Unaudited Semi-Annual Report Crédit Agricole Funds - Fundsquare

EXPE

RTIS

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Unaudited Semi-Annual Report Crédit Agricole FundsSICAV with sub-funds under Luxembourg law

Rapport Semi-Annuel Non-Révisé Crédit Agricole FundsSICAV à compartiments de droit luxembourgeois

Ungeprüfter Halbjahresbericht Crédit Agricole FundsSICAV mit Teilfonds nach luxemburgischem Recht

Informe semestral no auditado Crédit Agricole FundsSICAV de subfondos de derecho luxemburgués

Relazione semestrale non certificata Crédit Agricole FundsSICAV a compartimenti di diritto lussemburghese

2003

CA-FundsCrédit Agricole Funds

Unaudited Semi-Annual Report

Rapport Semi-Annuel Non-Révisé

Ungeprüfter Halbjahresbericht

Informe semestral no auditado

Relazione semestrale non certificata

For the period from 1st July 2003 to 31 December 2003

Pour la période du 1er juillet 2003 au 31 décembre 2003

Ergebnis für den Zeitraum vom 1. Juli 2003 bis zum 31. Dezember 2003

Para el periodo comprendido entre el 1 de julio 2003 y el 31 de diciembre de 2003

Per il periodo da 1 luglio 2003 al 31 dicembre 2003

Additional information concerning the representation and distribution of the Fund in Hong-Kong.

Subfunds not authorised in Hong Kong:Residents in Hong Kong please note that the following subfunds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities: Iberia / Italy / US Smaller Companies / Europe Equity Research / Emerging Markets / Global Consumer

Bonds:Emerging Markets Debt / Swiss Franc Bond.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV andthe unaudited semi-annual report if published after such annual report.

Les souscriptions ne peuvent être acceptées que sur la base du dernier prospectus accompagné du bulletin de souscription, du dernier rapport annuel et du dernier rapport semestriel, si celui-ci est plus récent que lerapport annuel.

Auf der Grundlage dieses Berichtes dürfen keine Zeichnungen entgegengenommen werden. Die Zeichnungen erfolgen nur auf Grundlage des aktuellen Verkaufsprospektes und des letzten Jahresberichtes sowie, fallsdanach ein Halbjahresbericht ausgegeben wurde, dieses Halbjahresberichtes.

No se aceptarán suscripciones basadas exclusivamente en informes anuales o semestrales. Las suscripciones sólo serán válidas si se efectúan con base en el Folleto Informativo vigente, en el último informe anual dela SICAV y, en caso de haberse publicado en fecha posterior, en el informe semestral no auditado más reciente.

Nessuna sottoscrizione può essere ricevuta sulla base delle relazioni finanziarie. Le sottoscrizioni saranno considerate valide solo se effettuate sulla base del prospetto attulamente in vigore accompagnato dall'ultimarelazione annuale della SICAV e dalla relazione semestrale non certificata di bilancio, qualora quest' ultima sia più recente.

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ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO

Sectors Secteurs Sektoren Sectores Settori

Aerospace industry Industrie aérospatiale Luft- und Raumfahrtindustrie Industria aeroespacial Industria aerospazialeAgriculture and fishery Agriculture et pêche Landwirtschaft und Fischerei Agricultura y pesca Agricoltura e pescaBanks and credit institutions Banques et instituts de crédit Banken und Kreditinstitute Bancos e instituciones de crédito Banche e istituti di creditoBuilding materials and trade Matériaux de construction et industrie du bâtiment Baumaterialien und Baugewerbe Materiales de construcción y comercio Materiali da costruzione e commercioChemicals Produits chimiques Chemikalien Productos químicos Prodotti chimici per l’agricolturaCoal mining and steel industry Exploitation minière et sidérurgie Bergbau und Stahlindustrie Minería del carbón e industria siderúrgica Estrazione del carbone e industria dell’acciaioCommunications Communications Kommunikation Comunicaciones ComunicazioneElectronics and semiconductors Electronique et semiconducteurs Elektronik und Halbleiter Electrónica y semiconductores Elettronica e semiconduttoriElectrical engineering and electronics Electricité et électronique Elektrotechnik und Elektronik Ingeniería eléctrica y electrotécnica Ingegneria elettrica ed elettronicaEnvironmental services and recycling Service d'environnement et de recyclage Umweltschutz- und Wiederverwertungsdienstleistungen Servicio de medio ambiente y de reciclaje Medio ambiente e reciclaggioFoods and non alcoholic drinks Denrées alimentaires et boissons non alcoolisées Nahrungsmittel und alkoholfreie Getränke Alimentación y bebidas no alcohólicas Prodotti alimentari e bevande analcolicheGraphic art and publishing Graphisme et publication Grafik und Verlagswesen Artes gráficas y edición Arte grafica e attività editorialeHealthcare and social services Service de santé publique et de service social Gesundheits- und Sozialwesen Servicios sociales y de sanidad pùblica Salute e servizi socialiHolding and finance companies Holdings et sociétés financières Holding und Finanzgesellschaften Sociedades instrumentales y financieras Holding e società finanziarieHotels and restaurants Hôtels et restaurants Hotel- und Restaurant Hoteles y restaurantes Hotel e ristorantiInsurance Assurance Versicherungen Seguros AssicurazioneInternet and Internet services Internet et services d'Internet Internet und Internet-Dienstleitungen Internet y servicios internet Internet e servizi di InternetMachine and apparatus construction Construction mécanique Machinen- und Apparatebau Construcción de maquinaria y aparatos Costruzione di macchine e attrezzatureMiscellaneous consumer goods Biens de consommation divers Verschiedene Verbrauchsgüter Bienes de consumo varios Beni di consumo variMiscellaneous sectors Secteurs divers Verschiedene Sektoren Sectores varios Settori variMiscellaneous services Services divers Verschiedene Dienstleistungen Servicios varios Servizi variMiscellaneous trading companies Sociétés de commerce diverses Verschiedene Handelsgesellschaften Sociedades mercantiles varias Società commerciali varieNon-ferrous metals Métaux non ferreux Nichteisenmetalle Metales no ferrosos Metalli non ferrosiOffice supplies and computing Fournitures de bureau et équipement informatique EDV- und Bürobedarf Suministros de oficina e informática Forniture d’ufficio ed elaborazione elettronicaPackaging industries Industrie de l'emballage Verpackungsindustrie Industrias de envasado Industrie dell’imballaggioPaper and forest products Papier et produits de la sylviculture Papier- und Holzprodukte Papel y productos forestales Carta e prodotti forestaliPetroleum Pétrole Erdöl Petróleo PetrolioPharmaceuticals and cosmetics Produits pharmaceutiques et cosmétiques Pharma und Kosmetik Productos farmacéuticos y cosméticos Prodotti farmaceutici e cosmeticaPhotographics and optics Photographie et optique Photo und Optik Fotografía y óptica Fotografia e otticaPrecious metals and stones Pierres et métaux précieux Metalle und Edelsteine Metales preciosos y piedras preciosas Metalli e pietre prezioseReal estate companies Agences immobilières Immobiliengesellschaften Sociedades inmobiliarias Società immobiliariRetail trade, department stores Commerce de détail, grands magasins Groß- und Einzelhandel Comercio minorista, grandes almacenes Commercio al dettaglio, grandi magazziniRoad vehicles Véhicules routiers Straßenfahrzeuge Vehículos de transporte por carretera Veicoli stradaliTextiles and garments Textile et habillement Textil und Bekleidung Textiles y prendas de vestir Materiali tessili e abbigliamentoTires and rubber Pneus et caoutchouc Reifen und Gummi Neumáticos y caucho Pneumatici e gommeTobacco and alcoholic drinks Tabac et boissons alcoolisées Tabak und alkoholische Getränke Tabaco y bebidas alcohólicas Tabacchi e bevande alcolicheTransportation Transports Transportwesen Transporte TrasportoUtilities Services publics Versorgungsunternehmen Suministros públicos Servizi di pubblica utilitàWatch industry Horlogerie Uhrenindustrie Industria relojera Industria dell’orologeria

Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoliTransferable securities admitted Valeurs mobilières admises à la cote officielle d’une Übertragbare und amtlich notierte Valores negociables admitidos a cotización Valori mobiliari quotati in una borsa to an official stock exchange listing bourse de valeurs Wertpapiere en un mercado oficial valori ufficiale

Transferable securities dealt in on another Valeurs mobilières négociées sur un autre Übertragbare, auf anderen Märkten gehandelte Valores negociables cotizados en otros Valori mobiliari negoziati in altri mercatiregulated market marché réglementé Wertpapiere mercados regulados regolamentati

Other transferable securities Autres valeurs mobilières Sonstige übertragbare Wertpapiere Otros valores negociables Altri valori mobiliariOther debt instruments Autres titres de créances Sonstige Schuldtitel Otros instrumentos de deuda Altri titoli di creditoRecently issued transferable securities Valeurs mobilières nouvellement émises Kürzlich emitierte, übertragbare Wertpapiere Valores negociables de reciente émisión Valori mobiliari di nuova emissioneMoney market instruments Instruments du marché monétaire Geldmarktinstrumente Instrumentos del mercado monetario Strumenti finanziari vari del mercato monetarioDerivative instruments Instruments dérivés Derivative Instrumente Instrumentos derivados Strumenti derivati

Shares Actions Aktien Acciones AzioniBonds Obligations Schuldverschreibungen Obligaciones ObbligazioniConvertibles bonds Obligations convertibles Wandelanleihen Bonos convertibles Obbligazioni convertibiliUnits in Investments Funds Parts de fonds de placement Anteile an Investmentfonds Unidades en Fondos de Inversión Quote di Fondi d’investimentoECP, CD, Discount Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts NotesOptions, Warrants, Rights Options, Bons et Droits de souscription Optionen, Optionsscheine, Bezugsrechte Optiones, Derechos, Derechos especiales Opzioni, warrants e Diritti di opzioneTotal securities Total Titres Wertpapiervermögen insgesamt Total Valores Totale titoli

Glossary

Lexique / Glossar / Léxico / Lessico

La société de gestion de portefeuille du Crédit Agricole3

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANOCountries Pays Länder País Paesi

AARGAUS

BBDBG

BMUBR

CANCHCHLCHNCICO

CYMD

DKDOMDZEEC

EGYF

GBGRGSYH

HKHRV

IINIRLISJ

JAJSYK

KZLLBMAMALMEXMUS

NNANGNL

NZLP

PAPEPKPLQARCRIRPRSARUS

SSASF

SGPSRISUPSVKSVN

TTCHTURUAUSAUYVGVNVEN

AustriaArgentinaAustraliaBelgioBangladesh BulgariaBermudaBrasileCanadaSvizzeraCileCinaCosta d'AvorioColombiaIsole CaymanGermaniaDanimarcaRepubblica DomenicanaAlgeriaSpagnaEquatoreEgittoFranciaRegno Unito GreciaIsola di GuerneseyUngheriaHong KongCroaziaItaliaIndiaIrlandaIsraeleGiapponeGiamaicaIsola di JerseyCorea del SudKazakistanLussemburgoLiberiaMaroccoMalesia MessicoIsola di MaurizioNorvegiaAntille olandesiNigeriaPaesi Bassi Nuova ZelandaPortogalloPanamaPerùPakistan PoloniaQatàrTaiwanIndonesiaFilippineSud AfricaRussia SveziaArabia SauditaFinlandia SingaporeSri LankaMultinazionaliSlovacchia Slovenia TailandiaRepubblica CecaTurchiaUcraina Stati Uniti d’AmericaUruguayIsole Vergini BritannicheVietnamVenezuela

AustriaArgentinaAustraliaBélgicaBangladesh BulgariaBermudasBrasilCanadáSuizaChileChinaCosta de MarfinColombiaIslas Caimán Alemania DinamarcaRepública DominicanaAlgeriaEspañaEcuadorEgiptoFranciaReino UnidoGreciaIsla de GuerneseyHungríaHong KongCroaciaItaliaIndiaIrlandaIsraelJapónJamaicaIsla de JerseyCorea del SurKazajstánLuxemburgoLiberiaMarruecosMalasiaMéxicoMauricioNoruegaAntillas holendesasNigeriaPaíses BajosNueva ZelandaPortugalPanamáPerúPakistan PoloniaQatarTaiwánIndonesiaFilipinas Sudáfrica Rusia SueciaArabia SauditaFinlandiaSingapurSri LankaSupranacionalEslovaquiaEsloveniaTailandiaRepública ChecaTurquíaUkrainia Estados Unidos de AméricaUruguayIslas Vírgenes BritánicasVietnamVenezuela

ÖsterreichArgentinienAustralienBelgienBangladesch BulgarienBermudaBrasilienKanadaSchweiz ChileChinaElfenbeinküsteKolumbienKaimaninseln DeutschlandDänemarkDominikanische RepublikAlgerienSpanienEquatorÄgyptenFrankreichVereinigtes KönigreichGriechenland GuernseyUngarnHongkongKroatienItalienIndienIrland IsraelJapanJamaikaJersey InselnSüdkoreaKazakhstanLuxemburgLiberiaMarokkoMalaysiaMexikoMauritiusNorwegenNiederländische AntillenNigeriaNiederlandeNeuseelandPortugalPanamaPeruPakistan Polen QuatarTaiwanIndonesienPhilippinen SüdafrikaRussland Schweden Saudi ArabienFinnlandSingapurSri LankaSupranationalSlowakeiSlowenienThailandTschechische RepublikTürkeiUkraine Vereinigte Staaten von AmerikaUruguayBritische Jungfern-InselnVietnamVenezuela

AutricheArgentineAustralieBelgiqueBengladesh BulgarieBermudesBrésilCanadaSuisseChiliChineCôte d’IvoireColombieÎles CaïmansAllemagne DanemarkRépublique Dominicaine AlgérieEspagneEquateurEgypteFranceRoyaume-UniGrèceÎle de GuerneseyHongrieHong-KongCroatieItalieIndeIrlandeIsraëlJaponJamaïqueÎle de JerseyCorée du Sud KazakhstanLuxembourgLibériaMarocMalaisieMexiqueMaurice NorvègeAntilles NéerlandaisesNigériaPays-BasNouvelle-Zélande PortugalPanamaPérouPakistan PologneQatarTaiwanIndonésiePhilippinesAfrique du SudRussieSuèdeArabie SaouditeFinlandeSingapourSri LankaSupranationalSlovaquieSlovénieThaïlandeRépublique tchèqueTurquieUkraine Etats-Unis d'AmériqueUruguay Iles Vierges britanniquesVietnamVénézuela

AustriaArgentinaAustraliaBelgiumBangladeshBulgariaBermudaBrazilCanadaSwitzerlandChileChinaIvory CoastColombiaCayman IslandsGermanyDenmarkDominicain RepublicAlgeriaSpainEcuadorEgyptFranceUnited KingdomGreeceGuernsey IslandHungaryHong KongCroatiaItalyIndiaIrelandIsraelJapanJamaicaJersey IslandSouth KoreaKazakstanLuxembourgLiberiaMoroccoMalaysiaMexicoMauritiusNorwayThe Netherlands AntillesNigeriaNetherlandsNew ZealandPortugalPanamaPeruPakistanPolandQatarTaiwanIndonesiaPhilippinesSouth AfricaRussiaSwedenSaudi ArabiaFinlandSingaporeSri LankaSupranationalSlovakiaSloveniaThailandCzech RepublicTurkeyUkraineUnited States of AmericaUruguay British Virgin IslandsVietnamVenezuela

Glossary

Lexique / Glossar / Léxico / Lessico

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Table of contents


Tables des matières / Inhaltsverzeichnis / Indice / Indice

ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANOGlossary Lexique Glossar Léxico Lessico 2-3Management and Gestion et Management und Gestión y Gestione e 6-8Administration Administration Verwaltung Administración AmministrazioneChanges in Investment Changement des Conseillers Veränderungen der Modificación de los Modificazione dei 9Advisers en Investissements Anlageberater Aseroses de Inversiones Consulenti Finanziaro

Securities Portfolios Portefeuille-titres Wertpapierbestand Cartera de Valores Portafoglio titoli

Equities Actions Aktien Renta Variable AzioniAsian Growth Asian Growth Asian Growth Asian Growth Asian Growth 10-11Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance 12-14Eastern Europe Eastern Europe Eastern Europe Eastern Europe Eastern Europe 15Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets 16-18Europe Equity Research Europe Equity Research Europe Equity Research Europe Equity Research Europe Equity Research 19Europe Sector Selection Europe Sector Selection Europe Sector Selection Europe Sector Selection Europe Sector Selection 20-21Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies 22-23Europe Value Europe Value Europe Value Europe Value Europe Value 24-25Eurostocks Eurostocks Eurostocks Eurostocks Eurostocks 26-27Global Consumer Global Consumer Global Consumer Global Consumer Global Consumer 28-29Global Equities Global Equities Global Equities Global Equities Global Equities 30-31Global Finance Global Finance Global Finance Global Finance Global Finance 32-33Global Healthcare Global Healthcare Global Healthcare Global Healthcare Global Healthcare 34Global Multimedia Global Multimedia Global Multimedia Global Multimedia Global Multimedia 35Greater China Greater China Greater China Greater China Greater China 36Iberia Iberia Iberia Iberia Iberia 37Italy Italy Italy Italy Italy 38Japan Japan Japan Japan Japan 39Japan Smaller Companies Japan Smaller Companies Japan Smaller Companies Japan Smaller Companies Japan Smaller Companies 40-41Korea Korea Korea Korea Korea 42Switzerland Switzerland Switzerland Switzerland Switzerland 43Thailand Thailand Thailand Thailand Thailand 44-45United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom 46-47US Smaller Companies US Smaller Companies US Smaller Companies US Smaller Companies US Smaller Companies 48-49US Value US Value US Value US Value US Value 50-51USA USA USA USA USA 52-53

Bonds Obligations Schuldverschreibungen Bono ObbligazioniAsian Income Asian Income Asian Income Asian Income Asian Income 54Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt 55-56Euro Bond Euro Bond Euro Bond Euro Bond Euro Bond 57-58Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond 59-60European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond 61-62European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond 63-64Global Bond Global Bond Global Bond Global Bond Global Bond 65-66Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond 67US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond 68

Short Term Court terme Kurzfristig Corto plazo Breve termineEuro Reserve Euro Reserve Euro Reserve Euro Reserve Euro Reserve 69-70

Accounts Etats Finanzausweise Cuentas Bilanci

Statement of Net Assets Etat des Actifs Nets Nettovermögensaufstellung Estado de activos netos Stato patrimoniale netto 72-79Financial Details relating to Indications Financières Angaben zu den letzten Datos financieros referidos Dati finanziari degli 80-87last 3 years concernant les 3 Jahren a los ultimos 3 anõs ultimi 3 esercizi

3 derniers exercices Notes to the Financial Notes aux Etats Financiers Erläuterungen zum Nota sobre las cuentas Note integrative al 88-92Statements Halbjahresbericht bilancioNotices and Reports Avis et rapports Bekanntmachungen Avisos e informes Comunicazioni e relazioni 93

und Berichte

Additional information Indications complémentaires Zusätzliche Informationen Información adicional Informazioni supplementari 94-96for Switzerland pour la Suisse für die Schweiz para Suiza per la Svizzera

Management and administrationCA

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Gestion et Administration / Management und Verwaltung /Gestión y Administración / Gestione e Amministrazione

39, Allée Scheffer,L-2520 Luxembourg

CA Funds Investment Services S.A.39, Allée Scheffer,L-2520 Luxembourg

Mr Alain Massiera, Managing Director,Crédit Agricole Indosuez (SUISSE) S.A.

Mr Paul Henri de la Porte du Theil,Chief Executive OfficerCrédit Agricole Asset Management S.A., Paris

Mr Bruno de Felcourt, Independent Adviser

Mr Francis Candylaftis, Managing Director,Crédit Agricole Asset Management SGR S.p.A., Milan

Mr Bruno Calmettes, Central Manager, Marketing and Wealth Management, Banque de Gestion Privée Indosuez

Mr Etienne Clement, Head of MarketingCrédit Agricole Asset Management S.A., Paris

Mr Michel Escalera, Managing Director,Crédit Agricole Asset Management Spain, S.L., Madrid

Mr Gérard Griseti, Senior Vice President,Crédit Foncier de Monaco, Monaco

Mr Gilles Martinengo, Head of Marketing & Investment Departments,Crédit Agricole Indosuez (Suisse) S.A., Switzerland

Mr Ian McEvatt, Managing DirectorCrédit Agricole Asset Management London Branch, London

Mr Saverio Perissinotto, Managing DirectorFiduciaria Indosuez Sim S.p.A., Milan

Registered officeSiège socialSitzSede socialSede sociale

Advisory companySociété de conseilAnlageberatungsgesellschaftSociedad asesoraConsulente per gli investimenti

Board of DirectorsConseil d’administrationVerwaltungsratConsejo de administraciónConsiglio di Amministrazione

ChairmanPrésidentVorsitzenderPresidentePresidente

Vice-ChairmanVice PrésidentVize VorsitzenderVice PresidenteVice Presidente

DirectorsAdministrateursMitglieder des VerwaltungsratesConsejerosAmministratori


Mr Jean-François Pinçon, Head of Business Development, Northern Europe and SwitzerlandCrédit Agricole Asset Management S.A., Paris

Mr Charles Hamer, Managing Director, Head of Private Banking Crédit Agricole Indosuez Luxembourg S.A., Luxembourg

Crédit Agricole Investor Services Bank Luxembourg S.A.39, Allée Scheffer, L-2520 Luxembourg

Crédit Agricole Investor Services Bank Luxembourg S.A.39, Allée Scheffer, L-2520 Luxembourg

Crédit Agricole Asset Management S.A.,90, boulevard Pasteur, 75015 Paris, France

Crédit Agricole Asset Management Hong Kong Ltd 1, Exchange Square, Central Hong Kong

Crédit Agricole Indosuez Luxembourg S.A.,39, Allée Scheffer, L-2520 Luxembourg

Crédit Agricole Asset Management SGR S.p.A.21, Via Brera, 20121 Milan, Italy

Indosuez Fondos S.A., S.G.I.I.C.1, Paseo de la Castellana, 28046 Madrid, Spain

Crédit Agricole Indosuez (Suisse) S.A.4, quai Général Guisan, 1204 Geneva, Switzerland

Emerging Markets Management 1001 19th Street North, 16th Floor ARLINGTON, Virginia 22209-1722 USA

CPR Asset Management30, rue Saint Georges75312 Paris Cedex 09

CustodianBanque dépositaireDepotbankDepositarioBanca depositaria

Administration agentAgent administratifVerwaltungsstelleAgente de AdministracionAgente amministrativo

Investment advisersConseillers en investissementsAnlageberaterAsesores de inversionConsulenti finanziari

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Crédit Agricole Asset Management Hong Kong Ltd 1, Exchange SquareCentral Hong Kong

Crédit Agricole Asset Management London Branch 122 Leadenhall StreetLondon EC3V 4QH, United Kingdom

Victory Capital Management Inc.127 Public Square, 20th Floor, Cleveland, OH 44114-1306, USA

Marcard SteinBallindam 36, 20095 Hamburg

FRESHFIELDS BRUCKHAUS DERINGERTaunusanlage 11D-60329 Frankfurt am Main

Crédit Agricole Asset Management Hong Kong Ltd 26th Floor, 1, Exchange SquareCentral Hong Kong

PricewaterhouseCoopers S.à r.l.Réviseur d’entreprises400 route d'Esch, L-1471 Luxembourg

Linklaters Loesch 4, rue Carlo Hemmer, L-1011 Luxembourg

Investment sub-advisersSous-conseillers en investissementsUnteranlageberaterSubasesores de inversionVice-consulenti finanziari

Paying and Information Agent in GermanyAgent payeur et agent d'information en AllemagneZahl- und Informationsstelle in DeutschlandAgente de pagamento y de información en AlemaniaAgente per i pagamenti e Agente per le informazioniin Germania

Representative in GermanyReprésentant en AllemagneVertreter in DeutschlandRepresentante en AlemaniaRappresentante in Germania

Representative in Hong-KongReprésentant à Hong-KongVertreter in HongkongRepresentante en Hong KongRappresentante in Hong Kong

Auditor of the fundRéviseur d’entreprises du fondsAbschlussprüfer des FondsAuditor del fondoRevisori dei conti del fondo

Legal AdvisersConseillers juridiquesRechtsberaterAsesores juridicosConsulenti legali

Changes in investment advisers


Changement des conseillers en investissements / Veränderungen der AnlageberaterModificación de los aseroses de inversiones / Modificazione dei consulenti finanziaro

Subfunds Adviser Change Effective dateCompartiments Conseiller Changement Date effectiveTeilfonds Berater Veränderung DatumSubfondos Asesores Modificación Fecha efectivaComparti Consulente Modificazione Data effettiva

US Smaller Companies The Bank of New York Crédit Agricole Asset Management 01.11.03

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Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoliat 31 December 2003 au 31 décembre 2003 zum 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003• • • •

Market Netvalue AssetUSD %

1. Transferable securities admitted to an official stock exchange listing 171,821,084.31 93.18

SHARES 171,821,084.31 93.18

15,790,149.38 8.56

3,450,000 ANGANG NEW STEEL -H- 1,866,546.74 1.016,896,000 CHINA LIFE INSURANCE - H- CO LTD 5,640,809.87 3.067,238,000 CHINA PETROLEUM AND CHEMICAL -H- 3,239,991.50 1.762,100,000 SHANDONG WEIQIAO TEXTILE GROUP 2,651,037.40 1.444,510,000 SINOPEC SHANGHAI PETROCHEMICAL -H- 2,004,315.66 1.093,668,000 YANTAI NORTH ANDRE -H- 387,448.21 0.21

44,983,851.01 24.40609,200 BANK OF EAST ASIA LTD 1,871,624.67 1.02

1,722,000 BEIJING DATANG POWER GENERATION H 1,231,109.31 0.67791,000 BOC HONG KONG (HOLDINGS) LTD 1,487,646.77 0.81119,000 CHEUNG-KONG HOLDINGS LTD 946,573.64 0.51

1,332,000 CHINA MOBILE (HONG KONG) LTD 4,092,258.80 2.224,218,000 CHINA SOUTHERN AIRLINES -H- 1,806,627.88 0.98

858,000 CNOOC LTD 1,679,969.35 0.91170,800 DAH SING FINANCIAL HOLDINGS LTD 1,270,604.35 0.69698,000 ESPRIT HOLDINGS SHS 2,324,269.34 1.26

3,750,000 GIORDANO INTERNATIONAL LTD 1,739,018.70 0.94629,000 HENDERSON LAND DEVLOPMENT CO LTD 2,779,170.87 1.51220,000 HSBC HOLDINGS PLC (USD 0.5) 3,471,596.59 1.88

1,172,000 HYSAN DEVELOPMENT 1,811,671.04 0.981,050,000 KERRY PROPERTIES 1,372,858.65 0.74

194,000 KINGBOARD CHEMICAL HOLDINGS LTD 298,634.60 0.161,810,000 MOULIN INTERNATIONAL HOLDING LTD 1,200,760.21 0.654,730,000 ORIENTAL PRESS GROUP LTD 1,721,274.27 0.937,412,000 PLAYMATES HOLDINGS LTD 1,212,577.81 0.664,233,000 RAYMOND INDUSTRIAL LTD 1,417,725.33 0.774,766,000 SKYWORTH DIGITAL HOLDINGS LTD 1,197,179.12 0.65

270,000 SWIRE PACIFIC LTD SIE A 1,665,979.91 0.90200,000 TECHTRONIC INDUSTRIES CO LTD 555,197.82 0.30

4,650,000 UNITED FOOD HOLDINGS LTD 1,517,195.83 0.827,344,000 VAN SHUNG CHONG 1,674,466.33 0.912,126,000 VICTORY CITY INTERNATIONAL HOLDINGS LTD 931,135.02 0.50

394,000 VTECH HOLDINGS 560,827.09 0.30243,000 WING HANG BANK LTD 1,446,167.95 0.78260,000 WING LUNG BANK LTD 1,699,729.76 0.92

8,254,230.44 4.487,600,000 ANEKA TAMBANG 1,727,803.00 0.945,209,000 ASTRA INTERNATIONAL TBK 3,075,914.50 1.67

12,069,000 BANK RAKYAT INDONESIA 1,781,686.13 0.9711,304,500 UNITED TRACTORS 1,668,826.81 0.91

8,325,139.64 4.511,093,700 GLOMAC 788,615.28 0.431,199,000 HONG LEONG BANK BHD 1,640,736.87 0.891,572,900 LAND GENERAL BHD 169,707.63 0.09

160,000 MALAYSIAN INTL SHIPPING CORP FOREIGN 484,210.54 0.26775,000 MK LAND HOLDINGS BHD 469,078.96 0.25

1,269,100 MTD INFRAPERDANA BHD 310,595.53 0.17160,000 PETRA PERDANA 370,526.32 0.20

1,982,000 PUBLIC BANK BHD FOREIGN 1,616,894.77 0.88

MAL

RI

HK

CHN


653,000 RESORTS WORLD BHD 1,735,605.30 0.94789,000 ROAD BUILDERS (M) HOLDINGS BHD 739,168.44 0.40

1,753,918.38 0.95113,250 GLOBE TELECOM 1,753,918.38 0.95

12,332,070.78 6.69309,000 DBS GROUP HOLDINGS 2,670,370.48 1.45

3,589,000 JAYA HOLDINGS LTD 1,698,498.01 0.922,286,000 JURONG TECHNOLOGIES INDUSTRIAL

CORP LTD 1,599,259.32 0.87218,000 SINGAPORE PRESS HOLDINGS 2,422,222.32 1.31

4,293,000 TT INTERNATIONAL LTD 820,238.13 0.44230,000 UNITED OVERSEAS BANK 1,784,832.52 0.97

1,407,000 WANT WANT HOLDINGS LTD 1,336,650.00 0.72

47,775,841.70 25.916,250 CHEIL COMMUNICATIONS 905,763.13 0.49

302,300 DAEGU BANK 1,461,175.82 0.7989,850 DAELIM INDUSTRIAL CO 3,161,228.49 1.71

517,600 DONGKUK STEEL MILL 4,249,216.50 2.30116,470 HAN JIN SHIPPING CO LTD 2,156,228.91 1.17314,350 HAN KOOK TIRE MFG 2,369,978.96 1.29132,710 HANA BANK 2,445,765.67 1.33487,000 HANWHA CHEMICAL CORPORATION 4,630,344.87 2.5119,450 HONAM PETROCHEMICAL 1,002,035.80 0.5447,200 HYUNDAI MOTOR CO LTD 1,996,741.72 1.0885,850 KOOKMIN BANK 3,211,073.73 1.7445,230 KOREA ELECTRIC TERMINAL 909,340.10 0.4961,100 KT CORPORATION 2,282,782.76 1.2441,880 LGAD 733,232.11 0.4029,000 NCSOFT 1,603,357.80 0.8719,160 SAMSUNG ELECTRONICS CO LTD 7,238,699.73 3.9354,300 SAMSUNG FIRE AND MARINE INSURANCE 3,115,867.04 1.69

390,780 SSANGYONG MOTOR CO 3,371,770.98 1.83163,000 WOORI FINANCE HOLDINGS CO LTD 931,237.58 0.51

17,624,554.98 9.562,511,560 CHINA FIN HOLDINGS 2,520,799.88 1.372,992,000 CHINA STEEL CORP 2,483,425.46 1.351,023,000 FORMOSA CHEMICALS FIBER CO LTD 1,716,290.99 0.93

940,000 FORMOSA PLASTICS CORP 1,549,374.18 0.841,430,340 NAN YA PLASTICS CORP 2,062,888.70 1.121,860,000 SINOPAC HOLDINGS 941,633.33 0.512,201,000 TAISHIN FINANCIAL HOLDINGS 1,626,051.13 0.881,155,000 TEST RITE INTERNATIONAL 717,306.67 0.391,540,000 TONG YANG INDUSTRY CO LTD 2,289,035.52 1.24

989,022 UNITED MICROELECTRONICS CORP 847,109.15 0.461,160,000 YIEH PHUI ENTERPRISE 870,639.97 0.47

12,318,439.51 6.68909,600 ADVANCED INFO SERVICE -F- 1,940,207.27 1.05594,000 BANGKOK BANK PUBLIC CO LTD -F- 1,724,349.33 0.94

2,431,000 BANK OF AYUDHYA PUBLIC CO LTD -F- 865,256.84 0.471,771,000 CHAROONG THAI WIRE AND CABLE -F- REG 451,524.07 0.241,392,600 KASIKORNBANK -F- 2,460,738.13 1.332,224,000 POWER LINE ENGINEERING PUBLIC CO

-F- REG 1,010,527.78 0.55

T

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RP

La traduction française des secteurs économiques et des pays se trouve en pages 2 et 3.Sie finden die deutsche Übersetzung von den verschiedenen Branchen und Ländern auf Seite 2 und 3.

La traducción en español de los sectores economicos y de los Países está en las paginas 2 y 3.La traduzione in italiano dei settori economici e paesi si trova in pagina 2 e 3.

Asian Growth

Asian Growth




277,000 SIAM CEMENT FOREIGN REGISTERED 1,929,877.84 1.051,381,000 SIAM CITY BANK PUBLIC -F- 840,140.05 0.46

438,900 THAI AIRWAYS INT'L -F- 506,871.24 0.273,406,000 THE THAI MILITARY BANK PUBLIC CO -F- 588,946.96 0.32

2,662,888.49 1.44608,000 ASM PACIFIC TECHNOLOGY LTD 2,662,888.49 1.44

2. Transferable securities dealt in on another regulated market 2,572,634.29 1.40

SHARES 2,572,634.29 1.40

2,572,634.29 1.40668,750 HANARO TELECOM CO 1,829,091.77 0.9928,000 POWER LOGICS CO LTD 743,542.52 0.40

3. Other transferable securities 9,326,317.90 5.06

SHARES 4,511,522.12 2.45

4,511,522.12 2.451,824,000 POWERTECH TECHNOLOGY INC 3,140,661.51 1.70

450,000 WAFFER TECHNOLOGY CORP 1,370,860.61 0.74

0.00 0.0011,300 FINANCE ONE PUBLIC CO LTD -F- 0.00 0.00

OPTIONS, WARRANTS, RIGHTS 4,814,795.78 2.61

2,414,736.00 1.31245,400 JPM INTL DER.(BAHRAT PETROL)

24.03.06 WAR 2,414,736.00 1.31

2,400,059.78 1.30221,000 JP MORGAN INTL DERIV.LTD 06.02.06 WAR 2,400,059.78 1.30

Total securities portfolio 183,720,036.50 99.64–––––––––––––– –––-–––––––––––––––– –––-––

UK

JSY

T

RC

K

GB



CA-F

unds

12




SHARES 99,381,915.98 91.17

7,240,999.63 6.64

50,000 ALUMINA 246,457.09 0.23481,481 AUSTRALIAN WORLWIDE EXPLORATION LTD 433,477.29 0.40360,750 DOWNER EDI LTD 1,047,425.76 0.96

1,221,000 HARDMAN RESOURCES LTD 879,412.92 0.81285,000 ION 508,894.51 0.47188,000 JUBILEE MINES NL 643,174.23 0.5941,000 NEWCREST MINING LTD 398,345.18 0.37

557,000 OIL SEARCH 426,246.98 0.3931,000 ORICA LIMITED 324,678.15 0.30

124,000 ORIGIN ENERGY LTD 441,897.19 0.411,000,000 PERSEVERENCE CORP LTD 262,587.47 0.24

642,000 PORTMAN 693,591.03 0.64958,462 RESOLUTE MINING LTD 934,811.83 0.86

6,966,098.64 6.39668,000 ALUMINUM CORPORATION OF CHINA -H- 507,690.41 0.47822,000 CHINA LIFE INSURANCE - H- CO LTD 672,381.92 0.62726,000 CHINA SHIPPING DEVELOPMENT CO -H- 537,743.23 0.49376,000 CHONG QING CHANGAN AUTOMOBILE

CO LTD 495,973.29 0.461,230,000 FIRST TRACTOR CO LTD 332,732.24 0.312,128,000 GUANGDONG KELON ELECTRICAL

HOLDINGS -H- 918,304.93 0.84600,000 HARBIN POWER EQUIPMENT CO LTD -H- 175,834.11 0.16

1,150,000 HUADIAN POWER INTERNATIONAL CORPORATION 481,450.55 0.44

1,127,000 JIANGXI COPPER 620,626.79 0.57738,000 MAANSHAN IRON STEEL CO LTD -H- 244,795.87 0.22

1,130,000 PETROCHINA -H- 647,752.26 0.59328,000 SHANDONG WEIQIAO TEXTILE GROUP 414,066.79 0.38825,000 SINOTRANS -H- 371,956.78 0.34776,000 ZHEJIANG EXPRESSWAY -H- 544,789.47 0.50

8,484,498.76 7.78694,000 BALTRANS HOLDINGS LTD 259,255.48 0.24

1,218,000 CHAODA MODERN AGRICULTURE (HOLDINGS) LTD 404,012.69 0.37

240,000 CHEN HSONG HOLDINGS 188,586.92 0.174,000,000 CHINASOFT INTERNATIONAL LTD 499,806.86 0.46

230,000 DENWAY MOTORS LTD 244,428.74 0.2241,000 ESPRIT HOLDINGS SHS 136,525.85 0.13

1,564,000 FIRST PACIFIC CO LTD 340,481.83 0.31454,000 FONG'S INDUSTRIES CO LTD 391,833.12 0.36334,000 GLOBAL BIO-CHEM TECHNOLOGY GROUP

CO LTD 206,518.13 0.19228,000 HOPEWELL HOLDINGS LTD 350,972.62 0.32

1,684,000 LERADO GROUP (HOLDING) 325,389.72 0.301,008,000 NGAI LIK INDUSTRIAL HOLDINGS 415,509.53 0.38

420,000 NWS HOLDINGS LTD 384,129.91 0.35470,000 ORIENT OVERSEAS INTL LTD 1,443,965.19 1.32556,000 ORIENTAL PRESS GROUP LTD 202,331.61 0.19

1,162,000 SHUN TAK HOLDINGS LTD 434,084.83 0.40800,000 SINGAMAS CONTAINER HOLDINGS LTD 422,517.14 0.39

HK

CHN

AUS


201,000 TECHTRONIC INDUSTRIES CO LTD 557,973.81 0.5193,000 TELEVISION BROADCASTS LTD 469,612.34 0.43

1,966,000 UNITED FOOD HOLDINGS LTD 641,463.87 0.591,042,000 WANG SING INTERNATIONAL HOLDINGS

GROUP 165,098.57 0.15

455,260.00 0.4226,000 ICICI BANK ADR REPR.2 SHS 455,260.00 0.42

2,742,449.29 2.523,397,000 ANEKA TAMBANG 772,282.47 0.711,200,000 BANK RAKYAT INDONESIA 177,150.00 0.169,917,000 BUMI RESOURCES 585,598.85 0.54

292,927 SARI HUSADA TBK 501,622.84 0.464,781,000 UNITED TRACTORS 705,795.13 0.65

49,924,403.25 45.80109,000 ADVANEX INC 509,798.45 0.4720,000 AOYAMA TRADING CO LTD 396,613.84 0.3677,000 ASAHI KASEI CORPORATION 419,194.64 0.3832,000 BANDAI CO LTD 808,194.24 0.7479,000 BOSCH AUTOMOTIVE SYSTEMS 322,192.62 0.3050,000 CASIO COMPUTER CO LTD 530,377.47 0.4992,000 CHIYODA CORP 566,259.80 0.52

161,000 CHUGOKU MARINE PAINTS LTD 989,448.64 0.9154,000 D AND M HOLDINGS INC 194,471.74 0.1839,000 DAISHINKU CORP 196,997.35 0.18

131,000 DENKI KAGAKU KOGYO KK 422,758.55 0.3912,700 FUJI SEAL 501,323.64 0.4663,000 FUJIREBIO INC 727,795.75 0.6712,000 GOLDCREST CO LTD 572,470.92 0.53

216,000 GUNZE 979,935.52 0.9088,000 HINO MOTORS LTD 628,894.85 0.5828,000 HITACHI CONST MACH. 425,087.72 0.39

101,000 HITACHI KOKI CO LTD 519,620.26 0.48226,000 ISEKI & CO 610,953.69 0.5647,000 JAPAN GENERALI ESTATE 466,900.55 0.4321,000 JFE HOLDINGS INC 574,575.59 0.53

153,000 JGC CORP 1,600,056.22 1.4719,000 JSR CORP 425,658.32 0.39

111,000 KANSAI PAINT CO LTD 535,765.43 0.4952,000 KIBUN FOOD CHEMIFA CO LTD 674,168.70 0.6239,000 KISSEI PHARMACEUTICAL CO LTD 721,958.79 0.6614,200 KOHA CO LTD 532,641.16 0.4947,000 KOYO SEIKO CO LTD 484,046.61 0.4447,000 KURAYA SANSEIDO 460,745.55 0.4264,000 LINTEC CORP 1,021,916.72 0.9424,000 MATSUI SECURITIES CO LTD 548,898.59 0.50

229,000 MEISEI INDUSTRIAL 715,457.69 0.6610,000 MISUMI CORP 445,255.16 0.4193,000 MITSUBISHI CORP. 988,241.96 0.91

329,000 MITSUI ENGINEERING & SHIPBUILDING CO LTD 544,717.31 0.50

263,000 MITSUI O.S.K. LINES 1,286,647.10 1.1828,000 NAGASE CO LTD 185,697.59 0.1737,000 NICHIHA CORP 501,155.26 0.46

135,000 NIPPON FLOUR MILLS CO LTD 546,793.92 0.509,000 NISSEN CO LTD 148,926.63 0.14

20,000 NISSHIN FOOD PRODUCTS CO LTD 499,508.94 0.4650,000 NISSIN 227,772.34 0.21

J

RI

IN



Asian Renaissance

Asian Renaissance




20,000 NISSIN HEALTHCARE FOOD SERVICE CO 407,838.76 0.3712,500 NITORI CO LTD 779,898.09 0.72

200 NTT DOCOMO 454,609.26 0.4234,000 OHASHI TECHNICA INC 868,247.56 0.80

463,000 PACIFIC METALS CO LIMITED 2,771,806.91 2.5450,000 PARCO 260,511.69 0.24

155,000 RENGO 597,352.83 0.556,000 RISO KAGAKU CORP 223,375.91 0.20

200 RISO KYOIKU CO LTD 260,043.98 0.24370 ROUND ONE CORP 858,332.22 0.79

102,000 SANDEN 629,718.01 0.5859,000 SANKEN ELECTRIC 827,285.96 0.7698,000 SANWA SHUTTER CORP 555,521.29 0.516,600 SEIKO EPSON CORP 308,685.30 0.28

60,000 SEINO TRANSPORTATION CO LTD 497,263.96 0.4684,000 SEKISUI CHEMICAL CO 429,016.44 0.3928,000 SENSHUKAI CO LTD 312,988.19 0.29

912,000 SHINWA KAIUN KAISHA LTD 2,303,353.58 2.1124,000 STELLA CHEMIFA 323,277.70 0.3081,000 SUMITOMO FORESTRY CO LTD 687,217.66 0.63

233,000 SUMITOMO HEAVY INDUSTRIES 529,619.79 0.4980,000 SUMITOMO METAL MINING CO LTD 594,920.76 0.5549,000 SUMITOMO REALTY DEVLOPMENT 432,683.25 0.4098,000 SUMITOMO RUBBER INDUSTRIES LTD 534,437.15 0.4940,000 SUMITOMO SPEC METAL 536,177.01 0.49

120,000 SUMITOMO WAREHOUSE 355,829.96 0.33151,000 TAIHEIYO CEMENT CORP 427,978.14 0.39132,000 TAISEI 484,018.55 0.4444,000 TAKARA SHUZO CO. LTD 413,226.72 0.3850,000 TOPRE CORP 333,473.67 0.3136,000 TOSHIBA PLANT 121,902.63 0.1124,000 TOYOTA INDUSTRIES CORP 510,733.86 0.4782,000 TOYOTA TSUSHO CORP 777,007.67 0.7181,000 TSUBAKI NAKASHIMA 1,083,485.40 0.9912,400 USS 879,210.57 0.8151,000 WORLD CO 1,626,771.53 1.49

119,000 YODOGAWA STEEL WORKS LTD 409,634.75 0.3873,000 YOKOGAWA ELECTRIC CORP 1,057,050.72 0.97

1,755,652.67 1.61104,000 GENTING BHD 454,315.80 0.42378,000 MALAYSIAN INTL SHIPPING CORP FOREIGN 1,143,947.39 1.05168,000 ROAD BUILDERS (M) HOLDINGS BHD 157,389.48 0.14

2,883,215.87 2.65249,000 CEREBOS PACIFIC LTD 491,851.87 0.4580,000 CYCLE AND CARRIAGE LTD 272,780.73 0.25

789,000 INFORMATICS HOLDINGS LTD 459,206.37 0.42111,000 KEPPEL CORPORATION LTD 398,059.98 0.37390,000 NEPTUNE ORIENT LINES LTD 495,238.11 0.45225,000 NOBLE GROUP LTD 423,280.44 0.39490,000 PEOPLE'S FOOD HOLDINGS 342,798.37 0.31

6,109,944.03 5.61337,000 APEX BIOTECHNOLOGY 456,276.57 0.4210,000 DAELIM INDUSTRIAL CO 351,834.00 0.3249,000 DONGKUK STEEL MILL 402,263.54 0.376,280 HALLA CLIMATE CONTROL 565,531.27 0.52

29,000 HAN JIN SHIPPING CO LTD 536,881.93 0.495,000 HANKUK GLASS INDUSTRIES INC 118,953.40 0.11

K

SGP

MAL


28,080 HYOSUNG CORP 334,021.15 0.3127,000 KORAM BANK LTD 316,650.60 0.2938,000 KOREAN REINSURANCE CO 1,257,387.70 1.1529,000 LGAD 507,729.97 0.4710,000 NCSOFT 552,882.00 0.512,000 NONG SHIM 400,420.60 0.37

41,000 SAMMI STEEL CO LTD 309,111.30 0.28

6,531,103.30 5.99943,000 CHENG LOONG CO LTD 323,353.86 0.30744,000 CTCI CORPORATION 602,207.36 0.55391,000 D LINK CORP 521,333.21 0.48887,000 ET INTERNET TECHNOLOGY CORPORATION 467,322.92 0.43771,000 ETERNAL CHEMICAL CO LTD 465,209.60 0.43116,000 FULLERTON TECHNOLOGY CO LTD 274,849.09 0.25215,000 MIN AIK TECHNOLOGY CO LTD 461,957.21 0.42290,000 NAN YA PLASTICS CORP 418,248.61 0.38417,000 PHOENIX PRECISION TECHNOLOGY CORP 327,708.53 0.30472,315 PHOENIXTEC POWER 553,293.09 0.51362,000 SINCERE NAVIGATION CORP 283,420.10 0.26644,000 SINTEK PHOTRONICS CORP 417,012.41 0.38239,000 SPIROX CORP 234,251.60 0.21499,000 TAIWAN FU HSING 436,211.82 0.40344,000 TAIWAN SALT INDUSTRIES CORP 303,752.69 0.28454,000 WINTEK 440,971.20 0.40

6,288,290.54 5.77196,000 ADVANCED INFO SERVICE -F- 418,074.57 0.38447,000 DYNASTY CERAMIC PUBLIC CO FOREIGN

REG 259,523.28 0.24168,000 PTT EXPLORATION AND PRODUCTION

-F- REG 1,136,540.83 1.04437,000 RATCHABURI ELEC.GEN.HDG PUB.CO

-F- REG 540,528.36 0.50859,000 REGIONAL CONTAINERS LINES PUBLIC

CO -F- 411,991.00 0.381,470,000 ROJANA INDUSTRIAL PARK PUBLIC CO

-F- REG 523,211.66 0.48419,000 SIAM COMMERCIAL BANK PUBLIC -F- 571,148.12 0.52

1,435,000 THAI PETROCHEMICAL INDUST.PUBLIC -F- 815,033.36 0.75383,000 THAI UNION FROZEN UNITS

N.VTING.DEP.REC 299,710.14 0.27624,000 THORESEN THAI AGENC NON VOTING

DEP REC 614,313.65 0.562,193,700 TUNTEX (THAILAND) CO LTD -F- 282,415.40 0.261,297,000 VANACHAI GROUP PUBLIC CO LTD

(FOREIGN) 415,800.17 0.38

OPTIONS, WARRANTS, RIGHTS 500,080.07 0.46

303,718.96 0.28108,600 AMMB HOLDINGS BHD 12.12.03 RIGHT 52,013.69 0.05427,000 GAMUDA BHD 29.12.06 WAR 251,705.27 0.23

196,360.97 0.18526,000 UNITED OVERSEAS LAND LTD 12.06.04 WAR 196,360.97 0.18

SGP

MAL

T

RC



CA-F

unds

14



0.14 0.005,543,330 BANGKOK LAND EXPIRY UNKNOWN 31.12.06 WAR 0.14 0.00


SHARES 6,062,637.37 5.56

3,226,320.76 2.9613,300 ARRK CORP 862,158.04 0.7921,000 ARUZE CORP 457,696.11 0.4213,540 DENKA SEIKEN CO LTD 509,151.15 0.4723,000 KURAMOTO SEISAKUSHO CO LTD 305,504.91 0.2811,500 PALTEK CORP 116,177.92 0.1120,000 POINT INC 518,217.14 0.48

100 REINS INTERNATIONAL INC 457,415.49 0.42

703,950.00 0.6578,000 JARDINE MATHESON HLD 703,950.00 0.65

2,132,366.61 1.9618,000 AMOTECH CO LTD 406,368.27 0.3719,170 DAEJIN DMP 187,083.96 0.1726,000 DAIBECK ADVANCED MATERIALS CO LTD 517,279.75 0.47

102,000 HAE RYONG SILICONE CO LTD 297,777.22 0.2732,485 KOOK SOON DANG BREWERY CO LTD 723,857.41 0.66

UNITS IN INVESTMENT FUNDS 289,006.50 0.27

289,006.50 0.2725,000 BAIKSAN OPC CO LTD 289,006.50 0.27


SHARES 2,071,499.92 1.90

666,011.92 0.61100 PASONA INC 666,011.92 0.61

605,915.97 0.56497,000 GAMANIA DIGITAL ENTERTAINMENT 409,595.19 0.38115,000 MICROLIFE CORPORATION 196,320.78 0.18

799,572.03 0.73905,000 PRECIOUS SHIPPING PUBLIC CO LTD

-F- REG 799,572.03 0.73


T

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K

SGP

J

T



Asian Renaissance

Eastern Europe





SHARES 11,013,200.26 90.77

428,763.48 3.53

3,500 ERSTE BANK 428,763.48 3.53

1,503,599.88 12.3952,060 CESKE ENERGETICKE ZAVODY 291,105.61 2.4052,630 CESKY TELECOM 588,383.82 4.854,540 KOMERCNI BANKA 421,307.33 3.47

200 PHILIP MORRIS CR A.S 120,723.10 0.9932,190 UNIPETROL 82,080.02 0.68

2,414,168.74 19.901,500 ANTENNA HUNGARIA RT 15,399.70 0.13

660 DELMAYARORSZAGI ARAMSZOLGALTATO DEMASZ 37,503.64 0.31

1,250 EGIS RT 51,033.88 0.42147,340 HUNGARIAN TELECOM REG. 563,554.15 4.6417,965 MOL MAGYAR OLAY ES GAZIPARI RT -A- 545,161.59 4.4952,375 OTP BANK LTD 677,759.79 5.592,100 PANNONPLAST 13,938.52 0.115,200 RABA JARMUIPARI HOLDING 22,347.47 0.184,000 RICHTER GEDEON LTD 477,510.00 3.944,800 SYNERGON INFO.SYSTEM GDR REPR.1SHS 9,960.00 0.08

3,900,678.16 32.154,950 AGORA SA 67,024.53 0.558,000 BANK ZACHODNI WBK 160,991.07 1.334,700 BPH BANK PRZEMYSLOWO-HANDLOWY 442,219.00 3.642,150 BRE BANK SA 53,581.51 0.442,310 COMPUTERLAND POLAND 56,275.97 0.46

30,190 GRUPA PEKAO 865,040.45 7.1344,000 KGHM POLSKA MIEDZ 309,614.61 2.5521,000 MOSTOSTAL ZABRZE-HOLDING 3,470.37 0.03

137 POLFA KUTNO 8,051.82 0.07248,000 POLISH TELECOM 1,008,059.95 8.31111,750 POLSKI KONCERN NAFTOWY 744,650.32 6.14

6,271 PROKOM SOFTWARE SPONS.GDR REPR.1/2 ORD.S 145,800.75 1.20

5,200 SOFTBANK 35,897.81 0.30

2,765,990.00 22.808,920 LUK OIL HOLDINGS ADR REPR.4 SHS 829,560.00 6.848,065 MMC NORILSK NICKEL ADR REPR.1SHS 531,483.50 4.38

10,240 MOSCOW POWER SP.ADR REPR.100 SHS 68,096.00 0.5617,840 SURGUTNEFTEGAZ JSC ADR -REPR.50SHS 522,712.00 4.315,500 TATNEFT ADR (REG S2 - 0.2 SHARE) 123,970.00 1.028,975 UES GDR (RAO UNIFIED ENERGY SYSTEM) 248,428.00 2.05

175 VIMPEL COMMUNICATIONS SPONS ADR 3/4 SHS 12,110.00 0.1010,205 YUKOS OIL COMPANY SP.ADR REPR.4 SHS 429,630.50 3.54

RUS

PL

H

TCH

A


CONVERTIBLE BONDS 0.00 0.00

0.00 0.0034,773 ELEKT.FIN.CV REG-S 2.00 99-05 15/12A 0.00 0.00

2. Other transferable securities 548,605.37 4.52

SHARES 0.00 0.00

0.00 0.00575 NETIA HOLDINGS ADR REPR.4SHS 0.00 0.00

Units in Investment Funds 548,605.37 4.52

548,605.37 4.52202 CPR EUROPE NOUVELLE -C- CAPITALISATION 548,605.37 4.52


F

PL

NL



CA-F

unds

16




SHARES 138,861,400.29 93.90

1,060,619.17 0.72

80,474 IRSA INVERSIONES Y REPRESENT. 1 VOTE 79,585.17 0.0598,300 IRSA SPONS.GRD (10 SHS) 981,034.00 0.66

14,422,907.75 9.75

39,100 AMBEV PFD.SHS ADR REPR.100 PFD SHS 996,659.00 0.6759,000 BANCO BRADESCO ADR PREF 1,551,700.00 1.0541,800 BRASIL TELECOM PFD SHS ADR 1,564,574.00 1.0613,700 BRASKEM PFD SPONS.ADR REPR.1000

PFD -A- 317,566.00 0.211,670,000 CAEMI METAL PREF.SHS 735,402.14 0.50

54,843 CELULAR CRT PARTICIPACOES SA 8,557.33 0.0134,990,000 CEMIG PREF.(CIA ENERG.MINAS GERAIS) 639,986.93 0.43

57,100 COMP.BRASIL.DISTR.ACUCAR ADR 1000 REG-S 1,387,530.00 0.94

3,309,000 CRT CELULAR -A- 693,008.25 0.4743,800 EMBRAER PREF.SHS SP.ADR REPR.4 PFD SHS 1,550,082.00 1.0521,280 GERDAU METALUGICA PREF. 492,155.29 0.3323,920 GERDAU PREF. 505,936.14 0.34

493,971 ITAU SA -PREF- 584,064.12 0.3910,496 PETROBRAS SA-ADR-REPR.100 PFD SHS 144A 278,878.72 0.192,926 PETROLEO BRASILEIRO -PETROBRAS- PREF. 77,512.61 0.05

84,800 PETROLEO BRASILEIRO SP.ADR REPR.1 SH 2,465,136.00 1.6721,371 TCOC PREF SHS-REPR.3000 PREF.SHS-ADR 209,863.22 0.1412,900 TNEP PREF.SHS-REPR.20000 PREF.SHS-ADR 364,296.00 0.25

2,087,369.32 1.4128,600 CRISTALERIAS DE CHILE ADR REPR.3 SHS 808,236.00 0.55

7,884,727 ENERSIS SA 1,141,287.43 0.7745,000 FARMACIAS AHUMADA SA FASA 137,845.89 0.09

151,620.00 0.1028,500 BANCOLOMBIA ADR REPR.4 PREF SHS 151,620.00 0.10

1,551,987.07 1.05131,470 ORASCOM CONSTRUCTION INDUSTRIE REG. 1,551,987.07 1.05

3,171,715.69 2.14456,500 BYD COMPANY LTD -H- 1,202,553.97 0.81716,000 YUE YUEN INDUSTRIAL HOLDINGS 1,969,161.72 1.33

313,076.60 0.218,500 OTP BANK GDR REG -S- REPR.1 ORD.SHS 222,700.00 0.156,984 OTP BANK LTD 90,376.60 0.06

8,422,200.96 5.7062,504 CONTAINER CORPN DEMATERIALISED 912,132.46 0.6211,113 DR REDDY'S LABORATORIES LTD 348,024.16 0.2450,300 DR REDDYS LABORATORIES ADR 1,597,025.00 1.08

128,719 HINDUSTAN PETROLEUM (DEMATERIALISED) 1,234,967.09 0.8440,380 ITC DEMATERIALISED 871,843.96 0.59

IN

H

HK

EGY

CO

CHL

BR

ARG


28,400 ITC GDR 635,592.00 0.4387,901 J & K BANK DEMATERIALISED 738,965.14 0.509,833 RANBAXY LABORATORIES DEMATERIALISED 236,811.15 0.16

186,195 TATA MOTORS DEMATERIALISED LTD 1,846,840.00 1.25

2,814,870.22 1.901,705,500 PT TELEKOMUNIKASI INDONESIA TBK 1,359,581.96 0.921,157,500 RAMAYANA LESTARI SENTOSA 594,648.26 0.40

52,800 TELEKOMUNIKASI INDONESIA (PERSERO) ADR 860,640.00 0.58

1,762,364.81 1.19235,863 BANK HAPOALIM (IL662577) 577,082.81 0.3920,700 TEVA PHARMA IND.ADR 1,185,282.00 0.80

294,276.00 0.2017,900 QUILMES INDUSTRIAL -B- ADR REP.2 SHS -B- 294,276.00 0.20

6,656,065.40 4.50893,600 MALAKOFF BHD 1,269,852.66 0.86449,700 MALAYSIAN INTL SHIPPING CORP FOREIGN 1,360,934.24 0.92104,000 MAXIS COMMUNICATION BHD 206,631.58 0.14

3,334,200 PUBLIC BANK BHD 2,483,101.63 1.681,023,200 TRANSMILE GROUP BHD 1,335,545.29 0.90

13,151,119.28 8.89370,700 ALFA -A- (GRUPO INDUSTRIAL) 1,115,764.65 0.7554,700 AMERICA MOVIL ADR REPR.20SHS -L- 1,491,669.00 1.012,106 ASUR -B- ADR.REPR.SHS -B- 36,433.80 0.02

41,187 CEMEX ADR REPR.5 CPO 1,083,218.10 0.73422,600 COMERCI UNITS (1 SH -C- + 3 SHS -B-) 418,339.34 0.28282,460 ELEKTRA SHS 1,496,807.10 1.0161,300 GEO -B- 313,086.18 0.21

249,500 GFNORTE -O- 867,561.00 0.59784,500 GFNORTE -O- 839,557.47 0.5716,500 GRUPO ELEKTRA SA ADR 347,655.00 0.24

546,500 GRUPO FINANCIERO BBVA BANCOMER (GFB) -B- 465,446.50 0.31

52 GRUPPO MEXICO -B- 133.14 0.00103,600 TELEFONOS DE MEXICO ADR REPR.20

SHS -L- 3,433,304.00 2.32136,800 TV AZTECA SA DE CV-P.C.-ADR REP 16

ORD.PC 1,242,144.00 0.84

901,243.71 0.619,597 ONA PROV.RECOUPONNEMENT CP 87

ATTACHE 901,243.71 0.61

387,828.26 0.26602,500 PAKISTAN TELECOMUNICATION -A- 387,828.26 0.26

1,211,970.00 0.8242,600 BUENAVENTURE SP ADR-SHS- 1,211,970.00 0.82

PE

PK

MA

MEX

MAL

L

IS

RI



Emerging Markets

Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoliat 31 December 2003 au 31 décembre 2003 zum 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003

Emerging Markets


• • • •


3,632,413.70 2.461,286,202 ABS CBN BROADCASTING

PHI.DEPOSIT.RECEIPT 579,057.79 0.39897,600 EQUITABLE PCI BANK INC 541,502.38 0.3775,530 GLOBE TELECOM 1,169,743.53 0.7977,000 PHILIPPINE LONG DISTANCE TEL.ADR

(1 SH) 1,342,110.00 0.91

5,219,322.80 3.5352,200 GAZPROM ADR REPR.10 SHS REG S 1,356,678.00 0.9214,600 MOBILE TELESYSTEMS ADR REPR.20 SHS 1,159,970.00 0.7823,600 SIBNEFT ADR REPR.10 SHS 669,296.00 0.4524,500 VIMPEL COMMUNICATIONS SPONS ADR

3/4 SHS 1,695,400.00 1.158,028 YUKOS OIL COMPANY SP.ADR REPR.4 SHS 337,978.80 0.23

11,450,919.21 7.74199,664 ANGLO AMERICAN 4,341,017.05 2.9468,842 BARLOWORLD LTD 724,075.42 0.4915,767 HARMONY GOLD MINING 259,140.04 0.1828,900 IMPALA PLATINIUM ORD. R0,020 2,544,034.11 1.72

258,400 NETWORK HEALTHCARE HOLDINGS 194,130.96 0.1360,700 SASOL LTD 880,271.17 0.60

228,100 STANDARD BANK GROUP LIMITED 1,343,241.51 0.91569,100 STEINHOFF INTERNATIONAL HOLDINGS LTD 647,808.95 0.4412,000 TELKOM SA SPONS ADR REPR.4 SHS 517,200.00 0.35

26,890,596.16 18.186,390 HALLA CLIMATE CONTROL 575,437.07 0.39

175,210 HAN KOOK TIRE MFG 1,320,960.75 0.89120,300 HYUNDAI MOTOR CO LTD 2,287,599.54 1.5510,530 HYUNDAI MOTOR CO LTD 445,459.54 0.3053,210 KOOKMIN BANK 1,990,229.86 1.3529,483 KOOKMIN BANK ADR REPR.1SHS 1,117,405.70 0.7683,340 KORAM BANK LTD 977,394.85 0.6610,060 POSCO 1,373,643.71 0.9361,000 POSCO (P.ADRS) 2,043,500.00 1.381,368 SAMSUNG ELEC.GDR REP 0.5 VGT HS

-144 A- 254,448.00 0.1713,600 SAMSUNG ELECTRONICS CO LTD 5,138,116.72 3.479,350 SAMSUNG ELECTRONICS CO LTD PFD

SHS N/VTG 1,922,877.52 1.3027,240 SAMSUNG FIRE AND MARINE INSURANCE 1,563,097.94 1.0617,120 SHINSEGAE CO LTD 4,159,012.96 2.8192,400 SK TELECOM CO LTD - ADR - REP.1/90 SH 1,721,412.00 1.16

403,036.08 0.27394,285 JOHN KEELS HOLDINGS LTD 403,036.08 0.27

20,692,269.41 13.99163,569 AMBIT MICROSYSTEMS 430,888.07 0.29392,000 CATCHER TECHNOLOGY 1,413,391.87 0.96

1,187,000 COMPAL ELECTRONICS 1,624,591.23 1.10149,400 HIGH TECH COMPUTER CORP 547,470.07 0.37793,744 HON HAI PRECISION INDUSTRY CO LTD 3,118,905.05 2.1194,660 LARGAN PRECISION CO LTD 919,434.66 0.62

216,740 MEDIA TEK INCORPORATION 2,035,027.04 1.381,993,836 NAN YA PLASTICS CORP 2,875,583.25 1.94

RC

SRI

K

RSA

RUS

RP


343,200 NIEN MADE ENTERPRISE CO LTD 636,397.20 0.43210,160 OPTIMAX TECHNOLOGY CORP 603,108.03 0.41386,375 PHOENIXTEC POWER 452,618.73 0.31

2,394,120 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4,474,660.32 3.03

1,956,000 UNIMICRON TECHNOLOGY CORP 1,560,193.89 1.06

6,868,206.32 4.64897,500 BANGKOK BANK PUBLIC CO LTD -F- 2,605,393.14 1.76297,300 HANA MICROELECTRONICS PUBLICS CO

-F- REG 938,092.99 0.633,563,000 LALIN PROPERTY PUBLIC CO LTD -F- REG 989,348.90 0.67

98,600 SIAM CEMENT FOREIGN REGISTERED 686,952.90 0.463,170,000 SINO THAI ENGINEERING AND CONST.

FOREIGN 1,648,418.39 1.11

2,365,187.58 1.60194,297,763 AKBANK 1,011,300.43 0.6818,426,750 ANADOLU EFES BIRACILIK VE MALT SANAYI 229,919.77 0.167,900,514 ENKA INSAAT VE SANAY A.S 199,973.86 0.14

268,585,200 HURRIYET GAZETE 923,993.52 0.62

2,277,470.42 1.54520,000 ASM PACIFIC TECHNOLOGY LTD 2,277,470.42 1.54

700,744.37 0.478,800 SOUTHERN PERU COPPER CORP 423,104.00 0.298,421 TENARIS SA 277,640.37 0.19


SHARES 4,600,477.60 3.11

1,571,780.00 1.0661,040 RANBAXY LABORATORIES GDR REG. 1,571,780.00 1.06

1,888,172.60 1.28208,100 URALSVYAZINFORM JSC ADR 969,746.00 0.66155,700 VOLGATELECOM SPONS AME DEP REC

REPR 2SHS 834,552.00 0.5649,338 VOLGATELECOMPREF. 83,874.60 0.06

1,140,525.00 0.7711,100 SAMSUNG REP.1/2 N.VGT PFD

144A-GDR-REG-S 1,140,525.00 0.77


3,021.06 0.0014,386 INDIA MEDIA INTERNET AND

COMMUNICAT.FUND 3,021.06 0.00

MUS

K

RUS

IN

USA

UK

TUR

T



CA-F

unds

18

• • • •


OPTIONS, WARRANTS, RIGHTS 0.00 0.00

0.00 0.0075,789 TRUE CORPORATION 31.03.08 WAR 0.00 0.00

3. Derivative instruments 0.33 0.00


0.33 0.00330,000 USD/RAND JANV 8.25 28.01.04 PUT 0.33 0.00

Total securities portfolio 143,464,899.28 97.01–––––––––––––– –––––––––––––––––––– ––––––

RSA

T



Emerging Markets



• • • •



Europe Equity Research


Market Netvalue AssetEUR %


SHARES 8,405,363.24 99.89

274,325.50 3.26

10,150 DEXIA 136,923.50 1.634,600 UCB 137,402.00 1.63

22,889.08 0.274 A. P. MOELLER-MAERSK -B- 22,889.08 0.27

134,157.00 1.595,100 NOKIA CORP 69,921.00 0.832,900 STORA ENSO -R- 30,972.00 0.372,200 UPM KYMENNE CORP 33,264.00 0.40

1,354,719.60 16.10350 AIR LIQUIDE 48,230.00 0.57

4,090 BNP PARIBAS 202,618.60 2.412,000 BUSINESS OBJECTS NOM. 55,300.00 0.66

900 CASINO GUICHARD PERRACHON 67,950.00 0.818,100 FRANCE TELECOM 181,197.00 2.15

600 LAFARGE 41,700.00 0.501,350 LVMH MOET HENN.LOUIS VUIT. 77,557.50 0.921,350 PERNOD RICARD 119,002.50 1.411,700 RENAULT SA 91,970.00 1.092,000 SCHNEIDER ELECTRIC SA 103,700.00 1.232,140 TOTAL SA 309,872.00 3.682,900 VIVENDI UNIVERSAL 55,622.00 0.66

763,441.00 9.071,400 BASF AG 62,412.00 0.741,950 BAYER AG 45,279.00 0.542,050 BMW AG 75,337.50 0.901,700 DEUTSCHE POST NAM. 27,744.00 0.334,150 EON AKTIENGESELLSCHAFT 214,721.00 2.553,650 SCHERING AG 146,547.50 1.743,000 SIEMENS NAM. AKT REG 191,400.00 2.27

154,190.00 1.839,400 ANGLO-IRISH BANK CORP PLC 118,440.00 1.412,200 CRH PLC 35,750.00 0.42

414,488.00 4.936,900 ASSICURAZIONI GENERALI SPA 144,900.00 1.729,000 RAS ASSICURAZIONI (ORD.) 121,500.00 1.44

34,600 UNICREDITO ITALIANO 148,088.00 1.76

1,237,952.50 14.711,200 AKZO NOBEL NV 36,048.00 0.436,450 ASML HOLDING NV 104,232.00 1.24

10,800 ING GROEP NV CERT OF SHS 199,044.00 2.379,950 ROYAL DUTCH PETROLEUM CO 412,925.00 4.914,900 ROYAL PHILIPS ELECTRONICS NV 113,827.00 1.354,950 STMICROELECTRONICS NV 106,672.50 1.27

NL

I

IRL

D

F

SF

DK

B


1,500 TPG NV 27,795.00 0.334,100 UNILEVER CERT. OF SHS 209,920.00 2.491,100 VNU 27,489.00 0.33

124,431.73 1.4823,600 DNB HOLDING ASA 124,431.73 1.48

150,100.00 1.7819,000 PORTUGAL TELECOM REG. 150,100.00 1.78

302,826.00 3.605,450 ALTADIS SA 122,625.00 1.462,850 BCO POPULAR ESPANOL REG. 134,805.00 1.603,900 TELEFONICA SPLIT ISS. 99 45,396.00 0.54

98,358.53 1.173,600 SANDVIK AB 98,358.53 1.17

670,341.17 7.97500 NESTLE SA REG.SHS 99,076.57 1.18

8,700 NOVARTIS SA REG.SHS 313,264.72 3.724,750 UBS NAM.AKT 257,999.88 3.07

2,703,143.13 32.121,770 ASTRAZENECA 67,796.33 0.814,200 BAA PLC (BRITISH AIRPORT AUTHORITIES) 29,637.58 0.354,500 BARCLAYS PLC 31,738.56 0.387,800 BHP BILLITON PLC 54,098.92 0.64

35,300 BP PLC 228,025.16 2.714,200 BRITISH LAND CO PLC 35,278.57 0.424,500 BRITISH SKY BROADCASTING GROUP 44,897.67 0.53

21,100 COMPASS GROUP PLC 113,806.85 1.358,800 GLAXOSMITHKLINE PLC 159,840.82 1.906,300 GREAT UNIVERSAL STORES PLC ORD.

STCK UNIT 68,452.96 0.8119,400 HBOS 198,659.75 2.3617,300 HSBC HOLDINGS PLC (USD 0.5) 216,618.82 2.5714,200 KINGFISHER PLC 56,559.84 0.672,800 LAND SECURITIES GROUP PLC 39,536.67 0.47

95,600 LEGAL GENERAL GROUP PLC 135,193.29 1.6131,700 NATIONAL GRID GROUP PLC 179,765.49 2.143,500 NYCOMED AMERSHAM PLC 38,153.78 0.453,700 PEARSON PLC 32,682.63 0.394,450 RECKITT BENCKISER PLC 79,753.41 0.957,000 REED ELSEVIER PLC 46,038.23 0.55

26,600 RENTOKIL INITIAL PLC 71,263.50 0.853,150 RIO TINTO PLC 68,855.88 0.822,900 ROYAL BANK OF SCOTLAND GROUP PLC 67,883.74 0.81

20,700 SAGE GROUP 51,485.22 0.615,300 SMITH NEPHEW PLC 34,914.01 0.41

32,900 TESCO ORD PLC 118,769.19 1.41203,500 VODAFONE GROUP PLC 396,963.83 4.72

4,700 WPP GROUP PLC 36,472.43 0.43


GB

CH

S

E

P

N

CA-F

unds

20

• • • •






SHARES 230,889,298.75 98.39

5,229,509.61 2.23180,691 NOKIA CORP 2,477,273.61 1.06257,700 STORA ENSO -R- 2,752,236.00 1.17

69,661,341.75 29.6820,000 AIR LIQUIDE 2,756,000.00 1.17

130,000 ALCATEL 1,342,900.00 0.5789,377 AVENTIS 4,638,666.30 1.98

600 AVENTIS 31,392.00 0.01467,548 AXA 7,943,640.52 3.3984,371 BNP PARIBAS 4,179,739.34 1.7840,000 CAP GEMINI 1,419,200.00 0.6061,000 CARREFOUR 2,604,700.00 1.1120,000 CASINO GUICHARD PERRACHON 1,510,000.00 0.6451,800 CIE SAINT GOBAIN 1,991,710.00 0.8570,000 CREDIT AGRICOLE SA 1,312,500.00 0.5660,000 ESSILOR INTERNATIONAL 2,468,400.00 1.05

206,798 FRANCE TELECOM 4,626,071.26 1.9717,655 GROUPE DANONE 2,268,667.50 0.978,000 HERMES INTERNATIONAL SA 1,214,400.00 0.52

20,000 LVMH MOET HENN.LOUIS VUIT. 1,149,000.00 0.4911,509 PERNOD RICARD 1,014,518.35 0.4330,000 SANOFI SYNTHELABO 1,771,500.00 0.75

103,698 SCHNEIDER ELECTRIC SA 5,376,741.30 2.2952,300 SOCIETE GENERALE PARIS -A- 3,653,155.00 1.5672,700 TOTAL SA 10,526,960.00 4.49

200,176 VIVENDI UNIVERSAL 3,839,375.68 1.64311,093 WANADOO 2,022,104.50 0.86

28,413,114.39 12.1130,000 ADIDAS-SALOMON AG 2,709,000.00 1.1546,659 ALLIANZ AG NAMEN VINKULIERT 4,669,632.72 1.9952,938 BASF AG 2,359,976.04 1.01

261,093 DEUTSCHE TELEKOM NAMEN 3,788,459.43 1.61100,000 EON AKTIENGESELLSCHAFT 5,174,000.00 2.2060,000 METRO 2,097,000.00 0.8993,449 SIEMENS NAM. AKT REG 5,962,046.20 2.54

100,000 TUI AG 1,653,000.00 0.70

2,617,020.00 1.12207,700 ANGLO-IRISH BANK CORP PLC 2,617,020.00 1.12

1,550,000.00 0.66500,000 BANCA INTESA SPA AZ. 1,550,000.00 0.66

2,504,580.00 1.071,482,000 GEMPLUS INTERNATIONAL 2,504,580.00 1.07

19,662,855.92 8.38253,698 AEGON NV 2,975,877.54 1.27110,709 EURONEXT 2,214,180.00 0.94566,666 KON.AHOLD 3,348,996.06 1.43

NL

L

I

IRL

D

F

SF


101,997 KONINKLIJKE NUMICO 2,301,052.32 0.98110,000 ROYAL DUTCH PETROLEUM CO 4,565,000.00 1.95110,000 ROYAL PHILIPS ELECTRONICS NV 2,555,300.00 1.0979,000 STMICROELECTRONICS NV 1,702,450.00 0.73

1,580,000.00 0.67200,000 PORTUGAL TELECOM REG. 1,580,000.00 0.67

6,594,673.44 2.81200,000 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 2,190,000.00 0.9390,000 ENDESA 1,372,500.00 0.58

260,496 TELEFONICA SPLIT ISS. 99 3,032,173.44 1.29

3,543,198.45 1.5146,700 SANDVIK AB 1,275,928.66 0.5470,000 SVENSKA CELLULOSA SCA AB-SHS-B- 2,267,269.79 0.97

14,168,275.01 6.04150,000 NOVARTIS SA REG.SHS 5,401,115.95 2.3052,275 SYNGENTA NAMEN 2,792,425.04 1.19

110,000 UBS NAM.AKT 5,974,734.02 2.55

75,364,730.18 32.12104,000 ASTRAZENECA 3,983,513.41 1.70350,000 BAA PLC (BRITISH AIRPORT AUTHORITIES) 2,469,798.21 1.05421,984 BARCLAYS PLC 2,976,258.71 1.27

1,700,000 BP PLC 10,981,381.62 4.68250,000 BRITISH SKY BROADCASTING GROUP 2,494,314.99 1.0650,000 CARNIVAL PLC 1,607,447.44 0.68

359,902 GLAXOSMITHKLINE PLC 6,537,162.62 2.79357,293 GREAT UNIVERSAL STORES PLC ORD.

STCK UNIT 3,882,184.51 1.65637,076 HAYS 1,106,915.04 0.47933,102 HSBC HOLDINGS PLC (USD 0.5) 11,683,667.90 4.98208,500 RECKITT BENCKISER PLC 3,736,760.99 1.59418,488 RENTOKIL INITIAL PLC 1,121,162.44 0.48165,000 ROYAL BANK OF SCOTLAND GROUP PLC 3,862,350.82 1.65311,214 SMITHS GROUP PLC 2,919,289.98 1.24

1,040,066 TESCO ORD PLC 3,754,644.22 1.606,278,766 VODAFONE GROUP PLC 12,247,877.28 5.22

CONVERTIBLE BONDS 466,752.00 0.20

466,752.00 0.2029,172 AXA UAP CV 0.00 03-04 21/12U 466,752.00 0.20

F

GB

CH

S

E

P

Europe Sector Selection


• • • •



Europe Sector Selection



2. Transferable securities dealt in on another regulated market 38,504.55 0.02

BONDS 38,504.55 0.02

38,504.55 0.028,000 BG TRANSCO HOLDING 7.00 99-24 16/12A 13,218.87 0.018,000 BG TRANSCO HOLDING FL.R 99-09 14/12S 11,335.99 0.008,000 BG TRANSCO HOLDING FL.R -22 14/12S 13,949.69 0.01

3. Other transferable securities 0.04 0.00

SHARES 0.04 0.00

0.04 0.00330,000 SVENSKA MILJOEBOLAGET -B- 0.04 0.00

4. Derivative instruments -28,200.00 -0.01

OPTIONS, WARRANTS, RIGHTS -28,200.00 -0.01

-28,200.00 -0.01-2,000 TOTAL SA DEC 130 30.12.03 PUT -200.00 0.00-2,000 TOTAL SA MAR 130 30.03.04 PUT -28,000.00 -0.01


F

S

GB

CA-F

unds

22

• • • •






SHARES 19,332,299.69 97.87

692,598.52 3.51

5,352 ANDRITZ 203,108.40 1.033,457 BOEHLER-UDDEHOLM AG 185,087.78 0.941,780 MAYR-MELNHOF KARTON AG 169,634.00 0.866,363 WIENEBERGER BRAUSTOFFINDUSTRIE AG 134,768.34 0.68

1,029,906.85 5.213,365 BEKAERT PARTS SOC. 168,081.75 0.852,330 ETABLISSEMENTS FR COLRUYT SA 177,080.00 0.909,120 MOBISTAR 395,625.60 2.005,186 UMICORE 289,119.50 1.46

472,826.11 2.393,600 EAST ASIATIC CO LTD 124,761.62 0.638,200 TOPDANMARK 348,064.49 1.76

1,154,009.00 5.845,900 ELCOTEQ NETWORK -A- 94,282.00 0.48

36,800 ELISA CORPORATION -A- 390,080.00 1.9713,000 METSO CORP 125,840.00 0.642,730 NOKIAN TYRES PLC 163,527.00 0.83

23,500 RAUTARUUKKI -K- 137,240.00 0.6911,200 TIETOENATOR CORP 243,040.00 1.23

1,266,069.82 6.414,900 CLUB MEDITERRANEE CR SICOVAM 146,951.00 0.741,900 EIFFAGE 178,790.00 0.91

17,000 ELIOR 123,760.00 0.633,700 ESSILOR INTERNATIONAL 152,218.00 0.775,800 NEOPOST 230,260.00 1.177,500 NEXANS 202,425.00 1.02

10,622 UBI SOFT ENTERTAINMENT 231,665.82 1.17

1,929,644.76 9.779,211 BILFINGER BERGER BAU AG 248,697.00 1.26

10,300 EPCOS REG SHS 184,370.00 0.933,646 FUCHS PETROLUB AG -VZ- 157,871.80 0.805,450 HEIDELBERGCEMENT AG 182,629.50 0.929,480 HEIDELBERGER DRUCKMASCHINEN 291,510.00 1.484,449 HOCHTIEF AG 102,504.96 0.528,850 IKB DEUTSCHE INDUSTRIEBANK AG 159,919.50 0.818,760 MLP AG 135,780.00 0.697,900 MOBILCOM AG 100,962.00 0.512,610 PUMA 365,400.00 1.85

1,084,122.60 5.4931,100 BANK OF PIRAEUS 295,450.00 1.5010,000 GERMANOS REG. 197,400.00 1.0020,951 HELLENIC PETROLEUM 147,495.04 0.7538,300 HELLENIC TECHNODOMIKI TECHNICAL

REG SHS 191,500.00 0.9716,297 INTRALOT REG SHS 252,277.56 1.28

GR

D

F

SF

DK

B

A


1,121,186.50 5.6815,900 ANGLO-IRISH BANK CORP PLC 200,340.00 1.013,425 DEPFA BANK PLC 342,842.50 1.74

24,700 GRAFTON GROUP PLC 134,121.00 0.6888,550 INDEPENDENT NEWS AND MEDI PLC 164,703.00 0.8359,400 MCINERNEY HOLDINGS PLC 279,180.00 1.41

1,670,566.00 8.4633,900 BREMBO 203,739.00 1.0322,400 BUZZI UNICEM 209,440.00 1.06

188,800 CIR (ORDINARY SHARES) 279,424.00 1.416,228 DAVIDE CAMPARI-MILANO 239,778.00 1.21

32,250 ERG 138,675.00 0.7017,900 MERLONI ELETTRODOMESTICI SPA AZ 267,605.00 1.3520,300 SAI STA ASSICURATRICE INDUSTRIALE 331,905.00 1.68

125,567.00 0.6474,300 GEMPLUS INTERNATIONAL 125,567.00 0.64

991,673.50 5.0211,050 ASM INTERNATIONAL 181,109.50 0.9215,100 BUHRMANN 103,284.00 0.5212,500 EURONEXT 250,000.00 1.2767,400 GETRONICS NV 107,166.00 0.5417,400 VEDIOR 215,412.00 1.0914,330 WESSANEN (KONINKLIJKE - CERT.OF SHS) 134,702.00 0.68

263,944.81 1.348,100 SCHIBSTED AS 110,135.34 0.56

32,300 TOMRA SYSTEMS ASA 153,809.47 0.78

97,650.00 0.496,300 PT MULTIMEDIA REG.SHS 97,650.00 0.49

1,450,597.34 7.345,860 ACERINOX 219,046.80 1.11

10,930 GAMESA 285,163.70 1.44142,603 IBERIA REG 325,134.84 1.6520,200 PROMOTORE DE INFORMACIONES SA 232,300.00 1.1814,600 RED ELECTRICA DE ESPANA 189,800.00 0.967,200 SOGECABLE REG. 199,152.00 1.01

1,151,785.17 5.8317,900 ALFA LAVAL 215,935.96 1.0911,200 AXFOOD AB 205,442.41 1.0419,700 GETINGE -B- 149,752.18 0.7613,200 MICRONIC LASER SYSTEMS 121,427.83 0.6114,500 SAS 108,626.24 0.5527,200 TRELLEBORG -B- FREE 350,600.55 1.77

S

E

P

N

NL

L

I

IRL

Europe Smaller Companies


• • • •



Europe Smaller Companies



1,050,025.68 5.322,860 ACTELION LTD NAMEN 244,844.18 1.24

590 GEBERIT NAM.AKT 230,037.20 1.164,400 LOGITECH INTERNATIONAL NAM.AKT 150,955.50 0.766,800 SEZ HOLDING NOM. 185,327.69 0.94

480 SGS NOM. REG SHS LTD 238,861.11 1.21

3,780,126.03 19.148,217 ANTOFAGASTA PLC 123,208.29 0.62

45,400 BALFOUR BEATTY 138,406.77 0.70133,300 BRIT INSURANCE HOLDINGS 136,880.69 0.6961,000 CHRYSALIS GROUP 192,467.31 0.97

205,000 CORUS GROUP PLC 87,407.62 0.4421,050 CREST NICHOLSON PLC 92,295.69 0.4735,700 GALEN HOLDINGS 360,754.70 1.8333,400 HEADLAM GROUP 156,651.51 0.7944,000 IMI PLC 212,620.81 1.0816,100 INCHCAPE 297,698.98 1.51

103,000 KIDDE PLC 155,173.40 0.7964,000 LAIRD GROUP PLC 247,413.31 1.2568,250 MEGGITT PLC 229,892.70 1.1648,800 MFI FURNITURE GROUP PLC 103,862.99 0.5328,332 NATIONAL EXPRESS GROUP PLC 248,247.27 1.2633,300 NORTHGATE PLC 247,762.23 1.2522,600 PUNCH TAVERNS LTD 138,118.25 0.7092,700 RPS GROUPS PLC 194,332.72 0.9838,000 SPECTRIS 230,749.01 1.1730,500 WILLIAM HILL PLC 186,181.78 0.94


SHARES 128,152.36 0.65

128,152.36 0.6527,200 FRENCH CONNECTION GROUP PLC 128,152.36 0.65


SHARES 200,246.88 1.01

200,246.88 1.01205,000 CORUS GROUP DEFERRED GBP 0.29 0.0042,695 TRIBAL GROUP 200,246.59 1.01


GB

UK

GB

CH

CA-F

unds

24

• • • •



SHARES 25,647,035.15 97.03

310,734.60 1.18

8,188 ANDRITZ 310,734.60 1.18

1,577,530.26 5.973,693 BARCO (NEW) 258,140.70 0.98

31,507 DEXIA 425,029.43 1.617,954 DEXIA 107,060.84 0.41

14,190 FORTIS 225,479.10 0.853,886 FORTIS 61,826.26 0.23

16,739 UCB 499,993.93 1.89

801,904.56 3.0314,461 DANSKE BANK 269,033.83 1.026,938 ISS 271,197.74 1.038,100 NOVO-NORDISK -B- 261,672.99 0.99

647,950.96 2.4529,976 NOKIA CORP 410,970.96 1.5528,900 SAMPO LEONIA OYJ -A- 236,980.00 0.90

4,379,783.89 16.571,988 AIR LIQUIDE 273,946.40 1.044,158 AVENTIS 215,800.20 0.829,581 BNP PARIBAS 474,642.74 1.807,231 CIE SAINT GOBAIN 278,031.95 1.05

12,147 FRANCE TELECOM 271,728.39 1.0313,000 GENERALE DE SANTE 134,550.00 0.512,881 GUYENNE ET GASCOGNE S.A. 259,578.10 0.981,536 IMERYS 256,358.40 0.976,688 MICHELIN (NOM.B) 240,768.00 0.91

10,349 NEXANS 279,319.51 1.062,715 RENAULT SA 146,881.50 0.563,615 SANOFI SYNTHELABO 213,465.75 0.815,427 SCHNEIDER ELECTRIC SA 281,389.95 1.064,230 TOTAL SA 612,504.00 2.326,800 VEOLIA ENVIRONNEMENT 147,084.00 0.564,519 VINCI 293,735.00 1.11

2,069,038.07 7.832,615 ADIDAS-SALOMON AG 236,134.50 0.892,550 ALLIANZ AG NAMEN VINKULIERT 255,204.00 0.973,615 BMW AG 132,851.25 0.50

24,876 DEUTSCHE TELEKOM NAMEN 360,950.76 1.378,839 EON AKTIENGESELLSCHAFT 457,329.86 1.736,688 HENKEL KGAA VZG.O.ST 414,656.00 1.575,278 SCHERING AG 211,911.70 0.80

769,875.26 2.9121,692 BANK OF IRELAND (GOV&CO) 233,839.76 0.885,355 DEPFA BANK PLC 536,035.50 2.03

IRL

D

F

SF

DK

B

A


1,455,025.06 5.5018,980 BANCHE POPOLARI UNITE SCARL 272,552.80 1.0335,918 ENI AZ 537,333.28 2.03

160,386 TELECOM ITALIA SPA 376,907.10 1.4362,671 UNICREDITO ITALIANO 268,231.88 1.01

1,293,310.13 4.899,232 EURONEXT 184,640.00 0.70

433 EURONEXT NV 8,616.70 0.0336,017 HAGEMEYER 63,750.09 0.2411,553 NUTRECO HOLDING 251,624.34 0.9565,075 REED ELSEVIER NV 632,529.00 2.3917,000 TRADER CLASSIFIED MEDIA NV-A- 152,150.00 0.58

544,121.64 2.0650,000 DNB HOLDING ASA 263,626.55 1.0054,300 TELENOR AS 280,495.09 1.06

358,438.80 1.3645,372 PORTUGAL TELECOM REG. 358,438.80 1.36

690,115.98 2.6110,846 ACERINOX 405,423.48 1.5312,653 ALTADIS SA 284,692.50 1.08

909,297.85 3.4416,903 AXFOOD AB 310,052.94 1.179,038 ENIRO AB 68,703.56 0.26

10,846 SANDVIK AB 296,332.38 1.127,231 SVENSKA CELLULOSA SCA AB-SHS-B- 234,208.97 0.89

2,675,950.41 10.124,500 CIBA SPEZIALITAETENCHEMIE HOLDING

NAM. 276,163.92 1.04678 GIVAUDAN SA REG.SHS 279,130.44 1.06

7,200 HOLCIM NAMEN 265,948.45 1.012,711 NESTLE SA REG.SHS 537,193.16 2.03

19,659 NOVARTIS SA REG.SHS 707,870.26 2.686,327 SYNGENTA NAMEN 337,975.58 1.282,380 ZURICH FINANCIAL SERVICES NAMEN-AKT 271,668.60 1.03

7,163,957.68 27.1036,153 BAA PLC (BRITISH AIRPORT AUTHORITIES) 255,116.04 0.97

144,392 BP PLC 932,719.80 3.5332,537 BRITISH AMERICAN TOBACCO PLC 355,613.32 1.3579,536 CENTRICA PLC 237,952.36 0.9022,030 DIAGEO PLC 230,757.68 0.8720,400 EMAP PLC 247,316.66 0.9440,453 GEEST PLC 260,305.51 0.9847,916 GLAXOSMITHKLINE PLC 870,333.27 3.2929,000 MARKS AND SPENCER GRP (NEW) 119,012.94 0.4518,150 N.BROWN GROUP PLC 29,794.27 0.1192,170 NATIONAL GRID GROUP PLC 522,680.93 1.98

100,920 RENTOKIL INITIAL PLC 270,372.66 1.0232,576 ROYAL BANK OF SCOTLAND GROUP PLC 762,545.09 2.8937,054 SHELL TRANSPORT TRADING CO PLC 217,236.71 0.82

GB

CH

S

E

P

N

NL

I



Europe Value


Europe Value


• • • •


29,573 SHIRE PHARMACEUTICALS GROUP PLC 226,967.31 0.8624,403 SMITHS GROUP PLC 228,908.19 0.8771,190 UNILEVER PLC 523,351.73 1.98

447,522 VODAFONE GROUP PLC 872,973.21 3.30


82.00 0.008,200 DEXIA STRIP VVPR 82.00 0.00

835.81 0.00541 CASINO GUICHARD PER. -A- 15.12.03 WAR 5.41 0.00541 CASINO GUICHARD PER. -B- 15.12.05 WAR 254.27 0.00

2,129 RALLYE SA BON DE SOUSCR.-B- 30.11.05 WAR 361.93 0.005,355 VEOLIA ENVIRONNEMENT-BS06- 08.03.06 WAR 214.20 0.00


F

B




CA-F

unds

26

• • • •






SHARES 189,710,032.96 88.13

3,103,973.84 1.44

32,893 BANK AUSTRIA CREDITANSTALT AG 1,328,877.20 0.6215,033 OEMV AG 1,775,096.64 0.82

8,092,925.25 3.76 41,362 DELHAIZE GROUP 1,681,365.30 0.78

157,122 FORTIS 2,499,811.02 1.1634,867 NIJVERHEIDSKR.ALMANIJ PS 1,413,856.85 0.6647,163 OMEGA PHARMA 1,183,791.30 0.5543,994 UCB 1,314,100.78 0.61

1,878,775.76 0.87210,000 CESKY TELECOM 1,878,775.76 0.87

8,243,946.57 3.8356,558 ELCOTEQ NETWORK -A- 903,796.84 0.42

109,560 FORTUM CORP 896,200.80 0.4242,250 KESKO OY -B- 586,430.00 0.27

374,455 NOKIA CORP 5,133,778.05 2.3967,766 STORA ENSO -R- 723,740.88 0.34

56,906,333.82 26.4441,953 AGF 1,793,490.75 0.835,495 AIR LIQUIDE 757,211.00 0.35

126,133 ALCATEL 1,302,953.89 0.6162,523 AVENTIS 3,244,943.70 1.51

121,977 AXA 2,072,389.23 0.9691,909 BNP PARIBAS 4,553,171.86 2.1249,715 CARREFOUR 2,122,830.50 0.9969,344 CIE SAINT GOBAIN 2,666,276.80 1.24

101,911 CREDIT AGRICOLE SA 1,910,831.25 0.8925,873 ESSILOR INTERNATIONAL 1,064,415.22 0.49

115,475 FRANCE TELECOM 2,583,175.75 1.20393,099 HAVAS 1,831,841.34 0.85155,921 INFOGRAMES ENTERTAINMENT SA 698,526.08 0.3217,290 L'OREAL SA 1,123,850.00 0.5223,300 NEXANS 628,867.00 0.29

110,673 PEUGEOT SA 4,432,453.65 2.0631,209 PUBLICIS GROUPE 793,020.69 0.37

885,000 SCOR SA 1,123,950.00 0.5253,401 SOCIETE GENERALE PARIS -A- 3,730,059.85 1.73

266,146 SUEZ (EX SUEZ LYONNAISE DES EAUX) 4,255,674.54 1.9848,152 THOMSON 810,879.68 0.3848,012 TOTAL SA 6,952,137.60 3.2338,522 UBI SOFT ENTERTAINMENT 840,164.82 0.3946,066 VEOLIA ENVIRONNEMENT 996,407.58 0.46

180,078 VIVENDI UNIVERSAL 3,453,896.04 1.60178,910 WANADOO 1,162,915.00 0.54

F

SF

TCH

B

A


46,205,596.65 21.4733,705 AAREAL BANK 822,402.00 0.3813,897 ALLIANZ AG NAMEN VINKULIERT 1,390,811.76 0.6543,855 BASF AG 1,955,055.90 0.9179,053 BAYERISCHE HYPO UND VEREINSBANK 1,449,832.02 0.6759,837 CELANESE NAMEN 1,944,702.50 0.9035,184 CONTINENTAL AG 1,057,982.88 0.4954,503 DAIMLERCHRYSLER REG. 2,016,611.00 0.9449,603 DEUTSCHE BANK NAMEN 3,258,917.10 1.51

169,042 DEUTSCHE POST NAM. 2,758,765.44 1.28158,074 DEUTSCHE TELEKOM NAMEN 2,293,653.74 1.0750,558 EON AKTIENGESELLSCHAFT 2,615,870.92 1.2217,524 FREENET.DE AG 976,086.80 0.4536,009 HANNOVER RUECKVERSICHERUNGS

NAM.AKT 994,928.67 0.4639,477 HEIDELBERGCEMENT AG 1,322,874.27 0.6124,132 HOCHTIEF AG 556,001.28 0.2694,955 HYPO REAL ESTATE HOLDING AG 1,879,159.45 0.87

145,813 INFINEON TECHNOLOGIES NOM. 1,606,859.26 0.7532,891 IWKA AG 526,256.00 0.2442,822 LINDE AG 1,828,499.40 0.8568,213 MOBILCOM AG 871,762.14 0.4113,015 MUENCHENER RUECKVERSICHERUNGS

NAMEN 1,251,001.80 0.58101,975 RWE -A- 3,198,955.75 1.49

8,127 SAP AG 1,082,110.05 0.5051,360 SCHWARZ PHARMA 1,104,753.60 0.5147,282 SIEMENS NAM. AKT REG 3,016,591.60 1.4081,683 SUEDZUCKER MANNH./OCHS 1,227,695.49 0.5785,699 THYSSENKRUPP 1,342,903.33 0.6255,765 TUI AG 921,795.45 0.4321,127 VOLKSWAGEN AG ST 932,757.05 0.43

5,116,113.46 2.38129,853 COSMOTE MOBILE TELECOMMUNICATION

REG.SHS 1,394,621.22 0.65176,729 HELLENIC TELECOMMUNICATIONS

ORGANISATION 1,845,050.76 0.86256,934 INTRACOM SHS NOM 1,341,195.48 0.6227,590 PUBLIC POWER CORP OF GREECE 535,246.00 0.25

11,160,815.39 5.1981,506 BANCA POPOLARE DI LODI 728,663.64 0.34

262,075 BANCA POPOLARE DI MILANO 1,360,169.25 0.63317,774 ENI AZ 4,753,899.04 2.2183,886 MERLONI ELETTRODOMESTICI SPA AZ 1,254,095.70 0.5874,606 TELECOM ITALIA MOBILE SPA 321,551.86 0.15

1,166,994 TELECOM ITALIA SPA 2,742,435.90 1.27

26,378,890.78 12.2669,228 ABN AMRO HOLDING 1,284,871.68 0.60

162,495 AEGON NV 1,906,066.35 0.8950,481 DSM NV 1,971,283.05 0.92

103,719 EQUANT NV 757,148.70 0.35247,877 HAGEMEYER 438,742.29 0.20188,653 ING GROEP NV CERT OF SHS 3,476,874.79 1.6241,339 KLM KONINKLIJKE LUCHTVAART 533,273.10 0.25

NL

I

GR

D

Eurostocks

Eurostocks


• • • •


511,460 KON.AHOLD 3,022,728.60 1.40321,990 KPN 1,980,238.50 0.9232,311 NUTRECO HOLDING 703,733.58 0.33

107,976 QIAGEN 1,050,606.48 0.49119,927 ROYAL DUTCH PETROLEUM CO 4,976,970.50 2.3187,488 ROYAL PHILIPS ELECTRONICS NV 2,032,346.24 0.9418,325 UNILEVER CERT. OF SHS 938,240.00 0.44

117,849 VENDEX KBB CERTS NON FOOD 1,305,766.92 0.61

917,196.45 0.4340,000 GRUPA PEKAO 917,196.45 0.43

1,836,988.63 0.85401,928 ELECTRICIDADE DE PORTUGAL -EDP- NOM. 840,029.52 0.3995,039 JERONIMO MARTINS FILHO

(ESTABELECIMENTOS) 996,959.11 0.46

18,534,805.66 8.6154,730 ALTADIS 1,229,235.80 0.5734,478 ALTADIS SA 775,755.00 0.36

198,736 BANCO BILBAO VIZCAYA ARGENTARIA SA BBVA 2,176,159.20 1.01

301,475 BANCO SANTANDER CENTRAL HISPANO REG. 2,830,850.25 1.32

117,082 CORPORACION MAPFRE REG 1,314,830.86 0.6197,092 ENDESA 1,480,653.00 0.6951,573 IBERDROLA SA 808,148.91 0.38

251,044 REPSOL YPF 3,881,140.24 1.80346,910 TELEFONICA SPLIT ISS. 99 4,038,032.40 1.88

1,333,670.70 0.62131,979 GALEN HOLDINGS 1,333,670.70 0.62


UNITS IN INVESTMENT FUNDS 9,962,030.03 4.63

9,962,030.03 4.63180 CPR CASH 3,361,363.20 1.56

16,756 CPR MIDDLE CAP EUROPE SICAV 4,593,154.72 2.1315,293 CPR REFERENCE EUROPE -D- DISTRIBUTION 2,007,512.11 0.93

F

UK

E

P

PL


3. Derivative instruments 724,550.00 0.34


524,550.00 0.2470,000 FRANCE TELECOM JAN 23 29.01.04 CALL 294,000.00 0.1421,750 PEUGEOT SA MAR 42.50 30.03.04 CALL 230,550.00 0.11

200,000.00 0.0940,000 KON.AHOLD (S100) JANV 6.77 16.01.04 CALL 200,000.00 0.09


NL

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CA-F

unds

28

• • • •



SHARES 4,897,561.99 97.19

53,025.00 1.052,500 INTERBREW 53,025.00 1.05

1,181,149.25 23.443,000 AIR FRANCE NOM. 36,600.00 0.733,350 CARREFOUR 143,045.00 2.84

500 CASINO GUICHARD PERRACHON 37,750.00 0.75400 GALERIE LAFAYETTE 48,400.00 0.96

1,400 GROUPE DANONE 179,900.00 3.57700 HERMES INTERNATIONAL SA 106,260.00 2.11

2,650 L'OREAL SA 172,250.00 3.422,100 LVMH MOET HENN.LOUIS VUIT. 120,645.00 2.391,875 PERNOD RICARD 165,281.25 3.281,400 PEUGEOT SA 56,070.00 1.11

520 PINAULT-PRINTEMPS REDOUTE SA 39,858.00 0.791,400 REMY COINTREAU SA 36,358.00 0.722,300 THOMSON 38,732.00 0.77

409,141.50 8.121,300 ADIDAS-SALOMON AG 117,390.00 2.331,150 BMW AG 42,262.50 0.842,100 HENKEL KGAA VZG.O.ST 130,200.00 2.58

75 PORSCHE AG VZ. AKT. 35,289.00 0.70600 PUMA 84,000.00 1.67

86,878.21 1.7215,500 ESPRIT HOLDINGS SHS 41,303.94 0.8244,000 MOULIN INTERNATIONAL HOLDING LTD 23,359.26 0.4610,000 TECHTRONIC INDUSTRIES CO LTD 22,215.01 0.44

145,640.00 2.8922,000 RYANAIR HOLDINGS PLC 145,640.00 2.89

224,788.07 4.463,000 AJINOMOTO CO INC 27,689.60 0.551,000 HONDA MOTOR 35,631.93 0.715,000 NISSAN MOTOR 45,812.48 0.913,000 SONY CORP 83,315.84 1.651,200 YAMADA DENKI CO LTD 32,338.22 0.64

147,062.50 2.92550 GUCCI GROUP NV 37,592.50 0.75

1,500 NUTRECO HOLDING 32,670.00 0.651,500 UNILEVER CERT. OF SHS 76,800.00 1.52

52,135.83 1.031,659 CARNIVAL CORP 52,135.83 1.03

PA

NL

J

IRL

HK

D

F

B


78,810.00 1.562,000 ALTADIS SA 45,000.00 0.892,100 INDUSTRIA DE DISENO TEXTIL INDITEX REG 33,810.00 0.67

290,641.30 5.772,000 AXFOOD AB 36,686.14 0.733,500 ELECTROLUX -B- FREE 60,923.24 1.214,100 HENNES MAURITZ AB -B- FREE 77,239.21 1.53

14,300 SWEDISH MATCH 115,792.71 2.30

739,955.64 14.685,200 BRITISH AMERICAN TOBACCO PLC 56,833.43 1.13

10,000 BURBERRY GROUP PLC 52,160.32 1.047,100 CADBURY SCHWEPPES 41,473.85 0.821,946 CARNIVAL PLC 62,561.85 1.24

12,000 DIAGEO PLC 125,696.42 2.494,000 GREAT UNIVERSAL STORES PLC ORD.

STCK UNIT 43,462.20 0.868,990 HILTON GROUP PLC 28,812.46 0.577,500 J. SAINSBURY PLC 32,964.40 0.652,800 KESA ELECTRICALS PLC 10,316.94 0.20

12,250 KINGFISHER PLC 48,792.82 0.975,563 RECKITT BENCKISER PLC 99,700.73 1.98

38,000 TESCO ORD PLC 137,180.22 2.72

1,488,334.69 29.531,250 ALTRIA GROUP 54,047.30 1.071,600 AMAZON COM INC 67,797.70 1.351,400 BED BATH AND BEYOND INC 48,377.08 0.961,000 BEST BUY CO INC 42,133.48 0.843,100 COCA-COLA CO 125,329.71 2.491,000 COLGATE-PALMOLIVE CO 39,940.78 0.793,000 COSTCO WHOLESALE CORP 89,476.63 1.781,600 CVS CORP 45,761.84 0.915,250 DEAN FOODS 139,694.71 2.771,500 EBAY 77,280.73 1.531,250 HOME DEPOT INC 35,301.30 0.701,000 JONES APPAREL GROUP LTD 27,808.90 0.552,000 KROGER CO 29,465.43 0.581,000 NEIMAN-MARCUS GROUP INC -A- 42,725.67 0.853,000 OFFICE DEPOT 40,068.82 0.802,300 PACIFIC SUNWEAR OF CALIFORNIA INC 39,296.58 0.781,700 PEPSICO INC. 63,423.50 1.261,550 PROCTER GAMBLE CO 123,630.36 2.451,700 ROSS STORES INC 36,228.39 0.72

800 RYLAND GROUP INC. 57,490.40 1.143,800 WAL MART STORES 160,502.56 3.195,500 WALT DISNEY CO (HOLDING CO) 102,552.82 2.04

USA

UK

S

E



Global Consumer


Global Consumer


• • • •



BONDS 159,306.67 3.16

159,306.67 3.16100,000 FRANCE BTF -04 11/03U 99,525.56 1.9860,000 FRANCE BTF -04 26/02U 59,781.11 1.19

Total securities portfolio 5,056,868.66 100.35–––––––––––– –––-–––––––––––––– –––-––

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unds

30

• • • •



SHARES 113,136,610.04 95.83

2,982,172.95 2.53108,569 ADELAIDE BANK 654,074.67 0.55265,586 QUANTAS AIRWAYS LTD 655,551.81 0.5650,005 WESTPAC BANKING CORP 599,884.78 0.5196,604 WOODSIDE PETROLEUM 1,072,661.69 0.91

952,426.38 0.8156,500 DEXIA 952,426.38 0.81

6,760,530.17 5.7315,438 CANADIAN NATIONAL RAILWAY 965,744.02 0.8226,507 COGNOS INC 802,194.94 0.6826,357 INCO LTD 1,050,590.02 0.8982,234 KINROSS GOLD CORP 658,088.11 0.5614,843 MANULIFE FINANCIAL CORP 471,848.23 0.4058,548 SUNCOR ENERGY 1,442,685.70 1.2264,685 TRANSCANADA CORP 1,369,379.15 1.16

1,009,298.10 0.8525,002 NOVO-NORDISK -B- 1,009,298.10 0.85

8,707,580.79 7.383,759 AIR LIQUIDE 647,280.55 0.55

57,308 ALCATEL 739,752.75 0.6310,676 CARREFOUR 569,649.15 0.486,064 CASINO GUICHARD PERRACHON 572,106.87 0.48

32,778 FRANCE TELECOM 916,261.53 0.787,911 L'OREAL SA 642,563.06 0.544,720 PERNOD RICARD 519,918.57 0.44

13,589 PINAULT-PRINTEMPS REDOUTE SA 1,301,579.42 1.1010,774 SANOFI SYNTHELABO 795,001.39 0.6723,295 SUEZ (EX SUEZ LYONNAISE DES EAUX) 465,459.82 0.398,500 TOTAL SA 1,538,007.68 1.30

3,968,230.15 3.3613,653 DEUTSCHE BANK NAMEN 1,120,893.82 0.957,459 EON AKTIENGESELLSCHAFT 482,256.45 0.417,013 MUENCHENER RUECKVERSICHERUNGS

NAMEN 842,342.31 0.7119,100 SIEMENS NAM. AKT REG 1,522,737.57 1.29

1,723,686.99 1.4635,700 HANG SENG BANK LTD 469,071.31 0.40

209,000 HENDERSON LAND DEVLOPMENT CO LTD 923,444.69 0.78499,200 MOULIN INTERNATIONAL HOLDING LTD 331,170.99 0.28

472,452.26 0.408,251 TEVA PHARMA IND.ADR 472,452.26 0.40

IS

HK

D

F

DK

CAN

B

A


779,428.30 0.6641,694 ENI AZ 779,428.30 0.66

12,645,500.05 10.7135,000 ALPS ELECTRIC CO LTD 513,353.01 0.4314,000 CANON INC 653,477.43 0.55

620 CANON SALES CO INC 5,422.57 0.0011,400 FANUC LTD 684,607.87 0.588,900 HOYA CORP 819,194.66 0.69

122,000 MITSUBISHI CORP. 1,296,403.43 1.1083 MITSUBISHI TOKYO FINANCIAL GROUP INC 649,062.29 0.55

38,000 NGK SPARK PLUG CO LTD 308,891.09 0.2669,600 NISSAN MOTOR 796,879.52 0.67

568,000 RESONA HOLDINGS INC 717,272.39 0.616,900 ROHM CO LTD 810,663.72 0.69

59,000 SHARP CORP 933,249.20 0.7913,400 SHIN-ETSU CHEM. 549,010.84 0.4722,500 SHINKO ELECTRIC INDUSTRIES CO LTD 532,482.14 0.455,600 SMC CORP 698,788.69 0.59

79,000 SUMITOMO METAL MINING CO LTD 587,484.25 0.5095,000 SUMITOMO TRUST BANK 559,842.89 0.476,300 TOKYO ELECTRON LTD 479,696.96 0.41

31,000 TOYOTA MOTOR CORP 1,049,717.10 0.89

632,582.71 0.5421,792 ROYAL PHILIPS ELECTRONICS NV 632,582.71 0.54

1,407,212.28 1.1963,000 DBS GROUP HOLDINGS 548,148.17 0.4672,340 VENTURE CORPORATION LIMITED 859,064.11 0.73

1,111,350.00 0.945,975 SAMSUNG ELEC.GDR REP 0.5 VGT HS

-144 A- 1,111,350.00 0.94

833,690.63 0.7170,228 BANESTO REG. 833,690.63 0.71

396,039.27 0.3411,600 SANDVIK AB 396,039.27 0.34

2,438,199.12 2.0722,324 ALCON INC REG.SHS 1,360,647.80 1.1515,876 UBS NAM.AKT 1,077,551.32 0.91

1,717,613.70 1.45142,000 NOVATEK ELECTRONICS 401,236.11 0.34299,978 TAIWAN SEMICONDUCTOR MANUFACTURING

CO LTD 556,250.47 0.47154,184 UNITED MICROELECTRONICS ADR REPR.5

SHS 760,127.12 0.64

RC

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Global Equities


Global Equities


• • • •


8,506,092.12 7.20100,263 BHP BILLITON PLC 868,971.84 0.7452,496 BRITISH SKY BROADCASTING GROUP 654,498.28 0.5577,649 DIAGEO PLC 1,016,362.29 0.86

103,963 HILTON GROUP PLC 416,361.47 0.35110,000 HSBC HOLDINGS PLC (USD 0.5) 1,721,130.42 1.4639,878 RECKITT BENCKISER PLC 893,086.74 0.7644,991 ROYAL BANK OF SCOTLAND GROUP PLC 1,316,025.89 1.1113,961 STANDARD CHARTERED PLC 228,732.61 0.19

134,405 TESCO ORD PLC 606,309.44 0.51321,883 VODAFONE GROUP PLC 784,613.14 0.66

56,092,524.07 47.5122,907 3M CO 1,930,601.96 1.6431,090 ABBOTT LABORATORIES 1,447,861.30 1.2319,620 ACCENTURE LTD -A- 514,436.40 0.4414,180 AFLAC INC 509,771.00 0.4321,502 AMERICAN EXPRESS CO COM. 1,038,331.58 0.8823,281 AMGEN INC 1,443,654.81 1.2217,384 ANALOG DEVICES INC 794,274.96 0.6719,091 ANHEUSER BUSCH COS INC 999,032.03 0.8518,000 APACHE CORP 1,479,780.00 1.2526,950 APPLIED MATERIALS INC 607,722.50 0.5110,831 BAKER HUGHES INC 352,657.36 0.3015,060 BANK OF AMERICA CORP 1,212,330.00 1.0342,733 BEA SYSTEMS 531,598.52 0.4527,406 BED BATH AND BEYOND INC 1,183,391.08 1.0064,599 CISCO SYSTEMS 1,569,109.71 1.3333,782 CITIGROUP INC 1,636,062.26 1.3922,697 COACH INC 841,377.79 0.7130,776 COSTCO WHOLESALE CORP 1,147,021.52 0.977,082 DANAHER CORP 648,640.38 0.55

21,694 DEAN FOODS 721,325.50 0.6132,682 DELL INC 1,133,411.76 0.9611,433 DEVON ENERGY 661,970.70 0.565,620 E.W. SCRIPPS COMPANY -A- 528,280.00 0.45

12,560 ELECTRONIC ARTS 602,754.40 0.5120,000 EXXON MOBIL 813,600.00 0.6927,274 FEDEX 1,881,906.00 1.5915,208 FOREST LABORATORIES INC 942,743.92 0.803,196 FREEPORT MCMORAN COPPER GOLD -B- 134,775.32 0.11

43,770 GENERAL ELECTRIC CO 1,344,614.40 1.1423,409 GILLETTE CO 853,960.32 0.7212,878 GOLDMAN SACHS GROUP 1,276,982.48 1.089,706 HARTFORD FINANCIAL SERVICES GROUP 571,295.16 0.489,576 ILLINOIS TOOL WORKS 801,511.20 0.68

26,709 INTEL CORP 856,824.72 0.7320,537 MEDTRONIC INC 1,004,464.67 0.8550,000 MICROSOFT CORP 1,377,000.00 1.1725,672 NEWMONT MINING CORP 1,262,035.52 1.079,777 NORTHERN TRUST CORP 448,470.99 0.38

28,387 OFFICE DEPOT 473,779.03 0.407,083 OMNICOM GROUP INC 617,354.28 0.52

76,000 PFIZER INC 2,665,320.00 2.2622,698 PRUDENTIAL FINANCIAL INC 950,365.26 0.8019,922 ROCKWELL AUTOMATION 709,422.42 0.6021,288 SLM 802,983.36 0.6810,294 ST JUDE MEDICAL INC 630,507.50 0.5313,140 SUNTRUST BANKS INC 939,904.20 0.8030,644 TEXAS INSTRUMENTS INC 903,078.68 0.76

USA

UK


21,658 TIFFANY CO 967,896.02 0.8237,258 VIACOM INC -B- NON-VOTING 1,630,037.50 1.3836,900 WACHOVIA CORP 1,719,171.00 1.4620,467 WAL MART STORES 1,080,248.26 0.9128,148 WALT DISNEY CO (HOLDING CO) 655,848.40 0.5638,000 WELLS FARGO AND CO NEW 2,239,720.00 1.905,680 WEYERHAEUSER CO 364,088.00 0.31

17,478 WW GRAINGER INC 819,543.42 0.6919,487 WYETH 817,674.52 0.69


66,698.65 0.063,336 AXA UAP CV 0.00 03-04 21/12U 66,698.65 0.06


9.00 0.00720 TOTAL SA STRIP VVPR 9.00 0.00


BONDS 2,053,246.14 1.74

2,053,246.14 1.74700,000 FRANCE BTF -04 01/04U 870,166.86 0.74500,000 FRANCE BTF -04 12/02U 622,581.69 0.53150,000 FRANCE BTF -04 12/02U 186,698.34 0.16100,000 FRANCE BTF -04 12/02U 124,594.84 0.11100,000 FRANCE BTF -04 22/01U 124,790.09 0.11100,000 FRANCE BTF -04 26/02U 124,414.32 0.11


1,406,077.41 1.1973,400 INDOCAM ASIE SICAV 3 DECIMALES 1,406,077.41 1.19



1,488,393.56 1.2614,200 CA-AM ACTIONS MULTIMEDIA SICAV 1,488,393.56 1.26


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32

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SHARES 27,593,533.37 100.15

1,249,278.70 4.5316,645 COMMONWEALTH BANK OF AUSTRALIA 367,768.94 1.3319,146 NAT. AUSTRALIA BANK 430,210.32 1.5617,250 QBE INSURANCE GROUP 137,183.19 0.5026,184 WESTPAC BANKING CORP 314,116.25 1.14

1,189,151.95 4.321,768 BANK OF MONTREAL 72,213.40 0.265,645 CANADIAN IMPERIAL BANK OF COMMERCE 276,475.16 1.002,407 GREAT WEST LIFECO INC 83,053.86 0.301,712 INVESTORS GROUP INC 40,774.98 0.157,520 MANULIFE FINANCIAL CORP 239,055.36 0.873,262 NATIONAL BK CANADA COMMON 107,255.20 0.393,612 ROYAL BANK OF CANADA 170,815.20 0.626,325 SUN LIFE FINANCIAL INC 155,372.28 0.561,330 TORONTO DOMINION BANK 44,136.51 0.16

1,502,185.58 5.4519,360 AXA 411,026.43 1.499,090 BNP PARIBAS 562,718.12 2.045,682 CREDIT AGRICOLE SA 133,129.26 0.484,529 SOCIETE GENERALE PARIS -A- 395,311.77 1.43

889,405.80 3.233,580 ALLIANZ AG NAMEN VINKULIERT 447,714.69 1.635,380 DEUTSCHE BANK NAMEN 441,691.11 1.60

545,272.53 1.9832,800 BANK OF EAST ASIA LTD 100,770.34 0.3754,000 BOC HONG KONG (HOLDINGS) LTD 101,558.69 0.3713,000 HANG SENG BANK LTD 170,810.28 0.623,000 I CABLE COMMUNICATIONS 769.03 0.00

17,000 SWIRE PACIFIC LTD SIE A 104,895.03 0.3824,000 WHARF HOLDINGS 66,469.16 0.24

531,572.92 1.938,410 ASSICURAZIONI GENERALI SPA 220,691.86 0.80

10,429 RAS ASSICURAZIONI (ORD.) 175,933.06 0.6425,232 UNICREDITO ITALIANO 134,948.00 0.49

2,483,188.04 9.011,900 ACOM CO LTD 86,375.76 0.31

60 AEON CREDIT SERVICE LTD 2,564.89 0.01600 AIFUL CORP 44,001.69 0.16

1,500 CREDIT SAISON CO LTD 33,955.38 0.1215,000 DAIWA SECURITIES GROUP INC 102,287.08 0.37

19 MILLEA HOLDING 248,819.06 0.9054 MITSUBISHI TOKYO FINANCIAL GROUP INC 422,281.49 1.53

16,000 MITSUI SUMITOMO INSURANCE CO LTD 131,705.73 0.4822 MIZUHO FINANCIAL GROUP ONC 66,881.82 0.24

18,000 NIKKO CORDIAL CORP 100,519.16 0.36

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AUS


22,000 NOMURA HOLDINGS 375,567.12 1.361,100 ORIX CORP 91,165.06 0.331,800 PROMISE CO LTD 78,630.56 0.29

61 SUMITOMO MITSUI FINANCIAL GROUP INC 325,812.66 1.1815,000 SUMITOMO TRUST BANK 88,396.25 0.32

59 UFJ HOLDINGS INC 284,224.33 1.03

1,086,690.54 3.9417,490 ABN AMRO HOLDING 405,638.15 1.4715,710 AEGON NV 230,274.16 0.844,130 EURONEXT NV 102,700.88 0.37

15,114 ING GROEP NV CERT OF SHS 348,077.35 1.26

596,036.64 2.1621,300 DBS GROUP HOLDINGS 184,074.08 0.67

818 HAW PAR CORPORATION LTD 2,144.79 0.0127,000 KEPPEL CORPORATION LTD 96,825.40 0.3520,000 OVERSEAS CHINESE BANKING CORP 142,269.26 0.5222,000 UNITED OVERSEAS BANK 170,723.11 0.62

821,269.22 2.9828,321 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 387,519.64 1.4136,966 BANCO SANTANDER CENTRAL HISPANO

REG. 433,749.58 1.57

1,439,972.00 5.2313,500 CS GROUP NAMEN-AKT 489,514.79 1.7810,620 UBS NAM.AKT 720,810.97 2.621,610 ZURICH FINANCIAL SERVICES NAMEN-AKT 229,646.24 0.83

3,003,773.35 10.9061,942 BARCLAYS PLC 545,922.43 1.9840,780 HBOS 521,826.82 1.8978,437 HSBC HOLDINGS PLC (USD 0.5) 1,227,275.52 4.4524,230 ROYAL BANK OF SCOTLAND GROUP PLC 708,748.58 2.57

12,255,736.10 44.483,000 AFLAC INC 107,850.00 0.39

11,544 AMERICAN EXPRESS CO COM. 557,459.76 2.0215,484 AMERICAN INTERNATL GROUP INC 1,022,253.68 3.718,889 BANK OF AMERICA CORP 715,564.50 2.605,003 BANK OF NEW YORK CO INC 166,499.84 0.604,200 BANK ONE 191,268.00 0.691,600 CAPITAL ONE FINANCIAL CORP 97,728.00 0.35

756 CHUBB CORP 51,408.00 0.1934,867 CITIGROUP INC 1,688,608.81 6.132,817 COMERICA INC 158,625.27 0.582,800 COUNTRYWIDE FINANCIAL CORP 211,204.00 0.775,536 FANNIE MAE 414,757.12 1.513,400 FEDERATED INVESTORS INC -B- 99,280.00 0.365,951 FIFTH THIRD BANCORP 349,621.25 1.27

827 FRANKLIN RESOURCES INC 42,822.06 0.161,432 FREDDIE MAC 83,156.24 0.302,852 GOLDMAN SACHS GROUP 282,804.32 1.031,767 HARTFORD FINANCIAL SERVICES GROUP 104,005.62 0.381,800 HUNTINGTON BANCSHARES INC 40,284.00 0.15

13,240 JP MORGAN CHASE AND CO 485,510.80 1.76

USA

UK

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Global Finance


Global Finance


• • • •


4,600 KEYCORP 134,504.00 0.492,249 LEHMAN BROTHERS HOLDINGS INC 173,712.76 0.633,038 LINCOLN NATIONAL CORP 122,006.08 0.443,234 MARSH MC-LENNAN COS. INC. 155,717.10 0.573,600 MBNA CORP 88,380.00 0.322,942 MELLON FINANCIAL CO 94,408.78 0.345,959 MERRILL LYNCH CO INC 347,588.47 1.268,855 METLIFE INC 298,767.70 1.089,077 MORGAN STANLEY 526,193.69 1.916,200 NATIONAL CITY CORP 209,870.00 0.763,623 NORTHERN TRUST CORP 166,187.01 0.602,164 PLATINUM UNDERWRITES HOLDINGS LTD 66,023.64 0.242,500 PNC FINANCIAL SERVIVES GROUP 136,900.00 0.503,000 PRINCIPAL FINANCIAL GROUP INC 99,960.00 0.369,233 PRUDENTIAL FINANCIAL INC 386,585.71 1.404,526 RENAISSANCERE HOLDINGS LTD 223,358.10 0.813,876 SOUTHRUST CORP 126,783.96 0.462,005 STATE STREET CORP 104,681.05 0.384,547 UNUMPROVIDENT 71,797.13 0.26

13,981 US BANCORP 416,214.37 1.5112,068 WACHOVIA CORP 562,248.12 2.0414,814 WELLS FARGO AND CO NEW 873,137.16 3.17


345.76 0.0027,670 DEXIA STRIP VVPR 345.76 0.00

Total securities portfolio 27,593,879.13 100.15––––––––––––– –––-––––––––––––––– –––-––

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CA-F

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34

• • • •



SHARES 31,801,675.20 94.97

168,062.80 0.5010,323 COCHLEAR 168,062.80 0.50

304.40 0.0042 SANOCHEMIA PHARMA 304.40 0.00

373,255.52 1.1110,000 UCB 373,255.52 1.11

244,563.69 0.7351,129 INEX PHARMACEUTICALS 244,563.69 0.73

160,304.09 0.483,971 NOVO-NORDISK -B- 160,304.09 0.48

1,283,261.97 3.8312,000 AVENTIS 778,250.88 2.326,844 SANOFI SYNTHELABO 505,011.09 1.51

494,069.97 1.481,400 ALTANA AG 83,360.82 0.252,548 CELESIO AG 122,424.06 0.375,746 SCHERING AG 288,285.09 0.86

97,718.72 0.2934,000 UNITED DRUG PLC 97,718.72 0.29

107,648.80 0.321,880 TEVA PHARMA IND.ADR 107,648.80 0.32

940,068.24 2.8120 CHUGAI PHARMACEUTICAL 288.29 0.00

3,900 EISAI 105,430.06 0.311,887 HOGY MEDICAL CO LTD 82,254.53 0.255,000 OLYMPUS CORP 108,741.41 0.32

16,183 TAKEDA CHEMICAL IND 643,353.95 1.92

2,985,168.73 8.9247,000 NOVARTIS SA REG.SHS 2,114,759.96 6.328,000 ROCHE HOLDING GENUSSSCHEIN 799,731.13 2.39

100 SERONO -B- 70,677.64 0.21

3,586,667.35 10.7125,000 ASTRAZENECA 1,196,586.13 3.57

105,302 GLAXOSMITHKLINE PLC 2,390,081.22 7.14

UK

CH

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IRL

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DK

CAN

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A

AUS


21,360,580.92 63.7929,362 ABBOTT LABORATORIES 1,367,388.34 4.084,320 AETNA US HEALTHCARE INC 293,500.80 0.882,812 AMERISOURCEBERGEN CORP 178,562.00 0.53

24,984 AMGEN INC 1,549,257.84 4.638,340 ANDRX GROUP 197,324.40 0.594,030 ANTHEM INC 299,509.60 0.892,560 BARR LABORATORIES 197,836.80 0.596,020 BECTON DICKINSON 249,529.00 0.755,650 BIOGEN IDEC INC 208,711.00 0.629,670 BIOMET INC 347,926.60 1.04

19,854 BOSTON SCIENTIFIC CORP 725,465.16 2.1735,268 BRISTOL MYERS SQUIBB CO 1,002,316.56 2.9912,420 CAREMARX RX 318,697.20 0.956,205 CHIRON CORP. 351,575.30 1.057,893 ELI LILLY CO 559,850.49 1.671,420 GENENTECH INC 134,048.00 0.402,592 GENZYME CORP. COM. 127,863.36 0.386,475 GILEAD SCIENCES INC 376,456.50 1.129,695 GUIDANT CORP 585,287.15 1.755,946 HUMANA INC 137,709.36 0.41

40,289 JOHNSON JOHNSON 2,069,645.93 6.189,630 LINCARE HOLDINGS INC 291,596.40 0.878,342 MEDTRONIC INC 408,007.22 1.22

34,556 MERCK AND CO INC. 1,572,298.00 4.7010,060 MILLENIUM PHARMACEUTICALS 189,027.40 0.569,035 MYLAN LABORATORIES INC 228,224.10 0.68

11,880 NEKTAR THERAPEUTICS 169,052.40 0.5095,233 PFIZER INC 3,339,821.31 9.977,575 PROTEIN DESIGN LABS INC 134,229.00 0.40

25,000 RESMED CHESS DEP.INT./10CDIS PER ORD.SHS 106,910.61 0.3212,000 SELECT MEDICAL CORP 198,600.00 0.599,396 ST JUDE MEDICAL INC 575,505.00 1.727,317 TRANSKARYOTIC THERAPIES INC 113,779.35 0.344,270 UNITED THERAPEUTICS CORP 99,918.00 0.30

10,644 UNITEDHEALTH GROUP 615,329.64 1.841,200 VARIAN MEDICAL SYTEMS 83,460.00 0.253,530 WATSON PHARMACEUTICALS 162,909.50 0.492,769 WELLPOINT HEALTH NETWORKS INC 265,824.00 0.79

29,310 WYETH 1,229,847.60 3.674,200 ZIMMER HOLDINGS INC 297,780.00 0.89


USA



Global Healthcare


Global Multimedia


• • • •



SHARES 49,865,998.41 99.17

1,618,580.24 3.2280,000 NOKIA ADR (1 SH -A-) 1,361,600.00 2.7115,000 NOKIA CORP 256,980.24 0.51

4,455,229.30 8.8616,000 BUSINESS OBJECTS ADR REPR.1 SH 555,840.00 1.117,000 CAP GEMINI 310,350.66 0.624,500 DASSAULT SYSTEMES 201,198.10 0.40

30,000 FRANCE TELECOM 838,606.56 1.6752,000 JC DECAUX SA 851,877.31 1.6922,000 NRJ GROUP 461,852.16 0.9215,000 T.F.1 513,960.48 1.0219,000 UBI SOFT ENTERTAINMENT 517,821.74 1.038,500 VIVENDI UNIVERSAL 203,722.29 0.41

2,110,220.46 4.2016,000 DEUTSCHE TELEKOM NAMEN 290,107.14 0.5850,000 DEUTSCHE TELEKOM SPONS.ADR 905,000.00 1.805,500 SAP AG 915,113.32 1.82

373,340.00 0.7422,000 CHECK POINT SOFTWARE TECHNOLOGIES 373,340.00 0.74

1,716,450.56 3.41100,000 MEDIASET 1,177,123.20 2.34100,000 TELECOM ITALIA MOBILE SPA 539,327.36 1.07

1,883,915.74 3.753,000 NINTENDO CO LTD 280,623.00 0.56

400 NTT DOCOMO 909,218.52 1.8120,000 SONY CORP 694,074.22 1.38

715,237.72 1.426,500 STMICROELECTRONICS NV 175,037.72 0.35

20,000 STMICROELECTRONICS NY REG. 540,200.00 1.07

1,006,927.68 2.00102,000 PORTUGAL TELECOM REG. 1,006,927.68 2.00

744,000.00 1.484,000 SAMSUNG ELEC.GDR REP 0.5 VGT HS -144 A- 744,000.00 1.48

683,631.17 1.3647,000 TELEFONICA SPLIT ISS. 99 683,631.17 1.36

284,143.86 0.57160,000 TELEFON AB L.M.ERICSSON -SHS-B- 284,143.86 0.57

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SF


546,480.00 1.0954,000 TAIWAN SEMICON ADR (REPR 5 SHS) 546,480.00 1.09

2,906,290.68 5.7890,000 VODAFONE GROUP SP.ADR REPR.10 SHS 2,227,500.00 4.4370,000 WPP GROUP PLC 678,790.68 1.35

30,821,551.00 61.3032,000 ACCENTURE LTD -A- 839,040.00 1.6715,000 AFFILIATED COMPUTER SERVICES INC -A- 816,000.00 1.6245,000 APPLIED MATERIALS INC 1,014,750.00 2.0270,000 AT T WIRELESS 556,500.00 1.1130,000 BEA SYSTEMS 373,200.00 0.7410,000 BELLSOUTH CORP 281,600.00 0.5618,000 BMC SOFTWARE INC 335,700.00 0.67

122,000 CISCO SYSTEMS 2,963,380.00 5.8926,000 CLEAR CHANNEL COMMUNICATIONS INC 1,201,720.00 2.3918,000 COMCAST CORP SPECIAL CLASS A 556,200.00 1.118,000 COMPUTER SCIENCES CORP. 356,880.00 0.71

15,000 CONVERSE TECHNOLOGY INC 265,350.00 0.5355,700 DELL INC 1,931,676.00 3.847,500 EBAY 482,850.00 0.968,000 ELECTRONIC ARTS 383,920.00 0.76

20,000 EMC CORP 254,800.00 0.5112,000 FIRST DATA CORP 489,000.00 0.9720,000 HEWLETT PACKARD CO 458,600.00 0.9125,000 IBM CORP 2,315,750.00 4.6162,000 INTEL CORP 1,988,960.00 3.96

110,000 MICROSOFT CORP 3,029,400.00 6.0210,000 NOVELLUS SYSTEMS INC 423,700.00 0.8410,000 OMNICOM GROUP INC 871,600.00 1.7335,000 ORACLE CORP 462,000.00 0.926,000 QUALCOMM INC 328,680.00 0.65

32,000 SBC COMMUNICATIONS INC 833,920.00 1.6623,000 SEAGATE TECHNOLOGY 433,550.00 0.8615,000 TEXAS INSTRUMENTS INC 442,050.00 0.8860,000 TIME WARNER INC 1,074,000.00 2.1415,000 UNIVISION COMMUNICATIONS -A- 594,750.00 1.187,500 VERITAS SOFTWARE CORPORATION (DE) 279,525.00 0.56

67,000 VERIZON COMMUNICATIONS INC 2,345,000.00 4.6642,000 VIACOM INC -B- NON-VOTING 1,837,500.00 3.65


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UK

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36

• • • •



SHARES 24,247,823.23 99.64

Banks and credit institutions 4,145,666.65 17.03148,600 BANK OF EAST ASIA LTD 456,538.78 1.88248,000 BOC HONG KONG (HOLDINGS) LTD 466,417.70 1.92

1,046,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS 565,915.33 2.3334,000 DAH SING FINANCIAL HOLDINGS LTD 252,930.61 1.04

130,462 HSBC HOLDINGS PLC (USD 0.5) 2,058,688.34 8.4658,000 WING HANG BANK LTD 345,175.89 1.42

Building materials and trade 902,872.75 3.71500,000 ANHUI CONCH CEMENT CO -H- 644,081.00 2.65

4,100,000 CHUN WO HOLDING LTD 258,791.75 1.06

Chemicals 1,681,895.16 6.91546,000 SINOPEC BEIJING YANHUA PETROC.CO -H- 212,759.28 0.87

2,202,000 SINOPEC SHANGHAI PETROCHEMICAL -H- 978,603.79 4.02560,000 SINOPEC ZHENHAI REFINING AND CHEMIC.-H- 490,532.09 2.02

Coal mining and steel industry 1,160,041.41 4.771,412,000 ANGANG NEW STEEL -H- 763,931.59 3.14

500,000 FUJIAN ZIJIN MINING INDUSTRY CO LTD -H- 396,109.82 1.63

Communications 746,563.95 3.07192,500 CHINA MOBILE (HONG KONG) LTD 591,411.28 2.43109,000 VTECH HOLDINGS 155,152.67 0.64

Electrical engineering and electronics 754,978.87 3.101,370,000 SKYWORTH DIGITAL HOLDINGS LTD 344,132.48 1.41

148,000 TECHTRONIC INDUSTRIES CO LTD 410,846.39 1.69

Electronics and semiconductors 1,307,432.90 5.37464,000 ALCO HOLDINGS LTD 147,932.52 0.6176,000 ASM PACIFIC TECHNOLOGY LTD 332,861.06 1.37

1,550,000 GROUP SENSE (INTERNATIONAL) LTD 201,661.76 0.83406,000 KINGBOARD CHEMICAL HOLDINGS LTD 624,977.56 2.57

Foods and non alcoholic drinks 231,328.13 0.952,190,000 YANTAI NORTH ANDRE -H- 231,328.13 0.95

Graphic art and publishing 320,964.88 1.32678,000 NEXT MEDIA 320,964.88 1.32

Holding and finance companies 1,552,573.35 6.381,056,000 DIGITAL CHINA HOLDINGS 353,677.76 1.45

90,500 HUTCHISON WHAMPOA 667,412.83 2.74752,000 QPL INTL HLDGS 278,500.62 1.1441,000 SWIRE PACIFIC LTD SIE A 252,982.14 1.04

Insurance 1,242,515.98 5.111,519,000 CHINA LIFE INSURANCE - H- CO LTD 1,242,515.98 5.11

Machine and apparatus construction 608,860.08 2.50440,000 FONG'S INDUSTRIES CO LTD 379,750.16 1.56

1,446,000 WANG SING INTERNATIONAL HOLDINGS GROUP 229,109.92 0.94


Miscellaneous sectors 329,500.00 1.3510,000 CTRIP.COM INTERNATIONAL LTD 329,500.00 1.35

Miscellaneous trading companies 336,874.97 1.382,294,000 SHOUGANG CONCORD CENTURY HOLDINGS

LTD 336,874.97 1.38

Non-ferrous metals 929,138.37 3.82924,000 ALUMINUM CORPORATION OF CHINA -H- 702,254.40 2.89412,000 JIANGXI COPPER 226,883.97 0.93

Paper and forest products 155,816.08 0.64168,000 SHANDONG CHENMING PAPER HOLDINGS -B- 155,816.08 0.64

Petroleum 419,882.84 1.73938,000 CHINA PETROLEUM AND CHEMICAL -H- 419,882.84 1.73

Real estate companies 2,470,509.65 10.1580,000 CHEUNG-KONG HOLDINGS LTD 636,352.03 2.61

157,000 GREAT EAGLE HOLDINGS LTD 188,084.53 0.7777,000 HENDERSON LAND DEVLOPMENT CO LTD 340,216.47 1.40

116,000 HONG KONG LAND HOLDINGS LTD 197,200.00 0.81226,000 HYSAN DEVELOPMENT 349,349.53 1.44990,000 MIDLAND REALTY (HOLDING) LTD 270,997.08 1.1159,000 SUN HUNG KAI PROPERTIES LTD 488,310.01 2.01

Retail trade, department stores 638,240.48 2.62270,000 LIANHUA SUPERMARKET -H- 285,199.07 1.17

2,158,000 PLAYMATES HOLDINGS LTD 353,041.41 1.45

Road vehicles 1,200,369.90 4.93674,000 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS 371,164.56 1.53113,000 CHONG QING CHANGAN AUTOMOBILE CO LTD 149,055.80 0.61640,000 DENWAY MOTORS LTD 680,149.54 2.79

Textiles and garments 1,108,408.65 4.55241,500 ESPRIT HOLDINGS SHS 804,170.55 3.30241,000 SHANDONG WEIQIAO TEXTILE GROUP 304,238.10 1.25

Transportation 1,447,172.71 5.95105,000 CATHAY PACIFIC AIRWAYS 199,504.09 0.82684,000 CHINA SHIPPING DEVELOPMENT CO -H- 506,634.11 2.08

1,138,000 CHINA SOUTHERN AIRLINES -H- 487,421.18 2.0042,800 HKG. AIRCRAFT ENGIN. CO LTD 253,613.33 1.04

Utilities 556,215.47 2.29778,000 BEIJING DATANG POWER GENERATION H 556,215.47 2.29




Greater China


Iberia


• • • •



SHARES 16,118,755.67 79.51

Banks and credit institutions 5,179,345.00 25.55165,500 BANCO BILBAO VIZCAYA ARGENTARIA

SA BBVA 1,812,225.00 8.9422,200 BANCO ESPIRIT SANTO 288,600.00 1.42

190,000 BANCO SANTANDER CENTRAL HISPANO REG. 1,784,100.00 8.80

3,800 BANKINTER SA NOM.SHS 123,690.00 0.6113,700 BCO POPULAR ESPANOL REG. 648,010.00 3.20

297,000 BCP, BANCO COMMERCIAL PORTUGUES SA NOM. 522,720.00 2.58

Biotechnology 64,400.00 0.3211,500 ZELTIA 64,400.00 0.32

Building materials and trade 840,250.30 4.142,130 ACCIONA 102,772.50 0.518,774 ACS 339,553.80 1.67

22,700 CIMPOR CIMENTOS DE PORTUGAL NOM. 93,524.00 0.464,900 FOMENTO DE CONSTRUCCIONES Y

CONTRATAS 143,276.00 0.715,800 GRUPO FERROVIAL 161,124.00 0.79

Coal mining and steel industry 310,335.89 1.533,100 ACERINOX 115,878.00 0.57

12,667 ARCELOR SHS 173,157.89 0.8515,000 TUBACEX 21,300.00 0.11

Communications 2,815,742.54 13.891 ANTENA 3 TELEVISION SA 34.94 0.00

65,684 PORTUGAL TELECOM REG. 518,903.60 2.565,900 PT MULTIMEDIA REG.SHS 91,450.00 0.457,500 SOGECABLE REG. 207,450.00 1.02

24,800 TELEFONICA MOVILES (NEW) 205,344.00 1.01154,000 TELEFONICA SPLIT ISS. 99 1,792,560.00 8.84

Graphic art and publishing 91,785.00 0.4521,100 TPI 91,785.00 0.45

Holding and finance companies 309,432.44 1.5371,308 BANCO PORTUGUES DE INVESTIMENTOS

NOM. 208,932.44 1.03150,000 SONAE SGPS 100,500.00 0.50

Hotels and restaurants 56,937.50 0.286,250 NH HOTELES SA 56,937.50 0.28

Insurance 88,717.00 0.447,900 CORPORACION MAPFRE REG 88,717.00 0.44

Internet and Internet services 217,446.00 1.0722,700 AMADEUS GLOBAL TRAVEL DISTRIBUTION -A- 116,905.00 0.589,300 INDRA SISTEMAS SA 94,581.00 0.471,000 NOVABASE SGPS REG.SHS 5,960.00 0.03


Machine and apparatus construction 25,179.00 0.121,526 ZARDOYA OTIS SPLIT ISSUE 25,179.00 0.12

Miscellaneous services 96,750.00 0.487,500 PROSEGUR CIA DE SEGURIDAD REG. 96,750.00 0.48

Miscellaneous trading companies 97,960.00 0.484,000 DISTRIBUCION INTEGRAL LOGISTICA SA 97,960.00 0.48

Petroleum 1,082,200.00 5.3470,000 REPSOL YPF 1,082,200.00 5.34

Precious metals and stones 120,014.00 0.594,600 GAMESA 120,014.00 0.59

Real estate companies 255,428.40 1.263,176 METROVACESA SA 86,228.40 0.43

14,100 SACYR VALLEHERMOSO SA 169,200.00 0.83

Retail trade, department stores 37,764.00 0.193,600 JERONIMO MARTINS FILHO

(ESTABELECIMENTOS) 37,764.00 0.19

Textiles and garments 394,450.00 1.9524,500 INDUSTRIA DE DISENO TEXTIL INDITEX REG 394,450.00 1.95

Tobacco and alcoholic drinks 382,500.00 1.8917,000 ALTADIS SA 382,500.00 1.89

Transportation 714,840.10 3.5327,990 ABERTIS 335,600.10 1.6649,000 BRISA AUTO ESTRADAS DE PORTUGAL 260,680.00 1.2952,000 IBERIA REG 118,560.00 0.58

Utilities 2,937,278.50 14.495,390 AGUAS DE BARCELONA SPLIT ISS. 99 63,763.70 0.31

193,000 ELECTRICIDADE DE PORTUGAL -EDP- NOM. 403,370.00 1.9914,400 ENAGAS SA 123,840.00 0.6160,600 ENDESA 924,150.00 4.5614,976 GAS NATURAL SDG 277,804.80 1.3752,500 IBERDROLA SA 822,675.00 4.064,700 RED ELECTRICA DE ESPANA 61,100.00 0.30

17,500 UNION FENOSA 260,575.00 1.29





CA-F

unds

38

• • • •



SHARES 47,522,656.20 98.25

Aerospace industry 1,014,093.00 2.101,633,000 FINMECCANICA 1,014,093.00 2.10

Banks and credit institutions 10,219,421.50 21.134,734 BANCA ANTONIANA POPOLARE VENETA 69,826.50 0.14

87,000 BANCA FIDEURAM 409,770.00 0.8575,000 BANCHE POPOLARI UNITE SCARL 1,077,000.00 2.2346,000 BANCO POPOLARE DI VERONA E NOVARA 617,320.00 1.28

290,000 CAPITALIA SPA 672,800.00 1.39139,000 MEDIOBANCA 1,195,400.00 2.47185,000 MONTE PASCHI SIENA 463,425.00 0.96190,000 SANPAOLO IMI 1,964,600.00 4.06876,000 UNICREDITO ITALIANO 3,749,280.00 7.75

Building materials and trade 197,800.00 0.4120,000 ITALCEMENTI 197,800.00 0.41

Communications 9,486,190.00 19.61118,000 MEDIASET 1,111,560.00 2.30150,000 TELECOM ITALIA AZIONE DI RISPARNIO 242,250.00 0.50

1,063,000 TELECOM ITALIA MOBILE SPA 4,581,530.00 9.471,511,000 TELECOM ITALIA SPA 3,550,850.00 7.34

Electronics and semiconductors 2,340,230.00 4.84109,000 STMICROELECTRONICS NV 2,340,230.00 4.84

Graphic art and publishing 1,198,195.00 2.4870,000 GRUPPO EDITORIALE L'ESPRESSO 345,800.00 0.71

1,129,000 SEAT PAGINE GIALLE SPA 852,395.00 1.76

Holding and finance companies 4,247,453.70 8.78776,000 BANCA INTESA SPA AZ. 2,405,600.00 4.97200,000 CIR (ORDINARY SHARES) 296,000.00 0.61184,000 IFIL 483,920.00 1.00101,898 MEDIOLANUM 636,862.50 1.32234,000 PIRELLI C AZ 188,838.00 0.3984,369 RIZZOLI CORRIERE DELLA SERA

MEDIAGROUP 236,233.20 0.49

Hotels and restaurants 419,580.00 0.8737,000 AUTOGRILL 419,580.00 0.87

Insurance 5,620,230.00 11.62156,000 ALLEANZA ASSICURAZ.AZ. 1,354,080.00 2.80108,000 ASSICURAZIONI GENERALI SPA 2,268,000.00 4.69125,000 RAS ASSICURAZIONI (ORD.) 1,687,500.00 3.4919,000 SAI STA ASSICURATRICE INDUSTRIALE 310,650.00 0.64

Miscellaneous consumer goods 477,265.00 0.9933,000 BULGARI SPA 242,550.00 0.5015,700 MERLONI ELETTRODOMESTICI SPA AZ 234,715.00 0.49

Petroleum 5,405,532.00 11.18314,200 ENI AZ 4,700,432.00 9.72110,000 SAIPEM SPA 705,100.00 1.46


Pharmaceuticals and cosmetics 794,600.00 1.6458,000 LUXOTTICA GROUP 794,600.00 1.64

Road vehicles 1,246,400.00 2.58205,000 FIAT 1,246,400.00 2.58

Textiles and garments 337,070.00 0.7037,000 BENETTON GROUP SPA 337,070.00 0.70

Tobacco and alcoholic drinks 692,846.00 1.4317,996 DAVIDE CAMPARI-MILANO 692,846.00 1.43

Transportation 264,290.00 0.5519,000 AUTOSTRADE SPA 264,290.00 0.55

Utilities 3,561,460.00 7.36422,000 ENEL 2,274,580.00 4.70383,000 SNAM RETE GAS SPA 1,286,880.00 2.66




Italy


Japan


• • • •

Market Netvalue Asset

JPY %

1. Transferable securities admitted to an official stock exchange listing 7,083,997,500 98.05

SHARES 7,083,997,500 98.05

Banks and credit institutions 475,968,000 6.5946,200 CREDIT SAISON CO LTD 111,804,000 1.55

374 MITSUBISHI TOKYO FINANCIAL GROUP INC 312,664,000 4.33100 UFJ HOLDINGS INC 51,500,000 0.71

Building materials and trade 480,781,000 6.6535,000 DAITO TRUST CONSTRUCTION CO LTD 111,300,000 1.54

119,000 JGC CORP 133,042,000 1.84107,000 SEKISUI HOUSE LTD 118,449,000 1.6457,000 TOSTEM CORP 117,990,000 1.63

Chemicals 211,834,000 2.936,000 NITTO DENKO CORP 34,200,000 0.47

34,400 SHIN-ETSU CHEM. 150,672,000 2.0961,000 SUMITOMO CHEMICAL 26,962,000 0.37

Coal mining and steel industry 54,050,000 0.75235,000 NIPPON STEEL CORP 54,050,000 0.75

Communications 410,038,000 5.68202 FUJI TV NETWORK 117,160,000 1.62477 KDDI CORP 292,878,000 4.05

Electrical engineering and electronics 142,524,000 1.9722,200 FANUC LTD 142,524,000 1.97

Electronics and semiconductors 1,003,718,000 13.89113,000 BROTHER INDUSTRIES 111,079,000 1.5451,000 CANON INC 254,490,000 3.5213,200 HOYA CORP 129,888,000 1.8074,000 NIKON CORP 119,584,000 1.66

270,000 SANYO ELECTRIC CO LTD 151,200,000 2.0988,000 SHARP CORP 148,808,000 2.0623,900 SONY CORP 88,669,000 1.23

Foods and non alcoholic drinks 126,999,000 1.76103,000 AJINOMOTO CO INC 126,999,000 1.76

Holding and finance companies 663,788,000 9.1951,000 JFE HOLDINGS INC 149,175,000 2.06

50 MILLEA HOLDING 70,000,000 0.97141,000 NOMURA HOLDINGS 257,325,000 3.56

328 SUMITOMO MITSUI FINANCIAL GROUP INC 187,288,000 2.59

Internet and Internet services 105,244,000 1.4633,200 FUJI SOFT ABC INC 105,244,000 1.46

Machine and apparatus construction 381,504,000 5.2812,000 DAIKIN INDUSTRIES LTD 29,700,000 0.41

189,000 KOMATSU LTD 128,520,000 1.7860,000 KOMORI CORPORATION 95,220,000 1.329,600 SMC CORP 128,064,000 1.77

Miscellaneous services 113,905,000 1.5810,900 NOMURA RESEARCH INSTITUTE 113,905,000 1.58


JPY %

Miscellaneous trading companies 401,358,000 5.56100,000 ITOCHU CORP 35,400,000 0.49193,000 MITSUBISHI CORP. 219,248,000 3.03170,000 MITSUI CO.LTD 146,710,000 2.03

Non-ferrous metals 84,095,000 1.1680,000 MITSUI MINING & SMELTING CO LTD 35,600,000 0.4961,000 SUMITOMO METAL MINING CO LTD 48,495,000 0.67

Office supplies and computing 126,672,000 1.75312,000 TOSHIBA CORP 126,672,000 1.75

Paper and forest products 168,704,000 2.34240 NIPPON UNIPAC HOLDING 132,720,000 1.84

52,000 OJI PAPER CO LTD 35,984,000 0.50

Pharmaceuticals and cosmetics 399,102,000 5.5211,000 EISAI 31,790,000 0.4462,000 KAO CORP 135,160,000 1.8745,300 TAKEDA CHEMICAL IND 192,525,000 2.6611,900 YAMANOUCHI PHARMACEUTICAL CO 39,627,000 0.55

Real estate companies 183,448,000 2.54131,000 MITSUI FUDOSAN 126,808,000 1.7660,000 SUMITOMO REALTY DEVLOPMENT 56,640,000 0.78

Retail trade, department stores 259,056,000 3.5911,800 AEON CO LTD 42,362,000 0.5994,000 ISETAN CO LTD 110,920,000 1.5428,900 LAWSON INC 105,774,000 1.46

Road vehicles 818,420,500 11.3365,000 AISIN SEIKI CO 108,745,000 1.51

234,000 NISSAN MOTOR 286,416,000 3.9652,900 STANLEY ELECTRIC CO LTD 109,767,500 1.5286,600 TOYOTA MOTOR CORP 313,492,000 4.34

Tires and rubber 21,615,000 0.3015,000 BRIDGESTONE CORP 21,615,000 0.30

Transportation 279,859,000 3.87285 EAST JAPAN RAILWAY CO 143,925,000 1.99

100,000 KAWASAKI KISEN KAISHA 53,300,000 0.74158,000 MITSUI O.S.K. LINES 82,634,000 1.14

Utilities 171,315,000 2.3772,900 TOKYO ELECTRIC POWER 171,315,000 2.37

Total securities portfolio 7,083,997,500 98.05––––––––––––– –––-––––––––––––––– –––-––




CA-F

unds

40

• • • •


JPY %

1. Transferable securities admitted to an official stock exchange listing 3,804,676,300 96.33

SHARES 3,804,676,300 96.33

Banks and credit institutions 181,779,200 4.6012,800 AEON CREDIT SERVICE LTD 58,496,000 1.4826,700 MATSUI SECURITIES CO LTD 65,281,500 1.65

119,100 NISSIN 58,001,700 1.47

Building materials and trade 238,808,000 6.0542,000 AICA KOGYO CO LTD 46,536,000 1.1816,300 DAITO TRUST CONSTRUCTION CO LTD 51,834,000 1.3143,000 NICHIHA CORP 62,264,000 1.58

129,000 SANWA SHUTTER CORP 78,174,000 1.98

Chemicals 264,916,000 6.7117,000 C. UYEMURA AND CO LTD 47,600,000 1.2191,000 KANSAI PAINT CO LTD 46,956,000 1.19

115,000 KUREHA CHEMICAL INDUSTRY CO LTD 50,600,000 1.2825,000 LINTEC CORP 42,675,000 1.0850,000 NIPPON SANSO CORP 22,650,000 0.5757,000 NISSAN CHEMICAL INDUSTRIES LTD 54,435,000 1.38

Communications 19,285,000 0.4929 OKINAWA CELLULAR TELEPHONE CO 19,285,000 0.49

Electrical engineering and electronics 179,917,000 4.5610,300 ENESERVE CORP 44,290,000 1.1213,500 OPTEX 39,420,000 1.006,750 OPTEX CO LTD I03 WHEN ISSUED 19,710,000 0.50

43,000 USHIO INC. 76,497,000 1.94

Electronics and semiconductors 648,221,500 16.4130,000 ALPS ELECTRIC CO LTD 47,040,000 1.193,000 ARISAWA MFG CO 13,020,000 0.33

69,000 BROTHER INDUSTRIES 67,827,000 1.7215,000 CANON APTEX INC. 21,285,000 0.548,700 CITIZEN ELECTRONICS 84,825,000 2.15

13,000 IBIDEN 17,550,000 0.4457,000 JAPAN AVIATION ELECTRONICS INDUSTRY 65,037,000 1.6540,000 JAPAN RADIO CO LTD 20,920,000 0.5330,300 KAGA ELECTRONICS CO LTD 56,509,500 1.434,000 KOHA CO LTD 16,040,000 0.41

800 RISO KAGAKU CORP 3,184,000 0.0835,000 SANKEN ELECTRIC 52,465,000 1.339,000 SHINKAWA LTD 20,295,000 0.518,000 SHINKO ELECTRIC INDUSTRIES CO LTD 20,240,000 0.51

30,200 TOYO CORP 35,787,000 0.9165,000 YASKAWA ELECTRIC CORP 45,825,000 1.1639,000 YOKOGAWA ELECTRIC CORP 60,372,000 1.53

Foods and non alcoholic drinks 57,890,000 1.4770,000 ORIENTAL YEAST 57,890,000 1.47

Graphic art and publishing 31,020,000 0.793,000 TAKARA PRINTING CO LTD 2,436,000 0.06

24,000 TOPPAN FORMS CO LTD 28,584,000 0.72

Hotels and restaurants 54,808,000 1.39221 ROUND ONE CORP 54,808,000 1.39


JPY %

Insurance 49,800,000 1.26100,000 NISSAY DOWA GENERAL 49,800,000 1.26

Internet and Internet services 88,773,000 2.2516,100 CAPCOM CO LTD 21,252,000 0.5421,300 FUJI SOFT ABC INC 67,521,000 1.71

Machine and apparatus construction 148,320,000 3.7660,000 HITACHI CONST MACH. 97,380,000 2.4718,000 JAPAN CASH MACHINE 50,940,000 1.29

Miscellaneous consumer goods 75,750,000 1.9222,400 BANDAI CO LTD 60,480,000 1.536,000 RINNAI CORP 15,270,000 0.39

Miscellaneous services 553,299,600 14.0112,500 DAIICHIKOSHO CO LTD 64,375,000 1.63

159 EN-JAPAN INC 45,315,000 1.1533 FAITH INC 31,350,000 0.7965 FULLCAST CO LTD 21,580,000 0.5561 GIGNO SYSTEM JAPAN INC 14,945,000 0.38

225 GOODWILL GROUP INC 53,325,000 1.3590 INDEX CORP 56,700,000 1.44

20,200 KOEI CO LTD 67,064,000 1.704,600 MOSHI MOSHI HOTLINE 36,984,000 0.94

19,800 SUMITOMO LEASING 67,518,000 1.7112,420 USS 94,143,600 2.38

Miscellaneous trading companies 33,565,000 0.8513,700 DOSHISHA CO LTD 33,565,000 0.85

Non-ferrous metals 72,880,000 1.8528,000 MITSUI MINING & SMELTING CO LTD 12,460,000 0.3276,000 SUMITOMO METAL MINING CO LTD 60,420,000 1.53

Packaging industries 60,768,000 1.5414,400 FUJI SEAL 60,768,000 1.54

Paper and forest products 52,809,000 1.3487,000 HOKUETSU PAPER MILLS LTD 52,809,000 1.34

Pharmaceuticals and cosmetics 166,681,000 4.2240,000 KURAYA SANSEIDO 41,920,000 1.0619,500 NISSIN HEALTHCARE FOOD SERVICE CO 42,510,000 1.0811,100 SUGI PHARMACY CO LTD 82,251,000 2.08

Photographics and optics 32,400,000 0.826,000 TAMRON CO LTD 32,400,000 0.82

Real estate companies 151,254,000 3.8317,000 AEON MALL CO LTD 56,100,000 1.4262,000 DAIBIRU CORP 35,774,000 0.915,400 IIDA HOME MAX 24,030,000 0.61

35,000 LEOPALACE21 CORP 35,350,000 0.90

Retail trade, department stores 256,832,600 6.5010,000 BELLUNA CO LTD 39,200,000 0.995,500 CAWACHI LTD 39,325,000 1.007,400 DON QUIJOTE 40,996,000 1.04

27,700 KS DENKI CORP 53,461,000 1.3547,400 NISSEN CO LTD 83,850,600 2.12



Japan Smaller Companies


Japan Smaller Companies


• • • •


JPY %

Road vehicles 186,632,400 4.73112,000 KAYABA INDUSTRY CO LTD 50,176,000 1.2721,300 NIDEC TOSOK CORP 32,013,900 0.8113,000 NOK CORP 50,700,000 1.2825,900 STANLEY ELECTRIC CO LTD 53,742,500 1.36

Textiles and garments 96,223,000 2.4410,400 HOGY MEDICAL CO LTD 48,464,000 1.2330,000 SANYO SHOKAI LTD 20,820,000 0.537,900 WORLD CO 26,939,000 0.68

Transportation 58,880,000 1.4932,000 ALPS TRANS SYSTEMS CORP 58,880,000 1.49

Watch industry 43,164,000 1.0936,000 HORIBA 43,164,000 1.09

2. Transferable securities dealt in on another regulated market 97,190,000 2.46

SHARES 97,190,000 2.46

Communications 27,000,000 0.681,200 USEN CORP (NEW SHS) 27,000,000 0.68

Internet and Internet services 17,400,000 0.4425 G-MODE CO LTD 17,400,000 0.44

Real estate companies 18,980,000 0.4865 CREEK 18,980,000 0.48

Retail trade, department stores 33,810,000 0.8614,700 HARD OFF CORPORATION CO LTD 33,810,000 0.86

Total securities portfolio 3,901,866,300 98.79––––––––––––– –––-––––––––––––––– –––-––




CA-F

unds

42

• • • •



SHARES 3,740,485.49 84.44

Banks and credit institutions 469,375.46 10.6020,000 DAEGU BANK 96,670.58 2.189,000 HANA BANK 165,864.60 3.745,530 KOOKMIN BANK 206,840.28 4.67

Building materials and trade 318,112.38 7.185,660 DAELIM INDUSTRIAL CO 199,138.04 4.50

11,500 HYUNDAI DEVELOPMENT COMPANY ENGINEERING 118,974.34 2.69

Chemicals 402,700.82 9.0920,000 HANWHA CHEMICAL CORPORATION 190,157.90 4.293,000 HONAM PETROCHEMICAL 154,555.65 3.492,490 LG PETROCHEMICAL CO LTD 57,987.27 1.31

Communications 158,367.19 3.58950 SK TELEKOM 158,367.19 3.58

Electrical engineering and electronics 645,531.62 14.5730,000 DONGYANG MACHUNERY 118,115.70 2.6711,200 KOREA ELECTRIC TERMINAL 225,173.76 5.08

800 SAMSUNG ELECTRONICS CO LTD 302,242.16 6.82

Electronics and semiconductors 82,262.14 1.86400 SAMSUNG ELECTRONICS CO LTD PFD SHS

N/VTG 82,262.14 1.86

Graphic art and publishing 215,858.54 4.87970 CHEIL COMMUNICATIONS 140,574.44 3.17

4,300 LGAD 75,284.10 1.70

Holding and finance companies 71,333.09 1.614,470 SHINHAN FINANCIAL GROUP 71,333.09 1.61

Insurance 114,764.90 2.592,000 SAMSUNG FIRE AND MARINE INSURANCE 114,764.90 2.59

Internet and Internet services 154,806.96 3.492,800 NCSOFT 154,806.96 3.49

Machine and apparatus construction 163,519.04 3.6920,000 DAEWOO HEAVY INDUSTRIES AND

MACHINERY LT 163,519.04 3.69

Paper and forest products 96,142.83 2.174,600 HANKUK PAPER MANUFACTURING 96,142.83 2.17

Retail trade, department stores 267,812.69 6.053,000 HYUNDAI DEPARTMENT STORE SHS 97,759.59 2.21

700 SHINSEGAE CO LTD 170,053.10 3.84

Road vehicles 374,242.48 8.455,000 HYUNDAI MOBIS 268,482.85 6.062,500 HYUNDAI MOTOR CO LTD 105,759.63 2.39


Tires and rubber 113,089.50 2.5515,000 HAN KOOK TIRE MFG 113,089.50 2.55

Transportation 92,565.85 2.095,000 HAN JIN SHIPPING CO LTD 92,565.85 2.09


SHARES 550,590.88 12.43

Communications 177,780.88 4.0165,000 HANARO TELECOM CO 177,780.88 4.01

Machine and apparatus construction 178,731.25 4.0318,553 TOP ENGINEERING CO LTD 178,731.25 4.03

Miscellaneous sectors 79,665.27 1.803,000 POWER LOGICS CO LTD 79,665.27 1.80

Photographics and optics 73,717.60 1.664,000 SEKONIX CO LTD 73,717.60 1.66

Tires and rubber 40,695.88 0.924,170 DAEJIN DMP 40,695.88 0.92


Office supplies and computing 141,613.19 3.2012,250 BAIKSAN OPC CO LTD 141,613.19 3.20




Korea


Switzerland


• • • •

Market Netvalue AssetCHF %


SHARES 29,967,419.57 71.77

Banks and credit institutions 5,404,878.00 12.9538,320 CS GROUP NAMEN-AKT 1,733,980.00 4.1543,340 UBS NAM.AKT 3,670,898.00 8.79

Biotechnology 691,965.00 1.662,970 ACTELION LTD NAMEN 396,495.00 0.95

335 SERONO -B- 295,470.00 0.71

Building materials and trade 627,264.00 1.5010,890 HOLCIM NAMEN 627,264.00 1.50

Chemicals 2,043,197.00 4.896,000 CIBA SPEZIALITAETENCHEMIE HOLDING NAM. 574,200.00 1.38

19,060 CLARIANT NAMEN AKT 347,845.00 0.83550 GIVAUDAN SA REG.SHS 353,100.00 0.85

1,500 LONZA GROUP NOM. 106,650.00 0.267,940 SYNGENTA NAMEN 661,402.00 1.58

Communications 693,600.00 1.661,700 SWISSCOM SHS NOM 693,600.00 1.66

Electrical engineering and electronics 1,018,191.57 2.44162,391 ABB NAM.AKT 1,018,191.57 2.44

Electronics and semiconductors 1,279,428.00 3.065,830 KUDELSKI SA 238,155.50 0.575,250 MICRONAS SEMICONDUCTOR HOLDING

NAMEN 277,987.50 0.679,960 SEZ HOLDING NOM. 423,300.00 1.011,940 UNAXIS HOLDING NOM. 339,985.00 0.81

Foods and non alcoholic drinks 3,738,900.00 8.9612,100 NESTLE SA REG.SHS 3,738,900.00 8.96

Holding and finance companies 2,911,470.00 6.9735,100 CIE FIN RICHEMONT UNITS -A- (1AKT.A 1PS) 1,042,470.00 2.5010,500 ZURICH FINANCIAL SERVICES NAMEN-AKT 1,869,000.00 4.48

Insurance 1,915,785.00 4.5915,250 CIE SUISSE REASSURANCE REG 1,273,375.00 3.052,830 SWISS LIFE HOLDING N-NAMEN REGISTERED 642,410.00 1.54

Machine and apparatus construction 416,760.00 1.001,380 SCHINDLER HOLDING PS 416,760.00 1.00

Miscellaneous services 1,306,385.00 3.137,550 ADECCO REG.SHS 600,225.00 1.44

910 SGS NOM. REG SHS LTD 706,160.00 1.69

Office supplies and computing 236,470.00 0.574,420 LOGITECH INTERNATIONAL NAM.AKT 236,470.00 0.57

Pharmaceuticals and cosmetics 7,326,726.00 17.5557,590 NOVARTIS SA REG.SHS 3,233,678.50 7.7432,810 ROCHE HOLDING GENUSSSCHEIN 4,093,047.50 9.80


Watch industry 356,400.00 0.852,400 THE SWATCH GROUP REG 356,400.00 0.85



Banks and credit institutions 1,950.00 0.00-50 UBS AG MAR 80 19.03.04 CALL -5,950.00 -0.0150 UBS AG MAR 87.50 19.03.04 CALL 7,900.00 0.02

Insurance 9,954.00 0.02-180 ZURICH FINANCIAL MAR 155 22.03.04 PUT -3,078.00 -0.01180 ZURICH FINANCIAL MAR 180 19.03.04 CALL 13,032.00 0.03





CA-F

unds

44

• • • •



SHARES 55,244,465.73 94.93

Banks and credit institutions 14,964,338.18 25.71715,500 BANGKOK BANK PUBLIC CO LTD -F- 2,077,057.15 3.57

4,700,000 BANK OF AYUDHYA PUBLIC CO LTD -F- 1,672,853.61 2.871,860,000 KASIKORNBANK -F- 3,286,638.60 5.65

12,038,000 KRUNG THAI BANK FOREIGN REGISTERED 3,737,665.38 6.422,320,000 SIAM CITY BANK PUBLIC -F- 1,411,386.62 2.43

16,070,000 THE THAI MILITARY BANK PUBLIC CO -F- 2,778,736.82 4.77

Building materials and trade 5,072,207.26 8.721,680,000 CH KARNCHANG PUBLIC COMPANY -F- 1,092,012.18 1.88

173,000 SIAM CEMENT UNITS N.VTING DEPOS REC 1,109,227.91 1.913,220,000 SINO THAI ENGINEERING AND CONST.

FOREIGN 1,674,418.68 2.884,788,000 TICON INDUS CONNECT FOREIGN REG -F- 1,196,548.49 2.06

Chemicals 5,675,939.04 9.751,760,000 AROMATICS (THAI) PUBLIC CO -F- 2,821,157.68 4.85

980,000 THAI OLEFINS PUBLIC CO LTD FOREIGN REG. 1,805,884.22 3.10212,000 THAI PLASTIC CHEMICAL LTD -F- 1,048,897.14 1.80

Communications 8,290,299.12 14.25810,000 ADVANCED INFO SERVICE -F- 1,727,757.14 2.97

5,138,000 JASMINE INT'L PUBLIC CO -F- 1,543,412.55 2.652,099,000 SHIN CORPORATION PUBLIC CO -F- 2,066,417.22 3.556,357,000 TELECOMASIA CORP PUBLIC -F- 1,155,382.21 1.99

993,000 TOTAL ACCESS COMMUNICATION PUBLIC -F-REG 1,797,330.00 3.09

Electrical engineering and electronics 1,389,513.56 2.394,500,000 CHAROONG THAI WIRE -F- REG 19.04.06

WAR 636,123.60 1.092,955,000 CHAROONG THAI WIRE AND CABLE -F- REG 753,389.96 1.29

Holding and finance companies 1,381,418.13 2.371,052,400 FINANSA PUBLIC CO LTD FOREIGN

REGISTERED 1,381,418.13 2.37

Hotels and restaurants 0.06 0.00223,240 ROYAL PRINCESS PUBLIC CO LTD -F- 0.06 0.00

Miscellaneous consumer goods 0.06 0.00220,000 RENOWN LEATHERWEARS PUBLIC CO -F- 0.06 0.00

Petroleum 4,706,072.68 8.092,460,000 BANGCHAK PETROLEUM PUBLIC CO -F-

REG 1,043,242.70 1.79376,000 BANGCHAK PETROLEUM PUBLIC CO NVDR 159,454.98 0.27152,000 PTT EXPLORATION AND PRODUCTION

-F- REG 1,028,298.85 1.77530,000 PTT PUBLIC COMPANY LTD -F- 2,475,076.15 4.25

Precious metals and stones 0.20 0.00806,550 THAI GRANITE PUBLIC CO LTD -F- 0.20 0.00


Real estate companies 5,166,734.93 8.883,428,600 AMARIN PLAZA FOREIGN REG 1,557,866.70 2.684,379,000 AMATA CORP -FOREIGN REG- 1,647,032.55 2.833,530,000 ROJANA INDUSTRIAL PARK PUBLIC CO -F-

REG 1,256,419.84 2.164,050,000 SIAM FUTURE DEV.PUB.COMP.LTD FOR.REG. 705,415.64 1.21

789,150 UNIVEST LAND PUBLIC CO LTD -F- 0.20 0.00

Transportation 3,593,770.19 6.181,585,000 PRECIOUS SHIPPING NON VOTING

DEP.RECEIPT 1,400,355.43 2.412,228,000 THORESEN THAI AGENC NON VOTING

DEP REC 2,193,414.76 3.77

Utilities 5,004,172.32 8.60580,000 BANPU PUBLIC CO LTD(NON-VOT.

DEP.RECEIPT) 1,874,040.32 3.22670,000 ELECTRICITY GENERATING N-VTG

DEPOSIT LTD 1,522,152.90 2.621,300,000 RATCHABURI ELEC.GEN.HDG PUB.CO

-F- REG 1,607,979.10 2.76


Building materials and trade 406,601.62 0.70758,000 CH KARNCHANG PUBLIC FOR.REG.XX.XX.XX

WAR 406,601.62 0.70

Electrical engineering and electronics 1,105,264.76 1.903,150,000 POWER LINE ENGINEER.FOR.REG.11.06.06

WAR 1,105,264.76 1.90

Hotels and restaurants 33,131.44 0.06437,500 MAJOR CINEPLEX GRP FOR.REG. XX.XX.06

WAR 33,131.44 0.06

Real estate companies 382,133.58 0.66983,000 SIAM FUTURE DEV.FOR.REG. 12.12.05 WAR 382,133.58 0.66


SHARES 1,031,508.87 1.77

Building materials and trade 1,031,508.87 1.778,172,633 SIAM SYNTECH CONSTR.SHS/-F-

REGISTERED 1,031,508.87 1.77

BONDS 0.00 0.00

Holding and finance companies 0.00 0.004,362 FINANCE ONE PUBLIC -F-3.75 94-01 15/03S 0.00 0.00

Road vehicles 0.00 0.004,341 SWEDISH MOTORS CIE 03-07 28/11U 0.00 0.00



Thailand


Thailand


• • • •



Building materials and trade 72,573.63 0.1250,000 UNION MOSAIC INDUS.-F- REG31.12.12 RIGHT 72,573.63 0.12





CA-F

unds

46

• • • •

Market Netvalue AssetGBP %


SHARES 25,976,601.24 97.05

Aerospace industry 236,250.00 0.88140,000 BAE SYSTEMS 236,250.00 0.88

Banks and credit institutions 6,893,712.50 25.7640,000 ABBEY NATIONAL PLC 211,600.00 0.79

225,000 BARCLAYS PLC 1,116,562.50 4.17120,000 HBOS 864,600.00 3.23250,000 HSBC HOLDINGS PLC (USD 0.5) 2,202,500.00 8.23220,000 LLOYDS TSB GROUP PLC 977,900.00 3.6580,000 ROYAL BANK OF SCOTLAND GROUP PLC 1,317,600.00 4.9222,000 STANDARD CHARTERED PLC 202,950.00 0.76

Chemicals 292,400.00 1.0925,000 BOC GROUP PLC 213,500.00 0.8040,000 IMPERIAL CHEMICAL INDUSTRIES PLC 78,900.00 0.29

Coal mining and steel industry 76,250.10 0.28254,167 CORUS GROUP PLC 76,250.10 0.28

Communications 3,332,865.00 12.4537,000 BRITISH SKY BROADCASTING GROUP 259,740.00 0.97

225,000 BT GROUP PLC 419,625.00 1.57165,000 CABLE & WIRELESS PLC 221,100.00 0.83150,000 GRANADA PLC 181,500.00 0.68

1,640,000 VODAFONE GROUP PLC 2,250,900.00 8.41

Foods and non alcoholic drinks 446,900.00 1.6720,000 ASSOCIATED BRITISH FOODS PLC 116,700.00 0.4430,000 CADBURY SCHWEPPES 123,300.00 0.4640,000 UNILEVER PLC 206,900.00 0.77

Graphic art and publishing 743,981.25 2.7820,000 PEARSON PLC 124,300.00 0.4637,500 REED ELSEVIER PLC 173,531.25 0.6570,000 REUTERS GROUP PLC 166,950.00 0.6240,000 WPP GROUP PLC 218,400.00 0.8220,000 YELL GROUP PLC 60,800.00 0.23

Holding and finance companies 643,975.00 2.4195,000 AMVESCAP 387,600.00 1.4517,500 MAN GROUP PLC 256,375.00 0.96

Hotels and restaurants 444,711.00 1.6660,000 COMPASS GROUP PLC 227,700.00 0.8550,000 HILTON GROUP PLC 112,750.00 0.4210,000 LUMINAR 41,000.00 0.1528,116 MITCHELLS AND BUTLERS 63,261.00 0.24

Insurance 1,819,762.50 6.80100,000 AVIVA PLC 490,000.00 1.83275,000 BRIT INSURANCE HOLDINGS 198,687.50 0.74575,000 LEGAL GENERAL GROUP PLC 572,125.00 2.1435,000 PRUDENTIAL PLC 165,200.00 0.62

450,000 ROYAL AND SUN ALLIANCE INSURANCE GROUP 393,750.00 1.47


Machine and apparatus construction 194,481.25 0.7372,500 GKN 194,481.25 0.73

Non-ferrous metals 894,064.96 3.3435,581 ANGLO AMERICAN 432,664.96 1.6230,000 RIO TINTO PLC 461,400.00 1.72

Office supplies and computing 218,750.00 0.82125,000 SAGE GROUP 218,750.00 0.82

Packaging industries 75,517.02 0.2817,727 REXAM 75,517.02 0.28

Petroleum 3,726,600.00 13.92100,000 BG GROUP 286,500.00 1.07530,000 BP PLC 2,408,850.00 9.00250,000 SHELL TRANSPORT TRADING CO PLC 1,031,250.00 3.85

Pharmaceuticals and cosmetics 2,756,375.00 10.3050,000 ALIZYME PLC 85,875.00 0.3241,000 ASTRAZENECA 1,104,950.00 4.13

122,500 GLAXOSMITHKLINE PLC 1,565,550.00 5.85

Precious metals and stones 292,800.00 1.0960,000 BHP BILLITON PLC 292,800.00 1.09

Real estate companies 253,520.00 0.9516,000 BRITISH LAND CO PLC 94,560.00 0.3516,000 LAND SECURITIES GROUP PLC 158,960.00 0.59

Retail trade, department stores 1,159,637.50 4.3313,500 BOOTS GROUP PLC 92,880.00 0.3526,000 GREAT UNIVERSAL STORES PLC ORD. STCK

UNIT 198,770.00 0.7440,000 J. SAINSBURY PLC 123,700.00 0.4665,000 MARKS AND SPENCER GRP (NEW) 187,687.50 0.70

190,000 TESCO ORD PLC 482,600.00 1.8050,000 THE CARPHONE WAREHOUSE GROUP PLC 74,000.00 0.28

Tobacco and alcoholic drinks 1,012,747.50 3.7830,000 ALLIED DOMECQ PLC (NEW) 129,600.00 0.4837,500 BRITISH AMERICAN TOBACCO PLC 288,375.00 1.0830,000 DIAGEO PLC 221,100.00 0.8315,000 GALLAHER GROUP PLC 89,250.00 0.3318,000 IMPERIAL TOBACCO GROUP PLC 198,000.00 0.7423,000 SCOTTISH NEWCASTLE PLC 86,422.50 0.32

Transportation 120,975.00 0.4510,000 BAA PLC (BRITISH AIRPORT AUTHORITIES) 49,650.00 0.1930,000 PENINSUL.ORIENT.STEAM NAVIG. DEF.SHS 71,325.00 0.27

Utilities 340,325.66 1.27100,000 CENTRICA PLC 210,500.00 0.7910,833 UNITED UTILITIES -A- 32,715.66 0.1219,500 UNITED UTILITIES PLC 97,110.00 0.36



United Kingdom


United Kingdom


• • • •


2. Other transferable securities 0.25 0.00

SHARES 0.25 0.00

Coal mining and steel industry 0.25 0.00254,167 CORUS GROUP DEFERRED GBP 0.25 0.00





CA-F

unds

48

• • • •



SHARES 7,581,571.01 91.60

Banks and credit institutions 534,964.54 6.46926 COMMUNITY BANKS SHS 37,077.04 0.45

2,300 FIRST SENTINEL 49,289.00 0.606,400 GREATER BAY BANCORP 187,776.00 2.271,050 INAMED 51,145.50 0.62

980 PFF BANCORP INC 36,162.00 0.442,000 WADDELL REED FINANCIAL -A- 46,780.00 0.573,500 WILMINGTON TRUST CORP 126,735.00 1.53

Biotechnology 153,994.00 1.861,600 CHARLES RIVER LABORATORIES

INTERNATIONAL 54,688.00 0.661,800 NEUROCRINE BIOSCIENCES 99,306.00 1.20

Chemicals 406,749.00 4.915,000 AIRGAS INC 107,650.00 1.302,000 CELGENE CORP 90,180.00 1.093,400 H B FULLER CO 101,796.00 1.232,900 OLIN 59,363.00 0.72

800 SCOTTS -A- 47,760.00 0.58

Coal mining and steel industry 152,276.00 1.843,200 ARCH COAL 101,696.00 1.231,200 PEABODY ENERGY CORP 50,580.00 0.61

Communications 256,143.00 3.098,000 RADIO ONE NON VOTING -D- 155,600.00 1.884,300 SEACHANGE INTL 67,510.00 0.822,100 TEKELEC 33,033.00 0.40

Electrical engineering and electronics 286,736.00 3.463,300 AEROFLEX INCORPORATED 39,765.00 0.486,200 CABLE DESIGN TECHNOLOGIES CORP 58,590.00 0.714,700 PLEXUS 82,673.00 1.004,600 SEMTECH CORP 105,708.00 1.28

Electronics and semiconductors 807,957.80 9.763,500 AVNET INC 76,300.00 0.923,280 DIEBOLD INC 176,496.80 2.13

900 EXCEL TECHNOLOGY INC 29,808.00 0.362,300 FAIRCHILD SEMICONDUCTOR INTL 57,086.00 0.692,000 JABIL CIRCUIT INC 56,740.00 0.692,900 METTLER TOLEDO INTERNATIONAL 122,670.00 1.483,500 PHOTON DYNAMICS 140,700.00 1.703,700 SKYWORKS SOLUTIONS INC 32,412.00 0.393,500 WATERS 115,745.00 1.40

Foods and non alcoholic drinks 218,555.00 2.641,800 PANERA BREAD CO -A- 72,180.00 0.873,100 PEETS COFFEE & TEA INC 55,025.00 0.662,500 PERFORMANCE FOOD GROUP CO 91,350.00 1.10

Graphic art and publishing 206,410.20 2.498,000 ENTRAVISION COMMUNICATIONS -A- 89,760.00 1.082,165 PULITZER INC 116,650.20 1.41


Healthcare and social services 204,030.00 2.463,900 AMSURG CORP 150,150.00 1.811,000 UNIVERSAL HEALTH SERVICES INC 53,880.00 0.65

Holding and finance companies 450,876.00 5.453,350 COMMERCIAL CAPITAL BANCORP INC 72,561.00 0.881,350 DORAL FINANCIAL CORP 43,605.00 0.531,000 LEGG MASON 77,310.00 0.936,500 UCBH HILDINGS 257,400.00 3.11

Hotels and restaurants 106,139.00 1.281,200 CHEESECAKE FACTORY INC 53,544.00 0.656,700 SIX FLAGS INC 52,595.00 0.64

Internet and Internet services 208,226.25 2.522,800 ACTIVISION 51,576.00 0.621,000 F5 NETWORKS 25,540.00 0.312,555 FILENET CORP 70,390.25 0.854,400 PEROT SYSTEMS CORPORATION -A- 60,720.00 0.73

Machine and apparatus construction 60,830.00 0.733,500 ASYST TECHNOLOGIES 60,830.00 0.73

Miscellaneous consumer goods 103,324.00 1.252,000 CHURCH AND DWIGHT 79,860.00 0.96

700 SCP POOL CORP 23,464.00 0.28

Miscellaneous services 914,604.22 11.052,000 ALLIANCE DATA SYSTEMS CORP 55,280.00 0.677,100 DEVRY 177,713.00 2.15

950 FORRESTER RESEARCH INC 17,375.50 0.214,000 IRON MOUNTAIN 158,960.00 1.921,600 ITT EDUCATIONAL SERVICES 75,184.00 0.912,600 LIFEPOINT HOSPITALS 76,830.00 0.932,300 MANECH INTL -A- 57,178.00 0.695,000 QUALITY DISTRIBUTION INC 98,750.00 1.193,100 RENAL CARE GROUP INC 128,433.00 1.553,416 WERNER ENTERPRISES 68,900.72 0.83

Office supplies and computing 238,685.00 2.889,000 BELL MICROPRODUCTS 81,000.00 0.984,700 MICROSHIP TECH 157,685.00 1.91

Petroleum 433,727.00 5.241,200 CORE LABORATORIES 20,340.00 0.25

10,900 GREY WOLF 41,202.00 0.501,900 MAVERICK TUBE CORP 36,936.00 0.451,300 PATTERSON-UTI ENERGY 43,810.00 0.532,300 PRECISION DRILLING CORP 100,625.00 1.221,590 PREMCOR INC 41,181.00 0.501,900 STONE ENERGY 81,529.00 0.983,600 SUPERIOR ENERGY SERVICES INC 34,344.00 0.411,600 VARCO INTERNATIONAL INC 33,760.00 0.41

Pharmaceuticals and cosmetics 477,100.00 5.766,600 ALKERMES INC 90,684.00 1.101,400 CEPHALON INC 67,858.00 0.823,100 CONCEPTUS INC 33,511.00 0.403,900 NPS PHARMACEUTICALS 120,159.00 1.452,900 RESPIRONICS INC 132,588.00 1.601,700 VICURON PHARMACEUTICALS INC 32,300.00 0.39



US Smaller Companies


US Smaller Companies


• • • •


Precious metals and stones 168,680.00 2.0419,000 COEUR D'ALENE MINES 108,680.00 1.3120,000 WHEATON RIVER MINERALS 60,000.00 0.72

Retail trade, department stores 657,400.00 7.943,500 A.C. MOORE ARTS AND CRAFTS INC 68,670.00 0.831,000 ANN TAYLOR STORES CORP 39,200.00 0.473,500 BARNES NOBLE INC 115,080.00 1.392,400 DICK'S SPORTING GOOD INC 117,600.00 1.423,250 ELECTRONICS BOUTIQUE 75,335.00 0.91

700 FREDS -A- 21,952.00 0.272,700 REGIS CORP 107,676.00 1.305,900 WILD OATS MARKETS INCORPORATED 76,877.00 0.931,000 WILLIAMS-SONOMA 35,010.00 0.42

Textiles and garments 239,705.00 2.902,200 COLOMBIA SPORTSWEAR CO 121,396.00 1.471,700 REEBOK INTERNATIONAL LIMITED 66,419.00 0.801,000 TIMBERLAND CO / -A- 51,890.00 0.63

Transportation 294,459.00 3.563,500 ARKANSAS BEST CORP 113,505.00 1.372,100 INTERNATIONAL SPEEDWAY -A- 94,689.00 1.141,900 SWIFT TRANSPORTATION 40,375.00 0.491,300 USF CORP 45,890.00 0.55


SHARES 18,600.00 0.22

Holding and finance companies 18,600.00 0.221,000 SCS TRANSPORTATION INC -WHEN ISSUE- 18,600.00 0.22





CA-F

unds

50

• • • •



SHARES 20,692,921.03 99.17

Aerospace industry 545,654.00 2.623,700 BOEING CO COM. 156,436.00 0.756,900 HONEYWELL INTERNATIONAL 227,769.00 1.091,700 NORTHROP GRUMMAN CORP 161,449.00 0.77

Banks and credit institutions 3,842,737.00 18.427,900 AMERICAN EXPRESS CO COM. 381,491.00 1.83

13,200 CITIGROUP INC 639,276.00 3.063,000 FANNIE MAE 224,760.00 1.084,300 GOLDMAN SACHS GROUP 426,388.00 2.047,900 PNC FINANCIAL SERVIVES GROUP 432,604.00 2.07

26,000 US BANCORP 774,020.00 3.716,400 WACHOVIA CORP 298,176.00 1.43

11,300 WELLS FARGO AND CO NEW 666,022.00 3.19

Chemicals 458,916.56 2.203,200 AIR PRODUCTS CHEMICALS INC 168,416.00 0.814,200 DU PONT E I NEMOURS CO 192,192.00 0.923,600 ECOLAB INC 98,280.00 0.47

1 MONSANTO CO (NEW) 28.56 0.00

Coal mining and steel industry 56,800.00 0.271,600 US STEEL 56,800.00 0.27

Communications 1,984,114.00 9.517,400 ALLTEL CORP 345,210.00 1.653,000 AT & T COMCAST CORP 97,020.00 0.469,600 AT T WIRELESS 76,320.00 0.37

25,000 MOTOROLA 347,750.00 1.676,900 SBC COMMUNICATIONS INC 179,814.00 0.86

12,300 VERIZON COMMUNICATIONS INC 430,500.00 2.0611,600 VIACOM INC -B- NON-VOTING 507,500.00 2.43

Electronics and semiconductors 275,888.00 1.328,600 INTEL CORP 275,888.00 1.32

Environmental services and recycling 315,008.00 1.5110,700 WASTE MANAGEMENT 315,008.00 1.51

Foods and non alcoholic drinks 537,139.00 2.577,400 PEPSICO INC. 344,988.00 1.658,900 SARA LEE CORP 192,151.00 0.92

Graphic art and publishing 495,830.00 2.3827,700 TIME WARNER INC 495,830.00 2.38

Healthcare and social services 344,627.00 1.652,200 CIGNA CORP 125,378.00 0.605,100 HCA INC 219,249.00 1.05

Holding and finance companies 614,400.00 2.9420,000 GENERAL ELECTRIC CO 614,400.00 2.94


Hotels and restaurants 708,393.00 3.3923,100 HILTON HOTELS CORP 396,165.00 1.9012,600 MC DONALDS CORP 312,228.00 1.50

Insurance 1,634,605.62 7.8312,600 AMERICAN INTERNATL GROUP INC 831,852.00 3.9911,600 AON CORP 276,892.00 1.334,000 CHUBB CORP 272,000.00 1.303,800 LINCOLN NATIONAL CORP 152,608.00 0.733,000 METLIFE INC 101,220.00 0.49

1 TRAVELERS PROPERTY -B- 16.82 0.001 TRAVELERS PROPERTY CASUALTY CORP -A- 16.80 0.00

Internet and Internet services 1,317,950.85 6.328,600 AUTOMATIC DATA PROCESSING INC 337,034.00 1.626,479 BEARINGPOINT INC 65,761.85 0.325,900 FIRST DATA CORP 240,425.00 1.15

24,500 MICROSOFT CORP 674,730.00 3.23

Machine and apparatus construction 223,146.00 1.073,300 INGERSOLL-RAND COMPANY LTD -A- 223,146.00 1.07

Miscellaneous consumer goods 189,373.00 0.911,900 PROCTER GAMBLE CO 189,373.00 0.91

Miscellaneous sectors 254,388.00 1.228,600 MEADWESTVACO 254,388.00 1.22

Non-ferrous metals 167,684.00 0.804,400 ALCOA 167,684.00 0.80

Office supplies and computing 557,298.00 2.6713,400 BMC SOFTWARE INC 249,910.00 1.208,800 CISCO SYSTEMS 213,752.00 1.022,700 DELL INC 93,636.00 0.45

Paper and forest products 150,944.00 0.722,000 INTERNATIONAL PAPER CO 86,220.00 0.411,100 KIMBERLY CLARK 64,724.00 0.31

Petroleum 2,049,447.00 9.824,200 ANADARKO PETROLEUM 215,208.00 1.03

13,200 BP P.L.C.ADR REPR.6SHS 647,856.00 3.105,600 CONOCOPHILLIPS 366,128.00 1.757,700 ENSCO INTERNATIONAL INC 212,366.00 1.026,900 SCHLUMBERGER LTD 383,226.00 1.846,100 UNOCAL CORP 224,663.00 1.08

Pharmaceuticals and cosmetics 1,582,350.00 7.584,800 ABBOTT LABORATORIES 223,536.00 1.073,100 BECTON DICKINSON 128,495.00 0.625,800 JOHNSON JOHNSON 297,946.00 1.43

15,100 PFIZER INC 529,557.00 2.549,600 WYETH 402,816.00 1.93

Retail trade, department stores 680,302.00 3.2612,600 HOME DEPOT INC 444,654.00 2.1312,800 KROGER CO 235,648.00 1.13



US Value


US Value


• • • •


Road vehicles 354,660.00 1.704,900 GENERAL MOTORS CORP 262,395.00 1.261,500 LEAR CORPORATION 92,265.00 0.44

Textiles and garments 76,450.00 0.372,200 JONES APPAREL GROUP LTD 76,450.00 0.37

Tobacco and alcoholic drinks 151,284.00 0.732,800 ALTRIA GROUP 151,284.00 0.73

Transportation 324,365.00 1.551,900 UNION PACIFIC CORP. 131,575.00 0.632,600 UNITED PARCEL SERVICE -B- 192,790.00 0.92

Utilities 799,167.00 3.833,500 CONSTELLATION ENRGY GROUP 138,075.00 0.665,100 EXELON CORP 337,416.00 1.622,500 FPL GROUP INC 164,475.00 0.795,700 PG AND E CORP 159,201.00 0.76





CA-F

unds

52

• • • •



SHARES 236,531,791.94 97.06

Aerospace industry 5,448,865.40 2.2457,599 UNITED TECHNOLOGIES CORPORATION 5,448,865.40 2.24

Banks and credit institutions 26,873,569.06 11.03127,963 AMERICAN EXPRESS CO COM. 6,179,333.27 2.54135,021 CITIGROUP INC 6,539,067.03 2.6847,880 GOLDMAN SACHS GROUP 4,747,780.80 1.9555,000 WACHOVIA CORP 2,562,450.00 1.05

116,134 WELLS FARGO AND CO NEW 6,844,937.96 2.81

Biotechnology 1,744,200.00 0.7230,000 GILEAD SCIENCES INC 1,744,200.00 0.72

Building materials and trade 3,589,622.88 1.4733,136 CENTEX CORP 3,589,622.88 1.47

Coal mining and steel industry 5,279,252.70 2.1776,858 PEABODY ENERGY CORP 3,239,564.70 1.3357,456 US STEEL 2,039,688.00 0.84

Communications 10,025,551.51 4.11287,278 AT T WIRELESS 2,283,860.10 0.9460,328 CLEAR CHANNEL COMMUNICATIONS INC 2,788,360.16 1.14

113,219 VIACOM INC -B- NON-VOTING 4,953,331.25 2.03

Electrical engineering and electronics 2,019,150.00 0.8335,000 COOPER INDUSTRIES -A- 2,019,150.00 0.83

Electronics and semiconductors 13,723,124.61 5.6357,456 ANALOG DEVICES INC 2,625,164.64 1.08

214,768 INTEL CORP 6,889,757.44 2.8379,319 TEXAS INSTRUMENTS INC 2,337,530.93 0.9647,880 XILINX INC 1,870,671.60 0.77

Foods and non alcoholic drinks 3,245,637.78 1.3369,619 PEPSICO INC. 3,245,637.78 1.33

Graphic art and publishing 6,114,183.48 2.5128,728 OMNICOM GROUP INC 2,503,932.48 1.03

201,690 TIME WARNER INC 3,610,251.00 1.48

Healthcare and social services 5,009,658.24 2.0658,304 UNITEDHEALTH GROUP 3,370,554.24 1.3817,074 WELLPOINT HEALTH NETWORKS INC 1,639,104.00 0.67

Holding and finance companies 19,251,074.92 7.9075,430 3M CO 6,357,240.40 2.61

184,992 GENERAL ELECTRIC CO 5,682,954.24 2.3350,000 NORTHERN TRUST CORP 2,293,500.00 0.94

117,444 PRUDENTIAL FINANCIAL INC 4,917,380.28 2.02

Insurance 7,059,728.43 2.9041,760 AMERICAN INTERNATL GROUP INC 2,756,995.20 1.1346,097 HARTFORD FINANCIAL SERVICES GROUP 2,713,269.42 1.1150,000 MANULIFE FINANCIAL CORP 1,589,463.81 0.65


Internet and Internet services 5,526,506.88 2.27200,672 MICROSOFT CORP 5,526,506.88 2.27

Machine and apparatus construction 9,613,201.73 3.94180,343 APPLIED MATERIALS INC 4,066,734.65 1.6733,516 DANAHER CORP 3,069,730.44 1.2638,304 DEERE CO 2,476,736.64 1.02

Miscellaneous consumer goods 5,954,334.10 2.4447,910 AVON PRODUCTS INC. COM. 3,235,841.40 1.3360,830 TIFFANY CO 2,718,492.70 1.12

Miscellaneous sectors 104,529.60 0.044,760 NELNET INC -A- 104,529.60 0.04

Miscellaneous services 1,308,468.79 0.54478,797 ART ADVANCED RESEARCH

TECHNOLOGIES INC 1,055,617.07 0.4311,462 OVERNITE CORP 252,851.72 0.10

Non-ferrous metals 2,620,507.40 1.0833,940 PHELPS DODGE CORP. 2,620,507.40 1.08

Office supplies and computing 19,954,248.90 8.1962,244 ADOBE SYSTEMS INC 2,477,311.20 1.02

154,595 CISCO SYSTEMS 3,755,112.55 1.54134,844 DELL INC 4,676,389.92 1.9267,032 HEWLETT PACKARD CO 1,537,043.76 0.6353,104 IBM CORP 4,919,023.52 2.02

137,367 SEAGATE TECHNOLOGY 2,589,367.95 1.06

Paper and forest products 4,105,508.56 1.6843,366 INTERNATIONAL PAPER CO 1,869,508.26 0.7734,883 WEYERHAEUSER CO 2,236,000.30 0.92

Petroleum 19,792,696.61 8.1281,656 APACHE CORP 6,712,939.76 2.7584,868 BAKER HUGHES INC 2,763,302.08 1.13

102,967 EXXON MOBIL 4,188,697.56 1.7254,355 NABORS INDUSTRIES LTD 2,255,732.50 0.93

157,137 SUNCOR ENERGY 3,872,024.71 1.59

Pharmaceuticals and cosmetics 19,201,113.89 7.8884,037 AMGEN INC 5,211,134.37 2.1481,683 FOREST LABORATORIES INC 5,063,529.17 2.0814,025 JOHNSON JOHNSON 720,464.25 0.30

183,626 PFIZER INC 6,439,763.82 2.6442,093 WYETH 1,766,222.28 0.72

Precious metals and stones 6,268,515.00 2.57101,820 BARRICK GOLD CORP 2,341,860.00 0.9679,875 NEWMONT MINING CORP 3,926,655.00 1.61

Retail trade, department stores 16,915,959.81 6.9476,608 BED BATH AND BEYOND INC 3,307,933.44 1.3622,982 EBAY 1,479,581.16 0.6175,000 OFFICE DEPOT 1,251,750.00 0.5195,759 STAPLES 2,588,365.77 1.06

106,779 TARGET 4,098,178.02 1.6879,389 WAL MART STORES 4,190,151.42 1.72



USA


USA


• • • •


Tobacco and alcoholic drinks 4,478,715.38 1.8485,586 ANHEUSER BUSCH COS INC 4,478,715.38 1.84

Transportation 7,257,719.00 2.9830,000 CSX CORP 1,075,200.00 0.4454,676 FEDEX 3,772,644.00 1.5532,500 UNITED PARCEL SERVICE -B- 2,409,875.00 0.99

Utilities 4,046,147.28 1.6643,092 ENTERGY 2,462,276.88 1.0123,940 EXELON CORP 1,583,870.40 0.65





CA-F

unds

54

• • • •



BONDS 5,058,368.18 31.60

1,070,747.56 6.69

750,000 ASIF 1 SERIES 1999-B 6.75 99-05 15/07S 570,097.56 3.56500,000 PT BK MANDIRI REGS 7.00 03-08 22/04S 500,650.00 3.13

622,287.01 3.89500,000 BRD -0303- 4.25 03-14 04/01A 622,287.01 3.89

209,677.20 1.31200,000 CHINA MOBILE (HK) 7.875 99-04 02/11S 209,677.20 1.31

244,867.24 1.531,500,000 NORWAY 6.75 96-07 15/01A 244,867.24 1.53

663,850.00 4.15500,000 REP.OF PHILIPPINES 9.375 01-06 07/12A 663,850.00 4.15

1,042,926.66 6.521,000,000 LAND TRANSPORT AUTHOR.2.90 03-23

19/06S 451,557.92 2.821,000,000 POWER SERAYA LTD 3.97 03-10 30/09S 591,368.74 3.69

1,204,012.51 7.52400,000 LG-CALTEX OIL REG S 7.75 01-11 25/07S 461,187.70 2.88200,000 SHINHAN BANK 6.25 03-13 08/09S 209,159.81 1.31550,000 WOORI BANK EMTN SUB FL.R 03-13 02/07S 533,665.00 3.33


BONDS 9,822,667.66 61.37

2,061,950.16 12.88500,000 EQUUS CAYMAN FIN REG.S5.50 03-08

12/09S 507,191.22 3.171,000,000 HUTCHISON WHAMP.REGD 6.50 03-13

13/02S 1,040,367.25 6.50500,000 PETROBRAS INTL FIN 8.375 03-18 10/12S 514,391.69 3.21

565,425.00 3.53500,000 BANGKOK BK PUB CO (HK)9.025 98-29 15/03S 565,425.00 3.53

499,822.22 3.12500,000 ICICI BANK EMTN 4.75 03-08 22/10S 499,822.22 3.12

1,003,400.00 6.271,000,000 BUMIPUTRA COMM. EMTN FL.R 03-13

16/10S 1,003,400.00 6.27

MAL

IN

HK

CYM

K

SGP

RP

N

HK

D

CYM


955,509.50 5.97500,000 INDOSAT FIN BV REG-S 7.75 03-10 05/11S 500,000.00 3.12500,000 MOSCOW NARODNY EMTN 4.375 03-08

30/06S 455,509.50 2.85

983,800.00 6.151,000,000 PHILIPPINES 8.25 03-14 15/01S 983,800.00 6.15

482,500.00 3.01500,000 ANTAM FINANCE 7.375 03-10 30/09S 482,500.00 3.01

1,022,500.00 6.391,000,000 KFB SUB REG S FL.R 03-13 02/10S 1,022,500.00 6.39

1,112,282.19 6.95500,000 THAI FARMERS SUB REGS 8.25 96-16 21/08S 563,300.00 3.52500,000 TOTAL ACCESS COM.REGS 8.375 96-06

04/11S 548,982.19 3.43

1,135,478.59 7.09500,000 MORGAN STANLEY 5.30 03-13 01/03S 509,322.34 3.18600,000 USA TREASURY BONDS 5.375 01-31 15/02S 626,156.25 3.91


48,095.66 0.305,000,000 HITACHI KOKUSAI ELEC 0.00 03-08 05/12U 48,095.66 0.30

321,286.95 2.01200,000 CMG MAGNETICS REGD CV 0.00

03-08 03/10U 217,947.66 1.36100,000 POU CHEN CV 0.00 03-08 04/11U 103,339.29 0.65



55,091.64 0.3450,000 POWERCHIP SEM.REGS CV 0.00 03-08 15/09U 55,091.64 0.34


RC

RC

J

USA

T

K

SGP

RP

NL



Asian Income


Emerging Markets Debt


• • • •



BONDS 11,367,532.53 62.30

1,459,898.36 8.00

504,354 ARGENTINA IN DEFAULT 00-08 19/12S 138,804.18 0.762,531,481 ARGENTINA IN DEFAULT -2031- 01-31 19/06S 633,594.18 3.472,500,000 ARGENTINA IN DEFAULT 11.75 99-09 07/04S 687,500.00 3.77

1,542,346.76 8.4529,000 BRAZIL 11.00 00-40 17/08S 31,610.00 0.17

200,000 BRAZIL 11.25 00-07 26/07S 232,480.00 1.27250,000 BRAZIL -B- 8.875 03-24 15/04S 240,450.00 1.32307,853 BRAZIL -C BONDS S.-L- 8.00 94-14 15/04S 301,880.16 1.65214,000 BRAZIL EI-BD -L- FL.R 94-06 15/04S 211,196.60 1.1680,000 BRAZIL GLOBAL 10.25 01-06 11/01S 89,480.00 0.49

250,000 BRAZIL GLOBAL BOND 10.125 97-27 15/05S 261,250.00 1.43200,000 BRAZIL PAR BONDS ZL 6.00 94-24 15/04S 174,000.00 0.95

652,031.44 3.57300,000 BULGARIA (REP OF) 8.25 02-15 15/01S 355,890.00 1.95299,985 BULGARIA -A- FL.R 94-12 28/07S 296,141.44 1.62

350,455.00 1.92350,000 PT BK MANDIRI REGS 7.00 03-08 22/04S 350,455.00 1.92

199,620.00 1.0933,000 COLOMBIA 7.625 97-07 15/02S 35,310.00 0.19

150,000 COLOMBIA 10.00 01-12 23/01S 164,310.00 0.90

378,000.00 2.07450,000 DOMINICAN REP.REG S 9.50 01-06 27/09S 378,000.00 2.07

150,106.25 0.82500,000 COTE D IVOIRE (DEFAULT) 98-18 31/03S 74,700.00 0.41475,000 COTE D IVOIRE (DEFAULT) 2.00 98-18 31/03S 75,406.25 0.41

408,490.72 2.24400,000 REP.JAMAICA REG -S- 10.875 98-05 10/06S 408,490.72 2.24

322,959.12 1.77250,000 GAZ CAPITAL 7.80 03-10 27/09A 322,959.12 1.77

252,492.50 1.38100,000 MEXICAN STATES 8.625 98-08 12/03S 117,450.00 0.6495,000 MEXICAN STATES 11.375 96-16 15/09S 135,042.50 0.74

220,000.00 1.21250,000 CENTRAL BK NIGERIA FL.R 92-20 15/11S 220,000.00 1.21

NG

MEX

L

JA

CI

DOM

CO

CYM

BG

BR

ARG


118,393.31 0.6550,000 PANAMA (REP.OF) 9.625 01-11 08/02S 57,115.00 0.3165,184 PANAMA IRB FL.R 96-14 17/07S 61,278.31 0.34

109,095.67 0.60100,000 PHILIPPINES 8.875 98-08 15/04S 109,095.67 0.60

2,107,623.97 11.55300,000 AO SIBERIAN OIL COMP.11.50 02-07 13/02S 338,640.00 1.86350,000 GAZPROM OAO REGD REGS 9.125 02-07

25/04S 385,875.00 2.11150,000 OAO SIBERIAN OIL CO 10.75 02-09 15/01S 169,320.00 0.93200,000 RUSSIA MINFIN-REG S- 10.00 97-07 26/06S 234,680.00 1.29200,000 RUSSIA REG -S- 8.75 98-05 24/07S 216,620.00 1.19100,000 RUSSIA REG -S- 11.00 98-18 24/07S 135,200.00 0.74200,000 RUSSIA REG -S- 12.75 98-28 24/06S 318,760.00 1.75250,000 RUSSIA REG-S STEP UP 5.00 00-30 31/03S 239,325.00 1.3161,850 RUSSIA REG.NOTES 8.25 00-10 31/03S 69,203.97 0.38

508,207.56 2.79500,000 KOREA DEV.BANK 7.125 99-04 22/04S 508,207.56 2.79

610,660.00 3.35200,000 TURKEY 9.875 02-08 19/03S 229,360.00 1.26300,000 TURKEY 11.75 00-10 15/06S 381,300.00 2.09

509,931.87 2.79457,338 UKRAINIAN REG S 11.00 00-07 15/03Q 509,931.87 2.79

454,000.00 2.49400,000 VESTEL ELEC.FIN REGD 11.50 02-07 14/05S 454,000.00 2.49

95,850.00 0.53120,000 URUGUAY 7.50 03-15 15/03S 95,850.00 0.53

138,570.00 0.76150,000 VENEZUELA PAR BOND 6.75 91-20 18/04S 138,570.00 0.76

778,800.00 4.27285,000 VIETNAM (REP OF) ST-UP FL.R 98-28 13/03S 193,800.00 1.06650,000 VIETNAM -18Y- FL.R 98-16 14/03S 585,000.00 3.21


BONDS 5,442,557.82 29.83

511,549.92 2.801,986,602 ARGENTINA IN DEFAULT -2018- 01-18 19/06S 511,549.92 2.80

ARG

VN

VEN

UY

UK

UA

TUR

K

RUS

RP

PA




CA-F

unds

56

• • • •


371,574.00 2.04300,000 BRAZIL 8.875 01-24 15/04S 290,700.00 1.5990,000 BRAZIL DCB FL.R 94-12 15/04S 80,874.00 0.44

172,875.00 0.95150,000 COLOMBIA 10.50 01-06 13/06S 172,875.00 0.95

614,000.00 3.36800,000 DOMINICAN REP.REG S 9.04 03-13 23/01S 614,000.00 3.36

79,200.00 0.4390,000 JAMAICA (GOV.OF) 10.625 02-17 20/06S 79,200.00 0.43

261,625.00 1.43250,000 KAZKOMMERTSBANK REGS 8.50 03-13 16/04S 261,625.00 1.43

889,233.14 4.87200,000 MOBILE TELESYST.REGD 9.75 03-08 30/01S 216,760.00 1.19450,000 MOBILE TELESYSTEMS 8.375 03-10 14/10S 459,900.00 2.52200,000 MOBILE TELESYSTEMS 10.95 02-04 21/12S 212,573.14 1.16

236,703.29 1.30200,000 MALAYSIA 7.50 01-11 15/07S 236,703.29 1.30

271,939.66 1.49141,000 PERU FL.R 97-17 07/03S 130,381.53 0.71

8,000 PERU (REP OF) 9.125 02-12 21/02S 8,926.25 0.05150,000 PERU FLIRB FL.R 97-17 07/03S 132,631.88 0.73

215,932.76 1.18100,000 PHILIPPINES 9.875 99-19 15/01S 105,380.00 0.58100,000 PHILIPPINES 10.625 00-25 16/03S 110,552.76 0.61

801,475.05 4.39800,000 WIM-BILL-DANN FD REG-S 8.50 03-08 21/05S 801,475.05 4.39

288,450.00 1.58250,000 TURKEY GLOBAL 9.50 03-14 15/01S 288,450.00 1.58

728,000.00 3.99700,000 UKRAINE REG.S 7.65 03-13 11/06S 728,000.00 3.99


BONDS 1,176,213.99 6.45

85,735.30 0.4787,485 ALGERIA RESCH.DEED TR.1 CONS DBT-06 04/9 85,735.30 0.47

DZ

UA

TUR

RUS

RP

PE

MAL

L

KZ

JA

DOM

CO

BR


53.68 0.00244 ARGENTINA IN DEFAULT 11.75 01-06 15/05S 53.68 0.00

863,550.00 4.73250,000 BRAZIL 12.25 00-30 06/03S 306,550.00 1.68500,000 BRAZIL GLOBAL 10.25 03-13 17/06S 557,000.00 3.05

0.01 0.00710,000 CLARK MATER.NOTES-D- 10.75 96-06 15/11S 0.01 0.00

226,875.00 1.24330,000 URUGUAY 7.875 03-33 15/01S 226,875.00 1.24


6,549.60 0.041,711,000 MEXICAN VAL.RECOVERY RIGHT 30.06.04

WAR 5,133.00 0.031,711,000 MEXICAN VAL.RECOVERY RIGHT 30.06.05

WAR 513.30 0.001,711,000 MEXICAN VAL.RECOVERY RIGHT 30.06.06

WAR 513.30 0.00650,000 MEXICAN VAL.RECOVERY RIGHT 30.06.07

WAR 390.00 0.00


MEX

UY

USA

BR

ARG



Emerging Markets Debt


Euro Bond


• • • •



BONDS 169,247,852.80 63.76

13,207,088.11 4.98

10,000,000 AUSTRIA 5.50 00-07 20/10A 10,758,000.00 4.054,000,000 AUSTRIA 6.50 94-24 10/01A 2,449,088.11 0.92

27,412,931.68 10.339,600,000 BELGIQUE OLO 4.75 99-05 28/09A 9,953,280.00 3.758,000,000 BELGIQUE OLO -38- 5.00 02-12 28/09A 8,420,800.00 3.177,500,000 BELGIQUE OLO 5.50 98-28 28/03A 8,031,750.00 3.031,000,000 DAIMLERCHRYSLER EMTN FL.R 02-05

05/12Q 1,007,101.68 0.38

29,452,200.00 11.10500,000 BNP PARIBAS EMTN FL.R 02-14 23/01A 529,450.00 0.20

3,500,000 CIE FIN.FONCIER 5.625 99-10 25/06A 3,812,900.00 1.446,750,000 FRANCE OAT 4.000 98-09 25/04A 6,849,900.00 2.582,000,000 FRANCE OAT 5.25 98-08 25/04A 2,143,800.00 0.815,250,000 FRANCE OAT 5.75 00-32 25/10A 5,871,600.00 2.218,000,000 FRANCE OAT 6.50 96-11 25/04A 9,244,800.00 3.48

500,000 GIE PSA TRESORERIE 6.00 03-33 19/09A 500,050.00 0.19500,000 TF1 4.375 03-10 12/11A 499,700.00 0.19

17,513,850.00 6.6013,000,000 GERMANY 2.50 03-05 18/03A 13,031,850.00 4.914,500,000 LBK BAD.WUERT 3.625 03-08 15/10A 4,482,000.00 1.69

4,703,600.00 1.774,000,000 GREECE 6.50 00-19 22/10A 4,703,600.00 1.77

38,824,275.00 14.6318,500,000 ITALY BTP 4.75 02-13 01/02S 19,101,250.00 7.202,000,000 ITALY BTP 5.00 98-08 01/05S 2,131,600.00 0.803,500,000 ITALY BTP 5.25 01-11 01/08S 3,754,100.00 1.413,000,000 ITALY BTP 5.25 98-29 01/11S 3,073,500.00 1.164,000,000 ITALY BTP 6.00 97-07 01/11S 4,376,000.00 1.653,000,000 ITALY BTP 9.00 93-23 01/11S 4,549,800.00 1.71

750,000 MONTE PASCHI SIENA SUB6.00 00-10 21/12A 790,125.00 0.30

1,000,000 UNCRED.ITALIANO -B- FL.R 00-10 14/06A 1,047,900.00 0.39

272,150.00 0.10250,000 MICHELIN FINANCE LUX 6.125 02-09 16/04A 272,150.00 0.10

13,497,095.00 5.08750,000 ALLIANZ FINANCE SUB FL.R 02-22 31/05A 799,875.00 0.30600,000 ALTADIS FINANCE 4.25 03-08 02/10A 605,220.00 0.23500,000 BANK V.NED.GEM. EMTN 2.51 03-06 07/07A 496,600.00 0.19

2,500,000 DEUTSCHE TELEKOM MTN 5.75 03-08 12/02A 2,658,750.00 1.00

1,000,000 E.ON INTL FIN. EMTN 5.75 02-09 29/05A 1,083,800.00 0.41300,000 GMAC EMTN FL.R 03-06 04/08Q 304,800.00 0.11

NL

L

I

GR

D

F

B

A


500,000 IBERDROLA INTL 6.00 00-05 25/05A 522,150.00 0.207,000,000 NEDERLAND 3.00 03-06 15/07A 7,025,900.00 2.65

535,492.22 0.20500,000 TELENOR COMM. EMTN 5.75 02-09 04/02A 535,492.22 0.20

13,695,721.00 5.1613,000,000 PORTUGAL 4.875 02-07 17/08A 13,695,721.00 5.16

4,705,982.26 1.771,000,000 BAT INTL FIN 5.375 98-06 28/07A 531,232.26 0.20

500,000 KINGFISHER PLC -38- 4.50 03-10 21/10A 497,850.00 0.192,000,000 LLOYDS TSB BANK SUB FL.R 99-XX 15/07A 2,119,600.00 0.80

500,000 MBNA EUROPE FDG 6.50 02-07 27/03A 541,300.00 0.201,000,000 VODAFONE GROUP EMTN 5.125 03-15

10/04A 1,016,000.00 0.38

5,427,467.53 2.04500,000 BNP PARIBAS FL.R 03-XX XX/XXA 529,288.56 0.20250,000 CL CAPITAL TRUST PERP 7.047 02-XX 26/04A 284,583.06 0.11250,000 FORD MOTOR CRED. EMTN 5.50 03-06 02/05A 256,800.00 0.10250,000 FORTIS CAP FL.R 99-XX 26/04A 258,710.91 0.10

1,000,000 GENERAL ELECT.CAP EMTN5.125 02-09 04/03A 1,058,300.00 0.40

1,000,000 GMAC EMTN 6.00 03-08 03/07A 1,051,000.00 0.40750,000 HVB FUNDINGN.CUM PREF FL.R 02-XX

29/03A 813,450.00 0.31400,000 MERRILL LYNCH 5.25 98-08 18/08A 421,360.00 0.16500,000 MORGAN STANLEY 4.375 03-10 01/03A 503,550.00 0.19250,000 TOYS R US 6.375 01-04 13/02A 250,425.00 0.09


113,793.12 0.04639 TECHNIP-COFLEXIP CV 1.00 02-07 01/01A 113,793.12 0.04


BONDS 82,757,570.91 31.18

785,700.00 0.30750,000 NOROESTE EMTN 5.25 01-11 21/09A 785,700.00 0.30

777,950.00 0.29500,000 BANCAJA INTL FIN 5.25 02-12 14/02A 523,000.00 0.20250,000 HUTCHISON WHAMP.FIN 5.875 03-13 08/07A 254,950.00 0.10

771,125.00 0.29500,000 TDC AS EMTN 5.20 03-10 28/01A 519,950.00 0.20250,000 UNIBANK SUB STEP-UP FL.R 99-09 26/05Q 251,175.00 0.09

DK

CYM

BR

F

USA

UK

P

N




CA-F

unds

58

• • • •


537,850.00 0.20500,000 NORDEA FINL. EMTN SUB FL.R 02-14 26/03A 537,850.00 0.20

45,955,100.91 17.31500,000 AXA SUB 6.75 00-20 15/12A 557,950.00 0.21500,000 BOUYGUES 5.875 02-09 15/05A 539,250.00 0.20400,000 CARREFOUR 4.50 99-09 18/03A 411,280.00 0.15500,000 CASINO GUICHARD 6.00 01-08 06/03A 535,300.00 0.20750,000 CDC IXIS-SUB-EMTN FL.R 03-18 24/07A 728,325.00 0.27

8,000,000 CIE DE FIN.FONCIER 5.375 01-13 02/03A 8,586,400.00 3.231,000,000 CNCA SUB. EMTN FL.R 01-12 10/01A 1,044,000.00 0.391,000,000 CNCEP EMTN SUB FL.R 03-XX 30/07A 1,009,500.00 0.382,500,000 FINANCEMENT FONC. EMTN3.625 03-08

28/01A 2,512,250.00 0.9523,500,000 FRANCE BTAN 5.00 99-05 12/07A 24,395,350.00 9.195,000,000 FRANCE OAT PRINCIPAL 0.00 01-32 25/10U 1,154,675.30 0.441,500,000 FRANCE TELECOM EMTN 7.25 03-13 28/01A 1,744,950.00 0.663,000,000 FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U 1,152,770.61 0.43

500,000 LVMH MOET HENN.EMTN 5.00 03-10 29/04A 512,800.00 0.191,000,000 VEOLIA ENVIRONNEMENT 5.875 01-08

27/06A 1,070,300.00 0.40

3,791,100.00 1.43500,000 DEUTSCHE BK FINANCE FL.R 02-12 27/03A 526,800.00 0.20

2,250,000 EUROHYPO -2089- 3.75 03-08 05/11A 2,255,400.00 0.85500,000 METRO AG EMTN FL.R 03-06 29/05Q 505,150.00 0.19500,000 VOLKSWAGEN FIN.SERV 4.50 03-10 27/01A 503,750.00 0.19

750,450.00 0.28750,000 BANK OF IRELAND SUB FL.R 03-13 19/12Q 750,450.00 0.28

250,900.00 0.09250,000 BANCA COMMERCIALE SUB FL.R 00-10

08/08Q 250,900.00 0.09

4,284,070.00 1.61200,000 BMW FINANCE EMTN 5.00 03-18 06/08A 196,100.00 0.07500,000 ESSENT EMTN 4.50 03-13 25/06A 489,350.00 0.18

2,000,000 OLIVETTI FIN. EMTN 5.875 03-08 24/01A 2,129,400.00 0.80500,000 PORTUGAL TELECOM 5.75 01-06 21/02A 526,700.00 0.20500,000 TELEFONICA EUROP EMTN 5.125 03-13

14/02A 513,400.00 0.19400,000 TPSA EURO FIN 6.50 00-07 13/03A 429,120.00 0.16

8,917,430.00 3.361,000,000 BANESTO BANCO FL.R 03-13 29/09Q 999,000.00 0.385,400,000 BANESTO SA 4.00 03-10 12/05A 5,390,280.00 2.03

500,000 BBVA CAP FUNDING SUB. FL.R 01-11 04/07A 526,450.00 0.201,500,000 BCO BILBAO VIZCAYA 4.25 03-13 29/01A 1,478,100.00 0.56

500,000 CAJA MADRID SUB FL.R 01-11 31/07A 523,600.00 0.20

1,305,725.00 0.49500,000 SKAND ENSK.SUB EMTN FL.R 03-15 28/05A 492,350.00 0.19750,000 VATTENFALL TREASURY 6.125 00-07 21/09A 813,375.00 0.31

S

E

NL

I

IRL

D

F

SF


5,381,045.00 2.032,000,000 BRITISH TELECOM 6.375 01-06 15/02A 2,125,000.00 0.80

250,000 CGNU REG-S SUB 5.75 01-21 14/11A 262,350.00 0.101,000,000 HBOS PLC SUB. 4.875 03-15 20/03A 1,002,800.00 0.38

200,000 INNOGY HOLDINGS EMTN 4.625 01-04 01/10A 203,120.00 0.08

500,000 OTE REG S 6.125 00-07 07/02A 535,150.00 0.201,250,000 ROYAL BK OF SCOTL.SUB FL.R 03-13 07/10Q 1,252,625.00 0.47

9,249,125.00 3.48250,000 DOW CHEMICAL EMTN 5.625 02-07 17/10A 265,375.00 0.10500,000 FORD MOTOR CREDIT FL.R 03-06 06/01Q 504,600.00 0.19

4,500,000 FREDDIE MAC EMTN 4.75 02-13 15/01A 4,586,400.00 1.731,250,000 HOUSEHOLD FINANCE 4.50 03-10 12/11A 1,253,500.00 0.47

500,000 JP MORGAN CHASE EMTN 3.875 03-08 03/12A 499,850.00 0.19

350,000 PEMEX PROJECT FD REGS 6.625 03-10 04/04A 362,425.00 0.14

500,000 SARA LEE NV FL.R 02-04 03/12Q 499,600.00 0.191,250,000 SG CAPITAL TRUST SUB FL.R 03-49 10/11A 1,277,375.00 0.48

CONVERTIBLE BONDS 2,016,250.00 0.76

1,262,500.00 0.481,250,000 FRANCE TELECOM CV 4.00 01-05 29/11A 1,262,500.00 0.48

753,750.00 0.28750,000 KPN CV 3.50 00-05 24/11A 753,750.00 0.28


BONDS 253,125.00 0.10

253,125.00 0.10250,000 INTL LEASE FIN.EMTN FL.R 03-06 26/06Q 253,125.00 0.10



14,999.50 0.01-400 EURIBOR 3MONTH LIF 97500 15.03.04 PUT -5,000.00 0.00200 EURIBOR 3MONTH LIF 97875 15.03.04 CALL 25,000.00 0.01

-200 EURIBOR 3MONTH LIF 98125 15.03.04 CALL -5,000.00 0.00-200 EURIBOR 3MONTH LIF 98250 15.03.04 CALL -0.50 0.00-200 EURIBOR 3MONTH LIF 98500 15.03.04 CALL -0.50 0.00200 EURIBOR 3MONTH LIF 98625 15.03.04 CALL 0.50 0.00


SUP

USA

NL

F

USA

UK



Euro Bond


Euro Corporate Bond


• • • •



BONDS 202,542,818.68 42.63

9,166,111.76 1.93

7,000,000 DAIMLERCHRYSLER EMTN FL.R 02-05 05/12Q 7,049,711.76 1.48

2,000,000 SCA COORDINATION EMTN 5.375 02-07 24/06A 2,116,400.00 0.45

1,070,400.00 0.231,000,000 ROHM AND HAAS DENMARK 6.00 00-07

09/03A 1,070,400.00 0.23

15,716,050.00 3.315,000,000 FRANCE TELECOM REG-S FL.R 01-08 14/03A 5,640,000.00 1.194,000,000 GIE PSA TRESORERIE 6.00 03-33 19/09A 4,000,400.00 0.842,750,000 SFR SA EMTN 4.75 99-04 21/07A 2,748,350.00 0.582,000,000 TF1 4.375 03-10 12/11A 1,998,800.00 0.421,250,000 USINOR EMTN 6.125 01-08 10/04A 1,328,500.00 0.28

10,232,000.00 2.155,000,000 IRISH GOVT TREASURY 5.00 02-13 18/04A 5,273,000.00 1.115,000,000 WESTLB COVERED BOND 3.50 03-08 15/10A 4,959,000.00 1.04

4,923,000.00 1.044,500,000 ITALY BTP 5.75 02-33 01/33S 4,923,000.00 1.04

3,265,800.00 0.693,000,000 MICHELIN FINANCE LUX 6.125 02-09 16/04A 3,265,800.00 0.69

64,427,200.00 13.566,000,000 ALLIANZ FINANCE SUB FL.R 02-22 31/05A 6,399,000.00 1.354,000,000 ALTADIS FINANCE 4.25 03-08 02/10A 4,034,800.00 0.85

12,750,000 BANK V.NED.GEM. EMTN 2.51 03-06 07/07A 12,663,300.00 2.6716,000,000 DEUTSCHE TELEKOM MTN 5.75 03-08

12/02A 17,016,000.00 3.588,500,000 E.ON INTL FIN. EMTN 5.75 02-09 29/05A 9,212,300.00 1.944,000,000 GMAC EMTN FL.R 03-06 04/08Q 4,064,000.00 0.864,000,000 IBERDROLA INTL 6.00 00-05 25/05A 4,177,200.00 0.883,500,000 ING BANK SUB 5.50 01-12 04/01A 3,722,600.00 0.783,000,000 SAINT GOBAIN NEDERL 5.125 98-08 09/07A 3,138,000.00 0.66

4,297,600.00 0.904,000,000 TELENOR COMM. EMTN 5.75 02-09 04/02A 4,297,600.00 0.90

39,813,922.65 8.3810,000,000 BAT INTL FIN 5.375 98-06 28/07A 5,312,322.65 1.124,000,000 KINGFISHER PLC -38- 4.50 03-10 21/10A 3,982,800.00 0.84

18,000,000 LLOYDS TSB BANK SUB FL.R 99-XX 15/07A 19,076,400.00 4.024,000,000 MBNA EUROPE FDG 6.50 02-07 27/03A 4,330,400.00 0.917,000,000 VODAFONE GROUP EMTN 5.125 03-15

10/04A 7,112,000.00 1.50

UK

N

NL

L

I

IRL

F

DK

B


49,630,734.27 10.457,000,000 BNP PARIBAS FL.R 03-XX XX/XXA 7,410,039.84 1.564,000,000 CL CAPITAL TRUST PERP 7.047 02-XX 26/04A 4,553,329.00 0.961,000,000 FORD MOTOR CRED. EMTN 5.50 03-06

02/05A 1,027,200.00 0.221,500,000 FORTIS CAP FL.R 99-XX 26/04A 1,552,265.43 0.33

10,000,000 GENERAL ELECTRIC EMTN 4.375 03-10 20/01A 10,181,000.00 2.14

4,000,000 GMAC EMTN 4.375 03-06 26/09A 4,046,000.00 0.853,000,000 GMAC EMTN 6.00 03-08 03/07A 3,153,000.00 0.664,500,000 HVB FUNDINGN.CUM PREF FL.R 02-XX

29/03A 4,880,700.00 1.035,500,000 MERRILL LYNCH 5.25 98-08 18/08A 5,793,700.00 1.224,000,000 MORGAN STANLEY 4.375 03-10 01/03A 4,028,400.00 0.853,000,000 TOYS R US 6.375 01-04 13/02A 3,005,100.00 0.63


2,578,564.12 0.541,250,000 SUEZ LYONN.CV(FORTIS) 2.875 00-04 12/01A 1,249,375.00 0.26

7,464 TECHNIP-COFLEXIP CV 1.00 02-07 01/01A 1,329,189.12 0.28

Transferable securities dealt in on another regulated market 282,445,002.06 59.45

BONDS 253,720,002.06 53.40

8,380,800.00 1.768,000,000 NOROESTE EMTN 5.25 01-11 21/09A 8,380,800.00 1.76

9,845,300.00 2.076,000,000 BANCAJA INTL FIN 5.25 02-12 14/02A 6,276,000.00 1.323,500,000 HUTCHISON WHAMP.FIN 5.875 03-13 08/07A 3,569,300.00 0.75

10,328,600.00 2.178,000,000 TDC AS EMTN 5.20 03-10 28/01A 8,319,200.00 1.752,000,000 UNIBANK SUB STEP-UP FL.R 99-09 26/05Q 2,009,400.00 0.42

7,529,900.00 1.587,000,000 NORDEA FINL. EMTN SUB FL.R 02-14 26/03A 7,529,900.00 1.58

47,631,331.44 10.034,500,000 AXA SUB 6.75 00-20 15/12A 5,021,550.00 1.06

11,500,000 AXA-UAP PERPETUAL SUB FL.R 97-XX 03/12Q 1,721,431.44 0.36

5,000,000 BOUYGUES 5.875 02-09 15/05A 5,392,500.00 1.145,000,000 CASINO GUICHARD 6.00 01-08 06/03A 5,353,000.00 1.137,500,000 CDC IXIS-SUB-EMTN FL.R 03-18 24/07A 7,283,250.00 1.535,000,000 CNCEP EMTN SUB FL.R 03-XX 30/07A 5,047,500.00 1.064,000,000 LVMH MOET HENN.EMTN 5.00 03-10 29/04A 4,102,400.00 0.862,000,000 NATEXIS BANQUE EMTN 4.375 03-13 20/06A 1,936,400.00 0.41

11,000,000 VEOLIA ENVIRONNEMENT 5.875 01-08 27/06A 11,773,300.00 2.48

F

SF

DK

CYM

BR

F

USA




CA-F

unds

60

• • • •


21,505,400.00 4.537,000,000 DEUTSCHE BK FINANCE FL.R 02-12 27/03A 7,375,200.00 1.559,000,000 METRO AG EMTN FL.R 03-06 29/05Q 9,092,700.00 1.915,000,000 VOLKSWAGEN FIN.SERV 4.50 03-10 27/01A 5,037,500.00 1.06

5,003,000.00 1.055,000,000 BANK OF IRELAND SUB FL.R 03-13 19/12Q 5,003,000.00 1.05

2,007,200.00 0.422,000,000 BANCA COMMERCIALE SUB FL.R 00-10

08/08Q 2,007,200.00 0.42

9,124,570.62 1.929,000,000 HSBC CAP FDG FL.R 03-XX 31/12A 9,124,570.62 1.92

36,798,600.00 7.752,000,000 BMW FINANCE EMTN 5.00 03-18 06/08A 1,961,000.00 0.414,000,000 ESSENT EMTN 4.50 03-13 25/06A 3,914,800.00 0.82

16,000,000 OLIVETTI FIN. EMTN 5.875 03-08 24/01A 17,035,200.00 3.595,000,000 PORTUGAL TELECOM 5.75 01-06 21/02A 5,267,000.00 1.115,000,000 TELEFONICA EUROP EMTN 5.125 03-13

14/02A 5,134,000.00 1.083,250,000 TPSA EURO FIN 6.50 00-07 13/03A 3,486,600.00 0.73

18,642,800.00 3.925,000,000 BANESTO BANCO FL.R 03-13 29/09Q 4,995,000.00 1.056,000,000 BBVA CAP FUNDING SUB. FL.R 01-11 04/07A 6,317,400.00 1.337,000,000 CAJA MADRID SUB FL.R 01-11 31/07A 7,330,400.00 1.54

9,361,300.00 1.974,000,000 SKAND ENSK.SUB EMTN FL.R 03-15 28/05A 3,938,800.00 0.835,000,000 VATTENFALL TREASURY 6.125 00-07 21/09A 5,422,500.00 1.14

42,582,200.00 8.9616,000,000 BRITISH TELECOM 6.375 01-06 15/02A 17,000,000.00 3.583,000,000 CGNU REG-S SUB 5.75 01-21 14/11A 3,148,200.00 0.669,000,000 HBOS PLC SUB. 4.875 03-15 20/03A 9,025,200.00 1.903,000,000 INNOGY HOLDINGS EMTN 4.625 01-04

01/10A 3,046,800.00 0.645,000,000 OTE REG S 6.125 00-07 07/02A 5,351,500.00 1.135,000,000 ROYAL BK OF SCOTL.SUB FL.R 03-13

07/10Q 5,010,500.00 1.05

24,979,000.00 5.264,000,000 DOW CHEMICAL EMTN 5.625 02-07 17/10A 4,246,000.00 0.894,000,000 FORD MOTOR CREDIT FL.R 03-06 06/01Q 4,036,800.00 0.852,000,000 HOUSEHOLD FINANCE 4.50 03-10 12/11A 2,005,600.00 0.425,000,000 JP MORGAN CHASE EMTN 3.875 03-08

03/12A 4,998,500.00 1.053,000,000 PEMEX PROJECT FD REGS 6.625 03-10

04/04A 3,106,500.00 0.652,500,000 SARA LEE NV FL.R 02-04 03/12Q 2,498,000.00 0.534,000,000 SG CAPITAL TRUST SUB FL.R 03-49 10/11A 4,087,600.00 0.86

USA

UK

S

E

NL

JSY

I

IRL

D



16,665,000.00 3.5116,500,000 FRANCE TELECOM CV 4.00 01-05 29/11A 16,665,000.00 3.51

12,060,000.00 2.5412,000,000 KPN CV 3.50 00-05 24/11A 12,060,000.00 2.54


BONDS 5,477,959.18 1.15

5,477,959.18 1.154,250,000 INTL LEASE FIN.EMTN FL.R 03-06 26/06Q 4,303,125.00 0.911,000,000 SG CAPITAL TRUST REG-S7.875 00-49 29/12A 1,174,834.18 0.25



-115,000.00 -0.02-500 EURX EURO BOBL FEB 10800 23.01.04 PUT -5,000.00 0.00-500 EURX EURO BOBL FEB 11100 23.01.04 CALL -120,000.00 -0.03250 EURX EURO SCHATZ FEB 10550 23.01.04 CALL 80,000.00 0.02

-500 EURX EURO SCHATZ FEB 10580 23.01.04 CALL -70,000.00 -0.01


D

USA

NL

F



Euro Corporate Bond


European Convertible Bond


• • • •




11,974,657.44 28.33

1,589 ACCOR CV 1.00 02-07 01/01A 277,312.28 0.668,980 ACCOR CV 1.75 03-08 01/01A 373,837.40 0.88

31,029 ALCATEL CV 4.75 03-13 01/01A 564,107.22 1.337,000 ATOS ORIGIN CV 1.00 99-04 01/10A 896,700.00 2.124,833 AXA SUB CV 2.50 99-14 01/01A 855,441.00 2.02

533 BOUYGUES CV/ECH 1.70 99-06 01/01A 158,455.57 0.374,456 CAP GEMINI SA CV -CAP- 2.50 03-10 01/01A 247,753.60 0.592,141 COMP.SAINT GOBAIN CV 2.625 02-07 01/01A 474,916.62 1.129,779 FINANCIERE AGACHE CV 0.00 02-06 13/05U 716,213.96 1.698,799 FINAXA CV 3.00 98-07 01/01A 930,934.20 2.20

27,229 HAVAS ADVERTISING CV 1.00 00-06 01/01A 646,688.75 1.533,963 LAFARGE CV 1.50 01-06 01/01A 541,028.76 1.28

336,000 LAGARDERE GROUP SA CV 2.50 02-07 01/07A 354,270.31 0.842,499 PERNOD RICARD CV 2.50 02-08 01/01A 330,017.94 0.789,897 PUBLICIS GROUP 1.00 02-18 18/01A 410,824.47 0.97

11,798 PUBLICIS GROUP CV 0.75 03-08 17/07A 361,018.80 0.851,971 RALLYE CV 4.50 98-05 01/01A 172,166.85 0.41

11,490 RALLYE SA CV 3.75 03-08 01/01A 590,011.50 1.4013,824 SIMETRA OB CV REG 1.50 03-08 26/06A 478,733.76 1.132,475 TECHNIP-COFLEXIP CV 1.00 02-07 01/01A 440,748.00 1.043,128 THALES SA CV 2.5 01-07 01/01A 161,092.00 0.38

13,471 THOMSON CV 1.00 00-06 01/01A 1,027,163.75 2.435,721 THOMSON CV 1.00 02-08 01/01A 228,558.10 0.541,809 VINCI OBLIGATIONS CV 1.00 01-07 01/01A 185,422.50 0.443,355 VINCI OBLIGATIONS CV 2.00 02-18 01/01A 334,459.95 0.796,580 VIVENDI UNIVERSAL CV 1.75 03-08 30/10A 216,780.15 0.51

662,366.48 1.57300,000 DT LUFTHANSA CV 1.25 02-12 04/01A 304,200.00 0.72340,000 MUENCHENER RUECK. CV 1.00 00-05 09/06A 358,166.48 0.85

322,495.84 0.76470,000 ABB INTL CV(ABB REG) 3.50 03-10 10/09A 322,495.84 0.76

2,168,566.40 5.13570,000 FINMECCANICA CV 2.00 00-05 08/06A 595,173.20 1.41

1,308,000 TELECOM ITALIA 1,50 01-10 23/11A 1,573,393.20 3.72

585,030.35 1.38340,000 SCOTTISH CV SUB REG-S FL.R 03-XX 29/07S 271,080.35 0.64299,000 STANDARD CHART CV SUB 4.50 00-10 30/03S 313,950.00 0.74

228,447.22 0.5410,910 ARCELOR OCEANE CV.REGD3.875 02-05

01/01A 228,447.22 0.54

4,905,970.80 11.61560,000 ALLIANZ FIN CV REG-S 1.25 01-06 20/12A 548,520.00 1.30300,000 CAIXA CONV 0.25 03-06 03/07A 314,700.00 0.74350,000 INFINEON TECHO. CV 5.00 03-10 05/06A 472,150.00 1.12

1,400,000 SIEMENS FIN CONV 1.375 03-10 04/06A 1,729,940.88 4.09

NL

L

JSY

I

GSY

D

F


402,000 STMICROELECTRONICS CV SUB. 99-09 22/09U 292,204.76 0.69546,000 TECNOST INTL CV REG-S 1.00 00-05 03/11A 591,809.40 1.40534,000 VNU CV SUB REG S 1.75 01-06 18/05A 516,645.00 1.22116,000 WOLTERS KLUWER CV 1.0 01-06 30/11A 116,406.00 0.28310,000 XSTRATA CAPITAL CV 3.95 03-10 15/08S 323,594.76 0.77

1,909,402.54 4.52570,000 ANGLO AMERICAN CV 3.375 02-07 17/04S 522,743.29 1.24320,000 BRITISH AEROSPACE CV 3.75 99-06 21/07S 502,558.28 1.19278,000 CARLTON COMMUNIC CV 2.25 02-07 04/01A 275,220.00 0.65155,000 FORESTER LTD CV 3.75 02-09 12/11S 280,436.33 0.66240,000 LEGAL AND GEN.REG-S CV2.75 01-06 18/12S 328,444.64 0.78

547,631.25 1.301,120,000 ROCHE HOLDINGS REGS CV0.00 01-21

25/07U 547,631.25 1.30



322,931.90 0.76440,000 ADECCO FINANCIAL SERV 0.00 03-13 26/08U 322,931.90 0.76

196,449.36 0.46221,000 SLF (ROYAL DU)REG S CV2.00 98-05 20/05S 196,449.36 0.46

550,567.39 1.30333,000 OLD MUTUAL FI CV REG-S3.625 01-05 02/05S 273,147.41 0.65272,000 SAB LTD CV REG-S 4.25 01-06 10/08S 277,419.98 0.66

2,679,945.00 6.342,650,000 KFW INT.FINANCE -DTE- 0.75 03-08 08/08A 2,679,945.00 6.34

398,797.62 0.94485,000 ABB INTL FIN CONV 4.625 02-07 16/05S 398,797.62 0.94

294,084.00 0.70280,000 FINMECCANICA CV 0.375 03-10 08/08A 294,084.00 0.70

447,978.42 1.0621,913 ARCELOR SA CV 3.00 02-17 27/06S 447,978.42 1.06

2,853,575.07 6.75263,000 ASML HDH SUB CV REG S 5.75 01-06 15/10S 278,216.80 0.66195,000 ASML HOLDING NV CV 5.50 03-10 15/05A 282,028.50 0.67

5,019 BELGELECTRIC FIN CV 1.50 99-04 04/08A 852,728.10 2.02320,000 KBC INT FIN CV REG S 2.50 98-05 10/12A 161,371.90 0.38300,000 KPN CV 3.50 00-05 24/11A 301,500.00 0.71320,000 PORT.TELECOM REG-S CV 2.00 01-06 06/12A 316,000.00 0.75771,000 STMICROELEC CV REG-S 0.00 03-13 05/07U 661,729.77 1.57

NL

L

I

GSY

D

CYM

VG

BMU

USA

UK




CA-F

unds

62

• • • •


835,699.41 1.98221,000 BAA PLC CV 2.625 03-09 19/08S 311,743.18 0.74187,000 BAA PLC CV 2.940 02-08 04/04S 249,510.52 0.59200,000 WPP GROUP CONV 2.00 02-07 11/04S 274,445.71 0.65

1,453,322.55 3.44320,000 NESTLE HOLDINGS 0.00 01-08 11/06U 249,807.94 0.59

1,548,000 ROCHE HOLDINGS 144A CV 0.00 97-12 06/05U 743,277.87 1.76610,000 SWISS AMER.CV REG SUB 3.25 01-21 21/11A 460,236.74 1.09


BONDS 721,253.22 1.71

721,253.22 1.71828 NEWS CORP REGS 144A 3.75 03-23 15/03S 721,253.22 1.71


2,801,061.20 6.631,626 ARTEMIS CONSEIL CV 1.50 01-07 16/05A 413,817.00 0.983,581 AXA UAP CV 3.75 00-17 01/01A 713,191.96 1.695,675 PINAULT-PRINT.RED. CV 2.50 03-08 01/01A 544,140.28 1.29

12,549 VIVENDI SA CV.EXCH 1.00 01-06 01/03A 1,129,911.96 2.67

296,562.50 0.70300,000 BMW FINANCE CV -RR- 1.875 04-08 18/12A 296,562.50 0.70

4. Recently issued transferable securities 283,605.96 0.67


283,605.96 0.67316,000 GLENCORE FINANCE -XTA-4.125 03-10 06/10S 283,605.96 0.67

L

NL

F

USA

USA

UK


5. Derivative instruments 1,189,574.00 2.81


1,189,574.00 2.81-88 DJ EURO STOXX 50 FEB 2500 23.02.04 PUT -16,192.00 -0.0475 DJ EURO STOXX 50 FEB 2750 23.02.04 CALL 61,125.00 0.14

-88 DJ EURO STOXX 50 FEB 2900 23.02.04 CALL -20,944.00 -0.05-75 DJ EURO STOXX 50 JAN 2900 19.01.04 CALL -2,925.00 -0.01150 DJ EURO STOXX 50 JUN 2500 21.06.04 CALL 444,900.00 1.05150 DJ EURO STOXX 50 JUN 2500 21.06.04 PUT 117,000.00 0.28-65 DJ EURO STOXX 50 MAR 2000 22.03.04 PUT -2,665.00 -0.0135 DJ EURO STOXX 50 MAR 2500 22.03.04 CALL 101,185.00 0.2435 DJ EURO STOXX 50 MAR 2500 22.03.04 PUT 10,990.00 0.03

-20 DJ EURO STOXX 50 MAR 3000 19.03.04 CALL -3,840.00 -0.01115 DJ EURO STOXX 50 SEP 2500 20.09.04 PUT 126,040.00 0.30115 DJ EURO STOXX 50 SEP 2500 22.09.04 CALL 374,900.00 0.89


SUP



European Convertible Bond


European High Yield Bond


• • • •



SHARES 830,375.59 2.39

323,686.02 0.93

8,454 COMPLETEL EUROPE NV REGISTERED 236,712.00 0.6850,862 VERSATEL TELECOM INTERNATIONAL 86,974.02 0.25

224,989.56 0.65661,734 JAZZTEL 224,989.56 0.65

281,700.01 0.815,112 NTL INC 281,700.01 0.81

BONDS 14,391,604.25 41.50

362,375.00 1.04325,000 BARRY CALLEBAUT REGS 9.25 03-10 15/03S 362,375.00 1.04

105,787.50 0.3197,500 CHC HELICOPTER 11.75 00-07 15/07S 105,787.50 0.31

1,888,000.00 5.44500,000 ALCATEL EMTN 8.5 01-0607/12A 542,500.00 1.56300,000 CMA CGM SA REGS 9.875 03-13 15/05S 330,000.00 0.95600,000 KAUFMAN ET BROAD REG 8.75 02-09 01/08S 660,000.00 1.90300,000 VIVENDI UNIVERS.REGS 9.50 03-10 15/04S 355,500.00 1.03

2,567,000.00 7.40700,000 GROHE HOLDING REGD 11.50 00-10 15/11S 805,000.00 2.32200,000 KAMPS AG 8.00 00-05 26/09A 210,000.00 0.61200,000 KAMPS AG SENIOR REG-S 8.50 02-09 15/02S 218,000.00 0.63

1,150,000 MESSER GRIESHAM 10.375 01-11 01/06S 1,334,000.00 3.85

618,853.22 1.78250,000 CLONDALKIN INDUSTRIES10.625 00-10 15/01S 279,103.22 0.80300,000 JEFF.SMURFIT GRP REGD10.125 02-12 01/10S 339,750.00 0.98

369,900.00 1.07100,000 GAL FI.EMTN REG-S SUB11.50 01-09 30/11S 112,500.00 0.32260,000 SANITEC INTL REGD 9.00 02-12 15/05S 257,400.00 0.74

1,508,702.08 4.35500,000 FRESENIUS FIN.REG-S 7.75 03-09 30/04S 542,500.00 1.56500,000 KAPPA BEHE.SUB REG D 10.625 99-09 15/07S 537,500.00 1.55

1,000,000 KPNQWEST REG."DEFAULT"7.125 99-09 01/06S 5,000.00 0.01260,364 YELL FINANCE EMTN 10.75 01-11 01/08S 423,702.08 1.22

768,600.00 2.22428,000 ALFA LAVAL SPEC.REGD 12.125 00-10 15/11S 513,600.00 1.48250,000 PREEM HLD 10.625 01-11 31/03S 255,000.00 0.74

S

NL

L

IRL

D

F

CAN

B

USA

UK

NL


2,981,858.11 8.60250,000 BIG FOOD GROUP REGS 9.75 02-12 30/06S 379,299.32 1.09200,000 BRITISH AIRWAYS 8.75 01-16 23/08S 292,779.99 0.84200,000 BRITISH AIRWAYS 10.875 88-08 15/06A 318,362.71 0.9250,000 BRITISH SKY BROAD.GR 7.75 99-09 09/07A 76,037.52 0.22

250,000 ECO-BAT FINANCE REG-S10.125 03-13 31/01S 271,875.00 0.78250,000 INEOS GROUP PLC 10.50 01-10 01/08S 285,000.00 0.82400,000 LUCITE INTERNATIONAL 10.25 03-10 15/05A 448,000.00 1.29350,000 MEPC PLC 8.75 96-06 07/12A 509,753.57 1.47350,000 UNITED BISCUITS REG 10.625 01-11 15/04S 400,750.00 1.16

3,220,528.34 9.29400,000 AMERICAN STANDARD REG 7.125 99-06 01/06S 426,000.00 1.23250,000 CANANDAIGUA BRD SER.C 8.50 00-09 15/11S 383,740.77 1.11150,000 CHESAPEAKE REGD 10.375 01-11 15/11S 228,112.57 0.66500,000 CORNING REG 6.25 00-10 18/02A 505,000.00 1.46300,000 DANA REGD.NOTES 9.00 01-11 15/08S 348,000.00 1.00250,000 GOODYEAR TIRE RUBBER 6.375 00-05 06/06A 243,750.00 0.70370,000 JOHNSONDIVERSEY REG 9.625 02-12 15/05S 407,925.00 1.18600,000 LEAR CORPORATION 8.125 01-08 01/04S 678,000.00 1.95


74,770.15 0.22115,031 JAZZTEL REGD CV 12.00 02-12 30/10S 74,770.15 0.22


56,006.32 0.163,589 NTL INC 17.11.03 RIGHT 56,006.32 0.16


SHARES 76.82 0.00

76.82 0.0012 NTL EUROPE INC (10 % PFD SHS) 76.82 0.00

BONDS 16,293,434.26 46.98

465,750.00 1.34450,000 TELENET COMMUNICATION 9.00 03-13 15/12S 465,750.00 1.34

204,661.74 0.59200,000 CALPINE CANADA 8.875 01-11 15/10S 204,661.74 0.59

616,000.00 1.78550,000 NYCO HOLDINGS 2 REGS 11.50 03-13 31/03S 616,000.00 1.78

DK

CAN

B

USA

USA

UK

USA

UK




CA-F

unds

64

• • • •


1,822,125.00 5.25650,000 ALCATEL ALSTHOM 4.375 99-09 17/02A 615,875.00 1.78250,000 BSN GLASSPACK REG S 9.25 03-09 01/08S 267,500.00 0.77600,000 FIMEP SA 11.00 03-13 15/02S 720,000.00 2.08250,000 RHODIA REG-S SUB. 9.25 03-11 01/06S 218,750.00 0.63

1,730,000.00 4.991,000,000 CALLAHAN RGD"DEFAULT"14.00 00-10 15/07S 45,000.00 0.13

450,000 FLENDER HOLDG REG-S 11.00 03-10 08/01S 504,000.00 1.45700,000 JENOPTIK AG 7.875 03-10 15/11S 749,000.00 2.16400,000 KRONOS INTL 8.875 02-09 30/06S 432,000.00 1.25

460,125.00 1.33450,000 ANTENNA TV REGD 9.75 01-08 01/07S 460,125.00 1.33

540,312.50 1.56475,000 ABB INTL FINANCE EMTN11.00 02-08 15/01A 540,312.50 1.56

664,500.00 1.92600,000 EIRCOM FUNDING 8.25 03-13 15/08S 664,500.00 1.92

1,056,000.00 3.04225,000 FIAT FINANCE TRADE 6.25 00-10 24/02A 220,500.00 0.64400,000 MANITOWOC CO REG 10.375 01-11 15/05S 444,000.00 1.28450,000 SAFILO CAP.INTL REG-S 9.625 03-13 15/05S 391,500.00 1.13

1,263,750.00 3.64250,000 ARDAGH GLASS FIN.REGS 8.875 03-13 01/07S 270,000.00 0.78100,000 ASPROPULSION CAPITAL 9.625 03-13 01/10S 106,000.00 0.31350,000 HEIDELBERGCEMENT FIN 7.375 03-10 15/07S 372,750.00 1.07250,000 IMPRESS GROUP REG-S 10.50 03-07 25/05S 251,250.00 0.72250,000 KONIN.VENDEX REG-S 7.375 03-10 15/11S 263,750.00 0.76

111,500.00 0.32100,000 FLEXTRONICS INTL SUB 9.75 00-10 01/07S 111,500.00 0.32

4,181,360.02 12.06500,000 BRAKE BROS FIN.REG-S 11.50 03-11 15/12S 572,500.00 1.65550,000 CABLE & WIRELESS 8.75 96-12 06/08A 859,863.57 2.48

1,000,000 COLT TELECOM GR REG. 7.625 99-09 15/12S 1,005,000.00 2.90700,000 EMI GROUP PLC REG-S 8.625 03-13 15/10S 749,000.00 2.16650,000 ENERGIS "IN DEFAULT" 9.125 00-10 15/03S 9,238.20 0.03250,000 FOCUS WICKES REG-S 9.25 03-11 28/07S 245,000.00 0.71150,000 PREMIER INTL FOOD 12.25 99-09 01/09S 234,508.25 0.68500,000 TVN FINANCE CORP REGS 9.50 03-13 15/12S 506,250.00 1.46

3,177,350.00 9.16850,000 AHOLD FINANCE USA 6.375 00-05 08/06A 873,375.00 2.52500,000 FRESENIUS MED.C.REGD 7.375 01-11 15/06Q 532,500.00 1.54500,000 HUNTSMAN INT.REGD SUB10.125 02-09 01/07S 492,500.00 1.42500,000 LEVI STRAUSS REGD 11.625 01-08 15/01S 335,000.00 0.97260,000 NALCO COMPANY 7.75 03-11 15/11S 271,700.00 0.78260,000 NALCO COMPANY REGS 9.00 03-13 15/11S 271,700.00 0.78350,000 XEROX 9.75 02-09 15/01S 400,575.00 1.15

USA

UK

SGP

NL

L

IRL

GSY

GR

D

F



SHARES 0.00 0.00

0.00 0.001 E KABEL IESY REPOSITORY (NOMINAL 7800E) 0.00 0.00

BONDS 712,000.00 2.05

452,000.00 1.30400,000 CROWN EURO HDGS EMTN 10.25 03-11 01/03S 452,000.00 1.30

260,000.00 0.75250,000 INEOS VINYLS FIN.REGS.9.125 03-11 01/12S 260,000.00 0.75


UK

F

D



European High Yield Bond


Global Bond


• • • •



BONDS 112,372,012.08 36.70

311,101.62 0.10

400,000 AUSTRALIA 6.75 93-06 15/11S 311,101.62 0.10

7,465,110.40 2.445,000,000 AUSTRIA EMTN 3.80 03-13 20/10A 5,987,458.40 1.961,000,000 AUSTRIA S.6 6.25 97-27 15/07A 1,477,652.00 0.48

10,230,316.83 3.3460,000,000 DENMARK 4.00 02-08 15/08A 10,230,316.83 3.34

9,511,665.60 3.115,000,000 FINLAND 5.75 00-11 23/02A 6,902,165.60 2.252,500,000 FINLAND 7.875 94-04 28/07S 2,609,500.00 0.85

17,835,374.49 5.83300,000 FRANCE BTF -04 12/02U 373,117.96 0.12990,918 FRANCE OAT 0.00 92-16 25/04U 709,568.83 0.23

10,000,000 FRANCE OAT INDEX 3.00 98-09 25/07A 14,412,366.07 4.711,500,000 FRANCE OAT INDEX 3.40 99-29 25/07A 2,340,321.63 0.76

9,347,391.90 3.053,200,000 BRD -98- 5.625 98-28 04/01A 4,384,196.61 1.431,500,000 BRD STRIP (6.50) 0.00 -22 04/07U 753,330.38 0.253,300,000 GERMANY OFFEN 4.50 03-13 04/01A 4,209,864.91 1.38

2,761,003.70 0.901,900,000 GREECE 6.50 99-14 11/01A 2,761,003.70 0.90

21,561,598.08 7.042,000,000 ITALY BTP 4.75 00-05 01/07S 2,583,173.12 0.846,000,000 ITALY BTP 5.25 01-11 01/08S 8,041,925.76 2.638,000,000 ITALY BTP 5.75 02-33 01/33S 10,936,499.20 3.57

9,962,810.88 3.258,000,000 NEDERLAND 4.25 03-13 15/07A 9,962,810.88 3.25

4,991,402.24 1.634,000,000 EKSPORTFINANS EMTN 3.50 03-08 16/04A 4,991,402.24 1.63

5,229,326.08 1.714,000,000 PORTUGAL 5.25 00-05 14/10A 5,229,326.08 1.71

498,812.85 0.162,500,000 SOUTH AFRICA 157 13.50 91-15 15/09S 498,812.85 0.16

4,194,062.53 1.3730,400,000 SWEDEN 3.50 98-06 20/04A 4,194,062.53 1.37

S

RSA

P

N

NL

I

GR

D

F

SF

DK

A

AUS


1,965,692.20 0.641,000,000 ABBEY NAT.TREAS.SERV 6.50 98-04 05/03A 1,782,402.73 0.58

40,000 UK TREASURY STOCK 8.50 94-05 07/12S 76,524.68 0.0255,000 UNITED KINGDOM 7.25 97-07 07/12S 106,764.79 0.03

6,506,342.68 2.132,000,000 USA NT INDEX 3.50 01-11 15/01S 2,385,483.30 0.781,500,000 USA TREASURY BOND 7.875 91-21 15/02S 1,998,515.63 0.651,700,000 USA TREASURY BOND 7.25 86-16 15/05S 2,122,343.75 0.69


2,656.77 0.006 GREEN LINE FRANCE 2,656.77 0.00


BONDS 14,756,010.12 4.82

3,100,548.80 1.011,000,000 CANADA 6.375 99-04 30/11S 1,045,300.00 0.342,000,000 CANADA 8.00 92-23 01/06S 2,055,248.80 0.67

4,933,420.80 1.614,000,000 DENMARK 3.25 03-08 14/11A 4,933,420.80 1.61

2,856,077.74 0.931,000,000 FRANCE BTF -04 22/01U 1,247,517.00 0.413,350,000 FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U 1,608,560.74 0.53

3,458,471.43 1.132,500,000 HELLENIC REPUBLIC 5.90 02-22 22/10A 3,458,471.43 1.13

407,491.35 0.13480,810 SPAIN BTS PP STRIP 0.00 98-13 31/01U 407,491.35 0.13


BONDS 6,597,274.26 2.15

6,597,274.26 2.155,000,000 FRANCE OAT INDEXEE 2.50 02-13 25/07A 6,597,274.26 2.15

4. Money market instruments 15,739,715.62 5.14

ECP, CD, DISCOUNT NOTES 15,739,715.62 5.14

10,511,922.02 3.4371,000,000 BNP CDNP -04 12/01U 10,511,922.02 3.43

F

F

E

GR

F

DK

CAN

L

USA

UK




CA-F

unds

66

• • • •


5,227,793.60 1.717,000,000 BARCLAYS BANK PLC CDN -04 29/01U 5,227,793.60 1.71



-156,355.38 -0.05130 EURIBOR 3MONTH LIF 94500 13.09.04 PUT 0.41 0.00

-130 EURIBOR 3MONTH LIF 97625 13.09.04 PUT -115,744.20 -0.04-130 EURIBOR 3MONTH LIF 97875 13.09.04 CALL -40,612.00 -0.01130 EURIBOR 3MONTH LIF 99000 13.09.04 CALL 0.41 0.00


SUP

UK



Global Bond


Swiss Franc Bond


• • • •



BONDS 32,485,983.15 94.49

3,412,050.00 9.92

1,000,000 BANK AUSTRIA EMTN SUB 4.50 00-10 20/12A 1,110,000.00 3.23700,000 OEST.KONTROLLBK 3.50 98-08 18/02A 746,550.00 2.17

1,500,000 PFBRF OEST.LD-HYPO BK 3.00 01-09 19/01A 1,555,500.00 4.52

3,811,000.00 11.091,500,000 ALLSTATE LIFE FUND 4.75 00-10 12/05A 1,663,500.00 4.841,000,000 JACKSON NATL LIFE 3.75 01-08 28/02A 1,049,000.00 3.051,000,000 PACIFIC LIFE FUNDING 4.75 00-10 30/06A 1,098,500.00 3.20

5,597,500.00 16.281,200,000 CAISS.NAT.AUTOROUTES 3.375 98-08 27/02A 1,275,600.00 3.711,000,000 CIE FINANCEM.FON EMTN 3.00 01-06 28/12A 1,043,000.00 3.031,500,000 DEXIA MUN AGENCY 4.00 00-10 08/03A 1,632,750.00 4.75

550,000 DEXIA MUNICIPAL AGENC.4.25 00-07 15/08A 597,300.00 1.74700,000 LA POSTE 3.375 01-07 10/07A 740,600.00 2.15300,000 TOTAL CAPITAL 2.50 02-07 01/10A 308,250.00 0.90

2,312,100.00 6.731,000,000 BADEN WUERTTEMBERG 2.75 02-07 20/08A 1,036,500.00 3.011,200,000 DEUTSCHE BANK 3.75 97-07 17/07A 1,275,600.00 3.71

1,065,500.00 3.101,000,000 ITALY 3.50 98-08 25/09A 1,065,500.00 3.10

2,874,750.00 8.361,500,000 JOHN HANCOCK GLOB EMTN 4.00 99-09

13/08A 1,605,750.00 4.671,200,000 JOHN HANCOCK GLOB FDG 3.75 98-08

22/12A 1,269,000.00 3.69

1,056,500.00 3.071,000,000 EUROP.INVEST.BK 3.50 99-14 28/01A 1,056,500.00 3.07

8,087,335.15 23.521,000,000 ALLIANZ FIN BV 5.00 98-08 25/03A 1,637,370.00 4.761,300,000 BANK V.NED.GEM. 4.50 00-10 05/07A 1,462,500.00 4.25

550,000 DEUTSCHE BAHN EMTN 5.125 01-13 28/11A 896,265.15 2.611,200,000 DRESDNER FINANCE 3.625 98-08 06/08A 1,262,400.00 3.671,300,000 RABOBANK 3.50 98-08 29/12A 1,384,500.00 4.031,300,000 RABOBANK 4.25 00-12 14/09A 1,444,300.00 4.20

423,200.00 1.23400,000 UBS SUB. 4.25 96-06 06/02A 423,200.00 1.23

3,846,048.00 11.19400,000 CREDIT SUISSE GRP FIN 5.75 00-05 05/10A 654,948.00 1.91

1,000,000 GENERAL ELECTRIC CAP 2.75 99-07 16/04A 1,040,000.00 3.03300,000 GENERAL ELECTRIC CAP 3.125 99-09 15/07A 311,850.00 0.91

USA

CH

NL

L

JSY

I

D

F

CYM

A


700,000 INTER-AM.DEV.BK 4.50 95-05 02/11A 743,750.00 2.161,000,000 KFW INT.FINANCE 4.00 00-12 15/02A 1,095,500.00 3.19


BONDS 699,858.72 2.04

699,858.72 2.04440,000 TOKYO ELECTRIC POWER 4.375 99-09 14/05A 699,858.72 2.04


J




CA-F

unds

68

• • • •



BONDS 17,435,632.81 37.61

2,215,600.00 4.78

2,000,000 EUROP.INVEST.BK 5.875 99-09 12/05A 2,215,600.00 4.78

1,193,200.00 2.571,000,000 MEXICAN STATES 9.875 97-07 15/01A 1,193,200.00 2.57

1,115,700.00 2.411,000,000 BRITISH TELECOM 7.00 97-07 23/05A 1,115,700.00 2.41

12,911,132.81 27.852,000,000 INTER-AM.DEV.BK 5.375 98-08 18/11S 2,175,600.00 4.691,000,000 MBNA MAST.CRD 00-L-A- 6.50 00-10 15/04M 1,113,750.00 2.40

500,000 USA TREASURY BOND 8,75 87-17 15/05S 701,093.75 1.511,800,000 USA TREASURY NOTES 3.00 02-04 31/01S 1,803,164.06 3.894,700,000 USA TREASURY NOTES 4.875 02-12 15/02S 4,976,125.00 10.732,000,000 WORLD BANK 6.375 95-05 21/07S 2,141,400.00 4.62


BONDS 19,373,053.28 41.79

19,373,053.28 41.791,500,000 ABCMT 2000-C A FL.R 00-08 20/04M 1,500,703.50 3.241,000,000 CITIBANK CREDIT TR.-A-0.00 97-06 15/08M 991,875.00 2.141,500,000 FANNIE MAE DEBS 6.375 99-09 15/06S 1,694,850.00 3.664,500,000 USA TREASURY BONDS 6.25 99-30 15/05S 5,199,609.38 11.224,000,000 USA TREASURY NOTES 1.625 03-05 30/09S 3,997,500.00 8.626,000,000 USA TREASURY NOTES 3.125 03-08 15/10S 5,988,515.40 12.92


BONDS 4,143,980.00 8.94

1,117,370.00 2.411,000,000 METROP.LISBOA -144A- 7.42 96-16 15/10S 1,117,370.00 2.41

3,026,610.00 6.531,000,000 CAPITAL ONE MT 00-2-A-7.20 00-08 15/08M 1,076,250.00 2.322,000,000 GOVERNMENT BACKED T1 0.00 88-05 15/05U 1,950,360.00 4.21


USA

P

USA

USA

UK

MEX

L



US Dollar Bond


Euro Reserve


• • • •



BONDS 60,741,675.67 27.15

17,539,760.33 7.84

5,000,000 ELECT.DE FRANCE 8.60 92-04 09/04A 5,073,500.00 2.275,000,000 ENTENIAL EMTN FL.R 03-05 08/08Q 5,004,650.00 2.245,000,000 FRANCE TELECOM REG-S 6.25 01-04 14/03A 5,045,000.00 2.252,420,000 RENAULT CREDIT EMTN FL.R 01-04 19/09Q 2,416,610.33 1.08

9,145,770.78 4.093,000,000 COMMERZBANK EMTN FL.R 99-04 12/07Q 2,996,400.00 1.342,251,000 DEUTSCHE BANK FIN 5.75 94-04 09/02A 1,154,370.78 0.525,000,000 MUENCHENER HYPOTHEK. FL.R 03-05

30/09Q 4,995,000.00 2.23

5,001,438.10 2.245,000,000 BANCA DELLE MARCHE FL.R 01-04 15/06Q 5,001,438.10 2.24

12,459,918.61 5.573,549,000 DEPFA FINANCE 6.00 94-04 26/01A 1,820,018.61 0.81

500,000 ROYAL PHILIPS 5.125 01-04 30/07A 507,400.00 0.235,000,000 SNS REAAL GROUP 5.00 01-04 28/05A 5,049,000.00 2.265,000,000 TECNOST INT-A-STEP UP 5.825 99-04 30/07A 5,083,500.00 2.27

4,991,788.75 2.235,000,000 BANESTO B EMISIONES FL.R 03-05 21/10Q 4,991,788.75 2.23

1,327,737.10 0.591,321,000 IMPERIAL TOBACCO FIN. 5.375 01-04 15/03A 1,327,737.10 0.59

10,275,262.00 4.595,000,000 FORD MOTOR CREDIT 5.625 01-04 02/02A 5,007,000.00 2.241,250,000 GENERAL ELECTRIC CAP 4.50 98-04 15/07A 1,264,000.00 0.563,915,000 GENERAL ELECTRIC CAP 5.50 00-04 04/10A 4,004,262.00 1.79


BONDS 61,979,616.73 27.70

4,999,138.40 2.235,000,000 BPE FINANCE INTL EMTN FL.R 02-05 16/12Q 4,999,138.40 2.23

1,697,753.65 0.761,700,000 RENAULT CREDIT EMTN FL.R 00-04 28/07Q 1,697,753.65 0.76

2,002,000.00 0.892,000,000 ROTHSCHILD CONTI.EMTN FL.R 02-05

24/03Q 2,002,000.00 0.89

GSY

F

CYM

USA

UK

E

NL

I

D

F


6,259,875.00 2.805,000,000 AIG SUNAMERICA EMTN FL.R 03-06 17/07Q 5,002,500.00 2.241,250,000 UBS JERSEY BRANCH EMTN3.50 99-04

01/07A 1,257,375.00 0.56

5,015,500.00 2.245,000,000 SOGERIM EMTN FL.R 01-04 20/04Q 5,015,500.00 2.24

4,066,800.00 1.824,000,000 DEUTSCHE TELEKOM EMTN FL.R 02-05

24/01Q 4,066,800.00 1.82

5,114,746.68 2.2910,000,000 NORDEA BANK NOR EMTN FL.R 97-04

23/10Q 5,114,746.68 2.29

7,989,292.00 3.578,000,000 BBVA 2ND ISSUE FL.R 03-05 20/10Q 7,989,292.00 3.57

4,037,500.00 1.801,000,000 HFC BANK FL.R 99-04 22/07Q 999,100.00 0.453,000,000 HILTON GROUP FIN SUB. 5.00 99-04 27/07A 3,038,400.00 1.36

20,797,011.00 9.305,000,000 BEAR STEARNS CO EMTN FL.R 00-05

19/04Q 5,023,500.00 2.255,000,000 GENERAL ELECT. EMTN FL.R 03-05 09/05Q 5,005,000.00 2.242,000,000 GENERAL ELECTRIC CAP FL.R 02-04 19/11Q 2,000,000.00 0.893,690,000 GOLDMAN SACHS GROUP FL.R 00-05

20/04Q 3,697,011.00 1.655,000,000 HOUSEHOLD FIN. EMTN FL.R 02-05 03/05Q 5,071,500.00 2.27

3. Money market instruments 52,950,434.86 23.67

ECP, CD, DISCOUNT NOTES 52,950,434.86 23.67

1,394,541.06 0.621,400,000 SOFIRA -04 15/01U 1,394,541.06 0.62

9,760,933.95 4.365,000,000 DEPFA BANK -04 15/01U 4,977,721.90 2.224,800,000 VOLKSWAGEN -04 08/01U 4,783,212.05 2.14

12,929,396.41 5.788,000,000 HEWLETT PACKARD INTL BANK -04 24/02U 7,956,493.76 3.565,000,000 IRISH LIFE AND PERMANENT PLC -04

20/02U 4,972,902.65 2.22

7,959,206.64 3.568,000,000 JOHN DEERE -04 17/02U 7,959,206.64 3.56

L

IRL

D

F

USA

UK

E

N

NL

L

JSY




CA-F

unds

70

• • • •


9,955,243.90 4.455,000,000 ENBW INTERNATIONAL -04 05/01U 4,981,487.75 2.235,000,000 GMAC INTERNATIONAL -04 04/02U 4,973,756.15 2.22

10,951,112.90 4.894,000,000 ALLIED DOMECQ -04 25/02U 3,978,292.64 1.782,000,000 BARCLAYS BANK PLC -04 05/02U 1,990,534.36 0.895,000,000 UNILEVER -04 19/01U 4,982,285.90 2.23


UK

NL



Euro Reserve



Statement of Net AssetsCA

-Fun

ds

72

Etat des Actifs Nets / Nettovermögensaufstellung /Estado de Activos Netos / Stato Patrimoniale Netto

ENGLISH FRANCAIS DEUTSCH ESPANOL ITALIANO

ASSETS ACTIFS AKTIVA ACTIVOS ATTIVOSecurities portfolio Portefeuille-titres à la Wertpapiervermögen Valores a precio Portafoglio titoli al valoreat market value valeur de marché zum Marktwert de mercado di mercato

Acquisition cost Coût d’acquisition Einstandspreis Precios de adquisición Costa d’acquistoUnrealised gain/loss Plus ou moins-value non réalisée Nicht realisierter Gewinn/Verlust Plusvalla/minusvalla latente en la Plusvalenze/minusvalenzeon the securities portfolio sur le portefeuille-titres auf das Anlagevermögen cartera de inversiones latenti sol portafoglio titoli

Cash at banks and liquidities Avoirs en banque et liquidités Bankguthaben und Barmittel Depósitos bancarios y disponibilidades Depositi bancari e liquiditáTime Deposits and Reverse Dépôts à terme et Reverse Festgelder und Reverse Depósitos à plazo y Reverse Deposito a termine e ReverseRepurchase Agreements Repurchase Agreements Pensionsgeschäfte Repurchase Agreements Repurchase Agreements

Interest receivable Intérêts à recevoir Zinsguthaben Intereses por cobrar Interessi da ricevereFormation expenses Frais de constitution Gründungskosten Gastos de fundación Spese di costituzioneUnrealised net appreciation on Plus-value nette non Nicht realisierter Ganancia netta no realizada Plusvalenza netta nonforward foreign exchange réalisée sur contrats de Nettogewinn aus sobre contratos de realizzata su contratticontracts change à terme Devisentermingeschäften cambio a plazo di cambio a termine

Unrealised net appreciation on Plus-value nette non réalisée Nicht realisierter Nettogewinn aus Apreciación netta no realizada sobre Plusvalenza netta non financial futures sur “futures” Termingeschäften futuros financieros realizzata su future

Other assets Autres actifs Andere Vermögenswerte Otros activos Altri attivi

LIABILITIES PASSIFS PASSIVA PASIVO PASSIVOBank overdrafts and Dettes bancaires à vue et Bankkredite und Saldo deudor en banco y Debiti bancari eRepurchase Agreements Repurchase Agreements Pensionsgeschäfte Repurchase Agreements Repurchase Agreements

Unrealised net depreciation on Moins-value nette non Nicht realisierter Perdida netta no realizada Minusvalenza netta nonforward foreign exchange réalisée sur contrats de Nettoverlust aus sobre contratos de realizzata su contratticontracts change à terme Devisentermingeschäften cambio a plazo di cambio a termine

Unrealised net depreciation on Moins-value nette non réalisée Nicht realisierter Nettoverlust aus Depreciación no realizada sobre Minusvalenza netta nonfinancial futures sur “futures” Termingeschäften futuros financieros realizzata su future

Other liabilities Autres passifs Sonstige Passiva Otros pasivos Altri passivi

NET ASSET VALUE VALEUR NETTE D'INVENTAIRE NETTOVERMÖGEN VALOR NETO DE ACTIVO VALORE NETTO DI INVENTARIO

TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D

NET ASSET VALUE VALEUR NETTE D’INVENTAIRE NETTOINVENTARWERT VALOR NETO DE ACTIVO VALORE NETTO DI INVENTARIOPER SHARE PAR ACTION PRO AKTIE POR ACCIONE PER AZIONE

as at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D

FINANCIAL DETAILS RELATING TO THE YEAR 2003

INDICATIONS FINANCIERES CONCERNANT L’ANNEE 2003 DATOS FINANCIEROS REFERIDO AÑO 2003

FINANZIELLE ANGABEN FÜR DAS JAHR 2003 INDICAZIONI FINANZIARIE DELL’ ANNO 2003

The notes to the accounts form an integral part of these financial statements. Les notes aux états financiers font partie intégrante de ces états financiers.Die beigefügten Erläuterungen sind integraler Bestandteil des Berichtes. Los notas sobre las Cuentas forman partie integra de estos datos financieros.La note allegate costituiscono parte integrante del presente bilancio.


at 31 December 2003 / au 31 décembre 2003 / zum 31. Dezember 2003 / a 31 de diciembre de 2003 / al 31 dicembre 2003

Asian Asian Eastern Emerging Europe Europe Europe Europe Eurostocks Global Growth Renaissance Europe Markets Equity Sector Smaller Value Consumer

Research Selection Companies

USD USD USD USD EUR EUR EUR EUR EUR EUR

192,098,931 128,786,252 12,288,838 149,213,751 10,007,779 239,597,620 19,870,227 26,711,609 217,153,354 5,113,371183,720,036 108,305,140 11,561,806 143,464,899 8,405,363 231,366,355 19,660,699 25,647,953 200,396,613 5,056,868

162,538,576 93,889,349 8,420,043 116,756,173 8,694,488 223,802,315 17,967,143 24,526,168 199,663,287 4,747,51421,181,460 14,415,791 3,141,763 26,708,726 -289,125 7,564,040 1,693,556 1,121,785 733,326 309,354

2,167,100 9,212,314 656,646 5,103,062 41,804 7,157,726 74,023 585,866 3,845,182 46,695- - - - - - - - 11,861,247 -

- 251 116 2,645 58 1,189 203 - 257 126- - - - - - - - - -- - - - - - - - - 6,950

- - - - - - - 60,408 481,170 -

6,211,795 11,268,547 70,270 643,145 1,560,554 1,072,350 135,302 417,382 568,885 2,732

7,708,683 19,781,090 155,201 1,332,555 1,593,201 4,928,478 117,375 280,362 1,903,620 74,12726,976 6,976,967 - - - - - 1,806 810,769 -

- 139,861 - - - - - - - -

- - - - - - - - - -

7,681,707 12,664,262 155,201 1,332,555 1,593,201 4,928,478 117,375 278,556 1,092,851 74,127

184,390,248 109,005,162 12,133,637 147,881,196 8,414,578 234,669,142 19,752,852 26,431,247 215,249,734 5,039,244

184,390,248.41 109,005,161.52 12,133,637.43 147,881,196.42 8,414,578.23 234,669,141.95 19,752,851.52 26,431,246.84 215,249,733.86 5,039,244.31

3,279,913.76 944,747.58 57,786.93 947,118.19 65,297.09 2,685,757.20 543,642.01 968,570.73 4,700,001.50 21,694.0097,540.45 5,317.46 7,393.16 41,224.50 - 2,666,521.34 64,375.08 17,836.43 69,634.70 -

404,785.58 900,781.83 254,061.39 1,591,518.48 - 14,984,644.78 673,382.75 431,112.86 15,976,383.51 -77,628.33 67,881.73 1,192.00 73,465.77 10,974.00 26,794.26 4,400.10 4,308.89 15,877.30 -

12,177,251.74 709,786.40 2,391,935.83 4,021,778.48 83,341.68 8,429,496.59 1,016,504.68 5,155,152.40 33,557,114.98 -99,376.30 - 6,000.00 48,821.64 6,656.49 50,812.46 288,319.56 - 211,116.91 -

12.03 11.52 16.42 13.40 11.77 6.09 5.35 6.06 5.47 232.2912.03 11.52 16.42 13.40 - 5.68 5.35 6.06 5.47 -11.88 11.72 16.24 13.28 - 5.99 5.29 5.99 5.40 -

1,180.38 1,172.47 1,505.72 1,366.92 644.72 661.27 689.96 644.92 557.33 -3.85 11.14 2.15 3.21 6.34 11.27 7.59 2.93 2.79 -3.85 - 2.13 3.17 6.34 11.27 7.59 - 2.79 -


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TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private DNET ASSET VALUE VALEUR NETTE D’INVENTAIRE NETTOINVENTARWERT VALOR NETO DE ACTIVO VALORE NETTO DI INVENTARIO

PER SHARE PAR ACTION PRO AKTIE POR ACCIONE PER AZIONEas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D







Global Global Global Global Greater Iberia Italy Japan Japan KoreaEquities Finance Healthcare Multimedia China Smaller

Companies

USD USD USD USD USD EUR EUR JPY JPY USD

118,637,739 27,823,381 33,876,596 51,093,540 24,719,721 20,494,179 48,711,772 7,260,157,365 3,967,722,387 4,475,894118,151,035 27,593,879 31,801,675 49,865,998 24,247,823 16,118,756 47,522,656 7,083,997,500 3,901,866,300 4,432,690

101,214,969 22,240,952 29,501,062 43,909,175 18,585,327 14,834,770 48,861,507 6,364,871,402 3,202,278,283 3,869,60916,936,066 5,352,927 2,300,613 5,956,823 5,662,496 1,283,984 -1,338,851 719,126,098 699,588,017 563,081

235,042 192,139 1,900,927 583,437 116,905 3,474,823 888,499 160,785,675 61,160,183 17,499- - - - - - - - - -

1,310 94 337 168 - 2,660 773 - 40 -- - - - - - - - - 24,337- - - - - - - - - -

30,250 - 31,050 - - 35,285 - - - -

220,102 37,269 142,607 643,937 354,993 862,656 299,844 15,374,190 4,695,864 1,368

572,332 271,974 392,166 810,510 383,275 221,413 341,498 35,293,633 18,013,983 46,268- - 126,422 - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

572,332 271,974 265,744 810,510 383,275 221,413 341,498 35,293,633 18,013,983 46,268

118,065,407 27,551,407 33,484,430 50,283,030 24,336,446 20,272,766 48,370,274 7,224,863,732 3,949,708,404 4,429,626

118,065,406.56 27,551,407.33 33,484,429.77 50,283,030.09 24,336,446.10 20,272,766.25 48,370,274.15 7,224,863,732 3,949,708,404 4,429,625.54

8,469,641.54 222,638.54 886,137.63 2,730,316.11 73,636.34 1,352,945.15 1,656,499.98 2,631,243.53 1,060,504.97 290,377.3512,309.03 2,905.98 43,596.12 1,712,824.22 - 709.66 9,590.94 718,905.82 6,697.42 -

5,391,062.53 884,968.11 1,076,892.18 1,490,067.72 - 234,263.35 2,930,959.27 3,710,101.20 659,282.29 -23,471.14 1,614.97 - 36,779.40 39,366.41 1,915.48 12,703.24 2,141.63 16,493.48 -

1,455,237.95 1,593,016.26 7,291,490.34 708,469.44 23,746.99 2,198,791.92 598,982.25 14,152,053.92 2,381,165.79 199,923.7042,453.00 - 60,295.20 189,068.96 - - 1,261.00 549,063.20 38,407.00 -

6.82 9.09 9.01 3.42 176.20 8.14 6.46 667 972 9.036.82 9.09 9.01 3.42 - 8.14 6.29 667 972 -6.73 8.99 8.91 3.38 - 8.02 6.38 657 964 -

844.83 911.83 - 438.46 182.29 950.26 713.85 71,755 94,302 -2.74 10.09 2.11 15.52 176.25 2.52 16.41 163 298 9.042.72 - 2.11 15.52 - - 15.83 163 298 -


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TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D


as at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D







Switzerland Thailand United US Smaller US Value USA Asian Emerging Euro EuroKingdom Companies Income Markets Debt Bond Corporate

Bond

CHF USD GBP USD USD USD USD USD EUR EUR

41,941,776 65,726,644 26,957,229 8,415,702 20,983,014 245,044,754 16,088,737 19,634,557 268,765,243 532,967,27629,979,324 58,275,680 25,976,601 7,600,171 20,692,921 236,531,792 15,305,510 17,992,854 254,403,592 492,929,344

28,063,077 41,986,021 28,041,958 6,445,649 18,135,320 215,142,764 14,904,806 19,127,710 249,037,580 486,137,4111,916,247 16,289,659 -2,065,357 1,154,522 2,557,601 21,389,028 400,704 -1,134,856 5,366,012 6,791,933

11,707,371 - 691,499 810,821 74,285 8,029,577 154,009 112,202 7,837,011 24,312,580- - - - - - - 1,199,012 - -

- - 93 402 84 1,559 260,598 296,154 5,862,590 13,420,783- 24,337 - - - - - - - -- - - - - - - - - -

158,345 - 138,000 - - - - 13,525 - 904,220

96,736 7,426,627 151,036 4,308 215,724 481,826 368,620 20,810 662,050 1,400,349

189,864 7,530,720 191,731 138,439 117,188 1,353,297 82,160 1,386,680 3,323,702 57,877,313- 797,314 - - - - - 1,250,789 - 53,068,724

- - - - - - - - - -

- - - - - - - - 371,520 -

189,864 6,733,406 191,731 138,439 117,188 1,353,297 82,160 135,891 2,952,182 4,808,589

41,751,912 58,195,924 26,765,498 8,277,263 20,865,826 243,691,457 16,006,577 18,247,877 265,441,541 475,089,963

41,751,911.67 58,195,923.84 26,765,497.58 8,277,262.61 20,865,825.66 243,691,456.59 16,006,577.00 18,247,876.64 265,441,540.97 475,089,963.03

1,316,078.38 769,196.77 574,801.53 84,723.46 749,692.21 1,811,250.97 379,809.20 231,977.10 914,589.50 5,307,439.33304.23 - 1,712.88 2,754.74 - 2,738.99 - 424,086.51 829,233.24 6,598,441.28

2,810,967.41 - 985,355.80 250,371.99 555,473.90 16,916,546.19 30,373.29 201,037.03 13,607,902.66 10,400,543.75- 2,241.04 15,799.53 552.10 6,238.60 29,643.63 6,980.00 - 20,067.87 149,029.70- - - - - - - - 150,804.00 249.00

1,580,437.25 53,340.20 1,078,994.95 1,596,074.82 355,843.90 12,300,618.02 78,228.87 210,058.45 18,686,374.55 12,531,158.72950,444.00 - 9,875.97 21,058.95 - 18,889.79 - 345,509.65 351,751.65 194,927.99

6.43 62.97 7.38 9.03 9.35 7.96 13.45 14.14 11.84 12.256.43 - 7.23 9.03 - 7.96 - 11.87 10.77 11.066.35 - 7.08 8.91 8.83 7.89 12.37 14.02 11.76 12.17

- 2,854.44 815.38 1,051.50 950.53 811.73 1,357.42 - 1,174.53 1,198.56- - - - - - - - 102.61 107.25

6.16 63.00 2.44 2.89 8.49 5.82 13.41 14.17 2.47 2.516.02 - 2.12 2.89 - 5.82 - 11.97 1.61 2.19


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TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D


as at 31 December 2003 au 31 décembre 2003 am 31. Dezember 2003 a 31 de diciembre de 2003 al 31 dicembre 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D







European European Global Swiss US Dollar Euro US Dollar ConsolidatedConvertible High Yield Bond Franc Bond Reserve Reserve

Bond Bond Bond

EUR EUR USD CHF USD EUR USD USD

42,792,218 38,401,767 318,242,203 34,499,210 47,579,379 224,925,081 50,136,187 3,867,631,44738,629,976 32,358,268 149,311,313 33,185,841 40,952,666 175,671,727 - 3,383,811,702

38,004,960 32,735,959 128,618,968 32,460,387 39,210,810 176,015,969 - 3,177,879,944625,016 -377,691 20,692,345 725,454 1,741,856 -344,242 - 205,931,758

3,699,784 1,655,517 79,456,962 709,492 1,500,092 19,457,255 19,639,389 234,531,354- - 83,567,463 - 4,498,558 26,470,000 29,635,837 166,799,596

138,447 794,463 3,138,204 598,437 461,947 2,010,751 3,546 32,428,611- - - - - - - 48,673- - - - - - - 8,684

- - 404,514 - - - - 2,702,077

324,011 3,593,519 2,363,747 5,440 166,116 1,315,348 857,415 47,300,750

523,395 3,719,377 12,078,317 119,690 1,223,376 1,194,040 1,249,033 152,791,940- - 10,173,408 - 1,014,100 - - 87,696,047

- - - - - - - 139,861

23,678 28,367 - - 46,435 - - 575,722

499,717 3,691,010 1,904,909 119,690 162,841 1,194,040 1,249,033 64,380,310

42,268,823 34,682,390 306,163,886 34,379,520 46,356,003 223,731,041 48,887,154 3,714,839,507

42,268,822.84 34,682,389.70 306,163,886.34 34,379,520.17 46,356,002.74 223,731,041.26 48,887,153.67

726,525.86 103,583.72 2,892,696.19 87,224.08 192,358.57 2,680,304.78 171,470.672,462.57 - 15,949.96 2,381.51 4,553.22 1,303.97 28,468.13

1,897,022.81 744,466.58 12,225,122.54 251,029.15 2,313,890.01 5,695,305.45 365,050.777,221.00 21,939.00 47,689.37 - - 4,463.40 -

5,958,635.77 156,044.24 1,385,342.58 7,036,610.66 3,491,549.14 48,629,893.90 13,722,825.12- 70,100.00 33,955.40 252,576.00 176,400.00 383,592.71 229,577.50

8.89 10.56 15.11 11.17 12.28 10.83 10.488.87 - 13.10 10.70 11.10 10.00 9.869.70 10.40 15.01 11.11 12.39 10.76 10.43

1,004.78 1,072.92 1,501.86 - - 1,033.79 -1.70 10.54 5.07 4.25 4.25 2.63 3.10

- 9.45 2.56 2.71 2.38 2.23 2.01


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TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D


as at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D



FINANCIAL DETAILS RELATING TO THE YEAR 2003INDICATIONS FINANCIERES CONCERNANT L’ANNEE 2003 / DATOS FINANCIEROS REFERIDO AÑO 2003

FINANZIELLE ANGABEN FÜR DAS JAHR 2003 / INDICAZIONI FINANZIARIE DELL’ ANNO 2003









Asian Asian Eastern Emerging Europe Europe Europe Europe Europe Europe Growth Renaissance Europe Markets Equity Sector Smaller Technology Value



132,054,790.63 74,956,399.32 11,672,031.05 30,481,075.25 24,162,614.89 16,120,345.29 232,931,142.49 25,267,577.70 18,690,706.25 24,222,128.00

3,226,278.68 623,498.77 40,274.43 617,324.29 553,656.59 297.09 2,010,423.72 410,825.76 95,802.68 2,127,518.21108,918.47 3,193.97 6,643.16 28,844.27 1,044.99 - 2,596,715.94 73,381.08 - 10,302.86

1,711,438.26 1,161,910.63 259,286.84 167,547.21 74,253.80 - 15,853,858.94 744,979.10 211,598.38 207,666.1469,239.38 61,978.34 3,095.00 16,633.82 30,563.63 19,051.00 45,011.27 17,722.10 29,750.00 760.76

8,792,393.55 430,857.51 2,255,941.25 1,810,403.34 339,061.97 762,909.52 9,260,348.42 1,103,002.71 190,832.10 4,646,101.2999,376.30 - 11,000.00 48,821.64 - 44,370.41 51,912.46 366,687.80 - -

9.02 8.80 13.22 10.33 5.95 10.90 5.50 4.53 4.91 5.199.02 8.80 13.22 10.33 5.95 - 5.50 4.53 - 5.198.90 8.96 13.10 10.26 6.81 - 5.43 4.48 4.82 5.14

882.09 893.17 1,208.92 1,051.14 603.55 596.15 595.43 581.75 547.13 550.542.89 8.51 1.73 2.48 5.63 5.90 10.18 6.41 4.83 2.512.88 - 1.72 2.44 - 5.90 10.18 6.41 - -

Eurostocks Germany Global Global Global Global Greater Iberia Italy JapanEquities Finance Healthcare Multimedia China

EUR EUR USD USD USD USD USD EUR EUR JPY

164,353,987.18 14,016,610.82 104,827,696.37 44,786,692.34 36,939,517.86 47,630,909.06 12,982,247.61 33,740,595.52 44,605,215.06 5,910,907,627

3,367,773.53 549,588.24 9,050,813.13 587,617.64 1,130,122.21 3,457,850.92 69,381.22 2,424,807.79 1,700,065.85 2,445,940.7570,446.70 5,969.55 16,438.39 2,905.98 95,194.12 1,825,609.97 - 569.66 10,578.21 728,663.51

10,881,073.74 276,754.34 5,804,818.83 3,031,756.48 1,169,029.40 1,480,268.26 - 130,205.46 3,128,726.97 1,842,029.6418,438.30 4,947.66 20,476.11 2,887.00 - 44,402.80 27,802.71 12,832.00 8,530.00 6,129.85

36,732,572.08 1,899,570.77 1,373,742.30 1,749,427.02 8,059,543.71 703,802.17 20,697.59 1,984,102.33 625,385.68 17,943,703.50249,922.21 - 42,453.00 - 60,295.20 195,713.01 - - 1,261.00 549,063.20

4.71 5.15 5.86 7.69 8.62 2.88 109.31 7.26 6.08 5824.71 5.15 5.86 7.69 8.62 2.88 - 7.26 6.00 5824.66 5.10 5.79 7.62 8.54 2.86 - 7.19 6.02 574

478.44 538.56 723.10 769.12 - 368.92 112.78 836.31 669.74 62,3342.40 3.73 2.35 8.53 2.02 13.10 109.32 2.25 15.44 1422.40 - 2.33 - 2.02 13.10 - - 15.07 142


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TOTAL NET ASSETS VALEUR NETTE D’INVENTAIRE GESAMTNETTOINVENTARWERT TOTAL DE ACTIVOS NETOS VALORE NETTO DI INVENTARIOas at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003NUMBER OF SHARES NOMBRE D’ACTIONS ANZAHL DER AKTIEN NÙMERO DE ACCIONES NUMERO DI AZIONIas at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D


as at 30 June 2003 au 30 juin 2003 am 30. Juni 2003 a 30 de junio de 2003 al 30 giugno 2003Classic C Classic C Classic C Classic C Classic CClassic D Classic D Classic D Classic D Classic DClassic S C Classic S C Classic S C Classic S C Classic S CInstitutional C Institutional C Institutional C Institutional C Institutional CInstitutional I2 D Institutional I2 D Institutional I2 D Institutional I2 D Institutional I2 DPrivate C Private C Private C Private C Private CPrivate D Private D Private D Private D Private D



Japan Korea Latin Switzerland Thailand United US Smaller US Value USA AsianSmaller America Kingdom Companies Income

Companies

JPY USD USD CHF USD GBP USD USD USD USD

2,290,229,399 3,877,060.23 9,434,401.86 33,267,833.47 11,944,005.00 25,340,890.11 11,235,261.06 22,911,728.32 242,361,553.15 17,644,184.88

431,410.51 313,774.18 307,836.88 2,969,540.13 415,959.72 587,016.85 272,052.47 1,110,127.29 2,804,585.84 396,654.166,480.14 - 8,566.55 304.23 - 1,712.88 2,021.74 - 2,638.99 -

192,666.70 - 49,359.58 225,296.65 - 1,044,607.05 276,465.90 552,057.89 12,558,351.16 86,269.7816,648.71 - 1,208.99 - 174.00 14,318.50 3,408.10 6,158.84 31,388.45 7,927.70

2,460,080.44 222,444.72 2,682,609.41 1,789,162.02 69,588.08 1,851,444.51 1,719,960.43 562,749.54 21,508,845.40 63,753.7038,407.00 - - 1,074,172.00 - 9,875.97 43,858.95 - 20,429.79 -

762 7.23 9.93 5.63 24.21 6.69 7.46 8.28 7.09 13.18762 - 9.74 5.63 - 6.69 7.46 - 7.09 -757 - 9.84 5.57 - 6.44 7.38 7.84 7.04 12.14

73,691 - 924.63 - 1,093.39 737.56 861.09 839.12 720.43 1,328.40234 7.23 1.75 5.39 24.21 2.21 2.39 7.52 5.18 13.14234 - - 5.27 - 2.00 2.39 - 5.18 -

Emerging Euro Euro European European Global Swiss US Dollar Euro US DollarMarkets Bond Corporate Convertible High Yield Bond Franc Bond Reserve Reserve

Debt Bond Bond Bond Bond

USD EUR EUR EUR EUR USD CHF USD EUR USD

19,090,561.56 187,955,935.10 448,672,013.88 24,031,386.21 26,983,005.77 225,046,239.51 37,320,686.65 22,471,682.39 268,959,164.52 51,893,717.96

205,514.79 811,995.19 8,039,820.71 1,433,360.48 40,414.87 1,086,860.74 89,816.30 111,207.12 3,036,510.33 181,210.61451,345.75 502,687.53 5,073,679.43 2,412.57 - 31,691.90 6,306.51 5,911.22 5,029.35 29,883.13233,659.95 7,068,103.26 12,633,795.48 46,037.87 150,378.32 7,303,807.78 400,701.88 631,826.60 7,403,418.41 131,887.78

- 33,829.64 90,700.88 - 23,027.00 71,860.18 - - 5,740.40 -- 3,644.00 166.00 - - - - - - -

219,365.71 19,163,822.78 14,130,934.70 6,687,360.86 168,093.08 1,946,155.71 7,324,788.42 2,908,671.20 57,460,532.86 15,520,521.87362,471.58 384,272.96 368,328.81 - 65,209.75 33,955.40 306,476.00 178,001.00 488,968.61 145,727.50

13.79 11.95 12.09 8.69 9.82 13.92 11.12 12.50 10.76 10.4712.24 11.10 11.21 8.67 - 12.38 10.84 11.30 10.03 9.8513.70 11.87 12.02 9.49 9.68 13.84 11.07 12.63 10.69 10.43

- 1,183.16 1,180.19 - 993.78 1,381.25 - - 1,025.49 -- 105.26 107.47 - - - - - - -

13.82 2.49 2.47 1.66 9.81 4.67 4.23 4.33 2.61 3.1012.41 1.68 2.23 - 9.18 2.44 2.77 2.51 2.24 2.01


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FINANCIAL DETAILS RELATING TO THE YEAR 2002 INDICATIONS FINANCIERES CONCERNANT L’ANNEE 2002 / DATOS FINANCIEROS REFERIDO AÑO 2002






Asian Asian Eastern Emerging Europe Europe Europe Europe Europe EuropeGrowth Renaissance Europe Markets Equity Sector Smaller Technology Value



164,806,977.15 83,709,575.14 9,340,072.06 20,623,067.06 44,826,224.86 19,523,226.79 278,513,682.29 39,791,488.76 10,405,594.38 33,095,497.17

6,402,278.71 1,568,773.94 59,723.44 327,201.23 472,532.10 - 20,625,952.93 660,628.58 3,308.24 1,684,216.57119,566.15 5,341.97 2,150.24 28,019.27 - - 734.04 75,557.96 - 8,765.50181,899.72 100,548.47 242,852.62 105,559.61 49,449.07 - 1,420,775.53 816,433.34 190,064.63 260,874.0463,085.25 63,489.41 3,015.00 11,127.42 53,289.95 19,482.00 44,407.14 21,898.10 16,999.00 2,009.68

11,629,661.48 490,305.73 2,127,621.56 2,240,832.69 79,993.61 781,481.90 8,035,611.86 1,453,284.32 99,591.05 6,585,958.87113,555.32 - 20,565.22 48,821.64 - 44,005.95 57,815.46 451,614.63 - -

9.93 9.79 10.89 9.67 7.50 - 6.66 5.66 4.79 6.209.93 9.79 10.89 9.67 - - 6.66 5.66 - 6.209.83 10.01 10.82 9.64 8.62 - 6.61 5.62 4.73 6.16

965.57 986.93 989.89 977.37 756.01 705.06 718.04 721.71 530.72 652.863.18 9.45 1.42 2.31 7.10 7.01 12.35 8.00 4.71 2.993.17 - 1.41 2.28 - 7.01 12.35 8.00 - -

Eurostocks Germany Global Global Global Global Iberia Italy Japan JapanEquities Finance Healthcare Multimedia Smaller

Companies

EUR EUR USD USD USD USD EUR EUR JPY JPY

393,842,999.08 35,829,694.18 93,357,293.32 48,629,494.17 52,898,094.47 34,658,674.68 30,428,897.36 61,284,046.99 11,016,977,003 2,045,167,627

19,987,162.00 1,304,492.74 10,287,485.07 3,038,164.46 1,459,875.86 3,304,894.20 2,757,665.88 3,185,569.78 6,568,868.34 284,944.3371,934.06 5,569.37 17,036.09 4,564.98 238,979.12 2,005,704.72 368.63 10,428.21 744,660.49 6,685.14

7,777,914.01 368,336.96 497,976.75 208,373.74 1,235,850.31 1,658,958.51 117,662.40 3,599,108.53 555,639.22 213,594.9190,989.32 22,285.62 26,958.43 3,661.00 8,104.00 2,414.91 5,961.99 7,012.53 14,856.78 10,314.54

58,927,820.15 1,881,919.77 1,501,008.81 2,214,322.20 9,590,097.87 979,071.37 2,294,383.31 916,642.12 24,254,674.89 2,780,228.45274,572.21 - 55,553.00 - 92,065.46 224,610.33 - 1,287.00 616,559.33 40,662.00

5.87 6.69 6.34 8.02 8.82 2.72 7.13 6.21 710 8665.87 6.69 6.34 8.02 8.82 2.72 7.13 6.13 710 8665.83 6.65 6.29 7.97 8.77 2.70 7.08 6.17 703 864

592.84 695.59 777.49 796.30 877.01 346.21 815.56 679.90 75,600 83,2902.99 4.84 2.54 8.88 2.06 12.36 2.21 15.76 173 2662.99 - 2.52 - 2.06 12.36 - 15.39 173 266



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Latin Nordic Switzerland United US Smaller US Value USA Asian Emerging Euro EuroAmerica Kingdom Companies Income Markets Bond Corporate

Debt Bond

USD SEK CHF GBP USD USD USD USD USD EUR EUR

8,289,824.52 7,948,738.21 31,456,513.36 43,193,079.92 22,330,086.42 47,880,091.70 339,716,118.72 14,956,596.61 19,274,808.45 196,186,581.13 377,037,218.65

273,597.11 62,319.96 898,105.84 912,743.48 422,746.39 513,101.70 18,159,906.12 430,944.28 444,829.33 4,343,854.51 19,442,371.149,205.05 - 1,204.69 1,825.80 3,131.87 - 3,251.39 - 450,804.75 10,131.73 15,728.60

48,762.42 - 300,095.31 178,891.44 305,378.81 801,258.60 2,115,428.88 49,319.74 39,843.36 2,258,766.93 1,972,641.31672.18 - 10,871.00 22,501.04 4,783.74 9,233.42 72,705.75 8,210.78 30.00 52,390.93 105,321.29

3,322,955.23 25,156.83 2,039,117.63 7,183,097.21 5,172,011.52 3,629,473.02 25,668,217.58 19,200.16 632,545.47 30,515,463.37 16,738,495.27- - 6,210.00 22,225.97 43,858.95 - 10,704.79 - 361,247.56 398,595.47 811,535.53

8.48 90.86 6.98 7.28 7.57 8.72 7.33 11.33 10.14 10.79 10.708.48 - 6.98 7.28 7.57 - 7.33 - 9.74 10.41 10.308.43 - 6.93 7.04 7.52 8.28 7.31 10.36 10.10 10.75 10.66

784.72 - 868.71 797.81 868.62 878.28 740.31 1,138.17 939.31 1,064.86 1,040.811.49 90.89 6.68 2.40 2.43 7.90 5.35 11.30 10.15 2.25 2.19

- - 6.53 2.18 2.43 - 5.35 - 9.75 1.56 2.05

European European Global Libor Sterling Swiss US Dollar US Liquidity US Short Euro US DollarConvertible High Yield Bond (USD) Liquidity Franc Bond Fund Term Bond Reserve Reserve

Bond Bond Bond Fund Bond Fund

EUR EUR USD USD GBP CHF USD USD USD EUR USD

30,819,914.30 27,001,168.80 85,892,884.49 10,213,823.38 6,070,374.56 20,836,756.83 21,629,998.12 6,352,486.89 6,412,380.32 260,594,375.68 41,458,119.38

2,006,431.70 181,323.68 5,791,872.38 - - 82,775.78 499,863.13 - - 9,101,856.43 252,169.75538.00 - 17,236.70 - - 8,869.51 6,161.22 - - 4,105.66 1,154.13

51,737.62 52,822.28 564,289.13 - - 391,299.32 128,814.28 - - 4,269,634.53 74,491.56- 26,444.00 3,258.67 9,671.42 6,002.00 - - 6,300.00 6,300.00 7,163.00 -

8,221,577.36 189,451.43 2,110,765.11 - - 3,767,148.14 3,606,220.41 - - 42,584,987.37 12,338,142.57- 65,493.85 33,955.40 - - 236,996.00 173,781.80 - - 1,830,813.19 67,660.00

8.48 8.50 11.60 - - 10.56 11.26 - - 10.52 10.418.48 - 10.69 - - 10.29 10.76 - - 10.13 9.859.28 8.50 11.56 - - 10.53 11.41 - - 10.48 10.37

- 863.05 1,146.61 1,056.08 1,011.39 - - 1,008.33 1,017.84 1,000.71 -1.62 8.59 3.89 - - 4.01 3.90 - - 2.55 3.07

- 8.59 2.08 - - 2.68 2.33 - - 2.25 2.02


Notes to the Financial Statements at 31 December 2003CA

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1. Introduction

CREDIT AGRICOLE FUNDS ("the Fund") is constituted in the form of a an umbrellafund (SICAV - Société d'Investissement à Capital Variable) under Luxembourg law.The Fund was originally a unit trust fund called the Groupe Indosuez Funds FCP; itwas transformed and its name was changed first to GIF SICAV II on 15 March 1999,then to GIF SICAV on 1st December 1999, and finally to CREDIT AGRICOLE FUNDSon 8 December 2000. Christiania SICAV was merged into Crédit Agricole Funds byway of absorption on 27 December 2001. Indocam Asian Portfolio SICAV wasmerged with Crédit Agricole Funds Hong Kong by way of absorption on 7 April2003. CPR Universe SICAV was merged with Crédit Agricole Funds GlobalConsumers by way of absorption on 11 August 2003. The Fund is a UCITS fund(Undertaking for Collective Investment in Transferable Securities) governed by thelaw of 30 March 1988 (Part I) on collective investment bodies.

As of 1 November 2003, the following subfunds were merged by way of absorption:

Latin America in Emerging MarketsEurope Technology in Global MultimediaEurope in Europe Sector Selection Germany in France

As of 1 November 2003, the following subfunds were renamed:

France in Europe ValueHong Kong in Greater ChinaNorth America in USANorth America Smaller Companies in US Smaller Companies

On 31 December 2003, the Fund consisted of 37 subfunds, each investing in aspecific market or group of markets.

Categories of shares:

In order for Crédit Agricole Funds to be marketed by different distribution networksand to different investor profiles, five separate sub-categories of shares werecreated, each with its own characteristics and its own fee and expenses structure.

Institutional Shares - Sub-category I - reserved for institutional clients acting ontheir own behalf, and/or to UCITS and holding funds.

Institutional Shares - Sub-category I2 - reserved for one Japanese institutionalclient.

Private Shares - Sub-category P - reserved for clients of the Crédit AgricoleIndosuez private banking network.

Classic Shares - open to all investors.

Classic Shares - Sub-category S - available only from certain distribution networks.

2. Exchange rates used at 31 December 2003

The exchange rates used for the consolidated are the following:

1 EUR = 1.5594 CHF 1 EUR = 133.72 JPY

1 EUR = 0.7036 GBP 1 EUR = 9.077 SEK

1 EUR = 1.2496 USD

3. Taxation

In accordance with the legislative and regulatory provisions currently in force inLuxembourg, the Fund is not subject to any tax on profits or income. However, theFund is subject to a subscription tax (taxe d’abonnement) at a rate of 0.05% per yearon the basis of the net assets of the Fund at the end of the relevant quarter,calculated and paid quarterly.

The two Short-Term subfunds comply with certain criteria specific and certainconditions, and have therefore benefited since 1 January 1995 from the law of 14 April 1995; since that date these subfunds, the Institutional Sub-Class and theInstitutional 2 Sub-Class of all the Sub-funds have been subject to a reduced rate ofsubscription tax of 0.01% per year on the basis of the Fund’s net assets at the endof the quarter concerned.

The interest and dividends received by the Fund may be subject to non-recoverabledeductions at source in their country of origin.

4. Dividends

The SICAV distributed the following dividend per share during the period underreview:

Ex-date: 4th July 2003Payment date: 9th July 2003

CA-Funds Euro Bond Institutional I2 EUR 0.50CA-Funds Euro Corporate Bond Institutional I2 EUR 0.50

Ex-date: 4th September 2003Payment date: 9th September 2003


Ex-date: 23rd September 2003Payment date: 29th September 2003

CA-Funds Europe Sector Selection Classic EUR 0.385CA-Funds Italy Classic EUR 0.08CA-Funds Italy Private EUR 0.18CA-Funds United Kingdom Classic GBP 0.14CA-Funds United Kingdom Private GBP 0.08CA-Funds Emerging Markets Debt Classic USD 0.67CA-Funds Emerging Markets Debt Private USD 0.75CA-Funds Euro Bond Classic EUR 0.23CA-Funds Euro Bond Private EUR 0.06CA-Funds Euro Corporate Bond Classic EUR 0.30CA-Funds Euro Corporate Bond Private EUR 0.07CA-Funds European High Yield Bond Private EUR 0.40CA-Funds Global Bond Classic USD 0.32CA-Funds Global Bond Private USD 0.08CA-Funds Swiss Franc Bond Classic CHF 0.19CA-Funds Swiss Franc Bond Private CHF 0.07CA-Funds US Dollar Bond Private USD 0.09CA-Funds Euro Reserve Classic EUR 0.09CA-Funds Euro Reserve Private EUR 0.03

Ex-date: 4th November 2003Payment date: 9th November 2003


5. Statement of Portfolio Movements

Details of movements of securities in the portfolio for the period ending 31 December 2003 may be obtained free of charge on request from the Fund’sRegistered Office and the Hong Kong Representative office.

The list of the portfolio changes can also be obtained free of charge at the Germanand Swiss branch offices.

1. Généralités

CREDIT AGRICOLE FUNDS ("le Fonds") est constituée sous la forme d'une Sociétéd'Investissement à Capital Variable de droit luxembourgeois. Le Fonds, initialementdénommé Groupe Indosuez Funds FCP, un Fonds Commun de Placement, a ététransformé et sa dénomination a été remplacée par celle de GIF SICAV II le 15 mars1999, puis GIF SICAV le 1er décembre 1999, et enfin CREDIT AGRICOLE FUNDS le8 décembre 2000. Christiania SICAV a été fusionnée par absorption dans CréditAgricole Funds le 27 décembre 2001. Le 7 avril 2003, Indocam Asian PortfolioSICAV a été fusionnée par absorption dans Crédit Agricole Funds Hong Kong. Le11 août 2003, CPR Universe SICAV a été fusionnée par absorption dans CréditAgricole Funds Global Consumers. Le Fonds est un Organisme de PlacementCollectif en Valeurs Mobilières (OPCVM) régi par la loi du 30 mars 1988 (Partie I) surles Organismes de Placements Collectifs.

Le 1er novembre 2003, les compartiments suivants ont été fusionnés par absorption:

Latin America dans Emerging MarketsEurope Technology dans Global MultimediaEurope dans Europe Sector Selection Germany dans France

Le 1er novembre 2003, les compartiments suivants ont été renommés:

France en Europe ValueHong Kong en Greater ChinaNorth America en USANorth America Smaller Companies en US Smaller Companies

Au 31 décembre 2003, le Fonds était constitué de 37 compartiments investissantchacun sur un marché ou un groupe de marchés particuliers.

Classes d’actions:

Afin de permettre la commercialisation de Crédit Agricole Funds par différentsréseaux de distribution et pour différents profils d’investisseurs, cinq sous-classesdistinctes d’actions, ayant chacune leurs propres caractéristiques et leurs propresstructures d’honoraires et frais, ont été créées.

Actions “Institutional” - Sous-Classe I - réservées à la clientèle institutionnelleagissant pour compte propre, et/ou aux OPCVM et fonds de fonds.

Actions “Institutional” - Sous-Classe I2 - réservées à un seul client institutionneljaponais.

Actions “Private” - Sous-Classe P - réservées à la clientèle du réseau de banqueprivée de Crédit Agricole Indosuez.

Actions “Classic” - ouvertes à l’ensemble des investisseurs.

Actions “Classic S” - Sous-Classe S - disponibles uniquement auprès de certainsréseaux de distribution.

2. Taux de change utilisés au 31 décembre 2003

Les taux de change utilisés pour le consolidé sont les suivants:

1 EUR = 1,5594 CHF 1 EUR = 133,72 JPY

1 EUR = 0,7036 GBP 1 EUR = 9,077 SEK

1 EUR = 1,2496 USD

3. Fiscalité

Selon les dispositions législatives et réglementaires actuellement en vigueur auLuxembourg, le Fonds n’est soumis à aucune imposition sur les bénéfices ou sur lesplus-values. Le Fonds est toutefois soumis à la taxe d’abonnement au taux de 0,05%par an basé sur l’actif net du Fonds à la fin du trimestre concerné, calculée et payéetrimestriellement.

Les deux compartiments court terme respectent certains critères spécifiques etcertaines conditions, et bénéficient par conséquent de la loi du 14 avril 1995 depuisle 1er janvier 1995 ; ces compartiments et les sous-classes Institutional etInstitutional 2 de tous les compartiments sont dès lors sujets à un taux de taxed’abonnement réduit de 0,01% par an, basé sur l’actif net du Fonds à la fin dutrimestre concerné.

Les intérêts et dividendes reçus par le Fonds peuvent être sujets à des retenues àla source non récupérables dans leurs pays d’origine.

4. Dividendes

La SICAV a distribué les dividendes par action suivants au cours de la période:

Ex-date: 4 juillet 2003Date de paiement: 9 juillet 2003

CA-Funds Euro Bond Institutional I2 EUR 0,50CA-Funds Euro Corporate Bond Institutional I2 EUR 0,50

Ex-date: 4 septembre 2003Date de paiement: 9 septembre 2003


Ex-date: 23 septembre 2003Date de paiement: 29 septembre 2003

CA-Funds Europe Sector Selection Classic EUR 0,385CA-Funds Italy Classic EUR 0,08CA-Funds Italy Private EUR 0,18CA-Funds United Kingdom Classic GBP 0,14CA-Funds United Kingdom Private GBP 0,08CA-Funds Emerging Markets Debt Classic USD 0,67CA-Funds Emerging Markets Debt Private USD 0,75CA-Funds Euro Bond Classic EUR 0,23CA-Funds Euro Bond Private EUR 0,06CA-Funds Euro Corporate Bond Classic EUR 0,30CA-Funds Euro Corporate Bond Private EUR 0,07CA-Funds European High Yield Bond Private EUR 0,40CA-Funds Global Bond Classic USD 0,32CA-Funds Global Bond Private USD 0,08CA-Funds Swiss Franc Bond Classic CHF 0,19CA-Funds Swiss Franc Bond Private CHF 0,07CA-Funds US Dollar Bond Private USD 0,09CA-Funds Euro Reserve Classic EUR 0,09CA-Funds Euro Reserve Private EUR 0,03

Ex-date: 4 novembre 2003Date de paiement: 9 novembre 2003


5. Etat des Mouvements de Portefeuille

Les détails concernant les mouvements de titres en portefeuille au 31 décembre2003 peuvent être obtenus gratuitement et sur simple demande auprès du siègesocial du Fonds et du bureau du représentant à Hong Kong.

La liste des mouvements de portefeuille peut être également obtenue gratuitementauprès des représentants allemand et suisse.

Notes aux états financiers au 31 décembre 2003


CA-F

unds Erläuterungen zum Halbjahresbericht zum 31. Dezember 2003

1. Allgemeines

CREDIT AGRICOLE FUNDS („der Fonds“) ist als Investmentgesellschaft mit vari-ablem Kapital nach luxemburgischem Recht gegründet worden. Der Fonds,anfangs mit dem Namen Groupe Indosuez Funds FCP, (Fonds für gemeinsameAnlagen), wurde umgewandelt und sein Name am 15. März 1999 in GIF SICAV II,später, am 1. Dezember 1999, in GIF SICAV, und schließlich, am 8. Dezember 2000,in CREDIT AGRICOLE FUNDS geändert. Christiania SICAV wurde mit Wirkung zum27. Dezember 2001 in den Crédit Agricole Funds integriert. Indocam Asian PortfolioSICAV wurde mit Wirkung zum 7. April 2003 in den Teilfonds Crédit Agricole FundsHong Kong integriert. CPR Universe SICAV wurde mit Wirkung zum 11. August 2003in den Teilfonds Crédit Agricole Funds Global Consumers integriert. Der Fonds istein Organismus für gemeinsame Anlagen (OGA) / Kapitalanlagegesellschaften(KAG) in Wertpapiere, und unterliegt dem Gesetz vom 30. März 1988 (Teil I) überdie Organismen für gemeinsame Anlagen/ KAG.

Am 1. November 2003 wurden die folgenden Teilfonds fusioniert:


Am 1. November 2003 wurden die Namen der folgenden Teilfonds verändert:


Zum 31. Dezember 2003 besteht der Fonds aus 37 Teilfonds, die jeweils in einenMarkt oder eine Gruppe von einzelnen Märkten investieren.

Einrichtung neuer Aktienklassen:

Für den Vertrieb des Crédit Agricole Funds über verschiedene Vertriebswege undfür Anleger mit verschiedenen Profilen wurden fünf Aktienklassen mit eigenenMerkmalen sowie einer eigenen Honorar- und Kostenstruktur eingerichtet.

Aktien „Institutional “- Unterklasse I - dem auf eigene Rechnung handelndeninstitutionellen Anleger, und/oder KAG in Wertpapieren und Funds of fundsvorbehalten.

Aktien „Institutional“ - Unterklasse I2 - einem einzigen japanischen institutionellenAnleger vorbehalten.

Aktien „Private” - Unterklasse P - den Privatbankkunden von Crédit AgricoleIndosuez vorbehalten.

Aktien “Classic” - für alle Anleger.

Aktien “Classic S” - Unterklasse S - nur über bestimmte Anbieter erhältlich.

2. Wechselkurse am 31. Dezember 2003

Für die Konsolidierung wurden folgende Wechselkurse zugrunde gelegt:

1 EUR = 1,5594 CHF 1 EUR = 133,72 JPY

1 EUR = 0,7036 GBP 1 EUR = 9,077 SEK

1 EUR = 1,2496 USD

3. Steuern

Gemäß der derzeit geltenden luxemburgischen Gesetzgebung entrichtet der Fondsweder eine Einkommens-, noch eine Wertzuwachssteuer. Er unterliegt lediglich einerjährlichen Abgabe von 0,05%, die vierteljährlich zahlbar ist und auf der Grundlagedes am letzten Tag des Quartals ausgewiesenen Nettovermögens errechnet wird.

Da die zwei kurzfristigen Teilfonds bestimmte Kriterien und Bedingungen erfüllen,unterliegen sie, sowie die Unterklasse I und die Unterklasse I2 von allen Teilfonds,seit dem 1. Januar 1995 dem Gesetz vom 14. April 1995 und müssen daher nur eineermäßigte Abgabe von jährlich 0,01% entrichten, die auf der Grundlage des amletzten Tag des jeweiligen Quartals ausgewiesenen Nettovermögens errechnet wird.

Die vom Fonds erwirtschafteten Zinsen und Dividenden können einer Quellensteuerim Ursprungsland unterliegen, die nicht zurückerstattet wird.

4. Dividenden

Die SICAV hat die folgenden Dividenden pro Aktie im Laufe der Periodeausgeschüttet:

Ex-Datum: 4. Juli 2003Ausschüttungsdatum: 9. Juli 2003


Ex-Datum: 4. September 2003Ausschüttungsdatum: 9. September 2003


Ex-Datum: 23. September 2003Ausschüttungsdatum: 29. September 2003


Ex-Datum: 4. November 2003Ausschüttungsdatum: 9. November 2003


5. Änderungen in der Zusammenstellung des Wertpapierbestandes

Veränderungen des Wertpapierbestandes zum 31. Dezember 2003 sind aufeinfache Anfrage und kostenlos beim Sitz des Fonds und in NiederlassungHongkong erhältlich.

Kopien der Veränderungen des Wertpapierbestandes sind kostenfrei auf Anfragebei dem Vertreter in Deutschland und in der Schweiz erhältlich.

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Anexos a los estados financieros a 31 de diciembre de 2003


1. Aspectos generales

CREDIT AGRICOLE FUNDS ("el Fondo") está constituido bajo la forma de unaSociedad de Inversión de Capital Variable de derecho luxemburgués. El Fondo,denominado inicialmente Groupe Indosuez Funds FCP, un fondo mutuo de inversión,ha sido transformado y su denominación fue sustituida por la de GIF SICAV II el 15 demarzo de 1999, posteriormente por GIF SICAV el 1 de diciembre de 1999, y finalmentepor CREDIT AGRICOLE FUNDS el 8 de diciembre de 2000. El 27 de diciembre de2001, Christiania SICAV se fusionó con Crédit Agricole Funds mediante absorción. El7 de abril de 2003, Indocam Asian Portfolio SICAV se fusionó con Crédit AgricoleFunds Hong Kong mediante absorción. El 11 de agosto de 2003, CPR UniverseSICAV se fusionó con Crédit Agricole Funds Global Consumers mediante absorción.El Fondo es un Organismo de Inversión Colectiva en Valores Mobiliarios (OICVM) regi-do por la ley de 30 de marzo de 1988 (Parte I) sobre los organismos de inversióncolectivos.

El 1 de noviembre de 2003, los siguientes compartimientos han sido fusionadosmediante absorción:

Latin America en Emerging MarketsEurope Technology en Global MultimediaEurope en Europe Sector Selection Germany en France

El 1 de noviembre de 2003, los siguientes compartimientos han sido transformadossus denominación:

France en Europe ValueHong Kong en Greater China

North America en USANorth America Smaller Companies en US Smaller Companies

A 31 de diciembre de 2003, el Fondo estaba constituido por 37 corros bursátiles cadauno de los cuales invertía en un mercado o grupo de mercados particulares.

Clases de acciones:

A fin de permitir la comercialización de Crédit Agricole Funds a través de distintasredes de distribución y por distintos perfiles de inversores, se crearon cinco subclasesdistintas de acciones, teniendo cada una de ellas sus propias características y suspropias estructuras de honorarios y gastos.

Acciones “Institutional” - Subclase I - reservadas a la clientela institucional queactúa por cuenta propia, y/o a los OICVM y fondos de fondos.

Acciones “Institutional” - Subclase I2 - reservadas a un solo cliente institucionaljaponés.

Acciones “Private” - Subclase P - reservadas a la clientela de la red de bancaprivada de Crédit Agricole Indosuez.

Acciones “Classic” - abiertas al conjunto de los inversores.

Acciones “Classic S”- Subclase S - disponibles únicamente en algunas redes dedistribución.

2. Tipos de cambio utilizados el 31 de diciembre de 2003

Los tipos de cambio utilizados para la consolidación son los siguientes:

1 EUR = 1,5594 CHF 1 EUR = 133,72 JPY

1 EUR = 0,7036 GBP 1 EUR = 9,077 SEK

1 EUR = 1,2496 USD

3. Fiscalidad

Según las disposiciones legales y reglamentarias actualmente en vigor enLuxemburgo, el Fondo no está sujeto a ningún impuesto sobre los beneficios ni sobrelas plusvalías. No obstante, el Fondo está sujeto al impuesto de abono al tipo del0,05% anual basado en el activo neto del Fondo al final del trimestre correspondiente,calculado y pagado trimestralmente.

Los des Corros Bursátiles a Corto Plazo respetan algunos criterios específicos y algu-nas condiciones, y por consiguiente se benefician de la Ley de 14 de abril de 1995desde el 1 de enero de 1995; estos corros bursátiles y las Subclase I y Subclase I2están sujetos desde entonces a un impuesto de abono reducido del 0,01% anualbasado en el activo neto del Fondo al final del trimestre correspondiente.

Los intereses y dividendos recibidos por el Fondo pueden estar sujetos a retencionesen la fuente no recuperables en sus países de origen.

4. Dividendos

La SICAV ha distribuido los dividendos por accione siguientes en el transcurso delperíodo:

Ex-date: 4 julio 2003Fecha de pago: 9 julio 2003


Ex-date: 4 septiembre 2003Fecha de pago: 9 septiembre 2003


Ex-date: 23 septiembre 2003Fecha de pago: 29 septiembre 2003


Ex-date: 4 noviembre 2003Fecha de pago: 9 noviembre 2003


5. Estado de las Variaciones de la Cartera de Valores

Los detalles relativos a las variaciones de los títulos de la cartera de valores para elperiodo cerrado el 31 de diciembre de 2003 pueden obtenerse gratuitamentemediante petición en el domicilio social del Fondo y en representante en Hong Kong.

La lista de los cambios en las carteras puede ser obtenida en la representaciónalemana y suiza sin nigún gasto suplementario.

Note integrative al bilancio al 31 dicembre 2003 CA

-Fun

ds

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1. Premessa generale

CREDIT AGRICOLE FUNDS ("il Fondo") è costituito sotto forma di Società diInvestimento a Capitale Variabile di diritto lussemburghese. Il Fondo, inizialmentedenominato Groupe Indosuez Funds FCP, un Fondo Comune di Investimento, èstato trasformato e la sua denominazione è stata cambiata in GIF SICAV II in data15 marzo 1999, successivamente in GIF SICAV il 1 dicembre 1999 ed infine, inCREDIT AGRICOLE FUNDS l’8 dicembre 2000. Il 27 dicembre 2001, la SICAVChristiania si è fusa per incorporazione in Crédit Agricole Funds. Il 7 aprile 2003,Indocam Asian Portfolio SICAV si è fusa per incorporazione in Crédit Agricole FundsHong Kong. Il 11 agosto 2003, CPR Universe SICAV si è fusa per incorporazione inCrédit Agricole Funds Global Consumers. Il Fondo è un organismo d’investimentocollettivo in valori mobiliari (OICVM) disciplinata dalla legge del 30 marzo 1988(Parte I) su organismi d’investimenti collettivi.

Il 1 novembre 2003, i seguenti comparti sono fusi per incorporazione:


Il 1 novembre 2003, i seguenti comparti stati cambiati la loro denominazione:


Al 31 dicembre 2003, il Fondo era costituito da 37 comparti, ognuno dei qualispecializzato nell’investimento in uno specifico mercato o gruppo di mercati.

Categorie di azioni:

Per consentire la commercializzazione di Crédit Agricole Funds attraverso svariaticanali distributivi e poterlo proporre a varie tipologie di investitori, sono state createcinque distinte sottocategorie di azioni, aventi specifiche caratteristiche e fasce dionorari e spese differenziate.

Azioni “Institutional” - Sottocategoria I - riservate alla clientela istituzionale cheopera per proprio conto, e/o alle OICVM e ai fondi di fondi.

Azioni “Institutional” - Sottocategoria I2 - riservate a un solo cliente istituzionalegiapponese.

Azioni “Private” - Sottocategoria P - riservate alla clientela della rete bancariaprivata di Crédit Agricole Indosuez.

Azioni “Classic” - aperte all’insieme degli investitori.

Azioni “Classic S” - Sottocategoria S - disponibili soltanto presso alcune reti didistribuzione.

2. Tassi di cambio utilizzati al 31 dicembre 2003

I tassi di cambio utilizzati per la consolidazione sono i seguenti:

1 EUR = 1,5594 CHF 1 EUR = 133,72 JPY

1 EUR = 0,7036 GBP 1 EUR = 9,077 SEK

1 EUR = 1,2496 USD

3. Fiscalità

Secondo quanto previsto dalle disposizioni legislative e regolamentari attualmentevigenti in Lussemburgo, il Fondo non è assoggettato ad alcuna imposta sugli utili osulle plus-valenze. Il Fondo è tuttavia assoggettati alla tassa di abbonamento dello0,05 % annuo, sulla base dell’attivo netto dal Fondo alla fine del trimestreconsiderato, calcolata e pagata ogni trimestre.

I due comparti Breve Termine rispettano alcuni particolari criteri e condizioni edusufruiscono di conseguenza, dal 1 gennaio 1995, delle disposizioni previste dallalegge del 14 aprile 1995; tali comparti e i Sottocategoria I e Sottocategoria I2 sonopertanto assoggettati ad una tassa di abbonamento ridotta pari allo 0,01% annuo,applicabile all’attivo netto maturato dal Fondo alla fine del trimestre considerato.

Gli interessi e i dividendi percepiti dal Fondo possono essere assoggettati a ritenutealla fonte non recuperabili nei loro paesi di provenienza.

4. Dividendi

Nel corso dell’esercizio considerato, la SICAV ha distribuito i seguenti dividendi perazione:

Ex-data: 4 luglio 2003Data di pagamento: 9 luglio 2003


Ex-data: 4 settembre 2003Data di pagamento: 9 settembre 2003


Ex-data: 23 settembre 2003Data di pagamento: 29 settembre 2003


Ex-data: 4 novembre 2003Data di pagamento: 9 novembre 2003


5. Stato dei Movimenti di Portafoglio

I particolari riguardanti i movimenti di titoli presenti in portafoglio al 31 dicembre2003 sono disponibili gratuitamente e dietro semplice richiesta, presso la sedelegale del Fondo e ufficio di rappresentanza di Hong Kong.

La lista dei movimenti di titoli presenti in portafoglio e anche disponibilegratuitamente presso la rappresentante in Germania e in Svizzera.


Notices and Reports

Avis et rapports / Bekanntmachungen und BerichteAvisos e informes / Comunicazioni e relazioni

at 31 December 2003 / au 31 décembre 2003 / zum 31. Dezember 2003al 31 de diciembre de 2003 / al 31 dicembre 2003

ENGLISH

Notices to shareholders will be published in the Luxembourg “Memorial”, the Luxemburger Wort and in such other newspapers as the Directors may determine.

Dividend announcements, including the names of the Paying Agents, are published in the Luxemburger Wort and in such other newspapers as the Directors may from timeto time determine.

FRANCAIS

Les avis aux actionnaires seront publiés au “Mémorial” du Luxembourg, dans le Luxemburger Wort et dans tous les autres journaux que pourront désigner les administra-teurs.

Les avis de dividendes, y compris la désignation des établissements financiers habilités à effectuer le paiement, seront publiés dans le Luxemburger Wort et dans tous lesautres journaux que les administrateurs pourront désigner.

DEUTSCH

Mitteilungen an die Anteilsinhaber werden im Luxemburger “Mémorial”, im Luxemburger Wort und in denjenigen anderen Zeitungen veröffentlicht, die der Verwaltungsratgegebenenfalls bestimmt.

Dividendenerklärungen, einschließlich der Namen der Zahlstellen, werden im Luxemburger Wort und in denjenigen anderen Zeitungen veröffentlicht, die der Verwaltungsratbestimmt.

ESPAÑOL

Los avisos destinados a los accionistas se publicarán en el “Mémorial” de Luxemburgo, el Luxemburger Wort así como en cualquier periódico que designen losAdministradores.

Los anuncios sobre dividendos, incluyendo la designación de los establecimientos financieros autorizados para efectuar los pagos, se publicarán en el Luxemburger Wort,así como en todos los demás periódicos que puedan designar los Administratores.

ITALIANO

Le comunicazioni agli azionisti saranno pubblicate al 'Mémorial' di Lussemburgo, sul Luxemburger Wort e su tutti gli altri quotidiani designati dagli amministratori.

Gli avvisi relativi ai dividendi, compresa la designazione degli istituti di credito abilitati ad effettuare i pagamenti, saranno pubblicati sul Luxemburger Wort e su tutti gli altriquotidiani che gli amministratori potranno designare di volta in volta.

CA-F

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Additional information for Switzerland

Indications complémentaires pour la Suisse / Zusätzliche Informationen für die SchweizInformación adicional para Suiza / Informazioni supplementari per la Svizzera


ENGLISH

ADDITIONAL INFORMATION CONCERNING THE REPRESENTATION AND DISTRIBUTION OF THE FUND IN SWITZERLAND

Paying agent, place of performance and forum of litigation

In respect of Shares distributed in Switzerland, the Paying Agent, place of performanceand forum of litigation are located at the registered office of the Swiss representative, being:Crédit Agricole Indosuez (Suisse) S.A., 4 Quai Général Guisan, CH-1204 Geneva,Switzerland.

PublicationsThe Fund’s Articles of Incorporation, Prospectus, annual and semi-annual reports may beobtained free of charge from the office of the Representative.Notice concerning the Fund will be published in Switzerland in the “Feuille Officielle Suissedu Commerce” and in “Le Temps”.The Net Asset Value for each of the Portfolios*, plus commissions, will be published eachday in “Le Temps”.* This value determines the Dealing Price as described in the Prospectus (the Net AssetValue adjusted by the appropriate provision for dealing charges, divided by the number ofshares in issue and allowing for a final adjustment).Copies of annual and semi-annual reports are available at the registered office of the Fund.Issue and redemption prices can also be obtained, upon request, from the registered officeof the Fund.The Shares of the Fund are listed on the Luxembourg Stock Exchange.

FRANCAIS

INDICATIONS COMPLEMENTAIRES RELATIVES A LA REPRESENTATION /DISTRIBUTION DES ACTIONS EN SUISSE

Service des paiements, lieu d’exécution et juridiction

Pour les actions distribuées en Suisse, le service de paiement, le lieu d’exécution et la juri-diction compétente sont établis au siège du représentant Suisse, à savoir:Crédit Agricole Indosuez (Suisse) S.A. 4, Quai Général Guisan, CH-1204 Genève, Suisse.

PublicationsLes Statuts du Fonds, le prospectus, le rapport annuel et le rapport semestriel destinés aumarché suisse peuvent être obtenus gratuitement auprès du représentant.Les publications du Fonds en Suisse sont effectuées dans la “Feuille Officielle Suisse duCommerce” ainsi que dans “Le Temps”.La valeur nette d’inventaire de chaque catégorie de parts*, plus commissions, est publiéetous les jours dans “Le Temps”.* Cette valeur détermine le Prix de la transaction tel que défini par le prospectus (valeurnette d’inventaire corrigée des provisions pour frais de courtage, divisée par le nombred’actions et ajustée).Les rapports annuels et semestriels peuvent être obtenus auprès du Fonds. Les cours d’émis-sion et de rachat peuvent également être obtenus, à la demande, auprès du Fonds.Les actions du Fonds sont cotées à la bourse de Luxembourg.

DEUTSCH

ZUSÄTZLICHE INFORMATIONEN IN BEZUG AUF DIE VERTRETUNG UND DEN VERTRIEB DES FONDS IN DER SCHWEIZ

Zahlstelle, Erfüllungsort und Gerichtsstand

In bezug auf Anteile, die in der Schweiz vertrieben werden, befindet sich die Zahlstelle, derErfüllungsort und der Gerichtsstand am Sitz des schweizerischen Vertreters, CréditAgricole Indosuez (Suisse) S.A. 4, Quai Général Guisan, CH-1204 Genf, Schweiz.

VeröffentlichungenDie Satzung des Fonds, der Prospekt, die Jahres- und Halbjahresberichte sind kostenlosvom Büro des Vertreters erhältlich.Mitteilungen, die den Fonds betreffen, werden in der Schweiz in “Feuille Officielle Suissedu Commerce” und im “Le Temps” erfolgen.Das Nettovermögen jedes der Portfolios* zuzüglich Provisionen wird täglich im “Le Temps”veröffentlicht.* Dieser Wert bestimmt den Handelspreis, wie im Prospekt beschrieben (dasNettovermögen berichtigt um die angemessene Vorsorge für Handelsgebühren, geteiltdurch die Anzahl ausgegebener Anteile und unter Berücksichtigung einer endgültigenAnpassung).Exemplare des Jahresberichts und des Halbjahresberichts sind am Sitz des Fondserhältlich. Ausgabe- und Rücknahmepreise sind ebenfalls auf Wunsch am Sitz des Fondserhältlich.Die Anteile des Fonds werden an der Luxemburger Börse notiert.

ESPAÑOL

INFORMACION ADICIONAL RELATIVA A LA REPRESENTACION Y DISTRIBUCION DEL FONDO EN SUIZA

Agente de Pagos, Lugar de Cumplimiento y Jurisdicción

Respecto a las Acciones distribuidas en Suiza, tanto el Agente de Pagos, como el lugarde cumplimiento de las obligaciones del Fondo y la juridicción competente, se hallan situ-ados en el domicilio social del representante suizo, siendo éste: Crédit Agricole Indosuez(Suisse) S.A., 4 quai Général Guisan, CH-1204 Ginebra, Suiza.

PublicacionesLos Estatutos del Fondo, el Folleto Informativo y los informes anuales y semestrales podránser obtenidos sin coste alguno en la oficina del Representante.Las noticias relativas al Fondo serán publicadas en Suiza en el “Feuille Officielle Suisse duCommerce” y en el “Le Temps”.El Valor de Activo Neto de cada Cartera*, más comisiones, será publicado diariamente enel “Le Temps”.* Este valor determina el Precio de Negociación como se describe en el Folleto Informativo(el Valor de Activo Neto ajustado por la provisión apropiada para los gastos de nego-ciación, dividido por el número de Acciones emitidas y permitiendo un ajuste final).Los informes anuales y semetrales podrán obtenerse del Fondo. Los precios de emisión yde reembolso podrán asimismo obtenerse, con previa solicitud, del Fondo.Las acciones del Fondo se cotizan en la Bolsa de Valores de Luxemburgo.

ITALIANO

INFORMAZIONI SUPPLEMENTARI CONCERNENTI LA RAPPRESENTANZA E DISTRIBUZIONE DELLE AZIONI IN SVIZZERA

Servizio dei pagamenti, Luogo di esecuzione e Foro competente

Per quanto concerne le Azioni distribuite in Svizzera, il Servizio di pagamenti, il luogo diesecuzione ed il foro competente sono situati presso la sede legale del rappresentantesvizzero, che è: Crédit Agricole Indosuez (Suisse) S.A., 4 quai Général Guisan, CH-1204Ginevra, Svizzera.

PubblicazioniLo Statuto del Fondo, il Prospetto Informativo e le relazioni annuali e semestrali possonoessere ottenute gratuitamente dall'Ufficio del Rappresentante.Le notizie riguardanti il Fondo saranno pubblicate in Svizzera nel 'Feuille Officielle duCommerce' e nel ' Le Temps'.Il Valore Netto d'Inventario per ciascuno dei Comparti*, più le commissioni, sarà pubblica-to quotidianamente nel 'Le Temps'.* Detto valore determina il Prezzo di Operazione descritto nel Prospetto (il Valore Nettod'Inventario rettificato in relazione alle commissioni di operazione, diviso per il numero delleAzioni emesse e suscettibile di una ulteriore rettifica).Le copie delle relazioni annuali e semestrali sono disponibili presso la sede legale delFondo. Il prezzo di emissione delle azioni, come quelle per il loro riscatto, possono ugual-mente essere ottenuti, su richiesta, presso la sede legale del Fondo.Le azioni dei Fondi sono quotate presso la Borsa Valori del Lussemburgo.



SubfundsCompartiments Classic Classic S Institutional Private

TeilfondsSubfondosComparti C D C C C D

Asian Growth 2.12% 2.12% 2.24% 1.55% 2.20% 2.20%

Asian Renaissance 2.39% 2.39% 2.78% 1.69% 2.46% -

Eastern Europe 2.65% 2.65% 2.79% 1.48% 2.79% 2.79%

Emerging Markets 2.15% 2.15% 3.21% 1.74% 2.09% 2.09%

Europe Equity Research 2.37% - - 1.54% 1.67% 1.67%

Europe Sector Selection 1.60% 1.60% 2.18% 0.91% 1.65% 1.65%

Europe Smaller Companies 2.96% 2.96% 3.04% 1.33% 2.53% 2.53%

Eurostocks 1.77% 1.77% 2.14% 0.89% 1.56% 1.56%

Global Equities 1.77% 1.77% 2.21% 1.17% 1.77% 1.77%

Global Finance 2.02% 2.02% 2.26% 2.26% 2.98% -

Global Healthcare 2.13% 2.13% 2.67% - 2.18% 2.18%

Global Multimedia 2.31% 2.31% 2.76% 1.72% 2.32% 2.32%

Iberia 1.69% 1.69% 2.39% 1.00% 1.86% -

Italy 1.69% 1.69% 2.07% 1.16% 1.62% 1.62%

Japan 1.79% 1.79% 2.18% 0.83% 1.67% 1.67%

Japan Smaller Companies 2.84% 2.84% 3.06% 1.61% 2.11% 2.11%

Korea 2.57% - - - 2.47% -

Switzerland 1.54% 1.54% 3.84% - 1.50% 1.50%

Thailand 2.07% - - 1.78% 1.89% -

United Kingdom 1.83% 1.83% 2.25% 1.18% 1.62% 1.62%

US Smaller Companies 2.10% 2.10% 3.28% 1.57% 2.98% 2.98%

US Value 2.21% - 2.59% 1.64% 1.98% -

USA 1.50% 1.50% 2.16% 1.05% 1.51% 1.51%

Asian Income 1.74% - 1.32% 1.38% 1.97% -

Emerging Markets Debt 2.17% 2.17% 2.48% - 2.01% 2.01%

Euro Bond 1.12% 1.12% 1.49% 0.69% 1.03% 1.03%

Euro Corporate Bond 1.15% 1.15% 1.33% 0.99% 1.10% 1.10%

European Convertible Bond 1.39% 1.39% 2.34% 0.41% 1.50% -

European High Yield Bond 2.20% - 3.49% 1.08% 1.91% 1.91%

Global Bond 1.35% 1.35% 1.56% 0.82% 1.07% 1.07%

Swiss Franc Bond 1.21% 1.21% 1.30% - 1.16% 1.16%

US Dollar Bond 1.39% 1.39% 1.77% - 1.15% 1.15%

Euro Reserve 0.76% 0.76% 0.93% 0.56% 0.72% 0.72%

US Dollar Reserve 0.82% 0.82% 1.30% - 0.69% 0.69%



Total Expense Ratio

CA-F

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ENGLISH

The expense ratio expresses the costs charged to the subfunds during the reporting period as a percentage of the average assets entrusted, calculated on a daily basis,during the reporting period. The expense ratio as shown does not include brokerage costs and exchange fees relating to investment transactions. These have been dis-counted in the cost price or the sales value of the investments, as is normal practice in the securities industry. In addition to the costs of investment advice the expense ratioalso includes the costs of the custodian, domiciliary and administration agent and the transfer agent, bank charges and taxe d’abonnement.

FRANCAIS

L’ “expense ratio” exprime les frais supportés par le compartiment pendant la période sous revue comme un pourcentage des actifs nets, calculé sur base journalière. Ceratio ne comprend ni les frais de courtage, ni les frais de change relatifs aux transactions sur titres. Ceux-ci ont été déduits du prix d’achat ou du prix de vente des investisse-ments, comme il est coutume dans l’industrie des titres. Outre les frais du conseiller en investissements, l’ “expense ratio” comprend les frais du dépositaire, de l’agent domi-ciliataire, de l’administration, de l’agent de transfert ainsi que les frais bancaires et la taxe d’abonnement.

DEUTSCH

In der sog. ‘expense ratio’ kommen die Kosten, die in der Berichtsperiode zu Lasten der Teilfonds gebracht wurden, in einem Prozentsatz des in dieser Periode durch-schnittlich anvertrauten Vermögens, das jeweils auf einer täglichen Basis ermittelt wird, zum Ausdruck. In der hier vorgeführten ‘expense ratio’ sind die Spesen derEffektenmakler und die Börsensteuer der Anlagetransaktionen nicht enthalten. Diese sind, wie im professionellen Wertpapierhandel üblich, im Erwerbspreis bzw. imErtragswert der Anlagen ausgewiesen. Außer Verwaltungskosten fallen auch Depotbankgebühren, Übertragungs- und Registrierungskosten, Bankkosten sowie die sog.‘taxe d‘abonnement’ unter die ‘expense ratio’.

ESPAÑOL

La proporción o ratio de gastos expresa los gastos cargados a los subfondos durante el periodo al que se refiere el informe como porcentaje de los activos administrados,y se calcula diariamente durante todo el citado periodo. La proporción de gastos que se muestra no incluye los gastos de corretaje y comisiones por cambio de divisasrelacionados con las actividades de inversión. Dichos gastos ya se han reflejado en el precio de coste o el valor de venta de las inversiones, como es práctica habitual enel sector bursátil. Además de los gastos de asesoramiento de inversión, la proporción de gastos incluye los costes del depositario, el agente domiciliario y administrativoy el agente de transferencias, las comisiones bancaria y el impuesto conocido como ‘taxe d’abonnement’.

ITALIANO

L’indice di spesa rappresenta i costi addebitati ai comparti durante l’anno contabile sotto forma di percentuale sulla media delle attività affidate, calcolate giornal-mente, nel corso dell’esercizio. L’indice di spesa, così come illustrato, non comprende i costi di mediazione e le commissioni di cambio relative alle operazioni diinvestimento. Queste sono state scontate sul prezzo di costo o sul valore della vendita degli investimenti, in quanto prassi ordinaria del settore di titoli azionari. Oltreai costi relativi alla consulenza agli investimenti, l’indice di spesa comprende altresì i costi dell’agente depositario, domiciliare e amministrativo, nonché l’agente ditrasferimento, le commissioni bancarie e la taxe d’abonnement.




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