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Previous: MOLECULAR DEVICES CORP, SC 13G/A, 1998-02-11 |
Next: SCHRODER CAPITAL FUNDS, N-30D, 1998-02-11 |
Schroder
Global Growth Portfolio
SEMI-ANNUAL REPORT
November 30, 1997
(Unaudited)
Schroder Capital Funds
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
COMMON STOCK - 67.4%
SHARES VALUE US$
------ ---------
AUSTRALIA - 2.9%
3,000 Australia & New Zealand Banking Group Ltd.
FINANCE $ 20,609
1,000 Brambles Industries Ltd.
SERVICES 19,163
6,000 Foster's Brewing Group Ltd.
CONSUMER NON-DURABLES 11,126
2,000 Woodside Petroleum Ltd.
MATERIALS 14,367
-----------------------
65,265
-----------------------
CANADA - 2.2%
740 Amber Energy Inc. (a)
ENERGY $ 10,632
810 Inco Ltd.
MATERIALS $ 11,381
980 National Bank of Canada
FINANCE $ 14,493
1,760 Stelco Inc.
MATERIALS $ 11,376
-----------------------
47,882
-----------------------
CHILE - 0.8%
670 Compania de Telecomunicacion de Chile SA ADR 18,132
-----------------------
TELECOMMUNICATIONS
FRANCE - 7.2%
200 Accor SA
SERVICES 37,808
320 Canal Plus
SERVICES 55,669
220 Elf Aquitaine
ENERGY 25,527
250 Groupe Danone
CONSUMER NON-DURABLES 39,892
-----------------------
158,896
-----------------------
</TABLE>
1
<PAGE>
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SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
GERMANY - 4.8%
500 Fresenius Medical Care AG (a)
MATERIALS $ 33,252
900 Hoechst AG
MATERIALS 31,789
85 Mannesmann AG
CAPITAL EQUIPMENT 39,565
-----------------------
104,606
-----------------------
ITALY - 1.7%
5,920 Telecom Italia SpA
ENERGY 36,896
-----------------------
JAPAN - 9.9%
2,000 Bridgestone Corp.
MATERIALS 43,408
1,000 Fuji Photo Film Co.
CAPITAL EQUIPMENT 35,965
2,000 Matsushita Electric Industrial Co. Ltd.
CAPITAL EQUIPMENT 31,185
4,000 Mitsui & Co.
SERVICES 27,800
2,000 Takeda Chemical Industries
CONSUMER DURABLES 58,453
5,000 Yasuda Fire & Marine Insurance
SERVICES 20,372
-----------------------
217,183
-----------------------
NETHERLANDS - 6.9%
2,870 ABN Amro Holding NV
SERVICES 54,715
280 Baan Co. NV (a)
SERVICES 20,113
1,340 Gucci Group NV-NY Shares
CONSUMER NON-DURABLES 54,521
350 Philips Electronics NV
CAPITAL EQUIPMENT 23,116
-----------------------
152,465
-----------------------
</TABLE>
2
<PAGE>
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SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONTINUED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
SINGAPORE - 2.5%
2,000 Development Bank of Singapore Ltd.
FINANCE $ 18,838
4,000 NatSteel Ltd.
MULTI-INDUSTRY 8,440
2,000 Singapore Press Holdings Ltd.
SERVICES 27,378
-----------------------
54,656
-----------------------
SWEDEN - 1.8%
1,130 Svenska Handelsbanken
SERVICES 39,808
-----------------------
SWITZERLAND - 3.6%
41 Nestle SA
CONSUMER NON-DURABLES 60,334
10 SGS Societe Generale de Surveillance Holding SA
SERVICES 18,686
-----------------------
79,020
-----------------------
UNITED KINGDOM - 7.5%
2,070 EMI Group plc
CONSUMER NON-DURABLES 15,712
3,570 Enterprise Oil plc
ENERGY 35,189
2,280 JJB Sports
SERVICES 22,915
3,140 Lloyds TSB Group plc
FINANCE 35,712
5,510 LucasVarity plc
CAPITAL EQUIPMENT 17,616
1,190 Zeneca Group plc
CONSUMER DURABLES 38,036
-----------------------
165,180
-----------------------
UNITED STATES OF AMERICA - 15.6%
480 AlliedSignal Inc.
CAPITAL EQUIPMENT 17,820
240 Allstate Corp.
SERVICES 20,610
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONCLUDED)
AS OF NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES VALUE US$
------ ---------
UNITED STATES OF AMERICA (CONCLUDED)
375 Baker Hughes Inc.
ENERGY $ 15,703
260 BankAmerica Corp.
FINANCE 18,980
230 Bristol-Myers Squibb Co.
CONSUMER NON-DURABLES 21,534
330 Caterpillar Inc.
CAPITAL EQUIPMENT 15,819
250 Cisco Systems Inc. (a)
CONSUMER DURABLES 21,563
270 Colgate-Palmolive Co.
CONSUMER NON-DURABLES 18,039
390 Gap Inc.
CONSUMER DURABLES 20,938
290 General Electric Co.
CONSUMER DURABLES 21,388
290 McGraw-Hill Cos. Inc.
SERVICES 19,847
200 Merck & Co. Inc.
CONSUMER NON-DURABLES 18,913
350 Rite Aid Corp.
CONSUMER NON-DURABLES 23,013
540 Ryder System Inc.
SERVICES 19,609
190 Schlumberger Ltd.
ENERGY 15,639
430 Sun Microsystems Inc. (a)
CONSUMER DURABLES 15,480
310 Textron Inc.
CAPITAL EQUIPMENT 18,329
405 Travelers Group Inc.
SERVICES 20,450
-----------------------
343,674
-----------------------
Total Investments - 67.4% (cost $1,602,796) 1,483,663
Other Assets Less Liabilities - 32.6% 717,816
-----------------------
Total Net Assets - 100.0% $ 2,201,479
=======================
</TABLE>
(a) Non-income producing security
ADR - American Depository Receipts
The accompanying notes are an integral part of the financial statements
4
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments (Note 2):
Investments at cost $ 1,602,796
Net unrealized appreciation (depreciation) (119,133)
----------------------
Total investments at value 1,483,663
Cash 715,728
Receivable from administrator (Note 3) 13,332
Receivable for dividends, tax reclaims and interest 3,515
Organization costs, net of amortization (Note 2) 5,895
----------------------
Total Assets 2,222,133
----------------------
LIABILITIES:
Payable to subadministrator (Note 3) 208
Accrued expenses 20,446
----------------------
Total Liabilities 20,654
----------------------
Net Assets $ 2,201,479
======================
COMPONENTS OF NET ASSETS:
Investors' capital $ 2,320,612
Net unrealized appreciation (depreciation) on investments (119,133)
----------------------
Net Assets $ 2,201,479
======================
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE PERIOD OCTOBER 15, 1997 (COMMENCEMENT OF OPERATIONS) THROUGH NOVEMBER
30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income 2,706
Dividend income (net of foreign withholding taxes of $114) $ 1,182
---------------------
Total investment income 3,888
---------------------
EXPENSES:
Investment advisory (Note 3) 1,803
Subadministration (Note 3) 208
Transfer agency (Note 3) 1,562
Custody 1,200
Accounting (Note 3) 7,742
Amortization of organization costs (Note 2) -
Legal 200
Audit 4,000
Miscellaneous 782
---------------------
Total expenses 17,497
Fee waived and expenses reimbursed (Note 6) (15,135)
---------------------
Net expenses 2,362
---------------------
NET INVESTMENT INCOME (LOSS) 1,526
---------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments sold (30,399)
Net change in unrealized appreciation (depreciation) on investments (119,133)
---------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (149,532)
---------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (148,006)
=====================
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD OCTOBER 15, 1997 (COMMENCEMENT OF OPERATIONS) THROUGH NOVEMBER
30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
NET ASSETS, BEGINNING OF PERIOD $ -
---------------------
OPERATIONS:
Net investment income (loss) 1,526
Net realized gain (loss) on investments sold (30,399)
Net change in unrealized appreciation (depreciation) on investments (119,133)
---------------------
Net increase (decrease) in net assets resulting from operations (148,006)
---------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions 2,350,040
Withdrawals (555)
Net increase (decrease) in net assets from transactions
---------------------
in investors' beneficial interest 2,349,485
---------------------
Net increase (decrease) in net assets 2,201,479
---------------------
NET ASSETS, END OF PERIOD $ 2,201,479
=====================
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C>
For the Period
Portfolio performance for the period: October 15, 1997
through
November 30, 1997
(Unaudited) (a)
----------------------------------------------------
Ratio to Average Net Assets:
Expenses including reimbursement/waiver of fees 0.85%(b)
Expenses excluding reimbursement/waiver of fees 6.31%(b)
Net investment income including reimbursement/waiver of fees 0.55%(b)
Average Commission Rate Per Share (c) $0.0444
Portfolio Turnover Rate 9.40%
</TABLE>
- -------------------------------------------
(a) The Portfolio commenced operations on October 15, 1997.
(b) Annualized
(c) Amount represents the average commission per share paid to brokers on the
purchase and sale of equity securities on which commissions are charged.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
Schroder Capital Funds ("Schroder Core") was organized as a Delaware business
trust by on September 7, 1995. Schroder Core, which is registered as an
open-end, management investment company under the Investment Company Act of 1940
(the "Act"), currently has six investment portfolios. Included in this report is
Schroder Global Growth Portfolio (the "Portfolio"), a diversified portfolio that
commenced operations on October 15, 1997. Under its Trust Instrument, Schroder
Core is authorized to issue an unlimited number of interests without par value.
Interests in the Portfolio are sold in private placement transactions without
any sales charges to qualified investors, including open-end, management
investment companies.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of increase and decrease in net assets from
operations during the fiscal period. Actual results could differ from those
estimates.
The following represent significant accounting policies of the Portfolio:
SECURITY VALUATION - Portfolio securities listed on recognized stock exchanges
are valued at the last reported sale price on the exchange on which the
securities are principally traded. Listed securities traded on recognized stock
exchanges where last sale prices are not available are valued at the last sale
price on the preceding trading day or at closing mid-market prices. Securities
traded in over-the-counter markets are valued at the most recent reported
mid-market price. Short-term investments having a maturity of 60 days or less
are valued at amortized cost, which approximates market value. Other securities
and assets for which market quotations are not readily available are valued at
fair value as determined in good faith using methods approved by Schroder Core's
Board of Trustees
SECURITY TRANSACTIONS AND INVESTMENT INCOME - Investment transactions are
accounted for on the trade date. Dividend income is recorded on the ex-dividend
date except that certain dividends from foreign securities where the ex-dividend
date may have passed are recorded as soon as the Portfolio is informed of the
ex-dividend date. Dividend income is recorded net of withholding tax. Interest
income, including amortization of discount or premium, is recorded as earned.
Identified cost of investments sold is used to determine realized gain and loss
for both financial statement and federal income tax purposes. Foreign dividend
and interest income amounts and realized capital gain and loss are converted to
U.S. dollar equivalents using foreign exchange rates in effect at the date of
the transactions.
Foreign currency amounts are translated into U.S. dollars at the mean of the bid
and asked prices of such currencies against U.S. dollars as follows: (i) assets
and liabilities at the rate of exchange at the end of the respective period; and
(ii) purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. The portion of the
results of operations arising from changes in the exchange rates and the portion
due to fluctuations arising from changes in the market prices of securities are
not isolated. Such fluctuations are included with the net realized and
unrealized gain or loss on investments.
EXPENSE ALLOCATION - Schroder Core accounts separately for the assets and
liabilities and operation of each Portfolio. Expenses that are directly
attributable to more than one Portfolio are allocated among the respective
Portfolios.
9
<PAGE>
- --------------------------------------------------------------------------------
SCHRODER GLOBAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) (UNAUDITED)
ORGANIZATIONAL COSTS - Costs incurred by the Portfolio in connection with its
organization and initial registration are being amortized on a straight line
basis over a five year period.
NOTE 3. INVESTMENT ADVISORY AND OTHER SERVICES
INVESTMENT ADVISER - Schroder Capital Management International Inc. ("SCMI"), is
the investment adviser. Pursuant to an Investment Advisory Agreement, SCMI is
entitled to receive an annual fee, payable monthly, of 0.65% of the average
daily net assets of the Portfolio
ADMINISTRATOR AND SUBADMINISTRATOR - The administrator of the Portfolio is
Schroder Fund Advisors Inc. ("Schroder Advisors"). In addition, the Portfolio
has entered into a Subadministration Agreement with Forum Administrative
Services, LLC ("Forum"). For its services, Schroder Advisors and Forum are
entitled to receive compensation at annual rates, payable monthly, of 0.05% and
0.10%, respectively of the average daily net assets of the Portfolio.
TRANSFER AGENT - Forum Financial Corp.(R) ("FFC") serves as the Portfolio's
transfer agent and is entitled to receive compensation for those services from
Schroder Core with respect to the Portfolio in the amount of $12,000 per year
plus certain other fees and expenses.
OTHER SERVICE PROVIDERS - FFC also performs portfolio accounting for the
Portfolio and is entitled to receive compensation for those services in the
amount of $60,000 per year, plus certain amounts based upon the number and types
of portfolio transactions.
NOTE 4. PURCHASES AND SALES OF SECURITIES
The cost of securities purchased and the proceeds from sales of securities
(excluding short-term investments) for the period ended November 30, 1997
aggregated $1,776,024 and $142,829, respectively.
For federal income tax purposes, the tax basis of investment securities owned as
of November 30, 1997 was $1,602,796 and the net unrealized depreciation of
investment securities was $119,133. The aggregate gross unrealized appreciation
for all securities in which there was an excess of market value over tax cost
was $15,434 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over market value was $134,567.
NOTE 5. FEDERAL TAXES
The Portfolio is not required to pay federal income taxes on its net investment
income and net capital gain as it is treated as a partnership for federal income
tax purposes. All interest, dividends, gain and loss of the Portfolio are deemed
to have been "passed through" to the partners in proportion to their holdings of
the Portfolio regardless of whether such interest, dividends or gain have been
distributed by the Portfolio.
Under the applicable foreign tax law, a withholding tax may be imposed on
interest, dividends, and capital gains at various rates.
NOTE 6. WAIVER OF FEES
Schroder Advisors, Forum and FFC may waive voluntarily all or a portion of their
fees from time to time. For the period ended November 30, 1997, SCMI waived fees
of $1,803, and reimbursed fees of $13,332, respectively.
10
<PAGE>
TRUSTEES
Hermann C. Schwab
Peter E. Guernesey
John I. Howell
Clarence F. Michalis
Mark J. Smith
David N. Dinkins
Sharon L. Haugh
Peter S. Knight
OFFICERS
Hermann C. Schwab
Chairman of the Board
Mark J. Smith
President
Mark Astley
Vice President
Robert G. Davy
Vice President
Margaret H. Douglas-Hamilton
Vice President
Richard Foulkes
Vice President
John Y. Keffer
Vice President
Jane Lucas
Vice President
Catherine A. Mazza
Vice President
Michael Perelstein
Vice President
Fariba Talebi
Vice President
John A. Troiano
Vice President
Ira L. Unschuld
Vice President
Alexandra Poe
Vice President
Secretary
Fergal Cassidy
Treasurer
<PAGE>
INVESTMENT ADVISER
Schroder Capital Management International Inc.
787 Seventh Avenue
New york, New York 10019
ADMINISTRATOR & DISTRIBUTOR
Schroder Fund Advisors Inc.
787 Seventh Avenue
New York, New York 10019
CUSTODIAN
The Chase Manhatten Bank
Global Custody Division
Woolgate House, Coleman Street
London EC2P 2HD, United Kingdom
TRANSFER AGENT
Forum Financial Corp. (R)
Two Portland Square
Portland, Maine 04101
COUNSEL
Ropes & Gray
One International Place
Boston, MA 02110
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
One Post Office Square
Boston, Massachusetts 02109
This report is for the information of the shareholders of the Schroder Global
Growth Portfolio. Its use in connection with any offering of the Portfolio's
shares is authorized only in case of a concurrent or prior delivery of the
Portfolio's current prospectus.
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