INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS June 30, 2000
(Unaudited)
ISSUER SHARES VALUE
--------------------------------------------------------------------------------
COMMON STOCKS -- 99.4%
--------------------------------------------------------------------------------
AUSTRALIA -- 0.0%
--------------------------------------------------------------------------------
Australia & New Zealand Bank
Banks 184 $ 1,410
----------
FINLAND -- 5.9%
--------------------------------------------------------------------------------
Nokia AB
Communications
Equipment 40,766 2,080,238
Sonera Yhtyma
Diversified
Telecommunication
Services 5,904 269,145
----------
2,349,383
----------
FRANCE -- 14.5%
--------------------------------------------------------------------------------
Alcatel
Communications
Equipment 6,508 426,846
AXA-UAP
Insurance 1,219 192,024
Bouygues
Construction &
Engineering 565 377,584
Canal Plus
Media 1,364 229,189
Cap Gemini
IT Consulting
& Services 1,703 299,970
Carrefour Supermarche
Food & Drug Retailing 7,887 539,128
Cie de St. Gobain
Building Products 855 115,584
Dassault Systems
Software 1,732 161,551
France Telecom
Diversified Telecommunication
Services 8,900 1,243,936
L'Oreal
Personal Products 280 242,456
Stmicroelectronics
Semiconductor
Equipment & Products 9,586 604,016
Sanofi
Pharmaceuticals 8,030 382,546
Total Fina
Oil & Gas 3,507 537,710
Vivendi
Multi-Utilities 4,924 434,602
----------
5,787,142
----------
GERMANY--7.6%
--------------------------------------------------------------------------------
Allianz AG
Insurance 2,068 742,937
Deutsche Telekom AG
Diversified
Telecommunication
Services 20,534 1,172,308
EON AG
Electric Utilities 3,945 190,198
Muenchener
Ruckversicherungs AG
Insurance 1,457 457,639
Sap AG
Software 2,412 446,040
----------
3,009,122
----------
HONG KONG -- 1.3%
--------------------------------------------------------------------------------
Cable & Wireless
Diversified
Telecommunication
Services 62,693 138,326
Hang Seng Bank
Banks 3,100 29,328
Hutchinson Whampoa
Diversified Financials 27,500 345,712
Johnson Electric Holdings
Electrical Equipment 2,000 18,985
----------
532,351
----------
ITALY -- 4.6%
--------------------------------------------------------------------------------
Assicurazioni Generali Spa
Insurance 14,918 511,296
Saipem
Energy Equipment
& Services 39,823 235,718
Seat Pagine Gialle
Media 31,740 109,694
Telecom Italia Mobile Spa
Wireless
Telecommunication
Services 53,015 541,564
Telecom Italia Spa
Diversified
Telecommunication
Services 30,115 414,011
----------
1,812,283
----------
JAPAN -- 28.7%
--------------------------------------------------------------------------------
Acom Co.
Diversified Financials 2,100 176,542
15
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued) June 30, 2000
(Unaudited)
ISSUER SHARES VALUE
--------------------------------------------------------------------------------
Advantest
Semiconductor
Equipment & Products 1,100 $245,182
Bank of Tokyo Mitsubishi
Banks 9,000 108,657
Benesse Corp.
Commercial Services
& Supplies 1,000 69,271
Bridgestone Corp.
Auto Components 9,000 190,425
Canon Inc.
Office Electronics 8,000 398,096
Central Japan Railway
Road & Rail 17 96,131
Daiwa Securities Group Inc.
Diversified Financials 17,000 224,306
Fanuc
Machinery 1,900 193,214
Fujitsu Ltd.
Computers
& Peripherals 21,000 726,356
Furukawa Electric
Electrical Equipment 9,000 187,880
Honda Motor Co. Ltd.
Automobiles 2,000 68,046
Hoya Corp.
Health Care
Equipment & Supplies 2,000 179,068
Kao Corp.
Household Products 5,000 152,679
Kinki Nippon Railway
Road & Rail 21,000 85,104
Konami Co.
Software 1,500 94,718
Kyocera Corp.
Electronic Equipment
& Instruments 1,800 305,188
Mitsubishi Electric
Electrical Equipment 18,000 194,750
Murata Manufacturing Co.
Semiconductor Equipment
& Products 3,000 430,328
NEC Corp.
Computers &
Peripherals 14,000 439,376
Nikon Corp.
Semiconductor
Equipment & Products 2,000 74,078
Nintendo Co.
Leisure Equipment
& Products 1,300 226,907
Nippon Telegraph & Telephone Co.
Diversified
Telecommunication
Services 112 1,488,337
Nitto Denko Corp.
Electrical Equipment 4,000 154,187
Nomura Securities
Diversified Financials 17,000 415,767
Promise Co.
Diversified Financials 1,200 94,774
Rohm Co. Ltd.
Semiconductor
Equipment & Products 1,300 379,812
SMC Corp.
Machinery 300 56,406
Sanrio Co.
Household Durables 2,000 53,249
Secom Co. Ltd.
Commercial Services
& Supplies 2,000 146,082
Sharp Corp.
Household Durables 9,000 159,041
Shimamura Co.
Specialty Retail 500 58,386
Shinetsu Chemical Co.
Chemicals 4,000 202,818
Softbank Corp.
Internet Software
& Services 3,000 407,144
Sony Corp.
Household Durables 8,000 746,430
Sumitomo Bank
Banks 9,000 110,268
Sumitomo Chemical
Chemicals 16,000 96,207
Taisho Pharmacy Co.
Pharmaceuticals 4,000 143,254
Taiyo Yuden Co.
Electronic Equipment
& Instruments 2,000 125,159
Takeda Chemical Industry
Pharmaceuticals 9,000 590,359
Takefuji Corp.
Diversified Financials 1,300 156,948
Terumo Corp.
Health Care
Equipment & Supplies 3,000 101,503
Tokyo Broadcasting
Media 3,000 129,494
Tokyo Electronics
Semiconductor
Equipment & Products 2,000 273,691
Toshiba Corp.
Computers &
Peripherals 17,000 191,782
16
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS June 30, 2000
(Unaudited)
ISSUER SHARES VALUE
--------------------------------------------------------------------------------
Yamanouchi Pharmaceutical
Pharmaceuticals 3,000 $ 163,706
Yamato Transportation
Air Freight & Couriers 5,000 124,169
-----------
11,435,275
-----------
NETHERLANDS -- 4.1%
--------------------------------------------------------------------------------
Aegon NV
Insurance 8,026 285,579
Akzo Nobel NV
Chemicals 3,010 127,877
ASM Lithography
Semiconductor
Equipment
& Products 7,335 315,263
Kon Kpn
Diversified
Telecommunication
Services 10,234 457,743
Unilever NV
Food Products 6,015 275,928
Wolters Kluwer
Media 6,579 175,239
-----------
1,637,629
-----------
PORTUGAL -- 0.5%
--------------------------------------------------------------------------------
Portugal Telecom
Diversified
Telecommunication
Services 16,682 187,293
-----------
SINGAPORE -- 1.1%
--------------------------------------------------------------------------------
Overseas Chinese Bank
Banks 24,500 168,819
Singapore Press Holding
Media 12,000 187,609
Singapore Telecomm
Diversified
Telecommunication
Services 65,000 95,223
-----------
451,651
-----------
SPAIN -- 2.4%
--------------------------------------------------------------------------------
BBVA
Banks 23,377 349,277
Telefonica Publica*
Media 28,366 609,323
-----------
958,600
-----------
SWEDEN -- 4.5%
--------------------------------------------------------------------------------
L.M. Ericsson Telefon (Series B)
Communications
Equipment 68,015 1,345,648
Securitas
Commercial Services
& Supplies 13,158 278,973
Svenska Cellulosa
Paper & Forest
Products 8,120 154,206
-----------
1,778,827
-----------
SWITZERLAND -- 4.1%
--------------------------------------------------------------------------------
Givaudan AG
Personal Products 35 10,653
Novartis AG
Pharmaceuticals 821 1,300,474
Roche Holdings AGM
Pharmaceuticals 35 340,710
-----------
1,651,837
-----------
UNITED KINGDOM -- 20.1%
--------------------------------------------------------------------------------
AstraZeneca
Pharmaceuticals 21,860 1,020,406
British Sky Broadcasting
Media 13,698 267,786
British Telecommunications
Diversified
Telecommunication
Services 71,849 928,424
CRH
Construction Materials 9,677 175,072
Cable & Wireless
Diversified
Telecommunication
Services 21,868 370,260
Cadbury Schweppes
Food Products 29,743 195,318
Carltun Communications
Media 24,895 320,183
Diageo Plc
Beverages 35,569 319,149
Glaxo Wellcome
Pharmaceuticals 26,015 758,531
Imperial Chemical
Industries
Chemicals 18,207 144,495
Kingfisher
Multiline
Retail 15,654 142,472
Lloyds TSB Group Plc
Banks 47,503 448,511
17
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued) June 30, 2000
(Unaudited)
ISSUER SHARES VALUE
--------------------------------------------------------------------------------
Logica
IT Consulting Services 4,170 $ 98,683
Marconi
Communications
Equipment 22,099 287,567
National Grid Co.
Electric Utilities 23,093 182,048
Pearson
Media 7,010 222,743
Prudential Corp. Plc
Insurance 19,268 282,215
Reuters Group
Media 16,149 275,383
Royal Bank
Banks 12,496 209,119
SmithKline Beecham Plc
Pharmaceuticals 46,227 605,033
Tesco
Food & Drug Retailing 62,060 192,971
Unilever Plc
Food Products 17,017 102,994
Vodafone
Wireless
Telecommunication
Services 116,257 469,676
-----------
8,019,039
-----------
TOTAL INVESTMENTS
(Identified Cost
$34,555,582) 99.4% 39,611,842
OTHER ASSETS,
LESS LIABILITIES 0.6 252,511
----- -----------
NET ASSETS 100.0% $39,864,353
===== ===========
Note: The Portfolio has the following industries over 10%: Communications
Equipment 10%; Diversified Telecommunication Services 17%; Pharmaceuticals 13%.
*Non-income producing
See notes to financial statements
18
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (Unaudited)
===============================================================================
ASSETS:
Investments at value (Note 1A) (Identified Cost, $34,555,582) $39,611,842
Foreign currency, at value (Cost, $376,464) 378,636
Cash 20,060
Receivable for investments sold 625,336
Dividends receivable 39,526
-------------------------------------------------------------------------------
Total assets 40,675,400
-------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 766,172
Payable to affiliates--Investment Advisory fees (Note 2) 33,644
Other liabilities 11,231
-------------------------------------------------------------------------------
Total liabilities 811,047
-------------------------------------------------------------------------------
NET ASSETS $39,864,353
===============================================================================
REPRESENTED BY:
Paid-in capital for beneficial interests $39,864,353
===============================================================================
INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (Unaudited)
===============================================================================
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $47,817) $ 190,747
-------------------------------------------------------------------------------
EXPENSES:
Investment Advisory fees (Note 2) $ 199,941
Administrative fees (Note 3) 9,890
-------------------------------------------------------------------------------
Total expenses 209,831
Less aggregate amount waived by the
Administrator (Note 3) (9,890)
-------------------------------------------------------------------------------
Net expenses 199,941
-------------------------------------------------------------------------------
Net investment loss (9,194)
-------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investment transactions 3,623,872
Net realized gain on foreign currencies transactions 13,652
-------------------------------------------------------------------------------
Net realized gain 3,637,524
-------------------------------------------------------------------------------
Unrealized depreciation of investments (6,728,839)
Translation of other assets and liabilities
denominated in foreign currencies--net (5,782)
-------------------------------------------------------------------------------
Total unrealized depreciation of investments (6,734,621)
-------------------------------------------------------------------------------
Net realized and unrealized loss on investments (3,097,097)
-------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(3,106,291)
===============================================================================
See notes to financial statements
19
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31,
(Unaudited) 1999
===============================================================================
INCREASE (DECREASE) IN NET ASSETS FROM:
Net investment income (loss) $ (9,194) $ 70,282
Net realized gain on investments
and foreign exchange transactions 3,637,524 3,193,288
Unrealized appreciation (depreciation)
of investments and foreign
exchange transactions (6,734,621) 7,484,090
-------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations (3,106,291) 10,747,660
-------------------------------------------------------------------------------
CAPITAL TRANSACTIONS:
Proceeds from contributions 10,444,371 6,143,220
Value of withdrawals (6,778,924) (14,825,240)
-------------------------------------------------------------------------------
Net increase (decrease) in net assets from
capital transactions 3,665,447 (8,682,020)
--------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS: 559,156 2,065,640
--------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 39,305,197 37,239,557
--------------------------------------------------------------------------------
End of period $39,864,353 $39,305,197
================================================================================
INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net Assets,
end of period
(000's omitted) $39,864 $39,305 $37,240 $33,770 $49,056 $40,114
Ratio of expenses
to average
net assets 1.00%* 1.00% 1.00% 1.00% 1.11% 1.20%
Ratio of net investment
income (loss) to
average net assets (0.04)%* 0.20% 0.42% 0.58% 0.65% 0.59%
Portfolio turnover 45% 68% 118% 99% 109% 51%
Note: If the Agents of the Portfolio had not voluntarily waived a portion of
their fees for the periods indicated, the ratios would have been as follows:
RATIOS:
Expenses to
average net assets 1.05%* 1.05% 1.05% 1.06% 1.13% N/A
Net investment income
(loss) to average
net assets (0.09)%* 0.15% 0.37% 0.52% 0.63% N/A
================================================================================
* Annualized
See notes to financial statements
20
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES International Equity Portfolio (the
"Port-folio"), a separate series of The Premium Portfolios (the "Portfolio
Trust"), is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company which was organized as a
trust under the laws of the State of New York. The Declaration of Trust permits
the Trustees to issue beneficial interests in the Portfolio. The Investment
Adviser of the Portfolio is Citibank N.A. ("Citibank"). Signature Financial
Group (Grand Cayman), Ltd. ("SFG") acts as the Portfolio's Administrator.
Citibank is a wholly-owned subsidiary of Citigroup Inc.
The preparation of financial statements in accordance with U.S. 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 significant accounting policies consistently followed by the
Portfolio are as follows:
A. INVESTMENT SECURITY VALUATIONS Equity securities in the portfolio are
valued at the last sale price on the exchange on which they are primarily
traded, or at the quoted bid price for securities in which there were no sales
during the day, or for unlisted securities not reported on the NASDAQ system.
Securities listed on a foreign exchange are valued at the last quoted sale price
available. Short-term obligations maturing in sixty days or less, are valued at
amortized cost, which constitutes fair value as determined by the Trustees.
Portfolio securities for which there are no such quotations or valuations are
valued at fair value as determined in good faith by or at the direction of the
Trustees. Trading in securities on most foreign exchanges and over-the-counter
markets is normally completed before the close of the New York Stock Exchange
and may also take place on days on which the New York Stock Exchange is closed.
If events materially affecting the value of foreign securities occur between the
time when the exchange on which they are traded closes and the time of fund
valuation, such securities will be valued at fair value in accordance with
procedures established by and under the general supervision of the Trustees.
B. FOREIGN CURRENCY TRANSLATION The accounting records of the Portfolio are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the current rate of exchange to determine the value of investments,
assets and liabilities. Purchases and sales of securities, and income and
expenses are translated at the prevailing rate of exchange on the respective
dates of such transactions. 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 the net realized and
unrealized gain or loss from investments. Translation of foreign currency
includes net exchange gains and losses, disposition of foreign currency and the
difference between the amount of investment income, expenses and foreign taxes
withheld recorded and the actual amount received or paid.
21
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
C. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS The Portfolio may enter into
forward foreign currency exchange contracts ("contracts") in connection with
planned purchases or sales of securities or to hedge the U.S. dollar value of
portfolio securities denominated in a particular currency. The Portfolio could
be exposed to risks if the counter-parties to the contracts are unable to meet
the terms of their contracts and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar. Forward foreign currency exchange
contracts are adjusted by the daily exchange rate of the underlying currency and
any gains or losses are recorded for financial statement purposes as unrealized
gains or losses until the contract settlement date.
D. ACCOUNTING FOR INVESTMENTS Securities transactions are accounted for on
the trade date. Realized gains and losses on security transactions are
determined on the identified cost method. Dividend income and other
distributions from portfolio securities are recorded on the ex-dividend date.
Dividend income is recorded net of foreign taxes withheld where recovery of such
taxes is not assured. Interest income is accrued daily.
E. U.S. FEDERAL INCOME AND OTHER TAXES The Portfolio is considered a
partnership under the U.S. Internal Revenue Code. Accordingly, no provision for
federal income taxes is necessary. The Portfolio may be subject to taxes imposed
by countries in which it invests. Such taxes are generally based on income
and/or capital gains earned or repatriated.Taxes are accrued and applied to net
investment income and net realized gains as such income and/or gains are earned.
F. EXPENSES The Portfolio bears all costs of its operations other than
expenses specifically assumed by Citibank and SFG. Expenses incurred by the
Portfolio Trust with respect to any two or more portfolios or series are
allocated in proportion to the average net assets of each portfolio, except when
allocations of direct expenses to each portfolio can otherwise be made fairly.
Expenses directly attributable to a portfolio are charged to that portfolio.
G. REPURCHASE AGREEMENTS It is the policy of the Portfolio to require the
custodian bank to take possession, to have legally segregated in the Federal
Reserve Book Entry System or to have segregated within the custodian bank's
vault, all securities held as collateral in support of repurchase agreements.
Additionally, procedures have been established by the Portfolio to monitor, on a
daily basis, the market value of the repurchase agreement's underlying
investments to ensure the existence of a proper level of collateral.
2. INVESTMENT ADVISORY FEES The investment advisory fees paid to Citibank, as
compensation for overall investment management services, amounted to $199,941
for the six months ended June 30, 2000. The investment advisory fees are
computed at the annual rate of 1.00% of the Portfolio's average daily net
assets.
3. ADMINISTRATIVE FEES Under the terms of an Administrative Services Agreement,
the administrative services fees paid to the Administrator, as compensation for
overall administrative services including general office facilities, is computed
at an
22
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
annual rate of 0.05% of the Portfolio's average daily net assets. The
administrative fees amounted to $9,890, all of which was voluntarily waived for
the six months ended June 30, 2000. The Portfolio pays no compensation directly
to any Trustee or any officer who is affiliated with the Administrator, all of
whom receive remuneration for their services to the Portfolio from the
Administrator or its affiliates. Certain officers and a Trustee of the Portfolio
are officers and directors of the Administrator or its affiliates.
4. PURCHASES AND SALES OF INVESTMENTS For the six months ended June 30, 2000,
purchases and sales of investment securities, other than short-term investments,
aggregated $21,662,289 and $17,508,217, respectively.
5. FEDERAL INCOME TAX BASIS OF INVESTMENTS The cost and unrealized appreciation
(depreciation) in value of the investment securities owned at June 30, 2000 as
computed on a federal income tax basis, are as follows:
Aggregate cost $34,555,582
===============================================================================
Gross unrealized appreciation $ 6,741,916
Gross unrealized depreciation (1,685,656)
-------------------------------------------------------------------------------
Net unrealized appreciation $ 5,056,260
================================================================================
6. EXPENSE FEES SFG has entered into an expense agreement with the Portfolio.
SFG has agreed to pay all of the ordinary operating expenses (excluding
interest, taxes, brokerage commissions, litigation costs or other extraordinary
costs or expenses) of the Portfolio, other than fees paid under the Advisory
Agreement, and Administrative Services Agreement. The Agreement may be
terminated by either party upon not less than 30 days nor more than 60 days
written notice.
The Portfolio has agreed to pay SFG an expense fee, on an annual basis,
accrued daily and paid monthly, provided however, that such fee shall not exceed
the amount such that immediately after any such payment the aggregate expenses
of the Portfolio less expenses waived by the Administrator, would on an annual
basis exceed an agreed upon rate, which as of July 1, 1996 is 1.00% of the
average daily net assets.
For the period ended June 30, 2000, the Fund incurred no expense fees.
23
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
7. FINANCIAL INSTRUMENTS The Portfolio may trade financial instruments with
off-balance sheet risk in the normal course of its investing activities and to
assist in managing exposure to market risks such as interest rates and foreign
currency exchange rates. These financial instruments include forward foreign
currency exchange contracts.
The notional or contractual amounts of these instruments represent the
investment the Portfolio has in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when related and offsetting transactions are considered. No such instruments
were held at June 30, 2000.
8. LINE OF CREDIT The Portfolio, along with the other Portfolios in the
CitiFunds Family, entered into an ongoing agreement with a bank which allows the
Funds collectively to borrow up to $75 million for temporary or emergency
purposes. Interest on the borrowings, if any, is charged to the specific fund
executing the borrowing at the base rate of the bank. The line of credit
requires a quarterly payment of a commitment fee based on the average daily
unused portion of the line of credit. For the six months ended June 30, 2000,
the commitment fee allocated to the Portfolio was $61. Since the line of credit
was established, there have been no borrowings.
24
<PAGE>
TRUSTEES AND OFFICERS
C. OscarMorong Jr., CHAIRMAN
Philip W. Coolidge*, PRESIDENT
Riley C. Gilley
Diana R. Harrington
Susan B. Kerley
Heath B. McLendon**
E.Kirby Warren
William S. Woods Jr.***
SECRETARY
Robert Frenkel**
TREASURER
Linwood Downs*
*AFFILIATED PERSON OF ADMINISTRATOR AND DISTRIBUTOR
**AFFILIATED PERSON OF Investment Adviser
***TRUSTEE EMERITUS
INVESTMENT ADVISER
(of International Equity Portfolio)
Citibank, N.A.
153 East 53rd Street, New York, NY 10043
ADMINISTRATOR AND DISTRIBUTOR
CFBDS, Inc.
21 Milk Street, 5th Floor, Boston, MA 02109
(617) 423-1679
TRANSFER AGENT AND CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street, Boston, MA 02110
LEGAL COUNSEL
Bingham Dana LLP
150 Federal Street, Boston, MA 02110
<PAGE>
This report is prepared for the information of shareholders of CitiFunds
International Growth Portfolio. It is authorized for distribution to prospective
investors only when preceded or accompanied by an effective prospectus of
CitiFunds International Growth Portfolio.
(C)2000 Citicorp [Logo] Printed on recycled paper CFS/IG/600
