GENERALI ASSET MANAGERS SICAV

at 31/12/03

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Audited annual report

GENERALI ASSET MANAGERS SICAV


Table of Contents

Page

Management and Administration 3Board of Directors 3Manager’s Report 4Independent Auditor’s Report 16Consolidated 17Euro Equities 20Euro Equities Dynamic 26European Equities 31European Equities Dynamic 37US Equities 46Japanese Equities 52Central and Eastern European Equities (formerly Eastern European Equities) 58Italian Equities 63UK Equities 68Small Cap Euro Equities 73Global Life Science 79Global Life Style 83Global New Technologies 88Global Multi Utilities 92Global Resources & Utilities Equities 96Global Financial Equities 102Global Health Care & Foods Equities 109Global Industrial & Consumer Goods Equities 115Global TMT Equities 121Euro Bonds 127US Bonds 132Central and Eastern European Bonds (formerly Eastern European Bonds) 137Euro Corporate Bonds 142European High Yield Bonds 148Euro Short Term Yield Plus 154Euro Liquidity 160Global Conservative 166Global Balanced 171Global Aggressive 177Notes to the Financial Statements 183

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Management and Administration

INVESTMENT MANAGERS REGISTERED OFFICEGenerali Asset Management SGR SpAVia Machiavelli, 4I - 34132 Trieste

Generali Finances

Crédit Agricole Investor Services Bank Luxembourg S.A. (since March 1, 2003)39, Allée SchefferL - 2520 Luxembourg

7 Boulevard HaussmannF- 75009 Paris

Crédit Agricole Indosuez Luxembourg S.A. (until February 28, 2003) 39, Allée Scheffer

AM Generali Invest Kapitalanlagegesellschaft mbH Gereonswall 68 D - 50670 Cologne

Generali Capital Management GmbH Landskrongasse 1-3 A - 1010 Wien

L - 2520 Luxembourg

CUSTODIAN AND CENTRAL ADMINISTRATION Crédit Agricole Investor Services Bank Luxembourg S.A. (since March 1, 2003) 39, Allée Scheffer L - 2520 Luxembourg

BSI SA London Branch Windsor House, 39 King Street UK - London EC2V 8DQ

Crédit Agricole Indosuez Luxembourg S.A. (until February 28, 2003) 39, Allée SchefferL - 2520 Luxembourg

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

LEGAL ADVISORKremer Associés & Clifford Chance4, Place de ParisL - 2314 Luxembourg

Board of Directors

ChairmanMr Christian Ferry, Director, Head of Group Asset Management Coordination, Assicurazioni Generali SpA, Piazza Duca Degli Abruzzi 2, I-34132 Trieste, Italy

DirectorsMrs Myriam Cockaerts, General Manager, Generali Asset Managers Luxembourg S.A., 25 rue Edward Steichen, L-2540 Luxembourg

Mr Gian Luigi Costanzo, Chief Executive Officer, Generali Asset Management SGR SpA, Via Machiavelli, 4, I-34132 Trieste, Italy

Mr Heinz Gawlak, Managing Director, AM Generali Invest Kapitalanlagegesellschaft mbH, Gereonswall 68, D-50670 Cologne, Germany

Mr Dominique Macé, General Manager, Generali Finances, 7 Boulevard Haussmann, F-75009 Paris, France (until October 31, 2003)

Mr Stephan Stockert, Member of the Board of Directors, Generali Vermögens-und Immobilienverwaltungs-AG Landskrongasse, 1-3, A-1010 Wien, Austria (until July 9, 2003)


Manager’s Report

The Generali Asset Managers Sicav is an umbrella Sicav existing since April 2nd 2002. At the end of 2002, the Sicav consisted of 14 sub-funds. During the year 2003, 15 new sub-funds have been created. At 31st December 2003, the total NAV of the Sicav amounted to about 1 500 million euro. A table of performances is shown at the end of the Manager’s report. All performance data in the manager’s report refer to class A shares except for the sub-funds Global Resources & Utilities Equities, Global Financial Equities, Global Health Care & Food Equities, Global Industrial & Consumer Goods Equities and Global TMT Equities where the performance figures are shown for class D and for the sub-fund Euro Short Term Yield Plus were the performance figures refer to class B. Macro-economic scenario Review 2003 Following the trend of the recent past, 2003 was again an exceptionally volatile year in financial markets. Many events ranging from the Iraq conflict at the beginning of the year over the deflation debate in summer to the year-end debate on the sustainability of the upswing have led to large price movements in all major asset classes. Equities, for instance, fell sharply at the beginning of the year, but were, on the back of reduced geopolitical risks and improved economic prospects, able in the months thereafter to recover more than they had lost. In the US, the S&P500 was down 9% year to date in March, but ended the year almost 40% above its year low. In Europe, the DJ Stoxx was down 19% in March, but was able to rise by close to 45 % from its trough until year-end. Thus, for the first time in three years, equities rose, and almost all major equity markets were able to finish 2003 with a double-digit return. Equally impressive were the swings in the bond markets. In the wake of the deflation debate in early summer, the yield on 10-year Treasury notes fell to an all-time low of 3.1% in June. At the same time, 10-year Bund yields fell to 3.4%. With the economic prospects improving in the second half of 2003, yields rose strongly again to reach levels of more than 4.6% for 10-year Treasuries in September. This backup in yields was stronger than those witnessed during the bond bear markets of 1994 and 1999. For this reason, the return on government bonds was - in local currencies - only 2.4% in the US and 4.0% in the euro area in 2003 so that equities outperformed bonds for the first time in four years. Finally, currencies added to financial markets volatility as well. The correction of the US dollar, which had started decisively in 2002, gained momentum last year, with the euro the main beneficiary of the dollar weakness. Compared to its peak at the end of 2000, the greenback has now lost more than 35% against the euro. In addition, it depreciated about 10% on a trade-weighted basis against Latin American and Asian-Pacific currencies. Interventions by the Bank of Japan and the peg of the Chinese yuan renmimbi to the US dollar prevented a stronger appreciation of Asian currencies so that the euro had to carry the main burden of the softening of the US currency. Outlook 2004 The current global upswing is expected to last well into 2004 on the back of higher world trade and another dose of fiscal stimulus. Especially in the US further tax cuts in spring 2004 should stimulate the economy. The German economy should also benefit from the recently passed tax reform. Furthermore, a strengthening of endogenous growth forces and especially of investment spending, which has led the downturn, should provide support due to higher corporate profits and improved


Manager’s Report

financing conditions. Moreover, we expect the oil price to fall over the course of 2004, which should also back the recovery. Despite this favorable short-term economic outlook there is still a considerable degree of uncertainty concerning the medium- to longer-term growth outlook. Many macroeconomic imbalances - like the huge US current account deficit - have not been purged. This is why there is a considerable risk that growth rates will return to sub-par levels once the stimulus from the tax cuts in 2003/04 has run its course. Since investors are aware of the fact that the current upswing is to a large degree the result of massive policy stimuli around the world, markets will continue to speculate about the sustainability of the upswing in 2004 so that financial market volatility should remain high. What does this mean for financial markets? First, the dollar correction should continue in 2004, with a considerable risk that the dollar falls even below our year-end target of 1.30 USD/EUR. Second, the yield on 10-year government bonds may rise in the first half of 2004, but a sustainable move back to 5% is not expected here or in the US as central banks will hike interest rates only modestly from their current multi-decade lows. Finally, equities should have the potential to rise further in the next three to six months, but the full-year return in 2004 is – with around 5% to 10% - expected to remain modest against the backdrop of high valuation levels (especially in the US) and a soft medium-term growth outlook. Unlike in the recent past, when considerable negative risks prevailed, there are now both upside and downside risks to the base case presented here. On the negative side, the US consumer and the US dollar are looming. Should private consumption in the US falter or the US currency collapse, this would clearly bring about lower global growth and, consequently, lower bond yields and equity prices. On the positive side, the upturn in Japan or the strength of the reflationary efforts of the central banks might be underestimated. In both cases, equities and bond yields would rise considerably more than is assumed here. From today’s perspective, the upside and downside risks are symmetric, with a probability to materialize of around 15% each. Market and Performance review Equity sub-funds Europe After three years of continuous falling equity prices, 2003 was a good, although volatile, year for Euroland and European equities. The Dow Jones Euro Stoxx 50 index was up 15.2% whereas the Dow Jones Stoxx 600 rose by 13.5%. At the beginning of the year, the market suffered under the uncertainty of the Iraq conflict. In the first quarter, especially insurance companies and highly leveraged stocks plunged. After the resolution of the Iraq conflict and due to increasing signs of economic recovery, strong corporate newsflow and low valuations, equities performed very well. Over the year, small caps outperformed large caps and from a sector point of view cyclicals outperformed (i.e. technology, cyclical goods & services, construction). Despite a recovery in December, defensive and growth stocks such as pharmaceuticals, retail, food & beverage and utilities performed badly this year. The Euro Equities sub-fund showed an outperformance towards its benchmark during the year.


Manager’s Report

Good defensive sector weightings resulted in an outperformance during the market slide in the first quarter. With the resolution of geopolitical tensions the sub-fund increased the portfolio beta by overweighing technology and insurance as well as closing the bet in consumer non-cyclicals. Over the course of the last quarter the sector allocation was shifted back to a more neutral stance. With its approach of staying largely in line with the benchmark the sub-fund achieved a double-digit performance for the year. The Euro Equities Dynamic sub-fund outperformed its benchmark substantially thanks to a good stock picking. We started the year with a high level of liquidity (between 10 and 20%) and in March we added some high beta stocks such as insurance (Allianz, AXA, Aegon, Münchener Ruck, Nokia, Thomson). In the first quarter we took profit on cyclical stocks hit by dollar weakness (Imerys, Accor, Technip). In April - May we took profit on insurance and media stocks after their strong rally. Since June our main buys concerned defensive stocks: pharmaceuticals, food and energy (Royal Dutch Shell, Aventis, Unilever). Pharmaceutical stocks tend to over discount generic competition and present historical low valuation for still attractive growth. Oil stocks, which underperformed the rally could represent good opportunities considering the high level of oil price. We reinforced our position in Vivendi Universal after the reorganization of the group, which solved the debt concern. Moreover Vodafone interest for Cegetel could trigger speculative interest in 2004. The European Equities sub-fund posted a good outperformance towards its benchmark. The fund had overweight positions mainly in the telecom sector in the first part of the year and an overweight position in industrial and basic material sectors in the second part of the year. Utility, consumer and pharmaceutical sectors remained underweight during the year. The European Equities Dynamic sub-fund managed to outperform the overall market by implementing a defensive tilt with overweights in stocks from the energy, utility and consumer non-cyclicals sectors and underweights in industrials, media and banks in the first quarter. With the easing of geopolitical tensions a rally in equities was anticipated resulting in a shift toward an overweight in technology and insurance. During the third quarter stocks were picked increasingly from the sectors autos, industrials, chemicals, insurance, media and energy in order to increase the cyclical exposure and profit from the growing optimism regarding the global recovery. In the course of the year the fund achieved a double-digit performance In 2003, the euro small cap equities universe performed strongly with an average 30% result. It continued to outperform the large caps, confirming the global trend. In particular, the performance was driven by cyclical stocks, mainly in the German area, many of which reported a triple digit performance driven by the economic improvement. Capital goods and financials were the best performers. The Small Cap Euro Equities sub-fund underperformed the benchmark in the year mainly due to a cautious approach in the second and third quarter of the year, when the fund was invested in defensive sectors with an average 8/10% liquidity. In 2003 the Italian market closed with a positive performance. Strong US macro data and indications from confidence surveys that the euro area economy was heading towards a recovery, continued to


Manager’s Report

push equities ahead over the last month of the year. The best sectors were: banks, financial services and media. The Italian Equities sub-fund outperformed its benchmark by more than 5%. A strong balance sheet, cash generation capacity, and resilience to harsh economic conditions were the basis for our stock picking policy in the last year. We now believe that the ongoing restructuring of several companies with high turnaround potential will be at the center of investor attention in the next years. Our top picks in 2003 were: Autogrill, Cementir, Italcementi, Autostrade and Finmeccanica. 2003 did not start well for investors in UK equities due to a combination of external factors, including war in Iraq, deteriorating Israel/Palestine relations, North Korea resurrecting its nuclear facilities and a bleak outlook for the global economy. However, after plunging in March to its lowest level since the mid-1990’s the FTSE All Share index along with many of the World’s main equity indices staged a dramatic cyclical led recovery that continued until the end of December. Perceived recovery stocks and the FTSE250 index benefited the most with the mid-cap index ending the year with a gain of 34.3%, its highest percentage gain since the technology fuelled rally in 1999. The unprecedented rotation into the FTSE250 index was due to its emphasis towards domestic cyclicals and limited exposure to defensive stocks. The lack of liquidity in the shares of many of the smaller companies exaggerated the moves. Moreover, earnings momentum continued to improve, which helped ease the relative price to earnings valuation gap between the large-cap stocks. The renewed confidence in equities following the volatility of the first quarter led to a less defensive investment strategy being adopted with an emphasis towards reducing the high level of cash held at the inception of the UK Equities sub-fund in early February 2003. Moreover, the decision was taken to start reducing or exiting entirely many of the fund’s core defensive holdings that had been built up during the bear market conditions that had engulfed equity markets over the last few years. In their place, the fund favoured some of the more cyclical and high beta areas of the market with particular attention to the mining, media and general industry sectors. Throughout the year the fund continued to invest predominantely in leading blue chip companies, which meant that the fund’s performance suffered in mid-year following the market rotation into recovery and mid-cap areas of the market. Although we endeavoured to maintain our progressive strategy of increasing the fund’s cyclical exposure without incorporating an undue level of risk, we were unable to recover the underperformance that occurred during the second quarter. In the Central Eastern European markets, despite ongoing uncertainties on the macro side in Hungary and Poland, equity markets in CE3 (Poland, Hungary and Czech Republic) performed very well on a local currency basis. However, the lasting EUR strength and depreciation of local currencies reduced the strong performance in 2003. Nevertheless Polish performance was driven by both heavy domestic portfolio and pension demand. The Czech Republic was driven by excellent banking results (Komercni and Erste). Hungary on the other hand was lagging behind on political and macro reasons. The Central and Eastern European Equities sub-fund showed an overperformance towards its benchmark. In 1st half we newly shaped the portfolio by focusing on ex benchmark bets such as Estonia, Croatia and Slovenia. From a sector point of view we focused on defensives, such as utilities and kept a cash quota of some 3% maximum. In second half new issues flooded the market, especially Austria´s retail bank Bank Austria Creditanstalt, where we participated. At that time we started to underweigh both


Manager’s Report

Hungary and Poland on the back of new highs. We also took part in the secondary offerings of Cesky Tel and TPSA. Non Europe After three years of decline for US equities, in 2003 the market posted a good recovery, with the S&P500 index up about 26% in local currency. The economy stabilized after the 1st quarter and started recovering thereafter, with Q3 showing very strong growth. US companies were also helped by interest rates at historical lows and a weak dollar. The best performing sectors were information technology, showing good fundamental improvements after three years of deterioration, materials, taking advantage of improved demand and weaker USD, and consumer discretionary. The USD was very weak throughout the year, due to the big US budget and trade deficits matched with interest rates at historical lows. The US Equities sub-fund underperformed its benchmark, the S&P500, during 2003. We had a balanced approach towards the markets at the beginning of 2003. Right before the first signs of economic stabilization, the US equity market started to rally, despite the Iraq war. We decided not to chase stocks with the highest beta until it became evident that there was an economic recovery. In the second half of the year we gradually implemented a more pro-cyclical sector allocation, with overweight positions in technology, industrials and media. We hedged our currency exposure only in few occasions. In 2003 the Nikkei 225 gained 23%. The positive performance, after three negative years, was due mainly to the economic recovery, as evidenced by most macroeconomic indicators, and to the renewed interest by investors in Japanese banks after the Government’s bailout of Resona Bank to avoid a possible financial crisis in Japan. Best performing sectors were the most economic sensitive ones such as materials, transportation, capital goods and financials while the worst sectors were pharmaceutical and utilities. The Japanese Equities sub-fund underperformed its benchmark during 2003. The negative result, despite a sector allocation biased towards economic sensitive sectors such as materials and capital goods, was due mainly to an underweight position in the banking sector during the third quarter when the sector had a massive positive performance. The weighting in the electronic sectors has been roughly neutral throughout the year. Global world Q4 was a quarter of gains for equities as a whole. The market coped well with both currency and geopolitical problems. Our composite benchmark constituted of FTSE Global Utilities, FTSE Global Energy and FTSE Global Telecoms indexes rose by 7,91% in the period. At the sector level Global Telecoms and Global Energy were the main outperformers. The Global Multi Utilities sub-fund achieved a good outperformance since its inception on October 1st 2003. US and European oil companies, Chinese telecoms, Deutsche Telecom and Telefonica were the biggest contributors to the outperformance. Our stock picking is still leading to an underweight in US equities and favours (East) Europe and Asia.


Manager’s Report

The FTSE Global Healthcare Index rose by 1,4%. However, as cyclical sectors rallied and pipeline concerns hit the big pharmaceutical stocks, the healthcare universe was not the most appealing area for investors to be in. On a more specific point the discussion and finally the decision on the US medical drug benefit bill was especially positive for the performance of the large cap pharmaceutical stocks. Since its inception on October 1st 2003, the performance of the Global Life Science sub-fund was in line with the benchmark. From a stockpicking point of view we continued to overweight European over US pharmaceuticals, medical technology and health care stocks. On valuation grounds we maintained a small underweight in biotechnology. Our composite global Life Style benchmark, constituted of the FTSE Global Cyclical and the FTSE Global Non-Cyclical indexes performed only 2,15% in the last quarter of the year. Best performing sectors were tobacco, healthcare and beverages, all three defensive sectors. On a relative basis, the Global Life Style sub-fund underperformed its benchmark since its inception on October 1st 2003. The main reasons for this underperformance were our underweights in the US healthcare sector where individual stocks performed over 20%. Also, the strength of the consumer non-cyclicals did take us by surprise in a market environment led by an economical and therefore cyclical recovery. Due to a strong economical recovery in the US the FTSE Global Technology benchmark increased 5,24% during the quarter. The main contributing sectors to this were semiconductors, telecom equipment and hardware. Since its inception on October 1st 2003, the performance of the Global New Technologies sub-fund was slightly beneath the benchmark due to the cash level at the launch of the fund. Strong contributors to the outperformance in the second half of the quarter were Asian companies like Samsung or Satyam (India). The US and Japanese market was an underweight, Europe and Asia an overweight. In 2003 the global financial sector outperformed the broader market. Geographically, the best performing area in the sector was the Japanese one, thanks to the spectacular performance of the banks. In Europe and in US the diversified financials were the best performers in the financial sector, while insurances were the worst ones, in particular for the first half of the year. Banks performed also well both in US and in Europe, thanks to the improving risk management measures and the development of cost cutting programs. Although the Global Financial Equities sub-fund showed positive absolute returns for the period since its inception in May 2003 to the year-end, it underperformed� its benchmark. This was due mainly to the underweight on Japanese banks, during the summer rally, when most of those stocks � class D retail shares charged with an aggregate fee of 1,80% contributing to the underperformance compared to the benchmark expressed without fees


Manager’s Report

went up by more than 50%. The overweight on European insurance was a negative contributor to the performance. The fund has been overweight on diversified financials and on insurances, because of the gearing to the economic recovery, while it was underweight on banks and real estate. Geographically the fund has been broadly in line with the benchmark. During the year both health care and consumer staples sector underperformed the market. Within the two sectors the health care outperformed the consumer staple one. The health care equipment and services sector has been the best sector both in Europe and in the US. The worst sector has been the household and personal care sector in Europe. The Global Health Care & Food Equities sub-fund underperformed* its benchmark since its inception in May 2003. The negative performance is due mostly because of the underweight position in the Asian area, and because of the asset allocation which preferred the household and personal care sector in Europe and underweighed the equipment and services sector in the US. During the last quarter of the year the fund has increased the weight on the Asian exposure, taking an global overweight in the pharmaceutical sector relative to the consumer staples. The industrial sector reported a strong performance outperforming the other sectors for the period since May 2003. The reasons were positive macro-data, which led to strong estimates upgrades leading up the stock prices. In particular, all cyclical stocks, mainly capital goods, rebounded strongly, with Japanese stocks best performers. Since its inception in May 2003, the Global Industrial & Consumer Goods Equities sub-fund underperformed� the benchmark mainly due to an underweight allocation in the Pacific area and a cautious stance versus the highest geared companies (e.g. “low quality”). In the third quarter of the year the fund increased its Pacific exposure and the weight of capital goods, thus partially recovering the underperformance accumulated. Since May 2003 the best performing group among energy, materials and utilities was the materials’ sector, which outperformed the world market, driven by the impressive performance of the metals and mining subgroup due to the strong metals prices and strong demand coming from China. The energy sector underperformed the broad market until the end of November, when thanks to sector rotation and strong gas and oil prices, it closed the gap accumulated relative to the market. The utilities, due to their low correlation to economic recovery, underperformed the market. The Global Resources & Utilities sub-fund underperformed* its benchmark since its inception in May 2003. Initially, we had a balanced allocation in term of sectors but an underweight position in Asian stocks. In the third quarter, we increased our position in the chemical sector and underweighed both oils (with a positive stance on services) and utilities. We also increased our position in euro denominated stocks and took the position in Asia to neutral. The month of December saw a partial

� class D retail shares charged with an aggregate fee of 1,80% contributing to the underperformance compared to the benchmark expressed without fees


Manager’s Report

recovery of performance thanks to the long positions in North American oil services and chemicals stocks. In the global TMT universe, information technology has been the best performing sector, in particular semiconductors followed by technology hardware due to attractive valuations, exposure to economic cycle and upward earnings revision. Media had different regional dynamics: European stocks have been penalized by dollar exposure versus US stocks; cable & broadcasters outperformed given the exposure to the advertising cycle. The telecom sector had a good run in the fourth quarter driven by expectations on wireless business improvement. The Global TMT Equities sub-fund underperformed* its benchmark since inception in May 2003. During the second quarter sub-sector allocation has been defensive, and starting from the third quarter the portfolio has moved to a cyclical structure, with overweight positions on technology hardware and semiconductors. In the fourth quarter telecoms passed from underweight to neutral benefiting the sub-fund. Bond sub-funds Like for the equity sub-funds, the absolute performances of the bond compartments were positive. The only exceptions were the US Bonds sub-fund due to the currency depreciation and the Central and Eastern European Bonds sub-fund due to the currency turmoil and the ensuing interest rate hikes. Europe 2003 can be separated into two distinct periods. In the first half of the year, geopolitical fears and an increasing level of uncertainty drove the market towards historically low yields. The end of the war in Iraq didn’t boost the global economic climate as quickly as forecast and a high level of liquidity in the market maintained a positive environment for bonds. Also supported by fears of deflation, the European 10 year benchmark yield fell to 3.45% at its low point. The yield curve steepened during the first half of the year with the 2 to 10 year spread increasing from 1.47% to 1.68% by the end of June, and the 10 to 30 year spread increasing from 0.62% to 0.92% in the same period. In the second half of the year, with the prospects of an improving US economy and a significant rise in equity markets, yields started to rise aggressively. With the market forecasting a cut by the FOMC in the short-term rate of 50 Bp in June, the reduction of 25 Bp was disappointing causing further upwards pressure on yields. As US growth improved and European and American deficits increased, the European 10 year yield reached 4.5% for the first time in November, and again in December. Following a flattening correction during the summer period, the 2/10 year yield spread gradually re-increased towards the end of the year, whilst the 10/30 year are of the curve flattened after mid-June. The Euro Bonds sub-fund started the year with an under benchmark duration exposure, around 4 to 4.3, which was further reduced in February, anticipating a correction in the bond market. This occurred in March and the fund outperformed the benchmark during this period.

* class D retail shares charged with an aggregate fee of 1,80% contributing to the underperformance compared to the benchmark expressed without fees


Manager’s Report

We used this rise in yields to further reduce duration to a level of 70% compared to the benchmark and this position was maintained during April. As yields once again fell, the under duration exposure caused an element of underperformance but as new highs in bond prices were seen during May, we further reduced the duration. The severe correction in the bond market that took place in the middle of June was welcome and allowed us to take profit on our short position step by step during the summer. The market rallied during September and we increased the interest rate exposure to 5.2, 95% of the benchmark. We viewed this fall in yields as temporary and reduced the modified duration to around 5, 90% of the benchmark, during October and November. The fund ended the year with a modified duration of 4.64. We took advantage of a healthy credit market and actively participated in the primary market. The small credit allocation for diversification purpose allowed us to benefit from a spread reduction in new issues such as Munich Re, Ford, Aviva or Heineken. We took some profit in November on our long-term position on the curve increasing the weighting to 10 year maturities. In December, the allocation on the curve was biased towards 7/10 year maturities. We held an under exposure to the short term maturities, waiting for a correction in the euro/dollar exchange rate which should increase expectations of a rise in the ECB short-term interest rate, and an improvement in the European economy. The performance of the sub-fund was in line with the benchmark. The euro credit market showed a very positive performance versus the government bond market during the year. The average spread of corporate bonds over government bonds, as measured by the MSCI Euro Credit Corporate Index has decreased by 53bps. The Euro Corporate Bonds sub-fund’s performance was positive in absolute terms and relatively to its benchmark. The duration of the portfolio has been kept in line with the one of the benchmark. The preferred sectors were the telecom and the utility. In terms of rating allocation, the strategy has been to overweight BBB’s. The high yield European credit market posted a very strong performance in 2003. The best performance came from the very low rated bonds (low single B and below) and distressed bonds. The telecom sector was the best performer (+75% during the year). All sectors managed to deliver a positive absolute performance. The 2003 default rate more than halved compared to the previous year. The European High Yield Bonds sub-fund was launched at the beginning of July. The performance was positive in absolute terms (+7.5%) and was very slightly lower than the benchmark performance. The duration of the portfolio has been kept in line with the one of the benchmark. Since the beginning the sub-fund has maintained a slightly defensive profile compared to its benchmark. During 2003 the European Asset Backed sector consolidated its strengths and arrived to a concrete maturity phase showing a massive increase in investor demand and in the number of parties involved in two-way flows of this particular asset class. Part of this huge increase was driven mainly by two factors: the preference of final investors towards floating rate note paper in their asset allocation strategies (more than 90% of all ABS issued are floaters) and the presence of many CDO of ABS makers, who found in this particular asset class the new value for their particular arbitrage deals (while the spread in the corporate sector showed an important tightening, ABS spreads remained very


Manager’s Report

stable, or showed a slight narrowing, and, especially in the last part of the year, they proved to be more attractive in relative value terms). In terms of sub-classes, secured ABS like RMBS dominated the scene, followed by some government-sponsored deals originated in Italy and more in general by all the other Real Estate related deals. Generic unsecured asset classes like leasing, auto loans and plain consumer loans were issued only on a selective basis giving to this bonds an interesting scarcity value. In Italy, the uncertainties surrounding the legal treatment of leasing contracts and their impacts on the ABS world were fully clarified in the last days of 2003 thanks to a special government decree issued by the Italian Government. The Euro Short Term Yield Plus sub-fund outperformed its benchmark since its inception in early 2003. The benchmark, the Euribor 3 months compounded daily, showed an important declining trend in 2003, dropping roughly 70-80 basis points in the first 6 months of the year and then stabilized in the range 2,10-2,20% with low volatility. The portfolio was built to take into account the diversity of the collateral backing the various ABS deals and, in certain cases, also the geography. A small corporate bond and a Government component have been added to the portfolio in order to increase the diversity and for temporary liquidity needs. No duration strategies have been put in place due to the fact that all the ABS purchased were floaters, (coupon determined as extra spread above Euribor 1, 3 or 6 months). The fund performed in line with expectations showing low standard deviation thanks to an accurate asset allocation and selection coupled with a defensive trading strategy. For the Central Eastern European countries, 2003 was the worst year since the Russian crisis in 1998. Both currencies and yields came massively under pressure with the Polish zloty loosing 17% against the EUR and the Hungarian key interest rates upped by 400 Bp. The main reason remains domestic inconsistency: governments run excessive budget deficits (exceeding 5% of GDP) while interest rates are expected to come down to Euroland levels. The strong currency depreciation was also caused by the EUR hausse. The Central and Eastern European Bonds sub-fund showed a negative performance. Ex benchmark bets (Slovenia, Croatia and Slovakia) in H1 proved to be supportive while rising interest rates and depreciating currencies hit the fully-invested portfolio strongly. Duration reduction occurred pre-cyclically. In Q4 we started overweighing Hungary and Poland and underweighing the Czech Republic. Hungary proved to be interesting with short-term rates in the double digits; the Polish currency was strongly undervalued (economy picking up speed) and the Czech market was overall overbought. Non Europe During the first part of 2003, due to the weakness of the US economy and international geopolitical factors, US interest rates have dropped significantly. This economic environment pushed the 10-year interest rate to 3.1% in mid June. In the second part of the year, strong economic releases showed a consistent recovery, leading to a rise of interest rates up to a maximum of 4.6% in September. USD currency, during 2003, depreciated around 20% versus Euro. The US Bonds sub-fund's performance was negative in absolute terms, mainly due to the depreciation of the currency. The relative performance of the portfolio was penalized by the


Manager’s Report

underexposure, in the first half of the year, to the intermediate part of the yield curve versus the short and long part. The performance of the sub-fund in the second half of the year was in line with the market. Reserve sub-fund Prepared by ECB “announcements”, 2003 began with rate cut expectations. Nevertheless the 25 Bp repo rate cut to 2.5% in March disappointed investors. The market anticipated further cuts and maintained an inverted money market curve, supported by poor economic results and the strength of the euro against the US dollar. In June, as forecast, the ECB cut rates by 50 Bp to a repo rate of 2%. After the cut, the money market curve flattened to regain a normal slope. During the summer, an upward money market slope was in place due to an uncertain recovery in the economy, the appreciating euro, coupled with German and French deficits in excess of the agreed limit. After the end of the war in Iraq, the reduction of geopolitical tensions didn’t alter the high demand for short-term instruments. Starting at the beginning of the year, a high level of cash to be invested in the market reduced spreads, resulting in limited opportunities. Many issuers focused on improving their credit ratios and reduced the issue of short-term debt. This in turn reduced the normal premium for turn of the year paper. During 2003, the Euro Liquidity sub-fund showed a performance in line with the benchmark. At the beginning of the year, in anticipation of an ECB rate cut, we increased the fixed rate weighting (including Euribor 3 month) to 35% of the portfolio in a first step and to 45% in spring. Nevertheless, to take advantage of the inverted curve between the overnight reference rate Eonia and longer maturities, we maintained a significant indexation to Eonia. Following the second ECB rate cut in June, we took advantage of the maturing of the fixed rate paper bought during March and April to reduce the weighting of the fixed allocation to 36% of the portfolio, waiting for new opportunities. During the summer, facing a lack of issues we increased the cash allocation for a short time. The high level of 3 month Euribor, resulting from the market’s strong forecast of a potential rate rise, coupled with our anticipations of an unchanged ECB repo rate, drove us to increase the weighting to fixed rate allocation (more than 85% of the portfolio). During the second part of December, with a lack of authorised available paper, it was difficult to maintain the yield of the portfolio. Mixed sub-funds The Global Conservative sub-fund was launched on December 1st 2003. Following its investment policy, the sub-fund was invested in global equities with an exposure of 10%. The remaining part of the portfolio was invested in European government bonds with a weighted duration of 3.8 years. Since inception, the sub-fund gave a positive total return, underperforming slightly its benchmark. The Global Balanced sub-fund was launched on December 1st 2003. Following its investment policy, the sub-fund was invested in global equities with an exposure of 40%. The remaining part of the portfolio was invested in European government bonds with a weighted duration of 2.6 years. Since inception, the sub-fund gave a positive total return, underperforming slightly its benchmark. The Global Aggressive sub-fund was launched on December 1st 2003. Following its own investment policy, the sub-fund was invested in global equities with an exposure of 70%. The remaining part of the portfolio was invested in European government bonds with a weighted duration of 1.4 years.


Manager’s Report

Since inception, the sub-fund gave a positive total return, underperforming slightly its benchmark. Performance table

Performance 2003 * Sub-fund Benchmark Relative perf.Euro Equities 15.73 15.24 0.49 Euro Equities Dynamic 17.86 15.24 2.62 European Equities 14.56 13.52 1.04 European Equities Dynamic 14.18 13.52 0.66 Small Cap Euro Equities 27.28 30.49 -3.21 Italian Equities 17.10 11.84 5.26 UK Equities 24.61 27.19 -2.58 Central and Eastern European Equities 17.26 16.55 0.71 US Equities 3.68 5.26 -1.58 Japanese Equities 8.23 12.45 -4.22 Global Life Science 1.46 1.41 0.05 Global Life Style 0.45 2.15 -1.70 Global New Technologies 4.83 5.24 -0.41 Global Multi Utilities 7.91 6.52 1.39 Global Resources & Utilities Equities 11.31 14.18 -2.87 Global Financial Equities 13.60 14.84 -1.24 Global Health Care & Food Equities -0.30 2.15 -2.45 Global Industrial & Consumer Goods Eq. 14.78 18.49 -3.71 Global TMT Equities 9.71 14.48 -4.77 Euro Bonds 3.95 3.99 -0.04 Euro Corporate Bonds 8.09 7.02 1.07 European High Yield Bonds 7.52 7.97 -0.45 Euro Short Term Yield Plus 2.46 2.01 0.45 Central and Eastern European Bonds -10.81 -9.78 -1.03 US Bonds -15.79 -14.76 -1.03 Euro Liquidity 2.38 2.43 -0.05 Global Conservative 0.83 1.08 -0.25 Global Balanced 0.62 1.14 -0.52 Global Aggressive 0.55 1.20 -0.65

* Since inception for sub-funds launched during the year 2003. Luxembourg, March 15, 2004 Note : The information stated in this report is historical and not necessarily indicative of future performance.

16Page


Independent Auditors' Report

To the Shareholders ofGENERALI ASSET MANAGERS SICAV

We have audited the financial statements which consist of the statement of net assets, the statement of operations and changes in net assets, the securities portfolio and the notes to the financial statements of Generali Asset Managers SICAV (“the SICAV”) and of each of its subfunds for the year ended December 31, 2003. These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require thatwe plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV, in preparing the financial statements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the attached financial statements give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair view of the financial position of Generali Asset Managers SICAV and of each of its subfunds at December 31, 2003 and of the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate buthas not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, March 15, 2004Réviseur d’entreprisesRepresented by

Laurent Fedrigo

17Page

GENERALI ASSET MANAGERSSICAV

Consolidated

The accompanying notes form an integral part of these financial statements

18Page

1,530,125,854.71Assets

1,469,733,266.78Securities portfolio at market value 2Note1,457,449,201.63Cost price

12,284,065.15Unrealised profit on the securities portfolio46,336,371.85Cash at banks and liquidities11,883,816.47Interest receivable 2Note

134,141.00Formation expenses 2Note946,188.57Brokers receivable177,777.02Subscribers receivable

94,487.77Unrealised net appreciation on forward foreign exchange contracts 8Note257,510.49Unrealised net appreciation on financial futures 7Note562,294.76Other assets 9Note

20,798,809.88Liabilities

1,199,097.31Bank overdrafts16,442,294.83Brokers payable

93,283.72Subscribers payable362,095.54Unrealised net depreciation on financial futures 7Note

2,702,038.48Other liabilities 9Note

1,509,327,044.83Net asset value


Financial Statements at 31/12/03

Expressed in EUR

Statement of net assets at 31/12/03

Consolidated


19Page

36,089,445.17Income

10,317,941.16Net dividends 2Note23,403,405.72Net interest on bonds 2Note

578,367.96Bank interest on cash account 2Note90,863.08Bank interest on time deposits 2Note

1,517,801.66Other interest3,593.89Net income on reverse repurchase agreements

177,471.70Interest on interest rate swaps

7,301,159.15Expenses

39,961.74Amortisation of formation expenses 2Note4,779,984.39Management & advisory fees 5Note

809,863.72Custodian & sub-custodian fees 6Note148,457.82Taxe d'abonnement 4Note507,355.87Administrative expenses 6Note

59,328.40Domiciliation fees140,103.57Professional fees117,584.83Bank interest on overdrafts

64,977.83Legal fees436,953.02Other expenses196,587.96Interest on interest rate swaps

28,788,286.02Net income from investments

-20,913,904.70Net realised loss on sales of investment securities-614,361.80Net realised loss on financial futures208,236.31Net realised profit on options

-346.00Net realised loss on interest rate swaps-401,553.84Net realised loss on foreign exchange

67,873.38Net realised profit on forward foreign exchange contracts

7,134,229.37Net realised profit

112,664.89Movement in net unrealised appreciation / depreciation on forwardforeign exchange contracts

2Note

541,946.72Movement in net unrealised appreciation / depreciation on financialfutures

2Note

78,621,966.54Movement in net unrealised appreciation / depreciation oninvestments

86,410,807.52Increase in net assets as a result of operations

-6,987,291.12Dividends paid439,193,817.38Subscription capitalisation shares292,348,286.80Subscription distribution shares-87,837,460.98Redemption capitalisation shares-56,570,831.27Redemption distribution shares

666,557,328.33Increase in net assets

842,769,716.50Net assets at the beginning of the year

1,509,327,044.83Net assets at the end of the year

Expressed in EUR

Statement of operations and changes in net assets from 01/01/03 to 31/12/03

GENERALI ASSET MANAGERS SICAVConsolidated

20Page


Euro Equities


21Page

78,427,417.05Assets

76,200,557.15Securities portfolio at market value 2Note79,073,710.24Cost price-2,873,153.09Unrealised loss on the securities portfolio2,200,302.34Cash at banks and liquidities

9,581.50Formation expenses 2Note1,863.15Subscribers receivable

15,112.91Other assets

109,666.54Liabilities

109,666.54Other liabilities

78,317,750.51Net asset value


Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Equities

Euro Equities - Class A

Capitalisation shares 326,959.08 8,279.92 3,461.63 331,777.37

Distribution shares 450,000.00 0.00 0.00 450,000.00

Euro Equities - Class B


Euro Equities - Class D

Capitalisation shares 0.00 10.00 0.00 10.00

Euro Equities - Class E


Changes in number of shares outstanding from 01/01/03 to 31/12/03

Shares issued Shares redeemedShares

outstanding at31/12/03

Sharesoutstanding at

01/01/03


22Page

Euro Equities - Class A

Capitalisation shares

331,777.3777.32

326,959.0866.81

0.000.00

Number of sharesNet asset value per share

Distribution shares

450,000.0077.320.00

450,000.0066.810.00

0.000.000.00

Number of sharesNet asset value per shareDividend per share

EUR EUR EUR

Euro Equities - Class B


232,770.5376.78

165,700.1666.58

0.000.00


EUR EUR EUR

Euro Equities - Class D


10.00102.10

0.000.00

0.000.00


EUR EUR EUR

Euro Equities - Class E


10.00102.05

0.000.00

0.000.00


EUR EUR EUR

Key figures relating to the last 3 years

Total Net Assets 78,317,750.51 62,936,086.99 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



23Page

AIR LIQUIDE4,249 585,512.20 0.75EUR

Transferable securities admitted to an official stock exchange listing 76,200,557.15 97.30

Shares 76,163,165.15 97.25

France 24,097,149.78 30.77

ALCATEL49,957 516,055.81 0.66EURAVENTIS37,868 1,965,349.20 2.51EURAXA23,391 397,413.09 0.51EURBNP PARIBAS54,053 2,677,785.62 3.42EURCARREFOUR32,593 1,391,721.10 1.78EURCIE SAINT GOBAIN15,144 582,286.80 0.74EURFRANCE TELECOM91,333 2,043,119.21 2.61EURGROUPE DANONE5,185 666,272.50 0.85EURL'OREAL SA17,955 1,167,075.00 1.49EURLVMH MOET HENN.LOUIS VUIT.9,927 570,306.15 0.73EURRENAULT SA27,500 1,487,750.00 1.90EURSANOFI SYNTHELABO20,338 1,200,958.90 1.53EURSOCIETE GENERALE PARIS -A-27,021 1,887,416.85 2.41EURSUEZ (EX SUEZ LYONNAISE DES EAUX)211 3,373.89 0.00EURTOTAL SA34,725 5,028,180.00 6.42EURVIVENDI UNIVERSAL100,447 1,926,573.46 2.46EUR

ALLIANZ AG NAMEN VINKULIERT17,434 1,744,794.72 2.23EURGermany 14,381,179.59 18.36

BASF AG920 41,013.60 0.05EURBAYER AG903 20,967.66 0.03EURBMW AG27,000 992,250.00 1.27EURCONTINENTAL AG50,000 1,503,500.00 1.92EURDAIMLERCHRYSLER REG.9,245 342,065.00 0.44EURDEUTSCHE BANK NAMEN31,767 2,087,091.90 2.66EURDEUTSCHE TELEKOM NAMEN61,027 885,501.77 1.13EUREON AKTIENGESELLSCHAFT24,605 1,273,062.70 1.63EURINFINEON TECHNOLOGIES NOM.20,000 220,400.00 0.28EURMUENCHENER RUECKVERSICHERUNGS NAMEN1,370 131,684.40 0.17EURRWE -A-11,412 357,994.44 0.46EURSAP AG8,300 1,105,145.00 1.41EURSIEMENS NAM. AKT REG51,396 3,279,064.80 4.19EURVOLKSWAGEN AG ST8,984 396,643.60 0.51EUR

ABN AMRO HOLDING124,356 2,308,047.36 2.95EURThe Netherlands 11,983,722.42 15.30

AEGON NV97,376 1,142,220.48 1.46EURAKZO NOBEL NV18,300 549,732.00 0.70EURING GROEP NV CERT OF SHS133,206 2,454,986.58 3.13EURROYAL DUTCH PETROLEUM CO73,825 3,063,737.50 3.91EURROYAL PHILIPS ELECTRONICS NV77,070 1,790,336.10 2.29EURUNILEVER CERT. OF SHS13,177 674,662.40 0.86EUR

ANTENA 3 TELEVISION SA662 23,130.28 0.03EURSpain 9,122,066.94 11.65

BANCO BILBAO VIZCAYA ARGENTARIA SA BBVA176,540 1,933,113.00 2.47EURBANCO SANTANDER CENTRAL HISPANO REG.230,679 2,166,075.81 2.77EURENDESA985 15,021.25 0.02EURIBERDROLA SA70,000 1,096,900.00 1.40EURREPSOL YPF104,232 1,611,426.72 2.06EURTELEFONICA SA195,567 2,276,399.88 2.91EUR

ASSICURAZIONI GENERALI SPA35,041 735,861.00 0.94EURItaly 6,477,669.02 8.27

ENEL61,202 329,878.78 0.42EURENI AZ139,276 2,083,568.96 2.66EURSANPAOLO IMI86,892 898,463.28 1.15EURTELECOM ITALIA MOBILE SPA117,664 507,131.84 0.65EURTELECOM ITALIA SPA252,952 594,437.20 0.76EURUNICREDITO ITALIANO310,357 1,328,327.96 1.70EUR

ALLIED IRISH BANKS PLC64,000 812,800.00 1.04EURIreland 3,644,135.00 4.65

BANK OF IRELAND (GOV&CO)44,000 474,320.00 0.61EURBANK OF IRELAND (GOV&CO)56,500 610,765.00 0.78EURCRH PLC80,000 1,300,000.00 1.66EURIRISH LIFE & PERMANENT35,000 446,250.00 0.57EUR

Securities portfolio at 31/12/03EUR

Quantity Denomination

Expressed inQuotationcurrency

% of netassetsMarket value



24Page

NOKIA CORP239,921 3,289,316.91 4.20EURFinland 3,289,316.91 4.20

DEXIA85,000 1,146,650.00 1.46EURBelgium 3,009,525.49 3.84

FORTIS19,539 310,865.49 0.40EURFORTIS37,000 587,930.00 0.75EURKBC BANCASSURANCE HOLDING26,000 964,080.00 1.23EUR

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.90,000 158,400.00 0.20EURPortugal 158,400.00 0.20

AXA UAP CV 0.00 03-04 21/12U2,337 37,392.00 0.05EUR

Convertible bonds 37,392.00 0.05

France 37,392.00 0.05

Total securities portfolio 76,200,557.15 97.30







25Page

1,643,522.73Income

1,610,848.72Net dividends 2Note32,674.01Bank interest on cash account 2Note

399,743.03Expenses

2,854.41Amortisation of formation expenses 2Note290,325.94Management & advisory fees 5Note

34,434.26Custodian & sub-custodian fees 6Note6,949.65Taxe d'abonnement 4Note

31,696.48Administrative expenses 6Note3,790.94Domiciliation fees8,222.29Professional fees7,922.91Bank interest on overdrafts3,465.33Legal fees

10,080.82Other expenses


-10,597,693.89Net realised loss on sales of investment securities170.09Net realised profit on options

-9,353,744.10Net realised loss



500,000.00Euro Equities - Class A4,842,433.50Euro Equities - Class B

1,000.00Euro Equities - Class D1,000.00Euro Equities - Class E

5,344,433.50Subscription capitalisation shares

-229,449.30Euro Equities - Class A-570,974.23Euro Equities - Class B

-800,423.53Redemption capitalisation shares



78,317,750.51Net assets at the end of the year

Statement of Operations and Changes in Net Assets from 01/01/03 to 31/12/03Expressed in EUR


26Page


Euro Equities Dynamic


27Page

51,884,289.80Assets

50,099,877.51Securities portfolio at market value 2Note48,236,450.40Cost price

1,863,427.11Unrealised profit on the securities portfolio1,772,738.49Cash at banks and liquidities

9,581.50Formation expenses 2Note2,092.30Other assets


176,644.32Bank overdrafts53,402.13Other liabilities



Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Equities Dynamic

Euro Equities Dynamic - Class A

Capitalisation shares 400,000.00 232,026.55 0.00 632,026.55

Euro Equities Dynamic - Class D


Euro Equities Dynamic - Class E






01/01/03


28Page

Euro Equities Dynamic - Class A


632,026.5581.73

400,000.0069.34

0.000.00


EUR EUR EUR

Euro Equities Dynamic - Class D


10.00102.19

0.000.00

0.000.00


EUR EUR EUR

Euro Equities Dynamic - Class E


10.00102.14

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 51,654,243.35 27,737,181.10 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



29Page

AVENTIS25,300 1,313,070.00 2.54EUR


Shares 48,194,655.51 93.30

France 25,523,454.40 49.41

AXA99,840 1,696,281.60 3.28EURBNP PARIBAS32,200 1,595,188.00 3.09EURCARREFOUR45,900 1,959,930.00 3.79EURCREDIT AGRICOLE SA84,514 1,584,637.50 3.07EUREULER HERMES10,637 406,333.40 0.79EURFRANCE TELECOM64,410 1,440,851.70 2.79EURGROUPE DANONE12,733 1,636,190.50 3.17EURILOG105,000 1,050,000.00 2.03EURL'OREAL SA13,800 897,000.00 1.74EURLAFARGE17,756 1,234,042.00 2.39EURPEUGEOT SA21,500 861,075.00 1.67EURRENAULT SA9,200 497,720.00 0.96EURSANOFI SYNTHELABO25,000 1,476,250.00 2.86EURSOCIETE GENERALE PARIS -A-12,300 859,155.00 1.66EURTHALES31,800 846,834.00 1.64EURTOTAL SA21,000 3,040,800.00 5.89EURVIVENDI UNIVERSAL133,890 2,568,010.20 4.97EURWANADOO86,167 560,085.50 1.08EUR

ALLIANZ AG NAMEN VINKULIERT22,000 2,201,760.00 4.26EURGermany 9,766,998.00 18.91

DAIMLERCHRYSLER REG.29,100 1,076,700.00 2.08EURDEUTSCHE BANK NAMEN24,500 1,609,650.00 3.12EURDEUTSCHE TELEKOM NAMEN67,600 980,876.00 1.90EUREON AKTIENGESELLSCHAFT50,800 2,628,392.00 5.09EURSIEMENS NAM. AKT REG19,900 1,269,620.00 2.46EUR

AEGON NV58,780 689,489.40 1.33EURThe Netherlands 6,332,836.40 12.26

ING GROEP NV CERT OF SHS52,100 960,203.00 1.86EURKPN61,200 376,380.00 0.73EURROYAL DUTCH PETROLEUM CO85,000 3,527,500.00 6.83EURUNILEVER CERT. OF SHS15,220 779,264.00 1.51EUR


DEXIA127,500 1,716,150.00 3.32EURBelgium 1,716,150.00 3.32

TELEFONICA SA127,940 1,489,221.60 2.88EURSpain 1,489,221.60 2.88

NESTLE SA REG.SHS4,250 841,934.82 1.63CHFSwitzerland 841,934.82 1.63

ENI AZ51,600 771,936.00 1.49EURItaly 771,936.00 1.49

GENERALI TRESORERIE SICAV ACT./1 DECIMAL660 1,905,222.00 3.69EUR

Other transferable securities 1,905,222.00 3.69

Units in Investment Funds 1,905,222.00 3.69

France 1,905,222.00 3.69








30Page

599,565.96Income

552,386.53Net dividends 2Note3,058.75Net interest on bonds 2Note

32,403.68Bank interest on cash account 2Note11,717.00Other interest

152,767.55Expenses

2,854.41Amortisation of formation expenses 2Note97,673.32Management & advisory fees 5Note15,122.07Custodian & sub-custodian fees 6Note3,387.46Taxe d'abonnement 4Note

17,461.06Administrative expenses 6Note1,581.17Domiciliation fees3,787.13Professional fees3,007.29Bank interest on overdrafts1,485.45Legal fees6,408.19Other expenses

446,798.41Net income from investments

-1,715,331.76Net realised loss on sales of investment securities38,590.54Net realised profit on options

-13,324.86Net realised loss on foreign exchange




18,367,684.36Euro Equities Dynamic - Class A1,000.00Euro Equities Dynamic - Class D1,000.00Euro Equities Dynamic - Class E







31Page


European Equities


32Page

58,525,472.41Assets



9,581.50Formation expenses 2Note372,422.43Brokers receivable






Expressed in EUR


GENERALI ASSET MANAGERS SICAV European Equities

European Equities - Class A


European Equities - Class B


European Equities - Class D


European Equities - Class E






01/01/03


33Page

European Equities - Class A


604,638.0981.04

500,000.0070.74

0.000.00


EUR EUR EUR

European Equities - Class B


99,942.7492.88

99,677.0881.41

0.000.00


EUR EUR EUR

European Equities - Class D


10.00100.15

0.000.00

0.000.00


EUR EUR EUR

European Equities - Class E


10.00100.10

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 58,285,322.72 43,485,100.98 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



34Page

AMVESCAP75,000 434,782.61 0.75GBP


Shares 55,482,938.13 95.19

United Kingdom 14,993,673.63 25.72

ASTRAZENECA15,000 574,381.93 0.99GBPAVIVA PLC15,000 104,433.08 0.18GBPBAA PLC (BRITISH AIRPORT AUTHORITIES)50,000 352,728.05 0.61GBPBARCLAYS PLC35,000 246,785.31 0.42GBPBP PLC255,000 1,646,739.13 2.83GBPCADBURY SCHWEPPES20,000 116,794.54 0.20GBPCENTRICA PLC80,000 239,272.52 0.41GBPCOMPASS GROUP PLC50,000 269,607.84 0.46GBPDIXONS GROUP220,000 432,935.49 0.74GBPGLAXOSMITHKLINE PLC59,500 1,080,434.78 1.85GBPHAYS150,000 260,549.87 0.45GBPHBOS33,000 337,830.35 0.58GBPHSBC HOLDINGS PLC (USD 0.5)222,000 2,778,942.88 4.77GBPLLOYDS TSB GROUP PLC35,000 221,050.01 0.38GBPNATIONAL GRID TRANSCO PLC40,000 226,768.97 0.39GBPPEARSON PLC40,000 353,225.35 0.61GBPPRUDENTIAL PLC90,000 603,580.56 1.04GBPREED ELSEVIER PLC30,000 197,250.64 0.34GBPROYAL BANK OF SCOTLAND GROUP PLC17,000 397,826.09 0.68GBPSAGE GROUP150,000 372,975.28 0.64GBPSMITHS GROUP PLC48,000 450,127.88 0.77GBPTESCO ORD PLC120,000 433,077.58 0.74GBPVODAFONE GROUP PLC1,310,000 2,554,667.52 4.38GBPWHITBREAD HOLDINGS PLC30,000 306,905.37 0.53GBP

ADIDAS-SALOMON AG3,000 270,900.00 0.46EURGermany 8,356,454.50 14.34

ALLIANZ AG NAMEN VINKULIERT14,300 1,431,144.00 2.46EURBASF AG18,000 802,440.00 1.38EURBAYER AG15,000 348,300.00 0.60EURBMW AG10,000 367,500.00 0.63EURCELANESE NAMEN-AKT REG10,000 324,800.00 0.56EURDEUTSCHE BANK NAMEN8,500 558,450.00 0.96EURDEUTSCHE TELEKOM NAMEN40,700 590,557.00 1.01EUREON AKTIENGESELLSCHAFT12,500 646,750.00 1.11EURHYPO REAL ESTATE HOLDING AG43,250 855,917.50 1.47EURMG TECHNOLOGIES57,000 632,700.00 1.09EURMUENCHENER RUECKVERSICHERUNGS NAMEN1,400 134,568.00 0.23EURPORSCHE AG VZ. AKT.1,400 658,728.00 1.13EURSIEMENS NAM. AKT REG11,500 733,700.00 1.26EUR

ABN AMRO HOLDING28,000 519,680.00 0.89EURThe Netherlands 6,934,232.12 11.90

AEGON NV45,000 527,850.00 0.91EURING GROEP NV CERT OF SHS58,000 1,068,940.00 1.83EURKON.AHOLD118,332 699,342.12 1.20EURKPN120,000 738,000.00 1.27EURROYAL DUTCH PETROLEUM CO30,000 1,245,000.00 2.14EURROYAL PHILIPS ELECTRONICS NV4,000 92,920.00 0.16EURSTMICROELECTRONICS NV34,000 732,700.00 1.26EURTPG NV20,000 370,600.00 0.64EURUNILEVER CERT. OF SHS11,000 563,200.00 0.97EURWESSANEN (KONINKLIJKE - CERT.OF SHS)40,000 376,000.00 0.65EUR

CIBA SPEZIALITAETENCHEMIE HOLDING NAM.8,000 490,832.13 0.84CHFSwitzerland 6,507,129.41 11.16

CONVERIUM HOLDING AG NAM.AKT7,500 316,146.28 0.54CHFCS GROUP NAMEN-AKT25,000 725,253.20 1.24CHFHOLCIM NAMEN14,000 516,989.33 0.89CHFLOGITECH INTERNATIONAL NAM.AKT7,000 240,094.87 0.41CHFNESTLE SA REG.SHS4,500 891,460.40 1.53CHFNOVARTIS SA REG.SHS30,000 1,079,946.09 1.85CHFROCHE HOLDING GENUSSSCHEIN6,000 479,869.19 0.82CHFUBS NAM.AKT12,500 678,772.88 1.16CHFZURICH FINANCIAL SERVICES NAMEN-AKT9,532 1,087,765.04 1.87CHF







35Page

AXA42,000 713,580.00 1.22EURFrance 5,999,830.00 10.29

BNP PARIBAS7,000 346,780.00 0.59EURCARREFOUR10,000 427,000.00 0.73EURCIE SAINT GOBAIN20,500 788,225.00 1.35EURGROUPE DANONE1,000 128,500.00 0.22EURL'OREAL SA5,500 357,500.00 0.61EURLAGARDERE GROUPE SCA NOM13,000 598,000.00 1.03EURLVMH MOET HENN.LOUIS VUIT.4,500 258,525.00 0.44EURNEXANS18,000 485,820.00 0.83EURRENAULT SA23,000 1,244,300.00 2.13EURTOTAL SA4,500 651,600.00 1.12EUR

ARNOLDO MONDADORI EDITORE SPA80,000 568,800.00 0.98EURItaly 3,042,680.00 5.22

BUZZI UNICEM70,000 654,500.00 1.12EURENI AZ53,000 792,880.00 1.36EURSAIPEM SPA70,000 448,700.00 0.77EURUNICREDITO ITALIANO135,000 577,800.00 0.99EUR


ENDESA53,000 808,250.00 1.39EURREPSOL YPF47,000 726,620.00 1.25EURTELEFONICA SA30,000 349,200.00 0.60EUR

ATLAS COPCO -A- FREE21,000 596,114.15 1.02SEKSweden 1,715,915.82 2.94

SKANDIA -FREE-80,000 231,059.69 0.40SEKSKF -B- FREE29,000 888,741.98 1.52SEK

DELHAIZE GROUP6,000 243,900.00 0.42EURBelgium 1,603,900.00 2.75

DEXIA65,000 874,900.00 1.50EURSOLVAY7,000 485,100.00 0.83EUR

ARCELOR SA82,000 1,127,500.00 1.93EURLuxembourg 1,127,500.00 1.93

BANK OF IRELAND (GOV&CO)24,000 258,720.00 0.44EURIreland 1,046,747.50 1.80

CRH30,000 487,500.00 0.84EURRYANAIR HOLDINGS45,500 300,527.50 0.52EUR

PORTUGAL TELECOM REG.111,000 876,900.00 1.50EURPortugal 876,900.00 1.50

NOKIA CORP39,000 534,690.00 0.92EURFinland 534,690.00 0.92

A. P. MOELLER-MAERSK -B-80 457,803.12 0.79DKKDenmark 457,803.12 0.79

TELENOR AS77,000 397,883.09 0.68NOKNorway 397,883.09 0.68








36Page

1,264,813.74Income

1,207,447.53Net dividends 2Note57,366.21Bank interest on cash account 2Note

322,502.09Expenses



26,542.41Administrative expenses 6Note2,834.81Domiciliation fees6,258.17Professional fees

2.54Bank interest on overdrafts2,854.88Legal fees



-3,161,478.44Net realised loss on sales of investment securities63,409.37Net realised profit on options-2,721.45Net realised loss on foreign exchange1,166.94Net realised profit on forward foreign exchange contracts




7,339,999.93European Equities - Class A119,939.74European Equities - Class B

1,000.00European Equities - Class D1,000.00European Equities - Class E


-276,099.83European Equities - Class A-97,036.55European Equities - Class B







37Page


European Equities Dynamic


38Page

39,227,171.81Assets


-516,887.42Unrealised loss on the securities portfolio1,133,613.21Cash at banks and liquidities

9,581.50Formation expenses 2Note25,774.20Brokers receivable17,500.00Subscribers receivable42,664.63Other assets


132,923.45Brokers payable60,862.66Other liabilities



Expressed in EUR


GENERALI ASSET MANAGERS SICAV European Equities Dynamic

European Equities Dynamic - Class A

Capitalisation shares 90,000.00 0.00 0.00 90,000.00


European Equities Dynamic - Class C


European Equities Dynamic - Class D


European Equities Dynamic - Class E






01/01/03


39Page

European Equities Dynamic - Class A


90,000.0078.26

90,000.0068.55

0.000.00


Distribution shares

350,000.0078.260.00

350,000.0068.550.00

0.000.000.00


EUR EUR EUR

European Equities Dynamic - Class C


48,779.1494.22

43,726.6783.17

0.000.00


EUR EUR EUR

European Equities Dynamic - Class D


10.00100.95

0.000.00

0.000.00


EUR EUR EUR

European Equities Dynamic - Class E


10.00100.90

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 39,033,385.70 33,796,666.69 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



40Page

ABBEY NATIONAL PLC12,000 90,196.08 0.23GBP


Shares 37,981,382.21 97.30

United Kingdom 13,560,881.01 34.74

AGGREGATE INDUSTRIES10,500 12,718.46 0.03GBPANGLO AMERICAN12,800 221,153.74 0.57GBPARM HOLDINGS PLC7,300 13,380.22 0.03GBPASTRAZENECA12,810 490,522.17 1.26GBPAVIVA PLC22,950 159,782.61 0.41GBPBAA PLC (BRITISH AIRPORT AUTHORITIES)14,400 101,585.68 0.26GBPBAE SYSTEMS26,600 63,778.77 0.16GBPBALFOUR BEATTY9,000 27,429.67 0.07GBPBARCLAYS PLC60,850 429,053.89 1.10GBPBG GROUP44,600 181,555.84 0.47GBPBHP BILLITON PLC22,921 158,929.36 0.41GBPBOC GROUP PLC6,200 75,231.60 0.19GBPBOOTS GROUP PLC2,884 28,192.55 0.07GBPBP PLC212,500 1,372,282.61 3.52GBPBPB PLC4,300 21,292.27 0.05GBPBRITISH AIRWAYS15,400 51,037.94 0.13GBPBRITISH AMERICAN TOBACCO PLC14,712 160,749.19 0.41GBPBRITISH SKY BROADCASTING GROUP30,870 307,910.49 0.79GBPBT GROUP PLC40,000 105,996.02 0.27GBPBUNZL PLC1,300 7,882.57 0.02GBPCADBURY SCHWEPPES17,814 104,028.90 0.27GBPCAPITA GROUP PLC5,800 20,046.18 0.05GBPCARNIVAL PLC2,300 73,921.57 0.19GBPCENTRICA PLC60,500 180,949.84 0.46GBPCOBHAM PLC3,200 53,242.40 0.14GBPCOMPASS GROUP PLC24,650 132,916.67 0.34GBPCORUS GROUP PLC39,241 16,726.77 0.04GBPDIAGEO PLC28,957 303,229.74 0.78GBPDIALOG SEMICONDUCTOR6,300 21,420.00 0.05EURDIXONS GROUP9,137 17,980.60 0.05GBPEXEL PLC5,000 52,536.23 0.13GBPFIRSTGROUP PLC7,606 29,827.45 0.08GBPGKN7,800 29,729.33 0.08GBPGLAXOSMITHKLINE PLC48,730 884,867.01 2.27GBPGRANADA PLC46,000 79,084.97 0.20GBPGREAT UNIVERSAL STORES PLC ORD.STCK UNIT5,144 55,876.50 0.14GBPHANSON5,200 30,126.46 0.08GBPHAYS34,200 59,405.37 0.15GBPHBOS36,550 374,172.71 0.96GBPHILTON GROUP PLC18,000 57,672.63 0.15GBPHSBC HOLDINGS PLC (USD 0.5)108,750 1,361,306.48 3.49GBPIMPERIAL CHEMICAL INDUSTRIES PLC14,800 41,479.11 0.11GBPIMPERIAL TOBACCO GROUP PLC5,290 82,679.74 0.21GBPINCHCAPE3,000 55,456.10 0.14GBPINTERCONTINENTAL HOTELS GROUP PLC10,423 79,453.53 0.20GBPJ.SAINSBURY PLC7,285 32,010.32 0.08GBPJARVIS19,300 56,216.25 0.14GBPJOHNSON MATHEY PLC3,580 49,798.52 0.13GBPKESA ELECTRICALS PLC3,801 14,001.27 0.04GBPKINGFISHER PLC8,011 31,899.44 0.08GBPLEGAL GENERAL GROUP PLC83,500 118,048.45 0.30GBPLLOYDS TSB GROUP PLC50,850 321,154.09 0.82GBPLONMIN PLC3,400 52,995.17 0.14GBPMARKS AND SPENCER GRP (NEW)11,747 48,194.75 0.12GBPMEGGITT PLC7,700 25,929.24 0.07GBPMFI FURNITURE GROUP PLC4,515 9,606.72 0.02GBPMISYS4,800 14,578.01 0.04GBPMITCHELLS AND BUTLERS4,216 13,478.26 0.03GBPMORISON SUPERMARKETS PLC10,813 34,491.60 0.09GBPNATIONAL GRID TRANSCO PLC40,600 230,170.50 0.59GBPNEXT PLC973 15,608.37 0.04GBPNYCOMED AMERSHAM PLC5,400 58,849.10 0.15GBPPEARSON PLC9,200 81,241.83 0.21GBPPERSIMMON PLC2,300 17,328.43 0.04GBP







41Page

PREMIER FARNELL PLC9,600 32,020.46 0.08GBPPRUDENTIAL PLC27,650 185,433.36 0.48GBPPUNCH TAVERNS LTD7,600 46,433.65 0.12GBPRECKITT BENCKISER PLC5,173 92,684.75 0.24GBPRIO TINTO PLC9,900 216,342.71 0.55GBPRMC GROUP PLC2,200 21,490.48 0.06GBPROYAL AND SUN ALLIANCE INSURANCE GROUP31,000 38,540.78 0.10GBPROYAL BANK OF SCOTLAND GROUP PLC25,800 603,759.59 1.55GBPSABMILLER PLC11,200 92,378.52 0.24GBPSAGE GROUP14,100 35,059.68 0.09GBPSCOTTISH NEWCASTLE PLC6,349 33,896.51 0.09GBPSCOTTISH AND SOUTHERN ENERGY11,500 109,640.52 0.28GBPSCOTTISH POWER PLC23,700 125,268.54 0.32GBPSHELL TRANSPORT TRADING CO PLC91,700 537,457.37 1.38GBPSIGNET GRP13,779 20,263.24 0.05GBPSMITH NEPHEW PLC9,800 64,539.64 0.17GBPTAYLOR WOODROW PLC4,800 17,800.51 0.05GBPTESCO ORD PLC72,018 259,911.51 0.67GBPUNITED UTILITIES PLC5,600 39,624.89 0.10GBPVEDANTA RESOURCES8,000 42,284.74 0.11GBPVODAFONE GROUP PLC670,000 1,306,585.68 3.35GBPWOLSELEY PLC2,711 30,334.08 0.08GBPWPP GROUP PLC13,500 104,731.46 0.27GBP

ACCOR SA2,835 100,160.55 0.26EURFrance 5,446,442.55 13.95

AGF500 21,375.00 0.05EURAIR LIQUIDE932 128,429.60 0.33EURALCATEL8,200 84,706.00 0.22EURAVENTIS6,130 318,147.00 0.82EURAXA14,800 251,452.00 0.64EURBNP PARIBAS7,850 388,889.00 1.00EURBOUYGUES2,100 57,666.00 0.15EURBUSINESS OBJECTS NOM,900 24,885.00 0.06EURCAP GEMINI400 14,192.00 0.04EURCARREFOUR4,608 196,761.60 0.50EURCASINO GUICHARD PERRACHON336 25,368.00 0.06EURCIE SAINT GOBAIN3,300 126,885.00 0.33EURCREDIT AGRICOLE SA6,100 114,375.00 0.29EURGROUPE DANONE1,275 163,837.50 0.42EURHAVAS3,500 16,310.00 0.04EURL'OREAL SA2,965 192,725.00 0.49EURLAFARGE1,450 100,775.00 0.26EURLAGARDERE GROUPE SCA NOM3,650 167,900.00 0.43EURLVMH MOET HENN.LOUIS VUIT.2,050 117,772.50 0.30EURMICHELIN (NOM.B)1,250 45,000.00 0.12EURPERNOD RICARD1,042 91,852.30 0.24EURPEUGEOT SA1,500 60,075.00 0.15EURPINAULT-PRINTEMPS REDOUTE SA394 30,200.10 0.08EURPUBLICIS GROUPE1,450 36,844.50 0.09EURRENAULT SA2,000 108,200.00 0.28EURSANOFI SYNTHELABO2,850 168,292.50 0.43EURSCHNEIDER ELECTRIC SA2,450 127,032.50 0.33EURSOCIETE GENERALE PARIS -A-6,650 464,502.50 1.19EURSUEZ (EX SUEZ LYONNAISE DES EAUX)12,750 203,872.50 0.52EURT.F.11,400 38,388.00 0.10EURTECHNIP-COFLEXIP200 16,940.00 0.04EURTHALES2,050 54,591.50 0.14EURTOTAL SA6,950 1,006,360.00 2.58EURVALEO SA550 17,259.00 0.04EURVEOLIA ENVIRONNEMENT1,200 25,956.00 0.07EURVINCI1,200 78,000.00 0.20EURVIVENDI UNIVERSAL13,580 260,464.40 0.67EUR

ADIDAS-SALOMON AG610 55,083.00 0.14EURGermany 4,597,366.69 11.78

ALLIANZ AG NAMEN VINKULIERT3,278 328,062.24 0.84EURALTANA AG1,200 57,180.00 0.15EURBASF AG7,630 340,145.40 0.87EURBAYER AG9,510 220,822.20 0.57EUR







42Page

BAYERISCHE HYPO UND VEREINSBANK3,200 58,688.00 0.15EURBMW AG2,900 106,575.00 0.27EURDAIMLERCHRYSLER REG.7,600 281,200.00 0.72EURDEUTSCHE BANK NAMEN5,350 351,495.00 0.90EURDEUTSCHE LUFTHANSA NAMEN1,900 25,175.00 0.06EURDEUTSCHE POST NAM.5,200 84,864.00 0.22EURDEUTSCHE TELEKOM NAMEN32,300 468,673.00 1.20EUREON AKTIENGESELLSCHAFT7,450 385,463.00 0.99EURFRESENIUS MEDICAL CARE950 53,580.00 0.14EURHENKEL KGAA VZG.O.ST767 47,554.00 0.12EURHYPO REAL ESTATE HOLDING AG5,200 102,908.00 0.26EURJUNGHEINRICH VORZ.STIMMRECHTSLOS1,300 20,345.00 0.05EURKARSTADT QUELLE AG67 1,313.20 0.00EURLINDE AG1,000 42,700.00 0.11EURMAN AG ST.2,000 48,100.00 0.12EURMETRO1,281 44,770.95 0.11EURMG TECHNOLOGIES4,100 45,510.00 0.12EURMUENCHENER RUECKVERSICHERUNGS NAMEN1,422 136,682.64 0.35EURPORSCHE AG VZ. AKT.130 61,167.60 0.16EURRHEINMETALL BERLIN ACTIONS PREFER.950 22,610.00 0.06EURRWE -A-4,300 134,891.00 0.35EURSAP AG1,880 250,322.00 0.64EURSCHERING AG1,350 54,202.50 0.14EURSGL CARBON5,000 66,500.00 0.17EURSIEMENS NAM. AKT REG6,100 389,180.00 1.00EURSTADA-ARZNEIMITTEL NAM.AKT847 41,655.46 0.11EURT-ONLINE INTERNATIONAL NAMEN.AKT4,400 45,320.00 0.12EURTELEGATE AG4,500 40,140.00 0.10EURTHYSSENKRUPP3,600 56,412.00 0.14EURUNITED INTERNET NAM.2,700 50,814.00 0.13EURVOLKSWAGEN AG ST1,750 77,262.50 0.20EUR

ABB NAM.AKT19,380 77,902.68 0.20CHFSwitzerland 3,804,796.06 9.75

ACTELION LTD NAMEN600 51,352.73 0.13CHFADECCO REG.SHS1,050 53,516.47 0.14CHFBALOISE HOLDING REG.SHS1,400 46,358.51 0.12CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.5 35,421.21 0.09CHFCIBA SPEZIALITAETENCHEMIE HOLDING NAM.1,250 76,692.52 0.20CHFCIE FIN RICHEMONT UNITS -A- (1AKT.A 1PS)5,253 100,021.86 0.26CHFCIE SUISSE REASSURANCE REG2,770 148,285.03 0.38CHFCLARIANT NAMEN AKT2,770 32,409.60 0.08CHFCS GROUP NAMEN-AKT10,990 318,821.31 0.82CHFHOLCIM NAMEN1,600 59,084.49 0.15CHFLOGITECH INTERNATIONAL NAM.AKT800 27,439.41 0.07CHFLONZA GROUP NOM.500 22,791.38 0.06CHFNESTLE SA REG.SHS3,501 693,556.19 1.78CHFNOVARTIS SA REG.SHS20,900 752,362.44 1.93CHFROCHE HOLDING GENUSSSCHEIN4,980 398,291.43 1.02CHFSWISS LIFE HOLDING N-NAMEN REGISTERED310 45,114.76 0.12CHFSYNGENTA NAMEN960 51,268.11 0.13CHFTHE SWATCH GROUP REG450 42,842.03 0.11CHFUBS NAM.AKT10,250 556,593.76 1.43CHFUNAXIS HOLDING NOM.250 28,088.54 0.07CHFZURICH FINANCIAL SERVICES NAMEN-AKT1,635 186,581.60 0.48CHF

ABN AMRO HOLDING15,050 279,328.00 0.72EURThe Netherlands 3,332,806.53 8.54

AEGON NV13,456 157,838.88 0.40EURAKZO NOBEL NV3,395 101,985.80 0.26EURASM INTERNATIONAL1,000 16,390.00 0.04EURASML HOLDING NV2,400 38,784.00 0.10EURDSM NV1,200 46,860.00 0.12EUREUROPEAN AERONAUTIC DEFENSE AND SPACE3,400 64,396.00 0.16EURHAGEMEYER12,900 22,833.00 0.06EURHEINEKEN NV1,700 51,850.00 0.13EURING GROEP NV CERT OF SHS18,270 336,716.10 0.86EURKON.AHOLD5,881 34,756.71 0.09EURKONINKLIJKE NUMICO1,300 29,328.00 0.08EURKPN15,000 92,250.00 0.24EUR







43Page

OCE NV1,700 20,536.00 0.05EURQIAGEN4,700 45,731.00 0.12EURREED ELSEVIER NV18,300 177,876.00 0.46EURROYAL DUTCH PETROLEUM CO18,000 747,000.00 1.91EURROYAL PHILIPS ELECTRONICS NV16,000 371,680.00 0.95EURSTMICROELECTRONICS NV2,300 49,565.00 0.13EURTPG NV3,700 68,561.00 0.18EURUNILEVER CERT. OF SHS8,190 419,328.00 1.07EURVEDIOR5,600 69,328.00 0.18EURVENDEX KBB CERTS NON FOOD838 9,285.04 0.02EURWOLTERS KLUWER CERT.V. AKT6,500 80,600.00 0.21EUR

ACCIONA650 31,362.50 0.08EURSpain 2,264,162.78 5.80

ACERINOX400 14,952.00 0.04EURACS350 13,545.00 0.03EURALTADIS SA3,915 88,087.50 0.23EURANTENA 3 TELEVISION SA120 4,192.80 0.01EURBANCO BILBAO VIZCAYA ARGENTARIA SA BBVA13,200 144,540.00 0.37EURBANCO SANTANDER CENTRAL HISPANO REG.88,100 827,259.00 2.12EURBCO POPULAR ESPANOL REG.1,900 89,870.00 0.23EURENDESA11,700 178,425.00 0.46EURGAS NATURAL SDG1,100 20,405.00 0.05EURIBERDROLA SA12,400 194,308.00 0.50EURINDUSTRIA DE DISENO TEXTIL INDITEX REG1,149 18,498.90 0.05EURTELEFONICA SA49,372 574,690.08 1.47EURUNION FENOSA4,300 64,027.00 0.16EUR

BANCHE POPOLARI UNITE SCARL8,500 122,060.00 0.31EURItaly 1,625,306.50 4.16

BULGARI SPA1,300 9,555.00 0.02EURBUZZI UNICEM700 6,545.00 0.02EURENEL12,000 64,680.00 0.17EURENI AZ30,900 462,264.00 1.18EURFIAT4,100 24,928.00 0.06EURLUXOTTICA GROUP2,000 27,400.00 0.07EURMEDIASET7,100 66,882.00 0.17EURRAS ASSICURAZIONI (ORD.)3,157 42,619.50 0.11EURSAIPEM SPA7,500 48,075.00 0.12EURSANPAOLO IMI12,000 124,080.00 0.32EURTELECOM ITALIA MOBILE SPA48,000 206,880.00 0.53EURTELECOM ITALIA SPA79,000 185,650.00 0.48EURUNICREDITO ITALIANO54,600 233,688.00 0.60EUR

ASSA ABLOY -B-5,000 47,126.92 0.12SEKSweden 1,076,028.31 2.76

HENNES MAURITZ AB -B- FREE2,214 41,735.60 0.11SEKINVESTOR -B- FREE4,900 37,541.69 0.10SEKNORDEA BANK21,000 125,010.35 0.32SEKSANDVIK AB800 21,871.30 0.06SEKSE BANKEN -A- FREE11,500 134,380.61 0.34SEKSKANDIA -FREE-15,985 46,168.61 0.12SEKSKANSKA -B- FREE5,500 38,500.76 0.10SEKSKF -B- FREE1,900 58,227.92 0.15SEKSVENSKA CELLULOSA SCA AB-SHS-B-2,615 84,752.38 0.22SEKSVENSKA HANDELSBANK -A- FREE5,200 84,266.23 0.22SEKSWEDISH MATCH6,660 53,962.80 0.14SEKTELEFON AB L.M.ERICSSON -SHS-B-111,000 157,850.36 0.40SEKTELIASONERA AB15,000 62,174.46 0.16SEKVOLVO -B- FREE3,400 82,458.32 0.21SEK

ANGLO-IRISH BANK CORP PLC10,000 126,000.00 0.32EURIreland 650,733.50 1.67

BANK OF IRELAND (GOV&CO)17,800 191,884.00 0.49EURCRH PLC5,400 87,750.00 0.22EURDEPFA BANK PLC1,700 170,170.00 0.44EURIRISH LIFE & PERMANENT2,450 31,237.50 0.08EURRYANAIR HOLDINGS PLC6,600 43,692.00 0.11EUR

METSO CORP3,200 30,976.00 0.08EURFinland 515,649.19 1.32

NOKIA CORP30,389 416,633.19 1.07EURUPM KYMENNE CORP4,500 68,040.00 0.17EUR







44Page

DELHAIZE GROUP801 32,560.65 0.08EURBelgium 339,794.88 0.87

DEXIA5,100 68,799.00 0.18EURDEXIA1,500 20,190.00 0.05EURELECTRABEL PS310 77,190.00 0.20EURGROUPE BRUXELLES LAMBERT GBL920 41,124.00 0.11EURINTERBREW2,163 45,877.23 0.12EURSOLVAY780 54,054.00 0.14EUR


DANSKE BANK4,800 89,303.85 0.23DKKGROUP 4 FALCK1,800 29,257.49 0.07DKK

TELEKOM AUSTRIA AG18,500 181,300.00 0.46EURAustria 181,300.00 0.46

NORSK HYDRO1,300 63,391.64 0.16NOKNorway 161,451.80 0.41

NORSKE SKOGINDUSTRIER2,250 33,943.90 0.09NOKORKLA BORREGAARD FRIE A1,900 33,629.11 0.09NOKTELENOR AS5,900 30,487.15 0.08NOK

ALPHA BANK5,100 122,604.00 0.31EURGreece 156,305.60 0.40

COCA COLA HELLENIC BOTTLING BEARER SHS2,060 33,701.60 0.09EUR

ARCELOR SA5,900 81,125.00 0.21EURLuxembourg 81,125.00 0.21

AXA UAP CV 0.00 03-04 21/12U1,041 16,656.00 0.04EUR

Convertible bonds 16,656.00 0.04

France 16,656.00 0.04

CORUS GROUP DEFERRED GBP39,241 0.06 0.00GBP

Other transferable securities 0.06 0.00

Shares 0.06 0.00

United Kingdom 0.06 0.00








45Page

908,755.86Income

891,956.40Net dividends 2Note16,799.46Bank interest on cash account 2Note

227,731.48Expenses







-3,816,364.62Net realised loss on sales of investment securities-101,332.00Net realised loss on financial futures

13,115.87Net realised profit on options-59,027.35Net realised loss on foreign exchange




609,499.96European Equities Dynamic - Class C1,000.00European Equities Dynamic - Class D1,000.00European Equities Dynamic - Class E

611,499.96Subscription capitalisation shares

-149,999.95European Equities Dynamic - Class C-149,999.95Redemption capitalisation shares






46Page


US Equities


47Page

65,262,043.17Assets

61,966,764.75Securities portfolio at market value 2Note64,078,492.49Cost price-2,111,727.74Unrealised loss on the securities portfolio3,070,047.29Cash at banks and liquidities

9,581.50Formation expenses 2Note75,075.93Subscribers receivable91,686.18Unrealised net appreciation on forward foreign exchange contracts 8Note48,887.52Other assets





Expressed in EUR


GENERALI ASSET MANAGERS SICAV US Equities

US Equities - Class A



US Equities - Class B


US Equities - Class D


US Equities - Class E






01/01/03


48Page

US Equities - Class A


767,043.2165.97

610,000.0063.62

0.000.00


Distribution shares

200,000.0065.970.00

200,000.0063.620.00

0.000.000.00


EUR EUR EUR

US Equities - Class B


21,168.7465.49

18,714.0163.39

0.000.00


EUR EUR EUR

US Equities - Class D


10.0097.25

0.000.00

0.000.00


EUR EUR EUR



10.0097.20

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 65,181,574.28 52,720,745.64 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



49Page

ABBOTT LABORATORIES12,000 445,983.83 0.68USD


Shares 61,966,764.75 95.07

United States of America 58,848,700.64 90.28

ACCREDITED HOME LENDERS HOLDINGS CO50,000 1,225,011.05 1.88USDAFFILIATED MANAGERS GROUP4,900 274,396.89 0.42USDALCOA15,000 456,206.88 0.70USDALTRIA GROUP20,000 862,375.86 1.32USDAMBAC FINANCIAL GROUP7,000 385,571.23 0.59USDAMERICAN EXPRESS CO COM.18,000 693,683.45 1.06USDAMERICREDIT45,000 565,260.80 0.87USDAMERISOURCEBERGEN CORP7,000 354,734.47 0.54USDAMERITRADE HLDG70,000 782,091.74 1.20USDAMGEN INC10,000 494,872.54 0.76USDAPPLIED MATERIALS INC20,000 359,921.81 0.55USDAT T WIRELESS60,000 380,671.19 0.58USDBANK OF NEW YORK CO INC15,000 398,387.96 0.61USDBEA SYSTEMS70,000 694,944.38 1.07USDBEARINGPOINT INC40,000 324,009.44 0.50USDBIOGEN IDEC INC11,500 339,020.81 0.52USDBOSTON SCIENTIFIC CORP14,000 408,251.89 0.63USDCAPITAL ONE FINANCIAL CORP20,000 974,901.30 1.50USDCENDANT CORP45,000 800,845.98 1.23USDCISCO SYSTEMS30,000 581,541.08 0.89USDCITIGROUP INC47,000 1,816,535.76 2.79USDCLEAR CHANNEL COMMUNICATIONS INC10,000 368,860.00 0.57USDCOMPUTER SCIENCES CORP.25,000 890,028.39 1.37USDCONTINENTAL AIRLINES -B-25,000 324,408.46 0.50USDDELL INC20,000 553,529.42 0.85USDDU PONT E I NEMOURS CO28,000 1,022,529.09 1.57USDE TRADE FINANCIAL50,000 508,359.63 0.78USDEMC CORP30,000 305,015.78 0.47USDEOG RESOURCES17,000 636,151.83 0.98USDEXXON MOBIL30,000 973,943.64 1.49USDFIRST DATA CORP18,000 585,371.73 0.90USDFRANKLIN RESOURCES INC8,000 330,585.39 0.51USDFRIEDMAN BILLINGS RAMSEY-A-45,000 840,708.72 1.29USDGENERAL ELECTRIC CO75,000 1,838,713.65 2.82USDH & R BLOCK INC8,000 353,186.25 0.54USDHARTFORD FINANCIAL SERVICES GROUP10,000 469,733.88 0.72USDHEWLETT PACKARD CO40,000 731,974.03 1.12USDHOME DEPOT INC24,000 675,918.80 1.04USDIBM CORP12,000 887,083.57 1.36USDINTEL CORP72,000 1,843,310.44 2.83USDINTERACTIVECORP10,000 269,821.65 0.41USDINTERNATIONAL PAPER CO15,000 516,060.84 0.79USDINTUIT10,000 425,282.34 0.65USDJOHNSON CONTROLS INC5,000 459,877.93 0.71USDJP MORGAN CHASE AND CO15,000 438,968.94 0.67USDLIBERTY MEDIA CORP NEW -A-40,000 374,446.37 0.57USDMANDALAY RESORT GROUP15,000 538,087.10 0.83USDMCKESSON HBOC15,000 372,291.63 0.57USDMEDIMMUNE INC20,000 404,133.94 0.62USDMEDTRONIC INC20,000 780,655.25 1.20USDMENS WEARHOUSE INC20,000 401,580.17 0.62USDMERCK AND CO INC.30,000 1,089,342.07 1.67USDMERRILL LYNCH CO INC10,000 465,504.20 0.71USDMETLIFE INC50,000 1,346,315.07 2.07USDMICROSOFT CORP140,000 3,076,972.38 4.72USDMOTOROLA55,000 610,550.29 0.94USDNETWORK ASSOCIATES INC35,000 417,581.13 0.64USDNEWMONT MINING CORP8,000 313,858.21 0.48USDNIKE -B-8,000 434,523.79 0.67USDNORFOLK SOUTHERN CORP20,000 379,873.13 0.58USDNORTHROP GRUMMAN CORP4,000 303,164.30 0.47USDORACLE CORP45,000 474,043.36 0.73USDPARKER-HANNIFIN CORP10,000 473,644.34 0.73USDPEPSICO INC.15,000 558,078.32 0.86USD







50Page

PFIZER INC82,000 2,294,992.36 3.52USDPROCTER GAMBLE CO10,000 795,419.23 1.22USDPRUDENTIAL FINANCIAL INC10,000 334,144.71 0.51USDRADIAN GROUP10,000 384,262.42 0.59USDROWAN COMPANIES INC20,000 378,755.86 0.58USDSBC COMMUNICATIONS INC15,000 311,958.84 0.48USDSEARS ROEBUCK CO15,000 545,149.87 0.84USDSKYWORKS SOLUTIONS INC60,000 419,456.55 0.64USDSMURFIT-STONE CONTAINER40,000 589,920.63 0.91USDSOUTHRUST CORP13,000 339,355.99 0.52USDSPX CORP12,000 565,021.38 0.87USDSTATE STREET CORP7,000 291,664.36 0.45USDSUNTRUST BANKS INC4,000 228,338.87 0.35USDTIME WARNER INC80,000 1,142,811.61 1.75USDTRAVELERS PROPERTY -B-1 13.42 0.00USDTRIBUNE CO NEW COM.7,000 288,256.67 0.44USDUNITEDHEALTH GROUP9,000 415,218.89 0.64USDVERIZON COMMUNICATIONS INC61,000 1,703,842.73 2.61USDVIACOM INC -B- NON-VOTING45,000 1,571,166.45 2.41USDWACHOVIA CORP20,000 743,625.60 1.14USDWAL MART STORES30,000 1,263,636.80 1.94USDWALGREEN CO25,000 721,240.22 1.11USDWYETH25,000 837,157.39 1.28USD

INGERSOLL-RAND COMPANY LTD -A-10,000 539,643.30 0.83USDBermuda 2,782,083.88 4.27

MARVELL TECHNOLOGY GROUP LTD20,000 598,858.82 0.92USDTYCO INTERNATIONAL55,000 1,177,646.61 1.81USDWEATHERFORD INTERNATIONAL LTD16,000 465,935.15 0.71USD

NORTEL NETWORKS CORP100,000 335,980.23 0.52USDCanada 335,980.23 0.52








51Page

690,484.57Income


343,028.61Expenses






-4,962,577.28Net realised loss on sales of investment securities114,020.78Net realised profit on financial futures

-237,725.99Net realised loss on foreign exchange-4,879.99Net realised loss on forward foreign exchange contracts



2Note



9,686,552.11US Equities - Class A174,247.37US Equities - Class B

1,000.00US Equities - Class D1,000.00US Equities - Class E


-116,244.55US Equities - Class A-15,283.59US Equities - Class B







52Page


Japanese Equities


53Page

52,540,297.43Assets


138,527.36Unrealised profit on the securities portfolio2,490,433.14Cash at banks and liquidities

9,581.50Formation expenses 2Note225,782.44Unrealised net appreciation on financial futures 7Note






Expressed in EUR


GENERALI ASSET MANAGERS SICAV Japanese Equities

Japanese Equities - Class A


Japanese Equities - Class D


Japanese Equities - Class E






01/01/03


54Page

Japanese Equities - Class A


649,339.3980.76

470,000.0074.62

0.000.00


EUR EUR EUR

Japanese Equities - Class D


10.0099.31

0.000.00

0.000.00


EUR EUR EUR

Japanese Equities - Class E


10.0099.27

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 52,443,570.23 35,072,844.78 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



55Page

AEON CREDIT SERVICE LTD15,000 511,732.61 0.98JPY


Shares 49,310,762.87 94.03

Japan 49,310,762.87 94.03

AMADA CO LTD150,000 624,828.87 1.19JPYASAHI BREWERIES60,000 437,604.16 0.83JPYASAHI GLASS CO LTD40,000 262,771.52 0.50JPYASAHI KASEI CORPORATION200,000 868,937.64 1.66JPYBRIDGESTONE CORP35,000 376,502.32 0.72JPYCANON INC30,000 1,117,525.47 2.13JPYDAI NIPPON PRINTING80,000 898,798.04 1.71JPYDENSO CORP30,000 472,540.83 0.90JPYDENTSU100 403,115.40 0.77JPYEISAI50,000 1,078,706.95 2.06JPYFANUC LTD18,000 862,666.96 1.64JPYFUJI PHOTO FILM40,000 1,033,169.84 1.97JPYFUJISAWA PHARMACEUTICAL CO LTD45,000 767,598.91 1.46JPYHITACHI CONST MACH.53,000 642,140.44 1.22JPYHONDA MOTOR30,000 1,066,016.28 2.03JPYHOYA CORP8,000 587,652.67 1.12JPYITO-YOKADO CO LTD20,000 503,147.74 0.96JPYJAPAN AIRLINES SYSTEM CORP200,000 422,524.66 0.81JPYKEYENCE CORP2,500 421,591.52 0.80JPYKOMATSU LTD75,000 380,720.10 0.73JPYMARUBENI CORP340,000 520,317.47 0.99JPYMARUI CO LTD50,000 503,894.25 0.96JPYMATSUSHITA ELECTRIC IND.60,000 663,796.69 1.27JPYMILLEA HOLDING80 836,091.20 1.59JPYMITSUBISHI CHEMICAL CORP300,000 624,828.87 1.19JPYMITSUBISHI CORP.75,000 636,026.52 1.21JPYMITSUBISHI HEAVY IND.300,000 667,379.94 1.27JPYMITSUBISHI RAYON150,000 450,145.53 0.86JPYMITSUBISHI TOKYO FINANCIAL GROUP INC230 1,435,389.43 2.74JPYMITSUI FUDOSAN90,000 650,359.51 1.24JPYMITSUI O.S.K. LINES130,000 507,552.15 0.97JPYMITSUI SUMITOMO INSURANCE CO LTD80,000 525,543.04 1.00JPYMITSUKOSHI (NEW) LTD130,000 423,121.87 0.81JPYNEXTCOM KK150 229,551.83 0.44JPYNGK SPARK PLUG CO LTD100,000 648,717.19 1.24JPYNIDEC CORP6,000 458,207.84 0.87JPYNIKKO CORDIAL CORP175,000 779,916.32 1.49JPYNIPPON ELECTRIC GLASS CO LTD40,000 622,589.34 1.19JPYNIPPON STEEL CORP200,000 343,394.60 0.65JPYNIPPON THOMPSON CO LTD70,000 370,492.91 0.71JPYNIPPON YUSEN KAISHA200,000 724,114.70 1.38JPYNISSAN MOTOR137,000 1,251,807.69 2.39JPYNITORI7,000 348,545.52 0.66JPYNITTO DENKO CORP16,000 680,817.12 1.30JPYNIWS158 283,076.59 0.54JPYNOK CORP28,000 815,188.92 1.55JPYNOMURA HOLDINGS66,000 899,171.30 1.71JPYNOMURA RESEARCH INSTITUTE4,000 312,041.18 0.60JPYNSK LTD250,000 729,713.53 1.39JPYNTT DOCOMO610 1,106,551.77 2.11JPYOKI ELECTRIC INDUSTRY CO LTD150,000 469,181.54 0.89JPYOLYMPUS CORP40,000 694,254.30 1.32JPYOMRON CORP25,000 404,981.68 0.77JPYORIX CORP7,900 522,512.21 1.00JPYPACIFIC METALS CO LIMITED225,000 1,074,974.40 2.05JPYRESONA HOLDINGS INC500,000 503,894.25 0.96JPYROHM CO LTD5,000 468,808.28 0.89JPYSANYO ELECTRIC CO LTD100,000 418,045.60 0.80JPYSECOM CO LTD15,000 447,906.00 0.85JPYSEIKO EPSON CORP19,000 709,184.50 1.35JPYSEVEN-ELEVEN JAPAN CO LTD32,000 776,370.40 1.48JPYSHIN-ETSU CHEM.20,000 653,942.76 1.25JPYSHOWA DENKO KK160,000 287,854.26 0.55JPYSMC CORP6,000 597,506.60 1.14JPY







56Page

SOFTBANK CORP15,000 367,282.92 0.70JPYSONY CORP14,000 387,737.29 0.74JPYSUMITOMO MITSUI FINANCIAL GROUP INC200 852,514.42 1.63JPYTAISEI220,000 643,790.22 1.23JPYTAKEDA CHEMICAL IND20,000 634,533.50 1.21JPYTAKEFUJI CORP10,000 374,001.51 0.71JPYTOKYO ELECTRIC POWER41,000 719,262.39 1.37JPYTOKYO ELECTRON LTD7,000 425,361.40 0.81JPYTOYOTA MOTOR CORP40,000 1,080,946.48 2.06JPYUFJ HOLDINGS INC245 941,908.99 1.80JPYVODAFONE HOLDINGS KK200 428,496.74 0.82JPYYAHOO JAPAN CORP50 537,487.20 1.02JPYYAMATO TRANSPORT CO LTD50,000 471,047.81 0.90JPYZEON CORP95,000 628,337.47 1.20JPY

UMC JAPAN600 488,217.54 0.93JPY

Transferable securities dealt in on another regulated market 488,217.54 0.93

Shares 488,217.54 0.93

Japan 488,217.54 0.93








57Page

364,092.93Income


326,698.01Expenses







-939,245.80Net realised loss on sales of investment securities79,467.80Net realised profit on financial futures10,764.11Net realised profit on foreign exchange72,138.65Net realised profit on forward foreign exchange contracts

-739,480.32Net realised loss


2Note


2Note



13,050,019.76Japanese Equities - Class A1,000.00Japanese Equities - Class D1,000.00Japanese Equities - Class E


-57,137.03Japanese Equities - Class A-57,137.03Redemption capitalisation shares






58Page


Central and Eastern European Equities


59Page

77,316,555.48Assets



9,581.50Formation expenses 2Note44,704.95Brokers receivable

354.08Subscribers receivable





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Central and Eastern European Equities

Central and Eastern European Equities -Class A


Distribution shares 300,000.00 224,429.11 0.00 524,429.11

Central and Eastern European Equities -Class B

Capitalisation shares 0.00 12,143.52 1,024.40 11,119.12

Central and Eastern European Equities -Class D


Central and Eastern European Equties -Class E






01/01/03


60Page

Central and Eastern European Equities - Class A


170,278.88109.24

170,278.8893.16

0.000.00


Distribution shares

524,429.11109.24

0.00

300,000.0093.160.00

0.000.000.00


EUR EUR EUR

Central and Eastern European Equities - Class B


11,119.12116.07

0.000.00

0.000.00


EUR EUR EUR

Central and Eastern European Equities - Class D


10.00103.15

0.000.00

0.000.00


EUR EUR EUR

Central and Eastern European Equties - Class E


10.00103.10

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 77,182,487.79 43,810,088.44 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



61Page

AGORA SA88,648 957,500.96 1.24PLN


Shares 75,591,246.66 97.94

Poland 28,824,686.14 37.35

BANK ZACHODNI WBK55,000 882,909.53 1.14PLNBPH BANK PRZEMYSLOWO-HANDLOWY37,600 2,822,078.66 3.66PLNBRE BANK SA47,000 934,363.86 1.21PLNBUDIMEX53,507 408,424.34 0.53PLNCOMPUTERLAND POLAND21,236 412,691.46 0.53PLNFRANTSCHACH SWIECIE50,000 823,907.15 1.07PLNGRUPA PEKAO236,900 5,414,770.95 7.02PLNIMPEL111,077 680,178.96 0.88PLNKGHM POLSKA MIEDZ370,000 2,076,883.88 2.69PLNNETIA SA795,254 679,733.20 0.88PLNORBIS127,000 747,980.12 0.97PLNPOLISH TELECOM1,942,370 6,298,082.86 8.16PLNPOLSKI KONCERN NAFTOWY666,000 3,540,142.98 4.59PLNPROKOM SOFTWARE29,077 1,069,552.89 1.39PLNSOFTBANK39,922 219,846.03 0.28PLNZML KETY29,374 855,638.31 1.11PLN

BORSODCHEM RT10,000 532,773.10 0.69HUFHungary 23,451,874.39 30.38

DELMAYARORSZAGI ARAMSZOLGALTATO DEMASZ24,383 1,112,145.45 1.44HUFHUGARIAN TELECOM REG.1,663,800 5,108,120.40 6.62HUFMOL MAGYAR OLAY ES GAZIPARI RT -A-258,000 6,284,384.51 8.14HUFOTP BANK LTD611,748 6,354,323.74 8.23HUFPANNONPLAST75,024 399,707.69 0.52HUFRICHTER GEDEON LTD38,200 3,660,419.50 4.74HUF

CESKE ENERGETICKE ZAVODY860,400 3,842,455.55 4.98CZKCzech Republic 14,486,453.57 18.77

CESKY TELECOM425,000 3,794,707.57 4.92CZKKOMERCNI BANKA50,000 3,705,742.17 4.80CZKPHILIP MORRIS CR A.S5,000 2,410,418.23 3.12CZKUNIPETROL360,000 733,130.05 0.95CZK

EESTI TELECOM370,000 2,471,600.00 3.20EUREstonia 5,420,561.20 7.02

EESTI TELEKOM GDR REPR.SHS REG S20,000 392,961.20 0.51USDHANSABANK120,000 2,556,000.00 3.31EUR

104,500 PLIVA GDR REG.SHS 1,376,876.51 1.78HRKCroatia 1,743,039.94 2.26

TVORNICA DUHANA ROVNINJ PREF.SHS 366,166.43 0.47100 0.47 USD

KRKA DD4,840 1,058,631.42 1.37SITSlovenia 1,058,631.42 1.37

BANK AUSTRIA CREDITANSTALT AG15,000 606,000.00 0.79EURAustria 606,000.00 0.79








62Page

1,618,762.75Income

1,603,521.58Net dividends 2Note8,026.65Bank interest on cash account 2Note7,214.52Bank interest on time deposits 2Note

646,477.34Expenses

2,854.41Amortisation of formation expenses 2Note352,564.46Management & advisory fees 5Note187,091.88Custodian & sub-custodian fees 6Note

6,449.42Taxe d'abonnement 4Note30,487.34Administrative expenses 6Note3,762.41Domiciliation fees8,204.92Professional fees

28,257.15Bank interest on overdrafts2,824.72Legal fees



477,744.72Net realised profit on sales of investment securities-155,746.42Net realised loss on foreign exchange




1,215,654.34Central and Eastern European Equities - Class B1,000.00Central and Eastern European Equities - Class D1,000.00Central and Eastern European Equties - Class E


20,000,000.00Central and Eastern European Equities - Class A20,000,000.00Subscription distribution shares

-119,465.25Central and Eastern European Equities - Class B-119,465.25Redemption capitalisation shares






63Page


Italian Equities


64Page

33,798,883.05Assets


58,499.07Unrealised profit on the securities portfolio552,876.07Cash at banks and liquidities

9,581.50Formation expenses 2Note354.08Subscribers receivable





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Italian Equities

Italian Equities - Class A


Italian Equities - Class B

Capitalisation shares 0.00 12,822.73 183.92 12,638.81

Italian Equities - Class D


Italian Equities - Class E






01/01/03


65Page

Italian Equities - Class A


350,309.0092.49

350,309.0078.98

0.000.00


EUR EUR EUR

Italian Equities - Class B


12,638.81106.61

0.000.00

0.000.00


EUR EUR EUR

Italian Equities - Class D


10.0098.46

0.000.00

0.000.00


EUR EUR EUR

Italian Equities - Class E


10.0098.41

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 33,748,732.37 27,667,805.91 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



66Page

ALLEANZA ASSICURAZ.AZ.65,000 564,200.00 1.67EUR


Shares 33,236,071.40 98.48

Italy 31,840,521.40 94.35

ASSICURAZIONI GENERALI SPA55,000 1,155,000.00 3.42EURAUTOGRILL150,000 1,701,000.00 5.04EURAUTOSTRADA TORINO MILANO120,000 1,390,800.00 4.12EURAUTOSTRADE SPA100,000 1,391,000.00 4.12EURBANCA ANTONIANA POPOLARE VENETA21,600 318,600.00 0.94EURBANCA FIDEURAM100,000 471,000.00 1.40EURBANCA INTESA SPA AZ.500,000 1,550,000.00 4.59EURBANCA NAZIONALE DEL LAVORO SPA150,000 284,250.00 0.84EURBULGARI SPA100,000 735,000.00 2.18EURCEMENTIR ROMA525,000 1,320,375.00 3.91EURENEL200,000 1,078,000.00 3.19EURENI AZ183,000 2,737,680.00 8.11EURFIAT56,000 340,480.00 1.01EURFINMECCANICA2,450,000 1,521,450.00 4.51EURITALCEMENTI AZ DI RISP. NON CONV240,000 1,452,000.00 4.30EURMEDIASET100,000 942,000.00 2.79EURMEDIOLANUM180,000 1,125,000.00 3.33EURRAS ASSICURAZIONI (ORD.)51,002 688,527.00 2.04EURSAIPEM SPA200,000 1,282,000.00 3.80EURSANPAOLO IMI100,000 1,034,000.00 3.06EURSNAM RETE GAS SPA200,000 672,000.00 1.99EURSNIA SPA400,000 788,000.00 2.33EURTELECOM ITALIA MOBILE SPA540,000 2,327,400.00 6.90EURTELECOM ITALIA SPA1,241,004 2,916,359.40 8.64EURUNICREDITO ITALIANO480,000 2,054,400.00 6.09EUR

STMICROELECTRONICS NV65,000 1,395,550.00 4.14EURThe Netherlands 1,395,550.00 4.14








67Page

677,010.18Income


163,756.50Expenses



18,879.67Administrative expenses 6Note1,706.03Domiciliation fees3,659.68Professional fees1,634.94Legal fees5,899.88Other expenses


16,127.30Net realised profit on sales of investment securities

529,380.98Net realised profit



1,283,750.16Italian Equities - Class B1,000.00Italian Equities - Class D1,000.00Italian Equities - Class E


-18,603.18Italian Equities - Class B-18,603.18Redemption capitalisation shares






68Page


UK Equities


69Page

21,732,924.47Assets


2,785,623.66Unrealised profit on the securities portfolio530,864.18Cash at banks and liquidities






Expressed in GBP


GENERALI ASSET MANAGERS SICAV UK Equities

UK Equities - Class A


UK Equities - Class D








05/02/03


70Page

UK Equities - Class A


171,023.77124.61

0.000.00

0.000.00


GBP GBP GBP

UK Equities - Class D


6.9599.79

0.000.00

0.000.00


GBP GBP GBP



6.9599.75

0.000.00

0.000.00


GBP GBP GBP


Total Net Assets 21,312,121.30 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

GBP



71Page

3I GROUP PLC50,000 307,500.00 1.44GBP


Shares 21,147,634.35 99.23

United Kingdom 20,641,384.35 96.85

AMEC100,000 257,250.00 1.21GBPANGLO AMERICAN40,000 486,400.00 2.28GBPASSOCIATED BRITISH FOODS PLC50,000 291,750.00 1.37GBPASTRAZENECA35,000 943,250.00 4.43GBPBAE SYSTEMS100,000 168,750.00 0.79GBPBARCLAYS PLC100,000 496,250.00 2.33GBPBOC GROUP PLC25,000 213,500.00 1.00GBPBOOTS GROUP PLC20,000 137,600.00 0.65GBPBP PLC400,000 1,818,000.00 8.53GBPBRADFORD AND BINGLEY PLC100,000 303,000.00 1.42GBPBRITISH AMERICAN TOBACCO PLC25,000 192,250.00 0.90GBPBRITISH SKY BROADCASTING GROUP50,000 351,000.00 1.65GBPBRITISH VITA PLC100,000 240,250.00 1.13GBPBUNZL PLC50,000 213,375.00 1.00GBPCADBURY SCHWEPPES50,000 205,500.00 0.96GBPDIAGEO PLC50,000 368,500.00 1.73GBPFUTURA MEDICAL150,000 107,250.00 0.50GBPGLAXOSMITHKLINE PLC125,000 1,597,500.00 7.50GBPHBOS65,000 468,325.00 2.20GBPHSBC HOLDINGS PLC (USD 0.5)220,000 1,938,200.00 9.09GBPJOHNSON MATHEY PLC30,000 293,700.00 1.38GBPLEGAL GENERAL GROUP PLC200,000 199,000.00 0.93GBPLLOYD TOMPSON GROUP PLC40,000 210,400.00 0.99GBPLLOYDS TSB GROUP PLC100,000 444,500.00 2.09GBPMARKS AND SPENCER GRP (NEW)100,000 288,750.00 1.35GBPPENINSUL.ORIENT.STEAM NAVIG. DEF.SHS100,000 237,750.00 1.12GBPPROTEOME SCIENCES PLC100,000 213,500.00 1.00GBPPRUDENTIAL PLC100,000 472,000.00 2.21GBPREED ELSEVIER PLC50,000 231,375.00 1.09GBPRIO TINTO PLC35,000 538,300.00 2.53GBPROYAL BANK OF SCOTLAND GROUP PLC50,000 823,500.00 3.86GBPSHELL TRANSPORT TRADING CO PLC200,000 825,000.00 3.87GBPSIBIR ENERGY PLC500,000 88,750.00 0.42GBPSMITH NEPHEW PLC50,000 231,750.00 1.09GBPSMITHS GROUP PLC40,000 264,000.00 1.24GBPSTANDARD CHARTERED PLC100,000 922,500.00 4.33GBPTESCO ORD PLC150,000 381,000.00 1.79GBPTHUS GROUP PLC21,502 6,396.85 0.03GBPUNILEVER PLC75,000 387,937.50 1.82GBPVODAFONE GROUP PLC1,150,000 1,578,375.00 7.41GBPWPP GROUP PLC50,000 273,000.00 1.28GBPXSTRATA PLC75,000 472,500.00 2.22GBPYELL GROUP PLC50,000 152,000.00 0.71GBP

FIRST CALGARY PETROLUMS -A-150,000 506,250.00 2.38GBPCanada 506,250.00 2.38


Securities portfolio at 31/12/03GBP






72Page

584,322.77Income


93,490.19Expenses

62,530.71Management & advisory fees 5Note8,701.75Custodian & sub-custodian fees 6Note1,899.84Taxe d'abonnement 4Note

10,830.86Administrative expenses 6Note610.01Domiciliation fees

3,510.78Professional fees4,318.60Legal fees1,087.64Other expenses


897,354.07Net realised profit on sales of investment securities-97.17Net realised loss on foreign exchange




17,304,418.54UK Equities - Class A694.68UK Equities - Class D694.68US Equities - Class E


-167,399.74UK Equities - Class A-167,399.74Redemption capitalisation shares


0.00Net assets at the beginning of the period

21,312,121.30Net assets at the end of the period

Statement of Operations and Changes in Net Assets from 05/02/03 to 31/12/03Expressed in GBP


73Page


Small Cap Euro Equities


74Page

41,066,001.12Assets


2,660,757.48Unrealised profit on the securities portfolio64,443.54Cash at banks and liquidities9,581.50Formation expenses 2Note






Expressed in EUR


GENERALI ASSET MANAGERS SICAV Small Cap Euro Equities

Small Cap Euro Equities - Class A


Small Cap Euro Equities - Class D


Small Cap Euro Equities - Class E






01/01/03


75Page

Small Cap Euro Equities - Class A


420,000.0097.29

420,000.0076.43

0.000.00


EUR EUR EUR

Small Cap Euro Equities - Class D


10.0099.42

0.000.00

0.000.00


EUR EUR EUR

Small Cap Euro Equities - Class E


10.0099.37

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 40,863,134.01 32,102,232.83 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



76Page

ACEA38,000 193,800.00 0.47EUR


Shares 40,947,853.13 100.21

Italy 14,954,592.76 36.60

ARNOLDO MONDADORI EDITORE SPA80,000 568,800.00 1.39EURAUTOGRILL35,000 396,900.00 0.97EURBANCA FIDEURAM48,000 226,080.00 0.55EURBANCA NAZIONALE DEL LAVORO SPA200,000 379,000.00 0.93EURBANCA POPOLARE DI LODI85,000 759,900.00 1.86EURBANCA POPOLARE DI MILANO118,894 617,059.86 1.51EURBANCHE POPOLARI UNITE SCARL24,750 355,410.00 0.87EURBREMBO50,000 300,500.00 0.74EURBUZZI UNICEM35,000 327,250.00 0.80EURCAPITALIA SPA173,000 401,360.00 0.98EURCARRARO SPA248,364 596,073.60 1.46EURCASSA DI RISPARMIO DI FIRENZE390,025 553,835.50 1.36EURCEMENTIR ROMA160,000 402,400.00 0.98EURCIR (ORDINARY SHARES)400,000 592,000.00 1.45EURCREDITO EMILIANO SPA CREDEM60,000 342,600.00 0.84EURCREMONINI SPA143,200 214,084.00 0.52EURDATA SERVICE SPA8,000 178,000.00 0.44EURE BISCOM10,000 485,900.00 1.19EURERG40,000 172,000.00 0.42EURFINECOGROUP1,000,000 559,000.00 1.37EURGRUPPO EDITORIALE L'ESPRESSO120,000 592,800.00 1.45EURIFI PRIV.60,000 405,600.00 0.99EURIFIL120,000 315,600.00 0.77EURINTERPUMP GROUP120,000 426,000.00 1.04EURMILANO ASSICURAZIONI210,000 636,300.00 1.56EURMONDO TV8,000 271,200.00 0.66EURNAVIGAZIONE MONTANARI215,000 337,550.00 0.83EURPERMASTEELISA45,100 621,478.00 1.52EURRECORDATI INDUSTRIA CHIMICA8,000 123,680.00 0.30EURRIZZOLI CORRIERE DELLA SERA MEDIAGROUP130,000 364,000.00 0.89EURSAES GETTERS32,454 319,671.90 0.78EURSAIPEM SPA30,000 192,300.00 0.47EURSIAS40,000 289,200.00 0.71EURSNIA SPA200,000 394,000.00 0.96EURTOD'S GROUP SPA20,000 690,000.00 1.69EURTREVI FINANZIARIA INDUSTRIALE336,438 353,259.90 0.86EUR

ATOS ORIGIN8,000 405,600.00 0.99EURFrance 7,223,599.47 17.68

BACOU-DALLOZ6,000 368,700.00 0.90EURBUSINESS OBJECTS NOM,27,000 746,550.00 1.83EURCAMAIEU NOM.4,000 246,800.00 0.60EURDASSAULT SYSTEMES6,000 214,680.00 0.53EURIPSOS3,000 221,700.00 0.54EURJC DECAUX SA20,077 263,209.47 0.64EURMEDIDEP25,000 420,250.00 1.03EURNEOPOST10,000 397,000.00 0.97EURNEXANS20,000 539,800.00 1.32EURRALLYE5,000 216,250.00 0.53EURREMY COINTREAU SA8,000 207,760.00 0.51EURRHODIA30,000 106,200.00 0.26EURRODRIGUEZ GROUP SNP HOLDING6,000 262,800.00 0.64EURSEB SA6,000 590,700.00 1.45EURSR.TELEPERFORMANCE15,000 256,800.00 0.63EURTRIGANO16,000 587,520.00 1.44EURUNILOG8,000 344,000.00 0.84EURVALEO SA10,000 313,800.00 0.77EURZODIAC ACT.22,000 513,480.00 1.26EUR

ADIDAS-SALOMON AG6,500 586,950.00 1.44EURGermany 5,163,976.80 12.64

CELANESE NAMEN-AKT REG8,000 259,840.00 0.64EURDOUGLAS HOLDING (EX.HUSSEL HLD)14,000 308,560.00 0.76EUREPCOS REG SHS15,000 268,500.00 0.66EURFRAPORT15,000 342,000.00 0.84EUR







77Page

FRESENIUS AG VORZUG OHNE STIMMRECHT4,000 221,800.00 0.54EURHYPO REAL ESTATE HOLDING AG15,000 296,850.00 0.73EURMG TECHNOLOGIES70,000 777,000.00 1.90EURMLP AG15,000 232,500.00 0.57EURPORSCHE AG VZ. AKT.800 376,416.00 0.92EURSCHWARZ PHARMA20,000 430,200.00 1.05EURSINGULUS TECHNOLOGI15,074 251,735.80 0.62EURSTADA-ARZNEIMITTEL NAM.AKT3,750 184,425.00 0.45EURVOSSLOH AG14,000 627,200.00 1.53EUR

ASM INTERNATIONAL24,000 393,360.00 0.96EURThe Netherlands 4,088,960.00 10.01

BUHRMANN75,000 513,000.00 1.26EUREQUANT NV25,000 182,500.00 0.45EURHAGEMEYER75,000 132,750.00 0.32EURIHC CALAND NV5,000 215,250.00 0.53EURKLM KONINKLIJKE LUCHTVAART18,000 232,200.00 0.57EURLAURUS NV250,000 300,000.00 0.73EUROCE NV40,000 483,200.00 1.18EUROPG GROEP -A-6,000 219,000.00 0.54EURUNITED SERVICES GROUP25,000 452,500.00 1.11EURVEDIOR40,000 495,200.00 1.21EURWESSANEN (KONINKLIJKE - CERT.OF SHS)50,000 470,000.00 1.15EUR

BANCO PASTOR REG10,000 243,400.00 0.60EURSpain 2,504,084.10 6.13

CORPORACION MAPFRE REG35,000 393,050.00 0.96EURINDRA SISTEMAS SA50,000 508,500.00 1.24EURNH HOTELES SA60,000 546,600.00 1.34EURPROSEGUR CIA DE SEGURIDAD REG.26,429 340,934.10 0.83EURRED ELECTRICA DE ESPANA15,000 195,000.00 0.48EURSOGECABLE REG.10,000 276,600.00 0.68EUR

ELISA CORPORATION -A-40,000 424,000.00 1.04EURFinland 2,376,050.00 5.81

METSA SERLA -B-25,000 175,750.00 0.43EUROUTOKUMPU -A-20,000 215,400.00 0.53EURSAMPO LEONIA OYJ -A-84,500 692,900.00 1.70EURTIETOENATOR CORP40,000 868,000.00 2.12EUR

AKTOR REG SHS150,000 780,000.00 1.91EURGreece 1,637,340.00 4.01

FOLLI FOLLIE SA REG.SHS20,000 441,600.00 1.08EURTITAN CEMENT REG.13,000 415,740.00 1.02EUR

ANDRITZ20,000 759,000.00 1.86EURAustria 1,233,900.00 3.02

IMMOFINANZ IMMOBILIEN ANLAGEN30,000 189,000.00 0.46EURMAYR-MELNHOF KARTON AG3,000 285,900.00 0.70EUR

ANGLO-IRISH BANK CORP PLC60,000 756,000.00 1.85EURIreland 1,011,000.00 2.47

IRISH LIFE & PERMANENT20,000 255,000.00 0.62EUR

BARCO (NEW)2,500 174,750.00 0.43EURBelgium 402,750.00 0.99

ETABLISSEMENTS FR COLRUYT SA3,000 228,000.00 0.56EUR

BANCO PORTUGUES DE INVESTIMENTOS NOM.120,000 351,600.00 0.86EURPortugal 351,600.00 0.86

UBI SOFT ENTERTAIN.B.SOUS. 14.05.06 WAR10,000 4,000.00 0.01EUR

Options, Warrants, Rights 4,000.00 0.01

France 4,000.00 0.01








78Page

745,556.74Income


283,719.05Expenses







-919,018.16Net realised loss on sales of investment securities71,328.59Net realised profit on options




1,000.00Small Cap Euro Equities - Class D1,000.00Small Cap Euro Equities - Class E







79Page


Global Life Science


80Page

33,674,165.63Assets





1,581.57Bank overdrafts665,533.22Brokers payable




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Life Science

Global Life Science - Class A

Distribution shares 0.00 325,000.00 0.00 325,000.00





01/10/03

Global Life Science - Class A

Distribution shares

325,000.00101.46

0.00

0.000.000.00

0.000.000.00


EUR EUR EUR


Total Net Assets 32,973,307.89 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR


81Page

AMGEN INC22,500 1,113,463.22 3.38USD


Shares 32,583,376.84 98.82


ANTHEM INC5,500 326,212.06 0.99USDBRISTOL MYERS SQUIBB CO57,500 1,304,137.98 3.96USDCEPHALON INC8,000 309,452.95 0.94USDELI LILLY CO26,000 1,471,753.01 4.46USDFOREST LABORATORIES INC21,000 1,038,897.15 3.15USDGENZYME CORP. COM.12,500 492,099.31 1.49USDGILEAD SCIENCES INC18,300 849,097.85 2.58USDHCA INC12,000 411,699.48 1.25USDJOHNSON JOHNSON67,000 2,746,730.15 8.33USDMEDIMMUNE INC15,000 303,100.45 0.92USDMEDTRONIC INC8,000 312,262.10 0.95USDMERCK AND CO INC.40,800 1,481,505.22 4.49USDPFIZER INC107,400 3,005,880.24 9.12USDSCHERING PLOUGH CORP48,500 666,509.76 2.02USDWYETH43,100 1,443,259.34 4.38USD

ASTRAZENECA40,700 1,558,489.63 4.73GBPUnited Kingdom 4,604,973.01 13.97

GLAXOSMITHKLINE PLC150,000 2,723,785.17 8.26GBPSMITH NEPHEW PLC49,000 322,698.21 0.98GBP

ACTELION LTD NAMEN4,500 385,145.51 1.17CHFSwitzerland 4,289,815.77 13.01

NOVARTIS SA REG.SHS66,700 2,401,080.14 7.28CHFROCHE HOLDING GENUSSSCHEIN18,800 1,503,590.12 4.56CHF

AVENTIS28,000 1,453,200.00 4.41EURFrance 2,693,250.00 8.17

SANOFI SYNTHELABO21,000 1,240,050.00 3.76EUR

FUJISAWA PHARMACEUTICAL CO LTD32,000 545,848.11 1.66JPYJapan 2,280,364.10 6.92

TAKEDA CHEMICAL IND39,000 1,237,340.33 3.75JPYYAMANOUCHI PHARMACEUTICAL CO20,000 497,175.66 1.51JPY

ALTANA AG4,000 190,600.00 0.58EURGermany 1,018,925.00 3.09

FRESENIUS MEDICAL CARE6,500 366,600.00 1.11EURSCHERING AG11,500 461,725.00 1.40EUR

NOVO-NORDISK -B-13,000 419,988.69 1.27DKKDenmark 419,988.69 1.27








82Page

78,838.43Income


39,271.19Expenses

29,159.50Management & advisory fees 5Note4,043.57Custodian & sub-custodian fees 6Note

814.80Taxe d'abonnement 4Note3,234.86Administrative expenses 6Note1,657.27Professional fees

154.08Bank interest on overdrafts207.11Other expenses


129,944.22Net realised profit on sales of investment securities50,284.05Net realised profit on foreign exchange


253,512.38Movement in net unrealised appreciation / depreciation oninvestments

473,307.89Increase in net assets as a result of operations

32,500,000.00Global Life Science - Class A32,500,000.00Subscription distribution shares






83Page


Global Life Style


84Page

32,682,497.13Assets








Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Life Style

Global Life Style - Class A






01/10/03

Global Life Style - Class A

Distribution shares

325,000.00100.45

0.00

0.000.000.00

0.000.000.00


EUR EUR EUR


Total Net Assets 32,647,267.02 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR


85Page

ABBOTT LABORATORIES28,200 1,048,061.99 3.21USD


Shares 31,610,648.57 96.82


ALTRIA GROUP35,000 1,509,157.75 4.62USDANHEUSER BUSCH COS INC14,200 593,021.86 1.82USDAPOLLO GROUP -A-5,200 282,149.97 0.86USDAVON PRODUCTS INC. COM.4,000 215,601.94 0.66USDBEST BUY CO INC9,400 394,964.31 1.21USDBOSTON SCIENTIFIC CORP10,600 309,105.00 0.95USDBURLINGTON NORTHERN SANTA FE CORP17,000 437,532.45 1.34USDCARDINAL HEALTH INC7,500 375,763.16 1.15USDCOCA-COLA CO45,000 1,814,293.24 5.56USDCOLGATE-PALMOLIVE CO5,000 199,154.08 0.61USDCOSTCO WHOLESALE CORP13,200 392,613.25 1.20USDEBAY9,500 488,097.07 1.50USDFEDEX6,000 330,393.86 1.01USDFIRST DATA CORP18,000 585,371.73 1.79USDGENERAL MILLS INC6,300 229,063.50 0.70USDGILLETTE CO17,200 500,743.02 1.53USDHOME DEPOT INC42,200 1,188,490.56 3.64USDKIMBERLY CLARK12,000 563,489.12 1.73USDKRAFT FOODS -A-6,600 169,865.54 0.52USDLOWE'S COMPANIES INC16,000 701,648.02 2.15USDMARRIOTT INTERNATIONAL -A-8,300 306,021.33 0.94USDMC DONALDS CORP31,000 613,048.20 1.88USDMEDTRONIC INC25,000 975,819.06 2.99USDNIKE -B-5,200 282,440.46 0.87USDPEPSICO INC.34,500 1,283,580.14 3.93USDPROCTER GAMBLE CO19,700 1,566,975.87 4.80USDSEARS ROEBUCK CO4,300 156,276.30 0.48USDSOUTHWEST AIRLINES CO13,500 173,025.83 0.53USDSTRYKER CORP5,000 338,374.39 1.04USDSYNTHES-STRATEC INC440 345,275.02 1.06CHFSYSCO CORP16,400 488,577.50 1.50USDTARGET15,000 459,439.00 1.41USDUNION PACIFIC CORP.6,400 353,697.00 1.08USDUNITED PARCEL SERVICE -B-9,500 562,168.34 1.72USDUNITEDHEALTH GROUP13,000 599,760.62 1.84USDWAL MART STORES25,300 1,065,667.04 3.26USDWALGREEN CO17,000 490,443.35 1.50USDWASTE MANAGEMENT12,500 293,683.43 0.90USD

DIAGEO PLC51,000 534,057.97 1.64GBPUnited Kingdom 2,573,263.00 7.88

GREAT UNIVERSAL STORES PLC ORD.STCK UNIT31,000 336,736.29 1.03GBPIMPERIAL TOBACCO GROUP PLC32,000 500,142.09 1.53GBPKINGFISHER PLC75,000 298,646.63 0.91GBPRECKITT BENCKISER PLC17,000 304,589.37 0.93GBPTESCO ORD PLC166,000 599,090.65 1.84GBP

ADECCO REG.SHS8,700 443,422.21 1.36CHFSwitzerland 1,889,569.07 5.79

NESTLE SA REG.SHS7,300 1,446,146.86 4.43CHF

CARREFOUR8,100 345,870.00 1.06EURFrance 1,501,015.00 4.60

GROUPE DANONE3,550 456,175.00 1.40EURL'OREAL SA5,600 364,000.00 1.11EURPERNOD RICARD3,800 334,970.00 1.03EUR

KON.AHOLD26,666 157,596.06 0.48EURThe Netherlands 1,217,540.06 3.73

ROYAL PHILIPS ELECTRONICS NV24,800 576,104.00 1.76EURUNILEVER CERT. OF SHS9,450 483,840.00 1.48EUR

EAST JAPAN RAILWAY CO100 376,987.55 1.15JPYJapan 970,015.09 2.97

ITO-YOKADO CO LTD12,000 301,888.64 0.92JPYSEVEN-ELEVEN JAPAN CO LTD12,000 291,138.90 0.89JPY

CARNIVAL CORP10,500 329,065.10 1.01USDPanama 329,065.10 1.01







86Page


HENKEL KGAA VZG.O.ST2,600 161,200.00 0.49EURGermany 161,200.00 0.49








87Page

80,744.34Income


39,890.01Expenses


808.67Taxe d'abonnement 4Note3,292.12Administrative expenses 6Note1,685.77Professional fees

135.84Bank interest on overdrafts178.01Other expenses


-90,452.83Net realised loss on sales of investment securities0.64Net realised profit on options

73,521.31Net realised profit on foreign exchange




32,500,000.00Global Life Style - Class A32,500,000.00Subscription distribution shares






88Page


Global New Technologies


89Page

34,121,655.73Assets








Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global New Technologies

Global New Technologies - Class A






01/10/03

Global New Technologies - Class A

Distribution shares

325,000.00104.83

0.00

0.000.000.00

0.000.000.00


EUR EUR EUR


Total Net Assets 34,070,224.27 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR


90Page

ADOBE SYSTEMS INC7,500 238,218.76 0.70USD


Shares 33,795,077.22 99.19


AGILENT TECHNOLOGIES14,000 320,657.62 0.94USDALTERA CORP11,000 199,800.50 0.59USDANALOG DEVICES INC6,000 218,778.19 0.64USDAPPLIED MATERIALS INC50,000 899,804.53 2.64USDCISCO SYSTEMS128,000 2,481,241.92 7.28USDCOMPUTER ASSOCIATES INTERNATIONAL INC12,500 275,827.00 0.81USDCOMPUTER SCIENCES CORP.8,000 284,809.08 0.84USDCORNING INC56,000 462,104.49 1.36USDDELL INC60,000 1,660,588.27 4.87USDELECTRONIC ARTS10,000 382,985.54 1.12USDELECTRONIC DATA SYSTEMS CORP15,000 294,002.65 0.86USDEMC CORP65,000 660,867.52 1.94USDHEWLETT PACKARD CO80,000 1,463,948.06 4.30USDIBM CORP41,000 3,030,868.87 8.90USDINTEL CORP110,000 2,816,168.72 8.27USDINTUIT6,000 255,169.40 0.75USDKLA-TENCOR CORP5,000 233,111.22 0.68USDMICROSOFT CORP86,000 1,890,140.17 5.55USDMOTOROLA90,000 999,082.30 2.93USDORACLE CORP125,000 1,316,787.12 3.86USDQUALCOMM INC24,000 1,049,215.98 3.08USDSUN MICROSYSTEM90,000 321,056.64 0.94USDSYMANTEC CORP8,000 222,050.21 0.65USDTEXAS INSTRUMENTS INC45,000 1,058,337.72 3.11USDVERITAS SOFTWARE CORPORATION (DE)13,000 386,664.56 1.13USD

MG TECHNOLOGIES50,000 555,000.00 1.63EURGermany 3,202,900.00 9.40

SAP AG12,000 1,597,800.00 4.69EURT-ONLINE INTERNATIONAL NAMEN.AKT38,000 391,400.00 1.15EURUNITED INTERNET NAM.35,000 658,700.00 1.93EUR


TIETOENATOR CORP8,000 173,600.00 0.51EUR

SATYAM COMPUTER SERVICES ADR REPR.2 SHS45,000 1,055,464.73 3.10USDIndia 1,055,464.73 3.10

TELEFON AB L.M.ERICSSON -SHS-B-700,000 995,452.75 2.92SEKSweden 995,452.75 2.92

DIALOG SEMICONDUCTOR100,000 340,000.00 1.00EURUnited Kingdom 837,300.37 2.46

SAGE GROUP200,000 497,300.37 1.46GBP

FUJITSU LTD50,000 235,897.16 0.69JPYJapan 600,194.04 1.76

HITACHI LTD40,000 192,898.18 0.57JPYSOFTBANK CORP7,000 171,398.70 0.50JPY

SAMSUNG ELEC.GDR REP.0.5 VGT HS -144A-4,000 593,751.28 1.74USDSouth Korea 593,751.28 1.74

ASM INTERNATIONAL12,500 204,875.00 0.60EURThe Netherlands 528,125.00 1.55

STMICROELECTRONICS NV15,000 323,250.00 0.95EUR

ALCATEL23,000 237,590.00 0.70EURFrance 514,090.00 1.51

BUSINESS OBJECTS NOM,10,000 276,500.00 0.81EUR

LOGITECH INTERNATIONAL NAM.AKT5,000 171,496.34 0.50CHFSwitzerland 341,229.63 1.00

MICRONAS SEMICONDUCTOR HOLDING NAMEN5,000 169,733.29 0.50CHF

AU OPTRONICS CORP ADR REPR.10 SHS17,000 159,682.38 0.47USDTaiwan 159,682.38 0.47








91Page

30,565.99Income


44,146.63Expenses


845.49Taxe d'abonnement 4Note3,415.51Administrative expenses 6Note1,749.29Professional fees1,203.66Bank interest on overdrafts1,933.28Other expenses

-13,580.64Net loss from investments





32,500,000.00Global New Technologies - Class A32,500,000.00Subscription distribution shares






92Page


Global Multi Utilities


93Page

35,405,017.41Assets



78,768.27Brokers receivable36,024.88Other assets





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Multi Utilities

Global Multi Utilities - Class A






01/10/03

Global Multi Utilities - Class A

Distribution shares

325,000.00107.91

0.00

0.000.000.00

0.000.000.00


EUR EUR EUR


Total Net Assets 35,069,126.89 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR


94Page

BG GROUP176,000 716,453.54 2.04GBP


Shares 34,745,293.30 99.08

United Kingdom 6,939,222.79 19.79

BP PLC252,000 1,627,365.73 4.64GBPBT GROUP PLC192,000 508,780.90 1.45GBPCENTRICA PLC343,000 1,025,880.93 2.93GBPNATIONAL GRID TRANSCO PLC131,000 742,668.37 2.12GBPSCOTTISH AND SOUTHERN ENERGY39,000 371,824.38 1.06GBPSCOTTISH POWER PLC107,000 565,558.40 1.61GBPVODAFONE GROUP PLC708,000 1,380,690.54 3.94GBP

ANADARKO PETROLEUM6,100 249,442.58 0.71USDUnited States of America 6,317,389.16 18.01

AT T WIRELESS65,000 412,393.78 1.18USDBELLSOUTH CORP22,400 503,398.94 1.44USDDOMINION RESOURCES20,000 1,026,774.73 2.93USDEXXON MOBIL52,700 1,710,894.32 4.88USDSBC COMMUNICATIONS INC48,000 998,268.29 2.85USDSOUTHERN CO17,000 410,669.99 1.17USDVERIZON COMMUNICATIONS INC36,000 1,005,546.53 2.87USD

DEUTSCHE TELEKOM NAMEN161,500 2,343,365.00 6.68EURGermany 4,841,305.00 13.81

EON AKTIENGESELLSCHAFT32,000 1,655,680.00 4.72EURRWE -A-23,000 721,510.00 2.06EURSOLARWORLD AG11,500 120,750.00 0.34EUR


ENDESA73,000 1,113,250.00 3.17EURGAMESA6,500 169,585.00 0.48EURIBERDROLA SA93,000 1,457,310.00 4.16EURTELEFONICA SA176,000 2,048,640.00 5.84EUR

CHINA MOBILE (HONG KONG) LTD706,000 1,730,992.04 4.94HKDHong Kong 2,140,915.41 6.10

CHINA UNICOM LTD550,000 409,923.37 1.17HKD

ENEL57,000 307,230.00 0.88EURItaly 2,025,754.00 5.78

ENI AZ65,000 972,400.00 2.77EURSAIPEM SPA116,400 746,124.00 2.13EUR

SUEZ (EX SUEZ LYONNAISE DES EAUX)47,000 751,530.00 2.14EURFrance 1,909,930.00 5.45

TOTAL SA8,000 1,158,400.00 3.30EUR

ENBRIDGE14,500 472,759.72 1.35CADCanada 1,560,079.31 4.45

ENCANA CORP34,700 1,087,319.59 3.10CAD

KPN60,000 369,000.00 1.05EURThe Netherlands 1,448,000.00 4.13

ROYAL DUTCH PETROLEUM CO26,000 1,079,000.00 3.08EUR

NTT DOCOMO340 616,766.56 1.76JPYJapan 1,235,578.56 3.52

TOKYO GAS CY217,000 618,812.00 1.76JPY

SCHLUMBERGER LTD14,500 642,695.86 1.83USDThe Netherlands Antilles 642,695.86 1.83

CESKY TELECOM55,000 491,079.80 1.40CZKCzech Republic 491,079.80 1.40

HUGARIAN TELECOM REG.125,000 383,769.11 1.09HUFHungary 383,769.11 1.09








95Page

132,351.03Income


44,084.52Expenses


867.79Taxe d'abonnement 4Note3,308.83Administrative expenses 6Note1,696.90Professional fees4,071.43Bank interest on overdrafts

174.22Other expenses


57,007.70Net realised profit on sales of investment securities-8,586.70Net realised loss on foreign exchange




32,500,000.00Global Multi Utilities - Class A32,500,000.00Subscription distribution shares






96Page


Global Resources & Utilities Equities


97Page

17,143,779.38Assets


1,494,052.45Unrealised profit on the securities portfolio47,532.85Cash at banks and liquidities5,407.27Subscribers receivable7,072.14Other assets


40,561.72Bank overdrafts9,797.20Subscribers payable




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Resources & Utilities Equities

Global Resources & Utilities Equities - ClassC


Global Resources & Utilities Equities - ClassD


Global Resources & Utilities Equities - ClassE






05/05/03


98Page

Global Resources & Utilities Equities - Class C


50,460.96106.11

0.000.00

0.000.00


EUR EUR EUR

Global Resources & Utilities Equities - Class D


104,086.00111.31

0.000.00

0.000.00


EUR EUR EUR

Global Resources & Utilities Equities - Class E


10.00103.99

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 16,941,155.58 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



99Page

AIR PRODUCTS CHEMICALS INC2,000 84,003.04 0.50USD


Shares 17,083,767.12 100.84


ALCOA8,000 243,310.34 1.44USDAMERICAN ELECTRIC POWER CO INC2,500 60,871.48 0.36USDANADARKO PETROLEUM2,050 83,829.06 0.49USDAPACHE CORP2,050 134,496.24 0.79USDBAKER HUGHES INC3,150 81,851.49 0.48USDBJ SERVICES CO2,400 69,947.73 0.41USDCHEVRONTEXACO CORP10,700 734,880.54 4.34USDCONOCOPHILLIPS1,800 93,918.05 0.55USDCONSOLIDATED EDISON INC2,250 77,732.34 0.46USDDEVON ENERGY3,150 145,552.86 0.86USDDOMINION RESOURCES4,000 205,354.95 1.21USDDOW CHEMICAL CO COM.11,000 360,448.53 2.13USDDU PONT E I NEMOURS CO13,500 493,005.10 2.91USDDUKE ENERGY7,000 116,140.62 0.69USDENSCO INTERNATIONAL INC3,500 77,036.04 0.45USDENTERGY2,700 123,121.99 0.73USDEXELON CORP7,050 372,234.17 2.20USDEXXON MOBIL45,500 1,477,147.85 8.72USDFIRSTENERGY CORP3,300 92,596.47 0.55USDFPL GROUP INC3,150 165,387.27 0.98USDFREEPORT MCMORAN COPPER GOLD -B-3,500 117,788.60 0.70USDHALLIBURTON CO7,280 152,333.60 0.90USDINTERNATIONAL PAPER CO7,450 256,310.22 1.51USDKEYSPAN2,800 82,052.60 0.48USDNEWMONT MINING CORP3,400 133,389.74 0.79USDOCCIDENTAL PETROLEUM CORP3,500 118,905.88 0.70USDPPG INDUSTRIES INC1,500 76,086.35 0.45USDPRAXAIR INC6,000 182,051.80 1.07USDPROGRESS ENERGY INC2,000 72,543.00 0.43USDROWAN COMPANIES INC5,800 109,839.20 0.65USDSMURFIT-STONE CONTAINER10,500 154,854.17 0.91USDSOUTHERN CO6,000 144,942.35 0.86USD

BG GROUP28,350 115,406.01 0.68GBPUnited Kingdom 2,195,687.35 12.96

BHP BILLITON PLC35,000 242,682.58 1.43GBPBP PLC145,000 936,381.08 5.53GBPCENTRICA PLC78,000 233,290.71 1.38GBPNATIONAL GRID TRANSCO PLC24,000 136,061.38 0.80GBPRIO TINTO PLC4,000 87,411.20 0.52GBPSCOTTISH POWER PLC23,100 122,097.19 0.72GBPSHELL TRANSPORT TRADING CO PLC55,000 322,357.20 1.90GBP

ASAHI KASEI CORPORATION10,000 43,446.88 0.26JPYJapan 1,552,345.90 9.16

CHUBU ELECTRIC POWER5,500 91,764.74 0.54JPYJFE HOLDINGS INC4,000 87,341.67 0.52JPYJSR CORP5,000 89,394.57 0.53JPYKANSAI ELECTRIC POWER4,700 65,891.45 0.39JPYKYUSHU ELECTRIC POWER CO INC3,000 41,274.54 0.24JPYMITSUBISHI CHEMICAL CORP25,000 52,069.07 0.31JPYMITSUBISHI RAYON30,000 90,029.11 0.53JPYNIPPON OIL CORP32,000 130,430.23 0.77JPYNIPPON STEEL CORP45,000 77,263.79 0.46JPYNITTO DENKO CORP1,800 76,591.93 0.45JPYOJI PAPER CO LTD8,000 41,326.79 0.24JPYOSAKA GAS CY23,000 49,792.22 0.29JPYPACIFIC METALS CO LIMITED25,000 119,441.60 0.71JPYSHIN-ETSU CHEM.3,500 114,439.98 0.68JPYSUMITOMO CHEMICAL15,000 49,493.61 0.29JPYTOHOKU ELECTRIC POWER CO INC3,000 39,796.45 0.23JPYTOKYO ELECTRIC POWER10,600 185,955.64 1.10JPYTOKYO GAS CY28,000 79,846.71 0.47JPYTORAY INDUSTRIES INC8,000 26,754.92 0.16JPY







100Page

BASF AG8,500 378,930.00 2.24EURGermany 1,082,551.00 6.39

BAYER AG5,500 127,710.00 0.75EURCELANESE NAMEN-AKT REG3,200 103,936.00 0.61EUREON AKTIENGESELLSCHAFT7,000 362,180.00 2.14EURRWE -A-3,500 109,795.00 0.65EUR

AIR LIQUIDE1,575 217,035.00 1.28EURFrance 1,038,574.00 6.13

SUEZ (EX SUEZ LYONNAISE DES EAUX)6,100 97,539.00 0.58EURTOTAL SA5,000 724,000.00 4.27EUR

BUZZI UNICEM16,000 149,600.00 0.88EURItaly 735,742.00 4.34

ENEL18,900 101,871.00 0.60EURENI AZ23,000 344,080.00 2.03EURSAIPEM SPA9,500 60,895.00 0.36EURSNAM RETE GAS SPA23,600 79,296.00 0.47EUR

AKZO NOBEL NV2,000 60,080.00 0.35EURThe Netherlands 558,080.00 3.29

ROYAL DUTCH PETROLEUM CO12,000 498,000.00 2.94EUR

ENDESA11,250 171,562.50 1.01EURSpain 492,313.00 2.91

IBERDROLA SA7,150 112,040.50 0.66EURREPSOL YPF13,500 208,710.00 1.23EUR

CIBA SPEZIALITAETENCHEMIE HOLDING NAM.3,000 184,062.05 1.09CHFSwitzerland 424,092.81 2.50

HOLCIM NAMEN6,500 240,030.76 1.42CHF

ALCAN INC1,500 55,624.71 0.33CADCanada 396,688.20 2.34

ENCANA CORP5,050 158,241.04 0.93CADINCO LTD3,000 95,431.15 0.56USDPETRO CANADA VAR VTG2,250 87,391.30 0.52CAD

BHP BILLITON LTD30,000 220,036.62 1.30AUDAustralia 358,332.18 2.12

RIO TINTO2,500 56,191.66 0.33AUDWMC RESOURCES24,400 82,103.90 0.48AUD

SCHLUMBERGER LTD6,700 296,969.81 1.75USDThe Netherlands Antilles 296,969.81 1.75

ARCELOR SA20,500 281,875.00 1.66EURLuxembourg 281,875.00 1.66

STORA ENSO -R-15,400 164,472.00 0.97EURFinland 224,952.00 1.33

UPM KYMENNE CORP4,000 60,480.00 0.36EUR

NABORS INDUSTRIES LTD2,350 77,830.10 0.46USDBermuda 165,192.94 0.98

WEATHERFORD INTERNATIONAL LTD3,000 87,362.84 0.52USD

SOLVAY1,900 131,670.00 0.78EURBelgium 131,670.00 0.78

CRH PLC7,400 120,250.00 0.71EURIreland 120,250.00 0.71

POSCO700 76,287.26 0.45KRWSouth Korea 76,287.26 0.45

PUBLIC POWER CORP OF GREECE3,000 58,200.00 0.34EURGreece 58,200.00 0.34








101Page

244,586.61Income


221,306.36Expenses

182,806.74Management & advisory fees 5Note5,223.82Custodian & sub-custodian fees 6Note5,151.37Taxe d'abonnement 4Note5,389.36Administrative expenses 6Note

508.64Domiciliation fees1,021.94Professional fees2,284.96Bank interest on overdrafts

48.94Legal fees18,870.59Other expenses






5,046,096.00Global Resources & Utilities Equities - Class C16,218,417.91Global Resources & Utilities Equities - Class D

1,000.00Global Resources & Utilities Equities - Class E


15,814,592.61Global Resources & Utilities Equities - Class D15,814,592.61Subscription distribution shares

-5,804,247.31Global Resources & Utilities Equities - Class D-5,804,247.31Redemption capitalisation shares

-16,223,121.92Global Resources & Utilities Equities - Class D-16,223,121.92Redemption distribution shares






102Page


Global Financial Equities


103Page

28,067,202.65Assets


2,155,494.01Unrealised profit on the securities portfolio156,370.78Cash at banks and liquidities214,270.32Brokers receivable

14,136.62Subscribers receivable34,311.63Other assets


58,307.43Bank overdrafts63,903.28Brokers payable22,582.30Subscribers payable




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Financial Equities

Global Financial Equities - Class C


Global Financial Equities - Class D


Global Financial Equities - Class E






05/05/03


104Page

Global Financial Equities - Class C


90,394.88107.65

0.000.00

0.000.00


EUR EUR EUR

Global Financial Equities - Class D


157,886.67113.60

0.000.00

0.000.00


EUR EUR EUR

Global Financial Equities - Class E


10.0099.13

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 27,667,887.20 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



105Page

ACCREDITED HOME LENDERS HOLDINGS CO19,000 465,504.20 1.68USD


Shares 27,648,113.30 99.93


AFFILIATED MANAGERS GROUP3,500 195,997.78 0.71USDAMBAC FINANCIAL GROUP3,000 165,244.81 0.60USDAMERICAN EXPRESS CO COM.5,000 192,689.85 0.70USDAMERICAN INTERNATL GROUP INC8,400 442,574.55 1.60USDAMERICREDIT25,000 314,033.78 1.14USDAMERITRADE HLDG24,000 268,145.74 0.97USDAMERUS GROUP6,000 169,602.18 0.61USDBANK OF AMERICA CORP6,800 436,854.10 1.58USDBANK OF NEW YORK CO INC10,000 265,591.97 0.96USDBANKATLANTIC BANCORP4,900 75,080.81 0.27USDCAPITAL CORP OF THE WEST5,000 159,091.83 0.58USDCAPITAL ONE FINANCIAL CORP9,700 472,827.13 1.71USDCITIGROUP INC36,600 1,414,578.91 5.11USDCITY NATIONAL CORP4,000 201,141.23 0.73USDCOMPASS BANCSHARES INC3,000 94,545.32 0.34USDCOUNTRYWIDE FINANCIAL CORP1,867 112,388.03 0.41USDE TRADE FINANCIAL22,000 223,678.24 0.81USDFIRST STATE BANCORPORATION2,800 80,868.29 0.29USDFLEETBOSTON FINANCIAL CORP7,200 250,812.03 0.91USDFRANKLIN BANK CORP10,000 148,757.04 0.54USDFRANKLIN RESOURCES INC6,000 247,939.04 0.90USDFRIEDMAN BILLINGS RAMSEY-A-36,000 672,566.98 2.43USDGOLDMAN SACHS GROUP3,500 276,972.20 1.00USDGREAT AMERICAN FINANCIAL RESOURCES INC5,000 64,243.25 0.23USDHARTFORD FINANCIAL SERVICES GROUP8,500 399,273.80 1.44USDHIBERNIA CORP -A-6,700 126,669.33 0.46USDHIGHLAND HOSPITALITY CORP20,000 173,975.51 0.63USDJP MORGAN CHASE AND CO9,000 263,381.37 0.95USDMBNA CORP17,400 340,904.21 1.23USDMERRILL LYNCH CO INC10,200 474,814.28 1.72USDMETLIFE INC15,500 417,357.67 1.51USDMORGAN STANLEY10,500 485,762.77 1.76USDNEW YORK COMMUNITY BANCORP INC4,500 136,287.47 0.49USDNORTH FORK BANCORPORATION5,000 160,927.35 0.58USDPRUDENTIAL FINANCIAL INC9,000 300,730.24 1.09USDRADIAN GROUP4,000 153,704.97 0.56USDSOUTHRUST CORP3,500 91,365.07 0.33USDSTATE STREET CORP7,500 312,497.53 1.13USDSUNTRUST BANKS INC2,500 142,711.79 0.52USDTCF FINANCIAL CORP3,000 123,323.10 0.45USDTEXAS CAPITAL BANCSHARES INC15,000 173,217.36 0.63USDUNIONBANCAL CORP4,000 183,807.52 0.66USDUNIVERSAL AMERICAN FIN30,000 242,288.83 0.88USDUS BANCORP18,000 427,644.57 1.55USDWACHOVIA CORP15,000 557,719.20 2.02USDWELLS FARGO AND CO NEW6,500 305,742.01 1.11USDWFS FINANCIAL INC4,700 163,536.98 0.59USDWILSHIRE STATE BANK OF CALIFORNIA8,000 121,048.65 0.44USD

3I GROUP PLC10,000 87,382.78 0.32GBPUnited Kingdom 3,020,591.78 10.92

AMVESCAP20,000 115,942.03 0.42GBPAVIVA PLC26,000 181,017.33 0.65GBPBARCLAYS PLC25,000 176,275.22 0.64GBPHBOS31,000 317,355.78 1.15GBPHSBC HOLDINGS PLC (USD 0.5)90,000 1,126,598.47 4.07GBPLEGAL GENERAL GROUP PLC55,000 77,756.46 0.28GBPMAN GROUP PLC8,500 176,932.37 0.64GBPPRUDENTIAL PLC38,500 258,198.35 0.93GBPROYAL BANK OF SCOTLAND GROUP PLC21,500 503,132.99 1.82GBP

AIFUL CORP500 29,263.19 0.11JPYJapan 1,923,174.00 6.95

BANK OF YOKOHAMA10,000 37,176.20 0.13JPYCHIBA BANK8,000 26,217.43 0.09JPY







106Page

CREDIT SAISON CO LTD2,000 36,131.08 0.13JPYDAIDO LIFE INSURANCE CO10 23,813.67 0.09JPYDAIWA SECURITIES GROUP INC15,000 81,630.87 0.30JPYMILLEA HOLDING13 135,864.82 0.49JPYMITSUBISHI ESTATE14,000 106,183.58 0.38JPYMITSUBISHI TOKYO FINANCIAL GROUP INC38 237,151.30 0.86JPYMITSUI FUDOSAN7,000 50,583.52 0.18JPYMITSUI SUMITOMO INSURANCE CO LTD10,000 65,692.88 0.24JPYMITSUI TRUST HOLDING5,000 22,357.97 0.08JPYMIZUHO FINANCIAL GROUP ONC50 121,307.88 0.44JPYNIKKO CORDIAL CORP15,000 66,849.97 0.24JPYNOMURA HOLDINGS16,000 217,980.92 0.79JPYORIX CORP1,300 85,983.02 0.31JPYPROMISE CO LTD800 27,889.61 0.10JPYRESONA HOLDINGS INC55,000 55,428.37 0.20JPYSHIZUOKA BANK LTD.5,000 29,561.80 0.11JPYSOMPO JAPAN INSURANCE INC12,000 78,921.04 0.29JPYSUMITOMO MITSUI FINANCIAL GROUP INC35 149,190.02 0.54JPYSUMITOMO REALTY DEVLOPMENT4,000 28,188.22 0.10JPYSUMITOMO TRUST BANK16,000 75,248.21 0.27JPYUFJ HOLDINGS INC35 134,558.43 0.49JPY

CIE SUISSE REASSURANCE REG2,700 144,537.75 0.52CHFSwitzerland 1,521,127.63 5.50

CS GROUP NAMEN-AKT17,500 507,677.24 1.83CHFUBS NAM.AKT13,900 754,795.45 2.73CHFZURICH FINANCIAL SERVICES NAMEN-AKT1,000 114,117.19 0.41CHF

ALLIANZ AG NAMEN VINKULIERT4,500 450,360.00 1.63EURGermany 1,339,415.00 4.84

AMB GENERALI HLDG3,500 206,500.00 0.75EURCOMMERZBANK AG6,000 93,300.00 0.34EURDEUTSCHE BANK NAMEN4,300 282,510.00 1.02EURHYPO REAL ESTATE HOLDING AG15,500 306,745.00 1.11EUR

ANZ BANKING GROUP LTD14,000 148,199.90 0.54AUDAustralia 928,033.62 3.35

COMMONWEALTH BANK OF AUSTRALIA9,000 158,695.80 0.57AUDINSURANCE AUSTRALIA GROUP LIMITED20,000 50,892.82 0.18AUDMACQUARIE BANK2,000 42,582.32 0.15AUDNAT. AUSTRALIA BANK12,000 215,186.83 0.78AUDQBE INSURANCE GROUP14,000 88,852.88 0.32AUDWESTFIELD HOLDINGS LTD13,000 108,737.01 0.39AUDWESTPAC BANKING CORP12,000 114,886.06 0.42AUD

ALLEANZA ASSICURAZ.AZ.12,000 104,160.00 0.38EURItaly 805,225.00 2.91

ASSICURAZIONI GENERALI SPA3,300 69,300.00 0.25EURBANCA POPOLARE DI LODI20,000 178,800.00 0.65EURBANCHE POPOLARI UNITE SCARL7,000 100,520.00 0.36EURCASSA DI RISPARMIO DI FIRENZE70,000 99,400.00 0.36EURERGO PREVIDENZA SPA8,500 34,765.00 0.13EURUNICREDITO ITALIANO51,000 218,280.00 0.79EUR

BANK OF MONTREAL5,100 166,623.34 0.60CADCanada 733,566.43 2.65

BANK OF NOVA SCOTIA4,200 167,871.85 0.61CADCANADIAN IMPERIAL BANK OF COMMERCE4,200 164,540.04 0.59CADROYAL BANK OF CANADA6,200 234,531.20 0.85CAD

AXA11,000 186,890.00 0.68EURFrance 726,495.00 2.63

BNP PARIBAS5,000 247,700.00 0.90EURCREDIT AGRICOLE SA7,000 131,250.00 0.47EURSOCIETE GENERALE PARIS -A-2,300 160,655.00 0.58EUR

ABN AMRO HOLDING6,000 111,360.00 0.40EURThe Netherlands 566,285.00 2.05

AEGON NV21,500 252,195.00 0.91EURING GROEP NV CERT OF SHS11,000 202,730.00 0.73EUR

BANCO BILBAO VIZCAYA ARGENTARIA SA BBVA13,000 142,350.00 0.51EURSpain 414,660.00 1.50

BANCO SANTANDER CENTRAL HISPANO REG.29,000 272,310.00 0.98EUR







107Page

NORDEA BANK22,000 130,963.22 0.47SEKSweden 404,574.93 1.46

SE BANKEN -A- FREE16,000 186,964.33 0.68SEKSKANDIA -FREE-30,000 86,647.38 0.31SEK

BANK OF EAST ASIA LTD20,000 48,728.20 0.18HKDHong Kong 338,218.92 1.22

CHEUNG-KONG HOLDINGS LTD16,000 101,157.27 0.37HKDHANG SENG BANK LTD8,000 83,475.31 0.30HKDSUN HUNG KAI PROPERTIES LTD16,000 104,858.14 0.38HKD

ANGLO-IRISH BANK CORP PLC25,000 315,000.00 1.14EURIreland 315,000.00 1.14

DEXIA17,000 228,820.00 0.83EURBelgium 228,820.00 0.83

DBS GROUP HOLDINGS10,000 69,436.69 0.25SGDSingapore 199,020.56 0.72

OVERSEAS CHINESE BANKING CORP12,000 68,123.02 0.25SGDUNITED OVERSEAS BANK10,000 61,460.85 0.22SGD

BANK AUSTRIA CREDITANSTALT AG4,300 173,720.00 0.63EURAustria 173,720.00 0.63

STOREBRAND20,000 102,871.10 0.37NOKNorway 102,871.10 0.37

KOOKMIN BANK3,000 89,558.97 0.32KRWSouth Korea 89,558.97 0.32

EFG EUROBANK ERGASIAS5,405 82,372.20 0.30EURGreece 82,372.20 0.30

CHINA LIFE INSURANCE CO LTD (ADR)1,800 44,962.29 0.16USDChina 44,962.29 0.16








108Page

316,923.04Income


388,272.78Expenses


871.40Domiciliation fees1,743.83Professional fees

11,104.65Bank interest on overdrafts83.44Legal fees



1,969,018.90Net realised profit on sales of investment securities16,903.04Net realised profit on options





9,039,487.50Global Financial Equities - Class C26,926,788.97Global Financial Equities - Class D

1,000.00Global Financial Equities - Class E


-12,473,616.22Global Financial Equities - Class D-12,473,616.22Redemption capitalisation shares






109Page


Global Health Care & Food Equities


110Page

21,288,122.79Assets


-150,400.29Unrealised loss on the securities portfolio267,918.28Cash at banks and liquidities



20,438.98Subscribers payable201,109.84Other liabilities



Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Health Care & Food Equities

Global Health Care & Food Equities - ClassC


Global Health Care & Food Equities - ClassD


Global Health Care & Food Equities - ClassE






05/05/03


111Page

Global Health Care & Food Equities - Class C


65,718.9098.86

0.000.00

0.000.00


EUR EUR EUR

Global Health Care & Food Equities - Class D


146,116.8099.70

0.000.00

0.000.00


EUR EUR EUR

Global Health Care & Food Equities - Class E


10.0096.53

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 21,066,573.97 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



112Page

ABBOTT LABORATORIES13,000 483,149.15 2.29USD


Shares 20,973,495.77 99.56


AETNA US HEALTHCARE INC1,000 54,219.71 0.26USDALBERTO-CULVER CO2,000 100,682.34 0.48USDALTRIA GROUP18,400 793,385.79 3.77USDAMERISOURCEBERGEN CORP3,500 177,367.23 0.84USDAMGEN INC12,700 628,488.13 2.98USDANHEUSER BUSCH COS INC2,500 104,405.26 0.50USDAVON PRODUCTS INC. COM.3,000 161,701.46 0.77USDBIOGEN IDEC INC7,750 228,470.55 1.08USDBJ'S WHOLESALE CLUB INC5,500 101,568.18 0.48USDBOSTON SCIENTIFIC CORP4,800 139,972.08 0.66USDBRISTOL MYERS SQUIBB CO7,900 179,177.22 0.85USDCARDINAL HEALTH INC4,500 225,457.90 1.07USDCOCA-COLA CO16,350 659,193.21 3.13USDCVS CORP4,500 128,350.83 0.61USDELI LILLY CO7,500 424,544.14 2.02USDGILLETTE CO4,000 116,451.86 0.55USDGUIDANT CORP6,450 310,750.99 1.48USDHAIN CELESTIAL GROUP INC6,000 113,866.17 0.54USDHEALTH MANAGEMENT ASSOCIATES INC -A-2,000 38,785.37 0.18USDHERSHEY FOODS ACT.1,800 110,725.04 0.53USDINTER PARFUMS INC5,000 92,454.42 0.44USDJOHN B. SAN FILIPPO3,000 127,390.77 0.60USDJOHNSON JOHNSON20,300 832,218.24 3.95USDKELLOGG5,000 152,787.21 0.73USDMCKESSON HBOC5,500 136,506.93 0.65USDMEDIMMUNE INC11,000 222,273.67 1.06USDMEDTRONIC INC16,100 628,427.48 2.98USDMERCK AND CO INC.17,200 624,556.12 2.96USDPEPSICO INC.11,400 424,139.53 2.01USDPFIZER INC70,300 1,967,536.13 9.34USDPROCTER GAMBLE CO9,000 715,877.30 3.40USDUNITEDHEALTH GROUP2,500 115,338.58 0.55USDWAL MART STORES19,900 838,212.41 3.98USDWALGREEN CO8,000 230,796.87 1.10USDWHOLE FOODS MARKET2,000 106,859.27 0.51USDWYETH13,800 462,110.88 2.19USD

ALLIED DOMECQ PLC (NEW)40,000 245,524.30 1.17GBPUnited Kingdom 3,130,650.04 14.86

ASTRAZENECA17,850 683,514.49 3.24GBPDIAGEO PLC23,000 240,849.67 1.14GBPGLAXOSMITHKLINE PLC50,000 907,928.39 4.31GBPIMPERIAL TOBACCO GROUP PLC13,000 203,182.72 0.96GBPRECKITT BENCKISER PLC15,300 274,130.44 1.30GBPSMITH NEPHEW PLC31,000 204,156.01 0.97GBPTESCO ORD PLC102,900 371,364.02 1.76GBP

NESTLE SA REG.SHS3,900 772,599.01 3.67CHFSwitzerland 1,624,487.02 7.71

NOVARTIS SA REG.SHS15,000 539,973.04 2.56CHFROCHE HOLDING GENUSSSCHEIN3,900 311,914.97 1.48CHF

AEON CO LTD1,500 40,199.56 0.19JPYJapan 1,118,860.24 5.31

AJINOMOTO CO INC4,000 36,817.87 0.17JPYASAHI BREWERIES3,000 21,880.21 0.10JPYCHUGAI PHARMACEUTICAL2,000 23,007.44 0.11JPYDAIICHI PHARMACEUTICAL1,800 25,947.19 0.12JPYEISAI1,200 25,888.97 0.12JPYFUJISAWA PHARMACEUTICAL CO LTD2,000 34,115.51 0.16JPYITO EN LTD300 10,324.23 0.05JPYITO-YOKADO CO LTD4,000 100,629.55 0.48JPYJAPAN TOBACCO5 29,300.52 0.14JPYKAO CORP5,000 81,369.59 0.39JPYKIKKOMAN CORP1,000 5,688.41 0.03JPYKIRIN BREWERY CO LTD6,000 40,938.61 0.19JPY







113Page

LAWSON INC800 21,857.81 0.10JPYMEIJI SEIKA KAISHA3,000 9,674.77 0.05JPYNICHIREI CORP2,000 5,180.78 0.02JPYNIPPON MEAT PACKERS INC., OSAKA1,000 7,823.42 0.04JPYNISSHIN FLOUR MILL.2,000 14,243.41 0.07JPYNISSHIN FOOD PRODUCTS CO LTD1,000 19,931.82 0.09JPYOLYMPUS CORP2,000 34,712.72 0.16JPYSANKYO CO LTD2,500 37,605.44 0.18JPYSEVEN-ELEVEN JAPAN CO LTD3,000 72,784.73 0.35JPYSHINOGI CO LTD2,000 29,800.68 0.14JPYSHISEIDO3,000 29,181.08 0.14JPYTAISHO PHARMACEUTICAL2,000 28,606.26 0.14JPYTAKARA SHUZO CO. LTD2,000 14,989.92 0.07JPYTAKEDA CHEMICAL IND6,500 206,223.39 0.98JPYTERUMO CORP.1,300 19,748.92 0.09JPYUNI-CHARM400 15,736.43 0.07JPYYAKULT HONSHA CO LTD1,000 12,504.04 0.06JPYYAMANOUCHI PHARMACEUTICAL CO2,500 62,146.96 0.30JPY

ALTANA AG3,500 166,775.00 0.79EURGermany 516,375.00 2.45

FRESENIUS MEDICAL CARE4,000 225,600.00 1.07EURHENKEL KGAA VZG.O.ST2,000 124,000.00 0.59EUR

KON.AHOLD11,000 65,010.00 0.31EURThe Netherlands 418,610.00 1.99

UNILEVER CERT. OF SHS2,500 128,000.00 0.61EURWESSANEN (KONINKLIJKE - CERT.OF SHS)24,000 225,600.00 1.07EUR

AVENTIS4,840 251,196.00 1.19EURFrance 353,676.00 1.68

CARREFOUR2,400 102,480.00 0.49EUR

LUXOTTICA GROUP8,000 109,600.00 0.52EURItaly 247,500.00 1.17

SNIA SPA70,000 137,900.00 0.65EUR

DELHAIZE GROUP6,000 243,900.00 1.16EURBelgium 243,900.00 1.16

COTT CORP (QUEBEC)9,000 199,457.34 0.95USDCanada 199,457.34 0.95

COLES MYER9,000 40,630.44 0.19AUDAustralia 161,781.71 0.77

FOSTER BREWING GROUP LTD16,050 43,051.74 0.20AUDLION NATHAN LTD6,000 21,410.91 0.10AUDSOUTHCORP HOLDINGS4,500 7,274.68 0.03AUDWOOLWORTHS LTD7,000 49,413.94 0.23AUD








114Page

168,387.65Income


294,014.35Expenses





614,581.67Net realised profit on sales of investment securities4,718.17Net realised profit on options

70,145.51Net realised profit on foreign exchange-1,134.99Net realised loss on forward foreign exchange contracts


-150,400.29Movement in net unrealised appreciation / depreciation oninvestments


6,571,890.00Global Health Care & Food Equities - Class C22,406,378.10Global Health Care & Food Equities - Class D

1,000.00Global Health Care & Food Equities - Class E


-8,324,977.50Global Health Care & Food Equities - Class D-8,324,977.50Redemption capitalisation shares






115Page


Global Industrial & Consumer Goods Equities


116Page

25,501,576.33Assets


1,530,889.28Unrealised profit on the securities portfolio149,587.13Cash at banks and liquidities208,472.81Brokers receivable



256,134.41Bank overdrafts86,582.02Brokers payable21,030.43Subscribers payable




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Industrial & Consumer Goods Equities

Global Industrial & Consumer Goods Equ.- Class C


Global Industrial & Consumer Goods Equ.- Class D


Global Industrial & Consumer Goods Equ.- Class E






05/05/03


117Page

Global Industrial & Consumer Goods Equ. - Class C


61,257.90107.02

0.000.00

0.000.00


EUR EUR EUR

Global Industrial & Consumer Goods Equ. - Class D


159,822.76114.78

0.000.00

0.000.00


EUR EUR EUR

Global Industrial & Consumer Goods Equ. - Class E


10.0098.41

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 24,901,820.56 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



118Page

3M CO8,000 538,079.12 2.16USD


Shares 25,098,009.66 100.79


AMAZON COM INC5,000 211,284.48 0.85USDBEST BUY CO INC4,000 168,069.92 0.67USDBLACK DECKER CORP8,000 314,432.80 1.26USDBOEING CO COM.6,000 202,450.03 0.81USDCENDANT CORP25,000 444,914.44 1.79USDCIRCUIT CITY STORES -SHS-18,000 145,804.25 0.59USDCSX CORP7,000 200,215.49 0.80USDDEERE CO4,000 206,408.38 0.83USDDELPHI CORP21,000 167,758.68 0.67USDEBAY5,500 282,582.52 1.13USDEMERSON ELECTRIC CO8,000 413,774.42 1.66USDFEDEX2,000 110,131.29 0.44USDGENERAL DYNAMICS3,000 215,737.61 0.87USDGENERAL ELECTRIC CO97,000 2,378,069.66 9.55USDGENERAL MOTORS CORP5,000 213,678.64 0.86USDHARLEY DAVIDSON INC4,000 152,460.01 0.61USDHOME DEPOT INC24,000 675,918.80 2.71USDHONEYWELL INTERNATIONAL5,000 131,718.61 0.53USDILLINOIS TOOL WORKS3,000 200,391.06 0.80USDINTERACTIVECORP6,500 175,384.07 0.70USDJC PENNEY INC5,000 103,427.64 0.42USDJOHNSON CONTROLS INC1,500 137,963.38 0.55USDKOHL'S CORP5,000 178,404.70 0.72USDLOCKHEED MARTIN CORP4,000 161,845.11 0.65USDLOWE'S COMPANIES INC8,000 350,824.01 1.41USDMANPOWER INC10,000 374,605.98 1.50USDMATTEL8,000 122,261.69 0.49USDMC DONALDS CORP13,000 257,084.73 1.03USDNIKE -B-3,000 162,946.42 0.65USDNORTHROP GRUMMAN CORP2,000 151,582.15 0.61USDRAYTHEON CO6,000 143,170.67 0.57USDROBERT HALF INTERNATIONAL INC7,000 128,877.55 0.52USDSEARS ROEBUCK CO4,000 145,373.30 0.58USDSPX CORP6,000 282,510.69 1.13USDSTARBUCKS CORP5,000 131,159.98 0.53USDTARGET14,000 428,809.73 1.72USDTIFFANY CO7,000 249,654.86 1.00USDUNION PACIFIC CORP.4,500 248,693.20 1.00USDUNITED PARCEL SERVICE -B-5,000 295,878.08 1.19USDUNITED TECHNOLOGIES CORPORATION5,500 415,226.87 1.67USDWENDY'S INTL INC6,000 187,654.14 0.75USD

ASAHI GLASS CO LTD22,000 144,524.34 0.58JPYJapan 5,141,072.55 20.65

BRIDGESTONE CORP11,000 118,329.30 0.48JPYCENTRAL JAPAN RAILWAY CO12 82,952.19 0.33JPYDAI NIPPON PRINTING6,000 67,409.85 0.27JPYDENSO CORP5,000 78,756.81 0.32JPYEAST JAPAN RAILWAY CO40 150,795.02 0.61JPYFANUC LTD3,500 167,740.80 0.67JPYFUJI PHOTO FILM5,000 129,146.23 0.52JPYHANKYU DEPARTMENT STORES INC20,000 107,198.84 0.43JPYHONDA MOTOR9,000 319,804.88 1.28JPYKINETSU30,000 72,112.87 0.29JPYKOMATSU LTD25,000 126,906.70 0.51JPYMARUI CO LTD14,000 141,090.39 0.57JPYMATSUSHITA ELECTRIC IND.20,000 221,265.56 0.89JPYMITSUBISHI CORP.20,000 169,607.07 0.68JPYMITSUBISHI ELECTRIC18,000 59,795.45 0.24JPYMITSUBISHI HEAVY IND.50,000 111,229.99 0.45JPYMITSUI CO.LTD12,000 77,308.58 0.31JPYMITSUI O.S.K. LINES50,000 195,212.37 0.78JPYNISSAN MOTOR25,000 228,432.06 0.92JPYNTN CORP35,000 133,513.31 0.54JPY







119Page

PIONEER CORP8,000 176,773.57 0.71JPYSANYO ELECTRIC CO LTD20,000 83,609.12 0.34JPYSECOM CO LTD3,000 89,581.20 0.36JPYSEKISUI HOUSE LTD15,000 123,957.99 0.50JPYSHARP CORP10,000 126,234.84 0.51JPYSMC CORP800 79,667.55 0.32JPYSONY CORP10,000 276,955.21 1.11JPYSUMITOMO CORP15,000 89,469.22 0.36JPYSUMITOMO ELECTRIC INDUSTRIES LTD15,000 107,273.49 0.43JPYTOKYU CORP20,000 82,116.10 0.33JPYTOPPAN PRINTING12,000 99,883.04 0.40JPYTOYOTA MOTOR CORP27,000 729,638.87 2.93JPYWEST JAPAN RAILWAY COMPANY25 78,570.18 0.32JPYYAMATO TRANSPORT CO LTD10,000 94,209.56 0.38JPY

COOPER INDUSTRIES -A-7,000 322,277.66 1.29USDBermuda 1,499,924.27 6.02

TYCO INTERNATIONAL55,000 1,177,646.61 4.73USD

ACCOR SA4,000 141,320.00 0.57EURFrance 1,320,230.00 5.30

CIE SAINT GOBAIN4,000 153,800.00 0.62EURLVMH MOET HENN.LOUIS VUIT.3,000 172,350.00 0.69EURNEXANS8,000 215,920.00 0.87EURRENAULT SA6,000 324,600.00 1.30EURVALEO SA4,000 125,520.00 0.50EURZODIAC ACT.8,000 186,720.00 0.75EUR

ADIDAS-SALOMON AG2,000 180,600.00 0.73EURGermany 983,600.00 3.95

DAIMLERCHRYSLER REG.10,000 370,000.00 1.49EURFRAPORT5,000 114,000.00 0.46EURSIEMENS NAM. AKT REG5,000 319,000.00 1.28EUR

DIXONS GROUP60,000 118,073.32 0.47GBPUnited Kingdom 737,674.05 2.96

GREAT UNIVERSAL STORES PLC ORD.STCK UNIT15,000 162,936.91 0.65GBPHAYS100,000 173,699.91 0.70GBPKINGFISHER PLC35,000 139,368.43 0.56GBPMARKS AND SPENCER GRP (NEW)35,000 143,595.48 0.58GBP

ABB NAM.AKT100,000 401,974.59 1.61CHFSwitzerland 720,092.28 2.89

ADECCO REG.SHS4,000 203,872.28 0.82CHFCIE FIN RICHEMONT UNITS -A- (1AKT.A 1PS)6,000 114,245.41 0.46CHF

AUTOGRILL15,000 170,100.00 0.68EURItaly 507,960.00 2.04

PERMASTEELISA12,000 165,360.00 0.66EURTOD'S GROUP SPA5,000 172,500.00 0.69EUR

ATLAS COPCO -A- FREE6,000 170,318.33 0.68SEKSweden 476,781.08 1.91

SKF -B- FREE10,000 306,462.75 1.23SEK

ROYAL PHILIPS ELECTRONICS NV10,000 232,300.00 0.93EURThe Netherlands 380,540.00 1.53

TPG NV8,000 148,240.00 0.60EUR

ANDRITZ7,700 292,215.00 1.17EURAustria 292,215.00 1.17

CANADIAN NATIONAL RAILWAY2,500 126,411.56 0.51USDCanada 288,608.35 1.16

CP SHIPS10,000 162,196.79 0.65CAD


HUTCHISON WHAMPOA23,000 134,182.44 0.54HKDHong Kong 134,182.44 0.54

TABCORP HOLDINGS LTD18,000 121,783.53 0.49AUDAustralia 121,783.53 0.49








120Page

202,753.60Income


341,008.23Expenses





2,857,046.65Net realised profit on sales of investment securities101,028.87Net realised profit on foreign exchange




6,125,790.00Global Industrial & Consumer Goods Equ. - Class C24,431,400.48Global Industrial & Consumer Goods Equ. - Class D

1,000.00Global Industrial & Consumer Goods Equ. - Class E


-10,007,080.09Global Industrial & Consumer Goods Equ. - Class D-10,007,080.09Redemption capitalisation shares






121Page


Global TMT Equities


122Page

29,146,254.38Assets





194,612.90Bank overdrafts19,434.81Subscribers payable




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global TMT Equities

Global TMT Equities - Class C


Global TMT Equities - Class D


Global TMT Equities - Class E






05/05/03


123Page

Global TMT Equities - Class C


85,228.28106.42

0.000.00

0.000.00


EUR EUR EUR

Global TMT Equities - Class D


178,591.28109.71

0.000.00

0.000.00


EUR EUR EUR

Global TMT Equities - Class E


10.0096.64

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 28,664,283.46 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



124Page

ANALOG DEVICES INC9,000 328,167.29 1.14USD


Shares 28,764,708.27 100.35


APPLIED MATERIALS INC39,900 718,044.02 2.51USDAT & T COMCAST CORP11,700 301,965.62 1.05USDAT T WIRELESS25,000 158,612.99 0.55USDAUTOMATIC DATA PROCESSING INC6,000 187,654.14 0.65USDBEA SYSTEMS24,000 238,266.64 0.83USDBROCADE COMMUNICATIONS SYSTEMS20,000 91,776.07 0.32USDCISCO SYSTEMS68,700 1,331,729.06 4.65USDCLEAR CHANNEL COMMUNICATIONS INC6,400 236,070.40 0.82USDDELL INC28,000 774,941.19 2.70USDELECTRONIC ARTS2,800 107,235.95 0.37USDEMC CORP23,000 233,845.43 0.82USDGANNETT CO INC2,500 177,666.50 0.62USDHEWLETT PACKARD CO39,000 713,674.68 2.49USDIBM CORP17,600 1,301,055.90 4.54USDINTEL CORP71,800 1,838,190.13 6.41USDINTERPUBLIC GROUP OF COS INC25,000 309,444.97 1.08USDINTUIT3,800 161,607.29 0.56USDKLA-TENCOR CORP4,000 186,488.98 0.65USDMICROSOFT CORP101,400 2,228,607.13 7.77USDMOTOROLA37,000 410,733.83 1.43USDNEXTEL COMMUNICATIONS INC -A-10,000 222,656.73 0.78USDORACLE CORP26,000 273,891.72 0.96USDPEOPLESOFT9,800 178,707.96 0.62USDQUALCOMM INC7,700 336,623.46 1.17USDSBC COMMUNICATIONS INC32,800 682,150.00 2.38USDSIEBEL SYSTEMS INC13,000 145,349.36 0.51USDSKYWORKS SOLUTIONS INC28,000 195,746.39 0.68USDSPRINT PCS GROUP40,000 177,167.72 0.62USDSUN MICROSYSTEM40,000 142,691.84 0.50USDTEXAS INSTRUMENTS INC19,000 446,853.70 1.56USDTIME WARNER INC57,400 819,967.33 2.86USDTRIBUNE CO NEW COM.4,000 164,718.10 0.57USDVERITAS SOFTWARE CORPORATION (DE)6,000 178,460.57 0.62USDVERIZON COMMUNICATIONS INC33,800 944,096.46 3.29USDVIACOM INC -B- NON-VOTING16,600 579,585.85 2.02USDWALT DISNEY CO (HOLDING CO)19,800 368,173.68 1.28USD

ADVANTEST CORP1,000 63,453.35 0.22JPYJapan 2,331,201.46 8.13

CANON INC9,000 335,257.64 1.17JPYFUJITSU LTD15,000 70,769.15 0.25JPYHITACHI LTD25,000 120,561.37 0.42JPYHOYA CORP1,500 110,184.88 0.38JPYKONICA MINOLTA HOLDINGS INC4,000 43,028.84 0.15JPYKYOCERA CORP900 47,970.73 0.17JPYMURATA MANUFACTURING CO LTD2,000 86,445.86 0.30JPYNEC CORP (NIPPON DENKI)15,000 88,349.46 0.31JPYNINTENDO CO LTD1,000 74,651.00 0.26JPYNIPPON TEL. TEL.50 192,972.84 0.67JPYNTT DOCOMO350 634,906.76 2.21JPYRICOH COMPANY LTD.7,000 110,520.81 0.39JPYROHM CO LTD1,000 93,761.66 0.33JPYSOFTBANK CORP2,000 48,971.06 0.17JPYTDK CORP1,000 57,630.57 0.20JPYTOKYO ELECTRON LTD1,500 91,148.87 0.32JPYTOSHIBA CORP20,000 60,616.61 0.21JPY

BT GROUP PLC60,000 158,994.03 0.55GBPUnited Kingdom 2,244,281.05 7.83

LOGICACMG-SHS-25,000 91,290.14 0.32GBPMMO2 PLC200,000 220,233.02 0.77GBPVODAFONE GROUP PLC830,000 1,618,606.14 5.65GBPWPP GROUP PLC20,000 155,157.72 0.54GBP

ALCATEL15,000 154,950.00 0.54EURFrance 1,036,310.00 3.62







125Page

BUSINESS OBJECTS NOM,4,000 110,600.00 0.39EURDASSAULT SYSTEMES4,000 143,120.00 0.50EURFRANCE TELECOM11,000 246,070.00 0.86EURLAGARDERE GROUPE SCA NOM3,500 161,000.00 0.56EURVIVENDI UNIVERSAL11,500 220,570.00 0.77EUR


ANTENA 3 TELEVISION SA5,082 177,565.08 0.62EURSpain 626,869.08 2.19

TELEFONICA SA38,600 449,304.00 1.57EUR

GRUPPO EDITORIALE L'ESPRESSO35,000 172,900.00 0.60EURItaly 603,900.00 2.11

TELECOM ITALIA MOBILE SPA100,000 431,000.00 1.50EUR

ASML HOLDING NV19,000 307,040.00 1.07EURThe Netherlands 597,965.00 2.09

STMICROELECTRONICS NV13,500 290,925.00 1.01EUR

DEUTSCHE TELEKOM NAMEN16,000 232,160.00 0.81EURGermany 498,460.00 1.74

SAP AG2,000 266,300.00 0.93EUR

TELENOR AS70,000 361,711.90 1.26NOKNorway 361,711.90 1.26

NEWS CORPORATION (THE) LTD46,200 331,664.34 1.16AUDAustralia 331,664.34 1.16

PORTUGAL TELECOM REG.40,000 316,000.00 1.10EURPortugal 316,000.00 1.10

FLEXTRONICS INTERNATIONAL LTD20,000 233,989.08 0.82USDSingapore 298,030.35 1.04

SINGAPORE TELECOM.LTD/ BOARD LOT 100070,000 64,041.27 0.22SGD

TELEFON AB L.M.ERICSSON -SHS-B-200,000 284,415.07 0.99SEKSweden 284,415.07 0.99

LOGITECH INTERNATIONAL NAM.AKT7,000 240,094.87 0.84CHFSwitzerland 240,094.87 0.84

CHINA TELECOM CORP LTD670,000 206,632.22 0.72HKDChina 206,632.22 0.72

TELECOM CORP OF NEW ZEALAND LTD20,000 55,501.85 0.19NZDNew Zealand 55,501.85 0.19








126Page

132,407.92Income


376,567.33Expenses



819.76Bank interest on overdrafts89.43Legal fees



1,950,321.09Net realised profit on sales of investment securities156,086.06Net realised profit on foreign exchange

582.77Net realised profit on forward foreign exchange contracts




8,522,827.50Global TMT Equities - Class C30,276,465.16Global TMT Equities - Class D

1,000.00Global TMT Equities - Class E


27,425,694.19Global TMT Equities - Class D27,425,694.19Subscription distribution shares

-10,711,832.63Global TMT Equities - Class D-10,711,832.63Redemption capitalisation shares

-30,206,909.35Global TMT Equities - Class D-30,206,909.35Redemption distribution shares






127Page


Euro Bonds


128Page

146,202,400.42Assets



9,581.50Formation expenses 2Note1,289.42Other assets


357,731.15Unrealised net depreciation on financial futures 7Note134,515.14Other liabilities



Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Bonds

Euro Bonds - Class A


Distribution shares 1,050,000.00 24,134.48 0.00 1,074,134.48

Euro Bonds - Class B


Euro Bonds - Class D


Euro Bonds - Class E






01/01/03


129Page

Euro Bonds - Class A


100,000.00112.05

100,000.00107.79

0.000.00


Distribution shares

1,074,134.48109.40

2.64

1,050,000.00107.790.00

0.000.000.00


EUR EUR EUR

Euro Bonds - Class B


152,747.66111.27

135,050.35107.48

0.000.00


EUR EUR EUR

Euro Bonds - Class D


10.0099.32

0.000.00

0.000.00


EUR EUR EUR

Euro Bonds - Class E


10.0099.30

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 145,710,154.13 138,471,444.10 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



130Page

FRANCE 3.50 02-05 12/01A1,000,000 1,012,790.00 0.70EUR


Bonds 138,748,298.85 95.22

France 32,142,098.85 22.06

FRANCE OAT 5.00 01-12 25/04A10,000,000 10,569,000.00 7.25EURFRANCE OAT 5.50 93-04 25/04A1,000,000 1,009,800.00 0.69EURFRANCE OAT INDEXEE 2.50 02-13 25/07A5,000,000 5,279,508.85 3.62EURFRANCE OAT TR.3 8.50 89-19 25/10A10,000,000 14,271,000.00 9.79EUR

BELGIQUE OLO 7.25 93-04 29/04A6,000,000 6,096,600.00 4.18EURBelgium 21,885,600.00 15.02

BELGIQUE OLO -38- 5.00 02-12 28/09A15,000,000 15,789,000.00 10.84EUR

PORTUGAL 3.95 99-09 15/07A15,000,000 15,151,500.00 10.40EURPortugal 15,151,500.00 10.40

FINLAND 5.375 02-13 04/07A8,000,000 8,674,400.00 5.95EURFinland 15,018,200.00 10.31

FINNISH GOV'T 5.00 01-07 04/07A6,000,000 6,343,800.00 4.35EUR

IRISH GOVT TREASURY 5.00 02-13 18/04A11,000,000 11,600,600.00 7.96EURIreland 11,600,600.00 7.96

ITALY BTP 5.25 02-17 01/08S10,000,000 10,599,000.00 7.27EURItaly 10,599,000.00 7.27

BRD 5.25 00-11 04/01A6,000,000 6,466,800.00 4.44EURGermany 10,505,300.00 7.21

BRD 6.875 95-05 12/05A2,000,000 2,117,900.00 1.45EURBRD -302- 3.75 03-13 04/07A2,000,000 1,920,600.00 1.32EUR

AUSTRIA 5.875 96-06 15/07A6,000,000 6,429,000.00 4.41EURAustria 6,429,000.00 4.41

NEDERLAND 5.25 98-08 15/07A5,000,000 5,368,000.00 3.68EURThe Netherlands 5,368,000.00 3.68

GREECE 4.60 03-13 20/05A5,000,000 5,062,000.00 3.47EURGreece 5,062,000.00 3.47

BANK OF AMERICA CORP 4.25 03-10 21/10A5,000,000 4,987,000.00 3.42EURUnited States of America 4,987,000.00 3.42




France 2,638,443.80 1.81








131Page

6,579,950.34Income

6,381,824.25Net interest on bonds 2Note18,144.43Bank interest on cash account 2Note4,428.01Bank interest on time deposits 2Note

172,689.08Other interest2,864.57Net income on reverse repurchase agreements

547,381.79Expenses


57,470.04Custodian & sub-custodian fees 6Note14,483.05Taxe d'abonnement 4Note51,715.90Administrative expenses 6Note7,792.80Domiciliation fees

16,777.47Professional fees24,966.57Bank interest on overdrafts8,514.79Legal fees



832,500.15Net realised profit on sales of investment securities-423,339.64Net realised loss on financial futures




2Note

-1,324,002.06Movement in net unrealised appreciation / depreciation oninvestments


-2,772,000.00Euro Bonds - Class A-2,772,000.00Dividends paid

3,111,226.00Euro Bonds - Class B1,000.00Euro Bonds - Class D1,000.00Euro Bonds - Class E


2,640,000.00Euro Bonds - Class A2,640,000.00Subscription distribution shares

-1,159,468.91Euro Bonds - Class B-1,159,468.91Redemption capitalisation shares






132Page

GENERALI ASSET MANAGERSSICAVUS Bonds


133Page

72,707,729.17Assets


-12,890,912.14Unrealised loss on the securities portfolio509,282.92Cash at banks and liquidities767,582.91Interest receivable 2Note

9,581.50Formation expenses 2Note


4,364.39Unrealised net depreciation on financial futures 7Note66,017.27Other liabilities



Expressed in EUR


GENERALI ASSET MANAGERS SICAV US Bonds

US Bonds - Class A



US Bonds - Class D


US Bonds - Class E






01/01/03


134Page

US Bonds - Class A


714,087.0079.46

714,087.0094.36

0.000.00


Distribution shares

200,000.0079.460.00

200,000.0094.360.00

0.000.000.00


EUR EUR EUR

US Bonds - Class D


10.0092.72

0.000.00

0.000.00


EUR EUR EUR

US Bonds - Class E


10.0092.70

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 72,637,347.51 86,256,685.51 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



135Page

FANNIE MAE 3.875 02-05 15/03S10,000,000 8,203,982.78 11.29USD


Bonds 38,120,356.56 52.48


FANNIE MAE GLOBAL 4.75 03-13 21/02S5,000,000 3,913,579.90 5.39USDUNITED STATES -E- 3.00 03-08 15/02S8,500,000 6,814,980.98 9.38USDUSA TREASURY BONDS 7.25 86-16 15/05S4,500,000 4,483,435.69 6.17USDUSA TREASURY NOTES 5.875 99-04 15/11S9,500,000 7,887,130.88 10.86USD

ITALY 2.50 03-06 31/03S6,000,000 4,815,131.37 6.63USDItaly 4,815,131.37 6.63

SWEDISH EXPORT MTN 2.875 03-07 26/01S2,500,000 2,002,114.96 2.76USDSweden 2,002,114.96 2.76

GENERAL ELECTRIC CAP 4.25 03-10 01/12S2,000,000 1,587,167.41 2.19USD

Transferable securities dealt in on another regulated market 33,300,925.28 45.85

Bonds 33,300,925.28 45.85


USA TREAS.NT -A2013- 3.875 03-13 15/02S3,400,000 2,655,720.21 3.66USDUSA TREASURY BONDS 5.375 01-31 15/02S19,500,000 16,245,299.96 22.36USDUSA TREASURY NOTES 1.625 03-05 31/03S16,000,000 12,812,737.70 17.64USD








136Page

3,077,162.60Income

3,052,779.95Net interest on bonds 2Note24,382.65Bank interest on cash account 2Note

293,079.81Expenses




538.44Bank interest on overdrafts5,017.39Legal fees8,926.52Other expenses


-7,307,108.02Net realised loss on sales of investment securities-263,234.81Net realised loss on financial futures-236,248.70Net realised loss on foreign exchange


-4,364.39Movement in net unrealised appreciation / depreciation on financialfutures

2Note


-13,621,338.00Decrease in net assets as a result of operations

1,000.00US Bonds - Class D1,000.00US Bonds - Class E


-13,619,338.00Decrease in net assets





137Page


Central and Eastern European Bonds


138Page

74,861,756.94Assets

72,754,829.72Securities portfolio at market value 2Note79,564,468.54Cost price-6,809,638.82Unrealised loss on the securities portfolio

7,138.05Cash at banks and liquidities2,090,030.63Interest receivable 2Note

9,581.50Formation expenses 2Note177.04Subscribers receivable





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Central and Eastern European Bonds

Central and Eastern European Bonds -Class A



Central and Eastern European Bonds -Class B


Central and Eastern European Bonds -Class D


Central and Eastern European Bonds -Class E






01/01/03


139Page

Central and Eastern European Bonds - Class A


120,194.9393.97

120,194.93105.36

0.000.00


Distribution shares

698,409.9390.004.39

300,000.00105.360.00

0.000.000.00


EUR EUR EUR

Central and Eastern European Bonds - Class B


6,528.3292.32

0.000.00

0.000.00


EUR EUR EUR

Central and Eastern European Bonds - Class D


10.0099.20

0.000.00

0.000.00


EUR EUR EUR

Central and Eastern European Bonds - Class E


10.0099.18

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 74,752,455.04 44,271,205.65 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



140Page

POLAND -0405- 0.00 03-05 12/04U18,400,000 3,626,637.28 4.85PLN


Bonds 72,754,829.72 97.33

Poland 36,804,750.99 49.24

POLAND DS 0509 6.00 99-09 24/05A1,700,000 353,865.46 0.47PLNPOLAND DS 1013 5.00 02-13 24/10A14,000,000 2,634,376.67 3.52PLNPOLAND DS 1109 6.00 99-09 24/11A5,700,000 1,175,582.61 1.57PLNPOLAND DS 1110 6.00 00-10 24/11A13,500,000 2,775,663.46 3.71PLNPOLAND GOVT -S0406- 0.00 03-06 12/04U7,500,000 1,393,731.97 1.86PLNPOLAND GVT BD -0608- 5.75 02-08 24/06A31,000,000 6,373,745.71 8.53PLNPOLAND GVT BD -1106- 8.50 01-06 12/11A19,600,000 4,402,832.24 5.89PLNPOLAND OK 0805 0.00 03-05 12/08U14,000,000 2,714,449.81 3.63PLNPOLAND PS 0205 8.50 00-05 12/02A5,300,000 1,155,064.67 1.55PLNPOLAND PS 0206 8.50 01-06 12/02A9,700,000 2,150,078.73 2.88PLNPOLAND PS 0506 8.50 01-06 12/05A8,600,000 1,911,741.00 2.56PLNPOLAND PS 0507 8.50 02-07 12/05A12,250,000 2,750,467.84 3.68PLNPOLAND PS 0605 8.50 00-05 12/06A5,000,000 1,096,062.29 1.47PLNPOLAND PS 1005 8.50 00-05 12/10A2,900,000 639,724.04 0.86PLNPOLAND PS 1204 0.00 02-04 12/12U6,000,000 1,208,879.09 1.62PLNPOLAND WS 0922 5.75 01-22 23/09A2,250,000 441,848.12 0.59PLN

FHB BANK 7.75 03-10 12/03A75,000,000 253,690.07 0.34HUFHungary 23,200,553.72 31.04

FHB BANK 8.25 03-13 10/09A124,100,000 457,235.71 0.61HUFFHB LAND CRD -FJ08- 8.00 03-08 15/06A70,000,000 246,221.66 0.33HUFHUNGARY 8.50 02-08 15/05A100,000,000 355,854.10 0.48HUFHUNGARY -05/G- 7.75 02-05 12/04A240,000,000 885,984.03 1.19HUFHUNGARY -06/F- 7.00 03-06 12/04A380,000,000 1,351,783.88 1.81HUFHUNGARY -07/D- 6.25 02-07 12/06A460,000,000 1,572,701.42 2.10HUFHUNGARY -08/C 6.25 03-08 12/06A530,000,000 1,796,491.15 2.40HUFHUNGARY -A- 7.50 00-11 12/02S260,000,000 943,972.63 1.26HUFHUNGARY -B- 9.50 99-09 12/02S110,000,000 423,560.98 0.57HUFHUNGARY -C- 5.50 03-14 12/02A300,000,000 941,991.90 1.26HUFHUNGARY -C- 7.00 03-09 24/06A245,000,000 853,024.01 1.14HUFHUNGARY -E- 8.50 01-06 12/05S410,000,000 1,516,575.77 2.03HUFHUNGARY -E- 9.25 00-05 12/05S200,000,000 753,331.96 1.01HUFHUNGARY -H- 7.00 02-05 12/08A500,000,000 1,807,543.90 2.42HUFHUNGARY -I- 6.75 01-17 24/11A335,000,000 1,184,585.35 1.58HUFHUNGARY -I- 8.50 02-05 12/10A330,000,000 1,217,326.20 1.63HUFHUNGARY AHBK 7.75 02-05 21/03A430,000,000 1,572,332.24 2.10HUFHUNGARY GVT BOND-06/G-6.50 03-06 24/08A800,000,000 2,792,273.78 3.74HUFHUNGARY GVT BOND-13/D-6.75 02-13 12/02A655,000,000 2,274,072.98 3.04HUF

CESKY TELECOM 3.50 03-08 09/07A30,000,000 879,385.78 1.18CZKCzech Republic 11,595,576.73 15.51

CESKY TELECOM 4.55 02-05 15/07A10,000,000 311,976.59 0.42CZKCITY OF PRAGUE 6.85 01-11 15/05A20,000,000 689,087.20 0.92CZKCZECH REPUBLIC 4.60 03-18 18/08A20,000,000 576,600.00 0.77CZKCZECH REPUBLIC 6.3 00-07 17/03A15,000,000 500,394.73 0.67CZKCZECH REPUBLIC -33- 6.4 00-10 14/04A30,000,000 1,036,359.76 1.39CZKCZECH REPUBLIC -34- 6.95 01-16 26/01A36,000,000 1,302,151.36 1.74CZKCZECH REPUBLIC -36- 6.55 01-11 05/10A30,000,000 1,044,379.06 1.40CZKCZECH REPUBLIC -37- 5.7 01-06 26/10A25,000,000 815,711.55 1.09CZKCZECH REPUBLIC -38- 3.00 03-06 20/01A80,500,000 2,466,977.64 3.30CZKCZECH REPUBLIC -39- 2.90 03-08 17/03A35,000,000 1,038,945.11 1.39CZKCZECH REPUBLIC -40- 3.7 03-13 16/06A33,000,000 933,607.95 1.25CZK

EUROP.INVEST.BK EMTN 5.00 02-07 16/04A10,000,000 320,364.67 0.43CZKLuxembourg 1,153,948.28 1.54

EUROP.INVEST.BK EMTN 13.60 00-05 12/10A3,500,000 833,583.61 1.12PLN








141Page

3,881,332.31Income

3,835,856.98Net interest on bonds 2Note43.79Bank interest on cash account 2Note

45,431.54Bank interest on time deposits 2Note

559,312.78Expenses

2,854.41Amortisation of formation expenses 2Note288,658.79Management & advisory fees 5Note183,150.05Custodian & sub-custodian fees 6Note

6,600.96Taxe d'abonnement 4Note31,358.21Administrative expenses 6Note3,972.19Domiciliation fees8,037.95Professional fees9,411.14Bank interest on overdrafts3,048.89Legal fees



-2,958,947.19Net realised loss on sales of investment securities-348,810.87Net realised loss on foreign exchange



-7,807,316.81Decrease in net assets as a result of operations

-2,803,782.00Central and Eastern European Bonds - Class A-2,803,782.00Dividends paid

652,348.14Central and Eastern European Bonds - Class B1,000.00Central and Eastern European Bonds - Class D1,000.00Central and Eastern European Bonds - Class E


40,439,000.00Central and Eastern European Bonds - Class A40,439,000.00Subscription distribution shares

-999.94Central and Eastern European Bonds - Class B-999.94Redemption capitalisation shares






142Page


Euro Corporate Bonds


143Page

142,207,980.53Assets



9,581.50Formation expenses 2Note





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Corporate Bonds

Euro Corporate Bonds - Class A



Euro Corporate Bonds - Class D


Euro Corporate Bonds - Class E






01/01/03


144Page

Euro Corporate Bonds - Class A


909,572.31117.46

909,572.31108.66

0.000.00


Distribution shares

309,197.19113.95

3.43

300,000.00108.660.00

0.000.000.00


EUR EUR EUR

Euro Corporate Bonds - Class D


10.0099.52

0.000.00

0.000.00


EUR EUR EUR

Euro Corporate Bonds - Class E


10.0099.50

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 142,070,150.13 131,434,866.58 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



145Page

BAYER.HYPO.VER. SUB. 6.00 02-14 05/02A1,500,000 1,604,100.00 1.13EUR


Bonds 125,373,765.66 88.25

Germany 29,695,775.00 20.90

BRD -134- 4.25 99-05 18/02A12,500,000 12,772,500.00 8.99EURBRD -301- 4.75 03-34 04/07A3,000,000 2,908,500.00 2.05EURBRD -302- 3.75 03-13 04/07A10,250,000 9,843,075.00 6.93EURCOMMERZBANK 4.75 99-09 21/04A1,000,000 1,025,000.00 0.72EURDEUTSCHE BANK AG 5.125 03-13 31/01A1,500,000 1,542,600.00 1.09EUR

ALTADIS FINANCE 4.25 03-08 02/10A2,000,000 2,017,400.00 1.42EURThe Netherlands 25,108,350.00 17.67

ALTADIS FINANCE 5.125 03-13 02/10A1,000,000 1,006,200.00 0.71EURDEUTSCHE TEL.INTL FIN 8.125 02-12 29/05A3,000,000 3,677,400.00 2.59EURDEUTSCHE TELEKOM EMTN 7.50 03-33 24/01A250,000 303,375.00 0.21EURDEUTSCHE TELEKOM INTL 6.375 01-06 11/07A1,000,000 1,069,400.00 0.75EURE.ON INTL FIN. EMTN 5.75 02-09 29/05A2,000,000 2,167,600.00 1.53EURENEL INV HLDGS 5.00 01-04 07/06A2,000,000 2,022,600.00 1.42EURHEINEKEN NV 5.00 03-13 04/11A1,500,000 1,509,000.00 1.06EURING BANK SUB 5.50 01-12 04/01A2,000,000 2,127,200.00 1.50EUROLIVETTI FIN. EMTN 5.875 03-08 24/01A4,000,000 4,258,800.00 3.00EUROLIVETTI FINANCE EMTN 7.75 03-33 24/01A250,000 304,475.00 0.21EURPHILIPS ELECTRONICS 5.75 01-08 16/05A1,500,000 1,602,450.00 1.13EURRED ELECTRICA DE ESP 4.75 03-13 18/09A1,500,000 1,502,250.00 1.06EURTELEFONICA EUROP EMTN 5.125 03-13 14/02A1,500,000 1,540,200.00 1.08EUR

BAT INTERNATIONAL FIN 5.125 03-13 09/07Q1,000,000 987,300.00 0.69EURUnited Kingdom 17,647,414.83 12.42

BRITISH TELECOM 7.125 01-11 15/02A300,000 344,610.00 0.24EURHSBC HOLDINGS PLC 5.375 02-12 20/12A1,000,000 1,048,800.00 0.74EURIMPERIAL TOBACCO FIN. 6.25 02-07 06/06A2,000,000 2,148,000.00 1.51EURKINGFISHER PLC -38- 4.50 03-10 21/10A1,750,000 1,742,475.00 1.23EURNATIONAL GRID EMTN 4.125 03-08 18/09A2,500,000 2,519,500.00 1.77EURNATIONAL GRID EMTN 5.00 03-18 02/07A500,000 477,650.00 0.34EURR & R FINANCE EMTN 5.50 98-05 21/07A2,000,000 1,050,295.78 0.74DEMUBS SUB. 5.75 97-07 12/03A5,000,000 2,704,734.05 1.90DEMVODAFONE AIRTOUCH 5.75 99-06 27/10A1,500,000 1,597,950.00 1.12EURVODAFONE GROUP EMTN 4.25 03-09 27/05A3,000,000 3,026,100.00 2.13EUR

BANK OF AMERICA CORP 3.625 03-08 03/03A2,500,000 2,495,000.00 1.76EURUnited States of America 14,594,100.00 10.27

CITIGROUP 3.875 03-10 21/05A1,500,000 1,476,000.00 1.04EURDAIMLERCHRYSLER NA 4.625 02-06 10/03A2,500,000 2,564,000.00 1.80EURGENERAL MOTORS 8.375 03-33 05/07A1,000,000 1,165,000.00 0.82EURGMAC 6.125 02-07 15/03A2,500,000 2,633,500.00 1.85EURJP MORGAN CHASE EMTN 5.25 02-07 19/06A2,500,000 2,639,250.00 1.86EURMORGAN STANLEY DEAN.W 5.75 02-09 01/04A1,500,000 1,621,350.00 1.14EUR

FINMECCANICA FINANCE 5.75 03-18 12/12A500,000 499,200.00 0.35EURLuxembourg 10,896,987.50 7.67

SES GLOBAL SA 4.50 03-08 19/11A625,000 629,187.50 0.44EURSOGERIM EMTN 6.125 01-06 20/04A6,000,000 6,372,000.00 4.49EURSOGERIM EMTN 7.00 01-11 20/04A3,000,000 3,396,600.00 2.39EUR

AEM SPA 4.875 03-13 30/10A1,500,000 1,508,550.00 1.06EURItaly 8,343,250.00 5.87

ASSICURAZ GENERALI 6.15 00-10 20/07A1,000,000 1,105,600.00 0.78EURBANCA LOMBARD EMTN SUB6.875 00-10 23/02A1,500,000 1,677,300.00 1.18EUREDISON SPA EMTN 5.125 03-10 10/12A1,000,000 1,014,800.00 0.71EURENEL-SOCIETA EMTN 4.75 03-18 12/06A500,000 486,900.00 0.34EURLOTTOMATICA EMTN 4.80 03-08 22/12A1,500,000 1,495,800.00 1.05EURSANPAOLO IMI EMTN 5.375 02-12 13/12A1,000,000 1,054,300.00 0.74EUR

FRANCE TELECOM EMTN 7.25 03-13 28/01A3,000,000 3,489,900.00 2.46EURFrance 6,446,350.00 4.54

FRANCE TELECOM EMTN 8.125 03-33 28/01A250,000 320,150.00 0.23EURVEOLIA ENVIRONN.EMTN 5.375 03-18 28/05A500,000 495,700.00 0.35EURVEOLIA ENVIRONNEMENT 5.875 01-08 27/06A2,000,000 2,140,600.00 1.51EUR

FONTERRA CO-OPE. EMTN 5.25 02-07 21/05A3,000,000 3,163,200.00 2.23EURNew Zealand 3,163,200.00 2.23

TDC AS EMTN 6.50 02-12 19/04A2,000,000 2,220,200.00 1.56EURDenmark 2,220,200.00 1.56







146Page

ALTRIA FINANCE 5.625 98-08 24/06A1,000,000 1,027,200.00 0.72EURCayman Islands 2,047,000.00 1.44

HUTCHISON WHAMP.FIN 5.875 03-13 08/07A1,000,000 1,019,800.00 0.72EUR

CREDIT SUISSE FINANCE 6.375 01-13 07/06A1,500,000 1,679,850.00 1.18EURGuernsey 1,679,850.00 1.18

HANCOCK JOHN 4.75 98-08 01/12A2,000,000 1,038,638.33 0.73DEMJersey Island 1,038,638.33 0.73

WINTERTHUR CAPITAL 5.375 00-05 14/04A1,000,000 1,030,700.00 0.73EURBermuda 1,030,700.00 0.73

FORTUM CORP. EMTN 5.00 03-13 19/11A1,000,000 995,700.00 0.70EURFinland 995,700.00 0.70

SOLVAY SA EMTN 4.625 03-18 27/06A500,000 466,250.00 0.33EURBelgium 466,250.00 0.33

CASSA RISPAMIO SUB FL.R 03-13 05/12Q1,000,000 1,001,375.00 0.70EUR

Floating rate bonds 6,356,006.47 4.47

Italy 2,670,323.00 1.88

EDISON EMTN FL.R 00-07 20/07A1,500,000 1,668,948.00 1.17EUR

GMAC EMTN FL.R 03-05 05/07Q1,500,000 1,520,100.00 1.07EURUnited States of America 2,032,350.00 1.43

ZURICH FINANCE SUB FL.R 03-23 02/10A500,000 512,250.00 0.36EUR

PEMEX STEP DOWN 97-07 13/08A3,000,000,000 1,653,333.47 1.16ITLMexico 1,653,333.47 1.16

NAT.AUST.BK ENTM SUB FL.R 03-15 04/06A2,500,000 2,431,000.00 1.71EUR



Australia 2,431,000.00 1.71

AVIVA PLC SUB FL.R 03-23 02/10A500,000 499,650.00 0.35EURUnited Kingdom 499,650.00 0.35

MAESTRALE SRL -1-A- FL.R 03-23 20/12Q2,000,000 1,998,200.00 1.41EUR

Mortgage and asset backed securities 1,998,200.00 1.41

Italy 1,998,200.00 1.41








147Page

6,819,411.43Income


496,848.98Expenses


55,220.45Custodian & sub-custodian fees 6Note13,946.02Taxe d'abonnement 4Note48,096.35Administrative expenses 6Note7,478.99Domiciliation fees

16,182.70Professional fees8,088.84Legal fees



4,363,411.13Net realised profit on sales of investment securities-4.20Net realised loss on foreign exchange




-1,029,000.00Euro Corporate Bonds - Class A-1,029,000.00Dividends paid

1,000.00Euro Corporate Bonds - Class D1,000.00Euro Corporate Bonds - Class E


1,029,000.00Euro Corporate Bonds - Class A1,029,000.00Subscription distribution shares






148Page


European High Yield Bonds


149Page

16,823,695.42Assets


421,326.30Unrealised profit on the securities portfolio361,560.35Cash at banks and liquidities472,844.64Interest receivable 2Note





Expressed in EUR


GENERALI ASSET MANAGERS SICAV European High Yield Bonds

European High Yield Bonds - Class A


European High Yield Bonds - Class D


European High Yield Bonds - Class E






30/06/03


150Page

European High Yield Bonds - Class A

Distribution shares

150,000.00107.52

0.00

0.000.000.00

0.000.000.00


EUR EUR EUR

European High Yield Bonds - Class D


6,278.85106.75

0.000.00

0.000.00


EUR EUR EUR

European High Yield Bonds - Class E


10.00101.03

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 16,798,589.66 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



151Page

BIG FOOD GROUP REGS 9.75 02-12 30/06S100,000 147,769.25 0.88GBP


Bonds 14,355,787.32 85.46

United Kingdom 3,371,331.48 20.07

BRITAX GRP REGS NOT. 11.25 02-11 15/05S100,000 100,000.00 0.60EURBRITISH SKY BROAD.GR 7.75 99-09 09/07A130,000 198,638.82 1.18GBPBRITISH STEEL 6.75 98-08 20/05A200,000 232,031.83 1.38GBPCOLT TELECOM GR REG. 7.625 99-09 15/12S100,000 97,500.00 0.58EUREMI GROUP 9.75 02-08 20/05A150,000 220,993.18 1.32GBPEMI GROUP PLC REG-S 8.625 03-13 15/10S200,000 208,500.00 1.24EURINEOS GROUP PLC 10.50 01-10 01/08S290,000 321,900.00 1.92EURINVENSYS 5.50 00-05 01/04A250,000 241,225.00 1.44EURLUCITE INTERNATIONAL 10.25 03-10 15/05A100,000 110,000.00 0.65EURPREMIER INTL FOOD 12.25 99-09 01/09S50,000 76,683.72 0.46GBPSTAGECOACH HOLDINGS 6.00 99-04 24/11A150,000 151,410.00 0.90EURTVN FINANCE CORP REGS 9.50 03-13 15/12S100,000 100,500.00 0.60EURUK TREASURY GILT STK 5.00 99-04 07/06S375,000 535,059.68 3.19GBPUNITED BISCUITS REG 10.625 01-11 15/04S200,000 227,120.00 1.35EURXEROX 5.25 99-04 03/12A400,000 402,000.00 2.39EUR

AHOLD EMTN 5.875 01-08 09/05A500,000 491,950.00 2.93EURThe Netherlands 2,280,720.50 13.58

ARDAGH GLASS FIN.REGS 8.875 03-13 01/07S100,000 107,940.00 0.64EURCARMEUSE LIME REG-S 10.75 02-12 15/07S100,000 113,500.00 0.68EURELEKTROWNIA 9.75 01-11 14/03A150,000 141,000.00 0.84EURFRESENIUS FIN.REG-S 7.75 03-09 30/04S200,000 218,500.00 1.30EURHEIDELBERGCEMENT FIN 7.375 03-10 15/07S400,000 423,320.00 2.52EURIMPRESS GROUP REG-S 10.50 03-07 25/05S100,000 98,000.00 0.58EURJONES LG LASALLE REGD 9.00 00-07 15/06S100,000 106,000.00 0.63EURKAPPA BEHE.SUB REG D 10.625 99-09 15/07S250,000 267,500.00 1.59EURSOL MELIA EUROPE 6.25 01-06 09/02A150,000 154,515.00 0.92EURYELL FINANCE EMTN 10.75 01-11 01/08S97,636 158,495.50 0.94GBP

ALCATEL ALSTHOM 4.375 99-09 17/02A450,000 420,165.00 2.50EURFrance 2,166,590.00 12.90

BSN GLASSPACK REG S 9.25 03-09 01/08S250,000 266,400.00 1.59EURCMA CGM SA REGS 9.875 03-13 15/05S100,000 109,500.00 0.65EURCROWN EURO HDGS EMTN 10.25 03-11 01/03S300,000 333,000.00 1.98EURFIMEP SA 11.00 03-13 15/02S150,000 180,000.00 1.07EURKAUFMAN ET BROAD REG 8.75 02-09 01/08S100,000 110,000.00 0.65EURREMY COINTREAU REG S 6.50 03-10 01/07S150,000 153,945.00 0.92EURRHODIA 6.00 01-06 26/03A150,000 138,705.00 0.83EURRHODIA REG-S SUB. 9.25 03-11 01/06S200,000 163,000.00 0.97EURVIVENDI UNIVERS.REGS 9.50 03-10 15/04S250,000 291,875.00 1.74EUR

ANTARGAS FIN.REG-S 10.00 02-11 15/07S150,000 169,500.00 1.01EURLuxembourg 1,722,782.84 10.26

FIAT FINANCE TRADE 6.25 00-10 24/02A200,000 190,740.00 1.14EURFIAT FINANCE TRADE 7.00 00-05 19/10A300,000 420,417.73 2.50GBPSAFILO CAP.INTL REG-S 9.625 03-13 15/05S200,000 170,000.00 1.01EURSANITEC INTL REGD 9.00 02-12 15/05S150,000 147,750.00 0.88EURTEKSID ALUMINIUM 11.375 03-11 15/07S200,000 204,000.00 1.21EURTYCO INTL GROUP EMTN 6.50 01-11 21/11A300,000 420,375.11 2.50GBP

FLENDER HOLDG REG-S 11.00 03-10 08/01S100,000 110,000.00 0.65EURGermany 1,402,507.50 8.35

GROHE HOLDING REGD 11.50 00-10 15/11S100,000 114,000.00 0.68EURJENOPTIK AG 7.875 03-10 15/11S100,000 104,000.00 0.62EURKAMPS AG SENIOR REG-S 8.50 02-09 15/02S200,000 216,000.00 1.29EURKLOECK.PENTAPL.REG-S 9.375 02-12 15/02S105,000 113,137.50 0.67EURKRONOS INTL 8.875 02-09 30/06S150,000 160,500.00 0.96EURMESSER GRIESHAM 10.375 01-11 01/06S335,000 385,250.00 2.29EURPROSIEBEN SAT.1 5.875 01-06 28/03S200,000 199,620.00 1.19EUR

CONCORDIA BUS REGD 11.00 00-10 15/02S250,000 220,000.00 1.31EURSweden 1,077,045.00 6.41

ERICSSON LM TELEFON AB6.75 03-10 28/11S217,000 220,255.00 1.31EURPREEM HLD 10.625 01-11 31/03S150,000 151,500.00 0.90EURSCANDINAVIAN AIRLINES 6.00 01-08 20/06A250,000 230,000.00 1.37EURTELEFON ERICSSON 3.625 99-04 12/07A150,000 149,400.00 0.89EURTELEFON ERICSSON 8.875 01-06 31/05A100,000 105,890.00 0.63EUR







152Page

JEFF.SMURFIT GRP REGD10.125 02-12 01/10S250,000 278,125.00 1.66EURIreland 708,125.00 4.22

VALENTIA TELECOM 7.25 03-13 15/08S400,000 430,000.00 2.56EUR

ABB INTERNATIONAL 6.50 03-11 30/11S100,000 100,280.00 0.60EURGuernsey 441,140.00 2.63

ABB INTL FINANCE EMTN11.00 02-08 15/01A300,000 340,860.00 2.03EUR

LEVI STRAUSS REGD 11.625 01-08 15/01S100,000 68,000.00 0.40EURUnited States of America 323,795.00 1.93

NALCO COMPANY REGS 9.00 03-13 15/11S150,000 155,625.00 0.93EURTOYS R US 7.125 01-04 13/02A100,000 100,170.00 0.60EUR

BARRY CALLEBAUT REGS 9.25 03-10 15/03S100,000 112,000.00 0.67EURBelgium 215,500.00 1.28

SOLUTIA EUROPE 10.00 00-08 15/12A100,000 103,500.00 0.62EUR

ABB INTER.FIN.-EMTN- 5.125 01-06 11/01A200,000 201,500.00 1.20EURThe Netherlands Antilles 201,500.00 1.20

FINDEXIA II REGD 10.25 01-11 01/12S100,000 113,000.00 0.67EURNorway 113,000.00 0.67

NYCO HOLDINGS 2 REGS 11.50 03-13 31/03S100,000 110,500.00 0.66EURDenmark 110,500.00 0.66

BINA-ISTRA 8.00 03-22 15/12A100,000 104,750.00 0.62EURCroatia 104,750.00 0.62

DYNEA INTL REGD 12.25 00-10 15/08S100,000 66,000.00 0.39EURFinland 66,000.00 0.39

HEAD HOLDING REGD 10.75 00-06 15/01S50,000 50,500.00 0.30EURAustria 50,500.00 0.30

ASPROPULSION CAPITAL 9.625 03-13 01/10S100,000 105,500.00 0.63EUR


Bonds 1,633,503.11 9.72

The Netherlands 593,631.71 3.53

CABLE WIRELESS INT 8.625 94-19 25/03A250,000 383,631.71 2.28GBPKONIN.VENDEX ERG-S 7.375 03-10 15/11S100,000 104,500.00 0.62EUR

PTC INTL FIN II SUB. 11.25 99-09 01/12S285,000 312,075.00 1.86EURLuxembourg 417,105.00 2.48

TYCO INTL GTD 6.125 00-07 04/04A100,000 105,030.00 0.63EUR

TELENET COMMUNICATION 9.00 03-13 15/12S300,000 310,500.00 1.85EURBelgium 310,500.00 1.85

FOCUS WICKES REG-S 10.00 03-11 28/07S150,000 205,136.40 1.22GBPUnited Kingdom 205,136.40 1.22

SLOVAK WIR.REGD -B- 11.25 00-07 30/03S100,000 107,130.00 0.64EURSlovakia 107,130.00 0.64








153Page

609,367.47Income

602,832.77Net interest on bonds 2Note6,534.70Bank interest on cash account 2Note

52,364.61Expenses


945.20Taxe d'abonnement 4Note4,598.41Administrative expenses 6Note








1,002,523.38European High Yield Bonds - Class D1,000.00European High Yield Bonds - Class E


15,000,000.00European High Yield Bonds - Class A15,000,000.00Subscription distribution shares

-378,406.50European High Yield Bonds - Class D-378,406.50Redemption capitalisation shares






154Page


Euro Short Term Yield Plus


155Page

155,207,586.69Assets



617,136.69Interest receivable 2Note





Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Short Term Yield Plus

Euro Short Term Yield Plus - Class A

Capitalisation shares 0.00 200,000.00 200,000.00 0.00

Distribution shares 0.00 100,000.00 100,000.00 0.00

Euro Short Term Yield Plus - Class B



Euro Short Term Yield Plus - Class C






30/01/03


156Page

Euro Short Term Yield Plus - Class A


0.000.00

0.000.00

0.000.00


Distribution shares

0.000.000.00

0.000.000.00

0.000.000.00


EUR EUR EUR

Euro Short Term Yield Plus - Class B


645,960.26102.46

0.000.00

0.000.00


Distribution shares

296,656.68101.17

1.29

0.000.000.00

0.000.000.00


EUR EUR EUR

Euro Short Term Yield Plus - Class C


585,185.91100.64

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 155,092,344.74 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



157Page

BANCA ANTONVENETA FL.R 03-13 23/04Q3,000,000 3,040,151.43 1.96EUR



Italy 17,678,038.93 11.40

CASSA RISPAMIO SUB FL.R 03-13 05/12Q500,000 500,687.50 0.32EURITALY CCTS FL.R 03-10 01/06S14,000,000 14,137,200.00 9.12EUR

DAIMLERCHRYSLER EMTN FL.R 03-05 12/08Q500,000 501,632.41 0.32EURUnited States of America 4,555,753.65 2.94

HOUSEHOLD FIN. EMTN FL.R 02-05 03/05Q4,000,000 4,054,121.24 2.61EUR

ARES FINANCE S-1 -B- FL.R 01-11 25/03S500,000 496,000.00 0.32EUR


Italy 24,941,611.99 16.08

CPG SCARL 1 - B FL.R 03-24 25/01S1,600,000 1,603,200.00 1.03EURCRESO 1 -B- FL.R 00-15 01/09S3,000,000 2,986,500.00 1.93EURF-E PERSONAL LOAN-1B-FL.R 03-15 20/12Q1,000,000 999,500.00 0.64EURFIORDILATTE S.1 CL.A. FL.R 02-07 24/05Q1,875,000 1,818,750.00 1.17EURGIOTTO FINANCE SPA FL.R 03-27 20/10Q3,000,000 3,000,000.00 1.93EURINTL CREDIT S-6X-CL-A-FL.R 01-11 15/11S384,014 382,861.99 0.25EURITALEASE FIN 03-1-B- FL.R 03-12 14/12Q3,000,000 3,000,000.00 1.93EURLOCAT SECUR.CL-B1- FL.R 01-17 12/06Q1,950,000 1,950,390.00 1.26EURLOMBA SERIES 3 -A2- FL.R 03-15 30/10Q1,300,000 1,302,210.00 0.84EURMASTER DOLFIN -B- FL.R 03-19 23/10Q2,400,000 2,400,000.00 1.55EURPONTE VECCHIO N2-B1- FL.R 03-19 20/07Q2,000,000 2,002,200.00 1.29EURSCIP STE CARTOLAR-2C1-FL.R 02-08 26/10Q1,000,000 1,000,500.00 0.65EURUPGRADE SPA S01-02-B-FL.R 01-10 20/10Q1,000,000 999,500.00 0.64EURVELA LEASE -2003-1 B- FL.R 03-15 16/12Q1,000,000 1,000,000.00 0.64EUR

DELPHINUS 2003-93-I- FL.R 03-93 25/04Q4,000,000 4,002,400.00 2.58EURThe Netherlands 15,505,400.00 10.00

DELPHINUS 2003-II-B- FL.R 03-91 25/09Q2,000,000 2,000,800.00 1.29EURDUTCH MBX IX -B- FL.R 01-77 02/07M1,000,000 997,800.00 0.64EURDUTCH MBX IX -C- FL.R 03-79 31/10Q500,000 501,400.00 0.32EURHERME 7 B HOLLAND EUROFL.R 03-37 18/11Q1,000,000 1,000,000.00 0.64EURHOLLAND EURO S.6 -B- FL.R 03-35 18/05Q1,000,000 999,500.00 0.64EURHOLLAND EURO S.7 -C- FL.R 03-37 18/11Q1,000,000 1,001,000.00 0.65EURMONASTERY 2003-I -A- FL.R 03-40 17/10Q5,000,000 5,002,500.00 3.23EUR

CHALET FINANCE-1-C FL.R 03-13 24/07Q1,500,000 1,500,750.00 0.97EURIreland 8,803,850.00 5.68

CHALET FINANCE-2-B FL.R 03-13 26/11Q3,000,000 3,003,000.00 1.94EURCORDUSIO PLC 1-A- FL.R 02-12 01/04Q1,000,000 1,000,100.00 0.64EURPARES -1X- -B- FL.R 03-11 25/07Q1,300,000 1,300,000.00 0.84EURPELICAN MORTGAGE 2B FL.R 03-26 15/09Q2,000,000 2,000,000.00 1.29EUR

CLARIS 2003-B -A- FL.R 03-08 19/10Q500,000 500,000.00 0.32EURJersey Island 8,468,890.58 5.46

EIGER TRUST S.1X -B- FL.R 03-10 15/11Q1,970,314 1,971,890.58 1.27EUREUROPA LTD -S2- CL B2 FL.R 02/27 15/06Q1,000,000 996,500.00 0.64EURSRM INVESTMENT 3 C FL.R 03-34 26/08Q1,000,000 1,000,500.00 0.65EURTEMPO CDO -S1-CL.A- FL.R 03-49 15/11S1,000,000 1,000,000.00 0.64EURVOLKSWAGEN CAR LEA 5B FL.R 02-05 21/11M1,500,000 1,500,000.00 0.97EURVOLKSWAGEN CAR LEA 6B100.R 03-09 21/01M1,500,000 1,500,000.00 0.97EUR

ATOMIUM MTGE-2003-I-B FL.R 03-34 01/07M3,000,000 3,000,000.00 1.93EURUnited Kingdom 7,996,000.00 5.16

CARS ALLIANCE 02-1 -B-FL.R 02-17 25/10Q2,000,000 2,000,000.00 1.29EURMOUND FIN.S-3X -M2- FL.R 03-42 08/02Q1,000,000 996,000.00 0.64EURPERMANENT -3- -4B- FL.R 03-42 10/06Q2,000,000 2,000,000.00 1.29EUR

RESIMAC 2003-1 -1A- FL.R 03-35 15/03Q722,943 723,231.78 0.47EURAustralia 723,231.78 0.47

CHESTER ASSET REC-C- FL.R 03-12 17/09Q500,000 500,300.00 0.32EURCayman Islands 500,300.00 0.32

TOLL ROAD FUNDING FL.R 03-14 31/12M970,230 970,230.00 0.63EUR



Ireland 970,230.00 0.63

GMAC EMTN FL.R 03-06 04/08Q500,000 507,404.63 0.33EURThe Netherlands 507,404.63 0.33







158Page

AGRISEC.S.2001-1 CL.A FL.R 01-10 08/09Q4,000,000 3,988,000.00 2.57EUR


Italy 25,287,383.72 16.30

ARIOSTO SERIES 1 -A- FL.R 01-20 05/10S300,000 300,000.00 0.19EURBERICA MBS S2 -B1- FL.R 01-26 25/09S1,000,000 996,700.00 0.64EURBPL CONSUMER SER.02-A FL.R 02-13 01/11Q2,000,000 2,005,400.00 1.29EURDU.CA. SPV SRL S1 -B-FL.R 01-11 15/10Q1,000,000 1,002,100.00 0.65EURINTESA SEC. 2-BCI B FL.R 03-23 28/08Q750,000 750,525.00 0.48EURINTESA SEC. SPA-2-B- FL.R 01-18 10/08S2,000,000 1,993,000.00 1.29EURLOCAT SECUR.CL-B2- FL.R 01-17 12/06Q1,000,000 1,000,100.00 0.64EURMAESTRALE SRL -1-A- FL.R 03-23 20/12Q2,000,000 1,998,200.00 1.29EURPHARMA FINANCE -1- FL.R 02-16 28/10Q3,000,000 2,998,500.00 1.93EURSCIP SCT CARTOLAR FL.R 02-08 26/10Q1,400,000 1,400,700.00 0.90EURSIENA 2002-3 -B- FL.R 02-37 15/11Q3,000,000 3,004,500.00 1.94EURTHEANO FINANCE -1-A- FL.R 01-21 26/07S186,630 186,741.98 0.12EURTHEANO FINANCE -1-B- FL.R 01-21 26/07S1,949,000 1,955,821.50 1.26EURTIZIANO FINANCE S1-B-FL.R 01-18 31/10Q1,000,000 997,600.00 0.64EURTREVI FIN. -3A- CL A FL.R 01-11 16/08S414,405 409,639.34 0.26EURTREVI FIN. NO 2 FL.R 00-10 20/08S303,191 299,855.90 0.19EUR

BANCAJA FONDO-6- -B- FL.R 03-36 20/02Q1,000,000 1,000,000.00 0.64EURSpain 6,861,486.58 4.42

BANKINTER S.1 -B- FL.R 99-24 22/04S893,814 896,048.03 0.58EURHIPO.HIPO 6 D FL.R 03-34 31/12Q454,189 454,188.55 0.29EURSANTANDER CONS.2002-1FL.R 02-12 23/12Q4,500,000 4,511,250.00 2.91EUR

GLOBALDRIVE B.V FL.R 02-12 20/11Q1,000,000 1,001,500.00 0.65EURThe Netherlands 5,501,500.00 3.55

SAECURE 2003-3 -B- FL.R 03-70 25/11Q3,000,000 3,000,000.00 1.93EURSAECURE 2003-3 -D- FL.R 03-70 25/11Q1,500,000 1,500,000.00 0.97EUR

CARDS 2002-A CLASS B FL.R 02-11 15/07Q1,500,000 1,492,500.00 0.96EURUnited Kingdom 5,149,700.07 3.32

GRAN 2001-1 3C REGD FL.R 02-42 20/04Q700,000 702,170.00 0.45EURGRANITE MTGE 03-1-2C- FL.R 03-43 20/01Q1,000,000 1,006,000.00 0.65EURHOLMES FIN 2001 3-C FL.R 01-40 15/07Q500,000 502,450.00 0.32EURPERMANENT FIN.-2-3C- FL.R 03-42 10/06Q500,000 502,400.00 0.32EURPREF.RESID.SEC.-6-A2- FL.R 03-35 15/09Q941,356 944,180.07 0.61EUR

LOTHIAN MTGES S.2X -B-FL.R 03-43 24/07Q1,000,000 1,000,000.00 0.64EURUnited States of America 3,002,000.00 1.94

RMS 16X A2C FL.R 03-36 12/11Q2,000,000 2,002,000.00 1.29EUR

EMERALD MORTGAGES FL.R 03-35 15/01M500,000 500,000.00 0.32EURIreland 1,497,500.00 0.97

VERDI SYNTHETIC FL.R 02-10 03/12Q1,000,000 997,500.00 0.64EUR

AUTO ABS -2001-1-B- FL.R 01-03 25/10Q500,000 500,100.00 0.32EURFrance 500,100.00 0.32

CREDIFARMA FINANCE FL.R 03-12 31/10Q2,000,000 2,000,000.00 1.29EUR



Italy 4,073,940.09 2.63

TIEPOLO FINANCE FL.R 01-18 10/07S2,074,770 2,073,940.09 1.34EUR

CARS ALLIANCE 03-1 -B-FL.R 03-21 08/01Q1,000,000 1,000,500.00 0.65EURUnited Kingdom 3,000,500.00 1.93

SHERWOOD 2003-1 -B- FL.R 03-10 15/08Q2,000,000 2,000,000.00 1.29EUR

BRAMANTE PLC -B-S1- FL.R 03-08 31/07Q2,978,276 2,978,276.13 1.92EUR

Recently issued transferable securities 2,978,276.13 1.92


Italy 2,978,276.13 1.92








159Page

1,974,162.92Income


203,940.55Expenses

121,386.08Management & advisory fees 5Note16,416.88Custodian & sub-custodian fees 6Note8,597.23Taxe d'abonnement 4Note

25,011.55Administrative expenses 6Note2,837.31Domiciliation fees8,122.23Professional fees6,598.51Legal fees



125,187.88Net realised profit on sales of investment securities




-382,509.12Euro Short Term Yield Plus - Class B-382,509.12Dividends paid

20,000,000.00Euro Short Term Yield Plus - Class A81,822,166.99Euro Short Term Yield Plus - Class B58,826,312.38Euro Short Term Yield Plus - Class C


10,000,000.00Euro Short Term Yield Plus - Class A30,000,000.00Euro Short Term Yield Plus - Class B

40,000,000.00Subscription distribution shares

-20,267,600.00Euro Short Term Yield Plus - Class A-16,648,029.09Euro Short Term Yield Plus - Class B

-2,805.51Euro Short Term Yield Plus - Class C

-36,918,434.60Redemption capitalisation shares

-10,140,800.00Euro Short Term Yield Plus - Class A-10,140,800.00Redemption distribution shares






160Page


Euro Liquidity


161Page

130,125,915.33Assets



465,038.36Interest receivable 2Note9,581.50Formation expenses 2Note

35,250.45Other assets 9Note

14,881,533.62Liabilities

14,800,070.00Brokers payable81,463.62Other liabilities 9Note



Expressed in EUR


GENERALI ASSET MANAGERS SICAV Euro Liquidity

Euro Liquidity - Class A


Euro Liquidity - Class B


Euro Liquidity - Class D


Euro Liquidity - Class E






01/01/03


162Page

Euro Liquidity - Class A


800,000.00104.83

800,000.00102.39

0.000.00


EUR EUR EUR

Euro Liquidity - Class B


300,086.82104.57

10,711.77102.28

0.000.00


EUR EUR EUR

Euro Liquidity - Class D


10.0098.66

0.000.00

0.000.00


EUR EUR EUR

Euro Liquidity - Class E


10.0098.64

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 115,244,381.71 83,006,761.30 0.00

31/12/0131/12/0231/12/03Year ending at:

EUR



163Page

CEPME 9.00 89-04 12/06A2,368,295 2,434,405.69 2.11EUR


Bonds 4,468,459.14 3.88

France 2,434,405.69 2.11

ABN AMRO BANK NV SUB. 8.00 94-04 11/10A4,305,000 2,034,053.45 1.76NLGThe Netherlands 2,034,053.45 1.76

CARREFOUR CV 2.50 99-04 01/01A4,400 4,510,000.00 3.91EUR

Convertible bonds 6,958,153.00 6.04

France 6,958,153.00 6.04

FRANCE TELECOM CV 2.00 98-04 01/01A3,000 2,448,153.00 2.12EUR

SALOMON SMITH EMTN FL.R 01-04 13/02Q2,000,000 2,001,600.00 1.74EUR



DAIMLERCHRYSLER 6.00 01-04 19/01A1,000,000 1,001,503.60 0.87EUR


Bonds 1,001,503.60 0.87


SUEZ FINANCE FL.R 02-04 15/07Q3,000,000 2,999,100.00 2.60EUR


France 2,999,100.00 2.60

BNP PARIBAS -04 19/03U4,000,000 3,978,582.36 3.45EUR

ECP, CD, Discount Notes 45,485,290.66 39.47

France 41,308,631.45 35.84

CFF -04 22/01U3,500,000 3,461,506.20 3.00EURDIAC -04 19/01U3,000,000 2,977,187.37 2.58EURELIOPEE -04 23/01U4,500,000 4,491,739.13 3.90EURFORD BANK CD -04 16/01U2,000,000 1,988,740.60 1.73EURHEXAGONE -04 19/01U3,000,000 2,993,917.77 2.60EURING BANK -04 17/02U4,000,000 3,970,323.72 3.45EURODDO -04 28/01U3,000,000 2,988,791.85 2.59EURRENAULT CD -04 16/01U3,000,000 2,977,693.86 2.58EURTHESEE -04 19/01U3,000,000 2,994,084.12 2.60EURTITRIWATT -04 02/01U4,000,000 3,992,157.20 3.46EURVOLKSWAGEN -04 15/01U4,500,000 4,493,907.27 3.90EUR

LA DEFENSE II PLC -04 09/01U4,200,000 4,176,659.21 3.62EURUnited Kingdom 4,176,659.21 3.62

DOMOS 1999-1 -A2- FL.R 99-04 25/11Q2,000,000 2,004,000.00 1.74EUR


France 2,004,000.00 1.74

BANQUE PSA FIN. EMTN FL.R 03-05 19/05Q4,400,000 4,402,640.00 3.82EUR



France 4,402,640.00 3.82



France 2,245,852.60 1.95

ABN AMRO BANK CD 2.13416 -04 05/01U6,800,000 6,800,035.02 5.90EUR

Money market instruments 43,129,620.73 37.42

ECP, CD, Discount Notes 43,129,620.73 37.42

The Netherlands 14,735,229.81 12.79

ABN BOUWFONDS -04 17/03U3,000,000 2,978,296.74 2.58EURENECO -04 03/06U3,000,000 2,966,226.03 2.57EURGMAC INTERNATIONAL -04 20/02U2,000,000 1,990,672.02 1.73EUR

CDC IXIS 2.154 -04 05/01U8,000,000 8,000,035.04 6.94EURFrance 8,000,035.04 6.94

QUASAR -04 20/01U3,000,000 2,983,804.11 2.59EURBelgium 6,473,628.77 5.62

TRACTEBEL -04 15/01U3,500,000 3,489,824.66 3.03EUR

ENBW INTERNATIONAL -04 28/01U3,000,000 2,988,843.12 2.59EURGermany 5,972,248.65 5.18

HYPOBK ESSEN -04 12/03U3,000,000 2,983,405.53 2.59EUR







164Page

BCA POP.VERONA -04 02/04U3,000,000 2,973,189.81 2.58EURItaly 5,960,795.40 5.17

UNICREDITO CDNP -04 17/02U3,000,000 2,987,605.59 2.59EUR

PAPER GMAC -04 20/01U2,000,000 1,987,683.06 1.72EURLuxembourg 1,987,683.06 1.72








165Page

2,408,633.94Income

862,916.77Net interest on bonds 2Note412.96Bank interest on cash account 2Note

33,789.01Bank interest on time deposits 2Note1,333,314.18Other interest

729.32Net income on reverse repurchase agreements177,471.70Interest on interest rate swaps

357,018.10Expenses

2,854.41Amortisation of formation expenses 2Note52,052.85Management & advisory fees 5Note25,406.75Custodian & sub-custodian fees 6Note9,198.30Taxe d'abonnement 4Note


11,643.04Other expenses196,587.96Interest on interest rate swaps


3,016.66Net realised profit on sales of investment securities-346.00Net realised loss on interest rate swaps




30,404,707.08Euro Liquidity - Class B1,000.00Euro Liquidity - Class D1,000.00Euro Liquidity - Class E


-170,590.00Euro Liquidity - Class B-170,590.00Redemption capitalisation shares






166Page


Global Conservative


167Page

2,019,623.10Assets



18,232.75Interest receivable 2Note1,775.59Brokers receivable2,240.00Unrealised net appreciation on financial futures 7Note

263.14Other assets

1,052.82Liabilities




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Conservative

Global Conservative - Class A


Global Conservative - Class D


Global Conservative - Class E






01/12/03


168Page

Global Conservative - Class A


20,000.00100.83

0.000.00

0.000.00


EUR EUR EUR

Global Conservative - Class D


10.00100.71

0.000.00

0.000.00


EUR EUR EUR

Global Conservative - Class E


10.00100.69

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 2,018,570.28 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



169Page

ITALY BTP 2.75 03-06 01/02S400,000 401,000.00 19.87EUR


Bonds 1,626,478.00 80.58

Italy 1,626,478.00 80.58

ITALY BTP 3.25 99-04 15/04S400,000 401,348.00 19.88EURITALY BTP 3.50 03-08 15/09S270,000 269,973.00 13.37EURITALY BTP 4.25 03-13 01/08S270,000 267,030.00 13.23EURITALY BTP 4.25 03-19 01/02S100,000 94,500.00 4.68EURITALY BTP 6.00 00-31 01/05S170,000 192,627.00 9.54EUR

NASDAQ-100 TRUST SERIES I640 18,673.16 0.93USD

Units in Investment Funds 96,487.19 4.78

United States of America 96,487.19 4.78

SPDR TRUST UNIT SERIE 1877 77,814.03 3.85USD








170Page

4,881.33Income

265.85Net dividends 2Note4,377.36Net interest on bonds 2Note

238.12Bank interest on cash account 2Note

1,058.92Expenses

503.49Management & advisory fees 5Note80.96Custodian & sub-custodian fees 6Note16.35Taxe d'abonnement 4Note

425.88Administrative expenses 6Note32.24Professional fees


-1,259.21Net realised loss on sales of investment securities620.40Net realised profit on financial futures




2Note



2,000,000.00Global Conservative - Class A1,000.00Global Conservative - Class D1,000.00Global Conservative - Class E







171Page


Global Balanced


172Page

2,021,696.17Assets



11,499.49Interest receivable 2Note2,801.59Unrealised net appreciation on forward foreign exchange contracts 8Note

11,890.99Unrealised net appreciation on financial futures 7Note362.09Other assets

1,213.07Liabilities




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Balanced

Global Balanced - Class A


Global Balanced - Class D


Global Balanced - Class E






01/12/03


173Page

Global Balanced - Class A


20,060.13100.62

0.000.00

0.000.00


EUR EUR EUR

Global Balanced - Class D


10.00100.75

0.000.00

0.000.00


EUR EUR EUR

Global Balanced - Class E


10.00100.72

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 2,020,483.10 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



174Page

CATERPILLAR INC202 13,552.64 0.67USD


Shares 333,152.36 16.49


CITIGROUP INC326 12,599.80 0.62USDEXXON MOBIL408 13,245.63 0.66USDGENERAL ELECTRIC CO519 12,723.90 0.63USDIBM CORP169 12,493.09 0.62USDMICROSOFT CORP582 12,791.41 0.63USDPFIZER INC449 12,566.48 0.62USD

AIR LIQUIDE18 2,480.40 0.12EURFrance 77,009.24 3.81

ALCATEL202 2,086.66 0.10EURAVENTIS123 6,383.70 0.32EURAXA247 4,196.53 0.21EURBNP PARIBAS151 7,480.54 0.37EURCARREFOUR101 4,312.70 0.21EURCIE SAINT GOBAIN62 2,383.90 0.12EURFRANCE TELECOM163 3,646.31 0.18EURGROUPE DANONE23 2,955.50 0.15EURL'OREAL SA56 3,640.00 0.18EURLAFARGE30 2,085.00 0.10EURLVMH MOET HENN.LOUIS VUIT.42 2,412.90 0.12EURSANOFI SYNTHELABO65 3,838.25 0.19EURSOCIETE GENERALE PARIS -A-78 5,448.30 0.27EURSUEZ (EX SUEZ LYONNAISE DES EAUX)165 2,638.35 0.13EURTOTAL SA120 17,376.00 0.86EURVIVENDI UNIVERSAL190 3,644.20 0.18EUR

ALLIANZ AG NAMEN VINKULIERT58 5,804.64 0.29EURGermany 53,638.83 2.65

BASF AG101 4,502.58 0.22EURBAYER AG122 2,832.84 0.14EURDAIMLERCHRYSLER REG.146 5,402.00 0.27EURDEUTSCHE BANK NAMEN103 6,767.10 0.33EURDEUTSCHE TELEKOM NAMEN426 6,181.26 0.31EUREON AKTIENGESELLSCHAFT116 6,001.84 0.30EURMUENCHENER RUECKVERSICHERUNGS NAMEN29 2,787.48 0.14EURRWE -A-72 2,258.64 0.11EURSIEMENS NAM. AKT REG147 9,378.60 0.46EURVOLKSWAGEN AG ST39 1,721.85 0.09EUR

ABN AMRO HOLDING268 4,974.08 0.25EURThe Netherlands 41,100.93 2.03

AEGON NV234 2,744.82 0.14EURING GROEP NV CERT OF SHS320 5,897.60 0.29EURKON.AHOLD275 1,625.25 0.08EURROYAL DUTCH PETROLEUM CO372 15,438.00 0.76EURROYAL PHILIPS ELECTRONICS NV226 5,249.98 0.26EURUNILEVER CERT. OF SHS101 5,171.20 0.26EUR

BANCO BILBAO VIZCAYA ARGENTARIA SA BBVA567 6,208.65 0.31EURSpain 31,131.50 1.54

BANCO SANTANDER CENTRAL HISPANO REG.846 7,943.94 0.39EURENDESA169 2,577.25 0.13EURIBERDROLA SA138 2,162.46 0.11EURREPSOL YPF166 2,566.36 0.13EURTELEFONICA SA831 9,672.84 0.48EUR

ASSICURAZIONI GENERALI SPA196 4,116.00 0.20EURItaly 25,240.67 1.25

ENEL341 1,837.99 0.09EURENI AZ455 6,806.80 0.34EURSANPAOLO IMI213 2,202.42 0.11EURTELECOM ITALIA MOBILE SPA661 2,848.91 0.14EURTELECOM ITALIA SPA1,613 3,790.55 0.19EURUNICREDITO ITALIANO850 3,638.00 0.18EUR

NOKIA CORP850 11,653.50 0.58EURFinland 11,653.50 0.58

FORTIS214 3,404.74 0.17EURBelgium 3,404.74 0.17







175Page

ITALY BTP 2.75 03-06 01/02S220,000 220,550.00 10.92EUR

Bonds 1,002,226.00 49.60

Italy 1,002,226.00 49.60


SPDR TRUST UNIT SERIE 11,056 93,696.25 4.64USD

Units in Investment Funds 93,696.25 4.64









176Page

3,401.34Income


279.54Bank interest on cash account 2Note

1,219.19Expenses


425.72Administrative expenses 6Note32.19Professional fees


-5,063.52Net realised loss on sales of investment securities-5,942.53Net realised loss on financial futures




2Note


2Note



2,006,000.00Global Balanced - Class A1,000.00Global Balanced - Class D1,000.00Global Balanced - Class E







177Page


Global Aggressive


178Page

2,033,477.82Assets



5,382.06Interest receivable 2Note17,597.06Unrealised net appreciation on financial futures 7Note

266.96Other assets

1,294.16Liabilities




Expressed in EUR


GENERALI ASSET MANAGERS SICAV Global Aggressive

Global Aggressive - Class A


Global Aggressive - Class D


Global Aggressive - Class E






01/12/03


179Page

Global Aggressive - Class A


20,191.13100.55

0.000.00

0.000.00


EUR EUR EUR

Global Aggressive - Class D


10.00101.04

0.000.00

0.000.00


EUR EUR EUR

Global Aggressive - Class E


10.00101.01

0.000.00

0.000.00


EUR EUR EUR


Total Net Assets 2,032,183.66 0.00 0.00

31/12/0131/12/0231/12/03Period ending at:

EUR



180Page

ALTRIA GROUP127 5,476.09 0.27USD


Shares 1,091,524.32 53.71


AMERICAN EXPRESS CO COM.238 9,172.04 0.45USDAMERICAN INTERNATL GROUP INC162 8,535.37 0.42USDAMGEN INC212 10,491.30 0.52USDAPPLE COMPUTER COM.423 7,183.62 0.35USDBANK OF AMERICA CORP115 7,387.97 0.36USDBANK OF NEW YORK CO INC340 9,030.13 0.44USDBANK ONE327 11,884.27 0.58USDBANKNORTH GROUP INC346 8,965.82 0.44USDBEAR STEARNS COMPANIES INC139 8,853.27 0.44USDBIOGEN IDEC INC275 8,107.02 0.40USDBOWATER INC267 9,978.54 0.49USDCHEVRONTEXACO CORP109 7,486.17 0.37USDCISCO SYSTEMS740 14,344.68 0.71USDCITIGROUP INC517 19,981.89 0.98USDCOCA-COLA CO384 15,481.97 0.76USDCOLGATE-PALMOLIVE CO187 7,448.36 0.37USDCONOCOPHILLIPS190 9,913.57 0.49USDDEERE CO390 20,124.82 0.99USDDELL INC116 3,210.47 0.16USDELI LILLY CO140 7,924.82 0.39USDEXXON MOBIL585 18,991.90 0.93USDFANNIE MAE137 8,191.25 0.40USDFIRST DATA CORP399 12,975.74 0.64USDGENERAL ELECTRIC CO868 21,280.05 1.05USDGENERAL MOTORS CORP340 14,530.15 0.72USDHEWLETT PACKARD CO387 7,081.85 0.35USDHOME DEPOT INC443 12,476.33 0.61USDIBM CORP244 18,037.37 0.89USDINTEL CORP976 24,987.10 1.23USDINTERNATIONAL PAPER CO252 8,669.82 0.43USDITT INDUSTRIES INC152 8,955.88 0.44USDJOHNSON JOHNSON370 15,168.51 0.75USDKOHL'S CORP117 4,174.67 0.21USDMEDTRONIC INC272 10,616.91 0.52USDMELLON FINANCIAL CO277 7,093.84 0.35USDMERCK AND CO INC.254 9,223.10 0.45USDMERRILL LYNCH CO INC224 10,427.29 0.51USDMICROSOFT CORP1,077 23,670.71 1.16USDMORGAN STANLEY79 3,654.79 0.18USDMOTOROLA1,032 11,456.14 0.56USDORACLE CORP811 8,543.31 0.42USDPEOPLESOFT315 5,744.18 0.28USDPEPSI BOTTLING GROUP440 8,501.18 0.42USDPEPSICO INC.251 9,338.51 0.46USDPFIZER INC1,062 29,722.95 1.46USDPUBLIC SERVICE ENTERPRISE GROUP INC256 9,011.74 0.44USDSTARBUCKS CORP364 9,548.45 0.47USDTEXAS INSTRUMENTS INC383 9,007.63 0.44USDUNITED TECHNOLOGIES CORPORATION99 7,474.08 0.37USDVIACOM INC -B- NON-VOTING529 18,469.93 0.91USDWAL MART STORES454 19,123.04 0.94USDWALT DISNEY CO (HOLDING CO)457 8,497.75 0.42USDWELLS FARGO AND CO NEW203 9,548.56 0.47USDWEYERHAEUSER CO316 16,165.04 0.80USD

AIR LIQUIDE31 4,271.80 0.21EURFrance 134,669.29 6.63

ALCATEL354 3,656.82 0.18EURAVENTIS215 11,158.50 0.55EURAXA433 7,356.67 0.36EURBNP PARIBAS264 13,078.56 0.64EURCARREFOUR177 7,557.90 0.37EURCIE SAINT GOBAIN108 4,152.60 0.20EURFRANCE TELECOM285 6,375.45 0.31EUR







181Page

GROUPE DANONE40 5,140.00 0.25EURL'OREAL SA97 6,305.00 0.31EURLAFARGE52 3,614.00 0.18EURLVMH MOET HENN.LOUIS VUIT.73 4,193.85 0.21EURSANOFI SYNTHELABO114 6,731.70 0.33EURSOCIETE GENERALE PARIS -A-136 9,499.60 0.47EURSUEZ (EX SUEZ LYONNAISE DES EAUX)290 4,637.10 0.23EURTOTAL SA211 30,552.80 1.50EURVIVENDI UNIVERSAL333 6,386.94 0.31EUR

ALLIANZ AG NAMEN VINKULIERT101 10,108.08 0.50EURGermany 93,988.19 4.62

BASF AG178 7,935.24 0.39EURBAYER AG213 4,945.86 0.24EURDAIMLERCHRYSLER REG.255 9,435.00 0.46EURDEUTSCHE BANK NAMEN181 11,891.70 0.59EURDEUTSCHE TELEKOM NAMEN747 10,838.97 0.53EUREON AKTIENGESELLSCHAFT203 10,503.22 0.52EURMUENCHENER RUECKVERSICHERUNGS NAMEN51 4,902.12 0.24EURRWE -A-125 3,921.25 0.19EURSIEMENS NAM. AKT REG258 16,460.40 0.81EURVOLKSWAGEN AG ST69 3,046.35 0.15EUR

ABN AMRO HOLDING469 8,704.64 0.43EURThe Netherlands 72,148.93 3.55

AEGON NV411 4,821.03 0.24EURING GROEP NV CERT OF SHS561 10,339.23 0.51EURKON.AHOLD482 2,848.62 0.14EURROYAL DUTCH PETROLEUM CO653 27,099.50 1.33EURROYAL PHILIPS ELECTRONICS NV397 9,222.31 0.45EURUNILEVER CERT. OF SHS178 9,113.60 0.45EUR

BANCO BILBAO VIZCAYA ARGENTARIA SA BBVA994 10,884.30 0.54EURSpain 54,546.84 2.68

BANCO SANTANDER CENTRAL HISPANO REG.1,483 13,925.37 0.69EURENDESA296 4,514.00 0.22EURIBERDROLA SA241 3,776.47 0.19EURREPSOL YPF291 4,498.86 0.22EURTELEFONICA SA1,456 16,947.84 0.83EUR

ASSICURAZIONI GENERALI SPA343 7,203.00 0.35EURItaly 44,211.16 2.18

ENEL598 3,223.22 0.16EURENI AZ797 11,923.12 0.59EURSANPAOLO IMI373 3,856.82 0.19EURTELECOM ITALIA MOBILE SPA1,158 4,990.98 0.25EURTELECOM ITALIA SPA2,826 6,641.10 0.33EURUNICREDITO ITALIANO1,489 6,372.92 0.31EUR

ACCENTURE LTD -A-487 10,190.45 0.50USDBermuda 34,237.53 1.68

INGERSOLL-RAND COMPANY LTD -A-250 13,491.08 0.66USDTYCO INTERNATIONAL493 10,556.00 0.52USD


FORTIS375 5,966.25 0.29EURBelgium 5,966.25 0.29

ITALY BTP 2.75 03-06 01/02S100,000 100,250.00 4.93EUR

Bonds 445,644.50 21.93

Italy 445,644.50 21.93









182Page

1,955.61Income


351.11Bank interest on cash account 2Note81.40Other interest

1,301.53Expenses


425.71Administrative expenses 6Note32.22Professional fees1.27Bank interest on overdrafts

654.08Net income from investments

-10,113.10Net realised loss on sales of investment securities-14,621.80Net realised loss on financial futures-14,441.28Net realised loss on foreign exchange



2Note



2,019,000.00Global Aggressive - Class A1,000.00Global Aggressive - Class D1,000.00Global Aggressive - Class E







183Page


Notes to the financial statements

GENERALI ASSET MANAGERS SICAVNotes to the financial statements as at December 31, 2003

1. ORGANISATION

GENERALI ASSET MANAGERS SICAV (the “SICAV") is an investment company, qualifying as a“Société d’Investissement à Capital Variable” incorporated on March 14, 2002 for an unlimited durationunder part I of the Luxembourg law of March 30, 1988 on undertakings for collective investment andpursuant to the law of August 10, 1915 on commercial companies. The SICAV is registered at theLuxembourg Commercial Register under the number B 86 432 and is established at 39, Allée Scheffer,2520 Luxembourg. The SICAV has an umbrella structure.

Fifteen Sub-Funds were launched during the period from January 1, 2003 to December 31, 2003 :

- GENERALI ASSET MANAGERS SICAV – UK Equities(launch date : February 5, 2003) (currency : GBP)

- GENERALI ASSET MANAGERS SICAV – Euro Short Term Yield Plus(launch date : January 30, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Resources & Utilities Equities(launch date : May 5, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Financial Equities(launch date : May 5, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Health Care & Food Equities(launch date : May 5, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Industrial and Consumer Goods Equities(launch date : May 5, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global TMT Equities(launch date : May 5, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Aggressive(launch date : December 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Conservative(launch date : December 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Balanced(launch date : December 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Life Science(launch date : October 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Life Style(launch date : October 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global Multi Utilities(launch date : October 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – Global New Technologies(launch date : October 1st, 2003) (currency : EUR)

- GENERALI ASSET MANAGERS SICAV – European High Yield Bonds(launch date : June 30, 2003) (currency : EUR)


As at December 31, 2003, twenty-nine sub-funds were available to the investors :Sub-funds name Currency Launch date

Equity Sub-fundsGENERALI ASSET MANAGERS SICAV – Euro Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Euro Equities Dynamic EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – European Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – European Equities Dynamic EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – US Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Japanese Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Central & Eastern European Equities(formerly Eastern European Equities) EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Italian Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – UK Equities GBP February 5, 2003GENERALI ASSET MANAGERS SICAV – Small Cap Euro Equities EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Global Life Science EUR October 1, 2003GENERALI ASSET MANAGERS SICAV – Global Life Style EUR October 1, 2003GENERALI ASSET MANAGERS SICAV – Global New Technologies EUR October 1, 2003GENERALI ASSET MANAGERS SICAV – Global Multi Utilities EUR October 1, 2003GENERALI ASSET MANAGERS SICAV – Global Resources & UtilitiesEquities EUR May 5, 2003GENERALI ASSET MANAGERS SICAV – Global Financial Equities EUR May 5, 2003

GENERALI ASSET MANAGERS SICAV – Global Health Care & Food Equities EUR May 5, 2003GENERALI ASSET MANAGERS SICAV– Global Industrial & Consumer GoodsEquitites EUR May 5, 2003GENERALI ASSET MANAGERS SICAV – Global TMT Equities EUR May 5, 2003Bond Sub-fundsGENERALI ASSET MANAGERS SICAV – Euro Bonds EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – US Bonds EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Central and Eastern European Bonds(formerly Eastern European Bonds) EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – Euro Corporate Bonds EUR April 2, 2002GENERALI ASSET MANAGERS SICAV – European High Yields Bonds EUR June 30, 2003GENERALI ASSET MANAGERS SICAV – Euro Short Term Yield Plus EUR January 30, 2003Reserve Sub-fundsGENERALI ASSET MANAGERS SICAV – Euro Liquidity EUR April 2, 2002Mixed Sub-fundsGENERALI ASSET MANAGERS SICAV – Global Conservative EUR December 1, 2003GENERALI ASSET MANAGERS SICAV – Global Balanced EUR December 1, 2003GENERALI ASSET MANAGERS SICAV – Global Aggressive EUR December 1, 2003

The SICAV may issue different Classes of Shares (Class A-B-C-D-E), as determined by the Board ofDirectors which may differ inter alia in their fee structure and distribution policy applying to them. TheseClasses of Shares will be sub-divided into accumulation of income or distribution of income categories.

The investment policy of the SICAV is to invest in a diversified range of transferable securities, conformingto the investment policy of each particular sub-fund, with the objective of long term capital growth.


2. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

Presentation of the financial statementsThe SICAV’s financial statements are prepared in accordance with the Luxembourg regulations relating toundertaking for collective investment.

a) Securities portfolio

The value of any transferable securities which are listed on a stock exchange or dealt in on a regulatedmarket is determined according to their last available price.

In the event that any transferable securities held by the SICAV at the valuation day are neither quoted on astock exchange nor dealt in on another regulated market, the valuation is based on the expected sales price,estimated prudently and in good faith by the Board of Directors of the SICAV.

Money market instruments and fixed interest securities with a maturity of less than 60 days may be valuedon the basis of their discounted cost. This method consists of taking into account a fixed daily discount toarrive at the redemption price on the maturity date.

b) Conversion of items expressed in foreign currencies

The Fund’s financial statements are expressed in EUR. Net assets of each sub-fund expressed in foreigncurrencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of thefinancial year.

Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted intothe accounting currency of the sub-fund concerned at the exchange rate in force on the date of transaction oracquisition, as appropriate. Portfolio securities and other assets and liabilities expressed in foreign currenciesare converted into the accounting currency of the sub-fund concerned at the exchange rate in force at the endof the financial period. Currency differences resulting from these conversions are recorded in the statementof operations and changes in net assets.

As at December 31, 2003, the following significant exchange rate was used:

1 EUR = 0.7048 GBP

c) Dividend and Interest Income

Dividend income is recorded as of the ex-dividend date and net of withholding tax. Interest income isrecorded on an accrual basis.

d) Distribution of Costs and Expenses

Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses notattributable to a specific sub-fund are distributed between the sub-fund on an equitable basis, in proportion totheir respective net assets.

e) Formation expenses

Set-up costs and expenses are written off over a period of five years.

f) Financial Futures contracts

Unexpired financial futures contracts are valued at their last known price on the date of valuation or on theclosing date and unrealised appreciation or depreciation resulting from them are recorded in the accounts.


g) Forward foreign exchange rate contracts

Outstanding forward foreign exchange contracts are valued at the closing date by reference to the rate ofexchange applicable to the outstanding life of the contract. The unrealised appreciation or depreciation isshown on the statement of operations and changes in net assets.

h) Interest rate swap

The SICAV entered into interest rate swap contracts in order to swap the fixed interest rate received onspecific assets against a floating rate interest. The securities whose interest are swapped are valued at facevalue. Being a short term contract, interest swap are not valued on the basis of future fluctuation. Thedifferential receivable or payable on this swap’s contract is accrued during the life of the contract.

i) Reverse repurchase agreements

Reverse repurchase agreements are similar to collateralised loans. The SICAV is not exposed to the marketrisk of the underlying securities. There was no reverse repurchase agreement at December 31, 2003.

3. DETERMINATION OF NET ASSET VALUE OF SHARES

The Net Asset Value per share is expressed in the reporting currency of the respective sub-fund and isdetermined by dividing the net assets of the respective sub-fund by the number of shares then outstanding.

4. TAXATION

For the Classes of Shares reserved to the institutional investors, the “Taxe d’abonnement” will be 0.01% andfor the classes of shares reserved to the retail investors, the “taxe d’abonnement” will be 0.05% to theexception of the sub-fund Euro Liquidity (0.01%). This tax will be calculated and payable quartely on thebasis of the value of the nets assets of the SICAV at the end of the relevant quarter.


5. ADVISORY AND MANAGEMENT FEES

The SICAV pays for the various sub-funds and by Class of Shares an aggregate fee (the “Aggregate fee”)accrued on each valuation day and payable quarterly in arrears.

Aggregate Fee

GENERALI ASSET MANAGERS SICAV Class Ashares

Class Bshares

Class Cshares

Class Dshares

Class Eshares

Equity Sub-fundsGENERALI ASSET MANAGERS SICAV -Euro Equities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -Euro Equities Dynamic

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -European Equities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -European Equities Dynamic

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -US Equities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -Japanese Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Central and Eastern European Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV -Italian Equities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -UK Equities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV -Small Cap Euro Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Global Life Science

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV –Global Life Style

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV –Global New Technologies

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV –Global Multi Utilities

0.30% 0.70% 1.05% 1.60% 2.10%

GENERALI ASSET MANAGERS SICAV –Global Resources & Utilities Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Global Financial Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Global Health Care & Food Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Global Industrial and Consumer Goods Equities

0.50% 0.90% 1.25% 1.80% 2.30%

GENERALI ASSET MANAGERS SICAV –Global TMT Equities

0.50% 0.90% 1.25% 1.80% 2.30%


Aggregate Fee

GENERALI ASSET MANAGERS SICAV Class Ashares

Class Bshares

Class Cshares

Class Dshares

Class Eshares

Bond Sub-fundsGENERALI ASSET MANAGERS SICAV -Euro Bonds

0.20% 0.60% 0.80% 1.10% (a)

1.20% (b)

1.30%

GENERALI ASSET MANAGERS SICAV -US Bonds

0.20% 0.60% 0.80% 1.10% (a)

1.20% (b)

1.30%

GENERALI ASSET MANAGERS SICAV -Central and Eastern European Bonds

0.40% 0.80% 1.00% 1.30% (a)

1.40% (b)

1.50%

GENERALI ASSET MANAGERS SICAV -Euro Corporate Bonds

0.20% 0.60% 0.80% 1.10% (a)

1.20% (b)

1.30%

GENERALI ASSET MANAGERS SICAV -European High Yield Bonds

0.40% 0.80% 1.00% 1.30% 1.50%

GENERALI ASSET MANAGERS SICAV -Euro Short Term Yield Plus

0.05% 0.20% 0.30% (c)

0.80% (d)

- -

Reserve Sub-fundsGENERALI ASSET MANAGERS SICAV -Euro Liquidity

0.05% 0.15% - 0.30% 0.50%

Mixed Sub-fundsGENERALI ASSET MANAGERS SICAV -Global Conservative

0.25% 0.65% 0.85% 1.15% 1.35%

GENERALI ASSET MANAGERS SICAV -Global Balanced

0.35% 0.75% 1.05% 1.45% 1.80%

GENERALI ASSET MANAGERS SICAV -Global Agressive

0.40% 0.80% 1.15% 1.70% 2.20%

(a) : as from April 1, 2003(b) : until April 1, 2003(c) : as from July 1, 2003(d) : until July 1, 2003

6. CUSTODIAN AND ADMINISTRATIVE AGENT FEES

The Custodian and the Administrative Agent are paid by the SICAV on the basis of business practice inLuxembourg. These fees are calculated on the basis of the average Net Asset Value and are paid quaterly inarrears.

7. OPEN POSITIONS ON FINANCIAL FUTURES

As at December 31, 2003, the sub-fund Japanese Equities has the following open position:

Number ofcontractsBuy/(Sell)

Description Currency CommitmentUnrealised appreciation/

(depreciation)EUR

100 NIKKEI 225 (CME) MAR 04 USD 5,365,000.00 225,782.44


As at December 31, 2003, the sub-fund Euro Bonds has the following open positions:



(depreciation)EUR

(41) US 10YR NOTE MAR 04 USD (4,596,484.17) (55,471.15)

(85) EURO-BUND MAR 04 EUR (9,615,200.00) (132,600.00)

(102) EURO-BOBL MAR 04 EUR (11,274,060.00) (133,620.00)

(53) EURO-SCHATZ MAR 04 EUR (5,604,750.00) (36,040.00)-----------------

TOTAL (357,731.15)

As at December 31, 2003, the sub-fund US Bonds has the following open position:



(depreciation)EUR

10 US 10YR NOTE MAR 04 USD 1,121,093.70 (4,364.39)

As at December 31, 2003, the sub-fund Global Conservative has the following open position:



(depreciation)EUR

4 DJ EURO STOXX 50 MAR 04 EUR 110,360.00 2,240.00

As at December 31, 2003, the sub-fund Global Balanced has the following open positions:



(depreciation)EUR

1 S&P 500 MAR 04 USD 276,925.00 6,184.91

2 NIKKEI 225 (CME) MAR 04 USD 107,300.00 5,706.08-----------------

TOTAL 11,890.99


As at December 31, 2003, the sub-fund Global Aggressive has the following open positions:



(depreciation)EUR

1 S&P 500 MAR 04 USD 276,925.00 6,184.91

4 NIKKEI 225 MAR 04 USD 214,600.00 11,412.15

-----------------

TOTAL 17,597.06

8. FORWARD FOREIGN EXCHANGE CONTRACTS

The following contracts were outstanding at December 31, 2003 for the sub-fund US Equities:

Amount MaturityUnrealised appreciation/

(depreciation)EUR

Purchase EUR 6,737,322.17 20/01/04 508,705.09Sale USD 7,800,000.00Purchase EUR 6,730,926.88 20/01/04 502,309.80Sale USD 7,800,000.00Purchase USD 7,800,000.00 20/01/04 (597,852.16)Sale EUR 6,826,834.71Purchase USD 7,800,000.00 20/01/04 (424,001.31)Sale EUR 6,652,877.58Purchase EUR 3,248,754.64 03/03/04 130,745.68Sale USD 3,900,000.00Purchase EUR 3,254,990.98 03/03/04 136,982.02Sale USD 3,900,000.00Purchase USD 3,900,000.00 20/01/04 (79,327.66)Sale EUR 3,193,684.69Purchase USD 3,900,000.00 20/01/04 (85,875.28)Sale EUR 3,200,236.32 -------------Total 91,686.18

The following contracts were outstanding at December 31, 2003 for the sub-fund Global Balanced:

Amount MaturityUnrealised appreciation/

(depreciation)EUR

Purchase EUR 351,594.43 13/02/04 7,992.73Sale USD 430,000.00Purchase USD 430,000.00 13/02/04 (5,191.14)Sale EUR 348,799.48 ------------Total 2,801.59


9. INTEREST RATE SWAP CONTRACTS

The following contracts were outstanding at December 31, 2003 for the Euro Liquidity sub-fund:

Description Nominal Value Currency Rate % Counterpart Maturity AccruedInterestEUR

CFF

IN GLI 3,462,192.85 EUR EONIA-OIS VEGA FINANCES 22/01/2004 32,698.52

OUT FIX 3,462,192.85 EUR 2.015 22/01/2004 32,362.37

CEPME

IN GLI 2,250,000.00 EUR EURIBOR 3M BNP-PARIBAS 11/06/2004 2,551.94

OUT FIX 2,250,000.00 EUR 2.215 11/06/2004 9,829.06

Total interest receivable on swaps 35,250.46

Total interest payable on swaps 42,191.43

The amounts of interest on swaps are included in the rubrics “Other Assets” and “Others Liabilities” .

10. CHANGES IN PORTFOLIO COMPOSITION

The details of the changes in portfolio composition incurred during the year ended December 31, 2003 areheld at the disposal of the shareholders at the registered office of the SICAV and are available upon requestfree of charge.

GENERALI ASSET MANAGERS SICAV

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