Principal.com.hk

PRINCIPAL
LIFE STYLE FUND

Unaudited Semi-Annual Report
CONTENTS
Management and Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Manager’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MANAGEMENT AND ADMINISTRATION
MANAGER
Principal Asset Management Company (Asia) Limited
Units 1001-1003,
Central Plaza
18 Harbour Road
Wanchai
Hong Kong
TRUSTEE, CUSTODIAN AND REGISTRAR
Principal Trust Company (Asia) Limited
Units 1001-1003,
Central Plaza
18 Harbour Road
Wanchai
Hong Kong
DELEGATES OF THE MANAGER
Principal Global Investors, LLC
801 Grand Avenue
Des Moines
IA 50392, USA
LEGAL ADVISORS TO THE MANAGER
Baker & McKenzie
14th Floor, Hutchison House
10 Harcourt Road
Central
Hong Kong
AUDITORS
KPMG
8th Floor, Prince’s Building
10 Chater Road, Central
Hong Kong
MANAGER’S REPORT
United States
The US equity markets got off to a good start in 2004, buoyed by improving economic and corporate news.
However, stocks suffered setbacks and concerns about slow jobs growth and renewed worries about terrorism in
March. Consumer confidence rose in January to its highest level in almost two and a half years, but fell in
February attributed to consumer gloom about the difficult jobs markets. There was a modest increase in the
number of works, but well below the consensus forecast. In 2Q 2004, stocks gained on improved outlook on
economic growth and anticipation of good 2Q corporate earnings.
Europe
During the later part of 2003, the overall prospects for the European economies remained uninspiring. The
strengthening of the euro, risks of deflation and the lack of stimulatory monetary policy have overshadowed the
euro economy. However, European equities advanced in January 2004 and rose to their highest level since 2002
in February, boosted by increased merger activity. In March, fears about the strength of the eurozone’s recovery,
along with the impact of terrorist bombings in Madrid had lead to its first monthly loss in 2004. In 2Q 2004,
stocks gained on improved outlook of global economic growth.
Japan
Japanese equities began 2004 in a relatively buoyant atmosphere, supported by expectations of good earnings
results. However, the market succumbed to selling in the final week of January when investors began to take
profits and positive mood wilting as the yen continued to gain ground against the US dollar. The market started
to recover in February and rallied in March, as investors welcomed signs that the recovery was broadening from
exports to improving domestic demand. In March, shares in companies more oriented to Japan’s local economy,
such as banks, real estate and retail, had the most significant gains, because of expectations that growing capital
expenditure and exports would fuel consumer spending. In 2Q 2004, stocks continued to post gain, particularly
during the month of June.
Asia ex-Japan region
In 1H04, the China stock market dropped considerably as investors were concerned about the Chinese
government’s tightening policy in view of the overheated economy. The HK market also suffered due to worries
about China’s tightening policy and overall weak performance of major global equity markets. The Taiwanese
market followed the falling outlook for global technology companies, such as Intel and Motorola. The market is
affected by downward revisions in expected demand for computer notebooks, TFT-LCD displays, and computer
memory computer chips. In Korea, the IT sector was weighed down by Samsung Electronics while the financial
sector was affected by concerns about problematic loans.
Bond markets
In late 2003, the global bond markets sold off after third quarter U. S. gross domestic product (GDP) came in at
a surprising 7.2% and was later revised upward to 8.2%. However, Fed members convinced the markets that the
Fed would continue its lose monetary policy for longer than usual due to the output gap and the “jobless”
recovery. The Bank of Japan (BoJ) also made similar statements that indicated it would continue with its zero
interest rate policy.
But in March and April 2004, the release of a series of strong economic data indicated that the recovery of theUS economy would be stronger than originally expected. The Fed raised the Fed Fund Rate by 0.25% in Junefrom its lowest level in decades. The market in general expected that more interest rate rise to come in theremainder of 2004 as global inflation rate shows sign of picking up, amid a recovering world economy and thesharp rise in oil prices.
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004
Principal Asian Equity Fund
Principal Asian Equity Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
Philippine Long Distance Telephone — ADR INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Asian Equity Fund (continued)
Principal International Equity Fund
Listed Investments
Quantity
Listed Investments
Quantity
Total investments
Other net assets
Total net asset value
Total listed investment at cost
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Equity Fund (continued)
Principal International Equity Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Equity Fund (continued)
Principal International Equity Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
Total investments
Other net assets
Total net asset value
Total listed investment at cost
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Bond Fund
Principal International Bond Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Hsbc Capital Funding Lp 5.3687% Dec-24-2049 Province of British Columbia 6.25% Dec-01-2009 Michelin Finance Luxemb 6.125% Apr-16-2009 Banque Nationale De Paris 5.25% Jan-23-2014 Pemex Proj Fdg Master Tr 6.625% Apr-04-2010 Telefonica Europe, Bv-Mtn 5.875% Feb-14-2033 Corp Andina De Fomento 6.375% Jun-18-2009 Anglo American Capital Plc 5.125% Dec-15-2010 Ford Credit Canada 7.25% 12/7/07 Dec-07-2007 European Investment Bank 2.625% Oct-15-2007 General Motors Nova Fin 8.375% Dec-07-2015 French Treasury Note 07/09 3.5% Jul-12-2009 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Bond Fund (continued)
Principal International Bond Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollars (continued) Asset Backed Funding Cert 1.49% Feb-25-2030 AT&T Wireless 7.875% 03/01/11 Mar-01-2011 Dsl Bank (Deutsche Postbk) 1.75% Oct-07-2009 25,000,000 Bear Stearns Alt-A Tt S2004 1.87% Jun-25-2034 General Elec Cap Corp-Mtn 1.4% Nov-02-2006 10,000,000 Chase Credit Card Master 1.439% May-15-2009 Toyota Motor Credit Corp 0.75% Jun-09-2008 Corp Andina De Fomento 6.875% Mar-15-2012 Corp Nacional Del Cobre De 5.5% Oct-15-2013 COX Communications Inc 4.625% Jun-01-2013 Credit Suisse First Boston 3.875% Jan-15-2009 CS Frist Boston Mort S2004 1.7% Jun-25-2034 Ameriquest Mortgage Security 1.5% Apr-25-2034 Anadarko Petroleum Corp 5.375% Mar-01-2007 Devon Financing Corp Ulc 7.875% Sep-30-2031 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Bond Fund (continued)
Principal International Bond Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollars (continued) Denominated in US Dollars (continued) Dlj Commercial Mort Corp 7.62% Jun-10-2033 Dlj Mortgage Acceptance Corp 6.99% Oct-15-2030 Duke Energy Field Services 7.875% Aug-16-2010 Goldman Sachs Group Inc 1.379% Jan-21-2009 Long Beach Mortgage Loan 1.83% Jun-25-2034 General Motors Accept Corp 6.875% Sep-15-2011 Long Beach Mortgage Loan 2.83% Jun-25-2034 General Motors Accepts Corp 5.625% May-15-2009 McDonalds Corporation 4/30/7 5.375% Apr-30-2007 Metropolitan Life Global Fund 1.71% Mar-17-2009 New Century Home Equity 2.02% Jan-25-2034 Nexen-Canadian Occidental 7.875% Mar-15-2032 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal International Bond Fund (continued)
Principal International Bond Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollars (continued) Denominated in US Dollars (continued) Option One Mortgage Loan 2.35% May-25-2034 Pemex Proj Fdg Master Tr 6.125% Aug-15-2008 Total investment
Southern California Edison Co 5% Jan-15-2014 Other net assets
Total net asset value
Total listed investment at cost
Tyco International Group 6.375% Oct-15-2011 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Long Term Accumulation Fund
Principal Long Term Accumulation Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Long Term Accumulation Fund (continued)
Principal Long Term Accumulation Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
Total listed shares
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Long Term Accumulation Fund (continued)
Principal Long Term Accumulation Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollars (continued) American Genral Fin-Mtn 5.875% Jul-14-2006 Anadarko Petroleum Corp 5.375% Mar-01-2007 Devon Financing Corp Ulc 7.875% Sep-30-2031 Duke Energy Field Services 5.75% Nov-15-2006 Duke Energy Field Services 7.875% Aug-16-2010 Ford Motoer Co Corporate 7.45% Jul-16-2031 Burlington Northern Santa 6.875% Dec-01-2027 Cadbury Schweppes US Fin 3.875% Oct-01-2008 Corp Andina De Fomento 6.875% Mar-15-2012 Corp Nacional Del Cobre De 5.5% Oct-15-2013 COX Communications Inc 7.125% Oct-01-2012 Credit Suisse First Boston 3.875% Jan-15-2009 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Long Term Accumulation Fund (continued)
Principal Long Term Accumulation Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollars (continued) Denominated in US Dollars (continued) Tyco International Group 6.375% Oct-15-2011 Nexen-Canadian Occidental 7.875% Mar-15-2032 Pemex Proj Fdg Master Tr 7.875% Feb-01-2009 Total bonds
Total investment
Other net assets
Total net assets value
Southern California Edison Co 5% Jan-15-2014 Total listed investment at cost
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal Hong Kong Dollar Savings Fund
Principal US Equity Fund
Listed Investments
Maturity
Quantity
Listed Investments
Quantity
Hong Kong Mortgage Corp 0.24% Jan-03-2006 Cheung Kong Fin.Cayman 0.754% Jul-18-2005 Total investment
Other net assets
Total net asset value
Total listed investment at cost
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal US Equity Fund (continued)
Principal US Equity Fund (continued)
Listed Investments
Quantity
Listed Investments
Quantity
INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal US Equity Fund (continued)
Principal US Dollar Savings Fund
Listed Investments
Quantity
Listed Investments
Maturity
Quantity
AT&T Wireless Services Inc 6.875% Apr-18-2005 Capital Auto Receivables-Abs 2.3% Apr-17-2006 Total investment
Other net assets
Total net asset value
Total listed investment at cost
Constellation Energy Group 7.875% Apr-01-2005 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal US Dollar Savings Fund (continued)
Principal US Dollar Savings Fund (continued)
Listed Investments
Maturity
Quantity
Listed Investments
Maturity
Quantity
Denominated in US Dollar (continued) Denominated in US Dollar (continued) Corp Andina De Fomento 8.875% Jun-01-2005 Daimler Chrysler Auto Trust 3.78% Feb-06-2007 Daimler Chrysler Auto Trust 4.63% Dec-06-2006 Daimler Chrysler Auto Trust 5.4% Mar-06-2006 Daimler Chrysler Auto Trust 6.7% Mar-08-2006 Kinder Morgan Energy Partner 8% Mar-15-2005 Daimler Chrysler Auto Tt-Abs 5.32% Sep-06-2006 Daimler Chrysler Autott-Abs 2.93% Jun-06-2006 Marriott International Inc 8.125% Apr-01-2005 Discover Card Master Trust 1.53% Jul-15-2008 Mbna Credit Card Master 1.885% Dec-15-2008 Donaldson Lufkin & Jenrette Inc 8% Mar-01-2005 National Rural Util Coop Fin 5.5% Jan-15-2005 Northern Natural Gas Co 6.875% May-01-2005 Ford Credit Auto Owner Trus 1.40% Nov-15-2006 Ford Credit Auto Owner Trust 5.25% Sep-15-2005 General Motors Accepts Corp 5.75% Nov-05-2004 Tennessess Valley Authority 6.375% Jun-15-2005 Tennessess Valley Authority 4.75% Jul-15-2004 INVESTMENT REPORT
PORTFOLIO STATEMENT AS AT 30 JUNE 2004 (continued)
Principal US Dollar Savings Fund (continued)
Listed Investments
Maturity
Quantity
Denominated in US Dollar (continued) Toyota Auto Owner 2001-A4 4.72% Sep-15-2008 Toyota Auto Receviable-Abs 1.28% Aug-15-2005 Total investment
Total net asset value
Total listed investment at cost

Source: http://www.principal.com.hk/download/Plsf_em/040630%20IR%20PLSF%20Eng.pdf

ijee.ie

Int. J. Engng Ed. Vol. 20, No. 3, pp. 452±460, 2004ALICE M. AGOGINO, CATHERINE NEWMAN, MARISA BAUER and JENNIFER MANKOFFUniversity of California at Berkeley, Berkeley, CA 94720, USA. E-mail: [email protected] study to examine students' perceptions of the design process was conducted in the freshman/sophomore class E39D: Designing Technology for Girls and Women at the University of Cal

Microsoft word - ccx frx press release final _4_.doc

Contacts: Forest Laboratories, Inc. ChemoCentryx, Inc. For media inquiries Partners Karen L. Bergman 650.575.1509 or Michelle Corral 415.794.8662 CHEMOCENTRYX AND FOREST LABORATORIES TO COLLABORATE ON THE DEVELOPMENT AND COMMERCIALIZATION OF NOVEL ORAL RHEUMATOID ARTHRITIS AND MULTIPLE SCLEROSIS THERAPEUTICS March 15, 2004; San Carlos, CA and New York, NY

Copyright © 2010 Health Drug Pdf