December31. 2000

..................................................................................................
...................................................................................................
CAPITAL INTERNATIONAL FUND
To the Shareholders
It was not a great year for investors around the
world with global markets, as represented by the
MSCl World Index which returned - 13.2% in US
dollar terms. Capital International Fund was
somewhat better, returning - 8.6% in Euro terms for
US dollar based investors (Class A shares). Capital
International Fund returned - 2.4%, a good outcome
considering the equity benchmark return of -7.3%.
Your investment advisor has helped protect the
assets in the Fund against the broader market
decline in 2000. Lifetime annualised returns were
+ 12.0% compared to the +10.9% for the benchmark,
in US dollars.
Market Review
There was a wide variation in sector returns
during the year. Indeed, specific areas of the market
declined much more dramatically than the market.
Declines in stocks related to the “New Economy”,
i. e. electronics, software, telecoms and media were
considerable. At the other end of the spectrum,
defensive industries outperformed sharply.
After several years of very strong markets, the
correction during the second half addressed the
many excesses in the market, and in itself was not
that unhealthy.
The Fund
Country weightings in the Fund have been the
result of individual stock selection rather than the
outcome of top-down macroeconomic decisions, and
as most of the companies held in the Fund are global
in scope, the country of domicile is less important
than other factors. That being said, the largest
emphasis is in the United States, where the Fund
holds 43.2% of the assets. The Fund was very well
diversified, from a sectorial point of view.
In the technology sectors globally, the emphasis
in the Fund has squarely been on semiconductor
stocks and the companies crucial to the production
of semiconductors. These companies have proven
earnings records and have experienced exceptional
growth in demand for their products. Globally, these
sectors together accounted for some 13% of the
Fund. The large exposure to these electronic devices
was a good idea near the beginning of the year, and
we took profits when many stocks were high, moving
some assets into Old Economy stocks such as pharmaceuticals and food products.
Banking stocks throughout the world were mixed
with many struggling against rising interest rates until
the fourth quarter. With the rise in interest rates
came mounting debt as companies and consumers,
long accustomed to low rates, were faced with cash
flow difficulties. In the US and the UK, investors grew
concerned during the middle of the year about
competition from internet banks. Most of the banking
and financial stocks in the Fund, which made up
nearly 17% of assets, were good performers, amidst
much volatility from US banks. The Fund held little in
the Japanese banking sector as these firms remain
overburdened by non-performing loans, a factor that
still is not reflected in the valuations. The Fund’s
Australian and Irish banks have performed well due
to strong local economies and prudent management.
Looking Forward
We expect that the markets, having now
corrected their excesses, will no longer be the “one
decision” situations that they have been for the last
few years. During 1997 and 1998, an investor’s best
decision was to be in large cap stocks, a part of the
market that did very well while the rest fell behind. In
1999 and early 2000, investors had first to be in the
high technology area, and then later in 2000, to be
out of the high technology area.
In the future, we expect success in the market
to be much more a matter of selecting good
companies rather than making big sectorial or
country choices. Today, many stocks in the market,
excluding the high technology stocks, are selling at
very reasonable valuations. In particular, the
medium-sized market caps are overall very attractive. As we move into the new year, we expect that
traditional market events, which years ago had been
important to the performance of individual stocks and
stock markets, will again be playing a more important
role. Investors are beginning to ask important
questions about fundamentals and the investing environment. Are earnings progressing as anticipated?
Are interest rates developing as expected? Is
inflation appearing on the horizon?
To answer these three questions, we consider
economic indicators and the experiences related to
us from companies throughout the world. From what
we have gleaned, it is difficult to believe that we are
going into a recession. There is clearly some slowing
in the US, but Europe is still very strong. Growth
remains positive in many countries of the world.
Therefore, it is unlikely that company earnings will be
substantially weaker.
On the interest rate front, the Federal Reserve
has started to ease rates, and this has helped the
US bond market to rally. In Europe, unemployment
rates remain quite high, providing excess labour and
capacity. Japan is another question mark, but Yen
weakness near year end might help underpin
exporters and encourage capital investment. Given
the potential benefits of company restructuring and
foreign investment, Japan has positive factors to help
its recovery. Improvements in consumer confidence
will come with more evidence of that recovery.
CAPITAL INTERNATIONAL FUND
To the Shareholders (continued)
2
Finally, the third factor, inflation, may be a cause
of concern now with oil prices and several
commodity prices much higher than at the end of
1998, and very little spare capacity in some industries. This could continue to be an area of concern,
but central banks will be prepared to adjust policy
when necessary.
The Fund has been built using our in-depth
research on companies as well as the market and
economic environment. At the end of the year, the
Fund was not particularly underweight or overweight
in terms of regions. It does, however, hold quite
different weights than the benchmark in some
sectors. It continues to have little or no exposure to
internet companies. Indeed, most of the largest
positions in the Fund are very specific cases of
companies that have a very strong position worldwide. These stocks, which have helped the Fund’s
performance during the recent period, continue to
deliver strong results because the products and
services they provide are extraordinarily in demand.
We may continue to see volatility during the year
2001, but the carefully selected stocks that constitute
the Fund should continue to do well in the year to
come.
Sincerely,
I Nilly Sikorsky
Chairman of the Board of Directors
March 8, 2001
Capital International Fund - Evolution of $100 investment since inception
4000
3500
-
3000 ..
I
Year End
-
CIF
-
MSCl World
CAPITAL INTERNATIONAL FUND
Aux actionnaires
3
L’annee 2000 a Bte une periode difficile pour les
marches des actions. L’indice de reference MSCI
Monde a connu un tres fort recul de 13,2% en
dollars. Malgre une meilleure performance par
rapport a celui de I’indice, les rendements du portefeuille ont ete negatifs. Pour les investisseurs en
dollars (actions de Classe A), cette perte s’est
affichee a 8,6%. En Euro, le Fonds a connu un
rendement de -2,4% contre -7,3% pour I’indice de
reference. Le conseiller en investissement du fonds
a contribue a proteger ses actifs contre le declin
general des marches en 2000. En dollars, le
rendement historique annualise du fonds s’eleve a
-+ 12%, contre + 10,9% pour I’indice de reference.
investisseurs ont commence de s’inquieter de la
concurrence des banques actives sur I’lnternet.
Cependant, la plupart des valeurs des secteurs
bancaire et financier du Fonds ont enregistre de
bonnes performances malgre une grande volatilite
des banques americaines. Le Fonds detenait peu de
valeurs de banques japonaises, ces dernieres
supportant toujours le poids d’emprunts non performants, ce que leurs cours ne refletent pas. Les
banques australiennes et irlandaises du Fonds se
sont bien comportees g r k e a des facteurs economiques locaux solides et une gestion prudente.
Examen du Marche
Apres les presentes corrections des exces, nous
pensons que les marches ne permettant plus de se
contenter, comme depuis quelques annees, de
prendre une seule decision: en 1997 et 1998, la
meilleure decision etait d’investir en societes a
grandes capitalisations, qui ont ete tres performantes
alors que le reste du marche etait a la traine; en
1999 et debut 2000, il fallait &re investi dans le
secteur technologique et en &re sorti courant 2000.
Nous pensons que le succes du marche a I’avenir
sera bien plus le fruit de la selection d’entreprises de
qualite que lie a une approche (( Top down )) par
secteur ou par pays. Aujourd’hui, de nombreuses
valeurs du marche, a I’exception des valeurs de
haute technologie, se vendent a des cours tres
raisonnables. Les moyennes capitalisations boursieres sont notamment tres attrayantes dans
I’ensemble. En ce debut d’annee, nous estimons que
les evenements sur les marches traditionnels auront,
comme par le passe, un impact majeur sur les
performances des valeurs individuelles et des places
boursieres.
L’annee a ete marquee par d’importantes divergences entre les rendements des differents secteurs.
Certains ont connu des pertes bien plus fortes que
I’ensemble du marche. Les declins des titres de la
(( Nouvelle Economie N (electronique, logiciels, telecommunications et media) ont Bte considbrables. Par
contraste, le secteur de I’industrie de defense a ete
tres performant. La correction repondait a de trop
nombreux exces des cours suites aux solides performances des marches boursiers de ces dernieres
an nees.
Le Fonds
Le poids des pays dans le portefeuille du fonds
a result@de la selection de titres individuels plutBt
que de decisions macro-economiques.La plupart
des societes detenues operent globalement, de sorte
que leur pays de domicile joue peu de rde. Ceci dit,
les titres emis par des societes americaines representent 43,2% des actifs.
Le fonds etait particulierement bien diversifie
sous I’angle sectoriel. Dans les secteurs technologiques, I’accent a ete mis sur les semi-conducteurs et
leur composantes essentielles. Les societes qui les
produisent ont connu des rendements tres importants et la demande pour leurs produits a cr6 de
maniere exceptionnelle. Ces secteurs representaient
probablement quelque 13% du fonds. Une exposition
importante aux composants electroniques s’est
revelee favorable en debut d’annee, et nous avons
realise des profits lorsque les actions atteignaient
des cours eleves, en transferant des actifs vers les
secteurs plus traditionnels des pharmaceutiques et
produits alimentaires.
La performance des valeurs du secteur bancaire
a ete mitigee. Bon nombre de ces valeurs se sont
heurtees a une hausse des taux d’interet jusqu’au 4e
trimestre. Les entreprises et les consommateurs se
sont alors trouves confronte a des problemes de
tresorerie. Aux Etats-Unis et au Royaume-Uni, les
Perspectives
Les investisseurs s’interrogent desormais sur
les valeurs fondamentales et sur I’environnement
d’investissement: les rendements progressent-ils et
les taux d’interets evoluent-ils comme prevu?
L’inflation apparait-elle a I’horizon?
Pour repondre a ces questions, nous nous
fondons sur les indicateurs economiques et I’experience dont nous font part des societes basees
partout dans le monde.
D’apres nos informations, il est difficile de croire
que nous entrons dans une phase de recession. Un
ralentissement de I’economie americaine s’est deja
manifeste, mais en Europe, la croissance economique demeure forte et une croissance plus
moderee, mais tout de mBme positive, est attendue
dans le reste du globe. I1 est par consequent peu
probable que les benefices des entreprises connaissent une baisse importante.
CAPITAL INTERNATIONAL FUND
Aux actionnaires (suite)
certains secteurs d'industrie differente de celle de
I'indice. Par exemple, le Fonds reste peu ou pas
expose aux societes liees a I'lnternet. La grande
partie des participations importantes du Fonds sont
dans des societes trks specifiques, qui jouissent
d'une position solide a travers le monde. Ces valeurs
devraient continuer d'enregistrer des resultats
solides car leurs produits et services font toujours
I'objet d'une demande extraordinairement importante.
Bien que nous puissions a nouveau &e confrontes a
une certaine volatilite dans le courant de I'annee
2001, les valeurs soigneusement selectionnees qui
constituent le Fonds devraient rester performantes.
Sur le plan des taux d'interet, la Reserve
Federale a deja commence de desserrer les taux, ce
qui a contribue a la reprise du marche obligataire
americain. En Europe, les taux de chbmage
demeurent eleves, conduisant a des surplus de
capacite. Quant au Japon, la faiblesse du Yen vers
la fin de I'annee pourrait contribuer a soutenir les
exportateurs et encourager les investissements de
capitaux. Au vu des avantages potentiels de la
restructuration d'entreprises et des investissements
a I'etranger, le Japon a des atouts pour relancer son
economie. La reprise de confiance des consommateurs reviendra avec la confirmation d'une amelioration de I'economie.
Cordialement.
Enfin, I'inflation pourrait devenir preoccupante.
Le prix du petrole et d'autres matieres premieres se
trouvent a des niveaux plus eleves que ceux vus a
fin 1998. De plus, la marge de capacite de production de certaines industries reste limitee. Ceci
pourrait demeurer une source de soucis, mais les
banques centrales seront prgtes a ajuster leur
politique si necessaire.
I Nilly Sikorsky
Presidente du Conseil d'Administration
Le Fonds a ete constitue en nous basant sur
des etudes approfondies des entreprises, du
marche, et de I'environnement Bconomique. En ce
qui concerne les pays, le Fonds a une pondBration
neutre. II affiche toutefois une ponderation de
4000
8 mars 2001
A -
3500 --
3000 -
2500
..
222 2000 -
(Y
fu
z
1500
IO00
500
o
-I
-.
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
-
CIF
.
.
. . . . . . . . . . , . . . . -
Fin d'annbe
-
MSCl World
I
CAPITAL INTERNATIONAL FUND
The Fund's results
5
Total returns for
the year ended
December 31,2000
Capital International Fund
MSCl World Index *
e
-8.59%
-13 18%
Average annual
compound return
I 1 96%
10.92%
Performance stated in USD terms.
Index results Shown are calculated with net riiviriends reinvested and are comp~ledby Morgan Stanley Capital International
A Look at Key Markets
Percentage
of Fund's net assets
as of December 31, 2000
43.16
10.37
5.69
4.80
4.16
3.05
2.85
2.77
2.64
2.32
2.25
1.46
1.34
1.15
MSCl World
Index results for the year ended
December 31,2000
Expressed
in U.S.dollars
Expressed
in local currency
Japan
-12.84
-28.16
-12.84
-19.85
United Kingdom
-11.53
-4.55
Netherlands
-4.09
-9.95
-15.59
-1.33
-14.21
5.34
-4.31
-21.29
2.40
6.04
-9.88
5.34
-8.41
U.S.A.
Australia
Germany
Italy
Finland
Canada
France
Sweden
Switzerland
Norway
Spain
5.85
-0.89
-15.86
9.02
2.16
-13.06
7.16
8.75
-10.17
CAPITAL INTERNATIONAL FUND
About the Fund
Capital International Fund is an investment
company organized as a Societe d’lnvestissement a
Capital Variable (SICAV) incorporated in
Luxembourg on December 30, 1969. The Fund’s
objective is to achieve capital appreciation through
an international investment approach. The Fund is
not subject to any tax in Luxembourg except to an
annual tax (“taxe d’abonnement”) of 0.06% per
annum of the total net assets of each Class of
shares. However, the Fund will seek to obtain the
reduced tax rate of 0.01% in respect of Class-A and
Class-C, as provided by the relevant Luxembourg
laws in respect of Share classes wholly held by
institutional investors. Such tax is payable quarterly
and calculated on the total net asset value of each
Class at the end of the relevant quarter.
The Fund’s investment adviser is Capital
International S.A., which is an international
investment management company wholly owned by
The Capital Group Companies, Inc. of Los Angeles.
The Capital Group is an investment management
organization in the U.S.Its companies manage
approximately US $ 560 billion of investment
portfolios.
Capital International Fund est une Societe
d’lnvestissement a Capital Variable (SICAV)
enregistree au Luxembourg le 30 decembre 1969.
Son objectif est I’appreciation du capital grSce a une
diversification internationale de ses placements. Le
Fonds n’est pas assujetti a une imposition au
Luxembourg sauf pour une taxe annuelle (“taxe
d’abonnement”) de 0,06% sur la valeur nette
d’inventaire des classes d’actions, calculee et
payable trimestriellement. Toutefois, s’agissant de la
Classe A et de la Classe C, le Fonds cherchera a
beneficier du taux reduit de 0,01% prevu par les lois
luxembourgeoises applicables en faveur des classes
d‘actions entierement detenues par des investisseurs
institutionnels.
Le conseiller en investissement du Fonds est
Capital International S.A. qui est une societe de
gestion d’investissement sur le plan international,
filiale de The Capital Group Companies, Inc. (Los
Angeles). Les societes du Capital Group gerent des
portefeuilles d’investisse- ment d’une valeur globale
d’environ 560 milliards de dollars.
CAPITAL INTERNATIONAL FUND
Geographic Diversification
Cost
USD
December 31, 2000
___---
-__--_-_______----------
Market
% of net
USD
assets
--- _ --- _ _ _
43.16
U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
HongKong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
379,462,437 360,733,154
84,983,925 86,707,563
40,613,743 47,559,389
36,272,192 40,088,858
31,678,912 34,752,844
33,047,129 25,486,073
22,031,548 23,851,405
13,902,231 23,200,321
23,160,772 22,061,937
16,324,119 19,383,606
16,681,346 I8,827,028
10,403,345 16,101,710
10,205,375 12,241,118
11,251,333 11,236,463
11,994,907
9,651,407
7,904,126
8,140,924
7,676,679
6,274,471
6,276,137
5,849,69
1
2,157,861
2,437,253
1,996,497
3,155,045
Total investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash at banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
767,870,698 777,894,
I76
93.06
53,043,919
6.35
4,926,405- - -0.59
a35,864,500
Netassets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.37
5.69
4.80
4.16
3.05
2.85
2.77
2.64
2.32
2.25
1.93
I .46
I.34
1.15
0.95
0.92
0.75
0.26
0.24
100.00
The following exchange rates as of December 31,2000 have been used for valuation of investments: USD 1 equals
JPY
SEK
AUD
HKD
114.20003
9.43553
I .79971
7.79991
CAD
GBP
NOK
1.50201
0.66943
8.81852
EUR
SGD
CHF
1.06514
1.73403
1.62050
7
CAPITAL INTERNATIONAL FUND
Currency Diversificat ion
8
December 31, 2000
% of net
-Currency
_ _ _ _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _assets
_
United States Dollar USD
54 15
16.71
11.05
5.39
Euro EUR
Japanese Yen JPY
United Kingdom Pound Sterling GBP
Australian Dollar AUD
Swedish Krona SEK
Canadian Dollar CAD
Swiss Franc CHF
Norwegian Krone NOK
Hong Kong Dollar HKD
Singapore
_ _ _ _ _Dollar
_ _ _SGD
________
4.18
2.27
1.89
1.46
1.34
0.92
0.64
________________________
100.00
I O Largest Holdings
I
2
3
4
5
6
7
8
9
10
Bank of America
Nokia
AstraZeneca Group
EN1
Vodafone Group
Raytheon
Broken Hill Proprietary
Norsk Hydro
V. F.
Teradyne
U.S.A.
Finland
United KingdomISweden
Italy
United Kingdom
U.S.A.
Australia
Norway
U.S.A.
U.S.A.
2.20
2.20
2.04
I .92
1.83
1.73
1.50
1.34
1.32
1.30
CAPITAL INTERNATIONAL FUND
Investment Securities December37.2000
Number of
shares or
face
value
.
-.
Quoted
9
market
value USD
~.
.~
% of net
assets
-
Transferable securities listed on an official stock exchange
774,619,236
92.67
Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
768,379,762
91.93
__
.-
~
-.
-
-
~
__
-
AEROSPACE8DEFENSE . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lockheed Martin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Raytheon - A - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Raytheon - B - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,448,174
2.92
292,900
335,300
153,900
9,943,955
9,723,700
4,780,519
1.19
1.16
0.57
BUILDINGPRODUCTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
York International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95,191
2,921,I
74
2,921,174
0.35
0.35
CONSTRUCTION & ENGINEERING . . . . . . . . . . . . . . . . . . . .
Chudenko . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Holderbank Financiere Glarus - B - . . . . . . . . . . . . . . . . . . . . . .
Singapore Technologies Engineering . . . . . . . . . . . . . . . . . . . .
6,000
1,054
1,011,000
2,972,999
78,021
1,268,314
1,626,664
0.36
0.01
0.15
0.20
29,128,165
INDUSTRIAL CONGLOMERATES . . . . . . . . . . . . . . . . . . . . . .
Hunting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Illinois Tool Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MG Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norsk Hydro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Siemens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,230
88,500
38,000
265,654
42,600
140,I99
80,790
5,271,281
453,088
11,236,463
5,567,289
6,519,254
3.48
0.01
0.63
0.05
I.34
0.67
0.78
MACHINERY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mitsubishi Heavy Industries . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . .......................................
MoriSeiki
125,590
94,400
624,000
72,000
12,567,803
5,094,244
3,953,000
2,721,120
799,439
1.50
0.61
0.47
0.33
0.09
COMMERCIAL PRINTING . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dai Nippon Printing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,000
863,905
863,905
0.10
0.10
79,000
256,000
765,000
174,265
15,227,201
2,611,938
4,972,146
4,411,040
3,232,077
1.82
0.31
0.59
0.53
0.39
EMPLOYMENT SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . .
Adecco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TMP Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.530
55,700
4,655,973
1,592,473
3,063,500
0.56
0.19
0.37
AUTOMOBILES & COMPONENTS . . . . . . . . . . . . . . . . . . . . .
Bayerische Motoren Werk . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Michelin - B - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DaimlerChrysler . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Delphi Automotive Systems . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fiat - Pfd - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GKN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56,500
69,100
129,453
498,600
45,600
150,500
28,140,930
1,851,266
2,500,906
5,333,464
5,609,250
766,325
1,589,455
3.37
0.22
0.30
0.65
0.67
0.09
0.19
DIVERSIFIED COMMERCIAL SERVICES . . . . . . . . . . . . . . . . .
Fluor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Granada Compass . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securitas - B - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CAPITAL INTERNATIONAL FUND
Investment Securities December31. 2000 (continued)
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
Magna International .A . . . . . . . . . . . . . . . . . . . . . .
Nissan Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CONSUMER DURABLES & APPAREL . . . . .
Centex . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hasbro . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nike - B - . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sekisui House . . . . . . . . . . . . . . . . . . . . . . . .
Sony . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Toray Industries . . . . . . . . . . . . . . . . . . . . . .
V.F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..
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...
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.
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.
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.
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.
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.
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.
.
.
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.
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.
.
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.
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.
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.
.
.
Number of
shares or
face value
Quoted
market
value USD
% of net
assets
74.a00
1.277.000
3.132.420
7.357.844
0.37
0.88
41.963.690
125.200
488. 119
154.124
548.000
63.300
799.000
305.481
4.702.825
5. I86.264
8.602.046
5.014.535
4.378. 896
3.008.493
11.070.631
5.02
0.56
0.62
1.03
0.60
0.52
0.36
1.33
HOTELS. RESTAURANTS & LEISURE . . . . . . . . . . . . . . .
Carnival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83.000
2.557.438
2.557.438
0.31
0.31
MEDIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AT&T Corp. Liberty Media .A . . . . . . . . . . . . . . . . . . . . . . . . .
Charter Communications .A . . . . . . . . . . . . . . . . . . . . . . . . . .
Granada Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
News Corp .. Pfd Ord. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rogers Communications .B . . . . . . . . . . . . . . . . . . . . . . . . . .
Time Warner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Viacom-A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Viacom .B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.377. 500
2.604. I09
8.539.575
3.275.902
2.772.229
3.086.028
1.781.384
413.976
2.904.297
3.04
192.008
376.400
516.000
356.371
1 8 3 3I
34. I00
8.808
62. 124
0.31
1.02
0.39
0.33
0.37
0.22
0.05
0.35
RETAILING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Circuit City Stores-Circuit City Group . . . . . . . . . . . . . . . . . . . . .
Dixons Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ito-Yokado . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jusco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lowe'sCompany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132,200
335,000
16,000
23,000
274,258
120,400
13.976.647
1,520,300
1,120,947
798,599
499,474
4,679, 527
5,357,BOO
I.67
0.18
0.13
0.10
0.06
0.56
0.64
FOOD. BEVERAGE & TOBACCO . . . . . . . . . . . . . . . . . . . . . .
Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foster's Brewing Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Mills . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .
Heineken . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .
HJ. Heinz Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kellogg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tate & Lyle . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .
Unilever - CVA - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215.400
888.799
146.982
88.378
108.000
234.600
425.227
64.000
38.599.726
7.458.225
2.331.010
6.549.885
5.347.638
5.123.250
6.158.250
1.581.657
4.049.811
4.62
0.89
0.28
0.79
0.64
0.61
0.74
0.19
0.48
HOUSEHOLD & PERSONAL PRODUCTS . . . . . . . . . . . . . . . .
American Greetings - A - . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kao . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Louis Vuitton Moet Hennessy . . . . . . . . . . . . . . . . . . . . . . . . . .
218.900
48.ooo
18.700
4.699.044
2.065.869
1.395.446
1.237.729
0.57
0.25
0.17
0.15
19.000
1318.813
1.518.a13
0.18
0.18
ENERGY EQUIPMENT 8 SERVICES . . . . . . . . .
Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . .
..
i
CAPITAL INTERNATIONAL FUND
Investment Securities December31. 2000 (continued)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Number of
shares or
face value
.
.
.
.
Quoted
market
value USD
.
.
11
% of net
assets
.
.
OILBGAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Baker Hughes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EN1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enterprise Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OMV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Royal Dutch Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shell Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Suncor Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Texaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Woodside Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113.133
2.512.400
129.800
63.016
26.979
20.600
65.000
81 218
68.600
148.415
4.702.090
16.039.567
1.099.385
5.478.454
2.089.656
1.262.145
1.692.068
2.070.994
4.261.775
1.216.130
4.77
0.56
1.92
0.13
0.66
0.25
0.15
0.20
0.25
0.51
0.14
BANKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ABN Amro Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allied Irish Banks PIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Australia & New Zealand Bank . . . . . . . . . . . . . . . . . . . . . . . . .
Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BankOne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banque Cantonale Vaudoise . . . . . . . . . . . . . . . . . . . . . . . . . .
Commonwealth Bank of Australia . . . . . . . . . . . . . . . . . . . . . . .
Credit Suisse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DBSGroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ForeningsSparbanken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SanwaBank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Westpac Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
252.746
539. 108
435.356
400.566
79.000
I.
343
140.000
607
199.380
218.333
138.500
667.000
796.719
60.721.035
5.747. 161
6.276. 136
3.478.581
18.375.965
2.893.375
464. 104
2.404.038
115.369
2.253.617
6.072.386
2.121.051
4.678.344
5.840.908
7.26
0.69
0.76
0.42
2.20
0.35
0.06
0.29
0.01
0.26
0.73
0.25
0.56
0.70
DIVERSIFIED FINANCIAL SERVICES . . . . . . . . . . . . . . . . . . .
Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FannieMae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GuocoGroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Halifax Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Household International . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jardine Strategic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nikko Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shinko Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Swire Pacific - A - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
USA Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Washington Mutual Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aegon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allstate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assicurazioni Generali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cincinnati Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mitsui Marine 8 Fire Insurance Company . . . . . . . . . . . . . . . . . .
Partnerre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SwissRe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39.91 2.264
.
329.000
40.200
986.000
175.400
100.443
372.791
138.000
310.000
300.500
82.a16
73.700
195.789
228.400
96.600
177.960
1.278.000
85.500
1.247
31.932.672
3.82
3.436.926
3.487.350
2.939.074
1.738.452
5.524.365
I.oa8.550
1.069.439
939.229
2.167.093
5.631.488
3.910.706
0.41
0.42
0.35
0.21
0.66
0.13
0.13
0.11
0.26
0.67
0.47
53.016.527
6.34
8.098.931
9.949.675
3.836.299
7.040.543
7.330.033
5.215.500
2.989.572
0.97
1.19
0.46
0.84
0.88
0.62
0.36
CAPITAL INTERNATIONAL FUND
Investment Securities December31.2000 (continued)
12
Number of
shares or
face value
Quoted
XL Capital .A . . . . . . . . . . . . . . . . . . . . . . . . . .
Yasuda Fire & Marine . . . . . . . . . . . . . . . . . . . . .
85,176
193.000
7,442,253
1,113,721
0.89
REALESTATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cheung Kong (Holdings) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mitsui Fudosan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Washington Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.486.894
0.42
201. 000
11.000
28.380
2.570.512
109.326
807.056
0.31
0.01
0.10
HEALTH CARE EQUIPMENT & SERVICES . . . . . . . . . . . . . . .
Guidant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pacificare Health Systems . . . . . . . . . . . . . . . . . . . . . . . . . . .
Quintiles Transnational . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62.600
116.342
424.259
PHARMACEUTICALS & BIOTECHNOLOGY . . . . . . . . . . . . . . .
AstraZeneca Group (GBP) . . . . . . . . . . . . . . . . . . . . . . . . . . .
AstraZeneca Group (SEK) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AstraZeneca Group - ADR - . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chugai Pharmaceutical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forest Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NovartisNom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sankyo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sanofi - Synthelabo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shionogi & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66.526
21 7.227
58.600
54.000
I O .200
I.
832
190.000
55.546
121.000
CHEMICALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IMC Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rohm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shin-Etsu Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Syngenta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Syngenta - ADR - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
491.000
IO. 800
22.000
8.883
7.28-1
CONTAINERS & PACKAGING . . . . . . . . . . . . . . . . . . . . . . . .
Crown Cork & Seal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
416.600
METALS&MlNlNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Alcan Aluminium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Alcoa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allegheny Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broken Hill Proprietary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Broken Hill Proprietary - ADR - . . . . . . . . . . . . . . . . . . . . . . . . .
Corus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
lNCO(CAD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCO - E 5.50% conv. Pfd - . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCOWts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Massey Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OneSteel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outokumpu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pechiney - A - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.600
25. 100
74.000
1.193.552
800
3.943.96 1
151.404
25.343
4. 140
5.118
79.000
129.209
154.917
159.260
501.000
. . . . . . . . . . .
.
market
value USD
-. - .
-. .-. . .
% of net
assets
0.13
14.004.541
1.68
3.376.488
1.745.130
8.882.923
0.41
0.21
1.06
33.414.981
4.00
3.353.956
10.820.446
3.017.900
898.424
1.355.325
3.238.930
4.558.668
3.702.594
2.468.738
0.40
1.29
0.35
0.12
0.16
0.39
0.55
0.44
0.30
11.098.497
7.641.I88
2.053. 134
847.636
476.903
79.636
1.33
0.91
0.25
0.10
0.06
0.01
3.098.463
0.37
3.098.463
0.37
34.645. 106
4.14
1.080.327
840.850
I . 174.750
12.571.489
16.800
4.153.498
2.537.531
423.506
160.424
27.941
1.007.250
68.205
I . 170.819
7.280. 168
2.131.548
0.13
0.10
0.14
1.50
0.00
0.50
0.30
0.05
0.02
0.00
0.12
0.01
0.14
0.87
0.26
CAPITAL INTERNATIONAL FUND
Investment Securities December31, zooo (continued)
- - - - - - - - -
-
Number of
Quoted
shares or
market
% of net
face value
value USD
assets
- --- - - - - - - - - - - - - - -
PAPER&FORESTPRODUCTS . . . . . . . . . . . . . . . . . . . . . . .
Abitibi-Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stora Enso Oyj . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stora Enso Oyj - R - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sumitomo Forestry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
455,100
57,400
251,600
3,000
7,857,594
4,181,323
679,012
2,976,296
20,963
0.94
0.50
0.08
0.36
0.00
INTERNET SOFTWARE & SERVICES . . . . . . . . . . . . . . . . . . .
America Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Freeserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57,300
860,000
3,253,014
1,994,040
1,258,974
0.39
0.24
0.15
IT CONSULTING & SERVICES . . . . . . . . . . . . . . . . . . . . . . . .
Fujitsu Support and Service . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,000
742,644
742,644
0.09
0.09
SOFTWARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peoplesoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
181,300
36,300
6,233,675
4,883,769
1,349,906
0.75
0.59
0.16
COMMUNICATIONS EQUIPMENT . . . . . . . . . . . . . . . . . . . . .
Datacraft Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ericsson (LM) - B - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Motorola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nokia Group - A - Spon ADR . . . . . . . . . . . . . . . . . . . . . . . . . .
NokiaOyj . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RF Micro Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
236,207
232,900
166,600
119,232
294,212
103,700
28,294,317
I,I
14,897
2,653,453
3,373,650
5,186,592
13,120,456
2,845,269
3.39
0.13
0.32
0.40
0.62
1.58
0.34
COMPUTER & PERIPHERALS . . . . . . . . . . . . . . . . . . . . . . . .
ASM Lithography Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CompaqComputer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Creative Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NEC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Storage Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
240,261
369,900
66,000
146,000
122,000
15,536,21I
5,456,499
5,566,995
742,739
2,671,978
1,098,000
1.86
0.65
0.67
0.09
0.32
0.13
OFFICE ELECTRONICS . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hewlett-Packard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Xerox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128,000
197,000
4,951,125
4,040,000
911,125
0.59
0.48
0.11
SEMICONDUCTOR EQUIPMENT & PRODUCTS . . . . . . . . . . . .
Advantest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Altera . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Applied Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Applied Micro Circuits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bookham Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chartered Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . .
lnfineon Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
KLATencor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maxim Integrated Products . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nikon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Novellus Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PMC - Sierra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
STMicroelectronics NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,500
138,000
253,074
37,100
45,000
35,000
230,000
254,958
56,790
200,000
103,325
31,700
40,500
78,414,565
2,201,838
3,631,125
9,664,263
2,784,236
638,599
95,673
8,546,702
8,588,898
2,715,272
2,140,105
3,713,242
2,492,413
1,768,084
9.38
0.26
0.43
1.16
0.33
0.08
0.01
1.02
1.03
0.32
0.26
0.44
0.30
0.21
13
CAPITAL INTERNATIONAL FUND
I nvest ment Sec urit ies December 3 I . 2000 (continued)
.
I
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Number of
Quoted
shares or
market
YOof net
face
value
value
USD
a s s e t s.
.
.
.
.
.
.
.
.
-. -
STMicroelectronics - NY - . . . , . . . . . . . . . . . , . . , . . , . . , . . .
Teradyne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Texas Instruments . . . . . . . , . . . , . . , . . . . . . . . . . . . . . . , . .
Tokyo Electron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Xilinx _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,
600
291,
456
166,
900
78,000
75,600
DIVERSIFIED TELECOMMUNICATION SERVICES . . . . . . . . . .
Agilent Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cable & Wireless Optus . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Epcos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hirose Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Murata Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NTTCorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NTTDoCoMo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Philips Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Swisscom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taiyo Yuden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TDK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tecnost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..
Telefonica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Telefonica - ADR - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Pan-Europe Communications - A - . . . . . . . . . . . . . . . . .
82.900
570.000
43.000
18.300
40.000
167
481
132.I l l
7.750
31.000
1 I.000
1.210.
000
316.600
88.400
291.000
103.500
2,894,
125
10.856.
736
7.906.
888
4.289.
316
3.487.
050
0.35
1.30
0.95
0.51
0.42
50.278.663
4.538.
775
1 178.193
3.734.
265
1.762.
697
4.767.
074
1.203.
511
8.297.
459
4.839.
731
2.015.
816
1.036.
952
1.071.
103
3.209.
215
5.231.
407
4.420.
000
2.972.
465
6.01
0.54
0.14
0.45
0.21
0.57
0.14
0.99
0.58
0.24
0.12
0.13
0.38
0.63
0.53
0.36
4.162.
949
969
17.381.
2.115.
281
15.266.
688
2.08
0.25
1.83
AIR FREIGHT 8 COURIERS . . . . . . . . . . . . . . . . . . . . . . . . . .
TNTPostGroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Parcel Service - B - . . . . . . . . . . . . . . . . . . . . . . . . . . .
95.700
101,
200
8.266.301
2.314.476
5.951.
825
0.99
0.28
0.71
AIRLINES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finnair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Qantas Airways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,
000
41I,841
99,
000
169,
671
8.467.
616
67.146
811.917
981.
988
6.606.
565
1.01
0.01
0.10
0.11
0.79
ROADgRAlL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian National Railway . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.669.375
3.669.
375
0.44
123.600
TRUCKING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nippon Konpo Unyo Soko . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.000
82.531
82.531
0.01
0.01
ConvertibleBonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.239.474
0.74
REALESTATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AB International Cayman Trust 0.50% .2007 . . . . . . . . . . . . . . . JPY 300.000.
000
Sanwa International Finance Bermuda Trust 1.25%.2005 . . . . . . JPY 414.000.
000
5.440.454
0.65
0.24
0.41
WIRELESS TELECOMMUNICATIONS SERVICES . . . . . . . . . .
Sprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vodafone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
I
I
I
0.44
I
i
I
I
.
.
i
1.996.
497
3.443.
957
CAPITAL INTERNATIONAL FUND
Investment Securities December 31,2000 (continued)
I
Number of
shares or
face value
Quoted
market
value USD
% of net
assets
799,020
799,020
0.09
0.09
3,274,940
3,274,940
0.39
0.39
3,274,940
0.39
3,274 940
0.39
777,094,176
93.06
53,043,919
6.35
.................................
4,926,405
0.59
NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
835,864,500
100.00
- - -
-
-
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Advanced Micro Devices 6.00% - 2005
866,000
Other transferable securities . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RETAILING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amazon.com 4.75% - 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -
__
- -
Total investment securities . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash
Other net assets
8,780,000
- - - --
-
IY5
CAPITAL INTERNATIONAL FUND
Statement of Net Assets
December
31, 2000
- - - - - - - - - - - - -
-
USD
- - -
-.
-
USD
- -
Assets
Investment securities at market value (cost USD 767,870,698) . . . . . . . . . . . . . . . .
Cash - on demand or on deposit on terms of less than one month . . . . . . . . . . . . . .
Short-term receivables :
Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gain on forward exchange contracts (Note 2) . . . . . . . . . . . . . . . . . .
Dividends and accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
777,894,176
53,043,919
-.
6,257,297
2,767,084
1,I
14,022
-.
.-
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities
Short-term liabilities :
Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase of Fund's own shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
10,138,403
- - -
841,076,498
-
4,186,832
3,740
-.
-
4,190,572
Accrued expenses and taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -1,021,426
_
.............................................
5,211,998
..............................................
835,864,500
Total liabilities
NETASSETS
Net asset value per share on:
571,820 Class A I shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
171,925 Class A2 shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,822 Class 61 shares outstanding . . . . . . . . . . .
74,605 Class 62 shares outstanding . . . . . . . . . . .
186 Class I33 shares outstanding . . . . . . . . . . .
..........
..........
..........
USD 296.49
EUR 315.80
USD 296.16
EUR 315.45
GBP 198.26
609,059 Class C1 shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
USD 297.19
1,398,774 Class X shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
USD 296.37
The notes on pages 19 and 20 form an integral part of these financial stafements.
CAPITAL INTERNATIONAL FUND
Statement of Results of Operations
~
~
for the year ended December 31, 2000
USD
USD
9,364,73I
2,077,887
322.306
~.
11,764,924
7,817,479
445,821
317,651
250,554
60,204
49,796
20,867
41,072
__
9,003,444
~.
.
INCOME
Dividends (net of withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on cash deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on bonds (net of withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
EXPENSES
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LuxembourgTax on Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal, accounting and auditing fees and expenses . . . . . . . . . . . . . . . . . . . . . . . .
Depositary fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reports to shareholders and financial notices . . . . . . . . . . . . . . . . . . . . . . . . . . .
Domiciliary, registrar and transfer agency fees and expenses . . . . . . . . . . . . . . . . .
Distributionfees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NETINVESTMENTINCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,761,480
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized loss on foreign exchange . . . . . . . . . . . . . . . . . . . . . . .
71,956,713
(4,826,270)~.
NETREALIZEDPROFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in unrealized appreciation/(depreciation) on investments:
Unrealized appreciation at December 31, 1999 . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized appreciation at December 31, 2000 . . . . . . . . . . . . . . . . . . . . . . . .
Net change in unrealized appreciationl(depreciati0n) on forward exchange contracts * . .
Net change in unrealized appreciation/(depreciation) on other assets . . . . . . . . . . . .
69,891,923
154,339,672
10,023,478
~.
-
NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31.2000 . . . . . . . . . . . . . . . . . . . . . .
’
67,130,443
-
2,401,212
339,406
(144,316,194)
2,740,618
(71,683,653)
Loss on foreign exchange includes a net realized loss on forward exchange operations closed or covered during
the year ended December 31, 2000 amounting to 2,583,213 USD.
Forward exchange contracts have been valued at forward exchange rates as of December 31, 2000.
The notes on pages 19 and 20 form an integral part of these financial statements
17
CAPITAL INTERNATIONAL FUND
Statement of Changes in Net Assets
18
~
1999
USD
2000
-.
USD
...
..
NET ASSETS AT BEGINNING OF YEAR . . . . . . . . . . . . . . . .
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized gain on investments
and foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash
dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-.
1998
USD
705,022,758
564,643,361
946,301,741
2,761,480
445,970
927,548
66,551,257
(692,546)3
80,983,513
(963,274)’
135,319,505
(1,516,067)’
.
.-
Sub-total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from shares subscribed . . . . . . . . . . . . . . . . . . . . .
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . .. ..
-
773,642,949
1,494,472,528
(1,291,254,587)
....
645,109,570
361,500,353
(374,101,410)
.
.
.
1,081,032,727
66,162,625
(573,088,729)
Sub-total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in net unrealized appreciation
(depreciation)on investments . . . . . . . . . . . . . . . . . . . . . .
Change in net unrealized appreciation
(depreciation)on forward exchange
contracts and other assets
.
.- . . . . . . . . . . . . . . . . . . . . . . . .
976,860,890
632,508,513
574,106,623
(144,316,194)
70,413,415
(3,100,084)
3,319,804
2,100,830
.
.
(6,363,178)
-
NETASSETSATENDOFYEAR . . . . . . . . . . . . . . . . . . . . .
~~
*
835,864,500
~~
-
705,022,758
564,643,361
~
Cash dividend of USD 0.33 declared on 4,664,397 shares outstanding as of April 3, 1998.
Cash dividend of USD 0.77 declared on 1,251,005 shares outstanding as of March 29, 1999.
Cash dividend of USD 0.28 declared on 2,473,380 shares outstanding as of March 27, 2000.
Changes in Number of Outstanding Shares
Class A
Class B
Shares outstanding at beginning of year . . . . . . . . . . . . . . .
Shares subscribed during the year . . . . . . . . . . . . . . . . . . .
Shares
redeemed during the year . . . . . . . . . . . . . . . . . . .
.
-
2,171,696
1,480,566
(2,908,517)
86,767
(4,154)
666,767
(57,793)
2,622,842
(1,224,068)
Shares outstanding at end of year . . . . . . . . . . . . . . . . . . .
743,745
82,613
609,059
1,398,774
-
.
. . . .
-
The notes on pages 19 and 20 form an Integral part of these financial statements
-.-
--
Class
C
..
-
Class X
-
CAPITAL INTERNATIONAL FUND
Notes to the financial Statements as at December 31, 2000
NOTE I-ACCOUNTING
19
POLICIES
a) Investment securities are carried on the books at quoted market value and unrealized appreciation or depreciation
is computed on this basis. The computation of realized gains and losses on sales of investments is made on the
basis of average cost.
The statements are drawn up in conformity with accounting practices generally accepted in Luxembourg.
Securities which are listed on an official stock exchange or traded on any other regulated market are valued at the
last available price on the principal market on which they are traded, and/or as furnished by a pricing service
approved by the Board of Directors and other securities are valued at prices furnished by, or yield equivalents
obtained from, one or more dealers or such pricing service.
If a price cannot be obtained for a security or such price is not representative of the security’s fair value, such
security will be valued at the fair value at which it is expected that it may be resold, as determined by or under the
direction of the Board of Directors.
In accordance with German and Swiss legal requirements, a statement giving the changes in portfolio investments
during the year 2000 is available free upon request at the registered office of the Company, Chase Manhattan
Bank AG, Frankfurt or Chase Manhattan Private Bank (Switzerland), Geneva.
b) Foreign currencies
Assets and liabilities in foreign currencies have been translated into US Dollars at the average of the last available
bid and offer prices for the currencies as of December 31, 2000.
Transactions in foreign currencies have been translated at rates of exchange ruling on the transaction dates.
Gains or losses on foreign exchange are recognized in the statement of operations in determining the result for the
year.
c) Income
Dividends are taken into income on the date upon which the relevant securities are first listed as “ex-dividend”.
Interest income is accrued on a daily basis.
1
d) Net realized gain or loss on investment
The net realized gain or loss on sales of investment securities is determined on the average cost basis.
e) Security transactions
Security transactions are accounted for on the trade date.
I
NOTE 2 - FORWARD FOREIGN EXCHANGE TRANSACTION
The forward foreign exchange contracts are valued on the basis of forward foreign exchange rates prevailing on
December 31, 2000 and the resulting net change in unrealized gain or loss is included in the statements of operations
and changes in net assets. As at December 31, 2000, the Fund had the following outstanding forward foreign
exchange contracts:
Purchase
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
6,678,346
18,457,496
6,232,672
5,324,078
8,745,291
4,702,936
3,254,229
2,391,365
CAD
USD
Sale
Maturity
9,415,134
16,160,000
02/04/01
08/02/01
16/01101
22/03/01
04/01/01
05/01IO1
09/01101
09101/01
JPY 580,000,000
JPY 540,000,000
USD
76,780
USD
41,099
USD
USD
28.384
20,823
..
Unrealized
Gain/(Loss)
in USD
6,511
1,184,196
766,641
230,372
(185)
96
134
133
2,187,898
CAPITAL INTERNATIONAL FUND
Notes to the financial Statements as at December 31, 2000 (continued)
20
NOTE 3 - INVESTMENT MANAGEMENT FEES
Class-A Shares: The Company pays to the Advisor an advisory fee at the annual rate of 1% in relation to Class-A
Shares.
Class-B Shares: The Company pays to the Advisor an advisory fee at the annual rate of 1% in relation to Class-B
Shares. In addition, a distribution fee at the annual rate of 0.5% will be applied. Such fee may be used by the
Company to compensate Distributors and other intermediaries in relation to investments in Class-B Shares made
through them or with their assistance.
Class-X Shares: The Company pays to the Advisor an advisory fee at the annual rate of 1% in relation to X-Shares.
Such advisory and distribution fees are, in each case, calculated and accrued on the basis of the net assets of each
Class as of each Valuation Date and Month-end Valuation (see “Net Asset Value”). The advisory fees are paid
monthly in arrears and the distribution fees are paid quarterly in arrears.
Class-C Shares: No advisory fee is charged to the Company by the Advisor in relation to Class-C Shares. Each
holder of Class-C Shares enters into a separate advisory agreement with the Advisor.
NOTE 4 - TAXES
Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by
the Company liable to any Luxembourg withholding tax. The fund is not subject to any tax in Luxembourg except to an
annual tax (“taxe d’abonnement”) of 0.06% per annum of the total net assets of each Class of shares. However, the
Fund will seak to obtain the reduced tax rate of 0.01% in respect of Class-A and Class-C, as provided by the relevant
Luxembourg laws in respect of share classes wholly held by institutional investors. Such tax is payable quarterly and
calculated on the total net asset value of each Class at the end of the relevant quarter. The “taxe d’abonnement” is
not applied to, and is not payable on, investments of the Company in other Luxembourg undertakings for collective
investments. No stamp duty or other tax will be payable in Luxembourg on the issue of Shares in the Company. No
capital gains tax is payable in Luxembourg on the realised or unrealised capital appreciation of the assets of the
Company.
Capital gains, dividends and interest on the Company’s portfolio securities may be subject to withholding or capital
gains taxes imposed by the countries in which the securities are held.
The securities listed on official stock exchanges have been valued at the official closing prices or at the latest bid
prices made by recognized market makers at December 31, 2000.
CAPITAL INTERNATIONAL FUND
'I
\
General Information
The Annual General Meeting of Shareholders of the Company will be held at the registered office of the Company in
Luxembourg on the last Tuesday of March in each year at 11:00 hours or, if any such day is not a Business Day, on
the next Business Day. Convening notices will be sent to shareholders at their registered address by post at least 8
days prior to the meeting. Any other legal notices (including those convening extraordinary general meetings) will be
sent to shareholders at their registered address in accordance with Luxembourg Law.
All notices to shareholders are published in the Memorial - Journal Officiel du Grand-Duche de Luxembourg, in the
Luxemburger Wort and in the International Herald Tribune.
Audited annual reports and unaudited semi-annual reports will be sent to shareholders at their registered address and
will be made available to shareholders at the registered office of the Company. The accounting year of the Company
begins on January 1 and terminates on December 31 in each year.
The Restated Articles of Incorporation were lodged on August 17, 1994 at the offices of the Chief Registrar of the
District Court of Luxembourg (Greffier en Chef du Tribunal d'Arrondissement de et a Luxembourg) where they are
21
CAPITAL INTERNATIONAL FUND
Auditor’s Report
22
To the Shareholders of Capital International
Fund
We have audited the financial statements, which
consist of the statement of net assets, the statement
of results of operations, the statement of changes in
net assets, the statement of investment securities
and the notes to the financial statements of Capital
International Fund (the “SICAV”) as of and for the
year ended December 31, 2000. These financial
statements are the responsibility of the Board of
Directors of the SICAV. Our responsibility is to
express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with
international standards on auditing. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the
financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the Board of Directors of the
SICAV in preparing the financial statements, as well
as evaluating the overall financial statements’
presentation. We believe that our audit provides a
reasonable basis for our opinion.
March 8. 2001
In our opinion, the attached financial statements
described above give, in conformity with the legal
and regulatory requirements in Luxembourg, a true
and fair view of the financial position of Capital International Fund at December 31, 2000 and the results
of its operations and changes in its net assets for the
year then ended.
Supplementary information included in the
annual report has been reviewed in the context of
our mandate but has not been subject to specific
audit procedures carried out in accordance with the
standards described above. Consequently, we
express no opinion on such information. We have no
observations to make concerning such information in
the context of the financial statements taken as a
whole.
Deloitte & Touche S.A.
Reviseur d’entreorises
d
Director
CAPITAL INTERNATIONAL FUND
23
BOARD OF DIRECTORS
Nilly Sikorsky
Chairman of the Company
Chairman of Capital International S.A.
Geneva, Switzerland
Pierre-Marie Bouvet de Maisonneuve
Senior Vice President
of Capital International S.A.
Geneva. Switzerland
Steven Fenton
Managing Director
of Chase Manhattan Bank Luxembourg S.A
Luxembourg
A. Hamish Forsyth
Senior Vice President
of Capital International Limited
London, United Kingdom
Robert Ronus
President
of Capital Guardian Trust Co.
Los Angeles, U.S.A.
John Symes
Former Director
of Royal and Sun Alliance Investment Management Ltd.
London, United Kingdom
CUSTODIAN AND PRINCIPAL PAYING AGENT
Chase Manhattan Bank Luxembourg S.A.
5, rue Plaetis, Luxembourg
DOMICILIARY AND CORPORATE AGENT,
REGISTRAR, TRANSFER AGENT
Chase Manhattan Bank Luxembourg S.A.
5, rue Plaetis, Luxembourg
AUDITORS I REVISEUR D’ENTREPRISES
Deloitte & Touche S A .
3, route d’Arlon, L-8009 Strassen
LEGAL ADVISORS TO THE COMPANY
De Bandt, Van Hecke, Lagae & Loesch
4, rue Carlo Hemmer, L-1011 Luxembourg
AUTHORISED AGENTS AND COUNTRY PAYING
AGENTS
REPRESENTATIVE AND PAYING AGENT
IN SWITZERLAND
The Chase Manhattan Private Bank (Switzerland)
63, rue du RhBne, CH-I204 Geneva
ADMINISTRATIVE MANAGER
Chase Manhattan Bank Luxembourg S.A
5 , rue Plaetis, Luxembourg
ADDRESS OF THE COMPANY
5 , rue Plaetis, Luxembourg
R.C. Luxembourg B 8833
AGENT AND PAYING AGENT IN THE NETHERLANDS
Kempen & Co. N.V.
Herengracht 182, 1016 BR Amsterdam
REPRESENTATIVE FOR FRANCE (“Correspondant
Centralisateur”)
Banque Paribas
3, rue d’Antin, F-75002 Paris
INVESTMENT ADVISOR
PAYING AGENT IN GERMANY
Capital International S.A.
3, place de Bergues, CH-1201 Geneve
Chase Manhattan Bank AG
Gruneburgweg 2, 0-60322 FrankfurtlM.
--
...
CAPITAL INTERNATIONAL FUND
Capital International Fund
Societe d’lnvestissement a Capital Variable
lmprimerie Centrale s.a , Luxembourg
.
.
I