPA TELECOM ITALIA MOBILE SPA

3 650 00 1899000 10 000.00 30 950 00 9 500 00 3 500 00 61OOW

683 00 22 000 00

87 600 00 101 304 290 00 3 51 13 630 00 0 16 95 635 50 110 ~. .. 37 240 00 0.43 27 44O.OO 0 31 61 976 00 0 71

506 79 a 01 91 300 00 I 05

The notes are an integral part of the flnancial statcments

Semi-annual report as of June 30, 2002 BPER International SICAV - Euro Equlties

Page 44

Description

LUR TELECOM ITALIA SPA EUR UNICREDI’TO ITALIAN0 SPA

lnteresv Maturity Strike Price

Quantltyl Valuation in EUR ass% Nominal Unrealized gain of net

(loss) an Futures/ assets Options/Fotward

Exchange Contra& (Note 1)

13 000 00 103 090 00 119 1350000 61 830.00 0 71

884 538.29 10 19 ~.

Netherlands

EUR ABN AMRO HMDING W EUR AEGONNV EUR AKZO NOBEL EN FUR ASML HOLDING NV EUR HEINEKEN W EUR ING GROEPNVCERT OFSHS EUR KONlNKLllKE AHOLD W EUR KONlNKLllKE KPN NV EUR REED ELSEWER NV EUR ROYAL DUTCH PETROLEUM CO EUR ROYAL PHILIP5 ELECTRONICS NV FllR TPG NV .. EUR UNILEVER Nv -CVA EUR VNUNV EUR WOLTERS KLUWER M I

4 574.00 4 358 OD 2 wo.00 1 50000 106200 7 588.00 3 060 00 9 500.00 8 800.00 6 800.00 5 084.00 3 243 00 2 360.00 600 00

454400

&z 115.86 91 997 38 88 180.00 24 045.00 47 195.28 197 288 00 65 170.00 45 030.00 121 440.00 303 520 00 143 724 68 74 167 41 15646800 16 884.00 87 335 68

0.97 1 .Ob 1.02 0.28 0 54 2 27 0.75 0 52 1 40 4 42 1 66 0.86 1.80 0 14 101

1 626 569.29 18.75


Preference shares

Germany

EUR DEUTSCHE POSTAG 3 200.00 41 808.00 0.49

41 888.00 0.49

Total Preference shares 41 888.00 0.49

Registered shares

Germany

EUR ALLIANZ AG E U R DGIMLERCHRYSLER AG EUR PEUTSCHETELEKOM AG ELlR INFINEON TECHNOLOGIES AG

EUR SIEMENS AG EUR MUENCHENER RUECKVERSICHERUNGEN AG

720.00 2 400 00 8 700.00 2 000.00 770 00

2 800 00

14720400 121 867 20 82 650 00 31 960 00 184 8OO.W 170 184.00

1.70 140 0 95 0.37 2.13 1.96

738 665.20 8.51

Spain

EUR ALTAOIS 5 A -A- EUR EUR BANCO POPULAR ESPANOLSA E U R

BANCO BlLBAO VIZCAYA ARGENTARIA SA

BANCO SANTANDER CENTRAL HISPGNO SA

4 200.00 87 780.00 1.01 5 800 00 66 410 00 0.77 2 700.W 120 079.00 1.39 18400W 147 936 00 170

423 005.00 4.87

France

EUR CIE GEN DES m MICHELIN s4 EUR CIE NATIONALE AIR FRANCE

1 650 00 67 699 50 0 78 3 000 00 50 850 00 0 5g

118 549.50 1.37

Parrugal

EUR ERISA AUTO-ESTRADAS DE PORTUGAL EUR ELECTRICIDADE DE PORTUGAL SA EUR PORTUGAL TELECOM SGK 5A

13 500.00 76 950.00 40 500 00 79 380 00 6 026 00 43 085.90

0.89 u 91 0 50

199 415.90 2.30

Total Registered shares 1 479 635.60 17.05


99.53 Total investment5 in securities

Term deposits 32 665.86 0.38 146.23 0.00

Other receivables and payables 23 664.49 0.27

8 636 271.42

Cash at banks, deposits on demand and deposit accounts

Other assets and liabilities -15 297.03 -0.18

Total net assets 8 677 450.97 100.00


-. . .. .. .

Semi-annual report as of June 30, 2002 BPER International SICAV - European Equities Small Cap

Page 45

BPER International SICAV - European Equities Small Cap Most important figures Date Fund's net assets in EUR Shares outstanding Net asset value pet share in EUR

30.06.2002 17 426 910.20 202 420.1140

86.09

3 1.12.2001 15 954 459.75 181 981.4730

87.67

Structure of the Securities Portfolio Geographical Breakdown as a % of net a55ets United Kingdom Ireland France Sweden Netherlands Spain Switzerland Germany Finland Belgium Denmark Netherlands Antilles Italy Total

Economic Breakdown as a 56 of net assets Financial. investment & other diversified companies Pharmaceuticals, cosmetics 8 medical products Real estate Building materials and trade Insurance Electrical appliances & components Food & soft drinks Mechanical engineering & industrial equipment Lodging & catering industry, leisure facilities Retail trade, department stares Banks and other credit institutions Internet & software services Textiles, clothing & leather goods Traffic and transport Commercial Services Tobacco and alcoholic drinks Biotechnology Publishing & printing media Computer hardware & networking Telecommunication Miscellaneous consumer goods Rubber and tires Packaging industries Photographic and optics Miscellaneous trading companies Human Resources Consulting Electronics & semiconductors Chemicals Petroleum Toys / Games / Hobbies Advertising Precious metals and gems Mining. coal &steel Non-ferrous metals Leisure Time Total

3 1.12.2000 15 751 995.82 159 499.5290

98.76

33.72 9.30 8.70 8.50 7.1 1 7.1 1 6.89 4.85 3.21 2.37 1.21 0.70 0.47

94.18

11 05 8 40 7.50 6 60 4 50 4.32 4.30 4 08 3.46 3 43 3.40 2.85 2.80 2.78 2.01 1.50

1.86 1.75 1.62 1.63 1.55

1 .a8

1.50 1.36 1.30 1 0 7 1.06 0.74 0.58 0.59 0.58 0.55 0.47 0.46 0.20 0.05

94.18


Page 46


Assets Investmenf5 in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Receivable on subscriptions Interest receivable on liquid assets Receivable on dividends Total Assets

Liabilities Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities




Expenses All-In-Fee (Note 2) Taxed abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications printing costs and publicity Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on forward foreign exchange contracts Total realized gain floss) Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on ma rket-priced securities without options Unrealized appreciation (depreciation) on forward foreign exchange contracts Total changes in unrealized appreciation (depreciation)


EUR 30.06.2002

1985005581 (3 437 684.03)

16412 371.78 312 120.54 639 697.99

28 100.94 108.84

17 412 408.48 80 008.39

14 245.06 28 119 28

2 178 36

105 62 849.96

31 253 22 45 498.28

17 426 910.20

EUR

16 076.77 313 093.70 329 170.47

01.01.2002 - 30.06.2002

167 61 1.65 4511.37

830.39

1 652.77 176 153.02

153 017.45

1 546.84

(282 417.80) (1 493.84)

(283 91 1 64) (3 151.62)

(287 063.26)

(134 045.81)

(290 955.07) (558.92)

(291 513.99)

(425 559.80)

The notes are an integral part of the financial statements,





. . . . .


Page 47

EUR 01.01.2002 - 30.06.2002

15 954 459.75 3 158 483.56

(1 260 473.31)

153 017.45 (287 063.26) (291 513.99)

1898 010.25

(425 559.80) 17 426 910.20

01.01.2002 - 30.06.2002 7819814730 34 069.4890

(13 630 8480) 202 420.1140

The notes are an integral part of the financial staternens

- _


Page 48

Statement of Investments in Securities and other Net Assets a5 of June 30, 2002 Description Interestl Maturity

Strike Price Quantity/ Valuation in EUR asa %

of net Nominal Unrealized gain (loss) on Futures1 assets OptionslFoward

Exchange Contraca (Note 1)


Bearer shares

Switzerland

CHF BANQUE CANTONALE VAUDOISE CHF HERO

250.00 3061547 0 18 700 00 83 580 24 0 48

114 195.71 0.66

Germany EUR AUGUSTATECHNOLOGIE AG FUR DEUTSCHE BETEILIGUNGS AG EUR LUR ESCADAAG EUR FJAAG EUR KAMPS AG -EXCHANGE EUR SARTORIUS AG EUR ZAPF CREATION AG

DIS DEUTSCHER INDUSTRIE SERVICE AG

12 15000 14 35B.W 0.43 3 800.00 71 364 00 0.41 1 54000 40 040.00 0 23 4 873.00 87 665 27 0.50 2 726.00 43 910.70 0.54

10 584 00 131 770.80 0.76 12 770.00 11620700 0.67 3 850 00 102 02s 00 0 58

717 340.77 4.12

Netherlands Antilles

EUR HUNTER DOUGLAS NV 3 798.00 1 1 8 497.60 0 68

0.68 118 497.60

Austria

EUR CYSERTRON AUSTRIAN DIGITAL AG 2 725 00 735 75 0 00

735 7s 0 00

Belgium

EUR BARCO (NEWl NV EUR DECEUNINCK SA EUR OMEGA PHARMA EUR ROULARTA MEDIA GROUP

680.00 28 968.00 0.17 s 200 00 108 420.00 0.62 5 100.00 231 285.00 1 3 2 200 00 1 4 660 00 0 25

413 333.00 2.37

Denmark

DKK NKTHOLOING A1s DKK SYDBANKM

2 500.00 28 942.05 0.17 2 750 00 181 392.63 1 04

Spain

EUR ALDEASA SA EUR BARON DE LEY SA EUR MCTROVACESA SA EUR NH HOTELES SA EUR TUBACEXSA

10 406 00 s 954 00

13 976.00 7 500 00

53 700 00

168 993.44 0 97 176 119.32 1.01 293 076.12 1.68

95 250 00 0 55 81 087 00 0 46

ai4 526.48 4.67

Finland

EUR ALMA MEDIA OYJ SERIES I1 3 ow.00 60 000.00 0 34 EUR ELlSA COMMUNICATIONS CORP -A- 13 388.00 97 063 00 0.56

8 500.00 155 465.00 0.89 EUR KONE OY -8- 8 250.00 247 500 00 142 EUR JAAKKO POYRY GROUP OYJ

560 028.00 3.21

France

EUR EACOU-DALL02 2 wo 00 220 000 00 126 FUR CEGIDSA 1 600 00 g6 000 00 0.55 EUR CIE GENERALE DE GEOPHYSIQUE SA 2 100.00 72 450.00 0 42 EUR COFACE 1 499 00 90 464.65 0 52

EUR GENESYS SA 7 995 00 43 173 00 0 25 2 400.00 9816.00 0.06

0 81 EUR GENSETSA EUR GRANDVISION SA 8 319.00 141 423 00

1375.00 96 937.50 0.55 1.03

EUR IPSOSSA 8 580.00 179 236.20

1 1 7 EUR KAUFMAN €l BROAD SA

1 650.00 203 715 00 EUR KLEPIERRE

4 100.00 133 250.00 0 76 EUR REMY COINTREAU SA

EUR ELIOR 10 240.00 84 275 20 0.42

EUR NEXANS 2 839.00 56 180 00 0.33

EUR TRANSICIEL 4 942 00 85 203 10 0 51

1 516 783.65 8.70

United Kingdom

GBP AEATECHNOLCGY PLC GEP ALEXON GROUP PLC GBP AMLINPLC

28 350.00 10 000.00 83 571.00

127 550.12 0.73 33 569 76 0 19

108 993.75 0.62

The notes are an integral par t of the financial statemenfs


Page 49

Description Quantity/ Valuation in EUR as a % Nominal Unrealized gain of net


Exchange ConWaCD (Note 1)

Interest/ Maturity Strike Price

GBP GBP GBP GBP GBP GBP GEP GBP GEP GEP GBP GBP GBP GBP GBP GBP GBP GBP GEP GBP GEP GBP GBP GBP GBP GBP GEP GBP GEP GBP GBP GBP GBP GBP GEP GBP GBP GBP GBP GEP GBP GBP GBP GBP GBP GBP GBP GBP GBP GEP GBP GBP GBP GBP GBP GBP GBP GBP G8P GBP GBP GBP GBP

ANlTE GROUP PLC 82 500.00 55 000.00 14 300.00 39 765.00

I02 000 00 409 500.00

33 000 00

102 94 291.37 226.91

113 11473

0.54 0.59 BABCOCK INTERNATIONAL GROUP PLC

BESPAK PLC BIOCOMPATIBLES INTERNATIONAL PLC

0.65 0.35 0.97

61 374 82 168 450 85 41 082.47

BODY SHOP INTERNATIONAL PLC BRmSH BIOTECH PLC BUSINESS POSTGROUP PLC CAPITAL RADIO PIC CHORION PLC CORDIANT COMMUNICATIONS GROUP PLC CORPORATE SERVICES GROUP PLC COURTS PLC D A M O N (WILLIAM) HOLDINGS DCS GROUP PLC E1008 PLC EN0018 PLC FENNER PLC FUTURE NETWORK PLC GEORGE WIMPEY R C GOSHAWK INSURANCE HOLDINGS LTD GROUPE CHEZ GERARD PLC GW PHARMACEUTICALS PLC H BRAMMER PLC HALMA PLC IPS GROUP PLC INTEC TELECOM SYSTEMS PLC INTERCARE GROUP PLC

0 24 I 1 2 0 06 0 15 0 39 0 20 0 43 0 80 0 03 0 32 1 08 0 53 0 60 I 7 1 0 39

194 820.49 . ~~

1000.00 273 000.00

9 723.66 26 334.92 68 706.69 58 190.00

63 600.00 16 000.00 98 000.00 14 700.00 27 866 00

152 992.00 47 400.00

120 000.00 72 000.00 53 002.00 88 OD0 00 48 080.00 2598000 42 000.00 75 000.00

128 000.00 90 850.00 43 000.00 2 1 ooo aa

34 847 75 74 331.99

139 912 68 5 331 81

55 052 10 187 726.30 92 546.14

104 645.1 1 297821.85 67 489.38 99 829.59 83 855.62 62 553 70

105 663.78

0 57 048 0 36 0.61 0 29 50 933 46

70 133.83 364 575.55 151 318.69

14 180.34 8 542.93

~~

0.40 2 09 0.87 0 08

41 00000 6 600 00

20 000 00

0 05 0 48 0 05

83 276.21 9 569.32

86 540.58 M.L.LABORATORIES PLC MICE GROUP PLC MICROGEN PLC Mh4T COMPUTING PLC MOLINS PLC NMT GROUP PLC

E9 000 00 90 000 00

0.50 0 32 55 563 78

28 883.95 20 01 5 00 12 000.00

637 037 00

~~

0.17 0 37 0 15

63 898 34 27 038.75 87 631.02 RORTHGATE hFORMATlOlv SO.-TIOhS PLC

OCLMAM n0.V NG: P-C OXFORD .hSTRdMENTS P.C

18315000 167 633 OD

19 000 00 30 000.00 43 000.00

434 000 OD 1040000 57 200.00 42 000 00 46 420 00 11 550 00 95 510 DO

0 50 0 53 91 849.58

63 049 45 1828974 88 601 07 33 492 61 29 294 46 46 349 45

~~

0 36 0 10 0 51

PARITY GROUP PLC REGENT INNS PLC R ~ A I L DECISIONS PLC SA\’ILLS PIC SCAPA GROUP PLC SC5 UPHOLSTERY PLC

0 19 0 17 0 27 0 94 0 51 0 41 0 57

163 681.63 88 483 31 71 306 85

SMG PLC ST.IVE5 PLC TO1 PLC TOG PLC TELEWORKS SYSTEMS PLC THE EXPRO INTERNATIONAL GROUP R C

98 767.24 36 000.00 30 338.00 14 300.00

123 907.22 515073

102 079.15 95 754.91

0 71 0 03 0 59

THE VITEC GROUP PLC TIBBETr E BRITrEN GROUP PLC TRIfAAST PLC Tr ELECTRONICS PLC UREIUM PLC VERNALIS GROUP PLC WESTEURY PLC WESTON MEDICAL GROUP INC WOLVERHAMPTON & DUDLEY BREWERIES YATES GROUP PLC ZOTEFOAMS PLC

I 3 200.00 0 55 10 725.00 36 000.00 50 000.00

12456416 36 949.91

114 986.15 44 242.66 93 309 E6

151 S l l 62 42 135.86

198 467 33 89 746.8P

196 263 61

0 71 0.21 0.66 0 25 273 OD0 00

40 71 1 .OO 29 000 00 28 000 00 19 463 OD 35 783 00

136 000.00

0.53 0 87 0.24 114 0.51 1.13

5 876 170.52 33.72

Ireland

EUR ANGLO-IRISH BANK CORP PLC 58 112 00 379471.36 2.18 EUR DCC PLC 17 400.00 200 970 OD 115 EUR FIRST ACTNE PLC 75 907.00 364 353.60 2.09

33 440.00 300 960 00 173 60 647.00 175 760.30 1.01

EUR GREEN PROPERTY PLC EUR GREENCORE GROUP R C EUR JURYS DOYLE HOTEL GROUP PLC 19 470.00 198 594.00 1.14

1 620 109.26 9.30

Italy EUR GRANlTlFlANDRE SPA 10 650.00 81 898.50 0 47

81 898.50 0.47

Netherlands

EUR BE SEMICONDUCTOR INDUSTRIES NV BESl 9 M D W 65 324.80 0.38 EUR FUGRO NV -CVA 3 926 00 217 893.00 1.25 EUR lMTECHW 6 508.00 138 295.00 0.80 EUR KONlNKLlJKE VENDEX KBB NV 6 000.04 75 600 00 0.43 EUR NEW SKIES SATELLITES NV 20 100.00 101 505.00 0 58 EUR ORDINhNV 13 500.00 99 360 00 0.57 EUR RHEIN BIOTECH NV 2 449.00 122 474 49 0 70

EUR UNIT4 AGRESSO W 6 384 00 42 389.X 0.24 EUR TELEPLAN INTERNATIONAL W 6 000.00 36 420 00 0 21

EUR UNITED SERVICES GKOUP NV 7 292 00 146 569 20 0 84 EUR WEGENER NV 23 310.00 193 939.20 1.11

7.11 1 239 770.45

Sweden

SEK BlOlNVENT INTERNATIONAL A8 62 000 00 19467661 I 1 2 SEK AB ANGPANNEFOLRENINGEN -E- I O 340.00 153741.22 0 88


. . . .-- - . . . .. . .. . - . .. . . .


Page 50

Description

SEK CASTELLUM AB SEK SEK GmNGE A0 -0 SEK INIEMlA INTERNATIONAL A0 -8- SEK SWEOISH MATCH AB SEK TRELLEBORG AB

D & CO CARNEGIE INVESTMENTA8

InteresV Maturity Strike Price

Quantity, Valuation in EUR as a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionslForward

Exchange Contra- (Note 1)

20 900.00 21 00000 7 844.00

12 532 W 30 000.00 20 856 00

290 130.35 185 091.52 155 556.20 42 525.39

251 195.63 207 949.00

1.67 1.06 0.83 0.25 1 4 4 119

1480 916.52 8.50


Preference shares

Germany

EUR HUGO BOSS AG 7 15000 134 062 50 0 17

134 062.50 0.77

Total Preference shares 134 062.50 0.77

Registered shares

Switzerland

CHI BARRY CALLEBAUTAG CHF FORB0 HOLDING AG CHF GALENICAAG-B- CHF INFICON HOLDING A t

CHF LEICA GEOIYSTEMS SA CHF SCHAFFNER tiOLP1NG AG CHF VALORA HOLDlNG AG

cnf KUEHNE a NAGEL INIERNATDNAL AG

022 00 358 00 214 00 830 00

2 200 00 860 00

1 076 00 528 00

98 147.08 0.56 132 985 45 0 76 202 375.08 116 84702.81 0.43

164-3.21 0 95 . -~ 54 519 64 0 51

198385.54 114 114 591.67 0 66

6.23 1 085 350.48

Spain

EUR CORPORA~ION MAPFRE SA EUR PROSEGUR CIA DE SEGURIDAD SA

25 342 00 1556500

202 736.00 221 956.90

116 128

424 692.90 2.AA

8.67

94.16

1 510 043.38

16 408 746.77

Total Registered shares

Total Transferable securities listed on an official stock exchange

Transferable securities not l is ted on an official stock exchange a n d not t raded on another regu la ted market

Rights

Netherlands Antilles

EUR HUNTER DOUGLAS NV 3 798.00 3 625.01 0.02 02.01.07 02

3 625.01 0.02

Total Rights 3 625.01 0.02

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market 3 625.01 0.02

Total investments in securities 16412 371.78 94.18

Term deposits Cash at banks, drposib on demand and deposit accounts Other receivables and payables Other assets and liabilities

639 697.99 3.67 312 120.54 1.79 93 973.11 0.54

-31 253.22 -0.18

100.00 17 P26 910.20 Total net asset5

The notes are an integral part of the financial :tatemen%.

Semi-annual report as of June 30, 2002 BPER International SICAV - Global Bond

Page 51

BPER International SICAV - Global Bond Most important figures

Date Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002

632 547.5400 121.35

76 757 048.74 31.12.2001

56 488 639.36 462 266.2930

122.20

Structure of the Securities Portfolio Geographical Breakdown as a % of net assets Germany Italy France International Organizations United States of America Australia Austria Belgium Canada Spain Sweden Cayman Islands Netherlands Norway United Kingdom Denmark Total

Economic Breakdown as a % of net assets Bonds of countries and central governments Banks and other credit institutions Financial. investment & other diversified companies Supranational Bonds of public corporations Total

31.12.2000 71 033 774.66 605 604.2500

117.30

14 00

9.77 9 72 6.86 5 68 5 00 4 99 4 69 4 37

11 3a

4 2a 2 a4 2 43 1 9 9 1 6 5 1 0 2

90.67

46.17

15.31 9.72 1.06

90.67

18.41


Page 52


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Receivable on subscriptions Interest receivable on securities Formation expenses (Note 1) Total Assets

Liabilities Bank overdraft Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities



Income Interest on liquid assets Interest on securities Total income



Realized gain (loss) (Note 1) Realized gain (105s) on market-priced securities without options Realized gain (loss) on forward foreign exchange contracfs Total realized gain (loss) Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on ma rket-priced securities without options Total changes in unrealized appreciation (depreciation)


EUR 30.06.2002

71 331 899 76 (1 739 161.73)

69 592 738.03 6618591 1 1 1385 169.16

1341.23 77 597 839.53

613 161.04 149 340 15

65 330.36 9 594 63 2 993 19

371 42 78 289 60

840 790.79

76 757 048.74

EUR

53 940.64 1 431 31 1.82 1 485 252.46

01.01.2002 - 30.06.2002

395 867.31 19 410.23

2 924.44 5 505.61 5 551.45 2 247 81

431 506.85

1 053 745.61

(144 443.39) (248 7 1)

(144 692.10) (110 16965) (254 861.75)

798 883.86

(1 601 246 88) (1 601 246.88)

(802 363.02)


-


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investmens RealiIed gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Number of shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding 4t the end of the period


Page 53

EUR

56 488 639.36 01.01.2002 - 30.06.2002

39 398 841.03 (18 328 068.63)

21 070 772.40 1 053 745.61 (254 861.75)

(1 601 246.88) (802 363.02)

76 7s7 048.74

01.01.2002 - 30.06.2002 462 266.2930 319 286.1010

(149 004.8540) 632 547.5400

The notes are an integral part of the financial statemen-


Page 54

Statement of Investments in Securities and other Net Assets as of June 30, 2002 Description Interest/ Maturity

Strike Price Quantity1

Nominal Valuation in EUR asa % Unrealized gain of net

(loss) on Futures1 assets OptionrlFoward

Exchange Contracts (Note 1 )


Bonds. fixed rate

GBP IPY USD EUR EUR EUR EUR 1 PY US0 US0 DKK EUR JPY EUR IW JPY GBP EUR EUR U jD usv USD EUR US0 USD EUR DEM USD EUR AUD IW USD AUD EUR SEK EUR SEK SEK IPY

ABBEY NATIONALTREASURY SEW RC AIG SUNAMERlCh INSTITUTIONAL FOG I1 AUSTRIA. REPUBLIC OF

5 37500% 120000% 5.50000% 3 75000% 5.00000% 4.50000% 5.62500% 1.90000% 4 00000% 6 12500% 7 00000% 5 00000% 1.75000% 5.25000% 1 .StiOOO% 0.87500% 6.25000% 5 50000% 5 12500% 6 00000% 7 00000% 6.00000% 5.25000% 6.00000% 6.00000% 4.75000% 5.25000% 6.37500% 3.75000% 6 50000% 1.80000% 6.00000% 6.00000% 5 15000% 3.50000% 5 00000% 5 25000% 6 500004. 0.87500%

96-30 12 09 00-26 01 05 02-22 02 12 99-28 03 09 01-2809 11 01-1808.06 98-0401 28

500 000 00 25200000000

1 Do0 000 00

760 91 5 06 2 181 176 73 1 030 883.00

0.99 2 84 1.34 3 Of 1.94 5.23 0.17 1.79 1 .BO 4 24 1 01 1 34 4.64 5 11 1.99 4.94 0.54 3 06 3.21 1.29 0.99 2 26 3.35 2 91 5.12 2.62 0.66 137 2.43 1 06 2,25 141 0.73 2.1 1 0.54 2.62 0 21 0.91 3.89

6E-G Ad <.NGDOM OF BE-GILM KINGDOM OF 0 . h'DESREPC0.K Di.TSCn.AND

2 500 000.00 1 500 000.00 4 000 000 00

2 337 750 00 1 487 250 00 4 01 1 600 00

BUNDESREPUBLIK DEUTSCHLAND CANAVA CDC 1x18 COUNCIL OF EUROPE DENMARK, KINGDOM OF DEUTSCHE AUSGLEICHSBANK DEUTSCHE WSTBANK AG DEXlA MUNICIPAL AGENCY EKSWRTFINANS ASA EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK FRANCE, REPUBLIC OF .OAT FREDDIE MAC GENERAL ELECTRIC CAPITAL CORP GENERAL ELECTRIC CAPITAL CORP

127 822.91 132 974 24 99.23 03 09 OL-07 03 05 01-2501 11

150 000 000 00 1 200 000 00 3 000 000.00

1 375 242.35 1 226 488.24 3 256 356 56

96-15 11.07 98-04 07.08 99-07 10.09 02-06 02.17 00-2 1 06.10 99.08 11.04 99-1504 14 93-25 04.04 01-1501.12 48-06 08 13 97.11.06 10 98.19.05 08 00-1003 05 01-22.OL 11 98-23.05 08 0 1 - 18 08.06 98.14.07.08 96-03 04.08 99-15.07.09 94-01 05 06 00-22 03.10 99.19.0s 09 98-1407 09 99-30.07 09 98-20 04.06 98-2801 09

5 300 000.00 I 022 583 76

784 44402 1031 625 56

39500000000 4 000 000 00

170 ooo o m 00

3 559 701 43 3 921 517 16 1 528 964 18

44000000000 250 000.00

3 790 730.73 413487.11 ~~

2 286 735.00 2 SO0 000.00 1 000 000.00

2 347 104 80 2 465 551 85

986631 28 700 000.00

1 600 000.00 2 500 000 00 2 100 000 00 3 650 000.00 2 000 000 00 1 000 000.00 1 000 000 00 2 000 000.00 1 400 000.00

19000000000 1 000 000.00 1 000 000.00 1 600 000.00 4 000 000.00 2 000 000.00

763 347.34 1 733 295 68 2 567 196.28 2 235 874.97 3 920 914.61 2 014830 16

503 284.59 1 048 771 63 1 867 800 00

810 355 58 1 730 222.65 1081 561 70

INSnTUTO DE CREDIT0 OFlClAL ITALY, REPUBLIC OF ITALY, REPUBLIC DF TTALY. REPUBLIC OF KREDITANZTALT FUER WIEDERAUFBAU LlOYDSTS0 GROUP R C ~

MERRILL LYNCH 8 CO INC NETHERLANDS, KINGDOM OFTHE NEW SOUTH WALES TREASURY COW OESlERRElCHlSCHE KONTROLLBANK AG OESTERREICHISCHE KONTROLLBANK AG OUEENSLAND TREAZURY CORP SPAIN, KINGDOM OF SWEDEN, KINGDOM OF SWEDEN, KINGDOM OF SWEDEN. KINGDOM OF SWEDEN, KINGDOM Of WESTPAC BANKING C O W

563 303.92 1 621 280 00

416 720.33 2 009 800 00

163 492 00 695 409 10

2 983 687 25

W.1503 11 96-25 10 06 00-22 09 03

1 500 000.00 6 000 000.00

350 000 000.00

Total Bonds, fixed rate 67 369 550.09 87.77 - Total Transferable securities listed on an official stock exchanae 67 369 550.09 87.77


Bonds, fixed rate

CAD CANADA CAD CANADA

6.0000bK 00~01.06.11 6 00000% 97-01 06.08

1 400 000.00 968 974.72 1.26 1 800 000 00 1 254 213.22 1 64


Total Transferable securities traded on another regulated market 2 223 187.94 2.90


Bank oveidraft Other receivables and payables Other assets and liabillties

-613 161.04 -0.80 7 854 420.12 10.23

-76 948.37 -0.10

Total net assets 76 757 048.74 100.00


Semi-annual report as of June 30, 2002 BPER International SICAV - Short Term

Page 55

BPER International SICAV - Short Term Most important figures Date Fund's net assets in EUR Shares outstanding Net asset value per share in EUR

30.06.2002 1 0 7 8 6 9 3 2 7 4 3

947 655.9030 11 3.83

3 1.12.2001 92 670 612.75

112.29 825 285.1840


Geographical Breakdown as a % of net assets Germany Netherlands France Luxembourg International Organizations United States of America United Kingdom Austria Ireland Finland Cayman Islands New Zealand Total

Economic Breakdown as a % of net assets Banks and other credit instilutions Financial, investment & other diversified companies Mortgage and funding institutions (MEA, ABS) Insurance Supranational Bonds of couniries and central governments Traffic and transport Chemicals Total

31.12,2000 131 367 515.48 1 215 040.1860

108.12

41.17 11.35 8.33 6.36 5.81 3.96 3.64 2.78 2.75 2.51 ~. 1.85 1.83

92.34

49.80 13.90 9.70 5.98 5.81 5.29 0.93 0.93

92.34


Page 56


Assets Investments In securities. cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Time deposits and fiduciary deposits Interest receivable on securities Interest receivable on liquid assets Formation expenses (Note 1) Total A5sets

Liabilities Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnement (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities



Income Interest on liquid asset? Interest on securities Total income


N e t income (loss) on investments

Realized gain (loss) (Note 1) Realized gain (loss) on yield-evaluated securities and money market instruments Total realized gain (loss) Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments Total changes in unrealized appreciation (depreciation)


EUR 30.06.2002

99 518 888.21 83 460.01

99 602 348.22 7 265 479.27 1 067 372.14

1 236.14 1591.13

107 938 026.90

60 432.40 2 696.73 4 955.93

614.41 68 699 47 68 699.47

io7 869 327.43

EUR

47 203.69 01.01.2002 - 30.06.2002

i 497 284.85 1 544 4aa.w

368 813.91 4 832 90 4842 11 9 200 69 6 426 02 2 666 63

396 782.26

1 147 706.28

223 075 87 223 075.87 223 075.87

1370 782.15

(81 463.64) (a i 463.641

1289 318.51


- -


Net assets a t the beginning of the period Subscriptions Redemptions Total ne: subscriptions (redemptions) Net income (loss) o n investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Number of shares outstanding at the beginning of the period Number of share; issued Number of shares redeemed Number of shares outstanding at the end of the period

Semi-annual report as of June 30, 2002 8PER International SICAV - Short Term

Page 57

EUR

92 670 612.75 01.01.2002 - 30.06.2002

63 552 987.1 1 (49 643 590.94)

1 147 706.28

(81 463.64)

13 909 396.17

223 075.87

1289 318.51 107 869 327.43

01.01.2002 - 30.06.2002 825 285.1840 561 891.3660

(439 520.6470) 947 655.9030



Page 58

Statement of Investments in Securities and other Net Assets as of June 30,2002 Description InteresV Maturity

Strike Price Quantity) Valuation in EUR

Nominal Unrealized gain (loss) on Futures/ OptionslFoiward

Exchange Contrace (Note 1)


Bonds. fixed rate

DEM DEM EUR EUR DEUTSCHE HYPOTHEKENBANK HANNOVER OEM DEUTSCHE PFANDBRIEFBANK AG DEM DEM EUROFlMA EUR HELABA INTERNATIONAL FINANCE PLC OEM LANDESBANK BERLIN GIROZEWRALE FRF MERRILL LYNCH &CO INC EUR NORDDEUTSCHE LANDESBANK GZ EUR WESTDEUTSCHE LANOESBANK GZ EUR WESTLAND-UTRECHT HYPOTHEKENBANK M I OEM WUERTrEMEERGISCHE HYPOTHEKENBANK AG

ABBEY NATIONAL TREASURY SERV R C BAYERISCHE HYPO- B VEREINSBANK AG CAIS5E NAT. CAISSLS O'EPARGNES PREV

DEUTSCHE PFANDBRIEFBANK AG 5ER 193

5.62500% %.30 09 02 6.00000% 36-01 07 02 3.37000% 01-13.12 02 3.52000% 02-24 01.03 5.25000% 96-02.10 02 7.00000% 93-07 01 09 3 00000% 32~09.12.02 4 75000% 3742.10 02 4 12500% 96-10.07.02 5.12500% 97-25.11.02 3 00000% 99-10 03 03 6 00000% 95-04 1 1 02 4 03000% 01.10 09 02 3 50000% 98-15 10 02

1 810 000.00 4 000 000 00 2 000 oDo.00 2 000 000 00 2 000 000.00 5 so0 000.00 1 155 000.00 1 500 000.00 5 000 000 00 8 300 000.00 2 500 000 00 2 000 000.00 2 000 000.00 7 000 000 00

930 231.1 5 2 045 308.03 1 399 430.00 1 999 393 60 1026791.29 2 861 81 1 00 589 135.27

1 504 054.05 2 556 885.57 1 2?1 464 69 2 484 321.50 2015312.40 1 999 453.80 3 577 899 66

Total Bonds, fixed rate 26 861 558.01

a5 a % of net assets

0.86 1.90 1.85

0.95 2.65 0.55 139 2.37 1.18 2.30

1.86 3 32

24.90

1 a5

1 .a7

EUR EUR EUR EUR EUR EUR EUR EUR EUR E U R ITL EUR EUR EUR EUR EUR EUR EUR

ASSOCIATES CORP OF NORTH AMERICA ~. . . 8ANh Of 5COTLAhDTREAil.RI SER\I<ES BAYEFSCnE LAhCESBAhL G R0ZENTRP.E BArERliCnE .AhD!SECh< G R0ZENTR-Z.I BPE FINANCE INTERNATIONAL LTD CAISSE NAT CAISSE D'EPARGNES PREV CIf DE F NANCEMEPIT FOhC ER DE-TSZnE BAhh f NANZI h v DEXIA CREOrl .OCA1 DE FRAhCL ENTREPRISE MINIERE ET CHIMIQUE EUROFIMA LLEDTANSIALT F,ERV. EDERALFBA. AhDESBANh BAD EN.^ JERREMBERG .AhOESBANh SCn.ES$'/G-rlO.jTE h GZ LANPWIRTSCHAFILICHE RENTENBANK LUCHTHAVFN scHiPnoL AMFTFRDAM .. NORDDEUTSCHE LANDESBANK GZ TOYOTA MOTOR FINANCE E\/

FRN FRN FRN FRN FUN FUN FRN FRN FRN FRN FRN FRN FRN FRN FRN FRN FRN FRN

98.30.06.03 02-21.01 05 01-04.03.03 01-30 12.02 02.05 12 03 02-28 01 04 01-1 1.12.03 33-25.02 04 02-28.01.0s 01-15 06.03 96-05.08 02 37-23 09 a2 01-07 05.03 01-28 05 03 01-30.09.02 01-06.06 03 01-28 02 03 02-09 02 04

3 000 000.00 3 000 000.00 2 000 000.00

2 000 000 00 2 000 000.00 1 000 000.00 2 800 000 00 3 000 000.00 1 000 000 00

1 1 000 Ob0 000.00 2 000 wo 00 1 400 000 00 1 000 000 00 3 000 000 00 1 000 000.00 2 000 000.00 1 000 000 00

3 ooo aoo oo

2 933 334.90 2 395 142 40 1 337 220 80 2 399 548 20 1 998 002 40 1 357 800.40

398 528 40 2 800 478 74 494715.50 999 623 70

5 680 643 56 1 998 869 40 1 333 860 &? 433 662 90

2 999 113 80 933 797 70

1 999 604 00 999 795 40

2 78 2.78 185 2.78 185 185 0 93 2 GO 2.77 0.93 5.26 185 1.30 0 33 2.70 0 3? 1.85 0.93

Bonds. floating rate

Total Bonds, floating rate 39 858 410.54 36.95

Total Transferable securities listed on an official stock exchange

Money market instruments not listed on an official stock exchange and not traded on another regulated market

66 719 968.55 61.85

Euro Commercial Papers

EUR ALLlANZ AG EUR ALLIANZ AG EUR BANQUE GENERAL DU LUXEMBOURG EUR CLEARSTREAM BANKING LUR DEUTSCHE GIRO ZENTRALE DEKAEANK EUR DRESDNER BANK AG EUR ING VERZEKERINGEN NV EUR ING VERZEKERINGEN NV EUR NATIONAL BANK OF NEW ZEALAND INTl EUR NEDERLANDSE WATERSCHAPSBANK tW EUR NORDDEUTXHE LANDLSBANK GZ EUR RABOBANK IRELAND FUR RAEOBANK IRELAND EUR REPUBLIC OFAUSTRIA

06 08 02 22 07.02 15.05.03 08.07 02 26.08 02 151102 24 I O 02 2s 10.02 23.11.02 15.1002 11.07.02 20.12 02 29 08.02 17 07 02

2 000 000.00 1 000 000.00 4 000 000.00 3 000 000.00 2 000 000.00 2 000 000 00 2 000 000.60 1 500 000 00 2 000 000.06 2 000 000.00 1 000 000.00 2 000 000 00 1 000 000 00 3 000 000 00

1.85 957 947.80 0 33

2 397 761.70 2.78 1.84 1 389 165.60

I970 133 20 1.83

1993 106 80

3 864 067.60 3 58

1 977 822.00 1.83 1 482 823 95 137 1 964 332 20 1 E3 1 979 408.60 183 398 974.40 0.93

1 968 871 60 1 ,E3 994 291.10 0.92

2 995 261 EO 2 78

Total Euro Commercial Papers 28 179 628.35 26.13

Euro Certificates of Deporlt

EUR LANDESBANK RHEINLAND-PFAU GZ 16 07 02 2 000 000 00 1 997 097 60 185

Total Euro Certificates of Deposit I 997 097.60 1.85

Treasury Bills

EUR FINLAND, REPUBLK OF 13.05.03 2 800 000.00 2.51 2 705 653.72

Total Treasury Bills 2 705 653.72 2.51

Total Money market instruments not listed on an official stock exchange and not traded on another regulated market 32 882 379.67 30.49

92.34 99 602 348.22 Total investments in securities

Term deposits 7 265 479.27 6.73

Other assets and liabilities -67 108.34 -0.06 Other receivables and payables 1 068 608.28 0.99

iaa.00 107 869 327.43 Total net assets

The notes are an integral part of the f i n a n c i a l statements.

Semi-annual report as of June 30, 2002 BPER International SICAV - USD Bond High Yield

Page 59

BPER International SICAV - USD Bond High Yield Most important figures Date fund's net assets in USD Shares outsranding Net asset value per share in USD

30.06.2002 13 441 183.63 142 304.5580

94.45

31.12.2001 18 874 007.21 188 446.5200

100.16

Structure of the Securities Portfolio Geographical Breakdown a5 a % of net assets United States of America Canada United Kingdom Netherlands Germany Total

Economic Breakdown as a % of net assets Miscellaneous services Telecommunication Lodging & catering industry, leisure facilities Media Financial, investment & other diversified companies Petroleum Publishing & printing media Food &soft drinks Aerospace industry Non-classifiable/ non-classified institutions Textiles, clothing & leather goods Miscellaneous consumer goods Pharmaceuticals. cosmetics & medical products Retail trade, department stores Mechanical engineering & industrial equipment Chemicals Healthcare. education & social sewices Vehicles Electrical appliances & components Packaging industries Forestry, paper &forest products Real estate Building materials and trade Energy and publlc utilities Traffic and transport Commercial Services Electronics & semiconductors Mining, coal &steel Environmental services & recycling Computer hardware & networking Internet Photographic and optics Total

31.12.2000 30 224 350.68 3 0 6 1 7 5 7 3 7 0

98.72

89 40 1.40 0 57 0 49 0.16

92.02

14.29 11.27 8.73 6.88 5.86 5.28 3.94 3.54 2.89 2.53 2.39 2.37 2 19 2.10 2.01 1.75 1.62 1.59 1.50 1.28 1.16 1.14 0.98 0.83 0.76 0.75 0.56 0.55 0.54 0.37 0.19 0.18

92.02

Semi-annual report as of June 30, 2002 BPER International SICAV ~ USD Bond High Yield

Page 60


Assets Investments in securities, cost Investment5 in securities, unrealized appreciation (depreciation) Total investment5 in securities (Note 1) Time deposits and fiduciary deposits Receivable on securities sales Receivable on subscriptions interest receivable on securities Interest receivable on liquid assefi Receivable on dividends Total Assets

liabilities Payable on securities purchases Payable on redemptions Provisions for All-In-Fee (Note 2) Provisions for taxe d'abonnemcnt (Note 3) Provisions for audit fees, legal and economic advice Provisions for publications, printing costs and publicity Total provisions Total Liabilities



Income interest on liquid assets Interest on securities Dividends Total income

Expenses All-In-fee (Note 2) Taxe d'abonnement (Note 3) Government fees Audit costs, legal and economic advice Publications. printing cost5 and publicity Total expenses

Net income (lOS5) on investments

Realized gain (loss) [Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (10s:) Total realized gain (loss)




USD 30.06.2002

13 82723961 (1 458 190 85)

12 369 048.76 957 238 75

54 158 35 2 972 52

281 298 92 2 '120 57

486 71 13 668 124.58

179 928 33 29 433.70

14 654 09 1 680 15 1 107.32

137 36 17 578.92

226 940.95

13 441 183.63

USD 01.01.2002 - 30.06.2002

3 12b 80 687 039.02

973 42 691 439.24

98 641 78 3411.97

982 52 2 039.05 1 963.00

107 038.32

584 400.92

(526 092.10) (526 092.10) (526 092.10)

58 308.82

(985 330.75) (985 330.75)

(927 021.93)

The notes are an integral part of the financial ztatements

.


Page 61


Net assets a t the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net asset? Net assets at the end of the period



USD 01.01.2002 - 30.06.2002

18 874 007.21 3 186 341.02

(7 692 142.67)

584 400.92 (526 092.10) (985 330.75)

(4 505 801.65)

(927 02 1.93) 13 441 183.63

01.01.2002 - 30.06.2002 188 446.5200 32 092.2540

(78 234.2160) 142 304.5580


.. .. . . . . ..

Semi-annual report as of June 30, 2002 BPER International SICAV ~ USD Bond High Yield

Page 62

Statement of Jnvestments Description

in Securities and other Net Assets as of June 30,2002 lnterertl Maturity

Strike Price Quantity/ Valuation in US0

Nominal Unrealized gain (loss) on Futures1 OptionslFomard


as a % of net a55ets


Bonds, fixed rate

USD CHESAPEAKE ENERGY CORP -144A US0 CHESAPEAKE ENERGY CORP -8- USD HOLLINGER NTERNATONAl PUBLISHING USD HUNTSMAN IC1 CHEMICALS LLC US0 HUNTSMAN IC1 HOLDINGS LLC

8.12500% 01-01.04.1 1 7.87500% 97-1 5 03.04 9.25000% 96-01.02.06

10.12500% 00.01.07.09

75 000 00 100 000.00 7s 000.00 50 000.00 50 000.00 50 000.00 50 000.00

150 wo.00 60 wo 00

73 687.50 101 500.00 77 250.00 4 4 750.00 12 0oo.w 48 125 00 18 000.00

141 016.50 65 400.00

0.55 0.76 0.57 0.33 0.09 0.36 0.13 1.05 0.44

0.00000% 00-31.12.09 I 1 62500% 01.1501 08 13.00000% 99.01.05.09

LSD .E . STFALSSBCOIhC LSD ON0 FNAhCE RC -SD TOMMY n r i GER JSA IhC 6.85000% 98-01.06 08

01.01 08 7 1 10 75000% US0 YELL FINANCE BV

Total Bonds, fixed rate 581 729.00 4.33

Bonds. floatina rate

US0 CDLTTELECOM GROUP PLC FRN 96-15 1206 75 000 00 43 500 00 0 32

Total Bonds, floating rate 43 500.00 0.32

Total Transferable securities listed on an official stock exchanae 625 229.00 4.65


Bonds, fixed rate

USD USD US0 US0 USD US0 USD us0 US0 US0 US0 US0 US0 US0 USD US0 USD USD us0 USD USD US0 us0 US0 US0 USD us0 USD US0 US0 US0 USD USD us0 us0 USD US0 US0 USD US0 USD US0 us0 us0 US0 USD USD US0 USD USD UZD US0 USD US0 US0 usv USD USD USD USD US0 USD USD USD USD USD US0

ACETEXCORP ADELPHIA COMMUNICATIONS CORP ADELPHIA COMMUNlCAllONS COW -8- ADVANCED MEDICAL OPTICS AES CORPORATION AES CORPORATION AFFINITY GROUP HOLDING AINSWORTH LUMBER LTD AK TEEL CORP ALAMOSA DELAWARE INC ALLBRITON COMMUNICATIONS COMPANY B ALLIANCE GAMING COW ALLIED WASTE NORTH AMERICA INC ALLIED WASTE NORTH AMERICA INC AMERICAN RESTAURANT GROUP INC

AMERISOURCEEERGEN CORP AMERISTAR CASINOS INC

AMERICAN TOWER cow

10 87500% 9.37500% 9 50000% 9 25000% 8.75000% 9.37500%

11 00000% 12.50000% 7.75000%

12.50000% 8.87500%

10 00000% 7 87500%

01 -01 .os 09 99-15 11.09 94.15 02.04

50 000 00 75 000.00

225 000 00 25 000 00 50 000 00

100 000.00 100 000.00 50 000.00 75 000.00 50 000 00

125 000.00 75 000.00

100 000.00 75 000 00 66 000 00 50 000.00 so 000.00 75 000 00

52 250 00 30 375.00 90 W O 00

0.39 0.23 0 67 0 78 0.35 0 48 0 73 0 40 0 55 0 10 0.96 0.58 0 71 0 54 0.44 0.20 0.38 0 60 0.30 0.33 1.20 0 57 0.76 0.74 0.69 0 64 0 49 0 59 0.56 0.19 0.37 0.56

0.01 0.76 0 56 0.77 0 78 0 67 0 37 0.94 0 68 0.30 0.31 0.74 0 74 0 55 0 45 0 72 I .38 0 14 0.12 0.52 0.59 0 70 0 36 0 56 0 35 0 76 0 67 0 46 0.76 0.75 0.56 0.11 0 48 0 58

0.57

~ ~. 02-15 37.10 00-15.12.02 00.1 5.09.10 97-01.54.07

24 687 50 46 500 00 65 000 00 98 000 00 54 125.00 74 250.00 Id00000

128 750.00 78 000 00 96 000 00 72 375 00 59 400.00

51 625.00 80 437 50 40 750.00 44 000 00

161 250.00 76 543 75

102 500.00 99 250.00 93 000 00 85 500 00 66 000.00 79 02 1 05 75 000 00 25 125 00 49 500 00

76 125.00 2 000.00

102 750.00 75 000 00

103 500.00 105 000 00 90 000.00 50 250 00

126 250.00 91 500 00 30013.50 31 860.40

106 000.00 100 000 00 J4 364 68 60 000 00

185 000 00 18 375.00 1601140 69 750.00 79 875.00 93 600.00 49 000.00

27 500 00

1 5 000 no

97 ooo.no

97-15.57 07 02-15.06.12 01-01.02.1 1 98.01 02.08 97-01 Q8.07 98-01 01.09 ~~

6 50000% 11.50000% 9.37500%

01-01 1208 01-01 11 06 01-01 02 09

6.12500% 10.75000% 9.25000% 8.62500%

10.75000% 10.50000% 9.62555% 9 87500% 8 87500%

10.00000% 9.87500% 8.0Ow(I% 9.25000% 8.75000% 8.50000%

11 25000% 9.75000%

14.00000% 8.50000% 8 75000%

10.0WOO%

01-01 0908 01.15 07 09

AMKOR TECHNOLOGY INC ARGO TECH CORP ARGOSY GAMING CORP ATRIUM COMPANIES INC -B

01.1 5 02 08 07-01 1007 99-01 06 09

so 000 oa 50 000 00

150 000 00 75 000 00 99.01.05 09

97-01.08 07 B4G FOODSINC . SALLY TOTAL FITNESS HOLDING CORP BE AEROSPACE INC -SIR B BEAR ISLAND PAPER CO LLC BELDEN & BLAKE CORP BEL0 CORP BLOCK COMMUNICATIONS INC -144A BOYD GAMING COW BUCKEYE TECHNOLOGIES INC BUFFEE INC .144A CAPMUS COMMUNICATIONS CORP CALLAHAN NORDRHEIN.WESTFALEN GMBH CALPlNE CANADA ENERGY FINANCE CHANCELLOR MEDIA CORPORATION CHARTER COMMUNICATIONS HLDGS COAST HOTELS AND CASINOS INC COAXIAL COMMUNICATIONS CENT OHIO COLLINS & AIKMAN PRODUCTS CO -144A COTl BEVERAGES INC CROWN CASTLE INlERNATlONAL CORP CSC HOLDINGS INC CSC HOLDINGS INC CUMULUS MEDIA INC DAYTON SUPERIOR CORP DEAN FOODS CO

100 000.00 100 000 00 100 000 00 100 000 00 75 ow 00 75 OOO.00 75 000.00 25 000.00 55 000.00

75 000.00 75 ooo.on

50 000.00 150 000.00 75 000.00

150 000.00 100 000.00 100 000.00 50 000 00

125 000 00 150 000 00

98-15.10.07 0141.05 11 97-01.12 07 97-15.06.07 01-01 11 08 02-15.04.09 02-15.04.12 95.15.12 05 02-15.07 10 99-01 06 09 01-1507 10 01-01.0s 08 97-1 5 06 07 00-01 M.09 94-01 04.09 99.15.08 06 01-31.12 1 1 01.15.12 11 99-1 5 05 1 I 01-01.04 11 97-15 12.07 98-01 07.08 00.15.06 09 95-15.06 OS

9.50000% 10.00000% 10.75000%

7.62500% 7.87500%

10.37500%

50 000 00 50 000 00

100 000 00 13 OMlOO% 6 75000%

12.25000% 9.00000% 9 37500%

14 SOO00% 5 75000% 9.35000%

10.50000% 9.37500% 8 50000% 8 12500% 9.87500%

12.00000% 7.87500%

100 000 00 75 ow 00

100 000 00 100 000 00 200 000 00 75 000 00

99-15 1208 01.01 05 09 99-01 02 09

EKABEL HESSEN GMBH -REGS FNFRGIS PLC

00-01.09 10 99-1 5 06 09 97-15.12 07 01-01 02.09

ZOO 000 50 75 000.00 75 000 00

~. EXlENDlCARE HEALTH SERVICES INC FAIRCHILO SEMICONDUCTOR CORP FEDDERS NORTH AMERICA INC FELCOR LODGING LP FISHER SCIENnFIC INTL INC -164A FLEMING COMPANIES INC -144A. FOUR M CORP FRESENIUS MEDICAL CARE CAPTR IV GCO SPECIALM CHEMICALS INC GRAY COMMUNICATIONS SYSTEMS -144A

HANGER ORTHOPEDIC GROUP INC HAYES LEMMERZ INTL -DEFAULT HCA INC HILTON HOTELS CORP

GREY WOLF INC SR .c-

97.15.08.07 01.01 06 1 1

130 000.00 50 000 00

02.01.05.12 02-01 05 12 96-01 06.06

7s 000 00 50 000 00

100 000 00

74 625.00 17 250.00

102 500.00 01-1 5.56.1 1 100 000 00 89 500 00

10 72500% 9.25000% 8.87500%

96-01 38.08 01-18.12.1 1 98.01.07 07 99-1 5.56 09

75 POD 00 100 000 00 100 000 00

61 500.00 102 000.00 101 000.00 75 562 50 11.25000%

8 25000% 7.6750045 8.25000%

?5 000 00 150 000.00 60 000 00 75 000.00

99-1 5.12.08 01-01.02 11 01.1532.11

1500000 64 619.58 17 887 20


. . . . - --


Page 63

Description Quantity/ Valuation in US0 bS I % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionrlForward


lnterestl Maturity Strike Price

US0 US0 US0 US0 USD US0 USD USD US0 USD US0 US0 USD US0 us0 US0 USD USD US13 US0 USD USD US0 USP US0 USD

HMH PROPERTIES HOLLYWOOD CASINO CORP HORNBECK-LEEVAC MARINE SERVICES HORSEHOE GAMING LLC INSIGHT MIDWEqLP INTEREP NATIONAL RADIO SALES INTERNATIONAL GAME TECHNOLOGY IPC ACOUlSmON CORP IRON MOUMAIN INC DELAWARE IRON MOUNTAIN INC OELAWARE JLG INPUSrRIES INC ,144A IOHN Q HAMONS HOTELS -144A KANSAS CITY SOUTHERN RAILWAY CO L.3 COMMUNICATIONS CORP -144A LAMAR MEDIA CORP LEV1 STRAUSS & CO INC LIN TELEVISION CORP LUIGINOS INC MAGNUM MUNTER RE MAIL WELL I CORP MAIL-WELL INC ,144A MAJESTIC IWESTOR HOLDINGS MAJESTIC STAR CASINO LLC MEOAPHI5 CORP SR -8. MEDIACOM LLC METHANEX CORP MGM MIRAGE INC MILLENNIUM AMERICA INC MOTORS AND GEARS INC NATIONAL WINE &SPIRITS INC NEXSTAR FINANCF I I c

i 87500% 98.01.08.08 11.25000% 99-01.05.07 10.62500% 01-01 0808 8.62500% 99-15.05.09

10.50000% 01-01.1 1.10 10.00000% 99-01.07.08 7.87500% 99-15.05.04

11.50000% 01-15.12.09 8.25000% 99-01.07 11 8.62500% 01-01 04 13 8 37500% 02-15.06.12

125 000 00 105 000.00 50 000 00

100 000 00 80 000.00 50 000 00

100 000.00 50 000.00

100 000 00 100 000 00 50 000.00 75 000.00 50 000.00 75 000.00

125 000 00 125 000.00 50 000 00

12500000 50 000.00 25 000.00 50 000.00

100 000.00 100 000 00 75 000.00

200 000 00 25 000.00

100 000 00 50 000.00 75 000 00

150 000.00 100 000 00 175 000 00 125 000 00

114062.50 113 400.00 52 312 50

101 750.00 74 800 00 44 000.00

103 000.00 48 WO 00

100 250.00 102 250.00 50 000.00 73 500.00 50 062.50 75 375.00

128 125 00 115 625.00 45 750 00

126 250.00 51 500 00

0.89 084 0.39 0.76 0.56 0.33 0.77 0.36 0.75 0 76 0 37 0.55 0 37 0.56 0 95 0.86 0.37 0.94 0.38 0.17 0 37 0.71 0 77 0.54 I .29 0.19 0.78 0.38 0 53 1.13 0 79 0.66 0.37 0.19 0.52 0.79 0 51 0.57 0.50 0.64 0 38 0.80 0 76 0 77 1.14 0 37 0.56 0.72 0 16 0.77 0 37 0 77 0.19 0.95 0 45 0.22 0.56 0.37 0.74 0.38 0 74 0.55 0.38 0.19 0.70 0.37 0 83 0.77 0 57 0.77 0.82 0.18 0 36 0 37 0 39 0.38 0.20 0.61 0.52 0.31 0.57 0 39 0 66

8 87500% 02-15 05 12 7.50000% 02-15.06.03 7.62500% 02.15 06 12 8.62500% 97-15.09.07 6 80000% 00.01 11 03 8 00000% 01-15 01 08

10.00000% 99-01 02.06 9.60000% 02-15.03.12 875000% 9b-I5 1208 9625305 02.1503 1 2

I 1 65300% 01-30 1 1 07

22 250 00 50 250.00 94 875 00

10 87500% 99.01.07.06 9.50000% 98.1 5 02 05 8.50000% 98-15.M.08 8.75000% 02-15.08 12 8.50000% 00-1 5.09.10 9 25000% 02-15.06.08

10.75000% 97-15 1 1 06

104 000.00 72 000 00

173 000 00 25 500.00

US0 USD USD

104 285.70 51 000.00 71 625.00

151 875.00 106 000.00

US0 3 USD

10 12500% 99-15 01 09 12 00000% 01.01 04 08 9.37500% 99-15 11.09 USD

USD us0 US0 US0 USU US0 USD USD USD US0 USP US0 USD USD USD USD USD USD usu US0 USD USD USP USD USD USD USD USD USD US0 US0 USD US0 USD U5D USD US0 US0 USD US0 usv U5D us0 US0 US0 USD USD US0 USD USD US0

.. ... NEXTEL COMMUNICATIONS INC NEXTEL PARTNERS INC

88 812.50 50 000 00 11 00000% 00-15 03 10

NEXTMEDIA OPERATING INC OWENS-ILLINOIS INC PACIFICA PAPERS INC PANTRY INC PATHMARK STORES PEGASUS COMMUNICATIONS CORP PENN NATIONAL GAMING INC PERRY ELLIS INTERNATIONAL INC .144A PETCO ANIMAL SUPPLIES INC PHILLIPS-VAN HEUSEN CORP PLAINS RESOURCES INC PREMIER PARKS INC PRIME HOSPVALITY CORP PRlMEDlA INC QWEST CAPITAL FUNDING INC OWESTCORP -144A R H. DONNELLEY INC RADIO ONE INC

1 0,75WO% 7 15000%

10.00000% 10 25000% 8.75000% 9.75000%

11 12500% 9.50000%

10.75000% g.50000Y~

10.25000% 9 75000% 8 37500% 8.87500% 7.00000% 8 87500%

01-01 07.11 98-15.05.05 99-1 5 03 09 97-15.1007 02.01.02 12 98-01.12.06 01-01 03.08 02.15 03 09 02-01.11 1 1 98-01.05.08 00-15.03 06

25 000 00 75 000 00

100 000 00

25 250.00 69 750.00

106 250.00 75 000 00 75 000.00

67 875 00 76 125 00 67 500 00 86 300 00 51 000 00

1 0 8 w 0 0 0 101 500 00

1 so 000.00 80 000.00 50 000.00

100 000 00 100 000 00 100 000.00 150 000 00 50 000 00

100 000 00 175 000.00 25 000 00

103 250.00 153 750.00 49 000.00

99-1 5 06.07 02.01.05 12 01-1505.11 75 000.00

97 125.00 21 250.00

103 500.00 49 875 00

103 000 00 26 000 00

01 -03.08.09 02-15.03.12

9 12500% 8 87500%

10 50000%

48-01 06.08 01.01.07.1 1 01-15 12.08

100 000 00 50 000.00

100 000 00 . .

RADlOLDGlX INC -8 RIVERWOOD INTERNATIONAL CORP SALEM COMMUNICATIONS CORP -E

10.87500% 9.50000%

10.75000% 10.25000% 11.00000% 6.00000% 8.87500% 9 00000% 8.75000% 7 87500% 8.37500% 8.37500% 9.37500% 8.12500%

12.00000% 8.50000%

10.37500% 9.62500%

I 1 00000% 8.87500%

10 37500% 11 00000% 9,67500%

10.25000% 7 87500%

10.87500%

96-01.04.08 97-01.10.07 98-1 5.06.08 01-01.02.03 00.1 5 03 09 02-1 5.05.09 01-01 .O4.08 01-01.0603 01-15 12 11 02.01 05 12 01-15.02.08

2s 000.00 125 000 00 75 000 00 50 000.00

127 500 00 60 375.00 30 000.00

SAMSONITE CORP SBA COMMUNICATIONS CORP SBARRO INC SEAGATE TECHNOLOGY HOD HOLDING

75 000 00 50 000.00

75 000 00 50 000.00

SEQUA CORP .E SILGAN HOLDINGS INC SINCLAIR BROADCASTING GROUP INC STARWOOD HOTELS & RESORTS WORLDWIDE STATION CASINOS INC STONE CONTAINER CORF SWIFI ENERGY CO

100 000 00 50 000 00

100 000 00

100 000 00 51 500 00

100 000 00 75 000 00 50 000 00 25 OW 00

100 000 00 50 000.00

100 000 00 100 000 00

73 500 00 51 062 50

02-01.07 12 02-01.05.12 02-15.06 12

25 187 50 94 250.00 49 500.00 SI BRON DEMAL 5PEC.A.iIIS IhC

TEAM nEALTn hC TEMBEC INDCISTRI€S hC

93-15.03.09 01.01.02 1 1

1 1 2 000 00 103 MlO.00 76 875 00

104 000.00 11000000 24 750.00

TRANSDIGM INC TRANSWESTERN PUBLISHING CO -F- TRIAD HOSPITALS INC T K O MARINE SERVICES INC TSF COMMUNICATIONS CORP VENFTIAN CASINO RESORT LLC VICAR OPERATING INC

98-01.12 08 01-15.11.07 99-15.05 09

75 000 00 100 000 00 100 000.00

02-15.05.12 37-01.11 07

25 000.00 50 000.00 50 000 00 50 000 00 50 000 00 40 000.00

49 000 00 50 312.50 52 500 00

02.150610 01-01 12 09 02.15 03 09 VON HOFFMAN CORPORATION -144A

WESTPOINT STEVENS INC 51 250.00 17 000.00 82 125.00 69 650 00 41 000.00 76 687 50 52 500.00 88 500.00

96-15 06.05 WILLIAM CARTER COMPANY -8 WINSLOEW FURNITURE INC WISER OIL CO WRC MEDINWEEKLY REAOEPJCOMPASS XTO ENERGY INC YOUNG BROADCASTING INC

01-1 5.08.1 1 99-1 5 08 07 97-15.05.07

75 000.00 70 000.00 50 000.00

12.73000% 9 50000%

12 75000% 8 75000%

10 00000%

00-1 5 11 09 97-01.11 09 01-01 03.11

75 000.00 50 000.00

100 000.00

Total Bonds, fixed rate 11 225 2 M . 7 6 83.52

Bonds. floatino rate

US0 AIRGATE PCS INC USD ALAMOSA PCS HOLDINGS INC USD CALLAH AN NORPRHEIN-WESTFALEN GMBH USU CHARTER COMMUNICATIONS HLDGS -144A US0 INSIGHT COMMUNICATIONS INC-STEP UP USD LlN HOLDINGS CORP US0 MICROCELL TELECOMMUNICATIONS INC USD PAXSON COMMUNICATIONS CORP-STEP UP USV TRriON PCS INC UFD US UMNIRED INC -8-

Total Bonds, floating rate

FRN 99-01.10.09 FRN 00-15.02.10

100 000 00 100 000.00

- 20 000.00 1500000

0.15 0.11 0.01 0 24

FRN 01-15.07.10 FRN 02-15.01.12 FRN 01-15.02.11

150 000 00 100 000.00 250 000.00

1 500 00 32 000.00

107 500.00 46 000 00

0.80 0 34 FRN 98-01.03 08

FRN 96-01.06 06 50 000.00

100 000.00 100 000.00 125 000 00

8 000.00 56 750 00 77 500 00

0 06 0.42 FRN 02-15.01 09

FRN 98.01.05.08 FRN 00-01 11.09

0 58 0.22

2.93

125 000.00 30 000 00

394 250.00 .~

Total Transferable securities traded on another regulated market 11 619494.76 86-45



Page 64

Description InteresW Maturity Strike Price

Quantity/ Valuation in USD Nominal Unrealized gain

(loss) on Futures/ OptionslForuard



Transferable securities not listed o n an official stock exchange and not traded on another regulated market

Other shares

United States of America

USD CSC HOLDINGS INC 250.00 I 8 500.00 0.14

18 500.00 0.14

Total Other shares 18 500.00 0.14

Warrants

US13 CWWNSLOEW ESCROW CORP 99-15-08 07 70.00 700.00 0.W USD CWTS DAYTON SUPERIOR CORP 00-15.06.09 100 00 I 000.00 0 01 USD C W E LEAP WIRELESS INTL INC 00-1 5.04.1 0 100 00 1000.00 0 01

Total Warrants 2 700.00 0.02

Bonds, fixed rate

USD ADVANCE STORES CO INC 10.25000% 01-15.04.0a 50 000.00 52 500 00 0.39 USD DRESSER INC 5 37500% 02-1 5 04 1 1 50 000 00 50 625 00 0 37

Total Bonds. fixed rate 103 125.00 0.76

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market


Term deposia 957 238.75 7.12

Other assets and liabilities -17 578.92 -0.13

124 325 00 0.92

Other receivables and payable5 132 175.04 0.99

Total net assets 13 441 183.63 100.00


Semi-annual report as of June 30,2002

Page 65

Notes to the Financial Statements

Note 1 Significant accounting policies

The annual and semi-annual accounts are established in accordance with the regulations governing investment companies in Luxembourg.

a) Valuation of the securities portfolio

Without prejudice to the regulations of each subfund, the value of the assets held by each subfund is determined as follows:

Based on the net acquisition price and by keeping the calculated investment return constant, the value of money market paper and of other debt securities with a residual maturity of less than one year, tn the case of Short Term subfund, is successively adjusted to the redemption price thereof. In the event of material changes in market conditions, the valuation basis is adjusted on the new market yields. In the case of Bond and Equity subfunds, the securities referred to in this paragraph will be valued in the manner described in the next following paragraphs;

Debt securities with a residual maturity of more than one year and other securities are valued at the last available price, if they are listed on an official stock exchange. If the same security is quoted on several stock exchanges, the last available listing on the stock exchange that represents the major market for this security will apply;

Debt securities with a residual maturity of more than one year and other securities which are not listed on an official stock exchange, but traded on another regulated market, which is recognised, open to the public and operating regularly are valued a t the last available price on this market;

If these prices are not in line with the market, the respective securities, as well as the other legally admissible assets, will be valued a t their market value which the Company, acting in good faith, shall estimate on the basis of the price likely to be obtained;

Time deposits with an original maturity exceeding 30 days can be valued a t their respective rate of return, provided the corresponding agreement between the credit institution holding the time deposits and the Company stipulates that these time deposits may be called at any time and that, if called for repayment, their cash value corresponds to this rate of return;

Any cash in hand or on deposit, notes payable on demand, bills and accounts receivable, prepaid expenses, cash dividends, interests declared or accrued as aforesaid and not yet received shall be valued a t their full nominal value, unless in any case the same is unlikely to be paid or received in full, in which case the Board of Directors may value these assets with a discount he may consider appropriate to reflect the true value thereof.

The Company is authorised to temporarily apply other adequate valuation principles for the assets of an individual subfund if the aforementioned valuation criteria appear impossible or inappropriate due to extraordinary circumstances or events.

b) Formation expenses

The expenditure involved in the initial launching and marketing of the Company as well as the cost of launching new subfunds and other extraordinary expenses may be written off over a period of up to five years. The costs of launching new subfunds will be written off only by the respective subfund. The expenditure involved in establishing the Company sti l l outstanding may only be written off by the subfunds launched a t the same time as the Company was established.

c) Miscellaneous fee

Fees and expenses that can not be attributed to one single subfund will either be ascribed to all subfunds on an equal basis or will be prorated on basis of the net asset value of each subfund, if the amount and cause justify doing so.



Page 66

d) Conversion of foreign currencies

Bank accounts, other net assets and the valuation of the investments in securities held denominated in currencies other than the reference currency of the different subfunds are translated a t the mid closing spot rates of exchange ruling on the valuation date. Income and expenses denominated in currencies other than the currency of the different subfunds are converted a t the mid closing spot rates at payment date. Profit and loss on foreign exchange is included in the statement of operations.

Foreign exchange rates used as of June 30, 2002 are the following :

EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1 EUR 1

3.822018 1.7591 75 2.815159 1.502041 1.469845 8.174480

29.2 10537 1.955830 7.428637

15.650635 166.386000

6.559570 0.647904

340.750000 7.703308

244.851 741 8646.147529

4.696051 1936.270000 118.383 135

9.82 1688 3.752889 2.203710 7.41 1257 2.033355

49.702265 4.00709 1 9.076591 1 ,744893

987599.999999 0.987600

I O . 182226

ARS AU D BRL

CAD CHF CNY CZK DEM DKK EEK ESP FRF

GBP GRD HKD HUF IDR 11s ITL

JPY MXN MYR NLG NOK NZD PH P PLN SEK

SGD TRL USD ZAR

According to the Articles of Incorporation of the Company, the total net assets are expressed tn EUR and correspond to the difference between the total assets of the Company and its total liabilities. For the purpose of this calculation, the net assets of each subfund which are not denominated in EUR are converted into EUR a t the exchange rate of USD 1.012556 per EUR, and the assets of all subfunds are added together. The same procedure is used for the statement of operations and for the statement of changes in net assets.

e) Net realized result on sales of securities

Capital gains or losses arising from sales of investment securities are computed using the average cost basis.

f) Accounting of securities’ portfolio transactions

The securities’ portfolio transactions are accounted for at trade date plus one

The notes are an Integral part of the financial statements.

Semi-annual report as of June 30. 2002

Page 67

g) Valuation of forward foreign exchange contracts

The unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.

h) Valuation method for future contracts

Unrealized gains or losses on open futures contracts are calculated as being the net difference, on any valuation date, between the contract price and the closing price reported on the primary exchange of the futures contracts. Realized and unrealized profits and losses are recorded in the statement of operations.

i) Income recognition

Dividends, net of withholding taxes, are recognized as income on the date upon which the relevant securities are first listed as ”ex-dividend”.

Interest income is accrued on a daily basis

j) Consolidated financial statements of the Company

The total net asset value (NAV) of the SlCAV is equal to the sum of the net assets of the various activated subfunds translated into EUR (the consolidation currency of the Company) a t the rates of exchange prevailing in Luxembourg a t the closing date. As such, in the Consolidated Statement of Changes in Net Assets, for the subfunds denominated in other currencies than EUR, the NAV opening balances have been maintained a t the historical exchange rate. The difference resulting from their conversion at the exchange rate prevailing a t the closing date IS shown in a separate line called ,,Currency translation”.

Note 2 - All-ln-Fee

The Company is subject to an ”All-ln-Fee” calculated daily on the average total net assets of the subfund during the month concerned :

&PER International SICAV - Equity Asia Pacific BPER International SlCAV - Equity Eastern Europe BPER International SICAV - Equity Emerging Markets BPER International SICAV - Equity Europe BPER International SICAV - Equity North America BPER International SICAV - Euro Bond High Yield BPER International SICAV - Euro Equities BPER International SICAV - European Equities Small Cap BPER International SICAV - Global Bond BPER International SlCAV - Short Term BPER International SICAV - USD Bond High Yield

2.000% p.a. 2.200% p.a. 2.000% p.a. 1.900% p.a. 1.900% p.a. 1.300% p.a. 1.900% p.a. 1.900% p.a. 1.100% p.a. 0.700% p.a. 1.300% p.a.

(0.800% p.a. until May 31, 2002)

This All-ln-Fee is used to pay the Administrative Agent, the Custodian Bank, the Advisory Company and the distributors. It covers all the costs incurred by the Company respectively the subfunds with the exception of the following: - -

all taxes which are levied on the net assets and the income of the Company;

customary brokerage fees and commissions which are charged by other banks and brokers for securities transactions and similar transactions;

the costs which may be incurred for extraordinary steps or measures to protect shareholders, in particular expert opinions or lawsuits;

-



Page 68

- the cost of printing the shares certificates, the cost of preparing, depositing and publishing agreements and other documents concerning the Company, including fees for the notification and registration with all authorities and stock exchanges, the cost of preparing, translating, printing and distributing the periodical publications and all other documents which are required by the relevant legislation or regulations, the cost of preparing and distributing notifications to shareholders, the fees for the Company's auditors and legal advisers and all other similar expenses, with the exception of advertising and other expenses which are incurred directly in connection with the offer and sale of shares.

The Company is paying the BPER International Advisory Company S.A. a global commission out of which the Portfolio Managers and Investment Advisers shall be paid. This commission is payable monthly and is expressed as a percentage of the average net asset value of the subfund during the month concerned.

Note 3 - Taxe d'abonnement

According to the law and practice currently in force in the Grand Duchy of Luxembourg, the Company is not liable to any Luxembourg tax on withholding, income, capital gains or wealth taxes. The Company is, however, liable in Luxembourg to a tax of 0.05% (0.06% until December 31, 2001) per annum ("Taxe d'abonnement") of its net asset value, such tax being payable quaterly on the basis of the value of the net assets of the Company a t the end of the relevant quarter, However this percentage is reduced to 0.01 % for the subfund BPER International Sicav - Short Term.

Income received by the Company on i ts investments may be subject to different non-recoverable withholding taxes in the countries of origin.

Note 4 - Securities Lending

The Company may also lend portions of its securities portfolio to third parties. In general, lending may only be effected via recognised clearing houses such as Clearstream International and Euroclear, or through the intermediary of prime financial institutions that specializes in such activities and in the modus specified by them. Such transactions may not be entered into for longer than 30 days, however. If the loan exceeds 50% of the market value of the securities portfolio of the corresponding subfund, it is subject to the condition that the Company has the right, a t all time, to terminate the contract and obtain restitution of the securities lent.

There were no securjtjes lent out in BPER International SICAV as of June 30, 2002.

Note 5 - Distribution Policy

The general meeting of shareholders of the respective subfunds shall decide, a t the proposal of the Board of Directors and after closing the annual accounts per subfund, whether and to what extent distributions are to be paid out of investment income and realized gains in the net asset value after deduction of all fees and expenses. The payment of distributions must not result in the net asset value of the Company falling below the minimum capital amount prescribed by law. For the time being the distribution of dividends is not foreseen .

An income equalisation amount will be calculated so that the distribution corresponds to the actual income entitlement.

Note 6 - Net asset value by share

The net asset value of each subfund is equal to the total assets of that subfund less i ts liabilities. The net asset value of each subfund is expressed in the currency of the relevant subfund and is determined in respect of any valuation day by dividing the total net assets of the subfund by the number of its shares then outstanding.



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Note 7 - Issuance, redemption and conversion of shares

Issuance of shares Shares are issued a t a price corresponding to the net asset value per share, plus a possible subscription fee to be determined for each subfund by reference to the net asset value. Any taxes, commissions and other fees incurred in the respective countries in which Company shares are sold will also be charged. For the calculation of the issue price the net asset value per share is rounded up to the next smallest currency unit.

Duly completed and signed applications received by the Company during normal business hours on the business day in Luxembourg preceding a valuation day shall be settled a t the issue price calculated on that valuation day. Requests received after these date and time will take effect on the following valuation day.

RedemDtion of shares The redemption price is based on the net asset value per share. Any taxes, commissions and other fees incurred in the respective countries in which Company shares are sold will be charged. For the calculation of the redemption price, the net asset value per share will be rounded down to the next smallest currency unit.

Applications for redemption must be received by the Company during normal business hours on the business day in Luxembourg preceding a valuation day. They shall be settled a t the redemption price calculated on that valuation day and shall be submitted for payment in the reference currency.

Conversion of shares The shareholder of a subfund may convert some or all of his shares into shares of another subfund up to the countervalue of the shares presented for conversion, provided that the issue of shares by this subfund has not been suspended.

Note 8 - Remuneration to the members of the Board of Directors of the Company

For the period ended June 30, 2002 the Company has paid an amount of EUR 14 780.52 as remuneration to the members of the Board of Directors of the Company.

Note 9 - Other expenses

Other expenses include distribution fees which are paid on a monthly basis and expressed as a percentage of the average net asset value of the subfund during the month concerned:

BPER International SICAV - Equity Asia Pacific BPER International SICAV - Equity Eastern Europe BPER International SlCAV - Equity Emerging Markets BPER International SICAV - Equity Europe BPER international SICAV - Equity North America BPER International SICAV - Euro Bond High Yield BPER International SICAV - Euro Equities BPER International SICAV - European Equities Small Cap BPER International SICAV - Global Bond BPER International SICAV - Short Term BPER International SICAV - USD Bond High Yield

0.750% p.a. 0.720% p.a. 0.750% p.a. 0.750% p.a. 0.750% p.a. 0.450% p.a. 0.700% p.a. 0.700% p.a. 0.380% p.a. 0.250% p.a. 0.450% p.a.

(0.600% p.a. until May 31, 2002) (0.700% p.a. until May 31, 2002)

(0.400% p.a. until May 31, 2002)

(0.400% p.a. until May 31, 2002)

Additional note

The lists of changes in the subfunds securities portfolios are available to shareholders a t the registered office (30, boulevard Royal, L-2449 Luxembourg) and at the Central Administration (251, route d'Arlon, L-I 150 Luxembourg) of the Company.


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Semi-annual report 2002 - Fundsquare

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