<PAGE>
June 24, 1996
Dear Shareholder,
On March 25, 1996 the first CountryBasketsSM' series commenced trading on the
New York Stock Exchange ("NYSE"). This marked the culmination of a two-year
development effort and the beginning of more extensive initiative to establish
CountryBasketsSM as the quality standard for exchange-traded funds.
We are off to a good start in this new initiative. The Fund opened with $277
million in assets under management, and the Fund's NAVs have tracked almost
precisely the FT/S&P Actuaries World IndicesTM upon which they are based, net of
expenses. Average annual tracking error for the nine series is within four
one-hundredths of one percent.
Trading has also mirrored expectations. The average premium or discount for all
NYSE transactions has been with $.125 of net asset value on average trading
volume of over $2 million per day.
The Fund's expense ratio, which had been estimated at .84% per annum (average
for all nine series), was capped at 1% per annum. This cap will remain in effect
at a minimum through the end of the Fund's first fiscal year, at which time it
is expected that assets under management will grow to levels that would result
in lower expense ratios.
Market performance of the nine CountryBasketsSM shares was mixed for the period
from commencement of trading through April 30, 1996. The graphs on the following
pages show the performance of the respective CountryBasketsSM shares compared to
the relevant indices. Reflecting the performance of the underlying markets and
currencies, Australia, France, Italy, Japan, the United Kingdom and the United
States produced positive investment returns, while Germany, Hong Kong and South
Africa produced negative results. In all cases, each CountryBasketsSM series met
its stated investment objective by producing results that substantially
correspond with the underlying markets and currencies.
Most encouraging has been the consistently favorable comment we have received in
meetings with investors throughout the introductory period. To a large extent,
this has centered on the Fund's asset management policies, which seek full
replication of the underlying indices to the extent practicable and limit the
Fund's use of derivatives. We remain fully committed to maintaining these
investment standards, which we believe help assure investors transparent
pricing, while minimizing certain risks.
Looking ahead, we are prepared to expand the selection of investment
opportunities available through CountryBasketsSM, to list CountryBasketsSM on
several key foreign stock exchanges and to engage a broader cross-section of the
investment community in active market participation. Each of these steps is
designed to expand CountryBasketsSM' flexibility as investment tools and to
enhance their overall market efficiency. Our objective is nothing less than to
be the most efficient securities available for making targeted international
investments.
Sincerely,
<TABLE>
<S> <C>
W. Carter McClelland Joseph A. La Corte
Chairman President
</TABLE>
1
<PAGE>
[LOGO]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
FRANCE INDEX SERIES FT/S&P FRANCE
<S> <C> <C> <C> <C>
3/29/96 10,000.00 10,000.00
4/1/96 10,026.13 10,023.28
4/2/96 10,086.23 10,083.18
4/3/96 10,070.55 10,068.30
4/4/96 10,109.75 10,109.51
4/8/96 10,122.81 10,124.78
4/9/96 10,060.10 10,063.34
4/10/96 10,081.00 10,087.00
4/11/96 9,979.10 9,987.41
4/12/96 9,979.10 9,990.84
4/15/96 9,960.80 9,975.96
4/16/96 10,031.36 10,048.46
4/17/96 9,955.58 9,974.05
4/18/96 9,994.77 10,012.97
4/19/96 10,070.55 10,092.34
4/22/96 10,128.04 10,153.39
4/23/96 10,107.13 10,128.97
4/24/96 10,141.10 10,168.66
4/25/96 10,075.78 10,098.45
4/26/96 10,182.91 10,207.58
4/29/96 10,193.36 10,220.17
4/30/96 10,182.91 10,204.53
Correlation: .9907
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE FRANCE INDEX SERIES (A) AND FT/S&P INDEX
(3/29/96-4/30/96)
<S> <C>
3/29/96
4/1/96
4/2/96
4/3/96
4/4/96
4/8/96
4/9/96
4/10/96
4/11/96
4/12/96
4/15/96
4/16/96
4/17/96
4/18/96
4/19/96
4/22/96
4/23/96
4/24/96
4/25/96
4/26/96
4/29/96
4/30/96
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GERMANY INDEX SERIES FT/S&P GERMANY
<S> <C> <C> <C> <C>
3/25/96 10,000.00 10,000.00
3/26/96 9,997.12 9,961.13
3/27/96 9,994.25 9,987.36
3/28/96 10,028.76 9,988.29
3/29/96 9,948.23 9,929.28
4/1/96 9,930.97 9,906.80
4/2/96 9,968.36 9,969.09
4/3/96 9,997.12 9,964.88
4/4/96 9,988.50 9,948.02
4/8/96 10,002.88 9,967.69
4/9/96 9,899.34 9,911.02
4/10/96 9,951.11 9,960.66
4/11/96 9,896.46 9,879.64
4/12/96 9,850.45 9,844.52
4/15/96 9,896.46 9,918.04
4/16/96 9,882.08 9,896.97
4/17/96 9,884.96 9,853.88
4/18/96 9,824.56 9,840.77
4/19/96 9,850.45 9,887.60
4/22/96 9,841.82 9,850.61
4/23/96 9,844.69 9,844.52
4/24/96 9,775.67 9,780.83
4/25/96 9,695.14 9,722.29
4/26/96 9,732.53 9,724.16
4/29/96 9,715.27 9,659.53
4/30/96 9,649.12 9,574.77
Correlation: .9768
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE GERMANY INDEX SERIES (A) AND FT/S&P INDEX
(3/25/96-4/30/96)
<S> <C>
3/25/96
3/26/96
3/27/96
3/28/96
3/29/96
4/1/96
4/2/96
4/3/96
4/4/96
4/8/96
4/9/96
4/10/96
4/11/96
4/12/96
4/15/96
4/16/96
4/17/96
4/18/96
4/19/96
4/22/96
4/23/96
4/24/96
4/25/96
4/26/96
4/29/96
4/30/96
</TABLE>
- ------------------------
(a) Past performance is not predictive of future performance
2
<PAGE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
HONG KONG INDEX SERIES FT/S&P HONG KONG
<S> <C> <C> <C> <C>
3/27/96 10,000.00 10,000.00
3/28/96 9,965.91 9,971.48
3/29/96 9,911.35 9,921.89
4/1/96 9,880.67 9,872.45
4/2/96 10,064.78 10,055.93
4/3/96 10,068.19 10,061.63
4/4/96 10,075.01 10,072.73
4/8/96 10,054.55 10,055.77
4/9/96 10,057.96 10,051.18
4/10/96 10,034.09 10,029.00
4/11/96 9,894.31 9,882.75
4/12/96 9,829.53 9,820.64
4/15/96 9,914.76 9,888.46
4/16/96 9,979.54 9,953.89
4/17/96 9,935.22 9,913.01
4/18/96 9,907.94 9,887.66
4/19/96 9,832.94 9,811.77
4/22/96 9,873.85 9,851.86
4/23/96 9,853.39 9,831.89
4/24/96 9,849.98 9,831.10
4/25/96 9,747.70 9,723.36
4/26/96 9,727.24 9,698.96
4/29/96 9,802.25 9,776.75
4/30/96 9,948.86 9,911.91
Correlation: .9965
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE HONG KONG INDEX SERIES(A) AND FT/S&P INDEX
(3/27/96-4/30/96)
<S> <C>
3/27/96
3/28/96
3/29/96
4/1/96
4/2/96
4/3/96
4/4/96
4/8/96
4/9/96
4/10/96
4/11/96
4/12/96
4/15/96
4/16/96
4/17/96
4/18/96
4/19/96
4/22/96
4/23/96
4/24/96
4/25/96
4/26/96
4/29/96
4/30/96
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ITALY INDEX SERIES FT/S&P ITALY
<S> <C> <C> <C> <C>
3/29/96 10,000.00 10,000.00
4/1/96 9,976.08 9,973.63
4/2/96 10,095.69 10,092.30
4/3/96 10,067.78 10,069.22
4/4/96 10,255.18 10,261.51
4/8/96 10,247.21 10,159.32
4/9/96 10,231.26 10,241.73
4/10/96 10,470.49 10,483.46
4/11/96 10,406.70 10,419.73
4/12/96 10,490.43 10,505.44
4/15/96 10,518.34 10,538.40
4/16/96 10,490.43 10,508.74
4/17/96 10,398.72 10,420.83
4/18/96 10,562.20 10,586.75
4/19/96 10,745.61 10,771.34
4/22/96 11,471.29 11,505.33
4/23/96 11,479.27 11,510.82
4/24/96 11,511.16 11,545.98
4/25/96 11,471.29 11,507.53
4/26/96 11,598.88 11,640.48
4/29/96 11,391.55 11,432.81
4/30/96 11,519.14 11,549.28
Correlation: .9994
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE ITALY INDEX SERIES (A) AND FT/S&P INDEX
(3/29/96-4/30/96)
<S> <C>
3/29/96
4/1/96
4/2/96
4/3/96
4/4/96
4/8/96
4/9/96
4/10/96
4/11/96
4/12/96
4/15/96
4/16/96
4/17/96
4/18/96
4/19/96
4/22/96
4/23/96
4/24/96
4/25/96
4/26/96
4/29/96
4/30/96
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JAPAN INDEX SERIES FT/S&P JAPAN
<S> <C> <C> <C> <C>
3/25/96 10,000.00 10,000.00
3/26/96 10,049.44 10,013.53
3/27/96 10,109.29 10,068.26
3/28/96 10,140.52 10,099.62
3/29/96 10,202.97 10,161.11
4/1/96 10,205.57 10,159.27
4/2/96 10,200.36 10,166.65
4/3/96 10,210.77 10,174.64
4/4/96 10,171.74 10,138.36
4/8/96 10,145.72 10,113.76
4/9/96 10,192.56 10,160.50
4/10/96 10,192.56 10,161.11
4/11/96 10,197.76 10,170.34
4/12/96 10,174.34 10,150.04
4/15/96 10,262.82 10,239.21
4/16/96 10,260.21 10,241.67
4/17/96 10,236.79 10,223.83
4/18/96 10,281.03 10,255.81
4/19/96 10,372.11 10,348.05
4/22/96 10,512.62 10,491.33
4/23/96 10,577.67 10,552.21
4/24/96 10,601.09 10,579.88
4/25/96 10,634.92 10,613.09
4/26/96 10,736.40 10,713.32
4/29/96 10,850.90 10,829.54
4/30/96 10,796.25 10,774.81
Correlation: .9992
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE JAPAN INDEX SERIES (A) AND FT/S&P INDEX
(3/25/96-4/30/96)
<S> <C>
3/25/96
3/26/96
3/27/96
3/28/96
3/29/96
4/1/96
4/2/96
4/3/96
4/4/96
4/8/96
4/9/96
4/10/96
4/11/96
4/12/96
4/15/96
4/16/96
4/17/96
4/18/96
4/19/96
4/22/96
4/23/96
4/24/96
4/25/96
4/26/96
4/29/96
4/30/96
</TABLE>
- ------------------------
(a) Past performance is not predictive of future performance
3
<PAGE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000
INVESTMENT
<S> <C> <C>
in the South African Series(a) and FT/S&P Index
(4/2/964/30/96)
S. Africa Index
Series FT/S&P S. Africa
04/02/96 10,000.00 10,000.00
04/03/96 9,727.41 9,709.21
04/04/96 9,747.60 9,737.97
04/08/96 9,798.08 9,793.56
04/09/96 9,646.64 9,641.74
04/10/96 9,515.40 9,516.76
04/11/96 9,601.21 9,608.20
04/12/96 9,661.79 9,669.15
04/15/96 9,560.83 9,569.09
04/16/96 9,762.75 9,767.49
04/17/96 9,808.18 9,814.07
04/18/96 9,793.03 9,799.31
04/19/96 9,868.75 9,880.96
04/22/96 10,080.77 10,083.57
04/23/96 10,010.10 10,023.77
04/24/96 9,868.75 9,885.95
04/25/96 9,611.31 9,633.88
04/26/96 9,636.55 9,661.48
04/29/96 9,631.50 9,672.41
04/30/96 9,798.08 9,801.03
Correlation: .9964
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000
INVESTMENT
<S> <C> <C>
in the UK Index Series(a) and FT/S&P
Index (3/27/964/30/96)
UK Index Series FT/S&P U.K.
3/27/96 10,000.00 10,000.00
3/28/96 10,015.71 10,032.75
3/29/96 10,136.13 10,124.79
4/1/96 10,178.01 10,165.80
4/2/96 10,193.72 10,193.83
4/3/96 10,209.42 10,200.02
4/4/96 10,308.90 10,296.50
4/8/96 10,327.23 10,321.87
4/9/96 10,301.05 10,287.94
4/10/96 10,264.40 10,256.96
4/11/96 10,196.34 10,184.98
4/12/96 10,230.37 10,229.82
4/15/96 10,261.78 10,254.90
4/16/96 10,376.96 10,364.35
4/17/96 10,316.75 10,319.51
4/18/96 10,356.02 10,359.33
4/19/96 10,518.32 10,525.43
4/22/96 10,463.35 10,474.10
4/23/96 10,439.79 10,448.43
4/24/96 10,387.43 10,398.87
4/25/96 10,387.43 10,400.93
4/26/96 10,418.85 10,429.55
4/29/96 10,350.79 10,361.10
4/30/96 10,327.23 10,326.29
Correlation: .9973
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000
<S> <C> <C>
Investment in US Index Series(a) and FT/S&P
Index (3/25/964/30/96)
US Index Series FT/S&P U.S.
03/25/96 10,000.00 10,000.00
03/26/96 10,037.77 10,039.38
03/27/96 9,984.89 9,986.40
03/28/96 9,986.78 9,988.67
03/29/96 9,939.57 9,943.06
04/01/96 10,064.21 10,066.86
04/02/96 10,083.10 10,085.55
04/03/96 10,092.54 10,096.60
04/04/96 10,092.54 10,098.59
04/08/96 9,911.24 9,915.58
04/09/96 9,881.02 9,886.68
04/10/96 9,743.15 9,749.57
04/11/96 9,695.94 9,702.82
04/12/96 9,788.48 9,796.59
04/15/96 9,871.58 9,882.72
04/16/96 9,915.01 9,927.76
04/17/96 9,860.25 9,873.93
04/18/96 9,899.91 9,915.01
04/19/96 9,922.57 9,939.66
04/22/96 9,967.89 9,986.97
04/23/96 10,022.66 10,043.06
04/24/96 10,005.67 10,026.35
04/25/96 10,047.21 10,069.12
04/26/96 10,056.66 10,079.89
04/29/96 10,066.10 10,090.65
04/30/96 10,079.32 10,091.22
Correlation: .9972
</TABLE>
"The CountryBaskets Index Fund, Inc.", "CountryBaskets" and "CB Shares" are
service marks of Deutsche Morgan Grenfell/C.J. Lawrence Inc. ("DMG"). DMG has
filed applications for registration of such service marks with the U.S. Patent
and Trademark Office. The Fund is an authorized licensee of such marks.
"FT/S&P Actuaries World Indices" (the "FT/S&P Index") is a trademark of The
Financial Times Limited ("FT") and Standard & Poor's ("S&P") and has been
licensed for use by DMG. The Fund is an authorized sublicensee thereof. The Fund
and the CB SharesSM are not sponsored, endorsed, sold or promoted by FT or S&P
and neither FT nor S&P makes any representation regarding the advisability of
investing therein.
- ------------------------
(a) Past performance is not predictive of future performance
4
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
AUSTRALIA INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Broken Hill Proprietary................................ 149,550 $2,303,528 15.90%
National Australia Bank................................ 111,455 1,000,779 6.91%
CRA Ltd................................................ 49,281 799,764 5.52%
Westpac Bank Corp. .................................... 145,772 708,329 4.89%
Western Mining Corpration.............................. 5,357 622,816 4.30%
Australia & NZ Bank Group.............................. 112,190 536,328 3.70%
Coca Cola Amatil....................................... 37,804 398,007 2.75%
News Corp.............................................. 59,407 348,457 2.41%
Amcor Ltd.............................................. 47,644 342,395 2.36%
Commonwealth Bank...................................... 37,223 305,844 2.11%
Coles Myer Ltd......................................... 82,188 297,262 2.05%
Woodside Petroleum..................................... 51,143 295,963 2.04%
Lend Lease Corp........................................ 18,168 277,129 1.91%
Fosters Brewing Group.................................. 150,440 275,608 1.90%
CSR Ltd................................................ 74,911 270,353 1.87%
Comalco Ltd............................................ 43,008 260,383 1.80%
Brambles Industries Ltd................................ 16,911 232,026 1.60%
Boral Ltd.............................................. 85,092 222,126 1.53%
Woolworths Ltd......................................... 82,355 210,449 1.45%
ICI Australia.......................................... 22,673 209,469 1.45%
Pioneer International Ltd.............................. 67,837 206,419 1.42%
Pacific Dunlop Ltd..................................... 79,975 194,934 1.35%
Mim Holdings Ltd....................................... 124,243 183,655 1.27%
North Ltd.............................................. 53,249 160,355 1.11%
Santos Ltd............................................. 41,083 146,653 1.01%
Mayne Nickless Ltd..................................... 23,695 142,152 0.98%
Westfield Trust........................................ 81,509 139,712 0.96%
Posgold Ltd............................................ 44,037 119,110 0.82%
Southcorp Holdings Ltd................................. 43,722 118,946 0.82%
Westfield Holdings..................................... 7,497 116,420 0.80%
Advance Bank Australia................................. 27,356 112,708 0.78%
Wesfarmers............................................. 17,297 109,073 0.75%
GIO Australia Holding.................................. 44,380 102,940 0.71%
St. George Bank Ltd.................................... 15,661 97,402 0.67%
General Property Trust................................. 54,824 94,834 0.65%
Goodman Fielder Ltd.................................... 93,341 92,473 0.64%
Australia Gas & Light.................................. 21,966 91,538 0.63%
QBE Insurance Group.................................... 17,206 90,371 0.62%
Pasminco Ltd........................................... 60,774 88,880 0.61%
Plutonic Resources..................................... 14,360 87,504 0.60%
Newcrest Mining........................................ 17,696 85,292 0.59%
Gold Mines of Kalgoorlie............................... 73,038 84,993 0.59%
RGC Ltd................................................ 15,848 83,861 0.58%
Burns Philp & Co....................................... 39,263 80,574 0.56%
Smith (Howard)......................................... 13,657 79,462 0.55%
Ampolex Ltd............................................ 22,344 $76,423 0.53%
Normandy Mining Ltd.................................... 41,830 73,673 0.51%
Arnotts Ltd............................................ 10,647 70,990 0.49%
QCT Resources.......................................... 49,924 65,946 0.46%
Hardie James Industries................................ 29,519 64,988 0.45%
Email Ltd.............................................. 21,945 61,599 0.43%
Caltex Australia....................................... 13,769 60,085 0.41%
Australia Foundation Investor.......................... 35,063 59,273 0.41%
T.N.T.................................................. 44,478 59,102 0.41%
Stockland Trust Group.................................. 24,395 56,009 0.39%
Australia National Industries.......................... 60,116 54,830 0.38%
Fairfax (John) Holding................................. 23,072 54,785 0.38%
Bank of Melbourne...................................... 9,163 51,873 0.36%
F.H. Faulding & Co..................................... 9,058 51,635 0.36%
Rothmans Holdings...................................... 9,324 45,307 0.31%
Davids Ltd............................................. 27,839 42,903 0.30%
Sons of Gwalia Ltd..................................... 5,488 39,051 0.27%
Ashton Mining Ltd...................................... 21,420 38,400 0.27%
Gandel Retail Trust.................................... 55,244 36,487 0.25%
Metal Manufactures..................................... 14,539 35,438 0.24%
Simsmetal Ltd.......................................... 5,922 34,922 0.24%
Schroders Property Fund................................ 19,950 34,353 0.24%
Franked Income Fund.................................... 17,766 33,386 0.23%
Foodland Associates.................................... 7,756 29,577 0.20%
AAPC Ltd............................................... 41,317 27,613 0.19%
National Foods Ltd..................................... 20,314 25,715 0.18%
Publishing & Broadcasting Ltd.
(ordinary)........................................... 5,068 23,192 0.16%
Capital Property Trust................................. 12,950 21,485 0.15%
Aberfoyle.............................................. 7,231 21,150 0.15%
OPSM Protector Ltd..................................... 10,927 19,675 0.14%
Orbital Engine Corp.................................... 24,731 17,501 0.12%
Bougainville Coppper Ltd............................... 30,681 15,922 0.11%
Kidston Gold Mines..................................... 9,562 15,789 0.11%
Seven Network Ltd...................................... 4,389 13,114 0.09%
Publishing & Broadcasting Ltd.
(preferred).......................................... 2,646 12,129 0.08%
St. George Bank Ltd. (rights).......................... 1,842 2,188 0.02%
Mim Holdings (rights).................................. 24,849 1,954 0.01%
----------- ------
TOTAL INVESTMENTS -
(Cost $13,614,766)................................... 14,275,738 98.55%
OTHER ASSETS LESS LIABILITIES.......................... 210,237 1.45%
----------- ------
NET ASSETS............................................. $14,485,975 100%
----------- ------
----------- ------
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
AUSTRALIA INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Mining, metals and minerals............................ $ 4,542,269 31.8%
Commercial banks and other banks....................... 2,815,453 19.7%
Real estate............................................ 776,428 5.4%
Construction and building materials.................... 763,886 5.4%
Oil.................................................... 579,123 4.1%
Diversified industrials................................ 560,811 3.9%
Precious metals and minerals........................... 543,812 3.8%
Retail trade........................................... 507,710 3.6%
Diversified consumer goods and services................ 498,256 3.5%
Media.................................................. 451,677 3.2%
Transportation......................................... 433,281 3.0%
Forestry and paper products............................ 342,395 2.4%
Food and grocery products.............................. 298,252 2.1%
Chemicals.............................................. 209,469 1.5%
Insurance -- multiline and property and casualty....... 193,310 1.3%
Beverage industry and tobacco manufacturing............ 164,253 1.2%
Other energy (non-oil)................................. 145,408 1.0%
Financial institutions and services.................... 92,659 0.6%
Utilities.............................................. 91,537 0.6%
Wholesale trade........................................ 72,479 0.5%
Household durables and appliances...................... 61,599 0.4%
Machinery and engineering services..................... 52,423 0.4%
Health and personal care............................... 51,635 0.4%
Entertainment and leisure toys......................... 27,613 0.2%
----------- -----------
$14,275,738 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
FRANCE INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
LVMH Moet Hennessy..................................... 9,075 $2,317,337 5.40%
Elf Aquitaine.......................................... 28,180 2,091,811 4.88%
Carrefour.............................................. 2,667 2,080,177 4.85%
L'Oreal................................................ 6,392 1,971,754 4.60%
Total.................................................. 24,354 1,649,746 3.85%
Alcatel Alsthom........................................ 15,659 1,469,980 3.43%
Eaux Cie Generale...................................... 12,416 1,347,811 3.14%
L'Air Liquide.......................................... 6,896 1,250,760 2.92%
AXA.................................................... 19,562 1,163,413 2.71%
Danone................................................. 7,416 1,118,747 2.61%
Societe Generale....................................... 9,096 1,054,175 2.46%
Cie de St Gobain....................................... 8,691 1,039,134 2.42%
Sanofi................................................. 10,703 862,090 2.01%
Banque National de Paris............................... 20,069 836,543 1.95%
Cie Finance Paribas.................................... 12,505 802,889 1.87%
Rhone Poulenc SA....................................... 33,294 797,441 1.86%
Renault Regie Nationale................................ 24,873 752,849 1.76%
Peugeot SA............................................. 5,212 726,863 1.70%
Pinault-Printemps La Redoute........................... 2,328 705,532 1.65%
Uap Cie Uap............................................ 32,035 692,414 1.61%
Cie de Suez............................................ 16,590 686,079 1.60%
Roussel Uclaf.......................................... 2,822 663,919 1.55%
Schneider SA........................................... 13,828 643,172 1.50%
Lafarge................................................ 9,593 613,329 1.43%
Lyonnaise des Eaux SA.................................. 6,038 605,301 1.41%
Michelin CGDE.......................................... 11,914 589,357 1.37%
Christian Dior......................................... 4,367 581,184 1.36%
Canal Plus............................................. 2,291 560,234 1.31%
Havas.................................................. 6,665 552,549 1.29%
Promodes............................................... 1,820 522,046 1.22%
Legrand................................................ 2,299 446,289 1.04%
Eridania Beghin........................................ 2,699 439,482 1.03%
Accor.................................................. 3,007 417,031 0.97%
Valeo.................................................. 7,447 412,545 0.96%
Synthelabo............................................. 5,192 404,258 0.94%
Usinor Sacilor......................................... 26,136 403,616 0.94%
Pernod Ricard.......................................... 6,061 394,769 0.92%
Pechiney "A"........................................... 8,217 386,477 0.90%
Credit Commercial France............................... 7,480 374,063 0.87%
CSF Thomson............................................ 12,540 333,294 0.78%
BIC.................................................... 2,970 326,996 0.76%
Cie Bancaire........................................... 2,937 323,930 0.76%
Castorama Dubois....................................... 1,683 321,508 0.75%
Credit Local de France................................. 3,938 310,423 0.72%
Poliet................................................. 2,838 290,536 0.68%
S.E.B. SA.............................................. 1,628 273,580 0.64%
Docks de France........................................ 1,397 264,444 0.62%
Saint Louis............................................ 869 252,620 0.59%
Bouygues............................................... 2,486 252,099 0.59%
Imetal................................................. 1,595 249,241 0.58%
Lagardere Groupe....................................... 9,218 246,959 0.58%
Casino Guichard Perrachon.............................. 6,523 245,063 0.57%
Ecco................................................... 1,078 $241,747 0.56%
Euro Disney SCA........................................ 79,669 236,985 0.55%
Chargeurs SA........................................... 825 219,113 0.51%
Comptoirs Modernes..................................... 550 212,473 0.50%
Capital Gemini Sogeti.................................. 5,698 205,814 0.48%
Essilor International.................................. 814 205,657 0.48%
Worms & Cie............................................ 3,531 188,993 0.44%
Sagem SA............................................... 297 185,011 0.43%
Sidel.................................................. 737 175,099 0.41%
CGIP................................................... 693 154,606 0.36%
Simco.................................................. 1,606 153,244 0.36%
Eurafrance............................................. 396 152,063 0.35%
Fromageries Bel........................................ 154 148,136 0.35%
Club Mediterranee...................................... 1,441 136,386 0.32%
Gaz Et Eaux............................................ 297 123,283 0.29%
Credit National........................................ 1,540 120,294 0.28%
Sefimeg................................................ 1,705 116,650 0.27%
Bongrain SA............................................ 209 115,861 0.27%
Salomon SA............................................. 165 114,735 0.27%
GTM Entrepose.......................................... 1,573 101,177 0.24%
Assic General de France................................ 3,652 99,533 0.23%
Unibail SA............................................. 1,012 98,715 0.23%
CPR-Parisienne Reescompte.............................. 1,078 93,284 0.22%
Union Immobiliere de France............................ 891 77,791 0.18%
Havas Advertising...................................... 583 65,990 0.15%
Sommer Allibert........................................ 231 65,858 0.15%
Fonciere Lyonnaise..................................... 583 64,751 0.15%
Labinal................................................ 440 62,467 0.15%
Bertrand Faure Ex Ebf.................................. 1,815 59,599 0.14%
UFB Locabail........................................... 605 57,028 0.13%
Eurotunnel............................................. 49,401 55,822 0.13%
Damart SA.............................................. 66 50,993 0.12%
Societe des Immeubles.................................. 737 50,508 0.12%
Moulinex............................................... 3,014 50,067 0.12%
Casino Guichard Perrachon (preferred).................. 1,837 49,960 0.12%
Credit Foncier France.................................. 4,048 49,221 0.11%
Legris................................................. 924 45,690 0.11%
Vallourec Usin......................................... 880 42,665 0.10%
Nord Est............................................... 1,518 41,138 0.10%
DMC.................................................... 704 38,347 0.09%
Interbail Societe Financiere........................... 561 27,404 0.06%
Taittinger............................................. 66 23,202 0.05%
Cie General Geophysique................................ 330 22,756 0.05%
Finextel Society Finance............................... 1,210 17,751 0.04%
Silic.................................................. 100 13,946 0.03%
-- ------
TOTAL INVESTMENTS -
(Cost $41,374,403)................................... 42,749,672 99.71%
OTHER ASSETS LESS LIABILITIES.......................... 125,138 0.29%
-- ------
NET ASSETS............................................. $42,874,810 100%
-- ------
-- ------
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
FRANCE INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Health and personal care............................... $ 4,688,862 11.0%
Retail trade........................................... 4,401,203 10.2%
Oil.................................................... 3,741,557 8.7%
Commercial banks and other banks....................... 3,436,714 8.0%
Construction and building materials.................... 2,939,447 6.9%
Beverage industry and tobacco manufacturing............ 2,735,307 6.4%
Food and grocery products.............................. 2,074,846 4.9%
Chemicals.............................................. 2,048,201 4.8%
Insurance -- multiline and property and casualty....... 1,955,360 4.6%
Utilities.............................................. 1,953,112 4.6%
Computers and communications and office equipment...... 1,716,938 4.0%
Financial institutions and services.................... 1,581,093 3.7%
Automobiles............................................ 1,479,713 3.5%
Media.................................................. 1,178,773 2.8%
Auto components........................................ 1,061,501 2.5%
Entertainment and leisure toys......................... 905,138 2.1%
Diversified holding companies.......................... 727,132 1.7%
Mining, metals and minerals............................ 695,522 1.6%
Electrical equipment................................... 631,300 1.5%
Real estate............................................ 462,944 1.1%
Business services and computer software................ 447,562 1.0%
Household durables and appliances...................... 389,505 0.9%
Fabricated metal products.............................. 386,477 0.9%
Electronics and instrumentation........................ 333,294 0.8%
Diversified consumer goods and services................ 326,996 0.8%
Machinery and engineering services..................... 220,789 0.5%
Textiles and wearing apparel........................... 89,341 0.2%
Aerospace and defense composite........................ 62,467 0.1%
Transportation and storage............................. 55,822 0.1%
Other energy (non-oil)................................. 22,756 0.1%
----------- -----------
$42,749,672 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
GERMANY INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Allianz AG Holdings.................................... 1,142 $1,958,540 9.79%
Siemens AG............................................. 2,660 1,454,091 7.27%
Daimler Benz AG........................................ 2,480 1,356,018 6.77%
VEBA AG................................................ 23,544 1,168,357 5.84%
Deutsche Bank AG (a)................................... 24,108 1,153,427 5.76%
Bayer AG............................................... 3,416 1,098,185 5.48%
Hoechst AG............................................. 2,830 951,502 4.75%
BASF AG................................................ 2,958 806,278 4.03%
Munchener Ruckversicherungs AG......................... 390 707,001 3.53%
RWE AG*................................................ 15,944 619,661 3.09%
Mannesmann AG.......................................... 1,770 603,650 3.01%
Dresdner Bank AG....................................... 21,482 539,600 2.70%
Bayerische Motoren Werke AG............................ 880 474,281 2.37%
Volkswagen AG (registered)............................. 1,296 446,643 2.23%
Commerzbank AG......................................... 1,936 418,504 2.09%
VIAG AG................................................ 1,008 394,715 1.97%
Bayerische Vereinsbank AG.............................. 11,568 339,454 1.70%
Bayerische Hypotheken -
und Wechsel - Bank AG................................ 12,300 305,431 1.53%
Lufthansa AG........................................... 1,872 296,391 1.48%
RWE AG (preferred)*.................................... 9,780 284,117 1.42%
Thyssen AG............................................. 1,536 277,949 1.39%
SAP AG................................................. 1,974 261,695 1.31%
Linde AG............................................... 414 252,689 1.26%
Schering AG............................................ 3,348 245,611 1.23%
Gehe AG................................................ 360 207,523 1.04%
Preussag AG............................................ 744 200,128 1.00%
VEW AG................................................. 672 192,811 0.96%
Beiersdorf AG.......................................... 204 171,605 0.86%
Adidas AG.............................................. 2,226 169,107 0.84%
Karstadt AG............................................ 414 154,367 0.77%
Degussa AG............................................. 420 150,908 0.75%
Berliner Kraft and Light AG............................ 552 150,822 0.75%
Manitoba AG............................................ 540 144,127 0.72%
Hochtief AG............................................ 342 $129,349 0.65%
Henkel Kgaa (preferred)................................ 324 124,021 0.62%
Kaufhof Holding AG..................................... 396 123,175 0.62%
Altana AG.............................................. 192 118,191 0.59%
AMB Aachener & Muencher Beteil AG...................... 198 117,494 0.59%
Heidelberg Zement AG................................... 186 115,832 0.58%
Asko Deutsche Kaufhaus AG.............................. 192 113,934 0.57%
VIAG AG................................................ 288 110,428 0.55%
Rheinelektra AG........................................ 138 98,988 0.49%
BHF Bank AG............................................ 4,038 98,928 0.49%
Metallgesellschaft AG.................................. 5,246 98,453 0.49%
Victoria Holding AG.................................... 164 93,576 0.47%
CKAG Colonia Konzern AG................................ 126 86,272 0.43%
Volkswagen AG preferred................................ 318 80,665 0.40%
Continental AG......................................... 4,656 80,306 0.40%
Holzmann Philipp AG.................................... 216 69,581 0.35%
Bilfinger & Berger AG.................................. 174 65,753 0.33%
Douglas Holding AG..................................... 1,470 48,600 0.24%
PWA Papier Waldhof AG.................................. 348 46,974 0.23%
Manitoba AG (preferred)................................ 216 43,509 0.22%
AGIV AG................................................ 1,962 41,709 0.21%
Bayerische Motoren Werke AG
(preferred).......................................... 60 22,889 0.11%
Kaufhof Holding AG (preferred)......................... 96 22,787 0.11%
AMB Aachener & Muencher Beteil AG (bearer)............. 42 21,910 0.11%
Deutsche Babcock....................................... 342 18,510 0.09%
Linotype Hell AG....................................... 120 8,780 0.04%
----------- ------
TOTAL INVESTMENTS -
(Cost $20,770,098)................................... 19,955,803 99.67%
OTHER ASSETS LESS LIABILITIES.......................... 65,892 0.33%
----------- ------
NET ASSETS............................................. $20,021,695 100%
----------- ------
----------- ------
</TABLE>
(a) Represents investment in an affiliate.
* Non-income producing security.
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
GERMANY INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Chemicals.............................................. $ 3,225,597 16.2%
Insurance -- multiline and property and casualty....... 2,984,793 15.0%
Commercial banks and other banks....................... 2,855,343 14.3%
Automobiles............................................ 2,380,496 11.9%
Electrical equipment................................... 1,553,079 7.8%
Utilities.............................................. 1,247,411 6.3%
Diversified holding companies.......................... 1,168,357 5.9%
Mining, metals and minerals............................ 1,081,673 5.4%
Machinery and engineering services..................... 1,062,487 5.3%
Retail trade........................................... 462,863 2.3%
Construction and building materials.................... 380,515 1.9%
Transportation and storage............................. 296,391 1.5%
Health and personal care............................... 289,796 1.5%
Business services and computer software................ 261,695 1.3%
Wholesale trade........................................ 207,523 1.0%
Entertainment and leisure toys......................... 169,107 0.8%
Precious metals and minerals........................... 150,908 0.8%
Auto components........................................ 80,306 0.4%
Forestry and paper products............................ 46,974 0.2%
Diversified industrials................................ 41,709 0.2%
Electronics and instrumentation........................ 8,780 0.0%
----------- -----------
$19,955,803 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
HONG KONG INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Sun Hung Kai Properties................................ 275,000 $2,621,929 8.98%
Hutchison Whampoa...................................... 417,000 2,587,638 8.86%
Hong Kong Telecommunications........................... 1,303,000 2,484,636 8.51%
Hang Seng Bank......................................... 223,000 2,263,085 7.75%
Cheung Kong Holdings................................... 266,000 1,899,941 6.51%
Henderson Land Development............................. 190,000 1,363,242 4.67%
China Light & Power.................................... 230,000 1,085,293 3.72%
Citic Pacific Ltd...................................... 247,000 970,726 3.33%
Swire Pacific.......................................... 110,000 938,562 3.21%
Wharf Holdings......................................... 252,000 933,365 3.20%
New World Development Co............................... 197,000 883,735 3.03%
Hong Kong Electric..................................... 234,000 744,179 2.55%
Jardine Matheson....................................... 86,000 688,000 2.36%
Hong Kong Land Holdings................................ 313,000 669,820 2.29%
Cathay Pacific Air..................................... 332,000 579,426 1.98%
Hong Kong & China Gas.................................. 348,000 571,359 1.96%
Swire Pacific.......................................... 359,500 487,994 1.67%
Wheelock & Co.......................................... 234,000 477,968 1.64%
Bank of East Asia...................................... 125,000 420,155 1.44%
Jardine Strategic...................................... 122,000 400,160 1.37%
Hysan Development...................................... 120,000 385,508 1.32%
First Pacific Co....................................... 263,000 350,202 1.20%
Amoy Properties........................................ 290,000 326,170 1.12%
Hopewell Holdings...................................... 520,000 317,637 1.09%
Dao Heng Bank Group.................................... 80,000 306,131 1.05%
Hang Lung Development Co............................... 160,000 303,029 1.04%
Sino Land Co........................................... 304,000 300,650 1.03%
Henderson Investment................................... 300,000 261,789 0.90%
Guoco Group............................................ 50,000 248,861 0.85%
Shangri Louisiana Asia Ltd............................. 169,000 232,682 0.80%
Hong Kong & Shang Hotel................................ 130,000 224,363 0.77%
National Mutual Asia................................... 249,000 210,847 0.72%
Television Broadcasting................................ 50,000 200,382 0.69%
Dairy Farm International............................... 202,000 187,860 0.64%
Chinese Estates........................................ 200,000 $180,990 0.62%
Great Eagle Holdings................................... 50,000 143,499 0.49%
Miramar Hotel & Investment............................. 66,000 143,344 0.49%
New Asia Realty........................................ 40,000 133,932 0.46%
Shun Tak Holdings...................................... 169,000 122,349 0.42%
CDL Hotels International............................... 214,000 121,729 0.42%
South China Morning Post............................... 172,000 116,738 0.40%
Mandarin Oriental...................................... 81,000 115,020 0.39%
Dickson Concepts....................................... 80,000 92,563 0.32%
Johnson Electric Holdings.............................. 40,000 90,495 0.31%
Kowloon Motor Bus...................................... 49,800 86,270 0.30%
Realty Development Corp................................ 24,000 83,617 0.29%
Jardine International Motor............................ 58,000 74,982 0.26%
Semi Tech Global....................................... 40,000 59,210 0.20%
Shaw Brothers HK Ltd................................... 46,000 55,305 0.19%
Varitronix International............................... 30,000 55,073 0.19%
Hong Kong Aircraft..................................... 20,000 50,677 0.17%
Sime Darby HK.......................................... 49,000 47,510 0.16%
Cross Harbour Tunnel................................... 20,000 39,301 0.13%
Harbour Centre Development............................. 28,000 38,008 0.13%
Chen Hsong Holding..................................... 69,000 35,458 0.12%
Wing On Co. Interest Ltd............................... 30,000 31,415 0.11%
Winsor Industrial...................................... 30,000 27,536 0.09%
China Motor Bus Co..................................... 3,000 27,052 0.09%
Sun Hung Kai Co........................................ 80,000 24,562 0.08%
Hong Kong & China Gas
(warrants) (a)....................................... 29,000 0 0.00%
Hysan Development (warrants) (a)....................... 6,000 0 0.00%
----------- ------
TOTAL INVESTMENTS -
(Cost $29,200,152)................................... 28,923,959 99.08%
OTHER ASSETS LESS LIABILITIES.......................... 269,324 0.92%
----------- ------
NET ASSETS............................................. $29,193,283 100%
----------- ------
----------- ------
</TABLE>
(a) Fair valued securities.
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
HONG KONG INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Real estate............................................ $10,846,214 37.5%
Utilities.............................................. 4,885,466 16.9%
Diversified consumer goods and services................ 3,275,638 11.3%
Diversified holding companies.......................... 3,110,283 10.8%
Commercial banks and other banks....................... 2,989,371 10.3%
Food and grocery products.............................. 930,451 3.2%
Transportation and storage............................. 854,398 3.0%
Retail trade........................................... 789,806 2.7%
Media.................................................. 317,120 1.1%
Financial institutions and services.................... 273,424 0.9%
Insurance -- multiline and property and casualty....... 210,847 0.7%
Electrical equipment................................... 90,495 0.3%
Automobiles............................................ 74,982 0.3%
Household durables and appliances...................... 59,210 0.2%
Electronics and instrumentation........................ 55,073 0.2%
Aerospace and defense composite........................ 50,677 0.2%
Wholesale trade........................................ 47,510 0.2%
Machinery and engineering services..................... 35,458 0.1%
Textiles and wearing apparel........................... 27,536 0.1%
----------- -----------
$28,923,959 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
ITALY INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Telecom Italia Mobile.................................. 1,456,256 $3,211,174 9.25%
Assicurazioni Generali................................. 119,863 2,984,005 8.59%
Telecom Italia......................................... 1,375,505 2,800,132 8.07%
Stet................................................... 781,047 2,635,834 7.60%
Fiat SPA............................................... 646,764 2,201,265 6.35%
Instituto Nazionale Assicurazioni...................... 995,561 1,527,165 4.40%
Alleanza Assicuraz..................................... 155,239 1,463,524 4.22%
Istituto Banco San Paolo............................... 179,697 1,169,793 3.37%
Eni SPA................................................ 264,263 1,140,111 3.29%
Mediobanca SPA......................................... 148,148 1,060,998 3.06%
Istituto Mobiliare Italiano............................ 132,102 1,046,979 3.02%
Banca Commerciale Italiana............................. 389,387 876,054 2.53%
RAS.................................................... 72,475 807,175 2.33%
Montedison SPA......................................... 1,302,915 787,797 2.27%
Stet (saving shares)................................... 299,959 785,096 2.26%
Italgas Society Italiana............................... 221,124 763,197 2.20%
Olivetti & Cia SPA..................................... 991,563 633,764 1.83%
Pirelli SPA............................................ 391,292 610,236 1.76%
Sirti SPA.............................................. 94,630 599,390 1.73%
Telecom Italia Mobilaria
(saving shares)...................................... 344,513 482,233 1.39%
Credito Italiano....................................... 375,320 478,097 1.38%
Gemina................................................. 980,344 447,387 1.29%
Sai Society Assic...................................... 39,804 429,952 1.24%
Telecom Italia (saving shares)......................... 254,159 420,739 1.21%
Louisiana Fondiaria Assicurazioni SPA.................. 82,924 405,461 1.17%
BANCO Ambros Veneto.................................... 110,510 333,388 0.96%
Saipem................................................. 87,706 319,530 0.92%
Ifil Ist Finance Italia................................ 160,959 280,342 0.81%
Ifil Ist Finance Italia (saving shares)................ 84,441 276,332 0.80%
SME Meridonale......................................... 246,520 274,005 0.79%
Marzotto & Figli....................................... 37,232 264,147 0.76%
RAS (saving shares).................................... 44,788 253,345 0.73%
Fiat SPA (saving shares)............................... 122,493 233,702 0.67%
Burgo Cartiere SPA..................................... 39,398 $224,871 0.65%
Ifi Istit Finance Industry............................. 19,519 203,291 0.59%
Toro Assicurazioni..................................... 32,326 201,345 0.58%
Italcementi............................................ 26,103 189,279 0.55%
Toro Assicurazioni (saving shares)..................... 13,140 178,048 0.51%
Toro Assicurazioni (preferred)......................... 28,227 167,876 0.48%
Fidis.................................................. 57,153 156,712 0.45%
Alleanza Assicurazio (saving shares)................... 17,868 123,569 0.36%
Magneti Marelli........................................ 81,564 123,553 0.36%
Rinascente Louisiana................................... 17,270 119,323 0.34%
Editor L'Espresso...................................... 49,684 117,179 0.34%
Fiat SPA preferred..................................... 60,756 110,479 0.32%
Milano Assicurazio..................................... 29,904 101,874 0.29%
Montedison SPA (saving shares)......................... 149,688 85,341 0.25%
Cir Compagnie Industries............................... 116,472 78,910 0.23%
BANCO Ambros Veneto
(saving shares)...................................... 46,320 74,162 0.21%
Sasib.................................................. 17,352 68,540 0.20%
Snia BPD............................................... 59,191 66,282 0.19%
Italcementi (saving shares)............................ 20,964 57,751 0.17%
Sai Society Assic (saving shares)...................... 12,120 52,367 0.15%
Unicem................................................. 4,337 29,661 0.09%
Unicem (saving shares)................................. 8,928 27,362 0.08%
Sasib (saving shares).................................. 13,308 25,858 0.07%
Cir Compagnie Industries
(saving shares)...................................... 59,256 20,263 0.06%
BANCA Commerce Italiana
(saving shares)...................................... 3,228 7,097 0.02%
----------- ------
TOTAL INVESTMENTS -
(Cost $29,794,388)................................... 34,613,342 99.79%
OTHER ASSETS LESS LIABILITIES.......................... 74,020 0.21%
----------- ------
NET ASSETS............................................. $34,687,362 100%
----------- ------
----------- ------
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
ITALY INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Utilities.............................................. $11,098,404 32.1%
Insurance -- multiline and property and casualty....... 7,168,541 20.7%
Commercial banks and other banks....................... 2,938,592 8.5%
Financial institutions and services.................... 2,712,077 7.8%
Automobiles............................................ 2,545,446 7.4%
Insurance -- life and agents and brokers............... 1,527,165 4.4%
Computers and communications and office equipment...... 1,233,154 3.6%
Diversified holding companies.......................... 1,175,602 3.4%
Oil.................................................... 1,140,111 3.3%
Food and grocery products.............................. 830,679 2.4%
Auto components........................................ 733,789 2.1%
Other energy (non-oil)................................. 319,530 0.9%
Construction and building materials.................... 304,052 0.9%
Textiles and wearing apparel........................... 264,147 0.8%
Forestry and paper products............................ 224,871 0.6%
Retail trade........................................... 119,323 0.3%
Media.................................................. 117,179 0.3%
Machinery and engineering services..................... 94,398 0.3%
Chemicals.............................................. 66,282 0.2%
----------- -----------
$34,613,342 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Toyota Motor Corp...................................... 104,000 $2,372,854 2.87%
Sumitomo Bank.......................................... 88,000 1,881,787 2.28%
Bank of Tokyo Mitsubishi............................... 79,000 1,825,081 2.21%
Fuji Bank.............................................. 80,000 1,748,901 2.12%
Dai Ichi Kangyo Bank................................... 85,000 1,728,376 2.09%
Bank of Japan Industries............................... 64,000 1,710,715 2.07%
Sanwa Bank............................................. 80,000 1,619,070 1.96%
Nomura Securities...................................... 53,000 1,153,587 1.40%
Sakura Bank............................................ 96,000 1,127,239 1.37%
Bank of Tokyo Mitsubishi............................... 44,800 1,030,706 1.25%
Tokyo Electric Power................................... 37,600 1,022,992 1.24%
Hitachi................................................ 94,000 1,014,019 1.23%
Matsushita Electric Industries......................... 56,000 989,007 1.19%
Asahi Bank............................................. 64,000 824,809 0.99%
Mitsubishi Heavy Industry.............................. 88,000 784,638 0.95%
Seven Eleven Japan..................................... 11,000 778,127 0.94%
Tokai Bank............................................. 56,000 716,362 0.86%
Nippon Steel Corp...................................... 192,000 692,840 0.83%
Toshiba Corp........................................... 88,000 683,828 0.82%
Nippon Telegraph & Telephone Corp...................... 88 681,308 0.82%
Sony Corp.............................................. 10,400 675,122 0.81%
Seibu Railway Co....................................... 12,000 673,594 0.81%
Kansai Electric Power.................................. 27,200 659,542 0.79%
Ito Yokado Co.......................................... 11,000 647,914 0.78%
Mitsubishi Trust & Banking............................. 35,000 604,765 0.73%
East Japan Railway..................................... 112 597,681 0.72%
Honda Motor Co......................................... 26,000 593,213 0.71%
Mitsubishi Corp........................................ 40,000 568,966 0.69%
Long Credit Bank of Japan.............................. 64,000 554,150 0.67%
Daiwa Securities....................................... 36,000 553,309 0.67%
Tokio Marine & Fire.................................... 40,000 549,873 0.66%
Nissan Motor Co........................................ 64,000 540,097 0.65%
Chubu Electric Power................................... 20,800 526,198 0.63%
Nippondenso Co......................................... 24,000 522,379 0.63%
Sharp Corp............................................. 30,000 521,234 0.63%
NEC Corp............................................... 40,000 507,869 0.61%
Nikko Securities....................................... 40,000 507,869 0.61%
Fujitsu................................................ 48,000 494,886 0.60%
Sumitomo Trust & Banking............................... 32,000 467,392 0.56%
Kyocera Corp........................................... 6,000 451,354 0.54%
Mitsubishi Estate...................................... 32,000 449,063 0.54%
Mitsubishi Electric Corp............................... 56,000 440,509 0.53%
Canon Inc.............................................. 22,000 436,843 0.53%
Fuji Photo Film Co..................................... 14,000 435,698 0.52%
Takeda Chemical Industries............................. 24,000 414,696 0.50%
Bridgestone Corp....................................... 21,000 388,920 0.47%
Asahi Glass Co......................................... 32,000 387,966 0.47%
Mitsui Trust & Banking................................. 32,000 384,911 0.46%
Mitsui & Co............................................ 40,000 $380,711 0.46%
Kirin Brewery Co....................................... 29,000 376,510 0.45%
Dai Nippon Printng..................................... 20,000 376,128 0.45%
Sumitomo Corp.......................................... 30,000 357,990 0.43%
Tohoku Electric Power.................................. 13,600 337,561 0.41%
Kawasaki Steel Corp.................................... 88,000 321,752 0.39%
Kinki Nippon Railway................................... 41,200 320,156 0.39%
Kyushu Electric Power.................................. 12,800 317,704 0.38%
Nippon Express Co...................................... 30,000 312,167 0.38%
Daiwa Bank............................................. 40,000 311,213 0.37%
Murata Manufacturing Co................................ 8,000 310,067 0.37%
Mitsubishi Chemical.................................... 56,000 306,860 0.37%
Sanyo Electric Co...................................... 48,000 306,096 0.37%
Itochu Corp............................................ 40,000 304,339 0.37%
Asahi Chemical Industries.............................. 40,000 303,576 0.37%
NKK Corp............................................... 96,000 300,597 0.36%
Sankyo Co.............................................. 12,000 290,974 0.35%
Mitsui Fudosan Co...................................... 22,000 289,829 0.35%
Bank of Yokohama....................................... 32,000 286,850 0.35%
Shizuoka Bank.......................................... 21,000 284,674 0.34%
Secom Co............................................... 4,000 282,574 0.34%
Tokyo Gas Co........................................... 72,000 282,497 0.34%
Sumitomo Metal Industries.............................. 88,000 282,268 0.34%
Fanuc.................................................. 6,400 277,991 0.33%
Kajima Corp............................................ 24,000 270,354 0.33%
Osaka Gas Co........................................... 64,000 255,996 0.31%
Rohm Co................................................ 4,000 254,316 0.31%
Yamaichi Securities Co................................. 32,000 252,636 0.30%
Jusco Co............................................... 8,000 247,443 0.30%
Chugoku Electric Power................................. 10,400 247,214 0.30%
Nintendo Co............................................ 3,200 246,832 0.30%
Shimizu Corp........................................... 21,000 240,569 0.29%
Marubeni Corp.......................................... 40,000 239,424 0.29%
Toyo Trust & Banking................................... 22,000 239,424 0.29%
Tonen Corp............................................. 16,000 238,278 0.29%
Toppan Printing Co..................................... 16,000 235,223 0.28%
Komatsu................................................ 24,000 231,405 0.28%
Sumitomo Electric Industries........................... 16,000 229,114 0.28%
TDK Corp............................................... 4,000 228,732 0.28%
Kobe Steel............................................. 72,000 223,386 0.27%
Kubota Corp............................................ 32,000 222,698 0.27%
Nippon Oil Co.......................................... 32,000 221,477 0.27%
Toray Industries Inc................................... 32,000 217,505 0.26%
Daiei Inc.............................................. 16,000 216,894 0.26%
Mitsubishi Motor....................................... 24,000 216,283 0.26%
Kao Corp............................................... 16,000 213,839 0.26%
Sumitomo Chemical...................................... 40,000 212,694 0.26%
Toyo Seikan Kaisha..................................... 6,000 212,503 0.26%
Daiwa House Industries................................. 13,000 207,252 0.25%
</TABLE>
15
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Ajinomoto Co. Inc...................................... 16,000 $200,093 0.24%
Sekisui House.......................................... 16,000 198,565 0.24%
Tokyu Corp............................................. 24,000 195,434 0.24%
Nippon Yusen........................................... 32,000 193,983 0.23%
Nippon Credit Bank..................................... 47,000 191,587 0.23%
Yamanouchi Pharmaceutical.............................. 8,000 189,401 0.23%
Sekisui Chemical....................................... 15,000 189,019 0.23%
Yasuda Fire & Marine Insurance......................... 24,000 189,019 0.23%
Ricoh Co............................................... 16,000 187,873 0.23%
Tostem Corp............................................ 6,000 186,155 0.22%
Tokyo Electron......................................... 5,000 185,678 0.22%
Taisei Corp............................................ 24,000 185,582 0.22%
Hachijuni Bank......................................... 16,000 184,818 0.22%
Shin Etsu Chemical Co.................................. 8,400 183,635 0.22%
Matsushita Electric Works.............................. 16,000 181,763 0.22%
Omron Corp............................................. 8,000 180,236 0.22%
Shikoku Electric Power................................. 7,200 176,647 0.21%
Marui Co............................................... 8,000 176,418 0.21%
Nippon Paper Industries................................ 24,000 175,501 0.21%
Taisho Pharmaceutical Co............................... 8,000 174,890 0.21%
Eisai Co............................................... 8,400 165,993 0.20%
Tobu Railway Co........................................ 24,000 165,878 0.20%
Toyoda Auto Loom....................................... 8,000 165,726 0.20%
Kawasaki Heavy Industries.............................. 32,000 165,267 0.20%
Suzuki Motor Corp...................................... 13,000 165,057 0.20%
Yamazaki Baking Co..................................... 8,000 163,434 0.20%
Isuzu Motors........................................... 28,000 160,112 0.19%
Yasuda Trust & Banking................................. 24,000 159,005 0.19%
Ishi Kawajima-Harima Heavy Industry.................... 32,000 158,852 0.19%
Mitsukoshi............................................. 14,000 155,034 0.19%
Uny Co................................................. 8,000 155,034 0.19%
Sumitomo Marine & Fire................................. 16,000 152,131 0.18%
Sumitomo Metal Mining.................................. 15,000 151,788 0.18%
Ono Pharmaceutical..................................... 4,000 150,833 0.18%
Gunma Bank............................................. 13,000 150,165 0.18%
Obayashi Corp.......................................... 16,000 148,618 0.18%
New Oji Paper Co....................................... 16,000 147,702 0.18%
All Nippon Airways..................................... 13,000 147,683 0.18%
Hankyu Corp............................................ 24,000 146,404 0.18%
Chiba Bank............................................. 16,000 144,342 0.17%
Mitsubishi Materials................................... 24,000 144,342 0.17%
Yamaha Corp............................................ 8,000 143,578 0.17%
Hoya Corp.............................................. 4,000 141,287 0.17%
National House Industrial.............................. 8,000 141,287 0.17%
Kinden Corp............................................ 8,800 140,294 0.17%
Bank of Fukuoka........................................ 16,000 140,218 0.17%
Yamaguchi Bank......................................... 8,000 136,704 0.16%
Mitsui Marine & Fire................................... 16,000 $135,483 0.16%
Onward Kashiyama....................................... 8,000 135,177 0.16%
Daiichi Pharmaceutical Co.............................. 8,000 134,413 0.16%
Mitsubishi Warehouse................................... 8,000 134,413 0.16%
Hokkaido Electric Power................................ 5,600 134,184 0.16%
Hokuriku Electric Power................................ 5,600 133,650 0.16%
Matsushita Commerce.................................... 5,000 133,650 0.16%
Matsushita Kotobuk..................................... 5,000 133,650 0.16%
Teijin................................................. 24,000 131,740 0.16%
Hitachi Zosen Corp..................................... 24,000 131,511 0.16%
Joyo Bank.............................................. 16,000 130,748 0.16%
Takashimaya Co......................................... 8,000 130,595 0.16%
Sony Music Entertainment............................... 2,400 129,907 0.16%
Makita Corp............................................ 8,000 129,067 0.16%
Nichii Co.............................................. 8,000 128,304 0.15%
Japan Air Lines Co..................................... 16,000 127,845 0.15%
Nippon Meat Packer..................................... 8,000 126,776 0.15%
Oki Electric Industries................................ 16,000 126,776 0.15%
Aisin Seiki Co......................................... 8,000 126,013 0.15%
Ebara Corp............................................. 8,000 124,485 0.15%
Sumitomo Forestry...................................... 8,000 122,958 0.15%
Sega Enterprises....................................... 2,400 122,347 0.15%
NSK.................................................... 15,000 121,001 0.15%
Nissho Iwai Corp....................................... 21,000 120,285 0.14%
Kandenko Co............................................ 8,800 120,132 0.14%
Isetan Co.............................................. 8,000 118,375 0.14%
Toto................................................... 8,000 118,375 0.14%
Odakyu Electric Railway................................ 16,480 117,994 0.14%
Yakult Honsha Co....................................... 8,000 117,612 0.14%
Familymart Co.......................................... 2,400 117,306 0.14%
Hankyu Department Stores............................... 8,000 116,848 0.14%
Nippon Fire & Marine................................... 16,000 116,848 0.14%
Mazda Motor Corp....................................... 24,000 116,161 0.14%
Banyu Pharmaceutical................................... 8,000 115,321 0.14%
Kokusai Securities..................................... 7,000 113,602 0.14%
Seiyu.................................................. 8,000 112,266 0.14%
Canon Sales Co. Inc.................................... 4,000 111,884 0.13%
Pioneer Electronic..................................... 5,000 111,693 0.13%
Kokuyo Co.............................................. 4,000 110,738 0.13%
Victor Co. of Japan.................................... 8,000 110,738 0.13%
Kurita Water Industries................................ 4,400 110,471 0.13%
Nissin Food Products................................... 4,000 109,593 0.13%
Matsuzakaya Co......................................... 8,000 108,447 0.13%
Wacoal Corp............................................ 8,000 108,447 0.13%
Ashikaga Bank.......................................... 16,000 107,989 0.13%
Hokuriku Bank.......................................... 16,000 107,683 0.13%
Nikon Corp............................................. 8,000 107,683 0.13%
Nisshin Steel Co....................................... 24,000 105,851 0.13%
Keyence Corp........................................... 800 105,392 0.13%
</TABLE>
16
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Cosmo Oil Co........................................... 16,000 $104,629 0.13%
Hitachi Metals......................................... 8,000 104,629 0.13%
Jgc Corp............................................... 8,000 102,337 0.12%
Terumo Corp............................................ 8,000 101,574 0.12%
Shiseido Co............................................ 8,000 100,810 0.12%
NGK Spark Plug Co...................................... 8,000 99,283 0.12%
Chichibu Onoda Cement.................................. 16,000 98,672 0.12%
Japan Energy Corp...................................... 24,000 98,290 0.12%
Yamato Transport....................................... 8,000 97,755 0.12%
Keio Teito Electric Railway............................ 16,000 97,602 0.12%
Asahi Breweries........................................ 8,000 96,991 0.12%
Chiyoda Corp........................................... 8,000 96,991 0.12%
Furukawa Electric...................................... 16,000 96,839 0.12%
Alps Electric Co....................................... 8,000 93,937 0.11%
Nishimatsu Construction................................ 8,000 93,937 0.11%
Amada Co............................................... 8,000 93,173 0.11%
Yokogawa Electric...................................... 8,000 93,173 0.11%
Nippon Electric Glass.................................. 5,000 93,077 0.11%
Fuji Electric Co....................................... 16,000 92,562 0.11%
Kuraray Co............................................. 8,000 92,409 0.11%
Takara Shuzo Co........................................ 8,000 91,645 0.11%
Yamato Kogyo Co........................................ 8,000 91,645 0.11%
Tokyo Dome Corp........................................ 5,000 91,168 0.11%
NGK Insulators......................................... 8,000 90,882 0.11%
Fujisawa Pharmaceutical Co............................. 8,000 89,354 0.11%
Hiroshima Bank......................................... 16,000 89,354 0.11%
Daikin Industries...................................... 8,000 88,591 0.11%
Nisshinbo Industries Inc............................... 8,000 88,591 0.11%
Fujita Kanko Inc....................................... 4,000 87,827 0.11%
Japan Wool Textile..................................... 8,000 87,827 0.11%
Okuma Corp............................................. 8,000 87,827 0.11%
Inax Corp.............................................. 8,000 87,063 0.10%
Mitsui Osk Lines....................................... 24,000 87,063 0.10%
Nippon Shokubai Co..................................... 8,000 87,063 0.10%
Toda Corp.............................................. 8,000 87,063 0.10%
Dainippon Ink & Chemicals.............................. 16,000 86,910 0.10%
Toho Co................................................ 500 86,872 0.10%
Nagoya Railroad Co..................................... 16,000 86,452 0.10%
Fukuyama Transport..................................... 8,000 86,299 0.10%
Olympus Optical Co..................................... 8,000 86,299 0.10%
Maeda Corp............................................. 8,000 85,536 0.10%
Showa Shell Sekiyu..................................... 8,000 85,536 0.10%
Casio Computer Co...................................... 8,000 84,772 0.10%
Hitachi Koki Co........................................ 8,000 84,772 0.10%
Japan Telecom Co....................................... 4 84,008 0.10%
Kyushu Matsushita...................................... 4,000 84,008 0.10%
Ezaki Glico Co......................................... 8,000 83,245 0.10%
Noritake Co............................................ 8,000 83,245 0.10%
Sanyo Chemical Industries.............................. 8,000 83,245 0.10%
Nisshin Flour Mill..................................... 6,300 $82,996 0.10%
77Th Bank.............................................. 8,000 82,481 0.10%
NCR Japan Ltd.......................................... 8,000 82,481 0.10%
Yoshitomi Pharmaceutical............................... 8,400 81,794 0.10%
Nippon Sharyo.......................................... 8,000 81,717 0.10%
Shimano Inc............................................ 4,000 81,335 0.10%
Nitto Denko Corp....................................... 5,000 80,667 0.10%
Tokyo Steel Manufacturing.............................. 4,000 80,572 0.10%
Chuo Trust & Banking................................... 8,000 80,190 0.10%
House Food Corp........................................ 4,000 80,190 0.10%
Mizuno Corp............................................ 8,000 80,190 0.10%
Nagase & Co............................................ 8,000 79,426 0.10%
Showa Denko Kk......................................... 24,000 79,273 0.10%
Kokusai Den Kdd........................................ 800 78,662 0.09%
Kyowa Hakko Kogyo...................................... 8,000 78,662 0.09%
Chugai Pharmaceutical Co............................... 8,000 77,899 0.09%
Koyo Seiko Co.......................................... 8,000 77,135 0.09%
Nok Corp............................................... 8,000 77,135 0.09%
Sapporo Breweries...................................... 8,000 77,135 0.09%
Okumura Corp........................................... 8,000 76,371 0.09%
General Sekiyu......................................... 8,000 76,066 0.09%
Autobacs Seven Co...................................... 800 75,989 0.09%
Fuji Heavy Industries.................................. 16,000 75,455 0.09%
Sanwa Shutter Corp..................................... 8,000 75,455 0.09%
Fudo Construction...................................... 8,000 75,378 0.09%
Tosoh Corp............................................. 16,000 74,997 0.09%
Hitachi Credit Corp.................................... 4,000 74,844 0.09%
Daishowa Paper Manufacturing........................... 8,000 74,080 0.09%
Koito Manufacturing Co................................. 8,000 74,004 0.09%
Japan Tobacco Inc...................................... 8 73,927 0.09%
Misawa Homes Co........................................ 8,000 73,698 0.09%
Shionogi & Co.......................................... 8,000 73,622 0.09%
Minebea Co............................................. 8,000 73,393 0.09%
Kaken Pharmaceutical................................... 8,000 72,935 0.09%
Mitsubishi Oil Co...................................... 8,000 71,942 0.09%
Yomiuri Land Co........................................ 8,000 71,789 0.09%
Hino Motors............................................ 8,000 71,102 0.09%
Nippon Hodo Co......................................... 4,000 71,025 0.09%
Mitsui Toatsu Chemical................................. 16,000 70,872 0.09%
Nichido Fire & Marine.................................. 8,400 70,567 0.09%
Seino Transportation................................... 4,000 70,262 0.08%
Citizen Watch Co....................................... 8,000 69,880 0.08%
Hokkaido Takushoku..................................... 24,000 69,421 0.08%
Sumitomo Heavy Industries.............................. 16,000 69,192 0.08%
Nippon Road Co......................................... 8,000 68,963 0.08%
Seiko Corp............................................. 8,000 68,734 0.08%
Kumagai Gumi Co........................................ 16,000 68,581 0.08%
Mitsui Soko Co......................................... 8,000 68,581 0.08%
Mori Seiki Co.......................................... 3,000 68,448 0.08%
</TABLE>
17
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Calsonic Corp.......................................... 8,000 $68,352 0.08%
Hitachi Cable.......................................... 8,000 68,276 0.08%
Mitsubishi Rayon....................................... 16,000 68,276 0.08%
Tanabe Seiyaku Co...................................... 8,000 67,512 0.08%
Mitsui Petrochemical................................... 8,000 67,436 0.08%
Mercian Corp........................................... 8,000 66,519 0.08%
Ube Industries......................................... 16,000 65,832 0.08%
Skylark Co............................................. 3,000 65,584 0.08%
Tomen Corp............................................. 16,000 65,374 0.08%
Itoham Foods Inc....................................... 8,000 64,992 0.08%
Toyobo Co.............................................. 16,000 64,916 0.08%
Hitachi Maxell......................................... 3,000 64,725 0.08%
Nissin Electric........................................ 8,000 64,610 0.08%
Nisshin Oil Mills...................................... 8,000 64,534 0.08%
Sumitomo Realty & Development.......................... 8,000 64,305 0.08%
Matsushita Refrigeration............................... 8,000 64,152 0.08%
Sumitomo Bakelite...................................... 8,000 64,152 0.08%
Kikkoman Corp.......................................... 8,000 63,770 0.08%
Marudai Food Co........................................ 8,000 63,770 0.08%
Maruichi Steel Tube.................................... 3,000 63,293 0.08%
Nissan Fire & Marine Insurance......................... 8,000 63,159 0.08%
Daifuku Co............................................. 4,000 63,006 0.08%
Daimaru Inc............................................ 8,000 63,006 0.08%
Dai Tokyo Fire & Marine................................ 8,000 62,777 0.08%
Konica Corp............................................ 8,000 62,624 0.08%
Fujikura............................................... 8,000 62,395 0.08%
Japan Radio Co......................................... 4,000 61,861 0.07%
Hirose Electric........................................ 1,000 61,670 0.07%
Japan Storage Battery.................................. 8,000 60,868 0.07%
Tekken Corp............................................ 8,000 60,562 0.07%
Penta Ocean Construction............................... 8,000 60,410 0.07%
Teikoku Oil Co......................................... 8,000 60,333 0.07%
Heiwa Corp............................................. 2,500 59,904 0.07%
Daikyo Inc............................................. 8,000 59,875 0.07%
Nippon Shinpan Co...................................... 8,000 59,646 0.07%
Toyota Tsusho Corp..................................... 8,000 59,570 0.07%
Sanden Corp............................................ 8,000 59,417 0.07%
Zexel Corp............................................. 8,000 59,111 0.07%
Stanley Electric....................................... 8,000 59,035 0.07%
Sumitomo Warehouse..................................... 8,000 59,035 0.07%
Kawasaki Kisen......................................... 16,000 58,959 0.07%
NTN Toyo Bearing....................................... 8,000 58,653 0.07%
Nippon Kayaku Co....................................... 8,000 58,424 0.07%
Nichirei Corp.......................................... 8,000 58,042 0.07%
Snow Brand Milk........................................ 8,000 57,966 0.07%
Honshu Paper Co........................................ 8,000 57,889 0.07%
Gakken Co.............................................. 8,000 57,660 0.07%
Tokuyama Corp.......................................... 8,000 $57,660 0.07%
Toei Co................................................ 8,000 57,431 0.07%
Toshiba Machine Co..................................... 8,000 57,431 0.07%
Izumiya Co............................................. 3,000 57,278 0.07%
Mochida Pharmaceutical Co.............................. 4,000 57,278 0.07%
Nihon Cement Co........................................ 8,000 56,973 0.07%
Tokyu Department Store................................. 8,000 56,515 0.07%
Tsubakimoto Chain...................................... 8,000 56,438 0.07%
Japan Synthetic Rubber................................. 8,000 56,286 0.07%
Toa Corp............................................... 8,000 56,056 0.07%
Kaneka Corp............................................ 8,000 55,980 0.07%
Hitachi Chemical....................................... 5,000 55,369 0.07%
New Japan Securities................................... 8,000 55,369 0.07%
Toshoku................................................ 8,000 55,369 0.07%
Bank of Kyoto.......................................... 8,000 53,994 0.07%
Mitsuboshi Belting..................................... 8,000 53,765 0.06%
Chiyoda Fire & Marine.................................. 8,000 53,689 0.06%
Yokohama Rubber Co..................................... 8,000 53,383 0.06%
Yuasa Corp............................................. 8,000 53,383 0.06%
Daicel Chemical Industries............................. 8,000 53,307 0.06%
Tokyo Style Co......................................... 3,000 53,269 0.06%
Dainippon Pharmaceutical............................... 5,000 52,983 0.06%
Yamamura Glass Co...................................... 8,000 52,773 0.06%
Gunze Ltd.............................................. 8,000 52,467 0.06%
Meiji Milk Product..................................... 8,000 52,162 0.06%
Nippon Light Metal..................................... 8,000 51,932 0.06%
Brother Industries..................................... 8,000 51,856 0.06%
Mitsubishi Paper....................................... 8,000 51,321 0.06%
Nippon Zeon Co......................................... 8,000 51,016 0.06%
Mitsui Engineer & Shipbuilding......................... 16,000 50,863 0.06%
Keihin Electric Express Railway........................ 8,240 50,816 0.06%
Takaoka Electric Manufacturing......................... 8,000 50,787 0.06%
Sato Kogyo Co.......................................... 8,000 50,634 0.06%
Meiji Seika Kaisha..................................... 8,000 50,481 0.06%
Orient Corp............................................ 8,000 50,405 0.06%
Tokyu Car Corp......................................... 8,000 50,329 0.06%
Aoyama Trading Co...................................... 1,600 50,252 0.06%
Lion Corp.............................................. 8,000 50,176 0.06%
CSK Corp............................................... 1,600 49,641 0.06%
Toyo Ink Manufacturing Co.............................. 8,000 49,641 0.06%
Iwatsu Electric Co..................................... 8,000 49,259 0.06%
Mabuchi Motor Co....................................... 800 49,183 0.06%
Shima Seiki Manufacturing.............................. 800 49,183 0.06%
Minolta Co............................................. 8,000 48,878 0.06%
Kureha Chemical Industries Co.......................... 8,000 48,801 0.06%
Nippon Flour Mills..................................... 8,000 48,801 0.06%
NHK Spring Co.......................................... 8,000 48,343 0.06%
Dowa Fire & Marine..................................... 8,000 48,037 0.06%
Tokai Carbon Co........................................ 8,000 47,732 0.06%
</TABLE>
18
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Daito Trust Construct Co. Ltd.......................... 3,200 $47,350 0.06%
Fujiya Co. Ltd......................................... 8,000 47,350 0.06%
Green Cross Corp....................................... 8,000 47,274 0.06%
Mitsubishi Plastic..................................... 8,000 47,197 0.06%
Fuji Fire & Marine..................................... 8,000 46,816 0.06%
Mitsubishi Steel....................................... 8,000 46,816 0.06%
Best Denki Co.......................................... 3,000 46,109 0.06%
Japan Metal & Chemical................................. 8,000 45,441 0.05%
Nippon Paint Co........................................ 8,000 45,441 0.05%
Toyo Construction...................................... 8,000 45,365 0.05%
Nissan Diesel Motor.................................... 8,000 44,983 0.05%
Showa Aluminium Co..................................... 8,000 44,983 0.05%
Showa Electric Wire.................................... 8,000 44,906 0.05%
Nagasakiya Co.......................................... 8,000 44,677 0.05%
Tokyo Rope Manufacturing Co............................ 8,000 44,677 0.05%
Iwatani International Corp............................. 8,000 44,372 0.05%
Gun Ei Chemical Industries............................. 8,000 44,295 0.05%
Nippon Sanso Corp...................................... 8,000 44,219 0.05%
Daido Steel Co......................................... 8,000 44,143 0.05%
Anritsu Corp........................................... 3,000 44,104 0.05%
Showa Sangyo Co........................................ 8,000 43,990 0.05%
Ryobi.................................................. 8,000 43,913 0.05%
Toyo Kanetsu Kk........................................ 8,000 43,837 0.05%
Asahi Optical Co.*..................................... 8,000 43,226 0.05%
Tokico Co.............................................. 8,000 43,073 0.05%
Atsugi Nylon Industrial................................ 8,000 42,997 0.05%
Morinaga Milk Industries............................... 8,000 42,997 0.05%
Dowa Mining Co......................................... 8,000 42,768 0.05%
Kansai Paint Co........................................ 8,000 42,768 0.05%
Amano Corp............................................. 3,000 42,672 0.05%
Sumitomo Osaka Cement.................................. 8,000 42,310 0.05%
Yaskawa Electric Corp.................................. 8,000 42,310 0.05%
Nippon Yakin Kogyo..................................... 8,000 41,622 0.05%
Orix Corp.............................................. 1,000 41,336 0.05%
Nippon Sheet Glass..................................... 8,000 41,088 0.05%
Tokyu Land Corp........................................ 8,000 41,011 0.05%
Fujita Corp............................................ 8,000 39,942 0.05%
Tokyu Construction..................................... 8,000 39,713 0.05%
Arabian Oil Co......................................... 800 39,637 0.05%
Mitsubishi Gas Chemical................................ 8,000 39,408 0.05%
Nachi Fujikoshi Co..................................... 8,000 39,255 0.05%
Central Finance Co..................................... 8,000 38,949 0.05%
Sankyu Inc............................................. 8,000 $38,949 0.05%
Iseki & Co............................................. 8,000 38,797 0.05%
Kanematsu Corp......................................... 8,000 38,567 0.05%
Toyo Tire & Rubber..................................... 8,000 37,422 0.05%
Hanshin Electric Railway............................... 8,000 36,811 0.04%
Haseko Corp............................................ 8,000 36,811 0.04%
Mitsui Mining & Smelting............................... 8,000 36,658 0.04%
Hazama Corp............................................ 8,000 35,971 0.04%
Nippon Suisan.......................................... 8,000 35,665 0.04%
Nippon Yakin Kogyo..................................... 8,000 35,589 0.04%
Prima Meat Packers..................................... 8,000 35,131 0.04%
Kurabo Industries...................................... 8,000 34,978 0.04%
Tobishima Corp......................................... 8,000 34,825 0.04%
Nankai Electric Rail................................... 5,250 34,682 0.04%
Central Glass Co....................................... 8,000 34,673 0.04%
Nichiro Corp........................................... 8,000 33,909 0.04%
Heiwa Real Estate...................................... 4,000 33,794 0.04%
Renown Inc............................................. 8,000 33,603 0.04%
Aoki Corp.............................................. 8,000 33,451 0.04%
Shokusan Jutaku Co..................................... 8,000 33,451 0.04%
Sumitomo Light Metropolitan............................ 8,000 32,458 0.04%
York Benimaru Co....................................... 800 32,076 0.04%
Hanwa Co............................................... 8,000 31,770 0.04%
Maruha Corp............................................ 8,000 31,312 0.04%
Makino Milling......................................... 3,000 31,217 0.04%
Niigata England........................................ 8,000 31,159 0.04%
Settsu Corp............................................ 8,000 30,014 0.04%
Ishihara Sangyo........................................ 8,000 29,632 0.04%
Nitto Boseki Co........................................ 8,000 28,792 0.03%
Asics Corp............................................. 8,000 28,257 0.03%
Japan Steel Works...................................... 8,000 27,341 0.03%
Navix Line............................................. 8,000 26,119 0.03%
Kanebo................................................. 8,000 25,279 0.03%
Unitika................................................ 8,000 25,279 0.03%
Nippon TV Network...................................... 80 25,126 0.03%
----------- ------
TOTAL INVESTMENTS -
(Cost $75,880,908)................................... 82,692,791 99.63%
OTHER ASSETS LESS LIABILITIES.......................... 308,279 0.37%
----------- ------
NET ASSETS............................................. $83,001,070 100%
----------- ------
----------- ------
</TABLE>
* Non-income producing security.
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
JAPAN INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ----------------------------------------------------------------------------
Commercial banks and other banks....................... $17,239,437 20.9%
Electronics and instrumentation........................ 5,161,034 6.3%
Utilities.............................................. 4,938,163 6.0%
Financial institutions and services.................... 4,837,239 5.8%
Automobiles............................................ 4,355,317 5.4%
Transportation and storage............................. 4,090,661 4.9%
Construction and building materials.................... 3,710,820 4.5%
Retail trade........................................... 3,588,798 4.3%
Household durables and appliances...................... 3,223,667 3.9%
Chemicals.............................................. 2,839,291 3.4%
Mining, metals and minerals............................ 2,797,993 3.4%
Health and personal care............................... 2,596,641 3.1%
Wholesale trade........................................ 2,398,476 2.9%
Auto components........................................ 2,148,208 2.6%
Food and grocery products.............................. 2,000,372 2.5%
Computers and communications and office equipment...... 1,960,087 2.4%
Entertainment and leisure toys......................... 1,931,037 2.3%
Machinery and engineering services..................... 1,883,610 2.3%
Heavy engineering and shipbuilding..................... 1,559,653 1.9%
Insurance -- multiline and property and casualty....... 1,488,399 1.8%
Electrical equipment................................... 1,412,486 1.7%
Oil.................................................... 935,853 1.1%
Real Estate............................................ 878,002 1.1%
Textiles and wearing apparel........................... 784,600 0.9%
Beverage industry and tobacco manufacturing............ 782,729 0.9%
Media.................................................. 694,138 0.8%
Forestry and paper products............................ 659,466 0.8%
Diversified industrials................................ 613,013 0.7%
Fabricated metal products.............................. 595,428 0.7%
Business services and computer software................ 332,215 0.4%
Precious metals and minerals........................... 151,788 0.2%
Other energy (non-oil)................................. 104,170 0.1%
----------- ------
$82,692,791 100%
----------- ------
----------- ------
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
SOUTH AFRICA INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Anglo America Corp. SA................................. 29,984 $2,032,537 11.63%
DeBeers Centenary...................................... 48,797 1,555,128 8.90%
South Africa Breweries................................. 38,104 1,112,969 6.37%
Liberty Life Association............................... 31,416 937,609 5.36%
Sasol.................................................. 76,595 797,433 4.56%
Gencor................................................. 178,657 717,135 4.10%
Rembrandt Group........................................ 67,198 575,227 3.29%
Standard Bank Investment............................... 15,429 571,135 3.27%
Liberty Holdings....................................... 6,248 478,465 2.74%
Driefontein Consolidated Ltd........................... 26,258 419,172 2.40%
Gold Fields of South Africa............................ 12,540 414,873 2.37%
First National Bank.................................... 56,063 402,086 2.30%
Anglo America Industrial Corp.......................... 8,624 397,048 2.27%
Nedcor Ltd............................................. 27,834 391,204 2.24%
Samancor Ltd........................................... 24,737 371,999 2.13%
Smith C.G.............................................. 60,563 325,770 1.86%
Rustenberg Platinum.................................... 16,137 319,205 1.83%
Anglo America Gold..................................... 3,051 316,935 1.81%
Barlow Ltd............................................. 26,252 302,160 1.73%
Nampak................................................. 63,756 280,257 1.60%
Iscor.................................................. 298,377 272,674 1.56%
Rembrandt Controlling Investor......................... 45,450 268,136 1.53%
Tiger Oats............................................. 19,026 263,007 1.51%
Sappi.................................................. 19,188 240,830 1.37%
Southern Life Association.............................. 23,238 239,243 1.37%
Vaal Reefs Exploration & Mining........................ 2,412 236,605 1.36%
Safmarine & Rennie..................................... 70,173 $215,113 1.23%
Johnnies Indiana Corp.................................. 19,026 213,487 1.22%
Anglovaal Industries................................... 40,068 213,210 1.22%
Kloof Gold Mining...................................... 17,496 208,462 1.19%
Anglovaal Ltd.......................................... 5,805 201,453 1.15%
Murray & Roberts....................................... 41,661 190,361 1.09%
Western Deep Levels.................................... 3,567 179,079 1.03%
Free State Consolidated Gold Mines Ltd................. 15,021 166,810 0.96%
Tongaat Hulett Group Ltd............................... 11,952 165,219 0.95%
JCI Ltd................................................ 18,855 161,402 0.92%
Middle Witwatersrand................................... 40,608 159,714 0.91%
Genbel South Africa.................................... 55,161 158,247 0.91%
Angelo America Plat Corp............................... 21,546 157,021 0.90%
Premier Group.......................................... 106,524 147,870 0.85%
Impala Platinum........................................ 7,857 145,421 0.83%
Reunert................................................ 24,174 119,966 0.69%
Wooltru A Shares....................................... 25,353 105,287 0.60%
Wooltru Ltd............................................ 20,349 85,919 0.49%
Highveld Steel & Vanadium.............................. 11,718 79,975 0.46%
----------- ------
TOTAL INVESTMENTS -
(Cost $18,001,143)................................... 17,312,858 99.06%
OTHER ASSETS LESS LIABILITIES.......................... 164,598 0.94%
----------- ------
NET ASSETS............................................. $17,477,456 100%
----------- ------
----------- ------
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
SOUTH AFRICA INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Precious metals and minerals........................... $ 7,189,498 41.5%
Diversified holding companies.......................... 1,707,778 9.9%
Beverage industry and tobacco manufacturing............ 1,688,197 9.8%
Insurance -- life and agents and brokers............... 1,655,318 9.6%
Commercial banks and other banks....................... 1,364,426 7.9%
Oil.................................................... 797,433 4.6%
Mining, metals and minerals............................ 724,648 4.2%
Food and grocery products.............................. 576,096 3.3%
Forestry and paper products............................ 521,087 3.0%
Transportation and storage............................. 215,113 1.2%
Diversified industrials................................ 213,487 1.2%
Retail trade........................................... 191,206 1.1%
Construction and building materials.................... 190,360 1.1%
Financial institutions and services.................... 158,246 0.9%
Electrical equipment................................... 119,965 0.7%
----------- -----------
$17,312,858 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
UK INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
British Petroleum...................................... 59,704 $537,103 4.53%
Shell Transport & Trading.............................. 35,378 465,318 3.93%
Glaxo Wellcome......................................... 37,530 453,638 3.82%
British Telecom........................................ 67,153 367,306 3.10%
Smithkline Beecham..................................... 29,061 307,443 2.60%
HSBC Holdings.......................................... 18,831 277,916 2.34%
Lloyds TSB Group....................................... 54,364 259,828 2.19%
Bat Industries......................................... 32,859 247,527 2.09%
Zeneca Group........................................... 10,047 209,941 1.76%
Reuters Holdings....................................... 17,805 200,921 1.70%
Marks & Spencer........................................ 29,859 198,716 1.67%
BTR.................................................... 41,043 197,085 1.66%
Barclays............................................... 16,794 185,732 1.57%
Cable & Wireless....................................... 23,523 184,082 1.54%
RTZ Corp............................................... 11,340 177,996 1.50%
National Westminster................................... 18,813 172,914 1.45%
British Gas............................................ 46,479 164,602 1.39%
Hanson................................................. 55,083 162,835 1.36%
Unilever............................................... 8,649 157,821 1.33%
General Electric....................................... 29,247 157,339 1.33%
Guinness............................................... 21,498 154,202 1.29%
Grand Metropolitan..................................... 22,218 145,697 1.23%
Prudential Corp........................................ 20,289 139,289 1.18%
HSBC Holdings (ordinary)............................... 9,132 134,774 1.13%
British Sky Broadcasting............................... 18,198 130,532 1.10%
Vodafone Group......................................... 32,427 129,192 1.09%
Thorn EMI.............................................. 4,569 126,326 1.07%
Abbey National......................................... 14,213 121,143 1.02%
Great University Stores................................ 10,674 116,046 0.97%
Granada Group.......................................... 9,054 111,884 0.94%
BASS................................................... 9,327 109,659 0.93%
Sainsbury J............................................ 19,410 106,604 0.90%
Imperial Chemical Industries........................... 7,692 103,884 0.88%
Reed International..................................... 6,006 103,014 0.87%
National Power......................................... 12,063 101,460 0.85%
Standard Chartered..................................... 10,335 96,464 0.80%
Tesco.................................................. 22,863 96,235 0.80%
Boots Co............................................... 10,119 96,194 0.80%
BAA.................................................... 10,980 89,962 0.76%
Allied Domecq Plc...................................... 10,995 84,723 0.72%
Cadbury Schweppes...................................... 10,545 81,493 0.68%
BOC Group.............................................. 5,112 70,804 0.60%
Rank Organisation...................................... 8,841 70,712 0.60%
Scot & Newcastle....................................... 6,504 67,099 0.57%
Royal Bank of Scotland Group........................... 8,583 66,781 0.56%
Powergen............................................... 7,728 64,709 0.55%
British Steel.......................................... 21,600 64,340 0.54%
Kingfisher............................................. 7,107 63,402 0.54%
Pearson................................................ 5,907 62,226 0.53%
Commercial Union....................................... 7,068 61,145 0.52%
Argyll Group........................................... 12,117 60,367 0.51%
Rentokil Group......................................... 10,473 60,192 0.51%
Lloyds Abbey Life...................................... 7,413 59,597 0.50%
Siebe.................................................. 4,551 58,663 0.50%
Whitbread.............................................. 5,127 57,779 0.49%
Associated British Foods............................... 9,546 57,012 0.48%
Legal & General Group.................................. 5,238 $56,279 0.48%
Scottish Power......................................... 9,966 55,707 0.47%
National Grid Group.................................... 17,949 55,081 0.46%
GKN.................................................... 3,705 54,624 0.46%
Land Securities........................................ 5,415 53,183 0.45%
Asda Group............................................. 31,038 52,863 0.45%
Tomkins................................................ 12,603 51,819 0.44%
United News & Media Plc................................ 4,848 50,450 0.43%
Peninsula & Oriental Steam............................. 6,420 50,385 0.43%
United Utilities....................................... 5,547 49,444 0.42%
Reckitt & Colman....................................... 4,506 49,293 0.42%
General Accident....................................... 5,091 48,282 0.41%
Bank of Scotland....................................... 12,552 46,995 0.40%
Sun Alliance Group..................................... 8,655 46,106 0.39%
Blue Circle Industries................................. 7,782 43,733 0.37%
Carlton Communicatons.................................. 6,183 43,237 0.36%
3I Group............................................... 6,240 43,167 0.36%
RMC Group.............................................. 2,634 43,123 0.36%
Wolseley............................................... 5,862 41,212 0.35%
TI Group............................................... 4,983 40,902 0.35%
Royal Insurance........................................ 7,002 38,141 0.32%
Thames Water........................................... 4,284 36,771 0.31%
Ladbroke Group......................................... 12,378 36,313 0.31%
Burton Group........................................... 15,114 35,381 0.30%
Redland................................................ 5,511 35,312 0.30%
Enterprise Oil......................................... 5,232 35,134 0.30%
Severn Trent........................................... 3,891 34,887 0.29%
Burmah Castrol Plc..................................... 2,160 34,439 0.29%
Cookson Group.......................................... 7,227 34,270 0.29%
Pilkington............................................. 10,653 34,050 0.29%
Smiths Industries...................................... 3,207 34,024 0.29%
Southern Electric...................................... 2,703 33,970 0.29%
BET.................................................... 10,083 33,968 0.29%
Smith & Nephew......................................... 11,691 33,947 0.29%
Tate & Lyle............................................ 4,641 33,533 0.28%
Vendome Luxury Group SA................................ 3,702 32,498 0.27%
Guardian Royal Exchange Plc............................ 9,546 32,302 0.27%
Williams Holdings...................................... 6,159 31,886 0.27%
Rexam.................................................. 5,346 31,768 0.27%
Schroders.............................................. 1,599 31,613 0.27%
Next................................................... 3,972 31,590 0.27%
Farnell Electronic..................................... 2,858 31,565 0.27%
Dixons Group........................................... 4,263 31,538 0.27%
Argos.................................................. 3,234 31,471 0.27%
Lucas Industries....................................... 9,306 29,954 0.25%
British Land Co........................................ 4,572 29,604 0.25%
Greenalls Group........................................ 3,159 29,580 0.25%
Lasmo.................................................. 10,248 29,526 0.25%
MEPC................................................... 4,530 29,128 0.25%
Foreign & Colonial Investor Trust...................... 11,154 27,701 0.23%
Courtaulds............................................. 4,302 27,630 0.23%
Electrocomponents...................................... 4,494 26,874 0.23%
BPB Industries......................................... 5,355 26,679 0.23%
De Louisiana Rue....................................... 2,373 26,440 0.22%
Mercury Asset Manitoba Group........................... 1,938 26,043 0.22%
</TABLE>
23
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
UK INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Anglian Water.......................................... 2,853 $24,788 0.21%
Telewest............................................... 9,762 24,683 0.21%
Inchcape............................................... 5,604 24,555 0.21%
Sears.................................................. 16,158 24,368 0.21%
Lonrho................................................. 8,259 23,981 0.20%
Midlands Electric...................................... 4,062 23,894 0.20%
Arjo Wiggins Apple..................................... 8,712 23,859 0.20%
Laporte................................................ 2,049 22,938 0.19%
BBA Group.............................................. 4,392 22,903 0.19%
Storehouse............................................. 4,446 22,884 0.19%
London Electricity..................................... 1,806 22,358 0.19%
Smith WH Group......................................... 2,979 22,039 0.19%
Caradon Plc............................................ 6,363 21,961 0.19%
Coats Viyella.......................................... 7,443 21,389 0.18%
Scottish Hydro......................................... 4,077 21,168 0.18%
Johnson Matthey........................................ 2,292 20,894 0.18%
Provident Financial.................................... 1,434 20,658 0.17%
IMI.................................................... 3,648 20,337 0.17%
United Biscuits........................................ 5,613 20,299 0.17%
Yorkshire Electric Group............................... 1,635 20,082 0.17%
Hillsdown Holdings..................................... 7,422 20,047 0.17%
British Airways........................................ 2,547 19,836 0.17%
East Midlands Electric................................. 2,106 19,799 0.17%
BICC................................................... 3,759 19,573 0.17%
Tarmac................................................. 9,819 19,228 0.16%
NFC.................................................... 7,377 19,040 0.16%
Associated British Ports............................... 4,050 18,232 0.15%
Dalgety................................................ 3,066 17,851 0.15%
British Aerospace...................................... 1,341 17,517 0.15%
Hammerson Plc.......................................... 3,009 17,407 0.15%
Harrison & Crosfield................................... 7,545 16,813 0.14%
Northern Foods......................................... 6,147 16,557 0.14%
Rolls Royce............................................ 4,596 16,345 0.14%
Witan Investment....................................... 3,984 16,291 0.14%
Bunzl.................................................. 4,716 16,241 0.14%
Edinburgh Investor Trust............................... 3,117 15,903 0.13%
Unigate................................................ 2,499 15,581 0.13%
Morgan Crucible Co..................................... 2,346 15,208 0.13%
T & N.................................................. 5,637 15,184 0.13%
FKI.................................................... 5,988 15,006 0.13%
Slough Estates......................................... 4,146 14,901 0.13%
M & G Group............................................ 792 14,499 0.12%
Glynwed International.................................. 2,589 14,316 0.12%
English China Clay..................................... 3,252 14,225 0.12%
Booker................................................. 2,394 13,867 0.12%
Bowthorpe.............................................. 2,055 13,769 0.12%
Vickers................................................ 3,540 13,705 0.12%
Charter................................................ 921 13,130 0.11%
Rugby Group............................................ 6,798 13,057 0.11%
Sedgwick Group......................................... 5,799 12,183 0.10%
Hepworth............................................... 2,589 11,713 0.10%
Kwik Save Group........................................ 1,650 $11,662 0.10%
Allied Colloids........................................ 5,655 11,201 0.09%
Electra Investor Trust................................. 1,836 11,158 0.09%
Invesco Plc............................................ 2,835 10,763 0.09%
Taylor Woodrow......................................... 4,095 10,692 0.09%
First Leisure Corp..................................... 1,737 10,361 0.09%
Willis Corroon Group................................... 4,452 10,221 0.09%
Great Portland Estates Plc............................. 3,432 9,347 0.08%
Meyer International.................................... 1,344 9,146 0.08%
Spirax Sarco Engineering............................... 834 9,123 0.08%
Scapa Group............................................ 2,532 9,062 0.08%
Wimpey George.......................................... 3,840 8,298 0.07%
Trafalgar House........................................ 11,122 8,261 0.07%
Halma.................................................. 2,838 8,241 0.07%
Mckechnie.............................................. 1,044 8,146 0.07%
Highland Distilleries.................................. 1,413 7,930 0.07%
Fleming Mercantile Investment
Trust................................................ 1,533 7,925 0.07%
Barratt Development.................................... 1,959 7,922 0.07%
Marley................................................. 3,564 7,808 0.07%
Schroders (non-voting)................................. 468 7,234 0.06%
City of London Trust................................... 2,799 7,182 0.06%
Brixton Estate......................................... 2,478 6,916 0.06%
Courtaulds Textile..................................... 1,101 6,898 0.06%
Vaux Group............................................. 1,494 6,883 0.06%
Hambros................................................ 1,878 6,876 0.06%
Trust Small Companies
Investor Trust....................................... 1,890 6,622 0.06%
Bryant Group........................................... 2,970 5,928 0.05%
Wilson C Holdings...................................... 2,097 5,853 0.05%
Albert Fisher Group.................................... 7,563 5,845 0.05%
Christies International................................ 1,743 5,767 0.05%
Eurotunnel SA*......................................... 4,881 5,493 0.05%
Bradford Property Trust................................ 1,551 5,481 0.05%
Merchants Trust........................................ 1,086 4,645 0.04%
APV.................................................... 3,141 4,478 0.04%
Diploma................................................ 594 3,699 0.03%
Baird William.......................................... 1,230 3,664 0.03%
Amstrad................................................ 1,236 3,635 0.03%
Bilton................................................. 933 3,318 0.03%
Dawson International................................... 2,076 2,788 0.02%
Laing John............................................. 486 2,312 0.02%
Laing John 'A'......................................... 480 2,215 0.02%
Barratt Development (rights) (a)....................... 1 1 0.00%
----------- ------
TOTAL INVESTMENTS -
(Cost $11,472,087)................................... 11,743,145 99.13%
OTHER ASSETS LESS LIABILITIES.......................... 102,767 0.87%
----------- ------
NET ASSETS............................................. $11,845,912 100%
----------- ------
----------- ------
</TABLE>
(a) Fair valued security.
* Non-income producing security.
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
UK INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Utilities.............................................. $ 1,433,985 12.1%
Commercial banks and other banks....................... 1,362,546 11.5%
Oil.................................................... 1,101,520 9.4%
Health and personal care............................... 1,054,261 9.0%
Retail trade........................................... 1,007,126 8.6%
Beverage industry and tobacco manufacturing............ 911,080 7.8%
Media.................................................. 616,819 5.3%
Food and grocery products.............................. 434,062 3.7%
Construction and building materials.................... 377,598 3.2%
Entertainment and leisure toys......................... 355,597 3.0%
Chemicals.............................................. 330,917 2.8%
Diversified industrials................................ 327,088 2.8%
Insurance -- life and agents and brokers............... 277,568 2.4%
Financial institutions and services.................... 266,541 2.3%
Mining, metals and minerals............................ 242,336 2.1%
Electronics and instrumentation........................ 236,881 2.0%
Insurance -- multiline and property and casualty....... 225,977 1.9%
Diversified holding companies.......................... 220,785 1.9%
Transportation and storage............................. 202,949 1.7%
Real Estate............................................ 169,285 1.4%
Auto components........................................ 107,481 0.9%
Machinery and engineering services..................... 105,771 0.9%
Fabricated metal products.............................. 80,302 0.7%
Forestry and paper products............................ 71,868 0.6%
Aerospace and defense composite........................ 67,886 0.6%
Wholesale trade........................................ 47,213 0.4%
Textiles and wearing apparel........................... 34,738 0.3%
Diversified consumer goods and services................ 32,498 0.3%
Precious metals and minerals........................... 20,894 0.2%
Electrical equipment................................... 19,573 0.2%
----------- -----------
$11,743,145 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
General Electric Co.................................... 10,242 $793,755 2.47%
Exxon Corp............................................. 7,560 642,600 2.00%
Coca Cola Co........................................... 7,638 622,497 1.94%
AT & T Corp............................................ 9,732 596,085 1.85%
Philip Morris Cos., Inc................................ 5,082 458,015 1.42%
Merck & Co. Inc........................................ 7,494 453,387 1.41%
Microsoft Corp.*....................................... 3,618 410,191 1.27%
Johnson & Johnson...................................... 4,056 375,180 1.16%
International Business Machines........................ 3,462 372,165 1.14%
Procter & Gamble Co.................................... 4,182 353,379 1.09%
Intel Corp............................................. 4,998 338,614 1.05%
Wal Mart Stores Inc.................................... 13,968 333,486 1.03%
Hewlett Packard Co..................................... 3,102 328,424 1.02%
Pepsico Inc............................................ 4,800 304,800 0.94%
Mobil Corp............................................. 2,400 276,000 0.85%
Du Pont (E I) De Nemours & Co.......................... 3,378 271,507 0.84%
Pfizer Inc............................................. 3,876 266,959 0.82%
American International Group Inc....................... 2,886 263,708 0.81%
GTE Corp............................................... 5,898 255,826 0.79%
Disney (Walt) Co....................................... 4,122 255,564 0.79%
Bristol Myers Squibb Co................................ 3,072 252,672 0.78%
General Motors Corp.................................... 4,560 247,380 0.76%
Bellsouth Corp......................................... 6,054 242,160 0.76%
Ford Motor Co.......................................... 6,540 234,622 0.73%
Berkshire Hathaway Inc.*............................... 7 234,500 0.73%
Citicorp............................................... 2,958 232,942 0.73%
Chevron Corp........................................... 3,972 230,376 0.72%
Motorola Inc........................................... 3,600 220,500 0.69%
Amoco Corp............................................. 2,988 218,124 0.68%
Federal National Mortgage Association.................. 6,648 203,595 0.64%
McDonald's Corp........................................ 4,242 203,086 0.63%
American Home Products Corp............................ 1,884 198,762 0.62%
Lilly Eli & Co......................................... 3,360 198,240 0.62%
Ameritech Corp......................................... 3,372 196,840 0.62%
Abbott Laboratories.................................... 4,830 196,219 0.61%
SBC Communications Inc................................. 3,714 185,700 0.58%
Chase Manhattan Corp................................... 2,659 183,139 0.57%
Cisco Systems Inc.*.................................... 3,366 174,611 0.55%
Bell Atlantic Corp..................................... 2,658 172,770 0.54%
BankAmerica Corp....................................... 2,268 171,801 0.54%
Boeing Co.............................................. 2,082 170,984 0.53%
Minnesota Mining & Manufacturing Co.................... 2,556 168,057 0.53%
Eastman Kodak Co....................................... 2,082 159,273 0.50%
General Motors Corp.................................... 2,670 150,521 0.47%
Gillette Co............................................ 2,700 145,800 0.46%
Wells Fargo & Co....................................... 596 $144,604 0.45%
Chrysler Corp.......................................... 2,304 144,576 0.45%
Nationsbank Corp....................................... 1,806 144,028 0.45%
Columbia / HCA Healthcare Corp......................... 2,700 143,437 0.45%
American Express Co.................................... 2,952 143,172 0.45%
Dow Chemical Co........................................ 1,596 141,844 0.44%
Home Depot Inc......................................... 2,904 137,577 0.43%
Texaco Inc............................................. 1,608 137,484 0.43%
Oracle Systems Corp.................................... 3,978 134,257 0.42%
Schlumberger Ltd....................................... 1,470 129,727 0.41%
NYNEX Corp............................................. 2,616 128,511 0.40%
Schering Plough Corp................................... 2,220 127,372 0.40%
Kimberly Clark Corp.................................... 1,698 123,317 0.39%
MCI Communications Corp................................ 4,146 122,048 0.38%
Travelers Group Inc.................................... 1,926 118,449 0.37%
Sears Roebuck & Co..................................... 2,370 118,204 0.37%
Pharmacia & Upjohn Inc................................. 3,066 117,274 0.37%
Atlantic Richfield Co.................................. 978 115,159 0.36%
Emerson Electric Co.................................... 1,362 113,897 0.36%
Computer Associates International Inc.................. 1,470 107,861 0.34%
Monsanto Co............................................ 708 107,262 0.34%
First Union Corp....................................... 1,734 106,641 0.33%
Allstate Corp.......................................... 2,724 105,895 0.33%
Anheuser Busch Cos., Inc............................... 1,554 104,312 0.33%
First Data Corp........................................ 1,356 103,056 0.32%
WMX Technologies Inc................................... 2,964 102,999 0.32%
Allied Signal Inc...................................... 1,722 100,091 0.31%
Lockheed Martin Corp................................... 1,212 97,717 0.31%
Time Warner Inc........................................ 2,358 96,383 0.30%
Morgan (J P) & Co. Inc................................. 1,140 95,902 0.30%
Xerox Corp............................................. 654 95,811 0.30%
Campbell Soup Co....................................... 1,518 94,875 0.30%
Kellogg Co............................................. 1,326 94,643 0.30%
Airtouch Communications Inc.*.......................... 3,018 94,312 0.29%
U.S. West Inc.......................................... 2,868 93,927 0.29%
Amgen Inc.*............................................ 1,602 92,115 0.29%
Warner Lambert Co...................................... 822 91,858 0.29%
Federal Home Loan Mortgage Corp........................ 1,098 91,546 0.29%
Sara Lee Corp.......................................... 2,946 91,326 0.29%
Banc One Corp.......................................... 2,622 91,114 0.28%
Sprint Corp............................................ 2,124 89,473 0.28%
Pacific Telesis Group.................................. 2,610 89,392 0.28%
Southern Co............................................ 4,056 89,232 0.28%
Union Pacific Corp..................................... 1,248 85,020 0.27%
United Technologies Corp............................... 744 82,212 0.26%
First Chicago NBD Corp................................. 1,968 81,180 0.25%
</TABLE>
26
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Viacom Inc.*........................................... 1,938 $79,458 0.25%
Norwest Corp........................................... 2,148 77,596 0.24%
May Department Stores Co............................... 1,518 77,418 0.24%
Rockwell International Corp............................ 1,320 77,220 0.24%
H.J. Heinz Co.......................................... 2,250 76,219 0.24%
Nike Inc............................................... 870 76,125 0.24%
Compaq Computer Corp.*................................. 1,626 75,812 0.24%
Caterpillar Inc........................................ 1,182 75,648 0.24%
Burlington Northern Santa Fe........................... 864 75,600 0.24%
Medtronic Inc.......................................... 1,416 75,225 0.24%
Raytheon Co............................................ 1,476 74,722 0.23%
Tele Communications Inc. (new)*........................ 3,852 73,669 0.23%
Baxter International Inc............................... 1,650 73,012 0.23%
International Paper Co................................. 1,800 71,775 0.22%
General Re Corp........................................ 498 71,152 0.22%
Fleet Financial Group Inc.............................. 1,620 69,660 0.22%
Automatic Data Processing Inc.......................... 1,770 68,809 0.22%
Colgate Palmolive Co................................... 888 68,043 0.21%
Aluminum Co. America................................... 1,086 67,739 0.21%
Penney (J.C.) Co., Inc................................. 1,362 67,419 0.21%
Norfolk Southern Corp.................................. 798 67,032 0.21%
Phillips Petroleum Co.................................. 1,596 66,234 0.21%
McDonnell Douglas Corp................................. 684 66,006 0.21%
CSX Corp............................................... 1,284 65,805 0.21%
Texas Instruments Inc.................................. 1,152 65,088 0.20%
Merrill Lynch & Co. Inc................................ 1,068 64,480 0.20%
Dun & Bradstreet Corp.................................. 1,032 62,823 0.20%
PNC Bank Corp.......................................... 2,076 62,799 0.20%
U.S. Healthcare Corp................................... 1,062 62,127 0.19%
Deere & Co............................................. 1,596 62,044 0.19%
Enron Corp............................................. 1,530 61,582 0.19%
CPC International Inc.................................. 888 61,383 0.19%
Weyerhaeuser Co........................................ 1,230 60,885 0.19%
Sun Microsystems Inc.*................................. 1,116 60,543 0.19%
Archer Daniels Midland Co.............................. 3,168 59,796 0.19%
PPG Industries Inc..................................... 1,176 59,535 0.19%
Albertsons Inc......................................... 1,542 59,367 0.19%
Amp Inc................................................ 1,326 59,338 0.19%
Duke Power Co.......................................... 1,248 58,656 0.18%
Gannett Inc............................................ 852 58,255 0.18%
Pacific Gas & Electric Co.............................. 2,550 58,012 0.18%
Tenneco Inc............................................ 1,056 57,948 0.18%
Conagra Inc............................................ 1,500 57,937 0.18%
Bank of New York Inc................................... 1,170 56,745 0.18%
Dean Witter Discover & Co.............................. 1,038 56,571 0.18%
U.S. West Inc.*........................................ 2,868 55,926 0.17%
Keycorp................................................ 1,440 55,620 0.17%
Digital Equipment Corp.*............................... 930 55,567 0.17%
Texas Utilities Co..................................... 1,374 55,303 0.17%
Worldcom Inc.*......................................... 1,176 $55,272 0.17%
Loews Corp............................................. 720 54,900 0.17%
General Mills Inc...................................... 966 53,613 0.17%
First Bank Systems Inc................................. 888 53,502 0.17%
Gap Inc................................................ 1,752 52,779 0.16%
Cigna Corp............................................. 462 52,379 0.16%
Rhone Poulenc Rorer Inc................................ 816 50,592 0.16%
Carnival Corp.......................................... 1,734 50,286 0.16%
Aetna Life & Casualty Co............................... 702 50,017 0.16%
Chubb Corp............................................. 528 49,962 0.16%
Occidental Petroleum Corp.............................. 1,938 49,903 0.16%
RJR Nabisco Holdings Corp.............................. 1,662 49,652 0.16%
Corestates Financial Corp.............................. 1,272 49,608 0.16%
U.S. Healthcare Inc.................................... 936 48,789 0.15%
FPL Group Inc.......................................... 1,128 48,645 0.15%
Suntrust Banks Inc..................................... 690 48,645 0.15%
Corning Inc............................................ 1,398 48,580 0.15%
Goodyear Tire & Rubber................................. 930 48,476 0.15%
Unocal Corp............................................ 1,500 48,187 0.15%
Walgreen Co............................................ 1,500 48,000 0.15%
Westinghouse Electric Corp............................. 2,526 47,678 0.15%
Morgan Stanley Group Inc............................... 948 47,637 0.15%
American Brands Inc.................................... 1,134 47,203 0.15%
Illinois Tool Works Inc................................ 696 46,806 0.15%
Toys R Us Inc.*........................................ 1,662 46,328 0.14%
3Com Corp.*............................................ 1,002 46,217 0.14%
Mellon Bank Corp....................................... 858 46,117 0.14%
American Electric Power Inc............................ 1,134 46,069 0.14%
Grace W R & Co......................................... 594 46,035 0.14%
Micron Technology Inc.................................. 1,260 45,832 0.14%
Wachovia Corp. (new)................................... 1,038 45,672 0.14%
Alco Standard Corp..................................... 780 45,142 0.14%
Pitney Bowes Inc....................................... 924 45,045 0.14%
Textron Inc............................................ 516 44,247 0.14%
ITT Corp. (new)*....................................... 726 44,195 0.14%
American General Corp.................................. 1,248 43,836 0.14%
Safeway Inc.*.......................................... 1,296 43,740 0.14%
Applied Materials Inc.*................................ 1,092 43,680 0.14%
Mattel Inc............................................. 1,680 43,680 0.14%
Edison International................................... 2,712 43,392 0.14%
Georgia Pacific Corp................................... 558 43,384 0.14%
Consolidated Edison Co.
New York Inc......................................... 1,428 41,947 0.13%
Dayton Hudson Corp..................................... 438 41,829 0.13%
Browning Ferris Industries Inc......................... 1,296 41,796 0.13%
Marsh & Mclennan Cos., Inc............................. 444 41,736 0.13%
Household International Inc............................ 600 41,475 0.13%
Federated Department Stores Inc*....................... 1,236 41,251 0.13%
</TABLE>
27
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
AMR Corp.*............................................. 462 $41,233 0.13%
Dominion Resources Inc................................. 1,068 41,118 0.13%
Honeywell Inc.......................................... 774 40,732 0.13%
Hercules Inc........................................... 672 40,656 0.13%
Freeport McMoran Copper & Gold......................... 1,230 40,436 0.13%
United States Robotics Corp............................ 258 40,377 0.13%
Halliburton Co......................................... 696 39,933 0.12%
Boston Scientific Corp.*............................... 924 39,847 0.12%
UST Inc................................................ 1,230 39,360 0.12%
Public Service Enterprise Group........................ 1,488 38,874 0.12%
Air Products & Chemicals Inc........................... 678 38,731 0.12%
USX Marathon Group..................................... 1,752 38,544 0.12%
MBNA Corp.............................................. 1,356 38,476 0.12%
Genentech Inc.*........................................ 720 38,070 0.12%
Union Carbide Corp..................................... 834 37,947 0.12%
Service Corp. International............................ 714 37,931 0.12%
Alltel Corp............................................ 1,152 37,872 0.12%
Ralston Purina Co...................................... 648 37,827 0.12%
TRW Inc................................................ 402 37,738 0.12%
Wrigley (Wm) Jr. Co.................................... 708 37,258 0.12%
Marriot International Inc.............................. 762 37,147 0.12%
Avon Products Inc...................................... 414 36,794 0.12%
Entergy Corp........................................... 1,386 36,729 0.11%
Barnett Banks Inc...................................... 576 36,504 0.11%
CUC International Inc.................................. 1,110 36,491 0.11%
Unicom Corp............................................ 1,308 35,970 0.11%
Hershey Foods Corp..................................... 474 35,965 0.11%
General Motors Corp.................................... 588 35,941 0.11%
Tyco Interest Ltd...................................... 930 35,921 0.11%
Crown Cork & Seal Inc.................................. 762 35,909 0.11%
Sysco Corp............................................. 1,116 35,851 0.11%
Pacificorp............................................. 1,782 35,640 0.11%
Dover Corp............................................. 690 35,535 0.11%
Bay Networks Inc.*..................................... 1,122 35,343 0.11%
Dresser Industries Inc................................. 1,104 35,190 0.11%
Aon Corp............................................... 654 35,071 0.11%
Seagate Technology*.................................... 600 34,800 0.11%
ITT Hartford Group Inc................................. 708 34,603 0.11%
Limited Inc............................................ 1,662 34,486 0.11%
Central & South West Corp.............................. 1,260 34,335 0.11%
Houston Industries Inc................................. 1,602 34,243 0.11%
Carolina Power & Light Co.............................. 948 34,128 0.11%
Fifth Third Bancorp.................................... 612 33,813 0.11%
Fluor Corp............................................. 510 33,724 0.11%
Donnelley R.R. & Sons Co............................... 936 33,696 0.11%
Peco Energy Co......................................... 1,350 33,581 0.10%
Newmont Mining Corp.................................... 576 33,336 0.10%
International Flavours................................. 678 33,307 0.10%
Bankers Trust New York Corp............................ 480 $33,300 0.10%
Genuine Parts Co....................................... 750 33,187 0.10%
Bank of Boston Corp.................................... 684 33,088 0.10%
Eastman Chemical Co.................................... 492 33,087 0.10%
Conrail Inc............................................ 474 33,061 0.10%
Cabletron Systems Inc.*................................ 438 33,014 0.10%
Duracell International Inc............................. 726 32,851 0.10%
Autozone Inc.*......................................... 900 32,850 0.10%
National City Corp..................................... 888 32,745 0.10%
Novell Inc.*........................................... 2,238 32,451 0.10%
Praxair Inc............................................ 840 32,445 0.10%
Amerada Hess Corp...................................... 564 31,936 0.10%
Lowes Companies., Inc.................................. 978 31,663 0.10%
Morton International Inc............................... 894 31,625 0.10%
Williams Companies Inc................................. 618 31,595 0.10%
Comerica Inc........................................... 726 31,581 0.10%
Transamerica Corp...................................... 414 31,464 0.10%
Becton Dickinson & Co.................................. 390 31,444 0.10%
Phelps Dodge Corp...................................... 426 31,311 0.10%
Thermo Electron Corp................................... 504 31,059 0.10%
Hilton Hotels Corp..................................... 294 31,017 0.10%
Parametric Technology Corp.*........................... 768 30,912 0.10%
Kroger Co.*............................................ 750 30,844 0.10%
Winn Dixie Stores Inc.................................. 930 30,690 0.10%
Boatmens Bancshares Inc................................ 786 30,457 0.10%
Lincoln National Corp.................................. 630 30,397 0.10%
Nucor Corp............................................. 534 30,037 0.09%
U.S. Bancorp (Oregon).................................. 924 29,914 0.09%
American Stores Co. (new).............................. 894 29,837 0.09%
Tellabs Inc............................................ 540 29,835 0.09%
Panenergy Corp......................................... 912 29,754 0.09%
Silicon Graphics Inc.*................................. 990 29,329 0.09%
Mirage Resorts Inc.*................................... 558 29,225 0.09%
Eaton Corp............................................. 474 28,677 0.09%
Burlington Resources Inc............................... 768 28,608 0.09%
Pioneer Hawaii Bred International Inc.................. 510 28,432 0.09%
Champion International Corp............................ 588 28,371 0.09%
K Mart Corp............................................ 2,796 28,309 0.09%
LSI Logic Corp.*....................................... 786 28,296 0.09%
Franklin Resources Inc................................. 492 28,167 0.09%
Green Tree Financial Corp.............................. 834 28,147 0.09%
Times Mirror Co. (new)................................. 660 28,132 0.09%
Student Loan Marketing Assn............................ 384 28,128 0.09%
Federal Express Corp.*................................. 348 28,101 0.09%
Quaker Oats Co......................................... 816 28,050 0.09%
Cinergy Corp........................................... 960 27,840 0.09%
Cooper Industries Inc.................................. 654 27,795 0.09%
Dillard Department Stores Inc.......................... 690 27,686 0.09%
</TABLE>
28
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Baker Hughes Inc....................................... 870 $27,623 0.09%
Tribune Co. (new)...................................... 396 27,621 0.09%
Newell Co.............................................. 966 27,531 0.09%
General Instrument Corp.*.............................. 840 27,510 0.09%
St. Paul Companies Inc................................. 516 27,413 0.09%
Aflac Inc.............................................. 882 27,342 0.09%
DTE Energy Co.......................................... 882 27,342 0.09%
Rubbermaid Inc......................................... 960 27,120 0.08%
Rohm & Haas Co......................................... 408 27,081 0.08%
Whirlpool Corp......................................... 450 27,056 0.08%
Great Lakes Chemical Corp.............................. 396 27,027 0.08%
McGraw Hill Cos., Inc.................................. 612 27,005 0.08%
Providian Corp......................................... 582 26,845 0.08%
E M C Corp.*........................................... 1,308 26,814 0.08%
Readers Digest Association Inc......................... 654 26,814 0.08%
Masco Corp............................................. 978 26,651 0.08%
Consolidated Natural Gas Co............................ 570 26,648 0.08%
Equitable Cos., Inc.................................... 1,122 26,507 0.08%
Unum Corp.............................................. 444 26,418 0.08%
Salomon Inc............................................ 648 26,325 0.08%
Clorox Co.............................................. 318 26,275 0.08%
Tenet Healthcare Corp.*................................ 1,272 26,076 0.08%
Southwest Airlines Co.................................. 876 26,061 0.08%
Schwab Charles Corp.................................... 1,062 26,019 0.08%
Dell Computer Corp.*................................... 564 25,874 0.08%
Ingersoll Rand Co...................................... 666 25,808 0.08%
Comcast Corp........................................... 1,458 25,515 0.08%
Coastal Corp........................................... 642 25,439 0.08%
Safeco Corp............................................ 768 25,344 0.08%
Computer Sciences Corp.*............................... 342 25,308 0.08%
State Street Boston Corp............................... 504 25,137 0.08%
Northwest Airlines Corp.*.............................. 552 25,116 0.08%
Delta Air Lines Inc.................................... 312 25,077 0.08%
Nordstrom Inc.......................................... 492 25,031 0.08%
Melville Corp.......................................... 642 24,958 0.08%
Chiron Corp.*.......................................... 252 24,287 0.08%
General Dynamics Corp.................................. 384 24,240 0.08%
Humana Inc.*........................................... 984 24,231 0.08%
Sherwin Williams Co.................................... 516 24,123 0.08%
Union Electric Co...................................... 624 24,102 0.08%
Atmel Corp.*........................................... 594 23,760 0.07%
Baltimore Gas & Electric Co............................ 900 23,738 0.07%
Informix Corp.*........................................ 900 23,738 0.07%
Southern Pacific Rail Corp.*........................... 948 23,700 0.07%
Equifax Inc............................................ 954 23,373 0.07%
General Public Utilities Corp.......................... 732 23,241 0.07%
Union Camp Corp........................................ 426 23,164 0.07%
Circus Circus Enterprises Inc.*........................ 624 22,932 0.07%
Jefferson Pilot Corp................................... 432 22,788 0.07%
Sonat Inc.............................................. 522 $22,772 0.07%
Turner Broadcasting Systems Inc........................ 840 22,680 0.07%
Price Costco Inc.*..................................... 1,188 22,572 0.07%
Coca Cola Enterprises Inc.............................. 762 22,479 0.07%
V F Corp............................................... 390 22,230 0.07%
Interpublic Group Cos., Inc............................ 474 22,160 0.07%
Block H & R Inc........................................ 630 22,129 0.07%
Engelhard Corp......................................... 876 22,010 0.07%
Dow Jones & Co. Inc.................................... 588 21,977 0.07%
DSC Communications Corp.*.............................. 696 21,924 0.07%
P P & L Resources Inc.................................. 966 21,856 0.07%
Case Corp.............................................. 432 21,816 0.07%
Grainger With Warrants Inc............................. 312 21,528 0.07%
Harrahs Entertainment Inc.*............................ 624 21,528 0.07%
Allegheny Power Systems Inc............................ 732 21,411 0.07%
Knight Ridder Inc...................................... 294 21,278 0.07%
Black & Decker Corp.................................... 528 21,252 0.07%
Office Depot Inc.*..................................... 948 21,212 0.07%
Firstar Corp. (new).................................... 456 21,204 0.07%
Ivax Corp.............................................. 726 21,145 0.07%
Raychem Corp........................................... 270 21,026 0.07%
Anadarko Petroleum Corp................................ 360 20,970 0.07%
Reynolds Metals Co..................................... 390 20,963 0.07%
Willamette Industries Inc.............................. 336 20,664 0.06%
Scripps E W Co......................................... 486 20,655 0.06%
IMC Global Inc......................................... 558 20,576 0.06%
Dana Corp.............................................. 618 20,549 0.06%
Tandy Corp............................................. 396 20,543 0.06%
Progressive Corp....................................... 438 20,422 0.06%
Republic New York Corp................................. 342 20,306 0.06%
Huntington Bancshares Inc.............................. 834 20,225 0.06%
ITT Industries Inc..................................... 726 19,965 0.06%
Kerr Mcgee Corp........................................ 312 19,929 0.06%
Molex Inc.............................................. 612 19,890 0.06%
Cincinnati Financial Corp.............................. 336 19,824 0.06%
Omnicom Group.......................................... 456 19,779 0.06%
Pall Corp.............................................. 702 19,656 0.06%
Hasbro Inc............................................. 534 19,625 0.06%
First USA Inc.......................................... 348 19,575 0.06%
Harcourt General Inc................................... 444 19,536 0.06%
Western Atlas Inc.*.................................... 324 19,440 0.06%
Ohio Edison Co......................................... 930 19,414 0.06%
Florida Progress Corp.................................. 588 19,404 0.06%
Washington Post Co..................................... 66 19,404 0.06%
Northern States Power Co............................... 414 19,355 0.06%
MGIC Investment Corp................................... 354 19,205 0.06%
Ceridian Corp.*........................................ 402 19,196 0.06%
Great Western Financial Corp........................... 834 19,182 0.06%
</TABLE>
29
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Premark International Inc.............................. 372 $19,112 0.06%
New York Times Co...................................... 588 19,110 0.06%
Adobe Systems Inc...................................... 444 19,092 0.06%
Parker Hannifin Corp................................... 450 19,013 0.06%
Westvaco Corp.......................................... 612 18,972 0.06%
Golden West Financial Corp............................. 360 18,945 0.06%
Northern Trust Corp.................................... 336 18,900 0.06%
Circuit City Stores Inc................................ 594 18,860 0.06%
Torchmark Inc.......................................... 438 18,834 0.06%
Northrop Grumman Corp.................................. 300 18,563 0.06%
Avery Dennison Corp.................................... 324 18,468 0.06%
MBIA Inc............................................... 258 18,415 0.06%
Mead Corp.............................................. 330 18,356 0.06%
Apple Computer......................................... 750 18,281 0.06%
Viacom Inc.*........................................... 456 18,240 0.06%
Johnson Controls Inc................................... 252 18,018 0.06%
Sunamerica Inc......................................... 330 17,985 0.06%
Wheelabrator Technologies Inc.......................... 1,122 17,952 0.06%
Bear Stearns Cos., Inc................................. 714 17,939 0.06%
Analog Devices Inc.*................................... 696 17,922 0.06%
Potomac Electric Power Co.............................. 720 17,910 0.06%
Beneficial Corp........................................ 324 17,901 0.06%
Wisconsin Energy Corp.................................. 672 17,892 0.06%
Mallinckrodt Group Inc................................. 450 17,719 0.06%
Regions Financial Corp................................. 384 17,712 0.06%
De Luxe Corp........................................... 504 17,640 0.06%
Southern National Corp................................. 630 17,561 0.05%
First America Bank Corp................................ 384 17,376 0.05%
Andrew Corp.*.......................................... 354 16,992 0.05%
Ahmanson H F & Co...................................... 714 16,958 0.05%
Stanley Works.......................................... 270 16,943 0.05%
Homestake Mining Co.................................... 840 16,905 0.05%
UAL Corp.*............................................. 78 16,731 0.05%
USX United States Steel Group.......................... 504 16,632 0.05%
Temple Inland Inc...................................... 342 16,587 0.05%
Sigma Aldrich.......................................... 306 16,524 0.05%
Teco Energy Inc........................................ 708 16,461 0.05%
Louisiana Pacific Corp................................. 654 16,432 0.05%
Liz Claiborne.......................................... 450 16,369 0.05%
Whitman Corp........................................... 642 16,211 0.05%
Hillenbrand Industries Inc............................. 426 16,188 0.05%
Lehman Brothers Holdings Inc........................... 636 16,139 0.05%
Freeport McMoran Copper & Gold......................... 510 16,129 0.05%
ADC Telecommunications Inc............................. 384 16,128 0.05%
CMS Energy Corp........................................ 552 16,077 0.05%
Ashland Inc............................................ 390 16,039 0.05%
Dial Corp.............................................. 570 16,031 0.05%
Xilinx Inc.*........................................... 432 15,930 0.05%
Synovus Financial Corp................................. 702 $15,795 0.05%
Sonoco Products Co..................................... 552 15,663 0.05%
Advanced Micro Devices Inc............................. 834 15,638 0.05%
St. Jude Medical Inc.*................................. 426 15,549 0.05%
Woolworth Corp......................................... 810 15,491 0.05%
Linear Technology Corp................................. 450 15,469 0.05%
FMC Corp.*............................................. 222 15,401 0.05%
Marshall & Ilsley Corp................................. 570 15,390 0.05%
Cyprus Amax Minerals Co................................ 564 15,299 0.05%
Enova Corp............................................. 708 15,222 0.05%
Manor Care Inc......................................... 378 15,167 0.05%
Rite Aid Corp.......................................... 510 15,109 0.05%
Harris Corp............................................ 240 14,820 0.05%
Consolidated Papers Inc................................ 270 14,783 0.05%
Dole Food Inc.......................................... 366 14,640 0.05%
Integra Financial Corp................................. 198 14,627 0.05%
Columbia Gas Systems Inc............................... 300 14,588 0.05%
Perkin Elmer Corp...................................... 264 14,487 0.05%
Southtrust Corp........................................ 534 14,485 0.05%
Pinnacle West Capital Corp............................. 534 14,218 0.04%
Maytag Corp............................................ 660 14,190 0.04%
Mylan Labs Inc......................................... 726 14,157 0.04%
Mercantile BanCorp. Inc................................ 318 14,151 0.04%
Sun Inc................................................ 456 14,136 0.04%
Arrow Electronics Inc.*................................ 282 14,135 0.04%
Sundstrand Corp........................................ 384 14,112 0.04%
Ryder Systems Inc...................................... 480 13,980 0.04%
New England Electric Systems........................... 396 13,959 0.04%
Avnet Inc.............................................. 264 13,926 0.04%
Bausch & Lomb Inc...................................... 348 13,877 0.04%
Mercantile Stores Inc.................................. 222 13,847 0.04%
James River Corp. of Virginia.......................... 516 13,803 0.04%
Amsouth BanCorp........................................ 354 13,585 0.04%
Countrywide Credit Industries Inc...................... 624 13,494 0.04%
First Tennessee National Corp.......................... 408 13,464 0.04%
Reebok International Ltd............................... 462 13,398 0.04%
Boise Cascade Corp..................................... 288 13,392 0.04%
Pacific Enterprises.................................... 516 13,287 0.04%
Darden Restaurants Inc................................. 966 13,283 0.04%
Olin Corp.............................................. 150 13,275 0.04%
Supervalu Inc.......................................... 414 13,248 0.04%
Leggett & Platt Inc.................................... 510 13,133 0.04%
Host Marriott Corp.*................................... 972 13,001 0.04%
TJX Cos., Inc. (new)................................... 438 12,921 0.04%
Goodrich B F Co........................................ 324 12,879 0.04%
Mckesson Corp. (new)................................... 270 12,859 0.04%
Crestar Financial Corp................................. 228 12,854 0.04%
Brunswick Corp......................................... 582 12,804 0.04%
</TABLE>
30
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Litton Industries Inc.*................................ 282 $12,796 0.04%
Echlin Inc............................................. 372 12,788 0.04%
Teledyne Inc........................................... 342 12,697 0.04%
Ecolab Inc............................................. 390 12,675 0.04%
Armstrong World Industries Inc......................... 222 12,654 0.04%
American Greetings Corp................................ 456 12,597 0.04%
Summit Bancorp......................................... 354 12,567 0.04%
DQE.................................................... 474 12,561 0.04%
Owens Corning*......................................... 312 12,558 0.04%
Kansas City Southern Industries Inc.................... 258 12,513 0.04%
Pennzoil Co............................................ 282 12,479 0.04%
Nalco Chemical Co...................................... 408 12,444 0.04%
Polaroid Corp.......................................... 276 12,420 0.04%
Vulcan Materials Co.................................... 216 12,420 0.04%
Paine Webber Group Inc................................. 594 12,400 0.04%
Meditrust.............................................. 360 12,195 0.04%
Northeast Utilities.................................... 768 12,192 0.04%
Washington Mutual Inc.................................. 438 12,155 0.04%
Mercury Finance Co..................................... 1,056 12,144 0.04%
Wendys International Inc............................... 630 12,049 0.04%
American Re Corp....................................... 288 11,952 0.04%
Baybanks Inc........................................... 114 11,942 0.04%
Long Island Lighting Co................................ 732 11,895 0.04%
Santa Fe Pacific Gold Corp............................. 798 11,870 0.04%
Capital One Financial Corp............................. 402 11,859 0.04%
Star Banc Corp......................................... 180 11,858 0.04%
National Semiconductor Corp.*.......................... 750 11,813 0.04%
Snap On Inc............................................ 246 11,808 0.04%
Illinova Corp.......................................... 462 11,781 0.04%
St Joe Paper Co........................................ 186 11,765 0.04%
Witco Corp............................................. 342 11,671 0.04%
Paccar Inc............................................. 234 11,583 0.04%
Cabot Corp............................................. 432 11,556 0.04%
First Security Corp.................................... 456 11,514 0.04%
Cummins Engine Inc..................................... 246 11,501 0.04%
Tyson Foods Inc........................................ 462 11,492 0.04%
Harnischfeger Industries Inc........................... 282 11,421 0.04%
Illinois Central Corp.................................. 378 11,340 0.04%
Millipore Corp......................................... 270 11,306 0.04%
Worthington Industries................................. 552 11,247 0.04%
Provident Cos., Inc.................................... 330 11,179 0.03%
Food Lion Inc.......................................... 1,464 11,163 0.03%
Lubrizol Corp.......................................... 384 11,136 0.03%
TIG Holdings Inc....................................... 366 11,117 0.03%
Louisiana Land & Exploration Co........................ 204 11,042 0.03%
Food Lion Inc.......................................... 1,470 11,025 0.03%
General Signal Corp.................................... 288 $10,944 0.03%
Unitrin Inc............................................ 234 10,910 0.03%
Citizens Utilities Co.*................................ 948 10,902 0.03%
National Service Industries Inc........................ 294 10,878 0.03%
USF& G Corp............................................ 684 10,859 0.03%
Hubbell Inc............................................ 168 10,857 0.03%
Autodesk Inc........................................... 264 10,758 0.03%
American National Insurance Co......................... 162 10,652 0.03%
Tambrands Inc.......................................... 222 10,628 0.03%
Diebold Inc............................................ 276 10,626 0.03%
Loctite Corp........................................... 210 10,605 0.03%
Ambac Inc.............................................. 216 10,503 0.03%
Old Republic International Corp........................ 318 10,494 0.03%
Varity Corp.*.......................................... 246 10,486 0.03%
Old Kent Financial Corp................................ 276 10,350 0.03%
Teradyne Inc........................................... 504 10,332 0.03%
Stone Container Corp................................... 606 10,302 0.03%
American Financial Group Inc........................... 336 10,290 0.03%
Shaw Industries Inc.................................... 828 10,247 0.03%
Oryx Energy Co.*....................................... 636 10,176 0.03%
Foster Wheeler Corp.................................... 216 9,990 0.03%
Shared Medical System.................................. 144 9,864 0.03%
Allmerica Property & Casualty Companies Inc............ 372 9,812 0.03%
Brown Forman Corp...................................... 246 9,717 0.03%
Reliastar Financial Corp............................... 222 9,685 0.03%
King World Productions Inc.*........................... 222 9,657 0.03%
Caliber Systems Inc.................................... 240 9,630 0.03%
Tri Continental Corp................................... 390 9,604 0.03%
Bowater Inc............................................ 240 9,600 0.03%
Pacificare Health Systems Inc.*........................ 114 9,562 0.03%
Leucadia National Corp................................. 366 9,516 0.03%
Bethleham Steel Corp.*................................. 684 9,320 0.03%
Puget Sound Power & Light Co........................... 390 9,263 0.03%
Amdahl Corp.*.......................................... 726 9,257 0.03%
Greenpoint Financial Corp.............................. 318 9,182 0.03%
Molex Inc.............................................. 306 9,180 0.03%
PMI Group Inc.......................................... 216 9,180 0.03%
Sensormatics Electrics Corp............................ 450 9,169 0.03%
Security Capital Pacific Trust......................... 438 9,143 0.03%
Bancorp Hawaii Inc..................................... 252 9,135 0.03%
Tandem Computers Inc.*................................. 714 9,104 0.03%
Transatlantic Holdings Inc............................. 138 9,039 0.03%
A G Edwards Inc........................................ 384 9,024 0.03%
Equity Income Fund..................................... 108 8,991 0.03%
Enserch Corp........................................... 414 8,901 0.03%
</TABLE>
31
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
NET
COMMON STOCKS SHARES VALUE ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
KLA Instruments Corp.*................................. 306 $8,836 0.03%
Signet Banking Corp.................................... 360 8,820 0.03%
Trinity Industries Inc................................. 252 8,789 0.03%
Comsat Corp............................................ 288 8,784 0.03%
Belo A H Corp.......................................... 234 8,717 0.03%
Scientific Atlanta Inc................................. 468 8,658 0.03%
Asarco Inc............................................. 258 8,546 0.03%
Nicor Inc.............................................. 306 8,530 0.03%
Central Fidelity Banks Inc............................. 246 8,487 0.03%
Noram Energy Corp...................................... 756 8,316 0.03%
First Virginia Banks Inc............................... 204 8,186 0.03%
Great Atlantic & Pacific Tea Inc....................... 234 8,161 0.03%
Simon Property Group Inc............................... 354 8,142 0.03%
Bandag Inc............................................. 162 8,120 0.03%
Tektronix Inc.......................................... 204 8,084 0.03%
Briggs & Stratton Corp................................. 174 7,895 0.02%
Brooklyn Union Gas Co.................................. 300 7,875 0.02%
Weis Markets Inc....................................... 264 7,821 0.02%
Chris Craft Industries Inc.*........................... 180 7,695 0.02%
Ethyl Corp............................................. 720 7,470 0.02%
Delmarva Power & Light Co.............................. 372 7,301 0.02%
Beverly Enterprises Inc.*.............................. 600 7,275 0.02%
Inland Steel Industries Inc............................ 294 7,240 0.02%
Advanta Corp........................................... 144 7,218 0.02%
Cypress Semiconductor Corp.*........................... 510 7,204 0.02%
American Power Conversion Corp.*....................... 564 7,050 0.02%
Pittston Brinks Group.................................. 252 7,025 0.02%
EG & G Inc............................................. 318 6,996 0.02%
Mcdermott International Inc............................ 330 6,930 0.02%
Consolidated Freightways Inc........................... 264 6,897 0.02%
Brown Forman Corp...................................... 174 6,786 0.02%
Alexander & Baldwin Inc................................ 276 6,762 0.02%
Rouse Co............................................... 294 6,762 0.02%
UsAir Group Inc.*...................................... 378 $6,710 0.02%
Peoples Energy Corp.................................... 210 6,615 0.02%
Niagara Mohawk Power Corp.............................. 876 6,570 0.02%
Pacificare Health Systems Inc.*........................ 78 6,318 0.02%
Unisys Corp.*.......................................... 1,044 6,264 0.02%
Russell Corp........................................... 240 6,240 0.02%
Centerior Energy Corp.................................. 900 6,188 0.02%
Trinova Corp........................................... 174 6,134 0.02%
Advanta Corp........................................... 108 6,035 0.02%
Mentor Graphics Corp.*................................. 372 5,952 0.02%
USlife Corp............................................ 210 5,906 0.02%
Gaylord Entertainment Co............................... 222 5,883 0.02%
Ball Corp.............................................. 186 5,789 0.02%
Washington Gas Light Co................................ 264 5,544 0.02%
Cincinnati Milacron Inc................................ 210 5,539 0.02%
Navistar International Corp. Inc.*..................... 450 5,400 0.02%
Safety Kleen Corp...................................... 354 5,310 0.02%
Citizens Utilities Co.*................................ 438 5,147 0.02%
Arco Chemical Co....................................... 96 5,100 0.02%
Alexander & Alexander Services......................... 270 5,096 0.02%
Freeport McMoran Inc................................... 138 5,037 0.02%
NL Industries Inc...................................... 312 4,485 0.01%
Battle Mountain Gold Co................................ 492 4,367 0.01%
Comcast Corp........................................... 228 3,990 0.01%
Armco Inc.............................................. 648 3,645 0.01%
Fleming Companies Inc.................................. 228 3,135 0.01%
----------- ------
TOTAL INVESTMENTS -
(Cost $31,746,945)................................... 31,862,064 99.46%
OTHER ASSETS LESS LIABILITIES.......................... 173,903 0.54%
----------- ------
NET ASSETS............................................. $32,035,967 100%
----------- ------
----------- ------
</TABLE>
* Non-income producing security.
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
US INDEX SERIES
SCHEDULE OF INVESTMENTS BY MARKET SECTOR
APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% OF
INDUSTRY VALUE INVESTMENTS
<S> <C> <C>
- ---------------------------------------------------------------------------------
Utilities.............................................. $4,117,869 13.0%
Health and personal care............................... 3,380,527 10.7%
Commercial banks and other banks....................... 2,559,248 8.1%
Oil.................................................... 2,046,341 6.5%
Computers and communications and office equipment...... 1,668,847 5.2%
Beverage industry and tobacco manufacturing............ 1,664,822 5.2%
Retail trade........................................... 1,539,440 4.8%
Food and grocery products.............................. 1,247,365 3.9%
Business services and computer software................ 1,225,761 3.8%
Electrical equipment................................... 1,124,920 3.5%
Chemicals.............................................. 1,108,410 3.5%
Financial institutions and services.................... 1,089,492 3.4%
Insurance -- multiline and property and casualty....... 1,021,325 3.2%
Electronics and instrumentation........................ 1,020,269 3.2%
Entertainment and leisure toys......................... 986,997 3.1%
Media.................................................. 820,584 2.6%
Automobiles............................................ 626,579 2.0%
Transportation and storage............................. 587,394 1.8%
Forestry and paper products............................ 576,357 1.8%
Diversified industrials................................ 489,926 1.5%
Machinery and engineering services..................... 477,672 1.5%
Insurance -- life and agents and brokers............... 279,341 0.9%
Aerospace and defense composite........................ 255,553 0.8%
Diversified consumer goods and services................ 254,987 0.8%
Auto components........................................ 254,910 0.8%
Other energy (non-oil)................................. 251,913 0.8%
Diversified holding companies.......................... 234,500 0.7%
Mining, metals and minerals............................ 221,978 0.7%
Household durables and appliances...................... 138,388 0.4%
Textiles and wearing apparel........................... 134,362 0.4%
Precious metals and minerals........................... 128,080 0.4%
Wholesale trade........................................ 87,665 0.3%
Construction and building materials.................... 86,213 0.3%
Fabricated metal products.............................. 77,138 0.2%
Heavy engineering and shipbuilding..................... 40,654 0.1%
Real estate............................................ 36,237 0.1%
----------- -----------
$31,862,064 100%
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
AUSTRALIA FRANCE
INDEX INDEX
SERIES SERIES
---------- ----------
<S> <C> <C>
ASSETS
Investments, at
value................. $14,275,738 $42,749,672
Foreign currency....... 159,182 117,766
Cash................... 23,475 20,876
Interest receivable.... 290 191
Dividends receivable... 42,793 16,073
Receivable for
securities sold....... 0 0
Foreign withholding tax
reclaim receivable.... 0 12,246
Deferred organization
costs................. 243,108 243,516
Prepaid expenses....... 3,876 3,911
Receivable from Adviser
for expense
reimbursement......... 33,952 12,479
---------- ----------
TOTAL ASSETS......... 14,782,414 43,176,730
---------- ----------
LIABILITIES
Investment management
fees payable.......... 0 0
Distribution fees
payable............... 3,469 9,576
Payable for securities
purchased............. 0 0
Directors' fees and
expenses payable...... 1,162 1,080
Organization costs
payable............... 248,000 248,000
Accounts payable and
accrued expenses...... 43,808 43,264
---------- ----------
TOTAL LIABILITIES.... 296,439 301,920
---------- ----------
NET ASSETS........... $14,485,975 $42,874,810
---------- ----------
---------- ----------
NET ASSETS CONSIST OF:
Paid-in capital, $.001
par value (Authorized
200,000,000 shares per
Series)............... $13,783,564 $41,489,510
Undistributed
(accumulated) net
investment income
(loss)................ 49,155 (8,097)
Undistributed
(accumulated) net
realized gain (loss)
on investments and
foreign currency
transactions.......... (7,707) 20,027
Net unrealized
appreciation
(depreciation) of
investments and
foreign currency
translations.......... 660,963 1,373,370
---------- ----------
NET ASSETS........... $14,485,975 $42,874,810
---------- ----------
---------- ----------
Net asset value,
offering and
redemption price per
share................. $ 20.68 $ 38.97
Shares outstanding at
end of period......... 700,584 1,100,305
Cost of investments.... $13,614,766 $41,374,403
Cost of foreign
currency.............. $ 159,395 $ 119,520
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
<TABLE>
<CAPTION>
SOUTH
GERMANY HONG KONG ITALY JAPAN AFRICA
INDEX INDEX INDEX INDEX INDEX
SERIES SERIES SERIES SERIES SERIES
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at
value................. $19,955,803 $28,923,959 $34,613,342 $82,692,791 $17,312,858
Foreign currency....... 146,792 139,572 150,202 83,817 130,642
Cash................... 24,763 21,296 23,478 51,807 23,012
Interest receivable.... 136 219 739 0 1,769
Dividends receivable... 0 150,254 0 303,217 35,060
Receivable for
securities sold....... 0 0 3,061,568 0 0
Foreign withholding tax
reclaim receivable.... 8,311 0 0 0 0
Deferred organization
costs................. 242,700 243,108 243,516 242,700 244,059
Prepaid expenses....... 3,841 3,876 3,911 3,841 3,959
Receivable from Adviser
for expense
reimbursement......... 31,338 24,960 19,212 0 25,867
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS......... 20,413,684 29,507,244 38,115,968 83,378,173 17,777,226
---------- ---------- ---------- ---------- ----------
LIABILITIES
Investment management
fees payable.......... 0 0 0 11,701 0
Distribution fees
payable............... 5,522 7,115 7,217 21,090 3,457
Payable for securities
purchased............. 92,023 0 3,133,102 0 12,055
Directors' fees and
expenses payable...... 1,253 1,162 1,080 1,253 967
Organization costs
payable............... 248,000 248,000 248,000 248,000 248,000
Accounts payable and
accrued expenses...... 45,191 57,684 39,207 95,059 35,291
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES.... 391,989 313,961 3,428,606 377,103 299,770
---------- ---------- ---------- ---------- ----------
NET ASSETS........... $20,021,695 $29,193,283 $34,687,362 $83,001,070 $17,477,456
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
NET ASSETS CONSIST OF:
Paid-in capital, $.001
par value (Authorized
200,000,000 shares per
Series)............... $20,814,512 $29,264,409 $29,562,377 $75,983,580 $18,141,749
Undistributed
(accumulated) net
investment income
(loss)................ 23,023 210,516 (28,129) 169,045 27,380
Undistributed
(accumulated) net
realized gain (loss)
on investments and
foreign currency
transactions.......... (1,188) (5,432) 333,685 31,528 4,211
Net unrealized
appreciation
(depreciation) of
investments and
foreign currency
translations.......... (814,652) (276,210) 4,819,429 6,816,917 (695,884)
---------- ---------- ---------- ---------- ----------
NET ASSETS........... $20,021,695 $29,193,283 $34,687,362 $83,001,070 $17,477,456
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
Net asset value,
offering and
redemption price per
share................. $ 33.35 $ 29.18 $ 28.89 $ 41.49 $ 19.41
Shares outstanding at
end of period......... 600,331 1,000,394 1,200,467 2,000,302 900,571
Cost of investments.... $20,770,098 $29,200,152 $29,794,388 $75,880,908 $18,001,143
Cost of foreign
currency.............. $ 148,435 $ 139,581 $ 149,837 $ 82,394 $ 135,781
</TABLE>
35
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
UK US
INDEX INDEX
SERIES SERIES
------------- -------------
<S> <C> <C>
ASSETS
Investments, at value............................................................ $ 11,743,145 $ 31,862,064
Foreign currency................................................................. 62,691 0
Cash............................................................................. 21,572 112,600
Interest receivable.............................................................. 175 0
Dividends receivable............................................................. 52,627 41,283
Receivable for securities sold................................................... 20,698 54,736
Foreign withholding tax reclaim receivable....................................... 2,555 0
Deferred organization costs...................................................... 243,244 242,429
Prepaid expenses................................................................. 3,888 3,816
Receivable from Adviser for expense reimbursement................................ 35,723 27,839
------------- -------------
TOTAL ASSETS................................................................... 12,186,318 32,344,767
------------- -------------
LIABILITIES
Investment management fees payable............................................... 0 0
Distribution fees payable........................................................ 2,830 8,889
Payable for securities purchased................................................. 38,095 0
Directors' fees and expenses payable............................................. 1,135 1,294
Organization costs payable....................................................... 248,000 248,000
Accounts payable and accrued expenses............................................ 50,346 50,617
------------- -------------
TOTAL LIABILITIES.............................................................. 340,406 308,800
------------- -------------
NET ASSETS..................................................................... $ 11,845,912 $ 32,035,967
------------- -------------
------------- -------------
NET ASSETS CONSIST OF:
Paid-in capital, $.001 par value (Authorized 200,000,000 shares per Series)...... $ 11,539,202 $ 31,895,478
Undistributed (accumulated) net investment income (loss)......................... 36,521 19,158
Undistributed (accumulated) net realized gain (loss) on investments and foreign
currency transactions........................................................... 426 6,212
Net unrealized appreciation (depreciation) of investments and foreign currency
translations.................................................................... 269,763 115,119
------------- -------------
NET ASSETS..................................................................... $ 11,845,912 $ 32,035,967
------------- -------------
------------- -------------
Net asset value, offering and redemption price per share......................... $ 39.45 $ 53.37
Shares outstanding at end of period.............................................. 300,299 600,216
Cost of investments.............................................................. $ 11,472,087 $ 31,746,945
Cost of foreign currency......................................................... $ 63,446 $ 0
</TABLE>
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS TO APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
AUSTRALIA FRANCE
INDEX INDEX
SERIES SERIES
---------------- ----------------
<S> <C> <C>
(3/25/96 - (3/28/96 -
4/30/96) 4/30/96)
INVESTMENT INCOME
Dividend income............................................................ $ 64,962 $ 35,313
Less: foreign withholding taxes............................................ (2,223) (5,297)
-------- ----------------
Net dividend income...................................................... 62,739 30,016
Interest income............................................................ 291 192
-------- ----------------
TOTAL INCOME........................................................... 63,030 30,208
-------- ----------------
EXPENSES
Investment management fees................................................. 4,162 11,491
Distribution fees.......................................................... 3,469 9,576
Administration fees........................................................ 10,316 9,457
Custody and accounting fees................................................ 10,254 9,693
Transfer agent fees........................................................ 4,315 3,955
Legal fees................................................................. 888 814
Audit fees................................................................. 5,891 5,475
Directors' fees and expenses............................................... 1,162 1,080
Printing and postage fees.................................................. 4,091 3,802
Registration fees.......................................................... 5,683 5,282
NYSE listing fees.......................................................... 3,649 3,345
Amortization of organization costs......................................... 4,892 4,484
Other expenses............................................................. 3,533 3,278
-------- ----------------
TOTAL EXPENSES......................................................... 62,305 71,732
Administration fees waived by Administrator................................ (10,316) (9,457)
Investment management fees waived by Adviser............................... (4,162) (11,491)
Expenses borne by Adviser.................................................. (33,952) (12,479)
-------- ----------------
NET EXPENSES........................................................... 13,875 38,305
-------- ----------------
NET INVESTMENT INCOME (LOSS)........................................... 49,155 (8,097)
-------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments................................................................ (4,961) 21,779
Foreign currency transactions.............................................. (2,746) (1,752)
Net change in unrealized appreciation (depreciation) on:
Investments................................................................ 660,972 1,375,269
Foreign currency translation............................................... (9) (1,899)
-------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY.............................................................. 653,256 1,393,397
-------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.............. $ 702,411 $ 1,385,300
-------- ----------------
-------- ----------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS TO APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
GERMANY HONG KONG
INDEX INDEX
SERIES SERIES
------------- ------------------
<S> <C> <C>
(3/22/96 - (3/25/96 -
4/30/96) 4/30/96)
INVESTMENT INCOME
Dividend income........ $ 49,964 $ 252,314
Less: foreign
withholding taxes..... (4,996) (13,557)
------------- ----------
Net dividend
income.............. 44,968 238,757
Interest income........ 141 218
------------- ----------
TOTAL INCOME......... 45,109 238,975
------------- ----------
EXPENSES
Investment management
fees.................. 6,626 12,807
Distribution fees...... 5,522 7,115
Administration fees.... 11,176 10,316
Custody and accounting
fees.................. 11,054 12,201
Transfer agent fees.... 4,675 4,315
Legal fees............. 962 888
Audit fees............. 6,353 5,891
Directors' fees and
expenses.............. 1,253 1,162
Printing and postage
fees.................. 4,412 4,091
Registration fees...... 6,129 5,683
NYSE listing fees...... 3,953 3,649
Amortization of
organization costs.... 5,300 4,892
Other expenses......... 3,811 3,532
------------- ----------
TOTAL EXPENSES....... 71,226 76,542
Administration fees
waived by
Administrator......... (11,176) (10,316)
Investment management
fees waived by
Adviser............... (6,626) (12,807)
Expenses borne by
Adviser............... (31,338) (24,960)
------------- ----------
NET EXPENSES......... 22,086 28,459
------------- ----------
NET INVESTMENT INCOME
(LOSS).............. 23,023 210,516
------------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY
Net realized gain (loss)
on:
Investments............ (806) (5,276)
Foreign currency
transactions.......... (382) (156)
Net change in unrealized
appreciation
(depreciation) on:
Investments............ (814,295) (276,193)
Foreign currency
translation........... (357) (17)
------------- ----------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY.... (815,840) (281,642)
------------- ----------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........ $(792,817) $ (71,126)
------------- ----------
------------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
<TABLE>
<CAPTION>
ITALY JAPAN SOUTH AFRICA UK US
INDEX INDEX INDEX INDEX INDEX
SERIES SERIES SERIES SERIES SERIES
------------------- ------------------- ----------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C>
(4/1/96 -
(3/28/96 - 4/30/96) (3/22/96 - 4/30/96) 4/30/96) (3/26/96 - 4/30/96) (3/20/96 - 4/30/96)
INVESTMENT INCOME
Dividend income........ $ 0 $ 298,122 $ 39,300 $ 55,906 $ 53,874
Less: foreign
withholding taxes..... 0 (44,719) 0 (8,243) 0
------------------- ------------------- ----------------- -------- --------
Net dividend
income.............. 0 253,403 39,300 47,663 53,874
Interest income........ 737 0 1,910 177 0
------------------- ------------------- ----------------- -------- --------
TOTAL INCOME......... 737 253,403 41,210 47,840 53,874
------------------- ------------------- ----------------- -------- --------
EXPENSES
Investment management
fees.................. 8,660 25,307 6,223 3,396 7,111
Distribution fees...... 7,217 21,090 3,457 2,830 8,889
Administration fees.... 9,457 11,176 8,310 10,030 11,742
Custody and accounting
fees.................. 9,346 14,719 8,239 10,967 15,330
Transfer agent fees.... 3,955 4,675 3,476 4,195 4,914
Legal fees............. 814 962 715 863 1,011
Audit fees............. 5,475 6,353 4,901 5,753 6,560
Directors' fees and
expenses.............. 1,080 1,253 967 1,135 1,294
Printing and postage
fees.................. 3,802 4,412 3,404 3,996 4,556
Registration fees...... 5,282 6,129 4,728 5,550 6,329
NYSE listing fees...... 3,345 3,953 2,940 3,548 4,156
Amortization of
organization costs.... 4,484 5,300 3,941 4,756 5,571
Other expenses......... 3,278 3,811 2,929 3,449 3,945
------------------- ------------------- ----------------- -------- --------
TOTAL EXPENSES....... 66,195 109,140 54,230 60,468 81,408
Administration fees
waived by
Administrator......... (9,457) (11,176) (8,310) (10,030) (11,742)
Investment management
fees waived by
Adviser............... (8,660) (13,606) (6,223) (3,396) (7,111)
Expenses borne by
Adviser............... (19,212) 0 (25,867) (35,723) (27,839)
------------------- ------------------- ----------------- -------- --------
NET EXPENSES......... 28,866 84,358 13,830 11,319 34,716
------------------- ------------------- ----------------- -------- --------
NET INVESTMENT INCOME
(LOSS).............. (28,129) 169,045 27,380 36,521 19,158
------------------- ------------------- ----------------- -------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY
Net realized gain (loss)
on:
Investments............ 341,254 33,631 0 472 6,212
Foreign currency
transactions.......... (7,569) (2,103) 4,211 (46) 0
Net change in unrealized
appreciation
(depreciation) on:
Investments............ 4,818,954 6,811,883 (688,285) 271,058 115,119
Foreign currency
translation........... 475 5,034 (7,599) (1,295) 0
------------------- ------------------- ----------------- -------- --------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY.... 5,153,114 6,848,445 (691,673) 270,189 121,331
------------------- ------------------- ----------------- -------- --------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........ $5,124,985 $7,017,490 $(664,293) $306,710 $140,489
------------------- ------------------- ----------------- -------- --------
------------------- ------------------- ----------------- -------- --------
</TABLE>
39
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS TO APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
AUSTRALIA FRANCE
INDEX INDEX
SERIES SERIES
------------- -------------
<S> <C> <C>
(3/25/96 - (3/28/96 -
4/30/96) 4/30/96)
INCREASE (DECREASE) IN
NET ASSETS
Operations:
Net investment income
(loss).............. $ 49,155 $ (8,097 )
Net realized gain
(loss) on:
Investments........ (4,961 ) 21,779
Foreign currency
transactions...... (2,746 ) (1,752 )
Net change in
unrealized
appreciation
(depreciation) on:
Investments........ 660,972 1,375,269
Foreign currency
translation....... (9 ) (1,899 )
------------- -------------
Net increase
(decrease) in net
assets resulting
from operations..... 702,411 1,385,300
Capital share
transactions (1):
Net proceeds from
sale of shares.... 13,772,077 41,478,011
------------- -------------
Total increase..... 14,474,488 42,863,311
Net assets:
Beginning of
period............ 11,487 11,499
------------- -------------
End of period
(2)............... $ 14,485,975 $ 42,874,810
------------- -------------
------------- -------------
(1) Shares sold...... 700,000 1,100,000
------------- -------------
Net increase in
shares
outstanding......... 700,000 1,100,000
------------- -------------
------------- -------------
(2) Including
undistributed
(accumulated) net
investment income
(loss)........... $ 49,155 $ (8,097 )
</TABLE>
The accompanying notes are an integral part of the financial statements.
40
<PAGE>
<TABLE>
<CAPTION>
GERMANY HONG KONG ITALY JAPAN SOUTH AFRICA
INDEX INDEX INDEX INDEX INDEX
SERIES SERIES SERIES SERIES SERIES
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
(3/22/96 - (3/25/96 - (3/28/96 - (3/22/96 - (4/1/96 -
4/30/96) 4/30/96) 4/30/96) 4/30/96) 4/30/96)
INCREASE (DECREASE) IN
NET ASSETS
Operations:
Net investment income
(loss).............. $ 23,023 $ 210,516 $ (28,129 ) $ 169,045 $ 27,380
Net realized gain
(loss) on:
Investments........ (806 ) (5,276 ) 341,254 33,631 0
Foreign currency
transactions...... (382 ) (156 ) (7,569 ) (2,103 ) 4,211
Net change in
unrealized
appreciation
(depreciation) on:
Investments........ (814,295 ) (276,193 ) 4,818,954 6,811,883 (688,285 )
Foreign currency
translation....... (357 ) (17 ) 475 5,034 (7,599 )
---------------- ---------------- ---------------- ---------------- ----------------
Net increase
(decrease) in net
assets resulting
from operations..... (792,817 ) (71,126 ) 5,124,985 7,017,490 (664,293 )
Capital share
transactions (1):
Net proceeds from
sale of shares.... 20,803,036 29,252,928 29,550,884 75,972,110 18,130,255
---------------- ---------------- ---------------- ---------------- ----------------
Total increase..... 20,010,219 29,181,802 34,675,869 82,989,600 17,465,962
Net assets:
Beginning of
period............ 11,476 11,481 11,493 11,470 11,494
---------------- ---------------- ---------------- ---------------- ----------------
End of period
(2)............... $ 20,021,695 $ 29,193,283 $ 34,687,362 $ 83,001,070 $ 17,477,456
---------------- ---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ---------------- ----------------
(1) Shares sold...... 600,000 1,000,000 1,200,000 2,000,000 900,000
---------------- ---------------- ---------------- ---------------- ----------------
Net increase in
shares
outstanding......... 600,000 1,000,000 1,200,000 2,000,000 900,000
---------------- ---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ---------------- ----------------
(2) Including
undistributed
(accumulated) net
investment income
(loss)........... $ 23,023 $ 210,516 $ (28,129 ) $ 169,045 $ 27,380
</TABLE>
41
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS TO APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
UK US
INDEX INDEX
SERIES SERIES
---------------- ----------------
<S> <C> <C>
(3/26/96 - (3/20/96 -
4/30/96) 4/30/96)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)................................................. $ 36,521 $ 19,158
Net realized gain (loss) on:
Investments................................................................ 472 6,212
Foreign currency transactions.............................................. (46) 0
Net change in unrealized appreciation (depreciation) on:
Investments................................................................ 271,058 115,119
Foreign currency translation............................................... (1,295) 0
---------------- ----------------
Net increase (decrease) in net assets resulting from operations.............. 306,710 140,489
Capital share transactions (1):
Net proceeds from sale of shares........................................... 11,527,714 31,884,000
---------------- ----------------
Total increase............................................................. 11,834,424 32,024,489
Net assets:
Beginning of period........................................................ 11,488 11,478
---------------- ----------------
End of period (2).......................................................... $ 11,845,912 $ 32,035,967
---------------- ----------------
---------------- ----------------
(1) Shares sold.............................................................. 300,000 600,000
---------------- ----------------
Net increase in shares outstanding......................................... 300,000 600,000
---------------- ----------------
---------------- ----------------
(2) Including undistributed (accumulated) net investment income (loss)....... $ 36,521 $ 19,158
</TABLE>
The accompanying notes are an integral part of the financial statements.
42
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT THE PERIOD
INDICATED (UNAUDITED)
<TABLE>
<CAPTION>
AUSTRALIA FRANCE
INDEX INDEX
SERIES SERIES
---------------- ----------------
<S> <C> <C>
(3/25/96 - (3/28/96 -
4/30/96) 4/30/96)
Net asset value at beginning of period........................................... $ 19.67 $ 37.70
------- -------
INVESTMENT OPERATIONS:
Net investment income (loss) (d)............................................. 0.07 (0.01)
Net realized and unrealized gain (loss) on investments and foreign
currency.................................................................... 0.94 1.28
------- -------
INCREASE (DECREASE) FROM INVESTMENT OPERATIONS................................... 1.01 1.27
------- -------
NET ASSET VALUE AT END OF PERIOD................................................. $ 20.68 $ 38.97
------- -------
------- -------
MARKET PRICE AT END OF PERIOD.................................................... $ 20.625 $ 38.75
------- -------
------- -------
TOTAL RETURN BASED ON:
Net asset value (a) (c)...................................................... 5.13% 3.37%
Market price (a) (c)......................................................... 3.13% 0.65%
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period (000's).......................................... $ 14,486 $ 42,875
Ratio to average net assets:
Expenses (b) (d)........................................................... 1.00% 1.00%
Net investment income (loss) (b)........................................... 3.54% (0.21%)
Portfolio turnover rate (a) (e).............................................. 0.50% 1.73%
Average brokerage commissions (f)............................................ $ 0.0051 $ 0.0236
</TABLE>
(a) Not annualized.
(b) Annualized.
(c) Total return based on net asset value, excluding the effect of shareholder
transaction charges, assumes a purchase of common stock at net asset value
at commencement of operations and a sale on the last day of the period, also
at net asset value. Total return based on market price, excluding the effect
of brokerage commissions, assumes a purchase of common stock at the opening
price on the commencement date of trading and a sale on the last day of the
period at the closing market price. During the period, total return based on
net asset value would have been lower had certain fees and expenses not been
reimbursed and/or waived by the Administrator and the Adviser.
(d) Net of certain fees and expenses reimbursed and/or waived by the
Administrator and the Adviser. Had the Administrator and the Adviser not
undertaken to reimburse and/or waive such fees and expenses, net investment
income (loss) per share and the ratio of expenses to average net assets
would have been as follows: Australia Index Series, $.00 and 4.49%; and
France Index Series, $(0.04) and 1.87%, respectively.
(e) Excludes portfolio securities received or delivered as a result of
processing capital share transactions in Creation Unit(s).
(f) Represents average brokerage commission rate per share of total security
trades on which brokerage commissions were charged.
The accompanying notes are an integral part of the financial statements.
43
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT THE PERIOD
INDICATED (UNAUDITED)
<TABLE>
<CAPTION>
GERMANY HONG KONG
INDEX INDEX
SERIES SERIES
-------------- --------------
<S> <C> <C>
(3/22/96 - (3/25/96 -
4/30/96) 4/30/96)
Net asset value at
beginning of period.... $ 34.67 $ 29.14
------- -------
INVESTMENT OPERATIONS:
Net investment income
(loss) (d).......... 0.04 0.21
Net realized and
unrealized gain
(loss) on
investments and
foreign currency.... (1.36 ) (0.17 )
------- -------
INCREASE (DECREASE) FROM
INVESTMENT
OPERATIONS............. (1.32 ) 0.04
------- -------
NET ASSET VALUE AT END OF
PERIOD................. $ 33.35 $ 29.18
------- -------
------- -------
MARKET PRICE AT END OF
PERIOD................. $ 33.50 $ 29.125
------- -------
------- -------
TOTAL RETURN BASED ON:
Net asset value (a)
(c)................. (3.81 %) 0.14 %
Market price (a)
(c)................. (4.29 %) (1.69 %)
RATIOS AND SUPPLEMENTAL
DATA:
Net assets at end of
period (000's)...... $ 20,022 $ 29,193
Ratio to average net
assets:
Expenses (b) (d)... 1.00 % 1.00 %
Net investment
income (loss)
(b)............... 1.04 % 7.40 %
Portfolio turnover
rate (a) (e)........ 0.95 % 1.84 %
Average brokerage
commissions (f)..... $ 0.0850 $ 0.0036
</TABLE>
(a) Not annualized.
(b) Annualized.
(c) Total return based on net asset value, excluding the effect of shareholder
transaction charges, assumes a purchase of common stock at net asset value
at commencement of operations and a sale on the last day of the period, also
at net asset value. Total return based on market price, excluding the effect
of brokerage commissions, assumes a purchase of common stock at the opening
price on the commencement date of trading and a sale on the last day of the
period at the closing market price. During the period, total return based on
net asset value would have been lower had certain fees and expenses not been
reimbursed and/or waived by the Administrator and the Adviser.
(d) Net of certain fees and expenses reimbursed and/or waived by the
Administrator and the Adviser. Had the Administrator and the Adviser not
undertaken to reimburse and/or waive such fees and expenses, net investment
income (loss) per share and the ratio of expenses to average net assets
would have been as follows: Germany Index Series, $(0.04) and 3.22%; Hong
Kong Index Series, $0.16 and 2.69%; Italy Index Series, $(0.05) and 2.29%;
Japan Index Series, $0.07 and 1.29%; South Africa Index Series, $(0.01) and
3.92%; UK Index Series, $(0.04) and 5.34%; and US Index Series, $(0.05) and
2.35%, respectively.
(e) Excludes portfolio securities received or delivered as a result of
processing capital share transactions in Creation Unit(s).
(f) Represents average brokerage commission rate per share of total security
trades on which brokerage commissions were charged.
The accompanying notes are an integral part of the financial statements.
44
<PAGE>
<TABLE>
<CAPTION>
ITALY JAPAN SOUTH AFRICA UK US
INDEX INDEX INDEX INDEX INDEX
SERIES SERIES SERIES SERIES SERIES
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
(3/28/96 - (3/22/96 - (4/1/96 - (3/26/96 - (3/20/96 -
4/30/96) 4/30/96) 4/30/96) 4/30/96) 4/30/96)
Net asset value at
beginning of period.... $ 24.61 $ 37.98 $ 20.13 $ 38.42 $ 53.14
------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Net investment income
(loss) (d).......... (0.02 ) 0.08 0.03 0.12 0.03
Net realized and
unrealized gain
(loss) on
investments and
foreign currency.... 4.30 3.43 (0.75 ) 0.91 0.20
------- ------- ------- ------- -------
INCREASE (DECREASE) FROM
INVESTMENT
OPERATIONS............. 4.28 3.51 (0.72 ) 1.03 0.23
------- ------- ------- ------- -------
NET ASSET VALUE AT END OF
PERIOD................. $ 28.89 $ 41.49 $ 19.41 $ 39.45 $ 53.37
------- ------- ------- ------- -------
------- ------- ------- ------- -------
MARKET PRICE AT END OF
PERIOD................. $ 28.875 $ 41.375 $ 19.25 $ 39.75 $ 53.00
------- ------- ------- ------- -------
------- ------- ------- ------- -------
TOTAL RETURN BASED ON:
Net asset value (a)
(c)................. 17.39 % 9.24 % (3.58 %) 2.68 % 0.43 %
Market price (a)
(c)................. 15.50 % 5.75 % (2.53 %) 3.92 % (0.93 %)
RATIOS AND SUPPLEMENTAL
DATA:
Net assets at end of
period (000's)...... $ 34,687 $ 83,001 $ 17,477 $ 11,846 $ 32,036
Ratio to average net
assets:
Expenses (b) (d)... 1.00 % 1.00 % 1.00 % 1.00 % 1.00 %
Net investment
income (loss)
(b)............... (0.97 %) 2.00 % 1.98 % 3.23 % 0.55 %
Portfolio turnover
rate (a) (e)........ 10.13 % 5.00 % 0.00 % 0.00 % 0.11 %
Average brokerage
commissions (f)..... $ 0.0029 $ 0.0122 $ 0.0203 $ 0.0154 $ 0.0633
</TABLE>
45
<PAGE>
THE COUNTRYBASKETSSM INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 -- ORGANIZATION
The CountryBasketsSM Index Fund, Inc. (the "Fund") was incorporated under the
laws of the State of Maryland on August 8, 1994. The Fund is registered under
the Investment Company Act of 1940 as an open-end, non-diversified management
investment company. The Fund currently has nine common stock series: the
Australia Index Series; the France Index Series; the Germany Index Series; the
Hong Kong Index Series; the Italy Index Series; the Japan Index Series; the
South Africa Index Series; the UK Index Series; and the US Index Series (each, a
"Series").
The primary investment objective of each Series is to provide investment results
that substantially correspond to the price and yield performance of a
broad-based index of publicly traded equity securities in a particular country.
To achieve this investment objective, each Series seeks to provide investment
results that substantially correspond to the price and yield performance of its
respective country component of the FT/ S&P Actuaries World Indices-TM- (the "FT
Index").
The Series commenced operations on the following dates: the Australia Index
Series, March 25, 1996; the France Index Series, March 28, 1996; the Germany
Index Series, March 22, 1996; the Hong Kong Index Series, March 25, 1996; the
Italy Index Series, March 28, 1996; the Japan Index Series, March 22, 1996; the
South Africa Index Series, April 1, 1996; the UK Index Series, March 26, 1996;
and the US Index Series, March 20, 1996.
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund.
SECURITY VALUATION: Portfolio securities held by a Series are valued at the
last quoted sales price on the securities exchange or national securities market
on which such securities are primarily traded. Securities not listed on an
exchange or national securities market, or securities in which there were no
transactions, are valued at the arithmetic mean of the most recent bid and asked
prices, or if no asked price is available, at the bid price. However, when
market quotations are not readily available, portfolio securities and other
assets are valued based on fair value as determined in good faith by Deutsche
Morgan Grenfell/C.J. Lawrence Inc. ("DMG"), as investment adviser to the Fund
(the "Adviser") in accordance with procedures adopted by the Board of Directors
of the Fund.
46
<PAGE>
INVESTMENT TRANSACTIONS: Investment transactions are recorded on the trade
date. Cost of securities sold is calculated using the identified cost method.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on an accrual basis. Such dividend income is recorded net of foreign
withholding tax.
FOREIGN CURRENCY TRANSLATION: The books and records of the Fund are maintained
in US dollars. Assets and liabilities denominated in foreign currency amounts
are translated into US dollars at the relevant foreign exchange rate for each
Series in effect at 4:00 p.m., London time. Purchases and sales of investment
securities, income and expenses are reported at the prevailing exchange rate on
the respective dates of such transactions. The resultant gains and losses
arising from exchange rate fluctuations are identified separately in the
Statement of Operations, except for such amounts attributable to investments
which are included in net realized and unrealized gains and losses on
investments. Foreign investments may involve certain considerations and risks
not typically associated with those of domestic origin as a result of, among
others, the possibility of political and economic developments and the level of
governmental supervision and regulation of foreign securities markets.
FORWARD FOREIGN CURRENCY CONTRACTS: A forward foreign currency contract
("Forward") is an agreement between parties to buy and sell currency at a set
price on a future date. The market value of the Forward fluctuates with changes
in currency exchange rates. The Forward is marked-to-market daily and the change
in the market value is recorded by the Fund as unrealized gain or loss. When the
Forward is closed, the Fund records a realized gain or loss equal to the
difference between the value at the time it was opened and the time it was
closed. The Fund could be exposed to risk if a counterparty is unable to meet
the terms of the contract or if the value of the currency changes unfavorably.
The Series may engage in Forwards for the purpose of meeting US dollar cash
requirements of redemptions, Series expenses and distributions, and in
connection with the purchase and sale of their portfolio securities.
FEDERAL INCOME TAXES: It is the policy of the Fund for each Series to qualify
for and elect treatment as a "regulated investment company" under Subchapter M
of the Internal Revenue Code of 1986, as amended. Accordingly, each Series would
not be subject to U.S. federal income taxes to the extent it distributes all of
its taxable income including any net realized capital gains for each fiscal
year. In addition, by distributing, during each calendar year, substantially all
of its net investment income and capital gains, if any, each Series would not be
subject to U.S. federal excise tax.
EXPENSES: Expenses are recorded on an accrual basis. Expenses of the Series
which are directly identifiable to a specific Series are allocated to that
Series. Expenses not directly attributed to a specific Series are allocated
among the Series in such a manner as deemed equitable by the Board of Directors
of the Fund.
DISTRIBUTION TO STOCKHOLDERS: Dividends from net investment income, including
net foreign currency gains, if any, of all Series other than the US Index Series
are declared and paid at least annually and, in the case of the US Index Series,
quarterly. Capital gains of each Series, if any, are distributed at least
annually. Dividends and capital gains distributions are distributed by each
Series in US dollars. The Fund records all distributions to stockholders on the
ex-dividend date. Income and capital gain distributions are determined
47
<PAGE>
in accordance with U.S. Federal income tax regulations which may differ from
generally accepted accounting principles. These differences, which could be
temporary or permanent in nature, may result in reclassification of
distributions; however, net investment income, net realized gains and net assets
are not affected.
DEFERRED ORGANIZATION COSTS: The costs of organizing the Fund were paid by DMG,
the Adviser. Such organization costs, for which DMG will be reimbursed by the
Fund, are deferred and amortized ratably over a period of sixty months from the
respective commencement of operations for each of the Series.
In the event that during the amortization period, the initial shares of each
Series issued to the Fund's distributor, ALPS Mutual Funds Services, Inc., are
redeemed, the redemption proceeds will be reduced by the pro rata share of the
unamortized organization costs as of the date of such redemption.
NOTE 3 -- SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH AFFILIATES
The Fund has entered into an Investment Management Agreement (the "Management
Agreement") with DMG, an indirect subsidiary of Deutsche Bank AG. As the
Adviser, DMG provides investment advisory, management and certain administrative
services, including services in connection with the lending of portfolio
securities. For its services, DMG is entitled to receive a fee from each Series
at an annual rate of .20% of the average daily net assets in the case of the US
Index Series, .45% of the average daily net assets in the case of the Hong Kong
Index Series and the South Africa Index Series, and .30% of the average daily
net assets of each other Series, plus, in the case of each Series, 40% of the
gross investment income less dividends on securities held in the portfolio. The
Management Agreement also provides that DMG will be reimbursed for out-of-pocket
expenses incurred in providing certain administrative services.
The Fund has entered into an Administration Agreement with State Street Bank and
Trust Company (the "Administrator"). Under the Administration Agreement, the
Fund pays compensation to the Administrator at the following annual rates based
on the average daily net assets of each Series taken separately: .08% of the
first $125 million of each Series' average daily net assets, .06% of the next
$125 million of each Series' average daily net assets and .04% of each Series'
average daily net assets in excess of $250 million, subject to certain minimum
requirements.
ALPS Mutual Funds Services, Inc. (the "Distributor") serves as distributor of
the shares of the Series. The Fund has established a Rule 12b-1 plan for each
Series (each, a "Plan"), pursuant to which each Series pays the Distributor a
distribution services fee for activities intended to result in the sale of
shares of the Series. Under a separate marketing agreement, the Distributor is
also paid a marketing fee, receives contributions from the Fund toward certain
bonus payments to be made to the Distributor, and is reimbursed for certain
expenses. Each Series also pays certain expenses relating to printing and
distributing prospectuses and makes payments due to dealers and other persons
for marketing and stockholder services, including payments to each such person
entering into an investor services agreement with the Distributor. All payments
to the Distributor and such dealers and other persons by each Series, and all
reimbursements to the Distributor or the Adviser for their respective costs
incurred in producing advertising or marketing material prepared at the request
of the Series, are made under the Plan of such Series and will not exceed in the
aggregate, on an annualized basis, .25% of the average daily net assets of the
Series.
48
<PAGE>
FEE WAIVERS AND EXPENSE REIMBURSEMENTS: In order to maintain an expense
limitation of 1% of the average daily net assets for each Series, the
Administrator and the Adviser have agreed to waive all or a portion of their
respective fees. The Adviser has agreed to waive its investment management fees
and make such reimbursement as may be necessary to assure that the annualized
ratio of operating expenses to average daily net assets of each Series will not
exceed 1.00% for the first fiscal year of the Fund's operations ending October
31, 1996.
For the period ending April 30, 1996, DMG received brokerage commissions as a
result of executing agency transactions in portfolio securities of the following
Series: Australia Index Series, $374; Hong Kong Index Series, $1,516; Japan
Index Series, $1,093; UK Index Series, $94; and US Index Series, $35. Certain
directors and officers of the Fund are also directors and officers of the
Adviser.
NOTE 4 -- PORTFOLIO SECURITIES
Purchases and proceeds from the sale of securities, other than obligations of
the US government and its agencies and short-term securities, and portfolio
securities received and delivered as a result of processing capital share
transactions in Creation Unit(s) issued and redeemed in Creation Unit
aggregations, respectively, for the period ending April 30, 1996, were as
follows:
<TABLE>
<CAPTION>
SECURITIES SALES SECURITIES
SERIES PURCHASES RECEIVED PROCEEDS DELIVERED
- ----------------------- --------- ---------- --------- ---------------
<S> <C> <C> <C> <C>
Australia Index Series $187,527 $13,501,490 $69,290 $ 0
France Index Series 731,190 41,599,540 978,106 0
Germany Index Series 194,502 20,779,721 203,319 0
Hong Kong Index Series 1,048,225 28,635,565 478,362 0
Italy Index Series 4,875,731 27,643,606 3,066,203 0
Japan Index Series 4,323,514 75,455,952 3,932,189 0
South Africa Index
Series 546,902 17,454,241 0 0
UK Index Series 54,013 11,418,074 472 0
US Index Series 34,485 31,780,490 74,242 0
</TABLE>
NOTE 5 -- CAPITAL
The Fund is authorized to issue 5,000,000,000 shares of common stock. Currently
the Board has authorized nine Series of stock and allocated 200,000,000 shares
to each Series. The Fund will sell and redeem shares of each Series at their
respective net asset value, principally for an in-kind portfolio of equity
securities of the relevant FT Index component, together with some cash. The Fund
sells and redeems shares of each Series only in aggregations of a specified
number of shares (each, a "Creation Unit"). The number of shares constituting a
Creation Unit is currently 250,000 shares in the case of the Japan Index Series
and 100,000 shares in the case of each other Series. Shares in less than
Creation Unit aggregations are not redeemable.
49
<PAGE>
The Fund imposes transaction fees on the cash portion of each purchase and
redemption of Series shares (other than shares of the US Index Series). The
percentage fee imposed on the cash portion of purchases and redemptions are as
follows:
<TABLE>
<CAPTION>
PERCENTAGE FEE PERCENTAGE FEE
IMPOSED ON CASH IMPOSED ON CASH
PORTION OF PORTION OF
SERIES PURCHASES REDEMPTIONS
- ----------------------- ----------------- -----------------
<S> <C> <C>
Australia Index Series 1.15% 1.15%
France Index Series 1.00 1.00
Germany Index Series 1.00 1.00
Hong Kong Index Series 1.20 1.20
Italy Index Series 1.00 1.00
Japan Index Series 1.32 1.32
South Africa Index
Series 2.00 1.00
UK Index Series 1.50 1.00
US Index Series 0.00 0.00
</TABLE>
50
<PAGE>
INVESTMENT ADVISER
Deutsche Morgan Grenfell/C. J. Lawrence Inc.
31 West 52nd Street
New York, New York 10019
ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
DISTRIBUTOR
ALPS Mutual Funds Services, Inc.
370 Seventeenth Street, Suite 2700
Denver, Colorado 80202
LEGAL COUNSEL
Sullivan & Cromwell
125 Broad Street
New York, New York 10004
DIRECTORS AND OFFICERS
W. Carter McClelland, Chairman and Director
Joseph A. La Corte, President and Director
*Warner Heineman, Director
*Lawrence C. McQuade, Director
*Karl M. von der Heyden, Director
*Robert H. Wadsworth, Director
Thomas A. Curtis, Vice President and Secretary
Joseph M. Cheung, Vice President and Treasurer
*Directors who are not "interested persons" of the Fund as such term is used in
the Investment Company Act of 1940.
This report, including the financial statements herein, is intended for the
information of shareholders of the Fund. It may be distributed to prospective
investors only when preceded or accompanied by a current prospectus which
contains important information concerning the Fund.
<PAGE>
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SUMMARY OF GENERAL INFORMATION
- -------------------------------------------
THE FUND
The CountryBasketsSM Index Fund, Inc. (the "Fund") is a non-diversified
management investment company organized as a series fund. The Fund currently has
nine series (each, a "Series"): the Australia Index Series, the France Index
Series, the Germany Index Series, the Hong Kong Index Series, the Italy Index
Series, the Japan Index Series, the South Africa Index Series, the UK Index
Series and the US Index Series.
The primary investment objective of each Series is to provide investment
results that substantially correspond to the price and yield performance of a
broad-based index of publicly traded equity securities in a particular country.
To achieve this investment objective, each Series seeks to provide investment
results that substantially correspond to the price and yield performance of its
respective country component of the FT/S&P Actuaries World Indices-TM-.
Shares of each Series (the "CB Shares-SM-") are listed on the New York Stock
Exchange with the following trading symbols:
<TABLE>
<CAPTION>
DATE OF
TRADING INITIAL
SERIES SYMBOL TRADING
- ------------------------------- --------- ---------
<S> <C> <C>
Australia CB Shares-SM- GXA 3/27/96
France CB Shares-SM- GXF 3/29/96
Germany CB Shares-SM- GXG 3/25/96
Hong Kong CB Shares-SM- GXH 3/27/96
Italy CB Shares-SM- GXI 3/29/96
Japan CB Shares-SM- GXJ 3/25/96
South Africa CB Shares-SM- GXR 4/02/96
UK CB Shares-SM- GXK 3/27/96
US CB Shares-SM- GXU 3/25/96
</TABLE>
SHAREHOLDER INFORMATION
Information about the Fund may be obtained from the Fund's Distributor, ALPS
Mutual Funds Services, Inc. (1-888-8CB-INFO).
[LOGO]
THE COUNTRYBASKETS-SM-
INDEX FUND, INC.
SEMI-ANNUAL REPORT
APRIL 30, 1996
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