standard bank offshore unit trusts 2003 report and financial statements management administration 2 manager s 3 trustee 4 statement of responsibilities the independent auditors 5 total return movements in unitholders funds international equity class 6 country 8 managed bond currency 10 portfolio 12 14 15 18 19 balance sheet 20 24 26 28 summary material changes 30 contents 1 notes to 32 schedule investments statistical data 40 analyses portfolios 42 distribution agents 46 jersey limited house 47 49 la motte street st helier je4 8xr channel islands tel 44 1534 881188 fax 881119 directors m w du feu k garrod p t hart j martin capita trust company victoria
