Rapport Semestriel

Schroder International Selection Fund
UNAUDITED SEMI-ANNUAL REPORT

30 JUNE 2003
Nu subscriptions caq be received on t i e basis of periodical reports Subscriptionsare valid only If made on the basis @f the current prospectus accompanied by the
.ast avai,ableann& report or semi-aniual report it publisied thereafter.
Avnual and semii-annual reports, tre current prospectus and the Articles 01 Incorporationof Schroder International Selection Fund (the Company') are available free of
charge. at we Company's registered office. 5 rue Hohenhof, 1.-1736 Senningerberg. Grand Duchy of Luxembourg
Schroder Investment Management http:llwww.schroders.lu Page 5
(Luxembourg) S.A.
Contents
Schroder International Selection Fund 7
Board of Directors 8
Administration 9
investment Managers 9
Investment Managers’ Report 11

Notes to the Financial Statements 12
Fund Performance 20
Statement of Net Assets 22
Distribution of investments by Industry 34

Portfolio of Investments 40
Mainstream Equity Funds

Schroder International Selection Fund EURO Equity 40
Schroder International Selection Fund European Equity 41
Schroder International Selection Fund Italian Equity 42
Schroder International Selection Fund Japanese Equity 43
Schroder International Selection Fund North American Equity 44
Schroder International Selection Fund Pacific Equity 46
Schroder International Selection Fund Swiss Equity 47
Schroder International Selection Fund UK Equity 48
Specialist Equity Funds

Schroder International Selection Fund Emerging Europe 49
Schroder International Selection Fund Emerging Markets 50
Schroder International Selection Fund European Smaller Companies 51
Schroder International Selection Fund Global Technology 53
Schroder International Selection Fund Greater China 54
Schroder International Selection Fund Hong Kong Equity 55
Schroder International Selection Fund Japanese Smaller Companies 55
Schroder International Selection Fund Latin American 56
Schroder International Selection Fund Medical Discovery 57
Schroder International Selection Fund Swiss Small & Mid Cap Equity 58
Schroder International Selection Fund US Smaller Companies 58
Style Equity Funds

Schroder International Selection Fund EURO Active Value 59
Schroder International Selection Fund EURO Dynamic Growth 60
Sigma Equity Funds

Schroder International Selection Fund European Equity Sigma 61
Schroder International Selection Fund Global Equity Sigma 64
Schroder International Selection Fund North American Equity Sigma 69
Alpha Equity Fund

Schroder International Selection Fund European Equity Alpha 72
Absolute Return Fund

Schroder International Selection Fund European Absolute Return 73
Asset Allocation Funds

Schroder International Selection Fund Portfolio 74
Schroder International Selection Fund Portfolio (US Dollar) 75
Schroders
30June2003 Schroder International Selection Fund Page 6
Unaudited Semi-Annual Report
Mainstream Bond Funds

Schroder International Selection Fund EURO Bond 77
Schroder International Selection Fund EURO Short Term Bond 79
Schroder International Selection Fund European Bond 80
Schroder International Selection Fund Global Bond 81
Schroder International Selection Fund Hong Kong Dollar Bond 85
Schrodcr International Selection Fund US Dollar Bond 86
Specialist Bond Funds

Schroder International Selection Fund Asian Bond 88
Schroder International Selection Fund Converging Europe Bond 90
Schroder International Selection Fund Emerging Markets Debt 91
Schroder International Selection Fund EURO Corporate Bond 92
Schroder lnternatioial Selection Fund Global Corporate Bond 95
Defensive Fund
Schroder International Selection Fund European Defensive 99
Liquidity Funds
Schroder International Selection Fund EURO Liquidity 100
Schroder International Selection Fund US Dollar Liquidity 101
Schroders
Schroder Investment Management http:l/www.schroders.lu Page 7
(Luxembourg) S.A.
Schroder International Selection Fund
Schroder International Selection Fund (the 'Company') is an open-ended 'umbrella'

company incorporated under Luxembourg law, which enables investors to choose from
several funds offering different investment objectives. The shares of each fund are listed
on the Luxembourg Stock Exchange and prices are published in the Financial Times.
Reflecting individual country registration, prices are also published in BBrsen-Zeitun
Cinco Dias. Dagens Industrt, Dagens Naeringsliv, De Financieel Economische Tijd, Ber
Standard, Dihrio Economico, Die Welt, Expansi6n, Financial Express, Finanstidningen,
Frankfurter Allgemeine Zeitung, GBteborgsposten, Handelsblatt, Het Financieele
Dagblad, Hong Kong Economic Journal, Hong Kong Economic Times, I1 Sole 24 Ore,
Inversion, Kauppalehti, La Tribune, CEcho, Les Echos, Neue Zurcher Zeitun South
China Morning Post and Suddeutsche Zeitung. Prices are also available on boomberg
and Reuters.
This report covers the period from 1 January 2003 to 30 June 2003. The last day on
which prices were calculated was 30 June 2003 except for SlSF European Defensive
which is valued on a weekly basis and was last priced on 25 June 2003. At the date of
this report, 42 funds are available for investments. Please refer to the current
prospectus for the investment objectives of the funds as well as details of investment
restrictions. The Investment Manager's report for each fund can be found in the
quarterly investment reports, which can be obtained from the Company's registered
office and are also available on the website of Schroder Investment Management
(Luxembourg) S.A. (http://w.schroders.lu). Hereafter, Schroder International Selection
Fund will be referred to as the Company and all names of the funds will be preceded
by SlSF, e.g., SlSF Global Equity.
information for Residents Registration of Funds

of the Hong Kong SAR As at 30 June 2003, all the funds of the Company, except for SlSF European Absolute
Return, SlSF European Equity Alpha, SlSF Portfolio and SlSF Swiss Small & Mid Cap
Equity, were registered for sale in Hong Kong SAR. In relation to the 38 funds that were
registered in Hong Kong SAR, only A, A I and B1 shares were available for investments.
Soft Commission Arrangements

Pursuant to the requirements of the Hong Kong Securities and Futures Commission
regulations, the following statement is made:
Soft commission arrangements have been undertaken in respect of the Company.
Services, which are paid for through or by soft commission, are restricted to the
following areas:
a) research. analysis or price information including computer or other information

facilities;
b) portfolio valuations: or
c) performance measurement.
Transactions with Connected Persons

The Company has entered into agreements and arrangements with Schroder Investment
Management Limited and its affiliates, under which a management fee and a transfer
agency fee are payable. The annual management fees are set out on page 16 & 17.
Further details on fees payable by the Company can be found in the current prospectus.
Schroders
Board of Directors
Chairman Massimo Tosato

Group Managing Director, Retail
Schroder Investment Management Limited
31, Gresham Street
London EC2V 7QA
United Kingdom
Directors Nigel Burnham

Managing Director
Schroder Investment Management (Luxembourg) S.A.
5 , rue Hohenhof
L-I736 Senningerberg
Grand Duchy of Luxembourg
Jacques Elvinger
Partner
Elvinger. Hoss & Prussen
2, place Winston Churchill
L-2014 Luxembourg
David Gasparro
Executive Director
Schroder Investment Management Limited
31, Gresham Street
London EC2V 7QA
United Kingdom
Fr4dlrick Hizette
Director
Schroder Investment Management (Luxembourg) S.A.
5, rue Hohenhof
L-1736 Senningerberg
Schroders
Schroder Investment Management http://www.schroders.lu Page 9
(Luxembourg) S A .
Ad ministration
I Registered Office 5, rue Hohenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg
Administration Agent, Schroder Investment Management (Luxembourg) S.A.

Coordinator, Domiciliary 5 , rue HGhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg
Agent, Global Distributor,
Principal Paying Agent,
Registrar and Transfer Agent
Custodian, Fund J.P. Morgan Bank Luxembourg S.A.

Administrator 5, rue Plaetis, L-2338 Luxembourg, Grand Duchy of Luxembourg
and Listing Agent
Principal Legal Adviser Elvinger, Hoss & Prussen

2, place Winston Churchill, L-2014 Luxembourg, Grand Duchy of Luxembourg
.-
Auditor PricewaterhouseCoopersS.a 1.1.

400, route d'Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg
Investment Managers
The Directors have appointed Schroder Investment Management Limited and its
affiliates (the 'Investment Managers') to manage the funds of the Company. The current
Investment Managers are as follows:
Schroder Investment Mana ement Limited

7
31, Gresham Street, London ECZV CIA. United Kingdom
SlSF Converging Europe Bond

SlSF Emerging Europe
SlSF Emerging Markets
SlSF Emerging Markets Debt
SlSF EURO Active Value
SlSF EURO Bond
SlSF EURO Corporate Bond
SlSF EURO Dynamic Growth
SlSF EURO Equity
SlSF EURO Liquidity
SlSF EURO Short Term Bond
SlSF European Bond
SlSF European Equity Alpha
SlSF European Defensive
SlSF European Equity
SlSF European Equity Sigma
SlSF European Smaller Companies
SlSF Global Bond
SlSF Global Corporate Bond
SlSF Global Equity Sigma
SlSF Global Technology
SlSF Italian Equity
SlSF Japanese Equity
SlSF Latin American
SlSF North American Equity
SlSF North American Equity Sigma
Schroders '" SlSF European Equity Alpha was ;hunched on 31' January 2003
Investment Managers
Schroder 8 Co. Limited

31, Gresham Street, London ECZV 7QA. United Kirigdow
SlSF European Absolute Return
SlSF Portfolio
SlSF Portfolio (US Dollar)
~
Schroder Investment Management (UK) Limited

31. Gresham Street, London EC2V 7QA, United Kingdorn
SlSF UK Equity
Schroder Investment Management (Hong Kong) Limited

1 9 ' Floor. Two Exchange Square. 8. Connaught Place, Central. Hong Kong SAR
SlSF Greater China
SlSF Hong Kong Dollar Bond
SlSF Hong Kong Equity
Schroder Investment Mana ement (Japan) Limited

9
Pacific Century Place hlarunouchi. 5" Floor
1- 1 1- 1 Marunouchi. Chiyoda-ku, Tokyo 100-6224.Japan
SlSF Japanese Smaller Companies
Schroder Investment Mana ement North America Inc.

875 Third Avenue, 22 Floor, New ork
New York 10022-6725 USA
4
SlSF Medical Discovery
SlSF US Dollar Bond
SlSF US Dollar Liquidity
SlSF US Smaller Companies
Schroder Investment Management (Singapore) Limited

65 Chulia Street # 46-00. OCBC Centre Singapore 049513, Singapore
SlSF Asian Bond
SlSF Pacific Equity
Schroder & Co. Bank AG

Central 2, CH-8021 Zurich. Switzerland
SlSF Swiss Equity
SlSF Swiss Small & Mid Cap Equity
Schroders
(Luxembourg) S.A.
I Investment Managers' Report
Investment markets were dominated by events in the Middle East for the first few months of
the year. In the build-up to the war, share prices fell sharply as investors worried about the
rise in the oil price and the potential impact on global economic growth. However, when
coalition forces attacked Iraq in mid-March there was a sharp rally in equities on hopes that
the war would be short-lived which would bring the oil price back down and help ease
inflationary pressures on the global economy.
With the Iraq war coming to an end relatively swiftly, share prices around the world
continued to rally over the next three months as investors' appetite for risk increased.
Equities were further boosted by an encouraging start to the first quarter earnings season.
The upward momentum was maintained as the period under review came to a close with
investors continuing to buy into equities on expectations of a global economic recovery.
This was bolstered by indications that central banks are determined to help economic
growth along with the US Federal Reserve and European Central Bank (ECB) cutting
interest rates. They have signalled that interest rates may remain low for a sustained eriod,
which is helping markets. Investors seem more confident and this has been evident tom
an increased appetite for shares in several stockmarkets.
Economic data has been mixed in the US although overall company earnings have
improved and we envisage a period of better growth led by the world's largest economy.
The US Federal Reserve appears determined to support the economy and this should be
positive for global equity markets. Companies in the US have also been cutting costs and
the coming reporting season could produce higher-than-expected profits. While we are in
agreement with some commentators that share prices overall are still quite high in the US
we believe we can unearth excellent long-term investment opportunities in this market by
taking a selective approach.
Turning to Europe, although eurozone economic data has been mixed in the short term. we
believe that the region should ultimately gain from the recent interest rate cuts from the
ECB and further rate cuts could follow later this year. Europe could also gain from the rate
cuts in the US - if this helps world economic growth it should benefit Europe's economically
sensitive markets. Inflation in Europe is also relatively low and this is likely to mean that
interest rates will remain at low levels for a sustained period. Other positives for Euro e
include the potential for economies in the region to 'catch up' with the US in terms oP
increasing corporate efficiency and improving labour market flexibility. In the UK. the
economy is reasonably stable and recent corporate results and increased corporate
activity have also been encouraging investors. The market is also attractively valued
The outlook for the Japanese economy remains relatively weak in the near term in our view.
However, we believe there are some enticing investment opportunities in this market. In
particular, there are a range of high quality large companies that are very attractively
valued compared to their Western peers. Their valuations have been driven down by
technical factors which have nothing to do with fundamental value and which we expect to
subside later in the year. Many of these companies have been increasing the efficiency of
their businesses through cost-cutting and shutting down excess production capacity and
are already seeing the benefits in terms of improved profitability. These companies which
are helping themselves should perform well over the longer term in spite of the gloomy
economic outlook for Japan.
We believe that the long-term attractiveness of the Pacific region remains in place. These
markets have rallied in the wake of positive news over declining SARS infection rates and
improving investor sentiment since the end of the Iraq war. Going forward, medium term
global economic recovery should also benefit Pacific markets. Valuations in Emerging
Markets are also attractive and do not yet reflect the benefits from economic and corporate
restructuring that are beginning to come through. These markets are highly geared to the
prospects for the world economy and should benefit from an improvement in global growth.
In bond markets corporate bonds have performed well on the back of strong demand
while government bonds received some support amid the uncertainty of early 2003. We
continue to believe that stock selection in corporate bonds will be crucial and our team of
in-house analysts should help us to find the best opportunities. We are focusing on those
corporate bonds that will be among the best performers -those issued by companies that
are reducing their debt, which will strengthen their balance sheets and should lead to
upgrades by credit rating agencies. Government bonds are currently offering relatively low
yields although they could benefit from further reductions in interest rates.
Overall, we believe that shareholders of Schroder International Selection Fund have reason
to be positive looking into the second half of 2003. We believe that, given Schroders' strong
global investment and research network, we will be able to make the most of the
opportunities ahead for our investors.
The Investment Managers

30June2003
Schroders
Notes to the Financial Statements

as at 30 June 2003
The Company The Company was incorporated in Luxembourg on 5 December 1968 as a 'societk
anonyme'. Pursuant to an Extraordinary General Meeting of Shareholders held on
31 January 1989, the form and name of the Company, as well as its establishment
period, was changed to a 'soci6t6 d'investissement a capital variable' established for
an unlimited period under the name of SCHRODER INTERNATIONAL SELECTION
FUND.
Classes of Shares At the date of this report, six classes of shares are available within the funds: A. B. C,
A l , B1 and I shares. All funds offer A, B and C shares, apart from SlSF Portfolio, SlSF
Portfolio (USDollar) and SlSF European Defensive, in relation to which only A and B
shares are offered. A l , B1 and I shares are also being offered within a range of funds.
Both Accumulation and Distribution shares are issued for A, B and C shares, apart from
SlSF EURO Active Value, SlSF EURO Corporate Bond, SlSF EURO Dynamic Growth,
SlSF EURO Liquidity, SlSF European Absolute Return, SlSF European Equity Alpha,
SlSF Greater China, SlSF Hong Kong Equity, SlSF Medical Discovery, SlSF North
American Equity Sigma. SlSF Swiss Small & Mid Cap Equity and SlSF US Dollar
Liquidity, in relation to which only Accumulation shares are being offered for the A, B
and C shares.
In relation to A l , B1 and I shares, only Accumulation shares are normally issued.
Distribution shares may however be issued for these shares at the discretion of
the Directors.
The classes of shares available for each fund are set out in detail in the current
prospectus.
Initial Charge A Shares

The maximum initial charge for A shares is 5.26315% of the Net Asset Value per share.
A i Shares
The maximum initial charge for A1 shares is 4.16667% of the Net Asset Value per share.
C Shares
The maximum initial charge for C shares is 3.09278% of the Net Asset Value per share.
B, B I and I Shares
B, B1 and I shares are offered at the Net Asset Value per share of the respective fund
with no initial charge.
Minimum Subscription In accordance with the provisions of the current prospectus, minimum amounts for
Amount, Minimum Additional subscription, additional subscription and holding are as follows:
Subscription Amount and A, A I , B, B I Shares
Minimum Holding Amount Initial subscription, additional subscription, and holding for A, A l , B, and €31 shares
shall have a minimum amount of EUR 1,000 or USD 1,000 or their near equivalent in
any other freely convertible currency. These minima may be waived from time to time at
the discretion of the Directors.
C Shares
Initial subscription and holding for C shares shall have a minimum amount of
EUR 500,000 or USD 500,000 or their near equivalent in any other freely convertible
currency. The minimum additional subscription for C shares is EUR 250,000 or
USD 250,000 or their near equivalent in any other freely convertible currency.
These minima may be waived from time to time at the discretion of the Directors.
I Shares
Initial subscription and holding for I shares shall have a minimum amount of
EUR 5,000,000 or USD 5,000,000 or their near equivalent in any other freely convertible
currency. Additional subscription for I shares shall have a minimum amount of
EUR 2,500,000 or USD 2,500,000 or their near equivalent in any other freely convertible
currency. These minima may be waived from time to time at the discretion of the
Directors.
I shares will only be offered to investors who, at the time the relevant subscription order
is received, are clients of Schroders with an agreement covering the charging structure
relevant to the clients' investments in such shares and who are Institutional Investors, as
may be defined from time to time by the guidelines or recommendations issued by the
Luxembourg supervisory authority.
Further details on specfic features of the different classes of shares and the conditions
under which initial and distributlon fees are calculated can be found in the current
prospectus.
Schroders
(Luxembourg) S.A.

as at 30 June 2003
Net Asset Value Calculation of Net Asset Value per Share
The Net Asset Value per share of each class is calculated on each Dealing Day in the
currency of the relevant class. It is calculated by dividing the Net Asset Value
attributable to each class, being the proportionate value of its assets less its liabilities,
by the number of shares of such class then in issue. The resulting sum will be rounded
to the nearest two decimal places. Further details on rules that apply in valuing total
assets can be found in the current prospectus.
Valuation of the Assets of the Company
The value of securities and assets is determined on the basis of the last available price
on the stock exchange or any other regulated market on which those securities or
assets are traded or admitted for trading. Where such securities or other assets are
quoted or dealt in on more than one stock exchange or any other regulated market, the
Directors shall make regulations for the order of priority in which stock exchanges or
other regulated markets shall be used for the provision of prices of securities or other
assets.
If a security is not traded on or admitted to any official stock exchange or any other
regulated market or, in the case of securities so traded or admitted. the last available
price does not reflect their true value, the Directors are required to proceed on the
basis of their estimated sales price, which shall be valued with prudence and in good
faith.
Cash, bills payable on demand and other debts and prepaid expenses are valued at
their nominal amount, unless it appears unlikely that such nominal amount is realisable.
Any assets or liabilities in currencies other than the currency of denomination of the
relevant fund will be converted into the reporting currency using the relevant spot rates
quoted by a bank or other financial institution.
Taxation The Company is not subject to any taxes in Luxembourg on income or capital gains.
The only tax to which the Company is subject is the 'taxe d'abonnement' to a rate of
0.05% per annum except in relation to I shares and to SlSF EURO Liquidity and SlSF
US Dollar Liquidity where the tax levied is at a rate of 0.01% per annum. The tax IS
payable quarterly in arrears on the basis of the net assets of the respective funds at the
end of the relevant quarter.
Changes in the Funds A list, specifying for each fund the total purchases and sales which took place during
the year under review may be obtained, free of charge, upon request from the
Company's registered office.
Securities Lending In accordance with the provisions of the current prospectus, securities lending may be
entered into with first class institutions at the discretion of the Directors. As at
30 June 2003, the valuation of securities on loan was EUR 730,898,171.
The table below shows the valuation of securities on loan at a fund level as at
30 June 2003:
EUR
SlSF Global Equity Sigma 5,259,212
SlSF EURO Equity 372,808,i76
SlSF European Equity Sigma 14,030,175
SlSF European Equity 20.371,005
SlSF European Smaller Companies 16,689.023
SlSF Italian Equity 138,358,584
SlSF Swiss Equity 82,260,022
SlSF North American Equity 563,185
SlSF Japanese Equity 65,759,639
SlSF Japanese Smaller Companies 5,101,465
SlSF Latin American 958,139
SlSF Emerging Markets 3,262,177
SlSF Emerging Europe 63,176
SlSF EURO Dynamic Growth 132,384
SlSF Greater China 1,397,384
SlSF Swiss Small & Mid Cap Equity 32,830
SlSF EURO Active Value 193,838
SlSF Hong Kong Equity 557.776
SlSF Absolute Return 3,099,981
Total 730,898,171
Schroders

as at 30 June 2003
Forward Currency Contracts Outstanding forward currency contracts are valued as at 30 June 2003 by reference to
the forward rate of exchange applicable to the maturity of the contracts. The unrealised
profit or loss IS shown in the Statement of Net Assets. As at 30 June 2003, the following
funds were committed by outstanding forward currency contracts.
Appreciation/
Currency Bought Currency Sold Maturity Date (Depreciation)
SlSF Medlcal Discovery

JPY 3 214 285 US0 23 531 1-July-O3 ( 132)
-^ - Unreallsed Loss EUR . . 1'321
SlSF Emerglng Markets
THB 13 056 395 US0 313 931 2-July-03 (3 729)
USD '67317 ZAR 1 254 071 3-July-03 253
Unrealised Loss .- USD (3,478)
SlSF Eumpean Bond

GBP 1,690 000 EUR 2 440 962 28-July-03 (6 902)
Unrealised Loss -- EUR (6,902)
SlSF Global Bond

AUD 403.933 US0 267 000 30-July-03 1.416
CAD 2.048.250 US0 1,500 000 30-July-03 7.349
DKK 2,769,339 US0 437 000 30-Jdy-03 (17,519)
EUR 345,000 JPY 47.451 990 30-July-03 (1,283)
EilR 741,235 US0 867 000 30-July-03 (20,713)
JPY 1,223,4!7,840 X D 10,336.000 30-July-03 (147,428)
KRW 878,445,000 USD 729.000 18 Sep-03 1.304
NOK 781 983 USD 113.000 30-July-03 (5 552)
NZD 84 848 USD 49.000 30-July-03 296
SEK 3 408 819 USD 437.000 30-July-03 (14.864)
THE 16,892.550 USD 405,000 30-July-03 (3 780)
USD 4 584.000 EUR 3 913,600 30-July-03 115,742
USD 41.000 GBP 25,203 30-July-03 (440)
USD '.905.000 JPY 226.977.925 30-July-03 14,737
Unreahcd Loss I
,- USD (64,735)
SISF Global Corporate Bond

AUD 35.849 USD 23 000 15-July-03 86 1
CAD '55,399 LIS0 113 000 15-July-03 1.476
EUR 28 652 GRP 20.375 15-July-03 (810)
EUR 60 000 JPY 8 259.720 15-July-03 (210)
EUR 1,472,366 USD 1715.000 15-July-03 (33.153)
EUR 1,398,022 USD 1 600.036 2-July-03 (2,447)
GBP 466.290 USD 763,750 15-July-03 3,822
GBP 80.000 US0 '32,840 2-July-03 (1.020)
IDR 595,440,000 us3 72,000 15-July-03 (240)
JPY 44: 565.041 us0 3,767,000 !5-July-O3 (1 11,837)
KRW 371 348.850 US3 301 000 '5-July-03 9 469
THB 4.736.508 US0 113000 15-July-03 (483)
us0 3.036.775 EUR 2.632 954 15-July-03 29 219
USD 546.000 GBP 335.674 15-July-03 (6,562)
USD 1.174.000 JPY 139,276.939 15-Ju:y-O3 14.793
Unrealised Loss USD (97,122)
SlSF Aslan Bond

EUR 156,700,000 USD 167,433,775 7-July-03 1 1,606487
EUR 103,3OO,OM3 USD 122,970,264 14-July-03 (4,969,538)
US0 163,340,875 EUR 156.700,OOO 7-July-03 (9,699.387)
USD 336,405 225 EUR 289.754 485 !4-July-O3 5 415,490
Unrealised Gain ____ ..... ~ - EUR 2,353,052-
SlSF Converglng Europe Bond

CZK 570 535.420 EUR 18,200.000 11-July-03 (133,869)
EUR 18.123.455 CZK 570,535.420 1 I-July-03 57.323
EUR :0.950.000 HUF 2 690,550,000 2-July-03 864.534
EUR 70 400,000 HJF 17 433,394,000 21-July-03 5.146.483
EUR 190,000 JPY 23.389 000 16-July-03 19,567
EUR 6.394.266 PLN 28.518 426 2 July-03 27.949
EUH 105.400.000 PLN 459.038 540 23-July-03 3.123 847
EUR 19.000.000 SKK 802.909.000 23 July-03 (265,200)
EUR 3.473,567 SKK 143,3i0.000 2-Jdy-03 25,640
EUR 15,500,000 SKK 647.125.000 ?-Sep-03 38.171
EUR 12.:00,000 USD 12,898.600 26-Aug-03 793 789
us0 1,657 431
Schroders EUR
EUR
22 000,000
87,600,000 us3
23,19U.200
99 ,?14,142
22-Sep-03
23-July-03 720 974
(Luxembourg) S.A.

as at 30 June 2003
. ~~
orward C rrency Contracts HUF 2.690,550,000 EUR 10,619.109 2-July-03 (533,643)

[contlnuedy HUF 11.600,160,500 EUR 46.000.000 21-July-03 (2.729.307)
PLN 222.040.160 EUR 50 400 Mx) 23-July-03 (928.308)
SKK 143.310.000 EUR 3 400,000 2-July-03 47,927
SKK 802,909,000 EUR 19 437.648 23-July-03 (172,448)
US0 13,086,997 EUR 12,100,000 26-Aug-03 (628,650)
US0 23,190,200 EUR 21,526.223 22-Sep-03 (1.183.714)
US0 59,170,613 EUR 50.900.oM) 23-July-03 913.984
Unreallsed Gain ~
EUR 6,862,540

ARS 9,900.000 USD 1,200,000 22-July-03 2.228 073
ARS 17,160,000 USD 3.300.000 22-0ct-03 2 306,414
ARS 9,360.000 US0 2,400.000 15Jan-04 539,255
ARS 11.805.480 USD 3,400.000 20-Aug-03 563.772
CNY 73.737 wo US0 9.000,wo 22-Jan-04 (37,692)
CNY 24 591.Mx) US0 3.000,000 21-Jan-04 (11.234)
CNY 55 386.220 USD 6.700.000 4-NoV-03 12969
CNY 229 376.000 USD 28,000.000 14-June-04 52,452
CNY 252,336.900 USD 31,000.000 18-June-03 (134 164)
EUR 14,000,000 HUF 3 476,900,000 21-July-03 1.176.928
EUR 43,826,535 USD 50.022 731 2-July03 60 042
GBP 6.197.041 US0 9,639,930 19-Aug-03 536,097
HUF 3,476.900 Mx) EUR 13,654,581 21-July-03 (782,440)
HUF 4,698,800,000 USD 21,653,456 21-July-03 (1,636 235)
KRW 20.208,750,000 USD 17,000.000 26-July-03 (126,805)
KRW 25.340,OOO.OOO US0 20,476.768 7-July-03 726,275
KRW 82.625,750.000 USD 68.500.Mx) 6-Aug-03 432 185
MXN 274,534,000 US0 26.000.000 19-Aug-03 214,163
PHP 751.178.000 US0 13,835,916 15-July-03 210,503
PHP 146.432 OOO US0 2,657.568 29-July03 72.117
PHP 1,253.500,OOO USD 23,161,493 29-Aug-03 63.705
PLN 130,515.000 US0 34.000,OM) 23-July-03 (791,839)
SGD 17,966,000 USD 10,400,000 22-July-03 (208.837)
TH B 531,178.800 USD 12.400,OOO 27-Aug-03 212,371
TH B 3,437.126.000 USD 81,600,000 16-0ct-03 9.968
THB 842.500,Mx) ZAR 165,610,000 16-0ct-03 (1,346.814)
US0 3,404,987 ARS 9,900.000 22-July-03 (23,086)
US0 3,997,792 ARS 11,805.480 20-Aug-03 34.020
USD 5,607.843 ARS 17,160,000 22-0Ct-03 1,429
USD 2.925.457 ARS 9,360,000 15-Jan-04 (13,798)
USD 54,511,105 EUR 49,863,964 2-July-03 (2.470.940)
USD 78.100,Mx) EUR 67,861.535 17-Sep-03 728.025
US0 3,100,000 EUR 2,642.796 16-Sep-03 86,746
US0 9,800.000 GBP 6.197.041 19-Aug-03 (376.028)
USD 20,000.000 HUF 4,698.800.000 21-July-03 (17.222)
USD 21.mo.Mx) HUF 4,688,250,000 5-Dec-03 1 583.003
US0 50,000,000 IDR 427,455,000.000 2-Sep-03 (934,683)
USD 20,000.000 KRW 25,340.000.000 7-July-03 (1.203.042)
US0 16,621.772 KRW 20,208.750,Mx) 28-July-03 (251.423)
USD 20.313 580 MXN 213.278.375 1-July-03 (171.304)
US0 117.500.000 MXN 1.257.463.910 19-Aug-03 (2 570,243)
US0 13,794.785 PHP 751.178.000 15-July-03 (251,635)
USD 2.600.000 PHP 146.432.000 29-July-03 (129.685)
USD 23.000,OOO PHP 1,253.500,000 29-Aug-03 (225.198)
US0 61,600,000 PLN 247,882,920 23-July-03 (1,471,187)
US0 10,133,107 SGD 17,966,000 22-Jdly-03 (58,055)
US0 20.000.000 SGD 34,971.700 30-Sep-03 144.946
USD 12,415 941 THB 531,1788M) 27-AN-03 (196,429)
US0 26 000.000 THB 1.092.000,OOO 16-0ct-03 71.918
US0 228,200.000 ZAR 1,656,760,750 13-Aug-03 (15,612,047)
ZAR 488.375.600 USD 59,869,420 13-Aug-03 4.259.388
-
- Unrealised Loss US0 (14,725,301)

EUR 477.721 GBP 330,750 28-July-03 135;
EUR 596,886 USD 690.000 28-July-03 (7.424)
Unrealised Loss EUR (6,073)
Schroders

as at 30 June 2003
Futures Contracts Futures contracts were valued as at 30 June 2003, which reflects the latest available price
as at close of business. The unrealised profit or loss is shown in the Statement of Net
Assets. As at 30 June 2003, the following funds were committed by outstanding futures
contracts:
Maturity (ShortYLong Market AppreclaUonl
Date Quantlty Contract Currency posltlon Price (Depreciation)
SlSF Global Equlty Sigma

Sept 2003 102 DJ Euro Stoxx 50 Future (EUX) EUR 2 479.620 2.457.00 31,526
Sept 2003 31 FTSE 100 IDX Future (LIF) GBP 1,276.890 4.065 50 (27.787)
Sept 2003 37 S&P500 Future (CME) USD 9.045.113 978.50 5 251
Unrealised Gain EUR 8,990

Sept 2003 5 S&P 500 Future (CME) USD 1.248.600 978.50 (25,475)
Unreallsed Loss _-,I----
EUR (25,475)
SlSF Global Bond

Sept 2003 47 Euro-BOBL Future (EUX) EUR 5.361.183 113.06 (53066)
Sept 2003 (15) Euro B u i d Future (LIF) EUR (1,751.250) 116.42 5.656
Sept 2003 (121) US 5 Year Note (CBT) USD (13,939.578) 114 68 39.703
Sept 2003 17 US 10 Year Note (CBT) USD 2,009.453 '1709 (18859)
Sept 2003 8 US Long Bond Future (CBT) USD 953.750 116 66 (20.464)
Unrealised Loss _. US0 (47,050)_-.

Sept 2003 '3 Euro-BOBL Future (EUX) EilR 1460,670 11308 (12.087)
Sept 2003 (7) Euro Bund Future (LIF) EUR (819,230) 1'642 4.870
Sept 2003 (35) US 5 Year Note (CBT) USD (4,032,109) 114.88 11 484
Sept 2003 (14) US 10 Year Note (CBT) USD (1.672 007) 117.09 32 695
Sept 2003 2 US Long Bond Future (C9T) US0 238 438 116.66 (5.'52)

Sept 2003 (2) Euro-BOBL Future (EUX) EUR (228,300) 113 08 2 140
Sept 2003 (64) Euro Bund Future (LIF) EUR (7 553,740) 116.42 .02 860
Annual Management Fees The Investment Managers are entitled to receive, for their services, management fees,
which are calculated and accrued daily by reference to the Net Asset Value of the
funds and are paid monthly. The fees so payable, which vary from fund to fund and
from share class to share class, are set out in the following table:
Funds A B C A B C
ACC ACC ACC DIS DIS DIS AI 61
Mainstream Equity Funds

SlSF EURO Equity 12556 1.25% 0.75% 125% 125% 0 75% 1 50% 1 50%
SISF European Equity 1 25% 1 25% 0 75% 1.25% 1 .25% 0 75% 1.50% NA
SlSF Italian Equity 125% 1.25% 0 75% 1.25% 25% 0 75% 1 50% 1 50%
SlSF Japanese Equity 125% 1.25% 0.75% 1.25% 1.25% 0.75% 1 50% 1 50%
SlSF North American Equity 125% 125% 0.75% 1.25% 1 25% 0 75% 1 50% 1.5096
SISF Pacif c Equity '.50% 1.50% 0.75% 1.50% 1.50% 0 75% 150% 1S O %
SlSF Swiss Equity 2596 125% 0.75% 125% 1 .25% 0.75% 1S O % 1.50%
SlSF UK Equity -~ 1.25% 125% 0 75% -.1259. 125% 0 75% 1.50% 1 50%
Specialist Equity Funds

SlSF Emerging Europe 1 50% 1 50% 1 .00% 1 50% '.50% 1 00% NA NA
SlSF Emerging Markets 1 50% 1 50% 1 00% 1.50% 1.50% 1.OO% 1 50% 1.50%
SlSF European Smaller
Companies 150% 150% 1.OO% 1.509. 1 50% 1 00% 1.50% 1 50%
SlSF Global Technology 1.50% 1.50% 1.OO% 1 50% 1.50% 1 00% 1 50% 1.50%
SlSF Greater Chipa 1 50% 1 .50% 1.OO% NA NA NA 1 50% NA
SlSF Hong Kong Equ:ty 1 50% 1 50% 1 .OO% NA NA NA 1 50% NA
Schroders
Schroder Investment Management http:Ilwww.schroders.lu Page 17
(Luxembourg) S.A.

as at 30 June 2003
~
Annual M agement Fees Funds A E C A B C

(continue# ACC ACC ACC DIS DIS DIS AI B1
SISF Japanese Smaller

Companies 1 50% 1.50% 1.00% 1.50% 1 50% 1.00% 150% NA
SlSF Latm American 150% 150% 1.0096 150% 150% 100% 150% NA
SlSF Medical Discovery 150% 1.50% 1.00% NA NA NA NA NA
SlSF Swiss Small 8 Mid
Cap Equity 150% 150% 1.00% NA NA NA 1.50% NA
SISF US Smaller Companies 1 50% 1.50% 1 00% 1.50% 1S O % 1.OO% 1.50% 1S O %
Style Equity Funds

SISF EURO Active Value 1.50% 1.50% 1 00% NA NA NA 1 50% NA
SISF EURO Dynamic Growth 1.50% 1.50% 1.00% NA NA NA NA NA
Sigma Equity Funds

SlSF European Equity Sigma 1.25% 1.25% 0.75% 1 25% 1.25% 0.75% 7 50% NA
SlSF Global Equity Sigma 1 25% 1 25% 0.75% 1.25% 1.25% 0.75% 1.50% 1 50%
SISF North American
Equity Sigma - .. 1 25% 125% 0.75% NA , NA NA 1.50% ... 1 50%
Alpha Equity Fund

SlSF European Equity Alpha 1.50% 1.50% 1. O O I 1 50% 1.50% 1.OO% 1 50% NA
Absolute Return Fund

SlSF European Absolute Returri -;. 25% 1 25% 0.75% NA _, NA NA 1.50% NA
Asset Allocation Funds

SISF Portfolio 1 50% 1.50% NA 1 50% 1.50% NA 1 50% NA
SlSF Portfolio (US Dollar) 150% 1.50% NA 1 50% 1.50% _NA 1 50% NA
Mainstream Bond Funds

SISF EURO Bond 0.75% 0.75% 0.5096 075% 0 75% 050% 075% 075%
SlSF EURO Short Term Bond 0 50% 0.50% 0.2046 0.50% 0 50% 0.20% 0.50% 0.50%
SISF European Bond 075% 0.75% 0.50% 0.75% 075% 0.50% 0.75% NA
SlSF Global Bond 0 75% 0 75% 0.50% 0 75% 0.75% 0 50% 0.75% 0.75%
SISF Hang Kong Dollar Bond 0 75% 0.75% 0.50% 0 75% NA NA 0.75% NA
SlSF US Dollar Bond
I-
0 75% 0.75% 0.50% 0.75% 0.75% 0.50% 0.75% 0.75% I
I
Specialist Bond Funds
SlSF Asian Bond i 0046 1 00% OM)% 1.00% 1 00% 060% 1.00% 1.00%
SlSF Converging Europe Bond 1 0046 1 00% 0.60% 1.00% 1 00% NA 1.00% NA
SlSF Emerging Markets Debt 1 00% 1.00% 0.60% 1.00% 1.OO% 0 60% 1.00% 1 .OO%
SlSF EURO Corporate Bond 1.00% 1.00% 0.60% NA NA NA 1 00% NA
-
SlSF Global Corporate Bovd 1.OO% 1,OO% 0.60% 1 00% 1.OO% 0.60% 1 .OO% 1 00%
Defensive Fund
&IsF European Defensive 1259'. 100% NA 1.25% 100% NA NA NA .
Liquidity Funds
SISF EURO Liquidity 0.50% 0.50% 0.20% NA NA NA 050% 0 50%
SISF LIS Dollar Liqu dity 050% 0.50% 020% NA NA NA 0.50% NA
I Shares
No management fees are payable with respect to I shares out of the net assets of the
relevant fund. I shares bear their pro-rata shares of the fees payable to the Custodian
and the Registrar and Transfer Agent, as well as of other charges and expenses.
I
Performance Fees Schroder B Co. Limited, Investment Manager of SlSF European Absolute Return, is
entitled to receive a performance fee from this sub-fund, provided that the increase in
the Net Asset Value per share over the calendar year outperforms the applicable
3 month Euro LIBOR rate by more than 15%. The fee is payable annually during the
month immediately following each calendar year-end. There was no performance fee
payable for the period under review. Further details of the calculation of the performance
fee can be found in the current prospectus.
Schroder Investment Management Limited, Investment Manager of SlSF European I
Equity Alpha, is entitled to receive a performance fee from this sub-fund, provided that
the increase in the Net Asset Value per share over the calendar year outperforms the
MSCl Europe Index by more than 15%. The fee is payable annually during the month
immediately following each calendar year-end. Performance fees of EUR 77,084 are
payable for the period under review. Further details of the calculation of the performance
fee can be found in the current prospectus.
Schroders

as at 30 June 2003
Distribution Charge A, C and I Shares
A, C and I shares are offered at the Net Asset Value per share of the respective fund with
no distribution charge.
A i Shares
A1 shares have an additional distribution charge of 0.50% per annum of the net assets
of the respective fund. Distribution charges for A1 shares are paid at such intervals as
may be agreed from time to time between the Company and those Distributors that are
appointed specifically for the purpose of distributing A I shares.
B Shares
- B shares of Equity and Asset Allocation funds have an additional distribution charge
of 0.60% per annum of the net assets of the respective fund.
- B shares of Bond funds have an additional distribution charge of 0.50% per annum
of the net assets of the respective fund, with the exception of SlSF EURO Short Term
Bond. which has an additional distribution charge of 0.10% per annum of its net
assets.
- B shares of Defensive funds have an additional distribution charge of 0.55% per
annum of the net assets of the respective fund.
- B shares of Liquidity funds have an additional distribution charge of 0.10% per
annum of the net assets of the respective fund.
Distribution charges for B shares are payable quarterly. Please refer to the table on
annual management fee on pages 16 & 17 for details of classification of funds.
B I Shares
B1 shares have an additional distribution charge of 1.25% per annum of the net assets of
the respective fund (comprising a shareholder servicing fee of 0.25% per annum).
Distribution charges for B1 shares are paid at such intervals as may be agreed from time
to time between the Company and those Distributors that are appointed specifically for
the purpose of distributing B1 shares.
Dividends The Directors have declared dividends during the period on the following funds and at
the referenced record and ex-dividend rates:
Record Ex Pay Fund Currency Rates

Date Date Date
19-Feb 20-Feb 27-Feb SlSF Asian Bond - A Dis USD 0.044410

SlSF Asian Bond - A1 Dis USD 0.034387
SlSF Emer ing Markets
Debt - A1 Bis USD 0.103632
19-Mar 20-Mar 27-Mar SlSF Asian Bond - A Dis USD 0.024910

Debt - A1 Dis USD 0.063516
16-Apr 17-Apr 25-Apr SlSF Asian Bond - A Dis USD 0.024432

Debt - A Dis USD 0.064822
Debt- A1 Dis USD 0.062389
SlSF Hong Kong Dollar
Bond - A Dis HKD 0.133160
21-May 22-May 02-Jun SlSF Asian Bond - A Dis USD 0.034373

Debt- A1 Dis USD 0.080452
18-Jun 19-Jun 27-Jun SlSF Asian Bond - A Dis USD 0.028092

Debt - A1 Dis USD 0.064924
Schroders
Fund Performance
as at 30 June 2003
Emerging Europe (EUR) 17.3 -16.9 -24.1

(Launch Uate. 31/01/2000)
MSCl Emerging Europe Gross (TR) 15 5 -21 4 .
.. -29 0
Emerging Markets (USD) 4.4 -32.4 -12.8 -19.9

(Launcr Date 09/03/1994)
MSCl EMF Gross (TR) 70 -196 13 3 -16 8
EURO Active Value (EUR) _- -_ _- -0.5
(Launch Date 09/08/2002)
Citi Euro Value (PR)'- (4) ... .
.. .
.. -7 9
EURO Dynamic Growth (EUR) -17.2 - _- 33.5
(Launch bate: 28/02/2002)
Citi Euro Growth Index (PRY* (41 -20 6 .
.. .
..
I I I ,
EURO Equity (EUR) -12.4 -39.6 _- 14.4

(Launch gate 20/11/:998)
MSCl EMLJ
_ Net. I'RI
\ ,
-19 8 -47 7 ... -15
-7
European Absolute Return (EUR) - I_
_I -2.8
EJRO Libor 3 n o ... .
.. .
.. 15
MSCl Eurooe Net fTotal Retdrpl ... .
.. .
.. -7 5
European Equlty (EUR) -18.7 47.7 -28.3 52.7

(Launch Osle 04/12/1995)
MSCl Europe Net (TR) -18 5 -42 9 -25 3 65 2
European Equity Alpha (EUR)
_- I
___ 12.9
MSCl Europe Net (Tots, Returr) ... ... 87
European Equlty Sigma (EUR) -18.2 -50.8 -22.9 96.3

MSCl Europe Net (TR) -18 5 -42 9 -25 3 99 5
European Smaller Companies (EUR) -21.1 -56.5 -22.7 98.9

HSBC European Smaller (PR) (3) -:24 -40 0 28 5 35 0
Global Equity Sigma (USD) 4.3 -39.4 -23.2 46.1

(!.aunch Date, 03/06/1993)
MSCl World Mkt Cao Wtd Net (TRI -2 4 -34.0 -144 77 n
GlobalTechnology (USD) -7.9 -74.2 _I -28.2

(Launch Date 06i08i1993j
MSCl ACWIF IT Gross fTRI I I I
I , I I
28 -66 3 .
.. -51
-~ 5
Greater China (USD) 4.4 ___ -_ ___
MSCl Golden Dragon ... .
.. .
..
7a
Hong Kong Equity (HKD) 2.9 ___ _- -_

(Laurich Date 03/08/2002)
FTSE All World HK Compos te' -8 7 .
..
ltallan Eaultv (EUR ex-ITL) -5.3 -25.2 71.7 217.1

(Lamch Date: 03/05/1996)'
MIBTEL (Price) -10.0 -42.2 19.6 72.4
Japanese Eaultv (JPY) -15.2 -38.3 -20.3 -16.5

(Launch Date. Oil0811993)
Japan TSE 1st Section Index (TR)" -108 -41 6 23.2 -41 9
Japanese Smaller ComDanies (JPYl I .
-16.1 -34.7 -11.9 -51.2
(Laurcn Date, 13/10/1993)
Japar, TSE 2nd Section lrdex (Price) 07 -27 1 41 0 -11.8
Latin Amerlcan (USD)

(,aunch Date 16/07/1998)
11.1 -24.0 ___ -7.2
MSCl EMF Latin America Gross (TR) 13 1 -16 8 .
.. 30
Medical Discovery (EUR)

-8.7 ___ I_ -23.4
MSCl ACWIF Healthcare (TR) (2) -10 1 .
.. -30 1
North American Equity (USD)

(Lamch Cate 21/03/2001)
-11.o ___ ___ -29.1
S&P 50U Composite Net -0 : .

.. ... 120
North American Equity Sigma (USD)

(Launch Cste 30/08/2002)
-3.2 ___ ___ -28.2
S&P 500 (Composite) -0.1 .

.. ... -27 0
SoJoe Staidad B P w s unless dhew#sestared (eg 'Soure SLhrodefs 3 " c c Datastrearri 'Youcce Oimmberg
t Sou'ce MSCl ++SOII'CC Lehrian Brotheat (1 jfhc bcnct1r.ia.k for Sch'oder ISF Glob1 Technoloqy chmgcd ?om MSCl World
lr10.~iationTechnology :hss (Total Return):o tne MSC' ACWF Iriformat4onTechnology fTotal R ~ L T I as at 2&Wa-i (2)Thsbermhimk
for Sch,oder ,GrVcedicaI Discover) ctiarqeu lrot- tLISCIWoM Hea'thcareGoss (TotalSctdw) IG the MSC ACWlF HraIthCwe (5tal
Schroders Return: AS a: 291CZlg3 (3)Thc h c d i r T i a klor Sch'cder ISI Europeal Smaller Comoanics changed froin Salo-lor SR EM1 Eurupe GCp
Wtd Cirs (T@talRerum) to HSBC Eunpeari Smalle' (Price Return) a: d 31A331c3 (4) Please notc :hat fie r:aTe of rhe Salomon Srri,tP,
R a w y chanyed to Citigfoup as of 7n April 2M13 Cor1crert:y all indiccs of the group ,*;e%gnarrcc tn %fleet the Cltigrodp b-aid
(Luxembourg) S.A.
Equity funds Iyear 3 years 5 years Since launch

Pacific Equity (USD) -5.5 -29.2 35.9 -18.2
lvlSCl AC FE Free ex-Japan Gross (TR) -53 -28 0 28 6 -34 5
Swiss Equity (CHF) -16.5 4.4 -14.0 83.0

(Launch gate 18/12/1995)
SWISSPerformance Index -17 1 -35 1 -30 3 61 9
Swiss Small & Mid Cap Equity (CHF) -17.2 -_ _- -17.2

(Lamch Date: 28/06/2002)
-16.0 ... ... -16.0
Swiss 7nd liners Dvramic Index'-'
~
UK Equity (GBP) -9.6 -26.9 -15.4 83.8

FTSt All Share (TR)' 97 -29 1 -179 97 8
US Smaller Companies (USD) -3.8 6.7 29.2 603.2
(Lauwh Date 20/07/1989)
Russell 2000 (TR) -1 6 -9 6 49 220 1
Asset Allocation Funds ~~ -

Portfolio (GBP) -7.7 -36.1 -24.7 13.8
(Launcn Date 30/09/1994)
PomOllo (US Dollar) (USD) -0.1 -29.3 -17.2 -13.4

(Launch Date 29/12/i997)
Bond Funds - ~
Asian Bond (USD) 17.2 52.9 91.7

(launch Date' 16/10/1998)
Citi TreasurdAaencv Index I TRI I41 11.5 33 9 37 1
-
Converging Europe Bond (EUR) 7.3 30.8 I- 31.7
Citi EMU Gov Bond 3-5y Index (TR) (4) 104 25.0 _.. 25.3
Citi EMU 3 m EurodeDosit Index (TR) (4) 31 122 -.. 13 2
-
Emerging Markets Debt (USD) 18.8 50.5 107.4 95.9
JP Morgan Comp Index (50% EMBI+ 50% ELMI+)" 25 3 36 9 81 4 69 4
European Bond (EUR) 9.4 20.2 25.1 80.8

Citi EuroDean WGBl (TR) (4) 10 3 24 5 36 5 :08 8
~~ .-
EURO Bond (EUR) 10.3 21.5 _-- 18.0

(Launch Date. 19/04/1999)
Citi EuroBlG Index (TR)(4) 11.7 27 0 .
.. 24.6
EURO Corporate Bond (EUR) 11.1 21.5 _-- 21.5

(Launch Date: 30/06/2000)
Lehman EURO Aggregate Credit Index++ 12 1 27.8 .
.. 27 8
EURO Shortferm Bond (EUR) 6.1 16.2 21.0 21.7

(Launch Date. 17/03/1998)
Citi EMU Gov aond 1-3yrs (TR) (4) 6.7 190 24 6 25 7
Global Bond (USD) 12.3 17.2 18.7 40.5

(Launch Date' 03/06/1993)
Lehman Brothers Gtobal Aggregate Bold Index++ :4 9 25.0 34.3 82.5
Global Corporate Bond (USD) 15.9 _- _-- 15.9
(,aunch Date 01/07/2002)
Cehman Brothers Global Aggregate - Credit Index++ 17.4 ... .-. 17.4
Hong Kong Dollar Bond (HKD) 6.8 ___ _- -_
(_aunch Date: 09/08/2002)
Hibor 3 m O HKD"' 1.5 ... .-. ...
US Dollar Bond (USD) 10.5 29.8 36.3 39.6

(I auvct- Date: 22/01/1998)
iehman US Aggregate Bond Index (TR) 10.4 33 4 43 9 48 8
Defensive Fund
European Defensive (EUR) 0.5 -20.9 - -12.3
(Launch Date 13/:0/19981
Citi EMU 3 m Eurodeposit iTR) (4) 31 12 2 .-. 189
Liquidity Funds
EURO Liquidity (EUR) 2.4 ___ I 4.3
(Ladnch Date 21/09/2001)
Citi EJR lm Eurodeposit LC (Total Returr) (4) 30 --. 60
US Dollar Liquidity (USD)
(Launch Date' ?1/09,'2001)
Citi USD lm fbrodeposit LC (Total Return) (4) 15 ... 33
All tdnd pe'formance figurcs are on a bid to bid p'ice basis. gross income 'einvested and refer to A accunulatoon shares they
correspona 10 the data of the 30 June 2003 arid are cxpressed in the cw'ency of !he furid Sincc launch pelormance t#Qu'esa'e
neasured from the eafl#estavailable date on Standard & Poor's Performanceis nct ot naragement administratiorl. twnsfer
ayericy. custody, fund accounrirrg and statdtvy tees and the Luxembowg tax of 0 05% (0 0 1% in the case of the Liquidity Funds)
Schroders
.- . ..... .-
Statement of Net Assets

as at 30 June 2003
SlSF SISF SlSF

SlSF European SISF European Global
EURO Equity European Equity Equity
Equity Sigma Equity Alpha Sigma
EUR EUR EUR EUR US0
Investments
Securities portfolio at cost 1,662,696,925 152.47: ,67' 191,884,904 39.867 568 183 '13.'78
Unreallsed appreciation/(depreciation) (345 178.359) (29.163 910) (37,750.791) 3,169 047 (3.703.:'7)
.. - -_ ....
Securities porhlio at Market Value 1,517,518,566 123,307,7% 154,134,113 43,036,615 17%4!CEl-. . .
Unrealised appreciation/(depreciation)
on forward currency contracts
Uwalised appreciation/(depreciation)
on futures contracts 8.990
I,517,518,568- - 123,307,761 154,134,l13 43,036,615 179,419,051
Cash at banks 127,465,474 43.522 4.889 865 3.761.210 15,289 650

Receivables for secur,t e5 sold 254.842
Receivsb.esfor subscriptions 3: ,261,331 99.570 725.136 566 846 349.087
D:wdends and interest receivable 2.380.166 148,802 193.061 60 141 161.845
Smdry receivables and prepayments 574.409 109.533 37 832 5.494 19,461
TOTAL ASSETS 1,879,199,946 123,706,188 160,264,849 47,430,306 193,239,094
LIABILITIES
Baqk overdrafts
Fayables for securities buught 2.044.875
Fayables for redemptions 6.854.390 177,946 34.449 4,'30 746 799
Management and advxory fees 1,559.033 '09,537 136.323 40,363 139 305
Other payables and accruals 700.237 50,512 52.976 100,945 78.056
-
TOTAL LIABILITIES 11,158,535 337,995 223,748 145,438 964,160
TOTAL NET ASSETS I,668,041,41I - . 123,368,193 160,041,101., 47,284,868 194,274,934
Schroders The notes on page ' 2 to 18 torm an integral part of these f:nar.cial statemerts.
(Luxembourg) S A .
SlSF
SISF North SlSF
SlSF SlSF North Amerlcan SlSF SlSF SISF Swlss Small SlSF
Italian Japanese American Equw Pacltic Hong Kong Swlss a Mid Cap UK
Equity Wlty Equity Slgma Equity Equity Equity Equity EquW
387.060.702 138.189 883.027 147,889,714 15,473615 300.313.496 117,152,699 662674,914 19,761,596 66,809,905
(76,438.088) (20 812 750,819) 10,150,770 1,420046 33.794.213 18.276.877 (161.119,785) (2,051,9161 (12651.351)
L.
158,040,484 16,893,661 334,107,709 135,429,576 501,555,129 17,709,680 54,158,554
I (25,475)
310,622,614 117,377,132,208 158,040,484 18,868,186 334,107,709 135,429,576 501,555,129 17,709,680 54,158,554 ~
4,174.022 870,223 11,385,686 2.827.505 42.51 1,505

21.548 1.122.851.817 939.376
2,125,450 1 892,654,803 2.529.273 598.616 1,269,082 176633 2,792.126 570.500 354,201
233,378 73.814.814 138,709 14,178 433,760 213.838 330,884
3.071 3.206 555 20.763 669 544 509 1,349 2,507
~. -
317,180.083 120,469,660,197 160,729,229 18,351,872 308,136,157 138,847,552 546,859,269 18,281,529 54,846,146
- 695,924,310 1.820,873 93,378 22 859

8,221 207,157.951 998.224 204,137 5,320.399 160,000
4,136.874 540.019,585 481,716 263,362 223 810 1,605,981 275,817
31 1,838 62.326.352 103,262 8 065 249.290 175.519 566,192 8.745 38,539
157.583 27.758.925 56,985 4,231 97,684 66,980 190,800 5.280 14.207
4,614;516 1,733,187,123 - 2,462,836 12;296 1,608,560 670,446 7,683,372 267,403 351,422
-_ 312,565,567 118,736,473,074 158,266,393 18,339,576 346,527,597 137,977,106 539,175,897 18,014,126 54,494,724
Schroders

as at 30 June 2003
SlSF SlSF
SlSF SISF European European SlSF
Emerging Emerging Absolute SmaII er Global
Europe Markets Return Companles Technology
LUR USD EUR EUR us0
Investments
Securities portfolio at cost 29.91 1.924 80.531 595 32.669.517 187.173218 115.424 449
Unrealised appreciation/(deprec.at,on) 2,876,362 10.418 926 1.483.785 (22,860.283) 6.665 930
Securities portfolio at MarketValue 32,790,286 90,950,521 34153,302 164,312,935 122,090,379
Unrealised appreciation/(depreciation)
on forward currency contracts (3.476)
Uwealised appreciation/(depreciat:on)
or, tutures coitrects
I"
32,790,286 90,947,045 34,153,302 1 6 4 , 3 1 2 , 9 ~ ~ ~ - ~ _122,090,379
Cash at banks 323,279 1,287,595 12.747.999 455.582 6,625,400

Receivab'esfor securities so:o 294.106 1,954.516 1383.166
Receivables for subscriptions 236,656 152 398 ! 662,017 : 683.52: 688.762
Dividecds a i d interest receivable 248,485 206.305 4,084 436 883 27,689
Sundry receivables and prepayments 2.727 1.918 20.439 512
TOTAL ASSETS 33,598,706 ., 92,890,176 48,569,320 . 168,863,878 130,815,908
LIABILITIES
Bank overdrafts
Payables for securities bought 1.183,100 829.093 1,065,949
Payab'es lor redemptions 29.538 147.478 2,923 133 624 582 413
Management and advisory tees 35 827 97.462 34 359 190.640 164 422
Otwr payables and accrJa6 18 801 58.460 17 254 76.895 56 630
TOTAL LIABILITIES 84,166 1,491,500 - 54,536 1,232,252;: 1,869,414
~-
TOTAL NET ASSETS 33,514,540 91,398,676 48,514,784 -
Schroders The notes on page 12 to '8 form an :ritegral part of these financ al statements.
(Luxembourg) S A .
SlSF SISF SlSF SlSF

SlSF Japanese SlSF SlSF us EURO EURO SlSF
Greater Smaller Latin Medlcal Smaller Active Dynamlc SISF mrtfoiio
Chlna Companies American Discovery Companies Value Growth Portfolio (US Dollar)
USD JPY USD EUR USD EUR EUR GEP us0
37 415 643 8,964,150,151 27 772,791 11,268,628 299,354,838 5,401,937 3.063333 1.268 526 3,990.632
1,798243 (1,261,996.801) 2379 302 (365,764) 29,842,916 (91 284) (413,239) (75 342) 54,039
39,213,886 7,702,153,350 30,152,093 10,902,884 329,197,754 5,310,653 2,850,594 1,193,184 4,044,671-
(132)
10,902,732 329,197,754 5,310,653 2,650,594 1,193,184 4,044,671-_
267 767 276,142,330 649,859 108.573 13.270.854 152,379 122,698 26,934 404,419
- 25.052.527 5,546 - 3621.939 10.263
490.606 16,926,431 loo 102 6,977 1,271.819 2,425 7 748
36.592 8,274,989 85.394 5,320 22,149 6.242 5,392 6.150 11.999
55 3,607 2,797 1.685 10 691
-. 40,008r851 8,030,549,627 30,992,994 11,023,657 347,388,122 5,484,759 2,788,117 1,226,278 4,461,78!--
58,172 25.811 393 206.419 23.399 918 667

50,569 3 414,301 26.467 35.541 268.501 8,640 23.028 15 2.735
45.41 2 6,953,428 26 930 12 913 382,808 6 755 3,427 1.443 4.995
28,808 1.585.852 ?3,107 6,355 131.605 4,089 3,927 7 602 13.543
~. -
182,961 37,784,974 272,923 78,208 1,701,581 19,484 30,382 9,060 21,273
..
39,825,890 7,992>84,653 30,720,071 10,945,449 345786,541 5,465,275 2,757,735 1,217,218 4,440,507
Schroders

as at 30 June 2003
SlSF SlSF
SlSF EURO SlSF SISF Global
EURO Shortlerm European Global Corporate
Bond Bond Bond Bond Bond
Investments
Securities portfolio at cost 390 519.373 560,725 096 137,792,854 75.053.005 28,457.260
Uirealised appreciationl(deprecia1ion) 9.092.748 2 442.728 2.208.686 1,720,078 605.747
Securities portfolio at Market Value _I -399,612,121 563,167,824 140,001,540 768773,083. ~ . . 29,063,007
Unrealised appreciationl(deprec1ation)
on lotward currency coptracts (6.902) (64,735) (97 i22)
Urrea1,sedappreciationl(deprecia1ion)
or1 futures contracts (47 050) 31 8iO
_I-
399,612,121 .,563,167,824 139,994,638 76,661,290 28,997,695
Cash at banks 544.477 489.926 4.280 438 2 697.329

Receivablefor securities sold 2 833,595 645.638 561.429
Receivablefor subscriptions 5 126 602 20.418 951 548,638 569 592 1,603,480
Dividends and interest receivzble 8 741 391 10,854.452 2,884 692 828 117 375,831
Sundry receivablesand prepzyments 15 427 1.133 4,846 275
TOTAL ASSETS 416,329,136 594,986,837 143,922,740 82,985,358 34.235,764
LIABILITIES
Rank overdrafts 3,342,147

Payables for securities bought 3 01 1 922 6.558.WO 3,765,136 2,594,379
Payables for redemptions 2.276 360 3,070.695 1,087,821 26.556 4,184
Mawgement and advisory fees 165,291 220.793 73.952 38.573 21.318
Other payahles and accruals 97.867 150.912 46.100 24,057 17 251
TOTAL LIABILITIES 0,893,507 10,000,400 1,207,813 3,054,322 2,637,132
TOTAL NET ASSETS 407,435,549 __ 584,986,437 142,714,067 .~ 79K036 31,590,632
Schroders The notes on page 12 to 18 form an integral part of these financial statements
(Luxembourg) S.A.
SlSF SISF SlSF SlSF

SISF SlSF Converging Emerging EURO SlSF SlSF SISF Hong Kong
US Dollar AsIan Eumpe Markets Corporate European EURO US Dollar Dollar
Bond Bond Bond Debt Bond Defensive Liquidity Liquldity Bond TOTAL
USD USD EUR US0 EUR EUR EUR USD HKD EUR
68 786.736 769,706,334 256,101541 1.067.776.699 154.396 710 24,777,000 137,075.399 13 438.321 702,787,850 9.096.210.837
1.’04,555 34,645 810 (3,860,322) 61,985,198 3.468 897 1,256,097 - 9,443,576 (602,357.213)
I
69,891,291 .- , 804,352,144 252,241,219 1,I29,761,897 I57,865,607 26,033,097 137,075,399 13,438,321 712,231,426 8,493,853,624
- 2,353,052 6.862.540 (I4 725 30’) (6 073) - (4.121 954)
105,000 77,238
.-
69,891,291 806,T05,196 259,103,759 1,115,036,596 ., -_1@64,534 26,033,097 137,075,399 -. 13,438,321 712,231,426 8,489,808,908
6.197.445 30.775.429 52,708.714 115,222,651 159.240 14,353,627 3 641.838 2,059,738 438 766,722
1,928.355 - 14,546,301 - 15,394,COO 36.125.540
379,443 40.602.832 4 275 733 47.0!9,778 9.865.857 961 4,060.569 91,183 10,894,408 186.003.049
487,612 ’3.505.510 4 387,143 15.804.794 2 694,550 368 588.893 473 4,870.697 63,651,474
1,409 537 2.338 854.012
78,885,555- 891,588,967 320,475,349 i;307,630,120 170,525,478 26,196,004 156,078,488 17,171,815 745,450,269 9,215,209,705
- 2678.615 - 14,229.236
8,566 686 4 387 826 - 4,512.882 - 4,956,064 - 19.924.000 50.211.406
61,555 4 708.530 3,186.379 5 251,387 791,674 396,356 132.230 3,090,091 39,171,443
40,183 647.789 250 337 81 1,966 11 1,675 23,909 48.734 5.677 464,855 6 779,072
33,330 442.077 222 625 552,586 60.763 9,009 23.895 2.940 216,010 3.615.908
8,701,754 10,186,222 3,659,341 6,615,939 8,155,609 32,918 5,425,049 140,847 23,694,956 114,007,065
-_
70,l 83,8iI 881,402,745 . 316,816,008 1,301,014,181 162,369,869 26,163,086 150,653,439 17,030,968 721,755,313 9,101,20c&T
. Schroders
... ... . - . .. . . . -.

as at 30 June 2003
SlSF SlSF SlSF

SlSF Eumpean SlSF European Global
EURO Equity European Equity Equity
Equlty Sigma Equity Alpha Sigma
Shares Outstanding as at 30 June 2003

Class A Dist 21.144,408 2,444,632 59 716 694,775
Class R Dist 87,827 312,315 3,569 67 796
C:ass C Dist 1,489,577 498,728 182 650 180,768
Class A Acc 63,133,310 4,275,510 801 351 1.176,761 9.000.458
Class A Acc (EUR)
CISSS B ACC 21.781 391 4.049.951 2m 538 7 494 2 960 593
Class C Acc 16 280.129 636.071 144 361 646 431 887 413
Class A1 Acc !65.673 3.143 760 10 209 16 960
Class A I Acc (USD) 99
C,ass B I Acc 21.160 678
Class I Acc 2.980.986 1.650.690 179,630 249.800 6 310.652
Class I Acc (FUR)
Clsss A1 Dist
Class R' Dist
Net Asset Value per Share as at 30 June 2003

Class A Dist '3 04 8 84 99 38 9 50
Class B Dist 12 79 8 45 98 02 8 97
Class C Dist 13 30 9 31 102 42 9 88
Class A Acc 13.11 8 92 100 60 22.57 9 50
Class A Acc (EUR)
Class E Acc 12.79 8 45 98 03 22 53 8 97
Class C Acc 13.6: 9 58 106 26 22 61 10.03
Class A1 Acc 12.95 8 81 99 73 22 52 9.42
Class A I Acc (USD) 14.80
Class E1 Acc 12.60 8.89
C!ass I Acc 13.79 9.70 :0771 22 85 10 17
Class I Acc (EUR)
Class A I Dist
Class 61 Dist
Schroders The notes on page 1 % to 18 form ari integral part of these financial staternCntS
. ... -. . . . .
Schroder Investment Management http:Ilwww.schroders.lu Page 29
(Luxembourg) S.A.
SlSF
SlSF North SISF
SlSF SISF North Amerlcan SISF SlSF SISF SWISSSmall SlSF
Italian Japanese Amerlcan Equity Pacific Hong Kong Swiss L Mid Cap UK
Equity Equity Equity Sigma Equity EWty Equity Equity Equity
EUR JPY USD USD irSD HKD CHF CHF GBP
1 915 887 10 170869 106,314 8 916 243 11 689,650 - 5,639,839

98,680 151 182 5,637 321 320 54.989 242 304
62,327 14,296.111 133 887 1 1,170,439 323.644 ~ 2,186,843
6 298 014 61,214,944 881.631 143 20,491,967 2 369.760 15,940 198 495,198 11 928,331
6 634 283 10 594,636 421,820 3.058 4,712 286 220 1 050 766 220 2,552,561
635 172 35 635 357 695,540 188.798 18,232,645 11.812 441 ,125 559,230 2,410,076
57 943 558,667 4,851 23 376,749 13,564 9 832 220 7,110
309,503
49 323 235 23 988 82 538
840 318 58 759 424 817 408 62,469 17 836,088 106 ' ,095 555 8 192,544
2 619 738
18 52 597 04 49 99 3 93 18 27 1.55
18 20 563 16 47 63 3 68 17 75 1 48
19 86 635 34 53 29 4 11 1908 1.65
19 01 596 94 49 99 67 53 3.94 57 60 18 27 8 28 1.61
18 43 563 13 47 65 67 25 3 68 57 05 17 72 8.23 152

20 84 635 36 53 25 71 97 4 23 57.96 19 08 8 34 1.74
18 81 589 10 49 54 67 23 3 92 57.41 18 05 8 25 1 56
4 90
18 18 556 01 47 37 66 81 3 66 1747 1.50
21 10 643 90 53 93 72 56 4 29 19 37 8 44 1 76
3 75
Schroders

as at 30 June 2003
SlSF SISF
SISF SISF European European SlSF
Emerging Emerging Absolute Smaller Global
Europe Markets Return Companies Technology
EUR USD EUR EUR USD
Shares Outstandlng as at 30 June 2003

Class A Dist 64.666 4 074 040 864.331 754.785
Class B OlSt 16,315 135 509 160,326 45,677
Class C Dist 24,713 1 820 162 2,700,406 407.9: 7
Class A ACC 1,865,860 12 158 856 772 683 5 538,316 13919,241
Class A Acc (EUR)
Class B Acc 1,028.100 3 367 739 136,073 5 866 573 1,959 773
Class C ACC 1,404,538 1 222 809 1.569.977 1,936 36’ 81 1,227
Class A1 ACC 2L4 336 10.338 65 177 24.912
Class A! ACC(USD)
Ciass B1 Acc 29 799 142 23 651
Class I Acc 875 554 50
Class I Act (EUR)
Class A I Dist
Class a i Dist

Class A Dist !63 3 78 9 86 7.18
C:ass 9 Dist 7 44 3 63 9 32 7.04
Class C Dist 7 73 3 84 10 26 7 4!
Class A Acc 7 59 3 78 19.44 9 86 7 19
Class A Acc (EUR)
Class B Acc 7 44 3 63 19.38 9 32 7.04
C:ass C Acc 7 77 3 90 1952 10 32 7 42
Class A1 Acc 3 72 19.38 9 78 7.14
Class A1 Acc (LED)
Class R1 Acc 3 61 9 24 7 01
Class I Acc 3 98 27 91
Class I Acc (EUR)
Class A1 Dist
Class B1 D,st
Schroders The notes on page 12 to 18 forrn an ir’tegral part ot these fharcial starements
(Luxembourg) S A .
SlSF SISF SlSF SISF

SISF Japanese SISF SlSF us EURO EURO SISF
Greater Smaller Latin Medical Smaller Active Dynamic SISF Portfolio
China Companies American Discvovery Companies Value Growth PortMio (US Dollar)
- 1,641.324 57,127 949,321 501.728 12,424

134.556 4.009 86,015 77.794 54,236
- 51.262.460 1,701,816 708.577
3.654.289 13,120,233 333,713 1,164,477 3564.365 268.526 351,834 230,166 371.154
386.875 15 962,190 390,753 122.836 579,310 75 923.225 326,066 79,457

144.648 80 118,483 429.377 140.444 1 03!.990 2,370 136,886
21 423 1,119,193 85.307 - 2,176,772 3,492 11 115 688
55
321.159 676.129
17.35 8.94 35.14 1 07 8 61

44 66 9.01 33.10 1 03 8 43
49 65 9.23 36.73
9.46 47.35 9.22 7.66 35.14 19.91 1 97 1 08 8 62
9.47 44 66 8 99 7.61 33 10 19.81 1 94 1 04 0 43

9.56 49 64 9 44 7.74 36 74 20.04 2 01
9.46 47.08 9 20 34 88 19.85 1 09 8 57
32 79
9 16 37.28
Schroders

as at 30 June 2003
SlSF SlSF
SlSF EURO SlSF SlSF Global
EURO Shortferm European Global Corporate
Shares Outstanding as at 30 June 2003

Class A Dist 7,039,345 5 691 487 836,406 366 825 278,445
Class B Dist 7.890 328 069 62,477 70 108 10075
Class C Dist 759.384 2 302 624 449.881 125 666 . 015 149
Class A ACC 15 480.728 42,639.844 9 686.289 5,291 924 i,769 643
Class A ACC(EUR)
Class B Acc 2,553,80? 46,030 238 4,293.182 834 609 841.272
Class C ACC 1,340,717 6 543,929 1,296,230 2 629 070 340.197
Class A1 ACC 507 389 927 928 705,212 66 063 1,003,703
Class A1 Acc (USD) 830 435
Class 8’ ACC 180.689 106 493 ‘ 988 293
Class I ACC 12.088.277 1 334 576 3,456,426 1 754,733 204.182
Class I Acc (EUR)
Class A I Dist
Class 61 Dist

Class A Dist 10 64 4 99 6.:7 6 40 5 12
Class B Dist 10 25 4 74 6 19 5 32 5 14
Class C C st 1054 5 02 6 40 5 32 5 5’
Class A ACC 11 68 5 58 7 07 7 10 5 92
Class A Acc (EJR)
Class 9 Acc !i51 5 55 6.84 6 60 5.73
Class C Acc 11 86 5 66 7 25 7 31 6.1 1
C’ass A1 Acc 11 62 5 57 7.04 7 09 5.90
Class A1 Acc (USD) 13 28
Class 81 Acc 11 36 5 45 6 56 5.70
Class I Acc 1 1.96 5 67 7.32 7 37 6.11
Class I Acc (EUR)
Class A1 Dist
Class 6’ Dist
Schroders Tne P.otes on page ’ 2 to :8 form an htegral part of these financial statements.
(Luxembourg) S.A.
SISF SlSF SlSF SISF

SlSF SlSF Converging Emerging EURO SISF SISF SlSF Hong Kong
US Dollar Asian Europe Markets Corporate European EURO US Dollar Dollar
Bond Bond Bond Debt Bond Defensive Liquidity Liquidity Bond
USD USD EUR USD EUR EUR EUR USD HKD
340 656 8,650,364 31 436 2.048.826 '8.320 6.999 842

6 885 50.478 53.993 87,477
426 263 9,358,782 4,842,088
1.789 599 40,014,592 4,318,742 37 124 542 6,260,576 2,370,768 672 088 18,400 38,065.859
102
1.1 16.454 974,509 16.083.569 3,306,225 5,352,867 612.737 422,681 116.145 738
478.833 3,903,990 1911.014 5,614,407 1.211 476 128,215 31,379 249,213
663.192 24.41 1,934 127 154 7,128,218 176 355 21,559 1,833 738
364.029 5.615.310 1,215,452 20 9

355 535 3,328,405 1,708 099 11.761 946 416.308 198.455 '5
4,750,758 3.121,123
170 91
10 96 7.59 1287 14 56 8 74 15.65

10 96 7.96 12 48 14 41
11 15 7.57 14 99
12 99 9.05 13 17 17 28 12 15 8 73 104.30 ?01.45 15 98
15 12
12 66 8 84 12 96 16 79 11 96 8 64 104.14 101.38 15.91
13 27 9.31 '3 41 17 88 12 35 104 89 102.07 1602
12 88 9.03 13 16 17 '9 12 12 103 42 100.73 15 91
1261 8 80 16 65 102 10 99 99
13 36 9 37 13 57 18 07 12 48 105 ?O 102.24
7.60 14 26
8.80 16 65
Schroders
Distribution of Investments by Industry
SlSF SlSF SlSF

SlSF European SlSF European Global
EURO Equity European Equity Equlty
Equity Sigma Equity Alpha Sigma
% % % % io
Advertising 0 12 0 '6
Advertising Services 0 16
Aerospace & Military rechnology 0 43 0 85
Airport Services
Agricultural Operations 0 13
Appliances 8, Household Durables 0 63 1 60 0 17
App"cat;on Software 0 78 0 42
Assets and Mortgage Backed Securities
Abtomohiles 1 46 2 54 1.12 2 61
Banking 13 34 '9 80 22 44 12 73 9 57
Beverages 8 Tobacco 2 56 101 1 29 2 55
Bonds 0 07
Broadcasting& Publishing 0 38 179 1 40 1 35 2 22
Building Materials 8, Componects 1 25 2 00 0 98 0 52 1 52
Business & Public Servtes 0 40 0 46
Chemicals 161 1 55 0 99
Commerc.a Papers
Comrrrerc8alServices 0 75 0 63 1.44 131 0 60
Computer Software & Services 0 56 0 53
Computer Storage & Peripherals 0 05
Construction & Housing 0 25 0 34 0.69 0 68 0 09
Consumer Finance 0 19
Data Processiqg 8, Reproduction 0 31 3 62
Department Stores 0 26 2 49 1 22 0 08
DiversifiedMetals & Miriirig 0 15
Flectr:cal& Electronics 0 32 2 89
Flectronic Components 8, Instruments 3 21 2 10 1.43 2 0' 3 81
Energy Equipment & Services 0 05
Energy Sources 14 92 1362 13.26 9 90 7 35
Financial Services 2 95 0 84 1.52 5 71 5 39
Food & Housepold Products 6 37 5 59 5.90 I 30 2 23
Food Retail 0 53 0 :2
Forest Products & Paper 0 72 0 09
G o d Mines 0 22 0 48
Health & Personal Care 1 '8 123 2.41 1 09 5 65
Heavy Electrical Equipment
Industrial Components 0 43 0 94 0 71
Insurance 5 78 6 00 4 94 6 22 6 09
Internet Software 8 Services 0 20
Investment Fuqds 0 38 0 09 0 92 0 15
Leisure 8 Todrism 0 84 0 42 1 43 0 47
0 92
Machinery & En ineering 2 92 0 65 79
Meat Poultry & dsh 0 07
Mercqandising '09 0 56 0 77 0 97 1 34
Metals - Steel 0 61 113 2 05 0 66 0 40
Misc Materials & Commodities 0 44 0 43 0 38
Money Markets Instruments
Motorcycle Manufacturers 0 12
Mu!t;-Industry 3 91 0 30 1.54 1 98 0 '0
Multi-Utilities 0 A3 0.46
Office Supplies 8, Forms 0 04 0 26
Oil 8, Gas Exploratio- 8, Production 0 18
Packaging 8, Conla -ers 0.62 0 26
Phsrmaceut.cals 3 O? 11 24 9 09 3 04 8 27
Photo Equipment 8, Supplies 0 23
Publishing & Printing 2 :9 0 58 1 23 0 22
Real Estate 0 38 0 57 0 50
Recreation 1 58 1 09 0 30
Restaurants 0 12
Retail 2 30 114 1 62 5 36 0 55
Serniconductors 0 54
Systems Software 2 25
Telecommunicatioris 16 31 11 73 13.83 13 01 7 73
Textile & Apparel 134 143 0.87 0 67 0 91
Trading Companies & Distributors 0 50
Transportation .Airlines 0 08
Transportation - Road & Rail 0 94 0 47 110 113 0 56
Transportation - Shipping 0 36 0 27 0 35
Utilities - Electrical 8, Gas 3 64 178 7 31 2 51
Investments portfolio as a percentage .

. -
of Net Assets 92.35
Other Net Assets I (Liabilities) 9.02 33-5 3.69 8.98 L

-
".- 1
Total Net Assets 100.00 . o - ?!!.OO
Schroders 'he notes on page :2 to 18 form an integral part of these financia statemem
(Luxembourg) S.A.
SlSF
SlSF North SlSF
SISF SlSF North American SlSF SlSF SlSF Swiss Small SISF
Italian Japanese American Equity Pacific Hong Kong Swiss L Mld Cap UK
Equity Equity Equity Sigma Equity Equity Equity Equity Equity
I % % % % % % % % %
0 29 0 23
I 1.13
0 93
1 84
0 09
1 50
0 15
0 13 0 38 141
0.45 0 22 0 09 0 22 0 91
I 0 37 0 67
1.18 10 06 0 94 1 23 3 08 2 24 0 28
22 32 6 88 6 00 14 78 18 15 14 36 0 95 16 11
3 69 3 42 0 81 2 57
0 11
4 16 2 62 3 81 2 84 0 13 2 81
3 45 0 34 157 1 37 0.58 + 05 9 65 6 42
0 24 0 64 0 65 0.71 2 43
172 2 94 116 121 5.82 2 25 4 71 2 47 2 65
2 67 0 50 0 76 0 98 4 73 0 76
0 60 0 77 0 80 1 83
0 10 0 '9 4 30
1.56 0 70
0 24
0.66 1 86 6 08 5 57 1.49 0 38 1 02 1 82
0 20 0 20 1 63 2 89
0 12 0 10
116 7 36 4 34 3 77 8.42 1 59 3 30 2 14
0.98 15 93 3 49 3 25 9 46 8 96 3 29 7 71 114
0 09
11.91 3 91 6 32 5 85 4.18 8 93 1644
0.83 2 24 7 64 7 14 3.24 7 20 1 97 2 53
0.88 ' 54 112 0.56 0 40 9 79 3 82 5 23
3 18 011 0 06
0 19 0 12 1 33 3 81
5.38 IO 10 8 53 3 69 1858
0 66
0 78 0 71
11 19 4 76 5 93 4 54 1.00 10 77 10 89 2 85
0 13 0 19
1 39 4 81 2 72 1.65 2 68 0 11 2 23
151 3 48 0 50 0 36 0.56 117 0 68
1 52 2 46 0 85 0 34 1.37 0 69 2 63 14 35 0 80
3 70 3 13 1 49
0 12 0 16 1.41 1 00 1 80
0 43 0 18 0 23
0 21 0 18
0 09 0 16 1.54 2 39 101 101 0 02
0 45 0 14 0 29
0 11 0 10
0 14 0 22 3 89
7 97 7 32 6 59 24 44 4 86 10 12
0 85 0 16 0 11
0 11 191
1 02 0 20 0 13 0 27 4,21 2 03 155
1 06 0 18 0 14 1 65
0 '0 0 15
1 80 0 08 0 51 0 41 1 62 3 96 0 37
1.33 0 73 0 72 6.98
4 69 4 05
17 98 6 18 6 27 5 56 9.61 1 43 1069
1.55 0 42 1 03 0 81 2.43 9 17 1 58 3 59 0 67
7 14 0 16 0 13 1 35 2 43
0 07
0 IO 6 08 0 89 0 98 1.73 3 20 0 74 117 0 43
0 08 0.42 1 56 1 77
111 1 59 1 77 3 24 11 71 0 92 0 51
-.. ~ - 9 9 . 3 8 98.86 99.86 ' 92.12 96.42 98.15 93.02 9 8 . 3 1 " -
- 0.62 1.14 0.14 7.88 3.58 1.85 6.98 1.69 0.62
-.
~. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Schroders
SlSF SlSF
SlSF SlSF European European SISF
Emerging Emerglng Absolute Smaller Global
Europe Markets Return Companies Technology
% % % % %
Advertising
Advertising Services 0.96
Aerospace 8, Military Tecnw cgy 0 35
Airport Services
Agrlcu4ural Operations
Appliances & Household Durzbles 2 27
Application Software 6 20
Assets and Mortgage BacKed Securities
Automobws 4.'2
Banking 19 60 13 57 4 27
Beverages 8, Tobacco 1 96 2 56 5.97 0 99
Bonds 14.13
Broadcasting8, Publish ng 173 3.36 1.60
Building Materiais & Components 2 42 2.48 5.85
Business 8 Public Services 1.50
Chemicals 5 56 1.22
Commercial Paaers
Commercial Sei-vices 1.02 6 19 110
Computer Software B Services 0 69
Covputer Storage 8 Per:pherals
Constrdctson & Housina 2 64
Consumer Finance -
Data Processing 8 Reproduction 0 39 2.17 28.24
Department Stores 3.33 1 03
DiversifiedMetals 8, Minmng
Electricz,& Electronics 2 01
Electronic Components B Instruments 1 74 21.52
Energy Eqipment & Services
Energy Sources 38 33 I 3 30 9 38 3.19
Financial Services 1 20 1.85 5 37 7.50
Food 8, Household Products 3 59 0 55 3 26 9.03
Food Reba !
Forest Products 8, Paper ' 62
Go!d Mines 5 26
Healti & Personal Care 0.93 2.09 5.68
IndustrialComponents
Insurance 2 62 1 76
Internet Software & Services 171 1.13
Investment Funds 0 55
Leisure 8, Tourism 0 74 0.06
Machinery 8, Engineering 3 51
Meat Poultry 8, Fish
Merchandising 1.55
Metals - Steel 178 1.40
Misc. Materials 8 Commodities 0.31
Money Markets Instrumegts
Motorcycle Manufacturers
Mult -Industry 1.81 :42
Mult:-i)t:lities
Office Supplies & Forms 0.49 0 69
01. B Gas Exploration & PtOdJCtiOn
Packaging 8, Containers
Pnarmaceuticals 0.71
Pnoto Equ pment & Supplies 0.96
Publishing & Printing 3.31
Real Estate 0 48 3.84
Recreatior 2.05
Restaurants 3.32
Retail 0 71 2.03 0.34
Semiconductors 4 54 2 53
Systems Software 10 73
Telecommunicatiors '4.31 12 77 7 94 2 71 18.18
Textile &Apparel 2 79 4.22
Trading Companies B Distributors 1.23 154
Transportation - Airlves 112 !.05
Transportation - Road 8 Rail 1 02 2.50 3.58
Transportation - Sh-pping 3.62
Utilities - Electrical 8, Gas 0 99 1.48
Investments portfolio as a percentage - - --

of Net Assets 9
'1.
8439.51 70.40 - - 98.02 94.68. --
. -
Other Net Assets I (Liabilities) .. - - 8 5.32
-_ .-
Total Net Assets 100.00 100.00 1~0.00 100.00 100.00 .~
Schroders Tpe notes on page 12 to 18 form En htegral part of these financial statements
(Luxembourg) SA.
SISF SlSF SlSF

SISF Japanese SISF SISF SlSF EURO EURO SISF
Greater SmaII er Latin Medical US Smaller Active Dynamic SISF Ponfolio
Chlna Companles American Discovery Companies Value Growth Portfolio (USDollar)
% % % % % % % % 96
0.51
100
1 82 0.91 1.26 1 84 2 99
0.97 0 82 0.92
1 40
2 23 0.42
2 58 0 22
5 81
0 75 3 81 1.27 114 0 48 0.37 107
10 02 6.54 2.36 11.29 15 15 13.67 5 19
2 41 8 83 0.59 4.09 0 84 3 32 3 49
12.12 19 84
1 53 5 41 0.82 1.73 3 26 2 61 2 35
0 28 4 18 5.71 2.20 1 03
0 65 2.01 1 08 1.a
0 60 4 81 2 64 1.97 1.07 1.58 0 42
4.15 4 16 3 18 2.30 0 62
0 67
1 37 111 0 44
158 3 13 4.11 1 80 0 96
3 09 1 37 1 84 0.80
0 79 1 44 5.46 0.58 1 65
10 67 8 97 8.60 2.60 7 65 2 46 114
5 81 1 38 12 93 7.51 15.40 11 58 9 12 5 20
3.36 5 70 4.10 3.57 5.30 2 64 2.50 4 52
0.39 5 68 2 18 1.78 4.31 0 84 2.47 0 39
2.20 0 96
2.20
5 53 0 21
8 07 42 58 10 17 1 47 2 52 0 60 4 37
0.94 0.26
1.20 5 54 8.42 5 19 4 23 2 92
101 4 03
6.43 1.16 1.60 0 62 6.35 9 95
2.60 1.31 1.18 0 97 1.23 0 49
0.48 6 56 3.10 1.68 1 24 0.38
1.31 101 0 83 1 05
2 91 2.47 1.69 1.43
0 97 2.43 171
0.34
1.11 0 61
2.33
0 92 57.03 4 89 3.73 4 60 8.79 5 61
2.01 2 11 2 79 0.6:
5 60 3 32 117 3 02 0 83 1 33 0 29
1 45 0 22 1.33 1.62 111
2.45 1.46 0 75
2.34 3.96 1 42 0.72 OW
7 08 3.21
2 35 OW 2 02
5 22 29.55 2.67 9.43 18 98 10.50 4 55
7 79 161 0.71 1.32 1.oo 3 77 0.71
0 63 5 20 6.24
0.25
2 79 2.21 1.59
2 29 116 0.72
4 78 0 93 0.45 0 79 0 81 1 23 0.73 1 09
-~
98.46 96.36 98.15 99.61 95.23 v.17 96.11 98.03 91.09
-
7 . 5 4 3.64 1.85 0.39 4.77 2.83 3.89 1.97 0.91

._
-~
~~~~~ 1 0 0 . 0 0 0 0 . 0 0 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00
-
Schroders
SISF SISF
SlSF EURO SlSF SlSF Global
EURO Short Term European Global Corporate
% % % % %
Advertising
Advertising Services
Aerospace & Mi,itaryTechnology
Airport Services
Agricultura Operations
Appliances & Househo:d Durables
Application Software
Assets and Mortgage Racked Securities 0.53 0 91 0.25 1611 5 26
ALtomobiles
Banksng
Beverages & Tobacco
Bonds 97 55 35.36 97 85 76.93 86 72
Broadcasting& Publisring
Building Materials B Components
Business 8 Public Services
Chemicals
Comnxrcial Papers 3 98
Commercial Services
Computer Software 8, Services
Computer Storage & Periphersts
Corrstruction & Housing
Consurner Finance
Data Processing & Reproduction
Department Stores
DiversifiedMetals & Miring
Electrical 8 Electronics
Electronic Components 8, InSt'uments
Energy EqJipment 8, Services
Ewrgy Sources
FinancialServices
Food & Househo d Products
Food Retail
Forest Products & Psper
Gold Mirres
Health 8, Personal Care
Industrial Components
Insurance
Hernet Software 8, Services
Investmevt Funds
Leisure 8, Tourism
Machinery 8, Engineering
Meat Poultry & Fish
Merchandising
Metals - Steel
Misc Materials 8, Commodities
Money Markets Instruments
Motorcycle Manutacturers
Multi-Industry
Mult;-Jtilities
Office Supplies 8, Forms
Oil & Gas Exploration &Production
Pawaging & Containers
Pharmaceuticals
Photo Equipment & Supplies
Publss*ing & Printing
Real Estate
Recreation
Restaurants
Retai,
Semiconductors
Systems Software
Telecommunications
Textile & Apparel
Trading Companies 8 aistributurs
Transportation - Arlines
Transportation - Road & Rai-
Transportation - Shipping
Util't,es - Electrical B Gas
Investments portfolioas a percentage .-

d Net Assets ~- 98.08 96.27 98.10 02 91.98 ~~
--
Other Net Assets I (Liabilities) ~. - 3.73 1.90 2.98 8.02
Total Net Assets 7 0 6 . 0 0 . 100.00 -- rao.00 100.00 100.00
Schroders The -otes or1 page 12 to 18 forrr an integral part of these financ'al statements
Schroder Investment Management http:llwww.sehroders.lu Page 39
(Luxembourg) S.A.
SISF SISF SlSF SISF

SlSF SlSF Converging Emerging EURO SlSF SlSF SlSF Hong Kong
US Dollar Asian Europe Markfits Corporate European EURO US Dollar Dollar
Bond Bond Bond Debt Bond Defenslve Liquidity Liquidity Bond
% % % % % % % 46 %
30 12 1 92 41.10
59.84 91.26 79.62 86.84 95.31 44.30 6 69 98 68
9 62 46 69 31 12
99 50
~~
99.58 91.26 79.82 86.84 97.23 99.50 90.99 78.91 98.68
-~
742-
8-74 20.38 13.16 2.77 0.50 9.01 21.09 1.32
~~
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Schroders
Portfolio of Investments
as at 30 June 2003
SlSF EURO Equity
Number of shares Transferable securitles admitted Market 010 Number of shares Transferable securities admitted MarKet %
or principal to official exchange listing/ value Net or principal to official exchange listing/ value Net
amouit Common stocks and Spares EUR Assets amount Common Stocks and Shares EilR Assets
.- _. " __
Austrla 10,075,592 0.60 Ireland 135,736,397 0.15
1,003,545 Telekom Austria 10,075,592 0.60 840 000 Abbey 4 700 000 0 25
I-
1 225 879 Allied Irish Banks 16,255 156 0 97
Belgium 77,586,203 4.65 4 823 209 Anglo Irish Bank 36849317 2 21
3,069 Diskgaz 2.670 030 0 16 775 000 Bank of Ireland 8118978 0 49
54.225 Exmar 1,643.018 0 10 2 265 276 DCC 26 163 938 157
9.528 Fluxys 7 622,400 0 46 1 554 741 First Active 6 763 123 0 4'
824 882 Groilpe Bruxelles Lambert 32 657.078 96 5 364 3'6 Gianbia 8 153 760 0 49
384 309 KBC Eancassurance 13.028 075 0 78 1 200 000 Grafton Group 4 632 000 0 28
758,724 UCB 18,072,806 1 08 i 980 000 Heiton 6 336 000 0 38
24.376 Van De Velde 1.892 796 0 11 2 400 000 laws Group 17 784 WO 107
- .- 57 500 Irish Continental Group 480 125 0 03
Finland 101,562,658 6.09 I_ ~ - 1
132,700 Alma Media 3,344,040 0,20 Italy 165,625,876 9.93

1919.'87 Elisa 14 240,368 0.85 1.200.050 Autostrada Torino-Milano 12 540 523 0 76
300000 Kor,e 10.950.000 0 66 13.000,OOO Banca Nazionale del Lavoro 19 695 000 118
600,000 Metso 4,716,000 0.28 ' ,368 353 Bayerische Vita 4 693 451 0 28
4 695 000 Nokia 68 312,250 4 10 2,700.000 Bulgari 13 068 000 0 78
- .- 3,:OO.OOO EN1 41 664,000 2 50
France 316,935,246 19.00 477,005 ltalrriobiliare 9,945 554 0.60
60.000 Areva 10.038,OOO 0.60 7 571.884 Parmalat Finanziaria 20 709 103 1.24
305.616 Aventis 14,800,983 0.89 2,227.127 Telecom ltalia 1I 8 3 9 287 107
1,100,000 BNP Paribas 49,698,000 2.98 2,823,667 Telecom ltaiia 'RNC' 13 553 602 0 81
410,748 Christian Dior 14,281,708 086 2.824 018 Unicredito Italiano 11 917356 0 71
1 300 000 Credit Agrlcolc 21 580,000 1 29 . -
2.054.312 Elior '7.668.492 0.70 Luxembourg 16,411,935 0.98
2,054,304 Elior Rignts 986.066 0 06 1000,000 Arcelor 10 120000 0 60
658 366 Fimalac 15.504,519 0 93 1 258.387 SES Global 6 291 935 0 38
69,052 Fimalac Warrar<ts3'/12/2006 145.700 0.01
110.000 Guyenne et Gascogne 8.822.000 0.53 The Netherlands 357,079,687- 21.41
250,000 PSA Peugeot Cltroen 10,547,500 0.63 2 660 000 Aegon 23.780.400 1 44
293,342 Rodriguez 13,948,412 0.84 405,281 Fox Kids Edrope 2.188.517 0 14
65,000 Soci&tC Fonclere F i r a n c i h 1,146.109 Heijmans 17,592.773 1 05
et de Participations 6.409.000 0.38 3 179.804 ING 49,159 770 2 95
250.000 Societe GenBrale 14,000,000 0 84 ~1.000.000 Ladus 14,960,000 0 90
500 000 Sodexho Alliance 11 900 000 0 71 2,106,454 Philips Electronics 36.273 138 2 17
565.000 Total 75 371 .OOO 4.52 2,282,689 Royal Dutch Petroleum 93818.518 5 62
773.106 VeoliE Environnernent 13,830,866 0.83 3 726.680 Royal KPN P3 179,950 7 39
1,450,000 Vivendi Universal 23,403.000 1 40 1.010.200 TPG 15.708.610 0 94
.. 805,000 &,lever 37,931 600 2 27
Germany 154,011,740 9.23 443,497 Van der Moolen 5 401 793 0 32
599.693 Bayerische Motoren Werke 13.762 954 0 82 334.846 Vopak 3.961.228 0 24
2,879,965 Deutsche Telekom 38,706.730 2.31 1.685.786 Wegener 9,726,985 0 58
412 631 Fresenius Medical Care 12 882,340 0 77 2,207,208 Wolters Kiuwer 23,396,405 1 40
490.495 Hugo Boss 6,l 65.522 0.37 .... .-
680.000 MercK 17,272,000 1 04 Portugal 16,764,994 1.01
648,883 Metro 18,201.I 68 1 09 2,717,179 Portsgal Telecom SGPS 16,764,994 101
270,000 M,rchener Ruckversicherungs 18 774,000 113 _I ..
.
400 000 Siemers '7.268.000 1.04 Spain 111,780,053 6.70
846.191 Vva Media 4.104,026 0 25 1.498.336 Aguas de Barcelona '7.725.315 1.06
110.000 Wella 6.875 000 0 41 4,000,000 Banco Sentander
. .- Centra' I-iispano 31,440,000 1 .88
Greece 53,939,385 3.23- 1.238.804 Cortefiel 7,432.824 0.45
400 000 Cosmote Mobile 650,000 Grupo Ferrovial 15.392.000 0.92
Communications 3,704 000 0 22 3 875.240 TelefBn,ca 39.798.714 2 39
2 964.440 Greek 0rgan.zat;on
of Football Proynostics 26.324.227 1 58 Total Transferable Securitites
1 ,'52,4iO Hel.eric Exchanges 4.379 158 0 26 Admitted to an Official Exchange Listlng 1,511,518.566 90.98
1,900,000 Hellenic :elecommunicztlons
Oryaiization 19,532000 1.17 Other Net Assets 150,522345 9.02
Net Asset Value 1,668,041,411 100.00
Schroders
as at 30 June 2003
SlSF European Equity
Number of shares Transterable securities admitted Market % Number of snares Traisferable securities admitted Market %
or principal to officiar exchange listing/ value Net or principal to official excnarge listing/ value Net
amount Common stocks and Shares EUR Assets amount Common stocks and Shares EUR Assets
Austria 449,879 0.28 Portugal 1,349,379 0.84

5.835 Erste Bank Der 218,700 Portugal Telecom SGPS 1,349,379 0.84
Oesterreichischen Sparkassen 449.879 0.28
Spain 7,218,047 4.51
Belgium 1,952,579 I.22 58,109 Altadis 1,293,506 081
49.320 Groupe Bruxelles Lambert 1,952,579 122 362,470 Banco Santander
Central Hispano 2 849.014 1 78
Denmark 1,998,619 1.25 50.729 Red Electricade Espana 576.281 036
78930 Group 4 Falck 1 141.823 0 71 153.125 Telef6nica 1.572.594 0.98
28.110 Novo-Nordisk 856,796 0 54 132 190 Telef6nica Moviles 926.652 0.58
~
Finland 4,161,009 2.60 Sweden 3,336,356 2.09

285,980 Nokia 4,161,009 2 60 237,040 Skandinaviska Enskilda Banken 2.122666 133
~
47,480 SKF 1 273 690 0 76
France 14,561,337 9.10
46,410 BNP Parlbas 2 096,804 131 Switzerland 17,978,421 11.23
40.190 Christian Dior 1397,406 087 178.990 Compagoie Financiere
8,510 Groupe Bourbon 561,660 035 Richemont 2.593.705 1 62
25.370 L'OrBa! 1 551 376 0 97 96,130 Credit Suisse 2,216,416 1 38
96.790 Suez ~ 374 418 0 86 8.190 Nestle Registered 1,479538 092
14,780 Technip-Cofiexip 1 ,I00368 069 123,500 Novartis Registered 4 299.044 2 69
32,600 Total 4 348 840 2 72 45,530 Roche Holding Genussschein 3 144,881 1 97
41,310 Veolia Environnement 739 036 046 87,010 UBS Registered 4,244,837 2 65
86,210 Vivendi Universal 1391 429 0.87 ~-
United Kingdom 62,199,184 38.86
Germany 9,204,834 5.75 85,340 AstraZeneca 3.043.104 191
66.260 EASF 7487,400 1 55 354,920 Barclays 2.325.972 1 46
52.450 Bayerische Motoren Werke 1 798.511 1.12 580.470 BG 2,287.073 1 14
43,780 Metro 1,228,029 0.77 475.040 BP 2,911.1
14 1 82
8.260 Muncnener Ruckversicherung 738444 0.46 1 OOOOW British American
52,940 Siemens 2 285,420 1.43 Tobacco Warrants 28/05/2004 317.222 020
7330 Wella 667,030 0.42 231,450 British Sky Broadcasting 2.244.345 1 40
~. . - .- -~ 965560 BT 2.854.1
27 178
Greece 1,463,564 0.91 160.020 Bunzl 989.278 062
142,370 Hel'enic Telecommunications 894,670 Centrica 2,278.468 1 42
Organization 1,463,564 0 91 510970 Compass 2.451622 1 53
-- . -- . 179,750 GlmoSmithKline 3,206,112 200
Ireland 7,074,977 4.42 322,790 HBOS 3,679,273 2 30
355,392 Anglo Irish Bank 2,726,210 1 69 456,710 HSBC (London) 4.748.056 2 97
164,360 Bank of Ireland 1,721,852 1.08 986.680 Kingfisher 3,980.885 2 49
115.550 CRH 1,561.081 0.98 1273,270 Legal & General 1,585,709 099
92.280 UCC 1.065,834 0.67 694,220 Mitie 1,154,862 072
52,260 Provident Financial 485.471 030
I W 6.445.088
. . 4.03 150,000 Prudential 803,507 050
524,190 Banca Nazionale del Lavoro 794 148 0.50 123.630 Rio Tinto 2,071.429 1 29
362.810 EN1 4,876,166 3 05 242,660 Royal Bank of Scotland 5,944,723 3 71
180,180 Telecom ltalia Mob:le 774,774 0 48 319,140 Smith 8 Nephew 1,645119 1 03
257,530 Tesco 816.012 051
The Netherlands 14,740,840 9.21 509.660 Unilever 3,574,931 2 23
151 980 Aegon 1 358 701 0 85 3 930,400 Vodafone 6,Boo,770 4 25
221 409 ING 3 422983 2 14
405,510 Laurus 551,494 034 Total Transferable Securitites
132020 Royal Dutch Petro:eum 5,426,022 3 39 Admltted to an Official Exchange Llstlng 154,134,113 96.31
357,710 Royal KPN 7 224.956 1 39
112,970 TPG 1 756 684 110 Other Net Assets 5,906,988 3.69
Net Asset Value 160,041,101 100.00
Schroders
as at 30 June 2003
SlSF Italian Equity
Number 01 shares Trsnsferable securities admitted Market % Number of shares Transferable secbrities admitted Market 010
or princ:pal to official exchange listingi value Net or princ pal to official exchange ':stipgl value Net
Italy 3oB;43^i;3~~ 98.05 Italy (continued)

878.038 Acea 3.626.297 116 6 000 000 Telecom Ita'ia Mobile 25 800 000 8 25
1.500.000 Alleanza Assicurazioni 12.705000 4 06 4.500000 LJnicredito Ita iano 18990 000 6 08
4,121,599 Amga 3.647.615 117 2,100,002 Unipol 3 465 003 "1
134,750 Amplifon 2,196.425 070
400,000 Arnold0 Mondador, Editore 2.560.000 082 Swltzerland 4,151,250 1.33
675,000 Assicurazioni Generali 13,945.500 4 46 225 000 STMtcroelectronics 4.151.250 + 33
8OO,OM3 Autostrada Torino-Milano 8360.000 2 67
15O.OM3 aanca lntesa 429 750 0 14 Total Transferable Securitites
6.000000 Barica lntesa 'RNC' 17,270.000 3 93 Aclmltted to an Official Exchange Listing 310,622,614 99.38
6.500.000 Banca Nazionale del Lavoro 9,847.500 3 15
300.000 Banco Popolare Other Net Assets 1,942,953 0.62
di Veroca e Novara 3.612.000 116
1420,585 Bayerische Vta 4,872 607 1 56 Net Asset Value 312,565,567 100.00
400,000 Benetton 3.648.000 117
6 800,000 Eeni Stabili 3032.800 097
1.162.220 Sulgari 5 625,145 1 80
2.000.000 Capitalia 3.1M3.000 099
3.150000 Cassa di Risparmio di Firenze 3.587.850 115
1.500.000 Class Editori 2.091.000 067
1,500.000 Coipagnia lmmobiliare
Azionaria 154.500 0 05
700,000 Credito Emiliano 3.311.000 1 06
120,442 Danieli & Co 233,657 0 07
1,600,000 De Rigo ADR 5.026.47' 161
127888 Engineering lngegneria
Icformatica 2,055,160 0 66
2.200000 ENI 29,568,000 946
105000 Ericsson 2.118.900 068
257.888 Ferrovie Nord-Milano 319.781 0 10
12,000 Fiat Warrants 31/01/2007 3.528 000
6,150,000 Finmeccanica 3.536250 113
4,000,000 Gemi-a 2.960.000 095
654,380 Gewiss 2.205.261 071
400,000 lfil (Finanziaria di Partecipaziopi) 8:6 000 0 26
200,000 lndustrie Natuzzi ADR 1.4:5883 045
1 247 802 lnterpump 4,504,565 1 44
800,000 ltalcementi 4,528,000 1 45
300.000 ltalwbiliare 6 255,000 2 00
1,20o,oM3 Jolly Hotels 4 728.000 15'
208.000 Marzotto 1 198,080 038
1.100.000 Mediaset 8 360,000 2 67
200.000 Mediobancs 1.772.000 057
2.000.000 Oliveti 2,234,000 071
1.ooo.ooo Pamaat Finanziaria 2,735,000 0 88
150.000 P n'ntarina 3.153.000 :01
103.000 Saes Getters 845.630 027
600.000 Saiper 4,008.000 1 28
1,750,000 San Pao:o-IMI 14,612500 4 68
1.000.000 Snam W e Gas 3,450000 110
4,945.826 SNlA 8,506,821 2 72
638.9:4 SNlA - 2003 Shares 1,089,348 0 35
200000 Societa lnizistive
Autostradali e Servizi 1 394000 045
250.000 Sogefi 546 250 0 17
1,846.239 sol 5,381787 172
3,250,000 Teleco'rr ltalia 26,032,500 8 33
Schroders
as at 30 June 2003
SlSF Japanese Equity
Number of shares Transferable securities admitted Market Oh Number of shares Transferable securities admitted Market %
or princ,pal to official exchange listing/ value Net or principal to official exchange listing/ value Net
iimount Common stocks and Shares JPY Assets amount Common stocks and Shares JPY Assets
Japan 117,377,132,208 98.86 Japan (contlnued)

1.940,OOO Bridgestone 3.162,200.000 2 67 1.215,500 Toho 1,281,137,000 1 08
542.000 Daibiru 236,854,000 0 21 612.000 Tokyo BroadcastingSystem 895 356.000 0 75
1312.000 Dainippon Pharmaceutical 963.008.000 0 82 1.010.000 TonenGeneral Sekiyu KK 852,440.000 0 72
10.150 East Japan Raihay 5.420.100OOO 4 57 1,658.700 Toyota Motor 5,158,557,wO 4 34
291,000 Fuji Photo Film 1.009,770.000 0 85 483.100 Trusco Nakayama 710,157,000 0 60
138.600 Fuji Seal 510.048.COO 0 43 308.500 Tsubaki Nakashima 266,235,500 0 22
25.000 Funai Electric 335.000,OCO 0 28 904,000 Ushio 1,256.560,000 1 06
831.100 Glory 2,210,726.COO 1 86 220,000 World 500.50O.Mx3 0 42
691 000 Heiwa 1,259,002.000 1 06 51,000 Xebio 99,705,000 0 08
2,2m,ooo Hitachi 1,119,800,000 0 94 1,019,oCO Yamanouchi Pharmaceutical 3,189.470 000 2 69
614,000 Hitachi Transport System 437,168,000 0 37 439,200 York-Benimaru 1.100,196000 0 93
795 400 Honda Motor 3.619 070 000 3 05 369,000 Yushiro Chemical Industry 287,820,000 0 24
1 049 500 ldec lzumi 575,126.000 0 48
452,400 lnaba Denkisanyyo 678,600.000 0 57 Total Transferable Securltltes
1590,000 Japan Airport Terminal 1.101,870.000 0 93 Admitted to an Offlclal Exchange Listing 117,377,132,208 90.86
606 000 Kamigunii 364.206.000 0 31
1.542.000 Kaneka 1.141,08O,COO 0 96 Other Net Assets 1,359,340,866 1.14
4 400 KDDl 2.046.000,OOO 172
750.000 Kurita Water Industries 996 750,000 0 84 Net Asset Value 118,736.473,074 100.00
159 500 Mabuchi Motor 1,464,210,000 1 23
19 600 Macnica 41,160.000 0 03
3.100 Millea 2,845,800.000 2 40
1930,000 Mitsubishi 1.607,690.000 1 35
2.000,000 Mitsubishi Electric 780.000 000 0 66
7,240,000 Mitsui & Co 4.358.480,OOO 3 67
63.300 Moshi MOShi Hotline 288.648.000 0 24
820.000 Murata Manufacturing 3.870.400.000 3 26
1,108000 Nagase & Co 689,176.000 0 58
1,323,000 NGK Spark Plug 1.1 13,966,000 0 94
936,300 Nichicon 1.203.145.500 101
1,154,000 Nippon K o ~ p oUnyu Soko 985.516 000 0 83
2,165.000 Nippon Oil 1 127 965,000 0 95
8,COO Nippon Telegraph &
Telephone 3 768.000.000 3 17
154,520 Nippon Television Network 2.211.181 200 1 86
657,000 Nippon Thompson 379.089,OOO 0 32
8 055 Nippon Unipac 3,777,795,000 3 18
1450000 Nomura 2,209,800,000 1 86
5.850 NTr Docorno 1,521,OCO.OOO 1 28
1,235.000 Okamura 538,460,000 0 45
1.400.000 Omron 2.835.000.000 2 39
116.100 Otsuka Kagu 261.225.000 0 22
100 000 Promise 449 m . 0 0 0 0 38
3,300,000 Ricoh 6,474.600.000 5 45
321,700 Rohm 4.21 1,053,000 3 55
850,000 SanKi Engineering 500.650.000 0 42
533,300 Sankyo GunMa 1,597 233.500 1 35
500,000 Sanyo Chemical Industries 370 500.000 0 31
114 800,oM) Schroder Institutions1
Japacese Smailer
Companies 5.706.140,508 4 81
115,000 Shin-Etsu Chemical 47’.500,OCO 0 40
3.091.OOO Showa Shell Sekiyu KK 2.664 442.000 2 24
76,800 SMC 776,448,000 0 65
4,289.000 Sompo Japan lnsxance 2,809.295.000 2 37
198.400 Sony 670,592,000 0 56
2,442 000 Sumitomo Bakelite 1,223,442,000 1 03
3.500.000 Sdmitomo Eiectrmc Industries 3 069,500,000 2 59
787.000 Takasago TPermal
Engineering 404.518.000 0 34
1,200.000 Takeda Chemcal Industries 5 316.000 000 4 48
Schroders
as at 30 June 2003
SlSF North American Equity
Number of shares Translerable securities admitted Mar@ % Number of shares Transferable securities admitted Mar6et %
or princ pal to offic al exchange listing! value Net or principal to off:cial excrlange listing/ value Net
amodnt Common stocks and Shares USD Assets amount Common stocks and Shares USD Assets
Bahamas 131,795 0.08 United States of America (continued)

3.753 Yeekay Shipping 131.795 0 08 10 650 Anheuser-Busch 542.937 0 34
._ .
71 819 AOL Time Warner 1,136.177 0 72
Barbados 141,088 0.09 5’50 Apache 334.647 0 21
1 839 Everest Re 141.088 0.09 5,456 Apollo 336.853 0 21
17.888 Applied Materials 287.102 0 18
Bermuda 1,248,375 0.79 5,809 Apria Healthcare 144.296 0 09
4.835 Marvel1 Technology 161,054 O.!O 6,380 ArvinMeritor 129.259 0 08
3.421 PartnerRe 175,805 0.1: 7,51: AT8T 145.338 0 09
27 968 Tyco lnterrational 536 986 0 34 46,479 AT8T Wireless Services 389.959 0 25
4,487 XL Capital 374 530 0 24 !1,635 Autodesk 188.603 0 12
15,463 Autovatc Data Processtng 520,485 0 33
Canada 3,551,098 2.24 4.493 Avery aennison 217.686 0 14
5 900 Aicarr 182.292 0 11 4.400 Baker Hughes 148.236 0 09
41.100 Bombardier 142.007 0 09 30,472 Bank of America 2,425,876 1 53
5.100 Canada Life Ftnanc3s; 169.548 0 11 2.706 Bank of New York 77,419 0 05
4.440 Canadian Natural Resources 173.076 0 11 16 339 Bank One 613,039 0 39
6.700 Celestica 105.261 0 07 12,773 EB&T 436,453 0 28
15,700 Domtar 172,126 011 11 101 BEA Systems 122,999 0 08
1,800 Fairfax Financial 270,033 017 7.332 Bed Bath 8, Beyond 286,828 0 18
5.700 Great-West Lifeco 164,751 0 10 27 890 BellSoutn 755,261 0 48
12 500 Hussy Energy 161,868 0 10 4,773 Berm 225,142 0 14
5.600 Imperial Oil 193,282 0 12 3,657 Benchmark Electronics 113,440 0 07
7.200 Industrial-AllianceLife Insurance 198,538 0 ‘3 70 Berkshire Hathaway 170,520 0 11
2.500 Magna International 165,393 0 ‘0 7,378 Best Buy 320.943 0 20
11 600 Meridian Gold 128 461 0 08 9,669 Biomet 282.722 0 18
9.500 Methanex 99,945 0 06 8,700 BJ’s Wholesale Club 133.545 0 08
8,900 Nexen 224.915 0 14 4,100 Blackrock 185.525 0 12
17 500 Noranda 170,543 011 19.852 Boeing 679.335 0 43
5,’OO Petro-Canada 199,444 0 13 5 300 Boston Sc:ent;tic 331.038 0 21
6 600 Power Corp Of Canada 202.946 0 13 46.372 arstol-Myers Squibb 1,276,621 0 81
5,000 Power Financial 160 576 0 10 4 769 Bunge 137,729 0 09
5,400 QiiebEcor World 99 548 0 06 3 408 CACl lriterirational 14,9’8 0 07
8,100 Sup ILife Financial Serv ces 29,000 Calpine 198,940 0 13
of Canada 166.545 0 11 7.829 Capital One Financial 382,682 0 24
5.557 Cardinal Health 360,094 0 23
Cayman Islands 83,368 0.05 6.946 Carnival 221.438 0 14
2,152 Garw 83.368 0.05 8.156 Caterpillar 455,349 0 29
~... .~ ~ .. 13,198 Cendant 238 356 0 15
Singapore 89,232 0.06 23 252 ChevronTexaco 1.682 980 1 06
8,450 Flextrows Irter”at,onsl 89.232 0.06 5,719 Chiron 251A65 0 16
5,125 Cigna 241.695 0 15
Switzerland 126,403 0.08 143,667 Cisco Systems 2.439 466 1 54
3,420 Mettler b e d o lnternstional 126.403 0 08 95.112 Citigroup 4,090,767 2 58
14.105 Clear Channel Comrnufications 589,307 0 37
United States of America 152,669,125 96.47 2,754 Coach ‘37,535 0 09
7,427 3M 955.386 0.60 38.783 Coca-Cola 3,803,797 114
22 488 Abbott Laboratones 980,477 0 61 13,410 Coca-Cola Enterprises 250,499 0 16
8,073 Adobe Systems 263.583 0.’7 6 300 Cognizant Technology Soldt:o% 156051 0 10
3,147 AdvancePCS ’18.610 0 07 12.285 Colgate-Palmolive 708 599 0 45
14 325 Aflac 440.780 0.28 37.388 Comcast A’ 1,139.586 0 72
4,754 AlbeTar e 133.968 0.08 6,074 Comcast ‘Special A‘ 177.361 0 11
7.6’2 A coa 190.985 0 ’2 13,843 ConAgra Foods 328.633 0 21
12 851 A ied Wastc lndYstries 131,337 0 08 8.527 ConocoPhis’ips 466,512 0 29
16 857 Alstate 61 1,909 0 39 6.573 Consolidated Fd’son 283.691 0 18
9,777 Alltel 477,020 0.30 2.706 Corinthian Col’eges 127,209 0 08
39,872 Altria 1 798.227 1 :4 7.025 Costco Wholesale 253 322 0 16
5 500 Amerada t less 271,095 0 17 9.300 CSG Systems Inter%tional 132 060 0 08
6 258 Amerw 275,915 0 ’7 4,265 CIJW” 152 986 0 10
29.182 American Express 1 237,900 0 78 13,555 cvs 376.829 0 74
51.237 American Irternational 2 853.389 1B O 4,200 Canaher 287.070 0 ’8
12.422 Avericzn Power Conversion 200.243 0.13 6,301 Dean Foods 192.8’~ 0 12
21.392 Avger 1,394,331 0.88 7,464 Ceere 8, Co 340.508 0 22
8,340 Avadarko Petroleum 373,632 0 24 54.251 Dell Corpi.ter 1 721,384 1 09
5.218 Analog 3evires :77.673 0.11 23.681 Delphi 205,551 0 13
6,581 DeVry 155 246 0 10
2 588 Diebold 109,602 0 07
0 09
Schroders 3 695
29,274
Donex
U w e y (Walt)
145.p35
566 159 0 36
as at 30 June 2003
SlSF North American Equity (continued)
Number of shares Transferable securities admitted Market % N m b e r of shares Transferable securities admitted Market %
amount Common stocks and Shares USD Assets amount Common stocks and Shares USD Assets
United States of America (continued) United States of America (continued)

2,638 Dominion Resodrces 168.858 0 11 4,030 Kaneb Pipeline Partners 174,096 0 11
7.859 Dow Chemical 242.765 0 15 1,873 Kimberly-Clark 97,321 0 06
6,041 DTE Energy 235.659 0 15 3,552 Kohl's 180 832 0 11
22.501 Du Pont (E I ) de Nemours 941.21 7 0 59 6,399 Kroll 172 901 011
7,873 Duke Energy 157.696 0 10 5 922 Lafarge North America 183 286 0 12
5,876 Eastman Chemical 185.682 0 12 3,764 Lancaster Colony 146,796 0 09
9,315 Eastman Kodak 256.349 0 16 3,456 Landamerica Financial 164.851 0 10
7 212 eBay 738.004 0 47 3,400 Lear 152,660 0 10
9,164 Ecolab 237.897 0 15 3,800 Lexmsrk International 266.546 0 '7
18,000 Edbson International 291.060 0 18 10,226 Lincoln Electric 214.890 0 14
14,390 Electronic Data Systems 308.666 0 20 10,610 Linear Technology 341.960 0 22
23,658 Eli Lilly & Co 1.611 583 1 02 6,124 Lockheed Martin 291.012 0 18
57,247 EMC 589 644 0 37 10,940 Lowe's 471,733 0 30
5,061 Emerson Electr c 260,338 0 16 5,327 Macrovision 107,672 0 07
5,068 Emulex 116,969 0 07 12,402 Marsh & McLennan 641,555 0 41
2,554 Energizer 80,323 0 05 15,037 Mattel 287,507 0 18
9,800 Exelon 584,668 0 37 6,231 Maytag 150,229 0 09
3.543 Expeditors InternationalWashingtcIn 120,072 0 08 20.985 MBNA 435.439 0 28
128.696 Exxon Mobil 4,680.674 2 96 14.504 McDonald's 324.454 0 21
5.741 Factset Research Systems 246.174 0 -6 5,508 McGraw-Hill 342,873 0 22
2.800 FedEx 175.112 011 2,769 MDU Resources 92,097 0 06
15,435 FHLMC 77: ,750 0 49 26,237 Medtronic 1 264,361 0 80
6.340 Fidelity National Financial 197.745 0 12 11,820 Mentor Graphics 173,754 011
9.581 Fifth Third Bancorp 555 698 0 35 45,540 Merck & Co 2,778.851 1 76
1 1,940 First Data 497,898 0 31 4.420 Mercury Computer Systems 84.068 0 05
4,337 Ftsher Scientific International 151,361 0 10 5066 Mercury Interactive 198,030 0 13
17.763 Fleet Boston Financial 527,561 0 33 11.318 Merrill Lynch 8 Co 526 400 0 33
4.496 Flir Systems 136,903 0 09 19.608 Metlife 556 867 0 35
21 864 FNMA 1,453.519 0 92 209.708 Microsoft 5,393.690 3 41
15,445 Foot Locker 202.330 0 13 9,190 Molex 214,403 0 14
34,356 Ford Motor 378.947 0 24 24,230 Morgan Stanley 1,041,890 0 66
8 944 Forest Labofatofies 496,839 0 31 23,802 Motorola 223.263 0 14
5,871 Foundry Networks 85,893 0 05 5.047 MSC Industrial Direct 87.515 0 06
10.165 Friedwar t3;llings Ramsey 139,870 0 09 6 796 NBTV 142512 0 09
6.036 Gannett 462.297 0 29 13.679 Network Appliance 219 41 1 0 14
23,098 Gap 430.3'6 0 27 26.629 Nextel Communications 491,039 0 31
6.400 General Dynamics 466.816 0 29 3,563 Nicor 133,221 0 08
185.684 General Electfic 5,314,276 3 36 4,500 Nihe 238,860 0 15
1,170 General Mills 55.587 0 04 1,800 Northrop Grumman 154,476 0 10
12 554 General Motors 453,325 0 29 7.246 Nvidia 163,252 0 10
13,762 Gillette 434,053 0 27 12.948 Occidental Petroleum 433.1 11 0 27
4,489 Global Payments 159.360 0 10 6,3W Omnicom 453.033 0 29
4 469 GlobalSantaFe 105.602 0 07 110.651 Oracle 1,370,966 0 87
5,691 Goldman SaChs 468 369 0 30 5.838 Patina Oil & Gas 187,400 0 12
9.848 Guidant 438,334 0 28 9,692 Paychex 283,782 0 18
8.468 Harley-Davidson 339,228 0 21 3.086 Pediatrix Medical 106,868 0 07
496,656 Healtnsouth 243,361 0 15 7,606 Penn National Gaming 164,004 0 10
9,339 Heinz (HJ) 306.319 0 19 32.910 PepsiCo 1,442.774 0 91
65 547 Hewlett-Packard 1367,310 0 86 19,282 PerkinElmer 267,056 0 17
45,017 Home Depot 1,461,702 0 92 9.128 Perrigo 144,405 0 09
20.614 Honeywell International 550.188 0 35 3 263 PF Chang's China Bistro 159,398 0 10
5,265 HOT Topic 140.997 0 09 150.118 Pfizer 5.254.130 3 32
3.034 HutchinsonTechnology 100 183 0 06 6,082 Pinnacle West Capital 230.812 0 15
33,314 IRM 2,779,054 1 76 2,844 PolyMedica 132,331 0 08
4,328 Illinois Tool Works 284.393 0 18 25,340 Procter & Gamble 2.259.568 1 43
131,790 lntei 2.712,238 171 16,344 Prudential Financial 552,427 0 35
6.747 Intergraph 145 533 0 09 5,900 Public Storage 201.190 0 13
2,918 International G a w Technology 296,265 0 19 4,047 QLogic 194,823 0 '2
2.8'9 Intuit 125.164 0 08 19.182 Qualcomm 689,401 0 44
5.906 Jefferson-Pilot 244.331 0 15 9,284 Qu ksilver 151,144 0 10
5,434 JM Smucker 219.534 0 14 4.400 Radian 164,912 0 10
56,203 Jonnsoq &Johnson 2,896,703 1 83 4.718 Reebok International 158,808 0 10
44,276 JP Morgan Chase 8 Go 1.500.956 0 95 6,133 Renal Care 208.583 0 13
4,023 Juniper Networks 50.489 0 03 20,480 Sara Lee 377.651 0 24
63 323 SBC Communications 1.6i0.937 102
20,180 Schering-Plough 385,236 0 24
Schroders 4,483
4.417
Schlumberger
Seacor Smit
213 794
'61,530
0 I4
0 10
as at 30 June 2003
SlSF North American Equity SlSF Pacific Equity
(continued)
Number of spares Trawferable securities admitted MarKet % Number of shares Transferable securities adqined Market 01"
or principal to offic-alexchange listing/ Val& Net or principal to official exchange listing/ value Net
amouqt Common stocks and Shares USD Assets amount Common stocks and Shares US0 Assets
United States of America (continued) China 11,274,790 3.25

10,737 Sears Roebuck 356.186 0 23 6.848.000 China Oilfield Services -H 1,536 775 0 14
5.181 Sensent Technologies 117,401 0 07 19 804,000 PetroChina -H 5 968.005 172
4.325 Sigva-Aldrich 235.669 0 15 9.116,000 Zhejiang Expressway -H 3.770.010 ' 09
3,744 Siicon Laboratories 100.526 0 06 --_I---
3,714 Simpson Manufacturing 137.418 0 09 Hong Kong SAR 91,336,462 26.36

5,013 SLM 201,322 0 13 1,186 000 Chewg Kong 7.!32 897 2 05
18.425 Southern 575,413 0 36 3 216 000 China Merchants Holdings
25,400 Sprint 368,300 0 23 International 2,866,218 0 82
18,100 Stapes 335,212 0 21 3 298.500 China Mobile (Hong Kong) 7,782.923 2.25
5.413 State Street 213,435 0 13 2.566.900 CLP 11,224,623 3 24
4,781 Stryker 334.431 0 21 4.732.000 CNOOC 6,978,322 2 01
7.463 Suntrust saws 441 436 0 28 3.223.000 Cosco Pacific 3,389.086 0 98
5.238 Take Two InteractiveSoftware 157,640 0 10 779.800 Dah Sing Financial 3,879,925 1.12
10.685 Target 397.803 0 25 10 223.000 3enway Motors 4,621,106 1.33
4,560 Bcumseh Products 179.765 0 11 2.309.000 Esprit 5,640,626 1 63
37.649 Texas Instruments 678.058 0 43 443,000 Henderson Land Development 1,272,507 0 37
3,373 Timberland 174.721 0 11 3.:62,000 Hong Kong Exchanges
15.821 TJX Companies 292.689 0 18 & Clesring 4,541,385 1.31
31.221 Travelers Property Casualty 520,454 0 33 463,107 HSBC (Hong Kong) 5,493,277 1 59
6,197 Triad Hospitals 149,470 0 09 4,079,000 Johnson Electric 5 047.652 1 46
3.418 lribune 163,791 0 10 3.625.000 Li & Fung 4,671,781 1 35
43,899 U S Bancorp 1,079 476 0 68 525,400 Sun Hung Ka' Properties 2 654 573 0 77
17,65: Unzted Parcel Service 1.112,013 0 70 1,307.500 Swire Pacific 5.717.478 1.65
10,966 Un,tedTechnologies 774,200 0 49 2 800 000 Texwinca 2.226,:69 0 64
3.588 UnitedHealth 170,145 0 11 2 421 888 Yue Yuen Industr,al 6,195,914 1.79
6.31 1 Utstarcom 223 094 0 14
5.032 Valero !nergy 184 272 0 12 Indonesia 10,938,382 3.16
4.203 Varian 141 725 0 09 3 961 000 Astra International 1,712,282 0.50
13 687 Veritas Software 392.269 0 25 1.032.995 Bank lnternasional Indonesia 11,666 0.00
51 861 Verizon Commuwatsons 2,056.807 + 30 12,109,000 Bank Mandiri Persero 988,340 0 29
33418 Viacorn 1,450.341 0 92 '8.877.000 lndofood Sukses Makmur 1,940,200 0 56
29 834 Wacbovia 1,197.238 0 76 11 239.500 Tekkomunikasi Irdonesia 6 285.694 181
81 336 Wal-Mart Stores 4,375.877 2 76
12.429 Walgreen 376.226 0 24 Malaysia 16,748,762 4.83
22.008 Wash rgton Mutual 914.212 0 58 273.800 British Amercan Tobacco
9,795 Waters 279,255 0 18 (Malaysia) 2610053 0 81
18.679 Waypoint Financial 340.705 0 22 490,200 Genting ! 935,000 0.56
3,812 Wellpo I t Health Networks 323.219 0 20 738,000 Malaysia International Shipping
35.730 Wells Fargo & Co 1 824.0:7 1'5 (Foreign) 1.466.289 0.42
9,!63 WM Wrigky Jr 515.327 0 33 2,008,200 Maxis Commuqications 3.012 300 0.87
24.104 WyetP !,io2,75a 0 70 3,504,000 Plus Expressways 2.240 716 0.65
6,340 Yahoo' 204,275 0 i3 6,649 250 Public Bank (Foreign) 5.284 404 1S2
8,283 Zimmer 369,174 0 23
Singapore 38&57,357 11.16
Total Transferable Securitites 4,766 000 Chartered Semconductor
Admitted to an Official Exchange Listing 158,040,484 99.86 Manufacturing 2,469,948 0.72
i.402.000 City Developments 3 530.244 1.02
Other Net Assets 225,909 0.14 1.921.000 Keppel 5.338.229 1.54
6.521.000 SembCorp Industries 4,733,670 137
Net Asset Value 158,266,393 1OO.DD 6.400.000 Singapore Post 2,468,100 0 71
1.692.145 United Overseas Bank 11.899 619 3.43
900,000 Venture 8,217.547 2 37
--
South Korea 98.892.882
. . 28.54
115,040 Daellm Industrial 2,003,208 0 57
78.480 Honam Petrochemical 2.306.110 0.66
169 770 Hyundai Mobis 4.356.175 1 26
359 703 Kookmin aank 10,840,777 3'3
798 260 KorArr Bank 5,366,285 ' 55
127 900 KT 5,000,360 1 44
76,462 KT ADR 1.510 125 0.44
312.250 LG Engineering 8, Constrbctlon 5 398,043 1.56
254.440 LG Petrochemical 4 505 154 1.30
47.050 POSCO 4,884.219 141
Schroders
30 June 2003 Schroder International Selection Fund Page 47
as at 30 June 2003
SlSF Pacific Equity (continued) SlSF Swiss Equity
Nurrber of shares Transferable securities admitted Market % Number of shares Transferable Securities admitted Market %
01 principa' to official exchange listing/ value Net or principal to Official exchange listing/ value Net
amowit Comrnon stocks and Shares US0 Assets amount Common stocks and Shares CHF Assets
South Korea (contlnued) Canada 1,192,150 0.22

98,190 Samsung Electronics 29,181,624 8 42 1,700,000 Gensci Regenaration Sciences 1.192.150 022
15,950 Samsung Electronics
Preference 2.276.664 0 66 Israel 837,520 0.16
71.510 Samsung Fire & Marine 440.800 Oridion Systems 837.520 0.16
Insurance 3.478,218 1 00
236.290 Shinhan Financial 2,462,797 0 71 Switzerland 499,525,459 92.64
35.930 Shinsegae 5,609,833 1 62 68,950 Actelion 6,226.185 115
17.600 SK Telecom 3,005,776 0 87 66.527 Adecco Registered 3.758.776 0 70
348.251 SK Selecom ADR 6,707,314 1 94 21,000 Agefi 682.500 0 13
161,400 Baloise Registered 7.214.580 1 34
Taiwan 60,246,629 17.30 6.300 Bank Sarasin & Cie Registered 10,621800 197
1,777000 Chinatrust Financial 1434,557 041 434375 Berna Biotech Registered 5 429,688 101
1,329.000 Faraday Technology 3 191.753 092 36,000 Bobst Registered 1,517,400 028
1,401,160 Formosa Chemicals & F bre 1 573,062 045 198.526 Charles Voegele 8,536,618 1 58
6,391,040 Formosa Plastics 8,913,430 2 57 85.030 Ciba Speciaiity Chemicals 7,106,000 1 32
5,254,000 Fubon Financial 4.211.105 1 22 425,000 Compagnie Financiere
1,835,203 Hon Hal Precision Industry 6,664,293 1 92 Ricnemont 9,562,500 1 77
526.000 MediaTek 5.281.308 3 52 108 200 Converium 6.627.420 1 27
2.488.000 Quanta Computer 5.147337 1 49 44963 Crealogix 2,068,298 038
7,720.590 Siliconware Precision Industries 4914,727 142 1,422,700 Credit Suisse 50,932,660 9 45
11,468,498 Taiwan Semiconductor 1.ooo EMS-Chemie 5,300.MH3 098
Manufacturing 18.915,057 5 46 18.165 ESEC Registered 2,070.810 0 38
.
I- 9,410 Geberit Registered 3,952200 073
Thailand 6,012,645 1.74 39,700 lnficon 3,453,900 064
6,447,700 Kasikornbank (Foreign) 6.012.645 174 622.450 ISOTS 1,182.655 022
492.568 MecomAsia Warrants 5,500 Kardex 588,500 01 1
28/03/2008 0 000 49,496 Komax Registered 3 093,500 057
40,500 Kuhne 8, Nagel International
Total Transferable Securltites Registered 3.979.125 074
Admitted to an Ofnclal Exchange Listing 334,107,709 96.42 9 200 Lindt & Sprungli 'PC' 7.617.600 141
115,000 Lonza Registered 7.187,500 1 33
Other Net Assets w,4f 9,888 3.56 210990 Micronas Semiconductor
Registered 5,916,270 110
Net Asset Value 346,527,597 100.00 161,000 Nestle Registered 45,160,500 838
881,737 Novartis Registered 47,657,884 884
13,843,478 Novartis Warrants 15/08/2003 3.184.000 059
380.000 Novartis Warrants 19/11/2004 5.282.000 098
10.603 Phoenix Mecano 2.5235:4 047
20,793 Quadrant 592,601 011
10,000 Rieter 2,427,500 045
504,840 Roche Holding Genussschein 54,144,090 1004
22.496 Saia-Burgess Electronics
Registered 8,593,472 1 59
20,000 Schweiter Technologies 1.920,oOO 036
18,900 Serono 15,290,100 2 84
17,736 SGS Societe GBnhrale de
Surveillance 9,346,872 173
26.015 Sia Abrasives 5,456.646 101
4,000 Sika 1.698000 031
96,074 Swatch 1 1.769.065 2 18
62,500 Swiss Life 8593,750 1 59
200.000 Sw ss Reinsurance Registered 15 410.000 2 86
20.000 Swisscom Registered 7.710.000 1 43
85,000 Syngenta 5,788.5oO 1 07
11,920 Synthes-Stratec 1 1,264,400 209
1596,852 Temenos 4.311,500 080
295.666 Tornos !,123,530 021
129.000 Tornos Warrants 09/09/2004 51,600 001
350,000 UBS Registered 26,512.500 4 92
64,000 Unaxis Registered 7.216.000 134
20.450 Unique Zurich Airport 685.075 0 13
Schroders
.. . ... .
as at 30 June 2003
SISF swiss Equity (continued) SISF UK Equity
Nummberot shares Transferable securities admitted Market % Number of shares Transferable securities admitted Market %
or principal Io otlic al exchange listing: value Net or principal to offc,al excharge listing/ value Net
amount Common stocks and Shares CHF Assets amount Common stocks aqd Shares GBP Assets
., . . ... ..
Switzerland (continued) United Klnadom 54,158,554 99.38
780,375 Xstrata 7 148 235 1 33 1.698.700 Aggregate Industries !,363,207 2 51
430,300 Zueblin Immobilter 3,786,640 0 70 132,800 Ai!ied Domecq 446 274 0 83
123,000 Zurich Financial Services 20 049 000 3 72 340.060 ARM 232 941 0 44
68 300 Associated British Foods 366,771 0 67
Total Transferable Securltltes 79 194 Associated British Ports 316,974 0 58
Admitted to an Offlclal Exchange Llstlng 501,555,129 93 02 58 700 AstraZeneca 1451.651 2 66
95.832 Aviva 410.880 0 75
Other Net Assets 37,620,768 6.98 57.700 BAA 285.540 0 52
263,100 Balfour Beatty 501,125 0 93
Net Asset Value 539,175,897 100.00 310,800 Barclays 1.412.586 2 59
320,050 BG 874.537 1 60
112,400 BOC 881,778 1 62
160,700 Bodycote International 189.626 0 35
962.162 BP 4,089 189 7 50
125.600 British Sky Broadcasting 844.660 155
910.300 BT 1866115 3 42
73,686 Cadbury Schweppes 265 454 0 49
31,541 Capitsl Radio 761.805 0 30
283.300 Carillion 466.029 0 86
167,300 Computacenter 585.550 1 07
145,400 Diageo 953.097 1 75
430,600 Dixons 571.622 1 05
179,365 Electrocomponents 593.698 1 09
99.600 FKI 79,680 0 15
67,234 GKN 152,803 o 28
328,500 G;axoSmithKI:ne 4.063.545 7 46
106 81: GUS 731,207 1 34
77.600 Hanson 265,004 0 49
94,906 HBOS 750 232 138
469 'M) HSBC (London) 3,382211 6 21
149 234 IMI 446 956 0 82
84,923 lnteicontinentalHotels 369.627 0 68
536.700 lnvensys 110.292 0 20
62,687 Johnson Matthey 563.556 1 03
487.120 Kidde 414.052 0 76
107.925 Land Securities 847.211 1 55
555.372 Legal & General 479.675 0 88
274,050 Lloyds TS8 1,194,173 2 '9
298.341 MFI Furiiture 498.229 0 91
84 923 Mitchells & Butlers 202,966 0 37
725,825 vm02 414,228 0 76
213,800 Morgan Crucible 171.040 0 31
417,700 Northern Foods 701.736 ' 29
272.900 P&O Steam Navigation
(deferred stock) 649,502 11Y
586,'02 Pilkinyton 401.480 0 74
334.600 Polar Capital Technology Trust 451,877 0 83
52,300 Premier Farnell 105,5!0 0 19
124.592 Prudential 462.859 0 85
124.900 Reed Elsevier 644,484 118
294.036 Reuters 522,796 0 96
84,400 Ria Tinto 980.728 :80
373.559 RollsRoyce Group 484.730 0 89
142.400 Royal &Sun Alliance Insurance 202.208 0 37
94.200 Royal Bapk of Scotland 1600.458 2 94
246,300 Sage 405,779 0 74
308,000 Sainsburv (J) 795,564 1 46
100 557 Schrodcr UK Smal:er Covpanies
Fund 573 175 1 05
75,581 Scottish Power 276.097 0 51
93,000 Sellridges 366.420 0 67
43,132 Severn Trept 300,199 0 55
Schroders
as at 30 June 2003
SISF UK Equity (continued) SISF Emerging Europe
Number of shares Transferable securities admitted Market % Number of shares Transferable securities admitted Market %
or principal to officiar exchange listing/ value Net or principal to official exchange listing/ value Net
amount Common stocks and Shares GBP Assets amount C o w " stocks and Shares EUR Assets
United Kingdom (continued) Czech Republic 1,435,589 4.28

647 842 Shell Transport & Trading 2,633,477 4.83 22,920 Komercni Banka 1.435.589 4.28
90 900 Spirax-Sarco Engineering 436 320 0 80
103 127 ST lves 393.945 0.72 Hungary 2,227,021 6.65
59 092 Standard Chartered 439,349 0 81 5.000 Gedeon Richter GDR 31 1,092 0 93
242,700 Taylor Woodrow 493 288 0 91 87,510 Matav ADR 1.310 693 3 91
328.100 Tesco 721,OW 1 32 31.337 MOL Magyar olal-es Gazipari
45.273 Tibbett & Britten 232.930 0 43 GDR 606.036 7 81
180,500 Jnited Utilities 1,064 047 1 95
2 954,000 Vodafone 3,544.800 6.50 Poland 4,604,000 13.74
72,380 Bank Pekao 1,603,313 4.80
Total Transferable Securitites 23.610 Bank Przemyslowo-Handlowy
Admitted to an Ofticia1 Exchange Llsting 54,158,554 99.38 GDR 717 959 2 74
12,040 Bank Zachodni WBK 180,348 0 54
Other Net Assets 336,170 0.62 90,078 Polski Koncern Naftowy Orlen
GDR 776.433 2 32
Net Asset Value 54,494,724 100.00 427 300 Telekomunikacja Polska GDR 1,319.947 3 94
..-~
Russia 6,258,550 18.67
6,875 Mobile Telesystems ADR 354.955 1.06
12,021 Mobile Telesystems GDR
Registered 620,642 1.85
204.900 OAO Gazprom ADR 3.349.405 9 99
24 205 Unified Energy Systems GDR 564,060 1 68
21,440 VimpelCom ADR 877.1'2 2.62
27,327 Wimm-Bill-Dann Foods ADR 492.376 1 47
~ ~
Turkey 3,925,030 11.?I

294,864,698 Akbank 769.087 2 29
38,352,534 Anadolu Efes Biracilik ve Malt
Sanayii 657,026 1 96
194,123.000 Hac1Omer Sabanci 401,465 1 20
79.860 000 Koc 606.401 181
82,089,000 Migros Turk 709.478 2 12
53,364.559 Turkcell lletisim Hizmetleri 31 1,322 0.93
171.176 617 Turkive Is Bankasl 470,251 1 40
Total Transferable Securitites

Admitted to an Omclal Exchange Listing 18,450,990 55.05
Number of shares Other Transferable SecJrities Market IO
or principal value Net

amount EUR Assets
Hungary 1,387,548 4.14

82.800 OTP Bank GDR 1,387,548 4.14
Russia 12,951,748 38.65

50 603 Cukoil ADR 3.511.545 10.48
49,274 MMC Norilsk Nickel ADR 1,487,598 4 44
132.460 Slbneft ADR 3,071.704 9 17
65 940 Surgutneftegaz ADR 1.214.646 3.62
75,150 Yukos ADR 3.666 255 10 94
Total Other Transferable Securities 14,339,296 42.79
Total investments 32,790,286 97.04
Other Net Assets 724,254 2.16
Net Asset Value 33,514,540 100.00
Schroders
as at 30 June 2003
Number of shares Transferable securities admltted Market % Number of shares Transferable Securities admitted Market %
or principal to officlal exchange Iistmg’ value Net or princpal to official exchange listing/ value Net
amou-t Common stocks and Shares US0 Assets amount Common stocks and Shares USD Assets
_. I _.
Argentina 484,679 0.53 Malaysia i, 6 a a , m 12.5
37 572 QuilmPs 1ndustr.a: ADR 484 679 0 53 456,600 Resorts World 1.177.547 1 29
- . 552.000 Road Builder (M) 51: ,326 0 56
Brazil 9,868,359 10.80 -- -
-.
315.593.063 Banco Bradesco 1.180.837 1 30 Mexico 10,053,225 11.oo
11,900 Banco Bradesco ADR 220,626 0 24 251,300 Alfa 573 768 0 58
15,900 Banco ltau Holding Financeira 1 1 1,I 73 America Mov I ADR 2,085.605 2 28
ADR 532 491 0 58 19.000 Coca Cola Femsa ADR 4 19,140 0 46
24 369 Bebidas das Americas ADR 495.422 0 54 219.41 1 Consorcio ARA 437284 0 48
318,142 Brasii TelecoT 1,345 0 00 9.524 Fownto Economic0 Mexicaw
52,800 Brasil Telecom ADR 705.936 0 77 ADR 394.389 0 43
26,500 Brasil Telecorr Partsclpaqoes A3R 993 220 1 09 1,419,299 Grupo Financier0 Rancomer 1,225,520 1 34
33 171 Brasileira de DistribuicaoGrupo 46.200 Grupo Televisa ADR 1,583,736 1 73
Pa0 de Acucar ADR 505.134 0 55 70,000 Telefonos de Mexico ADR 2,219,000 2.43
21,400 Petroleo RrasileiroADR 409,8?0 0 45 16.476 ‘enaris ADR 421 950 0.46
157 893 Petroleo Srasileiro ADR 272,420 Wal-Mart de Mexico 742.833 0 81
Preference 2.673.317 2 92
7 841 639 Ssneamento Basico do Estado Poland 1.243.473
. , 1.36
de Sao Pauo 271.802 0 30 27,600 Bank Pekao 701,265 0 77
30 086 Tele Norte Leste Participaqoes 153,600 TelekommKacja Polska GDR 542.208 0 59
ADR 345 688 0 38
1 MecomunicaFoes de Sao Paulo 0 000 Russia 1.150.688
. , 1.26
1 Telef6nica Data Yras 0 0 00 61,600 OAO Gazprom ADR 1,150,688 1 26
96,417 lelesp Celular Participaqoes ADR 372.170 0 41
42.700 Vale do RIO Doce 0 0 00 South Africa 10,357,370 11.33
24.7:4 Vale do Rio Doce ADR 681.365 0 75 280 050 AESA 1.311,836 1 44
24.800 Votorantim Celulose e Papel A5R 479.136 0 52 557 ‘00 African Bank Investments 468 469 0 51
63,812 Anglo American 986.884 1 08
Chile 379,269 0.41 78 100 Harm0r.yGold Mining 1.004.378 110
29 700 Distribuclo- y Servkio ADR 379.269 0 41 28 200 Impala Platinum 1.694901 1 85
-- -- __ 110100 Kumba Resources 444.579 0 49
China 3,835,761 4.20 461,600 MTN Group 993,475 1 09
376.000 8yd -H 846.20i 0 92 685.628 Old Mutual 1 005 992 110
2.518.000 China Oiltield Services -H 565.070 0 62 83 570 Sappi 998 434 1 09
3,293,000 PetroChina-H 992,357 1 09 130 869 Sasol 1.448 422 1 58
7,582.000 S:nopec Shanghal
Petrocherma! -H 503.278 0 55 South Korea 18,448.585 20.10
2.246 000 Zheliang Expressway -H 928.855 1 02 12.492 CJ Home Shopping 648,392 0 70
.- - ~. - __ 3,020 Daelim Industrial 52.588 006
Czech Republic 1,091,532 1.19 65.150 Hyundat Mob,$ 1671,702 1 83
15.250 Komercni Banka 1 091.532 119 33,310 Hyundai Motor 881,202 0 96
67,597 Kmkmin Sank 2,037,247 2 23
Hong Kong SAR 3,087,448 3.38 7.488 Kookmin Bank ADR 230 256 0 25
363.600 China Mobile (Hong Kong) 857.927 0 94 186,620 KorAm Bank 1.254 549 1 37
955.500 CNOOC 1,409084 1.54 23.100 LG Chemical 928,255 1 02
1.815.000 Denway Motors 820,435 0.90 47,189 LG Petrochemical 747 005 0 82
. - 10,400 POSCO 1.079615 118
Hungary 481,208 0.53 21.000 POSCO ADR 545.580 0 60
28.115 Matat, ADR 481,208 0 53 21 743 Sarnsung Electronics 6,461,921 7 07
__.. . -.. --- 28,600 Samsung Fire 8 Mar ne
India 4 , 2 8 8 , 4~ 4.69 lvsurance 1.391.093 1 52
15,800 Dr Reddy’s ,aboratories ADR 358.818 0 39 3,040 SK Telecom 519.180 0 57
38,800 Ranhaxy LaboratnriesGDR 741.080 0 81 - .. . - -
482,700 Schroder India Fund 3.188.716 3 49 Taiwan 9,684,947 10.60
1 099 OM1 Chinatrust Fir.ancisl 887,214 0 98
Indonesia 2,108,717 2.31 416.700 Formosa Chemicals & F:bre 467.823 0 52
91 1 000 Astra International 393 812 0 43 274.000 Formosa Plastics 382,141 0 42
1,913000 Sanc MaOdirl Persero 156,140 0 17 376,013 Formosa Plastics Warrants
2 787 240 Telekomun,kas Indonesia 1.558 165 ’ 71 7 6/0 112004 524 189 0 57
290.550 Hun Hai Prec,sion Industry 1.055093 115
87 000 Hori Ha. Precision Industry
Warranfs 0910 117006 324.599 0 36
25,000 MedlaTek 251.0:3 0 27
73 000 MediaTek Wsrrants i2/09/2005 735 658 0 80
401,300 Qumta Computer Wzrrants
10/06R004 W5.679 0 91
1,669000 Siliconware Preclsion lnddstries 1,062.442 1 !6
Schroders 1 915 410 Taiwan Semiconductor

Mamfact,rilg 3.159 096 3 46
as at 30 June 2003
SlSF Emerging Markets SlSF European Smaller
(continued) Companies
Number of shares Transferable securities admitted Market 46 Number of shares Transferable securities admitted Mar@ %
or princmpal to official exchange listing/ value Net or principal to official exchange listing/ value Net
amount Common stocks and Shares USD Assets amount Common stocks and Shares EUR Assets
- - .. .
Thailand 3,482,413 3.81 Austria 749.698 0.45
1,420.058 Kasikornbank Public (Foreign) . 324.240 1 45 32,107 Andritz 749 698 0.45
4.009,0M1 Land 8 House Pub (Foreign) 904.859 0 99 ~
314,000 Siam Cement (Foreign) 1.253.314 1.37 Belgium 10,088,798 6.01

448,037 TelecomAsia (Foreign) Warrants 35.700 Colruyl 2.143.785 1.28
28/03/2008 0 0.00 22,444 Compagnie Maritime Belge 768 707 0 46
61 1 Distrtgaz 531,570 0 32
Turkey 805,452 0.88 29.860 Exmar 904,758 0.54
27 749 000 Anadolu Efes Blracilik ve Malt 680 Fluxys 544.000 0.32
Sanayii 543 234 0 59 49,263 Mobistar 1,790,217 1.07
83 526 610 Turkiye Is Bankasi 262,218 0 29 52.070 umicore 2.348 357 1.40
13.360 Van De Velde 1,037,404 0.62
Total Transferable Securitites ~~
Admitted to an Ofnclal Exchange Listing 82,540,611 90.31 Denmark 3,913.055 2.33

57,610 Jyske Bank 2.023.423 1 20
Number of shares Other Transferable Securattes Market % 59.000 Topdanmark 1,889,632 1.13
or principal value Net -
amourit US0 Assets Finland 3,445,246 2.06
~
73,800 Alma Media 1,859.760 111
Hungary 683,655 0.75 94,150 YIT-Yhtymae 1.585.486 0 95
35.700 OTP Bank GDR 683,655 0 75
-- France 14,046,161 8.38
India 1,693,626 1.85 89.510 Autoroutes du Sud de la France 2 255,652 1.34
63 000 Bank India Warrants :8/07/2003 528 003 0 57 34,980 Bourbon 2,308.680 1.38
34.000 Dr Reddy's Laboratories Warrants 22,240 Camaieu 1,084,200 0 65
09/0112W6 81 1.903 0 59 47,361 ESI 499,659 0.30
4.931 lnfosys Technologies Warrants 1 1 1.895 Generale de Sante 1,189444 0 71
20/10/2004 353 720 0 39 30,490 Go Sport 1.372.050 0.82
13,740 Partouche 888,978 0 53
Russia 3.961.531 4.34 3,768 ~ 2 Santb
1 0 0.00
29,920 Lukoil ADR 2,372,656 2.60 27.280 Technip-Coflexip 2 116,928 1.26
28.500 Yukos ADR 1.588 875 1.74 36.330 Unibail 2,330.570 1.39
-. I
Taiwan 2,071,098 2.26 Germany 9,270,410 5.53

895,083 For-osa Chemizals & Fibre 66.280 Aareal Bank 1.189726 0.70
Warrants 04/11/2005 1,008624 1.10 70,870 Hugo Boss 924,854 0.55
641.804 Taiwan Semiconductor 13,069 Puma AG Audolt Dassler Sport 1,137,003 0 68
Manufact~r~ng Warrants 30,726 Rhoen-Klinikum 1,075,103 0.64
17/0 1 ROO6 1.062.474 1.16 51,720 Schwarz Pharms. 1,737,792 1.04
372,800 Takkt 1584.400 0.95
Total Other Transferable Securities 8,409,910 9.20 51,740 Vossloh 1,621,532 0.97
~
GreeCe 6,557,415 3.91

186,500 Cosmote Mobile
Total Investments 90,950,521 99.51 Communications 1,726.990 1 02
291,810 Greek Organizationof Football
Other Net Assets 448,155 0.49 Prognostics 2,591,273 155
122,280 Public Power 1,919796 115
Net Asset Value 91,398,876 100.00 59.140 Teletipos SA Mega Channel 319,356 0 :9
~
Ireland 8,190,387 4.09

286,401 Anglo Irish Bank 2,188 104 131
205,940 DCC 2,378,607 1 42
26 100 Depfa Bank 1,749222 1 04
257,819 First Active 1121,5'3 0 67
53.420 United Drug 752.941 0 45
~
I W 14,061,031 8.39
391,360 Arnoldo Mondadori Editore 2,504.704 1 50
162.561 Autostrada Torino-Milano 1,698,762 1.01
3,955,810 Beni Stabili 1,764.291 1.05
2.444.130 CIR-Compagnie lndustriali
Riunite 2,527.230 1.51
371 870 Interpump 1.342.451 0.80
38.930 ltalmobiliare 1,362,550 0.81
39.170 ltalmobiliare RNC' 816.695 0 49
701,320 Sol 2.044.348 1.22
Schroders
as at 30 June 2003
SlSF European Smaller Companies (continued)
N;-ber of shares Traisferab,e securities admitted Market % Number 01 shares lransferable securities admitted Market %
or principal to official exchange listing/ value Net or pr.nc-pal to offical exchange listing/ value Net
amount Comrron stock and Shares EUR Assets amount Common stocks aqd Shares EUR Assets
~~~~ ~
Luxembourg 1,858,760 1.11 United Kinqclom (continued)

1,212.437 Transcom Worldwide 1 868.760 111 200 000 Bovis Homes 1.226.350 0 73
400 000 BPP 1.678.391 1 00
The Netherlands 30,306,680 18.08 75,000 Britannic 260,626 0 -6
90.061 CSM 1.720.165 102 200.000 Business Post 1,193,907 0 71
93.790 Eurocommercial Properties 1 993.038 1.19 115.000 BWD Securities 702,375 0 4?
100,610 Euronext 2.182.231 1.30 400.000 Carillion 948,781 0 57
50,360 Fugro i,812,456 1 08 350,000 Chrysalts 1 027 005 0 61
77,810 Iieilmans 1.194.384 0 71 250,000 Oart 576 767 0 34
47,590 IHC Caland 2.124 418 127 270 000 Findel ’.010,357 0 60
120,711 lmtech 1.931.376 115 250 000 Firstgroup 975.997 0 58
1,963,050 Laurus 2.669.748 1.59 100 000 Forth Ports 1,303,348 0 78
205,674 New Skies Satellites 1.032 483 0.62 60.000 Galen 445.552 0 27
127.293 Numico 1.714.637 1.02 100.000 Games Workshop 843.52’ 0 50
6’ ,387 Nutreco 842.230 0 50 !00.000 Go-Ahead 1.059.809 0 63
91,285 Oce 822,478 0 49 100,000 1ntermed:ate Capital 1394.284 0 83
181,164 Ordina 919,726 0 55 2,800,000 Jacques Vert 767.100 0 46
11 7.870 Royal Nedlloyd 2,173,523 1 30 325,000 Keller 1.083.222 0 65
58 080 Sligro Food 2.373 730 1.42 400,000 Lastminute com 992.038 0 59
1’2,424 Van der Moolen 1.369.324 0 82 500.000 ILow & Bonar 519.609 0 31
192420 Vopak 2.276.329 ‘ 36 1.300.000 Management Consultivg 843,521 0 50
200 070 Wegeier 1,154.404 0 69 47 1.831 Merapt 898.049 0 54
-- -. 200.000 Mitie 332.707 0 20
Spain 9,344,353 5.57 300.000 Mowlem 694,802 0 41
35,640 Acciona 7,523,610 0 90 170,600 NOS ADR 2,237,842 1 33
53 600 Baron de Ley 1,657,312 0 99 150,000 Nestor Healthcare 582 267 0 35
12 531 Constrbcciones y Auxiliar de 200,000 Paragon 810.357 0 48
Ferrocarrbes 545.099 0.33 1.911 000 Photo-Me International 1.611.968 0 96
82.790 Distribucibn Integral logista 1,727,827 1.03 75.000 Stanley Leisure 343.897 0 21
126,740 Grupo Auxiliar Metalkrgico 2.466.360 ’ 47 150.000 Trinity Mirror 923,547 0 55
161 024 Recoictos Grupo de 150.000 Unite 346,059 0 21
Comur.cac*orr 851,817 0 51 300.000 vr 1,059,808 0 63
50,381 Red Electric2 de Espana 572.328 0.34 300.000 Wi:sor Comolly 791,785 0 47
.,_,_.. .- .~
Sweden 11,842,581 7.06 Total Transferable Securltltes
64,510 Biacore International 1204,374 0 71 Admitted to an Offlclal Exchange Listing 164312,935 98.02
393.430 Capio 2 818 496 1 68
305.930 D Carneg e & Co 1 959 206 117 Other Net Assets 3,318,691 1.98
318.600 lntrum Just tia 51 1 239 0 90
759.774 Ohser\,er 2 267 896 1 35 Net Asset Value 167,631,626 100.00
93 :oo PerBio Science 1,500 659 0 90
50.000 Saab 580.71 1 0 35
-
Switzerland 4,966,289 2.96
1,396 Bank Sarasi- & Cie Registered 1 515,836 0 90
921 Lindt & Sprungli PC’ 491 133 0 29
150 Lindt 8 Sprungli Registered 866,066 0 52
9 070 Schindler 1 290 946 0 77
9,060 Swiss Life 802 306 0 48
~
United Kingdom 35,682,071 2129

204.069 AEA Technology 647 35 1 0 39
200 000 Amexor 746.913 0.45
250.000 Arr:va 1262.290 0.75
760 000 Bsbcock Internationa: 1.249 276 0.75
350 000 Bsltour Beatty 972.753 0.58
90.000 Bellway 737,108 0.44
150 000 Blticks L e m r e 580 732 0 35
Schroders
as at 30 June 2003
SlSF Global Technology
Number of shares Transferable secirrities admitted Market % Number of shares Transferable securities admined Market %
or principal to official exchange listing/ value Net or principal to official exchange listing/ va ue Net
amomt Common stocks and Shares US0 Assets amount Common stocks and Shares US0 Assets
Bermuda 1,414,155 1.10 United States of America (continued)

79.180 Accenture 1,414,155 1.10 50,335 Electronic Data Systems 1.079.686 0 84
223,990 EMC 2.307 097 1 79
Canada 893,475 0.69 67.956 Emulex 1,568 424 1 22
32.490 Cognos 893,475 0 69 19.501 Expedia 1 451 266 113
-- . 284.827 Extreme Networks 1 549.459 1 70
Finland 6,918,832 5.37 255.856 Hewlett-Packard 5,337,156 4 14
416120 Nokia 6,918 832 5 37 103.247 IBM 8,612 865 6 68
_.. - 186.082 lnformatica 1 317 461 1 02
France 943,380 0.73 452.809 Intel 9318809 7 23
42 323 ausiness Objects ADR 943 380 0 73 42 650 lntersil 1.729.372 0 88
50.056 Intuit 2.222.486 172
Israel 2,230,476 1.73 251,144 JDS Uniphase 879 004 0 68
43 218 Check Point Software 10 Lexmark International 707 0 00
Technoiogies 860.470 0 67 142,889 Maxtor 1 060.236 0 82
11 415 lWeb 114 0 00 349,746 Microsoft 8 995.467 6 98
76.917 Radware 1,369,892 1 06 44,184 Monster Worldwide 866,006 0 67
'14,485 Motorola 1,073,869 0 83
Japan 7,313,418 5.67 41,810 Nv dia 941.979 0 73
314.000 Fyitsu 1 407.936 1 08 285,534 Oracle 3,537,766 2 71
45,200 Murata Manufacturing 1,774,761 1 38 96.307 Peoplesoft 1.700,787 132
7.500 Nomura Research Institute 577,115 0.45 23,457 Pitney Bowes 886,909 0 69
!OO,OOO Ricoh 1,632,144 1 27 22,003 Qualcomm 790,788 0 61
7,300 Rohm 794,917 0 62 35,264 Siebel Systems 344,529 0 27
23.800 Tokyo Electron 1,126,545 0.87 32 472 Symantec 1450849 113
77,000 Symbol Technologies 1015,630 079
The Netherlands 930,073 0.72 33,070 Texas Instruments 595,591 0 46
94,859 ASML 930,073 0 72 41,311 Utstarcom 1 460.344 1 '3
Taiwan 7,377,475 5.72 Total Transferable Securitltes

233,438 Hon Hal Precision Industry GDR 1,762,457 1 36 Admitted to an Offlcial Exchange Listing 122,090,379 94.68
'09,000 MedlaTek 1,094,416 0.85
485.000 Chants Computer 1,003,400 0.78 Other Net Assets 6,856,115 5 32
342.209 Siliconware Precision Industries
ADR 1,077,958 0 84 Net Asset Value 128,946,444 100.00
244 904 Taiwan Semiconductor
ManufacturingADR 2,439,244 1.E9
United Kingdom 1,389,560 1.OB

191,527 Sportingbet 79,528 0.06
662.536 Vodafone 1.3'0,032 1.02
United States of America 92,679,535 71.87

40,190 Adobe Systems !,312,204 101
35.764 Affiliated Computer Services 1,603,658 ~ 23
42.092 Agilent Technologies a22.899 0 64
24,207 Analog Devices 824,248 0 64
130,175 AOL Time Warner 2,059.369 1 60
237.517 Applied Mater a s 3,812.148 2 96
216.996 a f A Systems 2,404,316 1 96
236 687 Brocade Commmcations
Systems 1,422,469 110
559.571 Cisco Systems 9,501.516 7 37
99 670 Corrverse Technology 1,514,984 117
29,855 Cymer 939.238 0 73
133.130 Del! Computer 4.224.215 3 28
9,769 Electronic Arts 743,714 0 58
Schroders
as at 30 June 2003
SlSF Greater China
Nurrber of shares Transferable securities admined Market % Nmber of shares Transferable securities admitted Market %
or principal to official exchange listing/ value Net or principal 10 oflician exchange listing/ value Net
amount Common stocks and Shares L!SD Assets arcuunt Common StOCkS and Shares USD Assets
,.
...
China 6,292,430 15.80 Taiwan 10,349,834 25.98
2 876 000 Angarig New Stem -H 638.033 1.61 202 900 Ambit Microsystems 628 '92 1 58
928 000 aeijirg Datarig Power 144 000 Cheng Uei Precision Industry 306 250 0 77
Ge-eration -H 407.584 1.03 99,000 Elite Semiconductor Memory
230 500 Byd -H 518.748 1.30 Technology 266 406 0 67
6,086.000 China Oilfield Services H ? ,365,773 3.43 340.000 Fubon Financial 272 5'2 0 68
2 566,000 China Shipping Development-H 913,120 2.29 71,000 Hon Hai Precision industry 257 827 0 65
1950,000 Guanyshen Railway -H 347,582 0.87 769.000 King Yuan Electroncs 376 045 0 94
2 448,000 Maa-shan Iron & Steel -H 414,375 1.04 103.800 LITE-ON IT 315 365 0 79
1,796,000 PetroChina-H 541,231 1.36 42 200 MediaTek 423 709 1 06
954,000 Travelsky Technology H 642,268 1.61 466 000 Nien Hsmg Textile 465 '91 117
1 218 000 Zhejiang Expressway H 503,716 126 241 000 Oriental Union Chemics! 240,582 0 60
- 249 000 Premier Image Technology 385 460 0 97
Hong Kong SAR 22,571,622 56.68 158 13' Schroder Taiwan Fund 1 428 951 3 59
247.000 ASM Pacific Technology 722.171 1 80 1,107000 Siliconware Precision Industries 704,688 177
370.000 BOC Hong Kong 372.460 0 93 236 500 Sunplus Technology 307 943 0 77
528.000 Chen Hsong 189,583 0 47 253 000 Tainan Enterprises 304,537 0 76
153,000 Chcung Kong 920,180 2 31 1224900 -aiwan Semiconductor
585,000 China Mob 'e (Hong Kong) 1,380,327 3 47 Manbfactufing 2,020,234 5 07
155,000 CLP 677.789 + 10 1 010 '00 United Microe:ectronics 651 772 1 64
277,000 CNOOC 408.494 ' 03 251 000 Yulon Motor 297 046 0 75
670 000 Cosco Pacific 704.526 177 306 OM1 Zinwell 328,490 0 82
62.000 Dah Sing Financial 308.483 0 77 196000 Zyxel Communications 368 634 0 93
7 810,000 Dream International 576 547 1 45
503.000 Esprit 1.228.772 3 09 Total Transferable Securitltes
4,600,000 Guangdong Brewery 519097 1 30 Admltted to an Offlciai Exchange Listing 39,213,886 98.46
123,500 Hang Seng Bank 1.306.560 3 28
39? 000 Hong Kong & China Gas 495 143 1 24 Other Net Assets 612.004 1.54
470 000 Hong Kong Fxchanges
& Clearing 675,032 1 69 Net Asset Value 39,825,890 100.00
83,000 Hongkong Electric 325,693 0 82
139.600 HSBC (Hong Kong) 1,655,906 4 16
834.000 JCG 390,362 0 98
416.000 Johpson Electric 514.789 129
1.886.000 K;ngdee International Software 386.964 0 97
1.552.000 K:ngTaker Footwear 492.578 1 24
56,400 Kowloon Motor Bus 263,262 0 66
1,804.000 Leefwg-Asco Printers 316.932 0 80
194.000 L! 8, Fsny 250,021 0 63
2,090,000 Linrnark 629.829 158
288.000 Luny Kee (Bermuda) 106,179 0 ?7
1,840.000 Mainlaid Headwear 607.580 1 53
3,884.000 Orienta' Press 801,088 2 01
2,. 72.000 Singamas Containef 926,104 2 33
259.000 Sun Hupg Kai Properties 1,308,592 3 29
259.000 Swire Fac,fsc !.132563 2 84
1 300.000 rexwinca :033,578 2 60
1.228.000 Vedsn International 154,324 0 39
1.866 000 Vitasoy litefriational 440,289 111
95,000 Wirg Hang Bank 349.025 0 88
Schroders
as at 30 June 2003
SlSF Hong Kong Equity SlSF Japanese Smaller
Companies
Number of shares Transferable secbrities admitted Market % Number of shares Trmsferable securities admitted Market %
or principa! to official exchange Itstingl v8iue Net or principal to officlal exchange Itsting/ value Net
arrount Common stocks and Shares HKD Assets amount Common stocks and Shares JPY Assets
- -
China 14,955,975 10.84 Japan 7,702,153,350 96.36
964,000 Beiling Datang Power 80,100 ABC-MART 1 :2.780.800 141
Generation -H 3 301,700 2.40 24,000 Aica Kogyo 24,072.000 0 30
86,500 Byd .H 1518.075 1.10 200.000 Airport Facilities 77.200,OOO 0 97
1.642.000 China Oilfield Services -H 2.a73.500 2 08 20,000 Aloka 19,820,000 0 25
776,000 China Shipping Development -H 2.153.400 1.56 56,100 Alpine Electronics 83,583,000 1 05
1.230.000 PetroChina -H 2.890 500 2.09 55,000 Amano 38,500,000 0 48
688.000 Zhepang Expressway -H 2,218 800 1.61 65,000 Anritsu 42,575,000 0 53
- 23,000 Arc Land Sakamoto 22.770.000 0 28
Hong Kong SAR. 120,473,601 87.31 43.100 Arcs 41.807.000 0 52
128.000 ASM Pacific Technology 2 918,400 2.13 73.000 Arisawa Manufacturing 210.240 000 2 63
448.000 EOC Hong Kong 3 516.800 2.56 17. N O Arrk 75.001 WO 0 94
338.000 Chen Hsong 946 400 0.69 52 650 As One 74 2ag,i50 0 93
446.000 China Merchants Holdings 40,000 Asia Securities Printing 23,520,000 0 29
Internatio'lal 3.099.700 2.25 10 800 Avex 17,452.800 0 22
209 500 CLP 7.'43,950 5.18 5,600 Bellsystem 24 107,800.000 1 35
570 OW CNOOC 6,555,000 4.75 25.900 Corona 33.644.100 0 42
460,000 Cosco Pacific 3.772.000 2.73 116 Cybird 27.956,M)O 0 35
72,400 Dah Sing Financial 2.809.120 2 04 138.0W DBM 44 298,000 0 55
876,000 Denway Motors 3.087.900 2 24 100.000 Dainippon Pharmaceutical 73 400,000 0 92
1.422.000 Dream International 2 275,200 1.65 8.800 Deitsu Tec 18,920,000 0 24
209.000 Esprit 3 981.450 2.89 12 000 Disco 55.320.0W 0 69
390.000 Fountain SET 2 710 500 1.96 17,000 Eneserve 73.610,OOO 0 92
442.000 Hang Lung 2.806 700 2.03 38.300 Ergo-Brains 37,495,700 0 47
265.000 Hong Kong & Cnina Gas 2,610,250 1.89 64.800 Exedy 82 425,600 103
292,000 Hong Kong Exchanges 450.003 Fuli Fire & Marine Insurance 96,300,000 1 20
8, Clearing 3,270,400 2.37 3.000 Fuji Seal 11,040,000 0 14
101,000 Hoqgkong Electric 3.090,600 2.24 100 000 Fujikura Kasei 59,500,000 0 74
133,271 HSBC (Hong Kong) 12 327 568 8.93 41,500 Hakuto 55.195.000 0 69
444.000 Hung Hing Printing 2419800 1.75 59.000 Hanshin Disoensino Pharmacy 18.880.000 0 24
68.800 Jardine Matheson 3.299553 2.39 41.400 Hard Off 62,928,000 0 79
644,000 JCG 2,350,600 1.70 45.200 Hokuto 77,970,000 0 98
452.500 Johnson Electric 4,366,625 3 16 104.000 Hosiden 93,184.000 117
1,038,000 Kingmaker Fcotaear 2.569.050 1.86 38 600 lnaba Denkisangyo 57.900.000 0 72
60.400 Kowloon Motor Bus 2 198,560 1 59 150,000 lnabata & Co 81.750,OOO 1 02
334.000 Li & Fung 3,356 700 2.43 9.800 ItochuShokuhin 40,572 000 0 51
1 174 000 Linmark 2,758,900 2.00 26.000 Japan Electronic Materials 50 180,000 0 63
482 000 ILung Kee (Bermuda) 1,385,750 1 00 84 Japan Future Information
886,000 Singamas Container 2.945.950 2 14 Technology 8 Systems 15.372.000 0 19
35,150 Standard Chartered 3,383,188 2.45 54,500 Japan Medical Dynamic
108,500 Swire Pactfic 'A' 3,699.850 2.68 Marketing 94,557,500 1 ia
792 000 Swire Pacific '6' 4,316,400 3.13 27.900 Jastec 55.521 000 0 69
272,000 Techtronic Industries 3.563.200 2.58 33.150 Jeans Mate 34,343,400 0 43
548,000 Texwinca 3.397.600 2.46 84.000 Katokichi 171,780,000 2 15
564.000 Vedan lnternationsl 552,720 0.40 58,700 Kintetsu World Express 73,668.500 0 92
105,000 Wing Hang Ban.; 3,008,250 2.18 70,000 Kissei Pharmaceutical 114.380,OOO 1 43
199 447 Yue Vuen Industrial 3,978,967 2 88 19.100 Komeri 41.829 000 0 52
23,800 Macnica 49 980,000 0 63
Total Transferable Securltles 25,500 Mars Engineering 84,150,000 1 05
Admitted to an OfIiciai Exchange Listing 135,429,576 98.15 66,000 Ma!suya Foods 137,940,000 1 73
26,100 Ministop 44.761.500 0 56
Other Net Assets 2,547,530 1.85 120,000 Mirai 76,200,000 0 95
27,700 Misumi 113.570,oOO 142
Net Assetvalue 137,977,106 100.00 42 800 Miura 60,733,200 0 76
2.000 Modec 2,000.000 0 03
11,400 Moshi Moshi Hotline 51,984.000 0 65
8,400 Musashi Seimitsu Industry 20,244,000 0 25
34 900 Nagaileben 94.230,000 1 :8
125 NET One Systems 73625,000 0 92
110,000 Nichicon 141 350.000 177
22.500 Nippon BroadcastingSystem 68,400,000 0 86
44,000 Nippon Cable System 49,280.000 0 62
449,000 Nippon Denko 83,963,000 1 05
120,000 Nippon Konpo Unyu Soko 102.480.000 1 28
40,000 Nipro 78.400.000 0 98
400 000 Nissin 198.800.000 2 49
24 600 Nissin Healthcare Food Service 60 762 000 0 76
Schroders 38 600
48.800
Nissin Kogyo
Nina
92,061.000
42.846.400
115
0 54
as at 30 June 2003
SlSF JaDanese Smaller SlSF Latin American
Companies (continued)
Number of shares 'iansferable securibes admstted Market 10 Number of spares Transferable securities admitted Market
or principal to offic:al exchange iistingl value Net or principal to off:cial excwnge listing, value Net
amount Common stocks and Shares JPY Assets amount Common StOCkS and Shares US3 Assets
.~.,- ....
Japan (continued) Argentina 1,043,434 3.40
53,000 Nitto Kohki 82,044.000 1 03 13 415 Quilmes IndustrialADR 173.054 0 56
6 000 Obit 128,760.000 161 8.725 Tenaris ADR 223.447 0 73
12,600 Obic Business Consultants 50 274,000 0 63 246,723 Tenaris 646,933 2 11
203.000 Okawra 88,508,000 111 -~
8,000 Okuwz 7.856.000 0 '0 Brazil 13,518,450 44.01
33.700 Origin roshu 57.964 000 0 73 5,920 Aracruz Celulose ADR '25 267 0 40
15.400 Otsuka Kagu 34.650 000 0 43 49.330 Banco Bradesco ADR 914,578 2 97
78,700 Pa:teY 57.687 100 0 72 19.705 Banco ltau Holding Financeira
31,200 Paris MiKi 51.230.400 0 64 ADR 659,920 2 14
66,100 Park24 127 374.700 1 59 1.326.000 Sebmdas das Americas 231 987 0 76
29,000 Piolax 42 920.000 0 54 41 074 Bebidas das Aniericas ADR 835 034 2 72
52.300 Plends 143 563,500 1 80 49 900 Brasil Telecom ADR 667 163 2 17
43.300 Resorttrust 90.497,OOO 113 11.212 Brasil Telecom ParticipaqoesADR 420 226 1 37
83.000 Ricoh Leasing 131,472000 1 64 44 026 BrasileJrade Distribuicao Grupo
307 Riso Kyoiku 25.788 000 0 32 Pao de Acucar ADR 670516 2 18
27,400 Rolapd 32,770 400 0 41 3,500,000 Duratex 76 875 0 25
102.000 Ryuyo Eiectro 109.854.000 137 28,989 Empresa Brasileira de Aeronautica
183.000 Sanki Engineering 107.787.000 1 35 ADR 558,038 1 a2
122.000 Sanyo Chemical Inddstries 90,402,000 ' '3 95 Energetics de Mtnss Gems 1 0 00
36,000 Sato 74 700.000 0 93 15 730 Gerdsu ADA 181 524 0 59
26 000 Sno-Bond 15,314,000 0 19 11 760 Irwstimentos ltau 9411 0 03
131 Shoeisha 11.069,500 0 14 434,200 lnvestimentos ltau Preference 345 976 113
128,200 Showa Shell Sekivu KK 10,508.400 1 38 47 000 Paranaense de Energia ADR 140 060 0 46
526 SKY Perfect Communications 43,184,600 0 54 161 927 Petroeo Braslleiro-Petrobras
35,300 SumIda 76,601.000 0 96 ACR 2849915 9 28
24,900 Sumisho Computer Systems 82,419.000 1 03 28.670 Saneamento Basico do Estado
60 000 Sumisho Lease :25,10OMHJ 157 de Sao Paulo ADR 252,296 0 82
60 000 Sundrug 196,800.000 2 46 3.126.700 Tecidos Norte de Minas 2'6 632 0 71
8.000 Tachshi Enterprise 16,600.000 0 21 86,708 Tele Norte Leste Particapaqoes
460,000 iOC 248.860.000 3 11 ADR 996,275 3 24
37 000 Tohokir Pioneer 65,749,000 0 82 177,300 Telesp Celular ParticipaqoesADR 684 378 2 23
18,900 Torii Pharmaceutical 28.91 7,000 0 36 25 646 Uniao de Bancos Brasileiros GDR 433,417 141
5,000 Toshin Denki 6,000,000 0 08 61 566 Vale do B o Doce ADR 1 697 375 5 53
89,300 Tow 61.170 500 0 77 28.550 Votorantim Celulose e Papel-
75,700 Towa 64.193.600 0 80 VCP ADR 551 586 :80
160.000 Isubadi Nakashima 138 080,000 1 73 -.. -. .--
33,300 isuruha 60,606.000 0 76 Chile 1,267,162 4.12
19,600 Union Tool 63 308.000 0 79 33,025 Distribucibny Servicio ADR 421,729 1 37
11,000 uss 66 880,000 0 84 72 013 7elecomunicac;ones de Chile ADR 845,433 2 75
43.700 Watabe Wedding 48 070.000 0 60 --
5,200 Xebio 10 166,000 0 13 Mexico 13,984,661 45.52
50.000 York-Benimaru 125.250,OOO 157 389,270 Alfa 811 330 2 64
57.000 Zuken 48.108,000 0 60 132,017 America Movi: A2R 2.476.639 8.06
42.073 Apasco 329.343 1 07
Total Transferable Securitites 195888 Cemex 877,136 2 86
Admitted to an Official Exchange Listing 7,702.1 53,350 96.36 28.771 Coca-Cola Femsa ADR 634,688 2.07
179,700 Consorcio ARA 358.140 1.17
Other Net Assets 290,631,303 364 16,500 Foment0 Econo?!ico Mexican0
ADR 683 265 2 22
Net Asset Value 7,992,784,653 100.00 17,220 G r q o Aeroportuario del Sureste
ADR 251,412 0.82
1,459,323 Grupo Financier0 Bancomer 1,260.079 4.10
67.210 Grupo Modelo 154,929 0 50
48.501 Grupo Televisa AOR 1,662,614 5 41
94.244 Telefonos de Mexico ADR 2.987.535 9 73
549.'99 Wal-Mart de Mexico 1.497.55' 4 87
-.
PEN 338,386 1.10
11 190 Minas Buenaveritura ADR 338 386 1.10
Total Transfemble Securitites

Admitted to an Official Exchange Lisitng 30,152,093 98.15
Net Asset Value 30,720,071 100.00
Schroders
as at 30 June 2003
SlSF Medical Discovery
or principal to official exchange listing/ value Net or primpal to official exchange listing/ value Net
-
.
Denmark 128,321 1.17 United States of America (continued)
4.210 Novo-Nordisk 128,321 1.17 12,500 tvlerck & Co 667.469 6 10
.- ... 34,522 Fiizer 1.057.335 9 66
France 379,386 3.47 1,614 Quest Diagnostics 89.941 0 82
5.404 Aventis 261,716 2.39 2,546 Schering-Plough 42,532 0.39
7.296 Sanofi-Synthelabo 117,670 1.08 1,210 SI Jude Medical 62.017 0.57
886 Stryker 54.234 0 50
Germany 68,789 0.63 6,172 UnitedHealth 271.239 2 48
7 268 Altana 68.789 0.63 1,717 Wellpoint Health Networks 127 398 116
I
15,712 Wyeth 629 030 5 75
Israel 100,537 0.92 1362 Zimmer 53.:21 0.49
1,987 Teva Pharmaceutical ADR 100.537 0.92
-.. Total Transferable Securities
Japan 370,j29 3.38 Admitted to an Omcial Exchange Llstlng 10,902,864 99.61
11,000 Dairippon Pharmaceutical 58.776 0 53
7,400 Takeda Chemical Industries 238.640 2 16 Other Net Assets 42,585 0.39
3.200 Yamanoucni Pharmaceutical 72.913 0 67
Net Asset Value 10,945,449 100.00
Switzerland 979,074 8.94
18,306 Novartis Registered 637 233 5.82
4,949 Roche Holding Genussschein 341 841 3.12
United Kingdom 943,327 8.62

5,388 Amersham 35.815 0.33
9.261 AstraZeneca 330.234 3 02
8,130 Celltech 41.440 o 38
24,947 GlaxoSmithKline 444 860 4 06
17.649 Smith & Nephew 90.978 0 83
United States of Arnerica

-.
7,933,101
-
72.48
12,187 Abbott Laboratories 464.978 4 24
967 AdvancePCS 31 893 0 28
3,554 Aetna 188064 171
1,331 Ailergan 90 535 o a3
3.264 AmerisourceBeryen 199,053 182
9.325 Amgen 531 878 4 86
1915 Anthem 130 543 119
682 Barr Laboratories 39,103 0 36
4,746 Baxter International 91,246 0 83
1,795 Becton Dickinson & Co 60,475 0 55
1,728 aiomet 44.215 0 40
3,?67 Boston Scientific 205 695 1 88
13,089 Bristol-Myers Squibb 315,327 2 88
3.209 Cardinal Health 181,967 1 66
3,667 Caremark Rx 80 576 0 74
5,637 Eli Lilly & Co 336 025 3 07
529 Express Scripts 32,099 0 29
3.327 Forest Laboratories 161 728 1 48
1.709 Gilead Sciences 84.048 0 77
2,074 Guidant 80 782 0 74
6.665 HCA 186,638 171
5.072 Health Management Associates 81,756 0 75
1,564 ldec Pharmaceuticals 48.299 0 44
13,196 Johnson & Johnson 595 162 5 44
4.529 McKesson 142 122 1 30
4,795 Medimmune 150 595 1 38
7,678 Medtronic 323 783 2 96
Schroders
as at 30 June 2003
SlSF Swiss Small & SlSF US Smaller
Mid Cap Equity Companies
Number of shares Transferable securities admltted Market IC Number of shares Transferable securities admitted Market %
or principal to official excra-ge list nyl valde Net or principal to official exchange listing/ value Net
amouit Common Stocks and Srares CHF Assets amount Comrnon stocks and Shares US0 Assets
~- - ,. ..-__ __ ,-
Canada 84,152 0.47 Bermuda 7,137,735 2.06
120 000 Ge-sci Regenaration Scsences 84 152 0 47 762.900 Platinum Underwriters 7,137,735 2 06
- - _
Canada 7,142,470 2.07
Israel 95,000 0.53
50 000 Oridion Systems 95 000 0 53 382,200 AT1 Tecnnoiogies 3.860.220 : 12
88 700 Hurricane Hydrocarbons 7 708,750 0 32
Switzerland 16,730,128 92.87 100 000 Moore Wallace 1,449,000 0 42
9,700 Actelion 875.910 4 87 138 000 Zarlink Semiconductor 724,500 0.21
4.084 Agie Charmilles Registered 205 732 115 .. .-
270 Salk Sarasin & Cie Registered 455 220 2 53 Puerto Rico 2,983,803 0.86
20,500 Berna 3iotech Registered 256.250 142 24,300 9oral Fiwncial 1,092 528 0 32
500 BKW FMB Energie 164,750 0 91 62,900 R8G Fl-ancal 1,871.275 0 54
8,000 Bobst Registered 337.200 187 -.
12.725 Charles Voegele 547.775 3 04 United States of America 311,953,746 90.24
23.950 Cowerium 1 51 1,245 8 39 250 100 1-800-FLOWERS.COM 2 080.832 0 61
4,003 Creaiogix 184 138 1 02 90 200 Able Laboratories 1,808.600 0 53
84 EMS-Chem:e 445 200 2 47 87 PO0 Accredo Health 1,926.248 0 57
1.3M3 ESEC Registered 148.200 0 82 51 600 Actuant 2,466,480 0 71
2 410 Geberit Registered 1.0‘2.200 5 62 72 800 Advance Auto Parts 4 385,472 1 27
3 000 He’vetia Patria Registered 450,000 2 50 39 ROO Advo 1.769,: 10 0 51
4 178 lnficon 363.486 2 02 751 000 Aeroflex 5,489,810 1 59
110 Jelmoli 97.790 0 54 81 500 Aeropostale 1.876,130 0 54
3.100 Kaba 606,050 3 36 51 242 Aff iiiated Managers 3,177 516 0 92
1.260 Kardex 134,820 0 75 32 100 AGL Resources 823 365 0 24
600 Kuoni Reisen 210.000 117 124 100 Airyas 2,143,207 0 62
2 125 Kuhne 8 Nagel InternLitional 215 700 Albany International 5.877 825 1 70
Registered 208.781 116 45 600 Allegiant Eancorp 882.360 0 26
15 Lindt 8 Springli Registered 134,475 0 75 61 500 American Power Conversion 991.380 0 29
14.995 Logitecn International Registered 774.491 4 30 101 800 Amphenoi 4,789,690 1 39
22.640 Micronas Sew conductor 121 100 A 0 Smith 3,459,827 1 00
Registered 635 052 3 53 259 900 App:ied Micro Circuits 1,497 024 0 43
17.000 Phonak Registered 297,500 1 65 253 700 Apr,a Healthcare 6 301 908 1 82
2 690 Rieter 652.997 3 67 137 400 Arbitron 4 990.368 1 44
1 555 SaaBdrgess Electroriics 95 700 Artisan Components 2,184927 0 63
Registered 594.010 3 30 228 600 BearingPoint 2.215,134 0 64
7 500 Sarva Kunststoff Registered 302.500 1 68 ‘77 200 BoMarin Pharmaceuticals 1.658 592 0 48
1 ,500 Ssurer 425.500 2 36 78 700 Boyd Gaming 1341,835 0 39
3.218 Schweiter Technologies 308.928 171 148 600 Brandywine Realty Trust 3,633.270 1 05
870 Sia Abrasives 182.482 101 80 100 Bunye 2.313 288 0 67
1 000 Sika 424,500 2 36 252 500 Cal O,ve Internationa: 5 385.825 1 56
800 St. Galler Ka-tonalbank 172,000 0 95 325 500 Casual Msie Retail 1 702,365 0 49
1.920 Synthes-Stratec 1.814,400 10 07 86 900 CEC Entertainment 3,193,575 0 92
122.288 Temenos 330 178 1 83 132 300 Certegy 3,677,940 1 06
37,331 Tornos 141 858 0 79 80 800 Commerce Bancshares 3. 7 24,536 0 90
37,331 fbrnos Warrants 09/09/2004 14 932 0 08 66 900 Consteliation Brands 2.044 464 0 59
2 065 Unique Lurich Airport 69 178 0 38 56 800 Continental Airlines 846 320 0 24
2.000 Valora 554.000 3 08 159 800 Crown Castle International 1 238.450 0 36
75 000 Xstrata 687.000 3 81 209 400 Cyrcer 6.587.724 ’ 91
105 500 DaVita 2,788,365 0 81
.. .
United Kingdom 800,400 4.44 114800 Delta & Pine _and 2,523,304 0 73
100,000 Sm th & Neahew 800.400 4.44 144 900 Diversa 1.411,326 0 41
202 600 DoubleClick 1,918,622 0 56
Total Transferable Securities 113400 DRS Technologies 3,158 ’890 0 91
Admitted to an Official Exchange Listing 17,709,680 98.31 213 900 Electronics Boutmque 4 851.252 ’ 40
33 500 Emmis Communications 762,460 0 22
Other Net Assets 304,446 I.69 77 400 Erie I-demity 3,212,100 0 93
263 800 Exar 4,083.624 118
Net Asset Value 18,014,126 100.00 792 700 First Niagara Fkancial 4024,625 ’ 16
160 A00 Fisher Scieptific International 5.61 1,920 162
153 600 Fossi! 3,707,904 1 07
151 800 Georgia Gulf 3,051 180 0 88
209 8M3 Grant Prideco 2,532 286 0 73
48 600 Greater 3ay Earcorp 983.664 0 28
458 000 Hanger Orthopedic 5 060,900 1 46
82 300 Harris 2 515.911 0 13
54 900 Health Care RElT 1 666 215 0 48
83 200 Hearst-ArgyleTelevisioi’ 2 083 328 0 60
3.717 824 ’ OR
Schroders 70 400
65 500
Henry Schein
Houston Exploration 7.275.470 0 66
as at 30 June 2003
SlSF US Smaller Companies SlSF EURO Active Value
(continued)
or principal to official exchaiye listing/ value Net or prlnctpal to official exchange listing/ value Net
arount Common stocks and Shares USD Assets amount Common stocks and Shares EUR Assets
-_
United States of America [continued) Austria 110,725 2.03
56,300 Hydril 1,503 773 0 44 500 WAG Oesterreichische
67.400 lmmucor 1.332,380 0 39 Brau-Beteiligungs 60.245 111
150.300 IndyMac Bancorp 3.774 033 1 09 1,600 Flughafen Wien 50,480 0 92
289 100 Integrated Device Technology 3.i71.427 0 92
343,700 Key Energy Services 3.753.204 1 09 Belgium 441,860 8.08
362.600 Lattice Semiconductor 3,031,336 o a8 2,500 Almancora Comm Va 72.125 131
131.200 MAXIMUS 3.79a,240 110 200 Electrabel 43,940 0 80
16,595 Medicis Pharmaceutical 931,809 0 27 470 Financiere de Tubize 43,005 0 79
257,300 Metro-Goldwyn-Mayer 3,172.509 0 92 150 Fluxys 120.000 2 20
56.500 MGI Pharrna 1,489.340 0 43 I ,856 Groupe Bruxelles Lambert 73,479 1.34
552 700 Microtune 1.729.951 0 50 1,461 UCB 34,801 0.64
158.600 Millipore 7.027.566 2 03 702 Van De Velde 54.510 1 00
583,600 MPS 4,044,348 117
351 400 MSC.Software 2.442.230 0 71 Finland 333,715 6.11-
569,900 NBTY 11 950,803 3 46 15 000 Elsa 111,300 2 04
575.400 Nelwork Associates 7.480.200 2 16 7,500 Nokla 109 125 2 00
93 200 Oliri 1,623,544 0 47 5000 OKOBank 65,000 119
268,600 PEP Boys-Manny Moe & Jack 3626,100 1 05 11,000 Rakentalain Konevuokraam 48 790 0 88
65.000 Performance Food 2,456.350 0 71 -~-
321,094 PerkinElmer 4.447.152 1 29 France 1,016,217 18.59
279,400 Petco Animal Supplies 6 032,246 1 75 200 Areva 33,460 0 61
7,400 PFF Bancorp 283.790 0 08 1576 Aventis 76.326 1 40
230,9M3 Photon Dynamics 6.229.682 1 80 2,250 BNP Paribas 101,655 1 86
69.200 PNM Resources 1,877.396 0 54 3.817 Credit Agricole 63,362 116
151.630 Progress Software 3,144.958 0 91 266 Dassault Aviation 68.894 1 26
50,000 Provident Banksiares 1,283,500 0 37 1,500 Guyenne et Gascogne 120,300 220
158.900 Regis 4,604,922 1 33 2.000 Kabfman & Broad 42,500 0 78
221,700 Reinsurance Group Of America 7,047 843 2 04 1.000 Partouche 64.700 118
50,900 Renal Care 1.731.109 0 50 750 Pernod-Ricard 58.650 1 07
74.300 Ruby Tuesday 1,846.355 0 53 450 Societe Fonciere Finarmere et
148,600 Ssvient Pharmaceuticals 707,336 0 20 de Participations 44 370 0 81
101.100 Southwestern Erergy 1 541,775 0 45 800 SOMFY International 75.200 138
33 300 Stancorp Financ al 1,763,901 0 51 2.000 Total 266,800 4 88
48,000 Stone Energy 2.037.600 0 59
177.600 Sybase 2,530,800 0 73 Germany 526,209 9.63
213,700 Symbol Technologies 2.818.703 0 82 2,161 Hochtief 30,038 0 55
84.800 TBC 1,578.976 0 46 1,080 Hornbach 55,080 101
138 300 rektronix 3.020.472 0 87 1,000 Krones 48,020 o a8
160.700 Teradyne 2 783,324 0 81 500 KSB 43,850 0 80
64.000 Terex 1,280.640 0 37 2" Merck 50.800 0 93
168.800 %Ira Tecn 2.91 5.176 084 1.964 Metro 55 090 10:
134 200 Too 2,677,290 0 77 500 Munchener Ruckversicherung 44,700 0 82
28,300 Tuesday Morning 734,102 0 21 10 000 ProSieben Sat.1 Media 58 100 1 06
114,200 Ultratech 2.117.268 0 61 969 Schering 41,715 0 76
300,000 United Dominion Realty Trust 5,139,000 1 49 7,500 Viva Media 36,375 0 67
100.600 United Surgical Partners 2 409 Volkswagen 62 441 114
International 2,206,158 0 64
247.800 Universal Compression 5 166.630 1 49 Greece 305,600 5.59
34,500 W-ti Energy Services 672,060 0 19 10.000 Greek Organization of Football
260.100 Wabtec 3,568,572 1 03 Prognostics 88.800 1.62
30.WO Hellenic Exchanges 114 000 2.09
Total Transferable Securities 10,000 Hellenic Telecommunications
Admitted to an Official Exchange Listing 329,197.754 95.23 Organization 102 800 1 88
Other Net Assets 16,488,787 4.77 Ireland 288,779 5.28

15.000 Abbey 75.000 1.37
Net Asset Value 345,686,541 100.00 5.098 Anglo Irish Bank 38.949 0.71
9,052 Bank of Ireland 94 830 1.74
25,000 Heiton 80,000 1.46
hly 692,999 12.68

5,000 Autostrada Torino-Milano 52,250 0 95
22,015 Banca Monte dei Paschi di Sieva 53.937 0.98
19.372 Bayerische Vita 66,446 1.22
25,660 De Rigo ADR 80,612 1.47
6,897 EN1 92,696 1.70
Schroders 5.002 ltalmobiliare 104,292 1.91

as at 30 June 2003
SlSF EURO Active Value SlSF EURO Dynamic
(continued) Growth
Number of soares Transferable securities admifled Market % Number of shares Transferable secdrities admitted Market %
or principal to offmcial exchange listing; va:ue Net or principal to offictal exchapge listing/ value Net
- .-
Italy (continued) Austria 39,959 I.45
20000 so1 58 300 1 07 3 980 Telekom Austrla 39 959 1 45
20 000 Te'ecorr Italta RNC' 96 COO 1 76 . -
10 000 Unicredito Italian0 42,200 0 77 Belgium 91,914 3.33
28040 Unipol 46 266 0 85 2 770 Fortis 42,492 1 54
-- 1,360 Mobistai 49.422 179
The Netherlands 1,175,956 21.52
16,003 Aegon 143 067 2 61 Finland 233,090 8.45
14.440 8 E Sem,conductor Industries 66 713 121 1.020 Alma Media 25 704 0 93
2,330 Grolsch 51,493 094 4,290 Elisa 31 832 115
10,344 ING 159918 2 93 935 Ko*e 34.128 1 24
2,000 Kas Bank 29.800 0 55 9.720 Nokia 141,426 5.13
8 000 Roya: %tch Petroleum 328,800 6.02
5.000 Unilever 235.600 4.31 France 653,416 23.69
1,' !4 Vastned 45.1 17 0.83 987 Aventis 47,800 1 74
10,000 Wegener 57,700 1.06 1,809 BNP Paribas 81.731 2.96
5.448 Wolters Kluwer 57 748 1 06 1 340 Christian Dior 46.592 1.69
-- _. 192 Danone 23.i55 0 84
Spain 418,593 7.66 3.460 Generale de Sante 36.780 1.33
2.387 Altad's 53,135 0.97 330 Guyenne et Gascogne 26.466 0.96
20.000 Banco Santander Central Hispano 157.200 2.88 1,057 Lagardhre 39,870 1.45
2 OOO Constru~c~onesy Auxiliar de 1.026 Linedata Services 13.010 0.47
Ferrocarriles 87,000 . 1.59 533 IL'Or6al 32.593 118
5 000 Funespana 25.100 0.46 594 LVMH Moet Hennessy Louis Vuiiton 26,005 0.94
9 363 Telefbnica 96,158 1.76 839 Sanofi-Synthelabo 42.999 1.56
1,145 Societe GBnerale 64.120 2.33
Total Transferable Securities 2.254 STMicroelectronics 41,586 1.51
Admitted to an Official Exchange Listing 5,310,653 97.17 393 TechnpCoflexip 30.493 111
848 Tessi 18.571 0.67
Other Net Assets 154.622 2.83 612 Totai 81,64i 2.96
~- __
Net Asset Value 5,465,275 fOO.00 Germany 255.221 9.25
2.230 Aareal Bank 40,029 1.44
262 Beru 13.323 0.48
41 1 Deutsche Boerse 18.783 0.68
795 Hugo Boss 10,375 0 38
236 Munchener Ruckversicherung 21 098 0.77
242 Puma AG Rudolf Dassler Sport 21,054 0 76
1.870 Siemens 80,728 2.93
1,590 Vossloh 49.831 1.81
Greece 133.172 4.82

5,100 Cosmote Mobi!e Communicatiois 47.226 1.71
820 Germanos 11,890 0.43
3.460 Greek Organization of Football
Prognostics 30.725 7.11
2,158 Public Power 33,881 123
1.750 Telerypos SA Mega Channel 9.450 0.34
.. ~
Ireland 221,335 8.03
6,070 Anglo Irish Bank 46.375 1 68
3.731 Bank of Ireland 39.086 1.42
813 Depfa Rank 54 487 1 98
6.300 First Active 27.405 0.99
3.670 laws Group 27,:95 0 99
3,170 Jurys Doyle Hotel 26.787 0.97
Italy 259,785 9.42

5650 EN1 75.936 2.75
5.330 Mediaset 40,508 1 47
3,416 Saipey 22.819 0.83
8,780 Telecom ltalia 70,328 2.55
11,673 Telecom ltalia Mobile 50 194 1.82
Schroders
as at 30 June 2003
SlSF EURO Dynamic Growth SlSF European Equity
(continued) Sigma
Number of shares Transferable securities admitted Market % Number of shares Transferable securities admltted Market %
or prmcipal to offlclal exchange Ilstiqlyl value Net or principal to official exchange Iistmgl va ue Net
The Netherlands 463,592 16.81 Austria 153,929 0.12

3,910 Aegon 34,955 127 1,473 OMV 153.929 0.12
917 Heineken 23,200 0 84 ~
716 IHC Caland 31,962 116 Belgium 1,581,872 1.28

1.870 lmtech 29,920 1.08 4.292 Alnanij 149,233 0 12
3,260 ING 50,400 1.83 578 Cofinimmo 60.979 0 05
5,836 Koninklijke KPN 36,300 1.32 2,300 Colruyl 138.115 0 11
2,391 New Skies Satellites 12,002 0 44 5.568 Delhaize 148.103 0 12
1,880 Oce 76.938 0.61 1.342 Electrabel 294,837 0 24
3.399 Ordina 17,198 0.62 35,437 Fortis 543,604 0 44
2,254 Philips Electronics 38,814 1.41 7,286 KBC Bancassurance 246,995 0 20
2.787 Reed Elsevier 29,626 1.07
2,289 Royal Dutch Petroleum 94.078 3 41 Chile 61,878 0.05
2,176 Van der Moolen 26,504 0 96 6.944 Antofagasta 61 878 0.05
3,760 Wegener 21,695 0 79
- Denmark 1,314,011 1.07
Spain 226,611 8.22 28 AP Moller - Maersk 131,879 0 11
6.308 Banco Santander Central Hispano 49,581 1.79 1,600 Coloplast 107,656 0 09
4.019 Corporacion Mapfre 36,573 1 33 39 DampskibsselsKabet Svendborg 189 461 0 15
2,430 Distribuci6n Integral Logista 50,714 1 84 7.900 Danske Bank 135 546 0.11
2 307 Grupo Auxiliar Metalurgico 44,894 1 63 9.100 H Lundbeck 161,033 0 '3
4,367 Telef6nica 44.849 1.63 '3,240 Novo-Nordisk 403,557 0 33
... 7,100 TDC 184.879 0 15
United Kingdom 72,499 2.63 -
4.840 Galen 35,941 1.30 Finland 4,112,712 3.33
2.787 NDSADR 36,558 1 33 3.550 Amer 94 075 0 07
5.700 Instrumentarium 188,670 0.15
Total Transferable Securities 4.360 Kone 159,140 0.13
Admitted to an Official Exchange Listing 2,650,594 96.11 174.650 Nokia 2,541 '58 2.06
18.500 Outokumpu 141.525 0 11
Other Net Assets 107.141 3.89 20,600 Sampo 131.634 011
33,600 Stora Enso 327 600 0 27
Net Asset Value 2,757,735 100.00 10,630 Tietoenator 159,450 0 13
29.000 UPM-Kymmene 369,460 0 30
France 15.828.169
. . 12.83
2.683 Accor 84,729 0 08
2 907 Air Liquide 382 271 0 31
27.789 Alcatel 220,923 0 18
19044 Aventis 922.301 0 75
58 317 Axa 796.610 0 65
32,060 ENP Paribas 1.448.471 117
14.675 Carrefour 631,465 0 51
3,632 CNP Assurances 133,294 0 11
15,612 Compagnie de Saint-Gobain 542.985 0 44
3.805 Credit Agricole 63.163 0 05
19,202 Fraice Telecom 419 948 0 34
3,207 Groupe Danone 386,764 0 31
10.294 COrlal 629,478 0 51
6.734 Lafarge 350.168 0 28
6 734 Lafarge Rights :7.441 0 01
8,991 Lagardere 339,141 0 27
5.722 LVMH Moet Hennessy Louis
vuinon 250,509 0 20
4,974 M6-MetropoleTelevision 119,575 0 10
7,896 Michelin (C G D E ) 268,069 0 22
7.982 Pechiney 254,466 0 21
3.147 Pernod-Ricard 246,095 0 20
3,338 Pinault-Printemps-Redoute 221,476 0 18
8,589 PSA Peugeot Citroen 362.370 0 29
2.363 Remy Cointreau 63.801 0 05
7,919 Renault 363,799 0 29
15.678 Sanofi-Synthelabo 803,498 0 65
5,244 Schneider Electric 215,948 0 18
12,793 Societh GBnkrale 7 16,408 0 58
11,254 SocietC Thlhvision FranGaise 1
(TF' 1 304.646 0 25
Schroders
as at 30 June 2003
SlSF turopean Equity Sigma (continued)
Number of shares Transferable secur'ties admitted Market % Number of shares Transferable securities admstted Market 96
or principa to official exchange listing; value Net or principal to official exchange listing/ value Net
~
France (continued) The Netherlands 9,112,953 7.92

35240 Suez 500,408 0 41 59 966 ABN Amro 1007429 0 81
73 084 Total 3.079.406 2.50 66 :67 Aegon 591 533 0 47
5285 Vnci 313.401 0.25 19698 Akzo Nobel 464 676 0 38
23.243 Vve-di Uriiversal 375.142 0 30 3.?81 Corio 89 322 0 07
-. -. . - 7,695 CSM 146 975 0 12
Germany 12,139,756 9.84 23.662 Hagemeyer 81 871 0 07
2.658 Adidas - Salomon 198.951 0 16 4,840 Heineken 150 040 0 12
9.115 Al,ianz 666.489 0 54 3 689 Hunter Douglas 106 245 0 09
6,005 Altana 325,771 0 26 69,169 ING 1 069 353 0 87
18.688 BASF 701 548 0 57 6.096 Oce 54 925 0 04
14.848 Bayer 302 899 0 25 43,366 Phil'ps Electronics 747 107 0 61
5 623 Bayerische Motoren Werke 192,813 0 16 17,625 Reed Elsevier '87 354 0 15
2 641 Beiersdort 308,152 0 25 76 237 Royal Dutch Petroleum 3,133 341 2 54
33.760 DairderChrysler ,035,757 0 84 45 883 Royal KPN 285,392 0 23
16,703 Deutscw Bank 95: .570 0 77 18 288 TPG 284,378 0 23
21,724 Deutsche Post 279 588 0 23 21 134 Unilever 995 834 0 61
74 256 Deutsche Teiekom 998,oo1 0 81 7.i36 VNU 193,528 0 16
22 146 E ON ,002,107 0 81 2,024 Wereldhave 110,713 0 09
3.067 Fresenius 125,747 0 10 6 881 Wolters Kiuwer 72,939 006
12 764 Hugo Boss 166,570 0 14 --
6,467 Linde 207,526 0 17 Norway 772.783 0.63
11.:41 MAN 164,553 0 13 3 940 Gjensidige NOR 121 822 0.10
8 646 Metro 242,520 0 20 8.530 Norsk Hydro 368.107 0.30
5,366 Md-chener Ruckversicherbngs 479 720 0 39 38,000 Slatoii 782.854 0 23
597 Porsck 220 283 0 18
12.925 RWE 34: 091 0 28 Portugal 451,149 0.37
9.203 SAP 965.579 0 78 30,127 Brisa-Auto Estradas de Portugal 147,622 0.12
3.516 Schering 151,364 0 12 49,194 Portugal Telecom SGPS 303,527 0.25
29,547 Siemens 1.275544 1 03 .. ~
26,248 ThyssenKrupp 263.530 0 21 Spain 7,503,272 6.08

12,222 'UI 159.130 0 13 5,208 Abertls Infraestrdcturas 63,466 0 04
11,176 Volkswagen 412.953 0 33 15.958 Altadis 355,225 0 28
119,461 Banco Bilbao Vizcaya Argentaria 1,118,155 0 91
Greece 170,145 0.14 3,225 Banco Popular Espanol 143.029 0 12
10,370 Cosrnote Mobile Communications 96.026 0.08 160351 Banco Santander Central Hmspanol.417,559 115
7,210 Hellenic :elecommu?ications 21,607 Corporacion Mapfre 196.624 0 16
Organization 74,119 0 06 6.461 Distrihucib lrtegral Logista 134,841 0 11
-~ 30,266 Endesa 444.305 0 36
Ireland 1,156,546 0.94 - 6.151 Grupo Ferrovial 145.656 0 12
31.696 Allied Irish B m k 5 420 289 0 35 25,902 lberdrola 392.674 0 32
20.145 Anglo Irish Bsnk 153,908 0 12 12,638 I-ditex 277,404 0 22
27.200 aank of Ireland 232 569 0.19 40 747 Repsoi YPF 575,755 0 47
25.814 CRH 349.780 0 26 15 595 Sacyr Va1;ehermoso 149,868 0 12
.. - ~ ~
35 956 Telefonica P;,hlicidad e lnlormacion149.217 0 '2
5.695.243 4.62 181,397 Telefonica 1,862.947 151
32.713 A.ieanra Assicurazioni 27'7.079 0 23 5,285 Zardoya-Otis 69.551 0 06
22.31 1 Arnold0 Mondadori Editore 142.790 0 11 5.285 Zardoya-Otis Rig% 6,976 0 01
28.676 Ass:curazioni Generali 592.446 0 48 - . .
79.159 Bsnca lntesa 226.79' 0 18 Sweden 3,322,292 2.69
47.433 Enel 262.779 0 21 13,800 Alfa Lava1 114.590 0 09
101,222 EN1 :.360.424 110 4,700 Castellum 68 871 0 06
13.495 Italce-enti 133.735 011 21.100 Electrolux 364.154 0 30
23.035 Hiunmone Adriatica di Sicurta 31 1.894 0 25 10 100 ForeningsSparbanken 121.141 0.10
116,959 Telecom ltalia 936.842 0 76 24,900 Hennes 8 MriuritL 495.954 0.40
167,112 'elecom ltalia Mobile 718.582 0 58 12 900 lndustrivarden 150.523 0 12
150,704 Unicredito ltaliano 635.971 0 52 94,900 Nordea 404.823 0 33
24.281 ilnipol 95.910 0 08 14,200 Sandvik 329 844 0 27
6700 SKF 171.266 0 14
6 300 SvensKs Cellulosa 187.369 0 15
3,700 Svenska Harrdelsbanwn 'A 52.812 0.04
11,100 Svenska Handelsbanken'9' 152.4i2 0.12
406.400 Te:efovKtieholayet LM Ericsson 383.777 031
34.560 Tel'aSonera 124 167 O.!O
11 000 Volvo 700 589 0 16
Schroders
as at 30 June 2003
SlSF European Equity Sigma (continued)
Number ol shares Transferab!e securities admitted Market % Number of shares Transferable securities admitted Mar<et %
Switzerland 12,844,892 10.41 United Kingdom (continued)

2,500 Alcon 102 122 0 09 32.391 Imperial Tobacco 510.954 0 41
21,570 Compagnie Financiere 8,423 lnchcape 119,174 0 10
Richemont 312566 0 26 15,272 Intercontinental Hotels 95 846 0 08
33.316 Credit Suisse 768 148 0 63 16.289 Jarvis 82 910 0 07
3,199 Lonza Registered 128 767 0 10 13,288 Kelda 82,810 0 07
13.460 Nestle Registered 2,431 572 1 97 11 2,592 Kidde 137.996 0 11
83.583 Novait& Registered 2 909 530 2 36 46,252 Kingfisher 186.610 0 15
22.050 Rocqe Holding Genussschein 1 523 053 1 23 9,161 Land Securities 103,694 0 08
522 Schirdler 74 297 0 06 141.058 Legal & General 175 67: 0 14
239 Serono 124 525 0 10 188.083 Lloyds TSB 1.-81,754 0 96
460 SGS Societe GBnerale de 11,961 Lonmin 132.886 0:1
Surveillance 156 127 0 13 15.102 Man 262 834 0 21
27.037 STMicioelectronics 498 833 0 40 91.228 Marks & Spencer 419 294 0 34
1,152 Straumann Registered 91 257 0 07 15.272 Mitchells & Butlers 52 630 0 04
9,556 S w a He Registered 474 196 0 38 73.400 MyTravei 21 167 0 02
1,485 Sw sscom Registered 368 689 0 30 127.348 National Grid Tfansco 749.650 0 61
149 Synthes Stratec 90,683 0 07 18,523 New Look 68,641 0 06
46.856 UBS Registered 2,285,899 1 85 24 780 Next 371,242 0 30
4,807 Zurich Financial Services 504,628 0 41 14 503 Northern Rock 150,567 0 12
59,132 Novar 104.021 0 08
United Kingdom 46,426,159 37.63 88.655 Old Mutual !13.771 0 09
52,435 Aggreko 96.021 0 09 30,058 Pesrson 248,089 0 20
25,539 Allied Domecq 123.751 0 10 12,724 Powderject Pharmaceuticals 100,729 0 08
65,750 Ast raZeneca 2,344,553 1 90 24.493 Provident Financial 227.529 0 18
51 235 Avis Europe 71.291 0 06 68.160 Prudential 365 114 0 30
69,004 Aviva 426.598 0 35 18.244 Hank 65 174 0 05
19,337 BAA 137.981 0 il 13.793 Reckitt Benckiser 223,147 0 18
142,332 BAE Systems 290,915 0 24 20,811 Redrow 89.573 0 07
227,104 Barclays 1,488,328 121 51 341 Reed Elsevier 381,992 0 3-
27.970 Barratt Developments 174 631 0 14 23.328 Reuters 59.807 0 05
98.184 BG 386 849 0 31 42,304 Rio Tinto 708.806 0 57
69.847 BHP Billiton 323 290 0 26 102,338 Royal Bank of Scotland 2.507.093 2 03
22.541 Boots Group 210,615 0 17 94,789 Sage 225,177 0 18
18 299 Bovis Homes 112,205 0 09 47,865 Scottish 8, Southern Energy 433 808 0 35
786 559 BP 4.820 147 3 91 83,797 Scottish Power 441,386 0 36
65414 Brambles Industries 155.395 0 '3 109 620 Securicor 116.967 0 09
66,529 British American Tobacco 665.749 0 54 5.876 Severn Trent 58,970 0 05
37.379 British %cy 3roadcast;ng 362.460 0 29 348,405 Shell Transport & Trading 2,042,138 1 66
275.185 BT 813,427 0 66 9,601 Stzndard Chartered 102,928 0 08
43.624 Cadbury Schweppes 226.605 0 18 250,335 Tesco 793 214 0 64
199.916 Centrica 509,129 0 41 106,518 Unilever 747 154 0 6:
5,846 Cobham 98.414 0 08 2,387,848 Vodafone 4.131.692 3 35
84,338 Compass 404.652 0 33 4.093 Wilson Bowden 56.538 0 05
17,965 Davis Service 97.658 0 08 39.885 Wimpey George 167 931 0 14
36,203 De La Rue 124.517 0 10 36 598 Wolseley 360,163 0 29
110.718 Diageo 1 046.480 0 85 63.725 WPP 441,971 0 36
6,412 Emap 79,026 0 06
121,331 FKI 139 959 011 Total Transferable Securitites
7 306 Forth Ports 95,223 0 08 Admitted to an Omclal Exchange Listing 123,307,761 99.95
7 384 Galen 54.833 0 04
219.872 GlaxoSmithKline 3,921,748 3 18 Other Net Assets 60,432 0.05
31 233 GUS 308,303 0 25
45,971 Hanson 226.368 0 18 Net Asset Value 123,368,193 100 OD
146,745 HBOS 1.672 651 1 36
391.943 HSBC (London) 4,074,725 3 30
7,410 ICAP 120,950 0 10
Schroders
as at 30 June 2003
SlSF Global Equity Sigma
Number of shares 'ransferable securities admitted Market % Number of shares Trawferable securities admitted Market %
or principal to official exchange listing/ value Net or prtnc4pal to offaal exchange listing1 value Net
amount Common stocks and Shares US0 Assets arnodrit Commori stocks and Shares USD Assets
__-- ~-
Australia 3,366,344 1.73 Canada (continued)
35.570 Amcor 192.519 011 6,100 Power Carp Of Canada 187.322 0 :o
181,982 Aristocrat A s u r e 161,329 0 08 5,400 Quehecor World 99,4'6 0 05
28.231 Astralia and New Zealand 13,500 Royal Bank of Canada 569,84' 0.29
Baqking 350.191 0 18 16.000 Sun Life Financial Services of
78.694 Broken I-iill Proprietary 450,575 0 23 Canada 328.541 0.17
7,359 Cochlear ?58,436 0 08 5,200 Talismap Energy 234.677 0.12
9,619 Foodland Associated 176.307 0 07
73,283 General Property Trust 142,633 0 07 China 238,973 0.12
68,461 lnvesta Property Group 90,353 0 05 793.000 PetroChina -H 238.973 0 12
17,614 Leighton 117,406 0 06
87.869 Mayne Nickless 160,479 o oa Denmark 979,031 0.50
!8,085 News Carp 135011 0 07 32 AP Moller - Maersk 172,234 0.09
24,452 Orica 176,513 0 09 1 850 Coloplast 142.246 0.07
25,438 Q9E lwurance 158,027 0 08 28 DampskibsselskabetSvendborg 155,441 0 08
59,528 Rinker 207,915 0 11 5 700 H Lundbeck 115,266 0.06
51,313 Santos 201,796 0 '0 6 600 Novo-Nordisk 229,886 0 12
105.284 Southcorp 197,899 0 '0 5510 TDC 163,958 0 08
41.574 Srockland 138,833 0 07
11.867 Wesfarmers 200,122 0'0 Finland 1,936,272 1.oo
5.100 lnstrumentarihm 192,908 0.10
Austria 397,924 0.20 4.340 Ko:e 181.023 0 09
2,482 Erste Bank Der Oesterreichischen 66,040 Nokia 1,098,048 0 57
Sparkassen 218.679 0.11 21,020 Sampo 153,492 0.08
1,501 OMV 179 245 0 09 7.600 Tietoenator 130,274 0.07
12,400 UPM-Kymmene 180,527 0 09
Bahamas 79,504 0.04
1,902 Teekay Shipping 79 504 0 04 France 6,886.428
. . 3.54
- . . 4.682 Assurances Generales de France 190.794 0 10
Belgium aiz.449 0.42 3.41 I Atos Origin 119.681 0 06
3,391 Almani, 134 736 0 07 9.465 Aventis 523.825 0 27
1294 Eiectrabel 324 874 0 17 27,071 Axa 422.577 0 22
7,637 Fortis 133 962 0 07 12,883 BNP Paribas 665,142 0 34
5,650 KBC Bawassurance 218 877 0 11 6.637 Bouygues 183,619 0 09
4.554 Christian Dior 180.946 0 09
Bermuda 750,086 0.39 3.893 CNP Assurances 163.268 0 08
4,513 Arch Capital 156 827 0 09 4.540 Dassault Systemes 151.855 0 08
4,189 Marvel1 Technology 139,536 0 07 33 118 Havas 147,219 0 08
3,746 PartrerRe 197,507 0 10 2.570 Lafarge 152,717 0 08
13 605 Tyco International 261,216 0 13 2.570 Lafarge Rights 7,606 0 00
1.845 COrCal 128,927 0 07
Canada 4,848,059 2.50 5.812 Pechiney 21 1,736 0 11
9,300 Alcav 286 961 0 14 2,202 PinauIt-Pr.rte~ps-Redoute 166,959 009
12,200 Bank of Montreal 385 888 0 20 4,351 PSA Peugeot Citroen 209,773 0 11
9,000 BCE 206.636 0 11 5.805 Pbb: cis 156 289 0 08
6.700 Cameco 203,421 0 10 7,121 Sanofi Synthelabo 4'7 048 0 21
7.000 Canada Life Financial 232 404 0 12 6,000 Sch-eider Electric 282.351 0 15
8.820 Canadian Natural Resources 343 358 0 18 6.356 Societe GBnBrale 406.746 0 21
23,200 CGI i 3 8 553 0 07 6.589 Societe Television FranCaise 1
4 500 Great-West Liteco 129 894 0 07 (TFI) 203.826 0 10
:3.700 Husky Energy :77 172 0 09 17.287 Suez 280.517 0 14
9 000 lmperisi O:I 310219 0 16 8,784 Total 1 339.058 0 69
10.500 Kingsway Financial Services 126 808 0 07 2,564 Vinci 173,750 0 09
7,900 Magna International 191,601 0 10 2,900 Veolia EnvironvementWarrants
13.000 Manulite Financial 361,063 0 19 08/03/2006 199 0 00
12,600 Methanex i 3 2 382 0o/ -. -.-
8,000 Nexer: 201 902 0 10 Germanv 5,065,310 2.61
2 213 Addas - Saiomon 1a9 289 0 10
5 431 AI' arm 453.803 0 23
4 060 Altana 251,696 0 13
10 680 BASF 458.160 0 24
3 864 Bayerische Motoren WerAe 151,4'0 0 08
8 103 Continental '68,990 0 09
6,896 2aimlerChrysler ?41,771 0 12
15 954 Deutsche Post 234,639 0 12
16 225 Deutsche Telekorri 249,193 0 13
8319 E ON 430.171 0 22
Schroders 2 151
3 745
Fresenius
Hannover Ruckversicherung
100,780
97 104
0 05
0 05
as at 30 June 2003
SISF Global Equity Sigma (continued)
or principal to official exchange listing/ value Net or principal to official exchange llstingl value Net
~ - .-
Germany (continued) Japan (continued)
4 145 Heidelbergcement 92,081 0 05 3.500 Kyocera 200.025 0 10
4.145 Heidelbergcement Rights 12,552 0 01 16.500 Kyushu Electric Power 256.539 0 13
9322 MAN 157,341 0 08 3.000 Mabuchi Motor 229,099 0 12
2 708 Munchener Ruckversicherung 276,654 0 14 123,000 Marubeni 159,621 0 08
416 Porsche 176,890 0 09 35 Millea 267,282 0 14
4266 SAP 511.482 0 26 33,000 Mitsubishi 228,675 0 12
10,990 Siemens 542,164 0 28 28 MitsubishiTokyo Financial 126.479 0 07
6 374 Volkswagen 269,140 0 14 55,000 Mitsui 8 Co 275.435 0 14
Greece
- .
303.516
-- 0.16
41 ,000
136
Mitsui Sumitomo Insurance
Mituho Financial
189,976
107 365
0 10
006
12.430 Cosmote Mobile Communicatinns 131,533 0 07 7,900 Murata Manufacturing 310 19' 0 16
14,640 Hellenic TelecOmmlJniCatiOnS 19 000 NGK Spark Plug 133,084 0 07
0rganizat:on 171.983 0.09 3.900 Nintendo 283,229 0 15
10,000 Nippon Electric Glass 105,482 0 05
Guernsey 115,744 0.06 63.000 Nippon Express 244.223 0 13
4.771 Amdocs 1i 5 744 0 06 14.000 Nippon Meat Packers 132,069 0 07
65.000 Nippon Oil 281,715 0 15
Hong Kong SAR 844,281 0.43 103 Nippon Telegraph 8 Telephone 403.569 0 21
40.000 Cheung Kong 240,570 0.12 70,000 Nippon Yusen Kabushiki Kaisha 272.523 0 14
110.000 CNOOC 162,218 0.08 56,400 Nissan Motor 538.617 0 28
48.000 Hutchison Whampoa 292.377 0 15 23,000 Nisshin Seifun 163.206 0 08
120 500 Johnson Electric 149,116 0 08 43,000 Nomura 545 146 0 28
-_ 225 N T Docomo 486 648 0 25
India 141,038 0.07 3,400 Orix 187 805 0 '0
2.569 lnfosys Technologies ADR 141,038 0 07 11 000 Pioneer 247.068 0 13
2.800 Rohm 304,900 0 16
Ireland 535,639 0.28 21,000 Sankyo 250.512 0 13
18,272 Allied Irish Banks 276.873 0.15 26.000 Seino Transportation 148,590 0 08
16,761 CRH 258 766 0 13 18.600 Sony 522,985 0 27
-
. -. ~
35,000 Sumitomo 161,301 0 08
IW 2,262,100 1.16 15,000 Taiyo Yuden 145.995 0 08
20,634 Alleanra Asslcurazioni 199.718 0.09 15,900 Takeda Chemical Industries 585.950 0 30
97 887 Banca Nazionale del Lavoro 169,468 0.09 3,570 Takefuji 185.019 0 10
47,487 EN1 729 332 0.38 70.000 Tellin 174,694 0 09
19,712 Mediaset 171 197 0 09 12,300 Terumo 204,130 0 11
15.389 Riunione Adriatica di Sicdrta 238,111 0.12 20,200 Tohoku Electric Power 298,438 0 15
45,213 telecov ltalia 413.854 0.21 20,500 Tokyo Electric Power 391.378 0 20
69 278 Telecom M i a Mobile 340,420 0.18 36,000 Toppan Printing 257.549 0 13
-- -~ 13.000 Toyo Seikan Kaisha 121 446 0 06
Japan 15,977,581 8.22 11 800 Toyota Industries 191,808 0 10
5.030 Acom 180.517 0 08 42 000 Toyota Motor 1,086,598 0 56
18 000 Alps Electric 230.297 011 23,000 Yamaha Motor 193,819 0 10
7 000 Aoyama Trading 93 170 0 04 1 1,300 Yamanouchi Pharmaceutical 294.227 0 15
13.000 Canon 595 874 0 31
17,500 Chubu Electric Power 318,817 0 16 The Nelherlands 3,553,447 1.a3
13 300 Daiichi Pharmaceutical 173.041 0 09 12,972 ABN Amro 249,039 0 12
56,000 Dainippon Ink 8, Chemicals 113 202 0 06 52.977 Aegon 541.223 0 28
9 200 Daito Trust Construction 193,245 0 10 9,885 Akto Nobel 266.475 0 14
16 600 Denso 262.788 0 14 3,091 DSM 132 282 0 07
4.700 Fanuc 232.635 0 12 6.062 Hetneken 175,262 0 09
40.000 Fuli Heavy Industres 180 351 0 09 32,014 ING 565.589 0 29
9,000 FUJIP b t o Film 259,795 0 13 18.098 Konlnklilke Ahold 153.043 0.08
1,000 Funai Electric 111,472 0 06 2,920 Philips Electronics 57.460 0.03
13.600 Honda Molor 5 14,766 0 26 20,260 Royal Dutch Petroleun- 951,552 0.49
13 000 Kao 241 702 0 12 4.750 Unilever 255,770 0 13
21 KDDl 81,233 0 04 6,639 VNU 205.752 0.i1
1100 Keyecce 201.314 0 10
15 000 Kidkoman 98,952 0 05 New Zealand 224,364 0.12
62,739 Fletcher Buildicg 134,249 0.07
16.390 Sky City Entertainmert 90,115 0.05
-.
Norway 558,881 0.29
4.280 Norsk Hydro 2:1.067 0.1 1
40.890 Statoil 347 814 0 18
.
-
Portugal 336,027 0.17
& Schroders 23.124
29.294
Brisa-Auto Estradas de Portugal
PortugalTelecom SGPS
129.482
206.545
0.06
0.1 1
Unaudlted Semi-Annual Report
as at 30 June 2003
SlSF Global Equity Sigma (continued)
Number of shares Transferable securikes admitted Market % Nuwber of shares Transferable securities admitted Market %
or pr m p a l to official exchange ,;sting/ value Net or principal to offic;al exchange listhgl value Net
amomt Common stocks and Shares US0 Assets amount Common stocks and Snares USD Assets
..
Puerto Rico 147,619 0.08 United Kingdom (continued)
4,964 RgG F nancial 147,679 0 08 76.202 Avis Europe 121,‘67 0 06
.- 106 721 Barclays 799,236 0 41
Singapore 647,951 0.33 P2.941 Boots Group 244,951 0 13
25,000 DES 146 033 0 07 283 021 BP 1981 978 102
10.356 Flextronics International 109 359 0.06 58,480 Brambles Industries 158 754 0 08
25,000 Fraser & Neave 121.930 0 06 41,499 ET 140 179 0 07
12,000 Singapore Press 124,539 0 06 21,969 Diageo 237 287 0 12
16,000 Venture 146.090 0 08 70,709 Dixons 154 666 0 08
__ 83,452 GlaxoSmithK,ine 1,700 974 0 88
South Korea 182,789 0.09 61.538 HEOS 8 O i 561 0 41
2 465 Kookmin Bank ADA 75,799 0 03 140,908 HSBC (London) 1674,026 0 86
360 Samsung Electronics 106,990 0 06 8 351 ICAP 155.767 o oe
8,799 lnchcape 142.266 0 07
Spain 3,711,514 1.91 200 861 Legal & General 285.858 0 15
3.018 Acciona 147,437 0 07 72.789 iloyds TSB 522.630 0 27
6.209 Altadis 157.942 o oa 14.838 Lonmin 188 382 0 10
51 130 Banco B h a o Vizcaya Argentaria 546.894 o 2a 12 452 Man 247 650 0 13
77.385 Banco Santander Central Hispano 695.073 0.36 41 904 Morrison (WM ) Supermarkets 130,154 0 07
18.831 Corporacion Mapfre 195.824 o.:o 13 708 Northern Rock 162,629 0 08
i6.7oa Endesa 280.286 0.14 22.537 Pearson 212 566 011
6.950 Fomento de Construccsones y 19,822 Provident Financial 210,423 0 11
Contratas 191,961 0 10 45.146 Prudential 276,356 0 14
7,109 Grupo Ferrovial 192,372 0.10 44.255 Rank 180.662 0 09
14,948 lrdra Sistemas 153,224 0 08 20,770 Rlo Tinto 397.680 0 20
20,033 Repsol YPF 323 474 0 17 39,231 Royal Bank of Scotland 1,098,283 0 57
70 469 Telefdnica 827 027 0 43 28,931 SABMiller 195,451 0 10
53 603 Scottish Power 322,649 0 17
Sweden 1,300,793 0.67 120,231 Securicor 146,602 0 08
12.600 Alfa Lwal 119.56? 0 06 132.335 Shell Transport B Trading 886 394 0 46
9,790 Electrolux 193,080 0 10 45.455 Unilever 364 351 0 19
8 800 ForeriigsSparbanCen 120.615 0 06 a50,216 Vodafone 1,681 132 0 87
13.370 Hennes & Mauritz 304.316 0 16 31.592 WPP 250.388 0 13
7,300 lndustrivarden 97 339 0.05
5.770 SKF 168 548 0.09 United States of America 99,821,016 51.38
4,700 Tele2 174.312 0 09 5.313 3M 683.305 0 36
1 14.000 Te’efonaktiebolagetLM Ericsson 123.022 0 06 12,426 Abbot1 Laboratories 541,774 0 28
6.600 Adobe Systems 215,490 0 11
Switzerland 5,839,288 3.01 3.215 Adolph Coors 156,410 0 08
4.600 Alcor 214.72a 0 11 2.028 Adtran 106,389 0 05
12 968 Compagnie Financiere Hichemont 214.741 0 1: 12 261 Aflac 377.271 0 19
5,991 Credit Suisse 157.849 0 08 4,214 Alliance Capital Management 155.370 0 08
7,023 Nestle Registered 1,449,826 0 75 11,400 Allied Waste hdilstries ii6.5oa 0 06
40.899 Novartis Registered 1626,930 0 84 13.883 Al!state 503,953 0 26
5,194 Roche Holding Geiussscieiv 409 977 0 21 3 100 Ailtel 151,249 0 08
16.525 STMicroelectromics 348,409 0 18 29,643 Altria ’,336 R9Y 0 69
1,711 Swatcq 154,258 0 08 2.956 Amerada Hess 145 701 0 07
15.729 UBS Registered 876,aa8 0 45 20,420 American Express 866.216 0 45
3,215 Zurich Flnancia Services 385,682 o 20 29,566 Arrerican International 1,646,531 0 85
~
7.977 Awerican Power Conversion 128.589 0 07
Thailand 190,226 0.10 11 756 Amgen 764,952 0 39
120 400 P T (Foreign) 190.226 0.10 2.597 Amphenol 122,189 0 06
-.
. 5.715 Anadarko Petroleum 256,032 0 13
United Kingdom 1?.355,314 8.94 5,431 Anheuser-Busch 276 872 0 14
36.823 Allied Domecq 203 a99 0 10 37.873 AOL 7i-e Warner 599 151 0 31
5 776 Arglo American 88 940 0 04 3,338 Apollo 206.088 0 11
24.78; Astra7eneca 989 423 0 51 13,260 Applied Materials 212.823 0 11
6.501 Apr:a Healthcare :61.485 0 08
2,555 Aptargroup 89 681 0 05
50 042 AT8T Wireless Services 419 852 0 22
11.040 Automatic 3ata Processing 371.606 0 19
2,613 Avery Dennison 126.600 0 07
21.313 Bank ot America 1696,728 0 87
2.356 Bank of New York 67,405 0 03
8 900 Bank Ore 333,928 0 17
4 335 BB&l 148 127 0 08
5.774 sed Bath & Eeyocd 225.879 0 12
Schroders 26,527
4.114
BellSouth
Beniis
718.35’
194,057
0 37
0 10
as at 30 June 2003
Number of spares Trawferable securities admltted Market % Number of shares Trsnsferable securities admitted MarAet %
or principa, to official exchaiye listing/ value Net or principal to official exchange listing/ value Net
aTount Common stocks and Shares US0 Assets amount Common stocks and Shares USD Assets
United States of America tcontinuedl United States of America (continued)

4.102 Benchmark Electronics 127.244 0 07 6.086 First American 161.340 0 08
63 Berkshire Hathaway 153 468 0 08 11.653 First Data 485,930 0 25
5 618 Best Buy 244,383 0 13 3,612 Fiserv 126,276 0 06
3 710 Biogen 146,656 0 08 3,926 Fisher Scientific International 137.017 0 07
8 175 Biomet 239,037 0 12 5.956 Fleet Boston Financial 176.893 0 09
6,950 BJ's Wholesale Club 106,683 0 05 3.918 Flir Systems 119.303 0 06
12.897 Boeing 441,335 0 23 14,527 FNMA 965,755 0 50
2,432 Brigys 8, Stratton 122.208 006 31,943 Ford Motor 352,331 0 18
28.618 Bristol-Myers Squibb 787.854 0 41 2 716 Forest Laboratories 150,874 0 08
6,261 Callaway Golf 83.522 0 04 3 494 FPL Group 233,225 0 12
3,900 Capital One Financial 190 632 0 10 1,271 Gannett 97,346 0 05
6.468 Caterpillar 361 108 0 '9 14,953 Gap 278.574 0 14
8.264 Cendant 149 248 0 08 3.412 Genentech 251.123 0 ;3
2.122 Cephalon 87 596 0 05 3.627 General Dynamics 264 553 0 14
11,301 ChevronTexaco 817,966 0 42 122,955 General Electric 3.518.972 181
14.821 Circuit City Stores 131,462 0 07 5.637 General Mills 267,814 0 14
99.097 Cisco Systems 1,682,667 0 87 7.937 General Motors 286.605 0 15
65.715 Citigroup 2,828,983 1 46 4,257 Gentex 129.668 0 07
8,477 Citrix Systems 175.559 0 09 2,536 Gilead Sciences 142,523 0 07
4,960 Clear Channel Communications 207.229 0 '1 2.909 Global Payments 103.270 0 05
6.396 CNF 163.418 0 08 3.774 Graco 120,013 0 06
23 403 Coca-Cola 1,088,474 0 56 3 450 Greenpoint Financial 176,985 O W
8.427 Coca-Cola Enterprises 157,416 0 08 8 365 Guidant 372,326 0 19
1610 Colgate-Palmolive 92.865 0 05 4,624 H&R Block 195.595 0 10
9,193 Comcast 'A' 280.203 0 14 5.929 Harley-Davidson 237.516 0 12
5,171 Comcast 'Special A' 149.533 0 08 1.856 Hershey Foods 129.586 0 07
4.905 Computer Sciepces 188.401 0 10 38,055 Hewlett-Packard 793,827 0 41
8.907 Comverse Technology 135 386 0 07 31,302 Home Depot 1,016,376 0 52
6.316 Constellation Energy 215,881 0 11 3,982 HON Industries 121.451 006
? 686 Corinthian Colleges 79,259 0 04 12.744 Honeywell International 340.137 0 18
3,973 Costco Wholesale 143.266 0 07 22.329 IEM 1,862,685 0 96
4,089 Countrywide Firancial 277,520 0 14 5.076 Illinois Tool Works 333,544 0 17
6.792 Covance 121,441 0 06 4.046 Integrated Circuit Systems 125 588 0 06
7.308 3anaber 157,752 0 08 92.968 Intel 1,913,281 0 98
5,000 Deere 8 Co 228,100 0 12 4,110 lntergraph 88,653 0 05
33.765 Dell Computer 1.071.363 0 55 2.064 International Game Technology 209.558 0 11
20.300 Delphi 176,204 0 09 6.732 John Wiley & Sons 175.032 0 09
2.416 Dmex 95,094 0 05 41.940 Johnson&Johnson 2,161.588 1 1'
?5,248 Disney (Walt) 294,896 0 15 26.466 JP Morgan Chase & Co 897,197 046
4,955 Dominion Resouces 317,170 0 16 11.191 Juriper Networks 140,447 0 07
15,100 Du Povt (E I ) de Nemours 631.633 0 33 2.950 Kaneb Pipeline Partners 127,440 0 07
7.148 Eastman Kodak 196713 0 10 7,700 King Pharmaceuticals 115.115 006
3 370 eBay 344,852 0 18 1,091 Kohl's 55.543 0 03
3,356 Ecolab 87.122 0 04 13,760 Kroger 231,306 0 12
15 459 Edison International 249.972 0 13 5,230 Lancaster Colony 203.970 0 10
10,500 Electronic Data Systems 225,225 0 12 3.187 Landamerica Financial Group 152,020 0 08
4 349 Electronics for Imaging 86,763 0 04 3,252 Lexmark International 229,819 0 12
15.459 Eli Lilly & Co 1,053 067 0 54 2,734 Liberty 115,976 006
I
38,449 EMC 396.025 0 20 14.949 Liberty Media 172,362 0 09 I
2,543 Emerson Electric 130812 0 07 12,738 Limited Brands 191.197 0 10
3,500 Evulex 80,780 0 04 6.507 Linear Technology 209 721 0 1:
I
3 763 Energizer 118.346 006 1,673 Lockheed Martin 79,501 0 04
7,573 eSpeed 146.765 0 08 10,740 Lowe's 463,109 0 24
6,930 Exelon 413 444 0 21 6,174 Lubrizol 189,110 0 10
88 653 Exxon Mobil 3,224,310 1 66 9.920 Marathon Oil 260.202 0 13
4.725 Factset Research Systems 202.608 0 10 10.583 Marsh & McLennan 547.459 0 28
5,523 Federated Investors 152 159 0 08 9,025 Mattel 172 558 0 09
12,235 FHLMC 611 750 0 31 5,416 Maytag 130 580 0 07
8.094 McData 116,068 0 06
6.799 McDonald's 152,094 0 08
4 090 McGraw-Hi11Companies 254.603 0 13
5,453 MDJ Resources 181.367 009
19 055 Medtronic 918,260 0 47
32,247 Merck & Co 1,967,7;2 101
11,742 Merrill Lynch 8, Co 546,120 0 28
16.524 Metlife 469.282 0 24
Schroders 118408
11,737
Microsoft
Monsanto
3 045,454
257 392
157
0 13
as at 30 June 2003
Number of mares Transferable securities sdmitted Market % Number of shares Translerable securities admitted Msrket %
or principal to otficial excnange listing; value Net or principal Io otficial exchange listing/ value Net
United States of America icontinued) United Staiei-of America (continued)

18.239 Morgar Stanley 784.277 0 40 28.753 Texas Instruments 517,842 0 27
44.842 Motoro'a 420.618 0 22 1,777 Timberland 92,049 0 os
6.357 Mylan Laboratories 224,402 0 :2 9,752 1JX 180,412 0 09
11,304 Network Appliance 181,316 0 09 3,958 Tootsie Roil Industries 121,392 0 06
4.082 New Centdry Finarc:al 178,669 0 09 4 837 Tbrchmarh 177,808 0 09
22 571 Nextel Communications 4 16.209 0 21 3 195 UGI 10' 058 0 05
3,586 Nike 190.345 0 10 6,960 Umed Parcel Service 438 480 0 23
8,431 NiSodrce 160.358 0 08 7 418 United Technologies 523.711 0 27
6,400 North Forh Bancorporatqon 219.840 0 11 31.793 U S Bancorp 781.790 0 40
9000 Northeast Uilities 147,960 0 08 4 851 Utstarcom 171.483 0 09
3.913 Northern Border Partners 364,229 0 08 6.623 VeriSign 92.391 0 05
5,535 Nvidia i24.704 0 06 8.805 Veritas Software 252.351 0 13
4.300 Omnlcom 309,213 0 '6 37,339 Verizon Communications 1 480.865 0 76
60 584 Oracle 750,636 0 39 19,180 Viacom 832.412 0 43
10,149 Paychex 297 163 0 '5 21,226 Wachovia 851,799 0 44
14.704 PepsiCo 644 623 0 33 33,673 Wal-Mart Stores 1.811,607 0 93
14.754 PerkinElmer 204.343 011 5.802 Walgreeri 175,627 0 09
107,319 Wzer 3.756,165 1 93 17.121 Washington Mutual 71 1,206 0 37
11,370 PG&E 242,750 0 12 5,521 Waters 157 403 0 08
4.574 Phsrmzceutical Product 3,773 Watson Wyatt & Co 87.797 0 05
Development 132.920 0 07 25,561 Wells Fargo & Co 1,304888 0 67
2.376 Pharmaceutical Resources 114,7:3 0 06 9.453 Western Digital 100.357 0 05
6.720 Pitrey Eowes 754,083 0 '3 2.761 Williams Energy Partners 130,263 0 07
7.200 Plantrows 159,192 0 08 5.743 WM Wrigley Jr. 322.985 0 17
3,288 PolyMedica 152,991 0 08 20,288 Wyeth 928.176 0 48
5,063 Principal Financial 163,535 0 08 4.888 Yanoo! 357,490 0 08
18.565 Procter & Gamble 1.655.441 0 85 7.679 Yum! Brands 224.687 0 12
5,300 Protective Life 143.471 0 07 1,729 Zebra TecPnologies 129900 0 07
6,437 Provident Financial 165.173 0 09 5,501 Zimmer 245 180 0 13
12.239 Prudential Financial 413.678 0 21
5,029 Public Storage 171.489 0 09 Total Transferable Securltltes
3,740 QLogic 180.044 0 09 Admitted to an Ofnclal Exchange Listing 179,409,568 92.35
14.092 Quaicomr 506.466 0 26
4 850 Quieilver 78,958 0 04 Number of shares Other fransferable Securities Mafket %
9 446 Qkintiles 134, 33 0 07 or priicipal value Net
3 790 Radiar 142,049 0 07 amount USD Assets
4 113 Regis 119,'95 0 06 -~
5 218 Renal Care 177,464 0 09 United States of America 493 0.00
3 376 Resmed 133.048 0 07 7710 E-ton 386 0.00
19.739 Sara Lee 363.987 0 19 7,100 Wachovia (Public) 107 0 00
46,109 SBC Communications 1, I 73 013 0 60
6.578 Schering-Plough 125 574 0 06 Total Other Transferable Securitites 493 0.00
3.500 Schlumberger 166915 0 09
8.299 Scientific-Atlanta 195 607 0 10
5,926 Sears Roebuck 197 691 0 10
12.935 Siebel Systems 126 375 0 07 Total Investments 179,410,061 92.35
6.987 Sprint 101,312 0 05
6.297 State Street 248.291 0 13 Other Net Assets 14,864,873 7.65
2 872 Stryher 200.896 0 10
1229 Studerit Loan 155.213 0 08 Net Asset Value 194,274,934 100.00
31,593 Sun M cfosystem 149.119 0 08
8,054 Sunqard 3ata Systems 209,243 0 11
3 538 S.iperior Industries International 147,110 0 08
4,234 Take-Tao InteractiveSoftware 122,574 0 06
4,887 Taryct 181,943 0 09
8,000 TECO Energy 98,880 0 05
10.900 Tenct Heaithcare 126,985 [I 07
Schroders
1' PortfoIio of Investments

as at 30 June 2003
N m b e r ot shares Transferable securities admitted Market % Number of shares Transferable securities admilted Market %
or princ,pal to official exchange listing/ value Net or principal to official exchange listing/ vahe Net
amount Common stocks and Shares US0 Assets amount Common stocks and Shares USD Assets
-_ -
Bermuda 107,828 0.59 United States of America (contlnued)
439 Arch Capital 15 255 0 08 297 AdvancePCS 11,194 0 06
474 Marvel1Technology 15,789 0 09 215 Affiliated Computer Services 9,641 0 05
308 PartnerRe 15.828 0 09 1 492 Aflac 45,909 0 25
359 RenaissanceRe 16.335 0 09 318 Alliant Techsystems 16,631 0 09
2.324 iyco International 44,621 0 24 1,168 Allied Waste Industries 11,937 0 07
1,932 Allstate 70,132 0 38
Canada 350,447 1.91 677 Alltel 33.031 0 18
600 Aican 18,514 0 10 4.513 Aha 203,536 111
600 BCE 13.776 0 08 2,807 American Express 1 19,073 0 65
2,m Bombardier 10 007 0 05 4,956 American International 276 000 1 50
464 Canadian Natural Resources 18,063 0 10 1 065 American Power Conversion 17.168 0 09
500 Canadian Tire 11.871 0 06 876 AmerUs 24.510 0 13
2.100 CGI 12,541 0 07 2.134 Amgen 139,094 0 76
1.300 Cinram International 15,911 0 09 1 334 Amsoutb Bancorporation 29.255 0 '6
800 Dofasco 16.097 0 09 836 Anedarko Petroleum 37.453 0 20
200 Dorel Industries 5,795 0 03 610 Analog Devices 20,771 0 11
100 EnCana 3,772 0 02 1,673 Anbeuser-Busch 85.290 0 47
700 Great West Lifeco 20 206 0 '1 257 Annaly Mortgage Management 5,346 0 03
1,200 Husky Energy 15,519 0 08 5.675 AOL Time Warner 89,779 0 49
500 Imperial Oil 17,234 0 09 55 1 Apache 35.804 0 20
400 Industr;al-Alliance Life Insdance 1:,015 006 498 Apoiio 30,747 0 17
500 Kingsway Financial Services 6,038 0 03 1,787 Applied Materials 28.681 0 16
300 Magna International 19 821 0 11 539 Apria Healthcare 13.389 0 07
600 Manulife Financial 16,664 0 09 67 1 ArvirlMeritor 13.594 0 07
1,500 Methanex 15.760 0 09 1,130 ATBT 21,866 0 12
700 Nexen 17 666 0 10 2,887 AT&T Wireless Services 24,222 0 '3
1.411 Onex 15,501 0 08 1,129 Autodesk 18.301 0 10
1,800 Placer Dome 21,553 0 12 1.364 Automatic Data Processing 45,912 0 25
100 Power Corp Of Canada 3.011 0 02 368 Avery Dennson 17.830 0 10
700 Quebecor World 12.887 0 07 306 Avocent 9,737 0 05
200 Sobeys 5,306 003 3.079 Bank of America 245.119 1 34
600 Sun Life Financial Services 01 462 Ban4 of New York 13,218 0 07
Canada 12,320 0 07 1.307 Bank One 49,039 0 27
300 Talisman Energy 13,539 0 07 1,161 BB&T 39.671 0 22
-~ ~~
894 BEA Systems 9,906 0 05
Cayman Islands 12,242 0.07 848 Bed Bath & BeyoDd 33,174 0 18
316 Garrnin 12.242 0 07 3,720 BellSouth 100,738 0 55
-.______ 502 Berm 23.679 0 13
Guernsey 19,044 0.10 302 Benchmark Electronics 9368 0 05
785 Amdocs 19,044 0.10 673 Best Buy 29,276 0 16
966 Biomet 28.246 0 15
Puerto Rico 6,694 0.04 950 BJ's Wholesale Club 14,583 0 08
225 RBG Financial 6,694 0 04 543 Hac< & Decker 23.371 0 13
200 Blackrock 9,050 0 05
Singapore 10,317 0.06 1,371 Boeiig 46,916 0 26
977 Flextronics International 10,317 0.06 376 Boston Properties 16,442 0 09
- 556 Boston Scientific 34.728 0 19
Sweden 11,452 0.06 75 1 Brink's 11 017 0 06
427 Autoliv 1 1,452 0 06 788 Brinker International 28.289 0 15
.____ 4.615 Bristol-Myers Squibb 127.051 0 69
Switzerland 19,995 0.1 1 748 Bunge 21,602 0 12
541 Mettier Toledo International 19.995 0.1' 666 Cabot 18.934 0 10
158 Cabot Microelectronics 8,071 0 04
United Kingdom 19,392 0.11 688 Carnival 21,933 0 12
600 Uriilever AOR 19,392 0.11 311 Caterpillar 17 363 0 09
2.457 Cendant 44.373 0 24
United States of America 16,334,822 89.06 244 Cephalon 10.072 0 05
775 3M 99 673 0.55 50 1 Charter Municipal Mortgage
2,260 Abbott Laboratories 98,536 0.54 Acceptance 9.444 0 05
786 Adobe Systems 25,663 0 14 800 Charter One Financial 25 256 0 14
2.312 ChevronTexaco 167.343 0 91
593 Chiron 26 116 0 14
2,609 Circuit City Stores 23,142 0 13
13 779 Cisco Systems 233 967 1 28
9,181 Citigroup 394,875 2 15
Schroders
as at 30 June 2003
SlSF North American Equity Sigma (continued)
Number of shares Transferable secur,ties admitted Market % Number of shares Transferable securities admltted Market %
or principal to offic,al exchange listing/ value Ne1 or principal to offici= exchange :isling/ value Net
amodnt Common stocks and Shares USD Assets amount Common stocks and Shares USD Assets
~. ---
United States of America (continued) United States of America (contlnued)
722 Citrix Systems :4.953 0 08 155 Fiserv 5.419 0 03
588 Claire's Stores 15.165 0 08 510 Fisber Scientific International 17.799 0 10
850 Clear Channel Communicatlons 35,513 0 '9 848 Fleet Boston Financia: 25,186 0I4
248 Coach 17.385 0 07 712 Flir Systems 21,680 0 12
3.92' Coca-Cola 182.366 0 99 2.054 FNMA 136.550 0 74
1734 Coca-Cola Enterprises 32.391 0 18 3,639 Ford Motor 40,138 0 22
65 1 Cogntzant Technology Solutions 16.125 0 09 938 Forest Laboratories 52,106 0 28
198 Colgate-Palmolive 46,029 0 25 607 Foundry Networks 8 880 0 05
3.824 Comcnst 116556 0 64 839 FPL 56.003 0 31
607 Comerica 28.529 0 16 448 Franklin Resources 17,517 0 :o
428 Commerce Rancorp 16,020 0 09 740 Friedman Sillings Ramsey '0 182 0 06
1.619 ConocoPhillips 90,217 0 49 1,350 Gap 25.151 0 14
244 Corintniav Colleges 11,470 006 579 General Dynamics 42,232 0 23
646 Costco Wholesale 23,295 0 13 18,599 General Electric 532.303 2 90
432 Countrywide Finawai 29,320 0 '6 1.302 General Motors 47.015 0 26
735 Covance 13.142 0 07 6i5 Georgia-Pacific 11,660 0 06
1 523 CSG Systems lnternatiorial 21,627 0 12 1.232 Gillette 38 057 0 21
275 Cumnins 9,864 0 05 476 Global Payments 16.898 0 09
1,360 CYtYC 14.674 0 08 802 G!obalSantaFe 18,951 0 10
453 Danaher 30,963 0 1/' 525 Goldman Sachs 43 208 0 24
636 Sean Foods 19,462 0'1 364 Graco 11,575 0 06
1 Del Monte Foods 9 0 00 334 GTECH 12 515 0 07
5 246 Cell Computer 166,456 0 91 70 Guidant 31 202 0 17
3.1 72 Delphi 27.533 0i5 .'73 H&R Block 7.318 0 04
29 1 Delta 8 P:ne Land 6.396 0 03 8:4 Harley-Davidson 32,609 0 !8
204 Devoi Energy 10,965 0 06 3.574 Healthsouth 1751 0 01
248 9onex 9,761 0 05 6.363 hew left-Packard 132.732 0 72
2,877 Disney (Wait) 55.641 0 30 4 208 Home Depot 136,634 0 75
673 DoTinion Resources 43,079 0 23 1.008 Honeywell International 26,904 0 15
728 Dow Chemical 22 488 0 ;2 467 HOT Topic 12.506 0 07
2,227 Du Port (E,lL) de Nemours 93.155 0 51 538 Hdchlnson Technology 17,765 0 10
1,010 Duke Energy 20,230 0 11 3.252 I RM 271 282 1 48
800 Eastnan Chemical 25.280 0 '4 463 ldexx Laboratories 15.816 0 09
755 Eastmar Kodak 20.778 0 11 1 447 IKON Office Solut-ons 12,459 0 07
673 eEay 68.868 0 38 478 Illinois Tool Works 31 409 0 17
970 Ecolab 25 181 0 '4 216 lmation 8,163 0 04
1.972 Edisw International 31.887 0 17 1104 IMPAC Mortgage 18,238 0 '0
749 Edwards (JD) 10,65' 0 06 650 IntegratedCircuit Systerns 20.176 0 11
153 EGL 11,747 006 12.835 Intel 264.144 144
293 E:ectronic Arts 22.306 0 12 916 lntergraph 19 758 0 11
1,692 Electronic Data Systems 36.293 0 20 309 International Game Technology 31 373 0 17
769 Electror:cs for Imaging 15,342 0 08 313 Intuit 13,897 0 08
2.452 Eli Lilly & Co 167 030 0 91 874 investment Technology 16,186 0 09
4,905 EMC 50.522 0 28 34 1 lnvitroger !3 374 0 07
610 E-erson Electric 31,378 0 17 624 I n Educational Services 18.489 0 10
46 1 Emulex 10640 0 06 633 Jefferson-P:lot 26,187 0 14
658 energizer 20.694 0 11 898 John Hancock Finaqcial Services 77.838 0 15
454 Equitable Resources 18,596 0 10 767 John Wiley & Sons 19,947 0 1:
629 eSpted 12.190 0 07 5 652 Jonmon & Johnson 291.304 1 59
1.072 Exelon 63.956 0 35 3.154 JP Morgan Chase & Co 106,921 0 58
348 Expcditors Internatiow Washington 11,794 0 06 1,325 Keycorp 33,390 0 18
12.921 Exxon Mobil 469,937 2 56 383 K:mberly-C ark 19,901 0 11
398 Fxtset Research Systems 17 066 0 09 52 1 Kla - Tencor 24,200 0 13
365 Fedtx 22.827 0 12 439 Kohls 22,349 0 12
1.800 FHLMC 90,000 0 19 480 Kroli 12.970 0 07
571 Fidelity Nationai Financial 17 809 0 10 399 L.-3 Coqmunicatiovs 17,472 0 10
587 F,fth Th rd 3ancorp 34.046 0 19 797 L afarye Nortn Amersca 24.667 0 13
589 First American 15.614 0 09 375 I ancaster Colony 14.625 0 @A
1 255 First Data 52,334 0 29 31 La-damerica Financial 14,835 0 08
25 1 Landstar System ',6.081 0 09
266 Lear 11.943 0 07
77 Lenman Brothers 5.041 0 03
395 Lex" International 27,9'5 0 15
1.16% Limmted arands 17 142 0 10
Schroders
as at 30 June 2003
SlSF North American Equity Sigma (continued)
Ndmher of wares Transferable secursties admitted Market % Number of shares Transferable securities admitted Market %
or principal to offlclal exchaige listing/ value Net or principal to official exchange listing/ value Net
aiount Common stocks and Shares US0 Assets amount Common stocks and Shares USD Assets
United Stales of America (continued) Unlted States of America (continued)

239 Lincare 7,548 0 04 423 QLogic 20.363 0 11
876 Linear Technology 28,233 0 15 1,798 Qualcomm 64.620 0 35
472 Linens 'n Things 11,068 0 06 990 Quiksilver 16.117 0 09
512 Lockheed Martii 24,330 0 13 1,392 Quintiles Transnational 19.766 0 11
1,483 Lowe's 63.947 0 35 407 Radian 15,254 0 08
433 Lubrizol 13.263 0 07 314 Aaytheon 10,236 006
276 Manpower 10,212 006 479 Reebok International 16.123 0 09
1,327 Marathon Oil 34.807 0 19 465 Reinsurance Group M America 14.782 0 08
340 Marsh 8, McLennan 17 588 0 10 602 Renal Care 20.474 0 11
1 369 Matte1 26 175 0 14 2,456 RF Micro Devices 14,613 0 08
327 Maxim Integrated Products 11 262 0 06 834 Roslyn Bancorp 18,140 0 10
654 Maytag 15,766 0 09 237 Safeco 8,421 0 05
3 194 MBNA 66,276 0 36 2,561 Sara Lee 47.225 0 26
1 762 McDonaldG 39.416 0 21 6.627 SBC Communcations 168,591 0 92
606 McGraw-Hill Companies 37.724 0 21 2,699 Schering-Plough 51 524 0 28
59 1 MDU Resources 19.657 011 391 Scientific-Atlanta 9,216 0 05
2,714 Medtronic 130.788 0 71 230 scotts 11,351 006
4,462 Merck & Go 272,271 1 48 316 Seacor Smit 11,556 0 06
473 Mercury Interactive 18,490 0 10 91 1 Sears Roebuck 30.391 0 17
1,409 Merrill Lynch & Co 65,533 0 36 294 Semtech 4.222 0 02
2.226 Metlife 63.218 0 34 804 Sensient Technologies 18.219 0 10
20,975 Microsoft 539,477 2 94 442 Sigma-Aldrich 24,085 0 13
520 Molex 12.132 0 07 273 Silicon Laboratories 7,330 0 04
2,263 Morgari Stanley 97 309 0 53 909 SLM 36,505 0 20
1,616 Network Appliance 25,921 0 14 1,732 Southern 54.090 0 29
295 New Century Financial 12,912 0 07 5.112 SPDR Trust Series 1 499.238 2 72
2.629 Nextel Communications 48,479 0 26 2.773 Sprint 40 209 0 22
650 Nike 34.502 0 19 1.650 Staples 30,558 0 17
1,440 Northeast Utilities 23.674 0 13 251 State Street 9,897 0 05
158 Northrop Grumman 13,560 0 07 1,019 Steel Dynamics 14,072 o om
7,685 Novel1 25,514 0 14 306 Stewart Information Services 8.693 0 05
926 Nvid.a 20,863 0 11 573 Stryker 40.061 0 22
1,227 Occidenta! Petroleum 41,043 0 22 444 Sungard Data Systems 11,535 0 06
1,721 OfficeMax 11.221 0 06 603 Sunrise Senior Living 13,326 0 07
423 OGE Energy 8 959 0 05 46 1 Suntrust Bams 27,268 0 15
587 Omnicom 42 21 1 0 23 285 Superior Industries International 11,850 0 06
10 686 Oracle 132,400 0 72 606 Sybase 8.636 0 05
1,162 Owens-Illinois 16.163 0 09 439 Synantec 19.615 0 11
437 Paccar 29.567 0 16 433 Take-Two InteractiveSoftware 12,535 0 07
337 Pacificare Health Systems 16 850 0 09 1,290 Target 48.027 0 26
420 Patina Oil & Gas 13,482 0 07 1,346 Tenet Healthcare 15,681 0 09
294 Paychex 8.608 0 05 3,570 Texas Instruments 64.296 0 35
1,203 Peoplesoft 21.245 0 12 338 Tidewater '0.042 0 05
2,810 PepsiCo 123 190 0 67 1,725 Travelers Properly Casualty 28 756 0 16
1.540 PerkinE!mer 21,329 0 12 48 1 Tribune 23,050 0 13
679 Perot Systems 7,876 0 04 753 TXU 16,604 0 09
615 Perrigo 9.729 0 05 814 Unisys 9,402 0 05
15 643 Pfizer 547 505 2 99 2,041 Unired Parcel Service 128.582 0 70
1,197 PG&E 25,556 0 14 1,094 United Technologies 77,236 0 42
392 Pharmaceutical Product 130 UnitedHealth 6,528 0 04
Development 11,392 0 06 4.315 U.S Bancorp 106.106 o 5m
610 Pitney Bowes 23,064 0 13 390 Utstarcom 13.786 0 08
340 Pogo Producing 14,593 0 08 445 Valero Energy 16,295 0 09
265 PolyMedica 12.330 0 07 561 Varian 18,916 0 10
350 PPL 15.015 0 08 1.608 Veritas Software 46,085 0 25
7,505 Procter & Gamble 223,371 1 22 5,385 Verizon Communications 213,569 116
568 Protective Life 15.376 0 08 3,392 Viacom 147.2'2 0 80
592 Provident Financial 15,191 O W 2.803 Wachovia 112.484 0 61
1.557 Prudential Financial 52,627 0 29 8.386 Wal-Mart Stores 451.166 2 46
290 Public Storage 9.889 0 05 1.168 Walgreen 35.355 0 19
2,321 Washington Mutual 96 474 0 53
490 Waste Management 11.6'3 0 06
Schroders
as at 30 June 2003
SlSF North American SlSF European Equity Alpha
tqulty sigma (continued)
Number of snares Transferable securitJesadmitted Market % Number of shares Transferable securities admitted Market %
or principal to officia: exchange listing/ value Net or prmcipal to official exchange listing/ value Net
amount Common stocks and Shares USD Assets amobnt Common stocks and Shares EUR Assets
~ .,
United States of America (continued) Belgium 864,860 183
896 Waters 25.544 0 14 :5 345 Groupe Bruxelles Lambert 607 509 1 29
3,473 Wells Fargo & Co 177 296 0 97 10804 UCB 257 351 0 54
1,673 Western Digital 17.868 0 10
287 WWpool 18.210 0 10 Denmark 834,453 1.16.
283 WiI;:ams Energy Partqers 13,352 0 07 15,529 Bang & Olufsen 369 881 0 78
813 WM Wr gley Jr 45,723 0 25 13,227 Jyske Bank 164 569 0 98
3,007 Wyeth 137,570 0 75 - ~
2,7:3 Xerox 28 893 0 16 Finland 1,315,433 2.18

687 Yahooi 22 135 0 12 2,750 Alma Media 69 300 0 14
193 Zebra Technolog;es 14 500 0 08 6,158 Kone 224 767 0 48
840 Zirnmer 37 439 0 20 70,197 Nokia 1021 366 2 16
--
Total Transferable Securitites France 3,334,140 1.05
Admitted to an Official Exchange Listing 16,892,233 92.11 15 771 BNP Paribas 712,534 1.51
9.125 Christian Dior 317,276 0.67
Number of shares Other Transferable Securities Market % 61 303 Eliur 348.20: 0 74
of princips' value Net 61 299 E'ior Rnghts 29.424 0 06
amount USD Assets 18,987 Fimaaac 447.144 0.95
462 Fimalac Warrants 31112/2006 975 0.00
United States of America 1,428 0.01 7 695 Rodriguez 365.897 0.77
3.717 Fnro- 161 0.00 8 341 Total 1 112.689 2.35
7.061 Kmart 706 0 01 -_.I
2.285 Wachovia (Psbllc) 34 0.00 Germany 2,292,294 4.05
13.015 WorldCom 527 0.00 52,207 Dedsche Telekom 701,662 1.49
9,091 Fresenius Medical Care 283 821 0 60
Total Other Transferable Securities 1,420 0.01 8.461 Merck 214909 0 45
16335 Metro 458 197 0.97
4,605 Mlrnchener R~CkVersiCherUng 41 1.687 0.87
45 777 Viva Media 222,018 0.47
Total Investments 16,893,661 92.12 --
Greece I,746,an 3.69
Other Net Assets 1.445915 7.08 58.234 Greek Organization of Footba!l
Prognostics 517,118 1 09
Net Asset Value 18,334,516 100.00 1 7 8 543 Hel.ensc Exchanges 678,463 1 43
53,628 Hellew Telecommunications
Organization 551 296 117
... --
Ireland 2,203.490 4.68
116,281 Ang6 Irsh BanK 888.387 1.88
zu 039 Bar,k of Irelaqd 209.931 0.44
42.063 DCC 485.828 1.03
141,205 Glanbia 214,632 0.45
54.617 laws Group 404,712 0.86
-.
2,907,873 6.15
369.707 Banca Nazionale del Lavoro 560,106 1.19
78,320 Bulgari 379.069 0 80
73,770 De Rigo ADR 231,752 0.49
80713 EN1 .084,783 2.29
128,549 Parmalat Finanziaria 351,582 0 74
62.621 Telecom ltalia 'RNC' 300.581 0 64
Luxembourg 312,581 0.66

30 888 Arcelor 312.587 0.66
~
The Netherlands 5,597,326 11.84

15,395 Aegon 137 631 0 29
13,65: Heilmans 209 543 0 44
53,375 ING 825.178 175
184,299 Laurus 250,647 0.53
30.780 Pnil'ps Electron cs 530 032 'Yl2
28.163 Royal Dutch Petroleum 1.157 499 2.45
65.213 Hoyal KPN 405.625 0 86
34 375 1PG 534.531 113
Schroders
as at 30 June 2003
SlSF European Equity Alpha SlSF European Absolute
(continued) Return
Number of shares Transferable securities admitted Market % Number of shares Transferable securities admitted Mawet %
or principal to official exchange listing/ value Net or principal to official exchange listing/ va ue Net
amount Common stocks and Shares EUR Assets amouiit Common stocks and Snares EUR Assets
The Netherlands (continued) Flnland 1,178,550 2.43

2- 978 UnsIever ;035 603 2 19 81 000 Nokia 1,178.550 2 43
48 21 1 Wolters Kluwer 51 1,037 1 08
~- France 2,244,490 4.63
Norway 971.871 2.06 21,000 Carretour 903,630 181
20 000 Bolig OG Naeringsbanken 525.568 112 3.000 JC Decaux 465,260 0.96
10 342 Norsk Hydro 446 303 0 94 20.000 LVMH Moet Hennessy Louis
Vu,tton 875.600 1 80
Portugal 220,220 0.47
35 692 PortugalTelecoT SGPS 220,220 0 47 Germany 9,948,851 20.51
EUR 6,728,000 Eundesschatzanweisungen 4%
Spain 711.727 1.51 25/06/2004 6,856,505 14 13
13 357 Altadis 297,327 0 63 30,000 Deutsche Eoerse 1,371,000 2.83
17 500 Grupo Ferrovial 414,400 0 88 30,000 GFK 495.000 1 02
I
19,800 Medion 747.846 154
Sweden 414,326 0.88 55M) Puma AG Rudolf Dassler Sport 478.500 0.99
23857 TV4 414,326 0 88
Ireland 542,449 1.12
Switzerland 3,324,772 7.03 90 000 Ryanair 542,449 1.12
2.500 BKW FME Energie 530.524 112 ~
41,765 Compagnie Financlere Richemont 596,513 1.26 Italy- 9,722,960 20.04

27,788 Novartis Registered 967,302 2.05 170,000 Autogrill 1.609.900 3 31
2.970 Schindler 422,725 0.89 203.000 Eulgari 982.520 2 03
9.121 Swiss Life 807,708 1.71 99,000 Coicessioni e Costruzioni
Autostrade 1.213.740 2 50
United Kingdom 15,984,366 33.80 110,000 EN1 1.478.400 3 05
357,143 Atrium Underwriting 759,478 1 60 85,000 Merloni Elettrodomestici 1.099.900 2 27
122,581 Earclays 803.336 1 70 200.000 Saipem 1.336.000 2 75
52,696 Eovis Homes 323 119 0 68 250.000 Telecom ltalia 2 002,500 4 13
169,196 ET 500.131 1 06
319.43’ Cable 8 Wireless 519,318 110 The Netherlands 1,236,330 2.55
255.981 Carphone Warehouse 360,688 0 76 57,000 Euronext 1,236,330 2.55
720.601 Centrica 561,807 119
115,917 Clinton Cards 356,014 0 75 Portugal 672,530 1.39
568,737 Cookson 202.968 0 43 109,000 Portugal Telecom SGPS 672.530 1.39
184.901 Countrywide Assured 268,078 0 57
73.924 Crest Nicholson 245,162 0 52 Spain 2,411,400 4.96
416.646 3AS Data 8, Research Services 263.617 0 56 45,000 Altadis 1.001.700 2 06
16 671 Forth Ports 217,281 0 46 42,M)O Red Electrica de Espana 477 120 0.98
80,183 HBOS 913 954 1 93 66,000 Repsol YPF 932,580 1.92
19.887 Imperial Tobacco 313,709 0 66
33,780 lnchcape 477.942 101 United Kingdom 6,195,742 12.17
114432 JJB Sports 321,670 0 68 120,000 Imperial Tobacco 1,892,948 3.90
77,722 Kensington 300,624 0 64 300,000 Jokn Wood 804,287 1.66
142.428 Kingfisher 574.643 1 22 400 000 Kingfisher 1613.851 3.33
732,697 London Forfaiting 286,519 0 61 250,000 Morrison (WM.) Supermarkets 679,503 1.40
160,257 MFI Furniture 385,898 0 82 280,000 Redrow 1,205,153 2.48
88,250 Millennium & Copthorne Hotels 308,108 0 65
240.815 Mitie 400,605 0 85 Total Transferable Securities
117026 Paragon 474 764 103 Admitted to an official Exchange Listlng 34,153,302 70.40
37,908 Provident Financial 352,148 0 74
38.499 Royal Bank of Scotland 943 154 1 99 Other Net Assets 14,361,482 29.60
66.046 Schroder Ventures Interwtional
Investment Trust 435.213 0 92 Net Asset Value 48,514,784 100.00
225.874 Shell Transport & Trading ,323,935 2 80
384,983 TeSCO ,219 862 2 58
908,063 Vodafone ,571 221 3 32
Total Transferable Securitites

Admitted to an Official Exchange Llsting 43,036,615 91.02
Other Net Assets 4,248,253 8.98
Net Asset Value 47,284,868 100.00
Schroders
as at 30 June 2003
SlSF Portfolio
Number of shares Transferable securities admitted Market % Number of shares Transferable secuvties admitted Market %
or pri-cipa to official exchange list ng: value Net or privcips: to official exchange listing/ value Net
amount Common stocks and Shares GBP Assets amount Common stocks and Shares GBP Assets
-.---
Belgium 3,762 0.31 United Kingdom (continued)
137 Groupe Bruxelles Lambert 3,762 0.31 1:06 Allied Domecq 3,717 0 3’
_. 1,840 Amec 4,829 0 40
Finland 4,137 0.34 1,077 AstraZeqeca 26.634 2 ’9
410 Nokia 4,137 0.34 560 Aviva 2 401 0 20
~
1,400 BAA 6 928 0 57
France 35,143 2.89 3,174 BAE System 4.499 0 31
290 Credit Agricole 3.339 0 28 5 2W Barclays 23 634 194
40 Groupe Danone 3,346 0 28 1.485 BBA 3.139 0 26
194 Pecniney 4,289 0 35 3.970 BG 10.848 0 89
161 Scnneider Electric 4,598 0 38 588 EOC 4.613 0 38
390 Suez 3,841 0 32 11.304 BP 48.042 3 95
178 Thales 3.206 0 26 1.020 British Averican Tobacco 7,079 0 58
90 Total 8.326 0.68 1100 Bratish Land 5,275 0 43
375 Vivendi Universal 4.198 0.34 1 096 British Sky Broadcasting 7 371 0 61
8.073 BT 16 550 1 36
Germany 47,392 3.89 3,910 Cable & Wireless 4 409 0 36
260 Bayer 3,678 0 30 1.206 Cadbury Schweppes 4 345 0 36
190 Deutsche Rank 7,507 0.62 2.530 Centrica 4.468 0 37
460 Deutsche Telekom 4.288 0 35 1.330 Compass 4.426 0 36
GBP 20000 KFW International Finance 6% 537 Daily Mail 8 General Trust 3.084 0 25
07/17/?026 23.!33 1 90 2.100 Dehenhams 8.8?0 0 72
190 Metro 3.696 0.30 1,420 Diageo 9,308 0 76
17 o Siemens 5.090 0 42 3,880 EM1 4,734 0 39
2.000 GKN 4,545 0 37
Hong Kong SAR 36,005 2.96 GBP 20.000 Glaxo Wel!come 8 75% 01112i2005 27 249 1 83
56.700 Schroder AslaPacific Fund 36,005 2 96 3.643 GlaxoSrrithKme 45 064 3 70
4.6W Grarada 4.404 0 36
Italy 19,451 1.60 930 GUS 6.367 0 52
320 Assic~~razioni Generali 4 585 0 38 860 Hammerson 4,343 0 36
7.170 Banca Nazionale del Lavoro 7.533 0 62 1,400 Hanson 4,787 0 39
1.320 Telecom ltalia 7.333 0.60 5.683 Hays 5,494 0 45
-... ,-- 2 000 HBOS 15,810 1 30
Luxembourg 21,721 I.78 5.690 HSBC (London) 41 025 3 37
GBP 20,000 Allstate Life Funding 6 375% 600 Imperial Tohacco 6.564 0 54
17!01/2011 21,721 1.78 1.053 Irtercovthental Hotels 4.496 0 37
-- 510 Johnson Matthey 4 585 o 38
The Netherlands 30,705 2.52 3.490 Kingfisher 9,765 0 80
80: Aegon 4.966 0.41 9 450 Legal & General 8,162 0 67
244 DSM 6.337 0.52 2 000 Lloyds TSB 8,715 0 72
724 ING 7.763 0.64 8 038 mm02 4,581 0 38
691 Koninklijke KPN 2.981 0.24 1.085 National Grid Transco 4,430 0 36
725 Philips Electronics 8.658 0.71 3.700 P&O Steam Navigation
- -- (deferred stock) 8.806 0 72
Spain 13,918 1.14 2.800 Polar Capital Technology Trust 3.781 0 31
950 Banco Santander Central Hispano 5,179 0.42 2.330 Premier Farnell 4,70: 0 39
1,227 Telef6pica 8,739 0 72 700 Provident Financ;al 4,510 0 37
2,128 Prudential 7 906 0 65
Supranational 27,998 2.30 2.330 Rank 5 773 0 47
GBP 25,000 EIB 7 625% 07!12/2006 27 998 7 30 ,440 Reed Elsevier 7.430 0 61
- .-. 3.221 Reuters 5,727 0 47
Sweden 4,217 0.35 1.130 Rio Tinto 13.i3i 1 08
679 Ska.-d raviska E w l l d a Baiken 4.217 0 35 2.076 Royal Bank of Scotlapd 35,271 2 90
.- ,_-- 6,590 Schroder dK S ~ a l l eCompanies
r
Switzerland 9.444 0.78 Fund 37.563 3 09
200 Adecco Registered 5,047 0 42 6 900 Securicor 5.106 0 42
275 Credmt Suisse 4,39/ 0 36 2 180 Selfridges 8,589 0 71
,.
.. 5 635 She.. :ransport B Trading 22 906 188
United Kingdom 749,709 61.59 1.900 Slough Estates 6.531 0 54
1000 31Gro~p 5 772 0 46 785 Standard Chartered 5.836 0 48
828 Abbey National 3 989 0 32 6,200 Tesco 13.625 1’2
10 300 Aggregate Industries 8 266 0 68 2,320 orrilcins 5,313 0 44
GBP 49,876 UK Treasury 5% 07/03/2008 57,394 4 30
900 Unilever 4 378 0 36
323 Umed Uti1ties 1.904 0 16
38,310 Vodatone 45.972 3 78
Schroders
as at 30 June 2003
SlSF Portfolio SlSF Portfolio (US Dollar)
(continued)
Number of snares Transferable securites admitted Market % Number of shares Transferable securities admitted Market %
or prlnclpal to official exchange Listing/ value Net or principal to official exchange listing/ value Net
amount Common stocks and Shares GBP Assets amount Common stocks and Shares US0 Assets
United States of America 189,582 15.58 Barbados 9,281 0.21

500 Altria Group 13 685 112 230 Nabors Industries 9,281 0.21
860 AOL Time Warner 8,257 0 68
280 Applied Materials 2,727 0 22 Belgium 62,886 1.42
98 AT&T 1,151 0 09 1 390 Grwpe Bruxelles Lambert 62 886 1 42
1,377 AT&T Wireless Services 7.01 1 0 58
530 Bristol-Myers Squibb 8,855 0 73 Bermuda 28,296 0.64
700 ChevronTexaco 8,785 0 72 339 XL Capital 28 296 0 64
1,070 CISCOSystems 11.026 0 91
630 Citigroup 16.444 1 35 France lln,146 I.75
158 Comcast 2.923 0 24 510 Total 77 746 1 75
290 Exxon Mobil 6,401 0 53
407 General Electric 7,069 0 58 Germany 142,068 3.20
450 Home Depot 8.867 0 73 1 210 Bayerische Motoren Werke 47 4'4 + 07
428 Intel 5,346 0 44 1 000 Fresenius Medical Care 49 664 112
470 Micron Technology 3,366 0 28 1550 Merck 44 990 101
700 Microsoft 10.926 0 90
720 Pfizer 15.293 1 26 Hong Kong SAR 116,820 3.98
1 497 Travelers Property Casualty .A' 15,135 1 24 169,000 Schroder AslaPacific Fund 176 828 3 98
55 Travelers Property Casualty 'E 556 0 05
180 United Technologies 7,712 0 63 Ireland 19,252 1.78
240 UnitedHealth 7,314 0 60 6 620 Bank ot Ireland 79 252 178
400 Verizon Communications 9,627 0 79
400 Wyeth 11.106 0 91 United Kingdom 524,314 IIA1
1,291 Abbey National 10,248 0 24
Total Transferable Securities 8,900 Aggregate Industries 11 769 0 28
Admltted to an Official Exchange Llstlng 1.193,184 90.03 1,400 Allied Domecq 7,752 0 17
600 Anglo American 9,239 0 21
Other Net Assets 24,034 1.91 300 AstraZeneca 12.225 0 28
3,700 BP 25.911 0 58
Net Asset Value 1,217,218 100.00 2,600 BT 8 783 0 20
3,026 Dixons 6 619 0 15
21,000 Fleming Japanese Investment Trust 50,520 1 14
1.!00 GlaxoSmithKline 22,421 0 50
6.900 Granada 10,431 0 23
1,600 HSEC (London) 19.008 0 43
200 Imperial Tobacco 3.605 0 08
7,500 Kidde 10 504 0 24
787 National Grid Transco 5,294 0 12
2,900 Polar Capital Technology Trust 6,453 0 15
1.400 Prudential 8.570 0 19
900 Royal Bank of Scotland 25.196 0 57
1,400 Sainsbury (J) 5 959 0 13
95.000 Schroder Tokyo Fund 169 372 3 81
21,700 Schroder UK Mid 250 Fund 19,723 0 44
2.000 Schroder UK Smaller Companies
Furd 18.784 0 42
1,850 Shell Transport & Trading 12.391 0 28
2,300 Slough Estates 13028 0 29
2.000 Tesco 7,242 0 16
500 Uni ever 4.008 0 09
9,740 Vodafone 19.259 0 43
-
775 Abbott Laboratories 33,790 0 75
324 Aetna 19.592 0 44
US0 100,000 AIG SunAmerica Global
Financing IX 5.1% 17/01/2007 109 064 2 46
384 Allstate 13 939 0 31
1,303 Altria 58,765 ' 32
160 American Internatonal 8.9'0 0 20
457 AmerisourceBergen 31.848 0 72
3,474 AOL Time Warner 54,959 1 24
873 Applied Materials 14.012 0 31
3,416 AT&T Wireless Services 28 660 0 65
491 Bank of America 39 089 0 88
1,160 Baxter International 29,174 0 66
Schroders
as at 30 June 2003
SlSF Portfolio (us Dollar) (continued)
N.,mber of shares Transferable securities admtted Market Number ot shares Other Transferable Securities Market Yo
or principal to offic al exchange listing/ value Net or principal valde Net
amount Comww stocks and Shares USD Assets amount US0 Assets
United States of America (continued) United States of America 22.621 0.51

900 REA Systems 9.972 0 22 US0 20 000 General Electric Capital 6%
1.186 3ellSouth 32,117 0 72 15/06/2012 22,621 0 51
358 Cardinal Health 23,198 0 52
68P Carnival 21,742 0 49 Total Other Transferable Securities 22,621 0.51
950 Cendant 17,157 0 39
497 ChevronTexaco 35 973 0 81
457 Chubb 27 534 0 62
2.525 Cisco Systems 42.875 0 97 Total Investments 4,044,671 91.09
1,247 CitigroJp 53.633 121
558 Clear Channel Comvucications 23.3',3 0 53 Other Net Assets 395.836 8.91
59 1 Coca-Cola 27.487 0 62
421 Comcast 'A' 12,832 0 29 Net Assetvalue 4,440,507 100.00
100 Comcast Special A' 2 920 0 07
416 ConocoPhillips 22.759 0 51
562 Dell Computer 17.832 0 40
450 Du Pont (E I ) de Nemours 18.824 0 42
393 Eiectrcnic Data Systems 8.430 0 !9
1294 Exxon Mobil 47.063 1 06
518 Federated Departme-t Stores 18.840 0 42
456 FHLMC 22,800 0 51
879 FirstErergy 32,815 0 74
406 FNMA 26,991 0 61
250 000 FNMA 3 25% 15/11/2007 258,051 5 81
2.336 General Electric 66.856 15:
780 HewleR-Packard 16.271 0 31
1,049 Home Depot 34.061 0 77
2.211 Honeywel' International 59.012 1 33
1,778 Intel 36,591 0 82
us3 250,000 KFW lnternatioral Finance
2.5% .7/10/2005 255,079 5 74
380 Merri!l Lynch B Co 17 674 0 40
3.479 Microsoft 89 480 2 02
390 Morgan Stanley '6.770 0 38
us0 '00.000 Morgan Stanley 9ean Witter
6.1% 15/04/2006 110.308 2 48
457 Northrop Grumman 39.220 0 88
2.651 Office Depot 39.898 0 90
1.305 PepsiCo 57.211 129
2,389 Pfizer 83,615 1 88
478 PGBF 10,205 0 23
434 Procter 8. Gamble 38.700 0 87
380 Prudevtial Financial :2 844 0 29
479 aualcomm 77.215 0 39
1,521 Travelers Property Casdalty 'A' 25.340 0 57
744 Travelers Property Casualty 6' 4.067 0 09
1 607 U S Bancorp 39.516 0 89
488 United Technologies 34.453 0 78
USD 260.000 US Treasury 4.375% 15/05/2007 281,998 6 35
USD 84.000 JS Treasury 6.125% 15/: 1/2027 ?01,837 7 29
1,342 Verizoq Comrwricatlons 53,224 1 20
453 Wachov a 18,179 0 41
515 Wal-Mart Stores 27,707 0 62
1 . 1 ~ Wyeth 53,848 121
1.134 Yuml Brands 33.180 0 75
Total Transferable Securities Admitted

to an Offlclal Exchange Listing 4,022,050 90.58
& Schroders
as at 30 June 2003
SlSF EURO Bond
Ndmber of shares .‘rsnsferable Securities admitted Market % Number of Shares Transferable securities admitted Market %
or principal 10 official exchaige listing/ value Net or principal to official exchange listing/ va ue Net
amouqt Common stocks and Shares EUR Assets amount Common stocks and Shares EUA Assets
Australia 3,355,482 0.82 Guernsey 1,116,333 0.27

EUR 3,136,000 Australia and New Zealand EUR 1.000,OOO Credit Suisse Group Capital
Banking Group 4.875% Guernsey variable 29/11/2049 1, I 16 333 0.27
07/02/2007 3.355.482 0 82
Ireland 1,052,599 0.26
Belgium 1,558,842 0.38 EUR 890,000 Allied Irish Banks variable
EUR 1.445.000 SCA Coordination Center 29i12/2049 1.052.599 0 26
5.375% 25/06/2007 1,558.842 0 38
---.I . 51,292,816 12.60
Canada 8,361,955 2.05 EUA 10.073.000 Italy (BTPS) 3 5% 15/01/2008 10.298,635 2 53
EUR 4.285 000 Province of Ontario 3 5% EVA 12,595,000 Italy (BTPS) 5 25% 01/08/2017 13 834.348 3.40
12/03/2010 4,274,930 1.05 EUR 5,753000 Italy (BTPS) 5.5% 0111112010 6,469.824 1.59
EUR 4,030.000 Province of Quebec 4 25% EUR 5,440,000 Italy (BTPS) 6% 01/05/2031 6,418.656 1 58
27/02/2013 4,087,025 1.oo EUR 10,741,000 Italy (BTPS) 6.75% 01;02/2007 12.216.813 3 00
_I.- ,
EUR 1,873.000 Poste ltaliane 5.25%03/07/2012 2.054 540 0.50
Cayman Islands 5,542,792 1.36 I
EUR 1.870.000 CAM International variable Luxembourg 4,001,474 0.98

03/04/21312 2.009.378 0 49 EUR 765.000 Michelin Finance Luxembourg
FUR 1.034000 HutchisonWhampoa 5.5% 6.125% 16/04/2009 847.081 0.21
16/03/2006 1 081.446 0 27 EUR 1.990 000 Sogerim 7% 20/04/2011 2.285.725 0.56
EUR 2.260 000 MBNA America European EUR 810,000 Syngenta Luxembourg Finance
Structured Offerings 5.45% #2 5 5% 10/07/2006 868 668 0.21
19/04/2011 2,451,968 0.60
Malaysia 1,107,291 0.27
Croatia 718,023 0.18 EUR 1 000,000 Petronas Capital Registered
EUR 710.000 Republic of Croatia 6.375% 22/05/2009 1.107.291 0 27
4 625% 24/02/2010 718.023 0.18 ~
-~ The Netherlands
~- 17,856,868 4.38
Denmark 9,917,089 2.43 EUR 11.095,OOO Bank NederlandseGemeenten
EUR 9,860.000 Kingdom of Deimark 3 5% 3 1/03/2008 11,305 860 2 77
3.25% 14/11/2008 9,917,089 2.43 EUR 1325.000 DeJtsChe Telekom International
- Finance 6 375% 11/07/2006 1,433,769 0.35
France 33,255,552 8.16 EUR 400000 DeutscheTelekom International
EUR 840000 BNP Paribas variable 23/01/2014 908.969 0 23 Finance 7 5% 24/01/2033 471.812 0 12
EUR 13.750000 Caisse d’Amortissement EUA 710.000 Deutsche Telekom International
de la Dette Sociale Finance 8.125% 29/05/2012 873.858 0.21
5.125% 25/10/2008 15,044,563 3.69 EUR 780.000 E.ON International Finance
EUR :1.300,OOO CDC 1x1s 2.75% 26/06/2008 11 084.404 2.72 5.75% 29/05/2009 863,832 0.21
EUR 2.200000 Credit Agricole FRN 25/04/2005 2,200.000 0 54 EUR 825 000 RWE Finance 6.125% 26/10/2012 929,990 0.23
EUR 1.075000 Credit Lyonnais variable EUR 710CQO TPSA Eurotinance 6.625%
15/11/2012 1.147 890 0 28 01/03/2006 761.196 0.19
EUR 965.000 France Wecom 7% 23/12/2009 1.107,056 0.27 EUR 140,000 Unilever 5 125% 07/06/2006 1,276,551 0.30
FUR 639.000 France Telecom 7 25%
28/01/2013 746,157 0 18 South Africa 1,616,414 0.40
EUR 806.000 France Teiecom 8.125% EUR 800 000 Republic of South Africa 5 25%
28/01/2033 1,016,513 0 25 16/05/2013 769.561 0 19
~ ~ . -. . EUR 778.000 Republic of South Africa 6.75%
Germany 50,463,422 12.39 19/05/2006 846.853 0 21
F i l R 31 441.000 Bundesobligation4 25% --
15/02/2008 33 167 111 8.14 Spain 44,734,443 10.98
FUR 16,230.000 Buqdesobligation5% EUR 23,757,000 Spanish Government 5 35%
17/02/2006 17.296.311 4 25 31/10/2011 26.543.696 6 52
.. . -~ EUR 6,983.000 Spanish Government 5 5%
Greece 75,165,402 18.45 30/07/2017 7,883 109 1 93
EUR 18.268 000 Hellenic Republic 5 35% EUR 8.929,COO Spanish Government 5.75%
18/05/2011 20,288.441 4.98 30/07/2032 10,307,638 2 53
EUR 9 540.000 Hellem Republic 5.9% ~
22/10/2022 10,965,753 2 69 Supranational 29,259,817 7.18

kclR 40 304.000 Hellenic Republic 6% EUR 12,088 000 EIB 3 5% 15/i0/2005 12,401,079 3.04
19/02/2006 43.91 1.208 10 78 EUR 16.010000 EIB 4% 15/01/2007 16,708,078 4.10
EUR 135,000 EIB 5.375% 15/10/2012 150,660 0.04
~
--I
Sweden 3,735,703 0.92

EUR 1.040.000 ForeningsSparbanken variable
02/10/2012 1,087.684 0 27
EUR :.360.000 Skandinaviska Enskilda Banken
variable 06/06/2012 1,470.66: 0 36
Schroders EUR 1,100.000 Svenska Handelsbankerivariable

28/12/2011 2.177.358 0.29
as at 30 June 2003
SISF EURO Bond (continued)
Number of shares Transferable seccrit:es admitted Market % Number of shares Transferable securities admitted Market %
or principal to official exchange listing/ value Net or principal to officisl exchange listing/ value Net
amount Corrmon stocks and Shares EUR Assets amount Commoq stocks and Shares EUR Assets
United Kingdom’ 35.789.172 8.78 United States of America (continued)

EUR 2.2M3.000 Alliance 8 Leicester FRN EJR 3,000 000 MBNA America European
2 1/I112005 2.19a.240 0 55 Structured Offerings
EJR 1,035,000 Bank of Ireland variable 4 375% ig/oa/2004 3 069 300 0 76
79/12/2049 1,221538 0 30 EUR 4 OW 000 MBNA Credit Card Master Note
EUR 760000 Bank of Scotland var:able Trust 4 15% 19/04/2010 1 087 600 1 00
05/12/2013 815,522 0 20 EUR 1 499,000 Morgan Stanley 4 375%
EUR 1035,000 Barclays Bank variable 01/03/2010 1 532 630 0 38
29/12/2049 1 234 690 0 30 EUA 1,305,000 Pemex Project Funding Master
ELJR 530,000 British Telecom 7.125% Trust Registered 6 625%
15/02/2011 618.744 0 15 04/04/2010 ’3 5 7 543 0 33
EUR 3,900000 Chester Asset Receivables EUR 675 000 Reed Elsevier Capital 5 75%
Dealings No :1 6 125% 31/07/2008 743 657 0 18
15/’0/2010 4.449.495 1 09 tUR 1,000.000 Standard Chartered Capital
EUR 1810.000 Coca-Cola HBC Finance 5 75% Trust I varmahle 29/03/2049 1,164 275 0 29
27/06/7006 1,929,722 0 47
EUR 875,000 Compass 6% 29/05/2009 971.938 0 24 Total Transfemble Securities
EUR 1.015000 FCE Bank FRN 28/06/2006 954,100 0 23 Admitted to an Official Exchange Llstlng 399,612,121 98.08
EUR 1,650,000 Gallaher Group 5 75%
02/10/2006 1 763 575 0 43 Other Net Assets 7,623.428 1.92
EUR 2,000 000 Granite Mortgages variable
20/04/2007 2.149.414 0 53 Net Asset Value 407,435,549 100.00
EUR 895.000 GUS 4 125% 12/07/2007 912.609 0 22
FUR 2.030.000 Holmes Financing 4 2A FRN
15/07/2008 2,’60.365 0 53
EUR 902.000 HSBC ‘dank 4.25% 18/03/20’6 905.955 0 22
EUR 1,665,000 Imperial Tobacco Finance 6.25%
06/06/2007 1,817,705 0 45
EUR 1,250,000 Lehrran Brothers Holdings
6.125% 23/03/2007 1379,950 0 34
ELF 2.200.000 Nationwide Building Society FRN
29/09/2005 2 202 051 0 54
EUR 1430.000 Northern Rock 3.875%
28/03/2008 + ,465 800 0 36
EUR 1035000 RBS Capital Trust A Variable
29/12/2049 1,162.631 0 29
EUR 815000 Rentokil lr tial 5 75% 21/05/2007 884.866 0 22
EUR 580000 Tesco 5 25% 07/05/2008 627.236 0 15
EUR 3000000 Travelers insurance Company
InstJutional Funding 5 5%
30/09/2003 3,021,417 0 74
EUR 835.000 Uvited Utilities Water 6.625%
OW! 1/2007 941,609 0 23
- -
EUR 1 275 000 Bank d Arnerica 3 625%
03/03/2008 1 293 723 0 32
DEM 3 105 000 C?ase Credit Card Master Trust
1998-4 5% 15/08/2008 3 343 747 0 82
EUR 1 240 000 General Motors Acceptance
5 75% 14/02/2006 1 265 279 0 31
EUR 645 000 Hobsehold Finance 5 815%
31/03/2008 710,564 0 17
EUR 1 015 000 IntesaBci Cap tal Trust variable
29/07/2049 1 144,314 0 28
Schroders
as at 30 June 2003
SlSF EURO Short Term Bond
Number of shares Transferable securlties admltted Market % Number of shares Transferable securities admitted Market %
or principa, to official exchange listing/ value Net or principal to official exchange listing/ va.ue Net
amodnt Common stocks and Shares EUR Assets amount Common stocks and Shares EUR Assets
Australia 2,103,486 0.36 Luxembourg 5,430,298 0.93

EUR 2,000,000 Australia and New Zealand EUR 1,130,000 AIG Sunamerica Institutional
Banking Group 5 5% Funding Ill 5.75% 26/09/2005 1,206,606 0,21
23/02/2005 2,103,486 0.36 EUR 2.000.000 Sogerim 6.125% 20/04/2006 2,148.540 0.37
~. EUR 1,935,000 Syngenta Luxembourg
Belgium 22316,855 3.81 Finance #2 5 5% 10/07/2006 2,075,152 0.35
EUR 20,785.000 Kingdom of Belgium 6 5% -
31/03/2005 22,316 855 3.81 The Netherlands 37,953,114 6.49
OEM 398,000 Bank Nederlandse Gemeenten
Cayman Islands 2,995,950 0.51 4 375% 17/11/2003 205 071 0.05
EUR 3,000.000 Cam Global Finance FRN EUR 3.000.000 Deutsche Telekom International
29/03/2006 2,995,950 0.51 Finance FRN 14/08/2003 3,000 660 0.51
- -- EUR 1.160,000 Geieral Motors Acceptance
France 33,622,966 5.15 International Finance
EUR 1754,000 Aventis 5% 18/04/2006 1,329 503 0 23 5 375% 18/01/2005 1 185,288 0.20
EUR 3,500,000 Ranclue Psa Finance 4 625% EUR 3.000,oOO Madrid Finance FRN 03/08/2004 3 002 169 0 51
11 /03/2005 1,551675 0 27 EUR 22,350,000 NetherlandsGovernment 4%
EUR 3000,000 Banque Psa Fmance FRN 15/07/2005 23 132 250 3 95
18/02/2005 3 000,930 0 51 EUR 1.500.000 Oliveai Finance 5 825%
EJR 2,000000 Carrefour 5 125% 02/08/2006 2 138,900 0 37 30/07/2004 1550,100 0.26
EUR 3000000 Credit Lyonnais FRN EUR 3.000000 Telefonica Europe FRN
06/04/2004 3002,617 0 51 3011012004 3 022 950 0.52
EUR 15,000 000 France (OAT) 7.5% 25/04/2005 16 263,000 2.78 EUR 2,675.000 Uni ever 5 125% 07/06/2006 2 854 626 0.49
EUR 3000000 France Telecom FRN
10/11/2003 3 MJ3,825 0.51 Norway 3,995,256 0.68
EUR 1025000 Groupe Danone 5 62546 EUR 4 000,000 Nordea Bank Norge ASA FRN
25/07/2003 1,027,030 0 18 2810112005 3,995,256 0 68
FRF 2,286735 RATP 6% 24/09/2003 2,305,486 0.39
South Africa 1,415,050 0.24
Germany 170,092.872 29.08 EUR 1 3M),OOO Republic of South Africa 6 75%
EUR 50.298 000 Bundesobligation5% 19/05/2006 1,415050 0 24
17/02/2006 53.602.579 9.17
EUR 31,525 000 Bundesobligation5% Spain 18,803.175 3.23
19/08/2005 33,309,315 5.69 EUR 18,550,030 Spanish Government 3 25%
ELJR 23,860.000 Bunde~~chatzanweisungen 31/01/2005 18,893.175 3 23
3.75% 12/09/2003 23,931.580 4 09
EUR 21,725.000 Germany (Bund) 6 25% Suwanational , .
17.389.005 2.97
26/04/2006 23,959,416 4.10 EUR 16,950,000 EIB 3.5% 15/10/2005 17.389.005 2.97
EUH 32 305.000 Germany (Bund) 6.5%
14/1OR005 35,289.982 6 C3 Sweden 2,016,333 0.34
-~ EUR 2.000.000 Svenska Wandelsbanken FRN
Greece 51,035,449 8.73 17/09/2012 2,016,333 0.34
EUR 46 843,000 Hellenic Republic 6% -
19/02/2006 51,035,449 8.73 United Kingdom 34,386,580 5.88
EUR 4.000.000 Alliance & Leicester FRN
Ireland 5,983,695 I.02 27/01/2006 3,993,772 0 69
EUR 3 000,000 Anglo Irish Bank FRN EUR 6,000.000 Bank of England 4.5%
17/02/2006 3 000,219 0.51 29/01/2004 6,083 452 1 04
EUR 3,000.000 Bank of Ireland FRN EUR 3,OCOOOO British Telecom Step Coupon
03/02/2006 2 983,476 0 51 16/02/2004 3,061.664 0 52
EUR 2,000.000 Coca-Cola HBC Finance 5.25%
27/06/2006 2,132,290 0 36
EUR 43,600.000 Italy (BTPS) 4 596 15/05/2005 45 426.840 7.77 EUR 1,775.000 Gallaher Group 5 75%
EUR 9.200,OOO Italy (BTPS) 4 75% 01/07/2005 9,649,880 3.65 0211o / 2 m 1.843.738 0 32
EUR 26.115.000 Italy (ETPS) 4.75% 15/03/2006 27.687.i23 4 73 EUR 5.003.000 Granite Mortgages variable
EUR 38,750.000 Italy (ETPS) 5 25% 15/12/2005 41,404,375 7 08 20/04/2007 5,373,535 0.92
EJR 3,000 000 ClnCredito Italiano FRN EUH 5.000.000 Holmes Financing 4 2A FRN
14/06/2010 3,021.000 0 52 15/07/2008 5,321,095 0.91
EUR 1575.000 Imperial Tobacco Finance 5 75%
06/06/2005 1,654 466 0 28
EUR 2,M)(3.000 Nationwide auilding Society
FRN 29/09/2005 2.001.865 0 34
EUR 2,900.000 Travelers Insurance Company
Institutional Funding
5 5% 30/09/2003 2 920,703 0 50
Schroders
as at 30 June 2003
SlSF EURO Short Term Bond SlSF European Bond
(continued)
Number of shares Transferable securities admitted Market % Number of shares Transferabie sechrites admitted Market %
or principal to offic a! exchange iistingl value Net or principal to otficlal exchange listing/ valde Net
amount Com-on stocks and Snares EUR Assets amount Common stocw and Shares EUR Assets
United States of America 26,348,522 4.50 Belgium 3,025,080 2.12

EUR 4,820 000 Chase Credit Cerd Master Trust EUR 2,700 000 Kingdom of Belgium 5.75%
1998-15 125% 15/02/7005 5,027,/77 0.86 28/03/2008 3.025.080 2.12
EJR 3,000,000 Goldman Sachs FRN -. ... -
25/04/2005 3 007 350 0.51 Canada 1,307,671 0.92
EUR 3.000.000 Housemold Finance FRN EUR 650.000 Province of Ontario 3 5%
03/0512005 3 051,450 0.52 i2/03/2010 648 473 0.46
EUR 865 000 I RM 5 375% 3 1/03/2005 907 999 0 16 EUR 650 000 Province of Quebec 4 2556
EUR 3.000.000 Lehnien Brothers FRN 27/02/2013 659,198 0 46
23/06/2004 3 007.638 0.51
FUR 5 950 000 MBNA America European Cayman Islands 347,181 0.24
Offerings 4 375% 19/08/2004 6 087 445 1 04 EUR 320.000 MBNA America European
EUR 3,000 000 Morgan Stanley 5 25% Structured Offerings
16/03/2006 3,190.155 0.55 5 45% 19/04/201: 347.181 0.24
ELF 1,940,000 Procter 8 Gamble 5 75%
26/09/?005 2 073.708 0.35 Denmark 6,829,800 4.79
EUR 3,020 000 Khgdom of Denmark 3.2546
Total Transfemble Securities Admitted 14/11/2008 3037.486 2 13
to an OMcial Exchange Llsting 563,167,824 96.27 DKK 27,165,000 Kingdom of Denmark 4%
15/08/2008 3,792.314 7 66
Other Net Assets 21,818,613 3.73 .-
France 9,738,930 6.82
Net Asset Value 584,986,437 100.00 EJR 3,400 000 CDC 1x1s 2 75% 26/06/2008 3.335.130 2 34
EUR 630.000 Credit Agricole FRN 25/04/2005 630,000 0 44
EUR 5.300.000 ERAP 3 375% 25/04/2008 5.373 008 3.76
EUR 4M).M)0 Groupe Danone 5.625%
25/07/2003 400,792 0 28
Germany 7,042,512 4.93

EUR 6.676.000 Bundesobiigation4 25%
15/02/2008 7 042.512 4 93
Greece 21,388,444 14.99-

EUR 4,630,000 Hellenic Republic 5.35%
18/05/2011 5.142.078 3 60
EUR 3.485.000 He'lenic Republic 5.9%
22/10/2022 4 005.833 2 61
EUR 11,235.000 Hellenic Republic 6 %
19/02/2006 12 240 533 6.58
w 34,172,377 23.94
EUR 10,080,000 Italy (BTPS) 3.5% 15/01/2008 10.305.792 7 22
EUR 4 iOO.000 Italy (BTPS) 5.25% 01/08/2017 4 503.440 3 16
EUR 1,450.000 Italy (BTPS) 5.5% 01/1:/2010 1.630 670 114
EUR 5,205,000 Italy (BTPS) 6% 01/05/2031 6 141.380 4.30
EUR 9,564.000 Italy (BTPS) 6.75% 01!02/2007 10 678.094 7.62
EUR 650,000 Poste ltaliane 5.25% 03/07/2012 7'3 001 0 50
- -.
The Netherlands 251,606 0.18
EUR 250,000 Shell Finance Netneriand3 25%
15/12/2008 251,606 0.18
Spain 22,222,709 15.57

EUR 12,201000 Spanish Government 5 35%
3'/10i2011 '3,632,177 9 55
EUR 2,510,000 Spanish. Government 5 5%
30/07/7017 2,833.539 1 99
EUR 4 987,000 Spanish Government 5 75%
30/07/2032 5 756.993 4.03
Schroders
as at 30 June 2003
SlSF European Bond SlSF Global Bond
(continued)
Nwnber of shares Transferable securities admined Market % Number of shares Transferable securities admitted Mar4 Oh
or principal to official exchange listing/ value Net or principal to official exchange Iisringl value Net
amodnt Common stocks and Shares EUR Assets amount Common stocks and Snares USD Assets
Supranational 11,346,632 7.95 Australia 112,491 0.14

FUR 4,860,000 EIB 3 5% 15/10/2005 4.985,874 3.49 EUR 92,000 Australia and New Zealand
EUR 6.095.000 EIB 4% 15/01/2007 6 360,758 4.46 Banking Group 4 875%
07/02/2007 1 1 2,491 0 14
Sweden 3,041,401 2.13
SEK 24.900.000 Swedish Government 6.5% Belgium 118,347 0.15
05/05/2008 3,041.401 2 13 EUR 96030 SCA Coordination Center 5 375%
- 25;06/2007 118,347 0 15
EUR 630,000 Ailiawe & Leicester FRN Canada 436,807 0.55
21/11/2005 629,496 043 EUR 190,000 Province of Ontario 3.5%
EUA 610,000 Chester Asset Receivables 12/03/2010 216,612 0.27
Dealings No 1 1 EUR 190,000 Province of Quebec 4.25%
6 125% 15/10/2010 695,947 049 27/02/2013 220.195 0.28
FUR 565000 Coca-Cola HBC Finance 5 25%
27/06/2006 602372 042 Cayman Islands 799,746 1.01-
EUR 470,000 Gallaher Group 5.75% USD 95.000 BSCH Issuances 7625%
02/10/2006 502,352 035 14/09/20
10 117,107 0.15
EUH 330.000 Holmes Financing 4 2A FRN EUR 109.000 CAM International variable
15/07/2006 351.192 025 03/04/2012 133.844 0 17
EUR 300.000 lmperlal Tobacco Finance 6.25% EUR 55,000 Hutchison Whampoa 5.5%
06/06/2007 327.515 023 16/03/2006 65,735 0.08
EUR 750000 Lehman Brothers Holdings 4.75% USD 270.000 Hutchison Whampoa International
12/07/2004 767,213 054 Registered 6.5%13/02/2013 284.689 0.36
EUR 630,000 Nationwide Building Society FRN EUR 160.000 MBNA America European
29/09/2005 630.587 0 44 Structured Offerings
EUR 250.000 Northern Rock 3875% 5.45% 19/04/2011 198.37
1 0.25
28/03/2006 256 259 0 18
GBP 1,632500 UK Treasury 5% 07/03/2008 2.472.801 173 Chile 350,081 0.44
GBP 866,000 UK Treasury 5% 07/03/2012 1,322,373 093 US0 330.000 Republic of Chile 5 5%
GBP 185,000 UK Treasury 5.75% 07/12/2009 293.163 021 15/01/2013 350.081 0.44
GEF 3447.000 UK Treasury 6 25% 25/11/2010 5.651.215 3 96
GEP 830,000 UK Treasury 675% 26/11/2004 1,251,244 088 Croatia 65,873 0.08
GBP 535000 UK Treasury 7.75%08/09/2006 865,153 061 EUR 57.000 Republic of Croatia 4.625%
GBP 170,000 UK Treasury 8% 07/06/2021 350,407 0 25 24/02/2010 65.873 0.08
GBP 520,000 UK Treasury 8 75% 25/08/2017 1,091.628 076
-. Denmark 626,405 0.79
United States of America 1,226,280 0.86 EUR 545.000 Kingdom of Denmark 3 25%
EUR 1.200,oOO MBNA Credit Card Master Note 14/11/2008 626,405 0 79
Trust 4 15% 19/04/2010 1,226,280 0.86 ~
France 1,804,441 2.03

Total Transferable Securities Admffled EUR 200,000 Banque Psa Finance FR
to an Offlclal Exchange Listing 140,001,540 98.10 26/10/2004 228.436 0.30
EUR 58,000 BNP Paribas variable 23/01/2014 71.721 0.09
Other Net Assets 2,713,327 1.90 EUR 723,000 CDC IXIS 2 75% 26/06/2008 810,445 1.02
EUR 200,000 Credit Agricole FRN 25/04/2005 228,550 0.29
Net Asset Value 142,714,867 100.00 EUR 61.000 Credit Lyonnais variable
15/11/2012 74,434 0 09
EUR 51,000 France Telecom 7% 23/12/2009 66.860 008
EUH 40.000 France Telecom 7 25% 28/01/2013 53.375 0.07
EUR 49.000 France Telecom 8 125%
28/01/2033 70,620 0.09
Germany 2,662,600 3.36

EUR 2,136.000 Bundesobligation4.25%
15/02/2008 2,574,920 3.25
EUR 72,000 Bundesobligation5% 17/02/2006 87.684 0.11
Greece 4,894,572 6.19

EUR 524,000 Hellenic Republic 5.25%
18/05/2012 660,537 0.84
EUR 572,000 Hellenic Republic 5 35%
18/05/20
11 725,947 092
EUR 285,000 Hellenic Republic 5 9%
22/'0/2022 374357 047
EUR 2,517.000 Hellenic Republic 6%
19/02/2006 3.133.731 3.96
Schroders
as at 30 June 2003
SlSF Global Bond (continued)
Number of shares Transferable securities admmd Market 70 Number of shares Transferable securities adrritled Market %
or principal to offic'a exchange listing: value Net or principal to offoal exchange listing/ vsiue Net
amount Common stocks and Shares USD Assets amount Common stocks a i d Shares USD Assets
. -.
Guernsey 77,817 0.10 Spain 1.838,057 2 32
EUR 61 000 Credit Su sse Group Capitai EUR 363.000 Spanish Government 5 35%
Guernsey variable 29/11/2049 77.817 0.10 31/10/201' 463 476 0 58
EUR 406.000 SpanisP Governmevt5 5%
Indonesia 372,670 0.47 30/07/2017 526 341 0 67
IDR 2 700 000,000 Indonesia RecapitalizationBond EUR 643.000 Spanish Government 5 75%
14.25% :5/06/2013 372.678 0.47 30/07/2032 848 240 ' 07
.,,. .- -.--___ -- -_ -.
..
Ireland 60,819 0.08 Supranational 1.509.949 1.91
EUR 45 000 Allied Irish Banks variable USD 290 000 Corp Andina de Foment0
29/' 212049 60819 0 08 7 75% 01/03/2004 299 908 0 39
- . __ EUR 610 000 EIB 5 375% 15/10/2012 777 938 0 98
Italy 3,825,388 4.83 GBP 175 000 EIB 6 25% 07/12/2008 318 749 0 40
EUR 366 000 Italy (BTPS) 3 5% 15/01/2008 450.982 0 56 GBP 60 000 EIB 7 625% 07/12/7007 113 354 0 14
EUR 480,000 Ita'y (BTPS) 5 2556 01/08/2017 602,494 0.76
EUR 194,000 Italy (BTPS) 5 5% 01/11/20:0 249,317 0.32 Sweden 155,942 0.20
EdR 359,000 Italy (BTPS) 6% 01/05/2031 484,051 0.61 EUR 55 000 ForeningsSparbanken variable
EUR 1,002 000 Italy (STPS) 6 75% 01/02/2007 1 302,363 1 65 02/10/2012 65 733 0 09
EUR 95.000 Paste Ita'iaw 5 25% 03/07/2012 119 084 0.!5 EUR 73 000 Skandinavska Enskilda 'Janken
JPY 68 000 000 Republic of Italy 1 8% 23/02/20iO 637 097 0.78 variable 06/06/2012 90 209 0 11
-- -. .
Japan 3,484.354 4.40 United Kingdom 5,235,570 6.62
JPY 107 000,000 Deveiopment Bank of Japan EUR 200.000 Alliance & Leicester FRN
1 7% 20/09/2022 984,921 1 24 21/17/2005 228 367 0 30
JPY 241 000 000 Japan Finance Corp for Municipal EUR 55,000 Bank of lrelsnd variable
Enterprises 1 55% 2'/02/201? 2,136,883 2 70 29/12/2049 74 .79 0 10
JPY 16 500 000 Japan Government Thirty EUR 53,000 Bank of Scotland variable
Year Bond 1 3 % 20/03/2033 362 550 0 46 05/12/2013 64.990 0 09
- .- - EUR 55 000 Barclays Bank variable 29/22/2049 74.978 0 10
Luxembourg 269,013 0.34 EUR 37 000 British Telecom 7.125% 15/02/201: 49.361 0 06
EUR 50 000 Michelin Finance Luxembourg EUR 270,000 Chester Asset Recwabies
6 12546 16/04/2009 63 268 0 08 Dealings No 11
EUR 111 000 Sogerim 7% 20/04/201 145 695 0 18 6.125% 15/10/2010 352 015 0 44
EUR 49 000 Syngeita Lbxembourg Finance EUH 97.m Coca-Cola HBC Finance 5 25%
#2 5 5% 10/07/2006 60 050 0 08 27/06/2006 118'79 0 15
.- EUR 46,000 Compass 6% 29/05/2009 58 390 0 07
The Netherlands 2,863,040 3.62 EUR 60,000 FCE Bank FRN 28/06/2006 64.451 0 08
EUR 555.000 Bank NederlandseGemeenten EUR 165,000 Gallaher Group 5.75% 02,'10/2006 201.533 0 25
3 5% 31/03/2008 646 280 0 81 EUR 110.000 Grarite Mortgages 02-1 variable
EUR 56.000 Deutsc-e Teqekorn lnternetional 20/04/2007 '35,093 0 17
Finance 6 375% 11/07/2006 69 247 0 09 EUR 66.000 GUS 4 125% 12/07/2007 79 236 0 '0
EUR 26.oW Deutsche Telekom International EUR 120.000 Holmes Financing 4 2A FRN
Finance 7 5% 24/0'/2033 35.046 0 04 15/07/2008 145 936 0 18
EUH 37,000 Deutsche Telekom International USD 85,000 HSBC 5 25% 12/12/2012 90.556 0 11
Finance 8 125% 29/05/20'2 52 040 0 07 EUR 44,000 HSBC Bank 4 25% 16/03/2016 50.501 0 06
EUR 54,000 E ON I3ernational Finance EUR 114,000 Imper:alTobacco Finance
5 75% 29/05/2009 68,341 0 09 6 25% 06/06/2007 142,222 0 '8
EUR 1,465,000 Netherlands Government 6% EUR 71,000 Lehman Brothers Holdings
15/01/PO06 1 822,289 ? 30 6.125% 23/03/2007 69 570 0 11
EUR 54.000 RWE Finance 6 125% 26/10/2012 69562 0 09 EUR 200.000 Nationwide Building Society FRN
EUR 42000 TPSA Eurofinance 6 625% 29/09/2005 228.763 0 29
0 1/03/2006 51 456 0 07 EUR 78.000 Northern Hock 3 875% 28/03/2038 91,366 0 12
EUR 40000 llnilsver 5 125% 07/06/2006 48,779 0 06 EUR 55.000 RBS Capital 'rust A Variable
__ ~
29/12/2049 70,602 0 09
The Philippines 370,126 0.47 EclR 54,000 Rentokil I- tal 5 7576 21/05!2007 66 998 0 08
PHP '8 700,000 PhilippineGovernment 11 6356 US0 50,000 Royal Bank of Scotland variable
05/05/2008 370 126 0 47 29/04/2049 56.145 0 07
-_ . - ELJR 43 .ooo Tesco 5 25% 07/05/2008 50.668 0 06
South Africa 99,512 0.13 GBP 80.000 UK Treasury 4 25% 07/06/2032 125.493 0 16
EUH 43 000 Hepubic of South Africa 5 25% GBP 17.000 UK Treasury 5.75% 07/12/2009 85 111 0 11
16/05/2013 41 269 0 06 GBP 26,000 UK Treasury 6% 07/12/2028 52 OR2 0 07
EUR 42 000 Rcpub,.c of South Afr ca 6 75% GSP 384.000 UK -reasury 7 25% 07/12!2007 121.319 0 9'
19/05/2006 52,243 0 07 Gap 110,000 dK Treasbry 8% 07/'2/2015 378,299 0 48
GBP 530 000 clK Treasury 8% 07/06/2071 777,301 0 98
Schroders
as at 30 June 2003
SISF Global Bond (continued)
Ndmber of shares Transferable securdes admtted Market % Number of shares Transferable securities admitted Market %
or prlncips! to official exchange listing/ value Net or principal to official exchange listing/ va ue Net
a-ount Common stocks and Shares US0 Assets amount Common stocks and Shares US0 Assets
k t e d Kingdom (continued) United States of America (continued)

GBP 201 000 UK Treasury 9% 12/07/2011 440 990 0 56 USD 300.000 Morgan Stanley Dean Witter
EUR 55,000 United Utilities Water 6 625% Capital 12002-TOP7 A2
08/11/2007 70,876 0 09 5.98% 15/01/2039 340,643 0 43
USD 25.000 P e w x Project Funding
United States of America 27,051,877 35.20 Master Trust 7.375% 15/12/2014 27,593 0 03
EUA 66.000 Bank of America 3.625% EUR 77 000 Pemex Prolect Funding
03/03/2008 76,529 0 09 Master Trust Registered
EdR 228.000 Chase Credit Card Master Trust 6.625% 04/04/2010 91 535 0 12
1998-4 5% 15/08/2008 280 5 8 1 0 35 EUR 36,000 Reed Elsevier Capital 5.75%
us2 90.000 Citigroup 7 25% Oli10/2010 108.828 0 14 31i0712008 45,202 0 06
USD 30.000 DaimlerChrysler 7 2% 01/09/2009 34.069 0 04 US0 35.421 Salomon Brothers Mortgage
USD 65.000 DaimlerChrysler 8 5% '8/01/2031 78.137 0 10 Securities VI1 2001-CPB1 A
USD 705582 EQCC Home Equity Loan Trust FRN 25/12/2030 35.745 0 05
1998-2 A4F 6.3262 15/01/2022 106 908 0 14 USD 75 000 Sprint Capltal 7.625% 30/01/2011 85,508 0 11
USD 573210 FHLMC Pool N" GO1433 6 5% EUR 62 000 Standard Chartered Capital
01/07/2032 596,407 0 75 Trust I variable 29/03/2049 82,490 0 10
US0 274,528 FHLMC Pool N?COO690 6% USD 75,000 US Treasury 1.25% 31/05/2005 74 883 0 09
01I12/2028 284.523 0 36 USD 295,000 US Treasury 1.625% 30/04/2005 302.284 1 65
USD 940,000 First Un1on-l.ehman Brothers- USD 845.000 US Treasury 1.625% 31/03/2005 855.955 2 35
Barik of America US0 965.000 US Treasury 2% 15/05/2006 973.971 1 23
1998-C2 A2 6.56% US0 460,000 US Treasury 2% 30/11/2004 476,425 187
18/11/2035 1080.701 1 37 USD 930 000 US Treasury 2.625% 15/05/2008 936,902 118
USD 578041 FNCL Pool N' 535126 USD 135,000 US Treasury 3.5% 15/11/2006 142,088 0 18
6% 01/12/2028 600,350 0 76 US0 975,000 US Treasurv 3.625% 15/05/2013 986.727 2 51
USD 3.000.000 FNMA Discount Notes 0% USD 1,045,000 US freasur; 5 375% 15/02/2031 1,171,870 1 48
02/07/2003 2.999.847 3 79 USD 235.000 US Treasury 6.5% 15/10/2006 269.589 0 34
US0 565,000 FNMA Pool N" 2661 5% USD 925.000 US Treasury 7.25% 15/05/2016 1,227,215 1 55
25/07/2033 573,034 0 72 US0 120,000 US Treasury 7.875% 15/02/2021 170 644 0 22
US0 2,585.000 FNMA Pool N" '1 135 5.5%
25/07/2033 2,669.416 3 37 Total Transferable Securltles Admitted
USD 549738 FNMA Pool N' 303884 7% to an Offlclal Exchange Listing 59,685,509 80.99
01/05/2026 579,115 0 73
USE 437,198 FNMA Pool No 486203 6% Number of shares Other Transferable Securities Market %
01/02/2023 454,071 0 57 or principal valJe Net
USD 364.2:8 FNMA Pool N' 545259 7.5% amount USD Assets
01/12/2029 386.981 0 49 -
USD 210000 Ford Motor 7 45% 16/07/2031 194.848 0 25 Australia 530,483 0.67
dSD 155.000 General Electric Capital 5.375% USD 355.000 Qantas Airways Registered
15/03/2007 170.171 0 22 5 125% 20/06/20 13 349,629 0 44
EUR 73.000 General Motors Acceptance US0 80,000 QBE Insurance Group Registered
5.75% 14/02/2006 85.121 0 11 step coupon 5 647% 01/07/2023 77 678 0 10
USD 240293 GNMA Pool N3532738 8.5% US0 100,000 WhlC Finance USA 144A 5 125%
:5/09/2030 259,123 0 33 103 176 15/05/2013 103 176 0 13
US0 804.865 GNMA Pool No 781096 6 5%
15/12/2028 844.983 1 07 Canada 612.802 0.77
LJSD 691.912 GNSF Pool N?464695 7% USD 75.000 Abitibi-Consolidated6%
15/07/2026 73 1,264 0 92 20/06/2013 71 693 0.08
USD 59.164 Green Tree Finaicial 1993-2 A4 USD 215,000 Alcan 4 5% 15/05/2013 218,869 0.28
6 9% 15/07/20:8 61,226 0 08 USD 100,000 Husky Oil variable 15/08/2028 116,000 0.15
FUR 34000 Household Finance 5.875% USD 75,000 Petro-Canada 5 35% 75/07/2033 71.690 0.09
31/03/2008 42.803 0 05 USD 115,000 TELUS 8% 01/06/2011 134,550 0 17
EUH 60.000 IntesaBci Capital Trust variable
29/07/2049 77,300 0 10 France 94,493 0.12
JPY 193.000.000 KFW Internatvonal Finance 2 05% US0 75.000 France Telecom 7 75% 01/03/2011 94.493 0.!2
21/09/2009 1 771,799 2 24
EclR 30.000 MBNA America European Hong Kong SAR 560,698 0.71
Structured Offerings USD 500,000 Mass Transit Railway 7.25%
4.375% 19/08/2004 35,074 0 04 01/10/2005 560 698 0 71
ELF 243.000 MBNA Credlt Card Master Note
Tfust 4 15% 19/04/2010 283.770 0 36 Luxembourg 32,416 0.04
tUR 75.000 Morgan Stanley 4 375% USD 30.000 Tyco International 6.375%
0 1/ow20 10 87,629 0 11 15/10/2011 32.476 0 04
Schroders
PortfoIio of Investments
as at 30 June 2003
SlSF Global Bond (continued)
Number of shares Other Transferable Securities Market % Number of shares Money Market Instruments Market %
or principal value Net or priicipa; Assimilated to Cash value Net
aniouqt US0 Assets amount US0 Assets
_.__ ._ . .. ,... ..
United Kingdom 343,238 0.43 France 2,845,591 3.60
USD '30000 Diageo Capital 4 85% 15/05/2018 134 166 0 17 EUR 2.495.000 France Treasury Rill 0%
USD 215 000 Vodafone Group 4 625% 31/07/2003 2.845 59: 3.60
15/07/2018 209 072 0 26
__- -- United States of Amerlca 7,411.412 9.36
United States of America 4,656,381 5.89 1,260,000 Amercan Express 0%
USD 90.000 Allstate 5 35% 01/06/2033 87.858 0 11 ::/07/2003 1.259.580 158
USD 75.000 Altria 7 65% 01/07/2008 83.859 0 11 1,890,000 General Electric Capital 0%
us0 85,000 Amerada tiess 7.3% 15/08/2031 98.181 0 12 11/07/2003 1.889.364 2 39
US3 150,000 AON Capital Trust 8 205% USD 4,265,000 US Treasury Bill 0% 31/07/2003 4 262.468 5 39
01/0'/2027 171 807 0 22
lJSD 55 000 AT&T VI-relessServices 7 87556 Total Money Market Instruments
01/03/2011 65.048 0 08 Assimilated to Cash 10,257,003 12.96
US0 .20 000 Bear Stearns 4 65% 02/07!2018 116.714 0 15
USD 85,000 Citizens Communications 9%
15/08/2031 115235 0 15
USE 35.000 Comcast 5.3% 15/01/2014 36.135 0 05 Total Investments 76,773,083 97.02
USD 90.000 Comcast 7.05% 15/03/2033 99.959 0 13
USD 60.000 Commonwealth Edison 5.875% Other Net Assets 2,357,953 2.90
01/02/2033 63.474 0 08
USD 220,000 Delhaize America 9% 15/04/2031 242,000 0 31 Net Asset Value 79,131,036 100.00
us3 105,000 EOP Operating 5 875%
15/0: 12013 112,041 0 '4
USD 110000 Genere' Dynamics 4 25%
15/05/2013 110,786 0 14
US0 100.000 Geners; Electric 5% 01/02/,?013 105 768 0 13
USD 45.000 General Electric Capita' 6%
15/06/2012 50,896 006
US0 :30 000 General Motors Acceptance
6 875% 28/08/2012 129.879 0 16
JSC 110 000 Goldman Sachs Group 6 6%
15/0112012 128.337 0 16
USD 70.000 Goodrich 7 625% 15/12/2012 79.604 0 10
USD 100.000 International Paper 6 75%
01/09/2011 1 15,536 0 15
USD 80.000 JC Perney 7.6% 01/01/2007 83,581 0 1'
us3 120.000 Kbder Morgan 6 5% 01/09/2012 137,358 0 '7
us0 165.000 Lear 8 1 1% 15/05/2009 :90,022 0 24
lJSD 110,000 Morgai Stanley 6 75%
15/04/2011 128,685 0 16
us0 151.000 Morgan Stacley Tracers 144A
variable 01/05/2012 167 010 0 21
LJSD 760 000 PECO Energy Capital 'idst IV
5 7556 15/06/2033 723,676 0 91
USD 210,000 Pemex Project Funding Master
Trust Registered
7.3759'015/12/2014 231 525 0 29
USD 50.000 PHH 7 12596 01/03/2013 56.483 0 07
US0 150 000 PSEG Energy 8 625% 15/02/2008 162.979 0 21
US0 85 000 Pu te Homes 6 375% 15/05/2033 85.675 0 11
US0 ' 5 0 000 RBS Capilal Trust I variable
29/12/2049 150.011 0 19
US0 125 000 LIS 3ancorp FRN 16/09/2005 125.144 0 16
US0 135 000 J S 3ank Nationa: Assoc ation
4.8% :5/04/2015 139.149 0 '8
LJSD 55 000 tJSA Interactive 6 7556 1311/2005 59,946 0 OR
USD 55,000 Valero Energy 6 875% 15/04/2012 62,526 0 08
US0 50,000 Verizur. Virginia 1 625%
15/03i2013 5 1,290 0 06
usa 75,000 Waste Managemwt Registered
6 375% 15/11/2012 85.002 0 11
Total Other Transferable Securities 6,830,571 8.63
Schroders
as at 30 June 2003
SlSF Hong Kong Dollar Bond
U m b e r of shares Transferable Securities admitted Market % Number of shares Other Transferable Securities Market %
or principal to official excnange list'ngl value Net or principal value Net
amount Corrmon Stocks and Shares HKD Assets amount HKD Assets
_-- I
Cayman Islands 34,081,271 4.72 Germany 70,765,497 9.80

HKD 18.000.000 Cheung Kong Finance Cayman HKD 3 000 000 DeutsChe Bank 5 67%
5.25% 19/04/2005 18.998.021 2 63 20/02/2004 3 079 222 0 4%
HKL: 15.000.000 Hutchison Wha-npoa Hongville HKD 35.500 COO Landesbank Rheinland-Ffalz
Finance FRN 03/08/2004 15 083.250 2.09 Girozentrale 4 665%
Hong Kong SAR 324,567,255

-
44.97 HKD 20,000 000
07/09/2004
Landesbank Schleswig-Holstein
36 780 502 5 09
HKD 4000.000 Cheung Kong Finance Cayman Girozentrale 5 06%

7 68% 12/01/2005 4,344 696 0 60 21/06/2004 20 684 066 2 87
tiKD 14,000000 CheJng Kong Finance Cayman HKD 10 M10.000 LandwirtschaftlicheRentenbank
7 88% 22/12/2006 16,321914 2 26 5 545% 16/01/2004 10 221 707 1 42
HKD 35000000 Hong Kong Government 2.47% -.I-
16/06/2008 34,707,968 4.81 Hong Kong SAR 138,147,631 19.14

HKD 55,000 000 Hong Kong Government 3 07% HKD 2.000,000 Hong Kong 8, Shangnai Bank
17/09/2007 56,599,959 7.84 7 55% 30/03/2005 2,199,334 0 31
HKD 14 COO 000 Hong Kong Government 3.2% HKD 3.000,OOO Hong Kong Electric 7%
25/07/2005 14527,516 2 01 16!10/2003 3 048 181 0 42
HKD 7,500000 Hong Kong Government 3.52% HKD 14.000.000 Hong Kong Electric 7 73%
26/10/2004 7.741.431 1 07 25/08/2004 14,814296 2 05
HKD 73,200000 Hong Kong Government 4.76% HKD 30,000.000 Hong Kong Mortgage 3 7%
'8/06/2007 80,188,421 11 11 28'08/2007 30,824,458 4 27
HKD 60000000 Hong Kong Government 4 88% HKD 35.500,M)O Hong Kong Mortgage 5 68%
18/09/2006 65,572,408 9 09 15/02/2006 38 652 228 5 36
HKD 10,000000 Hong Kong Government 5.2% HKD 44.500,OOO Hong Kong Mortgage 5 68%
20/03/2006 10 937.555 1 52 20104/2006 48 609 134 6 73
HKD 200M)WO Hong Kong Government 6.13%
20/06/2011 23,669 627 3 28 The Netherlands 15.131,737 2.10
HKD 6000000 Hong Kong Government 7.31% HKD 15.000 000 Rabobank Nederland 2.5%
21/06/2010 7,502,476 1 04 31!03/2004 15131,737 2.10
HKD 2000,000 Hong Kong Government 7.7%
28/04/2008 2.459.284 0.34 Supranational 27,509,954 3.81
-. . HKD 11 .M10,000 EIB 6.38% 10/01/2006 12.178.221 1.69
Supranational 2,114,999 0.29 HKD 10.000.000 International Finance 7 . 0 8 1
HKD 2.000.000 EIE 7 27% 23/06/2004 2.114999 0 29 28/11/ZOO5 11,202,031 1.55
HKD 3.500,COO Nordic Investment Bank 7.78%
Total Transferable Securities 26/0112007 4.129.702 0 57
Admltted to an Official Exchange Llsting 360.763,525 49.98
Number of shares Other Transferable Securities Market % HKD 5,000.COO HBOS Treasury Services 2.65%
or principal value Net fOi0112006 5,062 404 0.70
arnobnt HKD Assets HKD 35.000,OOO HBOS Treasury Services 2.73%
-- - 21/02/2006 35.001,750 4 85
Australia 59,84B,928 8.30
HKD 15,000000 Australis and New Zealand Total Other Transferable Securities 351,467,901 48.70
Banking Group 2 04%
24/03/2005 15,083.141 2 09
HKD 5.000.000 Australia and New Zealaqd
aanking Group 5 32% Total Investments 712,231,426 98.68
15/03/2004 5,137,022 0.71
HKD 28,000.000 BOS IvternationalAustralia Other Net Assets 9,523,887 1.32
4 655% 09/02/2004 28,549.780 3 96
HKD 3.000.030 National Australia Bank 5.39% Net Asset Value 721,755,313 100.00
23/02/7004 3.076.185 0.43
HKD 8,000000 Westpac Bsnkirg FRN
08/04/2004 8.002.ao0 11i
Schroders
as at 30 June 2003
SlSF US Dollar Bond
Number ot shares Transferable securities adpitted Market 0)” Number of shares Transferable securities admitted Market %
or pr,nc pal to official exchange listing, value Net or principal to official exchange listing value Net
amodnt Currimon stocks and Shares USD Assets amount Common stocks and Shares USD Assets
Australia 1,209,413 1.a4 United States of America (continued)

USD 860 000 Qantas Airways Registered USD 230000 C tigroup 7 25% 01/10/2010 278 116 0 40
5 125% 20/06/2013 846 988 121 USD 230.000 Citizens Communications 9%
USD 190 000 QBE Insurance Group Registered 15/08/2031 3’1 8’7 0 44
step coupon 5 647% 01/07/2023 ’84 484 0 26 USD 90,000 Comcast 5 3% 15/01/20’4 92,920 0 13
USD 250 000 WMC Finance USA Registered US0 225.000 Comcast 7 05% 15/03/2033 249 896 0 36
5 125% 15/05/2013 257 941 0 37 US0 595.000 Commonwealth Edlson 3 7%
_-_ ~
01/02/2008 612 936 0 88
Canada 2,488,413 3.55 US0 135,000 Commonwealth Ediso- 5 875%
US0 365 000 Abitib-Consoldated 6% 01/02/2033 ’42 8 : 7 0 20
70/06/2013 348 905 0 50 USD 70,000 DaimlerChrysler 7 2% 01/09/2009 79,494 0 11
USD 520 000 Alcan 4 5% :5/05/2013 529 358 0 75 USD 125,000 DaimlerChrysler 8 5% 18/01/2031 150,263 0 21
ilSD 340 000 Husky Oil variable 15/08/2026 394 400 0 57 US0 1105,000 Delhaize America 9%
USD 830 000 Petro-Canada4% 15/07/2013 806 250 115 15/04/2031 1,215,500 173
USD 350 000 TELUS 8% 01/Ofd2011 409 500 0 58 USD 160,000 f O P Operat,ng 5 875%
15/01E013 170 728 0 24
Cayman Islands 277,358 0.40 USD 195537 FFCA Secured Lending
USD 225 000 BSCH lssumces 7 625% 2000-1 A I 7 27% 38/09/2027 219 066 0 31
14/09/2010 277.358 0 40 USD 765030 FHLMC 2143 CJ 6% 15/32/2024 774,617 110
... .. .. . .-
... ...... - USD 3202386 FHLMC Pool N’ COO835 6 5%
France 226,782 0.32 01/07/2029 3,331,963 4 75
USD i80.000 France lelecom 7.75% USD 1487642 FNCL Pool N” 535126 6%
01/03/2011 226,762 0.32 0: /I 2/2028 1.545.055 2 20
USD $72941 FNMA 1992-31 M 7 75%
Luxembourg 75,778 0.1 1 25/03/2022 184.279 0 26
US0 70.000 :yco Iriternatiorat 6 375% us3 1,000000 FNMA Discount Notes 0%
15/~0/2011 75,778 0.11 02/07/2003 999,949 1 42
US0 4270000 FNMA Pool N’ 1: !35 5.5%
Malaysia 363,950 0.52 25/07/2033 4,409,442 6 28
US0 325.000 Telekom Malaysia 7.875% US0 2485,000 FNMA Pool N” 2661 5%
01/08/2025 363,950 0 52 25/07/2033 2,520,334 3 59
~ ... US0 726078 FNMA P m i N” 545259 7 5%
Supranational 791,137 1.13 01/12/2029 771,450 110
dSD 765.000 Corp Andina de Foment0 USD 440,000 Ford Motor 7 45% 16/07/2031 408,252 0 58
7 75% 01/03/2004 791.137 ‘,l3 USD 275,000 General Dynamics 4 25%
. . . .- 15/05/2013 776,969 0 39
United Kingdom 1,638,976 2.34 USD 230,000 General Electric 5% 01/02/2013 243 266 0 35
LJSD 265,000 Diageo Capital 4 85% USD 370000 General E1ectr.c Cspital 5 375%
15/05/2018 273.491 0 39 15/03/2007 406.213 0 58
USD 655 000 Hutcnison Whaqpoa International USD 105000 General Electric Capital 6%
Regstered 6.5% 33/02/20! 3 690,636 0.99 i5/06/2012 1i8.758 0 17
US3 155 000 Royal Bank of Scotland veriable USD 310000 General Motors Acceptance
29/04/2049 174.049 0.25 6.87556 28/08/2032 309.712 0 44
US3 515 000 Vodafone Group 4 625% US0 1,148499 GNMA I Pool N‘ 353 158 7%
15/07/20: 8 500.800 0 71 15/08/2023 1,213,820 173
.. __
. . - ~
USD 344.662 GNMA I Pool No 434817 8 5%
United States of America 55,089,989 78.48 15/07/2030 37: 671 0 53
USD 220,000 AI skte 5.35% 01/06/2033 214,765 0 33 US3 103.332 GNMA Poo. N- 532738 8 5%
LJSD 205,000 Af-.erada Hess 7.3% 15/08/203! 236,790 0.34 15/09/2030 11 1,430 0 16
USD 275,000 ArTerican E.ectric Power 5 25% US0 1678.871 GNMA Pool N’ 78’096 6 546
0: /06/20’ 5 276,974 0 39 15/12/2028 1,762.552 2 53
USD 575,000 Asset Sehritization 1996-03 A:C lJSD 270,000 Goldman Sachs Group 6 6%
7 4% ’3/10/2026 653,731 0.93 15/01/2012 315,009 0 45
JSD 130,000 AT&’ Wireless Services 7 875% US0 175000 Goodrich 7.625% 15/12/2012 199,011 0 26
0:/03/20” 153.751 0 22 USD 127,741 Green ‘fee F,nanc,al ?993-2A4
USD 790,000 sear Stearns 4 65% 02/07/2018 282 058 0 11 6 9% 5/07/2018
~ 132 193 0 19
US0 439,427 Chase C o r v r c i a l Mortgage USD 250,000 Ipterr,ational Paper 6.75%
Securities 2000-2 A1 7.543% Oi/09/2011 268.840 0 4’
15/07/2032 497 882 0.71 USD 190000 JC Penney 7.6% 01/04/2007 198.506 0 28
USD 290000 Kinder Morgan 6.5% 01/09/2012 331.947 0 47
USD 1.370.000 LB Commercial Conduit
Mortgage Trasl 1998-C4 A13
6 2?% 15/10/2035 1,550 387 2 21
US0 835.000 I.ear 8.11% 15/05/2009 96: 626 1 37
USD 270.000 Morgan Stapley 6 75%
15/04/23 1 315.862 0 45
US3 1840.000 PECO Energy Capital Trsst IV
Schroders 5 75% 15/06/2033 1.752.541 2 51

as at 30 June 2003
SISF US Dollar Bond (continued)
Number of shares Transferable securities admined Market % Number of shares Transferable securities Market %
or principal to official exchange listing/ value Net or principal not admitted to official value Net
amoh Common stocks and Shares USD Assets amount exchange listing USD Assets
United States of America (continued) Luxembourg 148,000 0.21

LJSD 535.000 Pemex Prolect Funding Master USD 370,M)O Second Emerging Markets 0%
Trust 144A 7.375% 15/12/2014 589.104 0 84 15/07/2M16 148000 0.21
ClSD 35,000 Pemex Project Funding Master
Trust 7.375% 15/12/2014 38.630 0.06 Total Transferable Securltles Not Admltted
USD 90.000 PHH 7.125% 01/03/2013 101,670 0 14 to an Official Exchange Listing 148,000 0.21
USD 475 Do0 PSEG Energy 8.625% 15/02/2008 516.101 0 74
US0 205,000 Pulte Homes 6 375% 15/05/2033 206.630 0 29
USD 305.000 RES Capital Trust I variable
29/12/2049 305.023 0.43 Total Investments 69,891,291 99.58
LlSD 88,554 Salomon Brothers Mortgage
Securities VI1 2001-CPBI A FRN Other Net Assets 292.510 0.42
25/12/2030 89.362 0 '3
USD 185 000 Sprint Capital 7.625% 30/01/2011 210.919 0 30 Net Asset Value 70,183,801 100.00
US0 280,000 ilS Bank National Association
4 89'. 1 5/04/20! 5 288,606 0.4:
US0 170,000 US Treasury 1.25% 3'/05/2005 169.734 0.24
USD 2 910,000 US Treasury 1 625%
30/04/2005 2,926.369 4 17
USD 9.0:5.000 US Treasury 1.625%
31/03/2005 9.068 527 12 92
USD 580,000 US Treasury 2% 30/11/2004 586.525 0 84
USD 1.775.000 U S Treasury 2.625% 15/05/2008 1,788.174 2 55
USD 605,000 US Treasury 3 596 15/11/2006 636,763 0 91
US0 1,975,000 US Treasury 3 675% 15/05/20!3 1.986.727 2 83
USD 1.1 15.000 US Treasury 5.375% :5/02/2031 1,250.368 178
ClSD 515,000 US Treasury 6 5% 15/10/2006 590,802 084
USD 210,000 US Treasury 6 875% 15/08/2025 275.527 0 39
USD 900.000 US Treasury 7.675% 15/02/2021 1.279.826 1 82
USD 70,000 US Treasury 8 875% 15/02/2019 106,616 0 15
USD 95.000 USA Interactive6 75%
15/11/2005 103,543 0 15
USD 110,000 Valero Energy 6 875%
15/04/7012 125.054 0 13
US0 180 COO Waste Managemect Registered
6375% 15/11/2012 204.006 0.29
Total Transferable Securities

Admitted to an Offlcial Exchange Llsting 62,241,796 88.69
Number of shares Other Transferable Securities Market %

or princ pal value Net
amount ilSD Assets
United States of America 748,757 I.06

USD !85.000 Aitria 7 65% 01/07/2008 206,854 0.29
US3 465,000 AON Capital must 8.205%
01/ O l 12027 541.903 0.77
Total Other Transferable Securities 74a,757 1.06
Nun'ber of shares Money Market Instruments Market %

or principal Assimilated To Cash value Net
arrount US0 Assets
~
United States of America 6,752.738 9.62

2,700,000 American Express OS!,
1 1/07/2003 2.699.101 3.85
4.055 000 Genera! Electric Capital 0%
11/07/2003 4,053.637 5 78
Total Money Market Instruments

Asslmilated to Cash 6,752,738 9.62
Schroders
as at 30 June 2003
SlSF Asian Bond
Number of shares Transferable securitips admined Market % Number of shares securities adm fled Market %
or principal to offscial excharge Wing/ value Net of principal to o f f i d exwanye listing/ value Net
awodnt Common stocks and Shares US0 Assets amount Common stocks and Shares US0 Assets
Bermuda 4,577,613
_-
0.52 The Philipplnes
~ .-
127.058,3&41 14.42
USD 4 630 000 AES C w a Generating 8 25% USD 8407800 CE Casecnan Water 8 Enetyy
26/06/2010 4,485,313 0 51 11.45% :5/11/2005 8.344.742 0 95
USD 7'0 000 Asma Global Crossing Registered USD 695,625 CE Casevan Water & Energy
13 375% 15/10/2010 92 300 0 01 11 95% 15/1!/2010 706 059 0 09
USD 13000.000 Equitable PCI Bank vanable
Cayman Islands 16,080,000 1.82 0 1/07/%013 i3.195.000 1 50
CIS3 16.000.000 JG Sumrnit Philippines 8 25% PHP *~80,00O,DoO Philippine Govemmeht 16%
20/06/2008 16,080.000 1.82 08/02/2008 4 080 997 0 46
PHP 500.000,000 Phil;pp;ne Governvent 10.75%
China 26,308,308 2.98 23/01/2008 9.574.650 1 09
EUR 2:.600.000 People's Rep of Cnina 5 25% PHP 150000.000 Ph.iippine Government
23/05/2006 26,308 308 2 98 11 875% 08/05/2010 2.925566 0 33
PHP '00 700 000 Philippine Government 12 75%
Germany- 42,664,971 4.84 27/03/2013 2,046,863 0 23
EUR 35.500 000 Germany (Bund) 4 5% PHP 150.000 000 Philippirie Government
04/01120' 3 42.664.971 4.84 13.8'75% 30/03/2010 3.190.923 0 36
~~
usu 3000.000 Philippiqe Long Distance
Hong K O T S A R 40,243,577 4.57 Telephone 10.596 15/04/2009 3,294466 0 37
USD 17 800.000 CKWH - JT2 variable USD 8560000 Philippine Long Distance
29/05/2049 70,:81.409 2.29 Teiephone 1 1 38% 15/05/2012 9.587.200 1 09
USD 17.330.000 PCCW HKlC Cap:tal USD 6,300,000 Republic of Philippines9%
Registered 7.75% 15i-i1/20" 70.062.168 2.28 15/02/2013 6784312 0 77
~. US0 9400000 Republic of Phiiippirles
India iz,602,~00 1.43 10 625% 46/03/2025 10,986,250 125
USD 4 560.000 Heliance lndustfies Registered PHP 250,000 000 Republic of Philippines
10.38% 24/06/2016 5832.36: 0.66 11 625% 05/05/2008 4.948.207 0 56
US0 5,550 000 Reliarce Industr.es Registered PHP 750.000 000 Republic oi Phillppines 11.88%
10.5% 06/08/2046 6.770.439 0.77 29/05/2023 14,201849 161
- PHP 51 000.000 Republic of Philippines 15%
Indonesia 79,642,194 9.04 14/03/2022 1 162,706 0 13
IDR 26 OOG 000 000 Astra Sedaya Finance 13 5% EUR 26,4'0,000 Republic of Philippines
20/05'2007 3.l32.104 0.36 Registered9 125% 22/0%/2010 32.028554 3.63
US0 670 000 lndah Kiat International Finance -. . .~
1 .875% '5/06/2049 268.000 0 03 Singapore 48,784,753 5.53
ISH178000 030 300 Indonesia RecapitalizationBond USD 10,100.000 Chartered Semlconductor
14% ,' 5/06/2009 23 720,633 2 69 Manufacturing2.5% 02/04/2006 10,463,376 118
IDR308 000 GO0 000 Iwionesia Treasdy Bond US3 14,300000 Oversea-Chinese Banking
12% 15/09/2011 38,071,705 4.32 Registered 7 25% 06/09/2011 19,364.470 2 20
IDR105 000000 o m Republic of Indonesia 14.5% EUR 15.OoO.M)O Singapore Telecommunications
15/12/2010 14.449.752 1 64 Registered6% 21/11/2011 iA.956.907 2.15
-.-
Malavsia 82.060.288 9.31 South Korea 79,758,054 9.05
USD 3.592.976 Leader Universal FRN US0 17.650 000 Hana Funding var:able
05/05/2007 3018100 0.34 29/12!2049 19,084,063 2 16
EUR 14 500000 Masaysia 6 375% 24/11/2005 17 915 29' 2 03 EUR 17 000,000 Korea Development Bank 6%
EUR 3' 400,000 Petrorias Capital Registered 13/04/2005 20,427.004 2 32
6 37546 22/05/2009 39 732 203 4 51 USD 20,400.000 SK Corporat'on 7 5%
US0 15.000 000 RHB Bank Befhad variable 31/05/2006 20.451.000 2.32
25/01/2013 15 958,425 18i USD 20.000 000 Woori Bank variable 02/07!2013 19 795.987 2.25
JSD 5 100,000 Tenaga Nasiorial 7 5% . -
01;' '/7025 5 436 269 0 62 Taiwan 56,699,543 6.43
- USD 2,700,000 ASE Test Registered CV 1%
The Netherlands 39,920,044 4.53 0: /07/2004 2 856.639 0.32
USD 12,500.000 Hurricane Finapce Registered US0 9,500,000 Cowpal Electronics Registered
9 625% 12/02/2010 13 226 563 1 50 0% 09il0/2007 12.652813 1.44
USD 1,500.OOO Kazmmmerts International USD 10,300,000 E.Sun F1vanc:a.0%
Registered 10 13% 08/05/2007 1 632 645 0 19 27: 2/2004 10 536 041 1.20
usri 1 /,ooo.ooo Kazkommerts International JSD 8,650 000 Mlcro-Star International 0%
Registered A 5% 16/04/2013 17 107 468 1 94 11/12/2007 10 354.050 :.I?
us3 8,000000 TuranAlem Finance Reg.stered US0 20 000,000 Quanta Corvputer Registered
7 875% 02/06i7010 7,953 368 0 90 0% 24/06/2008 X.300.000 2 30
Thailand 20,235,000 2.30

USD ~7.750.000 Thai farmers Bank Registered
8 2540 21/08/2016 20.235.000 2 30
Schroders
as at 30 June 2003
SISF Asian Bond (continued)
Number ol shares Transferab.e securities admitted Market % Number of shares Transferable securities Market Yo
or principal to official exchange ;:sting/ value Net or pfincipai not admitted to official value Net
amount Common stocks and Shares USD Assets amount exchange listing USD Assets
United Kingdom 19295,755 2.19 Hong Kong SAR 19,539,000 2.22

US0 18,350.000 Hutchison Whampoa USD 16 700.000 Bangkok Bank Public
International Registered6 5% (Hong Kong) Registered
'3/02/2013 19,295.755 2.19 9.025% 15/03/2029 19,539,000 2 22
....
Vietnam 2,470,250 0.28 South Korea 6,090,835 0.69
US0 1,070.000 Socislist Republic of Vietnam EUR 33,200,000 NK Debt 0% 12/03/2010 3,200,679 0.36
FRN 14/03/2016 989,750 0.11 CHF 23.8W.OM3 NK Debt 0% 12/03/2010 2.890.156 0.33
US0 2,100,000 Socialist Republic 01 Vietnam
Step Coupon 12/03/2028 1,480500 017 Total Transferable Securltles Not Admitted
to an Official Exchange Llstlng 25,629,835 2.91
Admitted to an Official Exchange Listing 698,401,494 79.24
Number of shares Other Transferable Securities Market % Total Investments 804,352,144 91.26
amount US0 Assets Other Net Assets 77,050,601 8.74
Bermuda 5,108,025 0.58 Net Asset Value 881,402,745 100.00

USD 5.239.000 AES China Generating
10 125% 15/12/2:2006 5.108.025 0 58
~ -.~.
Indonesia 3,333,333 0.38
US0 4,000.000 Pelabuhan INDO iI 8.06%
15/04/2049 3,333,333 0 38
-.
Malaysia 15,341,872 1.74
USD 13.700 000 Telekom Malaysia 7 875%
01/OW2025 15,341.872 1.74
- I-.
Mauritius 3.785,730 0.43
US0 9 707.000 lndah KiaI Finance Mauritius
10% 01/07/2007 3,785,730 0 43
The Philippines 26,539,942 3.01

US0 12,276,000 Globe Telecom 9.75%
15/04/2012 13.350.150 151
US0 16 536.925 Quezon Power 8 86%
75/06/2017 13,189.792 1.50
Thailand 23,399,413 2.65

USD 4.340.000 Advance Agro Capital step
coupon 1511112007 4,231,500 0.48
USD 17545,000 Total Access Cornmunication
Registered 8 375% 04/11/2006 19,167,913 2.17
United Kindom 2,812.500 0.32

US0 4,500.000 Greater Belling First Express
9.5% 15/06/2007 2,812.500 0 32
Total Other Transferable Securltles 80,320,815 9.1 I
Schroders
as at 30 June 2003
SlSF Converging Europe Bond
N m b e r of shares Transferable secursties admitted Market ?e N m b e r of shares Transterabie securites admitted Marel 56
or principal to official excnaEge listing/ value Net or principal to official exchange )sting/ value Net
amount Common stocks and Shares EUR Assets amount CoTmov stocks and Shares EUR Assets
.......... ..
Croatia 30,964,016 9.78 Yugoslavia 2,520,236 0.79
US0 30,681,900 Croatia FRN 31/07/2010 26.760 577 8 45 USD 7.200 000 Yugosiavian 0% 15/07/2006 2,520 236 0 80
US0 4,818,900 Croatia FRN 31/07/7006 4,203,439 . 33
Czech Republic 16,542,170 5.22 Admitted to an Official Exchange Listing 230,926,147 72.90
CZK 500.000.000 Czech Hepubl-c6.05%
14/03/2004 16.542,170 5.22 Number of spares Money Market Instruments MarKet %
Germany 16,693,394 5.27 amount EUR Assets
EUR 16.000.000 Germany (Bund) 6%
15/09/2003 16,124,480 5.09 France 14.905.074 4.70
FLN 1.700.000 Landesbank Hesser- EilR 15,000.000 France Treasury Bill 0%
Thueringen 11% 11/01/2016 568.9'4 0.18 16/10/2003 14.906.074 4 70
Hungary 54,358,967 17.16 Total Money Market Instruments

HUF 4.303 000 000 Hdngary Government 8 5% Assimilated to Cash 14,906,074 4.70
24/11/2003 14,927935 4 71
HUF 1.700 000 000 Hungfiry Government 9 25% Number of shares Transferable securities Market I"
24/09/2003 6,364,764 2 01 or principal not admitted to official value Net

HUF 82,590,000 Hungary Government 9 5% amount exchange listing EJH Assets
12/02/2009 340 648 0 11
EdR 32,400000 Republic of Hungary FRN Luxembourg 6,408,997 2.02
10/11/2005 32 725 620 10.33 EUR 9,661,000 First Emerging Markets 0%
15/07/2006 2 099,326 0 67
Lithuania 16,176.655 5.11 JFY 122,500,000 First Emerging Markets 0%
EUR 14 930 000 Repbblic of Lithuania 7.75% 15/07/2006 267,525 0.08
22/02/2005 16.176.655 5 11 LED 1,750,000 First Emerging Markets 0%
15/07/2006 612,557 0 19
The Netherlands 273,275 0.09 EUR 140 000 Second Emerging Markets 0%
EUR 250.000 Slovak W,reless Finance 15/07/2006 30 421 0 01
11 25% 30/03/2007 273.275 0.09 USD 9.711 000 Second Emerging Markets 0%
~ ....... 15/07/2006 3.399.'68 107
Poland 58,134,254 18.35
PLN 11 :.OOO.OOO Poland Government 0% Total Transferable Securltles Not Admitted
21/12/2003 24,184,41o 7.63 to an Official Exchange Llsting 6,408,997 2.02
PLN 26.100.000 Poland Government 6%
24/11/2010 6,770,782 1.95
FLN 33.600.000 Poland Government 8 5%
12/07!2005 7.9j3.242 2.50 Total Investments 252,241,218 79.62
FLN 2.5R0.000 Poland Government 8 5%
12/05/2006 629,798 0.20 Other Net Assets 64,574,790 20.38
FLN 77.700.000 Poland Governmert 8 5%
12/11/2006 19,236,022 6 07 Net Asset Value 316,816.008 100.00
.
Russia 7,677,150 2.42
ELJR 13,700.000 Russian Federation Registered
9.375". 31!03/2005 7 677,150 2 42
.- ~ ~
Slovakia 27,586,030 0.71

SKK 200,000 000 Slovakia Governme-t 5%
ia/i 212004 4,795,532 151
EUR 10 700,000 Slovakia Government 7 5%
23/06/2004 11 231 790 3.55
SKK 180 000 000 Slovakia Government 7 8%
16/01/7001 4,753 289 1 50
SKK 216,000 000 Slovak,a Government 9%
06/04/2005 5,540,529 175
EUR 480 000 Slovens4y Plynarensky Priemysel
Reg stered 9% 21/10/2004 509,598 0 16
EUH 650 000 Le ezrice Slovenskel Repuhliky
Reg stered 8% 30/05/2007 755 292 0.24
Schroders
PortfoIio of Invest ments

as at 30 June 2003
Number of shares Transferable secdrites admitted Market 01" Nbmber of shares Transferable securities admitted Market %
or principai to official exchange listing/ value Net or principal to official exchange listing/ value Net
amount Common stocks and Shares ilSD Assets amount Common stocks and Shares US0 Assets
Argentina 55,174,430 4.24 The Philippines 51,2r4,a92 3.94

USD 628.250 Banco Hipotecario 9% PHP 345,000 000 PhilippineGovernment
15/03/2005 267.006 0.02 11.625%05/05/2008 6,828,526 0 53
US0 12,M)O,OOO Republic of Argentina 11 75% PHP 762 500,000 PhilippineGovernment 12.75%
15/06/2015 4,020,000 0.31 27/03/2013 15.498,836 1.19
US3 5700.000 Republic of Argentina FRN PHP 479.M30.000 Republic of Philippines 11.875%
20/12/2003 1.895.250 0.14 29K)5/2023 9,070.248 0 70
JPY 1 000000 000 Republic of Argentina FRN PHP 279.800.000 Republic of Philippines 13%
27/05/2004 1,679.561 0.13 25/04/2012 5632.398 0 43
JSD 21,000.000 Republic of Argentina FRN PHP 64,750,000 Republic of Philippines 13.875%
29/03/2005 6 684 300 0.51 27/04/2010 1,378.704 0 11
USD 39.549.757 Republic of Argentina FRN PHP 27,900,000 Republic of Phillppines 14.25%
19/12/2008 13,051,420 1 00 25/05/2010 604,093 0.05
USD 29M1.000 Republic of Argentina FRN PHP 25,000.000 Republic of Philippines
21/02/2017 1,003.310 0.08 14 625% 01/09/2010 542.195 0 04
USD 14,5M1.000 Republic of Argentina FRN PHP 61.850,COO Republic of Philippines 14.75%
03/08/2012 8.540.500 0.66 03/02/2010 1,358.939 0 10
LED 40,427.406 Republic of Argentina FRN PHP 246,840,000 Republic of Philippines 15%
19/06/2018 12,558,855 0.97 14/03/2022 5,627,497 0 43
USD 17.617,200 Republic of Argentina FRN PHP 200.000,000 Republic of Philippines 16 5%
19/06/2031 5,474,228 0.42 11/10/2011 4.733.456 0 36
Bermuda 483,600 0.04 Poland 32,377,974 2.49

USD 3,720,000 Asia Global Crossing Registered EUR 4,520.000 PGNIG Finance 6 75%
13.375% 15/10/2010 483,6MJ 0.04 30/10/2006 5,272,150 0 40
PLN 85,000.000 Poland Government 0%
Hungary 26,317,637 2.02 21/12/2003 21,163,265 1.63
HUF 4 600 coo 000 Hungary Government 9 25% PLN 21 303,000 Poland Government 8 5%
24/09/2003 19.680.788 151 12/05/2006 5,942,559 0 46
EUR 5 750 000 Republic of Hdngary FRN
1011 1/2M)5 6,636 849 0 51 SIngapare 20,184,597 I.55
SGD 35,000,030 Singapore Government 3.5%
Indonesia 31,071,037 2.39 01/02/2004 20,184,597 155
IDR 95 50G 000000 IndonesiaTreasury Bond 12%
15/09/2011 11 804.701 0.91 South Africa 204,834,537 15.74
IDR14ooooooo.o~ Republic of Indonesia 14.5% ZAR 774,900.000 Republic of South Africa 13%
15/12/2010 19,266336 1.48 3 1/08/20 10 124,095,354 9 53
ZAR 469,000,000 Republic of South Africa 13.5%
Ivory Coast 11,116,169 0.85 15/09/2015 80.739.183 6 21
FRF 15.462.904 Ivory Cosst Brady FLRB Step
Coupon 29/03/2018 3,348,244 0 25 South Korea 50,270,957 3.86
FRF 6,402.859 Ivory Coast Brady FLRB Step KRW25,Ow 000000 Korea Monetary Stabilization
Coupon 29/03/2018 1,440,369 0.11 Bond 5.07% 10/08/2w3 20945,082 161
USD 33 502,000 Ivory Coast Brady FLRB Step USD 28,300,000 Korea Telecom Registered
Cobpon 29/03/2018 6,327,556 0 49 0.25% 04/01/2007 29,325.875 2.25
Mexico 195,780,497 15.05 Taiwan . .

18.322.604 I.41
MXN 446 000,000 Mexican aonos 9% US0 13,757 000 Compal Electronics Registered
20/12/2012 45,351,494 3.49 0% 09/10/2007 18,322,604 1.41
MXN 763.400,OOO Mexican Bonos 10 5%
14/07/2011 84.075 405 6.46 United Kingdom 6,401,043 0.49
MXN 475.wO.wO Mexico Cetes 0% 27/11/2003 43,345,496 3.33 US0 44,400,000 Deutsche Bank 0% 30/10/2017 6 401.043 0 49
US0 20,400,000 Telefonos de Mexico 4 25%
15/06/2004 23.M11 000 1.77 Vietnam 3,357,750 0.26
USD 1.6i4 000 United Mexican States 0% USD 3,630 000 Socialist Republic of Vietnam
30/06/2003 7.102 0 00 FRN 14/03/2016 3,357,750 0 26
Yugoslavia 2,844,000 0.23

USD 5,100,000 Yugoslavian 0% 15/07/2006 2,040,000 0 17
US0 2.010.000 Yugoslavian Asset 0%
15/07/2006 804 000 OD6
Total Transferable Securitles

Admitted to an Official Exchange Listing 709,811,724 54.56
Schroders
as at 30 June 2003
SlSF Emerging Markets Debt SlSF EURO Corporate Bond
(continued)
Number of shares Otner Transferable Securities Market % Number of shares Transferable Securities admitted Market %
or principal value Net or principal to official exchange listing/ value Net
amount US0 Assets amount Common stocks and Snares EilR Assets
.- .
Indonesia 29,991,792 2.31 Australla 1,432,141 0.88
IDA 37 300 ooo ooo Indonesia Recapmta1,zation ELJR 932,000 Australia and New Zealand
Bond '2 125% 15/074006 4651 224 037 Banking Grobp 4.875%
IDR 46 640 om UO'J Indonesia Recapitalizatton 07/02/2007 997.229 0.61
Bond 1225% 15/07/2007 5 895323 045 EUR 378.000 Telstra 6 37596 29/06/2011 434912 0.27
IDR 90 ann uuc 000 IndonesiaRecapitalization
Bond 1496 15/06/2009 11,993
579 0 92 Belgium 2,448,068 I.51
IDR 27 20c 000 000 IndonesiaRecapitalization EUR 1 166.000 SCA Coordination Center
Bond 16 596 15/09/2004 3,523,748 027 5.375% 25/06/2007 1.257.86' 0.78
IDR 29 400 300 1100 IndoneslaRecap,tal,zation EUR '.250.000 Solvay 4 625% 27/06/2018 1,190,207 0.73
Bond 16 5% '5/05/2005 3 927,918 0 30 ..I
Canada 395,519 0.24

Total Other Transferable Securities 29,991,792 2.31 EUR 390,000 Province of Quebec 4 25%
27/02/2013 395.519 024
N o b e r of shares Money Market Instruments Market %
or princ,pal Assimilated To Cash value Net Cayman Islands 6,388,522 3.93
amount USD Assets EUR 1 394.000 CAM International variable
~. .__ 03/04/2012 1,497,900 0.92
United States of America 373,776,?18 28.73 EUR 3 400,000 Hutch-son Whampoa 5 5%
US0 70 000 000 US Treasury YillO% 16/03/2006 1 464241 0.90
1 1 /I 2/2003 69 745 735 5 37 EUR 1,710,000 MBNA America hropean
US0 90000000 US Treasury Btll 0% Structured Offerings 5.45%
16/10/2003 89 701 442 6 89 19/04/2011 1,855250 114
USD 115 000000 US Treasury Bill 0% EUR 1 500,000 Sabadell International Capital
20/11/2003 114,545,315 880 variable 05/12/2012 1,571,131 0 97
US3 ' 0 0 000 000 US Treasury 131:)0% ..
2 1 /08/2003 99 784226 7 67 Croatia 1,496,724 0.92
EUR 1.480,OOO Republic of Croat:a 4.625%
Total Money Market Instruments 24/02/2010 1,496,724 0 92
Assimilated to Cash 373,77~,71~1 28.73 - .-
Denmark 2,618,082 1.61
Number of shares Transferable securities Market Yo EUR 500.000 Danske Bank variable
or princ;pal not admitted to offcal value Net 20/06/2016 490.306 030
amount exchaqge listing USD Assets EUR 930.000 Danske Bank variable
26/03/2015 1.034.9'6 0.64
Luxembourg 13,@2,657 1.05 EUR '.OoO.OOO Rohm B, Haas Denmark Finance
US0 2,000,000 First Emerging Markets 0% 6% 09/03/2007 1,092,860 0 67
15/07/2006 800.000 006 -.-.. .
EUR 5,408129 First Emerging Mzrkets 0% Finland 2,290,658 1.41
15/07/2006 2.626.559 020 EJR 674000 Nordea Bank Finland 5.75%
US0 365 000 Second Emerging Markets 0% 26/03/2014 742.896 046
15/07/2006 146.000 0.01 EUR 500.000 Stora Enso 6.375%29/06/2007 552,992 0.34
USD 24.362.000 Second Emerging Markets 0% EUR 909.000 UPM-Kymmene 6.125%
15/07/2006 9 744800 0 75 23/01/2012 994,770 06'
FUR 1,310,000 Second Emergicg Markets 0% ~
15/07/2006 325 298 0.03 France 16,551.I62 10.19

.- - ...... EUR 941 000 Aventis 5% 18/04/2006 997.658 060
South Korea 2,539,006- 0.19 EUR 750.000 AXA varaable 15/12/2020 842.m 051
CHF 9,000000 NK Debt 0% 12/03/2010 1,092.916 008 EUR 930000 BNP Paribas var able
DEM 15,000000 NK Debt 0% 12/03/2010 1,446.090 01 1 23/01/2014 1,006,358 062
EUR 920.000 Carrefour 4 5% 18/03/2009 965,411 059
Total Transferable Securities Not Admltted EUR 820.000 Credit _yonpais variable
to an Official Exchange Listing 16,181,663 1.24 1511 '/2012 875.600 054
FUR 367,000 Uanone Finance 3 375%
05/03/2008 369.191 023
EUR 700000 Danone Finance 5 125%
Total Investments 1,129.T61,897 86.84 08/06/2WG 747,880 0 46
EJR 785 000 Dexia Credit Local 5 25%
Other Net Assets 171.252.284 13.16 25/04/2008 854.316 053
Net Asset Value 1,301,014,181 100.00
Schroders
as at 30 June 2003
SI% EURO Corporate Bond (continued)
Number of shares Translerabie securities admitted Market % Number of shares Transferable securities admitted Market %
or principal to otticial exchange listing/ value Net or principal to official exchange listing/ value Net
amount Commor. stocks and Shares EUR Assets amourt Common stocks and Shares EUR Assets
France (continued) The Netherlands 21,802,596 13.43

EUR 2.472000 France Telecom 7% 23/12/2009 2.835.900 175 EUR 7985.000 Bank Nederlandse Gemeenten
EUR 551000 France Telecom 8.125% 3.5% 31/03/2008 8,136.755 5 01
28/01/2033 694,912 0.43 EUR 256,000 Deutsche Telekom International
EUR 1000000 France Telecom FRN 10/11/20031.001275 0.62 Finance 7.5% 24/01/2033 301,960 0 19
EUR 700000 Gaz de France 4.75%19/02/2013727 860 0.45 EUR 1.528000 Deutsche Telekom International
EUR 921.000 GIE PSA Tresorerie 5 875% Finance 8.125% 29/05/2012 1,880,641 116
27/09/2011 1,017,928 063 EUR 637,000 E ON International Finance
EUR 1.250.000 GIE Suez Alliance 5.125% 5 75% 29/05/2009 705.463 0.43
24/06/2015 1,234,873 076 EUR 1,600,000 Olivetti Finance 6 875%
EUR 700.000 Societe Generale variable 24/01/2013 1,814,288 112
1a/i2/20! 4 73a.896 046 EUR 960.000 Rodamco Europe 3 75%
EUR 1.600.000 Veolia Envtronnement 5 375% 01!07/2010 941,649 0 58
28/05/2018 ,640.546 ~ 101 EUR 488,000 RWE Finance 6.125%26/10/2012 550.103 034
--.
Germany 497,200
-
0.31
EUR 1,165,000 Suedzucker International Finance
5.75%27/02/2012 1,286928 079
EUR 440,000 Messer Griesheim 10 38% EUR 480.000 Telefonica Europe 5 875%
0 1/06/20
11 497,200 031 14/02/2033 492,331 030
.
.
. EUR 1,950.000 TPSA Eurofinance 6.625%
Greece 1,249,349 0 77 0 1/03/2006 2,090.61
0 1 29
EUR 1,210
000 Public Power 4 5% 12/03/2009 1 249.349 077 EUR 942,000 Unilever 5.125% 07/06/2006 1,005,255 062
EUR 1500,000 VNU 6.75%29/10/2008 1,694880 1 04
Guernsey 1,507.049 0.93 EUR 850,000 Wolters Kluwer 5.5%22/09/2006 901,733 056
EUR 1.350,OOO Credit Suisse Group Capital
Guernsey variable 29/11/2049 1,507,049 0.93 Norway 367,W 0.23
.. - .. EUR 340.000 Statoil 5 125% 30/06/2011 367.843 0.23
Ireland 9,362,712 5.77 - -
EUR 510.000 Allied Irish Banks variable Singapore 2,038,635 1.26
29/12/2049 603.174 0.38 EUR 1,250,000 Oversea-Chinese Banking
EUR 8.004,oOO Morgan Stanley Euro Tracers Registered7 25% 06/09/2011 1,481,250 0 92
variable 25/02/2009 8.759.538 5.39 EUR 504.000 Sirgapore Telecommunications
Registered 6% 2111 1/2011 557.385 0.34
iw 3,096,295 1.91
EJR 912,000 Enel 5 875% 12/12/2005 982891 0 61 South Africa 2,046,048 1.26
EUR 958000 SanPaolo IMI 6 375% EUR 1.000,OOO Republic of South Africa 5 25%
06/04/2010 1,101,714 o 6a 16/05/2013 961.952 0.59
EUR 894000 UriCredito Italian0 6 1% EUR 996.000 Republic of South Africa 6.75%
28/02/2012 1 011 690 062 19/05/2006 1 084.146 0.67
Lithuania 1,123,000 0.69

--
Spain 1,491,371 0.92
EUR 1 000 000 Republlc of LithJania 5 875% EUR 1.400.000 Caja de Ahorros y Monte de
10/05/2012 1,123,000 069 Piedad de Madrid variable
31/07/2011 1.491.371 0.92
Luxembourg 7,126.410 4.39 "~
EUR 637,000 AIG Sunainerica Institutional Sweden 4.910,247 3.03
Funding 111 5 75% 26/09/2005 680.184 0.42 EUR 650.000 Alla Lava1 Special Finance
EUH 1 215.000 Ciba Specialty Chemicals Finance 12.13%15/11/2010 796,250 049
Luxembourg 4.875% 20/06/2018I 193,086 0 73 EUR 1,441,300 ForeningsSparbanken variable
EUR 1,425,000 Holcim Finance 4.375% 02/10/2012 ,507,070 093
23/06/20
10 1,431.420 0.88 EUR 1 322.000 Skandinaviska Enskilda Banken
EilR 1,122.000 Michelin Finance Luxembourg variable 06/06/2012 ,429,569 088
6 125% 16/04/2009 1.242,385 0.77 EUR 1.100,000 Svenska Handelsbanken
EUR !,466,000 Sogerim 7% 20/04/2011 1.683856 1.04 variable 28/12/2011 177,358 073
EJR 835.000 Syngenta Luxembourg Finance - -- -
#2 55% 10/07/2006 895.479 055 United Kingdom 40,687,522 25.06
.. EUR 1,040,000 Hammerson 6 25% 20/06/2008 1 148,836 0.72
Malaysia 2,131,535 1.3i- EUR 1.650.000 Anglian Water Services
EUR 1.925,000 Petrorias Capita Registered Financing 4.625%07il0/2013 1,625,584 10'
6 375% 22/05/2009 2.131535 1.31 EUR 1,420,000 Anglo American Capital 3 625%
05/06/2008 1,419.746 088
EUR 950,000 Aviva variable 14/11/2021 989.311 061
EUR 612.000 Bank of Ireland variable
29/12/2049 722301 044
EUR 927.000 Bank of Scotland variable
05/12/2013 994.722 06:
EUR 475.000 Barclays Bank 4.875%
3 1 /03/20
13 495 216 0.30
Schroders
as at 30 June 2003
SlSF EURO Corporate Bond (continued)
Number of shares Transterable securites admitted Market Yo Number ol shares Transferable securities admitted Market Sk
or principal to official exchange listing/ vawe Net or principal to official excbange listing/ value Net
amount Commo" stocks and Shares EUR Assets amount Common stocks and Shares EUR Assets
_---
United Kingdom (continued) United States of America (continued)
EUH 522.000 Rarclays Bank variable EUR 2.000000 Citibank Credit Card Issuance
79/l 2/2049 622 713 0 38 Trust 5 375% 11/04/2011 2.189.925 1 35
EUR 766,000 British -e ecoq 7 125% EUR 928000 Citigroup 4.625% 14/11/2007 987.466 0 61
15/02/2011 896.595 0 55 EUR 898000 DaimlerChrysler 5.625%
EUR 1,500,000 Chester Asset Receivables 16/01/2007 953 227 0 59
Dealings No 11 6 125% EUR 1,293000 General Motors Acceptance
15/10/20:0 1.7: 1,344 1 05 5 75% 14/02/2006 1.319.359 0 81
EUR 1.013.000 Coca-Cola HBC Finance EUR 900,000 Goldman Sachs Group 4.125%
5.25% 27/06/2006 1.080.005 0 67 06/02/2008 926.235 0 57
EUH 1,181.000 Compass 6% 29/05/2009 1.311.839 0 81 ELJR 1000.000 Hew:ett-Packard 5.25%
GBP 350,000 EM1 9 75% 20/05/2008 524,883 0 32 05/07/2006 1,059.538 0 65
EUR 1,500,000 FCE Bz-k FRN 28/06/2006 1.4'0 OM) 0 87 FUR 1.010000 Household Firance 5.875%
EJR 1,668,000 Gallaher Group 5 75% 31/03/2008 1,112,667 0 69
02/10/2006 1782.814 110 EUR 908000 IntesaEci Capital Trust variable
EUR 1.5OOCQO Granite Mortgages 2003-2 2A 29/07/2049 1 023,682 0 63
FRN 2@/07/2043 1.50: ,200 0 92 ELF 1,000000 1,ear 6.125% 01/04/2008 1,090,000 0.67
EUR 2150.000 Granite Mortgsges variable EUR 460.000 MBNA America European
20/04/2007 2,310,620 1 42 Structured Offerings4.375%
EUR 1,421,000 GUS 4.125% 12/07/2007 1,446,957 0 89 19/08/2004 470,626 0 29
ELJR 1,520,000 Holwes Financing 4 2A FHN EUR 2,000,000 MBNA Credit Card Master
15/07/2008 1 61 r 613 1 00 Trust 4 15% 19/04/2010 2,043,800 1 26
EUR 650000 HSBC 5 37546 20/12/2012 697 361 0 43 EUR 411,000 Morgan Stanley 4 375%
EUR 1 '23000 Imperial Tobacco Finance 6 75% 01/03/2010 420,220 0 26
06/06/2007 1.225.996 0 76 EUR 500,000 Morgan Stanley 5.75%
ElJR 777000 Lehman Brothers Ho dings 01/04/2009 553.622 0 34
6 125% 23/03/2007 857.777 0 53 EUR 1,410.000 Pemex Project Fundjng Master
EUR 750.000 Lloyds -SB Group 5 875% Trust Registered 6.625%
08/07/2014 847.211 0 52 04/04/2010 1,466,770 0 90
EUR 1.000.000 Nationwide Building Society ELJR : 149.000 Procter & Gamble 5./5%
FHN 11/04/2013 1 002 000 0 62 26/09/2005 1.228.191 0 76
EUR 983.000 Northern Rock 3 875% EUR 705,000 Reed Elsevier Capital 5.75%
28/03/2008 1,007,609 0 62 31/07/2008 774,619 0 48
EUR 550,000 Prudent al 5.75% 19/12/2021 572.578 0 35 EUR 1,450,000 Standard Chartered Capital
EUR 1,362000 RES Capital Trust A Variable Trust I variable 29/03/2049 1.688 200 1 04
29/12/2049 1.529.955 0 94
EUR 1,561000 Rentok I Initial 5.75% 21!05/2007 1,694.817 1 04 Total Transferable Securities
EUR 950000 SL Finance varmable 12/07/2022 1,002,231 0 62 Admltted to an Official Exchange Listing 155,268,011 95.63
FUR 850000 Tate 8, -yle IntercationalFinance
5.75% 36/10/2006 914,280 0 56 Number of shares Other Transferable Secdrities Market %
FUR 922.000 Tesco 5.25% 07/05/2008 997,089 0 61 or principal value Net
EUR 760.000 Transco 5 2596 23/05/2006 809,149 0 50 amount EUR Assets
tUR 875.000 United Biscuits France 10.63%
15/04/2011 1,001,875 0 62 France 976,125 0.60
EUR 927.000 United Ut!lities Water 6 625% EUR 950,000 Remy Cointreau Registered 6.5%
owl " H I 7 1 045.355 0 64 01/07/2010 976.125 0 60
EUR 625,000 Vodafo-e 5% 04/06/2018 622.111 0 38 ~
EUR 655,000 Vodatov 5 75% 27/10/2006 709.029 0 44 United Kingdom 961,178 0.59
EUR 500.000 WPP Group 6% 18/06/2005 536 800 0 33 EUR 1,000Do0 National Grid Transco 5%
.. .. . , . --
02/07/2018 961 178 0 59
EUR 209,000 Barik of America 3 625% United States of America-- 660,293 0.41
03/03/2008 212,069 0 12 USD 840,000 Farmers Exchange Cap:tal i44A
EUR 700,000 Bank of America 5 25% 7.05% '5/07!2028 660,293 0.41
27/06/2006 750.115 0 45
EUR 1.807.000 Chase Credit Card Master Trust Total Other Transferable Securities 2,597,596 1.60
1998-45% 15/08/2008 1945,942 :20
Total Investments 157,865,607 97.23
Net Assetvalue 162,369,669 100.00
Schroders
as at 30 June 2003
Nurrber of shares Trarsferable securities admitted Market % Number of shares Transferable securities admitted Mard %
or prmcipal to official exchange listing/ value Net of principal to official exchange listing/ value Net
amobnt Common stocks and Shares US0 Assets amount Common Stocks and Shares US0 Assets
-- -
Australia 194,159 0.61 France (contlnued)
EUR 40,000 Australia and New Zealand GBP 18,000 Carrefour 5 375% 19/12/2012 30.682 0 10
Banking Group 4 875% 07/02/2007 48 909 0 15 GBP 9 000 Credit Agrlcole 5% 20/06/2049 14,403 0 05
EUR 32 000 Telstra 6 375% 29/06/2011 42 074 0 13 EUR 40 000 Credit Lyonnais variable
USD 100 000 WMC Finance USA Registered 15/11/2012 48.809 0 15
5 125% 15/05/2013 103 176 0 33 EUR 50,000 Danone Finance 3 375%
05/03/2008 57,479 0 18
Belgium 65,337 0.21 EUR 69.000 France Telecom 7% 23/12/2009 90,457 029
EUR 53 000 SCA Coordination Ceiter GBP 12 000 France Telecom 7 25% 10/11/2020 22,437 0 07
5 375% 25/06/2007 65 337 0 21 EUR 25,000 France Telecom 7 25% 28/01/2013 33.360 0 11
- GBP 10,000 France Telecom 8% 20/12/2017 19.862 0 06
Cayman Islands 896,973 2.04 EUR 25,000 France Telecom 8 125%
21,000 AIG Sunamerica institdional 28i0112033 36 030 011
Funding II 5.375% 07/12/2009 36.326 0.1’ EUR 40.000 FrEnce Telecom FRN lO/l1/2003 45,768 0 14
USD 250.000 BSCH Issuances 7.625% EUR 40.000 Gaz de France 4 75% 19/02/2013 47.529 0 15
14/09/2010 308.1 75 0 98 EUR 40,000 GIE PSA Tresorerie 5 875%
EUR 45,000 CAM International variable 27/09/2011 50,521 0 16
03!04/2012 55,257 0 17 EUR 60,000 GIE Suez Alliance 5 125%
GBP 18,000 Dwr Cymru Financing6.015% 24/06/2015 67.735 0 21
31/03/2028 33.306 0.11 EUR 40.000 Societe Generale variable
EUR 65.000 Hutchison Whampoa 5.5% 18/12/2014 48.250 0 15
16/03/2006 77,687 0 25 EUR 75,000 Veolia Environnement5 375%
dSD 2:oooo Hutchison Whampoa International 28/05/2018 a7.878 0 28
Registered 6.5% 13/02/2013 221,425 0 70 -
EUR 70,000 MBNA America European Germany 104,984 0.33
Structured Offerings 5.45% EUR 51 000 Kfw - Kreditanstalt fuer
19/04/2011 86.787 0 27 Wiederaufbau 4.75% 07/12/2010 59,947 0.19
EUR 50.000 Sabadell International Capital GBP 11.000 Kfw - Kreditanstalt fuer
variable 05/12//2012 59,847 0 19 Wiederaufbau 5.75% 07/06/2032 20.502 0 06
GBP 10,000 Santander Central Hispano EUR 19,000 Messer Griesheim 10.38%
Services variable 29/12/2049 18.163 0.06 0 1/06/2O 11 24.535 0.08
Chile 291,734 0.92 Greece 55,456 0.18

USD 275.000 Republic of Chile 5 5% 15/01/2013 291,734 0.92 EUR 47.000 Public Power 4 5% 12/03/2009 55.456 0.18
Croatia 80,896 0.26 Guernsey 61,233 0.19

EUR 10,000 Republic of Croatia 4 625% EUR 48.000 Credit Suisse Group Capital
24/02/2010 80,896 0.26 Guernsey variable 29/11/2049 61,233 0 19
Denmark 146.928 0.46 lndonesla 110.423 0.35

:UR 30 000 Danske Bank variable 20/06/2016 33 618 0.10 IDR 800.000.000 Indonesia Recapitalization Bond
FUR 40.000 Danske Bank variable 26/03/2015 50,867 0.16 14.25% 15/06/2013 110,423 0 35
EUR 50.000 Rohm 8 Haas Denmark Finance
6% 09/03/2007 62.443 0 20 Ireland 861.193 2.73
EUR 20,000 Allied Irish Banks variable
Finland 140,684 0.45 29/12/2049 27,030 0.09
EUR 30.000 Nordea Bank Finland variable EUR 667.000 Morgan Stanley Euro Tracers
26/03!2014 37 787 0.12 variable 25/02/2009 834.163 2.64
EUR
EUR
30.000
42 000
Stora Enso 6 375% 29/06/2007
UPM-Kymmew 6.125%
37,916 0.12 -_Israel 83,395 0.26
2310 1/20 12 52.524 0’7 USD 85,000 Israel Government international
GRP 7.000 UPM-Kymmene 6 625% Bond 4.625% 15/06/2013 83,395 0 76
23/01!2017 12,437 0 04
Italy 140,626 0.45
France 912,344 2.89 FUR 40,000 Enel 5 875% 12/!2/2005 49,263 0 16
GSP 10,000 AXA 7 125% 15/12/2020 18.093 0 07 EUR 40.000 SanPaolo IMI 6 375% 06/04/2010 52.567 0 17
EUR 30 000 AXA variable 15112/2020 38,513 0 12 EUR 30.000 UniCredito Italian0 6.1%
EUR 50.000 %?que Psa Finance FRN 28/02/2012 38,796 0.12
26/10/2004 57.109 0 18
EUR 40 000 RNP Psribas varable 23/01/2014 49,463 0 16 Japan 432,306 1.37
FilR 40,000 Carrefour 4 5% 18/03/2009 47,966 0.15 JPY 12.000 000 Development Bank of Japan
1.7%20/09/2022 110458 0.36
JPY 29,0M).OOO Japan Finance Corp for Municipal
Enterprises 1 55% 21/02/2012 257,135 0 81
JPY 8,300,000 Japan Government Thirty Year
Bond 1.1 % 20/03/2033 64.713 0 20
Schroders
as at 30 June 2003
SlSF Global Corporate Bond (continued)
Number of snares -fansferable securities admitted Market % Nuvber of shares Transferable securites admitted Marlcet %
or princ pal to offrc:a’ exchange Iistrng/ value Net or principal to official exchange listing/ value Net
aTobnt Common stocks and Shares USD Assets amount Common stocks and Shares US0 Assets
Llthuanla 32,066 0.10 Singapore 99,755 0.32

EclR 25 000 Republlc of Lithuania 5 875% US0 55 000 Oversea-Chinese Banking
10/05/7012 32,066 0 10 Registered 7 25% 06/09/2011 74 479 0 24
I. ... EUR 20 000 Singapore Telecommunications
Luxembourg 385,337 1.22 Aegstered 6% 21/11/2013 25 276 0 08
EUR 40,000 AIG Sunamerica Institutional
Funding 111 5 75% 26/09/2005 48.809 0 16 South Africa 105,442 0.33
GEP 8 000 Bradford 8, Bingley Capital Fund EJR 45.000 Republic of South Africa 5 25%
var:able 02/06/2049 ?3,943 0 04 16/05/2013 49.467 0.15
EUR 55.000 Ciba Specialty Chemicals Finance EUR 45.000 Republic of South Africa 6 75%
Luxembourg4.87556 20/06/2018 61,718 0.20 19/05/2006 55,975 0.18
EUH 75,090 Holcim Finance 4.375% 23/06/2010 86,092 0 27
EJR 35,000 Michelin Finance Luxembourg Spain 121,733 0.39
6.125% 16/04/2009 44.288 0.14 EUR 100 000 Cala de Ahorros y Monte de
EUR 63 000 Sogerm 7% 20/04/20: 1 82.692 0 26 Piedad de Madrid var:able
EUR 39.000 Syngenta Luxwbourg Finance 31/07/2011 121 733 0.39
#2 5.5% 10/07/2006 47,795 0.15 .
. Supranatlonal 801,082 2.53
Malaysia 126,536 0.40 ilSD 125.000 Corp Andina de Fomento 5.2%
EJR I00000 Petronas Capital Registered 2 1/05/20 13 ’26.632 0.40
6 3759’’ 22/05/2009 126.536 0 40 USD 85 000 Corp Andina de Fomento 7.75%
01 /03/2004 87.904 0.28
The Netherlands 896,275 2 a4 GBP 34.000 EIB 5.375%07/06/2021 60,234 0 19
EUR 120 000 Bsnk Nederlandse Gemeenten GBP 275.000 EIB 5 5%07/12/2009 486.663 1 54
3 5% 31/03/2008 139,736 0 45 GBP 7.000 El6 6.25% 15/04/2014 13 200 0.04
GBP 11 000 Deutsche i‘elekom International GBP 14.000 EIB 7.625% 07/12/2007 26.449 0.08
Finance 7 375% 04/12/2019 20 619 0 08
ELJR 10000 Deutsche lelekom International Sweden 292,714 0.93
F,narce 7 5% 24/01/2033 13.479 0 04 EUR 25 000 Alfa Lsval Special Finance
EUR 76 000 Deulsche Teiekom International 1 2,13% 15/11/pol 0 34,997 0.1 1
Finance 8 125% 29/05/2012 106.893 0 34 EUA 47 000 ForeningsSparbanken variable
GBP 9 000 Deutsche Telekom Internatmsl 02/10/2012 56 !72 0.18
Finance Step Coupon 15/06/2005 15,627 0 05 EUH 40.000 Skandinaviska Enskilda Banken
EUR 25,000 E ON International Finance 5 75% variable 06/06/2012 49.429 0 16
29/05/2009 31 639 0 10 EUR 100,000 Svenska Handelsbsnkenvariable
GBP 20 000 E ON International Finance 28/12/201 1 122.31’8 0 39
6 375% 07/06/2032 36 836 0 12 GEP 17,000 Svenska Handelsbankenvariable
ELJR 87 000 Olivetti Finance 6 875% 29/03/2049 29.805 0 OY
24/0’ !2013 11 2,734 0 36 -
.-
EUR 40 000 Rodamco Europe 3 75% United Kingdom 3,200,966 10.12
01/07/2010 44,836 0 14 GBP 11,000 Aggregate Industries 6 25%
EUR 20.000 RWE Finance 6 125% 26/10/2012 25,764 0 08 08/07/2099 19,152 0 06
GBP 6 000 RWE Finance 6 25% 03/06/2030 10,370 0 03 GBP 16,000 Alliance 8, Leicester 5.875%
GBP 6,000 RWE F,-ance 6 25% 03/06/2030 10.372 0 03 14/08/2031 28 343 0 10
GBP 16 000 HWE Finance 6 375% 03/06/2013 28.674 0 09 EUR 60 000 Anglian Water Services Financing
EUR 50 000 Suedzucker International Finance 4 625% 07/10/2013 67.550 0 21
5 75% 27/02/2012 63.117 0 20 EUR 65 000 Anglo American Cap,tal 3.625%
EUR 20 000 Telelorica Europe 5 875% 05/06/2008 74 265 0 24
14/02/2033 23.442 0 07 GRP 10 000 Anglo Irish Asset Finance variable
EiJR 54 000 TPSA E,rolinance 6 625% 28/06/2049 19653 0 06
01/03/2006 66,158 0 21 EUR 40 000 Aviva variable 14/11/2021 47.601 0.15
EJR ?7 000 Unilever 5 125% 07/06/2006 32,926 0 :o GBP 9 000 BAA 5 75% 10/12/203’ 14.840 0 05
EUR 50 000 VNcl 6 75% 29/i0/2008 64,561 0 20 EUR 3: 000 Bank of lrelaid v2r able
EUR 40,000 Wolters Kliiwer 5 5% 22/09/2006 48.492 0 15 23/12/2049 4!.810 0 13
GBP 22.000 Bank of Scotland 6 375%
Norway 24,727 0.08 16/08/2019 40.650 0 13
EUR 20 000 Statoll 5 125% 30/06/2011 21.727 0 08 EUR 42,000 Bank of Scotland variabe
- . .- 05/12/2013 51 502 0 16
The Philippines 98,%-’ 0.31 EUR 25 000 Barclays gar4 4 875%
PHP 5,000 000 PhilipplneGovernment 11 63% 31/03/20 13 29.785 0 09
05/05/2008 98 964 0 31 GBP 21 000 Barclays Bank varihble
29110/2049 41,489 0 13
EJR 25 000 Barclays Bank vsr able
29/12/2049 34.081 01:
GBP 16 000 BOC 6 5% 29/01/20:6 29.696 0 09
FUR 31 000 British Teiecom 7 125%
15/02/201’ 41 357 0 13
Schroders
as at 30 June 2003
Ndmber of shares 'rsnsterable securities admitted Market % Number of shares Transferable securities admitted Market %
arriount Corrmon stocks and Shares US0 Assets amount Common stocks and Snares USD Assets
- ~
United Kingdom (continued) United Kingdom (continued)

usn 50,000 British Telecom Step Coupon EUR 30,000 RBS Capital Trust A Variable
15/12/2030 68,398 0 22 29/12/2049 38510 0.12
G9P 12,000 British Telecom 5.75% 07/12/2028 19.383 0 06 EUR 40,000 Rentokil Initial 5 75% 21/05/2007 49 628 0 16
GRP 12,000 Cadbgry Schweppes Finance GBP 11 ,mo Rentokil Initial 6 125% 19/11/2008 19 338 0.06
5.75% 30/11/2006 20,535 0 06 USD 25,000 Royal Bank of Scotland variable
GBP 20.000 Canary Wharf Finance II 6.455% 29/04/2049 28,072 0.09
22/04/2030 37 735 0 12 GBP 15.000 Scottish Power UK 6 75%
GBP '2.000 Centrica 5 875% 02/11/2012 20 977 0 07 29/05/2023 28,503 0.09
EUR 80.000 Chester Asset Receivables GBP 12.000 Severn Trent Water Utilities Flnance
3ealings No 11 6.125% 6 125% 26/02/2024 1,576 0.07
15/10/2010 104,301 0 33 GBP 5,000 SL Finance step coupon 6 75%
GBP 11,000 Ciba Specialty Chemicals 6 5% 12/07/2049 8.526 0.03
24/04/2013 20.221 0 06 EUR 40,000 SL Finance variable 12/07/2022 48.223 0.15
EUR 45,000 Coca-Cola HBC Finance 5 25% EUR 35,000 Tate & Lyle International Finance
27/06/2006 54,825 0 17 5 75% 06/10/2006 43,021 0.14
EUR 50.000 Compass 6% 29/05/2009 63,468 0 20 GEP 11.000 Tale 8, Lyle International Finance
llSD 30 000 Diageo Capital 3.5% 19/11/2007 30,916 0 10 6 5% 28/06/2012 19,489 0.06
GBP 22,000 Equity Release Funding 5.7% EUR 41,000 Tesco 5 25% 07/05/2008 50.668 0.16
26/02/2031 38.983 0 12 EUR 40.000 Transco 5 25% 23/05/2006 48 666 0 15
EUR 40,000 FCE Bank FRN 28/06/2006 42.967 0 14 EUR 3o.OOo Urited Biscuits Finance 10 63%
GBP 6.000 Gallaher 5 75% 06/02/2013 10,094 0 03 15/04/2011 39 253 0.12
EUR 73.000 Gallaher Group 5 75% 02/10/2006 89.163 0 28 EUR 41,000 United Utilities Water 6.625%
GBP 18.000 GlaxoSmithKline Capital 5 25% 08'1 1/2007 52.835 0.17
19/12/2033 30,199 0 10 EUR 25,000 Vodafone 5%04/06/2018 28,437 0.09
EUR 100 000 Granite Mortgages variable EUR 35,000 Vodaione 5 75% 27/10/2006 43 295 0.14
20/04/2007 122.812 0 39 EUR 20.000 WPP Group 6% 18/06/2008 24 537 0 08
EUH 59,000 GUS 4.125% 12/07/2007 68.749 0 22
EUR 30,000 Hammerson 6 25% 20/06/2008 37.870 0 12 United States of Amerlca 6,037,582 19.10
GBP 12,000 Hammerson 6.875% 31/03/2020 21,479 0 07 EUR 7,000 Bank of America 3 625%
90,OOo Holmes Financing 4 2A FRN 03/03/2008 8,117 0 03
15/07/2008 109.452 0 35 EUR 40.000 Bank of Amerlca 5 25%
US0 280,000 HSBC 5.25% 12/12/2012 298.303 0 94 27/06/2006 48,982 0 17
EUR 40,000 HSBC 5.375% 20/12/2012 49,041 0 16 DEM 74 000 Chase Credit Card Master Trust
GBP 19,000 HSBC 5.75% 20/12/2027 32,817 0 10 1998-4 5% 15/08/2008 91,066 0 29
EUR 46.000 Imperial Tobacco Finance 6.25% EUR 40,000 Cttibank Credit Card Issuance
06/06/2007 57.388 0 18 Trust 5 375% 11/04/2011 50,051 0 16
GBP 11 000 Imperial Tobacco Finance 6.875% USD 180.000 Citigroup 3 5% OlD2/x)08 184,845 0 58
13/06/2012 20 040 0 06 EUR 40,000 Cit group 4 625% 14/11/2007 48.393 0 15
GBP 11,000 Land Securities 5.875% USD 160,000 Citgroup 7 25% 01/10/2010 193,472 0 61
28/11/2013 18.963 0 06 GBP 5.000 Credit Suisse Group Finance US
GBP 80,M)O LCR Finance Registered 4 75% 7% 05/10/2020 9,346 0 03
31I1 2/2010 136.368 0 43 EUR 50,000 DaimlerChrysler 5 625%
EUR 50.000 Lehman Brothers Holdings 6.125% 16/01/2007 60.651 0 19
23/03/2007 63,078 0 20 USD 25,000 DaimlerChrysler 7 2% 01/09/2009 28,391 0 09
EUR 40.000 Lloyds TSB Group 5 875% JSD 40 000 DaimlerChrysler 8 5% 18/01/2031 48,084 0 15
08/07/2014 51.744 0 16 USD 31.517 EQCC Home Equity Loan Trust
GBP 22.000 Lloyds TSB GroJp variable 1998-2A4F 6 326% 15/01/2022 31,913 0 10
29/03/2049 38.343 0 12 USD 89,562 FHLMC 6% 01/12/2028 92,823 0 29
GBP 18,000 National Grid 4 75% 10/12/2010 29.780 0 09 dSD 169.357 FNCL Pool No535126 6%
GBP 12.000 National Grid 5.875% 02/02/2024 20 560 0 07 01/12/2028 175,894 0 56
GBP 4,000 National Grid 6 5% 27/07/2028 7,399 0 02 US0 500,000 FNMA Discount Notes 0%
EUR 40,000 Nationwide Building Society FRN 02/07/2003 499.974 1 58
11/04/2013 45 801 0 14 USD !65 750 FNMA Pool N" 303884 7%
EUH 50 000 Nortbem Rock 3 875% 28/03/2008 58,568 0 19 01/05/2026 174 608 0 55
GBP 21,000 Northern Rock variable 13/01/2015 35,967 0 11 USD 132,280 FNMA Pool N" 486203 6%
FUR 35.000 Prudential variable 19/12/2021 41.638 0 13 01/02/2029 137.335 0 43
GW 5 000 Prudential6.125% 19/12/2031 8,290 0 03 USD 108,440 FNMA Pool N^ 545259 7 5%
01/12/2029 115.218 0 36
USD 195,000 Ford Motor 7 45% 16/07/2031 180,930 0 57
USD 240 000 Ford Motor Credit 7 25%
25/10/2011 245.866 0 78
GBP 32,000 General Electric Capital 6 125%
17/05/2012 57,793 0 '8
EUR 65,000 General Motors Acceptance 5 755:
14/02/2006 75.793 0 24
Schroders
as at 30 June 2003
Number of shares Translerable securities admitted Market % Number of shares Other Transferable Secur tles Market %
or princ pal to ofticial exchange listing/ vaue Net or principal value Net
amount Common stocks and Shares USD Assets amount US0 Assets
United States of America (continued) Canada 931,940 2.95

US3 15?6/5 GNSF Pool N?464695 7% USD 100 000 Abitibs Consolidated6%
15/07/7028 161.359 0 51 20/06/2013 95 590 0 30
EUR 50000 Goldman Sachs Group 4 125% USD 200 000 Canadian National Railway 4 4%
06/02/2008 58,803 0 19 15/03/2013 201 752 0 64
USD 18.825 Green Tree Financial 1993-2 A4 USD 140 000 Hus%yOil variable 15/08/2028 162 400 0 51
6 9% 15/07/2018 19,481 0 06 USD 185 000 Petro-Canada 4% 15/07/2013 179 706 0 57
EUR 50,000 Hewlett-Packard 5 25% 05/07/2006 60,539 0 19 US0 250 000 TELUS 8% 01/06/2011 292 500 0 93
EUH 18000 Household Finance 5.875O4 -- - -
3-1 /03/2008 22 660 0 07 France 310,689 0 98
EUR 40.000 IntesaBci Capital Trust variable US0 200 000 France Telecoi 7 75% 01/03/2011 251 980 0 79
29/07/2049 51,534 0 :6 EUR 50 000 Remy Cointreau Registered 6 5%
JPY 23,000,000 KFW lrternational Finance 2.05% 01/07/2010 58 709 0 19
21!09/2009 211,147 0 67
GBP 59.000 KFW International Finance Luxembourg 108,254 0.34
5.375% 07/1?/2011 103.548 0 33 lJSD 100,000 Tyco International 6.375%
EUR 45.000 Lear 8 175% 01/04/2008 56.052 0 18 15/10/2011 108.254 0 34
EUR 50,000 MENA Credit Card Master Trust
4. '5% 19/04/2010 58.389 0 18 United Kingdom 599.073 1.90
USD 23,000 McDonald's 5.875% 23/04/7032 37.902 0 12 US3 230 000 Diageo Capital 4 85% 15/05/2013 237 370 0 76
GEP 70,000 Mellon Funding 6.375% 08/11/2011 36,114 0 11 EJR 46,000 National Grid Transco 5%
EUR 35 000 Morgan Stanley 5.75% 01!04/2009 44.126 0 14 02/07/2018 50 526 0 16
US0 95 000 Morgan Stanley Dean Witter US0 320.000 Vodafore Group 4 625%
Capita I 2002-TOPI A2 5.98% :5/07/2018 311 177 0 98
15/01PO39 107 870 0 34 -
EUR 55,000 Pemex Project Funding Master United States of America 6.758.992
. , 21 39
Trust Registered 6.625% USD 170,000 A!tria 7 65% 01/07/2008 190,082 0 60
04!04/2010 65.382 0 21 us0 270 000 Amerada Hess 7 3% 15/08/2031 31 1,870 0 99
EUR 56.000 Procter & Gamble 5 75% USD 95.000 American Electric Power 5 25%
26/09/2005 68 405 0 22 0 1/06/2O 15 95.682 0 30
GBP 4 000 Procter & Ga.r,bie 6.25% USD 110.000 AON Capital Trust 8.205%
31/01/2030 7 591 0 02 07/0112027 128 :92 0 41
EUR 30.000 Reed Elsevier Capital 5 75% USD 140,000 ATBT Wireless Services 7.875%
31/07/~00a 37.668 0 12 01/03/2011 165.579 0 52
US! 100,000 Sprirt Capital 7 625% 30/01/2011 114.010 0 36 US0 150,000 Bank of America 4 875%
EJR 50,000 Standsrd Chartered Capital 15/07 120'3 :58.152 0 50
Trust I variable 29/03/2049 66,524 0 21 US0 240.000 Bear Stearns 4.65% 02/07/2018 233,428 0 71
USD 40,000 US Treasury 1 25% 31/05/2005 39,938 0 13 USD 135.000 Citizens Communications 9%
US0 640 000 US Treasury 2 625% 15/05/2008 644 750 2 04 15/08/2031 183 020 0 58
LJSD 649,000 J S Treasury 3.625% 15/05/2013 652 853 2 07 LJSD 75.000 Comcast 5.3% 15/01/2014 77 433 0 25
LJSD 670.000 US Treasury 5 375% 15/02/2031 751 342 2 38 USD 140,000 Comcsst 7.05% 15/03/2033 155.491 0 49
USD 50,000 Commonwealth Edison 3.7%
Total Transferable Securities 01/02/2008 51,507 0 16
Admitted to an Official Exchange Listing 16,801.830 53.17 us0 20 000 Commonwealth Edison 5.875%
01/02/2033 21.158 0 0,'
Number of shares Otner Transferable Securities Market % USD 220.000 Delhaize America 9% 15!04/7031 242 000 o rr
of principal value Net US0 280.000 EOP Operating 5 875%
amowt LJSD Assets 15/01/2013 298.775 0 95
_. USD ao.ooo General Dynamics 4.25%
Australia 463,365 1.47 15/05/2013 80,573 0 25
US0 155000 Qar.tas Airways Registered USD 90 000 General Electric 5% 01/02/20'3 95,191 0 30
5 125% 20/06/2013 152.655 0 19 US0 '~10000 General Electr'c Capital 6%
US0 320.000 QBE Insurance Group Registered 15/06/2012 124.413 0 39
step coupon 5 617% 01/07/2023 310.710 0 98 USD 290,000 General Motors Acceptance
6.875% 28/08/2012 289,730 0 92
USD 255,000 Goldma? Sachs Group 6 6%
15/03/2012 297 509 0 94
LED 150,000 Goodrich 7 625% 15/12/2012 170 581 0 54
lJSD 250 000 lnternationa Paper 6.75%
0:/09/2011 288,840 0 91
USD 30 000 JC Penney 7 6% 01/04/2007 31 343 0 '0
US0 270,000 Kinder Morgan 6 5% 01/09/?012 309 054 0 98
US0 150,000 Lear 8 11?A 15/05/2009 172.747 0 55
US0 205 000 Lehman Brothers 1% 22/01/2008 213.8'12 0 68
iJSD 175 000 Midamericap Energy 5.125%
15/01/2013 184 623 0 58
USD 255.000 Morgan Stanley 6.75'/, 15/04/20' 1 P98 314 0 94
Schroders
as at 30 June 2003
SlSF Global Corporate Bond SlSF European Defensive
(continued)
Number of shares Other Transferable Securities Market % Number of shares Options Market %
or principal value Net or principal value Net
amount USD Assets amount EJR Assets
United Sates of America (continued) Equity Options 2,409,325 9.21

US0 50,000 Morgan Stanley Tracers 19,290030 C ~ lOption
l on Equity Basket
144A variable 01/05/2012 55 301 0 18 08/07/2003 2,409,325 9 21
US9 335.000 PECO Energy Capital Trust IV
5 75% 15/06/2033 319 077 1.01 Total Options 2,409,325 9.21
JSD 230,COO Pemex Project Funding Master
Trust Registered 7 375% Number of shares Money Market Instruments Market %
15/12/2014 253,575 0 80 or principal Assimilated to Cash value Net
USD 210.000 Popular North America 4 25% amount EUR Assets
01 /04/2008 21 7 435 0 69
JSO 300 000 PSEG Energy 8 625% 15/02/2008 325,959 1 03 Certificates of Deposits 23,623,772 90.29
USD 140,000 P d e Homes 6 375% :5/05/2033 141,114 0 45 2,000,000 Credit Agricole CD 2.40%
USD 145,000 RES Capital Trust I variable 09i04/2003 2.010.441 7.69
29/12/2049 145,012 0 46 2.000.000 Dresdner Bank CD 2 42%
USD 20.000 US Bancorp FRN 16/09/2005 20 074 0 06 09/07/2003 2,010 542 7.68
USD 120,000 US Bank National Association 6,000,000 Hamburgische Landesbank CD
4 8% 15/04/2015 123 689 0.39 0% 09/07/2003 6,031.324 23.05
USD 15 000 USA lnteractlve 6 75% 15111/2005 '6 349 0.05 5 500.000 Landesbank Hessen Shuringen
USD lOO,C€lO Valero Energy 6 875% 15/04/2012 113,686 0 36 CD 2 42% 09/07/2003 5.528.992 21.13
USD 140,000 Waste Management Registered 2.000.000 Lloyds TSB CD 2.39%
6 375% 15/11/2012 158.672 0 50 09107/2003 2,010 391 7.68
6,CWOCO Norddeutsche Landesbank CD
Total Other Transferable Securities 9,172,321 29.03 2.45% 09/07/2003 6.032.082 23 06
Number of shares Money MarKet Instrdments Market % Total Money Market Instruments
or principal Assimilated To Cash value Net Asslmllated to Cash 23,623,772 90.29
momt USD Assets
~.
France 1,422,905 4.51
EUR 1 247 000 France Treasury Bill 0% Total Investments 26,033,097 99.50
31/07/2003 1422,905 4 51
USD 1 667.000 US Treasury Bill 0% 31/07/2003 1 665 951 5 27 Net Asset Value 26.163,086 100.00

Asslmilated to Cash 3,088,856 9.78
Net Asset Value 31,598,632 100.00
Schroders
30 June 2003 Schroder InternationalSelection Fund Page 100
as at 30 June 2003
SlSF EURO Liquidity
Number of snares Transferable securities admitted Market % Number of shares Money Market Instrumerts Market %
or prnc'pal to offcia exchange listing/ v81ue Net or principal Assim8iatedTo Casn value Net
amount Common stocks and Shares EUR Assets amnunt EUR Assets
~. . .- .. .-
France 1,lO0,4E4 0.73 Sweden 2,499,106 I.66
EUR 1.100.000 France Telecom FRN 16/07!2003 1,100,464 0.73 EUR 2.500,OOO Spintab 0% 07/07/2003 2 499,106 1.66
.~ ~
l W 16,087,476 10.68 United Kingdom 23,950,922 15.89

EUR 10 000.000 Italy (BTPS) 10% 01/08/2003 10,062.385 6 68 EUR 3.000.000 Alliance Leicester 0%
EUR 6 W0,OOO Italy (BTPS) 496 01/10/2003 6.025,09' 4 00 15/09/2003 2.986.699 .98
EUR 2.500000 Allied Domecq 0% 07/07/2003 2.498.932 66
The Netherlands 2,506,944 1.66 EUR 2,500000 Aviva 0% 14/08/2003 2.492 651 1 65
EUR 2,500,000 Deutsche Telekom International EUR 4500.000 Bank of England 0% 10/07/2003 4.497 251 2.99
Finance 4 625% 28/08/2003 2 506,944 1 66 EUR 1 OOOOOO Britannia Building 0%
21/07/2003 998,807 0 66
United States ofAmerica 2,000,502 1.33 EUR 2,500000 Britannia Building 0%
EUR 2 0 0 000 Gnldrrar Sachs variable 22/08/2003 2,490,363 1 65
25/04/2005 2,000 502 1 33 EUR 2.500.000 BSCH International 0%
21/07/2W3 2,496.651 1 66
Total Transferable Securities EUR 2,500000 Nationwide Building Society
Admitted to an Mnclal Exchange Listing 21,6~5,3a6 14.40 0% 29/08/2033 2 490 632 1 65
EUR 3.MM,OOO Unicredito ltaliano 0%
Number of snares Money Market Instruments Market % 07/07/2003 2.998.936 1 99
or principal Assimilated To Cash value Net .~.
amount EUR Assets United States of America 1,998,901 I.33
- EUR 2 000,000 Am 0% 10/07/2003 !,398,901 1 33
Belgium 4,964.674 3.30
EUR 5 000,000 BelglLrn Treasury Bil 0%
16/10/2003 4 964 674 3 30 Total Money Market Instruments
.- ~
Assimilated to Cash 115,380,014 76.59
France 40,333,567 26.77
EUR 3.000.000 Aventis 0% 26/07/2003 2,995.332 1 98
EUR 3.5M3,OOO Carrefour 0% 14/07/2003 3.497.311 2 32
EL% 3.000000 Danone Finance 0% 29/07/2003 2,935,086 4 99 Total Investments 137,075,400 90.99
EUR 2,500.000 FCE Bar.&0% 24/07/2003 2,495,653 1 66
EUR 5000,000 France Treasury Bill 0% Other Net Assets 13,578,039 9.01
04/09;2003 4.980.139 3 31
EUR 8,000.000 France Treasury Bill 0% Net Asset Value 150,653,439 100.00
16/10;2003 7 946,547 5 27
ElJR 5,000.000 France Treasury Bill 0%
1 1/12:2003 4.956.064 3 29
EUR 2,500,000 N e s k Finance France 0%
27/10/2003 2,480,253 ;65
EUR 7.500000 Renadt Credit International 0%
10/07:2003 2.498 397 1 66
EUR 2500,000 Suez Finance 0% 07/10/2003 2,491.770 1 65
EUR 3000,000 Total 0% 18/07/7003 2.997.0?5 99
- - .
Germany 16,458,037 9.60
EUR 3,500 000 E On 0% 29/08/2003 3,487 926 2 32
EUR 3 500 000 RWE Akt ergesellschaft 0%
29/08/2003 3,487,838 2 32
EUR 2 500,000 Sudzucker 0% '0/07/2003 2,498,652 1 66
EUR 2 500 000 Volkswagen Finance 0%
26/08/2003 2 490 915 1 65
EUR 7 500 000 Westdeutscne t andesbaw
Girozentrale 0% 13/08/2003 2,492,706 1 65
~~
The Netherlands- 27.174.807 18.04

EUR 2 500,000 Coca-Cola HBC Finwce 0%
02/07/2003 2,493,847 1.65
ELF 2.000.000 Enel Investment 0% 11/07/2003 1.998,494 1 33
EUR 2,500.000 Ge-era1 Motnrs Acceptaice
bterrationa' Finance 0%
09/10/2003 2.484.013 1.E5
EUR 2 500,000 Interrational Erldesa 0%
15/07/2003 2,497 580 1.66
EUR 17.800,OOO NetherlandsTreasury Certificate
096 30/09/2003 ;7.694.873 ?. 75
Schroders
as at 30 June 2003
SlSF US Dollar Liquidity
Number of shares Transferable securities admitted Market %
or principal to official exchange listing/ value Net
amount Common stoc6s and Shares USD Assets

JSD 990,000 Federal Farm Credit Dlscount
Notes 0% 11/07/2003 989.730 5 82
US0 2.000,M)O Federal Home Loan Bank
Discount Notes 0% 02/07/2003 ’ ,999,935 11 74
USD 5.Mx3.000 FNMA Discount Notes 0%
10/07/2003 4.998.838 29.35
Total Transferable Securltles

A d m l e d to an Official Exchange Listing 7,988,503 46.91
Number of shares Other Transferable Securities Market %

amouit USD Assets
.~
United States of America 150,000 0.88
US0 150,000 US Bancorp FRN 16/09/2005 150,000 0.88
Total Other Transferable Securities 150,000 0.88
Number of shares Money Market Instruments Market %

amount USD Assets
United States of America 5,299,~a 31.12

4 000,000 General Electric Capital 0%
07/02/2003 3.999.890 23 49
1.300.000 Household Finance 0%
03/07/2003 1,299,928 7 63

Assimllated to Cash 5,299,818 31.12
Net Asset Value 17,030.968 100.00
Schroders
Schroder Investment PAanagement (LuAembourg) S A
~ 5, rue Hohenhof
L-1736 Senningcrbcrg
Tel (i-352) 341 342 212
Fax (+352)341 342 342

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Schroder International Selection Fund

UNAUDITED SEMI-ANNUAL REPORT

Schroder International Selection Fund 7

Investment Managers’ Report 11

Distribution of investments by Industry 34

Mainstream Equity Funds

Specialist Equity Funds

Style Equity Funds

Sigma Equity Funds

Alpha Equity Fund

Absolute Return Fund

Asset Allocation Funds

Mainstream Bond Funds

Specialist Bond Funds

Schroder International Selection Fund

Schroder International Selection Fund (the 'Company') is an open-ended 'umbrella'

information for Residents Registration of Funds

Soft Commission Arrangements

a) research. analysis or price information including computer or other information

Transactions with Connected Persons

Chairman Massimo Tosato

Directors Nigel Burnham

I Registered Office 5, rue Hohenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg

Administration Agent, Schroder Investment Management (Luxembourg) S.A.

Custodian, Fund J.P. Morgan Bank Luxembourg S.A.

Principal Legal Adviser Elvinger, Hoss & Prussen

Auditor PricewaterhouseCoopersS.a 1.1.

Schroder Investment Mana ement Limited

SlSF Converging Europe Bond

Schroder 8 Co. Limited

Schroder Investment Management (UK) Limited

Schroder Investment Management (Hong Kong) Limited

Schroder Investment Mana ement (Japan) Limited

Schroder Investment Mana ement North America Inc.

Schroder Investment Management (Singapore) Limited

Schroder & Co. Bank AG

I Investment Managers' Report

The Investment Managers

Notes to the Financial Statements

Initial Charge A Shares

Notes to the Financial Statements

Notes to the Financial Statements

SlSF Medlcal Discovery

SlSF Eumpean Bond

SlSF Global Bond

SISF Global Corporate Bond

SlSF Aslan Bond

SlSF Converglng Europe Bond

Notes to the Financial Statements

orward C rrency Contracts HUF 2.690,550,000 EUR 10,619.109 2-July-03 (533,643)

SlSF Emerging Markets Debt

SlSF EURO Corporate Bond

Notes to the Financial Statements

SlSF Global Equlty Sigma

SlSF North American Equity Sigma

SlSF Global Bond

SlSF Global Corporate Bond

SlSF EURO Corporate Bond

Mainstream Equity Funds

Specialist Equity Funds

Notes to the Financial Statements

Annual M agement Fees Funds A E C A B C

SISF Japanese Smaller