1995 ANNUAL REPORT
All Seasons
Global Fund, Inc.
All Seasons Global Fund, Inc.
250 Park Avenue South, Suite 200
Winter Park, FL 32789
<PAGE>
Table of Contents
Letter to Shareholders..................................2
Risk-Adjusted Perform...................................4
Global Equity Allocation................................5
Equity Portfolio Highlight............................. 6
Board of Directors......................................6
Independent Auditors Report.............................7
Statement of Assets and Liabilities.....................8
Statement of Operations.................................9
Statements of Changes in Net Assets....................10
Notes to Financial Statements..........................11
Investments in Securities..............................16
Financial Highlights...................................20
Dividend Reinvestment Plan............................ 22
Important Notes to Shareholders........................24
<PAGE>
February 22, 1996
Dear Fellow Shareholders:
1995 was a good year for our Fund. Using a conservative investment strategy, we
outperformed our benchmark indices on a risk-adjusted basis. We are pleased to
provide current information about recent developments in the Fund:
* The total market return on the Fund for 1995 was 22.32%.
* The net asset value (NAV) of the Fund increased 11.49% during 1995.
* The investment performance of the Fund has been achieved by applying
a risk-averse investment style-at no point in 1995 did we have more
than 50% of our portfolio in equities.
* The market discount of the Fund has narrowed from a high of 30% in
February to a discount of 20% at year end, a 33% improvement.
* We are continuing our efforts to maximize shareholder value,
including the continuation of the share buyback program. By year end
our share buyback program enabled us to repurchase over 600,000
shares of the Fund.
This year, we were able to substantially reduce portfolio risk through our
asset allocation, and at year end, the Fund was invested in 47% equities and
51% fixed income, with the remainder in cash. Our portfolio also experienced
significantly less volatility than our benchmark indices (the MSCI EAFE Index
and the MSCI World Index) as evidenced by the charts on the following pages.
Even with our conservative nature, we were still able to outperform both
benchmarks on a total market return basis, and we were above one and below the
other on an NAV basis.
As of this writing, we have increased our equity allocation in the Fund to 63%,
and reduced the fixed income percentage to 35% (the remainder is in cash). The
increase in equity exposure in 1996 has almost entirely been into foreign
stocks. Portfolio turnover for the Fund was reduced significantly in 1995 to
76%, and we anticipate an even lower number for 1996. Our portfolio allocation
and risk awareness is our strength, and we are comfortable with the portfolio
makeup at this point. We have also reduced the expense ratio of the Fund to its
lowest level in years, which required a special effort during a year in which
the number of shares of the Fund outstanding was reduced.
The Fund spent more time than usual in the public eye this year, which
culminated in the shareholder proposal considered at the annual shareholders
meeting. We had our greatest shareholder turnout ever, with over 80% of shares
voted, and a larger than average meeting attendance, with constructive remarks
from many shareholders. We truly appreciate such a strong turnout and
encouragement from shareholders. A substantial majority of all shares confirmed
the Fund's present course.
<PAGE>
We believe that the price of the Fund has benefitted from the Fund's aggressive
share buyback program, instituted this year. Each share bought back at a
discount to NAV increases the NAV per share, so the positive impact on
shareholder value is irrefutable. As long as a reasonable discount to NAV
exists, the Directors of the Fund have indicated an interest in maintaining the
buyback program to enhance shareholder value.
In sum, we believe that we accomplished many of our investment objectives for
1995. In 1996, we will strive to maintain solid investment returns with a keen
eye on risk, while continuing to monitor and refine the portfolio in our
efforts to maximize shareholder value.
Thank you for your support over the years and, as always, we wish you and yours
a very healthy and profitable year ahead.
With kind and personal regards,
Sincerely yours,
Diego J. Veitia
Chairman & Chief Investment Officer
P.S. We are pleased to report that Morningstar, Inc., ranked our fund as the
Lowest Risk World Equity Fund over the last three year period, and the second
Lowest Risk World Equity Fund over the last five year period, in its most recent
report on Closed-End Funds.
<PAGE>
Risk Adjusted Performance
There are three accepted measures for examining risk-adjusted return Treynor's,
Sharpe's, and Jensen's. Jack L. Treynor presented the first formal technique to
combine both risk and returns in a single performance measure.Treynor's measure
is presented in this report, as it uses systematic risk instead of total risk,
through the use of beta instead of standard deviation. Beta is an excellent
measure of risk versus an index, as it represents the average percentage change
in the price of a given asset class (in this case, the Fund) compared to the
average percentage change of the market index (in this case, the MSCIEAFE Index
and the MSCI World Index). For example, a beta value of 0.6 indicates a 0.6%
movement for a 1.0% move in the index, regardless of direction of the move in
the index. The beta of a market is always one. For an investor wishing to take
on less risk than market risk, a beta lower than one(i.e. lower than the market)
is desirable. Based on this, Treynor's measure is hard evidence of the solid
risk-adjusted performance of the All Seasons Global Fund in 1995.
In order to better understand where the numbers are from, we present the
following explanation. The risk-free rate used of 5.94% was the average return
on a one-year T-Bill for 1995, based on averaging T-Bill yields from each day
of the year. The MSCI EAFE Index and MSCI World Index (both unmanaged indices
of foreign stocks)returned 9.4% and 18.7%, respectively, for 1995, according to
MSCI. The total investment return of the Fund based on market value was
independently reported in the financial statements by KPMG Peat Marwick to be
22.32%, and total investment return based on net asset value was 11.49%, as
calculated by Veitia & Associates. All values for beta were calculated by using
the Beta function of Bloomberg, L.P.
In essence, the two key elements of any investment are risk and return, so we
believe that evaluating investments on a risk-adjusted basis may present a more
meaningful representation of that investment.
Treynor Performance 1995
Based Upon Market Value
There is a line chart comparing risk adjusted performance of rate of return
based upon market value for the Fund versus MSCI EAFE and MSCI World.
Treynor Performance 1995
Based Upon Net Asset Value
There is a line chart comparing risk adjusted performance of rate of return
based upon net asset value of the Fund versus MSCI EAFE and MSCI World.
<PAGE>
Global Equity Allocation
All Seasons Global Fund
Global Equity Weights, 12/29/95
There is a pie chart inserted here which shows the percentages of investments
in the diffreent markets of the world.
World Stock Market Capitalization, 12/29/95*
There is a pie chart inseted here which shows the percentages of capitalization
om the different markets of the world.
*Source: Morgan Stanley Capital International
<PAGE>
Equity Portfolio Highlight
ANZ Banking Group
ANZ Bank is Australia's second largest commercial bank. The bank also has a
presence in over 40 countries, covering Asia, Europe, the Middle East, and the
Americas. ANZ has proven to be a pioneer in the world's fastest growing markets,
being established in countries such as the Philippines, Vietnam, China, and
Indonesia.
ANZ is a remarkably strong bank. Its services include all aspects of retail and
commercial banking, insurance, funds management, and brokerage services, and in
1995 all divisions showed solid growth. Total group profits increased 28%, and
operating profits after taxes were over A$1 billion. In addition, the bank is
rated A1 by Moody's and A+ by Standard & Poor's.
ANZ is committed to the long-term development of its international network. The
international network (non-Australian business) accounted for approximately 42%
of after tax profits in 1995. With such a powerful global network in an
Australian bank, a large U.S. or global bank who is looking to merge or purchase
a bank with significant emerging market exposure could target ANZ as a prime
takeover candidate.
With strong current earnings, and a coherent long-term global strategy
providing a sound foundation for future earnings growth, we believe that ANZ
Banking Group currently represents a sound portfolio holding.
<TABLE>
<CAPTION>
<S> <C>
All Seasons Global Fund
Board of Directors
Shares Owned
Beneficially
Diego J. Veitia, Chairman of the Board and Chief Investment Officer.........................51,377.879
Robert A. Miller, Ph.D.*, Chairman of the Audit Committee....................................1,306.128
Adrian Day*, Chairman of the External Review Committee.......................................1,036.000
Michael A. Petrino* 5,600.000
Jerome F. Miceli, Treasurer..................................................................3,725.736
Stephen A. Saker, Secretary..................................................................1,002.686
</TABLE>
*Member of the Audit Committee.
<PAGE>
Independent Auditors' Report
The Board of Directors and Shareholders
All Seasons Global Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of All
Seasons Global Fund, Inc., (formerly America's All Season Fund, Inc.) including
the schedule of investments in securities, as of December 31, 1995 and the
related statements of operations for the year then ended, the statement of
changes in net assets for each of the years in the two-year period then ended
and the financial highlights for each of the years in the five-year period then
ended.These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with the custodian.
As to securities purchased but not received, we requested confirmations from
brokers, and where replies were not received, we carried out other appropriate
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement and schedule presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of All
Seasons Global Fund, Inc. (formerly America's All Season Fund, Inc.) as of
December 31, 1995, the results of its operations for the year then ended, the
changes in its net assets for each of the years in the two-year period then
ended, and the selected financial highlights for each of the years in the
five-year period then ended, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick LLP
Orlando, Florida
January 24, 1996
<PAGE>
Statement of Assets and Liabilities
December 31, 1995
<TABLE>
<CAPTION>
<S> <C> <C>
Assets
Investments in securities at market value
(identified cost $40,050,047) $42,494,641
Cash 2,319,793
Accrued interest receivable 280,403
Dividends receivable 82,638
Prepaid insurance 6,800
__________
Total assets 45,184,275
__________
Liabilities
Distributions payable to shareholders (note 9) 1,395,610
Payable for investment securities purchased 2,179,084
Liability under forward contract (note 6) 3,365
Payable for shares repurchased 115,464
Other accrued expenses 105,914
__________
Total liabilities 3,799,437
__________
Net assets applicable to outstanding
capital stock $41,384,838
````````
Represented by:
Common stock - authorized 100,000,000 shares of $.01 par
value; issued and outstanding, 8,123,457 shares 81,235
Additional paid-in capital 40,342,386
Accumulated net realized loss from investments and foreign currency (1,776,897)
Undistributed net investment income 277,458
Unrealized appreciation of investments and foreign currency 2,460,656
__________
Total - representing net assets applicable to
outstanding capital stock $ 41,384,838
````````
Net assets value per share of outstanding
capital stock $ 5.09
````````
See accompanying notes to financial statements.
<PAGE>
Statement of Operations
For the year ended December 31, 1995
Income:
Interest $ 1,798,691
Dividends 255,305
_________
2,053,996
Less foreign taxes withheld (9,786)
_________
Total investment income 2,044,210
_________
Expenses (note 4):
Investment management fee (note 4) 413,686
Custodian and transfer agent fees 159,916
Audit and legal fees 139,250
Reports to shareholders 52,618
Directors' fees and expenses 42,619
Margin interest expense 4,144
Dividends on securities sold short 1,100
Other 73,249
_________
Total expenses 886,582
_________
Investment income - net 1,157,628
_________
Realized and unrealized gains and losses on investments and
foreign currency (note 5):
Net realized loss on investments and foreign currency (including
gain of $281,614 from foreign currency transactions) (771,192)
Net realized gain on closed short positions in securities 83,345
Net change in unrealized appreciation and depreciation of
investments and foreign currency (note 7) 3,707,341
_________
Net realized and unrealized gains from investments
and foreign currency 3,019,494
_________
Increase in net assets resulting from operations $ 4,177,122
```````
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Statements of Changes in Net Assets
For the years ended December 31, 1995 and 1994
<TABLE>
<CAPTION>
<S> <C> <C>
1995 1994
Operations:
Investment income net $1,157,628 1,660,989
Net realized loss on investments and foreign currency (771,192) (4,034,164)
Net realized gain on closed short positions in securities 83,345 407,408
Net change in unrealized appreciation and depreciation
of investments and foreign currency (note 7) 3,707,341 (1,805,694)
________ ________
Increase (decrease) in net assets resulting
from operations 4,177,122 (3,771,461)
________ ________
Distributions to shareholders from (note 9):
Investment income - net (1,334,993) (961,681)
Net realized gain on investments and foreign currency (60,617)
________ ________
(1,395,610) (961,681)
________ ________
Capital share transactions (note 8) (2,502,956)
________ ________
Net increase (decrease) in net assets 278,556 (4,733,142)
Net assets at beginning of year 41,106,282 45,839,424
__________ __________
Net assets at end of year (including undistributed net
investment income of $277,458 and $699,308) $41,384,838 41,106,282
```````` ````````
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Notes to Financial Statements
December 31, 1995
(1) Organization
All Seasons Global Fund, Inc. (the Fund), formerly known as America's
All Season Fund, Inc., is registered under the Investment Company Act of 1940,
as amended, as a non-diversified, closed-end management investment company. The
Fund was incorporated on October 30, 1987 and commenced operations on March 2,
1988 upon becoming effectively registered under the Securities Act of 1933 and
commencement of its initial public offering of common stock. The Fund changed
its name to All Seasons Global Fund, Inc. on June 1, 1995. Shares of the Fund
are traded in the over-the-counter market on NASDAQ.The Fund's symbol is "FUND".
The Fund invests directly, or through depository receipts, in common
stocks, common stock equivalents (including rights and warrants), preferred
stock or debt securities of companies or governments in the U.S. and various
nations throughout the world, both developed or underdeveloped. The Fund will
also enter into forward currency exchange contracts, write and/or purchase put
and call options on securities, sell securities short and hold limited amounts
of cash or cash equivalents, including foreign currencies. The Fund does not
concentrate the investment of its assets inparticular industries and intends to
comply with the diversification requirements of Subchapter M of the Internal
Revenue Code.
(2) Significant Accounting Policies
(a) Valuation of Investments
Each listed security is valued at the last reported sale price. Listed
securities, not traded on an exchange that day, and other securities, which are
traded in the over-the-counter market, are valued at the mean between the
current bid and asked price in the market on that day. The value of a foreign
security is determined in its national currency as of the close of trading on
the foreign exchange on which it is traded, which value is then converted into
its U.S. dollar equivalent at the foreign exchange rate in effect at noon
New York time following the close of the stock exchange in the country where
the security is issued and traded. Short-term debt securities having a
remaining maturity of sixty days or less are valued at amortized cost, which
approximates market. Any securities or other assets for which market quotations
are not readily available are valued at their fair value as determined in good
faith by the Fund'sboard of directors.
Securities transactions are accounted for on the date the securities
are purchased or sold. Realized gains and losses are calculated on the
identified cost basis.
Interest is recorded daily on the accrual basis. The Fund amortizes
premiums and discounts on U.S. Government and corporate long-term bonds
purchased using the straight-line method over the life of the bonds. The Fund
amortizes premiums and discounts on foreign government and corporate bonds
purchased using the yield to maturity method. Dividend income is recognized on
the ex-dividend date.
<PAGE>
Notes to Financial Statements
(2), Continued
(b) Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency exchange contracts
primarily in order to hedge against foreign currency exchange rate risks on non
U.S. dollar denominated investment securities held by the Fund. When entering a
forward currency contract, the Fund agrees to receive or deliver a fixed
quantity of foreign currency for an agreed upon price on an agreed future date.
These contracts are valued daily and the Fund's net equity therein, representing
unrealized gain or loss on the contracts as measured by the difference between
the forward foreign exchange rates at the dates of entry into the contracts and
the forward rates at the reporting date, is included in the statement of assets
and liabilities. Realized and unrealized gains and losses are included in the
statement of operations. These instruments involve market and/or credit risk in
excess of the amount recognized in the statement of assets and liabilities.
Risks arise from the possible inability of counterparties to meet the terms of
their contracts and from movement in currency and securities values and interest
rates.
(c) Option Writing
When the Fund writes an option, an amount equal to the premium received
by the Fund is recorded as a liability and is subsequently adjusted to the
current market value of the option written. Premiums received from writing
options which expire unexercised are treated by the Fund on the expiration date
as realized gains from investments. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or if the premium is less than
the amount paid for the closing purchase transaction, as a realized loss. If a
call option is exercised, the premium is added to the proceeds from the sale of
the underlying security or currency in determining whether the Fund has realized
a gain or loss. If a put option is exercised, the premium reduces the cost basis
of the securities purchased by the Fund. The Fund, as writer of an option,
bears the market risk of an unfavorable change in the price of the security
underlying the written option.
(d) Short Sales
The Fund may sell a security it does not own in anticipation of a
decline in the market value of that security. When the Fund makes a short sale,
it must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to
deliver the security upon conclusion of the sale. A gain, limited to the price
at which the Fund sold the security short, or a loss, unlimited in magnitude,
will be recognized upon the termination of a short sale.
(e) Foreign Currency
The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with net realized and unrealized gains and losses on
investments.
Reported net realized foreign exchange gains or losses arise from
sales and maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized
between the trade and settlement dates on securities transactions, the
difference between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Fund's books, and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in the value of assets and liabilities including
investments in securities at fiscal year end, resulting from changes in the
exchange rate.
<PAGE>
Notes to Financial Statements
(f) Federal Income Taxes
The Fund's policy is to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its investment company taxable income to shareholders. Therefore, no income
tax provision is required.
The Fund's net investment income, if any, is generally distributed by
semi-annual dividends. Any net realized gains are distributed annually, based
upon a November 1 to October 31 year, to avoid incurring federal excise taxes.
Distributions are paid by reinvestment into additional shares unless the
shareholder has elected in writing to receive distributions in cash.
As of December 31, 1995 the Fund had available for federal income tax
purposes (as computed through October 31, 1995)an unused capital loss carryover
of $1,776,897 which expires in 2000.
Net investment income (loss)and net realized gains (losses) may differ
for financial statement and tax purposes primarily due to net operating losses.
The character of distributions made during the year from net investment income
or net realized gains, if any, may differ from their ultimate characterization
for federal income tax purposes. Also, dueto the timing of dividend
distributions, the fiscal year in which amounts are distributed may differ from
the year the income or realized gains (losses) were recorded by the Fund.
On the statement of assets and liabilities, as a result of permanent
book-to-tax differences, undistributed net investment income has been decreased
by $244,485 and accumulated net realized loss from investments and foreign
currency has been decreased by $2,877,847 resulting in a net reclassification
adjustment to decrease additional paid in capital by $2,633,362.
(g) Dividends on Short Positions
Dividends declared on short positions existing at the record date are
recorded as an expense.
(h) Use of Estimates in the Preparation of the Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of investment income,
expenses and realized gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
(3) Related Party Transactions
As described more fully in note 4, the Fund's manager is Veitia and
Associates, Inc. (Veitia). The principal underwriter of the Fund's initial
public offering was International Assets Advisory Corporation (IAAC), a
registered broker/dealer. IAAC is a subsidiary of International Assets Holding
Corporation (IAHC). The majority and sole shareholder of IAHC and Veitia,
respectively, is the Fund's chairman of the board and chief investment officer.
During 1995, brokerage commissions totaling $25,513 were paid to IAAC
for trades made on behalf of the Fund. Brokerage commissions of $37,146 were
also paid to IAAC during 1995 for trades made in conjunction with capital shares
repurchased by the Fund.
<PAGE>
Notes to Financial Statements
(4) Expenses
The Fund is party to a management agreement with Veitia (the Manager)
to conduct the management and investment
activity of the Fund.
The Manager administers the Fund's general business affairs and
furnishes the Fund with clerical, administrative, accounting and bookkeeping
services. The agreement provides for management fees, computed daily and payable
monthly, at the annualized rate of 1% of the Fund's average daily net assets.
To comply with certain state securities laws governing sales of Fund shares in
such states, the Manager has furnished an undertaking to the Fund that if
certain Fund expenses, including the Manager's fee, exceed 2.5% of the first
$30 million in average net assets, 2% of the next $70 million of average net
assets, and 1.5% of additional average net assets, the Manager will adjust its
fees downward to cause Fund expenses to comply with those limits. Such
limitations were not exceeded for the year ended December 31, 1995. Management
fees for the year ended December 31, 1995 amounted to $413,686, all of which
were paid as of December 31, 1995.
(5) Securities Transactions
Cost of purchases and proceeds from sales of securities (other than
U.S. Government and short-term securities) aggregated $41,586,441 and
$24,817,417, respectively, for the year ended December 31, 1995.
Cost of purchases and proceeds from sales of U.S. Government securities
aggregated $199,058 and $10,774,216, respectively, for the year ended December
31, 1995.
(6) Liability Under Forward Contract
The Fund has entered into a forward contract as a hedge position
against foreign currency rate changes for foreign securities held in the Fund's
year end portfolio. The contract is to sell German deutsche marks at an exchange
rate of 1.4328 on March 21, 1996. The forward contract outstanding at December
31, 1995 with total unrealized loss of $3,365 is as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Number of
Foreign Currency
Units Under Proceeds Unrealized Market
Contract Received Loss Value
German deutsche marks 4,600,000 $3,210,497 3,365 3,213,862
``````` ``````` ```` ```````
</TABLE>
The total unrealized loss on this forward contract as of December 31,
1995 has been included as a liability in the accompanying statement of assets
and liabilities and as a component of net change in unrealized appreciation and
depreciation of investments and foreign currency in the accompanying statement
of operations.
<PAGE>
Notes to Financial Statements
(7) Net Change in Unrealized Appreciation and Depreciation of Investments
and Foreign Currency Net change in unrealized appreciation and depreciation of
investments and foreign currency for the years ended December 31, 1995 and 1994
consist of the following:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1995 1994
Net change in unrealized appreciation and depreciation
of portfolio investments $ 3,693,639 (1,814,471)
Net change in unrealized appreciation and depreciation
of short positions -- (113)
Net change in unrealized foreign exchange losses
related to foreign currencies held -- 41,156
Net change in unrealized foreign exchange gains and
losses related to forward contracts (3,365) (52,848)
Net change in unrealized foreign exchange gains and
losses related to interest and dividends receivable 17,067 20,582
_________ _________
$ 3,707,341 (1,805,694)
``````` ```````
</TABLE>
(8) Capital Share Transactions
During the year ended December 31, 1995, the Fund repurchased 619,100
of its common shares in the amount of $2,502,956.
(9) Dividends Paid to Shareholders
On December 29, 1995, a dividend of $.1718 per share was declared for
distribution of net investment income and net realized gain on investments and
foreign currency payable to shareholders of record as of December 29, 1995. The
dividends totaling $1,395,610, were paid on January 22, 1996 through either
reinvestment into common shares of the Fund, which were purchased in the open
market or by cash distribution.
<PAGE>
Investments in Securities
December 31, 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Principal Market
Name of Issuer Amount Value
(Percentages of each category relate to total net assets)
U.S. Treasury Notes (39.19%):
U.S. Treasury Note, 6% due 11/30/97 7,000,000 $ 7,102,759
U.S. Treasury Note, 6.875% due 10/31/96 9,000,000 9,116,459
________
Total U.S. Treasury Notes
(cost $15,876,185) 16,219,218
________
U.S. corporate notes (5.25%):
Toyota Motors Index, 9.75% due 3/9/98 2,000,000 2,175,000
________
Total U.S. corporate notes
(cost $2,000,000) 2,175,000
________
Foreign government obligations (4.80%):
Deutschland Republic, 6.5% due 10/14/05
(principal amount denominated in German
Deutsche marks) 2,750,000 1,985,837
________
Total foreign government obligations
(cost $1,991,301) 1,985,837
________
Foreign corporate bonds (4.52%):
General Electric Capital Corp., 10.5% due 10/23/98
(principal amount denominated in Czech korunas) 50,000,000 1,870,224
________
Total foreign corporate bonds
(cost $1,870,279) 1,870,224
________
</TABLE>
<PAGE>
Investments in Securities, Continued
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Number Market
Name of Issuer of Shares Cost Value
Common stocks (48.92%):
Australia (4.62%):
Australia and New Zealand Banking
Group, Ltd. (Banking) 240,000 $ 1,049,546 $ 1,131,890
Coca-Cola Amatil Ltd. (Beverages and
Tobacco) 803(c) 4,674 6,534
Western Mining Corporation, Ltd.
(Metals-Non Ferrous) 120,000 735,222 771,256
Canada (2.64%):
Euro Nevada (Metals-Non Ferrous) 30,000 825,706 1,094,369
France (1.07%):
Saint Gobain (Misc. Materials and
Commodities) 4,000 499,506 443,299
Germany (2.72%):
Merck KGAA (Health and Personal Care) 27,540 997,613 1,125,613
Hong Kong (.01%):
HSBC Holdings (Banking) 363(c) 4,126 5,493
Japan (11.40%):
Mitsubishi Corp. (Wholesale and
International Trade) 88,000 1,017,211 1,083,471
Mitsubishi Heavy Industries
(Machinery and Engineering) 140,000 1,017,280 1,117,014
NEC Corp. (Electrical and Electronics) 120,000 1,518,952 1,465,826
Toshiba Corp. (Electrical and Electronics) 134,000 968,791 1,050,955
Mexico (2.87%):
Industrias Penoles SA (Metals - Non Ferrous) 135,000 499,230 559,784
Transportacion Maritima Mexicana
(Transportation-Shipping) 75,000(b) 472,950 628,125
Singapore/Malaysia (1.21%):
Clipsal Industries (Electrical and Electronics) 91,000 220,938 205,660
Renong Bhd. (Multi-Industry) 200,000 293,584 294,097
Sweden (2.73%):
Astra B (Health and Personal Care) 28,450 999,227 1,128,968
<PAGE>
Investments in Securities, Continued
Number Market
Name of Issuer of Shares Cost Value
Common stocks (48.92%) (continued):
Switzerland (6.77%):
BBC Brown Boveri AG (Electrical
and Electronics) 620 580,540 722,058
Ciba Geigy AG (Health and Personal Care) 1,100 764,647 970,363
Nestle SA (Food and Household Products) 1,000 982,605 1,108,987
United States (12.88%):
Abbott Laboratories (Health and Personal
Care) 15,000 533,400 626,250
Amway Asia Pacific Ltd. (Food and
Household Products) 19,000 756,413 676,875
Atlantic Richfield (Energy Sources) 4,300 495,995 476,225
Eastman Kodak Co. (Recreation, Other
Consumer Goods) 10,000 518,100 670,000
Johnson & Johnson (Health and Personal
Care) 10,000 486,746 856,250
J.P. Morgan & Co. (Banking) 9,000 556,515 722,250
Phillips Petroleum Co. (Energy Sources) 14,000 514,090 477,750
Silicon Graphics, Inc. (Data Processing and
Reproduction) 30,000(b) 998,675 825,000
________
Total common stock (cost $18,312,282) 20,244,362
________
Total investments (cost $40,050,047) $ 42,494,641
````````
</TABLE>
(a) At December 31, 1995, the cost of securities for federal income tax
purposes was $40,050,047. Net unrealized appreciation of $2,444,594 consists
of gross unrealized appreciation and depreciation of investments as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Gross unrealized appreciation $ 2,884,045
Gross unrealized depreciation (439,451)
_______
Net unrealized appreciation $ 2,444,594
```````
</TABLE>
(b) Non-income producing security.
(c) Security received through a stock dividend.
<PAGE>
If shares are not held in your name, you should contact your brokerage firm,
bank, or other nominee for more information. Shareholders should be aware that
a change in nominee may prohibit the shareholder's participation in the Plan.
Investments in Securities, Continued
(d) Common stock industry diversification as a percentage of total net
assets.
<TABLE>
<CAPTION>
<S> <C>
Banking 4.49%
Data Processing and Reproduction 1.99
Electrical and Electronics 8.32
Energy Sources 2.31
Food and Household Products 4.33
Health and Personal Care 11.38
Machinery and Engineering 2.70
Metals-Non Ferrous 5.86
Misc. Materials and Commodities 1.07
Multi-industry .71
Recreation, Other Consumer Goods 1.62
Transportation-Shipping 1.52
Wholesale and International Trade 2.62
______
48.92%
````
</TABLE>
<PAGE>
Financial Highlights
For the years ended December 31, 1995, 1994, 1993, 1992, and 1991
Selected per share data for a share of capital stock outstanding and selected
supplemental and ratio information for the years ended December 31, 1995,
1994, 1993, 1992 and 1991 are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
Net asset value at beginning of year $ 4.70 5.24 4.99 6.01 5.59
____ ____ ____ ____ ____
Operations:
Investment income - net .13 .19 .04 .04 .21
Realized and unrealized gains and
losses on investments and foreign
currency - net .36 (.62) .46 (.64) .49
____ ____ ____ ____ ____
Increase (decrease) in net
assets resulting from
operations .49 (.43) .50 (.60) .70
Distributions to shareholders:
From investment income - net (.16) (.11) (.03) (.02) (.17)
From realized gain on investments
and foreign currency (.01) - (.22) (.05) (.11)
From other sources - - - (.35) -
Capital share transactions (note 8) .07 - - - -
____ ____ ____ ____ ____
Net asset value at end of year $ 5.09 4.70 5.24 4.99 6.01
```` ```` ```` ```` ````
Per share market value at end of year $ 4.19 3.56 4.31 4.06 4.63
```` ```` ```` ```` ````
Total investment return, market value* 22.32% (17.38%) 9.29% (3.26%) (4.50%)
*Total investment return, market value, is based on the change in market price
of a share during the year and assumes reinvestment of distributions at actual
prices pursuant to the Fund's dividend reinvestment plan.
<PAGE>
Financial Highlights, Continued
1995 1994 1993 1992 1991
Net assets at end of year (000'somitted)
41,385 41,106 45,839 43,615 52,540
Ratio of expenses to average
net assets 2.14% 2.27% 2.43% 2.21% 2.36%
Ratio of expenses (excluding
dividends on securities sold
short and interest expense)
to average net assets 2.13% 2.06% 1.96% 2.10% 1.96%
Ratio of net investment
income to average net assets 2.80% 3.81% .74% .67% 4.01%
Portfolio turnover rate
(excluding short-term securities) 76% 483% 445% 267% 269%
</TABLE>
<PAGE>
Dividend Reinvestment Plan
All Seasons Global Fund's Dividend Reinvestment Plan offers shareholders a
prompt and simple way to reinvest income from dividends and capital gain
distributions in shares of the Fund. Fund/Plan Services, Inc. acts as Plan
Agent forshareholders in administering the Plan. All reinvestments are in full
and fractional shares, carried to two decimal places. The complete Terms and
Conditions appear in a brochure entitled All Seasons Global Fund, Inc. Dividend
Reinvestment Plan, which may be obtained from Fund/Plan Services (address on
next page).
All shareholders of All Seasons Global Fund, Inc. are automatically enrolled in
the Plan unless they elect to receive dividends or distributions in cash. Any
shareholder who will own shares in his own name should notify Fund/Plan Services
in writing of the election to receive dividends or distributions in cash. If
the Fund declares a dividend or capital gain distribution, you will
automatically receive shares of the Fund. If the market price of the shares on
the relevant date, normally the payment date, equals or exceeds the net asset
value, the Fund will issue new shares to you at the greater of net asset value
or 95% of market price. If the market price (including commissions or costs of
the acquisition) is lower than net asset value, then you will receive shares
purchased through the NASDAQ system or otherwise on the open market to the
extent available. If the market price is equal to the net asset value before
the Plan Agent has completed its purchases, the Plan Agent will then issue all
remaining shares for reinvestment purposes at net asset value. Therefore, the
average price will not exceed net asset value. All reinvestments are in full
and fractional shares.
There is no direct charge to participants for reinvesting dividends and
distributions, since the Plan Agent's fees are paid by the Fund. Whenever
shares are purchased through the NASDAQ system, each participant will pay a
pro rata portion of brokerage commissions. Please note: The automatic
reinvestment of dividends and distributions does not relieve you of any income
tax which may be payable on dividends or distributions.
You may withdraw from the Plan at anytime. If you withdraw from the Plan, you
will receive, without charge, a certificate issued in your name for all full
shares. Fund/Plan will convert any fractional shares you hold at the time of
withdrawal to cash as the then current market price and send you a check for the
proceeds. Should you at any time request liquidation of your fractional shares,
your enrollment in the Plan will automatically be canceled.
If you prefer, Fund/Plan will sell all of your full and fractional shares upon
your withdrawal and send you the proceeds, less a $2.50 service fee and
brokerage commission. The shares will be liquidated within two weeks of
receipt of your instructions.
<PAGE>
You will receive a detailed account statement from Fund/Plan Services, Inc.,
your Plan Agent, showing total dividends and distributions, date of investment,
shares acquired and price per share, and total shares of record held by you and
by the Plan Agent for you. Your proxy will include shares purchased for you by
the Plan Agent according to the Plan.
As long as you participate in the Plan, Fund/Plan, as your Plan Agent, will
hold the shares it has acquired for you in safekeeping, in non-certificated
form. This convenience provides added protection against loss, theft, or
inadvertent destruction of certificates.
If you hold shares in your own name, please address all notices,
correspondence, questions, or other communications regarding the Plan to:
Fund/Plan Services, Inc.
P.O. Box 874
Conshohocken, PA 19428
1 (800) 441-6580
If shares are not held in your name, you should contact your brokerage firm,
bank, or other nominee for more information. Shareholders should be aware that
a change in nominee may prohibit the shareholder's participation in the Plan.
<PAGE>
Important Notes to Shareholders
Section 16 (a) Filings
Directors of the Fund have filed reports on beneficial ownership of shares of
the Fund pursuant to Section 16 (a) of the Exchange Act which have brought
current reports which were not filed on a timely basis. The Fund is advised
that Adrian V. Day, Jerome F. Miceli, Robert A. Miller, and Stephen A. Saker
have each filed one report disclosing a purchase of shares through the Fund's
dividend reinvestment plan in 1995. Michael A. Petrino filed two reports in
1995 on open market transactions. Diego J. Veitia filed one report of an open
market purchase during 1995.
Tax Reporting
(1) In 1994, the Fund's distributions to its shareholders were reported as
ordinary income dividends on Form 1099. During 1995, it was determined that
certain 1994 losses, originally intended to carry forward to 1995, should have
been used to reduce ordinary income in 1994. Therefore, a portion of the 1994
distributions to shareholders should have been reflected as a return of capital
on Form 1099. The Fund intends to file and distribute corrected Form 1099's to
shareholders for calendar year 1994.
(2) The percentage of 1995 distributions that is from qualified U.S.
Government interest is 68.30%.
(3) For our corporate shareholders, the percentage of the Fund's dividend
which qualifies for the dividend received deduction is 5.65%.
<PAGE>
All Seasons Global Fund, Inc.
Directors and Officers
The Directors of the corporation are fiduciaries for the shareholders and are
governed by the law of the State of Maryland in this regard. They establish and
appoint the officers who conduct the daily business of the corporation. The
Directors and Officers of the Fund and their positions with the Fund are as
follows:
Diego J. Veitia
Chairman of the Board and
Chief Investment Officer
Robert A. Miller, Ph.D.
Chairman of the Audit Committee
Adrian Day
Chairman of the External Review Committee
Jerome F. Miceli
Treasurer
Stephen A. Saker
Secretary
Investment Advisor:
Veitia and Associates, Inc.
Shareholder Inquiries to:
Fund/Plan Services, Inc.
P.O. Box 874
2 Elm Street
Conshohocken, PA 19428
(800) 441-6580
All Seasons Global Fund, Inc.
250 Park Avenue South, Suite 200
Winter Park, FL 32789
