[Graphic of Amerindo Funds Logo omitted]
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AMERINDO FUNDS
SEMI-ANNUAL REPORT
- - - - -
SEMI-ANNUAL REPORT
APRIL 30, 2000
<PAGE>
TABLE OF CONTENTS
SHAREHOLDER LETTER ....................................... 1
STATEMENT OF NET ASSETS .................................. 3
STATEMENT OF OPERATIONS .................................. 5
STATEMENT OF CHANGES IN NET ASSETS ....................... 6
NOTES TO FINANCIAL STATEMENTS ............................ 7
FINANCIAL HIGHLIGHTS ..................................... 14
<PAGE>
April, 2000
Dear Shareholder:
Amerindo's management held two press conferences in December 1999 and March
of this year in which they said that the year 2000 would be seen as a
"transition year" for the Internet sector. We felt then that emerging technology
stocks, much like the spring of 1999, needed a period of consolidation to work
off the frothy excesses that developed in late 1999. The expected correction was
well underway when the Fund's recent semi-annual period ended on 30 April.
The pullback in Internet stocks has been typically swift and severe. For
the NASDAQ composite, a capitalization weighted index with a large cap,
technology stock bias, the correction quickly eroded earlier year gains as it
dropped 37% from its March 10th peak. The Amerindo Technology Fund's performance
also came under pressure, although the extraordinary price appreciation during
the fall of 1999 ultimately allowed the Fund to post modest mid-term results.
For the six months ending 4/30/00, the Amerindo Technology Fund returned 2.20%.
For the one-year period ending 4/30/00, the Fund gained 25.09%. The Fund's
annualized three-year and inception returns were a very robust 80.36% and 42.15%
respectively. The average annualized total returns for the Class D shares for
twelve months-ended 3/31/00 and since inception (10/28/96) was 107.74% and
57.26% respectively.
Periodic volatility and sharp stock price corrections are an inherent part
of investing in leading edge technology companies. They serve to purge excessive
speculation that follows periods of unusually strong price appreciation. This
year has been no exception, with the spring market correction meeting, if not
exceeding, our expectations in both timing and scope. It is worth noting that
the Fund has experienced no fewer than five previous occasions during which its
share price dropped by at least 25% within a matter of months. The fact that the
Fund's superior long-term performance as noted above, was achieved in spite of
these periods of weakness, confirms that Amerindo's strategy of investing in
concentrated portfolio holdings of emerging technology and health sciences
stocks is a sound long-term investment approach to achieving superior results.
Looking past the current consolidation, we continue to hold firmly to our
very bullish stance on the rapidly expanding Internet economy. First quarter
results for our core portfolio companies were excellent as they met or exceeded
even our own high expectations. Fundamentals for Internet stocks remain very
strong. Internet usage shows no signs of slowing. These dynamics underpin our
long-held conviction that the deployment of the Internet will represent the
largest structural change in the US and the global economy in the last 50-years.
We believe it will be on par with, if not outright exceed, the top half dozen
major technological advances of the past century.
Amerindo believes that the two leading edge technologies it has long
specialized in, namely electronics and healthcare, will create a period of
unrivaled investment and business opportunity. The first involves the
restructuring of the global economy into the new Internet economy. This includes
the explosive growth in the business-to-business (B2B) Internet sector; the
accelerating buildout of the new global fiber optic telecommunications network
to satisfy data transmission's appetite for bandwidth capacity, and the
infrastructure and applications software development needed to deploy the
Internet. The second main opportunity relates to new advances in health-
1
<PAGE>
care science for the rapidly aging population, which is fueling the demand curve
for advanced therapeutics, bio-pharmaceuticals, and genomics research. This also
includes the need to reduce costs in the delivery and management of health care
services. Amerindo's research team is focusing on these specific areas, where it
searches out emerging companies that are well positioned to prosper as these
scenarios play out in the years ahead. (A DETAILED DISCUSSION OF THESE
INVESTMENT THEMES CAN BE FOUND IN THE RECENT MARCH AMERINDO TECHNOLOGY FUND
QUARTERLY UPDATE, MAILED TO SHAREHOLDERS IN MAY OR ONLINE AT WWW.AMERINDO.COM).
To capitalize on each opportunity, Amerindo filed in early spring to launch
two new mutual funds -- Amerindo Internet B2B and Amerindo Health &
Biotechnology, with effective dates scheduled for 30 May. The same research and
portfolio team that manages the Amerindo Technology Fund will oversee both
funds. Consistent with Amerindo's management style, the portfolios will be
highly focused and hold a limited number of stocks in their specialty area.
Class structures, investment minimums and all other features and privileges are
identical to the Amerindo Technology Fund.
We remain confident that the correction for stocks in the Internet and
biotech sectors has largely been reached, and that as we move into the summer a
major rally should unfold. Consistent with this view, we believe Internet and
biotechnology stocks represent bargain investment opportunities at this
juncture. Central to this belief are strong fundamentals for our core fund
holdings that continue to strengthen as each quarter passes owing to the
accelerating buildout of the Internet, the deployment of a new broadband
telecommunications network, and the growing healthcare needs of an aging
population. Amerindo sees electronic technology moving from a single digit slice
of global GDP today to upwards of 25% within the next five years. Our goal is to
position the Amerindo Technology Fund's portfolio to capitalize fully on this
unique generational transition.
We thank our shareholders for their continued confidence in our investment
management style and look forward to further success in the months and years
ahead.
AMERINDO TECHNOLOGY FUND
/S/ SIGNATURE /S/ SIGNATURE
Alberto W. Vilar Gary A. Tanaka
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. PAST
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
IN ADDITION TO NORMAL RISKS ASSOCIATED WITH EQUITY
INVESTING, NARROWLY FOCUSED INVESTMENTS TYPICALLY EXHIBIT
HIGHER VOLATILITY DUE TO SEVERE COMPETITION AND RAPID OBSOLESCENCE.
PERFORMANCE IS SHOWN FOR THE CLASS D SHARES OF THE AMERINDO TECHNOLOGY FUND.
2
<PAGE>
AMERINDO TECHNOLOGY FUND
STATEMENT OF NET ASSETS
APRIL 30, 2000
(UNAUDITED)
COMMON STOCKS* -- 97.96%
SHARES VALUE
-------- ------------
117,500 Akamai Technologies, Inc. $ 11,617,813
168,000 Alkermes, Inc. 8,946,000
300,000 Amazon.com, Inc. 16,556,250
720,000 Ariba, Inc. 53,415,000
340,000 Ask Jeeves, Inc. 10,327,500
475,000 At Home Corporation-Ser A 8,846,875
104,000 Broadcom Corporation 17,927,000
377,000 CMGI, Inc. 26,861,250
252,500 Critical Path, Inc. 14,676,562
351,000 ebay Corporation, Inc. 55,874,812
90,000 FreeMarkets, Inc. 6,496,875
414,000 Genzyme Transgenics Corporation 6,856,875
180,000 Getty Images, Inc. 5,467,500
255,000 Gilead Sciences, Inc. 13,817,813
500,000 Healthon/WebMD Corporation 10,531,250
502,500 HomeStore.com, Inc. 9,170,625
475,000 Inktomi Corporation 73,120,313
191,000 Internap Network Services Corporation 7,353,500
181,240 Internet Capital Group, Inc. 7,680,045
350,000 LookSmart, Ltd. 8,400,000
40,000 MedImmune, Inc. 6,397,500
125,000 MMC Networks, Inc. 3,312,500
406,300 MP3.com, Inc. 2,844,100
250,000 On Display, Inc. 14,125,000
320,000 Priceline.com, Inc. 20,240,000
187,500 Protein Design Labs, Inc. 19,031,250
95,000 Siebel Systems, Inc. 11,673,125
220,000 Ventro Corporation 6,050,000
306,776 Yahoo! Inc. 39,957,574
-----------
TOTAL COMMON STOCKS
(Cost $498,231,238) 497,574,907
-----------
* All Common Stocks held as of April 30, 2000 are non-income producing.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
AMERINDO TECHNOLOGY FUND
STATEMENT OF NET ASSETS (CONCLUDED)
APRIL 30, 2000
(Unaudited)
REPURCHASE AGREEMENT -- 1.38%
PRINCIPAL
AMOUNT VALUE
----------- ----------
J.P. Morgan
5.67%, dated 04/28/00, matures 05/01/00,
repurchase price $7,024,898 (collateralized
by U.S. Treasury Bond: total market
value $7,166,375) ............................. $7,024,898 $ 7,024,898
------------
TOTAL REPURCHASE AGREEMENT (Cost $7,024,898) .. 7,024,898
------------
TOTAL INVESTMENTS -- 99.34%
(Cost $505,256,136) ........................... 504,599,805
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.66% ....... 3,320,445
------------
NET ASSETS -- 100% ............................... 507,920,250
============
Fund shares of the Class A Shares
(one billion authorized-$.001 par value)
based on 947,722 shares
of beneficial interest ........................ $ 26,926,357
Fund shares of the Class C Shares
(one billion authorized-$.001 par value)
based on 172,768 shares
of beneficial interest ........................ 5,662,965
Fund shares of the Class D Shares
(one billion authorized-$.001 par value)
based on 20,056,634 shares
of beneficial interest ........................ 492,377,469
Accumulated net investment loss .................. (5,211,326)
Accumulated net realized loss on investments ..... (11,178,884)
Net unrealized depreciation on investments ....... (656,331)
------------
NET ASSETS -- 100% ............................... $507,920,250
============
NET ASSETS:
Net Asset Value and Redemption Price
Per Share -- Class A .......................... $ 24.11
============
Maximum Offering Price Per Share --
Class A ($24.11/94.25%) ....................... $ 25.58
============
Net Asset Value, Offering and Redemption Price
Per Share -- Class C .......................... $ 23.92
------------
Net Asset Value, Offering and Redemption Price
Per Share -- Class D .......................... $ 23.98
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
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AMERINDO TECHNOLOGY FUND
STATEMENT OF OPERATIONS
(Unaudited)
FOR THE PERIOD ENDED
APRIL 30, 2000
--------------------
INCOME
Interest .................................... $ 659,388
EXPENSES
Investment advisory fees (Note 4) ........... 4,361,799
Distribution fees -- Class A (Note 5) ....... 26,852
Distribution fees -- Class C (Note 5) ....... 9,393
Distribution fees -- Class D (Note 5) ....... 697,826
Professional fees ........................... 96,276
Administration and accounting fees .......... 293,808
Transfer agents fees ........................ 88,949
Registration fees ........................... 179,558
Directors' fees and expenses ................ 29,673
Amortization of organization expenses (Note 2) 27,923
Printing .................................... 27,424
Custodian fees .............................. 20,090
Miscellaneous ............................... 31,233
---------
Net expenses before expenses paid indirectly 5,890,804
------------
Less: expenses expenses paid indirectly ..... (20,090)
Total net expenses .......................... 5,870,714
------------
Net investment loss ......................... (5,211,326)
------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized loss from investment
transactions ............................. (11,178,884)
Net change in unrealized depreciation
of investments ........................... (42,777,200)
------------
Total net realized and unrealized
loss on investments ...................... (53,956,084)
------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS ............................. $(59,167,410)
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
AMERINDO TECHNOLOGY FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
FOR THE FOR THE
PERIOD ENDED PERIOD ENDED
APRIL 30, 2000 OCTOBER 31, 1999*
-------------- -----------------
OPERATIONS
Net investment loss ...................... $ (5,211,326) $ (835,279)
Net realized gain (loss) from investment
transactions .......................... (11,178,884) 89,294,885
Net change in unrealized appreciation
(depreciation) of investments ......... (42,777,200) 17,013,105
------------ ------------
Net increase (decrease) in net assets from
operations ............................ (59,167,410) 105,472,711
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gains
Class A Shares ........................ -- (2,644,686)
Class C Shares ........................ --
Class D Shares ........................ -- (83,960,097)
------------ ------------
Total distributions ...................... -- (86,604,783)
------------ ------------
CAPITAL SHARE TRANSACTIONS
Net increase (Note 6) .................... 286,110,526 197,111,761
------------ ------------
Total increase in net assets ............. 226,943,116 215,979,689
NET ASSETS:
Beginning of period ...................... 280,977,134 64,997,445
------------ ------------
End of period ............................ $507,920,250 $280,977,134
============ ============
* Subsequent to December 31, 1998, the Fund's management elected to change the
Fund's fiscal year end to October 31, 1999.
Amounts designated as "--" are either $0 or rounded to $0.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(Unaudited)
NOTE 1. ORGANIZATION
The Amerindo Technology Fund (the "Fund") is a series of the Amerindo Funds
Inc., a Maryland corporation, which commenced operations on October 28, 1996.
The Fund is a non-diversified, open-end management investment company registered
under the Investment Company Act of 1940, authorized to issue one billion shares
of capital stock in separate series, with each series representing interests in
a separate portfolio of securities and other assets, each with its own
investment objectives and policies. The Fund's investment objective is to seek
long-term capital appreciation by investing in the common stocks of technology
companies.
The Fund offers three classes of shares to investors, Class A, Class C and
Class D shares. Class A shares are sold subject to an initial sales load of up
to 5.75% with a minimum investment of $2,500. Class C, which commenced
operations on December 15, 1999, and Class D shares are sold without an initial
sales load with a minimum investment of $2,500. Class A, Class C, and D shares
are subject to a fee of 2% on redemptions made within the first year of
purchase. Prior to November 1, 1999, Class A and Class D shares were subject to
a fee of 3% on redemptions made within the first year. Class C shares are
subject to a 1% maximum deferred sales charge on redemptions within the first
year of purchase.
As of April 30, 2000, the Fund is the only current series of the Amerindo
Funds Inc.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed
by the Fund in the preparation of its financial statements. These policies are
in conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the period. Actual results could differ from these estimates.
7
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AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2000
(Unaudited)
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
SECURITIES VALUATION -- Securities which are traded on any exchange or on
the NASDAQ over-the-counter market are valued at the last quoted sale price.
Lacking a last sale price, a security is valued at its closing bid price on such
exchanges, or at the quoted bid price in the over-the-counter market. Securities
for which market quotations are not readily available are valued in accordance
with procedures established by the Fund's Board of Directors (the "Board"),
including use of an independent pricing service or services which use prices
based upon yields or prices of comparable securities, indications as to values
from dealers, and general market conditions.
Short term investments in fixed income securities with maturities of less
than 60 days when acquired, or which subsequently are within 60 days of
maturity, are valued by using the amortized cost method of valuation, which the
Board has determined should represent fair value.
FEDERAL INCOME TAXES -- It is the Fund's intention to qualify as a
regulated investment company for Federal income tax purposes and distribute all
of its taxable income and capital gains. Accordingly, no provision for federal
income taxes is required.
ORGANIZATION EXPENSES -- In April 1998, Statement of Position 98-5,
"Reporting on Costs of Start-Up Activities" ("SOP 98-5"), was issued requiring
start-up costs and organization costs to be expensed as incurred. SOP 98-5
exempted investment companies that met certain criteria from retroactively
applying the provisions of this pronouncement and allowed them to continue to
amortize start-up costs and organization costs over the remaining amortization
period.
During its organization and initial registration with the Securities and
Exchange Commission ( the "SEC"), the Fund incurred organization expenses of
$279,807. In accordance with the provisions of SOP 98-5, the Fund has elected to
defer these expenses and amortize them on a straight-line basis over a 60 month
period beginning with the Fund's commencement of operations. During the period
ended April 30, 2000, $27,923 was amortized.
8
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2000
(Unaudited)
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date and interest income is
recognized on an accrual basis. Costs used in determining net realized gains and
losses on the sales of investment securities are those of the specific
securities sold adjusted for the accretion and amortization of purchase
discounts and premiums during the respective holding period. Purchase discounts
and premiums on securities held by the Funds are accreted and amortized to
maturity using the scientific interest method, which approximates the effective
interest method.
INCOME AND EXPENSES -- All income earned and expenses incurred by the Fund
are borne on a pro-rata basis by each outstanding class of shares, based on the
proportionate interest in the Fund represented by the shares of such class,
except that the Fund's Class C shares bear higher distribution fees than Class
Aand D shares.
Through a separate contractual agreement, The Northern Trust Company serves
as the Fund's custodian. In the Statement of Operations, expenses paid
indirectly represent a reduction of custodian fees for earnings on cash
balances.
DIVIDENDS AND DISTRIBUTIONS -- Dividends and distributions to shareholders
are recorded on the ex-dividend date. The timing and characterization of certain
income and capital gains distributions are determined annually in accordance
with federal tax regulations which may differ from generally accepted accounting
principles. As a result, net investment income (loss) and net realized gain
(loss) on investment transactions for a reporting period may differ
significantly from distributions during such period. These book/tax differences
may be temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in-capital or accumulated net
realized gain, as appropriate, in the period that the differences arise.
9
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2000
(Unaudited)
NOTE 3. PURCHASES AND SALES OF SECURITIES
Purchases and sales of investment securities (other than short-term
investments), for the period ended April 30, 2000, were $377,026,572 and
$63,581,662, respectively.
At April 30, 2000 the cost of investments for federal income tax purposes
was $505,256,136. Accordingly, gross unrealized appreciation of investments was
$145,579,106 and gross unrealized depreciation of investments was $146,235,437,
resulting in net unrealized depreciation of $656,331.
NOTE 4. INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS
The Fund has an agreement with Amerindo Investment Advisors Inc. (the
"Advisor"), with whom certain officers and directors of the Fund are affiliated,
to serve as investment advisor and manager. Under the terms of the agreement, a
monthly fee is paid to the investment advisor based on 1/12th of 1.50% (1.50% on
an annual basis) of the average daily net asset value. This advisory agreement
is subject to an annual review by the Board.
The Advisor has agreed to a reduction in the amounts payable to it and to
reimburse the Fund for any expenses (including the advisory fee, but excluding
taxes, interest and brokerage fees and extraordinary expenses incurred in
connection with any matter not in the ordinary course of business of the Fund)
over 2.25%, 3.00% and 2.25% of the average daily net asset values of the Class
A, Class C, and Class D shares, respectively. Prior to November 1, 1999, the
Advisor reimbursed the fund for any applicable expenses over 2.50% and 2.25% of
average daily net asset values of Class A and Class D shares, respectively.
For the period ended April 30, 2000, the Advisor earned advisory fees of
$4,361,799 and did not reimburse the Fund for any expenses.
10
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2000
(Unaudited)
NOTE 4. INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS (CONTINUED)
Amerindo Funds Inc. and SEI Investments Mutual Funds Services (the
"Administrator") are parties to an agreement under which the Administrator
provides management and administrative services for an annual fee of 0.125% of
the average daily net assets of the Fund up to $250 million, 0.09% on the next
$250 million, 0.07% on the next $500 million and 0.05% of such assets in excess
of $1 billion.
Forum Shareholder Services, LLC (the "Transfer Agent") is the transfer
agent and dividends disbursing agent for the Fund under a transfer agency
agreement with Amerindo Fund Inc.
NOTE 5. DISTRIBUTION FEES
Amerindo Funds Inc. and SEI Investments Distribution Co. (the
"Distributor") are parties to a Distribution Agreement dated September 15, 1999.
The Fund has adopted a Distribution Plan for Class A, Class C, and Class D
shares. Under the terms of the Plan, the Fund pays the Distributor a monthly
distribution fee at an annual rate of 1% of the average daily net assets of the
Fund's Class C shares (of which 0.25% is paid to Advisor for providing services
to Shareholders) and 0.25% of the Class Ashares which may be used by the
Distributor to provide compensation for sales support and distribution
activities. The Fund has also adopted a distribution and service plan on behalf
of the Class D shares which compensates the Advisor 0.25% of the average daily
net assets of the Class D shares for providing services to shareholders. Prior
to November 1, 1999, the Fund paid the Distributor a monthly distribution fee at
an annual rate of 0.50% of the average daily net assets of the Fund's Class A
shares and 0.25% of the Class D shares.
For the period ended April 30, 2000, the Fund incurred distribution
expenditures of $26,852, $9,393, and $697,826 on Class A, Class C and Class D
shares, respectively.
11
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2000
(Unaudited)
NOTE 6. FUND SHARE TRANSACTIONS
At April 30, 2000 there were one billion shares of $0.001 par value capital
stock authorized. Transactions in capital stock for the period ended April 30,
2000 and the period ended October 31, 1999 were as follows:
<TABLE>
<CAPTION>
CLASS A SHARES
FOR THE FOR THE
PERIOD ENDED PERIOD ENDED
APRIL 30, 2000 OCTOBER 31, 1999*
-------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold ......................... 741,664 $23,685,529 242,687 $ 6,197,102
Shares issued in
reinvestment of
distributions from
realized gains ................... -- -- 108,793 2,575,121
Shares redeemed
(net of redemption
fees retained of $69,897
and $25,948, respectively) ....... (165,551) (5,087,685) (39,002) $(1,074,275)
-------- ----------- ------- -----------
Net increase ........................ 576,113 $18,597,844 312,478 $ 7,697,948
======== =========== ======= ===========
</TABLE>
CLASS C SHARES
FOR THE PERIOD
DECEMBER 15, 1999**
THROUGH APRIL 30, 2000
----------------------
SHARES AMOUNT
------ ------
Shares sold ......................... 181,226 $5,921,026
Shares issued in
reinvestment
of distributions
from realized gains .............. -- --
Shares redeemed
(net of redemption
fees retained of $4,840) ......... (8,458) (258,061)
------- ----------
Net increase ........................ 172,768 $5,662,965
======= ==========
* Subsequent to December 31, 1998, the Fund's management elected to change the
Fund's fiscal year end to October 31, 1999.
** Commencement of operations of Class C shares.
Amounts designated as "--" are either $0 or rounded to $0.
12
<PAGE>
AMERINDO TECHNOLOGY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
CLASS D SHARES
FOR THE FOR THE
PERIOD ENDED PERIOD ENDED
APRIL 30, 2000 OCTOBER 31, 1999*
--------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold ....................... 14,506,513 $451,161,635 5,699,786 $166,007,792
Shares issued in reinvestment
of distributions from
realized gains ................. -- -- 3,197,880 75,214,130
Shares redeemed
(net of redemption fees retained of
$2,792,775 and $723,877,
respectively) .................. (6,052,591) (189,311,918) (2,010,955) (51,808,109)
---------- ------------- ---------- ------------
Net increase ...................... 8,453,922 $ 261,849,717 6,886,711 $189,413,813
========== ============= ========== ============
</TABLE>
NOTE 7. CONCENTRATION OF CREDIT RISK
The Fund invests a substantial portion of its assets in securities in the
technology industry. Therefore, it may be more affected by economic and
political developments in that industry than would be a comparable general
equity fund.
*Subsequent to December 31, 1998, the Fund's management elected to change the
Fund's fiscal year end to October 31, 1999.
Amounts designated as "--" are either $0 or rounded to $0.
13
<PAGE>
AMERINDO TECHNOLOGY FUND
FINANCIAL HIGHLIGHTS
CLASS A SHARES
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(Unaudited)
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FOR THE AUGUST 3, 1998****
PERIOD ENDED PERIOD ENDED THROUGH
APRIL 30, 2000 OCTOBER 31, 1999*** DECEMBER 31, 1998
-------------- ------------------- -----------------
<S> <C> <C> <C>
Net asset value,
beginning of period ................ $ 23.61 $13.59 $ 8.44
------- ------ ------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment loss ................... (0.20) (0.08) (0.10)
Net realized and unrealized gain
on investments .................... 0.70 20.25 5.25
------- ------ ------
Net increase in net assets from
investment operations ............. 0.50 20.17 5.15
------- ------ ------
LESS DISTRIBUTIONS:
Net realized gains on investments ..... -- (10.15) --
------- ------ ------
Total distributions ................... -- (10.15) --
------- ------ ------
Net asset value, end of period ........ $ 24.11 $23.61 $13.59
======= ====== ======
Total investment return** ............. 1.82% 148.20% 61.02%
RATIOS/SUPPLEMENTAL DATA
Net assets end of period (in 000's) ... $22,840 $8,772 $ 803
Ratio of expenses to average net
assets ............................ 2.01%* 2.54%* 2.86%*
Ratio of expenses to average net assets,
net of reimbursement ............... 2.01%* 2.50%* 2.50%*
Ratio of net investment loss to
average net assets ................. (1.79)%* (0.79)%* (2.76)%*
Ratio of net investment loss to
average net assets, net of
reimbursement ...................... (1.79)%* (0.75)%* (2.40)%*
Portfolio turnover rate ............... 11.94% 170.00% 78.46%
</TABLE>
* Annualized.
** Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges are not
reflected in the calculation of total investment return.
*** Subsequent to December 31, 1998, the Fund's management elected to
change the Fund's fiscal year end to October 31, 1999.
**** Commencement of operations of Class A shares.
Amounts designated as "--" are either $0 or rounded to $0.
14
<PAGE>
AMERINDO TECHNOLOGY FUND
FINANCIAL HIGHLIGHTS
CLASS C SHARES
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(Unaudited)
FOR THE PERIOD
DECEMBER 15, 1999***
THROUGH
APRIL 30, 2000
--------------
Net asset value,
beginning of period ................................ $30.72
------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment loss ................................... (0.14)
Net realized and unrealized loss
on investments .................................... (6.66)
------
Net decrease in net assets from
investment operations ............................. (6.81)
------
LESS DISTRIBUTIONS:
Net realized gains on investments ..................... --
------
Total distributions ................................... --
------
Net asset value, end of period ........................ $23.92
======
Total investment return** ............................. (22.14)%
RATIOS/SUPPLEMENTAL DATA
Net assets end of period (in 000's) ................... $4,133
Ratio of expenses to average net
assets ............................................ 2.73%*
Ratio of expenses to average net assets,
net of reimbursement ............................... 2.73%*
Ratio of net investment loss to
average net assets ................................. (2.58)%*
Ratio of net investment loss to
average net assets, net of
reimbursement ...................................... (2.58)%*
Portfolio turnover rate ............................... 11.94%
* Annualized.
** Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges are not
reflected in the calculation of total investment return.
*** Commencement of operations of Class C shares.
Amounts designated as "--" are either $0 or rounded to $0.
15
<PAGE>
AMERINDO TECHNOLOGY FUND
FINANCIAL HIGHLIGHTS
CLASS D SHARES
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(Unaudited)
<TABLE>
<CAPTION>
FOR THE
PERIOD
OCTOBER 28,
FOR THE FOR THE FOR THE FOR THE 1996****
PERIOD ENDED PERIOD ENDED YEAR ENDED YEAR ENDED THROUGH
APRIL 30, OCTOBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000 1999*** 1998 1997 1996
----------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ..................... $ 23.46 $ 13.61 $ 7.37 $ 9.00 $ 10.00
-------- -------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment loss ............ (0.25) (0.07) (0.20) (0.16) (0.04)
Net realized and unrealized
gain (loss) on investments .. 0.77 20.07 6.44 (1.47) (0.96)
-------- -------- ------- ------- -------
Net increase (decrease) in net assets
from investment operations .. 0.52 20.00 6.24 (1.63) (1.00)
-------- -------- ------- ------- -------
LESS DISTRIBUTIONS:
Net realized gains on investments -- (10.15) -- -- --
-------- -------- ------- ------- -------
Total distributions ............ -- (10.15) -- -- --
-------- -------- ------- ------- -------
Net asset value, end of period . $ 23.98 $ 23.46 $ 13.61 $ 7.37 $ 9.00
======== ======== ======= ======= =======
Total investment return** ...... 1.87% 146.74% 84.67% (18.11)% (10.00)%
RATIOS/SUPPLEMENTAL DATA
Net assets end of period
(in 000's) .................. $480,947 $272,205 $64,194 $40,191 $34,210
Ratio of expenses to average
net assets ................. 2.01%* 2.29%* 2.75% 2.83% 3.82%*
Ratio of expenses to average
net assets net of reimbursement 2.01%* 2.25%* 2.25% 2.25% 2.25%*
Ratio of net investment loss to
average net assets .......... (1.79)%* (0.68)%* (2.72)% (2.83)% (3.82)%*
Ratio of net investment loss
to average
net assets, net of reimbursement (1.79)%* (0.64)%* (2.21)% (2.25)% (2.25)%*
Portfolio turnover rate ........ 11.94% 170.00% 78.46% 355.21% 0.00%
</TABLE>
* Annualized.
** Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period.
*** Subsequent to December 31, 1998, the Fund's management elected to change
the Fund's fiscal year end to October 31, 1999.
**** Commencement of operations of Class D shares.
Amounts designated as "--" are either $0 or rounded to $0.
16
<PAGE>
17
<PAGE>
- - - - -
INVESTMENT ADVISOR
---------------------------------------------
AMERINDO INVESTMENT ADVISORS INC.
SAN FRANCISCO, CALIFORNIA/NEW YORK, NEW YORK
ADMINISTRATOR
---------------------------------------------
SEI INVESTMENTS DISTRIBUTION CO.
OAKS, PENNSYLVANIA
DISTRIBUTOR
---------------------------------------------
SEI INVESTMENTS DISTRIBUTION CO.
OAKS, PENNSYLVANIA
TRANSFER AND DIVIDEND AGENT
---------------------------------------------
FORUM SHAREHOLDER SERVICES, LLC
PORTLAND, MAINE
CUSTODIAN
---------------------------------------------
THE NORTHERN TRUST COMPANY
CHICAGO, ILLINOIS
LEGAL COUNSEL
---------------------------------------------
BATTLE FOWLER LLP
NEW YORK, NEW YORK
INDEPENDENT AUDITORS
---------------------------------------------
MORRISON, BROWN, ARGIZ & COMPANY
MIAMI, FLORIDA
1-888-832-4386
WWW.AMERINDO.COM
AME-F-044-02
