Partners - Fundsquare

Eutopcaii Partners Investment Trust

SICAL'

(Sariit6 d'lnvc3risscrncnt P Capiral \'ai-iahlc)

- 1

Noticrs conccrning thc Company will bc piibli4iecl i n ncwspapcrs duigrlaicd by rhc h a r d of- Dirrcrors. presently in the Intcrriatiorlal Hrtnld 'liihunc, in thc Luxcrriburgrr N'orr a id in the Echo and, i f prcwt-ihcd by law will bt piblishcd i n rhc h i h " i d thc official gxertc of I rixcmhourg, and will be lodged witti i l i c Ikgisrrx of-thc Luxcmbourg Disrrict (Zourt.

l'hc ctitrctit Article3 of Incorporaiion of rlic (:ompany wcrc lorlgrd wi th [he Kcpistrar of rhc Luxtniboiirg Ilisrt-icr Court, from wliorri copics may hc ohtaincd.

Thc issue pricc and thc redemption price o1'ilic (.:otiipuiy's share> arc rIlarie public 3r thc rcgis- t c rd ullicc of tlic (:ompany whcrc mnull and stmi-annual I-cports may rJao br ohrained.

Thc aharrs o1'1lic Suh-Funds are. or will be listtd on d i e I uacmhourg Stock Exchangc

Subxriprions cannot hc rcccivcd on tlic basis of financial tcporrs. SubsLriptions arc valid only if madc or1 the ba,ij o f rlic ctirtctit prtiapcctu>. qiplcrrirnicd hy thc latest m n i d rcpori a n d rl ie scmi-Liririit:il rrpori if prihlished rherchcr.

I

ESPRIT

TABLE OF CONTENTS

INFORhIATION TO 7'H E SHAREHOLDERS .......................................................................................................... 1

DIRECTORS AND AI~MINIS'I ' IUTION .................................................................................................................. 5

N E T ASSET VALUE PER SHAKE .............................................................................................................................. 6

C'C)hlBINF.I> S'I'A'I'EhlENT OF NF,T 4SSF.'I'S .......................................................................................................... 7

COMBINED STA'I'EMEN'I' OF OPFRATIONS ........................................................................................................ 8

ESPRI'I' - EIJKOPE ................................................................ ..................................... STATEAlEN'I' 01; N F T ASSF.TS ................................................................................................... S'I;%TF.hlF,NT OF (:HANGES IN NKI' ASSF.TS .....................................................

ST.ATISTI(:AL. INt'0KAl;Yl'lON .....................................................................

..................................... 10

................................................. 1 1

(:HAN(;ES IN '1'1 1L N C1hlRF.R OF SHAKES. O F NKl ' ,ASSF.TS AND O F NEI ' ;ISSET \'AI IJE PEK SI li\M ...................... 1 1

S'1;Yl'bAlENT OF TNVF.SThlEN'1'3 IN SLCUKITIFS AND OTHEK Nb'l' ASSETS ......................................................

T,F,O(;RAPHI(:AL CLASSIl~l(3ATION OF THE INVbS'I'MFNTS IN SF(IJRI1IE.S ..........................

b.CON(:)Al IC (37 ASSIFTCATION OF '1'1 Ib IN\T.STMF.NTS IN SE.CUKI'I'1FS ................. .......................... 20

......................................... 21

STATFkfF,NT O F N K I ' ASSKI'S 21

STA1'EMbN'I' 01; CHANGES IN NET AS3KIS .....................................................................

S'1;Yl'lS'I'lCAL INPC)RT\lATlON ............................................................................................

ESPRIT - EUROPF, Sh,IALL CAI) ......................................... .................................................. ........................................

1 1 ..................

.......................... 2.3

CH.ANGF,S IN THE NUMUEK 01; SHARF.S, OF NE'I' ASSL'I'S AND OF NET ASSL'I' ViUUF, PER SHARE ...................... 24

STATEMEN'I' 01, INWSTMENTS IN SLCUKI'I'IES AND OTHER NE'I' JISSE'I'S ........................................................... 25

GEC)GRAPHICAI. C:L IFICiYI'I(:)N OF THE TN\'ESlhlEN'I'S IN SECI JRITIES ......................................

AlbNTS IN SF,(WRI'I'IbS ...........................

NOTES 'I.(-) 'I'HE FINANCIAL STAI'EMEN'I'S ........................ ............................................ 33

NO'I'L I - GENEILAI ..................................................................... NOTE 2 - SUhihlAKY 01; SIGNIFICANT A(X:OUN'I'IN(; 1'01 TCIES .............................................

NOTE 3 - bXC1 IANGF, RATTES

N U r E 4 . MANAGEXIEN'I' FEE ............................................................................. NOl'E 5 - iWNCJAL T,AX ............................................................... NO'I 'E 6 - FIJTIJRES ....................................................................

NOTE 7 - (:OMhllSSIONS ON ISSIJF ANI) KEUEhlPTION C)F SHARES ................................. NUI'b 8 ~ STATF,MF,NT O F ULrWGES IN PORTFOLIO ...................................

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

....................... .............................................................................................. .................................... $1

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

..................................... 3 5

INFORMATION FOR SPANISH SHAREHOLDERS ................................. 1. lN\T.SThiENT POLICY ..................................................

2. PERFORMANCE ('Yo) ..................................................................................................................... 3. V 0 ~ ' l ' l L I ' I ' Y (?o) ........................ 37

4. 1;I.XFI) FEES ............................................ 3H

5. OTHER EXPENSES ....................................................................... ......................................................... 38

I;. BANK INTEREST .................................................................... ....................................................

7. STO(:K LYCILWGE LISTING ...........................................................................................

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

3

ESPRIT

DIRECTORS AND ADMINISTRATION

CHAIRMAN

DIRECTORS

REGISTERED OFFICE

INVESTMENT MANAGER

CUSTODlAN, DOMICILIARY, REGIS’I‘RAR, TRANSFER, PAYING AND ADMINISTRATIVE AGENT

AUDITOR (Riviscu r d’cntreprisch)

M ictrcl I)claplacc, Senior F.xtrcutivc Vicc-Prcsidcnt Banque de Financcmcnt ct de Trborerie, Paris

Rrnoit de Hults, Senior Vice-President Banquc Privde Edmond dc Rothschild Luxembourg, Luxembourg

Bcrnird Michai‘l dc Lcrisson Cazcnove, Managing Uirccror h e n o v c Fund Management Limited, London

Peter Engdahl, Vice-Prcsidcnt Handclsbankcn Fonder AB, Stockholm (Subsidiary of Svenah Handclsbankcn)

Gcorgcs Fcstctics dc Iiilria, Assisranr General Marl%cr Crcditmstalt AG. Vienna

Huherr Grosperrin, Paris

Marhio Chilotti, Officer and Partiicr (until January 13, 2001) Euromobiliarc, S.I.M. - S.pA, Milan

F.ric Nols, First Vicc-Prrsidcnt Banque Degroof SA., Brussels

Alcrarldcr Schindlcr. Chief F,xecutivc Olficcr Sal. Oppcnhcim J . & Cie. Kommanditgcscllschafi EUf Aktien, Kijln

Dick \’;in dcri Ocvcr,~~icc-Prcsident Effcctcnbank Stroeve N.V., Amsterdam

Antonio J. Zoido hlartiricL, I’rcsident BSCH BOLSA, S.V.B., S A , Madrid

20, tioulcvxd Emmanuel Srrvais 7.-2535 Luxembourg or l3.P 474. L2014 Luxcmboiirg

Esprit Grstion S A . 20. boiilevard Ernrrixiucl Scrvais L-2535 T.uxt.mtmxg or B.P. 474, T.-2014 Luxctrlbourg

BANQLJF, I’KIVEE E U M O N D DF, RCYI’HSCHILD LUXT:hlHC)IJKG 20, houlcvard Etnrnxiucl Servais

L-2535 Luxcmboiirg o r B.P. 474 L-2014 I.iixcrnhnurg

Dcloitrc & Touche S.A.

3, route d‘Arlon 1.-8009 Strasscn

5

.

ESPRIT

LEGAI. AllVISOR

DIRECTORS AND ADMINISTRATION (continued)

TAX REPRESEN'IA'TIVE IN THE FEDERAL REPUBLIC OF GERMANY

Elvingcr. Hoss 8i I'riimen

2. place Winston (Ihurc-hill

L-2014 I.uxcmhourg

I1r. Hcrntl Porrhast, Farhanwalt tiir Stcucrrccht ~orr~ijdicristr:isse, 56 11-5000 Kijln 1

NET ASSET VALUE PER SHARE

'I'hc Net Asset \'aluc pry s h e is dcrcrrriiiicd 011 cach day for rhr Sub-Fund ESPRIT - EUROI'E and 0 1 1 cnch I;ritlny for the Sul)-l;und F.SPRIT - EUROPE SAIALL CAI.! /\ Net Ahwr Valur prr sharr of ESPRIT ~ EUROPE SMAI.1. (.:AI) is cLdculatcd (in the f i r q husinrss day of cach nionih 011 the Insis of the closing prirrs of rhc prcccding inor i th ("lJnoffici:il Net Asset c'aluc") which i s uscd for asscssing rhc Fund's Ilcrform:lnce, bur such dares shall nor bc Vduatiorl l1.1ys n n d , accordingly, such 1ict a u c t \.:1111rs will nor br used for rhc purposes o f >ut)scription and rrdrniption of rhr shares. Shcluld rhr firsr business clay of :I nionrh roincidr wirh a \kluarioii Hay, 1 1 0 Ilnoffiwl Net A w t \'slur shall he calculated.

If Jrinr 30 or Dcccmbcr 31 i h not bc a VAliiarion Date. thcn. for thr purpose or the fund's fin:inciAl rrporting and sratc- ~ricrit>, :I net assct valur prr sharc is calciilaicd k) t cach Sub-Fund as a t rhrsr dates. and accordingly is not med f o r rhr purposes of suhscriprion. rrdrmprion and corivcrsion.

'I'hc valii;irion as a t June 30, 2001 w x :

ELrR 30.68 per sh:irc f i ir rhr Sub-Fund ESPRIT ~ EUROI'E F,:.UR 561. I 4 F.UK 648.32

per sharc for rhe Sub-Fund ESPRIT ~ ELJROI'E ShlALl, (:AI! diwibririon shlirr pcr sharc lot rhc Sub-Fund ESPRIT - EUROPE SMAI.1. (XI: c;ipir;ilisation sharc

h

~ ... .

ESPRIT

COMBINED STATEMENT OF NET ASSETS Junc 30, 2001

(in EUR)

ASSETS

9 I’orrfolio: - c o s t - Nec unrd iscd rcstilt

LIABIWTTES

Chhri- liabiliricx - Tmcs and cxpcriscs payable - LJnrealisctl 105s on iurttrcs

NET ASSETS

78,439,895.39 (5 8 2 24 .O 1 )

78,441,671.98

982,003.13 ’2,343.52

0.75 134.6 3

1,042.4 3

79,497,196.44

3 I 8,52.9.02 13,725.47

332,254.49

79,164,941.35

T h c notch arc an inrrgral parr of rhcsc linancial statcmcritL

7

ESPRIT

COMBINED STATEMENT OF OPERATIONS Period from January 1, 2001 to June 30, 2001

(in EUR)

I NCVME . Inconic froin i n v c s t i r ~ c ~ ~ t ~ :

- Dividetids, n u t

- Bond interest. iict

Bank interest, iict

1,033,318.79 11,329.08 43,580.1 1

EXPENSES 9 Fccs:

- hlatlApcrr1c.11t fcc

- Cusrodian fCc and 5afcLccping charges

9 Orhcr cxpct~scs: r Ar1nual rax

- Arriortisation of forniatioii/rcorFani~~ti~)t1 cxpcr1scr,

- Audit and legal fccs - Printing and puhlishing fccs - Adniinisrration and othcr cnpc115c5

NET RESULT ON INVESTMENTS

Net rcaliwtl result on:

- I r rvc~tmenrs

- Ihreign rxcbangc

NE1' REALISED RFSULT

9 Change in net unrcaliscd appr~'iation/(dcprcciation) on: - Irivcsrments

- Future.;

NE1' INCREkCE/(DECRFASE) IN NET ASSETS AS A RESULT OF OPERATIONS

1,094,227.98

400.373.13 140.551.85

2.3,962.84 4,396.01 8,.398..39 9,495.62

51.522.64

638,700.49

455,527.49

1,505,201.28 (41,15 1.26)

1,919,577.51

(5,063,622.07)

T h e notes arc an iiircgral part of- thcsc fin:inci;il statcmcnts

8

... .

ESPRIT ESPRIT - EUROPE

STATEMENT OF NET ASSETS June 30, 2001

(in EUK)

ASSETS

I’ortLjlio: (norc 2) ’ Cosr

- Net unrcaliscd rcsulr

Othrr linbilitirs: - Taxrs a n d rxpcnhch payaklc

- LJnrealised Iohs o n futures (norc I ; )

NET ASSETS

Net asset value per share Shares outstanding

Thr notes are :in iritcgrd part of rhesr f inanc ia l s r a t c~ncnr~

41,005,724.88

X9,3,464.72

72,343.52

0.-5 134.63

1,042.43

41,972,710.93

178,601.42 13,725.47

192,326.89

41,780,384.04

30.68 1,361,973


STATEMENT OF CHANGES IN NET ASSETS Period from January 1, 2001 to Junc 30, 2001

(in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 55,141,457.52

INCOME Jnronic from invcsttncncs:

- Dividcnds, net - Bond inrcrcsr, ncr

9 Rank inrcrcsr, iicr

EXPENSES ' Fcrs:

- Maiiagciiiciir fcc (tiow 4) - Custodian fcc and safckccpi rig charges

Othcr cxpcnscs: - Annual rax (notc 5 ) - Amortisation of formarionlrcorganisati~~ti cxpcriws (note 2) - Audit and lcgal fccs - Priiicing and puhlishirig fccs

- Adrniriistration arid othcr cxpenses

NET RESULT ON INVESTMENTS Ncr rcaliscd rcsulr on:

- Sales of invcstmcnrs (norc 2) - Foreign cxclxuigc

NET W I S E D RESULT

Chaigc in tict utircaliscd appreciation/(dcprcciation) on:

- Invcsrmcnrs - Futurcs

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS

MOVEMENTS IN CAPITAL Subscriptions of sharcs Redemptions ofsharcs

481,189.1 0 29.57

17,688.07

498,906.74

214,579.41 30,469.90

12,844.09 4,396.02 4.480.36 4,468.81

44,08629

355,324.88

143,581.86

1,638,535.1 7 (45281.1 3)

1,736,835.90

(7,538,461.90) (.3,863.99)

(5,805,495.99)

192,363.12 (7,747,940.61)

(7,555,577.43)

NET ASSETS A'I' THE END OF THE PERIOD 41,780,384.04

Thc iiorcs arc air iritcgril part of these financial stamnciits

10


STATISTICAL I N F O m T I O N Period from January 1, 200 1 to June 30, 200 I

SHARES

Sharcs outstanding A t thc bcginning of thr period

Subsciiptions ofsharc\

9 Redemptions o f sharo

Shares outstanding at the end of the period

1,592,756

5.702

(236,485)

1,361,973

NET ASSET VALUE PER SHAKE

Highest

Lowest

At dic cnd of rhc period

‘]’tic iiotcs are an inregral part of thcsc fillancia1 statemcrils

FSJR

35.22 (01.30.01 )

28.28 (03.2:3.01)

30.68


CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND

OF NET ASSET VALUE PER SHARE

DXC Nurnhcr of sharrs Ner asscrs Currency Nrt asscr valur

outsranding pcr share

* 05.28.86

12.31.92

12.31.9.3

12.31.94

12.31.95

* * 12..31.96

1 L..il .97

12.3 I .08

12.3 1.39

12.31.00

06.30.01

5(:),06t(

46,042

36,820

34,465

30,004

.3,082.118

3,751,4-7

2,'52,839

1,809,!)07

1,5!)2,756

1 ,361,93

49,543,483

47,655,882

53v949,L27

45,638,781

43,748,732

54,854,260

89.295.762

75,72 I .443

67,332,02-

55.14 1,457.52

4 1,780,384.04

989.64

1,035.05

1,46522

1 ~ 4 . 2 1

1,458.10

17.80

2.3.80

27.51

37.24

34.62

30.68

* First valuarion

** 'I'hc Hoard of Dirrctors ofthr Company decided to split the sharcs o f Esprir Sicav in issuc on 25 hlarch 1396 in order

to rrdurc thr iicc asset valuc per 5h:ire to o n r hundrrdrh (11100) 01' tlic net m e t valuc per share as at said darc.

Conscquciicly. thc sturcti(.)ldrrs rcrcivrd an allotmciic frcc ol costs and cxpcnscs o f o n r hundred ( I O U ) iicw sharcs in

rcplaccrricrit fur r ich sharr held on hiarch 25, 1936. 'I'hc new hharcs are of thr samc iiatiirc and h v c the sairic rights

and ohligations as the old shares. Shares were listcd ex-splir on the Luxrmbourg Scock Exchangc o r 1 M:irch 25, 1996.

The norcs arc an inrcgrd part o f thcsc financial starcnicnrs

12


STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS

June 30, 2001 ( in EUK)

Number or

Pace Vduc

Ilucription Currency Cost Vuluc Mprkct "/o Per vulue of net

accurl1y (note 2) UUWtb

310 4.900

4.30 I ,')Of) 1,090 1,501)

1.1-0 I .nho

'I'HANSFERABLE SECURITIES ADM171'EII TO AN OFFICLAJ. STOCK EXCHANGE OR UKAI:I' IN ON ANOTIIER REGULATED h.IAHKK'I

TOTAL BONDS

EQUITIES

HF.IGIIIM

TIIR 384.06 101.720 81'.1? O.(lO

384.06 ni7.12 0.00

3R4.06 R17.12 0.00

I Z.-nj.5H 515,158.64

I -.ooo 53.050

3.450 17.000

lU5.500 233.200

h'J.U50 mmo

0.0 10 I 7.300 R 9 . 1 5 0 .11.000

0.0'0 4-.000 14.480

.i I SI50 6-.500

58.500

10.710.00 6.57H.20

H55.60 11,560.00 1.3.1-0.50 83,252.40 +=,,mj.?i

1 30.x4.1.50 4n.2 I

5.7-8.20 12.035.?.5 86.688.00

I .'IO 13.3r8.00 ~9,21;7.20

3'),4H7.50 3?.511.60 9,4 50.00

510,638.81

0.03 ().(I:

0.00

0.03 0.20 0.11 0.3 I 0.00 0.1) I l).Oj

I) .Zl 0.00

0.02 0.09

0.02 1.22

0.03

0.03

n.nn ~

iisri 44.198.-2 11.100 -t5,04.3.6? 0. I 1 44,198.72 45,943.62 0.11

44.8 12.3, 9.000 ?i,.i,on.?H 0.06 4 4 . A I 2.37 26,60n.zn 0.06

USD

3hH.000 158.000

1.005.000 iin.noo 188.000 m.noi ) j 1 7.000 410.000

0.1) I 0 . 2 5 0.14

0.07 0.19 0.1Y 0.15 I . I R

n. I 5

~


Numbcr or

Fuc Vwlric

Dmcriptlon Cumncy C o s t Vduc Market 01"

pcr vduc of nct YCClUity (note 2) M 1 C U

FMI .A N I1

45 I .?.90 2 . 5 0 0

30.450 4,ROn 9.000 2,550 i.xoo 1.4.15

1 T 3 1 I1 ,31.050 i3.100 1(,.-70 9.210 2.600

11.750

115.1100 33.310

0.00 0 . I 0 0.08 I . 1 i 0.1 1 0.06 11.0- 0.22 0.09 2 . m

~

FRANCE

0.4- o.x 0.2'1 0.2; I). 15 0.Y7 0.49 0 . I7 0.17 1.05 0.38 O.ZH 1.'1 0.0 I (].-.I

0..w 0.2- 1.10 0 . 3 (1.46 0.22 0.1.1 0 3 2

0 . 2 2 0.23 0:1h 0.24 0.87

0.18 0.45 0.12

n.ii,

o.nn

1.1.I') 500

1,000 3.000 ?.one

12.000 1.000 2.000 ? . i ~ o -.000 1,000

').000 584

l ,900 1,500 2,nnn 6.000 5,500

20.0~10 I .5no 1.000 2,500 I .om ,.ooo 1.500 3,oon .~ ,000 ?.200

!)72 6.000

j.5(10

3in

?.in0

0.91 14.95

.3-Y .6-5 .00 8,239.939.&2

0.31 1.16 0.33 0.91 0.95 0 . 2 1

(1.13 1.85 0.52 O..l'l

0.30 0.20

0.08

7 I .!I50 0.1.3

14


Number Dwcription nr

Pncc W l l C

I :100 700 im

4.000 I ,:(lo 1.050 3,100 5,500 5.000 I.000 2.50l) m i n I,7011 5.250 ?.'Ill)

1.110 i.noo .(.000

5 0 0

I,300 2.500

5.000 -50

I ,000

i o m n

3,500

9.000 I .-50

10.000 I ?.WI 2,000 /.000

HUNGARY

ISFL4EL

I'I'ALY

Cost Vdua Market "'0

P=t d U S uf nd WClUlty (nutc 2) Maeu

b I I K 5.Y.054.-4 5u.051.74

t LIIC 2.805.173.26

L131) Jj.001.28 33.001 .1R

i8.9nn 3 n . m

I30.000 12.010 2 2 . 0 0 0

331.500 4.000 T 3 5 0 7.:'00

in.250 ,ih.rno

161.900 i; I .OOll /1.600 4.500

14.,+00 ~ m n o 12.500 19.450

-'x.000.00 0 . I 9 4H.n III.IIO 0.11 37,400.00 ~.III)

.34$.07i.(1(1 0.u3 14.260.00 0.03 51.1'5.00 (1.12 JH,500.00 0.0') 10.250.00 0.02

i I -..iv.no O.?U 325,tioo.o0 0 . 3 105.230.00 0.25 375,9110.00 0.90

12.150.00 0.113 I ~ .R-~ . ( Io 0.U4

1 H0.000.00 0.43 ~ ~ . n ~ n . o o 0.11 1 '),725.00 0.01

s.oa4.w.00 12.16

.35,500 3 1 s.soo.oo 0,'b 12.730 2?.2i-.50 0.05 J.600 .~(,.noo.oo 0.09 4.440 55.500.00 0.13

12.370 ?1.-40.00 11.00

3.610

.1.464 23.ion

4. I 70 Y L J l(1

12.620 3.290

14.520 15. 1'10 6.020

10.600 5.1170

19 I.330.00 xo.nro.oo I I , I id1.00

I M,.H00.00 8.i..i10.00 53.h15.00 92. '70.00 74.052.l10 U7.Ul2.0I)

358, I90.00 311 1.-50.00 179.985.00

2,565,537.50

1 1 . 4 0. I9 0.0.1

0.20 0.1.3 0.10

0.411

0.18 0.21

0.73 0.86

0 4.1 6.14 -

4 I Oll 19.394.48 0 05 19,374.48 0.05

15


Ducription

N E T H E W D S

, m'

NORWAY

3'95.500 66.000

1 1H.500 1r4.000

SPAIN

-.150 15.280

10.,00 2 5 . 0 0 0 18.1140 I 9. I no 19.520 15.150 10.400

0.?.3 0.03 0 3 0 . 0 5 1.30 O.I),I 0.11 0 . I4

4.93 -

itl.nro I3.97rl 1 'J.500 5.600

1.1.560 8.650

'2 .050 13.0?0

0.08 0.0- 0.05 n.nR 0.33 0.01 0.01;

0.14

ESPRIT - EUROPE

Number or

Fmr Vuluc

Dmcription Currency Cmrt VdUC Mrrkct 'Vu

Per vduc of nct mcuriq (note 2) "tl

UNJT'EII KlNGllOM

$Eli 3-,l;i;3.H5 51. K 59.9-9.08 5 F l i 3-.073.-1 S t K 5'1241.99 5F.K 91.073.51 SEK .3-.68?.?0 St.K -5,5,12.LJ') ST.K 84.4.35.64 S E l i +x.i 13 .12 5l:h 47.446.60

1,199,809.89

FL11< I4 1..132.15 3,289.804.83

ir.n.io 4.470 ~'l.4'!)

2.2'3 1 .i;i,.? 5.690 2.330 1.sn5 5 . m I .nnn 4.125 I 1 :I -0

?0.000 5.2.35 I 3 3 3 n.370

1.w 3.84R

-.I15 LWI

11.7'0 8.h I O 3.3,'IO 9.2.30

15.i;-o 0.885 2.5'10 6. '00 3.000 5.')10

Iti. 100.00 3,964,498.12

()..In 1,25 0.3- 0.45 0. I7 0.34 0.17 0. I L1

0.4.3 0.1)')

0 .21 0.2- 3.98 0.27 0.2h 2 . 0 0 0.11 0.3H 0.45 0:10 0.00 0.80

0.81 I .5i, 0.0.3 0.30 0.40 0.47 0.24

0.27

17


Number Dcacription Currcncy Cmat V d ue Mmrkct 96

Fncc Vnluc Yccoriiy (nutc 2) WFtY

o r P@r vnluc nf tict

UNITED STATE9 OF AMERICA

4lJ,tltl1,157.76 97.89

'I'UI'AI. 'J'IUNSFERABLE SECURITIES ADMITTED TO AN OFFICIAL. S'I'OCK KXCHANGF. 011 DFAJT IN ON ANOTHER REGULATED MARKET 373 12,710.05

TOTAL OPEN-ENDED INVE9TMENT FUNDS

'I'O'J'AL INVESTMENTS IN SECURITIES

lw,-H2. 15 105,782.35

40,RRI ,974.88 97.89

'4.7W 1 l.3.750.(3Il 0.30 123.750.00 030

105,782.35 123,750.00 0.30

37.71 n.522.40 41,005,724.88 98.19

965.80824 2.31 1 1 ' ) l . l 19OH) 10501

Thr norcs arc an intcgral part of- thcsc financial >tatmicrits


GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES

June 30,2001 (in Yv)

COUNTRIES 9'0 OF NET ASSETS

A I J .C;' 1 'KIA

R F,l ,(.;I II M

CROAT 1 :\

CZECH RF,PURI.I(:

I ) F.N M i\RK

Fl N I .i\N I )

FRANCF,

C; ERMANP

H IJ NGARY

ISKAEL

ITA1 h'

LITHUANIA

NE'I'HERIANDS

N( IKWAY

POI AN13

SPAIN

SW'EIIEN

SN'I' I '%E K LAN D

LJNITED KIN(; I )OM

UNI'I'ED STd4TFS (.)IT AMEKICA

0.30

1.22

0.11

0.06

1.18

2.68

14.95

12.16

0.84

0.08

6.1.1

0.05

8.40

0.43

0.49

4.33

a.os 9.49

31 .51

0.0-

'I'OTAL INVESTMENTS IN SECURITJFS

O'I'HEI< NET ASSF.TS/(l.l:\HIL1'I'IES)

Y8.19

1 .x1

TOTAL 100.00

The notch arc an iiitcgral pat-r of thchc firlancial starcmenth

19


ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES

June 30, 2001 (in Yo)

ECONOMIC SECTORS 9'0 OF NET ASSETS

BANKS A N D O T H E R CREDI'I ' INS

BUIL1)I N G AN13 BUILDING AMTERIALS

CH E h 11 C/\ I .S CONGI Oh1 F.RATES DA 1 A ' 1 'K A N S M I SS 1 O N

ELEC'I'KC)'I'E(.:H NICAI I AND ELECTRONIC 1 N I)L!S.rRY

ENEIIGY ANI) I W R I .IC LrTILITIES

FOODSTUFFS ANI) NON-ALCOHOLIC DRINKS

G R W H I C INI)US'I'K\' A N D PUDLISHINC HOUSES I IOLDING ANT) FINANC:F.C:OMP~NIES

HOTF.I.S, RESTAURAN'I'S ANI) IIISLJRF,

INSURANCE

I N W 3 T h l E N T FUNDS

AI/\(.: H I N ERY A N D APPARA'I'LJS C(3 NS'TKUCTION

h 1 I N I N G IN DLTSTRY

MISCF.I.I.ANEC)US CONSUMER GOC)I)S MIS( :El .I ANEOUS SERL'ICES hl IS( :F.I.I .ANT:C)LTS TRADING C O M l',\NIF;.S

NC)N-I;F.KRC)US AIETMS

0 1 ; I ; I CF, SUPPLIES AND C O M I' U'l 'EKS

011 PAPER AND 'I'IMHF,R

PHARhL4CEU'I'ICAl I AN 17 COSAlETICS INDUS' I'KY PI 1C)TOGIWI'HIC A N I ) O I ' T I C A I I INSTRLJMENI'S

REAL ESTATE C0MPANIF.S

RETAIL TRADE ROAD VEHICLES

KURRER AND TYRES 'I'F.XTILES AND CLOTH 1 N G I NDLJSTRY

'f0RAC:CC) AND ALCOHOL

'1'KANSPC)RTATION

O'I'HEK

TOTAL INVESTMENTS IN SECURITIES

OTHER N E T ASSFXl(1 .IADILITIES)

15.64

1.05

4.26

0.27

10.51

10.41

3.49

3.17

0.32

5.59 0.34

6.09

0.30

0.53

0.5 1

0.84

3.56 0.50

0.11

0.51;

8.01;

0.41

8.94

0.48

1.17 3.1 5 1.88

0.10

0.56

0.94

0.88

3.57

98.19

1.81

TOTAL 100.00

Thc riotcs arc an integral parr of thcsc fituncial sratcmrnts

20

ESPRIT ESPRIT - EUROPE SMALL CAP

STATEMENT OF NET ASSETS June 30, 2001

(in EUK)

ASSETS

Portfolio: (notc 2) - C o s - Ncr unrralisrd rrsiilr

' Cash:

- Cash ar sight

LlABILITLES

Othcr liahilirics:

~ Tmcs and cxpciiscs p q a h l c

NET ASSE'I'S

DISTKLBU'I'ION SHARES Net asset value per share Sharcs outstanding

CAPITALISATION S W Net mset value per sham Shares outstanding

40.581 .3-3.59 (3.1 45,426.49)

37,435,947.10

RR.538.41

37,524,485.5 I

139.927.60

137,327.60

37,384,557.91

561.14 30

648.32 57,638

Thc norcs arc an integral part o f rhcsc financial Statctnciits

21


STATEMENT OF CHANGES IN NET ASSETS Pcriocl from January 1 , 2001 to JUW 30, 2001

(in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD

INCOME Inconi r from invrstnirnrs:

- I>iviclcn(ls, ncr

Hiink intrrrsr, iirt

9 Othrr incoiiir

40,385,594.33

558,120.69 11,299.51 25,892.0;i

595,321.24

EXPENSES ' Frrs:

- hjanagcnimt fce (norr 4) - (.hstodian fee and safrkrrpiiig chargrs

O r h r r cxprnses:

- AllIltLd tlW (IIOCC 5) - Audir and lcpd lccs - I'riticitig and p~ihlisliing ICcs

- Mministrarioti and other e x p i r e s

185,793.77 70,08 1.95

NET RESUIT ON INVESTMENTS

Nrt rraliscd result uti:

- Sdcs ol~itivcstrncrits (notc 2 ) Forcign cxcharigc

NET W I S E D RESUL'I'

NET INCREASE/(DECREASE) IN NET ASSETS AS A RFSUIT OF OPERATIONS

MOVEMENTS IN CAPITAL Subscriptions ol-sharcs

Rcdcmptions 0 1 shares

DIVIDEND PAID

NET ASSETS AT THE END OF THE: PEKIOI)

283,375.61

31 1,945.63

182,741.61

741,873.32

834A71.25 (5,176.%1.65)

(4,342,610.40) --

(300.00)

37,384,557.9 I

The tiotc's arc an intcgral part o l thcsc liriaricial ~ V B I ~ I I I ~ I I L ~

22


STATISTICAL I N F O W T I O N Period frorn January I , 2001 to June 30, 2001

SHARES CAPITALISATION DISTRIBUTION SHARES s m s

Sharcs oursrmding ar rh r heginning of the period

9 Subscriprions of sharrs

licdcrnprions of sharcs

Shares outstanding at thc cnd of the period

NET ASSET VALUE PER SHARE

9 Highcit

A t rhe end of t he pcriod

64,251 5 2

1.266 (:)

57,638 30

E l J K

603.00 (03.23.01)

648.37

BUR

603.14 (OS.ZS.01)

530.67 (03.23.01)

561.14

Thr norrs arc an intcgral part of rhcsc financial srarrmcnts

23


CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND

OF NET ASSET VALUE PER S W

narc Capiralisatioti/ Nurril)cr of diarch Net assers C u r r r n q Nrr PSSCI d u r

distriliurion vharrs outsranding per sharc

* 02.12.9'1 (cap.) 97.473 42.2.31,98,3.94 EUR 432.77

(d isr.) 119 EUR 388.1 5

1 2 . 3 1.99

12.31 .OO

06.30.01

(cap.) 99,64 1 57,596.61 5.69 FUR 577.53

(disc.) 1 On EUR 508.12

(rap.) 64,25 I

(dist.) 52

(c;1p.) 57,638

(dist.) 30

40,985,534.33

37,384,557.31

ElJK 6.37.44

F.UK 560.84

ELJR 648. ,3 2

F.UK 561.14

* Thc PSSCCS and initial hulncription of the Sub-Fund ESPRIT - EUROPE SMALL CAP h a w hccn constituted h y tlrc

alisorption of the assets ofSMALL CAP SICA\' (cffcctivc date 01- the rncrgcr: 1;cliruary 13, 1999). (Nore 1 )

'I'hc n o t c h are an intcgral part of rhcsc finanrid stxciiiciics

24


STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS

June 30, 2001 (in EUR)

Numhar UT

Fnca Vnlue

Dsacription Currency Cnnr Vnlue Mnrkct 010

Per vnlua of nct #ccurity (nutc 2) M n t U

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE O R I>F,AI:I' IN ON ANOTIIER WGULATED MARKET

BONDS

AUSTRIA

-.200 17.000 (;,ooo

1'.000

DF.NMARK

FRT 16.0-1.3.52 3 5 3 . ~ ~ ~ 35,')3(!.6.3 0.10 36,043.52 35,930.63 0.10

36,043.52 35,Y30.63 0.10

t U l < 157,727.92 4j.200 155.520.00 n. 12

EUR .jn.(;? I ,-R 33.500 '14,400.00 0.5-

rim , ! v . x 7 2 5 1 . 3 0 2 5 0 . 0 II.(!O 0.67

t.CII< ?11;,3113.53 23.000 184,000.00 n..w 895.766.75 964,464.00 2.58

EUR ;tS2.771.?.3 !).-5o 151.115.00 0.90 1,184,192.3 1 929.455.00 2.48

DKK DKK DKK i l h K

0.J I 0.37 0.29 0.j6

0 . 2 2 n.w 0 . 4 0.u I .oo 4.26 -

25


Number or

FPCC Vnlue

Ducription Currency G a t vnluc Mnrkct 9b P=r vnlue of net

sccudly (nutc. 2 ) RYYCtY

2 n . m !i,oon

20,000

X . 0 0 0

2.500

I ,noo 3,200 .5.000

5,000 ,5.000

3.000 2,000 4.000

12.500 2.000 4.000 2.500 1.000 1.526 4.800 z.nno 2,000

I 2.nno

I .-(I5 -.on0 2,noo

,200 10.000

6.1j00

-300

8.000

4.000 10.000

j.000 2.000

I.t.000 I 1,666

15.01)O

6,000

10.000

3.600

3,000

12,000 :5.000

-,000 15.000 6,105

FINLAND

FHANCE

GERMANY

LUR 11131.5-

EUR 205.107.')9

E U R 184.1 14.51 E U R 54.169,94

554,984.01

I4h.45 3.25

I94.44.i.R I

2 I I364.9-

257,926.58 ? I I .6Rb.05

I31.680.;') .1 19,404.10

I ?0.218.5- I3R.5 I R.-4

2 I0.502.97

IO7,4 I0:lh

'66.756.5- 182.-'/4.28

3.34.95 3.45 220.829).:?

4.050 XI ,000.00 0.22

-.Yo0 -1.100.00 O . I L J

6.850 13/.000.00 0,5-

30.000 240.000.00 0.64

529,100.00 1.42

14.550

110.000

42,200 ;t7.550 42.200

I o-.ioo 0.960

2 5 . m

2 9 . m n i m o

5 2 . ~ ~ ii4.500

I O~' l .400

I20.000

67.000

6 1.000

(r0.300

mnon

i(;.ino I -.300 '10.1 IO 65.500

I 0.-90 5.250 1.300

45.-00 -280

14.000 22.200 28.800 b9.000 i,.=,on

I 3.!)1n 1 j . G O 0

40.300

36.100 82.100

34.000 3.950

10.400 .t1.000

0.240

14.300

.5S.X-5.00

1'111.000.00

135,040.00

142.6-iO.00 21 1.000.00 '.10.001j.1~0

.32?.500.00 1.920.00

.36?.500.00 I-2.000.00 2 I 1.400.00 I i, I .25n.nn

2on.noo.oo I ~ 3 . I zn.nn 32 I .i;oo.oo 1 ?H,000.00

1 ?o,~;oo.oo I y-,-oo.on 30,534.50

2~0,770.00

1 HJ,~100.00

3,951.1 19.50

11 n2.400.00

:-.618.00

5?.500.00 55.8oo.00 341.-50.00

58,2411.00

56.000.00 22?.000.00

86.400.00 138.000.00

9 I .000.00

204,000.00 241.H00.00

361,000.00

:L.5.5t;o.oo

I il3,?n-..j4

101,000.00

47.400.00

L60.000.00 2Y ~'.000.00

3,800.00

8 ',301.50

3,161,174.84

0. IO 0.5.5

0.30

0.18 0.56 0.69 0.86 0.01 0.2- 0.9- 0 . 4 0.5- 0..1

0.56 0 . 4

().Hi3

0.3 1

(1.32 0 . 5 3 O . O R 0.-5

O.,l!J 10.56

~

0.21 0.19

0.15

0.92 0.16

0.15

0.5') 0.2.5

0 3 - 0.24 O . d 0.55 0.65 0.0-

0.60

0 . 2 -

0.1 3 0.70 0 . 7

0.01

0 . 3 ~

8.48

26


Nuniher 1)cacrlptlon Currency Coat W U C Mnrkct 9h

Face Vdue a m i t y (notc 2) aUCtl

U I Par wlua of net

GREECE

1 2.000

45.000 78.00C

NETHERLANDS

F I I K 224,.11~.(;i 22.I.lO z21.400.00 0.59

2244 I n.64 221,400.00 0.59

1.230

/.no0 .3.050 ;.no0

13.5~10

~ l . 0 ~ 0

5.510

2.685 0.545

.307.500.00 0.82

262.080.00 0.-0 I ~ ~ . o o o . n n n.w 2 I0.000.(10 (I.?(;

161 .200.00 0.43 110,200.00 0.29

4W.4')b.l') 1.24

90.656.9r 024 2,053.733. I 3 5.4R

26'1 ,(;oo.(lo 0.71

EUR 14,915.07

ECIIt 168.?43.-5

EUR 190.354.5.3

EUR '61 .-24.47 E Cl I< 201.?88.6l Wl< 225 .3 12-43

k.IIK I ll,ll,l.LJ7

E U R '81.681.21

k.lJK HH.IH.1.62

E CI I< 402.443.00 F.Cll< 15i,504.-0

r.1 J K 'JlJ,L16X.5h

2,359,735.92

2 1 H.LJN1.1 h I04,1~10.20

0.00

11<.990.84 262.')20.l10

I n-, I ~ - . h 3

95.462.44 1'.1,?3H.H4

218.26.1.8

90.067.19

3 I!).HOH.53

I ,655.009.3 I

9.200 I I I. I 2n.no n.30 ?.Z20 'JL~,!JOO.(lO 0 . 2 ,

0.61

0.18 n.n I n.2n

0.46

(1.J.I

0.2')

0.78 0.v

0.22

0.46

4.11 ~


Numbcr or

Face Vnlua

Dcdcription Currcng. C u v t Vuluc Mnrkci 0'"

Par d u c of nct YFFUIlt?. (note 2 ) aalelt

NORWAY

N O K NOK N O K

NOK N (7 K

N O K N O K

NOK

I%.i00 3.'.')00 71.000

2U.L00

~11.500

1~11.000

1 15.000

52.500

1,368,347.26 3.59

PORTUGAL

SPAIN

Ir5.1OX.hO

Lidi'40.00

1.210 I i;.i,oo I 1.0 I O

0.21

0.80 0.1;0

IH.000 I i,.nnn 1,600

EUR 0.00 EUR 190.148.54

I 4.0 1 0

15.-10

22.4 I (,.i)n I69.668.00

0.01,

0.45

$,no!) I 0,000

?0.000 35.000

2.069,632.60 5.53

SWEDEN

168.3.17.84

279.403.55

2 12, I I '.!I0

194.90-. 16 I .39,.396. I ?

(A,/ m 3 l31).!)-8.?1 I H,irH'):IH

I I I ,i,5i,.!)0

I3-.300.94

I .MI .hn

?Hi.458.5H

2,033,596.91

.SWITZERLAND

C'H F 208.3 Id. I2 ?,3i,!).OO!) Zi;5,3H'). I 3 0.71 CHF 28 3,646,P) 579.000 1-1 ..34?.89 0.46 C H F 1.t9.925.90 763.000 22.3.786.7- 0.60

C 1 IF 1 H5,?25.47 1 .'150.!)!)0 22H,H51 .-i; !).iil


Numbcr Dewription Curnncy Coat V d U C Mnrkct %, or per vdua of net

Fncm Vduc mcurity (note 2) Ya9CIL

2,000

21!1

2 2 0

500

2.510 100

2.000 2.000

‘)60 300

.3!).000

1 L-,!)OO

-0.000 30,001l

I no.ooo

Jn.noo I no.ooo

13,000

55.000 I I O.OO!l

5 o . m 50.000 :3..33.3

-0.000 100.000 2 1 3,909

50.000 18.000 40,000

60.000 15.000 45. ‘40 -0.000

10.000

(r0.000 10.000

75,000 6n.nno 5!).0!)!) I5.000 20,000

i;5,000

11 5.000

100,000

i;3,000

x m n I o.nm $5.000 50.000

’00.000 120.000 40.000

1r0.000 100.000

5.000 100.000

L!lO,OO0

25,000

242,HZ-. I R

3hi.i;,15.30

6 I .-4?.z7

1 89.7 1 8.5 3 48?,.3br.07

113.501.11 lXX.174.jO 23.l.55’.31 33.l.L105.3H L.11.146.4Y

3,252,189.24

I IO.Xl0.72 ?73,XlR.J2 I I H,29L05 2 l - , x l . o l 3ih,-J7.2h

I02.975.i;h

1-5.R-5.25

I 6 I .3R I .Oh

l84, - l i .13

I H5.05.1.03 3 17.919.8h 174.9344 I

0.00 25-.984.94 12.3.119.68 4.10.685.36 1 X‘).!i-4.’9 202.5.lt1.51 .36+,4-5,0- 1-6.7-5.08 66.000.31

13r.205.12

12-.37o.s5 150,133.08 u,:n2.o. i

i i ~ . 3 4 0 . 2 4

I 1 5 3 0 . 7 2 122.3 I7.iT5 I 3 I H5.06 2?2.031.01

362.61.1.08 285.725.6- 303,608.23 235.05--07 I Jh.3R3.53

255.622.07 .3 11.87 I .80 1-0.511.35 424.8-4.71 144.29533 159,96220 2’1.5.35..32

89.059.96 110,631.0- lX0.6L6.14 147.2‘19.76

225.500

~.250.0!10

151 .ooo s I5.0!10 i4i.001)

I .9 I n.om 15.3.000 184.000 46.3.500 998.000

2.543 1.055 2 . - w ‘ . l o 5 1 .b”

5.X75 2.285 1.025

1.”5 0.500

3.750 ?.,lh5 o.noo

n . m I .+in

2.470

2.810 6.260 b.825 1.113 2 . . w I .ow 1.165 0.000 1.010 1,215 2.500 ‘1.4-0

2.105 2.050

5,545 0.725 0.990 1.465 0.8-0 9.150 X.100

2 .Y50

3.i;no

!).i,35 I .725 0.915 0.H I5 1.315 H.725 0.8?R 1.068 5.9’5

2‘16,586.62 355.11r.80

65.24‘1.Oh li;‘J,:13-.l 5 23‘J,3,10.HO

I ?5,i,05. 12

?01.?.31.72 24?,00J. I i, 29?.614.(,0

I1 f . , ,R1 I .43 3,073.346.3 I

I ?6.87R. I2

212.~74.(,7 .3?0,Z 10.28

105.045.60 281.119.6~’ 1’;’,049.4- 152,0.5-.50

1:0.501.58 11-.562.92 Yl.4Y8.65

j l l .Xr3.13 205.01 - . -5

3.1.5~13..1!)

287.60,.!15

10R.1 22.95

530,1-5.75 233.71 I .92 I RT.435.21i

454. I I ii.35 ILi0,H7H.59 5-,5 13.l1‘1

I .IH,3(;i,.31 13i.h5?.-2

0.1- I 00.803.Hi; 10..3-7.02

.311.893.1.3 446.131.9.1 175.076.01

5 1.1 50.47 184.474.79 78.3R9. I 4

IR1.3R1.51 4 I n.iu5.m

9 I , 172.60 .304.407.69 1.3r./37.83 171.749.15 30ii.071.12 21 1,255.iil

10.01 i;O.K81.54

203.35.1.32 2 I K.71 I .05

-4,230.56 I 37.i~JH.H3 355.1 42.31

24i,.3135.57

0.3.1

n . w 0.1;0

0 . 3 0.75

0,34 0.41 0.4b 0,31

@.?4

0.8.3 0.55 0.0q 0. -- 0.x

1.32

0.63 0 .50

1.21 0.51

0.15 0.40 !).ji;

0.00

!1.2-

0.05

0.113 1.19 0.47 0.14 0 . m

0 . 2 I 0.51 1.10

0.2.1

0.8 I 0.36 0.46 0.32 0.51 0.91

0.16 0.54

0.59

0.20 0.37 0.95 0.61;

29


Number Dewription Currency Coat Vdue Market YO nr !Jcr vnluc of nct

FPCC Vnluc ascurlty (nntc 2) nwcra

3.950 118,26').H; 0.32 -.000 244.524.21 0.61 1.875 .3 I 1.89.3.1 3 0.83

2 2 . 8 7 2h6.356.73 0.71 3 . ~ ~ 0 225.87.3.79 0.60 2 . 7 ~ 5 7.7-,959. I5 0.-4 4.515 H44,')l H.,l7 2.26

11,717,444.47 31.32

W l A I . EQUITJFS 39,945,204.76

TOTAL TRANSbEKAHLE SECIIRI'I'I FS AIIMI11'EII TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARICI: ,T 39,981,24R.2R 37,424,R29.10 100.10

O'I'HEK 'I'KANSFF.HAH1.F. SFCUMTIES

EQUITLES

GEHMANY

EUR $2.3.551.02 323.551.01

0.510 11.1 18.00 0.0.5 11.118.00 0.03

ITALY

30,000 ALISC'Hk.I\l 51'4 (EN FAILLII'E) 0.000 0.00 0.00 EUR 39.681.50 39,682.50 0.00 0.00

0.000 !l.!lO 0.00

SWEDEN

5EK 236.891.79 2.%,891.79 0.M 0.M

TOTAL EQUITIES ( I , 125.3 I 11.118.00 0.03

'I'O'I'AI, OTHER TRlZNSFERhBLE SECURITIES 600,125.31 11,118.00 0.03

TOTAL. INVESTMENTS tN SECURITIES 37,435,947. in I 00. I 3

TOTAL NET ASSETS

The notes arc an iiirrgral parr of rhcsc financial scwmicnrs


GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES

June 30, 2001 (in %)

COUNTRIES 9'0 OF NET ASSETS

AUSTRIA

BELCXUhl

I) F.N hl A K K

FINLAND

FRANCE

(',ERMA"

c; K EEC E

JWLAND

ISRAEL

ITALY

N ETH ERLAN 11s

NORWAY

PORTUGAL

SPAIN

SWEDFN

SWITZERLAND

UNITED K I N G D O M

2.58

2.48

4.26

1.42

10.66

8.51

0.59

5.48

0.28

5.62

4.1 1

'3.59

0.52

5.53 4.96

8.22

31.32

TOTAL W T M E N T S IN SECURI1TES

C X H EK N E'1' ASSE'lSl(LrpIBILIT1ES)

TOTAL

T h r nom arc an intcgral part of thesc financid staccmcnrs

100.13

(0.13)

IOO.OO

31

.. . ..


ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES

June 30, 2001 (in Yo)

ECONOMIC SECTORS 9'0 OF NET ASSETS

ALL! M 1 N I IJ M

HANKS ANI.) ( . Y l ~ l ~ l T ~ ~ K (IKF,DlT INSTITLJT1C)NS

BU 1 LI 1 I N(; AN I ) H IJ I 1.131 N G M ATEK I A I .S

CH Eh 1 1 C ALS DATA TRANShlISSION

ELECTROTECHNICAL AND ELECTRONIC 1NI)US'I'IIY

ENERGY AND I'UBLIC U'I'ILI'I'IES

FOODSTUFFS AND NON-ALCOHOLIC I)KI N KS

GRAPHIC INDUSTRY AND PUBLISHING HOUSES H O L D I N G AND FINANCE COMPANIES

HOTELS, RESTAURANTS AND LEISURE

I NSURA NCF.

M-ACHINERY A N D APPARATUS CONSTRUCTION

MINING INDLISTRY

MTSCF.T.1 ANEOUS CONSUMER GOODS MTSCF.1 .I ANEOUS SERVICES

h 1 I SC: F I . I AN F.0 IJ S 1'KA L) I N G COMPANIES

N O N - b'EKK( 1 US M l+:l.A LS

(7 b' F 1 C E S IJ I'P I .I F.S AN I ) C(.) h 1 l't.!.l.F.KS OIL

I'ACKAG IN G IN 1) U S'I'IU ES

PAPER ANII'I'IMHEK

PHARMrZCEUTICAL A N D COSh iETICS 1 N 1) IJS'I'KY

I'H 0'1'0 G IW'H IC; AN L) 0 P'1'1 C : AL 1 N S'I'K U h I E N'I 'S REAL ESTATE COMPANIES

KF.TAII.TRADE

ROAD VF,T IICT F,S

KUHHFR AND T Y N S

'I'ILES i \NI> (~I,O'I 'HING INIIUSTR\r'

' I ' O H A ( I X ) ANT) AI.C:01 1 0 1 .

'1 'KA N S I'C) K I 'XI ' I 0 N

C)'I'HEII

0.21

2.19

7.3.3

2.00

1 3 9

9.54

0.80

4.14

I .37 8.53

1.37

1 .GO

5.32 1.83

1.95

3.16 1 .33

0.7-

4.19

0.66

0.67

0.65

2.01

0.47

1.55

2.13

2.06

0.75 2.91

0.71

3.45 23.09

TOTAL INVESTMENTS IN SECURITIES

O T H E R N E T ASSETS/(LIABILI?'IES~

100.13

(0.1.3)

'I'OIAL 100.00

32

ESPRIT

NOTES TO THE FINANCIAL STATEMENTS June 30, 2001

NOTE 1 GENERAL

FSPRIT "F.uropran Partncrs Investment h s t " , ("the

Sirav") is an oprn-cndcti invcstnirnr company incorpor:it-

rd undrr rhr laws of rhr GI-and Duchy of I uwmbourg.

ESPRIT was incorporarrd o n May 5 . 1986 for :I pcriod

of rhirty years. Irs articlrs of incorporation wet-c prihlished

in the M h o r i a l . Rccucil Sptcid of rhc Grand-Duchy of

Luxcrribnurg on h,lay 30, 1986 uid on Dccrmbcr 28, 1990

and on March 20, 1999. 'I'hc articles of incorporation wcrc

rhangctl o n l.kcrnihrr 22, 1986, o n 1;chruary 1 , 1989. on

Drccmhrr 19, 1')9() and on necemhcr 28, 1998.

'I'hc Company is rcgistcrcd in Luacrnhourg undcr

numbrr R 241 89 ofrhe Tr;itle Kegihtcr.

O n Drccmbrr 28, 19!)R, the SICAV 1)cCarric after an

Exrraordinar). Gcnrral Akcting of shareholders an iimlircl-

la Fund for an unlimirrd durarioii. Thr assrts and initial

subscription 01- the Sub-Fund ESPRIT - EUROPE SMAJ.1 CAI' havc bccn conscituccd by rhr absorption of the assrts

of ShlALL CAI: an Itivcsctncnt Company with Variable

Capital ("Sociitri d'invesrihhemcnr i upital variahlc"), cotri-

prisrs a single open Suh-Fund. known :L\ Small Cap

Europcan, orgxiiscd a id cxisring a s "sociirl anonyme" and

clirdiF\.irlg &\ "Socidtb d'invcstissctnenc capird variablc",

sulijcct t o Part 1 o r t h e Luxcrribourg Lnv of30 Alarch 1988

of regarding uridcrtakingh h r collcctivc invcsrmcnts.

The iiicrgcr was efircrivr on Frbruary 1 !I9 1979. 'I'hc

I:i\t audited firiaricial statcnicnts for SAiALL CAP, SICAV

wrrr those dated Fehruary 12, 1999.

As a result of such re-structuring into an umbrella fund,

ESPRIT i s composed of two Si ih- lbdh each of which rcp-

rrsrnts a specific enriry of xscth and lialiilitics and adhcrcs

to a srpararr invrsrmrnr policy.

Thr Company has a rrcdit line of EIJK 2,000,000 for

rhc pcriod from Decrmhcr 3. 1999 to Decemher 4, 2001.

The Sub-Funds hreseen in the prospectus arc tlic fol-

lowing:

Currency

F,SPKI'I' - F.I!KC)I'E EUR

ESPRIT - F,UROPF. SMA1.I. (AI) EUR

As a t June 30, 2001, the two Sub-Funds arc oprra-

tiomil.

NOTE 2 SUMMARY OF SIGNIFICANT

ACCOUNTMG POIJCTES

C'omhinc.dfinarzcia1 mtcmtt i ts

Ah at junc 30, 2001, nvo Sub-Funds arc in oprrarion

a n d the firiaricial htatciiictits of rhcsc Sub-Funds rrprr-

wn t the tot:iI financial statcirictits of chc Company.

1,MtiLziiori of the i n c a t m n a in .rc.ruritier

Srcuritics l i s t r d on a stock exchange o r another rcgular-

cd niarkrt which operates rcgiil:irl). and i h rccognizcd

and opcn ro rhc public arc valurd at the last price

k n o w n to tlrc Cotripmy. In rhc cvciit rhar there should

hc several such markets, on the basis ofrlic lasr available

prim of thr main market for the rclcvarit sccuritv.

Should rhc lasr available market price for :I givcri sczu-

rity n o t truly retlccc irs fair market valur. rhrn rhr con-

sidcrcd sccurity is valucd on thc basis of the probablr

salrs prirr which the Honrd of Ilircctors dccrns is pru-

dcnr to BSSlIIl1C.

Sccuritics not lisccd on a srock exchange or another reg-

ulated txarkcc which opcrarrs rrgularly and i s recog-

riizcd atid opcn co che public arc valucd on the hasis of

thr i r las t known marltct price. Should thcrc br 110 such

markcr price, rhry are v;iIucd b y the Board 01- Ilircctors

on rhc basis ofrhr probablc sales pricc which the Hoard

of Ilircctors dccrris is prudciir ro assiinic.

Nct rcalisrd Kain or loss on stilts oj'itiuesrmmis

Kcdiscd gins or lossrs on salrs o f investments :ire ~ 1 -

culaccd on thr basis ofavrragr cost of investmcnth sold.

Cotiversioti oj'fbreip rurrc.nric.s

Thc accounting records and Lnaticial starcmcnts of rhr Company arc exprrssetl in EIJK. Harilc accounts, orhcr

iict assccs and valur of the investments i n securities

33

ESPRIT

NOTES TO THE FINANCIAL STATEMENTS (continued) Junc 30, 2001

exprrssed in ruri-rnrirs other than EUR arr convrrtrd

into F,:UR a t rhr rxchangr r m s prevailing on the date

of the balancc shccr (narc 3 ) .

Tiicoiiic and rxpciiscs in currcncics orhrr r h a t i ELJR arc

coiivcrtcd inro EUR ac rhc cxchangc ratcs prcvding at

~>"!"ricIlL dale.

r ) C.ost of itzut-stmrrm in srrrrrititv

T h r cost of invrstmrnrs in securities in currcncics orhcr

rhan EUR is convcrrcd inro EUR at rhc cxchangc rarc

appliublc at purctiaw date.

j ] ForrriiliotrhrurSiivii~~flt~oti r.vpcnscs

'I'hc form:ition/rcorplnisation expenses arc capiralisrd

and writrrn off on a fivr-yrar srraight line basis.

NOTE 3 EXCHANGE RATE!! AS AT JIJNE 30, 2001

1 FITR 1 FUR

1 EUR

1 EUR

1 EUR

1 EI!K

1 EUR 1 I7LJR

- - 1.520635

- -.44423-

- 6.559570

- 0.601 167

- 242.1 30'51

- 7.869065

- 9.1-4842

- 0.845601

-

-

-

-

-

-

CHF

DKK FRF

G B 1'

HL!I;

NOK

SEK

LJSD

The Coiripaiiy rcceivcs iiiarlagciiicii t arid iiiwscmcnt

adrisoiy scrviccs hom Esprit Gcscion SA., Luxcmbourg.

It pays to thr Investment Managrr for its srrvirrs a fer,

payablr q~iarrct-ly, ar rhc annual rarr of 1 '% ofthr nrt assrts

of rhc Coiiip:iiiv on rhr lasr busincss day of rhc quarrcr.

'rile ~ i a n a g c t n c n ~ ~ g r ~ ~ m c n ~ nras c o r l c i L l ~ c L ~ oll

I>cccrril,cr 12, 1986 for an uiidctcririind period 01- tirric

and rriay tic tcrrriiriatcd I)! cithcr party o n 90 clays' written

r i ( i t iCc . ' I ' t i i h agrccrnciit ti&\ liccr~ ~ I I I C I I ~ C ~ I)y :in addcriduni

datrd February 19, 1 99!) i n oi-drr ro rake inro arcoiint rhr

managrmrnr of rhc Sub-Fund "ESPRIT - EUROPE

SMrZLL CAP". or orhcr Sub-Funds char thr Board of

Ilircctors rriay launch from tiiric to time.

NOTE 5 ANNUAL TAX

Uiidcr rhc prcwiling la\vs atid rcgulatioiis, ttic

( h i p a n y is sut)jcct i r i t.uhcrriI~ourg to :i t:ix a t the :innilal

ratr of 0.06%. payahle qmrtrrly and ralcularcd on rhr basis

of irs nrr asscrs ar rhc cnd of rarh quarrrr.

NOTE 6 PUTUKES

A h at ]uric 30, 2001, thc following fiiriirr contracts werr outsranding:

Sale/purchasr Conrmrrs

l;I!'l.LJKt-: O N IN13FX Purchasc 2 Ii'I'SE 1 00 I'iirch asc 12 DJ EURWTCX 50 Purchasr I A"

NOTE 4 MANAGEMENT FEE

ESPRIT - EUROPE Markcr Aiarkcr Urirdised

Valur \41uc rcsulr EUR EUR

O"1 1 1.3,~00.00 (;H1'188,-09..31 (5,755.37) 0!)/01 514,800.00 EUR514,800.00 (-,j?0.00) 09/01 187,350.00 EUK18-,350.00 (650.00)

13,725.47

T h r iiiircdiscd loss OF EUIt 13,-15.47 is included in the ~t;itcrncnt of net x\scth uridcr "Other liahilirics".

34

NOTES TO THE FINANCIAL STATEMENTS (continued) June 30, 2001

NOTE 7 COMMISSIONS ON ISSUE AND

KEL)EMI''lION OF SHARES

Sh:ircs of F.SI'KI'l' - F,L!KOPF, ShlAI.1. (:/\I) :ire iuucd

a r rhr n r t asscr valur per sharr drrerminctl o n rhc relewnt

Valuarion Date. plus any applicablr salrs chat-gr. A salcs

cllargc of up ro 3% for rlic bcncfir of rhosc having placed

rhr sharcs iiiav bc added.

Sharcs in rhc Sub-Fund of ESPRIT -arc rcpurchascd ar

t h e nct a ~ c t vliluc of the \'aluation llatc. For ES1)Itl'l' ~

Sharcholdcrs may ask IO convcrr all or parr of rhrit-

shares to sliarcs of anorhcr Sub-Fund. A roiivcrsioii frr a

rna~irrium 01- 1Yo of thc convcrrcd shares' ncr m c r value

m:iy lie :ipplicJ at ttrc discretion 01- the Board and will bc

paid ro rhc Sub-l:iintl out oKwtricIr ttrc ci)nvcrsiotr t u < hccn

I l l adr . NOTE 8

S1'ATEMENT OF CHANGES IN PORTFOLIO

I!pon reqiint to tic ridtcwd to the registered oilice ol

ESPRIT SICAL', a copy of the htatcrr icnt ofctrarigc~ in the

portfolio for thr prriod from Janimry 1 , 2001 to J u n e 30,

200 I c a n bc obtained frrr of charge.

35

ESPRIT

INFORMATION FOR SPANISH SHAREHOLDERS

1. INVESTMENT POLICY

ESPRIT - EUROPE

Tlic objcctivc of ESPRIT ~ EUROPE is co acliicvc

long-tertii capiral growth I)! invcstirig rnairily i r i equities O K

any of the countries of F.uropr within or outside the

European Union.

ESPFUT - EUROPE SMALL CAP

The objerrive of ESPRIT - EUROPE Sht4LL CAP is

to acliicvc long-term capiral growrh by investing mainly in

equities ol-ariy of-ttrc countries of Europc within or outside

thc Eiirope;in Union in sm;iller capitalisctl companies h ; w

ing a F,uropcan stock market capitalisation of less than the

cq tiividctir in Euro of' Luxembourg Francs 25 billion.

'I'hc currency O K thcsc Sub-Funds is the Euro.

While thc policy of rlic Sub-Funds is char tlirir asscrs of

rlic S i u v should he kept invested i n pursuit of chis ohjec-

rive. reserves may he held from time to time in short term

sccurirics or, within rlic limirs scr forrli in invcsrmcnr

rcstricrioiis below, in iiioncy market inscrumcnts to iiicct

invcsrmcnt opporcuriicics as rlicy arise. Cash and cash

equivalents may bc hcld 011 an ancillary lmis.

'I'lic Sicav will invcst mainly in quorcd sccurirics.

(Juotcd scciiritics incans (i) transl~rahlc securities admitted

to the olS;cial listing o n ; I Stock F.xch:ingc in any hlcm1)cr

Srarr of thr European LJnion, ( i i ) transfrrablr securities

admitted to official lisring on a recognized Stock Exchange

in any other couritry 01- Europe, in rlic geographical tticati-

ing of this word, ( i i i ) transferable securities dealt o n anoth-

er regulated iiiarkcr in any such hlenibrr State of the

European Union or Europc in rlic gcograpliical mciuiing of

t h i s word, Imvidcd such marker opcratcs regularly atid is

recognized and open to the puhlic. (iv) recently issued

trmsfcrablc securiries provided the tcrnis of rhr issur

include that application will bc iiiadc for admission ro of i -

cia1 listing in any or the stock cicliatigcs or other regulated

markets I-cfrrrrd m above anti provided such admission will

bc secured wirhin a year of issue, as w l l as (v) any othrr

sccuririrs instruments or orhcr assers within the rcsrricrions

t forth by the Board of Uircctors in corripliaticc

with applicable laws and regulations.

'I'hc Sicav is authorizcd to employ tcchriiqucs atid

instrunirnts rrlating to transferable securities provided tha t

such techniques and instruments ;ire used for thr purpose

of rficirnt portfolio management.

36

N E I ?

P...

b < z z

b b z z

4 4

g g 3 3 w w

38

. 3

M

5 8 0 I

3 . 3 0

a

J 8 z P

i 8

40

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